TIAA-CREF Money Market Fund

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Please refer to the next page for important disclosure information.

TIAA-CREF FUNDS

TIAA-CREF Money Market Fund

Institutional Class

Money Market As of 9/30/2015

Portfolio Net Assets

$770.70 Million

Inception Date 7/01/1999

CUSIP 87244W706

Symbol TCIXX

Industry Average iMoneyNet Money Fund Averages™—All Taxable

Expense Ratio¹

Gross 0.14% | Net 0.14%

Portfolio Strategies

The fund seeks high current income consistent with maintaining liquidity and preserving capital. Generally, the fund seeks to maintain a share value of $1.00 per share. Investments will be made in accordance with the applicable rules governing the quality, maturity and diversification of securities and other instruments held by money market funds. The fund invests in debt obligations with a remaining maturity of 397 days or less. These include, but are not limited to, commercial paper, bank obligations, U.S. Government securities, other debt obligations issued by domestic or foreign companies. The fund will only purchase money market securities that are rated in the highest categories for short- term instruments. The fund may invest up to 30% of its assets in money market and debt instruments of foreign issuers denominated in U.S. dollars.

Morningstar Category

Money Market-Taxable

About the Industry Average

The iMoneyNet Money Fund Report

Averages—All Taxable is a simple average of over 1,000 taxable money market funds. You cannot invest directly in an industry average. Industry average returns do not reflect a deduction for fees and expenses.

Learn More

For more information please contact: 800 842-2252

Weekdays 8 a.m. to 10 p.m. ET, Saturdays 9 a.m. to 6 p.m. ET, or visit tiaa-cref.org

Performance

Total Return Average Annual Total Return Net Annualized Yield² (7 days ended 9/29/2015)

3 Months YTD 1 Year 5 Years 10 Years Since

Inception Current Effective TIAA-CREF Money Market

Fund³ ^0.01% 0.01% 0.01% 0.03% 1.46% 2.10% 0.05% 0.05%

iMoneyNet Money Fund

Averages—All Taxable ^0.01% 0.01% 0.02% 0.02% 1.22% 1.74%⁴ 0.02% 0.02%

Morningstar Money

Market-Taxable Average ^0.00% 0.01% 0.02% 0.02% 1.23% – – –

The returns quoted represent past performance, which is no guarantee of future results. 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 mutual fund shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org, or call 800 842-2252. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

1 A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited (“capped”), currently or in the past, returns would have been lower. Expense Cap Expiration Date: July 31, 2016. Please see the prospectus for details.

2 The current yield more closely reflects current earnings than does the total return.

3 Beginning August 27, 2013, part or all of the investment management fees are being voluntarily waived. In addition, the fund's investment adviser is reimbursing certain other fund expenses. Without these changes, the 7-day current and effective net annualized yields and total returns for the fund would have been lower. The suspension of reimbursements and the addition of waivers are voluntary and may be discontinued at any time without notice.

4 The performance shown above is computed from August 1999.

Morningstar Disclosure

Morningstar Rating and Morningstar Style Box (if shown), category information and risk disclosures provided by Morningstar, Inc. ©2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Neither TIAA nor its affiliates has independently verified the accuracy or completeness of this information.

The Morningstar Category classifies a fund based on its investment style as measured by underlying portfolio holdings (portfolio statistics and compositions over the past three years). If the fund is new and has no portfolio, Morningstar estimates where it will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information.

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TIAA-CREF FUNDS

TIAA-CREF Money Market Fund

Institutional Class

Money Market As of 9/30/2015

MM-Rev 2 10/16/2015 7:39:07 AM 7081

Portfolio Composition (As of 9/30/15)

Sector % of Net Assets

Commercial Paper 41.19%

U.S. Government Agency Securities 26.58% U.S. Treasury Bills / Notes 16.51% Floating Rate Securities,

Government

11.91%

Certificates of Deposit 3.76%

Asset-Backed Securities 0.04%

Other Assets & Liabilities, Net 0.01%

Current Asset Allocation (As of 9/30/15)

% of Net Assets Short-Term Investments, Other

Assets & Liabilities, Net

100.00%

Maturity Allocation (As of 9/30/15) Days % of Fixed Income Investments

0 - 30 Days 35.22%

31 - 60 Days 24.76%

61 - 90 Days 17.70%

91+ Days 22.32%

Important Information

Investment, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing.

