N-CSRS 1 c88426_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.

TIAA-CREF Funds

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, 2017

Item 1. Reports to Stockholders.

Semiannual Report

April 30, 2017

TIAA-CREF Funds

Equity Funds

The semiannual report contains the financial statements (unaudited).

Enhanced Large-Cap Growth Index

Enhanced Large-Cap Value Index

Growth & Income

Large-Cap Growth

Large-Cap Value

Mid-Cap Growth

Mid-Cap Value

Small-Cap Equity

Small/Mid-Cap Equity

Social Choice Equity

Social Choice Low Carbon Equity

Emerging Markets Equity

Enhanced International Equity Index

Global Natural Resources

International Equity

International Opportunities

International Small-Cap Equity

Social Choice International Equity

		BUILT TO PERFORM.
	CREATED TO SERVE.

Contents


Understanding your report from TIAA-CREF Funds	3
Letter to investors	4
Market monitor	6
Information for investors	7
About the funds’ benchmarks	8
Important information about expenses	9
Fund performance
Enhanced Large-Cap Growth Index Fund	10
Enhanced Large-Cap Value Index Fund	12
Growth & Income Fund	14
Large-Cap Growth Fund	16
Large-Cap Value Fund	18
Mid-Cap Growth Fund	20
Mid-Cap Value Fund	22
Small-Cap Equity Fund	24
Small/Mid-Cap Equity Fund	26
Social Choice Equity Fund	28
Social Choice Low Carbon Equity Fund	30
Emerging Markets Equity Fund	32
Enhanced International Equity Index Fund	34
Global Natural Resources Fund	36
International Equity Fund	38
International Opportunities Fund	40
Social Choice International Equity Fund	42
Summary portfolios of investments	44
Financial statements (unaudited)
Statements of assets and liabilities	82
Statements of operations	86
Statements of changes in net assets	90
Financial highlights	96
Notes to financial statements	112
Approval of investment management agreement
International Small-Cap Equity Fund	124
Certain series of the TIAA-CREF Funds	127
Additional information about index providers	134
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, 2017. The report contains four main sections:

•	A letter from Brad Finkle, President of TIAA-CREF Funds and TIAA Investments.
•	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, 2017.
•	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.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Brad Finkle

Letter to investors

Global stocks had the wind at their backs for most of the six-month period ended April 30, 2017. U.S. stocks rallied strongly in anticipation of the pro-growth policies of a newly elected president but weakened late in the period as several of the new administration’s initiatives stalled. International stocks posted solid gains as economic growth resumed in several developed markets. Emerging-markets equities also advanced, based largely on a resumption of growth in China. For the six months:

•	The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, gained 13.8%. (Please see page 8 for benchmark definitions.)
•	The MSCI EAFE Index, which tracks stock returns in 21 developed-market nations outside North America, rose 11.5%, and the MSCI Emerging Markets Index, a measure of stock performance in 23 emerging-markets countries, advanced 8.9%.
•	Institutional Class returns for the 17 TIAA-CREF Equity Funds that had six months of performance generated positive results, and eleven of those 17 funds outperformed their respective benchmarks.
•	This report includes the six-month performance of the TIAA-CREF Small/Mid-Cap Equity Fund, launched on August 5, 2016, which outperformed its benchmark.
•	The TIAA-CREF International Small-Cap Equity Fund commenced operations on December 9, 2016. This new fund invests primarily in small-capitalization equity securities issued by companies outside the United States.

Stocks advance after the election while Federal Reserve raises rates

The pace of U.S. economic growth slowed during the reporting period, but unemployment continued to decline and ended the period at 4.4%, matching its lowest rate in nearly a decade. Consumer confidence remained strong for the period, though it declined in April. However, consumer spending stalled in the early months of 2017, which affected U.S. economic growth. The price of oil rose slightly, and inflation remained low.

The U.S. presidential election in November sparked an enthusiastic response from equity investors, who anticipated new policies to stimulate economic growth. During the period, the Federal Reserve raised the federal funds target rate in December 2016 and again in March 2017, leaving this key short-term rate at a range of 0.75%–1.00% at period-end. The price of oil remained fairly steady. Though U.S. stocks rose sharply after the election and into the new calendar year, investor enthusiasm was tempered over the final two months of the period by concerns about equity valuations, as well as issues surrounding the administration’s stalled health care legislation in Congress.

For the six months, the Russell 3000 Index, a broad measure of the U.S. stock market, gained 13.8%. Small-cap equities outperformed large caps, and growth stocks outperformed value shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Global stocks advance as economic growth continues

International stocks advanced for the six months, but they trailed domestic equities as investors saw growth opportunities in the post-election U.S. economy. Signs of economic growth elsewhere around the world boosted developed international and emerging stock markets, particularly at the beginning of 2017. Annualized economic growth in Europe outpaced U.S. gross domestic product for the first quarter of 2017,

4	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

while growth in China remained moderate during the same three-month period. The U.S. dollar strengthened against most major currencies for the six months.

In March, the European Central Bank (ECB) left its benchmark interest rate unchanged and reaffirmed its plans to continue stimulating European economies through the end of 2017. Economic growth and a commitment to monetary stimulus in Europe helped international developed equity markets to advance 11.5%, as measured by the MSCI EAFE Index. The MSCI Emerging Markets Index, which lost ground in late 2016, recovered in the opening months of 2017 and gained 8.9% for the six-month period.

Equity funds post solid gains

Of the 17 TIAA-CREF Equity Funds that had six months of performance, all generated positive returns for the reporting period, with eleven of the 17 funds outpacing their respective benchmarks. The funds’ returns ranged from 5.7% for the Global Natural Resources Fund to 18.9% for the Small-Cap Equity Fund. (All fund returns are for the Institutional Class.)

Small-capitalization stocks outperformed their larger peers during the period, which, along with favorable security selection, helped the Small-Cap Equity Fund to gain 18.9%. Similarly, the newly launched Small/Mid-Cap Equity Fund took advantage of this momentum and posted a solid 17.3% return. Both of these funds outperformed their benchmarks.

Enhanced Large-Cap Growth Index Fund was the next-best performer, topping its benchmark with a 15.5% return for the six months. Its value counterpart, Enhanced Large-Cap Value Index Fund, posted a solid 11.1% return but underperformed its benchmark. Large-Cap Growth Fund and Large-Cap Value Fund followed a similar pattern, posting returns of 13.4% and 12.2%, respectively, but the former underperformed while the latter outperformed relative to their respective benchmarks. The Growth & Income Fund returned 13.6%, outpacing its benchmark due to opportune stock selection.

In the mid-capitalization space, Mid-Cap Growth Fund returned 13.8%, beating its benchmark, while Mid-Cap Value Fund’s 11.8% return trailed its benchmark.

Social Choice Low-Carbon Equity Fund and Social Choice Equity Fund posted returns of 13.9% and 13.3%, respectively, with the former slightly outperforming its benchmark and the latter lagging modestly. Social Choice International Equity Fund outpaced its benchmark with a return of 12.0% for the six-month period.

Emerging Markets Equity Fund outpaced its benchmark by a wide margin, posting a return of 14.6% that was driven largely

by opportune stock selection. Returns for the three broad international equity funds were solid in absolute terms, but mixed relative to their respective benchmarks. International Equity Fund (up 13.1%), International Opportunities Fund (up 13.1%) both outperformed, while Enhanced International Equity Index Fund (up 11.3%) slightly lagged.

Commodity prices rose during the period, albeit with some volatility, which helped propel the Global Natural Resources Fund higher by 5.7%—but this return lagged that of its benchmark by a significant margin.

A detailed overview of the financial markets during the six-month period appears on page 6, and a discussion of how each fund performed in relation to its benchmark begins on page 10.

Plotting a future course

While economic recovery in the United States has proceeded slowly over the past several years, economic data now appears to indicate expectations for further growth. However, this potential growth is accompanied by expectations for higher inflation and interest rates. At the same time, a rise in uncertainty stemming from the unknown consequences of domestic political dysfunction and growing geopolitical tensions are potentially troubling stimuli for the capital markets.

Faced with these challenges, a broadly diversified portfolio of equity securities—professionally managed within a mutual fund—may help navigate the inevitable ups and downs of the financial markets over time. (Of course, diversification does not guarantee against market loss.)

For additional assistance with your investment strategy, or if you have any questions about your portfolio, please reach out to your financial advisor, or call a TIAA financial consultant at 800-842-2252. We welcome the opportunity to be of service.

/s/ Brad Finkle

Brad Finkle

President

TIAA-CREF Funds and TIAA Investments

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Market monitor

Global stock markets post strong gains

For the six months ended April 30, 2017, many stock markets around the world generated double-digit gains amid economic optimism in the United States and signs of growth in Europe. The Russell 3000®Index, a broad-based measure of U.S. stock market performance, advanced 13.8% during the period. Internationally, developed markets posted strong returns, and emerging markets also recorded solid gains.

U.S. economy sends mixed signals

Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 2.1% in the fourth quarter of 2016—below the annualized growth rate of 3.5% recorded for the previous quarter. GDP growth slowed again to 1.2% in the first quarter of 2017, according to the government’s second estimate.

U.S. labor markets grew stronger during the period. Unemployment fell from 4.6% at the start of the period to 4.4% in April, matching its lowest level in nearly a decade. Housing strength continued, with existing home sales reaching a ten-year high in March. Consumer confidence remained at strong levels despite a decline in April. Inflation remained stable during the period with annual core inflation—which includes all items except food and energy—increasing 1.9% for the twelve months ended April 30, 2017. The price of a barrel of West Texas Intermediate crude oil (WTI) rose modestly from nearly $47 to $49 by the end of the period. The U.S. dollar strengthened against most major currencies during the six months.

Small-cap stocks outperform large caps; growth tops value Performance for the six months ended April 30, 2017

Source: Small-cap growth: Russell 2000^®Growth Index; Small-cap value: Russell 2000 Value Index; Mid-cap growth: Russell Midcap^® Growth Index; Mid-cap value: Russell Midcap Value Index; Large-cap growth: Russell 1000^® Growth Index; Large-cap value: Russell 1000 Value Index. As of April 30, 2017.

Investors favor growth-oriented and small-cap stocks

In the U.S. equity market, small- and large-cap stocks rose 18.4% and 13.5%, respectively, during the six-month period. Among large-cap stocks, growth shares gained 15.2% and value equities advanced 11.7%. Mid-cap growth stocks climbed 13.6% while mid-cap value shares gained 12.4%. (Returns by investment style and capitalization style are based on Russell indexes.)

Internationally, developed markets paced consistent gains around the world. The MSCI EAFE Index, which tracks stock performance in 21 developed-market countries outside North America, gained 11.5% during the period. The MSCI Emerging Markets Index advanced 8.9%.

A new President is elected; Federal Reserve raises rates

Early in the period, U.S. stocks advanced following the U.S. presidential election as investors anticipated new federal policies to stimulate economic growth. In December 2016, the Federal Reserve increased the federal funds target rate, a key short-term interest-rate measure, to 0.50%–0.75%. Three months later, central bankers raised the target rate again, to 0.75%–1.00%, and signaled that further increases could occur as they slowly pulled back from nine years of aggressive monetary policy.

In late February, oil prices reached a high of nearly $55 per barrel, reflecting an agreement among the Organization of the Petroleum Exporting Countries to limit output during the first half of 2017. At period-end, the price of WTI had receded to $49 per barrel as the U.S. and others nations expanded production.

In March, the European Central Bank left its benchmark interest rate unchanged and reaffirmed plans to purchase assets through the end of 2017 to stimulate the economy. The GDP of the 19-country eurozone expanded at an annualized rate of 1.7% during the first quarter of 2017.

In the final months of the period, investor enthusiasm in the United States was tempered by concerns about equity valuations, as well as by issues surrounding the administration’s stalled health care legislation in Congress. Equities continued to climb in major foreign markets, however, posting strong quarterly results.

6	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

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, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.

TIAA-CREF Funds: Equity Funds ■ 2017 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/mid-cap index

The Russell 2500^® Index is a subset of the Russell 3000 Index and measures the smallest 2,500 companies, covering small- and mid-cap market capitalizations, in the Russell 3000 Index.

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.

8	2017 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, 2016–April 30, 2017).

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’ entry shows hypothetical account values and expenses based on the share class’ 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’ 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 ■ 2017 Semiannual Report

Enhanced Large-Cap Growth Index Fund

Portfolio composition

Sector		% of net assets as of 4/30/2017
Information technology		33.6
Consumer discretionary		20.3
Health care		13.5
Industrials		11.5
Financials		7.4
Consumer staples		7.1
Materials		3.6
Real estate		1.5
Telecommunication services		0.8
Energy		0.1
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size
Market		% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		55.1
More than $15 billion–$50 billion		24.7
More than $2 billion–$15 billion		20.1
$2 billion or less		0.1
Total		100.0

Performance for the six months ended April 30, 2017

The Enhanced Large-Cap Growth Index Fund returned 15.47% for the Institutional Class, compared with the 15.23% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2017, the fund returned 19.66% versus 19.50% for the index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Federal Reserve raises rates

The U.S. presidential election in November sparked an enthusiastic response from equity investors, who anticipated new policies to stimulate economic growth. During the period, the Federal Reserve raised the federal funds target rate in December 2016 and again in March 2017, leaving this key short-term rate at a range of 0.75%–1.00% at period-end. The price per barrel of West Texas Intermediate crude oil began the period at $47, rose to a February peak of nearly $55, and ended the period at $49. Though U.S. stocks rose sharply after the election and into the new calendar year, investor enthusiasm was tempered over the final two months of the period by concerns about equity valuations, as well as issues surrounding the administration’s stalled health care legislation in Congress.

Performance as of April 30, 2017

Enhanced Large-Cap							Average annual				Annual operating
Growth Index Fund			Total return				total return				expenses*
	Ticker	Inception date	6 months		1 year		5 years		Since inception		gross		net
Institutional Class	TLIIX	11/30/07	15.47	%	19.66	%	12.89	%	8.51	%	0.34	%	0.34	%
Advisor Class	TECGX	12/4/15	15.46		19.76		12.89	^†	8.51	^†	0.43		0.43
Russell 1000 Growth Index		—	15.23		19.50		13.87		8.79	^‡	—		—

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 gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^†	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.

10	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.83%. Small-cap equities outperformed large caps, and growth stocks outperformed value shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the five years ended April 30, 2017, the Russell 1000 Growth Index had an average annual gain of 13.87%, slightly higher than the 13.32% and 13.57% average annual returns of the Russell 1000 Value Index and the Russell 3000 Index, respectively.

Largest sectors drive the benchmark higher

Ten out of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the six months. Consumer discretionary, information technology and health care—the benchmark’s most heavily weighted sectors for the period—generated especially strong returns, climbing 18.0%, 17.1% and 16.2%, respectively. Together, these three sectors represented more than two-thirds of the benchmark’s total market capitalization at period-end. The financials sector had a relatively low weighting in the index but was the best-performing component, gaining 18.1% in response to rising interest rates and the prospect of less government regulation. In contrast, energy returned –4.2% as investors tempered their outlook for oil prices.

Each of the five largest stocks in the index achieved double-digit gains, led by Apple, whose share price soared amid record iPhone sales. Amazon.com and Microsoft modestly outperformed the benchmark, while Facebook and Alphabet, the parent holding company of Google, modestly lagged.

Stock selections aid the fund’s relative performance

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 two contributors were overweight investments in United Rentals, an equipment rental company that benefited from expectations of rising U.S. infrastructure spending, and Lam Research, a semiconductor equipment manufacturer that capitalized on favorable industry conditions. Overweight positions in hospitality company Wyndham Worldwide and Citizens Financial Group were the next-largest contributors to relative results.

These positive effects were partly mitigated by several unsuccessful stock choices. The largest detractors were the fund’s lack of exposure to electric car maker Tesla, which reported strong sales growth, and an overweight holding in industrial supply company W.W. Grainger, which experienced weak demand.

Expense example

Six months ended April 30, 2017

Enhanced Large-Cap Growth Index Fund	Beginning account value (11/1/16)		Ending account value (4/30/17)		Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,154.71		$1.82
Advisor Class		1,000.00		1,154.58		2.14
5% annual hypothetical return
Institutional Class		1,000.00		1,023.11		1.71
Advisor Class		1,000.00		1,022.81		2.01

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.34% for the Institutional Class and 0.40% for the Advisor 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 9.

Fund profile

	as of 4/30/2017
Net assets		$2.36 billion
Number of holdings		289
Portfolio turnover rate^†		32%
Weighted median market capitalization		$78.43 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		22.0

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Enhanced Large-Cap Value Index Fund

Portfolio composition

Sector		% of net assets as of 4/30/2017
Financials		29.6
Information technology		11.6
Energy		10.9
Industrials		10.9
Health care		8.5
Consumer staples		6.7
Utilities		5.1
Consumer discretionary		4.7
Materials		4.5
Real estate		3.5
Telecommunication services		2.9
Short-term investments, other assets & liabilities, net		1.1
Total		100.0

Holdings by company size
Market		% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		49.7
More than $15 billion–$50 billion		25.5
More than $2 billion–$15 billion		24.6
$2 billion or less		0.2
Total		100.0

Performance for the six months ended April 30, 2017

The Enhanced Large-Cap Value Index Fund returned 11.12% for the Institutional Class, compared with the 11.69% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2017, the fund returned 15.69% versus 16.55% for the index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

Enhanced Large-Cap Value Index Fund			Total return						Average annual total return						Annual operating expenses*
	Ticker	Inception date	6 months			1 year			5 years			Since inception			gross			net
Institutional Class	TEVIX	11/30/07		11.12	%		15.69	%		12.05	%		5.67	%		0.34	%		0.34	%
Advisor Class	TELCX	12/4/15		11.10			15.80			12.05	^†		5.67	^†		0.43			0.43
Russell 1000 Value Index		—		11.69			16.55			13.32			6.34	^‡		—

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

*	The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^†	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.

12	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

valuations, as well as issues surrounding the administration’s stalled health care legislation in Congress.

For the five years ended April 30, 2017, the Russell 1000 Value Index had an average annual gain of 13.32%, slightly lower than the 13.87% and 13.57% average annual returns of the Russell 1000 Growth Index and the Russell 3000 Index, respectively.

Financials lead the benchmark’s broad gains

All eleven industry sectors of the Russell 1000 Value Index generated positive returns for the six months. Financials—the benchmark’s largest sector—performed best, surging 20.5% on expectations that rising interest rates and easier government regulations would boost financial companies’ profitability. The economically sensitive industrials, materials and information technology sectors also delivered strong gains, climbing 17.7%, 15.8% and 14.4%, respectively. In aggregate, these four sectors made up nearly one-half of the benchmark’s total market capitalization at period-end. Energy, the index’s second-largest sector, returned 0.5% and was the worst performer, hampered by worries that rising U.S. oil production would restrain oil prices.

Three of the index’s five largest stocks outperformed the return of the index. JPMorgan Chase led the way, followed by Wells Fargo and Berkshire Hathaway. Johnson & Johnson trailed the benchmark, despite generating a solid increase. Exxon Mobil, the index’s largest stock, fell slightly.

Stock choices dampen the fund’s relative results

During the period, stock selections using the enhanced indexing methodology had both positive and negative effects on the fund’s relative performance, but the net result was to lower the fund’s return relative to that of its benchmark. The largest detractors were overweight positions in AmTrust Financial Services, which announced financial reporting issues, and semiconductor supplier QUALCOMM, which faced challenges to its patent-licensing practices. Overweight investments in Target and International Game Technology detracted as well.

The largest contributors to relative performance were overweight holdings in United Rentals, an equipment rental company positioned to benefit from the new administration’s infrastructure investment plans, and Lam Research, a semiconductor equipment maker that experienced strong demand. Overweight positions in Bank of America and chemical producer Huntsman were also helpful.

Expense example

Six months ended April 30, 2017

Enhanced Large-Cap Value Index Fund	Beginning account value (11/1/16)		Ending account value (4/30/17)		Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,111.18		$1.78
Advisor Class		1,000.00		1,111.05		1.88
5% annual hypothetical return
Institutional Class		1,000.00		1,023.11		1.71
Advisor Class		1,000.00		1,023.01		1.81

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.34% for the Institutional Class and 0.36% for the Advisor 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 9.

Fund profile

	as of 4/30/2017
Net assets		$2.24 billion
Number of holdings		366
Portfolio turnover rate^†		36%
Weighted median market capitalization		$56.83 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		20.3

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Growth & Income Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2017
Information technology		24.3
Health care		14.4
Consumer discretionary		14.3
Financials		12.6
Industrials		10.7
Consumer staples		9.2
Energy		6.5
Materials		3.4
Telecommunication services		2.0
Utilities		1.5
Real estate		0.7
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size
Market		% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		55.8
More than $15 billion–$50 billion		24.3
More than $2 billion–$15 billion		18.0
$2 billion or less		1.9
Total		100.0

Performance for the six months ended April 30, 2017

The Growth & Income Fund returned 13.61% for the Institutional Class, compared with the 13.32% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2017, the fund returned 18.41% versus 17.92% for the index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Fed raises rates

Performance as of April 30, 2017

Growth & Income Fund			Total return						Average annual total return						Annual operation expenses*

		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TIGRX	7/1/99		13.61	%		18.41	%		13.27	%		8.49	%		0.42	%		0.42	%
Advisor Class	TGIHX	12/4/15		13.57			18.44			13.27	^†		8.48	^†		0.50			0.50
Premier Class	TRPGX	9/30/09		13.51			18.22			13.11			8.37	^†		0.57			0.57
Retirement Class	TRGIX	10/1/02		13.42			18.09			12.99			8.21			0.67			0.67
Retail Class	TIIRX	3/31/06		13.38			18.00			12.91			8.19			0.72			0.72
S&P 500 Index		—		13.32			17.92			13.68			7.15			—			—

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

The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

^†

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.

14	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the six months, the large-cap stocks in the S&P 500 Index underperformed those in the Russell 3000^® Index, a broad measure of the U.S. stock market, which gained 13.83%. A substantial portion of the Russell 3000 Index consists of small-cap equities, which outperformed large caps for the period.

For the ten years ended April 30, 2017, the S&P 500 Index produced an average annual gain of 7.15%, trailing the 7.23% average annual return of the Russell 3000 Index.

Financials lead the benchmark higher

All eleven industry sectors in the S&P 500 Index posted positive results for the six months. Financials—the second-largest sector in the benchmark—advanced 20.4%, benefiting from rising interest rates. The index’s largest sector, information technology, gained 16.9%, amid strong sales and profit growth. Industrials and consumer discretionary also outperformed as both rose 16.4%. Collectively, these four sectors made up nearly three-fifths of the index’s total market capitalization as of April 30, 2017. Materials, one of the smaller sectors, had the fifth-highest return at 14.8%, while the energy sector produced only minimal gains of 0.1%.

Among the benchmark’s five largest holdings by weight at period-end, the top performers were Apple, Amazon.com, Microsoft and Facebook. Exxon Mobil, the benchmark’s fifth-largest stock, had a negative single-digit return.

Stock selection helps fund outperform the benchmark

The fund outperformed its benchmark largely due to overweight positions in several strong-performing stocks, including two out-of-index picks. An overweight in specialty pharmaceutical company Ipsen SA, which was not in the benchmark, was the fund’s top contributor for the period. Next was an overweight position in Bank of America, whose shares benefited from rising interest rates. Robust returns from an out-of-benchmark position in global pharmaceutical firm H. Lundbeck also contributed positively to the fund’s relative performance.

Positions in three declining stocks slightly offset these positive factors. Chief among these was a position in toy maker Mattel, which reported disappointing earnings for the first quarter of 2017. Out-of-benchmark positions in oil and gas exploration firm Continental Resources and retailer J.C. Penney also dampened relative results.

Expense example

Six months ended April 30, 2017

Growth & Income Fund	Beginning account value (11/1/16)		Ending account value (4/30/17)		Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,136.06		$2.17
Advisor Class		1,000.00		1,135.74		2.38
Premier Class		1,000.00		1,135.10		2.96
Retirement Class		1,000.00		1,134.17		3.49
Retail Class		1,000.00		1,133.77		3.76
5% annual hypothetical return
Institutional Class		1,000.00		1,022.76		2.06
Advisor Class		1,000.00		1,022.56		2.26
Premier Class		1,000.00		1,022.02		2.81
Retirement Class		1,000.00		1,021.52		3.31
Retail Class		1,000.00		1,021.27		3.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.41% for the Institutional Class, 0.45% for the Advisor Class, 0.56% for the Premier Class, 0.66% 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 9.

Fund profile

	as of 4/30/2017
Net assets		$6.20 billion
Number of holdings		196
Portfolio turnover rate^†		44%
Weighted median market capitalization		$61.63 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		29.8

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Large-Cap Growth Fund

Portfolio composition

Sector	% of net assets as of 4/30/2017
Information technology	42.4
Consumer discretionary	21.6
Health care	13.8
Industrials	6.9
Financials	4.1
Consumer staples	4.0
Materials	3.0
Energy	1.7
Telecommunication services	1.0
Short-term investments, other assets & liabilities, net	1.5
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2017
More than $50 billion		67.1
More than $15 billion–$50 billion		26.8
More than $2 billion–$15 billion		6.1
Total		100.0

Performance for the six months ended April 30, 2017

The Large-Cap Growth Fund returned 13.40% for the Institutional Class, compared with the 15.23% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2017, the fund returned 17.83% versus 19.50% for the index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

Large-Cap Growth Fund			Total return				Average annual total return				Annual operating expenses*
	Ticker	Inception date	6 months		1 year		5 years		10 years		gross		net
Institutional Class	TILGX	3/31/06	13.40	%	17.83	%	14.18	%	8.97	%	0.43	%	0.43	%
Advisor Class	TILHX	12/4/15	13.37		17.87		14.17	^†	8.97	^†	0.52		0.52
Premier Class	TILPX	9/30/09	13.33		17.68		14.03		8.85	^†	0.58		0.58
Retirement Class	TILRX	3/31/06	13.23		17.45		13.87		8.69		0.68		0.68
Retail Class	TIRTX	3/31/06	13.22		17.42		13.77		8.65		0.76		0.76
Russell 1000 Growth Index		—	15.23		19.50		13.87		8.88		—		—

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

^†

16	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the ten years ended April 30, 2017, the Russell 1000 Growth Index had an average annual gain of 8.88%, outperforming the 5.53% and 7.23% average annual returns of the Russell 1000 Value Index and the Russell 3000 Index, respectively.

Largest sectors drive the benchmark higher

Stock choices trim the fund’s relative return

Despite its strong absolute gain for the six months, the fund underperformed its benchmark, largely because of several unfavorable stock selections. Chief among these were an underweight position in Apple and an overweight position in Nielsen, a media-ratings company that is confronting shifts in media consumption habits. Other detractors included overweight holdings in Alexion Pharmaceuticals, which experienced a management shakeup, and Monster Beverage, which was impacted by changing consumer tastes and increased competition.

Helping to offset these factors were fund positions that contributed positively to relative performance. These included a nonbenchmark investment in semiconductor maker Advanced Micro Devices, whose shares surged on optimism about new products, and a lack of exposure to biotechnology firm Gilead Sciences, which reported sharp sales declines in two key drugs. Overweight positions in software company Adobe Systems and semiconductor supplier Broadcom also added value.

Expense example

Six months ended April 30, 2017

Large-Cap Growth Fund	Beginning account value (11/1/16)	Ending account value (4/30/17)	Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$1,000.00	$1,133.98	$2.28
Advisor Class	1,000.00	1,133.66	2.70
Premier Class	1,000.00	1,133.26	3.07
Retirement Class	1,000.00	1,132.29	4.02
Retail Class	1,000.00	1,132.16	4.02
5% annual hypothetical return
Institutional Class	1,000.00	1,022.66	2.16
Advisor Class	1,000.00	1,022.27	2.56
Premier Class	1,000.00	1,021.92	2.91
Retirement Class	1,000.00	1,021.03	3.81
Retail Class	1,000.00	1,021.03	3.81

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.43% for the Institutional Class, 0.51% for the Advisor Class, 0.58% for the Premier Class, 0.76% for the Retirement Class and 0.76% 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 9.

Fund profile

		as of 4/30/2017
Net assets		$4.22 billion
Number of holdings		85
Portfolio turnover rate^†		53 %
Weighted median market capitalization		$81.59 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		34.8

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Large-Cap Value Fund

Portfolio composition

Sector	% of net assets as of 4/30/2017
Financials	23.8
Energy	12.9
Information technology	11.7
Health care	10.9
Industrials	9.8
Consumer staples	8.8
Materials	6.6
Consumer discretionary	6.5
Telecommunication services	3.8
Utilities	3.4
Real estate	0.8
Short-term investments, other assets & liabilities, net	1.0
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2017
More than $50 billion		48.0
More than $15 billion–$50 billion		19.9
More than $2 billion–$15 billion		26.8
$2 billion or less		5.3
Total		100.0

Performance for the six months ended April 30, 2017

The Large-Cap Value Fund returned 12.17% for the Institutional Class, compared with the 11.69% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2017, the fund returned 18.40% versus 16.55% for the index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

Large-Cap Value Fund			Total return				Average annual total return				Annual operating expenses*
	Ticker	Inception date	6 months		1 year		5 years		10 years		gross		net
Institutional Class	TRLIX	10/1/02	12.17	%	18.40	%	12.61	%	5.38	%	0.41	%	0.41	%
Advisor Class	TRLHX	12/4/15	12.10		18.47		12.59	^†	5.37	^†	0.52		0.52
Premier Class	TRCPX	9/30/09	12.04		18.20		12.44		5.26	^†	0.56		0.56
Retirement Class	TRLCX	10/1/02	12.03		18.13		12.33		5.12		0.66		0.66
Retail Class	TCLCX	10/1/02	11.91		18.00		12.23		5.09		0.73		0.73
Russell 1000 Value Index		—	11.69		16.55		13.32		5.53		—		—

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

^†

18	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the ten years ended April 30, 2017, the Russell 1000 Value Index had an average annual gain of 5.53%, lagging the 8.88% and 7.23% average annual returns of the Russell 1000 Growth Index and the Russell 3000 Index, respectively.

Financials lead the benchmark higher

All eleven industry sectors of the Russell 1000 Value Index generated positive returns for the six months. Financials—the benchmark’s largest sector—performed best, surging 20.5% on expectations that rising interest rates and easier government regulations would boost financial companies’ profitability. The economically sensitive industrials, materials and information technology sectors also delivered strong gains, climbing 17.7%, 15.8% and 14.4%, respectively. In aggregate, these four sectors made up nearly one-half of the benchmark’s total market capitalization on April 30, 2017. Energy, the index’s second-largest sector, returned 0.5% and was the worst performer, hampered by worries that rising U.S. oil production would restrain oil prices.

Stock selections lift the fund above its benchmark

The fund outperformed the index primarily on the strength of successful stock choices. The largest contributors to relative performance were out-of-benchmark holdings in semiconductor maker Advanced Micro Devices and building products company Louisiana-Pacific. Shares of Advanced Micro Devices jumped on optimism about a suite of new products the company is introducing. Louisiana-Pacific benefited from strength in the U.S. construction market and rising lumber prices. The next-largest contributors were an overweight position in Bank of America and an underweight in Exxon Mobil.

These positive effects were partly countered by stock selections that did not perform as anticipated, including an overweight investment in J.C. Penney and nonbenchmark holdings in Cenovus Energy and Mattel. J.C. Penney was impacted by the trend away from “brick-and-mortar” retailers and toward online shopping. Cenovus Energy announced an acquisition that was not well received, while Mattel was hurt by weak holiday sales.

Expense example

Six months ended April 30, 2017

Large-Cap Value Fund	Beginning account value (11/1/16)	Ending account value (4/30/17)	Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$1,000.00	$1,121.73	$2.05
Advisor Class	1,000.00	1,121.01	2.16
Premier Class	1,000.00	1,120.38	2.84
Retirement Class	1,000.00	1,120.27	3.36
Retail Class	1,000.00	1,119.09	3.73
5% annual hypothetical return
Institutional Class	1,000.00	1,022.86	1.96
Advisor Class	1,000.00	1,022.76	2.06
Premier Class	1,000.00	1,022.12	2.71
Retirement Class	1,000.00	1,021.62	3.21
Retail Class	1,000.00	1,021.27	3.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.39% for the Institutional Class, 0.41% for the Advisor Class, 0.54% for the Premier Class, 0.64% 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 9.

Fund profile

		as of 4/30/2017
Net assets		$6.53 billion
Number of holdings		180
Portfolio turnover rate^†		24%
Weighted median market capitalization		$40.11 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		29.1


^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Mid-Cap Growth Fund

Portfolio composition

Sector	% of net assets as of 4/30/2017
Information technology	27.0
Consumer discretionary	19.9
Health care	15.9
Industrials	15.0
Financials	5.6
Materials	5.5
Consumer staples	4.2
Real estate	3.2
Energy	2.4
Short-term investments, other assets & liabilities, net	1.3
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2017
More than $50 billion		2.0
More then $15 billion–$50 billion		41.1
More than $2 billion–$15 billion		53.2
$2 billion or less		3.7
Total		100.0

Performance for the six months ended April 30, 2017

The Mid-Cap Growth Fund returned 13.78% for the Institutional Class, compared with the 13.59% return of its benchmark, the Russell Midcap^® Growth Index. For the one-year period ended April 30, 2017, the fund returned 16.09% versus 15.83% for the index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

Mid-Cap Growth Fund			Total return				Average annual total return				Annual operating expenses*
		Inception
	Ticker	date	6 months		1 year		5 years		10 years		gross		net
Institutional Class	TRPWX	10/1/02	13.78	%	16.09	%	10.41	%	7.43	%	0.47	%	0.47	%
Advisor Class	TCMHX	12/4/15	13.77		16.14		10.40	^†	7.43	^†	0.56		0.56
Premier Class	TRGPX	9/30/09	13.64		15.90		10.23		7.31	^†	0.62		0.62
Retirement Class	TRGMX	10/1/02	13.66		15.78		10.13		7.17		0.72		0.72
Retail Class	TCMGX	10/1/02	13.61		15.67		10.05		7.14		0.78		0.78
Russell Midcap Growth Index		—	13.59		15.83		12.28		7.83		—		—

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

^†

20	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the ten years ended April 30, 2017, mid-cap growth stocks outperformed both the broader market and mid-cap value stocks. The Russell Midcap Growth Index posted an average annual return of 7.83%, while the Russell 3000 and Russell Midcap Value indexes had average annual returns of 7.23% and 7.16%, respectively.

Broad gains propel the benchmark higher

All of the industry sectors represented in the Russell Midcap Growth Index generated positive returns for the period, with six scoring double-digit gains. Health care delivered the strongest increase, rising 22.4%, while information technology and industrials climbed 15.9% and 14.1%, respectively. Consumer discretionary, the largest sector in the index, gained 8.9%. Together, these four sectors accounted for more than two-thirds of the benchmark’s total market capitalization on April 30, 2017. Consumer staples and energy were the weakest benchmark sectors, returning 2.8% and 0.5%, respectively.

The five largest holdings in the benchmark strongly outperformed its overall return during the period. These stocks were information technology companies NVIDIA, Equinix and Electronic Arts, as well as health care companies Intuitive Surgical and Illumina.

Stock choices boost the fund above its benchmark

The fund modestly outperformed the index on the strength of favorable stock selections. The top contributors to relative performance were an overweight position in Harman International Industries, an auto parts supplier that was acquired by Samsung Electronics; an overweight holding in Incyte, a biophar-maceutical research company; and a nonbenchmark investment in Mobileye, a developer of driver-assistance systems that was acquired by technology giant Intel. Out-of-index positions in Melco Crown Entertainment, a Hong Kong-based developer and casino operator, and chemical manufacturer Olin were also helpful.

These positive effects were partly offset by results from other stock selections. The biggest detractor for the six-month period was an overweight investment in Mattel, which reported weak holiday sales. The next-largest detractors were overweight holdings FleetCor Technologies, a provider of fuel cards and workforce payment products and TransDigm, a manufacturer of aerospace components.

Expense example

Six months ended April 30, 2017

Mid-Cap Growth Fund	Beginning account value (11/1/16)	Ending account value (4/30/17)	Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$1,000.00	$1,137.81	$2.49
Advisor Class	1,000.00	1,137.68	2.60
Premier Class	1,000.00	1,136.39	3.28
Retirement Class	1,000.00	1,136.59	3.81
Retail Class	1,000.00	1,136.08	4.18
5% annual hypothetical return
Institutional Class	1,000.00	1,022.46	2.36
Advisor Class	1,000.00	1,022.36	2.46
Premier Class	1,000.00	1,021.72	3.11
Retirement Class	1,000.00	1,021.22	3.61
Retail Class	1,000.00	1,020.88	3.96

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.47% for the Institutional Class, 0.49% for the Advisor Class, 0.62% for the Premier Class, 0.72% for the Retirement Class and 0.79% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 9.

Fund profile

	as of 4/30/2017
Net assets	$1.51 billion
Number of holdings	158
Portfolio turnover rate^†	21 %
Weighted median market capitalization	$13.23 billion
Price/earnings ratio (weighted 12-month trailing average)^‡	36.5


^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Mid-Cap Value Fund

Portfolio composition

Sector	% of net assets as of 4/30/2017
Financials		19.7
Industrials		13.2
Energy		11.8
Information technology		10.0
Utilities		9.4
Consumer discretionary		8.2
Real estate		7.7
Materials		7.6
Consumer staples		5.5
Health care		4.2
Telecommunication services		1.2
Short-term investments, other assets & liabilities, net		1.5
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2017
More than $50 billion		2.4
More than $15 billion–$50 billion		39.9
More than $2 billion–$15 billion		53.1
$2 billion or less		4.6
Total		100.0

Performance for the six months ended April 30, 2017

The Mid-Cap Value Fund returned 11.79% for the Institutional Class, compared with the 12.42% return of its benchmark, the Russell Midcap^® Value Index. For the one-year period ended April 30, 2017, the fund returned 17.02% versus 17.52% for the index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

Mid-Cap Value Fund			Total return						Average annual total return						Annual operating expenses*
	Ticker	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TIMVX	10/1/02		11.79	%		17.02	%		12.25	%		6.56	%		0.41	%		0.41	%
Advisor Class	TRVHX	12/4/15		11.78			17.06			12.24	^†		6.55	^†		0.49			0.49
Premier Class	TRVPX	9/30/09		11.71			16.90			12.09			6.44	^†		0.56			0.56
Retirement Class	TRVRX	10/1/02		11.66			16.75			11.97			6.29			0.66			0.66
Retail Class	TCMVX	10/1/02		11.68			16.75			11.91			6.30			0.71			0.71
Russell Midcap Value Index		—		12.42			17.52			14.26			7.16			—			—

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

^†

22	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the six months, the Russell 3000^®Index, a broad measure of the U.S. stock market, gained 13.83%. Small-cap equities outperformed large caps, and growth stocks outperformed value shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended April 30, 2017, the mid-cap value asset class slightly lagged the broader market, as evidenced by the 7.16% return of the Russell Midcap Value Index, compared with the 7.23% average annual return of the Russell 3000 Index. The Russell Midcap Growth Index had an average annual return of 7.83% for the same period.

Financials lead widespread gains in the benchmark

All eleven industry sectors of the Russell Midcap Value Index registered gains for the period, with six achieving double-digit increases. Financials, the benchmark’s largest component and its biggest contributor, returned 20.5%. Industrials and information technology were the next-largest contributors, climbing 18.1% and 23.1%, respectively. Combined, these three sectors represented more than 40.0% of the total market capitalization of the benchmark at period-end. Consumer staples and telecommunication services produced smaller gains, returning 3.4% and 3.8%, respectively, while energy posted the smallest gain of 2.0%.

There was sharp divergence in the performance of the benchmark’s five largest stocks. Semiconductor supplier Micron Technology and SunTrust Banks soared, outperforming the index by a wide margin, while auto parts maker Johnson Controls, logistics management firm Prologis and Sempra Energy lagged with single-digit gains.

Certain stock selections dampen the fund’s relative return

While recording strong performance in absolute terms for the six months, the fund modestly underperformed its benchmark. The two biggest detractors were overweight investments in energy producer Continental Resources and J.C. Penney, the latter of which was one of many retailers to announce store closings due to the increase in online shopping. A nonbenchmark position in Mattel also detracted due to an earnings disappointment and an analyst downgrade.

Positive contributions from other investments helped to partially mitigate these factors. The top relative contributor in the fund was an out-of-index holding in rail-based transportation provider CSX, which experienced a change in leadership. Other positions that performed strongly included an overweight investment in Ameriprise Financial, which has paid high dividends and is benefiting from the general rise in financial stocks, and a nonbenchmark position in building products company Louisiana-Pacific, which produced strong earnings amid a favorable environment for new housing construction.

Expense example

Six months ended April 30, 2017

Mid-Cap Value Fund	Beginning account value (11/1/16)		Ending Account value (4/30/17)		Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,117.92		$2.05
Advisor Class		1,000.00		1,117.76		2.47
Premier Class		1,000.00		1,117.12		2.83
Retirement Class		1,000.00		1,116.57		3.36
Retail Class		1,000.00		1,116.80		3.57
5% annual hypothetical return
Institutional Class		1,000.00		1,022.86		1.96
Advisor Class		1,000.00		1,022.46		2.36
Premier Class		1,000.00		1,022.12		2.71
Retirement Class		1,000.00		1,021.62		3.21
Retail Class		1,000.00		1,021.42		3.41

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.39% for the Institutional Class, 0.47% for the Advisor Class, 0.54% for the Premier Class, 0.64% for the Retirement Class and 0.68% 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 9.

Fund profile

	as of 4/30/2017
Net assets		$5.24 billion
Number of holdings		250
Portfolio turnover rate^†		14%
Weighted median market capitalization		$12.54 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		28.2

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Small-Cap Equity Fund

Portfolio composition

Sector		% of net assets as of 4/30/2017
Information technology		17.7
Financials		17.5
Industrials		14.8
Health care		13.8
Consumer discretionary		12.2
Real estate		6.8
Materials		5.2
Utilities		3.9
Energy		3.7
Consumer staples		2.7
Telecommunication services		0.8
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Holdings by company size

Market capitalization		% of equity investments as of 4/30/2017
More than $15 billion–$50 billion		0.8
More than $2 billion–$15 billion		61.6
$2 billion or less		37.6
Total		100.0

Performance for the six months ended April 30, 2017

The Small-Cap Equity Fund returned 18.88% for the Institutional Class, compared with the 18.37% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2017, the fund returned 27.05% versus 25.63% for the index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

Small-Cap Equity Fund			Total return						Average annual total return						Annual operating expenses*
	Ticker	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TISEX	10/1/02		18.88	%		27.05	%		13.87	%		7.18	%		0.42	%		0.42	%
Advisor Class	TSCHX	12/4/15		18.81			26.98			13.83	^†		7.17	^†		0.51			0.51
Premier Class	TSRPX	9/30/09		18.78			26.83			13.68			7.06	^†		0.57			0.57
Retirement Class	TRSEX	10/1/02		18.70			26.73			13.58			6.92			0.67			0.67
Retail Class	TCSEX	10/1/02		18.64			26.58			13.48			6.87			0.73			0.73
Russell 2000 Index		—		18.37			25.63			12.95			7.05			—			—

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

^†

24	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the ten years ended April 30, 2017, the Russell 2000 Index, a broad measure of U.S. small-cap stocks, produced an average annual gain of 7.05%, trailing the 7.23% average annual return of the Russell 3000 Index.

All benchmark sectors post positive results

All eleven industry sectors in the Russell 2000 Index posted positive results for the six months. Materials performed best, returning 26.2%, as the price of metals stocks surged during the period. Financials—the largest component in the index—advanced 22.4% and contributed most to the benchmark’s total return. Industrials also delivered sizable gains of 22.3% as the third-largest sector in the index. Telecommunication services, the smallest sector in the benchmark, rose 21.6%. As of April 30, 2017, these four sectors constituted more than one-third of the index’s total market capitalization. With a return of 2.8%, energy had the smallest gain.

For the six-month period, four of the benchmark’s five largest stocks surpassed the overall index performance. Chemical firm Chemours performed best, generating triple-digit results. Semiconductor maker Advanced Micro Devices posted a double-digit advance and outperformed the benchmark, as did technology companies Take-Two Interactive Software and LogMeln. Semiconductor provider Microsemi advanced but underperformed the return of the index.

Opportune stock allocations help the fund outperform its benchmark

Overweight positions in several strong-performing stocks helped the fund to outperform its benchmark during the period. The top contributor was an overweight in semiconductor maker Advanced Micro Devices, which posted strong returns following its report of better-than-expected results for the fourth quarter of 2016 and expectations for new graphics and high-end server chips. Next was an overweight position in Grand Canyon Education, which provides online post-secondary education services and delivered double-digit returns, followed by an overweight to Century Aluminum Company, which posted triple-digit gains.

These positive effects were partially offset by the fund’s holdings of network visibility and traffic monitoring technology provider Gigamon, which declined during the period. Not owning strong-performing index component Chemours, a chemical firm, also detracted, as did the fund’s overweight position in software company Synchronoss Technologies, which declined during the period.

Expense example

Six months ended April 30, 2017

Small-Cap Equity Fund	Beginning account value (11/1/16)		Ending account value (4/30/17)		Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,188.83		$2.23
Advisor Class		1,000.00		1,188.07		2.71
Premier Class		1,000.00		1,187.83		3.04
Retirement Class		1,000.00		1,187.02		3.58
Retail Class		1,000.00		1,186.44		3.85
5% annual hypothetical return
Institutional Class		1,000.00		1,022.76		2.06
Advisor Class		1,000.00		1,022.32		2.51
Premier Class		1,000.00		1,022.02		2.81
Retirement Class		1,000.00		1,021.52		3.31
Retail Class		1,000.00		1,021.27		3.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.41% for the Institutional Class, 0.50% for the Advisor Class, 0.56% for the Premier Class, 0.66% 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 9.

Fund profile

	as of 4/30/2017
Net assets		$3.43 billion
Number of holdings		293
Portfolio turnover rate^†		36%
Weighted median market capitalization		$2.61 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		31.0

^†	The portfolio turnover rate covers the six-month period from November 1, 2016-April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Small/Mid-Cap Equity Fund

Portfolio composition

Sector		% of net assets as of 4/30/2017
Industrials		17.4
Consumer discretionary		15.9
Financials		15.5
Information technology		14.7
Health care		10.0
Real estate		9.3
Materials		5.9
Consumer staples		3.9
Energy		3.2
Utilities		3.2
Telecommunication services		0.8
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size

Market capitalization		% of equity investments as of 4/30/2017
More than $15 billion–$50 billion		1.7
More than $2 billion–$15 billion		65.4
$2 billion or less		32.9
Total		100.0

Performance for the six months ended April 30, 2017

The Small/Mid-Cap Equity Fund returned 17.28% for the Institutional Class, compared with the 15.65% return of its benchmark, the Russell 2500^® Index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Federal Reserve raises rates

For the six months, the Russell 3000 Index, a broad measure of the U.S. stock market, gained 13.83%. Small-cap equities outperformed large caps, and growth stocks outperformed value shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Performance as of April 30, 2017

Small/Mid-Cap Equity Fund			Total return						Annual operating expenses*
	Ticker	Inception date	6 months			since inception			gross			net
Institutional Class	TSMWX	8/5/16		17.28	%		12.94	%		0.51	%		0.51	%
Advisor Class	TSMNX	8/5/16		17.36			12.90			0.60			0.60
Premier Class	TSMMX	8/5/16		17.23			12.77			0.66			0.66
Retirement Class	TSMOX	8/5/16		17.12			12.67			0.76			0.76
Retail Class	TSMEX	8/5/16		16.97			12.53			0.90			0.90
Russell 2500 Index		—		15.65			11.97	^†		—			—

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

^†

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

26	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Financial stocks outperform, energy loses steam

Ten of the eleven industry sectors in the Russell 2500 Index posted positive results. Financials, the index’s largest sector, performed best with a return of 21.5% over the six-month period. Industrials, the second-largest sector, advanced 19.9%. Health care and information technology followed with gains of 19.5% and 17.3%, respectively. Together, these four sectors made up nearly 60.0% of the index’s market capitalization as of April 30, 2017. Telecommunication services and consumer staples returned 4.4% and 1.5%, respectively, while energy stocks produced the index’s only sector loss, falling 0.1%.

All of the benchmark’s five largest stocks outperformed for the six-month period. IDEXX Laboratories, which makes veterinary testing and lab equipment, topped the index by a wide margin, as did chemical company Albemarle. Huntington Bancshares, a financial company, health care firm Hologic, which makes diagnostic and surgical products, and information technology firm Quintiles IMS Holdings beat the index by smaller, single-digit margins.

The fund outperforms its benchmark

For the period, the fund outperformed its benchmark due largely to overweight positions in stocks that posted strong gains. The fund benefitted most from overweight holdings of Tronox and Nutrisystem. Tronox, a titanium dioxide manufacturer, was aided by a recovery in the market for its products. Nutrisystem got a boost from powerful diet season earnings growth. An overweight position in Green Dot, an issuer of prepaid credit cards, also helped the fund’s relative performance.

These benefits were offset in part by overweight positions in three stocks that declined during the period. Holdings of Clean Energy Fuels, which sells natural gas for transportation fuel, detracted most from the fund’s relative performance. Federal tax credits that helped the company were not renewed at the end of 2016. The fund’s investments in USANA Health Sciences, a marketer of nutritional supplements, and Brixmor Property Group, which owns shopping center properties—two companies hurt by bad news in February—also detracted from the fund’s relative returns.

Expense example

Six months ended April 30, 2017

Smal/Mid-Cap Equity Fund	Beginning account value (11/1/16)		Ending account value (4/30/17)		Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,172.77		$2.69
Advisor Class		1,000.00		1,173.60		2.75
Premier Class		1,000.00		1,172.28		3.55
Retirement Class		1,000.00		1,171.24		4.04
Retail Class		1,000.00		1,169.74		4.95
5% annual hypothetical return
Institutional Class		1,000.00		1,022.32		2.51
Advisor Class		1,000.00		1,022.27		2.56
Premier Class		1,000.00		1,021.52		3.31
Retirement Class		1,000.00		1,021.08		3.76
Retail Class		1,000.00		1,020.23		4.61

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.50% for the Institutional Class, 0.51% for the Advisor Class, 0.66% for the Premier Class, 0.75% for the Retirement Class and 0.92% 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 9.

Fund profile

	as of 4/30/2017
Net assets		$0.60 billion
Number of holdings		429
Portfolio turnover rate^†		33%
Weighted median market capitalization		$3.76 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		31.1

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Social Choice Equity Fund

Portfolio composition

Sector	% of net assets as of 4/30/2017
Information technology	20.4
Financials	15.5
Health care	13.7
Consumer discretionary	12.5
Industrials	10.5
Consumer staples	8.1
Energy	5.5
Real estate	4.7
Materials	3.7
Utilities	3.3
Telecommunication services	2.0
Short-term investments, other assets & liabilities, net	0.1
Total	100.0

Holdings by company size

Market capitalization		% of equity investments as of 4/30/2017
More than $50 billion		44.1
More than $15 billion–$50 billion		37.8
More than $2 billion–$15 billion		14.5
$2 billion or less		3.6
Total		100.0

Performance for the six months ended April 30, 2017

The Social Choice Equity Fund returned 13.34% for the Institutional Class, compared with the 13.83% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2017, the fund returned 17.76% versus 18.58% 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 hinders 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 decrease the fund’s return relative to that of its benchmark.

Excluding Apple, Bank of America and JPMorgan Chase detracted the most from the fund’s relative performance. Apple’s stock gained substantial ground in the last three months of the period, helped by strong financial results and a rebound in iPhone sales. Financial services stocks surged in November after the U.S. presidential election, as investors saw brighter prospects for benchmark stocks such as Bank of America and JPMorgan Chase. In addition, investors viewed Bank of America as undervalued compared to other large banks and saw it as well positioned to benefit from rising interest rates.

Excluding some stocks helps fund’s relative performance

The fund benefited by excluding other stocks in its benchmark. Excluding Exxon Mobil, QUALCOMM and General Electric made the largest contribution to the fund’s relative performance. Exxon Mobil’s revenue was down significantly in 2016 compared to 2015, and in 2017, weaker crude oil prices weighed on

Performance as of April 30, 2017

Social Choice Equity Fund			Total return				Average annual total return				Annual operating expenses*
	Ticker	Inception date	6 months		1 year		5 years		10 years		gross		net
Institutional Class	TISCX	7/1/99	13.34	%	17.76	%	12.70	%	6.88	%	0.19	%	0.19%
Advisor Class	TICHX	12/4/15	13.34		17.75		12.68	^†	6.88	^†	0.28		0.28
Premier Class	TRPSX	9/30/09	13.23		17.58		12.52		6.75	^†	0.34		0.34
Retirement Class	TRSCX	10/1/02	13.21		17.42		12.42		6.62		0.44		0.44
Retail Class	TICRX	3/31/06	13.24		17.47		12.38		6.64		0.46		0.46
Russell 3000 Index		—	13.83		18.58		13.57		7.23		—		—

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

^†

28	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

the stock. QUALCOMM, a telecommunications firm, declined as a result of an investigation by the Federal Trade Commission over anti-competitive practices and a lawsuit by Apple over licensing royalties. General Electric’s share price declined sharply in January when reported revenues fell short of expectations.

Fund modestly trails its benchmark

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

Some of the fund’s overweight positions detracted from results versus the benchmark, notably TransDigm, Simon Property Group and General Mills. Airplane parts manufacturer TransDigm’s stock price fell on Inauguration Day on expectations that the new administration would target high costs in the aerospace industry. Investors in Simon Property Group, an operator of high-end shopping malls, fretted that traditional retailers may continue to close stores and struggle with competition from online shopping. And finally, in its most recent earnings release, General Mills reported disappointing sales—notably in its yogurt segment–-due to the increase in popularity of Greek yogurt.

Helping to partially offset these factors, several of the fund’s overweight positions made solid contributions to its relative performance. Chief among these were Charter Communications, health care company Anthem and electric car maker Tesla Motors. Charter reported strong financial results in November and added more broadband subscribers than rivals AT&T and Verizon in the fourth quarter of 2016. Anthem saw its stock price rise as investors anticipated the potential for the repeal and replacement of the Affordable Care Act. Tesla’s stock soared on reports of increased revenues and optimism over the company’s new Model 3 vehicle, despite the company having reported lower-than-expected earnings.

Expense example

Six months ended April 30, 2017

Social Choice Equity Fund	Beginning account value (11/1/16)	Ending account value (4/30/17)	Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$1,000.00	$1,133.44	$ 0.95
Advisor Class	1,000.00	1,133.37	1.32
Premier Class	1,000.00	1,132.34	1.74
Retirement Class	1,000.00	1,132.11	2.27
Retail Class	1,000.00	1,132.40	2.43
5% annual hypothetical return
Institutional Class	1,000.00	1,023.90	0.90
Advisor Class	1,000.00	1,023.55	1.25
Premier Class	1,000.00	1,023.16	1.66
Retirement Class	1,000.00	1,022.66	2.16
Retail Class	1,000.00	1,022.51	2.31

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.18% for the Institutional Class, 0.25% for the Advisor Class, 0.33% for the Premier Class, 0.43% for the Retirement Class and 0.46% 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 9.

Fund profile

		as of 4/30/2017
Net assets		$2.58 billion
Number of holdings		789
Portfolio turnover rate^†		6%
Weighted median market capitalization		$45.57 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		24.9


^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Social Choice Low Carbon Equity Fund

Portfolio composition

Sector	% of net assets as of 4/30/2017
Information technology	21.0
Financials	15.5
Health care	13.4
Consumer discretionary	11.6
Industrials	10.9
Consumer staples	7.8
Real estate	4.7
Energy	4.0
Materials	3.7
Utilities	3.4
Telecommunication services	2.1
Short-term investments, other assets & liabilities, net	1.9
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2017
More than $50 billion		45.4
More than $15 billion–$50 billion		35.1
More than $2 billion–$15 billion		16.6
$2 billion or less		2.9
Total		100.0

Performance for the six months ended April 30, 2017

The Social Choice Low Carbon Equity Fund returned 13.89% for the Institutional Class, compared with the 13.83% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2017, the fund returned 17.88% versus 18.58% for the 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 some stocks helps 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 Exxon Mobil, QUALCOMM and General Electric made the largest contributions to the fund’s relative performance. Exxon Mobil’s revenue was down significantly in 2016 compared to 2015, and in 2017, weaker crude oil prices weighed on the stock. The Federal Trade Commission accused telecommunications firm QUALCOMM of anti-competitive practices and Apple sued the company for $1 billion over licensing royalties. General Electric’s share price declined sharply in January when reported revenues fell short of expectations.

Excluding certain stocks hinders the fund’s relative performance

The fund’s exclusions of Apple, Bank of America and JPMorgan Chase detracted the most from its relative performance. Apple’s stock gained substantial ground in the last three months of the period, helped by strong financial results and a rebound in iPhone sales. Financial services stocks surged in November with the

Performance as of April 30, 2017

Social Choice Low Carbon Equity Fund			Total return				Average annual total return		Annual operating expenses*
	Ticker	Inception date	6 months		1 year		since inception		gross		net
Institutional Class	TNWCX	8/7/15	13.89	%	17.88	%	10.32	%	0.65	%	0.32	%
Advisor Class	TCCHX	12/4/15	13.86		17.85		10.30	^†	0.74		0.41
Premier Class	TPWCX	8/7/15	13.80		17.67		10.17		0.82		0.47
Retirement Class	TEWCX	8/7/15	13.64		17.51		10.01		0.91		0.57
Retail Class	TLWCX	8/7/15	13.58		17.56		9.94		0.97		0.65
Russell 3000 Index		—	13.83		18.58		10.21	^‡	—		—

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

*	The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^†	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	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

presidential election, given the new administration’s promises of lighter regulation for the industry, which includes Bank of America and JPMorgan Chase. In addition, investors viewed Bank of America as undervalued compared to other large banks and saw it as well positioned to benefit from rising interest rates.

Fund returns slightly more than its benchmark

Several of the fund’s overweight positions were strong contributors to its relative performance, notably Tesla Motors, Charter Communications and Applied Materials. Tesla’s stock rebounded in December, as investor concerns about what the election outcome might mean for the electric car maker were assuaged when the new president appointed Tesla’s CEO Elon Musk to his Strategic and Policy Forum. Charter Communications reported strong financial results in November. Compared to its rivals AT&T and Verizon, Charter Communications added more broadband subscribers in the fourth quarter of 2016. Applied Materials, a manufacturer of equipment for producing semiconductor chips, saw its stock climb steadily over the six months as chipmakers invested in new machinery to maintain their competitiveness, resulting in strong booking of new orders for the company.

By contrast, some of the fund’s overweight positions detracted from results versus the benchmark. Investors in Simon Property Group, an operator of high-end shopping malls, fretted that traditional retailers could continue to close stores and struggle with competition from online shopping. In January, energy giant Schlumberger reported twelve-month results showing a steep decline in revenues. Finally, fund holdings in AutoZone fell sharply in January on reports that Amazon.com was planning to enter the auto parts business.

Expense example

Six months ended April 30, 2017

Social Choice Low Carbon Equity Fund	Beginning account value (11/1/16)	Ending account value (4/30/17)	Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$1,000.00	$1,138.89	$1.70
Advisor Class	1,000.00	1,138.64	1.96
Premier Class	1,000.00	1,137.97	2.49
Retirement Class	1,000.00	1,136.38	3.02
Retail Class	1,000.00	1,135.75	3.76
5% annual hypothetical return
Institutional Class	1,000.00	1,023.21	1.61
Advisor Class	1,000.00	1,022.96	1.86
Premier Class	1,000.00	1,022.46	2.36
Retirement Class	1,000.00	1,021.97	2.86
Retail Class	1,000.00	1,021.27	3.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class, 0.37% for the Advisor 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 9.

Fund profile

		as of 4/30/2017
Net assets		$0.07 billion
Number of holdings		564
Portfolio turnover rate^†		8%
Weighted median market capitalization		$45.57 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		24.6

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Emerging Markets Equity Fund

Portfolio composition

Sector	% of net assets as of 4/30/2017
Information technology	26.9
Consumer discretionary	24.5
Financials	13.4
Industrials	8.0
Consumer staples	7.9
Energy	5.5
Materials	3.3
Real estate	2.8
Utilities	1.1
Short-term investments, other assets & liabilities, net	6.6
Total	100.0

Holdings by country

		% of portfolio investments as of 4/30/2017
China		17.7
Brazil		11.5
Taiwan		9.7
Korea		9.5
India		9.1
South Africa		6.1
Hong Kong		5.1
Russia		3.8
Argentina		3.4
Uruguay		3.1
12 other nations		17.4
Short-term investments		3.6
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2017
More than $50 billion		33.0
More than $15 billion–$50 billion		15.5
More than $2 billion–$15 billion		34.5
$2 billion or less		17.0
Total		100.0

Performance for the six months ended April 30, 2017

The Emerging Markets Equity Fund returned 14.60% for the Institutional Class, compared with the 8.88% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2017, the fund returned 26.23%, versus 19.13% for the index. The table below shows returns for all share classes of the fund.

Global stocks advance as economic growth continues

For the six months, international stocks advanced but trailed domestic equities as investors saw growth opportunities in the post-election U.S. economy. During the period, the U.S. Federal Reserve raised its federal funds target rate twice, once in December 2016 and again in March 2017, increasing this key short-term rate to a range of 0.75%–1.00% at period-end. Signs of economic growth elsewhere around the world boosted developed international and emerging stock markets, particularly at the beginning of 2017. Annualized economic growth in Europe outpaced U.S. gross domestic product for the first quarter of 2017, while growth in China remained moderate during the same three-month period. The U.S. dollar strengthened against most major currencies for the six months.

In March, the European Central Bank (ECB) left its benchmark interest rate unchanged. The ECB also reaffirmed its asset-purchase plans to stimulate European economies through the end of 2017. Economic growth and a commitment to monetary stimulus in Europe helped developed foreign-equity markets advance for the six-month period, as represented by the 11.47% return of the MSCI EAFE Index, which measures stock performance in 21 developed-market nations outside North America. The MSCI Emerging Markets Index, which lost

Performance as of April 30, 2017

Emerging Markets Equity Fund			Total return				Average annual total return				Annual operating expenses*
	Ticker	Inception date	6 months		1 year		5 years		since inception		gross		net
Institutional Class	TEMLX	8/31/10	14.60	%	26.23	%	1.89	%	2.31	%	0.94	%	0.94	%
Advisor Class	TEMHX	12/4/15	14.59		26.23		1.86	^†	2.29	^†	1.02		1.02
Premier Class	TEMPX	8/31/10	14.47		26.10		1.74		2.16		1.09		1.09
Retirement Class	TEMSX	8/31/10	14.47		26.00		1.65		2.06		1.19		1.19
Retail Class	TEMRX	8/31/10	14.40		25.77		1.49		1.90		1.36		1.34
MSCI Emerging Markets Index		—	8.88		19.13		1.49		2.52	^‡	—		—

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

*	The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^†	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.

32	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

ground in late 2016, recovered in the opening months of 2017 and gained 8.88% for the six-month period.

Emerging nations post mostly positive results

All but two of the nations in the MSCI Emerging Markets Index posted positive results for the six months. China—the largest component in the benchmark, representing more than one-quarter of the index’s total market capitalization at period-end—advanced 9.9%, as the region showed new signs of stability. Korea and Taiwan—the second- and third-largest components—gained 15.6% and 10.0%, respectively, driven in part by solid export growth. The fourth-largest component, India, rose 10.4%.

Brazil, the fifth-largest index component, was one of the few markets that suffered losses, returning –1.2%. (The aforementioned returns are in U.S. dollars.)

Fund outpaces its benchmark for the six months

The fund outperformed its benchmark by a considerable margin, mainly due to certain strong-performing out-of-benchmark security selections. The most significant of these was Melco Crown Entertainment, a Hong Kong-based developer and casino operator that produced strong earnings during the period. Intime Retail Group, which manages department stores and shopping malls in China, was another out-of-benchmark stock pick that performed well for the fund, mainly as a result of its acquisition by Chinese e-commerce giant Alibaba. A large overweight allocation to Reliance Industries, an Indian conglomerate with interests in energy, chemicals and telecommunications, also contributed to the fund’s outperformance.

These positive contributions were partially offset by an underweight allocation to Korean information technology giant Samsung Electronics, whose stock price rose strongly, as well as an overweight allocation to AngloGold Ashanti, a South Africa-based global gold mining company, which declined due to weakening gold prices late in the period.

The fund’s returns may sometimes diverge from the returns of its benchmark 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 current 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, 2017

Emerging Markets Equity Fund	Beginning account value (11/1/16)	Ending account value (4/30/17)	Expenses paid during period* (11/1/16– 4/30/17)
Actual return
Institutional Class	$1,000.00	$1,145.98	$5.00
Advisor Class	1,000.00	1,145.86	5.05
Premier Class	1,000.00	1,144.71	5.74
Retirement Class	1,000.00	1,144.73	6.27
Retail Class	1,000.00	1,143.96	7.12
5% annual hypothetical return
Institutional Class	1,000.00	1,020.13	4.71
Advisor Class	1,000.00	1,020.08	4.76
Premier Class	1,000.00	1,019.44	5.41
Retirement Class	1,000.00	1,018.94	5.91
Retail Class	1,000.00	1,018.15	6.71

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.94% for the Institutional Class, 0.95% for the Advisor Class, 1.08% for the Premier Class, 1.18% 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 9.

Fund profile

	as of 4/30/2017
Net assets	$1.19 billion
Number of holdings	71
Portfolio turnover rate^†	64%
Weighted median market capitalization	$12.52 billion
Price/earnings ratio (weighted 12-month trailing average)^‡	23.0

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Enhanced International Equity Index Fund

Portfolio composition

Sector			% of net assets as of 4/30/2017
Financials			21.7
Industrials			14.0
Consumer discretionary			12.3
Consumer staples			11.0
Health care			10.4
Materials			7.7
Information technology			5.6
Energy			4.8
Telecommunication services			4.2
Real estate			3.5
Utilities			3.3
Short-term investments, other assets & liabilities, net			1.5
Total			100.0

Holdings by country

			% of portfolio investments as of 4/30/2017
Japan			22.4
United Kingdom			15.2
France			10.6
Germany			9.4
Switzerland			9.0
Australia			7.1
Spain			3.6
Netherlands			3.6
Hong Kong			3.4
Sweden			2.5
14 other nations			10.9
Short-term investments			2.3
Total			100.0

Holdings by company size

Market capitalization			% of equity investments as of 4/30/2017
More than $50 billion			36.6
More than $15 billion–$50 billion			35.5
More than $2 billion–$15 billion			27.9
Total			100.0

Performance for the six months ended April 30, 2017

The Enhanced International Equity Index Fund returned 11.31% for the Institutional Class, compared with the 11.47% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2017, the fund returned 11.47% versus 11.29% for the index. The table below shows returns for all share classes of the fund.

Global stocks advance as economic growth continues

In March, the European Central Bank (ECB) left its benchmark interest rate unchanged. The ECB also reaffirmed its asset-purchase plans to stimulate European economies through the end of 2017. Economic growth and a commitment to monetary stimulus in Europe helped developed foreign-equity markets advance for the six-month period, as measured by the 11.47% return of the MSCI EAFE Index, which measures stock performance in 21 developed-market nations outside North America. The MSCI Emerging Markets Index, which lost ground in late 2016, recovered in the opening months of 2017 and gained 8.88% for the six-month period.

Performance as of April 30, 2017

Enhanced International Equity Index Fund			Total return						Average annual total return						Annual operating expenses*
	Ticker	Inception date	6 months			1 year			5 years			Since inception			gross			net
Institutional Class	TFIIX	11/30/07		11.31	%		11.47	%		7.31	%		0.54	%		0.41	%	0.41	%
Advisor Class	TEIEX	12/4/15		11.28			11.44			7.30	^†		0.53	^†		0.51		0.51
MSCI EAFE Index		—		11.47			11.29			6.78			0.44	^‡		—		—

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

*	The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^†	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	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

All countries in the benchmark rise

All of the countries in the MSCI EAFE Index ended the six-month period with gains, in U.S. dollar terms. The returns of the index’s largest components in order of weight were Japan 4.0%, the United Kingdom 12.0%, France 17.1% and Germany 15.0%. These four markets made up more than three-fifths of the benchmark’s market capitalization on April 30, 2017. (The aforementioned returns are in U.S. dollars.) In local-currency terms, the index returned 12.34%, while in U.S. dollars the return was 11.47%.

Fund’s double-digit gain trails the 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 to slightly decrease the fund’s return relative to its benchmark. Overweight positions in three Japanese stocks detracted the most from the fund’s relative performance. Japan Tobacco, the largest detractor, struggled due to the strengthening yen, a decline in cigarette smokers and competition from e-cigarette products. The stocks of Mitsubishi and Nissan traded down as the new U.S. administration strongly advised Japanese carmakers to make more cars in the United States and sell more American cars in Japan.

On the plus side, the fund benefited from several favorable stock selections. Chief among these were overweight positions in Actelion, Mondi and Siemens. Actelion’s stock rose on news that Johnson & Johnson wanted to acquire the pharmaceutical company. Paper and packaging firm Mondi benefited from solid profits and a strong earnings growth outlook. And finally, German electronics manufacturer Siemens reported increased profits and plans to spin off its health care business.

Expense example

Six months ended April 30, 2017

Expenses

paid

Enhanced

Beginning

Ending

during

International

account

period*

Equity

value

(11/1/16–

Index Fund

(11/1/16)

(4/30/17)

4/30/17)

Actual return

Institutional Class

1,000.00

1,113.12

$2.20

Advisor Class

1,000.00

1,112.77

2.46

5% annual
hypothetical return

Institutional Class

1,000.00

1,022.71

2.11

Advisor Class

1,000.00

1,022.46

2.36

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.42% for the Institutional Class and 0.47% for the Advisor 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 9.

Fund profile

		as of 4/30/2017
Net assets		$1.69 billion
Number of holdings		232
Portfolio turnover rate^†		66%
Weighted median market capitalization		$30.46 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		15.6


^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Global Natural Resources Fund

Portfolio composition

			% of net assets
Sector			as of 4/30/2017
Materials			51.3
Energy			43.4
Consumer staples			4.6
Short-term investments, other assets & liabilities, net			0.7
Total			100.0

Holdings by country

% of portfolio investments
			as of 4/30/2017
United States			58.3
Canada			21.7
Australia			7.6
Switzerland			5.4
Germany			3.9
United Kingdom			1.9
Luxembourg			1.0
India			0.1
Short-term investments			0.1
Total			100.0

Holdings by company size

Market	% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		30.2
More than $15 billion–$50 billion		25.1
More than $2 billion–$15 billion		39.4
$2 billion or less		5.3
Total		100.0

Performance for the six months ended April 30, 2017

The Global Natural Resources Fund returned 5.72% for the Institutional Class, compared with the 8.28% return of its benchmark, the MSCI All Country World Commodity Producers Sector Capped Index. For the one-year period ended April 30, 2017, the fund returned 8.70% versus 11.43% for the index. The table below shows returns for all share classes of the fund.

Despite volatility, global commodity prices increase during the period

During the six-month period, the MSCI All Country World Commodity Producers Sector Capped Index underperformed the 11.76% return of the broader-market MSCI All Country World Index. Global commodity prices generally increased during the period, with some volatility. Early in the period, in the final months of 2016, commodity prices rose broadly, though soft commodities and precious metals declined. Oil rose sharply, as the Organization of the Petroleum Exporting Countries (OPEC) announced its first production cut in nine years. Base metals advanced, with aluminum, zinc, copper and seaborne iron ore making notable gains (the latter jumped nearly 51% for the fourth quarter of 2016). Gold and silver, which are sensitive to interest-rate changes, declined sharply due in part to the Federal Reserve’s December rate hike.

As 2017 commenced, gold and silver prices made a strong reversal, jumping 8.6% and 14.5%, respectively, in the first quarter alone. Base metals lead and aluminum advanced by double digits, while natural gas and soybeans declined. Oil fell back in 2017 due to higher U.S. inventories. For the six-month period as a whole, the price per barrel of West Texas Intermediate crude oil began the period at nearly $47, jumped to almost $55 in late February due to the OPEC agreement, then receded to $49 by period-end.

Performance as of April 30, 2017

Global Natural Resources Fund			Total return						Average annual total return						Annual operating expenses*
	Ticker	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	TNRIX	11/1/11		5.72	%		8.70	%		–3.52	%		–2.26	%		0.78	%		0.75	%
Advisor Class	TNRHX	12/4/15		5.82			8.80			–3.50	^†		–2.24	^†		0.88			0.85
Premier Class	TNRPX	11/1/11		5.73			8.57			–3.64			–2.38			0.94			0.90
Retirement Class	TNRRX	11/1/11		5.71			8.55			–3.73			–2.48			1.04			1.00
Retail Class	TNRLX	11/1/11		5.58			8.27			–3.91			–2.64			1.19			1.14
MSCI All Country World Commodity Producers Sector Capped Index		—		8.28			11.43			–2.57			–1.85	^‡		—			—

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

*	The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^†	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	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

The fund achieves gains but underperforms its benchmark

The fund posted positive returns for the six-month period but trailed its benchmark primarily due to stock selection. The largest detractor was integrated oil and gas company Cenovus Energy, whose shares tumbled following the announcement of a key acquisition that, despite having long-term value, was not well received by investors. The second-largest detractor was Canadian mining company First Quantum Minerals, whose stock declined after reporting fourth-quarter earnings that the market deemed lackluster, despite a generally positive outlook for the company’s future copper production. Finally, the fund had an overweight in Continental Resources, a crude oil and natural gas company that had performed well during 2016 but fell in 2017 when crude oil prices declined in March and April.

These negative factors were partially offset by contributions from several other stocks. Among these, the three largest contributors to the fund’s relative performance were steel companies: United States Steel, AK Steel Holding and ArcelorMittal SA. Shares of all three climbed throughout the period, thanks to a court ruling that favored domestic over foreign steel and placed a protective tariff on the market. The steel sector’s gains accelerated following the U.S. election in November, buoyed by investor optimism that the new administration’s infrastructure plans would be supportive of the industry.

Expense example

Six months ended April 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Global Natural	value		value		(11/1/16–
Resources Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,057.20		$4.23
Advisor Class		1,000.00		1,058.21		4.44
Premier Class		1,000.00		1,057.33		4.90
Retirement Class		1,000.00		1,057.10		5.46
Retail Class		1,000.00		1,055.79		6.12
5% annual hypothetical return
Institutional Class		1,000.00		1,020.68		4.16
Advisor Class		1,000.00		1,020.48		4.36
Premier Class		1,000.00		1,020.03		4.81
Retirement Class		1,000.00		1,019.49		5.36
Retail Class		1,000.00		1,018.84		6.01

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.83% for the Institutional Class, 0.87% for the Advisor Class, 0.96% for the Premier Class, 1.07% for the Retirement Class and 1.20% 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 9.

Fund profile

		as of 4/30/2017
Net assets		$0.04 billion
Number of holdings		39
Portfolio turnover rate^†		55%
Weighted median market capitalization		$18.00 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		71.4


^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

International Equity Fund

Portfolio composition

			% of net assets
Sector			as of 4/30/2017
Industrials			26.6
Consumer discretionary			23.0
Financials			20.9
Materials			10.3
Consumer staples			8.1
Information technology			5.3
Health care			3.5
Energy			0.9
Real estate			0.5
Short-term investments,
other assets & liabilities, net			0.9
Total			100.0

Holdings by country

			% of portfolio investments
			as of 4/30/2017
France			24.1
Germany			14.2
Japan			12.6
India			10.8
United Kingdom			8.9
Italy			7.9
Switzerland			4.2
Taiwan			2.0
Sweden			2.0
Denmark			1.5
9 other nations			6.7
Short-term investments			5.1
Total			100.0

Holdings by company size

Market			% of equity investments
capitalization			as of 4/30/2017
More than $50 billion			11.8
More than $15 billion–$50 billion			49.6
More than $2 billion–$15 billion			37.3
$2 billion or less			1.3
Total			100.0

Performance for the six months ended April 30, 2017

The International Equity Fund returned 13.08% for the Institutional Class, compared with the 11.47% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2017, the fund returned 13.73% versus 11.29% for the index. The table below shows returns for all share classes of the fund.

Global stocks advance as economic growth continues

For the six months, international stocks advanced but trailed domestic equities as investors saw growth opportunities in the post-election U.S. economy. During the period, the U.S. Federal Reserve raised its federal funds target rate twice, once in December 2016 and again in March 2017, increasing this key short-term rate to a range of 0.75%–1.00% at period-end. Signs of economic growth elsewhere around the world boosted international and emerging stock markets, particularly at the beginning of 2017. Annualized economic growth in Europe outpaced U.S. gross domestic product for the first quarter of 2017, while growth in China remained moderate during the same three-month period. The U.S. dollar strengthened against most major currencies for the six months.

In March, the European Central Bank (ECB) left its benchmark interest rate unchanged. The ECB also reaffirmed its asset-purchase plans to stimulate European economies through the end of 2017. Economic growth and a commitment to monetary stimulus in Europe helped developed foreign-equity markets advance for the six-month period, as measured by the 11.47% return of the MSCI EAFE Index, which measures stock performance in 21 developed-market nations outside North America. The MSCI Emerging Markets Index, which lost ground in late 2016, recovered in the opening months of 2017 and gained 8.88% for the six-month period.

Performance as of April 30, 2017

International Equity Fund			Total return						Average annual total return						Annual operating expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TIIEX	7/1/99		13.08	%		13.73	%		8.09	%		1.06	%		0.49	%		0.49	%
Advisor Class	TIEHX	12/4/15		13.06			13.71			8.08	^†		1.06	^†		0.56			0.56
Premier Class	TREPX	9/30/09		13.04			13.58			7.95			0.95	^†		0.64			0.64
Retirement Class	TRERX	10/1/02		13.01			13.42			7.84			0.82			0.74			0.74
Retail Class	TIERX	3/31/06		12.88			13.36			7.71			0.77			0.78			0.78
MSCI EAFE Index		—		11.47			11.29			6.78			0.87			—			—

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

^†

38	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

All countries in the benchmark rise

All of the countries in the MSCI EAFE Index ended the six-month period with gains, in U.S.-dollar terms. The returns of the index’s largest components in order of weight were Japan 4.0%, the United Kingdom 12.0%, France 17.1% and Germany 15.0%. These four markets made up more than three-fifths of the benchmark’s market capitalization on April 30, 2017. (The aforementioned returns are in U.S. dollars.) In local-currency terms, the index returned 12.34%, while in U.S. dollars the return was 11.47%.

The fund outperforms the benchmark’s double-digit gain

For the six-month period, the fund outperformed its benchmark index. An overweight position in Societe Generale was the fund’s largest contributor to performance versus the benchmark. Over the past few years, the French financial firm has overhauled its balance sheet; in addition, the stock has offered an attractive dividend yield and has been undervalued relative to other European banks. An overweight in Sky and an out-of-benchmark position in Moncler were also beneficial. In December, Sky’s share price soared on news that 21st Century Fox wanted total ownership of the British entertainment company. Moncler, an Italian manufacturer of luxury down jackets, benefited from brand popularity, few competitors and strong pricing power.

In contrast, the fund’s relative performance was tempered by certain holdings that detracted from relative performance, notably an overweight position in British supermarket chain Tesco, an out-of-benchmark investment in Indian non-banking financial company Bharat Financial Inclusion and an overweight in French food processor Danone.

Expense example

Six months ended April 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
International	value		value		(11/1/16–
Equity Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,130.81		$2.64
Advisor Class		1,000.00		1,130.62		3.01
Premier Class		1,000.00		1,130.38		3.38
Retirement Class		1,000.00		1,130.10		3.96
Retail Class		1,000.00		1,128.84		4.22
5% annual hypothetical return
Institutional Class		1,000.00		1,022.32		2.51
Advisor Class		1,000.00		1,021.97		2.86
Premier Class		1,000.00		1,021.62		3.21
Retirement Class		1,000.00		1,021.08		3.76
Retail Class		1,000.00		1,020.83		4.01

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.50% for the Institutional Class, 0.57% for the Advisor Class, 0.64% for the Premier Class, 0.75% for the Retirement Class and 0.80% 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 9.

Fund profile

		as of 4/30/2017
Net assets		$4.58 billion
Number of holdings		65
Portfolio turnover rate^†		52%
Weighted median market capitalization		$20.06 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		26.1


^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

International Opportunities Fund

Portfolio composition

Sector	% of net assets as of 4/30/2017
Consumer discretionary		21.4
Information technology		18.8
Financials		16.4
Industrials		11.7
Consumer staples		9.8
Materials		8.6
Health care		6.1
Energy		5.4
Real estate		0.9
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Holdings by country

	% of portfolio investments as of 4/30/2017
United Kingdom		15.9
Japan		13.9
Canada		7.4
Taiwan		4.5
China		3.9
Norway		3.6
France		3.4
Germany		3.3
Sweden		2.8
Finland		2.7
16 other nations		28.3
Short-term investments		10.3
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2017
More than $50 billion		16.4
More than $15 billion–$50 billion		19.9
More than $2 billion–$15 billion		49.3
$2 billion or less		14.4
Total		100.0

Performance for the six months ended April 30, 2017

The International Opportunities Fund returned 13.05% for the Institutional Class, compared with the 10.37% return of its benchmark, the MSCI All Country World ex USA Index. For the one-year period ended April 30, 2017, the fund returned 13.61% versus 12.59% for the index. The table below shows returns for all share classes of the fund. During the six months, the fund participated in a securities lending program, which was beneficial for the fund’s performance.

Global stocks advance as economic growth continues

For the six months, international stocks advanced but trailed domestic equities as investors saw growth opportunities in the post-election U.S. economy. During the period, the U.S. Federal Reserve raised its federal funds target rate twice, once in December 2016 and again in March 2017, increasing this key short-term rate to a range of 0.75%–1.00% at period-end. Signs of economic growth elsewhere around the world boosted international and emerging stock markets, particularly at the beginning of 2017. Annualized economic growth in Europe outpaced U.S. gross domestic product for the first quarter of 2017, while growth in China remained moderate during the same three-month period. The U.S. dollar strengthened against most major currencies for the six months.

In March, the European Central Bank (ECB) left its benchmark interest rate unchanged. The ECB also reaffirmed its asset-purchase plans to stimulate European economies through the end of 2017. Economic growth and a commitment to monetary stimulus in Europe helped developed foreign-equity markets advance for the six-month period, as measured by the 11.47% return of the MSCI EAFE Index, which measures stock performance in 21 developed-market nations outside North America. The MSCI Emerging Markets Index, which lost

Performance as of April 30, 2017

International Opportunities Fund			Total return						Average annual total return			Annual operating expenses*
	Ticker	Inception date	6 months			1 year			since inception			gross			net
Institutional Class	TIOIX	4/12/13		13.05	%		13.61	%		4.19	%		0.63	%		0.63	%
Advisor Class	TIOHX	12/4/15		12.93			13.60			4.16	^†		0.72			0.72
Premier Class	TIOPX	4/12/13		12.90			13.46			4.02			0.79			0.79
Retirement Class	TIOTX	4/12/13		12.90			13.35			3.92			0.88			0.88
Retail Class	TIOSX	4/12/13		12.85			13.18			3.78			1.10			1.09
MSCI All Country World ex USA Index		—		10.37			12.59			3.57	^‡		—			—

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

*	The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^†	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.

40	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

ground in late 2016, recovered in the opening months of 2017 and gained 8.88% for the six-month period.

Most countries in the benchmark finish with gains

All but three of the 45 countries in the benchmark gained ground over the period, in U.S.-dollar terms. The returns of the index’s largest components in order of weight were Japan (up 4.0%), the United Kingdom (up 12.0%), France (up 17.1%) and Germany (up 15.0%). These four markets made up more than 40.0% of the benchmark’s market capitalization on April 30, 2017. (The aforementioned returns are in U.S. dollars.) The index’s return in local-currency terms was 10.94%, slightly better than in U.S.-dollar terms.

The fund outperforms for the period

The fund outperformed its benchmark as a result of favorable stock selections. Chief among these were an out-of-benchmark investment in Fevertree Drinks, an overweight position in equipment rental giant Ashtead and an out-of-benchmark holding of Purplebricks, a British online real estate firm. Fevertree’s stock climbed over the six months, helped by rapid growth outside the United Kingdom. Ashtead’s stock rose sharply following the U.S. presidential election on hopes that campaign promises for increased infrastructure spending would materialize. And finally, Purplebricks’ stock soared in 2017 when the company announced plans to expand into the United States.

Partly offsetting these results were positions that detracted, notably overweight positions in Cenovus Energy, Alimentation Couche-Tard and Sysmex. Cenovus Energy, a Canadian oil and gas exploration and production company, announced an oil sands deal that was unpopular with investors, while Alimentation Couche-Tard, a convenience store operator, saw profit margins squeezed. The stock of Japanese medical device developer Sysmex ended down for the period, in part due to a decline in earnings.

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, 2017

					Expenses
					paid
	Beginning		Ending		during
International	account		account		period*
Opportunities	value		value		(11/1/16–
Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,130.48		$3.33
Advisor Class		1,000.00		1,129.33		3.43
Premier Class		1,000.00		1,129.02		4.17
Retirement Class		1,000.00		1,129.00		4.70
Retail Class		1,000.00		1,128.45		5.75
5% annual hypothetical return
Institutional Class		1,000.00		1,021.67		3.16
Advisor Class		1,000.00		1,021.57		3.26
Premier Class		1,000.00		1,020.88		3.96
Retirement Class		1,000.00		1,020.38		4.46
Retail Class		1,000.00		1,019.39		5.46

“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 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.63% for the Institutional Class, 0.65% for the Advisor Class, 0.79% for the Premier Class, 0.89% 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 9.

Fund profile

		as of 4/30/2017
Net assets		$1.31 billion
Number of holdings		101
Portfolio turnover rate^†		15%
Weighted median market capitalization		$9.03 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		25.0

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Social Choice International Equity Fund

Portfolio composition

Sector		% of net assets as of 4/30/2017
Financials		22.2
Industrials		14.3
Consumer discretionary		13.1
Health care		10.6
Materials		9.0
Consumer staples		8.6
Information technology		4.8
Telecommunication services		4.4
Energy		3.9
Real estate		3.9
Utilities		3.7
Short-term investments, other assets & liabilities, net		1.5
Total		100.0

Holdings by country

		% of portfolio investments as of 4/30/2017
Japan		22.9
United Kingdom		16.7
France		10.6
Germany		9.0
Switzerland		8.9
Australia		7.3
Sweden		3.5
Netherlands		3.4
Hong Kong		3.3
Spain		3.2
14 other nations		10.1
Short-term investments		1.1
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		24.2
More than $15 billion–$50 billion		45.5
More than $2 billion–$15 billion		30.3
Total		100.0

Performance for the six months ended April 30, 2017

The Social Choice International Equity Fund returned 12.03% for the Institutional Class, compared with the 11.47% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2017, the fund returned 12.52% versus 11.29% for the 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 some stocks benefits 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 to increase the fund’s performance relative to its benchmark.

Excluding Toyota, Teva and BP contributed to the fund’s results relative to its benchmark. Toyota’s stock declined after the U.S. presidential election, as the new administration was opposed to the Japanese automaker’s plans to build a new plant in Mexico. Israeli drug maker Teva’s share price declined on uncertainty over the future of the company’s injectable multiple sclerosis drug Copaxone due to competing generic versions, the new administration’s plans to lower drug prices in America and concerns regarding Teva’s debt level. International energy giant BP’s stock declined on worries about the company’s cash flow, debt level and high dividend payouts in the face of oil prices below $60 per barrel.

By contrast, some excluded stocks detracted from relative performance, notably Banco Santander, Siemens and LVMH Moet Hennessy Louis Vuitton. Spain’s Banco Santander benefited from the improved profitability outlook for banks and mortgage lenders with the onset of rising global interest rates. Siemens investors reacted favorably to the German electronics manufacturer’s

Performance as of April 30, 2017

Social Choice International Equity Fund			Total return						Average annual total return			Annual operating expenses*
	Ticker	Inception date	6 months			1 year			since inception			gross			net
Institutional Class	TSONX	8/7/15		12.03	%		12.52	%		2.86	%		1.35	%		0.40	%
Advisor Class	TSOHX	12/4/15		11.89			12.49			2.84	^†		1.43			0.48
Premier Class	TSOPX	8/7/15		11.88			12.37			2.68			1.52			0.55
Retirement Class	TSOEX	8/7/15		11.85			12.21			2.59			1.61			0.65
Retail Class	TSORX	8/7/15		11.66			12.14			2.44			1.66			0.72
MSCI EAFE Index		—		11.47			11.29			1.63	^‡		—			—

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

*	The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^†	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.

42	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

profit increase in its most recently reported quarter, as well as the company’s plans to spin off its health care business. The share price of French luxury-goods producer LVMH reached an all-time high after management reported record revenue and profits for 2016.

Fund outperforms the benchmark’s robust return

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 and to manage risk.

The fund’s biggest contributor to performance relative to its benchmark was an overweight position in Actelion, which benefited from an acquisition offer by a Switzerland-based subsidiary of Johnson & Johnson. The fund’s overweight position in CaixaBank also helped, as the Spanish bank’s stock rose on prospects for increased lending and the outlook for higher interest rates. An overweight position in Christian Dior also aided the fund’s relative performance.

Other investments tempered these positive effects on the fund’s relative performance. Chief among these were overweight positions in British stocks BT Group, a telecommunications firm that declined in part due to an accounting scandal in the company’s Italian business, and Johnson Matthey, a refiner and fabricator of precious metals that reported a decline in earnings and lower sales in North America. In addition, the fund’s holdings of Swiss-Irish food maker Aryzta decreased as a result of prospects for lower sales due to increased competition and the effects of Britain’s exit from the European Union.

Expense example

Six months ended April 30, 2017

					Expenses
					paid
	Beginning		Ending		during
Social Choice	account		account		period*
International	value		value		(11/1/16–
Equity Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,120.32		$2.10
Advisor Class		1,000.00		1,118.91		2.36
Premier Class		1,000.00		1,118.84		2.89
Retirement Class		1,000.00		1,118.49		3.41
Retail Class		1,000.00		1,116.56		4.15
5% annual hypothetical return
Institutional Class		1,000.00		1,022.81		2.01
Advisor Class		1,000.00		1,022.56		2.26
Premier Class		1,000.00		1,022.07		2.76
Retirement Class		1,000.00		1,021.57		3.26
Retail Class		1,000.00		1,020.88		3.96

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.45% for the Advisor 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 9.

Fund profile

	as of 4/30/2017
Net assets		$0.03 billion
Number of holdings		398
Portfolio turnover rate^†		6%
Weighted median market capitalization		$27.70 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		19.3

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Enhanced Large-Cap Growth Index Fund ■ April 30, 2017

Shares			Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	34,612,080		1.5	%
BANKS					5,742,948		0.2
CAPITAL GOODS
	106,384		3M Co		20,833,179		0.9
	155,223		Boeing Co		28,689,867		1.2
	129,679		Honeywell International, Inc		17,006,104		0.7
	76,816		Lockheed Martin Corp		20,698,071		0.9
	63,347		Northrop Grumman Corp		15,580,828		0.7
			Other		110,442,873		4.7
					213,250,922		9.1
COMMERCIAL & PROFESSIONAL SERVICES
	173,919		Waste Management, Inc		12,657,825		0.5
			Other		6,666,029		0.3
					19,323,854		0.8
CONSUMER DURABLES & APPAREL					49,109,027		2.1
CONSUMER SERVICES
	108,185		McDonald’s Corp		15,138,327		0.6
	118,949		Wyndham Worldwide Corp		11,337,029		0.5
			Other		39,381,990		1.6
					65,857,346		2.7
DIVERSIFIED FINANCIALS
	720,000		iShares Russell 1000 Growth Index Fund		83,757,600		3.6
			Other		52,979,683		2.2
					136,737,283		5.8
ENERGY					1,434,926		0.1
FOOD & STAPLES RETAILING
	148,864		CVS Health Corp		12,272,348		0.5
			Other		1,517,415		0.1
					13,789,763		0.6
FOOD, BEVERAGE & TOBACCO
	415,688		Altria Group, Inc		29,838,084		1.3
	406,654		Coca-Cola Co		17,547,120		0.7
	260,906		PepsiCo, Inc		29,555,432		1.3
			Other		57,969,361		2.4
					134,909,997		5.7
HEALTH CARE EQUIPMENT & SERVICES
	204,291	*	Express Scripts Holding Co		12,531,210		0.5
	211,376		UnitedHealth Group, Inc		36,965,435		1.6
			Other		106,579,140		4.5
					156,075,785		6.6
HOUSEHOLD & PERSONAL PRODUCTS					18,251,917		0.8
INSURANCE
	111,488		Aon plc		13,360,722		0.6
	151,315		Marsh & McLennan Cos, Inc		11,216,981		0.5
			Other		7,471,684		0.3
					32,049,387		1.4

						% of net
Shares			Company		Value	assets
MATERIALS
	88,627		Air Products & Chemicals, Inc	$	12,452,094		0.5	%
			Other		71,194,883		3.1
					83,646,977		3.6
MEDIA
	177,640		CBS Corp (Class B)		11,823,719		0.5
	703,761		Comcast Corp (Class A)		27,580,394		1.2
	341,039		Walt Disney Co		39,424,108		1.7
			Other		54,541,379		2.3
					133,369,600		5.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	267,983		AbbVie, Inc		17,670,799		0.8
	166,212		Amgen, Inc		27,145,744		1.2
	56,132	*	Biogen Idec, Inc		15,223,560		0.7
	206,263		Bristol-Myers Squibb Co		11,561,041		0.5
	120,452	*	Celgene Corp		14,942,071		0.6
	155,336		Eli Lilly & Co		12,746,872		0.5
	299,382		Gilead Sciences, Inc		20,522,636		0.9
			Other		43,172,882		1.7
					162,985,605		6.9
REAL ESTATE					36,353,038		1.5
RETAILING
	72,508	*	Amazon.com, Inc		67,069,175		2.9
	258,779		Home Depot, Inc		40,395,402		1.7
	12,157	*	Priceline.com, Inc		22,451,790		1.0
			Other		64,790,496		2.7
					194,706,863		8.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	369,500		Applied Materials, Inc		15,005,395		0.6
	70,206		Broadcom Ltd		15,502,187		0.7
	86,775		Lam Research Corp		12,569,359		0.5
	287,468		Texas Instruments, Inc		22,761,716		1.0
			Other		31,035,296		1.3
					96,873,953		4.1
SOFTWARE & SERVICES
	175,407		Accenture plc		21,276,869		0.9
	57,015	*	Alphabet, Inc (Class A)		52,711,508		2.2
	58,769	*	Alphabet, Inc (Class C)		53,242,363		2.3
	416,447	*	eBay, Inc		13,913,494		0.6
	143,795	*	Electronic Arts, Inc		13,634,642		0.6
	419,600	*	Facebook, Inc		63,044,900		2.7
	109,761	*	Fiserv, Inc		13,076,926		0.6
	161,688		International Business Machines Corp		25,916,970		1.1
	99,287		Intuit, Inc		12,431,725		0.5
	225,249		MasterCard, Inc (Class A)		26,200,964		1.1
	1,555,729		Microsoft Corp		106,505,207		4.5
	291,619		Visa, Inc (Class A)		26,601,485		1.1
			Other		91,191,740		3.9
					519,748,793		22.1
TECHNOLOGY HARDWARE & EQUIPMENT
	1,017,181		Apple, Inc		146,118,051		6.2
			Other		31,121,008		1.2
					177,239,059		7.4

2017 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, 2017

Shares			Company		Value	% of net assets
TELECOMMUNICATION SERVICES
	278,487		Verizon Communications, Inc	$	12,785,338		0.5	%
			Other		6,453,413		0.3
					19,238,751		0.8
TRANSPORTATION					37,588,940		1.6
		TOTAL COMMON STOCKS (Cost $1,752,333,745)			2,342,896,814		99.4

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	12,050,000		0.680%, 05/01/17		12,050,000		0.5
					12,050,000		0.5

Shares			Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	6,530,270	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	6,530,270			0.3	%
					6,530,270			0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $18,580,270)			18,580,270			0.8
		TOTAL PORTFOLIO (Cost $1,770,914,015)			2,361,477,084			100.2
		OTHER ASSETS & LIABILITIES, NET			(5,593,335	)		(0.2	)
		NET ASSETS		$	2,355,883,749			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 4/30/17, the aggregate value of securities on loan was $6,330,565.

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 ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Enhanced Large-Cap Value Index Fund ■ April 30, 2017

Shares		Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	933,397	Ford Motor Co	$	10,706,064		0.5	%
		Other		21,444,815		0.9
				32,150,879		1.4
BANKS
	2,151,763	Bank of America Corp		50,222,148		2.2
	615,657	Citigroup, Inc		36,397,642		1.6
	794,181	JPMorgan Chase & Co		69,093,747		3.1
	159,534	PNC Financial Services Group, Inc		19,104,197		0.9
	330,016	US Bancorp		16,923,220		0.8
	1,004,153	Wells Fargo & Co		54,063,598		2.4
		Other		23,406,346		1.0
				269,210,898		12.0
CAPITAL GOODS
	1,159,024	General Electric Co		33,600,106		1.5
		Other		136,855,057		6.1
				170,455,163		7.6
COMMERCIAL & PROFESSIONAL SERVICES				11,332,563		0.6
CONSUMER DURABLES & APPAREL				3,252,621		0.2
CONSUMER SERVICES
	191,149	Carnival Corp		11,807,274		0.5
		Other		14,549,164		0.7
				26,356,438		1.2
DIVERSIFIED FINANCIALS
	254,879	American Express Co		20,199,161		0.9
	187,364	Capital One Financial Corp		15,060,318		0.7
	81,725	Goldman Sachs Group, Inc		18,290,055		0.8
	563,000	iShares Russell 1000 Value Index Fund		64,587,360		2.9
	360,318	Morgan Stanley		15,626,992		0.6
		Other		62,068,311		2.7
				195,832,197		8.6
ENERGY
	358,759	Chevron Corp		38,279,585		1.7
	220,534	ConocoPhillips		10,565,784		0.5
	784,951	Exxon Mobil Corp		64,091,249		2.9
	276,500	Schlumberger Ltd		20,071,135		0.9
		Other		111,494,724		4.9
				244,502,477		10.9
FOOD & STAPLES RETAILING
	176,763	Walgreens Boots Alliance, Inc		15,297,070		0.7
	394,340	Wal-Mart Stores, Inc		29,646,481		1.3
		Other		5,804,106		0.3
				50,747,657		2.3
FOOD, BEVERAGE & TOBACCO
	190,193	Philip Morris International, Inc		21,080,992		0.9
		Other		32,878,081		1.5
				53,959,073		2.4

						% of net
Shares			Company		Value	assets
HEALTH CARE EQUIPMENT & SERVICES
	70,196		Cigna Corp	$	10,976,548		0.5	%
	163,653		Medtronic plc		13,597,928		0.6
			Other		53,674,197		2.4
					78,248,673		3.5
HOUSEHOLD & PERSONAL PRODUCTS
	425,365		Procter & Gamble Co		37,147,125		1.7
			Other		7,971,764		0.3
					45,118,889		2.0
INSURANCE
	183,614		Aflac, Inc		13,749,016		0.6
	152,515		Allstate Corp		12,397,944		0.6
	328,427	*	Berkshire Hathaway, Inc (Class B)		54,259,425		2.4
	164,076		Principal Financial Group		10,686,270		0.5
	162,458		Prudential Financial, Inc		17,387,880		0.8
			Other		93,281,416		4.1
					201,761,951		9.0
MATERIALS
	118,347		Celanese Corp (Series A)		10,300,923		0.5
	196,557		Dow Chemical Co		12,343,780		0.6
	123,364		Eastman Chemical Co		9,838,279		0.4
	182,371		Nucor Corp		11,184,813		0.5
			Other		57,983,369		2.5
					101,651,164		4.5
MEDIA					19,315,701		0.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	377,088		Johnson & Johnson		46,559,055		2.1
	431,050		Merck & Co, Inc		26,867,347		1.2
	913,913		Pfizer, Inc		30,999,929		1.4
			Other		7,396,362		0.3
					111,822,693		5.0
REAL ESTATE					78,536,964		3.5
RETAILING					23,526,868		1.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	980,802		Intel Corp		35,455,993		1.6
			Other		51,977,664		2.3
					87,433,657		3.9
SOFTWARE & SERVICES
	86,622		International Business Machines Corp		13,884,641		0.6
	585,744		Oracle Corp		26,335,050		1.2
			Other		28,117,335		1.3
					68,337,026		3.1
TECHNOLOGY HARDWARE & EQUIPMENT
	130,497		Apple, Inc		18,745,894		0.8
	1,156,198		Cisco Systems, Inc		39,391,666		1.8
	116,117		Motorola, Inc		9,982,578		0.4
			Other		36,048,698		1.6
					104,168,836		4.6

2017 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, 2017

Shares			Company		Value	% of net assets
TELECOMMUNICATION SERVICES
	1,212,115		AT&T, Inc	$	48,036,117		2.1	%
	264,992		Verizon Communications, Inc		12,165,783		0.5
			Other		5,138,044		0.3
					65,339,944		2.9
TRANSPORTATION
	182,206		Union Pacific Corp		20,399,784		0.9
			Other		41,132,354		1.8
					61,532,138		2.7
UTILITIES
	126,460		Duke Energy Corp		10,432,950		0.5
	320,125		Exelon Corp		11,085,929		0.5
	95,079		NextEra Energy, Inc		12,698,751		0.6
			Other		80,149,131		3.5
					114,366,761		5.1
		TOTAL COMMON STOCKS (Cost $1,839,510,669)			2,218,961,231		98.9

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	16,250,000		0.680%, 05/01/17		16,250,000		0.7
					16,250,000		0.7

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	11,098,736	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	11,098,736			0.5	%
					11,098,736			0.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $27,348,736)			27,348,736			1.2
		TOTAL PORTFOLIO (Cost $1,866,859,405)			2,246,309,967			100.1
		OTHER ASSETS & LIABILITIES, NET			(3,738,967	)		(0.1	)
		NET ASSETS		$	2,242,571,000			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 4/30/17, the aggregate value of securities on loan was $10,773,540.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Growth & Income Fund ■ April 30, 2017

Shares			Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	19,613,660		0.3	%
BANKS
	4,610,512		Bank of America Corp		107,609,350		1.7
	657,415		Citigroup, Inc		38,866,375		0.6
	1,457,198		JPMorgan Chase & Co		126,776,226		2.1
	1,004,395		Wells Fargo & Co		54,076,627		0.9
			Other		158,325,623		2.5
					485,654,201		7.8
CAPITAL GOODS
	395,091		Caterpillar, Inc		40,402,006		0.7
	2,064,354	n	General Electric Co		59,845,622		1.0
	554,114	n	Honeywell International, Inc		72,666,510		1.2
	296,634	n	Parker-Hannifin Corp		47,698,747		0.8
	302,999	n	Raytheon Co		47,028,475		0.8
			Other		241,828,350		3.8
					509,469,710		8.3
COMMERCIAL & PROFESSIONAL SERVICES
	540,935		Waste Management, Inc		39,369,249		0.6
					39,369,249		0.6
CONSUMER DURABLES & APPAREL					134,889,508		2.2
CONSUMER SERVICES					103,214,741		1.7
DIVERSIFIED FINANCIALS
	1,328,452		Morgan Stanley		57,614,963		0.9
			Other		113,145,218		1.9
					170,760,181		2.8
ENERGY
	500,594		Chevron Corp		53,413,380		0.9
	356,075	*,n	Concho Resources, Inc		45,100,459		0.7
	925,080	*	Continental Resources, Inc		39,232,643		0.6
	665,150		EOG Resources, Inc		61,526,375		1.0
			Other		205,089,018		3.3
					404,361,875		6.5
FOOD, BEVERAGE & TOBACCO
	228,861		Costco Wholesale Corp		40,627,405		0.7
	446,231		PepsiCo, Inc		50,549,047		0.8
	496,652	n	Philip Morris International, Inc		55,048,908		0.9
			Other		279,585,963		4.5
					425,811,323		6.9
HEALTH CARE EQUIPMENT & SERVICES
	1,877,999	*	Boston Scientific Corp		49,541,614		0.8
	283,901		Cigna Corp		44,393,599		0.7
			Other		287,619,663		4.7
					381,554,876		6.2
HOUSEHOLD & PERSONAL PRODUCTS
	573,046		Colgate-Palmolive Co		41,282,234		0.7
	704,425		Procter & Gamble Co		61,517,435		1.0
			Other		41,821,136		0.6
					144,620,805		2.3

Shares			Company	Value		% of net assets
INSURANCE
	451,166		Chubb Ltd	$	61,922,534		1.0	%
			Other		61,404,882		1.0
					123,327,416		2.0
MATERIALS
	1,140,839		Dow Chemical Co		71,644,689		1.2
			Other		138,240,635		2.2
					209,885,324		3.4
MEDIA
	2,148,282		Comcast Corp (Class A)		84,191,172		1.4
	963,856		Viacom, Inc (Class B)		41,021,711		0.7
	559,038		Walt Disney Co		64,624,793		1.1
			Other		42,894,071		0.6
					232,731,747		3.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	171,567		Allergan plc		41,838,329		0.7
	404,223	*,n	Celgene Corp		50,143,863		0.8
	552,644	n	Eli Lilly & Co		45,349,967		0.7
	1,151,750		Merck & Co, Inc		71,788,577		1.2
	1,413,543		Pfizer, Inc		47,947,378		0.8
			Other		252,122,669		4.0
					509,190,783		8.2
REAL ESTATE					42,900,744		0.7
RETAILING
	152,556	*	Amazon.com, Inc		141,112,775		2.3
	639,503		Home Depot, Inc		99,826,418		1.6
			Other		152,036,915		2.4
					392,976,108		6.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	979,205		Applied Materials, Inc		39,765,515		0.6
	222,525	n	Broadcom Ltd		49,135,745		0.8
	396,204		NVIDIA Corp		41,324,077		0.7
			Other		107,081,422		1.7
					237,306,759		3.8
SOFTWARE & SERVICES
	179,125	*	Alphabet, Inc (Class C)		162,280,085		2.6
	684,894	*	Facebook, Inc		102,905,324		1.7
	2,355,992		Microsoft Corp		161,291,212		2.6
	1,197,208		Oracle Corp		53,826,472		0.9
	662,851	*	salesforce.com, Inc		57,084,728		0.9
	628,992		Visa, Inc (Class A)		57,376,650		0.9
			Other		260,158,710		4.2
					854,923,181		13.8
TECHNOLOGY HARDWARE & EQUIPMENT
	1,762,379		Apple, Inc		253,165,743		4.1
	1,711,794		Cisco Systems, Inc		58,320,822		0.9
			Other		103,815,285		1.7
					415,301,850		6.7

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Growth & Income Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	2,159,538		AT&T, Inc	$	85,582,491		1.4	%
	594,895	*	T-Mobile US, Inc		40,018,587		0.6
					125,601,078		2.0
TRANSPORTATION
	980,433		CSX Corp		49,845,214		0.8
			Other		62,014,752		1.0
					111,859,966		1.8
UTILITIES
	329,061		NextEra Energy, Inc		43,949,387		0.7
			Other		50,932,149		0.8
					94,881,536		1.5
		TOTAL COMMON STOCKS (Cost $4,605,312,897)			6,170,206,621		99.6
PURCHASED OPTIONS
CONSUMER DURABLES & APPAREL					60,150		0.0
FOOD & STAPLES RETAILING					21,910		0.0
HEALTH CARE EQUIPMENT & SERVICES					500		0.0
HOUSEHOLD & PERSONAL PRODUCTS					11,000		0.0
MATERIALS					497,900		0.0
MEDIA					541,320		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					75,795		0.0
TECHNOLOGY HARDWARE & EQUIPMENT					22,620		0.0
		TOTAL PURCHASED OPTIONS (Cost $1,057,086)			1,231,195		0.0

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	7,350,000			0.1	%

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	77,682,897	c	State Street Navigator Securities Lending Government Money Market Portfolio		77,682,897			1.3
					77,682,897			1.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $85,032,897)			85,032,897			1.4
		TOTAL PORTFOLIO (Cost $4,691,402,880)			6,256,470,713			101.0
		OTHER ASSETS & LIABILITIES, NET			(60,689,810	)		(1.0	)
		NET ASSETS		$	6,195,780,903			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
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 4/30/17, the aggregate value of securities on loan was $74,798,242.

At 4/30/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $23,631,859 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 ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Growth Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	157,018	*	Tesla Motors, Inc	$	49,314,643		1.2	%
					49,314,643		1.2
BANKS
	2,258,781		Bank of America Corp		52,719,949		1.3
	415,685		JPMorgan Chase & Co		36,164,595		0.8
					88,884,544		2.1
CAPITAL GOODS
	162,499		Northrop Grumman Corp		39,968,254		1.0
	263,684		Parker-Hannifin Corp		42,400,387		1.0
	181,665		Roper Industries, Inc		39,730,135		0.9
			Other		25,280,404		0.6
					147,379,180		3.5
COMMERCIAL & PROFESSIONAL SERVICES
	879,045	*	IHS Markit Ltd		38,150,553		0.9
	956,765		Nielsen NV		39,351,744		0.9
					77,502,297		1.8
CONSUMER DURABLES & APPAREL
	1,417,570		Nike, Inc (Class B)		78,547,554		1.9
			Other		10,167,612		0.2
					88,715,166		2.1
CONSUMER SERVICES
	593,936		Marriott International, Inc (Class A)		56,079,437		1.3
	1,136,667		Starbucks Corp		68,268,220		1.6
			Other		55,025,761		1.4
					179,373,418		4.3
DIVERSIFIED FINANCIALS
	1,036,842		Charles Schwab Corp		40,281,312		1.0
			Other		43,898,509		1.0
					84,179,821		2.0
ENERGY
	433,190		EOG Resources, Inc		40,070,075		1.0
			Other		29,913,166		0.7
					69,983,241		1.7
FOOD, BEVERAGE & TOBACCO
	295,048		Costco Wholesale Corp		52,376,921		1.2
			Other		46,847,021		1.2
					99,223,942		2.4
HEALTH CARE EQUIPMENT & SERVICES
	751,366	*	Cerner Corp		48,650,948		1.2
	74,283	*	Intuitive Surgical, Inc		62,090,931		1.5
	555,620		UnitedHealth Group, Inc		97,166,826		2.2
					207,908,705		4.9
HOUSEHOLD & PERSONAL PRODUCTS
	787,305		Estee Lauder Cos (Class A)		68,605,758		1.6
					68,605,758		1.6

Shares			Company	Value		% of net assets
MATERIALS
	528,377		Monsanto Co	$	61,614,042		1.5	%
	121,781		Sherwin-Williams Co		40,757,665		1.0
			Other		25,181,844		0.5
					127,553,551		3.0
MEDIA
	2,163,770		Comcast Corp (Class A)		84,798,146		2.0
	713,657		Walt Disney Co		82,498,749		2.0
			Other		32,590,572		0.7
					199,887,467		4.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	237,774		Allergan plc		57,983,568		1.4
	490,680	*,n	Celgene Corp		60,868,854		1.4
	230,407	*	Illumina, Inc		42,593,038		1.0
	838,441		Zoetis, Inc		47,044,924		1.1
			Other		165,885,981		4.0
					374,376,365		8.9
RETAILING
	174,615	*	Amazon.com, Inc		161,517,129		3.8
	312,757		Expedia, Inc		41,821,866		1.0
	541,891		Home Depot, Inc		84,589,185		2.0
	406,735	*	NetFlix, Inc		61,905,067		1.5
	23,932	*	Priceline.com, Inc		44,198,096		1.0
					394,031,343		9.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	452,037		Broadcom Ltd		99,814,290		2.4
			Other		67,558,317		1.6
					167,372,607		4.0
SOFTWARE & SERVICES
	891,061		Activision Blizzard, Inc		46,557,937		1.1
	1,092,527	*	Adobe Systems, Inc		146,114,561		3.5
	106,203	*	Alphabet, Inc (Class A)		98,186,798		2.3
	174,749	*	Alphabet, Inc (Class C)		158,315,604		3.8
	534,224		Automatic Data Processing, Inc		55,821,066		1.3
	1,163,888	*	Facebook, Inc		174,874,172		4.1
	1,029,231		Intuit, Inc		128,870,014		3.1
	524,068		MasterCard, Inc (Class A)		60,959,590		1.4
	2,762,216		Microsoft Corp		189,101,307		4.5
	874,136	*	PayPal Holdings, Inc		41,713,770		1.0
	428,291	*	Red Hat, Inc		37,723,871		0.9
	973,825	*	salesforce.com, Inc		83,865,809		2.0
	1,402,900		Tencent Holdings Ltd		43,957,515		1.0
	1,302,610		Visa, Inc (Class A)		118,824,084		2.8
			Other		56,634,534		1.3
					1,441,520,632		34.1
TECHNOLOGY HARDWARE & EQUIPMENT
	1,167,248		Apple, Inc		167,675,175		4.0
			Other		19,603,794		0.3
					187,278,969		4.3
TELECOMMUNICATION SERVICES
	615,569	*	T-Mobile US, Inc		41,409,327		1.0
					41,409,327		1.0

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Large-Cap Growth Fund ■ April 30, 2017

Shares			Company	Value			% of net assets
TRANSPORTATION
	382,309		Union Pacific Corp	$	42,803,315		1.0	%
			Other		25,266,902		0.6
					68,070,217		1.6
		TOTAL COMMON STOCKS (Cost $2,863,691,680)			4,162,571,193		98.5

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	43,300,000		0.680%, 05/01/17		43,300,000		1.0
			Other		7,668,267		0.2
					50,968,267		1.2
TREASURY DEBT					11,799,386		0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $62,767,472)			62,767,653		1.5
		TOTAL PORTFOLIO (Cost $2,926,459,152)			4,225,338,846		100.0
		OTHER ASSETS & LIABILITIES, NET			(1,392,959	)	0.0
		NET ASSETS		$	4,223,945,887		100.0	%

*	Non-income producing
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 4/30/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $5,617,055 or 0.1% 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 ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Value Fund ■ April 30, 2017

Shares			Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	40,486,032	0.6	%
BANKS
	7,601,278		Bank of America Corp		177,413,828	2.7
	2,289,685		Citigroup, Inc		135,366,177	2.1
	631,468		Comerica, Inc		44,644,788	0.7
	1,119,218		JPMorgan Chase & Co		97,371,966	1.5
	3,194,739		Wells Fargo & Co		172,004,748	2.6
			Other		171,889,124	2.6
					798,690,631	12.2
CAPITAL GOODS
	1,171,878	*	Colfax Corp		47,425,903	0.7
	909,861		Fortive Corp		57,557,807	0.9
	2,502,637		General Electric Co		72,551,447	1.1
	1,676,958		Triumph Group, Inc		43,936,299	0.7
			Other		282,003,094	4.3
					503,474,550	7.7
CONSUMER DURABLES & APPAREL					108,544,606	1.7
CONSUMER SERVICES
	904,357		Restaurant Brands International, Inc		50,797,733	0.8
			Other		108,981,533	1.7
					159,779,266	2.5
DIVERSIFIED FINANCIALS
	2,792,388	*	Deutsche Bank AG.		50,209,388	0.8
	526,927		Goldman Sachs Group, Inc		117,926,263	1.8
	1,268,720		Morgan Stanley		55,024,386	0.8
	961,909		State Street Corp		80,704,165	1.2
			Other		92,351,763	1.5
					396,215,965	6.1
ENERGY
	5,977,643		Cenovus Energy, Inc		59,656,877	0.9
	898,958		Chevron Corp		95,918,819	1.5
	1,209,890		EOG Resources, Inc		111,914,825	1.7
	901,678		Exxon Mobil Corp		73,622,009	1.1
	2,332,662	*	Matador Resources Co		50,572,112	0.8
	961,949		Schlumberger Ltd		69,827,878	1.1
	9,899,678	*	Weatherford International Ltd		57,121,142	0.9
	1,912,633		Williams Cos, Inc		58,583,949	0.9
			Other		264,743,891	4.0
					841,961,502	12.9
FOOD & STAPLES RETAILING
	733,738		Walgreens Boots Alliance, Inc		63,497,687	1.0
			Other		63,257,933	0.9
					126,755,620	1.9
FOOD, BEVERAGE & TOBACCO
	869,789		Kraft Heinz Co		78,620,228	1.2
	2,211,605		Mondelez International, Inc		99,588,573	1.5
	831,638		Philip Morris International, Inc		92,178,756	1.4
	871,922		Pinnacle Foods, Inc		50,702,264	0.8
			Other		49,656,667	0.8
					370,746,488	5.7

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	2,583,948		Abbott Laboratories	$	112,763,491		1.7	%
	441,720		Cigna Corp		69,071,756		1.1
			Other		121,250,749		1.9
					303,085,996		4.7
HOUSEHOLD & PERSONAL PRODUCTS
	910,578		Procter & Gamble Co		79,520,777		1.2
					79,520,777		1.2
INSURANCE
	1,189,479		American International Group, Inc		72,451,166		1.1
	374,261	*	Berkshire Hathaway, Inc (Class B)		61,831,660		1.0
	411,693		Chubb Ltd		56,504,864		0.9
	1,040,214		Metlife, Inc		53,893,487		0.8
			Other		112,010,580		1.7
					356,691,757		5.5
MATERIALS
	3,630,683	*	Louisiana-Pacific Corp		93,453,780		1.4
	998,340		WR Grace & Co		69,604,265		1.1
			Other		266,706,891		4.1
					429,764,936		6.6
MEDIA					34,668,772		0.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,038,969		Agilent Technologies, Inc		57,195,244		0.9
	338,314		Allergan plc		82,501,252		1.3
	747,581		Johnson & Johnson		92,303,826		1.4
	994,115		Merck & Co, Inc		61,963,188		1.0
	2,548,214		Pfizer, Inc		86,435,419		1.3
			Other		26,749,396		0.3
					407,148,325		6.2
REAL ESTATE					53,632,668		0.8
RETAILING					79,552,372		1.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,716,175		Intel Corp		62,039,726		1.0
			Other		140,636,685		2.1
					202,676,411		3.1
SOFTWARE & SERVICES
	1,603,192		Oracle Corp		72,079,512		1.1
	1,497,403		Symantec Corp		47,362,857		0.7
			Other		152,211,964		2.4
					271,654,333		4.2
TECHNOLOGY HARDWARE & EQUIPMENT
	2,422,665		Cisco Systems, Inc		82,540,196		1.3
			Other		207,360,733		3.1
					289,900,929		4.4
TELECOMMUNICATION SERVICES
	4,149,892		AT&T, Inc		164,460,220		2.5
	1,690,077		Telephone & Data Systems, Inc		46,409,514		0.7
			Other		33,939,794		0.6
					244,809,528		3.8

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Large-Cap Value Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
TRANSPORTATION
	705,904		Union Pacific Corp	$	79,033,012		1.2	%
			Other		58,453,544		0.9
					137,486,556		2.1
UTILITIES
	540,097		NextEra Energy, Inc		72,135,355		1.1
			Other		150,649,679		2.3
					222,785,034		3.4
		TOTAL COMMON STOCKS (Cost $5,246,006,551)			6,460,033,054		99.0

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	46,650,000		0.680%, 05/01/17		46,650,000		0.7
			Other		11,297,446		0.2
					57,947,446		0.9

Shares			Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	27,893,705	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	27,893,705			0.4	%
					27,893,705			0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $85,841,081)			85,841,151			1.3
		TOTAL PORTFOLIO (Cost $5,331,847,632)			6,545,874,205			100.3
		OTHER ASSETS & LIABILITIES, NET			(19,989,036	)		(0.3	)
		NET ASSETS		$	6,525,885,169			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 4/30/17, the aggregate value of securities on loan was $26,865,356.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Mid-Cap Growth Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	210,491		Delphi Automotive plc	$	16,923,477		1.1	%
					16,923,477		1.1
BANKS
	384,132		Citizens Financial Group, Inc		14,101,486		0.9
			Other		17,849,042		1.2
					31,950,528		2.1
CAPITAL GOODS
	235,764		A.O. Smith Corp		12,702,964		0.8
	186,513		Fortune Brands Home & Security, Inc		11,888,339		0.8
	311,812	*	HD Supply Holdings, Inc		12,566,024		0.8
	194,000		Ingersoll-Rand plc		17,217,500		1.1
	78,708		Lennox International, Inc		13,017,516		0.9
	352,807		Masco Corp		13,060,915		0.9
	127,027	*	Middleby Corp		17,292,185		1.2
	73,428		Snap-On, Inc		12,301,393		0.8
			Other		88,640,655		5.9
					198,687,491		13.2
COMMERCIAL & PROFESSIONAL SERVICES					11,883,730		0.8
CONSUMER DURABLES & APPAREL
	544,132		Mattel, Inc		12,199,440		0.8
	68,446	*	Mohawk Industries, Inc		16,070,436		1.1
	337,813		Newell Rubbermaid, Inc		16,127,193		1.1
			Other		29,204,722		1.9
					73,601,791		4.9
CONSUMER SERVICES
	28,062	*	Chipotle Mexican Grill, Inc (Class A)		13,314,577		0.9
	125,351		Marriott International, Inc (Class A)		11,835,641		0.8
	223,932		Restaurant Brands International, Inc		12,578,261		0.8
			Other		46,499,262		3.1
					84,227,741		5.6
DIVERSIFIED FINANCIALS
	290,801	e,n	iShares Russell Midcap Growth Index Fund		30,627,162		2.0
			Other		21,793,460		1.5
					52,420,622		3.5
ENERGY					36,518,169		2.4
FOOD & STAPLES RETAILING					4,308,001		0.3
FOOD, BEVERAGE & TOBACCO
	128,248		Dr Pepper Snapple Group, Inc		11,753,929		0.8
	175,701	*	Post Holdings, Inc		14,792,267		1.0
			Other		26,287,779		1.7
					52,833,975		3.5

Shares				Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	278,645		*,e	Acadia Healthcare Co, Inc		$12,143,349		0.8	%
	54,051			Bard (C.R.), Inc		16,619,601		1.1
	226,405		*	Centene Corp		16,844,532		1.1
	126,365		*	Edwards Lifesciences Corp		13,858,450		0.9
	255,738		*	Hologic, Inc		11,546,571		0.8
	20,164		*	Intuitive Surgical, Inc		16,854,483		1.1
				Other		57,585,704		3.8
						145,452,690		9.6
HOUSEHOLD & PERSONAL PRODUCTS						6,759,359		0.4
MATERIALS
	324,165		*	Berry Plastics Group, Inc		16,208,250		1.1
				Other		66,496,378		4.4
						82,704,628		5.5
MEDIA
	719,463			Interpublic Group of Cos, Inc		16,957,743		1.1
	354,928			Viacom, Inc (Class B)		15,105,736		1.0
						32,063,479		2.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	161,882		*	BioMarin Pharmaceutical, Inc		15,514,771		1.0
	94,229		*	Illumina, Inc		17,419,173		1.2
	97,589		*	Incyte Corp		12,128,361		0.8
	136,626	*		Quintiles Transnational Holdings, Inc		11,514,839		0.8
	469,369			Zoetis, Inc		26,336,295		1.8
				Other		11,143,533		0.7
						94,056,972		6.3
REAL ESTATE
	65,569			Equinix, Inc		27,388,172		1.8
				Other		20,226,291		1.4
						47,614,463		3.2
RETAILING
	18,925		*	AutoZone, Inc		13,099,696		0.9
	68,093		*	O’Reilly Automotive, Inc		16,897,278		1.1
	265,293			Ross Stores, Inc		17,244,045		1.1
				Other		46,944,373		3.1
						94,185,392		6.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	291,129			NVIDIA Corp		30,364,755		2.0
	118,142			Skyworks Solutions, Inc		11,783,483		0.8
				Other		44,934,718		3.0
						87,082,956		5.8
SOFTWARE & SERVICES
	258,763			CDK Global, Inc		16,822,183		1.1
	247,485		*,n	Electronic Arts, Inc		23,466,528		1.6
	244,966			Fidelity National Information Services, Inc		20,623,688		1.4
	169,342		*	IAC/InterActiveCorp		14,057,079		0.9
	183,536		*	ServiceNow, Inc		17,340,481		1.2
	263,363		*	Vantiv, Inc		16,339,040		1.1
				Other		130,987,843		8.6
						239,636,842		15.9

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Mid-Cap Growth Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	182,000		Amphenol Corp (Class A)	$	13,160,420		0.9	%
	325,614	*,n	CommScope Holding Co, Inc		13,688,813		0.9
	371,785	*	Trimble Navigation Ltd		13,172,342		0.9
			Other		41,718,787		2.6
					81,740,362		5.3
TRANSPORTATION					15,621,691		1.0
		TOTAL COMMON STOCKS (Cost $1,205,356,887)			1,490,274,359		98.7
PURCHASED OPTIONS
CAPITAL GOODS					30,625		0.0
MATERIALS					50,750		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					111,480		0.0
SOFTWARE & SERVICES					60,000		0.0
TECHNOLOGY HARDWARE & EQUIPMENT					75,450		0.0
		TOTAL PURCHASED OPTIONS (Cost $780,679)			328,305		0.0

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	15,300,000		0.680%, 05/01/17		15,300,000		1.0
					15,300,000		1.0

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	37,451,322	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	37,451,322			2.5	%
					37,451,322			2.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $52,751,322)			52,751,322			3.5
		TOTAL PORTFOLIO (Cost $1,258,888,888)			1,543,353,986			102.2
		OTHER ASSETS & LIABILITIES, NET			(32,860,805	)		(2.2	)
		NET ASSETS		$	1,510,493,181			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 was $36,642,384.
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 ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Mid-Cap Value Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	50,925,141		1.0	%
BANKS
	873,811		Citizens Financial Group, Inc		32,077,602		0.6
	658,016		Comerica, Inc		46,521,731		0.9
	647,293		East West Bancorp, Inc		35,128,591		0.7
	2,669,979		Huntington Bancshares, Inc		34,335,930		0.7
	679,659		SunTrust Banks, Inc		38,611,428		0.7
	925,218		Zions Bancorporation		37,036,476		0.7
			Other		220,818,569		4.2
					444,530,327		8.5
CAPITAL GOODS
	290,053		Cummins, Inc		43,780,600		0.8
	390,741		Ingersoll-Rand plc		34,678,264		0.7
	365,429		L3 Technologies, Inc		62,769,739		1.2
	1,327,467		Textron, Inc		61,939,610		1.2
			Other		231,380,323		4.4
					434,548,536		8.3
COMMERCIAL & PROFESSIONAL SERVICES
	673,135		Republic Services, Inc		42,400,774		0.8
					42,400,774		0.8
CONSUMER DURABLES & APPAREL					113,130,923		2.2
CONSUMER SERVICES					55,691,786		1.0
DIVERSIFIED FINANCIALS
	460,867		Ameriprise Financial, Inc		58,921,846		1.1
	1,106,817	*	E*TRADE Financial Corp		38,240,528		0.7
	1,283,704		Synchrony Financial		35,686,971		0.7
			Other		59,006,373		1.2
					191,855,718		3.7
ENERGY
	271,149		Cimarex Energy Co		31,637,665		0.6
	814,759	*	Continental Resources, Inc		34,553,929		0.7
	867,749		Hess Corp		42,372,184		0.8
			Other		510,779,492		9.7
					619,343,270		11.8
FOOD, BEVERAGE & TOBACCO
	842,081		Bunge Ltd		66,549,662		1.3
	929,467		ConAgra Foods, Inc		36,044,730		0.7
	331,787		Molson Coors Brewing Co (Class B)		31,815,055		0.6
	675,000		Pinnacle Foods, Inc		39,251,250		0.8
	563,000		Tyson Foods, Inc (Class A)		36,178,380		0.7
			Other		78,536,460		1.4
					288,375,537		5.5
HEALTH CARE EQUIPMENT & SERVICES
	1,656,245	*	Boston Scientific Corp		43,691,743		0.8
			Other		57,285,233		1.1
					100,976,976		1.9

Shares			Company	Value		% of net assets
INSURANCE
	235,877		Chubb Ltd	$	32,374,118		0.6	%
	979,678		Hartford Financial Services Group, Inc		47,377,228		0.9
	424,733		Marsh & McLennan Cos, Inc		31,485,458		0.6
	804,494		XL Group Ltd		33,668,074		0.6
			Other		246,019,435		4.8
					390,924,313		7.5
MATERIALS
	553,855		Albemarle Corp		60,320,348		1.2
	495,327		WR Grace & Co		34,534,198		0.7
			Other		305,388,690		5.7
					400,243,236		7.6
MEDIA					84,419,637		1.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	858,413		Agilent Technologies, Inc		47,255,636		0.9
			Other		72,294,078		1.4
					119,549,714		2.3
REAL ESTATE
	174,812		AvalonBay Communities, Inc		33,186,310		0.6
	1,175,000		HCP, Inc		36,836,250		0.7
	333,508		Mid-America Apartment Communities, Inc		33,087,329		0.6
	580,000		Ventas, Inc		37,125,800		0.7
			Other		260,558,051		5.1
					400,793,740		7.7
RETAILING
	424,066		TJX Companies, Inc		33,348,550		0.6
			Other		92,518,285		1.8
					125,866,835		2.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	264,391		Lam Research Corp		38,297,036		0.7
	1,287,809	*	Micron Technology, Inc		35,633,675		0.7
			Other		90,983,084		1.8
					164,913,795		3.2
SOFTWARE & SERVICES
	1,843,850		Symantec Corp		58,320,975		1.1
			Other		74,339,707		1.4
					132,660,682		2.5
TECHNOLOGY HARDWARE & EQUIPMENT
	1,631,109	*	Ciena Corp		37,368,707		0.7
	466,499		TE Connectivity Ltd		36,093,028		0.7
	598,675		Western Digital Corp		53,323,982		1.0
			Other		100,503,587		1.9
					227,289,304		4.3
TELECOMMUNICATION SERVICES
	521,984	*	Level 3 Communications, Inc		31,715,748		0.6
			Other		30,097,462		0.6
					61,813,210		1.2

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Mid-Cap Value Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
TRANSPORTATION
	979,388		American Airlines Group, Inc	$	41,741,517		0.8	%
	1,072,218		CSX Corp		54,511,563		1.0
	599,041	*	United Continental Holdings, Inc		42,058,669		0.8
			Other		76,683,361		1.5
					214,995,110		4.1
UTILITIES
	346,283		DTE Energy Co		36,217,739		0.7
	558,942		Edison International		44,698,592		0.9
	479,535		Sempra Energy		54,197,046		1.0
			Other		356,434,924		6.8
					491,548,301		9.4
		TOTAL COMMON STOCKS (Cost $3,775,089,252)			5,156,796,865		98.5

	Principal		Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	50,000,000		0.680%, 05/01/17		50,000,000		1.0
			Other		20,126,276		0.4
					70,126,276		1.4

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	80,278,942	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	80,278,942			1.5	%
					80,278,942			1.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $150,405,318)			150,405,218			2.9
		TOTAL PORTFOLIO (Cost $3,925,494,570)			5,307,202,083			101.4
		OTHER ASSETS & LIABILITIES, NET			(71,437,765	)		(1.4	)
		NET ASSETS		$	5,235,764,318			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 4/30/17, the aggregate value of securities on loan was $77,126,280.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Small-Cap Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	49,875,272		1.5	%
BANKS
	567,100		Cathay General Bancorp		21,578,155		0.6
	637,200	*	Essent Group Ltd		23,582,772		0.7
	756,340		First Midwest Bancorp, Inc		17,176,481		0.5
	1,326,348		Fulton Financial Corp		24,471,121		0.7
	490,600		Hancock Holding Co		22,911,020		0.7
	1,360,900		Investors Bancorp, Inc		18,848,465		0.6
	1,949,800	*	MGIC Investment Corp		20,550,892		0.6
	788,630		Provident Financial Services, Inc		20,259,905		0.6
	1,421,680		Radian Group, Inc		23,997,958		0.7
	796,768		Sterling Bancorp/DE		18,524,856		0.5
	622,812		United Community Banks, Inc		17,033,908		0.5
	537,300		Washington Federal, Inc		18,107,010		0.5
			Other		202,968,500		5.9
					450,011,043		13.1
CAPITAL GOODS
	199,500		Curtiss-Wright Corp		18,645,270		0.5
	394,066		EMCOR Group, Inc		25,905,899		0.8
	232,155		EnerSys		19,294,402		0.6
	1,004,200	*	MRC Global, Inc		18,306,566		0.5
	290,000		Toro Co		18,826,800		0.6
			Other		242,951,755		7.0
					343,930,692		10.0
COMMERCIAL & PROFESSIONAL SERVICES					124,123,508		3.6
CONSUMER DURABLES & APPAREL					108,912,919		3.1
CONSUMER SERVICES
	351,701	*	Grand Canyon Education, Inc		26,433,847		0.8
	90,480		Vail Resorts, Inc		17,884,277		0.5
			Other		100,370,615		2.9
					144,688,739		4.2
DIVERSIFIED FINANCIALS
	278,838		Evercore Partners, Inc (Class A)		20,564,303		0.6
	1,251,600		New Residential Investment Corp		20,864,172		0.6
	430,926	*	Stifel Financial Corp		21,059,354		0.6
			Other		24,410,256		0.7
					86,898,085		2.5
ENERGY
	2,933,820	*	McDermott International, Inc		19,187,183		0.6
			Other		108,677,763		3.1
					127,864,946		3.7
FOOD, BEVERAGE & TOBACCO					77,993,396		2.3
HEALTH CARE EQUIPMENT & SERVICES
	235,320		Hill-Rom Holdings, Inc		17,799,605		0.5
	222,900	*	Masimo Corp		22,900,746		0.7
	265,100	*	Medidata Solutions, Inc		17,345,493		0.5
			Other		144,878,689		4.2
					202,924,533		5.9
HOUSEHOLD & PERSONAL PRODUCTS					15,902,181		0.4

Shares			Company	Value		% of net assets
INSURANCE
	879,615		American Equity Investment Life Holding Co	$	20,864,468		0.6	%
			Other		40,840,328		1.3
					61,704,796		1.9
MATERIALS
	833,800	*	Louisiana-Pacific Corp		21,462,012		0.6
	220,340		Minerals Technologies, Inc		17,340,758		0.5
	469,100		PolyOne Corp		18,393,411		0.5
			Other		122,455,758		3.6
					179,651,939		5.2
MEDIA
	572,390	*	Live Nation, Inc		18,408,062		0.5
			Other		6,570,808		0.2
					24,978,870		0.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					270,211,125		7.9
REAL ESTATE
	248,110		Coresite Realty		24,277,564		0.7
	660,550		First Industrial Realty Trust, Inc		18,587,877		0.5
	1,552,700		Medical Properties Trust, Inc		20,293,789		0.6
	149,928		PS Business Parks, Inc		18,222,249		0.5
			Other		152,824,388		4.5
					234,205,867		6.8
RETAILING
	163,440		Children’s Place Retail Stores, Inc		18,762,912		0.6
			Other		72,161,246		2.1
					90,924,158		2.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	874,298	*	Entegris, Inc		21,682,590		0.6
	239,900		MKS Instruments, Inc		18,772,175		0.6
	237,857	*	Silicon Laboratories, Inc		16,923,526		0.5
			Other		111,452,265		3.3
					168,830,556		5.0
SOFTWARE & SERVICES
	151,550	*	CACI International, Inc (Class A)		17,882,900		0.5
	189,700		LogMeIn, Inc		21,436,100		0.6
			Other		218,929,185		6.4
					258,248,185		7.5
TECHNOLOGY HARDWARE & EQUIPMENT
	196,900	*	Tech Data Corp		18,833,485		0.6
	1,137,884	*	TTM Technologies, Inc		19,036,799		0.6
			Other		139,549,702		4.0
					177,419,986		5.2
TELECOMMUNICATION SERVICES					26,367,724		0.8
TRANSPORTATION
	327,100	*	Hawaiian Holdings, Inc		17,761,530		0.5
			Other		21,858,227		0.7
					39,619,757		1.2

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Small-Cap Equity Fund ■ April 30, 2017

Shares			Company		Value	% of net assets
UTILITIES
	260,090		Allete, Inc	$	18,182,892	0.5	%
	480,423		Avista Corp		19,380,264	0.6
	251,300		ONE Gas, Inc		17,296,979	0.5
	216,790		Southwest Gas Corp		18,158,330	0.5
			Other		59,546,203	1.8
					132,564,668	3.9
		TOTAL COMMON STOCKS (Cost $2,773,897,810)			3,397,852,945	99.1

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	27,400,000	d	0.680%, 05/01/17		27,400,000	0.8
					27,400,000	0.8

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	52,415,316	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	52,415,316			1.5	%
					52,415,316			1.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $79,815,316)			79,815,316			2.3
		TOTAL PORTFOLIO (Cost $2,853,713,126)			3,477,668,261			101.4
		OTHER ASSETS & LIABILITIES, NET			(47,702,785	)		(1.4	)
		NET ASSETS		$	3,429,965,476			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 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 4/30/17, the aggregate value of securities on loan was $48,460,758.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Small/Mid-Cap Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	30,279		Lear Corp	$	4,319,602		0.7	%
	43,352		Thor Industries, Inc		4,169,595		0.7
			Other		3,687,778		0.6
					12,176,975		2.0
BANKS
	93,660		LegacyTexas Financial Group, Inc		3,541,285		0.6
	77,512		Popular, Inc		3,248,528		0.5
	19,186	*	SVB Financial Group		3,375,585		0.6
			Other		35,404,429		5.9
					45,569,827		7.6
CAPITAL GOODS
	85,793		BWX Technologies, Inc		4,218,442		0.7
	89,267		Comfort Systems USA, Inc		3,276,099		0.5
	51,882		EMCOR Group, Inc		3,410,723		0.6
	57,583		HEICO Corp (Class A)		3,529,807		0.6
	30,892		Hubbell, Inc		3,494,812		0.6
	23,925		Lennox International, Inc		3,956,956		0.7
			Other		50,971,758		8.3
					72,858,597		12.0
COMMERCIAL & PROFESSIONAL SERVICES
	53,658		Insperity, Inc		4,901,658		0.8
	44,926		Manpower, Inc		4,536,628		0.8
			Other		11,634,255		1.8
					21,072,541		3.4
CONSUMER DURABLES & APPAREL
	1,569	*	NVR, Inc		3,312,551		0.6
	35,642		Pool Corp		4,263,496		0.7
			Other		13,637,069		2.2
					21,213,116		3.5
CONSUMER SERVICES
	115,507		ARAMARK Holdings Corp		4,218,316		0.7
	190,329		Extended Stay America, Inc		3,319,338		0.6
	41,969		Papa John’s International, Inc		3,318,069		0.6
	59,403		Six Flags Entertainment Corp		3,719,222		0.6
			Other		8,875,008		1.4
					23,449,953		3.9
DIVERSIFIED FINANCIALS
	48,149		Evercore Partners, Inc (Class A)		3,550,989		0.6
	135,679	*	Green Dot Corp		4,652,433		0.8
			Other		15,575,138		2.6
					23,778,560		4.0
ENERGY					19,277,346		3.2
FOOD & STAPLES RETAILING
	95,471		Spartan Stores, Inc		3,513,333		0.6
			Other		4,475,163		0.7
					7,988,496		1.3

Shares			Company	Value		% of net assets
FOOD, BEVERAGE & TOBACCO
	68,328		Pinnacle Foods, Inc	$	3,973,273		0.7	%
			Other		4,598,441		0.7
					8,571,714		1.4
HEALTH CARE EQUIPMENT & SERVICES
	56,171		Hill-Rom Holdings, Inc		4,248,774		0.7
	35,186	*	Idexx Laboratories, Inc		5,901,748		1.0
			Other		20,013,987		3.3
					30,164,509		5.0
HOUSEHOLD & PERSONAL PRODUCTS
	63,897	*,e	Herbalife Ltd		4,042,124		0.7
			Other		2,935,094		0.5
					6,977,218		1.2
INSURANCE
	65,057		Aspen Insurance Holdings Ltd		3,405,734		0.6
	34,389		Reinsurance Group of America, Inc (Class A)		4,300,000		0.7
			Other		15,848,599		2.6
					23,554,333		3.9
MATERIALS
	67,455	*	Crown Holdings, Inc		3,783,551		0.6
	42,375		Packaging Corp of America		4,185,803		0.7
	271,332		Tronox Ltd		4,479,691		0.7
			Other		22,747,374		3.9
					35,196,419		5.9
MEDIA					8,521,854		1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	25,814	*	Bio-Rad Laboratories, Inc (Class A)		5,634,163		0.9
	40,011	*	Charles River Laboratories International, Inc		3,588,987		0.6
			Other		20,568,597		3.5
					29,791,747		5.0
REAL ESTATE
	47,818		Camden Property Trust		3,936,856		0.7
	151,605		Columbia Property Trust, Inc		3,411,112		0.6
	144,280	*	Equity Commonwealth		4,615,517		0.8
			Other		43,624,904		7.2
					55,588,389		9.3
RETAILING
	47,175	*	Burlington Stores, Inc		4,666,551		0.8
	89,423		Nutri/System, Inc		4,779,659		0.8
			Other		21,036,708		3.5
					30,482,918		5.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					8,670,944		1.4
SOFTWARE & SERVICES
	62,750	*	Aspen Technology, Inc		3,858,498		0.6
	36,323		LogMeIn, Inc		4,104,499		0.7
	205,797	*	Square, Inc		3,753,737		0.6
			Other		31,752,938		5.4
					43,469,672		7.3

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Small/Mid-Cap Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	73,552		CDW Corp	$	4,346,188		0.7	%
	95,952	*	CommScope Holding Co, Inc		4,033,822		0.7
	105,616	*	Keysight Technologies, Inc		3,953,207		0.7
	32,173		SYNNEX Corp		3,488,518		0.6
	51,460	*	Tech Data Corp		4,922,149		0.8
			Other		15,193,458		2.5
					35,937,342		6.0
TELECOMMUNICATION SERVICES					5,058,873		0.8
TRANSPORTATION					11,856,005		2.0
UTILITIES
	199,268		NRG Energy, Inc		3,367,629		0.6
	52,276		Vanguard Small-Cap ETF		7,026,940		1.2
			Other		8,538,601		1.4
					18,933,170		3.2
		TOTAL COMMON STOCKS (Cost $541,656,164)			600,160,518		99.8	%

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	3,300,000		0.680%, 05/01/17	$	3,300,000			0.6	%
					3,300,000			0.6

	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	8,925,693	c	State Street Navigator Securities Lending Government Money Market Portfolio		8,925,693			1.5
					8,925,693			1.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $12,225,693)			12,225,693			2.1
		TOTAL PORTFOLIO (Cost $553,881,857)			612,386,211			101.9
		OTHER ASSETS & LIABILITIES, NET			(11,286,617	)		(1.9	)
		NET ASSETS		$	601,099,594			100.0	%

Abbreviation(s):

ETF – Exchange Traded Fund

*	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 out on loan was $8,657,302.

“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 ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Social Choice Equity Fund ■ April 30, 2017

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	30,748,053		1.1	%
BANKS
	339,486	BB&T Corp		14,659,006		0.6
	156,091	PNC Financial Services Group, Inc		18,691,897		0.7
	408,382	US Bancorp		20,941,829		0.8
		Other		89,005,324		3.5
				143,298,056		5.6
CAPITAL GOODS
	126,100	3M Co		24,694,163		1.0
		Other		154,242,421		6.0
				178,936,584		7.0
COMMERCIAL & PROFESSIONAL SERVICES				20,454,203		0.8
CONSUMER DURABLES & APPAREL
	344,482	Nike, Inc (Class B)		19,087,748		0.7
		Other		8,931,067		0.4
				28,018,815		1.1
CONSUMER SERVICES
	177,420	McDonald’s Corp		24,826,380		1.0
	337,600	Starbucks Corp		20,276,256		0.8
		Other		25,902,071		1.0
				71,004,707		2.8
DIVERSIFIED FINANCIALS
	234,072	American Express Co		18,550,206		0.7
	350,453	Bank of New York Mellon Corp		16,492,318		0.6
		Other		116,726,373		4.6
				151,768,897		5.9
ENERGY
	204,458	Schlumberger Ltd		14,841,606		0.6
		Other		127,478,396		4.9
				142,320,002		5.5
FOOD & STAPLES RETAILING				16,846,834		0.7
FOOD, BEVERAGE & TOBACCO
	700,303	Coca-Cola Co		30,218,074		1.2
	192,674	Kraft Heinz Co		17,415,803		0.7
	260,088	PepsiCo, Inc		29,462,769		1.2
		Other		53,609,141		2.0
				130,705,787		5.1
HEALTH CARE EQUIPMENT & SERVICES
	82,164	Anthem, Inc		14,616,154		0.6
	88,417	Becton Dickinson & Co		16,531,327		0.6
	202,777	Danaher Corp		16,897,407		0.7
		Other		81,727,147		3.1
				129,772,035		5.0
HOUSEHOLD & PERSONAL PRODUCTS
	402,506	Procter & Gamble Co		35,150,849		1.4
		Other		24,678,262		0.9
				59,829,111		2.3

Shares			Company	Value		% of net assets
INSURANCE
	136,533		Chubb Ltd	$	18,739,154		0.7	%
	156,152		Prudential Financial, Inc		16,712,949		0.7
	128,444		Travelers Cos, Inc		15,626,497		0.6
			Other		51,891,381		2.0
					102,969,981		4.0
MATERIALS
	122,126		Ecolab, Inc		15,765,245		0.6
	118,223		Praxair, Inc		14,775,511		0.6
			Other		64,786,248		2.5
					95,327,004		3.7
MEDIA
	57,881	*	Charter Communications, Inc		19,978,206		0.8
	207,070		Time Warner, Inc		20,555,839		0.8
	280,747		Walt Disney Co		32,454,353		1.3
			Other		14,046,526		0.5
					87,034,924		3.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	106,134		Amgen, Inc		17,333,805		0.7
	386,330		Bristol-Myers Squibb Co		21,653,797		0.8
	137,580	*	Celgene Corp		17,066,799		0.7
	385,629		Johnson & Johnson		47,613,613		1.9
	485,062		Merck & Co, Inc		30,233,914		1.2
	99,270		Thermo Fisher Scientific, Inc		16,412,309		0.6
			Other		73,687,584		2.8
					224,001,821		8.7
REAL ESTATE
	143,057		American Tower Corp		18,016,598		0.7
			Other		103,030,522		4.0
					121,047,120		4.7
	RETAILING
	241,860		Lowe’s Companies, Inc		20,529,077		0.8
	127,455	*	NetFlix, Inc		19,398,651		0.8
			Other		64,692,996		2.5
					104,620,724		4.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	370,536		Applied Materials, Inc		15,047,467		0.6
	806,543		Intel Corp		29,156,529		1.1
	256,653		Texas Instruments, Inc		20,321,785		0.8
			Other		29,806,001		1.2
					94,331,782		3.7
SOFTWARE & SERVICES
	164,993		Accenture plc		20,013,651		0.8
	38,046	*	Alphabet, Inc (Class A)		35,174,288		1.4
	38,541	*	Alphabet, Inc (Class C)		34,916,604		1.4
	163,755		International Business Machines Corp		26,248,289		1.0
	211,555		MasterCard, Inc (Class A)		24,608,078		1.0
	933,182		Microsoft Corp		63,885,640		2.5
	586,775		Oracle Corp		26,381,404		1.0
	212,996	*	salesforce.com, Inc		18,343,215		0.7
	329,866	*	Yahoo!, Inc		15,902,840		0.6
			Other		79,061,396		2.9
					344,535,405		13.3

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Social Choice Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	887,467		Cisco Systems, Inc	$	30,236,001		1.2	%
			Other		60,164,369		2.2
					90,400,370		3.4
TELECOMMUNICATION SERVICES
	673,888		Verizon Communications, Inc		30,938,198		1.2
			Other		19,172,113		0.8
					50,110,311		2.0
TRANSPORTATION
	151,075		Union Pacific Corp		16,914,357		0.7
	172,928		United Parcel Service, Inc (Class B)		18,582,843		0.7
			Other		34,379,255		1.3
					69,876,455		2.7
UTILITIES					85,630,203		3.3
		TOTAL COMMON STOCKS (Cost $1,743,791,735)			2,573,589,184		99.9

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	11,000,000	c	0.680%, 05/01/17	$	11,000,000			0.5	%
					11,000,000			0.5
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			11,000,000			0.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $11,000,000)			11,000,000			0.5
		TOTAL PORTFOLIO (Cost $1,754,791,735)			2,584,589,184			100.4
		OTHER ASSETS & LIABILITIES, NET			(9,395,436	)		(0.4	)
		NET ASSETS		$	2,575,193,748			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 4/30/17, the aggregate value of securities on loan was $18,330,356.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Social Choice Low Carbon Equity Fund ■ April 30, 2017

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	705,338		1.0	%
BANKS
	4,064	PNC Financial Services Group, Inc		486,664		0.7
	10,712	US Bancorp		549,311		0.8
		Other		2,854,257		4.2
				3,890,232		5.7
CAPITAL GOODS
	3,268	3M Co		639,972		0.9
	4,611	Caterpillar, Inc		471,521		0.7
		Other		4,454,169		6.6
				5,565,662		8.2
COMMERCIAL & PROFESSIONAL SERVICES				182,677		0.3
CONSUMER DURABLES & APPAREL
	8,737	Nike, Inc (Class B)		484,117		0.7
		Other		239,943		0.4
				724,060		1.1
CONSUMER SERVICES
	4,553	McDonald’s Corp		637,102		0.9
	7,736	Starbucks Corp		464,624		0.7
		Other		555,970		0.8
				1,657,696		2.4
DIVERSIFIED FINANCIALS
	5,977	American Express Co		473,677		0.7
	9,131	Bank of New York Mellon Corp		429,705		0.6
		Other		2,763,802		4.1
				3,667,184		5.4
ENERGY
	5,438	Phillips 66		432,647		0.6
	8,163	Schlumberger Ltd		592,552		0.9
		Other		1,684,145		2.5
				2,709,344		4.0
FOOD & STAPLES RETAILING				396,263		0.6
FOOD, BEVERAGE & TOBACCO
	18,044	Coca-Cola Co		778,599		1.2
	5,142	Kraft Heinz Co		464,785		0.7
	10,330	Mondelez International, Inc		465,160		0.7
	6,749	PepsiCo, Inc		764,527		1.1
		Other		929,748		1.3
				3,402,819		5.0
HEALTH CARE EQUIPMENT & SERVICES
	2,412	Becton Dickinson & Co		450,972		0.7
	5,186	Danaher Corp		432,149		0.6
		Other		2,660,084		4.0
				3,543,205		5.3
HOUSEHOLD & PERSONAL PRODUCTS
	10,541	Procter & Gamble Co		920,545		1.4
		Other		551,052		0.8
				1,471,597		2.2

						% of net
Shares			Company	Value		assets
INSURANCE
	7,220		American International Group, Inc	$	439,770		0.7	%
	3,471		Chubb Ltd		476,395		0.7
			Other		2,017,767		3.0
					2,933,932		4.4
MATERIALS					2,503,710		3.7
MEDIA
	1,503	*	Charter Communications, Inc		518,775		0.8
	5,243		Time Warner, Inc		520,473		0.8
	7,244		Walt Disney Co		837,406		1.2
			Other		322,845		0.5
					2,199,499		3.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	3,202		Amgen, Inc		522,951		0.8
	9,827		Bristol-Myers Squibb Co		550,803		0.8
	4,451	*	Celgene Corp		552,146		0.8
	10,055		Johnson & Johnson		1,241,491		1.8
	12,721		Merck & Co, Inc		792,900		1.2
	2,837		Thermo Fisher Scientific, Inc		469,041		0.7
			Other		1,373,596		2.0
					5,502,928		8.1
REAL ESTATE
	3,672		American Tower Corp		462,452		0.7
			Other		2,733,475		4.0
					3,195,927		4.7
RETAILING
	6,087		Lowe’s Companies, Inc		516,665		0.8
	3,342	*	NetFlix, Inc		508,652		0.8
			Other		1,562,623		2.2
					2,587,940		3.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	10,884		Applied Materials, Inc		441,999		0.7
	21,622		Intel Corp		781,636		1.2
	6,449		Texas Instruments, Inc		510,632		0.8
			Other		590,793		0.7
					2,325,060		3.4
SOFTWARE & SERVICES
	4,421		Accenture plc		536,267		0.8
	978	*	Alphabet, Inc (Class A)		904,181		1.3
	990	*	Alphabet, Inc (Class C)		896,900		1.3
	4,181		Automatic Data Processing, Inc		436,873		0.7
	4,402		International Business Machines Corp		705,597		1.0
	5,422		MasterCard, Inc (Class A)		630,687		0.9
	25,218	d	Microsoft Corp		1,726,424		2.6
	15,258		Oracle Corp		686,000		1.0
	5,411	*	salesforce.com, Inc		465,995		0.7
	9,002	*	Yahoo!, Inc		433,986		0.6
			Other		1,580,795		2.4
					9,003,705		13.3

2017 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, 2017

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	23,378		Cisco Systems, Inc	$	796,489		1.2	%
			Other		2,133,514		3.1
					2,930,003		4.3
TELECOMMUNICATION SERVICES
	17,936		Verizon Communications, Inc		823,442		1.2
			Other		581,951		0.9
					1,405,393		2.1
TRANSPORTATION
	4,662		Union Pacific Corp		521,958		0.8
	4,729		United Parcel Service, Inc (Class B)		508,178		0.8
			Other		597,766		0.8
					1,627,902		2.4
UTILITIES					2,283,903		3.4
		TOTAL COMMON STOCKS (Cost $58,360,066)			66,415,979		98.1

Principal			Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	650,000	d	0.680%, 05/01/17	$	650,000		1.0	%
					650,000		1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $650,000)			650,000		1.0
		TOTAL PORTFOLIO (Cost $59,010,066)			67,065,979		99.1
		OTHER ASSETS & LIABILITIES, NET			654,063		0.9
		NET ASSETS		$	67,720,042		100.0	%

*	Non-income producing
d	All or a portion of these securities have been segregated to cover margin requirements on open futures 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 ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Emerging Markets Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
ARGENTINA
	233,437	*,e	Pampa Energia S.A. (ADR)	$	12,731,654		1.1	%
	651,148		YPF S.A. (ADR) (Class D)		16,819,153		1.4
			Other		9,330,427		0.8
					38,881,234		3.3
BRAZIL
	1,747,135		Banco Itau Holding Financeira S.A.		21,610,410		1.8
	1,263,400		Cia Brasileira de Distribuicao Grupo Pao de Acucar		28,559,396		2.4
	3,802,800		Cyrela Brazil Realty S.A.		15,814,798		1.3
	640,700		Localiza Rent A Car		9,547,773		0.8
	2,808,600	*	Petroleo Brasileiro S.A. (Preference)		12,361,539		1.0
	8,341,900		Via Varejo S.A.		31,301,343		2.6
					119,195,259		9.9
CHILE
	1,306,515,051		Corpbanca S.A.		11,911,102		1.0
	1,323,399		SACI Falabella		10,582,155		0.9
			Other		7,710,592		0.7
					30,203,849		2.6
CHINA
	624,354	*	Alibaba Group Holding Ltd (ADR)		72,112,887		6.1
	159,507	*	Baidu, Inc (ADR)		28,747,947		2.4
	50,534,000		Bank of China Ltd		24,443,933		2.1
	4,784,000		China Overseas Land & Investment Ltd		13,876,409		1.2
	20,291,034		Industrial & Commercial Bank of China		13,227,028		1.1
	605,000		Tencent Holdings Ltd		18,956,659		1.6
	830,400	*,e	ZTO Express Cayman, Inc (ADR)		11,567,472		1.0
			Other		22,372,044		1.9
					205,304,379		17.4
COLOMBIA
	2,949,600		Almacenes Exito S.A.		15,279,369		1.3
	284,500		BanColombia S.A. (ADR)		11,234,905		0.9
					26,514,274		2.2
HONG KONG
	2,445,017		Melco Crown Entertainment Ltd (ADR)		53,668,123		4.5
			Other		4,618,588		0.4
					58,286,711		4.9
INDIA
	943,800		Indiabulls Housing Finance Ltd		14,905,461		1.3
	6,309,213	*	Jain Irrigation Systems Ltd		10,996,886		0.9
	495,800		Larsen & Toubro Ltd		13,480,739		1.1
	1,544,501	*	Phoenix Mills Ltd		9,950,882		0.8
	1,661,400	*	Reliance Industries Ltd		36,005,305		3.0
			Other		18,912,056		1.6
					104,251,329		8.7
INDONESIA					9,131,363		0.8
ITALY
	3,296,900		Prada S.p.A		15,429,977		1.3
					15,429,977		1.3

Shares			Company	Value		% of net assets
JAPAN
	44,500		Nintendo Co Ltd	$	11,261,410		1.0	%
					11,261,410		1.0
KOREA, REPUBLIC OF
	98,893		GLOVIS Co Ltd		12,593,909		1.1
	54,400		POSCO		12,842,910		1.1
	36,839		Samsung Electronics Co Ltd		72,220,181		6.1
			Other		11,451,013		0.9
					109,108,013		9.2
MACAU
	5,600,100	*	Wynn Macau Ltd		12,275,697		1.0
					12,275,697		1.0
MEXICO
	7,831,000	*	Becle SAB de C.V.		13,103,491		1.1
			Other		8,226,022		0.7
					21,329,513		1.8
PHILIPPINES
	37,343,600		Alliance Global Group, Inc		11,062,311		0.9
	77,670,600	*	Melco Crown Philippines Resorts Corp		11,448,008		1.0
					22,510,319		1.9
RUSSIA
	2,683,957		Sberbank of Russian Federation (ADR)		31,997,644		2.7
	345,344	*	X 5 Retail Group NV (GDR)		12,173,376		1.0
					44,171,020		3.7
SOUTH AFRICA
	4,838,100		Gold Fields Ltd		15,856,924		1.3
	285,317		Naspers Ltd (N Shares)		54,253,448		4.6
					70,110,372		5.9
SRI LANKA
	11,956,700		John Keells Holdings plc		12,630,979		1.1
					12,630,979		1.1
TAIWAN
	28,604,205		Advanced Semiconductor Engineering, Inc		35,849,316		3.0
	9,754,900		Hon Hai Precision Industry Co, Ltd		31,929,362		2.7
	83,000		Largan Precision Co Ltd		13,783,765		1.2
	272,700		Silicon Motion Technology Corp (ADR)		13,239,585		1.1
	2,617,100		Taiwan Semiconductor Manufacturing Co Ltd		16,859,082		1.4
					111,661,110		9.4
UNITED ARAB EMIRATES					8,969,072		0.8
UNITED KINGDOM
	276,100		Rio Tinto plc		10,892,199		0.9
					10,892,199		0.9
UNITED STATES
	537,200	*	Yum China Holdings, Inc		18,329,264		1.5
					18,329,264		1.5

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Emerging Markets Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
URUGUAY
	4,308,481	*	Arcos Dorados Holdings, Inc	$	35,329,544		3.0	%
					35,329,544		3.0
		TOTAL COMMON STOCKS (Cost $922,404,743)			1,095,776,887		92.3
PREFERRED STOCKS
BRAZIL
	4,281,200		ITAUSA Investimentos Itau PR		13,339,761		1.1
					13,339,761		1.1
PHILIPPINES					3,446		0.0
		TOTAL PREFERRED STOCKS (Cost $10,668,755)			13,343,207		1.1

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	13,300,000		0.680%, 05/01/17		13,300,000		1.1
					13,300,000		1.1

Shares			Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	28,122,231	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	28,122,231		2.4	%
					28,122,231		2.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $41,422,231)			41,422,231		3.5
		TOTAL PORTFOLIO (Cost $974,495,729)			1,150,542,325		96.9
		OTHER ASSETS & LIABILITIES, NET			36,639,694		3.1
		NET ASSETS		$	1,187,182,019		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 $25,939,441.

“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)

Emerging Markets Equity Fund ■ April 30, 2017

Sector	Value		% of net assets
INFORMATION TECHNOLOGY	$	318,933,273		26.9	%
CONSUMER DISCRETIONARY		291,336,540		24.5
FINANCIALS		158,757,386		13.4
INDUSTRIALS		95,322,056		8.0
CONSUMER STAPLES		94,286,714		7.9
ENERGY		65,185,997		5.5
MATERIALS		39,592,832		3.3
REAL ESTATE		32,962,100		2.8
UTILITIES		12,731,654		1.1
HEALTH CARE		11,542		0.0
SHORT-TERM INVESTMENTS		41,422,231		3.5
OTHER ASSETS & LIABILITIES, NET		36,639,694		3.1
NET ASSETS	$	1,187,182,019		100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Enhanced International Equity Index Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	227,213		Macquarie Group Ltd	$	15,783,764		0.9	%
	830,263		Westpac Banking Corp		21,765,143		1.3
			Other		82,516,686		4.9
					120,065,593		7.1
AUSTRIA					9,554,483		0.6
BELGIUM					12,921,736		0.8
DENMARK
	221,570		Vestas Wind Systems AS		19,065,331		1.1
			Other		7,454,788		0.4
					26,520,119		1.5
FINLAND
	631,613		UPM-Kymmene Oyj		16,640,900		1.0
			Other		5,891,925		0.4
					22,532,825		1.4
FRANCE
	125,058		Atos Origin S.A.		16,380,750		1.0
	378,365		BNP Paribas		26,703,936		1.6
	145,111		Cap Gemini S.A.		14,528,797		0.9
	1,129,018		Credit Agricole S.A.		16,792,824		1.0
	155,584		Michelin (C.G.D.E.) (Class B)		20,350,550		1.2
	691,269	*	Peugeot S.A.		14,492,874		0.9
	292,501		Sanofi-Aventis		27,639,526		1.6
	248,356		Valeo S.A.		17,871,714		1.1
			Other		26,499,747		1.5
					181,260,718		10.8
GERMANY
	206,927		BASF SE		20,158,607		1.2
	209,578		Bayer AG.		25,931,728		1.5
	164,032	g	Covestro AG.		12,783,234		0.8
	273,810		Daimler AG. (Registered)		20,402,756		1.2
	211,498		Siemens AG.		30,337,880		1.8
			Other		50,498,285		3.0
					160,112,490		9.5
HONG KONG
	988,000		Sun Hung Kai Properties Ltd		14,805,178		0.9
			Other		43,918,189		2.6
					58,723,367		3.5
IRELAND					5,488,416		0.3
ISRAEL					5,239,619		0.3
ITALY
	2,692,631		Enel S.p.A.		12,801,261		0.8
			Other		20,539,439		1.2
					33,340,700		2.0

Shares			Company	Value		% of net assets
JAPAN
	446,900		Canon, Inc	$	14,831,706		0.9	%
	976,700		Itochu Corp		13,820,276		0.8
	789,900		Kirin Brewery Co Ltd		15,377,560		0.9
	881,785		Mitsubishi Corp		19,028,988		1.1
	427,800		Mitsui Sumitomo Insurance Group Holdings, Inc		13,948,021		0.8
	554,800		NGK Spark Plug Co Ltd		12,032,162		0.7
	312,800		Nippon Telegraph & Telephone Corp		13,405,241		0.8
	814,300		Sekisui House Ltd		13,526,992		0.8
	274,100		Shionogi & Co Ltd		14,115,560		0.8
	304,300		Tokio Marine Holdings, Inc		12,830,371		0.8
			Other		239,140,912		14.2
					382,057,789		22.6
LUXEMBOURG					317,615		0.0
NETHERLANDS
	1,544,834		ING Groep NV		25,180,062		1.5
	274,632		Randstad Holdings NV		16,372,993		1.0
	540,249		Royal Dutch Shell plc (A Shares)		14,029,413		0.8
			Other		5,705,679		0.3
					61,288,147		3.6
NEW ZEALAND					1,232,956		0.1
NORWAY
	801,679		PAN Fish ASA		13,338,425		0.8
			Other		2,601,637		0.2
					15,940,062		1.0
PORTUGAL					5,611,966		0.3
SINGAPORE
	1,245,610		DBS Group Holdings Ltd		17,202,372		1.0
			Other		5,712,704		0.3
					22,915,076		1.3
SOUTH AFRICA					11,105,956		0.7
SPAIN
	80,464	g	Aena S.A.		14,186,794		0.8
	3,465,399		CaixaBank S.A.		15,734,439		0.9
	531,557		Endesa S.A.		12,519,837		0.7
			Other		19,513,576		1.2
					61,954,646		3.6
SWEDEN
	1,156,433		Nordea Bank AB		14,222,753		0.8
			Other		28,604,649		1.7
					42,827,402		2.5
SWITZERLAND
	203,901		Adecco S.A.		15,150,213		0.9
	594,345		Nestle S.A.		45,776,726		2.7
	170,214		Novartis AG.		13,103,936		0.8
	114,378		Roche Holding AG.		29,928,637		1.8
			Other		48,765,546		2.8
					152,725,058		9.0

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Enhanced International Equity Index Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
UNITED KINGDOM
	603,793		BP plc (ADR)	$	20,722,176		1.2	%
	462,429		British American Tobacco plc		31,243,220		1.9
	1,312,613		GlaxoSmithKline plc		26,420,070		1.6
	3,799,817		HSBC Holdings plc		31,334,496		1.9
	4,495,126		Legal & General Group plc		14,326,297		0.8
	325,157		Unilever plc		16,728,773		1.0
	464,723		Vodafone Group plc (ADR)		12,171,095		0.7
			Other		105,077,059		6.2
					258,023,186		15.3
UNITED STATES					12,385,536		0.7
		TOTAL COMMON STOCKS (Cost $1,474,174,489)			1,664,145,461		98.5

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					8,850,000		0.5

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	29,617,071	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	29,617,071			1.8	%
					29,617,071			1.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $38,467,071)			38,467,071			2.3
		TOTAL PORTFOLIO (Cost $1,512,641,560)			1,702,612,532			100.8
		OTHER ASSETS & LIABILITIES, NET			(12,865,374	)		(0.8	)
		NET ASSETS		$	1,689,747,158			100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
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 4/30/17, the aggregate value of these securities, including those in “Other,” was $35,726,062 or 2.1% 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.

At 4/30/17, the aggregate value of securities on loan was $28,162,310.

Summary of market values by sector (unaudited)

Enhanced International Equity Index Fund ■ April 30, 2017

Sector	Value			% of net assets
FINANCIALS	$	364,964,148			21.7	%
INDUSTRIALS		236,997,023			14.0
CONSUMER DISCRETIONARY		208,438,067			12.3
CONSUMER STAPLES		185,242,203			11.0
HEALTH CARE		176,108,016			10.4
MATERIALS		130,721,597			7.7
INFORMATION TECHNOLOGY		94,438,757			5.6
ENERGY		81,569,777			4.8
TELECOMMUNICATION SERVICES		70,670,637			4.2
REAL ESTATE		59,691,361			3.5
UTILITIES		55,303,875			3.3
SHORT-TERM INVESTMENTS		38,467,071			2.3
OTHER ASSETS & LIABILITIES, NET		(12,865,374	)		(0.8	)
NET ASSETS	$	1,689,747,158			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Portfolio of investments (unaudited)

Global Natural Resources Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	43,010		BHP Billiton Ltd	$	765,747		1.8	%
	63,591		BHP Billiton plc		969,457		2.2
	93,838		Fortescue Metals Group Ltd		371,941		0.9
	577,021		South32 Ltd		1,195,759		2.7
					3,302,904		7.6
CANADA
	7,000		Agrium, Inc		657,002		1.5
	34,637		Barrick Gold Corp (Canada)		579,038		1.3
	27,096	*	Canadian Natural Resources Ltd (Canada)		863,070		2.0
	152,186		Cenovus Energy, Inc (Toronto)		1,517,345		3.5
	179,678		First Quantum Minerals Ltd		1,712,473		3.9
	84,119	*	Kinross Gold Corp		292,711		0.7
	34,407		Suncor Energy, Inc		1,078,298		2.5
	130,473		Teck Cominco Ltd		2,706,857		6.2
					9,406,794		21.6
GERMANY
	9,516		Linde AG.		1,709,915		3.9
					1,709,915		3.9
INDIA
	2,237	*	United Phosphorus Ltd		28,030		0.1
					28,030		0.1
LUXEMBOURG
	56,688	*	ArcelorMittal		445,474		1.0
					445,474		1.0
SWITZERLAND
	600,236	*	Glencore Xstrata plc		2,359,010		5.4
					2,359,010		5.4
UNITED KINGDOM
	21,413		Rio Tinto plc		844,747		1.9
					844,747		1.9

Shares			Company	Value		% of net assets
UNITED STATES
	308,721	*	AK Steel Holding Corp	$	1,957,291		4.5	%
	29,901		Archer Daniels Midland Co		1,367,971		3.1
	4,956		Ashland Global Holdings, Inc		612,066		1.4
	1,769	*	Berry Plastics Group, Inc		88,450		0.2
	8,000		Bunge Ltd		632,240		1.4
	20,977	*	Callon Petroleum Co		248,368		0.6
	643		CF Industries Holdings, Inc		17,194		0.0
	5,442		Cimarex Energy Co		634,973		1.5
	46,818	*	Cliffs Natural Resources, Inc		314,617		0.7
	17,066	*	Concho Resources, Inc		2,161,580		5.0
	34,980	*	Continental Resources, Inc		1,483,502		3.4
	9,623	*	Diamondback Energy, Inc		960,760		2.2
	20,695		EOG Resources, Inc		1,914,287		4.4
	26,565		Exxon Mobil Corp		2,169,032		5.0
	60,000	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		765,000		1.8
	20,687	*	Matador Resources Co		448,494		1.0
	34,000		Monsanto Co		3,964,740		9.1
	65,133	*	Parsley Energy, Inc		1,940,312		4.4
	2,921		Pioneer Natural Resources Co		505,304		1.2
	4,662	*,e	Ramaco Resources, Inc		36,177		0.1
	78,949	*	RSP Permian, Inc		3,004,009		6.8
					25,226,367		57.8
		TOTAL COMMON STOCKS (Cost $38,435,519)			43,323,241		99.3
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	38,074	c	State Street Navigator Securities Lending Government Money Market Portfolio		38,074		0.1
					38,074		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $38,074)			38,074		0.1
		TOTAL PORTFOLIO (Cost $38,473,593)			43,361,315		99.4
		OTHER ASSETS & LIABILITIES, NET			267,001		0.6
		NET ASSETS		$	43,628,316		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 $35,812.

“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.

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary of market values by sector (unaudited)

Global Natural Resources Fund ■ April 30, 2017

Sector	Value		% of net assets
MATERIALS	$	22,393,696		51.3	%
ENERGY		18,929,335		43.4
CONSUMER STAPLES		2,000,210		4.6
SHORT-TERM INVESTMENTS		38,074		0.1
OTHER ASSETS & LIABILITIES, NET		267,001		0.6
NET ASSETS	$	43,628,316		100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

International Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	2,697,133		BHP Billiton Ltd	$	48,019,577		1.0	%
					48,019,577		1.0
BRAZIL					10,195,278		0.2
CANADA					21,561,991		0.5
CHINA					22,291,388		0.5
DENMARK
	852,341		DSV AS		47,462,988		1.0
	633,241		Novo Nordisk AS		24,656,413		0.5
					72,119,401		1.5
FRANCE
	6,121,051		Accor S.A.		279,114,767		6.1
	2,687,695		Compagnie de Saint-Gobain		145,019,490		3.2
	411,353		Essilor International S.A.		53,308,441		1.2
	349,688	e	Kering		108,388,614		2.4
	2,950,089		Schneider Electric S.A.		233,663,868		5.1
	3,265,874		Societe Generale		179,076,557		3.9
	1,483,000	e	Vinci S.A.		126,408,696		2.8
			Other		32,812,118		0.6
					1,157,792,551		25.3
GERMANY
	716,869		Adidas-Salomon AG.		143,723,978		3.1
	1,035,889		GEA Group AG.		44,038,079		1.0
	1,076,121		Henkel KGaA (Preference)		146,420,907		3.2
	2,017,798		Lanxess AG.		145,697,959		3.2
	1,104,495		Linde AG.		198,464,972		4.3
					678,345,895		14.8
HONG KONG
	1,533,634		Melco Crown Entertainment Ltd (ADR)		33,663,266		0.7
					33,663,266		0.7
INDIA
	4,312,993		Asian Paints Ltd		75,176,404		1.6
	14,264,512	*	Crompton Greaves Consumer Electricals Ltd		48,801,485		1.1
	190,798	*	Eicher Motors Ltd		77,223,204		1.7
	6,342,290	*	Havells India Ltd		47,740,584		1.0
	4,313,852		HDFC Bank Ltd		103,525,218		2.3
	3,931,849	*	IndusInd Bank Ltd		88,289,984		1.9
	4,924,889	*,g	RBL Bank Ltd		43,200,429		0.9
			Other		30,454,765		0.7
					514,412,073		11.2
ITALY
	31,907,885		Banca Intesa S.p.A.		93,142,269		2.0
	8,791,550		Mediobanca S.p.A.		84,544,458		1.9
	2,923,502		Moncler S.p.A		72,108,158		1.6
	7,947,082	*	UniCredit S.p.A		129,398,251		2.8
					379,193,136		8.3

Shares			Company	Value		% of net assets
JAPAN
	7,404,000		Hitachi Ltd	$	40,902,419		0.9	%
	23,226,758	*	Ishikawajima-Harima Heavy Industries Co Ltd		78,654,901		1.7
	3,238,677		Komatsu Ltd		86,542,391		1.9
	1,345,673		Konami Corp		56,016,747		1.2
	6,111,400		Mitsubishi UFJ Financial Group, Inc		38,725,455		0.9
	211,555		Murata Manufacturing Co Ltd		28,417,228		0.6
	2,081,329		Olympus Corp		80,251,500		1.8
	4,271,252		Sony Corp		146,565,095		3.2
	574,300		Tokio Marine Holdings, Inc		24,214,532		0.5
			Other		23,213,594		0.5
					603,503,862		13.2
NETHERLANDS
	703,582	e	Heineken NV		62,754,757		1.4
			Other		42,121		0.0
					62,796,878		1.4
NORWAY					21,217,443		0.5
SWEDEN
	3,168,646		Electrolux AB (Series B)		94,036,138		2.1
					94,036,138		2.1
SWITZERLAND
	82,917		Burckhardt Compression Holding AG.		25,437,602		0.6
	72,070		Geberit AG.		32,828,422		0.7
	1,078,559		Swatch Group AG. (Registered)		83,673,379		1.8
	209,869		Zurich Financial Services AG.		58,078,780		1.3
					200,018,183		4.4
TAIWAN
	75,807,587		Advanced Semiconductor Engineering, Inc		95,008,764		2.1
					95,008,764		2.1
UNITED KINGDOM
	17,816,977		CNH Industrial NV		196,477,673		4.3
	1,857,968		Diageo plc		54,080,159		1.2
	39,004,400	*	Tesco plc		92,565,697		2.0
	3,095,845		Weir Group plc		79,765,265		1.7
			Other		2,546,550		0.1
					425,435,344		9.3
UNITED STATES
	1,264,516		WisdomTree Japan Hedged Equity Fund		64,578,832		1.4
					64,578,832		1.4
URUGUAY
	4,040,669	*	Arcos Dorados Holdings, Inc		33,133,486		0.7
					33,133,486		0.7
		TOTAL COMMON STOCKS (Cost $4,004,541,907)			4,537,323,486		99.1

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					5,399,001		0.1
TREASURY DEBT					7,096,826		0.2

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

International Equity Fund ■ April 30, 2017

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	229,973,843	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	229,973,843		5.0	%
					229,973,843		5.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $242,469,446)			242,469,670		5.3
		TOTAL PORTFOLIO (Cost $4,247,011,353)			4,779,793,156		104.4
		OTHER ASSETS & LIABILITIES, NET			(202,762,218	)	(4.4	)
		NET ASSETS		$	4,577,030,938		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 $220,124,076.
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 4/30/17, the aggregate value of these securities, including those in “Other,” was $43,200,429 or 0.9% 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.

Summary of market values by sector (unaudited)

International Equity Fund ■ April 30, 2017

Sector	Value			% of net assets
INDUSTRIALS	$	1,221,788,038			26.6	%
CONSUMER DISCRETIONARY		1,053,403,644			23.0
FINANCIALS		955,613,017			20.9
MATERIALS		469,905,461			10.3
CONSUMER STAPLES		370,892,659			8.1
INFORMATION TECHNOLOGY		242,636,546			5.3
HEALTH CARE		158,216,354			3.5
ENERGY		42,821,555			0.9
REAL ESTATE		22,046,212			0.5
SHORT-TERM INVESTMENTS		242,469,670			5.3
OTHER ASSETS & LIABILITIES, NET		(202,762,218	)		(4.4	)
NET ASSETS	$	4,577,030,938			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

International Opportunities Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	785,401		Australia & New Zealand Banking Group Ltd	$	19,225,814		1.5	%
	934,508		BHP Billiton Ltd		16,637,918		1.3
					35,863,732		2.8
AUSTRIA					12,047,853		0.9
BRAZIL
	1,469,637		Banco Itau Holding Financeira S.A.		18,178,021		1.4
	743,600		Cia Brasileira de Distribuicao Grupo Pao de Acucar		16,809,219		1.3
					34,987,240		2.7
CANADA
	405,366		Alimentation Couche Tard, Inc		18,643,183		1.4
	230,600	*,e	Bank of Montreal		16,328,923		1.2
	287,265		Dollarama, Inc		25,147,920		1.9
	576,721		Suncor Energy, Inc		18,074,154		1.4
			Other		29,048,970		2.2
					107,243,150		8.1
CHINA
	840,400		Tencent Holdings Ltd		26,332,522		2.0
			Other		29,601,334		2.3
					55,933,856		4.3
FINLAND
	296,996		Sampo Oyj (A Shares)		14,213,510		1.1
			Other		24,426,880		1.9
					38,640,390		3.0
FRANCE
	72,612	e	L’Oreal S.A.		14,460,649		1.1
	160,339		Teleperformance		20,162,445		1.5
	211,204		Valeo S.A.		15,198,254		1.2
					49,821,348		3.8
GERMANY
	144,082		Beiersdorf AG.		14,329,137		1.1
	162,151		Fresenius Medical Care AG.		14,394,021		1.1
	108,757		Linde AG.		19,542,375		1.5
					48,265,533		3.7
HONG KONG
	2,685,000		AIA Group Ltd		18,584,053		1.4
	714,002		Melco Crown Entertainment Ltd (ADR)		15,672,344		1.2
					34,256,397		2.6
INDIA					19,737,016		1.5
INDONESIA					13,196,708		1.0
IRELAND
	436,047		CRH plc		15,882,614		1.2
			Other		15,996,393		1.2
					31,879,007		2.4
ISLE OF MAN					12,335,793		0.9

Shares			Company	Value		% of net assets
ITALY
	621,589		Moncler S.p.A	$	15,331,489		1.2	%
			Other		19,285,589		1.5
					34,617,078		2.7
JAPAN
	596,700	e	MonotaRO Co Ltd		19,420,516		1.5
	104,501		Murata Manufacturing Co Ltd		14,037,148		1.1
	178,601		Nitto Denko Corp		13,448,775		1.0
	2,329,200		Nomura Holdings, Inc		13,997,624		1.1
	318,402	e	Seria Co Ltd		14,263,953		1.1
	402,100		Sumitomo Mitsui Financial Group, Inc		14,930,219		1.1
	232,100		Sysmex Corp		14,136,655		1.1
			Other		97,412,980		7.4
					201,647,870		15.4
KOREA, REPUBLIC OF
	112,942	e	Cosmax, Inc		14,096,376		1.1
	74,994		Hanssem Co Ltd		14,498,061		1.1
			Other		9,579,111		0.7
					38,173,548		2.9
MALAYSIA					8,215,784		0.6
NETHERLANDS
	133,747	e	ASML Holding NV		17,685,261		1.4
	1,165,720		ING Groep NV		19,000,683		1.5
					36,685,944		2.9
NORWAY
	1,313,457	e	DNB NOR Holding ASA		20,498,221		1.6
			Other		31,727,105		2.4
					52,225,326		4.0
PHILIPPINES
	5,703,054		Banco de Oro Universal Bank		13,693,605		1.0
			Other		12,139,976		0.9
					25,833,581		1.9
PORTUGAL					12,942,868		1.0
SPAIN
	279,399		Amadeus IT Holding S.A.		15,078,952		1.2
			Other		10,822,316		0.8
					25,901,268		2.0
SWEDEN
	336,635	e	Hexagon AB (B Shares)		14,650,635		1.1
	345,300	*,e	Intrum Justitia AB		13,716,774		1.0
			Other		11,905,151		0.9
					40,272,560		3.0
SWITZERLAND
	74,175	*	Lonza Group AG.		15,176,943		1.2
	222,935		Novartis AG.		17,162,665		1.3
					32,339,608		2.5

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

International Opportunities Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
TAIWAN
	3,067,149		Hota Industrial Manufacturing Co Ltd	$	13,507,958		1.0	%
	4,790,600		Powertech Technology, Inc		15,029,190		1.2
			Other		36,862,704		2.8
					65,399,852		5.0
UNITED KINGDOM
	1,417,380		Ashtead Group plc		29,900,944		2.3
	246,572	*	ASOS plc		18,583,919		1.4
	2,404,119		Beazley plc		13,696,533		1.0
	6,459,888	*	boohoo.com plc		15,780,433		1.2
	2,360,229		Electrocomponents plc		15,863,640		1.2
	799,123		Fevertree Drinks plc		16,838,994		1.3
	916,218		GlaxoSmithKline plc		18,441,493		1.4
	5,592,178		Taylor Wimpey plc		14,485,346		1.1
	2,088,815		Vesuvius plc		14,360,896		1.1
			Other		72,410,459		5.5
					230,362,657		17.5
		TOTAL COMMON STOCKS (Cost $1,043,800,114)			1,298,825,967		99.1

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	3,550,000			0.3	%

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	145,102,675	c	State Street Navigator Securities Lending Government Money Market Portfolio		145,102,675			11.0
					145,102,675			11.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $148,652,675)			148,652,675			11.3
		TOTAL PORTFOLIO (Cost $1,192,452,789)			1,447,478,642			110.4
		OTHER ASSETS & LIABILITIES, NET			(136,350,880	)		(10.4	)
		NET ASSETS		$	1,311,127,762			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 $136,635,735.

