UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-490-9000

Date of fiscal year end: September 30

Date of reporting period: December 31, 2010

Item 1. Schedule of Investments.

TIAA-CREF FUNDS – Real Estate Securities Fund

TIAA-CREF FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES			COMPANY	VALUE
COMMON STOCKS - 96.3%
ASSET MANAGEMENT & CUSTODY BANKS - 1.9%
	250,000		iShares Dow Jones US Real Estate Index Fund	$	13,990,000
			TOTAL ASSET MANAGEMENT & CUSTODY BANKS		13,990,000
DIVERSIFIED REIT’S - 4.7%
	420,000		Vornado Realty Trust		34,998,600
			TOTAL DIVERSIFIED REIT’S		34,998,600
HOMEBUILDING - 0.8%
	800,000	*	Pulte Homes, Inc		6,016,000
			TOTAL HOMEBUILDING		6,016,000
HOTELS, RESORTS & CRUISE LINES - 2.1%
	1,200,000	*	Orient-Express Hotels Ltd (Class A)		15,588,000
			TOTAL HOTELS, RESORTS & CRUISE LINES		15,588,000
INDUSTRIAL REIT’S - 3.8%
	300,000		AMB Property Corp		9,513,000
	195,000		EastGroup Properties, Inc		8,252,400
	150,000	*	First Industrial Realty Trust, Inc		1,314,000
	600,000		Prologis		8,664,000
			TOTAL INDUSTRIAL REIT’S		27,743,400
MORTGAGE REIT’S - 0.8%
	350,000		Annaly Mortgage Management, Inc		6,272,000
			TOTAL MORTGAGE REIT’S		6,272,000
OFFICE REIT’S - 12.5%
	190,000		Alexandria Real Estate Equities, Inc		13,919,400
	370,000		BioMed Realty Trust, Inc		6,900,500
	425,000		Boston Properties, Inc		36,592,500
	160,000		Corporate Office Properties Trust		5,592,000
	220,000		Digital Realty Trust, Inc		11,338,800
	75,000		Kilroy Realty Corp		2,735,250
	350,000		Mission West Properties, Inc		2,341,500
	215,000		SL Green Realty Corp		14,514,650
			TOTAL OFFICE REIT’S		93,934,600
OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%
	211,200	*,m	People’s Choice Financial Corp		0
			TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0
REAL ESTATE DEVELOPMENT - 0.5%
	200,000	*	Forestar Real Estate Group, Inc		3,860,000
			TOTAL REAL ESTATE DEVELOPMENT		3,860,000

1

TIAA-CREF FUNDS – Real Estate Securities Fund

SHARES			COMPANY	VALUE
REAL ESTATE OPERATING COMPANIES - 2.2%
	3,850,000	*,a	Thomas Properties Group, Inc	$	16,247,000
			TOTAL REAL ESTATE OPERATING COMPANIES		16,247,000
RESIDENTIAL REIT’S - 16.4%
	445,000		American Campus Communities, Inc		14,133,200
	200,000		Associated Estates Realty Corp		3,058,000
	220,000		AvalonBay Communities, Inc		24,761,000
	140,000		Camden Property Trust		7,557,200
	900,000		Equity Residential		46,755,000
	180,000		Essex Property Trust, Inc		20,559,600
	300,000		UDR, Inc		7,056,000
			TOTAL RESIDENTIAL REIT’S		123,880,000
RETAIL REIT’S - 22.6%
	1,500,000		Developers Diversified Realty Corp		21,135,000
	170,000		Federal Realty Investment Trust		13,248,100
	50,452	b	General Growth Properties, Inc		780,997
	200,000		Glimcher Realty Trust		1,680,000
	700,000		Kimco Realty Corp		12,628,000
	380,000		Macerich Co		18,000,600
	150,000		Realty Income Corp		5,130,000
	250,000		Regency Centers Corp		10,560,000
	775,000		Simon Property Group, Inc		77,104,750
	150,000		Tanger Factory Outlet Centers, Inc		7,678,500
	35,000		Taubman Centers, Inc		1,766,800
			TOTAL RETAIL REIT’S		169,712,747
SPECIALIZED REIT’S - 28.0%
	346,363		Entertainment Properties Trust		16,019,289
	190,000		Extra Space Storage, Inc		3,306,000
	500,000	*	FelCor Lodging Trust, Inc		3,520,000
	780,000		HCP, Inc		28,696,200
	400,000		Health Care REIT, Inc		19,056,000
	850,000		Hersha Hospitality Trust		5,610,000
	1,800,000		Host Marriott Corp		32,166,000
	60,000		LaSalle Hotel Properties		1,584,000
	460,000		Nationwide Health Properties, Inc		16,734,800
	200,000		Plum Creek Timber Co, Inc		7,490,000
	350,000		Public Storage, Inc		35,497,000
	100,000		Sovran Self Storage, Inc		3,681,000
	350,000	*	Sunstone Hotel Investors, Inc		3,615,500
	600,000		U-Store-It Trust		5,718,000
	400,000		Ventas, Inc		20,992,000
	400,000		Weyerhaeuser Co		7,572,000
			TOTAL SPECIALIZED REIT’S		211,257,789
			TOTAL COMMON STOCKS		723,500,136
			(Cost $696,750,355)

2

TIAA-CREF FUNDS – Real Estate Securities Fund

SHARES			COMPANY	VALUE
PREFERRED STOCK - 1.0%
OFFICE REIT’S - 0.4%
	120,000	*	SL Green Realty Corp	$	3,000,000
			TOTAL OFFICE REIT’S		3,000,000
RETAIL REIT’S - 0.6%
	186,000	*	CBL & Associates Properties, Inc		4,393,320
			TOTAL RETAIL REIT’S		4,393,320
			TOTAL PREFERRED STOCK		7,393,320
			(Cost $6,771,246)

PRINCIPAL		ISSUER	MATURITY DATE
SHORT-TERM INVESTMENTS - 1.5%
GOVERNMENT AGENCY DEBT - 1.5%
	$11,420,000	Federal Home Loan Bank (FHLB)	01/03/11		11,419,999
					11,419,999
		TOTAL SHORT-TERM INVESTMENTS			11,419,999
		(Cost $11,419,999)
		TOTAL INVESTMENTS - 98.8%			742,313,455
		(Cost $714,941,600)
		OTHER ASSETS & LIABILITIES, NET - 1.2%			9,093,440
		NET ASSETS - 100.0%		$	751,406,895

	Abbreviation(s):
	REIT	Real Estate Investment Trust
*	Non-income producing.
a	Affiliated holding.
b	In bankruptcy.
f	Restricted security.
m	Indicates a security that has been deemed illiquid.

3

TIAA-CREF FUNDS – Bond Fund

TIAA-CREF FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 96.4%
CORPORATE BONDS - 31.7%
AUTOMOBILES & COMPONENTS - 0.1%
	$375,000		Harsco Corp	5.130	%	09/15/13	$	404,877
	745,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		764,455
			TOTAL AUTOMOBILES & COMPONENTS					1,169,332
BANKS - 6.6%
	925,000	g	Banco Bradesco S.A.	5.900		01/16/21		926,110
	850,000	g	Banco de Credito del Peru	5.380		09/16/20		837,250
	630,000	g	Banco del Estado de Chile	4.130		10/07/20		598,416
	1,055,000	g	Banco do Brasil S.A.	4.500		01/22/15		1,097,200
	990,000	g	Banco do Brasil S.A.	5.380		01/15/21		970,200
	925,000	g	Banco Santander Brasil	4.500		04/06/15		943,561
	990,000	g,i	Banco Santander Chile	1.540		04/20/12		989,631
	790,000	g	Banco Santander Chile	3.750		09/22/15		789,932
	3,440,000		Bank of America	4.880		09/15/12		3,591,828
	123,357		Bank of America Corp	7.400		01/15/11		123,559
	3,295,000		Bank of America Corp	2.380		06/22/12		3,380,047
	715,000		Bank of America Corp	7.380		05/15/14		794,780
	3,880,000		Bank of America Corp	3.700		09/01/15		3,846,496
	1,690,000		Bank of America Corp	5.300		03/15/17		1,712,702
	1,125,000		Bank of America Corp	6.000		09/01/17		1,179,006
	1,160,000		Bank of America Corp	5.750		12/01/17		1,207,126
	4,780,000	g	Bank of Nova Scotia	1.650		10/29/15		4,569,102
	123,357		Bank One Corp	5.900		11/15/11		128,640
	235,000	i	BB&T Capital Trust IV	6.820		06/12/57		231,769
	845,000		BB&T Corp	3.850		07/27/27		879,043
	745,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		758,319
	123,357		Citigroup, Inc	6.000		02/21/12		129,398
	7,900,000		Citigroup, Inc	2.130		04/30/12		8,060,322
	1,000,000		Citigroup, Inc	6.000		12/13/13		1,092,735
	1,565,000		Citigroup, Inc	5.500		10/15/14		1,686,205
	730,000		Citigroup, Inc	6.130		05/15/18		799,735
	4,265,000		Citigroup, Inc	5.380		08/09/20		4,431,365
	1,125,000		Citigroup, Inc	6.880		03/05/38		1,247,894
	565,000		Citigroup, Inc	8.130		07/15/39		718,757
	10,335,000	g	Depfa ACS Bank	5.130		03/16/37		6,889,032
	600,000		Deutsche Bank AG.	3.880		08/18/14		629,852
	935,000		Discover Bank	7.000		04/15/20		1,005,164
	555,000		Eksportfinans ASA	5.000		02/14/12		581,121
	2,250,000		Eksportfinans ASA	2.000		09/15/15		2,197,395
	800,000		First Horizon National Corp	5.380		12/15/15		807,536
	185,000		Golden West Financial Corp	4.750		10/01/12		195,735
	2,835,000	g	HSBC Bank plc	3.500		06/28/15		2,906,173

4

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,320,000	g	HSBC Bank plc	4.130	%	08/12/20	$	1,268,678
	225,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		212,469
	675,000		HSBC Holdings plc	6.500		09/15/37		706,887
	1,335,000	g	ICICI Bank Ltd	5.500		03/25/15		1,389,309
	580,000	g	Itau Unibanco Banco Multiplo S.A.	6.200		04/15/20		595,859
	990,000	g	Itau Unibanco Holdings S.A.	5.750		01/22/21		987,525
	660,000		JP Morgan Chase Capital XXV	6.800		10/01/37		680,520
	7,245,000		JPMorgan Chase & Co	3.130		12/01/11		7,425,356
	895,000		JPMorgan Chase & Co	5.130		09/15/14		952,344
	1,465,000		JPMorgan Chase & Co	3.400		06/24/15		1,493,941
	4,555,000		JPMorgan Chase & Co	4.250		10/15/20		4,448,641
	925,000		JPMorgan Chase & Co	5.500		10/15/40		945,480
	2,635,000		KeyBank NA	3.200		06/15/12		2,733,494
	470,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		442,407
	245,000		Mellon Funding Corp	6.400		05/14/11		250,064
	1,975,000		New York Community Bank	3.000		12/16/11		2,022,313
	500,000		Noble Holding International Ltd	3.450		08/01/15		510,591
	1,320,000		Noble Holding International Ltd	4.900		08/01/20		1,365,536
	1,850,000		Northern Trust Corp	4.630		05/01/14		2,000,083
	1,255,000		PNC Funding Corp	5.130		02/08/20		1,308,076
	1,320,000		Regions Bank	3.250		12/09/11		1,354,902
	990,000	g	Shinhan Bank	4.380		09/15/15		1,002,691
	1,320,000		Sovereign Bancorp, Inc	2.750		01/17/12		1,349,993
	1,975,000		Sovereign Bancorp, Inc	2.500		06/15/12		2,029,006
	560,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		569,965
	945,000		Union Bank of California NA	5.950		05/11/16		1,005,858
	7,602,000		US Central Federal Credit Union	1.900		10/19/12		7,761,361
	285,000		USB Capital XIII Trust	6.630		12/15/39		291,108
	890,000	g	Vnesheconombank	6.800		11/22/25		887,775
	135,000		Wachovia Bank NA	5.300		10/15/11		139,926
	971,000		Wachovia Bank NA	4.800		11/01/14		1,032,384
	1,490,000		Wachovia Bank NA	5.850		02/01/37		1,499,521
	2,635,000		Wells Fargo & Co	2.130		06/15/12		2,695,576
	3,230,000		Wells Fargo & Co	4.750		02/09/15		3,426,633
	3,295,000		Western Corporate Federal Credit Union	1.750		11/02/12		3,354,587
	2,145,000		Westpac Banking Corp	3.000		08/04/15		2,155,849
	375,000		Zions Bancorporation	7.750		09/23/14		390,941
			TOTAL BANKS					125,620,785
CAPITAL GOODS - 0.5%
	220,000		Black & Decker Corp	8.950		04/15/14		261,587
	750,000		CRH America, Inc	4.130		01/15/16		745,208
	710,000		DIRECTV Holdings LLC	3.550		03/15/15		721,305
	620,000		Dover Corp	6.500		02/15/11		624,196
	1,305,000	g	Gold Fields Orogen Holding BVI Ltd	4.880		10/07/20		1,248,407
	525,000		Goodrich Corp	6.130		03/01/19		594,126
	2,025,000		ITT Corp	4.900		05/01/14		2,173,962
	425,000		John Deere Capital Corp	2.950		03/09/15		436,593
	791,000	g	Myriad International Holding BV	6.380		07/28/17		828,493
	605,000		Tyco International Finance S.A.	6.000		11/15/13		671,149
	345,000		Tyco International Finance S.A.	4.130		10/15/14		365,835
	350,000		United Technologies Corp	5.400		05/01/35		362,524

5

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$155,000		United Technologies Corp	6.050	%	06/01/36	$	175,011
	355,000		United Technologies Corp	5.700		04/15/40		387,006
			TOTAL CAPITAL GOODS					9,595,402
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	500,000		Daimler Finance North America LLC	5.880		03/15/11		505,070
	890,000		Daimler Finance North America LLC	5.750		09/08/11		919,620
	123,357		Daimler Finance North America LLC	7.300		01/15/12		131,065
	745,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		746,968
	695,000		News America, Inc	7.250		05/18/18		838,534
	225,000		News America, Inc	7.630		11/30/28		262,200
	600,000		News America, Inc	6.200		12/15/34		629,991
	730,000		News America, Inc	6.650		11/15/37		808,541
	600,000		News America, Inc	6.900		08/15/39		686,951
	645,000		Republic Services, Inc	5.000		03/01/20		678,688
	925,000		Republic Services, Inc	5.250		11/15/21		974,841
	845,000		Republic Services, Inc	6.200		03/01/40		915,954
	1,220,000		Svensk Exportkredit AB	5.130		03/01/17		1,353,100
	2,585,000		Waste Management, Inc	6.130		11/30/39		2,766,426
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					12,217,949
CONSUMER DURABLES & APPAREL - 0.0%
	810,000		Whirlpool Corp	8.000		05/01/12		872,870
			TOTAL CONSUMER DURABLES & APPAREL					872,870
CONSUMER SERVICES - 0.1%
	1,580,000		McDonald’s Corp	3.500		07/15/20		1,524,003
	123,357		Walt Disney Co	6.380		03/01/12		131,374
	990,000		Walt Disney Co	4.500		12/15/13		1,081,208
			TOTAL CONSUMER SERVICES					2,736,585
DIVERSIFIED FINANCIALS - 8.8%
	385,000		American Express Co	7.000		03/19/18		448,438
	1,370,000		American Express Co	8.130		05/20/19		1,704,569
	530,000		Ameriprise Financial, Inc	5.300		03/15/20		557,591
	925,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		938,832
	990,000	g	Bangkok Bank PCL	4.800		10/18/20		948,639
	3,955,000	g	Bank of Montreal	2.850		06/09/15		4,017,461
	845,000		Bank of New York Mellon Corp	4.300		05/15/14		901,611
	580,000		Bank of New York Mellon Corp	5.450		05/15/19		637,125
	615,000		Barclays Bank plc	5.200		07/10/14		664,250
	1,125,000		BlackRock, Inc	3.500		12/10/14		1,166,644
	1,290,000		BlackRock, Inc	5.000		12/10/19		1,347,045
	740,000	g	BM&FBOVESPA S.A.	5.500		07/16/20		752,997
	1,975,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		1,985,766
	890,000		Capital One Bank USA NA	8.800		07/15/19		1,094,735
	730,000		Capital One Capital V	8.880		05/15/40		760,113
	975,000		Capital One Financial Corp	5.700		09/15/11		1,006,498
	7,245,000		Citigroup Funding, Inc	2.000		03/30/12		7,363,288
	7,245,000		Citigroup Funding, Inc	1.880		10/22/12		7,390,095
	6,585,000		Citigroup Funding, Inc	2.250		12/10/12		6,773,416
	1,500,000		Credit Suisse	5.000		05/15/13		1,614,423

6

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,420,000		Credit Suisse	5.500	%	05/01/14	$	1,557,246
	1,125,000		Credit Suisse	5.300		08/13/19		1,188,304
	123,357		Credit Suisse USA, Inc	6.500		01/15/12		130,326
	660,000		Eaton Vance Corp	6.500		10/02/17		748,175
	925,000		Franklin Resources, Inc	3.130		05/20/15		941,979
	3,295,000		General Electric Capital Corp	2.250		03/12/12		3,364,726
	1,580,000		General Electric Capital Corp	2.200		06/08/12		1,615,373
	123,357		General Electric Capital Corp	6.000		06/15/12		131,870
	1,975,000		General Electric Capital Corp	2.130		12/21/12		2,029,186
	2,635,000		General Electric Capital Corp	2.630		12/28/12		2,732,982
	465,000		General Electric Capital Corp	2.800		01/08/13		475,370
	3,865,000		General Electric Capital Corp	1.880		09/16/13		3,867,068
	4,015,000		General Electric Capital Corp	5.500		06/04/14		4,384,380
	1,915,000		General Electric Capital Corp	4.380		09/16/20		1,884,661
	810,000		General Electric Capital Corp	6.880		01/10/39		936,085
	11,190,000		GMAC, Inc	1.750		10/30/12		11,388,196
	31,064,000		GMAC, Inc	2.200		12/19/12		31,950,224
	660,000	i	Goldman Sachs Capital II	5.790		12/30/49		559,350
	123,357		Goldman Sachs Group, Inc	6.600		01/15/12		130,445
	75,000		Goldman Sachs Group, Inc	3.630		08/01/12		77,400
	990,000		Goldman Sachs Group, Inc	5.700		09/01/12		1,056,685
	250,000		Goldman Sachs Group, Inc	3.700		08/01/15		254,728
	1,700,000		Goldman Sachs Group, Inc	5.350		01/15/16		1,826,483
	1,025,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,195,141
	2,520,000		Goldman Sachs Group, Inc	5.380		03/15/20		2,604,070
	600,000		Goldman Sachs Group, Inc	6.000		06/15/20		648,398
	135,000		Goldman Sachs Group, Inc	6.450		05/01/36		132,617
	335,000		Goldman Sachs Group, Inc	6.750		10/01/37		342,503
	1,005,000		HSBC Finance Corp	5.250		01/14/11		1,006,012
	123,357		HSBC Finance Corp	7.000		05/15/12		132,355
	3,875,000		HSBC Finance Corp	4.750		07/15/13		4,086,862
	448,000	g	Hyundai Capital America	3.750		04/06/16		439,992
	575,000	g	International Lease Finance Corp	6.500		09/01/14		609,500
	1,020,000		Jefferies Group, Inc	3.880		11/09/15		1,002,562
	515,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		549,249
	1,975,000		Landwirtschaftliche Rentenbank	5.130		02/01/17		2,219,179
	665,000	b,n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		67
	615,000	g	Lloyds TSB Bank plc	5.800		01/13/20		607,229
	2,145,000	g	Lukoil International Finance BV	6.130		11/09/20		2,147,574
	802,000		MBNA Corp	6.130		03/01/13		861,083
	1,235,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,302,671
	715,000		Merrill Lynch & Co, Inc	6.400		08/28/17		755,949
	2,025,000		Merrill Lynch & Co, Inc	6.880		04/25/18		2,216,075
	2,125,000		Morgan Stanley	6.000		05/13/14		2,296,020
	655,000		Morgan Stanley	6.000		04/28/15		709,367
	1,695,000		Morgan Stanley	5.450		01/09/17		1,757,742
	720,000		Morgan Stanley	5.950		12/28/17		761,789
	625,000		Morgan Stanley	6.630		04/01/18		677,981
	1,090,000		Morgan Stanley	7.300		05/13/19		1,226,945
	1,160,000		Morgan Stanley	5.500		01/26/20		1,169,309
	630,000		NASDAQ OMX Group, Inc	4.000		01/15/15		641,234
	445,000		NASDAQ OMX Group, Inc	5.550		01/15/20		449,616

7

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$123,357		National Rural Utilities Cooperative Finance Corp	7.250	%	03/01/12	$	132,238
	880,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		904,481
	1,065,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		1,166,083
	565,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		779,375
	220,000		Nomura Holdings, Inc	5.000		03/04/15		229,370
	1,125,000	g	Principal Life Global Funding I	5.130		10/15/13		1,208,908
	925,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		925,083
	1,410,000		Rabobank Nederland NV	2.130		10/13/15		1,363,617
	835,000	g,i	Rabobank Nederland NV	11.000		12/30/49		1,079,238
	4,610,000		State Street Corp	2.150		04/30/12		4,706,289
	925,000		State Street Corp	4.300		05/30/14		989,655
	2,970,000	g	Toronto-Dominion Bank	2.200		07/29/15		2,921,524
	1,975,000		UBS AG.	4.880		08/04/20		2,009,247
	925,000	g	Waha Aerospace BV	3.930		07/28/20		932,604
			TOTAL DIVERSIFIED FINANCIALS					167,201,581
ENERGY - 3.2%
	1,275,000		Anadarko Petroleum Corp	5.950		09/15/16		1,369,718
	345,000		Anadarko Petroleum Corp	8.700		03/15/19		421,316
	665,000		Anadarko Petroleum Corp	6.200		03/15/40		649,161
	1,320,000		Apache Corp	5.100		09/01/40		1,282,561
	875,000		Baker Hughes, Inc	6.500		11/15/13		995,821
	335,000		Baker Hughes, Inc	5.130		09/15/40		327,222
	395,000		BJ Services Co	5.750		06/01/11		403,446
	1,090,000		BP Capital Markets plc	3.130		03/10/12		1,114,570
	1,655,000		BP Capital Markets plc	3.880		03/10/15		1,707,115
	1,410,000		BP Capital Markets plc	3.130		10/01/15		1,409,031
	735,000		Burlington Resources Finance Co	7.200		08/15/31		872,616
	1,075,000		Chevron Corp	3.450		03/03/12		1,109,256
	1,400,000		ConocoPhillips	4.600		01/15/15		1,525,918
	1,140,000		ConocoPhillips	6.500		02/01/39		1,355,577
	123,357		Devon Financing Corp ULC	6.880		09/30/11		128,872
	927,515		Dolphin Energy Ltd	5.890		06/15/19		992,441
	990,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		1,068,288
	410,000	g	Empresa Nacional del Petroleo	5.250		08/10/20		409,886
	480,000		Enbridge Energy Partners LP	5.200		03/15/20		503,087
	235,000		EnCana Corp	6.630		08/15/37		257,008
	875,000		Enterprise Products Operating LLC	4.600		08/01/12		918,345
	335,000		Enterprise Products Operating LLC	5.600		10/15/14		369,943
	170,000		Enterprise Products Operating LLC	5.000		03/01/15		183,314
	465,000		Enterprise Products Operating LLC	6.300		09/15/17		524,698
	270,000		Enterprise Products Operating LLC	6.500		01/31/19		306,573
	1,320,000		Enterprise Products Operating LLC	6.130		10/15/39		1,373,868
	810,000		EOG Resources, Inc	4.100		02/01/21		796,653
	950,000	g	Gaz Capital S.A.	5.090		11/29/15		973,750
	465,000		Hess Corp	8.130		02/15/19		587,467
	1,295,000		Hess Corp	5.600		02/15/41		1,285,589
	335,000		Marathon Oil Corp	6.500		02/15/14		377,117
	565,000		Nexen, Inc	6.400		05/15/37		547,418
	970,000		Nexen, Inc	7.500		07/30/39		1,054,870
	1,450,000		Occidental Petroleum Corp	4.100		02/01/21		1,473,844
	365,000		Pemex Project Funding Master Trust	5.750		03/01/18		390,253

8

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$650,000		Pemex Project Funding Master Trust	6.630	%	06/15/35	$	661,371
	250,000		Pemex Project Funding Master Trust	6.630		06/15/38		253,932
	1,210,000		Petrobras International Finance Co	7.880		03/15/19		1,430,426
	548,000		Petrobras International Finance Co	6.880		01/20/40		575,621
	925,000		Petroleos Mexicanos	4.880		03/15/15		973,563
	170,000		Petroleos Mexicanos	8.000		05/03/19		204,850
	925,000		Petroleos Mexicanos	6.000		03/05/20		980,500
	735,000		Petroleos Mexicanos	5.500		01/21/21		744,188
	815,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		978,000
	925,000	g	Petronas Capital Ltd	5.250		08/12/19		994,272
	1,125,000		Plains All American Pipeline LP	5.750		01/15/20		1,198,280
	1,153,560		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		09/30/20		1,217,006
	930,000	g	Reliance Holdings USA	4.500		10/19/20		887,362
	600,000	g	Rockies Express Pipeline LLC	6.250		07/15/13		647,966
	1,494,048		Rowan Cos, Inc	3.530		05/01/20		1,525,931
	3,134,970		Rowan Cos, Inc	3.160		07/15/21		3,145,062
	630,000		SEACOR Holdings, Inc	7.380		10/01/19		653,473
	660,000		Shell International Finance BV	3.100		06/28/15		677,786
	1,175,000		Shell International Finance BV	4.300		09/22/19		1,225,002
	285,000		Shell International Finance BV	6.380		12/15/38		337,791
	415,000		Statoil ASA	2.900		10/15/14		429,115
	150,000		TransCanada Pipelines Ltd	4.000		06/15/13		158,985
	1,915,000		TransCanada Pipelines Ltd	7.690		06/30/16		2,302,819
	660,000		TransCanada Pipelines Ltd	5.850		03/15/36		691,139
	235,000		Vale Overseas Ltd	6.250		01/23/17		262,050
	480,000		Vale Overseas Ltd	6.880		11/21/36		527,991
	970,000		Vale Overseas Ltd	6.880		11/10/39		1,071,782
	515,000		Valero Energy Corp	4.500		02/01/15		535,624
	1,320,000		Valero Energy Corp	6.130		02/01/20		1,401,927
	1,795,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		1,786,082
	1,470,000		XTO Energy, Inc	6.250		04/15/13		1,637,601
	660,000		XTO Energy, Inc	4.630		06/15/13		716,615
			TOTAL ENERGY					59,900,724
FOOD & STAPLES RETAILING - 0.3%
	500,000		CVS Caremark Corp	3.250		05/18/15		508,146
	1,750,000		CVS Caremark Corp	5.750		06/01/17		1,947,139
	120,000		CVS Caremark Corp	6.600		03/15/19		140,504
	580,000		Delhaize Group S.A.	5.880		02/01/14		640,064
	565,000		Delhaize Group S.A.	6.500		06/15/17		640,525
	335,000		Kroger Co	6.200		06/15/12		359,306
	190,000		Kroger Co	5.000		04/15/13		204,696
	600,000		Kroger Co	6.400		08/15/17		688,896
	120,000		Kroger Co	6.800		12/15/18		139,775
			TOTAL FOOD & STAPLES RETAILING					5,269,051
FOOD BEVERAGE & TOBACCO - 1.3%
	1,835,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		1,988,384
	1,160,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		1,226,041
	365,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		418,039
	1,005,000		Bottling Group LLC	6.950		03/15/14		1,164,608
	2,525,000		Coca-Cola Co	1.500		11/15/15		2,423,601

9

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,015,000		Coca-Cola Co	3.150	%	11/15/20	$	1,890,652
	465,000		Coca-Cola Enterprises, Inc	4.250		03/01/15		501,088
	1,160,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		1,187,065
	385,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		424,553
	650,000		General Mills, Inc	5.200		03/17/15		717,581
	990,000		General Mills, Inc	5.650		02/15/19		1,102,122
	925,000	g	Grupo Bimbo SAB de C.V.	4.880		06/30/20		928,620
	2,000,000		Kellogg Co	4.000		12/15/20		1,972,508
	45,357		Kraft Foods, Inc	6.250		06/01/12		48,520
	505,000		Kraft Foods, Inc	6.130		02/01/18		576,859
	1,450,000		Kraft Foods, Inc	5.380		02/10/20		1,560,590
	660,000		Kraft Foods, Inc	6.500		02/09/40		739,615
	1,450,000		Mead Johnson Nutrition Co	5.900		11/01/39		1,501,143
	190,000		PepsiAmericas, Inc	5.750		07/31/12		204,468
	105,000		PepsiAmericas, Inc	4.380		02/15/14		113,560
	1,055,000		PepsiCo, Inc	0.880		10/25/13		1,042,933
	78,000		PepsiCo, Inc	7.900		11/01/18		100,356
	340,000		PepsiCo, Inc	4.880		11/01/40		329,917
	565,000		Philip Morris International, Inc	4.880		05/16/13		611,642
	1,110,000		Philip Morris International, Inc	6.880		03/17/14		1,279,068
	200,000		Philip Morris International, Inc	6.380		05/16/38		232,137
	123,357		Tyson Foods, Inc	8.250		10/01/11		128,908
			TOTAL FOOD BEVERAGE & TOBACCO					24,414,578
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	335,000		Agilent Technologies, Inc	2.500		07/15/13		338,928
	630,000		Boston Scientific Corp	4.500		01/15/15		643,242
	630,000		McKesson Corp	6.500		02/15/14		707,792
	395,000		Medtronic, Inc	4.750		09/15/15		437,238
	695,000		Medtronic, Inc	4.450		03/15/20		721,532
	765,000		Quest Diagnostics, Inc	6.400		07/01/17		837,878
	870,000		Stryker Corp	3.000		01/15/15		888,902
	960,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		976,509
	325,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		332,501
	335,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		365,614
	310,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		324,200
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					6,574,336
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	235,000		Clorox Co	5.450		10/15/12		252,040
	120,000		Colgate-Palmolive Co	6.450		06/16/28		135,657
	495,000		Ecolab, Inc	6.880		02/01/11		497,147
	1,975,000		Procter & Gamble Co	4.700		02/15/19		2,137,902
	635,000		Procter & Gamble Co	5.550		03/05/37		691,492
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					3,714,238
INSURANCE - 1.2%
	565,000		ACE INA Holdings, Inc	5.880		06/15/14		633,501
	310,000		Aetna, Inc	6.500		09/15/18		357,071
	285,000		Aetna, Inc	6.630		06/15/36		313,265
	650,000		Aflac, Inc	6.900		12/17/39		698,095
	775,000		Allstate Corp	7.450		05/16/19		940,580