An investment in a money market mutual fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S.

government agency. Money market mutual funds will attempt to maintain a stable net asset value of $1.00 per share, but it is possible to lose money by investing in these funds.

A Note About Risks

This money market mutual fund is subject to a number of risks, include the following:

Credit and Counterparty: The issuer or guarantor of a fixed-income security, counterparty to an OTC derivatives contract, or other borrower may not be able to make timely principal, interest, or settlement payments on an obligation. In this event, the issuer of a fixed-income security may have its credit rating downgraded or defaulted, which may reduce the potential for income and value of the portfolio. Fixed-Income Securities: The value of fixed-income or debt securities may be susceptible to general movements in the bond market and are subject to interest-rate and credit risk. Foreign Securities: Investments in foreign securities may be subject to increased volatility as the value of these securities can change more rapidly and extremely than can the value of U.S. securities. Foreign securities are subject to increased issuer risk because foreign issuers may not experience the same degree of regulation as U.S. issuers do and are held to different reporting, accounting, and auditing standards. In addition, foreign securities are subject to increased costs because there are generally higher commission rates on transactions, transfer taxes, higher custodial costs, and the potential for foreign tax charges on dividend and interest payments. Many foreign markets are relatively small, and securities issued in less-developed countries face the risks of nationalization, expropriation or confiscatory taxation, and adverse changes in investment or exchange control regulations, including suspension of the ability to transfer currency from a country. Economic, political, social, or diplomatic developments can also negatively impact performance. Income: The investment's income payments may decline depending on fluctuations in interest rates and the dividend payments of its underlying securities. In this event, some investments may attempt to pay the same dividend amount by returning capital. Interest Rate: Most securities are subject to the risk that changes in interest rates will reduce their market value. Issuer: A stake in any individual security is subject to the risk that the issuer of that security performs poorly, resulting in a decline in the security’s value. Issuer-related declines may be caused by poor management decisions, competitive pressures, technological breakthroughs, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, or other factors. Additionally, certain issuers may be more sensitive to adverse issuer, political, regulatory, market, or economic developments. Loss of Money: Because the investment’s market value may fluctuate up and down, an investor may lose money, including part of the principal, when he or she buys or sells the investment. Market/Market Volatility: The market value of the portfolio’s securities may fall rapidly or unpredictably because of changing economic, political, or market conditions, which may reduce the value of the portfolio. Money Market Fund: Money market funds are subject to the risk that they may not be able to maintain a stable net asset value of $1.00 per share. Investments in money market funds are not a deposit in a bank and are not guaranteed by the FDIC, any other governmental agency, or the advisor itself. Not FDIC Insured: The investment is not a deposit or obligation of, or guaranteed or endorsed by, any bank and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other U.S. governmental agency. Pricing: Some investments may not have a market observed price; therefore, values for these assets may be determined through a subjective valuation methodology. Fair values determined by a subjective methodology may differ from the actual value realized upon sale. Valuation methodologies may also be used to calculate a daily net asset value. Restricted/Illiquid Securities: Restricted and illiquid securities may fall in price because of an inability to sell the securities when desired. Investing in restricted securities may subject the portfolio to higher costs and liquidity risk.

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TIAA-CREF FUNDS

TIAA-CREF Bond Index Fund

Institutional Class

Fixed Income As of 9/30/2015

$6.05 Billion

CUSIP 87245M848

Symbol TBIIX

Benchmark Index

Barclays U.S. Aggregate Bond Index

Expense Ratio¹

Gross 0.12% | Net 0.12%

Portfolio Strategies

The fund seeks a favorable long-term total return, mainly from current income, by primarily investing in a portfolio of fixed-income securities that is designed to produce a return that corresponds with the total return of the U.S. investment-grade bond market based on a broad bond index. It typically invests at least 80% of its assets in bonds within its benchmark and portfolio tracking index. The fund uses a sampling technique to create a portfolio that closely matches the overall investment characteristics of its benchmark (including duration, sector diversification and credit quality) without investing in all of the securities in that index. Generally, the fund invests in a wide spectrum of public, investment-grade, taxable debt securities, including government securities, as well as mortgage-backed, commercial mortgaged-backed and asset-backed securities. It may invest in foreign securities only to the extent they are held in the index.