“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 4/30/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $32,639,256 or 2.5% 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 Opportunities Fund ■ April 30, 2017

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	281,008,548			21.4	%
INFORMATION TECHNOLOGY		246,947,378			18.8
FINANCIALS		215,209,512			16.4
INDUSTRIALS		153,156,432			11.7
CONSUMER STAPLES		128,476,185			9.8
MATERIALS		112,442,591			8.6
HEALTH CARE		79,330,094			6.1
ENERGY		70,683,995			5.4
REAL ESTATE		11,569,684			0.9
TELECOMMUNICATION SERVICES		1,548			0.0
SHORT-TERM INVESTMENTS		148,652,675			11.3
OTHER ASSETS & LIABILITIES, NET		(136,350,880	)		(10.4	)
NET ASSETS	$	1,311,127,762			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

International Small-Cap Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	1,486,800		Downer EDI Ltd	$	6,533,506		0.8	%
	1,230,000		ING Office Fund		4,372,922		0.5
			Other		23,305,682		2.8
					34,212,110		4.1
AUSTRIA					10,940,124		1.3
BELGIUM					6,530,077		0.8
BRAZIL					13,537,147		1.6
CANADA
	214,000		Canadian Apartment Properties REIT		5,309,827		0.6
	229,000		Capital Power Corp		4,173,854		0.5
	163,000	e	Genworth MI Canada, Inc		4,047,984		0.5
			Other		38,561,533		4.6
					52,093,198		6.2
CHILE					3,834,362		0.5
CHINA
	3,128,000		BYD Electronic International Co Ltd		4,774,239		0.6
			Other		30,212,961		3.6
					34,987,200		4.2
COLOMBIA					2,227,464		0.3
DENMARK
	154,000		Sydbank AS		5,601,684		0.7
			Other		5,617,952		0.6
					11,219,636		1.3
EGYPT					3,203,144		0.4
FINLAND					3,924,551		0.5
FRANCE
	130,000		Faurecia		6,353,502		0.8
	80,000		Ipsen		9,313,839		1.1
			Other		12,226,751		1.5
					27,894,092		3.4
GERMANY
	152,000		Aareal Bank AG.		6,113,565		0.7
	54,000	*	MTU Aero Engines Holding AG.		7,745,427		0.9
			Other		14,955,109		1.8
					28,814,101		3.4
GREECE					2,018,287		0.2
HONG KONG
	1,600,000		Kingboard Chemical Holdings Ltd		5,762,487		0.7
			Other		12,815,394		1.5
					18,577,881		2.2
HUNGARY					1,867,934		0.2
INDONESIA					3,785,014		0.5

Shares			Company	Value		% of net assets
IRELAND
	433,000		United Drug plc	$	4,193,809		0.5	%
			Other		6,532,040		0.8
					10,725,849		1.3
ISRAEL					3,821,771		0.5
ITALY
	52,000		Brembo S.p.A.		4,085,466		0.5
			Other		17,898,463		2.1
					21,983,929		2.6
JAPAN
	1,572,000		Kumagai Gumi Co Ltd		4,229,213		0.5
	796,000		Leopalace21 Corp		4,231,023		0.5
	221,000		Maeda Road Construction Co Ltd		4,075,128		0.5
	1,126,000		Penta-Ocean Construction Co Ltd		5,704,433		0.7
	999,000		Rengo Co Ltd		6,040,877		0.7
	2,259,000		Sojitz Holdings Corp		5,743,018		0.7
	395,000		Sumitomo Forestry Co Ltd		6,047,917		0.7
	842,000	e	Takara Leben Co Ltd		3,958,254		0.5
			Other		135,678,397		16.2
					175,708,260		21.0
JERSEY, C.I.					543,002		0.1
KOREA, REPUBLIC OF
	439,000		Dongkuk Steel Mill Co Ltd		4,272,072		0.5
			Other		28,529,118		3.4
					32,801,190		3.9
LUXEMBOURG					2,011,005		0.2
MALAYSIA					3,409,378		0.4
NETHERLANDS
	72,000		ASM International NV		4,333,715		0.5
	185,000	*	ASR Nederland NV		5,473,388		0.7
			Other		4,635,125		0.5
					14,442,228		1.7
NEW ZEALAND					3,193,030		0.4
NORWAY
	654,000		Storebrand ASA		4,309,311		0.5
			Other		8,386,217		1.0
					12,695,528		1.5
PHILIPPINES					1,571,995		0.2
POLAND					303,697		0.0
PORTUGAL					4,800,007		0.6
QATAR					743,083		0.1
SINGAPORE
	738,000		Venture Corp Ltd		6,440,827		0.8
			Other		8,019,696		0.9
					14,460,523		1.7

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

International Small-Cap Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
SOUTH AFRICA
	488,000		Barloworld Ltd	$	4,397,341		0.5	%
			Other		5,147,406		0.6
					9,544,747		1.1
SPAIN					13,585,792		1.6
SWEDEN
	97,000		Holmen AB (B Shares)		4,087,387		0.5
	189,000	*,e	JM AB		6,649,719		0.8
	142,000		Saab AB (Class B)		7,036,349		0.8
	313,000	*,e	Trelleborg AB (B Shares)		7,350,200		0.9
			Other		8,844,776		1.1
					33,968,431		4.1
SWITZERLAND
	207,000		Logitech International S.A.		6,918,188		0.8
			Other		16,110,092		1.9
					23,028,280		2.7
TAIWAN					36,734,375		4.4
THAILAND
	2,890,000		Thanachart Capital PCL		3,942,292		0.5
			Other		7,565,662		0.9
					11,507,954		1.4
TURKEY					6,485,110		0.8
UNITED KINGDOM
	183,000		Bellway plc		6,744,551		0.8
	2,936,000	*	boohoo.com plc		7,172,160		0.9
	88,000	*	Dialog Semiconductor plc		4,117,603		0.5
	725,000		Electrocomponents plc		4,872,891		0.6
	328,000		Fevertree Drinks plc		6,911,564		0.8
	942,000		JD Sports Fashion plc		5,431,946		0.6
	2,358,000		Melrose Industries plc		7,222,899		0.9
	1,018,000		Michael Page International plc		6,595,524		0.8
	916,000		Paragon Group of Cos plc		5,545,245		0.7
	1,758,000		QinetiQ plc		6,690,003		0.8
	842,000		Redrow plc		6,287,065		0.8
	761,000		SSP Group plc		4,385,142		0.5
			Other		37,146,136		4.3
					109,122,729		13.0
UNITED STATES
	332,000		iShares MSCI India ETF		10,650,560		1.3
	127,400		VanEck Vectors India Small-Cap Index ETF		7,328,048		0.9
			Other		3,411,012		0.4
					21,389,620		2.6
		TOTAL COMMON STOCKS (Cost $772,945,810)			828,247,835		99.0

Shares			Company	Value			% of net assets
RIGHTS / WARRANTS
MALAYSIA				$	27,989			0.0	%
		TOTAL RIGHTS / WARRANTS (Cost $0)			27,989			0.0

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	19,900,000		0.680%, 05/01/17		19,900,000			2.4
					19,900,000			2.4

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	45,495,459	c	State Street Navigator Securities Lending Government Money Market Portfolio		45,495,459			5.4
					45,495,459			5.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $65,395,459)			65,395,459			7.8
		TOTAL PORTFOLIO (Cost $838,341,269)			893,671,283			106.8
		OTHER ASSETS & LIABILITIES, NET			(56,781,859	)		(6.8	)
		NET ASSETS		$	836,889,424			100.0	%

Abbreviation(s):

ETF – Exchange Traded Fund

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 $43,070,421.

“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 4/30/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $10,149,356 or 1.2% 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 ■ 2017 Semiannual Report

Summary of market values by sector (unaudited)

International Small-Cap Equity Fund ■ April 30, 2017

Sector	Value			% of net assets
INDUSTRIALS	$	173,394,252			20.7	%
CONSUMER DISCRETIONARY		135,671,229			16.2
FINANCIALS		92,541,404			11.1
INFORMATION TECHNOLOGY		91,981,241			11.0
REAL ESTATE		88,841,246			10.6
MATERIALS		85,768,009			10.3
HEALTH CARE		49,501,453			5.9
CONSUMER STAPLES		45,033,280			5.4
UTILITIES		40,267,243			4.8
ENERGY		22,530,068			2.7
TELECOMMUNICATION SERVICES		2,746,399			0.3
SHORT-TERM INVESTMENTS		65,395,459			7.8
OTHER ASSETS & LIABILITIES, NET		(56,781,859	)		(6.8	)
NET ASSETS	$	836,889,424			100.0	%

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

Social Choice International Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	10,985		Australia & New Zealand Banking Group Ltd	$	268,901		0.8	%
	5,710		Commonwealth Bank of Australia		372,942		1.1
	9,752		National Australia Bank Ltd		247,526		0.8
	11,938		Westpac Banking Corp		312,952		0.9
			Other		1,186,435		3.6
					2,388,756		7.2
AUSTRIA					100,690		0.3
BELGIUM					162,548		0.5
DENMARK
	6,359		Novo Nordisk AS		247,599		0.8
			Other		277,401		0.8
					525,000		1.6
FINLAND					377,074		1.1
FRANCE
	1,585		Air Liquide		190,971		0.6
	8,042		AXA S.A.		214,562		0.6
	10,986		France Telecom S.A.		170,034		0.5
	2,730		Groupe Danone		191,061		0.6
	502		Kering		155,599		0.5
	2,446		Schneider Electric S.A.		193,737		0.6
	7,439		Total S.A.		381,868		1.2
			Other		1,983,429		6.0
					3,481,261		10.6
GERMANY
	885		Adidas-Salomon AG.		177,432		0.5
	1,587		Allianz AG.		302,129		0.9
	3,000		BASF SE		292,257		0.9
	1,824		Bayerische Motoren Werke AG.		174,268		0.5
	4,943		Deutsche Post AG.		177,670		0.5
	813	*	Muenchener Rueckver AG.		155,868		0.5
	3,241		SAP AG.		324,638		1.0
			Other		1,355,443		4.1
					2,959,705		8.9
HONG KONG					1,101,531		3.3
IRELAND					113,896		0.4
ISRAEL					92,572		0.3
ITALY
	62,203		Banca Intesa S.p.A.		181,577		0.5
			Other		261,581		0.8
					443,158		1.3

Shares		Company	Value		% of net assets
JAPAN
	7,200	Honda Motor Co Ltd	$	209,561		0.6	%
	7,000	KDDI Corp		185,598		0.6
	400	Keyence Corp		160,806		0.5
	7,800	Mitsubishi Corp		168,325		0.5
	11,900	Mitsubishi Electric Corp		166,081		0.5
	112,200	Mizuho Financial Group, Inc		205,094		0.6
	1,900	Shin-Etsu Chemical Co Ltd		165,143		0.5
	5,100	Sony Corp		175,003		0.5
	5,900	Sumitomo Mitsui Financial Group, Inc		219,070		0.7
	3,500	Takeda Pharmaceutical Co Ltd		167,908		0.5
		Other		5,720,511		17.2
				7,543,100		22.7
LUXEMBOURG				92,296		0.3
NETHERLANDS
	1,651	ASML Holding NV		218,310		0.7
	15,036	ING Groep NV		245,080		0.7
		Other		652,340		2.0
				1,115,730		3.4
NEW ZEALAND				74,939		0.2
NORWAY				381,771		1.2
PORTUGAL				106,920		0.3
SINGAPORE				581,894		1.8
SOUTH AFRICA				199,236		0.6
SPAIN
	26,786	Banco Bilbao Vizcaya Argentaria S.A.		214,601		0.7
	27,308	Iberdrola S.A.		196,311		0.6
		Other		644,683		1.9
				1,055,595		3.2
SWEDEN
	15,711	Nordea Bank AB		193,227		0.6
		Other		976,370		2.9
				1,169,597		3.5
SWITZERLAND
	8,185	ABB Ltd		200,567		0.6
	6,570	Novartis AG.		505,792		1.5
	2,021	Roche Holding AG.		528,824		1.6
	1,791	Swiss Re Ltd		155,780		0.5
	724	Zurich Financial Services AG.		200,358		0.6
		Other		1,339,404		4.1
				2,930,725		8.9

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

Social Choice International Equity Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
UNITED KINGDOM
	44,929		BT Group plc	$	177,242		0.5	%
	16,773		GlaxoSmithKline plc		337,604		1.0
	16,767		National Grid plc		217,103		0.7
	10,397		Prudential plc		230,749		0.7
	2,248		Reckitt Benckiser Group plc		207,125		0.6
	17,029	*	Standard Chartered plc		159,143		0.5
	4,604		Unilever NV		241,183		0.7
	4,656		Unilever plc		239,543		0.7
	9,798	d	Vodafone Group plc (ADR)		256,610		0.8
			Other		3,436,420		10.4
					5,502,722		16.6
UNITED STATES					108,145		0.3
		TOTAL COMMON STOCKS (Cost $31,239,349)			32,608,861		98.5

Principal			Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	350,000	d	0.680%, 05/01/17	$	350,000		1.0	%
					350,000		1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $350,000)			350,000		1.0
		TOTAL PORTFOLIO (Cost $31,589,349)			32,958,861		99.5
		OTHER ASSETS & LIABILITIES, NET			158,564		0.5
		NET ASSETS		$	33,117,425		100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

*	Non-income producing
d	All or a portion of these securities have been segregated to cover margin requirements on open futures 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 4/30/17, the aggregate value of securities on loan was $113,179.

At 4/30/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $81,024 or 0.2% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary of market values by sector (unaudited)

Social Choice International Equity Fund ■ April 30, 2017

Sector	Value		% of net assets
FINANCIALS	$	7,354,907		22.2	%
INDUSTRIALS		4,746,985		14.3
CONSUMER DISCRETIONARY		4,329,648		13.1
HEALTH CARE		3,496,828		10.6
MATERIALS		2,971,080		9.0
CONSUMER STAPLES		2,850,172		8.6
INFORMATION TECHNOLOGY		1,590,065		4.8
TELECOMMUNICATION SERVICES		1,469,419		4.4
ENERGY		1,291,484		3.9
REAL ESTATE		1,285,093		3.9
UTILITIES		1,223,180		3.7
SHORT-TERM INVESTMENTS		350,000		1.0
OTHER ASSETS & LIABILITIES, NET		158,564		0.5
NET ASSETS	$	33,117,425		100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds ■ April 30, 2017

	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		Small/ Mid-Cap Equity Fund		Social Choice Equity Fund

ASSETS
Portfolio investments, at value*^†	$	2,361,477,084	$	2,246,309,967	$	6,256,470,713	$	4,225,338,846	$	6,545,874,205	$	1,543,353,986	$	5,307,202,083	$	3,477,668,261	$	612,386,211	$	2,584,589,184
Cash**		21,254		42,936		—		24,333		9,044		44,277		—		824,236		74,949		2,288,023
Receivable from securities transactions		—		—		73,861,216		35,572,432		12,194,758		12,397,326		14,601,521		187,515,283		—		5,025,812
Receivable from Fund shares sold		13,967,348		9,944,388		11,734,269		4,886,141		16,843,798		501,784		1,088,772		5,676,146		1,635,485		1,450,647
Dividends and interest receivable		1,706,256		2,625,336		6,583,663		1,305,699		7,097,720		253,897		2,679,463		392,662		107,277		2,635,808
Due from affiliates		—		—		—		—		13,435		—		18,115		—		—		—
Other		102,006		99,855		509,558		259,812		482,991		185,881		414,146		151,561		1,374		135,461
Total assets		2,377,273,948		2,259,022,482		6,349,159,419		4,267,387,263		6,582,515,951		1,556,737,151		5,326,004,100		3,672,228,149		614,205,296		2,596,124,935

LIABILITIES
Management fees payable		100,443		97,337		333,946		235,667		351,214		92,727		285,803		186,483		37,603		53,204
Service agreement fees payable		28		2		20,229		9,078		35,062		13,704		37,103		21,940		132		13,912
Distribution fees payable		—		—		237,183		145,980		70,096		47,556		107,802		58,073		532		105,025
Due to affiliates		29,697		28,860		64,320		54,596		71,808		38,568		67,454		49,831		27,181		47,011
Overdraft payable		—		—		65,440		—		—		—		80,276		—		—		—
Payable for collateral for securities loaned		6,530,270		11,098,736		77,682,897		—		27,893,705		37,451,322		80,278,942		52,415,316		8,925,693		10,721,754
Payable for securities transactions		14,541,875		4,933,175		69,176,248		41,252,889		27,539,586		7,264,283		7,464,360		188,643,836		3,925,464		—
Payable for Fund shares redeemed		18,867		124,619		991,661		1,393,285		206,511		315,599		1,477,225		412,157		111,331		9,615,591
Income distribution payable		—		—		—		—		—		—		—		—		—		7,730
Payable for variation margin on futures contracts		—		—		—		—		—		—		—		232,875		—		—
Written options^◊		—		—		4,334,593		6,776		—		840,205		—		—		—		—
Payable for trustee compensation		120,646		119,188		299,073		188,714		319,597		128,132		316,854		181,208		5,799		157,583
Accrued expenses and other payables		48,373		49,565		172,926		154,391		143,203		51,874		123,963		60,954		71,967		209,377
Total liabilities		21,390,199		16,451,482		153,378,516		43,441,376		56,630,782		46,243,970		90,239,782		242,262,673		13,105,702		20,931,187
NET ASSETS	$	2,355,883,749	$	2,242,571,000	$	6,195,780,903	$	4,223,945,887	$	6,525,885,169	$	1,510,493,181	$	5,235,764,318	$	3,429,965,476	$	601,099,594	$	2,575,193,748

NET ASSETS CONSIST OF:
Paid-in-capital	$	1,715,797,706	$	1,837,716,114	$	4,544,423,869	$	2,911,263,214	$	5,167,381,284	$	1,191,032,455	$	3,713,845,259	$	2,653,043,182	$	536,503,776	$	1,727,806,752
Undistributed net investment income (loss)		7,750,830		12,276,865		6,415,618		5,920,131		25,410,413		3,151,831		9,612,199		6,555,019		1,664,688		11,867,625
Accumulated net realized gain (loss) on total investments		41,772,144		13,127,459		78,288,903		7,856,305		119,072,905		31,869,806		130,599,428		146,117,420		4,426,776		5,721,922
Net unrealized appreciation (depreciation) on total investments		590,563,069		379,450,562		1,566,652,513		1,298,906,237		1,214,020,567		284,439,089		1,381,707,432		624,249,855		58,504,354		829,797,449
NET ASSETS	$	2,355,883,749	$	2,242,571,000	$	6,195,780,903	$	4,223,945,887	$	6,525,885,169	$	1,510,493,181	$	5,235,764,318	$	3,429,965,476	$	601,099,594	$	2,575,193,748

INSTITUTIONAL CLASS:
Net assets	$	2,355,507,586	$	2,242,449,808	$	4,372,823,004	$	3,192,296,752	$	5,036,316,116	$	836,285,205	$	3,495,246,928	$	2,438,445,354	$	592,940,598	$	1,657,234,287
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		190,687,368		225,288,850		334,841,624		182,532,272		270,376,054		38,733,778		147,456,513		127,490,918		52,609,414		94,315,085
Net asset value per share	$	12.35	$	9.95	$	13.06	$	17.49	$	18.63	$	21.59	$	23.70	$	19.13	$	11.27	$	17.57

ADVISOR CLASS:
Net assets	$	376,163	$	121,192	$	298,371	$	1,450,579	$	142,698	$	137,992	$	282,066	$	1,975,323	$	1,175,107	$	7,083,466
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		30,459		12,178		22,832		82,950		7,663		6,392		11,906		103,357		104,314		403,326
Net asset value per share	$	12.35	$	9.95	$	13.07	$	17.49	$	18.62	$	21.59	$	23.69	$	19.11	$	11.27	$	17.56

PREMIER CLASS:
Net assets	$	—	$	—	$	159,218,844	$	47,910,963	$	326,662,506	$	109,576,127	$	376,344,943	$	201,775,844	$	1,125,961	$	84,546,669
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—		—		12,183,706		2,742,793		17,580,644		5,104,010		15,912,213		10,606,315		100,000		4,827,507
Net asset value per share	$	—	$	—	$	13.07	$	17.47	$	18.58	$	21.47	$	23.65	$	19.02	$	11.26	$	17.51

RETIREMENT CLASS:
Net assets	$	—	$	—	$	589,565,301	$	270,787,741	$	1,015,934,087	$	398,315,499	$	1,068,743,776	$	621,609,503	$	3,834,398	$	365,987,120
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—		—		44,429,514		15,572,530		54,750,456		18,937,315		45,356,331		33,253,996		340,760		20,534,504
Net asset value per share	$	—	$	—	$	13.27	$	17.39	$	18.56	$	21.03	$	23.56	$	18.69	$	11.25	$	17.82

RETAIL CLASS:
Net assets	$	—	$	—	$	1,073,875,383	$	711,499,852	$	146,829,762	$	166,178,358	$	295,146,605	$	166,159,452	$	2,023,530	$	460,342,206
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—		—		62,351,161		40,788,334		8,196,220		7,907,422		12,750,759		8,974,191		179,957		29,046,905
Net asset value per share	$	—	$	—	$	17.22	$	17.44	$	17.91	$	21.02	$	23.15	$	18.52	$	11.24	$	15.85
* Includes securities loaned of	$	6,330,565	$	10,773,540	$	74,798,242	$	—	$	26,865,356	$	36,642,384	$	77,126,280	$	48,460,758	$	8,657,302	$	18,330,356
**Includes cash collateral for securities loaned of	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	7,545,473
^† Portfolio investments, cost	$	1,770,914,015	$	1,866,859,405	$	4,691,402,880	$	2,926,459,152	$	5,331,847,632	$	1,258,888,888	$	3,925,494,570	$	2,853,713,126	$	553,881,857	$	1,754,791,735
^◊ Written options premiums	$	—	$	—	$	5,939,462	$	33,879	$	—	$	815,352	$	—	$	—	$	—	$	—

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Statements of assets and liabilities (unaudited)	concluded

TIAA-CREF Funds ■ April 30, 2017

	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			International Small-Cap Equity Fund			Social Choice International Equity Fund

ASSETS
Portfolio investments, at value*^†	$	67,065,979		$	1,150,542,325		$	1,702,612,532		$	43,361,315		$	4,779,793,156		$	1,447,478,642		$	893,671,283		$	32,958,861
Cash**		18,739			38,859			16,187			—			—			34,126			24,397			170,900
Cash – foreign^{^}		—			14,949,511			811,932			—			2,054,795			—			2,116,205			10,517
Receivable from securities transactions		—			72,609,921			356,523			1,374,846			96,020,470			17,040,169			68,375,594			1,538,709
Receivable from forward foreign currency contracts		—			—			—			—			213,140,465			—			—			—
Receivable from Fund shares sold		633,966			30,107,380			7,027,118			12,175			3,071,321			50,179			858,591			26,421
Dividends and interest receivable		65,250			547,773			9,569,889			212,567			12,381,785			5,658,201			4,443,988			162,195
Due from affiliates		1,408			—			—			—			—			—			37,679			8,803
Unrealized appreciation on forward foreign currency contracts		—			—			—			—			2,259,358			—			—			—
Other		—			119,393			70,899			41,062			519,896			98,802			420			302
Total assets		67,785,342			1,268,915,162			1,720,465,080			45,001,965			5,109,241,246			1,470,360,119			969,528,157			34,876,708

LIABILITIES
Management fees payable		2,303			131,087			87,136			3,945			285,525			106,411			73,453			1,360
Service agreement fees payable		466			1,593			—			674			20,642			317			85			198
Distribution fees payable		1,047			4,229			—			1,773			135,848			434			396			652
Due to affiliates		25,531			34,065			23,360			28,259			59,172			36,129			31,471			25,292
Overdraft payable		—			—			—			189,863			218,938			—			—			—
Payable for collateral for securities loaned		—			28,122,231			29,617,071			38,074			229,973,843			145,102,675			45,495,459			119,150
Payable for securities transactions		—			49,980,180			356,833			937,352			75,369,674			8,520,084			86,155,135			1,566,545
Payable for forward foreign currency contracts		—			—			—			—			213,140,465			—			—			—
Payable for Fund shares redeemed		—			225,763			465,340			118,280			7,426,778			4,872,818			843,832			2,859
Payable for variation margin on futures contracts		1,400			—			—			—			—			—			—			602
Payable for trustee compensation		1,046			49,447			85,922			12,551			272,842			44,217			2,649			529
Unrealized depreciation on forward foreign currency contracts		—			—			—			—			5,074,724			—			—			—
Accrued expenses and other payables		33,507			3,184,548			82,260			42,878			231,857			549,272			36,253			42,096
Total liabilities		65,300			81,733,143			30,717,922			1,373,649			532,210,308			159,232,357			132,638,733			1,759,283
NET ASSETS	$	67,720,042		$	1,187,182,019		$	1,689,747,158		$	43,628,316		$	4,577,030,938		$	1,311,127,762		$	836,889,424		$	33,117,425

NET ASSETS CONSIST OF:
Paid-in-capital	$	59,794,971		$	1,110,753,039		$	1,565,164,832		$	91,504,126		$	4,271,291,868		$	1,190,482,660		$	780,654,214		$	31,828,159
Undistributed net investment income (loss)		246,089			3,542,775			15,274,147			(47,143	)		16,894,737			7,355,895			5,762,722			250,137
Accumulated net realized gain (loss) on total investments		(381,673	)		(100,114,378	)		(80,611,522	)		(52,705,612	)		(241,081,541	)		(141,207,410	)		(4,845,201	)		(331,220	)
Net unrealized appreciation (depreciation) on total investments		8,060,655			173,000,583			189,919,701			4,876,945			529,925,874			254,496,617			55,317,689			1,370,349
NET ASSETS	$	67,720,042		$	1,187,182,019		$	1,689,747,158		$	43,628,316		$	4,577,030,938		$	1,311,127,762		$	836,889,424		$	33,117,425

INSTITUTIONAL CLASS:
Net assets	$	48,492,658		$	1,108,828,807		$	1,689,625,820		$	14,855,705		$	3,184,284,185		$	1,299,312,227		$	830,806,932		$	24,069,342
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,236,493			101,069,215			227,205,094			1,889,864			269,801,608			114,521,925			74,217,165			2,367,812
Net asset value per share	$	11.45		$	10.97		$	7.44		$	7.86		$	11.80		$	11.35		$	11.19		$	10.17

ADVISOR CLASS:
Net assets	$	169,195		$	660,801		$	121,338		$	159,429		$	4,298,582		$	112,180		$	1,118,970		$	460,864
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		14,779			60,272			16,307			20,260			364,202			9,892			100,000			45,327
Net asset value per share	$	11.45		$	10.96		$	7.44		$	7.87		$	11.80		$	11.34		$	11.19		$	10.17

PREMIER CLASS:
Net assets	$	495,826		$	23,747,439		$	—		$	2,930,763		$	231,069,519		$	333,708		$	1,118,969		$	1,059,621
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		43,233			2,166,029			—			372,975			19,619,236			29,351			100,000			104,299
Net asset value per share	$	11.47		$	10.96		$	—		$	7.86		$	11.78		$	11.37		$	11.19		$	10.16

RETIREMENT CLASS:
Net assets	$	13,412,121		$	46,440,009		$	—		$	19,335,449		$	604,877,900		$	9,378,978		$	2,482,007		$	4,750,662
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,174,196			4,245,498			—			2,460,995			49,508,949			827,955			221,867			468,089
Net asset value per share	$	11.42		$	10.94		$	—		$	7.86		$	12.22		$	11.33		$	11.19		$	10.15

RETAIL CLASS:
Net assets	$	5,150,242		$	7,504,963		$	—		$	6,346,970		$	552,500,752		$	1,990,669		$	1,362,546		$	2,776,936
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		450,587			685,247			—			809,152			70,071,699			175,632			121,866			273,508
Net asset value per share	$	11.43		$	10.95		$	—		$	7.84		$	7.88		$	11.33		$	11.18		$	10.15
* Includes securities loaned of	$	—		$	25,939,441		$	28,162,310		$	35,812		$	220,124,076		$	136,635,735		$	43,070,421		$	113,179
**Includes cash collateral for securities loaned of	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	122,185
^† Portfolio investments, cost	$	59,010,066		$	974,495,729		$	1,512,641,560		$	38,473,593		$	4,247,011,353		$	1,192,452,789		$	838,341,269		$	31,589,349
^{^} Foreign cash, cost	$	—		$	14,985,451		$	812,217		$	—		$	2,054,135		$	—		$	2,116,396		$	10,515

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Funds ■ For the period ended April 30, 2017

	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		Small/ Mid-Cap Equity Fund			Social Choice Equity Fund

INVESTMENT INCOME
Dividends*	$	18,055,003	$	24,881,866	$	45,387,009		$	21,527,085		$	59,819,449		$	7,999,295		$	43,813,446		$	22,673,762	$	3,942,921		$	24,657,859
Interest		34,197		43,208		78,459			106,398			69,541			37,095			110,921			68,899		7,236			46,898
Income from securities lending		11,000		72,251		408,091			12,841			546,962			140,217			332,746			224,895		69,270			264,039
Payment from affiliate		—		—		372,641			164,302			345,018			100,098			84,526			—		—			—
Total income		18,100,200		24,997,325		46,246,200			21,810,626			60,780,970			8,276,705			44,341,639			22,967,556		4,019,427			24,968,796

EXPENSES
Management fees		3,413,361		3,431,307		11,467,625			7,883,209			12,296,162			3,248,405			10,263,321			6,512,926		1,223,824			1,840,200
Shareholder servicing – Institutional Class		1,361		1,339		2,463			2,773			2,807			1,338			3,723			2,287		37			3,904
Shareholder servicing – Advisor Class		62		14		35			336			13			10			82			593		22			1,554
Shareholder servicing – Premier Class		—		—		133			87			117			102			348			166		20			149
Shareholder servicing – Retirement Class		—		—		704,826			407,633			1,249,628			478,570			1,364,473			771,447		3,877			434,651
Shareholder servicing – Retail Class		—		—		259,619			238,248			47,338			53,945			66,237			38,370		1,683			67,260
Distribution fees – Premier Class		—		—		111,285			32,726			236,943			80,760			290,256			149,626		806			61,820
Distribution fees – Retail Class		—		—		1,278,765			799,902			179,983			202,119			365,715			189,640		2,381			565,589
Administrative service fees		37,405		36,340		80,641			65,391			90,512			46,313			79,780			60,380		35,376			54,593
Registration fees		36,756		37,045		56,179			57,496			53,585			53,224			68,939			56,327		37,897			65,533
Professional fees		23,212		23,522		38,117			36,076			40,644			29,924			37,905			33,091		21,187			29,531
Custody and accounting fees		17,135		12,408		50,533			25,201			44,733			19,223			34,725			32,875		7,518			23,950
Trustee fees and expenses		13,311		14,651		39,024			24,337			42,617			9,119			35,583			23,185		4,200			15,498
Other expenses		46,959		59,691		150,853			126,772			136,638			33,770			142,765			50,029		14,886			210,946
Total expenses		3,589,562		3,616,317		14,240,098			9,700,187			14,421,720			4,256,822			12,753,852			7,920,942		1,353,714			3,375,178
Less: Expenses reimbursed by the investment adviser		—		—		—			—			—			—			—			—		(90	)		—
Fee waiver by investment adviser and TPIS		—		—		—			—			(468,950	)		—			(649,856	)		—		—			—
Net expenses		3,589,562		3,616,317		14,240,098			9,700,187			13,952,770			4,256,822			12,103,996			7,920,942		1,353,624			3,375,178
Net investment income (loss)		14,510,638		21,381,008		32,006,102			12,110,439			46,828,200			4,019,883			32,237,643			15,046,614		2,665,803			21,593,618

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments^†		51,030,840		49,468,234		108,898,383			27,392,594			165,428,920			38,878,974			159,898,392			149,532,324		4,516,260			8,759,841
Futures contracts		—		—		—			—			—			—			—			60,516		—			108,839
Purchased options		—		—		(165,660	)		—			(22,723,760	)		(1,206,827	)		—			—		—			—
Swap contracts		—		—		—			—			(2,769,244	)		—			—			1,606,456		—			—
Written options		—		—		6,539,213			—			17,185,140			1,163,239			—			—		—			—
Foreign currency transactions		—		—		(67,358	)		(108,923	)		(119,779	)		—			(21,172	)		—		—			—
Net realized gain (loss) on total investments		51,030,840		49,468,234		115,204,578			27,283,671			157,001,277			38,835,386			159,877,220			151,199,296		4,516,260			8,868,680
Change in unrealized appreciation (depreciation) on:
Portfolio investments		242,521,410		151,545,683		582,723,801			451,823,401			488,988,253			144,347,038			380,237,332			381,537,535		68,401,335			272,934,336
Futures contracts		—		—		—			—			—			—			—			390,972		—			—
Purchased options		—		—		1,085,494			—			8,224,910			(388,134	)		—			—		—			—
Swap contracts		—		—		—			—			(240,249	)		—			—			—		—			—
Written options		—		—		555,399			27,103			(7,815,740	)		(142,424	)		—			—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—		—		954			6,131			5,530			(65	)		3,239			—		—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		242,521,410		151,545,683		584,365,648			451,856,635			489,162,704			143,816,415			380,240,571			381,928,507		68,401,335			272,934,336
Net realized and unrealized gain (loss) on total investments		293,552,250		201,013,917		699,570,226			479,140,306			646,163,981			182,651,801			540,117,791			533,127,803		72,917,595			281,803,016
Net increase (decrease) in net assets from operations	$	308,062,888	$	222,394,925	$	731,576,328		$	491,250,745		$	692,992,181		$	186,671,684		$	572,355,434		$	548,174,417	$	75,583,398		$	303,396,634
* Net of foreign withholding taxes of	$	—	$	7,200	$	190,952		$	2,512		$	165,951		$	15,442		$	197,195		$	7,981	$	3,223		$	3,155
^† Includes net realized gain (loss) from securities sold to affiliates of	$	1,761,105	$	633,775	$	3,652,272		$	(361,776	)	$	996,529		$	—		$	631,085		$	970,517	$	53,334		$	535,339

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Statements of operations (unaudited)	concluded

TIAA-CREF Funds ■ For the period ended April 30, 2017

	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			International Small-Cap Equity Fund^‡			Social Choice International Equity Fund

INVESTMENT INCOME
Dividends*	$	528,108		$	8,941,541		$	24,271,001		$	500,743		$	28,093,944		$	12,700,685		$	6,976,664		$	380,206
Interest		1,410			50,590			15,939			1,495			98,432			42,245			21,646			486
Income from securities lending		—			227,524			232,553			1,158			570,217			833,551			93,926			1,345
Payment from affiliate		—			146,981			—			73,143			183,961			93,643			—			—
Total income		529,518			9,366,636			24,519,493			576,539			28,946,554			13,670,124			7,092,236			382,037

EXPENSES
Management fees		71,279			4,602,557			3,114,294			273,840			9,493,971			3,879,947			1,205,550			40,866
Shareholder servicing – Institutional Class		124			938			1,363			209			6,478			941			1,142			146
Shareholder servicing – Advisor Class		33			41			31			45			929			10			616			56
Shareholder servicing – Premier Class		24			1			—			68			145			15			622			17
Shareholder servicing – Retirement Class		12,767			39,992			—			31,323			676,210			9,875			2,216			4,598
Shareholder servicing – Retail Class		2,838			4,871			—			6,024			137,356			2,477			2,121			1,678
Distribution fees – Premier Class		335			13,372			—			3,051			154,016			245			611			733
Distribution fees – Retail Class		4,260			6,726			—			10,969			636,738			2,115			1,075			2,273
Administrative service fees		31,626			41,060			28,292			34,055			71,699			42,982			31,472			31,319
Registration fees		43,958			45,996			37,065			45,606			64,911			44,152			36,657			43,734
Professional fees		23,591			35,818			27,986			26,881			38,586			33,438			34,028			26,403
Custody and accounting fees		16,185			245,441			77,421			11,596			286,194			82,835			67,479			35,412
Trustee fees and expenses		342			7,461			11,464			509			25,453			9,208			2,229			177
Other expenses		13,574			109,627			101,855			60,842			252,203			37,706			68,036			18,104
Total expenses		220,936			5,153,901			3,399,771			505,018			11,844,889			4,145,946			1,453,854			205,516
Less: Expenses reimbursed by the investment adviser		(109,968	)		(561	)		—			(107,867	)		—			(713	)		(57,070	)		(142,054	)
Fee waiver by investment adviser and TPIS		—			—			—			—			—			—			(92,735	)		—
Net expenses		110,968			5,153,340			3,399,771			397,151			11,844,889			4,145,233			1,304,049			63,462
Net investment income (loss)		418,550			4,213,296			21,119,722			179,388			17,101,665			9,524,891			5,788,187			318,575

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments^†		198,027			49,478,474			22,518,699			31,399,154			82,025,497			(3,873,373	)		(4,481,473	)		(37,615	)
Futures contracts		3,161			—			328,739			—			—			—			—			5,204
Foreign currency transactions		—			(710,903	)		(607,793	)		(6,499	)		(1,640,549	)		(328,243	)		(363,728	)		(2,700	)
Net realized gain (loss) on total investments		201,188			48,767,571			22,239,645			31,392,655			80,384,948			(4,201,616	)		(4,845,201	)		(35,111	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		6,368,482			99,910,737			137,402,107			(16,789,807	)		444,434,487			158,110,550			55,330,014			2,967,520
Forward foreign currency contracts		—			—			—			—			(2,815,366	)		—			—			—
Futures contracts		4,742			—			3,068			—			—			—			—			129
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—			37,498			167,047			(8,420	)		143,855			92,201			(12,325	)		2,836
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		6,373,224			99,948,235			137,572,222			(16,798,227	)		441,762,976			158,202,751			55,317,689			2,970,485
Net realized and unrealized gain (loss) on total investments		6,574,412			148,715,806			159,811,867			14,594,428			522,147,924			154,001,135			50,472,488			2,935,374
Net increase (decrease) in net assets from operations	$	6,992,962		$	152,929,102		$	180,931,589		$	14,773,816		$	539,249,589		$	163,526,026		$	56,260,675		$	3,253,949
* Net of foreign withholding taxes of	$	105		$	746,592		$	2,287,022		$	28,667		$	3,123,777		$	1,421,528		$	886,388		$	37,948
** Includes net change in unrealized foreign capital gains taxes of	$	—		$	(2,634,060	)	$	—		$	—		$	1,459,829		$	(523,562	)	$	—		$	—
^† Includes net realized gain (loss) from securities sold to affiliates of	$	14,296		$	—		$	179,226		$	(14,164	)	$	963,960		$	153,826		$	(26,199	)	$	(9,590	)
^‡ For the period December 9, 2016 to April 30, 2017.

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Enhanced Large-Cap Growth Index Fund						Enhanced Large-Cap Value Index Fund						Growth & Income Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund
		April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	14,510,638		$	29,896,183		$	21,381,008		$	44,511,999		$	32,006,102		$	60,962,174		$	12,110,439		$	15,242,103		$	46,828,200		$	100,819,135		$	4,019,883		$	4,844,968
Net realized gain (loss) on total investments			51,030,840			45,700,390			49,468,234			99,626,437			115,204,578			79,908,497			27,283,671			31,772,205			157,001,277			155,977,968			38,835,386			(5,292,483	)
Net change in unrealized appreciation (depreciation) on total investments			242,521,410			(18,314,477	)		151,545,683			(56,143,183	)		584,365,648			(35,458,531	)		451,856,635			(48,373,481	)		489,162,704			90,865,399			143,816,415			(58,256,526	)
Net increase (decrease) in net assets from operations			308,062,888			57,282,096			222,394,925			87,995,253			731,576,328			105,412,140			491,250,745			(1,359,173	)		692,992,181			347,662,502			186,671,684			(58,704,041	)

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(31,879,167	)		(21,477,094	)		(45,302,190	)		(43,394,194	)		(24,643,546	)		(43,179,535	)		(16,235,352	)		(9,098,396	)		(81,782,507	)		(56,769,962	)		(4,016,135	)		(1,926,579	)
	Advisor Class^†		(2,421	)		(104	)		(2,453	)		(227	)		(913	)		(1,022	)		(694	)		(34	)		(2,046	)		(136	)		(506	)		(19	)
	Premier Class		—			—			—			—			(787,239	)		(2,017,831	)		(196,853	)		(98,946	)		(4,923,728	)		(4,553,911	)		(386,168	)		(72,376	)
	Retirement Class		—			—			—			—			(2,691,754	)		(6,421,881	)		(582,628	)		(545,061	)		(15,088,727	)		(10,875,422	)		(969,191	)		—
	Retail Class		—			—			—			—			(3,238,271	)		(7,398,436	)		(1,679,681	)		(316,220	)		(2,165,321	)		(1,456,384	)		(319,587	)		—
From realized gains:	Institutional Class		(50,265,397	)		(184,289,251	)		(100,757,095	)		(116,788,900	)		(64,944,020	)		(202,166,408	)		(32,462,021	)		(83,625,344	)		(112,938,466	)		(225,069,075	)		—			(74,181,052	)
	Advisor Class^†		(3,844	)		(905	)		(5,485	)		(615	)		(1,783	)		(647	)		(1,457	)		(324	)		(2,844	)		(546	)		—			(771	)
	Premier Class		—			—			—			—			(2,414,753	)		(11,089,183	)		(518,842	)		(1,308,802	)		(7,443,311	)		(20,114,044	)		—			(10,524,325	)
	Retirement Class		—			—			—			—			(9,084,292	)		(40,150,240	)		(2,875,015	)		(7,968,778	)		(24,039,902	)		(53,164,632	)		—			(36,683,659	)
	Retail Class		—			—			—			—			(12,817,893	)		(50,876,795	)		(7,443,815	)		(21,868,961	)		(3,546,940	)		(7,500,731	)		—			(14,387,724	)
Total distributions			(82,150,829	)		(205,767,354	)		(146,067,223	)		(160,183,936	)		(120,624,464	)		(363,301,978	)		(61,996,358	)		(124,830,866	)		(251,933,792	)		(379,504,843	)		(5,691,587	)		(137,776,505	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		174,506,818			302,268,270			148,796,520			322,949,522			367,508,278			885,908,524			293,641,159			587,480,348			306,459,712			587,232,228			41,439,299			107,962,014
	Advisor Class^†		273,981			100,251			11,044			99,998			179,687			99,976			1,278,606			123,031			25,029			99,977			26,021			120,923
	Premier Class		—			—			—			—			13,886,379			21,965,703			4,926,105			13,912,351			28,237,876			34,184,018			8,144,128			11,006,364
	Retirement Class		—			—			—			—			21,267,998			24,009,027			37,238,349			177,141,065			41,998,250			40,591,030			14,893,880			17,732,928
	Retail Class		—			—			—			—			32,959,068			53,444,387			46,193,249			56,554,266			12,681,640			11,304,035			20,224,982			10,985,476
Reinvestments of distributions:	Institutional Class		82,144,564			205,766,345			146,059,285			160,183,094			69,807,131			209,291,362			48,498,013			92,435,936			194,248,698			281,259,858			3,995,597			75,511,023
	Advisor Class^†		1,941			—			—			—			87			—			398			—			—			—			—			—
	Premier Class		—			—			—			—			3,201,943			13,107,000			704,650			1,403,020			12,367,039			24,667,954			386,168			10,596,701
	Retirement Class		—			—			—			—			11,776,046			46,572,121			3,454,818			8,509,330			39,125,858			64,037,423			969,191			36,683,659
	Retail Class		—			—			—			—			15,560,461			56,482,960			8,833,767			21,566,863			5,524,498			8,689,204			310,713			14,026,685
Redemptions:	Institutional Class		(174,342,607	)		(320,882,267	)		(159,761,431	)		(274,559,344	)		(175,323,022	)		(315,556,783	)		(183,944,920	)		(400,821,705	)		(201,677,673	)		(552,810,429	)		(96,068,295	)		(237,519,105	)
	Advisor Class^†		(24,323	)		—			—			—			(29	)		—			(81,907	)		—			(19	)		—			(21	)		(20,765	)
	Premier Class		—			—			—			—			(13,376,319	)		(50,573,482	)		(6,248,200	)		(8,073,139	)		(20,330,405	)		(124,823,285	)		(19,631,509	)		(35,255,896	)
	Retirement Class		—			—			—			—			(41,274,652	)		(119,137,129	)		(47,328,166	)		(71,537,042	)		(57,241,982	)		(141,650,367	)		(32,597,109	)		(104,254,703	)
	Retail Class		—			—			—			—			(56,206,410	)		(99,829,909	)		(45,304,325	)		(75,470,009	)		(13,752,510	)		(19,143,231	)		(29,479,949	)		(29,653,508	)
Net increase (decrease) from shareholder transactions			82,560,374			187,252,599			135,105,418			208,673,270			249,966,646			725,783,757			161,861,596			403,224,315			347,666,011			213,638,415			(87,386,904	)		(122,078,204	)
Net increase (decrease) in net assets			308,472,433			38,767,341			211,433,120			136,484,587			860,918,510			467,893,919			591,115,983			277,034,276			788,724,400			181,796,074			93,593,193			(318,558,750	)

NET ASSETS
Beginning of period			2,047,411,316			2,008,643,975			2,031,137,880			1,894,653,293			5,334,862,393			4,866,968,474			3,632,829,904			3,355,795,628			5,737,160,769			5,555,364,695			1,416,899,988			1,735,458,738
End of period		$	2,355,883,749		$	2,047,411,316		$	2,242,571,000		$	2,031,137,880		$	6,195,780,903		$	5,334,862,393		$	4,223,945,887		$	3,632,829,904		$	6,525,885,169		$	5,737,160,769		$	1,510,493,181		$	1,416,899,988
Undistributed net investment income (loss) included in net assets		$	7,750,830		$	25,121,780		$	12,276,865		$	36,200,500		$	6,415,618		$	5,771,239		$	5,920,131		$	12,504,900		$	25,410,413		$	82,544,542		$	3,151,831		$	4,823,535

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		14,763,834			27,756,169			15,038,164			34,915,371			29,736,903			76,075,252			18,250,592			38,522,943			16,615,920			36,594,579			2,032,204			5,650,480
	Advisor Class^†		23,039			9,279			1,117			11,061			14,139			8,688			80,191			7,797			1,337			6,327			1,230			6,204
	Premier Class		—			—			—			—			1,101,970			1,915,326			303,485			901,074			1,526,787			2,112,550			393,019			582,988
	Retirement Class		—			—			—			—			1,677,617			2,022,902			2,293,431			11,210,918			2,284,604			2,458,192			741,866			952,295
	Retail Class		—			—			—			—			2,003,400			3,566,199			2,780,690			3,690,745			716,086			714,257			996,894			588,577
Shares reinvested:	Institutional Class		7,288,781			19,411,919			14,873,654			17,957,746			5,701,208			18,432,561			3,100,896			5,963,609			10,591,532			17,983,367			199,481			3,943,134
	Advisor Class^†		172			—			—			—			7			—			26			—			—			—			—			—
	Premier Class		—			—			—			—			260,667			1,153,320			45,083			90,517			675,425			1,580,266			19,376			556,257
	Retirement Class		—			—			—			—			944,331			4,037,083			221,889			551,480			2,139,194			4,104,963			49,626			1,963,793
	Retail Class		—			—			—			—			962,586			3,800,901			565,542			1,393,208			312,826			575,825			15,917			751,295
Shares redeemed:	Institutional Class		(15,167,815	)		(29,135,919	)		(15,922,133	)		(28,706,211	)		(14,031,380	)		(27,332,223	)		(11,426,677	)		(25,709,318	)		(10,936,287	)		(33,153,343	)		(4,796,343	)		(12,453,290	)
	Advisor Class^†		(2,031	)		—			—			—			(2	)		—			(5,064	)		—			(1	)		—			(1	)		(1,041	)
	Premier Class		—			—			—			—			(1,067,207	)		(4,514,397	)		(396,382	)		(524,056	)		(1,104,390	)		(7,734,356	)		(966,087	)		(1,860,882	)
	Retirement Class		—			—			—			—			(3,279,251	)		(10,141,123	)		(2,961,392	)		(4,689,315	)		(3,110,204	)		(8,578,931	)		(1,642,181	)		(5,612,190	)
	Retail Class		—			—			—			—			(3,425,292	)		(6,599,663	)		(2,814,693	)		(4,916,601	)		(779,114	)		(1,204,506	)		(1,464,298	)		(1,597,902	)
Net increase (decrease) from shareholder transactions			6,905,980			18,041,448			13,990,802			24,177,967			20,599,696			62,424,826			10,037,617			26,493,001			18,933,715			15,459,190			(4,419,297	)		(6,530,282	)

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

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Statements of changes in net assets	continued

TIAA-CREF Funds ■ For the period or year ended

		Mid-Cap Value Fund						Small-Cap Equity Fund						Small/Mid-Cap Equity Fund						Social Choice Equity Fund						Social Choice Low Carbon Equity Fund						Emerging Markets Equity Fund
		April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016		^{^}	April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	32,237,643		$	83,966,511		$	15,046,614		$	27,546,656		$	2,665,803		$	42,901		$	21,593,618		$	51,285,582		$	418,550		$	1,061,959		$	4,213,296		$	11,151,824
Net realized gain (loss) on total investments			159,877,220			132,383,038			151,199,296			83,606,766			4,516,260			(89,484	)		8,868,680			123,766,296			201,188			(205,953	)		48,767,571			6,417,518
Net change in unrealized appreciation (depreciation) on total investments			380,240,571			42,778,751			381,928,507			(25,504,268	)		68,401,335			(9,896,981	)		272,934,336			(55,455,230	)		6,373,224			1,618,184			99,948,235			69,338,387
Net increase (decrease) in net assets from operations			572,355,434			259,128,300			548,174,417			85,649,154			75,583,398			(9,943,564	)		303,396,634			119,596,648			6,992,962			2,474,190			152,929,102			86,907,729

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(58,994,565	)		(47,690,885	)		(21,200,174	)		(15,294,297	)		(1,034,971	)		—			(34,497,015	)		(24,490,180	)		(883,976	)		(188,748	)		(9,568,103	)		(9,120,009	)
	Advisor Class^†		(3,589	)		(141	)		(6,160	)		(71	)		(1,962	)		—			(5,425	)		(182	)		(2,681	)		(51	)		(973	)		(96	)
	Premier Class		(6,142,226	)		(5,006,213	)		(1,540,463	)		(1,125,473	)		(1,682	)		—			(1,805,797	)		(1,291,137	)		(6,875	)		(4,778	)		(121,863	)		(80,120	)
	Retirement Class		(16,373,856	)		(12,544,437	)		(4,439,993	)		(2,764,208	)		(3,973	)		—			(6,754,037	)		(5,107,138	)		(157,213	)		(12,257	)		(173,903	)		(206,640	)
	Retail Class		(4,312,537	)		(3,306,898	)		(1,005,289	)		(512,400	)		(2,453	)		—			(9,125,948	)		(15,309,613	)		(52,446	)		(6,656	)		(21,559	)		(21,878	)
From realized gains:	Institutional Class		(94,420,616	)		(293,841,533	)		(58,087,665	)		(144,242,447	)		—			—			(64,534,152	)		(44,511,977	)		(293,994	)		(3,903	)		—			—
	Advisor Class^†		(5,805	)		(877	)		(17,289	)		(684	)		—			—			(10,092	)		(325	)		(901	)		(1	)		—			—
	Premier Class		(10,723,682	)		(34,453,503	)		(4,923,468	)		(13,081,361	)		—			—			(3,601,113	)		(2,561,759	)		(2,726	)		(109	)		—			—
	Retirement Class		(30,347,363	)		(95,322,348	)		(15,825,424	)		(39,101,406	)		—			—			(14,164,638	)		(10,904,788	)		(56,407	)		(291	)		—			—
	Retail Class		(8,213,953	)		(26,138,124	)		(3,787,262	)		(8,133,135	)		—			—			(20,792,711	)		(32,289,674	)		(20,212	)		(179	)		—			—
Total distributions			(229,538,192	)		(518,304,959	)		(110,833,187	)		(224,255,482	)		(1,045,041	)		—			(155,290,928	)		(136,466,773	)		(1,477,431	)		(216,973	)		(9,886,401	)		(9,428,743	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		224,021,884			494,831,271			126,020,372			316,776,601			166,904,059			386,214,333			171,834,474			196,613,011			9,371,379			25,247,935			172,240,289			255,349,371
	Advisor Class^†		193,064			131,898			1,331,836			510,702			54,032			1,005,000			6,612,966			152,478			38,500			110,016			515,300			100,062
	Premier Class		13,481,931			40,027,444			15,286,269			28,284,366			—			1,000,010			8,172,431			20,563,414			113,798			95,844			5,615,330			6,344,885
	Retirement Class		21,842,362			41,705,971			26,775,507			47,039,245			3,825,774			1,219,673			21,273,179			26,831,387			6,403,076			5,847,050			17,221,441			4,589,206
	Retail Class		19,187,831			23,616,585			31,781,624			28,647,399			1,299,759			1,375,946			40,392,305			98,812,418			2,523,203			2,388,268			3,377,178			709,921
Reinvestments of distributions:	Institutional Class		151,734,646			335,010,003			79,139,728			159,321,936			1,034,930			—			94,181,481			65,889,986			978,800			68,971			9,568,103			9,120,009
	Advisor Class^†		4,202			—			19,433			—			19			—			8,158			—			298			—			—			—
	Premier Class		16,865,907			39,459,716			6,463,931			14,206,834			—			—			5,053,175			3,805,791			2,585			—			121,790			80,047
	Retirement Class		46,717,954			107,859,195			20,264,258			41,865,029			2,291			—			20,887,918			15,985,227			213,318			7,849			173,842			206,560
	Retail Class		12,140,486			28,545,566			4,613,976			8,389,168			1,199			—			28,981,311			46,813,660			72,071			2,675			20,971			21,109
Redemptions:	Institutional Class		(331,404,375	)		(802,803,796	)		(180,745,382	)		(331,527,970	)		(19,036,112	)		(6,045,664	)		(147,551,288	)		(178,712,952	)		(2,745,479	)		(18,866,259	)		(275,579,157	)		(189,843,054	)
	Advisor Class^†		(63,548	)		—			(3,946	)		—			(12,967	)		—			(22,093	)		—			—			—			—			(50	)
	Premier Class		(48,442,339	)		(83,803,176	)		(17,227,355	)		(42,515,926	)		—			—			(14,164,468	)		(21,112,004	)		(18,155	)		(776,271	)		(491,524	)		(996,247	)
	Retirement Class		(103,909,132	)		(153,092,657	)		(47,743,728	)		(63,460,101	)		(1,471,967	)		(8,264	)		(27,841,778	)		(52,361,198	)		(721,867	)		(1,559,641	)		(2,757,145	)		(8,900,273	)
	Retail Class		(31,533,446	)		(55,744,500	)		(14,388,094	)		(17,375,399	)		(653,159	)		(204,091	)		(62,490,481	)		(626,013,557	)		(340,503	)		(1,474,990	)		(1,164,632	)		(1,121,643	)
Net increase (decrease) from shareholder transactions			(9,162,573	)		15,743,520			51,588,429			190,161,884			151,947,858			384,556,943			145,327,290			(402,732,339	)		15,891,024			11,091,447			(71,138,214	)		75,659,903
Net increase (decrease) in net assets			333,654,669			(243,433,139	)		488,929,659			51,555,556			226,486,215			374,613,379			293,432,996			(419,602,464	)		21,406,555			13,348,664			71,904,487			153,138,889

NET ASSETS
Beginning of period			4,902,109,649			5,145,542,788			2,941,035,817			2,889,480,261			374,613,379			—			2,281,760,752			2,701,363,216			46,313,487			32,964,823			1,115,277,532			962,138,643
End of period		$	5,235,764,318		$	4,902,109,649		$	3,429,965,476		$	2,941,035,817		$	601,099,594		$	374,613,379		$	2,575,193,748		$	2,281,760,752		$	67,720,042		$	46,313,487		$	1,187,182,019		$	1,115,277,532
Undistributed net investment income (loss) included in net assets		$	9,612,199		$	63,201,329		$	6,555,019		$	19,700,484		$	1,664,688		$	43,926		$	11,867,625		$	42,462,229		$	246,089		$	930,730		$	3,542,775		$	9,215,880

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		9,556,362			23,570,772			6,716,673			20,078,334			15,778,920			39,064,218			10,098,436			12,373,052			849,226			2,507,716			17,436,594			29,260,990
	Advisor Class^†		8,124			6,345			72,012			30,525			4,963			100,507			394,540			9,608			3,446			11,306			48,379			11,899
	Premier Class		575,908			1,911,670			822,419			1,787,919			—			100,001			483,353			1,281,218			10,517			9,122			558,216			714,590
	Retirement Class		941,086			1,955,407			1,464,077			3,016,096			354,240			121,943			1,226,520			1,656,135			584,353			583,623			1,706,994			515,227
	Retail Class		838,498			1,138,111			1,754,860			1,880,413			122,682			137,948			2,629,535			6,934,824			225,710			244,429			334,340			81,819
Shares reinvested:	Institutional Class		6,498,272			16,675,461			4,191,723			10,077,289			94,514			—			5,642,989			4,314,996			90,378			7,199			1,038,882			1,094,839
	Advisor Class^†		180			—			1,030			—			2			—			489			—			27			—			—			—
	Premier Class		723,548			1,967,085			344,009			902,594			—			—			303,676			249,888			238			—			13,224			9,610
	Retirement Class		2,010,239			5,395,658			1,097,144			2,704,459			209			—			1,233,053			1,031,971			19,733			819			18,916			24,857
	Retail Class		531,778			1,451,962			252,129			546,525			109			—			1,923,113			3,380,047			6,655			279			2,279			2,534
Shares redeemed:	Institutional Class		(14,167,832	)		(37,152,613	)		(9,784,598	)		(20,126,602	)		(1,725,428	)		(602,811	)		(8,685,276	)		(11,170,570	)		(247,648	)		(1,835,625	)		(27,975,369	)		(21,146,327	)
	Advisor Class^†		(2,743	)		—			(210	)		—			(1,158	)		—			(1,311	)		—			—			—			—			(6	)
	Premier Class		(2,073,970	)		(3,990,287	)		(929,819	)		(2,743,115	)		—			—			(841,675	)		(1,326,486	)		(1,642	)		(75,002	)		(52,634	)		(115,885	)
	Retirement Class		(4,461,359	)		(7,304,954	)		(2,607,337	)		(4,066,659	)		(134,792	)		(840	)		(1,606,076	)		(3,257,409	)		(66,500	)		(152,991	)		(282,278	)		(987,994	)
	Retail Class		(1,378,685	)		(2,691,321	)		(798,579	)		(1,132,585	)		(60,049	)		(20,733	)		(4,043,558	)		(41,998,507	)		(31,118	)		(148,060	)		(114,951	)		(126,048	)
Net increase (decrease) from shareholder transactions			(400,594	)		2,933,296			2,595,533			12,955,193			14,434,212			38,900,233			8,757,808			(26,521,233	)		1,443,375			1,152,815			(7,267,408	)		9,340,105

^†	Advisor Class commenced operations on December 4, 2015.
^	For the period August 5, 2016 to October 31, 2016.

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Statements of changes in net assets	concluded

TIAA-CREF Funds ■ For the period or year ended

		Enhanced International Equity Index Fund						Global Natural Resources Fund						International Equity Fund						International Opportunities Fund						International Small-Cap Equity Fund			Social Choice International Equity Fund
		April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016			April 30, 2017^‡			April 30, 2017			October 31, 2016
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)	(unaudited		)

OPERATIONS
Net investment income (loss)		$	21,119,722		$	42,223,272		$	179,388		$	3,939,915		$	17,101,665		$	62,845,144		$	9,524,891		$	16,651,455		$	5,788,187		$	318,575		$	593,997
Net realized gain (loss) on total investments			22,239,645			(88,695,773	)		31,392,655			(4,304,094	)		80,384,948			(126,615,072	)		(4,201,616	)		(28,457,562	)		(4,845,201	)		(35,111	)		(281,743	)
Net change in unrealized appreciation (depreciation) on total investments			137,572,222			11,299,145			(16,798,227	)		24,522,577			441,762,976			(31,127,935	)		158,202,751			937,043			55,317,689			2,970,485			(603,069	)
Net increase (decrease) in net assets from operations			180,931,589			(35,173,356	)		14,773,816			24,158,398			539,249,589			(94,897,863	)		163,526,026			(10,869,064	)		56,260,675			3,253,949			(290,815	)

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(45,635,676	)		(37,422,438	)		(2,363,996	)		(5,601,178	)		(42,357,609	)		(34,393,641	)		(17,375,182	)		(14,300,760	)		(21,861	)		(494,959	)		(104,087	)
	Advisor Class^†		(2,785	)		(287	)		(4,997	)		(248	)		(1,500	)		(122	)		(1,281	)		(120	)		(950	)		(2,567	)		(63	)
	Premier Class		—			—			(133,707	)		(78,600	)		(2,690,942	)		(2,714,360	)		(2,879	)		(11,121	)		(950	)		(23,169	)		(5,543	)
	Retirement Class		—			—			(797,278	)		(245,740	)		(6,235,533	)		(5,761,383	)		(75,044	)		(75,311	)		(890	)		(76,493	)		(10,124	)
	Retail Class		—			—			(440,706	)		(101,273	)		(9,427,234	)		(12,557,350	)		(12,757	)		(14,067	)		(814	)		(29,532	)		(4,910	)
From realized gains:	Institutional Class		—			—			—			—			—			—			—			—			—			—			—
	Advisor Class^†		—			—			—			—			—			—			—			—			—			—			—
	Premier Class		—			—			—			—			—			—			—			—			—			—			—
	Retirement Class		—			—			—			—			—			—			—			—			—			—			—
	Retail Class		—			—			—			—			—			—			—			—			—			—			—
Total distributions			(45,638,461	)		(37,422,725	)		(3,740,684	)		(6,027,039	)		(60,712,818	)		(55,426,856	)		(17,467,143	)		(14,401,379	)		(25,465	)		(626,720	)		(124,727	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		224,287,155			342,793,936			9,437,371			66,915,995			389,419,083			586,857,549			113,520,955			280,168,251			799,660,675			3,303,882			3,066,645
	Advisor Class^†		10,535			100,976			43,735			103,040			3,966,034			120,945			—			99,961			1,000,000			329,552			100,038
	Premier Class		—			—			321,734			515,648			14,992,218			28,083,241			2,064			71,984			1,000,010			30,707			7,729
	Retirement Class		—			—			9,601,951			10,892,589			28,571,427			14,321,876			2,575,886			3,180,121			2,471,677			1,797,149			1,619,571
	Retail Class		—			—			11,107,164			2,773,677			21,313,543			530,041,795			367,134			755,730			1,237,050			1,281,131			999,279
Reinvestments of distributions:	Institutional Class		45,635,676			37,422,438			2,363,996			5,601,178			42,026,369			34,143,722			17,375,182			14,300,760			—			42,855			251
	Advisor Class^†		47			—			908			—			—			—			—			—			—			—			—
	Premier Class		—			—			118,193			69,070			2,650,499			2,705,350			632			—			—			918			—
	Retirement Class		—			—			797,278			245,740			6,234,154			5,760,455			74,938			75,209			—			54,643			4,727
	Retail Class		—			—			434,574			94,405			9,250,571			12,401,092			12,536			13,814			—			8,898			256
Redemptions:	Institutional Class		(237,092,378	)		(78,723,777	)		(115,521,671	)		(213,158,605	)		(392,791,872	)		(546,592,789	)		(275,283,472	)		(137,194,612	)		(24,539,087	)		(67,893	)		(105,003	)
	Advisor Class^†		(20	)		—			(3,392	)		—			(322,325	)		(21,237	)		—			—			—			—			—
	Premier Class		—			—			(1,701,922	)		(272,532	)		(13,678,167	)		(73,478,015	)		(31,605	)		(790,410	)		(10	)		—			(19	)
	Retirement Class		—			—			(10,652,565	)		(4,139,049	)		(36,047,784	)		(112,975,343	)		(1,593,767	)		(4,384,403	)		(173,561	)		(456,203	)		(208,462	)
	Retail Class		—			—			(11,311,891	)		(2,094,674	)		(57,300,489	)		(304,189,051	)		(207,639	)		(1,077,950	)		(2,540	)		(90,798	)		(608,153	)
Net increase (decrease) from shareholder transactions			32,841,015			301,593,573			(104,964,537	)		(132,453,518	)		18,283,261			177,179,590			(143,187,156	)		155,218,455			780,654,214			6,234,841			4,876,859
Net increase (decrease) in net assets			168,134,143			228,997,492			(93,931,405	)		(114,322,159	)		496,820,032			26,854,871			2,871,727			129,948,012			836,889,424			8,862,070			4,461,317

NET ASSETS
Beginning of period			1,521,613,015			1,292,615,523			137,559,721			251,881,880			4,080,210,906			4,053,356,035			1,308,256,035			1,178,308,023			—		$	24,255,355			19,794,038
End of period		$	1,689,747,158		$	1,521,613,015		$	43,628,316		$	137,559,721		$	4,577,030,938		$	4,080,210,906		$	1,311,127,762		$	1,308,256,035		$	836,889,424		$	33,117,425		$	24,255,355
Undistributed net investment income (loss) included in net assets		$	15,274,147		$	39,792,886		$	(47,143	)	$	3,514,153		$	16,894,737		$	60,505,890		$	7,355,895		$	15,298,147		$	5,762,722		$	250,137		$	558,282

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		32,733,914			50,413,603			1,087,308			9,934,342			36,854,711			57,053,899			11,095,309			28,667,007			76,579,231			348,093			329,540
	Advisor Class^†		1,487			14,816			4,865			15,711			384,625			11,749			—			9,892			100,000			34,364			10,963
	Premier Class		—			—			37,596			72,337			1,382,331			2,728,168			198			7,014			100,001			3,385			817
	Retirement Class		—			—			1,118,607			1,495,701			2,534,811			1,335,243			241,907			321,179			237,936			187,694			176,595
	Retail Class		—			—			1,268,488			386,610			3,010,442			73,195,642			34,540			75,072			122,116			133,629			109,240
Shares reinvested:	Institutional Class		6,740,868			5,519,534			265,916			860,396			4,025,514			3,350,709			1,718,613			1,422,961			—			4,648			28
	Advisor Class^†		7			—			102			—			—			—			—			—			—			—			—
	Premier Class		—			—			13,295			10,610			254,367			265,752			62			—			—			99			—
	Retirement Class		—			—			89,683			37,690			576,170			545,498			7,412			7,484			—			5,933			519
	Retail Class		—			—			48,939			14,479			1,325,297			1,807,739			1,239			1,373			—			965			28
Shares redeemed:	Institutional Class		(33,717,639	)		(11,583,882	)		(13,559,424	)		(27,976,657	)		(36,372,466	)		(52,419,789	)		(26,001,575	)		(13,599,628	)		(2,362,066	)		(7,071	)		(11,532	)
	Advisor Class^†		(3	)		—			(418	)		—			(30,207	)		(1,965	)		—			—			—			—			—
	Premier Class		—			—			(204,503	)		(37,661	)		(1,274,924	)		(7,159,211	)		(2,924	)		(76,147	)		(1	)		—			(2	)
	Retirement Class		—			—			(1,270,855	)		(584,147	)		(3,250,594	)		(10,622,125	)		(152,596	)		(439,552	)		(16,069	)		(48,441	)		(22,834	)
	Retail Class		—			—			(1,317,982	)		(290,819	)		(8,066,559	)		(43,159,462	)		(19,932	)		(107,683	)		(250	)		(9,915	)		(65,181	)
Net increase (decrease) from shareholder transactions			5,758,634			44,364,071			(12,418,383	)		(16,061,408	)		1,353,518			26,931,847			(13,077,747	)		16,288,972			74,760,898			653,383			528,181

^†	Advisor Class commenced operations on December 4, 2015.
^‡	For the period December 9, 2016 to April 30, 2017.

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Financial highlights

TIAA-CREF Funds

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

ENHANCED LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/17	^#	$	11.14	$	0.08	$	1.60		$	1.68	$	(0.18	)	$	(0.29	)	$	(0.47	)	$	12.35
	10/31/16			12.12		0.16		0.10			0.26		(0.13	)		(1.11	)		(1.24	)		11.14
	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
Advisor Class:	4/30/17	^#		11.14		0.07		1.61			1.68		(0.18	)		(0.29	)		(0.47	)		12.35
	10/31/16	^‡		12.28		0.14		(0.04	)		0.10		(0.13	)		(1.11	)		(1.24	)		11.14

ENHANCED LARGE-CAP VALUE INDEX FUND
Institutional Class:	4/30/17	^#		9.61		0.10		0.96			1.06		(0.22	)		(0.50	)		(0.72	)		9.95
	10/31/16			10.12		0.21		0.14			0.35		(0.23	)		(0.63	)		(0.86	)		9.61
	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
Advisor Class:	4/30/17	^#		9.61		0.10		0.96			1.06		(0.22	)		(0.50	)		(0.72	)		9.95
	10/31/16	^‡		10.18		0.20		0.09			0.29		(0.23	)		(0.63	)		(0.86	)		9.61

GROWTH & INCOME FUND
Institutional Class:	4/30/17	^#		11.76		0.07		1.52			1.59		(0.08	)		(0.21	)		(0.29	)		13.06
	10/31/16			12.50		0.16		0.08			0.24		(0.16	)		(0.82	)		(0.98	)		11.76
	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
Advisor Class:	4/30/17	^#		11.77		0.07		1.51			1.58		(0.07	)		(0.21	)		(0.28	)		13.07
	10/31/16	^‡		12.71		0.14		(0.11	)		0.03		(0.15	)		(0.82	)		(0.97	)		11.77
Premier Class:	4/30/17	^#		11.77		0.06		1.52			1.58		(0.07	)		(0.21	)		(0.28	)		13.07
	10/31/16			12.51		0.14		0.09			0.23		(0.15	)		(0.82	)		(0.97	)		11.77
	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
Retirement Class:	4/30/17	^#		11.95		0.06		1.53			1.59		(0.06	)		(0.21	)		(0.27	)		13.27
	10/31/16			12.68		0.13		0.09			0.22		(0.13	)		(0.82	)		(0.95	)		11.95
	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
Retail Class:	4/30/17	^#		15.43		0.07		1.98			2.05		(0.05	)		(0.21	)		(0.26	)		17.22
	10/31/16			16.08		0.16		0.13			0.29		(0.12	)		(0.82	)		(0.94	)		15.43
	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

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

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

ENHANCED LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/17	^#		15.47	%^b		15.47	%^b	$	2,355,508		0.34	%^c		0.34	%^c		1.36	%^c		1.36	%^c		32	%^b
	10/31/16			2.68			2.68			2,047,308		0.34			0.34			1.44			1.44			121
	10/31/15			10.08			10.08			2,008,644		0.34			0.34			1.06			1.06			112
	10/31/14			14.75			14.75			1,785,221		0.35			0.35			1.22			1.22			105
	10/31/13			25.73			25.73			1,471,091		0.37			0.37			1.34			1.34			104
	10/31/12			12.07			12.07			1,007,636		0.38			0.38			1.16			1.16			150
Advisor Class:	4/30/17	^#		15.46	^b		15.46	^b		376		0.40	^c		0.40	^c		1.19	^c		1.19	^c		32	^b
	10/31/16	^‡		1.32	^b		1.32	^b		103		0.36	^c		0.36	^c		1.38	^c		1.38	^c		121

ENHANCED LARGE-CAP VALUE INDEX FUND
Institutional Class:	4/30/17	^#		11.12	^b		11.12	^b		2,242,450		0.34	^c		0.34	^c		1.99	^c		1.99	^c		36	^b
	10/31/16			4.10			4.10			2,031,032		0.34			0.34			2.24			2.24			149
	10/31/15			1.34			1.34			1,894,653		0.35			0.35			2.26			2.26			89
	10/31/14			14.29			14.29			1,723,933		0.35			0.35			1.63			1.63			91
	10/31/13			28.65			28.65			1,415,633		0.36			0.36			1.86			1.86			80
	10/31/12			14.73			14.73			1,050,177		0.38			0.38			2.12			2.12			87
Advisor Class:	4/30/17	^#		11.10	^b		11.10	^b		121		0.36	^c		0.36	^c		1.96	^c		1.96	^c		36	^b
	10/31/16	^‡		3.47	^b		3.47	^b		106		0.36	^c		0.36	^c		2.38	^c		2.38	^c		149
GROWTH & INCOME FUND
Institutional Class:	4/30/17	^#		13.61	^b		13.60	^b		4,372,823		0.41	^c		0.41	^c		1.19	^c		1.17	^c		44	^b
	10/31/16			2.32			2.28			3,686,969		0.42			0.42			1.36			1.31			83
	10/31/15			6.74			6.74			3,078,681		0.43			0.43			1.08			1.08			90
	10/31/14			15.48			15.48			2,893,199		0.44			0.44			1.06			1.06			98
	10/31/13			29.53			29.53			2,307,313		0.45			0.45			1.35			1.35			146
	10/31/12			14.83			14.83			1,547,720		0.46			0.46			1.33			1.33			111
Advisor Class:	4/30/17	^#		13.57	^b		13.56	^b		298		0.45	^c		0.45	^c		1.10	^c		1.08	^c		44	^b
	10/31/16	^‡		0.63	^b		0.59	^b		102		0.43	^c		0.43	^c		1.31	^c		1.26	^c		83
Premier Class:	4/30/17	^#		13.51	^b		13.50	^b		159,219		0.56	^c		0.56	^c		1.04	^c		1.03	^c		44	^b
	10/31/16			2.16			2.12			139,939		0.57			0.57			1.22			1.18			83
	10/31/15			6.65			6.65			166,799		0.58			0.58			0.94			0.94			90
	10/31/14			15.30			15.30			174,273		0.59			0.59			0.92			0.92			98
	10/31/13			29.20			29.20			169,367		0.60			0.60			1.23			1.23			146
	10/31/12			14.77			14.77			152,950		0.61			0.61			1.20			1.20			111
Retirement Class:	4/30/17	^#		13.42	^b		13.41	^b		589,565		0.66	^c		0.66	^c		0.94	^c		0.93	^c		44	^b
	10/31/16			2.11			2.07			538,718		0.67			0.67			1.12			1.08			83
	10/31/15			6.45			6.45			623,557		0.68			0.68			0.84			0.84			90
	10/31/14			15.26			15.26			687,630		0.69			0.69			0.82			0.82			98
	10/31/13			29.05			29.05			623,206		0.70			0.70			1.12			1.12			146
	10/31/12			14.61			14.61			528,574		0.71			0.71			1.08			1.08			111
Retail Class:	4/30/17	^#		13.38	^b		13.37	^b		1,073,875		0.71	^c		0.71	^c		0.89	^c		0.87	^c		44	^b
	10/31/16			2.05			2.01			969,135		0.72			0.72			1.06			1.02			83
	10/31/15			6.43			6.43			997,931		0.73			0.73			0.78			0.78			90
	10/31/14			15.12			15.12			960,469		0.76			0.76			0.75			0.75			98
	10/31/13			28.98			28.98			857,921		0.79			0.79			1.03			1.03			146
	10/31/12			14.52			14.52			674,389		0.82			0.82			0.99			0.99			111

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Financial highlights

TIAA-CREF Funds

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

LARGE-CAP GROWTH FUND
Institutional Class:	4/30/17	^#	$	15.70	$	0.06		$	2.01		$	2.07		$	(0.09	)	$	(0.19	)	$	(0.28	)	$	17.49
	10/31/16			16.37		0.08			(0.15	)		(0.07	)		(0.06	)		(0.54	)		(0.60	)		15.70
	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
Advisor Class:	4/30/17	^#		15.70		0.04			2.03			2.07			(0.09	)		(0.19	)		(0.28	)		17.49
	10/31/16	^‡		16.72		0.06			(0.48	)		(0.42	)		(0.06	)		(0.54	)		(0.60	)		15.70
Premier Class:	4/30/17	^#		15.67		0.05			2.01			2.06			(0.07	)		(0.19	)		(0.26	)		17.47
	10/31/16			16.35		0.06			(0.16	)		(0.10	)		(0.04	)		(0.54	)		(0.58	)		15.67
	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
Retirement Class:	4/30/17	^#		15.58		0.03			2.01			2.04			(0.04	)		(0.19	)		(0.23	)		17.39
	10/31/16			16.28		0.03			(0.15	)		(0.12	)		(0.04	)		(0.54	)		(0.58	)		15.58
	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
Retail Class:	4/30/17	^#		15.63		0.03			2.01			2.04			(0.04	)		(0.19	)		(0.23	)		17.44
	10/31/16			16.31		0.03			(0.16	)		(0.13	)		(0.01	)		(0.54	)		(0.55	)		15.63
	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

LARGE-CAP VALUE FUND
Institutional Class:	4/30/17	^#		17.31		0.14			1.96			2.10			(0.33	)		(0.45	)		(0.78	)		18.63
	10/31/16			17.59		0.31			0.62			0.93			(0.24	)		(0.97	)		(1.21	)		17.31
	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
Advisor Class:	4/30/17	^#		17.31		0.14			1.94			2.08			(0.32	)		(0.45	)		(0.77	)		18.62
	10/31/16	^‡		17.69		0.26			0.57			0.83			(0.24	)		(0.97	)		(1.21	)		17.31
Premier Class:	4/30/17	^#		17.26		0.13			1.94			2.07			(0.30	)		(0.45	)		(0.75	)		18.58
	10/31/16			17.53		0.28			0.64			0.92			(0.22	)		(0.97	)		(1.19	)		17.26
	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
Retirement Class:	4/30/17	^#		17.23		0.12			1.94			2.06			(0.28	)		(0.45	)		(0.73	)		18.56
	10/31/16			17.50		0.26			0.64			0.90			(0.20	)		(0.97	)		(1.17	)		17.23
	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
Retail Class:	4/30/17	^#		16.66		0.11			1.86			1.97			(0.27	)		(0.45	)		(0.72	)		17.91
	10/31/16			16.96		0.25			0.61			0.86			(0.19	)		(0.97	)		(1.16	)		16.66
	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

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

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

LARGE-CAP GROWTH FUND
Institutional Class:	4/30/17	^#		13.40	%^b		13.40	%^b	$	3,192,297		0.43	%^c		0.43	%^c		0.71	%^c		0.70	%^c		53	%^b
	10/31/16			(0.37	)		(0.40	)		2,709,979		0.43			0.43			0.51			0.49			86
	10/31/15			11.14			11.14			2,518,469		0.44			0.44			0.32			0.32			80
	10/31/14			18.18			18.18			2,140,596		0.46			0.46			0.37			0.37			96
	10/31/13			33.71			33.71			1,581,268		0.46			0.46			0.61			0.61			102
	10/31/12			10.95			10.95			1,082,094		0.47			0.47			0.48			0.48			148
Advisor Class:	4/30/17	^#		13.37	^b		13.37	^b		1,451		0.51	^c		0.51	^c		0.51	^c		0.50	^c		53	^b
	10/31/16	^‡		(2.47	)^b		(2.50	)^b		122		0.46	^c		0.46	^c		0.45	^c		0.42	^c		86
Premier Class:	4/30/17	^#		13.33	^b		13.33	^b		47,911		0.58	^c		0.58	^c		0.57	^c		0.56	^c		53	^b
	10/31/16			(0.55	)		(0.58	)		43,732		0.58			0.58			0.36			0.34			86
	10/31/15			11.06			11.06			37,977		0.59			0.59			0.14			0.14			80
	10/31/14			17.91			17.91			9,194		0.61			0.61			0.21			0.21			96
	10/31/13			33.68			33.68			5,110		0.62			0.62			0.48			0.48			102
	10/31/12			10.72			10.72			4,288		0.63			0.63			0.35			0.35			148
Retirement Class:	4/30/17	^#		13.23	^b		13.23	^b		270,788		0.76	^c		0.76	^c		0.39	^c		0.38	^c		53	^b
	10/31/16			(0.71	)		(0.74	)		249,606		0.78			0.77			0.17			0.14			86
	10/31/15			10.83			10.83			145,672		0.70			0.70			0.07			0.07			80
	10/31/14			17.89			17.89			102,990		0.71			0.71			0.13			0.13			96
	10/31/13			33.49			33.49			191,225		0.71			0.71			0.34			0.34			102
	10/31/12			10.57			10.57			111,273		0.72			0.72			0.23			0.23			148
Retail Class:	4/30/17	^#		13.22	^b		13.22	^b		711,500		0.76	^c		0.76	^c		0.39	^c		0.38	^c		53	^b
	10/31/16			(0.76	)		(0.78	)		629,391		0.76			0.76			0.19			0.16			86
	10/31/15			10.81			10.81			653,677		0.78			0.78			(0.01	)		(0.01	)		80
	10/31/14			17.75			17.75			580,569		0.81			0.81			0.02			0.02			96
	10/31/13			33.29			33.29			493,908		0.85			0.85			0.24			0.24			102
	10/31/12			10.44			10.44			387,606		0.89			0.89			0.06			0.06			148

LARGE-CAP VALUE FUND
Institutional Class:	4/30/17	^#		12.17	^b		12.16	^b		5,036,316		0.41	^c		0.39	^c		1.55	^c		1.54	^c		24	^b
	10/31/16			6.02			5.97			4,399,435		0.41			0.39			1.86			1.81			62
	10/31/15			0.83			0.83			4,091,753		0.42			0.41			1.35			1.35			61
	10/31/14			11.78			11.78			3,734,156		0.44			0.44			1.84			1.84			49
	10/31/13			31.38			31.38			2,837,163		0.45			0.45			1.78			1.78			54
	10/31/12			16.79			16.79			1,774,248		0.46			0.46			1.93			1.93			63
Advisor Class:	4/30/17	^#		12.10	^b		12.09	^b		143		0.43	^c		0.41	^c		1.50	^c		1.48	^c		24	^b
	10/31/16	^‡		5.41	^b		5.36	^b		110		0.43	^c		0.41	^c		1.79	^c		1.74	^c		62
Premier Class:	4/30/17	^#		12.04	^b		12.03	^b		326,663		0.56	^c		0.54	^c		1.40	^c		1.39	^c		24	^b
	10/31/16			5.93			5.89			284,476		0.56			0.54			1.72			1.68			62
	10/31/15			0.62			0.62			359,857		0.57			0.56			1.20			1.20			61
	10/31/14			11.59			11.59			380,387		0.59			0.59			1.70			1.70			49
	10/31/13			31.21			31.21			331,817		0.60			0.60			1.65			1.65			54
	10/31/12			16.66			16.66			267,987		0.61			0.61			1.79			1.79			63
Retirement Class:	4/30/17	^#		12.03	^b		12.02	^b		1,015,934		0.66	^c		0.64	^c		1.31	^c		1.30	^c		24	^b
	10/31/16			5.80			5.75			920,779		0.66			0.64			1.61			1.57			62
	10/31/15			0.53			0.53			970,460		0.67			0.66			1.11			1.11			61
	10/31/14			11.51			11.51			1,061,428		0.69			0.69			1.62			1.62			49
	10/31/13			31.06			31.06			1,162,308		0.70			0.70			1.54			1.54			54
	10/31/12			16.53			16.53			794,585		0.71			0.71			1.70			1.70			63
Retail Class:	4/30/17	^#		11.91	^b		11.90	^b		146,830		0.72	^c		0.71	^c		1.24	^c		1.23	^c		24	^b
	10/31/16			5.74			5.69			132,362		0.73			0.70			1.55			1.50			62
	10/31/15			0.51			0.51			133,294		0.74			0.72			1.04			1.04			61
	10/31/14			11.39			11.39			138,226		0.76			0.76			1.53			1.53			49
	10/31/13			30.94			30.94			125,958		0.80			0.80			1.44			1.44			54
	10/31/12			16.36			16.36			86,119		0.84			0.84			1.58			1.58			63

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

Financial highlights

TIAA-CREF Funds

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

MID-CAP GROWTH FUND
Institutional Class:	4/30/17	^#	$	19.07	$	0.07		$	2.55		$	2.62		$	(0.10	)	$	—		$	(0.10	)	$	21.59
	10/31/16			21.47		0.08			(0.77	)		(0.69	)		(0.04	)		(1.67	)		(1.71	)		19.07
	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
Advisor Class:	4/30/17	^#		19.07		0.06			2.56			2.62			(0.10	)		—			(0.10	)		21.59
	10/31/16	^‡		21.70		0.07			(0.99	)		(0.92	)		(0.04	)		(1.67	)		(1.71	)		19.07
Premier Class:	4/30/17	^#		18.95		0.05			2.54			2.59			(0.07	)		—			(0.07	)		21.47
	10/31/16			21.34		0.05			(0.76	)		(0.71	)		(0.01	)		(1.67	)		(1.68	)		18.95
	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
Retirement Class:	4/30/17	^#		18.55		0.04			2.49			2.53			(0.05	)		—			(0.05	)		21.03
	10/31/16			20.94		0.03			(0.75	)		(0.72	)		—			(1.67	)		(1.67	)		18.55
	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
Retail Class:	4/30/17	^#		18.53		0.03			2.50			2.53			(0.04	)		—			(0.04	)		21.02
	10/31/16			20.93		0.02			(0.75	)		(0.73	)		—			(1.67	)		(1.67	)		18.53
	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

MID-CAP VALUE FUND
Institutional Class:	4/30/17	^#		22.16		0.15			2.45			2.60			(0.41	)		(0.65	)		(1.06	)		23.70
	10/31/16			23.57		0.37			0.61			0.98			(0.33	)		(2.06	)		(2.39	)		22.16
	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
Advisor Class:	4/30/17	^#		22.15		0.12			2.47			2.59			(0.40	)		(0.65	)		(1.05	)		23.69
	10/31/16	^‡		23.48		0.31			0.75			1.06			(0.33	)		(2.06	)		(2.39	)		22.15
Premier Class:	4/30/17	^#		22.10		0.14			2.43			2.57			(0.37	)		(0.65	)		(1.02	)		23.65
	10/31/16			23.51		0.34			0.61			0.95			(0.30	)		(2.06	)		(2.36	)		22.10
	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
Retirement Class:	4/30/17	^#		22.01		0.12			2.43			2.55			(0.35	)		(0.65	)		(1.00	)		23.56
	10/31/16			23.41		0.32			0.61			0.93			(0.27	)		(2.06	)		(2.33	)		22.01
	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
Retail Class:	4/30/17	^#		21.63		0.12			2.39			2.51			(0.34	)		(0.65	)		(0.99	)		23.15
	10/31/16			23.05		0.30			0.60			0.90			(0.26	)		(2.06	)		(2.32	)		21.63
	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

100

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

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

MID-CAP GROWTH FUND
Institutional Class:	4/30/17	^#	13.78	%^b	13.77	%^b		$836,285		0.47	%^c	0.47	%^c		0.67	%^c	0.65	%^c	21	%^b
	10/31/16		(3.22	)	(3.24	)		787,520		0.47		0.47			0.41		0.39		69
	10/31/15		3.61		3.61			948,072		0.47		0.47			0.20		0.20		104
	10/31/14		10.64		10.64			896,227		0.47		0.47			0.42		0.42		104
	10/31/13		34.07		34.07			915,882		0.47		0.47			0.46		0.46		105
	10/31/12		10.66		10.66			586,349		0.48		0.48			0.59		0.59		85
Advisor Class:	4/30/17	^#	13.77	^b	13.76	^b		138		0.49	^c	0.49	^c		0.62	^c	0.61	^c	21	^b
	10/31/16	^‡	(4.26	)^b	(4.28	)^b		98		0.49	^c	0.49	^c		0.39	^c	0.36	^c	69
Premier Class:	4/30/17	^#	13.64	^b	13.63	^b		109,576		0.62	^c	0.62	^c		0.52	^c	0.51	^c	21	^b
	10/31/16		(3.35	)	(3.37	)		107,194		0.62		0.62			0.27		0.25		69
	10/31/15		3.44		3.44			136,135		0.62		0.62			0.05		0.05		104
	10/31/14		10.48		10.48			141,798		0.62		0.62			0.27		0.27		104
	10/31/13		33.93		33.93			177,935		0.62		0.62			0.33		0.33		105
	10/31/12		10.48		10.48			159,806		0.63		0.63			0.41		0.41		85
Retirement Class:	4/30/17	^#	13.66	^b	13.65	^b		398,315		0.72	^c	0.72	^c		0.42	^c	0.40	^c	21	^b
	10/31/16		(3.48	)	(3.50	)		367,160		0.72		0.72			0.16		0.14		69
	10/31/15		3.32		3.32			470,864		0.72		0.72			(0.04	)	(0.04	)	104
	10/31/14		10.40		10.40			510,331		0.72		0.72			0.17		0.17		104
	10/31/13		33.71		33.71			570,942		0.72		0.72			0.25		0.25		105
	10/31/12		10.38		10.38			476,061		0.73		0.73			0.30		0.30		85
Retail Class:	4/30/17	^#	13.61	^b	13.60	^b		166,178		0.79	^c	0.79	^c		0.34	^c	0.33	^c	21	^b
	10/31/16		(3.54	)	(3.56	)		154,928		0.78		0.78			0.10		0.08		69
	10/31/15		3.27		3.27			180,387		0.78		0.78			(0.11	)	(0.11	)	104
	10/31/14		10.29		10.29			181,627		0.79		0.79			0.10		0.10		104
	10/31/13		33.64		33.64			175,018		0.82		0.82			0.13		0.13		105
	10/31/12		10.26		10.26			125,453		0.84		0.84			0.20		0.20		85

MID-CAP VALUE FUND
Institutional Class:	4/30/17	^#	11.79	^b	11.79	^b		3,495,247		0.41	^c	0.39	^c		1.31	^c	1.31	^c	14	^b
	10/31/16		5.21		5.17			3,225,705		0.41		0.37			1.74		1.70		43
	10/31/15		0.27		0.27			3,357,973		0.42		0.39			1.34		1.34		39
	10/31/14		14.91		14.91			3,186,049		0.44		0.43			1.37		1.37		28
	10/31/13		31.23		31.23			2,181,142		0.45		0.45			1.59		1.59		46
	10/31/12		12.66		12.66			1,393,965		0.46		0.46			1.61		1.61		33
Advisor Class:	4/30/17	^#	11.78	^b	11.78	^b		282		0.49	^c	0.47	^c		1.04	^c	1.04	^c	14	^b
	10/31/16	^‡	5.56	^b	5.52	^b		141		0.43	^c	0.40	^c		1.63	^c	1.58	^c	43
Premier Class:	4/30/17	^#	11.71	^b	11.71	^b		376,345		0.56	^c	0.54	^c		1.19	^c	1.19	^c	14	^b
	10/31/16		5.09		5.05			368,739		0.56		0.52			1.61		1.57		43
	10/31/15		0.10		0.10			394,843		0.57		0.54			1.20		1.20		39
	10/31/14		14.73		14.73			424,326		0.59		0.58			1.27		1.27		28
	10/31/13		31.00		31.00			457,994		0.60		0.60			1.46		1.46		46
	10/31/12		12.53		12.53			378,125		0.61		0.61			1.47		1.47		33
Retirement Class:	4/30/17	^#	11.66	^b	11.66	^b		1,068,744		0.66	^c	0.64	^c		1.08	^c	1.08	^c	14	^b
	10/31/16		4.97		4.93			1,031,502		0.66		0.62			1.49		1.46		43
	10/31/15		0.00		0.00			1,096,242		0.67		0.64			1.10		1.10		39
	10/31/14		14.62		14.62			1,244,449		0.69		0.68			1.16		1.16		28
	10/31/13		30.87		30.87			1,542,181		0.70		0.70			1.37		1.37		46
	10/31/12		12.41		12.41			1,233,934		0.71		0.71			1.39		1.39		33
Retail Class:	4/30/17	^#	11.68	^b	11.68	^b		295,147		0.71	^c	0.68	^c		1.02	^c	1.02	^c	14	^b
	10/31/16		4.90		4.86			276,022		0.71		0.67			1.45		1.41		43
	10/31/15		(0.02	)	(0.02	)		296,484		0.71		0.69			1.05		1.05		39
	10/31/14		14.52		14.52			308,362		0.75		0.74			1.08		1.08		28
	10/31/13		30.83		30.83			255,059		0.76		0.76			1.30		1.30		46
	10/31/12		12.27		12.27			199,693		0.81		0.81			1.26		1.26		33

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

101

Financial highlights

TIAA-CREF Funds

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

SMALL-CAP EQUITY FUND
Institutional Class:	4/30/17	^#	$	16.64	$	0.09		$	3.04		$	3.13		$	(0.17	)	$	(0.47	)	$	(0.64	)	$	19.13
	10/31/16			17.62		0.16			0.22			0.38			(0.13	)		(1.23	)		(1.36	)		16.64
	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
Advisor Class:	4/30/17	^#		16.63		0.08			3.04			3.12			(0.17	)		(0.47	)		(0.64	)		19.11
	10/31/16	^‡		18.05		0.10			(0.16	)		(0.06	)		(0.13	)		(1.23	)		(1.36	)		16.63
Premier Class:	4/30/17	^#		16.54		0.08			3.02			3.10			(0.15	)		(0.47	)		(0.62	)		19.02
	10/31/16			17.53		0.14			0.21			0.35			(0.11	)		(1.23	)		(1.34	)		16.54
	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
Retirement Class:	4/30/17	^#		16.26		0.07			2.96			3.03			(0.13	)		(0.47	)		(0.60	)		18.69
	10/31/16			17.25		0.12			0.21			0.33			(0.09	)		(1.23	)		(1.32	)		16.26
	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
Retail Class:	4/30/17	^#		16.11		0.06			2.95			3.01			(0.13	)		(0.47	)		(0.60	)		18.52
	10/31/16			17.10		0.11			0.21			0.32			(0.08	)		(1.23	)		(1.31	)		16.11
	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

SMALL/MID-CAP EQUITY FUND
Institutional Class:	4/30/17	^#		9.63		0.05			1.61			1.66			(0.02	)		—			(0.02	)		11.27
	10/31/16	^§		10.00		0.00	^d		(0.37	)		(0.37	)		—			—			—			9.63
Advisor Class:	4/30/17	^#		9.62		0.05			1.62			1.67			(0.02	)		—			(0.02	)		11.27
	10/31/16	^§		10.00		0.02			(0.40	)		(0.38	)		—			—			—			9.62
Premier Class:	4/30/17	^#		9.62		0.05			1.61			1.66			(0.02	)		—			(0.02	)		11.26
	10/31/16	^§		10.00		0.02			(0.40	)		(0.38	)		—			—			—			9.62
Retirement Class:	4/30/17	^#		9.62		0.04			1.61			1.65			(0.02	)		—			(0.02	)		11.25
	10/31/16	^§		10.00		0.01			(0.39	)		(0.38	)		—			—			—			9.62
Retail Class:	4/30/17	^#		9.62		0.03			1.60			1.63			(0.01	)		—			(0.01	)		11.24
	10/31/16	^§		10.00		0.01			(0.39	)		(0.38	)		—			—			—			9.62

102

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

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

SMALL-CAP EQUITY FUND
Institutional Class:	4/30/17	^#		18.88	%^b	$2,438,445		0.41	%^c	0.41	%^c	0.98	%^c	36	%^b
	10/31/16			2.59		2,102,479		0.42		0.42		1.01		86
	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
Advisor Class:	4/30/17	^#		18.81	^b	1,975		0.50	^c	0.50	^c	0.84	^c	36	^b
	10/31/16	^‡		0.07	^b	508		0.47	^c	0.47	^c	0.67	^c	86
Premier Class:	4/30/17	^#		18.78	^b	201,776		0.56	^c	0.56	^c	0.84	^c	36	^b
	10/31/16			2.38		171,546		0.57		0.57		0.91		86
	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
Retirement Class:	4/30/17	^#		18.70	^b	621,610		0.66	^c	0.66	^c	0.74	^c	36	^b
	10/31/16			2.30		541,420		0.67		0.67		0.77		86
	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
Retail Class:	4/30/17	^#		18.64	^b	166,159		0.71	^c	0.71	^c	0.68	^c	36	^b
	10/31/16			2.26		125,084		0.73		0.73		0.69		86
	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

SMALL/MID-CAP EQUITY FUND
Institutional Class:	4/30/17	^#		17.28	^b	592,941		0.50	^c	0.50	^c	1.00	^c	33	^b
	10/31/16	^§		(3.70	)^b	370,391		1.58	^c	0.53	^c	0.18	^c	2	^b
Advisor Class:	4/30/17	^#		17.36	^b	1,175		0.51	^c	0.51	^c	1.02	^c	33	^b
	10/31/16	^§		(3.80	)^b	967		2.08	^c	0.68	^c	0.64	^c	2	^b
Premier Class:	4/30/17	^#		17.23	^b	1,126		0.66	^c	0.66	^c	0.87	^c	33	^b
	10/31/16	^§		(3.80	)^b	962		2.27	^c	0.68	^c	0.64	^c	2	^b
Retirement Class:	4/30/17	^#		17.12	^b	3,834		0.75	^c	0.75	^c	0.73	^c	33	^b
	10/31/16	^§		(3.80	)^b	1,165		2.35	^c	0.78	^c	0.52	^c	2	^b
Retail Class:	4/30/17	^#		16.97	^b	2,024		0.93	^c	0.92	^c	0.61	^c	33	^b
	10/31/16	^§		(3.80	)^b	1,127		3.15	^c	0.92	^c	0.38	^c	2	^b

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

103

Financial highlights

TIAA-CREF Funds

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

SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/17	^#	$	16.55	$	0.16	$	1.99		$	2.15		$	(0.39	)	$	(0.74	)	$	(1.13	)	$	17.57
	10/31/16			16.71		0.33		0.36			0.69			(0.30	)		(0.55	)		(0.85	)		16.55
	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
Advisor Class:	4/30/17	^#		16.54		0.12		2.03			2.15			(0.39	)		(0.74	)		(1.13	)		17.56
	10/31/16	^‡		16.78		0.29		0.32			0.61			(0.30	)		(0.55	)		(0.85	)		16.54
Premier Class:	4/30/17	^#		16.49		0.15		1.98			2.13			(0.37	)		(0.74	)		(1.11	)		17.51
	10/31/16			16.65		0.31		0.35			0.66			(0.27	)		(0.55	)		(0.82	)		16.49
	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
Retirement Class:	4/30/17	^#		16.75		0.14		2.02			2.16			(0.35	)		(0.74	)		(1.09	)		17.82
	10/31/16			16.90		0.30		0.35			0.65			(0.25	)		(0.55	)		(0.80	)		16.75
	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
Retail Class:	4/30/17	^#		14.98		0.12		1.81			1.93			(0.32	)		(0.74	)		(1.06	)		15.85
	10/31/16			15.21		0.27		0.31			0.58			(0.26	)		(0.55	)		(0.81	)		14.98
	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

SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	4/30/17	^#		10.35		0.08		1.34			1.42			(0.24	)		(0.08	)		(0.32	)		11.45
	10/31/16			9.92		0.23		0.25			0.48			(0.05	)		(0.00	)^d		(0.05	)		10.35
	10/31/15	^{^}		10.00		0.03		(0.11	)		(0.08	)		—			—			—			9.92
Advisor Class:	4/30/17	^#		10.35		0.09		1.33			1.42			(0.24	)		(0.08	)		(0.32	)		11.45
	10/31/16	^‡		10.01		0.21		0.18			0.39			(0.05	)		(0.00	)^d		(0.05	)		10.35
Premier Class:	4/30/17	^#		10.34		0.07		1.34			1.41			(0.20	)		(0.08	)		(0.28	)		11.47
	10/31/16			9.92		0.19		0.28			0.47			(0.05	)		(0.00	)^d		(0.05	)		10.34
	10/31/15	^{^}		10.00		0.03		(0.11	)		(0.08	)		—			—			—			9.92
Retirement Class:	4/30/17	^#		10.33		0.06		1.33			1.39			(0.22	)		(0.08	)		(0.30	)		11.42
	10/31/16			9.91		0.23		0.24			0.47			(0.05	)		(0.00	)^d		(0.05	)		10.33
	10/31/15	^{^}		10.00		0.03		(0.12	)		(0.09	)		—			—			—			9.91
Retail Class:	4/30/17	^#		10.33		0.07		1.32			1.39			(0.21	)		(0.08	)		(0.29	)		11.43
	10/31/16			9.91		0.20		0.26			0.46			(0.04	)		(0.00	)^d		(0.04	)		10.33
	10/31/15	^{^}		10.00		0.03		(0.12	)		(0.09	)		—			—			—			9.91

104

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

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

SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/17	^#	13.34	%^b		$1,657,234	0.18	%^c	0.18	%^c	1.85	%^c	6	%^b
	10/31/16		4.52			1,443,910	0.19		0.19		2.08		16
	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
Advisor Class:	4/30/17	^#	13.34	^b		7,083	0.25	^c	0.25	^c	1.45	^c	6	^b
	10/31/16	^‡	4.01	^b		159	0.21	^c	0.21	^c	2.02	^c	16
Premier Class:	4/30/17	^#	13.23	^b		84,547	0.33	^c	0.33	^c	1.72	^c	6	^b
	10/31/16		4.37			80,487	0.34		0.34		1.93		16
	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
Retirement Class:	4/30/17	^#	13.21	^b		365,987	0.43	^c	0.43	^c	1.61	^c	6	^b
	10/31/16		4.23			329,659	0.44		0.44		1.83		16
	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
Retail Class:	4/30/17	^#	13.24	^b		460,342	0.46	^c	0.46	^c	1.58	^c	6	^b
	10/31/16		4.20			427,545	0.46		0.46		1.83		16
	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

SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	4/30/17	^#	13.89	^b		48,493	0.70	^c	0.32	^c	1.55	^c	8	^b
	10/31/16		4.92			36,694	0.65		0.32		2.31		83
	10/31/15	^{^}	(0.80	)^b		28,426	3.77	^c	0.32	^c	1.57	^c	1	^b
Advisor Class:	4/30/17	^#	13.86	^b		169	0.75	^c	0.37	^c	1.62	^c	8	^b
	10/31/16	^‡	3.94	^b		117	0.67	^c	0.34	^c	2.37	^c	83
Premier Class:	4/30/17	^#	13.80	^b		496	0.86	^c	0.47	^c	1.30	^c	8	^b
	10/31/16		4.76			353	0.82		0.47		1.92		83
	10/31/15	^{^}	(0.80	)^b		992	4.52	^c	0.47	^c	1.47	^c	1	^b
Retirement Class:	4/30/17	^#	13.64	^b		13,412	0.96	^c	0.57	^c	1.17	^c	8	^b
	10/31/16		4.75			6,575	0.91		0.57		2.29		83
	10/31/15	^{^}	(0.90	)^b		2,034	4.38	^c	0.57	^c	1.35	^c	1	^b
Retail Class:	4/30/17	^#	13.58	^b		5,150	1.12	^c	0.71	^c	1.34	^c	8	^b
	10/31/16		4.69			2,575	0.97		0.65		2.05		83
	10/31/15	^{^}	(0.90	)^b		1,513	4.72	^c	0.71	^c	1.22	^c	1	^b

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

105

Financial highlights

TIAA-CREF Funds

			Selected per share data

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

EMERGING MARKETS EQUITY FUND
Institutional Class:	4/30/17	^#	$	9.66	$	0.04	$	1.35		$	1.39		$	(0.08	)		$ —		$	(0.08	)	$	10.97
	10/31/16			9.07		0.10		0.58			0.68			(0.09	)		—			(0.09	)		9.66
	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
Advisor Class:	4/30/17	^#		9.65		0.01		1.38			1.39			(0.08	)		—			(0.08	)		10.96
	10/31/16	^‡		8.87		0.10		0.77			0.87			(0.09	)		—			(0.09	)		9.65
Premier Class:	4/30/17	^#		9.65		0.03		1.35			1.38			(0.07	)		—			(0.07	)		10.96
	10/31/16			9.06		0.09		0.57			0.66			(0.07	)		—			(0.07	)		9.65
	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
Retirement Class:	4/30/17	^#		9.62		0.02		1.36			1.38			(0.06	)		—			(0.06	)		10.94
	10/31/16			9.03		0.08		0.57			0.65			(0.06	)		—			(0.06	)		9.62
	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
Retail Class:	4/30/17	^#		9.62		0.01		1.37			1.38			(0.05	)		—			(0.05	)		10.95
	10/31/16			9.02		0.06		0.58			0.64			(0.04	)		—			(0.04	)		9.62
	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

ENHANCED INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/17	^#		6.87		0.09		0.67			0.76			(0.19	)		—			(0.19	)		7.44
	10/31/16			7.30		0.22		(0.44	)		(0.22	)		(0.21	)		—			(0.21	)		6.87
	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
Advisor Class:	4/30/17	^#		6.87		0.09		0.67			0.76			(0.19	)		—			(0.19	)		7.44
	10/31/16	^‡		7.25		0.21		(0.38	)		(0.17	)		(0.21	)		—			(0.21	)		6.87

106

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

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

EMERGING MARKETS EQUITY FUND
Institutional Class:	4/30/17	^#	14.60	%^b	14.59	%^b	$1,108,829	0.94	%^c	0.94	%^c	0.79	%^c	0.77	%^c	64	%^b
	10/31/16		7.73		7.60		1,067,866	0.94		0.94		1.12		0.99		195
	10/31/15		(14.85	)	(14.85	)	918,839	0.94		0.94		1.17		1.17		114
	10/31/14		(2.79	)	(2.79	)	850,536	0.95		0.95		1.10		1.10		104
	10/31/13		8.18		8.18		676,999	0.95		0.95		1.11		1.11		110
	10/31/12		4.00		4.00		596,017	0.99		0.95		1.25		1.25		115
Advisor Class:	4/30/17	^#	14.59	^b	14.58	^b	661	0.95	^c	0.95	^c	0.26	^c	0.23	^c	64	^b
	10/31/16	^‡	9.91	^b	9.77	^b	115	0.96	^c	0.96	^c	1.30	^c	1.14	^c	195
Premier Class:	4/30/17	^#	14.47	^b	14.46	^b	23,747	1.08	^c	1.08	^c	0.58	^c	0.55	^c	64	^b
	10/31/16		7.57		7.42		15,890	1.09		1.09		1.01		0.86		195
	10/31/15		(14.98	)	(14.98	)	9,408	1.09		1.09		1.21		1.21		114
	10/31/14		(2.91	)	(2.91	)	4,906	1.10		1.10		0.95		0.95		104
	10/31/13		7.96		7.96		4,126	1.10		1.10		0.97		0.97		110
	10/31/12		3.96		3.96		2,113	1.15		1.10		0.46		0.46		115
Retirement Class:	4/30/17	^#	14.47	^b	14.46	^b	46,440	1.18	^c	1.18	^c	0.44	^c	0.41	^c	64	^b
	10/31/16		7.47		7.34		26,946	1.19		1.19		0.86		0.74		195
	10/31/15		(15.03	)	(15.03	)	29,332	1.19		1.19		1.07		1.07		114
	10/31/14		(3.05	)	(3.05	)	17,678	1.20		1.20		0.84		0.84		104
	10/31/13		7.91		7.91		15,040	1.20		1.20		0.84		0.84		110
	10/31/12		3.71		3.71		10,655	1.24		1.20		1.06		1.06		115
Retail Class:	4/30/17	^#	14.40	^b	14.39	^b	7,505	1.37	^c	1.34	^c	0.29	^c	0.26	^c	64	^b
	10/31/16		7.21		7.08		4,460	1.36		1.34		0.72		0.59		195
	10/31/15		(15.10	)	(15.10	)	4,560	1.31		1.31		0.80		0.80		114
	10/31/14		(3.19	)	(3.19	)	6,352	1.33		1.33		0.70		0.70		104
	10/31/13		7.74		7.74		6,321	1.35		1.34		0.71		0.71		110
	10/31/12		3.50		3.50		5,203	1.40		1.34		0.83		0.83		115

ENHANCED INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/17	^#	11.31	^b	11.31	^b	1,689,626	0.42	^c	0.42	^c	2.58	^c	2.58	^c	66	^b
	10/31/16		(2.99	)	(2.99	)	1,521,511	0.41		0.41		3.20		3.20		100
	10/31/15		(1.01	)	(1.01	)	1,292,616	0.42		0.42		3.08		3.08		84
	10/31/14		1.28		1.28		1,030,084	0.46		0.43		3.70		3.70		71
	10/31/13		28.75		28.75		821,836	0.47		0.47		3.12		3.12		110
	10/31/12		6.33		6.33		636,659	0.51		0.51		3.69		3.69		81
Advisor Class:	4/30/17	^#	11.28	^b	11.28	^b	121	0.47	^c	0.47	^c	2.64	^c	2.64	^c	66	^b
	10/31/16	^‡	(2.34	)^b	(2.34	)^b	102	0.44	^c	0.44	^c	3.41	^c	3.41	^c	100

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

107

Financial highlights

TIAA-CREF Funds

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

GLOBAL NATURAL RESOURCES FUND
Institutional Class:	4/30/17	^#	$ 7.66	$ 0.02	$ 0.45		$ 0.47		$ (0.27	)	$ —	$ (0.27	)	$ 7.86
	10/31/16		7.40	0.11	0.33		0.44		(0.18	)	—	(0.18	)	7.66
	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:	4/30/17	^#	7.66	0.03	0.45		0.48		(0.27	)	—	(0.27	)	7.87
	10/31/16	^‡	7.06	0.09	0.69		0.78		(0.18	)	—	(0.18	)	7.66
Premier Class:	4/30/17	^#	7.65	0.02	0.45		0.47		(0.26	)	—	(0.26	)	7.86
	10/31/16		7.39	0.09	0.33		0.42		(0.16	)	—	(0.16	)	7.65
	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:	4/30/17	^#	7.65	0.02	0.45		0.47		(0.26	)	—	(0.26	)	7.86
	10/31/16		7.39	0.08	0.34		0.42		(0.16	)	—	(0.16	)	7.65
	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:	4/30/17	^#	7.64	0.01	0.45		0.46		(0.26	)	—	(0.26	)	7.84
	10/31/16		7.38	0.08	0.32		0.40		(0.14	)	—	(0.14	)	7.64
	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:	4/30/17	^#	10.59	0.05	1.32		1.37		(0.16	)	—	(0.16	)	11.80
	10/31/16		10.97	0.16	(0.41	)	(0.25	)	(0.13	)	—	(0.13	)	10.59
	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
Advisor Class:	4/30/17	^#	10.59	0.06	1.30		1.36		(0.15	)	—	(0.15	)	11.80
	10/31/16	^‡	10.80	0.16	(0.24	)	(0.08	)	(0.13	)	—	(0.13	)	10.59
Premier Class:	4/30/17	^#	10.56	0.04	1.32		1.36		(0.14	)	—	(0.14	)	11.78
	10/31/16		10.94	0.14	(0.40	)	(0.26	)	(0.12	)	—	(0.12	)	10.56
	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
Retirement Class:	4/30/17	^#	10.94	0.04	1.37		1.41		(0.13	)	—	(0.13	)	12.22
	10/31/16		11.33	0.14	(0.43	)	(0.29	)	(0.10	)	—	(0.10	)	10.94
	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
Retail Class:	4/30/17	^#	7.11	0.02	0.88		0.90		(0.13	)	—	(0.13	)	7.88
	10/31/16		7.43	0.10	(0.30	)	(0.20	)	(0.12	)	—	(0.12	)	7.11
	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

108

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

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

GLOBAL NATURAL RESOURCES FUND
Institutional Class:	4/30/17	^#	5.72	%^b	5.63	%^b	$ 14,856	1.08	%^c	0.83	%^c	0.42	%^c	0.24	%^c	55	%^b
	10/31/16		6.32		6.14		107,929	0.78		0.75		1.56		1.38		365
	10/31/15		(17.49	)	(17.49	)	231,533	0.74		0.74		2.61		2.61		184
	10/31/14		(6.80	)	(6.80	)	234,559	0.74		0.74		1.70		1.70		169
	10/31/13		(0.05	)	(0.05	)	237,218	0.74		0.74		2.03		2.03		162
	10/31/12	^†	2.09	^b	2.09	^b	244,856	0.86	^c	0.75	^c	1.80	^c	1.80	^c	65	^b
Advisor Class:	4/30/17	^#	5.82	^b	5.75	^b	159	1.13	^c	0.87	^c	0.65	^c	0.50	^c	55	^b
	10/31/16	^‡	11.42	^b	11.23	^b	120	0.81	^c	0.78	^c	1.41	^c	1.21	^c	365
Premier Class:	4/30/17	^#	5.73	^b	5.65	^b	2,931	1.22	^c	0.96	^c	0.56	^c	0.40	^c	55	^b
	10/31/16		6.11		5.93		4,026	0.94		0.90		1.32		1.13		365
	10/31/15		(17.53	)	(17.53	)	3,555	0.90		0.90		2.44		2.44		184
	10/31/14		(6.95	)	(6.95	)	3,944	0.89		0.89		1.55		1.55		169
	10/31/13		(0.16	)	(0.16	)	4,088	0.90		0.90		1.87		1.87		162
	10/31/12	^†	1.88	^b	1.88	^b	2,568	1.11	^c	0.90	^c	1.59	^c	1.59	^c	65	^b
Retirement Class:	4/30/17	^#	5.71	^b	5.63	^b	19,335	1.32	^c	1.07	^c	0.46	^c	0.30	^c	55	^b
	10/31/16		6.02		5.81		19,298	1.04		1.00		1.14		0.93		365
	10/31/15		(17.66	)	(17.66	)	11,633	1.00		1.00		2.38		2.38		184
	10/31/14		(7.06	)	(7.06	)	11,352	0.99		0.99		1.44		1.44		169
	10/31/13		(0.28	)	(0.28	)	13,548	0.99		0.99		1.74		1.74		162
	10/31/12	^†	1.87	^b	1.87	^b	11,290	1.13	^c	1.00	^c	1.65	^c	1.65	^c	65	^b
Retail Class:	4/30/17	^#	5.58	^b	5.50	^b	6,347	1.45	^c	1.20	^c	0.29	^c	0.13	^c	55	^b
	10/31/16		5.78		5.59		6,187	1.19		1.14		1.08		0.90		365
	10/31/15		(17.81	)	(17.81	)	5,160	1.13		1.13		2.26		2.26		184
	10/31/14		(7.02	)	(7.02	)	6,502	1.13		1.13		1.31		1.31		169
	10/31/13		(0.49	)	(0.49	)	6,872	1.16		1.14		1.58		1.58		162
	10/31/12	^†	1.64	^b	1.64	^b	6,149	1.31	^c	1.14	^c	1.52	^c	1.52	^c	65	^b

INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/17	^#	13.08	^b	13.08	^b	3,184,284	0.50	^c	0.50	^c	0.91	^c	0.90	^c	52	^b
	10/31/16		(2.21	)	(2.28	)	2,808,919	0.49		0.48		1.57		1.50		95
	10/31/15		2.97		2.97		2,823,880	0.49		0.49		1.60		1.60		71
	10/31/14		(4.43	)	(4.43	)	2,398,855	0.51		0.51		1.51		1.51		85
	10/31/13		29.29		29.29		2,059,286	0.51		0.51		1.95		1.95		130
	10/31/12		13.36		13.36		1,644,055	0.52		0.52		2.16		2.16		98
Advisor Class:	4/30/17	^#	13.06	^b	13.06	^b	4,299	0.57	^c	0.57	^c	1.17	^c	1.17	^c	52	^b
	10/31/16	^‡	(0.68	)^b	(0.76	)^b	104	0.51	^c	0.51	^c	1.76	^c	1.68	^c	95
Premier Class:	4/30/17	^#	13.04	^b	13.04	^b	231,070	0.64	^c	0.64	^c	0.75	^c	0.74	^c	52	^b
	10/31/16		(2.37	)	(2.43	)	203,311	0.64		0.63		1.34		1.28		95
	10/31/15		2.82		2.82		256,322	0.64		0.63		1.37		1.37		71
	10/31/14		(4.50	)	(4.50	)	282,958	0.66		0.66		1.37		1.37		85
	10/31/13		28.96		28.96		292,438	0.66		0.66		1.78		1.78		130
	10/31/12		13.21		13.21		260,341	0.67		0.67		1.78		1.78		98
Retirement Class:	4/30/17	^#	13.01	^b	13.01	^b	604,878	0.75	^c	0.75	^c	0.66	^c	0.65	^c	52	^b
	10/31/16		(2.51	)	(2.58	)	543,161	0.74		0.73		1.29		1.22		95
	10/31/15		2.75		2.75		661,567	0.74		0.73		1.36		1.36		71
	10/31/14		(4.62	)	(4.62	)	702,668	0.76		0.76		1.29		1.29		85
	10/31/13		28.97		28.97		862,960	0.76		0.76		1.68		1.68		130
	10/31/12		13.06		13.06		716,864	0.78		0.78		1.92		1.92		98
Retail Class:	4/30/17	^#	12.88	^b	12.88	^b	552,501	0.80	^c	0.80	^c	0.59	^c	0.58	^c	52	^b
	10/31/16		(2.60	)	(2.67	)	524,715	0.78		0.78		1.42		1.35		95
	10/31/15		2.75		2.75		311,587	0.83		0.82		1.26		1.26		71
	10/31/14		(4.77	)	(4.77	)	309,488	0.85		0.85		1.18		1.18		85
	10/31/13		28.75		28.75		328,367	0.88		0.88		1.59		1.59		130
	10/31/12		12.93		12.93		266,770	0.92		0.92		1.74		1.74		98

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

109

Financial highlights

TIAA-CREF Funds

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

INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	4/30/17	^#	$10.17	$0.08	$ 1.23		$ 1.31		$(0.13	)	$ —	$(0.13	)	$11.35
	10/31/16		10.49	0.14	(0.33	)	(0.19	)	(0.13	)	—	(0.13	)	10.17
	10/31/15		10.45	0.14	0.00	^d	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:	4/30/17	^#	10.17	0.08	1.22		1.30		(0.13	)	—	(0.13	)	11.34
	10/31/16	^‡	10.58	0.13	(0.41	)	(0.28	)	(0.13	)	—	(0.13	)	10.17
Premier Class:	4/30/17	^#	10.16	0.07	1.23		1.30		(0.09	)	—	(0.09	)	11.37
	10/31/16		10.47	0.13	(0.33	)	(0.20	)	(0.11	)	—	(0.11	)	10.16
	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:	4/30/17	^#	10.14	0.07	1.23		1.30		(0.11	)	—	(0.11	)	11.33
	10/31/16		10.46	0.11	(0.33	)	(0.22	)	(0.10	)	—	(0.10	)	10.14
	10/31/15		10.42	0.12	0.00	^d	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:	4/30/17	^#	10.13	0.06	1.22		1.28		(0.08	)	—	(0.08	)	11.33
	10/31/16		10.44	0.09	(0.33	)	(0.24	)	(0.07	)	—	(0.07	)	10.13
	10/31/15		10.41	0.10	0.00	^d	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

INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:	4/30/17	**	10.00	0.13	1.07		1.20		(0.01	)	—	(0.01	)	11.19
Advisor Class:	4/30/17	**	10.00	0.09	1.11		1.20		(0.01	)	—	(0.01	)	11.19
Premier Class:	4/30/17	**	10.00	0.09	1.11		1.20		(0.01	)	—	(0.01	)	11.19
Retirement Class:	4/30/17	**	10.00	0.10	1.10		1.20		(0.01	)	—	(0.01	)	11.19
Retail Class:	4/30/17	**	10.00	0.08	1.11		1.19		(0.01	)	—	(0.01	)	11.18

SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/17	^#	9.31	0.11	0.99		1.10		(0.24	)	—	(0.24	)	10.17
	10/31/16		9.53	0.26	(0.42	)	(0.16	)	(0.06	)	—	(0.06	)	9.31
	10/31/15	^{^}	10.00	0.04	(0.51	)	(0.47	)	—		—	—		9.53
Advisor Class:	4/30/17	^#	9.32	0.13	0.95		1.08		(0.23	)	—	(0.23	)	10.17
	10/31/16	^‡	9.51	0.26	(0.39	)	(0.13	)	(0.06	)	—	(0.06	)	9.32
Premier Class:	4/30/17	^#	9.30	0.10	0.98		1.08		(0.22	)	—	(0.22	)	10.16
	10/31/16		9.53	0.25	(0.42	)	(0.17	)	(0.06	)	—	(0.06	)	9.30
	10/31/15	^{^}	10.00	0.04	(0.51	)	(0.47	)	—		—	—		9.53
Retirement Class:	4/30/17	^#	9.29	0.10	0.98		1.08		(0.22	)	—	(0.22	)	10.15
	10/31/16		9.52	0.24	(0.42	)	(0.18	)	(0.05	)	—	(0.05	)	9.29
	10/31/15	^{^}	10.00	0.03	(0.51	)	(0.48	)	—		—	—		9.52
Retail Class:	4/30/17	^#	9.29	0.11	0.95		1.06		(0.20	)	—	(0.20	)	10.15
	10/31/16		9.52	0.26	(0.44	)	(0.18	)	(0.05	)	—	(0.05	)	9.29
	10/31/15	^{^}	10.00	0.03	(0.51	)	(0.48	)	—		—	—		9.52


^#	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.
^§	The Fund commenced operations on August 5, 2016.
**	The Fund commenced operations on December 9, 2016.
^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.

110

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

concluded

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

INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	4/30/17	^#	13.05	%^b	13.04	%^b	$1,299,312	0.63	%^c	0.63	%^c	1.46	%^c	1.44	%^c	15	%^b
	10/31/16		(1.82	)	(1.84	)	1,298,796	0.63		0.63		1.37		1.35		31
	10/31/15		1.43		1.43		1,166,448	0.63		0.63		1.28		1.28		41
	10/31/14		(3.59	)	(3.59	)	1,041,194	0.64		0.64		1.23		1.23		46
	10/31/13	*	8.80	^b	8.80	^b	778,178	0.80	^c	0.70	^c	0.96	^c	0.96	^c	35	^b
Advisor Class:	4/30/17	^#	12.93	^b	12.92	^b	112	0.65	^c	0.65	^c	1.50	^c	1.48	^c	15	^b
	10/31/16	^‡	(2.67	)^b	(2.69	)^b	101	0.65	^c	0.65	^c	1.46	^c	1.44	^c	31
Premier Class:	4/30/17	^#	12.90	^b	12.89	^b	334	0.79	^c	0.79	^c	1.32	^c	1.31	^c	15	^b
	10/31/16		(1.90	)	(1.92	)	325	0.79		0.79		1.27		1.25		31
	10/31/15		1.25		1.25		1,059	0.80		0.80		1.13		1.13		41
	10/31/14		(3.77	)	(3.77	)	1,046	0.81		0.81		1.05		1.05		46
	10/31/13	*	8.70	^b	8.70	^b	1,087	1.00	^c	0.85	^c	1.39	^c	1.39	^c	35	^b
Retirement Class:	4/30/17	^#	12.90	^b	12.89	^b	9,379	0.89	^c	0.89	^c	1.33	^c	1.31	^c	15	^b
	10/31/16		(1.98	)	(2.00	)	7,416	0.88		0.88		1.13		1.12		31
	10/31/15		1.06		1.06		8,806	0.89		0.89		1.08		1.08		41
	10/31/14		(3.88	)	(3.88	)	4,128	0.90		0.90		0.97		0.97		46
	10/31/13	*	8.70	^b	8.70	^b	2,675	1.08	^c	0.95	^c	1.06	^c	1.06	^c	35	^b
Retail Class:	4/30/17	^#	12.85	^b	12.84	^b	1,991	1.18	^c	1.09	^c	1.10	^c	1.09	^c	15	^b
	10/31/16		(2.25	)	(2.27	)	1,619	1.10		1.09		0.88		0.87		31
	10/31/15		1.01		1.01		1,995	1.00		1.00		0.94		0.94		41
	10/31/14		(3.96	)	(3.96	)	2,517	0.97		0.97		0.95		0.95		46
	10/31/13	*	8.60	^b	8.60	^b	1,560	1.10	^c	1.00	^c	1.13	^c	1.13	^c	35	^b

INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:	4/30/17	**	12.02	^b	12.02	^b	830,807	0.78	^c	0.70	^c	3.13	^c	3.13	^c	27	^b
Advisor Class:	4/30/17	**	12.01	^b	12.01	^b	1,119	0.93	^c	0.85	^c	2.12	^c	2.12	^c	27	^b
Premier Class:	4/30/17	**	12.01	^b	12.01	^b	1,119	1.08	^c	0.85	^c	2.12	^c	2.12	^c	27	^b
Retirement Class:	4/30/17	**	12.00	^b	12.00	^b	2,482	1.15	^c	0.95	^c	2.56	^c	2.56	^c	27	^b
Retail Class:	4/30/17	**	11.89	^b	11.89	^b	1,363	1.52	^c	1.09	^c	2.00	^c	2.00	^c	27	^b

SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/17	^#	12.03	^b	12.03	^b	24,069	1.44	^c	0.40	^c	2.36	^c	2.36	^c	6	^b
	10/31/16		(1.65	)	(1.65	)	18,833	1.35		0.40		2.87		2.87		13
	10/31/15	^{^}	(4.70	)^b	(4.70	)^b	16,238	4.87	^c	0.40	^c	1.80	^c	1.80	^c	4	^b
Advisor Class:	4/30/17	^#	11.89	^b	11.89	^b	461	1.48	^c	0.45	^c	2.82	^c	2.82	^c	6	^b
	10/31/16	^‡	(1.35	)^b	(1.35	)^b	102	1.36	^c	0.42	^c	3.12	^c	3.12	^c	13
Premier Class:	4/30/17	^#	11.88	^b	11.88	^b	1,060	1.59	^c	0.55	^c	2.16	^c	2.16	^c	6	^b
	10/31/16		(1.72	)	(1.72	)	938	1.52		0.55		2.75		2.75		13
	10/31/15	^{^}	(4.80	)^b	(4.80	)^b	953	5.61	^c	0.55	^c	1.65	^c	1.65	^c	4	^b
Retirement Class:	4/30/17	^#	11.85	^b	11.85	^b	4,751	1.69	^c	0.65	^c	2.22	^c	2.22	^c	6	^b
	10/31/16		(1.84	)	(1.84	)	3,001	1.61		0.65		2.67		2.67		13
	10/31/15	^{^}	(4.80	)^b	(4.80	)^b	1,606	5.61	^c	0.65	^c	1.59	^c	0.93	^c	4	^b
Retail Class:	4/30/17	^#	11.66	^b	11.66	^b	2,777	1.87	^c	0.79	^c	2.31	^c	2.31	^c	6	^b
	10/31/16		(1.92	)	(1.92	)	1,382	1.66		0.72		2.80		2.80		13
	10/31/15	^{^}	(4.80	)^b	(4.80	)^b	997	5.99	^c	0.79	^c	1.41	^c	1.41	^c	4	^b


^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
^u	Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The total return and net investment income ratio displayed excludes this item.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

111

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, Small/Mid-Cap Equity, 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, International Small-Cap Equity Fund and the Social Choice International Equity Fund (collectively the “Funds” or individually, the “Fund”). The International Small-Cap Equity Fund commenced operations on December 9, 2016.

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, LLC (“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. The Advisor Class was made available for sale by certain Funds on December 4, 2015, 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.

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

Income, 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.

112	2017 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.

New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule is September 5, 2017. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

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)

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, 2017, 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:

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 at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available 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 as Level 2 of the fair value hierarchy.

Debt securities: Debt securities, including equity-linked notes, will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as 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 as Level 1 of the fair value hierarchy.

Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate and are categorized as Level 2 of the fair value hierarchy.

Futures contracts: Stock and bond index futures contracts, which are traded on commodity exchanges, are valued at the

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

113

Notes to financial statements (unaudited)

last sale price as of the close of such commodity exchanges and are categorized as 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 as Level 1 of the fair value hierarchy.

Total return swap contracts: Total return swap contracts 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 as 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, 2017, there were no material transfers between levels by the Funds.

The following table summarizes the market value of the Funds’ investments as of April 30, 2017, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Enhanced Large-Cap Growth Index
Equity investments*	$	2,342,896,814		$	—	$	—	$	2,342,896,814
Short-term investments		6,530,270			12,050,000		—		18,580,270
Total	$	2,349,427,084		$	12,050,000	$	—	$	2,361,477,084
Enhanced Large-Cap Value Index
Equity investments*	$	2,218,961,231		$	—	$	—	$	2,218,961,231
Short-term investments		11,098,736			16,250,000		—		27,348,736
Total	$	2,230,059,967		$	16,250,000	$	—	$	2,246,309,967
Growth & Income
Equity investments:
Consumer discretionary	$	814,394,488		$	69,031,276	$	—	$	883,425,764
Consumer staples		548,626,246			21,805,882		—		570,432,128
Financials		733,562,253			46,179,545		—		779,741,798
Health care		811,329,386			79,416,273		—		890,745,659
Industrials		641,318,998			19,379,927		—		660,698,925
Information technology		1,482,938,298			24,593,492		—		1,507,531,790
Materials		197,296,992			12,588,332		—		209,885,324
All other equity investments*		667,745,233			—		—		667,745,233
Short-term investments		77,682,897			7,350,000		—		85,032,897
Purchased options**		1,231,195			—		—		1,231,195
Written options**		(4,334,593	)		—		—		(4,334,593	)
Total	$	5,971,791,393		$	280,344,727	$	—	$	6,252,136,120
Large-Cap Growth
Equity investments:
Health care	$	544,218,824		$	38,066,247	$	—	$	582,285,071
Information technology		1,746,597,638			49,574,570		—		1,796,172,208
All other equity investments*		1,784,113,914			—		—		1,784,113,914
Short-term investments		—			62,767,653		—		62,767,653
Written options**		(6,776	)		—		—		(6,776	)
Total	$	4,074,923,600		$	150,408,470	$	—	$	4,225,332,070
Large-Cap Value
Equity investments:
Consumer discretionary	$	340,125,406		$	82,905,641	$	—	$	423,031,047
Energy		824,686,029			17,275,473		—		841,961,502
Financials		1,473,801,432			77,796,921		—		1,551,598,353
Industrials		640,953,840			—		7,267		640,961,107
Information technology		734,192,811			30,038,863		—		764,231,674
Materials		408,061,293			21,703,643		—		429,764,936
All other equity investments*		1,808,484,435			—		—		1,808,484,435
Short-term investments		27,893,705			57,947,446		—		85,841,151
Total	$	6,258,198,951		$	287,667,987	$	7,267	$	6,545,874,205

114	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Fund	Level 1			Level 2		Level 3		Total
Mid-Cap Growth
Equity investments*	$	1,490,274,359		$	—	$	—	$	1,490,274,359
Short-term investments		37,451,322			15,300,000		—		52,751,322
Purchased options**		328,305			—		—		328,305
Written Options**		(840,205	)		—		—		(840,205	)
Total	$	1,527,213,781		$	15,300,000	$	—	$	1,542,513,781
Mid-Cap Value
Equity investments:
Consumer discretionary	$	421,486,420		$	8,547,902	$	—	$	430,034,322
Financials		1,016,118,545			11,191,812		—		1,027,310,357
Health care		186,262,506			34,264,184		—		220,526,690
Information technology		516,228,484			8,635,299		—		524,863,783
Materials		388,145,647			12,097,589		—		400,243,236
Utilities		485,003,888			6,544,413		—		491,548,301
All other equity investments*		2,062,270,176			—		—		2,062,270,176
Short-term investments		80,278,942			70,126,276		—		150,405,218
Total	$	5,155,794,608		$	151,407,475	$	—	$	5,307,202,083
Small-Cap Equity
Equity investments*	$	3,397,852,945		$	—	$	—	$	3,397,852,945
Short-term investments		52,415,316			27,400,000		—		79,815,316
Futures**		294,720			—		—		294,720
Total	$	3,450,562,981		$	27,400,000	$	—	$	3,477,962,981
Small/Mid-Cap Equity
Equity investments*	$	600,160,518		$	—	$	—	$	600,160,518
Short-term investments		8,925,693			3,300,000		—		12,225,693
Total	$	609,086,211		$	3,300,000	$	—	$	612,386,211
Social Choice Equity
Equity investments*	$	2,573,589,184		$	—	$	—	$	2,573,589,184
Short-term investments		—			11,000,000		—		11,000,000
Total	$	2,573,589,184		$	11,000,000	$	—	$	2,584,589,184
Social Choice Low Carbon Equity
Equity investments*	$	66,415,979		$	—	$	—	$	66,415,979
Short-term investments		—			650,000		—		650,000
Futures**		4,742			—		—		4,742
Total	$	66,420,721		$	650,000	$	—	$	67,070,721
Emerging Markets Equity
Equity investments:
Africa/Middle East	$	—		$	70,110,372	$	—	$	70,110,372
Asia		186,542,970			401,911,356		157,216		588,611,542
Europe		—			44,171,020		—		44,171,020
Latin America		85,445,683			178,018,238		—		263,463,921
All other equity investments*		18,329,263			123,475,622		958,354		142,763,239
Short-term investments		28,122,231			13,300,000		—		41,422,231
Total	$	318,440,147		$	830,986,608	$	1,115,570	$	1,150,542,325
Enhanced International Equity Index
Equity investments:
Asia	$	—		$	440,781,156	$	—	$	440,781,156
Australasia		—			120,065,593		—		120,065,593
Europe		36,366,334			881,825,313		—		918,191,647
All other equity investments*		13,530,009			171,577,056		—		185,107,065
Short-term investments		29,617,071			8,850,000		—		38,467,071
Total	$	79,513,414		$	1,623,099,118	$	—	$	1,702,612,532
Global Natural Resources
Equity investments:
Asia	$	—		$	28,030	$	—	$	28,030
Australasia		—			3,302,904		—		3,302,904
Europe		—			5,359,146		—		5,359,146
North America		25,226,367			9,406,794		—		34,633,161
Short-term investments		38,074			—		—		38,074
Total	$	25,264,441		$	18,096,874	$	—	$	43,361,315

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

115

Notes to financial statements (unaudited)

Fund	Level 1		Level 2			Level 3		Total
International Equity
Equity investments:
Asia	$	—	$	1,212,924,699		$	—	$	1,212,924,699
Europe		—		3,006,940,647			—		3,006,940,647
All other equity investments*		142,515,444		174,942,696			—		317,458,140
Short-term investments		229,973,843		12,495,827			—		242,469,670
Forward foreign currency contracts**		—		(2,815,366	)		—		(2,815,366	)
Total	$	372,489,287	$	4,404,488,503		$	—	$	4,776,977,790
International Opportunities
Equity investments:
Asia	$	15,672,344	$	379,720,863		$	18,317	$	395,411,524
Australasia		—		35,863,732			—		35,863,732
Europe		—		595,109,451			—		595,109,451
Latin America		—		34,987,240			—		34,987,240
North America		—		107,243,150			—		107,243,150
All other equity investments*		—		130,209,322			1,548		130,210,870
Short-term investments		145,102,675		3,550,000			—		148,652,675
Total	$	160,775,019	$	1,286,683,758		$	19,865	$	1,447,478,642
International Small-Cap Equity
Equity investments:
Asia	$	2,964,810	$	295,844,097		$	—	$	298,808,907
Australasia		—		34,212,110			—		34,212,110
Europe		—		244,811,561			—		244,811,561
North America		21,389,620		52,093,198			—		73,482,818
All other equity investments*		2,341,300		174,619,128			—		176,960,428
Short-term investments		45,495,459		19,900,000			—		65,395,459
Total	$	72,191,189	$	821,480,094		$	—	$	893,671,283
Social Choice International Equity
Equity investments:
Asia	$	—	$	8,644,632		$	—	$	8,644,632
Australasia		—		2,388,759			—		2,388,759
Europe		256,610		17,958,723			—		18,215,333
All other equity investments*		—		3,360,137			—		3,360,137
Short-term investments		—		350,000			—		350,000
Futures**		129		—			—		129
Total	$	256,739	$	32,702,251		$	—	$	32,958,990

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

Note 3—derivative instruments

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

At April 30, 2017, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

Asset derivatives

Liability derivatives

Derivative contract

Location

Fair value
amount

Location

Fair value
amount

Growth & Income Fund

Equity contracts

Portfolio investments

1,231,195

Written options

(4,334,593

)

Large-Cap Growth Fund

Equity contracts

Portfolio investments

—

Written options

(6,776

)

Mid-Cap Growth Fund

Equity contracts

Portfolio investments

328,305

Written options

(840,205

)

Small-Cap Equity Fund

Equity contracts

Futures contracts*

294,720

Social Choice Low Carbon Equity Fund

Equity contracts

Futures contracts*

4,742

International Equity Fund

Forward foreign currency

Forward contracts

contracts

2,259,358

contracts

(5,074,724

)

Social Choice International Equity Fund

Equity contracts

Futures contracts*

129

*	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.

116	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

For the period ended April 30, 2017, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

					Change in
					unrealized
		Realized			appreciation
Derivative contract	Location	gain (loss)			(depreciation)
Growth & Income Fund
Equity contracts	Purchased options	$	(165,660	)	$	1,085,494
Equity contracts	Written options		6,539,213			555,399
Large-Cap Growth Fund
Equity contracts	Written options		—			27,103
Large-Cap Value Fund
Equity contracts	Purchased options		(22,723,760	)		8,224,910
Equity contracts	Written options		17,185,140			(7,815,740	)
Equity contracts	Swaps contracts		(2,769,244	)		(240,249	)
Mid-Cap Growth Fund
Equity contracts	Purchased options		(1,206,827	)		(388,134	)
Equity contracts	Written options		1,163,239			(142,424	)
Small-Cap Equity Fund
Equity contracts	Futures contracts		60,516			390,972
Equity contracts	Swap contracts		1,606,456			—
Social Choice Equity Fund
Equity contracts	Futures contracts		108,839			—
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts		3,161			4,742
Enhanced International Equity Index Fund
Equity contracts	Futures contracts		328,739			3,068
International Equity Fund
Forward contracts	Forward foreign
	currency contracts		—			(2,815,366	)
Social Choice International Equity Fund
Equity contracts	Futures contracts		5,204			129

Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use 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 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 Statements of Assets and Liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements 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 Statements of Assets and Liabilities. During the period ended April 30, 2017, the International Equity Fund had exposure to forwards, based on underlying notional values, generally between 0% and 7% of net assets.

At April 30, 2017, the Fund(s) held the following open forward contracts:

		Contract							Unrealized
		settlement							appreciation
Fund	Counterparty	date		Receive			Deliver		(depreciation)
International Equity
	Bank of America	6/1/17	JPY		6,044,175,000	EUR		50,000,000	$	(1,692,375	)
	Bank of America	6/1/17	JPY		5,906,475,000	EUR		50,000,000		(1,219,787	)
	Bank of America	6/1/17	EUR		50,000,000	JPY		6,044,175,000		1,422,890
	Bank of America	6/1/17	EUR		50,000,000	JPY		5,906,475,000		(286,418	)
	Total								$	(1,775,690	)
	Morgan Stanley	6/1/17	JPY		6,071,700,000	EUR		50,000,000	$	(933,450	)
	Morgan Stanley	6/1/17	JPY		5,960,900,000	EUR		50,000,000		(1,229,112	)
	Morgan Stanley	6/1/17	EUR		50,000,000	JPY		6,071,700,000		911,174
	Morgan Stanley	6/1/17	EUR		50,000,000	JPY		5,960,900,000		211,712
	Total								$	(1,039,676	)
Total									$	(2,815,366	)

Abbreviation(s):

EUR		Euro
JPY		Japanese Yen

Futures contracts: Certain 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 contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended April 30, 2017, the Small-Cap Equity Fund, the Social Choice Equity Fund, the Social Choice Low Carbon Equity Fund, the Enhanced International Equity Index Fund, and the Social Choice International Equity Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 2% of net assets.

At April 30, 2017, the Fund(s) held the following open futures contracts:

Fund	Futures contracts	Number of long (short) contracts		Settlement value		Expiration date		Unrealized gain (loss)
Small-Cap Equity	Russell 2000 Mini Index		225	$	15,732,000		June 2017	$	294,720
Social Choice Low Carbon Equity	S&P 500 E Mini Index		5		595,125		June 2017		4,742
Social Choice International Equity	MSCI EAFE Mini Index		3		273,570		June 2017		129

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

117

Notes to financial statements (unaudited)

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, 2017, the Growth & Income Fund, the Large-Cap Growth Fund and the Mid-Cap Growth Fund had exposure to options, based on underlying notional values, generally between 0% and 6% of net assets.

Purchased options outstanding as of April 30, 2017 were as follows:

Number of contracts		Value
Growth & Income Fund
Bristol-Myers Squibb Co, Call, 9/15/17 at $60	489	$	75,795
Church & Dwight Co, Inc, Call, 10/20/17 at $55	200		11,000
Ciena Corp, Call, 7/21/17 at $26	390		22,620
DISH Network Corp, Call, 1/19/18 at $65	780		541,320
Edwards Lifesciences Corp, Put, 5/5/17 at $95	100		500
Kapstone Paper and Packaging, Call, 8/18/17 at $22.50	500		53,750
Kate Spade & Co, Call, 5/19/17 at $20	505		15,150
Mattel, Inc, Call, 10/20/17 at $25	625		45,000
Monsanto Co, Call, 1/19/18 at $115	564		444,150
Sprouts Farmers Market, Inc, Call, 6/16/17 at $25	313		21,910
Total	4,466	$	1,231,195
Mid-Cap Growth Fund
Autodesk, Inc, Put, 5/19/17 at $82.50	600	$	36,000
CommScope Holding Co, Inc, Put, 5/19/17 at $39	1,100		52,250
CommScope Holding Co, Inc, Put, 5/19/17 at $40	320		23,200
Lam Research Corp, Put, 5/19/17 at $125	320		1,280
Micron Technology, Inc, Put, 5/19/17 at $27	1,900		110,200
Olin Corp, Put, 5/19/17 at $31	725		50,750
Parker-Hannifin Corp, Put, 5/19/17 at $155	245		30,625
Symantec Corp, Put, 5/19/17 at $29	1,200		24,000
Total	6,410	$	328,305

Written options outstanding as of April 30, 2017 were as follows:

Number of contracts		Value
Growth & Income Fund
Advance Auto Parts, Inc, Put, 5/19/17 at $135	330	$	(56,430	)
AGCO Corp, Put, 5/19/17 at $55	494		(4,446	)
Barrick Gold Corp, Put, 5/26/17 at $16	1,000		(28,500	)
Becton Dickinson and Co, Put, 5/19/17 at $170	1,000		(24,000	)
Bristol-Myers Squibb Co, Put, 9/15/17 at $50	978		(94,866	)
Broadcom Ltd, Put, 6/16/17 at $170	247		(8,027	)
Cardinal Health, Inc, Put, 5/19/17 at $65	800		(14,400	)
Celanese Corp, Put, 5/19/17 at $82.50	412		(11,536	)
Celgene Corp, Call, 1/19/18 at $145	500		(168,750	)
Charter Communications, Inc, Put, 6/16/17 at $295	400		(58,000	)
Chipotle Mexican Grill Inc (Class A), Put, 6/16/17 at $435	125		(40,999	)
Church & Dwight Co, Inc, Put, 10/20/17 at $45	200		(17,500	)
Ciena Corp, Call, 7/21/17 at $30	780		(11,310	)
Ciena Corp, Put, 7/21/17 at $21	780		(57,720	)
Clovis Oncology, Inc, Put, 6/16/17 at $45	313		(54,775	)
Clovis Oncology, Inc, Put, 7/21/17 at $40	577		(135,595	)
Coach, Inc, Put, 5/19/17 at $37	824		(37,080	)
Cognex Corp, Put, 5/19/17 at $75	494		(28,652	)
Concho Resources, Inc, Put, 6/16/17 at $120	152		(42,940	)
Constellation Brands, Inc, Put, 5/19/17 at $165	330		(27,390	)
Constellation Brands, Inc, Put, 7/21/17 at $160	330		(87,450	)
Crown Castle International Corp, Put, 5/19/17 at $87.50	408		(4,080	)
Crown Castle International Corp, Put, 5/19/17 at $90	90		(2,250	)
Delphi Automotive plc, Put, 5/19/17 at $72.50	235		(9,635	)
DISH Network Corp, Put, 5/19/17 at $57.50	577		(23,080	)
DISH Network Corp, Put, 1/19/18 at $52.50	780		(193,050	)
Edwards Lifesciences Corp, Call, 8/18/17 at $120	165		(39,600	)
Edwards Lifesciences Corp, Put, 5/19/17 at $91	165		(19,800	)
Edwards Lifesciences Corp, Put, 8/18/17 at $105	165		(64,350	)
Edwards Lifesciences Corp, Put, 8/18/17 at $85	500		(32,500	)
Eli Lilly & Co, Put, 5/19/17 at $79	494		(18,278	)
Express Scripts Holding Co, Put, 5/19/17 at $57	412		(12,360	)
FedEx Corp, Put, 5/26/17 at $175	330		(13,200	)
Flextronics International Ltd, Put, 6/16/17 at $15	824		(20,600	)
General Dynamics Corp, Put, 5/19/17 at $185	198		(9,900	)
Genesee & Wyoming, Inc, Put, 5/19/17 at $60	505		(8,838	)
Hasbro, Inc, Put, 5/19/17 at $87.50	625		(5,000	)
Incyte Corp, Put, 9/15/17 at $110	200		(120,000	)
Itron, Inc, Put, 8/18/17 at $55	115		(11,787	)
Itron, Inc, Put, 8/18/17 at $60	115		(23,862	)
JC Penney Co, Inc, Put, 8/18/17 at $5	2,445		(139,365	)
Kapstone Paper and Packaging, Put, 8/18/17 at $17.50	1,000		(42,500	)
Kate Spade & Co, Put, 5/19/17 at $16	505		(25,250	)
Kohl’s Corp, Put, 10/20/17 at $37.50	105		(39,480	)
Kohl’s Corp, Put, 10/20/17 at $40	215		(107,930	)
Lululemon Athletica, Inc, Put, 9/15/17 at $45	200		(31,600	)
Lululemon Athletica, Inc, Put, 9/15/17 at $55	625		(373,125	)
Lumentum Holdings, Inc, Put, 5/19/17 at $35	800		(46,000	)
Mattel, Inc, Put, 10/20/17 at $20	2,000		(200,000	)
Meredith Corp, Put, 6/16/17 at $55	500		(32,999	)
Microsemi Corp, Put, 5/19/17 at $45	494		(34,580	)
Microstrategy Inc (Class A), Put, 6/16/17 at $175	195		(50,276	)
Mohawk Industries Inc, Put, 5/19/17 at $220	206		(6,180	)
Monolithic Power Systems, Inc, Put, 6/16/17 at $85	122		(11,895	)
Monsanto Co, Put, 1/19/18 at $97.50	1,000		(234,000	)
Monster Beverage Corp, Put, 6/16/17 at $41.67	163		(9,780	)
Monster Beverage Corp, Put, 6/16/17 at $48.33	400		(148,000	)
NuVasive, Inc, Put, 5/19/17 at $70	577		(38,948	)
PACCAR, Inc, Call, 5/19/17 at $71.90	494		(4,940	)
PACCAR, Inc, Put, 5/19/17 at $61.90	494		(9,386	)

118	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Number of contracts		Value
Growth & Income Fund (continued)
PACCAR, Inc, Put, 8/18/17 at $60	494	$	(55,575	)
Palo Alto Networks, Inc, Put, 5/19/17 at $100	611		(29,939	)
Parker-Hannifin Corp, Put, 5/19/17 at $150	125		(6,500	)
Parker-Hannifin Corp, Put, 5/19/17 at $155	125		(15,625	)
Philip Morris International, Inc, Put, 5/19/17 at $105	412		(7,416	)
Pioneer Natural Resources Co, Put, 6/16/17 at $165	505		(217,150	)
PTC, Inc, Put, 5/19/17 at $47.50	800		(10,000	)
Raytheon Co, Call, 5/19/17 at $165	330		(1,650	)
Raytheon Co, Put, 5/19/17 at $150	330		(23,430	)
Regeneron Pharmaceuticals Inc, Put, 5/19/17 at $330	165		(20,625	)
Rockwell Automation, Inc, Call, 5/19/17 at $170	206		(3,090	)
Schlumberger Ltd, Put, 6/16/17 at $75	330		(121,770	)
Seagate Technology plc, Put, 5/12/17 at $40	577		(25,965	)
Sprouts Farmers Market, Inc, Put, 6/16/17 at $17.50	313		(6,260	)
Stryker Corp, Put, 5/19/17 at $130	370		(7,400	)
TESARO, Inc, Put, 9/15/17 at $90	195		(48,750	)
Ulta Beauty, Inc, Put, 6/16/17 at $250	125		(24,375	)
United Rentals, Inc, Put, 5/19/17 at $100	330		(19,800	)
United States Steel Corp, Call, 7/21/17 at $28	470		(24,440	)
United States Steel Corp, Put, 5/19/17 at $22	470		(45,120	)
United States Steel Corp, Put, 1/19/18 at $24	470		(208,680	)
Universal Health Services, Inc, Put, 5/19/17 at $115	330		(24,420	)
WR Grace & Co, Put, 5/19/17 at $62.50	247		(6,175	)
WR Grace & Co, Put, 5/19/17 at $65	247		(6,175	)
Yelp, Inc, Put, 8/18/17 at $32	489		(119,805	)
Zimmer Biomet Holdings Inc, Put, 6/16/17 at $110	494		(25,688	)
Total	40,069	$	(4,334,593	)
Large-Cap Growth Fund
NVIDIA Corp, Put, 5/12/17 at $90	242	$	(6,776	)
Total	242	$	(6,776	)
Mid-Cap Growth Fund
Autodesk, Inc, Call, 5/19/17 at $90	600	$	(174,000	)
Autodesk, Inc, Put, 5/19/17 at $75	600		(3,600	)
CommScope Holding Co, Inc, Call, 5/19/17 at $44	1,420		(110,050	)
CommScope Holding Co, Inc, Put, 5/19/17 at $36	1,420		(17,750	)
Lam Research Corp, Call, 5/19/17 at $135	320		(320,640	)
Lam Research Corp, Put, 5/19/17 at $120	320		(1,600	)
Micron Technology, Inc, Call, 5/19/17 at $31	1,900		(22,800	)
Micron Technology, Inc, Put, 5/19/17 at $24	1,900		(15,200	)
Olin Corp, Call, 5/19/17 at $34	725		(32,625	)
Olin Corp, Put, 5/19/17 at $29	725		(19,575	)
Parker-Hannifin Corp, Call, 5/19/17 at $160	245		(86,240	)
Parker-Hannifin Corp, Put, 5/19/17 at $145	245		(6,125	)
Symantec Corp, Call, 5/19/17 at $34	1,200		(21,000	)
Symantec Corp, Put, 5/19/17 at $27	1,200		(9,000	)
Total	12,820	$	(840,205	)

Transactions in written options and related premiums received during the period ended April 30, 2017 were as follows:

	Number of contracts		Premiums
Growth & Income Fund
Outstanding at beginning of period	27,339		$	5,489,472
Written	215,003			25,720,150
Purchased	(114,148	)		(17,825,548	)
Exercised	(2,599	)		(1,153,316	)
Expired	(85,526	)		(6,291,296	)
Outstanding at end of period	40,069		$	5,939,462
Large-Cap Growth Fund
Outstanding at beginning of period	—		$	—
Written	242			33,879
Purchased	—			—
Exercised	—			—
Expired	—			—
Outstanding at end of period	242		$	33,879
Mid-Cap Growth Fund
Outstanding at beginning of period	2,900		$	163,171
Written	38,800			2,624,957
Purchased	(2,015	)		(304,767	)
Exercised	(6,950	)		(565,512	)
Expired	(19,915	)		(1,102,497	)
Outstanding at end of period	12,820		$	815,352

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. Certain Funds may invest in total return swaps to gain or hedge exposure to the underlying reference assets. During the period ended April 30, 2017, the Large-Cap Value Fund and the Small-Cap Equity Fund had exposure to total return swaps, based on underlying notional amounts, generally between 0% and 1% of net assets.

At April 30, 2017, the Fund(s) held the following open total return swap contracts:

Fund

Counterparty

Notional
amount

Termination
date

Fixed payments
received by or
(paid) by fund
per annum

Total return received
by or (paid) by fund

Unrealized
appreciation
(depreciation)

Small-Cap Equity

Goldman Sachs

35,496,119

6/5/2017

(0.01

Difference between GSCBTINY Index less Russell 2000 Index and Russell 2500 Index

$—

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

119

Notes to financial statements (unaudited)

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.

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

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of April 30, 2017, 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	0.32		—		—		—		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	0.41		0.25		0.15		0.25		0.52		0.67		0.67		0.77		0.91
Large-Cap Value*	0.33–0.45^a	0.39		0.25		0.15		0.25		0.52		0.67		0.67		0.77		0.91
Mid-Cap Growth*	0.32–0.48	0.45		0.25		0.15		0.25		0.55		0.70		0.70		0.80		0.94
Mid-Cap Value*	0.32–0.48^b	0.39		0.25		0.15		0.25		0.55		0.70		0.70		0.80		0.94
Small-Cap Equity*	0.30–0.46	0.39		0.25		0.15		0.25		0.53		0.68		0.68		0.78		0.92
Small/Mid-Cap Equiy*	.30–0.46	0.46		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	0.38		—		—		—		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	0.46		0.25		0.15		0.25		0.60		0.75		0.75		0.85		0.99
International Opportunities*	0.48–0.60	0.59		0.25		0.15		0.25		0.70		0.85		0.85		0.95		1.09
International Small-Cap Equity*	0.53–0.65	0.51		0.25		0.15		0.25		0.75		0.90		0.90		1.00		1.14
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, 2016, Advisors agreed to voluntary waive a portion of the investment management fee for the Large-Cap Value Fund. The investment management fee range after the waiver is 0.32%–0.44% 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, 2016, Advisors agreed to voluntary waive a portion of the investment management fee for the Mid-Cap Value Fund. The investment management fee range after the waiver is 0.30%–0.46% 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.
^‡	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, 2018. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

120	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. These amounts are included in Payment from affiliate on the Statements of Operations.

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, 2017, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss)
Enhanced Large-Cap Growth Index	$	1,577,458	$	10,802,059	$	1,761,105
Enhanced Large-Cap Value Index		1,388,706		11,240,826		633,775
Growth & Income		23,545,319		38,085,301		3,652,272
Large-Cap Growth		9,271,299		11,829,190		(361,776	)
Large-Cap Value		7,024,813		4,908,227		996,529
Mid-Cap Growth		2,098,464		—		—
Mid-Cap Value		1,634,156		1,406,855		631,085
Small-Cap Equity		3,036,433		3,768,925		970,517

Fund	Purchases		Sales		Realized gain (loss)
Small/Mid-Cap Equity	$	12,293,057	$	1,165,280	$	53,334
Social Choice Equity		2,277,378		4,588,958		535,339
Social Choice Low Carbon Equity		525,668		118,620		14,296
Emerging Markets Equity		862,277		—		—
Enhanced International Equity Index		41,661,270		29,189,984		179,226
Global Natural Resources		—		2,341,476		(14,164	)
International Equity		—		1,656,703		963,960
International Opportunities		1,362,468		7,281,193		153,826
International Small-Cap Equity		14,732,972		339,232		(26,199	)
Social Choice International Equity		127,616		143,987		(9,590	)

As of April 30, 2017, TIAA, an affiliate, was invested in the Social Choice International 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.

During the period ended April 30, 2017, TIAA received total proceeds of $21,472,770 from redemptions from the International Small-Cap Equity Fund.

The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of April 30, 2017:

Underlying Fund	TIAA			TIAA-CREF Lifecycle Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Enhanced Large-Cap Growth Index		—	%		94	%		1	%		2	%		—	%		97	%
Enhanced Large-Cap Value Index		—			95			1			2			—			98
Growth & Income		—			47			1			1			4			53
Large-Cap Growth		—			59			2			2			2			65
Large-Cap Value		—			37			1			1			7			46
Mid-Cap Growth		—			—			—			—			11			11
Mid-Cap Value		—			—			—			—			10			10
Small-Cap Equity		—			22			—			1			8			31
Small/Mid-Cap Equity		—			94			2			3			—			99
Social Choice Equity		—			—			—			—			3			3
Emerging Markets Equity		—			78			2			2			1			83
Enhanced International Equity Index		—			94			2			2			—			98
International Equity		—			27			1			1			7			36
International Opportunities		—			95			2			2			—			99
International Small-Cap Equity		—			95			2			2			—			99
Social Choice International Equity		62			—			—			—			—			62

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. As of April 30, 2017, there were no affiliated investments.

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, 2017, 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

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

121

Notes to financial statements (unaudited)

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, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Enhanced Large-Cap Growth Index	$	1,778,490,479	$	604,798,513	$	(21,811,908	)	$	582,986,605
Enhanced Large-Cap Value Index		1,898,869,926		363,873,206		(16,433,165	)		347,440,041
Growth & Income		4,723,676,440		1,576,635,098		(43,840,825	)		1,532,794,273
Large-Cap Growth		2,950,468,136		1,287,556,018		(12,685,308	)		1,274,870,710
Large-Cap Value		5,369,283,740		1,363,338,203		(186,747,738	)		1,176,590,465
Mid-Cap Growth		1,262,480,765		320,525,158		(39,651,937	)		280,873,221
Mid-Cap Value		3,952,387,376		1,523,226,114		(168,411,407	)		1,354,814,707
Small-Cap Equity		2,854,099,987		693,990,149		(70,421,875	)		623,568,274
Small/Mid-Cap Equity		557,883,719		67,183,259		(12,680,767	)		54,502,492
Social Choice Equity		1,757,994,300		880,203,531		(53,608,647	)		826,594,884
Social Choice Low Carbon Equity		59,741,272		8,541,809		(1,217,102	)		7,324,707
Emerging Markets Equity		978,671,813		194,662,134		(22,791,622	)		171,870,512
Enhanced International Equity Index		1,518,802,450		198,414,817		(14,604,735	)		183,810,082
Global Natural Resources		40,859,752		3,675,192		(1,173,629	)		2,501,563
International Equity		4,263,608,632		613,186,599		(97,002,075	)		516,184,524
International Opportunities		1,193,123,779		298,877,430		(44,522,567	)		254,354,863
International Small-Cap Equity		838,475,993		71,216,796		(16,021,506	)		55,195,290
Social Choice International Equity		31,712,956		2,661,708		(1,415,803	)		1,245,905

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2017 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Enhanced Large-Cap Growth Index	$	689,746,419	$	684,264,576
Enhanced Large-Cap Value Index		768,208,044		776,693,441
Growth & Income		2,835,364,472		2,545,417,538
Large-Cap Growth		2,095,875,968		2,031,176,158
Large-Cap Value		1,647,187,016		1,492,448,766
Mid-Cap Growth		308,525,088		415,096,335
Mid-Cap Value		731,802,683		987,778,751
Small-Cap Equity		1,171,732,795		1,226,136,299
Small/Mid-Cap Equity		329,658,984		176,162,192
Social Choice Equity		158,831,961		138,911,529
Social Choice Low Carbon		18,606,124		4,622,511
Emerging Markets Equity		692,251,893		843,344,024
Enhanced International Equity Index		1,102,412,371		1,078,624,424
Global Natural Resources		42,588,569		149,759,309
International Equity		2,136,371,103		2,179,166,486
International Opportunities		198,221,756		328,779,783
International Small-Cap Equity		922,722,313		145,295,029
Social Choice International Equity		7,260,829		1,641,550

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended October 31, 2016 was as follows:

	10/31/2016
Fund	Ordinary income		Long-term capital gains		Total
Enhanced Large-Cap Growth Index	$	27,575,931	$	178,191,423	$	205,767,354
Enhanced Large-Cap Value Index		43,107,044		117,076,892		160,183,936
Growth & Income		58,611,353		304,690,625		363,301,978
Large-Cap Growth		10,058,657		114,772,209		124,830,866
Large-Cap Value		129,176,322		250,328,521		379,504,843
Mid-Cap Growth		1,619,153		136,157,352		137,776,505
Mid-Cap Value		75,692,864		442,612,095		518,304,959
Small-Cap Equity		43,594,975		180,660,507		224,255,482
Small/Mid Cap Equity		—		—		—
Social Choice Equity		45,692,230		90,774,543		136,466,773
Social Choice Low Carbon Equity		214,549		2,424		216,973
Emerging Markets Equity		9,428,743		—		9,428,743
Enhanced International Equity Index		37,422,725		—		37,422,725
Global Natural Resources		6,027,039		—		6,027,039
International Equity		55,426,856		—		55,426,856
International Opportunities		14,401,379		—		14,401,379
International Small-Cap Equity		—		—		—
Social Choice International Equity		124,727		—		124,727

The tax character of the fiscal year 2017 distributions will be determined at the end of the fiscal year.

122	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

concluded

Note 7—emerging markets risks

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

Note 8—line of credit

Each of the Funds, except the Small/Mid-Cap Equity Fund and the International Small-Cap 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. The current facility was entered into on June 21, 2016 expiring on June 20, 2017, replacing the previous facility, which expired June 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, 2017, 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 the Mid-Cap Value Fund management fee breakpoint schedule by an additional 0.03% for one year effective May 1, 2017. During this one-year period, the fee range paid to Advisors will be 0.27% to 0.46% 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.

Also, effective May 1, 2017, Advisors has agreed to implement new tiers to the breakpoint schedule by removing the breakpoint at $8 billion and adding breakpoints at $7 billion and $10 billion for all Funds, with the exception of Enhanced Large-Cap Growth Index, Enhanced Large-Cap Value Index, Social Choice Equity, Social Choice Low Carbon Equity, Enhanced International Equity Index and Social Choice International Equity. Due to these breakpoint schedule changes, the investment management fees were updated for the following Funds:

Fund	Investment management fee range
Growth & Income	0.30–0.45	%
Large-Cap Growth	0.30–0.45
Large-Cap Value	0.30–0.45
Mid-Cap Growth	0.29–0.48
Mid-Cap Value	0.29–0.48
Small-Cap Equity	0.27–0.46
Small/Mid Cap Equity	0.27–0.46
Emerging Markets Equity	0.70–0.85
Global Natural Resources	0.50–0.65
International Equity	0.35–0.50
International Opportunities	0.45–0.60
International Small-Cap Equity	0.50–0.65

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

123

Approval of investment management agreement (unaudited)

Board approval of the investment management agreement for the TIAA-CREF International Small-Cap Equity 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 independent trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the approval process

The Board held a meeting on December 6, 2016, at which it considered the initial approval of the Agreement with respect to the Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee of the Board. During a meeting held prior to the December 6, 2016 Board meeting, the Operations Committee, as applicable, requested and reviewed information from Advisors, in consultation with Advisors representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, and then evaluated the information produced in accordance with the requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, requested and reviewed reports 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.

Based on guidance provided by the Operations Committee on behalf of the Board, Broadridge produced, among other information, expense comparison data regarding the Fund, including data relating to the Fund’s proposed management fee rate and estimated total expense ratio. Broadridge compared this data 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 Advisors.

Among other matters, the Board also requested and reviewed various information provided by Advisors to facilitate the

Trustees’ evaluation of the reasonableness of any potential profits to be earned by Advisors with respect to its services to the Fund pursuant to the Agreement.

In advance of the Board meeting held on December 6, 2016, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to approve 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) performance information related to any other fund, account or sleeve of an account with a similar investment strategy already managed by Advisors and a comparison of these products’ performance to a benchmark index and a peer group identified by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service; (2) a description of any proposed fee waiver or expense reimbursement arrangements; (3) a comparison of the Fund’s proposed fee rate under the Agreement to the fee rates of other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Fund in addition to Advisors’ direct fee payments pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Fund; (6) information as to any potential profits to be earned by Advisors 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 Advisors; (8) proposed narrative explanations of reasons why the Board should approve the Agreement. At times, Advisors referred to information provided to the Board in its most recent review of the Agreement with respect to the existing series of the Trust in March 2016 to the extent that information had not materially changed in responding to these requests. The Trustees were given the opportunity to ask questions and request additional information, and they reviewed responses from Advisors to follow-up questions presented by the Trustees after their initial review of the information described above.

In considering whether to approve 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 to be provided by Advisors to the Fund; (2) the investment performance of any similarly managed funds, accounts or sleeves of accounts also managed by Advisors; (3) the costs of the services to be provided to the Fund and the potential profits to be realized (if any) by Advisors 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 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 Advisors with other clients to whom

124	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the principal factor in determining whether to approve the Agreement.

In reaching its decisions regarding the approval of the Agreement, the Board took into account the information described above, other information provided to the Board in connection with this process and information provided to the Board in connection with the 2016 renewal of the Agreement for certain existing series of the Trust. Additionally, the Board took into account relevant information provided to the Board and its Committees throughout the year as part of the Board’s ongoing duties to oversee and evaluate Advisors’ services to the Trust. In addition to general session meetings that included Advisors personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed approval of the Agreement. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

In deciding whether to approve 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 approve the Agreement for the Fund. At its meeting on December 6, 2016, the Board voted unanimously to approve 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 Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the existing series of the Trust since their operations commenced. Investment professionals at Advisors also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds (the “Life Funds”) and TIAA Separate Account VA-1, as well as sub-advise other investment companies and vehicles. Under the Agreement, Advisors 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 service providers; and overseeing the provision of various administrative services to the Fund. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner with respect to the existing series of the Trust. The Board also considered that Advisors has committed significant resources to

supporting the series of the Trust. It also considered Advisors’ compliance program and resources and its compliance record with respect to the existing series of the Trust.

The Board also considered the nature and quality of non-portfolio management services provided by Advisors 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 Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors for its portfolio management and other functions, including the impact of recent and anticipated operational changes on such resources, so as to assess whether sufficient resources are being devoted to these functions.

Investment performance

In assessing the potential performance of the Fund, the Board considered the track record of a sleeve of the CREF Stock Account that is managed in a similar fashion by the same portfolio management team as was proposed for the Fund over the one-, three- and five-year and since-inception periods. The Board also considered the track record of this sleeve versus the proposed benchmark index for the Fund and its Morningstar peers. The Board considered that the performance of this sleeve was in the top quartile versus its peers and had generated excess returns compared to its benchmark index, but that the sleeve’s performance did not represent the historical performance of the Fund and should not be considered indicative of future performance of the Fund.

Cost and profitability

The Board considered pro forma financial and profitability data relating to Advisors with respect to the Fund. The Board considered Advisors’ projected profit calculations with respect to its services to the Fund both before and after taking into account the costs to be incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. These estimates projected that the Fund would likely be profitable to some degree to Advisors starting in 2018. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Fund and recognized the entrepreneurial risk Advisors assumes. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. The Board concluded that any estimated profits to be earned by Advisors on its services to the Fund in future years were reasonable in light of various relevant factors.

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 proposed

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concluded

management fee rate to be charged to the Fund under the Agreement 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. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Fund’s actual management fee rate compares to those of peer mutual funds. Based on all factors considered, the Board concluded that the proposed management fee rate to be charged 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 Advisors is anticipated to experience economies of scale in connection with the operation of the Fund. The Board also considered the extent to which the management fee rate schedule breakpoints for the Fund would affect Advisors’ fees as assets increased. (Management fee rate “breakpoints” result in the Fund paying a lower management fee rate with respect to assets above the designated breakpoint levels.) The Board considered, in connection with the supporting Broadridge reports, Advisors’ position 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. Based on all factors considered, the Board concluded that the Fund’s management fee rate schedule was reasonable in light of projected economies of scale considerations and projected asset levels.

Fee comparison with other Advisors clients

The Board considered that neither Advisors nor its affiliates manage any registered funds or accounts with a similar strategy. As previously noted, Advisors’ affiliate does manage a sleeve of the CREF Stock Account with a similar strategy, but that sleeve is part of a much larger portfolio with a management fee that reflects an at-cost management fee for the entire portfolio.

Other benefits

The Board also considered additional benefits to Advisors and its affiliates that could potentially arise from the Agreement. For example, Advisors 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 Advisors 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 Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Advisors may also benefit from the ability to acquire investment research related to commission arrangements made on behalf of the Fund (i.e., soft dollars). Additionally, the Fund may be utilized as an investment option

for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to approve 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 or Morningstar. The specific management fee and estimated expense 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 of these other classes will differ from the expenses shown for the Institutional Class.

•	The Fund’s proposed annual contractual management fee rate starts at 0.65% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds.
•	The Fund’s estimated total expense ratio and proposed contractual management fee rate were each in the 1st quintile of both the group of comparable funds selected by Broadridge for expense comparison purposes and the universe of comparable funds identified by Broadridge for expense comparison purposes.

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

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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 periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors 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 its most recent renewal of the Agreement with respect to each series covered by this Report other than the TIAA-CREF Small/Mid-Cap Equity Fund and the TIAA-CREF International Small-Cap Equity Fund (the “Funds”). (The Board did not consider the renewal of the Agreement for these two Funds because the Agreement was initially approved by the Board for each Fund in 2016 with a two-year term. Accordingly, in the discussion below, the references to “Funds” do not include the Small/Mid-Cap Equity or International Small-Cap Equity 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 independent trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held meetings on March 9, 2017 and March 23, 2017, 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 of the Board. Among these tasks, the Operations Committee worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance 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 Advisors to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2016 renewal process. During a series of meetings held prior to the March 9 and March 23, 2017 Board meetings, the Operations Committee, reviewed such guidance and follow-up requests in consultation with Advisors representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, and then evaluated the information produced in accordance with the guidance and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established certain guidance 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 guidance 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 rate, total expense ratio, short-term and long-term investment performance, portfolio turnover rate and brokerage commission costs (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commissions) 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 Advisors, and, in the case of the investment performance data, against one or more appropriate broad-based 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 Advisors or the Board).

Among other matters, the Board also requested and reviewed various information provided by Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.

In advance of the Board meetings held on March 9 and March 23, 2017, legal counsel for the Trustees requested on behalf of the Board, and Advisors 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 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 other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to Advisors’ direct fee payments pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements,

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insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors 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 Advisors; (8) a copy of Advisors’ 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 provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. The Trustees were given the opportunity to ask questions and request additional information, and they reviewed responses from Advisors to follow-up questions presented by the Board after its initial review of the information described above.

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 Advisors 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 Advisors 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 Advisors with other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as 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 and other information provided to the Board in connection with this process. Additionally, the Board took into account relevant information, including performance data, provided to the Board and its Committees throughout the year as part of the Board’s ongoing duties to oversee and evaluate Advisors’ services to the Funds. In addition to general session meetings that included Advisors personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates 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 23, 2017, 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 Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds (the “Life Funds”) and TIAA Separate Account VA-1, as well as sub-advise other investment companies and vehicles. Under the Agreement, Advisors 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 overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ 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 Advisors 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 Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.

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continued

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 three-year performance of each Fund (as applicable) before any reductions for fees or expenses. In this analysis, the Board considered the impact of net asset value rounding and 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 materially underperformed its peer group or peer universe of mutual funds for a specified period, the Board had a dialogue with investment personnel of Advisors, including the pertinent chief investment officer, to consider the factors that contributed to 2016 and longer-term performance. Management also considered whether a closer examination of performance or remedial measures was warranted. 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.

Cost and profitability

The Board considered financial and profitability data relating to Advisors for the calendar year 2016. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial risk Advisors assumes. The Board considered that Advisors had earned profits with respect to many of the Funds under the Agreement for the one-year period ended December 31, 2016, and expected this trend to continue. However, with respect to the more recently-launched Social Choice Low Carbon Equity Fund and Social Choice International Fund, and the smaller-sized Global Natural Resources Fund, Advisors had incurred losses. The Board also recognized the future effect on Advisors’ profitability of an amendment to the Agreement effective on May 1, 2017 adding new breakpoints to the management fee rate schedule at the $7 billion and $10 billion levels (replacing an existing breakpoint at the $8 billion level) for many of the actively-managed Funds with existing management fee rate breakpoints. (Management fee rate “breakpoints” result in a Fund paying a lower management fee rate with respect to assets above the designated breakpoint levels.) The Board also considered Advisors’ one-year voluntary reduction of certain Funds’ management fee rates that began May 1, 2016: 0.015% for the Large-Cap Value Fund and 0.025% for the Mid-Cap Value Fund. Additionally, the Board considered that while Advisors would not be continuing this voluntary waiver for the Large-Cap Value Fund after April 30, 2017, Advisors had agreed to

continue the 0.025% voluntary management fee waiver for the Mid-Cap Value Fund through April 30, 2018. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. With respect to those Funds for which the Agreement was profitable to Advisors in 2016, the Board concluded that those profits were reasonable in light of various relevant factors.

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. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer mutual funds. Additionally, the Board 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 Advisors 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 rate schedule breakpoints for many actively-managed Funds that were currently profitable to Advisors would have an effect on Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position 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. The Board also considered the addition of new contractual breakpoints in the management fee rate schedules for many of the actively-managed managed Funds effective May 1, 2017. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee comparison with other Advisors clients

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investment strategies as certain of the Funds. In particular, the Board reviewed the management fee rate Advisors charged to a separately managed account that has a similar mandate to the Mid-Cap Value Fund. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. Additionally, the Board considered Advisors’ disclosed fee rate schedules for separately managed account mandates with investment strategies similar to the Funds’ strategies. The Board also considered Advisors’ 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 Advisors; (4) may have different regulatory burdens; (5) may target different 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 Advisors and its affiliates arising from the Agreement. For example, Advisors 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 Advisors 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 Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Advisors may also benefit from the ability to acquire investment research related to commission arrangements made on behalf of the Funds (i.e., soft dollars). Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors 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, 2016. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The

Morningstar data is as of December 31, 2016. 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 any breakpoints in the management fee rate schedule for the Fund. Statements below regarding “net profit” or “net loss” refer to whether Advisors earned a profit or incurred a loss for the services that it rendered to a Fund during 2016 under the Agreement.

Enhanced Large-Cap Growth Index

•	The Fund’s annual contractual management fee rate starts at 0.35% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.323% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate 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 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, 1st 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.
•	Advisors 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 starts at 0.35% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.32% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate 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 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.
•	James Johnson replaced Michael Shing on the Fund’s portfolio management team in September, 2016.
•	Advisors 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 starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.397% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management

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	fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and 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 4th, 2nd, 2nd 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 5 stars.
•	Advisors 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 starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.415% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 3rd, 3rd, 2nd and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 3rd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors 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 starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.394% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 1st and 3rd quintiles of its Performance Group for the one- and three-year periods, respectively. The Fund ranked 3 out of 5 and 4 out of 5 funds within its Performance Group for the five- and ten-year periods. The Fund was in the 2nd, 2nd 1st 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.

•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Mid-Cap Growth Fund

•	The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.449% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 3rd, 5th, 3rd and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 4th, 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.
•	Advisors 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 starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.395% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.
•	Advisors agreed to renew a voluntary waiver reducing the Fund’s management fee breakpoint schedule by an additional 0.015% for one year effective through April 30, 2018.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 1st, 2nd, 2nd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 1st, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors 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 starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.394% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

131

Approval of investment management agreement (unaudited)

	breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 4th, 1st, 1st and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 1st, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors 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 expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 1st, 3rd, 3rd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 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.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Social Choice Low Carbon Equity Fund

•	The Fund’s annual contractual management fee rate is 0.25% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 1st quintile of its Performance Group for both the one-year and since-inception periods. The Fund was in the 2nd quintile of its Performance Universe for both the one-year and since-inception periods.
•	The Fund does not yet have a sufficient track record for a Morningstar rating.
•	Advisors incurred a net loss 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 starts at 0.85% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.847% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.

•

The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st 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 4th, 5th and 4th quintiles of both its Performance Group and Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Barton Grenning replaced Alexander Muromcew as portfolio manager of the Fund in September, 2016.
•	Advisors 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 starts at 0.40% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.38% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee each ranked 1 out of 3 funds 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 does not have a Performance Group. The Fund was in the 4th, 3rd and 2nd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors 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 starts at 0.65% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. At its December 31, 2016 asset level, the Fund had not reached any of its management fee rate breakpoints. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd 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 2nd, 1st and 2nd quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 1st, 1st and 2nd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Jeff Bellman and Dhaval Patel replaced Navaneel Rey as portfolio managers of the Fund in September, 2016.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period.

132	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

concluded

International Equity Fund

•	The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.461% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expenses and contractual management fee were each 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 3rd, 5th, 2nd and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 4th, 1st 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.
•	Advisors 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 starts at 0.60% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2016 asset level was 0.592% of average daily net assets. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of its Expense Universe, while the Fund’s actual management fee rate was in the 2nd quintile of its Expense Universe.
•	The Fund was in the 2nd and 3rd quintiles of its Performance Group for the one- and three-year periods, respectively. The Fund was in the 3rd quintile of its Performance Universe for both the one- and three-year periods.
•	The Fund received an Overall Morningstar Rating of 2 stars.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Social Choice International Equity Fund

•	The Fund’s annual contractual management fee rate is 0.30% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 3rd quintile of its Performance Group for both the one-year and since-inception periods. The Fund was in the 3rd and 2nd quintiles of its Performance Universe for the one-year and since-inception periods, respectively.
•	The Fund does not yet have a sufficient track record for a Morningstar rating.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period.