10

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$875,000		American Financial Group, Inc	9.880	%	06/15/19	$	1,047,586
	2,850,000		American International Group, Inc	3.650		01/15/14		2,898,666
	500,000		Chubb Corp	6.000		05/11/37		541,867
	235,000		CIGNA Corp	5.130		06/15/20		243,591
	890,000		Genworth Financial, Inc	7.200		02/15/21		911,021
	1,125,000		Hartford Financial Services Group, Inc	4.000		03/30/15		1,128,056
	1,125,000		Hartford Financial Services Group, Inc	5.500		03/30/20		1,141,218
	565,000		Hartford Financial Services Group, Inc	6.630		03/30/40		574,116
	1,275,000		Lincoln National Corp	7.000		06/15/40		1,386,528
	170,000		Metlife, Inc	5.000		06/15/15		184,111
	1,125,000		Metlife, Inc	6.750		06/01/16		1,304,958
	335,000		Metlife, Inc	5.700		06/15/35		341,953
	1,320,000		Metlife, Inc	5.880		02/06/41		1,391,713
	705,000		Prudential Financial, Inc	5.100		09/20/14		757,288
	630,000		Prudential Financial, Inc	7.380		06/15/19		742,795
	1,950,000		Prudential Financial, Inc	6.200		11/15/40		2,062,808
	1,190,000	g	Prudential Funding LLC	6.750		09/15/23		1,352,625
	615,000		Travelers Cos, Inc	5.800		05/15/18		688,951
	170,000		Travelers Cos, Inc	5.900		06/02/19		191,511
	270,000		Unum Group	5.630		09/15/20		271,016
	500,000		WellPoint, Inc	5.880		06/15/17		558,901
	435,000		WellPoint, Inc	5.850		01/15/36		448,941
	410,000		WR Berkley Corp	5.380		09/15/20		400,146
			TOTAL INSURANCE					23,512,878
MATERIALS - 1.0%
	205,000		3M Co	4.380		08/15/13		223,024
	860,000		3M Co	5.700		03/15/37		940,371
	660,000		Air Products & Chemicals, Inc	4.150		02/01/13		693,335
	170,000		Airgas, Inc	4.500		09/15/14		178,060
	480,000		Alcoa, Inc	6.150		08/15/20		492,912
	1,410,000	g	Anglo American Capital plc	2.150		09/27/13		1,422,123
	200,000		AngloGold Ashanti Holdings plc	5.380		04/15/20		208,000
	310,000		ArcelorMittal	3.750		08/05/15		312,581
	275,000		ArcelorMittal	9.850		06/01/19		347,551
	1,030,000		ArcelorMittal	7.000		10/15/39		1,068,916
	660,000		Clorox Co	3.550		11/01/15		679,147
	975,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		923,847
	335,000		Eastman Chemical Co	5.500		11/15/19		352,479
	735,000		EI Du Pont de Nemours & Co	4.130		03/06/13		779,634
	660,000		EI Du Pont de Nemours & Co	3.250		01/15/15		685,001
	1,580,000		EI Du Pont de Nemours & Co	4.630		01/15/20		1,663,971
	1,160,000	g	Gerdau S.A.	5.750		01/30/21		1,162,900
	357		International Paper Co	6.750		09/01/11		370
	530,000		International Paper Co	7.300		11/15/39		603,905
	1,352,000		Lafarge S.A.	6.150		07/15/11		1,387,266
	275,000		Newmont Mining Corp	6.250		10/01/39		299,009
	1,410,000	g	POSCO	4.250		10/28/20		1,338,866
	795,000		Praxair, Inc	5.250		11/15/14		886,422
	1,700,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		1,613,757
	1,780,000	g	Sinochem Corp	6.300		11/12/40		1,820,800
	805,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		821,185
			TOTAL MATERIALS					20,905,432

11

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
MEDIA - 0.6%
	$705,000		CBS Corp	4.300	%	02/15/21	$	669,417
	44,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		50,067
	785,000		Comcast Corp	5.650		06/15/35		762,601
	445,000		Comcast Corp	6.400		03/01/40		476,980
	1,255,000		DIRECTV Holdings LLC	6.000		08/15/40		1,259,932
	775,000	g	NBC Universal, Inc	5.150		04/30/20		803,384
	970,000		Time Warner Cable, Inc	6.200		07/01/13		1,077,313
	990,000		Time Warner Cable, Inc	8.750		02/14/19		1,259,743
	2,075,000		Time Warner Cable, Inc	8.250		04/01/19		2,577,510
	357		Time Warner, Inc	6.880		05/01/12		384
	960,000		Time Warner, Inc	3.150		07/15/15		975,377
	565,000		Time Warner, Inc	6.500		11/15/36		617,513
	565,000		Viacom, Inc	4.380		09/15/14		601,510
			TOTAL MEDIA					11,131,731
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.7%
	245,000		Abbott Laboratories	5.600		05/15/11		249,825
	1,430,000		Abbott Laboratories	4.130		05/27/20		1,453,925
	680,000		Abbott Laboratories	5.300		05/27/40		698,458
	870,000		Eli Lilly & Co	3.550		03/06/12		897,617
	580,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		663,189
	600,000		Johnson & Johnson	5.850		07/15/38		690,622
	1,320,000		Johnson & Johnson	4.500		09/01/40		1,249,636
	480,000		Life Technologies Corp	3.500		01/15/16		478,537
	1,800,000		Merck & Co, Inc	3.880		01/15/21		1,788,793
	600,000		Novartis Capital Corp	4.130		02/10/14		640,316
	2,180,000		Novartis Capital Corp	2.900		04/24/15		2,239,477
	385,000		Novartis Capital Corp	4.400		04/24/20		403,772
	455,000		Pfizer, Inc	5.350		03/15/15		511,492
	465,000		Schering-Plough Corp	6.550		09/15/37		566,515
	825,000		Teva Pharmaceutical Finance LLC	3.000		06/15/15		839,419
	123,357		Wyeth	6.950		03/15/11		124,947
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					13,496,540
REAL ESTATE - 0.4%
	345,000		AMB Property LP	4.500		08/15/17		344,983
	220,000		Boston Properties LP	4.130		05/15/21		208,567
	335,000		Boston Properties LP	2.880		02/15/37		340,025
	235,000		Brandywine Operating Partnership LP	7.500		05/15/15		256,871
	235,000		Brandywine Operating Partnership LP	5.700		05/01/17		234,407
	335,000		Developers Diversified Realty Corp	7.500		04/01/17		374,225
	123,357		EOP Operating LP	7.000		07/15/11		127,058
	40,000		Federal Realty Investment Trust	5.650		06/01/16		43,016
	75,000		Federal Realty Investment Trust	5.900		04/01/20		79,539
	500,000		Healthcare Realty Trust, Inc	5.750		01/15/21		500,073
	250,000		Highwoods Properties, Inc	5.850		03/15/17		257,375
	290,000		Kilroy Realty Corp	5.000		11/03/15		287,897
	105,000		Kimco Realty Corp	5.700		05/01/17		112,774
	530,000		Liberty Property LP	4.750		10/01/20		524,462

12

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$250,000		Mack-Cali Realty Corp	7.750	%	08/15/19	$	290,939
	155,000		National Retail Properties, Inc	6.880		10/15/17		166,991
	55,000		Nationwide Health Properties, Inc	6.250		02/01/13		58,993
	220,000		ProLogis	7.630		08/15/14		248,076
	335,000		Realty Income Corp	5.950		09/15/16		367,630
	615,000		Realty Income Corp	5.750		01/15/21		635,866
	350,000		Regency Centers LP	5.250		08/01/15		365,211
	40,000		Regency Centers LP	5.880		06/15/17		42,652
	105,000		Simon Property Group LP	5.250		12/01/16		113,275
	470,000		Simon Property Group LP	10.350		04/01/19		642,584
	660,000		Simon Property Group LP	4.380		03/01/21		652,235
	650,000	g,i	USB Realty Corp	6.090		12/30/49		489,938
	430,000		Ventas Realty LP	3.130		11/30/15		414,299
	705,000		Washington Real Estate Investment Trust	4.950		10/01/20		670,015
			TOTAL REAL ESTATE					8,849,976
RETAILING - 0.3%
	1,125,000		Advance Auto Parts, Inc	5.750		05/01/20		1,175,218
	615,000		Home Depot, Inc	5.880		12/16/36		639,692
	500,000		Martin Marietta Materials, Inc	6.600		04/15/18		537,569
	600,000		Staples, Inc	9.750		01/15/14		727,111
	3,700,000		Wal-Mart Stores, Inc	3.250		10/25/20		3,477,430
	580,000		Wal-Mart Stores, Inc	5.250		09/01/35		583,682
	705,000		Wal-Mart Stores, Inc	5.000		10/25/40		684,742
			TOTAL RETAILING					7,825,444
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	565,000		Analog Devices, Inc	5.000		07/01/14		608,942
	445,000	g	Broadcom Corp	1.500		11/01/13		441,969
	1,110,000	g	Broadcom Corp	2.380		11/01/15		1,080,524
	990,000		National Semiconductor Corp	3.950		04/15/15		1,008,293
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					3,139,728
SOFTWARE & SERVICES - 0.6%
	565,000		Adobe Systems, Inc	3.250		02/01/15		575,580
	1,485,000		International Business Machines Corp	1.000		08/05/13		1,479,578
	605,000		Microsoft Corp	0.880		09/27/13		601,601
	680,000		Microsoft Corp	2.950		06/01/14		707,864
	1,935,000		Microsoft Corp	1.630		09/25/15		1,887,064
	1,285,000		Microsoft Corp	3.000		10/01/20		1,204,941
	630,000		Oracle Corp	3.750		07/08/14		669,611
	450,000		Oracle Corp	5.750		04/15/18		514,775
	660,000	g	Oracle Corp	3.880		07/15/20		656,097
	2,110,000		Symantec Corp	2.750		09/15/15		2,058,987
			TOTAL SOFTWARE & SERVICES					10,356,098
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	1,125,000		Amphenol Corp	4.750		11/15/14		1,201,858
	1,500,000		Cisco Systems, Inc	4.450		01/15/20		1,571,553
	415,000		General Electric Co	5.250		12/06/17		448,239
	1,075,000		Hewlett-Packard Co	4.250		02/24/12		1,117,135
	795,000		Hewlett-Packard Co	2.950		08/15/12		819,674

13

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$650,000		Hewlett-Packard Co	4.750	%	06/02/14	$	712,193
	765,000		Hewlett-Packard Co	3.750		12/01/20		748,242
	565,000		International Game Technology	7.500		06/15/19		635,999
	345,000		L-3 Communications Corp	5.200		10/15/19		350,734
	450,000		Xerox Corp	8.250		05/15/14		525,271
	500,000		Xerox Corp	4.250		02/15/15		523,182
	300,000		Xerox Corp	5.630		12/15/19		321,582
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					8,975,662
TELECOMMUNICATION SERVICES - 1.8%
	1,030,000		America Movil SAB de C.V.	5.000		03/30/20		1,070,631
	560,000		America Movil SAB de C.V.	6.130		03/30/40		593,869
	2,635,000		AT&T, Inc	2.500		08/15/15		2,625,740
	620,000		AT&T, Inc	6.150		09/15/34		640,306
	430,000		AT&T, Inc	6.500		09/01/37		463,734
	1,700,000		AT&T, Inc	6.300		01/15/38		1,793,412
	245,000		BellSouth Capital Funding Corp	7.880		02/15/30		295,191
	1,235,000		BellSouth Corp	5.200		09/15/14		1,348,231
	120,000		BellSouth Corp	6.880		10/15/31		130,098
	2,160,000		Cellco Partnership	3.750		05/20/11		2,186,479
	2,260,000		Cellco Partnership	8.500		11/15/18		2,957,322
	630,000		Deutsche Telekom International Finance BV	8.750		06/15/30		846,688
	1,305,000		France Telecom S.A.	2.130		09/16/15		1,270,335
	975,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		1,023,750
	1,270,000	g	Qtel International Finance	4.750		02/16/21		1,211,670
	65,000		Sprint Capital Corp	8.380		03/15/12		68,738
	660,000		Sprint Capital Corp	8.750		03/15/32		666,600
	240,000		Sprint Nextel Corp	6.000		12/01/16		231,900
	680,000		Telecom Italia Capital S.A.	6.180		06/18/14		723,158
	660,000		Telecom Italia Capital S.A.	7.000		06/04/18		698,826
	1,945,000		Telecom Italia Capital S.A.	7.180		06/18/19		2,081,020
	2,470,000		Telefonica Emisiones SAU	5.130		04/27/20		2,377,970
	915,000	g	Telefonica Moviles Chile S.A.	2.880		11/09/15		878,197
	925,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		976,492
	2,045,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		1,968,313
	825,000		Verizon Communications, Inc	4.350		02/15/13		877,310
	1,110,000		Verizon Communications, Inc	5.500		02/15/18		1,219,826
	425,000		Verizon Communications, Inc	8.750		11/01/18		554,972
	545,000		Verizon Communications, Inc	6.250		04/01/37		581,546
	430,000		Verizon Communications, Inc	6.400		02/15/38		475,660
	430,000		Verizon Communications, Inc	8.950		03/01/39		612,788
	445,000		Verizon New England, Inc	4.750		10/01/13		475,049
	740,000		Verizon New Jersey, Inc	5.880		01/17/12		774,884
	123,357		Verizon New York, Inc	6.880		04/01/12		131,591
	335,000		Verizon Virginia, Inc	4.630		03/15/13		353,816
			TOTAL TELECOMMUNICATION SERVICES					35,186,112
TRANSPORTATION - 0.4%
	1,255,000		Boeing Capital Corp Ltd	6.100		03/01/11		1,266,088
	445,000		Burlington Northern Santa Fe Corp	6.750		07/15/11		460,065
	1,320,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		1,379,559
	300,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		322,549

14

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,275,000		Burlington Northern Santa Fe Corp	5.750	%	05/01/40	$	1,319,137
	335,000		Embraer Overseas Ltd	6.380		01/15/20		353,425
	415,000		Norfolk Southern Corp	5.750		04/01/18		468,627
	838,000		Norfolk Southern Corp	5.590		05/17/25		865,786
	601,875		Totem Ocean Trailer Express, Inc	4.510		12/18/19		648,171
	115,000		Union Pacific Corp	6.500		04/15/12		122,799
	170,000		Union Pacific Corp	5.130		02/15/14		183,461
	1,595,000		United Parcel Service, Inc	3.130		01/15/21		1,481,751
			TOTAL TRANSPORTATION					8,871,418
UTILITIES - 2.2%
	730,000		AGL Capital Corp	5.250		08/15/19		770,889
	1,285,000		Alliant Energy Corp	4.000		10/15/14		1,331,410
	775,000		Atmos Energy Corp	8.500		03/15/19		970,111
	1,515,000		Carolina Power & Light Co	5.300		01/15/19		1,681,679
	225,000		Carolina Power & Light Co	5.700		04/01/35		232,465
	335,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		382,855
	185,000		CenterPoint Energy Resources Corp	7.880		04/01/13		209,130
	660,000		CenterPoint Energy Resources Corp	6.250		02/01/37		690,428
	990,000	g	Colbun S.A.	6.000		01/21/20		1,029,662
	1,850,000		Commonwealth Edison Co	4.000		08/01/20		1,820,605
	395,000		Commonweatlh Edison Co	5.900		03/15/36		408,091
	415,000		Connecticut Light & Power Co	5.500		02/01/19		461,108
	275,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		285,021
	640,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		680,808
	619,000		Consolidated Natural Gas Co	6.250		11/01/11		645,178
	225,000		Consolidated Natural Gas Co	5.000		12/01/14		244,656
	1,160,000		Duke Energy Carolinas LLC	5.750		11/15/13		1,299,448
	260,000		Duke Energy Carolinas LLC	4.300		06/15/20		268,083
	800,000	g	Empresa Electrica del Norte Grande S.A.	5.630		01/15/21		792,528
	335,000		Florida Power Corp	6.400		06/15/38		389,532
	1,410,000		FPL Group Capital, Inc	2.600		09/01/15		1,380,764
	630,000		Indiana Michigan Power Co	7.000		03/15/19		743,852
	555,000		Integrys Energy Group, Inc	4.170		11/01/20		529,809
	195,000	g	Kansas Gas & Electric	6.700		06/15/19		224,812
	4,030,000	g	Kentucky Utilities Co	3.750		11/15/20		3,836,681
	125,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		134,031
	775,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		975,961
	565,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		583,665
	455,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		441,103
	1,160,000		Midamerican Energy Holdings Co	5.950		05/15/37		1,223,597
	185,000		National Fuel Gas Co	5.250		03/01/13		196,153
	630,000		Nevada Power Co	6.500		08/01/18		727,416
	320,000		Nevada Power Co	5.380		09/15/40		307,953
	1,335,000		NiSource Finance Corp	5.400		07/15/14		1,464,012
	1,975,000		Northern States Power Co	5.350		11/01/39		2,033,531
	150,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		177,880
	445,000		ONEOK Partners LP	5.900		04/01/12		469,964
	695,000		Pacific Gas & Electric Co	8.250		10/15/18		902,981
	500,000		PacifiCorp	6.000		01/15/39		551,488
	885,000		Pepco Holdings, Inc	2.700		10/01/15		862,579
	1,450,000		PG&E Corp	5.750		04/01/14		1,587,105

15

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$135,000		Potomac Electric Power Co	7.900	%	12/15/38	$	180,945
	565,000		Progress Energy, Inc	7.050		03/15/19		670,319
	1,780,000		Public Service Co of Oklahoma	5.150		12/01/19		1,863,649
	440,000		Public Service Electric & Gas Co	5.300		05/01/18		492,162
	1,190,000		Public Service Electric & Gas Co	5.380		11/01/39		1,211,698
	970,000		San Diego Gas & Electric Co	5.350		05/15/40		991,568
	630,000		Sempra Energy	6.000		10/15/39		665,660
	430,000		Veolia Environnement	5.250		06/03/13		464,519
	850,000		Virginia Electric and Power Co	4.750		03/01/13		906,585
	480,000		Williams Partners LP	3.800		02/15/15		496,033
	845,000		Williams Partners LP	5.250		03/15/20		875,927
	940,000		Williams Partners LP	6.300		04/15/40		978,435
			TOTAL UTILITIES					43,746,524
			TOTAL CORPORATE BONDS					615,284,974
			(Cost $595,983,093)
GOVERNMENT BONDS - 58.0%
AGENCY SECURITIES - 6.4%
			Federal Farm Credit Bank (FFCB)
	6,585,000		FFCB	2.630		04/21/11		6,632,807
	1,655,000		FFCB	1.380		06/25/13		1,676,563
			Federal Home Loan Bank (FHLB)
	6,880,000		FHLB	1.880		06/21/13		7,040,345
	1,655,000		FHLB	5.000		11/17/17		1,876,350
			Federal Home Loan Mortgage Corp (FHLMC)
	4,940,000		FHLMC	5.500		08/20/12		5,332,369
	1,975,000		FHLMC	4.130		12/21/12		2,105,075
	1,320,000		FHLMC	3.500		05/29/13		1,402,035
	3,360,000		FHLMC	2.500		04/23/14		3,481,229
	5,050,000		FHLMC	5.130		10/18/16		5,727,665
			Federal National Mortgage Association (FNMA)
	3,295,000		FNMA	1.380		04/28/11		3,307,666
	2,635,000		FNMA	5.000		10/15/11		2,730,102
	660,000		FNMA	1.130		07/30/12		665,771
	4,215,000		FNMA	1.250		08/20/13		4,242,541
	6,585,000		FNMA	2.750		03/13/14		6,882,728
	6,585,000		FNMA	2.500		05/15/14		6,832,036
	6,585,000		FNMA	3.000		09/16/14		6,935,895
	6,219,284		AMAL Ltd	3.470		08/21/21		6,336,891
	1,025,348		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,066,587
	395,000		European Investment Bank	4.880		02/15/36		403,873
	6,590,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		6,414,574
	1,335,000		International Finance Corp	5.130		05/02/11		1,356,779
	990,700		Overseas Private Investment Corp	3.420		01/15/15		1,036,520
	6,359,297		Premier Aircraft Leasing	3.580		02/06/22		6,441,204
	3,295,000		Private Export Funding Corp	4.900		12/15/11		3,435,380
	4,940,000		Private Export Funding Corp	3.550		04/15/13		5,234,291
	3,125,000		Private Export Funding Corp	3.050		10/15/14		3,291,488
	8,560,000		Private Export Funding Corp	5.450		09/15/17		9,771,737
	1,410,000		Private Export Funding Corp	2.250		12/15/17		1,336,439

16

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,295,000		Private Export Funding Corp	4.380	%	03/15/19	$	3,514,608
	4,940,000		Private Export Funding Corp	4.300		12/15/21		5,080,227
	3,106,029		San Clemente Leasing LLC	3.590		08/27/21		3,126,498
			TOTAL AGENCY SECURITIES					124,718,273
FOREIGN GOVERNMENT BONDS - 4.1%
	990,000	g	Bahrain Government International Bond	5.500		03/31/20		1,008,352
	990,000	g	Banco Nacional de Desenvolvimento Economico e Social	6.500		06/10/19		1,086,525
	1,160,000	g	Banco Nacional de Desenvolvimento Economico e Social	5.500		07/12/20		1,191,900
	270,000	g	Belgium Government International Bond	2.880		09/15/14		268,845
	465,000		Belgium Kingdom	2.750		03/05/15		457,210
	1,125,000		Brazilian Government International Bond	5.880		01/15/19		1,248,750
	1,245,000		Brazilian Government International Bond	4.880		01/22/21		1,269,900
	170,000		Brazilian Government International Bond	7.130		01/20/37		202,725
	1,970,000		Brazilian Government International Bond	5.630		01/07/41		1,955,225
	1,815,000		Canada Government International Bond	2.380		09/10/14		1,871,312
	1,255,000		Chile Government International Bond	3.880		08/05/20		1,233,740
	810,000	g	Croatia Government International Bond	6.630		07/14/20		836,229
	3,625,000		Export Development Canada	2.250		05/28/15		3,670,429
	744,000		Export-Import Bank of Korea	5.880		01/14/15		805,699
	735,000		Export-Import Bank of Korea	4.130		09/09/15		746,978
	925,000		Export-Import Bank of Korea	5.130		06/29/20		952,440
	1,345,000		Federative Republic of Brazil	6.000		01/17/17		1,521,868
	329,167		Federative Republic of Brazil	8.000		01/15/18		385,125
	845,000		Italy Government International Bond	5.380		06/12/17		866,898
	925,000		Korea Development Bank	4.380		08/10/15		951,894
	695,000		Korea Development Bank	3.250		03/09/16		675,855
	1,975,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		2,047,500
	500,000		Mexico Government International Bond	6.750		09/27/34		562,500
	1,582,000		Mexico Government International Bond	6.050		01/11/40		1,617,595
	469,000		Peruvian Government International Bond	7.130		03/30/19		560,455
	350,000		Peruvian Government International Bond	7.350		07/21/25		425,775
	1,500,000		Poland Government International Bond	3.880		07/16/15		1,524,560
	750,000		Poland Government International Bond	6.380		07/15/19		840,158
	990,000	g	Portugal Government International Bond	3.500		03/25/15		914,652
	1,945,000		Province of British Columbia Canada	2.850		06/15/15		2,002,319
	990,000		Province of Manitoba Canada	5.000		02/15/12		1,037,730
	1,320,000		Province of Manitoba Canada	2.130		04/22/13		1,349,589
	3,295,000		Province of Nova Scotia Canada	2.380		07/21/15		3,298,371
	3,295,000		Province of Ontario Canada	2.630		01/20/12		3,362,653
	3,955,000		Province of Ontario Canada	4.100		06/16/14		4,272,159
	4,015,000		Province of Ontario Canada	2.950		02/05/15		4,144,492
	5,730,000		Province of Ontario Canada	2.700		06/16/15		5,833,380
	1,975,000		Province of Ontario Canada	4.000		10/07/19		2,028,856
	4,120,000		Province of Ontario Canada	4.400		04/14/20		4,307,238
	123,357		Province of Quebec Canada	6.130		01/22/11		123,680
	1,715,000		Province of Quebec Canada	5.130		11/14/16		1,922,997
	850,000		Province of Quebec Canada	4.630		05/14/18		919,551
	3,955,000		Province of Quebec Canada	3.500		07/29/20		3,828,685
	620,000		Province of Quebec Canada	7.500		09/15/29		851,355
	615,000	g	Qatar Government International Bond	4.000		01/20/15		636,525
	990,000		Qatar Government International Bond	5.250		01/20/20		1,044,450

17

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$620,000	g	Qatar Govt International Bond	6.400	%	01/20/40	$	672,700
	465,000		Republic of Hungary	6.250		01/29/20		449,914
	925,000		Republic of Korea	5.750		04/16/14		1,010,495
	1,500,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		1,501,950
	800,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		800,000
	990,000		South Africa Government International Bond	6.880		05/27/19		1,159,538
	675,000		South Africa Government International Bond	5.500		03/09/20		718,031
	227,000		United Mexican States	5.880		02/17/14		258,213
	500,000		United Mexican States	5.950		03/19/19		557,500
	532,000		United Mexican States	5.130		01/15/20		554,610
			TOTAL FOREIGN GOVERNMENT BONDS					80,348,075
MORTGAGE BACKED - 32.2%
			Federal Home Loan Mortgage Corp (FHLMC)
	760,005	i	FHLMC	2.600		02/01/36		791,264
	215,708	i	FHLMC	5.810		07/01/36		225,308
	610,248	i	FHLMC	2.910		09/01/36		636,325
	792,771	i	FHLMC	5.630		09/01/36		833,079
	479,525	i	FHLMC	5.920		09/01/36		506,994
	1,522,785	i	FHLMC	5.500		03/01/37		1,609,933
	1,741,576	i	FHLMC	5.880		04/01/37		1,866,412
	942,076	i	FHLMC	5.720		05/01/37		1,008,187
	249,428	i	FHLMC	5.590		06/01/37		264,375
	852,222	i	FHLMC	5.640		08/01/37		905,894
	1,082,181	i	FHLMC	5.640		09/01/37		1,149,745
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	19,355		FGLMC	7.500		01/01/16		21,118
	2,317		FGLMC	7.500		05/01/16		2,536
	2,715		FGLMC	7.500		06/01/16		2,964
	955,476		FGLMC	4.500		09/01/18		1,008,624
	997,488		FGLMC	4.500		01/01/19		1,054,843
	1,549,536		FGLMC	4.500		05/01/19		1,635,729
	553,772		FGLMC	4.500		01/01/20		584,575
	677,530		FGLMC	5.000		05/01/20		722,734
	182,495		FGLMC	4.500		07/01/20		192,551
	21,787		FGLMC	7.000		10/01/20		24,778
	2,559,052		FGLMC	4.500		06/01/21		2,698,200
	4,284,217		FGLMC	4.500		06/01/21		4,517,171
	1,822,349		FGLMC	4.000		07/01/24		1,874,172
	644,240		FGLMC	4.500		09/01/24		673,231
	3,000,000	h	FGLMC	5.000		01/15/26		3,167,814
	2,069		FGLMC	6.500		10/01/28		2,326
	30,193		FGLMC	6.500		01/01/29		33,950
	6,875		FGLMC	6.500		03/01/29		7,731
	38,693		FGLMC	6.500		07/01/29		43,507
	4,767		FGLMC	8.000		01/01/31		5,574
	44,408		FGLMC	6.500		09/01/31		49,932
	58,645		FGLMC	8.000		09/01/31		68,584
	310,733		FGLMC	7.000		12/01/31		353,894
	745,568		FGLMC	6.000		03/01/33		819,374
	883,500		FGLMC	4.500		07/01/33		912,543
	1,843,109		FGLMC	5.000		09/01/33		1,945,707