Morningstar Category

Intermediate-Term Bond

Morningstar Rating

^TM

Overall 3 Years 5 Years 10 Years

– 945 945 831 N/A

The Overall Morningstar Rating is based on risk- adjusted return, and is a weighted average of the applicable 3-, 5- and 10-year ratings.

Learn More

Performance

Total Return Average Annual Total Return

C

3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception TIAA-CREF Bond Index Fund 1.31% 1.19% 2.96% 1.58% 2.94% – 3.80%

Barclays U.S. Aggregate Bond

Index ^1.23% 1.13% 2.94% 1.71% 3.10% – 4.00%

Morningstar Intermediate-Term

Bond Average ^0.32% 0.33% 1.46% 1.58% 3.15% – –

The returns quoted represent past performance, which is no guarantee of future results. 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 mutual fund shares. For current performance information, including performance to the most recent month-end, please visit tiaa- cref.org, or call 800 842-2252. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

1 A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited (“capped”), currently or in the past, returns would have been lower. Expense Cap Expiration Date: July 31, 2016. Please see the prospectus for details.

Hypothetical Growth of $10,000

The chart illustrates the performance of a hypothetical $10,000 investment on September 14, 2009 and redeemed on September 30, 2015.

— TIAA-CREF Bond Index Fund $12,527

— Barclays U.S. Aggregate Bond Index $12,674

The total returns are not adjusted to reflect sales charges, the effects of taxation or redemption fees, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs.

9/15

$3,000

$5,000

$7,000

$9,000

$11,000

$13,000

$15,000

9/09 8/10 8/11 8/12 8/13 8/14 8/15

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TIAA-CREF FUNDS

TIAA-CREF Bond Index Fund

Institutional Class

Continued on next page… Portfolio Composition (As of 9/30/15)

U.S. Treasury Securities 35.72% Mortgage-Backed Securities

(Includes MPT & CMOS)

28.39%

Corporate Bonds 20.42%

Foreign Government And Corporate Bonds Denominated In U.S. Dollars

8.27%

U.S. Agency Securities 3.12%

CMBS 1.57%

Municipal Bonds 1.02%

Asset-Backed Securities 0.86%

Short-Term Investments, Other Assets & Liabilities, Net

0.63%

Current Asset Allocation (As of 9/30/15)

% of Net Assets

U.S. Fixed Income 91.10%

International Fixed Income 8.27% Short-Term Investments, Other

Assets & Liabilities, Net

0.63%

Top 10 Holdings² (As of 9/30/15)

Holding % of Net Assets

U.S. Treasury Note 1.375%, 02/29/20

1.33%

1.21%

1.04%

0.97%

0.94%

0.86%

0.85%

0.77%

Fund Facts

Average Maturity Nom 7.41 Years

Option-Adjusted Duration 5.54 Years Turnover

As of 3/31/15 20.0%

# Holdings 5,426

Please refer to the Fund Facts Definitions section.

Maturity Allocation (As of 9/30/15) Year(s) % of Fixed Income Investments

0 - 1 Year 3.22%

1 - 3 Years 17.84%

3 - 5 Years 33.73%

5 - 10 Years 31.51%

10+ Years 13.70%

About the Benchmark

The Barclays U.S. Aggregate Bond Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses.

Important Information

2 The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments and may exclude any temporary cash investments and equity index products. The holdings listed should not be considered a recommendation to buy or sell a particular security. Top holdings by issuer includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants as applicable.

Morningstar Disclosure

Morningstar Rating and Morningstar Style Box (if shown), category information and risk disclosures provided by Morningstar, Inc. ©2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Neither TIAA nor its affiliates has independently verified the accuracy or completeness of this information. The Morningstar Category classifies a fund based on its investment style as measured by underlying portfolio holdings (portfolio statistics and

compositions over the past three years). If the fund is new and has no portfolio, Morningstar estimates where it will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information.

To determine a fund's star rating for a given time period (three, five, or 10 years), the fund's risk-adjusted return (including the effects of sales charges, loads and redemption fees) is plotted on a bell curve. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% earn 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Where applicable, ratings are based on linked performance that considers the differences in expense ratios. Morningstar Rating^TM is for individual share classes only. Other classes may have different performance characteristics.