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

TIAA-CREF Funds: Equity Funds ■ 2017 Semiannual Report

133

Additional information about index providers (unaudited)

Russell Indexes

The Russell 1000^® Index, the Russell 2000^® Index, the Russell 2500^® 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, LLC. 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.

134	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

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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.

Nuveen 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.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

TIAA

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New York, NY 10017-3206

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149052

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TIAA

730 Third Avenue

New York, NY 10017-3206

Printed on paper containing recycled fiber

149052

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TIAA

730 Third Avenue

New York, NY 10017-3206

149052

A12454 (6/17)

Semiannual Report

April 30, 2017

TIAA-CREF Funds

Equity Index Funds

The semiannual report contains the financial statements (unaudited).

Equity Index

Large-Cap Growth Index

Large-Cap Value Index

S&P 500 Index

Small-Cap Blend Index

Emerging Markets Equity Index

International Equity Index

		BUILT TO PERFORM.
	CREATED TO SERVE.

Contents


Understanding your report from TIAA-CREF Funds	3

Letter to investors	4

Market monitor	6

Information for investors	7

About the funds’ benchmarks	8

Important information about expenses	9

Fund performance
Equity Index Fund	10
Large-Cap Growth Index Fund	12
Large-Cap Value Index Fund	14
S&P 500 Index Fund	16
Small-Cap Blend Index Fund	18
Emerging Markets Equity Index Fund	20
International Equity Index Fund	22

Summary portfolios of investments	24

Financial statements (unaudited)
Statements of assets and liabilities	38
Statements of operations	40
Statements of changes in net assets	42
Financial highlights	46
Notes to financial statements	52

Approval of investment management agreement	58

Additional information about index providers	63

How to reach us	Inside back cover

Understanding your report from TIAA-CREF Funds

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

This semiannual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of April 30, 2017. The report contains four main sections:

•	A letter from Brad Finkle, President of TIAA-CREF Funds and TIAA Investments.
•	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, 2017.
•	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.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Brad Finkle

Letter to investors

•	The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, gained 13.8%. (Please see page 8 for benchmark definitions.)
•	The MSCI EAFE Index, which tracks stock returns in 21 developed-market nations outside North America, rose 11.5%, and the MSCI Emerging Markets Index, a measure of stock performance in 23 emerging-markets countries, advanced 8.9%.
•	Institutional Class returns for all seven of the TIAA-CREF Equity Index Funds generated positive results. After allowing for expenses, three of the funds outperformed their benchmarks, while four funds slightly lagged.

Stocks advance after the election while Federal Reserve raises rates

4	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Global stocks advance as economic growth continues

Equity index funds post solid gains

All seven of the TIAA-CREF Equity Index Funds generated positive returns for the reporting period. Each fund invests in a portfolio that attempts to match the risk and return characteristics of its benchmark index at a low-cost-per-invested dollar. The funds’ performance includes a deduction for expenses, while the returns of their respective indexes do not. The funds’ returns ranged from 9.0% for the Emerging Markets Equity Index Fund to 18.4% for the Small-Cap Blend Index Fund. (All fund returns are for the Institutional Class.)

Small-capitalization stocks outperformed their larger peers during the period and the Small-Cap Blend Index Fund rose 18.4%.

The Large-Cap Growth Index Fund was the next-best performer at 15.1% for the six months. Its value counterpart, the Large-Cap Value Index Fund, posted a lower 11.6% return, as growth outperformed value during the period. The Equity Index Fund rose 13.9%, outpacing its benchmark despite the effect of expenses, while the S&P 500 Index Fund advanced 13.3%, but underperformed the index for the six-month period.

Despite the effect of expenses, international funds outperformed their benchmarks. The International Equity Index Fund rose 11.6%, while the Emerging Markets Equity Index Fund posted a return of 9.0% at period-end.

None of the seven index funds had a return that varied from that of its benchmark index by more than 12 basis points (0.12 percentage points).

A detailed overview of the financial markets during the six-month period appears on page 6, and a discussion of how each fund performed in relation to its benchmark begins on page 10.

Plotting a future course

/s/ Brad Finkle

Brad Finkle

President

TIAA-CREF Funds and TIAA Investments

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Market monitor

Global stock markets post strong gains

For the six months ended April 30, 2017, many stock markets around the world generated double-digit gains amid economic optimism in the United States and signs of growth in Europe. The Russell 3000^® Index, a broad-based measure of U.S. stock market performance, advanced 13.8% during the period. Internationally, developed markets posted strong returns, and emerging markets also recorded solid gains.

U.S. economy sends mixed signals

Small-cap stocks outperform large caps; growth tops value

Performance for the six months ended April 30, 2017

Source: Small-cap growth: Russell 2000^® Growth Index; Small-cap value: Russell 2000 Value Index; Mid-cap growth: Russell Midcap® Growth Index; Mid-cap value: Russell Midcap Value Index; Large-cap growth: Russell 1000^® Growth Index; Large-cap value: Russell 1000 Value Index. As of April 30, 2017.

Investors favor growth-oriented and small-cap stocks

A new President is elected; Federal Reserve raises rates

6	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

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, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.

TIAA-CREF Funds: Equity Index Funds ■ 2017 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.

8	2017 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, 2016–April 30, 2017).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Equity Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2017
Information technology		21.3
Financials		15.1
Health care		13.4
Consumer discretionary		12.8
Industrials		10.7
Consumer staples		8.2
Energy		5.8
Real estate		4.0
Materials		3.3
Utilities		3.1
Telecommunication services		2.1
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		54.3
More than $15 billion–$50 billion		21.9
More than $2 billion–$15 billion		19.9
$2 billion or less		3.9
Total		100.0

Performance for the six months ended April 30, 2017

The Equity Index Fund returned 13.85% for the Institutional Class, compared with the 13.83% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2017, the fund returned 18.61% versus 18.58% for the index. The table below shows returns for all share classes of the fund.

For the six-month period, the fund’s return slightly outperformed 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 advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

Equity Index Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TIEIX	7/1/99		13.85	%		18.61	%		13.54	%		7.22	%		0.05	%		0.05	%
Advisor Class	TEIHX	12/4/15		13.77			18.60			13.53	^†		7.22	^†		0.14			0.14
Premier Class	TCEPX	9/30/09		13.75			18.44			13.36			7.10	^†		0.20			0.20
Retirement Class	TIQRX	3/31/06		13.67			18.28			13.25			6.94			0.30			0.30
Retail Class	TINRX	3/31/06		13.64			18.23			13.19			6.96			0.34			0.34
Russell 3000 Index		—		13.83			18.58			13.57			7.23			—			—

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

^†

10	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

after the election and into the new calendar year, investor enthusiasm was tempered over the final two months of the period by concerns about equity valuations, as well as issues surrounding the administration’s stalled health care legislation in Congress.

For the ten years ended April 30, 2017, the Russell 3000 Index generated an average annual return of 7.23%.

Information technology and financials lead the benchmark higher

All eleven industry sectors in the Russell 3000 Index generated positive returns for the six months. Information technology—the largest sector in the benchmark—made the most significant contribution to the index’s performance, gaining 16.6%. Financials, which is the index’s second-largest sector, also generated a robust return of 20.5%. Industrials posted solid gains as well, at 17.2% for the period, followed by consumer discretionary and materials, up 16.6% and 16.4%, respectively. Together, these five sectors represented more than three-fifths of the index’s total market capitalization on April 30, 2017.

The weakest sector in the index was energy, which produced only minimal gains at 0.3%.

Three of the benchmark’s five largest stocks outperform

For the six-month period, three of the benchmark’s five largest stocks surpassed the overall index performance. Apple performed best, rising on investor expectations for sales of its next iPhone—likely due for release this fall. Amazon.com followed with double-digit gains, as did Microsoft, which was helped by its growing cloud businesses. Johnson & Johnson advanced but trailed the index, while Exxon Mobil posted a loss for the period.

Expense example

Six months ended April 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
	value		value		(11/1/16–
Equity Index Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,138.55		$ 0.27
Advisor Class		1,000.00		1,137.74		0.64
Premier Class		1,000.00		1,137.50		1.06
Retirement Class		1,000.00		1,136.70		1.59
Retail Class		1,000.00		1,136.35		1.75
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,024.20		0.60
Premier Class		1,000.00		1,023.80		1.00
Retirement Class		1,000.00		1,023.31		1.51
Retail Class		1,000.00		1,023.16		1.66

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.05% for the Institutional Class, 0.12% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class and 0.33% 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 9.

Fund profile

	as of 4/30/2017
Net assets		$13.65 billion
Number of holdings		2,886
Portfolio turnover rate^†		6%
Weighted median market capitalization		$59.79 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		25.0

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Large-Cap Growth Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2017
Information technology		32.7
Consumer discretionary		20.9
Health care		15.8
Industrials		10.5
Consumer staples		8.9
Materials		3.5
Financials		3.0
Real estate		2.7
Telecommunication services		1.0
Energy		0.5
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		62.4
More than $15 billion–$50 billion		21.8
More than $2 billion–$15 billion		15.7
$2 billion or less		0.1
Total		100.0

Performance for the six months ended April 30, 2017

The Large-Cap Growth Index Fund returned 15.14% for the Institutional Class, compared with the 15.23% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2017, the fund returned 19.40% versus 19.50% for the index. The table below shows returns for all share classes of the fund.

For the six-month period, the fund’s return slightly underperformed that of its benchmark index due to 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 advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

Large-Cap Growth Index Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TILIX	10/1/02		15.14	%		19.40	%		13.79	%		8.80	%		0.06	%		0.06	%
Advisor Class	TRIHX	12/4/15		15.11			19.38			13.77	^†		8.79	^†		0.15			0.15
Retirement Class	TRIRX	10/1/02		15.02			19.14			13.51			8.53			0.31			0.31
Russell 1000 Growth Index				15.23			19.50			13.87			8.88			—			—

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.

12	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Largest sectors drive the benchmark higher

Ten out of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the six months. Consumer discretionary, information technology and health care—the benchmark’s most heavily weighted sectors for the period—generated especially strong returns, climbing 18.0%, 17.1% and 16.2%, respectively. Together, these three sectors represented more than two-thirds of the benchmark’s total market capitalization on April 30, 2017. The financials sector had a relatively low weighting in the index but was the best-performing component, gaining 18.1% in response to rising interest rates and the prospect of less government regulation.

By contrast, energy returned –4.2% as investors tempered their outlook for oil prices.

Three of the benchmark’s five largest stocks outperform

For the six-month period, three of the benchmark’s five largest stocks surpassed the overall index performance. Apple performed best, rising on investor expectations for sales of its next iPhone—likely due for release this fall. Amazon.com followed with double-digit gains, as did Microsoft, which was helped by its growing cloud businesses. Facebook and Alphabet, the parent holding company of Google, modestly lagged the index.

Expense example

Six months ended April 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap	value		value		(11/1/16–
Growth Index Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,151.41		$ 0.32
Advisor Class		1,000.00		1,151.14		0.80
Retirement Class		1,000.00		1,150.18		1.65
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Advisor Class		1,000.00		1,024.05		0.75
Retirement Class		1,000.00		1,023.26		1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.15% for the Advisor 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 9.

Fund profile

	as of 4/30/2017
Net assets		$4.53 billion
Number of holdings		611
Portfolio turnover rate^†		5%
Weighted median market capitalization		$87.98 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		25.0

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Large-Cap Value Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2017
Financials		26.5
Energy		11.8
Health care		10.9
Industrials		10.2
Information technology		10.1
Consumer staples		8.5
Utilities		6.3
Real estate		4.7
Consumer discretionary		4.5
Telecommunication services		3.5
Materials		2.9
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		54.1
More than $15 billion–$50 billion		26.3
More than $2 billion–$15 billion		19.4
$2 billion or less		0.2
Total		100.0

Performance for the six months ended April 30, 2017

The Large-Cap Value Index Fund returned 11.59% for the Institutional Class, compared with the 11.69% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2017, the fund returned 16.40% versus 16.55% for the index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

Large-Cap Value Index Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TILVX	10/1/02		11.59	%		16.40	%		13.22	%		5.47	%		0.06	%		0.06	%
Advisor Class	THCVX	12/4/15		11.63			16.52			13.21	^†		5.47	^†		0.15			0.15
Retirement Class	TRCVX	10/1/02		11.50			16.17			12.95			5.22			0.31			0.31
Russell 1000 Value Index				11.69			16.55			13.32			5.53			—			—

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

^†

14	2017 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, gained 13.83%. Small-cap equities outperformed large caps, and growth stocks outperformed value shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Financials lead the benchmark higher

Energy, the index’s second-largest sector, returned 0.5% and was the worst performer, hampered by worries that rising U.S. oil production would restrain oil prices.

Three of the benchmark’s five largest stocks outperform

For the six-month period, three of the benchmark’s five largest stocks surpassed the overall index performance. JPMorgan Chase led the way, benefiting from the generally positive sentiment on banks, as well as strong growth in revenues generated from trading stocks and bonds. Wells Fargo reported an improvement in loan quality, while Berkshire Hathaway’s insurance units produced substantial underwriting profits and investment income. Johnson & Johnson advanced but trailed the index, while Exxon Mobil posted a loss for the period.

Expense example

Six months ended April 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap	value		value		(11/1/16–
Value Index Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,115.87		$ 0.31
Advisor Class		1,000.00		1,116.31		0.63
Retirement Class		1,000.00		1,115.00		1.63
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Advisor Class		1,000.00		1,024.20		0.60
Retirement Class		1,000.00		1,023.26		1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.12% for the Advisor 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 9.

Fund profile

	as of 4/30/2017
Net assets		$6.37 billion
Number of holdings		698
Portfolio turnover rate^†		5%
Weighted median market capitalization		$59.79 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		23.6

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

S&P 500 Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2017
Information technology		22.3
Financials		14.4
Health care		13.9
Consumer discretionary		12.4
Industrials		10.1
Consumer staples		9.2
Energy		6.3
Utilities		3.2
Real estate		2.9
Materials		2.8
Telecommunication services		2.2
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		64.8
More than $15 billion–$50 billion		26.0
More than $2 billion–$15 billion		9.2
Total		100.0

Performance for the six months ended April 30, 2017

The S&P 500 Index Fund returned 13.26% for the Institutional Class, compared with the 13.32% return of its benchmark, the S&P 500^®Index. For the one-year period ended April 30, 2017, the fund returned 17.82% versus 17.92% for the index. The table below shows returns for all share classes of the fund.

Stocks advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

S&P 500 Index Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TISPX	10/1/02		13.26	%		17.82	%		13.59	%		7.10	%		0.05	%		0.05	%
Advisor Class	TISAX	12/4/15		13.19			17.79			13.57	^†		7.09	^†		0.15			0.15
Retirement Class	TRSPX	10/1/02		13.11			17.53			13.32			6.83			0.30			0.30
S&P 500 Index		—		13.32			17.92			13.68			7.15			—			—

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

^†

16	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

For the six months, the large-cap stocks in the S&P 500 Index underperformed those in the Russell 3000^®Index, a broad measure of the U.S. stock market, which gained 13.83%. A substantial portion of the Russell 3000 Index consists of small-cap equities, which outperformed large caps for the period.

For the ten years ended April 30, 2017, the S&P 500 Index produced an average annual gain of 7.15%, trailing the 7.23% average annual return of the Russell 3000 Index.

Financials lead the benchmark higher

Four of the benchmark’s five largest stocks outperform

For the six-month period, four of the benchmark’s five largest stocks surpassed the overall index performance. Apple performed best, rising on investor expectations for sales of its next iPhone—likely due for release this fall. Amazon.com followed with double-digit gains, as did Microsoft, which was helped by its growing cloud businesses. Facebook also outperformed the index. Exxon Mobil—the benchmark’s fifth-largest stock—posted a loss for the period.

Expense example

Six months ended April 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
S&P 500	value		value		(11/1/16–
Index Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,132.61		$ 0.32
Advisor Class		1,000.00		1,131.90		0.69
Retirement Class		1,000.00		1,131.09		1.64
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Advisor Class		1,000.00		1,024.15		0.65
Retirement Class		1,000.00		1,023.26		1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.13% for the Advisor 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 9.

Fund profile

	as of 4/30/2017
Net assets		$4.07 billion
Number of holdings		508
Portfolio turnover rate^†		5%
Weighted median market capitalization		$91.30 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		23.7

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Small-Cap Blend Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2017
Financials		19.5
Information technology		17.2
Industrials		14.3
Health care		12.9
Consumer discretionary		12.3
Real estate		7.8
Materials		5.0
Utilities		3.7
Energy		3.0
Consumer staples		2.9
Telecommunication services		0.8
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2017
More than $15 billion–$50 billion		0.6
More than $2 billion–$15 billion		50.0
$2 billion or less		49.4
Total		100.0

Performance for the six months ended April 30, 2017

The Small-Cap Blend Index Fund returned 18.36% for the Institutional Class, compared with the 18.37% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2017, the fund returned 25.74% versus 25.63% for the index. The table below shows returns for all share classes of the fund.

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

Stocks advance after the election while Federal Reserve raises rates

Performance as of April 30, 2017

Small-Cap Blend Index Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TISBX	10/1/02		18.36	%		25.74	%		13.20	%		7.19	%		0.06	%		0.06	%
Advisor Class	TRHBX	12/4/15		18.35			25.81			13.20	^†		7.19	^†		0.15			0.15
Retirement Class	TRBIX	10/1/02		18.23			25.51			12.92			6.93			0.31			0.31
Russell 2000 Index		—		18.37			25.63			12.95			7.05			—			—

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

^†

18	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

nearly $55, and ended the period at $49. Though U.S. stocks rose sharply after the election and into the new calendar year, investor enthusiasm was tempered over the final two months of the period by concerns about equity valuations, as well as issues surrounding the administration’s stalled health care legislation in Congress.

For the six months, the Russell 3000^®Index, a broad measure of the U.S. stock market, gained 13.83%. Small-cap equities outperformed large caps, and growth stocks outperformed value shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors post positive results

Four of the benchmark’s five largest stocks outperform

Expense example

Six months ended April 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Small-Cap	value		value		(11/1/16–
Blend Index Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,183.60		$ 0.32
Advisor Class		1,000.00		1,183.48		0.65
Retirement Class		1,000.00		1,182.30		1.68
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Advisor Class		1,000.00		1,024.20		0.60
Retirement Class		1,000.00		1,023.26		1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.12% for the Advisor 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 9.

Fund profile

	as of 4/30/2017
Net assets		$2.26 billion
Number of holdings		1,948
Portfolio turnover rate^†		6%
Weighted median market capitalization		$2.07 billion
Price/earnings ratio (weighted 12-month trailing average)^‡		38.7

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Emerging Markets Equity Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2017
Information technology		25.1
Financials		23.8
Consumer discretionary		10.4
Energy		7.4
Consumer staples		6.9
Materials		6.9
Industrials		5.6
Telecommunication services		5.5
Utilities		3.5
Real estate		2.5
Health care		2.3
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Holdings by country

		% of portfolio investments
		as of 4/30/2017
China		25.9
Korea		14.7
Taiwan		12.0
India		8.7
Brazil		7.4
South Africa		6.7
Russia		3.6
Mexico		3.6
Indonesia		2.5
Malaysia		2.4
16 other nations		11.6
Short-term investments		0.9
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		25.9
More than $15 billion–$50 billion		30.8
More than $2 billion–$15 billion		40.9
$2 billion or less		2.4
Total		100.0

Performance for the six months ended April 30, 2017

The Emerging Markets Equity Index Fund returned 9.00% for the Institutional Class, compared with the 8.88% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2017, the fund returned 19.14%, versus 19.13% for the index. The table below shows returns for all share classes of the fund.

For the six-month period, 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.

Global stocks advance as economic growth continues

For the six months, international stocks advanced but trailed domestic equities as investors saw growth opportunities in the post-election U.S. economy. During the period, the U.S. Federal Reserve raised its federal funds target rate twice, once in December 2016 and again in March 2017, increasing this key short-term rate to a range of 0.75%–1.00% at period-end. Signs of economic growth elsewhere around the world boosted developed international and emerging stock markets, particularly at the beginning of 2017. Annualized economic growth in Europe outpaced U.S. gross domestic product for the first quarter of 2017, while growth in China remained moderate for the same three-month period. The U.S. dollar strengthened against most major currencies for the six months.

Performance as of April 30, 2017

Emerging Markets Equity Index Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception										since
	Ticker	date	6 months			1 year			5 years			inception			gross			net
Institutional Class	TEQLX	8/31/10		9.00	%		19.14	%		1.39	%		2.12	%		0.23	%		0.23	%
Advisor Class	TEQHX	12/4/15		8.98			19.25			1.38	^†		2.11	^†		0.32			0.32
Premier Class	TEQPX	8/31/10		8.89			19.04			1.23			1.97			0.38			0.38
Retirement Class	TEQSX	8/31/10		8.93			18.97			1.14			1.87			0.48			0.48
Retail Class	TEQKX	8/31/10		8.88			18.78			1.01			1.73			0.62			0.62
MSCI Emerging Markets Index		—		8.88			19.13			1.49			2.52	‡		—			—

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

*	The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^†	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.

20	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

which measures stock performance in 21 developed-market nations outside North America. The MSCI Emerging Markets Index, which lost ground in late 2016, recovered in the opening months of 2017 and gained 8.88% for the six-month period.

Emerging nations post mostly positive results

Brazil, the fifth-largest index component, was one of the few markets that suffered losses, returning –1.2%. (The aforementioned returns are in U.S. dollars.)

Four of the benchmark’s five largest stocks outperform

For the six-month period, four of the benchmark’s five largest stocks surpassed the overall index performance. Korean technology giant Samsung Electronics, whose stock price rose strongly during the period due to certain shareholder-friendly governance changes and robust results from its semiconductor business, performed best. Chinese e-commerce leaders Tencent Holdings and Alibaba Group were meaningful contributors as well, as both posted double-digit gains. Internet provider Naspers also outperformed the index. Taiwan Semiconductor Manufacturing—the benchmark’s third-largest stock—advanced but underperformed the return of the index.

Expense example

Six months ended April 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Emerging Markets	value		value		(11/1/16–
Equity Index Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,090.03		$ 1.14
Advisor Class		1,000.00		1,089.75		1.50
Premier Class		1,000.00		1,088.89		1.92
Retirement Class		1,000.00		1,089.28		2.43
Retail Class		1,000.00		1,088.78		3.21
5% annual hypothetical return
Institutional Class		1,000.00		1,023.70		1.10
Advisor Class		1,000.00		1,023.36		1.45
Premier Class		1,000.00		1,022.96		1.86
Retirement Class		1,000.00		1,022.46		2.36
Retail Class		1,000.00		1,021.72		3.11

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.22% for the Institutional Class, 0.29% for the Advisor Class, 0.37% for the Premier Class, 0.47% for the Retirement Class and 0.62% 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 9.

Fund profile

	as of 4/30/2017
Net assets		$1.94 billion
Number of holdings		828
Portfolio turnover rate^†		19%
Weighted median market capitalization		$19.48 billion
Price/ earnings ratio (weighted 12-month trailing average)^‡		18.1

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/ earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

International Equity Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2017
Financials		21.6
Industrials		14.0
Consumer discretionary		12.5
Consumer staples		11.2
Health care		10.6
Materials		7.7
Information technology		5.6
Energy		4.8
Telecommunication services		4.2
Real estate		3.7
Utilities		3.3
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Holdings by country

		% of portfolio investments
		as of 4/30/2017
Japan		22.3
United Kingdom		15.3
France		9.7
Germany		9.0
Switzerland		8.9
Australia		7.0
Netherlands		4.0
Hong Kong		3.3
Spain		3.2
Sweden		2.7
21 other nations		9.9
Short-term investments		4.7
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2017
More than $50 billion		37.3
More than $15 billion–$50 billion		37.3
More than $2 billion–$15 billion		25.4
Total		100.0

Performance for the six months ended April 30, 2017

The International Equity Index Fund returned 11.59% for the Institutional Class, compared with the 11.47% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2017, the fund returned 12.52% versus 11.29% for the index. The table below shows returns for all share classes of the fund.

Global stocks advance as economic growth continues

For the six months, international stocks advanced, but trailed domestic equities as investors saw growth opportunities in the post-election U.S. economy. During the period, the U.S. Federal Reserve raised its federal funds target rate twice, once in December 2016 and again in March 2017, increasing this key short-term rate to a range of 0.75%–1.00% at period-end. Signs of economic growth elsewhere around the world boosted developed international and emerging stock markets, particularly at the beginning of 2017. Annualized economic growth in Europe outpaced U.S. gross domestic product for the first quarter of 2017, while growth in China remained moderate for the same three-month period. The U.S. dollar strengthened against most major currencies for the six months.

In March, the European Central Bank (ECB) left its benchmark interest rate unchanged. The ECB also reaffirmed its asset-purchase plans to stimulate European economies through the end of 2017. Economic growth and a commitment to monetary stimulus in Europe helped developed foreign-equity markets advance for the six-month period, as measured by the 11.47% return of the MSCI EAFE Index, which measures stock performance in 21 developed-market

Performance as of April 30, 2017

International Equity Index Fund									Average annual						Annual operating
			Total return						total return						expenses*
		Inception
	Ticker	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	TCIEX	10/1/02		11.59	%		12.52	%		6.99	%		1.12	%		0.06	%		0.06	%
Advisor Class	TCIHX	12/4/15		11.62			12.55			6.98	^†		1.11	^†		0.15			0.15
Premier Class	TRIPX	9/30/09		11.52			12.32			6.82			1.00	†		0.21			0.21
Retirement Class	TRIEX	10/1/02		11.51			12.23			6.72			0.87			0.31			0.31
MSCI EAFE Index		—		11.47			11.29			6.78			0.87			—			—

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

^†

22	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

nations outside North America. The MSCI Emerging Markets Index, which lost ground in late 2016, recovered in the opening months of 2017 and gained 8.88% for the six-month period.

All countries in the benchmark rise

Two of the benchmark’s five largest stocks outperform

For the six-month period, two of the benchmark’s five largest stocks surpassed the overall index performance. Swiss pharmaceutical firm Roche Holdings rebounded in January from lows in late 2016 as investors responded favorably to the potential for eased regulations and a quicker approval process for new drugs. British bank HSBC rose in the wake of better-than-expected economic data. Novartis and Nestlé advanced but trailed the index, while Toyota posted a loss for the period.

Expense example

Six months ended April 30, 2017

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
International	value		value		(11/1/16–
Equity Index Fund	(11/1/16)		(4/30/17)		4/30/17)
Actual return
Institutional Class	$	1,000.00	$	1,115.90		$ 0.31
Advisor Class		1,000.00		1,116.15		0.84
Premier Class		1,000.00		1,115.21		1.10
Retirement Class		1,000.00		1,115.12		1.63
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Advisor Class		1,000.00		1,024.00		0.80
Premier Class		1,000.00		1,023.75		1.05
Retirement Class		1,000.00		1,023.26		1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.16% for the Advisor 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 9.

Fund profile

	as of 4/30/2017
Net assets		$9.70 billion
Number of holdings		941
Portfolio turnover rate^†		7%
Weighted median market capitalization		$35.11 billion
Price/ earnings ratio (weighted 12-month trailing average)^‡		20.9

^†	The portfolio turnover rate covers the six-month period from November 1, 2016–April 30, 2017 and is not annualized.
^‡	Price/ earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Equity Index Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	129,341,537	1.0	%
BANKS
	5,667,049		Bank of America Corp		132,268,924	1.0
	1,534,269		Citigroup, Inc		90,705,983	0.7
	1,984,257		JPMorgan Chase & Co		172,630,359	1.3
	2,521,575		Wells Fargo & Co		135,761,598	1.0
			Other		385,345,792	2.7
					916,712,656	6.7
CAPITAL GOODS
	314,131		3M Co		61,516,274	0.5
	327,501		Boeing Co		60,532,010	0.4
	4,808,072		General Electric Co		139,386,007	1.0
	420,492		Honeywell International, Inc		55,143,321	0.4
	423,330		United Technologies Corp		50,372,036	0.4
			Other		681,854,636	5.0
					1,048,804,284	7.7
COMMERCIAL & PROFESSIONAL SERVICES					110,935,627	0.8
CONSUMER DURABLES & APPAREL					188,880,468	1.4
CONSUMER SERVICES
	454,084		McDonald’s Corp		63,539,974	0.5
			Other		243,524,109	1.8
					307,064,083	2.3
DIVERSIFIED FINANCIALS
	235,031		SPDR Trust Series 1		55,956,181	0.4
			Other		523,198,704	3.8
					579,154,885	4.2
ENERGY
	1,028,991		Chevron Corp		109,793,340	0.8
	2,297,957	d	Exxon Mobil Corp		187,628,189	1.4
	756,613		Schlumberger Ltd		54,922,538	0.4
			Other		438,705,801	3.2
					791,049,868	5.8
FOOD & STAPLES RETAILING
	839,466		Wal-Mart Stores, Inc		63,111,054	0.5
			Other		138,454,096	1.0
					201,565,150	1.5
FOOD, BEVERAGE & TOBACCO
	1,064,511		Altria Group, Inc		76,410,600	0.5
	2,154,420		Coca-Cola Co		92,963,223	0.7
	798,835		PepsiCo, Inc		90,492,029	0.7
	856,843		Philip Morris International, Inc		94,972,478	0.7
			Other		339,699,270	2.4
					694,537,600	5.0
HEALTH CARE EQUIPMENT & SERVICES
	769,617		Medtronic plc		63,947,476	0.5
	518,562		UnitedHealth Group, Inc		90,686,123	0.7
			Other		567,870,421	4.1
					722,504,020	5.3

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	1,401,630		Procter & Gamble Co	$	122,404,348	0.9	%
			Other		106,606,720	0.8
					229,011,068	1.7
INSURANCE
	1,042,420	*	Berkshire Hathaway, Inc (Class B)		172,218,208	1.3
			Other		391,791,939	2.8
					564,010,147	4.1
MATERIALS					456,173,427	3.3
MEDIA
	2,644,610		Comcast Corp (Class A)		103,642,266	0.8
	888,658		Walt Disney Co		102,728,865	0.8
			Other		217,126,366	1.5
					423,497,497	3.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	885,883		AbbVie, Inc		58,415,125	0.4
	408,553		Amgen, Inc		66,724,876	0.5
	911,917		Bristol-Myers Squibb Co		51,112,948	0.4
	420,466	*	Celgene Corp		52,158,807	0.4
	737,465		Gilead Sciences, Inc		50,553,226	0.4
	1,514,211		Johnson & Johnson		186,959,632	1.4
	1,516,863		Merck & Co, Inc		94,546,071	0.7
	3,319,156		Pfizer, Inc		112,585,771	0.8
			Other		429,554,933	3.1
					1,102,611,389	8.1
REAL ESTATE					545,179,852	4.0
RETAILING
	214,295	*	Amazon.com, Inc		198,220,732	1.5
	680,005		Home Depot, Inc		106,148,781	0.8
			Other		394,248,950	2.8
					698,618,463	5.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,596,984		Intel Corp		93,880,972	0.7
			Other		336,228,581	2.5
					430,109,553	3.2
SOFTWARE & SERVICES
	161,708	*	Alphabet, Inc (Class A)		149,502,280	1.1
	163,473	*	Alphabet, Inc (Class C)		148,099,999	1.1
	1,234,512	*	Facebook, Inc		185,485,428	1.4
	485,844		International Business Machines Corp		77,875,935	0.6
	534,888		MasterCard, Inc (Class A)		62,218,172	0.5
	4,163,240		Microsoft Corp		285,015,410	2.1
	1,628,486		Oracle Corp		73,216,731	0.5
	1,053,552		Visa, Inc (Class A)		96,105,013	0.7
			Other		643,900,827	4.6
					1,721,419,795	12.6
TECHNOLOGY HARDWARE & EQUIPMENT
	3,006,382		Apple, Inc		431,866,774	3.1
	2,752,930		Cisco Systems, Inc		93,792,325	0.7
			Other		230,599,264	1.7
					756,258,363	5.5

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Equity Index Fund ■ April 30, 2017

Shares			Company	Value			% of net assets
TELECOMMUNICATION SERVICES
	3,370,696		AT&T, Inc	$	133,580,682		1.0	%
	2,240,243		Verizon Communications, Inc		102,849,556		0.7
			Other		47,578,804		0.4
					284,009,042		2.1
TRANSPORTATION
	462,424		Union Pacific Corp		51,772,991		0.4
			Other		242,311,149		1.8
					294,084,140		2.2
UTILITIES					429,166,622		3.1
			TOTAL COMMON STOCKS (Cost $8,789,597,399)		13,624,699,536		99.8
RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					2,424		0.0
			TOTAL RIGHTS / WARRANTS (Cost $88)		2,424		0.0

Principal			Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT					12,529,613		0.1

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	177,450,223	c	State Street Navigator Securities Lending Government Money Market Portfolio		177,450,223		1.3
					177,450,223		1.3
			TOTAL SHORT-TERM INVESTMENTS (Cost $189,979,472)		189,979,836		1.4
			TOTAL PORTFOLIO (Cost $8,979,576,959)		13,814,681,796		101.2
			OTHER ASSETS & LIABILITIES, NET		(166,472,648	)	(1.2	)
			NET ASSETS	$	13,648,209,148		100.0	%

Abbreviation(s):

SPDR – Standard & Poor’s Depositary Receipts

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures 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 4/30/17, the aggregate value of securities on loan is $170,732,601.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Growth Index Fund ■ April 30, 2017

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	35,391,983	0.8	%
BANKS					12,695,816	0.3
CAPITAL GOODS
	227,751		3M Co		44,600,478	1.0
	230,422		Boeing Co		42,588,898	0.9
	293,954		Honeywell International, Inc		38,549,128	0.9
	98,462		Lockheed Martin Corp		26,530,586	0.6
			Other		190,658,524	4.2
					342,927,614	7.6
COMMERCIAL & PROFESSIONAL SERVICES					38,301,481	0.8
CONSUMER DURABLES & APPAREL
	511,812		Nike, Inc (Class B)		28,359,503	0.6
			Other		62,705,518	1.4
					91,065,021	2.0
CONSUMER SERVICES
	321,111		McDonald’s Corp		44,933,063	1.0
	551,103		Starbucks Corp		33,099,246	0.7
			Other		72,558,372	1.6
					150,590,681	3.3
DIVERSIFIED FINANCIALS					89,953,118	2.0
ENERGY					21,146,659	0.5
FOOD & STAPLES RETAILING
	390,603		CVS Health Corp		32,201,311	0.7
			Other		33,118,048	0.7
					65,319,359	1.4
FOOD, BEVERAGE & TOBACCO
	757,195		Altria Group, Inc		54,351,457	1.2
	1,128,077		Coca-Cola Co		48,676,523	1.1
	168,307		Costco Wholesale Corp		29,877,859	0.7
	486,362		PepsiCo, Inc		55,095,087	1.2
			Other		108,625,283	2.3
					296,626,209	6.5
HEALTH CARE EQUIPMENT & SERVICES
	365,034		UnitedHealth Group, Inc		63,837,146	1.4
			Other		233,052,037	5.2
					296,889,183	6.6
HOUSEHOLD & PERSONAL PRODUCTS					41,614,106	0.9
INSURANCE					34,372,057	0.8
MATERIALS
	337,719		EI du Pont de Nemours & Co		26,933,090	0.6
			Other		132,500,231	2.9
					159,433,321	3.5
MEDIA
	77,402	*	Charter Communications, Inc		26,716,074	0.6
	1,722,471		Comcast Corp (Class A)		67,503,639	1.5
	627,953		Walt Disney Co		72,591,367	1.6
			Other		80,178,133	1.7
					246,989,213	5.4

Shares			Company	Value		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	625,036		AbbVie, Inc	$	41,214,874	0.9	%
	290,801		Amgen, Inc		47,493,619	1.1
	84,568	*	Biogen Idec, Inc		22,935,687	0.5
	645,140		Bristol-Myers Squibb Co		36,160,097	0.8
	296,755	*	Celgene Corp		36,812,458	0.8
	376,773		Eli Lilly & Co		30,917,992	0.7
	511,869		Gilead Sciences, Inc		35,088,620	0.8
	183,769		Johnson & Johnson		22,689,959	0.5
			Other		146,308,205	3.2
					419,621,511	9.3
REAL ESTATE
	162,870		American Tower Corp		20,511,848	0.5
			Other		101,908,082	2.2
					122,419,930	2.7
RETAILING
	150,274	*	Amazon.com, Inc		139,001,947	3.1
	480,980		Home Depot, Inc		75,080,978	1.7
	345,633		Lowe’s Companies, Inc		29,337,329	0.7
	157,393	*	NetFlix, Inc		23,955,215	0.5
	19,111	*	Priceline.com, Inc		35,294,577	0.8
			Other		117,890,063	2.5
					420,560,109	9.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	145,602		Broadcom Ltd		32,150,378	0.7
	196,400		NVIDIA Corp		20,484,520	0.5
	388,196		Texas Instruments, Inc		30,737,359	0.7
			Other		59,927,471	1.3
					143,299,728	3.2
SOFTWARE & SERVICES
	241,520		Accenture plc		29,296,376	0.7
	188,421	*	Adobe Systems, Inc		25,199,424	0.6
	113,606	*	Alphabet, Inc (Class A)		105,031,019	2.3
	114,823	*	Alphabet, Inc (Class C)		104,025,045	2.3
	868,241	*	Facebook, Inc		130,453,210	2.8
	233,339		International Business Machines Corp		37,401,908	0.8
	372,227		MasterCard, Inc (Class A)		43,297,445	1.0
	2,929,926		Microsoft Corp		200,582,734	4.4
	437,222	*	PayPal Holdings, Inc		20,864,234	0.5
	247,278	*	salesforce.com, Inc		21,295,581	0.5
	737,494		Visa, Inc (Class A)		67,274,203	1.5
			Other		237,287,315	5.1
					1,022,008,494	22.5
TECHNOLOGY HARDWARE & EQUIPMENT
	1,942,225	d	Apple, Inc		279,000,621	6.2
			Other		36,886,678	0.8
					315,887,299	7.0
TELECOMMUNICATION SERVICES
	788,286		Verizon Communications, Inc		36,190,210	0.8
			Other		6,811,632	0.2
					43,001,842	1.0

2017 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, 2017

Shares			Company	Value			% of net assets
TRANSPORTATION
	267,799		United Parcel Service, Inc (Class B)	$	28,777,681		0.6	%
			Other		65,014,219		1.5
					93,791,900		2.1
UTILITIES					1,145,964		0.0
			TOTAL COMMON STOCKS (Cost $3,283,208,067)		4,505,052,598		99.5

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	20,450,000	d	Federal Home Loan Bank (FHLB)
			0.680%, 05/01/17		20,450,000		0.5
					20,450,000		0.5

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	47,618,480	c	State Street Navigator Securities Lending Government Money Market Portfolio		47,618,480		1.0
					47,618,480		1.0
			TOTAL SHORT-TERM INVESTMENTS (Cost $68,068,480)		68,068,480		1.5
			TOTAL PORTFOLIO (Cost $3,351,276,547)		4,573,121,078		101.0
			OTHER ASSETS & LIABILITIES, NET		(44,429,836	)	(1.0	)
			NET ASSETS	$	4,528,691,242		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 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 4/30/17, the aggregate value of securities on loan is $46,060,130.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Value Index Fund ■ April 30, 2017

					% of net
Shares		Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	794,853	General Motors Co	$	27,533,708	0.4	%
		Other		41,630,758	0.7
				69,164,466	1.1
BANKS
	5,828,818	Bank of America Corp		136,044,612	2.1
	1,572,714	Citigroup, Inc		92,978,851	1.5
	2,061,866	JPMorgan Chase & Co		179,382,342	2.9
	283,405	PNC Financial Services Group, Inc		33,937,749	0.5
	921,328	US Bancorp		47,245,700	0.7
	2,587,564	Wells Fargo & Co		139,314,446	2.2
		Other		154,696,866	2.4
				783,600,566	12.3
CAPITAL GOODS
	315,640	Caterpillar, Inc		32,277,346	0.5
	3,983,140	General Electric Co		115,471,229	1.9
	440,452	United Technologies Corp		52,409,383	0.8
		Other		281,593,430	4.4
				481,751,388	7.6
COMMERCIAL & PROFESSIONAL SERVICES				20,461,901	0.3
CONSUMER DURABLES & APPAREL				36,306,244	0.6
CONSUMER SERVICES				52,907,292	0.8
DIVERSIFIED FINANCIALS
	429,622	American Express Co		34,047,544	0.5
	592,489	Bank of New York Mellon Corp		27,882,532	0.4
	70,719	BlackRock, Inc		27,196,406	0.4
	218,489	Goldman Sachs Group, Inc		48,897,838	0.8
	804,691	Morgan Stanley		34,899,449	0.6
		Other		223,110,227	3.5
				396,033,996	6.2
ENERGY
	1,065,078	Chevron Corp		113,643,823	1.8
	703,748	ConocoPhillips		33,716,567	0.5
	2,363,271	Exxon Mobil Corp		192,961,077	3.0
	431,630	Occidental Petroleum Corp		26,562,510	0.4
	789,721	Schlumberger Ltd		57,325,847	0.9
		Other		327,982,784	5.2
				752,192,608	11.8
FOOD & STAPLES RETAILING
	386,775	Walgreens Boots Alliance, Inc		33,471,508	0.5
	857,926	Wal-Mart Stores, Inc		64,498,877	1.1
		Other		8,253,464	0.1
				106,223,849	1.7
FOOD, BEVERAGE & TOBACCO
	294,405	Kraft Heinz Co		26,611,268	0.4
	847,994	Mondelez International, Inc		38,185,170	0.6
	784,910	Philip Morris International, Inc		86,999,424	1.4
		Other		112,395,370	1.7
				264,191,232	4.1

						% of net
Shares			Company	Value		assets
HEALTH CARE EQUIPMENT & SERVICES
	872,537		Abbott Laboratories	$	38,077,515	0.6	%
	795,657		Medtronic plc		66,111,140	1.0
			Other		147,388,141	2.3
					251,576,796	3.9
HOUSEHOLD & PERSONAL PRODUCTS
	403,281		Colgate-Palmolive Co		29,052,363	0.5
	1,451,569		Procter & Gamble Co		126,765,521	2.0
			Other		14,517,354	0.2
					170,335,238	2.7
INSURANCE
	577,921		American International Group, Inc		35,201,168	0.6
	1,072,359	*	Berkshire Hathaway, Inc (Class B)		177,164,430	2.8
	262,303		Chubb Ltd		36,001,087	0.6
	526,382		Metlife, Inc		27,271,852	0.4
	250,100		Prudential Financial, Inc		26,768,203	0.4
			Other		204,464,236	3.2
					506,870,976	8.0
MATERIALS
	635,482		Dow Chemical Co		39,908,269	0.6
			Other		145,575,524	2.3
					185,483,793	2.9
MEDIA					58,917,399	0.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,288,142		Johnson & Johnson		159,046,893	2.5
	1,569,331		Merck & Co, Inc		97,816,401	1.5
	3,166,625		Pfizer, Inc		107,411,920	1.7
			Other		77,558,529	1.2
					441,833,743	6.9
REAL ESTATE					297,574,711	4.7
RETAILING					72,128,184	1.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,439,589		Intel Corp		88,191,142	1.4
	659,221		Qualcomm, Inc		35,426,537	0.5
			Other		67,337,195	1.1
					190,954,874	3.0
SOFTWARE & SERVICES
	1,512,445		Oracle Corp		67,999,527	1.1
			Other		123,095,769	1.9
					191,095,296	3.0
TECHNOLOGY HARDWARE & EQUIPMENT
	260,905		Apple, Inc		37,479,003	0.6
	2,852,670		Cisco Systems, Inc		97,190,467	1.5
			Other		124,957,060	2.0
					259,626,530	4.1
TELECOMMUNICATION SERVICES
	3,493,457		AT&T, Inc		138,445,701	2.2
	1,157,042		Verizon Communications, Inc		53,119,798	0.8
			Other		28,884,496	0.5
					220,449,995	3.5

2017 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, 2017

						% of net
Shares			Company	Value		assets
TRANSPORTATION
	540,704		CSX Corp	$	27,489,392		0.4	%
	403,522		Union Pacific Corp		45,178,323		0.7
			Other		77,543,817		1.3
					150,211,532		2.4
UTILITIES
	391,492		Duke Energy Corp		32,298,090		0.5
	261,476		NextEra Energy, Inc		34,922,734		0.6
	563,471		Southern Co		28,060,856		0.4
			Other		306,204,947		4.8
					401,486,627		6.3
		TOTAL COMMON STOCKS (Cost $5,459,470,365)			6,361,379,236		99.9

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					2,650,000		0.0
TREASURY DEBT					5,048,394		0.1

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	25,877,145	c	State Street Navigator Securities Lending Government Money Market Portfolio		25,877,145		0.4
					25,877,145		0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $33,575,392)			33,575,539		0.5
		TOTAL PORTFOLIO (Cost $5,493,045,757)			6,394,954,775		100.4
		OTHER ASSETS & LIABILITIES, NET			(25,731,627	)	(0.4	)
		NET ASSETS		$	6,369,223,148		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 4/30/17, the aggregate value of securities on loan is $25,010,375.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

S&P 500 Index Fund ■ April 30, 2017

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	27,930,437		0.7	%
BANKS
	1,981,146		Bank of America Corp		46,239,948		1.1
	547,591		Citigroup, Inc		32,373,580		0.8
	705,876		JPMorgan Chase & Co		61,411,212		1.5
	889,872		Wells Fargo & Co		47,910,709		1.2
			Other		67,337,202		1.7
					255,272,651		6.3
CAPITAL GOODS
	117,801		3M Co		23,068,970		0.6
	112,652		Boeing Co		20,821,469		0.5
	1,724,270		General Electric Co		49,986,587		1.2
	150,531		Honeywell International, Inc		19,740,635		0.5
	148,268		United Technologies Corp		17,642,409		0.4
			Other		171,002,587		4.2
					302,262,657		7.4
COMMERCIAL & PROFESSIONAL SERVICES					18,592,470		0.5
CONSUMER DURABLES & APPAREL					48,964,955		1.2
CONSUMER SERVICES
	162,047		McDonald’s Corp		22,675,237		0.6
			Other		45,834,752		1.1
					68,509,989		1.7
DIVERSIFIED FINANCIALS					159,482,388		3.9
ENERGY
	374,079		Chevron Corp		39,914,229		1.0
	819,375	d	Exxon Mobil Corp		66,901,969		1.6
	275,499		Schlumberger Ltd		19,998,473		0.5
			Other		128,586,196		3.2
					255,400,867		6.3
FOOD & STAPLES RETAILING
	297,556		Wal-Mart Stores, Inc		22,370,260		0.6
			Other		44,226,503		1.0
					66,596,763		1.6
FOOD, BEVERAGE & TOBACCO
	383,214		Altria Group, Inc		27,507,101		0.7
	763,624		Coca-Cola Co		32,950,375		0.8
	282,022		PepsiCo, Inc		31,947,452		0.8
	306,540		Philip Morris International, Inc		33,976,894		0.8
			Other		105,708,340		2.6
					232,090,162		5.7
HEALTH CARE EQUIPMENT & SERVICES
	270,474		Medtronic plc		22,473,685		0.6
	190,148		UnitedHealth Group, Inc		33,253,082		0.8
			Other		164,485,224		4.0
					220,211,991		5.4
HOUSEHOLD & PERSONAL PRODUCTS
	505,151		Procter & Gamble Co		44,114,837		1.1
			Other		33,071,501		0.8
					77,186,338		1.9

						% of net
Shares			Company	Value		assets
INSURANCE
	375,312	*	Berkshire Hathaway, Inc (Class B)	$	62,005,296		1.5	%
			Other		107,792,009		2.7
					169,797,305		4.2
MATERIALS					115,302,524		2.8
MEDIA
	935,231		Comcast Corp (Class A)		36,651,703		0.9
	287,481		Walt Disney Co		33,232,803		0.8
			Other		61,314,847		1.5
					131,199,353		3.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	315,431		AbbVie, Inc		20,799,520		0.5
	145,533		Amgen, Inc		23,768,450		0.6
	330,974		Bristol-Myers Squibb Co		18,551,093		0.5
	153,737	*	Celgene Corp		19,071,075		0.5
	258,330		Gilead Sciences, Inc		17,708,521		0.4
	536,193		Johnson & Johnson		66,203,750		1.6
	542,589		Merck & Co, Inc		33,819,572		0.8
	1,176,272		Pfizer, Inc		39,899,146		1.0
			Other		105,044,840		2.6
					344,865,967		8.5
REAL ESTATE					117,778,883		2.9
RETAILING
	78,265	*	Amazon.com, Inc		72,394,342		1.8
	240,725		Home Depot, Inc		37,577,173		0.9
	9,728	*	Priceline.com, Inc		17,965,865		0.4
			Other		101,011,712		2.5
					228,949,092		5.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	79,247		Broadcom Ltd		17,498,530		0.4
	934,310		Intel Corp		33,775,306		0.8
			Other		84,700,669		2.1
					135,974,505		3.3
SOFTWARE & SERVICES
	58,716	*	Alphabet, Inc (Class A)		54,284,116		1.3
	58,395	*	Alphabet, Inc (Class C)		52,903,534		1.3
	465,427	*	Facebook, Inc		69,930,407		1.7
	169,622		International Business Machines Corp		27,188,711		0.7
	186,148		MasterCard, Inc (Class A)		21,652,735		0.5
	1,527,046		Microsoft Corp		104,541,569		2.6
	592,235		Oracle Corp		26,626,886		0.7
	367,169		Visa, Inc (Class A)		33,493,156		0.8
			Other		152,165,913		3.7
					542,787,027		13.3
TECHNOLOGY HARDWARE & EQUIPMENT
	1,036,813		Apple, Inc		148,938,187		3.7
	989,677		Cisco Systems, Inc		33,718,295		0.8
			Other		48,959,161		1.2
					231,615,643		5.7

2017 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, 2017

						% of net
Shares			Company	Value		assets
TELECOMMUNICATION SERVICES
	1,213,713		AT&T, Inc	$	48,099,446		1.2	%
	805,641		Verizon Communications, Inc		36,986,978		0.8
			Other		6,263,635		0.2
					91,350,059		2.2
TRANSPORTATION
	160,803		Union Pacific Corp		18,003,504		0.4
			Other		71,787,049		1.8
					89,790,553		2.2
UTILITIES					128,759,132		3.2
		TOTAL COMMON STOCKS (Cost $2,740,879,840)			4,060,671,711		99.7

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					3,200,000		0.1

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	8,512,000	c	State Street Navigator Securities Lending Government Money Market Portfolio		8,512,000		0.2
					8,512,000		0.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $11,712,000)			11,712,000		0.3
		TOTAL PORTFOLIO (Cost $2,752,591,840)			4,072,383,711		100.0
		OTHER ASSETS & LIABILITIES, NET			(133,728	)	0.0
		NET ASSETS		$	4,072,249,983		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 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 4/30/17, the aggregate value of securities on loan is $8,261,488.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Small-Cap Blend Index Fund ■ April 30, 2017

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	27,576,865		1.2	%
BANKS
	103,839		Bank of the Ozarks, Inc		4,929,238		0.2
	372,893		FNB Corp		5,309,996		0.2
	98,426		Hancock Holding Co		4,596,494		0.2
	59,275		IBERIABANK Corp		4,703,471		0.2
	349,649		Investors Bancorp, Inc		4,842,639		0.2
	92,012		PrivateBancorp, Inc		5,315,533		0.2
	78,436		Prosperity Bancshares, Inc		5,270,899		0.2
	58,247	*	Texas Capital Bancshares, Inc		4,432,597		0.2
	259,072		Umpqua Holdings Corp		4,577,802		0.2
	107,647		Webster Financial Corp		5,469,544		0.3
			Other		255,166,984		11.4
					304,615,197		13.5
CAPITAL GOODS
	51,889		Curtiss-Wright Corp		4,849,546		0.2
	70,867		EMCOR Group, Inc		4,658,796		0.2
	40,095	*	Teledyne Technologies, Inc		5,406,009		0.2
			Other		190,657,493		8.5
					205,571,844		9.1
COMMERCIAL & PROFESSIONAL SERVICES					82,371,106		3.7
CONSUMER DURABLES & APPAREL					52,447,474		2.3
CONSUMER SERVICES					92,246,027		4.1
DIVERSIFIED FINANCIALS
	75,465	e	iShares Russell 2000 Index Fund		10,494,163		0.5
	349,984		New Residential Investment Corp		5,834,233		0.3
			Other		65,577,883		2.8
					81,906,279		3.6
ENERGY
	114,890	*	RSP Permian, Inc		4,371,564		0.2
			Other		63,994,059		2.8
					68,365,623		3.0
FOOD & STAPLES RETAILING					11,954,135		0.5
FOOD, BEVERAGE & TOBACCO					40,930,943		1.8
HEALTH CARE EQUIPMENT & SERVICES
	103,871		Healthsouth Corp		4,871,550		0.2
	50,266	*	Masimo Corp		5,164,329		0.2
			Other		114,360,568		5.1
					124,396,447		5.5
HOUSEHOLD & PERSONAL PRODUCTS					12,790,914		0.6
INSURANCE
	209,902		Conseco, Inc		4,422,635		0.2
	55,018		Primerica, Inc		4,610,508		0.2
			Other		44,578,604		2.0
					53,611,747		2.4
MATERIALS
	214,387		Chemours Co		8,637,652		0.4
	193,781		Olin Corp		6,226,184		0.3
			Other		98,956,825		4.3
					113,820,661		5.0

						% of net
Shares			Company	Value		assets
MEDIA				$	35,283,534		1.6	%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	265,799	*	Exelixis, Inc		5,953,897		0.3
	33,410	*	TESARO, Inc		4,930,982		0.2
			Other		155,806,069		6.9
					166,690,948		7.4
REAL ESTATE
	87,486		DuPont Fabros Technology, Inc		4,509,903		0.2
	142,725		Geo Group, Inc		4,755,597		0.2
	165,040		Gramercy Property Trust		4,586,462		0.2
	133,948		Healthcare Realty Trust, Inc		4,393,495		0.2
	143,644		Hudson Pacific Properties		4,935,608		0.2
	345,417		Medical Properties Trust, Inc		4,514,600		0.2
			Other		148,739,992		6.6
					176,435,657		7.8
RETAILING					69,231,276		3.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	880,030	*	Advanced Micro Devices, Inc		11,704,399		0.5
	75,449	*	Cavium, Inc		5,194,663		0.2
	73,319	*	Cirrus Logic, Inc		4,718,078		0.2
	133,334	*	Microsemi Corp		6,258,698		0.3
	62,451		MKS Instruments, Inc		4,886,791		0.2
			Other		55,880,714		2.5
					88,643,343		3.9
SOFTWARE & SERVICES
	91,401	*	Aspen Technology, Inc		5,620,248		0.3
	55,257		Blackbaud, Inc		4,443,215		0.2
	36,309		Fair Isaac Corp		4,919,143		0.2
	55,200		j2 Global, Inc		4,981,248		0.2
	60,879		LogMeIn, Inc		6,879,327		0.3
	75,159		MAXIMUS, Inc		4,583,948		0.2
	114,092	*	Take-Two Interactive Software, Inc		7,170,682		0.3
			Other		140,632,193		6.2
					179,230,004		7.9
TECHNOLOGY HARDWARE & EQUIPMENT
	28,325	*	Coherent, Inc		6,106,870		0.3
			Other		115,477,471		5.1
					121,584,341		5.4
TELECOMMUNICATION SERVICES					17,745,747		0.8
TRANSPORTATION
	114,579	*	XPO Logistics, Inc		5,659,057		0.3
			Other		28,955,154		1.2
					34,614,211		1.5
UTILITIES
	59,259		Idacorp, Inc		5,008,571		0.2
	104,949		Portland General Electric Co		4,758,388		0.2
	55,552		Southwest Gas Corp		4,653,035		0.2
	59,113		WGL Holdings, Inc		4,874,458		0.2
			Other		63,382,842		2.9
					82,677,294		3.7
		TOTAL COMMON STOCKS (Cost $1,656,564,947)			2,244,741,617		99.4

2017 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, 2017

						% of net
Shares			Company	Value		assets
RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				$	10,998		0.0	%
		TOTAL RIGHTS / WARRANTS (Cost $436)			10,998		0.0

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	9,150,000	d	Federal Home Loan Bank (FHLB) 0.680%, 05/01/17		9,150,000		0.4
					9,150,000		0.4

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	156,886,356	c	State Street Navigator Securities Lending Government Money Market Portfolio		156,886,356		6.9
					156,886,356		6.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $165,472,183)			166,036,356		7.3
		TOTAL PORTFOLIO (Cost $1,822,037,566)			2,410,788,971		106.7
		OTHER ASSETS & LIABILITIES, NET			(151,815,453	)	(6.7	)
		NET ASSETS		$	2,258,973,518		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 contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $150,456,896.

“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 ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

Emerging Markets Equity Index Fund ■ April 30, 2017

						% of net
Shares			Company	Value		assets
COMMON STOCKS
BRAZIL
	2,092,551		AMBEV S.A.	$	12,038,242		0.6	%
	1,220,135		Banco Bradesco S.A. (Preference)		12,843,122		0.7
	1,417,486		Banco Itau Holding Financeira S.A.		17,532,963		0.9
	1,734,446	*	Petroleo Brasileiro S.A. (Preference)		7,633,846		0.4
	839,673		Vale S.A. (Preference)		6,946,901		0.4
			Other		82,277,750		4.2
					139,272,824		7.2
CHILE					22,386,881		1.2
CHINA
	487,602	*	Alibaba Group Holding Ltd (ADR)		56,318,031		2.9
	119,945	*	Baidu, Inc (ADR)		21,617,687		1.1
	35,366,000		Bank of China Ltd		17,106,980		0.9
	36,309,350		China Construction Bank		29,470,966		1.5
	3,333,000		China Life Insurance Co Ltd		10,139,863		0.5
	2,637,500		China Mobile Hong Kong Ltd		28,080,459		1.5
	8,142,000		CNOOC Ltd		9,498,432		0.5
	165,604	*	Ctrip.com International Ltd (ADR)		8,364,658		0.4
	32,673,000		Industrial & Commercial Bank of China		21,298,406		1.1
	297,532	*	JD.com, Inc (ADR)		10,434,447		0.5
	35,083		Netease.com (ADR)		9,310,677		0.5
	2,334,500		Ping An Insurance Group Co of China Ltd		13,125,148		0.7
	2,458,000		Tencent Holdings Ltd		77,017,301		4.0
			Other		193,185,305		10.0
					504,968,360		26.1
COLOMBIA					8,166,567		0.4
CZECH REPUBLIC					3,177,260		0.2
EGYPT					2,500,138		0.1
GREECE					6,487,606		0.3
HONG KONG					9,037,368		0.5
HUNGARY					5,784,156		0.3
INDIA
	654,567		Housing Development Finance Corp		15,627,772		0.8
	813,423		Infosys Technologies Ltd		11,622,857		0.6
	1,508,540		ITC Ltd		6,513,611		0.3
	591,303	*	Reliance Industries Ltd		12,814,521		0.7
	209,713		Tata Consultancy Services Ltd		7,404,849		0.4
			Other		114,696,742		5.9
					168,680,352		8.7
INDONESIA
	5,364,400		PT Bank Central Asia Tbk		7,134,335		0.4
	21,691,100		PT Telekomunikasi Indonesia Persero Tbk		7,155,597		0.4
			Other		33,959,292		1.7
					48,249,224		2.5

					% of net
Shares		Company	Value		assets
KOREA, REPUBLIC OF
	255,825	Hynix Semiconductor, Inc	$	12,119,290		0.6	%
	67,686	Hyundai Motor Co		8,560,716		0.4
	173,230	KB Financial Group, Inc		7,614,742		0.4
	12,354	Naver Corp		8,682,685		0.5
	32,269	POSCO		7,618,160		0.4
	42,574	Samsung Electronics Co Ltd		83,463,231		4.3
	7,735	Samsung Electronics Co Ltd (Preference)		11,911,312		0.6
	186,618	Shinhan Financial Group Co Ltd		7,791,563		0.4
		Other		139,736,150		7.2
				287,497,849		14.8
MALAYSIA				47,364,554		2.4
MEXICO
	14,572,470	America Movil S.A. de C.V. (Series L)		11,201,107		0.6
	800,337	Fomento Economico Mexicano S.A. de C.V.		7,202,300		0.4
	1,071,987	Grupo Financiero Banorte S.A. de C.V.		6,204,060		0.3
		Other		45,457,177		2.3
				70,064,644		3.6
PERU				7,063,241		0.4
PHILIPPINES				22,709,587		1.2
POLAND				25,207,861		1.3
QATAR				14,623,201		0.7
ROMANIA				1,076,180		0.1
RUSSIA
	2,436,647	Gazprom OAO (ADR)		11,568,101		0.6
	192,706	LUKOIL PJSC (ADR)		9,565,278		0.5
	1,190,439	Sberbank of Russian Federation (ADR)		14,192,196		0.7
		Other		35,800,485		1.9
				71,126,060		3.7
SOUTH AFRICA
	732,130	MTN Group Ltd		6,923,988		0.4
	191,643	Naspers Ltd (N Shares)		36,441,199		1.8
	249,215	Sasol Ltd		7,637,157		0.4
	555,642	Standard Bank Group Ltd		6,170,173		0.3
	1,309,381	Steinhoff International Holdings NV		6,660,945		0.3
		Other		66,785,794		3.5
				130,619,256		6.7
TAIWAN
	6,810,141	Hon Hai Precision Industry Co, Ltd		22,290,690		1.2
	43,000	Largan Precision Co Ltd		7,140,987		0.4
	10,662,000	Taiwan Semiconductor Manufacturing Co Ltd		68,683,481		3.5
		Other		136,525,534		7.0
				234,640,692		12.1
THAILAND				41,955,041		2.2
TURKEY				20,860,746		1.1
UNITED ARAB EMIRATES				14,215,458		0.7

2017 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, 2017

						% of net
Shares			Company	Value		assets
UNITED STATES
	322,667		iShares Core MSCI Emerging Markets ETF	$	15,713,883		0.7	%
	177,746	*	Yum China Holdings, Inc		6,064,693		0.2
			Other		183,595		0.2
					21,962,171		1.1
		TOTAL COMMON STOCKS (Cost $1,773,464,012)			1,929,697,277		99.6

PREFERRED STOCKS
BRAZIL					5,211,973		0.3
INDIA					124,627		0.0
PHILIPPINES					616		0.0
		TOTAL PREFERRED STOCKS (Cost $4,937,725)			5,337,216		0.3
RIGHTS / WARRANTS
INDIA					690,241		0.0
QATAR					17,491		0.0
		TOTAL RIGHTS / WARRANTS (Cost $711,957)			707,732		0.0

						% of net
Shares			Company	Value		assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	17,428,285	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	17,428,285		0.9	%
					17,428,285		0.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $17,428,285)			17,428,285		0.9
		TOTAL PORTFOLIO (Cost $1,796,541,979)			1,953,170,510		100.8
		OTHER ASSETS & LIABILITIES, NET			(15,648,084	)	(0.8	)
		NET ASSETS		$	1,937,522,426		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 4/30/17, the aggregate value of securities on loan is $16,036,835.

At 4/30/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $5,602,299 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, 2017

				% of net
Sector	Value			assets

INFORMATION TECHNOLOGY	$	485,713,880			25.1	%
FINANCIALS		461,876,883			23.8
CONSUMER DISCRETIONARY		201,665,329			10.4
ENERGY		143,497,027			7.4
CONSUMER STAPLES		132,770,452			6.9
MATERIALS		132,645,922			6.9
INDUSTRIALS		109,070,557			5.6
TELECOMMUNICATION SERVICES		107,420,144			5.5
UTILITIES		68,431,073			3.5
REAL ESTATE		47,817,822			2.5
HEALTH CARE		44,833,136			2.3
SHORT-TERM INVESTMENTS		17,428,285			0.9
OTHER ASSETS & LIABILITIES, NET		(15,648,084	)		(0.8	)
NET ASSETS	$	1,937,522,426			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

International Equity Index Fund ■ April 30, 2017

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUSTRALIA
	2,098,794		Australia & New Zealand Banking Group Ltd	$	51,376,333		0.5	%
	2,304,076		BHP Billiton Ltd		41,021,616		0.4
	1,232,403		Commonwealth Bank of Australia		80,493,055		0.8
	1,903,734		National Australia Bank Ltd		48,320,836		0.5
	2,403,137		Westpac Banking Corp		62,997,653		0.7
			Other		427,558,843		4.4
					711,768,336		7.3
AUSTRIA					21,092,549		0.2
BELGIUM
	543,676	e	Anheuser-Busch InBev S.A.		61,310,519		0.7
			Other		50,165,363		0.5
					111,475,882		1.2
CANADA					2		0.0
CHILE					3,089,551		0.0
CHINA					1,038,486		0.0
DENMARK
	1,376,589		Novo Nordisk AS		53,600,046		0.6
			Other		111,579,261		1.1
					165,179,307		1.7
FINLAND					94,000,991		1.0
FRANCE
	1,397,729		e AXA S.A.		37,291,586		0.4
	763,176		BNP Paribas		53,862,812		0.6
	182,416	e	L’Oreal S.A.		36,328,068		0.4
	200,369	e	LVMH Moet Hennessy Louis Vuitton S.A.		49,464,843		0.5
	833,044	e	Sanofi-Aventis		78,717,478		0.8
	1,632,242		Total S.A.		83,788,198		0.9
			Other		635,702,451		6.5
					975,155,436		10.1
GERMANY
	329,644		Allianz AG.		62,756,833		0.7
	660,704		BASF SE		64,365,078		0.7
	593,357		Bayer AG.		73,417,878		0.8
	691,606		Daimler AG. (Registered)		51,534,525		0.5
	2,328,864		Deutsche Telekom AG.		40,850,123		0.4
	704,324		SAP AG.		70,549,287		0.7
	550,847		Siemens AG.		79,015,074		0.8
			Other		470,280,450		4.8
					912,769,248		9.4
HONG KONG
	8,643,800		AIA Group Ltd		59,827,501		0.6
			Other		274,583,610		2.8
					334,411,111		3.4

						% of net
Shares			Company	Value		assets
IRELAND				$	55,083,032		0.6	%
ISRAEL					53,997,283		0.6
ITALY					182,607,272		1.9
JAPAN
	9,187,680		Mitsubishi UFJ Financial Group, Inc		58,218,589		0.6
	593,800		Softbank Corp		45,041,314		0.5
	969,500		Sumitomo Mitsui Financial Group, Inc		35,998,129		0.4
	1,872,100		Toyota Motor Corp		101,319,464		1.1
			Other		1,972,534,914		20.2
					2,213,112,410		22.8
JERSEY, C.I.					5,830,052		0.1
JORDAN					2,514,316		0.0
LUXEMBOURG					30,383,116		0.3
MACAU					4,041,259		0.0
MEXICO					2,983,827		0.0
NETHERLANDS
	2,792,455		ING Groep NV		45,515,692		0.5
	3,139,225		Royal Dutch Shell plc (A Shares)		81,520,715		0.8
	2,691,386		Royal Dutch Shell plc (B Shares)		71,609,597		0.7
			Other		208,400,720		2.2
					407,046,724		4.2
NEW ZEALAND					15,812,479		0.2
NORWAY					57,938,419		0.6
PORTUGAL					14,251,781		0.1
SINGAPORE					121,103,591		1.2
SOUTH AFRICA					13,141,957		0.1
SPAIN
	4,801,130		Banco Bilbao Vizcaya Argentaria S.A.		38,464,824		0.4
	10,504,542	e	Banco Santander S.A.		68,457,278		0.7
	3,238,541		Telefonica S.A.		35,818,090		0.4
			Other		181,355,113		1.8
					324,095,305		3.3
SWEDEN					277,392,745		2.9
SWITZERLAND
	2,239,728		Nestle S.A.		172,504,884		1.7
	1,598,497		Novartis AG.		123,060,396		1.3
	503,315		Roche Holding AG.		131,699,560		1.4
	2,623,042		UBS AG.		44,777,520		0.5
			Other		423,599,250		4.3
					895,641,610		9.2

2017 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, 2017

						% of net
Shares			Company	Value		assets
UNITED KINGDOM
	907,309		AstraZeneca plc	$	54,338,150		0.6	%
	13,597,217		BP plc		77,838,741		0.8
	1,337,099		British American Tobacco plc		90,338,795		0.9
	1,798,395		Diageo plc		52,346,159		0.5
	3,494,224		GlaxoSmithKline plc		70,331,195		0.7
	14,246,136		HSBC Holdings plc		117,478,155		1.3
	46,049,269		Lloyds TSB Group plc		41,376,421		0.4
	1,856,390		Prudential plc		41,200,414		0.4
	455,865		Reckitt Benckiser Group plc		42,002,235		0.4
	648,728		Shire Ltd		38,248,154		0.4
	1,167,323		Unilever NV		61,150,728		0.6
	919,336		Unilever plc		47,298,270		0.5
	19,231,964		Vodafone Group plc		49,534,609		0.5
			Other		765,885,431		8.0
					1,549,367,457		16.0
UNITED STATES
	796,456	d	iShares MSCI EAFE Index Fund		50,813,893		0.6
			Other		22,078,923		0.2
					72,892,816		0.8
		TOTAL COMMON STOCKS (Cost $8,597,883,186)			9,629,218,350		99.2
RIGHTS / WARRANTS
AUSTRALIA					10,316		0.0
UNITED KINGDOM					351,472		0.0
		TOTAL RIGHTS / WARRANTS (Cost $419,640)			361,788		0.0

						% of net
Principal			Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	26,550,000		0.3	%

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	446,560,345	c	State Street Navigator Securities Lending Government Money Market Portfolio		446,560,345		4.6
					446,560,345		4.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $473,110,345)			473,110,345		4.9
		TOTAL PORTFOLIO (Cost $9,071,413,171)			10,102,690,483		104.1
		OTHER ASSETS & LIABILITIES, NET			(400,261,989	)	(4.1	)
		NET ASSETS		$	9,702,428,494		100.0	%

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 contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $425,594,973.

“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 4/30/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $51,790,176 or 0.5% 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, 2017

				% of net
Sector	Value			assets

FINANCIALS	$	2,098,025,626			21.6	%
INDUSTRIALS		1,360,897,316			14.0
CONSUMER DISCRETIONARY		1,212,650,024			12.5
CONSUMER STAPLES		1,086,667,228			11.2
HEALTH CARE		1,030,630,985			10.6
MATERIALS		748,545,397			7.7
INFORMATION TECHNOLOGY		546,978,333			5.6
ENERGY		462,849,674			4.8
TELECOMMUNICATION SERVICES		407,716,503			4.2
REAL ESTATE		355,413,803			3.7
UTILITIES		319,205,249			3.3
SHORT-TERM INVESTMENTS		473,110,345			4.9
OTHER ASSETS & LIABILITIES, NET		(400,261,989	)		(4.1	)
NET ASSETS	$	9,702,428,494			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds ■ April 30, 2017

	Equity Index Fund			Large-Cap Growth Index Fund			Large-Cap Value Index Fund			S&P 500 Index Fund			Small-Cap Blend Index Fund		Emerging Markets Equity Index Fund			International Equity Index Fund

ASSETS
Portfolio investments, at value*^†	$	13,814,681,796		$	4,573,121,078		$	6,394,954,775		$	4,072,383,711		$	2,410,788,971	$	1,953,170,510		$	10,102,690,483
Cash		2,056,991			27,571			9,725			37,710			3,401,545		—			52,471
Cash – foreign^{^}		—			—			—			—			—		1,202,249			2,274,265
Receivable from securities transactions		1,292,306			505,978			15,839,644			—			903,854		15,001,128			3,958,403
Receivable from Fund shares sold		13,676,028			6,856,460			4,231,883			7,067,789			2,283,182		1,466,069			9,904,181
Dividends and interest receivable		12,224,578			2,960,112			7,562,611			3,966,483			1,073,940		1,567,267			47,576,054
Other		422,577			120,012			146,184			151,445			101,126		40,503			309,017
Total assets		13,844,354,276			4,583,591,211			6,422,744,822			4,083,607,138			2,418,552,618		1,972,447,726			10,166,764,874

LIABILITIES
Management fees payable		74,906			24,708			35,082			22,301			12,507		37,453			53,176
Service agreement fees payable		18,357			19,632			30,662			34,175			18,030		6,561			28,253
Distribution fees payable		187,401			—			—			—			—		5,007			32,117
Due to affiliates		112,397			40,473			50,886			41,929			33,832		39,565			77,453
Overdraft payable		—			—			—			—			—		7,877,584			—
Payable for collateral for securities loaned		177,450,223			47,618,480			25,877,145			8,512,000			156,886,356		17,428,285			446,560,345
Payable for securities transactions		15,798,165			5,396,800			25,711,586			2,219,984			1,462,542		5,607,258			7,179,928
Payable for Fund shares redeemed		1,741,414			1,514,684			1,470,140			250,807			852,313		2,522,706			9,671,464
Payable for variation margin on open futures contracts		26,040			39,246			3,875			6,476			130,299		—			35,085
Payable for trustee compensation		531,972			153,145			196,429			184,786			119,939		55,305			381,890
Accrued expenses and other payables		204,253			92,801			145,869			84,697			63,282		1,345,576			316,669
Total liabilities		196,145,128			54,899,969			53,521,674			11,357,155			159,579,100		34,925,300			464,336,380
NET ASSETS	$	13,648,209,148		$	4,528,691,242		$	6,369,223,148		$	4,072,249,983		$	2,258,973,518	$	1,937,522,426		$	9,702,428,494

NET ASSETS CONSIST OF:
Paid-in-capital	$	8,801,802,810		$	3,307,964,055		$	5,521,255,241		$	2,790,323,363		$	1,652,001,084	$	1,842,393,764		$	8,739,010,670
Undistributed net investment income (loss)		67,832,635			17,725,961			39,943,649			21,980,321			5,072,699		7,177,409			71,735,274
Accumulated net realized gain (loss) on total investments		(56,562,473	)		(18,859,875	)		(93,880,885	)		(59,839,329	)		13,153,492		(67,513,877	)		(139,603,965	)
Net unrealized appreciation (depreciation) on total investments		4,835,136,176			1,221,861,101			901,905,143			1,319,785,628			588,746,243		155,465,130			1,031,286,515
NET ASSETS	$	13,648,209,148		$	4,528,691,242		$	6,369,223,148		$	4,072,249,983		$	2,258,973,518	$	1,937,522,426		$	9,702,428,494

INSTITUTIONAL CLASS:
Net assets	$	12,173,795,037		$	3,964,611,544		$	5,479,675,740		$	3,083,957,860		$	1,739,684,706	$	1,709,630,229		$	8,606,041,241
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		686,697,500			157,609,062			295,014,453			115,842,560			85,447,131		167,696,753			469,909,675
Net asset value per share		$17.73			$25.15			$18.57			$26.62			$20.36		$10.19			$18.31

ADVISOR CLASS:
Net assets	$	5,886,357		$	8,503,992		$	1,236,943		$	9,102,893		$	2,573,915	$	765,237		$	7,961,025
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		332,088			338,204			66,626			342,083			126,432		75,070			434,904
Net asset value per share		$17.73			$25.14			$18.57			$26.61			$20.36		$10.19			$18.31

PREMIER CLASS:
Net assets	$	86,400,679		$	—		$	—		$	—		$	—	$	25,677,385		$	271,499,505
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,885,318			—			—			—			—		2,524,437			14,856,738
Net asset value per share		$17.69			$—			$—			$—			$—		$10.17			$18.27

RETIREMENT CLASS:
Net assets	$	512,218,748		$	555,575,706		$	888,310,465		$	979,189,230		$	516,714,897	$	190,841,270		$	816,926,723
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		28,482,365			21,934,406			47,083,254			37,004,461			25,282,811		18,787,059			43,666,464
Net asset value per share		$17.98			$25.33			$18.87			$26.46			$20.44		$10.16			$18.71

RETAIL CLASS:
Net assets	$	869,908,327		$	—		$	—		$	—		$	—	$	10,608,305		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		48,219,858			—			—			—			—		1,043,414			—
Net asset value per share		$18.04			$—			$—			$—			$—		$10.17			$—
* Includes securities loaned of	$	170,732,601		$	46,060,130		$	25,010,375		$	8,261,488		$	150,456,896	$	16,036,835		$	425,594,973
† Portfolio investments, cost	$	8,979,576,959		$	3,351,276,547		$	5,493,045,757		$	2,752,591,840		$	1,822,037,566	$	1,796,541,979		$	9,071,413,171
^ Foreign cash, cost	$	—		$	—		$	—		$	—		$	—	$	1,198,560		$	2,271,421

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Funds ■ For the period ended April 30, 2017

	Equity Index Fund			Large-Cap Growth Index Fund			Large-Cap Value Index Fund		S&P 500 Index Fund			Small-Cap Blend Index Fund			Emerging Markets Equity Index Fund			International Equity Index Fund

INVESTMENT INCOME
Dividends*	$	120,657,319		$	31,102,231		$	69,083,357	$	38,697,459		$	12,930,280		$	13,956,094		$	125,898,165
Income from securities lending		1,621,009			234,567			99,314		36,609			2,175,736			254,022			1,654,689
Interest		73,200			45,669			55,163		45,127			25,213			10,815			70,136
Total income		122,351,528			31,382,467			69,237,834		38,779,195			15,131,229			14,220,931			127,622,990

EXPENSES
Management fees		2,494,058			791,016			1,155,781		759,110			419,683			1,234,829			1,698,437
Shareholder servicing – Institutional Class		9,343			7,595			5,882		2,209			2,509			3,470			14,490
Shareholder servicing – Advisor Class		944			2,461			181		903			219			154			2,248
Shareholder servicing – Premier Class		92			—			—		—			—			12			325
Shareholder servicing – Retirement Class		597,514			576,938			1,023,454		1,134,699			604,469			194,957			896,486
Shareholder servicing – Retail Class		130,498			—			—		—			—			6,999			—
Distribution fees – Premier Class		61,193			—			—		—			—			14,312			191,528
Distribution fees – Retail Class		1,031,452			—			—		—			—			11,719			—
Administrative service fees		142,399			50,351			65,625		52,389			42,266			49,150			98,411
Trustee fees and expenses		84,198			25,987			38,892		25,977			14,804			11,640			55,476
Custody and accounting fees		58,937			39,799			53,099		31,596			33,060			401,476			326,902
Other expenses		371,801			257,910			336,400		216,283			128,910			248,075			424,914
Total expenses		4,982,429			1,752,057			2,679,314		2,223,166			1,245,920			2,176,793			3,709,217
Net investment income (loss)		117,369,099			29,630,410			66,558,520		36,556,029			13,885,309			12,044,138			123,913,773

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments^‡		12,727,676			6,319,248			2,710,791		(7,292,266	)		28,965,759			(2,079,504	)		(17,982,619	)
Futures contracts		1,361,079			1,542,825			1,792,112		1,767,522			945,019			—			644,279
Foreign currency transactions		—			—			—		—			—			453,076			(2,621,260	)
Net realized gain (loss) on total investments		14,088,755			7,862,073			4,502,903		(5,524,744	)		29,910,778			(1,626,428	)		(19,959,600	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		1,451,400,806			523,931,604			517,833,345		430,891,199			286,309,204			157,307,923			874,528,769
Futures contracts		80,780			46,533			60,525		49,607			(5,162	)		—			(52,923	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—			—			—		—			—			(15,414	)		820,475
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		1,451,481,586			523,978,137			517,893,870		430,940,806			286,304,042			157,292,509			875,296,321
Net realized and unrealized gain (loss) on total investments		1,465,570,341			531,840,210			522,396,773		425,416,062			316,214,820			155,666,081			855,336,721
Net increase (decrease) in net assets from operations	$	1,582,939,440		$	561,470,620		$	588,955,293	$	461,972,091		$	330,100,129		$	167,710,219		$	979,250,494
* Net of foreign withholding taxes of	$	23,954		$	—		$	22,291	$	—		$	1,901		$	2,063,625		$	11,656,883
** Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	—	$	—		$	—		$	(393,680	)	$	—
‡ Includes net realized gain(loss) from securities sold to affiliates of	$	(605,967	)	$	(99,609	)	$	—	$	(1,539,354	)	$	(551	)	$	(299,531	)	$	(1,099,020	)

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Statements of changes in net assets (unaudited)

TIAA-CREF Funds ■ For the period or year ended

		Equity Index Fund						Large-Cap Growth Index Fund						Large-Cap Value Index Fund						S&P 500 Index Fund						Small-Cap Blend Index Fund						Emerging Markets Equity Index Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2017			2016			2017			2016			2017			2016			2017			2016			2017			2016			2017			2016
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	117,369,099		$	217,731,732		$	29,630,410		$	45,452,940		$	66,558,520		$	104,265,924		$	36,556,029		$	65,066,666		$	13,885,309		$	29,824,660		$	12,044,138		$	30,860,518
Net realized gain (loss) on total investments			14,088,755			51,791,476			7,862,073			(10,985,883	)		4,502,903			35,052,294			(5,524,744	)		7,914,332			29,910,778			48,385,674			(1,626,428	)		(29,175,814	)
Net change in unrealized appreciation (depreciation) on total investments			1,451,481,586			195,860,687			523,978,137			19,598,897			517,893,870			136,617,595			430,940,806			61,445,138			286,304,042			(3,590,179	)		157,292,509			145,121,099
Net increase (decrease) in net assets from operations			1,582,939,440			465,383,895			561,470,620			54,065,954			588,955,293			275,935,813			461,972,091			134,426,136			330,100,129			74,620,155			167,710,219			146,805,803

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(205,509,687	)		(173,624,070	)		(42,391,726	)		(35,569,469	)		(98,648,534	)		(72,142,155	)		(53,066,810	)		(43,722,807	)		(24,416,875	)		(21,514,684	)		(27,179,138	)		(24,414,359	)
	Advisor Class^†		(7,822	)		(194	)		(53,809	)		(140	)		(4,186	)		(238	)		(9,024	)		(193	)		(2,295	)		(161	)		(3,425	)		(226	)
	Premier Class		(1,414,691	)		(937,442	)		—			—			—			—			—			—			—			—			(294,852	)		(211,337	)
	Retirement Class		(7,735,619	)		(6,746,243	)		(4,486,701	)		(4,244,624	)		(14,286,394	)		(9,657,994	)		(15,020,296	)		(12,371,696	)		(6,337,158	)		(5,799,966	)		(2,291,496	)		(1,805,790	)
	Retail Class		(13,242,539	)		(12,319,157	)		—			—			—			—			—			—			—			—			(137,213	)		(147,815	)
From realized gains:	Institutional Class		(49,435,514	)		(106,250,473	)		—			(31,605,119	)		(47,307,089	)		(117,250,174	)		(12,088,672	)		(13,853,739	)		(37,350,848	)		(57,273,346	)		—			—
	Advisor Class^†		(1,888	)		(120	)		—			(125	)		(2,026	)		(388	)		(2,085	)		(62	)		(3,534	)		(430	)		—			—
	Premier Class		(363,393	)		(647,646	)		—			—			—			—			—			—			—			—			—			—
	Retirement Class		(2,104,736	)		(4,694,899	)		—			(4,540,312	)		(7,541,570	)		(17,445,954	)		(3,850,229	)		(4,474,823	)		(11,244,413	)		(18,481,264	)		—			—
	Retail Class		(3,709,399	)		(8,823,828	)		—			—			—			—			—			—			—			—			—			—
Total distributions			(283,525,288	)		(314,044,072	)		(46,932,236	)		(75,959,789	)		(167,789,799	)		(216,496,903	)		(84,037,116	)		(74,423,320	)		(79,355,123	)		(103,069,851	)		(29,906,124	)		(26,579,527	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,455,652,144			1,890,574,776			789,071,663			1,064,376,178			1,361,516,937			1,535,541,867			401,793,991			472,290,248			204,699,678			195,087,919			335,698,145			466,475,084
	Advisor Class^†		5,764,207			116,496			5,047,952			2,933,243			1,358,757			132,395			9,089,287			479,562			2,555,809			100,000			516,196			175,959
	Premier Class		21,536,004			23,581,570			—			—			—			—			—			—			—			—			7,130,827			7,506,279
	Retirement Class		53,739,495			74,040,184			133,873,721			96,536,164			172,711,199			246,193,166			149,761,852			158,279,411			60,749,807			36,259,350			40,486,910			50,136,247
	Retail Class		53,771,270			76,039,554			—			—			—			—			—			—			—			—			2,466,728			2,274,197
Reinvestments of distributions:	Institutional Class		254,236,324			278,744,081			37,924,441			58,795,458			120,431,307			161,779,700			64,265,599			56,733,863			60,604,504			75,880,718			26,539,877			24,330,018
	Advisor Class^†		11,551			—			52,434			—			2,633			—			8,512			—			1,098			—			1,377			—
	Premier Class		1,739,046			1,512,695			—			—			—			—			—			—			—			—			292,561			211,337
	Retirement Class		9,840,355			11,441,142			4,486,701			8,784,936			21,827,964			27,103,948			18,870,525			16,846,519			17,581,571			24,281,230			2,291,496			1,805,790
	Retail Class		16,240,100			20,317,504			—			—			—			—			—			—			—			—			132,490			139,138
Redemptions:	Institutional Class		(700,132,703	)		(1,057,162,367	)		(360,977,299	)		(530,849,968	)		(497,382,192	)		(575,154,884	)		(196,535,858	)		(235,489,114	)		(82,509,737	)		(184,417,815	)		(252,587,595	)		(173,711,998	)
	Advisor Class^†		(236,174	)		—			(175,526	)		(10,677	)		(286,154	)		(3	)		(680,273	)		(528	)		(133,143	)		(20	)		(9,896	)		—
	Premier Class		(16,136,620	)		(50,718,194	)		—			—			—			—			—			—			—			—			(717,522	)		(1,217,280	)
	Retirement Class		(32,893,505	)		(51,764,768	)		(39,598,068	)		(72,260,959	)		(52,649,778	)		(41,362,231	)		(67,651,797	)		(116,755,976	)		(32,072,790	)		(66,785,725	)		(4,830,919	)		(6,093,396	)
	Retail Class		(51,018,927	)		(81,184,629	)		—			—			—			—			—			—			—			—			(1,800,358	)		(1,752,101	)
Net increase (decrease) from shareholder transactions			1,072,112,567			1,135,538,044			569,706,019			628,304,375			1,127,530,673			1,354,233,958			378,921,838			352,383,985			231,476,797			80,405,657			155,610,317			370,279,274
Net increase (decrease) in net assets			2,371,526,719			1,286,877,867			1,084,244,403			606,410,540			1,548,696,167			1,413,672,868			756,856,813			412,386,801			482,221,803			51,955,961			293,414,412			490,505,550
NET ASSETS
Beginning of period			11,276,682,429			9,989,804,562			3,444,446,839			2,838,036,299			4,820,526,981			3,406,854,113			3,315,393,170			2,903,006,369			1,776,751,715			1,724,795,754			1,644,108,014			1,153,602,464
End of period		$	13,648,209,148		$	11,276,682,429		$	4,528,691,242		$	3,444,446,839		$	6,369,223,148		$	4,820,526,981		$	4,072,249,983		$	3,315,393,170		$	2,258,973,518		$	1,776,751,715		$	1,937,522,426		$	1,644,108,014
Undistributed net investment income (loss) included in net assets		$	67,832,635		$	178,373,894		$	17,725,961		$	35,027,787		$	39,943,649		$	86,324,243		$	21,980,321		$	53,520,422		$	5,072,699		$	21,943,718		$	7,177,409		$	25,039,395

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		85,251,768			123,200,687			33,470,295			48,620,315			74,516,770			94,054,573			15,777,704			20,389,801			10,312,021			11,358,910			35,780,088			54,238,487
	Advisor Class^†		337,172			7,702			213,524			130,121			73,846			8,223			347,977			20,074			127,081			5,995			55,597			20,315
	Premier Class		1,264,500			1,529,136			—			—			—			—			—			—			—			—			729,907			876,451
	Retirement Class		3,119,546			4,699,611			5,581,533			4,418,520			9,293,265			14,547,390			5,940,166			6,861,909			3,038,925			2,062,752			4,245,209			5,759,588
	Retail Class		3,103,028			4,862,772			—			—			—			—			—			—			—			—			263,636			263,574
Shares reinvested:	Institutional Class		15,169,231			18,795,960			1,663,353			2,786,514			6,620,742			10,410,534			2,564,469			2,536,158			3,019,657			4,573,883			2,913,268			3,068,098
	Advisor Class^†		689			—			2,300			—			145			—			340			—			55			—			151			—
	Premier Class		103,948			102,140			—			—			—			—			—			—			—			—			32,149			26,684
	Retirement Class		578,164			759,704			195,244			413,020			1,179,890			1,714,355			756,940			756,807			872,102			1,455,710			252,090			228,292
	Retail Class		950,825			1,344,640			—			—			—			—			—			—			—			—			14,559			17,568
Shares redeemed:	Institutional Class		(41,168,977	)		(68,184,851	)		(15,138,191	)		(24,913,822	)		(27,079,430	)		(34,878,642	)		(7,528,946	)		(10,289,936	)		(4,210,571	)		(10,650,323	)		(26,056,273	)		(19,918,334	)
	Advisor Class^†		(13,475	)		—			(7,260	)		(481	)		(15,588	)		—			(26,286	)		(22	)		(6,699	)		—			(993	)		—
	Premier Class		(940,055	)		(3,190,620	)		—			—			—			—			—			—			—			—			(77,658	)		(143,356	)
	Retirement Class		(1,905,199	)		(3,402,586	)		(1,665,181	)		(3,321,786	)		(2,816,013	)		(2,480,767	)		(2,648,832	)		(5,144,356	)		(1,621,966	)		(3,913,751	)		(520,989	)		(725,859	)
	Retail Class		(2,946,013	)		(5,203,074	)		—			—			—			—			—			—			—			—			(196,798	)		(201,627	)
Net increase (decrease) from shareholder transactions			62,905,152			75,321,221			24,315,617			28,132,401			61,773,627			83,375,666			15,183,532			15,130,435			11,530,605			4,893,176			17,433,943			43,509,881

† Advisor Class commenced operations on December 4, 2015.

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Statements of changes in net assets (unaudited)

concluded

TIAA-CREF Funds ■ For the period or year ended

		International Equity Index Fund
		April 30, 2017			October 31, 2016
			(unaudited	)
OPERATIONS
Net investment income (loss)		$	123,913,773		$	217,912,829
Net realized gain (loss) on total investments			(19,959,600	)		(74,621,450	)
Net change in unrealized appreciation (depreciation) on total investments			875,296,321			(278,124,979	)
Net increase (decrease) in net assets from operations			979,250,494			(134,833,600	)

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(206,166,893	)		(163,179,996	)
	Advisor Class^†		(108,557	)		(289	)
	Premier Class		(6,888,928	)		(6,734,359	)
	Retirement Class		(17,519,643	)		(17,160,264	)
	Retail Class		—			—
From realized gains:	Institutional Class		—			—
	Advisor Class^†		—			—
	Premier Class		—			—
	Retirement Class		—			—
	Retail Class		—			—
Total distributions			(230,684,021	)		(187,074,908	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,495,331,409			1,905,264,517
	Advisor Class^†		4,055,928			4,518,401
	Premier Class		38,418,402			61,170,367
	Retirement Class		93,999,259			85,149,912
	Retail Class		—			—
Reinvestments of distributions:	Institutional Class		201,701,308			158,959,527
	Advisor Class^†		105,644			—
	Premier Class		6,880,494			6,718,085
	Retirement Class		17,519,643			17,160,264
	Retail Class		—			—
Redemptions:	Institutional Class		(409,808,851	)		(683,392,389	)
	Advisor Class^†		(777,653	)		(267,543	)
	Premier Class		(38,085,673	)		(55,951,004	)
	Retirement Class		(25,005,278	)		(73,221,046	)
	Retail Class		—			—
Net increase (decrease) from shareholder transactions			1,384,334,632			1,426,109,091
Net increase (decrease) in net assets			2,132,901,105			1,104,200,583
NET ASSETS
Beginning of period			7,569,527,389			6,465,326,806
End of period		$	9,702,428,494		$	7,569,527,389
Undistributed net investment income (loss) included in net assets		$	71,735,274		$	178,505,522

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		87,624,553			115,011,799
	Advisor Class^†		230,982			259,162
	Premier Class		2,230,075			3,718,343
	Retirement Class		5,333,376			5,006,403
	Retail Class		—			—
Shares reinvested:	Institutional Class		12,114,192			9,628,076
	Advisor Class^†		6,345			—
	Premier Class		413,740			407,404
	Retirement Class		1,028,752			1,016,603
	Retail Class		—			—
Shares redeemed:	Institutional Class		(23,890,137	)		(41,237,770	)
	Advisor Class^†		(45,721	)		(15,864	)
	Premier Class		(2,175,582	)		(3,343,770	)
	Retirement Class		(1,431,937	)		(4,313,428	)
	Retail Class		—			—
Net increase (decrease) from shareholder transactions			81,438,638			86,136,958

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

2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			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:	4/30/17	^#		$ 15.95		$ 0.16			$ 2.03			$ 2.19		$ (0.33	)		$ (0.08	)		$ (0.41	)		$ 17.73
	10/31/16			15.82		0.33			0.30			0.63		(0.31	)		(0.19	)		(0.50	)		15.95
	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
Advisor Class:	4/30/17	^#		15.96		0.13			2.05			2.18		(0.33	)		(0.08	)		(0.41	)		17.73
	10/31/16	^‡		15.96		0.25			0.25			0.50		(0.31	)		(0.19	)		(0.50	)		15.96
Premier Class:	4/30/17	^#		15.91		0.15			2.02			2.17		(0.31	)		(0.08	)		(0.39	)		17.69
	10/31/16			15.77		0.32			0.29			0.61		(0.28	)		(0.19	)		(0.47	)		15.91
	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
Retirement Class:	4/30/17	^#		16.16		0.14			2.05			2.19		(0.29	)		(0.08	)		(0.37	)		17.98
	10/31/16			16.02		0.29			0.31			0.60		(0.27	)		(0.19	)		(0.46	)		16.16
	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
Retail Class:	4/30/17	^#		16.21		0.14			2.05			2.19		(0.28	)		(0.08	)		(0.36	)		18.04
	10/31/16			16.06		0.29			0.32			0.61		(0.27	)		(0.19	)		(0.46	)		16.21
	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
LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/17	^#		22.13		0.18			3.14			3.32		(0.30	)		—			(0.30	)		25.15
	10/31/16			22.25		0.35			0.13			0.48		(0.32	)		(0.28	)		(0.60	)		22.13
	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
Advisor Class:	4/30/17	^#		22.12		0.16			3.15			3.31		(0.29	)		—			(0.29	)		25.14
	10/31/16	^‡		22.50		0.24			(0.02	)		0.22		(0.32	)		(0.28	)		(0.60	)		22.12
Retirement Class:	4/30/17	^#		22.26		0.15			3.17			3.32		(0.25	)		—			(0.25	)		25.33
	10/31/16			22.38		0.30			0.12			0.42		(0.26	)		(0.28	)		(0.54	)		22.26
	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
LARGE-CAP VALUE INDEX FUND
Institutional Class:	4/30/17	^#		17.16		0.21			1.76			1.97		(0.38	)		(0.18	)		(0.56	)		18.57
	10/31/16			17.26		0.44			0.54			0.98		(0.41	)		(0.67	)		(1.08	)		17.16
	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
Advisor Class:	4/30/17	^#		17.15		0.19			1.79			1.98		(0.38	)		(0.18	)		(0.56	)		18.57
	10/31/16	^‡		17.33		0.31			0.59			0.90		(0.41	)		(0.67	)		(1.08	)		17.15
Retirement Class:	4/30/17	^#		17.41		0.19			1.80			1.99		(0.35	)		(0.18	)		(0.53	)		18.87
	10/31/16			17.50		0.41			0.54			0.95		(0.37	)		(0.67	)		(1.04	)		17.41
	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

2017 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 ended		Total return				end of period (in thousands		)	Gross expenses		Net expenses		Net investment income (loss)		turnover rate
EQUITY INDEX FUND
Institutional Class:	4/30/17	^#		13.85	%^b		$	12,173,795		0.05	%^c	0.05	%^c	1.91	%^c	6	%^b
	10/31/16			4.24				10,010,647		0.05		0.05		2.11		9
	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
Advisor Class:	4/30/17	^#		13.77	^b			5,886		0.12	^c	0.12	^c	1.52	^c	6	^b
	10/31/16	^‡		3.38	^b			123		0.07	^c	0.07	^c	1.77	^c	9
Premier Class:	4/30/17	#		13.75	^b			86,401		0.20	^c	0.20	^c	1.76	^c	6	^b
	10/31/16			4.07				70,911		0.20		0.20		2.08		9
	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
Retirement Class:	4/30/17	^#		13.67	^b			512,219		0.30	^c	0.30	^c	1.66	^c	6	^b
	10/31/16			3.99				431,405		0.30		0.30		1.87		9
	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
Retail Class:	4/30/17	^#		13.64	^b			869,908		0.33	^c	0.33	^c	1.64	^c	6	^b
	10/31/16			3.99				763,597		0.34		0.34		1.84		9
	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
LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/17	^#		15.14	^b			3,964,612		0.06	^c	0.06	^c	1.53	^c	5	^b
	10/31/16			2.29				3,044,925		0.06		0.06		1.61		22
	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
Advisor Class:	4/30/17	^#		15.11	^b			8,504		0.15	^c	0.15	^c	1.35	^c	5	^b
	10/31/16	^‡		1.09	^b			2,868		0.14	^c	0.14	^c	1.26	^c	22
Retirement Class:	4/30/17	^#		15.02	^b			555,576		0.31	^c	0.31	^c	1.27	^c	5	^b
	10/31/16			2.02				396,654		0.31		0.31		1.36		22
	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
LARGE-CAP VALUE INDEX FUND
Institutional Class:	4/30/17	^#		11.59	^b			5,479,676		0.06	^c	0.06	^c	2.34	^c	5	^b
	10/31/16			6.37				4,134,073		0.06		0.06		2.66		23
	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
Advisor Class:	4/30/17	^#		11.63	^b			1,237		0.12	^c	0.12	^c	2.13	^c	5	^b
	10/31/16	^‡		5.87	^b			141		0.08	^c	0.08	^c	2.08	^c	23
Retirement Class:	4/30/17	^#		11.50	^b			888,310		0.31	^c	0.31	^c	2.09	^c	5	^b
	10/31/16			6.06				686,313		0.31		0.31		2.43		23
	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

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			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
S&P 500 INDEX FUND
Institutional Class:	4/30/17	^#		$ 24.06		$ 0.25			$ 2.90			$ 3.15			$ (0.48	)		$ (0.11	)		$ (0.59	)		$ 26.62
	10/31/16			23.66		0.51			0.50			1.01			(0.46	)		(0.15	)		(0.61	)		24.06
	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
Advisor Class:	4/30/17	^#		24.06		0.18			2.96			3.14			(0.48	)		(0.11	)		(0.59	)		26.61
	10/31/16	^‡		23.87		0.33			0.47			0.80			(0.46	)		(0.15	)		(0.61	)		24.06
Retirement Class:	4/30/17	^#		23.90		0.22			2.88			3.10			(0.43	)		(0.11	)		(0.54	)		26.46
	10/31/16			23.51		0.45			0.50			0.95			(0.41	)		(0.15	)		(0.56	)		23.90
	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
SMALL-CAP BLEND INDEX FUND
Institutional Class:	4/30/17	^#		17.88		0.14			3.13			3.27			(0.31	)		(0.48	)		(0.79	)		20.36
	10/31/16			18.25		0.31			0.42			0.73			(0.30	)		(0.80	)		(1.10	)		17.88
	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
Advisor Class:	4/30/17	^#		17.88		0.07			3.20			3.27			(0.31	)		(0.48	)		(0.79	)		20.36
	10/31/16	^‡		18.63		0.27			0.08			0.35			(0.30	)		(0.80	)		(1.10	)		17.88
Retirement Class:	4/30/17	^#		17.93		0.11			3.15			3.26			(0.27	)		(0.48	)		(0.75	)		20.44
	10/31/16			18.29		0.27			0.42			0.69			(0.25	)		(0.80	)		(1.05	)		17.93
	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
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	4/30/17	^#		9.52		0.07			0.77			0.84			(0.17	)		—			(0.17	)		10.19
	10/31/16			8.93		0.20			0.59			0.79			(0.20	)		—			(0.20	)		9.52
	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
Advisor Class:	4/30/17	^#		9.52		0.07			0.76			0.83			(0.16	)		—			(0.16	)		10.19
	10/31/16	^‡		8.64		0.18			0.90			1.08			(0.20	)		—			(0.20	)		9.52
Premier Class:	4/30/17	^#		9.50		0.06			0.77			0.83			(0.16	)		—			(0.16	)		10.17
	10/31/16			8.91		0.19			0.59			0.78			(0.19	)		—			(0.19	)		9.50
	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
Retirement Class:	4/30/17	^#		9.48		0.05			0.78			0.83			(0.15	)		—			(0.15	)		10.16
	10/31/16			8.90		0.18			0.58			0.76			(0.18	)		—			(0.18	)		9.48
	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
Retail Class:	4/30/17	^#		9.48		0.05			0.78			0.83			(0.14	)		—			(0.14	)		10.17
	10/31/16			8.89		0.16			0.59			0.75			(0.16	)		—			(0.16	)		9.48
	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

2017 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 ended		Total return			end of period (in thousands		)	Gross expenses		Net expenses		Net investment income (loss	)	turnover rate
S&P 500 INDEX FUND
Institutional Class:	4/30/17	^#		13.26	%^b		$ 3,083,958		0.06	%^c	0.06	%^c	1.99	%^c	5	%^b
	10/31/16			4.47			2,527,279		0.05		0.05		2.18		8
	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
Advisor Class:	4/30/17	^#		13.19	^b		9,103		0.13	^c	0.13	^c	1.49	^c	5	^b
	10/31/16	^‡		3.54	^b		482		0.09	^c	0.09	^c	1.59	^c	8
Retirement Class:	4/30/17	^#		13.11	^b		979,189		0.31	^c	0.31	^c	1.73	^c	5	^b
	10/31/16			4.19			787,632		0.30		0.30		1.95		8
	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
SMALL-CAP BLEND INDEX FUND
Institutional Class:	4/30/17	^#		18.36	^b		1,739,685		0.06	^c	0.06	^c	1.38	^c	6	^b
	10/31/16			4.48			1,364,443		0.06		0.06		1.80		22
	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
Advisor Class:	4/30/17	^#		18.35	^b		2,574		0.12	^c	0.12	^c	0.75	^c	6	^b
	10/31/16	^‡		2.33	^b		107		0.08	^c	0.08	^c	1.74	^c	22
Retirement Class:	4/30/17	^#		18.23	^b		516,715		0.31	^c	0.31	^c	1.13	^c	6	^b
	10/31/16			4.22			412,202		0.31		0.31		1.56		22
	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
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	4/30/17	^#		9.00	^b		1,709,630		0.22	^c	0.22	^c	1.39	^c	19	^b
	10/31/16			9.25			1,476,857		0.22		0.22		2.32		30
	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
Advisor Class:	4/30/17	^#		8.98	^b		765		0.29	^c	0.29	^c	1.51	^c	19	^b
	10/31/16	^‡		12.90	^b		193		0.24	^c	0.24	^c	2.35	^c	30
Premier Class:	4/30/17	^#		8.89	^b		25,677		0.37	^c	0.37	^c	1.26	^c	19	^b
	10/31/16			9.12			17,476		0.37		0.37		2.18		30
	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
Retirement Class:	4/30/17	^#		8.93	^b		190,841		0.47	^c	0.47	^c	1.16	^c	19	^b
	10/31/16			8.92			140,457		0.47		0.47		2.08		30
	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
Retail Class:	4/30/17	^#		8.88	^b		10,608		0.62	^c	0.62	^c	0.99	^c	19	^b
	10/31/16			8.81			9,124		0.61		0.61		1.91		30
	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

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			Total gain			Less distributions from					Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)^a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains		dividends and distributions			value, end of period
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/17	^#		$ 16.89		$ 0.25			$ 1.66			$ 1.91			$ (0.49	)	$ —			$ (0.49	)		$ 18.31
	10/31/16			17.86		0.54			(1.00	)		(0.46	)		(0.51	)	—			(0.51	)		16.89
	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
Advisor Class:	4/30/17	^#		16.88		0.26			1.65			1.91			(0.48	)	—			(0.48	)		18.31
	10/31/16	^‡		17.70		0.37			(0.68	)		(0.31	)		(0.51	)	—			(0.51	)		16.88
Premier Class:	4/30/17	^#		16.84		0.23			1.66			1.89			(0.46	)	—			(0.46	)		18.27
	10/31/16			17.81		0.51			(0.99	)		(0.48	)		(0.49	)	—			(0.49	)		16.84
	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
Retirement Class:	4/30/17	^#		17.22		0.23			1.71			1.94			(0.45	)	—			(0.45	)		18.71
	10/31/16			18.20		0.50			(1.01	)		(0.51	)		(0.47	)	—			(0.47	)		17.22
	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

#	Unaudited
‡	Advisor Class commenced operations on December 4, 2015.
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.

2017 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 ended		Total return			end of period (in thousands		)	Gross expenses		Net expenses		Net investment income (loss	)	turnover rate
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/17	^#		11.59	%^b		$ 8,606,041		0.06	%^c	0.06	%^c	2.95	%^c	7	%^b
	10/31/16			(2.48	)		6,655,871		0.06		0.06		3.25		11
	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
Advisor Class:	4/30/17	^#		11.62	^b		7,961		0.16	^c	0.16	^c	3.10	^c	7	^b
	10/31/16	^‡		(1.67	)^b		4,108		0.14	^c	0.14	^c	2.49	^c	11
Premier Class:	4/30/17	^#		11.52	^b		271,500		0.21	^c	0.21	^c	2.73	^c	7	^b
	10/31/16			(2.64	)		242,345		0.21		0.21		3.09		11
	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
Retirement Class:	4/30/17	^#		11.51	^b		816,927		0.31	^c	0.31	^c	2.69	^c	7	^b
	10/31/16			(2.77	)		667,204		0.31		0.31		2.97		11
	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

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization and significant accounting policies

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, LLC (“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. The Advisor class was made available for sale by certain Funds on December 4, 2015, 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.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that

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

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

52	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

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

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

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

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

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 as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as 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 as Level 1 of the fair value hierarchy.

Futures contracts: Stock and bond index futures contracts, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity exchanges and are categorized as 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, 2017, there were no material transfers between levels by the Funds.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

The following table summarizes the market value of the Funds’ investments as of April 30, 2017, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Equity Index
Equity investments:
Energy	$	791,049,868		$	—	$	—	$	791,049,868
Health care		1,825,052,233			—		65,601		1,825,117,834
Industrials		1,453,752,477			—		71,574		1,453,824,051
All other equity investments*		9,554,710,207			—		—		9,554,710,207
Short-term investments		177,450,223			12,529,613		—		189,979,836
Futures contracts**		31,339			—		—		31,339
Total	$	13,802,046,347		$	12,529,613	$	137,175	$	13,814,713,135
Large-Cap Growth Index
Equity investments*	$	4,505,052,598		$	—	$	—	$	4,505,052,598
Short-term investments		47,618,480			20,450,000		—		68,068,480
Futures contracts**		16,570			—		—		16,570
Total	$	4,552,687,648		$	20,450,000	$	—	$	4,573,137,648
Large-Cap Value Index
Equity investments:
Energy	$	752,192,608		$	—	$	—	$	752,192,608
All other equity investments*		5,609,186,628							5,609,186,628
Short-term investments		25,877,145			7,698,394		—		33,575,539
Futures contracts**		(3,875	)		—		—		(3,875	)
Total	$	6,387,252,506		$	7,698,394	$	—	$	6,394,950,900
S&P 500 Index
Equity investments:
Energy	$	255,400,867		$	—	$	—	$	255,400,867
All other equity investments*		3,805,270,844							3,805,270,844
Short-term investments		8,512,000			3,200,000		—		11,712,000
Futures contracts**		(6,243	)		—		—		(6,243	)
Total	$	4,069,177,468		$	3,200,000	$	—	$	4,072,377,468
Small-Cap Blend Index
Equity investments:
Energy	$	68,365,623				$	—	$	68,365,623
Health care		290,958,913			—		139,481		291,098,394
Industrials		322,396,717			—		160,444		322,557,161
All other equity investments*		1,562,731,437			—		—		1,562,731,437
Short-term investments		156,886,356			9,150,000		—		166,036,356
Futures contracts**		(5,162	)		—		—		(5,162	)
Total	$	2,401,333,884		$	9,150,000	$	299,925	$	2,410,783,809
Emerging Markets Equity Index
Equity investments:
Africa/Middle East	$	—		$	130,619,255	$	—	$	130,619,255
Asia		119,308,630			1,212,271,567		2,590,742		1,334,170,939
Europe		22,634,246			48,491,814		—		71,126,060
Latin America		—			214,549,442		—		214,549,442
All other equity investments*		29,025,413			156,250,500		616		185,276,529
Short-term investments		17,428,285			—		—		17,428,285
Total	$	188,396,574		$	1,762,182,578	$	2,591,358	$	1,953,170,510
International Equity Index
Equity investments:
Asia	$	2,991,785		$	2,544,531,736	$	—	$	2,547,523,521
Australasia		—			711,778,653		—		711,778,653
Europe		22,333,237			5,319,486,760		—		5,341,819,997
All other equity investments*		96,728,861			931,729,106		—		1,028,457,967
Short-term investments		446,560,345			26,550,000		—		473,110,345
Futures contracts**		(33,096	)		—		—		(33,096	)
Total	$	568,581,132		$	9,534,076,255	$	—	$	10,102,657,387

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

54	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

continued

Note 3—derivative instruments

At April 30, 2017, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Asset derivatives
Derivative contracts	Location	Fair value amount
Equity Index Fund
Equity contracts	Futures contracts*	$	31,339
Large-Cap Growth Index Fund
Equity contracts	Futures contracts*		16,570
Large-Cap Value Index Fund
Equity contracts	Futures contracts*		(3,875	)
S&P 500 Index Fund
Equity contracts	Futures contracts*		(6,243	)
Small-Cap Blend Index Fund
Equity contracts	Futures contracts*		(5,162	)
International Equity Index Fund
Equity contracts	Futures contracts*		(33,096	)

*	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, 2017, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

Derivative contracts	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Equity Index Fund
Equity contracts	Futures contracts	$	1,361,079			$ 80,780
Large-Cap Growth Index Fund
Equity contracts	Futures contracts		1,542,825			46,533
Large-Cap Value Index Fund
Equity contracts	Futures contracts		1,792,112			60,525
S&P 500 Index Fund
Equity contracts	Futures contracts		1,767,522			49,607
Small-Cap Blend Index Fund
Equity contracts	Futures contracts		945,019			(5,162	)
International Equity Index Fund
Equity contracts	Futures contracts		644,279			(52,923	)

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 contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended April 30, 2017, 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, 2017, the Funds held the following open futures contracts:

Fund	Futures contracts	Number of long (short) contracts		Settlement value		Expiration date	Unrealized gain (loss		)
Equity Index	S&P500
	E Mini Index		93	$	11,069,325	June 2017	$	31,339
Large-Cap	S&P500
Growth Index	E Mini Index		135		16,068,375	June 2017		16,570
Large-Cap	S&P500
Value Index	E Mini Index		11		1,309,275	June 2017		(3,875	)
S&P 500 Index	S&P500
	E Mini Index		19		2,261,475	June 2017		(6,243	)
Small-Cap	Russell 2000
Blend Index	Mini Index		119		8,320,480	June 2017		(5,162	)
International	MSCI EAFE
Equity Index	Mini Index		192		17,508,480	June 2017		(33,096	)

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 ■ 2017 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— effective rate			Service agreement fee			Distribution fee						Maximum expense amounts^‡
				Retirement Class			Premier Class			Retail Class			Institutional Class			Advisor Class			Premier Class			Retirement Class			Retail 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			—

^‡

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, 2018. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

Fund	Purchases		Sales		Realized gain (loss		)
Equity Index	$	344,515,482	$	30,786,151	$	(605,967	)
Large-Cap Growth Index		208,504,519		1,040,508		(99,609	)
Large-Cap Value Index		348,083,647		—		—
S&P 500 Index		209,258,348		35,149,335		(1,539,354	)
Small-Cap Blend Index		11,652,823		25,479		(551	)
Emerging Markets Equity Index		21,794,458		6,166,538		(299,531	)
International Equity Index		395,849,859		1,362,165		(1,099,020	)

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, 2017:

Fund	TIAA Lifecycle Index Funds			TIAA Access			Total
Equity Index		32	%		1	%		33	%
Large-Cap Growth Index		—			4			4
Large-Cap Value Index		—			7			7
S&P 500 Index		—			7			7
Small-Cap Blend Index		—			16			16
Emerging Markets Equity Index		24			—			24
International Equity Index		14			5			19

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, 2017, three 529 Plans owned 13%, 12%, and 6%, respectively, of the Equity Index Fund; one 529 Plan owned 7% of the Large-Cap Growth Index Fund; one 529 Plan owned 5% of the Large-Cap Value Index Fund; two 529 Plans owned 9% and 8%, respectively, of the S&P 500 Index Fund; two 529 Plans owned

7% and 6%, respectively, of the Emerging Markets Equity Index Fund; and three 529 Plans owned 6%, 6%, and 5%, respectively, of the International Equity Index Fund.

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, 2017, 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.

Net unrealized appreciation (depreciation): At April 30, 2017, net unrealized appreciation (depreciation) based on the

56	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

concluded

aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Equity Index	$	9,060,671,578	$	4,997,554,548	$	(243,544,330	)	$	4,754,010,218
Large-Cap Growth Index		3,380,927,091		1,229,416,979		(37,222,992	)		1,192,193,987
Large-Cap Value Index		5,604,726,646		944,471,574		(154,243,445	)		790,228,129
S&P 500 Index		2,819,010,191		1,300,608,425		(47,234,905	)		1,253,373,520
Small-Cap Blend Index		1,837,954,791		712,688,301		(139,854,121	)		572,834,180
Emerging Markets Equity Index		1,813,014,511		293,045,632		(152,889,633	)		140,155,999
International Equity Index		9,120,265,088		1,576,384,126		(593,958,731	)		982,425,395

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2017 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Equity Index		1,605,247,808		697,953,969
Large-Cap Growth Index		721,534,863		184,555,936
Large-Cap Value Index		1,360,615,186		314,808,374
S&P 500 Index		541,406,487		205,128,401
Small-Cap Blend Index		283,562,637		123,398,927
Emerging Markets Equity Index		482,408,580		345,474,336
International Equity Index		1,869,597,165		623,364,494

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended October 31, 2016 was as follows:

	10/31/2016
Fund	Ordinary income		Long-term capital gains		Total
Equity Index	$	192,502,895	$	121,541,177	$	314,044,072
Large-Cap Growth Index		39,600,585		36,359,204		75,959,789
Large-Cap Value Index		101,495,449		115,001,454		216,496,903
S&P 500 Index		56,244,263		18,179,057		74,423,320
Small-Cap Blend Index		29,947,197		73,122,654		103,069,851
Emerging Markets Equity Index		26,579,527		—		26,579,527
International Equity Index		187,074,908		—		187,074,908

The tax character of the fiscal year 2017 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. The current facility was entered into on June 21, 2016 expiring on June 20, 2017, replacing the previous facility, which expired June 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, 2017, there were no borrowings under this credit facility by the Funds.

Note 9—indemnification

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Approval 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 rate, total expense ratio, short-term and long-term investment performance, portfolio turnover rate and brokerage commission costs (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commissions) 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 Advisors, and, in the case of the investment performance data, against one or more appropriate broad-based 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 Advisors or the Board).

58	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

continued

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 provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. The Trustees were given the opportunity to ask questions and request additional information, and they reviewed responses from Advisors to follow up questions presented by the Board after its initial review of the information described above.

In reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described above and other information provided to the Board in connection with this process. Additionally, the Board took into account relevant information, including performance data, provided to the Board and its Committees throughout the year as part of the Board’s ongoing duties to oversee and evaluate Advisors’ services to the Fund. In addition to general session meetings that included Advisors personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates 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 23, 2017, 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 Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds (the “Life Funds”) and TIAA Separate Account VA-1, as well as sub-advise other investment companies and vehicles. Under the Agreement, Advisors 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 overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

Investment performance

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Approval of investment management agreement (unaudited)

peer group or peer universe of mutual funds for a specified period or had deviated from its benchmark by a specified amount, the Board had a dialogue with investment personnel of Advisors, including the pertinent chief investment officer, to consider the factors that contributed to 2016 and longer-term performance. Management also considered whether a closer examination of performance or remedial measures was warranted. 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.

Cost and profitability

Fees charged by other advisers

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position 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’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee comparison with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies that may have similar investment strategies as certain of the Funds. The Board considered the management fee rates actually charged to these other investment companies that are managed using similar investment strategies. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ 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 Advisors; (4) may have different regulatory burdens; (5) may target different 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 Advisors and its affiliates arising from the Agreement. For example, Advisors 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 Advisors 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 Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Fund-by-fund factors

60	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

continued

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, 2016. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2016. “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 equals 0.01%. Statements below regarding “net profit” or “net loss” refer to whether Advisors earned a profit or incurred a loss for the services that it rendered to a Fund during 2016 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 expense ratio, actual management fee rate and contractual management fee rate 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 does not have a group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”). The Fund was in the 2nd, 1st, 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. The Fund’s Performance Universe includes actively-managed funds, while the Fund utilizes a passive investment strategy.
•	For the three-year period, the Fund’s gross performance as compared to its benchmark, the Russell 3000^® Index, differed by +1 basis point.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors earned a net profit 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 expense ratio, actual management fee rate and contractual management fee rate 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 1st, 1st, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. The Fund’s Performance Universe includes

	actively-managed funds, while the Fund utilizes a passive investment strategy.
•	For the three-year period, the Fund’s gross performance was equal to the performance of its benchmark, the Russell 1000^® Growth Index.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors earned a net profit 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 expense ratio, actual management fee rate and contractual management fee rate 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 2nd, 1st, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. The Fund’s Performance Universe includes actively-managed funds, while the Fund utilizes a passive investment strategy.
•	For the three-year period, the Fund’s gross performance as compared to its benchmark, the Russell 1000^® Value Index, differed by -2 basis points.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors earned a net profit 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 expense ratio, actual management fee rate and contractual management fee rate 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 -1 basis points.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors earned a net profit 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 expense ratio, actual management fee rate and contractual management fee rate 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, while the Fund ranked 2 out of 5 funds in its Performance Group for the ten-year period. The Fund was in the 3rd, 3rd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. The Fund’s Performance Universe includes actively-managed funds, while the Fund utilizes a passive investment strategy.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

Approval of investment management agreement (unaudited)

concluded

•	For the three-year period, the Fund’s gross performance as compared to its benchmark, the Russell 2000^® Index, differed by +3 basis points.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors 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 expense ratio, actual management fee rate and contractual management fee rate were each in the 2nd quintile of its Expense Group. The Fund’s total expense ratio was in the 2nd quintile of its Expense Universe, while the Fund’s contractual management fee rate and actual management fee rate were each in the 3rd quintile of its Expense Universe.
•	The Fund did not have a Performance Group. The Fund was in the 2nd, 3rd, and 3rd quintiles of its Performance Universe for the one-, three- and five-year periods. The Fund’s Performance Universe includes actively-managed funds, while the Fund utilizes a passive investment strategy.
•	For the three-year period, the Fund’s gross performance as compared to its benchmark, the MSCI Emerging Markets Index, differed by -10 basis points.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

International Equity Index Fund

•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of its Expense Group, while the Fund’s actual management fee rate was in the 2nd quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Universe
•	The Fund was in the 3rd, 1st and 1st quintiles of its Performance Group for the one-, three- and five-year periods, respectively, while it ranked 1 out of 4 funds within its Performance Group for the ten-year period. The Fund was in the 3rd, 3rd, 2nd and 2nd quintiles of its Performance Universe for the one, three-, five- and ten-year periods, respectively. The Fund’s Performance Universe includes actively-managed funds, while the Fund utilizes a passive investment strategy.
•	For the three-year period, the Fund’s gross performance as compared to its benchmark, the MSCI EAFE Index, differed by -6 basis points.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors 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.

62	2017 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Additional information about index providers (unaudited)

Russell Indexes

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

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, LLC. 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.

TIAA-CREF Funds: Equity Index Funds ■ 2017 Semiannual Report

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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

Nuveen provides investment advice and portfolio management services through TIAA and over a dozen affili-

ated 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.

TIAA
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Semiannual Report

April 30, 2017

TIAA-CREF Funds

International Fixed-Income Funds

The semiannual report contains the financial statements (unaudited).

Emerging Markets Debt Fund

International Bond Fund

BUILT TO PERFORM.

CREATED TO SERVE.

Contents


Understanding your report from the TIAA-CREF Funds	3
Letter to investors	4
Information for investors	6
About the funds’ benchmarks	7
Important information about expenses	8
Fund performance
Emerging Markets Debt Fund	9
International Bond Fund	13
Summary portfolios of investments	17
Financial statements (unaudited)
Statement of assets and liabilities	31
Statement of operations	33
Statements of changes in net assets	34
Financial highlights	38
Notes to financial statements	40
Approval of investment management agreement	53
How to reach us	Inside back cover

Understanding your report from the TIAA-CREF Funds

For the purposes of this report, “TIAA-CREF Funds” refers only to the TIAA-CREF International Fixed-Income 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, 2017. The report contains four main sections:

•	A letter from Brad Finkle, President of TIAA-CREF Funds and TIAA Investments.
•	The fund performance section compares each fund’s investment returns with those of its benchmark index.
•	The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of April 30, 2017.
•	The financial statements provide detailed information about the operations and financial condition of each fund.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Letter to investors

International fixed-income securities posted mixed results for the six months ended April 30, 2017. Emerging-markets debt advanced, aided by mostly stable economies and relatively attractive yields. International investment-grade fixed-rate bonds suffered a small loss, despite gains toward the end of the period. For the six months:

•	Emerging-markets debt, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, advanced 2.5% for the period. (Please see page 7 for benchmark definitions.)
•	International investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged), declined 0.1%.
•	The TIAA-CREF Emerging Markets Debt Fund (Institutional Class) rose 4.1% over the period. The TIAA-CREF International Bond Fund (Institutional Class) gained 0.5%. Both funds surpassed their respective benchmarks.

Emerging-markets debt rose 3.9% in the final three months of the period, after falling 1.4% in the first three months. Relatively low commodity prices weighed on many emerging-markets economies, though some improved later in the period thanks to rising metals prices. However, demand for emerging-markets bonds remained strong as investors sought alternatives to very low interest rates in Europe and the United States.

International investment-grade bonds posted a gain of 1.5% in the last three months of the period, despite suffering a small loss for the full six months. In an effort to stimulate the eurozone economy, the European Central Bank kept its benchmark interest rate unchanged in March and remained committed to plans to purchase assets through the end of 2017—boosting the asset class at period-end.

Foreign bonds post mixed results versus U.S. debt

International investment-grade bonds outperformed U.S. investment-grade debt as the Federal Reserve twice raised its federal funds target rate, increasing this key short-term rate to 0.75%–1.00% by the end of the period. U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, declined 0.7% over the six-month period.

The performance of emerging-markets debt trailed gains posted by U.S. high-yield bonds for the period. The domestic high-yield market, as measured by the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index, gained 4.7% over the same six months.

4	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

Brad Finkle

Fixed-income diversification for a changing world

After nearly a decade of ultra-low interest rates in many areas around the world, the economies of the United States and other countries appear to be improving, and this may have varied effects on rates and bond prices in the future. Geographic and asset quality diversification may potentially help fixed-income investors manage uneven economic change and monetary policy shifts that could affect bond markets globally. (Of course, diversification does not guarantee against market loss.)

For instance, fixed-income returns in emerging markets have had historically low correlations to the performance of other types of bonds as well as stocks. In addition, emerging-markets debt has produced solid longer-term returns while generating an attractive income stream. (Past performance is no guarantee of future results.)

If you have questions about your investment in the TIAA-CREF International Fixed-Income Funds, or any other questions about your portfolio, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We welcome the opportunity to speak with you.

/s/ Brad Finkle

Brad Finkle

President

TIAA-CREF Funds and TIAA Investments

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Information for investors

Portfolio holdings

You can obtain a complete list of the TIAA-CREF Funds’ portfolio holdings (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.

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

6	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

About the funds’ benchmarks

Emerging Markets Debt Fund

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 and other 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.

International Bond Fund

The Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) is an unmanaged, global, investment-grade fixed-rate bond market index, including treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers, in twenty-four local currencies. Securities are SEC-registered, taxable, non-dollar denominated and must have a minimum maturity of one year. Securities must be rated investment-grade or higher using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings.

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 2017, J.P. Morgan Chase & Co. All rights reserved.

TIAA-CREF International Fixed-Income Funds ■ 2017 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 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 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, 2016–April 30, 2017).

Actual expenses

Hypothetical example for comparison purposes

8	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Performance for the six months ended April 30, 2017

The Emerging Markets Debt Fund returned 4.11% for the Institutional Class, compared with the 2.45% 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, 2017, the fund returned 12.74% versus 8.62% for the index. The table on the following page shows returns for all share classes of the fund.

Emerging-markets debt advances after late 2016 sell-off

Emerging-markets debt, as measured by the JP Morgan index, rose 3.91% in the final three months of the period, after falling 1.41% in the first three months. Early in the period, negative returns were driven by concerns over the incoming U.S. administration’s agenda, which included stimulative fiscal and tax policies with the potential to drive U.S. interest rates higher, as well as more protectionist trade policies with potentially negative impacts for emerging-markets exporters.

Later in the period, emerging-markets debt recovered amid a growing view that the U.S. president could face significant hurdles in implementing some of his agenda, and as the administration tempered its stance on border- and trade-related policies aimed toward Mexico. Moreover, continued stabilization of oil and commodity prices and a favorable technical backdrop further supported positive emerging-markets returns for the period.

Fund climbs higher, outpaces its benchmark

During the period, the fund outperformed its benchmark, largely due to specific corporate selections in Brazil (both performing and distressed credits), Argentina, Colombia and Indonesia.

Within hard currency sovereigns, allocation and security selection both were positive contributors (notably Argentinean Province selections, underweights to the Philippines and Poland, an overweight to Morocco, and tactical positioning within Venezuela). Allocations within the hard currency corporate sector also provided a nice boost (underweights to China and Malaysia and an overweight to the Ukraine). The allocation to local currency sovereign bonds was positive, where the fund benefited nicely from exposure to Russian, Brazilian and Peruvian local markets.

By contrast, the fund’s performance was negatively impacted by the underweight to Venezuela quasi-sovereigns, Turkish local currency sovereign exposure and a Mexican local currency corporate position.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Emerging Markets Debt Fund

Performance as of April 30, 2017

Emerging Markets Debt Fund			Total return				Average annual total return		Annual operating expenses*
	Ticker	Inception date	6 months		1 year		since inception		gross		net
Institutional Class	TEDNX	9/26/14	4.11	%	12.74	%	5.66	%	0.68	%	0.65	%
Advisor Class	TEDHX	12/4/15	4.10		12.80		5.66	^†	0.78		0.75
Premier Class	TEDPX	9/26/14	4.04		12.48		5.46		0.84		0.80
Retirement Class	TEDTX	9/26/14	3.98		12.49		5.37		0.93		0.90
Retail Class	TEDLX	9/26/14	4.00		12.48		5.31		1.01		0.99
JP Morgan Emerging Markets Bond Index Global Diversified		—	2.45		8.62		5.93	^‡	—		—

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

*	The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
^†	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.

10	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Expense example

Six months ended April 30, 2017

Emerging Markets Debt Fund	Beginning account value (11/1/16		)	Ending account value (4/30/17		)	Expenses paid during period (11/1/16–4/30/17		* )
Actual return
Institutional Class	$	1,000.00		$	1,041.12		$	3.29
Advisor Class		1,000.00			1,040.98			3.39
Premier Class		1,000.00			1,040.45			4.05
Retirement Class		1,000.00			1,039.83			4.55
Retail Class		1,000.00			1,040.01			5.06
5% annual hypothetical return
Institutional Class		1,000.00			1,021.57			3.26
Advisor Class		1,000.00			1,021.47			3.36
Premier Class		1,000.00			1,020.83			4.01
Retirement Class		1,000.00			1,020.33			4.51
Retail Class		1,000.00			1,019.84			5.01

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.65% for the Institutional Class, 0.67% for the Advisor 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. For more information about this expense example, please see page 8.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Emerging Markets Debt Fund

Fund profile

		as of 4/30/2017
Net assets		$318.46 million
Number of issues		186
Portfolio turnover rate		69%
Option-adjusted duration*		6.28 years
Average maturity†		10.32 years

*	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
^†	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

Portfolio composition

		% of net assets as of 4/30/2017
Foreign government securities		50.0
Corporate bonds		46.5
Short-term investments, other assets & liabilities, net		3.5
Total		100.0

Holdings by country

		% of portfolio investments as of 4/30/2017
Brazil		9.4
Turkey		7.8
Mexico		6.7
Indonesia		6.0
South Africa		5.8
Argentina		5.3
Colombia		4.4
Russia		4.2
45 other nations		48.9
Short-term investments		1.5
Total		100.0

Holdings by maturity

		% of fixed-income investments (excluding short-term investments) as of 4/30/2017
Less than 1 year		0.9
1–3 years		4.1
3–5 years		18.8
5–10 years		51.9
Over 10 years		24.3
Total		100.0

Holdings by credit quality^‡

		% of fixed-income investments (excluding short-term investments) as of 4/30/2017
Aaa/AAA		0.6
Aa/AA		0.4
A/A		4.8
Baa/BBB		31.7
Ba/BB		32.6
B/B		24.8
Below B/B		3.3
Non-rated		1.8
Total		100.0

^‡

Credit quality ratings are based on the J.P. Morgan methodology, which uses the middle rating of the S&P, Moody’s and Fitch ratings to determine an instrument’s rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used.

12	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

International Bond Fund

Performance for the six months ended April 30, 2017

The International Bond Fund returned 0.52% for the Institutional Class, compared with the –0.06% return of its benchmark, the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). The table on the following page shows returns for all share classes of the fund.

High yield and emerging markets top other bonds

During the six-month period, global economic growth was synchronized for the first time since the financial crisis. In the U.S., after initial expectations of large pro-growth fiscal stimulus and infrastructure spending that led to a significant upward shift in yields, expectations were tempered in the first quarter of 2017 and U.S. Treasury yields dropped and the U.S. dollar weakened. In March 2017, the Federal Reserve increased rates again and the rate hike was easily absorbed and U.S. Treasuries continued to rally. European government bonds underperformed as the cyclical recovery in the region gained momentum.

In March, the ECB announced no policy change; however, the markets viewed comments from the President of the ECB as disruptive and started to price in a potential change. In Asia, the “yield curve control” policy initiated by the Bank of Japan (BOJ) allowed Japanese government bonds to outperform rates in the United States and Europe. This policy allows the Japanese government bond market to outperform when global yields are rising as the BOJ anchor is not only on the short end but also on the 10-year part of the yield curve. Finally, emerging-markets credit and local markets reversed the U.S. post-election sell-off on the back of improved market sentiment, more stable U.S. rates and strong emerging-markets fund inflows.

Fund advances, outperforms its benchmark

During its first full reporting period—the six months ended April 30, 2017—the fund outperformed its benchmark. Astute asset allocation, security selection and currency exposure all contributed to the strong performance versus the benchmark. Higher allocations to emerging-markets sovereigns and agencies, as well as security selection within the space, were large positive contributors. Within corporates, an allocation to high-yield credit was very accretive to performance while security selection in emerging markets and investment-grade credits had a small positive contribution to performance. The fund’s allocation to unhedged currency (9.0%), in both emerging- and developed-markets currencies, contributed to the outperformance; however, costs associated with hedging some of the currency exposures proved to be a drag on performance. The fund’s yield curve positioning underperformed the benchmark driven by the longer-duration exposure to certain European government bonds and shorter-duration bias in United Kingdom gilts.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

International Bond Fund

Performance as of April 30, 2017

International Bond Fund			Total return				Annual operating expenses*
	Ticker	Inception date	6 months		since inception		gross		net
Institutional Class	TIBWX	8/5/16	0.52	%	–0.78	%	0.69	%	0.65	%
Advisor Class	TIBNX	8/5/16	0.59		–0.72		0.79		0.75
Premier Class	TIBLX	8/5/16	0.53		–0.78		0.84		0.80
Retirement Class	TIBVX	8/5/16	0.50		–0.91		0.94		0.90
Retail Class	TIBEX	8/5/16	0.44		–0.97		1.04		1.00
Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged)		—	–0.06		–1.01	^†	—		—

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

^†

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

14	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

International Bond Fund

Expense example

Six months ended April 30, 2017

International Bond Fund	Beginning account value (11/1/16		)	Ending account value (4/30/17		)	Expenses paid during period (11/1/16–4/30/17		* )
Actual return
Institutional Class	$	1,000.00		$	1,005.25		$	3.23
Advisor Class		1,000.00			1,005.91			3.23
Premier Class		1,000.00			1,005.29			3.98
Retirement Class		1,000.00			1,005.00			4.47
Retail Class		1,000.00			1,004.41			4.57
5% annual hypothetical return
Institutional Class		1,000.00			1,021.57			3.26
Advisor Class		1,000.00			1,021.57			3.26
Premier Class		1,000.00			1,020.83			4.01
Retirement Class		1,000.00			1,020.33			4.51
Retail Class		1,000.00			1,020.23			4.61

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.65% for the Institutional Class, 0.65% for the Advisor Class, 0.80% for the Premier Class, 0.90% for the Retirement Class and 0.92% 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 8.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

International Bond Fund

Fund profile

		as of 4/30/2017
Net assets		$294.26 million
Number of issues		225
Portfolio turnover rate		64%
Option-adjusted duration*		7.32 years
Average maturity^†		8.72 years

	*	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
	^†	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

Portfolio composition

		% of net assets as of 4/30/2017
Foreign government securities		67.3
Corporate bonds		27.8
Bank loan obligations		2.0
Short-term investments, other assets & liabilities, net		2.9
Total		100.0

Holdings by country

		% of portfolio investments as of 4/30/2017
Japan		14.5
United States		11.0
United Kingdom		9.4
Italy		4.9
France		4.7
Spain		4.1
Korea		3.7
Canada		3.5
36 other nations		37.0
Short-term investments		7.2
Total		100.0

Holdings by maturity

		% of fixed-income investments (excluding short-term investments) as of 4/30/2017
Less than 1 year		0.5
1–3 years		10.2
3–5 years		23.1
5–10 years		44.2
Over 10 years		22.0
Total		100.0

Holdings by credit quality^‡

		% of fixed-income investments (excluding short-term investments) as of 4/30/2017
Aaa/AAA		12.5
Aa/AA		18.5
A/A		25.7
Baa/BBB		25.8
Ba/BB		8.4
B/B		8.0
Below B/B		0.6
Non-rated		0.5
Total		100.0

^‡

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

16	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

Summary portfolio of investments (unaudited)

Emerging Markets Debt Fund ■ April 30, 2017

Principal			Issuer		Value		% of net assets
BONDS

CORPORATE BONDS

ARGENTINA
$	2,020,000	g	AES Argentina Generacion S.A.	7.750%, 02/02/24	$	2,110,072		0.7	%
	2,000,000	g	Genneia S.A.	8.750%, 01/20/22		2,145,000		0.7
	2,000,000	g	Pampa Energia S.A.	7.500%, 01/24/27		2,130,000		0.7
			Other			3,006,375		0.9
						9,391,447		3.0
AZERBAIJAN						1,387,617		0.4
BRAZIL
	2,050,000	g	GTL Trade Finance, Inc	5.893%, 04/29/24		2,088,950		0.7
	2,000,000	g	MARB BondCo plc	7.000%, 03/15/24		2,022,400		0.6
	4,850,000		Petrobras Global Finance BV	5.625%–7.375%, 01/17/22–05/20/43		4,760,078		1.5
			Other			9,596,939		3.0
						18,468,367		5.8
CHILE
	2,550,000	g	Corp Nacional del Cobre de Chile-CODELCO	4.875%, 11/04/44		2,597,645		0.8
	2,000,000	g	Latam Finance Ltd	6.875%, 04/11/24		2,031,000		0.6
			Other			1,703,290		0.5
						6,331,935		1.9
CHINA						1,921,875		0.6
COLOMBIA
	2,000,000	g	Colombia Telecomunicaciones S.A. ESP	5.375%, 09/27/22		2,030,000		0.6
			Other			5,071,560		1.6
						7,101,560		2.2
COSTA RICA						1,855,296		0.6
CROATIA						1,073,983		0.3
DOMINICAN REPUBLIC						1,606,320		0.5
INDIA						3,101,473		1.0
INDONESIA
	2,100,000	g	Indo Energy Finance II BV	6.375%, 01/24/23		2,005,319		0.6
	1,930,000	g	Pertamina Persero PT	4.300%, 05/20/23		1,985,765		0.6
			Other			7,469,409		2.4
						11,460,493		3.6
JAMAICA						1,169,126		0.3
KAZAKHSTAN
	2,000,000	g	KazMunayGas National Co JSC	4.750%, 04/19/27		1,987,500		0.6
			Other			6,520,991		1.9
						8,508,491		2.5
LUXEMBOURG						3,272,001		1.1
MALAYSIA						1,523,979		0.5

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

continued

Emerging Markets Debt Fund ■ April 30, 2017

Principal			Issuer		Value		% of net assets
MEXICO
$	1,800,000	g	Cemex SAB de C.V.	7.750%, 04/16/26	$	2,052,000		0.6	%
	2,000,000	i	Grupo Financiero Santander Mexico SAB de C.V.	8.500%, 12/30/49		2,135,052		0.7
	3,075,000	g	Petroleos Mexicanos	6.500%, 03/13/27		3,328,688		1.1
			Other			11,575,330		3.7
						19,091,070		6.1
NETHERLANDS
	1,800,000	g	GTH Finance BV	7.250%, 04/26/23		1,971,000		0.6
						1,971,000		0.6
NIGERIA
	2,000,000	g	IHS Netherlands Holdco BV	9.500%, 10/27/21		2,085,740		0.6
			Other			1,592,336		0.5
						3,678,076		1.1
PANAMA						1,355,250		0.4
PERU						2,856,875		0.9
RUSSIA						8,064,639		2.6
SOUTH AFRICA
	4,000,000	g	Eskom Holdings SOC Ltd	5.750%, 01/26/21		4,024,332		1.3
	2,775,000	g	Gold Fields Orogen Holding BVI Ltd	4.875%, 10/07/20		2,824,950		0.9
	3,200,000	g	Transnet SOC Ltd	4.000%, 07/26/22		3,117,043		1.0
			Other			1,542,975		0.5
						11,509,300		3.7
TRINIDAD AND TOBAGO						543,384		0.2
TURKEY
	1,900,000	g,i	Akbank TAS	7.200%, 03/16/27		2,022,920		0.6
			Other			5,758,426		1.8
						7,781,346		2.4
UKRAINE
	3,300,000	g	MHP S.A.	7.750%–8.250%, 04/02/20–05/10/24		3,382,452		1.1
	2,000,000	g	Ukreximbank Via Biz Finance plc	9.625%, 04/27/22		2,033,000		0.7
	2,000,000	g	Ukreximbank Via Biz Finance plc	9.750%, 01/22/25		1,998,000		0.6
						7,413,452		2.4
UNITED KINGDOM
	2,050,000	g	Tullow Oil plc	6.000%, 11/01/20		1,993,625		0.6
						1,993,625		0.6
UNITED STATES						796,552		0.3
URUGUAY						1,650,677		0.5
VENEZUELA						1,211,262		0.4
				TOTAL CORPORATE BONDS (Cost $144,991,579)		148,090,471		46.5

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

Emerging Markets Debt Fund ■ April 30, 2017

Principal			Issuer		Value		% of net assets
GOVERNMENT BONDS
ANGOLA					$	1,546,293		0.5	%
ARGENTINA
$	3,450,000		Argentine Republic Government
			International Bond	5.625%–6.875%, 01/26/22–01/26/27		3,618,675		1.1
	3,350,000	g	Provincia de Buenos Aires	7.875%, 06/15/27		3,497,165		1.1
						7,115,840		2.2
AZERBAIJAN
	3,000,000	g	Southern Gas Corridor CJSC	6.875%, 03/24/26		3,313,632		1.0
						3,313,632		1.0
BAHRAIN						884,377		0.3
BARBADOS						1,230,000		0.4
BRAZIL
BRL	13,150,000		Brazil Notas do Tesouro Nacional Serie F	10.000%, 01/01/21		4,159,604		1.3
$	2,910,000		Brazilian Government
			International Bond	4.250%–7.125%, 01/07/25–01/20/37		3,065,225		1.0
			Other			2,469,816		0.8
						9,694,645		3.1
COLOMBIA
	4,900,000		Colombia Government International Bond	5.000%, 06/15/45		4,949,000		1.6
			Other			1,781,074		0.6
						6,730,074		2.2
COSTA RICA
	2,500,000	g	Costa Rica Government International Bond	7.158%, 03/12/45		2,600,000		0.8
						2,600,000		0.8
COTE D’IVOIRE						893,163		0.3
CROATIA						1,960,583		0.6
DOMINICAN REPUBLIC
	83,760,000	g	Dominican Republic International Bond	5.875%–11.250%, 04/18/24–04/30/44		6,954,200		2.2
						6,954,200		2.2
ECUADOR
	2,350,000	g	Ecuador Government International Bond	9.650%, 12/13/26		2,391,125		0.7
	2,000,000		Ecuador Government International Bond	9.650%, 12/13/26		2,035,000		0.6
			Other			1,356,250		0.4
						5,782,375		1.7
EGYPT						3,222,179		1.1
EL SALVADOR
	2,750,000	g	El Salvador Government International Bond	5.875%, 01/30/25		2,461,250		0.8
	1,950,000	g	El Salvador Government International Bond	8.625%, 02/28/29		1,969,500		0.6
			Other			394,013		0.1
						4,824,763		1.5

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

continued

Emerging Markets Debt Fund ■ April 30, 2017

Principal			Issuer		Value		% of net assets
GHANA					$	1,633,785		0.5	%
GUATEMALA						1,376,026		0.4
HONDURAS						621,768		0.2
INDONESIA
$	2,355,000	g	Indonesia Government International Bond	4.125%, 01/15/25		2,425,747		0.8
	2,000,000	g	Perusahaan Penerbit SBSN Indonesia III	3.400%, 03/29/22		2,015,000		0.6
			Other			2,782,685		0.8
						7,223,432		2.2
JAMAICA						1,930,862		0.6
JORDAN
	2,000,000	g	Jordan Government International Bond	5.750%, 01/31/27		1,979,008		0.6
						1,979,008		0.6
KOREA, REPUBLIC OF						1,284,122		0.4
LEBANON
	2,000,000		Lebanon Government International Bond	6.650%, 02/26/30		1,996,560		0.6
			Other			2,989,831		0.9
						4,986,391		1.5
MALAYSIA						1,859,518		0.6
MEXICO						1,685,264		0.5
MONGOLIA
	3,700,000	g	Mongolia Government International Bond	5.125%–10.875%, 04/06/21–03/09/24		3,929,976		1.2
						3,929,976		1.2
MOROCCO
	2,800,000	g	Morocco Government International Bond	5.500%, 12/11/42		3,037,194		1.0
						3,037,194		1.0
NAMIBIA						1,241,239		0.4
OMAN
	1,850,000	g	Oman Government International Bond	6.500%, 03/08/47		1,991,906		0.6
			Other			1,226,476		0.4
						3,218,382		1.0
PANAMA						1,809,500		0.6
PARAGUAY
	2,750,000	g	Republic of Paraguay	6.100%, 08/11/44		2,963,125		0.9
			Other			550,260		0.2
						3,513,385		1.1
PERU						4,518,573		1.5

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

Emerging Markets Debt Fund ■ April 30, 2017

Principal			Issuer		Value		% of net assets
REPUBLIC OF SERBIA
$	3,100,000	g,p	Republic of Serbia	4.875%, 02/25/20	$	3,231,927		1.0	%
			Other			1,496,871		0.5
						4,728,798		1.5
RUSSIA
RUB	162,500,000		Russian Federal Bond - OFZ	7.000%, 08/16/23		2,764,533		0.9
			Other			2,265,633		0.7
						5,030,166		1.6
SOUTH AFRICA
$	2,350,000	p	South Africa Government International Bond	5.875%, 09/16/25		2,539,387		0.8
ZAR	39,100,000		South Africa Government International Bond	7.000%, 02/28/31		2,432,484		0.8
			Other			1,524,803		0.5
						6,496,674		2.1
SRI LANKA
$	3,100,000	g	Sri Lanka Government International Bond	5.750%–6.850%, 01/18/22–11/03/25		3,238,977		1.0
						3,238,977		1.0
SUPRANATIONAL						1,857,500		0.6
TRINIDAD AND TOBAGO						1,304,276		0.4
TUNISIA						1,694,833		0.5
TURKEY
	2,300,000		Turkey Government International Bond	3.250%, 03/23/23		2,157,579		0.7
	4,675,000		Turkey Government International Bond	6.000%, 03/25/27		5,009,164		1.6
	1,975,000		Turkey Government International Bond	6.625%, 02/17/45		2,213,497		0.7
	8,935,000		Turkey Government International Bond	6.875%–10.500%, 11/07/19–03/17/36		4,225,261		1.3
			Other			2,876,486		0.9
						16,481,987		5.2
UKRAINE
	2,950,000	g	Ukraine Government International Bond	7.750%, 09/01/27		2,750,226		0.9
			Other			3,012,856		0.9
						5,763,082		1.8
URUGUAY
	3,450,000		Uruguay Government International Bond	5.100%, 06/18/50		3,432,750		1.1
			Other			647,515		0.2
						4,080,265		1.3
VENEZUELA						1,606,731		0.5
VIETNAM						1,359,934		0.4

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

Emerging Markets Debt Fund ■ April 30, 2017

Principal			Issuer		Value		% of net assets
ZAMBIA
$	2,000,000	g	Zambia Government International Bond	8.500%, 04/14/24	$	2,099,302		0.7	%
			Other			800,775		0.2
						2,900,077		0.9
				TOTAL GOVERNMENT BONDS (Cost $155,243,700)		159,143,849		50.0
				TOTAL BONDS (Cost $300,235,279)		307,234,320		96.5

SHORT-TERM INVESTMENTS
EGYPT						1,560,462		0.5
UNITED STATES
	2,250,000		Federal Home Loan Bank (FHLB)	0.680%, 05/01/17		2,250,000		0.7
						2,250,000		0.7
URUGUAY						962,746		0.3
				TOTAL SHORT-TERM INVESTMENTS (Cost $4,741,743)		4,773,208		1.5
				TOTAL PORTFOLIO (Cost $304,977,022)		312,007,528		98.0
				OTHER ASSETS & LIABILITIES, NET		6,450,982		2.0
				NET ASSETS	$	318,458,510		100.0	%

Abbreviation(s):

BRL	Brazilian Real
RUB	Russian Ruble
ZAR	South African Rand

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/17, the aggregate value of these securities, including those in “Other,” was $227,210,632 or 71.3% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
p	All or a portion of these securities have been segregated to cover requirements on open forward foreign currency 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 less than 1% or less of net assets.

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

Summary of market values by sector (unaudited)

Emerging Markets Debt Fund ■ April 30, 2017

Sector	Value		% of net assets
GOVERNMENT	$	159,143,849		50.0	%
UTILITIES		38,384,051		12.1
FINANCIALS		32,083,981		10.1
ENERGY		23,315,715		7.3
INDUSTRIALS		16,627,042		5.2
MATERIALS		13,579,547		4.3
TELECOMMUNICATION SERVICES		9,367,837		2.9
CONSUMER STAPLES		6,437,352		2.0
CONSUMER DISCRETIONARY		5,358,189		1.7
INFORMATION TECHNOLOGY		2,936,757		0.9
SHORT-TERM INVESTMENTS		4,773,208		1.5
OTHER ASSETS & LIABILITIES, NET		6,450,982		2.0
NET ASSETS	$	318,458,510		100.0	%

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Consolidated summary portfolio of investments (unaudited)

International Bond Fund ■ April 30, 2017

Principal	Issuer		Value		% of net assets
BANK LOAN OBLIGATIONS
CANADA				$748,626		0.3	%
IRELAND				760,920		0.3
LUXEMBOURG				874,896		0.3
UNITED STATES				3,404,892		1.1
	TOTAL BANK LOAN OBLIGATIONS (Cost $5,795,437)			5,789,334		2.0
BONDS
CORPORATE BONDS
ARGENTINA				1,018,125		0.3
AUSTRALIA				440,444		0.1
BRAZIL				2,589,925		0.9
CANADA				1,633,829		0.6
CHILE				1,052,032		0.3
CHINA				995,433		0.3
COLOMBIA				1,025,000		0.3
CROATIA				322,195		0.1
FRANCE				2,477,771		0.8
GERMANY				4,509,542		1.5
INDIA				1,014,363		0.3
IRELAND				317,062		0.1
ISRAEL				837,959		0.3
ITALY				1,063,712		0.3
KAZAKHSTAN				1,484,698		0.6
LUXEMBOURG
EUR 1,600,000	Altice Luxembourg S.A.	7.250%, 5/15/22		1,841,090		0.6
				1,841,090		0.6
MEXICO				2,660,338		0.9
NETHERLANDS				3,202,744		1.1
RUSSIA				3,076,450		1.0
SAUDI ARABIA				1,255,675		0.4
SOUTH AFRICA				292,223		0.1
SPAIN				1,472,311		0.5

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

Consolidated summary portfolio of investments (unaudited)

continued

International Bond Fund ■ April 30, 2017

Principal			Issuer		Value		% of net assets
SWEDEN
$	23,500,000		Skandinaviska Enskilda Banken AB	1.500%, 12/15/21	$	2,763,840		1.0	%
			Other			332,500		0.1
						3,096,340		1.1
SWITZERLAND						4,308,223		1.6
TURKEY						2,196,571		0.8
UNITED KINGDOM
EUR 1,950,000		g	Virgin Media Finance plc	4.500%, 01/15/25		2,216,509		0.8
			Other			4,791,323		1.7
						7,007,832		2.5
UNITED STATES
	2,150,000	g	Adient Global Holdings Ltd	3.500%, 08/15/24		2,396,947		0.8
			Thermo Fisher Scientific, Inc	1.375%, 9/12/18		1,789,565		0.6
			Other			26,391,322		9.0
						30,577,834		10.4

			TOTAL CORPORATE BONDS (Cost $81,428,137)			81,769,721		27.8
GOVERNMENT BONDS
ARGENTINA						1,043,931		0.4
CHF 2,000,000		z	Argentine Government International Bond	3.375%, 10/20/20		2,050,250		0.7
						3,094,181		1.1
AUSTRALIA
AUD 4,325,000			Australia Government International Bond	3.250%, 10/21/18		3,315,755		1.1
	2,250,000		Australia Government International Bond	5.750%, 05/15/21		1,932,506		0.7
			Other			2,808,932		1.0
						8,057,193		2.8
BELGIUM
EUR 2,050,000		g	Belgium Government International Bond	1.000%, 06/22/31		2,196,523		0.7
			Other			1,529,412		0.5
						3,725,935		1.2
BERMUDA
$	2,700,000	g	Bermuda Government International Bond	4.854%, 02/06/24		2,864,241		1.0
						2,864,241		1.0
BRAZIL
BRL 5,650,000			Brazil Notas do Tesouro Nacional Serie F	1.000%, 1/1/19		1,799,468		0.6
						1,799,468		0.6
CANADA
CAD 2,315,000			Canadian Government International Bond	5.000%, 06/01/37		2,523,308		0.9
	2,450,000		Canadian Government International Bond	0.500%, 02/01/19		1,788,488		0.6
	2,450,000		Province of British Columbia Canada	2.550% 06/18/27		1,853,317		0.6
			Other			2,315,808		0.8
						8,480,921		2.9
COLOMBIA						1,042,232		0.4

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Consolidated summary portfolio of investments (unaudited)

continued

International Bond Fund ■ April 30, 2017

Principal			Issuer		Value		% of net assets
DENMARK					$	750,955		0.3	%
EGYPT						1,618,935		0.5
FRANCE
EUR 3,650,000			France Government Bond OAT	1.500%, 05/25/31		4,131,869		1.4
	2,340,000		French Republic Government Bond OAT	1.000%, 05/25/21		2,578,797		0.9
			Other			5,292,067		1.9
						12,002,733		4.2
GERMANY						2,338,838		0.8
HONDURAS						1,501,087		0.5
INDIA						1,475,338		0.5
INDONESIA						3,689,330		1.3
IRELAND
EUR 1,840,000			Ireland Government International Bond	1.000%, 05/15/26		2,029,606		0.7
			Other			1,426,848		0.5
						3,456,454		1.2
ISRAEL
ILS 5,250,000			Israel Government Bond-Fixed	5.500%, 01/31/42		1,981,052		0.7
						1,981,052		0.7
ITALY
EUR 6,380,000			Italy Buoni Poliennali Del Tesoro	0.450%, 06/01/21		6,901,098		2.3
	2,560,000	g	Italy Buoni Poliennali Del Tesoro	4.750%, 08/01/23		3,348,189		1.1
	1,865,000		Italy Buoni Poliennali Del Tesoro	2.200%, 06/01/27		2,038,029		0.7
			Other			1,696,020		0.6
						13,983,336		4.7
JAPAN
JPY 738,150,000			Japan Government Five Year Bond	0.200%, 06/20/19		6,676,710		2.3
	650,450,000		Japan Government Ten Year Bond	0.100%, 09/20/26		5,891,895		2.0
	374,950,000		Japan Government Thirty Year Bond	2.500%, 09/20/34		4,529,204		1.5
	457,700,000		Japan Government Thirty Year Bond	0.500%, 09/20/46		3,808,043		1.3
	404,600,000		Japan Government Twenty Year Bond	1.900%, 03/22/21		3,923,032		1.3
	490,000,000		Japan Government Twenty Year Bond	2.100%, 03/20/26		5,226,396		1.8
	229,000,000		Japan Government Twenty Year Bond	1.800%, 09/20/31		2,503,895		0.9
	470,000,000		Japan Government Twenty Year Bond	0.600%, 12/20/36		4,249,723		1.4
			Other			6,600,117		2.1
						43,409,015		14.6
KOREA, REPUBLIC OF KRW
	4,068,000,000		Korea Treasury Bond	1.750%, 12/10/18		3,585,342		1.2
	2,128,400,000		Korea Treasury Bond	2.00%, 10/11/21		1,884,553		0.6
	6,234,500,000		Korea Treasury Bond	1.375%, 09/10/21		5,372,047		1.8
			Other			484,575		0.2
						11,326,517		3.8

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

Consolidated summary portfolio of investments (unaudited)

continued

International Bond Fund ■ April 30, 2017

Principal			Issuer		Value		% of net assets
LEBANON
$	2,250,000		Lebanon Government International Bond	6.850%, 3/23/27	$	2,306,250		0.8	%
						2,306,250		0.8
MEXICO						2,468,603		0.9
MONGOLIA						1,494,000		0.5
NEW ZEALAND						404,546		0.1
NORWAY
NOK 14,700,000		g	Norway Government International Bond	3.750%, 05/25/21		1,900,796		0.6
			Other			1,006,465		0.4
						2,907,261		1.0
PERU						1,635,953		0.6
POLAND
PLN 8,165,000			Poland Government International Bond	4.000%, 10/25/23		2,219,317		0.8
			Other			1,056,610		0.4
						3,275,927		1.2
RUSSIA
RUB 150,500,000			Russian Federal Bond - OFZ	7.000%, 01/25/23		2,574,660		0.9
						2,574,660		0.9
SAUDI ARABIA
$	2,200,000	g	Saudi Government International Bond	2.375%, 10/26/21		2,162,446		0.7
						2,162,446		0.7
SOUTH AFRICA
ZAR 41,250,000			South Africa Government International Bond	7.000%–10.500%, 12/21/26–01/31/44		2,974,814		1.0
						2,974,814		1.0
SPAIN
EUR 2,210,000			Spain Government International Bond	0.400%, 04/30/22		2,403,652		0.8
	1,675,000	g	Spain Government International Bond	2.750%, 10/31/24		2,030,030		0.7
	1,500,000	g	Spain Government International Bond	4.200%, 01/31/37		2,046,793		0.7
	2,925,000	g	Spain Government International Bond	0.750%–4.400%, 07/30/21–10/31/46		3,438,148		1.2
			Other			1,308,760		0.4
						11,227,383		3.8
SUPRANATIONAL
INR 192,300,000			Asian Development Bank	6.200%, 10/06/26		2,959,665		1.0
			Other			4,127,037		1.4
						7,086,702		2.4
SWEDEN
SEK 15,450,000			Kommunivest I Sverige AB	0.100%, 9/15/21		1,800,046		0.6
			Other			1,651,934		0.5
						3,451,980		1.1

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Consolidated summary portfolio of investments (unaudited)

continued

International Bond Fund ■ April 30, 2017

Principal		Issuer		Value			% of net assets
THAILAND
THB 90,000,000		Thailand Government International Bond	1.875%, 06/17/22	$	2,562,250			0.9	%
					2,562,250			0.9
TRINIDAD AND TOBAGO					893,670			0.3
TURKEY					2,008,532			0.6
UNITED KINGDOM
GBP 2,075,000		United Kingdom Gilt	1.750%, 07/22/19		2,787,827			0.9
	3,860,000	United Kingdom Gilt	1.500%, 01/22/21		5,229,944			1.7
	1,600,000	United Kingdom Gilt	0.500%, 07/22/22		2,073,251			0.7
	1,580,000	United Kingdom Gilt	4.750%, 12/07/30		2,918,253			1.0
	2,025,000	United Kingdom Gilt	4.250%, 03/07/36		3,731,230			1.3
	4,275,000	United Kingdom Gilt	1.500%, 07/22/47		5,262,132			1.8
					22,002,637			7.4
			TOTAL GOVERNMENT BONDS (Cost $200,274,078)		198,035,375			67.3
			TOTAL BONDS (Cost $281,702,215)		279,805,096			95.1
SHORT-TERM INVESTMENTS
UNITED STATES
$	22,200,000	Federal Home Loan Bank (FHLB)	0.680%, 05/01/17		22,200,000			7.5
					22,200,000			7.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $22,200,000)		22,200,000			7.5
			TOTAL PORTFOLIO (Cost $309,697,652)		307,794,430			104.6
		OTHER ASSETS & LIABILITIES, NET			(13,531,208	)		(4.6	)
			NET ASSETS	$	294,263,222			100.0	%

Abbreviation(s):
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	Pound Sterling
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
THB	Thai Baht
ZAR	South African Rand

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

Consolidated summary portfolio of investments (unaudited)

concluded

International Bond Fund ■ April 30, 2017

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 4/30/17, the aggregate value of these securities, including those in “Other,” was $67,847,443 or 23.1% of net assets.
z	All or a portion of this security is owned by TIAA-CREF International Bond Fund Offshore Limited which is a 100% owned subsidiary of the Fund (see Note 1).

“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 Consolidated 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 International Fixed-Income Funds ■ 2017 Semiannual Report

Consolidated summary of market values by sector (unaudited)

International Bond Fund ■ April 30, 2017

Sector	Value			% of net assets
GOVERNMENT	$	198,035,375			67.3	%
FINANCIALS		18,201,970			6.2
CONSUMER DISCRETIONARY		13,697,295			4.7
ENERGY		9,954,644			3.5
UTILITIES		9,493,037			3.3
INDUSTRIALS		8,086,417			2.7
MATERIALS		6,900,189			2.3
HEALTH CARE		6,580,190			2.2
TELECOMMUNICATION SERVICES		5,250,081			1.8
CONSUMER STAPLES		4,820,437			1.6
INFORMATION TECHNOLOGY		2,455,902			0.8
REAL ESTATE		2,118,893			0.7
SHORT-TERM INVESTMENTS		22,200,000			7.5
OTHER ASSETS & LIABILITIES, NET		(13,531,208	)		(4.6	)
NET ASSETS	$	294,263,222			100.0	%

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

Statement of assets and liabilities (unaudited)

TIAA-CREF Funds ■ April 30, 2017

	Emerging Markets			International
	Debt Fund			Bond Fund**
ASSETS
Portfolio investments, at value^†		$	312,007,528		$	307,794,430
Cash			18,302			9,356
Cash – foreign^{^}			—			955
Receivable from securities transactions			7,180,560			2,515,773
Receivable from forward foreign currency contracts			3,500,000			214,868,827
Receivable from Fund shares sold			3,708,607			191
Unrealized appreciation on forward foreign currency contracts			61,731			—
Dividends and interest receivable			4,546,065			2,479,177
Other			4,740			816
Total assets			331,027,533			527,669,525

LIABILITIES
Management fees payable			23,640			22,975
Service agreement fees payable			294			71
Distribution fees payable			265			385
Due to affiliates			28,501			67,133
Payable for securities transactions			8,814,279			5,957,725
Payable for forward foreign currency contracts			3,500,000			214,868,827
Payable for Fund shares redeemed			47,142			10,496,769
Payable for trustee compensation			7,077			3,055
Unrealized depreciation on forward foreign currency contracts			76,867			1,941,478
Accrued expenses and other payables			70,958			47,885
Total liabilities			12,569,023			233,406,303
NET ASSETS		$	318,458,510		$	294,263,222

NET ASSETS CONSIST OF:
Paid-in-capital		$	307,263,250		$	300,678,833
Undistributed net investment income (loss)			2,688,303			(280,605	)
Accumulated net realized gain (loss) on total investments			1,489,690			(2,315,065	)
Net unrealized appreciation (depreciation) on total investments			7,017,267			(3,819,941	)
NET ASSETS		$	318,458,510		$	294,263,222

INSTITUTIONAL CLASS:
Net assets		$	308,369,974		$	288,937,836
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			30,146,109			29,900,970
Net asset value per share			$10.23			$9.66

ADVISOR CLASS:
Net assets		$	119,619		$	968,929
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			11,682			100,230
Net asset value per share			$10.24			$9.67

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Statement of assets and liabilities (unaudited)	concluded

TIAA-CREF Funds ■ April 30, 2017

		Emerging Markets			International
		Debt Fund			Bond Fund**
PREMIER CLASS:
Net assets			$	268,935		$	966,595
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)				26,312			100,000
Net asset value per share				$10.22			$9.67

RETIREMENT CLASS:
Net assets			$	8,498,771		$	2,085,123
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)				831,310			215,809
Net asset value per share				$10.22			$9.66

RETAIL CLASS:
Net assets			$	1,201,211		$	1,304,739
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)				117,435			135,019
Net asset value per share				$10.23			$9.66
**	Consolidated statement of assets and liabilities (see Note 1)
†	Portfolio investments, cost		$	304,977,022		$	309,697,652
^	Foreign cash, cost		$	—		$	955

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

Statement of operations (unaudited)

TIAA-CREF Funds ■ For the period ended April 30, 2017

		Emerging Markets				International
		Debt Fund				Bond Fund**
INVESTMENT INCOME
Interest*			$	9,445,324			$	3,007,595
Total income				9,445,324				3,007,595

EXPENSES
Management fees				817,931				761,055
Shareholder servicing — Institutional Class				422				135
Shareholder servicing — Advisor Class				10				8
Shareholder servicing — Premier Class				9				18
Shareholder servicing — Retirement Class				8,643				1,989
Shareholder servicing — Retail Class				2,164				137
Distribution fees — Premier Class				190				713
Distribution fees — Retail Class				1,412				1,493
Administrative service fees				33,862				34,478
Trustee fees and expenses				2,009				2,014
Other expenses				117,395				114,839
Total expenses				984,047				916,879
Less: Expenses reimbursed by the investment adviser				(6,131	)			(12,654	)
Net expenses				977,916				904,225
Net investment income (loss)				8,467,408				2,103,370

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments^‡				1,819,322				(2,140,632	)
Forward foreign currency contracts				11,320				2,829,609
Swap contracts				325,737				—
Foreign currency transactions				(351,558	)			(3,001,822	)
Net realized gain (loss) on total investments				1,804,821				(2,312,845	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments				3,155,805				4,451,580
Forward foreign currency contracts				(10,351	)			(1,432,586	)
Swap contracts				(163,799	)			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies				6,637				50,212
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments				2,988,292				3,069,206
Net realized and unrealized gain (loss) on total investments				4,793,113				756,361
Net increase (decrease) in net assets from operations			$	13,260,521			$	2,859,731
*	Net foreign withholding taxes of unaffiliated issuers		$	19,565			$	19,287
**	Consolidated statement of operations (see Note 1)
‡	Includes net change in unrealized foreign capital gains taxes of		$	(6,964	)		$	—

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Statements of changes in net assets (unaudited)

TIAA-CREF Funds ■ For the period or year ended

		Emerging Markets Debt Fund								International Bond Fund**
		April 30, 2017				October 31, 2016				April 30, 2017				October 31, 2016*
		(unaudited			)					(unaudited			)
OPERATIONS
Net investment income (loss)			$	8,467,408			$	13,958,656			$	2,103,370			$	274,509
Net realized gain (loss) on total investments				1,804,821				1,362,148				(2,312,845	)			4,328,338
Net change in unrealized appreciation (depreciation) on total investments				2,988,292				15,851,767				3,069,206				(6,889,147	)
Net increase (decrease) in net assets from operations				13,260,521				31,172,571				2,859,731				(2,286,300	)

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			(7,010,641	)			(12,460,423	)			(6,731,827	)			—
	Advisor Class^†			(2,693	)			(4,270	)			(24,645	)			—
	Premier Class			(5,957	)			(52,701	)			(24,035	)			—
	Retirement Class			(152,339	)			(247,071	)			(39,064	)			—
	Retail Class			(26,280	)			(86,082				(28,195	)			—
From realized gains:	Institutional Class			(663,719	)			—				(139,676	)			—
	Advisor Class^†			(257	)			—				(549	)			—
	Premier Class			(586	)			—				(549	)			—
	Retirement Class			(14,115	)			—				(835	)			—
	Retail Class			(2,962	)			—				(648	)			—
Total distributions				(7,879,549	)			(12,850,547	)			(6,990,023	)			—

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			58,152,008				120,322,151				96,739,577				252,309,617
	Advisor Class^†			5,000				99,983				2,200				1,000,000
	Premier Class			7,754				5,171				—				1,000,000
	Retirement Class			3,181,992				7,197,427				737,109				1,408,246
	Retail Class			574,460				1,464,599				226,960				1,158,430
Reinvestments of distributions:	Institutional Class			959,625				362,028				141,313				—
	Advisor Class^†			49				—				15				—
	Premier Class			203				69				—				—
	Retirement Class			166,206				195,186				15,579				—
	Retail Class			28,817				34,582				4,595				—
Redemptions:	Institutional Class			(29,679,339	)			(75,087,480	)			(31,308,232	)			(22,673,141	)
	Premier Class			—				(782,645	)			—				—
	Retirement Class			(2,557,485	)			(2,489,993	)			(31,371	)			(1,626	)
	Retail Class			(964,905	)			(1,300,293	)			(49,457	)			—
Net increase (decrease) from shareholder transactions				29,874,385				50,020,785				66,478,288				234,201,526
Net increase (decrease) in net assets				35,255,357				68,342,809				62,347,996				231,915,226
NET ASSETS
Beginning of period				283,203,153				214,860,344				231,915,226				—
End of period			$	318,458,510			$	283,203,153			$	294,263,222			$	231,915,226
Undistributed net investment income (loss) included in net assets			$	2,688,303			$	1,418,805			$	(280,605	)		$	4,463,791

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Statements of changes in net assets (unaudited)

concluded

TIAA-CREF Funds ■ For the period or year ended

		Emerging Markets Debt Fund						International Bond Fund**
		April 30, 2017			October 31, 2016			April 30, 2017			October 31, 2016*
		(unaudited		)				(unaudited		)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		5,901,728			12,361,920			10,083,499			25,346,143
	Advisor Class^†		497			11,180			228			100,000
	Premier Class		773			511			—			100,000
	Retirement Class		318,983			736,654			76,680			140,938
	Retail Class		57,579			146,664			23,741			115,978
Shares reinvested:	Institutional Class		99,566			36,849			14,967			—
	Advisor Class^†		5			—			2			—
	Premier Class		21			7			—			—
	Retirement Class		17,004			20,037			1,642			—
	Retail Class		2,960			3,536			484			—
Shares redeemed:	Institutional Class		(2,975,501	)		(7,755,386	)		(3,248,286	)		(2,295,354	)
	Premier Class		—			(77,284	)		—			—
	Retirement Class		(261,900	)		(250,890	)		(3,287	)		(163	)
	Retail Class		(98,931	)		(128,799	)		(5,184	)		—
Net increase (decrease) from shareholder transactions			3,062,784			5,104,999			6,944,486			23,507,542

*	For the period August 5, 2016 to October 31, 2016
**	Consolidated statement of changes in net assets (see Note 1)
†	Advisor Class commenced operations on December 4, 2015.

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations																							Ratios and supplemental data
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets			Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
EMERGING MARKETS DEBT FUND
Institutional Class:
	4/30/17	^#		$10.09		$0.28			$ 0.12			$ 0.40			$(0.24	)		$(0.02	)		$(0.26	)		$10.23		4.11	%^b		$308,370			0.65	%^c		0.65	%^c		5.70	%^c		69	%^b
	10/31/16			9.36		0.57			0.69			1.26			(0.53	)		—			(0.53	)		10.09		13.93			273,626			0.68			0.65			6.02			125
	10/31/15			10.04		0.51			(0.83	)		(0.32	)		(0.36	)		—			(0.36	)		9.36		(3.15	)		210,295			0.66			0.65			5.35			115
	10/31/14	*		10.00		0.04			0.00	^d		0.04			—			—			—			10.04		0.40	^b		53,371			8.89	^c		0.65	^c		4.07	^c		3	^b
Advisor Class:
	4/30/17	^#		10.10		0.28			0.12			0.40			(0.24	)		(0.02	)		(0.26	)		10.24		4.10	^b		120			0.67	^c		0.67	^c		5.68	^c		69	^b
	10/31/16	^‡		9.27		0.52			0.83			1.35			(0.52	)		—			(0.52	)		10.10		15.05	^b		113			0.70	^c		0.67	^c		6.00	^c		125
Premier Class:
	4/30/17	^#		10.08		0.27			0.12			0.39			(0.23	)		(0.02	)		(0.25	)		10.22		4.04	^b		269			0.81	^c		0.80	^c		5.54	^c		69	^b
	10/31/16			9.35		0.56			0.68			1.24			(0.51	)		—			(0.51	)		10.08		13.78			257			0.84			0.80			5.91			125
	10/31/15			10.04		0.49			(0.84	)		(0.35	)		(0.34	)		—			(0.34	)		9.35		(3.44	)		957			0.86			0.80			5.09			115
	10/31/14	*		10.00		0.04			0.00	^d		0.04			—			—			—			10.04		0.40	^b		1,004			10.26	^c		0.80	^c		3.70	^c		3	^b
Retirement Class:
	4/30/17	^#		10.08		0.27			0.12			0.39			(0.23	)		(0.02	)		(0.25	)		10.22		3.98	^b		8,499			0.90	^c		0.90	^c		5.46	^c		69	^b
	10/31/16			9.35		0.55			0.69			1.24			(0.51	)		—			(0.51	)		10.08		13.69			7,635			0.93			0.90			5.66			125
	10/31/15			10.04		0.49			(0.84	)		(0.35	)		(0.34	)		—			(0.34	)		9.35		(3.51	)		2,351			0.94			0.90			5.09			115
	10/31/14	*		10.00		0.04			0.00	^d		0.04			—			—			—			10.04		0.40	^b		1,218			10.22	^c		0.90	^c		3.70	^c		3	^b
Retail Class:
	4/30/17	^#		10.08		0.26			0.13			0.39			(0.22	)		(0.02	)		(0.24	)		10.23		4.00	^b		1,201			1.28	^c		1.00	^c		5.33	^c		69	^b
	10/31/16			9.35		0.54			0.69			1.23			(0.50	)		—			(0.50	)		10.08		13.61			1,571			1.01			0.99			5.63			125
	10/31/15			10.04		0.48			(0.84	)		(0.36	)		(0.33	)		—			(0.33	)		9.35		(3.59	)		1,257			0.97			0.97			4.96			115
	10/31/14	*		10.00		0.03			0.01			0.04			—			—			—			10.04		0.40	^b		1,114			10.33	^c		1.00	^c		3.53	^c		3	^b
INTERNATIONAL BOND FUND**
Institutional Class:
	4/30/17	^#		9.87		0.07			(0.02	)		0.05			(0.25	)		(0.01	)		(0.26	)		9.66		0.52	^b		288,938			0.66	^c		0.65	^c		1.52	^c		64	^b
	10/31/16	^†		10.00		0.03			(0.16	)		(0.13	)		—			—			—			9.87		(1.30	)^b		227,410			1.82	^c		0.65	^c		1.28	^c		18	^b
Advisor Class:
	4/30/17	^#		9.87		0.07			(0.01	)		0.06			(0.25	)		(0.01	)		(0.26	)		9.67		0.59	^b		969			0.66	^c		0.65	^c		1.50	^c		64	^b
	10/31/16^†			10.00		0.02			(0.15	)		(0.13	)		—			—			—			9.87		(1.30	)^b		987			1.96	^c		0.80	^c		0.94	^c		18	^b
Premier Class:
	4/30/17	^#		9.87		0.06			(0.01	)		0.05			(0.24	)		(0.01	)		(0.25	)		9.67		0.53	^b		967			0.81	^c		0.80	^c		1.35	^c		64	^b
	10/31/16	^†		10.00		0.02			(0.15	)		(0.13	)		—			—			—			9.87		(1.30	)^b		987			2.50	^c		0.80	^c		0.94	^c		18	^b
Retirement Class:
	4/30/17	^#		9.86		0.06			(0.01	)		0.05			(0.24	)		(0.01	)		(0.25	)		9.66		0.50	^b		2,085			0.91	^c		0.90	^c		1.26	^c		64	^b
	10/31/16	^†		10.00		0.02			(0.16	)		(0.14	)		—			—			—			9.86		(1.40	)^b		1,389			2.53	^c		0.90	^c		0.84	^c		18	^b
Retail Class:
	4/30/17	^#		9.86		0.06			(0.02	)		0.04			(0.23	)		(0.01	)		(0.24	)		9.66		0.44	^b		1,305			0.93	^c		0.92	^c		1.23	^c		64	^b
	10/31/16	^†		10.00		0.02			(0.16	)		(0.14	)		—			—			—			9.86		(1.40	)^b		1,144			4.29	^c		1.00	^c		0.75	^c		18	^b

#	Unaudited
*	The Fund commenced operations on September 26, 2014.
**	Consolidated financial highlights (see Note 1).
†	The Fund commenced operations on August 5, 2016.
‡	The Advisor Class commenced operations on December 4, 2015.
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.

2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

See notes to financial statements

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”), is a Delaware statutory trust that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Emerging Markets Debt Fund and International Bond Fund (collectively the “Funds” or individually, the “Fund”). The International Bond Fund commenced operations on August 5, 2016.

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, LLC (“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 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. The Advisor class was made available for sale by certain Funds on December 4, 2015, 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.

40	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

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.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

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.

Basis for Consolidation: The International Bond Fund is presented on a consolidated basis with the TIAA-CREF International Bond Fund Offshore Limited (“Subsidiary”), a wholly owned subsidiary of the International Bond Fund organized under the laws of the Cayman Islands. The Subsidiary commenced operations on March 1, 2017 and is intended to provide the Fund with exposure to Regulation S securities under the Securities Act of 1933. Regulation S securities are both U.S. and non U.S. securities traded in another country which do not need registration with the Commission. The Subsidiary is advised by Advisors and has the same investment objective as the Fund, but unlike the Fund, it may invest in Regulation S securities without limitation. As of April 30, 2017, the net assets of the Subsidiary were $7,445,849 representing 3% of the Fund’s consolidated net assets. All inter-company transactions and balances have been eliminated. The International Bond Fund intends to invest up to 15% of its net assets in the Subsidiary.

Select financial information related to the Subsidiary is as follows:

Total market value of investments	$	7,419,045
Net assets	$	7,445,849
Net investment income (loss)	$	25,727
Net realized gain (loss)	$	(3,580	)
Net change in unrealized appreciation (depreciation)	$	172,453

New accounting pronouncement: In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the premium amortization period on a purchased callable debt security from the security’s contractual life to the earliest call date. It is anticipated that this change will reduce losses recognized when a security is called on an earlier date. This guidance is effective for fiscal years beginning after December 15, 2018. Management is currently assessing the impact of the guidance on the Funds’ financial statements.

New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

42	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

continued

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule is September 5, 2017. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

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)

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

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

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.

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.

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, 2017, there were no transfers between levels by the Funds.

As of April 30, 2017, 100% of the value of investments in the International Bond Fund was valued based on Level 2 inputs.

The following table summarizes the market value of the Emerging Markets Debt Fund’s investments as of April 30, 2017, based on the inputs used to value them:

Regions	Level 1		Level 2			Level 3		Total
Africa/Middle East	$	—	$	48,920,972		$	—	$	48,920,972
Asia		—		50,113,520			—		50,113,520
Europe		—		65,534,663			—		65,534,663
Latin America		—		134,930,326			5,080,787		140,011,113
North America		—		—			796,552		796,552
All other debt investments*		—		1,857,499			—		1,857,499
Short-term investment		—		4,773,209			—		4,773,209
Forward foreign currency contracts**		—		(15,136	)		—		(15,136	)
Total	$	—	$	306,115,053		$	5,877,339	$	311,992,392

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

44	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

continued

The following table is a reconciliation of the Emerging Markets Debt Fund’s investments in which significant unobservable inputs (Level 3) were used in determining value:

	Investments in securities
Balance as of October 31, 2016	$	5,460,376
Purchases		1,499,512
Sales		(2,409,397	)
Gains (losses)		280,897
Change in unrealized appreciation (depreciation)		1,045,951
Balance as of April 30, 2017	$	5,877,339

The following table summarized the significant unobservable inputs used to value Level 3 investments in the Emerging Markets Debt Fund as of April 30, 2017:

Valuation

Unobservable

Range

Investments

Fair value

technique

input

(weighted average

)

Corporate and Government bonds

5,877,339

Broker quote

Discount

39.8%–76.5% (56.6%

)

Note 3—derivative instruments

At April 30, 2017, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

Assets derivatives

Liability derivatives

Fair value

Derivative contract

Location

amount

Location

amount

Emerging Markets Debt Fund

Forward contracts

Forward foreign
currency contracts

$61,731

Forward foreign
currency contracts

(76,867

)

International Bond Fund

Forward contracts

Forward foreign
currency contracts

(1,941,478

)

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

For the period ended April 30, 2017, the effect of derivative contracts on the Funds’ Statement of Operations was as follows:

					Change in
					unrealized
		Realized			appreciation
Derivative contracts	Location	gain (loss		)	(depreciation		)
Emerging Markets Debt Fund
Foreign exchange contracts	Forward foreign currency contracts	$	11,320		$	(10,351	)
Credit contracts	Swap contracts		325,737			(163,799	)
International Bond Fund
Foreign exchange contracts	Forward foreign currency contracts		2,829,609			(1,432,586	)

Credit default swap contracts: Certain Funds are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled either directly with the counterparty (bilateral) or through a central clearinghouse (centrally cleared). A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Funds are required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Funds. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Funds could be required to make under the contract. In return, the Funds receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Funds keep the stream of payments with no payment obligations. When the Funds sell a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Funds.