18

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$752,096		FGLMC	5.500	%	09/01/33	$	808,064
	743,344		FGLMC	5.500		09/01/33		798,661
	523,630		FGLMC	5.500		09/01/33		562,597
	900,567		FGLMC	5.500		10/01/33		967,583
	2,586,169		FGLMC	5.500		12/01/33		2,777,003
	2,984,560		FGLMC	7.000		12/01/33		3,399,115
	1,270,487		FGLMC	5.000		01/01/34		1,341,209
	1,254,846		FGLMC	5.000		05/01/34		1,323,129
	819,105		FGLMC	6.000		09/01/34		896,351
	5,166,694		FGLMC	5.000		12/01/34		5,447,841
	326,627		FGLMC	5.500		12/01/34		350,635
	1,999,401		FGLMC	4.500		04/01/35		2,062,628
	1,057,139		FGLMC	6.000		05/01/35		1,154,849
	1,211,670		FGLMC	7.000		05/01/35		1,379,970
	454,924		FGLMC	6.000		07/01/35		495,835
	147,276		FGLMC	5.500		08/01/35		157,891
	336,261		FGLMC	5.000		10/01/35		354,349
	488,809		FGLMC	5.000		02/01/36		515,102
	168,413		FGLMC	6.500		05/01/36		187,313
	714,407		FGLMC	6.500		10/01/36		794,584
	2,205,964		FGLMC	5.500		04/01/37		2,353,577
	1,398,492		FGLMC	6.000		08/01/37		1,527,754
	577,625		FGLMC	6.000		09/01/37		631,014
	113,798		FGLMC	6.500		11/01/37		126,285
	1,851,857		FGLMC	5.000		04/01/38		1,953,784
	3,929,555		FGLMC	4.500		05/01/39		4,030,487
	650,175		FGLMC	4.000		06/01/39		646,121
	1,193,352		FGLMC	5.000		07/01/39		1,252,322
	11,000,000	h	FGLMC	4.500		01/15/41		11,271,568
	6,000,000	h	FGLMC	5.000		01/15/41		6,292,500
	5,000,000	h	FGLMC	5.500		01/15/41		5,328,125
			Federal National Mortgage Association (FNMA)
	15,681		FNMA	5.000		06/01/13		16,811
	1,218,048		FNMA	4.440		07/01/13		1,284,243
	7,627		FNMA	6.000		09/01/13		8,028
	1,253,133		FNMA	4.760		10/01/13		1,306,118
	6,354		FNMA	6.500		12/01/13		6,924
	948,238		FNMA	4.780		02/01/14		1,016,672
	6,312		FNMA	6.000		06/01/14		6,859
	3,575,358		FNMA	4.640		11/01/14		3,837,355
	2,052,524		FNMA	4.860		03/01/16		2,145,610
	22,194		FNMA	6.500		10/01/16		24,216
	134,927		FNMA	6.500		11/01/16		147,218
	96,540		FNMA	6.500		04/01/17		105,636
	350,070		FNMA	5.000		12/01/17		374,411
	1,452,865		FNMA	5.500		04/01/18		1,567,505
	123,882		FNMA	5.500		04/01/18		133,720
	61,789		FNMA	5.500		05/01/18		66,664
	553,924		FNMA	4.500		10/01/18		586,814
	1,413,957		FNMA	5.000		11/01/18		1,513,586
	68,670		FNMA	6.000		01/01/19		74,882
	155,614		FNMA	4.500		05/01/19		164,659

19

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$482,347		FNMA	4.500	%	06/01/19	$	510,383
	330,003		FNMA	5.000		03/01/20		353,361
	231,067		FNMA	4.500		11/01/20		244,497
	640,101		FNMA	5.000		12/01/20		683,808
	501,461		FNMA	5.000		03/01/21		536,955
	405,926		FNMA	5.500		08/01/21		436,941
	813,702		FNMA	4.500		06/01/23		854,387
	1,426,835		FNMA	5.000		07/01/23		1,514,452
	1,431,744		FNMA	5.000		07/01/23		1,519,662
	287,401		FNMA	5.000		11/01/23		306,055
	240,447		FNMA	5.500		02/01/24		260,111
	832,002		FNMA	4.000		05/01/24		858,132
	130,798		FNMA	5.500		07/01/24		141,364
	1,963		FNMA	8.000		07/01/24		2,263
	392,339		FNMA	4.500		08/01/24		411,465
	2,975,703		FNMA	4.000		09/01/24		3,069,159
	4,000,000	h	FNMA	4.500		01/25/25		4,193,124
	1,688,308		FNMA	5.000		03/01/25		1,796,201
	3,678,661		FNMA	5.000		10/01/25		3,911,911
	7,000,000	h	FNMA	4.000		01/25/26		7,208,908
	2,000,000	h	FNMA	5.000		01/25/26		2,121,876
	1,602		FNMA	7.500		01/01/29		1,833
	4,540		FNMA	6.500		04/01/29		5,104
	12,551		FNMA	7.500		07/01/29		14,394
	1,292		FNMA	7.500		07/01/29		1,299
	614		FNMA	7.500		02/01/31		704
	8,079		FNMA	7.500		03/01/31		9,271
	4,069		FNMA	7.500		05/01/31		4,669
	6,472		FNMA	6.500		09/01/31		7,277
	2,841		FNMA	6.500		10/01/31		3,195
	41,864		FNMA	6.500		11/01/31		47,072
	84,361		FNMA	6.000		01/01/32		92,932
	744,819		FNMA	6.500		07/01/32		837,486
	372,136		FNMA	5.500		01/01/33		400,660
	137,214		FNMA	5.000		02/01/33		145,124
	1,051,764		FNMA	4.500		03/25/33		1,115,155
	467,594		FNMA	5.000		08/01/33		494,552
	511,707		FNMA	5.000		10/01/33		541,207
	435,141		FNMA	5.000		10/01/33		460,228
	231,298		FNMA	5.000		03/01/34		244,632
	474,964		FNMA	5.000		03/01/34		502,346
	172,654		FNMA	5.000		03/01/34		182,607
	149,596		FNMA	5.000		03/01/34		158,221
	1,309,973		FNMA	5.000		04/01/34		1,383,857
	4,228,960		FNMA	5.000		08/01/34		4,469,639
	511,363		FNMA	6.000		11/01/34		560,922
	153,015		FNMA	6.000		12/01/34		168,014
	1,082,910		FNMA	6.000		05/01/35		1,187,184
	17,071		FNMA	7.500		06/01/35		19,580
	126,883		FNMA	5.500		10/01/35		137,560
	376,677		FNMA	5.000		11/01/35		394,508
	231,497		FNMA	5.000		02/01/36		241,226

20

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$401,717		FNMA	5.000	%	02/01/36	$	418,599
	1,066,003	i	FNMA	5.630		02/01/36		1,115,394
	743,652		FNMA	6.500		02/01/36		829,667
	576,921	i	FNMA	5.880		07/01/36		608,270
	553,709		FNMA	6.500		09/01/36		620,523
	175,664		FNMA	7.000		02/01/37		198,928
	463,111		FNMA	6.500		03/01/37		518,993
	992,845		FNMA	7.000		04/01/37		1,124,330
	1,546,472		FNMA	6.500		08/01/37		1,733,077
	369,689		FNMA	6.500		08/01/37		415,800
	754,076		FNMA	6.000		09/01/37		836,583
	808,311		FNMA	6.000		09/01/37		896,752
	1,291,002		FNMA	6.500		09/01/37		1,446,782
	2,186,859	i	FNMA	5.850		10/01/37		2,331,331
	372,741		FNMA	7.000		11/01/37		422,104
	243,768		FNMA	6.500		01/01/38		271,126
	35,751		FNMA	6.500		03/01/38		39,756
	711,044	i	FNMA	4.950		10/01/38		751,754
	48,000,000	h	FNMA	4.000		01/25/40		47,745,023
	12,000,000	h	FNMA	4.500		01/25/40		12,316,872
	57,000,000	h	FNMA	5.000		01/25/40		59,921,249
	75,000,000	h	FNMA	5.500		01/25/40		80,238,299
	63,000,000	h	FNMA	6.000		01/25/40		68,473,124
	10,000,000	h	FNMA	6.500		01/25/40		11,112,500
	12,771,584		FNMA	4.500		09/01/40		13,121,579
	8,788,697		FNMA	4.500		09/01/40		9,029,544
	1,065,330		FNMA	4.000		11/01/40		1,060,852
	5,297,845		FNMA	4.500		11/01/40		5,443,028
	4,000,000	h	FNMA	3.500		01/25/41		3,820,000
			Government National Mortgage Association (GNMA)
	267		GNMA	7.000		01/15/28		306
	1,986		GNMA	7.000		02/15/28		2,275
	1,991		GNMA	7.000		06/15/28		2,281
	2,100		GNMA	7.000		06/15/28		2,406
	25,640		GNMA	6.500		09/15/28		29,109
	5,279		GNMA	6.500		09/15/28		5,993
	17,034		GNMA	6.500		11/15/28		19,339
	6,706		GNMA	7.500		11/15/28		7,746
	632		GNMA	8.500		07/15/30		763
	19,818		GNMA	8.500		10/15/30		21,923
	17,066		GNMA	8.500		10/20/30		20,505
	2,636		GNMA	8.500		12/15/30		3,180
	3,989		GNMA	7.000		06/20/31		4,556
	2,200		GNMA	6.500		07/15/31		2,498
	18,881		GNMA	7.000		07/15/31		21,660
	9,576		GNMA	7.000		07/15/31		10,985
	10,365		GNMA	7.500		02/15/32		12,042
	2,032		GNMA	6.500		03/15/33		2,303
	426,757		GNMA	5.500		07/15/33		463,630
	985,801		GNMA	5.500		09/15/33		1,070,975
	372,213		GNMA	5.500		02/20/35		402,486
	2,545,316		GNMA	5.500		05/20/35		2,752,334

21

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$936,470		GNMA	5.500	%	02/20/36	$	1,010,661
	168,677		GNMA	6.000		10/20/36		185,454
	178,280		GNMA	6.000		01/20/37		195,642
	572,722		GNMA	6.000		02/20/37		628,498
	398,946		GNMA	5.500		07/15/38		431,546
	1,438,451		GNMA	5.500		07/20/38		1,549,442
	25,338		GNMA	6.000		08/15/38		27,897
	542,377		GNMA	6.000		08/20/38		595,018
	502,774		GNMA	6.500		11/20/38		564,863
	1,857,351		GNMA	5.000		06/15/39		1,995,679
	2,140,186		GNMA	4.500		07/20/39		2,225,300
	835,927		GNMA	4.000		08/15/39		843,515
	36,000,000	h	GNMA	4.500		01/15/40		37,372,499
	44,000,000	h	GNMA	5.000		01/15/40		46,777,499
	9,000,000	h	GNMA	5.500		01/15/40		9,725,625
	882,446		GNMA	4.000		10/15/40		891,284
	9,000,000	h	GNMA	4.000		01/15/41		9,060,471
	6,000,000	h	GNMA	6.000		01/15/41		6,597,186
	13,000,000	h	GNMA	5.000		01/20/41		13,818,674
	1,620,752		GNMA	6.230		09/15/43		1,724,167
	2,595,310		GNMA	6.500		01/15/44		2,828,623
			TOTAL MORTGAGE BACKED					623,336,005
MUNICIPAL BONDS - 0.5%
	445,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		472,314
	1,655,000		Grant County Public Utility District No 2	5.630		01/01/27		1,528,492
	3,955,000		Long Island Power Authority	5.850		05/01/41		3,626,577
	2,470,000		State of California	7.630		03/01/40		2,577,223
	2,505,000		State of Illinois	6.730		04/01/35		2,299,239
			TOTAL MUNICIPAL BONDS					10,503,845
U.S. TREASURY SECURITIES - 14.8%
	29,866,000		United States Treasury Bond	8.000		11/15/21		42,241,725
	1,975,000		United States Treasury Bond	6.380		08/15/27		2,541,578
	17,920,000		United States Treasury Bond	5.250		02/15/29		20,552,001
	10,004,000		United States Treasury Bond	5.380		02/15/31		11,678,109
	76,000		United States Treasury Bond	4.500		02/15/36		78,684
	4,665,000		United States Treasury Bond	3.500		02/15/39		4,019,919
	5,190,500		United States Treasury Bond	4.380		05/15/40		5,215,622
	16,790,000		United States Treasury Bond	3.880		08/15/40		15,465,168
	4,480,000		United States Treasury Note	1.000		04/30/12		4,516,243
	7,245,000		United States Treasury Note	1.880		06/15/12		7,397,543
	365,000		United States Treasury Note	0.630		06/30/12		366,084
	1,180,000		United States Treasury Note	0.630		07/31/12		1,183,221
	310,000	j	United States Treasury Note	0.380		08/31/12		309,443
	1,925,000		United States Treasury Note	1.380		10/15/12		1,953,349
	385,000		United States Treasury Note	0.750		08/15/13		384,218
	2,985,000		United States Treasury Note	3.130		08/31/13		3,166,664
	615,000	j	United States Treasury Note	0.500		10/15/13		608,129
	4,913,000		United States Treasury Note	2.750		10/31/13		5,164,408
	9,675,000	j	United States Treasury Note	0.500		11/15/13		9,550,280
	13,062,000		United States Treasury Note	2.000		11/30/13		13,447,734

22

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,390,000		United States Treasury Note	0.750	%	12/15/13	$	2,373,009
	8,747,000		United States Treasury Note	1.880		04/30/14		8,945,854
	19,870,000		United States Treasury Note	2.250		05/31/14		20,554,582
	12,755,000		United States Treasury Note	2.630		06/30/14		13,347,903
	10,511,000		United States Treasury Note	2.380		08/31/14		10,888,744
	14,999,000		United States Treasury Note	2.380		10/31/14		15,525,136
	2,475,000		United States Treasury Note	2.130		11/30/14		2,535,328
	12,155,000		United States Treasury Note	2.250		01/31/15		12,477,861
	10,364,000		United States Treasury Note	2.500		04/30/15		10,714,593
	4,817,000		United States Treasury Note	1.250		09/30/15		4,673,617
	12,462,000		United States Treasury Note	1.380		11/30/15		12,110,534
	500,000		United States Treasury Note	2.630		02/29/16		513,164
	430,000		United States Treasury Note	3.000		02/28/17		443,438
	2,500,000		United States Treasury Note	2.250		11/30/17		2,431,055
	14,914,000		United States Treasury Note	2.630		11/15/20		14,068,093
	7,245,000	j	United States Treasury Strip Principal	0.000		08/15/27		3,518,085
			TOTAL U.S. TREASURY SECURITIES					284,961,118
			TOTAL GOVERNMENT BONDS					1,123,867,316
			(Cost $1,101,860,596)
STRUCTURED ASSETS - 6.7%
ASSET BACKED - 1.4%
	1,040,000	g	Ally Master Owner Trust	4.250		04/15/17		1,100,944
			Series - 2010 2 (Class A)
	660,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15		698,052
			Series - 2010 1 (Class C)
	1,410,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		1,423,908
			Series - 2010 3 (Class C)
	55,677	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		0
			Series - 2006 WMC1 (Class N1)
	850,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		830,095
			Series - 2010 5A (Class A)
	270,000		CarMax Auto Owner Trust	3.750		12/15/15		276,228
			Series - 2010 1 (Class B)
	478,798	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		279,301
			Series - 2004 2 (Class 1M1)
	478,798	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		120,952
			Series - 2004 2 (Class 1B)
	575,824		CIT Group Home Equity Loan Trust	6.200		02/25/30		548,640
			Series - 2002 1 (Class AF6)
	631,494		Citicorp Mortgage Securities, Inc	5.710		07/25/36		637,619
			Series - 2006 1 (Class A3)
	1,034,375		Citicorp Mortgage Securities, Inc	5.560		09/25/36		1,040,823
			Series - 2006 2 (Class A3)
	1,040,000	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		1,020,178
			Series - 2006 15 (Class A2)
	93,245	i,j	Countrywide Home Equity Loan Trust	0.480		02/15/29		52,650
			Series - 2004 B (Class 1A)
	755,989	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		743,196
			Series - 2007 MX1 (Class A1)

23

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,886,753	g	Flagstar Home Equity Loan Trust	5.780	%	01/25/35	$	3,217,151
			Series - 2007 1A (Class AF3)
	70,000	g	Ford Credit Floorplan Master Owner Trust	4.640		02/15/17		73,615
			Series - 2010 3 (Class B)
	423,147		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		408,882
			Series - 2006 HLTV (Class A3)
	890,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		714,724
			Series - 2006 HLTV (Class A4)
	198,249		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		199,231
			Series - 2007 1 (Class A1F)
	413,305	i,j	Morgan Stanley ABS Capital I	0.270		01/25/37		400,581
			Series - 2007 HE2 (Class A2A)
	4,515,024	i	Residential Asset Mortgage Products, Inc	0.880		11/25/34		3,843,437
			Series - 2004 RS11 (Class M1)
	162,419	i	Residential Asset Securities Corp	6.490		10/25/30		141,476
			Series - 2001 KS2 (Class AI6)
	640,744		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		628,280
			Series - 2006 HI5 (Class A2)
	1,655,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		1,404,800
			Series - 2006 HI5 (Class A3)
	113,081		Residential Funding Mortgage Securities II, Inc	5.750		02/25/36		112,438
			Series - 2006 HI2 (Class A2)
	1,335,000		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		1,260,757
			Series - 2006 HI3 (Class A3)
	185,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		63,293
			Series - 2006 HI1 (Class M2)
	4,455,000		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		4,093,186
			Series - 2006 HI4 (Class A3)
	700,824	i,j	Securitized Asset Backed Receivables LLC Trust	0.410		03/25/36		665,767
			Series - 2006 NC2 (Class A2)
	439,008	g,i	Wachovia Loan Trust	0.620		05/25/35		272,879
			Series - 2005 SD1 (Class A)
	655,094	i,j	Wells Fargo Home Equity Trust	0.400		07/25/36		595,089
			Series - 2006 2 (Class A3)
	565,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		604,906
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					27,473,078
OTHER MORTGAGE BACKED - 5.3%
	1,155,000	i	Banc of America Commercial Mortgage, Inc	4.770		07/10/43		1,077,930
			Series - 2005 3 (Class AJ)
	870,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		909,193
			Series - 2006 6 (Class A4)
	1,610,000	i	Banc of America Commercial Mortgage, Inc	5.690		04/10/49		1,682,409
			Series - 2007 2 (Class A4)
	4,735,000	i	Banc of America Commercial Mortgage, Inc	5.660		06/10/49		4,859,754
			Series - 2007 3 (Class A4)
	2,030,000	g,i	Banc of America Large Loan, Inc	5.770		12/24/49		2,146,092
			Series - 2009 UB2 (Class A4AB)
	164,812		Bank of America Alternative Loan Trust	5.500		09/25/19		167,805
			Series - 2004 8 (Class 3A1)
	630,000		Bear Stearns Commercial Mortgage Securities Series - 2006 PW14 (Class A4)	5.200		12/11/38		665,455

24

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$545,000	i	Bear Stearns Commercial Mortgage Securities	5.460	%	03/11/39	$	589,248
			Series - 2006 PW11 (Class A4)
	605,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41		634,721
			Series - 2005 PWR8 (Class A4)
	1,050,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		1,062,694
			Series - 2006 PW13 (Class AM)
	970,000		Bear Stearns Commercial Mortgage Securities	5.540		10/12/41		1,044,325
			Series - 2006 T24 (Class A4)
	1,290,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		1,357,797
			Series - 2004 T16 (Class A6)
	1,690,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		1,791,566
			Series - 2007 PW17 (Class A4)
	1,440,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		1,500,390
			Series - 2007 PW18 (Class A4)
	986,930		Chase Mortgage Finance Corp	5.500		10/25/35		997,524
			Series - 2005 S2 (Class A24)
	1,140,000		Citigroup, Inc	5.320		12/11/49		1,181,633
			Series - 2007 CD4 (Class A4)
	1,970,000	i	Commercial Mortgage Pass Through Certificates	5.810		12/10/49		2,119,564
			Series - 2007 C9 (Class A4)
	1,039,796		Countrywide Alternative Loan Trust	5.500		08/25/16		1,016,544
			Series - 2004 30CB (Class 1A15)
	327,976		Countrywide Home Loan Mortgage Pass Through Trust	5.250		09/25/35		335,342
			Series - 2005 17 (Class 1A10)
	500,352		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		498,844
			Series - 2005 J3 (Class 1A1)
	1,835,543	g,i,j	Credit Suisse Mortgage Capital Certificates	0.440		04/15/22		1,716,839
			Series - 2007 TF2A (Class A1)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	527,724	g,i,j	Certificate	0.450		05/15/23		518,451
			Series - 2006 HC1A (Class A1)
	580,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		586,310
			Series - 2003 C3 (Class B)
	1,210,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		1,293,348
			Series - 2005 C5 (Class A4)
	445,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		430,526
			Series - 2005 C5 (Class AJ)
	1,076,783	i	GMAC Mortgage Corp Loan Trust	4.580		10/19/33		1,070,786
			Series - 2003 AR1 (Class A5)
	900,000	i	Greenwich Capital Commercial Funding Corp	5.220		04/10/37		955,040
			Series - 2005 GG5 (Class A5)
	1,400,000	i	Greenwich Capital Commercial Funding Corp	5.880		07/10/38		1,527,398
			Series - 2006 GG7 (Class A4)
	5,095,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		5,247,340
			Series - 2006 GG7 (Class AM)
	4,255,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		4,482,976
			Series - 2007 GG9 (Class A4)
	1,190,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39		1,188,890
			Series - 2007 GG9 (Class AM)
	5,020,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		5,304,380
			Series - 2007 GG11 (Class A4)

25

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$870,000	i	GS Mortgage Securities Corp II	5.550	%	04/10/38	$	934,499
			Series - 2006 GG6 (Class A4)
	1,435,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		1,449,862
			Series - 2006 GG6 (Class AM)
	2,615,000		GS Mortgage Securities Corp II	5.560		11/10/39		2,773,809
			Series - 2006 GG8 (Class A4)
	1,380,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		1,402,212
			Series - 2010 C1 (Class B)
	500,000	g,i	GS Mortgage Securities Corp II	5.230		12/10/43		474,214
			Series - 2010 C2 (Class C)
	508,604	i	GSR Mortgage Loan Trust	2.960		01/25/36		491,816
			Series - 2006 AR1 (Class 2A2)
	1,055,000	g,i,j	JP Morgan Chase Commercial Mortgage Securities Corp	0.440		02/15/20		970,716
			Series - 2006 FL1A (Class A2)
	715,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		766,686
			Series - 2009 IWST (Class A2)
	230,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		217,569
			Series - 2010 C2 (Class B)
	405,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.530		11/15/43		379,013
			Series - 2010 C2 (Class C)
	2,060,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		2,137,923
			Series - 2006 LDP9 (Class A3)
	7,360,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		7,712,763
			Series - 2007 CB18 (Class A4)
	2,795,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		2,924,282
			Series - 2007 LD11 (Class A4)
	881,087	i	JP Morgan Mortgage Trust	4.310		04/25/35		886,472
			Series - 2005 A2 (Class 5A1)
	1,075,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		1,125,982
			Series - 2005 C1 (Class A4)
	810,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		849,874
			Series - 2005 C2 (Class A5)
	430,000		LB-UBS Commercial Mortgage Trust	4.390		03/15/32		450,500
			Series - 2003 C1 (Class A4)
	3,320,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		3,486,463
			Series - 2007 C1 (Class A4)
	1,890,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		1,948,964
			Series - 2007 C2 (Class A3)
	571,063	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		580,729
			Series - 2005 CIP1 (Class AM)
	465,000	i	Merrill Lynch Mortgage Trust	5.660		05/12/39		501,157
			Series - 2006 C1 (Class A4)
	925,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.420		02/12/39		998,552
			Series - 2006 1 (Class A4)
	865,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.960		08/12/49		854,846
			Series - 2007 8 (Class AM)
	1,945,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		2,013,148
			Series - 2006 4 (Class A3)
	980,000	i	Morgan Stanley Capital I	5.270		06/13/41		1,049,709
			Series - 2004 T15 (Class A4)
	1,190,000		Morgan Stanley Capital I	5.170		01/14/42		1,273,591
			Series - 2005 HQ5 (Class A4)

26

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,780,000	i	Morgan Stanley Capital I	5.450	%	02/12/44	$	3,922,776
			Series - 2007 HQ11 (Class A4)
	1,150,000		Morgan Stanley Capital I	5.360		03/15/44		1,186,278
			Series - 2007 IQ13 (Class A4)
	445,000	i	Morgan Stanley Capital I	5.730		07/12/44		482,810
			Series - 2006 HQ9 (Class A4)
	415,000	i	Morgan Stanley Capital I	5.540		11/12/49		422,971
			Series - 2007 T25 (Class AM)
	485,000		Morgan Stanley Capital I	4.770		07/15/56		465,679
			Series - 0 IQ9 (Class AJ)
	1,060,000	g,i	RBSCF Trust	4.670		04/15/24		1,027,890
			Series - 2010 MB1 (Class D)
	391,861	i	Structured Adjustable Rate Mortgage Loan Trust	0.640		03/25/35		382,490
			Series - 2005 6XS (Class A3)
	281,235	i	Structured Adjustable Rate Mortgage Loan Trust	5.750		07/25/36		280,166
			Series - 2006 6 (Class 2A1)
	480,000	i	Wachovia Bank Commercial Mortgage Trust	5.360		12/15/44		448,510
			Series - 2005 C22 (Class AJ)
	1,200,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		1,203,273
			Series - 2007 C31 (Class A5)
	1,695,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		1,505,960
			Series - 2006 C29 (Class AJ)
	1,025,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		1,063,822
			Series - 2007 C33 (Class A4)
	1,350,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		1,393,646
			Series - 2007 C33 (Class A5)
			TOTAL OTHER MORTGAGE BACKED					102,402,736
			TOTAL STRUCTURED ASSETS					129,875,814
			(Cost $124,959,932)
			TOTAL BONDS					1,869,028,104
			(Cost $1,822,803,621)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	79,857	*	Federal Home Loan Mortgage Corp (FHLMC)	8.380	12/30/49	50,230
	231,458	*	Federal National Mortgage Association (FNMA)	8.250	12/30/49	129,617
			TOTAL BANKS			179,847
			TOTAL PREFERRED STOCKS			179,847
			(Cost $7,782,875)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 25.0%
GOVERNMENT AGENCY DEBT - 13.7%
		Federal Home Loan Bank (FHLB)
	$12,050,000	FHLB	01/03/11	12,049,999
	16,000,000	FHLB	01/12/11	15,999,316
	31,070,000	FHLB	01/21/11	31,067,411
	34,860,000	FHLB	01/28/11	34,855,554

27

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$14,705,000	FHLB			02/02/11	$	14,703,039
	29,375,000	FHLB			02/23/11		29,367,216
	11,280,000	FHLB			02/25/11		11,277,760
		Federal Home Loan Mortgage Corp (FHLMC)
	24,340,000	FHLMC			01/10/11		24,338,905
	16,090,000	FHLMC			01/18/11		16,088,632
	5,655,000	FHLMC			01/24/11		5,654,603
	28,550,000	FHLMC			01/31/11		28,546,431
	29,410,000	FHLMC			02/22/11		29,403,840
		Federal National Mortgage Association (FNMA)
	11,870,000	FNMA			01/05/11		11,869,763
		TOTAL GOVERNMENT AGENCY DEBT					265,222,469
TREASURY DEBT - 11.3%
	28,320,000	United States Treasury Bill			02/03/11		28,317,015
	16,300,000	United States Treasury Bill			02/10/11		16,297,691
	23,465,000	United States Treasury Bill			02/17/11		23,461,171
	53,550,000	United States Treasury Bill			02/24/11		53,542,891
	875,000	United States Treasury Bill			03/03/11		874,825
	25,000,000	United States Treasury Bill			03/10/11		24,994,500
	20,615,000	United States Treasury Bill			03/17/11		20,610,403
	25,000,000	United States Treasury Bill			05/12/11		24,987,000
	6,500,000	United States Treasury Bill			12/15/11		6,483,633
	20,000,000	United States Treasury Note	0.880	%	03/31/11		20,032,820
		TOTAL TREASURY DEBT					219,601,949
		TOTAL SHORT-TERM INVESTMENTS					484,824,418
		(Cost $484,815,045)
		TOTAL INVESTMENTS - 121.4%					2,354,032,369
		(Cost $2,315,401,541)
		OTHER ASSETS & LIABILITIES, NET - (21.4)%					(414,493,385	)
		NET ASSETS - 100.0%				$	1,939,538,984

*	Non-income producing.
b	In bankruptcy.
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 December 31, 2010 the value of these securities amounted to $114,091,799 or 5.88% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon reflects the rate at period end.
j	Zero coupon.
n	In default.