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TIAA-CREF FUNDS

TIAA-CREF Bond Index Fund

Institutional Class

Continued on next page…

A Note About Risks

This fund is subject to a number of risks, which include the following:

Credit and Counterparty: The issuer or guarantor of a fixed-income security, counterparty to an OTC derivatives contract, or other borrower may not be able to make timely principal, interest, or settlement payments on an obligation. In this event, the issuer of a fixed-income security may have its credit rating downgraded or defaulted, which may reduce the potential for income and value of the portfolio. Extension: The issuer of a security may repay principal more slowly than expected because of rising interest rates. In this event, short- and medium-duration securities are effectively converted into longer-duration securities, increasing their sensitivity to interest-rate changes and causing their prices to decline. Fixed-Income Securities: The value of fixed-income or debt securities may be susceptible to general movements in the bond market and are subject to interest-rate and credit risk. Foreign Securities: Investments in foreign securities may be subject to increased volatility as the value of these securities can change more rapidly and extremely than can the value of U.S. securities. Foreign securities are subject to increased issuer risk because foreign issuers may not experience the same degree of regulation as U.S. issuers do and are held to different reporting, accounting, and auditing standards. In addition, foreign securities are subject to increased costs because there are generally higher commission rates on transactions, transfer taxes, higher custodial costs, and the potential for foreign tax charges on dividend and interest payments. Many foreign markets are relatively small, and securities issued in less-developed countries face the risks of nationalization, expropriation or confiscatory taxation, and adverse changes in investment or exchange control regulations, including suspension of the ability to transfer currency from a country. Economic, political, social, or diplomatic developments can also negatively impact performance. Income: The investment's income payments may decline depending on fluctuations in interest rates and the dividend payments of its underlying securities. In this event, some investments may attempt to pay the same dividend amount by returning capital. Index Correlation/Tracking Error: A portfolio that tracks an index is subject to the risk that certain factors may cause the portfolio to track its target index less closely, including if the advisor selects securities that are not fully representative of the index. The portfolio will generally reflect the performance of its target index even if the index does not perform well, and it may underperform the index after factoring in fees, expenses, transaction costs, and the size and timing of shareholder purchases and redemptions. Interest Rate: Most securities are subject to the risk that changes in interest rates will reduce their market value. Issuer: A stake in any individual security is subject to the risk that the issuer of that security performs poorly, resulting in a decline in the security’s value. Issuer-related declines may be caused by poor management decisions, competitive pressures, technological breakthroughs, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, or other factors.

Additionally, certain issuers may be more sensitive to adverse issuer, political, regulatory, market, or economic developments. Loss of Money: Because the investment’s market value may fluctuate up and down, an investor may lose money, including part of the principal, when he or she buys or sells the

investment. Market/Market Volatility: The market value of the portfolio’s securities may fall rapidly or unpredictably because of changing economic, political, or market conditions, which may reduce the value of the portfolio. Not FDIC Insured: The investment is not a deposit or obligation of, or guaranteed or endorsed by, any bank and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other U.S. governmental agency. Prepayment (Call): The issuer of a debt security may be able to repay principal prior to the security’s maturity because of an improvement in its credit quality or falling interest rates. In this event, this principal may have to be reinvested in securities with lower interest rates than the original securities, reducing the potential for income. Pricing: Some investments may not have a market observed price; therefore, values for these assets may be determined through a subjective valuation methodology. Fair values determined by a subjective methodology may differ from the actual value realized upon sale. Valuation methodologies may also be used to calculate a daily net asset value. Restricted/Illiquid Securities: Restricted and illiquid securities may fall in price because of an inability to sell the securities when desired. Investing in restricted securities may subject the portfolio to higher costs and liquidity risk.

Fund Facts Definitions

Average Maturity refers to the average time to maturity (the date a principal amount of a security becomes due or payable) of all the debt securities held in a portfolio. A relatively short average maturity results in smaller price fluctuations in response to changes in market rates of interest. A short average maturity subjects the owner of a debt portfolio to the risk that maturing debt will be replaced with debt carrying a lower interest rate.

Option-Adjusted Duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates. It takes into account options embedded in the individual securities that might result in early repayment of principal, thereby shortening their duration. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.

Turnover is calculated by dividing the lesser of purchases or sales by the average value of portfolio assets during a period. Turnover is based on the portfolio's fiscal year end and is not annualized if the reporting period covers less than 12 months. If a turnover rate is not shown, it typically indicates a newly operational fund that has not yet been required to report turnover in its regulatory filings or, more rarely, the turnover rate was 0.00%.