Certain Funds may also buy credit default swap contracts, in which case the Funds function as the counterparty referenced above. This involves the risk that the contract may expire worthless. Bilateral swaps involve counterparty risk that the seller may fail to satisfy its payment obligations to the Funds with the occurrence of a credit event. Centrally cleared swaps have minimal counterparty credit risk to the Funds as they are entered into with a central clearinghouse which guarantees the swap against default.

The value of a bilateral swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities. Centrally cleared swaps initial margin deposits are made, and

46	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

continued

variation margin payments are made or received reflecting daily changes in the value of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable on the Statements of Assets and Liabilities.

Under the terms of the credit default swap contracts, the Funds receive or make quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of Operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. Daily changes in the value of such contracts are reflected in net unrealized gains and losses.

The Funds invest in credit default swaps to hedge or manage the risks associated with assets held in the Funds and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the period ended April 30, 2017, Emerging Markets Debt Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. As of April 30, 2017, the Funds did not own any credit default swap contracts.

Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use 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 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 Statements of Assets and Liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements 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 Statements of Assets and Liabilities. During the period ended April 30, 2017, the Emerging Markets Debt Fund and the International Bond Fund had exposure to forwards, based on underlying notional values, generally between 0% to 1% and 67% to 73%, respectively.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

At April 30, 2017, the Funds held the following open forward contracts:

		Contract					Unrealized
		settlement					appreciation
Fund	Counterparty	date	Receive		Deliver		(depreciation		)
Emerging Markets Debt	Bank of America	11/20/2017	$	1,500,000	CNH	10,612,500	$	(15,889	)
Emerging Markets Debt	Goldman Sachs	5/31/2017	$	1,000,000	MXN	20,068,055		(60,978	)
						Total	$	(76,867	)
Emerging Markets Debt	Morgan Stanley	5/31/2017	MXN	20,082,288	$	1,000,000	$	61,731
						Total	$	(15,136	)
International Bond	Bank of America	5/31/2017	$	8,550,746	CAD	11,637,214	$	22,002
International Bond	Bank of America	5/31/2017	$	750,743	DKK	5,129,724		(1,657	)
International Bond	Bank of America	5/31/2017	EUR	1,132,536	$	1,214,461		21,159
International Bond	Bank of America	5/31/2017	$	85,962,010	EUR	92,132,363		(1,653,883	)
International Bond	Bank of America	5/31/2017	$	1,354,086	NZD	1,971,291		1,681
International Bond	Bank of America	5/31/2017	$	2,962,750	NOK	25,445,225		(2,016	)
International Bond	Bank of America	5/31/2017	$	3,330,755	PLN	12,966,011		(10,406	)
International Bond	Bank of America	5/31/2017	$	30,336,028	GBP	23,611,607		(272,861	)
International Bond	Bank of America	5/31/2017	$	2,293,063	ZAR	30,693,015		9,357
						Total	$	(1,886,624	)
International Bond	Morgan Stanley	5/31/2017	$	9,037,822	AUD	12,129,589	$	(39,720	)
International Bond	Morgan Stanley	5/31/2017	$	43,380,491	JPY	4,838,489,440		(73,290	)
International Bond	Morgan Stanley	5/31/2017	$	10,883,661	KRW	12,378,030,930		440
International Bond	Morgan Stanley	5/31/2017	$	7,350,532	SEK	64,510,101		55,262
International Bond	Morgan Stanley	5/31/2017	$	1,291,326	THB	44,591,440		2,454
						Total	$	(54,854	)
						Total	$	(1,941,478	)

Abbreviation(s):
AUD	Australian Dollar	MXN	Mexican Nuevo Peso
CAD	Canadian Dollar	NOK	Norwegian Krone
CNH	Chinese Yuan Renminbi	NZD	New Zealand Dollar
DKK	Danish Krone	PLN	Polish Zloty
EUR	Euro	SEK	Swedish Krona
GBP	Pound Sterling	THB	Thai Baht
JPY	Japanese Yen	ZAR	South African Rand
KRW	South Korean Won

Note 4—investment adviser and affiliates

The Subsidiary has entered into an investment management agreement with Advisors. Under this agreement, Advisors provides the same management services

48	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

continued

to the Subsidiary as it does to the International Bond Fund. Advisors is not compensated directly by the Subsidiary for their services, rather they are provided a management fee on the average net assets of the Fund which includes investments in the Subsidiary. The Fund bears all operating expenses of the Subsidiary.

	Investment			Investment			Service
	management			management			agreement
	fee range			fee—effective rate			fee			Distribution fee
							Retirement			Premier			Retail
Fund							Class			Class			Class
Emerging Markets Debt		0.47%–0.55%			0.55	%		0.25	%		0.15	%		0.25	%
International Bond		0.51–0.55			0.55			0.25			0.15			0.25

	Maximum expense amounts^‡
	Institutional			Advisor			Premier			Retirement			Retail
Fund	Class			Class			Class			Class			Class
Emerging Markets Debt		0.65	%		0.80	%		0.80	%		0.90	%		1.00	%
International Bond		0.65			0.80			0.80			0.90			1.00


^‡	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, 2018. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2017, the Funds did not have any security transactions with affiliated entities.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

At the commencement of operations of the Funds, TIAA, an affiliate, invested in the Funds. During the period ended April 30, 2017, there were no redemptions. The following is the percentage of the Funds’ shares owned by affiliates as of April 30, 2017:

				TIAA-CREF
Underlying Fund	TIAA			Lifecycle Funds			Total
Emerging Markets Debt		—	%		95	%		95	%
International Bond		1			98			99

Note 5—investments

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

			Gross		Gross			Net unrealized
	Tax		unrealized		unrealized			appreciation
Fund	cost		appreciation		(depreciation		)	(depreciation		)
Emerging Markets Debt	$	305,225,811	$	11,145,507	$	(4,363,790	)	$	6,781,717
International Bond		309,796,665		4,483,828		(6,486,063	)		(2,002,235	)

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2017 were as follows:

	Non-U.S.		Non-U.S.
	government		government
Fund	purchases		sales
Emerging Markets Debt	$	230,062,412	$	198,089,378
International Bond		233,753,051		163,709,597

50	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

continued

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended October 31, 2016 was as follows:

	Ordinary		Long-term
Fund	income		capital gains		Total
Emerging Markets Debt		$12,850,547		$—		$12,850,547
International Bond		—		—		—

The tax character of the fiscal year 2017 distributions will be determined at the end of the fiscal year.

Note 7—emerging markets risks

The Emerging Markets Debt 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 Emerging Markets Debt 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. The current facility was entered into on June 21, 2016 expiring on June 20, 2017, replacing the previous facility, which expired June 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, 2017, there were no borrowings under this credit facility by the Fund.

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 Fund are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

concluded

Note 10—subsequent event

Effective May 1, 2017, Advisors has agreed to implement new tiers to the breakpoint schedule by removing the breakpoint at $8 billion and adding breakpoints at $7 billion and $10 billion for the Funds. Due to these breakpoint schedue changes, the investment management fees were updated for the following Funds:

	Investment
	management
Fund	fee range
Emerging Markets Debt	0.45–0.55	%
International Bond	0.50–0.55

52	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

Approval of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Emerging Markets Debt Fund

Overview of the renewal process

The Board held meetings on March 9, 2017 and March 23, 2017, 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 of the Board. Among these tasks, the Operations Committee worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance 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 Advisors to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2016 renewal process. During a series of meetings held prior to the March 9 and March 23, 2017 Board meetings, the Operations Committee reviewed such guidance and follow-up requests in consultation with Advisors representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, and then evaluated the information produced in accordance with the guidance and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established certain guidance 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

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Approval of investment management agreement (unaudited)

comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidance 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 compared this data 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 Advisors, and, in the case of the investment performance data, against one or more appropriate broad-based 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 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 Advisors or the Board).

Among other matters, the Board also requested and reviewed various information provided by Advisors to facilitate the Trustees’ evaluation of the reasonableness of profits earned by Advisors with respect to its services to the Fund pursuant to the Agreement.

In advance of the Board meetings held on March 9 and March 23, 2017, legal counsel for the Trustees requested on behalf of the Board, and Advisors 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; (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 the Fund’s fee rate under the Agreement to the fee rates of other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Fund in addition to Advisors’ direct fee payments pursuant to the Agreement; (5) information regarding Advisors’ 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 Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement;

54	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

continued

(7) a copy of the Agreement and certain related agreements between the Fund and affiliates of Advisors; (8) a copy of Advisors’ 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 provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. The Trustees were given the opportunity to ask questions and request additional information, and they reviewed responses from Advisors to follow up questions presented by the Board after its initial review of the information described above.

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 Advisors 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 Advisors 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 Advisors with other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement, the Board took into account the information described above and other information provided to the Board in connection with this process. Additionally, the Board took into account relevant information, including performance data, provided to the Board and its Committees throughout the year as part of the Board’s ongoing duties to oversee and evaluate Advisors’ services to the Fund. In addition to general session meetings that included Advisors personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed renewal of the Agreement. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates 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 determination on a Fund-level basis. In deciding whether to 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 23, 2017, the Board voted unanimously to renew the Agreement for the Fund.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Approval of investment management agreement (unaudited)

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 Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Fund since its operations commenced. Investment professionals at Advisors also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds (the “Life Funds”) and TIAA Separate Account VA-1, as well as sub-advise other investment companies and vehicles. Under the Agreement, Advisors 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 portfolios 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 service providers; and overseeing the provision of various administrative services to the Fund. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Fund. It also considered Advisors’ 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 Advisors 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 Advisors’ 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. The Board considered the Fund’s performance as compared to its peer group and peer universe and its benchmark index. For more 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.

56	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

continued

Cost and profitability

The Board considered financial and profitability data relating to Advisors for the calendar year 2016. The Board considered Advisors’ profit calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having a management fee rate which permits Advisors to maintain and improve the quality of services provided to the Fund and recognized the entrepreneurial risk Advisors assumes. The Board considered that Advisors had incurred losses with respect to the Fund under the Agreement for the one-year period ended December 31, 2016, which was likely due to the Fund’s low asset levels because the Fund is relatively new. The Board considered that over time as the Fund increases in assets, it may reach breakpoints in its management fee rate schedule that will reduce its overall management fee rate. (Management fee rate “breakpoints” result in the Fund paying a lower management fee rate with respect to assets above the designated breakpoint levels.) The Board also recognized the future effect on Advisors’ profitability of an amendment to the Agreement effective on May 1, 2017 adding new breakpoints to the Fund’s management fee rate schedule at the $7 billion and $10 billion levels (replacing an existing breakpoint at the $8 billion level). The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts.

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 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. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Fund’s actual management fee rate compares to those of peer mutual funds. Additionally, the Board 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 were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

Approval of investment management agreement (unaudited)

Economies of scale

The Board considered whether Advisors 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 current fee rate schedule breakpoints would have an effect on Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position 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. The Board also considered the addition of new contractual breakpoints in the management fee rate schedule of the Fund effective May 1, 2017. Based on all factors considered, the Board concluded that the Fund’s management fee rate schedule was reasonable in light of current economies of scale considerations and the Fund’s current asset level.

Fee comparison with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, foreign funds (“UCITS”) and separately managed accounts. In particular, the Board reviewed the management fee rates Advisors charged to a UCITS series that has a similar mandate to the Fund. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies and investment staff. The Board also considered Advisors’ representation that, while the management fee rate charged to the Fund 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 Advisors; (4) may have different regulatory burdens; (5) may target different 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 Advisors and its affiliates arising from the Agreement. For example, Advisors 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 Advisors 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 Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Additionally, the Fund may be utilized as an investment option for other products and businesses of

58	2017 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds

concluded

Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

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 discussion 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, 2016.

•	The Fund’s annual contractual management fee rate starts at 0.55% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. At its December 31, 2016 asset level, the Fund had not reached any of its management fee rate breakpoints. Effective May 1, 2017, the Fund’s contractual management fee rate schedule was amended so that an existing breakpoint at the $8 billion level was replaced with breakpoints at the $7 billion and $10 billion levels.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes. The Fund’s total expenses and contractual management fee rate were each in the 1st quintile of the universe of comparable funds identified by Broadridge for expense comparison purposes (“Expense Universe”). The Fund’s actual management fee rate was in the 2nd quintile of its 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 1st 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 does not yet have a sufficient track record for a Morningstar rating.
•	Advisors 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.

TIAA-CREF International Fixed-Income Funds ■ 2017 Semiannual Report

[This page intentionally left blank.]

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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, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 1.5%
	68,327		BorgWarner, Inc	$	2,888,866
	119,628		Delphi Automotive plc		9,618,091
	215,142		Gentex Corp		4,442,682
	51,012		Harley-Davidson, Inc		2,897,992
	67,594		Lear Corp		9,642,960
	53,249		Thor Industries, Inc		5,121,489
			TOTAL AUTOMOBILES & COMPONENTS		34,612,080

BANKS - 0.2%
	104,583		Citizens Financial Group, Inc		3,839,242
	18,023		First Hawaiian, Inc		536,544
	28,542	*	Western Alliance Bancorp		1,367,162
			TOTAL BANKS		5,742,948

CAPITAL GOODS - 9.1%
	106,384		3M Co		20,833,179
	144,027		A.O. Smith Corp		7,760,175
	26,642		Air Lease Corp		1,016,126
	155,223		Boeing Co		28,689,867
	5,228		BWX Technologies, Inc		257,061
	82,771		Deere & Co		9,238,071
	73,368		Fortune Brands Home & Security, Inc		4,676,476
	7,041		General Dynamics Corp		1,364,475
	97,407		General Electric Co		2,823,829
	188,691	*	HD Supply Holdings, Inc		7,604,247
	23,397		Hexcel Corp		1,210,795
	129,679		Honeywell International, Inc		17,006,104
	45,670		Huntington Ingalls		9,174,646
	29,450		Illinois Tool Works, Inc		4,066,751
	18,155		Lincoln Electric Holdings, Inc		1,616,340
	76,816		Lockheed Martin Corp		20,698,071
	227,453		Masco Corp		8,420,310
	6,964		MSC Industrial Direct Co (Class A)		623,487
	23,236		Nordson Corp		2,909,147
	63,347		Northrop Grumman Corp		15,580,828
	106,579		PACCAR, Inc		7,112,017
	171,319	*	Quanta Services, Inc		6,071,545
	27,652		Raytheon Co		4,291,867
	42,456		Rockwell Automation, Inc		6,680,452
	112,110		Spirit Aerosystems Holdings, Inc (Class A)		6,408,208
	17,175		Stanley Works		2,338,376
	59,614	*	United Rentals, Inc		6,537,271
	42,767		W.W. Grainger, Inc		8,241,201
			TOTAL CAPITAL GOODS		213,250,922

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

SHARES			COMPANY	VALUE

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	87,620	*	Copart, Inc	$	2,707,458
	8,433		LSC Communications, Inc		218,162
	268,795		Pitney Bowes, Inc		3,572,285
	13,375		RR Donnelley & Sons Co		168,124
	173,919		Waste Management, Inc		12,657,825
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		19,323,854

CONSUMER DURABLES & APPAREL - 2.1%
	22,365		Carter’s, Inc		2,058,475
	90,610		Hasbro, Inc		8,980,357
	244,667	*	Kate Spade & Co		4,257,206
	169,007		Leggett & Platt, Inc		8,879,628
	27,513		Lennar Corp (Class A)		1,389,407
	175,567	*	Michael Kors Holdings Ltd		6,553,916
	9,337	*	Mohawk Industries, Inc		2,192,234
	133,197		Nike, Inc (Class B)		7,380,446
	28,666	e	Polaris Industries, Inc		2,444,063
	4,704		Tupperware Corp		337,794
	24,965		Whirlpool Corp		4,635,501
			TOTAL CONSUMER DURABLES & APPAREL		49,109,027

CONSUMER SERVICES - 2.7%
	44,412		ARAMARK Holdings Corp		1,621,926
	36,340		Brinker International, Inc		1,605,865
	80,440		Darden Restaurants, Inc		6,852,684
	51,616		Extended Stay America, Inc		900,183
	27,443		Las Vegas Sands Corp		1,618,862
	100,083		Marriott International, Inc (Class A)		9,449,837
	108,185		McDonald’s Corp		15,138,327
	20,378		Six Flags Entertainment Corp		1,275,867
	158,548		Starbucks Corp		9,522,393
	2,813		Vail Resorts, Inc		556,018
	235,284		Wendy’s		3,468,086
	118,949		Wyndham Worldwide Corp		11,337,029
	38,179		Yum! Brands, Inc		2,510,269
			TOTAL CONSUMER SERVICES		65,857,346

DIVERSIFIED FINANCIALS - 5.8%
	18,107		Ameriprise Financial, Inc		2,314,980
	146,947		Charles Schwab Corp		5,708,891
	136,863		Discover Financial Services		8,566,255
	22,908	*	Donnelley Financial Solutions, Inc		509,016
	48,052		Eaton Vance Corp		2,062,872
	4,382		Factset Research Systems, Inc		715,405
	98,270		IntercontinentalExchange Group, Inc		5,915,854
	45,049		Invesco Ltd		1,483,914
	720,000		iShares Russell 1000 Growth Index Fund		83,757,600
	27,571		Lazard Ltd (Class A)		1,183,899
	42,930		LPL Financial Holdings, Inc		1,804,777
	82,659		Moody’s Corp		9,780,213
	32,006		MSCI, Inc (Class A)		3,210,842

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

SHARES			COMPANY	VALUE

	34,853		S&P Global, Inc	$	4,676,924
	24,492		SEI Investments Co		1,241,989
	48,558		T Rowe Price Group, Inc		3,442,277
	9,448		TD Ameritrade Holding Corp		361,575
			TOTAL DIVERSIFIED FINANCIALS		136,737,283

ENERGY - 0.1%
	17,354		Apache Corp		844,099
	7,976		Cabot Oil & Gas Corp		185,362
	7,707		Oneok, Inc		405,465
			TOTAL ENERGY		1,434,926

FOOD & STAPLES RETAILING - 0.6%
	3,254	e	Casey’s General Stores, Inc		364,676
	148,864		CVS Health Corp		12,272,348
	64,624	*	Rite Aid Corp		258,496
	16,914		Sysco Corp		894,243
			TOTAL FOOD & STAPLES RETAILING		13,789,763

FOOD, BEVERAGE & TOBACCO - 5.7%
	415,688		Altria Group, Inc		29,838,084
	170,357		Campbell Soup Co		9,802,342
	406,654		Coca-Cola Co		17,547,120
	182,965		ConAgra Foods, Inc		7,095,383
	48,801		Costco Wholesale Corp		8,663,153
	42,526		Dr Pepper Snapple Group, Inc		3,897,508
	124,123		General Mills, Inc		7,138,314
	11,002		Hershey Co		1,190,416
	47,758		Ingredion, Inc		5,913,395
	47,796		Kellogg Co		3,393,516
	13,185		Lamb Weston Holdings, Inc		550,474
	260,906		PepsiCo, Inc		29,555,432
	44,579		Pilgrim’s Pride Corp		1,157,271
	142,664		Tyson Foods, Inc (Class A)		9,167,589
			TOTAL FOOD, BEVERAGE & TOBACCO		134,909,997

HEALTH CARE EQUIPMENT & SERVICES - 6.6%
	196,410		Abbott Laboratories		8,571,332
	88,761		AmerisourceBergen Corp		7,282,840
	19,162		Anthem, Inc		3,408,728
	22,573		Becton Dickinson & Co		4,220,474
	113,309		Cardinal Health, Inc		8,225,100
	38,956	*	Centene Corp		2,898,326
	16,143		Cigna Corp		2,524,281
	107,323	*	DaVita, Inc		7,406,360
	204,291	*	Express Scripts Holding Co		12,531,210
	87,026	*	HCA Holdings, Inc		7,328,460
	237,833	*	Hologic, Inc		10,738,160
	35,397		Humana, Inc		7,857,426
	46,268	*	Idexx Laboratories, Inc		7,760,532
	38,750	*	Laboratory Corp of America Holdings		5,430,813
	49,581		McKesson Corp		6,856,557
	9,198		Stryker Corp		1,254,331

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

SHARES			COMPANY	VALUE

	13,922	*,e	Tenet Healthcare Corp	$	218,158
	211,376		UnitedHealth Group, Inc		36,965,435
	18,899	*	VCA Antech, Inc		1,730,581
	79,415	*	Veeva Systems, Inc		4,258,232
	56,114	*	WellCare Health Plans, Inc		8,608,449
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		156,075,785

HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
	82,847		Kimberly-Clark Corp		10,749,398
	75,544		Nu Skin Enterprises, Inc (Class A)		4,172,295
	23,170		Spectrum Brands, Inc		3,330,224
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		18,251,917

INSURANCE - 1.4%
	111,488		Aon plc		13,360,722
	12,297		Brown & Brown, Inc		527,541
	105,326		Lincoln National Corp		6,944,143
	151,315		Marsh & McLennan Cos, Inc		11,216,981
			TOTAL INSURANCE		32,049,387

MATERIALS - 3.6%
	88,627		Air Products & Chemicals, Inc		12,452,094
	106,567		Avery Dennison Corp		8,867,440
	45,406		Celanese Corp (Series A)		3,952,138
	68,151		Eagle Materials, Inc		6,540,451
	138,994		EI du Pont de Nemours & Co		11,084,771
	210,722		Graphic Packaging Holding Co		2,861,605
	110,599		LyondellBasell Industries AF S.C.A		9,374,371
	3,831		Monsanto Co		446,733
	4,261		NewMarket Corp		2,005,653
	49,040	*	Owens-Illinois, Inc		1,070,053
	101,954		Packaging Corp of America		10,071,016
	206,693		Sealed Air Corp		9,098,626
	7,072		Sherwin-Williams Co		2,366,857
	17,146		Silgan Holdings, Inc		1,039,391
	66,845		Steel Dynamics, Inc		2,415,778
			TOTAL MATERIALS		83,646,977

MEDIA - 5.7%
	52,175	*	AMC Networks, Inc		3,113,804
	177,640		CBS Corp (Class B)		11,823,719
	18,008	*	Charter Communications, Inc		6,215,641
	703,761		Comcast Corp (Class A)		27,580,394
	27,104	*	Lions Gate Entertainment Corp (Class B)		646,431
	33,275	*	Live Nation, Inc		1,070,124
	129,878		Omnicom Group, Inc		10,665,581
	183,236		Regal Entertainment Group (Class A)		4,044,019
	103,114		Scripps Networks Interactive (Class A)		7,704,678
	99,211		Time Warner, Inc		9,848,676
	224,017		Twenty-First Century Fox, Inc		6,841,479
	7,970		Twenty-First Century Fox, Inc (Class B)		237,984
	97,579		Viacom, Inc (Class B)		4,152,962
	341,039		Walt Disney Co		39,424,108
			TOTAL MEDIA		133,369,600

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

SHARES			COMPANY	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%
	267,983		AbbVie, Inc	$	17,670,799
	14,447	*	Alexion Pharmaceuticals, Inc		1,846,038
	8,265		Allergan plc		2,015,503
	166,212		Amgen, Inc		27,145,744
	56,132	*	Biogen Idec, Inc		15,223,560
	3,579	*	BioMarin Pharmaceutical, Inc		343,011
	206,263		Bristol-Myers Squibb Co		11,561,041
	120,452	*	Celgene Corp		14,942,071
	31,864	*	Charles River Laboratories International, Inc		2,858,201
	155,336		Eli Lilly & Co		12,746,872
	299,382		Gilead Sciences, Inc		20,522,636
	12,489	*	Incyte Corp		1,552,133
	35,577		Johnson & Johnson		4,392,692
	5,662	*	Mettler-Toledo International, Inc		2,906,984
	8,411	*	Quintiles Transnational Holdings, Inc		708,879
	6,377	*	Regeneron Pharmaceuticals, Inc		2,477,401
	35,352	*	Seattle Genetics, Inc		2,414,541
	43,055		Thermo Fisher Scientific, Inc		7,118,283
	22,328	*	United Therapeutics Corp		2,806,629
	33,896	*	Vertex Pharmaceuticals, Inc		4,009,897
	45,457	*	Waters Corp		7,722,690
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		162,985,605

REAL ESTATE - 1.5%
	43,628		American Tower Corp		5,494,510
	10,331	*	CBRE Group, Inc		369,953
	78,262		Crown Castle International Corp		7,403,585
	9,241		Digital Realty Trust, Inc		1,061,237
	1,786		Equinix, Inc		746,012
	12,273		Equity Lifestyle Properties, Inc		993,009
	4,576		Essex Property Trust, Inc		1,118,695
	20,549		Extra Space Storage, Inc		1,552,066
	5,571		Federal Realty Investment Trust		729,188
	74,810		Gaming and Leisure Properties, Inc		2,603,388
	54,663		Outfront Media, Inc		1,429,984
	31,246		Public Storage, Inc		6,542,288
	35,017		Simon Property Group, Inc		5,786,909
	16,743		Tanger Factory Outlet Centers, Inc		522,214
			TOTAL REAL ESTATE		36,353,038

RETAILING - 8.3%
	72,508	*	Amazon.com, Inc		67,069,175
	25,320		Bed Bath & Beyond, Inc		981,150
	19,355	*	Burlington Stores, Inc		1,914,597
	1,215	*	Cabela’s, Inc		66,339
	20,604	*	Dollar Tree, Inc		1,705,393
	31,694		Expedia, Inc		4,238,122
	74,592		Foot Locker, Inc		5,768,945
	118,895		Gap, Inc		3,115,049
	6,777		Genuine Parts Co		623,619

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

SHARES			COMPANY	VALUE

	258,779		Home Depot, Inc	$	40,395,402
	6,094	*	LKQ Corp		190,377
	120,169		Lowe’s Companies, Inc		10,199,945
	51,580	*	NetFlix, Inc		7,850,476
	44,983	e	Nordstrom, Inc		2,171,329
	2,782	*	O’Reilly Automotive, Inc		690,353
	12,157	*	Priceline.com, Inc		22,451,790
	135,867		Ross Stores, Inc		8,831,355
	26,033		Target Corp		1,453,943
	107,838		TJX Companies, Inc		8,480,380
	15,056	*	Ulta Beauty, Inc		4,237,361
	32,883	*	Urban Outfitters, Inc		752,363
	28,111	e	Williams-Sonoma, Inc		1,519,400
			TOTAL RETAILING		194,706,863

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.1%
	63,761		Analog Devices, Inc		4,858,588
	369,500		Applied Materials, Inc		15,005,395
	70,206		Broadcom Ltd		15,502,187
	11,367		Kla-Tencor Corp		1,116,467
	86,775		Lam Research Corp		12,569,359
	6,481		Maxim Integrated Products, Inc		286,136
	23,750		Microchip Technology, Inc		1,795,025
	96,190		NVIDIA Corp		10,032,617
	57,656	*	ON Semiconductor Corp		817,562
	7,718		Qualcomm, Inc		414,765
	112,231		Skyworks Solutions, Inc		11,193,920
	287,468		Texas Instruments, Inc		22,761,716
	8,243		Xilinx, Inc		520,216
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		96,873,953

SOFTWARE & SERVICES - 22.1%
	175,407		Accenture plc		21,276,869
	11,116		Activision Blizzard, Inc		580,811
	45,736	*	Adobe Systems, Inc		6,116,733
	138,505	*	Akamai Technologies, Inc		8,440,495
	41,325		Alliance Data Systems Corp		10,315,960
	57,015	*	Alphabet, Inc (Class A)		52,711,508
	58,769	*	Alphabet, Inc (Class C)		53,242,363
	60,565		Automatic Data Processing, Inc		6,328,437
	213,744		Booz Allen Hamilton Holding Co		7,679,822
	12,617		Broadridge Financial Solutions, Inc		882,433
	119,565	*	Citrix Systems, Inc		9,677,591
	6,245	*	Cognizant Technology Solutions Corp (Class A)		376,136
	36,527		CSRA, Inc		1,062,205
	1,447		DST Systems, Inc		178,140
	416,447	*	eBay, Inc		13,913,494
	143,795	*	Electronic Arts, Inc		13,634,642
	11,906	*	Euronet Worldwide, Inc		983,674
	419,600	*	Facebook, Inc		63,044,900
	22,564	*	First American Corp		964,385
	124,936	*	First Data Corp		1,951,500
	109,761	*	Fiserv, Inc		13,076,926

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

SHARES			COMPANY	VALUE

	38,935	*	FleetCor Technologies, Inc	$	5,495,286
	51,633	*	GoDaddy, Inc		2,009,556
	27,938	*	IAC/InterActiveCorp		2,319,133
	161,688		International Business Machines Corp		25,916,970
	99,287		Intuit, Inc		12,431,725
	225,249		MasterCard, Inc (Class A)		26,200,964
	1,555,729		Microsoft Corp		106,505,207
	248,005	*	Nuance Communications, Inc		4,436,809
	3,173		Paychex, Inc		188,095
	60,548	*	PayPal Holdings, Inc		2,889,351
	95,354	*	salesforce.com, Inc		8,211,887
	46,243	*	ServiceNow, Inc		4,369,039
	145,456	*	Teradata Corp		4,244,406
	291,619		Visa, Inc (Class A)		26,601,485
	12,972		Western Union Co		257,624
	12,145	*	WEX, Inc		1,232,232
			TOTAL SOFTWARE & SERVICES		519,748,793

TECHNOLOGY HARDWARE & EQUIPMENT - 7.4%
	7,696		Amphenol Corp (Class A)		556,498
	1,017,181		Apple, Inc		146,118,051
	111,007	*	ARRIS International plc		2,885,072
	42,395		CDW Corp		2,505,120
	85,169	*	CommScope Holding Co, Inc		3,580,505
	66,926	*	F5 Networks, Inc		8,642,154
	79,905		Motorola, Inc		6,869,433
	122,035	*	NCR Corp		5,033,944
	11,120	*	Zebra Technologies Corp (Class A)		1,048,282
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		177,239,059

TELECOMMUNICATION SERVICES - 0.8%
	95,933	*	T-Mobile US, Inc		6,453,413
	278,487		Verizon Communications, Inc		12,785,338
			TOTAL TELECOMMUNICATION SERVICES		19,238,751

TRANSPORTATION - 1.6%
	34,835		Alaska Air Group, Inc		2,964,110
	139,584		Delta Air Lines, Inc		6,342,697
	36,519		Expeditors International of Washington, Inc		2,048,351
	13,093		FedEx Corp		2,483,742
	68,364	*	JetBlue Airways Corp		1,492,386
	150,066		Southwest Airlines Co		8,436,711
	56,805		Union Pacific Corp		6,359,888
	69,431		United Parcel Service, Inc (Class B)		7,461,055
			TOTAL TRANSPORTATION		37,588,940

			TOTAL COMMON STOCKS		2,342,896,814
			(Cost $1,752,333,745)

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 0.8%

GOVERNMENT AGENCY DEBT - 0.5%
$	12,050,000		Federal Home Loan Bank (FHLB)		0.680	%	05/01/17	$	12,050,000
			TOTAL GOVERNMENT AGENCY DEBT						12,050,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
	6,530,270	c	State Street Navigator Securities Lending Government Money Market Portfolio						6,530,270
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						6,530,270

			TOTAL SHORT-TERM INVESTMENTS						18,580,270
			(Cost $18,580,270)
			TOTAL INVESTMENTS - 100.2%						2,361,477,084
			(Cost $1,770,914,015)
			OTHER ASSETS & LIABILITIES, NET - (0.2)%						(5,593,335	)
			NET ASSETS - 100.0%					$	2,355,883,749

*		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 $6,330,565.

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

TIAA-CREF FUNDS

ENHANCED LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.9%

AUTOMOBILES & COMPONENTS - 1.4%
	21,438		BorgWarner, Inc	$	906,399
	933,397		Ford Motor Co		10,706,064
	271,806		General Motors Co		9,415,360
	137,410		Gentex Corp		2,837,516
	37,541		Goodyear Tire & Rubber Co		1,360,110
	48,545		Lear Corp		6,925,430
			TOTAL AUTOMOBILES & COMPONENTS		32,150,879

BANKS - 12.0%
	2,151,763		Bank of America Corp		50,222,148
	51,498		BankUnited		1,817,364
	87,576		BB&T Corp		3,781,532
	615,657		Citigroup, Inc		36,397,642
	5,959		Citizens Financial Group, Inc		218,755
	8,860		Cullen/Frost Bankers, Inc		836,295
	108,367		Fifth Third Bancorp		2,647,406
	794,181		JPMorgan Chase & Co		69,093,747
	22,073		PacWest Bancorp		1,090,185
	159,534		PNC Financial Services Group, Inc		19,104,197
	146,835		Popular, Inc		6,153,855
	57,968		Regions Financial Corp		797,060
	93,105		SunTrust Banks, Inc		5,289,295
	2,804	*	SVB Financial Group		493,336
	17,005		TFS Financial Corp		281,263
	330,016		US Bancorp		16,923,220
	1,004,153		Wells Fargo & Co		54,063,598
			TOTAL BANKS		269,210,898

CAPITAL GOODS - 7.6%
	149,547	*	Aecom Technology Corp		5,116,003
	78,810		Air Lease Corp		3,005,813
	209,061		Allison Transmission Holdings, Inc		8,086,480
	105,282		Arconic, Inc		2,877,357
	33,926		Carlisle Cos, Inc		3,439,757
	32,545		Caterpillar, Inc		3,328,052
	20,528		Chicago Bridge & Iron Co NV		617,482
	12,053		Crane Co		963,155
	40,996		Cummins, Inc		6,187,936
	15,286		Deere & Co		1,706,071
	58,063		Eaton Corp		4,391,885
	56,725		Emerson Electric Co		3,419,383
	94,378		Fluor Corp		4,843,479
	1,159,024		General Electric Co		33,600,106
	34,314	*	Herc Holdings, Inc		1,560,258

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

SHARES			COMPANY	VALUE

	32,443		Huntington Ingalls	$	6,517,474
	49,585		Ingersoll-Rand plc		4,400,669
	19,062		Jacobs Engineering Group, Inc		1,046,885
	35,384		L3 Technologies, Inc		6,077,910
	7,263		MSC Industrial Direct Co (Class A)		650,256
	9,892		Orbital ATK, Inc		979,308
	109,847		Oshkosh Truck Corp		7,622,283
	144,837		Owens Corning, Inc		8,813,331
	10,265		PACCAR, Inc		684,983
	24,659		Parker-Hannifin Corp		3,965,167
	148,481	*	Quanta Services, Inc		5,262,167
	3,120		Regal-Beloit Corp		246,012
	19,243		Roper Industries, Inc		4,208,444
	117,857		Spirit Aerosystems Holdings, Inc (Class A)		6,736,706
	13,437		Stanley Works		1,829,448
	126,888		Timken Co		6,122,346
	54,047		Trinity Industries, Inc		1,453,864
	60,220	*	United Rentals, Inc		6,603,725
	79,027		United Technologies Corp		9,403,423
	37,405	*	USG Corp		1,133,372
	23,329		Valmont Industries, Inc		3,554,173
			TOTAL CAPITAL GOODS		170,455,163

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	86,262		Manpower, Inc		8,710,737
	36,024		Waste Management, Inc		2,621,826
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		11,332,563

CONSUMER DURABLES & APPAREL - 0.2%
	29,643		Brunswick Corp		1,682,240
	9,732		Phillips-Van Heusen Corp		983,224
	7,274		Ralph Lauren Corp		587,157
			TOTAL CONSUMER DURABLES & APPAREL		3,252,621

CONSUMER SERVICES - 1.2%
	191,149		Carnival Corp		11,807,274
	144,468		Extended Stay America, Inc		2,519,522
	204,554		International Game Technology plc		4,541,099
	70,249		Royal Caribbean Cruises Ltd		7,488,543
			TOTAL CONSUMER SERVICES		26,356,438

DIVERSIFIED FINANCIALS - 8.6%
	18,960		Affiliated Managers Group, Inc		3,139,586
	31,706		AGNC Investment Corp		668,045
	254,879		American Express Co		20,199,161
	48,168		Ameriprise Financial, Inc		6,158,279
	135,974		Annaly Capital Management, Inc		1,605,853
	177,251		Bank of New York Mellon Corp		8,341,432
	11,205		BlackRock, Inc		4,309,107
	187,364		Capital One Financial Corp		15,060,318
	137,514		Discover Financial Services		8,607,001
	81,725		Goldman Sachs Group, Inc		18,290,055
	563,000		iShares Russell 1000 Value Index Fund		64,587,360

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

SHARES			COMPANY	VALUE

	102,808		Lazard Ltd (Class A)	$	4,414,576
	6,149		Moody’s Corp		727,550
	360,318		Morgan Stanley		15,626,992
	229,213		Navient Corp		3,484,038
	5,520	*	OneMain Holdings, Inc		128,726
	332,879	*	Santander Consumer USA Holdings, Inc		4,240,878
	18,113		Starwood Property Trust, Inc		410,984
	59,778		State Street Corp		5,015,374
	330,625		Synchrony Financial		9,191,375
	43,486		Voya Financial, Inc		1,625,507
			TOTAL DIVERSIFIED FINANCIALS		195,832,197

ENERGY - 10.9%
	69,594		Anadarko Petroleum Corp		3,968,250
	36,905	*	Antero Resources Corp		782,017
	14,948		Apache Corp		727,071
	97,146		Baker Hughes, Inc		5,767,558
	358,759		Chevron Corp		38,279,585
	21,054		Cimarex Energy Co		2,456,581
	22,758	*	Concho Resources, Inc		2,882,528
	220,534		ConocoPhillips		10,565,784
	28,648	*	Continental Resources, Inc		1,214,962
	85,169	*	Devon Energy Corp		3,363,324
	46,364	*,e	Diamond Offshore Drilling, Inc		668,569
	22,252	*	Diamondback Energy, Inc		2,221,640
	32,517	*	Energen Corp		1,690,559
	49,167		Ensco plc		387,928
	94,453		EOG Resources, Inc		8,736,902
	784,951		Exxon Mobil Corp		64,091,249
	49,125	e	Frank’s International NV		447,037
	148,032		Halliburton Co		6,791,708
	30,173		Helmerich & Payne, Inc		1,829,691
	11,786		Hess Corp		575,510
	410,985		Kinder Morgan, Inc		8,478,620
	48,496	*	Laredo Petroleum Holdings, Inc		623,659
	32,031		Marathon Oil Corp		476,301
	115,854		Marathon Petroleum Corp		5,901,603
	178,015		Nabors Industries Ltd		1,840,675
	93,913		National Oilwell Varco, Inc		3,284,138
	12,909	*	Newfield Exploration Co		446,910
	45,088		Noble Energy, Inc		1,457,695
	133,630		Occidental Petroleum Corp		8,223,590
	40,149		Oceaneering International, Inc		1,059,532
	46,575	*	Parsley Energy, Inc		1,387,469
	56,952		Patterson-UTI Energy, Inc		1,232,726
	19,000		PBF Energy, Inc		424,080
	84,869		Phillips 66		6,752,178
	27,831		Pioneer Natural Resources Co		4,814,485
	51,320	*	Questar Market Resources, Inc		606,089
	43,448	*	Rice Energy, Inc		925,008
	29,450	*	Rowan Cos plc		414,361
	26,530	e	RPC, Inc		482,050
	276,500		Schlumberger Ltd		20,071,135

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

SHARES			COMPANY	VALUE

	39,020		Targa Resources Investments, Inc	$	2,151,173
	40,753		Tesoro Corp		3,248,422
	117,866		Valero Energy Corp		7,615,322
	93,350		Williams Cos, Inc		2,859,310
	61,838		World Fuel Services Corp		2,277,493
			TOTAL ENERGY		244,502,477

FOOD & STAPLES RETAILING - 2.3%
	70,404		CVS Health Corp		5,804,106
	176,763		Walgreens Boots Alliance, Inc		15,297,070
	394,340		Wal-Mart Stores, Inc		29,646,481
			TOTAL FOOD & STAPLES RETAILING		50,747,657

FOOD, BEVERAGE & TOBACCO - 2.4%
	29,920		Bunge Ltd		2,364,578
	141,476		ConAgra Foods, Inc		5,486,439
	66,667		Flowers Foods, Inc		1,307,340
	5,226		Ingredion, Inc		647,083
	7,782		J.M. Smucker Co		986,135
	9,918		Kellogg Co		704,178
	25,259		Kraft Heinz Co		2,283,161
	22,714		Lamb Weston Holdings, Inc		948,310
	112,961		Mondelez International, Inc		5,086,634
	58,805		PepsiCo, Inc		6,661,430
	190,193		Philip Morris International, Inc		21,080,992
	44,973		Pinnacle Foods, Inc		2,615,180
	58,942		Tyson Foods, Inc (Class A)		3,787,613
			TOTAL FOOD, BEVERAGE & TOBACCO		53,959,073

HEALTH CARE EQUIPMENT & SERVICES - 3.5%
	126,174		Abbott Laboratories		5,506,233
	42,305		Aetna Inc		5,714,136
	186,925	*	Allscripts Healthcare Solutions, Inc		2,237,492
	20,128		Anthem, Inc		3,580,570
	15,997		Baxter International, Inc		890,713
	65,126	*	Centene Corp		4,845,374
	70,196		Cigna Corp		10,976,548
	6,872		Cooper Cos, Inc		1,376,668
	43,645		Danaher Corp		3,636,938
	14,818	*	DaVita, Inc		1,022,590
	36,714	*	Express Scripts Holding Co		2,252,037
	96,087	*	HCA Holdings, Inc		8,091,486
	6,092		Hill-Rom Holdings, Inc		460,799
	8,043	*	Laboratory Corp of America Holdings		1,127,227
	163,653		Medtronic plc		13,597,928
	47,302	*	Premier, Inc		1,598,808
	36,384		Quest Diagnostics, Inc		3,838,876
	11,746		Universal Health Services, Inc (Class B)		1,418,447
	39,605	*	WellCare Health Plans, Inc		6,075,803
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		78,248,673

HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	46,037		Colgate-Palmolive Co		3,316,505

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

SHARES			COMPANY	VALUE

	7,861		Kimberly-Clark Corp	$	1,019,965
	65,821		Nu Skin Enterprises, Inc (Class A)		3,635,294
	425,365		Procter & Gamble Co		37,147,125
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		45,118,889

INSURANCE - 9.0%
	183,614		Aflac, Inc		13,749,016
	152,515		Allstate Corp		12,397,944
	40,285		American Financial Group, Inc		3,920,133
	103,323		American International Group, Inc		6,293,404
	122,366	e	Amtrust Financial Services, Inc		1,963,974
	34,061	*	Arch Capital Group Ltd		3,302,895
	75,042		Aspen Insurance Holdings Ltd		3,928,449
	156,258		Assured Guaranty Ltd		5,958,118
	328,427	*	Berkshire Hathaway, Inc (Class B)		54,259,425
	55,348		Chubb Ltd		7,596,513
	38,796		Everest Re Group Ltd		9,765,341
	44,988		First American Financial Corp		1,952,929
	14,756		Hanover Insurance Group, Inc		1,302,512
	23,850		Hartford Financial Services Group, Inc		1,153,386
	147,493		Lincoln National Corp		9,724,213
	122,822		Metlife, Inc		6,363,408
	66,710		Old Republic International Corp		1,379,563
	164,076		Principal Financial Group		10,686,270
	20,298		Progressive Corp		806,237
	162,458		Prudential Financial, Inc		17,387,880
	70,948		Reinsurance Group of America, Inc (Class A)		8,871,338
	12,547		RenaissanceRe Holdings Ltd		1,783,807
	72,719		Travelers Cos, Inc		8,846,994
	122,416		UnumProvident Corp		5,671,533
	48,782		Validus Holdings Ltd		2,696,669
			TOTAL INSURANCE		201,761,951

MATERIALS - 4.5%
	33,545		Avery Dennison Corp		2,791,279
	83,881		Cabot Corp		5,048,797
	118,347		Celanese Corp (Series A)		10,300,923
	196,557		Dow Chemical Co		12,343,780
	123,364		Eastman Chemical Co		9,838,279
	45,945		Graphic Packaging Holding Co		623,933
	224,535		Huntsman Corp		5,561,732
	73,043		International Paper Co		3,942,131
	110,273		LyondellBasell Industries AF S.C.A		9,346,740
	6,289		Monsanto Co		733,360
	2,532		NewMarket Corp		1,191,812
	182,371		Nucor Corp		11,184,813
	99,311		Reliance Steel & Aluminum Co		7,827,693
	232,009		Steel Dynamics, Inc		8,384,805
	55,483		United States Steel Corp		1,238,381
	59,182		Westlake Chemical Corp		3,684,080
	142,058		WestRock Co		7,608,626
			TOTAL MATERIALS		101,651,164

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

SHARES			COMPANY	VALUE

MEDIA - 0.9%
	209,070		Comcast Corp (Class A)	$	8,193,453
	9,130	*	DISH Network Corp (Class A)		588,337
	9,768		John Wiley & Sons, Inc (Class A)		514,774
	50,264	*	Liberty SiriusXM Group (Class A)		1,915,059
	79,364	*	Liberty SiriusXM Group (Class C)		3,015,038
	56,653	*	Lions Gate Entertainment Corp (Class A)		1,482,609
	27,328		Regal Entertainment Group (Class A)		603,129
	117,869		TEGNA, Inc		3,003,302
			TOTAL MEDIA		19,315,701

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.0%
	377,088		Johnson & Johnson		46,559,055
	28,015	*	Mallinckrodt plc		1,314,464
	431,050		Merck & Co, Inc		26,867,347
	99,525	*	Mylan NV		3,717,259
	913,913		Pfizer, Inc		30,999,929
	15,041	*	Quintiles Transnational Holdings, Inc		1,267,655
	8,727	*	United Therapeutics Corp		1,096,984
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		111,822,693

REAL ESTATE - 3.5%
	14,407		Alexandria Real Estate Equities, Inc		1,620,932
	12,550		American Campus Communities, Inc		594,744
	40,827		American Homes 4 Rent		941,062
	19,247		Apartment Investment & Management Co (Class A)		841,864
	143,140		Apple Hospitality REIT, Inc		2,681,012
	26,134		AvalonBay Communities, Inc		4,961,279
	15,172		Boston Properties, Inc		1,920,775
	74,480		Brixmor Property Group, Inc		1,470,980
	9,110		Camden Property Trust		750,026
	42,882		Care Capital Properties, Inc		1,152,239
	50,105		Colony NorthStar, Inc		654,872
	39,595		Columbia Property Trust, Inc		890,887
	99,120		CoreCivic, Inc		3,414,684
	17,732		Corporate Office Properties Trust		580,546
	35,911		CubeSmart		909,985
	19,288		CyrusOne, Inc		1,053,896
	8,942		Digital Realty Trust, Inc		1,026,899
	36,977		Douglas Emmett, Inc		1,392,924
	190,865		Empire State Realty Trust, Inc		3,969,992
	20,815		Entertainment Properties Trust		1,513,459
	58,921		Equity Residential		3,805,118
	7,239		Essex Property Trust, Inc		1,769,718
	38,855		Highwoods Properties, Inc		1,976,942
	121,500		Hospitality Properties Trust		3,867,345
	369,108		Host Marriott Corp		6,625,489
	15,207		Kilroy Realty Corp		1,072,550
	30,207		Mid-America Apartment Communities, Inc		2,996,836
	41,152		Omega Healthcare Investors, Inc		1,358,016
	195,947		Outfront Media, Inc		5,125,974
	25,907		Prologis, Inc		1,409,600
	100,274		Retail Properties of America, Inc		1,337,655

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

SHARES			COMPANY	VALUE

	13,967	*	SBA Communications Corp	$	1,766,686
	14,499		Simon Property Group, Inc		2,396,105
	89,822		STORE Capital Corp		2,154,830
	4,731		Sun Communities, Inc		395,559
	49,777		Tanger Factory Outlet Centers, Inc		1,552,545
	15,652		Taubman Centers, Inc		979,033
	33,316		UDR, Inc		1,244,019
	137,024		Uniti Group, Inc		3,762,679
	71,351		VEREIT, Inc		597,208
			TOTAL REAL ESTATE		78,536,964

RETAILING - 1.0%
	98,050		Best Buy Co, Inc		5,079,970
	50,149	*	Burlington Stores, Inc		4,960,739
	21,942		Dick’s Sporting Goods, Inc		1,109,168
	17,183		Foot Locker, Inc		1,328,933
	71,979		Gap, Inc		1,885,850
	29,618		Kohl’s Corp		1,155,991
	16,697		Macy’s, Inc		487,886
	43,622	*	Michaels Cos, Inc		1,019,010
	16,050	*	Murphy USA, Inc		1,116,599
	13,239	e	Signet Jewelers Ltd		871,656
	122,308		Staples, Inc		1,194,949
	52,475		Target Corp		2,930,729
	4,205		Tiffany & Co		385,388
			TOTAL RETAILING		23,526,868

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9%
	121,212		Analog Devices, Inc		9,236,354
	124,406		Applied Materials, Inc		5,052,128
	980,802		Intel Corp		35,455,993
	57,346		Lam Research Corp		8,306,568
	193,593	*	Micron Technology, Inc		5,356,718
	254,081	*	ON Semiconductor Corp		3,602,869
	28,947	*	Qorvo, Inc		1,969,264
	153,240		Qualcomm, Inc		8,235,118
	52,857		Skyworks Solutions, Inc		5,271,957
	140,252		Teradyne, Inc		4,946,688
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		87,433,657

SOFTWARE & SERVICES - 3.1%
	31,186	*	Akamai Technologies, Inc		1,900,475
	53,708		Amdocs Ltd		3,289,078
	6,410		Booz Allen Hamilton Holding Co		230,311
	51,934	*	DXC Technology Co		3,912,708
	39,702	*	First American Corp		1,696,863
	86,622		International Business Machines Corp		13,884,641
	117,142	*	Nuance Communications, Inc		2,095,670
	585,744		Oracle Corp		26,335,050
	98,275	*	Synopsys, Inc		7,242,868
	57,940	*,e	VMware, Inc (Class A)		5,453,313
	47,626	*	Yahoo!, Inc		2,296,049
			TOTAL SOFTWARE & SERVICES		68,337,026

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

SHARES			COMPANY	VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 4.6%
	130,497		Apple, Inc	$	18,745,894
	24,635	*	ARRIS International plc		640,264
	1,156,198		Cisco Systems, Inc		39,391,666
	189,798		Corning, Inc		5,475,672
	42,307		Flir Systems, Inc		1,553,936
	56,209		Harris Corp		6,289,225
	396,574		HP, Inc		7,463,523
	2,135	*	IPG Photonics Corp		269,693
	123,673		Jabil Circuit, Inc		3,588,991
	61,825		Juniper Networks, Inc		1,859,078
	50,033	*	Keysight Technologies, Inc		1,872,735
	116,117		Motorola, Inc		9,982,578
	68,293		NetApp, Inc		2,721,476
	48,435		Western Digital Corp		4,314,105
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		104,168,836

TELECOMMUNICATION SERVICES - 2.9%
	1,212,115		AT&T, Inc		48,036,117
	38,796	e	CenturyLink, Inc		995,894
	61,575	*	T-Mobile US, Inc		4,142,150
	264,992		Verizon Communications, Inc		12,165,783
			TOTAL TELECOMMUNICATION SERVICES		65,339,944

TRANSPORTATION - 2.7%
	45,989		Alaska Air Group, Inc		3,913,204
	121,575		American Airlines Group, Inc		5,181,526
	30,359		Copa Holdings S.A. (Class A)		3,534,395
	117,656		CSX Corp		5,981,631
	37,199		Delta Air Lines, Inc		1,690,322
	132,377	*	JetBlue Airways Corp		2,889,790
	76,276		Norfolk Southern Corp		8,961,667
	4,598		Old Dominion Freight Line		407,015
	22,510	*	Spirit Airlines, Inc		1,289,148
	182,206		Union Pacific Corp		20,399,784
	103,741	*	United Continental Holdings, Inc		7,283,656
			TOTAL TRANSPORTATION		61,532,138

UTILITIES - 5.1%
	60,033		Ameren Corp		3,283,205
	53,707		American Electric Power Co, Inc		3,642,946
	14,954		American Water Works Co, Inc		1,192,731
	31,143		Atmos Energy Corp		2,523,206
	28,327		Avangrid, Inc		1,232,224
	167,868		Centerpoint Energy, Inc		4,789,274
	26,379		CMS Energy Corp		1,197,607
	69,413		Consolidated Edison, Inc		5,503,063
	47,009		DTE Energy Co		4,916,671
	126,460		Duke Energy Corp		10,432,950
	95,662		Edison International		7,650,090
	22,440		Entergy Corp		1,711,274
	20,134		Eversource Energy		1,195,960

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

SHARES			COMPANY					VALUE

	320,125		Exelon Corp					$	11,085,929
	66,872		FirstEnergy Corp						2,002,148
	23,721		Great Plains Energy, Inc						701,904
	32,461		MDU Resources Group, Inc						873,201
	32,093		National Fuel Gas Co						1,777,310
	95,079		NextEra Energy, Inc						12,698,751
	246,836		NRG Energy, Inc						4,171,528
	56,466		OGE Energy Corp						1,963,887
	124,614		PG&E Corp						8,355,369
	38,586		Pinnacle West Capital Corp						3,283,283
	124,520		PPL Corp						4,745,457
	51,971		Public Service Enterprise Group, Inc						2,289,322
	11,309		SCANA Corp						749,900
	5,197		Southern Co						258,811
	85,487		UGI Corp						4,288,028
	7,625		WEC Energy Group, Inc						461,465
	6,645		Westar Energy, Inc						345,739
	111,954		Xcel Energy, Inc						5,043,528
			TOTAL UTILITIES						114,366,761

			TOTAL COMMON STOCKS						2,218,961,231
			(Cost $1,839,510,669)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 1.2%

GOVERNMENT AGENCY DEBT - 0.7%
$	16,250,000		Federal Home Loan Bank (FHLB)		0.680	%	05/01/17		16,250,000
			TOTAL GOVERNMENT AGENCY DEBT						16,250,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
	11,098,736	c	State Street Navigator Securities Lending Government Money Market Portfolio						11,098,736
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						11,098,736

			TOTAL SHORT-TERM INVESTMENTS						27,348,736
			(Cost $27,348,736)
			TOTAL INVESTMENTS - 100.1%						2,246,309,967
			(Cost $1,866,859,405)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%						(3,738,967	)
			NET ASSETS - 100.0%					$	2,242,571,000



		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 $10,773,540.

TIAA-CREF FUNDS - Growth & Income Fund

TIAA-CREF FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 0.3%
	243,951	n	Delphi Automotive plc	$	19,613,660
			TOTAL AUTOMOBILES & COMPONENTS		19,613,660

BANKS - 7.8%
	2,167,129		Banca Intesa S.p.A.		6,326,064
	4,610,512		Bank of America Corp		107,609,350
	657,415		Citigroup, Inc		38,866,375
	1,054,057		Citizens Financial Group, Inc		38,694,432
	312,018		Comerica, Inc		22,059,673
	1,314,560		Huntington Bancshares, Inc		16,905,242
	2,205,878		ING Groep NV		35,954,765
	1,457,198		JPMorgan Chase & Co		126,776,226
	1,004,395		Wells Fargo & Co		54,076,627
	958,917		Zions Bancorporation		38,385,447
			TOTAL BANKS		485,654,201

CAPITAL GOODS - 8.3%
	308,896	n	AGCO Corp		19,766,255
	390,267	*	Caesarstone Sdot-Yam Ltd		15,493,600
	158,152		Carlisle Cos, Inc		16,035,031
	395,091		Caterpillar, Inc		40,402,006
	1,429,056		CNH Industrial NV (NYSE)		15,862,522
	182,228		Equifax, Inc		24,657,271
	259,672		Fortive Corp		16,426,851
	181,010	n	General Dynamics Corp		35,077,928
	2,064,354	n	General Electric Co		59,845,622
	554,114	n	Honeywell International, Inc		72,666,510
	631,556		Kennametal, Inc		26,260,098
	390,232	n	PACCAR, Inc		26,040,181
	296,634	n	Parker-Hannifin Corp		47,698,747
	302,999	n	Raytheon Co		47,028,475
	157,442	n	Rockwell Automation, Inc		24,773,499
	180,324	*	WABCO Holdings, Inc		21,435,114
			TOTAL CAPITAL GOODS		509,469,710

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	540,935		Waste Management, Inc		39,369,249
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		39,369,249

CONSUMER DURABLES & APPAREL - 2.2%
	222,603	n	Coach, Inc		8,768,332
	371,847		DR Horton, Inc		12,230,048
	943,667	n	Mattel, Inc		21,157,014

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	134,181	*,n	Mohawk Industries, Inc	$	31,504,357
	252,260		Phillips-Van Heusen Corp		25,485,828
	466,592		Sony Corp		16,010,786
	686,811	*,g	Spin Master Corp		19,733,143
			TOTAL CONSUMER DURABLES & APPAREL		134,889,508

CONSUMER SERVICES - 1.7%
	253,390		Marriott International, Inc (Class A)		23,925,084
	1,186,815		MGM Resorts International		36,447,089
	445,211	*	Norwegian Cruise Line Holdings Ltd		24,010,229
	153,096		Wynn Resorts Ltd		18,832,339
			TOTAL CONSUMER SERVICES		103,214,741

DIVERSIFIED FINANCIALS - 2.8%
	415,122		American Express Co		32,898,419
	740,911		Blackstone Group LP		22,849,695
	246,507		CME Group, Inc		28,641,648
	1,328,452		Morgan Stanley		57,614,963
	28,257	*,g	Netmarble Games Corp		3,898,716
	276,186		Northern Trust Corp		24,856,740
			TOTAL DIVERSIFIED FINANCIALS		170,760,181

ENERGY - 6.5%
	1,214,865		Cenovus Energy, Inc		12,124,353
	500,594		Chevron Corp		53,413,380
	356,075	*,n	Concho Resources, Inc		45,100,459
	925,080	*	Continental Resources, Inc		39,232,643
	295,725		Delek US Holdings, Inc		7,118,101
	261,275	*	Diamondback Energy, Inc		26,085,696
	512,909		Enterprise Products Partners LP		14,012,674
	665,150		EOG Resources, Inc		61,526,375
	364,888		Exxon Mobil Corp		29,793,105
	557,161		Oceaneering International, Inc		14,703,479
	788,685	*	Parsley Energy, Inc		23,494,926
	63,749	n	Pioneer Natural Resources Co		11,027,939
	595,992	*	RSP Permian, Inc		22,677,496
	358,655	n	Schlumberger Ltd		26,034,766
	1,510,183	*	WPX Energy, Inc		18,016,483
			TOTAL ENERGY		404,361,875

FOOD, BEVERAGE & TOBACCO - 6.9%
	479,786		Coca-Cola European Partners plc (Class A)		18,529,335
	754,217		ConAgra Foods, Inc		29,248,535
	182,915	n	Constellation Brands, Inc (Class A)		31,560,154
	228,861		Costco Wholesale Corp		40,627,405
	192,167		Fresh Del Monte Produce, Inc		11,779,837
	271,119		Hershey Co		29,335,076
	419,158		Kraft Heinz Co		37,887,692
	295,955		Molson Coors Brewing Co (Class B)		28,379,125
	757,221		Mondelez International, Inc		34,097,662
	851,913	*,n	Monster Beverage Corp		38,659,812
	446,231		PepsiCo, Inc		50,549,047
	496,652	n	Philip Morris International, Inc		55,048,908

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	345,808		Pinnacle Foods, Inc	$	20,108,735
			TOTAL FOOD, BEVERAGE & TOBACCO		425,811,323

HEALTH CARE EQUIPMENT & SERVICES - 6.2%
	198,279		Anthem, Inc		35,271,851
	627,310		Baxter International, Inc		34,928,621
	1,877,999	*	Boston Scientific Corp		49,541,614
	283,901		Cigna Corp		44,393,599
	296,221	*,n	Edwards Lifesciences Corp		32,486,557
	155,563		Humana, Inc		34,531,875
	148,568	*	Idexx Laboratories, Inc		24,919,310
	32,412	*	Intuitive Surgical, Inc		27,092,218
	160,794	*,n	NuVasive, Inc		11,659,173
	220,100		STERIS plc		16,243,380
	92,527	n	Stryker Corp		12,617,907
	270,493	n	Universal Health Services, Inc (Class B)		32,664,735
	164,292	*	WellCare Health Plans, Inc		25,204,036
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		381,554,876

HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
	218,788	*	Central Garden & Pet Co		8,270,186
	87,853		Clorox Co		11,745,068
	573,046		Colgate-Palmolive Co		41,282,234
	109,495	e	L’Oreal S.A.		21,805,882
	704,425		Procter & Gamble Co		61,517,435
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		144,620,805

INSURANCE - 2.0%
	146,726	*	Berkshire Hathaway, Inc (Class B)		24,240,602
	451,166		Chubb Ltd		61,922,534
	563,693		Lincoln National Corp		37,164,280
			TOTAL INSURANCE		123,327,416

MATERIALS - 3.4%
	143,929	e	Akzo Nobel NV		12,588,332
	1,140,839		Dow Chemical Co		71,644,689
	207,083		Eagle Materials, Inc		19,873,756
	354,832		FMC Corp		25,984,348
	551,756		International Paper Co		29,778,271
	167,579		PPG Industries, Inc		18,406,877
	86,220		Praxair, Inc		10,775,776
	47,000	n	United States Steel Corp		1,049,040
	283,767	n	WR Grace & Co		19,784,235
			TOTAL MATERIALS		209,885,324

MEDIA - 3.8%
	460,520		CBS Corp (Class B)		30,652,211
	2,148,282		Comcast Corp (Class A)		84,191,172
	189,973	*,n	DISH Network Corp (Class A)		12,241,860
	963,856		Viacom, Inc (Class B)		41,021,711
	559,038		Walt Disney Co		64,624,793
			TOTAL MEDIA		232,731,747

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
	171,567		Allergan plc	$	41,838,329
	852,049		AstraZeneca plc (ADR)		25,774,482
	228,430	*	BioMarin Pharmaceutical, Inc		21,892,731
	516,493	n	Bristol-Myers Squibb Co		28,949,433
	404,223	*,n	Celgene Corp		50,143,863
	258,121	*,n	Clovis Oncology, Inc		14,942,625
	552,644	n	Eli Lilly & Co		45,349,967
	553,885		H Lundbeck AS		28,411,536
	134,828	*,n	Incyte Corp		16,756,424
	297,294		Ipsen		34,611,854
	146,802	*	Jazz Pharmaceuticals plc		23,382,623
	1,151,750		Merck & Co, Inc		71,788,577
	421,012		Novo Nordisk AS		16,392,883
	1,413,543		Pfizer, Inc		47,947,378
	31,280	*,n	Regeneron Pharmaceuticals, Inc		12,151,967
	208,913	*	Seattle Genetics, Inc		14,268,758
	98,837	*,n	TESARO, Inc		14,587,353
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		509,190,783

REAL ESTATE - 0.7%
	294,067	n	Crown Castle International Corp		27,818,738
	445,291		Weyerhaeuser Co		15,082,006
			TOTAL REAL ESTATE		42,900,744

RETAILING - 6.3%
	152,556	*	Amazon.com, Inc		141,112,775
	222,032	*	ASOS plc		16,734,360
	98,222	*	Floor & Decor Holdings, Inc		3,182,393
	639,503		Home Depot, Inc		99,826,418
	431,954	e	Industria De Diseno Textil S.A.		16,552,987
	2,851,447	*,n	JC Penney Co, Inc		15,340,785
	209,743	*	NetFlix, Inc		31,922,885
	17,819	*	Priceline.com, Inc		32,908,485
	125,764	*,n	Ulta Beauty, Inc.		35,395,020
			TOTAL RETAILING		392,976,108

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8%
	228,021		Analog Devices, Inc		17,375,200
	979,205		Applied Materials, Inc		39,765,515
	222,525	n	Broadcom Ltd		49,135,745
	660,123		Intel Corp		23,863,447
	367,934		Microchip Technology, Inc		27,808,452
	343,331	*,n	Microsemi Corp		16,115,957
	133,076	n	Monolithic Power Systems, Inc		12,176,454
	396,204		NVIDIA Corp		41,324,077
	154,364		Xilinx, Inc		9,741,912
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		237,306,759

SOFTWARE & SERVICES - 13.8%
	168,218	*	Adobe Systems, Inc		22,497,475
	179,125	*	Alphabet, Inc (Class C)		162,280,085

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	329,211	*	CyberArk Software Ltd	$	17,418,554
	186,601	*	DXC Technology Co		14,058,519
	684,894	*	Facebook, Inc		102,905,324
	207,879	*	IAC/InterActiveCorp		17,256,036
	2,355,992		Microsoft Corp		161,291,212
	64,154	*,n	MicroStrategy, Inc (Class A)		12,200,166
	1,197,208		Oracle Corp		53,826,472
	608,171	*	PayPal Holdings, Inc		29,021,920
	662,851	*	salesforce.com, Inc		57,084,728
	175,737	*	ServiceNow, Inc		16,603,632
	1,205,592		Symantec Corp		38,132,875
	459,400	*	Take-Two Interactive Software, Inc		28,873,290
	784,899		Tencent Holdings Ltd		24,593,492
	628,992		Visa, Inc (Class A)		57,376,650
	288,040	*,e	VMware, Inc (Class A)		27,110,325
	311,428	*,n	Yelp, Inc		11,027,665
	91,965	*,e	Yext, Inc		1,364,761
			TOTAL SOFTWARE & SERVICES		854,923,181

TECHNOLOGY HARDWARE & EQUIPMENT - 6.7%
	1,762,379		Apple, Inc		253,165,743
	711,149	*,n	Ciena Corp		16,292,424
	1,711,794		Cisco Systems, Inc		58,320,822
	128,380	n	Cognex Corp		10,955,949
	847,882	*,n	Flextronics International Ltd		13,108,256
	234,315	*,n	Itron, Inc		15,195,328
	185,054		National Instruments Corp		6,460,235
	1,398,735	*,e	Oclaro, Inc		11,203,867
	644,100	*	Pure Storage, Inc		6,833,901
	147,946		Universal Display Corp		13,218,975
	1,054,635	*	Viavi Solutions, Inc		10,546,350
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		415,301,850

TELECOMMUNICATION SERVICES - 2.0%
	2,159,538		AT&T, Inc		85,582,491
	594,895	*	T-Mobile US, Inc		40,018,587
			TOTAL TELECOMMUNICATION SERVICES		125,601,078

TRANSPORTATION - 1.8%
	980,433		CSX Corp		49,845,214
	348,025		DSV AS		19,379,927
	111,702	n	FedEx Corp		21,189,869
	316,484	*,n	Genesee & Wyoming, Inc (Class A)		21,444,956
			TOTAL TRANSPORTATION		111,859,966

UTILITIES - 1.5%
	330,299		American Water Works Co, Inc		26,344,648
	329,061		NextEra Energy, Inc		43,949,387
	217,550		Sempra Energy		24,587,501
			TOTAL UTILITIES		94,881,536

			TOTAL COMMON STOCKS		6,170,206,621
			(Cost $4,605,312,897)

TIAA-CREF FUNDS - Growth & Income Fund

SHARES		COMPANY					VALUE

PURCHASED OPTIONS - 0.0%

CONSUMER DURABLES & APPAREL - 0.0%
	50,500	Kate Spade & Co					$	15,150
	62,500	Mattel, Inc						45,000
		TOTAL CONSUMER DURABLES & APPAREL						60,150

FOOD & STAPLES RETAILING - 0.0%
	31,300	Sprouts Farmers Market, Inc						21,910
		TOTAL FOOD & STAPLES RETAILING						21,910

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	10,000	Edwards Lifesciences Corp						500
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						500

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	20,000	Church & Dwight Co, Inc						11,000
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS						11,000

MATERIALS - 0.0%
	50,000	Kapstone Paper and Packaging						53,750
	56,400	Monsanto Co						444,150
		TOTAL MATERIALS						497,900

MEDIA - 0.0%
	78,000	DISH Network Corp						541,320
		TOTAL MEDIA						541,320

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	48,900	Bristol-Myers Squibb Co						75,795
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						75,795

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	39,000	Ciena Corp						22,620
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						22,620

		TOTAL PURCHASED OPTIONS						1,231,195
		(Cost $1,057,086)

PRINCIPAL		ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 1.4%

GOVERNMENT AGENCY DEBT - 0.1%
$	7,350,000	Federal Home Loan Bank (FHLB)		0.680	%	05/01/17		7,350,000
		TOTAL GOVERNMENT AGENCY DEBT						7,350,000

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
	77,682,897	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	77,682,897
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		77,682,897

			TOTAL SHORT-TERM INVESTMENTS		85,032,897
			(Cost $85,032,897)
			TOTAL INVESTMENTS - 101.0%		6,256,470,713
			(Cost $4,691,402,880)
			OTHER ASSETS & LIABILITIES, NET - (1.0)%		(60,689,810	)
			NET ASSETS - 100.0%	$	6,195,780,903



		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 $74,798,242.
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 4/30/2017, the aggregate value of these securities was $23,631,859 or 0.4% of net assets.
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, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.5%

AUTOMOBILES & COMPONENTS - 1.2%
	157,018	*	Tesla Motors, Inc	$	49,314,643
			TOTAL AUTOMOBILES & COMPONENTS		49,314,643

BANKS - 2.1%
	2,258,781		Bank of America Corp		52,719,949
	415,685		JPMorgan Chase & Co		36,164,595
			TOTAL BANKS		88,884,544

CAPITAL GOODS - 3.5%
	73,461		General Dynamics Corp		14,236,007
	162,499		Northrop Grumman Corp		39,968,254
	263,684		Parker-Hannifin Corp		42,400,387
	70,190		Rockwell Automation, Inc		11,044,397
	181,665		Roper Industries, Inc		39,730,135
			TOTAL CAPITAL GOODS		147,379,180

COMMERCIAL & PROFESSIONAL SERVICES - 1.8%
	879,045	*	IHS Markit Ltd		38,150,553
	956,765		Nielsen NV		39,351,744
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		77,502,297

CONSUMER DURABLES & APPAREL - 2.1%
	195,531	*	Lululemon Athletica, Inc		10,167,612
	1,417,570		Nike, Inc (Class B)		78,547,554
			TOTAL CONSUMER DURABLES & APPAREL		88,715,166

CONSUMER SERVICES - 4.3%
	61,992	*	Chipotle Mexican Grill, Inc (Class A)		29,413,344
	593,936		Marriott International, Inc (Class A)		56,079,437
	834,009		MGM Resorts International		25,612,417
	1,136,667		Starbucks Corp		68,268,220
			TOTAL CONSUMER SERVICES		179,373,418

DIVERSIFIED FINANCIALS - 2.0%
	1,036,842		Charles Schwab Corp		40,281,312
	306,983		CME Group, Inc		35,668,354
	215,055		TD Ameritrade Holding Corp		8,230,155
			TOTAL DIVERSIFIED FINANCIALS		84,179,821

ENERGY - 1.7%
	236,169	*	Concho Resources, Inc		29,913,166
	433,190		EOG Resources, Inc		40,070,075
			TOTAL ENERGY		69,983,241

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE

FOOD, BEVERAGE & TOBACCO - 2.4%
	295,048		Costco Wholesale Corp	$	52,376,921
	585,053	*	Monster Beverage Corp		26,549,705
	349,051		Pinnacle Foods, Inc		20,297,316
			TOTAL FOOD, BEVERAGE & TOBACCO		99,223,942

HEALTH CARE EQUIPMENT & SERVICES - 4.9%
	751,366	*	Cerner Corp		48,650,948
	74,283	*	Intuitive Surgical, Inc		62,090,931
	555,620		UnitedHealth Group, Inc		97,166,826
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		207,908,705

HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	787,305		Estee Lauder Cos (Class A)		68,605,758
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		68,605,758

MATERIALS - 3.0%
	231,217		Albemarle Corp		25,181,844
	528,377		Monsanto Co		61,614,042
	121,781		Sherwin-Williams Co		40,757,665
			TOTAL MATERIALS		127,553,551

MEDIA - 4.7%
	489,642		CBS Corp (Class B)		32,590,572
	2,163,770		Comcast Corp (Class A)		84,798,146
	713,657		Walt Disney Co		82,498,749
			TOTAL MEDIA		199,887,467

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.9%
	173,052	*	Alexion Pharmaceuticals, Inc		22,112,585
	237,774		Allergan plc		57,983,568
	83,208	*	Biogen Idec, Inc		22,566,842
	276,787	*	BioMarin Pharmaceutical, Inc		26,527,266
	490,680	*,n	Celgene Corp		60,868,854
	301,931		Eli Lilly & Co		24,776,458
	230,407	*	Illumina, Inc		42,593,038
	13,238	*	Incyte Corp		1,645,219
	140,863		Ipsen		16,399,690
	139,833	*	Jazz Pharmaceuticals plc		22,272,600
	105,892		Lonza Group AG.		21,666,556
	66,938	*	Vertex Pharmaceuticals, Inc		7,918,765
	838,441		Zoetis, Inc		47,044,924
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		374,376,365

RETAILING - 9.3%
	174,615	*	Amazon.com, Inc		161,517,129
	312,757		Expedia, Inc		41,821,866
	541,891		Home Depot, Inc		84,589,185
	406,735	*	NetFlix, Inc		61,905,067
	23,932	*	Priceline.com, Inc		44,198,096
			TOTAL RETAILING		394,031,343

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
	370,558	*	Advanced Micro Devices, Inc	$	4,928,421
	452,037		Broadcom Ltd		99,814,290
	207,550		Lam Research Corp		30,063,618
	216,797	n	NVIDIA Corp		22,611,927
	99,803		Skyworks Solutions, Inc		9,954,351
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		167,372,607

SOFTWARE & SERVICES - 34.1%
	891,061		Activision Blizzard, Inc		46,557,937
	1,092,527	*	Adobe Systems, Inc		146,114,561
	106,203	*	Alphabet, Inc (Class A)		98,186,798
	174,749	*	Alphabet, Inc (Class C)		158,315,604
	534,224		Automatic Data Processing, Inc		55,821,066
	1,163,888	*	Facebook, Inc		174,874,172
	52,610	*	Gartner, Inc		6,002,275
	391,905	*	IAC/InterActiveCorp		32,532,034
	1,029,231		Intuit, Inc		128,870,014
	524,068		MasterCard, Inc (Class A)		60,959,590
	2,762,216		Microsoft Corp		189,101,307
	874,136	*	PayPal Holdings, Inc		41,713,770
	428,291	*	Red Hat, Inc		37,723,871
	973,825	*	salesforce.com, Inc		83,865,809
	163,853	*,g	Scout24 AG.		5,617,055
	132,125	*	ServiceNow, Inc		12,483,170
	1,402,900		Tencent Holdings Ltd		43,957,515
	1,302,610		Visa, Inc (Class A)		118,824,084
			TOTAL SOFTWARE & SERVICES		1,441,520,632

TECHNOLOGY HARDWARE & EQUIPMENT - 4.3%
	1,167,248		Apple, Inc		167,675,175
	459,581	*	Ciena Corp		10,529,000
	22,585	*	Lumentum Holdings, Inc		965,509
	74,802	*	Palo Alto Networks, Inc		8,109,285
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		187,278,969

TELECOMMUNICATION SERVICES - 1.0%
	615,569	*	T-Mobile US, Inc		41,409,327
			TOTAL TELECOMMUNICATION SERVICES		41,409,327

TRANSPORTATION - 1.6%
	133,194		FedEx Corp		25,266,902
	382,309		Union Pacific Corp		42,803,315
			TOTAL TRANSPORTATION		68,070,217

			TOTAL COMMON STOCKS		4,162,571,193
			(Cost $2,863,691,680)

TIAA-CREF FUNDS - Large-Cap Growth Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 1.5%

GOVERNMENT AGENCY DEBT - 1.2%
$	43,300,000	Federal Home Loan Bank (FHLB)		0.680	%	05/01/17	$	43,300,000
	7,670,000	FHLB		0.760		05/12/17		7,668,267
		TOTAL GOVERNMENT AGENCY DEBT						50,968,267

TREASURY DEBT - 0.3%
	11,800,000	United States Treasury Bill		0.760		05/04/17		11,799,386
		TOTAL TREASURY DEBT						11,799,386

		TOTAL SHORT-TERM INVESTMENTS						62,767,653
		(Cost $62,767,472)
		TOTAL INVESTMENTS - 100.0%						4,225,338,846
		(Cost $2,926,459,152)
		OTHER ASSETS & LIABILITIES, NET - 0.0%						(1,392,959	)
		NET ASSETS - 100.0%					$	4,223,945,887

*		Non-income producing
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 4/30/2017, the aggregate value of these securities was $5,617,055 or 0.1% of net assets.
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, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.0%

AUTOMOBILES & COMPONENTS - 0.6%
	1,073,035		Ford Motor Co	$	12,307,712
	1,344,026	*	Peugeot S.A.		28,178,320
			TOTAL AUTOMOBILES & COMPONENTS		40,486,032

BANKS - 12.2%
	9,450,702		Banca Intesa S.p.A.		27,587,533
	7,601,278		Bank of America Corp		177,413,828
	2,289,685		Citigroup, Inc		135,366,177
	624,232		Citizens Financial Group, Inc		22,915,557
	631,468		Comerica, Inc		44,644,788
	606,872		Hilltop Holdings, Inc		16,877,110
	293,285		Huntington Bancshares, Inc		3,771,645
	1,119,218		JPMorgan Chase & Co		97,371,966
	2,959,673		Regions Financial Corp		40,695,504
	1,040,044		TCF Financial Corp		17,171,126
	3,194,739		Wells Fargo & Co		172,004,748
	1,070,963		Zions Bancorporation		42,870,649
			TOTAL BANKS		798,690,631

CAPITAL GOODS - 7.7%
	314,976		Ametek, Inc		18,016,627
	201,876		Caterpillar, Inc		20,643,840
	1,171,878	*	Colfax Corp		47,425,903
	330,140		Dover Corp		26,041,443
	466,150		Eaton Corp		35,259,586
	909,861		Fortive Corp		57,557,807
	2,502,637		General Electric Co		72,551,447
	181,615	*	Herc Holdings, Inc		8,258,034
	208,788		L3 Technologies, Inc		35,863,515
	465,181		Masco Corp		17,221,001
	454,079	*	SPX Corp		10,925,141
	756,103	*	SPX FLOW, Inc		27,325,562
	1,213,393		Terex Corp		42,444,487
	1,676,958		Triumph Group, Inc		43,936,299
	255,653		United Technologies Corp		30,420,150
	316,294	*	USG Corp		9,583,708
			TOTAL CAPITAL GOODS		503,474,550

CONSUMER DURABLES & APPAREL - 1.7%
	3,811,800		Cyrela Brazil Realty S.A.		15,852,227
	1,476,904		Mattel, Inc		33,112,188
	1,241,678		Pulte Homes, Inc		28,148,840
	294,406		Sony Corp		10,102,341

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	617,874		Sony Corp (ADR)	$	21,329,010
			TOTAL CONSUMER DURABLES & APPAREL		108,544,606

CONSUMER SERVICES - 2.5%
	565,920		Carnival Corp		34,956,878
	1,261,264		Extended Stay America, Inc		21,996,444
	1,034,575		MGM Resorts International		31,771,798
	740,038		Red Rock Resorts, Inc		17,302,089
	904,357		Restaurant Brands International, Inc		50,797,733
	30,997		Wyndham Worldwide Corp		2,954,324
			TOTAL CONSUMER SERVICES		159,779,266

DIVERSIFIED FINANCIALS - 6.1%
	371,103		American Express Co		29,409,913
	195,184		Bank of New York Mellon Corp		9,185,359
	112,748		Capital One Financial Corp		9,062,684
	2,792,388	*	Deutsche Bank AG.		50,209,388
	526,927		Goldman Sachs Group, Inc		117,926,263
	394,188		Legg Mason, Inc		14,734,748
	1,268,720		Morgan Stanley		55,024,386
	961,909		State Street Corp		80,704,165
	1,077,664		Synchrony Financial		29,959,059
			TOTAL DIVERSIFIED FINANCIALS		396,215,965

ENERGY - 12.9%
	236,510		Anadarko Petroleum Corp		13,485,800
	249,169	*	Arch Coal, Inc		17,501,631
	2,819	*,e	California Resources Corp		32,982
	5,977,643		Cenovus Energy, Inc		59,656,877
	898,958		Chevron Corp		95,918,819
	230,617	*	Continental Resources, Inc		9,780,467
	9,041	*	Diamondback Energy, Inc		902,653
	1,209,890		EOG Resources, Inc		111,914,825
	901,678		Exxon Mobil Corp		73,622,009
	970,884	*,e	Jagged Peak Energy, Inc		10,815,648
	2,332,662	*	Matador Resources Co		50,572,112
	3,815,839	*,e	MEG Energy Corp		17,275,473
	2,407,052		Nabors Industries Ltd		24,888,918
	372,610	*	Newfield Exploration Co		12,899,758
	1,303,881	*	Parsley Energy, Inc		38,842,615
	826,580		Plains All American Pipeline LP		24,177,465
	556,409		Plains GP Holdings LP		16,564,296
	322,407	e	RPC, Inc		5,858,135
	1,048,564	*	RSP Permian, Inc		39,897,860
	961,949		Schlumberger Ltd		69,827,878
	2,043,498	*	Transocean Ltd (NYSE)		22,539,783
	9,899,678	*	Weatherford International Ltd		57,121,142
	1,912,633		Williams Cos, Inc		58,583,949
	777,905	*	WPX Energy, Inc		9,280,407
			TOTAL ENERGY		841,961,502

FOOD & STAPLES RETAILING - 1.9%
	786,382	*	US Foods Holding Corp		22,175,972

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	733,738		Walgreens Boots Alliance, Inc	$	63,497,687
	546,448		Wal-Mart Stores, Inc		41,081,961
			TOTAL FOOD & STAPLES RETAILING		126,755,620

FOOD, BEVERAGE & TOBACCO - 5.7%
	673,530		ConAgra Foods, Inc		26,119,493
	869,789		Kraft Heinz Co		78,620,228
	415,961		Lamb Weston Holdings, Inc		17,366,372
	62,318		Molson Coors Brewing Co (Class B)		5,975,673
	2,211,605		Mondelez International, Inc		99,588,573
	831,638		Philip Morris International, Inc		92,178,756
	871,922		Pinnacle Foods, Inc		50,702,264
	5,534		Snyder’s-Lance, Inc		195,129
			TOTAL FOOD, BEVERAGE & TOBACCO		370,746,488

HEALTH CARE EQUIPMENT & SERVICES - 4.7%
	2,583,948		Abbott Laboratories		112,763,491
	48,910		Anthem, Inc		8,700,600
	95,079		Baxter International, Inc		5,293,999
	929,730	*	Boston Scientific Corp		24,526,277
	353,546		Cardinal Health, Inc		25,663,904
	441,720		Cigna Corp		69,071,756
	247,645	*	Laboratory Corp of America Holdings		34,707,447
	269,088		Medtronic plc		22,358,522
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		303,085,996

HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
	910,578		Procter & Gamble Co		79,520,777
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		79,520,777

INSURANCE - 5.5%
	401,335		Allstate Corp		32,624,522
	1,189,479		American International Group, Inc		72,451,166
	374,261	*	Berkshire Hathaway, Inc (Class B)		61,831,660
	411,693		Chubb Ltd		56,504,864
	566,755		Hartford Financial Services Group, Inc		27,408,272
	1,040,214		Metlife, Inc		53,893,487
	249,672		Principal Financial Group		16,261,137
	190,889		Travelers Cos, Inc		23,223,556
	183,776		W.R. Berkley Corp		12,493,093
			TOTAL INSURANCE		356,691,757

MATERIALS - 6.6%
	27,831		Acerinox S.A.		387,697
	4,193,356	*	AK Steel Holding Corp		26,585,877
	318,863		Ashland Global Holdings, Inc		39,379,580
	203,866	*	Berry Plastics Group, Inc		10,193,300
	350,533		Dow Chemical Co		22,013,472
	349,278		EI du Pont de Nemours & Co		27,854,921
	2,236,536		First Quantum Minerals Ltd		21,315,947
	529,106	*	GCP Applied Technologies, Inc		17,407,587
	3,630,683	*	Louisiana-Pacific Corp		93,453,780

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	1,227,357		Olin Corp	$	39,434,980
	540,839	*,e	Ramaco Resources, Inc		4,196,911
	2,035,154		Teck Resources Ltd		42,209,094
	252,651		Westlake Chemical Corp		15,727,525
	998,340		WR Grace & Co		69,604,265
			TOTAL MATERIALS		429,764,936

MEDIA - 0.5%
	137,193		Time Warner, Inc		13,619,149
	494,587		Viacom, Inc (Class B)		21,049,623
			TOTAL MEDIA		34,668,772

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.2%
	1,038,969		Agilent Technologies, Inc		57,195,244
	338,314		Allergan plc		82,501,252
	552,885	*	Endo International plc		6,286,302
	747,581		Johnson & Johnson		92,303,826
	994,115		Merck & Co, Inc		61,963,188
	547,874	*	Mylan NV		20,463,094
	2,548,214		Pfizer, Inc		86,435,419
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		407,148,325

REAL ESTATE - 0.8%
	50,395		AvalonBay Communities, Inc		9,566,987
	354,785		HCP, Inc		11,122,510
	1,108,029		MGM Growth Properties LLC		31,711,790
	70,973	*	Quality Care Properties, Inc		1,231,381
			TOTAL REAL ESTATE		53,632,668

RETAILING - 1.2%
	3,168,769	*	Groupon, Inc		12,421,574
	11,456,000	*	Hengdeli Holdings Ltd		1,397,821
	7,129,748	*	JC Penney Co, Inc		38,358,044
	7,295,500		Via Varejo S.A.		27,374,933
			TOTAL RETAILING		79,552,372

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1%
	2,834,118	*	Advanced Micro Devices, Inc		37,693,770
	5,072,804		Advanced Semiconductor Engineering, Inc (ADR)		31,755,753
	1,716,175		Intel Corp		62,039,726
	544,576	*,e	Mellanox Technologies Ltd		25,703,987
	407,193	*	Micron Technology, Inc		11,267,030
	294,106		Qualcomm, Inc		15,805,257
	379,215	*	Silicon Motion Technology Corp (ADR)		18,410,888
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		202,676,411

SOFTWARE & SERVICES - 4.2%
	541,885	*	Conduent, Inc		8,838,144
	514,195	*	Dell Technologies, Inc-VMware Inc		34,507,627
	60,098	*	DXC Technology Co		4,527,783
	587,476	*	eBay, Inc		19,627,573
	394,207	*	IAC/InterActiveCorp		32,723,123

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	115,417	*	MicroStrategy, Inc (Class A)	$	21,948,851
	118,700		Nintendo Co Ltd		30,038,863
	1,603,192		Oracle Corp		72,079,512
	1,497,403		Symantec Corp		47,362,857
			TOTAL SOFTWARE & SERVICES		271,654,333

TECHNOLOGY HARDWARE & EQUIPMENT - 4.4%
	122,866		Apple, Inc		17,649,701
	1,109,061	*	Ciena Corp		25,408,588
	2,422,665		Cisco Systems, Inc		82,540,196
	369,307		Corning, Inc		10,654,507
	699,600		Hewlett Packard Enterprise Co		13,033,548
	1,141,187		HP, Inc		21,477,139
	1,165,881	*	Infinera Corp		11,565,540
	818,504		Juniper Networks, Inc		24,612,415
	4,882,754	e	Nokia Corp		27,978,180
	257,548		Western Digital Corp		22,939,800
	4,456,372		Xerox Corp		32,041,315
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		289,900,929

TELECOMMUNICATION SERVICES - 3.8%
	4,149,892		AT&T, Inc		164,460,220
	1,690,077		Telephone & Data Systems, Inc		46,409,514
	739,268		Verizon Communications, Inc		33,939,794
			TOTAL TELECOMMUNICATION SERVICES		244,809,528

TRANSPORTATION - 2.1%
	726,667	*,b,m	AMR Corp (Escrow)		7,267
	519,081	*	Kirby Corp		36,647,118
	635,544		Knight Transportation, Inc		21,799,159
	705,904		Union Pacific Corp		79,033,012
			TOTAL TRANSPORTATION		137,486,556

UTILITIES - 3.4%
	265,635		American Electric Power Co, Inc		18,018,022
	252,377		Duke Energy Corp		20,821,103
	190,973		Edison International		15,272,111
	228,487		Exelon Corp		7,912,505
	434,161		FirstEnergy Corp		12,998,780
	540,097		NextEra Energy, Inc		72,135,355
	375,725		PG&E Corp		25,192,361
	102,627		Sempra Energy		11,598,904
	862,062		Xcel Energy, Inc		38,835,893
			TOTAL UTILITIES		222,785,034

			TOTAL COMMON STOCKS		6,460,033,054
			(Cost $5,246,006,551)

TIAA-CREF FUNDS - Large-Cap Value Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE

SHORT-TERM INVESTMENTS - 1.3%

GOVERNMENT AGENCY DEBT - 0.9%
$	46,650,000		Federal Home Loan Bank (FHLB)		0.680	%	05/01/17	$	46,650,000
	11,300,000		FHLB		0.760		05/12/17		11,297,446
			TOTAL GOVERNMENT AGENCY DEBT						57,947,446

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	27,893,705	c	State Street Navigator Securities Lending Government Money Market Portfolio						27,893,705
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						27,893,705

			TOTAL SHORT-TERM INVESTMENTS						85,841,151
			(Cost $85,841,081)
			TOTAL INVESTMENTS - 100.3%						6,545,874,205
			(Cost $5,331,847,632)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(19,989,036	)
			NET ASSETS - 100.0%					$	6,525,885,169



		Abbreviation(s):
		ADR American Depositary Receipt

*		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 $26,865,356.
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, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.7%

AUTOMOBILES & COMPONENTS - 1.1%
	210,491		Delphi Automotive plc	$	16,923,477
			TOTAL AUTOMOBILES & COMPONENTS		16,923,477

BANKS - 2.1%
	384,132		Citizens Financial Group, Inc		14,101,486
	640,823		Investors Bancorp, Inc		8,875,398
	51,004	*	SVB Financial Group		8,973,644
			TOTAL BANKS		31,950,528

CAPITAL GOODS - 13.2%
	235,764		A.O. Smith Corp		12,702,964
	128,881		Allegion plc		10,135,202
	174,746		Ametek, Inc		9,995,471
	81,302		Equifax, Inc		11,000,974
	163,965		Fastenal Co		7,325,956
	126,066		Fortive Corp		7,974,935
	186,513		Fortune Brands Home & Security, Inc		11,888,339
	311,812	*	HD Supply Holdings, Inc		12,566,024
	194,000		Ingersoll-Rand plc		17,217,500
	78,708		Lennox International, Inc		13,017,516
	352,807		Masco Corp		13,060,915
	127,027	*	Middleby Corp		17,292,185
	113,255		Owens Corning, Inc		6,891,567
	53,000	n	Parker-Hannifin Corp		8,522,400
	61,000		Rockwell Automation, Inc		9,598,350
	49,823		Roper Industries, Inc		10,896,290
	73,428		Snap-On, Inc		12,301,393
	25,532		TransDigm Group, Inc		6,299,510
			TOTAL CAPITAL GOODS		198,687,491

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	143,042		Nielsen NV		5,883,317
	72,460	*	Verisk Analytics, Inc		6,000,413
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		11,883,730

CONSUMER DURABLES & APPAREL - 4.9%
	281,253		DR Horton, Inc		9,250,411
	417,741		Hanesbrands, Inc		9,110,931
	544,132		Mattel, Inc		12,199,440
	68,446	*	Mohawk Industries, Inc		16,070,436
	337,813		Newell Rubbermaid, Inc		16,127,193
	5,136	*	NVR, Inc		10,843,380
			TOTAL CONSUMER DURABLES & APPAREL		73,601,791

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

CONSUMER SERVICES - 5.6%
	229,000		ARAMARK Holdings Corp	$	8,363,080
	28,062	*	Chipotle Mexican Grill, Inc (Class A)		13,314,577
	125,351		Marriott International, Inc (Class A)		11,835,641
	380,732		Melco Crown Entertainment Ltd (ADR)		8,357,067
	250,300		MGM Resorts International		7,686,713
	281,777		Planet Fitness, Inc		5,860,962
	223,932		Restaurant Brands International, Inc		12,578,261
	61,861		Wyndham Worldwide Corp		5,895,972
	53,744		Wynn Resorts Ltd		6,611,049
	206,339	*,e	Zoe’s Kitchen, Inc		3,724,419
			TOTAL CONSUMER SERVICES		84,227,741

DIVERSIFIED FINANCIALS - 3.5%
	55,000		Affiliated Managers Group, Inc		9,107,450
	290,801	e,n	iShares Russell Midcap Growth Index Fund		30,627,162
	169,691		Lazard Ltd (Class A)		7,286,531
	76,167		T Rowe Price Group, Inc		5,399,479
			TOTAL DIVERSIFIED FINANCIALS		52,420,622

ENERGY - 2.4%
	90,719	*	Diamondback Energy, Inc		9,057,385
	188,310	*	Parsley Energy, Inc		5,609,755
	293,949	*	RSP Permian, Inc		11,184,759
	88,000		US Silica Holdings Inc		3,652,000
	229,000		Williams Cos, Inc		7,014,270
			TOTAL ENERGY		36,518,169

FOOD & STAPLES RETAILING - 0.3%
	152,766	*	US Foods Holding Corp		4,308,001
			TOTAL FOOD & STAPLES RETAILING		4,308,001

FOOD, BEVERAGE & TOBACCO - 3.5%
	204,240		ConAgra Foods, Inc		7,920,427
	128,248		Dr Pepper Snapple Group, Inc		11,753,929
	79,879		Hershey Co		8,642,908
	136,964		Kellogg Co		9,724,444
	175,701	*	Post Holdings, Inc		14,792,267
			TOTAL FOOD, BEVERAGE & TOBACCO		52,833,975

HEALTH CARE EQUIPMENT & SERVICES - 9.6%
	278,645	*,e	Acadia Healthcare Co, Inc		12,143,349
	61,926		AmerisourceBergen Corp		5,081,028
	54,051		Bard (C.R.), Inc		16,619,601
	519,488	*	Brookdale Senior Living, Inc		6,748,149
	226,405	*	Centene Corp		16,844,532
	124,409	*	Cerner Corp		8,055,483
	51,381	*	DexCom, Inc		4,005,663
	126,365	*	Edwards Lifesciences Corp		13,858,450
	171,396	*	Envision Healthcare Corp		9,603,318
	48,167	*	Henry Schein, Inc		8,371,425

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

	255,738	*	Hologic, Inc	$	11,546,571
	178,045	*	Insulet Corp		7,728,933
	20,164	*	Intuitive Surgical, Inc		16,854,483
	30,831	*	MEDNAX, Inc		1,860,959
	51,239		Zimmer Holdings, Inc		6,130,746
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		145,452,690

HOUSEHOLD & PERSONAL PRODUCTS - 0.4%
	136,470		Church & Dwight Co, Inc		6,759,359
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		6,759,359

MATERIALS - 5.5%
	1,016,746	*	AK Steel Holding Corp		6,446,170
	71,207		Albemarle Corp		7,755,154
	82,916		Ashland Global Holdings, Inc		10,240,126
	132,448		Avery Dennison Corp		11,020,998
	324,165	*	Berry Plastics Group, Inc		16,208,250
	374,127	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		4,770,119
	35,800		Martin Marietta Materials, Inc		7,882,802
	211,980	n	Olin Corp		6,810,917
	299,298		Teck Resources Ltd		6,207,441
	86,147		Westlake Chemical Corp		5,362,651
			TOTAL MATERIALS		82,704,628

MEDIA - 2.1%
	719,463		Interpublic Group of Cos, Inc		16,957,743
	354,928		Viacom, Inc (Class B)		15,105,736
			TOTAL MEDIA		32,063,479

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%
	161,882	*	BioMarin Pharmaceutical, Inc		15,514,771
	161,537	*	Coherus Biosciences, Inc		3,101,510
	94,229	*	Illumina, Inc		17,419,173
	97,589	*	Incyte Corp		12,128,361
	30,292	*	Jazz Pharmaceuticals plc		4,824,910
	966,100	*,e	Merrimack Pharmaceuticals, Inc		3,217,113
	136,626	*	Quintiles Transnational Holdings, Inc		11,514,839
	469,369		Zoetis, Inc		26,336,295
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		94,056,972

REAL ESTATE - 3.2%
	169,089	*	CBRE Group, Inc		6,055,077
	65,569		Equinix, Inc		27,388,172
	242,531		Gaming and Leisure Properties, Inc		8,440,079
	45,309	*	SBA Communications Corp		5,731,135
			TOTAL REAL ESTATE		47,614,463

RETAILING - 6.2%
	18,925	*	AutoZone, Inc		13,099,696
	89,192	*	Burlington Stores, Inc		8,822,872
	92,439		Dollar General Corp		6,721,240
	103,322	*	Dollar Tree, Inc		8,551,962

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

	67,690		Expedia, Inc	$	9,051,507
	23,770	*	Floor & Decor Holdings, Inc		770,148
	68,093	*	O’Reilly Automotive, Inc		16,897,278
	265,293		Ross Stores, Inc		17,244,045
	72,452		Tractor Supply Co		4,485,503
	30,348	*	Ulta Beauty, Inc		8,541,141
			TOTAL RETAILING		94,185,392

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.8%
	75,312	n	Lam Research Corp		10,908,943
	161,345		Maxim Integrated Products, Inc		7,123,382
	126,720		Microchip Technology, Inc		9,577,497
	322,789	*,n	Micron Technology, Inc		8,931,572
	291,129		NVIDIA Corp		30,364,755
	172,880	*	Silicon Motion Technology Corp (ADR)		8,393,324
	118,142		Skyworks Solutions, Inc		11,783,483
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		87,082,956

SOFTWARE & SERVICES - 15.9%
	33,080		Alliance Data Systems Corp		8,257,760
	122,000	*,n	Autodesk, Inc		10,988,540
	258,763		CDK Global, Inc		16,822,183
	302,388		CSRA, Inc		8,793,443
	247,485	*,n	Electronic Arts, Inc		23,466,528
	244,966		Fidelity National Information Services, Inc		20,623,688
	83,749	*	Fiserv, Inc		9,977,856
	76,008	*	FleetCor Technologies, Inc		10,727,769
	210,632	*	GrubHub, Inc		9,052,963
	140,070	*	Guidewire Software, Inc		8,612,904
	54,872	*	HubSpot, Inc		3,679,168
	169,342	*	IAC/InterActiveCorp		14,057,079
	32,009	*	MicroStrategy, Inc (Class A)		6,087,151
	170,413	*	Mobileye NV		10,551,973
	32,112	*	Okta, Inc		836,518
	381,895	*,e	Pandora Media, Inc		4,143,561
	80,925	*	Proofpoint, Inc		6,099,317
	216,885	*	RingCentral, Inc		6,929,476
	183,536	*	ServiceNow, Inc		17,340,481
	157,999	*	Splunk, Inc		10,160,916
	316,422	n	Symantec Corp		10,008,428
	30,000	*	Ultimate Software Group, Inc		6,080,100
	263,363	*	Vantiv, Inc		16,339,040
			TOTAL SOFTWARE & SERVICES		239,636,842

TECHNOLOGY HARDWARE & EQUIPMENT - 5.3%
	182,000		Amphenol Corp (Class A)		13,160,420
	97,324	*	Anixter International, Inc		7,936,772
	368,519	*	Ciena Corp		8,442,770
	325,614	*,n	CommScope Holding Co, Inc		13,688,813
	127,116	*	Finisar Corp		2,903,330
	147,976	*	Lumentum Holdings, Inc		6,325,974
	566,777	*,e	Oclaro, Inc		4,539,884
	192,794	*	Orbotech Ltd		6,348,706

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY					VALUE

	48,163	*	Palo Alto Networks, Inc					$	5,221,351
	371,785	*	Trimble Navigation Ltd						13,172,342
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						81,740,362

TRANSPORTATION - 1.0%
	66,273		Alaska Air Group, Inc						5,639,169
	60,843	*	Genesee & Wyoming, Inc (Class A)						4,122,722
	83,000	*	Kirby Corp						5,859,800
			TOTAL TRANSPORTATION						15,621,691

			TOTAL COMMON STOCKS						1,490,274,359
			(Cost $1,205,356,887)

PURCHASED OPTIONS - 0.0%

CAPITAL GOODS - 0.0%
	24,500		Parker-Hannifin Corp						30,625
			TOTAL CAPITAL GOODS						30,625

MATERIALS - 0.0%
	72,500		Olin Corp						50,750
			TOTAL MATERIALS						50,750

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	32,000		Lam Research Corp						1,280
	190,000		Micron Technology, Inc						110,200
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						111,480

SOFTWARE & SERVICES - 0.0%
	60,000		Autodesk, Inc						36,000
	120,000		Symantec Corp						24,000
			TOTAL SOFTWARE & SERVICES						60,000

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	110,000		CommScope Holding Co, Inc						52,250
	32,000		CommScope Holding Co, Inc						23,200
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						75,450

			TOTAL PURCHASED OPTIONS						328,305
			(Cost $780,679)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 3.5%

GOVERNMENT AGENCY DEBT - 1.0%
$	15,300,000		Federal Home Loan Bank (FHLB)		0.680	%	05/01/17		15,300,000
			TOTAL GOVERNMENT AGENCY DEBT						15,300,000

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.5%
	37,451,322	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	37,451,322
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		37,451,322

			TOTAL SHORT-TERM INVESTMENTS		52,751,322
			(Cost $52,751,322)
			TOTAL INVESTMENTS - 102.2%		1,543,353,986
			(Cost $1,258,888,888)
			OTHER ASSETS & LIABILITIES, NET - (2.2)%		(32,860,805	)
			NET ASSETS - 100.0%	$	1,510,493,181



		Abbreviation(s):
		ADR American Depositary Receipt

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $36,642,384.
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, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.5%

AUTOMOBILES & COMPONENTS - 1.0%
	17,117		Adient plc	$	1,259,126
	146,747		Delphi Automotive plc		11,798,459
	151,650		Lear Corp		21,634,389
	201,661		Magna International, Inc (Class A)		8,423,380
	75,860		Visteon Corp		7,809,787
			TOTAL AUTOMOBILES & COMPONENTS		50,925,141

BANKS - 8.5%
	518,933		BankUnited		18,313,146
	296,312		Chemical Financial Corp		14,060,005
	405,155		CIT Group, Inc		18,762,728
	873,811		Citizens Financial Group, Inc		32,077,602
	658,016		Comerica, Inc		46,521,731
	647,293		East West Bancorp, Inc		35,128,591
	320,094		First Republic Bank		29,595,891
	1,004,926		Hilltop Holdings, Inc		27,946,992
	2,669,979		Huntington Bancshares, Inc		34,335,930
	1,040,613		Investors Bancorp, Inc		14,412,490
	1,137,504		Keycorp		20,748,073
	180,424		M&T Bank Corp		28,039,694
	1,098,448		Regions Financial Corp		15,103,660
	679,659		SunTrust Banks, Inc		38,611,428
	535,053		Synovus Financial Corp		22,365,215
	161,878		Wintrust Financial Corp		11,470,675
	925,218		Zions Bancorporation		37,036,476
			TOTAL BANKS		444,530,327

CAPITAL GOODS - 8.3%
	302,361	*	AerCap Holdings NV		13,911,630
	1,255,128	*	Babcock & Wilcox Enterprises, Inc		11,760,549
	220,643		Crane Co		17,631,582
	290,053		Cummins, Inc		43,780,600
	199,017		Fluor Corp		10,213,553
	500,068		Hexcel Corp		25,878,519
	148,958		Hubbell, Inc		16,851,619
	390,741		Ingersoll-Rand plc		34,678,264
	576,016		ITT, Inc		24,267,554
	193,411	*	JELD-WEN Holding, Inc		6,388,365
	173,688		Johnson Controls International plc		7,220,210
	619,084		KBR, Inc		8,698,130
	365,429		L3 Technologies, Inc		62,769,739
	100,000		Lennox International, Inc		16,539,000
	303,537		Masco Corp		11,236,940
	160,000	*	Masonite International Corp		13,312,000

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	121,160		Rockwell Collins, Inc	$	12,611,544
	348,297	*	SPX FLOW, Inc		12,587,454
	1,327,467		Textron, Inc		61,939,610
	123,846	*	WABCO Holdings, Inc		14,721,574
	90,000	e	Wabtec Corp		7,550,100
			TOTAL CAPITAL GOODS		434,548,536

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	673,135		Republic Services, Inc		42,400,774
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		42,400,774

CONSUMER DURABLES & APPAREL - 2.2%
	769,304		Mattel, Inc		17,247,796
	85,000	*	Mohawk Industries, Inc		19,957,150
	325,000		Newell Rubbermaid, Inc		15,515,500
	7,700	*	NVR, Inc		16,256,625
	249,106		Sony Corp		8,547,902
	169,288	*	Steven Madden Ltd		6,441,408
	621,183	*,e	Tempur Sealy International, Inc		29,164,542
			TOTAL CONSUMER DURABLES & APPAREL		113,130,923

CONSUMER SERVICES - 1.0%
	400,331		ARAMARK Holdings Corp		14,620,088
	139,896		Darden Restaurants, Inc		11,917,740
	190,000		Restaurant Brands International, Inc		10,672,300
	193,911		Wyndham Worldwide Corp		18,481,658
			TOTAL CONSUMER SERVICES		55,691,786

DIVERSIFIED FINANCIALS - 3.7%
	460,867		Ameriprise Financial, Inc		58,921,846
	320,242		Blackstone Mortgage Trust, Inc		9,889,073
	1,106,817	*	E*TRADE Financial Corp		38,240,528
	223,553		Lazard Ltd (Class A)		9,599,366
	1,011,649		MFA Mortgage Investments, Inc		8,406,803
	417,487		Raymond James Financial, Inc		31,111,131
	1,283,704		Synchrony Financial		35,686,971
			TOTAL DIVERSIFIED FINANCIALS		191,855,718

ENERGY - 11.8%
	241,531		Anadarko Petroleum Corp		13,772,098
	279,621		Apache Corp		13,600,765
	197,149	*,e	Arch Coal, Inc		13,847,746
	508,727		Baker Hughes, Inc		30,203,122
	1,550,562	*	Callon Petroleum Co		18,358,654
	1,374,571		Capital Product Partners LP		4,797,253
	271,149		Cimarex Energy Co		31,637,665
	241,029	*	Concho Resources, Inc		30,528,733
	814,759	*	Continental Resources, Inc		34,553,929
	220,395	*	Diamondback Energy, Inc		22,004,237
	161,686	*	Dril-Quip, Inc		8,334,913
	529,541	*	Energen Corp		27,530,837
	259,697		EQT Corp		15,098,784

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	867,749		Hess Corp	$	42,372,184
	219,696		HollyFrontier Corp		6,182,245
	466,713		Marathon Petroleum Corp		23,774,360
	872,686	*	Matador Resources Co		18,919,832
	542,250	*	Newfield Exploration Co		18,772,695
	142,282		Noble Energy, Inc		4,599,977
	235,550		Oceaneering International, Inc		6,216,164
	852,066	*	Parsley Energy, Inc		25,383,046
	750,383		Patterson-UTI Energy, Inc		16,242,040
	173,742		Pioneer Natural Resources Co		30,055,629
	444,814		Plains All American Pipeline LP		13,010,810
	586,367	*	Rowan Cos plc		8,250,184
	389,260	e	RPC, Inc		7,072,854
	527,265	*	RSP Permian, Inc		20,062,433
	766,678	*	Superior Energy Services		9,261,470
	270,095		Targa Resources Investments, Inc		14,890,337
	433,044	*	Tesco Corp		2,836,438
	338,139		Tesoro Corp		26,953,060
	1,855,157	*	Transocean Ltd (NYSE)		20,462,382
	290,000		US Silica Holdings Inc		12,035,000
	409,701		Williams Cos, Inc		12,549,142
	1,271,773	*	WPX Energy, Inc		15,172,252
			TOTAL ENERGY		619,343,270

FOOD, BEVERAGE & TOBACCO - 5.5%
	842,081		Bunge Ltd		66,549,662
	929,467		ConAgra Foods, Inc		36,044,730
	1,109,354		Cott Corp		14,610,192
	341,307		Dean Foods Co		6,737,400
	571,227		Lamb Weston Holdings, Inc		23,848,727
	331,787		Molson Coors Brewing Co (Class B)		31,815,055
	675,000		Pinnacle Foods, Inc		39,251,250
	230,000	*	Post Holdings, Inc		19,363,700
	216,689		Reynolds American, Inc		13,976,441
	563,000		Tyson Foods, Inc (Class A)		36,178,380
			TOTAL FOOD, BEVERAGE & TOBACCO		288,375,537

HEALTH CARE EQUIPMENT & SERVICES - 1.9%
	1,656,245	*	Boston Scientific Corp		43,691,743
	128,272		Healthsouth Corp		6,015,957
	89,447		Humana, Inc		19,855,445
	126,000	*	WellCare Health Plans, Inc		19,329,660
	100,996		Zimmer Holdings, Inc		12,084,171
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		100,976,976

INSURANCE - 7.5%
	380,000		Allied World Assurance Co Holdings Ltd		20,174,200
	200,171		Aon plc		23,988,493
	206,890	*	Arch Capital Group Ltd		20,062,123
	297,096		Argo Group International Holdings Ltd		19,593,481
	235,877		Chubb Ltd		32,374,118
	90,209		Everest Re Group Ltd		22,706,507
	979,678		Hartford Financial Services Group, Inc		47,377,228

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	163,377		Intact Financial Corp	$	11,191,812
	461,177		Lincoln National Corp		30,405,400
	424,733		Marsh & McLennan Cos, Inc		31,485,458
	417,480		Principal Financial Group		27,190,472
	342,554		ProAssurance Corp		21,204,093
	114,598		RenaissanceRe Holdings Ltd		16,292,398
	294,738		UnumProvident Corp		13,655,211
	353,749		Validus Holdings Ltd		19,555,245
	804,494		XL Group Ltd		33,668,074
			TOTAL INSURANCE		390,924,313

MATERIALS - 7.6%
	1,844,712	*	AK Steel Holding Corp		11,695,474
	553,855		Albemarle Corp		60,320,348
	172,260		Ashland Global Holdings, Inc		21,274,110
	577,523	*	Berry Plastics Group, Inc		28,876,150
	241,967	*	Clearwater Paper Corp		11,759,596
	317,550	*	Crown Holdings, Inc		17,811,380
	605,577	*	Ferro Corp		10,851,940
	1,269,317		First Quantum Minerals Ltd		12,097,589
	2,462,189	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		31,392,910
	479,018	*	GCP Applied Technologies, Inc		15,759,692
	1,000,000	*	Louisiana-Pacific Corp		25,740,000
	192,183	*	Multi Packaging Solutions International Ltd		3,449,685
	369,236		Newmont Mining Corp		12,483,869
	769,338		Olin Corp		24,718,830
	110,869		Schweitzer-Mauduit International, Inc		4,772,910
	725,890		Steel Dynamics, Inc		26,233,665
	631,085		Teck Resources Ltd		13,088,703
	229,453		United States Steel Corp		5,121,391
	368,790		Westlake Chemical Corp		22,957,178
	99,022		WestRock Co		5,303,618
	495,327		WR Grace & Co		34,534,198
			TOTAL MATERIALS		400,243,236

MEDIA - 1.6%
	76,130	*	DISH Network Corp (Class A)		4,905,817
	289,406	*	EW Scripps Co (Class A)		6,447,966
	1,061,547		Interpublic Group of Cos, Inc		25,020,663
	38,337	*	Madison Square Garden Co		7,735,256
	2,075,000		MDC Partners, Inc		18,571,250
	106,126	*	MSG Networks, Inc		2,647,844
	448,563		Viacom, Inc (Class B)		19,090,841
			TOTAL MEDIA		84,419,637

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.3%
	858,413		Agilent Technologies, Inc		47,255,636
	331,975		H Lundbeck AS		17,028,661
	84,236		Lonza Group AG.		17,235,523
	666,063	*,e	Merrimack Pharmaceuticals, Inc		2,217,990
	698,839	*	Mylan NV		26,101,637
	163,445		PerkinElmer, Inc		9,710,267
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		119,549,714

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

REAL ESTATE - 7.7%
	363,933		American Assets Trust, Inc	$	15,587,250
	369,618		American Campus Communities, Inc		17,516,197
	174,812		AvalonBay Communities, Inc		33,186,310
	174,729		Boston Properties, Inc		22,120,691
	591,359		DDR Corp		6,392,591
	579,723	*	Equity Commonwealth		18,545,339
	270,111		Gaming and Leisure Properties, Inc		9,399,863
	669,171		GGP, Inc		14,460,785
	1,175,000		HCP, Inc		36,836,250
	1,400,594		Host Marriott Corp		25,140,662
	608,709		Kennedy-Wilson Holdings, Inc		12,417,664
	489,416		Kimco Realty Corp		9,930,251
	333,508		Mid-America Apartment Communities, Inc		33,087,329
	525,000		Park Hotels & Resorts, Inc		13,476,750
	536,893		Prologis, Inc		29,212,348
	760,000		STORE Capital Corp		18,232,400
	580,000		Ventas, Inc		37,125,800
	707,549		Washington Prime Group, Inc		6,226,431
	350,110		Weingarten Realty Investors		11,473,105
	425,892		Welltower, Inc		30,425,724
			TOTAL REAL ESTATE		400,793,740

RETAILING - 2.4%
	38,000		Advance Auto Parts, Inc		5,401,320
	3,999,789	*,e	JC Penney Co, Inc		21,518,865
	819,957	*	Liberty Interactive Corp		17,366,689
	945,181		Macy’s, Inc		27,618,189
	2,879,008		Office Depot, Inc		14,308,670
	645,297		Staples, Inc		6,304,552
	424,066		TJX Companies, Inc		33,348,550
			TOTAL RETAILING		125,866,835

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
	419,849		Applied Materials, Inc		17,050,068
	456,813		Cypress Semiconductor Corp		6,399,950
	264,391		Lam Research Corp		38,297,036
	1,287,809	*	Micron Technology, Inc		35,633,675
	226,625	*	NXP Semiconductors NV		23,965,594
	1,065,450	*	ON Semiconductor Corp		15,108,081
	450,949		Xilinx, Inc		28,459,391
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		164,913,795

SOFTWARE & SERVICES - 2.5%
	794,812		CA, Inc		26,093,678
	125,000	*	Citrix Systems, Inc		10,117,500
	318,547	*	Conduent, Inc		5,195,501
	218,005	*	DXC Technology Co		16,424,497
	198,874	*	IAC/InterActiveCorp		16,508,531
	1,843,850		Symantec Corp		58,320,975
			TOTAL SOFTWARE & SERVICES		132,660,682

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 4.3%
	1,631,109	*	Ciena Corp	$	37,368,707
	447,142	*	CommScope Holding Co, Inc		18,797,849
	523,667		Juniper Networks, Inc		15,746,666
	469,161	*	Lumentum Holdings, Inc		20,056,633
	2,042,704	e	Nokia Corp		11,704,694
	1,510,501		Nokia Oyj (Turquoise)		8,635,299
	1,734,189	*,e	Oclaro, Inc		13,890,854
	466,499		TE Connectivity Ltd		36,093,028
	598,675		Western Digital Corp		53,323,982
	1,623,309		Xerox Corp		11,671,592
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		227,289,304

TELECOMMUNICATION SERVICES - 1.2%
	521,984	*	Level 3 Communications, Inc		31,715,748
	489,760		Telephone & Data Systems, Inc		13,448,810
	247,490	*	T-Mobile US, Inc		16,648,652
			TOTAL TELECOMMUNICATION SERVICES		61,813,210

TRANSPORTATION - 4.1%
	176,875		Alaska Air Group, Inc		15,050,294
	979,388		American Airlines Group, Inc		41,741,517
	221,360	*	Avis Budget Group, Inc		6,751,480
	183,778		Costamare, Inc		1,238,664
	1,072,218		CSX Corp		54,511,563
	199,697		Delta Air Lines, Inc		9,074,231
	150,788		Kansas City Southern Industries, Inc		13,581,475
	192,022	*	Kirby Corp		13,556,753
	148,357		Norfolk Southern Corp		17,430,464
	599,041	*	United Continental Holdings, Inc		42,058,669
			TOTAL TRANSPORTATION		214,995,110

UTILITIES - 9.4%
	157,237		Ameren Corp		8,599,291
	323,327		American Electric Power Co, Inc		21,931,270
	356,464		American Water Works Co, Inc		28,431,568
	420,175	*	Calpine Corp		4,285,785
	968,842		Centerpoint Energy, Inc		27,641,062
	332,932		CMS Energy Corp		15,115,113
	346,283		DTE Energy Co		36,217,739
	558,942		Edison International		44,698,592
	365,289		FirstEnergy Corp		10,936,753
	486,316		Kennedy Wilson Europe Real Estate PLC		6,544,413
	115,885		National Fuel Gas Co		6,417,711
	197,000		NextEra Energy, Inc		26,311,320
	800,000		NiSource, Inc		19,400,000
	245,978		NorthWestern Corp		14,704,565
	439,701		OGE Energy Corp		15,292,801
	396,839		PG&E Corp		26,608,055
	315,000		Pinnacle West Capital Corp		26,803,350
	739,829		PPL Corp		28,194,883
	648,377		Public Service Enterprise Group, Inc		28,561,007
	479,535		Sempra Energy		54,197,046

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY					VALUE

	259,397		Southwest Gas Corp					$	21,727,093
	420,175		Xcel Energy, Inc						18,928,884
			TOTAL UTILITIES						491,548,301

			TOTAL COMMON STOCKS						5,156,796,865
			(Cost $3,775,089,252)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 2.9%

GOVERNMENT AGENCY DEBT - 1.4%
$	50,000,000		Federal Home Loan Bank (FHLB)		0.680	%	05/01/17		50,000,000
	20,130,000		FHLB		0.720		05/10/17		20,126,276
			TOTAL GOVERNMENT AGENCY DEBT						70,126,276

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.5%
	80,278,942	c	State Street Navigator Securities Lending Government Money Market Portfolio						80,278,942
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						80,278,942

			TOTAL SHORT-TERM INVESTMENTS						150,405,218
			(Cost $150,405,318)
			TOTAL INVESTMENTS - 101.4%						5,307,202,083
			(Cost $3,925,494,570)
			OTHER ASSETS & LIABILITIES, NET - (1.4)%						(71,437,765	)
			NET ASSETS - 100.0%					$	5,235,764,318



*		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 $77,126,280.

TIAA-CREF FUNDS - Small-Cap Equity Fund

TIAA-CREF FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.1%

AUTOMOBILES & COMPONENTS - 1.5%
	339,900		Cooper Tire & Rubber Co	$	13,018,170
	150,200		LCI Industries, Inc		15,192,730
	214,844		Tenneco, Inc		13,541,617
	78,900		Visteon Corp		8,122,755
			TOTAL AUTOMOBILES & COMPONENTS		49,875,272

BANKS - 13.1%
	214,660		Banner Corp		11,849,232
	831,233		Brookline Bancorp, Inc		12,094,440
	567,100		Cathay General Bancorp		21,578,155
	288,130		Columbia Banking System, Inc		11,384,016
	76,583	*	Customers Bancorp, Inc		2,368,712
	216,900	*	Eagle Bancorp, Inc		12,992,310
	637,200	*	Essent Group Ltd		23,582,772
	313,400	*	FCB Financial Holdings, Inc		14,808,150
	756,340		First Midwest Bancorp, Inc		17,176,481
	390,700	*	Flagstar Bancorp, Inc		11,424,068
	932,300		FNB Corp		13,275,952
	1,326,348		Fulton Financial Corp		24,471,121
	358,070		Great Western Bancorp, Inc		14,752,484
	490,600		Hancock Holding Co		22,911,020
	1,360,900		Investors Bancorp, Inc		18,848,465
	133,520	l	LegacyTexas Financial Group, Inc		5,048,391
	1,949,800	*	MGIC Investment Corp		20,550,892
	493,191		Oritani Financial Corp		8,359,588
	297,716		Popular, Inc		12,477,278
	788,630		Provident Financial Services, Inc		20,259,905
	1,421,680		Radian Group, Inc		23,997,958
	796,768		Sterling Bancorp/DE		18,524,856
	911,990		Umpqua Holdings Corp		16,114,863
	325,094		Union Bankshares Corp		11,131,219
	622,812		United Community Banks, Inc		17,033,908
	1,431,900		Valley National Bancorp		16,839,144
	373,900	*	Walker & Dunlop, Inc		16,769,415
	537,300		Washington Federal, Inc		18,107,010
	195,219		WesBanco, Inc		7,771,668
	49,500		Wintrust Financial Corp		3,507,570
			TOTAL BANKS		450,011,043

CAPITAL GOODS - 10.0%
	334,200		Allison Transmission Holdings, Inc		12,926,856
	168,657	*	American Woodmark Corp		15,499,578
	200,436		Barnes Group, Inc		11,017,967
	275,080	*	Beacon Roofing Supply, Inc		13,635,716

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	205,600		BWX Technologies, Inc	$	10,109,352
	280,100	*	Colfax Corp		11,335,647
	389,900		Comfort Systems USA, Inc		14,309,330
	146,140		Crane Co		11,678,047
	199,500		Curtiss-Wright Corp		18,645,270
	394,066		EMCOR Group, Inc		25,905,899
	242,315		Encore Wire Corp		10,710,323
	232,155		EnerSys		19,294,402
	89,840		EnPro Industries, Inc		6,347,196
	207,200	*	Gibraltar Industries, Inc		8,132,600
	361,740		ITT, Inc		15,240,106
	150,900	*	Masonite International Corp		12,554,880
	739,600	*	Meritor, Inc		13,172,276
	151,390	*	Moog, Inc (Class A)		10,392,924
	1,004,200	*	MRC Global, Inc		18,306,566
	422,906		Mueller Industries, Inc		13,549,908
	290,000		Toro Co		18,826,800
	376,700		Triton International Ltd		11,530,787
	448,500	*	Univar, Inc		13,387,725
	149,493		Universal Forest Products, Inc		14,245,188
	194,700		Woodward Governor Co		13,175,349
			TOTAL CAPITAL GOODS		343,930,692

COMMERCIAL & PROFESSIONAL SERVICES - 3.6%
	382,200		ABM Industries, Inc		16,507,218
	885,600	*	ACCO Brands Corp		12,619,800
	326,900	*	Advanced Disposal Services, Inc		7,773,682
	123,300		Insperity, Inc		11,263,455
	276,676		Kforce, Inc		6,280,545
	585,454	*	Navigant Consulting, Inc		14,033,333
	268,600	*	On Assignment, Inc		13,905,422
	414,911		Rollins, Inc		16,110,994
	296,020		Viad Corp		13,380,104
	165,975	*	WageWorks, Inc		12,248,955
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		124,123,508

CONSUMER DURABLES & APPAREL - 3.1%
	781,300		Callaway Golf Co		9,258,405
	180,940		Columbia Sportswear Co		10,244,823
	166,880	*	Helen of Troy Ltd		15,686,720
	172,700	*	Installed Building Products Inc		9,213,545
	349,088		La-Z-Boy, Inc		9,739,555
	239,600	*	M/I Homes, Inc		6,507,536
	131,650		Pool Corp		15,747,973
	326,000	*	Steven Madden Ltd		12,404,300
	227,600	*	TopBuild Corp		11,650,844
	117,800		Tupperware Corp		8,459,218
			TOTAL CONSUMER DURABLES & APPAREL		108,912,919

CONSUMER SERVICES - 4.2%
	1,145,763	*	Belmond Ltd.		14,207,461
	68,000	*	Buffalo Wild Wings, Inc		10,713,400
	186,340		Cheesecake Factory		11,955,575

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	246,800		Choice Hotels International, Inc	$	15,474,360
	85,070		Churchill Downs, Inc		14,189,676
	225,990	*	Dave & Buster’s Entertainment, Inc		14,465,620
	675,600	*	Denny’s Corp		8,580,120
	351,701	*	Grand Canyon Education, Inc		26,433,847
	447,300		ILG, Inc		10,784,403
	90,480		Vail Resorts, Inc		17,884,277
			TOTAL CONSUMER SERVICES		144,688,739

DIVERSIFIED FINANCIALS - 2.5%
	278,838		Evercore Partners, Inc (Class A)		20,564,303
	100,000		iShares Russell 2000 Index Fund		13,906,000
	1,251,600		New Residential Investment Corp		20,864,172
	837,660	*	SLM Corp		10,504,256
	430,926	*	Stifel Financial Corp		21,059,354
			TOTAL DIVERSIFIED FINANCIALS		86,898,085

ENERGY - 3.7%
	1,278,300	*	Callon Petroleum Co		15,135,072
	414,612		Delek US Holdings, Inc		9,979,711
	276,548	*	Exterran Corp		7,569,119
	449,900		Green Plains Renewable Energy, Inc		10,347,700
	977,800	*	Helix Energy Solutions Group, Inc		5,984,136
	295,454	*	Matrix Service Co		3,471,584
	2,933,820	*	McDermott International, Inc		19,187,183
	1,184,400	*	Newpark Resources, Inc		9,060,660
	1,210,300	*	Oasis Petroleum, Inc		14,450,982
	405,700	*,e	Par Pacific Holdings, Inc		6,641,309
	1,073,800	*	Pioneer Energy Services Corp		3,275,090
	439,400	*	RSP Permian, Inc		16,719,170
	728,100	*	Whiting Petroleum Corp		6,043,230
			TOTAL ENERGY		127,864,946

FOOD, BEVERAGE & TOBACCO - 2.3%
	197,500		Calavo Growers, Inc		12,956,000
	741,870	*	Darling International, Inc		11,224,493
	162,600		Fresh Del Monte Produce, Inc		9,967,380
	79,900		Lamb Weston Holdings, Inc		3,335,825
	126,216		Lancaster Colony Corp		15,890,594
	128,100		National Beverage Corp		11,348,379
	610,991		Vector Group Ltd		13,270,725
			TOTAL FOOD, BEVERAGE & TOBACCO		77,993,396

HEALTH CARE EQUIPMENT & SERVICES - 5.9%
	142,947	*	Anika Therapeutics, Inc		6,594,145
	282,030	*	HealthStream, Inc		7,837,614
	235,320		Hill-Rom Holdings, Inc		17,799,605
	557,200	*	HMS Holdings Corp		11,405,884
	102,810	*	ICU Medical, Inc		15,812,178
	215,500	*	Magellan Health Services, Inc		14,826,400
	222,900	*	Masimo Corp		22,900,746
	265,100	*	Medidata Solutions, Inc		17,345,493
	461,880	*	Merit Medical Systems, Inc		15,565,356

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	249,239	*	Natus Medical, Inc	$	8,723,365
	61,901	*	Omnicell, Inc		2,562,701
	637,231	*	OraSure Technologies, Inc		8,354,099
	238,300	*	Orthofix International NV		9,424,765
	400,640	*	Premier, Inc		13,541,632
	107,993	*	WellCare Health Plans, Inc		16,567,206
	449,600	*	Wright Medical Group NV		13,663,344
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		202,924,533

HOUSEHOLD & PERSONAL PRODUCTS - 0.4%
	1,509,300	*	Avon Products, Inc		7,320,105
	150,960	*	USANA Health Sciences, Inc		8,582,076
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		15,902,181

INSURANCE - 1.9%
	879,615		American Equity Investment Life Holding Co		20,864,468
	244,117		Aspen Insurance Holdings Ltd		12,779,525
	294,689	e	HCI Group, Inc		14,053,718
	537,700		Universal Insurance Holdings, Inc		14,007,085
			TOTAL INSURANCE		61,704,796

MATERIALS - 5.2%
	285,400		Alcoa Corp		9,626,542
	506,100	e	Allegheny Technologies, Inc		9,286,935
	815,900	*	Coeur Mining, Inc		7,392,054
	735,500		Commercial Metals Co		13,709,720
	566,037	*	Ferro Corp		10,143,383
	305,397		Ferroglobe plc		2,947,081
	347,700	*	GCP Applied Technologies, Inc		11,439,330
	163,685		Greif, Inc (Class A)		9,595,215
	138,800		Innospec, Inc		9,160,800
	209,100	*	Koppers Holdings, Inc		8,876,295
	833,800	*	Louisiana-Pacific Corp		21,462,012
	220,340		Minerals Technologies, Inc		17,340,758
	469,100		PolyOne Corp		18,393,411
	510,015		Schnitzer Steel Industries, Inc (Class A)		9,639,283
	356,600	*	Summit Materials, Inc		9,150,356
	695,867		Tronox Ltd		11,488,764
			TOTAL MATERIALS		179,651,939

MEDIA - 0.7%
	572,390	*	Live Nation, Inc		18,408,062
	432,290		Time, Inc		6,570,808
			TOTAL MEDIA		24,978,870

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.9%
	1,136,200	*	Achillion Pharmaceuticals, Inc		3,874,442
	477,400	*	Amphastar Pharmaceuticals, Inc		7,208,740
	250,000	*	Ardelyx, Inc		3,350,000
	544,439	*,e	Array Biopharma, Inc		4,720,286
	43,300	*	Avexis, Inc		3,485,650
	33,500	*	Bluebird Bio, Inc		2,979,825

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	269,726	*	Cambrex Corp	$	16,008,238
	160,800	*	Clovis Oncology, Inc		9,308,712
	149,843	*	Dermira, Inc		5,103,653
	310,882	*	Emergent Biosolutions, Inc		9,298,481
	113,000	*,e	Esperion Thereapeutics, Inc		4,039,750
	585,600	*	Exelixis, Inc		13,117,440
	352,426	*	FibroGen, Inc		9,867,928
	191,660	*	Five Prime Therapeutics, Inc		6,681,268
	148,600	*	Global Blood Therapeutics, Inc		4,301,970
	241,563	*	INC Research Holdings, Inc		10,870,335
	80,000	*	Insmed, Inc		1,476,000
	366,100	*	Karyopharm Therapeutics, Inc		3,741,542
	44,200	*,e	Kite Pharma, Inc		3,627,936
	258,848	*	MacroGenics, Inc		5,593,705
	265,570	*	Medicines Co		13,097,912
	400,142	*	Momenta Pharmaceuticals, Inc		5,742,038
	331,000	*	Nektar Therapeutics		6,279,070
	165,700	*,e	NewLink Genetics Corp		3,096,933
	831,700	*	Pacific Biosciences of California, Inc		3,276,898
	149,100	*	Pacira Pharmaceuticals, Inc		7,238,805
	257,950		Phibro Animal Health Corp		7,674,012
	172,900	*	Portola Pharmaceuticals, Inc		6,914,271
	221,567	*	PRA Health Sciences, Inc		14,171,425
	224,521	*	Prestige Brands Holdings, Inc		12,889,751
	93,900	*,e	Puma Biotechnology, Inc		3,812,340
	276,230	*	Retrophin, Inc		5,411,346
	64,900	*	Sage Therapeutics, Inc		4,607,900
	200,200	*	Sarepta Therapeutics, Inc		7,259,252
	991,430	*	Spectrum Pharmaceuticals, Inc		7,544,782
	350,506	*	Supernus Pharmaceuticals, Inc		11,426,496
	382,200	*,e	TherapeuticsMD, Inc		1,949,220
	96,524	*	Ultragenyx Pharmaceutical, Inc		6,215,180
	414,400	*	Vanda Pharmaceuticals, Inc		6,319,600
	258,200	*	Xencor Inc		6,627,993
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		270,211,125

REAL ESTATE - 6.8%
	283,970		American Assets Trust,Inc		12,162,435
	270,300		Chatham Lodging Trust		5,233,008
	248,110		Coresite Realty		24,277,564
	285,110		DuPont Fabros Technology, Inc		14,697,421
	138,480		Entertainment Properties Trust		10,068,881
	660,550		First Industrial Realty Trust, Inc		18,587,877
	553,580		Hersha Hospitality Trust		10,208,015
	573,500		LaSalle Hotel Properties		16,379,160
	1,552,700		Medical Properties Trust, Inc		20,293,789
	149,928		PS Business Parks, Inc		18,222,249
	459,500		Ramco-Gershenson Properties		6,125,135
	120,100		Re/Max Holdings, Inc		7,103,915
	777,690		RLJ Lodging Trust		16,712,558
	312,286		Sabra Healthcare REIT, Inc		8,491,056
	123,888		Saul Centers, Inc		7,439,474
	472,100		STORE Capital Corp		11,325,679

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	983,423		Summit Hotel Properties, Inc	$	16,255,982
	608,343		Xenia Hotels & Resorts, Inc		10,621,669
			TOTAL REAL ESTATE		234,205,867

RETAILING - 2.7%
	328,400		Caleres, Inc		9,464,488
	748,940		Chico’s FAS, Inc		10,350,351
	163,440		Children’s Place Retail Stores, Inc		18,762,912
	557,100	*	Francesca’s Holdings Corp		8,791,038
	217,700		HSN, Inc		8,033,130
	423,240	*	Liberty TripAdvisor Holdings, Inc		6,221,628
	297,000		Nutri/System, Inc		15,874,650
	1,046,100		Office Depot, Inc		5,199,117
	1,220,600		Pier 1 Imports, Inc		8,226,844
			TOTAL RETAILING		90,924,158

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.0%
	224,341	*	Advanced Energy Industries, Inc		16,556,366
	839,400	*	Advanced Micro Devices, Inc		11,164,020
	181,300	*,e	Ambarella, Inc		10,192,686
	189,289		Cabot Microelectronics Corp		14,830,793
	27,700	*	Cavium, Inc		1,907,145
	279,800	*	Ceva, Inc		10,072,800
	874,298	*	Entegris, Inc		21,682,590
	197,600	*,e	Inphi Corp		8,184,592
	393,268	*	MaxLinear, Inc		10,944,649
	239,900		MKS Instruments, Inc		18,772,175
	44,912		Power Integrations, Inc		2,961,946
	764,400	*	Rambus, Inc		9,570,288
	441,200	*	Semtech Corp		15,066,980
	237,857	*	Silicon Laboratories, Inc		16,923,526
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		168,830,556

SOFTWARE & SERVICES - 7.5%
	658,112	*	8x8, Inc		9,575,530
	338,200	*	Acxiom Corp		9,773,980
	660,100	*	Bankrate, Inc		6,997,060
	446,900	*	Barracuda Networks, Inc		9,085,477
	151,550	*	CACI International, Inc (Class A)		17,882,900
	275,400	*	Commvault Systems, Inc		13,893,930
	211,414	*	EPAM Systems, Inc		16,278,878
	104,800	*	Euronet Worldwide, Inc		8,658,576
	686,400		EVERTEC, Inc		10,879,440
	247,471	*	ExlService Holdings, Inc		11,806,841
	274,980	*	Gigamon, Inc		8,716,866
	9,102	*	HubSpot, Inc		610,289
	189,700		LogMeIn, Inc		21,436,100
	71,860	*	MicroStrategy, Inc (Class A)		13,665,616
	801,550	*	Nuance Communications, Inc		14,339,729
	508,079		Progress Software Corp		15,100,108
	154,300	*	Proofpoint, Inc		11,629,591
	35,942	*	Quotient Technology, Inc		391,768
	356,011	*	RealPage, Inc		13,190,208

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	106,800	*	RingCentral, Inc	$	3,412,260
	110,958		Science Applications International Corp		8,098,824
	284,300	*	Synchronoss Technologies, Inc		4,548,800
	688,405		Travelport Worldwide Ltd		9,066,294
	379,600	*	Verint Systems, Inc		14,918,280
	369,900	*	Xactly Corp		4,290,840
			TOTAL SOFTWARE & SERVICES		258,248,185

TECHNOLOGY HARDWARE & EQUIPMENT - 5.2%
	131,800	*	Anixter International, Inc		10,748,290
	475,710	*	ARRIS International plc		12,363,703
	289,100	*	Fabrinet		10,023,097
	545,080	*	Finisar Corp		12,449,627
	274,349	*	II-VI, Inc		9,094,669
	393,420	*	NCR Corp		16,228,575
	207,200	*	Netgear, Inc		9,769,480
	73,590	*	Netscout Systems, Inc		2,770,664
	722,000	*,e	Oclaro, Inc		5,783,220
	175,600		Plantronics, Inc		9,587,760
	116,500	*	Rogers Corp		11,992,510
	399,444	*	Sanmina Corp		14,879,289
	51,010	*,e	Synaptics, Inc		2,793,818
	196,900	*	Tech Data Corp		18,833,485
	1,137,884	*	TTM Technologies, Inc		19,036,799
	1,106,500	*	Viavi Solutions, Inc		11,065,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		177,419,986

TELECOMMUNICATION SERVICES - 0.8%
	362,190		Telephone & Data Systems, Inc		9,945,737
	2,447,390	*	Vonage Holdings Corp		16,421,987
			TOTAL TELECOMMUNICATION SERVICES		26,367,724

TRANSPORTATION - 1.2%
	690,427	*	Air Transport Services Group, Inc		12,696,953
	157,953	*	Atlas Air Worldwide Holdings, Inc		9,161,274
	327,100	*	Hawaiian Holdings, Inc		17,761,530
			TOTAL TRANSPORTATION		39,619,757

UTILITIES - 3.9%
	260,090		Allete, Inc		18,182,892
	480,423		Avista Corp		19,380,264
	168,218		Chesapeake Utilities Corp		12,330,379
	673,900	*,m	Ferroglobe plc		0
	244,200		NorthWestern Corp		14,598,276
	549,291		NRG Yield, Inc (Class A)		9,524,706
	251,300		ONE Gas, Inc		17,296,979
	222,466		Ormat Technologies, Inc		13,138,842
	252,000		Otter Tail Corp		9,954,000
	216,790		Southwest Gas Corp		18,158,330
			TOTAL UTILITIES		132,564,668

			TOTAL COMMON STOCKS		3,397,852,945
			(Cost $2,773,897,810)

TIAA-CREF FUNDS - Small-Cap Equity Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

SHORT-TERM INVESTMENTS - 2.3%

GOVERNMENT AGENCY DEBT - 0.8%

27,400,000

Federal Home Loan Bank (FHLB)

0.680

05/01/17

27,400,000

TOTAL GOVERNMENT AGENCY DEBT

27,400,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.5%
	52,415,316	c	State Street Navigator Securities Lending Government Money Market Portfolio		52,415,316
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		52,415,316

			TOTAL SHORT-TERM INVESTMENTS		79,815,316
			(Cost $79,815,316)
			TOTAL INVESTMENTS - 101.4%		3,477,668,261
			(Cost $2,853,713,126)
			OTHER ASSETS & LIABILITIES, NET - (1.4)%		(47,702,785	)
			NET ASSETS - 100.0%	$	3,429,965,476



		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 $48,460,758.
l		All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
m		Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

TIAA-CREF FUNDS

SMALL/MID-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 2.0%
	4,564		LCI Industries, Inc	$	461,649
	30,279		Lear Corp		4,319,602
	19,744	*	Stoneridge, Inc		387,180
	43,352		Thor Industries, Inc		4,169,595
	27,576		Visteon Corp		2,838,949
			TOTAL AUTOMOBILES & COMPONENTS		12,176,975

BANKS - 7.6%
	26,119		Bank of NT Butterfield & Son Ltd		868,457
	6,500		BankUnited		229,385
	73,882		Beneficial Bancorp, Inc		1,182,112
	9,737		Blue Hills Bancorp, Inc		176,240
	9,675		Capital Bank Financial Corp		401,512
	38,600		Centerstate Banks of Florida, Inc		973,878
	57,421		Central Pacific Financial Corp		1,796,129
	5,841		Charter Financial Corp		107,182
	15,852		CoBiz, Inc		260,448
	10,181	*	CU Bancorp		379,497
	1,667		Financial Institutions, Inc		55,845
	501,764	*	First Bancorp (Puerto Rico)		2,950,372
	2,464		First Connecticut Bancorp		65,789
	8,894		First Financial Corp		434,027
	3,500		First Financial Northwest, Inc		54,880
	8,269		First Merchants Corp		342,171
	1,624		First Republic Bank		150,155
	37,446		Heritage Commerce Corp		534,729
	30,810		Heritage Financial Corp		813,384
	15,353	*	HomeTrust Bancshares, Inc		383,825
	10,825		Independent Bank Corp (MI)		241,398
	93,660		LegacyTexas Financial Group, Inc		3,541,285
	192,894	*	MGIC Investment Corp		2,033,103
	94,351		National Bank Holdings Corp		2,978,661
	48,315	*	NMI Holdings, Inc		560,454
	20,339		Opus Bank		458,644
	17,949		PacWest Bancorp		886,501
	19,760		Park Sterling Bank		243,048
	38,975	*	PennyMac Financial Services, Inc		643,088
	19,877		Peoples Bancorp, Inc		665,482
	77,512		Popular, Inc		3,248,528
	10,168		Preferred Bank		538,802
	10,519		Sandy Spring Bancorp, Inc		454,947
	33,532	*	Seacoast Banking Corp of Florida		811,474
	36,314		South State Corp		3,201,079
	22,916		Southwest Bancorp, Inc		594,670

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE

	19,186	*	SVB Financial Group	$	3,375,585
	1,855		Territorial Bancorp, Inc		57,412
	9,836	*	Texas Capital Bancshares, Inc		748,520
	104,986		TFS Financial Corp		1,736,468
	35,955		Trico Bancshares		1,274,964
	27,235	*	Triumph Bancorp, Inc		610,064
	118,444		Trustco Bank Corp NY		941,630
	23,086		Union Bankshares Corp		790,465
	22,047		United Financial Bancorp, Inc (New)		380,752
	14,057		WSFS Financial Corp		663,490
	43,200		Zions Bancorporation		1,729,296
			TOTAL BANKS		45,569,827

CAPITAL GOODS - 12.0%
	43,597		AAR Corp		1,569,056
	8,687		AGCO Corp		555,881
	11,590	*	American Woodmark Corp		1,065,121
	1,700		Astec Industries, Inc		107,695
	114,489	*	Atkore International Group, Inc		3,006,481
	36,305	*	BMC Stock Holdings, Inc		845,907
	75,788	*	Builders FirstSource, Inc		1,213,366
	85,793		BWX Technologies, Inc		4,218,442
	89,267		Comfort Systems USA, Inc		3,276,099
	43,280	*	Continental Building Products Inc		1,053,868
	12,795		Crane Co		1,022,448
	1,800		Donaldson Co, Inc		83,304
	51,882		EMCOR Group, Inc		3,410,723
	4,501		Fortune Brands Home & Security, Inc		286,894
	58,177		Global Brass & Copper Holdings, Inc		2,074,010
	8,392		Gorman-Rupp Co		240,179
	100,255	*	Harsco Corp		1,308,328
	57,583		HEICO Corp (Class A)		3,529,807
	30,892		Hubbell, Inc		3,494,812
	11,238		Huntington Ingalls		2,257,602
	73,333		ITT, Inc		3,089,519
	8,905		Kadant, Inc		553,446
	23,540		Kennametal, Inc		978,793
	23,925		Lennox International, Inc		3,956,956
	7,931		LSI Industries, Inc		71,934
	8,269	*	Masonite International Corp		687,981
	81,863	*	MRC Global, Inc		1,492,362
	14,909		MSC Industrial Direct Co (Class A)		1,334,803
	23,370		Mueller Industries, Inc		748,775
	58,130	*	MYR Group, Inc		2,456,574
	66,742	*	NCI Building Systems, Inc		1,167,985
	22,246		Orbital ATK, Inc		2,202,354
	38,147		Oshkosh Truck Corp		2,647,020
	4,400		Owens Corning, Inc		267,740
	698	*	Patrick Industries, Inc		49,593
	32,796	*	Ply Gem Holdings, Inc		631,323
	1,780		Rockwell Collins, Inc		185,280
	13,799		Spirit Aerosystems Holdings, Inc (Class A)		788,751
	36,527	*	SPX Corp		878,840

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE

	61,053	*	SPX FLOW, Inc	$	2,206,455
	5,133		Tennant Co		375,992
	12,609		Triton International Ltd		385,961
	102,783	*	Univar, Inc		3,068,073
	32,676		Universal Forest Products, Inc		3,113,696
	900		Valmont Industries, Inc		137,115
	21,042	*	Vectrus, Inc		535,308
	7,655	*	Veritiv Corp		395,381
	13,779		Watsco, Inc		1,912,525
	6,848	*	Welbilt, Inc		140,384
	34,578		Xylem, Inc		1,777,655
			TOTAL CAPITAL GOODS		72,858,597

COMMERCIAL & PROFESSIONAL SERVICES - 3.4%
	2,477	*	Advanced Disposal Services, Inc		58,903
	21,751		Brink’s Co		1,335,512
	19,388	*	CBIZ, Inc		305,361
	54,011		Ceco Environmental Corp		609,784
	17,691		Ennis, Inc		311,362
	23,664		Essendant, Inc		395,189
	53,658		Insperity, Inc		4,901,658
	9,635		KAR Auction Services, Inc		420,279
	97,922		Kforce, Inc		2,222,829
	58,577		Kimball International, Inc (Class B)		1,040,913
	16,413		LSC Communications, Inc		424,604
	44,926		Manpower, Inc		4,536,628
	22,978		Quad Graphics, Inc		603,402
	13,459	*	TransUnion		538,764
	99,818	*	TriNet Group, Inc		2,934,649
	15,821	*	TrueBlue, Inc		432,704
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		21,072,541

CONSUMER DURABLES & APPAREL - 3.5%
	99,406		Callaway Golf Co		1,177,961
	23,859		Carter’s, Inc		2,195,982
	63,886		La-Z-Boy, Inc		1,782,419
	5,644		Lennar Corp (B Shares)		240,491
	46,767	*	Lululemon Athletica, Inc		2,431,884
	81,429		MCBC Holdings, Inc		1,363,936
	4,144		Newell Rubbermaid, Inc		197,835
	1,569	*	NVR, Inc		3,312,551
	35,642		Pool Corp		4,263,496
	111,932	*	Skechers U.S.A., Inc (Class A)		2,826,283
	58,600	*	Taylor Morrison Home Corp		1,353,660
	1,851		Toll Brothers, Inc		66,618
			TOTAL CONSUMER DURABLES & APPAREL		21,213,116

CONSUMER SERVICES - 3.9%
	115,507		ARAMARK Holdings Corp		4,218,316
	31,930		Bloomin’ Brands, Inc		692,562
	19,851	*	Boyd Gaming Corp		450,221
	44,119	*	Bridgepoint Education, Inc		538,252
	17,317	*	Buffalo Wild Wings, Inc		2,728,293

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE

	81,506	*	Career Education Corp	$	827,286
	57,446		ClubCorp Holdings, Inc		772,649
	190,329		Extended Stay America, Inc		3,319,338
	44,116		H&R Block, Inc		1,093,635
	20,572	*	K12, Inc		387,782
	14,456		Marcus Corp		488,613
	9,800	*,e	Noodles & Co		57,330
	41,969		Papa John’s International, Inc		3,318,069
	4,938	*	Pinnacle Entertainment, Inc		101,574
	51,254	*	Regis Corp		559,181
	59,403		Six Flags Entertainment Corp		3,719,222
	9,841		Speedway Motorsports, Inc		177,630
			TOTAL CONSUMER SERVICES		23,449,953

DIVERSIFIED FINANCIALS - 4.0%
	7,312	*	E*TRADE Financial Corp		252,630
	48,149		Evercore Partners, Inc (Class A)		3,550,989
	64,259	*	FNFV Group		880,348
	135,679	*	Green Dot Corp		4,652,433
	19,426		Houlihan Lokey, Inc		651,548
	75,495	*	Ladenburg Thalmann Financial Services, Inc		209,876
	58,650		Lazard Ltd (Class A)		2,518,431
	11,710		Legg Mason, Inc		437,720
	60,943		LPL Financial Holdings, Inc		2,562,044
	68,186		Moelis & Co		2,502,426
	31,359		Morningstar, Inc		2,293,284
	48,595		MTGE Investment Corp		874,710
	11,803		NewStar Financial, Inc		126,764
	90,824		OM Asset Management plc		1,413,222
	20,187		Pzena Investment Management, Inc (Class A)		207,724
	9,828		Tiptree Financial, Inc		69,287
	57,570		Two Harbors Investment Corp		575,124
			TOTAL DIVERSIFIED FINANCIALS		23,778,560

ENERGY - 3.2%
	597,424	*	Clean Energy Fuels Corp		1,457,714
	3,510	*	Dawson Geophysical Co		17,655
	6,520	*	Diamondback Energy, Inc		650,957
	37,925	*	Energen Corp		1,971,721
	24,318	*	Exterran Corp		665,584
	47,606	*	Fairmount Santrol Holdings, Inc		245,647
	25,810	*	Independence Contract Drilling, Inc		118,984
	20,277	*	International Seaways, Inc		391,954
	60,200	*,e	Keane Group, Inc		831,964
	119,871	*	McDermott International, Inc		783,956
	39,409	*	Newfield Exploration Co		1,364,340
	9,233	*	Oasis Petroleum, Inc		110,242
	68,602		Overseas Shipholding Group, Inc		249,711
	38,080	*	Pacific Ethanol, Inc		258,944
	46,710	*	Parsley Energy, Inc		1,391,491
	110,365	*	Renewable Energy Group, Inc		1,153,314
	45,904	*	Transocean Ltd (NYSE)		506,321
	10,488		US Silica Holdings Inc		435,252

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE

	39,133	*	Westmoreland Coal Co	$	417,158
	328,976	*	Whiting Petroleum Corp		2,730,501
	65,849		World Fuel Services Corp		2,425,219
	92,097	*	WPX Energy, Inc		1,098,717
			TOTAL ENERGY		19,277,346

FOOD & STAPLES RETAILING - 1.3%
	79,064	*	Rite Aid Corp		316,256
	95,471		Spartan Stores, Inc		3,513,333
	23,074	*	United Natural Foods, Inc		958,263
	113,498	*	US Foods Holding Corp		3,200,644
			TOTAL FOOD & STAPLES RETAILING		7,988,496

FOOD, BEVERAGE & TOBACCO - 1.4%
	12,507		Ingredion, Inc		1,548,617
	16,885		Pilgrim’s Pride Corp		438,334
	68,328		Pinnacle Foods, Inc		3,973,273
	31,019	*	Post Holdings, Inc		2,611,490
			TOTAL FOOD, BEVERAGE & TOBACCO		8,571,714

HEALTH CARE EQUIPMENT & SERVICES - 5.0%
	22,330	*	AMN Healthcare Services, Inc		912,181
	4,746	*	Angiodynamics, Inc		73,658
	57,961	*	Brookdale Senior Living, Inc		752,913
	48,707	*	Cardiovascular Systems, Inc		1,454,878
	7,082		Cooper Cos, Inc		1,418,737
	74,761	*	Cross Country Healthcare, Inc		1,044,411
	27,060	*	Cutera, Inc		529,023
	8,492	*	DexCom, Inc		662,036
	199,348	*	Diplomat Pharmacy, Inc		3,109,829
	56,171		Hill-Rom Holdings, Inc		4,248,774
	9,517	*	Hologic, Inc		429,693
	35,186	*	Idexx Laboratories, Inc		5,901,748
	49,957	*	iRhythm Technologies, Inc		1,762,983
	7,783	*	Magellan Health Services, Inc		535,470
	9,800	*	Merit Medical Systems, Inc		330,260
	52,848	*	Molina Healthcare, Inc		2,631,302
	11,144	*	Oxford Immunotec Global plc		171,506
	22,961	*	PharMerica Corp		541,880
	21,791	*	Providence Service Corp		958,804
	25,869	*	Tivity Health, Inc		869,198
	34,040	*	Veeva Systems, Inc		1,825,225
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		30,164,509

HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
	63,897	*,e	Herbalife Ltd		4,042,124
	4,372		Nature’s Sunshine Products, Inc		44,158
	50,852	*	USANA Health Sciences, Inc		2,890,936
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		6,977,218

INSURANCE - 3.9%
	15,159		American Financial Group, Inc		1,475,122

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE

	4,080		Argo Group International Holdings Ltd	$	269,076
	65,057		Aspen Insurance Holdings Ltd		3,405,734
	14,923		Axis Capital Holdings Ltd		983,426
	32,501		Brown & Brown, Inc		1,394,293
	120,455		Conseco, Inc		2,537,987
	35,517	e	Crawford & Co (Class B)		387,490
	1,681		EMC Insurance Group, Inc		48,211
	18,284		Erie Indemnity Co (Class A)		2,263,925
	4,490	e	Fidelity & Guaranty Life		127,741
	5,609		James River Group Holdings Ltd		244,328
	49,552		OneBeacon Insurance Group Ltd (Class A)		790,354
	50,702		ProAssurance Corp		3,138,454
	34,389		Reinsurance Group of America, Inc (Class A)		4,300,000
	8,138	*,e	Trupanion, Inc		129,313
	2,397		White Mountains Insurance Group Ltd		2,058,879
			TOTAL INSURANCE		23,554,333

MATERIALS - 5.9%
	30,323		Avery Dennison Corp		2,523,177
	54,313	*	Boise Cascade Co		1,656,546
	67,455	*	Crown Holdings, Inc		3,783,551
	76,775	*	Ferro Corp		1,375,808
	14,219		Innophos Holdings, Inc		681,659
	59,324		Kronos Worldwide, Inc		1,039,356
	101,269	*	Louisiana-Pacific Corp		2,606,664
	25,254	*	Omnova Solutions, Inc		239,913
	42,375		Packaging Corp of America		4,185,803
	8,157		PolyOne Corp		319,836
	19,789		Reliance Steel & Aluminum Co		1,559,769
	35,799		Schweitzer-Mauduit International, Inc		1,541,147
	2,991		Sealed Air Corp		131,664
	18,000		Silgan Holdings, Inc		1,091,160
	15,268		Steel Dynamics, Inc		551,785
	28,457		Stepan Co		2,413,154
	271,332		Tronox Ltd		4,479,691
	98,836		United States Steel Corp		2,206,020
	40,300		WR Grace & Co		2,809,716
			TOTAL MATERIALS		35,196,419

MEDIA - 1.4%
	51,502	*	Live Nation, Inc		1,656,305
	105,154	*	MSG Networks, Inc		2,623,592
	65,686		Time, Inc		998,427
	88,718		Tribune Co		3,243,530
			TOTAL MEDIA		8,521,854

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.0%
	9,791	*	Acadia Pharmaceuticals, Inc		336,125
	18,223	*	Akorn, Inc		609,559
	10,138	*	Alkermes plc		590,539
	4,816	*	Alnylam Pharmaceuticals, Inc		258,138
	37,968	*,e	Athersys, Inc		56,193
	25,814	*	Bio-Rad Laboratories, Inc (Class A)		5,634,163

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE

	20,381		Bio-Techne Corp	$	2,182,397
	47,900		Bruker BioSciences Corp		1,168,281
	40,011	*	Charles River Laboratories International, Inc		3,588,987
	71,849	*	Corcept Therapeutics, Inc		685,439
	163,546	*	Curis, Inc		395,781
	19,770	*	Durect Corp		17,346
	24,509	*	Endo International plc		278,667
	74,582	*	Enzo Biochem, Inc		656,322
	19,723	*	FibroGen, Inc		552,244
	3,424	*	Horizon Pharma plc		52,661
	22,934	*	INC Research Holdings, Inc		1,032,030
	33,900	*	Innoviva, Inc		399,512
	15,029	*	Ionis Pharmaceuticals, Inc		724,248
	2,944	*	Jazz Pharmaceuticals plc		468,920
	20,787		Luminex Corp		391,419
	13,563	*	Medpace Holdings, Inc		430,083
	12,119	*	Nektar Therapeutics		229,897
	37,160		PerkinElmer, Inc		2,207,676
	97,070		PharmAthene, Inc		70,550
	9,582		Phibro Animal Health Corp		285,065
	13,619	*	Prestige Brands Holdings, Inc		781,867
	31,484	*	Quintiles Transnational Holdings, Inc		2,653,472
	22,721	*	Retrophin, Inc		445,104
	69,700	*	Rigel Pharmaceuticals, Inc		208,403
	6,788	*	Sciclone Pharmaceuticals, Inc		65,504
	16,945	*	Tetraphase Pharmaceuticals, Inc		134,374
	8,249	*	United Therapeutics Corp		1,036,899
	54,632	*	Vanda Pharmaceuticals, Inc		833,138
	11,500	*	Versartis, Inc		211,600
	4,216	*	VWR Corp		119,144
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		29,791,747

REAL ESTATE - 9.3%
	3,890		Alexandria Real Estate Equities, Inc		437,664
	10,518		American Assets Trust,Inc		450,486
	47,530		Apple Hospitality REIT, Inc		890,237
	74,399		Ashford Hospitality Prime, Inc		787,885
	68,805		Ashford Hospitality Trust, Inc		430,031
	121,560		Brixmor Property Group, Inc		2,400,810
	47,818		Camden Property Trust		3,936,856
	27,305		Colony Starwood Homes		943,934
	151,605		Columbia Property Trust, Inc		3,411,112
	83,334		CoreCivic, Inc		2,870,856
	19,783		CubeSmart		501,301
	60,096		DDR Corp		649,638
	144,280	*	Equity Commonwealth		4,615,517
	30,962		Equity Lifestyle Properties, Inc		2,505,135
	64,246		FelCor Lodging Trust, Inc		497,907
	50,749	*	Forestar Group, Inc		718,098
	36,265		Gaming and Leisure Properties, Inc		1,262,022
	17,816		Independence Realty Trust, Inc		163,907
	10,823		Jones Lang LaSalle, Inc		1,243,130
	28,037		Liberty Property Trust		1,137,461

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE

	59,406		Mack-Cali Realty Corp	$	1,606,932
	10,054		MedEquities Realty Trust, Inc		118,838
	31,506		Mid-America Apartment Communities, Inc		3,125,710
	19,182		Monmouth Real Estate Investment Corp (Class A)		287,730
	32,888		NexPoint Residential Trust, Inc		789,641
	15,967		One Liberty Properties, Inc		387,679
	53,545		Outfront Media, Inc		1,400,737
	53,441		Paramount Group, Inc		876,432
	18,398		PS Business Parks, Inc		2,236,093
	37,669		QTS Realty Trust, Inc		2,013,031
	29,961		Realogy Holdings Corp		915,309
	6,803		Regency Centers Corp		429,814
	221,216		Retail Properties of America, Inc		2,951,022
	22,665		RMR Group, Inc		1,195,579
	19,174		Select Income REIT		480,501
	20,443	*	STAG Industrial, Inc		538,878
	28,533		Sun Communities, Inc		2,385,644
	31,041		Taubman Centers, Inc		1,941,615
	32,799		WP Carey, Inc		2,053,217
			TOTAL REAL ESTATE		55,588,389

RETAILING - 5.1%
	69,593		American Eagle Outfitters, Inc		980,565
	152,397		Barnes & Noble, Inc		1,302,994
	47,175	*	Burlington Stores, Inc		4,666,551
	11,822	*	Cabela’s, Inc		645,481
	18,724		Caleres, Inc		539,626
	59,922		Camping World Holdings, Inc		1,852,788
	40,791		Chico’s FAS, Inc		563,732
	39,224		Citi Trends, Inc		737,019
	47,058		Dick’s Sporting Goods, Inc		2,378,782
	107,743	*	Francesca’s Holdings Corp		1,700,185
	129,310	e	Fred’s, Inc (Class A)		1,903,443
	394,052	*	Groupon, Inc		1,544,684
	10,437		HSN, Inc		385,125
	131,563	*	Michaels Cos, Inc		3,073,312
	89,423		Nutri/System, Inc		4,779,659
	130,814		Office Depot, Inc		650,146
	51,934	*	Select Comfort Corp		1,604,761
	19,299		Sonic Automotive, Inc (Class A)		378,260
	30,400		Staples, Inc		297,008
	17,673		Tilly’s, Inc		168,954
	7,216	*,e	Wayfair, Inc		329,843
			TOTAL RETAILING		30,482,918

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4%
	57,231	*	Alpha & Omega Semiconductor Ltd		947,173
	125,650		Brooks Automation, Inc		3,173,919
	3,580	*	MA-COM Technology Solutions		174,990
	180,971		Marvell Technology Group Ltd		2,718,185
	25,701	*	ON Semiconductor Corp		364,440
	24,865	*	Semtech Corp		849,140
	23,030	*	Ultra Clean Holdings		443,097
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		8,670,944

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE

SOFTWARE & SERVICES - 7.3%
	236,134	*	A10 Networks, Inc	$	1,912,685
	62,750	*	Aspen Technology, Inc		3,858,498
	12,848		Booz Allen Hamilton Holding Co		461,629
	140,952	*	Box, Inc		2,430,012
	90,173	*	Cadence Design Systems, Inc		2,936,935
	52,703	*	Care.com, Inc		624,530
	27,360	*	CommerceHub, Inc		435,571
	15,297	*	Commvault Systems, Inc		771,734
	25,679		DST Systems, Inc		3,161,342
	13,151	*	EPAM Systems, Inc		1,012,627
	125,968		EVERTEC, Inc		1,996,593
	122,025	*	Five9, Inc		2,226,346
	30,160	*	Fortinet, Inc		1,176,240
	100,513		Hackett Group, Inc		1,993,173
	74,353	*	Limelight Networks, Inc		233,468
	36,323		LogMeIn, Inc		4,104,499
	50,145	*	Manhattan Associates, Inc		2,341,270
	8,790		MAXIMUS, Inc		536,102
	5,555	*	MoneyGram International, Inc		98,935
	56,305		Pegasystems, Inc		2,564,693
	6,900	*	Perficient, Inc		120,198
	45,508	*	Quotient Technology, Inc		496,037
	78,274	*	RingCentral, Inc		2,500,854
	205,797	*	Square, Inc		3,753,737
	14,060	*	Synopsys, Inc		1,036,222
	30,659	*	TeleNav, Inc		266,733
	24,941	*	Workiva, Inc		419,009
			TOTAL SOFTWARE & SERVICES		43,469,672

TECHNOLOGY HARDWARE & EQUIPMENT - 6.0%
	8,084	*	Anixter International, Inc		659,250
	43,138	*	Arrow Electronics, Inc		3,041,229
	9,691		Black Box Corp		95,941
	73,552		CDW Corp		4,346,188
	95,952	*	CommScope Holding Co, Inc		4,033,822
	46,696		Dolby Laboratories, Inc (Class A)		2,462,280
	6,397		EMCORE Corp		57,573
	76,000	*	Extreme Networks, Inc		593,940
	67,231	*	Insight Enterprises, Inc		2,830,425
	111,795		Jabil Circuit, Inc		3,244,291
	105,616	*	Keysight Technologies, Inc		3,953,207
	1,192		PC Connection, Inc		34,258
	33,425	*	Sanmina Corp		1,245,081
	141,861	*	ShoreTel, Inc		929,190
	32,173		SYNNEX Corp		3,488,518
	51,460	*	Tech Data Corp		4,922,149
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		35,937,342

TELECOMMUNICATION SERVICES - 0.8%
	609,386	*,e	Globalstar, Inc		1,163,927

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

SHARES			COMPANY					VALUE

	4,592	*	Hawaiian Telcom Holdco, Inc					$	116,867
	6,124		IDT Corp (Class B)						93,024
	97,379		Telephone & Data Systems, Inc						2,674,027
	7,700	*	US Cellular Corp						301,686
	128,504		Windstream Holdings, Inc						709,342
			TOTAL TELECOMMUNICATION SERVICES						5,058,873

TRANSPORTATION - 2.0%
	2,164		Arkansas Best Corp						57,238
	17,213	*	Atlas Air Worldwide Holdings, Inc						998,354
	5,692		Copa Holdings S.A. (Class A)						662,663
	65,610	*	Hub Group, Inc (Class A)						2,568,631
	47,753	*	JetBlue Airways Corp						1,042,448
	2,180		Marten Transport Ltd						54,064
	121,617	*	Radiant Logistics, Inc						729,702
	66,121		Skywest, Inc						2,459,701
	27,241	*	Swift Transportation Co, Inc						669,584
	52,918	*	XPO Logistics, Inc						2,613,620
			TOTAL TRANSPORTATION						11,856,005

UTILITIES - 3.2%
	199,268		NRG Energy, Inc						3,367,629
	79,666		NRG Yield, Inc (Class A)						1,381,409
	8,246		OGE Energy Corp						286,796
	6,894		ONE Gas, Inc						474,514
	16,693		Pinnacle West Capital Corp						1,420,407
	1,888		Unitil Corp						91,436
	52,276		Vanguard Small-Cap ETF						7,026,940
	49,479		Vectren Corp						2,940,042
	37,363		Westar Energy, Inc						1,943,997
			TOTAL UTILITIES						18,933,170

			TOTAL COMMON STOCKS						600,160,518
			(Cost $541,656,164)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 2.1%

GOVERNMENT AGENCY DEBT - 0.6%
$	3,300,000		Federal Home Loan Bank (FHLB)		0.680	%	05/01/17		3,300,000
			TOTAL GOVERNMENT AGENCY DEBT						3,300,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.5%
	8,925,693	c	State Street Navigator Securities Lending Government Money Market Portfolio						8,925,693
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						8,925,693

			TOTAL SHORT-TERM INVESTMENTS						12,225,693
			(Cost $12,225,693)
			TOTAL INVESTMENTS - 101.9%						612,386,211
			(Cost $553,881,857)
			OTHER ASSETS & LIABILITIES, NET - (1.9)%						(11,286,617	)
			NET ASSETS - 100.0%					$	601,099,594

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund



		Abbreviation(s):
		ETF Exchange Traded Fund
		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 $8,657,302.