28

TIAA-CREF FUNDS – Bond Plus Fund

TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 0.5%
CAPITAL GOODS - 0.1%
	$1,000,000	i	TransDigm Group, Inc	5.000	%	12/06/16	$	1,009,000
			TOTAL CAPITAL GOODS					1,009,000
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	857,915	i	JohnsonDiversey, Inc	5.250		11/24/15		862,471
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					862,471
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	981,328	i	Reynolds Consumer Products Term Loan	6.750		11/05/15		989,149
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					989,149
SOFTWARE & SERVICES - 0.1%
	990,240	i	IMS Health, Inc	5.250		02/26/16		999,083
			TOTAL SOFTWARE & SERVICES					999,083
			TOTAL BANK LOAN OBLIGATIONS					3,859,703
			(Cost $3,826,016)
BONDS - 90.1%
CORPORATE BONDS - 30.6%
AUTOMOBILES & COMPONENTS - 0.2%
	500,000		Ford Motor Co	7.450		07/16/31		535,625
	500,000		Harsco Corp	5.130		09/15/13		539,836
	500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		513,057
			TOTAL AUTOMOBILES & COMPONENTS					1,588,518
BANKS - 4.8%
	610,000	g	Akbank TAS	5.130		07/22/15		616,100
	500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.880		09/25/17		508,750
	500,000	g	Banco Bradesco S.A.	5.900		01/16/21		500,600
	340,000	g	Banco de Credito del Peru	5.380		09/16/20		334,900
	285,000	g	Banco del Estado de Chile	4.130		10/07/20		270,712
	500,000	g	Banco do Brasil S.A.	6.000		01/22/20		540,000
	500,000	g	Banco do Brasil S.A.	5.380		01/15/21		490,000
	500,000	g	Banco Santander Brasil	4.500		04/06/15		510,033
	280,000	g	Banco Santander Chile	3.750		09/22/15		279,976
	365,000		BanColombia S.A.	6.130		07/26/20		373,687
	300,000		Bank of America	4.880		09/15/12		313,241
	25,000		Bank of America Corp	4.900		05/01/13		26,065
	350,000		Bank of America Corp	7.380		05/15/14		389,053
	100,000		Bank of America Corp	3.700		09/01/15		99,137

29

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$650,000		Bank of America Corp	5.300	%	03/15/17	$	658,731
	25,000		Bank of America Corp	6.000		09/01/17		26,200
	350,000		Bank of America Corp	5.750		12/01/17		364,219
	500,000	g	Bank of China Hong Kong Ltd	5.550		02/11/20		522,373
	1,500,000	g	Bank of Nova Scotia	1.650		10/29/15		1,433,819
	150,000		BB&T Corp	3.850		07/27/27		156,043
	625,000		Citigroup, Inc	6.000		12/13/13		682,959
	275,000		Citigroup, Inc	5.500		10/15/14		296,298
	300,000		Citigroup, Inc	6.130		05/15/18		328,658
	550,000		Citigroup, Inc	5.380		08/09/20		571,454
	525,000		Citigroup, Inc	6.880		03/05/38		582,350
	275,000		Citigroup, Inc	8.130		07/15/39		349,838
	2,700,000	g	Depfa ACS Bank	5.130		03/16/37		1,799,747
	250,000		Deutsche Bank AG.	3.880		08/18/14		262,439
	345,000		Discover Bank	7.000		04/15/20		370,889
	350,000		Eksportfinans ASA	5.000		02/14/12		366,473
	1,140,000		Eksportfinans ASA	2.000		09/15/15		1,113,347
	200,000		First Horizon National Corp	5.380		12/15/15		201,884
	250,000		Golden West Financial Corp	4.750		10/01/12		264,507
	500,000	g	HSBC Bank plc	4.130		08/12/20		480,560
	275,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		259,684
	618,000	g	ICICI Bank Ltd	5.500		03/25/15		643,141
	500,000	g	Itau Unibanco Holdings S.A.	5.750		01/22/21		498,750
	335,000		JPMorgan Chase & Co	5.130		09/15/14		356,464
	75,000		JPMorgan Chase & Co	3.400		06/24/15		76,482
	1,425,000		JPMorgan Chase & Co	4.250		10/15/20		1,391,726
	475,000		JPMorgan Chase & Co	5.500		10/15/40		485,517
	500,000		KeyBank NA	3.200		06/15/12		518,690
	250,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		235,323
	1,100,000		Mellon Funding Corp	6.400		05/14/11		1,122,735
	2,000,000		New York Community Bank	3.000		12/16/11		2,047,913
	125,000		Noble Holding International Ltd	3.450		08/01/15		127,648
	350,000		Noble Holding International Ltd	4.900		08/01/20		362,074
	2,000,000		Regions Bank	3.250		12/09/11		2,052,881
	500,000		Regions Financial Corp	6.380		05/15/12		509,375
	500,000	g	Shinhan Bank	4.380		09/15/15		506,410
	500,000	i	Shinhan Bank	5.660		03/02/35		492,778
	2,000,000		Sovereign Bancorp, Inc	2.750		01/17/12		2,045,444
	500,000	g,i	Standard Chartered plc	6.410		12/30/49		466,208
	125,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		127,224
	100,000		Union Bank of California NA	5.950		05/11/16		106,440
	125,000		USB Capital XIII Trust	6.630		12/15/39		127,679
	350,000	g	Vnesheconombank	6.800		11/22/25		349,125
	375,000		Wachovia Bank NA	4.800		11/01/14		398,706
	350,000		Wachovia Bank NA	5.850		02/01/37		352,237
	1,850,000		Wells Fargo & Co	4.750		02/09/15		1,962,622
	200,000		Zions Bancorporation	7.750		09/23/14		208,502
			TOTAL BANKS					33,916,820
CAPITAL GOODS - 1.0%
	500,000	g	Adaro Indonesia PT	7.630		10/22/19		546,250
	100,000		Black & Decker Corp	8.950		04/15/14		118,903

30

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$150,000		CRH America, Inc	4.130	%	01/15/16	$	149,042
	500,000		DIRECTV Holdings LLC	3.550		03/15/15		507,962
	270,000	g	Gol Finance	9.250		07/20/20		278,775
	560,000	g	Gold Fields Orogen Holding BVI Ltd	4.880		10/07/20		535,715
	265,000		Goodrich Corp	6.130		03/01/19		299,892
	190,000		John Deere Capital Corp	2.950		03/09/15		195,183
	630,000	g	Myriad International Holding BV	6.380		07/28/17		659,861
	500,000	g	SPX Corp	6.880		09/01/17		531,250
	500,000		Susser Holdings LLC	8.500		05/15/16		536,250
	500,000	g	TAM Capital 2, Inc	9.500		01/29/20		542,500
	500,000	g	TransDigm, Inc	7.750		12/15/18		517,500
	145,000		Tyco International Finance S.A.	4.130		10/15/14		153,757
	150,000		United Technologies Corp	6.050		06/01/36		169,366
	200,000		United Technologies Corp	5.700		04/15/40		218,032
	500,000		Valmont Industries, Inc	6.630		04/20/20		520,143
			TOTAL CAPITAL GOODS					6,480,381
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	550,000	g	American Achievement Corp	10.880		04/15/16		563,749
	500,000		Corrections Corp of America	7.750		06/01/17		530,625
	250,000		Daimler Finance North America LLC	5.880		03/15/11		252,535
	250,000		Daimler Finance North America LLC	5.750		09/08/11		258,320
	268,000		Iron Mountain, Inc	7.750		01/15/15		268,670
	420,000		Iron Mountain, Inc	8.380		08/15/21		450,450
	340,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		340,898
	100,000		News America, Inc	7.250		05/18/18		120,652
	250,000		News America, Inc	7.630		11/30/28		291,334
	250,000		News America, Inc	6.200		12/15/34		262,496
	325,000		News America, Inc	6.650		11/15/37		359,967
	250,000		News America, Inc	6.900		08/15/39		286,230
	285,000		Republic Services, Inc	5.000		03/01/20		299,886
	145,000		Republic Services, Inc	5.250		11/15/21		152,813
	375,000		Republic Services, Inc	6.200		03/01/40		406,488
	555,000	g	Visant Corp	10.000		10/01/17		589,687
	335,000		Waste Management, Inc	6.130		11/30/39		358,512
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					5,793,312
CONSUMER DURABLES & APPAREL - 0.5%
	500,000		Alliant Techsystems, Inc	6.880		09/15/20		514,375
	500,000		Hanesbrands, Inc	8.000		12/15/16		536,249
	500,000		Phillips-Van Heusen Corp	7.380		05/15/20		531,250
	400,000		Whirlpool Corp	8.000		05/01/12		431,047
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,268,404
			TOTAL CONSUMER DURABLES & APPAREL					3,281,325
CONSUMER SERVICES - 0.5%
	500,000	g	AMC Entertainment Holdings, Inc	9.750		12/01/20		520,000
	500,000	g	DineEquity, Inc	9.500		10/30/18		530,000
	200,000		McDonald’s Corp	3.500		07/15/20		192,912
	500,000		Penn National Gaming, Inc	8.750		08/15/19		551,250
	1,000,000		Speedway Motorsports, Inc	6.750		06/01/13		1,007,500
	500,000		Wynn Las Vegas LLC	7.880		11/01/17		538,750
			TOTAL CONSUMER SERVICES					3,340,412

31

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
DIVERSIFIED FINANCIALS - 4.4%
	$175,000		American Express Co	7.000	%	03/19/18	$	203,835
	600,000		American Express Co	8.130		05/20/19		746,527
	225,000		Ameriprise Financial, Inc	5.300		03/15/20		236,713
	500,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		507,477
	500,000	g	Bangkok Bank PCL	4.800		10/18/20		479,111
	375,000		Bank of New York Mellon Corp	4.300		05/15/14		400,123
	275,000		Bank of New York Mellon Corp	5.450		05/15/19		302,085
	250,000		Barclays Bank plc	5.200		07/10/14		270,021
	500,000		BlackRock, Inc	3.500		12/10/14		518,509
	355,000	g	BM&FBOVESPA S.A.	5.500		07/16/20		361,235
	250,000		Capital One Bank USA NA	8.800		07/15/19		307,510
	350,000		Capital One Capital V	8.880		05/15/40		364,438
	500,000	g	CCL Finance Ltd	9.500		08/15/14		573,750
	300,000		Countrywide Financial Corp	6.250		05/15/16		307,646
	1,000,000		Credit Suisse	5.500		05/01/14		1,096,651
	250,000		Credit Suisse AG.	5.400		01/14/20		255,319
	500,000		Ford Motor Credit Co LLC	7.500		08/01/12		531,605
	300,000		Franklin Resources, Inc	3.130		05/20/15		305,507
	225,000		General Electric Capital Corp	2.800		01/08/13		230,018
	850,000		General Electric Capital Corp	1.880		09/16/13		850,455
	2,700,000		General Electric Capital Corp	5.500		06/04/14		2,948,399
	50,000		General Electric Capital Corp	4.380		09/16/20		49,208
	400,000		General Electric Capital Corp	6.880		01/10/39		462,264
	2,000,000		GMAC, Inc	2.200		12/19/12		2,057,057
	500,000	i	Goldman Sachs Capital II	5.790		12/30/49		423,750
	600,000		Goldman Sachs Group, Inc	5.700		09/01/12		640,415
	600,000		Goldman Sachs Group, Inc	4.750		07/15/13		639,164
	250,000		Goldman Sachs Group, Inc	3.700		08/01/15		254,728
	575,000		Goldman Sachs Group, Inc	5.350		01/15/16		617,781
	175,000		Goldman Sachs Group, Inc	7.500		02/15/19		204,048
	150,000		Goldman Sachs Group, Inc	6.450		05/01/36		147,352
	375,000		Goldman Sachs Group, Inc	6.750		10/01/37		383,399
	650,000		HSBC Finance Corp	5.250		01/14/11		650,655
	1,165,000		HSBC Finance Corp	4.750		07/15/13		1,228,694
	415,000		International Lease Finance Corp	5.750		06/15/11		417,075
	200,000	g	International Lease Finance Corp	6.500		09/01/14		212,000
	150,000	g	International Lease Finance Corp	8.630		09/15/15		161,250
	150,000		International Lease Finance Corp	8.250		12/15/20		154,500
	200,000		Jefferies Group, Inc	3.880		11/09/15		196,581
	300,000		Kreditanstalt fuer Wiederaufbau	4.880		01/17/17		334,862
	500,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		533,251
	500,000	b,n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		50
	250,000	g	Lloyds TSB Bank plc	5.800		01/13/20		246,841
	1,005,000	g	Lukoil International Finance BV	6.130		11/09/20		1,006,206
	275,000		MBNA Corp	6.130		03/01/13		295,259
	1,650,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,740,410
	300,000		Merrill Lynch & Co, Inc	6.400		08/28/17		317,181
	500,000		Merrill Lynch & Co, Inc	6.880		04/25/18		547,179
	500,000		Morgan Stanley	5.380		10/15/15		525,185

32

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$900,000		Morgan Stanley	5.450	%	01/09/17	$	933,314
	250,000		Morgan Stanley	6.630		04/01/18		271,192
	725,000		Morgan Stanley	7.300		05/13/19		816,088
	250,000		NASDAQ OMX Group, Inc	4.000		01/15/15		254,458
	175,000		NASDAQ OMX Group, Inc	5.550		01/15/20		176,815
	400,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		437,966
	250,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		344,856
	500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		537,500
	600,000	g	Principal Life Global Funding I	5.130		10/15/13		644,751
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		500,045
	700,000	g,i	Rabobank Nederland NV	11.000		12/30/49		904,750
	450,000		State Street Corp	4.300		05/30/14		481,454
	250,000		UBS AG.	4.880		08/04/20		254,335
	500,000	g	Waha Aerospace BV	3.930		07/28/20		504,110
			TOTAL DIVERSIFIED FINANCIALS					33,304,913
ENERGY - 3.6%
	150,000		Anadarko Petroleum Corp	8.700		03/15/19		183,181
	275,000		Anadarko Petroleum Corp	6.200		03/15/40		268,450
	250,000		Apache Corp	5.100		09/01/40		242,909
	500,000		Arch Coal, Inc	8.750		08/01/16		545,000
	237,000		Arch Western Finance LLC	6.750		07/01/13		239,370
	500,000		Atlas Energy Operating Co LLC	10.750		02/01/18		610,625
	125,000		Baker Hughes, Inc	5.130		09/15/40		122,098
	300,000		BJ Services Co	5.750		06/01/11		306,415
	525,000		BP Capital Markets plc	3.130		03/10/12		536,834
	250,000		BP Capital Markets plc	3.880		03/10/15		257,873
	500,000		BP Capital Markets plc	3.130		10/01/15		499,657
	275,000		Burlington Resources Finance Co	7.200		08/15/31		326,489
	250,000		Chesapeake Energy Corp	7.630		07/15/13		270,938
	250,000		Chesapeake Energy Corp	6.500		08/15/17		251,250
	500,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		536,875
	575,000		ConocoPhillips	6.500		02/01/39		683,734
	500,000	g	Consol Energy, Inc	8.250		04/01/20		540,000
	461,450		Dolphin Energy Ltd	5.890		06/15/19		493,752
	500,000	g	Drummond Co, Inc	7.380		02/15/16		518,125
	500,000		Ecopetrol S.A.	7.630		07/23/19		577,500
	500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		539,539
	200,000	g	Empresa Nacional del Petroleo	5.250		08/10/20		199,945
	100,000		EnCana Corp	6.630		08/15/37		109,365
	500,000		Encore Acquisition Co	9.500		05/01/16		555,000
	425,000		Enterprise Products Operating LLC	4.600		08/01/12		446,053
	275,000		Enterprise Products Operating LLC	5.600		10/15/14		303,684
	75,000		Enterprise Products Operating LLC	5.000		03/01/15		80,874
	250,000		Enterprise Products Operating LLC	6.130		10/15/39		260,202
	350,000		EOG Resources, Inc	4.100		02/01/21		344,233
	350,000	g	Gaz Capital S.A.	5.090		11/29/15		358,750
	500,000		Gaz Capital S.A.	6.210		11/22/16		527,500
	500,000		Gaz Capital S.A.	6.510		03/07/22		510,000
	175,000		Hess Corp	8.130		02/15/19		221,090
	285,000		Hess Corp	6.000		01/15/40		298,726
	500,000		Inergy LP	6.880		12/15/14		507,500

33

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$715,000	g	KMG Finance Sub BV	6.380	%	04/09/21	$	708,707
	175,000		Marathon Oil Corp	6.500		02/15/14		197,001
	275,000		MarkWest Energy Partners LP	6.750		11/01/20		275,000
	350,000		Nexen, Inc	6.400		05/15/37		339,109
	250,000		Nexen, Inc	7.500		07/30/39		271,874
	350,000		Occidental Petroleum Corp	4.100		02/01/21		355,755
	500,000		Peabody Energy Corp	7.380		11/01/16		555,000
	100,000		Pemex Project Funding Master Trust	5.750		03/01/18		106,919
	350,000		Pemex Project Funding Master Trust	6.630		06/15/35		356,123
	125,000		Pemex Project Funding Master Trust	6.630		06/15/38		126,966
	500,000		Petrobras International Finance Co	7.880		03/15/19		591,085
	494,000		Petrobras International Finance Co	6.880		01/20/40		518,899
	100,000		Petroleos Mexicanos	8.000		05/03/19		120,500
	450,000		Petroleos Mexicanos	5.500		01/21/21		455,625
	430,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		515,999
	500,000	g	Petronas Capital Ltd	5.250		08/12/19		537,445
	480,000	g	Precision Drilling Trust	6.630		11/15/20		488,400
	500,000		Range Resources Corp	7.500		05/15/16		518,750
	100,000		Range Resources Corp	7.250		05/01/18		105,500
	422,972		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		09/30/20		446,235
	330,000	g	Reliance Holdings USA	4.500		10/19/20		314,870
	250,000		SEACOR Holdings, Inc	7.380		10/01/19		259,315
	250,000		Shell International Finance BV	3.100		06/28/15		256,737
	525,000		Shell International Finance BV	4.300		09/22/19		547,341
	125,000		Shell International Finance BV	6.380		12/15/38		148,154
	995,000		Southwestern Energy Co	7.500		02/01/18		1,121,862
	200,000		Statoil ASA	2.900		10/15/14		206,803
	500,000		TransCanada Pipelines Ltd	5.850		03/15/36		523,590
	250,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		246,859
	125,000		Vale Overseas Ltd	6.250		01/23/17		139,388
	125,000		Vale Overseas Ltd	6.880		11/21/36		137,498
	205,000		Vale Overseas Ltd	6.880		11/10/39		226,511
	450,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		447,764
	600,000		XTO Energy, Inc	6.250		04/15/13		668,409
	300,000		XTO Energy, Inc	4.630		06/15/13		325,734
			TOTAL ENERGY					26,435,263
FOOD & STAPLES RETAILING - 0.2%
	185,000		CVS Caremark Corp	3.250		05/18/15		188,014
	50,000		CVS Caremark Corp	6.600		03/15/19		58,543
	275,000		Delhaize Group S.A.	5.880		02/01/14		303,479
	250,000		Delhaize Group S.A.	6.500		06/15/17		283,418
	75,000		Kroger Co	5.000		04/15/13		80,801
	50,000		Kroger Co	6.800		12/15/18		58,240
	95,000		Stater Brothers Holdings	7.750		04/15/15		97,613
	300,000	g	Stater Brothers Holdings	7.380		11/15/18		307,499
	65,000		SuperValu, Inc	8.000		05/01/16		62,238
			TOTAL FOOD & STAPLES RETAILING					1,439,845
FOOD BEVERAGE & TOBACCO - 1.0%
	775,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		839,781
	300,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		317,080

34

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$175,000		Anheuser-Busch InBev Worldwide, Inc	6.380	%	01/15/40	$	200,430
	475,000	g	BFF International Ltd	7.250		01/28/20		494,000
	500,000		Coca-Cola Co	1.500		11/15/15		479,921
	425,000		Coca-Cola Co	3.150		11/15/20		398,773
	500,000		Constellation Brands, Inc	8.380		12/15/14		546,250
	450,000		General Mills, Inc	5.650		02/15/19		500,965
	500,000	g	Grupo Bimbo SAB de C.V.	4.880		06/30/20		501,957
	500,000		Kellogg Co	4.000		12/15/20		493,127
	500,000		Kraft Foods, Inc	6.500		02/09/40		560,315
	150,000		PepsiAmericas, Inc	5.750		07/31/12		161,422
	25,000		PepsiAmericas, Inc	4.380		02/15/14		27,038
	38,000		PepsiCo, Inc	7.900		11/01/18		48,891
	100,000		PepsiCo, Inc	4.880		11/01/40		97,034
	550,000		Philip Morris International, Inc	6.880		03/17/14		633,772
	100,000		Philip Morris International, Inc	6.380		05/16/38		116,069
	500,000	g	Smithfield Foods, Inc	10.000		07/15/14		576,249
	300,000		TreeHouse Foods, Inc	7.750		03/01/18		325,125
			TOTAL FOOD BEVERAGE & TOBACCO					7,318,199
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	125,000		Agilent Technologies, Inc	2.500		07/15/13		126,466
	510,000		DaVita, Inc	6.380		11/01/18		507,450
	435,000		DaVita, Inc	6.630		11/01/20		430,650
	400,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		458,000
	262,000	o	HCA, Inc	9.630		11/15/16		280,668
	500,000		HCA, Inc	8.500		04/15/19		547,500
	500,000		HCA, Inc	7.880		02/15/20		535,000
	500,000		Healthsouth Corp	7.250		10/01/18		510,000
	1,000,000	g	LifePoint Hospitals, Inc	6.630		10/01/20		992,499
	250,000		McKesson Corp	6.500		02/15/14		280,870
	275,000		Medtronic, Inc	4.750		09/15/15		304,406
	500,000		Quest Diagnostics, Inc	6.400		07/01/17		547,633
	160,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		167,329
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					5,688,471
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	250,000		Procter & Gamble Co	5.550		03/05/37		272,241
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					272,241
INSURANCE - 1.0%
	275,000		ACE INA Holdings, Inc	5.880		06/15/14		308,341
	240,000		Aetna, Inc	6.500		09/15/18		276,442
	150,000		Aetna, Inc	6.630		06/15/36		164,877
	375,000		Allstate Corp	7.450		05/16/19		455,119
	500,000		American International Group, Inc	3.650		01/15/14		508,538
	400,000		Chubb Corp	6.000		05/11/37		433,493
	80,000		CIGNA Corp	5.130		06/15/20		82,925
	250,000		Genworth Financial, Inc	7.200		02/15/21		255,905
	525,000		Hartford Financial Services Group, Inc	4.000		03/30/15		526,426
	525,000		Hartford Financial Services Group, Inc	5.500		03/30/20		532,568
	275,000		Hartford Financial Services Group, Inc	6.630		03/30/40		279,437
	250,000		Lincoln National Corp	7.000		06/15/40		271,868

35

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$550,000		Metlife, Inc	5.000	%	06/15/15	$	595,653
	525,000		Metlife, Inc	6.750		06/01/16		608,981
	275,000		Metlife, Inc	5.700		06/15/35		280,708
	650,000		Prudential Financial, Inc	6.200		11/15/40		687,602
	300,000	g	Prudential Funding LLC	6.750		09/15/23		340,998
	300,000		Travelers Cos, Inc	5.800		05/15/18		336,074
	75,000		Travelers Cos, Inc	5.900		06/02/19		84,490
	100,000		Unum Group	5.630		09/15/20		100,376
	275,000		WellPoint, Inc	5.850		01/15/36		283,813
	150,000		WR Berkley Corp	5.380		09/15/20		146,395
			TOTAL INSURANCE					7,561,029
MATERIALS - 2.3%
	300,000		3M Co	5.700		03/15/37		328,037
	350,000		Air Products & Chemicals, Inc	4.150		02/01/13		367,677
	75,000		Airgas, Inc	4.500		09/15/14		78,556
	250,000		Airgas, Inc	7.130		10/01/18		276,250
	100,000		Alcoa, Inc	6.150		08/15/20		102,690
	500,000	g	ALROSA Finance S.A.	7.750		11/03/20		524,375
	500,000	g	Anglo American Capital plc	2.150		09/27/13		504,299
	500,000		ArcelorMittal	9.850		06/01/19		631,910
	537,000		Ball Corp	7.130		09/01/16		578,618
	120,000		Ball Corp	7.380		09/01/19		129,000
	500,000	g	Braskem SA	7.000		05/07/20		516,250
	500,000	g	Celanese US Holdings LLC	6.630		10/15/18		516,250
	500,000	g	Cemex SAB de C.V.	9.500		12/14/16		515,625
	500,000		CF Industries, Inc	7.130		05/01/20		547,500
	800,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		758,027
	500,000		Crown Americas LLC	7.750		11/15/15		520,000
	500,000	g	CSN Resources S.A.	6.500		07/21/20		527,500
	500,000		Fibria Overseas Finance Ltd	7.500		05/04/20		525,000
	250,000	g	Georgia Gulf Corp	9.000		01/15/17		271,250
	375,000	g	Georgia-Pacific LLC	7.000		01/15/15		389,063
	750,000	g	Georgia-Pacific LLC	8.250		05/01/16		846,562
	590,000	g	Gerdau S.A.	5.750		01/30/21		591,475
	375,000		Graphic Packaging International, Inc	9.500		06/15/17		409,219
	250,000		International Paper Co	7.300		11/15/39		284,861
	500,000		Lyondell Chemical Co	11.000		05/01/18		566,250
	395,000	g	Nalco Co	6.630		01/15/19		403,888
	125,000		Newmont Mining Corp	6.250		10/01/39		135,913
	445,000	g	Novelis, Inc	8.380		12/15/17		460,575
	500,000	g	POSCO	4.250		10/28/20		474,775
	200,000		Praxair, Inc	5.250		11/15/14		222,999
	500,000	g	Sappi Papier Holding AG.	6.750		06/15/12		512,729
	500,000		Silgan Holdings, Inc	7.250		08/15/16		532,500
	720,000	g	Sinochem Corp	6.300		11/12/40		736,504
	340,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		346,836
	500,000		Solutia, Inc	7.880		03/15/20		535,000
	500,000	g	Suzano Trading Ltd	5.880		01/23/21		490,000
	130,000		Teck Resources Ltd	9.750		05/15/14		162,678
			TOTAL MATERIALS					16,320,641

36

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
MEDIA - 1.2%
	$200,000		CBS Corp	4.300	%	02/15/21	$	189,906
	462,000		Cinemark USA, Inc	8.630		06/15/19		500,115
	250,000		Comcast Corp	5.650		06/15/35		242,867
	250,000		Comcast Corp	6.400		03/01/40		267,966
	696,000	g	CSC Holdings LLC	8.500		04/15/14		764,730
	750,000		DIRECTV Holdings LLC	7.630		05/15/16		831,563
	433,000		DISH DBS Corp	7.880		09/01/19		452,485
	250,000		Interpublic Group of Cos, Inc	6.250		11/15/14		269,688
	187,000		Lamar Media Corp	6.630		08/15/15		189,805
	935,000		Lamar Media Corp	7.880		04/15/18		993,437
	100,000	g	NBC Universal, Inc	5.150		04/30/20		103,662
	2,000,000	g	NBC Universal, Inc	4.380		04/01/21		1,941,213
	463,000	g	Nielsen Finance LLC	7.750		10/15/18		479,205
	350,000		Time Warner Cable, Inc	8.750		02/14/19		445,364
	625,000		Time Warner Cable, Inc	8.250		04/01/19		776,358
	250,000		Time Warner, Inc	3.150		07/15/15		254,005
	275,000		Time Warner, Inc	6.500		11/15/36		300,559
	125,000		Viacom, Inc	4.380		09/15/14		133,078
			TOTAL MEDIA					9,136,006
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.7%
	150,000		Abbott Laboratories	5.600		05/15/11		152,954
	460,000		Abbott Laboratories	4.130		05/27/20		467,696
	350,000		Amgen, Inc	3.450		10/01/20		333,493
	325,000		Eli Lilly & Co	3.550		03/06/12		335,317
	250,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		285,857
	250,000		Merck & Co, Inc	3.880		01/15/21		248,444
	500,000	g	Mylan, Inc	7.630		07/15/17		531,875
	410,000	g	NBTY, Inc	9.000		10/01/18		437,675
	135,000		Novartis Capital Corp	4.130		02/10/14		144,071
	150,000		Novartis Capital Corp	2.900		04/24/15		154,092
	175,000		Novartis Capital Corp	4.400		04/24/20		183,533
	175,000		Pfizer, Inc	5.350		03/15/15		196,728
	500,000		Pfizer, Inc	6.200		03/15/19		585,680
	220,000		Schering-Plough Corp	6.550		09/15/37		268,028
	250,000		Teva Pharmaceutical Finance LLC	3.000		06/15/15		254,370
	555,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		552,225
	55,000	g	Valeant Pharmaceuticals International	7.000		10/01/20		54,313
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					5,186,351
REAL ESTATE - 0.5%
	150,000		AMB Property LP	4.500		08/15/17		149,992
	50,000		Boston Properties LP	4.130		05/15/21		47,402
	100,000		Brandywine Operating Partnership LP	7.500		05/15/15		109,307
	100,000		Brandywine Operating Partnership LP	5.700		05/01/17		99,748
	500,000	g	Desarrolladora Homex SAB de C.V.	9.500		12/11/19		572,500
	150,000		Developers Diversified Realty Corp	7.500		04/01/17		167,564
	500,000		Developers Diversified Realty Corp	7.880		09/01/20		559,928
	25,000		Federal Realty Investment Trust	5.650		06/01/16		26,885
	200,000		Healthcare Realty Trust, Inc	5.750		01/15/21		200,029
	125,000		Kilroy Realty Corp	5.000		11/03/15		124,094

37

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$150,000		Liberty Property LP	4.750	%	10/01/20	$	148,433
	125,000		Mack-Cali Realty Corp	7.750		08/15/19		145,469
	75,000		National Retail Properties, Inc	6.880		10/15/17		80,802
	100,000		ProLogis	7.630		08/15/14		112,762
	150,000		Realty Income Corp	5.950		09/15/16		164,611
	165,000		Realty Income Corp	5.750		01/15/21		170,598
	150,000		Regency Centers LP	5.250		08/01/15		156,519
	25,000		Regency Centers LP	5.880		06/15/17		26,658
	25,000		Simon Property Group LP	5.250		12/01/16		26,970
	210,000		Simon Property Group LP	10.350		04/01/19		287,112
	180,000		Ventas Realty LP	3.130		11/30/15		173,427
	200,000		Washington Real Estate Investment Trust	4.950		10/01/20		190,075
			TOTAL REAL ESTATE					3,740,885
RETAILING - 0.8%
	500,000		Advance Auto Parts, Inc	5.750		05/01/20		522,320
	250,000		Amerigas Partners LP	7.250		05/20/15		256,875
	500,000	g	Asbury Automotive Group, Inc	8.380		11/15/20		516,250
	500,000	g	Ferrellgas Partners LP	6.500		05/01/21		487,500
	175,000		Home Depot, Inc	5.880		12/16/36		182,026
	500,000		Limited Brands, Inc	7.000		05/01/20		527,500
	805,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		859,338
	225,000		Martin Marietta Materials, Inc	6.600		04/15/18		241,906
	500,000	g	QVC, Inc	7.130		04/15/17		523,750
	250,000		Staples, Inc	9.750		01/15/14		302,963
	1,250,000		Wal-Mart Stores, Inc	3.250		10/25/20		1,174,807
	250,000		Wal-Mart Stores, Inc	5.250		09/01/35		251,587
	250,000		Wal-Mart Stores, Inc	5.000		10/25/40		242,816
			TOTAL RETAILING					6,089,638
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	100,000	g	Broadcom Corp	1.500		11/01/13		99,319
	250,000	g	Broadcom Corp	2.380		11/01/15		243,361
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					342,680
SOFTWARE & SERVICES - 0.5%
	275,000		Adobe Systems, Inc	3.250		02/01/15		280,150
	100,000	g	Fidelity National Information Services, Inc	7.630		07/15/17		105,250
	250,000		International Business Machines Corp	1.000		08/05/13		249,087
	165,000		Microsoft Corp	0.880		09/27/13		164,073
	185,000		Microsoft Corp	2.950		06/01/14		192,581
	500,000		Microsoft Corp	1.630		09/25/15		487,614
	350,000		Microsoft Corp	3.000		10/01/20		328,194
	200,000		Oracle Corp	5.750		04/15/18		228,789
	185,000	g	Oracle Corp	3.880		07/15/20		183,906
	500,000	g	SunGard Data Systems, Inc	7.380		11/15/18		502,499
	500,000		Symantec Corp	2.750		09/15/15		487,911
			TOTAL SOFTWARE & SERVICES					3,210,054
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
	287,000		Brocade Communications Systems, Inc	6.880		01/15/20		305,655
	340,000		Cisco Systems, Inc	4.450		01/15/20		356,219