# Holdings refers to the total number of individual security positions held in a portfolio on a given date.

FI- Rev 2 10/16/2015 7:06:44 AM 7700

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Large

Medium

Small

Value Blend Growth

TIAA-CREF FUNDS

TIAA-CREF Equity Index Fund

Institutional Class

Equities | Domestic As of 9/30/2015

$9.20 Billion

CUSIP 87244W508

Symbol TIEIX

Benchmark Index Russell 3000^® Index

Expense Ratio¹

Gross 0.05% | Net 0.05%

Portfolio Strategies

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities selected to track the overall U.S. equity markets based on a market index. It normally invests at least 80% of its assets in equity securities within its benchmark index. The fund buys most, but not necessarily all, of the stocks within its benchmark, and will attempt to closely match the overall investment

characteristics of this index.

Morningstar Category

Large Blend

Morningstar Rating

^TM

1,391 1,391 1,242 878 The Overall Morningstar Rating is based on risk- adjusted return, and is a weighted average of the applicable 3-, 5- and 10-year ratings.

Morningstar Style Box

^TM

The Morningstar Style Box™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

Learn More

Performance

C

3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception TIAA-CREF Equity Index Fund -7.21% -5.42% -0.48% 12.49% 13.22% 6.90% 4.49%

Russell 3000 Index -7.25% -5.45% -0.49% 12.53% 13.28% 6.92% 4.57%

Morningstar Large Blend Average -7.53% -6.48% -2.48% 11.28% 11.68% 5.97% – The returns quoted represent past performance, which is no guarantee of future results. 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 mutual fund shares. For current performance information, including performance to the most recent month-end, please visit tiaa- cref.org, or call 800 842-2252. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

1 A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited (“capped”), currently or in the past, returns would have been lower. Expense Cap Expiration Date: February 29, 2016. Please see the prospectus for details.

—

— TIAA-CREF Equity Index Fund $19,488

—

— Russell 3000 Index $19,523

9/15

$1,500

$6,500

$11,500

$16,500

$21,500

$26,500

9/05 3/07 9/08 3/10 9/11 3/13 9/14

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TIAA-CREF FUNDS

TIAA-CREF Equity Index Fund

Institutional Class

Information Technology 19.43%

Financials 18.40%

Health Care 14.26%

Consumer Discretionary 13.61%

Industrials 10.60%

Consumer Staples 8.63%

Energy 6.30% Utilities 3.17% Materials 3.10% Telecommunication Services 2.16% Short-Term Investments, Other

Assets & Liabilities, Net 0.34%

Current Asset Allocation³ (As of 9/30/15)

% of Net Assets

U.S. Equity 99.64%

International Equity 0.02%

Short-Term Investments, Other

Apple, Inc 3.01%

Google, Inc 1.72%

Microsoft Corp 1.69%

Exxon Mobil Corp 1.47%

Johnson & Johnson 1.22%

General Electric Co 1.20%

Berkshire Hathaway, Inc (Class B) 1.14%

Wells Fargo & Co 1.13%

JPMorgan Chase & Co 1.07%

AT&T, Inc 0.94%

Holdings by Company Size (As of 9/30/15)

% of Equity Investments Mega Cap (Over $50 Billion) 47.93% Large Cap ($15 Billion - $50 Billion) 24.55% Mid Cap ($2 Billion - $15 Billion) 22.28% Small Cap (Under $2 Billion) 5.24%

Portfolio Statistics

Portfolio Benchmark

Alpha (3 Yr)* 0.01 –

Beta (3 Yr)* 1.00 –

EPS Growth

(1 Yr Forecast) 8.76% 8.75%

Market Cap --

$-Weighted Median $46.92 $46.92 Market Cap --

$-Wtd Avg -- $ billions $104.90 $104.86 P/E Ratio (1 Yr Forecast) 15.59 15.59

Price/Book 2.52 2.53

R Squared (3 Yr)* 1.00 –

Return on Equity

(5 Yr Average) 17.45% 17.26%

Sharpe Ratio (3 Yr)* 1.26 1.24 Standard Deviation

(3 Yr Annualized)* 9.88 9.92

Turnover

As of 10/31/14 6.0% –

# Holdings 2,977 –

Please refer to Portfolio Statistics Definitions section.

*Risk statistics are calculated based on the share class shown.