TIAA-CREF FUNDS - Social Choice Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.9%

AUTOMOBILES & COMPONENTS - 1.1%
	13,314		BorgWarner, Inc	$	562,916
	16,566		Delphi Automotive plc		1,331,906
	1,156,967		Ford Motor Co		13,270,412
	66,583		Harley-Davidson, Inc		3,782,580
	22,556	*	Modine Manufacturing Co		272,928
	36,703	*,e	Tesla, Inc		11,527,311
			TOTAL AUTOMOBILES & COMPONENTS		30,748,053

BANKS - 5.6%
	1,736		1st Source Corp		83,866
	22,700		Ameris Bancorp		1,069,170
	2,719		Arrow Financial Corp		93,126
	20,257		Associated Banc-Corp		504,399
	36,584		Astoria Financial Corp		745,948
	15,244		Bank Mutual Corp		140,245
	6,214		Bank of Hawaii Corp		506,317
	15,284		Bank of the Ozarks, Inc		725,532
	3,518		Banner Corp		194,194
	339,486		BB&T Corp		14,659,006
	12,593		Berkshire Hills Bancorp, Inc		472,238
	14,376		Boston Private Financial Holdings, Inc		224,266
	20,496		Brookline Bancorp, Inc		298,217
	8,111		Bryn Mawr Bank Corp		347,962
	3,985		Camden National Corp		170,359
	16,555		Capital Bank Financial Corp		687,033
	1,470		Capitol Federal Financial		21,506
	690		Cathay General Bancorp		26,255
	39,308		Centerstate Banks of Florida, Inc		991,741
	46,146		CIT Group, Inc		2,137,021
	331,064		Citizens Financial Group, Inc		12,153,359
	3,672		City Holding Co		261,042
	11,338		CoBiz, Inc		186,283
	440		Columbia Banking System, Inc		17,384
	65,875		Comerica, Inc		4,657,363
	292		Commerce Bancshares, Inc		16,045
	797		Community Bank System, Inc		44,592
	1,572		Community Trust Bancorp, Inc		70,661
	3,270		Cullen/Frost Bankers, Inc		308,655
	24,167	*	Customers Bancorp, Inc		747,485
	3,717		East West Bancorp, Inc		201,722
	20,125	*	FCB Financial Holdings, Inc		950,906
	10,422		Federal Agricultural Mortgage Corp (Class C)		594,575
	57,660		Fifth Third Bancorp		1,408,634
	13,049		First Bancorp (NC)		391,992

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	16,895		First Commonwealth Financial Corp	$	218,114
	6,744		First Community Bancshares, Inc		178,446
	2,352		First Financial Corp		114,778
	11,312		First Interstate Bancsystem, Inc		427,028
	16,967		First Merchants Corp		702,094
	3,844		First Republic Bank		355,416
	6,216		Flushing Financial Corp		183,248
	1,130		FNB Corp		16,091
	540		Glacier Bancorp, Inc		18,241
	6,474		Great Southern Bancorp, Inc		324,671
	1,279		Hancock Holding Co		59,729
	7,158		Hanmi Financial Corp		207,940
	13,498		Heartland Financial USA, Inc		647,904
	21,749		Heritage Financial Corp		574,174
	14,400	*	HomeStreet, Inc		374,400
	13,122	*	HomeTrust Bancshares, Inc		328,050
	11,260		Hope Bancorp, Inc		206,171
	2,618		IBERIABANK Corp		207,738
	5,708		Investors Bancorp, Inc		79,056
	654,066		Keycorp		11,930,164
	14,401		Lakeland Bancorp, Inc		280,099
	13,531		Lakeland Financial Corp		617,825
	3,075	e	Live Oak Bancshares, Inc		74,261
	88,001		M&T Bank Corp		13,676,235
	17,553	*	MGIC Investment Corp		185,009
	6,254		National Bank Holdings Corp		197,439
	310		NBT Bancorp, Inc		11,836
	69,768		New York Community Bancorp, Inc		927,217
	22,664		Northfield Bancorp, Inc		416,564
	19,926		OFG Bancorp		233,134
	7,838		Old National Bancorp		131,678
	13,091		Opus Bank		295,202
	8,836		PacWest Bancorp		436,410
	7,104		Peoples Bancorp, Inc		237,842
	982		People’s United Financial, Inc		17,156
	7,580	*	PHH Corp		97,782
	6,391		Pinnacle Financial Partners, Inc		409,024
	156,091		PNC Financial Services Group, Inc		18,691,897
	71,276		Popular, Inc		2,987,177
	12,870		PrivateBancorp, Inc		743,500
	21,071		Provident Financial Services, Inc		541,314
	178,821		Radian Group, Inc		3,018,498
	288,439		Regions Financial Corp		3,966,036
	2,803		Republic Bancorp, Inc (Class A)		100,852
	3,278		S&T Bancorp, Inc		117,877
	4,235		Southside Bancshares, Inc		147,039
	6,312		State Bank & Trust Co		169,540
	12,826		Stock Yards Bancorp, Inc		525,866
	16,030	*	SVB Financial Group		2,820,318
	429		TCF Financial Corp		7,083
	870	*	Texas Capital Bancshares, Inc		66,207
	17,614	*	The Bancorp, Inc		113,610
	8,474		TowneBank		274,981

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	4,025		Trico Bancshares	$	142,727
	13,511	*	Tristate Capital Holdings, Inc		336,424
	350		Trustmark Corp		11,627
	2,167		UMB Financial Corp		157,086
	650		Umpqua Holdings Corp		11,486
	6,031		Union Bankshares Corp		206,501
	14,097		United Bankshares, Inc		562,465
	11,606		United Financial Bancorp, Inc (New)		200,436
	6,092		Univest Corp of Pennsylvania		184,588
	408,382		US Bancorp		20,941,829
	27,261	*	Walker & Dunlop, Inc		1,222,656
	4,365		Washington Trust Bancorp, Inc		214,758
	3,230		Webster Financial Corp		164,116
	1,553	e	Westamerica Bancorporation		85,446
	13,557	*	Western Alliance Bancorp		649,380
	230		Wintrust Financial Corp		16,298
	3,911		WSFS Financial Corp		184,599
	55,123		Zions Bancorporation		2,206,574
			TOTAL BANKS		143,298,056

CAPITAL GOODS - 7.0%
	126,100		3M Co		24,694,163
	11,556		A.O. Smith Corp		622,637
	954		Acuity Brands, Inc		167,999
	8,341		Advanced Drainage Systems, Inc		192,260
	180,779		Ametek, Inc		10,340,559
	286		Applied Industrial Technologies, Inc		18,304
	11,569		Argan, Inc		773,388
	46,198		Barnes Group, Inc		2,539,504
	419	*	Beacon Roofing Supply, Inc		20,770
	9,760		Briggs & Stratton Corp		243,902
	46,759	*	Builders FirstSource, Inc		748,612
	121,895		Caterpillar, Inc		12,464,983
	3,092		Chicago Bridge & Iron Co NV		93,007
	35,835		Cummins, Inc		5,408,935
	99,550		Deere & Co		11,110,775
	29,707	*	DigitalGlobe, Inc		956,565
	27,134		Dover Corp		2,140,330
	137,592		Eaton Corp		10,407,459
	1,365		EMCOR Group, Inc		89,735
	17,278	*	Esterline Technologies Corp		1,580,073
	59,517		Fastenal Co		2,659,220
	300	e	GATX Corp		17,970
	7,479		Graco, Inc		806,610
	245		Granite Construction, Inc		12,914
	1,410		H&E Equipment Services, Inc		29,779
	17,572		Hexcel Corp		909,351
	103,060		Illinois Tool Works, Inc		14,231,555
	53,624		Ingersoll-Rand plc		4,759,130
	249,032		Johnson Controls International plc		10,352,260
	7,798		Kaman Corp		374,382
	18,062	*	KEYW Holding Corp		171,408
	7,720		Lincoln Electric Holdings, Inc		687,312

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	171,085		Masco Corp	$	6,333,567
	2,279		MSC Industrial Direct Co (Class A)		204,039
	3,829	*	MYR Group, Inc		161,814
	66,007		Owens Corning, Inc		4,016,526
	84,023		PACCAR, Inc		5,606,855
	13,733		Parker-Hannifin Corp		2,208,266
	41,937		Pentair plc		2,705,356
	95,785	*,e	Plug Power, Inc		214,558
	46,206	*	Quanta Services, Inc		1,637,541
	37,955		Rockwell Automation, Inc		5,972,219
	97,655		Rockwell Collins, Inc		10,164,909
	21,428		Roper Industries, Inc		4,686,304
	2,611	*	Rush Enterprises, Inc (Class A)		98,565
	1,401		Timken Co		67,598
	3,116	*	Titan Machinery, Inc		49,389
	44,961		TransDigm Group, Inc		11,093,228
	21,025		Triton International Ltd		643,575
	16,143	*	United Rentals, Inc		1,770,241
	5,047	*	Veritiv Corp		260,678
	1,480		W.W. Grainger, Inc		285,196
	10,000		Wabash National Corp		227,800
	33,910	*	Wesco Aircraft Holdings, Inc		412,007
	1,355	*	WESCO International, Inc		82,587
	6,028		Woodward Governor Co		407,915
			TOTAL CAPITAL GOODS		178,936,584

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	540		ABM Industries, Inc		23,323
	127,077	*	ACCO Brands Corp		1,810,847
	155,560	*	Copart, Inc		4,806,804
	650		Covanta Holding Corp		9,457
	5,334		Dun & Bradstreet Corp		584,660
	290		Essendant, Inc		4,843
	12,240		Exponent, Inc		748,476
	4,282		Heidrick & Struggles International, Inc		92,063
	6,346		Insperity, Inc		579,707
	5,010		Interface, Inc		99,699
	1,760		Kelly Services, Inc (Class A)		39,283
	5,758		Kimball International, Inc (Class B)		102,320
	590		Knoll, Inc		14,136
	10,228		Manpower, Inc		1,032,823
	21,053	*,m	Media General, Inc		0
	3,562	*	Mistras Group, Inc		80,145
	430		Mobile Mini, Inc		12,341
	8,831	*	Navigant Consulting, Inc		211,679
	970	*	On Assignment, Inc		50,217
	6,963		Resources Connection, Inc		96,786
	52,605		Robert Half International, Inc		2,422,460
	4,160	*	RPX Corp		53,414
	1,210		Steelcase, Inc (Class A)		20,631
	5,080	*	Team, Inc		136,652
	10,180		Tetra Tech, Inc		447,411
	2,825	*	TriNet Group, Inc		83,055

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	11,278		Viad Corp	$	509,766
	87,678		Waste Management, Inc		6,381,205
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		20,454,203

CONSUMER DURABLES & APPAREL - 1.1%
	10,992		CalAtlantic Group, Inc		398,130
	13,930		Callaway Golf Co		165,070
	396		Columbia Sportswear Co		22,422
	1,530		CSS Industries, Inc		40,331
	490		Ethan Allen Interiors, Inc		14,602
	53,158		Hanesbrands, Inc		1,159,376
	258		Hasbro, Inc		25,570
	2,202	*	Helen of Troy Ltd		206,988
	18,439	*	Kate Spade & Co		320,839
	17,267		Mattel, Inc		387,126
	7,028	*	Meritage Homes Corp		273,741
	595	*	Michael Kors Holdings Ltd		22,211
	3,220	*	Mohawk Industries, Inc		756,024
	6,980		Movado Group, Inc		163,332
	20,738		Newell Rubbermaid, Inc		990,032
	344,482		Nike, Inc (Class B)		19,087,748
	1,614		Phillips-Van Heusen Corp		163,062
	397		Pool Corp		47,489
	399	*,e	Tempur Sealy International, Inc		18,733
	4,706	*	Unifi, Inc		132,097
	54,516		VF Corp		2,978,209
	587		Weyco Group, Inc		16,413
	3,389		Whirlpool Corp		629,270
			TOTAL CONSUMER DURABLES & APPAREL		28,018,815

CONSUMER SERVICES - 2.8%
	4,314	*	American Public Education, Inc		95,339
	1,289		Bob Evans Farms, Inc		86,028
	4,297	*	Bright Horizons Family Solutions		327,088
	8,508		Carriage Services, Inc		232,694
	30,118		Choice Hotels International, Inc		1,888,399
	33,819		Darden Restaurants, Inc		2,881,041
	320		DineEquity, Inc		18,093
	1,850		Dunkin Brands Group, Inc		103,341
	22,986		Hilton Worldwide Holdings, Inc		1,355,484
	23,836		ILG, Inc		574,686
	14,275	*	Intrawest Resorts Holdings Inc		336,604
	359		Jack in the Box, Inc		36,607
	124,286		Marriott International, Inc (Class A)		11,735,084
	177,420		McDonald’s Corp		24,826,380
	20,387		Royal Caribbean Cruises Ltd		2,173,254
	38,369		Service Corp International		1,236,249
	25,999	*	ServiceMaster Global Holdings, Inc		990,562
	337,600		Starbucks Corp		20,276,256
	9,266		Vail Resorts, Inc		1,831,518
			TOTAL CONSUMER SERVICES		71,004,707

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

DIVERSIFIED FINANCIALS - 5.9%
	52,376		Ally Financial, Inc	$	1,037,045
	234,072		American Express Co		18,550,206
	1,075		Ameriprise Financial, Inc		137,439
	616,689		Annaly Capital Management, Inc		7,283,097
	50,429		Apollo Commercial Real Estate Finance, Inc		972,776
	350,453		Bank of New York Mellon Corp		16,492,318
	26,990		BlackRock, Inc		10,379,544
	430		CBOE Holdings, Inc		35,436
	312,825		Charles Schwab Corp		12,153,251
	22,014		Chimera Investment Corp		448,205
	124,077		CME Group, Inc		14,416,507
	280		Cohen & Steers, Inc		11,172
	5,881	*,e	Credit Acceptance Corp		1,195,313
	31,021		CYS Investments, Inc		264,609
	182,870		Discover Financial Services		11,445,833
	19,736		Dynex Capital, Inc		136,573
	4,411	*,e	Encore Capital Group, Inc		147,107
	2,390		Factset Research Systems, Inc		390,191
	77,683		Franklin Resources, Inc		3,348,914
	9,333	*	Green Dot Corp		320,029
	214,820		IntercontinentalExchange Group, Inc		12,932,164
	165,102		Invesco Ltd		5,438,460
	4,700		Invesco Mortgage Capital, Inc		76,657
	24,238		Legg Mason, Inc		906,017
	29,667		NASDAQ OMX Group, Inc		2,043,166
	12,294		Nelnet, Inc (Class A)		553,353
	119,931		Northern Trust Corp		10,793,790
	25,983	*,e	On Deck Capital, Inc		123,419
	8,008	*	Pico Holdings, Inc		128,929
	17,758		Resource Capital Corp		166,037
	31,538		S&P Global, Inc		4,232,084
	3,216	*	Safeguard Scientifics, Inc		40,843
	123,600		State Street Corp		10,370,040
	52,574		T Rowe Price Group, Inc		3,726,971
	3,000		TD Ameritrade Holding Corp		114,810
	25,591		Voya Financial, Inc		956,592
			TOTAL DIVERSIFIED FINANCIALS		151,768,897

ENERGY - 5.5%
	11,066		Alon USA Energy, Inc		133,788
	55,798	*	Antero Resources Corp		1,182,360
	43,205		Apache Corp		2,101,491
	38,878		Archrock, Inc		458,760
	37,283	*	Atwood Oceanics, Inc		291,926
	89,631		Baker Hughes, Inc		5,321,392
	20,519		Bristow Group, Inc		274,339
	13,748	*,e	CARBO Ceramics, Inc		94,449
	83,614	*	Cheniere Energy, Inc		3,791,895
	1,276		Cimarex Energy Co		148,884
	97,571	*	Clean Energy Fuels Corp		238,073
	10,655	*	Concho Resources, Inc		1,349,562
	185,845		ConocoPhillips		8,903,834
	49,772	*	Continental Resources, Inc		2,110,831

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	7,460		Delek US Holdings, Inc	$	179,562
	142,795	*	Devon Energy Corp		5,638,975
	1,150	*	Energen Corp		59,788
	91,046		EOG Resources, Inc		8,421,755
	35,229		EQT Corp		2,048,214
	16,785	*	Exterran Corp		459,405
	56,327	*	Fairmount Santrol Holdings, Inc		290,647
	20,460		Green Plains Renewable Energy, Inc		470,580
	30,802	*	Helix Energy Solutions Group, Inc		188,508
	75,067		Hess Corp		3,665,522
	365,490		Kinder Morgan, Inc		7,540,059
	215,752		Marathon Oil Corp		3,208,232
	101,682		Marathon Petroleum Corp		5,179,681
	14,654	*	Matrix Service Co		172,184
	167,615		National Oilwell Varco, Inc		5,861,497
	10,506	*	Natural Gas Services Group, Inc		287,864
	58,596	*	Newpark Resources, Inc		448,259
	99,937		Noble Energy, Inc		3,230,963
	3,520	*	Oasis Petroleum, Inc		42,029
	177,330		Occidental Petroleum Corp		10,912,888
	458		Oceaneering International, Inc		12,087
	422	*	Oil States International, Inc		12,555
	45,345		Oneok, Inc		2,385,600
	74,453	*	Parker Drilling Co		122,847
	4,952		PBF Energy, Inc		110,529
	8,658	*	PDC Energy, Inc		478,181
	131,450		Phillips 66		10,458,162
	24,848		Pioneer Natural Resources Co		4,298,456
	1,928		Range Resources Corp		51,073
	31,821	*	Renewable Energy Group, Inc		332,529
	2,148	*	RigNet, Inc		42,101
	92,093	*	Rowan Cos plc		1,295,749
	204,458		Schlumberger Ltd		14,841,606
	79	*	SEACOR Holdings, Inc		5,187
	61,923	*	Southwestern Energy Co		465,042
	31,883	*	Superior Energy Services		385,147
	6,235	*	Tesco Corp		40,839
	18,685		Tesoro Corp		1,489,381
	55,643	*	Tetra Technologies, Inc		185,291
	24,405	*	Unit Corp		524,463
	22,379		US Silica Holdings Inc		928,729
	177,146		Valero Energy Corp		11,445,403
	42,580	*	Weatherford International Ltd		245,687
	45,494		Western Refining, Inc		1,569,088
	183,839		Williams Cos, Inc		5,630,989
	6,926		World Fuel Services Corp		255,085
			TOTAL ENERGY		142,320,002

FOOD & STAPLES RETAILING - 0.7%
	35,243		Casey’s General Stores, Inc		3,949,683
	11,911	*	Chefs’ Warehouse Holdings, Inc		162,585
	12,822	*	Natural Grocers by Vitamin C		140,273
	23,024	*	Performance Food Group Co		573,298

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	10,211		Pricesmart, Inc	$	887,846
	16,191		Spartan Stores, Inc		595,829
	86,145	*	Sprouts Farmers Market, Inc		1,921,895
	28,329	*	United Natural Foods, Inc		1,176,503
	5,906		Weis Markets, Inc		341,426
	195,147		Whole Foods Market, Inc		7,097,496
			TOTAL FOOD & STAPLES RETAILING		16,846,834

FOOD, BEVERAGE & TOBACCO - 5.1%
	17,386		Bunge Ltd		1,374,016
	78,583		Campbell Soup Co		4,521,666
	700,303		Coca-Cola Co		30,218,074
	78,897		Dr Pepper Snapple Group, Inc		7,230,910
	4,635		Flowers Foods, Inc		90,892
	229,108		General Mills, Inc		13,176,001
	3,800	*	Hain Celestial Group, Inc		140,562
	70,402		Hormel Foods Corp		2,469,702
	118,265		Kellogg Co		8,396,815
	192,674		Kraft Heinz Co		17,415,803
	4,569	*	Landec Corp		62,824
	6,572		McCormick & Co, Inc		656,543
	27,407		Mead Johnson Nutrition Co		2,431,549
	273,023		Mondelez International, Inc		12,294,226
	29,251		Omega Protein Corp		589,408
	260,088		PepsiCo, Inc		29,462,769
	3,091	*	Seneca Foods Corp		114,985
	674	*	TreeHouse Foods, Inc		59,042
			TOTAL FOOD, BEVERAGE & TOBACCO		130,705,787

HEALTH CARE EQUIPMENT & SERVICES - 5.0%
	4,035		Abaxis, Inc		181,696
	4,025	*	Abiomed, Inc		524,538
	14,457	*	Acadia Healthcare Co, Inc		630,036
	589		Aceto Corp		9,336
	32,109	*	Alere, Inc		1,578,800
	26,921	*	Amedisys, Inc		1,459,118
	87,979		AmerisourceBergen Corp		7,218,677
	21,087	*	AMN Healthcare Services, Inc		861,404
	5,424		Analogic Corp		389,714
	15,017	*	Angiodynamics, Inc		233,064
	82,164		Anthem, Inc		14,616,154
	31,724	*	athenahealth, Inc		3,109,269
	18,911	*	AtriCure, Inc		387,676
	88,417		Becton Dickinson & Co		16,531,327
	30,852	*	Brookdale Senior Living, Inc		400,768
	20,471	*	Capital Senior Living Corp		285,980
	142,328		Cardinal Health, Inc		10,331,590
	34,993	*	Centene Corp		2,603,479
	16,015	*	Cerus Corp		69,665
	3,151		Chemed Corp		634,548
	70,208		Cigna Corp		10,978,425
	8,003	e	Computer Programs & Systems, Inc		219,682
	4,329	*	Corvel Corp		192,641

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	202,777		Danaher Corp	$	16,897,407
	31,370		Dentsply Sirona, Inc		1,983,839
	1,590	*	Diplomat Pharmacy, Inc		24,804
	67,794	*	Edwards Lifesciences Corp		7,434,968
	16,580	*	Envision Healthcare Corp		928,977
	26,220	*	GenMark Diagnostics, Inc		336,140
	300	*	Haemonetics Corp		12,564
	3,802	*	HealthStream, Inc		105,658
	3,584	*	Henry Schein, Inc		622,899
	2,640	*	HMS Holdings Corp		54,041
	43,174	*	Hologic, Inc		1,949,306
	38,428		Humana, Inc		8,530,247
	1,539	*	Integer Holding Corp		56,558
	18,008	*	Laboratory Corp of America Holdings		2,523,821
	5,385		Landauer, Inc		283,251
	15,190	*	LHC Group, Inc		821,779
	21,680	*	LifePoint Hospitals, Inc		1,347,412
	1,635	*	Magellan Health Services, Inc		112,488
	9,720	*	Medidata Solutions, Inc		635,980
	26,417	*	Merit Medical Systems, Inc		890,253
	18,591	*	Molina Healthcare, Inc		925,646
	11,035	*	NxStage Medical, Inc		329,836
	25,565	*	Omnicell, Inc		1,058,391
	37,310	*	OraSure Technologies, Inc		489,134
	10,906		Patterson Cos, Inc		485,208
	21,433	*	PharMerica Corp		505,819
	1,887	*	Premier, Inc		63,781
	14,487	*	Providence Service Corp		637,428
	1,816	*	Quality Systems, Inc		25,896
	5,122	*	Quidel Corp		123,799
	25,215		Resmed, Inc		1,714,368
	14,148	*	Select Medical Holdings Corp		194,535
	7,472	*	Spectranetics Corp		213,699
	9,466	*	Staar Surgical Co		98,446
	11,931	*,e	Teladoc, Inc		295,889
	20,417	*	Tivity Health, Inc		686,011
	14,688	*	Triple-S Management Corp (Class B)		265,853
	8,920		US Physical Therapy, Inc		585,152
	500	*	Varian Medical Systems, Inc		45,370
	14,899	*	VCA Antech, Inc		1,364,301
	18,508	*	Vocera Communications, Inc		469,363
	6,388	*	Wright Medical Group NV		194,131
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		129,772,035

HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
	2,378		Clorox Co		317,915
	199,846		Colgate-Palmolive Co		14,396,906
	51,678		Estee Lauder Cos (Class A)		4,503,221
	40,204		Kimberly-Clark Corp		5,216,469
	8,499	e	Natural Health Trends Corp		243,751
	402,506		Procter & Gamble Co		35,150,849
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		59,829,111

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

INSURANCE - 4.0%
	150,329		Aflac, Inc	$	11,256,635
	36,668		Allstate Corp		2,980,742
	98,568		American International Group, Inc		6,003,777
	5,145		Arthur J. Gallagher & Co		287,142
	32,636		Aspen Insurance Holdings Ltd		1,708,495
	8,868		Axis Capital Holdings Ltd		584,401
	136,533		Chubb Ltd		18,739,154
	476		Employers Holdings, Inc		19,040
	290	*	Enstar Group Ltd		56,492
	3,280		First American Financial Corp		142,385
	111,278		Hartford Financial Services Group, Inc		5,381,404
	400		Kemper Corp		15,740
	26,627		Loews Corp		1,241,351
	98,755		Marsh & McLennan Cos, Inc		7,320,708
	46,413		Principal Financial Group		3,022,879
	243,434		Progressive Corp		9,669,198
	156,152		Prudential Financial, Inc		16,712,949
	200		Reinsurance Group of America, Inc (Class A)		25,008
	10,711		RenaissanceRe Holdings Ltd		1,522,783
	13,769		Stewart Information Services Corp		653,201
	128,444		Travelers Cos, Inc		15,626,497
			TOTAL INSURANCE		102,969,981

MATERIALS - 3.7%
	61,203		Air Products & Chemicals, Inc		8,599,021
	3,402		Albemarle Corp		370,512
	7,701		Aptargroup, Inc		618,390
	11,035		Avery Dennison Corp		918,222
	23,667		Ball Corp		1,819,756
	791		Bemis Co, Inc		35,540
	2,310		Carpenter Technology Corp		93,786
	17,130		Celanese Corp (Series A)		1,490,995
	31,721	*	Century Aluminum Co		432,674
	1,826	*	Clearwater Paper Corp		88,744
	46,693		Commercial Metals Co		870,358
	1,709		Compass Minerals International, Inc		112,794
	14,217		Eastman Chemical Co		1,133,806
	122,126		Ecolab, Inc		15,765,245
	2,950	*	Ferro Corp		52,864
	12,034	*,e	Flotek Industries, Inc		144,528
	17,798		H.B. Fuller Co		940,268
	1,039		Hawkins, Inc		53,093
	7,648		Innophos Holdings, Inc		366,645
	3,111		International Flavors & Fragrances, Inc		431,153
	99,782		International Paper Co		5,385,235
	18,346	*	Kraton Polymers LLC		600,098
	22,260	*	Louisiana-Pacific Corp		572,972
	81,709		LyondellBasell Industries AF S.C.A		6,925,655
	14,012		Minerals Technologies, Inc		1,102,744
	45,313		Mosaic Co		1,220,279
	420		Neenah Paper, Inc		32,907
	205,346		Nucor Corp		12,593,870

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	3,500		PolyOne Corp	$	137,235
	7,823		PPG Industries, Inc		859,278
	118,223		Praxair, Inc		14,775,511
	274		Quaker Chemical Corp		39,620
	2,337		Reliance Steel & Aluminum Co		184,202
	55,648		Royal Gold, Inc		3,933,201
	4,126		Schnitzer Steel Industries, Inc (Class A)		77,981
	6,530		Sealed Air Corp		287,451
	15,560		Sherwin-Williams Co		5,207,621
	5,512		Steel Dynamics, Inc		199,204
	28,446	*	Stillwater Mining Co		511,459
	5,160	*	Summit Materials, Inc		132,406
	16,409		Trinseo S.A.		1,089,558
	13,175	*	US Concrete, Inc		816,850
	67,182		WestRock Co		3,598,268
	16,207	*	Worthington Industries, Inc		705,005
			TOTAL MATERIALS		95,327,004

MEDIA - 3.4%
	711		Cable One, Inc		484,802
	57,881	*	Charter Communications, Inc		19,978,206
	8,053		Cinemark Holdings, Inc		347,890
	40,660		Clear Channel Outdoor Holdings, Inc (Class A)		209,399
	146,657	*	Discovery Communications, Inc (Class A)		4,220,788
	197,556	*	Discovery Communications, Inc (Class C)		5,527,617
	17,913	e	Entercom Communications Corp (Class A)		226,599
	58,359		Entravision Communications Corp (Class A)		361,826
	3,930	*	Gray Television, Inc		57,574
	2,205		John Wiley & Sons, Inc (Class A)		116,204
	58,591		New York Times Co (Class A)		846,640
	320		Scholastic Corp		13,834
	9,465		Scripps Networks Interactive (Class A)		707,225
	23,476		Sinclair Broadcast Group, Inc (Class A)		926,128
	207,070		Time Warner, Inc		20,555,839
	280,747		Walt Disney Co		32,454,353
			TOTAL MEDIA		87,034,924

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
	150,551		Agilent Technologies, Inc		8,287,833
	56,815	*	Akorn, Inc		1,900,462
	55,485	*	Alexion Pharmaceuticals, Inc		7,089,873
	106,134		Amgen, Inc		17,333,805
	31,596	*	Biogen Idec, Inc		8,569,151
	38,322	*	BioMarin Pharmaceutical, Inc		3,672,780
	11,927	*	Bluebird Bio, Inc		1,060,907
	386,330		Bristol-Myers Squibb Co		21,653,797
	17,898	*	Cambrex Corp		1,062,246
	137,580	*	Celgene Corp		17,066,799
	22,795	*	Cempra, Inc		98,019
	51,681	*	Depomed, Inc		619,655
	203,011		Gilead Sciences, Inc		13,916,404
	17,165	*,e	Immunomedics, Inc		98,355
	42,863	*,e	Inovio Pharmaceuticals, Inc		269,608

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	18,561	*	Intersect ENT, Inc	$	352,659
	13,244	*	Ironwood Pharmaceuticals, Inc		216,142
	385,629		Johnson & Johnson		47,613,613
	485,062		Merck & Co, Inc		30,233,914
	870	*	Mettler-Toledo International, Inc		446,675
	42,183	*,e	MiMedx Group, Inc		535,302
	65,348	*	Nektar Therapeutics		1,239,652
	89,462	*,e	Opko Health, Inc		695,120
	57,915	*	Prestige Brands Holdings, Inc		3,324,900
	9,244	*	Prothena Corp plc		500,378
	9,644	*	Quintiles Transnational Holdings, Inc		812,796
	47,907	*	Sangamo Biosciences, Inc		229,954
	25,577	*,e	Sucampo Pharmaceuticals, Inc (Class A)		259,607
	6,060	*	TESARO, Inc		894,395
	8,756	*,e	Theravance Biopharma, Inc		353,129
	99,270		Thermo Fisher Scientific, Inc		16,412,309
	54,789	*	Vertex Pharmaceuticals, Inc		6,481,539
	4,374	*	Waters Corp		743,099
	177,454		Zoetis, Inc		9,956,944
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		224,001,821

REAL ESTATE - 4.7%
	11,117	*,e	Altisource Portfolio Solutions S.A.		245,575
	23,462		American Campus Communities, Inc		1,111,864
	143,057		American Tower Corp		18,016,598
	20,829		AvalonBay Communities, Inc		3,954,177
	48,024		Boston Properties, Inc		6,079,838
	9,688		Brixmor Property Group, Inc		191,338
	55,708	*	CBRE Group, Inc		1,994,903
	17,160		Coresite Realty		1,679,106
	138,457		Crown Castle International Corp		13,098,032
	23,247		Digital Realty Trust, Inc		2,669,685
	8,358		Douglas Emmett, Inc		314,846
	58,576		Duke Realty Corp		1,624,312
	19,598		Easterly Government Properties, Inc		394,312
	20,981		Equinix, Inc		8,763,764
	73,501		Equity Residential		4,746,695
	4,464		Essex Property Trust, Inc		1,091,314
	3,961		Federal Realty Investment Trust		518,455
	33,420		First Industrial Realty Trust, Inc		940,439
	12,660		Forest City Realty Trust, Inc		286,116
	540		Franklin Street Properties Corp		6,550
	204,267		HCP, Inc		6,403,770
	74,061		Healthcare Realty Trust, Inc		2,429,201
	108,968		Host Marriott Corp		1,955,976
	50,982		Iron Mountain, Inc		1,772,134
	19,343	*	iStar Financial, Inc		236,565
	8		Jones Lang LaSalle, Inc		919
	266		Kilroy Realty Corp		18,761
	15,135		Liberty Property Trust		614,027
	20,078		Macerich Co		1,253,470
	5,060		Mid-America Apartment Communities, Inc		502,003
	17,343		NorthStar Realty Europe Corp		201,699

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	540		Piedmont Office Realty Trust, Inc	$	11,799
	129,304		Prologis, Inc		7,035,431
	140		PS Business Parks, Inc		17,016
	2,009		RMR Group, Inc		105,975
	12,095		Ryman Hospitality Properties		771,419
	4,716	*	SBA Communications Corp		596,527
	8,006		Senior Housing Properties Trust		172,289
	86,232		Simon Property Group, Inc		14,250,700
	10,081		Tier REIT, Inc		174,502
	23,637		UDR, Inc		882,606
	41,994		Ventas, Inc		2,688,036
	55,605		Vornado Realty Trust		5,351,425
	297		Washington REIT		9,406
	75,037		Welltower, Inc		5,360,643
	14,848		Weyerhaeuser Co		502,902
			TOTAL REAL ESTATE		121,047,120

RETAILING - 4.1%
	40,838	*	1-800-FLOWERS.COM, Inc (Class A)		439,009
	2,432		Aaron’s, Inc		87,406
	3,737		Advance Auto Parts, Inc		531,177
	15,901	*	AutoZone, Inc		11,006,513
	47,297		Bed Bath & Beyond, Inc		1,832,759
	53,182		Best Buy Co, Inc		2,755,359
	21,529		Big 5 Sporting Goods Corp		331,547
	250	e	Buckle, Inc		4,675
	16,603	*	Cabela’s, Inc		906,524
	37,531	*	Carmax, Inc		2,195,563
	9		Chico’s FAS, Inc		124
	109,981		Dollar General Corp		7,996,719
	42,985	*	Etsy, Inc		462,519
	1,820		Finish Line, Inc (Class A)		28,774
	5,625		Foot Locker, Inc		435,038
	7,586	*	Francesca’s Holdings Corp		119,707
	26,852	*	FTD Cos, Inc		537,040
	108,459		Gap, Inc		2,841,626
	306,034	*	Groupon, Inc		1,199,653
	18,815		Haverty Furniture Cos, Inc		463,790
	19,067		HSN, Inc		703,572
	15,620		Kirkland’s, Inc		183,691
	93,965		Kohl’s Corp		3,667,454
	9,203	*,e	Lands’ End, Inc		217,191
	7,610	*	LKQ Corp		237,736
	241,860		Lowe’s Companies, Inc		20,529,077
	4,455	*	MarineMax, Inc		90,659
	127,455	*	NetFlix, Inc		19,398,651
	26,766		Nordstrom, Inc		1,291,995
	26,034		Nutri/System, Inc		1,391,517
	96,086		Office Depot, Inc		477,547
	11,877	*	Overstock.com, Inc		206,066
	28,736	e	PetMed Express, Inc		663,802
	141,284		Ross Stores, Inc		9,183,460
	5,448	*	Sally Beauty Holdings, Inc		103,621

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	12,547		Shoe Carnival, Inc	$	318,317
	39,901	*	Shutterfly, Inc		2,070,862
	78,978		Staples, Inc		771,615
	6,435		Tiffany & Co		589,768
	15,754		Tractor Supply Co		975,330
	17,401	*	Ulta Beauty, Inc		4,897,337
	17,585	*	Vitamin Shoppe, Inc		339,391
	35,425	*,e	Wayfair, Inc		1,619,277
	7,516		Williams-Sonoma, Inc		406,240
	860		Winmark Corp		111,026
			TOTAL RETAILING		104,620,724

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7%
	43,692		Analog Devices, Inc		3,329,330
	370,536		Applied Materials, Inc		15,047,467
	11,151	*	Cirrus Logic, Inc		717,567
	24,001	*	Integrated Device Technology, Inc		575,784
	806,543		Intel Corp		29,156,529
	12,327		Lam Research Corp		1,785,566
	23,463		Microchip Technology, Inc		1,773,334
	136,444		NVIDIA Corp		14,231,109
	217,373	*	ON Semiconductor Corp		3,082,349
	43,222		Skyworks Solutions, Inc		4,310,962
	256,653		Texas Instruments, Inc		20,321,785
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		94,331,782

SOFTWARE & SERVICES - 13.3%
	164,993		Accenture plc		20,013,651
	25,826	*	Actua Corp		361,564
	38,046	*	Alphabet, Inc (Class A)		35,174,288
	38,541	*	Alphabet, Inc (Class C)		34,916,604
	40,003	*	Angie’s List, Inc		235,218
	687	*	Aspen Technology, Inc		42,244
	33,711	*	Autodesk, Inc		3,036,350
	114,577		Automatic Data Processing, Inc		11,972,151
	14,362	*	Black Knight Financial Services, Inc		594,587
	12,432		Blackbaud, Inc		999,657
	26,141		Booz Allen Hamilton Holding Co		939,246
	92,122		CA, Inc		3,024,365
	4,684	*	Cimpress NV		384,463
	16,964	*	Citrix Systems, Inc		1,373,066
	229,143	*	Cognizant Technology Solutions Corp (Class A)		13,801,283
	11,169		Convergys Corp		251,414
	18,210		CSG Systems International, Inc		683,057
	11,712		CSRA, Inc		340,585
	6,960	*	DHI Group, Inc		26,796
	17,864	*	Ellie Mae, Inc		1,817,841
	6,786	*	ExlService Holdings, Inc		323,760
	96,088	*	Glu Mobile, Inc		221,963
	163,755		International Business Machines Corp		26,248,289
	55,388		Intuit, Inc		6,935,132
	42,111		j2 Global, Inc		3,800,097
	14,246		Jack Henry & Associates, Inc		1,380,722

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	26,286		LogMeIn, Inc	$	2,970,318
	1,586	*	Manhattan Associates, Inc		74,050
	211,555		MasterCard, Inc (Class A)		24,608,078
	933,182		Microsoft Corp		63,885,640
	32,809	*	NeuStar, Inc (Class A)		1,089,259
	20,573	*	New Relic, Inc		822,509
	586,775		Oracle Corp		26,381,404
	29,033	*	Perficient, Inc		505,755
	27,258	*	Qualys, Inc		1,046,707
	80,699	*	Quotient Technology, Inc		879,619
	33,009	*	RetailMeNot, Inc		382,904
	24,564	*	RingCentral, Inc		784,820
	212,996	*	salesforce.com, Inc		18,343,215
	72,051	*	ServiceSource International LLC		270,912
	14,735	*	SPS Commerce, Inc		814,256
	24,141	*	Sykes Enterprises, Inc		719,643
	167,300		Symantec Corp		5,291,699
	3,876		Syntel, Inc		68,256
	8,168	*	Teradata Corp		238,342
	2,916		TiVo Corp		57,591
	16,783	*	Tyler Technologies, Inc		2,745,531
	9,913	*	Ultimate Software Group, Inc		2,009,068
	4,890	*	Unisys Corp		55,257
	5,290	*	Vasco Data Security International		71,415
	38,231	*	Website Pros, Inc		737,858
	55,836	*	Workday, Inc		4,880,066
	329,866	*	Yahoo!, Inc		15,902,840
			TOTAL SOFTWARE & SERVICES		344,535,405

TECHNOLOGY HARDWARE & EQUIPMENT - 3.4%
	1,610		Adtran, Inc		32,200
	11,247	*	Arista Networks, Inc		1,570,531
	4,709		Badger Meter, Inc		187,183
	1,070		Belden CDT, Inc		74,579
	34,101	*	Benchmark Electronics, Inc		1,081,002
	7,451	*	Calix, Inc		49,922
	887,467		Cisco Systems, Inc		30,236,001
	27,471		Cognex Corp		2,344,375
	11,204	*	Coherent, Inc		2,415,582
	165,265		Corning, Inc		4,767,895
	37,033	*	Cray, Inc		662,891
	6,785		Daktronics, Inc		64,186
	30,626		Dolby Laboratories, Inc (Class A)		1,614,909
	19,747	*	Fabrinet		684,628
	3,097	*	FARO Technologies, Inc		113,505
	40,091	*	Finisar Corp		915,678
	335,493		Hewlett Packard Enterprise Co		6,250,235
	537,408		HP, Inc		10,114,019
	11,733	*	Insight Enterprises, Inc		493,959
	182		InterDigital, Inc		16,362
	11,694	*	IPG Photonics Corp		1,477,186
	10,490	*	Itron, Inc		680,277
	50,449		Jabil Circuit, Inc		1,464,030

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	15,930	*	Keysight Technologies, Inc	$	596,260
	17,293	*	Kimball Electronics, Inc		298,304
	4,387		Littelfuse, Inc		676,256
	6,814		Methode Electronics, Inc		303,564
	75,484		Motorola, Inc		6,489,359
	417		National Instruments Corp		14,557
	12,061	*	Netgear, Inc		568,676
	19,428	*	Novanta, Inc		544,955
	500	*	OSI Systems, Inc		38,700
	1,971	*	Plexus Corp		102,472
	5,513	*	Rogers Corp		567,508
	30,336	*	Sanmina Corp		1,130,016
	15,473	*	Scansource, Inc		611,184
	13,761	*	Sonus Networks, Inc		105,684
	22,364	*	Super Micro Computer, Inc		545,682
	8,554		SYNNEX Corp		927,510
	11,298	*	Tech Data Corp		1,080,654
	25,198	*	Trimble Navigation Ltd		892,765
	40,772	*	TTM Technologies, Inc		682,116
	12,928		Universal Display Corp		1,155,117
	800,820		Xerox Corp		5,757,896
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		90,400,370

TELECOMMUNICATION SERVICES - 2.0%
	35,353	*	Boingo Wireless, Inc		505,194
	345,880		CenturyLink, Inc		8,878,740
	2,650	e	Consolidated Communications Holdings, Inc		62,725
	3,579	*	Fairpoint Communications, Inc		61,022
	16,965	*	General Communication, Inc (Class A)		635,170
	3,026		IDT Corp (Class B)		45,965
	67,259	*,e	Iridium Communications, Inc		712,945
	50,185	*	Level 3 Communications, Inc		3,049,241
	7,156	*	Lumos Networks Corp		128,164
	564,003	*	Sprint Corp		5,092,947
	673,888		Verizon Communications, Inc		30,938,198
			TOTAL TELECOMMUNICATION SERVICES		50,110,311

TRANSPORTATION - 2.7%
	158		Allegiant Travel Co		22,973
	310		Arkansas Best Corp		8,200
	490		CH Robinson Worldwide, Inc		35,623
	197,780		CSX Corp		10,055,135
	152,360		Delta Air Lines, Inc		6,923,238
	8		Expeditors International of Washington, Inc		449
	200	*	Hertz Global Holdings, Inc		3,298
	180		Landstar System, Inc		15,381
	61,462		Norfolk Southern Corp		7,221,170
	9		Ryder System, Inc		611
	179,530		Southwest Airlines Co		10,093,177
	151,075		Union Pacific Corp		16,914,357
	172,928		United Parcel Service, Inc (Class B)		18,582,843
			TOTAL TRANSPORTATION		69,876,455

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY					VALUE

UTILITIES - 3.3%
	12,632		American Water Works Co, Inc					$	1,007,528
	91,114		Centerpoint Energy, Inc						2,599,483
	180,018		Consolidated Edison, Inc						14,271,827
	134,463		Dominion Resources, Inc						10,411,470
	25,001		Edison International						1,999,330
	147,546		Eversource Energy						8,764,233
	13,718		New Jersey Resources Corp						553,521
	820		Northwest Natural Gas Co						48,872
	290		Ormat Technologies, Inc						17,127
	8,480		Pinnacle West Capital Corp						721,563
	43,640		Public Service Enterprise Group, Inc						1,922,342
	97,254		Sempra Energy						10,991,647
	37,448		South Jersey Industries, Inc						1,405,049
	275,957		Southern Co						13,742,659
	143,732		WEC Energy Group, Inc						8,698,661
	14,518		WGL Holdings, Inc						1,197,154
	161,548		Xcel Energy, Inc						7,277,737
			TOTAL UTILITIES						85,630,203

			TOTAL COMMON STOCKS						2,573,589,184
			(Cost $1,743,791,735)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 0.5%

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.5%
GOVERNMENT AGENCY DEBT - 0.5%
$	11,000,000	c	Federal Home Loan Bank (FHLB)		0.680	%	5/1/17		11,000,000
			TOTAL GOVERNMENT AGENCY DEBT						11,000,000

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						11,000,000

			TOTAL SHORT-TERM INVESTMENTS						11,000,000
			(Cost $11,000,000)
			TOTAL INVESTMENTS - 100.4%						2,584,589,184
			(Cost $1,754,791,735)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%						(9,395,436	)
			NET ASSETS - 100.0%					$	2,575,193,748



		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 $18,330,356.
m		Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE LOW CARBON EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.1%

AUTOMOBILES & COMPONENTS - 1.0%
	228	*	Cooper-Standard Holding, Inc	$	25,780
	572		Delphi Automotive plc		45,989
	30,922		Ford Motor Co		354,675
	888	*	Tesla Motors, Inc		278,894
			TOTAL AUTOMOBILES & COMPONENTS		705,338

BANKS - 5.7%
	148		Arrow Financial Corp		5,069
	858		Astoria Financial Corp		17,495
	572		Bank Mutual Corp		5,262
	174		Bank of the Ozarks, Inc		8,260
	8,023		BB&T Corp		346,433
	183		Camden National Corp		7,823
	647		Centerstate Banks of Florida, Inc		16,324
	2,995		CIT Group, Inc		138,698
	8,526		Citizens Financial Group, Inc		312,990
	2,235		Comerica, Inc		158,015
	296	*	Customers Bancorp, Inc		9,155
	129		Federal Agricultural Mortgage Corp (Class C)		7,359
	7,303		Fifth Third Bancorp		178,412
	227		First Bancorp (NC)		6,819
	379		First Commonwealth Financial Corp		4,893
	81		First Financial Corp		3,953
	560		First Republic Bank		51,778
	31		Hanmi Financial Corp		901
	307	*	HomeStreet, Inc		7,982
	236	*	HomeTrust Bancshares, Inc		5,900
	12,225		Keycorp		222,984
	483		Lakeland Bancorp, Inc		9,394
	611		LegacyTexas Financial Group, Inc		23,102
	262		Live Oak Bancshares, Inc		6,327
	2,314		M&T Bank Corp		359,619
	940	*	MGIC Investment Corp		9,908
	367		National Bank Holdings Corp		11,586
	7,146		New York Community Bancorp, Inc		94,970
	511		Northfield Bancorp, Inc		9,392
	596		OFG Bancorp		6,973
	230		Opus Bank		5,187
	1,724		PacWest Bancorp		85,148
	90		Peoples Bancorp, Inc		3,013
	742	*	PHH Corp		9,572
	747		Pinnacle Financial Partners, Inc		47,808
	4,064		PNC Financial Services Group, Inc		486,664
	1,386		Popular, Inc		58,087

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	20,417		Regions Financial Corp	$	280,734
	752	*	SVB Financial Group		132,307
	589	*	Texas Capital Bancshares, Inc		44,823
	630	*	The Bancorp, Inc		4,064
	262	*	Tristate Capital Holdings, Inc		6,524
	47		Union Bankshares Corp		1,609
	609		United Financial Bancorp, Inc (New)		10,517
	10,712		US Bancorp		549,311
	2,925		Zions Bancorporation		117,088
			TOTAL BANKS		3,890,232

CAPITAL GOODS - 8.2%
	3,268		3M Co		639,972
	490		Acuity Brands, Inc		86,289
	107		AGCO Corp		6,847
	1,376		Air Lease Corp		52,481
	1,675		Ametek, Inc		95,810
	185		Argan, Inc		12,367
	1,123	*	Builders FirstSource, Inc		17,979
	895		Carlisle Cos, Inc		90,744
	4,611		Caterpillar, Inc		471,521
	470	*	Chart Industries, Inc		17,160
	1,094		Chicago Bridge & Iron Co NV		32,908
	1,022		Cummins, Inc		154,261
	3,481		Deere & Co		388,514
	979	*	DigitalGlobe, Inc		31,524
	93		Dover Corp		7,336
	239	*	DXP Enterprises, Inc		8,719
	5,193		Eaton Corp		392,799
	450		EMCOR Group, Inc		29,583
	472	*	Esterline Technologies Corp		43,164
	517		Granite Construction, Inc		27,251
	407		H&E Equipment Services, Inc		8,596
	1,490		Hexcel Corp		77,107
	2,981		Illinois Tool Works, Inc		411,646
	1,078		Ingersoll-Rand plc		95,672
	8,033		Johnson Controls International plc		333,932
	428		Kaman Corp		20,548
	1,236		Kennametal, Inc		51,393
	682	*	KEYW Holding Corp		6,472
	2,826		Masco Corp		104,619
	1,185	*	Meritor, Inc		21,105
	227	*	MYR Group, Inc		9,593
	668	*	Navistar International Corp		17,976
	103	*	NOW, Inc		1,752
	1,726		Owens Corning, Inc		105,027
	126		PACCAR, Inc		8,408
	1,328		Parker-Hannifin Corp		213,542
	735		Pentair plc		47,415
	2,566	*	Plug Power, Inc		5,748
	2,317	*	Quanta Services, Inc		82,114
	393		Rockwell Automation, Inc		61,839
	2,604		Rockwell Collins, Inc		271,050

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	1,325		Roper Industries, Inc	$	289,777
	417		Snap-On, Inc		69,860
	532		Stanley Works		72,432
	245	*	Titan Machinery, Inc		3,883
	796		TransDigm Group, Inc		196,397
	622		Triton International Ltd		19,039
	1,261	*	United Rentals, Inc		138,281
	107	*	Veritiv Corp		5,527
	357		W.W. Grainger, Inc		68,794
	928		Wabash National Corp		21,140
	750	*	Wesco Aircraft Holdings, Inc		9,113
	696		Woodward Governor Co		47,098
	1,197		Xylem, Inc		61,538
			TOTAL CAPITAL GOODS		5,565,662

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	590	*	Advisory Board Co		30,149
	2,290	*	Copart, Inc		70,761
	556		Essendant, Inc		9,285
	260		Heidrick & Struggles International, Inc		5,590
	278	*	ICF International, Inc		12,274
	81		Insperity, Inc		7,399
	7		Kforce, Inc		159
	1,550	*,m	Media General, Inc		0
	711	*	RPX Corp		9,129
	1,018		RR Donnelley & Sons Co		12,796
	236	*	SP Plus Corp		8,130
	259	*	Team, Inc		6,967
	367	*	TrueBlue, Inc		10,038
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		182,677

CONSUMER DURABLES & APPAREL - 1.1%
	914		CalAtlantic Group, Inc		33,105
	573		Hanesbrands, Inc		12,497
	5		Hasbro, Inc		496
	900	*	Kate Spade & Co		15,660
	328		Libbey, Inc		3,444
	2,350		Newell Rubbermaid, Inc		112,189
	8,737		Nike, Inc (Class B)		484,117
	144	*	Under Armour, Inc		2,795
	36	*	Under Armour, Inc (Class A)		774
	481		VF Corp		26,277
	74		Weyco Group, Inc		2,069
	165		Whirlpool Corp		30,637
			TOTAL CONSUMER DURABLES & APPAREL		724,060

CONSUMER SERVICES - 2.4%
	214	*	American Public Education, Inc		4,729
	176	*	Bright Horizons Family Solutions		13,397
	195		Carriage Services, Inc		5,333
	2,056		Hilton Worldwide Holdings, Inc		121,242
	203	*	Intrawest Resorts Holdings Inc		4,787
	4,553		McDonald’s Corp		637,102

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	102	*	Red Robin Gourmet Burgers, Inc	$	5,993
	1,664		Royal Caribbean Cruises Ltd		177,383
	1,938	*	ServiceMaster Global Holdings, Inc		73,838
	26		Six Flags Entertainment Corp		1,628
	626	*	Sotheby’s (Class A)		29,647
	7,736		Starbucks Corp		464,624
	555		Vail Resorts, Inc		109,701
	87		Wyndham Worldwide Corp		8,292
			TOTAL CONSUMER SERVICES		1,657,696

DIVERSIFIED FINANCIALS - 5.4%
	2,245		Ally Financial, Inc		44,451
	5,977		American Express Co		473,677
	523		Ameriprise Financial, Inc		66,866
	10,585		Annaly Capital Management, Inc		125,009
	9,131		Bank of New York Mellon Corp		429,705
	897		BlackRock, Inc		344,959
	9,512		Charles Schwab Corp		369,541
	2,906		Chimera Investment Corp		59,166
	3,004		CME Group, Inc		349,035
	1,540		CYS Investments, Inc		13,136
	3,787		Discover Financial Services		237,028
	520		Dynex Capital, Inc		3,599
	555	*	E*TRADE Financial Corp		19,175
	375	*	Encore Capital Group, Inc		12,506
	6,719		IntercontinentalExchange Group, Inc		404,484
	33		Invesco Ltd		1,087
	1,535		Legg Mason, Inc		57,378
	189		LPL Financial Holdings, Inc		7,946
	61		Nelnet, Inc (Class A)		2,746
	339		NewStar Financial, Inc		3,641
	277		Northern Trust Corp		24,930
	643	*	On Deck Capital, Inc		3,054
	278	*	Pico Holdings, Inc		4,476
	460	*	PRA Group, Inc		14,812
	386		Resource Capital Corp		3,609
	1,438		S&P Global, Inc		192,965
	2,918		State Street Corp		244,820
	998		TD Ameritrade Holding Corp		38,194
	2,569		Two Harbors Investment Corp		25,664
	2,395		Voya Financial, Inc		89,525
			TOTAL DIVERSIFIED FINANCIALS		3,667,184

ENERGY - 4.0%
	481		Alon USA Energy, Inc		5,815
	989		Archrock, Inc		11,670
	1,094	*	Atwood Oceanics, Inc		8,566
	6,762		Baker Hughes, Inc		401,460
	238	*	CARBO Ceramics, Inc		1,635
	3,210	*	Cheniere Energy, Inc		145,574
	1,242	*	Clean Energy Fuels Corp		3,030
	940		Delek US Holdings, Inc		22,626
	581	*	Dril-Quip, Inc		29,951

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	491	*	Exterran Corp	$	13,439
	1,302	*	Fairmount Santrol Holdings, Inc		6,718
	971	*	Forum Energy Technologies, Inc		16,410
	419		Frank’s International NV		3,813
	540		Green Plains Renewable Energy, Inc		12,420
	2,001	*	Helix Energy Solutions Group, Inc		12,246
	368	*	Matrix Service Co		4,324
	3,686	*	McDermott International, Inc		24,106
	6,081		National Oilwell Varco, Inc		212,653
	175	*	Natural Gas Services Group, Inc		4,795
	1,274	*	Newpark Resources, Inc		9,746
	1,529		Oceaneering International, Inc		40,350
	786	*	Oil States International, Inc		23,384
	3,365		Oneok, Inc		177,033
	1,483	*	Parker Drilling Co		2,447
	1,685		PBF Energy, Inc		37,609
	148	*	PHI, Inc		1,736
	5,438		Phillips 66		432,647
	615	*	Renewable Energy Group, Inc		6,427
	108	*	RigNet, Inc		2,117
	1,897	*	Rowan Cos plc		26,691
	829		RPC, Inc		15,063
	8,163		Schlumberger Ltd		592,552
	226	*	SEACOR Holdings, Inc		14,839
	653	*	Tesco Corp		4,277
	1,921		Tesoro Corp		153,123
	1,777	*	Tetra Technologies, Inc		5,917
	1,174		US Silica Holdings Inc		48,721
	15,532	*	Weatherford International Ltd		89,620
	1,288		Western Refining, Inc		44,423
	1,069		World Fuel Services Corp		39,371
			TOTAL ENERGY		2,709,344

FOOD & STAPLES RETAILING - 0.6%
	625		Casey’s General Stores, Inc		70,044
	280	*	Chefs’ Warehouse Holdings, Inc		3,822
	559	*	Performance Food Group Co		13,919
	305		Pricesmart, Inc		26,520
	563		Spartan Stores, Inc		20,718
	2,034	*	Sprouts Farmers Market, Inc		45,379
	776	*	United Natural Foods, Inc		32,227
	129		Weis Markets, Inc		7,458
	4,844		Whole Foods Market, Inc		176,176
			TOTAL FOOD & STAPLES RETAILING		396,263

FOOD, BEVERAGE & TOBACCO - 5.0%
	304	*	Amplify Snack Brands, Inc		2,736
	1,855		Bunge Ltd		146,601
	299		Campbell Soup Co		17,204
	18,044		Coca-Cola Co		778,599
	144	*	Darling International, Inc		2,179
	2,983		Dr Pepper Snapple Group, Inc		273,392
	309	*	Freshpet, Inc		3,631

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	5,138		General Mills, Inc	$	295,486
	3,619		Hormel Foods Corp		126,955
	550		Kellogg Co		39,050
	5,142		Kraft Heinz Co		464,785
	351	*	Landec Corp		4,826
	100		Mead Johnson Nutrition Co		8,872
	10,330		Mondelez International, Inc		465,160
	288		Omega Protein Corp		5,803
	6,749		PepsiCo, Inc		764,527
	81	*	Seneca Foods Corp		3,013
			TOTAL FOOD, BEVERAGE & TOBACCO		3,402,819

HEALTH CARE EQUIPMENT & SERVICES - 5.3%
	208	*	Abiomed, Inc		27,107
	1,028	*	Acadia Healthcare Co, Inc		44,800
	407		Aceto Corp		6,451
	1,307	*	Alere, Inc		64,265
	1,932	*	Allscripts Healthcare Solutions, Inc		23,126
	42	*	Amedisys, Inc		2,276
	2,421		AmerisourceBergen Corp		198,643
	43	*	AMN Healthcare Services, Inc		1,757
	332	*	Angiodynamics, Inc		5,153
	1,764		Anthem, Inc		313,798
	556	*	athenahealth, Inc		54,494
	2,412		Becton Dickinson & Co		450,972
	2,635	*	Brookdale Senior Living, Inc		34,229
	3,658		Cardinal Health, Inc		265,534
	759	*	Centene Corp		56,470
	2,282		Cigna Corp		356,836
	162		Computer Programs & Systems, Inc		4,447
	423	*	Cross Country Healthcare, Inc		5,909
	5,186		Danaher Corp		432,149
	1,654		Dentsply Sirona, Inc		104,599
	641	*	Diplomat Pharmacy, Inc		10,000
	2,380	*	Edwards Lifesciences Corp		261,015
	1,700	*	Envision Healthcare Corp		95,251
	570	*	GenMark Diagnostics, Inc		7,307
	295		Healthsouth Corp		13,835
	63	*	Henry Schein, Inc		10,949
	3,700	*	Hologic, Inc		167,055
	931		Humana, Inc		206,663
	438	*	Integer Holding Corp		16,096
	1,097		Kindred Healthcare, Inc		10,531
	664	*	Laboratory Corp of America Holdings		93,060
	198	*	LHC Group, Inc		10,712
	528	*	LifePoint Hospitals, Inc		32,815
	20	*	Merit Medical Systems, Inc		674
	479	*	Omnicell, Inc		19,831
	765	*	OraSure Technologies, Inc		10,029
	373	*	PharMerica Corp		8,803
	171	*	Providence Service Corp		7,524
	118	*	Quality Systems, Inc		1,683
	610		Quest Diagnostics, Inc		64,361

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	124	*	Quidel Corp	$	2,997
	110		Resmed, Inc		7,479
	241	*	Staar Surgical Co		2,506
	294	*	Teladoc, Inc		7,291
	61	*	Varian Medical Systems, Inc		5,535
	84	*	VCA Antech, Inc		7,692
	335	*	Vocera Communications, Inc		8,496
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,543,205

HOUSEHOLD & PERSONAL PRODUCTS - 2.2%
	14		Clorox Co		1,872
	4,516		Colgate-Palmolive Co		325,333
	1,704		Kimberly-Clark Corp		221,094
	96		Natural Health Trends Corp		2,753
	10,541		Procter & Gamble Co		920,545
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,471,597

INSURANCE - 4.4%
	1,192		Aflac, Inc		89,257
	4,796		Allstate Corp		389,867
	7,220		American International Group, Inc		439,770
	3,471		Chubb Ltd		476,395
	2,641	*	Genworth Financial, Inc (Class A)		10,670
	1,597		Hartford Financial Services Group, Inc		77,231
	4,118		Loews Corp		191,981
	4,501		Marsh & McLennan Cos, Inc		333,659
	2,863		Progressive Corp		113,718
	3,985		Prudential Financial, Inc		426,514
	2,782		Travelers Cos, Inc		338,458
	1,109		XL Group Ltd		46,412
			TOTAL INSURANCE		2,933,932

MATERIALS - 3.7%
	1,654		Albemarle Corp		180,137
	2,356	*	Axalta Coating Systems Ltd		73,908
	1,313		Ball Corp		100,957
	554	*	Boise Cascade Co		16,897
	1,276		Celanese Corp (Series A)		111,063
	535		Compass Minerals International, Inc		35,310
	2,377		Eastman Chemical Co		189,566
	3,011		Ecolab, Inc		388,690
	856	*	Flotek Industries, Inc		10,281
	962	*	GCP Applied Technologies, Inc		31,650
	777		H.B. Fuller Co		41,049
	138		Hawkins, Inc		7,052
	1,086	*	Headwaters, Inc		25,803
	264		International Flavors & Fragrances, Inc		36,588
	1,224		International Paper Co		66,059
	454	*	Kraton Polymers LLC		14,850
	275		Materion Corp		10,464
	488		Minerals Technologies, Inc		38,406
	5,633		Mosaic Co		151,697
	342		Myers Industries, Inc		5,575

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	665	*	Omnova Solutions, Inc	$	6,317
	1,481		PPG Industries, Inc		162,673
	1,104		Reliance Steel & Aluminum Co		87,017
	1,046		Royal Gold, Inc		73,931
	361		Schnitzer Steel Industries, Inc (Class A)		6,823
	726		Scotts Miracle-Gro Co (Class A)		70,132
	2,410		Sealed Air Corp		106,088
	922		Sherwin-Williams Co		308,575
	1,928	*	Stillwater Mining Co		34,665
	430		Trinseo S.A.		28,552
	215	*	US Concrete, Inc		13,330
	727		WestRock Co		38,938
	705	*	Worthington Industries, Inc		30,667
			TOTAL MATERIALS		2,503,710

MEDIA - 3.3%
	1,503	*	Charter Communications, Inc		518,775
	506		Clear Channel Outdoor Holdings, Inc (Class A)		2,606
	2,377	*	Discovery Communications, Inc (Class A)		68,410
	3,236	*	Discovery Communications, Inc (Class C)		90,543
	943		Entravision Communications Corp (Class A)		5,847
	1,400		Gannett Co, Inc		11,704
	1,003	*	Gray Television, Inc		14,694
	1,208		Scripps Networks Interactive (Class A)		90,262
	983		Sinclair Broadcast Group, Inc (Class A)		38,779
	5,243		Time Warner, Inc		520,473
	7,244		Walt Disney Co		837,406
			TOTAL MEDIA		2,199,499

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	1,169	*	Akorn, Inc		39,103
	1,124	*	Alexion Pharmaceuticals, Inc		143,625
	3,202		Amgen, Inc		522,951
	748	*	Biogen Idec, Inc		202,865
	9,827		Bristol-Myers Squibb Co		550,803
	4,451	*	Celgene Corp		552,146
	573	*	Cempra, Inc		2,464
	845	*	Depomed, Inc		10,131
	5,581		Gilead Sciences, Inc		382,578
	24	*	Inovio Pharmaceuticals, Inc		151
	350	*	Intersect ENT, Inc		6,650
	435	*	Intra-Cellular Therapies, Inc		6,012
	10,055		Johnson & Johnson		1,241,491
	12,721		Merck & Co, Inc		792,900
	1,634	*	Nektar Therapeutics		30,997
	31	*	Prothena Corp plc		1,678
	221	*	Quintiles Transnational Holdings, Inc		18,626
	241	*	Revance Therapeutics, Inc		5,242
	907	*	Sangamo Biosciences, Inc		4,354
	224	*	Sucampo Pharmaceuticals, Inc (Class A)		2,274
	138	*	TESARO, Inc		20,367
	616	*	Theravance Biopharma, Inc		24,843
	2,837		Thermo Fisher Scientific, Inc		469,041

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	324	*	Ultragenyx Pharmaceutical, Inc	$	20,862
	773	*	Vertex Pharmaceuticals, Inc		91,446
	6,404		Zoetis, Inc		359,328
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,502,928

REAL ESTATE - 4.7%
	164	*	Altisource Portfolio Solutions S.A.		3,623
	187		American Campus Communities, Inc		8,862
	3,672		American Tower Corp		462,452
	821		AvalonBay Communities, Inc		155,859
	3,125		Crown Castle International Corp		295,625
	1,327		Digital Realty Trust, Inc		152,393
	519		Equinix, Inc		216,786
	3,251		Equity Residential		209,949
	2,232		Forest City Realty Trust, Inc		50,443
	768		HCP, Inc		24,077
	352		Host Marriott Corp		6,318
	364	*	iStar Financial, Inc		4,452
	1,014		Kennedy-Wilson Holdings, Inc		20,686
	292		Mid-America Apartment Communities, Inc		28,969
	5,690		Prologis, Inc		309,593
	1,028	*	SBA Communications Corp		130,032
	2,024		Senior Housing Properties Trust		43,556
	2,346		Simon Property Group, Inc		387,700
	58		SL Green Realty Corp		6,086
	1,831		UDR, Inc		68,369
	4,526		Ventas, Inc		289,709
	293		Vornado Realty Trust		28,198
	4,090		Welltower, Inc		292,190
			TOTAL REAL ESTATE		3,195,927

RETAILING - 3.8%
	304	*	1-800-FLOWERS.COM, Inc (Class A)		3,268
	440	*	AutoZone, Inc		304,564
	2,413		Best Buy Co, Inc		125,018
	246		Big 5 Sporting Goods Corp		3,788
	756	*	Cabela’s, Inc		41,278
	734	*	Carmax, Inc		42,939
	3,556		Dollar General Corp		258,557
	1,569	*	Etsy, Inc		16,882
	200		Foot Locker, Inc		15,468
	241	*	FTD Cos, Inc		4,820
	989		GNC Holdings, Inc		7,694
	5,452	*	Groupon, Inc		21,372
	275		Haverty Furniture Cos, Inc		6,779
	480		HSN, Inc		17,712
	207		Kirkland’s, Inc		2,434
	2,173		Kohl’s Corp		84,812
	238	*	Lands’ End, Inc		5,617
	1,456	*	LKQ Corp		45,485
	6,087		Lowe’s Companies, Inc		516,665
	307	*	MarineMax, Inc		6,247
	3,342	*	NetFlix, Inc		508,652

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	444		Nutri/System, Inc	$	23,732
	6,001		Office Depot, Inc		29,825
	146	*	Overstock.com, Inc		2,533
	296		PetMed Express, Inc		6,838
	1,100		Pier 1 Imports, Inc		7,414
	3,492		Ross Stores, Inc		226,980
	536	*	Shutterfly, Inc		27,818
	413		Stein Mart, Inc		1,020
	427	*	Ulta Beauty, Inc		120,175
	361	*	Vitamin Shoppe, Inc		6,967
	476	*	Wayfair, Inc		21,758
	1,271		Williams-Sonoma, Inc		68,698
	32		Winmark Corp		4,131
			TOTAL RETAILING		2,587,940

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4%
	1,176		Analog Devices, Inc		89,611
	10,884		Applied Materials, Inc		441,999
	67		Brooks Automation, Inc		1,692
	21,622		Intel Corp		781,636
	407		Lam Research Corp		58,954
	653		Microchip Technology, Inc		49,354
	3,031		Nvidia Corp		316,133
	1,272	*	ON Semiconductor Corp		18,037
	519		Skyworks Solutions, Inc		51,765
	756	*	SunPower Corp		5,247
	6,449		Texas Instruments, Inc		510,632
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,325,060

SOFTWARE & SERVICES - 13.3%
	4,421		Accenture plc		536,267
	978	*	Alphabet, Inc (Class A)		904,181
	990	*	Alphabet, Inc (Class C)		896,900
	565	*	Angie’s List, Inc		3,322
	930	*	Autodesk, Inc		83,765
	4,181		Automatic Data Processing, Inc		436,873
	365	*	Black Knight Financial Services, Inc		15,111
	1,624		Booz Allen Hamilton Holding Co		58,350
	80	*	Cardtronics plc		3,326
	428	*	Cimpress NV		35,130
	6,220	*	Cognizant Technology Solutions Corp (Class A)		374,631
	1,287		Convergys Corp		28,970
	1,540		CSRA, Inc		44,783
	634	*	DHI Group, Inc		2,441
	304	*	Euronet Worldwide, Inc		25,117
	1,463	*	Glu Mobile, Inc		3,380
	4,402		International Business Machines Corp		705,597
	1,754		Intuit, Inc		219,618
	669		j2 Global, Inc		60,371
	599		Jack Henry & Associates, Inc		58,055
	755		LogMeIn, Inc		85,315
	5,422		MasterCard, Inc (Class A)		630,687
	25,218	d	Microsoft Corp		1,726,424

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	809	*	NeuStar, Inc (Class A)	$	26,859
	294	*	New Relic, Inc		11,754
	15,258		Oracle Corp		686,000
	431	*	Perficient, Inc		7,508
	898	*	Quotient Technology, Inc		9,788
	540	*	RetailMeNot, Inc		6,264
	5,411	*	salesforce.com, Inc		465,995
	867	*	ServiceSource International LLC		3,260
	217	*	SPS Commerce, Inc		11,992
	4,480		Symantec Corp		141,702
	516		Syntel, Inc		9,087
	1,301	*	Teradata Corp		37,963
	323		TiVo Corp		6,379
	1,726		Travelport Worldwide Ltd		22,732
	533	*	Website Pros, Inc		10,287
	1,750		Western Union Co		34,755
	80	*	WEX, Inc		8,117
	1,495	*	Workday, Inc		130,663
	9,002	*	Yahoo!, Inc		433,986
			TOTAL SOFTWARE & SERVICES		9,003,705

TECHNOLOGY HARDWARE & EQUIPMENT - 4.3%
	420	*	Anixter International, Inc		34,251
	246		Badger Meter, Inc		9,778
	595		Belden CDT, Inc		41,471
	762	*	Benchmark Electronics, Inc		24,155
	23,378		Cisco Systems, Inc		796,489
	1,239		Cognex Corp		105,736
	373	*	Coherent, Inc		80,419
	292		Comtech Telecommunications Corp		4,091
	12,416		Corning, Inc		358,202
	564	*	Cray, Inc		10,096
	425		CTS Corp		9,392
	569		Daktronics, Inc		5,383
	815		Dolby Laboratories, Inc (Class A)		42,975
	535	*	Fabrinet		18,548
	261	*	FARO Technologies, Inc		9,566
	13,893		Hewlett Packard Enterprise Co		258,827
	17,049		HP, Inc		320,862
	565	*	Insight Enterprises, Inc		23,787
	334	*	IPG Photonics Corp		42,191
	514	*	Itron, Inc		33,333
	2,941		Jabil Circuit, Inc		85,348
	867	*	Keysight Technologies, Inc		32,452
	424	*	Kimball Electronics, Inc		7,314
	247		Littelfuse, Inc		38,075
	153	*	Lumentum Holdings, Inc		6,541
	480		Methode Electronics, Inc		21,384
	585		Motorola, Inc		50,292
	461	*	Novanta, Inc		12,931
	51	*	OSI Systems, Inc		3,947
	513	*	Plexus Corp		26,671
	241	*	Rogers Corp		24,809

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	540	*	Sanmina Corp	$	20,115
	360	*	Scansource, Inc		14,220
	644	*	Sonus Networks, Inc		4,946
	563	*	Super Micro Computer, Inc		13,737
	393		SYNNEX Corp		42,613
	497	*	Tech Data Corp		47,538
	1,554	*	Trimble Navigation Ltd		55,058
	1,113	*	TTM Technologies, Inc		18,620
	594		Universal Display Corp		53,074
	724		Vishay Intertechnology, Inc		11,837
	15,150		Xerox Corp		108,929
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,930,003

TELECOMMUNICATION SERVICES - 2.1%
	532	*	Boingo Wireless, Inc		7,602
	7,151		CenturyLink, Inc		183,566
	338	*	Fairpoint Communications, Inc		5,763
	10,202		Frontier Communications Corp		19,180
	401	*	General Communication, Inc (Class A)		15,014
	2,791	*	Globalstar, Inc		5,331
	232		IDT Corp (Class B)		3,524
	1,290	*	Iridium Communications, Inc		13,674
	3,095	*	Level 3 Communications, Inc		188,052
	277	*	Lumos Networks Corp		4,961
	676		Shenandoah Telecom Co		21,632
	11,718	*	Sprint Corp		105,814
	17,936		Verizon Communications, Inc		823,442
	1,420		Windstream Holdings, Inc		7,838
			TOTAL TELECOMMUNICATION SERVICES		1,405,393

TRANSPORTATION - 2.4%
	314		Arkansas Best Corp		8,305
	1,117	*	Avis Budget Group, Inc		34,069
	5,580		CSX Corp		283,687
	1,017	*	Hertz Global Holdings, Inc		16,770
	571		Kansas City Southern Industries, Inc		51,430
	1,693		Norfolk Southern Corp		198,911
	4,662		Union Pacific Corp		521,958
	4,729		United Parcel Service, Inc (Class B)		508,178
	431	*	YRC Worldwide, Inc		4,594
			TOTAL TRANSPORTATION		1,627,902

UTILITIES - 3.4%
	2,809		American Water Works Co, Inc		224,046
	2,682		Aqua America, Inc		88,747
	6,946		Centerpoint Energy, Inc		198,169
	4,913		Consolidated Edison, Inc		389,503
	4,897		Edison International		391,613
	5,112		Eversource Energy		303,653
	1,287		New Jersey Resources Corp		51,930
	538		Ormat Technologies, Inc		31,774
	609		Pattern Energy Group, Inc		13,410
	3,562		Sempra Energy		402,577

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY					VALUE

	756		Southwest Gas Corp					$	63,323
	619		Spire, Inc						42,432
	1,177		TerraForm Global, Inc						5,591
	1,293		TerraForm Power, Inc						16,279
	738		WGL Holdings, Inc						60,856
			TOTAL UTILITIES						2,283,903

			TOTAL COMMON STOCKS						66,415,979
			(Cost $58,360,066)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 1.0%

GOVERNMENT AGENCY DEBT - 1.0%
$	650,000	d	Federal Home Loan Bank (FHLB)		0.680	%	05/01/17		650,000
			TOTAL GOVERNMENT AGENCY DEBT						650,000

			TOTAL SHORT-TERM INVESTMENTS						650,000
			(Cost $650,000)
			TOTAL INVESTMENTS - 99.1%						67,065,979
			(Cost $59,010,066)
			OTHER ASSETS & LIABILITIES, NET - 0.9%						654,063
			NET ASSETS - 100.0%					$	67,720,042


*		Non-income producing
d		All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
m		Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 92.3%

ARGENTINA - 3.3%
	841,337	*	Adecoagro S.A.	$	9,330,427
	233,437	*,e	Pampa Energia S.A. (ADR)		12,731,654
	651,148		YPF S.A. (ADR) (Class D)		16,819,153
			TOTAL ARGENTINA		38,881,234

BRAZIL - 9.9%
	1,747,135		Banco Itau Holding Financeira S.A.		21,610,410
	1,263,400		Cia Brasileira de Distribuicao Grupo Pao de Acucar		28,559,396
	3,802,800		Cyrela Brazil Realty S.A.		15,814,798
	640,700		Localiza Rent A Car		9,547,773
	2,808,600	*	Petroleo Brasileiro S.A. (Preference)		12,361,539
	8,341,900		Via Varejo S.A.		31,301,343
			TOTAL BRAZIL		119,195,259

CHILE - 2.6%
	2,706,900		Centros Comerciales Sudamericanos S.A.		7,710,592
	1,306,515,051		Corpbanca S.A.		11,911,102
	1,323,399		SACI Falabella		10,582,155
			TOTAL CHILE		30,203,849

CHINA - 17.4%
	624,354	*	Alibaba Group Holding Ltd (ADR)		72,112,887
	159,507	*	Baidu, Inc (ADR)		28,747,947
	50,534,000		Bank of China Ltd		24,443,933
	8,978,000	*,e,m	China Animal Healthcare Ltd		11,542
	27,401,000		China Dongxiang Group Co		5,211,176
	3,297,600	*	China Insurance International Holdings Co Ltd		8,210,249
	4,784,000		China Overseas Land & Investment Ltd		13,876,409
	6,751,534		Chongqing Changan Automobile Co Ltd		8,939,077
	20,291,034		Industrial & Commercial Bank of China		13,227,028
	605,000		Tencent Holdings Ltd		18,956,659
	830,400	*,e	ZTO Express Cayman, Inc (ADR)		11,567,472
			TOTAL CHINA		205,304,379

COLOMBIA - 2.2%
	2,949,600		Almacenes Exito S.A.		15,279,369
	284,500		BanColombia S.A. (ADR)		11,234,905
			TOTAL COLOMBIA		26,514,274

HONG KONG - 4.9%
	22,290	*,m	Asia Pacific Investment Partners Limited		144,874
	621,536	*,e,m	China Metal Recycling Holdings Ltd		799
	2,445,017		Melco Crown Entertainment Ltd (ADR)		53,668,123

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

	22,290	*,m	Mongolian Metals Corporation	$	0
	17,336,000	*,e	Summit Ascent Holdings Ltd		4,472,915
			TOTAL HONG KONG		58,286,711

INDIA - 8.7%
	322,190		HDFC Bank Ltd		7,732,020
	943,800		Indiabulls Housing Finance Ltd		14,905,461
	6,309,213	*	Jain Irrigation Systems Ltd		10,996,886
	495,800		Larsen & Toubro Ltd		13,480,739
	35,932	*	MakeMyTrip Ltd		1,379,789
	1,544,501	*	Phoenix Mills Ltd		9,950,882
	1,661,400	*	Reliance Industries Ltd		36,005,305
	747,573	*	Vakrangee Ltd		3,973,080
	638,244	*,e	Yatra Online, Inc		5,827,167
			TOTAL INDIA		104,251,329

INDONESIA - 0.8%
	154,171,500		PT Lippo Karawaci Tbk		9,131,363
			TOTAL INDONESIA		9,131,363

ITALY - 1.3%
	3,296,900		Prada S.p.A		15,429,977
			TOTAL ITALY		15,429,977

JAPAN - 1.0%
	44,500		Nintendo Co Ltd		11,261,410
			TOTAL JAPAN		11,261,410

KOREA, REPUBLIC OF - 9.2%
	98,893		GLOVIS Co Ltd		12,593,909
	42,991		Loen Entertainment, Inc		3,320,950
	13,699		Orion Corp		8,130,063
	54,400		POSCO		12,842,910
	36,839		Samsung Electronics Co Ltd		72,220,181
			TOTAL KOREA, REPUBLIC OF		109,108,013

MACAU - 1.0%
	5,600,100	*	Wynn Macau Ltd		12,275,697
			TOTAL MACAU		12,275,697

MEXICO - 1.8%
	2,046,353		Alsea SAB de C.V.		7,271,115
	7,831,000	*	Becle SAB de C.V.		13,103,491
	1,070,022	m	Servicios Corporativos Javer SAPI de C.V.		954,907
			TOTAL MEXICO		21,329,513

PHILIPPINES - 1.9%
	37,343,600		Alliance Global Group, Inc		11,062,311
	77,670,600	*	Melco Crown Philippines Resorts Corp		11,448,008
			TOTAL PHILIPPINES		22,510,319

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

RUSSIA - 3.7%
	2,683,957		Sberbank of Russian Federation (ADR)	$	31,997,644
	345,344	*	X 5 Retail Group NV (GDR)		12,173,376
			TOTAL RUSSIA		44,171,020

SOUTH AFRICA - 5.9%
	4,838,100		Gold Fields Ltd		15,856,924
	285,317		Naspers Ltd (N Shares)		54,253,448
			TOTAL SOUTH AFRICA		70,110,372

SRI LANKA - 1.1%
	11,956,700		John Keells Holdings plc		12,630,979
			TOTAL SRI LANKA		12,630,979

TAIWAN - 9.4%
	28,604,205		Advanced Semiconductor Engineering, Inc		35,849,316
	9,754,900		Hon Hai Precision Industry Co, Ltd		31,929,362
	83,000		Largan Precision Co Ltd		13,783,765
	272,700		Silicon Motion Technology Corp (ADR)		13,239,585
	2,617,100		Taiwan Semiconductor Manufacturing Co Ltd		16,859,082
			TOTAL TAIWAN		111,661,110

UNITED ARAB EMIRATES - 0.8%
	438,800		DP World Ltd		8,969,072
			TOTAL UNITED ARAB EMIRATES		8,969,072

UNITED KINGDOM - 0.9%
	276,100		Rio Tinto plc		10,892,199
			TOTAL UNITED KINGDOM		10,892,199

UNITED STATES - 1.5%
	537,200	*	Yum China Holdings, Inc		18,329,264
			TOTAL UNITED STATES		18,329,264

URUGUAY - 3.0%
	4,308,481	*	Arcos Dorados Holdings, Inc		35,329,544
			TOTAL URUGUAY		35,329,544

			TOTAL COMMON STOCKS		1,095,776,887
			(Cost $922,404,743)

PREFERRED STOCKS - 1.1%

BRAZIL - 1.1%
	4,281,200		ITAUSA Investimentos Itau PR		13,339,761
			TOTAL BRAZIL		13,339,761

PHILIPPINES - 0.0%
	1,721,900	*,m	Ayala Land, Inc (Preferred B)		3,446
			TOTAL PHILIPPINES		3,446

			TOTAL PREFERRED STOCKS		13,343,207
			(Cost $10,668,755)

TIAA-CREF FUNDS - Emerging Markets Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 3.5%

GOVERNMENT AGENCY DEBT - 1.1%
$	13,300,000		Federal Home Loan Bank (FHLB)		0.680	%	05/01/17	$	13,300,000
			TOTAL GOVERNMENT AGENCY DEBT						13,300,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4%
	28,122,231	c	State Street Navigator Securities Lending Government Money Market Portfolio						28,122,231
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						28,122,231

			TOTAL SHORT-TERM INVESTMENTS						41,422,231
			(Cost $41,422,231)
			TOTAL INVESTMENTS - 96.9%						1,150,542,325
			(Cost $974,495,729)
			OTHER ASSETS & LIABILITIES, NET - 3.1%						36,639,694
			NET ASSETS - 100.0%					$	1,187,182,019



		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 $25,939,441.
m		Indicates a security that has been deemed illiquid.

100

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2017

			% OF
SECTOR	VALUE		NET ASSETS
INFORMATION TECHNOLOGY	$	318,933,273		26.9	%
CONSUMER DISCRETIONARY		291,336,540		24.5
FINANCIALS		158,757,386		13.4
INDUSTRIALS		95,322,056		8.0
CONSUMER STAPLES		94,286,714		7.9
ENERGY		65,185,997		5.5
MATERIALS		39,592,832		3.3
REAL ESTATE		32,962,100		2.8
UTILITIES		12,731,654		1.1
HEALTH CARE		11,542		0.0
SHORT-TERM INVESTMENTS		41,422,231		3.5
OTHER ASSETS & LIABILITIES, NET		36,639,694		3.1

NET ASSETS	$	1,187,182,019		100.0	%

101

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

TIAA-CREF FUNDS

ENHANCED INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.5%

AUSTRALIA - 7.1%
	219,002		AGL Energy Ltd	$	4,384,603
	771,174		Aristocrat Leisure Ltd		11,332,917
	35,454		Australia & New Zealand Banking Group Ltd		867,878
	128,930		Australian Stock Exchange Ltd		4,887,699
	201,025		BHP Billiton Ltd		3,579,036
	140,838		Boral Ltd		649,199
	266,385		Caltex Australia Ltd		5,946,053
	199,779		CIMIC Group Ltd		5,536,444
	239,755		Coca-Cola Amatil Ltd		1,680,302
	6,123		Cochlear Ltd		640,958
	91,981		Commonwealth Bank of Australia		6,007,638
	71,903		Computershare Ltd		792,663
	40,158		CSL Ltd		3,982,069
	2,054,496		Fortescue Metals Group Ltd		8,143,305
	227,213		Macquarie Group Ltd		15,783,764
	544,364		Medibank Pvt Ltd		1,185,059
	70,786		Mirvac Group		120,230
	6,812		National Australia Bank Ltd		172,903
	114,124		Newcrest Mining Ltd		1,830,929
	603,274		Qantas Airways Ltd		1,912,298
	57,040		Ramsay Health Care Ltd		3,058,603
	1,805,037		Scentre Group		5,823,955
	1,595,133		South32 Ltd		3,305,589
	2,113,059		Telstra Corp Ltd		6,676,356
	830,263		Westpac Banking Corp		21,765,143
			TOTAL AUSTRALIA		120,065,593

AUSTRIA - 0.6%
	39,649		Erste Bank der Oesterreichischen Sparkassen AG.		1,419,585
	77,055	*,e,m	Immoeast AG.		0
	176,611		OMV AG.		8,134,898
			TOTAL AUSTRIA		9,554,483

BELGIUM - 0.8%
	21,239		Anheuser-Busch InBev S.A.		2,395,129
	288,121	e	Proximus plc		8,811,871
	21,970		UCB S.A.		1,714,736
			TOTAL BELGIUM		12,921,736

DENMARK - 1.5%
	17,708		Danske Bank AS		643,837
	174,923		Novo Nordisk AS		6,810,951
	221,570		Vestas Wind Systems AS		19,065,331
			TOTAL DENMARK		26,520,119

102

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

FINLAND - 1.4%
	144,590		Neste Oil Oyj	$	5,891,925
	631,613		UPM-Kymmene Oyj		16,640,900
			TOTAL FINLAND		22,532,825

FRANCE - 10.8%
	125,058		Atos Origin S.A.		16,380,750
	378,365		BNP Paribas		26,703,936
	174,045	*,e	Bouygues S.A.		7,315,785
	145,111		Cap Gemini S.A.		14,528,797
	82,897	e	CNP Assurances		1,731,616
	1,129,018		Credit Agricole S.A.		16,792,824
	488,507		France Telecom S.A.		7,560,787
	2,093	e	L’Oreal S.A.		416,820
	155,584		Michelin (C.G.D.E.) (Class B)		20,350,550
	691,269	*	Peugeot S.A.		14,492,874
	292,501		Sanofi-Aventis		27,639,526
	79,525		SCOR SE		3,145,767
	123,292		Total S.A.		6,328,972
	248,356		Valeo S.A.		17,871,714
			TOTAL FRANCE		181,260,718

GERMANY - 9.5%
	12,866		Allianz AG.		2,449,398
	206,927		BASF SE		20,158,607
	209,578		Bayer AG.		25,931,728
	35,371		Continental AG.		7,923,007
	164,032	g	Covestro AG.		12,783,234
	273,810		Daimler AG. (Registered)		20,402,756
	175,754		Deutsche Annington Immobilien SE		6,363,029
	385,223		Deutsche Telekom AG.		6,757,117
	23,080		Deutsche Wohnen AG.		789,187
	66,030		Hannover Rueckversicherung AG.		7,921,233
	117,933		SAP AG.		11,812,872
	317,870	*	Schaeffler AG.		5,482,479
	211,498		Siemens AG.		30,337,880
	68,735		TUI AG. (DI)		999,963
			TOTAL GERMANY		160,112,490

HONG KONG - 3.5%
	275,175		AIA Group Ltd		1,904,606
	2,285,665		BOC Hong Kong Holdings Ltd		9,393,022
	784,000		Cheung Kong Property Holdings Ltd		5,612,820
	559,340		CK Hutchison Holdings Ltd		6,984,638
	582,500		CLP Holdings Ltd		6,143,167
	58,000		Jardine Matheson Holdings Ltd		3,732,466
	988,000		Sun Hung Kai Properties Ltd		14,805,178
	9,814,500	g	WH Group Ltd		8,756,034
	123,000		Wharf Holdings Ltd		1,048,702
	44,000		Wheelock & Co Ltd		342,734
			TOTAL HONG KONG		58,723,367

103

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

IRELAND - 0.3%
	1,692,433	*	Bank of Ireland	$	426,048
	131,526		CRH plc		4,790,715
	2,955	*	Ryanair Holdings plc (ADR)		271,653
			TOTAL IRELAND		5,488,416

ISRAEL - 0.3%
	40,755		Azrieli Group		2,167,898
	224,103		Bank Hapoalim Ltd		1,397,576
	16,096	*	Check Point Software Technologies		1,674,145
			TOTAL ISRAEL		5,239,619

ITALY - 2.0%
	275,371		Assicurazioni Generali S.p.A.		4,361,880
	2,472,550		Banca Intesa S.p.A. RSP		6,770,056
	2,692,631		Enel S.p.A.		12,801,261
	15,410		Ferrari NV		1,159,236
	167,426		Mediobanca S.p.A.		1,610,062
	9,301,662		Telecom Italia RSP		6,638,205
			TOTAL ITALY		33,340,700

JAPAN - 22.6%
	21,700		Aisin Seiki Co Ltd		1,062,804
	106,400		Amada Co Ltd		1,265,024
	1,025,000		Aozora Bank Ltd		3,734,804
	520,000		Asahi Glass Co Ltd		4,505,568
	372,133		Astellas Pharma, Inc		4,907,359
	48,600		Bridgestone Corp		2,027,167
	400,000		Brother Industries Ltd		8,230,246
	446,900		Canon, Inc		14,831,706
	60,100		Coca-Cola West Japan Co Ltd		1,792,025
	152,413		Concordia Financial Group Ltd		701,069
	38,700		Daikin Industries Ltd		3,762,550
	6,300		Daito Trust Construction Co Ltd		927,064
	367,300		Daiwa House Industry Co Ltd		10,919,448
	77,000		Hitachi High-Technologies Corp		3,073,771
	225,100		Honda Motor Co Ltd		6,551,683
	976,700		Itochu Corp		13,820,276
	739,700		Japan Post Bank Co Ltd		9,213,068
	282,000		Japan Tobacco, Inc		9,383,759
	260,500		JSR Corp		4,760,789
	813,200		JX Holdings, Inc		3,669,184
	632,000		Kajima Corp		4,291,417
	134,500	*	Kansai Electric Power Co, Inc		1,817,656
	13,500		Kao Corp		744,979
	174,700		KDDI Corp		4,632,004
	789,900		Kirin Brewery Co Ltd		15,377,560
	151,000		Koito Manufacturing Co Ltd		7,802,629
	570,135	e	Kyushu Electric Power Co, Inc		6,149,960
	115,800		Mediceo Paltac Holdings Co Ltd		1,918,572
	487,600		Mitsubishi Chemical Holdings Corp		3,816,536
	881,785		Mitsubishi Corp		19,028,988

104

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	298,325		Mitsubishi Gas Chemical Co, Inc	$	6,379,128
	1,413,700		Mitsubishi UFJ Financial Group, Inc		8,958,042
	552,000		Mitsui Chemicals, Inc		2,824,416
	66,000		Mitsui Fudosan Co Ltd		1,452,149
	427,800		Mitsui Sumitomo Insurance Group Holdings, Inc		13,948,021
	36,800		Murata Manufacturing Co Ltd		4,943,178
	554,800		NGK Spark Plug Co Ltd		12,032,162
	312,800		Nippon Telegraph & Telephone Corp		13,405,241
	1,122,200		Nissan Motor Co Ltd		10,689,594
	1,715		Nomura Real Estate Master Fund, Inc		2,471,858
	97,972		NTT DoCoMo, Inc		2,370,635
	1,085,855		Obayashi Corp		10,542,434
	86,876		Pola Orbis Holdings, Inc		2,006,211
	33,900		Recruit Holdings Co Ltd		1,713,385
	155,400		SBI Holdings, Inc		2,155,733
	359,800		Seibu Holdings, Inc		6,285,709
	814,300		Sekisui House Ltd		13,526,992
	3,600		Shimamura Co Ltd		492,702
	83,800		Shin-Etsu Chemical Co Ltd		7,283,697
	274,100		Shionogi & Co Ltd		14,115,560
	10,700		Softbank Corp		811,624
	276,800		Sumitomo Corp		3,698,970
	255,291		Suzuki Motor Corp		10,671,915
	73,900		Sysmex Corp		4,501,072
	844,000		Taisei Corp		6,435,833
	50,000		Takeda Pharmaceutical Co Ltd		2,398,679
	8,800		Tanabe Seiyaku Co Ltd		178,753
	29,967		TDK Corp		1,856,621
	304,300		Tokio Marine Holdings, Inc		12,830,371
	26,600		Tokyo Electron Ltd		3,229,069
	75,448		Tokyu Fudosan Holdings Corp		412,045
	497,000	*,e	Toshiba Corp		1,002,533
	50,700		Toyota Industries Corp		2,525,586
	189,276		Toyota Motor Corp		10,243,760
	163,500		Trend Micro, Inc		7,193,792
	26,200		West Japan Railway Co		1,750,654
			TOTAL JAPAN		382,057,789

LUXEMBOURG - 0.0%
	4,098		RTL Group		317,615
			TOTAL LUXEMBOURG		317,615

NETHERLANDS - 3.6%
	4,785	e	ASML Holding NV		632,717
	1,544,834		ING Groep NV		25,180,062
	274,632		Randstad Holdings NV		16,372,993
	540,249		Royal Dutch Shell plc (A Shares)		14,029,413
	190,663		Royal Dutch Shell plc (B Shares)		5,072,962
			TOTAL NETHERLANDS		61,288,147

NEW ZEALAND - 0.1%
	208,167		Ryman Healthcare Ltd		1,232,956
			TOTAL NEW ZEALAND		1,232,956

105

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

NORWAY - 1.0%
	153,161		DNB NOR Holding ASA	$	2,390,279
	801,679		PAN Fish ASA		13,338,425
	9,437		Schibsted ASA (B Shares)		211,358
			TOTAL NORWAY		15,940,062

PORTUGAL - 0.3%
	305,813	e	Jeronimo Martins SGPS S.A.		5,611,966
			TOTAL PORTUGAL		5,611,966

SINGAPORE - 1.3%
	821,096		CapitaLand Ltd		2,206,238
	1,245,610		DBS Group Holdings Ltd		17,202,372
	342,900		Singapore Exchange Ltd		1,816,995
	622,800		Singapore Technologies Engineering Ltd		1,689,471
			TOTAL SINGAPORE		22,915,076

SOUTH AFRICA - 0.7%
	429,275		Mondi plc		11,105,956
			TOTAL SOUTH AFRICA		11,105,956

SPAIN - 3.6%
	79,422		ACS Actividades Construccion y Servicios S.A.		2,942,629
	80,464	g	Aena S.A.		14,186,794
	491,580	e	Banco Santander S.A.		3,203,588
	3,465,399		CaixaBank S.A.		15,734,439
	531,557		Endesa S.A.		12,519,837
	41,574	e	Industria De Diseno Textil S.A.		1,593,165
	745,989		Repsol YPF S.A.		11,774,194
			TOTAL SPAIN		61,954,646

SWEDEN - 2.5%
	264,588		Atlas Copco AB (A Shares)		9,883,696
	49,672	e	Hexagon AB (B Shares)		2,161,767
	157,187		ICA Gruppen AB		5,364,190
	196,284		Industrivarden AB		4,564,548
	58,471		Investor AB (B Shares)		2,671,619
	1,156,433		Nordea Bank AB		14,222,753
	167,039		Swedbank AB (A Shares)		3,958,829
			TOTAL SWEDEN		42,827,402

SWITZERLAND - 9.0%
	203,901		Adecco S.A.		15,150,213
	2,359,752	*	Glencore Xstrata plc		9,274,151
	168,266		Holcim Ltd		9,542,098
	1,496		Lindt & Spruengli AG.		8,412,181
	16,370	*	Lonza Group AG.		3,349,465
	594,345		Nestle S.A.		45,776,726
	170,214		Novartis AG.		13,103,936
	231	*,e	Partners Group		139,641
	114,378		Roche Holding AG.		29,928,637

106

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	97,474		Swiss Re Ltd	$	8,478,220
	106,619		Wolseley plc		6,776,394
	10,094		Zurich Financial Services AG.		2,793,396
			TOTAL SWITZERLAND		152,725,058

UNITED KINGDOM - 15.3%
	1,011,570		3i Group plc		10,395,930
	560,739		Ashtead Group plc		11,829,309
	114,812		AstraZeneca plc (ADR)		3,473,063
	215,721		BAE Systems plc		1,752,080
	857,677		Barratt Developments plc		6,435,665
	203,449		Berkeley Group Holdings plc		8,580,962
	603,793		BP plc (ADR)		20,722,176
	462,429		British American Tobacco plc		31,243,220
	211,841		BT Group plc		835,701
	4,482,975		Centrica plc		11,487,390
	26,846		Coca-Cola European Partners plc		1,015,873
	68,464		Compass Group plc		1,382,342
	144,673		Diageo plc		4,211,019
	112,931	*	Fiat DaimlerChrysler Automobiles NV		1,282,727
	1,312,613		GlaxoSmithKline plc		26,420,070
	3,799,817		HSBC Holdings plc		31,334,496
	105,513		International Consolidated Airlines Group S.A.		764,647
	4,495,126		Legal & General Group plc		14,326,297
	5,779,413		Lloyds TSB Group plc		5,192,947
	267,746		New Carphone Warehouse plc		1,163,092
	50,956		Reed Elsevier plc		1,033,118
	22,650		Rio Tinto Ltd		1,025,404
	71,683		Rio Tinto plc		2,827,908
	271,708		Sage Group plc		2,358,452
	39,451		Schroders plc		1,629,098
	672,316		Segro plc		4,228,827
	112,377		Smiths Group plc		2,388,961
	51,569		Tate & Lyle plc		505,724
	3,395,583		Taylor Wimpey plc		8,795,535
	165,915		Unilever NV		8,691,530
	325,157		Unilever plc		16,728,773
	464,723		Vodafone Group plc (ADR)		12,171,095
	576,151		WM Morrison Supermarkets plc		1,789,755
			TOTAL UNITED KINGDOM		258,023,186

UNITED STATES - 0.7%
	170,000		iShares MSCI EAFE Index Fund		10,846,000
	11,922	*	Mobileye NV		738,210
	26,749	*	QIAGEN NV		801,326
			TOTAL UNITED STATES		12,385,536

			TOTAL COMMON STOCKS		1,664,145,461
			(Cost $1,474,174,489)

107

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 2.3%

GOVERNMENT AGENCY DEBT - 0.5%
$	8,850,000		Federal Home Loan Bank (FHLB)		0.680	%	05/01/17	$	8,850,000
			TOTAL GOVERNMENT AGENCY DEBT						8,850,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.8%
	29,617,071	c	State Street Navigator Securities Lending Government Money Market Portfolio						29,617,071
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						29,617,071

			TOTAL SHORT-TERM INVESTMENTS						38,467,071
			(Cost $38,467,071)
			TOTAL INVESTMENTS - 100.8%						1,702,612,532
			(Cost $1,512,641,560)
			OTHER ASSETS & LIABILITIES, NET - (0.8)%						(12,865,374	)
			NET ASSETS - 100.0%					$	1,689,747,158



		Abbreviation(s):
		ADR American Depositary Receipt

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $28,162,310.
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 4/30/2017, the aggregate value of these securities amounted to $35,726,062 or 2.1% of net assets.
m		Indicates a security that has been deemed illiquid.

108

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, 2017

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	364,964,148			21.7	%
INDUSTRIALS		236,997,023			14.0
CONSUMER DISCRETIONARY		208,438,067			12.3
CONSUMER STAPLES		185,242,203			11.0
HEALTH CARE		176,108,016			10.4
MATERIALS		130,721,597			7.7
INFORMATION TECHNOLOGY		94,438,757			5.6
ENERGY		81,569,777			4.8
TELECOMMUNICATION SERVICES		70,670,637			4.2
REAL ESTATE		59,691,361			3.5
UTILITIES		55,303,875			3.3
SHORT-TERM INVESTMENTS		38,467,071			2.3
OTHER ASSETS & LIABILITIES, NET		(12,865,374	)		(0.8	)

NET ASSETS	$	1,689,747,158			100.0	%

109

TIAA-CREF FUNDS - Global Natural Resources Fund

TIAA-CREF FUNDS
GLOBAL NATURAL RESOURCES FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.3%

AUSTRALIA - 7.6%
	43,010		BHP Billiton Ltd	$	765,747
	63,591		BHP Billiton plc		969,457
	93,838		Fortescue Metals Group Ltd		371,941
	577,021		South32 Ltd		1,195,759
			TOTAL AUSTRALIA		3,302,904

CANADA - 21.6%
	7,000		Agrium, Inc		657,002
	34,637		Barrick Gold Corp (Canada)		579,038
	27,096	*	Canadian Natural Resources Ltd (Canada)		863,070
	152,186		Cenovus Energy, Inc (Toronto)		1,517,345
	179,678		First Quantum Minerals Ltd		1,712,473
	84,119	*	Kinross Gold Corp		292,711
	34,407		Suncor Energy, Inc		1,078,298
	130,473		Teck Cominco Ltd		2,706,857
			TOTAL CANADA		9,406,794

GERMANY - 3.9%
	9,516		Linde AG.		1,709,915
			TOTAL GERMANY		1,709,915

INDIA - 0.1%
	2,237	*	United Phosphorus Ltd		28,030
			TOTAL INDIA		28,030

LUXEMBOURG - 1.0%
	56,688	*	ArcelorMittal		445,474
			TOTAL LUXEMBOURG		445,474

SWITZERLAND - 5.4%
	600,236	*	Glencore Xstrata plc		2,359,010
			TOTAL SWITZERLAND		2,359,010

UNITED KINGDOM - 1.9%
	21,413		Rio Tinto plc		844,747
			TOTAL UNITED KINGDOM		844,747

UNITED STATES - 57.8%
	308,721	*	AK Steel Holding Corp		1,957,291
	29,901		Archer Daniels Midland Co		1,367,971
	4,956		Ashland Global Holdings, Inc		612,066
	1,769	*	Berry Plastics Group, Inc		88,450
	8,000		Bunge Ltd		632,240

110

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY	VALUE

	20,977	*	Callon Petroleum Co	$	248,368
	643		CF Industries Holdings, Inc		17,194
	5,442		Cimarex Energy Co		634,973
	46,818	*	Cliffs Natural Resources, Inc		314,617
	17,066	*	Concho Resources, Inc		2,161,580
	34,980	*	Continental Resources, Inc		1,483,502
	9,623	*	Diamondback Energy, Inc		960,760
	20,695		EOG Resources, Inc		1,914,287
	26,565		Exxon Mobil Corp		2,169,032
	60,000	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		765,000
	20,687	*	Matador Resources Co		448,494
	34,000		Monsanto Co		3,964,740
	65,133	*	Parsley Energy, Inc		1,940,312
	2,921		Pioneer Natural Resources Co		505,304
	4,662	*,e	Ramaco Resources, Inc		36,177
	78,949	*	RSP Permian, Inc		3,004,009
			TOTAL UNITED STATES		25,226,367

			TOTAL COMMON STOCKS		43,323,241
			(Cost $38,435,519)

SHORT-TERM INVESTMENTS - 0.1%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	38,074	c	State Street Navigator Securities Lending Government Money Market Portfolio		38,074
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		38,074

			TOTAL SHORT-TERM INVESTMENTS		38,074
			(Cost $38,074)
			TOTAL INVESTMENTS - 99.4%		43,361,315
			(Cost $38,473,593)
			OTHER ASSETS & LIABILITIES, NET - 0.6%		267,001
			NET ASSETS - 100.0%	$	43,628,316



*		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 $35,812.

111

TIAA-CREF FUNDS - Global Natural Resources Fund

TIAA-CREF FUNDS
GLOBAL NATURAL RESOURCES FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2017

			% OF
SECTOR	VALUE		NET ASSETS
MATERIALS	$	22,393,696		51.3	%
ENERGY		18,929,335		43.4
CONSUMER STAPLES		2,000,210		4.6
SHORT-TERM INVESTMENTS		38,074		0.1
OTHER ASSETS & LIABILITIES, NET		267,001		0.6

NET ASSETS	$	43,628,316		100.0	%

112

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.1%

AUSTRALIA - 1.0%
	2,697,133		BHP Billiton Ltd	$	48,019,577
			TOTAL AUSTRALIA		48,019,577

BRAZIL - 0.2%
	2,164,570		Kroton Educacional S.A.		10,195,278
			TOTAL BRAZIL		10,195,278

CANADA - 0.5%
	688,013		Suncor Energy, Inc		21,561,991
			TOTAL CANADA		21,561,991

CHINA - 0.5%
	96,449	*	Alibaba Group Holding Ltd (ADR)		11,139,859
	355,900		Tencent Holdings Ltd		11,151,529
			TOTAL CHINA		22,291,388

DENMARK - 1.5%
	852,341		DSV AS		47,462,988
	633,241		Novo Nordisk AS		24,656,413
			TOTAL DENMARK		72,119,401

FRANCE - 25.3%
	6,121,051		Accor S.A.		279,114,767
	145,104		BNP Paribas		10,241,032
	2,687,695		Compagnie de Saint-Gobain		145,019,490
	411,353		Essilor International S.A.		53,308,441
	349,688	e	Kering		108,388,614
	405,467		Nexity		22,046,212
	29,391		Rexel S.A.		524,874
	2,950,089		Schneider Electric S.A.		233,663,868
	3,265,874		Societe Generale		179,076,557
	1,483,000	e	Vinci S.A.		126,408,696
			TOTAL FRANCE		1,157,792,551

GERMANY - 14.8%
	716,869		Adidas-Salomon AG.		143,723,978
	1,035,889		GEA Group AG.		44,038,079
	1,076,121		Henkel KGaA (Preference)		146,420,907
	2,017,798		Lanxess AG.		145,697,959
	1,104,495		Linde AG.		198,464,972
			TOTAL GERMANY		678,345,895

113

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	VALUE

HONG KONG - 0.7%
	1,533,634		Melco Crown Entertainment Ltd (ADR)	$	33,663,266
			TOTAL HONG KONG		33,663,266

INDIA - 11.2%
	4,312,993		Asian Paints Ltd		75,176,404
	14,264,512	*	Crompton Greaves Consumer Electricals Ltd		48,801,485
	190,798	*	Eicher Motors Ltd		77,223,204
	916,413		Emami Ltd		15,071,139
	6,342,290	*	Havells India Ltd		47,740,584
	4,313,852		HDFC Bank Ltd		103,525,218
	644,341		Housing Development Finance Corp		15,383,626
	3,931,849	*	IndusInd Bank Ltd		88,289,984
	4,924,889	*,g	RBL Bank Ltd		43,200,429
			TOTAL INDIA		514,412,073

ITALY - 8.3%
	31,907,885		Banca Intesa S.p.A.		93,142,269
	8,791,550		Mediobanca S.p.A.		84,544,458
	2,923,502		Moncler S.p.A		72,108,158
	7,947,082	*	UniCredit S.p.A		129,398,251
			TOTAL ITALY		379,193,136

JAPAN - 13.2%
	1,362,300		Dai-ichi Mutual Life Insurance Co		23,213,594
	7,404,000		Hitachi Ltd		40,902,419
	23,226,758	*	Ishikawajima-Harima Heavy Industries Co Ltd		78,654,901
	3,238,677		Komatsu Ltd		86,542,391
	1,345,673		Konami Corp		56,016,747
	6,111,400		Mitsubishi UFJ Financial Group, Inc		38,725,455
	211,555		Murata Manufacturing Co Ltd		28,417,228
	2,081,329		Olympus Corp		80,251,500
	4,271,252		Sony Corp		146,565,095
	574,300		Tokio Marine Holdings, Inc		24,214,532
			TOTAL JAPAN		603,503,862

NETHERLANDS - 1.4%
	703,582	e	Heineken NV		62,754,757
	1,622		Royal Dutch Shell plc (A Shares)		42,121
			TOTAL NETHERLANDS		62,796,878

NORWAY - 0.5%
	1,288,335		Statoil ASA		21,217,443
			TOTAL NORWAY		21,217,443

SWEDEN - 2.1%
	3,168,646		Electrolux AB (Series B)		94,036,138
			TOTAL SWEDEN		94,036,138

SWITZERLAND - 4.4%
	82,917		Burckhardt Compression Holding AG.		25,437,602
	72,070		Geberit AG.		32,828,422
	1,078,559		Swatch Group AG. (Registered)		83,673,379

114

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY					VALUE

	209,869		Zurich Financial Services AG.					$	58,078,780
			TOTAL SWITZERLAND						200,018,183

TAIWAN - 2.1%
	75,807,587		Advanced Semiconductor Engineering, Inc						95,008,764
			TOTAL TAIWAN						95,008,764

UNITED KINGDOM - 9.3%
	17,816,977		CNH Industrial NV						196,477,673
	1,857,968		Diageo plc						54,080,159
	64,551		Rio Tinto plc						2,546,550
	39,004,400	*	Tesco plc						92,565,697
	3,095,845		Weir Group plc						79,765,265
			TOTAL UNITED KINGDOM						425,435,344

UNITED STATES - 1.4%
	1,264,516		WisdomTree Japan Hedged Equity Fund						64,578,832
			TOTAL UNITED STATES						64,578,832

URUGUAY - 0.7%
	4,040,669	*	Arcos Dorados Holdings, Inc						33,133,486
			TOTAL URUGUAY						33,133,486

			TOTAL COMMON STOCKS						4,537,323,486
			(Cost $4,004,541,907)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 5.3%

GOVERNMENT AGENCY DEBT - 0.1%
$	5,400,000		Federal Home Loan Bank (FHLB)		0.750	%	05/10/17		5,399,001
			TOTAL GOVERNMENT AGENCY DEBT						5,399,001

TREASURY DEBT - 0.2%
	7,100,000		United States Treasury Bill		0.715		05/25/17		7,096,826
			TOTAL TREASURY DEBT						7,096,826

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.0%
	229,973,843	c	State Street Navigator Securities Lending Government Money Market Portfolio						229,973,843
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						229,973,843

			TOTAL SHORT-TERM INVESTMENTS						242,469,670
			(Cost $242,469,446)
			TOTAL INVESTMENTS - 104.4%						4,779,793,156
			(Cost $4,247,011,353)
			OTHER ASSETS & LIABILITIES, NET - (4.4)%						(202,762,218	)
			NET ASSETS - 100.0%					$	4,577,030,938

115

TIAA-CREF FUNDS - International Equity Fund



		Abbreviation(s):
		ADR American Depositary Receipt

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $220,124,076.
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 4/30/2017, the aggregate value of these securities amounted to $43,200,429 or 0.9% of net assets.

116

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2017

				% OF
SECTOR	VALUE			NET ASSETS
INDUSTRIALS	$	1,221,788,038			26.6	%
CONSUMER DISCRETIONARY		1,053,403,644			23.0
FINANCIALS		955,613,017			20.9
MATERIALS		469,905,461			10.3
CONSUMER STAPLES		370,892,659			8.1
INFORMATION TECHNOLOGY		242,636,546			5.3
HEALTH CARE		158,216,354			3.5
ENERGY		42,821,555			0.9
REAL ESTATE		22,046,212			0.5
SHORT-TERM INVESTMENTS		242,469,670			5.3
OTHER ASSETS & LIABILITIES, NET		(202,762,218	)		(4.4	)

NET ASSETS	$	4,577,030,938			100.0	%

117

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.1%

AUSTRALIA - 2.8%
	785,401		Australia & New Zealand Banking Group Ltd	$	19,225,814
	934,508		BHP Billiton Ltd		16,637,918
			TOTAL AUSTRALIA		35,863,732

AUSTRIA - 0.9%
	187,272		ams AG.		12,047,853
			TOTAL AUSTRIA		12,047,853

BRAZIL - 2.7%
	1,469,637		Banco Itau Holding Financeira S.A.		18,178,021
	743,600		Cia Brasileira de Distribuicao Grupo Pao de Acucar		16,809,219
			TOTAL BRAZIL		34,987,240

CANADA - 8.1%
	405,366		Alimentation Couche Tard, Inc		18,643,183
	230,600	*,e	Bank of Montreal		16,328,923
	1,009,191		Cenovus Energy, Inc (Toronto)		10,061,968
	287,265		Dollarama, Inc		25,147,920
	105,400	*	Shopify, Inc		8,008,562
	382,104	*,g	Spin Master Corp		10,978,440
	576,721		Suncor Energy, Inc		18,074,154
			TOTAL CANADA		107,243,150

CHINA - 4.3%
	14,247,400	*,e,m	China Animal Healthcare Ltd		18,317
	9,907,600		China Everbright International Ltd		13,380,669
	3,273,200		Haitong Securities Co Ltd		5,397,417
	1,315,000		Sunny Optical Technology Group Co Ltd		10,804,931
	840,400		Tencent Holdings Ltd		26,332,522
			TOTAL CHINA		55,933,856

FINLAND - 3.0%
	322,682		Huhtamaki Oyj		12,507,953
	1,244,669		Outokumpu Oyj		11,918,927
	296,996		Sampo Oyj (A Shares)		14,213,510
			TOTAL FINLAND		38,640,390

FRANCE - 3.8%
	72,612	e	L’Oreal S.A.		14,460,649
	160,339		Teleperformance		20,162,445
	211,204		Valeo S.A.		15,198,254
			TOTAL FRANCE		49,821,348

118

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE

GERMANY - 3.7%
	144,082		Beiersdorf AG.	$	14,329,137
	162,151		Fresenius Medical Care AG.		14,394,021
	108,757		Linde AG.		19,542,375
			TOTAL GERMANY		48,265,533

HONG KONG - 2.6%
	2,685,000		AIA Group Ltd		18,584,053
	714,002		Melco Crown Entertainment Ltd (ADR)		15,672,344
			TOTAL HONG KONG		34,256,397

INDIA - 1.5%
	679,060		Container Corp Of India Ltd		12,860,406
	1,293,900	*	Vakrangee Ltd		6,876,610
			TOTAL INDIA		19,737,016

INDONESIA - 1.0%
	13,662,600		Bank Rakyat Indonesia		13,196,708
			TOTAL INDONESIA		13,196,708

IRELAND - 2.4%
	436,047		CRH plc		15,882,614
	512,586		Keywords Studios plc		5,397,515
	395,689		Smurfit Kappa Group plc		10,598,878
			TOTAL IRELAND		31,879,007

ISLE OF MAN - 0.9%
	2,098,641	*	Optimal Payments plc		12,335,793
			TOTAL ISLE OF MAN		12,335,793

ITALY - 2.7%
	621,589		Moncler S.p.A		15,331,489
	1,204,976	g	OVS S.p.A		8,019,863
	423,963	*,e	Yoox S.p.A		11,265,726
			TOTAL ITALY		34,617,078

JAPAN - 15.4%
	155,500	e	GMO Payment Gateway, Inc		6,975,425
	1,893,700	e	Infomart Corp		11,369,590
	819,600	e	Istyle, Inc		6,629,105
	629,200		Kubota Corp		9,911,661
	596,700	e	MonotaRO Co Ltd		19,420,516
	104,501		Murata Manufacturing Co Ltd		14,037,148
	178,601		Nitto Denko Corp		13,448,775
	2,329,200		Nomura Holdings, Inc		13,997,624
	879,600		ORIX Corp		13,442,684
	221,900		Paltac Corp		6,549,928
	239,600		Park24 Co Ltd		6,182,125
	318,402	e	Seria Co Ltd		14,263,953
	1,382,700		Shimizu Corp		13,259,996
	404,200		SMS Co Ltd		10,758,464
	402,100		Sumitomo Mitsui Financial Group, Inc		14,930,219

119

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE

	232,100		Sysmex Corp	$	14,136,655
	303,200	*,e	Tokyo Base Co Ltd		8,980,039
	72,857	*,e	Wash House Co Ltd		3,353,963
			TOTAL JAPAN		201,647,870

KOREA, REPUBLIC OF - 2.9%
	112,942	e	Cosmax, Inc		14,096,376
	74,994		Hanssem Co Ltd		14,498,061
	113,319		Loen Entertainment, Inc		8,753,616
	5,983	*,g	Netmarble Games Corp		825,495
			TOTAL KOREA, REPUBLIC OF		38,173,548

MALAYSIA - 0.6%
	16,983,200		Karex BHD		8,215,784
			TOTAL MALAYSIA		8,215,784

NETHERLANDS - 2.9%
	133,747	e	ASML Holding NV		17,685,261
	1,165,720		ING Groep NV		19,000,683
			TOTAL NETHERLANDS		36,685,944

NORWAY - 4.0%
	694,786		Aker BP ASA		11,763,480
	1,313,457	e	DNB NOR Holding ASA		20,498,221
	761,840		Statoil ASA		12,546,657
	340,210		TGS Nopec Geophysical Co ASA		7,416,968
			TOTAL NORWAY		52,225,326

PHILIPPINES - 1.9%
	5,703,054		Banco de Oro Universal Bank		13,693,605
	7,637,820		Robinsons Retail Holdings, Inc		12,139,976
			TOTAL PHILIPPINES		25,833,581

PORTUGAL - 1.0%
	705,296	e	Jeronimo Martins SGPS S.A.		12,942,868
			TOTAL PORTUGAL		12,942,868

SPAIN - 2.0%
	279,399		Amadeus IT Holding S.A.		15,078,952
	142,139	*,e,m	Let’s GOWEX S.A.		1,548
	273,805		Tecnicas Reunidas S.A.		10,820,768
			TOTAL SPAIN		25,901,268

SWEDEN - 3.0%
	416,726	e	Boliden AB		11,905,151
	336,635	e	Hexagon AB (B Shares)		14,650,635
	345,300	*,e	Intrum Justitia AB		13,716,774
			TOTAL SWEDEN		40,272,560

SWITZERLAND - 2.5%
	74,175	*	Lonza Group AG.		15,176,943
	222,935		Novartis AG.		17,162,665
			TOTAL SWITZERLAND		32,339,608

120

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY					VALUE

TAIWAN - 5.0%
	1,456,000		Global PMX Co Ltd					$	6,702,881
	3,067,149		Hota Industrial Manufacturing Co Ltd						13,507,958
	2,695,000		Hu Lane Associate, Inc						13,173,618
	4,790,600		Powertech Technology, Inc						15,029,190
	3,221,000		Taiwan Paiho Ltd						10,716,726
	1,059,700		VHQ Media Holdings Ltd						6,269,479
			TOTAL TAIWAN						65,399,852

UNITED KINGDOM - 17.5%
	1,417,380		Ashtead Group plc						29,900,944
	246,572	*	ASOS plc						18,583,919
	2,467,425	g	Auto Trader Group plc						12,815,457
	2,404,119		Beazley plc						13,696,533
	6,459,888	*	boohoo.com plc						15,780,433
	1,144,116		Cineworld Group plc						10,431,801
	2,360,229		Electrocomponents plc						15,863,640
	799,123		Fevertree Drinks plc						16,838,994
	916,218		GlaxoSmithKline plc						18,441,493
	1,730,194	*	Just Eat plc						12,933,890
	3,025,485	*,e	Purplebricks Group plc						11,569,684
	208,735		Rightmove plc						11,316,835
	5,592,178		Taylor Wimpey plc						14,485,346
	2,088,815		Vesuvius plc						14,360,896
	623,102		WPP plc						13,342,792
			TOTAL UNITED KINGDOM						230,362,657

			TOTAL COMMON STOCKS						1,298,825,967
			(Cost $1,043,800,114)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 11.3%

GOVERNMENT AGENCY DEBT - 0.3%
$	3,550,000		Federal Home Loan Bank (FHLB)		0.680	%	05/01/17		3,550,000
			TOTAL GOVERNMENT AGENCY DEBT						3,550,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 11.0%
	145,102,675	c	State Street Navigator Securities Lending Government Money Market Portfolio						145,102,675
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						145,102,675

			TOTAL SHORT-TERM INVESTMENTS						148,652,675
			(Cost $148,652,675)
			TOTAL INVESTMENTS - 110.4%						1,447,478,642
			(Cost $1,192,452,789)
			OTHER ASSETS & LIABILITIES, NET - (10.4)%						(136,350,880	)
			NET ASSETS - 100.0%					$	1,311,127,762

121

TIAA-CREF FUNDS - International Opportunities Fund



		Abbreviation(s):
		ADR American Depositary Receipt

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $136,635,735.
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 4/30/2017, the aggregate value of these securities amounted to $32,639,256 or 2.5% of net assets.
m		Indicates a security that has been deemed illiquid.

122

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2017

				% OF
SECTOR	VALUE			NET ASSETS
CONSUMER DISCRETIONARY	$	281,008,548			21.4	%
INFORMATION TECHNOLOGY		246,947,378			18.8
FINANCIALS		215,209,512			16.4
INDUSTRIALS		153,156,432			11.7
CONSUMER STAPLES		128,476,185			9.8
MATERIALS		112,442,591			8.6
HEALTH CARE		79,330,094			6.1
ENERGY		70,683,995			5.4
REAL ESTATE		11,569,684			0.9
TELECOMMUNICATION SERVICES		1,548			0.0
SHORT-TERM INVESTMENTS		148,652,675			11.3
OTHER ASSETS & LIABILITIES, NET		(136,350,880	)		(10.4	)

NET ASSETS	$	1,311,127,762			100.0	%

123

TIAA-CREF FUNDS - International Small-Cap Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.0%

AUSTRALIA - 4.1%
	839,299		Abacus Property Group	$	2,167,865
	1,290,000		Australian Pharmaceutical Industries Ltd		2,150,825
	10,000		BlueScope Steel Ltd		87,369
	15,000		Cedar Woods Properties Ltd		60,091
	2,340,000		Cromwell Group		1,699,169
	1,486,800		Downer EDI Ltd		6,533,506
	209,000		GrainCorp Ltd-A		1,393,843
	1,230,000		ING Office Fund		4,372,922
	400,000		Macquarie CountryWide Trust		1,338,910
	500,000	*	Metcash Ltd		804,961
	1,590,000	e	Nine Entertainment Co Holdings Ltd		1,464,066
	400,000		Northern Star Resources Ltd		1,300,520
	241,000		OceanaGold Corp		785,649
	625,000		Pact Group Holdings Ltd		3,298,535
	1,171,000		Regis Resources Ltd		2,908,238
	1,100,000		Shopping Centres Australasia Property Group		1,902,904
	581,907		Tassal Group Ltd		1,942,737
			TOTAL AUSTRALIA		34,212,110

AUSTRIA - 1.3%
	16,000		ams AG.		1,029,335
	109,000		CA Immobilien Anlagen AG.		2,387,038
	15,000	*	Lenzing AG.		2,797,322
	16,000		Porr AG.		572,536
	42,000		Sparkassen Immobilien AG.		549,007
	432,000		Uniqa Versicherungen AG.		3,604,886
			TOTAL AUSTRIA		10,940,124

BELGIUM - 0.8%
	254,000	*	AGFA-Gevaert NV		1,288,785
	12,000		Barco NV		1,182,123
	14,000		Econocom Group		225,130
	13,000		EVS Broadcast Equipment S.A.		523,582
	30,000	*	Galapagos NV		2,628,255
	7,000		Ion Beam Applications		415,498
	8,000		Sioen Industries NV		266,704
			TOTAL BELGIUM		6,530,077

BRAZIL - 1.6%
	260,000		Banco ABC Brasil S.A.		1,459,712
	60,000		Banco do Estado do Rio Grande do Sul		268,616
	1,000,000		Cia de Saneamento do Parana		3,238,764
	382,000		CVC Brasil Operadora e Agencia de Viagens S.A.		3,726,066

124

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	119,000	*	FPC Par Corretora de Seguros S.A.	$	708,590
	85,000		Multiplus S.A.		1,046,550
	456,000	*	QGEP Participacoes S.A.		913,710
	100,000		Smiles S.A.		2,175,139
			TOTAL BRAZIL		13,537,147

CANADA - 6.2%
	175,000		AGF Management Ltd		874,327
	24,000		Callidus Capital Corp		301,879
	214,000		Canadian Apartment Properties REIT		5,309,827
	155,000		Canadian Western Bank		3,046,518
	229,000		Capital Power Corp		4,173,854
	35,000	*	Celestica, Inc		498,700
	389,000		Corus Entertainment, Inc		3,818,615
	185,000		Dominion Diamond Corp		2,248,379
	211,000		Dream Global REIT		1,530,274
	86,000		Dream Industrial Real Estate Investment Trust		531,731
	74,000	e	Enbridge Income Fund		1,816,051
	14,000	e	Exchange Income Corp		359,474
	183,000	e	Extendicare, Inc		1,339,270
	163,000	e	Genworth MI Canada, Inc		4,047,984
	83,000		Gluskin Sheff + Associates, Inc		1,032,446
	93,000		Granite REIT		3,335,614
	12,000	e	Home Capital Group, Inc		70,679
	3,000		iShares S&P		36,482
	291,000		Just Energy Income Fund		1,777,913
	51,000	*	Kirkland Lake Gold Ltd		353,064
	69,000		Labrador Iron Ore Royalty Corp		896,209
	92,000		Laurentian Bank of Canada		3,763,437
	40,000		North West Co Fund		943,555
	188,000	*	Paramount Resources Ltd (Class A)		2,399,150
	700,000		Pure Industrial Real Estate Trust		3,348,595
	132,000		Rogers Sugar, Inc		601,473
	345,000		Silvercorp Metals, Inc		1,086,773
	3,000		TFI International, Inc		65,316
	100,000	e	Timbercreek Financial Corp		657,119
	9,000		TMX Group Ltd		508,465
	74,000		Transcontinental, Inc		1,320,025
			TOTAL CANADA		52,093,198

CHILE - 0.5%
	686,000	*	E.CL SA		1,256,047
	37,000		Inversiones La Construccion S.A.		510,529
	790,000		Parque Arauco S.A.		2,067,786
			TOTAL CHILE		3,834,362

CHINA - 4.2%
	112,000		Baoye Group Co Ltd		82,650
	2,014,000		Beijing Capital Land Ltd		977,701
	3,128,000		BYD Electronic International Co Ltd		4,774,239
	2,660,000		CGN New Energy Holdings Co Ltd		392,596
	1,314,000		China Aoyuan Property Group Ltd		405,289
	5,614,000		China SCE Property Holdings Ltd		2,120,314

125

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	407,000		China Shineway Pharmaceutical Group Ltd	$	492,193
	4,675,000		China Suntien Green Energy Cor		990,353
	4,840,000		CIFI Holdings Group Co Ltd		1,747,380
	2,849,000		Citic 1616 Holdings Ltd		878,465
	634,000		Cofco International Ltd		244,205
	470,000		Guolian Securities Co Ltd		254,193
	610,000	g	Hua Hong Semiconductor Ltd		864,866
	5,214,000		Huadian Fuxin Energy Corp Ltd		1,205,316
	183,000	*	JA Solar Holdings Co Ltd (ADR)		1,282,830
	97,000	*	JinkoSolar Holding Co Ltd (ADR)		1,681,980
	235,000		Lao Feng Xiang Co Ltd		866,585
	1,690,000		Logan Property Holdings Co Ltd		967,661
	198,000		Overseas Chinese Town Asia Holdings Ltd		78,989
	507,000		Pacific Online		122,435
	1,834,000		Powerlong Real Estate Holdings Ltd		862,749
	2,152,000		Shandong Chenming Paper Holdings Ltd		2,472,941
	176,000		Shandong Luoxin Pharmacy Stock Co Ltd		374,469
	1,462,000		Shanghai Prime Machinery Co Ltd		281,547
	1,198,000		Sichuan Expressway Co Ltd		525,208
	5,965,000		Sihuan Pharmaceutical Holdings		2,650,852
	689,000		SITC International Co Ltd		493,546
	370,000		Technovator International Ltd		140,097
	183,000		Tianjin ZhongXin Pharmaceutical Group Corp Ltd		173,850
	2,138,000		Tianneng Power International Ltd		1,870,439
	615,000	g	Universal Medical Financial & Technical Advisory Services Co Ltd		525,262
	2,494,000		Winteam Pharmaceutical Group Ltd		1,460,174
	16,080,000		Yuexiul Property Co Ltd		2,725,826
			TOTAL CHINA		34,987,200

COLOMBIA - 0.3%
	430,000		Almacenes Exito S.A.		2,227,464
			TOTAL COLOMBIA		2,227,464

DENMARK - 1.3%
	126,000		Alm Brand AS		1,032,767
	31,000		Schouw & Co		3,190,935
	123,000	*	Spar Nord Bank A/s		1,394,250
	154,000		Sydbank AS		5,601,684
			TOTAL DENMARK		11,219,636

EGYPT - 0.4%
	310,000		Alexandria Mineral Oils Co		159,895
	936,000	*	Medinet Nasr Housing		1,086,901
	1,274,000	*	Oriental Weavers		1,320,829
	625,000		Sidi Kerir Petrochemcials Co		635,519
			TOTAL EGYPT		3,203,144

FINLAND - 0.5%
	115,000		Outokumpu Oyj		1,101,238
	155,000		Valmet Corp		2,823,313
			TOTAL FINLAND		3,924,551

126

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES			COMPANY	VALUE

FRANCE - 3.4%
	18,000		Altamir Amboise	$	302,150
	25,000		Alten		2,118,688
	130,000		Faurecia		6,353,502
	58,000		Gaztransport Et Technigaz S.A.		2,164,923
	80,000		Ipsen		9,313,839
	14,000		IPSOS		448,966
	97,000		M6-Metropole Television		2,208,141
	14,000		MGI Coutier		515,826
	31,000		Neopost S.A.		1,257,083
	84,000		Rallye S.A.		1,835,513
	31,000		Sechilienne-Sidec		596,348
	6,000		Synergie S.A		250,452
	5,000		Trigano S.A.		528,661
			TOTAL FRANCE		27,894,092

GERMANY - 3.4%
	152,000		Aareal Bank AG.		6,113,565
	5,000		Amadeus Fire AG		427,114
	42,000	e	Aurelius AG.		2,073,190
	11,000		bet-at-home.com AG.		1,436,284
	92,000	g	Deutsche Pfandbriefbank AG.		1,233,460
	11,000	*	Draegerwerk AG.		1,203,941
	8,000		Duerr AG.		797,203
	58,000		Hamburger Hafen und Logistik AG.		1,099,238
	34,000	*	Koenig & Bauer AG.		2,352,875
	54,000	*	MTU Aero Engines Holding AG.		7,745,427
	117,000	*	SAF-Holland S.A.		2,019,867
	93,000		Verbio AG.		918,430
	11,000		Wacker Chemie AG.		1,164,301
	3,000		Wincor Nixdorf AG.		229,206
			TOTAL GERMANY		28,814,101

GREECE - 0.2%
	119,000		Motor Oil Hellas Corinth Refineries S.A.		2,018,287
			TOTAL GREECE		2,018,287

HONG KONG - 2.2%
	703,000		Ajisen China Holdings Ltd		309,716
	2,971,000	*	Brightoil Petroleum Holdings Ltd		805,440
	10,260,000		Concord New Energy Group Ltd		487,339
	2,440,000		CSI Properties Ltd		128,524
	902,635		Far East Consortium		430,335
	237,000		Great Eagle Holdings Ltd		1,175,439
	168,000		Johnson Electric Holdings Ltd		516,629
	978,000		Ju Teng International Holdings Ltd		361,654
	2,901,000		K Wah International Holdings Ltd		1,840,879
	953,000		Kerry Logistics Network Ltd		1,341,678
	1,600,000		Kingboard Chemical Holdings Ltd		5,762,487
	325,000		Lee & Man Paper Manufacturing Ltd		254,477
	795,000		Melco International Development		1,632,186
	3,621,000	*,e	Noble Group Ltd		370,111
	623,000		PAX Global Technology Ltd		385,564

127

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	1,072,000		Texhong Textile Group Ltd	$	1,298,158
	1,518,000		Texwinca Holdings Ltd		1,018,170
	280,000		VST Holdings Ltd		97,553
	408,000		Xinyi Glass Holdings Co Ltd		361,542
			TOTAL HONG KONG		18,577,881

HUNGARY - 0.2%
	1,117,000		Magyar Telekom		1,867,934
			TOTAL HUNGARY		1,867,934

INDONESIA - 0.5%
	29,205,000		PT Bank Pembangunan Daerah Jawa Timur Tbk		1,498,712
	11,000,000		PT Bank Tabungan Negara Tbk		1,893,896
	16,466,000	*	PT Multipolar Corp Tbk		392,406
			TOTAL INDONESIA		3,785,014

IRELAND - 1.3%
	108,000		Kingspan Group plc		3,756,973
	106,000		Origin Enterprises plc		860,220
	35,000	*,e	Permanent TSB Group Holdings plc		93,407
	68,000		Smurfit Kappa Group plc		1,821,440
	433,000		United Drug plc		4,193,809
			TOTAL IRELAND		10,725,849

ISRAEL - 0.5%
	60,000		Delek Automotive Systems Ltd		526,067
	9,000		Formula Systems 1985 Ltd		351,054
	11,000		Gazit, Inc		225,709
	215,000		Harel Insurance Investments & Finances Ltd		1,144,373
	75,000		Matrix IT Ltd		704,657
	883,000		Migdal Insurance Holdings Ltd		869,911
			TOTAL ISRAEL		3,821,771

ITALY - 2.6%
	504,000		Astaldi S.p.A.		3,305,855
	88,000	*	Banca IFIS S.p.A.		3,795,992
	68,000		Biesse S.p.A.		2,094,077
	52,000		Brembo S.p.A.		4,085,466
	30,000		Buzzi Unicem S.p.A.		770,890
	22,000		Industria Macchine Automatiche S.p.A.		1,939,503
	541,000	e	Maire Tecnimont S.p.A		2,149,473
	120,000		Salvatore Ferragamo Italia S.p.A		3,842,673
			TOTAL ITALY		21,983,929

JAPAN - 21.0%
	104,000		Adastria Holdings Co Ltd		2,582,954
	226,000		ADEKA Corp		3,335,938
	86,000		Arcs Co Ltd		1,842,086
	1,078,000	e	Ardepro Co Ltd		1,323,901
	9,000		Chori Co Ltd		160,614
	183,000		Cosmo Energy Holdings Co Ltd		2,898,632
	18,000		Create SD Holdings Co Ltd		422,800

128

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	82,000		Daido Metal Co Ltd	$	731,686
	311,000		Daiho Corp		1,515,441
	683,000		Daikyo, Inc		1,422,381
	37,000		Daikyonishikawa Corp		470,350
	28,000	e	Daio Paper Corp		354,977
	518,000		Daiwabo Co Ltd		1,821,759
	162,000	e	DCM Japan Holdings Co Ltd		1,410,412
	97,000		Eagle Industry Co Ltd		1,372,990
	105,000	e	Exedy Corp		2,866,775
	66,000		Fuji Oil Co Ltd		1,548,604
	96,000		Fukuda Corp		850,195
	3,000		Fukuda Denshi Co Ltd		181,117
	22,000		Furukawa Electric Co Ltd		890,598
	80,000		Futaba Industrial Co Ltd		668,634
	141,000	e	Geo Holdings Corp		1,557,519
	14,000		G-Tekt Corp		246,989
	241,000		Haseko Corp		2,750,949
	222,000		Hazama Ando Corp		1,581,011
	48,000		Heiwado Co Ltd		1,029,168
	34,000		Hisaka Works Ltd		290,938
	18,000		Hitachi Capital Corp		440,740
	82,000		Hitachi Transport System Ltd		1,742,761
	10,000		Inaba Denki Sangyo Co Ltd		363,657
	29,000		Inabata & Co Ltd		358,358
	115,000	*	Ishihara Sangyo Kaisha Ltd		1,126,044
	127,000		Itochu Enex Co Ltd		1,058,740
	49,000		Jaccs Co Ltd		210,285
	167,000	*,e	Japan Display, Inc		377,510
	146,000		Japan Pulp & Paper Co Ltd		507,200
	32,000		Japan Radio Co Ltd		414,343
	97,000		Jowa Holdings Co Ltd		2,474,963
	41,000		Kaga Electronics Co Ltd		758,673
	58,000		Kaken Pharmaceutical Co Ltd		3,444,821
	137,000		Kandenko Co Ltd		1,361,817
	1,319,000		Kanematsu Corp		2,687,632
	70,000		Kasai Kogyo Co Ltd		869,236
	72,000		Kato Works Co Ltd		1,871,559
	85,000		Keihin Corp		1,337,470
	347,000	*	KNT-CT Holdings Co Ltd		439,154
	71,000		Konoike Transport Co Ltd		965,132
	125,000	*,e	K’s Holdings Corp		2,404,562
	1,572,000		Kumagai Gumi Co Ltd		4,229,213
	50,000		Kureha CORP		2,216,176
	229,000		Kyowa Exeo Corp		3,459,931
	796,000		Leopalace21 Corp		4,231,023
	81,000		Maeda Corp		744,892
	221,000		Maeda Road Construction Co Ltd		4,075,128
	40,000		Maruzen Showa Unyu Co Ltd		157,535
	336,000	e	Marvelous, Inc		2,789,315
	24,000		Matsumotokiyoshi Holdings Co Ltd		1,203,669
	60,000		Mitsui Sugar Co Ltd		1,479,265
	95,000		Nichii Gakkan Co		720,324
	87,000		Nippo Corp		1,676,154

129

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	77,000		Nippon Konpo Unyu Soko Co Ltd	$	1,609,994
	27,000		Nippon Steel Trading Co Ltd		1,111,113
	425,000		Nippon Suisan Kaisha Ltd		2,051,712
	88,000		Nipro Corp		1,335,264
	531,000		Nishimatsu Construction Co Ltd		2,700,972
	382,000		Nisshin Oillio Group Ltd		2,260,615
	111,000		Nissin Corp		373,888
	134,000		Nojima Corp		1,999,077
	302,000		NTT Urban Development Corp		2,725,570
	109,000		Okumura Corp		673,672
	18,000		Okuwa Co Ltd		190,201
	60,000		Open House Co Ltd		1,471,779
	55,000		Paramount Bed Holdings Co Ltd		2,308,700
	20,000	e	PC Depot Corp		100,765
	1,126,000		Penta-Ocean Construction Co Ltd		5,704,433
	81,000		Prima Meat Packers Ltd		373,255
	229,000		Raito Kogyo Co Ltd		2,276,225
	999,000		Rengo Co Ltd		6,040,877
	33,000		Sanyo Chemical Industries Ltd		1,479,797
	194,000		Seino Holdings Corp		2,246,885
	269,000		Senko Co Ltd		1,751,723
	27,000		Shikoku Electric Power Co, Inc		324,404
	157,000		Shinko Plantech Co Ltd		1,173,964
	123,000		Shinnihon Corp		966,869
	2,259,000		Sojitz Holdings Corp		5,743,018
	15,000		Studio Alice Co Ltd		317,711
	395,000		Sumitomo Forestry Co Ltd		6,047,917
	2,122,000		Sumitomo Mitsui Construction C		2,301,131
	21,000		Sun Frontier Fudousan Co Ltd		183,553
	38,000		Tachi-S Co Ltd		729,306
	89,000		Taihei Dengyo Kaisha Ltd		883,619
	48,000		Taiho Kogyo Co Ltd		628,731
	842,000	e	Takara Leben Co Ltd		3,958,254
	62,000		Telepark Corp		1,069,805
	137,000	e	Toho Pharmaceutical Co Ltd		2,978,527
	21,000		Token Corp		1,662,356
	62,000	e	Tokyo Rope Manufacturing Co Ltd		948,847
	333,000		Tokyu Construction Co Ltd		2,716,056
	101,000	e	Topre Corp		2,692,489
	225,000		Tosei Corp		1,590,892
	128,000		Tosoh Corp		1,203,021
	55,000	e	Towa Pharmaceutical Co Ltd		2,744,810
	25,000		Trans Cosmos, Inc/Japan		600,160
	51,000		Unipres Corp		1,080,404
	146,000		United Super Markets Holdings, Inc		1,420,196
	50,000		Valor Co Ltd		1,195,236
	47,000		VITAL KSK Holdings, Inc		414,353
	98,000		Yurtec Corp		611,766
	30,000		Zojirushi Corp		407,648
			TOTAL JAPAN		175,708,260

JERSEY, C.I. - 0.1%
	237,000		Centamin plc		543,002
			TOTAL JERSEY, C.I.		543,002

130

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES		COMPANY	VALUE

KOREA, REPUBLIC OF - 3.9%
	85,000	Daeduck Electronics Co	$	692,982
	50,000	Daeduck GDS Co Ltd		658,334
	24,000	Daewon Pharmaceutical Co Ltd		460,593
	70,000	Daishin Securities Co Ltd		758,643
	6,000	Dong-A Pharmaceutical Co Ltd		774,422
	439,000	Dongkuk Steel Mill Co Ltd		4,272,072
	4,000	e Tec E&C Ltd		509,176
	333,000	Eugene Corp		1,723,675
	2,000	GS Home Shopping, Inc		357,676
	89,000	Halim Co Ltd		312,970
	83,000	Hanil E-Hwa Co Ltd		998,704
	51,000	Hansol Paper Co Ltd		846,630
	17,000	Huvis Corp		113,049
	29,151	Hwa Shin Co Ltd		157,183
	10,000	Korea District Heating Corp		620,112
	6,000	Korea Petrochemical Ind Co Ltd		1,245,652
	6,000	Kyungdong Pharm Co Ltd		99,130
	5,000	LG Fashion Corp		109,575
	57,000	LIG Insurance Co Ltd		1,637,243
	5,000	LOTTE Himart Co Ltd		241,645
	48,000	LS Cable Ltd		2,746,600
	313,000	Mirae Asset Life Insurance Co Ltd		1,535,635
	400	Namyang Dairy Products Co Ltd		304,867
	4,000	Nong Shim Co Ltd		1,114,659
	76,000	Poongsan Corp		2,605,120
	58,000	POSCO Refractories & Environment Co Ltd		733,589
	67,391	Pyeong Hwa Automotive Co Ltd		805,446
	6,000	Samyang Corp		507,506
	40,000	Seah Besteel Corp		980,741
	10,000	SeAH Steel Corp		852,848
	18,010	SK Gas Co Ltd		1,858,250
	120,000	SL Corp		1,908,356
	22,000	Ssangyong Cement Industrial Co Ltd		258,107
		TOTAL KOREA, REPUBLIC OF		32,801,190

LUXEMBOURG - 0.2%
	40,000	APERAM		2,011,005
		TOTAL LUXEMBOURG		2,011,005

MALAYSIA - 0.4%
	79,000	Aeon Credit Service M BHD		297,145
	484,000	Mah Sing Group BHD		166,128
	104,000	Malaysian Pacific Industries BHD		287,012
	243,000	MKH BHD		136,586
	167,000	Scientex BHD		318,920
	778,710	Sunway BHD		622,484
	961,000	Supermax Corp BHD		425,045
	1,165,000	Unisem M BHD		893,676
	425,000	UOA Development BHD		262,382
		TOTAL MALAYSIA		3,409,378

131

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES			COMPANY	VALUE

NETHERLANDS - 1.7%
	11,000		Advanced Metallurgical Group NV	$	288,526
	72,000		ASM International NV		4,333,715
	185,000	*	ASR Nederland NV		5,473,388
	55,000		BE Semiconductor Industries NV		2,875,331
	25,000	*	InterXion Holding NV		1,041,500
	74,000	*	Nostrum Oil & Gas plc		429,768
			TOTAL NETHERLANDS		14,442,228

NEW ZEALAND - 0.4%
	1,185,000		Air New Zealand Ltd		2,074,734
	509,000		Genesis Energy Ltd		746,138
	232,000		New Zealand Refining Co Ltd		372,158
			TOTAL NEW ZEALAND		3,193,030

NORWAY - 1.5%
	57,000		Aker ASA (A Shares)		2,164,424
	127,000	*	Borregaard ASA		1,426,772
	33,000		Leroy Seafood Group ASA		1,659,958
	46,000		Norway Royal Salmon ASA		846,494
	151,000		Sparebanken Midt-Norge		1,257,472
	156,000		Sparebanken Nord-Norge		1,031,097
	654,000		Storebrand ASA		4,309,311
			TOTAL NORWAY		12,695,528

PHILIPPINES - 0.2%
	1,025,600		Benpres Holdings Corp		157,806
	1,475,000		Cosco Capital, Inc		240,941
	8,587,000		Filinvest Land, Inc		297,797
	1,539,000		First Gen Corp		662,152
	147,000		First Philippine Holdings Corp		213,299
			TOTAL PHILIPPINES		1,571,995

POLAND - 0.0%
	3,000		Neuca S.A.		303,697
			TOTAL POLAND		303,697

PORTUGAL - 0.6%
	313,000		Altri SGPS S.A.		1,461,595
	789,000		Portucel Empresa Produtora de Pasta e Papel S.A.		3,338,412
			TOTAL PORTUGAL		4,800,007

QATAR - 0.1%
	141,000	*	United Development Co PSC		743,083
			TOTAL QATAR		743,083

SINGAPORE - 1.7%
	830,000		Accordia Golf Trust		442,579
	468,000		Ascendas Hospitality Trust		261,275
	67,000		China Yuchai International Ltd		1,299,800
	1,143,000		Croesus Retail Trust		797,642

132

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	304,000	*,e	CWT Ltd	$	498,271
	1,457,000		Japfa Ltd		631,309
	195,000		QAF Ltd		187,024
	738,000		Venture Corp Ltd		6,440,827
	2,923,000		Yanlord Land Group Ltd		3,901,796
			TOTAL SINGAPORE		14,460,523

SOUTH AFRICA - 1.1%
	97,000		Astral Foods Ltd		1,125,058
	488,000		Barloworld Ltd		4,397,341
	579,000		Delta Property Fund Ltd		379,970
	190,947		Harmony Gold Mining Co Ltd		413,472
	29,000		Hudaco Industries Ltd		295,127
	121,000		Lewis Group Ltd		342,345
	163,000		Peregrine Holdings Ltd		324,201
	118,000		Raubex Group Ltd		212,888
	383,000		Rebosis Property Fund Ltd		349,647
	2,270,000		S.A. Corporate Real Estate Fund Nominees Pty Ltd		934,244
	541,903		Vukile Property Fund Ltd		770,454
			TOTAL SOUTH AFRICA		9,544,747

SPAIN - 1.6%
	124,000		Antena 3 de Television S.A.		1,555,152
	49,000		Axia Real Estate SOCIMI S.A.		813,446
	85,000		Cie Automotive S.A.		1,827,206
	15,000		Corp Financiera Alba		815,341
	12,000	*	Gestevision Telecinco S.A.		165,319
	70,000		Grupo Catalana Occidente S.A.		2,715,082
	330,000		Merlin Properties Socimi S.A.		3,902,419
	61,000		Papeles y Cartones de Europa S.A.		458,486
	533,000	*	Sacyr Vallehermoso S.A.		1,333,341
			TOTAL SPAIN		13,585,792

SWEDEN - 4.1%
	16,000		Biogaia AB (B Shares)		644,892
	63,000		Bure Equity AB		778,999
	62,000	*	D Carnegie & Co AB		752,487
	97,000		Holmen AB (B Shares)		4,087,387
	57,000	*,e	Intrum Justitia AB		2,264,281
	27,000		Investment AB Oresund		493,718
	189,000	*,e	JM AB		6,649,719
	105,000		KappAhl Holding AB		606,777
	89,000		New Wave Group AB (B Shares)		630,523
	12,000		Probi AB		601,702
	142,000		Saab AB (Class B)		7,036,349
	184,000	*,g	Scandic Hotels Group AB		2,071,397
	313,000	*,e	Trelleborg AB (B Shares)		7,350,200
			TOTAL SWEDEN		33,968,431

SWITZERLAND - 2.7%
	1,000		APG SGA S.A.		478,392
	28,000		BKW S.A.		1,516,491
	4,000		Bobst Group AG.		405,212

133

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	10,500		Bossard Holding AG.	$	2,091,558
	207,000		Logitech International S.A.		6,918,188
	9,200		Mobimo Holding AG.		2,473,367
	120,000		OC Oerlikon Corp AG.		1,441,709
	214,000	*,g	Resurs Holding AB		1,356,964
	29,000		Temenos Group AG.		2,510,118
	5,000		Valora Holding AG.		1,716,080
	36,000		Vontobel Holding AG.		2,120,201
			TOTAL SWITZERLAND		23,028,280

TAIWAN - 4.4%
	1,718,000		Asia Vital Components Co Ltd		1,428,515
	3,135,000		Benq Corp		1,994,665
	1,090,000		Charoen Pokphand Enterprise		2,052,325
	1,537,000		China Motor Corp		1,398,397
	4,896,000		Compeq Manufacturing Co		3,602,171
	276,000		CTCI Corp		483,257
	613,000		General Interface Solution Holding Ltd		3,417,803
	2,898,000		Grand Pacific Petrochemical		1,895,147
	522,000		Kindom Construction Co		329,203
	2,665,000		Kinpo Electronics		997,180
	836,000		LEE Chang Yung Chem IND Corp		1,201,677
	824,000		Mercuries & Associates Holding Ltd		658,150
	3,490,000		Mitac Holdings Corp		3,680,289
	404,000		Primax Electronics Ltd		673,366
	731,000		Prince Housing & Development Corp		289,532
	390,000		Radiant Opto-Electronics Corp		812,989
	86,000		Senao International Co Ltd		150,787
	849,000		Sercomm Corp		2,139,544
	846,000		Systex Corp		1,698,944
	707,000		Tripod Technology Corp		1,998,050
	1,734,000		USI Corp		869,980
	7,957,000		Walsin Lihwa Corp		3,566,506
	973,000		WT Microelectronics Co Ltd		1,395,898
			TOTAL TAIWAN		36,734,375

THAILAND - 1.4%
	219,000		Hana Microelectronics PCL (Foreign)		269,081
	766,000		Kiatnakin Bank PCL (Foreign)		1,509,776
	5,706,000		LPN Development PCL (Foreign)		1,927,344
	17,235,000		Quality House PCL		1,273,785
	1,550,000		SC Asset Corp PCL		157,614
	1,269,000		Siamgas & Petrochemicals PCL (Foreign)		469,217
	5,091,000		SVI PCL (Foreign)		816,856
	247,000		Thai Vegetable Oil PCL		260,639
	2,890,000		Thanachart Capital PCL		3,942,292
	400,000		Tisco Bank PCL		881,350
			TOTAL THAILAND		11,507,954

TURKEY - 0.8%
	145,000		Aygaz AS		578,457
	30,000		Pinar SUT Mamulleri Sanayii AS		129,225
	441,000		Selcuk Ecza Deposu Ticaret ve Sanayi AS		449,449

134

TIAA-CREF FUNDS - International Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	1,958,000		Soda Sanayii AS	$	3,533,490
	1,853,000		Trakya Cam Sanayi AS		1,794,489
			TOTAL TURKEY		6,485,110

UNITED KINGDOM - 13.0%
	400,000		BBA Aviation plc		1,613,607
	183,000		Bellway plc		6,744,551
	2,936,000	*	boohoo.com plc		7,172,160
	400,000		Brewin Dolphin Holdings plc		1,692,145
	185,000	*	Chemring Group plc		451,069
	129,000		Clinigen Group plc		1,461,956
	35,000		Close Brothers Group plc		766,828
	114,000		CVS Group plc		1,941,633
	88,000	*	Dialog Semiconductor plc		4,117,603
	133,000		Diploma plc		1,910,380
	725,000		Electrocomponents plc		4,872,891
	908,000		Elementis plc		3,577,355
	987,000	*	Enterprise Inns plc		1,787,747
	559,000	*	Faroe Petroleum plc		682,385
	328,000		Fevertree Drinks plc		6,911,564
	785,000		Grainger plc		2,540,812
	688,000	g	Ibstock plc		2,041,538
	942,000		JD Sports Fashion plc		5,431,946
	345,000	*	KAZ Minerals plc		2,250,133
	2,358,000		Melrose Industries plc		7,222,899
	1,018,000		Michael Page International plc		6,595,524
	197,000		Northgate plc		1,377,833
	294,000		OneSavings Bank plc		1,668,996
	925,000	*	Ophir Energy plc		1,028,922
	916,000		Paragon Group of Cos plc		5,545,245
	1,758,000		QinetiQ plc		6,690,003
	842,000		Redrow plc		6,287,065
	817,000		Rotork plc		2,602,636
	329,000		Scapa Group plc		1,684,242
	761,000		SSP Group plc		4,385,142
	85,000		Telecom Plus plc		1,381,443
	53,000		TORM plc		531,688
	305,000		Vesuvius plc		2,096,918
	429,000	g	ZPG plc		2,055,870
			TOTAL UNITED KINGDOM		109,122,729

UNITED STATES - 2.6%
	6,000		iShares MSCI EAFE Small-Cap ETF		338,520
	2,500	e	iShares MSCI Emerging Markets Small-Cap ETF		116,500
	332,000		iShares MSCI India ETF		10,650,560
	66,100	e	iShares MSCI India Small-Cap ETF		2,955,992
	127,400		VanEck Vectors India Small-Cap Index ETF		7,328,048
			TOTAL UNITED STATES		21,389,620

			TOTAL COMMON STOCKS		828,247,835
			(Cost $772,945,810)

135

TIAA-CREF FUNDS - International Small-Cap Equity Fund

COMPANY

VALUE

RIGHTS / WARRANTS - 0.0%

MALAYSIA - 0.0%

24,300

MKH Bhd

27,989

TOTAL MALAYSIA

27,989

TOTAL RIGHTS / WARRANTS

27,989

(Cost $0)

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

SHORT-TERM INVESTMENTS - 7.8%

GOVERNMENT AGENCY DEBT - 2.4%

19,900,000

Federal Home Loan Bank (FHLB)

0.680

05/01/17

19,900,000

TOTAL GOVERNMENT AGENCY DEBT

19,900,000

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.4%

45,495,459

State Street Navigator Securities Lending Government
Money Market Portfolio

45,495,459

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

45,495,459

TOTAL SHORT-TERM INVESTMENTS

65,395,459

(Cost $65,395,459)

TOTAL INVESTMENTS - 106.8%

893,671,283

(Cost $838,341,269)

OTHER ASSETS & LIABILITIES, NET - (6.8)%

(56,781,859

)

NET ASSETS - 100.0%

836,889,424


		Abbreviation(s):
		ADR American Depositary Receipt
		ETF Exchange Traded Fund
		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 $43,070,421.
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 4/30/2017, the aggregate value of these securities amounted to $10,149,356 or 1.2% of net assets.
m		Indicates a security that has been deemed illiquid.

136

TIAA-CREF FUNDS - International Small-Cap Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL SMALL-CAP EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2017

				% OF
SECTOR	VALUE			NET ASSETS
INDUSTRIALS	$	173,394,252			20.7	%
CONSUMER DISCRETIONARY		135,671,229			16.2
FINANCIALS		92,541,404			11.1
INFORMATION TECHNOLOGY		91,981,241			11.0
REAL ESTATE		88,841,246			10.6
MATERIALS		85,768,009			10.3
HEALTH CARE		49,501,453			5.9
CONSUMER STAPLES		45,033,280			5.4
UTILITIES		40,267,243			4.8
ENERGY		22,530,068			2.7
TELECOMMUNICATION SERVICES		2,746,399			0.3
SHORT-TERM INVESTMENTS		65,395,459			7.8
OTHER ASSETS & LIABILITIES, NET		(56,781,859	)		(6.8	)

NET ASSETS	$	836,889,424			100.0	%

137

TIAA-CREF FUNDS - Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES		COMPANY	VALUE

COMMON STOCKS - 98.5%

AUSTRALIA - 7.2%
	1,731	AGL Energy Ltd	$	34,656
	1,739	Amcor Ltd		20,448
	13,984	AMP Ltd		56,029
	4,426	APA Group		30,354
	10,985	Australia & New Zealand Banking Group Ltd		268,901
	245	Bendigo Bank Ltd		2,255
	1,378	Boral Ltd		6,352
	6,452	Brambles Ltd		49,926
	2,186	Caltex Australia Ltd		48,794
	4,830	Coca-Cola Amatil Ltd		33,851
	167	Cochlear Ltd		17,482
	5,710	Commonwealth Bank of Australia		372,942
	255	Computershare Ltd		2,811
	1,343	GPT Group (ASE)		5,275
	10,833	Healthscope Ltd		17,891
	1,935	Insurance Australia Group Ltd		8,982
	1,393	Lend Lease Corp Ltd		16,724
	2,067	Macquarie Goodman Group		12,550
	1,979	Macquarie Group Ltd		137,475
	17,486	Mirvac Group		29,700
	9,752	National Australia Bank Ltd		247,526
	5,376	Newcrest Mining Ltd		86,249
	2,279	QR National Ltd		8,788
	1,822	Ramsay Health Care Ltd		97,699
	7,947	Scentre Group		25,641
	60,134	South32 Ltd		124,615
	12,714	Stockland Trust Group		46,143
	1,906	Sydney Airport		9,844
	6,880	Transurban Group (ASE)		62,855
	3,756	Wesfarmers Ltd		120,904
	11,938	Westpac Banking Corp		312,952
	2,997	Woodside Petroleum Ltd		72,142
		TOTAL AUSTRALIA		2,388,756

AUSTRIA - 0.3%
	2,186	OMV AG.		100,690
		TOTAL AUSTRIA		100,690

BELGIUM - 0.5%
	1,895	KBC Groep NV		136,946
	437	Umicore		25,602
		TOTAL BELGIUM		162,548

138

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

DENMARK - 1.6%
	578		Coloplast AS	$	49,492
	630	*	Genmab AS		125,354
	6,359		Novo Nordisk AS		247,599
	664		Novozymes AS		28,667
	218		Pandora AS		23,551
	585		Vestas Wind Systems AS		50,337
			TOTAL DENMARK		525,000

FINLAND - 1.1%
	1,466		Metso Oyj		52,503
	1,737		Neste Oil Oyj		70,781
	137		Nokian Renkaat Oyj		5,888
	1,553		Orion Oyj (Class B)		89,002
	2,271		UPM-Kymmene Oyj		59,833
	1,629		Wartsila Oyj (B Shares)		99,067
			TOTAL FINLAND		377,074

FRANCE - 10.6%
	1,877		Accor S.A.		85,590
	216		Aeroports de Paris		28,811
	1,585		Air Liquide		190,971
	606		Atos Origin S.A.		79,377
	8,042		AXA S.A.		214,562
	1,841	*	Bouygues S.A.		77,384
	1,171		Bureau Veritas S.A.		27,133
	727		Cap Gemini S.A.		72,789
	2,649		Carrefour S.A.		62,387
	680		Casino Guichard Perrachon S.A.		40,953
	485		Christian Dior S.A.		133,018
	2,662		CNP Assurances		55,606
	2,813		Compagnie de Saint-Gobain		151,781
	503		Eiffage S.A.		42,607
	1,174		Essilor International S.A.		152,142
	295		Eurazeo		19,995
	10,986		France Telecom S.A.		170,034
	128		Gecina S.A.		18,205
	2,730		Groupe Danone		191,061
	234		Icade		17,376
	8		JC Decaux S.A.		282
	502		Kering		155,599
	241		Lagardere S.C.A.		7,377
	1,196		Legrand S.A.		77,418
	777		L’Oreal S.A.		154,739
	387		Michelin (C.G.D.E.) (Class B)		50,620
	12,880		Natixis		89,634
	434		Renault S.A.		40,471
	3,364		Rexel S.A.		60,075
	2,446		Schneider Electric S.A.		193,737
	3,578		Suez Environnement S.A.		58,775
	7,439		Total S.A.		381,868
	470		Unibail-Rodamco		115,405
	1,924		Valeo S.A.		138,451

139

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

	4,169	*	Vivendi Universal S.A.	$	82,693
	302		Wendel		42,335
			TOTAL FRANCE		3,481,261

GERMANY - 8.9%
	885		Adidas-Salomon AG.		177,432
	1,587		Allianz AG.		302,129
	58	*	Axel Springer AG.		3,254
	3,000		BASF SE		292,257
	1,824		Bayerische Motoren Werke AG.		174,268
	1,328		Bayerische Motoren Werke AG. (Preference)		109,211
	576		Beiersdorf AG.		57,284
	1,109		Brenntag AG.		65,743
	1,381		Deutsche Boerse AG.		135,171
	4,943		Deutsche Post AG.		177,670
	1,441		Evonik Industries AG.		48,115
	675		Fraport AG. Frankfurt Airport Services Worldwide		53,105
	1,739		GEA Group AG.		73,929
	1,390		HeidelbergCement AG.		128,683
	816		Henkel KGaA		95,187
	687		Henkel KGaA (Preference)		93,476
	234		MAN AG.		24,585
	1,055		Merck KGaA		123,933
	2,377		Metro AG.		78,226
	813	*	Muenchener Rueckver AG.		155,868
	883		Osram Licht AG.		59,152
	1,115		ProSiebenSat. Media AG.		47,331
	3,241		SAP AG.		324,638
	9,050		Telefonica Deutschland Holding AG.		43,881
	7,917		TUI AG. (DI)		115,177
			TOTAL GERMANY		2,959,705

HONG KONG - 3.3%
	30,500		BOC Hong Kong Holdings Ltd		125,341
	12,000		CLP Holdings Ltd		126,554
	26,000		Hang Lung Properties Ltd		68,125
	6,200		Hang Seng Bank Ltd		125,586
	15,000		Henderson Land Development Co Ltd		94,957
	59,900		Hong Kong & China Gas Ltd		119,673
	5,620		Hong Kong Exchanges and Clearing Ltd		138,219
	6,000		Hysan Development Co Ltd		28,297
	50,000		Li & Fung Ltd		20,937
	18,433		MTR Corp		106,048
	5,500		Swire Pacific Ltd (Class A)		53,036
	20,600		Swire Properties Ltd		69,062
	6,500		Yue Yuen Industrial Holdings		25,696
			TOTAL HONG KONG		1,101,531

IRELAND - 0.4%
	2,151		CRH plc		78,348
	435		Kerry Group plc (Class A)		35,548
			TOTAL IRELAND		113,896

140

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES		COMPANY	VALUE

ISRAEL - 0.3%
	14,844	Bank Hapoalim Ltd	$	92,572
		TOTAL ISRAEL		92,572

ITALY - 1.3%
	8,014	Assicurazioni Generali S.p.A.		126,942
	62,203	Banca Intesa S.p.A.		181,577
	12,435	Banca Intesa S.p.A. RSP		34,048
	15,646	Snam Rete Gas S.p.A.		69,125
	6,241	Terna Rete Elettrica Nazionale S.p.A.		31,466
		TOTAL ITALY		443,158

JAPAN - 22.7%
	1,200	Aeon Co Ltd		17,785
	1,200	AEON Financial Service Co Ltd		23,061
	800	Aeon Mall Co Ltd		13,605
	900	Aisin Seiki Co Ltd		44,080
	3,000	Ajinomoto Co, Inc		58,459
	1,200	Alfresa Holdings Corp		21,669
	1,000	All Nippon Airways Co Ltd		3,012
	400	Amada Co Ltd		4,756
	3,000	Asahi Glass Co Ltd		25,994
	7,000	Asahi Kasei Corp		66,749
	600	Asics Corp		10,619
	8,900	Astellas Pharma, Inc		117,365
	800	Casio Computer Co Ltd		11,275
	800	Central Japan Railway Co		134,167
	3,300	Chugai Pharmaceutical Co Ltd		117,262
	1,700	Daicel Chemical Industries Ltd		19,515
	1,400	Daikin Industries Ltd		136,113
	1,800	Daiwa House Industry Co Ltd		53,512
	3,200	Denso Corp		138,104
	600	Dentsu, Inc		33,868
	1,700	East Japan Railway Co		152,562
	1,200	Eisai Co Ltd		63,096
	200	Fast Retailing Co Ltd		65,324
	3,500	Fuji Heavy Industries Ltd		132,692
	1,300	Fujifilm Holdings Corp		48,249
	11,000	Fujitsu Ltd		68,665
	1,800	Hino Motors Ltd		22,585
	400	Hitachi Chemical Co Ltd		11,456
	400	Hitachi Construction Machinery Co Ltd		10,312
	100	Hitachi High-Technologies Corp		3,992
	5,300	Hitachi Metals Ltd		74,223
	7,200	Honda Motor Co Ltd		209,561
	4,700	Inpex Holdings, Inc		45,037
	1,000	Kajima Corp		6,790
	1,000	Kaneka Corp		7,885
	300	Kansai Paint Co Ltd		6,641
	1,800	Kao Corp		99,331
	12,000	Kawasaki Heavy Industries Ltd		36,331
	7,000	KDDI Corp		185,598
	400	Keyence Corp		160,806

141

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

	1,000		Kikkoman Corp	$	30,776
	5,800	*	Kobe Steel Ltd		51,527
	5,200		Komatsu Ltd		138,952
	2,100		Konica Minolta Holdings, Inc		18,590
	5,900		Kubota Corp		92,942
	600		Kuraray Co Ltd		9,683
	1,600		Kyocera Corp		90,616
	2,000		Kyowa Hakko Kogyo Co Ltd		34,362
	200		Marui Co Ltd		2,739
	11,300		Matsushita Electric Industrial Co Ltd		135,128
	4,100		Mazda Motor Corp		60,566
	7,800		Mitsubishi Corp		168,325
	11,900		Mitsubishi Electric Corp		166,081
	4,000		Mitsubishi Estate Co Ltd		76,591
	3,000		Mitsubishi Materials Corp		89,330
	6,000		Mitsubishi UFJ Lease & Finance Co Ltd		31,355
	11,000		Mitsui Chemicals, Inc		56,284
	4,000		Mitsui Fudosan Co Ltd		88,009
	7,000		Mitsui OSK Lines Ltd		21,431
	2,700		Mitsui Trust Holdings, Inc		92,490
	112,200		Mizuho Financial Group, Inc		205,094
	900		Murata Manufacturing Co Ltd		120,893
	10,000		NEC Corp		24,865
	1,000		NGK Insulators Ltd		21,396
	1,500		NGK Spark Plug Co Ltd		32,531
	400		Nikon Corp		5,710
	3,500		Nippon Telegraph & Telephone Corp		149,995
	8,000		Nippon Yusen Kabushiki Kaisha		16,085
	15,900		Nissan Motor Co Ltd		151,457
	500		Nissin Food Products Co Ltd		28,631
	900		Nitto Denko Corp		67,771
	2,400		NKSJ Holdings, Inc		90,697
	400		Nomura Real Estate Holdings, Inc		6,766
	100		Nomura Research Institute Ltd		3,482
	4,700		NSK Ltd		64,273
	5,300		NTT DoCoMo, Inc		128,244
	700		Obayashi Corp		6,796
	1,100		Omron Corp		46,054
	600		Oriental Land Co Ltd		34,461
	3,000		Osaka Gas Co Ltd		11,230
	18,200		Resona Holdings, Inc		101,177
	1,000		Santen Pharmaceutical Co Ltd		14,071
	400		Secom Co Ltd		29,049
	600		Sekisui Chemical Co Ltd		10,070
	1,600		Sekisui House Ltd		26,579
	2,600		Seven & I Holdings Co Ltd		109,808
	1,900		Shin-Etsu Chemical Co Ltd		165,143
	2,600		Shionogi & Co Ltd		133,894
	500		Shiseido Co Ltd		13,545
	2,100		Shoei Co Ltd		19,805
	1,600		Showa Shell Sekiyu KK		15,453
	5,100		Sony Corp		175,003
	300		Stanley Electric Co Ltd		8,785

142

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES		COMPANY	VALUE

	17,000	Sumitomo Chemical Co Ltd	$	95,939
	9,200	Sumitomo Corp		122,943
	1,300	Sumitomo Dainippon Pharma Co Ltd		21,350
	2,900	Sumitomo Electric Industries Ltd		47,363
	2,000	Sumitomo Heavy Industries Ltd		13,952
	8,000	Sumitomo Metal Mining Co Ltd		108,332
	5,900	Sumitomo Mitsui Financial Group, Inc		219,070
	1,200	Sumitomo Rubber Industries, Inc		21,598
	1,200	Suntory Beverage & Food Ltd		54,065
	500	Suzuken Co Ltd		16,546
	900	Sysmex Corp		54,817
	4,300	T&D Holdings, Inc		63,939
	3,500	Takeda Pharmaceutical Co Ltd		167,908
	400	TDK Corp		24,782
	500	Teijin Ltd		9,688
	1,000	Toho Gas Co Ltd		7,148
	700	Tokyo Electron Ltd		84,976
	15,000	Tokyo Gas Co Ltd		69,643
	3,000	Tokyu Corp		21,488
	3,300	Tokyu Fudosan Holdings Corp		18,022
	4,000	Toray Industries, Inc		35,401
	400	Toto Ltd		15,261
	300	Toyo Suisan Kaisha Ltd		11,267
	1,800	Toyota Industries Corp		89,666
	2,000	Toyota Tsusho Corp		63,146
	800	Yakult Honsha Co Ltd		45,597
	100	Yamaha Corp		2,774
	2,100	Yamaha Motor Co Ltd		49,872
	1,400	Yaskawa Electric Corp		26,760
	200	Yokogawa Electric Corp		3,091
		TOTAL JAPAN		7,543,100

LUXEMBOURG - 0.3%
	1,243	SES Global S.A.		27,168
	4,169	Tenaris S.A.		65,128
		TOTAL LUXEMBOURG		92,296

NETHERLANDS - 3.4%
	14,933	Aegon NV		76,216
	1,446	Akzo Nobel NV		126,470
	1,651	ASML Holding NV		218,310
	582	DSM NV		41,647
	1,484	EXOR NV		83,299
	99	Gemalto NV		5,543
	15,036	ING Groep NV		245,080
	4,706	Koninklijke Ahold Delhaize NV		97,486
	3,851	Koninklijke Philips Electronics NV		132,985
	938	Koninklijke Vopak NV		42,330
	633	NN Group NV		20,987
	7,090	Royal KPN NV		20,497
	115	Wolters Kluwer NV		4,880
		TOTAL NETHERLANDS		1,115,730

143

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

NEW ZEALAND - 0.2%
	4,092		Auckland International Airport Ltd	$	19,390
	3,166		Fletcher Building Ltd		18,579
	13,018	*	Meridian Energy Ltd		24,745
	2,064		Ryman Healthcare Ltd		12,225
			TOTAL NEW ZEALAND		74,939

NORWAY - 1.2%
	4,552		DNB NOR Holding ASA		71,040
	19,097		Norsk Hydro ASA		108,827
	2,594	*	Orkla ASA		23,535
	783		PAN Fish ASA		13,028
	7,763		Statoil ASA		127,848
	2,321		Telenor ASA		37,493
			TOTAL NORWAY		381,771

PORTUGAL - 0.3%
	9,732		Energias de Portugal S.A.		32,118
	4,779		Galp Energia SGPS S.A.		74,270
	29		Jeronimo Martins SGPS S.A.		532
			TOTAL PORTUGAL		106,920

SINGAPORE - 1.8%
	5,260		Ascendas REIT		9,640
	25,600		CapitaLand Ltd		68,786
	7,100		CapitaMall Trust		10,012
	3,300		City Developments Ltd		25,465
	10,565		DBS Group Holdings Ltd		145,907
	19,200		Global Logistic Properties		39,556
	1,300		Jardine Cycle & Carriage Ltd		43,993
	19,400		Keppel Corp Ltd		90,201
	1,500		Singapore Airlines Ltd		10,989
	51,300		Singapore Telecommunications Ltd		137,345
			TOTAL SINGAPORE		581,894

SOUTH AFRICA - 0.6%
	10,181		Investec plc		75,426
	4,995	e	Mediclinic International plc		53,103
	2,733		Mondi plc		70,707
			TOTAL SOUTH AFRICA		199,236

SPAIN - 3.2%
	1,436		Amadeus IT Holding S.A.		77,500
	26,786		Banco Bilbao Vizcaya Argentaria S.A.		214,601
	42,016		Banco de Sabadell S.A.		80,814
	29,422		CaixaBank S.A.		133,589
	82		Enagas		2,155
	2,047		Ferrovial S.A.		43,545
	27,308		Iberdrola S.A.		196,311
	3,860		Industria De Diseno Textil S.A.		147,920
	1,014		Red Electrica Corp S.A.		19,762
	8,832		Repsol YPF S.A.		139,398
			TOTAL SPAIN		1,055,595

144

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

SWEDEN - 3.5%
	61		Alfa Laval AB	$	1,250
	3,048	e	Assa Abloy AB		65,974
	3,614		Atlas Copco AB (A Shares)		135,001
	3,131		Atlas Copco AB (B Shares)		104,043
	4,054		Boliden AB		115,816
	225		Electrolux AB (Series B)		6,677
	12,818		Ericsson (LM) (B Shares)		83,276
	2,532		Hennes & Mauritz AB (B Shares)		62,693
	602		Industrivarden AB		13,999
	15,711		Nordea Bank AB		193,227
	2,665		Sandvik AB		42,725
	5,259		Skandinaviska Enskilda Banken AB (Class A)		60,559
	575		SKF AB (B Shares)		12,618
	4,425		Svenska Handelsbanken AB		62,782
	2,784		Swedbank AB (A Shares)		65,981
	14,416		TeliaSonera AB		58,692
	5,161		Volvo AB (B Shares)		84,284
			TOTAL SWEDEN		1,169,597

SWITZERLAND - 8.9%
	8,185		ABB Ltd		200,567
	523	*	Actelion Ltd		148,096
	1,478		Adecco S.A.		109,818
	1,267		Aryzta AG.		41,134
	2,597		Coca-Cola HBC AG.		72,049
	65		Givaudan S.A.		125,236
	2,544		Holcim Ltd		144,266
	332		Kuehne & Nagel International AG.		50,210
	14		Lindt & Spruengli AG.		78,723
	587	*	Lonza Group AG.		120,106
	6,570		Novartis AG.		505,792
	2,021		Roche Holding AG.		528,824
	39		SGS S.A.		87,821
	21		Sika AG.		134,030
	1,791		Swiss Re Ltd		155,780
	238		Swisscom AG.		103,788
	1,953		Wolseley plc		124,127
	724		Zurich Financial Services AG.		200,358
			TOTAL SWITZERLAND		2,930,725

UNITED KINGDOM - 16.6%
	11,639		3i Group plc		119,614
	12,030		Aberdeen Asset Management plc		43,468
	3,547		Associated British Foods plc		129,143
	22,859		Aviva plc		155,450
	8,363		Barratt Developments plc		62,753
	768		Berkeley Group Holdings plc		32,392
	8,809		British Land Co plc		74,904
	44,929		BT Group plc		177,242
	1,640		Bunzl plc		51,125

145

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

	4,338		Burberry Group plc	$	90,657
	6,342		Capita Group plc		45,711
	11,478		CNH Industrial NV		126,574
	1,114		Coca-Cola European Partners plc		42,154
	613	*	Croda International plc		29,880
	312		DCC plc		28,809
	1,361		easyJet plc		20,587
	16,773		GlaxoSmithKline plc		337,604
	5,537		Hammerson plc		42,128
	2,200	*	InterContinental Hotels Group plc		116,604
	620		Intertek Group plc		32,631
	10,476		Intu Properties plc		37,416
	17,736		ITV plc		48,235
	8,117		J Sainsbury plc		28,941
	2,331		Johnson Matthey plc		89,915
	9,245		Kingfisher plc		40,899
	5,380		Land Securities Group plc		77,051
	43,493		Legal & General Group plc		138,615
	2,198		London Stock Exchange Group plc		96,309
	6,930		Marks & Spencer Group plc		32,891
	6,942		Meggitt plc		41,573
	12,379	g	Merlin Entertainments plc		81,024
	16,767		National Grid plc		217,103
	651		Next plc		36,289
	50,370		Old Mutual plc		126,509
	5,871		Pearson plc		48,428
	3,460		Petrofac Ltd		36,465
	10,397		Prudential plc		230,749
	2,248		Reckitt Benckiser Group plc		207,125
	1,756		Reed Elsevier NV		33,933
	5,397		Reed Elsevier plc		109,423
	5,428		RSA Insurance Group plc		41,877
	1,768		Schroders plc		73,008
	7,659		Scottish & Southern Energy plc		137,972
	3,709		Segro plc		23,329
	9,639		Sky plc		123,825
	17,029	*	Standard Chartered plc		159,143
	12,757		Standard Life plc		60,043
	6,066		Tate & Lyle plc		59,488
	18,702		Taylor Wimpey plc		48,444
	51,339	*	Tesco plc		121,838
	1,549		Travis Perkins plc		32,306
	4,604		Unilever NV		241,183
	4,656		Unilever plc		239,543
	8,385		United Utilities Group plc		105,670
	9,798	d	Vodafone Group plc (ADR)		256,610
	1,731		Whitbread plc		90,440
	6,886		WM Morrison Supermarkets plc		21,391
	6,925		WPP plc		148,289
			TOTAL UNITED KINGDOM		5,502,722

UNITED STATES - 0.3%
	3,610	*	QIAGEN NV		108,145
			TOTAL UNITED STATES		108,145

			TOTAL COMMON STOCKS		32,608,861
			(Cost $31,239,349)

146

TIAA-CREF FUNDS - Social Choice International Equity Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

SHORT-TERM INVESTMENTS - 1.0%

GOVERNMENT AGENCY DEBT - 1.0%

350,000

Federal Home Loan Bank (FHLB)

0.680

05/01/17

350,000

TOTAL GOVERNMENT AGENCY DEBT

350,000

TOTAL SHORT-TERM INVESTMENTS

350,000

(Cost $350,000)

TOTAL INVESTMENTS - 99.5%

32,958,861

(Cost $31,589,349)

OTHER ASSETS & LIABILITIES, NET - 0.5%

158,564

NET ASSETS - 100.0%

33,117,425



		Abbreviation(s):
		ADR American Depositary Receipt
		REIT Real Estate Investment Trust


*		Non-income producing
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $113,179.
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 4/30/2017, the aggregate value of these securities amounted to $81,024 or 0.2% of net assets.