38

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$75,000		General Electric Co	5.250	%	12/06/17	$	81,007
	475,000		Hewlett-Packard Co	4.250		02/24/12		493,618
	350,000		Hewlett-Packard Co	4.750		06/02/14		383,488
	60,000		Hewlett-Packard Co	3.750		12/01/20		58,686
	410,000		Jabil Circuit, Inc	5.630		12/15/20		402,825
	250,000		L-3 Communications Corp	6.380		10/15/15		257,500
	145,000		L-3 Communications Corp	5.200		10/15/19		147,410
	500,000	g	PCCW-HKT Capital No 3 Ltd	5.250		07/20/15		523,999
	635,000	g	Pinafore LLC	9.000		10/01/18		685,800
	525,000		Xerox Corp	8.250		05/15/14		612,817
	150,000		Xerox Corp	5.630		12/15/19		160,791
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					4,469,815
TELECOMMUNICATION SERVICES - 2.4%
	250,000		America Movil SAB de C.V.	6.130		03/30/40		265,120
	275,000		AT&T, Inc	6.150		09/15/34		284,007
	425,000		AT&T, Inc	6.500		09/01/37		458,342
	800,000		AT&T, Inc	6.300		01/15/38		843,958
	246,000	g	AT&T, Inc	5.350		09/01/40		231,355
	500,000	g	Axtel SAB de C.V.	9.000		09/22/19		475,000
	75,000		BellSouth Capital Funding Corp	7.880		02/15/30		90,365
	175,000	g	BUCCANEER MERGER SUB, Inc	9.130		01/15/19		180,688
	750,000	g	CC Holdings GS V LLC	7.750		05/01/17		819,375
	1,050,000		Cellco Partnership	3.750		05/20/11		1,062,872
	550,000		Cellco Partnership	8.500		11/15/18		719,703
	500,000	g	Clearwire Communications LLC	12.000		12/01/15		538,750
	500,000		Cricket Communications, Inc	7.750		05/15/16		518,750
	250,000		France Telecom S.A.	2.130		09/16/15		243,359
	440,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		462,000
	300,000	g	Indosat Palapa Co	7.380		07/29/20		331,500
	500,000		Intelsat Jackson Holdings Ltd	11.250		06/15/16		538,750
	390,000	g	MTS International Funding Ltd	8.630		06/22/20		443,118
	570,000	g	Qtel International Finance	4.750		02/16/21		543,820
	500,000	g	Qwest Communications International, Inc	7.130		04/01/18		517,500
	360,000	g	Sable International Finance Ltd	7.750		02/15/17		380,700
	655,000		SBA Telecommunications, Inc	8.000		08/15/16		709,038
	120,000		SBA Telecommunications, Inc	8.250		08/15/19		131,100
	75,000		Telecom Italia Capital S.A.	7.000		06/04/18		79,412
	75,000		Telecom Italia Capital S.A.	7.180		06/18/19		80,245
	610,000		Telefonica Emisiones SAU	5.130		04/27/20		587,272
	370,000	g	Telefonica Moviles Chile S.A.	2.880		11/09/15		355,118
	500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		527,834
	1,175,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		1,130,937
	300,000		Verizon Communications, Inc	4.350		02/15/13		319,022
	210,000		Verizon Communications, Inc	8.750		11/01/18		274,221
	250,000		Verizon Communications, Inc	6.250		04/01/37		266,764
	225,000		Verizon Communications, Inc	8.950		03/01/39		320,645
	2,200,000		Verizon New Jersey, Inc	5.880		01/17/12		2,303,709
	275,000		Verizon Virginia, Inc	4.630		03/15/13		290,446
	500,000		Virgin Media Finance plc	9.500		08/15/16		565,000
			TOTAL TELECOMMUNICATION SERVICES					17,889,795

39

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
TRANSPORTATION - 0.9%
	$750,000	g	Bombardier, Inc	7.500	%	03/15/18	$	804,375
	275,000		Burlington Northern Santa Fe Corp	6.750		07/15/11		284,310
	250,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		261,280
	150,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		161,274
	1,000,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		1,034,616
	500,000	g	DP World Ltd	6.850		07/02/37		459,773
	150,000		Embraer Overseas Ltd	6.380		01/15/20		158,250
	500,000	g	Hertz Corp	7.380		01/15/21		505,000
	290,000		Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		313,925
	500,000	g	Kansas City Southern de Mexico S.A. de C.V.	6.630		12/15/20		501,250
	275,000	g	Kazakhstan Temir Zholy Finance BV	6.380		10/06/20		287,045
	300,000		Norfolk Southern Corp	5.590		05/17/25		309,947
	375,000		Northrop Grumman Corp	5.050		11/15/40		350,357
	275,000		Union Pacific Corp	6.500		04/15/12		293,651
	300,000		Union Pacific Corp	5.130		02/15/14		323,755
	350,000		United Parcel Service, Inc	3.130		01/15/21		325,149
			TOTAL TRANSPORTATION					6,373,957
UTILITIES - 2.1%
	500,000		AES Corp	7.750		03/01/14		533,750
	350,000		AGL Capital Corp	5.250		08/15/19		369,605
	365,000		Alliant Energy Corp	4.000		10/15/14		378,183
	250,000		Atmos Energy Corp	8.500		03/15/19		312,939
	250,000	g	Calpine Corp	7.500		02/15/21		246,250
	190,000		Carolina Power & Light Co	5.130		09/15/13		208,408
	250,000		Carolina Power & Light Co	5.300		01/15/19		277,505
	275,000		Carolina Power & Light Co	5.700		04/01/35		284,124
	200,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		228,570
	300,000		CenterPoint Energy Resources Corp	6.250		02/01/37		313,831
	350,000	g	Cia de Saneamento Basico do Estado de Sao Paulo	6.250		12/16/20		354,200
	500,000		CMS Energy Corp	5.050		02/15/18		494,392
	450,000	g	Colbun S.A.	6.000		01/21/20		468,028
	395,000		Commonwealth Edison Co	4.000		08/01/20		388,724
	200,000		Commonweatlh Edison Co	5.900		03/15/36		206,629
	200,000		Connecticut Light & Power Co	5.500		02/01/19		222,221
	575,000		Crosstex Energy, Inc	8.880		02/15/18		615,968
	700,000	g	Dubai Electricity & Water Authority	7.380		10/21/20		654,684
	200,000		Duke Energy Carolinas LLC	4.300		06/15/20		206,218
	300,000	g	Empresa Electrica del Norte Grande S.A.	5.630		01/15/21		297,198
	250,000		Indiana Michigan Power Co	7.000		03/15/19		295,179
	125,000		Integrys Energy Group, Inc	4.170		11/01/20		119,326
	500,000		Intergas Finance BV	6.380		05/14/17		525,000
	100,000	g	Kansas Gas & Electric	6.700		06/15/19		115,288
	270,000	g	Kazatomprom	6.250		05/20/15		286,200
	350,000	g	Kentucky Utilities Co	3.750		11/15/20		333,211
	250,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		258,259
	200,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		193,892
	500,000	g	Majapahit Holding BV	7.880		06/29/37		574,999
	250,000		Midamerican Energy Holdings Co	5.950		05/15/37		263,706
	250,000		National Fuel Gas Co	5.250		03/01/13		265,072
	250,000		Nevada Power Co	6.650		04/01/36		279,708

40

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$150,000		Nevada Power Co	5.380	%	09/15/40	$	144,353
	500,000		NRG Energy, Inc	7.250		02/01/14		510,000
	50,000		ONEOK Partners LP	5.900		04/01/12		52,805
	325,000		Pacific Gas & Electric Co	8.250		10/15/18		422,257
	150,000		PacifiCorp	6.000		01/15/39		165,446
	250,000		Pepco Holdings, Inc	2.700		10/01/15		243,666
	500,000		PG&E Corp	5.750		04/01/14		547,278
	50,000		Potomac Electric Power Co	7.900		12/15/38		67,017
	500,000	g	Power Sector Assets & Liabilities Management Corp	7.390		12/02/24		592,499
	275,000		Progress Energy, Inc	7.050		03/15/19		326,262
	300,000		Public Service Co of Colorado	3.200		11/15/20		282,865
	400,000		Public Service Co of Oklahoma	5.150		12/01/19		418,798
	250,000		Questar Market Resources, Inc	6.880		03/01/21		262,500
	250,000		Sabine Pass LNG LP	7.500		11/30/16		234,375
	300,000		San Diego Gas & Electric Co	5.350		05/15/40		306,671
	175,000		Veolia Environnement	5.250		06/03/13		189,048
	225,000		Williams Partners LP	3.800		02/15/15		232,516
			TOTAL UTILITIES					15,569,623
			TOTAL CORPORATE BONDS					224,750,174
			(Cost $215,514,966)
GOVERNMENT BONDS - 51.5%
AGENCY SECURITIES - 0.7%
			Federal Farm Credit Bank (FFCB)
	650,000		FFCB	2.630		04/21/11		654,719
	1,000,000		FFCB	1.380		06/25/13		1,013,029
			Federal Home Loan Mortgage Corp (FHLMC)
	990,000		FHLMC	2.500		04/23/14		1,025,719
	1,701,822		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,770,269
	275,000		European Investment Bank	4.880		02/15/36		281,178
	500,000		International Finance Corp	5.130		05/02/11		508,157
			TOTAL AGENCY SECURITIES					5,253,071
FOREIGN GOVERNMENT BONDS - 4.6%
	230,000	g	Arab Republic of Egypt	5.750		04/29/20		236,900
	500,000	g	Arab Republic of Egypt	6.880		04/30/40		527,500
	300,000	g	Bahrain Government International Bond	5.500		03/31/20		305,561
	500,000	g	Banco Nacional de Desenvolvimento Economico e Social	6.500		06/10/19		548,750
	235,000		Banque Centrale de Tunisie	8.250		09/19/27		285,525
	250,000		Belgium Kingdom	2.750		03/05/15		245,812
	200,000		Brazilian Government International Bond	5.880		01/15/19		222,000
	500,000		Brazilian Government International Bond	4.880		01/22/21		510,000
	200,000		Brazilian Government International Bond	7.130		01/20/37		238,500
	500,000		Brazilian Government International Bond	5.630		01/07/41		496,250
	650,000		Chile Government International Bond	3.880		08/05/20		638,989
	400,000		Colombia Government International Bond	6.130		01/18/41		410,000
	430,000	g	Croatia Government International Bond	6.630		07/14/20		443,924
	260,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		286,650
	420,000	g	Dominican Republic International Bond	7.500		05/06/21		452,550
	500,000		Egypt Government AID Bonds	4.450		09/15/15		548,030

41

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Export Development Canada	2.250	%	05/28/15	$	506,266
	355,000		Export-Import Bank of Korea	5.880		01/14/15		384,440
	525,000		Export-Import Bank of Korea	5.130		06/29/20		540,574
	100,000		Federative Republic of Brazil	6.000		01/17/17		113,150
	416,667		Federative Republic of Brazil	8.000		01/15/18		487,500
	225,000		Italy Government International Bond	5.380		06/12/17		230,831
	1,100,000		Italy Government International Bond	6.880		09/27/23		1,212,267
	330,000		Korea Development Bank	3.250		03/09/16		320,909
	1,000,000	g	Lithuania Government International Bond	5.130		09/14/17		985,196
	150,000		Mexico Government International Bond	6.750		09/27/34		168,750
	230,000		Mexico Government International Bond	6.050		01/11/40		235,175
	500,000		Panama Government International Bond	5.200		01/30/20		530,000
	500,000		Panama Government International Bond	6.700		01/26/36		557,500
	135,000		Peruvian Government International Bond	7.350		07/21/25		164,228
	200,000		Peruvian Government International Bond	6.550		03/14/37		219,000
	420,000		Poland Government International Bond	3.880		07/16/15		426,877
	498,000		Poland Government International Bond	6.380		07/15/19		557,865
	1,000,000	g	Portugal Government International Bond	3.500		03/25/15		923,891
	750,000		Province of British Columbia Canada	2.850		06/15/15		772,103
	500,000	g	Province of Buenos Aires Argentina	11.750		10/05/15		516,250
	1,000,000	g	Province of Cordoba	12.380		08/17/17		1,040,000
	600,000		Province of Manitoba Canada	5.000		02/15/12		628,927
	2,000,000		Province of Ontario Canada	2.630		01/20/12		2,041,063
	1,400,000		Province of Ontario Canada	4.100		06/16/14		1,512,268
	500,000		Province of Ontario Canada	2.950		02/05/15		516,126
	1,750,000		Province of Ontario Canada	2.700		06/16/15		1,781,573
	620,000		Province of Quebec Canada	4.630		05/14/18		670,732
	1,000,000		Province of Quebec Canada	3.500		07/29/20		968,062
	500,000		Qatar Government International Bond	5.250		01/20/20		527,500
	500,000	g	Republic of Ghana	8.500		10/04/17		561,250
	150,000		Republic of Hungary	6.250		01/29/20		145,134
	500,000		Republic of Korea	5.750		04/16/14		546,214
	250,000	g	Republic of Lithuania	6.750		01/15/15		270,020
	466,667		Republic of Serbia	6.750		11/01/24		456,867
	500,000		Republic of the Philippines	6.380		10/23/34		530,000
	500,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		500,650
	400,000		South Africa Government International Bond	5.500		03/09/20		425,500
	400,000		South Africa Government International Bond	5.880		05/30/22		433,000
	400,000	g	Sri Lanka Government International Bond	6.250		10/04/20		405,500
	500,000		Turkey Government International Bond	5.630		03/30/21		520,000
	465,000		Turkey Government International Bond	6.750		05/30/40		506,850
	500,000	g	Ukraine Government International Bond	6.880		09/23/15		508,150
	260,000		Ukraine Government International Bond	6.580		11/21/16		260,052
	240,000	g	Ukraine Government International Bond	6.580		11/21/16		240,000
	500,000	g	Ukraine Government International Bond	7.750		09/23/20		508,750
	152,000		United Mexican States	5.880		02/17/14		172,900
	300,000		United Mexican States	5.950		03/19/19		334,500
	500,000		United Mexican States	5.130		01/15/20		521,250
			TOTAL FOREIGN GOVERNMENT BONDS					33,782,551

42

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
MORTGAGE BACKED - 21.0%
			Federal Home Loan Mortgage Corp (FHLMC)
	$634,951	i	FHLMC	2.600	%	02/01/36	$	661,067
	1,413,011	i	FHLMC	5.810		07/01/36		1,475,900
	355,540	i	FHLMC	2.910		09/01/36		370,732
	472,012	i	FHLMC	5.630		09/01/36		496,012
	427,318	i	FHLMC	5.750		02/01/37		457,002
	661,051	i	FHLMC	5.500		03/01/37		698,883
	110,166	i	FHLMC	5.880		04/01/37		118,063
	107,267	i	FHLMC	5.720		05/01/37		114,794
	1,639,365	i	FHLMC	5.590		06/01/37		1,737,606
	437,951	i	FHLMC	5.640		08/01/37		465,533
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	50,446		FGLMC	6.500		12/01/16		54,859
	643,238		FGLMC	5.500		01/01/19		698,616
	195,192		FGLMC	4.500		01/01/20		206,049
	1,050,712		FGLMC	4.500		07/01/20		1,108,611
	338,548		FGLMC	4.500		09/01/20		356,957
	340,673		FGLMC	5.000		10/01/20		362,870
	762,565		FGLMC	5.500		10/01/20		825,358
	36,859		FGLMC	7.000		10/01/20		41,918
	284,835		FGLMC	4.500		06/01/21		300,322
	519,155		FGLMC	5.500		08/01/21		557,037
	182,801		FGLMC	5.000		04/01/23		193,112
	230,778		FGLMC	4.500		09/01/24		241,163
	101,554		FGLMC	6.500		01/01/29		114,189
	7,481		FGLMC	8.000		01/01/31		8,747
	396,633		FGLMC	6.000		03/01/33		435,896
	1,928,777		FGLMC	5.500		12/01/33		2,071,103
	1,313,222		FGLMC	7.000		12/01/33		1,495,629
	1,299,186		FGLMC	5.000		01/01/34		1,371,505
	503,744		FGLMC	5.000		05/01/34		531,156
	795,013		FGLMC	4.500		10/01/34		821,148
	367,174		FGLMC	5.500		12/01/34		394,162
	954,918		FGLMC	5.500		03/01/35		1,023,591
	344,535		FGLMC	6.000		04/01/35		375,519
	532,797		FGLMC	7.000		05/01/35		606,803
	1,045,184		FGLMC	5.500		06/01/35		1,120,513
	1,805,502		FGLMC	5.500		06/01/35		1,936,333
	184,728		FGLMC	5.000		02/01/36		194,664
	371,100		FGLMC	5.500		04/01/36		398,101
	50,176		FGLMC	6.500		05/01/36		55,808
	361,934		FGLMC	6.500		10/01/36		402,553
	838,515		FGLMC	5.500		04/01/37		894,624
	492,310		FGLMC	6.000		08/01/37		535,045
	67,363		FGLMC	6.000		09/01/37		73,589
	307,124		FGLMC	6.500		11/01/37		340,825
	1,269,295		FGLMC	5.000		04/01/38		1,339,157
	733,581		FGLMC	6.000		11/01/38		795,425
	734,546		FGLMC	4.000		06/01/39		729,967
	1,000,000	h	FGLMC	4.500		01/15/41		1,024,688
	2,000,000	h	FGLMC	5.000		01/15/41		2,097,500
	2,000,000	h	FGLMC	5.500		01/15/41		2,131,250
			Federal National Mortgage Association (FNMA)

43

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$15,747		FNMA	5.000	%	06/01/13	$	16,882
	2,131,914		FNMA	4.780		02/01/14		2,285,772
	2,717,023		FNMA	4.640		11/01/14		2,916,122
	378,165		FNMA	4.560		01/01/15		403,044
	101,197		FNMA	6.500		10/01/16		110,416
	48,472		FNMA	6.500		11/01/16		52,887
	263,647		FNMA	5.000		12/01/17		281,979
	72,497		FNMA	6.500		02/01/18		79,327
	208,700		FNMA	5.500		04/01/18		225,274
	88,592		FNMA	5.500		05/01/18		95,582
	93,641		FNMA	6.000		01/01/19		102,113
	1,000,000		FNMA	4.000		02/25/19		1,051,540
	725,858		FNMA	4.500		04/01/19		768,048
	169,925		FNMA	4.500		06/01/19		179,802
	250,000		FNMA	5.000		03/01/20		267,695
	80,933		FNMA	4.500		11/01/20		85,638
	86,661		FNMA	4.500		12/01/20		91,753
	240,498		FNMA	5.000		12/01/20		256,919
	379,891		FNMA	5.000		03/01/21		406,780
	23,156		FNMA	8.000		03/01/23		26,722
	405,443		FNMA	5.500		02/01/24		438,601
	776,909		FNMA	4.000		05/01/24		801,309
	886,624		FNMA	5.500		07/01/24		958,246
	419,293		FNMA	4.500		08/01/24		439,734
	2,015,146		FNMA	5.000		10/01/25		2,142,919
	15,143		FNMA	9.000		11/01/25		17,613
	2,000,000	h	FNMA	4.000		01/25/26		2,059,688
	14,197		FNMA	7.500		01/01/29		16,239
	350,167		FNMA	7.000		07/01/32		399,104
	88,582		FNMA	5.000		02/01/33		93,689
	591,168		FNMA	4.500		03/25/33		626,798
	272,107		FNMA	5.000		07/01/33		287,795
	1,468,205		FNMA	5.500		07/01/33		1,582,576
	850,150		FNMA	4.500		08/01/33		879,027
	918,364		FNMA	4.500		10/01/33		949,558
	384,124		FNMA	5.000		10/01/33		406,269
	326,648		FNMA	5.000		10/01/33		345,480
	797,531		FNMA	5.000		11/01/33		843,510
	835,409		FNMA	5.000		11/01/33		883,571
	255,887		FNMA	5.500		12/01/33		275,820
	492,249		FNMA	5.500		12/01/33		530,594
	171,721		FNMA	5.000		03/01/34		181,621
	713,084		FNMA	5.000		03/01/34		754,194
	140,583		FNMA	5.000		03/01/34		148,688
	1,418,110		FNMA	5.000		03/01/34		1,499,865
	168,930		FNMA	5.000		03/01/34		178,670
	1,103,077		FNMA	5.000		04/01/34		1,165,291
	2,713,912		FNMA	5.000		08/01/34		2,868,365
	484,266		FNMA	6.000		08/01/34		533,468
	154,680		FNMA	6.000		12/01/34		169,842
	407,674		FNMA	5.500		01/01/35		439,011
	871,074		FNMA	5.500		02/01/35		938,929

44

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$313,462		FNMA	6.000	%	04/01/35	$	343,841
	3,133,411		FNMA	5.500		05/01/35		3,397,081
	2,154,091		FNMA	5.500		05/01/35		2,335,353
	972,908		FNMA	6.000		05/01/35		1,066,590
	23,143		FNMA	7.500		06/01/35		26,545
	472,581		FNMA	6.000		07/01/35		515,723
	557,522		FNMA	5.000		08/01/35		588,619
	1,922,061		FNMA	5.000		10/01/35		2,029,266
	161,445		FNMA	5.000		10/01/35		170,450
	453,714		FNMA	5.500		12/01/35		487,497
	524,465		FNMA	5.000		02/01/36		553,718
	536,035		FNMA	6.000		03/01/36		584,300
	668,046		FNMA	5.000		04/01/36		703,220
	963,268		FNMA	6.000		04/01/36		1,050,001
	294,440		FNMA	6.500		04/01/36		328,313
	547,719	i	FNMA	5.880		07/01/36		577,481
	848,454	i	FNMA	5.700		09/01/36		892,094
	280,223		FNMA	6.500		09/01/36		314,036
	373,928		FNMA	6.000		12/01/36		407,596
	173,152		FNMA	7.000		02/01/37		196,083
	487,589		FNMA	6.500		03/01/37		546,424
	45,755		FNMA	7.000		04/01/37		51,814
	156,588		FNMA	6.500		08/01/37		175,483
	169,896		FNMA	6.500		08/01/37		191,087
	87,908		FNMA	6.000		09/01/37		97,526
	94,377		FNMA	6.000		09/01/37		104,704
	54,968		FNMA	6.000		09/01/37		60,983
	73,665		FNMA	6.000		09/01/37		81,725
	511,347		FNMA	6.500		09/01/37		568,735
	130,630		FNMA	6.500		09/01/37		146,393
	225,814		FNMA	6.500		09/01/37		251,157
	417,066		FNMA	6.500		09/01/37		463,872
	166,382		FNMA	6.500		09/01/37		186,251
	215,959	i	FNMA	5.850		10/01/37		230,226
	219,197		FNMA	6.000		11/01/37		238,522
	1,304,645		FNMA	6.000		11/01/38		1,419,262
	395,326		FNMA	5.500		01/01/39		423,218
	468,542		FNMA	6.000		01/01/39		509,705
	376,436		FNMA	6.000		01/01/39		409,507
	644,914		FNMA	4.500		02/01/39		662,588
	1,458,493		FNMA	4.500		02/01/39		1,498,461
	411,608		FNMA	5.500		02/01/39		440,649
	866,749		FNMA	4.500		05/01/39		890,637
	684,034		FNMA	4.500		08/01/39		702,886
	1,447,091		FNMA	4.000		09/01/39		1,441,008
	7,000,000	h	FNMA	4.000		01/25/40		6,962,816
	3,000,000	h	FNMA	5.000		01/25/40		3,153,750
	6,000,000	h	FNMA	5.500		01/25/40		6,419,064
	6,000,000	h	FNMA	6.000		01/25/40		6,521,250
	2,107,487		FNMA	4.500		09/01/40		2,165,241
	2,739,623		FNMA	4.500		09/01/40		2,814,699
	1,995,728		FNMA	4.000		11/01/40		1,987,339

45

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,995,103		FNMA	4.500	%	11/01/40	$	2,049,777
	1,000,000	h	FNMA	3.500		01/25/41		955,000
			Government National Mortgage Association (GNMA)
	14,024		GNMA	6.500		09/15/23		15,895
	30,607		GNMA	7.500		11/15/23		35,287
	5,280		GNMA	7.500		08/15/28		6,100
	40,679		GNMA	6.500		12/15/28		46,184
	106,187		GNMA	6.500		03/15/29		120,557
	31,253		GNMA	8.500		10/20/30		37,550
	10,177		GNMA	7.000		06/20/31		11,624
	149,980		GNMA	5.000		02/15/33		160,072
	161,360		GNMA	5.500		07/15/33		175,301
	1,222,998		GNMA	5.000		09/15/33		1,305,291
	261,432		GNMA	5.500		11/20/33		283,162
	1,068,315		GNMA	5.500		02/20/35		1,155,204
	371,040		GNMA	5.500		03/20/35		401,217
	212,800		GNMA	6.000		10/20/36		233,965
	224,414		GNMA	6.000		01/20/37		246,269
	324,398		GNMA	6.000		02/20/37		355,990
	613,740		GNMA	6.000		12/15/37		675,909
	522,024		GNMA	5.000		04/15/38		555,356
	524,646		GNMA	5.500		07/15/38		567,517
	546,256		GNMA	5.500		07/20/38		588,405
	220,757		GNMA	6.000		08/15/38		243,049
	212,606		GNMA	6.000		08/20/38		233,241
	806,532		GNMA	4.500		03/15/39		838,452
	264,125		GNMA	5.000		07/20/39		280,961
	299,444		GNMA	4.000		08/15/39		302,162
	6,000,000	h	GNMA	4.500		01/15/40		6,228,750
	4,000,000	h	GNMA	5.000		01/15/40		4,252,500
	1,000,000	h	GNMA	5.500		01/15/40		1,080,625
	1,000,000	h	GNMA	4.000		01/15/41		1,006,719
	3,000,000	h	GNMA	5.000		01/20/41		3,188,925
	490,902		GNMA	6.230		09/15/43		522,225
			TOTAL MORTGAGE BACKED					154,966,363
MUNICIPAL BONDS - 0.3%
	600,000		Grant County Public Utility District No 2	5.630		01/01/27		554,136
	500,000		Long Island Power Authority	5.850		05/01/41		458,480
	775,000		State of California	7.630		03/01/40		808,642
	775,000		State of Illinois	6.730		04/01/35		711,342
			TOTAL MUNICIPAL BONDS					2,532,600
U.S. TREASURY SECURITIES - 24.9%
	15,502,000		United States Treasury Bond	8.000		11/15/21		21,925,642
	3,902,500		United States Treasury Bond	5.250		02/15/29		4,475,680
	12,000,000		United States Treasury Bond	5.380		02/15/31		14,008,128
	507,000		United States Treasury Bond	4.500		02/15/36		524,903
	3,525,500		United States Treasury Bond	4.380		05/15/40		3,542,563
	4,375,000		United States Treasury Bond	3.880		08/15/40		4,029,786
	4,100,000		United States Treasury Note	1.000		09/30/11		4,122,103
	250,000		United States Treasury Note	1.000		12/31/11		251,631

46

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000		United States Treasury Note	1.880	%	06/15/12	$	2,042,110
	530,000		United States Treasury Note	0.630		06/30/12		531,574
	415,000		United States Treasury Note	0.630		07/31/12		416,133
	465,000	j	United States Treasury Note	0.380		08/31/12		464,164
	975,000		United States Treasury Note	0.750		08/15/13		973,020
	9,650,000		United States Treasury Note	0.750		09/15/13		9,619,091
	3,785,000	j	United States Treasury Note	0.500		11/15/13		3,736,208
	500,000		United States Treasury Note	0.750		12/15/13		496,446
	670,000		United States Treasury Note	2.250		05/31/14		693,084
	3,465,000		United States Treasury Note	2.380		08/31/14		3,589,525
	2,715,000		United States Treasury Note	2.250		01/31/15		2,787,116
	5,887,000		United States Treasury Note	2.500		04/30/15		6,086,145
	37,502,000		United States Treasury Note	1.250		09/30/15		36,385,715
	61,220,000		United States Treasury Note	1.380		11/30/15		59,493,413
	1,000,000		United States Treasury Note	2.380		03/31/16		1,012,656
	225,000		United States Treasury Note	3.000		02/28/17		232,031
	1,150,000		United States Treasury Note	2.250		11/30/17		1,118,285
	661,500		United States Treasury Note	2.630		11/15/20		623,980
	1,000,000	j	United States Treasury Strip Principal	0.000		08/15/27		485,588
			TOTAL U.S. TREASURY SECURITIES					183,666,720
			TOTAL GOVERNMENT BONDS					380,201,305
			(Cost $374,841,113)
STRUCTURED ASSETS - 8.0%
ASSET BACKED - 3.9%
	240,000	g	Ally Master Owner Trust	2.880		04/15/13		245,791
			Series - 2010 3 (Class A)
	25,000	g	Ally Master Owner Trust	4.250		04/15/17		26,465
			Series - 2010 2 (Class A)
	1,000,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15		1,057,654
			Series - 2010 1 (Class C)
	225,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		219,731
			Series - 2010 5A (Class A)
	200,000		CarMax Auto Owner Trust	3.750		12/15/15		204,613
			Series - 2010 1 (Class B)
	1,254,107		Centex Home Equity	5.540		01/25/32		1,252,723
			Series - 2002 A (Class AF6)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		393,382
			Series - 2004 2 (Class 1M1)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		170,355
			Series - 2004 2 (Class 1B)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		112,848
			Series - 2002 2 (Class MF2)
	148,737		CIT Group Home Equity Loan Trust	6.830		06/25/33		4,775
			Series - 2002 2 (Class BF)
	320,000	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		313,901
			Series - 2006 15 (Class A2)
	118,032	i,j	Countrywide Home Equity Loan Trust	0.480		02/15/29		66,645
			Series - 2004 B (Class 1A)
	117,208	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		115,224
			Series - 2007 MX1 (Class A1)