About the Benchmark

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

Important Information

3 Short-Term Investments, Other Assets & Liabilities, Net include $306.4 M of securities lending collateral.

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TIAA-CREF FUNDS

TIAA-CREF Equity Index Fund

Institutional Class

Morningstar Disclosure

Morningstar Rating and Morningstar Style Box (if shown), category information and risk disclosures provided by Morningstar, Inc. ©2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Neither TIAA nor its affiliates has independently verified the accuracy or completeness of this information. The Morningstar Category classifies a fund based on its investment style as measured by underlying portfolio holdings (portfolio statistics and

A Note About Risks

Index Correlation/Tracking Error: A portfolio that tracks an index is subject to the risk that certain factors may cause the portfolio to track its target index less closely, including if the advisor selects securities that are not fully representative of the index. The portfolio will generally reflect the performance of its target index even if the index does not perform well, and it may underperform the index after factoring in fees, expenses, transaction costs, and the size and timing of shareholder purchases and redemptions. Issuer: A stake in any individual security is subject to the risk that the issuer of that security performs poorly, resulting in a decline in the security’s value. Issuer-related declines may be caused by poor management decisions, competitive pressures, technological breakthroughs, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, or other factors. Additionally, certain issuers may be more sensitive to adverse issuer, political, regulatory, market, or economic developments. Large Cap: Concentrating assets in large-capitalization stocks may subject the portfolio to the risk that those stocks underperform other capitalizations or the market as a whole. Large- cap companies may be unable to respond as quickly as small- and mid-cap companies can to new competitive pressures and may lack the growth potential of those securities. Historically, large-cap companies do not recover as quickly as smaller companies do from market declines. Loss of Money: Because the investment’s market value may fluctuate up and down, an investor may lose money, including part of the principal, when he or she buys or sells the

investment. Market/Market Volatility: The market value of the portfolio’s securities may fall rapidly or unpredictably because of changing economic, political, or market conditions, which may reduce the value of the portfolio. Mid-Cap: Concentrating assets in mid-capitalization stocks may subject the portfolio to the risk that those stocks underperform other capitalizations or the market as a whole. Mid-cap companies may be subject to increased liquidity risk compared with large-cap companies and may experience greater price volatility than do those securities because of more-limited product lines or financial resources, among other factors. Not FDIC Insured: The investment is not a deposit or obligation of, or guaranteed or endorsed by, any bank and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other U.S. governmental agency. Small Cap: Concentrating assets in small- capitalization stocks may subject the portfolio to the risk that those stocks underperform other capitalizations or the market as a whole. Smaller, less- seasoned companies may be subject to increased liquidity risk compared with mid- and large-cap companies and may experience greater price volatility than do those securities because of limited product lines, management experience, market share, or financial resources, among other factors.

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TIAA-CREF FUNDS

TIAA-CREF Equity Index Fund

Institutional Class

Portfolio Statistics Definitions

Alpha (3 Yr) is a risk statistic used to measure performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of an investment and compares its risk-adjusted performance to a benchmark. The risk-adjusted excess return of the investment relative to the return of the benchmark is an investment's alpha.

Beta (3 Yr) is a risk statistic used to measure the magnitude of past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). If a security has a beta greater than 1, that security’s price can be expected to be more volatile than the market.

EPS Growth (1 Yr Forecast) is the rate at which earnings per share are projected to grow during the upcoming twelve months. This forecast is not indicative of the investment's future performance.

Market Cap -- $-Weighted Median is a measure of the market value of a portfolio's investments using the median (middle) holding as determined by dollars invested. Half of the portfolio’s assets are invested in companies larger than the median, and half are in companies smaller than the median. Holdings with a larger percentage of net assets in the portfolio are assigned a greater weight.

Market Cap -- $-Wtd Avg -- $ billions is a measure of the size of the portfolio's equity holdings using the average holding as determined by dollars invested. Holdings with a larger percentage of net assets in the portfolio are assigned a greater weight.

P/E Ratio (1 Yr Forecast) is the price of a stock divided by its forecasted earnings per share for the next 12-month period. Price/Book is the ratio of a stock's total market capitalization to the company's net assets.

R Squared (3 Yr) is a risk statistic that measures how much of an investment’s performance can be explained by the returns from the overall market (or benchmark index). If an investment’s total return precisely matched that of the overall market or benchmark, its R squared would be 1.00. If an investment’s return bore no relationship to the market’s returns, its R squared would be 0.