147

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, 2017

			% OF
SECTOR	VALUE		NET ASSETS
FINANCIALS	$	7,354,907		22.2	%
INDUSTRIALS		4,746,985		14.3
CONSUMER DISCRETIONARY		4,329,648		13.1
HEALTH CARE		3,496,828		10.6
MATERIALS		2,971,080		9.0
CONSUMER STAPLES		2,850,172		8.6
INFORMATION TECHNOLOGY		1,590,065		4.8
TELECOMMUNICATION SERVICES		1,469,419		4.4
ENERGY		1,291,484		3.9
REAL ESTATE		1,285,093		3.9
UTILITIES		1,223,180		3.7
SHORT-TERM INVESTMENTS		350,000		1.0
OTHER ASSETS & LIABILITIES, NET		158,564		0.5

NET ASSETS	$	33,117,425		100.0	%

148

TIAA-CREF FUNDS - Equity Index Fund

TIAA-CREF FUNDS

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 1.0%
	50,250		Adient plc	$	3,696,390
	46,467	*	American Axle & Manufacturing Holdings, Inc		817,355
	115,411		BorgWarner, Inc		4,879,577
	28,890		Cooper Tire & Rubber Co		1,106,487
	7,728	*	Cooper-Standard Holding, Inc		873,805
	80,945		Dana Holding Corp		1,571,952
	146,240		Delphi Automotive plc		11,757,696
	20,495	*	Dorman Products, Inc		1,704,159
	2,110,051		Ford Motor Co		24,202,285
	12,970	*	Fox Factory Holding Corp		389,748
	769,018		General Motors Co		26,638,784
	147,781		Gentex Corp		3,051,678
	17,656	*	Gentherm, Inc		655,920
	141,851		Goodyear Tire & Rubber Co		5,139,262
	95,227		Harley-Davidson, Inc		5,409,846
	13,381	*	Horizon Global Corp		188,538
	12,533		LCI Industries, Inc		1,267,713
	38,130		Lear Corp		5,439,626
	27,176	*	Modine Manufacturing Co		328,830
	8,720	*	Motorcar Parts of America, Inc		264,390
	20,047		Spartan Motors, Inc		165,388
	11,059		Standard Motor Products, Inc		562,129
	12,077	*	Stoneridge, Inc		236,830
	1,415		Strattec Security Corp		45,492
	12,118		Superior Industries International, Inc		263,566
	28,897		Tenneco, Inc		1,821,378
	68,018	*	Tesla, Inc		21,362,413
	25,364		Thor Industries, Inc		2,439,510
	13,047		Tower International, Inc		353,574
	3,070		Unique Fabricating, Inc		35,643
	22,231		Visteon Corp		2,288,681
	12,900		Winnebago Industries, Inc		370,230
	6,207	*,e	Workhorse Group, Inc		12,662
			TOTAL AUTOMOBILES & COMPONENTS		129,341,537

BANKS - 6.7%
	6,433		1st Source Corp		310,778
	5,846		Access National Corp		165,617
	3,009		ACNB Corp		93,128
	5,241	*	Allegiance Bancshares, Inc		204,661
	3,144		American National Bankshares, Inc		120,730
	16,401		Ameris Bancorp		772,487
	3,475	e	Ames National Corp		107,377
	4,695		Arrow Financial Corp		160,804

149

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	63,588		Associated Banc-Corp	$	1,583,341
	84,004		Astoria Financial Corp		1,712,842
	8,335	*	Atlantic Capital Bancshares, Inc		163,366
	26,495	e	Banc of California, Inc		574,941
	3,811		Bancfirst Corp		366,046
	30,368		Banco Latinoamericano de Exportaciones S.A. (Class E)		870,954
	38,151		Bancorpsouth, Inc		1,161,698
	19,189		Bank Mutual Corp		176,539
	5,667,049		Bank of America Corp		132,268,924
	28,857		Bank of Hawaii Corp		2,351,268
	2,316		Bank of Marin Bancorp		146,255
	6,427		Bank of NT Butterfield & Son Ltd		213,698
	58,530		Bank of the Ozarks, Inc		2,778,419
	7,344		BankFinancial Corp		108,544
	48,616		BankUnited		1,715,659
	2,566		Bankwell Financial Group, Inc		92,735
	19,110		Banner Corp		1,054,872
	6,907		Bar Harbor Bankshares		212,666
	435,146		BB&T Corp		18,789,604
	6,029		Bear State Financial, Inc		56,552
	34,168		Beneficial Bancorp, Inc		546,688
	15,102		Berkshire Hills Bancorp, Inc		566,325
	11,500		Blue Hills Bancorp, Inc		208,150
	18,329		BNC Bancorp		613,105
	32,556	*,e	BofI Holding, Inc		777,763
	12,602		BOK Financial Corp		1,062,223
	33,474		Boston Private Financial Holdings, Inc		522,194
	8,056		Bridge Bancorp, Inc		292,030
	33,112		Brookline Bancorp, Inc		481,780
	8,081		Bryn Mawr Bank Corp		346,675
	3,755	*	BSB Bancorp, Inc		109,458
	1,549		C&F Financial Corp		77,450
	7,531		Camden National Corp		321,950
	10,587		Capital Bank Financial Corp		439,360
	4,271		Capital City Bank Group, Inc		88,025
	113,867		Capitol Federal Financial		1,665,874
	4,967		Carolina Financial Corp		153,282
	11,872	*	Cascade Bancorp		88,803
	36,003		Cathay General Bancorp		1,369,914
	22,222		Centerstate Banks of Florida, Inc		560,661
	8,558		Central Pacific Financial Corp		267,694
	4,092		Central Valley Community Bancorp		92,929
	1,649		Century Bancorp, Inc		103,969
	8,748		Charter Financial Corp		160,526
	34,513		Chemical Financial Corp		1,637,642
	1,442		Chemung Financial Corp		54,782
	120,787		CIT Group, Inc		5,593,646
	1,534,269		Citigroup, Inc		90,705,983
	5,032		Citizens & Northern Corp		116,994
	288,330		Citizens Financial Group, Inc		10,584,594
	6,773		City Holding Co		481,493
	10,322		Clifton Bancorp, Inc		172,377
	5,791		CNB Financial Corp		138,347

150

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	17,885		CoBiz, Inc	$	293,851
	3,855		Codorus Valley Bancorp, Inc		111,756
	37,950		Columbia Banking System, Inc		1,499,404
	89,827		Comerica, Inc		6,350,769
	61,027		Commerce Bancshares, Inc		3,353,434
	33,347	e	Community Bank System, Inc		1,865,765
	6,977		Community Trust Bancorp, Inc		313,616
	11,785		ConnectOne Bancorp, Inc		261,627
	2,437		County Bancorp, Inc		66,896
	6,901	*	CU Bancorp		257,235
	28,081		Cullen/Frost Bankers, Inc		2,650,566
	11,525	*	Customers Bancorp, Inc		356,468
	65,768		CVB Financial Corp		1,416,643
	15,318		Dime Community Bancshares		297,935
	21,743	*	Eagle Bancorp, Inc		1,302,406
	70,051		East West Bancorp, Inc		3,801,668
	3,160		Enterprise Bancorp, Inc		110,632
	11,187		Enterprise Financial Services Corp		472,651
	2,384	*	Equity Bancshares, Inc		75,263
	4,031		ESSA Bancorp, Inc		60,989
	55,447	*	Essent Group Ltd		2,052,093
	38,938		EverBank Financial Corp		759,291
	2,904		Farmers Capital Bank Corp		120,516
	11,953		Farmers National Banc Corp		170,928
	3,651	*	FB Financial Corp		132,312
	14,519	*	FCB Financial Holdings, Inc		686,023
	6,393		Federal Agricultural Mortgage Corp (Class C)		364,721
	10,179		Fidelity Southern Corp		229,231
	398,398		Fifth Third Bancorp		9,732,863
	5,686		Financial Institutions, Inc		190,481
	12,544		First Bancorp (NC)		376,822
	67,986	*	First Bancorp (Puerto Rico)		399,758
	3,643		First Bancorp, Inc		98,252
	15,209		First Busey Corp		455,510
	3,244		First Business Financial Services, Inc		86,193
	4,890		First Citizens Bancshares, Inc (Class A)		1,702,013
	43,405		First Commonwealth Financial Corp		560,359
	6,839		First Community Bancshares, Inc		180,960
	6,078	*	First Community Financial Partners, Inc		79,318
	6,547		First Connecticut Bancorp		174,805
	3,699		First Defiance Financial Corp		198,414
	29,861		First Financial Bancorp		825,657
	50,300	e	First Financial Bankshares, Inc		2,009,485
	4,551		First Financial Corp		222,089
	4,121		First Financial Northwest, Inc		64,617
	12,948	*	First Foundation, Inc		203,284
	15,036		First Hawaiian, Inc		447,622
	106,441		First Horizon National Corp		1,953,192
	2,693		First Internet Bancorp		79,578
	9,611		First Interstate Bancsystem, Inc		362,815
	19,713		First Merchants Corp		815,724
	2,943		First Mid-Illinois Bancshares, Inc		95,971
	38,814		First Midwest Bancorp, Inc		881,466

151

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	9,317	*,e	First NBC Bank Holding Co	$	24,690
	5,007	*	First Northwest Bancorp		82,415
	10,183		First of Long Island Corp		276,978
	88,875		First Republic Bank		8,217,382
	10,681	*	Flagstar Bancorp, Inc		312,312
	11,966		Flushing Financial Corp		352,758
	154,633		FNB Corp		2,201,974
	4,591	*	Franklin Financial Network, Inc		186,165
	125,104		Fulton Financial Corp		2,308,169
	10,307		German American Bancorp, Inc		338,878
	37,114		Glacier Bancorp, Inc		1,253,711
	5,092		Great Southern Bancorp, Inc		255,364
	29,976		Great Western Bancorp, Inc		1,235,011
	4,011	*	Green Bancorp, Inc		72,198
	5,658		Guaranty Bancorp		142,299
	39,744		Hancock Holding Co		1,856,045
	12,696		Hanmi Financial Corp		368,819
	10,567		Heartland Financial USA, Inc		507,216
	12,384		Heritage Commerce Corp		176,843
	14,020		Heritage Financial Corp		370,128
	50,470		Hilltop Holdings, Inc		1,403,571
	689		Hingham Institution for Savings		123,669
	2,808		Home Bancorp, Inc		104,289
	58,908		Home Bancshares, Inc		1,499,209
	12,284	*	HomeStreet, Inc		319,384
	8,420	*	HomeTrust Bancshares, Inc		210,500
	62,060		Hope Bancorp, Inc		1,136,319
	7,909		Horizon Bancorp		213,464
	551,922		Huntington Bancshares, Inc		7,097,717
	22,792		IBERIABANK Corp		1,808,545
	3,645	*	Impac Mortgage Holdings, Inc		52,123
	12,342		Independent Bank Corp (MA)		781,249
	9,223		Independent Bank Corp (MI)		205,673
	5,695		Independent Bank Group, Inc		342,554
	26,696		International Bancshares Corp		998,430
	170,376		Investors Bancorp, Inc		2,359,708
	1,984,257		JPMorgan Chase & Co		172,630,359
	62,251		Kearny Financial Corp		908,865
	601,559		Keycorp		10,972,436
	18,503		Lakeland Bancorp, Inc		359,883
	14,457		Lakeland Financial Corp		660,107
	4,465		LCNB Corp		98,900
	22,639		LegacyTexas Financial Group, Inc		855,981
	8,843	*,e	LendingTree, Inc		1,245,979
	9,830	e	Live Oak Bancshares, Inc		237,394
	78,721		M&T Bank Corp		12,234,031
	12,652		Macatawa Bank Corp		121,080
	11,159		MainSource Financial Group, Inc		381,638
	35,009		MB Financial, Inc		1,488,233
	8,948		MBT Financial Corp		100,218
	6,978		Mercantile Bank Corp		234,670
	1,972		Merchants Bancshares, Inc		98,206
	33,771		Meridian Bancorp, Inc		592,681

152

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	4,177		Meta Financial Group, Inc	$	354,627
	224,161	*	MGIC Investment Corp		2,362,657
	1,950		Midland States Bancorp, Inc		67,275
	3,997		MidWestOne Financial Group, Inc		138,696
	2,513		MutualFirst Financial, Inc		82,803
	16,489		National Bank Holdings Corp		520,558
	2,810	e	National Bankshares, Inc		118,160
	4,061	*	National Commerce Corp		157,161
	16,262	*,e	Nationstar Mortgage Holdings, Inc		261,981
	20,562		NBT Bancorp, Inc		785,057
	304,182		New York Community Bancorp, Inc		4,042,579
	3,552	*	Nicolet Bankshares, Inc		175,114
	26,816	*	NMI Holdings, Inc		311,066
	23,793		Northfield Bancorp, Inc		437,315
	3,306		Northrim BanCorp, Inc		105,792
	90,772		Northwest Bancshares, Inc		1,465,060
	17,495		OceanFirst Financial Corp		483,737
	23,883		OFG Bancorp		279,431
	4,255		Old Line Bancshares, Inc		118,119
	64,572		Old National Bancorp		1,084,810
	11,628		Old Second Bancorp, Inc		139,536
	8,781		Opus Bank		198,012
	35,345		Oritani Financial Corp		599,098
	3,502		Orrstown Financial Services, Inc		75,118
	9,324		Pacific Continental Corp		233,100
	16,341	*	Pacific Premier Bancorp, Inc		597,264
	72,344		PacWest Bancorp		3,573,070
	10,915		Park National Corp		1,150,768
	25,387		Park Sterling Bank		312,260
	7,363		Peapack Gladstone Financial Corp		236,058
	1,915		Penns Woods Bancorp, Inc		79,855
	5,122	*	PennyMac Financial Services, Inc		84,513
	7,855		Peoples Bancorp, Inc		262,985
	3,001		Peoples Financial Services Corp		134,865
	205,475		People’s United Financial, Inc		3,589,648
	6,152		People’s Utah Bancorp		162,413
	26,058	*	PHH Corp		336,148
	29,714		Pinnacle Financial Partners, Inc		1,901,696
	270,321		PNC Financial Services Group, Inc		32,370,940
	57,190		Popular, Inc		2,396,833
	5,949		Preferred Bank		315,237
	4,455		Premier Financial Bancorp, Inc		95,471
	52,752		PrivateBancorp, Inc		3,047,483
	32,606		Prosperity Bancshares, Inc		2,191,123
	2,962		Provident Financial Holdings, Inc		56,959
	31,966		Provident Financial Services, Inc		821,206
	5,576		QCR Holdings, Inc		254,266
	110,944		Radian Group, Inc		1,872,735
	675,993		Regions Financial Corp		9,294,904
	19,695		Renasant Corp		835,068
	4,212		Republic Bancorp, Inc (Class A)		151,548
	15,691	*	Republic First Bancorp, Inc		134,943
	16,780		S&T Bancorp, Inc		603,409

153

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	11,418		Sandy Spring Bancorp, Inc	$	493,828
	14,091	*	Seacoast Banking Corp of Florida		341,002
	25,087		ServisFirst Bancshares, Inc		948,289
	5,605		SI Financial Group, Inc		83,795
	5,108		Sierra Bancorp		128,058
	28,903	*	Signature Bank		4,001,620
	14,281		Simmons First National Corp (Class A)		780,457
	15,850		South State Corp		1,397,177
	2,686	*	Southern First Bancshares, Inc		90,518
	2,726		Southern Missouri Bancorp, Inc		90,776
	5,361		Southern National Bancorp of Virginia, Inc		97,624
	11,996		Southside Bancshares, Inc		416,501
	7,722		Southwest Bancorp, Inc		200,386
	17,135		State Bank & Trust Co		460,246
	65,912		Sterling Bancorp/DE		1,532,454
	12,872		Stock Yards Bancorp, Inc		527,752
	5,678		Stonegate Bank		260,620
	4,018		Summit Financial Group, Inc		87,874
	5,433		Sun Bancorp, Inc		135,553
	265,318		SunTrust Banks, Inc		15,072,716
	31,587	*	SVB Financial Group		5,557,417
	67,263		Synovus Financial Corp		2,811,593
	67,434		TCF Financial Corp		1,113,335
	3,666		Territorial Bancorp, Inc		113,463
	28,042	*	Texas Capital Bancshares, Inc		2,133,996
	66,172		TFS Financial Corp		1,094,485
	31,785	*	The Bancorp, Inc		205,013
	10,111		Tompkins Trustco, Inc		835,876
	27,394		TowneBank		888,935
	9,011		Trico Bancshares		319,530
	8,498	*	Tristate Capital Holdings, Inc		211,600
	7,756	*	Triumph Bancorp, Inc		173,734
	43,902		Trustco Bank Corp NY		349,021
	36,220		Trustmark Corp		1,203,228
	21,800		UMB Financial Corp		1,580,282
	106,950		Umpqua Holdings Corp		1,889,806
	20,968		Union Bankshares Corp		717,944
	1,900	e	Union Bankshares, Inc		79,895
	55,697	e	United Bankshares, Inc		2,222,323
	37,399		United Community Banks, Inc		1,022,863
	19,365		United Community Financial Corp		165,377
	24,764		United Financial Bancorp, Inc (New)		427,674
	11,444		Univest Corp of Pennsylvania		346,753
	884,044		US Bancorp		45,333,776
	183,143		Valley National Bancorp		2,153,762
	4,072	*	Veritex Holdings, Inc		109,700
	14,947	*	Walker & Dunlop, Inc		670,373
	51,702		Washington Federal, Inc		1,742,357
	7,198		Washington Trust Bancorp, Inc		354,142
	3,940		WashingtonFirst Bankshares, Inc		110,832
	13,586		Waterstone Financial, Inc		258,134
	42,956		Webster Financial Corp		2,182,594
	2,521,575		Wells Fargo & Co		135,761,598

154

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	22,096		WesBanco, Inc	$	879,642
	6,091		West Bancorporation, Inc		141,920
	23,741	e	Westamerica Bancorporation		1,306,230
	45,525	*	Western Alliance Bancorp		2,180,647
	7,045		Western New England Bancorp, Inc		73,972
	23,570		Wintrust Financial Corp		1,670,170
	100,521	*	WMIH Corp		150,781
	12,825		WSFS Financial Corp		605,340
	1,525	*	Xenith Bankshares, Inc		41,205
	103,123		Zions Bancorporation		4,128,014
			TOTAL BANKS		916,712,656

CAPITAL GOODS - 7.7%
	314,131		3M Co		61,516,274
	92,789		A.O. Smith Corp		4,999,471
	25,084		Aaon, Inc		919,329
	17,331		AAR Corp		623,743
	31,323		Actuant Corp (Class A)		855,118
	22,957		Acuity Brands, Inc		4,042,728
	19,055		Advanced Drainage Systems, Inc		439,218
	83,709	*	Aecom Technology Corp		2,863,685
	20,604	*	Aegion Corp		470,183
	28,687	*	Aerojet Rocketdyne Holdings, Inc		642,876
	9,931	*	Aerovironment, Inc		283,729
	37,877		AGCO Corp		2,423,749
	53,067		Air Lease Corp		2,023,975
	28,765		Aircastle Ltd		679,429
	4,528		Alamo Group, Inc		357,984
	13,760		Albany International Corp (Class A)		670,800
	49,862		Allegion plc		3,921,148
	4,289		Allied Motion Technologies, Inc		97,103
	75,986		Allison Transmission Holdings, Inc		2,939,138
	13,520		Altra Holdings, Inc		596,908
	13,315	*	Ameresco, Inc		85,882
	6,730	e	American Railcar Industries, Inc		282,323
	6,024	*,e	American Superconductor Corp		31,385
	8,421	*	American Woodmark Corp		773,890
	120,639		Ametek, Inc		6,900,551
	15,417		Apogee Enterprises, Inc		840,226
	19,204		Applied Industrial Technologies, Inc		1,229,056
	240,385		Arconic, Inc		6,569,722
	7,663		Argan, Inc		512,272
	13,258	*	Armstrong Flooring, Inc		254,421
	22,523	*	Armstrong World Industries, Inc		1,052,950
	10,728		Astec Industries, Inc		679,619
	14,163	*	Astronics Corp		460,439
	8,437	*	Atkore International Group, Inc		221,556
	28,319	*,e	Axon Enterprise, Inc		696,081
	12,795		AZZ, Inc		755,545
	25,276	*	Babcock & Wilcox Enterprises, Inc		236,836
	26,136		Barnes Group, Inc		1,436,696
	31,619	*	Beacon Roofing Supply, Inc		1,567,354
	28,835	*	BMC Stock Holdings, Inc		671,855

155

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	327,501		Boeing Co	$	60,532,010
	22,014		Briggs & Stratton Corp		550,130
	45,833	*	Builders FirstSource, Inc		733,786
	50,607		BWX Technologies, Inc		2,488,346
	12,849	*	Caesarstone Sdot-Yam Ltd		510,105
	11,643	*	CAI International, Inc		240,079
	33,345		Carlisle Cos, Inc		3,380,850
	305,909		Caterpillar, Inc		31,282,254
	14,772	*	Chart Industries, Inc		539,326
	56,092		Chicago Bridge & Iron Co NV		1,687,247
	9,365		CIRCOR International, Inc		624,739
	53,534	*	Colfax Corp		2,166,521
	11,883		Columbus McKinnon Corp		310,503
	19,570		Comfort Systems USA, Inc		718,219
	16,862	*	Continental Building Products Inc		410,590
	25,402		Crane Co		2,029,874
	7,120	*	CSW Industrials, Inc		252,048
	12,289		Cubic Corp		637,799
	89,304		Cummins, Inc		13,479,546
	22,615		Curtiss-Wright Corp		2,113,598
	171,705		Deere & Co		19,163,995
	34,081	*	DigitalGlobe, Inc		1,097,408
	6,313		DMC Global, Inc		96,589
	65,833		Donaldson Co, Inc		3,046,751
	12,538		Douglas Dynamics, Inc		399,962
	82,808		Dover Corp		6,531,895
	7,506	*	Ducommun, Inc		220,601
	8,929	*	DXP Enterprises, Inc		325,730
	16,667	*,e	Dycom Industries, Inc		1,761,035
	249,467		Eaton Corp		18,869,684
	31,606		EMCOR Group, Inc		2,077,778
	358,638		Emerson Electric Co		21,618,699
	9,755		Encore Wire Corp		431,171
	10,434	*,e	Energous Corp		131,677
	22,942	*	Energy Recovery, Inc		193,630
	23,231		EnerSys		1,930,728
	13,686	*	Engility Holdings, Inc		387,998
	12,925		EnPro Industries, Inc		913,151
	63,407		Equifax, Inc		8,579,601
	13,195		ESCO Technologies, Inc		776,526
	15,355	*	Esterline Technologies Corp		1,404,215
	155,635		Fastenal Co		6,953,772
	24,641		Federal Signal Corp		384,646
	70,648		Flowserve Corp		3,593,864
	75,715		Fluor Corp		3,885,694
	163,984		Fortive Corp		10,373,628
	77,801		Fortune Brands Home & Security, Inc		4,959,036
	6,903	*	Foundation Building Materials, Inc		111,760
	24,782		Franklin Electric Co, Inc		1,018,540
	11,180		Freightcar America, Inc		146,011
	22,457	e	GATX Corp		1,345,174
	3,280	*	Gencor Industries, Inc		54,448
	34,208	*	Generac Holdings, Inc		1,203,095

156

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	27,852		General Cable Corp	$	501,336
	134,121		General Dynamics Corp		25,991,309
	4,808,072		General Electric Co		139,386,007
	17,135	*	Gibraltar Industries, Inc		672,549
	12,442		Global Brass & Copper Holdings, Inc		443,557
	4,519	*	GMS, Inc		163,407
	9,996		Gorman-Rupp Co		286,086
	29,124		Graco, Inc		3,141,023
	4,428		Graham Corp		97,726
	21,872		Granite Construction, Inc		1,152,873
	41,979	*	Great Lakes Dredge & Dock Corp		191,004
	15,693	e	Greenbrier Cos, Inc		681,861
	17,223		Griffon Corp		413,352
	20,553		H&E Equipment Services, Inc		434,079
	5,911		Hardinge, Inc		62,065
	44,298	*	Harsco Corp		578,089
	17,374	*	HC2 Holdings, Inc		101,464
	106,215	*	HD Supply Holdings, Inc		4,280,464
	12,669		HEICO Corp		900,368
	29,875		HEICO Corp (Class A)		1,831,337
	16,675	*	Herc Holdings, Inc		758,212
	47,354		Hexcel Corp		2,450,569
	28,500		Hillenbrand, Inc		1,051,650
	420,492		Honeywell International, Inc		55,143,321
	28,632		Hubbell, Inc		3,239,138
	25,884		Huntington Ingalls		5,199,837
	2,730		Hurco Cos, Inc		79,170
	5,520		Hyster-Yale Materials Handling, Inc		331,807
	40,491		IDEX Corp		4,241,837
	6,045	*	IES Holdings, Inc		120,900
	155,895		Illinois Tool Works, Inc		21,527,541
	149,060		Ingersoll-Rand plc		13,229,075
	10,316		Insteel Industries, Inc		359,100
	44,089		ITT, Inc		1,857,470
	64,415		Jacobs Engineering Group, Inc		3,537,672
	13,736	*	JELD-WEN Holding, Inc		453,700
	18,458		John Bean Technologies Corp		1,636,302
	503,007		Johnson Controls International plc		20,910,001
	5,964		Kadant, Inc		370,663
	25,256		Kaman Corp		1,212,541
	79,300		KBR, Inc		1,114,165
	44,793		Kennametal, Inc		1,862,493
	24,267	*,e	KEYW Holding Corp		230,294
	31,547	*	KLX, Inc		1,492,173
	36,749	*	Kratos Defense & Security Solutions, Inc		280,027
	41,979		L3 Technologies, Inc		7,210,733
	1,979	*	Lawson Products, Inc		45,022
	12,629	*,e	Layne Christensen Co		100,653
	21,163		Lennox International, Inc		3,500,149
	32,808		Lincoln Electric Holdings, Inc		2,920,896
	8,126	e	Lindsay Corp		705,824
	139,414		Lockheed Martin Corp		37,565,102
	11,159		LSI Industries, Inc		101,212

157

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	9,411	*	Lydall, Inc	$	493,136
	83,152		Manitowoc Co, Inc		496,417
	170,035		Masco Corp		6,294,696
	19,091	*	Masonite International Corp		1,588,371
	36,501	*	Mastec, Inc		1,611,519
	25,157	*	Mercury Systems, Inc		940,369
	46,134	*	Meritor, Inc		821,647
	30,160	*	Middleby Corp		4,105,681
	8,815	*	Milacron Holdings Corp		165,898
	6,321		Miller Industries, Inc		160,553
	15,534	*	Moog, Inc (Class A)		1,066,409
	51,623	*	MRC Global, Inc		941,087
	23,394		MSC Industrial Direct Co (Class A)		2,094,465
	29,352		Mueller Industries, Inc		940,438
	81,301		Mueller Water Products, Inc (Class A)		914,636
	8,496	*	MYR Group, Inc		359,041
	3,644	e	National Presto Industries, Inc		380,251
	27,494	*	Navistar International Corp		739,864
	14,901	*	NCI Building Systems, Inc		260,767
	7,910	*	Neff Corp		139,216
	16,777		NN, Inc		463,045
	31,250		Nordson Corp		3,912,500
	90,989		Northrop Grumman Corp		22,379,654
	61,024	*	NOW, Inc		1,038,018
	4,023	*	NV5 Holdings, Inc		155,690
	1,327		Omega Flex, Inc		74,538
	30,678		Orbital ATK, Inc		3,037,122
	16,581	*	Orion Marine Group, Inc		125,187
	39,198		Oshkosh Truck Corp		2,719,949
	61,599		Owens Corning, Inc		3,748,299
	177,145		PACCAR, Inc		11,820,886
	77,432		Parker-Hannifin Corp		12,451,066
	8,947	*	Patrick Industries, Inc		635,684
	89,600		Pentair plc		5,780,096
	29,257	*	PGT, Inc		318,901
	119,724	*,e	Plug Power, Inc		268,182
	13,738	*	Ply Gem Holdings, Inc		264,456
	6,494		Powell Industries, Inc		223,978
	1,112		Preformed Line Products Co		58,858
	22,842		Primoris Services Corp		524,681
	14,748	*,e	Proto Labs, Inc		855,384
	18,244		Quanex Building Products Corp		372,178
	78,775	*	Quanta Services, Inc		2,791,786
	17,426		Raven Industries, Inc		540,206
	161,208		Raytheon Co		25,021,094
	17,285	*	RBC Bearings, Inc		1,733,686
	23,901		Regal-Beloit Corp		1,884,594
	6,954	e	REV Group, Inc		196,103
	41,807	*	Rexnord Corp		1,020,091
	74,298		Rockwell Automation, Inc		11,690,790
	85,379		Rockwell Collins, Inc		8,887,100
	58,374		Roper Industries, Inc		12,766,394
	3,027	*	Rush Enterprises, Inc		104,855

158

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	16,569	*	Rush Enterprises, Inc (Class A)	$	625,480
	20,164		Simpson Manufacturing Co, Inc		841,040
	6,318	*	SiteOne Landscape Supply, Inc		302,064
	29,583		Snap-On, Inc		4,956,040
	5,336	*	Sparton Corp		118,833
	66,976		Spirit Aerosystems Holdings, Inc (Class A)		3,828,348
	23,678	*	SPX Corp		569,693
	20,102	*	SPX FLOW, Inc		726,486
	7,474		Standex International Corp		702,182
	77,728		Stanley Works		10,582,667
	12,517		Sun Hydraulics Corp		486,160
	50,428	*,e	Sunrun, Inc		266,764
	12,446		Supreme Industries, Inc		249,418
	17,731	*	Teledyne Technologies, Inc		2,390,671
	8,477		Tennant Co		620,940
	57,914		Terex Corp		2,025,832
	19,269		Textainer Group Holdings Ltd		288,072
	142,996		Textron, Inc		6,672,193
	10,125	*,e	The ExOne Company		102,161
	20,692	*	Thermon Group Holdings		424,186
	38,654		Timken Co		1,865,056
	25,845		Titan International, Inc		276,800
	10,402	*	Titan Machinery, Inc		164,872
	57,727		Toro Co		3,747,637
	8,124	*	TPI Composites, Inc		159,637
	27,505		TransDigm Group, Inc		6,786,309
	16,016	*	Trex Co, Inc		1,172,211
	24,146	*	Trimas Corp		554,151
	82,674		Trinity Industries, Inc		2,223,931
	25,073		Triton International Ltd		767,485
	26,805		Triumph Group, Inc		702,291
	21,354	*	Tutor Perini Corp		658,771
	48,378	*	United Rentals, Inc		5,305,131
	423,330		United Technologies Corp		50,372,036
	23,137	*	Univar, Inc		690,639
	10,687		Universal Forest Products, Inc		1,018,364
	46,777	*	USG Corp		1,417,343
	11,702		Valmont Industries, Inc		1,782,800
	8,033	*	Vectrus, Inc		204,360
	4,977	*	Veritiv Corp		257,062
	6,360	*	Vicor Corp		114,480
	30,289		W.W. Grainger, Inc		5,836,690
	49,012		Wabash National Corp		1,116,493
	28,636	*	WABCO Holdings, Inc		3,403,961
	12,701		Watsco, Inc		1,762,899
	14,898		Watts Water Technologies, Inc (Class A)		926,656
	65,513	*	Welbilt, Inc		1,343,017
	30,521	*	Wesco Aircraft Holdings, Inc		370,830
	25,324	*	WESCO International, Inc		1,543,498
	46,740	e	Wabtec Corp		3,921,019
	2,234	*	Willis Lease Finance Corp		50,734
	31,076		Woodward Governor Co		2,102,913
	108,441		Xylem, Inc		5,574,952
			TOTAL CAPITAL GOODS		1,048,804,284

159

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	28,039		ABM Industries, Inc	$	1,211,004
	40,054	*	Acacia Research (Acacia Technologies)		218,294
	51,156	*	ACCO Brands Corp		728,973
	11,387	*	Advanced Disposal Services, Inc		270,783
	23,077	*	Advisory Board Co		1,179,235
	10,561	*,e	Aqua Metals, Inc		174,257
	25,420	*	ARC Document Solutions, Inc		93,546
	2,966		Barrett Business Services, Inc		171,020
	22,044		Brady Corp (Class A)		858,614
	28,256		Brink’s Co		1,734,918
	20,096	*	Casella Waste Systems, Inc (Class A)		302,445
	24,005	*	CBIZ, Inc		378,079
	16,438		Ceco Environmental Corp		185,585
	46,537		Cintas Corp		5,699,386
	25,423	*	Clean Harbors, Inc		1,477,331
	12,801	*,e	Cogint, Inc		67,845
	102,780	*	Copart, Inc		3,175,902
	106,556		Covanta Holding Corp		1,550,390
	4,164		CRA International, Inc		157,982
	23,878		Deluxe Corp		1,717,067
	18,658		Dun & Bradstreet Corp		2,045,103
	64,481	*,m	Dyax Corp		71,574
	20,499		Ennis, Inc		360,782
	21,996		Essendant, Inc		367,333
	14,650		Exponent, Inc		895,848
	4,553	*	Franklin Covey Co		96,751
	20,255	*	FTI Consulting, Inc		700,621
	5,783	*	GP Strategies Corp		156,719
	35,949		Healthcare Services Group		1,650,419
	9,944		Heidrick & Struggles International, Inc		213,796
	5,084	*	Heritage-Crystal Clean, Inc		76,514
	30,564		Herman Miller, Inc		1,011,668
	23,226	*	Hill International, Inc		94,065
	23,647		HNI Corp		1,105,734
	10,579	*	Huron Consulting Group, Inc		470,766
	8,658	*	ICF International, Inc		382,251
	15,602	*	Innerworkings, Inc		165,225
	13,441		Insperity, Inc		1,227,835
	29,536		Interface, Inc		587,766
	75,363		KAR Auction Services, Inc		3,287,334
	14,073		Kelly Services, Inc (Class A)		314,109
	10,767		Kforce, Inc		244,411
	18,271		Kimball International, Inc (Class B)		324,676
	25,072		Knoll, Inc		600,725
	29,756		Korn/Ferry International		964,094
	13,906		LSC Communications, Inc		359,748
	34,839		Manpower, Inc		3,518,042
	16,679		Matthews International Corp (Class A)		1,143,345
	10,372		McGrath RentCorp		361,049
	57,537	*,m	Media General, Inc		0

160

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	8,188	*	Mistras Group, Inc	$	184,230
	23,030		Mobile Mini, Inc		660,961
	17,466		MSA Safety, Inc		1,359,728
	6,999		Multi-Color Corp		537,523
	23,237	*	Navigant Consulting, Inc		556,991
	201,952		Nielsen NV		8,306,286
	26,194	*	On Assignment, Inc		1,356,063
	92,177		Pitney Bowes, Inc		1,225,032
	16,427		Quad Graphics, Inc		431,373
	127,408		Republic Services, Inc		8,025,430
	15,702		Resources Connection, Inc		218,258
	65,522		Robert Half International, Inc		3,017,288
	69,002		Rollins, Inc		2,679,348
	22,513	*	RPX Corp		289,067
	39,549		RR Donnelley & Sons Co		497,131
	8,308	*	SP Plus Corp		286,211
	44,753		Steelcase, Inc (Class A)		763,039
	43,332	*	Stericycle, Inc		3,697,953
	15,072	*,e	Team, Inc		405,437
	28,151		Tetra Tech, Inc		1,237,236
	26,360	*	TransUnion		1,055,191
	10,028	*	TRC Cos, Inc		175,490
	20,620	*	TriNet Group, Inc		606,228
	22,868	*	TrueBlue, Inc		625,440
	10,497		Unifirst Corp		1,461,182
	10,179		US Ecology, Inc		479,940
	79,204	*	Verisk Analytics, Inc		6,558,883
	9,678		Viad Corp		437,446
	4,264		VSE Corp		181,860
	18,979	*	WageWorks, Inc		1,400,650
	239,836		Waste Management, Inc		17,455,264
	22,949		West Corp		612,509
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		110,935,627

CONSUMER DURABLES & APPAREL - 1.4%
	11,405		Acushnet Holdings Corp		208,255
	30,998	*,e	American Outdoor Brands Corp		686,606
	6,685		Bassett Furniture Industries, Inc		200,884
	24,298	*	Beazer Homes USA, Inc		301,538
	48,165		Brunswick Corp		2,733,364
	40,910		CalAtlantic Group, Inc		1,481,760
	71,673		Callaway Golf Co		849,325
	25,664		Carter’s, Inc		2,362,115
	4,480	*	Cavco Industries, Inc		532,000
	9,373	*	Century Communities, Inc		255,883
	150,313		Coach, Inc		5,920,829
	13,284		Columbia Sportswear Co		752,140
	44,419	*	CROCS, Inc		276,730
	6,375		CSS Industries, Inc		168,045
	5,692		Culp, Inc		182,713
	17,615	*	Deckers Outdoor Corp		1,049,678
	5,945	*	Delta Apparel, Inc		104,216
	183,328		DR Horton, Inc		6,029,658

161

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	3,755		Escalade, Inc	$	50,129
	11,434		Ethan Allen Interiors, Inc		340,733
	4,942		Flexsteel Industries, Inc		262,519
	24,829	*,e	Fossil Group, Inc		428,300
	59,320	*	Garmin Ltd		3,015,829
	24,576	*	G-III Apparel Group Ltd		582,451
	54,749	*,e	GoPro, Inc		451,679
	11,271	*,e	Green Brick Partners, Inc		116,091
	206,318		Hanesbrands, Inc		4,499,796
	60,910		Hasbro, Inc		6,036,790
	22,983	*	Helen of Troy Ltd		2,160,402
	7,845		Hooker Furniture Corp		340,865
	78,223	*	Hovnanian Enterprises, Inc (Class A)		183,042
	26,627	*	Iconix Brand Group, Inc		186,389
	12,444	*	Installed Building Products Inc		663,887
	14,577	*	iRobot Corp		1,162,370
	17,527	*,e	Jakks Pacific, Inc		85,882
	3,542		Johnson Outdoors, Inc		128,645
	70,272	*	Kate Spade & Co		1,222,733
	48,092		KB Home		990,695
	25,282		La-Z-Boy, Inc		705,368
	68,774		Leggett & Platt, Inc		3,613,386
	4,675		Lennar Corp (B Shares)		199,202
	90,863		Lennar Corp (Class A)		4,588,582
	9,217	*,e	LGI Homes, Inc		293,377
	12,555		Libbey, Inc		131,828
	3,865		Lifetime Brands, Inc		74,208
	52,338	*	Lululemon Athletica, Inc		2,721,576
	13,342	*	M/I Homes, Inc		362,369
	13,031	*	Malibu Boats Inc		300,234
	6,903		Marine Products Corp		82,560
	186,720		Mattel, Inc		4,186,262
	13,178		MCBC Holdings, Inc		220,732
	23,984		MDC Holdings, Inc		743,744
	21,175	*	Meritage Homes Corp		824,766
	86,887	*	Michael Kors Holdings Ltd		3,243,492
	32,443	*	Mohawk Industries, Inc		7,617,292
	9,860		Movado Group, Inc		230,724
	2,602		Nacco Industries, Inc (Class A)		220,259
	17,787	*	Nautilus, Inc		323,723
	9,751	*	New Home Co Inc		113,697
	255,005		Newell Rubbermaid, Inc		12,173,939
	723,259		Nike, Inc (Class B)		40,075,781
	1,880	*	NVR, Inc		3,969,150
	8,126		Oxford Industries, Inc		471,145
	7,374	*	Perry Ellis International, Inc		151,314
	44,149		Phillips-Van Heusen Corp		4,460,373
	32,431	e	Polaris Industries, Inc		2,765,067
	22,085		Pool Corp		2,641,808
	177,883		Pulte Homes, Inc		4,032,608
	30,341		Ralph Lauren Corp		2,449,126
	26,902	*,e	Sequential Brands Group, Inc		90,660
	72,088	*	Skechers U.S.A., Inc (Class A)		1,820,222

162

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	29,741	*	Steven Madden Ltd	$	1,131,645
	17,643	e	Sturm Ruger & Co, Inc		1,066,519
	3,027		Superior Uniform Group, Inc		55,212
	22,759	*	Taylor Morrison Home Corp		525,733
	27,366	*,e	Tempur Sealy International, Inc		1,284,834
	84,669		Toll Brothers, Inc		3,047,237
	20,924	*	TopBuild Corp		1,071,100
	82,645	*	TRI Pointe Homes, Inc		1,028,930
	27,465		Tupperware Corp		1,972,262
	101,068	*,e	Under Armour, Inc		1,961,730
	100,850	*,e	Under Armour, Inc (Class A)		2,167,267
	9,279	*	Unifi, Inc		260,462
	6,905	*	Universal Electronics, Inc		478,517
	11,056	*	Vera Bradley, Inc		101,162
	183,202		VF Corp		10,008,325
	32,538	*	Vista Outdoor, Inc		636,443
	2,514		Weyco Group, Inc		70,291
	39,616		Whirlpool Corp		7,355,899
	16,241	*,e	William Lyon Homes, Inc		357,302
	52,906		Wolverine World Wide, Inc		1,275,564
	16,971	*	Zagg, Inc		120,494
			TOTAL CONSUMER DURABLES & APPAREL		188,880,468

CONSUMER SERVICES - 2.3%
	8,985	*	American Public Education, Inc		198,568
	125,689		ARAMARK Holdings Corp		4,590,162
	5,634	*	Ascent Media Corp (Series A)		72,172
	45,558	*	Belmond Ltd.		564,919
	11,284	*	BJ’s Restaurants, Inc		508,908
	56,586		Bloomin’ Brands, Inc		1,227,350
	9,783		Bob Evans Farms, Inc		652,917
	2,987	*	Bojangles’, Inc		65,565
	43,971	*	Boyd Gaming Corp		997,262
	6,509	*	Bridgepoint Education, Inc		79,410
	27,660	*	Bright Horizons Family Solutions		2,105,479
	31,705		Brinker International, Inc		1,401,044
	9,748	*	Buffalo Wild Wings, Inc		1,535,797
	27,383	*	Caesars Acquisition Co		477,833
	32,304	*,e	Caesars Entertainment Corp		358,574
	6,499	*	Cambium Learning Group, Inc		31,650
	5,751		Capella Education Co		548,070
	41,943	*	Career Education Corp		425,721
	224,145		Carnival Corp		13,845,437
	6,526		Carriage Services, Inc		178,486
	29,234	*	Carrols Restaurant Group, Inc		409,276
	11,016	*	Century Casinos, Inc		90,662
	23,397		Cheesecake Factory		1,501,152
	38,833	*,e	Chegg, Inc		349,885
	15,281	*	Chipotle Mexican Grill, Inc (Class A)		7,250,376
	15,685		Choice Hotels International, Inc		983,449
	7,045		Churchill Downs, Inc		1,175,106
	9,542	*	Chuy’s Holdings, Inc		284,352

163

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	35,355		ClubCorp Holdings, Inc	$	475,525
	2,954		Collectors Universe		80,674
	9,947	e	Cracker Barrel Old Country Store, Inc		1,593,410
	62,531		Darden Restaurants, Inc		5,327,016
	19,613	*	Dave & Buster’s Entertainment, Inc		1,255,428
	11,445	*	Del Frisco’s Restaurant Group, Inc		196,854
	10,843	*	Del Taco Restaurants, Inc		142,585
	35,304	*	Denny’s Corp		448,361
	34,146		DeVry Education Group, Inc		1,292,426
	8,431		DineEquity, Inc		476,689
	26,587		Domino’s Pizza, Inc		4,822,616
	50,159		Dunkin Brands Group, Inc		2,801,882
	9,550	*,e	El Pollo Loco Holdings, Inc		119,852
	15,767	*,e	Eldorado Resorts, Inc		301,544
	1,317	*	Empire Resorts, Inc		32,925
	38,721		Extended Stay America, Inc		675,294
	12,714	*	Fiesta Restaurant Group, Inc		309,586
	4,866		Golden Entertainment, Inc		68,319
	2,290		Graham Holdings Co		1,377,893
	23,671	*	Grand Canyon Education, Inc		1,779,112
	120,522		H&R Block, Inc		2,987,740
	7,201	*	Habit Restaurants, Inc		136,099
	26,350	*	Hilton Grand Vacations, Inc		881,934
	91,776		Hilton Worldwide Holdings, Inc		5,412,031
	70,943	*	Houghton Mifflin Harcourt Co		815,845
	16,770	*	Hyatt Hotels Corp		930,735
	59,228		ILG, Inc		1,427,987
	58,703		International Game Technology plc		1,303,207
	12,648		International Speedway Corp (Class A)		469,241
	10,279	*	Intrawest Resorts Holdings Inc		242,379
	12,178	*,e	Isle of Capri Casinos, Inc		280,825
	6,337	*	J Alexander’s Holdings, Inc		69,707
	16,913		Jack in the Box, Inc		1,724,619
	6,376	*,e	Jamba, Inc		54,324
	21,689	*	K12, Inc		408,838
	3,281	*,e	Kona Grill, Inc		18,702
	46,064	*	La Quinta Holdings, Inc		649,963
	196,912		Las Vegas Sands Corp		11,615,839
	18,875	*	Laureate Education, Inc		260,664
	1,654		Liberty Tax, Inc		23,239
	5,845	*	Lindblad Expeditions Holdings, Inc		55,528
	8,898	*	Luby’s, Inc		26,160
	9,840		Marcus Corp		332,592
	175,345		Marriott International, Inc (Class A)		16,556,075
	12,168		Marriott Vacations Worldwide Corp		1,340,670
	454,084		McDonald’s Corp		63,539,974
	256,045		MGM Resorts International		7,863,142
	4,064	*	Monarch Casino & Resort, Inc		119,766
	1,566	*	Nathan’s Famous, Inc		106,801
	10,355	*,e	Noodles & Co		60,577
	87,036	*	Norwegian Cruise Line Holdings Ltd		4,693,851
	15,468	*	Panera Bread Co (Class A)		4,836,534
	13,673		Papa John’s International, Inc		1,080,987

164

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	45,110	*	Penn National Gaming, Inc	$	833,633
	29,542	*	Pinnacle Entertainment, Inc		607,679
	15,128		Planet Fitness, Inc		314,662
	14,523	*	Potbelly Corp		202,596
	7,530	*	Red Lion Hotels Corp		48,945
	6,436	*	Red Robin Gourmet Burgers, Inc		378,115
	14,559		Red Rock Resorts, Inc		340,389
	17,984	*	Regis Corp		196,205
	91,444		Royal Caribbean Cruises Ltd		9,747,930
	57,344	*	Ruby Tuesday, Inc		146,227
	17,188		Ruth’s Chris Steak House, Inc		342,041
	33,919	*	Scientific Games Corp (Class A)		805,576
	36,634		SeaWorld Entertainment, Inc		642,194
	98,615		Service Corp International		3,177,375
	74,165	*	ServiceMaster Global Holdings, Inc		2,825,687
	7,607	*,e	Shake Shack, Inc		258,182
	37,719		Six Flags Entertainment Corp		2,361,587
	22,829	e	Sonic Corp		613,644
	25,664	*	Sotheby’s (Class A)		1,215,447
	10,246		Speedway Motorsports, Inc		184,940
	775,135		Starbucks Corp		46,554,608
	879	*	Steak N Shake Co		375,008
	5,360		Strayer Education, Inc		464,766
	33,962		Texas Roadhouse, Inc (Class A)		1,592,139
	21,042		Vail Resorts, Inc		4,159,162
	18,380	*,e	Weight Watchers International, Inc		383,774
	112,486		Wendy’s		1,658,044
	7,134		Wingstop, Inc		209,954
	57,698		Wyndham Worldwide Corp		5,499,196
	43,438		Wynn Resorts Ltd		5,343,308
	190,682	*	Yum China Holdings, Inc		6,506,070
	199,165		Yum! Brands, Inc		13,095,099
	9,183	*,e	Zoe’s Kitchen, Inc		165,753
			TOTAL CONSUMER SERVICES		307,064,083

DIVERSIFIED FINANCIALS - 4.2%
	32,282		Affiliated Managers Group, Inc		5,345,576
	23,760		AG Mortgage Investment Trust		450,252
	175,016		AGNC Investment Corp		3,687,587
	234,160		Ally Financial, Inc		4,636,368
	34,739		Altisource Residential Corp		499,547
	418,526		American Express Co		33,168,186
	80,812		Ameriprise Financial, Inc		10,331,814
	535,430		Annaly Capital Management, Inc		6,323,428
	50,785		Anworth Mortgage Asset Corp		297,600
	35,204		Apollo Commercial Real Estate Finance, Inc		679,085
	23,395		Ares Commercial Real Estate Corp		323,553
	7,917	e	Arlington Asset Investment Corp (Class A)		115,272
	17,917		ARMOUR Residential REIT, Inc		431,262
	26,529		Artisan Partners Asset Management, Inc		777,300
	2,529		Associated Capital Group, Inc		85,101
	4,505		B. Riley Financial, Inc		67,800
	583,012		Bank of New York Mellon Corp		27,436,545

165

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	161,003		BGC Partners, Inc (Class A)	$	1,832,214
	70,330		BlackRock, Inc		27,046,808
	255,790		Capital One Financial Corp		20,560,400
	53,268		Capstead Mortgage Corp		593,406
	51,810		CBOE Holdings, Inc		4,269,662
	649,016		Charles Schwab Corp		25,214,272
	102,560		Chimera Investment Corp		2,088,122
	190,919		CME Group, Inc		22,182,879
	14,939		Cohen & Steers, Inc		596,066
	13,789	*,e	Cowen Group, Inc		219,245
	4,913	*,e	Credit Acceptance Corp		998,567
	74,038		CYS Investments, Inc		631,544
	1,470		Diamond Hill Investment Group, Inc		297,161
	220,425		Discover Financial Services		13,796,401
	12,060	*	Donnelley Financial Solutions, Inc		267,973
	21,154		Dynex Capital, Inc		146,386
	143,710	*	E*TRADE Financial Corp		4,965,181
	53,537		Eaton Vance Corp		2,298,343
	15,191	*,e	Encore Capital Group, Inc		506,620
	13,965	*	Enova International, Inc		198,303
	19,023		Evercore Partners, Inc (Class A)		1,402,946
	26,489	*	Ezcorp, Inc (Class A)		239,725
	20,437		Factset Research Systems, Inc		3,336,545
	3,209		FBR & Co		58,083
	52,116		Federated Investors, Inc (Class B)		1,397,751
	25,954		Financial Engines, Inc		1,103,045
	25,595		FirstCash, Inc		1,329,660
	36,692	*	FNFV Group		502,680
	213,950		Franklin Resources, Inc		9,223,385
	18,429		Gain Capital Holdings, Inc		130,662
	2,529		GAMCO Investors, Inc (Class A)		72,582
	214,787		Goldman Sachs Group, Inc		48,069,331
	19,045	*	Green Dot Corp		653,053
	21,555		Greenhill & Co, Inc		545,342
	17,723		Hannon Armstrong Sustainable Infrastructure Capital, Inc		388,488
	12,909		Houlihan Lokey, Inc		432,968
	30,972		Interactive Brokers Group, Inc (Class A)		1,078,755
	310,951		IntercontinentalExchange Group, Inc		18,719,250
	6,188	*	INTL FCStone, Inc		231,122
	216,746		Invesco Ltd		7,139,613
	53,272		Invesco Mortgage Capital, Inc		868,866
	27,808		Investment Technology Group, Inc		553,657
	17,320		iShares Russell 2000 Index Fund		2,408,519
	19,106	e	iShares Russell 3000 Index Fund		2,700,442
	95,651		Janus Capital Group, Inc		1,306,593
	21,930	*	KCG Holdings, Inc		436,407
	18,136		Ladder Capital Corp		265,330
	57,827	*	Ladenburg Thalmann Financial Services, Inc		160,759
	65,517		Lazard Ltd (Class A)		2,813,300
	51,330		Legg Mason, Inc		1,918,715
	168,317	*	LendingClub Corp		984,654
	169,805		Leucadia National Corp		4,311,349
	45,282		LPL Financial Holdings, Inc		1,903,655

166

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	7,132		Manning & Napier, Inc	$	41,366
	23,395		MarketAxess Holdings, Inc		4,504,005
	3,292		Marlin Business Services Corp		83,781
	207,729		MFA Mortgage Investments, Inc		1,726,228
	17,562		Moelis & Co		644,525
	97,164		Moody’s Corp		11,496,445
	799,118		Morgan Stanley		34,657,748
	17,647		Morningstar, Inc		1,290,525
	48,379		MSCI, Inc (Class A)		4,853,381
	26,768		MTGE Investment Corp		481,824
	57,310		NASDAQ OMX Group, Inc		3,946,940
	159,794		Navient Corp		2,428,869
	9,011		Nelnet, Inc (Class A)		405,585
	157,725		New Residential Investment Corp		2,629,276
	53,530		New York Mortgage Trust, Inc		343,127
	10,526		NewStar Financial, Inc		113,049
	106,972		Northern Trust Corp		9,627,480
	13,585		OM Asset Management plc		211,383
	34,049	*,e	On Deck Capital, Inc		161,733
	29,367	*	OneMain Holdings, Inc		684,838
	3,966		Oppenheimer Holdings, Inc		68,612
	27,172		Orchid Island Capital, Inc		288,023
	4,588		Owens Realty Mortgage, Inc		83,318
	35,055		PennyMac Mortgage Investment Trust		626,783
	9,653	*	Pico Holdings, Inc		155,413
	10,950		Piper Jaffray Cos		685,470
	12,543		PJT Partners, Inc		434,740
	23,959	*	PRA Group, Inc		771,480
	4,748		Pzena Investment Management, Inc (Class A)		48,857
	63,243		Raymond James Financial, Inc		4,712,868
	37,295		Redwood Trust, Inc		636,626
	4,505	*	Regional Management Corp		89,334
	24,063		Resource Capital Corp		224,989
	140,715		S&P Global, Inc		18,882,546
	8,217	*	Safeguard Scientifics, Inc		104,356
	53,693	*	Santander Consumer USA Holdings, Inc		684,049
	81,835		SEI Investments Co		4,149,853
	3,516		Silvercrest Asset Management Group, Inc		47,993
	233,762	*	SLM Corp		2,931,376
	3,278		SPDR S&P MidCap 400 ETF Trust		1,032,078
	235,031		SPDR Trust Series 1		55,956,181
	128,128		Starwood Property Trust, Inc		2,907,224
	205,678		State Street Corp		17,256,384
	33,573	*	Stifel Financial Corp		1,640,713
	441,851		Synchrony Financial		12,283,458
	140,476		T Rowe Price Group, Inc		9,958,344
	145,432		TD Ameritrade Holding Corp		5,565,683
	171,015		Thomson Corp		7,769,211
	13,907		Tiptree Financial, Inc		98,044
	169,562		Two Harbors Investment Corp		1,693,924
	26,361	e	Virtu Financial, Inc		405,959
	2,871		Virtus Investment Partners, Inc		305,474
	103,760		Voya Financial, Inc		3,878,549

167

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	64,752	e	Waddell & Reed Financial, Inc (Class A)	$	1,164,889
	21,861		Western Asset Mortgage Capital Corp		230,196
	3,840		Westwood Holdings Group, Inc		214,272
	67,611	e	WisdomTree Investments, Inc		564,552
	4,119	*,e	World Acceptance Corp		217,895
			TOTAL DIVERSIFIED FINANCIALS		579,154,885

ENERGY - 5.8%
	83,853	*	Abraxas Petroleum Corp		156,805
	1,000		Adams Resources & Energy, Inc		40,620
	22,186		Alon USA Energy, Inc		268,229
	304,224		Anadarko Petroleum Corp		17,346,852
	98,625	*	Antero Resources Corp		2,089,864
	206,072		Apache Corp		10,023,342
	43,521		Archrock, Inc		513,548
	26,868		Ardmore Shipping Corp		208,227
	43,991	*	Atwood Oceanics, Inc		344,450
	239,015		Baker Hughes, Inc		14,190,321
	45,854	*	Bill Barrett Corp		176,079
	24,167		Bristow Group, Inc		323,113
	249,616		Cabot Oil & Gas Corp		5,801,076
	22,035	*,e	California Resources Corp		257,809
	100,710	*	Callon Petroleum Co		1,192,406
	18,646	*,e	CARBO Ceramics, Inc		128,098
	34,255	*	Carrizo Oil & Gas, Inc		861,513
	106,318	*	Cheniere Energy, Inc		4,821,521
	337,188	*,e	Chesapeake Energy Corp		1,773,609
	1,028,991		Chevron Corp		109,793,340
	50,644		Cimarex Energy Co		5,909,142
	67,848	*	Clean Energy Fuels Corp		165,549
	76,328	*	Concho Resources, Inc		9,667,704
	679,080		ConocoPhillips		32,534,723
	124,320	*	Consol Energy, Inc		1,887,178
	18,033	*	Contango Oil & Gas Co		129,116
	46,984	*	Continental Resources, Inc		1,992,591
	20,453	e	CVR Energy, Inc		447,716
	10,061	*	Dawson Geophysical Co		50,607
	34,802		Delek US Holdings, Inc		837,684
	196,135	*,e	Denbury Resources, Inc		435,420
	283,567	*	Devon Energy Corp		11,198,061
	53,411		DHT Holdings, Inc		255,839
	35,350	*,e	Diamond Offshore Drilling, Inc		509,747
	48,751	*	Diamondback Energy, Inc		4,867,300
	18,745	*	Dorian LPG Ltd		170,392
	21,722	*	Dril-Quip, Inc		1,119,769
	5,033	*,e	Earthstone Energy, Inc		67,795
	42,404	*	Eclipse Resources Corp		85,232
	52,968	*	Energen Corp		2,753,806
	165,547		Ensco plc		1,306,166
	308,764		EOG Resources, Inc		28,560,670
	33,518	*,e	EP Energy Corp		151,501
	91,675		EQT Corp		5,329,984

168

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	14,655	*	Era Group, Inc	$	186,265
	15,554	*	Erin Energy Corp		31,886
	14,519		Evolution Petroleum Corp		116,152
	24,575	*	Exterran Corp		672,618
	23,548	*,e	Extraction Oil & Gas, Inc		368,526
	2,297,957	d	Exxon Mobil Corp		187,628,189
	50,186	*,e	Fairmount Santrol Holdings, Inc		258,960
	35,169	*	Forum Energy Technologies, Inc		594,356
	27,792	e	Frank’s International NV		252,907
	41,861	e	Frontline Ltd		278,376
	23,966		GasLog Ltd		335,524
	40,346	*,e	Gener8 Maritime, Inc		216,658
	7,214	*	Geospace Technologies Corp		119,320
	52,453		Golar LNG Ltd		1,338,076
	20,524		Green Plains Renewable Energy, Inc		472,052
	87,376	*	Gulfport Energy Corp		1,387,531
	458,606		Halliburton Co		21,040,843
	78,658	*	Helix Energy Solutions Group, Inc		481,387
	61,856		Helmerich & Payne, Inc		3,750,948
	153,289		Hess Corp		7,485,102
	88,020		HollyFrontier Corp		2,476,883
	16,803	*	Independence Contract Drilling, Inc		77,462
	8,892	*	International Seaways, Inc		171,882
	341	*	Isramco, Inc		38,908
	19,357	*,e	Jagged Peak Energy, Inc		215,637
	42,922	*,e	Jones Energy, Inc (Class A)		85,844
	18,711	*,e	Keane Group, Inc		258,586
	1,049,298		Kinder Morgan, Inc		21,647,018
	93,247	*,e	Kosmos Energy LLC		560,414
	78,713	*	Laredo Petroleum Holdings, Inc		1,012,249
	5,084	*	Mammoth Energy Services, Inc		98,121
	463,055		Marathon Oil Corp		6,885,628
	286,338		Marathon Petroleum Corp		14,586,058
	48,210	*	Matador Resources Co		1,045,193
	14,810	*	Matrix Service Co		174,017
	132,802	*	McDermott International, Inc		868,525
	89,643		Murphy Oil Corp		2,346,854
	151,106		Nabors Industries Ltd		1,562,436
	205,417		National Oilwell Varco, Inc		7,183,432
	6,634	*	Natural Gas Services Group, Inc		181,772
	58,664		Navios Maritime Acq Corp		99,142
	108,200	*	Newfield Exploration Co		3,745,884
	45,037	*	Newpark Resources, Inc		344,533
	137,124		Noble Corp plc		658,195
	240,268		Noble Energy, Inc		7,767,876
	55,596	e	Nordic American Tanker Shipping		461,447
	42,056	*,e	Northern Oil And Gas, Inc		94,626
	127,861	*	Oasis Petroleum, Inc		1,526,660
	415,971		Occidental Petroleum Corp		25,598,855
	53,701		Oceaneering International, Inc		1,417,169
	28,432	*	Oil States International, Inc		845,852
	111,370		Oneok, Inc		5,859,176
	26,680		Overseas Shipholding Group, Inc		97,115

169

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	17,539	*	Pacific Ethanol, Inc	$	119,265
	12,659		Panhandle Oil and Gas, Inc (Class A)		239,888
	23,538	*,e	Par Pacific Holdings, Inc		385,317
	97,112	*	Parker Drilling Co		160,235
	120,742	*	Parsley Energy, Inc		3,596,904
	86,542		Patterson-UTI Energy, Inc		1,873,202
	59,913		PBF Energy, Inc		1,337,258
	30,408	*	PDC Energy, Inc		1,679,434
	5,035	*	PHI, Inc		59,061
	252,401		Phillips 66		20,081,024
	40,631	*	Pioneer Energy Services Corp		123,925
	88,652		Pioneer Natural Resources Co		15,335,909
	132,408	*	Questar Market Resources, Inc		1,563,738
	111,224		Range Resources Corp		2,946,324
	38,893	*	Renewable Energy Group, Inc		406,432
	3,235	*	Rex American Resources Corp		306,290
	84,096	*	Rice Energy, Inc		1,790,404
	14,006	*	RigNet, Inc		274,518
	28,113	*	Ring Energy, Inc		337,356
	69,885	*	Rowan Cos plc		983,282
	32,588	e	RPC, Inc		592,124
	53,262	*	RSP Permian, Inc		2,026,619
	38,958	*,e	Sanchez Energy Corp		301,535
	756,613		Schlumberger Ltd		54,922,538
	94,504		Scorpio Tankers, Inc		415,818
	7,758	*	SEACOR Holdings, Inc		509,390
	34,259		SemGroup Corp		1,140,825
	29,038	e	Ship Finance International Ltd		407,984
	53,347		SM Energy Co		1,205,109
	7,086	*,e	Smart Sand, Inc		86,307
	271,269	*	Southwestern Energy Co		2,037,230
	101,034	*,e	SRC Energy, Inc		761,796
	83,994	*	Superior Energy Services		1,014,648
	96,855		Targa Resources Investments, Inc		5,339,616
	33,452	e	Teekay Corp		290,363
	79,821		Teekay Tankers Ltd (Class A)		163,633
	25,468	*	Tesco Corp		166,815
	62,784		Tesoro Corp		5,004,513
	65,923	*	Tetra Technologies, Inc		219,524
	188,293	*	Transocean Ltd (NYSE)		2,076,872
	28,855	*	Unit Corp		620,094
	41,068		US Silica Holdings Inc		1,704,322
	255,019		Valero Energy Corp		16,476,778
	33,591	*,e	W&T Offshore, Inc		68,526
	535,816	*	Weatherford International Ltd		3,091,658
	41,905		Western Refining, Inc		1,445,303
	11,352	*	Westmoreland Coal Co		121,012
	111,782	*	Whiting Petroleum Corp		927,791
	12,853	*	WildHorse Resource Development Corp		140,226
	35,803	*	Willbros Group, Inc		98,458
	407,264		Williams Cos, Inc		12,474,496
	36,526		World Fuel Services Corp		1,345,253
	209,496	*	WPX Energy, Inc		2,499,287
			TOTAL ENERGY		791,049,868

170

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

FOOD & STAPLES RETAILING - 1.5%
	14,378		Andersons, Inc	$	537,018
	20,281	e	Casey’s General Stores, Inc		2,272,892
	9,311	*	Chefs’ Warehouse Holdings, Inc		127,095
	591,828		CVS Health Corp		48,790,300
	7,755		Ingles Markets, Inc (Class A)		362,158
	517,311		Kroger Co		15,338,271
	12,396	*,e	Natural Grocers by Vitamin C		135,612
	37,442	*	Performance Food Group Co		932,306
	10,227		Pricesmart, Inc		889,238
	562,718	*	Rite Aid Corp		2,250,872
	9,346	*,e	Smart & Final Stores, Inc		110,283
	19,156		Spartan Stores, Inc		704,941
	72,087	*	Sprouts Farmers Market, Inc		1,608,261
	146,166	*	Supervalu, Inc		599,281
	282,377		Sysco Corp		14,929,272
	26,450	*	United Natural Foods, Inc		1,098,469
	22,312	*	US Foods Holding Corp		629,198
	2,593		Village Super Market (Class A)		68,429
	468,007		Walgreens Boots Alliance, Inc		40,501,326
	839,466		Wal-Mart Stores, Inc		63,111,054
	4,966		Weis Markets, Inc		287,084
	172,719		Whole Foods Market, Inc		6,281,790
			TOTAL FOOD & STAPLES RETAILING		201,565,150

FOOD, BEVERAGE & TOBACCO - 5.0%
	17,610		AdvancePierre Foods Holdings, Inc		715,318
	1,581		Alico, Inc		47,351
	5,180	*	Alliance One International, Inc		71,225
	1,064,511		Altria Group, Inc		76,410,600
	14,217	*,e	Amplify Snack Brands, Inc		127,953
	314,448		Archer Daniels Midland Co		14,385,996
	34,055	e	B&G Foods, Inc (Class A)		1,430,310
	29,317	*	Blue Buffalo Pet Products, Inc		722,664
	5,898	*	Boston Beer Co, Inc (Class A)		851,376
	28,571		Brown-Forman Corp		1,373,122
	97,356		Brown-Forman Corp (Class B)		4,606,886
	76,068		Bunge Ltd		6,011,654
	7,234		Calavo Growers, Inc		474,550
	14,903	e	Cal-Maine Foods, Inc		562,588
	97,703		Campbell Soup Co		5,621,831
	2,459		Coca-Cola Bottling Co Consolidated		520,964
	2,154,420		Coca-Cola Co		92,963,223
	236,006		ConAgra Foods, Inc		9,152,313
	87,760		Constellation Brands, Inc (Class A)		15,142,110
	237,227		Costco Wholesale Corp		42,112,537
	10,989	*	Craft Brewers Alliance, Inc		149,450
	85,697	*	Darling International, Inc		1,296,596
	51,471		Dean Foods Co		1,016,038
	97,516		Dr Pepper Snapple Group, Inc		8,937,341
	3,496	*	Farmer Bros Co		124,108

171

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	94,237		Flowers Foods, Inc	$	1,847,988
	19,090		Fresh Del Monte Produce, Inc		1,170,217
	8,938	*	Freshpet, Inc		105,022
	318,987		General Mills, Inc		18,344,942
	53,485	*	Hain Celestial Group, Inc		1,978,410
	74,254		Hershey Co		8,034,283
	144,373		Hormel Foods Corp		5,064,605
	38,609		Ingredion, Inc		4,780,566
	13,373	*	Inventure Foods, Inc		49,480
	7,308		J&J Snack Foods Corp		983,511
	62,633		J.M. Smucker Co		7,936,854
	6,282		John B. Sanfilippo & Son, Inc		461,727
	131,206		Kellogg Co		9,315,626
	328,638		Kraft Heinz Co		29,705,589
	76,657		Lamb Weston Holdings, Inc		3,200,430
	15,295		Lancaster Colony Corp		1,925,641
	10,815	*	Landec Corp		148,706
	1,889	*	Lifeway Foods, Inc		18,134
	4,909		Limoneira Co		101,518
	60,727		McCormick & Co, Inc		6,066,627
	107,853		Mead Johnson Nutrition Co		9,568,718
	7,916	e	Mgp Ingredients, Inc		414,482
	90,478		Molson Coors Brewing Co (Class B)		8,675,936
	826,957		Mondelez International, Inc		37,237,874
	232,373	*	Monster Beverage Corp		10,545,087
	6,358		National Beverage Corp		563,255
	13,153		Omega Protein Corp		265,033
	798,835		PepsiCo, Inc		90,492,029
	856,843		Philip Morris International, Inc		94,972,478
	32,383		Pilgrim’s Pride Corp		840,663
	63,500		Pinnacle Foods, Inc		3,692,525
	35,080	*	Post Holdings, Inc		2,953,385
	17,194	*	Primo Water Corp		205,812
	456,410		Reynolds American, Inc		29,438,445
	10,865		Sanderson Farms, Inc		1,257,950
	127		Seaboard Corp		537,719
	4,225	*	Seneca Foods Corp		157,170
	41,113		Snyder’s-Lance, Inc		1,449,644
	9,335	*	Synutra International, Inc		56,243
	8,492	e	Tootsie Roll Industries, Inc		317,176
	29,979	*,e	TreeHouse Foods, Inc		2,626,160
	159,634		Tyson Foods, Inc (Class A)		10,258,081
	13,159		Universal Corp		966,529
	44,992		Vector Group Ltd		977,226
			TOTAL FOOD, BEVERAGE & TOBACCO		694,537,600

HEALTH CARE EQUIPMENT & SERVICES - 5.3%
	8,642	*,e	AAC Holdings, Inc		61,877
	10,727		Abaxis, Inc		483,037
	943,223		Abbott Laboratories		41,162,252
	22,024	*	Abiomed, Inc		2,870,168
	37,782	*,e	Acadia Healthcare Co, Inc		1,646,540
	33,412	*	Accuray, Inc		152,025

172

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	14,051		Aceto Corp	$	222,708
	5,753	*	Addus HomeCare Corp		195,314
	179,391		Aetna Inc		24,230,342
	47,294	*	Alere, Inc		2,325,446
	37,457	*	Align Technology, Inc		5,042,461
	90,925	*	Allscripts Healthcare Solutions, Inc		1,088,372
	5,746	*	Almost Family, Inc		285,289
	15,503	*	Amedisys, Inc		840,263
	4,344	*,e	American Renal Associates Holdings, Inc		74,760
	96,701		AmerisourceBergen Corp		7,934,317
	24,370	*	AMN Healthcare Services, Inc		995,514
	6,075		Analogic Corp		436,489
	10,989	*	Angiodynamics, Inc		170,549
	6,839	*	Anika Therapeutics, Inc		315,483
	146,815		Anthem, Inc		26,116,920
	20,289	*,e	athenahealth, Inc		1,988,525
	19,168	*	AtriCure, Inc		392,944
	618		Atrion Corp		319,568
	18,916	*	AxoGen, Inc		230,775
	41,749		Bard (C.R.), Inc		12,836,983
	262,756		Baxter International, Inc		14,630,254
	111,384		Becton Dickinson & Co		20,825,466
	65,200	*,e	BioScrip, Inc		99,104
	13,893	*	BioTelemetry, Inc		457,080
	718,339	*	Boston Scientific Corp		18,949,783
	95,479	*	Brookdale Senior Living, Inc		1,240,272
	18,693		Cantel Medical Corp		1,390,946
	34,735	*	Capital Senior Living Corp		485,248
	181,589		Cardinal Health, Inc		13,181,546
	15,265	*	Cardiovascular Systems, Inc		455,966
	24,133	*	Castlight Health, Inc		92,912
	99,718	*	Centene Corp		7,419,019
	157,066	*	Cerner Corp		10,170,023
	98,758	*,e	Cerus Corp		429,597
	7,648		Chemed Corp		1,540,154
	136,724		Cigna Corp		21,379,532
	6,476	*	Civitas Solutions, Inc		115,273
	73,343	*	Community Health Systems, Inc		631,483
	18,696	e	Computer Programs & Systems, Inc		513,205
	31,127	*,e	ConforMIS, Inc		174,934
	13,375		Conmed Corp		657,515
	24,541		Cooper Cos, Inc		4,916,299
	54,387	*,e	Corindus Vascular Robotics, Inc		68,528
	4,880	*	Corvel Corp		217,160
	7,657	*	Cotiviti Holdings, Inc		319,986
	23,679	*	Cross Country Healthcare, Inc		330,796
	15,190		CryoLife, Inc		275,698
	6,000	*	Cutera, Inc		117,300
	321,213		Danaher Corp		26,766,679
	88,418	*	DaVita, Inc		6,101,726
	120,956		Dentsply Sirona, Inc		7,649,257
	53,077	*	DexCom, Inc		4,137,883
	24,826	*	Diplomat Pharmacy, Inc		387,286

173

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	113,748	*	Edwards Lifesciences Corp	$	12,474,743
	42,669	*,e	Endologix, Inc		319,591
	23,345		Ensign Group, Inc		419,043
	2,354	*	Entellus Medical, Inc		33,474
	61,903	*	Envision Healthcare Corp		3,468,425
	9,989	*	Evolent Health, Inc		232,244
	5,211	*	Exactech, Inc		154,506
	335,514	*	Express Scripts Holding Co		20,580,429
	30,374	*	GenMark Diagnostics, Inc		389,395
	9,224	*	Glaukos Corp		438,417
	34,230	*	Globus Medical, Inc		1,038,196
	26,513	*	Haemonetics Corp		1,110,364
	42,629	*	Halyard Health, Inc		1,683,845
	162,653	*	HCA Holdings, Inc		13,697,009
	27,864	*	HealthEquity, Inc		1,268,369
	56,029		Healthsouth Corp		2,627,760
	12,669	*	HealthStream, Inc		352,072
	41,836	*	Henry Schein, Inc		7,271,097
	33,953		Hill-Rom Holdings, Inc		2,568,205
	48,845	*	HMS Holdings Corp		999,857
	147,223	*	Hologic, Inc		6,647,118
	82,435		Humana, Inc		18,298,921
	8,863	*	ICU Medical, Inc		1,363,129
	49,868	*	Idexx Laboratories, Inc		8,364,360
	7,968	*	Inogen Inc		660,468
	28,625	*,e	Inovalon Holdings, Inc		350,656
	30,087	*	Insulet Corp		1,306,077
	17,394	*	Integer Holding Corp		639,229
	33,588	*	Integra LifeSciences Holdings Corp		1,544,040
	20,982	*	Intuitive Surgical, Inc		17,538,224
	30,001		Invacare Corp		441,015
	11,172	*,e	InVivo Therapeutics Holdings Corp		42,454
	1,187	*	iRadimed Corp		10,208
	3,660	*,e	iRhythm Technologies, Inc		129,161
	3,680	*	IRIDEX Corp		41,952
	12,177	*	K2M Group Holdings, Inc		269,721
	48,155		Kindred Healthcare, Inc		462,288
	55,470	*	Laboratory Corp of America Holdings		7,774,120
	4,554		Landauer, Inc		239,540
	4,833		LeMaitre Vascular, Inc		143,782
	7,358	*	LHC Group, Inc		398,068
	19,709	*	LifePoint Hospitals, Inc		1,224,914
	14,401	*	Magellan Health Services, Inc		990,789
	21,221	*	Masimo Corp		2,180,246
	113,607		McKesson Corp		15,710,712
	31,460	*	Medidata Solutions, Inc		2,058,428
	48,147	*	MEDNAX, Inc		2,906,153
	769,617		Medtronic plc		63,947,476
	20,456		Meridian Bioscience, Inc		302,749
	20,749	*	Merit Medical Systems, Inc		699,241
	24,720	*	Molina Healthcare, Inc		1,230,809
	5,475		National Healthcare Corp		407,449
	3,676		National Research Corp		91,165

174

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	15,835	*	Natus Medical, Inc	$	554,225
	20,247	*	Neogen Corp		1,261,996
	14,693	*	Nevro Corp		1,384,374
	44,559	*,e	Nobilis Health Corp		55,699
	35,863	*,e	Novocure Ltd		405,252
	25,397	*	NuVasive, Inc		1,841,536
	30,681	*	NxStage Medical, Inc		917,055
	17,112	*	Omnicell, Inc		708,437
	29,431	*	OraSure Technologies, Inc		385,840
	11,738	*	Orthofix International NV		464,238
	52,331		Owens & Minor, Inc		1,813,269
	8,842	*	Oxford Immunotec Global plc		136,078
	45,315	e	Patterson Cos, Inc		2,016,064
	14,350	*,e	Penumbra, Inc		1,226,207
	15,541	*	PharMerica Corp		366,768
	41,162	*	Premier, Inc		1,391,276
	5,733	*	Providence Service Corp		252,252
	23,815	*	Quality Systems, Inc		339,602
	73,005		Quest Diagnostics, Inc		7,702,758
	11,443	*	Quidel Corp		276,577
	19,661	*	Quorum Health Corp		83,952
	14,581	*	RadNet, Inc		88,215
	84,927		Resmed, Inc		5,774,187
	29,766	*,e	Rockwell Medical, Inc		255,988
	22,692	*	RTI Biologics, Inc		91,903
	5,783	*,e	Second Sight Medical Products, Inc		6,708
	55,424	*	Select Medical Holdings Corp		762,080
	13,889	*,e	Senseonics Holdings, Inc		23,472
	27,613	*	Spectranetics Corp		789,732
	14,817	*,e	Staar Surgical Co		154,097
	181,108		Stryker Corp		24,697,698
	13,274	*	Surgery Partners, Inc		228,313
	8,004	*	SurModics, Inc		182,891
	12,482	*,e	Teladoc, Inc		309,554
	22,591		Teleflex, Inc		4,673,852
	45,277	*,e	Tenet Healthcare Corp		709,491
	15,590	*	Tivity Health, Inc		523,824
	39,361	*,e	TransEnterix, Inc		25,585
	10,733	*	Triple-S Management Corp (Class B)		194,267
	518,562		UnitedHealth Group, Inc		90,686,123
	43,705		Universal Health Services, Inc (Class B)		5,277,816
	5,830		US Physical Therapy, Inc		382,448
	1,453		Utah Medical Products, Inc		90,958
	20,069	*	Varex Imaging Corp		673,516
	58,259	*	Varian Medical Systems, Inc		5,286,422
	49,552	*	VCA Antech, Inc		4,537,477
	61,536	*	Veeva Systems, Inc		3,299,560
	13,352	*	Vocera Communications, Inc		338,607
	23,613	*	WellCare Health Plans, Inc		3,622,470
	37,725		West Pharmaceutical Services, Inc		3,471,832
	62,146	*	Wright Medical Group NV		1,888,617
	98,490		Zimmer Holdings, Inc		11,784,328
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		722,504,020

175

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	242,780	*	Avon Products, Inc	$	1,177,483
	8,399	*,e	Central Garden & Pet Co		317,482
	23,182	*	Central Garden and Pet Co (Class A)		816,702
	134,488		Church & Dwight Co, Inc		6,661,191
	68,539		Clorox Co		9,162,979
	467,553		Colgate-Palmolive Co		33,682,518
	245,278		Coty, Inc		4,378,212
	28,503	*	Edgewell Personal Care Co		2,037,679
	5,058	*,e	elf Beauty, Inc		137,831
	32,720		Energizer Holdings, Inc		1,938,006
	124,902		Estee Lauder Cos (Class A)		10,883,960
	38,279	*,e	Herbalife Ltd		2,421,530
	60,809	*	HRG Group, Inc		1,216,788
	7,838		Inter Parfums, Inc		297,452
	194,105		Kimberly-Clark Corp		25,185,124
	6,950	*,e	Lifevantage Corp		34,472
	5,231		Medifast, Inc		242,300
	3,678	e	Natural Health Trends Corp		105,485
	3,786		Nature’s Sunshine Products, Inc		38,239
	40,389		Nu Skin Enterprises, Inc (Class A)		2,230,684
	3,287		Nutraceutical International Corp		104,198
	2,506		Oil-Dri Corp of America		101,969
	11,468	e	Orchids Paper Products Co		279,246
	1,401,630		Procter & Gamble Co		122,404,348
	10,834	*	Revlon, Inc (Class A)		281,142
	12,926		Spectrum Brands, Inc		1,857,854
	5,068	*	USANA Health Sciences, Inc		288,116
	6,944		WD-40 Co		728,078
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		229,011,068

INSURANCE - 4.1%
	226,167		Aflac, Inc		16,935,385
	9,011	*	Alleghany Corp		5,503,018
	59,355		Allied World Assurance Co Holdings Ltd		3,151,157
	197,106		Allstate Corp		16,022,747
	19,045	*	AMBAC Financial Group, Inc		370,044
	54,467		American Equity Investment Life Holding Co		1,291,957
	33,354		American Financial Group, Inc		3,245,678
	554,112		American International Group, Inc		33,750,962
	3,548		American National Insurance Co		414,832
	9,124		Amerisafe, Inc		525,086
	46,535	e	Amtrust Financial Services, Inc		746,887
	148,131		Aon plc		17,752,019
	68,596	*	Arch Capital Group Ltd		6,651,754
	13,975		Argo Group International Holdings Ltd		921,651
	106,937		Arthur J. Gallagher & Co		5,968,154
	29,450		Aspen Insurance Holdings Ltd		1,541,708
	30,221		Assurant, Inc		2,908,469
	70,151		Assured Guaranty Ltd		2,674,858
	16,700	*	Athene Holding Ltd		890,277
	4,444	*	Atlas Financial Holdings, Inc		57,550

176

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	45,995		Axis Capital Holdings Ltd	$	3,031,071
	3,677		Baldwin & Lyons, Inc (Class B)		90,087
	1,042,420	*	Berkshire Hathaway, Inc (Class B)		172,218,208
	3,128		Blue Capital Reinsurance Holdings Ltd		59,119
	56,977		Brown & Brown, Inc		2,444,313
	258,550		Chubb Ltd		35,485,988
	74,601		Cincinnati Financial Corp		5,377,986
	33,153	*,e	Citizens, Inc (Class A)		233,729
	15,393		CNA Financial Corp		696,687
	92,311		Conseco, Inc		1,944,993
	5,375	e	Crawford & Co (Class B)		58,641
	3,405		Donegal Group, Inc (Class A)		56,727
	8,929	*	eHealth, Inc		126,613
	2,877		EMC Insurance Group, Inc		82,512
	15,444		Employers Holdings, Inc		617,760
	6,503	*	Enstar Group Ltd		1,266,784
	16,319		Erie Indemnity Co (Class A)		2,020,619
	25,726		Everest Re Group Ltd		6,475,491
	10,756		FBL Financial Group, Inc (Class A)		715,274
	5,754		Federated National Holding Co		92,524
	21,947	e	Fidelity & Guaranty Life		624,392
	49,317		First American Financial Corp		2,140,851
	133,853		FNF Group		5,481,280
	271,387	*	Genworth Financial, Inc (Class A)		1,096,403
	3,342	*	Global Indemnity Ltd		135,518
	24,665	*	Greenlight Capital Re Ltd (Class A)		531,531
	5,627	*	Hallmark Financial Services		59,140
	20,699		Hanover Insurance Group, Inc		1,827,101
	203,439		Hartford Financial Services Group, Inc		9,838,310
	4,431	e	HCI Group, Inc		211,314
	12,674		Heritage Insurance Holdings, Inc		153,355
	19,686		Horace Mann Educators Corp		760,864
	3,159		Independence Holding Co		59,863
	5,178		Infinity Property & Casualty Corp		513,917
	737		Investors Title Co		131,348
	6,321		James River Group Holdings Ltd		275,343
	19,560		Kemper Corp		769,686
	2,152		Kinsale Capital Group, Inc		77,816
	125,628		Lincoln National Corp		8,282,654
	145,466		Loews Corp		6,781,625
	34,720		Maiden Holdings Ltd		428,792
	7,914	*	Markel Corp		7,673,414
	273,184		Marsh & McLennan Cos, Inc		20,251,130
	73,366	*	MBIA, Inc		616,274
	15,410	e	Mercury General Corp		947,561
	510,209		Metlife, Inc		26,433,928
	23,494		National General Holdings Corp		534,254
	1,147		National Western Life Group, Inc		351,257
	14,900		Navigators Group, Inc		805,345
	117,277		Old Republic International Corp		2,425,288
	15,872		OneBeacon Insurance Group Ltd (Class A)		253,158
	13,895	*,e	Patriot National, Inc		40,157
	32,970		Primerica, Inc		2,762,886

177

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	137,255		Principal Financial Group	$	8,939,418
	31,172		ProAssurance Corp		1,929,547
	305,347		Progressive Corp		12,128,383
	243,322		Prudential Financial, Inc		26,042,754
	31,253		Reinsurance Group of America, Inc (Class A)		3,907,875
	20,478		RenaissanceRe Holdings Ltd		2,911,357
	27,558		RLI Corp		1,576,869
	6,977		Safety Insurance Group, Inc		505,135
	28,054		Selective Insurance Group, Inc		1,481,251
	6,046		State Auto Financial Corp		162,456
	11,853		State National Cos, Inc		173,884
	11,100		Stewart Information Services Corp		526,584
	69,333	*	Third Point Reinsurance Ltd		838,929
	58,072		Torchmark Corp		4,454,703
	165,241		Travelers Cos, Inc		20,103,220
	17,741	*,e	Trupanion, Inc		281,905
	10,606		United Fire & Casualty Co		466,664
	6,793		United Insurance Holdings Corp		103,661
	15,924		Universal Insurance Holdings, Inc		414,820
	117,739		UnumProvident Corp		5,454,848
	36,138		Validus Holdings Ltd		1,997,709
	46,818		W.R. Berkley Corp		3,182,688
	3,031		White Mountains Insurance Group Ltd		2,603,447
	146,403		XL Group Ltd		6,126,966
			TOTAL INSURANCE		564,010,147

MATERIALS - 3.3%
	16,652		A. Schulman, Inc		527,036
	17,585	*	AdvanSix, Inc		479,367
	16,005	*,e	AgroFresh Solutions, Inc		89,788
	103,430		Air Products & Chemicals, Inc		14,531,915
	170,124	*	AK Steel Holding Corp		1,078,586
	61,544		Albemarle Corp		6,702,757
	80,780		Alcoa Corp		2,724,709
	59,654	e	Allegheny Technologies, Inc		1,094,651
	16,715		American Vanguard Corp		279,976
	6,094		Ampco-Pittsburgh Corp		88,668
	32,585		Aptargroup, Inc		2,616,575
	33,523		Ashland Global Holdings, Inc		4,140,090
	48,337		Avery Dennison Corp		4,022,122
	84,725	*	Axalta Coating Systems Ltd		2,657,823
	16,361		Balchem Corp		1,327,859
	89,916		Ball Corp		6,913,641
	49,543		Bemis Co, Inc		2,225,967
	67,605	*	Berry Plastics Group, Inc		3,380,250
	21,846	*	Boise Cascade Co		666,303
	31,700		Cabot Corp		1,908,023
	24,508		Calgon Carbon Corp		356,591
	25,365		Carpenter Technology Corp		1,029,819
	79,263		Celanese Corp (Series A)		6,899,052
	28,403	*	Century Aluminum Co		387,417
	128,608		CF Industries Holdings, Inc		3,438,978
	4,817		Chase Corp		493,742

178

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	99,514		Chemours Co	$	4,009,419
	8,958	*	Clearwater Paper Corp		435,359
	155,632	*	Cliffs Natural Resources, Inc		1,045,847
	15,502	*	Codexis, Inc		68,209
	103,376	*	Coeur Mining, Inc		936,587
	62,486		Commercial Metals Co		1,164,739
	17,771	e	Compass Minerals International, Inc		1,172,886
	71,417	*	Crown Holdings, Inc		4,005,780
	4,672		Deltic Timber Corp		361,473
	35,793		Domtar Corp		1,419,192
	617,022		Dow Chemical Co		38,748,982
	25,517		Eagle Materials, Inc		2,448,866
	79,639		Eastman Chemical Co		6,351,210
	139,604		Ecolab, Inc		18,021,480
	477,971		EI du Pont de Nemours & Co		38,118,187
	42,644	*	Ferro Corp		764,180
	35,983		Ferroglobe plc		347,236
	31,640	*,e	Flotek Industries, Inc		379,996
	73,012		FMC Corp		5,346,669
	12,004	*	Forterra, Inc		230,957
	726,661	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		9,264,928
	13,581		FutureFuel Corp		209,962
	38,518	*	GCP Applied Technologies, Inc		1,267,242
	33,795	*	Gold Resource Corp		111,523
	163,314		Graphic Packaging Holding Co		2,217,804
	3,449		Greif, Inc		232,290
	16,058		Greif, Inc (Class A)		941,320
	24,317		H.B. Fuller Co		1,284,667
	1,004	*	Handy & Harman Ltd		27,359
	4,200		Hawkins, Inc		214,620
	7,111		Haynes International, Inc		300,724
	35,395	*	Headwaters, Inc		840,985
	210,309		Hecla Mining Co		1,146,184
	108,851		Huntsman Corp		2,696,239
	23,770	*	Ingevity Corp		1,502,977
	10,340		Innophos Holdings, Inc		495,700
	12,262		Innospec, Inc		809,292
	43,347		International Flavors & Fragrances, Inc		6,007,461
	227,169		International Paper Co		12,260,311
	9,810		Kaiser Aluminum Corp		828,062
	46,917		Kapstone Paper and Packaging Corp		989,480
	5,491		KMG Chemicals, Inc		288,552
	11,129	*	Koppers Holdings, Inc		472,426
	18,945	*	Kraton Polymers LLC		619,691
	12,343		Kronos Worldwide, Inc		216,249
	76,881	*	Louisiana-Pacific Corp		1,978,917
	16,521	*,e	LSB Industries, Inc		182,061
	183,142		LyondellBasell Industries AF S.C.A		15,523,116
	33,856		Martin Marietta Materials, Inc		7,454,753
	12,771		Materion Corp		485,937
	17,767		Minerals Technologies, Inc		1,398,263
	236,294		Monsanto Co		27,554,243
	190,943		Mosaic Co		5,142,095

179

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	11,369	*	Multi Packaging Solutions International Ltd	$	204,074
	10,894		Myers Industries, Inc		177,572
	8,629		Neenah Paper, Inc		676,082
	3,613		NewMarket Corp		1,700,639
	290,117		Newmont Mining Corp		9,808,856
	172,895		Nucor Corp		10,603,650
	90,651		Olin Corp		2,912,617
	5,609		Olympic Steel, Inc		126,483
	23,656	*	Omnova Solutions, Inc		224,732
	88,043	*	Owens-Illinois, Inc		1,921,098
	52,626		Packaging Corp of America		5,198,396
	23,640		PH Glatfelter Co		508,496
	109,958	*	Platform Specialty Products Corp		1,558,105
	43,476		PolyOne Corp		1,704,694
	142,691		PPG Industries, Inc		15,673,179
	154,425		Praxair, Inc		19,300,036
	9,880		Quaker Chemical Corp		1,428,648
	6,570	*,e	Ramaco Resources, Inc		50,983
	25,274		Rayonier Advanced Materials, Inc		334,881
	10,053	*	Real Industry, Inc		26,138
	37,690		Reliance Steel & Aluminum Co		2,970,726
	35,317		Royal Gold, Inc		2,496,206
	81,338		RPM International, Inc		4,275,125
	11,161	*	Ryerson Holding Corp		152,906
	15,318		Schnitzer Steel Industries, Inc (Class A)		289,510
	16,552		Schweitzer-Mauduit International, Inc		712,564
	24,693		Scotts Miracle-Gro Co (Class A)		2,385,344
	102,942		Sealed Air Corp		4,531,507
	21,592		Sensient Technologies Corp		1,766,226
	43,597		Sherwin-Williams Co		14,591,044
	19,159		Silgan Holdings, Inc		1,161,419
	53,240		Sonoco Products Co		2,784,984
	44,027		Southern Copper Corp (NY)		1,557,235
	128,572		Steel Dynamics, Inc		4,646,592
	10,492		Stepan Co		889,722
	66,393	*	Stillwater Mining Co		1,193,746
	58,950	*	Summit Materials, Inc		1,512,657
	42,849	*	SunCoke Energy, Inc		392,925
	165,824		Tahoe Resources, Inc		1,336,541
	22,283	*	TimkenSteel Corp		336,028
	8,634	*	Trecora Resources		95,406
	15,378		Tredegar Corp		263,733
	14,999		Trinseo S.A.		995,934
	39,978		Tronox Ltd		660,037
	3,086	*	UFP Technologies, Inc		82,396
	790		United States Lime & Minerals, Inc		62,505
	84,956		United States Steel Corp		1,896,218
	8,462	*,e	US Concrete, Inc		524,644
	48,414		Valspar Corp		5,443,670
	15,062	e	Valvoline, Inc		335,130
	74,078		Vulcan Materials Co		8,954,549
	20,412		Westlake Chemical Corp		1,270,647
	139,851		WestRock Co		7,490,420

180

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	24,419	*	Worthington Industries, Inc	$	1,062,227
	35,989		WR Grace & Co		2,509,153
			TOTAL MATERIALS		456,173,427

MEDIA - 3.1%
	28,681		AMC Entertainment Holdings, Inc		869,034
	30,914	*	AMC Networks, Inc		1,844,947
	2,485		Cable One, Inc		1,694,422
	206,542		CBS Corp (Class B)		13,747,436
	31,564	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		129,412
	110,846	*	Charter Communications, Inc		38,259,605
	55,411		Cinemark Holdings, Inc		2,393,755
	21,417		Clear Channel Outdoor Holdings, Inc (Class A)		110,298
	2,644,610		Comcast Corp (Class A)		103,642,266
	444	*,e	Daily Journal Corp		92,805
	77,006	*	Discovery Communications, Inc (Class A)		2,216,233
	123,084	*,e	Discovery Communications, Inc (Class C)		3,443,890
	120,268	*	DISH Network Corp (Class A)		7,750,070
	14,728	e	Entercom Communications Corp (Class A)		186,309
	44,878		Entravision Communications Corp (Class A)		278,244
	20,609	*,e	Eros International plc		205,060
	31,740	*	EW Scripps Co (Class A)		707,167
	66,483		Gannett Co, Inc		555,798
	29,509	*,e	Global Eagle Entertainment, Inc		91,478
	35,991	*	Gray Television, Inc		527,268
	4,651	*	Hemisphere Media Group, Inc		54,184
	31,812	*	Imax Corp		970,266
	211,634		Interpublic Group of Cos, Inc		4,988,213
	22,665		John Wiley & Sons, Inc (Class A)		1,194,445
	6,400	*	Liberty Braves Group (Class A)		158,912
	17,411	*	Liberty Braves Group (Class C)		426,918
	13,819	*	Liberty Broadband Corp (Class A)		1,242,743
	56,557	*	Liberty Broadband Corp (Class C)		5,155,736
	15,188	*,e	Liberty Media Group (Class A)		515,025
	25,216	*,e	Liberty Media Group (Class C)		883,064
	53,732	*	Liberty SiriusXM Group (Class A)		2,047,189
	105,549	*	Liberty SiriusXM Group (Class C)		4,009,806
	22,742	*	Lions Gate Entertainment Corp (Class A)		595,158
	55,622	*	Lions Gate Entertainment Corp (Class B)		1,326,585
	68,600	*	Live Nation, Inc		2,206,176
	6,029	*	Loral Space & Communications, Inc		231,212
	10,349	*	Madison Square Garden Co		2,088,118
	32,089		MDC Partners, Inc		287,197
	19,511	e	Meredith Corp		1,142,369
	30,657	*	MSG Networks, Inc		764,892
	30,224		National CineMedia, Inc		358,759
	27,474		New Media Investment Group, Inc		361,558
	59,194		New York Times Co (Class A)		855,353
	199,730		News Corp		2,540,566
	59,669		News Corp (Class B)		775,697
	27,273		Nexstar Broadcasting Group, Inc (Class A)		1,881,837
	126,324		Omnicom Group, Inc		10,373,727
	4,994	*,e	Radio One, Inc		14,982

181

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	7,081	*	Reading International, Inc	$	111,384
	39,382		Regal Entertainment Group (Class A)		869,161
	1,443		Saga Communications, Inc		73,954
	14,302		Scholastic Corp		618,275
	43,880		Scripps Networks Interactive (Class A)		3,278,714
	39,938		Sinclair Broadcast Group, Inc (Class A)		1,575,554
	959,773	e	Sirius XM Holdings, Inc		4,750,876
	119,108		TEGNA, Inc		3,034,872
	431,282		Time Warner, Inc		42,813,364
	55,448		Time, Inc		842,810
	8,496	*	Townsquare Media, Inc		102,802
	41,322		Tribune Co		1,510,732
	15,980	*	tronc, Inc		229,153
	592,774		Twenty-First Century Fox, Inc		18,103,318
	265,292		Twenty-First Century Fox, Inc (Class B)		7,921,619
	7,627		Viacom, Inc		340,164
	188,298		Viacom, Inc (Class B)		8,013,963
	888,658		Walt Disney Co		102,728,865
	17,813		World Wrestling Entertainment, Inc (Class A)		381,733
			TOTAL MEDIA		423,497,497

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	885,883		AbbVie, Inc		58,415,125
	48,978	*	Acadia Pharmaceuticals, Inc		1,681,415
	11,534	*,e	Accelerate Diagnostics, Inc		314,878
	13,351	*	Acceleron Pharma, Inc		440,850
	18,680	*,e	AcelRx Pharmaceuticals, Inc		48,568
	57,304	*	Achillion Pharmaceuticals, Inc		195,407
	6,095	*	Aclaris Therapeutics, Inc		171,330
	20,949	*	Acorda Therapeutics, Inc		338,326
	8,387	*,e	Adamas Pharmaceuticals, Inc		137,379
	20,880	*,e	Aduro Biotech, Inc		201,492
	21,624	*,e	Advaxis, Inc		185,101
	12,037	*	Adverum Biotechnologies, Inc		34,305
	14,933	*	Aerie Pharmaceuticals, Inc		657,799
	7,447	*,e	Aevi Genomic Medicine, Inc		11,915
	44,202	*,e	Agenus, Inc		158,685
	4,678	*	Agile Therapeutics, Inc		16,794
	188,657		Agilent Technologies, Inc		10,385,568
	15,868	*,e	Agios Pharmaceuticals, Inc		788,798
	12,929	*,e	Aimmune Therapeutics, Inc		251,340
	22,014	*	Akebia Therapeutics, Inc		290,145
	43,771	*	Akorn, Inc		1,464,140
	12,928	*,e	Albany Molecular Research, Inc		206,977
	24,986	*	Alder Biopharmaceuticals, Inc		500,969
	117,007	*	Alexion Pharmaceuticals, Inc		14,951,154
	79,488	*	Alkermes plc		4,630,176
	182,777		Allergan plc		44,571,999
	39,133	*	Alnylam Pharmaceuticals, Inc		2,097,529
	19,349	*	AMAG Pharmaceuticals, Inc		472,116
	408,553		Amgen, Inc		66,724,876
	82,101	*,e	Amicus Therapeutics, Inc		630,536
	16,975	*	Amphastar Pharmaceuticals, Inc		256,322

182

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	22,539	*,e	Ampio Pharmaceuticals, Inc	$	12,602
	1,900	*,e	AnaptysBio, Inc		50,692
	22,823	*,e	Anavex Life Sciences Corp		128,493
	3,304	*	ANI Pharmaceuticals, Inc		178,812
	21,009	*,e	Anthera Pharmaceuticals, Inc		6,933
	11,360	*	Applied Genetic Technologies Corp		63,616
	7,908	*	Aptevo Therapeutics, Inc		15,816
	407	*,e	AquaBounty Technologies, Inc		3,162
	12,806	*,e	Aratana Therapeutics, Inc		79,397
	16,077	*,e	Ardelyx, Inc		215,432
	101,870	*	Arena Pharmaceuticals, Inc		136,506
	85,727	*,e	Array Biopharma, Inc		743,253
	49,152	*,e	Arrowhead Research Corp		76,186
	20,476	*,e	Asterias Biotherapeutics, Inc		75,761
	17,386	*,e	Atara Biotherapeutics, Inc		297,301
	34,748	*,e	Athersys, Inc		51,427
	3,136	*,e	Avexis, Inc		252,448
	12,006	*	Axovant Sciences Ltd		291,025
	4,815	*,e	Axsome Therapeutics, Inc		19,741
	12,538	*,e	Bellicum Pharmaceuticals, Inc		167,633
	43,324	*	BioCryst Pharmaceuticals, Inc		274,674
	121,340	*	Biogen Idec, Inc		32,908,621
	94,140	*	BioMarin Pharmaceutical, Inc		9,022,378
	39,348	*,e	Bio-Path Holdings, Inc		24,821
	14,984	*	Bio-Rad Laboratories, Inc (Class A)		3,270,408
	1,907	*	Biospecifics Technologies Corp		108,184
	26,356		Bio-Techne Corp		2,822,200
	31,057	*,e	BioTime, Inc		105,594
	57,166	*	Bioverativ, Inc		3,361,932
	21,816	*	Bluebird Bio, Inc		1,940,533
	12,632	*	Blueprint Medicines Corp		588,399
	911,917		Bristol-Myers Squibb Co		51,112,948
	54,276		Bruker BioSciences Corp		1,323,792
	16,571	*	Cambrex Corp		983,489
	13,831	*,e	Cara Therapeutics Inc		219,775
	52,144	*	Catalent, Inc		1,526,776
	420,466	*	Celgene Corp		52,158,807
	54,616	*,e	Celldex Therapeutics, Inc		181,871
	4,292	*,e	Cellular Biomedicine Group, Inc		46,354
	39,028	*	Cempra, Inc		167,820
	24,538	*	Charles River Laboratories International, Inc		2,201,059
	11,750	*	ChemoCentryx, Inc		85,070
	19,935	*	Chimerix, Inc		119,211
	13,925	*	ChromaDex Corp		43,307
	2,186	*	Cidara Therapeutics, Inc		16,941
	4,181	*	Clearside Biomedical, Inc		33,281
	20,565	*	Clovis Oncology, Inc		1,190,508
	17,494	*	Coherus Biosciences, Inc		335,885
	9,471	*,e	Collegium Pharmaceutical, Inc		92,911
	10,022	*	Concert Pharmaceuticals Inc		159,049
	35,675	*	Corcept Therapeutics, Inc		340,339
	64,742	*	Curis, Inc		156,676
	19,262	*	Cytokinetics, Inc		315,897

183

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	10,021	*	CytomX Therapeutics, Inc	$	157,430
	28,094	*,e	CytRx Corp		14,294
	29,384	*	Depomed, Inc		352,314
	17,356	*	Dermira, Inc		591,145
	5,621	*	Dimension Therapeutics, Inc		8,713
	47,996	*	Durect Corp		42,112
	34,070	*,e	Dynavax Technologies Corp		189,088
	5,157	*,e	Eagle Pharmaceuticals, Inc		467,173
	8,036	*	Edge Therapeutics, Inc		83,414
	5,985	*,e	Editas Medicine, Inc		112,817
	18,605	*,e	Egalet Corp		71,071
	1,596	*	Eiger BioPharmaceuticals, Inc		12,608
	534,674		Eli Lilly & Co		43,875,348
	15,816	*	Emergent Biosolutions, Inc		473,057
	6,742	*	Enanta Pharmaceuticals, Inc		214,058
	111,964	*	Endo International plc		1,273,031
	16,078	*,e	Endocyte, Inc		36,979
	18,877	*	Enzo Biochem, Inc		166,118
	22,129	*	Epizyme, Inc		399,428
	11,694	*,e	Esperion Thereapeutics, Inc		418,060
	56,138	*,e	Exact Sciences Corp		1,684,701
	120,414	*	Exelixis, Inc		2,697,274
	27,452	*	FibroGen, Inc		768,656
	13,889	*	Five Prime Therapeutics, Inc		484,171
	2,340	*	Flex Pharma, Inc		8,050
	13,575	*	Flexion Therapeutics Inc		277,066
	20,232	*	Fluidigm Corp		99,946
	16,433	*,e	Fortress Biotech, Inc		59,816
	8,176	*,e	Foundation Medicine, Inc		290,248
	9,048	*	Genomic Health, Inc		297,317
	94,140	*,e	Geron Corp		240,998
	737,465		Gilead Sciences, Inc		50,553,226
	11,159	*	Global Blood Therapeutics, Inc		323,053
	57,371	*,e	Halozyme Therapeutics, Inc		799,752
	20,561	*,e	Heron Therapeutics, Inc		315,611
	3,167	*	Heska Corp		342,828
	87,558	*	Horizon Pharma plc		1,346,642
	56,266	*	Idera Pharmaceuticals, Inc		132,225
	19,695	*	Ignyta, Inc		174,301
	78,760	*	Illumina, Inc		14,559,574
	4,828	*,e	Immune Design Corp		31,623
	78,397	*,e	Immunogen, Inc		340,243
	52,141	*,e	Immunomedics, Inc		298,768
	35,602	*	Impax Laboratories, Inc		500,208
	21,331	*	INC Research Holdings, Inc		959,895
	87,676	*	Incyte Corp		10,896,373
	44,789	*	Infinity Pharmaceuticals, Inc		96,296
	39,312	*,e	Innoviva, Inc		463,292
	30,381	*,e	Inovio Pharmaceuticals, Inc		191,096
	29,754	*	Insmed, Inc		548,961
	14,862	*,e	Insys Therapeutics, Inc		167,198
	3,255	*,e	Intellia Therapeutics, Inc		47,425
	8,362	*,e	Intercept Pharmaceuticals, Inc		939,471

184

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	12,277	*	Intersect ENT, Inc	$	233,263
	16,694	*,e	Intra-Cellular Therapies, Inc		230,711
	27,260	*,e	Intrexon Corp		568,098
	16,079	*,e	Invitae Corp		177,351
	64,115	*	Ionis Pharmaceuticals, Inc		3,089,702
	62,575	*	Ironwood Pharmaceuticals, Inc		1,021,224
	1,514,211		Johnson & Johnson		186,959,632
	1,471	*	Jounce Therapeutics, Inc		41,659
	33,123	*,e	Juno Therapeutics, Inc		826,088
	14,741	*	Karyopharm Therapeutics, Inc		150,653
	45,406	*,e	Keryx Biopharmaceuticals, Inc		268,804
	22,089	*,e	Kite Pharma, Inc		1,813,065
	8,243	*,e	La Jolla Pharmaceutical Co		239,047
	15,042	*,e	Lannett Co, Inc		391,092
	20,804	*,e	Lexicon Pharmaceuticals, Inc		324,750
	9,892	*	Ligand Pharmaceuticals, Inc (Class B)		1,099,694
	19,238	*	Lion Biotechnologies, Inc		131,780
	7,703	*,e	Lipocine, Inc		32,661
	8,371	*	Loxo Oncology, Inc		385,568
	19,030		Luminex Corp		358,335
	14,847	*	MacroGenics, Inc		320,844
	60,861	*	Mallinckrodt plc		2,855,598
	32,065	*,e	MannKind Corp		28,012
	40,830	*	Medicines Co		2,013,736
	14,511	*,e	MediciNova, Inc		83,438
	4,094	*	Medpace Holdings, Inc		129,821
	1,516,863		Merck & Co, Inc		94,546,071
	73,287	*,e	Merrimack Pharmaceuticals, Inc		244,046
	15,484	*	Mettler-Toledo International, Inc		7,949,795
	47,130	*,e	MiMedx Group, Inc		598,080
	8,077	*	Minerva Neurosciences, Inc		61,385
	4,258	*	Mirati Therapeutics, Inc		19,374
	31,181	*	Momenta Pharmaceuticals, Inc		447,447
	245,600	*	Mylan NV		9,173,160
	5,669	*	MyoKardia, Inc		73,980
	35,176	*,e	Myriad Genetics, Inc		646,887
	5,740	*	NanoString Technologies, Inc		100,335
	18,507	*,e	NantKwest, Inc		58,297
	13,099	*	Natera, Inc		118,546
	72,894	*	Nektar Therapeutics		1,382,799
	33,050	*	NeoGenomics, Inc		249,528
	10,909	*,e	Neos Therapeutics, Inc		77,454
	45,277	*	Neurocrine Biosciences, Inc		2,417,792
	12,820	*,e	NewLink Genetics Corp		239,606
	132,353	*,e	Novavax, Inc		108,013
	15,067	*,e	Ocular Therapeutix, Inc		150,067
	20,737	*,e	Omeros Corp		338,428
	11,002	*	OncoMed Pharmaceuticals, Inc		43,348
	14,755	*	Ophthotech Corp		43,822
	162,911	*,e	Opko Health, Inc		1,265,818
	49,140	*,e	Organovo Holdings, Inc		142,506
	12,099	*	Otonomy, Inc		161,522
	25,996	*,e	OvaScience, Inc		39,254

185

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	40,299	*	Pacific Biosciences of California, Inc	$	158,778
	21,136	*	Pacira Pharmaceuticals, Inc		1,026,153
	11,771	*	Paratek Pharmaceuticals, Inc		252,488
	38,818	*	Parexel International Corp		2,477,753
	17,849	*	Patheon NV		480,317
	105,806		PDL BioPharma, Inc		238,064
	70,286		PerkinElmer, Inc		4,175,691
	72,454		Perrigo Co plc		5,357,249
	13,322	*	Pfenex, Inc		64,079
	3,319,156		Pfizer, Inc		112,585,771
	28,593	e	PharmAthene, Inc		20,781
	10,011		Phibro Animal Health Corp		297,827
	24,659	*	Portola Pharmaceuticals, Inc		986,113
	12,394	*	PRA Health Sciences, Inc		792,720
	39,587	*	Prestige Brands Holdings, Inc		2,272,690
	36,415	*	Progenics Pharmaceuticals, Inc		288,407
	6,724	*	Proteostasis Therapeutics, Inc		40,647
	19,108	*,e	Prothena Corp plc		1,034,316
	17,832	*	PTC Therapeutics, Inc		216,659
	15,594	*,e	Puma Biotechnology, Inc		633,116
	123,143		QIAGEN NV		3,705,373
	78,021	*	Quintiles Transnational Holdings, Inc		6,575,610
	16,338	*,e	Radius Health, Inc		638,326
	2,682	*	Reata Pharmaceuticals, Inc		55,625
	42,672	*	Regeneron Pharmaceuticals, Inc		16,577,645
	10,255	*	REGENXBIO, Inc		214,330
	39,674	*,e	Regulus Therapeutics, Inc		61,495
	16,979	*	Repligen Corp		624,657
	19,915	*	Retrophin, Inc		390,135
	9,301	*	Revance Therapeutics, Inc		202,297
	65,323	*	Rigel Pharmaceuticals, Inc		195,316
	15,399	*	Sage Therapeutics, Inc		1,093,329
	45,343	*	Sangamo Biosciences, Inc		217,646
	26,570	*	Sarepta Therapeutics, Inc		963,428
	22,166	*	Sciclone Pharmaceuticals, Inc		213,902
	50,319	*	Seattle Genetics, Inc		3,436,788
	16,185	*,e	Seres Therapeutics, Inc		159,099
	12,170	*,e	Sorrento Therapeutics, Inc		23,732
	11,148	*	Spark Therapeutics, Inc		646,250
	27,773	*	Spectrum Pharmaceuticals, Inc		211,353
	15,058	*,e	Stemline Therapeutics, Inc		134,016
	10,521	*,e	Sucampo Pharmaceuticals, Inc (Class A)		106,788
	25,467	*	Supernus Pharmaceuticals, Inc		830,224
	2,850	*	Syndax Pharmaceuticals, Inc		27,047
	95,899	*,e	Synergy Pharmaceuticals, Inc		395,104
	36,143	*,e	Synthetic Biologics, Inc		20,602
	3,929	*,e	T2 Biosystems, Inc		18,898
	17,729	*,e	Teligent, Inc		139,882
	15,065	*	TESARO, Inc		2,223,443
	15,324	*	Tetraphase Pharmaceuticals, Inc		121,519
	29,091	*,e	TG Therapeutics, Inc		321,456
	71,280	*,e	TherapeuticsMD, Inc		363,528
	22,379	*,e	Theravance Biopharma, Inc		902,545

186

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	219,602		Thermo Fisher Scientific, Inc	$	36,306,799
	9,087	*,e	Titan Pharmaceuticals, Inc		26,807
	4,598	*,m	Tobira Therapeutics, Inc		63,177
	23,387	*	Trevena, Inc		76,475
	17,370	*,e	Trovagene, Inc		16,154
	20,911	*	Ultragenyx Pharmaceutical, Inc		1,346,459
	23,079	*	United Therapeutics Corp		2,901,030
	17,036	*	Vanda Pharmaceuticals, Inc		259,799
	16,952	*	Versartis, Inc		311,917
	132,343	*	Vertex Pharmaceuticals, Inc		15,656,177
	16,833	*,e	Vital Therapies, Inc		67,332
	5,712	*	Voyager Therapeutics, Inc		59,633
	40,447	*	VWR Corp		1,143,032
	45,079	*	Waters Corp		7,658,471
	4,218	*	WaVe Life Sciences Pte Ltd		89,000
	10,835	*,e	XBiotech, Inc		117,885
	18,414	*	Xencor Inc		472,687
	6,984	*	Zafgen, Inc		34,082
	67,644	*,e	ZIOPHARM Oncology, Inc		476,214
	258,346		Zoetis, Inc		14,495,794
	10,650	*	Zogenix, Inc		117,150
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,102,611,389

REAL ESTATE - 4.0%
	30,662		Acadia Realty Trust		891,651
	11,379		Agree Realty Corp		551,654
	35,064		Alexander & Baldwin, Inc		1,613,295
	2,652		Alexander’s, Inc		1,153,116
	45,618		Alexandria Real Estate Equities, Inc		5,132,481
	7,073	*,e	Altisource Portfolio Solutions S.A.		156,243
	31,307		American Assets Trust,Inc		1,340,879
	67,791		American Campus Communities, Inc		3,212,615
	94,784		American Homes 4 Rent		2,184,771
	232,890		American Tower Corp		29,330,167
	98,501		Apartment Investment & Management Co (Class A)		4,308,434
	112,770		Apple Hospitality REIT, Inc		2,112,182
	25,296		Armada Hoffler Properties, Inc		360,721
	11,429		Ashford Hospitality Prime, Inc		121,033
	41,202		Ashford Hospitality Trust, Inc		257,512
	7,271	*,e	AV Homes, Inc		127,606
	77,626		AvalonBay Communities, Inc		14,736,520
	26,052		Bluerock Residential Growth REIT, Inc		324,608
	88,844		Boston Properties, Inc		11,247,650
	86,690		Brandywine Realty Trust		1,471,129
	86,117		Brixmor Property Group, Inc		1,700,811
	48,686		Camden Property Trust		4,008,318
	40,937		Care Capital Properties, Inc		1,099,977
	28,069		CareTrust REIT, Inc		477,734
	28,358		CatchMark Timber Trust Inc		332,072
	142,539		CBL & Associates Properties, Inc		1,318,486
	179,449	*	CBRE Group, Inc		6,426,069
	40,660		Cedar Realty Trust, Inc		218,751
	16,749		Chatham Lodging Trust		324,261

187

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	28,782		Chesapeake Lodging Trust	$	670,908
	24,386		City Office REIT, Inc		306,044
	286,747		Colony NorthStar, Inc		3,747,783
	31,610		Colony Starwood Homes		1,092,758
	73,861		Columbia Property Trust, Inc		1,661,872
	11,890		Community Healthcare Trust, Inc		293,921
	1,845		Consolidated-Tomoka Land Co		100,054
	64,621		CoreCivic, Inc		2,226,193
	6,682		CorEnergy Infrastructure Trust, Inc		243,759
	25,111		Coresite Realty		2,457,111
	44,313		Corporate Office Properties Trust		1,450,808
	157,234		Cousins Properties, Inc		1,334,917
	199,371		Crown Castle International Corp		18,860,497
	88,695		CubeSmart		2,247,531
	37,134		CyrusOne, Inc		2,029,002
	49,318		DCT Industrial Trust, Inc		2,493,518
	150,563		DDR Corp		1,627,586
	97,976		DiamondRock Hospitality Co		1,078,716
	89,656		Digital Realty Trust, Inc		10,296,095
	68,494		Douglas Emmett, Inc		2,580,169
	178,771		Duke Realty Corp		4,957,320
	41,733		DuPont Fabros Technology, Inc		2,151,336
	11,376		Easterly Government Properties, Inc		228,885
	20,218		EastGroup Properties, Inc		1,582,058
	32,216		Education Realty Trust, Inc		1,249,014
	59,196		Empire State Realty Trust, Inc		1,231,277
	30,888		Entertainment Properties Trust		2,245,866
	41,235		Equinix, Inc		17,223,859
	83,724	*	Equity Commonwealth		2,678,331
	50,013		Equity Lifestyle Properties, Inc		4,046,552
	203,510		Equity Residential		13,142,676
	38,041		Essex Property Trust, Inc		9,299,883
	62,586		Extra Space Storage, Inc		4,727,121
	5,780		Farmland Partners, Inc		63,002
	36,590		Federal Realty Investment Trust		4,789,265
	86,174		FelCor Lodging Trust, Inc		667,848
	56,244		First Industrial Realty Trust, Inc		1,582,706
	32,871		First Potomac Realty Trust		361,581
	120,044		Forest City Realty Trust, Inc		2,712,994
	40,380	*	Forestar Group, Inc		571,377
	31,622		Four Corners Property Trust, Inc		737,741
	52,242		Franklin Street Properties Corp		633,695
	2,632	*	FRP Holdings, Inc		112,386
	98,038		Gaming and Leisure Properties, Inc		3,411,722
	72,704		Geo Group, Inc		2,422,481
	12,704		Getty Realty Corp		325,222
	294,808		GGP, Inc		6,370,801
	17,812		Gladstone Commercial Corp		397,208
	6,018		Global Medical REIT, Inc		55,787
	34,814	*	Global Net Lease, Inc		822,655
	39,025		Government Properties Income Trust		832,013
	72,173		Gramercy Property Trust		2,005,688
	240,313		HCP, Inc		7,533,813

188

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	53,657		Healthcare Realty Trust, Inc	$	1,759,950
	66,120		Healthcare Trust of America, Inc		2,108,567
	20,220		Hersha Hospitality Trust		372,857
	24,835		HFF, Inc (Class A)		779,819
	46,902		Highwoods Properties, Inc		2,386,374
	84,648		Hospitality Properties Trust		2,694,346
	429,404		Host Marriott Corp		7,707,802
	22,920	*	Howard Hughes Corp		2,821,681
	54,700		Hudson Pacific Properties		1,879,492
	30,689		Independence Realty Trust, Inc		282,339
	59,474		Investors Real Estate Trust		351,491
	78,408	*	Invitation Homes, Inc		1,689,692
	133,896		Iron Mountain, Inc		4,654,225
	35,775	*	iStar Financial, Inc		437,528
	25,325		Jones Lang LaSalle, Inc		2,908,829
	64,971		Kennedy-Wilson Holdings, Inc		1,325,408
	47,531		Kilroy Realty Corp		3,352,361
	206,861		Kimco Realty Corp		4,197,210
	40,035		Kite Realty Group Trust		815,113
	41,915		Lamar Advertising Co		3,020,814
	70,657		LaSalle Hotel Properties		2,017,964
	112,121		Lexington Realty Trust		1,140,271
	67,947		Liberty Property Trust		2,756,610
	28,792		Life Storage, Inc		2,257,005
	26,215		LTC Properties, Inc		1,254,126
	73,352		Macerich Co		4,579,365
	45,234		Mack-Cali Realty Corp		1,223,580
	25,347	*	Marcus & Millichap, Inc		653,953
	150,969		Medical Properties Trust, Inc		1,973,165
	62,887		Mid-America Apartment Communities, Inc		6,239,019
	30,377		Monmouth Real Estate Investment Corp (Class A)		455,655
	69,668		Monogram Residential Trust, Inc		709,220
	18,057		National Health Investors, Inc		1,321,231
	72,076		National Retail Properties, Inc		3,043,049
	19,441		National Storage Affiliates Trust		476,305
	62,372		New Senior Investment Group, Inc		649,916
	8,034		NexPoint Residential Trust, Inc		192,896
	28,236		NorthStar Realty Europe Corp		328,385
	90,126		Omega Healthcare Investors, Inc		2,974,158
	6,278		One Liberty Properties, Inc		152,430
	72,775		Outfront Media, Inc		1,903,794
	88,247		Paramount Group, Inc		1,447,251
	57,023		Park Hotels & Resorts, Inc		1,463,780
	19,654		Parkway, Inc		396,028
	34,872		Pebblebrook Hotel Trust		1,037,791
	34,599		Pennsylvania REIT		479,196
	65,496		Physicians Realty Trust		1,286,341
	99,426		Piedmont Office Realty Trust, Inc		2,172,458
	26,414		Potlatch Corp		1,189,951
	22,337		Preferred Apartment Communities, Inc		316,069
	272,565		Prologis, Inc		14,830,262
	16,201		PS Business Parks, Inc		1,969,070
	83,648		Public Storage, Inc		17,514,218

189

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	22,756		QTS Realty Trust, Inc	$	1,216,081
	59,991	*	Quality Care Properties, Inc		1,040,844
	49,089		RAIT Investment Trust		150,703
	38,022		Ramco-Gershenson Properties		506,833
	79,312		Rayonier, Inc		2,238,185
	11,809		Re/Max Holdings, Inc		698,502
	80,174		Realogy Holdings Corp		2,449,316
	142,844		Realty Income Corp		8,334,947
	88,861		Regency Centers Corp		5,614,238
	67,247		Retail Opportunities Investment Corp		1,385,288
	105,872		Retail Properties of America, Inc		1,412,332
	31,686		Rexford Industrial Realty, Inc		790,249
	59,376		RLJ Lodging Trust		1,275,990
	4,250		RMR Group, Inc		224,188
	21,180		Ryman Hospitality Properties		1,350,860
	33,808		Sabra Healthcare REIT, Inc		919,240
	7,154		Saul Centers, Inc		429,598
	66,818	*	SBA Communications Corp		8,451,809
	30,659		Select Income REIT		768,315
	123,285		Senior Housing Properties Trust		2,653,093
	12,184		Seritage Growth Properties		505,636
	17,544		Silver Bay Realty Trust Corp		375,968
	172,777		Simon Property Group, Inc		28,553,127
	51,535		SL Green Realty Corp		5,407,568
	234,717		Spirit Realty Capital, Inc		2,211,034
	37,949	*	St. Joe Co		664,108
	33,464	*	STAG Industrial, Inc		882,111
	73,824		STORE Capital Corp		1,771,038
	2,960		Stratus Properties, Inc		88,356
	45,445		Summit Hotel Properties, Inc		751,206
	43,009		Sun Communities, Inc		3,595,982
	110,551		Sunstone Hotel Investors, Inc		1,646,104
	46,688		Tanger Factory Outlet Centers, Inc		1,456,199
	28,242		Taubman Centers, Inc		1,766,537
	5,639	*	Tejon Ranch Co		129,133
	20,174		Terreno Realty Corp		622,973
	25,870		Tier REIT, Inc		447,810
	8,985	*	Trinity Place Holdings, Inc		64,063
	160,041		UDR, Inc		5,975,931
	13,163		UMH Properties, Inc		210,871
	87,533		Uniti Group, Inc		2,403,656
	6,843		Universal Health Realty Income Trust		477,299
	58,761		Urban Edge Properties		1,498,406
	11,670		Urstadt Biddle Properties, Inc (Class A)		229,432
	180,923		Ventas, Inc		11,580,881
	478,643		VEREIT, Inc		4,006,242
	98,495		Vornado Realty Trust		9,479,159
	103,376		Washington Prime Group, Inc		909,709
	35,634		Washington REIT		1,128,529
	56,962		Weingarten Realty Investors		1,866,645
	187,585		Welltower, Inc		13,401,072
	406,217		Weyerhaeuser Co		13,758,570
	12,824		Whitestone REIT		160,813

190

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	62,310		WP Carey, Inc	$	3,900,606
	50,281		Xenia Hotels & Resorts, Inc		877,906
			TOTAL REAL ESTATE		545,179,852

RETAILING - 5.1%
	16,403	*	1-800-FLOWERS.COM, Inc (Class A)		176,332
	35,722		Aaron’s, Inc		1,283,849
	38,688	e	Abercrombie & Fitch Co (Class A)		463,869
	36,981		Advance Auto Parts, Inc		5,256,479
	214,295	*	Amazon.com, Inc		198,220,732
	91,087		American Eagle Outfitters, Inc		1,283,416
	4,627	*,e	America’s Car-Mart, Inc		172,587
	12,502	*	Asbury Automotive Group, Inc		765,122
	94,541	*,e	Ascena Retail Group, Inc		369,655
	8,578	*	At Home Group, Inc		150,201
	35,039	*,e	Autonation, Inc		1,471,638
	16,854	*	AutoZone, Inc		11,666,170
	23,718	*	Barnes & Noble Education, Inc		246,904
	35,846		Barnes & Noble, Inc		306,483
	78,154		Bed Bath & Beyond, Inc		3,028,467
	151,521		Best Buy Co, Inc		7,850,303
	10,534	e	Big 5 Sporting Goods Corp		162,224
	24,200		Big Lots, Inc		1,221,858
	10,237	*	Boot Barn Holdings, Inc		108,615
	15,615	e	Buckle, Inc		292,000
	11,795	*	Build-A-Bear Workshop, Inc		122,668
	38,419	*	Burlington Stores, Inc		3,800,407
	27,190	*	Cabela’s, Inc		1,484,574
	23,333		Caleres, Inc		672,457
	7,079		Camping World Holdings, Inc		218,883
	104,380	*	Carmax, Inc		6,106,230
	15,113		Cato Corp (Class A)		340,949
	72,682		Chico’s FAS, Inc		1,004,465
	10,388		Children’s Place Retail Stores, Inc		1,192,542
	8,026		Citi Trends, Inc		150,809
	17,031	*,e	Container Store Group, Inc		70,168
	25,406		Core-Mark Holding Co, Inc		889,718
	53,994		CST Brands, Inc		2,607,370
	14,776	*	Destination XL Group, Inc		37,679
	46,511		Dick’s Sporting Goods, Inc		2,351,131
	10,084	e	Dillard’s, Inc (Class A)		558,351
	156,107		Dollar General Corp		11,350,540
	123,561	*	Dollar Tree, Inc		10,227,144
	37,957		DSW, Inc (Class A)		782,673
	5,857	*,e	Duluth Holdings, Inc		129,733
	73,558	*	Etsy, Inc		791,484
	62,822		Expedia, Inc		8,400,558
	42,463	*	Express Parent LLC		366,456
	22,938		Finish Line, Inc (Class A)		362,650
	29,090	*	Five Below, Inc		1,428,901
	77,729		Foot Locker, Inc		6,011,561
	22,283	*	Francesca’s Holdings Corp		351,626
	21,350	e	Fred’s, Inc (Class A)		314,272

191

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	7,507	*	FTD Cos, Inc	$	150,140
	75,590		GameStop Corp (Class A)		1,715,137
	122,214		Gap, Inc		3,202,007
	11,712	*	Genesco, Inc		624,250
	77,119		Genuine Parts Co		7,096,490
	38,288	e	GNC Holdings, Inc		297,881
	11,507		Group 1 Automotive, Inc		793,408
	188,200	*	Groupon, Inc		737,744
	35,754	e	Guess?, Inc		399,015
	7,966		Haverty Furniture Cos, Inc		196,362
	10,580	*,e	Hibbett Sports, Inc		275,080
	680,005		Home Depot, Inc		106,148,781
	15,133		HSN, Inc		558,408
	169,641	*,e	JC Penney Co, Inc		912,669
	7,029		Kirkland’s, Inc		82,661
	99,036		Kohl’s Corp		3,865,375
	130,706		L Brands, Inc		6,902,584
	10,858	*,e	Lands’ End, Inc		256,249
	29,242	*	Liberty Expedia Holdings, Inc		1,412,681
	232,392	*	Liberty Interactive Corp		4,922,063
	35,091	*	Liberty TripAdvisor Holdings, Inc		515,838
	38,990	*	Liberty Ventures		2,099,611
	13,206		Lithia Motors, Inc (Class A)		1,261,833
	162,621	*	LKQ Corp		5,080,280
	486,996		Lowe’s Companies, Inc		41,336,220
	14,628	*,e	Lumber Liquidators, Inc		359,117
	168,812		Macy’s, Inc		4,932,687
	13,698	*	MarineMax, Inc		278,754
	46,614	*	Michaels Cos, Inc		1,088,903
	15,180		Monro Muffler, Inc		787,083
	18,950	*	Murphy USA, Inc		1,318,351
	223,674	*	NetFlix, Inc		34,043,183
	67,504	e	Nordstrom, Inc		3,258,418
	15,398		Nutri/System, Inc		823,023
	284,683		Office Depot, Inc		1,414,874
	11,379	*	Ollie’s Bargain Outlet Holdings, Inc		435,816
	50,519	*	O’Reilly Automotive, Inc		12,536,290
	4,892	*	Overstock.com, Inc		84,876
	18,067	*,e	Party City Holdco, Inc		289,072
	21,288		Penske Auto Group, Inc		1,015,650
	8,830	e	PetMed Express, Inc		203,973
	47,634		Pier 1 Imports, Inc		321,053
	26,863	*	Priceline.com, Inc		49,611,126
	34,673	e	Rent-A-Center, Inc		370,654
	21,981	*,e	Restoration Hardware Holdings, Inc		1,054,429
	213,424		Ross Stores, Inc		13,872,560
	75,433	*	Sally Beauty Holdings, Inc		1,434,736
	5,334	*	Sears Hometown and Outlet Stores, Inc		17,869
	23,405	*	Select Comfort Corp		723,214
	8,648		Shoe Carnival, Inc		219,400
	18,928	*	Shutterfly, Inc		982,363
	37,752	e	Signet Jewelers Ltd		2,485,592
	15,830		Sonic Automotive, Inc (Class A)		310,268

192

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	14,779	*,e	Sportsman’s Warehouse Holdings, Inc	$	60,446
	18,281	e	Stage Stores, Inc		52,649
	375,011		Staples, Inc		3,663,857
	28,533	e	Stein Mart, Inc		70,477
	31,576	e	Tailored Brands, Inc		389,332
	306,208		Target Corp		17,101,717
	60,406		Tiffany & Co		5,536,210
	15,285		Tile Shop Holdings, Inc		326,335
	9,453		Tilly’s, Inc		90,371
	358,480		TJX Companies, Inc		28,190,867
	70,403		Tractor Supply Co		4,358,650
	60,692	*,e	TripAdvisor, Inc		2,731,747
	27,639	*	Tuesday Morning Corp		89,827
	31,482	*	Ulta Beauty, Inc		8,860,294
	48,890	*	Urban Outfitters, Inc		1,118,603
	16,337	*	Vitamin Shoppe, Inc		315,304
	23,695	*,e	Wayfair, Inc		1,083,098
	6,804	*	West Marine, Inc		74,572
	45,439	e	Williams-Sonoma, Inc		2,455,978
	892		Winmark Corp		115,157
	10,806	*	Zumiez, Inc		193,968
			TOTAL RETAILING		698,618,463

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
	9,997	*,e	Acacia Communications, Inc		458,262
	19,213	*	Advanced Energy Industries, Inc		1,417,919
	408,439	*	Advanced Micro Devices, Inc		5,432,239
	8,895	*	Alpha & Omega Semiconductor Ltd		147,212
	17,454	*,e	Ambarella, Inc		981,264
	48,137	*	Amkor Technology, Inc		567,054
	202,752		Analog Devices, Inc		15,449,702
	608,321		Applied Materials, Inc		24,703,916
	12,175	*	Axcelis Technologies, Inc		234,369
	207,605		Broadcom Ltd		45,841,260
	35,122		Brooks Automation, Inc		887,182
	12,980		Cabot Microelectronics Corp		1,016,983
	33,750	*	Cavium, Inc		2,323,687
	8,650	*	Ceva, Inc		311,400
	32,798	*	Cirrus Logic, Inc		2,110,551
	10,237		Cohu, Inc		191,739
	56,755	*	Cree, Inc		1,241,799
	157,407		Cypress Semiconductor Corp		2,205,272
	18,477	*	Diodes, Inc		432,177
	9,301	*	DSP Group, Inc		115,797
	64,946	*	Entegris, Inc		1,610,661
	20,079	*	Exar Corp		261,228
	39,045	*,e	First Solar, Inc		1,153,780
	34,075	*	Formfactor, Inc		378,233
	2,056	*	Ichor Holdings Ltd		39,886
	3,914	*,e	Impinj, Inc		146,697
	19,347	*,e	Inphi Corp		801,353
	69,417	*	Integrated Device Technology, Inc		1,665,314
	2,596,984		Intel Corp		93,880,972

193

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	9,988		IXYS Corp	$	139,333
	86,806		Kla-Tencor Corp		8,526,085
	28,048	*	Kopin Corp		114,436
	91,270		Lam Research Corp		13,220,460
	110,527	*	Lattice Semiconductor Corp		758,215
	16,457	*	MA-COM Technology Solutions		804,418
	217,198		Marvell Technology Group Ltd		3,262,314
	165,205		Maxim Integrated Products, Inc		7,293,801
	28,821	*	MaxLinear, Inc		802,088
	114,874		Microchip Technology, Inc		8,682,177
	563,210	*	Micron Technology, Inc		15,584,021
	66,842	*	Microsemi Corp		3,137,563
	25,831		MKS Instruments, Inc		2,021,276
	18,858		Monolithic Power Systems, Inc		1,725,507
	11,512	*	Nanometrics, Inc		363,261
	16,676	*	NeoPhotonics Corp Ltd		129,406
	1,929		NVE Corp		157,040
	282,162		NVIDIA Corp		29,429,497
	212,757	*	ON Semiconductor Corp		3,016,894
	12,269	*	PDF Solutions, Inc		233,356
	31,365	*	Photronics, Inc		360,698
	18,837		Power Integrations, Inc		1,242,300
	66,515	*	Qorvo, Inc		4,525,015
	806,698		Qualcomm, Inc		43,351,951
	76,758	*	Rambus, Inc		961,010
	15,043	*	Rudolph Technologies, Inc		368,554
	31,562	*	Semtech Corp		1,077,842
	14,732	*	Sigma Designs, Inc		91,338
	20,097	*	Silicon Laboratories, Inc		1,429,902
	101,782		Skyworks Solutions, Inc		10,151,737
	35,346	*,e	SunPower Corp		245,301
	116,518		Teradyne, Inc		4,109,590
	553,729		Texas Instruments, Inc		43,844,262
	12,988	*	Ultra Clean Holdings		249,889
	29,559	*	Ultratech, Inc		902,141
	18,349	*	Veeco Instruments, Inc		605,517
	48,806		Versum Materials, Inc		1,562,768
	22,930	*	Xcerra Corp		224,714
	131,320		Xilinx, Inc		8,287,605
	32,987		Xperi Corp		1,108,363
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		430,109,553

SOFTWARE & SERVICES - 12.6%
	18,884	*	2U, Inc		857,334
	40,593	*	8x8, Inc		590,628
	21,216	*	A10 Networks, Inc		171,850
	346,743		Accenture plc		42,059,926
	56,191	*	ACI Worldwide, Inc		1,207,545
	296,460		Activision Blizzard, Inc		15,490,035
	17,102	*	Actua Corp		239,428
	37,648	*	Acxiom Corp		1,088,027
	270,071	*	Adobe Systems, Inc		36,119,296
	90,912	*	Akamai Technologies, Inc		5,540,177

194

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	5,051	*	Alarm.com Holdings, Inc	$	164,713
	9,204	*	ALJ Regional Holdings, Inc		30,833
	32,437		Alliance Data Systems Corp		8,097,248
	161,708	*	Alphabet, Inc (Class A)		149,502,280
	163,473	*	Alphabet, Inc (Class C)		148,099,999
	7,645	*	Amber Road, Inc		62,613
	89,439		Amdocs Ltd		5,477,244
	9,809	*	American Software, Inc (Class A)		107,605
	21,348	*	Angie’s List, Inc		125,526
	53,870	*	Ansys, Inc		5,934,319
	3,667	*	Appfolio, Inc		97,359
	40,111	*	Aspen Technology, Inc		2,466,425
	12,789	*	Atlassian Corp plc		440,965
	4,592	*	Autobytel, Inc		60,201
	111,686	*	Autodesk, Inc		10,059,558
	250,897		Automatic Data Processing, Inc		26,216,228
	36,753	*	Bankrate, Inc		389,582
	10,602	*	Barracuda Networks, Inc		215,539
	39,296	*	Bazaarvoice, Inc		184,691
	6,155	*,e	Benefitfocus, Inc		193,882
	8,337	*,e	Black Knight Financial Services, Inc		345,152
	23,744		Blackbaud, Inc		1,909,255
	26,619	*	Blackhawk Network Holdings, Inc		1,076,739
	2,823	*	Blackline, Inc		92,792
	23,011	*	Blucora, Inc		424,553
	58,933		Booz Allen Hamilton Holding Co		2,117,463
	19,571	*	Bottomline Technologies, Inc		456,004
	23,269	*	Box, Inc		401,158
	13,975	*	Brightcove, Inc		121,582
	61,152		Broadridge Financial Solutions, Inc		4,276,971
	13,865	*	BroadSoft, Inc		532,416
	167,341		CA, Inc		5,493,805
	12,471	*	CACI International, Inc (Class A)		1,471,578
	154,227	*	Cadence Design Systems, Inc		5,023,173
	25,742	*	Callidus Software, Inc		541,869
	7,703	*	Carbonite, Inc		166,385
	23,490	*	Cardtronics plc		976,714
	8,834	*	Care.com, Inc		104,683
	5,256		Cass Information Systems, Inc		349,366
	80,659		CDK Global, Inc		5,243,642
	9,269	*	ChannelAdvisor Corp		109,374
	14,238	*,e	Cimpress NV		1,168,655
	91,737	*	Citrix Systems, Inc		7,425,193
	334,581	*	Cognizant Technology Solutions Corp (Class A)		20,151,814
	12,996	*	CommerceHub, Inc		206,896
	6,498	*	CommerceHub, Inc (Series A)		103,968
	19,500	*	Commvault Systems, Inc		983,775
	102,969	*	Conduent, Inc		1,679,424
	54,176		Convergys Corp		1,219,502
	24,511	*	Cornerstone OnDemand, Inc		962,792
	16,602	*	CoStar Group, Inc		3,999,256
	4,492	*,e	Coupa Software, Inc		124,653
	15,547		CSG Systems International, Inc		583,168

195

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	84,056		CSRA, Inc	$	2,444,348
	127,322	*	Dell Technologies, Inc-VMware Inc		8,544,579
	33,306	*	DHI Group, Inc		128,228
	5,104	*,e	Digimarc Corp		147,250
	17,319		DST Systems, Inc		2,132,142
	153,679	*	DXC Technology Co		11,578,176
	556,363	*	eBay, Inc		18,588,088
	13,152	e	Ebix, Inc		811,478
	159,884	*	Electronic Arts, Inc		15,160,201
	16,479	*	Ellie Mae, Inc		1,676,903
	35,390	*	Endurance International Group Holdings, Inc		268,964
	11,448	*	EnerNOC, Inc		64,681
	20,231	*	Envestnet, Inc		704,039
	23,398	*	EPAM Systems, Inc		1,801,646
	25,733	*	Euronet Worldwide, Inc		2,126,060
	2,025	*	Everbridge, Inc		47,000
	43,387		EVERTEC, Inc		687,684
	6,421	*	EXA Corp		88,353
	18,891	*	ExlService Holdings, Inc		901,290
	1,234,512	*	Facebook, Inc		185,485,428
	21,873		Fair Isaac Corp		2,963,354
	185,606		Fidelity National Information Services, Inc		15,626,169
	84,833	*,e	FireEye, Inc		1,061,261
	43,183	*	First American Corp		1,845,641
	165,062	*	First Data Corp		2,578,268
	126,496	*	Fiserv, Inc		15,070,733
	15,809	*	Five9, Inc		288,435
	48,279	*	FleetCor Technologies, Inc		6,814,098
	5,122		Forrester Research, Inc		207,697
	74,825	*	Fortinet, Inc		2,918,175
	45,017	*	Gartner, Inc		5,135,990
	79,318		Genpact Ltd		1,936,946
	16,764	*	Gigamon, Inc		531,419
	79,932		Global Payments, Inc		6,535,240
	3,719	*	Global Sources Ltd		34,215
	13,407	*,e	Globant S.A.		507,991
	50,659	*	Glu Mobile, Inc		117,022
	22,813	*	GoDaddy, Inc		887,882
	23,773	*,e	Gogo, Inc		299,778
	41,230	*,e	GrubHub, Inc		1,772,065
	12,622	*	GTT Communications, Inc		347,105
	8,100	*	Guidance Software, Inc		49,005
	49,353	*	Guidewire Software, Inc		3,034,716
	10,211		Hackett Group, Inc		202,484
	19,344	*	Hortonworks, Inc		201,371
	14,036	*	HubSpot, Inc		941,114
	35,952	*	IAC/InterActiveCorp		2,984,376
	13,777	*	Imperva, Inc		612,388
	16,246	*	Information Services Group, Inc		51,175
	5,250	*	Instructure, Inc		125,475
	485,844		International Business Machines Corp		77,875,935
	131,507		Intuit, Inc		16,465,991
	23,932		j2 Global, Inc		2,159,624

196

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	50,087		Jack Henry & Associates, Inc	$	4,854,432
	24,819	*	Jive Software, Inc		125,336
	69,357		Leidos Holdings, Inc		3,652,340
	31,019	*	Limelight Networks, Inc		97,400
	10,535	*	Liquidity Services, Inc		82,173
	23,943	*	Liveperson, Inc		168,798
	26,998		LogMeIn, Inc		3,050,774
	41,736	*	Manhattan Associates, Inc		1,948,654
	10,652		Mantech International Corp (Class A)		378,146
	13,195	*	Marchex, Inc (Class B)		35,758
	534,888		MasterCard, Inc (Class A)		62,218,172
	15,784	*,e	Match Group, Inc		294,056
	33,600		MAXIMUS, Inc		2,049,264
	20,576	*	Meet Group, Inc		122,633
	4,163,240		Microsoft Corp		285,015,410
	4,380	*	MicroStrategy, Inc (Class A)		832,945
	7,240	*,e	MINDBODY, Inc		205,254
	14,789	*	Mitek Systems, Inc		129,404
	16,990	*	MobileIron, Inc		77,304
	18,484	*	Model N, Inc		197,779
	18,348	*	MoneyGram International, Inc		326,778
	19,584		Monotype Imaging Holdings, Inc		398,534
	2,553		NCI, Inc (Class A)		37,912
	27,811	*	NeuStar, Inc (Class A)		923,325
	10,729	*	New Relic, Inc		428,945
	36,032		NIC, Inc		769,283
	117,742	*	Nuance Communications, Inc		2,106,404
	7,073	*	Numerex Corp		31,828
	34,694	*,e	Nutanix, Inc		527,002
	1,628,486		Oracle Corp		73,216,731
	113,566	*,e	Pandora Media, Inc		1,232,191
	3,781	*	Park City Group, Inc		47,830
	184,790		Paychex, Inc		10,954,351
	22,549	*,e	Paycom Software, Inc		1,358,577
	10,380	*	Paylocity Holding Corp		409,387
	624,776	*	PayPal Holdings, Inc		29,814,311
	28,471		Pegasystems, Inc		1,296,854
	14,896	*	Perficient, Inc		259,488
	4,957	*	PFSweb, Inc		36,285
	20,183	*	Planet Payment, Inc		84,163
	38,295		Progress Software Corp		1,138,127
	21,362	*	Proofpoint, Inc		1,610,054
	11,998	*	PROS Holdings, Inc		295,751
	65,976	*	PTC, Inc		3,566,003
	14,787	*	Q2 Holdings, Inc		564,124
	3,997		QAD, Inc (Class A)		120,709
	13,258	*	Qualys, Inc		509,107
	15,203	*	QuinStreet, Inc		68,109
	30,975	*	Quotient Technology, Inc		337,628
	9,552	*,e	Rapid7, Inc		161,906
	9,129	*	RealNetworks, Inc		41,720
	47,116	*	RealPage, Inc		1,745,648
	95,247	*	Red Hat, Inc		8,389,356

197

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	3,209		Reis, Inc	$	60,329
	15,888	*	RetailMeNot, Inc		184,301
	5,924	*	Rightside Group Ltd		59,477
	33,267	*	RingCentral, Inc		1,062,881
	8,849	*	Rosetta Stone, Inc		99,551
	18,434	*	Rubicon Project, Inc		105,258
	107,494		Sabre Corp		2,516,435
	352,574	*	salesforce.com, Inc		30,363,673
	9,731		Sapiens International Corp NV		115,410
	22,143		Science Applications International Corp		1,616,218
	3,029	*	SecureWorks Corp		26,201
	82,889	*	ServiceNow, Inc		7,831,353
	26,981	*	ServiceSource International LLC		101,449
	10,089	*,e	Shutterstock, Inc		436,147
	16,631	*	Silver Spring Networks, Inc		189,760
	70,738	*	Splunk, Inc		4,549,161
	9,074	*	SPS Commerce, Inc		501,429
	27,169	*	Square, Inc		495,563
	88,729		SS&C Technologies Holdings, Inc		3,259,903
	8,332	*,e	Stamps.com, Inc		884,442
	18,644	*	Sykes Enterprises, Inc		555,778
	323,838		Symantec Corp		10,242,996
	21,261	*	Synchronoss Technologies, Inc		340,176
	86,247	*	Synopsys, Inc		6,356,404
	19,344		Syntel, Inc		340,648
	33,350	*	Tableau Software, Inc		1,790,228
	47,640	*	Take-Two Interactive Software, Inc		2,994,174
	8,465	*	TechTarget, Inc		78,301
	11,456	*	TeleNav, Inc		99,667
	11,259		TeleTech Holdings, Inc		351,844
	67,531	*	Teradata Corp		1,970,555
	61,621		TiVo Corp		1,217,015
	87,670		Total System Services, Inc		5,024,368
	3,998	*	Trade Desk, Inc		149,325
	56,389		Travelport Worldwide Ltd		742,643
	30,043	*,e	TrueCar, Inc		526,353
	10,226	*,e	Twilio, Inc		337,969
	344,524	*	Twitter, Inc		5,677,756
	16,117	*	Tyler Technologies, Inc		2,636,580
	13,643	*	Ultimate Software Group, Inc		2,765,027
	34,018	*	Unisys Corp		384,403
	81,484	*	Vantiv, Inc		5,055,267
	5,014	*	Varonis Systems, Inc		157,440
	14,849	*	Vasco Data Security International		200,462
	29,350	*	Verint Systems, Inc		1,153,455
	48,671	*,e	VeriSign, Inc		4,327,825
	44,191	*,e	VirnetX Holding Corp		145,830
	13,306	*	Virtusa Corp		412,220
	1,053,552		Visa, Inc (Class A)		96,105,013
	50,521	*,e	VMware, Inc (Class A)		4,755,037
	18,091	*	WebMD Health Corp (Class A)		981,075
	22,175	*	Website Pros, Inc		427,978
	258,202		Western Union Co		5,127,892

198

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	20,267	*	WEX, Inc	$	2,056,290
	63,248	*	Workday, Inc		5,527,875
	19,483	*	Workiva, Inc		327,314
	10,967	*	Xactly Corp		127,217
	14,884	*	XO Group, Inc		261,214
	486,547	*	Yahoo!, Inc		23,456,431
	35,317	*	Yelp, Inc		1,250,575
	42,349	*	Zendesk, Inc		1,217,534
	24,907	*	Zillow Group, Inc		958,670
	55,637	*	Zillow Group, Inc (Class C)		2,169,843
	23,238	*	Zix Corp		126,182
	346,384	*	Zynga, Inc		1,001,050
			TOTAL SOFTWARE & SERVICES		1,721,419,795

TECHNOLOGY HARDWARE & EQUIPMENT - 5.5%
	55,125	*,e	3D Systems Corp		872,629
	24,640		Adtran, Inc		492,800
	10,358	*	Aerohive Networks, Inc		40,085
	5,601	*	Agilysys, Inc		55,450
	159,628		Amphenol Corp (Class A)		11,542,701
	12,849	*	Anixter International, Inc		1,047,836
	3,006,382		Apple, Inc		431,866,774
	9,843	*,e	Applied Optoelectronics, Inc		486,146
	20,567	*	Arista Networks, Inc		2,871,976
	106,555	*	ARRIS International plc		2,769,364
	58,339	*	Arrow Electronics, Inc		4,112,899
	12,829	*	Avid Technology, Inc		71,907
	81,843		Avnet, Inc		3,166,506
	34,980		AVX Corp		591,512
	13,664		Badger Meter, Inc		543,144
	5,993		Bel Fuse, Inc (Class B)		145,031
	19,225		Belden CDT, Inc		1,339,982
	24,123	*	Benchmark Electronics, Inc		764,699
	9,134		Black Box Corp		90,427
	210,426		Brocade Communications Systems, Inc		2,645,055
	32,448	*	CalAmp Corp		582,117
	18,584	*	Calix, Inc		124,513
	82,097		CDW Corp		4,851,112
	71,646	*	Ciena Corp		1,641,410
	2,752,930		Cisco Systems, Inc		93,792,325
	4,709	*	Clearfield, Inc		66,632
	42,835		Cognex Corp		3,655,539
	12,340	*	Coherent, Inc		2,660,504
	66,416	*	CommScope Holding Co, Inc		2,792,129
	12,255		Comtech Telecommunications Corp		171,693
	8,807	*	Control4 Corp		148,838
	524,807		Corning, Inc		15,140,682
	11,071	e	CPI Card Group, Inc		39,856
	18,817	*	Cray, Inc		336,824
	13,984		CTS Corp		309,046
	15,342		Daktronics, Inc		145,135
	29,002		Diebold, Inc		817,856
	10,399	*	Digi International, Inc		128,948

199

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	28,174		Dolby Laboratories, Inc (Class A)	$	1,485,615
	11,530	*	Eastman Kodak Co		126,830
	34,791	*	EchoStar Corp (Class A)		2,002,570
	14,155	*	Electro Scientific Industries, Inc		98,802
	36,719	*	Electronics for Imaging, Inc		1,680,996
	14,430		EMCORE Corp		129,870
	6,110	*	ePlus, Inc		435,337
	53,904	*	Extreme Networks, Inc		421,260
	36,677	*	F5 Networks, Inc		4,736,101
	17,362	*	Fabrinet		601,941
	7,269	*	FARO Technologies, Inc		266,409
	54,544	*	Finisar Corp		1,245,785
	61,951	*,e	Fitbit, Inc		354,360
	71,130		Flir Systems, Inc		2,612,605
	66,748	*	Harmonic, Inc		387,138
	69,963		Harris Corp		7,828,160
	940,132		Hewlett Packard Enterprise Co		17,514,659
	978,774		HP, Inc		18,420,527
	33,751	*	II-VI, Inc		1,118,846
	11,513	*	Immersion Corp		100,969
	68,360	*	Infinera Corp		678,131
	17,922	*	Insight Enterprises, Inc		754,516
	18,135		InterDigital, Inc		1,630,336
	53,968	*	InvenSense, Inc		694,028
	17,224	*	IPG Photonics Corp		2,175,736
	27,533	*	Itron, Inc		1,785,515
	98,916		Jabil Circuit, Inc		2,870,542
	203,565		Juniper Networks, Inc		6,121,200
	90,011	*	Keysight Technologies, Inc		3,369,112
	12,299	*	Kimball Electronics, Inc		212,158
	48,953	*	Knowles Corp		867,937
	5,979	*	KVH Industries, Inc		47,832
	10,750		Littelfuse, Inc		1,657,112
	27,150	*	Lumentum Holdings, Inc		1,160,662
	16,124	*,e	Maxwell Technologies, Inc		98,356
	1,202		Mesa Laboratories, Inc		168,064
	17,713		Methode Electronics, Inc		789,114
	96,708		Motorola, Inc		8,313,987
	7,214		MTS Systems Corp		335,090
	75,516		National Instruments Corp		2,636,264
	65,108	*	NCR Corp		2,685,705
	153,181		NetApp, Inc		6,104,263
	25,449	*	Netgear, Inc		1,199,920
	46,446	*	Netscout Systems, Inc		1,748,692
	14,868	*	Novanta, Inc		417,047
	61,625	*,e	Oclaro, Inc		493,616
	8,081	*	OSI Systems, Inc		625,469
	47,980	*	Palo Alto Networks, Inc		5,201,512
	8,151		Park Electrochemical Corp		141,175
	5,271		PC Connection, Inc		151,489
	20,079		Plantronics, Inc		1,096,313
	23,036	*	Plexus Corp		1,197,642
	42,471	*	Pure Storage, Inc		450,617

200

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	3,536	*	Quantenna Communications, Inc	$	65,062
	17,506	*	Radisys Corp		70,199
	8,752	*	Rogers Corp		900,931
	37,360	*	Sanmina Corp		1,391,660
	11,491	*	Scansource, Inc		453,895
	28,040	*	ShoreTel, Inc		183,662
	2,553		Silicom Ltd		138,449
	20,395	*	Sonus Networks, Inc		156,634
	23,473	*,e	Stratasys Ltd		581,191
	18,658	*	Super Micro Computer, Inc		455,255
	21,661	*,e	Synaptics, Inc		1,186,373
	14,834		SYNNEX Corp		1,608,451
	4,288		Systemax, Inc		56,773
	20,928	*	Tech Data Corp		2,001,763
	154,448	*	Trimble Navigation Ltd		5,472,093
	35,155	*	TTM Technologies, Inc		588,143
	13,075	*	Ubiquiti Networks, Inc		673,624
	21,169		Universal Display Corp		1,891,450
	18,717	*	USA Technologies, Inc		91,713
	53,363	*	VeriFone Systems, Inc		989,350
	26,517	*,e	Viasat, Inc		1,697,884
	114,291	*	Viavi Solutions, Inc		1,142,910
	59,297		Vishay Intertechnology, Inc		969,506
	5,516	*	Vishay Precision Group, Inc		94,875
	153,493		Western Digital Corp		13,671,622
	643,374		Xerox Corp		4,625,859
	28,949	*	Zebra Technologies Corp (Class A)		2,729,022
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		756,258,363

TELECOMMUNICATION SERVICES - 2.1%
	3,370,696		AT&T, Inc		133,580,682
	5,163		ATN International, Inc		357,228
	15,710	*	Boingo Wireless, Inc		224,496
	286,673	e	CenturyTel, Inc		7,358,896
	17,584	*	Cincinnati Bell, Inc		331,458
	24,658		Cogent Communications Group, Inc		1,109,610
	24,285	e	Consolidated Communications Holdings, Inc		574,826
	28,610	*	Fairpoint Communications, Inc		487,801
	613,266	e	Frontier Communications Corp		1,152,940
	14,505	*	General Communication, Inc (Class A)		543,067
	218,122	*,e	Globalstar, Inc		416,613
	3,994	*	Hawaiian Telcom Holdco, Inc		101,647
	16,929		IDT Corp (Class B)		257,152
	17,153	*	Intelsat S.A.		50,601
	40,177	*,e	Iridium Communications, Inc		425,876
	169,148	*	Level 3 Communications, Inc		10,277,433
	8,919	*	Lumos Networks Corp		159,739
	31,665	*	Orbcomm, Inc		305,251
	5,431	*,e	pdvWireless, Inc		139,305
	22,538		Shenandoah Telecom Co		721,216
	14,272		Spok Holdings, Inc		256,182
	414,336	*	Sprint Corp		3,741,454
	7,991	*	Straight Path Communications, Inc		1,029,720

201

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	59,197		Telephone & Data Systems, Inc	$	1,625,550
	164,437	*	T-Mobile US, Inc		11,061,677
	13,503	*	US Cellular Corp		529,048
	2,240,243		Verizon Communications, Inc		102,849,556
	96,718	*	Vonage Holdings Corp		648,978
	80,647		Windstream Holdings, Inc		445,171
	92,554	*	Zayo Group Holdings, Inc		3,245,869
			TOTAL TELECOMMUNICATION SERVICES		284,009,042

TRANSPORTATION - 2.2%
	22,768	*	Air Transport Services Group, Inc		418,704
	65,412		Alaska Air Group, Inc		5,565,907
	7,062		Allegiant Travel Co		1,026,815
	3,175		Amerco, Inc		1,188,911
	284,271		American Airlines Group, Inc		12,115,630
	21,971		Arkansas Best Corp		581,133
	13,672	*	Atlas Air Worldwide Holdings, Inc		792,976
	45,906	*	Avis Budget Group, Inc		1,400,133
	25,174	e	Celadon Group, Inc		99,437
	76,993		CH Robinson Worldwide, Inc		5,597,391
	17,064		Copa Holdings S.A. (Class A)		1,986,591
	20,864		Costamare, Inc		140,623
	7,369	*	Covenant Transportation Group, Inc		138,021
	525,409		CSX Corp		26,711,794
	408,946		Delta Air Lines, Inc		18,582,506
	14,127	*	Echo Global Logistics, Inc		264,881
	95,517		Expeditors International of Washington, Inc		5,357,549
	136,143		FedEx Corp		25,826,327
	14,493		Forward Air Corp		770,593
	33,016	*	Genesee & Wyoming, Inc (Class A)		2,237,164
	28,679	*	Hawaiian Holdings, Inc		1,557,270
	21,551		Heartland Express, Inc		433,606
	40,068	*,e	Hertz Global Holdings, Inc		660,721
	17,800	*	Hub Group, Inc (Class A)		696,870
	46,618		J.B. Hunt Transport Services, Inc		4,179,770
	171,267	*	JetBlue Airways Corp		3,738,759
	57,874		Kansas City Southern Industries, Inc		5,212,711
	28,328	*	Kirby Corp		1,999,957
	34,681	e	Knight Transportation, Inc		1,189,558
	22,007		Landstar System, Inc		1,880,498
	39,306		Macquarie Infrastructure Co LLC		3,198,329
	12,678		Marten Transport Ltd		314,414
	22,466		Matson, Inc		712,172
	162,003		Norfolk Southern Corp		19,033,733
	35,577		Old Dominion Freight Line		3,149,276
	1,308	*	PAM Transportation Services, Inc		24,551
	4,949		Park-Ohio Holdings Corp		194,743
	21,295	*	Radiant Logistics, Inc		127,770
	29,548	*	Roadrunner Transportation Services Holdings, Inc		198,563
	29,310		Ryder System, Inc		1,990,442
	13,952	*	Saia, Inc		671,789
	31,915	*	Scorpio Bulkers, Inc		237,767
	28,922		Skywest, Inc		1,075,898

202

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	348,923		Southwest Airlines Co	$	19,616,451
	39,019	*	Spirit Airlines, Inc		2,234,618
	41,077	*,e	Swift Transportation Co, Inc		1,009,673
	462,424		Union Pacific Corp		51,772,991
	172,448	*	United Continental Holdings, Inc		12,107,574
	376,592		United Parcel Service, Inc (Class B)		40,468,576
	2,557		Universal Truckload Services, Inc		35,670
	4,109	*	USA Truck, Inc		27,571
	24,266		Werner Enterprises, Inc		662,462
	53,418	*	XPO Logistics, Inc		2,638,315
	21,387	*	YRC Worldwide, Inc		227,986
			TOTAL TRANSPORTATION		294,084,140

UTILITIES - 3.1%
	372,799		AES Corp		4,216,357
	24,148		Allete, Inc		1,688,187
	111,204		Alliant Energy Corp		4,372,541
	118,765		Ameren Corp		6,495,258
	258,567		American Electric Power Co, Inc		17,538,600
	18,348		American States Water Co		816,853
	104,437		American Water Works Co, Inc		8,329,895
	122,620		Aqua America, Inc		4,057,496
	8,114	*,e	AquaVenture Holdings Ltd		149,054
	3,086		Artesian Resources Corp		118,533
	58,875	*	Atlantic Power Corp		147,187
	34,381		Atlantica Yield plc		716,500
	57,873		Atmos Energy Corp		4,688,870
	36,099		Avangrid, Inc		1,570,306
	38,811		Avista Corp		1,565,636
	25,055		Black Hills Corp		1,704,241
	23,317		California Water Service Group		832,417
	200,141	*	Calpine Corp		2,041,438
	211,252		Centerpoint Energy, Inc		6,027,019
	13,993		Chesapeake Utilities Corp		1,025,687
	164,966		CMS Energy Corp		7,489,456
	4,663		Connecticut Water Service, Inc		250,263
	172,974		Consolidated Edison, Inc		13,713,379
	6,110		Consolidated Water Co, Inc		72,098
	3,244		Delta Natural Gas Co, Inc		98,293
	342,367		Dominion Resources, Inc		26,509,477
	92,652		DTE Energy Co		9,690,473
	382,298		Duke Energy Corp		31,539,585
	61,744	*	Dynegy, Inc		396,396
	166,657		Edison International		13,327,560
	22,298		El Paso Electric Co		1,150,577
	103,946		Entergy Corp		7,926,922
	183,215		Eversource Energy		10,882,971
	466,474		Exelon Corp		16,153,995
	48,283	*,m	Ferroglobe plc		0
	236,052		FirstEnergy Corp		7,067,397
	5,556		Genie Energy Ltd		44,170
	122,051		Great Plains Energy, Inc		3,611,489
	58,319		Hawaiian Electric Industries, Inc		1,954,853

203

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	24,505		Idacorp, Inc	$	2,071,163
	100,168		MDU Resources Group, Inc		2,694,519
	26,514		MGE Energy, Inc		1,704,850
	7,604		Middlesex Water Co		289,864
	34,836		National Fuel Gas Co		1,929,218
	38,468		New Jersey Resources Corp		1,552,184
	256,305		NextEra Energy, Inc		34,232,096
	169,245		NiSource, Inc		4,104,191
	22,425		Northwest Natural Gas Co		1,336,530
	23,579		NorthWestern Corp		1,409,553
	165,444		NRG Energy, Inc		2,796,004
	21,926		NRG Yield, Inc (Class A)		380,197
	33,550		NRG Yield, Inc (Class C)		593,835
	97,413		OGE Energy Corp		3,388,024
	37,641		ONE Gas, Inc		2,590,830
	18,855		Ormat Technologies, Inc		1,113,576
	18,362		Otter Tail Corp		725,299
	45,529	e	Pattern Energy Group, Inc		1,002,549
	279,534		PG&E Corp		18,742,755
	58,352		Pinnacle West Capital Corp		4,965,172
	37,981		PNM Resources, Inc		1,414,792
	43,373		Portland General Electric Co		1,966,532
	375,711		PPL Corp		14,318,346
	287,738		Public Service Enterprise Group, Inc		12,674,859
	63,716		SCANA Corp		4,225,008
	126,437		Sempra Energy		14,289,910
	8,058		SJW Corp		393,553
	43,304		South Jersey Industries, Inc		1,624,766
	554,512		Southern Co		27,614,698
	24,795		Southwest Gas Corp		2,076,829
	8,050	e	Spark Energy, Inc		288,995
	29,635		Spire, Inc		2,031,479
	43,322		TerraForm Global, Inc		205,779
	47,821		TerraForm Power, Inc		602,066
	90,943		UGI Corp		4,561,701
	8,987		Unitil Corp		435,240
	33,919		Vectren Corp		2,015,467
	10,796	*,e	Vivint Solar, Inc		32,388
	171,122		WEC Energy Group, Inc		10,356,303
	90,054		Westar Energy, Inc		4,685,510
	30,697		WGL Holdings, Inc		2,531,275
	289,053		Xcel Energy, Inc		13,021,838
	5,212		York Water Co		195,450
			TOTAL UTILITIES		429,166,622

			TOTAL COMMON STOCKS		13,624,699,536
			(Cost $8,789,597,399)

RIGHTS / WARRANTS - 0.0%

DIVERSIFIED FINANCIALS - 0.0%
	267	m	Emergent Capital, Inc		0
			TOTAL DIVERSIFIED FINANCIALS		0

204

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY					VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	1,296	m	Forest Laboratories, Inc CVR					$	1,231
	1,988	m	Omthera Pharmaceuticals, Inc						1,193
	12,340	m	Trius Therapeutics, Inc						0
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						2,424

SOFTWARE & SERVICES - 0.0%
	3,514	m	Gerber Scientific, Inc						0
			TOTAL SOFTWARE & SERVICES						0

			TOTAL RIGHTS / WARRANTS						2,424
			(Cost $88)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 1.4%

TREASURY DEBT - 0.1%
$	3,635,000	d	United States Treasury Bill		0.755	%	05/04/17		3,634,811
	8,900,000	d	United States Treasury Bill		0.721		06/01/17		8,894,802
			TOTAL TREASURY DEBT						12,529,613

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
	177,450,223	c	State Street Navigator Securities Lending Government Money Market Portfolio						177,450,223
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						177,450,223

			TOTAL SHORT-TERM INVESTMENTS						189,979,836
			(Cost $189,979,472)
			TOTAL INVESTMENTS - 101.2%						13,814,681,796
			(Cost $8,979,576,959)
			OTHER ASSETS & LIABILITIES, NET - (1.2)%						(166,472,648	)
			NET ASSETS - 100.0%					$	13,648,209,148



		Abbreviation(s):
		CVR Contingent Value Rights
		ETF Exchange Traded Fund
		REIT Real Estate Investment Trust
		SPDR Standard & Poor’s Depositary Receipts

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $170,732,601.
m		Indicates a security that has been deemed illiquid.

205

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.5%

AUTOMOBILES & COMPONENTS - 0.8%
	7,554		Adient plc	$	555,672
	9,937		BorgWarner, Inc		420,137
	104,960		Delphi Automotive plc		8,438,784
	69,261		Gentex Corp		1,430,240
	69,046		Harley-Davidson, Inc		3,922,503
	22,920		Lear Corp		3,269,767
	45,184	*,e	Tesla, Inc		14,190,939
	18,601		Thor Industries, Inc		1,789,044
	13,355		Visteon Corp		1,374,897
			TOTAL AUTOMOBILES & COMPONENTS		35,391,983

BANKS - 0.3%
	84,440		Citizens Financial Group, Inc		3,099,792
	2,221		First Hawaiian, Inc		66,119
	47,060		First Republic Bank		4,351,168
	11,900	*	Signature Bank		1,647,555
	14,716	*	SVB Financial Group		2,589,133
	19,667	*	Western Alliance Bancorp		942,049
			TOTAL BANKS		12,695,816

CAPITAL GOODS - 7.6%
	227,751		3M Co		44,600,478
	56,017		A.O. Smith Corp		3,018,196
	16,793		Acuity Brands, Inc		2,957,247
	19,025		Air Lease Corp		725,613
	36,887		Allegion plc		2,900,794
	15,327		Ametek, Inc		876,704
	230,422		Boeing Co		42,588,898
	35,824		BWX Technologies, Inc		1,761,466
	7,108		Carlisle Cos, Inc		720,680
	29,696		Deere & Co		3,314,371
	45,256		Donaldson Co, Inc		2,094,448
	39,634		Emerson Electric Co		2,389,137
	45,685		Equifax, Inc		6,181,637
	109,691		Fastenal Co		4,900,994
	30,580		Flowserve Corp		1,555,605
	30,776		Fortive Corp		1,946,890
	58,304		Fortune Brands Home & Security, Inc		3,716,297
	39,206		General Dynamics Corp		7,597,731
	653,875		General Electric Co		18,955,836
	21,341		Graco, Inc		2,301,627
	77,555	*	HD Supply Holdings, Inc		3,125,466
	9,515		HEICO Corp		676,231
	18,741		HEICO Corp (Class A)		1,148,823

206

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	2,434	*	Herc Holdings, Inc	$	110,674
	35,625		Hexcel Corp		1,843,594
	293,954		Honeywell International, Inc		38,549,128
	13,450		Hubbell, Inc		1,521,598
	14,999		Huntington Ingalls		3,013,149
	27,207		IDEX Corp		2,850,205
	113,787		Illinois Tool Works, Inc		15,712,847
	49,775		Ingersoll-Rand plc		4,417,531
	75,572		Johnson Controls International plc		3,141,528
	14,076		Lennox International, Inc		2,328,030
	14,883		Lincoln Electric Holdings, Inc		1,325,033
	98,462		Lockheed Martin Corp		26,530,586
	82,448		Masco Corp		3,052,225
	21,660	*	Middleby Corp		2,948,576
	6,912		MSC Industrial Direct Co (Class A)		618,831
	21,970		Nordson Corp		2,750,644
	64,286		Northrop Grumman Corp		15,811,785
	10,903		PACCAR, Inc		727,557
	16,040	*	Quanta Services, Inc		568,458
	43,927		Raytheon Co		6,817,910
	39,585		Rockwell Automation, Inc		6,228,700
	62,258		Rockwell Collins, Inc		6,480,435
	19,687		Roper Industries, Inc		4,305,547
	16,203		Snap-On, Inc		2,714,489
	24,125		Spirit Aerosystems Holdings, Inc (Class A)		1,378,985
	6,982		Stanley Works		950,599
	31,679		Textron, Inc		1,478,142
	40,883		Toro Co		2,654,124
	19,261		TransDigm Group, Inc		4,752,267
	29,266	*	United Rentals, Inc		3,209,310
	6,916		Valmont Industries, Inc		1,053,653
	21,665		W.W. Grainger, Inc		4,174,845
	20,480	*	WABCO Holdings, Inc		2,434,458
	9,772		Watsco, Inc		1,356,354
	21,373	*	Welbilt, Inc		438,146
	33,289	e	Wabtec Corp		2,792,614
	35,594		Xylem, Inc		1,829,888
			TOTAL CAPITAL GOODS		342,927,614

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	34,145		Cintas Corp		4,181,738
	3,944	*	Clean Harbors, Inc		229,186
	75,214	*	Copart, Inc		2,324,113
	43,112		Covanta Holding Corp		627,280
	5,775		Dun & Bradstreet Corp		632,998
	52,763		KAR Auction Services, Inc		2,301,522
	7,800		LSC Communications, Inc		201,786
	107,704		Nielsen NV		4,429,865
	70,348		Pitney Bowes, Inc		934,925
	47,806		Robert Half International, Inc		2,201,466
	36,312		Rollins, Inc		1,409,995
	21,061		RR Donnelley & Sons Co		264,737
	29,224	*	Stericycle, Inc		2,493,976

207

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	20,045	*	TransUnion	$	802,401
	59,889	*	Verisk Analytics, Inc		4,959,408
	141,606		Waste Management, Inc		10,306,085
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		38,301,481

CONSUMER DURABLES & APPAREL - 2.0%
	28,463		Brunswick Corp		1,615,275
	4,366		CalAtlantic Group, Inc		158,137
	18,808		Carter’s, Inc		1,731,088
	19,755		Coach, Inc		778,149
	70,884		DR Horton, Inc		2,331,375
	144,256		Hanesbrands, Inc		3,146,223
	43,373		Hasbro, Inc		4,298,698
	50,183	*	Kate Spade & Co		873,184
	50,192		Leggett & Platt, Inc		2,637,088
	2,067		Lennar Corp (B Shares)		88,075
	36,359		Lennar Corp (Class A)		1,836,130
	37,154	*	Lululemon Athletica, Inc		1,932,008
	131,163		Mattel, Inc		2,940,675
	62,164	*	Michael Kors Holdings Ltd		2,320,582
	18,932	*	Mohawk Industries, Inc		4,445,044
	181,378		Newell Rubbermaid, Inc		8,658,986
	511,812		Nike, Inc (Class B)		28,359,503
	1,340	*	NVR, Inc		2,829,075
	23,397	e	Polaris Industries, Inc		1,994,828
	15,646		Pool Corp		1,871,575
	37,263		Pulte Homes, Inc		844,752
	1,439		Ralph Lauren Corp		116,156
	50,729	*	Skechers U.S.A., Inc (Class A)		1,280,907
	18,283	*,e	Tempur Sealy International, Inc		858,387
	28,603		Toll Brothers, Inc		1,029,422
	19,291		Tupperware Corp		1,385,287
	72,498	*,e	Under Armour, Inc		1,407,186
	70,520	*,e	Under Armour, Inc (Class A)		1,515,475
	131,318		VF Corp		7,173,902
	5,398	*	Vista Outdoor, Inc		105,585
	2,705		Whirlpool Corp		502,264
			TOTAL CONSUMER DURABLES & APPAREL		91,065,021

CONSUMER SERVICES - 3.3%
	39,368		ARAMARK Holdings Corp		1,437,719
	19,791		Brinker International, Inc		874,564
	10,868	*	Chipotle Mexican Grill, Inc (Class A)		5,156,540
	8,581		Choice Hotels International, Inc		538,029
	45,623		Darden Restaurants, Inc		3,886,623
	19,232		Domino’s Pizza, Inc		3,488,493
	35,310		Dunkin Brands Group, Inc		1,972,417
	3,881		Extended Stay America, Inc		67,685
	17,413	*	Hilton Grand Vacations, Inc		582,813
	58,752		Hilton Worldwide Holdings, Inc		3,464,605
	452	*	Hyatt Hotels Corp		25,086
	140,387		Las Vegas Sands Corp		8,281,429
	93,944		Marriott International, Inc (Class A)		8,870,193

208

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	321,111		McDonald’s Corp	$	44,933,063
	15,872		MGM Resorts International		487,429
	5,638	*	Norwegian Cruise Line Holdings Ltd		304,057
	8,642	*	Panera Bread Co (Class A)		2,702,181
	70,664		Service Corp International		2,276,794
	52,219	*	ServiceMaster Global Holdings, Inc		1,989,544
	27,792		Six Flags Entertainment Corp		1,740,057
	551,103		Starbucks Corp		33,099,246
	14,862		Vail Resorts, Inc		2,937,623
	44,876		Wendy’s		661,472
	41,007		Wyndham Worldwide Corp		3,908,377
	28,170		Wynn Resorts Ltd		3,465,192
	134,235	*	Yum China Holdings, Inc		4,580,098
	134,743		Yum! Brands, Inc		8,859,352
			TOTAL CONSUMER SERVICES		150,590,681

DIVERSIFIED FINANCIALS - 2.0%
	18,522		Affiliated Managers Group, Inc		3,067,058
	16,730		Ameriprise Financial, Inc		2,138,930
	14,322		Artisan Partners Asset Management, Inc		419,635
	37,751		CBOE Holdings, Inc		3,111,060
	357,562		Charles Schwab Corp		13,891,284
	3,114	*,e	Credit Acceptance Corp		632,921
	48,174		Discover Financial Services		3,015,211
	8,240	*	Donnelley Financial Solutions, Inc		183,093
	43,548		Eaton Vance Corp		1,869,516
	15,293		Factset Research Systems, Inc		2,496,735
	41,924		Federated Investors, Inc (Class B)		1,124,402
	4,364		Interactive Brokers Group, Inc (Class A)		151,998
	108,872		IntercontinentalExchange Group, Inc		6,554,094
	26,092		Invesco Ltd		859,470
	101,300		iShares Russell 1000 Growth Index Fund		11,784,229
	10,723		Lazard Ltd (Class A)		460,446
	4,644		LPL Financial Holdings, Inc		195,234
	14,037		MarketAxess Holdings, Inc		2,702,403
	58,751		Moody’s Corp		6,951,418
	8,317		Morningstar, Inc		608,222
	32,979		MSCI, Inc (Class A)		3,308,453
	101,942		S&P Global, Inc		13,679,597
	48,361		SEI Investments Co		2,452,386
	72,023		T Rowe Price Group, Inc		5,105,710
	83,345		TD Ameritrade Holding Corp		3,189,613
			TOTAL DIVERSIFIED FINANCIALS		89,953,118

ENERGY - 0.5%
	100,647		Apache Corp		4,895,470
	125,402		Cabot Oil & Gas Corp		2,914,342
	22,228	*,e	Chesapeake Energy Corp		116,919
	6,047		Cimarex Energy Co		705,564
	15,658	*	Continental Resources, Inc		664,056
	18,355	*	Devon Energy Corp		724,839
	8,527	*	Diamondback Energy, Inc		851,336
	23,283		EOG Resources, Inc		2,153,678

209

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	2,481	*,e	Extraction Oil & Gas, Inc	$	38,828
	20,389	*	Newfield Exploration Co		705,867
	80,038		Oneok, Inc		4,210,799
	7,413	*	Parsley Energy, Inc		220,833
	190,355	*	Southwestern Energy Co		1,429,566
	49,447		Williams Cos, Inc		1,514,562
			TOTAL ENERGY		21,146,659

FOOD & STAPLES RETAILING - 1.4%
	14,874		Casey’s General Stores, Inc		1,666,929
	390,603		CVS Health Corp		32,201,311
	366,135		Kroger Co		10,855,903
	401,595	*	Rite Aid Corp		1,606,380
	51,055	*	Sprouts Farmers Market, Inc		1,139,037
	202,775		Sysco Corp		10,720,714
	16,670	*	US Foods Holding Corp		470,094
	68,442		Walgreens Boots Alliance, Inc		5,922,971
	20,237		Whole Foods Market, Inc		736,020
			TOTAL FOOD & STAPLES RETAILING		65,319,359

FOOD, BEVERAGE & TOBACCO - 6.5%
	757,195		Altria Group, Inc		54,351,457
	22,543	*	Blue Buffalo Pet Products, Inc		555,685
	19,559		Brown-Forman Corp		940,006
	67,329		Brown-Forman Corp (Class B)		3,186,008
	71,713		Campbell Soup Co		4,126,366
	1,128,077		Coca-Cola Co		48,676,523
	133,184		ConAgra Foods, Inc		5,164,876
	63,930		Constellation Brands, Inc (Class A)		11,030,482
	168,307		Costco Wholesale Corp		29,877,859
	71,797		Dr Pepper Snapple Group, Inc		6,580,195
	60,967		Flowers Foods, Inc		1,195,563
	229,685		General Mills, Inc		13,209,184
	29,971	*	Hain Celestial Group, Inc		1,108,627
	54,245		Hershey Co		5,869,309
	91,015		Hormel Foods Corp		3,192,806
	19,469		Ingredion, Inc		2,410,652
	88,493		Kellogg Co		6,283,003
	29,489		Kraft Heinz Co		2,665,511
	46,884		Lamb Weston Holdings, Inc		1,957,407
	44,507		McCormick & Co, Inc		4,446,249
	25,938		Mead Johnson Nutrition Co		2,301,219
	162,056	*	Monster Beverage Corp		7,354,101
	486,362		PepsiCo, Inc		55,095,087
	64,360		Philip Morris International, Inc		7,133,663
	2,895		Pilgrim’s Pride Corp		75,154
	14,294	*	Post Holdings, Inc		1,203,412
	196,851		Reynolds American, Inc		12,696,890
	6,444	*	TreeHouse Foods, Inc		564,494
	52,512		Tyson Foods, Inc (Class A)		3,374,421
			TOTAL FOOD, BEVERAGE & TOBACCO		296,626,209

210

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

HEALTH CARE EQUIPMENT & SERVICES - 6.6%
	64,764		Abbott Laboratories	$	2,826,301
	15,184	*	Abiomed, Inc		1,978,779
	10,212	*,e	Acadia Healthcare Co, Inc		445,039
	44,203		Aetna Inc		5,970,499
	6,027	*	Alere, Inc		296,348
	27,831	*	Align Technology, Inc		3,746,609
	63,301		AmerisourceBergen Corp		5,193,847
	27,649		Anthem, Inc		4,918,481
	15,126	*,e	athenahealth, Inc		1,482,499
	28,457		Bard (C.R.), Inc		8,749,958
	21,705		Baxter International, Inc		1,208,534
	80,786		Becton Dickinson & Co		15,104,558
	520,171	*	Boston Scientific Corp		13,722,111
	116,554		Cardinal Health, Inc		8,460,655
	47,750	*	Centene Corp		3,552,600
	113,120	*	Cerner Corp		7,324,520
	32,799		Cigna Corp		5,128,780
	14,267		Cooper Cos, Inc		2,858,108
	61,733		Danaher Corp		5,144,211
	23,917	*	DaVita, Inc		1,650,512
	31,436	*	DexCom, Inc		2,450,751
	81,283	*	Edwards Lifesciences Corp		8,914,307
	31,907	*	Envision Healthcare Corp		1,787,749
	204,536	*	Express Scripts Holding Co		12,546,238
	80,156	*	HCA Holdings, Inc		6,749,937
	31,579	*	Henry Schein, Inc		5,488,430
	23,542		Hill-Rom Holdings, Inc		1,780,717
	107,633	*	Hologic, Inc		4,859,630
	54,161		Humana, Inc		12,022,659
	34,204	*	Idexx Laboratories, Inc		5,737,037
	24,776	*,e	Inovalon Holdings, Inc		303,506
	14,622	*	Intuitive Surgical, Inc		12,222,091
	17,536	*	Laboratory Corp of America Holdings		2,457,670
	81,662		McKesson Corp		11,293,038
	24,746	*	MEDNAX, Inc		1,493,669
	32,554	e	Patterson Cos, Inc		1,448,327
	6,057	*	Premier, Inc		204,727
	53,544		Resmed, Inc		3,640,457
	129,934		Stryker Corp		17,719,100
	3,158		Teleflex, Inc		653,359
	32,856	*,e	Tenet Healthcare Corp		514,853
	365,034		UnitedHealth Group, Inc		63,837,146
	7,958		Universal Health Services, Inc (Class B)		961,008
	14,341	*	Varex Imaging Corp		481,284
	37,105	*	Varian Medical Systems, Inc		3,366,908
	30,053	*	VCA Antech, Inc		2,751,953
	36,760	*	Veeva Systems, Inc		1,971,071
	15,651	*	WellCare Health Plans, Inc		2,401,020
	27,643		West Pharmaceutical Services, Inc		2,543,985
	37,807		Zimmer Holdings, Inc		4,523,607
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		296,889,183

211

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
	98,728		Church & Dwight Co, Inc	$	4,889,998
	42,569		Clorox Co		5,691,049
	60,043		Colgate-Palmolive Co		4,325,498
	9,701		Coty, Inc		173,163
	7,608		Energizer Holdings, Inc		450,622
	83,419		Estee Lauder Cos (Class A)		7,269,132
	28,340	*,e	Herbalife Ltd		1,792,788
	118,246		Kimberly-Clark Corp		15,342,418
	5,943		Nu Skin Enterprises, Inc (Class A)		328,232
	9,401		Spectrum Brands, Inc		1,351,206
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		41,614,106

INSURANCE - 0.8%
	4,086	e	Amtrust Financial Services, Inc		65,580
	101,959		Aon plc		12,218,767
	46,077		Arthur J. Gallagher & Co		2,571,558
	2,368		Brown & Brown, Inc		101,587
	7,455		Erie Indemnity Co (Class A)		923,078
	20,184		Lincoln National Corp		1,330,731
	201,587		Marsh & McLennan Cos, Inc		14,943,644
	21,837		Progressive Corp		867,366
	32,252		XL Group Ltd		1,349,746
			TOTAL INSURANCE		34,372,057

MATERIALS - 3.5%
	13,314	*	AdvanSix, Inc		362,940
	65,670		Air Products & Chemicals, Inc		9,226,635
	5,433		Aptargroup, Inc		436,270
	32,571		Avery Dennison Corp		2,710,233
	63,285	*	Axalta Coating Systems Ltd		1,985,250
	65,277		Ball Corp		5,019,149
	5,429		Bemis Co, Inc		243,925
	48,241	*	Berry Plastics Group, Inc		2,412,050
	5,398		Celanese Corp (Series A)		469,842
	51,507	*	Crown Holdings, Inc		2,889,028
	18,012		Eagle Materials, Inc		1,728,612
	100,613		Ecolab, Inc		12,988,132
	337,719		EI du Pont de Nemours & Co		26,933,090
	41,326		FMC Corp		3,026,303
	111,844	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		1,426,011
	88,321		Graphic Packaging Holding Co		1,199,399
	30,527		International Flavors & Fragrances, Inc		4,230,737
	55,400		LyondellBasell Industries AF S.C.A		4,695,704
	22,102		Martin Marietta Materials, Inc		4,866,639
	109,553		Monsanto Co		12,774,975
	2,620		NewMarket Corp		1,233,234
	62,968	*	Owens-Illinois, Inc		1,373,962
	35,936		Packaging Corp of America		3,549,758
	102,178		PPG Industries, Inc		11,223,232
	97,729		Praxair, Inc		12,214,170
	1,687		Royal Gold, Inc		119,237
	50,091		RPM International, Inc		2,632,783
	15,603		Scotts Miracle-Gro Co (Class A)		1,507,250

212

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	75,209		Sealed Air Corp	$	3,310,700
	31,210		Sherwin-Williams Co		10,445,363
	14,020		Silgan Holdings, Inc		849,892
	14,001		Southern Copper Corp (NY)		495,215
	14,445		Steel Dynamics, Inc		522,042
	31,327		Valspar Corp		3,522,408
	1,752	e	Valvoline, Inc		38,982
	47,470		Vulcan Materials Co		5,738,174
	14,802		WR Grace & Co		1,031,995
			TOTAL MATERIALS		159,433,321

MEDIA - 5.4%
	21,487	*	AMC Networks, Inc		1,282,344
	1,772		Cable One, Inc		1,208,256
	139,794		CBS Corp (Class B)		9,304,689
	77,402	*	Charter Communications, Inc		26,716,074
	39,801		Cinemark Holdings, Inc		1,719,403
	11,255		Clear Channel Outdoor Holdings, Inc (Class A)		57,963
	1,722,471		Comcast Corp (Class A)		67,503,639
	53,611	*	Discovery Communications, Inc (Class A)		1,542,925
	79,364	*,e	Discovery Communications, Inc (Class C)		2,220,605
	64,910	*	DISH Network Corp (Class A)		4,182,800
	153,770		Interpublic Group of Cos, Inc		3,624,359
	11,575	*	Lions Gate Entertainment Corp (Class A)		302,918
	34,599	*	Lions Gate Entertainment Corp (Class B)		825,186
	28,371	*	Live Nation, Inc		912,411
	1,564	*	Madison Square Garden Co		315,568
	91,139		Omnicom Group, Inc		7,484,335
	7,738		Regal Entertainment Group (Class A)		170,778
	31,578		Scripps Networks Interactive (Class A)		2,359,508
	683,330	e	Sirius XM Holdings, Inc		3,382,484
	199,620		Time Warner, Inc		19,816,277
	2,327		Tribune Co		85,075
	325,233		Twenty-First Century Fox, Inc		9,932,616
	144,891		Twenty-First Century Fox, Inc (Class B)		4,326,445
	3,060		Viacom, Inc		136,476
	117,122		Viacom, Inc (Class B)		4,984,712
	627,953		Walt Disney Co		72,591,367
			TOTAL MEDIA		246,989,213

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.3%
	625,036		AbbVie, Inc		41,214,874
	36,886	*	Acadia Pharmaceuticals, Inc		1,266,296
	32,622		Agilent Technologies, Inc		1,795,841
	12,550	*,e	Agios Pharmaceuticals, Inc		623,861
	33,016	*	Akorn, Inc		1,104,385
	83,775	*	Alexion Pharmaceuticals, Inc		10,704,770
	57,401	*	Alkermes plc		3,343,608
	76,555		Allergan plc		18,668,702
	25,379	*	Alnylam Pharmaceuticals, Inc		1,360,314
	290,801		Amgen, Inc		47,493,619
	294	*,e	AquaBounty Technologies, Inc		2,284
	84,568	*	Biogen Idec, Inc		22,935,687

213

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	65,800	*	BioMarin Pharmaceutical, Inc	$	6,306,272
	13,833		Bio-Techne Corp		1,481,238
	42,212	*	Bioverativ, Inc		2,482,488
	645,140		Bristol-Myers Squibb Co		36,160,097
	39,338		Bruker BioSciences Corp		959,454
	296,755	*	Celgene Corp		36,812,458
	18,451	*	Charles River Laboratories International, Inc		1,655,055
	376,773		Eli Lilly & Co		30,917,992
	511,869		Gilead Sciences, Inc		35,088,620
	56,463	*	Illumina, Inc		10,437,750
	62,608	*	Incyte Corp		7,780,922
	6,583	*,e	Intercept Pharmaceuticals, Inc		739,600
	23,175	*,e	Intrexon Corp		482,967
	46,856	*	Ionis Pharmaceuticals, Inc		2,257,991
	183,769		Johnson & Johnson		22,689,959
	23,370	*,e	Juno Therapeutics, Inc		582,848
	10,117	*	Mettler-Toledo International, Inc		5,194,270
	56,365	*	Mylan NV		2,105,233
	33,123	*	Neurocrine Biosciences, Inc		1,768,768
	116,216	*,e	Opko Health, Inc		902,998
	8,612	*	Patheon NV		231,749
	8,633		PerkinElmer, Inc		512,887
	162,598		Pfizer, Inc		5,515,324
	43,247	*	Quintiles Transnational Holdings, Inc		3,644,857
	29,941	*	Regeneron Pharmaceuticals, Inc		11,631,779
	36,944	*	Seattle Genetics, Inc		2,523,275
	68,954		Thermo Fisher Scientific, Inc		11,400,165
	4,502	*	United Therapeutics Corp		565,901
	94,839	*	Vertex Pharmaceuticals, Inc		11,219,454
	1,770	*	VWR Corp		50,020
	30,284	*	Waters Corp		5,144,949
	175,725		Zoetis, Inc		9,859,930
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		419,621,511

REAL ESTATE - 2.7%
	3,388		Alexandria Real Estate Equities, Inc		381,184
	162,870		American Tower Corp		20,511,848
	9,815		Boston Properties, Inc		1,242,579
	3,001		Care Capital Properties, Inc		80,637
	115,578	*	CBRE Group, Inc		4,138,848
	71,198		Colony NorthStar, Inc		930,558
	122,739		Crown Castle International Corp		11,611,109
	46,134		CubeSmart		1,169,036
	26,188		CyrusOne, Inc		1,430,912
	43,018		Digital Realty Trust, Inc		4,940,187
	28,501		Empire State Realty Trust, Inc		592,821
	29,052		Equinix, Inc		12,135,020
	31,211		Equity Lifestyle Properties, Inc		2,525,282
	11,075		Essex Property Trust, Inc		2,707,505
	46,119		Extra Space Storage, Inc		3,483,368
	27,582		Federal Realty Investment Trust		3,610,208
	71,919		Gaming and Leisure Properties, Inc		2,502,781
	36,953		Healthcare Trust of America, Inc		1,178,431

214

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	3,040	*	Invitation Homes, Inc	$	65,512
	99,654		Iron Mountain, Inc		3,463,973
	31,831		Lamar Advertising Co		2,294,060
	11,339		Life Storage, Inc		888,864
	25,515		Omega Healthcare Investors, Inc		841,995
	8,418		Outfront Media, Inc		220,215
	38,262		Park Hotels & Resorts, Inc		982,186
	56,929		Public Storage, Inc		11,919,794
	6,466		Regency Centers Corp		408,522
	30,601	*	SBA Communications Corp		3,870,721
	10,447		Senior Housing Properties Trust		224,819
	107,798		Simon Property Group, Inc		17,814,698
	31,868		Tanger Factory Outlet Centers, Inc		993,963
	11,141		Taubman Centers, Inc		696,870
	40,016		Ventas, Inc		2,561,424
			TOTAL REAL ESTATE		122,419,930

RETAILING - 9.3%
	27,069		Advance Auto Parts, Inc		3,847,588
	150,274	*	Amazon.com, Inc		139,001,947
	10,488	*	Autonation, Inc		440,496
	11,349	*	AutoZone, Inc		7,855,664
	7,453		Bed Bath & Beyond, Inc		288,804
	15,418	*	Burlington Stores, Inc		1,525,149
	2,572	*	Cabela’s, Inc		140,431
	74,787	*	Carmax, Inc		4,375,039
	26,303		Dick’s Sporting Goods, Inc		1,329,617
	109,487		Dollar General Corp		7,960,800
	86,773	*	Dollar Tree, Inc		7,182,201
	46,170		Expedia, Inc		6,173,852
	46,286		Foot Locker, Inc		3,579,759
	6,651		Gap, Inc		174,256
	52,631		Genuine Parts Co		4,843,105
	137,891	*	Groupon, Inc		540,533
	480,980		Home Depot, Inc		75,080,978
	17,171		L Brands, Inc		906,801
	4,611	*	Liberty Expedia Holdings, Inc		222,757
	91,922	*	Liberty Interactive Corp		1,946,908
	5,967	*	Liberty Ventures		321,323
	117,417	*	LKQ Corp		3,668,107
	345,633		Lowe’s Companies, Inc		29,337,329
	26,987	*	Michaels Cos, Inc		630,416
	7,949	*	Murphy USA, Inc		553,012
	157,393	*	NetFlix, Inc		23,955,215
	47,492	e	Nordstrom, Inc		2,292,439
	36,655	*	O’Reilly Automotive, Inc		9,095,938
	19,111	*	Priceline.com, Inc		35,294,577
	152,692		Ross Stores, Inc		9,924,980
	56,548	*	Sally Beauty Holdings, Inc		1,075,543
	24,620	e	Signet Jewelers Ltd		1,620,981
	23,518		Target Corp		1,313,480
	255,458		TJX Companies, Inc		20,089,217
	51,300		Tractor Supply Co		3,175,983

215

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	43,927	*,e	TripAdvisor, Inc	$	1,977,154
	22,633	*	Ulta Beauty, Inc		6,369,832
	28,368	*	Urban Outfitters, Inc		649,060
	33,281	e	Williams-Sonoma, Inc		1,798,838
			TOTAL RETAILING		420,560,109

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
	10,446		Analog Devices, Inc		795,985
	301,457		Applied Materials, Inc		12,242,169
	145,602		Broadcom Ltd		32,150,378
	16,230	*	Cree, Inc		355,112
	164,425		Intel Corp		5,943,964
	60,517		Kla-Tencor Corp		5,943,980
	49,156		Lam Research Corp		7,120,246
	109,811		Maxim Integrated Products, Inc		4,848,156
	81,095		Microchip Technology, Inc		6,129,160
	196,400		NVIDIA Corp		20,484,520
	15,350	*	ON Semiconductor Corp		217,663
	4,706	*	Qorvo, Inc		320,149
	118,147		Qualcomm, Inc		6,349,220
	67,366		Skyworks Solutions, Inc		6,719,085
	388,196		Texas Instruments, Inc		30,737,359
	32,198		Versum Materials, Inc		1,030,980
	30,290		Xilinx, Inc		1,911,602
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		143,299,728

SOFTWARE & SERVICES - 22.5%
	241,520		Accenture plc		29,296,376
	215,601		Activision Blizzard, Inc		11,265,152
	188,421	*	Adobe Systems, Inc		25,199,424
	59,079	*	Akamai Technologies, Inc		3,600,274
	21,456		Alliance Data Systems Corp		5,356,061
	113,606	*	Alphabet, Inc (Class A)		105,031,019
	114,823	*	Alphabet, Inc (Class C)		104,025,045
	8,715	*	Ansys, Inc		960,044
	10,030	*	Atlassian Corp plc		345,834
	66,809	*	Autodesk, Inc		6,017,487
	176,193		Automatic Data Processing, Inc		18,410,407
	8,349	*,e	Black Knight Financial Services, Inc		345,649
	39,982		Booz Allen Hamilton Holding Co		1,436,553
	45,951		Broadridge Financial Solutions, Inc		3,213,813
	109,517	*	Cadence Design Systems, Inc		3,566,969
	57,726		CDK Global, Inc		3,752,767
	59,858	*	Citrix Systems, Inc		4,844,907
	233,552	*	Cognizant Technology Solutions Corp (Class A)		14,066,837
	1,405	*	CommerceHub, Inc		22,368
	702	*	CommerceHub, Inc (Series A)		11,232
	12,648	*	CoStar Group, Inc		3,046,777
	63,318		CSRA, Inc		1,841,287
	9,112	*	Dell Technologies, Inc-VMware Inc		611,506
	12,397		DST Systems, Inc		1,526,195
	390,199	*	eBay, Inc		13,036,549
	112,347	*	Electronic Arts, Inc		10,652,743

216

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	19,028	*	Euronet Worldwide, Inc	$	1,572,093
	868,241	*	Facebook, Inc		130,453,210
	71,849		Fidelity National Information Services, Inc		6,048,967
	13,510	*,e	FireEye, Inc		169,010
	19,118	*	First American Corp		817,103
	120,356	*	First Data Corp		1,879,961
	85,846	*	Fiserv, Inc		10,227,692
	34,935	*	FleetCor Technologies, Inc		4,930,726
	54,482	*	Fortinet, Inc		2,124,798
	33,951	*	Gartner, Inc		3,873,470
	53,747		Genpact Ltd		1,312,502
	59,169		Global Payments, Inc		4,837,657
	19,370	*	GoDaddy, Inc		753,880
	27,116	*	Guidewire Software, Inc		1,667,363
	20,776	*	IAC/InterActiveCorp		1,724,616
	233,339		International Business Machines Corp		37,401,908
	94,492		Intuit, Inc		11,831,343
	29,940		Jack Henry & Associates, Inc		2,901,785
	24,999		Leidos Holdings, Inc		1,316,447
	28,468	*	Manhattan Associates, Inc		1,329,171
	372,227		MasterCard, Inc (Class A)		43,297,445
	10,961	*,e	Match Group, Inc		204,203
	2,929,926		Microsoft Corp		200,582,734
	63,571	*	Nuance Communications, Inc		1,137,285
	4,499	*,e	Nutanix, Inc		68,340
	112,823		Oracle Corp		5,072,522
	71,206	*,e	Pandora Media, Inc		772,585
	124,935		Paychex, Inc		7,406,147
	437,222	*	PayPal Holdings, Inc		20,864,234
	18,499	*	PTC, Inc		999,871
	69,699	*	Red Hat, Inc		6,139,088
	77,062		Sabre Corp		1,804,021
	247,278	*	salesforce.com, Inc		21,295,581
	60,792	*	ServiceNow, Inc		5,743,628
	50,130	*	Splunk, Inc		3,223,860
	19,487	*	Square, Inc		355,443
	58,271		SS&C Technologies Holdings, Inc		2,140,877
	36,338		Symantec Corp		1,149,371
	5,572	*	Synopsys, Inc		410,656
	20,675	*	Tableau Software, Inc		1,109,834
	51,383	*	Teradata Corp		1,499,356
	63,459		Total System Services, Inc		3,636,835
	5,814	*,e	Twilio, Inc		192,153
	213,673	*	Twitter, Inc		3,521,331
	12,611	*	Tyler Technologies, Inc		2,063,034
	11,064	*	Ultimate Software Group, Inc		2,242,341
	59,746	*	Vantiv, Inc		3,706,642
	35,323	*,e	VeriSign, Inc		3,140,921
	737,494		Visa, Inc (Class A)		67,274,203
	9,896	*,e	VMware, Inc (Class A)		931,412
	189,763		Western Union Co		3,768,693
	14,293	*	WEX, Inc		1,450,168
	44,612	*	Workday, Inc		3,899,089

217

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	19,704	*	Yelp, Inc	$	697,719
	13,466	*	Zillow Group, Inc		518,306
	26,451	*	Zillow Group, Inc (Class C)		1,031,589
			TOTAL SOFTWARE & SERVICES		1,022,008,494

TECHNOLOGY HARDWARE & EQUIPMENT - 7.0%
	116,132		Amphenol Corp (Class A)		8,397,505
	1,942,225	d	Apple, Inc		279,000,621
	14,995	*	Arista Networks, Inc		2,093,902
	16,073	*	ARRIS International plc		417,737
	62,279		CDW Corp		3,680,066
	31,835		Cognex Corp		2,716,799
	49,320	*	CommScope Holding Co, Inc		2,073,413
	26,213	*	F5 Networks, Inc		3,384,885
	41,677	*,e	Fitbit, Inc		238,392
	11,197	*	IPG Photonics Corp		1,414,405
	7,932		Motorola, Inc		681,914
	34,612		National Instruments Corp		1,208,305
	46,351	*	NCR Corp		1,911,979
	33,821	*	Palo Alto Networks, Inc		3,666,534
	75,065	*	Trimble Navigation Ltd		2,659,553
	42,574	*	VeriFone Systems, Inc		789,322
	16,463	*	Zebra Technologies Corp (Class A)		1,551,967
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		315,887,299

TELECOMMUNICATION SERVICES - 1.0%
	68,092	*	T-Mobile US, Inc		4,580,549
	788,286		Verizon Communications, Inc		36,190,210
	63,618	*	Zayo Group Holdings, Inc		2,231,083
			TOTAL TELECOMMUNICATION SERVICES		43,001,842

TRANSPORTATION - 2.1%
	38,218		Alaska Air Group, Inc		3,251,970
	1,432		Amerco, Inc		536,227
	30,493	*	Avis Budget Group, Inc		930,036
	54,723		CH Robinson Worldwide, Inc		3,978,362
	219,032		Delta Air Lines, Inc		9,952,814
	49,175		Expeditors International of Washington, Inc		2,758,226
	96,423		FedEx Corp		18,291,443
	7,629	*,e	Hertz Global Holdings, Inc		125,802
	33,790		J.B. Hunt Transport Services, Inc		3,029,611
	11,349	*	JetBlue Airways Corp		247,749
	16,223		Landstar System, Inc		1,386,255
	16,259		Old Dominion Freight Line		1,439,247
	237,615		Southwest Airlines Co		13,358,715
	51,159		Union Pacific Corp		5,727,762
	267,799		United Parcel Service, Inc (Class B)		28,777,681
			TOTAL TRANSPORTATION		93,791,900

UTILITIES - 0.0%
	14,800		Dominion Resources, Inc		1,145,964
			TOTAL UTILITIES		1,145,964

			TOTAL COMMON STOCKS		4,505,052,598
			(Cost $3,283,208,067)

218

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 1.5%

GOVERNMENT AGENCY DEBT - 0.5%
$	20,450,000	d	Federal Home Loan Bank (FHLB)		0.680	%	05/01/17	$	20,450,000
			TOTAL GOVERNMENT AGENCY DEBT						20,450,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%
	47,618,480	c	State Street Navigator Securities Lending Government Money Market Portfolio						47,618,480
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						47,618,480

			TOTAL SHORT-TERM INVESTMENTS						68,068,480
			(Cost $68,068,480)
			TOTAL INVESTMENTS - 101.0%						4,573,121,078
			(Cost $3,351,276,547)
			OTHER ASSETS & LIABILITIES, NET - (1.0)%						(44,429,836	)
			NET ASSETS - 100.0%					$	4,528,691,242



*		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 contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $46,060,130.