47

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,449,634	g	Flagstar Home Equity Loan Trust	5.780	%	01/25/35	$	2,027,616
			Series - 2007 1A (Class AF3)
	50,000	g	Ford Credit Floorplan Master Owner Trust	4.640		02/15/17		52,582
			Series - 2010 3 (Class B)
	1,062,882		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		1,027,050
			Series - 2006 HLTV (Class A3)
	2,650,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		2,128,112
			Series - 2006 HLTV (Class A4)
	169,734		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		170,575
			Series - 2007 1 (Class A1F)
	108,352	i,j	Morgan Stanley ABS Capital I	0.270		01/25/37		105,016
			Series - 2007 HE2 (Class A2A)
	1,235,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		705,638
			Series - 2006 3 (Class AF3)
	647,956		Residential Asset Mortgage Products, Inc	4.970		09/25/33		655,671
			Series - 2003 RZ5 (Class A7)
	4,180,578	i	Residential Asset Mortgage Products, Inc	0.880		11/25/34		3,558,738
			Series - 2004 RS11 (Class M1)
	280,033	i	Residential Asset Securities Corp	6.490		10/25/30		243,924
			Series - 2001 KS2 (Class AI6)
	149,707		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		146,794
			Series - 2006 HI5 (Class A2)
	7,000,000		Residential Funding Mortgage Securities II, Inc	5.790		02/25/36		6,614,797
			Series - 2006 HI2 (Class A3)
	1,000,000		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		944,387
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		289,129
			Series - 2006 HI1 (Class M1)
	1,500,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		513,185
			Series - 2006 HI1 (Class M2)
	3,528,000		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		3,241,473
			Series - 2006 HI4 (Class A3)
	674,834		Saxon Asset Securities Trust	6.120		11/25/30		686,597
			Series - 2002 2 (Class AF6)
	189,377	i,j	Securitized Asset Backed Receivables LLC Trust	0.410		03/25/36		179,904
			Series - 2006 NC2 (Class A2)
	455,000	g	Vornado DP LLC	5.280		09/13/28		446,223
			Series - 2010 VNO (Class C)
	910,071	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		750,808
			Series - 2006 N1 (Class N1)
	237,945	g,i	Wachovia Loan Trust	0.620		05/25/35		147,902
			Series - 2005 SD1 (Class A)
	176,703	i,j	Wells Fargo Home Equity Trust	0.400		07/25/36		160,518
			Series - 2006 2 (Class A3)
	200,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		214,126
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					29,194,872

48

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
OTHER MORTGAGE BACKED - 4.1%
	$400,000	i	Banc of America Commercial Mortgage, Inc	4.770	%	07/10/43	$	373,309
			Series - 2005 3 (Class AJ)
	325,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		339,641
			Series - 2006 6 (Class A4)
	270,000	i	Banc of America Commercial Mortgage, Inc	5.690		04/10/49		282,143
			Series - 2007 2 (Class A4)
	705,000	g,i	Banc of America Large Loan, Inc	5.770		12/24/49		745,318
			Series - 2009 UB2 (Class A4AB)
	123,106		Bank of America Alternative Loan Trust	5.500		09/25/19		125,342
			Series - 2004 8 (Class 3A1)
	200,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		211,256
			Series - 2006 PW14 (Class A4)
	110,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41		115,404
			Series - 2005 PWR8 (Class A4)
	330,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		333,989
			Series - 2006 PW13 (Class AM)
	600,000		Bear Stearns Commercial Mortgage Securities	5.540		10/12/41		645,974
			Series - 2006 T24 (Class A4)
	230,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		242,088
			Series - 2004 T16 (Class A6)
	740,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		784,473
			Series - 2007 PW17 (Class A4)
	450,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		468,872
			Series - 2007 PW18 (Class A4)
	300,000		Chase Mortgage Finance Corp	5.500		10/25/35		303,220
			Series - 2005 S2 (Class A24)
	1,224,003		Citicorp Mortgage Securities, Inc	5.500		07/25/35		932,240
			Series - 2005 4 (Class 1A7)
	105,000		Citigroup, Inc	5.320		12/11/49		108,835
			Series - 2007 CD4 (Class A4)
	85,000	i	Commercial Mortgage Pass Through Certificates	5.810		12/10/49		91,453
			Series - 2007 C9 (Class A4)
	516,767		Countrywide Alternative Loan Trust	5.500		08/25/16		505,210
			Series - 2004 30CB (Class 1A15)
	1,779,070		Countrywide Alternative Loan Trust	5.500		10/25/35		703,256
			Series - 2005 42CB (Class A12)
	248,681		Countrywide Home Loan Mortgage Pass Through Trust	5.250		09/25/35		254,266
			Series - 2005 17 (Class 1A10)
	149,099		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		148,649
			Series - 2005 J3 (Class 1A1)
	449,888	g,i,j	Credit Suisse Mortgage Capital Certificates	0.440		04/15/22		420,794
			Series - 2007 TF2A (Class A1)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	590,736	g,i,j	Certificate	0.450		05/15/23		580,356
			Series - 2006 HC1A (Class A1)
	170,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		171,850
			Series - 2003 C3 (Class B)
	615,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		657,363
			Series - 2005 C5 (Class A4)
	140,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		135,446
			Series - 2005 C5 (Class AJ)
	525,000	i	Greenwich Capital Commercial Funding Corp	5.880		07/10/38		572,774
			Series - 2006 GG7 (Class A4)
	995,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		1,024,751
			Series - 2006 GG7 (Class AM)

49

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,065,000		Greenwich Capital Commercial Funding Corp	5.440	%	03/10/39	$	1,122,061
			Series - 2007 GG9 (Class A4)
	440,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39		439,590
			Series - 2007 GG9 (Class AM)
	1,795,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		1,896,686
			Series - 2007 GG11 (Class A4)
	325,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		349,095
			Series - 2006 GG6 (Class A4)
	425,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		429,402
			Series - 2006 GG6 (Class AM)
	665,000		GS Mortgage Securities Corp II	5.560		11/10/39		705,385
			Series - 2006 GG8 (Class A4)
	430,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		436,921
			Series - 2010 C1 (Class B)
	175,000	g,i	GS Mortgage Securities Corp II	5.230		12/10/43		165,975
			Series - 2010 C2 (Class C)
	154,949	i	GSR Mortgage Loan Trust	2.960		01/25/36		149,834
			Series - 2006 AR1 (Class 2A2)
	225,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		241,265
			Series - 2009 IWST (Class A2)
	60,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		56,757
			Series - 2010 C2 (Class B)
	125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.530		11/15/43		116,979
			Series - 2010 C2 (Class C)
	720,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		747,235
			Series - 2006 LDP9 (Class A3)
	1,040,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		1,088,105
			Series - 2007 LD11 (Class A4)
	261,872	i	JP Morgan Mortgage Trust	4.310		04/25/35		263,472
			Series - 2005 A2 (Class 5A1)
	415,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		434,681
			Series - 2005 C1 (Class A4)
	325,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		340,999
			Series - 2005 C2 (Class A5)
	175,000		LB-UBS Commercial Mortgage Trust	4.390		03/15/32		183,343
			Series - 2003 C1 (Class A4)
	1,120,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		1,176,156
			Series - 2007 C1 (Class A4)
	725,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		747,619
			Series - 2007 C2 (Class A3)
	75,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		78,800
			Series - 2007 C6 (Class A4)
	241,897	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		245,991
			Series - 2005 CIP1 (Class AM)
	275,000	i	Merrill Lynch Mortgage Trust	5.660		05/12/39		296,383
			Series - 2006 C1 (Class A4)
	250,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.420		02/12/39		269,879
			Series - 2006 1 (Class A4)
	365,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.960		08/12/49		360,715
			Series - 2007 8 (Class AM)
	645,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		667,599
			Series - 2006 4 (Class A3)

50

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$370,000	i	Morgan Stanley Capital I	5.270	%	06/13/41	$	396,319
			Series - 2004 T15 (Class A4)
	475,000		Morgan Stanley Capital I	5.170		01/14/42		508,366
			Series - 2005 HQ5 (Class A4)
	1,445,000	i	Morgan Stanley Capital I	5.450		02/12/44		1,499,580
			Series - 2007 HQ11 (Class A4)
	420,000		Morgan Stanley Capital I	5.360		03/15/44		433,249
			Series - 2007 IQ13 (Class A4)
	100,000	i	Morgan Stanley Capital I	5.730		07/12/44		108,497
			Series - 2006 HQ9 (Class A4)
	125,000	i	Morgan Stanley Capital I	5.540		11/12/49		127,401
			Series - 2007 T25 (Class AM)
	150,000		Morgan Stanley Capital I	4.770		07/15/56		144,024
			Series - 0 IQ9 (Class AJ)
	370,000	g,i	RBSCF Trust	4.670		04/15/24		358,792
			Series - 2010 MB1 (Class D)
	918,782		Residential Accredit Loans, Inc	5.750		05/25/35		268,341
			Series - 2005 QS6 (Class A7)
	117,300	i	Structured Adjustable Rate Mortgage Loan Trust	0.640		03/25/35		114,495
			Series - 2005 6XS (Class A3)
	80,899	i	Structured Adjustable Rate Mortgage Loan Trust	5.750		07/25/36		80,592
			Series - 2006 6 (Class 2A1)
	150,000	i	Wachovia Bank Commercial Mortgage Trust	5.360		12/15/44		140,159
			Series - 2005 C22 (Class AJ)
	415,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		416,132
			Series - 2007 C31 (Class A5)
	585,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		519,756
			Series - 2006 C29 (Class AJ)
	100,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		103,787
			Series - 2007 C33 (Class A4)
	470,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		485,195
			Series - 2007 C33 (Class A5)
	225,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.280		10/15/57		226,569
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					30,220,453
			TOTAL STRUCTURED ASSETS					59,415,325
			(Cost $64,737,782)
			TOTAL BONDS					664,366,804
			(Cost $655,093,861)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	38,322	*	Federal Home Loan Mortgage Corp (FHLMC)	8.380	12/30/49	24,105
	110,728	*	Federal National Mortgage Association (FNMA)	8.250	12/30/49	62,007
			TOTAL BANKS			86,112
			TOTAL PREFERRED STOCKS			86,112
			(Cost $3,726,250)

51

TIAA-CREF FUNDS – Bond Plus Fund

SHARES			ISSUER	RATE	MATURITY DATE	VALUE
TIAA-CREF MUTUAL FUND- 0.7%
	531,559	a	TIAA-CREF High-Yield Fund (Institutional Class)			$	5,214,589
			TOTAL TIAA-CREF MUTUAL FUND				5,214,589
			(Cost $5,257,088)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 12.6%
GOVERNMENT AGENCY DEBT - 5.7%
			Federal Home Loan Bank (FHLB)
	$2,950,000		FHLB		01/03/11		2,950,000
	8,000,000		FHLB		01/19/11		7,999,400
	3,660,000		FHLB		01/21/11		3,659,695
	16,885,000		FHLB		01/26/11		16,883,065
	6,355,000		FHLB		02/02/11		6,354,153
			Federal Home Loan Mortgage Corp (FHLMC)
	4,430,000		FHLMC		01/18/11		4,429,623
			TOTAL GOVERNMENT AGENCY DEBT				42,275,936
TREASURY DEBT - 6.9%
	10,335,000		United States Treasury Bill		02/10/11		10,333,556
	29,450,000		United States Treasury Bill		02/24/11		29,446,091
	6,200,000		United States Treasury Bill		03/17/11		6,198,617
	5,000,000		United States Treasury Bill		05/12/11		4,997,400
			TOTAL TREASURY DEBT				50,975,664
			TOTAL SHORT-TERM INVESTMENTS				93,251,600
			(Cost $93,250,863)
			TOTAL INVESTMENTS - 103.9%				766,778,808
			(Cost $761,154,078)
			OTHER ASSETS & LIABILITIES, NET - (3.9)%				(28,980,861	)
			NET ASSETS - 100.0%			$	737,797,947

*	Non-income producing.
a	Affiliated holding.
b	In bankruptcy.
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 December 31, 2010 the value of these securities amounted to $81,261,690 or 11.0% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon reflects the rate at period end.
j	Zero coupon.
m	Indicates a security that has been deemed illiquid.
n	In default.

52

TIAA-CREF FUNDS – Short-Term Bond Fund

TIAA-CREF FUNDS
SHORT-TERM BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 0.3%
CAPITAL GOODS - 0.1%
	$500,000	i	TransDigm Group, Inc	5.000	%	12/06/16	$	504,500
			TOTAL CAPITAL GOODS					504,500
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	1,000,000	i	HCA, Inc	1.553		11/17/12		986,960
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					986,960
			TOTAL BANK LOAN OBLIGATIONS					1,491,460
			(Cost $1,458,279)
BONDS - 94.9%
CORPORATE BONDS - 34.7%
AUTOMOBILES & COMPONENTS - 0.1%
	550,000		Honeywell International, Inc	5.630		08/01/12		590,519
			TOTAL AUTOMOBILES & COMPONENTS					590,519
BANKS - 8.7%
	285,000	g	Banco do Brasil S.A.	4.500		01/22/15		296,400
	500,000	g	Banco Santander Brasil	4.500		04/06/15		510,033
	500,000	g,i	Banco Santander Chile	1.540		04/20/12		499,814
	280,000	g	Banco Santander Chile	3.750		09/22/15		279,976
	3,000,000		Bank of America Corp	2.380		06/22/12		3,077,432
	675,000		Bank of America Corp	7.380		05/15/14		750,317
	1,175,000		Bank of America Corp	3.700		09/01/15		1,164,854
	1,160,000	g	Bank of Nova Scotia	1.650		10/29/15		1,108,820
	150,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		152,682
	1,000,000		CitiBank NA	1.380		08/10/11		1,006,053
	2,000,000		Citigroup, Inc	2.130		04/30/12		2,040,587
	1,500,000		Citigroup, Inc	6.000		12/13/13		1,639,102
	2,000,000		Citigroup, Inc	5.500		10/15/14		2,154,893
	2,000,000		Citigroup, Inc	4.750		05/19/15		2,094,193
	1,643,246		Credit-Based Asset Servicing and Securitization LLC	4.830		08/25/35		1,626,699
	250,000		Deutsche Bank AG.	3.880		08/18/14		262,439
	1,100,000		Eksportfinans ASA	5.000		02/14/12		1,151,772
	1,140,000		Eksportfinans ASA	2.000		09/15/15		1,113,347
	250,000		First Horizon National Corp	5.380		12/15/15		252,355
	1,000,000	g	HSBC Bank plc	1.630		08/12/13		1,001,490
	1,000,000	g	HSBC Bank plc	3.500		06/28/15		1,025,105
	618,000	g	ICICI Bank Ltd	5.500		03/25/15		643,141
	3,000,000		JPMorgan Chase & Co	3.130		12/01/11		3,074,681
	2,000,000		JPMorgan Chase & Co	1.650		09/30/13		2,001,353
	1,500,000		JPMorgan Chase & Co	3.400		06/24/15		1,529,633

53

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		KeyBank NA	3.200	%	06/15/12	$	518,690
	500,000	g	National Australia Bank Ltd	2.500		01/08/13		509,506
	750,000		New York Community Bank	3.000		12/16/11		767,967
	375,000		Noble Holding International Ltd	3.450		08/01/15		382,943
	275,000		Northern Trust Corp	4.630		05/01/14		297,310
	1,500,000		Regions Bank	3.250		12/09/11		1,539,662
	500,000	g	Shinhan Bank	4.380		09/15/15		506,410
	1,000,000		Sovereign Bancorp, Inc	2.750		01/17/12		1,022,722
	3,000,000		Sovereign Bancorp, Inc	2.500		06/15/12		3,082,034
	1,000,000	g	Sumitomo Mitsui Banking Corp	2.150		07/22/13		1,013,295
	500,000		Union Planters Corp	7.750		03/01/11		504,665
	1,000,000		US Bancorp	1.130		10/30/13		990,365
	500,000		US Central Federal Credit Union	1.900		10/19/12		510,482
	250,000		Wachovia Bank NA	5.300		10/15/11		259,123
	500,000		Wells Fargo & Co	2.130		06/15/12		511,495
	1,000,000		Wells Fargo & Co	3.750		10/01/14		1,043,885
	1,000,000		Westpac Banking Corp	2.100		08/02/13		1,010,157
	1,000,000		Westpac Banking Corp	3.000		08/04/15		1,005,058
	200,000		Zions Bancorporation	7.750		09/23/14		208,502
			TOTAL BANKS					46,141,442
CAPITAL GOODS - 0.6%
	50,000		Black & Decker Corp	8.950		04/15/14		59,452
	250,000		CRH America, Inc	4.130		01/15/16		248,403
	500,000		DIRECTV Holdings LLC	3.550		03/15/15		507,962
	250,000		ITT Corp	4.900		05/01/14		268,390
	1,000,000		John Deere Capital Corp	2.950		03/09/15		1,027,277
	1,000,000		Tyco International Finance S.A.	6.000		11/15/13		1,109,338
	75,000		Tyco International Finance S.A.	4.130		10/15/14		79,529
			TOTAL CAPITAL GOODS					3,300,351
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	1,000,000		Allied Waste North America, Inc	6.380		04/15/11		1,014,770
	500,000		Daimler Finance North America LLC	5.880		03/15/11		505,070
	100,000		Daimler Finance North America LLC	5.750		09/08/11		103,328
	1,000,000		Thomson Corp	5.250		08/15/13		1,090,406
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					2,713,574
CONSUMER DURABLES & APPAREL - 0.0%
	200,000		Whirlpool Corp	8.000		05/01/12		215,523
			TOTAL CONSUMER DURABLES & APPAREL					215,523
CONSUMER SERVICES - 0.1%
	500,000		Speedway Motorsports, Inc	6.750		06/01/13		503,750
			TOTAL CONSUMER SERVICES					503,750
DIVERSIFIED FINANCIALS - 8.9%
	250,000		American Express Centurion Bank	5.550		10/17/12		267,405
	500,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		507,477
	500,000	g	Bangkok Bank PCL	3.250		10/18/15		485,895
	2,000,000	g	Bank of Montreal	2.850		06/09/15		2,031,586

54

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$200,000		Bank of New York Mellon Corp	4.300	%	05/15/14	$	213,399
	125,000		Barclays Bank plc	5.200		07/10/14		135,010
	500,000		BlackRock, Inc	3.500		12/10/14		518,509
	2,000,000		Canadian Imperial Bank of Commerce	1.450		09/13/13		1,993,430
	800,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		804,361
	2,000,000		Citigroup Funding, Inc	1.880		10/22/12		2,040,054
	3,000,000		Citigroup Funding, Inc	2.250		12/10/12		3,085,838
	1,000,000	i	Countrywide Financial Corp	0.730		05/07/12		987,841
	130,000		Credit Suisse	5.000		05/15/13		139,917
	500,000		Credit Suisse	5.500		05/01/14		548,326
	500,000	g	FIA Card Services NA	7.130		11/15/12		540,667
	1,000,000		Ford Motor Credit Co	9.880		08/10/11		1,040,939
	300,000		Ford Motor Credit Co LLC	7.250		10/25/11		310,064
	140,000		Franklin Resources, Inc	3.130		05/20/15		142,570
	1,000,000		General Electric Capital Corp	2.250		03/12/12		1,021,161
	400,000		General Electric Capital Corp	2.200		06/08/12		408,955
	300,000		General Electric Capital Corp	2.130		12/21/12		308,231
	2,000,000		General Electric Capital Corp	2.630		12/28/12		2,074,370
	1,000,000		General Electric Capital Corp	2.800		01/08/13		1,022,302
	1,250,000		General Electric Capital Corp	1.880		09/16/13		1,250,669
	500,000		General Electric Capital Corp	3.750		11/14/14		516,860
	2,800,000		GMAC, Inc	1.750		10/30/12		2,849,593
	3,600,000		GMAC, Inc	2.200		12/19/12		3,702,703
	500,000	i	Goldman Sachs Capital II	5.790		12/30/49		423,750
	75,000		Goldman Sachs Group, Inc	3.630		08/01/12		77,400
	650,000		Goldman Sachs Group, Inc	5.700		09/01/12		693,783
	1,000,000		Goldman Sachs Group, Inc	3.700		08/01/15		1,018,912
	1,250,000		HSBC Finance Corp	5.250		01/14/11		1,251,259
	500,000		HSBC Finance Corp	4.750		07/15/13		527,337
	160,000	g	Hyundai Capital America	3.750		04/06/16		157,140
	172,000		International Lease Finance Corp	5.750		06/15/11		172,860
	150,000	g	International Lease Finance Corp	6.500		09/01/14		159,000
	1,000,000		Jefferies Group, Inc	3.880		11/09/15		982,904
	250,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		266,626
	500,000	b,n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		50
	300,000		Merrill Lynch & Co, Inc	5.450		02/05/13		316,438
	1,900,000		Morgan Stanley	3.250		12/01/11		1,949,435
	1,525,000		Morgan Stanley	6.000		05/13/14		1,647,732
	150,000		Morgan Stanley	6.000		04/28/15		162,450
	250,000		NASDAQ OMX Group, Inc	4.000		01/15/15		254,458
	535,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		549,883
	150,000		Nomura Holdings, Inc	5.000		03/04/15		156,389
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		500,045
	1,000,000		Rabobank Nederland NV	2.130		10/13/15		967,104
	1,000,000		State Street Corp	2.150		04/30/12		1,020,887
	225,000		State Street Corp	4.300		05/30/14		240,727
	1,200,000	g	Toronto-Dominion Bank	2.200		07/29/15		1,180,414
	1,000,000		Toyota Motor Credit Corp	1.380		08/12/13		1,004,100
	1,000,000		UBS AG.	2.250		08/12/13		1,008,534
	1,000,000	g	Volkswagen International Finance NV	1.630		08/12/13		999,487
			TOTAL DIVERSIFIED FINANCIALS					46,637,236

55

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
ENERGY - 1.5%
	$142,000		Arch Western Finance LLC	6.750	%	07/01/13	$	143,420
	200,000		Baker Hughes, Inc	6.500		11/15/13		227,616
	250,000		BJ Services Co	5.750		06/01/11		255,346
	500,000		BP Capital Markets plc	3.880		03/10/15		515,745
	500,000		BP Capital Markets plc	3.130		10/01/15		499,657
	500,000		Chesapeake Energy Corp	7.630		07/15/13		541,875
	300,000		Chevron Corp	3.450		03/03/12		309,560
	350,000		ConocoPhillips	4.600		01/15/15		381,480
	500,000		Devon Energy Corp	5.630		01/15/14		552,605
	461,450		Dolphin Energy Ltd	5.890		06/15/19		493,752
	225,000		Enterprise Products Operating LLC	4.600		08/01/12		236,146
	1,150,000		EOG Resources, Inc	2.950		06/01/15		1,157,987
	350,000	g	Gaz Capital S.A.	5.090		11/29/15		358,750
	75,000		Marathon Oil Corp	6.500		02/15/14		84,429
	500,000		Occidental Petroleum Corp	2.500		02/01/16		498,587
	500,000		Petroleos Mexicanos	4.880		03/15/15		526,250
	500,000		Shell International Finance BV	3.100		06/28/15		513,475
	100,000		Statoil ASA	2.900		10/15/14		103,401
	475,000		Valero Energy Corp	4.500		02/01/15		494,022
	250,000		XTO Energy, Inc	4.630		06/15/13		271,445
			TOTAL ENERGY					8,165,548
FOOD & STAPLES RETAILING - 0.5%
	1,075,000		CVS Caremark Corp	3.250		05/18/15		1,092,513
	1,000,000		Kroger Co	5.000		04/15/13		1,077,349
	250,000		New Albertsons, Inc	7.500		02/15/11		250,313
			TOTAL FOOD & STAPLES RETAILING					2,420,175
FOOD BEVERAGE & TOBACCO - 1.8%
	700,000		Anheuser-Busch InBev Worldwide, Inc	4.130		01/15/15		737,252
	2,550,000		Coca-Cola Co	1.500		11/15/15		2,447,598
	600,000		Coca-Cola Enterprises, Inc	5.000		08/15/13		657,938
	1,000,000		Coca-Cola Enterprises, Inc	1.130		11/12/13		990,255
	1,000,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		1,023,332
	1,225,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		1,350,849
	135,000		General Mills, Inc	5.200		03/17/15		149,036
	1,000,000		Kraft Foods, Inc	5.250		10/01/13		1,093,202
	50,000		PepsiAmericas, Inc	5.750		07/31/12		53,807
	1,000,000		PepsiCo, Inc	0.880		10/25/13		988,562
	150,000		Philip Morris International, Inc	4.880		05/16/13		162,383
	250,000		Philip Morris International, Inc	6.880		03/17/14		288,078
			TOTAL FOOD BEVERAGE & TOBACCO					9,942,292
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	625,000		Agilent Technologies, Inc	2.500		07/15/13		632,328
	250,000		Boston Scientific Corp	4.500		01/15/15		255,255
	1,000,000		McKesson Corp	6.500		02/15/14		1,123,479
	1,000,000		Medco Health Solutions, Inc	2.750		09/15/15		992,137
	400,000		Stryker Corp	3.000		01/15/15		408,690
	200,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		203,439
	245,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		250,655
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					3,865,983

56

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	$1,000,000		Clorox Co	5.450	%	10/15/12	$	1,072,510
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					1,072,510
INSURANCE - 1.0%
	1,000,000		American International Group, Inc	3.650		01/15/14		1,017,076
	2,000,000		MetLife, Inc	2.380		02/06/14		2,009,492
	1,020,000		Progressive Corp	6.380		01/15/12		1,066,086
	1,000,000		Prudential Financial, Inc	5.100		09/20/14		1,074,167
	250,000		United Health Group, Inc	4.880		02/15/13		266,161
			TOTAL INSURANCE					5,432,982
MATERIALS - 1.3%
	200,000		Air Products & Chemicals, Inc	4.150		02/01/13		210,101
	40,000		Airgas, Inc	4.500		09/15/14		41,897
	665,000	g	Anglo American Capital plc	2.150		09/27/13		670,718
	675,000		ArcelorMittal	3.750		08/05/15		680,620
	500,000		Bemis Co, Inc	4.880		04/01/12		520,428
	1,000,000		Bemis Co, Inc	5.650		08/01/14		1,094,755
	1,000,000		EI Du Pont de Nemours & Co	3.250		01/15/15		1,037,880
	1,606,000		Lafarge S.A.	6.150		07/15/11		1,647,891
	1,000,000	g	Sappi Papier Holding AG.	6.750		06/15/12		1,025,458
			TOTAL MATERIALS					6,929,748
MEDIA - 0.8%
	600,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		682,738
	300,000		Echostar DBS Corp	6.380		10/01/11		309,000
	1,000,000	g	NBC Universal, Inc	3.650		04/30/15		1,025,695
	1,375,000		Time Warner Cable, Inc	6.200		07/01/13		1,527,118
	250,000		Time Warner, Inc	3.150		07/15/15		254,005
	125,000		Viacom, Inc	4.380		09/15/14		133,078
			TOTAL MEDIA					3,931,634
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	1,000,000		Abbott Laboratories	2.700		05/27/15		1,019,546
	325,000		Eli Lilly & Co	3.550		03/06/12		335,317
	1,000,000		GlaxoSmithKline Capital, Inc	4.850		05/15/13		1,085,796
	120,000		Life Technologies Corp	3.500		01/15/16		119,634
	1,000,000		Merck & Co, Inc	2.250		01/15/16		987,429
	180,000		Novartis Capital Corp	4.130		02/10/14		192,095
	500,000		Novartis Capital Corp	2.900		04/24/15		513,642
	175,000		Pfizer, Inc	5.350		03/15/15		196,728
	200,000		Teva Pharmaceutical Finance LLC	3.000		06/15/15		203,496
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					4,653,683
REAL ESTATE - 0.0%
	100,000		Boston Properties LP	2.880		02/15/37		101,500
	75,000		ProLogis	7.630		08/15/14		84,571
			TOTAL REAL ESTATE					186,071

57

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
RETAILING - 0.3%
	$500,000		Staples, Inc	9.750	%	01/15/14	$	605,926
	1,000,000		Wal-Mart Stores, Inc	3.000		02/03/14		1,039,334
			TOTAL RETAILING					1,645,260
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.5%
	2,000,000	g	Broadcom Corp	1.500		11/01/13		1,986,376
	500,000		National Semiconductor Corp	3.950		04/15/15		509,239
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					2,495,615
SOFTWARE & SERVICES - 2.4%
	5,000,000		International Business Machines Corp	1.000		08/05/13		4,981,745
	5,000,000		Microsoft Corp	0.880		09/27/13		4,971,905
	1,000,000		Microsoft Corp	1.630		09/25/15		975,227
	1,000,000		Oracle Corp	4.950		04/15/13		1,089,404
	250,000		Symantec Corp	2.750		09/15/15		243,956
			TOTAL SOFTWARE & SERVICES					12,262,237
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	250,000		Amphenol Corp	4.750		11/15/14		267,080
	668,000		Cisco Systems, Inc	2.900		11/17/14		692,903
	300,000		Hewlett-Packard Co	4.250		02/24/12		311,759
	200,000		Hewlett-Packard Co	2.950		08/15/12		206,207
	100,000		Hewlett-Packard Co	4.750		06/02/14		109,568
	1,000,000		IBM International Group Capital LLC	5.050		10/22/12		1,075,014
	250,000		L-3 Communications Corp	6.380		10/15/15		257,500
	175,000		Xerox Corp	8.250		05/15/14		204,272
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					3,124,303
TELECOMMUNICATION SERVICES - 1.1%
	100,000		AT&T, Inc	7.300		11/15/11		105,639
	1,000,000		AT&T, Inc	2.500		08/15/15		996,486
	550,000		Cellco Partnership	3.750		05/20/11		556,742
	1,000,000		France Telecom S.A.	2.130		09/16/15		973,437
	1,000,000		Telecom Italia Capital S.A.	5.250		11/15/13		1,041,806
	850,000		Telecom Italia Capital S.A.	6.180		06/18/14		903,948
	1,000,000		Telefonica Emisiones SAU	3.730		04/27/15		992,018
	200,000		Verizon Communications, Inc	4.350		02/15/13		212,681
	250,000		Windstream Corp	8.130		08/01/13		275,000
			TOTAL TELECOMMUNICATION SERVICES					6,057,757
TRANSPORTATION - 0.6%
	1,000,000		Burlington Northern Santa Fe Corp	6.750		07/15/11		1,033,853
	1,000,000	g	ERAC USA Finance LLC	2.750		07/01/13		1,017,857
	1,000,000	g	Southwest Airlines Co	10.500		12/15/11		1,076,789
	200,000		Union Pacific Corp	5.130		02/15/14		215,837
			TOTAL TRANSPORTATION					3,344,336