Return on Equity (5 Yr Average) relates a company’s profitability to its shareholders’ equity. A high ROE indicates that the portfolio is invested in companies that historically have been quite profitable, though care should be taken when using this number because it can be impacted, positively or negatively, by how much a firm's assets are financed with debt as opposed to equity.

Sharpe Ratio (3 Yr) is a risk statistic used to measure the excess return per unit of risk in an investment asset. The higher the Sharpe ratio, the better the return. Excess return is the rate of return above and beyond the risk-free rate, which is usually the T-bill rate, or in excess of a market measure, such as an index fund.

Standard Deviation (3 Yr Annualized) is a risk statistic that measures an investment's past volatility, based on a sample. The higher the standard deviation, the higher the volatility. It is not a measure of performance and should not be considered relative to an investment's annual returns. Please note that past standard deviation is not a predictor of future volatility or risk.

EQ-Rev 2 10/16/2015 7:11:56 AM 7078

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Large

Medium

Small

Value Blend Growth

TIAA-CREF FUNDS

TIAA-CREF International Equity Index Fund

Institutional Class

Equities | Foreign As of 9/30/2015

$5.98 Billion

CUSIP 87244W516

Symbol TCIEX

Benchmark Index MSCI EAFE Index

Expense Ratio¹

Gross 0.06% | Net 0.06%

Portfolio Strategies

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of foreign equity investments based on a market index. It normally invests at least 80% of its assets in securities within its benchmark index. The fund buys most, but not necessarily all, of the stocks within its benchmark, and will attempt to closely match the overall investment characteristics of this index.

Morningstar Category

Foreign Large Blend

Morningstar Rating

^TM

685 685 594 336 The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5- and 10-year ratings.

Morningstar Style Box

^TM

The Morningstar Style Box™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

Learn More

Performance

C

3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception TIAA-CREF International Equity

Index Fund ^-9.96% -4.07% -7.97% 5.96% 4.25% 3.13% 7.65%

MSCI EAFE Index _-10.23% -5.28% -8.66% 5.63% 3.98% 2.97% 7.59%

Morningstar Foreign Large Blend

Average ^-10.34% -5.01% -8.06% 4.62% 3.30% 2.91% –

The returns quoted represent past performance, which is no guarantee of future results. 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 mutual fund shares. For current performance information, including performance to the most recent month-end, please visit tiaa- cref.org, or call 800 842-2252. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

1 A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited (“capped”), currently or in the past, returns would have been lower. Expense Cap Expiration Date: February 29, 2016. Please see the prospectus for details.

—

— TIAA-CREF International Equity Index Fund

$13,610

—

— MSCI EAFE Index $13,398

9/15

$1,500

$3,500

$5,500

$7,500

$9,500

$11,500

$13,500

$15,500

$17,500

9/05 3/07 9/08 3/10 9/11 3/13 9/14

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TIAA-CREF FUNDS

TIAA-CREF International Equity Index Fund

Institutional Class

Financials 26.26%

Consumer Discretionary 12.91%

Industrials 12.24%

Consumer Staples 11.75%

Health Care 11.62%

Materials 6.47% Telecommunication Services 4.81%

Information Technology 4.70%

Energy 4.66% Utilities 3.76% Short-Term Investments, Other

Current Asset Allocation³ (As of 9/30/15)

% of Net Assets

International Equity 98.26%

U.S. Equity 0.92%

Short-Term Investments, Other

Nestle S.A. 2.03%

Novartis AG. 1.75%

Roche Holding AG. 1.56%

Toyota Motor Corp 1.34%

Royal Dutch Shell plc 1.25%

HSBC Holdings plc 1.23%

Sanofi-Aventis 0.94%

Bayer AG. 0.89%

Novo Nordisk AS 0.88%

British American Tobacco plc 0.86%

Holdings by Company Size (As of 9/30/15)

% of Equity Investments Mega Cap (Over $50 Billion) 38.78% Large Cap ($15 Billion - $50 Billion) 33.75% Mid Cap ($2 Billion - $15 Billion) 27.37% Small Cap (Under $2 Billion) 0.10%