219

TIAA-CREF FUNDS - Large-Cap Value Index Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.9%

AUTOMOBILES & COMPONENTS - 1.1%
	40,261		Adient plc	$	2,961,599
	107,790		BorgWarner, Inc		4,557,361
	2,199,718		Ford Motor Co		25,230,766
	794,853		General Motors Co		27,533,708
	58,568		Gentex Corp		1,209,429
	149,010		Goodyear Tire & Rubber Co		5,398,632
	6,737		Lear Corp		961,101
	4,177	*	Tesla, Inc		1,311,870
			TOTAL AUTOMOBILES & COMPONENTS		69,164,466

BANKS - 12.3%
	79,710		Associated Banc-Corp		1,984,779
	5,828,818		Bank of America Corp		136,044,612
	23,696		Bank of Hawaii Corp		1,930,750
	56,057		BankUnited		1,978,252
	460,450		BB&T Corp		19,882,231
	14,622		BOK Financial Corp		1,232,488
	112,064		CIT Group, Inc		5,189,684
	1,572,714		Citigroup, Inc		92,978,851
	177,361		Citizens Financial Group, Inc		6,510,922
	99,559		Comerica, Inc		7,038,821
	48,884		Commerce Bancshares, Inc		2,686,176
	29,638		Cullen/Frost Bankers, Inc		2,797,531
	81,977		East West Bancorp, Inc		4,448,892
	433,294		Fifth Third Bancorp		10,585,372
	12,424		First Hawaiian, Inc		369,862
	123,582		First Horizon National Corp		2,267,730
	17,068		First Republic Bank		1,578,107
	604,135		Huntington Bancshares, Inc		7,769,176
	2,061,866		JPMorgan Chase & Co		179,382,342
	607,795		Keycorp		11,086,181
	84,709		M&T Bank Corp		13,164,626
	266,124		New York Community Bancorp, Inc		3,536,788
	65,487		PacWest Bancorp		3,234,403
	191,938		People’s United Financial, Inc		3,353,157
	283,405		PNC Financial Services Group, Inc		33,937,749
	57,170		Popular, Inc		2,395,995
	719,643		Regions Financial Corp		9,895,091
	12,191	*	Signature Bank		1,687,844
	284,767		SunTrust Banks, Inc		16,177,613
	7,804	*	SVB Financial Group		1,373,036
	69,240		Synovus Financial Corp		2,894,232
	82,902		TCF Financial Corp		1,368,712
	36,141		TFS Financial Corp		597,772

220

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	921,328		US Bancorp	$	47,245,700
	2,587,564		Wells Fargo & Co		139,314,446
	22,241	*	Western Alliance Bancorp		1,065,344
	115,296		Zions Bancorporation		4,615,299
			TOTAL BANKS		783,600,566

CAPITAL GOODS - 7.6%
	86,369	*	Aecom Technology Corp		2,954,683
	39,717		AGCO Corp		2,541,491
	27,292		Air Lease Corp		1,040,917
	79,920		Allison Transmission Holdings, Inc		3,091,306
	105,655		Ametek, Inc		6,043,466
	247,279		Arconic, Inc		6,758,135
	26,054	*	Armstrong World Industries, Inc		1,218,024
	24,872		Carlisle Cos, Inc		2,521,772
	315,640		Caterpillar, Inc		32,277,346
	58,656		Chicago Bridge & Iron Co NV		1,764,372
	55,757	*	Colfax Corp		2,256,486
	26,647		Crane Co		2,129,362
	89,453		Cummins, Inc		13,502,036
	133,645		Deere & Co		14,916,118
	6,621		Donaldson Co, Inc		306,420
	86,436		Dover Corp		6,818,072
	259,000		Eaton Corp		19,590,760
	305,114		Emerson Electric Co		18,392,272
	26,670		Flowserve Corp		1,356,703
	76,732		Fluor Corp		3,937,886
	127,200		Fortive Corp		8,046,672
	80,784		General Dynamics Corp		15,655,131
	3,983,140		General Electric Co		115,471,229
	11,200	*	Herc Holdings, Inc		509,264
	11,147		Hubbell, Inc		1,261,060
	4,159		Huntington Ingalls		835,502
	3,599		IDEX Corp		377,031
	73,220		Ingersoll-Rand plc		6,498,275
	50,480		ITT, Inc		2,126,722
	68,304		Jacobs Engineering Group, Inc		3,751,256
	405,747		Johnson Controls International plc		16,866,903
	81,002		KBR, Inc		1,138,078
	43,193		L3 Technologies, Inc		7,419,262
	1,449		Lennox International, Inc		239,650
	12,932		Lincoln Electric Holdings, Inc		1,151,336
	65,313		Masco Corp		2,417,887
	14,756		MSC Industrial Direct Co (Class A)		1,321,105
	32,951		Orbital ATK, Inc		3,262,149
	40,948		Oshkosh Truck Corp		2,841,382
	64,235		Owens Corning, Inc		3,908,700
	177,050		PACCAR, Inc		11,814,546
	75,325		Parker-Hannifin Corp		12,112,260
	93,187		Pentair plc		6,011,493
	59,027	*	Quanta Services, Inc		2,091,917
	103,531		Raytheon Co		16,069,047
	24,316		Regal-Beloit Corp		1,917,317

221

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	15,055		Rockwell Automation, Inc	$	2,368,904
	27,519		Roper Industries, Inc		6,018,405
	8,982		Snap-On, Inc		1,504,754
	33,264		Spirit Aerosystems Holdings, Inc (Class A)		1,901,370
	74,411		Stanley Works		10,131,058
	60,772		Terex Corp		2,125,805
	105,524		Textron, Inc		4,923,750
	38,872		Timken Co		1,875,574
	83,665		Trinity Industries, Inc		2,250,589
	7,378	*	United Rentals, Inc		809,071
	440,452		United Technologies Corp		52,409,383
	49,945	*	USG Corp		1,513,334
	2,635		Valmont Industries, Inc		401,442
	41,498	*	Welbilt, Inc		850,709
	27,332	*	WESCO International, Inc		1,665,885
	48,017		Xylem, Inc		2,468,554
			TOTAL CAPITAL GOODS		481,751,388

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	27,206	*	Clean Harbors, Inc		1,580,941
	11,378		Dun & Bradstreet Corp		1,247,143
	5,142		LSC Communications, Inc		133,024
	37,546		Manpower, Inc		3,791,395
	42,195		Nielsen NV		1,735,480
	133,878		Republic Services, Inc		8,432,975
	14,016		RR Donnelley & Sons Co		176,181
	2,955	*	Stericycle, Inc		252,180
	42,767		Waste Management, Inc		3,112,582
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		20,461,901

CONSUMER DURABLES & APPAREL - 0.6%
	10,266		Brunswick Corp		582,595
	36,671		CalAtlantic Group, Inc		1,328,224
	127,346		Coach, Inc		5,016,159
	85,233		DR Horton, Inc		2,803,313
	64,024	*	Garmin Ltd		3,254,980
	2,986		Lennar Corp (B Shares)		127,233
	46,310		Lennar Corp (Class A)		2,338,655
	7,438	*	Mohawk Industries, Inc		1,746,368
	44,951		Phillips-Van Heusen Corp		4,541,400
	130,798		Pulte Homes, Inc		2,965,191
	29,729		Ralph Lauren Corp		2,399,725
	46,462		Toll Brothers, Inc		1,672,167
	26,598	*	Vista Outdoor, Inc		520,257
	37,753		Whirlpool Corp		7,009,977
			TOTAL CONSUMER DURABLES & APPAREL		36,306,244

CONSUMER SERVICES - 0.8%
	75,568		ARAMARK Holdings Corp		2,759,743
	230,610		Carnival Corp		14,244,780
	6,598		Choice Hotels International, Inc		413,695
	32,321		Extended Stay America, Inc		563,678
	2,515		Graham Holdings Co		1,513,276

222

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	116,271		H&R Block, Inc	$	2,882,358
	3,186	*	Hilton Grand Vacations, Inc		106,635
	12,302		Hilton Worldwide Holdings, Inc		725,449
	17,990	*	Hyatt Hotels Corp		998,445
	52,522		International Game Technology plc		1,165,988
	44,951		Marriott International, Inc (Class A)		4,244,273
	242,914		MGM Resorts International		7,459,889
	80,803	*	Norwegian Cruise Line Holdings Ltd		4,357,706
	95,150		Royal Caribbean Cruises Ltd		10,142,990
	52,367		Wendy’s		771,890
	4,524		Wynn Resorts Ltd		556,497
			TOTAL CONSUMER SERVICES		52,907,292

DIVERSIFIED FINANCIALS - 6.2%
	4,043		Affiliated Managers Group, Inc		669,480
	185,911		AGNC Investment Corp		3,917,145
	250,805		Ally Financial, Inc		4,965,939
	429,622		American Express Co		34,047,544
	58,830		Ameriprise Financial, Inc		7,521,415
	572,280		Annaly Capital Management, Inc		6,758,627
	592,489		Bank of New York Mellon Corp		27,882,532
	70,719		BlackRock, Inc		27,196,406
	270,028		Capital One Financial Corp		21,704,851
	135,252		Charles Schwab Corp		5,254,540
	104,815		Chimera Investment Corp		2,134,033
	191,204		CME Group, Inc		22,215,993
	148,566		Discover Financial Services		9,298,746
	5,319	*	Donnelley Financial Solutions, Inc		118,188
	155,712	*	E*TRADE Financial Corp		5,379,850
	203,951		Franklin Resources, Inc		8,792,328
	218,489		Goldman Sachs Group, Inc		48,897,838
	33,211		Interactive Brokers Group, Inc (Class A)		1,156,739
	173,208		IntercontinentalExchange Group, Inc		10,427,122
	194,889		Invesco Ltd		6,419,644
	115,214		iShares Russell 1000 Value Index Fund		13,217,350
	62,075		Lazard Ltd (Class A)		2,665,500
	56,092		Legg Mason, Inc		2,096,719
	184,943		Leucadia National Corp		4,695,703
	40,754		LPL Financial Holdings, Inc		1,713,298
	216,062		MFA Mortgage Investments, Inc		1,795,475
	10,152		Moody’s Corp		1,201,185
	804,691		Morgan Stanley		34,899,449
	62,679		NASDAQ OMX Group, Inc		4,316,703
	168,894		Navient Corp		2,567,189
	116,887		Northern Trust Corp		10,519,830
	30,535	*	OneMain Holdings, Inc		712,076
	71,404		Raymond James Financial, Inc		5,321,026
	60,438	*	Santander Consumer USA Holdings, Inc		769,980
	241,759	*	SLM Corp		3,031,658
	141,252		Starwood Property Trust, Inc		3,205,008
	223,368		State Street Corp		18,740,575
	471,491		Synchrony Financial		13,107,450
	32,108		T Rowe Price Group, Inc		2,276,136

223

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	16,208		TD Ameritrade Holding Corp	$	620,280
	168,336		Thomson Corp		7,647,504
	195,344		Two Harbors Investment Corp		1,951,486
	112,452		Voya Financial, Inc		4,203,456
			TOTAL DIVERSIFIED FINANCIALS		396,033,996

ENERGY - 11.8%
	317,603		Anadarko Petroleum Corp		18,109,723
	100,857	*	Antero Resources Corp		2,137,160
	66,288		Apache Corp		3,224,248
	248,194		Baker Hughes, Inc		14,735,278
	77,356		Cabot Oil & Gas Corp		1,797,754
	113,194	*	Cheniere Energy, Inc		5,133,348
	327,630	*,e	Chesapeake Energy Corp		1,723,334
	1,065,078		Chevron Corp		113,643,823
	44,687		Cimarex Energy Co		5,214,079
	79,529	*	Concho Resources, Inc		10,073,143
	703,748		ConocoPhillips		33,716,567
	127,669	*	Consol Energy, Inc		1,938,015
	26,376	*	Continental Resources, Inc		1,118,606
	268,046	*	Devon Energy Corp		10,585,137
	38,400	*,e	Diamond Offshore Drilling, Inc		553,728
	37,549	*	Diamondback Energy, Inc		3,748,892
	20,977	*	Dril-Quip, Inc		1,081,364
	53,914	*	Energen Corp		2,802,989
	170,396		Ensco plc		1,344,425
	277,197		EOG Resources, Inc		25,640,723
	97,567		EQT Corp		5,672,545
	20,916	*,e	Extraction Oil & Gas, Inc		327,335
	2,363,271		Exxon Mobil Corp		192,961,077
	24,079	e	Frank’s International NV		219,119
	89,455	*	Gulfport Energy Corp		1,420,545
	485,391		Halliburton Co		22,269,739
	54,438		Helmerich & Payne, Inc		3,301,120
	158,938		Hess Corp		7,760,943
	93,621		HollyFrontier Corp		2,634,495
	1,092,676		Kinder Morgan, Inc		22,541,906
	95,457	*,e	Kosmos Energy LLC		573,697
	82,148	*	Laredo Petroleum Holdings, Inc		1,056,423
	473,213		Marathon Oil Corp		7,036,677
	296,477		Marathon Petroleum Corp		15,102,538
	90,988		Murphy Oil Corp		2,382,066
	155,376		Nabors Industries Ltd		1,606,588
	211,782		National Oilwell Varco, Inc		7,406,017
	82,349	*	Newfield Exploration Co		2,850,922
	141,304		Noble Corp plc		678,259
	249,604		Noble Energy, Inc		8,069,697
	431,630		Occidental Petroleum Corp		26,562,510
	52,072		Oceaneering International, Inc		1,374,180
	113,094	*	Parsley Energy, Inc		3,369,070
	88,225		Patterson-UTI Energy, Inc		1,909,630
	61,265		PBF Energy, Inc		1,367,435
	256,139		Phillips 66		20,378,419

224

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	92,422		Pioneer Natural Resources Co	$	15,988,082
	135,953	*	Questar Market Resources, Inc		1,605,605
	116,849		Range Resources Corp		3,095,330
	88,874	*	Rice Energy, Inc		1,892,128
	74,341	*	Rowan Cos plc		1,045,978
	32,788	e	RPC, Inc		595,758
	789,721		Schlumberger Ltd		57,325,847
	55,175		SM Energy Co		1,246,403
	86,476	*	Superior Energy Services		1,044,630
	99,719		Targa Resources Investments, Inc		5,497,509
	67,213		Tesoro Corp		5,357,548
	195,031	*	Transocean Ltd (NYSE)		2,151,192
	265,967		Valero Energy Corp		17,184,128
	555,421	*	Weatherford International Ltd		3,204,779
	118,007	*	Whiting Petroleum Corp		979,458
	351,846		Williams Cos, Inc		10,777,043
	39,046		World Fuel Services Corp		1,438,064
	218,595	*	WPX Energy, Inc		2,607,838
			TOTAL ENERGY		752,192,608

FOOD & STAPLES RETAILING - 1.7%
	34,591		CVS Health Corp		2,851,682
	386,775		Walgreens Boots Alliance, Inc		33,471,508
	857,926		Wal-Mart Stores, Inc		64,498,877
	148,523		Whole Foods Market, Inc		5,401,782
			TOTAL FOOD & STAPLES RETAILING		106,223,849

FOOD, BEVERAGE & TOBACCO - 4.1%
	325,260		Archer Daniels Midland Co		14,880,645
	2,936		Brown-Forman Corp		141,104
	6,288		Brown-Forman Corp (Class B)		297,548
	78,534		Bunge Ltd		6,206,542
	556,350		Coca-Cola Co		24,006,503
	51,144		ConAgra Foods, Inc		1,983,364
	8,158		Flowers Foods, Inc		159,978
	15,432	*	Hain Celestial Group, Inc		570,830
	20,363		Hormel Foods Corp		714,334
	12,040		Ingredion, Inc		1,490,793
	65,293		J.M. Smucker Co		8,273,929
	10,394		Kellogg Co		737,974
	294,405		Kraft Heinz Co		26,611,268
	17,137		Lamb Weston Holdings, Inc		715,470
	67,372		Mead Johnson Nutrition Co		5,977,244
	96,407		Molson Coors Brewing Co (Class B)		9,244,467
	847,994		Mondelez International, Inc		38,185,170
	106,427		PepsiCo, Inc		12,056,051
	784,910		Philip Morris International, Inc		86,999,424
	29,573		Pilgrim’s Pride Corp		767,715
	65,044		Pinnacle Foods, Inc		3,782,309
	15,074	*	Post Holdings, Inc		1,269,080
	179,620		Reynolds American, Inc		11,585,490
	21,179	*,e	TreeHouse Foods, Inc		1,855,280
	88,371		Tyson Foods, Inc (Class A)		5,678,720
			TOTAL FOOD, BEVERAGE & TOBACCO		264,191,232

225

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

HEALTH CARE EQUIPMENT & SERVICES - 3.9%
	872,537		Abbott Laboratories	$	38,077,515
	26,939	*,e	Acadia Healthcare Co, Inc		1,174,002
	120,719		Aetna Inc		16,305,515
	39,693	*	Alere, Inc		1,951,705
	99,160	*	Allscripts Healthcare Solutions, Inc		1,186,945
	108,159		Anthem, Inc		19,240,405
	252,137		Baxter International, Inc		14,038,988
	103,583	*	Brookdale Senior Living, Inc		1,345,543
	13,083		Cardinal Health, Inc		949,695
	24,927	*	Centene Corp		1,854,569
	96,221		Cigna Corp		15,046,078
	6,216		Cooper Cos, Inc		1,245,251
	252,289		Danaher Corp		21,023,242
	55,648	*	DaVita, Inc		3,840,268
	130,568		Dentsply Sirona, Inc		8,257,120
	20,011	*	Envision Healthcare Corp		1,121,216
	42,203	*	Express Scripts Holding Co		2,588,732
	55,570	*	HCA Holdings, Inc		4,679,550
	2,403		Hill-Rom Holdings, Inc		181,763
	5,074		Humana, Inc		1,126,327
	32,398	*	Laboratory Corp of America Holdings		4,540,580
	20,398	*	LifePoint Hospitals, Inc		1,267,736
	14,665	*	MEDNAX, Inc		885,179
	795,657		Medtronic plc		66,111,140
	17,930	*	Premier, Inc		606,034
	79,389		Quest Diagnostics, Inc		8,376,333
	19,969		Teleflex, Inc		4,131,386
	35,434		Universal Health Services, Inc (Class B)		4,279,010
	1,885	*	WellCare Health Plans, Inc		289,178
	48,941		Zimmer Holdings, Inc		5,855,791
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		251,576,796

HOUSEHOLD & PERSONAL PRODUCTS - 2.7%
	10,388		Clorox Co		1,388,772
	403,281		Colgate-Palmolive Co		29,052,363
	243,643		Coty, Inc		4,349,028
	32,580	*	Edgewell Personal Care Co		2,329,144
	23,337		Energizer Holdings, Inc		1,382,250
	29,976		Kimberly-Clark Corp		3,889,386
	21,343		Nu Skin Enterprises, Inc (Class A)		1,178,774
	1,451,569		Procter & Gamble Co		126,765,521
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		170,335,238

INSURANCE - 8.0%
	226,645		Aflac, Inc		16,971,178
	8,440	*	Alleghany Corp		5,154,308
	48,524		Allied World Assurance Co Holdings Ltd		2,576,139
	212,269		Allstate Corp		17,255,347
	37,692		American Financial Group, Inc		3,667,809
	577,921		American International Group, Inc		35,201,168

226

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	4,164		American National Insurance Co	$	486,855
	44,826	e	Amtrust Financial Services, Inc		719,457
	64,382	*	Arch Capital Group Ltd		6,243,123
	30,692		Arthur J. Gallagher & Co		1,712,921
	33,173		Aspen Insurance Holdings Ltd		1,736,607
	31,909		Assurant, Inc		3,070,922
	74,235		Assured Guaranty Ltd		2,830,581
	24,600	*	Athene Holding Ltd		1,311,426
	49,179		Axis Capital Holdings Ltd		3,240,896
	1,072,359	*	Berkshire Hathaway, Inc (Class B)		177,164,430
	62,821		Brown & Brown, Inc		2,695,021
	262,303		Chubb Ltd		36,001,087
	85,643		Cincinnati Financial Corp		6,174,004
	15,353		CNA Financial Corp		694,877
	3,859		Erie Indemnity Co (Class A)		477,821
	23,872		Everest Re Group Ltd		6,008,821
	59,767		First American Financial Corp		2,594,485
	148,314		FNF Group		6,073,458
	22,960		Hanover Insurance Group, Inc		2,026,679
	208,371		Hartford Financial Services Group, Inc		10,076,822
	103,551		Lincoln National Corp		6,827,117
	159,194		Loews Corp		7,421,624
	7,759	*	Markel Corp		7,523,126
	15,800	e	Mercury General Corp		971,542
	526,382		Metlife, Inc		27,271,852
	133,199		Old Republic International Corp		2,754,555
	151,831		Principal Financial Group		9,888,753
	29,667		ProAssurance Corp		1,836,387
	295,086		Progressive Corp		11,720,816
	250,100		Prudential Financial, Inc		26,768,203
	36,585		Reinsurance Group of America, Inc (Class A)		4,574,588
	23,910		RenaissanceRe Holdings Ltd		3,399,285
	66,834		Torchmark Corp		5,126,836
	165,802		Travelers Cos, Inc		20,171,471
	135,482		UnumProvident Corp		6,276,881
	41,756		Validus Holdings Ltd		2,308,272
	54,614		W.R. Berkley Corp		3,712,660
	2,359		White Mountains Insurance Group Ltd		2,026,239
	98,555		XL Group Ltd		4,124,527
			TOTAL INSURANCE		506,870,976

MATERIALS - 2.9%
	14,223		Air Products & Chemicals, Inc		1,998,331
	63,240		Albemarle Corp		6,887,468
	82,627		Alcoa Corp		2,787,009
	26,035		Aptargroup, Inc		2,090,610
	35,018		Ashland Global Holdings, Inc		4,324,723
	2,613		Avery Dennison Corp		217,428
	45,470		Bemis Co, Inc		2,042,967
	34,159		Cabot Corp		2,056,030
	75,773		Celanese Corp (Series A)		6,595,282
	132,854		CF Industries Holdings, Inc		3,552,516
	19,594	e	Compass Minerals International, Inc		1,293,204

227

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	35,313		Domtar Corp	$	1,400,160
	635,482		Dow Chemical Co		39,908,269
	83,209		Eastman Chemical Co		6,635,918
	15,200		FMC Corp		1,113,096
	638,786	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		8,144,522
	53,467		Graphic Packaging Holding Co		726,082
	112,138		Huntsman Corp		2,777,658
	231,997		International Paper Co		12,520,878
	104,167		LyondellBasell Industries AF S.C.A		8,829,195
	3,230		Martin Marietta Materials, Inc		711,214
	86,994		Monsanto Co		10,144,370
	194,993		Mosaic Co		5,251,161
	370		NewMarket Corp		174,159
	300,188		Newmont Mining Corp		10,149,356
	178,318		Nucor Corp		10,936,243
	109,862	*	Platform Specialty Products Corp		1,556,745
	19,662		Praxair, Inc		2,457,357
	39,125		Reliance Steel & Aluminum Co		3,083,833
	34,851		Royal Gold, Inc		2,463,269
	2,409		Scotts Miracle-Gro Co (Class A)		232,709
	56,366		Sonoco Products Co		2,948,505
	26,475		Southern Copper Corp (NY)		936,421
	113,477		Steel Dynamics, Inc		4,101,059
	169,785		Tahoe Resources, Inc		1,368,467
	88,055		United States Steel Corp		1,965,388
	15,695	e	Valvoline, Inc		349,214
	4,834		Vulcan Materials Co		584,334
	21,391		Westlake Chemical Corp		1,331,590
	141,711		WestRock Co		7,590,041
	17,886		WR Grace & Co		1,247,012
			TOTAL MATERIALS		185,483,793

MEDIA - 0.9%
	9,317		Clear Channel Outdoor Holdings, Inc (Class A)		47,983
	205,879		Comcast Corp (Class A)		8,068,398
	5,858	*	Discovery Communications, Inc (Class A)		168,593
	8,628	*,e	Discovery Communications, Inc (Class C)		241,411
	29,459	*	DISH Network Corp (Class A)		1,898,338
	24,366		John Wiley & Sons, Inc (Class A)		1,284,088
	14,488	*	Liberty Broadband Corp (Class A)		1,302,906
	57,830	*	Liberty Broadband Corp (Class C)		5,271,783
	51,108	*	Liberty SiriusXM Group (Class A)		1,947,215
	104,353	*	Liberty SiriusXM Group (Class C)		3,964,370
	7,689	*	Lions Gate Entertainment Corp (Class A)		201,221
	9,634	*	Lions Gate Entertainment Corp (Class B)		229,771
	31,761	*	Live Nation, Inc		1,021,434
	9,823	*	Madison Square Garden Co		1,981,987
	218,806		News Corp		2,783,212
	70,361		News Corp (Class B)		914,693
	34,215		Regal Entertainment Group (Class A)		755,125
	120,793		TEGNA, Inc		3,077,806
	152,986		Time Warner, Inc		15,186,920
	38,872		Tribune Co		1,421,160

228

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	140,032		Twenty-First Century Fox, Inc	$	4,276,577
	62,023		Twenty-First Century Fox, Inc (Class B)		1,852,007
	1,097		Viacom, Inc		48,926
	22,826		Viacom, Inc (Class B)		971,475
			TOTAL MEDIA		58,917,399

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%
	135,636		Agilent Technologies, Inc		7,466,762
	77,342		Allergan plc		18,860,620
	6,620	*	Alnylam Pharmaceuticals, Inc		354,832
	11,720	*	Bio-Rad Laboratories, Inc (Class A)		2,558,007
	120,067	*	Endo International plc		1,365,162
	1,288,142		Johnson & Johnson		159,046,893
	4,306	*,e	Juno Therapeutics, Inc		107,392
	61,779	*	Mallinckrodt plc		2,898,671
	1,569,331		Merck & Co, Inc		97,816,401
	176,740	*	Mylan NV		6,601,239
	15,668	*,e	Opko Health, Inc		121,740
	9,053	*	Patheon NV		243,616
	48,429		PerkinElmer, Inc		2,877,167
	78,140		Perrigo Co plc		5,777,672
	3,166,625		Pfizer, Inc		107,411,920
	123,120		QIAGEN NV		3,704,681
	15,430	*	Quintiles Transnational Holdings, Inc		1,300,440
	120,715		Thermo Fisher Scientific, Inc		19,957,811
	17,713	*	United Therapeutics Corp		2,226,524
	40,205	*	VWR Corp		1,136,193
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		441,833,743

REAL ESTATE - 4.7%
	44,816		Alexandria Real Estate Equities, Inc		5,042,248
	73,761		American Campus Communities, Inc		3,495,534
	93,319		American Homes 4 Rent		2,151,003
	87,678		Apartment Investment & Management Co (Class A)		3,835,036
	94,721		Apple Hospitality REIT, Inc		1,774,124
	77,280		AvalonBay Communities, Inc		14,670,835
	72,102		Boston Properties, Inc		9,128,113
	96,286		Brandywine Realty Trust		1,633,973
	107,628		Brixmor Property Group, Inc		2,125,653
	48,089		Camden Property Trust		3,959,167
	42,564		Care Capital Properties, Inc		1,143,695
	208,209		Colony NorthStar, Inc		2,721,292
	69,665		Columbia Property Trust, Inc		1,567,462
	66,623		CoreCivic, Inc		2,295,162
	53,636		Corporate Office Properties Trust		1,756,043
	22,897		Crown Castle International Corp		2,166,056
	33,233		CubeSmart		842,124
	5,733		CyrusOne, Inc		313,251
	50,827		DCT Industrial Trust, Inc		2,569,813
	173,676		DDR Corp		1,877,438
	26,588		Digital Realty Trust, Inc		3,053,366
	78,484		Douglas Emmett, Inc		2,956,492
	194,849		Duke Realty Corp		5,403,163

229

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	25,443		Empire State Realty Trust, Inc	$	529,214
	35,304		Entertainment Properties Trust		2,566,954
	69,840	*	Equity Commonwealth		2,234,182
	201,529		Equity Residential		13,014,743
	21,316		Essex Property Trust, Inc		5,211,123
	128,958		Forest City Realty Trust, Inc		2,914,451
	323,179		GGP, Inc		6,983,898
	265,897		HCP, Inc		8,335,871
	20,621		Healthcare Trust of America, Inc		657,604
	55,161		Highwoods Properties, Inc		2,806,592
	90,651		Hospitality Properties Trust		2,885,421
	415,855		Host Marriott Corp		7,464,597
	20,225	*	Howard Hughes Corp		2,489,900
	44,803	*	Invitation Homes, Inc		965,505
	25,457		Jones Lang LaSalle, Inc		2,923,991
	53,799		Kilroy Realty Corp		3,794,443
	229,166		Kimco Realty Corp		4,649,778
	80,425		Liberty Property Trust		3,262,842
	9,259		Life Storage, Inc		725,813
	81,207		Macerich Co		5,069,753
	64,133		Mid-America Apartment Communities, Inc		6,362,635
	80,043		National Retail Properties, Inc		3,379,415
	64,844		Omega Healthcare Investors, Inc		2,139,852
	65,923		Outfront Media, Inc		1,724,546
	101,169		Paramount Group, Inc		1,659,172
	9,389		Park Hotels & Resorts, Inc		241,016
	81,070		Piedmont Office Realty Trust, Inc		1,771,379
	295,374		Prologis, Inc		16,071,299
	55,500	*	Quality Care Properties, Inc		962,925
	69,675		Rayonier, Inc		1,966,229
	82,054		Realogy Holdings Corp		2,506,750
	153,944		Realty Income Corp		8,982,632
	70,481		Regency Centers Corp		4,452,990
	134,039		Retail Properties of America, Inc		1,788,080
	25,842	*	SBA Communications Corp		3,268,755
	116,721		Senior Housing Properties Trust		2,511,836
	16,139		Simon Property Group, Inc		2,667,131
	54,909		SL Green Realty Corp		5,761,601
	269,803		Spirit Realty Capital, Inc		2,541,544
	89,831		STORE Capital Corp		2,155,046
	38,272		Sun Communities, Inc		3,199,922
	5,188		Tanger Factory Outlet Centers, Inc		161,814
	17,328		Taubman Centers, Inc		1,083,866
	149,257		UDR, Inc		5,573,256
	69,071		Uniti Group, Inc		1,896,690
	131,761		Ventas, Inc		8,434,022
	543,237		VEREIT, Inc		4,546,894
	97,021		Vornado Realty Trust		9,337,301
	65,557		Weingarten Realty Investors		2,148,303
	202,303		Welltower, Inc		14,452,526
	420,020		Weyerhaeuser Co		14,226,077
	58,011		WP Carey, Inc		3,631,489
			TOTAL REAL ESTATE		297,574,711

230

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

RETAILING - 1.1%
	22,494	*,e	Autonation, Inc	$	944,748
	75,285		Bed Bath & Beyond, Inc		2,917,294
	156,058		Best Buy Co, Inc		8,085,365
	16,931	*	Burlington Stores, Inc		1,674,815
	25,093	*	Cabela’s, Inc		1,370,078
	43,016		CST Brands, Inc		2,077,243
	9,905		Dick’s Sporting Goods, Inc		500,698
	10,747	e	Dillard’s, Inc (Class A)		595,061
	7,791		Foot Locker, Inc		602,556
	56,823		GameStop Corp (Class A)		1,289,314
	118,943		Gap, Inc		3,116,307
	4,772		Genuine Parts Co		439,119
	174,127	*,e	JC Penney Co, Inc		936,803
	103,301		Kohl’s Corp		4,031,838
	112,165		L Brands, Inc		5,923,434
	24,326	*	Liberty Expedia Holdings, Inc		1,175,189
	104,083	*	Liberty Interactive Corp		2,204,478
	35,184	*	Liberty Ventures		1,894,658
	173,659		Macy’s, Inc		5,074,316
	13,455	*	Michaels Cos, Inc		314,309
	8,496	*	Murphy USA, Inc		591,067
	21,581		Penske Auto Group, Inc		1,029,629
	3,452	e	Signet Jewelers Ltd		227,280
	364,050		Staples, Inc		3,556,768
	279,585		Target Corp		15,614,822
	61,934		Tiffany & Co		5,676,251
	11,571	*	Urban Outfitters, Inc		264,744
			TOTAL RETAILING		72,128,184

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0%
	189,386		Analog Devices, Inc		14,431,213
	174,354		Applied Materials, Inc		7,080,516
	36,502	*	Cree, Inc		798,664
	170,911		Cypress Semiconductor Corp		2,394,463
	43,435	*,e	First Solar, Inc		1,283,504
	2,439,589		Intel Corp		88,191,142
	18,441		Lam Research Corp		2,671,179
	227,346		Marvell Technology Group Ltd		3,414,737
	583,457	*	Micron Technology, Inc		16,144,255
	209,412	*	ON Semiconductor Corp		2,969,462
	64,907	*	Qorvo, Inc		4,415,623
	659,221		Qualcomm, Inc		35,426,537
	8,917		Skyworks Solutions, Inc		889,382
	44,673	*,e	SunPower Corp		310,031
	116,257		Teradyne, Inc		4,100,384
	6,925		Versum Materials, Inc		221,738
	98,432		Xilinx, Inc		6,212,044
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		190,954,874

SOFTWARE & SERVICES - 3.0%
	11,376	*	Akamai Technologies, Inc		693,253

231

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	83,482		Amdocs Ltd	$	5,112,438
	36,858	*	Ansys, Inc		4,060,277
	21,336	*	Autodesk, Inc		1,921,734
	4,918		Booz Allen Hamilton Holding Co		176,704
	165,085		CA, Inc		5,419,741
	12,894	*	CommerceHub, Inc		205,272
	3,096	*	CommerceHub, Inc (Series A)		49,536
	111,849	*	Conduent, Inc		1,824,257
	109,362	*	Dell Technologies, Inc-VMware Inc		7,339,284
	162,179	*	DXC Technology Co		12,218,566
	79,374		Fidelity National Information Services, Inc		6,682,497
	68,015	*,e	FireEye, Inc		850,868
	18,519	*	First American Corp		791,502
	8,587	*	IAC/InterActiveCorp		712,807
	155,865		International Business Machines Corp		24,983,601
	36,962		Leidos Holdings, Inc		1,946,419
	28,077	*	Nuance Communications, Inc		502,298
	1,881	*,e	Nutanix, Inc		28,572
	1,512,445		Oracle Corp		67,999,527
	17,130	*,e	Pandora Media, Inc		185,861
	36,149	*	PTC, Inc		1,953,853
	6,739		SS&C Technologies Holdings, Inc		247,591
	297,460		Symantec Corp		9,408,660
	76,933	*	Synopsys, Inc		5,669,962
	4,626	*,e	Twilio, Inc		152,889
	42,987	*	Twitter, Inc		708,426
	31,652	*,e	VMware, Inc (Class A)		2,979,086
	490,700	*	Yahoo!, Inc		23,656,647
	11,017	*	Yelp, Inc		390,112
	9,607	*	Zillow Group, Inc		369,773
	17,733	*	Zillow Group, Inc (Class C)		691,587
	401,971	*	Zynga, Inc		1,161,696
			TOTAL SOFTWARE & SERVICES		191,095,296

TECHNOLOGY HARDWARE & EQUIPMENT - 4.1%
	260,905		Apple, Inc		37,479,003
	81,760	*	ARRIS International plc		2,124,942
	51,350	*	Arrow Electronics, Inc		3,620,175
	72,581		Avnet, Inc		2,808,159
	225,620		Brocade Communications Systems, Inc		2,836,043
	2,852,670		Cisco Systems, Inc		97,190,467
	539,275		Corning, Inc		15,558,084
	29,640		Dolby Laboratories, Inc (Class A)		1,562,917
	25,728	*	EchoStar Corp (Class A)		1,480,904
	11,615	*,e	Fitbit, Inc		66,438
	75,292		Flir Systems, Inc		2,765,475
	70,315		Harris Corp		7,867,545
	981,307		Hewlett Packard Enterprise Co		18,281,749
	979,728		HP, Inc		18,438,481
	2,913	*	IPG Photonics Corp		367,970
	103,852		Jabil Circuit, Inc		3,013,785
	210,164		Juniper Networks, Inc		6,319,632
	104,592	*	Keysight Technologies, Inc		3,914,879

232

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	85,665		Motorola, Inc	$	7,364,620
	11,129		National Instruments Corp		388,513
	160,524		NetApp, Inc		6,396,881
	28,424	*	Trimble Navigation Ltd		1,007,062
	159,524		Western Digital Corp		14,208,803
	556,077		Xerox Corp		3,998,194
	6,002	*	Zebra Technologies Corp (Class A)		565,809
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		259,626,530

TELECOMMUNICATION SERVICES - 3.5%
	3,493,457		AT&T, Inc		138,445,701
	303,083	e	CenturyLink, Inc		7,780,141
	662,344	e	Frontier Communications Corp		1,245,207
	165,034	*	Level 3 Communications, Inc		10,027,466
	426,196	*	Sprint Corp		3,848,550
	53,553		Telephone & Data Systems, Inc		1,470,565
	61,825	*	T-Mobile US, Inc		4,158,968
	9,025	*	US Cellular Corp		353,599
	1,157,042		Verizon Communications, Inc		53,119,798
			TOTAL TELECOMMUNICATION SERVICES		220,449,995

TRANSPORTATION - 2.4%
	11,677		Alaska Air Group, Inc		993,596
	1,421		Amerco, Inc		532,108
	297,858		American Airlines Group, Inc		12,694,708
	17,605		Copa Holdings S.A. (Class A)		2,049,574
	540,704		CSX Corp		27,489,392
	94,834		Delta Air Lines, Inc		4,309,257
	30,240		Expeditors International of Washington, Inc		1,696,162
	34,140	*	Genesee & Wyoming, Inc (Class A)		2,313,326
	33,241	*,e	Hertz Global Holdings, Inc		548,144
	167,896	*	JetBlue Airways Corp		3,665,170
	60,643		Kansas City Southern Industries, Inc		5,462,115
	29,442	*	Kirby Corp		2,078,605
	42,038		Macquarie Infrastructure Co LLC		3,420,632
	167,190		Norfolk Southern Corp		19,643,153
	14,189		Old Dominion Freight Line		1,256,010
	29,941		Ryder System, Inc		2,033,293
	40,274	*	Spirit Airlines, Inc		2,306,492
	403,522		Union Pacific Corp		45,178,323
	178,628	*	United Continental Holdings, Inc		12,541,472
			TOTAL TRANSPORTATION		150,211,532

UTILITIES - 6.3%
	369,725		AES Corp		4,181,590
	127,366		Alliant Energy Corp		5,008,031
	137,932		Ameren Corp		7,543,501
	279,764		American Electric Power Co, Inc		18,976,392
	100,977		American Water Works Co, Inc		8,053,926
	101,423		Aqua America, Inc		3,356,087
	57,479		Atmos Energy Corp		4,656,949
	31,960		Avangrid, Inc		1,390,260
	206,195	*	Calpine Corp		2,103,189

233

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY					VALUE

	243,109		Centerpoint Energy, Inc					$	6,935,900
	158,314		CMS Energy Corp						7,187,456
	173,416		Consolidated Edison, Inc						13,748,420
	327,734		Dominion Resources, Inc						25,376,444
	101,625		DTE Energy Co						10,628,959
	391,492		Duke Energy Corp						32,298,090
	179,854		Edison International						14,382,924
	100,549		Entergy Corp						7,667,867
	180,079		Eversource Energy						10,696,693
	500,543		Exelon Corp						17,333,804
	239,787		FirstEnergy Corp						7,179,223
	122,763		Great Plains Energy, Inc						3,632,557
	60,576		Hawaiian Electric Industries, Inc						2,030,508
	109,599		MDU Resources Group, Inc						2,948,213
	40,935		National Fuel Gas Co						2,266,980
	261,476		NextEra Energy, Inc						34,922,734
	179,951		NiSource, Inc						4,363,812
	178,725		NRG Energy, Inc						3,020,453
	111,508		OGE Energy Corp						3,878,248
	282,189		PG&E Corp						18,920,772
	62,156		Pinnacle West Capital Corp						5,288,854
	383,830		PPL Corp						14,627,761
	285,343		Public Service Enterprise Group, Inc						12,569,359
	71,830		SCANA Corp						4,763,047
	140,812		Sempra Energy						15,914,572
	563,471		Southern Co						28,060,856
	97,234		UGI Corp						4,877,257
	46,486		Vectren Corp						2,762,198
	179,316		WEC Energy Group, Inc						10,852,204
	80,091		Westar Energy, Inc						4,167,135
	286,646		Xcel Energy, Inc						12,913,402
			TOTAL UTILITIES						401,486,627

			TOTAL COMMON STOCKS						6,361,379,236
			(Cost $5,459,470,365)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 0.5%

GOVERNMENT AGENCY DEBT - 0.0%
$	2,650,000	d	Federal Home Loan Bank (FHLB)		0.680	%	05/01/17		2,650,000
			TOTAL GOVERNMENT AGENCY DEBT						2,650,000

TREASURY DEBT - 0.1%
	5,050,000	d	United States Treasury Bill		0.735		05/18/17		5,048,394
			TOTAL TREASURY DEBT						5,048,394

234

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	25,877,145	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	25,877,145
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		25,877,145

			TOTAL SHORT-TERM INVESTMENTS		33,575,539
			(Cost $33,575,392)
			TOTAL INVESTMENTS - 100.4%		6,394,954,775
			(Cost $5,493,045,757)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%		(25,731,627	)
			NET ASSETS - 100.0%	$	6,369,223,148



		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 contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $25,010,375.

235

TIAA-CREF FUNDS - S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES		COMPANY	VALUE

COMMON STOCKS - 99.7%

AUTOMOBILES & COMPONENTS - 0.7%
	39,420	BorgWarner, Inc	$	1,666,678
	53,516	Delphi Automotive plc		4,302,686
	772,260	Ford Motor Co		8,857,822
	269,514	General Motors Co		9,335,965
	49,581	Goodyear Tire & Rubber Co		1,796,320
	34,694	Harley-Davidson, Inc		1,970,966
		TOTAL AUTOMOBILES & COMPONENTS		27,930,437

BANKS - 6.3%
	1,981,146	Bank of America Corp		46,239,948
	159,748	BB&T Corp		6,897,919
	547,591	Citigroup, Inc		32,373,580
	101,196	Citizens Financial Group, Inc		3,714,905
	34,659	Comerica, Inc		2,450,391
	149,321	Fifth Third Bancorp		3,647,912
	216,282	Huntington Bancshares, Inc		2,781,386
	705,876	JPMorgan Chase & Co		61,411,212
	211,324	Keycorp		3,854,550
	30,380	M&T Bank Corp		4,721,356
	67,999	People’s United Financial, Inc		1,187,943
	96,169	PNC Financial Services Group, Inc		11,516,238
	239,802	Regions Financial Corp		3,297,277
	97,225	SunTrust Banks, Inc		5,523,352
	314,888	US Bancorp		16,147,457
	889,872	Wells Fargo & Co		47,910,709
	39,883	Zions Bancorporation		1,596,516
		TOTAL BANKS		255,272,651

CAPITAL GOODS - 7.4%
	117,801	3M Co		23,068,970
	8,690	Acuity Brands, Inc		1,530,309
	18,542	Allegion plc		1,458,143
	45,773	Ametek, Inc		2,618,216
	86,782	Arconic, Inc		2,371,752
	112,652	Boeing Co		20,821,469
	116,249	Caterpillar, Inc		11,887,623
	30,680	Cummins, Inc		4,630,839
	57,806	Deere & Co		6,451,728
	30,631	Dover Corp		2,416,173
	88,788	Eaton Corp		6,715,924
	127,508	Emerson Electric Co		7,686,182
	23,851	Equifax, Inc		3,227,279
	57,591	Fastenal Co		2,573,166
	25,277	Flowserve Corp		1,285,841

236

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	27,044		Fluor Corp	$	1,387,898
	59,308		Fortive Corp		3,751,824
	30,172		Fortune Brands Home & Security, Inc		1,923,163
	56,251		General Dynamics Corp		10,900,881
	1,724,270		General Electric Co		49,986,587
	150,531		Honeywell International, Inc		19,740,635
	61,658		Illinois Tool Works, Inc		8,514,353
	51,347		Ingersoll-Rand plc		4,557,046
	23,450		Jacobs Engineering Group, Inc		1,287,874
	185,966		Johnson Controls International plc		7,730,607
	15,332		L3 Technologies, Inc		2,633,578
	49,371		Lockheed Martin Corp		13,303,016
	63,123		Masco Corp		2,336,813
	34,617		Northrop Grumman Corp		8,514,397
	69,586		PACCAR, Inc		4,643,474
	26,261		Parker-Hannifin Corp		4,222,769
	32,946		Pentair plc		2,125,346
	29,117	*	Quanta Services, Inc		1,031,906
	57,882		Raytheon Co		8,983,865
	25,530		Rockwell Automation, Inc		4,017,146
	30,286		Rockwell Collins, Inc		3,152,470
	20,165		Roper Industries, Inc		4,410,086
	11,426		Snap-On, Inc		1,914,198
	30,294		Stanley Works		4,124,528
	53,854		Textron, Inc		2,512,828
	9,916		TransDigm Group, Inc		2,446,575
	16,582	*	United Rentals, Inc		1,818,382
	148,268		United Technologies Corp		17,642,409
	10,667		W.W. Grainger, Inc		2,055,531
	35,963		Xylem, Inc		1,848,858
			TOTAL CAPITAL GOODS		302,262,657

COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	16,977		Cintas Corp		2,079,173
	66,254		Nielsen NV		2,725,027
	45,459		Republic Services, Inc		2,863,462
	24,716		Robert Half International, Inc		1,138,172
	17,009	*	Stericycle, Inc		1,451,548
	30,501	*	Verisk Analytics, Inc		2,525,788
	79,820		Waste Management, Inc		5,809,300
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		18,592,470

CONSUMER DURABLES & APPAREL - 1.2%
	56,040		Coach, Inc		2,207,416
	66,931		DR Horton, Inc		2,201,361
	22,665	*	Garmin Ltd		1,152,289
	75,105		Hanesbrands, Inc		1,638,040
	22,041		Hasbro, Inc		2,184,484
	26,528		Leggett & Platt, Inc		1,393,781
	40,623		Lennar Corp (Class A)		2,051,461
	67,267		Mattel, Inc		1,508,126
	31,400	*	Michael Kors Holdings Ltd		1,172,162
	12,555	*	Mohawk Industries, Inc		2,947,788

237

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	95,765		Newell Rubbermaid, Inc	$	4,571,821
	261,932		Nike, Inc (Class B)		14,513,652
	15,612		Phillips-Van Heusen Corp		1,577,280
	55,425		Pulte Homes, Inc		1,256,485
	10,793		Ralph Lauren Corp		871,211
	34,852	*	Under Armour, Inc		676,477
	34,875	*,e	Under Armour, Inc (Class A)		749,464
	65,280		VF Corp		3,566,246
	14,678		Whirlpool Corp		2,725,411
			TOTAL CONSUMER DURABLES & APPAREL		48,964,955

CONSUMER SERVICES - 1.7%
	82,425		Carnival Corp		5,091,392
	5,674	*	Chipotle Mexican Grill, Inc (Class A)		2,692,143
	24,472		Darden Restaurants, Inc		2,084,770
	41,080		H&R Block, Inc		1,018,373
	62,063		Marriott International, Inc (Class A)		5,859,988
	162,047		McDonald’s Corp		22,675,237
	33,022		Royal Caribbean Cruises Ltd		3,520,145
	288,251		Starbucks Corp		17,312,355
	20,702		Wyndham Worldwide Corp		1,973,108
	15,667		Wynn Resorts Ltd		1,927,198
	66,240		Yum! Brands, Inc		4,355,280
			TOTAL CONSUMER SERVICES		68,509,989

DIVERSIFIED FINANCIALS - 3.9%
	11,176		Affiliated Managers Group, Inc		1,850,634
	149,698		American Express Co		11,863,567
	30,587		Ameriprise Financial, Inc		3,910,548
	205,024		Bank of New York Mellon Corp		9,648,430
	24,040		BlackRock, Inc		9,245,063
	95,289		Capital One Financial Corp		7,659,330
	18,086		CBOE Holdings, Inc		1,490,467
	240,017		Charles Schwab Corp		9,324,661
	67,094		CME Group, Inc		7,795,652
	76,424		Discover Financial Services		4,783,378
	54,140	*	E*TRADE Financial Corp		1,870,537
	68,685		Franklin Resources, Inc		2,961,010
	73,228		Goldman Sachs Group, Inc		16,388,426
	117,582		IntercontinentalExchange Group, Inc		7,078,436
	80,511		Invesco Ltd		2,652,032
	63,021		Leucadia National Corp		1,600,103
	32,710		Moody’s Corp		3,870,247
	284,085		Morgan Stanley		12,320,767
	22,371		NASDAQ OMX Group, Inc		1,540,691
	57,478		Navient Corp		873,666
	42,378		Northern Trust Corp		3,814,020
	25,187		Raymond James Financial, Inc		1,876,935
	50,984		S&P Global, Inc		6,841,543
	61,329		SPDR Trust Series 1		14,601,208
	70,866		State Street Corp		5,945,657
	152,683		Synchrony Financial		4,244,587
	48,396		T Rowe Price Group, Inc		3,430,793
			TOTAL DIVERSIFIED FINANCIALS		159,482,388

238

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

ENERGY - 6.3%
	110,699		Anadarko Petroleum Corp	$	6,312,057
	75,376		Apache Corp		3,666,289
	83,848		Baker Hughes, Inc		4,978,056
	93,925		Cabot Oil & Gas Corp		2,182,817
	149,070	*,e	Chesapeake Energy Corp		784,108
	374,079		Chevron Corp		39,914,229
	18,992		Cimarex Energy Co		2,215,986
	29,195	*	Concho Resources, Inc		3,697,839
	244,227		ConocoPhillips		11,700,916
	104,080	*	Devon Energy Corp		4,110,119
	113,996		EOG Resources, Inc		10,544,630
	34,153		EQT Corp		1,985,655
	819,375	d	Exxon Mobil Corp		66,901,969
	171,346		Halliburton Co		7,861,354
	21,425		Helmerich & Payne, Inc		1,299,212
	52,976		Hess Corp		2,586,818
	378,827		Kinder Morgan, Inc		7,815,201
	166,798		Marathon Oil Corp		2,480,286
	104,590		Marathon Petroleum Corp		5,327,815
	32,099		Murphy Oil Corp		840,352
	75,406		National Oilwell Varco, Inc		2,636,948
	38,595	*	Newfield Exploration Co		1,336,159
	86,667		Noble Energy, Inc		2,801,944
	151,096		Occidental Petroleum Corp		9,298,448
	41,503		Oneok, Inc		2,183,473
	87,191		Phillips 66		6,936,916
	33,659		Pioneer Natural Resources Co		5,822,670
	36,229		Range Resources Corp		959,706
	275,499		Schlumberger Ltd		19,998,473
	91,899	*	TechnipFMC plc		2,768,917
	23,036		Tesoro Corp		1,836,200
	77,110	*	Transocean Ltd (NYSE)		850,523
	88,998		Valero Energy Corp		5,750,161
	163,716		Williams Cos, Inc		5,014,621
			TOTAL ENERGY		255,400,867

FOOD & STAPLES RETAILING - 1.6%
	202,881		CVS Health Corp		16,725,510
	183,279		Kroger Co		5,434,222
	97,968		Sysco Corp		5,179,568
	168,730		Walgreens Boots Alliance, Inc		14,601,894
	297,556		Wal-Mart Stores, Inc		22,370,260
	62,835		Whole Foods Market, Inc		2,285,309
			TOTAL FOOD & STAPLES RETAILING		66,596,763

FOOD, BEVERAGE & TOBACCO - 5.7%
	383,214		Altria Group, Inc		27,507,101
	112,536		Archer Daniels Midland Co		5,148,522
	34,864		Brown-Forman Corp (Class B)		1,649,765
	38,119		Campbell Soup Co		2,193,367

239

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	763,624		Coca-Cola Co	$	32,950,375
	81,468		ConAgra Foods, Inc		3,159,329
	34,274		Constellation Brands, Inc (Class A)		5,913,636
	86,832		Costco Wholesale Corp		15,414,417
	36,086		Dr Pepper Snapple Group, Inc		3,307,282
	114,580		General Mills, Inc		6,589,496
	27,512		Hershey Co		2,976,798
	53,154		Hormel Foods Corp		1,864,642
	22,940		J.M. Smucker Co		2,906,957
	50,233		Kellogg Co		3,566,543
	117,914		Kraft Heinz Co		10,658,247
	22,396		McCormick & Co, Inc		2,237,360
	36,486		Mead Johnson Nutrition Co		3,237,038
	36,333		Molson Coors Brewing Co (Class B)		3,483,971
	301,840		Mondelez International, Inc		13,591,855
	79,941	*	Monster Beverage Corp		3,627,723
	282,022		PepsiCo, Inc		31,947,452
	306,540		Philip Morris International, Inc		33,976,894
	163,518		Reynolds American, Inc		10,546,911
	56,559		Tyson Foods, Inc (Class A)		3,634,481
			TOTAL FOOD, BEVERAGE & TOBACCO		232,090,162

HEALTH CARE EQUIPMENT & SERVICES - 5.4%
	341,758		Abbott Laboratories		14,914,319
	66,961		Aetna Inc		9,044,422
	32,881		AmerisourceBergen Corp		2,697,886
	52,609		Anthem, Inc		9,358,615
	14,314		Bard (C.R.), Inc		4,401,269
	95,876		Baxter International, Inc		5,338,376
	42,050		Becton Dickinson & Co		7,862,088
	270,378	*	Boston Scientific Corp		7,132,572
	62,595		Cardinal Health, Inc		4,543,771
	34,313	*	Centene Corp		2,552,887
	57,822	*	Cerner Corp		3,743,974
	51,154		Cigna Corp		7,998,951
	9,644		Cooper Cos, Inc		1,931,983
	120,630		Danaher Corp		10,052,098
	31,122	*	DaVita, Inc		2,147,729
	45,261		Dentsply Sirona, Inc		2,862,306
	41,886	*	Edwards Lifesciences Corp		4,593,638
	22,746	*	Envision Healthcare Corp		1,274,458
	120,044	*	Express Scripts Holding Co		7,363,499
	57,230	*	HCA Holdings, Inc		4,819,338
	15,603	*	Henry Schein, Inc		2,711,801
	55,051	*	Hologic, Inc		2,485,553
	29,573		Humana, Inc		6,564,615
	17,344	*	Idexx Laboratories, Inc		2,909,109
	7,248	*	Intuitive Surgical, Inc		6,058,386
	20,368	*	Laboratory Corp of America Holdings		2,854,575
	42,000		McKesson Corp		5,808,180
	270,474		Medtronic plc		22,473,685
	15,617	e	Patterson Cos, Inc		694,800
	27,104		Quest Diagnostics, Inc		2,859,743

240

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	61,137		Stryker Corp	$	8,337,253
	190,148		UnitedHealth Group, Inc		33,253,082
	17,593		Universal Health Services, Inc (Class B)		2,124,531
	18,415	*	Varian Medical Systems, Inc		1,670,977
	39,879		Zimmer Holdings, Inc		4,771,522
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		220,211,991

HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	50,182		Church & Dwight Co, Inc		2,485,514
	25,496		Clorox Co		3,408,560
	174,620		Colgate-Palmolive Co		12,579,625
	92,759		Coty, Inc		1,655,748
	43,806		Estee Lauder Cos (Class A)		3,817,255
	70,326		Kimberly-Clark Corp		9,124,799
	505,151		Procter & Gamble Co		44,114,837
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		77,186,338

INSURANCE - 4.2%
	79,152		Aflac, Inc		5,926,902
	72,077		Allstate Corp		5,859,139
	184,408		American International Group, Inc		11,232,291
	51,906		Aon plc		6,220,415
	35,179		Arthur J. Gallagher & Co		1,963,340
	10,712		Assurant, Inc		1,030,923
	375,312	*	Berkshire Hathaway, Inc (Class B)		62,005,296
	92,026		Chubb Ltd		12,630,568
	29,528		Cincinnati Financial Corp		2,128,673
	74,310		Hartford Financial Services Group, Inc		3,593,632
	44,375		Lincoln National Corp		2,925,644
	55,043		Loews Corp		2,566,105
	101,738		Marsh & McLennan Cos, Inc		7,541,838
	215,018		Metlife, Inc		11,140,083
	52,672		Principal Financial Group		3,430,527
	114,426		Progressive Corp		4,545,001
	84,972		Prudential Financial, Inc		9,094,553
	21,305		Torchmark Corp		1,634,307
	55,243		Travelers Cos, Inc		6,720,863
	45,155		UnumProvident Corp		2,092,031
	25,106		Willis Towers Watson plc		3,329,558
	52,225		XL Group Ltd		2,185,616
			TOTAL INSURANCE		169,797,305

MATERIALS - 2.8%
	42,966		Air Products & Chemicals, Inc		6,036,723
	22,179		Albemarle Corp		2,415,515
	17,728		Avery Dennison Corp		1,475,147
	34,503		Ball Corp		2,652,936
	45,076		CF Industries Holdings, Inc		1,205,332
	220,822		Dow Chemical Co		13,867,621
	28,864		Eastman Chemical Co		2,301,904
	51,864		Ecolab, Inc		6,695,124
	171,079		EI du Pont de Nemours & Co		13,643,550
	26,328		FMC Corp		1,927,999

241

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	261,783	*	Freeport-McMoRan Copper & Gold, Inc (Class B)	$	3,337,733
	15,580		International Flavors & Fragrances, Inc		2,159,232
	81,627		International Paper Co		4,405,409
	65,321		LyondellBasell Industries AF S.C.A		5,536,608
	12,425		Martin Marietta Materials, Inc		2,735,861
	86,652		Monsanto Co		10,104,490
	68,934		Mosaic Co		1,856,393
	105,583		Newmont Mining Corp		3,569,761
	62,821		Nucor Corp		3,852,812
	51,039		PPG Industries, Inc		5,606,124
	56,304		Praxair, Inc		7,036,874
	38,143		Sealed Air Corp		1,679,055
	16,099		Sherwin-Williams Co		5,388,013
	26,210		Vulcan Materials Co		3,168,265
	49,366		WestRock Co		2,644,043
			TOTAL MATERIALS		115,302,524

MEDIA - 3.2%
	73,770		CBS Corp (Class B)		4,910,131
	42,510	*	Charter Communications, Inc		14,672,752
	935,231		Comcast Corp (Class A)		36,651,703
	30,567	*	Discovery Communications, Inc (Class A)		879,718
	42,833	*,e	Discovery Communications, Inc (Class C)		1,198,467
	45,196	*	DISH Network Corp (Class A)		2,912,430
	77,435		Interpublic Group of Cos, Inc		1,825,143
	74,412		News Corp		946,521
	24,377		News Corp (Class B)		316,901
	46,588		Omnicom Group, Inc		3,825,807
	18,829		Scripps Networks Interactive (Class A)		1,406,903
	42,603		TEGNA, Inc		1,085,524
	153,197		Time Warner, Inc		15,207,866
	207,796		Twenty-First Century Fox, Inc		6,346,090
	96,024		Twenty-First Century Fox, Inc (Class B)		2,867,277
	68,452		Viacom, Inc (Class B)		2,913,317
	287,481		Walt Disney Co		33,232,803
			TOTAL MEDIA		131,199,353

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%
	315,431		AbbVie, Inc		20,799,520
	63,463		Agilent Technologies, Inc		3,493,638
	44,517	*	Alexion Pharmaceuticals, Inc		5,688,382
	66,253		Allergan plc		16,156,457
	145,533		Amgen, Inc		23,768,450
	42,670	*	Biogen Idec, Inc		11,572,531
	330,974		Bristol-Myers Squibb Co		18,551,093
	153,737	*	Celgene Corp		19,071,075
	192,082		Eli Lilly & Co		15,762,249
	258,330		Gilead Sciences, Inc		17,708,521
	28,827	*	Illumina, Inc		5,328,959
	33,426	*	Incyte Corp		4,154,183
	536,193		Johnson & Johnson		66,203,750
	20,820	*	Mallinckrodt plc		976,874
	542,589		Merck & Co, Inc		33,819,572

242

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	5,111	*	Mettler-Toledo International, Inc	$	2,624,090
	90,716	*	Mylan NV		3,388,243
	21,242		PerkinElmer, Inc		1,261,987
	28,259		Perrigo Co plc		2,089,470
	1,176,272		Pfizer, Inc		39,899,146
	15,028	*	Regeneron Pharmaceuticals, Inc		5,838,228
	77,183		Thermo Fisher Scientific, Inc		12,760,665
	49,217	*	Vertex Pharmaceuticals, Inc		5,822,371
	15,783	*	Waters Corp		2,681,374
	97,044		Zoetis, Inc		5,445,139
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		344,865,967

REAL ESTATE - 2.9%
	17,518		Alexandria Real Estate Equities, Inc		1,970,950
	84,431		American Tower Corp		10,633,240
	30,934		Apartment Investment & Management Co (Class A)		1,353,053
	27,094		AvalonBay Communities, Inc		5,143,525
	30,310		Boston Properties, Inc		3,837,246
	59,270	*	CBRE Group, Inc		2,122,459
	71,197		Crown Castle International Corp		6,735,236
	31,656		Digital Realty Trust, Inc		3,635,375
	15,323		Equinix, Inc		6,400,417
	72,398		Equity Residential		4,675,463
	12,916		Essex Property Trust, Inc		3,157,574
	24,823		Extra Space Storage, Inc		1,874,881
	14,400		Federal Realty Investment Trust		1,884,816
	116,403		GGP, Inc		2,515,469
	93,203		HCP, Inc		2,921,914
	145,692		Host Marriott Corp		2,615,171
	48,333		Iron Mountain, Inc		1,680,055
	85,075		Kimco Realty Corp		1,726,172
	23,830		Macerich Co		1,487,707
	22,370		Mid-America Apartment Communities, Inc		2,219,328
	104,309		Prologis, Inc		5,675,453
	29,508		Public Storage, Inc		6,178,385
	53,426		Realty Income Corp		3,117,407
	29,236		Regency Centers Corp		1,847,130
	63,220		Simon Property Group, Inc		10,447,737
	19,820		SL Green Realty Corp		2,079,713
	52,662		UDR, Inc		1,966,399
	69,881		Ventas, Inc		4,473,083
	34,212		Vornado Realty Trust		3,292,563
	71,563		Welltower, Inc		5,112,461
	147,579		Weyerhaeuser Co		4,998,501
			TOTAL REAL ESTATE		117,778,883

RETAILING - 5.6%
	14,537		Advance Auto Parts, Inc		2,066,289
	78,265	*	Amazon.com, Inc		72,394,342
	12,991	*	Autonation, Inc		545,622
	5,611	*	AutoZone, Inc		3,883,878
	29,768		Bed Bath & Beyond, Inc		1,153,510
	53,388		Best Buy Co, Inc		2,766,032

243

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	36,883	*	Carmax, Inc	$	2,157,655
	50,156		Dollar General Corp		3,646,843
	46,908	*	Dollar Tree, Inc		3,882,575
	23,764		Expedia, Inc		3,177,722
	26,100		Foot Locker, Inc		2,018,574
	43,453		Gap, Inc		1,138,469
	29,236		Genuine Parts Co		2,690,297
	240,725		Home Depot, Inc		37,577,173
	34,955		Kohl’s Corp		1,364,294
	47,360		L Brands, Inc		2,501,082
	60,702	*	LKQ Corp		1,896,330
	171,225		Lowe’s Companies, Inc		14,533,578
	59,921		Macy’s, Inc		1,750,892
	85,066	*	NetFlix, Inc		12,947,045
	21,957	e	Nordstrom, Inc		1,059,864
	18,190	*	O’Reilly Automotive, Inc		4,513,848
	9,728	*	Priceline.com, Inc		17,965,865
	78,122		Ross Stores, Inc		5,077,930
	13,353	e	Signet Jewelers Ltd		879,162
	128,840		Staples, Inc		1,258,767
	110,076		Target Corp		6,147,745
	21,086		Tiffany & Co		1,932,532
	128,999		TJX Companies, Inc		10,144,481
	25,761		Tractor Supply Co		1,594,863
	22,404	*	TripAdvisor, Inc		1,008,404
	11,631	*	Ulta Beauty, Inc		3,273,429
			TOTAL RETAILING		228,949,092

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
	151,989	*	Advanced Micro Devices, Inc		2,021,454
	71,816		Analog Devices, Inc		5,472,379
	213,375		Applied Materials, Inc		8,665,159
	79,247		Broadcom Ltd		17,498,530
	934,310		Intel Corp		33,775,306
	30,893		Kla-Tencor Corp		3,034,310
	32,326		Lam Research Corp		4,682,421
	43,061		Microchip Technology, Inc		3,254,550
	204,262	*	Micron Technology, Inc		5,651,930
	116,652		NIVIDIA Corp		12,166,804
	24,919	*	Qorvo, Inc		1,695,240
	291,891		Qualcomm, Inc		15,686,222
	36,442		Skyworks Solutions, Inc		3,634,725
	197,507		Texas Instruments, Inc		15,638,604
	49,071		Xilinx, Inc		3,096,871
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		135,974,505

SOFTWARE & SERVICES - 13.3%
	123,134		Accenture plc		14,936,154
	136,521		Activision Blizzard, Inc		7,133,222
	97,935	*	Adobe Systems, Inc		13,097,827
	34,141	*	Akamai Technologies, Inc		2,080,553
	11,021		Alliance Data Systems Corp		2,751,172
	58,716	*	Alphabet, Inc (Class A)		54,284,116

244

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	58,395	*	Alphabet, Inc (Class C)	$	52,903,534
	38,601	*	Autodesk, Inc		3,476,792
	88,749		Automatic Data Processing, Inc		9,273,383
	62,727		CA, Inc		2,059,328
	31,168	*	Citrix Systems, Inc		2,522,738
	120,152	*	Cognizant Technology Solutions Corp (Class A)		7,236,755
	28,653		CSRA, Inc		833,229
	56,348	*	DXC Technology Co		4,245,258
	199,542	*	eBay, Inc		6,666,698
	60,926	*	Electronic Arts, Inc		5,777,003
	465,427	*	Facebook, Inc		69,930,407
	64,880		Fidelity National Information Services, Inc		5,462,247
	42,320	*	Fiserv, Inc		5,042,005
	17,867	*	Gartner, Inc		2,038,446
	30,021		Global Payments, Inc		2,454,517
	169,622		International Business Machines Corp		27,188,711
	47,951		Intuit, Inc		6,003,945
	186,148		MasterCard, Inc (Class A)		21,652,735
	1,527,046		Microsoft Corp		104,541,569
	592,235		Oracle Corp		26,626,886
	62,931		Paychex, Inc		3,730,550
	221,935	*	PayPal Holdings, Inc		10,590,738
	35,485	*	Red Hat, Inc		3,125,519
	129,414	*	salesforce.com, Inc		11,145,134
	121,945		Symantec Corp		3,857,120
	29,663	*	Synopsys, Inc		2,186,163
	26,040	*	Teradata Corp		759,847
	32,534		Total System Services, Inc		1,864,524
	17,658	*,e	VeriSign, Inc		1,570,149
	367,169		Visa, Inc (Class A)		33,493,156
	94,783		Western Union Co		1,882,390
	173,460	*	Yahoo!, Inc		8,362,507
			TOTAL SOFTWARE & SERVICES		542,787,027

TECHNOLOGY HARDWARE & EQUIPMENT - 5.7%
	61,078		Amphenol Corp (Class A)		4,416,550
	1,036,813		Apple, Inc		148,938,187
	989,677		Cisco Systems, Inc		33,718,295
	184,214		Corning, Inc		5,314,574
	12,768	*	F5 Networks, Inc		1,648,732
	27,061		Flir Systems, Inc		993,951
	24,799		Harris Corp		2,774,760
	328,219		Hewlett Packard Enterprise Co		6,114,720
	334,137		HP, Inc		6,288,458
	75,280		Juniper Networks, Inc		2,263,670
	32,464		Motorola, Inc		2,790,930
	53,401		NetApp, Inc		2,128,030
	58,156		Seagate Technology, Inc		2,450,112
	70,522		TE Connectivity Ltd		5,456,287
	57,116		Western Digital Corp		5,087,322
	171,219		Xerox Corp		1,231,065
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		231,615,643

245

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

TELECOMMUNICATION SERVICES - 2.2%
	1,213,713		AT&T, Inc	$	48,099,446
	107,728	e	CenturyLink, Inc		2,765,378
	57,575	*	Level 3 Communications, Inc		3,498,257
	805,641		Verizon Communications, Inc		36,986,978
			TOTAL TELECOMMUNICATION SERVICES		91,350,059

TRANSPORTATION - 2.2%
	24,328		Alaska Air Group, Inc		2,070,070
	99,852		American Airlines Group, Inc		4,255,692
	27,860		CH Robinson Worldwide, Inc		2,025,422
	183,675		CSX Corp		9,338,037
	144,697		Delta Air Lines, Inc		6,575,032
	35,498		Expeditors International of Washington, Inc		1,991,083
	48,464		FedEx Corp		9,193,621
	16,881		J.B. Hunt Transport Services, Inc		1,513,550
	21,017		Kansas City Southern Industries, Inc		1,893,001
	57,501		Norfolk Southern Corp		6,755,792
	10,588		Ryder System, Inc		719,031
	121,815		Southwest Airlines Co		6,848,439
	160,803		Union Pacific Corp		18,003,504
	56,408	*	United Continental Holdings, Inc		3,960,406
	136,310		United Parcel Service, Inc (Class B)		14,647,873
			TOTAL TRANSPORTATION		89,790,553

UTILITIES - 3.2%
	128,123		AES Corp		1,449,071
	44,868		Alliant Energy Corp		1,764,210
	47,811		Ameren Corp		2,614,784
	96,985		American Electric Power Co, Inc		6,578,493
	35,124		American Water Works Co, Inc		2,801,490
	84,843		Centerpoint Energy, Inc		2,420,571
	55,816		CMS Energy Corp		2,534,046
	60,500		Consolidated Edison, Inc		4,796,440
	124,104		Dominion Resources, Inc		9,609,373
	35,647		DTE Energy Co		3,728,320
	138,219		Duke Energy Corp		11,403,067
	64,194		Edison International		5,133,594
	35,363		Entergy Corp		2,696,782
	62,445		Eversource Energy		3,709,233
	183,106		Exelon Corp		6,340,961
	88,174		FirstEnergy Corp		2,639,930
	92,367		NextEra Energy, Inc		12,336,536
	64,124		NiSource, Inc		1,555,007
	60,890		NRG Energy, Inc		1,029,041
	100,123		PG&E Corp		6,713,247
	21,938		Pinnacle West Capital Corp		1,866,704
	133,945		PPL Corp		5,104,644
	100,473		Public Service Enterprise Group, Inc		4,425,836
	28,176		SCANA Corp		1,868,351
	49,434		Sempra Energy		5,587,031
	195,910		Southern Co		9,756,318
	62,683		WEC Energy Group, Inc		3,793,575

246

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY					VALUE

	99,944		Xcel Energy, Inc					$	4,502,477
			TOTAL UTILITIES						128,759,132

			TOTAL COMMON STOCKS						4,060,671,711
			(Cost $2,740,879,840)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 0.3%

GOVERNMENT AGENCY DEBT - 0.1%
$	3,200,000	d	Federal Home Loan Bank (FHLB)		0.680	%	05/01/17		3,200,000
			TOTAL GOVERNMENT AGENCY DEBT						3,200,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
	8,512,000	c	State Street Navigator Securities Lending Government Money Market Portfolio						8,512,000
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						8,512,000

			TOTAL SHORT-TERM INVESTMENTS						11,712,000
			(Cost $11,712,000)
			TOTAL INVESTMENTS - 100.0%						4,072,383,711
			(Cost $2,752,591,840)
			OTHER ASSETS & LIABILITIES, NET - 0.0%						(133,728	)
			NET ASSETS - 100.0%					$	4,072,249,983



		Abbreviation(s):
		SPDR Standard & Poor’s Depositary Receipts

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $8,261,488.

247

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

TIAA-CREF FUNDS
SMALL-CAP BLEND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 1.2%
	98,413	*	American Axle & Manufacturing Holdings, Inc	$	1,731,085
	64,855		Cooper Tire & Rubber Co		2,483,946
	17,357	*	Cooper-Standard Holding, Inc		1,962,556
	174,660		Dana Holding Corp		3,391,897
	31,101	*	Dorman Products, Inc		2,586,048
	25,618	*	Fox Factory Holding Corp		769,821
	42,416	*	Gentherm, Inc		1,575,754
	24,770	*	Horizon Global Corp		349,009
	27,819		LCI Industries, Inc		2,813,892
	55,149	*	Modine Manufacturing Co		667,303
	21,312	*	Motorcar Parts of America, Inc		646,180
	37,770		Spartan Motors, Inc		311,603
	25,403		Standard Motor Products, Inc		1,291,234
	30,766	*	Stoneridge, Inc		603,321
	4,204		Strattec Security Corp		135,159
	28,660		Superior Industries International, Inc		623,355
	62,637		Tenneco, Inc		3,948,010
	23,439		Tower International, Inc		635,197
	8,696		Unique Fabricating, Inc		100,961
	31,300		Winnebago Industries, Inc		898,310
	25,600	*,e	Workhorse Group, Inc		52,224
			TOTAL AUTOMOBILES & COMPONENTS		27,576,865

BANKS - 13.5%
	18,564		1st Source Corp		896,827
	17,019		Access National Corp		482,148
	6,315		ACNB Corp		195,449
	13,000	*	Allegiance Bancshares, Inc		507,650
	9,919		American National Bankshares, Inc		380,890
	42,447		Ameris Bancorp		1,999,254
	9,067		Ames National Corp		280,170
	12,980		Arrow Financial Corp		444,565
	108,381		Astoria Financial Corp		2,209,889
	20,839	*	Atlantic Capital Bancshares, Inc		408,444
	57,428	e	Banc of California, Inc		1,246,188
	9,169		Bancfirst Corp		880,682
	35,917		Banco Latinoamericano de Exportaciones S.A. (Class E)		1,030,100
	101,391		Bancorpsouth, Inc		3,087,356
	48,716		Bank Mutual Corp		448,187
	6,597		Bank of Marin Bancorp		416,601
	15,029		Bank of NT Butterfield & Son Ltd		499,714
	103,839		Bank of the Ozarks, Inc		4,929,238
	18,313		BankFinancial Corp		270,666
	6,795		Bankwell Financial Group, Inc		245,571

248

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	35,248		Banner Corp	$	1,945,690
	16,455		Bar Harbor Bankshares		506,649
	19,014		Bear State Financial, Inc		178,351
	81,378		Beneficial Bancorp, Inc		1,302,048
	39,212		Berkshire Hills Bancorp, Inc		1,470,450
	28,390		Blue Hills Bancorp, Inc		513,859
	47,931		BNC Bancorp		1,603,292
	70,206	*,e	BofI Holding, Inc		1,677,221
	95,816		Boston Private Financial Holdings, Inc		1,494,730
	21,206		Bridge Bancorp, Inc		768,717
	81,422		Brookline Bancorp, Inc		1,184,690
	19,609		Bryn Mawr Bank Corp		841,226
	9,670	*	BSB Bancorp, Inc		281,880
	3,938		C&F Financial Corp		196,900
	2,510		California First National Bancorp		41,415
	17,880		Camden National Corp		764,370
	28,707		Capital Bank Financial Corp		1,191,340
	13,244		Capital City Bank Group, Inc		272,959
	149,380		Capitol Federal Financial		2,185,429
	3,271	*	Capstar Financial Holdings, Inc		57,700
	13,732		Carolina Financial Corp		423,770
	37,834	*	Cascade Bancorp		282,998
	87,286		Cathay General Bancorp		3,321,232
	57,714		Centerstate Banks of Florida, Inc		1,456,124
	35,214		Central Pacific Financial Corp		1,101,494
	10,513		Central Valley Community Bancorp		238,750
	3,656		Century Bancorp, Inc		230,511
	15,283		Charter Financial Corp		280,443
	77,276		Chemical Financial Corp		3,666,746
	3,316		Chemung Financial Corp		125,975
	13,442		Citizens & Northern Corp		312,526
	17,048		City Holding Co		1,211,942
	24,639		Clifton Bancorp, Inc		411,471
	16,388		CNB Financial Corp		391,509
	42,754		CoBiz, Inc		702,448
	9,395		Codorus Valley Bancorp, Inc		272,361
	68,203		Columbia Banking System, Inc		2,694,701
	50,577		Community Bank System, Inc		2,829,783
	17,909		Community Trust Bancorp, Inc		805,010
	33,808		ConnectOne Bancorp, Inc		750,538
	5,113		County Bancorp, Inc		140,352
	18,963	*	CU Bancorp		706,846
	31,996	*	Customers Bancorp, Inc		989,636
	118,017		CVB Financial Corp		2,542,086
	36,352		Dime Community Bancshares		707,046
	35,658	*	Eagle Bancorp, Inc		2,135,914
	10,408		Enterprise Bancorp, Inc		364,384
	25,684		Enterprise Financial Services Corp		1,085,149
	7,608	*	Equity Bancshares, Inc		240,185
	10,159		ESSA Bancorp, Inc		153,706
	87,426	*	Essent Group Ltd		3,235,636
	106,973		EverBank Financial Corp		2,085,973
	8,789		Farmers Capital Bank Corp		364,744

249

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	28,202		Farmers National Banc Corp	$	403,289
	8,071	*,e	FB Financial Corp		292,493
	35,394	*	FCB Financial Holdings, Inc		1,672,366
	9,955		Federal Agricultural Mortgage Corp (Class C)		567,933
	24,009		Fidelity Southern Corp		540,683
	16,216		Financial Institutions, Inc		543,236
	26,957		First Bancorp (NC)		809,788
	138,721	*	First Bancorp (Puerto Rico)		815,679
	11,341		First Bancorp, Inc		305,867
	36,493		First Busey Corp		1,092,965
	9,757		First Business Financial Services, Inc		259,243
	8,904		First Citizens Bancshares, Inc (Class A)		3,099,126
	104,152		First Commonwealth Financial Corp		1,344,602
	17,961		First Community Bancshares, Inc		475,248
	16,333	*	First Community Financial Partners, Inc		213,146
	15,404		First Connecticut Bancorp		411,287
	10,319		First Defiance Financial Corp		553,511
	71,776		First Financial Bancorp		1,984,606
	74,647	e	First Financial Bankshares, Inc		2,982,148
	11,505		First Financial Corp		561,444
	9,578		First Financial Northwest, Inc		150,183
	31,048	*	First Foundation, Inc		487,454
	7,647		First Internet Bancorp		225,969
	23,324		First Interstate Bancsystem, Inc		880,481
	48,047		First Merchants Corp		1,988,185
	8,956		First Mid-Illinois Bancshares, Inc		292,055
	104,343		First Midwest Bancorp, Inc		2,369,630
	20,196	*,e	First NBC Bank Holding Co		53,519
	13,395	*	First Northwest Bancorp		220,482
	24,896		First of Long Island Corp		677,171
	24,996	*	Flagstar Bancorp, Inc		730,883
	31,926		Flushing Financial Corp		941,178
	372,893		FNB Corp		5,309,996
	13,099	*	Franklin Financial Network, Inc		531,164
	202,606		Fulton Financial Corp		3,738,081
	24,513		German American Bancorp, Inc		805,987
	88,842		Glacier Bancorp, Inc		3,001,083
	12,565		Great Southern Bancorp, Inc		630,135
	69,282		Great Western Bancorp, Inc		2,854,418
	23,484	*	Green Bancorp, Inc		422,712
	3,193	e	Greene County Bancorp, Inc		79,027
	19,935		Guaranty Bancorp		501,365
	98,426		Hancock Holding Co		4,596,494
	36,329		Hanmi Financial Corp		1,055,357
	16,769	*	HarborOne Bancorp, Inc		349,131
	27,448		Heartland Financial USA, Inc		1,317,504
	31,346		Heritage Commerce Corp		447,621
	34,508		Heritage Financial Corp		911,011
	88,185		Hilltop Holdings, Inc		2,452,425
	1,568		Hingham Institution for Savings		281,440
	6,736		Home Bancorp, Inc		250,175
	141,827		Home Bancshares, Inc		3,609,497
	30,084	*	HomeStreet, Inc		782,184

250

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	18,707	*	HomeTrust Bancshares, Inc	$	467,675
	150,609		Hope Bancorp, Inc		2,757,651
	22,941		Horizon Bancorp		619,178
	59,275		IBERIABANK Corp		4,703,471
	12,134	*	Impac Mortgage Holdings, Inc		173,516
	30,434		Independent Bank Corp (MA)		1,926,472
	23,149		Independent Bank Corp (MI)		516,223
	12,937		Independent Bank Group, Inc		778,161
	63,822		International Bancshares Corp		2,386,943
	349,649		Investors Bancorp, Inc		4,842,639
	103,056		Kearny Financial Corp		1,504,618
	48,351		Lakeland Bancorp, Inc		940,427
	28,510		Lakeland Financial Corp		1,301,767
	10,342		LCNB Corp		229,075
	52,077		LegacyTexas Financial Group, Inc		1,969,031
	7,468	*	LendingTree, Inc		1,052,241
	23,041	e	Live Oak Bancshares, Inc		556,440
	32,777		Macatawa Bank Corp		313,676
	27,237		MainSource Financial Group, Inc		931,505
	88,955		MB Financial, Inc		3,781,477
	21,340		MBT Financial Corp		239,008
	17,859		Mercantile Bank Corp		600,598
	6,534		Merchants Bancshares, Inc		325,393
	56,930		Meridian Bancorp, Inc		999,122
	9,448		Meta Financial Group, Inc		802,135
	399,539	*	MGIC Investment Corp		4,211,141
	4,554		Midland States Bancorp, Inc		157,113
	9,475		MidWestOne Financial Group, Inc		328,783
	5,746		MutualFirst Financial, Inc		189,331
	28,096		National Bank Holdings Corp		886,991
	8,191	e	National Bankshares, Inc		344,432
	10,397	*	National Commerce Corp		402,364
	38,628	*,e	Nationstar Mortgage Holdings, Inc		622,297
	49,947		NBT Bancorp, Inc		1,906,976
	9,054	*	Nicolet Bankshares, Inc		446,362
	56,996	*	NMI Holdings, Inc		661,154
	49,182		Northfield Bancorp, Inc		903,965
	8,023		Northrim BanCorp, Inc		256,736
	113,069		Northwest Bancshares, Inc		1,824,934
	30,396		OceanFirst Financial Corp		840,449
	116,891	*,e	Ocwen Financial Corp		267,680
	49,744		OFG Bancorp		582,005
	9,993		Old Line Bancshares, Inc		277,406
	155,315		Old National Bancorp		2,609,292
	32,590		Old Second Bancorp, Inc		391,080
	20,841		Opus Bank		469,965
	46,029		Oritani Financial Corp		780,192
	7,819		Orrstown Financial Services, Inc		167,718
	24,246		Pacific Continental Corp		606,150
	16,248	*	Pacific Mercantile Bancorp		125,922
	41,727	*	Pacific Premier Bancorp, Inc		1,525,122
	1,268	*	Paragon Commercial Corp		69,702
	15,691		Park National Corp		1,654,302

251

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	59,096		Park Sterling Bank	$	726,881
	18,439		Peapack Gladstone Financial Corp		591,154
	5,474		Penns Woods Bancorp, Inc		228,266
	15,909	*	PennyMac Financial Services, Inc		262,499
	18,821		Peoples Bancorp, Inc		630,127
	8,250		Peoples Financial Services Corp		370,755
	14,849		People’s Utah Bancorp		392,014
	61,381	*	PHH Corp		791,815
	54,804		Pinnacle Financial Partners, Inc		3,507,456
	13,934		Preferred Bank		738,363
	11,092		Premier Financial Bancorp, Inc		237,702
	92,012		PrivateBancorp, Inc		5,315,533
	78,436		Prosperity Bancshares, Inc		5,270,899
	4,621	*	Provident Bancorp, Inc		98,427
	8,251		Provident Financial Holdings, Inc		158,667
	71,585		Provident Financial Services, Inc		1,839,019
	14,112		QCR Holdings, Inc		643,507
	252,124		Radian Group, Inc		4,255,853
	50,260		Renasant Corp		2,131,024
	10,831		Republic Bancorp, Inc (Class A)		389,699
	57,718	*	Republic First Bancorp, Inc		496,375
	39,871		S&T Bancorp, Inc		1,433,761
	27,562		Sandy Spring Bancorp, Inc		1,192,057
	37,902	*	Seacoast Banking Corp of Florida		917,228
	54,058		ServisFirst Bancshares, Inc		2,043,392
	14,849		Shore Bancshares, Inc		246,345
	13,457		SI Financial Group, Inc		201,182
	13,429		Sierra Bancorp		336,665
	34,154		Simmons First National Corp (Class A)		1,866,516
	30,591		South State Corp		2,696,597
	6,811	*	Southern First Bancshares, Inc		229,531
	6,841		Southern Missouri Bancorp, Inc		227,805
	13,518		Southern National Bancorp of Virginia, Inc		246,163
	30,811		Southside Bancshares, Inc		1,069,758
	20,335		Southwest Bancorp, Inc		527,693
	41,316		State Bank & Trust Co		1,109,748
	148,583		Sterling Bancorp/DE		3,454,555
	24,602		Stock Yards Bancorp, Inc		1,008,682
	14,696		Stonegate Bank		674,546
	10,782		Summit Financial Group, Inc		235,802
	12,693		Sun Bancorp, Inc		316,690
	8,837		Territorial Bancorp, Inc		273,505
	58,247	*	Texas Capital Bancshares, Inc		4,432,597
	62,286	*	The Bancorp, Inc		401,745
	16,874		Tompkins Trustco, Inc		1,394,974
	65,331		TowneBank		2,119,991
	23,819		Trico Bancshares		844,622
	25,322	*	Tristate Capital Holdings, Inc		630,518
	17,864	*	Triumph Bancorp, Inc		400,154
	107,330		Trustco Bank Corp NY		853,274
	78,676		Trustmark Corp		2,613,617
	52,606		UMB Financial Corp		3,813,409
	259,072		Umpqua Holdings Corp		4,577,802

252

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	50,844		Union Bankshares Corp	$	1,740,899
	4,089	e	Union Bankshares, Inc		171,942
	107,219	e	United Bankshares, Inc		4,278,041
	82,616		United Community Banks, Inc		2,259,548
	53,029		United Community Financial Corp		452,868
	59,333		United Financial Bancorp, Inc (New)		1,024,681
	28,938		Univest Corp of Pennsylvania		876,821
	289,308		Valley National Bancorp		3,402,262
	13,070	*	Veritex Holdings, Inc		352,106
	32,211	*	Walker & Dunlop, Inc		1,444,663
	106,260		Washington Federal, Inc		3,580,962
	17,623		Washington Trust Bancorp, Inc		867,052
	9,964		WashingtonFirst Bankshares, Inc		280,287
	29,608		Waterstone Financial, Inc		562,552
	107,647		Webster Financial Corp		5,469,544
	46,999		WesBanco, Inc		1,871,030
	18,958		West Bancorporation, Inc		441,721
	28,849	e	Westamerica Bancorporation		1,587,272
	29,735		Western New England Bancorp, Inc		312,218
	60,363		Wintrust Financial Corp		4,277,322
	249,911	*	WMIH Corp		374,867
	33,885		WSFS Financial Corp		1,599,372
	8,107	*	Xenith Bankshares, Inc		219,051
			TOTAL BANKS		304,615,197

CAPITAL GOODS - 9.1%
	47,502		Aaon, Inc		1,740,948
	38,738		AAR Corp		1,394,181
	68,145		Actuant Corp (Class A)		1,860,358
	40,368		Advanced Drainage Systems, Inc		930,482
	40,218	*	Aegion Corp		917,775
	69,868	*	Aerojet Rocketdyne Holdings, Inc		1,565,742
	23,936	*	Aerovironment, Inc		683,852
	56,518		Aircastle Ltd		1,334,955
	10,950		Alamo Group, Inc		865,707
	33,670		Albany International Corp (Class A)		1,641,412
	7,768		Allied Motion Technologies, Inc		175,868
	29,001		Altra Holdings, Inc		1,280,394
	28,763	*	Ameresco, Inc		185,521
	9,345	e	American Railcar Industries, Inc		392,023
	16,340	*,e	American Superconductor Corp		85,131
	16,209	*	American Woodmark Corp		1,489,607
	33,205		Apogee Enterprises, Inc		1,809,672
	42,301		Applied Industrial Technologies, Inc		2,707,264
	15,602		Argan, Inc		1,042,994
	27,077	*	Armstrong Flooring, Inc		519,608
	22,643		Astec Industries, Inc		1,434,434
	22,747	*	Astronics Corp		739,505
	13,868	*	Atkore International Group, Inc		364,174
	60,397	*,e	Axon Enterprise, Inc		1,484,558
	29,869		AZZ, Inc		1,763,764
	51,683	*	Babcock & Wilcox Enterprises, Inc		484,270
	58,886		Barnes Group, Inc		3,236,963

253

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	69,974	*	Beacon Roofing Supply, Inc	$	3,468,611
	7,255	*,e	Blue Bird Corp		134,943
	64,632	*	BMC Stock Holdings, Inc		1,505,926
	49,681		Briggs & Stratton Corp		1,241,528
	98,673	*	Builders FirstSource, Inc		1,579,755
	27,862	*	Caesarstone Sdot-Yam Ltd		1,106,121
	18,873	*	CAI International, Inc		389,161
	35,751	*	Chart Industries, Inc		1,305,269
	19,126		CIRCOR International, Inc		1,275,895
	22,901		Columbus McKinnon Corp		598,403
	43,028		Comfort Systems USA, Inc		1,579,128
	41,501	*	Continental Building Products Inc		1,010,549
	16,617	*	CSW Industrials, Inc		588,242
	29,418		Cubic Corp		1,526,794
	51,889		Curtiss-Wright Corp		4,849,546
	74,096	*	DigitalGlobe, Inc		2,385,891
	16,384		DMC Global, Inc		250,675
	25,583		Douglas Dynamics, Inc		816,098
	12,564	*	Ducommun, Inc		369,256
	18,256	*	DXP Enterprises, Inc		665,979
	35,775	*	Dycom Industries, Inc		3,779,986
	70,867		EMCOR Group, Inc		4,658,796
	23,200		Encore Wire Corp		1,025,440
	17,244	*,e	Energous Corp		217,619
	41,338	*	Energy Recovery, Inc		348,893
	50,973		EnerSys		4,236,366
	21,111	*	Engility Holdings, Inc		598,497
	25,079		EnPro Industries, Inc		1,771,831
	29,919		ESCO Technologies, Inc		1,760,733
	34,590	*	Esterline Technologies Corp		3,163,255
	69,969		Federal Signal Corp		1,092,216
	14,876	*	Foundation Building Materials, Inc		240,842
	53,846		Franklin Electric Co, Inc		2,213,071
	14,079		Freightcar America, Inc		183,872
	44,118	*,e	FuelCell Energy, Inc		50,736
	47,984	e	GATX Corp		2,874,242
	10,296	*	Gencor Industries, Inc		170,914
	72,271	*	Generac Holdings, Inc		2,541,771
	56,695		General Cable Corp		1,020,510
	37,096	*	Gibraltar Industries, Inc		1,456,018
	24,632		Global Brass & Copper Holdings, Inc		878,131
	8,241	*	GMS, Inc		297,995
	20,570		Gorman-Rupp Co		588,713
	12,125		Graham Corp		267,599
	45,846		Granite Construction, Inc		2,416,543
	72,262	*	Great Lakes Dredge & Dock Corp		328,792
	31,741	e	Greenbrier Cos, Inc		1,379,146
	35,548		Griffon Corp		853,152
	36,713		H&E Equipment Services, Inc		775,379
	14,540		Hardinge, Inc		152,670
	94,029	*	Harsco Corp		1,227,078
	38,878	*	HC2 Holdings, Inc		227,048
	69,343		Hillenbrand, Inc		2,558,757

254

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	7,567		Hurco Cos, Inc	$	219,443
	11,126		Hyster-Yale Materials Handling, Inc		668,784
	9,475	*	IES Holdings, Inc		189,500
	20,440		Insteel Industries, Inc		711,516
	29,838	*	JELD-WEN Holding, Inc		985,549
	36,691		John Bean Technologies Corp		3,252,657
	12,661		Kadant, Inc		786,881
	31,391		Kaman Corp		1,507,082
	92,415		Kennametal, Inc		3,842,616
	50,863	*,e	KEYW Holding Corp		482,690
	61,868	*	KLX, Inc		2,926,356
	77,401	*	Kratos Defense & Security Solutions, Inc		589,796
	7,652	*	Lawson Products, Inc		174,083
	21,374	*	Layne Christensen Co		170,351
	12,270	e	Lindsay Corp		1,065,772
	27,580		LSI Industries, Inc		250,151
	19,021	*	Lydall, Inc		996,700
	148,466		Manitowoc Co, Inc		886,342
	35,567	*	Masonite International Corp		2,959,174
	77,538	*	Mastec, Inc		3,423,303
	54,886	*	Mercury Systems, Inc		2,051,639
	95,664	*	Meritor, Inc		1,703,776
	16,670	*	Milacron Holdings Corp		313,729
	13,385		Miller Industries, Inc		339,979
	37,384	*	Moog, Inc (Class A)		2,566,412
	108,801	*	MRC Global, Inc		1,983,442
	66,630		Mueller Industries, Inc		2,134,825
	182,957		Mueller Water Products, Inc (Class A)		2,058,266
	17,168	*	MYR Group, Inc		725,520
	5,667	e	National Presto Industries, Inc		591,351
	57,767	*	Navistar International Corp		1,554,510
	31,883	*	NCI Building Systems, Inc		557,952
	11,716	*	Neff Corp		206,202
	30,417		NN, Inc		839,509
	124,391	*	NOW, Inc		2,115,891
	8,444	*	NV5 Holdings, Inc		326,783
	3,308		Omega Flex, Inc		185,810
	32,235	*	Orion Marine Group, Inc		243,374
	18,430	*	Patrick Industries, Inc		1,309,452
	54,803	*	PGT, Inc		597,353
	232,032	*,e	Plug Power, Inc		519,752
	25,874	*	Ply Gem Holdings, Inc		498,075
	9,641		Powell Industries, Inc		332,518
	2,540		Preformed Line Products Co		134,442
	46,803		Primoris Services Corp		1,075,065
	28,488	*,e	Proto Labs, Inc		1,652,304
	40,062		Quanex Building Products Corp		817,265
	42,470		Raven Industries, Inc		1,316,570
	26,395	*	RBC Bearings, Inc		2,647,419
	14,533	e	REV Group, Inc		409,831
	97,413	*	Rexnord Corp		2,376,877
	6,923	*	Rush Enterprises, Inc		239,813
	34,436	*	Rush Enterprises, Inc (Class A)		1,299,959

255

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	48,477		Simpson Manufacturing Co, Inc	$	2,021,976
	13,634	*	SiteOne Landscape Supply, Inc		651,842
	10,951	*	Sparton Corp		243,879
	48,293	*	SPX Corp		1,161,930
	40,792	*	SPX FLOW, Inc		1,474,223
	14,958		Standex International Corp		1,405,304
	27,020		Sun Hydraulics Corp		1,049,457
	75,830	*,e	Sunrun, Inc		401,141
	15,197		Supreme Industries, Inc		304,548
	40,095	*	Teledyne Technologies, Inc		5,406,009
	20,417		Tennant Co		1,495,545
	27,086		Textainer Group Holdings Ltd		404,936
	14,019	*,e	The ExOne Company		141,452
	37,737	*	Thermon Group Holdings		773,609
	51,395		Titan International, Inc		550,440
	20,366	*	Titan Machinery, Inc		322,801
	7,694	*	TPI Composites, Inc		151,187
	34,490	*	Trex Co, Inc		2,524,323
	52,872	*	Trimas Corp		1,213,412
	47,352		Triton International Ltd		1,449,445
	57,348		Triumph Group, Inc		1,502,518
	44,225	*	Tutor Perini Corp		1,364,341
	50,531	*	Univar, Inc		1,508,350
	23,174		Universal Forest Products, Inc		2,208,250
	12,364	*	Vectrus, Inc		314,540
	9,622	*	Veritiv Corp		496,976
	19,740	*	Vicor Corp		355,320
	69,844		Wabash National Corp		1,591,046
	32,531		Watts Water Technologies, Inc (Class A)		2,023,428
	65,120	*	Wesco Aircraft Holdings, Inc		791,208
	5,168	*	Willis Lease Finance Corp		117,365
	62,082		Woodward Governor Co		4,201,089
			TOTAL CAPITAL GOODS		205,571,844

COMMERCIAL & PROFESSIONAL SERVICES - 3.7%
	64,973		ABM Industries, Inc		2,806,184
	59,583	*	Acacia Research (Acacia Technologies)		324,727
	124,945	*	ACCO Brands Corp		1,780,466
	26,559	*	Advanced Disposal Services, Inc		631,573
	48,031	*	Advisory Board Co		2,454,384
	15,042	*,e	Aqua Metals, Inc		248,193
	55,066	*	ARC Document Solutions, Inc		202,643
	8,161		Barrett Business Services, Inc		470,563
	53,374		Brady Corp (Class A)		2,078,917
	52,755		Brink’s Co		3,239,157
	44,956	*	Casella Waste Systems, Inc (Class A)		676,588
	58,367	*	CBIZ, Inc		919,280
	35,080		Ceco Environmental Corp		396,053
	23,220	*,e	Cogint, Inc		123,066
	1,670		Compx International, Inc		24,883
	9,022		CRA International, Inc		342,295
	57,428		Deluxe Corp		4,129,647
	144,544	*,m	Dyax Corp		160,444

256

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	28,555		Ennis, Inc	$	502,568
	42,307		Essendant, Inc		706,527
	29,775		Exponent, Inc		1,820,741
	11,828	*	Franklin Covey Co		251,345
	48,554	*	FTI Consulting, Inc		1,679,483
	14,730	*	GP Strategies Corp		399,183
	82,268		Healthcare Services Group		3,776,924
	21,363		Heidrick & Struggles International, Inc		459,304
	14,585	*	Heritage-Crystal Clean, Inc		219,504
	70,084		Herman Miller, Inc		2,319,780
	40,726	*	Hill International, Inc		164,940
	53,064		HNI Corp		2,481,273
	24,667	*	Huron Consulting Group, Inc		1,097,682
	20,638	*	ICF International, Inc		911,168
	43,194	*	Innerworkings, Inc		457,424
	18,392		Insperity, Inc		1,680,109
	75,999		Interface, Inc		1,512,380
	34,003		Kelly Services, Inc (Class A)		758,947
	28,046		Kforce, Inc		636,644
	42,288		Kimball International, Inc (Class B)		751,458
	56,459		Knoll, Inc		1,352,758
	66,719		Korn/Ferry International		2,161,696
	37,506		Matthews International Corp (Class A)		2,571,036
	27,626		McGrath RentCorp		961,661
	122,474	*,m	Media General, Inc		0
	20,140	*	Mistras Group, Inc		453,150
	51,245		Mobile Mini, Inc		1,470,732
	36,526		MSA Safety, Inc		2,843,549
	15,796		Multi-Color Corp		1,213,133
	55,369	*	Navigant Consulting, Inc		1,327,195
	13,699	*	NL Industries, Inc		110,962
	59,538	*	On Assignment, Inc		3,082,282
	33,620		Quad Graphics, Inc		882,861
	34,524		Resources Connection, Inc		479,884
	58,036	*	RPX Corp		745,182
	19,979	*	SP Plus Corp		688,277
	101,000		Steelcase, Inc (Class A)		1,722,050
	33,341	*	Team, Inc		896,873
	67,691		Tetra Tech, Inc		2,975,019
	21,338	*	TRC Cos, Inc		373,415
	49,724	*	TriNet Group, Inc		1,461,886
	49,768	*	TrueBlue, Inc		1,361,155
	17,759		Unifirst Corp		2,472,053
	25,200		US Ecology, Inc		1,188,180
	23,519		Viad Corp		1,063,059
	9,727		VSE Corp		414,857
	42,733	*	WageWorks, Inc		3,153,695
	50,508		West Corp		1,348,059
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		82,371,106

CONSUMER DURABLES & APPAREL - 2.3%
	25,709		Acushnet Holdings Corp		469,446
	63,785	*,e	American Outdoor Brands Corp		1,412,838

257

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	12,138		Bassett Furniture Industries, Inc	$	364,747
	35,242	*	Beazer Homes USA, Inc		437,353
	110,933		Callaway Golf Co		1,314,556
	9,991	*	Cavco Industries, Inc		1,186,431
	18,056	*	Century Communities, Inc		492,929
	31,569		Columbia Sportswear Co		1,787,437
	85,568	*	CROCS, Inc		533,089
	10,453		CSS Industries, Inc		275,541
	12,782		Culp, Inc		410,302
	38,022	*	Deckers Outdoor Corp		2,265,731
	8,735	*	Delta Apparel, Inc		153,124
	9,865		Escalade, Inc		131,698
	28,651		Ethan Allen Interiors, Inc		853,800
	7,733		Flexsteel Industries, Inc		410,777
	48,813	*,e	Fossil Group, Inc		842,024
	50,596	*	G-III Apparel Group Ltd		1,199,125
	119,448	*,e	GoPro, Inc		985,446
	29,111	*,e	Green Brick Partners, Inc		299,843
	32,776	*	Helen of Troy Ltd		3,080,944
	13,290		Hooker Furniture Corp		577,450
	147,864	*	Hovnanian Enterprises, Inc (Class A)		346,002
	51,699	*	Iconix Brand Group, Inc		361,893
	23,542	*	Installed Building Products Inc		1,255,966
	31,393	*	iRobot Corp		2,503,278
	18,424	*,e	Jakks Pacific, Inc		90,278
	6,055		Johnson Outdoors, Inc		219,918
	96,990		KB Home		1,997,994
	57,545		La-Z-Boy, Inc		1,605,505
	17,839	*,e	LGI Homes, Inc		567,815
	25,824		Libbey, Inc		271,152
	12,589		Lifetime Brands, Inc		241,709
	26,872	*	M/I Homes, Inc		729,843
	20,916	*	Malibu Boats Inc		481,905
	13,097		Marine Products Corp		156,640
	9,233		MCBC Holdings, Inc		154,653
	48,987		MDC Holdings, Inc		1,519,087
	44,783	*	Meritage Homes Corp		1,744,298
	17,997		Movado Group, Inc		421,130
	4,309		Nacco Industries, Inc (Class A)		364,757
	35,340	*	Nautilus, Inc		643,188
	15,085	*	New Home Co Inc		175,891
	17,674		Oxford Industries, Inc		1,024,738
	15,421	*	Perry Ellis International, Inc		316,439
	48,257	*,e	Sequential Brands Group, Inc		162,626
	71,959	*	Steven Madden Ltd		2,738,040
	21,628	e	Sturm Ruger & Co, Inc		1,307,413
	9,761		Superior Uniform Group, Inc		178,041
	47,108	*	Taylor Morrison Home Corp		1,088,195
	45,032	*	TopBuild Corp		2,305,188
	174,409	*	TRI Pointe Homes, Inc		2,171,392
	10,726	*	UCP, Inc (Class A)		122,813
	18,157	*	Unifi, Inc		509,667
	16,584	*	Universal Electronics, Inc		1,149,271

258

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	24,025	*	Vera Bradley, Inc	$	219,829
	8,169		Weyco Group, Inc		228,405
	27,820	*,e	William Lyon Homes, Inc		612,040
	113,456		Wolverine World Wide, Inc		2,735,424
	33,862	*	Zagg, Inc		240,420
			TOTAL CONSUMER DURABLES & APPAREL		52,447,474

CONSUMER SERVICES - 4.1%
	17,682	*	American Public Education, Inc		390,772
	12,911	*	Ascent Media Corp (Series A)		165,390
	97,102	*	Belmond Ltd.		1,204,065
	26,836	*	BJ’s Restaurants, Inc		1,210,304
	121,410		Bloomin’ Brands, Inc		2,633,383
	22,920		Bob Evans Farms, Inc		1,529,681
	11,612	*	Bojangles’, Inc		254,883
	96,662	*	Boyd Gaming Corp		2,192,294
	21,131	*	Bridgepoint Education, Inc		257,798
	51,380	*	Bright Horizons Family Solutions		3,911,046
	18,999	*	Buffalo Wild Wings, Inc		2,993,292
	55,541	*	Caesars Acquisition Co		969,190
	65,946	*,e	Caesars Entertainment Corp		732,001
	12,574	*	Cambium Learning Group, Inc		61,235
	13,156		Capella Education Co		1,253,767
	79,280	*	Career Education Corp		804,692
	16,891		Carriage Services, Inc		461,969
	39,129	*	Carrols Restaurant Group, Inc		547,806
	22,522	*	Century Casinos, Inc		185,356
	53,034		Cheesecake Factory		3,402,661
	94,284	*,e	Chegg, Inc		849,499
	15,852		Churchill Downs, Inc		2,644,114
	18,899	*	Chuy’s Holdings, Inc		563,190
	74,649		ClubCorp Holdings, Inc		1,004,029
	9,036		Collectors Universe		246,773
	22,413	e	Cracker Barrel Old Country Store, Inc		3,590,339
	44,501	*	Dave & Buster’s Entertainment, Inc		2,848,509
	26,841	*	Del Frisco’s Restaurant Group, Inc		461,665
	26,314	*	Del Taco Restaurants, Inc		346,029
	86,902	*	Denny’s Corp		1,103,655
	72,943		DeVry Education Group, Inc		2,760,893
	20,317		DineEquity, Inc		1,148,723
	23,401	*,e	El Pollo Loco Holdings, Inc		293,683
	33,409	*,e	Eldorado Resorts, Inc		638,947
	2,870	*	Empire Resorts, Inc		71,750
	30,661	*	Fiesta Restaurant Group, Inc		746,595
	6,861	*	Fogo De Chao, Inc		116,294
	12,995		Golden Entertainment, Inc		182,450
	52,621	*	Grand Canyon Education, Inc		3,954,994
	14,217	*	Habit Restaurants, Inc		268,701
	143,223	*	Houghton Mifflin Harcourt Co		1,647,065
	132,758		ILG, Inc		3,200,795
	31,002		International Speedway Corp (Class A)		1,150,174
	18,864	*	Intrawest Resorts Holdings Inc		444,813

259

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	29,505	*,e	Isle of Capri Casinos, Inc	$	680,385
	16,109	*	J Alexander’s Holdings, Inc		177,199
	38,110		Jack in the Box, Inc		3,886,077
	19,450	*,e	Jamba, Inc		165,714
	40,157	*	K12, Inc		756,959
	11,322	*,e	Kona Grill, Inc		64,535
	99,182	*	La Quinta Holdings, Inc		1,399,458
	42,448	*	Laureate Education, Inc		586,207
	8,008		Liberty Tax, Inc		112,512
	15,628	*	Lindblad Expeditions Holdings, Inc		148,466
	20,466	*	Luby’s, Inc		60,170
	21,514		Marcus Corp		727,173
	26,218		Marriott Vacations Worldwide Corp		2,888,699
	12,576	*	Monarch Casino & Resort, Inc		370,615
	3,603	*	Nathan’s Famous, Inc		245,725
	17,004	*,e	Noodles & Co		99,473
	31,682		Papa John’s International, Inc		2,504,779
	97,127	*	Penn National Gaming, Inc		1,794,907
	63,808	*	Pinnacle Entertainment, Inc		1,312,531
	30,902		Planet Fitness, Inc		642,762
	27,002	*	Potbelly Corp		376,678
	18,012	*	Red Lion Hotels Corp		117,078
	15,050	*	Red Robin Gourmet Burgers, Inc		884,188
	35,081		Red Rock Resorts, Inc		820,194
	43,251	*	Regis Corp		471,868
	80,872	*	Ruby Tuesday, Inc		206,224
	35,849		Ruth’s Chris Steak House, Inc		713,395
	60,712	*	Scientific Games Corp (Class A)		1,441,910
	77,977		SeaWorld Entertainment, Inc		1,366,937
	18,089	*,e	Shake Shack, Inc		613,941
	51,391	e	Sonic Corp		1,381,390
	57,611	*	Sotheby’s (Class A)		2,728,457
	13,226		Speedway Motorsports, Inc		238,729
	1,170	*	Steak N Shake Co		499,157
	12,374		Strayer Education, Inc		1,072,950
	77,270		Texas Roadhouse, Inc (Class A)		3,622,418
	32,878	*,e	Weight Watchers International, Inc		686,493
	18,375		Wingstop, Inc		540,776
	21,808	*,e	Zoe’s Kitchen, Inc		393,634
			TOTAL CONSUMER SERVICES		92,246,027

DIVERSIFIED FINANCIALS - 3.6%
	33,089		AG Mortgage Investment Trust		627,037
	60,338		Altisource Residential Corp		867,660
	113,785		Anworth Mortgage Asset Corp		666,780
	95,557		Apollo Commercial Real Estate Finance, Inc		1,843,295
	30,728		Ares Commercial Real Estate Corp		424,968
	27,480	e	Arlington Asset Investment Corp (Class A)		400,109
	43,595		ARMOUR Residential REIT, Inc		1,049,332
	4,952		Associated Capital Group, Inc		166,635
	11,484		B. Riley Financial, Inc		172,834
	256,075		BGC Partners, Inc (Class A)		2,914,134
	113,334		Capstead Mortgage Corp		1,262,541

260

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	24,321		Cohen & Steers, Inc	$	970,408
	28,143	*,e	Cowen Group, Inc		447,474
	179,094		CYS Investments, Inc		1,527,672
	3,497		Diamond Hill Investment Group, Inc		706,919
	56,434		Dynex Capital, Inc		390,523
	27,601	*,e	Encore Capital Group, Inc		920,493
	30,263	*	Enova International, Inc		429,735
	45,723		Evercore Partners, Inc (Class A)		3,372,071
	59,886	*	Ezcorp, Inc (Class A)		541,968
	6,569		FBR Capital Markets Corp		118,899
	5,533	e	Fifth Street Asset Management, Inc		26,005
	62,730		Financial Engines, Inc		2,666,025
	55,709		FirstCash, Inc		2,894,083
	75,482	*	FNFV Group		1,034,103
	42,779		Gain Capital Holdings, Inc		303,303
	5,392		GAMCO Investors, Inc (Class A)		154,750
	17,970		Great Ajax Corp		244,392
	50,161	*	Green Dot Corp		1,720,021
	32,171		Greenhill & Co, Inc		813,926
	55,829		Hannon Armstrong Sustainable Infrastructure Capital, Inc		1,223,772
	4,576		Hennessy Advisors, Inc		77,838
	24,929		Houlihan Lokey, Inc		836,119
	17,152	*	INTL FCStone, Inc		640,627
	131,099		Invesco Mortgage Capital, Inc		2,138,225
	37,901		Investment Technology Group, Inc		754,609
	75,465	e	iShares Russell 2000 Index Fund		10,494,163
	168,853		Janus Capital Group, Inc		2,306,532
	47,723	*	KCG Holdings, Inc		949,688
	51,300		Ladder Capital Corp		750,519
	118,919	*	Ladenburg Thalmann Financial Services, Inc		330,595
	385,325	*	LendingClub Corp		2,254,151
	19,045		Manning & Napier, Inc		110,461
	9,805		Marlin Business Services Corp		249,537
	8,668		Medley Management, Inc		66,744
	27,413		Moelis & Co		1,006,057
	53,816		MTGE Investment Corp		968,688
	23,542		Nelnet, Inc (Class A)		1,059,625
	349,984		New Residential Investment Corp		5,834,233
	130,557		New York Mortgage Trust, Inc		836,870
	28,054		NewStar Financial, Inc		301,300
	47,945		OM Asset Management plc		746,024
	56,193	*,e	On Deck Capital, Inc		266,917
	11,418		Oppenheimer Holdings, Inc		197,531
	37,265		Orchid Island Capital, Inc		395,009
	12,075		Owens Realty Mortgage, Inc		219,282
	80,064		PennyMac Mortgage Investment Trust		1,431,544
	24,365	*	Pico Holdings, Inc		392,277
	16,909		Piper Jaffray Cos		1,058,503
	20,614		PJT Partners, Inc		714,481
	54,211	*	PRA Group, Inc		1,745,594
	17,870		Pzena Investment Management, Inc (Class A)		183,882
	88,889		Redwood Trust, Inc		1,517,335
	12,014	*	Regional Management Corp		238,238

261

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	35,297		Resource Capital Corp	$	330,027
	23,190	*	Safeguard Scientifics, Inc		294,513
	7,377		Silvercrest Asset Management Group, Inc		100,696
	74,990	*	Stifel Financial Corp		3,664,761
	29,168		Tiptree Financial, Inc		205,634
	1,276		Value Line, Inc		22,304
	29,671	e	Virtu Financial, Inc		456,933
	6,103		Virtus Investment Partners, Inc		649,359
	92,503	e	Waddell & Reed Financial, Inc (Class A)		1,664,129
	48,328		Western Asset Mortgage Capital Corp		508,894
	8,846		Westwood Holdings Group, Inc		493,607
	843	*,e	Wins Finance Holdings, Inc		38,643
	133,693	e	WisdomTree Investments, Inc		1,116,337
	7,285	*,e	World Acceptance Corp		385,377
			TOTAL DIVERSIFIED FINANCIALS		81,906,279

ENERGY - 3.0%
	164,847	*	Abraxas Petroleum Corp		308,264
	2,617		Adams Resources & Energy, Inc		106,303
	36,057		Alon USA Energy, Inc		435,929
	80,660		Archrock, Inc		951,788
	33,506		Ardmore Shipping Corp		259,671
	87,776	*	Atwood Oceanics, Inc		687,286
	75,149	*	Bill Barrett Corp		288,572
	40,456		Bristow Group, Inc		540,897
	36,826	*,e	California Resources Corp		430,864
	217,545	*	Callon Petroleum Co		2,575,733
	25,985	*,e	CARBO Ceramics, Inc		178,517
	72,110	*	Carrizo Oil & Gas, Inc		1,813,567
	123,251	*	Clean Energy Fuels Corp		300,732
	474,568	*	Cobalt International Energy, Inc		185,604
	26,882	*	Contango Oil & Gas Co		192,475
	17,713	e	CVR Energy, Inc		387,738
	24,782	*	Dawson Geophysical Co		124,653
	72,091		Delek US Holdings, Inc		1,735,230
	412,833	*	Denbury Resources, Inc		916,489
	107,614		DHT Holdings, Inc		515,471
	28,359	*	Dorian LPG Ltd		257,783
	2,787	*	Earthstone Energy, Inc		37,541
	62,000	*	Eclipse Resources Corp		124,620
	44,712	*,e	EP Energy Corp		202,098
	23,812	*	Era Group, Inc		302,651
	18,688	*	Erin Energy Corp		38,310
	29,492		Evolution Petroleum Corp		235,936
	150,503	*,e	EXCO Resources, Inc		73,746
	37,111	*	Exterran Corp		1,015,728
	105,536	*,e	Fairmount Santrol Holdings, Inc		544,566
	73,316	*	Forum Energy Technologies, Inc		1,239,040
	83,563	e	Frontline Ltd		555,694
	46,583		GasLog Ltd		652,162
	46,376	*,e	Gener8 Maritime, Inc		249,039
	16,223	*	Geospace Technologies Corp		268,328

262

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	112,372		Golar LNG Ltd	$	2,866,610
	42,159		Green Plains Renewable Energy, Inc		969,657
	162,371	*	Helix Energy Solutions Group, Inc		993,711
	41,121	*,e	Hornbeck Offshore Services, Inc		140,223
	35,114	*	Independence Contract Drilling, Inc		161,876
	19,026	*	International Seaways, Inc		367,773
	815	*,e	Isramco, Inc		92,992
	36,788	*	Jagged Peak Energy, Inc		409,818
	79,276	*,e	Jones Energy, Inc (Class A)		158,552
	35,807	*,e	Keane Group, Inc		494,853
	9,634	*	Mammoth Energy Services, Inc		185,936
	102,681	*	Matador Resources Co		2,226,124
	31,260	*	Matrix Service Co		367,305
	284,626	*	McDermott International, Inc		1,861,454
	14,645	*	Natural Gas Services Group, Inc		401,273
	101,438		Navios Maritime Acq Corp		171,430
	97,216	*	Newpark Resources, Inc		743,702
	19,521		Noble Energy, Inc		173,132
	114,183	e	Nordic American Tanker Shipping		947,719
	63,122	*,e	Northern Oil And Gas, Inc		142,025
	272,825	*	Oasis Petroleum, Inc		3,257,531
	59,304	*	Oil States International, Inc		1,764,294
	45,869		Overseas Shipholding Group, Inc		166,963
	33,230	*	Pacific Ethanol, Inc		225,964
	17,817		Panhandle Oil and Gas, Inc (Class A)		337,632
	35,188	*	Par Pacific Holdings, Inc		576,028
	156,348	*	Parker Drilling Co		257,974
	65,458	*	PDC Energy, Inc		3,615,245
	13,679	*	PHI, Inc		160,455
	90,814	*	Pioneer Energy Services Corp		276,983
	45,105	*	Renewable Energy Group, Inc		471,347
	6,560	*	Rex American Resources Corp		621,101
	14,541	*	RigNet, Inc		285,004
	48,815	*	Ring Energy, Inc		585,780
	114,890	*	RSP Permian, Inc		4,371,564
	80,605	*,e	Sanchez Energy Corp		623,883
	185,936		Scorpio Tankers, Inc		818,118
	18,279	*	SEACOR Holdings, Inc		1,200,199
	437,985	*,e	Seadrill Ltd		302,122
	77,638		SemGroup Corp		2,585,345
	71,189	e	Ship Finance International Ltd		1,000,205
	14,108	*,e	Smart Sand, Inc		171,835
	217,530	*,e	SRC Energy, Inc		1,640,176
	57,720	e	Teekay Corp		501,010
	144,706		Teekay Tankers Ltd (Class A)		296,647
	52,446	*	Tesco Corp		343,521
	128,355	*	Tetra Technologies, Inc		427,422
	59,844	*	Unit Corp		1,286,048
	87,126		US Silica Holdings Inc		3,615,729
	41,216	*,e	W&T Offshore, Inc		84,081
	94,334		Western Refining, Inc		3,253,580
	21,178	*	Westmoreland Coal Co		225,757
	23,044	*	WildHorse Resource Development Corp		251,410

263

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	56,538	*	Willbros Group, Inc	$	155,480
			TOTAL ENERGY		68,365,623

FOOD & STAPLES RETAILING - 0.5%
	31,570		Andersons, Inc		1,179,139
	22,035	*	Chefs’ Warehouse Holdings, Inc		300,778
	16,394		Ingles Markets, Inc (Class A)		765,600
	11,393	*,e	Natural Grocers by Vitamin C		124,639
	43,793	*	Performance Food Group Co		1,090,446
	23,566		Pricesmart, Inc		2,049,064
	26,085	*,e	Smart & Final Stores, Inc		307,803
	43,134		Spartan Stores, Inc		1,587,331
	311,636	*	Supervalu, Inc		1,277,708
	58,089	*	United Natural Foods, Inc		2,412,436
	8,233		Village Super Market (Class A)		217,269
	11,104		Weis Markets, Inc		641,922
			TOTAL FOOD & STAPLES RETAILING		11,954,135

FOOD, BEVERAGE & TOBACCO - 1.8%
	25,257		AdvancePierre Foods Holdings, Inc		1,025,939
	3,815		Alico, Inc		114,259
	10,189	*	Alliance One International, Inc		140,099
	33,538	*,e	Amplify Snack Brands, Inc		301,842
	76,948	e	B&G Foods, Inc (Class A)		3,231,816
	10,319	*,e	Boston Beer Co, Inc (Class A)		1,489,548
	17,998		Calavo Growers, Inc		1,180,669
	36,296	e	Cal-Maine Foods, Inc		1,370,174
	5,543		Coca-Cola Bottling Co Consolidated		1,174,340
	15,091	*	Craft Brewers Alliance, Inc		205,238
	192,311	*	Darling International, Inc		2,909,665
	106,942		Dean Foods Co		2,111,035
	9,192	*	Farmer Bros Co		326,316
	37,675		Fresh Del Monte Produce, Inc		2,309,477
	26,006	*	Freshpet, Inc		305,570
	21,748	*	Inventure Foods, Inc		80,468
	17,504		J&J Snack Foods Corp		2,355,688
	10,081		John B. Sanfilippo & Son, Inc		740,954
	22,025		Lancaster Colony Corp		2,772,948
	30,331	*	Landec Corp		417,051
	6,655	*	Lifeway Foods, Inc		63,888
	13,737		Limoneira Co		284,081
	14,716	e	Mgp Ingredients, Inc		770,530
	13,908		National Beverage Corp		1,232,110
	25,121		Omega Protein Corp		506,188
	25,729	*	Primo Water Corp		307,976
	23,395		Sanderson Farms, Inc		2,708,673
	310		Seaboard Corp		1,312,543
	7,660	*	Seneca Foods Corp		284,952
	94,327		Snyder’s-Lance, Inc		3,325,970
	26,968	*	Synutra International, Inc		162,482
	21,180	e	Tootsie Roll Industries, Inc		791,073
	8,162	*	Turning Point Brands, Inc		129,041
	29,073		Universal Corp		2,135,412

264

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	108,330		Vector Group Ltd	$	2,352,928
			TOTAL FOOD, BEVERAGE & TOBACCO		40,930,943

HEALTH CARE EQUIPMENT & SERVICES - 5.5%
	13,836	*,e	AAC Holdings, Inc		99,066
	25,679		Abaxis, Inc		1,156,325
	89,362	*	Accuray, Inc		406,597
	34,765		Aceto Corp		551,025
	8,503	*	Addus HomeCare Corp		288,677
	12,975	*	Almost Family, Inc		644,209
	32,559	*	Amedisys, Inc		1,764,698
	10,471	*,e	American Renal Associates Holdings, Inc		180,206
	55,501	*	AMN Healthcare Services, Inc		2,267,216
	14,636		Analogic Corp		1,051,597
	31,723	*	Angiodynamics, Inc		492,341
	16,121	*	Anika Therapeutics, Inc		743,662
	36,462	*	AtriCure, Inc		747,471
	1,588		Atrion Corp		821,155
	26,180	*,e	Avinger, Inc		14,731
	30,809	*	AxoGen, Inc		375,870
	129,969	*,e	BioScrip, Inc		197,553
	31,340	*	BioTelemetry, Inc		1,031,086
	41,905		Cantel Medical Corp		3,118,151
	31,455	*	Capital Senior Living Corp		439,426
	37,326	*	Cardiovascular Systems, Inc		1,114,928
	46,772	*	Castlight Health, Inc		180,072
	112,423	*,e	Cerus Corp		489,040
	18,948		Chemed Corp		3,815,748
	17,182	*	Civitas Solutions, Inc		305,840
	129,182	*	Community Health Systems, Inc		1,112,257
	12,906	e	Computer Programs & Systems, Inc		354,270
	45,176	*	ConforMIS, Inc		253,889
	32,369		Conmed Corp		1,591,260
	77,807	*,e	Corindus Vascular Robotics, Inc		98,037
	11,839	*	Corvel Corp		526,835
	15,312	*	Cotiviti Holdings, Inc		639,888
	36,976	*	Cross Country Healthcare, Inc		516,555
	35,982		CryoLife, Inc		653,073
	13,259	*	Cutera, Inc		259,213
	52,804	*	Diplomat Pharmacy, Inc		823,742
	92,786	*,e	Endologix, Inc		694,967
	55,804		Ensign Group, Inc		1,001,682
	9,719	*	Entellus Medical, Inc		138,204
	18,678	*	Evolent Health, Inc		434,263
	11,976	*	Exactech, Inc		355,088
	4,209	*	Fulgent Genetics, Inc		42,890
	42,351	*	Genesis Health Care, Inc		102,489
	51,638	*	GenMark Diagnostics, Inc		661,999
	19,351	*	Glaukos Corp		919,753
	82,219	*	Globus Medical, Inc		2,493,702
	59,731	*	Haemonetics Corp		2,501,534
	54,825	*	Halyard Health, Inc		2,165,587
	50,661	*	HealthEquity, Inc		2,306,089

265

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	103,871		Healthsouth Corp	$	4,871,550
	29,121	*	HealthStream, Inc		809,273
	98,483	*	HMS Holdings Corp		2,015,947
	17,221	*	ICU Medical, Inc		2,648,590
	19,224	*	Inogen Inc		1,593,477
	67,422	*	Insulet Corp		2,926,789
	36,086	*	Integer Holding Corp		1,326,161
	70,443	*	Integra LifeSciences Holdings Corp		3,238,265
	36,491		Invacare Corp		536,418
	39,872	*,e	InVivo Therapeutics Holdings Corp		151,514
	4,270	*	iRadimed Corp		36,722
	8,419	*,e	iRhythm Technologies, Inc		297,107
	9,779	*	IRIDEX Corp		111,481
	29,649	*	K2M Group Holdings, Inc		656,725
	98,713		Kindred Healthcare, Inc		947,645
	11,088		Landauer, Inc		583,229
	16,272		LeMaitre Vascular, Inc		484,092
	17,511	*	LHC Group, Inc		947,345
	27,374	*	Magellan Health Services, Inc		1,883,331
	50,266	*	Masimo Corp		5,164,329
	64,387	*	Medidata Solutions, Inc		4,212,841
	47,901		Meridian Bioscience, Inc		708,935
	50,741	*	Merit Medical Systems, Inc		1,709,972
	50,329	*	Molina Healthcare, Inc		2,505,881
	6,990	*,e	NantHealth, Inc		21,739
	13,284		National Healthcare Corp		988,595
	8,654		National Research Corp		214,619
	37,824	*	Natus Medical, Inc		1,323,840
	42,714	*	Neogen Corp		2,662,364
	28,149	*	Nevro Corp		2,652,199
	69,445	*,e	Nobilis Health Corp		86,806
	60,074	*	Novocure Ltd		678,836
	58,082	*	NuVasive, Inc		4,211,526
	74,354	*	NxStage Medical, Inc		2,222,441
	5,249	*,e	Obalon Therapeutics, Inc		55,744
	41,497	*	Omnicell, Inc		1,717,976
	64,020	*	OraSure Technologies, Inc		839,302
	20,254	*	Orthofix International NV		801,046
	73,074		Owens & Minor, Inc		2,532,014
	25,009	*	Oxford Immunotec Global plc		384,889
	32,481	*	Penumbra, Inc		2,775,501
	33,867	*	PharMerica Corp		799,261
	14,690	*	Providence Service Corp		646,360
	59,236	*	Quality Systems, Inc		844,705
	30,913	*	Quidel Corp		747,167
	35,114	*	Quorum Health Corp		149,937
	43,392	*	RadNet, Inc		262,522
	55,054	*,e	Rockwell Medical, Inc		473,464
	65,561	*	RTI Biologics, Inc		265,522
	38,049	*,e	Second Sight Medical Products, Inc		44,137
	123,938	*	Select Medical Holdings Corp		1,704,148
	38,507	*,e	Senseonics Holdings, Inc		65,077
	49,609	*	Spectranetics Corp		1,418,817

266

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	46,958	*	Staar Surgical Co	$	488,363
	21,198	*	Surgery Partners, Inc		364,606
	14,455	*	SurModics, Inc		330,297
	5,437	*	Tabula Rasa HealthCare, Inc		73,291
	5,830	*,e	Tactile Systems Technology, Inc		109,896
	28,128	*,e	Teladoc, Inc		697,574
	37,636	*	Tivity Health, Inc		1,264,570
	91,194	*,e	TransEnterix, Inc		59,276
	26,953	*	Triple-S Management Corp (Class B)		487,849
	14,062		US Physical Therapy, Inc		922,467
	3,848		Utah Medical Products, Inc		240,885
	10,137	*,e	ViewRay, Inc		69,945
	28,422	*	Vocera Communications, Inc		720,782
	120,583	*	Wright Medical Group NV		3,664,517
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		124,396,447

HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	513,191	*	Avon Products, Inc		2,488,976
	12,108	*,e	Central Garden & Pet Co		457,682
	39,456	*	Central Garden and Pet Co (Class A)		1,390,035
	11,419	*,e	elf Beauty, Inc		311,168
	139,326	*	HRG Group, Inc		2,787,913
	20,679		Inter Parfums, Inc		784,768
	18,237	*,e	Lifevantage Corp		90,455
	12,324		Medifast, Inc		570,848
	9,119	e	Natural Health Trends Corp		261,533
	9,628		Nature’s Sunshine Products, Inc		97,243
	9,418		Nutraceutical International Corp		298,551
	5,962		Oil-Dri Corp of America		242,594
	10,235	e	Orchids Paper Products Co		249,222
	13,484	*	Revlon, Inc (Class A)		349,910
	12,022	*	USANA Health Sciences, Inc		683,451
	16,467		WD-40 Co		1,726,565
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		12,790,914

INSURANCE - 2.4%
	52,187	*	AMBAC Financial Group, Inc		1,013,993
	99,688		American Equity Investment Life Holding Co		2,364,599
	22,010		Amerisafe, Inc		1,266,676
	33,936		Argo Group International Holdings Ltd		2,238,079
	12,458	*	Atlas Financial Holdings, Inc		161,331
	10,596		Baldwin & Lyons, Inc (Class B)		259,602
	7,646		Blue Capital Reinsurance Holdings Ltd		144,509
	53,318	*,e	Citizens, Inc (Class A)		375,892
	209,902		Conseco, Inc		4,422,635
	13,364	e	Crawford & Co (Class B)		145,801
	9,879		Donegal Group, Inc (Class A)		164,584
	21,179	*	eHealth, Inc		300,318
	9,733		EMC Insurance Group, Inc		279,142
	37,261		Employers Holdings, Inc		1,490,440
	13,354	*	Enstar Group Ltd		2,601,359
	11,496		FBL Financial Group, Inc (Class A)		764,484
	14,764		Federated National Holding Co		237,405

267

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	14,653	e	Fidelity & Guaranty Life	$	416,878
	586,892	*	Genworth Financial, Inc (Class A)		2,371,044
	9,538	*	Global Indemnity Ltd		386,766
	34,227	*	Greenlight Capital Re Ltd (Class A)		737,592
	15,880	*	Hallmark Financial Services		166,899
	10,237		HCI Group, Inc		488,203
	31,219		Heritage Insurance Holdings, Inc		377,750
	47,637		Horace Mann Educators Corp		1,841,170
	8,783		Independence Holding Co		166,438
	12,533		Infinity Property & Casualty Corp		1,243,900
	1,699		Investors Title Co		302,796
	16,973		James River Group Holdings Ltd		739,344
	46,333		Kemper Corp		1,823,204
	7,840		Kinsale Capital Group, Inc		283,494
	79,059		Maiden Holdings Ltd		976,379
	154,416	*	MBIA, Inc		1,297,094
	56,835		National General Holdings Corp		1,292,428
	2,635		National Western Life Group, Inc		806,942
	26,325		Navigators Group, Inc		1,422,866
	22,986		OneBeacon Insurance Group Ltd (Class A)		366,627
	24,273	*,e	Patriot National, Inc		70,149
	55,018		Primerica, Inc		4,610,508
	44,479		RLI Corp		2,545,088
	17,104		Safety Insurance Group, Inc		1,238,330
	66,619		Selective Insurance Group, Inc		3,517,483
	17,834		State Auto Financial Corp		479,200
	35,317		State National Cos, Inc		518,100
	26,744		Stewart Information Services Corp		1,268,735
	78,945	*	Third Point Reinsurance Ltd		955,235
	15,904	*,e	Trupanion, Inc		252,715
	25,120		United Fire & Casualty Co		1,105,280
	19,764		United Insurance Holdings Corp		301,599
	38,797		Universal Insurance Holdings, Inc		1,010,662
			TOTAL INSURANCE		53,611,747

MATERIALS - 5.0%
	33,082		A. Schulman, Inc		1,047,045
	32,625	*,e	AgroFresh Solutions, Inc		183,026
	365,656	*	AK Steel Holding Corp		2,318,259
	127,667	e	Allegheny Technologies, Inc		2,342,689
	31,730		American Vanguard Corp		531,477
	10,517		Ampco-Pittsburgh Corp		153,022
	36,873		Balchem Corp		2,992,613
	45,370	*	Boise Cascade Co		1,383,785
	58,904		Calgon Carbon Corp		857,053
	53,808		Carpenter Technology Corp		2,184,605
	59,556	*	Century Aluminum Co		812,344
	8,293		Chase Corp		850,032
	214,387		Chemours Co		8,637,652
	19,565	*	Clearwater Paper Corp		950,859
	329,543	*	Cliffs Natural Resources, Inc		2,214,529
	40,711	*	Codexis, Inc		179,128
	211,889	*	Coeur Mining, Inc		1,919,714

268

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	133,273		Commercial Metals Co	$	2,484,209
	12,379		Deltic Timber Corp		957,763
	96,777	*	Ferro Corp		1,734,244
	75,714		Ferroglobe plc		730,640
	65,118	*,e	Flotek Industries, Inc		782,067
	21,570	*	Forterra, Inc		415,007
	29,899		FutureFuel Corp		462,239
	83,302	*	GCP Applied Technologies, Inc		2,740,636
	58,318	*	Gold Resource Corp		192,449
	6,856		Greif, Inc		461,752
	30,142		Greif, Inc (Class A)		1,766,924
	58,646		H.B. Fuller Co		3,098,268
	2,530	*	Handy & Harman Ltd		68,942
	10,897		Hawkins, Inc		556,837
	14,471		Haynes International, Inc		611,979
	84,696	*	Headwaters, Inc		2,012,377
	443,473		Hecla Mining Co		2,416,928
	49,878	*	Ingevity Corp		3,153,786
	22,857		Innophos Holdings, Inc		1,095,765
	27,678		Innospec, Inc		1,826,748
	20,875		Kaiser Aluminum Corp		1,762,059
	101,039		Kapstone Paper and Packaging Corp		2,130,913
	10,654		KMG Chemicals, Inc		559,868
	23,780	*	Koppers Holdings, Inc		1,009,461
	34,351	*	Kraton Polymers LLC		1,123,621
	26,066		Kronos Worldwide, Inc		456,676
	168,792	*	Louisiana-Pacific Corp		4,344,706
	26,186	*,e	LSB Industries, Inc		288,570
	23,414		Materion Corp		890,903
	40,608		Minerals Technologies, Inc		3,195,850
	25,427	*	Multi Packaging Solutions International Ltd		456,415
	25,084		Myers Industries, Inc		408,869
	19,328		Neenah Paper, Inc		1,514,349
	193,781		Olin Corp		6,226,184
	10,701		Olympic Steel, Inc		241,308
	48,422	*	Omnova Solutions, Inc		460,009
	50,470		PH Glatfelter Co		1,085,610
	98,234		PolyOne Corp		3,851,755
	15,017		Quaker Chemical Corp		2,171,458
	9,655	*	Ramaco Resources, Inc		74,923
	50,730		Rayonier Advanced Materials, Inc		672,172
	32,024	*	Real Industry, Inc		83,262
	15,104	*	Ryerson Holding Corp		206,925
	29,516		Schnitzer Steel Industries, Inc (Class A)		557,852
	35,679		Schweitzer-Mauduit International, Inc		1,535,981
	52,205		Sensient Technologies Corp		4,270,369
	22,944		Stepan Co		1,945,651
	143,157	*	Stillwater Mining Co		2,573,963
	125,144	*	Summit Materials, Inc		3,211,195
	75,740	*	SunCoke Energy, Inc		694,536
	100,157	*,e	TerraVia Holdings, Inc		47,234
	45,672	*	TimkenSteel Corp		688,734
	23,980	*	Trecora Resources		264,979

269

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	29,229		Tredegar Corp	$	501,277
	31,740		Trinseo S.A.		2,107,536
	76,067		Tronox Ltd		1,255,866
	7,781	*	UFP Technologies, Inc		207,753
	2,404		United States Lime & Minerals, Inc		190,204
	16,565	*,e	US Concrete, Inc		1,027,030
	27,974		Valhi, Inc		92,874
	52,974	*	Worthington Industries, Inc		2,304,369
			TOTAL MATERIALS		113,820,661

MEDIA - 1.6%
	62,308		AMC Entertainment Holdings, Inc		1,887,932
	94,525	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		387,553
	1,290	*,e	Daily Journal Corp		269,636
	30,556	e	Entercom Communications Corp (Class A)		386,533
	76,986		Entravision Communications Corp (Class A)		477,313
	35,294	*,e	Eros International plc		351,175
	70,030	*	EW Scripps Co (Class A)		1,560,268
	136,573		Gannett Co, Inc		1,141,750
	61,612	*,e	Global Eagle Entertainment, Inc		190,997
	74,291	*	Gray Television, Inc		1,088,363
	7,572	*	Hemisphere Media Group, Inc		88,214
	68,748	*	Imax Corp		2,096,814
	10,905	*	Liberty Braves Group (Class A)		270,771
	36,667	*	Liberty Braves Group (Class C)		899,075
	26,511	*,e	Liberty Media Group (Class A)		898,988
	54,004	*,e	Liberty Media Group (Class C)		1,891,220
	15,097	*	Loral Space & Communications, Inc		578,970
	63,371		MDC Partners, Inc		567,171
	43,958	e	Meredith Corp		2,573,741
	69,916	*	MSG Networks, Inc		1,744,404
	69,677		National CineMedia, Inc		827,066
	52,434		New Media Investment Group, Inc		690,031
	145,060		New York Times Co (Class A)		2,096,117
	50,873		Nexstar Broadcasting Group, Inc (Class A)		3,510,237
	25,932	*,e	Radio One, Inc		77,796
	19,179	*	Reading International, Inc		301,686
	4,366		Saga Communications, Inc		223,758
	15,215		Salem Communications		116,395
	31,829		Scholastic Corp		1,375,968
	86,051		Sinclair Broadcast Group, Inc (Class A)		3,394,712
	120,307		Time, Inc		1,828,666
	10,404	*	Townsquare Media, Inc		125,888
	31,984	*	tronc, Inc		458,651
	42,262		World Wrestling Entertainment, Inc (Class A)		905,675
			TOTAL MEDIA		35,283,534

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4%
	26,279	*,e	Accelerate Diagnostics, Inc		717,417
	31,766	*	Acceleron Pharma, Inc		1,048,913
	45,862	*,e	AcelRx Pharmaceuticals, Inc		119,241
	129,789	*	Achillion Pharmaceuticals, Inc		442,581
	13,086	*	Aclaris Therapeutics, Inc		367,847

270

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	50,603	*	Acorda Therapeutics, Inc	$	817,238
	19,082	*	Adamas Pharmaceuticals, Inc		312,563
	42,506	*	Aduro Biotech, Inc		410,183
	42,295	*,e	Advaxis, Inc		362,045
	35,096	*	Adverum Biotechnologies, Inc		100,024
	33,737	*	Aerie Pharmaceuticals, Inc		1,486,115
	30,795	*,e	Aevi Genomic Medicine, Inc		49,272
	81,131	*,e	Agenus, Inc		291,260
	25,207	*	Agile Therapeutics, Inc		90,493
	31,105	*	Aimmune Therapeutics, Inc		604,681
	43,050	*	Akebia Therapeutics, Inc		567,399
	29,346	*,e	Albany Molecular Research, Inc		469,829
	53,954	*	Alder Biopharmaceuticals, Inc		1,081,778
	40,750	*	AMAG Pharmaceuticals, Inc		994,300
	166,312	*,e	Amicus Therapeutics, Inc		1,277,276
	41,153	*	Amphastar Pharmaceuticals, Inc		621,410
	70,527	*,e	Ampio Pharmaceuticals, Inc		39,432
	5,813	*,e	AnaptysBio, Inc		155,091
	39,473	*,e	Anavex Life Sciences Corp		222,233
	8,896	*	ANI Pharmaceuticals, Inc		481,452
	54,663	*,e	Anthera Pharmaceuticals, Inc		18,039
	16,019	*	Applied Genetic Technologies Corp		89,706
	29,770	*	Aptevo Therapeutics, Inc		59,540
	39,311	*,e	Aratana Therapeutics, Inc		243,728
	35,831	*	Ardelyx, Inc		480,135
	287,535	*	Arena Pharmaceuticals, Inc		385,297
	193,316	*,e	Array Biopharma, Inc		1,676,050
	82,065	*,e	Arrowhead Research Corp		127,201
	30,482	*,e	Asterias Biotherapeutics, Inc		112,783
	27,253	*,e	Atara Biotherapeutics, Inc		466,026
	112,874	*,e	Athersys, Inc		167,054
	6,085	*	Audentes Therapeutics, Inc		90,667
	6,784	*	Avexis, Inc		546,112
	28,989	*	Axovant Sciences Ltd		702,693
	18,556	*,e	Axsome Therapeutics, Inc		76,080
	23,744	*,e	Bellicum Pharmaceuticals, Inc		317,457
	92,146	*	BioCryst Pharmaceuticals, Inc		584,206
	105,399	*,e	Bio-Path Holdings, Inc		66,486
	6,600	*	Biospecifics Technologies Corp		374,418
	85,728	*,e	BioTime, Inc		291,475
	47,591	*	Bluebird Bio, Inc		4,233,219
	33,507	*	Blueprint Medicines Corp		1,560,756
	37,084	*	Cambrex Corp		2,200,935
	24,542	*,e	Cara Therapeutics Inc		389,972
	116,477	*	Catalent, Inc		3,410,447
	111,734	*,e	Celldex Therapeutics, Inc		372,074
	13,634	*,e	Cellular Biomedicine Group, Inc		147,247
	54,531	*	Cempra, Inc		234,483
	27,119	*	ChemoCentryx, Inc		196,342
	50,826	*	Chimerix, Inc		303,940
	38,964	*	ChromaDex Corp		121,178
	17,220	*	Cidara Therapeutics, Inc		133,455
	12,049	*	Clearside Biomedical, Inc		95,910

271

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	43,100	*	Clovis Oncology, Inc	$	2,495,059
	39,910	*	Coherus Biosciences, Inc		766,272
	19,449	*,e	Collegium Pharmaceutical, Inc		190,795
	20,044	*	Concert Pharmaceuticals Inc		318,098
	87,046	*	Corcept Therapeutics, Inc		830,419
	3,551	*,e	Corvus Pharmaceuticals, Inc		35,261
	136,611	*	Curis, Inc		330,599
	39,421	*	Cytokinetics, Inc		646,504
	23,775	*	CytomX Therapeutics, Inc		373,505
	76,356	*,e	CytRx Corp		38,850
	70,048	*	Depomed, Inc		839,876
	33,300	*	Dermira, Inc		1,134,198
	18,611	*	Dimension Therapeutics, Inc		28,847
	150,161	*	Durect Corp		131,751
	51,026	*,e	Dynavax Technologies Corp		283,194
	10,475	*,e	Eagle Pharmaceuticals, Inc		948,930
	19,382	*	Edge Therapeutics, Inc		201,185
	9,460	*,e	Editas Medicine, Inc		178,321
	27,114	*,e	Egalet Corp		103,576
	3,693	*	Eiger BioPharmaceuticals, Inc		29,175
	37,643	*	Emergent Biosolutions, Inc		1,125,902
	17,560	*	Enanta Pharmaceuticals, Inc		557,530
	47,049	*,e	Endocyte, Inc		108,213
	45,415	*	Enzo Biochem, Inc		399,652
	47,029	*	Epizyme, Inc		848,873
	17,077	*	Esperion Thereapeutics, Inc		610,503
	123,996	*,e	Exact Sciences Corp		3,721,120
	265,799	*	Exelixis, Inc		5,953,897
	68,375	*	FibroGen, Inc		1,914,500
	31,243	*	Five Prime Therapeutics, Inc		1,089,131
	15,703	*	Flex Pharma, Inc		54,018
	31,188	*	Flexion Therapeutics Inc		636,547
	39,321	*	Fluidigm Corp		194,246
	45,136	*,e	Fortress Biotech, Inc		164,295
	15,531	*,e	Foundation Medicine, Inc		551,351
	21,673	*	Genomic Health, Inc		712,175
	172,166	*,e	Geron Corp		440,745
	23,055	*	Global Blood Therapeutics, Inc		667,442
	14,214	*,e	GlycoMimetics Inc		61,120
	127,692	*,e	Halozyme Therapeutics, Inc		1,780,026
	49,017	*,e	Heron Therapeutics, Inc		752,411
	7,107	*	Heska Corp		769,333
	188,570	*	Horizon Pharma plc		2,900,207
	129,131	*	Idera Pharmaceuticals, Inc		303,458
	35,847	*	Ignyta, Inc		317,246
	16,951	*,e	Immune Design Corp		111,029
	99,538	*,e	Immunogen, Inc		431,995
	115,383	*,e	Immunomedics, Inc		661,145
	85,066	*	Impax Laboratories, Inc		1,195,177
	48,532	*	INC Research Holdings, Inc		2,183,940
	61,316	*	Infinity Pharmaceuticals, Inc		131,829
	94,974	*,e	Innoviva, Inc		1,119,269
	34,629	*,e	Inotek Pharmaceuticals Corp		69,258

272

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	73,857	*,e	Inovio Pharmaceuticals, Inc	$	464,561
	71,887	*	Insmed, Inc		1,326,315
	27,212	*,e	Insys Therapeutics, Inc		306,135
	9,082	*	Intellia Therapeutics, Inc		132,325
	29,035	*	Intersect ENT, Inc		551,665
	39,936	*,e	Intra-Cellular Therapies, Inc		551,916
	33,485	*	Invitae Corp		369,340
	151,329	*	Ironwood Pharmaceuticals, Inc		2,469,689
	7,413	*	Jounce Therapeutics, Inc		209,936
	13,467	*,e	Kadmon Holdings, Inc		37,034
	32,320	*	Karyopharm Therapeutics, Inc		330,310
	93,144	*,e	Keryx Biopharmaceuticals, Inc		551,412
	50,872	*,e	Kite Pharma, Inc		4,175,574
	16,439	*,e	La Jolla Pharmaceutical Co		476,731
	32,236	*,e	Lannett Co, Inc		838,136
	47,888	*,e	Lexicon Pharmaceuticals, Inc		747,532
	22,265	*	Ligand Pharmaceuticals, Inc (Class B)		2,475,200
	64,567	*	Lion Biotechnologies, Inc		442,284
	24,275	*,e	Lipocine, Inc		102,926
	18,780	*	Loxo Oncology, Inc		865,007
	45,270		Luminex Corp		852,434
	37,198	*	MacroGenics, Inc		803,849
	86,694	*,e	MannKind Corp		75,736
	78,653	*	Medicines Co		3,879,166
	34,777	*,e	MediciNova, Inc		199,968
	9,325	*	Medpace Holdings, Inc		295,696
	142,215	*,e	Merrimack Pharmaceuticals, Inc		473,576
	117,661	*,e	MiMedx Group, Inc		1,493,118
	25,219	*	Minerva Neurosciences, Inc		191,664
	18,367	*	Mirati Therapeutics, Inc		83,570
	76,048	*	Momenta Pharmaceuticals, Inc		1,091,289
	15,477	*	MyoKardia, Inc		201,975
	11,540	*,e	Myovant Sciences Ltd		149,905
	79,211	*,e	Myriad Genetics, Inc		1,456,690
	18,475	*	NanoString Technologies, Inc		322,943
	21,457	*,e	NantKwest, Inc		67,590
	29,601	*	Natera, Inc		267,889
	166,310	*	Nektar Therapeutics		3,154,901
	59,701	*	NeoGenomics, Inc		450,743
	22,236	*,e	Neos Therapeutics, Inc		157,876
	25,570	*,e	NewLink Genetics Corp		477,903
	5,183	*,e	Novan, Inc		28,196
	328,397	*,e	Novavax, Inc		268,005
	24,384	*,e	Ocular Therapeutix, Inc		242,865
	47,087	*,e	Omeros Corp		768,460
	25,383	*	OncoMed Pharmaceuticals, Inc		100,009
	41,335	*	Ophthotech Corp		122,765
	111,913	*,e	Organovo Holdings, Inc		324,548
	29,041	*	Otonomy, Inc		387,697
	40,175	*,e	OvaScience, Inc		60,664
	94,264	*	Pacific Biosciences of California, Inc		371,400
	42,428	*	Pacira Pharmaceuticals, Inc		2,059,879
	22,451	*	Paratek Pharmaceuticals, Inc		481,574

273

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	61,471	*	Parexel International Corp	$	3,923,694
	196,279		PDL BioPharma, Inc		441,628
	26,463	*	Pfenex, Inc		127,287
	65,380		PharmAthene, Inc		47,518
	21,600		Phibro Animal Health Corp		642,600
	57,688	*	Portola Pharmaceuticals, Inc		2,306,943
	28,518	*	PRA Health Sciences, Inc		1,824,011
	62,187	*	Prestige Brands Holdings, Inc		3,570,156
	79,799	*	Progenics Pharmaceuticals, Inc		632,008
	9,179	*	Protagonist Therapeutics, Inc		92,891
	8,896	*	Proteostasis Therapeutics, Inc		53,776
	44,915	*,e	Prothena Corp plc		2,431,249
	38,209	*	PTC Therapeutics, Inc		464,239
	32,513	*	Puma Biotechnology, Inc		1,320,028
	9,993	*	Ra Pharmaceuticals, Inc		235,835
	36,616	*	Radius Health, Inc		1,430,587
	8,304	*	Reata Pharmaceuticals, Inc		172,225
	23,903	*	REGENXBIO, Inc		499,573
	50,768	*,e	Regulus Therapeutics, Inc		78,690
	39,095	*	Repligen Corp		1,438,305
	41,877	*	Retrophin, Inc		820,370
	24,037	*	Revance Therapeutics, Inc		522,805
	146,467	*	Rigel Pharmaceuticals, Inc		437,936
	35,243	*	Sage Therapeutics, Inc		2,502,253
	81,454	*	Sangamo Biosciences, Inc		390,979
	58,500	*	Sarepta Therapeutics, Inc		2,121,210
	57,807	*	Sciclone Pharmaceuticals, Inc		557,838
	7,091	*,e	Selecta Biosciences, Inc		85,517
	21,069	*	Seres Therapeutics, Inc		207,108
	41,478	*,e	Sorrento Therapeutics, Inc		80,882
	22,155	*	Spark Therapeutics, Inc		1,284,325
	88,576	*	Spectrum Pharmaceuticals, Inc		674,063
	27,171	*,e	Stemline Therapeutics, Inc		241,822
	27,806	*,e	Sucampo Pharmaceuticals, Inc (Class A)		282,231
	54,926	*	Supernus Pharmaceuticals, Inc		1,790,588
	7,360	*	Syndax Pharmaceuticals, Inc		69,846
	231,499	*,e	Synergy Pharmaceuticals, Inc		953,776
	79,727	*,e	Synthetic Biologics, Inc		45,444
	6,510	*	Syros Pharmaceuticals, Inc		98,887
	20,624	*,e	T2 Biosystems, Inc		99,201
	48,439	*,e	Teligent, Inc		382,184
	33,410	*	TESARO, Inc		4,930,982
	41,531	*	Tetraphase Pharmaceuticals, Inc		329,341
	49,121	*,e	TG Therapeutics, Inc		542,787
	176,643	*,e	TherapeuticsMD, Inc		900,879
	46,613	*,e	Theravance Biopharma, Inc		1,879,902
	26,276	*,e	Titan Pharmaceuticals, Inc		77,514
	9,351	*,m	Tobira Therapeutics, Inc		128,483
	32,333	*,e	Tokai Pharmaceuticals, Inc		19,775
	58,722	*	Trevena, Inc		192,021
	37,686	*,e	Trovagene, Inc		35,048
	45,013	*	Ultragenyx Pharmaceutical, Inc		2,898,387
	42,794	*	Vanda Pharmaceuticals, Inc		652,609

274

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	20,342	*	Veracyte, Inc	$	172,297
	36,639	*	Versartis, Inc		674,158
	28,601	*,e	Vital Therapies, Inc		114,404
	14,228	*	Voyager Therapeutics, Inc		148,540
	5,470	*	vTv Therapeutics, Inc		30,140
	8,439	*,e	WaVe Life Sciences Pte Ltd		178,063
	20,184	*,e	XBiotech, Inc		219,602
	42,375	*	Xencor Inc		1,087,766
	29,272	*	Zafgen, Inc		142,847
	140,380	*,e	ZIOPHARM Oncology, Inc		988,275
	29,897	*	Zogenix, Inc		328,867
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		166,690,948

REAL ESTATE - 7.8%
	93,293		Acadia Realty Trust		2,712,960
	29,517		Agree Realty Corp		1,430,984
	54,329		Alexander & Baldwin, Inc		2,499,677
	2,492		Alexander’s, Inc		1,083,547
	13,868	*,e	Altisource Portfolio Solutions S.A.		306,344
	46,066		American Assets Trust,Inc		1,973,007
	42,591		Armada Hoffler Properties, Inc		607,348
	32,936		Ashford Hospitality Prime, Inc		348,792
	88,909		Ashford Hospitality Trust, Inc		555,681
	13,938	*,e	AV Homes, Inc		244,612
	24,778		Bluerock Residential Growth REIT, Inc		308,734
	75,839		CareTrust REIT, Inc		1,290,780
	47,140		CatchMark Timber Trust Inc		552,009
	198,709		CBL & Associates Properties, Inc		1,838,058
	90,882		Cedar Realty Trust, Inc		488,945
	44,528		Chatham Lodging Trust		862,062
	69,584		Chesapeake Lodging Trust		1,622,003
	31,674		City Office REIT, Inc		397,509
	6,682		Clipper Realty, Inc		73,502
	84,489		Colony Starwood Homes		2,920,785
	15,501		Community Healthcare Trust, Inc		383,185
	4,665		Consolidated-Tomoka Land Co		252,983
	14,350		CorEnergy Infrastructure Trust, Inc		523,488
	39,316		Coresite Realty		3,847,071
	424,252		Cousins Properties, Inc		3,601,899
	235,519		DiamondRock Hospitality Co		2,593,064
	87,486		DuPont Fabros Technology, Inc		4,509,903
	39,010		Easterly Government Properties, Inc		784,881
	37,289		EastGroup Properties, Inc		2,917,864
	86,154		Education Realty Trust, Inc		3,340,191
	31,547		Farmland Partners, Inc		343,862
	161,808		FelCor Lodging Trust, Inc		1,254,012
	136,696		First Industrial Realty Trust, Inc		3,846,625
	67,098		First Potomac Realty Trust		738,078
	50,179	*	Forestar Group, Inc		710,033
	70,428		Four Corners Property Trust, Inc		1,643,085
	121,666		Franklin Street Properties Corp		1,475,809
	7,325	*	FRP Holdings, Inc		312,777
	142,725		Geo Group, Inc		4,755,597

275

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	31,395		Getty Realty Corp	$	803,712
	29,091		Gladstone Commercial Corp		648,729
	19,018		Global Medical REIT, Inc		176,297
	78,677	*	Global Net Lease, Inc		1,859,138
	81,687		Government Properties Income Trust		1,741,567
	165,040		Gramercy Property Trust		4,586,462
	765		Griffin Land & Nurseries, Inc (Class A)		23,157
	133,948		Healthcare Realty Trust, Inc		4,393,495
	47,730		Hersha Hospitality Trust		880,141
	42,476		HFF, Inc (Class A)		1,333,746
	143,644		Hudson Pacific Properties		4,935,608
	70,241		Independence Realty Trust, Inc		646,217
	142,287		Investors Real Estate Trust		840,916
	80,408	*	iStar Financial, Inc		983,390
	96,455		Kennedy-Wilson Holdings, Inc		1,967,682
	97,285		Kite Realty Group Trust		1,980,723
	125,115		LaSalle Hotel Properties		3,573,284
	269,036		Lexington Realty Trust		2,736,096
	44,444		LTC Properties, Inc		2,126,201
	104,788		Mack-Cali Realty Corp		2,834,515
	17,382	*	Marcus & Millichap, Inc		448,456
	24,709		MedEquities Realty Trust, Inc		292,060
	345,417		Medical Properties Trust, Inc		4,514,600
	79,264		Monmouth Real Estate Investment Corp (Class A)		1,188,960
	196,482		Monogram Residential Trust, Inc		2,000,187
	43,860		National Health Investors, Inc		3,209,236
	48,848		National Storage Affiliates Trust		1,196,776
	91,659		New Senior Investment Group, Inc		955,087
	21,229		NexPoint Residential Trust, Inc		509,708
	64,217		NorthStar Realty Europe Corp		746,844
	16,664		One Liberty Properties, Inc		404,602
	49,483		Parkway, Inc		997,082
	83,755		Pebblebrook Hotel Trust		2,492,549
	79,264		Pennsylvania REIT		1,097,806
	181,479		Physicians Realty Trust		3,564,248
	47,648		Potlatch Corp		2,146,542
	30,263		Preferred Apartment Communities, Inc		428,221
	23,091		PS Business Parks, Inc		2,806,480
	54,946		QTS Realty Trust, Inc		2,936,314
	105,149		RAIT Investment Trust		322,807
	93,091		Ramco-Gershenson Properties		1,240,903
	20,684		Re/Max Holdings, Inc		1,223,459
	125,857		Retail Opportunities Investment Corp		2,592,654
	77,125		Rexford Industrial Realty, Inc		1,923,498
	143,068		RLJ Lodging Trust		3,074,531
	8,490		RMR Group, Inc		447,848
	51,088		Ryman Hospitality Properties		3,258,393
	76,053		Sabra Healthcare REIT, Inc		2,067,881
	11,486		Saul Centers, Inc		689,734
	75,582		Select Income REIT		1,894,085
	29,451		Seritage Growth Properties		1,222,217
	39,727		Silver Bay Realty Trust Corp		851,350
	59,035	*	St. Joe Co		1,033,113

276

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	96,568	*	STAG Industrial, Inc	$	2,545,532
	7,424		Stratus Properties, Inc		221,606
	108,250		Summit Hotel Properties, Inc		1,789,373
	254,986		Sunstone Hotel Investors, Inc		3,796,742
	17,094	*	Tejon Ranch Co		391,453
	52,793		Terreno Realty Corp		1,630,248
	56,529		Tier REIT, Inc		978,517
	26,425	*	Trinity Place Holdings, Inc		188,410
	30,950		UMH Properties, Inc		495,819
	14,549		Universal Health Realty Income Trust		1,014,793
	105,537		Urban Edge Properties		2,691,194
	34,190		Urstadt Biddle Properties, Inc (Class A)		672,175
	218,488		Washington Prime Group, Inc		1,922,694
	86,800		Washington REIT		2,748,956
	34,187		Whitestone REIT		428,705
	121,328		Xenia Hotels & Resorts, Inc		2,118,387
			TOTAL REAL ESTATE		176,435,657

RETAILING - 3.1%
	30,262	*	1-800-FLOWERS.COM, Inc (Class A)		325,316
	76,723		Aaron’s, Inc		2,757,425
	79,310	e	Abercrombie & Fitch Co (Class A)		950,927
	194,917		American Eagle Outfitters, Inc		2,746,380
	9,603	*,e	America’s Car-Mart, Inc		358,192
	23,036	*	Asbury Automotive Group, Inc		1,409,803
	204,892	*,e	Ascena Retail Group, Inc		801,128
	10,510	*	At Home Group, Inc		184,030
	46,836	*	Barnes & Noble Education, Inc		487,563
	73,441		Barnes & Noble, Inc		627,920
	20,088	e	Big 5 Sporting Goods Corp		309,355
	52,163		Big Lots, Inc		2,633,710
	17,831	*	Boot Barn Holdings, Inc		189,187
	32,919	e	Buckle, Inc		615,585
	16,153	*	Build-A-Bear Workshop, Inc		167,991
	49,736		Caleres, Inc		1,433,391
	13,824		Camping World Holdings, Inc		427,438
	29,912		Cato Corp (Class A)		674,815
	151,152		Chico’s FAS, Inc		2,088,921
	21,792		Children’s Place Retail Stores, Inc		2,501,722
	18,107		Citi Trends, Inc		340,230
	21,550	*,e	Conn’s, Inc		379,280
	23,374	*,e	Container Store Group, Inc		96,301
	53,241		Core-Mark Holding Co, Inc		1,864,500
	44,692	*	Destination XL Group, Inc		113,965
	78,463		DSW, Inc (Class A)		1,617,907
	11,119	*,e	Duluth Holdings, Inc		246,286
	122,184	*	Etsy, Inc		1,314,700
	84,900	*	Express Parent LLC		732,687
	47,771		Finish Line, Inc (Class A)		755,259
	62,511	*	Five Below, Inc		3,070,540
	44,577	*	Francesca’s Holdings Corp		703,425
	40,868	e	Fred’s, Inc (Class A)		601,577
	20,323	*	FTD Cos, Inc		406,460

277

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	7,340	*	Gaia, Inc	$	80,373
	23,657	*	Genesco, Inc		1,260,918
	80,019	e	GNC Holdings, Inc		622,548
	24,290		Group 1 Automotive, Inc		1,674,795
	68,783		Guess?, Inc		767,618
	21,303		Haverty Furniture Cos, Inc		525,119
	26,222	*,e	Hibbett Sports, Inc		681,772
	36,646		HSN, Inc		1,352,237
	17,926		Kirkland’s, Inc		210,810
	17,601	*,e	Lands’ End, Inc		415,384
	84,849	*	Liberty TripAdvisor Holdings, Inc		1,247,280
	27,892		Lithia Motors, Inc (Class A)		2,665,081
	30,896	*,e	Lumber Liquidators, Inc		758,497
	28,584	*	MarineMax, Inc		581,684
	36,570		Monro Muffler, Inc		1,896,154
	34,080		Nutri/System, Inc		1,821,576
	606,190		Office Depot, Inc		3,012,764
	23,732	*	Ollie’s Bargain Outlet Holdings, Inc		908,936
	15,374	*	Overstock.com, Inc		266,739
	31,733	*,e	Party City Holdco, Inc		507,728
	22,420	e	PetMed Express, Inc		517,902
	95,358		Pier 1 Imports, Inc		642,713
	59,559	e	Rent-A-Center, Inc		636,686
	40,068	*,e	Restoration Hardware Holdings, Inc		1,922,062
	11,940	*,e	Sears Holdings Corp		122,027
	18,346	*	Sears Hometown and Outlet Stores, Inc		61,459
	52,708	*	Select Comfort Corp		1,628,677
	15,764		Shoe Carnival, Inc		399,933
	40,267	*	Shutterfly, Inc		2,089,857
	32,341		Sonic Automotive, Inc (Class A)		633,884
	30,001	*,e	Sportsman’s Warehouse Holdings, Inc		122,704
	33,118	e	Stage Stores, Inc		95,380
	37,691	e	Stein Mart, Inc		93,097
	58,085	e	Tailored Brands, Inc		716,188
	37,752		Tile Shop Holdings, Inc		806,005
	14,309		Tilly’s, Inc		136,794
	59,459	*	Tuesday Morning Corp		193,242
	27,957	*	Vitamin Shoppe, Inc		539,570
	36,863	*,e	Wayfair, Inc		1,685,008
	23,309	*	West Marine, Inc		255,467
	2,826		Winmark Corp		364,837
	20,939	*	Zumiez, Inc		375,855
			TOTAL RETAILING		69,231,276

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9%
	6,237	*,e	Acacia Communications, Inc		285,904
	46,262	*	Advanced Energy Industries, Inc		3,414,136
	880,030	*	Advanced Micro Devices, Inc		11,704,399
	21,890	*	Alpha & Omega Semiconductor Ltd		362,279
	37,401	*,e	Ambarella, Inc		2,102,684
	118,106	*	Amkor Technology, Inc		1,391,289
	34,145	*	Axcelis Technologies, Inc		657,291
	78,644		Brooks Automation, Inc		1,986,547

278

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	27,774		Cabot Microelectronics Corp	$	2,176,093
	75,449	*	Cavium, Inc		5,194,663
	22,808	*	Ceva, Inc		821,088
	16	*,m	China Energy Savings Technology, Inc		0
	73,319	*	Cirrus Logic, Inc		4,718,078
	31,016		Cohu, Inc		580,930
	43,600	*	Diodes, Inc		1,019,804
	24,935	*	DSP Group, Inc		310,441
	165,578	*	Entegris, Inc		4,106,334
	47,713	*	Exar Corp		620,746
	79,256	*	Formfactor, Inc		879,742
	7,876	*	Ichor Holdings Ltd		152,794
	7,435	*,e	Impinj, Inc		278,664
	47,022	*	Inphi Corp		1,947,651
	157,763	*	Integrated Device Technology, Inc		3,784,734
	28,491		IXYS Corp		397,449
	68,467	*	Kopin Corp		279,345
	140,801	*	Lattice Semiconductor Corp		965,895
	37,093	*	MA-COM Technology Solutions		1,813,106
	65,869	*	MaxLinear, Inc		1,833,134
	133,334	*	Microsemi Corp		6,258,698
	62,451		MKS Instruments, Inc		4,886,791
	45,651		Monolithic Power Systems, Inc		4,177,067
	27,829	*	Nanometrics, Inc		878,144
	34,569	*	NeoPhotonics Corp Ltd		268,255
	5,629		NVE Corp		458,257
	31,840	*	PDF Solutions, Inc		605,597
	75,693	*	Photronics, Inc		870,470
	32,265		Power Integrations, Inc		2,127,877
	128,247	*	Rambus, Inc		1,605,652
	35,049	*	Rudolph Technologies, Inc		858,701
	75,997	*	Semtech Corp		2,595,298
	41,999	*	Sigma Designs, Inc		260,394
	48,332	*	Silicon Laboratories, Inc		3,438,822
	37,066	*	Ultra Clean Holdings		713,150
	25,727	*	Ultratech, Inc		785,188
	46,540	*	Veeco Instruments, Inc		1,535,820
	61,529	*	Xcerra Corp		602,984
	57,469		Xperi Corp		1,930,958
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		88,643,343

SOFTWARE & SERVICES - 7.9%
	43,269	*	2U, Inc		1,964,413
	102,969	*	8x8, Inc		1,498,199
	52,193	*	A10 Networks, Inc		422,763
	135,006	*	ACI Worldwide, Inc		2,901,279
	42,224	*	Actua Corp		591,136
	90,892	*	Acxiom Corp		2,626,779
	11,816	*	Alarm.com Holdings, Inc		385,320
	19,683	*	ALJ Regional Holdings, Inc		65,938
	20,089	*	Amber Road, Inc		164,529
	29,553	*	American Software, Inc (Class A)		324,196
	45,768	*,e	Angie’s List, Inc		269,116

279

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	9,167	*	Appfolio, Inc	$	243,384
	8,197	*	Apptio, Inc		106,971
	91,401	*	Aspen Technology, Inc		5,620,248
	10,943	*	Autobytel, Inc		143,463
	54,764	*	Bankrate, Inc		580,498
	25,485	*	Barracuda Networks, Inc		518,110
	91,583	*	Bazaarvoice, Inc		430,440
	14,449	*,e	Benefitfocus, Inc		455,144
	55,257		Blackbaud, Inc		4,443,215
	64,433	*	Blackhawk Network Holdings, Inc		2,606,315
	11,737	*	Blackline, Inc		385,795
	46,369	*	Blucora, Inc		855,508
	46,938	*	Bottomline Technologies, Inc		1,093,655
	56,559	*	Box, Inc		975,077
	35,518	*	Brightcove, Inc		309,007
	34,343	*	BroadSoft, Inc		1,318,771
	28,492	*	CACI International, Inc (Class A)		3,362,056
	71,092	*	Callidus Software, Inc		1,496,487
	20,314	*	Carbonite, Inc		438,782
	53,016	*	Cardtronics plc		2,204,405
	16,291	*	Care.com, Inc		193,048
	12,480		Cass Information Systems, Inc		829,546
	27,633	*	ChannelAdvisor Corp		326,069
	29,431	*,e	Cimpress NV		2,415,697
	45,097	*	Commvault Systems, Inc		2,275,144
	103,987		Convergys Corp		2,340,747
	59,208	*	Cornerstone OnDemand, Inc		2,325,690
	10,421	*,e	Coupa Software, Inc		289,183
	37,336		CSG Systems International, Inc		1,400,473
	63,285	*	DHI Group, Inc		243,647
	11,119	*,e	Digimarc Corp		320,783
	29,529	e	Ebix, Inc		1,821,939
	38,328	*	Ellie Mae, Inc		3,900,257
	69,221	*	Endurance International Group Holdings, Inc		526,080
	31,776	*	EnerNOC, Inc		179,534
	48,673	*	Envestnet, Inc		1,693,820
	56,417	*	EPAM Systems, Inc		4,344,109
	9,481	*	Everbridge, Inc		220,054
	74,829		EVERTEC, Inc		1,186,040
	16,423	*	EXA Corp		225,981
	38,060	*	ExlService Holdings, Inc		1,815,843
	36,309		Fair Isaac Corp		4,919,143
	38,328	*	Five9, Inc		699,294
	11,144		Forrester Research, Inc		451,889
	38,098	*	Gigamon, Inc		1,207,707
	8,603	*	Global Sources Ltd		79,148
	30,060	*,e	Globant S.A.		1,138,973
	121,503	*	Glu Mobile, Inc		280,672
	64,747	*,e	Gogo, Inc		816,460
	94,440	*	GrubHub, Inc		4,059,031
	30,702	*	GTT Communications, Inc		844,305
	27,379	*	Guidance Software, Inc		165,643
	26,039		Hackett Group, Inc		516,353

280

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	50,486	*	Hortonworks, Inc	$	525,559
	33,763	*	HubSpot, Inc		2,263,809
	33,739	*	Imperva, Inc		1,499,699
	40,842	*	Information Services Group, Inc		128,652
	12,328	*	Instructure, Inc		294,639
	55,200		j2 Global, Inc		4,981,248
	66,729	*	Jive Software, Inc		336,982
	85,321	*	Limelight Networks, Inc		267,908
	27,863	*	Liquidity Services, Inc		217,331
	60,917	*	Liveperson, Inc		429,465
	60,879		LogMeIn, Inc		6,879,327
	6,072	*,e	Majesco		33,457
	28,673		Mantech International Corp (Class A)		1,017,892
	40,689	*	Marchex, Inc (Class B)		110,267
	75,159		MAXIMUS, Inc		4,583,948
	55,542	*	Meet Group, Inc		331,030
	11,104	*	MicroStrategy, Inc (Class A)		2,111,648
	17,229	*,e	MINDBODY, Inc		488,442
	34,879	*	Mitek Systems, Inc		305,191
	52,911	*	MobileIron, Inc		240,745
	26,615	*	Model N, Inc		284,781
	34,822	*	MoneyGram International, Inc		620,180
	47,749		Monotype Imaging Holdings, Inc		971,692
	8,073		NCI, Inc (Class A)		119,884
	63,587	*	NeuStar, Inc (Class A)		2,111,088
	25,489	*	New Relic, Inc		1,019,050
	74,448		NIC, Inc		1,589,465
	14,612	*	Numerex Corp		65,754
	15,163	*	Park City Group, Inc		191,812
	51,492	*,e	Paycom Software, Inc		3,102,393
	25,224	*	Paylocity Holding Corp		994,835
	42,121		Pegasystems, Inc		1,918,612
	40,719	*	Perficient, Inc		709,325
	18,774	*	PFSweb, Inc		137,426
	50,746	*	Planet Payment, Inc		211,611
	58,783		Progress Software Corp		1,747,031
	47,819	*	Proofpoint, Inc		3,604,118
	28,870	*	PROS Holdings, Inc		711,646
	29,643	*	Q2 Holdings, Inc		1,130,880
	10,681		QAD, Inc (Class A)		322,566
	31,731	*	Qualys, Inc		1,218,470
	48,609	*	QuinStreet, Inc		217,768
	74,593	*	Quotient Technology, Inc		813,064
	22,942	*	Rapid7, Inc		388,867
	21,714	*	RealNetworks, Inc		99,233
	63,104	*	RealPage, Inc		2,338,003
	9,196		Reis, Inc		172,885
	45,473	*	RetailMeNot, Inc		527,487
	14,931	*	Rightside Group Ltd		149,907
	68,469	*	RingCentral, Inc		2,187,585
	23,027	*	Rosetta Stone, Inc		259,054
	42,538	*	Rubicon Project, Inc		242,892
	29,233		Sapiens International Corp NV		346,703