58

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
UTILITIES - 1.6%
	$180,000		Alliant Energy Corp	4.000	%	10/15/14	$	186,501
	250,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		285,713
	1,000,000		Commonwealth Edison Co	4.700		04/15/15		1,083,155
	500,000		Duke Energy Carolinas LLC	5.750		11/15/13		560,107
	1,900,000		FPL Group Capital, Inc	2.600		09/01/15		1,860,603
	200,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		193,892
	1,000,000		Northeast Utilities	5.650		06/01/13		1,086,394
	300,000		NRG Energy, Inc	7.250		02/01/14		306,000
	625,000		ONEOK Partners LP	5.900		04/01/12		660,062
	500,000		Pepco Holdings, Inc	2.700		10/01/15		487,333
	500,000		PG&E Corp	5.750		04/01/14		547,278
	500,000	g	Ras Laffan Liquefied Natural Gas Co Ltd	5.500		09/30/14		538,504
	250,000		Veolia Environnement	5.250		06/03/13		270,069
	450,000		Williams Partners LP	3.800		02/15/15		465,031
			TOTAL UTILITIES					8,530,642
			TOTAL CORPORATE BONDS					184,163,171
			(Cost $181,005,826)
GOVERNMENT BONDS - 55.6%
AGENCY SECURITIES - 10.2%
			Federal Farm Credit Bank (FFCB)
	4,400,000		FFCB	2.630		04/21/11		4,431,944
	1,000,000		FFCB	1.380		06/25/13		1,013,029
			Federal Home Loan Bank (FHLB)
	1,200,000		FHLB	3.630		09/16/11		1,228,175
	3,000,000		FHLB	1.880		06/21/13		3,069,918
			Federal Home Loan Mortgage Corp (FHLMC)
	4,000,000		FHLMC	2.130		09/21/12		4,102,392
	230,000		FHLMC	2.500		04/23/14		238,298
			Federal National Mortgage Association (FNMA)
	2,500,000		FNMA	1.380		04/28/11		2,509,610
	3,000,000		FNMA	2.000		01/09/12		3,048,312
	3,000,000		FNMA	0.880		01/12/12		3,013,020
	2,000,000		FNMA	3.630		02/12/13		2,120,440
	6,500,000		FNMA	1.250		08/20/13		6,542,471
	1,500,000		FNMA	2.750		03/13/14		1,567,820
	1,000,000		FNMA	2.500		05/15/14		1,037,515
	2,000,000		FNMA	3.000		09/16/14		2,106,574
	5,000,000		FNMA	2.630		11/20/14		5,190,110
	2,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		1,946,760
	1,500,000		International Finance Corp	5.130		05/02/11		1,524,471
	7,000,000		Private Export Funding Corp	4.900		12/15/11		7,298,228
	2,000,000		Private Export Funding Corp	3.550		04/15/13		2,119,146
			TOTAL AGENCY SECURITIES					54,108,233
FOREIGN GOVERNMENT BONDS - 3.7%
	34,000	g	Belgium Government International Bond	2.880		09/15/14		33,855
	250,000		Belgium Kingdom	2.750		03/05/15		245,812
	1,000,000		Canada Government International Bond	2.380		09/10/14		1,031,026
	1,000,000		Export Development Canada	2.250		05/28/15		1,012,532
	300,000		Export-Import Bank of Korea	8.130		01/21/14		343,176

59

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$325,000		Export-Import Bank of Korea	4.130	%	09/09/15	$	330,296
	125,000		Hungary Government International Bond	4.750		02/03/15		122,186
	500,000		Korea Development Bank	4.380		08/10/15		514,538
	330,000		Korea Development Bank	3.250		03/09/16		320,909
	420,000		Poland Government International Bond	3.880		07/16/15		426,877
	500,000	g	Portugal Government International Bond	3.500		03/25/15		461,946
	3,000,000		Province of British Columbia Canada	2.850		06/15/15		3,088,409
	500,000		Province of Manitoba Canada	5.000		02/15/12		524,106
	1,450,000		Province of Manitoba Canada	2.130		04/22/13		1,482,503
	2,000,000		Province of Nova Scotia Canada	2.380		07/21/15		2,002,046
	2,000,000		Province of Ontario Canada	2.630		01/20/12		2,041,064
	1,200,000		Province of Ontario Canada	4.100		06/16/14		1,296,230
	700,000		Province of Ontario Canada	2.950		02/05/15		722,576
	1,300,000		Province of Ontario Canada	2.700		06/16/15		1,323,455
	791,000	g	Qatar Government International Bond	4.000		01/20/15		818,685
	500,000		Republic of Korea	5.750		04/16/14		546,214
	700,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		700,910
	516,000		United Mexican States	5.880		02/17/14		586,950
			TOTAL FOREIGN GOVERNMENT BONDS					19,976,301
MORTGAGE BACKED - 0.1%
			Federal Home Loan Mortgage Corp (FHLMC)
	108,224		FHLMC	5.130		10/15/15		109,379
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	58,175		FGLMC	6.000		12/01/17		63,491
	277,255		FGLMC	5.500		01/01/19		301,125
	257,295		FGLMC	5.500		01/01/19		279,447
			Federal National Mortgage Association (FNMA)
	23,621		FNMA	5.000		06/01/13		25,322
			TOTAL MORTGAGE BACKED					778,764
U.S. TREASURY SECURITIES - 41.6%
	3,927,000		United States Treasury Note	1.000		09/30/11		3,948,170
	12,000,000		United States Treasury Note	0.750		11/30/11		12,047,340
	1,000,000		United States Treasury Note	1.000		12/31/11		1,006,523
	21,211,000		United States Treasury Note	4.630		12/31/11		22,109,159
	5,000,000		United States Treasury Note	1.000		03/31/12		5,038,300
	140,000		United States Treasury Note	0.630		06/30/12		140,416
	415,000		United States Treasury Note	0.630		07/31/12		416,133
	60,000		United States Treasury Note	1.380		10/15/12		60,884
	42,720,000		United States Treasury Note	1.130		06/15/13		43,070,304
	28,760,000		United States Treasury Note	0.750		09/15/13		28,667,882
	7,395,000		United States Treasury Note	3.130		09/30/13		7,845,052
	3,125,000	j	United States Treasury Note	0.500		10/15/13		3,090,088
	900		United States Treasury Note	2.750		10/31/13		946
	41,680,000	j	United States Treasury Note	0.500		11/15/13		41,142,703
	14,949,000		United States Treasury Note	2.000		11/30/13		15,390,459
	2,318,000		United States Treasury Note	1.880		04/30/14		2,370,697
	45,000		United States Treasury Note	2.250		05/31/14		46,550
	1,635,000		United States Treasury Note	2.630		06/30/14		1,711,001
	7,990,000		United States Treasury Note	2.380		08/31/14		8,277,145
	1,865,000		United States Treasury Note	2.380		10/31/14		1,930,420

60

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$4,175,000		United States Treasury Note	2.250	%	01/31/15	$	4,285,896
	1,373,000		United States Treasury Note	2.500		04/30/15		1,419,446
	6,779,000		United States Treasury Note	1.250		09/30/15		6,577,216
	10,055,000		United States Treasury Note	1.380		11/30/15		9,771,419
			TOTAL U.S. TREASURY SECURITIES					220,364,149
			TOTAL GOVERNMENT BONDS					295,227,447
			(Cost $290,961,864)
STRUCTURED ASSETS - 4.6%
ASSET BACKED - 4.2%
	230,520		Aames Mortgage Trust	6.900		06/25/32		180,660
			Series - 2002 1 (Class A3)
	2,000,000		AmeriCredit Automobile Receivables Trust	2.040		09/08/15		1,989,878
			Series - 2010 3 (Class B)
	55,677	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		0
			Series - 2006 WMC1 (Class N1)
	500,000	g	Avis Budget Rental Car Funding AESOP LLC	5.680		02/20/14		535,653
			Series - 2009 2A (Class A)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC	2.090		04/20/15		1,969,190
			Series - 2010 4A (Class A)
	200,000		CarMax Auto Owner Trust	3.750		12/15/15		204,613
			Series - 2010 1 (Class B)
	167,214		Centex Home Equity	5.540		01/25/32		167,030
			Series - 2002 A (Class AF6)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		146,850
			Series - 2004 2 (Class 1M2)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		85,178
			Series - 2004 2 (Class 1B)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		112,848
			Series - 2002 2 (Class MF2)
	148,737		CIT Group Home Equity Loan Trust	6.830		06/25/33		4,775
			Series - 2002 2 (Class BF)
	64,452	i,j	Countrywide Asset-Backed Certificates	0.370		06/25/21		57,558
			Series - 2006 S3 (Class A1)
	200,000	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		196,188
			Series - 2006 15 (Class A2)
	2,000,000		DaimlerChrysler Financial Auto Securitization Trust	1.650		11/08/13		1,998,418
			Series - 2010 A (Class B)
	1,633,089	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		1,351,744
			Series - 2007 1A (Class AF3)
	802,175		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		775,132
			Series - 2006 HLTV (Class A3)
	2,000,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,606,122
			Series - 2006 HLTV (Class A4)
	500,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16		543,078
			Series - 2009 2A (Class A2)
	67,010	i,j	Morgan Stanley ABS Capital I	0.270		01/25/37		64,947
			Series - 2007 HE2 (Class A2A)
	1,000,000	g	Navistar Financial Corp Owner Trust	1.080		03/18/14		998,315
			Series - 2010 B (Class A3)

61

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Renaissance Home Equity Loan Trust	5.590	%	11/25/36	$	285,684
			Series - 2006 3 (Class AF3)
	4,000,000		Residential Funding Mortgage Securities II, Inc	5.790		02/25/36		3,779,883
			Series - 2006 HI2 (Class A3)
	302,350		Residential Funding Mortgage Securities II, Inc	5.950		02/25/36		300,784
			Series - 2006 HI3 (Class A2)
	1,300,000		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		1,227,703
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		171,062
			Series - 2006 HI1 (Class M2)
	674,834		Saxon Asset Securities Trust	6.120		11/25/30		686,597
			Series - 2002 2 (Class AF6)
	117,233	i,j	Securitized Asset Backed Receivables LLC Trust	0.410		03/25/36		111,369
			Series - 2006 NC2 (Class A2)
	785,125	i,j	Structured Asset Investment Loan Trust	0.280		07/25/36		782,520
			Series - 2006 4 (Class A3)
	107,746	i,j	Wells Fargo Home Equity Trust	0.400		07/25/36		97,877
			Series - 2006 2 (Class A3)
	2,000,000		World Financial Network Credit Card Master Trust	4.660		05/15/17		2,121,528
			Series - 2009 D (Class A)
			TOTAL ASSET BACKED					22,553,184
OTHER MORTGAGE BACKED - 0.4%
	163,747		First Horizon Asset Securities, Inc	5.500		11/25/33		167,197
			Series - 2003 9 (Class 1A4)
	95,552	i	GSR Mortgage Loan Trust	2.960		01/25/36		92,398
			Series - 2006 AR1 (Class 2A2)
	52,815	i	Structured Adjustable Rate Mortgage Loan Trust	5.750		07/25/36		52,614
			Series - 2006 6 (Class 2A1)
	1,699,697	i	Wells Fargo Mortgage Backed Securities Trust	5.410		03/25/36		1,720,747
			Series - 2006 AR1 (Class 2A2)
			TOTAL OTHER MORTGAGE BACKED					2,032,956
			TOTAL STRUCTURED ASSETS					24,586,140
			(Cost $27,343,120)
			TOTAL BONDS					503,976,758
			(Cost $499,310,810)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	15,738	*	Federal Home Loan Mortgage Corp (FHLMC)	8.380	12/30/49	9,899
	55,841	*	Federal National Mortgage Association (FNMA)	8.250	12/30/49	31,271
			TOTAL BANKS			41,170
			TOTAL PREFERRED STOCKS			41,170
			(Cost $1,789,475)

62

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 4.0%
GOVERNMENT AGENCY DEBT - 4.0%
		Federal Home Loan Bank (FHLB)
	$21,305,000	FHLB		01/03/11	$	21,304,999
		TOTAL GOVERNMENT AGENCY DEBT				21,304,999
		TOTAL SHORT-TERM INVESTMENTS				21,304,999
		(Cost $21,304,999)
		TOTAL INVESTMENTS - 99.2%				526,814,387
		(Cost $523,863,563)
		OTHER ASSETS & LIABILITIES, NET - 0.8%				4,465,442
		NET ASSETS - 100.0%			$	531,279,829

*	Non-income producing.
b	In bankruptcy.
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 December 31, 2010 the value of these securities amounted to $32,166,919 or 6.05% of net assets.
i	Floating or variable rate security. Coupon reflects the rate at period end.
j	Zero coupon.
n	In default.

63

TIAA-CREF FUNDS – High-Yield Fund

TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.3%
CONSUMER SERVICES - 0.7%
	$5,600,000	i	Burger King Corp	6.250	%	10/19/16	$	5,680,192
			TOTAL CONSUMER SERVICES					5,680,192
SOFTWARE & SERVICES - 0.4%
	2,970,720	i	IMS Health, Inc	5.250		02/26/16		2,997,249
			TOTAL SOFTWARE & SERVICES					2,997,249
UTILITIES - 0.2%
	2,128,500	i	Texas Competitive Electric Holdings Co LLC	3.760		10/10/14		1,644,266
			TOTAL UTILITIES					1,644,266
			TOTAL BANK LOAN OBLIGATIONS					10,321,707
			(Cost $10,647,114)
BONDS - 96.2%
CORPORATE BONDS - 96.2%
AUTOMOBILES & COMPONENTS - 0.9%
	4,500,000		Ford Motor Co	7.450		07/16/31		4,820,625
	2,760,000		Goodyear Tire & Rubber Co	8.250		08/15/20		2,856,600
			TOTAL AUTOMOBILES & COMPONENTS					7,677,225
BANKS - 1.9%
	3,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.880		09/25/17		3,561,250
	3,600,000		Amsouth Bank	4.850		04/01/13		3,492,000
	2,600,000	i	JPMorgan Chase & Co	7.900		04/29/49		2,763,774
	900,000		Regions Bank	6.450		06/26/37		799,875
	1,800,000		Regions Financial Corp	6.380		05/15/12		1,833,750
	2,135,000	g,i	Standard Chartered plc	6.410		12/30/49		1,990,706
	1,800,000		Union Planters Corp	7.750		03/01/11		1,816,792
			TOTAL BANKS					16,258,147
CAPITAL GOODS - 3.4%
	2,500,000	g	Case New Holland, Inc	7.880		12/01/17		2,731,250
	1,810,000	g	FMG Resources August 2006 Pty Ltd	7.000		11/01/15		1,855,250
	1,440,000	g	Myriad International Holding BV	6.380		07/28/17		1,508,256
	1,000,000		Russel Metals, Inc	6.380		03/01/14		1,000,000
	1,000,000		SPX Corp	7.630		12/15/14		1,087,500
	2,250,000	g	SPX Corp	6.880		09/01/17		2,390,625
	4,720,000		Susser Holdings LLC	8.500		05/15/16		5,062,200
	1,500,000	g	TAM Capital 2, Inc	9.500		01/29/20		1,627,500
	10,000,000	g	TransDigm, Inc	7.750		12/15/18		10,350,000
			TOTAL CAPITAL GOODS					27,612,581

64

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 2.2%
	$9,350,000	g	American Achievement Corp	10.880	%	04/15/16	$	9,583,750
	3,825,000	g	Trans Union LLC	11.380		06/15/18		4,360,500
	3,334,000	g	Visant Corp	10.000		10/01/17		3,542,375
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					17,486,625
CONSUMER DURABLES & APPAREL - 2.2%
	1,000,000		Alliant Techsystems, Inc	6.750		04/01/16		1,036,250
	4,000,000		Alliant Techsystems, Inc	6.880		09/15/20		4,115,000
	5,000,000		Hanesbrands, Inc	8.000		12/15/16		5,362,500
	3,000,000		Phillips-Van Heusen Corp	7.380		05/15/20		3,187,500
	2,629,000		WMG Acquisition Corp	7.380		04/15/14		2,523,840
	1,000,000		WMG Acquisition Corp	9.500		06/15/16		1,072,500
			TOTAL CONSUMER DURABLES & APPAREL					17,297,590
CONSUMER SERVICES - 6.4%
	4,000,000	g	AMC Entertainment Holdings, Inc	9.750		12/01/20		4,160,000
	5,250,000	g	DineEquity, Inc	9.500		10/30/18		5,565,000
	649,000		FTI Consulting, Inc	7.750		10/01/16		668,470
	2,650,000	g	FTI Consulting, Inc	6.750		10/01/20		2,630,125
	750,000	g	Harrahs Operating Co, Inc	12.750		04/15/18		753,750
	4,280,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		4,194,400
	3,665,000	g	Live Nation Entertainment, Inc	8.130		05/15/18		3,710,813
	2,400,000		Mac-Gray Corp	7.630		08/15/15		2,358,000
	2,040,000		MGM Mirage	10.380		05/15/14		2,289,900
	1,500,000	g	MGM Mirage	9.000		03/15/20		1,650,000
	2,675,000		Penn National Gaming, Inc	6.750		03/01/15		2,715,125
	6,310,000		Penn National Gaming, Inc	8.750		08/15/19		6,956,774
	1,750,000		Speedway Motorsports, Inc	6.750		06/01/13		1,763,125
	2,500,000		Speedway Motorsports, Inc	8.750		06/01/16		2,693,750
	2,000,000		Universal City Development Partners Ltd	10.880		11/15/16		2,185,000
	3,200,000		Wendys	10.000		07/15/16		3,472,000
	2,000,000		Wynn Las Vegas LLC	7.880		11/01/17		2,155,000
	2,000,000		Wynn Las Vegas LLC	7.750		08/15/20		2,165,000
			TOTAL CONSUMER SERVICES					52,086,232
DIVERSIFIED FINANCIALS - 8.0%
	2,000,000		American General Finance Corp	5.380		10/01/12		1,890,000
	5,160,000		American General Finance Corp	6.900		12/15/17		4,166,700
	2,500,000		CIT Group, Inc	7.000		05/01/14		2,525,000
	2,000,000		CIT Group, Inc	7.000		05/01/15		2,005,000
	4,500,000		CIT Group, Inc	7.000		05/01/17		4,511,250
	3,000,000		CIT Group, Inc	7.000		05/01/17		3,011,250
	3,000,000	i	Citigroup Capital XXI	8.300		12/21/57		3,120,000
	1,750,000		Ford Motor Credit Co LLC	7.000		04/15/15		1,880,571
	1,875,000		Ford Motor Credit Co LLC	12.000		05/15/15		2,358,636
	1,750,000		Ford Motor Credit Co LLC	5.630		09/15/15		1,812,092
	2,000,000		Ford Motor Credit Co LLC	8.000		12/15/16		2,234,918
	4,000,000		Ford Motor Credit Co LLC	8.130		01/15/20		4,653,652

65

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000		GMAC, Inc	6.750	%	12/01/14	$	1,052,500
	2,000,000		GMAC, Inc	8.300		02/12/15		2,200,000
	5,000,000		GMAC, Inc	8.000		03/15/20		5,462,499
	5,000,000	g	GMAC, Inc	7.500		09/15/20		5,243,750
	3,000,000		GMAC, Inc	8.000		11/01/31		3,232,500
	1,825,000		International Lease Finance Corp	5.630		09/20/13		1,834,125
	366,000		International Lease Finance Corp	6.630		11/15/13		373,778
	2,232,000	g	International Lease Finance Corp	8.630		09/15/15		2,399,400
	4,275,000	g	International Lease Finance Corp	6.750		09/01/16		4,563,563
	2,232,000	g	International Lease Finance Corp	8.750		03/15/17		2,393,820
	2,600,000		International Lease Finance Corp	8.250		12/15/20		2,678,000
			TOTAL DIVERSIFIED FINANCIALS					65,603,004
ENERGY - 10.0%
	1,640,000		AmeriGas Partners LP	7.130		05/20/16		1,697,400
	1,000,000		Arch Coal, Inc	8.750		08/01/16		1,090,000
	1,000,000		Arch Coal, Inc	7.250		10/01/20		1,055,000
	2,000,000		Atlas Energy Operating Co LLC	12.130		08/01/17		2,530,000
	3,550,000		Atlas Energy Operating Co LLC	10.750		02/01/18		4,335,438
	250,000		Chesapeake Energy Corp	9.500		02/15/15		281,875
	2,000,000		Chesapeake Energy Corp	7.250		12/15/18		2,070,000
	2,400,000		Chesapeake Energy Corp	6.630		08/15/20		2,364,000
	2,375,000		Chesapeake Energy Corp	6.880		11/15/20		2,404,688
	2,276,000		Cimarex Energy Co	7.130		05/01/17		2,361,350
	4,200,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		4,509,750
	1,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		1,095,000
	5,840,000	g	Consol Energy, Inc	8.000		04/01/17		6,219,599
	820,000	g	Continental Resources, Inc	7.130		04/01/21		861,000
	666,000	g	Drummond Co, Inc	9.000		10/15/14		710,955
	2,000,000		Encore Acquisition Co	9.500		05/01/16		2,220,000
	3,700,000		Energy Transfer Equity LP	7.500		10/15/20		3,811,000
	2,500,000		Inergy LP	8.750		03/01/15		2,662,500
	3,250,000		Inergy LP	8.250		03/01/16		3,388,125
	1,250,000	g	Inergy LP	7.000		10/01/18		1,259,375
	2,140,000	g	KMG Finance Sub BV	6.380		04/09/21		2,121,168
	3,060,000		MarkWest Energy Partners LP	6.750		11/01/20		3,060,000
	2,800,000		Newfield Exploration Co	6.880		02/01/20		2,947,000
	2,000,000	g	NGPL Pipeco LLC	7.120		12/15/17		2,189,554
	4,750,000	g	Niska Gas Storage	8.880		03/15/14		5,082,500
	1,500,000		Pioneer Natural Resources Co	6.880		05/01/18		1,594,656
	4,376,000	g	Precision Drilling Trust	6.630		11/15/20		4,452,580
	1,233,000		Range Resources Corp	7.500		05/15/16		1,279,238
	1,750,000		Range Resources Corp	7.500		10/01/17		1,844,063
	250,000		Range Resources Corp	7.250		05/01/18		263,750
	3,000,000		Range Resources Corp	6.750		08/01/20		3,093,750
	1,125,000		Regency Energy Partners LP	6.880		12/01/18		1,139,063
	4,777,200		Southwestern Energy Co	7.500		02/01/18		5,386,292
			TOTAL ENERGY					81,380,669
FOOD & STAPLES RETAILING - 2.8%
	5,350,000		Ingles Markets, Inc	8.880		05/15/17		5,724,499
	1,600,000		Rite Aid Corp	10.380		07/15/16		1,664,000

66

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,500,000		Rite Aid Corp	7.500	%	03/01/17	$	1,441,875
	2,500,000		RITE AID CORP	8.000		08/15/20		2,603,125
	2,526,000		Stater Brothers Holdings	7.750		04/15/15		2,595,465
	1,800,000	g	Stater Brothers Holdings	7.380		11/15/18		1,845,000
	5,050,000		SuperValu, Inc	7.500		11/15/14		4,873,250
	1,885,000		SuperValu, Inc	8.000		05/01/16		1,804,888
			TOTAL FOOD & STAPLES RETAILING					22,552,102
FOOD BEVERAGE & TOBACCO - 1.2%
	2,305,000		Constellation Brands, Inc	8.380		12/15/14		2,518,213
	2,720,000	g	Smithfield Foods, Inc	10.000		07/15/14		3,134,800
	1,634,000		Smithfield Foods, Inc	7.750		07/01/17		1,699,360
	2,500,000		TreeHouse Foods, Inc	7.750		03/01/18		2,709,375
			TOTAL FOOD BEVERAGE & TOBACCO					10,061,748
HEALTH CARE EQUIPMENT & SERVICES - 6.3%
	3,500,000		Apria Healthcare Group, Inc	11.250		11/01/14		3,823,750
	1,265,000		Apria Healthcare Group, Inc	12.380		11/01/14		1,391,500
	9,050,000		CHS	8.880		07/15/15		9,502,499
	3,550,000		DaVita, Inc	6.380		11/01/18		3,532,250
	3,045,000		DaVita, Inc	6.630		11/01/20		3,014,550
	2,200,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		2,519,000
	2,905,000	g	HCA HOLDINGS, Inc	7.750		05/15/21		2,905,000
	3,155,000	o	HCA, Inc	9.630		11/15/16		3,379,794
	150,000		HCA, Inc	9.880		02/15/17		165,000
	4,000,000		HCA, Inc	8.500		04/15/19		4,380,000
	1,500,000		HCA, Inc	7.880		02/15/20		1,605,000
	900,000		HCA, Inc	7.500		11/06/33		828,000
	4,300,000		Healthsouth Corp	7.250		10/01/18		4,386,000
	5,750,000		Healthsouth Corp	7.750		09/15/22		5,936,874
	4,225,000	g	LifePoint Hospitals, Inc	6.630		10/01/20		4,193,313
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					51,562,530
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	2,750,000		JohnsonDiversey, Inc	8.250		11/15/19		2,983,750
	5,000,000	g	Reynolds Group Issuer, Inc	7.750		10/15/16		5,287,500
	2,000,000	g	Reynolds Group Issuer, Inc	8.500		05/15/18		2,010,000
	2,081,000	g	Spectrum Brands, Inc	9.500		06/15/18		2,286,499
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					12,567,749
INSURANCE - 1.0%
	1,975,000		American Financial Group, Inc	9.880		06/15/19		2,364,551
	4,000,000	i	American International Group, Inc	8.180		05/15/58		4,259,236
	1,715,000	g	Multiplan, Inc	9.880		09/01/18		1,822,188
			TOTAL INSURANCE					8,445,975
MATERIALS - 10.7%
	1,120,000		Ball Corp	7.130		09/01/16		1,206,800
	1,000,000		Ball Corp	6.630		03/15/18		1,020,000
	480,000		Ball Corp	7.380		09/01/19		516,000
	3,570,000	g	Celanese US Holdings LLC	6.630		10/15/18		3,686,025

67

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$4,250,000	g	Cemex SAB de C.V.	9.500	%	12/14/16	$	4,382,813
	1,990,000		CF Industries, Inc	6.880		05/01/18		2,129,300
	1,750,000		CF Industries, Inc	7.130		05/01/20		1,916,250
	1,000,000		Crown Americas LLC	7.750		11/15/15		1,040,000
	2,540,000		Crown Americas LLC	7.630		05/15/17		2,730,500
	2,000,000		Domtar Corp	10.750		06/01/17		2,520,000
	3,922,000	g	Georgia Gulf Corp	9.000		01/15/17		4,255,370
	1,050,000	g	Georgia-Pacific LLC	7.130		01/15/17		1,118,250
	4,000,000		Georgia-Pacific LLC	8.880		05/15/31		4,920,000
	1,313,000		Graphic Packaging International, Inc	9.500		06/15/17		1,432,811
	3,000,000		Graphic Packaging International, Inc	7.880		10/01/18		3,142,500
	1,260,000		Greif, Inc	6.750		02/01/17		1,316,700
	2,350,000		Greif, Inc	7.750		08/01/19		2,573,250
	2,775,000	g	Ineos Group Holdings PLC	9.000		05/15/15		2,951,906
	4,959,000	g	LBI Escrow Corp	8.000		11/01/17		5,485,893
	3,000,000		Lyondell Chemical Co	11.000		05/01/18		3,397,500
	3,110,000	g	Momentive Performance Materials, Inc	9.000		01/15/21		3,281,050
	1,750,000		Nalco Co	8.250		05/15/17		1,896,563
	2,375,000	g	Nalco Co	6.630		01/15/19		2,428,438
	3,110,000	g	Novelis, Inc	8.380		12/15/17		3,218,850
	1,000,000		Owens-Brockway Glass Container, Inc	6.750		12/01/14		1,017,500
	5,525,000	g	Sappi Papier Holding AG.	6.750		06/15/12		5,665,656
	1,000,000		Silgan Holdings, Inc	7.250		08/15/16		1,065,000
	2,960,000		Solutia, Inc	8.750		11/01/17		3,241,200
	4,500,000		Solutia, Inc	7.880		03/15/20		4,814,999
	272,000		Steel Dynamics, Inc	6.750		04/01/15		275,400
	1,250,000	g	Steel Dynamics, Inc	7.630		03/15/20		1,337,500
	2,700,000	g	Texas Industries, Inc	9.250		08/15/20		2,868,750
	4,000,000		Verso Paper Holdings LLC	9.130		08/01/14		4,120,000
			TOTAL MATERIALS					86,972,774
MEDIA - 6.9%
	5,000,000		AMC Entertainment, Inc	8.750		06/01/19		5,337,500
	1,835,000		Cablevision Systems Corp	8.630		09/15/17		1,997,856
	2,300,000		Cablevision Systems Corp	8.000		04/15/20		2,461,000
	5,375,000		CCO Holdings LLC	8.130		04/30/20		5,657,188
	1,333,000		Cinemark USA, Inc	8.630		06/15/19		1,442,973
	350,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		380,625
	1,950,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		2,135,250
	3,000,000		DISH DBS Corp	7.750		05/31/15		3,187,500
	7,129,000		DISH DBS Corp	7.880		09/01/19		7,449,804
	2,000,000		Echostar DBS Corp	6.630		10/01/14		2,075,000
	1,000,000		Interpublic Group of Cos, Inc	10.000		07/15/17		1,170,000
	2,140,000		Lamar Media Corp	9.750		04/01/14		2,461,000
	4,860,000		Lamar Media Corp	6.630		08/15/15		4,932,900
	1,225,000		Lamar Media Corp	7.880		04/15/18		1,301,563
	1,349,000		Nielsen Finance LLC	12.500		08/01/16		1,416,450
	6,630,000	g	Nielsen Finance LLC	7.750		10/15/18		6,862,049
	5,000,000	g	Univision Communications, Inc	7.880		11/01/20		5,250,000
			TOTAL MEDIA					55,518,658