Portfolio Statistics

Portfolio Benchmark

Alpha (3 Yr)* 0.35 –

Beta (3 Yr)* 0.99 –

EPS Growth

(1 Yr Forecast) 6.93% 6.93%

Market Cap --

$-Weighted Median $32.90 $32.90 Market Cap --

$-Wtd Avg -- $ billions $54.71 $54.74 P/E Ratio (1 Yr Forecast) 14.05 14.05

Price/Book 1.58 1.58

R Squared (3 Yr)* 0.98 –

Return on Equity

(5 Yr Average) 14.59% 14.60%

Sharpe Ratio (3 Yr)* 0.49 0.51 Standard Deviation

(3 Yr Annualized)* 11.98 11.94 Turnover

As of 10/31/14 5.0% –

# Holdings 922 –

Please refer to Portfolio Statistics Definitions section.

*Risk statistics are calculated based on the share class shown.

Top 5 Countries (As of 9/30/15)

Country % of Net Assets

Japan 22.16%

United Kingdom 19.88%

France 9.90% Switzerland 9.52% Germany 8.69%

About the Benchmark

The MSCI EAFE (Europe, Australasia, Far East) Index measures the performance of the leading stocks in 21 developed countries outside North America. The returns noted above include the calculation of reinvested net dividends. You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses.

Important Information

3 Short-Term Investments, Other Assets & Liabilities, Net include $221.6 M of securities lending collateral.

Investment, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

Morningstar Disclosure

Morningstar Rating and Morningstar Style Box (if shown), category information and risk disclosures provided by Morningstar, Inc. ©2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed;

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TIAA-CREF FUNDS

TIAA-CREF International Equity Index Fund

Institutional Class

Continued on next page… and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Neither TIAA nor its affiliates has independently verified the accuracy or completeness of this information. The Morningstar Category classifies a fund based on its investment style as measured by underlying portfolio holdings (portfolio statistics and

A Note About Risks

Foreign Securities: Investments in foreign securities may be subject to increased volatility as the value of these securities can change more rapidly and extremely than can the value of U.S. securities. Foreign securities are subject to increased issuer risk because foreign issuers may not experience the same degree of regulation as U.S. issuers do and are held to different reporting, accounting, and auditing standards. In addition, foreign securities are subject to increased costs because there are generally higher commission rates on transactions, transfer taxes, higher custodial costs, and the potential for foreign tax charges on dividend and interest payments. Many foreign markets are relatively small, and securities issued in less-developed countries face the risks of nationalization, expropriation or confiscatory taxation, and adverse changes in investment or exchange control regulations, including suspension of the ability to transfer currency from a country. Economic, political, social, or diplomatic developments can also negatively impact performance. Index

Correlation/Tracking Error: A portfolio that tracks an index is subject to the risk that certain factors may cause the portfolio to track its target index less closely, including if the advisor selects securities that are not fully representative of the index. The portfolio will generally reflect the performance of its target index even if the index does not perform well, and it may underperform the index after factoring in fees, expenses, transaction costs, and the size and timing of shareholder purchases and redemptions. Issuer: A stake in any individual security is subject to the risk that the issuer of that security performs poorly, resulting in a decline in the security’s value. Issuer-related declines may be caused by poor management decisions, competitive pressures, technological breakthroughs, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, or other factors. Additionally, certain issuers may be more sensitive to adverse issuer, political, regulatory, market, or economic developments. Large Cap: Concentrating assets in large-

capitalization stocks may subject the portfolio to the risk that those stocks underperform other capitalizations or the market as a whole. Large-cap companies may be unable to respond as quickly as small- and mid-cap companies can to new competitive pressures and may lack the growth potential of those securities. Historically, large-cap companies do not recover as quickly as smaller companies do from market declines. Loss of Money: Because the investment’s market value may fluctuate up and down, an investor may lose money, including part of the principal, when he or she buys or sells the

investment. Market/Market Volatility: The market value of the portfolio’s securities may fall rapidly or unpredictably because of changing economic, political, or market conditions, which may reduce the value of the portfolio. Mid-Cap: Concentrating assets in mid-capitalization stocks may subject the portfolio to the risk that those stocks underperform other capitalizations or the market as a whole. Mid-cap companies may be subject to increased liquidity risk compared with large-cap companies and may experience greater price volatility than do those securities because of more-limited product lines or financial resources, among other factors. Not FDIC Insured: The investment is not a deposit or obligation of, or guaranteed or endorsed by, any bank and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other U.S. governmental agency.

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