281

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	49,589		Science Applications International Corp	$	3,619,501
	6,355	*	SecureWorks Corp		54,971
	68,944	*	ServiceSource International LLC		259,229
	22,419	*,e	Shutterstock, Inc		969,173
	43,738	*	Silver Spring Networks, Inc		499,051
	19,141	*	SPS Commerce, Inc		1,057,732
	18,932	*,e	Stamps.com, Inc		2,009,632
	45,703	*	Sykes Enterprises, Inc		1,362,406
	47,652	*	Synchronoss Technologies, Inc		762,432
	37,878		Syntel, Inc		667,032
	114,092	*	Take-Two Interactive Software, Inc		7,170,682
	18,841	*	TechTarget, Inc		174,279
	37,092	*	TeleNav, Inc		322,700
	19,160		TeleTech Holdings, Inc		598,750
	136,579		TiVo Corp		2,697,435
	11,249	*	Trade Desk, Inc		420,150
	135,947		Travelport Worldwide Ltd		1,790,422
	63,479	*,e	TrueCar, Inc		1,112,152
	58,274	*	Unisys Corp		658,496
	12,902	*	Varonis Systems, Inc		405,123
	33,682	*	Vasco Data Security International		454,707
	72,751	*	Verint Systems, Inc		2,859,114
	63,006	*,e	VirnetX Holding Corp		207,920
	32,124	*	Virtusa Corp		995,202
	43,882	*	WebMD Health Corp (Class A)		2,379,721
	49,306	*	Website Pros, Inc		951,606
	27,218	*,e	Workiva, Inc		457,262
	26,354	*	Xactly Corp		305,706
	29,069	*	XO Group, Inc		510,161
	94,836	*	Zendesk, Inc		2,726,535
	63,373	*	Zix Corp		344,115
			TOTAL SOFTWARE & SERVICES		179,230,004

TECHNOLOGY HARDWARE & EQUIPMENT - 5.4%
	124,990	*,e	3D Systems Corp		1,978,592
	57,212		Adtran, Inc		1,144,240
	32,892	*	Aerohive Networks, Inc		127,292
	17,472	*	Agilysys, Inc		172,973
	34,044	*	Anixter International, Inc		2,776,288
	20,909	*,e	Applied Optoelectronics, Inc		1,032,696
	36,618	*	Avid Technology, Inc		205,244
	55,596		AVX Corp		940,128
	32,698		Badger Meter, Inc		1,299,746
	10,403		Bel Fuse, Inc (Class B)		251,753
	49,064		Belden CDT, Inc		3,419,761
	57,950	*	Benchmark Electronics, Inc		1,837,015
	19,966		Black Box Corp		197,663
	42,466	*	CalAmp Corp		761,840
	46,626	*	Calix, Inc		312,394
	160,877	*	Ciena Corp		3,685,692
	13,438	*	Clearfield, Inc		190,148
	28,325	*	Coherent, Inc		6,106,870
	26,323		Comtech Telecommunications Corp		368,785

282

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	22,936	*	Control4 Corp	$	387,618
	23,618	e	CPI Card Group, Inc		85,025
	47,272	*	Cray, Inc		846,169
	35,579		CTS Corp		786,296
	42,437		Daktronics, Inc		401,454
	80,341		Diebold, Inc		2,265,616
	29,184	*	Digi International, Inc		361,882
	20,630	*	Eastman Kodak Co		226,930
	29,130	*	Electro Scientific Industries, Inc		203,327
	54,843	*	Electronics for Imaging, Inc		2,510,713
	30,210		EMCORE Corp		271,890
	15,022	*	ePlus, Inc		1,070,318
	122,019	*	Extreme Networks, Inc		953,578
	40,455	*	Fabrinet		1,402,575
	19,303	*	FARO Technologies, Inc		707,455
	126,042	*	Finisar Corp		2,878,799
	87,383	*	Harmonic, Inc		506,821
	69,561	*	II-VI, Inc		2,305,947
	32,037	*	Immersion Corp		280,964
	163,024	*	Infinera Corp		1,617,198
	42,981	*	Insight Enterprises, Inc		1,809,500
	40,558		InterDigital, Inc		3,646,164
	94,783	*	InvenSense, Inc		1,218,909
	39,342	*	Itron, Inc		2,551,329
	32,402	*	Kimball Electronics, Inc		558,935
	103,786	*	Knowles Corp		1,840,126
	19,212	*	KVH Industries, Inc		153,696
	25,922		Littelfuse, Inc		3,995,876
	59,250	*	Lumentum Holdings, Inc		2,532,938
	37,631	*,e	Maxwell Technologies, Inc		229,549
	3,558		Mesa Laboratories, Inc		497,480
	42,516		Methode Electronics, Inc		1,894,088
	19,565		MTS Systems Corp		908,794
	37,618	*	Netgear, Inc		1,773,689
	104,866	*	Netscout Systems, Inc		3,948,205
	37,065	*	Novanta, Inc		1,039,673
	129,822	*,e	Oclaro, Inc		1,039,874
	20,617	*	OSI Systems, Inc		1,595,756
	21,420		Park Electrochemical Corp		370,994
	13,833		PC Connection, Inc		397,560
	38,731		Plantronics, Inc		2,114,713
	38,908	*	Plexus Corp		2,022,827
	79,085	*	Pure Storage, Inc		839,092
	7,363	*	Quantenna Communications, Inc		135,479
	42,747	*	Radisys Corp		171,415
	21,027	*	Rogers Corp		2,164,519
	86,086	*	Sanmina Corp		3,206,704
	29,488	*	Scansource, Inc		1,164,776
	75,544	*	ShoreTel, Inc		494,813
	6,577		Silicom Ltd		356,671
	55,463	*	Sonus Networks, Inc		425,956
	57,767	*,e	Stratasys Ltd		1,430,311
	44,817	*	Super Micro Computer, Inc		1,093,535

283

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	40,991	*	Synaptics, Inc	$	2,245,077
	34,236		SYNNEX Corp		3,712,209
	13,420		Systemax, Inc		177,681
	40,979	*	Tech Data Corp		3,919,641
	84,214	*	TTM Technologies, Inc		1,408,900
	30,567	*	Ubiquiti Networks, Inc		1,574,812
	48,505		Universal Display Corp		4,333,922
	43,299	*	USA Technologies, Inc		212,165
	60,500	*	Viasat, Inc		3,873,815
	274,963	*	Viavi Solutions, Inc		2,749,630
	159,878		Vishay Intertechnology, Inc		2,614,005
	15,049	*	Vishay Precision Group, Inc		258,843
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		121,584,341

TELECOMMUNICATION SERVICES - 0.8%
	12,323		ATN International, Inc		852,628
	41,745	*	Boingo Wireless, Inc		596,536
	48,493	*	Cincinnati Bell, Inc		914,093
	48,570		Cogent Communications Group, Inc		2,185,650
	57,539	e	Consolidated Communications Holdings, Inc		1,361,948
	25,087	*	Fairpoint Communications, Inc		427,733
	31,545	*	General Communication, Inc (Class A)		1,181,045
	467,239	*,e	Globalstar, Inc		892,426
	7,724	*	Hawaiian Telcom Holdco, Inc		196,576
	21,218		IDT Corp (Class B)		322,301
	34,329	*,e	Intelsat S.A.		101,271
	96,845	*,e	Iridium Communications, Inc		1,026,557
	22,340	*	Lumos Networks Corp		400,109
	75,548	*	Orbcomm, Inc		728,283
	11,615	*	pdvWireless, Inc		297,925
	53,660		Shenandoah Telecom Co		1,717,120
	24,468		Spok Holdings, Inc		439,201
	11,275	*	Straight Path Communications, Inc		1,452,897
	68	*,m	Touch America Holdings, Inc		0
	221,300	*	Vonage Holdings Corp		1,484,923
	211,327		Windstream Holdings, Inc		1,166,525
			TOTAL TELECOMMUNICATION SERVICES		17,745,747

TRANSPORTATION - 1.5%
	56,085	*	Air Transport Services Group, Inc		1,031,403
	15,493		Allegiant Travel Co		2,252,682
	28,296		Arkansas Best Corp		748,429
	28,573	*	Atlas Air Worldwide Holdings, Inc		1,657,234
	33,017	e	Celadon Group, Inc		130,417
	34,997		Costamare, Inc		235,880
	13,793	*	Covenant Transportation Group, Inc		258,343
	32,533	*	Echo Global Logistics, Inc		609,994
	34,825		Forward Air Corp		1,851,645
	61,704	*	Hawaiian Holdings, Inc		3,350,527
	53,907		Heartland Express, Inc		1,084,609
	39,541	*	Hub Group, Inc (Class A)		1,548,030
	78,419	e	Knight Transportation, Inc		2,689,772
	26,660		Marten Transport Ltd		661,168

284

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	50,411		Matson, Inc	$	1,598,029
	3,157	*	PAM Transportation Services, Inc		59,257
	10,288		Park-Ohio Holdings Corp		404,833
	46,775	*	Radiant Logistics, Inc		280,650
	34,470	*	Roadrunner Transportation Services Holdings, Inc		231,638
	29,801	*	Saia, Inc		1,434,918
	64,304	*	Scorpio Bulkers, Inc		479,065
	58,635		Skywest, Inc		2,181,222
	87,609	*,e	Swift Transportation Co, Inc		2,153,429
	8,612		Universal Truckload Services, Inc		120,137
	9,571	*	USA Truck, Inc		64,221
	52,435		Werner Enterprises, Inc		1,431,476
	114,579	*	XPO Logistics, Inc		5,659,057
	38,100	*	YRC Worldwide, Inc		406,146
			TOTAL TRANSPORTATION		34,614,211

UTILITIES - 3.7%
	58,270		Allete, Inc		4,073,656
	43,068		American States Water Co		1,917,387
	7,860	*,e	AquaVenture Holdings Ltd		144,388
	8,771		Artesian Resources Corp		336,894
	128,908	*	Atlantic Power Corp		322,270
	69,061		Atlantica Yield plc		1,439,231
	73,780		Avista Corp		2,976,285
	60,593		Black Hills Corp		4,121,536
	56,540		California Water Service Group		2,018,478
	18,480		Chesapeake Utilities Corp		1,354,584
	12,634		Connecticut Water Service, Inc		678,067
	16,592		Consolidated Water Co, Inc		195,786
	8,156		Delta Natural Gas Co, Inc		247,127
	134,312	*	Dynegy, Inc		862,283
	47,396		El Paso Electric Co		2,445,634
	69,112	*,m	Ferroglobe plc		0
	16,769		Genie Energy Ltd		133,314
	8,631		Global Water Resources, Inc		78,887
	59,259		Idacorp, Inc		5,008,571
	40,964		MGE Energy, Inc		2,633,985
	17,709		Middlesex Water Co		675,067
	100,470		New Jersey Resources Corp		4,053,964
	31,755		Northwest Natural Gas Co		1,892,598
	56,724		NorthWestern Corp		3,390,961
	40,732		NRG Yield, Inc (Class A)		706,293
	75,269		NRG Yield, Inc (Class C)		1,332,261
	61,001		ONE Gas, Inc		4,198,699
	45,684		Ormat Technologies, Inc		2,698,097
	44,336		Otter Tail Corp		1,751,272
	77,497		Pattern Energy Group, Inc		1,706,484
	93,715		PNM Resources, Inc		3,490,884
	104,949		Portland General Electric Co		4,758,388
	19,132		SJW Corp		934,407
	93,368		South Jersey Industries, Inc		3,503,167
	55,552		Southwest Gas Corp		4,653,035
	6,079	e	Spark Energy, Inc		218,236

285

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY					VALUE

	52,424		Spire, Inc					$	3,593,665
	108,518		TerraForm Global, Inc						515,460
	103,224		TerraForm Power, Inc						1,299,590
	16,269		Unitil Corp						787,908
	32,500	*,e	Vivint Solar, Inc						97,500
	59,113		WGL Holdings, Inc						4,874,458
	14,841		York Water Co						556,537
			TOTAL UTILITIES						82,677,294

			TOTAL COMMON STOCKS						2,244,741,617
			(Cost $1,656,564,947)

RIGHTS / WARRANTS - 0.0%

DIVERSIFIED FINANCIALS - 0.0%
	1,297	m	Emergent Capital, Inc						0
			TOTAL DIVERSIFIED FINANCIALS						0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	8,325	m	Forest Laboratories, Inc CVR						7,909
	5,149	m	Omthera Pharmaceuticals, Inc						3,089
	34,794	m	Trius Therapeutics, Inc						0
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						10,998

SOFTWARE & SERVICES - 0.0%
	17,421	m	Gerber Scientific, Inc						0
			TOTAL SOFTWARE & SERVICES						0

			TOTAL RIGHTS / WARRANTS						10,998
			(Cost $436)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 7.3%

GOVERNMENT AGENCY DEBT - 0.4%
$	9,150,000	d	Federal Home Loan Bank (FHLB)		0.680	%	05/01/17		9,150,000
			TOTAL GOVERNMENT AGENCY DEBT						9,150,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 6.9%
	156,886,356	c	State Street Navigator Securities Lending Government Money Market Portfolio						156,886,356
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						156,886,356

			TOTAL SHORT-TERM INVESTMENTS						166,036,356
			(Cost $165,472,183)
			TOTAL INVESTMENTS - 106.7%						2,410,788,971
			(Cost $1,822,037,566)
			OTHER ASSETS & LIABILITIES, NET - (6.7)%						(151,815,453	)
			NET ASSETS - 100.0%					$	2,258,973,518

286

TIAA-CREF FUNDS - Small-Cap Blend 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 $150,456,896.
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

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.6%

BRAZIL - 7.2%
	73,173		AES Tiete S.A.	$	310,992
	2,092,551		AMBEV S.A.		12,038,242
	362,045		Banco Bradesco S.A.		3,712,785
	1,220,135		Banco Bradesco S.A. (Preference)		12,843,122
	363,086		Banco do Brasil S.A.		3,757,778
	1,417,486		Banco Itau Holding Financeira S.A.		17,532,963
	173,039		Banco Santander Brasil S.A.		1,494,850
	303,200		BB Seguridade Participacoes S.A.		2,855,232
	883,474		BM&F Bovespa S.A.		5,291,297
	242,380	*	BR Malls Participacoes S.A.		1,072,900
	65,815		Braskem S.A.		707,904
	270,956		BRF S.A.		3,396,714
	87,800	*	Centrais Eletricas Brasileiras S.A.		499,572
	86,192	*	Centrais Eletricas Brasileiras S.A. (Preference)		621,854
	68,157		Cia Brasileira de Distribuicao Grupo Pao de Acucar		1,540,702
	522,756		Cia de Concessoes Rodoviarias		2,915,134
	142,500		Cia de Saneamento Basico do Estado de Sao Paulo		1,314,086
	282,891		Cia Energetica de Minas Gerais		791,441
	33,495		Cia Paranaense de Energia		307,824
	238,230	*	Cia Siderurgica Nacional S.A.		581,680
	528,238		Cielo S.A.		4,010,818
	72,136		Cosan SA Industria e Comercio		843,391
	80,081		CPFL Energia S.A.		655,978
	126,862		EDP - Energias do Brasil S.A.		536,377
	282,479		Empresa Brasileira de Aeronautica S.A.		1,366,985
	72,700		Engie Brasil Energia S.A.		778,753
	88,500		Equatorial Energia S.A.		1,602,957
	105,563		Fibria Celulose S.A.		977,789
	366,875		Gerdau S.A. (Preference)		1,132,740
	144,182		Hypermarcas S.A.		1,365,483
	27,792	*	Itausa-Investimentos Itau S.A. (ADR)		86,247
	307,864		JBS S.A.		996,129
	231,120		Klabin S.A.		1,150,485
	592,596		Kroton Educacional S.A.		2,791,169
	67,091		Localiza Rent A Car		999,797
	69,210		Lojas Americanas S.A.		298,292
	307,985		Lojas Americanas S.A.(Preference)		1,634,022
	279,450		Lojas Renner S.A.		2,604,285
	38,400		M Dias Branco S.A.		589,541
	30,069		Multiplan Empreendimentos Imobiliarios S.A.		641,348
	65,392		Natura Cosmeticos S.A.		623,213
	82,453		Odontoprev S.A.		297,439
	1,330,272	*	Petroleo Brasileiro S.A.		6,018,401
	1,734,446	*	Petroleo Brasileiro S.A. (Preference)		7,633,846

288

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	36,381		Porto Seguro S.A.	$	329,189
	86,500		Qualicorp S.A.		615,901
	96,100		Raia Drogasil S.A.		2,042,168
	329,300	*	Rumo S.A.		905,716
	81,909		Satipel Industrial S.A.		230,446
	60,736		Sul America SA		321,280
	167,200		Suzano Papel e Celulose S.A.		706,401
	190,621	*	Telefonica Brasil S.A.		2,840,052
	318,066		Tim Participacoes S.A.		1,028,137
	179,280		Ultrapar Participacoes S.A.		3,977,536
	561,100		Vale S.A.		4,856,072
	839,673		Vale S.A. (Preference)		6,946,901
	224,240		Weg S.A.		1,250,468
			TOTAL BRAZIL		139,272,824

CHILE - 1.2%
	1,256,501		AES Gener S.A.		477,458
	1,207,642		Aguas Andinas S.A.		682,781
	7,714,069		Banco de Chile		930,443
	15,037		Banco de Credito e Inversiones		834,509
	22,952,212		Banco Santander Chile S.A.		1,359,556
	605,828		Centros Comerciales Sudamericanos S.A.		1,725,698
	55,611		Cia Cervecerias Unidas S.A.		715,897
	3,298,370		Colbun S.A.		729,896
	53,437,410		Corpbanca S.A.		487,172
	103,324		Embotelladora Andina S.A.		429,867
	1,466,501	*	Empresa Nacional de Electricidad S.A.		1,122,500
	54,757	*	Empresa Nacional de Telecomunicaciones S.A.		657,227
	479,049		Empresas CMPC S.A.		1,117,653
	242,962		Empresas COPEC S.A.		2,717,594
	8,296,159		Enersis Chile S.A.		915,380
	12,558,678		Enersis S.A.		2,484,432
	113,397	*	Lan Airlines S.A.		1,430,603
	270,193		SACI Falabella		2,160,516
	39,759		Sociedad Quimica y Minera de Chile S.A. (Class B)		1,407,699
			TOTAL CHILE		22,386,881

CHINA - 26.1%
	407,000	*,g	3SBio, Inc		542,791
	35,887	*	58.COM, Inc (ADR)		1,420,408
	322,500		AAC Technologies Holdings, Inc		4,727,525
	11,428,000		Agricultural Bank of China		5,268,194
	838,000		Air China Ltd		740,920
	487,602	*	Alibaba Group Holding Ltd (ADR)		56,318,031
	1,752,000	*	Alibaba Health Information Technology Ltd		681,708
	2,164,000	*	Aluminum Corp of China Ltd		1,063,566
	544,500		Anhui Conch Cement Co Ltd		1,904,146
	428,000		Anta Sports Products Ltd		1,201,275
	990,000		AviChina Industry & Technology Co		660,013
	119,945	*	Baidu, Inc (ADR)		21,617,687
	35,366,000		Bank of China Ltd		17,106,980
	3,998,500		Bank of Communications Co Ltd		3,074,522
	660,000		Beijing Capital International Airport Co Ltd		931,086

289

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	238,000		Beijing Enterprises Holdings Ltd	$	1,161,733
	1,974,000		Beijing Enterprises Water Group Ltd		1,510,693
	2,936,000	m	Belle International Holdings Ltd		1,989,203
	1,312,000		Brilliance China Automotive Holdings Ltd		2,197,863
	288,500	e	Byd Co Ltd		1,700,021
	5,295,000	g	CGN Power Co Ltd		1,597,537
	4,005,000		China Cinda Asset Management Co Ltd		1,522,464
	4,178,600		China Citic Bank		2,645,141
	1,474,000	*	China Coal Energy Co		715,482
	1,956,000		China Communications Construction Co Ltd		2,685,713
	988,400		China Communications Services Corp Ltd		562,472
	654,500		China Conch Venture Holdings Ltd		1,303,376
	36,309,350		China Construction Bank		29,470,966
	1,527,000		China Everbright Bank Co Ltd		715,716
	1,062,000		China Everbright International Ltd		1,434,280
	460,000		China Everbright Ltd		1,050,841
	1,827,000	e	China Evergrande Group		1,948,666
	1,315,000		China Galaxy Securities Co Ltd		1,198,465
	2,214,000	*,g	China Huarong Asset Management Co Ltd		931,763
	2,230,000	e,m	China Huishan Dairy Holdings Co Ltd		60,206
	700,824	*	China Insurance International Holdings Co Ltd		1,744,887
	3,333,000		China Life Insurance Co Ltd		10,139,863
	1,439,000		China Longyuan Power Group Corp		1,106,337
	530,000		China Medical System Holdings Ltd		914,780
	1,199,000		China Mengniu Dairy Co Ltd		2,316,405
	1,758,000		China Merchants Bank Co Ltd		4,555,000
	615,780		China Merchants Holdings International Co Ltd		1,759,384
	2,751,800		China Minsheng Banking Corp Ltd		2,707,386
	2,637,500		China Mobile Hong Kong Ltd		28,080,459
	1,256,000		China National Building Material Co Ltd		834,922
	1,106,000		China Oilfield Services Ltd		1,018,168
	1,702,000		China Overseas Land & Investment Ltd		4,936,800
	1,173,400		China Pacific Insurance Group Co Ltd		4,329,125
	1,363,000		China Power International Development Ltd		507,756
	863,000		China Railway Construction Corp		1,205,180
	1,720,000		China Railway Group Ltd		1,454,713
	746,677	*	China Resources Beer Holdings Company Ltd		1,795,661
	408,000		China Resources Gas Group Ltd		1,374,996
	1,229,555		China Resources Land Ltd		3,407,129
	921,372		China Resources Power Holdings Co		1,658,850
	1,687,500		China Shenhua Energy Co Ltd		3,928,166
	726,000		China Southern Airlines Co Ltd		482,601
	746,000		China State Construction International Holdings Ltd		1,351,810
	6,290,000		China Telecom Corp Ltd		3,068,158
	2,644,000		China Unicom Ltd		3,421,399
	622,900		China Vanke Co Ltd		1,578,430
	356,400		Chongqing Changan Automobile Co Ltd		471,876
	1,050,000		Chongqing Rural Commercial Bank		721,121
	2,035,000		Citic Pacific Ltd		2,950,760
	1,029,000		CITIC Securities Co Ltd		2,156,851
	8,142,000		CNOOC Ltd		9,498,432
	765,543		COSCO Pacific Ltd		838,139
	2,468,675		Country Garden Holdings Co Ltd		2,347,834

290

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	1,854,050		CRRC Corp Ltd	$	1,806,732
	1,904,000		CSPC Pharmaceutical Group Ltd		2,640,878
	165,604	*	Ctrip.com International Ltd (ADR)		8,364,658
	1,370,000		Dongfeng Motor Group Co Ltd		1,438,947
	356,000		ENN Energy Holdings Ltd		1,929,834
	850,000		Far East Horizon Ltd		781,903
	1,213,952		Fosun International		1,836,057
	1,568,000		Franshion Properties China Ltd		507,170
	214,800	e,g	Fuyao Glass Industry Group Co Ltd		758,266
	2,310,000		Geely Automobile Holdings Ltd		3,112,390
	602,200		GF Securities Co Ltd		1,245,297
	4,856,668	e	GOME Electrical Appliances Holdings Ltd		661,462
	1,373,000	e	Great Wall Motor Co Ltd		1,486,948
	1,376,000		Guangdong Investments Ltd		2,128,366
	928,000		Guangzhou Automobile Group Co Ltd		1,442,206
	382,000		Guangzhou R&F Properties Co Ltd		642,970
	290,000		Haitian International Holdings Ltd		710,161
	1,374,400		Haitong Securities Co Ltd		2,266,348
	348,000		Hengan International Group Co Ltd		2,600,468
	9,124,000	*	HengTen Networks Group Ltd		170,994
	2,000,000		Huaneng Power International, Inc		1,378,596
	1,708,000		Huaneng Renewables Corp Ltd		596,214
	643,800	g	Huatai Securities Co Ltd		1,246,678
	32,673,000		Industrial & Commercial Bank of China		21,298,406
	297,532	*	JD.com, Inc (ADR)		10,434,447
	576,000		Jiangsu Express		849,945
	674,000		Jiangxi Copper Co Ltd		1,049,935
	318,000		Kingsoft Corp Ltd		906,374
	3,338,000		Lenovo Group Ltd		2,134,128
	676,500		Longfor Properties Co Ltd		1,170,567
	35,083		Netease.com (ADR)		9,310,677
	350,800		New China Life insurance Co Ltd		1,732,747
	58,244	*	New Oriental Education & Technology Group (ADR)		3,759,068
	3,196,000		People’s Insurance Co Group of China Ltd		1,317,011
	2,063,055		PICC Property & Casualty Co Ltd		3,316,384
	2,334,500		Ping An Insurance Group Co of China Ltd		13,125,148
	1,241,800	*	Semiconductor Manufacturing International Corp		1,568,704
	1,232,000		Shandong Weigao Group Medical Polymer Co Ltd		897,801
	1,410,000	*,e	Shanghai Electric Group Co Ltd		664,501
	185,500		Shanghai Fosun Pharmaceutical Group Co Ltd		699,325
	237,000		Shanghai Industrial Holdings Ltd		749,784
	399,199	*	Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		636,653
	301,300		Shanghai Pharmaceuticals Holding Co Ltd		796,920
	252,000		Shenzhou International Group Holdings Ltd		1,658,141
	25,671	*	Sina Corp		1,971,790
	1,194,471		Sino-Ocean Land Holdings Ltd		582,682
	532,000		Sinopec Engineering Group Co Ltd		519,846
	1,666,000		Sinopec Shanghai Petrochemical Co Ltd		930,936
	563,200		Sinopharm Group Co		2,524,400
	766,000		Sinotrans Ltd		344,232
	863,500		Soho China Ltd		470,495
	852,000		Sunac China Holdings Ltd		1,109,612
	309,000		Sunny Optical Technology Group Co Ltd		2,538,953

291

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	19,800	*	TAL Education Group (ADR)	$	2,358,378
	2,458,000		Tencent Holdings Ltd		77,017,301
	804,000		Tingyi Cayman Islands Holding Corp		1,032,624
	432,000		Travelsky Technology Ltd		1,137,034
	200,000		Tsingtao Brewery Co Ltd		899,289
	175,324	*	Vipshop Holdings Ltd (ADR)		2,431,744
	2,928,000	e	Want Want China Holdings Ltd		2,105,635
	12,700	*,e	Weibo Corp (ADR)		709,422
	419,400		Weichai Power Co Ltd		679,576
	1,220,000		Yanzhou Coal Mining Co Ltd		1,054,639
	12,504	*	YY, Inc (ADR)		612,321
	600,000		Zhejiang Expressway Co Ltd		746,391
	234,000		Zhuzhou CSR Times Electric Co Ltd		1,202,933
	3,212,000		Zijin Mining Group Co Ltd		1,139,902
	359,864		ZTE Corp		693,185
			TOTAL CHINA		504,968,360

COLOMBIA - 0.4%
	193,433		BanColombia S.A. (Preference)		1,888,306
	198,544		Cementos Argos S.A.		803,084
	35,877		Corp Financiera Colombiana S.A.		344,380
	3,055,674		Ecopetrol S.A.		1,412,548
	107,119		Grupo Argos S.A.		742,770
	1,603,675		Grupo Aval Acciones y Valores		635,038
	97,807		Grupo de Inversiones Suramericana S.A.		1,293,233
	34,962		Grupo de Inversiones Suramericana S.A. (Preference)		447,542
	151,305		Interconexion Electrica S.A.		599,666
			TOTAL COLOMBIA		8,166,567

CZECH REPUBLIC - 0.2%
	62,116		CEZ AS		1,083,789
	34,678		Komercni Banka AS		1,343,596
	162,444	*,g	Moneta Money Bank AS.		525,265
	19,025		Telefonica O2 Czech Republic AS		224,610
			TOTAL CZECH REPUBLIC		3,177,260

EGYPT - 0.1%
	462,440		Commercial International Bank		1,893,314
	944,833	*	Orascom Telecom Holding SAE		368,511
	531,056		Talaat Moustafa Group		238,313
			TOTAL EGYPT		2,500,138

GREECE - 0.3%
	579,555	*	Alpha Bank AE		1,234,633
	783,975	*	Eurobank Ergasias S.A.		631,939
	10,570	*	FF Group		224,835
	102,523		Hellenic Telecommunications Organization S.A.		995,702
	37,462		JUMBO S.A.		591,298
	2,370,073	*	National Bank of Greece S.A.		737,959
	83,715		OPAP S.A.		829,586
	2,769,680	*	Piraeus Bank S.A.		588,399
	24,998		Titan Cement Co S.A.		653,255
			TOTAL GREECE		6,487,606

292

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

HONG KONG - 0.5%
	5,180,000	*,e	Alibaba Pictures Group Ltd	$	838,837
	742,000		China Gas Holdings Ltd		1,163,273
	2,892,500	e	Fullshare Holdings Ltd		942,703
	5,993,799	*,e	GCL Poly Energy Holdings Ltd		723,464
	510,000		Haier Electronics Group Co Ltd		1,182,596
	690,000		Nine Dragons Paper Holdings Ltd		744,140
	479,000		Shimao Property Holdings Ltd		768,806
	1,984,000		Sino Biopharmaceutical		1,630,421
	1,012,500		Sun Art Retail Group Ltd		1,043,128
			TOTAL HONG KONG		9,037,368

HUNGARY - 0.3%
	23,013		MOL Hungarian Oil and Gas plc		1,731,208
	100,469		OTP Bank		2,824,822
	50,715		Richter Gedeon Rt		1,228,126
			TOTAL HUNGARY		5,784,156

INDIA - 8.7%
	266,943		Ambuja Cements Ltd		1,020,375
	25,796	*	Apollo Hospitals Enterprise Ltd		494,344
	648,962		Ashok Leyland Ltd		861,239
	134,838		Asian Paints Ltd		2,350,256
	22,272		Associated Cement Co Ltd		562,983
	100,317		Aurobindo Pharma Ltd		945,600
	737,916		Axis Bank Ltd		5,843,072
	61,329		Bajaj Finance Ltd		1,215,660
	12,970	*	Bajaj Finserv Ltd		922,486
	32,292		Bajaj Holdings and Investment Ltd		1,437,572
	42,805		Bharat Forge Ltd		761,821
	220,017		Bharat Heavy Electricals		600,565
	266,459		Bharat Petroleum Corp Ltd		2,979,364
	416,928		Bharti Airtel Ltd		2,300,949
	221,925		Bharti Infratel Ltd		1,224,791
	2,801		Bosch Ltd		1,000,577
	69,715		Cadila Healthcare Ltd		476,797
	261,575	*,m	Cairn India Ltd		989,084
	146,261		Cipla Ltd		1,267,483
	389,860		Coal India Ltd		1,676,490
	14,733		Container Corp Of India Ltd		279,022
	201,484		Dabur India Ltd		897,839
	25,689	*	Divi S Laboratories Ltd		250,760
	48,597		Dr Reddy’s Laboratories Ltd		1,971,840
	5,873	*	Eicher Motors Ltd		2,377,026
	172,489		GAIL India Ltd		1,136,026
	49,643		Glenmark Pharmaceuticals Ltd		690,353
	45,777		Godrej Consumer Products Ltd		1,239,173
	74,124	*	Grasim Industries Ltd		1,330,817
	81,742	*	Havells India Ltd		615,300
	242,646		HCL Technologies Ltd		3,069,778
	18,935		Hero Honda Motors Ltd		977,036
	535,754		Hindalco Industries Ltd		1,657,835

293

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	284,038		Hindustan Lever Ltd	$	4,127,466
	217,193		Hindustan Petroleum Corp Ltd		1,810,384
	654,567		Housing Development Finance Corp		15,627,772
	529,508		ICICI Bank Ltd		2,283,273
	475,338		Idea Cellular Ltd		635,084
	451,423		IDFC Bank Ltd		460,996
	129,072		Indiabulls Housing Finance Ltd		2,038,438
	813,423		Infosys Technologies Ltd		11,622,857
	1,508,540		ITC Ltd		6,513,611
	342,330	*	JSW Steel Ltd		1,058,957
	141,831		Larsen & Toubro Ltd		3,856,367
	136,162		LIC Housing Finance Ltd		1,415,379
	97,388		Lupin Ltd		2,024,249
	112,750		Mahindra & Mahindra Financial Services Ltd		590,782
	163,608		Mahindra & Mahindra Ltd		3,396,147
	163,409		Marico Ltd		800,663
	46,758		Maruti Suzuki India Ltd		4,739,165
	155,212	*	Motherson Sumi Systems Ltd		967,588
	323,508	*	Mundra Port and Special Economic Zone Ltd		1,648,034
	8,934		Nestle India Ltd		929,996
	664,169		NTPC Ltd		1,698,000
	29,562	*	Piramal Healthcare Ltd		1,146,327
	254,710		Power Finance Corp Ltd		632,888
	591,303	*	Reliance Industries Ltd		12,814,521
	484,894	*	Sesa Sterlite Ltd		1,833,511
	3,466		Shree Cement Ltd		1,032,481
	63,813		Shriram Transport Finance Co Ltd		1,030,120
	29,598		Siemens India Ltd		603,655
	709,299		State Bank of India		3,190,966
	417,141		Sun Pharmaceutical Industries Ltd		4,160,546
	209,713		Tata Consultancy Services Ltd		7,404,849
	696,040		Tata Motors Ltd		4,965,744
	444,917		Tata Power Co Ltd		583,085
	114,171		Tata Steel Ltd		796,530
	180,611		Tech Mahindra Ltd		1,170,978
	107,947	*	Titan Industries Ltd		788,666
	38,699		Ultra Tech Cement Ltd		2,556,332
	146,386	*	United Phosphorus Ltd		1,834,226
	28,278	*	United Spirits Ltd		823,491
	262,632		Wipro Ltd		2,017,895
	144,301		Yes Bank Ltd		3,657,777
	240,128		ZEE Telefilms Ltd		1,966,243
			TOTAL INDIA		168,680,352

INDONESIA - 2.5%
	7,349,000		Adaro Energy Tbk		977,257
	4,804,200		Bank Rakyat Indonesia		4,640,378
	864,400		Indofood CBP Sukses Makmur Tbk		568,278
	585,800		PT AKR Corporindo Tbk		297,376
	8,684,600		PT Astra International Tbk		5,820,347
	5,364,400		PT Bank Central Asia Tbk		7,134,335
	1,196,966		PT Bank Danamon Indonesia Tbk		436,076
	4,007,571		PT Bank Mandiri Persero Tbk		3,507,068

294

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	2,953,793		PT Bank Negara Indonesia	$	1,410,446
	2,356,000		PT Bumi Serpong Damai		315,620
	2,657,400		PT Charoen Pokphand Indonesia Tbk		636,003
	1,795,675	*	PT Excelcomindo Pratama		431,813
	202,800		PT Gudang Garam Tbk		1,008,636
	3,584,400		PT Hanjaya Mandala Sampoerna Tbk		1,025,354
	555,900		PT Indocement Tunggal Prakarsa Tbk		705,626
	1,832,500		PT Indofood Sukses Makmur Tbk		1,148,428
	1,305,970		PT Jasa Marga Tbk		454,410
	8,322,800		PT Kalbe Farma Tbk		988,299
	9,202,500		PT Lippo Karawaci Tbk		545,051
	1,009,000		PT Matahari Department Store Tbk		1,102,544
	1,577,800		PT Media Nusantara Citra Tbk		215,817
	8,991,000		PT Pakuwon Jati Tbk		420,433
	4,664,400		PT Perusahaan Gas Negara Persero Tbk		848,237
	1,132,300		PT Semen Gresik Persero Tbk		748,295
	3,857,800		PT Summarecon Agung Tbk		392,662
	2,125,900		PT Surya Citra Media Tbk		454,899
	21,691,100		PT Telekomunikasi Indonesia Persero Tbk		7,155,597
	677,100		PT Unilever Indonesia Tbk		2,260,556
	886,000		PT United Tractors Tbk		1,786,373
	1,793,000		PT Waskita Karya Persero Tbk		321,032
	1,121,400		Tower Bersama Infrastructure		491,978
			TOTAL INDONESIA		48,249,224

KOREA, REPUBLIC OF - 14.8%
	14,091		Amorepacific Corp		3,613,682
	3,527		Amorepacific Corp (Preference)		589,094
	7,364		BGF retail Co Ltd		708,945
	92,394		BS Financial Group, Inc		774,884
	34,380	*,e	Celltrion, Inc		2,705,120
	25,429		Cheil Communications, Inc		412,097
	32,992		Cheil Industries, Inc		3,574,993
	3,297		CJ CheilJedang Corp		988,685
	5,758		CJ Corp		945,853
	6,668		CJ E&M Corp		471,598
	11,754		Daelim Industrial Co		829,125
	44,028	*	Daewoo Engineering & Construction Co Ltd		282,328
	18,314		Daewoo International Corp		385,894
	158,218		Daewoo Securities Co Ltd		1,238,176
	52,544		DGB Financial Group Co Ltd		537,132
	20,907		Dongbu Insurance Co Ltd		1,248,461
	12,877		Dongsuh Co, Inc		348,829
	18,432		Doosan Heavy Industries and Construction Co Ltd		376,071
	8,319		E-Mart Co Ltd		1,680,377
	7,729		GLOVIS Co Ltd		984,279
	18,269	*	GS Engineering & Construction Corp		501,477
	29,197		GS Holdings Corp		1,519,707
	9,811		GS Retail Co Ltd		457,761
	125,640		Hana Financial Group, Inc		4,315,107
	31,012		Hankook Tire Co Ltd		1,604,884
	4,516	*	Hanmi Holdings Co Ltd		240,571
	2,317		Hanmi Pharm Co Ltd		627,838

295

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	64,900		Hanon Systems	$	482,239
	3,847		Hanssem Co Ltd		743,713
	46,278		Hanwha Chemical Corp		1,021,701
	15,925		Hanwha Corp		558,684
	6,568		Honam Petrochemical Corp		1,971,681
	17,447		Hotel Shilla Co Ltd		778,243
	255,825		Hynix Semiconductor, Inc		12,119,290
	8,927		Hyosung Corp		1,127,497
	5,144		Hyundai Department Store Co Ltd		488,542
	24,071		Hyundai Development Co		944,776
	26,981		Hyundai Engineering & Construction Co Ltd		1,149,287
	17,457	*,m	Hyundai Heavy Industries		2,530,537
	26,030		Hyundai Marine & Fire Insurance Co Ltd		838,295
	29,704		Hyundai Mobis		5,792,890
	67,686		Hyundai Motor Co		8,560,716
	15,887		Hyundai Motor Co Ltd (2nd Preference)		1,385,975
	8,514		Hyundai Motor Co Ltd (Preference)		690,322
	34,190		Hyundai Steel Co		1,646,832
	8,963		Hyundai Wia Corp		510,966
	96,356		Industrial Bank of Korea		1,056,695
	13,289		Kakao Corp		1,054,989
	51,734		Kangwon Land, Inc		1,643,441
	173,230		KB Financial Group, Inc		7,614,742
	2,073		KCC Corp		619,553
	10,866		KEPCO Plant Service & Engineering Co Ltd		547,802
	114,981		Kia Motors Corp		3,519,680
	28,105		Korea Aerospace Industries Ltd		1,575,266
	111,468		Korea Electric Power Corp		4,443,143
	2,508	*	Korea Express Co Ltd		366,594
	11,459	*	Korea Gas Corp		469,356
	13,711		Korea Investment Holdings Co Ltd		617,709
	7,908		Korea Kumho Petrochemical		528,383
	91,371		Korea Life Insurance Co Ltd		493,550
	4,144		Korea Zinc Co Ltd		1,548,977
	16,654	*	Korean Air Lines Co Ltd		447,935
	9,181		KT Corp		259,765
	50,671		KT&G Corp		4,518,774
	20,111		LG Chem Ltd		4,837,261
	2,995		LG Chem Ltd (Preference)		478,378
	41,322		LG Corp		2,454,586
	49,459		LG Electronics, Inc		3,002,340
	4,096		LG Household & Health Care Ltd		3,114,821
	788		LG Household & Health Care Ltd (Preference)		370,490
	5,319		LG Innotek Co Ltd		614,239
	76,539		LG Telecom Ltd		972,539
	99,120		LG.Philips LCD Co Ltd		2,554,135
	376		Lotte Chilsung Beverage Co Ltd		554,564
	2,100		Lotte Confectionery Co Ltd		377,971
	4,608		Lotte Shopping Co Ltd		1,062,663
	12,354		Naver Corp		8,682,685
	7,685		NCsoft		2,430,348
	6,518		OCI Co LTD		451,588
	1,589		Orion Corp		943,037

296

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	437		Ottogi Corp	$	283,038
	11,929		Pacific Corp		1,378,187
	32,269		POSCO		7,618,160
	8,250		S1 Corp (Korea)		707,386
	6,921	*	Samsung Biologics Co Ltd		1,062,996
	10,475		Samsung Card Co		367,287
	21,968		Samsung Electro-Mechanics Co Ltd		1,409,336
	42,574		Samsung Electronics Co Ltd		83,463,231
	7,735		Samsung Electronics Co Ltd (Preference)		11,911,312
	14,610		Samsung Fire & Marine Insurance Co Ltd		3,439,659
	98,867	*	Samsung Heavy Industries Co Ltd		937,103
	30,857		Samsung Life Insurance Co Ltd		2,966,575
	24,448		Samsung SDI Co Ltd		2,951,443
	14,975		Samsung SDS Co Ltd		1,808,253
	27,956		Samsung Securities Co Ltd		848,818
	14,025	*	Samsung Techwin Co Ltd		640,468
	186,618		Shinhan Financial Group Co Ltd		7,791,563
	2,948		Shinsegae Co Ltd		529,825
	19,946		SK C&C Co Ltd		4,248,536
	30,313		SK Energy Co Ltd		4,547,707
	49,287		SK Networks Co Ltd		346,640
	8,665		SK Telecom Co Ltd		1,829,057
	23,289		S-Oil Corp		2,037,478
	22,161		Woongjin Coway Co Ltd		1,954,121
	117,515		Woori Bank		1,540,963
	48,259		Woori Investment & Securities Co Ltd		558,945
	3,861		Yuhan Corp		786,609
			TOTAL KOREA, REPUBLIC OF		287,497,849

MALAYSIA - 2.4%
	491,000		AirAsia BHD		378,710
	318,400		Alliance Financial Group BHD		302,702
	668,800		AMMB Holdings BHD		844,046
	593,000		Astro Malaysia Holdings BHD		368,832
	169,493		Berjaya Sports Toto BHD		109,716
	63,100		British American Tobacco Malaysia BHD		660,508
	1,384,739		Bumiputra-Commerce Holdings BHD		1,829,907
	1,210,596		Dialog Group BHD		543,439
	1,499,200		Digi.Com BHD		1,775,141
	377,000		Felda Global Ventures Holdings BHD		184,696
	663,700		Gamuda BHD		805,546
	960,275		Genting BHD		2,174,935
	146,600		Genting Plantations BHD		385,665
	196,700		HAP Seng Consolidated BHD		401,645
	176,000		Hartalega Holdings BHD		198,498
	267,387		Hong Leong Bank BHD		849,321
	69,106		Hong Leong Credit BHD		268,421
	1,620,900		IHH Healthcare BHD		2,307,570
	1,066,600		IJM Corp BHD		859,963
	1,032,300		IOI Corp BHD		1,090,944
	501,041		IOI Properties Group Sdn BHD		238,921
	179,200		Kuala Lumpur Kepong BHD		1,012,205
	120,700		Lafarge Malayan Cement BHD		175,714

297

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	1,530,416		Malayan Banking BHD	$	3,375,705
	313,576		Malaysia Airports Holdings BHD		548,993
	679,100		Maxis BHD		997,337
	411,400		MISC BHD		692,638
	1,063,400		Petronas Chemicals Group BHD		1,788,256
	175,700		Petronas Dagangan BHD		973,818
	327,700		Petronas Gas BHD		1,393,305
	208,200		PPB Group BHD		810,546
	1,223,240		Public Bank BHD		5,621,618
	1,279,500		Resorts World BHD		1,729,240
	265,670		RHB Capital BHD		336,388
	2,280,900		Sapurakencana Petroleum BHD		1,048,412
	995,265		Sime Darby BHD		2,140,717
	397,465		Telekom Malaysia BHD		591,482
	1,530,450		Tenaga Nasional BHD		4,913,726
	1,153,308		TM International BHD		1,367,143
	180,500	*	UMW Holdings BHD		257,798
	307,800		Westports Holdings BHD		283,737
	1,549,800		YTL Corp BHD		524,529
	581,269		YTL Power International BHD		202,121
			TOTAL MALAYSIA		47,364,554

MEXICO - 3.6%
	1,249,250		Alfa S.A. de C.V. (Class A)		1,716,742
	14,572,470		America Movil S.A. de C.V. (Series L)		11,201,107
	5,998,843	*	Cemex S.A. de C.V.		5,519,181
	205,160		Coca-Cola Femsa S.A. de C.V.		1,491,082
	77,800		El Puerto de Liverpool SAB de C.V.		600,199
	154,325	*	Embotelladoras Arca SAB de C.V.		1,138,424
	1,130,900		Fibra Uno Administracion S.A. de C.V.		1,975,219
	800,337		Fomento Economico Mexicano S.A. de C.V.		7,202,300
	375,886	e	Gentera SAB de C.V.		630,162
	85,075		Gruma SAB de C.V.		1,136,035
	147,728		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,519,244
	83,470		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		1,583,891
	696,520		Grupo Bimbo S.A. de C.V. (Series A)		1,704,925
	198,598		Grupo Carso S.A. de C.V. (Series A1)		912,853
	1,071,987		Grupo Financiero Banorte S.A. de C.V.		6,204,060
	960,532		Grupo Financiero Inbursa S.A.		1,622,040
	758,200		Grupo Financiero Santander Mexico SAB de C.V.		1,377,429
	199,700	e	Grupo Lala SAB de C.V.		361,948
	1,657,156		Grupo Mexico S.A. de C.V. (Series B)		4,874,131
	1,072,726		Grupo Televisa S.A.		5,204,290
	71,387		Industrias Penoles S.A. de C.V.		1,737,345
	233,900		Infraestructura Energetica ,NV SAB de C.V.		1,092,637
	600,242		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,281,137
	521,823		Mexichem SAB de C.V.		1,428,931
	281,300		OHL Mexico SAB de CV		345,475
	94,325		Promotora y Operadora de Infraestructura SAB de C.V.		1,006,421
	2,302,189		Wal-Mart de Mexico SAB de C.V.		5,197,436
			TOTAL MEXICO		70,064,644

298

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

PERU - 0.4%
	88,622		Cia de Minas Buenaventura S.A. (ADR) (Series B)	$	1,064,350
	28,290		Credicorp Ltd (NY)		4,347,041
	46,702		Southern Copper Corp (NY)		1,651,850
			TOTAL PERU		7,063,241

PHILIPPINES - 1.2%
	709,400		Aboitiz Equity Ventures, Inc		1,091,104
	750,800		Aboitiz Power Corp		638,873
	648,600		Alliance Global Group, Inc		192,135
	107,528		Ayala Corp		1,864,426
	3,401,900		Ayala Land, Inc		2,404,032
	911,869		Banco de Oro Universal Bank		2,189,489
	226,990		Bank of the Philippine Islands		476,104
	1,227,500		DMCI Holdings, Inc		315,870
	12,040		Globe Telecom, Inc		500,733
	39,520		GT Capital Holdings, Inc		996,992
	180,030		International Container Term Services, Inc		320,496
	1,278,680		JG Summit Holdings (Series B)		2,155,258
	208,320		Jollibee Foods Corp		875,285
	3,150,900		Megaworld Corp		256,085
	5,260,800		Metro Pacific Investments Corp		692,747
	366,672		Metropolitan Bank & Trust		619,466
	40,555		PLDT, Inc		1,439,430
	4,138,100		PNOC Energy Development Corp		499,561
	475,000	*	Robinsons Land Corp		244,058
	48,690		Security Bank Corp		207,760
	88,080		SM Investments Corp		1,283,550
	3,717,275		SM Prime Holdings		2,217,254
	357,100		Universal Robina		1,228,879
			TOTAL PHILIPPINES		22,709,587

POLAND - 1.3%
	36,388	*	Alior Bank S.A.		699,843
	8,150		Bank Handlowy w Warszawie S.A.		157,356
	216,854	*	Bank Millennium S.A.		386,840
	64,183		Bank Pekao S.A.		2,326,005
	12,753		Bank Zachodni WBK S.A.		1,170,300
	4,389	*	BRE Bank S.A.		489,809
	9,919		CCC S.A.		573,645
	64,284	*	Cyfrowy Polsat S.A.		402,212
	26,188		Eurocash S.A.		232,230
	78,204	*	Grupa Lotos S.A.		1,218,292
	17,116	*	Jastrzebska Spolka Weglowa S.A.		345,479
	67,064		KGHM Polska Miedz S.A.		2,124,454
	519		LPP S.A.		928,506
	1,032,441		Polish Oil & Gas Co		1,760,414
	348,557		Polska Grupa Energetyczna S.A.		1,035,303
	154,528		Polski Koncern Naftowy Orlen S.A.		4,618,159
	372,535	*	Powszechna Kasa Oszczednosci Bank Polski S.A.		3,391,767
	223,066		Powszechny Zaklad Ubezpieczen S.A.		2,461,228
	95,708		Synthos S.A.		132,923
	303,984	*	Tauron Polska Energia S.A.		257,813
	212,799		Telekomunikacja Polska S.A.		253,788

299

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	13,692		Zaklady Azotowe w Tarnowie-Moscicach S.A.	$	241,495
			TOTAL POLAND		25,207,861

QATAR - 0.7%
	46,925	*	Barwa Real Estate Co		438,624
	81,619	*	Commercial Bank of Qatar QSC		671,323
	50,893	*	Doha Bank QSC		436,872
	309,724	*	Ezdan Holding Group QSC		1,301,397
	67,444	*	Industries Qatar QSC		1,931,521
	157,267	*	Masraf Al Rayan		1,807,493
	27,725	*	Ooredoo QSC		790,337
	9,966	*	Qatar Electricity & Water Co		569,282
	177,402	*	Qatar Gas Transport Co Ltd		970,260
	56,304	*	Qatar Insurance Co SAQ		1,097,845
	24,337	*	Qatar Islamic Bank SAQ		675,044
	99,613		Qatar National Bank		3,933,203
			TOTAL QATAR		14,623,201

ROMANIA - 0.1%
	98,176		New Europe Property Investments plc		1,076,180
			TOTAL ROMANIA		1,076,180

RUSSIA - 3.7%
	102,510		AFK Sistema (GDR)		862,109
	2,436,647		Gazprom OAO (ADR)		11,568,101
	32,928		Gazpromneft OAO (ADR)		579,395
	192,706		LUKOIL PJSC (ADR)		9,565,278
	133,818		Magnit OAO (GDR)		4,680,489
	233,806		MMC Norilsk Nickel PJSC (ADR)		3,591,684
	246,349		Mobile TeleSystems (ADR)		2,542,322
	43,156		NovaTek OAO (GDR)		5,224,785
	56,233		PhosAgro OAO (ADR)		829,418
	600,833		Rosneft Oil Co (GDR)		3,324,287
	69,382		Rostelecom (ADR)		545,392
	729,325		RusHydro PJSC (ADR)		1,111,472
	1,190,439		Sberbank of Russian Federation (ADR)		14,192,196
	108,023		Severstal (GDR)		1,475,538
	719,613		Surgutneftegaz (ADR)		3,520,840
	113,659		Tatneft PAO (ADR)		4,448,680
	1,325,227		VTB Bank OJSC (GDR)		3,064,074
			TOTAL RUSSIA		71,126,060

SOUTH AFRICA - 6.7%
	28,198	*	Anglo American Platinum Ltd		696,308
	187,832		AngloGold Ashanti Ltd		2,151,037
	158,498		Aspen Pharmacare Holdings Ltd		3,287,470
	182,700		Barclays Africa Group Ltd		2,006,592
	143,092		Bid Corp Ltd		3,031,411
	132,468		Bidvest Group Ltd		1,581,144
	138,112	*,e	Brait S.A.		881,340
	15,072	e	Capitec Bank Holdings Ltd		860,569
	92,038	e	Coronation Fund Managers Ltd		436,631
	145,649		Discovery Holdings Ltd		1,458,220

300

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	112,977	e	Exxaro Resources Ltd	$	961,137
	1,461,849		FirstRand Ltd		5,453,893
	283,172		Fortress Income Fund Ltd		710,325
	431,936		Fortress Income Fund Ltd (A Shares)		566,595
	82,221		Foschini Ltd		981,691
	380,123		Gold Fields Ltd		1,245,857
	120,662		Gold Reef Resorts Ltd		227,311
	864,997		Growthpoint Properties Ltd		1,657,763
	87,240		Hyprop Investments Ltd		805,830
	287,698	*	Impala Platinum Holdings Ltd		923,167
	59,528		Imperial Holdings Ltd		752,883
	94,730		Investec Ltd		710,823
	40,805		Liberty Holdings Ltd		329,030
	517,522		Life Healthcare Group Holdings Pte Ltd		1,113,947
	45,598		Massmart Holdings Ltd		440,941
	414,362		Metropolitan Holdings Ltd		722,760
	46,803	e	Mondi Ltd		1,213,518
	103,781		Mr Price Group Ltd		1,219,936
	732,130		MTN Group Ltd		6,923,988
	191,643		Naspers Ltd (N Shares)		36,441,199
	83,062		Nedbank Group Ltd		1,400,412
	415,600		Network Healthcare Holdings Ltd		824,678
	147,313		Pick’n Pay Stores Ltd		699,918
	54,532		Pioneer Foods Ltd		672,726
	37,394		PSG Group Ltd		708,810
	251,717		Rand Merchant Investment Holdings Ltd		790,331
	2,099,137		Redefine Properties Ltd		1,727,748
	227,820		Remgro Ltd		3,781,857
	116,880		Resilient REIT Ltd		1,018,278
	304,852		RMB Holdings Ltd		1,398,159
	605,327		Sanlam Ltd		3,214,579
	211,304		Sappi Ltd		1,569,232
	249,215		Sasol Ltd		7,637,157
	186,093		Shoprite Holdings Ltd		2,919,443
	362,077		Sibanye Gold Ltd		727,574
	77,630	e	Spar Group Ltd		1,046,321
	555,642		Standard Bank Group Ltd		6,170,173
	1,309,381		Steinhoff International Holdings NV		6,660,945
	91,536		Telkom S.A. Ltd		512,211
	72,058		Tiger Brands Ltd		2,176,284
	176,836		Truworths International Ltd		1,145,041
	152,900	e	Vodacom Group Pty Ltd		1,729,274
	423,346		Woolworths Holdings Ltd		2,294,789
			TOTAL SOUTH AFRICA		130,619,256

TAIWAN - 12.1%
	1,163,912		Acer, Inc		549,354
	2,881,838		Advanced Semiconductor Engineering, Inc		3,611,774
	121,850		Advantech Co Ltd		985,008
	1,038,512		Asia Cement Corp		1,025,355
	721,000	*	Asia Pacific Telecom Co Ltd		232,287
	304,500		Asustek Computer, Inc		2,991,523
	3,568,000		AU Optronics Corp		1,482,886

301

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	59,000		Casetek Holdings Ltd	$	174,871
	279,000		Catcher Technology Co Ltd		2,865,149
	3,599,270		Cathay Financial Holding Co Ltd		5,768,235
	409,518		Chailease Holding Co Ltd		1,043,331
	1,826,154		Chang Hwa Commercial Bank		1,058,430
	822,490		Cheng Shin Rubber Industry Co Ltd		1,697,375
	180,065		Chicony Electronics Co Ltd		475,131
	912,000		China Airlines		282,521
	5,254,754		China Development Financial Holding Corp		1,449,518
	1,458,346		China Life Insurance Co Ltd (Taiwan)		1,357,881
	5,079,850		China Steel Corp		4,071,062
	7,672,908		Chinatrust Financial Holding Co		4,791,465
	1,716,600		Chunghwa Telecom Co Ltd		5,806,680
	1,771,000		Compal Electronics, Inc		1,185,555
	841,929		Delta Electronics, Inc		4,739,000
	3,392,130		E.Sun Financial Holding Co Ltd		2,050,309
	78,742		Eclat Textile Co Ltd		861,195
	721,315		Eva Airways Corp		354,617
	524,491	*	Evergreen Marine Corp Tawain Ltd		231,297
	1,189,852		Far Eastern Textile Co Ltd		1,001,138
	705,000		Far EasTone Telecommunications Co Ltd		1,736,097
	122,662		Feng TAY Enterprise Co Ltd		471,347
	4,029,727		First Financial Holding Co Ltd		2,457,573
	1,395,270		Formosa Chemicals & Fibre Corp		4,290,436
	644,000		Formosa Petrochemical Corp		2,251,053
	1,825,600		Formosa Plastics Corp		5,485,656
	234,000		Formosa Taffeta Co Ltd		244,238
	349,512		Foxconn Technology Co Ltd		1,064,940
	2,940,812		Fubon Financial Holding Co Ltd		4,603,614
	4,212,112		Fuhwa Financial Holdings Co Ltd		1,800,964
	107,000		Giant Manufacturing Co Ltd		646,593
	265,500	*	High Tech Computer Corp		637,078
	265,290		Highwealth Construction Corp		447,206
	85,975		Hiwin Technologies Corp		547,840
	6,810,141		Hon Hai Precision Industry Co, Ltd		22,290,690
	91,000		Hotai Motor Co Ltd		1,048,747
	2,947,255		Hua Nan Financial Holdings Co Ltd		1,650,362
	3,940,061		InnoLux Display Corp		1,838,989
	1,051,060		Inventec Co Ltd		781,567
	43,000		Largan Precision Co Ltd		7,140,987
	817,778		Lite-On Technology Corp		1,426,494
	661,961		MediaTek, Inc		4,758,252
	4,817,046		Mega Financial Holding Co Ltd		3,867,110
	75,000		Merida Industry Co Ltd		402,482
	262,000		Micro-Star International Co Ltd		524,771
	2,137,860		Nan Ya Plastics Corp		5,149,530
	272,000		Nanya Technology Corp		433,381
	56,000		Nien Made Enterprise Co Ltd		566,446
	247,000		Novatek Microelectronics Corp Ltd		949,181
	49,000	*	OBI Pharma, Inc		460,530
	831,000		Pegatron Technology Corp		2,447,361
	50,000		Phison Electronics Corp		470,669
	883,000		Pou Chen Corp		1,236,249

302

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	238,000		Powertech Technology, Inc	$	746,660
	257,000		President Chain Store Corp		2,236,510
	1,139,000		Quanta Computer, Inc		2,359,623
	183,085		Realtek Semiconductor Corp		619,148
	335,111	*	Ruentex Development Co Ltd		408,936
	196,730		Ruentex Industries Ltd		316,297
	2,932,093	*	Shin Kong Financial Holding Co Ltd		781,425
	922,169		Siliconware Precision Industries Co		1,494,408
	3,745,800	*	SinoPac Financial Holdings Co Ltd		1,144,519
	133,017		Standard Foods Corp		328,257
	526,050	*	Synnex Technology International Corp		569,999
	70,000	*	TaiMed Biologics, Inc		420,762
	3,127,294		Taishin Financial Holdings Co Ltd		1,289,452
	990,236		Taiwan Business Bank		273,634
	1,469,914		Taiwan Cement Corp		1,709,683
	3,662,627		Taiwan Cooperative Financial Holding		1,863,108
	361,000		Taiwan Fertilizer Co Ltd		488,018
	727,200		Taiwan Mobile Co Ltd		2,684,950
	10,662,000		Taiwan Semiconductor Manufacturing Co Ltd		68,683,481
	791,000		Teco Electric and Machinery Co Ltd		783,354
	77,000		Transcend Information, Inc		262,802
	2,117,569		Uni-President Enterprises Corp		3,909,020
	5,248,000		United Microelectronics Corp		2,097,842
	358,000		Vanguard International Semiconductor Corp		682,771
	1,007,476		Wistron Corp		951,152
	541,500		WPG Holdings Co Ltd		686,431
	255,000		Yulon Motor Co Ltd		230,698
	148,127		Zhen Ding Technology Holding Ltd		346,372
			TOTAL TAIWAN		234,640,692

THAILAND - 2.2%
	455,500		Advanced Info Service PCL (Foreign)		2,302,410
	1,812,300		Airports of Thailand PCL		2,108,331
	94,700		Bangkok Bank PCL (Foreign)		511,597
	1,417,400		Bangkok Dusit Medical Services PCL		831,268
	2,700,000		Bangkok Expressway & Metro PCL		561,480
	1,218,900		Banpu PCL (Foreign)		676,655
	273,300		BEC World PCL (Foreign)		147,751
	466,400		Berli Jucker PCL		586,817
	1,644,900		BTS Group Holdings PCL (Foreign)		403,869
	140,600		Bumrungrad Hospital PCL (Foreign)		712,707
	461,700		Central Pattana PCL (Foreign)		800,042
	1,106,900		Charoen Pokphand Foods PCL		854,906
	2,119,900		CP Seven Eleven PCL (Foreign)		3,739,473
	130,200		Delta Electronics Thai PCL		346,215
	52,000		Electricity Generating PCL		330,694
	509,100		Energy Absolute PCL (Foreign)		396,832
	211,800		Glow Energy PCL (Foreign)		501,839
	1,481,926		Home Product Center PCL (Foreign)		415,332
	528,278		Indorama Ventures PCL (Foreign)		560,146
	6,194,600		IRPC PCL (Foreign)		1,001,703
	771,700		Kasikornbank PCL (Foreign)		4,123,302
	110,200		KCE Electronics PCL		338,925

303

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	1,447,950		Krung Thai Bank PCL (Foreign)	$	827,846
	800,170		Minor International PCL (Foreign)		861,056
	629,784		PTT Exploration & Production PCL (Foreign)		1,767,132
	921,741		PTT Global Chemical PCL (Foreign)		1,995,124
	459,600		PTT PCL (Foreign)		5,159,560
	203,000		Robinson Department Store PCL		366,651
	172,450		Siam Cement PCL (Foreign)		2,661,134
	745,600		Siam Commercial Bank PCL (Foreign)		3,356,623
	484,900		Thai Oil PCL (Foreign)		1,092,631
	666,000		Thai Union Group PCL		409,973
	3,120,700	m	TMB Bank PCL (Foreign)		205,489
	5,286,748		True Corp PCL		999,528
			TOTAL THAILAND		41,955,041

TURKEY - 1.1%
	950,355		Akbank TAS		2,543,681
	75,143		Anadolu Efes Biracilik Ve Malt Sanayii AS		423,506
	98,084		Arcelik AS		653,919
	91,348		BIM Birlesik Magazalar AS		1,492,148
	40,123		Coca-Cola Icecek AS		408,101
	798,927		Emlak Konut Gayrimenkul Yatiri		663,298
	440,037		Eregli Demir ve Celik Fabrikalari TAS		806,062
	21,083		Ford Otomotiv Sanayi AS		234,330
	398,343		Haci Omer Sabanci Holding AS		1,186,391
	239,956		KOC Holding AS		1,127,743
	358,286		Petkim Petrokimya Holding		495,168
	83,385		TAV Havalimanlari Holding AS		347,299
	35,268		Tofas Turk Otomobil Fabrik		293,655
	76,223		Tupras Turkiye Petrol Rafine		1,920,040
	341,522	*	Turk Hava Yollari		582,468
	171,538		Turk Sise ve Cam Fabrikalari AS		215,336
	178,558		Turk Telekomunikasyon AS		320,598
	323,121	*	Turkcell Iletisim Hizmet AS		1,130,515
	1,016,385		Turkiye Garanti Bankasi AS		2,743,683
	239,561	*	Turkiye Halk Bankasi AS		794,258
	643,834		Turkiye Is Bankasi (Series C)		1,270,628
	227,268		Turkiye Vakiflar Bankasi Tao		388,229
	56,816		Ulker Biskuvi Sanayi AS		322,730
	409,675	*	Yapi ve Kredi Bankasi		496,960
			TOTAL TURKEY		20,860,746

UNITED ARAB EMIRATES - 0.7%
	792,345	*	Abu Dhabi Commercial Bank PJSC		1,492,782
	1,166,017		Aldar Properties PJSC		678,802
	74,246		DP World Ltd		1,517,588
	528,628	*	Dubai Islamic Bank PJSC		844,823
	936,289	*	Dubai Parks & Resorts PJSC		245,833
	735,021	*	Emaar Malls Group PJSC		514,397
	1,530,791		Emaar Properties PJSC		2,989,373
	763,434		Emirates Telecommunications Group Co PJSC		3,626,987
	769,618	*	National Bank of Abu Dhabi PJSC		2,304,873
			TOTAL UNITED ARAB EMIRATES		14,215,458

304

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

UNITED STATES - 1.1%
	322,667		iShares Core MSCI Emerging Markets ETF	$	15,713,883
	4,583		iShares MSCI Emerging Markets		183,595
	177,746	*	Yum China Holdings, Inc		6,064,693
			TOTAL UNITED STATES		21,962,171

			TOTAL COMMON STOCKS		1,929,697,277
			(Cost $1,773,464,012)

PREFERRED STOCKS - 0.3%

BRAZIL - 0.3%
	1,672,706		ITAUSA Investimentos Itau PR		5,211,973
			TOTAL BRAZIL		5,211,973

INDIA - 0.0%
	10,463,000	*,m	Cairn India Ltd		124,627
			TOTAL INDIA		124,627

PHILIPPINES - 0.0%
	307,700	*,m	Ayala Land, Inc (Preferred B)		616
			TOTAL PHILIPPINES		616

			TOTAL PREFERRED STOCKS		5,337,216
			(Cost $4,937,725)

RIGHTS / WARRANTS - 0.0%

CHINA - 0.0%
	7,997	m	Bank of Communications Co Ltd		0
			TOTAL CHINA		0

INDIA - 0.0%
	158,766		Tata Motors Ltd (DVR)		690,241
			TOTAL INDIA		690,241

QATAR - 0.0%
	10,178	m	Doha Bank QSC		17,491
			TOTAL QATAR		17,491

			TOTAL RIGHTS / WARRANTS		707,732
			(Cost $711,957)

305

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

SHORT-TERM INVESTMENTS - 0.9%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
	17,428,285	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	17,428,285
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		17,428,285

			TOTAL SHORT-TERM INVESTMENTS		17,428,285
			(Cost $17,428,285)
			TOTAL INVESTMENTS - 100.8%		1,953,170,510
			(Cost $1,796,541,979)
			OTHER ASSETS & LIABILITIES, NET - (0.8)%		(15,648,084	)
			NET ASSETS - 100.0%	$	1,937,522,426



		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 $16,036,835.
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 4/30/2017, the aggregate value of these securities amounted to $5,602,299 or 0.3% of net assets.
m		Indicates a security that has been deemed illiquid.

306

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, 2017

SECTOR	VALUE			% OF NET ASSETS
INFORMATION TECHNOLOGY	$	485,713,880			25.1	%
FINANCIALS		461,876,883			23.8
CONSUMER DISCRETIONARY		201,665,329			10.4
ENERGY		143,497,027			7.4
CONSUMER STAPLES		132,770,452			6.9
MATERIALS		132,645,922			6.9
INDUSTRIALS		109,070,557			5.6
TELECOMMUNICATION SERVICES		107,420,144			5.5
UTILITIES		68,431,073			3.5
REAL ESTATE		47,817,822			2.5
HEALTH CARE		44,833,136			2.3
SHORT-TERM INVESTMENTS		17,428,285			0.9
OTHER ASSETS & LIABILITIES, NET		(15,648,084	)		(0.8	)

NET ASSETS	$	1,937,522,426			100.0	%

307

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.2%

AUSTRALIA - 7.3%
	474,842		AGL Energy Ltd	$	9,506,734
	1,744,882		Alumina Ltd		2,395,316
	849,146		Amcor Ltd		9,984,490
	2,176,512		AMP Ltd		8,720,571
	795,645		APA Group		5,456,604
	388,892		Aristocrat Leisure Ltd		5,715,028
	1,312,964		AusNet Services		1,719,538
	2,098,794		Australia & New Zealand Banking Group Ltd		51,376,333
	145,931		Australian Stock Exchange Ltd		5,532,202
	268,236		Bank of Queensland Ltd		2,399,939
	340,102		Bendigo Bank Ltd		3,129,856
	2,304,076		BHP Billiton Ltd		41,021,616
	1,515,499		BHP Billiton plc		23,104,075
	829,278		Boral Ltd		3,822,594
	1,136,317		Brambles Ltd		8,792,919
	186,125		Caltex Australia Ltd		4,154,547
	407,610		Challenger Financial Services Group Ltd		4,025,920
	68,784		CIMIC Group Ltd		1,906,200
	434,490		Coca-Cola Amatil Ltd		3,045,085
	42,442		Cochlear Ltd		4,442,844
	1,232,403		Commonwealth Bank of Australia		80,493,055
	328,322		Computershare Ltd		3,619,440
	264,441		Crown Resorts Ltd		2,472,611
	327,297		CSL Ltd		32,454,786
	670,137		Dexus Property Group		5,117,128
	43,487	e	Domino’s Pizza Enterprises Ltd		1,988,659
	1,691,418		DUET Group (ASE Exchange)		3,822,032
	39,648	e	Flight Centre Travel Group Ltd		932,587
	1,158,373		Fortescue Metals Group Ltd		4,591,386
	1,315,417		GPT Group (ASE)		5,167,061
	384,290	e	Harvey Norman Holdings Ltd		1,205,380
	1,202,204		Healthscope Ltd		1,985,486
	1,193,026		Incitec Pivot Ltd		3,380,025
	1,722,789		Insurance Australia Group Ltd		7,996,977
	384,053		Lend Lease Corp Ltd		4,610,807
	1,321,196		Macquarie Goodman Group		8,021,905
	219,940		Macquarie Group Ltd		15,278,531
	2,065,233		Medibank Pvt Ltd		4,495,933
	2,750,418		Mirvac Group		4,671,587
	1,903,734		National Australia Bank Ltd		48,320,836
	540,891		Newcrest Mining Ltd		8,677,694
	968,455		Oil Search Ltd		5,225,724
	265,021		Orica Ltd		3,671,739
	1,259,352	*	Origin Energy Ltd		6,776,921

308

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	344,430		Qantas Airways Ltd	$	1,091,797
	985,389		QBE Insurance Group Ltd		9,467,390
	1,450,963		QR National Ltd		5,595,131
	103,501		Ramsay Health Care Ltd		5,549,938
	40,396		REA Group Ltd		1,855,163
	1,335,222	*	Santos Ltd		3,466,368
	3,872,426		Scentre Group		12,494,388
	247,557		Seek Ltd		3,153,422
	287,338		Sonic Healthcare Ltd		4,750,090
	3,820,817		South32 Ltd		7,917,866
	1,780,291		Stockland Trust Group		6,461,290
	912,755		Suncorp-Metway Ltd		9,409,263
	817,926		Sydney Airport		4,224,491
	610,421		Tabcorp Holdings Ltd		2,168,690
	1,099,201		Tattersall’s Ltd		3,536,154
	3,023,133		Telstra Corp Ltd		9,551,798
	238,758		TPG Telecom Ltd		1,053,433
	1,491,818		Transurban Group (ASE)		13,629,085
	521,774		Treasury Wine Estates Ltd		4,684,674
	2,435,463		Vicinity Centres		5,249,441
	366,612	e	Vocus Communications Ltd		924,212
	801,577		Wesfarmers Ltd		25,802,401
	1,409,500		Westfield Corp		9,585,264
	2,403,137		Westpac Banking Corp		62,997,653
	544,734		Woodside Petroleum Ltd		13,112,548
	935,529		Woolworths Ltd		18,805,685
			TOTAL AUSTRALIA		711,768,336

AUSTRIA - 0.2%
	50,646		Andritz AG.		2,798,552
	215,919		Erste Bank der Oesterreichischen Sparkassen AG.		7,730,721
	69,565	*,e,m	Immoeast AG.		0
	108,285		OMV AG.		4,987,727
	97,495	*	Raiffeisen International Bank Holding AG.		2,222,517
	80,429		Voestalpine AG.		3,353,032
			TOTAL AUSTRIA		21,092,549

BELGIUM - 1.2%
	139,953		Ageas		5,730,492
	543,676	e	Anheuser-Busch InBev S.A.		61,310,519
	110,083	e	Proximus plc		3,366,770
	51,661		Colruyt S.A.		2,654,658
	56,055	e	Groupe Bruxelles Lambert S.A.		5,376,698
	179,055		KBC Groep NV		12,939,744
	52,321		Solvay S.A.		6,654,760
	36,541	*	Telenet Group Holding NV		2,220,258
	94,048		UCB S.A.		7,340,350
	66,254	e	Umicore		3,881,633
			TOTAL BELGIUM		111,475,882

CANADA - 0.0%
	1	*	International Petroleum Corp		2
			TOTAL CANADA		2

309

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

CHILE - 0.0%
	284,758		Antofagasta plc	$	3,089,551
			TOTAL CHILE		3,089,551

CHINA - 0.0%
	1,263,900		Yangzijiang Shipbuilding		1,038,486
			TOTAL CHINA		1,038,486

DENMARK - 1.7%
	2,662		AP Moller - Maersk AS (Class A)		4,416,239
	4,695		AP Moller - Maersk AS (Class B)		8,099,035
	75,653		Carlsberg AS (Class B)		7,548,846
	74,488		Christian Hansen Holding		5,018,552
	88,205	e	Coloplast AS		7,552,621
	492,538		Danske Bank AS		17,907,956
	108,259	g	DONG Energy A.S.		4,262,910
	134,300		DSV AS		7,478,555
	41,284	*	Genmab AS		8,214,472
	115,694		ISS A.S.		4,799,014
	1,376,589		Novo Nordisk AS		53,600,046
	169,987		Novozymes AS		7,338,866
	78,591		Pandora AS		8,490,197
	562,304		TDC AS		3,016,461
	79,015		Tryg A.S.		1,516,043
	159,071		Vestas Wind Systems AS		13,687,508
	97,519	*	William Demant Holding A.S.		2,231,986
			TOTAL DENMARK		165,179,307

FINLAND - 1.0%
	98,240		Elisa Oyj (Series A)		3,340,843
	314,221		Fortum Oyj		4,568,852
	238,055		Kone Oyj (Class B)		10,896,342
	79,882		Metso Oyj		2,860,891
	90,654		Neste Oil Oyj		3,694,077
	4,228,301		Nokia Oyj (Turquoise)		24,172,538
	82,995		Nokian Renkaat Oyj		3,567,190
	74,652		Orion Oyj (Class B)		4,278,271
	319,534		Sampo Oyj (A Shares)		15,292,124
	395,492		Stora Enso Oyj (R Shares)		4,693,655
	386,369		UPM-Kymmene Oyj		10,179,537
	106,170		Wartsila Oyj (B Shares)		6,456,671
			TOTAL FINLAND		94,000,991

FRANCE - 10.1%
	120,828	e	Accor S.A.		5,509,655
	23,208		Aeroports de Paris		3,095,593
	278,121	e	Air Liquide		33,509,738
	106,129	*	Alstom RGPT		3,368,572
	48,370		Arkema		5,121,560
	63,343		Atos Origin S.A.		8,296,997
	1,397,729	e	AXA S.A.		37,291,586
	763,176		BNP Paribas		53,862,812

310

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	607,779		Bollore	$	2,473,009
	147,306	*,e	Bouygues S.A.		6,191,841
	200,553		Bureau Veritas S.A.		4,646,883
	114,467		Cap Gemini S.A.		11,460,660
	418,219		Carrefour S.A.		9,849,572
	39,042	e	Casino Guichard Perrachon S.A.		2,351,286
	38,847		Christian Dior S.A.		10,654,347
	124,530	e	CNP Assurances		2,601,278
	356,446		Compagnie de Saint-Gobain		19,232,695
	814,207		Credit Agricole S.A.		12,110,378
	1,826		Dassault Aviation S.A.		2,495,309
	94,675		Dassault Systemes S.A.		8,446,979
	148,709		Edenred		3,809,428
	40,917		Eiffage S.A.		3,465,869
	312,260		Electricite de France		2,606,671
	148,852		Essilor International S.A.		19,290,167
	27,273		Eurazeo		1,848,586
	416,357		European Aeronautic Defence and Space Co		33,680,199
	122,122		Eutelsat Communications		2,889,342
	26,811		Fonciere Des Regions		2,392,850
	1,432,233		France Telecom S.A.		22,167,152
	1,144,575	e	Gaz de France		16,138,554
	30,862		Gecina S.A.		4,389,453
	419,046		Groupe Danone		29,327,320
	337,707		Groupe Eurotunnel S.A.		3,709,950
	18,673	e	Hermes International		8,926,996
	28,808		Icade		2,139,212
	19,937		Iliad S.A.		4,839,185
	24,803		Imerys S.A.		2,133,828
	41,385		Ingenico		3,747,286
	60,658		JC Decaux S.A.		2,141,200
	54,630		Kering		16,933,009
	159,583		Klepierre		6,263,614
	81,791	e	Lagardere S.C.A.		2,503,653
	196,435		Legrand S.A.		12,715,420
	182,416	e	L’Oreal S.A.		36,328,068
	200,369	e	LVMH Moet Hennessy Louis Vuitton S.A.		49,464,843
	130,155		Michelin (C.G.D.E.) (Class B)		17,024,410
	678,076		Natixis		4,718,857
	61,095	*	Numericable-SFR SAS		2,000,200
	149,311		Pernod-Ricard S.A.		18,686,512
	355,065	*	Peugeot S.A.		7,444,153
	134,454		Publicis Groupe S.A.		9,707,047
	15,501		Remy Cointreau S.A.		1,563,690
	138,098		Renault S.A.		12,877,794
	217,491		Rexel S.A.		3,884,027
	222,193		Safran S.A.		18,396,429
	833,044	e	Sanofi-Aventis		78,717,478
	403,682		Schneider Electric S.A.		31,973,916
	116,047		SCOR SE		4,590,466
	15,582		SEB S.A.		2,509,227
	22,370		Societe BIC S.A.		2,513,885
	552,747		Societe Generale		30,308,588

311

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	63,925		Sodexho Alliance S.A.	$	8,124,334
	235,325	e	Suez Environnement S.A.		3,865,632
	75,667		Thales S.A.		7,953,086
	1,632,242		Total S.A.		83,788,198
	72,232		Unibail-Rodamco		17,735,961
	171,665		Valeo S.A.		12,353,025
	346,798	e	Veolia Environnement		6,599,693
	360,407	e	Vinci S.A.		30,720,552
	724,913	*,e	Vivendi Universal S.A.		14,378,797
	19,691		Wendel		2,760,296
	145,685		Zodiac S.A.		3,536,578
			TOTAL FRANCE		975,155,436

GERMANY - 9.4%
	135,820		Adidas-Salomon AG.		27,230,346
	329,644		Allianz AG.		62,756,833
	35,354	*,e	Axel Springer AG.		1,983,612
	660,704		BASF SE		64,365,078
	593,357		Bayer AG.		73,417,878
	237,812		Bayerische Motoren Werke AG.		22,720,976
	38,783		Bayerische Motoren Werke AG. (Preference)		3,189,408
	74,969		Beiersdorf AG.		7,455,762
	109,327		Brenntag AG.		6,481,093
	763,926	*	Commerzbank AG.		7,489,180
	78,195		Continental AG.		17,515,466
	69,051	g	Covestro AG.		5,381,237
	691,606		Daimler AG. (Registered)		51,534,525
	334,386		Deutsche Annington Immobilien SE		12,106,170
	1,484,379	*	Deutsche Bank AG.		26,690,332
	137,220		Deutsche Boerse AG.		13,431,005
	168,352		Deutsche Lufthansa AG.		2,904,447
	693,881		Deutsche Post AG.		24,940,719
	2,328,864		Deutsche Telekom AG.		40,850,123
	245,717		Deutsche Wohnen AG.		8,401,931
	1,577,612		E.ON AG.		12,298,093
	113,053		Evonik Industries AG.		3,774,837
	28,674	e	Fraport AG. Frankfurt Airport Services Worldwide		2,255,883
	151,026		Fresenius Medical Care AG.		13,406,464
	294,437		Fresenius SE		23,887,748
	48,242		Fuchs Petrolub AG. (Preference)		2,488,286
	137,200		GEA Group AG.		5,832,695
	41,836		Hannover Rueckversicherung AG.		5,018,821
	106,853		HeidelbergCement AG.		9,892,175
	76,804		Henkel KGaA		8,959,245
	130,139		Henkel KGaA (Preference)		17,707,182
	13,891		Hochtief AG.		2,501,670
	47,269		Hugo Boss AG.		3,594,490
	814,731		Infineon Technologies AG.		16,840,115
	104,375	g	Innogy SE		3,837,228
	135,335	e	K&S AG.		3,228,862
	66,640		Lanxess AG.		4,811,836
	132,217		Linde AG.		23,757,865
	27,758		MAN AG.		2,916,429

312

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	92,117		Merck KGaA	$	10,821,131
	128,048		Metro AG.		4,213,973
	115,134	*	Muenchener Rueckver AG.		22,073,399
	63,893		Osram Licht AG.		4,280,154
	109,942		Porsche AG.		6,434,382
	173,063		ProSiebenSat. Media AG.		7,346,459
	346,012	*	RWE AG.		5,731,077
	704,324		SAP AG.		70,549,287
	115,538	*	Schaeffler AG.		1,992,748
	550,847		Siemens AG.		79,015,074
	92,764		Symrise AG.		6,494,258
	569,304		Telefonica Deutschland Holding AG.		2,760,402
	264,275		ThyssenKrupp AG.		6,297,818
	346,564		TUI AG. (DI)		5,041,842
	92,993		United Internet AG.		4,280,114
	22,962		Volkswagen AG.		3,702,509
	133,219		Volkswagen AG. (Preference)		21,148,077
	61,899	*,g	Zalando SE		2,730,499
			TOTAL GERMANY		912,769,248

HONG KONG - 3.4%
	8,643,800		AIA Group Ltd		59,827,501
	174,900		ASM Pacific Technology		2,603,820
	857,334		Bank of East Asia Ltd		3,545,297
	2,655,500		BOC Hong Kong Holdings Ltd		10,912,872
	899,000	e	Cathay Pacific Airways Ltd		1,293,859
	476,000		Cheung Kong Infrastructure Holdings Ltd		4,167,199
	1,931,836		Cheung Kong Property Holdings Ltd		13,830,419
	1,964,336		CK Hutchison Holdings Ltd		24,529,223
	1,202,000		CLP Holdings Ltd		12,676,545
	1,367,750		First Pacific Co		1,053,196
	1,701,000		Galaxy Entertainment Group Ltd		9,449,829
	618,000		Hang Lung Group Ltd		2,577,011
	1,591,000		Hang Lung Properties Ltd		4,168,703
	537,500		Hang Seng Bank Ltd		10,887,543
	759,142		Henderson Land Development Co Ltd		4,805,714
	2,057,500	e,g	HK Electric Investments & HK Electric Investments Ltd		1,819,176
	2,814,640		HKT Trust and HKT Ltd		3,600,464
	5,623,273		Hong Kong & China Gas Ltd		11,234,619
	1,014,500		Hong Kong Electric Holdings Ltd		9,124,515
	843,343		Hong Kong Exchanges and Clearing Ltd		20,741,217
	831,600		Hongkong Land Holdings Ltd		6,409,129
	3,743,400		Hutchison Port Holdings Trust		1,515,433
	444,792		Hysan Development Co Ltd		2,097,688
	176,300		Jardine Matheson Holdings Ltd		11,345,410
	156,400		Jardine Strategic Holdings Ltd		6,608,820
	458,623		Kerry Properties Ltd		1,714,472
	4,278,600		Li & Fung Ltd		1,791,606
	1,578,491		Link REIT		11,346,148
	136,300		Melco Crown Entertainment Ltd (ADR)		2,991,785
	1,109,608		MTR Corp		6,383,765
	3,987,787		New World Development Co Ltd		4,958,845
	1,068,642		NWS Holdings Ltd		2,006,854

313

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	3,074,959		PCCW Ltd	$	1,736,042
	1,739,200		Sands China Ltd		7,877,077
	896,192		Shangri-La Asia Ltd		1,282,634
	2,156,068		Sino Land Co		3,648,611
	1,379,000		SJM Holdings Ltd		1,336,859
	1,030,186		Sun Hung Kai Properties Ltd		15,437,335
	403,000		Swire Pacific Ltd (Class A)		3,886,065
	812,200		Swire Properties Ltd		2,722,940
	986,000		Techtronic Industries Co		4,230,298
	5,686,000	g	WH Group Ltd		5,072,781
	979,762		Wharf Holdings Ltd		8,353,478
	584,000		Wheelock & Co Ltd		4,549,014
	571,500		Yue Yuen Industrial Holdings		2,259,300
			TOTAL HONG KONG		334,411,111

IRELAND - 0.6%
	111,237	*	AerCap Holdings NV		5,118,014
	19,420,257	*	Bank of Ireland		4,888,800
	597,939		CRH plc		21,779,382
	67,097	*,m	Irish Bank Resolution Corp Ltd		0
	330,857		James Hardie Industries NV		5,598,216
	114,005		Kerry Group plc (Class A)		9,316,405
	57,523		Paddy Power plc		6,401,987
	40,148	*	Ryanair Holdings plc		695,322
	13,977	*	Ryanair Holdings plc (ADR)		1,284,906
			TOTAL IRELAND		55,083,032

ISRAEL - 0.6%
	30,241		Azrieli Group		1,608,623
	753,506		Bank Hapoalim Ltd		4,699,097
	1,021,712	*	Bank Leumi Le-Israel		4,778,201
	1,445,155		Bezeq Israeli Telecommunication Corp Ltd		2,428,043
	94,177	*	Check Point Software Technologies		9,795,350
	16,606		Elbit Systems Ltd		1,977,013
	31,695		Frutarom Industries Ltd		1,863,063
	384,761		Israel Chemicals Ltd		1,658,066
	95,643		Mizrahi Tefahot Bank Ltd		1,542,860
	43,657		Nice Systems Ltd		2,948,993
	655,414		Teva Pharmaceutical Industries Ltd (ADR)		20,697,974
			TOTAL ISRAEL		53,997,283

ITALY - 1.9%
	839,688		Assicurazioni Generali S.p.A.		13,300,668
	305,474		Autostrade S.p.A.		7,746,561
	9,114,876		Banca Intesa S.p.A.		26,607,224
	665,844		Banca Intesa S.p.A. RSP		1,823,139
	5,373,351		Enel S.p.A.		25,545,895
	1,819,239	e	ENI S.p.A.		28,218,234
	88,670		Ferrari NV		6,670,309
	288,145	*	Finmeccanica S.p.A.		4,528,098
	810,577		Fondiaria-Sai S.p.A		1,861,976
	126,330		Luxottica Group S.p.A.		7,303,223
	406,218		Mediobanca S.p.A.		3,906,419

314

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	407,205	g	Poste Italiane S.p.A	$	2,788,479
	137,933		Prysmian S.p.A.		3,980,564
	4,456,181	*	Saipem S.p.A.		1,918,114
	1,800,382		Snam Rete Gas S.p.A.		7,954,206
	4,620,853		Telecom Italia RSP		3,297,709
	8,236,733	*	Telecom Italia S.p.A.		7,310,857
	1,113,158		Terna Rete Elettrica Nazionale S.p.A.		5,612,351
	1,365,470	*	UniCredit S.p.A		22,233,246
			TOTAL ITALY		182,607,272

JAPAN - 22.8%
	25,500		ABC-Mart, Inc		1,417,537
	279,400	*	Acom Co Ltd		1,241,032
	462,200		Aeon Co Ltd		6,850,217
	85,000		AEON Financial Service Co Ltd		1,633,516
	79,700		Aeon Mall Co Ltd		1,355,428
	103,200		Air Water, Inc		1,987,727
	137,500		Aisin Seiki Co Ltd		6,734,359
	392,800		Ajinomoto Co, Inc		7,654,191
	137,400		Alfresa Holdings Corp		2,481,119
	799,000		All Nippon Airways Co Ltd		2,406,804
	135,700		Alps Electric Co Ltd		3,988,591
	240,400		Amada Co Ltd		2,858,194
	817,000		Aozora Bank Ltd		2,976,912
	272,400		Asahi Breweries Ltd		10,292,281
	725,000		Asahi Glass Co Ltd		6,281,802
	906,000		Asahi Kasei Corp		8,639,256
	674,500		Ashikaga Holdings Co Ltd		2,646,626
	121,100		Asics Corp		2,143,300
	1,560,800		Astellas Pharma, Inc		20,582,443
	211,000		Bank of Kyoto Ltd		1,671,045
	46,300		Benesse Holdings Inc		1,397,207
	1,091		BLife Investment Corp		2,758,229
	467,000		Bridgestone Corp		19,479,154
	169,800		Brother Industries Ltd		3,493,739
	59,200		Calbee, Inc		2,069,718
	765,800		Canon, Inc		25,415,351
	166,000		Casio Computer Co Ltd		2,339,520
	101,600		Central Japan Railway Co		17,039,192
	503,000		Chiba Bank Ltd		3,369,619
	455,600		Chubu Electric Power Co, Inc		6,117,312
	162,358		Chugai Pharmaceutical Co Ltd		5,769,244
	121,100		Chugoku Bank Ltd		1,799,060
	204,600		Chugoku Electric Power Co, Inc		2,230,430
	88,800		Coca-Cola West Japan Co Ltd		2,647,785
	832,600		Concordia Financial Group Ltd		3,829,791
	104,200		Credit Saison Co Ltd		1,898,688
	76,800	*,e	CYBERDYNE, Inc		1,085,073
	368,000		Dai Nippon Printing Co Ltd		4,096,814
	197,800		Daicel Chemical Industries Ltd		2,270,671
	784,400		Dai-ichi Mutual Life Insurance Co		13,366,177
	426,200		Daiichi Sankyo Co Ltd		9,471,798
	168,300		Daikin Industries Ltd		16,362,716

315

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	48,700		Daito Trust Construction Co Ltd	$	7,166,354
	405,000		Daiwa House Industry Co Ltd		12,040,230
	1,194,000		Daiwa Securities Group, Inc		7,263,546
	75,900		Dena Co Ltd		1,627,088
	341,500		Denso Corp		14,738,333
	155,200		Dentsu, Inc		8,760,590
	82,600		Don Quijote Co Ltd		3,009,442
	237,700		East Japan Railway Co		21,331,821
	185,700		Eisai Co Ltd		9,764,031
	106,700		Electric Power Development Co		2,475,252
	62,000		FamilyMart Co Ltd		3,504,667
	139,100		Fanuc Ltd		28,320,210
	38,100		Fast Retailing Co Ltd		12,444,145
	400,000		Fuji Electric Holdings Co Ltd		2,192,512
	441,800		Fuji Heavy Industries Ltd		16,749,557
	309,000		Fujifilm Holdings Corp		11,468,419
	1,333,000		Fujitsu Ltd		8,321,009
	555,000		Fukuoka Financial Group, Inc		2,531,843
	289,300		Hachijuni Bank Ltd		1,708,417
	149,500		Hakuhodo DY Holdings, Inc		1,822,278
	99,100		Hamamatsu Photonics KK		2,914,136
	177,900		Hankyu Hanshin Holdings, Inc		5,876,644
	15,100		Hikari Tsushin, Inc		1,450,244
	184,500		Hino Motors Ltd		2,314,974
	22,300		Hirose Electric Co Ltd		2,997,127
	349,000		Hiroshima Bank Ltd		1,506,600
	44,400		Hisamitsu Pharmaceutical Co, Inc		2,273,016
	75,300		Hitachi Chemical Co Ltd		2,156,526
	78,300		Hitachi Construction Machinery Co Ltd		2,018,558
	49,600		Hitachi High-Technologies Corp		1,979,988
	3,468,000		Hitachi Ltd		19,158,507
	153,100		Hitachi Metals Ltd		2,144,059
	119,300	e	Hokuriku Electric Power Co		1,102,648
	1,171,200		Honda Motor Co Ltd		34,088,545
	38,600		Hoshizaki Electric Co Ltd		3,220,501
	277,300		Hoya Corp		13,252,938
	68,500		Idemitsu Kosan Co Ltd		2,190,076
	103,700		Iida Group Holdings Co Ltd		1,651,501
	682,800		Inpex Holdings, Inc		6,542,880
	237,380		Isetan Mitsukoshi Holdings Ltd		2,593,897
	1,046,000	*	Ishikawajima-Harima Heavy Industries Co Ltd		3,542,166
	426,200		Isuzu Motors Ltd		5,792,943
	1,077,900		Itochu Corp		15,252,253
	173,300		J Front Retailing Co Ltd		2,498,116
	84,700		Japan Airlines Co Ltd		2,674,943
	35,300		Japan Airport Terminal Co Ltd		1,226,179
	280,900		Japan Post Bank Co Ltd		3,498,649
	318,400		Japan Post Holdings Co Ltd		3,950,755
	613		Japan Prime Realty Investment Corp		2,301,457
	952		Japan Real Estate Investment Corp		5,013,094
	1,830		Japan Retail Fund Investment Corp		3,575,031
	786,800		Japan Tobacco, Inc		26,181,353
	375,400		JFE Holdings, Inc		6,403,045

316

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	146,400		JGC Corp	$	2,556,446
	135,800		JSR Corp		2,481,824
	160,100		JTEKT Corp		2,525,412
	2,212,450		JX Holdings, Inc		9,982,645
	635,000		Kajima Corp		4,311,788
	107,600		Kakaku.com, Inc		1,552,819
	161,000		Kamigumi Co Ltd		1,463,035
	196,000		Kaneka Corp		1,545,427
	503,500	*	Kansai Electric Power Co, Inc		6,804,385
	151,700		Kansai Paint Co Ltd		3,358,071
	361,900		Kao Corp		19,970,960
	1,003,000		Kawasaki Heavy Industries Ltd		3,036,693
	1,316,400		KDDI Corp		34,903,095
	393,000		Keihan Electric Railway Co Ltd		2,472,404
	325,000		Keihin Electric Express Railway Co Ltd		3,730,630
	439,000		Keio Corp		3,515,710
	95,100		Keisei Electric Railway Co Ltd		2,263,303
	69,900		Keyence Corp		28,100,781
	108,800		Kikkoman Corp		3,348,395
	1,369,000		Kintetsu Corp		4,999,297
	591,000		Kirin Brewery Co Ltd		11,505,429
	232,600	*	Kobe Steel Ltd		2,066,430
	80,000		Koito Manufacturing Co Ltd		4,133,843
	665,300		Komatsu Ltd		17,777,831
	67,100		Konami Corp		2,793,193
	320,500		Konica Minolta Holdings, Inc		2,837,265
	21,200		Kose Corp		2,014,105
	759,200		Kubota Corp		11,959,525
	249,500		Kuraray Co Ltd		4,026,709
	82,300		Kurita Water Industries Ltd		2,125,221
	229,600		Kyocera Corp		13,003,413
	186,300		Kyowa Hakko Kogyo Co Ltd		3,200,814
	301,600	e	Kyushu Electric Power Co, Inc		3,253,314
	245,900		Kyushu Financial Group, Inc		1,533,214
	37,300		Lawson, Inc		2,474,823
	33,900	*,e	LINE Corp		1,169,656
	171,800		Lion Corp		3,104,427
	188,000		LIXIL Group Corp		4,698,646
	144,700		M3, Inc		3,699,125
	34,900		Mabuchi Motor Co Ltd		1,970,122
	158,300		Makita Corp		5,648,094
	1,197,500		Marubeni Corp		7,381,071
	145,900		Marui Co Ltd		1,998,152
	39,100		Maruichi Steel Tube Ltd		1,108,766
	1,584,000		Matsushita Electric Industrial Co Ltd		18,941,858
	427,800		Mazda Motor Corp		6,319,577
	46,400		McDonald’s Holdings Co Japan Ltd		1,430,079
	119,000		Mediceo Paltac Holdings Co Ltd		1,971,589
	83,400		MEIJI Holdings Co Ltd		7,089,402
	273,400		Minebea Co Ltd		3,955,247
	45,200		Miraca Holdings, Inc		2,083,997
	194,800		MISUMI Group, Inc		3,690,495
	989,400		Mitsubishi Chemical Holdings Corp		7,744,217

317

TIAA-CREF FUNDS - International Equity Index Fund

SHARES		COMPANY	VALUE

	1,085,500	Mitsubishi Corp	$	23,425,174
	1,391,700	Mitsubishi Electric Corp		19,423,148
	898,000	Mitsubishi Estate Co Ltd		17,194,722
	143,400	Mitsubishi Gas Chemical Co, Inc		3,066,343
	2,300,000	Mitsubishi Heavy Industries Ltd		9,215,793
	81,000	Mitsubishi Logistics Corp		1,047,943
	79,700	Mitsubishi Materials Corp		2,373,209
	480,199	Mitsubishi Motors Corp		3,075,454
	9,187,680	Mitsubishi UFJ Financial Group, Inc		58,218,589
	324,100	Mitsubishi UFJ Lease & Finance Co Ltd		1,693,703
	1,220,100	Mitsui & Co Ltd		17,228,537
	661,000	Mitsui Chemicals, Inc		3,382,136
	640,100	Mitsui Fudosan Co Ltd		14,083,644
	832,000	Mitsui OSK Lines Ltd		2,547,257
	366,700	Mitsui Sumitomo Insurance Group Holdings, Inc		11,955,913
	238,100	Mitsui Trust Holdings, Inc		8,156,287
	32,700	Mixi Inc		1,814,006
	17,368,507	Mizuho Financial Group, Inc		31,748,396
	137,400	Murata Manufacturing Co Ltd		18,456,322
	79,200	Nabtesco Corp		2,245,349
	703,000	Nagoya Railroad Co Ltd		3,229,492
	142,100	Namco Bandai Holdings, Inc		4,460,034
	1,840,000	NEC Corp		4,575,123
	123,500	Nexon Co Ltd		2,101,890
	185,100	NGK Insulators Ltd		3,960,435
	127,488	NGK Spark Plug Co Ltd		2,764,881
	170,500	Nidec Corp		15,644,027
	240,800	Nikon Corp		3,437,519
	81,300	Nintendo Co Ltd		20,574,217
	1,019	Nippon Building Fund, Inc		5,420,650
	299,000	Nippon Electric Glass Co Ltd		1,854,499
	577,000	Nippon Express Co Ltd		3,167,428
	121,000	Nippon Meat Packers, Inc		3,448,858
	116,700	Nippon Paint Co Ltd		4,476,418
	1,139	Nippon ProLogis REIT, Inc		2,406,882
	577,900	Nippon Steel Corp		13,014,608
	490,600	Nippon Telegraph & Telephone Corp		21,024,972
	1,147,000	Nippon Yusen Kabushiki Kaisha		2,306,111
	85,700	Nissan Chemical Industries Ltd		2,658,015
	1,688,500	Nissan Motor Co Ltd		16,083,924
	156,500	Nisshin Seifun Group, Inc		2,404,574
	46,800	Nissin Food Products Co Ltd		2,679,863
	57,300	Nitori Co Ltd		7,455,435
	118,400	Nitto Denko Corp		8,915,600
	256,500	NKSJ Holdings, Inc		9,693,263
	67,300	NOK Corp		1,604,120
	2,631,300	Nomura Holdings, Inc		15,813,133
	87,500	Nomura Real Estate Holdings, Inc		1,479,995
	2,917	Nomura Real Estate Master Fund, Inc		4,204,320
	90,800	Nomura Research Institute Ltd		3,161,742
	317,600	NSK Ltd		4,343,196
	94,200	NTT Data Corp		4,374,139
	995,100	NTT DoCoMo, Inc		24,078,498

318

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	459,000		Obayashi Corp	$	4,456,375
	51,800		Obic Co Ltd		2,798,526
	223,300		Odakyu Electric Railway Co Ltd		4,334,885
	574,000		OJI Paper Co Ltd		2,778,160
	205,800		Olympus Corp		7,935,198
	138,400		Omron Corp		5,794,432
	303,700		Ono Pharmaceutical Co Ltd		6,264,341
	26,700		Oracle Corp Japan		1,538,305
	160,400		Oriental Land Co Ltd		9,212,463
	954,200		ORIX Corp		14,582,775
	1,395,000		Osaka Gas Co Ltd		5,221,801
	368,900		Osaka Securities Exchange Co Ltd		5,172,634
	36,800		Otsuka Corp		1,971,196
	280,500		Otsuka Holdings KK		12,919,516
	82,500		Park24 Co Ltd		2,128,653
	65,200		Pola Orbis Holdings, Inc		1,505,651
	669,400		Rakuten, Inc		6,857,364
	265,400		Recruit Holdings Co Ltd		13,413,933
	1,604,400		Resona Holdings, Inc		8,919,165
	468,700		Ricoh Co Ltd		3,906,806
	26,600		Rinnai Corp		2,212,003
	64,300		Rohm Co Ltd		4,515,655
	16,900		Ryohin Keikaku Co Ltd		3,810,935
	40,200		Sankyo Co Ltd		1,401,990
	267,500		Santen Pharmaceutical Co Ltd		3,763,908
	153,240		SBI Holdings, Inc		2,125,769
	154,000		Secom Co Ltd		11,183,939
	129,700		Sega Sammy Holdings, Inc		1,741,415
	134,400		Seibu Holdings, Inc		2,347,969
	201,600		Seiko Epson Corp		4,129,427
	293,200		Sekisui Chemical Co Ltd		4,920,961
	426,400		Sekisui House Ltd		7,083,273
	534,900		Seven & I Holdings Co Ltd		22,590,948
	450,600	e	Seven Bank Ltd		1,513,415
	1,077,000	*,e	Sharp Corp		3,905,783
	167,400		Shimadzu Corp		2,841,758
	15,400		Shimamura Co Ltd		2,107,670
	52,400		Shimano, Inc		8,019,500
	390,000		Shimizu Corp		3,740,073
	280,400		Shin-Etsu Chemical Co Ltd		24,371,702
	1,284,000		Shinsei Bank Ltd		2,397,297
	213,300		Shionogi & Co Ltd		10,984,490
	268,600		Shiseido Co Ltd		7,276,533
	377,000		Shizuoka Bank Ltd		3,182,121
	207,100		Shoei Co Ltd		1,953,110
	131,500		Showa Shell Sekiyu KK		1,269,996
	41,000		SMC Corp		11,556,414
	593,800		Softbank Corp		45,041,314
	52,700		Sohgo Security Services Co Ltd		2,300,793
	907,300		Sony Corp		31,133,380
	126,500		Sony Financial Holdings, Inc		2,104,038
	106,100		Stanley Electric Co Ltd		3,106,834
	127,400		Start Today Co Ltd		2,718,496

319

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	1,130,009		Sumitomo Chemical Co Ltd	$	6,377,209
	858,900		Sumitomo Corp		11,477,766
	112,600		Sumitomo Dainippon Pharma Co Ltd		1,849,247
	541,200		Sumitomo Electric Industries Ltd		8,838,848
	399,000		Sumitomo Heavy Industries Ltd		2,783,454
	355,000		Sumitomo Metal Mining Co Ltd		4,807,226
	969,500		Sumitomo Mitsui Financial Group, Inc		35,998,129
	252,000		Sumitomo Realty & Development Co Ltd		6,807,918
	119,000		Sumitomo Rubber Industries, Inc		2,141,841
	55,200		Sundrug Co Ltd		1,935,917
	104,700		Suntory Beverage & Food Ltd		4,717,189
	123,200		Suruga Bank Ltd		2,575,690
	53,600		Suzuken Co Ltd		1,773,670
	248,600		Suzuki Motor Corp		10,392,211
	110,600		Sysmex Corp		6,736,381
	424,600		T&D Holdings, Inc		6,313,609
	866,000		Taiheiyo Cement Corp		2,877,869
	725,000		Taisei Corp		5,528,411
	28,500		Taisho Pharmaceutical Holdings Co Ltd		2,345,004
	94,100		Taiyo Nippon Sanso Corp		1,124,887
	210,000		Takashimaya Co Ltd		1,933,682
	508,000		Takeda Pharmaceutical Co Ltd		24,370,579
	154,600		Tanabe Seiyaku Co Ltd		3,140,367
	88,300		TDK Corp		5,470,673
	131,500		Teijin Ltd		2,547,862
	252,200		Terumo Corp		9,209,972
	86,500		THK Co Ltd		2,231,099
	723,000		Tobu Railway Co Ltd		3,666,891
	79,100		Toho Co Ltd		2,270,399
	281,000		Toho Gas Co Ltd		2,008,575
	313,900		Tohoku Electric Power Co, Inc		4,184,868
	490,800		Tokio Marine Holdings, Inc		20,693,875
	1,059,100	*	Tokyo Electric Power Co, Inc		4,114,116
	112,700		Tokyo Electron Ltd		13,681,056
	1,384,000		Tokyo Gas Co Ltd		6,425,774
	143,900		Tokyo Tatemono Co Ltd		1,965,969
	777,000		Tokyu Corp		5,565,313
	356,900		Tokyu Fudosan Holdings Corp		1,949,141
	361,000		Toppan Printing Co Ltd		3,634,113
	1,032,400		Toray Industries, Inc		9,137,140
	2,895,000	*,e	Toshiba Corp		5,839,706
	100,100		Toto Ltd		3,819,043
	113,400		Toyo Seikan Kaisha Ltd		1,901,825
	66,700		Toyo Suisan Kaisha Ltd		2,505,100
	45,700		Toyoda Gosei Co Ltd		1,214,532
	115,300		Toyota Industries Corp		5,743,592
	1,872,100		Toyota Motor Corp		101,319,464
	153,300		Toyota Tsusho Corp		4,840,137
	79,300		Trend Micro, Inc		3,489,099
	27,100		Tsuruha Holdings, Inc		2,743,260
	293,200		Uni-Charm Corp		7,130,385
	2,132		United Urban Investment Corp		3,222,624
	152,500		USS Co Ltd		2,697,858

320

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	116,500		West Japan Railway Co	$	7,784,395
	1,005,900		Yahoo! Japan Corp		4,308,489
	61,100		Yakult Honsha Co Ltd		3,482,467
	435,300	e	Yamada Denki Co Ltd		2,286,020
	138,000		Yamaguchi Financial Group, Inc		1,528,968
	117,100		Yamaha Corp		3,247,920
	200,900		Yamaha Motor Co Ltd		4,771,080
	247,100		Yamato Transport Co Ltd		5,339,574
	98,600		Yamazaki Baking Co Ltd		2,081,122
	183,200		Yaskawa Electric Corp		3,501,681
	164,400		Yokogawa Electric Corp		2,540,848
	79,900		Yokohama Rubber Co Ltd		1,568,877
			TOTAL JAPAN		2,213,112,410

JERSEY, C.I. - 0.1%
	66,276		Randgold Resources Ltd		5,830,052
			TOTAL JERSEY, C.I.		5,830,052

JORDAN - 0.0%
	100,207	e	Hikma Pharmaceuticals plc		2,514,316
			TOTAL JORDAN		2,514,316

LUXEMBOURG - 0.3%
	1,338,059	*	ArcelorMittal		10,514,924
	7,798		Eurofins Scientific		3,840,722
	45,736	e	Millicom International Cellular S.A.		2,505,980
	30,677		RTL Group		2,377,616
	266,864		SES Global S.A.		5,832,741
	339,980		Tenaris S.A.		5,311,133
			TOTAL LUXEMBOURG		30,383,116

MACAU - 0.0%
	688,800		MGM China Holdings Ltd		1,566,874
	1,128,800	*	Wynn Macau Ltd		2,474,385
			TOTAL MACAU		4,041,259

MEXICO - 0.0%
	158,696		Fresnillo plc		2,983,827
			TOTAL MEXICO		2,983,827

NETHERLANDS - 4.2%

	202,445	g	ABN AMRO Group NV (ADR)		5,314,834
	1,278,620		Aegon NV		6,525,892
	181,088		Akzo Nobel NV		15,838,336
	265,498	*	Altice NV (Class A)		6,596,616
	78,889	*	Altice NV (Class B)		1,962,152
	268,505	e	ASML Holding NV		35,504,205
	70,571		Boskalis Westminster		2,595,800
	127,860		DSM NV		9,149,432
	77,835		EXOR NV		4,368,973
	59,259		Gemalto NV		3,317,706
	75,127		Heineken Holding NV		6,295,969

321

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	165,222		Heineken NV	$	14,736,685
	2,792,455		ING Groep NV		45,515,692
	919,695		Koninklijke Ahold Delhaize NV		19,051,709
	678,224		Koninklijke Philips Electronics NV		23,420,751
	56,484	e	Koninklijke Vopak NV		2,549,018
	226,337		NN Group NV		7,504,136
	211,189	*	NXP Semiconductors NV		22,333,237
	84,161		Randstad Holdings NV		5,017,505
	3,139,225		Royal Dutch Shell plc (A Shares)		81,520,715
	2,691,386		Royal Dutch Shell plc (B Shares)		71,609,597
	2,534,103		Royal KPN NV		7,326,134
	211,896		Wolters Kluwer NV		8,991,630
			TOTAL NETHERLANDS		407,046,724

NEW ZEALAND - 0.2%
	662,704		Auckland International Airport Ltd		3,140,290
	496,950		Contact Energy Ltd		1,777,672
	485,028		Fletcher Building Ltd		2,846,321
	947,330	*	Meridian Energy Ltd		1,800,699
	496,991		Mighty River Power Ltd		1,097,067
	281,234		Ryman Healthcare Ltd		1,665,725
	1,375,051		Telecom Corp of New Zealand Ltd		3,484,705
			TOTAL NEW ZEALAND		15,812,479

NORWAY - 0.6%
	702,523	e	DNB NOR Holding ASA		10,963,794
	160,732		Gjensidige Forsikring BA		2,469,267
	967,298		Norsk Hydro ASA		5,512,287
	564,491	*,e	Orkla ASA		5,121,559
	270,686		PAN Fish ASA		4,503,704
	56,867		Schibsted ASA		1,413,396
	62,868		Schibsted ASA (B Shares)		1,408,040
	811,093		Statoil ASA		13,357,799
	527,443		Telenor ASA		8,520,111
	125,547		Yara International ASA		4,668,462
			TOTAL NORWAY		57,938,419

PORTUGAL - 0.1%
	1,646,442		Energias de Portugal S.A.		5,433,622
	360,012		Galp Energia SGPS S.A.		5,594,939
	175,643	e	Jeronimo Martins SGPS S.A.		3,223,220
			TOTAL PORTUGAL		14,251,781

SINGAPORE - 1.2%
	1,675,808		Ascendas REIT		3,071,420
	1,601,600		CapitaCommercial Trust		1,861,376
	1,780,500		CapitaLand Ltd		4,784,101
	1,797,030		CapitaMall Trust		2,533,988
	286,000		City Developments Ltd		2,206,990
	1,585,500		ComfortDelgro Corp Ltd		3,106,646
	1,284,281		DBS Group Holdings Ltd		17,736,434
	4,252,500		Genting Singapore plc		3,388,136
	1,884,400		Global Logistic Properties		3,882,212

322

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	4,527,847		Golden Agri-Resources Ltd	$	1,164,828
	68,709		Jardine Cycle & Carriage Ltd		2,325,151
	1,043,800		Keppel Corp Ltd		4,853,168
	2,257,791		Oversea-Chinese Banking Corp		15,812,877
	692,560		SembCorp Industries Ltd		1,500,578
	394,133		Singapore Airlines Ltd		2,887,324
	467,900		Singapore Airport Terminal Services Ltd		1,706,196
	615,700		Singapore Exchange Ltd		3,262,537
	1,186,500	e	Singapore Press Holdings Ltd		2,944,495
	1,091,600		Singapore Technologies Engineering Ltd		2,961,187
	5,970,503		Singapore Telecommunications Ltd		15,984,705
	430,000	e	StarHub Ltd		857,449
	1,904,200		Suntec Real Estate Investment Trust		2,411,387
	946,434	e	United Overseas Bank Ltd		14,735,701
	335,023		UOL Group Ltd		1,735,234
	1,334,400		Wilmar International Ltd		3,389,471
			TOTAL SINGAPORE		121,103,591

SOUTH AFRICA - 0.1%
	267,478	e	Mediclinic International plc		2,843,636
	472,782		Investec plc		3,502,596
	262,673		Mondi plc		6,795,725
			TOTAL SOUTH AFRICA		13,141,957

SPAIN - 3.3%
	454,682		Abertis Infraestructuras S.A. (Continuous)		7,993,133
	167,763		ACS Actividades Construccion y Servicios S.A.		6,215,712
	46,783	g	Aena S.A.		8,248,419
	320,824		Amadeus IT Holding S.A.		17,314,628
	4,801,130		Banco Bilbao Vizcaya Argentaria S.A.		38,464,824
	3,831,233		Banco de Sabadell S.A.		7,369,004
	2,344,306	*,e	Banco Popular Espanol S.A.		1,640,379
	10,504,542	e	Banco Santander S.A.		68,457,278
	3,294,113		Bankia S.A.		3,999,604
	467,912		Bankinter S.A.		4,119,010
	2,599,544		CaixaBank S.A.		11,803,076
	778,615		Corp Mapfre S.A.		2,715,859
	440,360		Distribuidora Internacional de Alimentacion S.A.		2,618,290
	170,057		Enagas		4,468,672
	220,266		Endesa S.A.		5,187,956
	361,715		Ferrovial S.A.		7,694,609
	242,850		Gas Natural SDG S.A.		5,487,806
	214,264		Grifols S.A.		5,751,002
	3,898,467		Iberdrola S.A.		28,025,166
	791,331	e	Industria De Diseno Textil S.A.		30,324,738
	316,660		Red Electrica Corp S.A.		6,171,426
	810,329		Repsol YPF S.A.		12,789,693
	3,238,541		Telefonica S.A.		35,818,090
	153,111		Zardoya Otis S.A.		1,416,931
			TOTAL SPAIN		324,095,305

SWEDEN - 2.9%
	207,591	e	Alfa Laval AB		4,253,890

323

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	719,918	e	Assa Abloy AB	$	15,582,524
	484,846	e	Atlas Copco AB (A Shares)		18,111,443
	282,608		Atlas Copco AB (B Shares)		9,391,092
	202,802	e	Boliden AB		5,793,707
	170,079		Electrolux AB (Series B)		5,047,447
	2,222,213		Ericsson (LM) (B Shares)		14,437,335
	146,918		Getinge AB (B Shares)		2,869,755
	690,652		Hennes & Mauritz AB (B Shares)		17,100,886
	181,628	e	Hexagon AB (B Shares)		7,904,602
	290,557		Husqvarna AB (B Shares)		2,888,416
	63,662		ICA Gruppen AB		2,172,540
	116,797		Industrivarden AB		2,716,093
	162,758		Investment AB Kinnevik (B Shares)		4,343,335
	327,122		Investor AB (B Shares)		14,946,646
	26,469		Lundbergs AB (B Shares)		1,916,505
	134,384	*	Lundin Petroleum AB		2,562,537
	2,190,856		Nordea Bank AB		26,944,928
	768,598	e	Sandvik AB		12,322,223
	218,422		Securitas AB (B Shares)		3,610,168
	1,089,300		Skandinaviska Enskilda Banken AB (Class A)		12,543,657
	240,537		Skanska AB (B Shares)		5,749,229
	281,528		SKF AB (B Shares)		6,178,176
	427,845		Svenska Cellulosa AB (B Shares)		14,164,792
	1,088,552		Svenska Handelsbanken AB		15,444,307
	649,451		Swedbank AB (A Shares)		15,392,007
	130,800		Swedish Match AB		4,313,327
	259,100		Tele2 AB (B Shares)		2,607,499
	1,928,080		TeliaSonera AB		7,849,870
	1,116,525		Volvo AB (B Shares)		18,233,809
			TOTAL SWEDEN		277,392,745

SWITZERLAND - 9.2%
	1,336,957		ABB Ltd		32,761,129
	556		Actelion Ltd		148,530
	69,546	*	Actelion Ltd		19,693,051
	114,136		Adecco S.A.		8,480,511
	61,684	e	Aryzta AG.		2,002,622
	34,455		Baloise Holding AG.		5,052,327
	1,713		Barry Callebaut AG.		2,352,542
	373,429		Cie Financiere Richemont S.A.		31,203,159
	125,937		Coca-Cola HBC AG.		3,493,877
	1,421,793		Credit Suisse Group		21,683,714
	26,377	*	Dufry Group		4,322,050
	5,800		EMS-Chemie Holding AG.		3,634,356
	3,059	e	Galenica AG.		3,323,838
	27,151		Geberit AG.		12,367,483
	6,780		Givaudan S.A.		13,063,095
	8,812,252	*	Glencore Xstrata plc		34,633,369
	325,562		Holcim Ltd		18,462,105
	160,764		Julius Baer Group Ltd		8,383,306
	40,697		Kuehne & Nagel International AG.		6,154,822
	772		Lindt & Spruengli AG.		4,341,045
	77		Lindt & Spruengli AG. (Registered)		5,119,084

324

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	40,972	*	Lonza Group AG.	$	8,383,279
	2,239,728		Nestle S.A.		172,504,884
	1,598,497		Novartis AG.		123,060,396
	23,790		Pargesa Holding S.A.		1,778,741
	12,037	*,e	Partners Group		7,276,442
	39,420		Phonak Holding AG.		5,829,016
	503,315		Roche Holding AG.		131,699,560
	28,233		Schindler Holding AG.		5,769,160
	15,745		Schindler Holding AG. (Registered)		3,127,597
	4,023		SGS S.A.		9,059,025
	1,530		Sika AG.		9,765,015
	474,313		STMicroelectronics NV		7,614,461
	21,809		Swatch Group AG.		8,725,095
	34,275		Swatch Group AG. (Registered)		2,659,015
	23,040		Swiss Life Holding		7,498,089
	54,028		Swiss Prime Site AG.		4,683,880
	229,471		Swiss Re Ltd		19,959,227
	19,168		Swisscom AG.		8,358,826
	67,126		Syngenta AG.		31,195,693
	2,623,042		UBS AG.		44,777,520
	179,623		Wolseley plc		11,416,316
	107,771		Zurich Financial Services AG.		29,824,358
			TOTAL SWITZERLAND		895,641,610

UNITED KINGDOM - 16.0%
	698,875		3i Group plc		7,182,356
	731,246		Aberdeen Asset Management plc		2,642,215
	161,506		Admiral Group plc		4,205,725
	1,009,787	*	Anglo American plc (London)		14,457,573
	360,976		Ashtead Group plc		7,615,123
	256,409		Associated British Foods plc		9,335,595
	907,309		AstraZeneca plc		54,338,150
	681,420	g	Auto Trader Group plc		3,539,199
	2,917,680		Aviva plc		19,841,405
	175,568		Babcock International Group		2,045,193
	2,271,126		BAE Systems plc		18,446,018
	12,208,752		Barclays plc		33,432,504
	712,055		Barratt Developments plc		5,342,975
	95,034		Berkeley Group Holdings plc		4,008,293
	13,597,217		BP plc		77,838,741
	1,337,099		British American Tobacco plc		90,338,795
	716,912		British Land Co plc		6,096,012
	6,101,847		BT Group plc		24,071,443
	249,390		Bunzl plc		7,774,504
	316,706		Burberry Group plc		6,618,606
	472,056		Capita Group plc		3,402,446
	3,858,189		Centrica plc		9,886,409
	729,884		CNH Industrial NV		8,048,835
	1,514,711	e	Cobham plc		2,599,455
	161,153		Coca-Cola European Partners plc		6,098,152
	1,166,187		Compass Group plc		23,546,232
	90,921	*	Croda International plc		4,431,781
	61,526		DCC plc		5,681,063

325

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	1,798,395		Diageo plc	$	52,346,159
	955,197		Direct Line Insurance Group plc		4,316,427
	109,342		easyJet plc		1,653,942
	682,354		Experian Group Ltd		14,679,313
	662,610	*	Fiat DaimlerChrysler Automobiles NV		7,526,255
	1,219,465		GKN plc		5,667,167
	3,494,224		GlaxoSmithKline plc		70,331,195
	1,097,374		Group 4 Securicor plc		4,333,010
	601,639		Hammerson plc		4,577,495
	180,292		Hargreaves Lansdown plc		3,218,744
	14,246,136		HSBC Holdings plc		117,478,155
	188,373		IMI plc		3,119,784
	681,053		Imperial Tobacco Group plc		33,353,422
	330,487	e	Inmarsat plc		3,495,193
	134,755	*	InterContinental Hotels Group plc		7,142,295
	608,892		International Consolidated Airlines Group S.A.		4,412,610
	112,050		Intertek Group plc		5,897,326
	696,638		Intu Properties plc		2,488,117
	2,529,632		ITV plc		6,879,649
	1,141,462		J Sainsbury plc		4,069,832
	136,940		Johnson Matthey plc		5,282,243
	1,655,558		Kingfisher plc		7,324,090
	568,587		Land Securities Group plc		8,143,113
	4,274,996		Legal & General Group plc		13,624,726
	46,049,269		Lloyds TSB Group plc		41,376,421
	226,290		London Stock Exchange Group plc		9,915,226
	1,174,456		Marks & Spencer Group plc		5,574,137
	540,314		Meggitt plc		3,235,705
	542,976	g	Merlin Entertainments plc		3,553,937
	2,726,079		National Grid plc		35,297,950
	709,011		New Carphone Warehouse plc		3,079,952
	100,758		Next plc		5,616,614
	3,539,426		Old Mutual plc		8,889,571
	601,828		Pearson plc		4,964,286
	221,432		Persimmon plc		6,681,290
	186,409		Petrofac Ltd		1,964,568
	110,848		Provident Financial plc		4,600,998
	1,856,390		Prudential plc		41,200,414
	455,865		Reckitt Benckiser Group plc		42,002,235
	697,096	e	Reed Elsevier NV		13,470,507
	761,061		Reed Elsevier plc		15,430,288
	304,462		Rio Tinto Ltd		13,783,508
	892,978		Rio Tinto plc		35,228,156
	1,319,596		Rolls-Royce Group plc		13,870,942
	93,691,316	*,m	Rolls-Royce Holdings plc		121,349
	2,545,296	*	Royal Bank of Scotland Group plc		8,738,464
	683,079		Royal Mail plc		3,561,980
	731,528		RSA Insurance Group plc		5,643,678
	806,045		Sage Group plc		6,996,550
	93,649		Schroders plc		3,867,162
	710,334		Scottish & Southern Energy plc		12,796,203
	813,589		Segro plc		5,117,426
	176,531		Severn Trent plc		5,314,095

326

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	648,728		Shire Ltd	$	38,248,154
	740,750		Sky plc		9,515,892
	648,254		Smith & Nephew plc		10,650,279
	279,618		Smiths Group plc		5,944,245
	373,059		St. James’s Place plc		5,544,903
	2,357,105	*	Standard Chartered plc		22,028,077
	1,397,681		Standard Life plc		6,578,428
	347,149		Tate & Lyle plc		3,404,398
	2,342,906		Taylor Wimpey plc		6,068,799
	5,869,965	*	Tesco plc		13,930,669
	189,645		Travis Perkins plc		3,955,224
	1,167,323		Unilever NV		61,150,728
	919,336		Unilever plc		47,298,270
	507,592		United Utilities Group plc		6,396,786
	19,231,964		Vodafone Group plc		49,534,609
	157,019		Weir Group plc		4,045,636
	135,085		Whitbread plc		7,057,796
	602,682		William Hill plc		2,289,854
	1,569,515		WM Morrison Supermarkets plc		4,875,540
	1,349,658	g	Worldpay Group plc		5,241,475
	910,128		WPP plc		19,489,023
			TOTAL UNITED KINGDOM		1,549,367,457

UNITED STATES - 0.8%
	136,515		Carnival plc		8,413,748
	796,456	d	iShares MSCI EAFE Index Fund		50,813,893
	125,846	*	Mobileye NV		7,792,384
	155,103	*	QIAGEN NV		4,646,450
	10,495	*,e	Taro Pharmaceutical Industries Ltd		1,226,341
			TOTAL UNITED STATES		72,892,816

			TOTAL COMMON STOCKS		9,629,218,350
			(Cost $8,597,883,186)

RIGHTS / WARRANTS - 0.0%

AUSTRALIA - 0.0%
	989,098	m	BGP Holdings plc		0
	21,451	m	TPG Telecom Ltd		10,316
			TOTAL AUSTRALIA		10,316

UNITED KINGDOM - 0.0%
	476,079	e	Cobham plc		351,472
			TOTAL UNITED KINGDOM		351,472

			TOTAL RIGHTS / WARRANTS		361,788
			(Cost $419,640)

327

TIAA-CREF FUNDS - International Equity Index Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

SHORT-TERM INVESTMENTS - 4.9%

GOVERNMENT AGENCY DEBT - 0.3%

26,550,000

Federal Home Loan Bank (FHLB)

0.680

05/01/13

26,550,000

TOTAL GOVERNMENT AGENCY DEBT

26,550,000

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.6%

446,560,345

State Street Navigator Securities Lending Government
Money Market Portfolio

446,560,345

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

446,560,345

TOTAL SHORT-TERM INVESTMENTS

473,110,345

(Cost $473,110,345)

TOTAL INVESTMENTS - 104.1%

10,102,690,483

(Cost $9,071,413,171)

OTHER ASSETS & LIABILITIES, NET - (4.1)%

(400,261,989

)

NET ASSETS - 100.0%

9,702,428,494



		Abbreviation(s):
		ADR American Depositary Receipt
		REIT Real Estate Investment Trust

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $425,594,973.
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 4/30/2017, the aggregate value of these securities amounted to $51,790,176 or 0.5% of net assets.
m		Indicates a security that has been deemed illiquid.

328

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2017

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	2,098,025,626			21.6	%
INDUSTRIALS		1,360,897,316			14.0
CONSUMER DISCRETIONARY		1,212,650,024			12.5
CONSUMER STAPLES		1,086,667,228			11.2
HEALTH CARE		1,030,630,985			10.6
MATERIALS		748,545,397			7.7
INFORMATION TECHNOLOGY		546,978,333			5.6
ENERGY		462,849,674			4.8
TELECOMMUNICATION SERVICES		407,716,503			4.2
REAL ESTATE		355,413,803			3.7
UTILITIES		319,205,249			3.3
SHORT-TERM INVESTMENTS		473,110,345			4.9
OTHER ASSETS & LIABILITIES, NET		(400,261,989	)		(4.1	)

NET ASSETS	$	9,702,428,494			100.0	%

329

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

BONDS - 96.5%

CORPORATE BONDS - 46.5%

ARGENTINA – 3.0%
$	2,020,000	g	AES Argentina Generacion S.A.		7.750	%	02/02/24	$	2,110,072
	2,000,000	g	Genneia S.A.		8.750		01/20/22		2,145,000
	2,000,000	g	Pampa Energia S.A.		7.500		01/24/27		2,130,000
	1,200,000	g,i	YPF S.A.		23.083		07/07/20		1,309,500
	1,500,000	g	YPF S.A.		8.500		03/23/21		1,696,875
			TOTAL ARGENTINA						9,391,447

AZERBAIJAN - 0.4%
	1,400,000		State Oil Co of the Azerbaijan Republic		4.750		03/13/23		1,387,617
			TOTAL AZERBAIJAN						1,387,617

BRAZIL - 5.8%
	1,500,000	g,i	Caixa Economica Federal		7.250		07/23/24		1,549,200
	2,050,000	g	GTL Trade Finance, Inc		5.893		04/29/24		2,088,950
	2,000,000	g	MARB BondCo plc		7.000		03/15/24		2,022,400
	3,291,505	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		1,318,248
	1,025,356	g	Odebrecht Offshore Drilling Finance Ltd		6.750		10/01/22		399,889
BRL	2,305,000	g,q	Oi S.A.		9.750		09/15/16		170,657
$	1,100,000	g,q	Oi S.A.		5.750		02/10/22		374,000
	1,650,000		Petrobras Global Finance BV		6.125		01/17/22		1,728,953
	1,500,000		Petrobras Global Finance BV		7.375		01/17/27		1,609,500
	1,700,000		Petrobras Global Finance BV		5.625		05/20/43		1,421,625
	1,785,000	g	Rumo Luxembourg Sarl		7.375		02/09/24		1,859,970
	1,800,000	g	Suzano Austria GmbH		5.750		07/14/26		1,848,600
	1,800,000	g,q	Telemar Norte Leste S.A.		5.500		10/23/20		544,500
	1,500,000	g	Tupy Overseas S.A.		6.625		07/17/24		1,531,875
			TOTAL BRAZIL						18,468,367

CHILE – 1.9%
	2,550,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.875		11/04/44		2,597,645
	1,700,000	g	Inversiones CMPC S.A.		4.375		04/04/27		1,703,290
	2,000,000	g	Latam Finance Ltd		6.875		04/11/24		2,031,000
			TOTAL CHILE						6,331,935

CHINA - 0.6%
	2,050,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		1,921,875
			TOTAL CHINA						1,921,875

COLOMBIA - 2.2%
	1,500,000	g	Banco de Bogota S.A.		6.250		05/12/26		1,597,800
	2,000,000	g	Colombia Telecomunicaciones S.A. ESP		5.375		09/27/22		2,030,000

330

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

$	1,500,000		Ecopetrol S.A.		5.375	%	06/26/26	$	1,537,500
	1,800,000	g	GrupoSura Finance S.A.		5.500		04/29/26		1,936,260
			TOTAL COLOMBIA						7,101,560

COSTA RICA - 0.6%
	1,800,000	g	Banco Nacional de Costa Rica		5.875		04/25/21		1,855,296
			TOTAL COSTA RICA						1,855,296

CROATIA - 0.3%
	1,000,000	g	Hrvatska Elektroprivreda		5.875		10/23/22		1,073,983
			TOTAL CROATIA						1,073,983

DOMINICAN REPUBLIC - 0.5%
	1,500,000	g	Aeropuertos Dominicanos Siglo XXI S.A.		6.750		03/30/29		1,606,320
			TOTAL DOMINICAN REPUBLIC						1,606,320

INDIA - 1.0%
	1,500,000	g	Adani Ports & Special Economic Zone Ltd		3.950		01/19/22		1,521,545
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,579,928
			TOTAL INDIA						3,101,473

INDONESIA - 3.6%
	1,700,000	g	Golden Legacy Pte Ltd		8.250		06/07/21		1,785,637
	2,100,000	g	Indo Energy Finance II BV		6.375		01/24/23		2,005,319
	1,500,000	g	Listrindo Capital BV		4.950		09/14/26		1,477,500
	1,500,000	g	Pelabuhan Indonesia II PT		4.250		05/05/25		1,507,950
	1,930,000	g	Pertamina Persero PT		4.300		05/20/23		1,985,765
	1,700,000	g	Perusahaan Listrik Negara PT		5.250		10/24/42		1,695,750
	1,000,000	g	Saka Energi Indonesia PT		4.450		05/05/24		1,002,572
			TOTAL INDONESIA						11,460,493

JAMAICA - 0.3%
	1,400,000	g	Digicel Group Ltd		7.125		04/01/22		1,169,126
			TOTAL JAMAICA						1,169,126

KAZAKHSTAN - 2.5%
	1,700,000	g	Kazakhstan Temir Zholy Finance BV		6.950		07/10/42		1,789,636
	1,500,000	g	Kazkommertsbank JSC		5.500		12/21/22		1,403,893
	2,000,000	g	KazMunayGas National Co JSC		4.750		04/19/27		1,987,500
	2,000,000	g	KazMunayGas National Co JSC		5.750		04/19/47		1,950,200
	1,425,000	g	Tengizchevroil Finance Co International Ltd		4.000		08/15/26		1,377,262
			TOTAL KAZAKHSTAN						8,508,491

LUXEMBOURG - 1.1%
	1,650,000	g	Millicom International Cellular S.A.		6.000		03/15/25		1,736,757
	1,550,000	g	VM Holding S.A.		5.375		05/04/27		1,535,244
			TOTAL LUXEMBOURG						3,272,001

MALAYSIA - 0.5%
	1,500,000		Gohl Capital Ltd		4.250		01/24/27		1,523,979
			TOTAL MALAYSIA						1,523,979

331

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

MEXICO - 6.1%
MXN	25,450,000		America Movil SAB de C.V.		6.450	%	12/05/22	$	1,254,205
$	1,500,000	g	Banco Inbursa S.A. Institucion de Banca Multiple		4.375		04/11/27		1,470,000
	1,500,000	g,i	Banco Mercantil del Norte S.A.		5.750		10/04/31		1,473,000
	1,400,000	g	Banco Nacional de Comercio Exterior SNC		4.375		10/14/25		1,424,500
	1,500,000	g,i	Banco Nacional de Comercio Exterior SNC		3.800		08/11/26		1,473,750
	800,000	g,i	BBVA Bancomer S.A.		5.350		11/12/29		784,000
	1,800,000	g	Cemex SAB de C.V.		7.750		04/16/26		2,052,000
	2,000,000	i	Grupo Financiero Santander Mexico SAB de C.V.		8.500		12/30/49		2,135,052
	1,275,000	g	Mexico City Airport Trust		5.500		10/31/46		1,260,656
	1,175,000	g	Petroleos Mexicanos		5.375		03/13/22		1,235,219
	3,075,000	g	Petroleos Mexicanos		6.500		03/13/27		3,328,688
	1,200,000	g	Sixsigma Networks Mexico S.A. de C.V.		8.250		11/07/21		1,200,000
			TOTAL MEXICO						19,091,070

NETHERLANDS - 0.6%
	1,800,000	g	GTH Finance BV		7.250		04/26/23		1,971,000
			TOTAL NETHERLANDS						1,971,000

NIGERIA - 1.1%
	1,500,000	g	Access Bank plc		10.500		10/19/21		1,592,336
	2,000,000	g	IHS Netherlands Holdco BV		9.500		10/27/21		2,085,740
			TOTAL NIGERIA						3,678,076

PANAMA - 0.4%
	1,300,000	g	Aeropuerto Internacional de Tocumen S.A.		5.625		05/18/36		1,355,250
			TOTAL PANAMA						1,355,250

PERU - 0.9%
	1,000,000	g	Corp Lindley S.A.		4.625		04/12/23		1,032,500
	1,750,000	g	Union Andina de Cementos SAA		5.875		10/30/21		1,824,375
			TOTAL PERU						2,856,875

RUSSIA - 2.6%
	1,800,000	g	Evraz Group S.A.		5.375		03/20/23		1,811,160
	1,700,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		02/06/28		1,708,500
	1,500,000	g	LUKOIL International Finance BV		4.563		04/24/23		1,541,442
	1,500,000	g	Phosagro OAO via Phosagro Bond Funding DAC		3.950		11/03/21		1,501,410
	1,500,000	g	Severstal OAO Via Steel Capital S.A.		3.850		08/27/21		1,502,127
			TOTAL RUSSIA						8,064,639

SOUTH AFRICA - 3.7%
	4,000,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		4,024,332
	2,775,000	g	Gold Fields Orogen Holding BVI Ltd		4.875		10/07/20		2,824,950
	1,500,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		1,542,975
	3,200,000	g	Transnet SOC Ltd		4.000		07/26/22		3,117,043
			TOTAL SOUTH AFRICA						11,509,300

332

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

TRINIDAD AND TOBAGO - 0.2%
$	550,000	g	Petroleum Co of Trinidad & Tobago Ltd		6.000	%	05/08/22	$	543,384
			TOTAL TRINIDAD AND TOBAGO						543,384

TURKEY - 2.4%
	1,900,000	g,i	Akbank TAS		7.200		03/16/27		2,022,920
	1,200,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		1,182,938
	1,500,000	g	Turkcell Iletisim Hizmetleri AS.		5.750		10/15/25		1,549,508
	1,300,000	g	Turkiye Halk Bankasi AS.		5.000		07/13/21		1,274,346
	1,725,000	g	Turkiye Is Bankasi		6.125		04/25/24		1,751,634
			TOTAL TURKEY						7,781,346

UKRAINE - 2.4%
	1,500,000	g	MHP S.A.		8.250		04/02/20		1,559,466
	1,800,000	g	MHP S.A.		7.750		05/10/24		1,822,986
	2,000,000	g	Ukreximbank Via Biz Finance plc		9.625		04/27/22		2,033,000
	2,000,000	g	Ukreximbank Via Biz Finance plc		9.750		01/22/25		1,998,000
			TOTAL UKRAINE						7,413,452

UNITED KINGDOM - 0.6%
	2,050,000	g	Tullow Oil plc		6.000		11/01/20		1,993,625
			TOTAL UNITED KINGDOM						1,993,625

UNITED STATES - 0.3%
GHS	2,965,000	g,i	Citigroup Global Markets Holdings, Inc		24.500		06/28/21		796,552
			TOTAL UNITED STATES						796,552

URUGUAY - 0.5%
$	1,650,000	g	Arcos Dorados Holdings, Inc		5.875		04/04/27		1,650,677
			TOTAL URUGUAY						1,650,677

VENEZUELA - 0.4%
	3,175,000		Petroleos de Venezuela S.A.		5.375		04/12/27		1,211,262
			TOTAL VENEZUELA						1,211,262

			TOTAL CORPORATE BONDS						148,090,471
			(Cost $144,991,579)

GOVERNMENT BONDS - 50.0%

ANGOLA - 0.5%
	1,475,000	g	Republic of Angola		9.500		11/12/25		1,546,293
			TOTAL ANGOLA						1,546,293

ARGENTINA - 2.2%
	1,750,000		Argentine Republic Government International Bond		5.625		01/26/22		1,822,625
	1,700,000		Argentine Republic Government International Bond		6.875		01/26/27		1,796,050
	3,350,000	g	Provincia de Buenos Aires		7.875		06/15/27		3,497,165
			TOTAL ARGENTINA						7,115,840

333

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

AZERBAIJAN - 1.0%
$	3,000,000	g	Southern Gas Corridor CJSC		6.875	%	03/24/26	$	3,313,632
			TOTAL AZERBAIJAN						3,313,632

BAHRAIN - 0.3%
	850,000	g	Bahrain Government International Bond		7.000		10/12/28		884,377
			TOTAL BAHRAIN						884,377

BARBADOS - 0.4%
	1,500,000		Barbados Government International Bond		7.250		12/15/21		1,230,000
			TOTAL BARBADOS						1,230,000

BRAZIL - 3.1%
	973,957	g	Brazil Loan Trust		5.477		07/24/23		988,566
	1,500,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		1,481,250
BRL	13,150,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		4,159,604
$	1,910,000		Brazilian Government International Bond		4.250		01/07/25		1,905,225
	1,000,000		Brazilian Government International Bond		7.125		01/20/37		1,160,000
			TOTAL BRAZIL						9,694,645

COLOMBIA - 2.2%
	4,900,000		Colombia Government International Bond		5.000		06/15/45		4,949,000
COP	4,990,000,000		Colombian TES		7.000		05/04/22		1,781,074
			TOTAL COLOMBIA						6,730,074

COSTA RICA - 0.8%
$	2,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		2,600,000
			TOTAL COSTA RICA						2,600,000

COTE D’IVOIRE - 0.3%
	931,000	g,i	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		893,163
			TOTAL COTE D’IVOIRE						893,163

CROATIA - 0.6%
	1,800,000	g	Croatia Government International Bond		6.750		11/05/19		1,960,583
			TOTAL CROATIA						1,960,583

DOMINICAN REPUBLIC - 2.2%
	1,600,000	g	Dominican Republic International Bond		5.875		04/18/24		1,703,920
	1,600,000	g	Dominican Republic International Bond		6.875		01/29/26		1,784,256
DOP	79,000,000	g	Dominican Republic International Bond		11.250		02/05/27		1,697,374
$	1,560,000	g	Dominican Republic International Bond		7.450		04/30/44		1,768,650
			TOTAL DOMINICAN REPUBLIC						6,954,200

ECUADOR - 1.7%
	1,250,000	g	Ecuador Government International Bond		10.750		03/28/22		1,356,250
	2,350,000	g	Ecuador Government International Bond		9.650		12/13/26		2,391,125
	2,000,000		Ecuador Government International Bond		9.650		12/13/26		2,035,000
			TOTAL ECUADOR						5,782,375

334

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

EGYPT - 1.1%
$	600,000	g	Arab Republic of Egypt		6.875	%	04/30/40	$	568,337
	1,100,000	g	Egypt Government International Bond		6.125		01/31/22		1,142,836
	1,400,000	g	Egypt Government International Bond		7.500		01/31/27		1,511,006
			TOTAL EGYPT						3,222,179

EL SALVADOR - 1.5%
	2,750,000	g	El Salvador Government International Bond		5.875		01/30/25		2,461,250
	1,950,000	g	El Salvador Government International Bond		8.625		02/28/29		1,969,500
	395,000	g	El Salvador Government International Bond		7.625		09/21/34		394,013
			TOTAL EL SALVADOR						4,824,763

GHANA - 0.5%
	1,650,000	g	Republic of Ghana		7.875		08/07/23		1,633,785
			TOTAL GHANA						1,633,785

GUATEMALA - 0.4%
	1,325,000	g	Guatemala Government International Bond		4.875		02/13/28		1,376,026
			TOTAL GUATEMALA						1,376,026

HONDURAS - 0.2%
	600,000	g	Honduras Government International Bond		6.250		01/19/27		621,768
			TOTAL HONDURAS						621,768

INDONESIA - 2.2%
	2,355,000	g	Indonesia Government International Bond		4.125		01/15/25		2,425,747
IDR	13,400,000,000		Indonesia Treasury Bond		8.250		07/15/21		1,057,557
$	2,000,000	g	Perusahaan Penerbit SBSN Indonesia III		3.400		03/29/22		2,015,000
	1,600,000	g	Republic of Indonesia		5.250		01/17/42		1,725,128
			TOTAL INDONESIA						7,223,432

JAMAICA - 0.6%
	1,000,000		Jamaica Government International Bond		6.750		04/28/28		1,117,490
	700,000		Jamaica Government International Bond		8.000		03/15/39		813,372
			TOTAL JAMAICA						1,930,862

JORDAN - 0.6%
	2,000,000	g	Jordan Government International Bond		5.750		01/31/27		1,979,008
			TOTAL JORDAN						1,979,008

KOREA, REPUBLIC OF - 0.4%
	1,325,000	g	Korea Housing Finance Corp		2.000		10/11/21		1,284,122
			TOTAL KOREA, REPUBLIC OF						1,284,122

LEBANON - 1.5%
	1,000,000		Lebanon Government International Bond		6.250		05/27/22		1,030,177
	1,950,000		Lebanon Government International Bond		6.250		11/04/24		1,959,654
	2,000,000		Lebanon Government International Bond		6.650		02/26/30		1,996,560
			TOTAL LEBANON						4,986,391

335

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

MALAYSIA - 0.6%
$	2,000,000		1MDB Global Investments Ltd		4.400	%	03/09/23	$	1,859,518
			TOTAL MALAYSIA						1,859,518

MEXICO - 0.5%
MXN	32,540,000		Mexican Bonos		6.500		06/09/22		1,685,264
			TOTAL MEXICO						1,685,264

MONGOLIA - 1.2%
$	1,500,000	g	Mongolia Government International Bond		10.875		04/06/21		1,743,504
	1,650,000	g	Mongolia Government International Bond		5.125		12/05/22		1,575,605
	550,000	g	Mongolia Government International Bond		8.750		03/09/24		610,867
			TOTAL MONGOLIA						3,929,976

MOROCCO - 1.0%
	2,800,000	g	Morocco Government International Bond		5.500		12/11/42		3,037,194
			TOTAL MOROCCO						3,037,194

NAMIBIA - 0.4%
	1,225,000	g	Namibia Government International Bond		5.250		10/29/25		1,241,239
			TOTAL NAMIBIA						1,241,239

OMAN - 1.0%
	1,175,000	g	Oman Government International Bond		5.375		03/08/27		1,226,476
	1,850,000	g	Oman Government International Bond		6.500		03/08/47		1,991,906
			TOTAL OMAN						3,218,382

PANAMA - 0.6%
	1,400,000		Panama Government International Bond		6.700		01/26/36		1,809,500
			TOTAL PANAMA						1,809,500

PARAGUAY - 1.1%
	540,000	g	Paraguay Government International Bond		4.700		03/27/27		550,260
	2,750,000	g	Republic of Paraguay		6.100		08/11/44		2,963,125
			TOTAL PARAGUAY						3,513,385

PERU - 1.5%
PEN	5,940,000	g	Fondo MIVIVIENDA S.A.		7.000		02/14/24		1,863,590
	2,660,000	g	Peruvian Government International Bond		6.350		08/12/28		848,740
	5,425,000	g	Peruvian Government International Bond		6.950		08/12/31		1,806,243
			TOTAL PERU						4,518,573

REPUBLIC OF SERBIA - 1.5%
$	3,100,000	g,p	Republic of Serbia		4.875		02/25/20		3,231,927
	1,300,000	g	Republic of Serbia		7.250		09/28/21		1,496,871
			TOTAL REPUBLIC OF SERBIA						4,728,798

RUSSIA - 1.6%
RUB	33,000,000		Russian Federal Bond - OFZ		7.000		01/25/23		564,543
	162,500,000		Russian Federal Bond - OFZ		7.000		08/16/23		2,764,533
$	1,570,000	g	Russian Foreign Bond - Eurobond		4.875		09/16/23		1,701,090
			TOTAL RUSSIA						5,030,166

336

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

SOUTH AFRICA - 2.1%
$	2,350,000	p	South Africa Government International Bond		5.875	%	09/16/25	$	2,539,387
	400,000		South Africa Government International Bond		4.300		10/12/28		377,000
ZAR	39,100,000		South Africa Government International Bond		7.000		02/28/31		2,432,484
$	1,040,000		South Africa Government International Bond		6.250		03/08/41		1,147,803
			TOTAL SOUTH AFRICA						6,496,674

SRI LANKA - 1.0%
	1,250,000	g	Sri Lanka Government International Bond		5.750		01/18/22		1,292,059
	1,850,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,946,918
			TOTAL SRI LANKA						3,238,977

SUPRANATIONAL - 0.6%
INR	35,000,000		Asian Development Bank		6.200		10/06/26		538,681
IDR	18,100,000,000		European Investment Bank		4.950		03/01/19		1,318,819
			TOTAL SUPRANATIONAL						1,857,500

TRINIDAD AND TOBAGO - 0.4%
$	1,350,000	g	Trinidad & Tobago Government International Bond		4.500		08/04/26		1,304,276
			TOTAL TRINIDAD AND TOBAGO						1,304,276

TUNISIA - 0.5%
	1,725,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		1,694,833
			TOTAL TUNISIA						1,694,833

TURKEY - 5.2%
	1,800,000	g	Export Credit Bank of Turkey		5.375		10/24/23		1,805,908
	1,000,000		Republic of Turkey		7.000		03/11/19		1,070,578
	525,000		Turkey Government International Bond		7.500		11/07/19		578,174
TRY	6,910,000		Turkey Government International Bond		10.500		01/15/20		1,943,517
$	2,300,000		Turkey Government International Bond		3.250		03/23/23		2,157,579
	4,675,000		Turkey Government International Bond		6.000		03/25/27		5,009,164
	1,500,000		Turkey Government International Bond		6.875		03/17/36		1,703,570
	1,975,000		Turkey Government International Bond		6.625		02/17/45		2,213,497
			TOTAL TURKEY						16,481,987

UKRAINE - 1.8%
	1,450,000	g	Ukraine Government International Bond		7.750		09/01/21		1,441,300
	1,450,000	g	Ukraine Government International Bond		7.750		09/01/23		1,392,000
	2,950,000	g	Ukraine Government International Bond		7.750		09/01/27		2,750,226
	520,000	g,i	Ukraine Government International Bond		0.000		05/31/40		179,556
			TOTAL UKRAINE						5,763,082

URUGUAY - 1.3%
	3,450,000		Uruguay Government International Bond		5.100		06/18/50		3,432,750
UYU	17,600,000		Uruguay Notas del Tesoro		13.900		07/29/20		647,515
			TOTAL URUGUAY						4,080,265

337

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

VENEZUELA - 0.5%
$	1,680,000		Venezuela Government International Bond		7.750	%	10/13/19	$	1,010,856
	1,250,000		Venezuela Government International Bond		9.250		05/07/28		595,875
			TOTAL VENEZUELA						1,606,731

VIETNAM - 0.4%
	1,325,000	g	Vietnam Government International Bond		4.800		11/19/24		1,359,934
			TOTAL VIETNAM						1,359,934

ZAMBIA - 0.9%
	2,000,000	g	Zambia Government International Bond		8.500		04/14/24		2,099,302
	750,000	g	Zambia Government International Bond		8.970		07/30/27		800,775
			TOTAL ZAMBIA						2,900,077

			TOTAL GOVERNMENT BONDS						159,143,849
			(Cost $155,243,700)

			TOTAL BONDS						307,234,320
			(Cost $300,235,279)

SHORT-TERM INVESTMENTS - 1.5%

EGYPT - 0.5%
EGP	30,000,000	j	Egypt Treasury Bills		0.000		9/5/2017		1,560,462
			TOTAL EGYPT						1,560,462

UNITED STATES - 0.7%
$	2,250,000		Federal Home Loan Bank (FHLB)		0.680		5/1/2017		2,250,000
			TOTAL UNITED STATES						2,250,000

URUGUAY - 0.3%
UYU	30,000,000	j	Uruguay Treasury Bills		0.000		3/8/2018		962,746
			TOTAL URUGUAY						962,746

			TOTAL SHORT-TERM INVESTMENTS						4,773,208
			(Cost $4,741,743)
			TOTAL INVESTMENTS - 98.0%						312,007,528
			(Cost $304,977,022)
			OTHER ASSETS & LIABILITIES, NET - 2.0%						6,450,982
			NET ASSETS - 100.0%					$	318,458,510

338

TIAA-CREF FUNDS - Emerging Markets Debt Fund



		Abbreviation(s):

	BRL	Brazilian Real
	COP	Colombian Peso
	DOP	Dominican Peso
	EGP	Egyptian Pound
	GHS	Ghanaian Cedi
	IDR	Indonesian Rupiah
	INR	Indian Rupee
	MXN	Mexican Nuevo Peso
	PEN	Peruvian Nuevo Sol
	RUB	Russian Ruble
	TRY	Turkish New Lira
	UYU	Uruguayan Peso
	ZAR	South Africa 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 4/30/17, the aggregate value of these securities amounted to $227,210,632 or 71.3% of net assets.
i		Floating or variable rate security. Coupon rate reflects the rate at period end.
j		Zero coupon
p		All or a portion of these securities have been segregated to cover requirements on open forward foreign contracts.
q		In default

339

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2017

SECTOR	VALUE		% OF NET ASSETS
GOVERNMENT	$	159,143,849		50.0	%
UTILITIES		38,384,051		12.1
FINANCIALS		32,083,981		10.1
ENERGY		23,315,715		7.3
INDUSTRIALS		16,627,042		5.2
MATERIALS		13,579,547		4.3
TELECOMMUNICATION SERVICES		9,367,837		2.9
CONSUMER STAPLES		6,437,352		2.0
CONSUMER DISCRETIONARY		5,358,189		1.7
INFORMATION TECHNOLOGY		2,936,757		0.9
SHORT-TERM INVESTMENTS		4,773,208		1.5
OTHER ASSETS & LIABILITIES, NET		6,450,982		2.0

NET ASSETS	$	318,458,510		100.0	%

340

TIAA-CREF FUNDS - International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2017

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

BANK LOAN OBLIGATIONS - 2.0%

CANADA - 0.3%
$	748,440	i	1011778 BC / New Red Fin		3.309	%	02/17/24	$	748,626
			TOTAL CANADA						748,626

IRELAND - 0.3%
	750,000	i	Avolon TLB Borrower Luxembourg Sarl		3.743		03/21/22		760,920
			TOTAL IRELAND						760,920

LUXEMBOURG - 0.3%
	500,000	i	Endo Luxembourg Finance I Co Sarl		4.000		09/25/22		499,270
	125,000	i	Endo Luxembourg Finance I Co Sarl		5.000		04/30/24		125,938
	250,000	i	Vouvray US Finance, LLC		4.176		03/11/24		249,688
			TOTAL LUXEMBOURG						874,896

UNITED STATES - 1.1%
	750,000	i	Change Healthcare Holdings LLC		3.750		03/01/24		751,972
	750,000	i	First Data Corp		3.988		07/08/22		753,937
	750,000	i	Ineos US Finance LLC		3.743		04/01/24		755,220
	300,000	i	Mallinckrodt International Finance S.A.		3.897		09/24/24		299,832
	100,000	i	Sabre GLBL, Inc		3.732		02/22/24		100,958
	750,000	i	Tennessee Merger Sub, Inc		3.750		02/06/24		742,973
			TOTAL UNITED STATES						3,404,892

			TOTAL BANK LOAN OBLIGATIONS						5,789,334
			(Cost $5,795,437)

341

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

BONDS - 95.1%

CORPORATE BONDS - 27.8%

ARGENTINA - 0.3%
$	400,000	g	YPF S.A.		8.500	%	03/23/21	$	452,500
	500,000	g	YPF S.A.		8.500		07/28/25		565,625
			TOTAL ARGENTINA						1,018,125

AUSTRALIA - 0.1%
EUR	400,000		BHP Billiton Finance Ltd		0.750		10/28/22		440,444
			TOTAL AUSTRALIA						440,444

BRAZIL - 0.9%
$	500,000	g	Caixa Economica Federal		3.500		11/07/22		480,000
	1,050,000	g	Klabin Finance S.A.		5.250		07/16/24		1,062,075
	1,000,000		Petrobras Global Finance BV		6.125		01/17/22		1,047,850
			TOTAL BRAZIL						2,589,925

CANADA - 0.6%
	500,000	g	Bank of Montreal		2.500		01/11/22		503,579
	1,100,000	g	Eldorado Gold Corp		6.125		12/15/20		1,130,250
			TOTAL CANADA						1,633,829

CHILE - 0.3%
	1,050,000	g	Inversiones CMPC S.A.		4.375		04/04/27		1,052,032
			TOTAL CHILE						1,052,032

CHINA - 0.3%
	1,000,000	z	Want Want China Finance Ltd		2.875		04/27/22		995,433
			TOTAL CHINA						995,433

COLOMBIA – 0.3%
	1,000,000		Ecopetrol S.A.		5.375		06/26/26		1,025,000
			TOTAL COLOMBIA						1,025,000

CROATIA – 0.1%
	300,000	g	Hrvatska Elektroprivreda		5.875		10/23/22		322,195
			TOTAL CROATIA						322,195

FRANCE – 0.8%
EUR	400,000		Credit Agricole S.A.		0.875		01/19/22		444,208
	800,000		Engie S.A.		2.375		05/19/26		970,720
	400,000		Societe Generale S.A.		0.750		02/19/21		443,487
	500,000		Total Capital International S.A.		2.500		03/25/26		619,356
			TOTAL FRANCE						2,477,771

GERMANY – 1.5%
EUR	200,000		Bayer AG.		1.875		01/25/21		231,440
GBP	400,000		BMW Finance NV		0.875		08/16/22		508,878

342

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

EUR	400,000		Daimler AG.		0.875	%	01/12/21	$	447,132
	800,000		Deutsche Bank AG.		1.250		09/08/21		882,628
	600,000		Deutsche Telekom International Finance BV		1.500		04/03/28		658,532
	350,000	g,o	IHO Verwaltungs GmbH		3.750		09/15/26		397,167
$	600,000	g	Schaeffler Finance BV		4.750		05/15/23		625,500
GBP	300,000		Volkswagen Financial Services NV		1.750		04/17/20		394,240
$	350,000	g	ZF North America Capital, Inc		4.750		04/29/25		364,025
			TOTAL GERMANY						4,509,542

INDIA – 0.3%
	1,000,000	g	Adani Ports & Special Economic Zone Ltd		3.950		01/19/22		1,014,363
			TOTAL INDIA						1,014,363

IRELAND – 0.1%
	150,000	g	Park Aerospace Holdings Ltd		5.250		08/15/22		158,437
	150,000	g	Park Aerospace Holdings Ltd		5.500		02/15/24		158,625
			TOTAL IRELAND						317,062

ISRAEL – 0.3%
	900,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		837,959
			TOTAL ISRAEL						837,959

ITALY – 0.3%
EUR	250,000		Enel Finance International NV		5.000		09/14/22		336,112
	600,000		Intesa Sanpaolo S.p.A		3.500		01/17/22		727,600
			TOTAL ITALY						1,063,712

KAZAKHSTAN – 0.6%
$	1,000,000	g	KazMunayGas National Co JSC		3.875		04/19/22		1,001,448
	500,000	g	Tengizchevroil Finance Co International Ltd		4.000		08/15/26		483,250
			TOTAL KAZAKHSTAN						1,484,698

LUXEMBOURG – 0.6%
EUR	1,600,000	g	Altice Luxembourg S.A.		7.250		05/15/22		1,841,090
			TOTAL LUXEMBOURG						1,841,090

MEXICO – 0.9%
$	1,000,000	g	Banco Inbursa S.A. Institucion de Banca Multiple		4.375		04/11/27		980,000
	275,000		Petroleos Mexicanos		4.875		01/24/22		284,213
	1,125,000	g	Petroleos Mexicanos		5.375		03/13/22		1,182,656
EUR	200,000		Petroleos Mexicanos		1.875		04/21/22		213,469
			TOTAL MEXICO						2,660,338

NETHERLANDS – 1.1%
$	300,000		AerCap Ireland Capital Ltd		4.625		10/30/20		318,530
EUR	750,000		Cooperatieve Rabobank UA		4.125		09/14/22		955,129
	300,000		Heineken NV		2.875		08/04/25		373,660
	850,000	g	Lincoln Finance Ltd		6.875		04/15/21		995,348
	475,000		Shell International Finance BV		1.875		09/15/25		560,077
			TOTAL NETHERLANDS						3,202,744

343

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

RUSSIA – 1.0%
GBP	800,000	z	Gazprom OAO Via Gaz Capital S.A.		4.250	%	04/06/24	$	1,058,325
$	925,000	g	LUKOIL International Finance BV		6.125		11/09/20		1,017,185
	1,000,000	g	Phosagro OAO via Phosagro Bond Funding DAC		3.950		11/03/21		1,000,940
			TOTAL RUSSIA						3,076,450

SAUDI ARABIA – 0.4%
	1,250,000	g	KSA Sukuk Ltd		3.628		04/20/27		1,255,675
			TOTAL SAUDI ARABIA						1,255,675

SOUTH AFRICA – 0.1%
	300,000	g	Transnet SOC Ltd		4.000		07/26/22		292,223
			TOTAL SOUTH AFRICA						292,223

SPAIN – 0.5%
EUR	900,000		Iberdrola International BV		1.125		04/21/26		975,456
	400,000		Repsol International Finance BV		3.625		10/07/21		496,855
			TOTAL SPAIN						1,472,311

SWEDEN – 1.1%
SEK	23,500,000		Skandinaviska Enskilda Banken AB		1.500		12/15/21		2,763,840
	350,000	g	Stena AB		7.000		02/01/24		332,500
			TOTAL SWEDEN						3,096,340

SWITZERLAND – 1.6%
EUR	400,000		Credit Suisse Group Funding Guernsey Ltd		1.250		04/14/22		442,953
GBP	500,000		Credit Suisse Group Funding Guernsey Ltd		3.000		05/27/22		680,746
	1,000,000		Glencore Finance Europe S.A.		6.500		02/27/19		1,412,639
EUR	700,000		Swiss Re Admin Re Ltd		1.375		05/27/23		779,219
	900,000		Tyco Electronics Group S.A.		1.100		03/01/23		992,666
			TOTAL SWITZERLAND						4,308,223

TURKEY – 0.8%
$	700,000	g,i	Akbank TAS		7.200		03/16/27		745,287
	600,000	g	Turkiye Halk Bankasi AS.		5.000		07/13/21		588,160
	850,000	g	Turkiye Is Bankasi		6.125		04/25/24		863,124
			TOTAL TURKEY						2,196,571

UNITED KINGDOM – 2.5%
GBP	600,000		BAE Systems plc		4.125		06/08/22		878,693
	600,000		BAT International Finance plc		1.750		07/05/21		789,119
EUR	400,000		BAT Netherlands Finance BV		2.375		01/19/23		472,967
GBP	125,000		British Telecommunications plc		5.750		12/07/28		215,576
EUR	600,000		Delphi Automotive plc		1.600		09/15/28		640,359
	500,000		Diageo Finance plc		2.375		05/20/26		604,695
	600,000		FCE Bank plc		1.134		02/10/22		660,723
GBP	400,000		Unilever plc		2.000		12/19/18		529,191
EUR	1,950,000	g	Virgin Media Finance plc		4.500		01/15/25		2,216,509
			TOTAL UNITED KINGDOM						7,007,832

344

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

UNITED STATES – 10.4%
EUR	2,150,000	g	Adient Global Holdings Ltd		3.500	%	08/15/24	$	2,396,947
GBP	825,000	g	AMC Entertainment Holdings, Inc		6.375		11/15/24		1,151,960
EUR	750,000		American Tower Corp		1.375		04/04/25		818,882
	570,000	g	Aramark International Finance Sarl		3.125		04/01/25		642,856
	250,000		AT&T, Inc		3.500		12/17/25		318,374
	950,000		Axalta Coating Systems Dutch Holding BV		37.500		01/15/25		1,092,859
	350,000		Ball Corp		4.375		12/15/23		426,014
	1,600,000	g	Gates Global LLC		5.750		07/15/22		1,787,497
	300,000		General Electric Co		1.875		05/28/27		351,862
	600,000		General Motors Financial International BV		1.168		05/18/20		668,633
	500,000		Goldman Sachs Group, Inc		2.000		07/27/23		575,183
$	500,000	g	Hyundai Capital America		1.750		09/27/19		491,820
EUR	900,000		Illinois Tool Works, Inc		1.250		05/22/23		1,018,101
	1,300,000		International Game Technology plc		4.750		02/15/23		1,546,874
	600,000		Johnson & Johnson		1.150		11/20/28		665,866
	900,000		Johnson Controls International plc		1.000		09/15/23		979,060
	1,300,000		Kinder Morgan, Inc		2.250		03/16/27		1,450,655
	1,400,000		Liberty Mutual Group, Inc		2.750		05/04/26		1,641,743
	500,000		McKesson Corp		1.500		11/17/25		552,016
GBP	250,000		McKesson Corp		3.125		02/17/29		335,503
$	350,000		MGM Resorts International		4.625		09/01/26		349,125
EUR	100,000		Mondelez International, Inc		2.375		03/06/35		105,520
	250,000		Mylan NV		1.250		11/23/20		279,128
	350,000	g	OI European Group BV		3.125		11/15/24		384,809
	900,000		PepsiCo, Inc		0.875		07/18/28		948,092
	500,000		ProLogis LP		3.000		06/02/26		619,285
$	350,000	g	Sensata Technologies BV		5.000		10/01/25		357,437
EUR	1,250,000	g	Silgan Holdings, Inc		3.250		03/15/25		1,381,739
	200,000		Simon International Finance S.C.A		1.250		05/13/25		219,447
	900,000		Southern Power Co		1.850		06/20/26		987,780
$	1,000,000		Sunoco Logistics Partners Operations LP		5.350		05/15/45		998,063
EUR	900,000		SYSCO Corp		1.250		06/23/23		997,193
	1,700,000		Thermo Fisher Scientific, Inc		1.375		09/12/28		1,789,565
	400,000		Wells Fargo & Co		1.375		10/26/26		435,179
GBP	300,000		Welltower, Inc		4.800		11/20/28		461,279
EUR	400,000		Whirlpool Finance Luxembourg Sarl		1.250		11/02/26		434,698
	800,000	g	XPO Logistics, Inc		5.750		06/15/21		916,790
			TOTAL UNITED STATES						30,577,834

			TOTAL CORPORATE BONDS						81,769,721
			(Cost $81,428,137)

GOVERNMENT BONDS - 67.3%

ARGENTINA – 1.1%
CHF	2,000,000	z	Argentine Republic Government International Bond		3.375		10/12/20		2,050,251
$	1,000,000	g	Provincia de Buenos Aires		7.875		06/15/27		1,043,930
			TOTAL ARGENTINA						3,094,181

345

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

AUSTRALIA – 2.8%
AUD	4,325,000		Australia Government International Bond		3.250	%	10/21/18	$	3,315,755
	2,250,000		Australia Government International Bond		5.750		05/15/21		1,932,506
	1,450,000		Australia Government International Bond		3.750		04/21/37		1,172,671
	1,000,000		New South Wales Treasury Corp		4.000		04/08/21		801,558
	995,000		Treasury Corp of Victoria		6.000		06/15/20		834,703
			TOTAL AUSTRALIA						8,057,193

BELGIUM – 1.2%
EUR	2,050,000	g	Belgium Government International Bond		1.000		06/22/31		2,196,523
	1,300,000	g	Kingdom of Belgium Government Bond		1.900		06/22/38		1,529,412
			TOTAL BELGIUM						3,725,935

BERMUDA – 1.0%
$	2,700,000	g	Bermuda Government International Bond		4.854		02/06/24		2,864,241
			TOTAL BERMUDA						2,864,241

BRAZIL – 0.6%
BRL	5,650,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/19		1,799,468
			TOTAL BRAZIL						1,799,468

CANADA – 2.9%
CAD	2,450,000		Canadian Government International Bond		0.500		02/01/19		1,788,489
	1,500,000		Canadian Government International Bond		0.750		03/01/21		1,091,773
	2,315,000		Canadian Government International Bond		5.000		06/01/37		2,523,308
	2,450,000		Province of British Columbia Canada		2.550		06/18/27		1,853,317
	1,620,000		Province of British Columbia Canada		3.200		06/18/44		1,224,034
			TOTAL CANADA						8,480,921

COLOMBIA – 0.4%
COP	2,920,000,000		Colombian TES		7.000		05/04/22		1,042,232
			TOTAL COLOMBIA						1,042,232

DENMARK – 0.3%
DKK	4,565,000		Denmark Government International Bond		1.750		11/15/25		750,955
			TOTAL DENMARK						750,955

EGYPT – 0.5%
$	1,500,000	g	Egypt Government International Bond		7.500		01/31/27		1,618,935
			TOTAL EGYPT						1,618,935

FRANCE – 4.2%
	750,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		01/13/20		751,936
EUR	400,000		Caisse d’Amortissement de la Dette Sociale		1.375		11/25/24		465,998
	1,293,000		France Government Bond OAT		1.750		11/25/24		1,553,304
	3,650,000		France Government Bond OAT		1.500		05/25/31		4,131,869
	2,340,000		French Republic Government Bond OAT		1.000		05/25/21		2,578,797
	1,675,000		French Republic Government Bond OAT		0.250		11/25/26		1,737,105
	700,000	g	French Republic Government Bond OAT		1.750		06/25/39		783,724
			TOTAL FRANCE						12,002,733

346

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

GERMANY - 0.8%
EUR	600,000		Kreditanstalt fuer Wiederaufbau		1.500	%	06/11/24	$	716,330
	700,000		State of North Rhine-Westphalia		0.125		03/16/23		762,427
	700,000		State of North Rhine-Westphalia		2.000		10/15/25		860,081
			TOTAL GERMANY						2,338,838

HONDURAS - 0.5%
$	700,000	g	Honduras Government International Bond		7.500		03/15/24		775,691
	700,000	g	Honduras Government International Bond		6.250		01/19/27		725,396
			TOTAL HONDURAS						1,501,087

INDIA - 0.5%
	1,000,000	g	Export-Import Bank of India		3.375		08/05/26		962,252
	500,000		Indian Railway Finance Corp Ltd		3.917		02/26/19		513,086
			TOTAL INDIA						1,475,338

INDONESIA - 1.3%
EUR	1,395,000	g	Indonesia Government International Bond		2.625		06/14/23		1,589,840
IDR	13,820,000,000		Indonesia Treasury Bond		8.250		07/15/21		1,090,704
$	1,000,000	z	Lembaga Pembiayaan Ekspor Indonesia		3.875		04/06/24		1,008,786
			TOTAL INDONESIA						3,689,330

IRELAND - 1.2%
EUR	1,075,000		Ireland Government International Bond		3.900		03/20/23		1,426,848
	1,840,000		Ireland Government International Bond		1.000		05/15/26		2,029,606
			TOTAL IRELAND						3,456,454

ISRAEL - 0.7%
ILS	5,250,000		Israel Government Bond-Fixed		5.500		01/31/42		1,981,052
			TOTAL ISRAEL						1,981,052

ITALY - 4.7%
EUR	6,380,000		Italy Buoni Poliennali Del Tesoro		0.450		06/01/21		6,901,098
	2,560,000	g	Italy Buoni Poliennali Del Tesoro		4.750		08/01/23		3,348,189
	1,620,000		Italy Buoni Poliennali Del Tesoro		1.600		06/01/26		1,696,020
	1,865,000		Italy Buoni Poliennali Del Tesoro		2.200		06/01/27		2,038,029
			TOTAL ITALY						13,983,336

JAPAN - 14.6%
JPY	50,000,000		Japan Finance Corp		0.001		09/26/22		448,434
	13,000,000		Japan Finance Organization for Municipalities		0.440		08/15/25		120,377
	21,000,000		Japan Finance Organization for Municipalities		0.320		01/19/26		192,622
	30,000,000		Japan Finance Organization for Municipalities		0.145		02/16/26		271,023
	14,000,000		Japan Finance Organization for Municipalities		0.020		05/22/26		125,030
	738,150,000		Japan Government Five Year Bond		0.200		06/20/19		6,676,710
	119,600,000		Japan Government Five Year Bond		0.100		06/20/20		1,082,109
	650,450,000		Japan Government Ten Year Bond		0.100		09/20/26		5,891,895
	374,950,000		Japan Government Thirty Year Bond		2.500		09/20/34		4,529,204
	457,700,000		Japan Government Thirty Year Bond		0.500		09/20/46		3,808,043
	404,600,000		Japan Government Twenty Year Bond		1.900		03/22/21		3,923,032
	490,000,000		Japan Government Twenty Year Bond		2.100		03/20/26		5,226,396
	229,000,000		Japan Government Twenty Year Bond		1.800		09/20/31		2,503,895

347

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

JPY	117,000,000		Japan Government Twenty Year Bond		1.700	%	03/20/32	$	1,267,103
	470,000,000		Japan Government Twenty Year Bond		0.600		12/20/36		4,249,723
	160,000,000		Japan Government Twenty Year Bond		0.700		03/20/37		1,469,920
	180,000,000		Japan Government Two Year Bond		0.100		02/15/19		1,623,499
			TOTAL JAPAN						43,409,015

KOREA, REPUBLIC OF - 3.8%
$	500,000	g	Korea Housing Finance Corp		2.000		10/11/21		484,575
KRW	4,068,000,000		Korea Treasury Bond		1.750		12/10/18		3,585,342
	2,128,400,000		Korea Treasury Bond		2.000		03/10/21		1,884,553
	6,234,500,000		Korea Treasury Bond		1.375		09/10/21		5,372,047
			TOTAL KOREA, REPUBLIC OF						11,326,517

LEBANON - 0.8%
$	2,250,000	z	Lebanon Government International Bond		6.850		03/23/27		2,306,250
			TOTAL LEBANON						2,306,250

MEXICO - 0.9%
MXN	24,000,000		Mexican Bonos		8.000		12/07/23		1,334,688
	23,500,000		Mexican Bonos		5.750		03/05/26		1,133,915
			TOTAL MEXICO						2,468,603

MONGOLIA - 0.5%
$	1,500,000	g	Mongolia Government International Bond		4.125		01/05/18		1,494,000
			TOTAL MONGOLIA						1,494,000

NEW ZEALAND - 0.1%
NZD	525,000		New Zealand Government International Bond		4.500		04/15/27		404,546
			TOTAL NEW ZEALAND						404,546

NORWAY - 1.0%
NOK	14,700,000	g	Norway Government International Bond		3.750		05/25/21		1,900,796
	8,670,000	g	Norway Government International Bond		1.500		02/19/26		1,006,465
			TOTAL NORWAY						2,907,261

PERU - 0.6%
PEN	4,480,000	g	Peruvian Government International Bond		8.200		08/12/26		1,635,953
			TOTAL PERU						1,635,953

POLAND - 1.2%
PLN	8,165,000		Poland Government International Bond		4.000		10/25/23		2,219,317
	4,000,000		Republic of Poland Government International Bond		3.250		07/25/19		1,056,610
			TOTAL POLAND						3,275,927

RUSSIA - 0.9%
RUB	150,500,000		Russian Federal Bond - OFZ		7.000		01/25/23		2,574,660
			TOTAL RUSSIA						2,574,660

SAUDI ARABIA - 0.7%
$	2,200,000	g	Saudi Government International Bond		2.375		10/26/21		2,162,446
			TOTAL SAUDI ARABIA						2,162,446

348

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

SOUTH AFRICA - 1.0%
ZAR	16,950,000		South Africa Government International Bond		10.500	%	12/21/26	$	1,415,409
	16,500,000		South Africa Government International Bond		7.000		02/28/31		1,026,496
	7,800,000		South Africa Government International Bond		8.750		01/31/44		532,909
			TOTAL SOUTH AFRICA						2,974,814

SPAIN - 3.8%
EUR	1,100,000		Instituto de Credito Oficial		4.375		05/20/19		1,308,760
	1,150,000		Spain Government International Bond		0.750		07/30/21		1,283,003
	2,210,000		Spain Government International Bond		0.400		04/30/22		2,403,652
	950,000	g	Spain Government International Bond		4.400		10/31/23		1,266,258
	1,675,000	g	Spain Government International Bond		2.750		10/31/24		2,030,030
	1,500,000	g	Spain Government International Bond		4.200		01/31/37		2,046,793
	825,000	g	Spain Government International Bond		2.900		10/31/46		888,887
			TOTAL SPAIN						11,227,383

SUPRANATIONAL - 2.4%
INR	192,300,000		Asian Development Bank		6.200		10/06/26		2,959,665
IDR	11,300,000,000	g	European Investment Bank		7.200		07/09/19		852,565
SEK	9,070,000		European Investment Bank		1.250		05/12/25		1,043,339
IDR	4,400,000,000		Inter-American Development Bank		7.350		09/12/18		333,178
NZD	850,000		Inter-American Development Bank		3.500		05/15/21		591,206
AUD	1,150,000		Inter-American Development Bank		4.750		08/27/24		961,833
NZD	500,000		International Bank for Reconstruction & Development		3.375		01/25/22		344,916
			TOTAL SUPRANATIONAL						7,086,702

SWEDEN - 1.1%
SEK	15,450,000		Kommuninvest I Sverige AB		1.000		09/15/21		1,800,046
	5,500,000		Sweden Government International Bond		1.000		11/12/26		645,072
	7,805,000		Sweden Government International Bond		2.250		06/01/32		1,006,862
			TOTAL SWEDEN						3,451,980

THAILAND - 0.9%
THB	90,000,000		Thailand Government International Bond		1.875		06/17/22		2,562,250
			TOTAL THAILAND						2,562,250

TRINIDAD AND TOBAGO - 0.3%
$	925,000	g	Trinidad & Tobago Government International Bond		4.500		08/04/26		893,670
			TOTAL TRINIDAD AND TOBAGO						893,670

TURKEY - 0.6%
	400,000	g	Export Credit Bank of Turkey		5.375		10/24/23		401,313
	1,500,000		Turkey Government International Bond		6.000		03/25/27		1,607,219
			TOTAL TURKEY						2,008,532

UNITED KINGDOM - 7.4%
GBP	2,075,000		United Kingdom Gilt		1.750		07/22/19		2,787,827
	3,860,000		United Kingdom Gilt		1.500		01/22/21		5,229,944
	1,600,000		United Kingdom Gilt		0.500		07/22/22		2,073,251

349

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

GBP	1,580,000	United Kingdom Gilt		4.750	%	12/07/30	$	2,918,253
	2,025,000	United Kingdom Gilt		4.250		03/07/36		3,731,230
	4,275,000	United Kingdom Gilt		1.500		07/22/47		5,262,132
		TOTAL UNITED KINGDOM						22,002,637

		TOTAL GOVERNMENT BONDS						198,035,375
		(Cost $200,274,078)

		TOTAL BONDS						279,805,096
		(Cost $281,702,215)

SHORT-TERM INVESTMENTS - 7.5%

UNITED STATES - 7.5%
$	22,200,000	Federal Home Loan Bank (FHLB)		0.680		05/01/17		22,200,000
		TOTAL UNITED STATES						22,200,000

		TOTAL SHORT-TERM INVESTMENTS						22,200,000
		(Cost $22,200,000)
		TOTAL INVESTMENTS - 104.6%						307,794,430
		(Cost $309,697,652)
		OTHER ASSETS & LIABILITIES, NET - (4.6)%						(13,531,208	)
		NET ASSETS - 100.0%					$	294,263,222



					Abbreviation(s):

			AUD		Australian Dollar
			BRL		Brazilian Real
			CAD		Canadian Dollar
			CHF		Swiss Franc
			COP		Colombian Peso
			DKK		Danish Krone
			EUR		Euro
			GBP		Pound Sterling
			IDR		Indonesian Rupiah
			ILS		Israeli Shekel
			INR		Indian Rupee
			JPY		Japanese Yen
			KRW		South Korean Won
			MXN		Mexican Nuevo Peso
			NOK		Norwegian Krone
			NZD		New Zealand Dollar
			PEN		Peruvian Nuevo Sol
			PLN		Polish Zloty
			RUB		Russian Ruble
			SEK		Swedish Krona
			THB		Thailand Baht
			ZAR		South African Rand

350

TIAA-CREF FUNDS - International Bond Fund

	i		Floating or variable rate security. Coupon rate reflects the rate at period end.
	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 4/30/17, the aggregate value of these securities amounted to $67,847,443 or 23.1% of net assets.
	o		Payment in Kind Bond
	z		All or a portion of this security is owned by TIAA-CREF International Bond Offshore Limited, which is a 100.0% owned subsidiary of the Fund.

351

TIAA-CREF FUNDS - International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2017

				% OF
SECTOR	VALUE			NET ASSETS
GOVERNMENT	$	198,035,375			67.3	%
FINANCIALS		18,201,970			6.2
CONSUMER DISCRETIONARY		13,697,295			4.7
ENERGY		9,954,644			3.5
UTILITIES		9,493,037			3.3
INDUSTRIALS		8,086,417			2.7
MATERIALS		6,900,189			2.3
HEALTH CARE		6,580,190			2.2
TELECOMMUNICATION SERVICES		5,250,081			1.8
CONSUMER STAPLES		4,820,437			1.6
INFORMATION TECHNOLOGY		2,455,902			0.8
REAL ESTATE		2,118,893			0.7
SHORT-TERM INVESTMENTS		22,200,000			7.5
OTHER ASSETS & LIABILITIES, NET		(13,531,208	)		(4.6	)

NET ASSETS	$	294,263,222			100.0	%

352

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 16, 2017	By:	/s/ Bradley Finkle
		Bradley Finkle
		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 16, 2017	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)


Dated: June 16, 2017	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		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