68

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.7%
	$4,250,000	g	CONVATEC HEALTHCARE	10.500	%	12/15/18	$	4,308,438
	4,000,000	g	Mylan, Inc	7.630		07/15/17		4,255,000
	2,500,000	g	Mylan, Inc	7.880		07/15/20		2,693,750
	5,195,000	g	NBTY, Inc	9.000		10/01/18		5,545,662
	2,510,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		2,497,450
	2,510,000	g	Valeant Pharmaceuticals International	7.000		10/01/20		2,478,625
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					21,778,925
REAL ESTATE - 0.8%
	1,750,000		Developers Diversified Realty Corp	7.500		04/01/17		1,954,909
	4,500,000		DuPont Fabros Technology LP	8.500		12/15/17		4,815,000
			TOTAL REAL ESTATE					6,769,909
RETAILING - 6.2%
	4,500,000	g	Ace Hardware Corp	9.130		06/01/16		4,815,000
	1,000,000		Amerigas Partners LP	7.250		05/20/15		1,027,500
	8,500,000	g	Asbury Automotive Group, Inc	8.380		11/15/20		8,776,250
	1,400,000	g	Aspect Software, Inc	10.630		05/15/17		1,436,750
	3,000,000		AutoNation, Inc	6.750		04/15/18		3,097,500
	1,440,000		Ferrellgas Partners LP	9.130		10/01/17		1,584,000
	2,180,000	g	Ferrellgas Partners LP	6.500		05/01/21		2,125,500
	2,025,000	g	Hanesbrands, Inc	6.380		12/15/20		1,923,750
	1,275,000		JC Penney Corp, Inc	5.650		06/01/20		1,220,813
	3,000,000		JC Penney Corp, Inc	6.380		10/15/36		2,730,000
	1,875,000		Limited Brands, Inc	7.000		05/01/20		1,978,125
	5,500,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		5,871,250
	4,000,000	g	QVC, Inc	7.130		04/15/17		4,190,000
	4,600,000	g	QVC, Inc	7.500		10/01/19		4,841,500
	5,200,000	g	Sears Holding Corp	6.630		10/15/18		4,849,000
			TOTAL RETAILING					50,466,938
SOFTWARE & SERVICES - 1.0%
	1,200,000	g	Fidelity National Information Services, Inc	7.630		07/15/17		1,263,000
	2,000,000	g	IMS Health, Inc	12.500		07/15/17		2,320,000
	875,000		SunGard Data Systems, Inc	10.630		05/15/15		964,688
	4,000,000	g	SunGard Data Systems, Inc	7.380		11/15/18		4,020,000
			TOTAL SOFTWARE & SERVICES					8,567,688
TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%
	1,580,000		Brocade Communications Systems, Inc	6.630		01/15/18		1,662,950
	2,525,000		Jabil Circuit, Inc	5.630		12/15/20		2,480,813
	10,840,000	g	Pinafore LLC	9.000		10/01/18		11,707,199
	860,000	g	Scientific Games Corp	7.880		06/15/16		857,850
	2,500,000	g	Scientific Games Corp	8.130		09/15/18		2,518,750
	1,500,000		Scientific Games Corp	9.250		06/15/19		1,548,750
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					20,776,312
TELECOMMUNICATION SERVICES - 7.7%
	1,550,000	g	BUCCANEER MERGER SUB, Inc	9.130		01/15/19		1,600,375
	2,000,000	g	CC Holdings GS V LLC	7.750		05/01/17		2,185,000
	1,530,000		Citizens Communications Co	7.130		03/15/19		1,572,075

69

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,467,000	g	Clearwire Communications LLC	12.000	%	12/01/15	$	2,658,193
	2,000,000		Cricket Communications, Inc	7.750		05/15/16		2,075,000
	2,000,000		Crown Castle International Corp	9.000		01/15/15		2,205,000
	6,700,000		Frontier Communications Corp	7.880		04/15/15		7,319,749
	1,000,000		Intelsat Bermuda Ltd	11.250		02/04/17		1,090,000
	4,000,000		Intelsat Jackson Holdings Ltd	11.250		06/15/16		4,310,000
	5,000,000	g	Intelsat Jackson Holdings Ltd	8.500		11/01/19		5,437,500
	4,000,000	g	Intelsat Jackson Holdings Ltd	7.250		10/15/20		4,040,000
	3,000,000	g	Nexstar Broadcasting, Inc	8.880		04/15/17		3,187,500
	2,000,000	g	Qwest Communications International, Inc	7.130		04/01/18		2,070,000
	625,000		SBA Telecommunications, Inc	8.000		08/15/16		676,563
	465,000		SBA Telecommunications, Inc	8.250		08/15/19		508,013
	6,724,000		Sprint Capital Corp	6.900		05/01/19		6,639,950
	750,000		Sprint Capital Corp	6.880		11/15/28		656,250
	4,500,000		Sprint Capital Corp	8.750		03/15/32		4,545,000
	5,440,000		Virgin Media Finance plc	9.500		08/15/16		6,147,200
	2,500,000		Windstream Corp	7.880		11/01/17		2,628,125
	1,105,000		Windstream Corp	8.130		09/01/18		1,160,250
			TOTAL TELECOMMUNICATION SERVICES					62,711,743
TRANSPORTATION - 2.7%
	2,900,301		Avis Budget Car Rental LLC	9.630		03/15/18		3,125,074
	3,000,000	g	Bombardier, Inc	7.500		03/15/18		3,217,500
	1,000,000	g	Bombardier, Inc	7.750		03/15/20		1,077,500
	3,278,000		Bristow Group, Inc	7.500		09/15/17		3,458,290
	5,150,000		Hertz Corp	8.880		01/01/14		5,265,875
	2,000,000	g	Hertz Corp	7.500		10/15/18		2,075,000
	2,000,000	g	Hertz Corp	7.380		01/15/21		2,020,000
	1,560,000		Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		1,688,700
			TOTAL TRANSPORTATION					21,927,939
UTILITIES - 7.1%
	3,813,000		AES Corp	7.750		03/01/14		4,070,378
	3,600,000		AES Corp	8.000		10/15/17		3,807,000
			Calpine Construction Finance Co LP and CCFC Finance
	2,000,000	g	Corp	8.000		06/01/16		2,125,000
	6,000,000	g	Calpine Corp	7.500		02/15/21		5,909,999
	2,150,000	g	Cia de Saneamento Basico do Estado de Sao Paulo	6.250		12/16/20		2,175,800
	5,800,000		Crosstex Energy, Inc	8.880		02/15/18		6,213,250
	2,200,000	g	Dubai Electricity & Water Authority	8.500		04/22/15		2,339,423
	2,750,000		Edison Mission Energy	7.000		05/15/17		2,179,375
	1,750,000		El Paso Corp	7.250		06/01/18		1,873,401
	1,000,000	g	El Paso Corp	6.500		09/15/20		1,006,804
	2,750,000		El Paso Corp	7.750		01/15/32		2,735,510
	2,000,000	g	Ipalco Enterprises, Inc	7.250		04/01/16		2,135,000
	3,620,000		NRG Energy, Inc	7.380		02/01/16		3,710,500
	2,000,000		NRG Energy, Inc	8.500		06/15/19		2,065,000
	2,715,000		Questar Market Resources, Inc	6.880		03/01/21		2,850,750
	2,100,000		Reliant Energy, Inc	7.630		06/15/14		2,147,250
	5,327,000		Sabine Pass LNG LP	7.250		11/30/13		5,180,508
	5,626,000		Sabine Pass LNG LP	7.500		11/30/16		5,274,375
			TOTAL UTILITIES					57,799,323

70

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL	ISSUER	RATE	MATURITY DATE	VALUE
	TOTAL CORPORATE BONDS			$	783,882,386
	(Cost $742,888,505)
	TOTAL BONDS				783,882,386
	(Cost $742,888,505)

SHORT-TERM INVESTMENTS - 1.1%
TREASURY DEBT - 1.1%
	$9,300,000	United States Treasury Bill	01/13/11		9,299,892
		TOTAL TREASURY DEBT			9,299,892
		TOTAL SHORT-TERM INVESTMENTS			9,299,892
		(Cost $9,299,892)
		TOTAL INVESTMENTS - 98.6%			803,503,985
		(Cost $762,835,511)
		OTHER ASSETS & LIABILITIES, NET - 1.4%			11,305,118
		NET ASSETS - 100.0%		$	814,809,103

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 December 31, 2010 the value of these securities amounted to $305,142,732 or 37.5% of net assets.
i	Floating or variable rate security. Coupon reflects the rate at period end.
j	Zero coupon.

71

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

TIAA-CREF FUNDS
TAX-EXEMPT BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 98.7%
ALABAMA - 1.5%
	$1,025,000	Alabama Public School & College Authority	5.000	%	05/01/19	$	1,154,827
	1,570,000	Courtland Industrial Development Board	5.000		11/01/13		1,657,794
	1,785,000	Southeast Alabama Gas District	5.000		06/01/18		1,838,229
		TOTAL ALABAMA					4,650,850
ALASKA - 0.7%
	560,000	Alaska Railroad Corp	5.250		08/01/16		622,076
	1,185,000	Borough of North Slope AK	5.500		06/30/18		1,385,775
		TOTAL ALASKA					2,007,851
ARIZONA - 2.3%
	1,110,000	Arizona School Facilities Board	5.750		09/01/18		1,227,693
	1,050,000	Arizona School Facilities Board	5.000		09/01/19		1,126,125
	2,000,000	City of Tucson AZ	5.000		07/01/20		2,225,080
	1,000,000	Scottsdale Municipal Property Corp	5.000		07/01/24		1,097,980
	1,260,000	Tucson AZ	5.250		07/01/14		1,384,375
		TOTAL ARIZONA					7,061,253
ARKANSAS - 0.9%
	1,235,000	Arkansas Development Finance Authority	5.500		12/01/18		1,439,491
	1,255,000	North Little Rock AR	6.500		07/01/15		1,377,363
		TOTAL ARKANSAS					2,816,854

72

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
CALIFORNIA - 12.8%
	$1,000,000	i	California Pollution Control Financing Authority, AMT	5.130	%	11/01/23	$	993,890
	2,000,000		California State Department of Water Resources	5.000		05/01/20		2,216,640
	2,000,000		County of San Bernardino CA	5.250		08/01/19		2,089,720
	15,000		Delta Counties Home Mortgage Finance Authority, AMT	6.700		06/01/24		15,266
	1,670,000		East Side Union High School District-Santa Clara County	5.000		08/01/19		1,839,789
	2,500,000		East Side Union High School District-Santa Clara County	5.250		02/01/23		2,506,550
			Hacienda La Puente Unified School District Facilities Financing
	1,140,000		Authority	5.000		08/01/27		1,150,214
	2,250,000		Los Angeles Unified School District, COP	5.000		10/01/17		2,406,308
	635,000		Sacramento City Financing Authority	5.400		11/01/20		671,665
	455,000		State of California	5.000		03/01/17		497,219
	2,535,000		State of California	5.000		10/01/17		2,758,206
	275,000		State of California	5.000		03/01/18		297,462
	1,000,000		State of California	5.000		03/01/19		1,068,950
	1,115,000		State of California	5.000		07/01/19		1,218,918
	850,000		State of California	5.250		02/01/20		905,497
	560,000		State of California	5.000		10/01/22		570,679
	1,200,000		State of California	5.000		12/01/23		1,207,872
	185,000		State of California	5.000		11/01/24		184,804
	210,000		State of California	5.000		12/01/24		209,782
	2,000,000		State of California	5.500		08/01/25		2,050,920
	650,000		State of California	5.000		11/01/25		640,595
	1,090,000		State of California	5.000		02/01/27		1,049,169
	100,000		State of California	5.000		06/01/27		96,204
	3,165,000		Vallejo City Unified School District	5.900		02/01/18		3,278,447
	1,070,000		Vallejo City Unified School District	5.900		02/01/19		1,093,347
	400,000		Vallejo City Unified School District	5.900		02/01/21		400,280
	2,150,000		Vallejo City Unified School District	5.900		08/01/25		2,052,734
	471,000		Vallejo Sanitation & Flood Control District, COP	5.000		07/01/19		464,995
	1,710,000		West Contra Costa Unified School District	5.700		02/01/21		1,770,517
	1,450,000		West Contra Costa Unified School District	6.000		08/01/21		1,594,159
	1,810,000		West Contra Costa Unified School District	5.700		02/01/22		1,865,096
			TOTAL CALIFORNIA					39,165,894
COLORADO - 2.0%
	1,645,000		Colorado State Higher Education	5.000		11/01/25		1,674,248
	1,000,000		Denver City & County School District No	5.500		12/01/23		1,158,800
	2,000,000		Denver City & County School District No	5.000		12/01/23		2,238,620
	1,000,000		Jefferson County Colorado School District	5.000		12/15/23		1,117,430
	50,000		Vista Ridge Metropolitan District, GO	4.130		12/01/16		45,208
			TOTAL COLORADO					6,234,306
DISTRICT OF COLUMBIA - 0.4%
	500,000		District of Columbia	5.250		02/01/28		532,625
	635,000		District of Columbia, COP	5.250		01/01/14		687,089
			TOTAL DISTRICT OF COLUMBIA					1,219,714

73

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
FLORIDA - 8.6%
	$500,000	Broward County School Board, COP	5.250	%	07/01/15	$	554,005
	1,485,000	Broward County School Board, COP	5.250		07/01/16		1,655,315
	1,500,000	City of Jacksonville FL	5.000		10/01/19		1,630,380
	450,000	City of Jacksonville FL	5.000		10/01/19		504,738
	547,000	City of Lakeland FL, ETM	5.750		10/01/19		593,435
	1,190,000	County of Brevard FL	5.000		07/01/16		1,211,123
	1,365,000	County of Broward FL	5.000		01/01/21		1,512,051
	1,000,000	County of Miami-Dade FL	5.000		07/01/17		1,125,920
	1,000,000	County of Orange FL	5.000		10/01/21		1,069,410
	1,000,000	County of Orange FL	5.250		10/01/22		1,084,860
	1,320,000	County of Seminole FL	5.250		10/01/24		1,450,429
	1,000,000	County of Seminole FL	5.250		10/01/26		1,080,330
	1,600,000	First Governmental Financing Commission	5.500		07/01/15		1,771,776
	2,200,000	Florida Department of Transportation	5.000		07/01/18		2,440,086
	1,000,000	Florida State Department of Management Services	5.000		08/01/18		1,099,690
	1,690,000	Florida Water Pollution Control Financing Corp	5.000		07/15/20		1,893,865
	2,250,000	Lake County School Board, COP	5.250		06/01/17		2,428,560
	1,475,000	Lake County School Board, COP	5.250		06/01/18		1,579,415
	1,000,000	Tampa Bay Water Fl Utility System Revenue	5.500		10/01/21		1,145,840
	535,000	Town of Jupiter FL	5.500		07/01/21		611,082
		TOTAL FLORIDA					26,442,310
GEORGIA - 1.8%
	440,000	Cherokee County Water & Sewer Authority	5.500		08/01/18		495,541
	215,000	City of Atlanta GA	5.500		11/01/17		240,331
	75,000	City of Atlanta GA	5.500		11/01/19		82,470
	125,000	City of Atlanta GA	5.500		11/01/22		135,636
	1,510,000	City of Atlanta GA	5.500		11/01/27		1,537,663
	695,000	Metropolitan Atlanta Rapid Transit Authority	6.250		07/01/18		789,986
	1,500,000	Metropolitan Atlanta Rapid Transit Authority	5.250		07/01/26		1,624,501
	480,000	Municipal Electric Authority of Georgia	6.500		01/01/17		555,182
		TOTAL GEORGIA					5,461,310

74

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
ILLINOIS - 7.9%
	$2,045,000		Chicago Board of Education	5.000	%	12/01/17	$	2,234,285
	1,205,000		Chicago Board of Education	6.000		01/01/20		1,310,040
	1,500,000		Chicago Board of Education	5.000		12/01/21		1,587,900
	1,000,000		Chicago Public Building Commission	5.250		03/01/24		1,016,100
	1,000,000		Chicago State University	5.500		12/01/23		1,023,740
	2,500,000		Chicago Transit Authority	5.500		06/01/18		2,746,599
	470,000		Cook County Community Consolidated School District No 64, GO	5.500		12/01/14		525,676
	250,000		Cook-Kane Lake & Mchenry Counties Community College District No 512	5.000		12/01/18		278,435
	200,000		Illinois Municipal Electric Agency	5.250		02/01/17		220,026
	115,000		Madison-Bond Etc Counties Community Unit School District No 5, GO	5.000		02/01/19		114,468
	1,650,000		Regional Transportation Authority	6.000		06/01/23		1,793,748
	1,500,000		State of Illinois	5.000		06/15/19		1,545,795
	2,045,000		State of Illinois	5.000		01/01/20		2,036,207
	1,835,000		State of Illinois	5.000		01/01/20		1,814,081
	1,650,000		State of Illinois	5.000		01/01/20		1,628,864
	2,250,000		State of Illinois	5.250		01/01/20		2,261,182
	1,020,000		State of Illinois	6.250		12/15/20		1,163,534
	875,000		State of Illinois	5.000		04/01/21		861,858
			TOTAL ILLINOIS					24,162,538
	INDIANA - 4.8%
	770,000		Franklin Community Multi-School Building Corp	5.000		07/15/22		807,861
	1,000,000		Griffith Multi-School Building Corp	5.000		07/15/15		1,132,490
	1,520,000		Hammond Multi-School Building Corp	5.000		07/15/17		1,700,910
	2,120,000		Indiana Bond Bank	5.250		04/01/19		2,304,314
	320,000		Indiana State Finance Authority Revenue	5.000		02/01/15		362,048
	260,000	h	Indianapolis Airport Authority	5.100		01/15/17		269,820
	1,240,000		Indianapolis Local Public Improvement Bond Bank	5.000		07/01/16		1,362,673
	2,075,000		Indianapolis Local Public Improvement Bond Bank	5.000		01/15/20		2,300,573
	1,940,000		Indianapolis Local Public Improvement Bond Bank	5.500		01/01/21		2,147,367
	400,000		Lawrence Township School Building Corp	5.000		07/10/19		438,596
	515,000		New Albany Floyd County School Building Corp	5.000		07/15/15		567,468
	1,225,000		South Bend Redevelopment Authority	5.750		08/15/18		1,395,483
			TOTAL INDIANA					14,789,603
LOUISIANA - 1.0%
	2,200,000		City of New Orleans LA, GO	5.500		12/01/21		2,230,184
	750,000		Desoto Parish LA	5.000		10/01/12		776,873
			TOTAL LOUISIANA					3,007,057
MASSACHUSETTS - 1.9%
	1,200,000		Commonwealth of Massachusetts	5.250		09/01/22		1,364,988
	2,135,000		Commonwealth of Massachusetts	5.250		09/01/23		2,416,073
	1,350,000		Massachusetts Bay Transportation Authority	5.000		07/01/24		1,466,154
	565,000		Massachusetts Housing Finance Agency	4.700		12/01/16		584,984
			TOTAL MASSACHUSETTS					5,832,199

75

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
MICHIGAN - 4.8%
	$480,000		Caledonia Community Schools, GO	5.000	%	05/01/15	$	534,062
	900,000		City of Detroit MI	6.500		07/01/15		1,000,098
	2,025,000		Detroit City School District	6.000		05/01/20		2,151,783
	2,030,000		Detroit City School District	6.000		05/01/21		2,240,227
	655,000		Detroit MI	5.000		07/01/14		700,103
	300,000	i	Detroit MI	5.500		07/01/32		306,957
	450,000		Forest Hills Public Schools, GO	5.000		05/01/15		506,219
	1,450,000		L’Anse Creuse Public Schools, GO	5.000		05/01/15		1,613,314
	1,130,000		Michigan Municipal Bond Authority	5.000		05/01/19		1,131,209
	1,005,000		Michigan Municipal Bond Authority	5.000		10/01/19		1,130,494
	565,000		State of Michigan	5.250		05/15/18		632,150
	1,485,000		State of Michigan	5.500		11/01/18		1,699,731
	1,050,000		Wayne County Airport Authority	5.000		12/01/17		1,104,999
			TOTAL MICHIGAN					14,751,346
MINNESOTA - 0.4%
	1,000,000		Minnesota Public Facilities Authority	5.000		03/01/16		1,149,410
			TOTAL MINNESOTA					1,149,410
MISSISSIPPI - 1.4%
	175,000		County of Lowndes MS	6.700		04/01/22		186,958
	745,000		County of Lowndes MS	6.800		04/01/22		801,970
	2,100,000		Mississippi Development Bank Special Obligation	5.000		07/01/17		2,280,159
	1,090,000		Mississippi Development Bank Special Obligation	5.000		11/01/17		1,112,018
			TOTAL MISSISSIPPI					4,381,105
MISSOURI - 1.0%
			Missouri State Environmental Improvement & Energy Resources
	1,200,000		Authority	5.500		07/01/12		1,272,636
	1,640,000		St Louis Regional Convention & Sports Complex Authority	5.250		08/15/14		1,771,184
			TOTAL MISSOURI					3,043,820
NEBRASKA - 0.7%
	1,000,000		Central Plains Energy Project	5.000		12/01/15		1,048,240
	1,000,000		Central Plains Energy Project	5.250		12/01/18		1,009,610
			TOTAL NEBRASKA					2,057,850
NEVADA - 0.8%
	1,300,000		County of Clark NV	5.000		06/01/22		1,379,144
	1,000,000		County of Clark NV	5.000		12/01/29		1,003,520
			TOTAL NEVADA					2,382,664

76

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
NEW JERSEY - 4.6%
	$25,000		Garden State Preservation Trust	5.130	%	11/01/18	$	28,735
	690,000		New Jersey Economic Development Authority	5.380		06/15/14		721,809
	1,250,000		New Jersey Economic Development Authority	5.500		09/01/24		1,316,300
	1,115,000		New Jersey Environmental Infrastructure Trust	5.250		09/01/21		1,288,327
	25,000		New Jersey State Turnpike Authority	6.500		01/01/16		30,636
	45,000		New Jersey State Turnpike Authority	6.500		01/01/16		52,725
	50,000		New Jersey State Turnpike Authority	6.500		01/01/16		56,527
	95,000		New Jersey State Turnpike Authority	6.500		01/01/16		107,869
	1,815,000		New Jersey Transportation Trust Fund Authority	5.250		12/15/19		1,977,025
	1,025,000		New Jersey Transportation Trust Fund Authority	5.250		12/15/20		1,103,095
	2,000,000		New Jersey Transportation Trust Fund Authority	5.750		06/15/23		2,186,220
	1,400,000		Newark Housing Authority	5.250		01/01/22		1,519,844
	1,430,000		Newark Housing Authority	5.250		01/01/24		1,523,007
	2,000,000		State of New Jersey	5.250		08/01/22		2,223,839
			TOTAL NEW JERSEY					14,135,958
NEW YORK - 6.3%
	310,000		East Rochester Housing Authority	4.200		08/15/17		320,087
	195,000		Lackawanna Housing Authority	5.000		09/01/16		215,998
	3,000,000		Metropolitan Transportation Authority	5.250		11/15/20		3,176,609
	2,000,000		New York City Health & Hospital Corp	5.000		02/15/20		2,143,480
	2,000,000		New York State Dormitory Authority	5.000		01/15/16		2,208,190
	1,000,000		New York State Dormitory Authority	5.000		07/01/16		1,055,390
	1,085,000		New York State Dormitory Authority	5.000		07/01/17		1,104,834
	860,000		New York State Dormitory Authority	4.150		08/15/17		899,414
	360,000	h	New York State Dormitory Authority	4.630		02/15/18		375,106
	1,000,000		New York State Dormitory Authority	5.000		07/01/20		1,045,340
	1,175,000		New York State Dormitory Authority	5.000		02/15/24		1,203,365
	1,765,000		New York State Dormitory Authority	5.500		05/15/27		1,838,583
	130,000		New York State Thruway Authority	5.500		04/01/12		137,050
	3,100,000		New York State Urban Development Corp	5.000		03/15/18		3,510,171
			TOTAL NEW YORK					19,233,617
NORTH CAROLINA - 1.1%
	1,000,000		County of New Hanover NC	5.000		12/01/20		1,127,300
	710,000		North Carolina Eastern Municipal Power Agency	5.000		01/01/21		811,509
	40,000		North Carolina Municipal Power Agency No 1 Catawba	6.000		01/01/11		40,000
	1,170,000		Pitt County NC, ETM	5.250		12/01/21		1,240,902
			TOTAL NORTH CAROLINA					3,219,711
OHIO - 3.5%
	1,445,000		Cincinnati City School District	5.250		06/01/23		1,603,314
	2,000,000		Cincinnati City School District	5.250		12/01/24		2,235,080
	1,000,000		Ohio Air Quality Development Authority	5.630		06/01/18		1,059,810
	1,300,000		Ohio State Water Development Authority	5.500		06/01/22		1,522,690
	25,000		Ohio State Water Development Authority, ETM	6.000		12/01/16		27,332
	150,000		State of Ohio	5.000		05/01/17		172,556
	4,000,000		State of Ohio	4.950		09/01/20		4,000,360
			TOTAL OHIO					10,621,142

77

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
PENNSYLVANIA - 4.5%
	$1,280,000		Allegheny County Hospital Development Authority	5.300	%	07/01/26	$	1,396,109
	225,000		Allegheny County Hospital Development Authority	5.630		08/15/26		225,578
	1,460,000		Carbon County Hospital Authority	5.400		11/15/14		1,506,589
	350,000		Commonwealth of Pennsylvania	5.000		01/01/16		401,412
	1,475,000		Commonwealth of Pennsylvania	5.000		02/15/19		1,697,401
	2,000,000		Commonwealth of Pennsylvania	5.000		07/01/21		2,263,359
	115,000		Pennsylvania Economic Development Financing Authority	6.000		11/01/11		117,510
	250,000		Pennsylvania Economic Development Financing Authority	5.250		12/01/16		208,838
	280,000		Pennsylvania Economic Development Financing Authority	6.250		11/01/31		282,050
	290,000		Pennsylvania Economic Development Financing Authority	6.380		11/01/41		291,917
	575,000		Philadelphia Authority for Industrial Development	4.250		09/01/19		503,533
	1,000,000		Philadelphia Authority for Industrial Development	5.250		09/01/26		863,230
	2,000,000	h	Philadelphia School District	5.000		09/01/20		2,114,420
	1,425,000		Philadelphia School District, GO	5.000		06/01/24		1,419,428
	525,000		Pittsburgh Urban Redevelopment Authority	6.500		09/01/13		569,462
			TOTAL PENNSYLVANIA					13,860,836
PUERTO RICO - 6.1%
	810,000		Commonwealth of Puerto Rico	5.000		07/01/13		849,903
	2,015,000		Commonwealth of Puerto Rico	5.500		07/01/15		2,168,926
	1,000,000		Commonwealth of Puerto Rico	5.250		07/01/16		1,051,990
	1,250,000		Government Development Bank for Puerto Rico	5.000		12/01/16		1,303,100
	2,370,000		Puerto Rico Commonwealth Infrastructure Financing Authority	5.500		07/01/19		2,442,878
	2,300,000		Puerto Rico Highway & Transportation Authority	5.000		07/01/14		2,433,308
	1,000,000		Puerto Rico Highway & Transportation Authority	5.500		07/01/21		1,032,180
	400,000		Puerto Rico Highway & Transportation Authority	5.250		07/01/22		415,392
	1,500,000		Puerto Rico Infrastructure Financing Authority	5.500		07/01/25		1,547,330
	480,000		Puerto Rico Public Buildings Authority	5.500		07/01/13		510,598
	995,000		Puerto Rico Public Buildings Authority	5.500		07/01/13		1,067,844
	3,130,000	i	Puerto Rico Public Finance Corp	5.750		08/01/27		3,202,052
	685,000	i	Puerto Rico Public Finance Corp	5.250		08/01/31		697,200
			TOTAL PUERTO RICO					18,722,701
RHODE ISLAND - 0.8%
	400,000		Providence Housing Authority	5.000		09/01/17		420,048
	315,000		Providence Housing Authority	5.000		09/01/18		329,446
	790,000		Rhode Island State & Providence Plantations, COP	5.250		10/01/14		873,306
	800,000		Rhode Island State & Providence Plantations, COP	5.000		10/01/16		885,519
			TOTAL RHODE ISLAND					2,508,319
SOUTH CAROLINA - 0.9%
	315,000		County of Richland SC	4.600		09/01/12		322,557
	150,000		Georgetown County SC	5.700		04/01/14		162,791
	1,120,000		Scago Educational Facilities Corp for Colleton School District	5.000		12/01/16		1,243,569
	1,000,000		Scago Public Facilities Corp for Georgetown County	5.000		12/01/19		1,051,300
			TOTAL SOUTH CAROLINA					2,780,217
SOUTH DAKOTA - 0.2%
	500,000		State of South Dakota	6.700		09/01/17		586,915
			TOTAL SOUTH DAKOTA					586,915

78

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
TENNESSEE - 2.9%
	$125,000		Clarksville Natural Gas Acquisition Corp	5.000	%	12/15/16	$	128,949
	1,000,000		County of Williamson TN	5.000		04/01/24		1,110,660
	1,000,000		Memphis-Shelby County Airport Authority	5.630		07/01/20		1,054,490
			Metropolitan Government Nashville & Davidson County Health &
	1,500,000		Educational Facs Bd	6.000		12/01/16		1,643,025
	300,000		Tennessee Energy Acquisition Corp	5.000		09/01/11		307,677
	1,000,000		Tennessee Energy Acquisition Corp	5.000		09/01/16		1,033,740
	3,675,000		Tennessee Energy Acquisition Corp	5.000		02/01/18		3,664,048
			TOTAL TENNESSEE					8,942,589
TEXAS - 8.7%
	970,000		Bexar Metropolitan Water District	5.000		05/01/17		1,046,698
	1,510,000		Brazos River Authority	4.900		10/01/15		1,538,645
	630,000	i	Brazos River Authority	5.380		04/01/19		620,689
	275,000	i	Brazos River Authority	6.300		07/01/32		76,852
	725,000		County of Harris TX	5.000		08/15/16		824,202
	1,640,000		County of Harris TX	5.250		08/15/25		1,828,452
	1,000,000		County of Montgomery TX	5.000		03/01/20		1,103,400
	160,000		Harris County Flood Control District	5.000		10/01/14		179,910
	1,500,000		Lower Colorado River Authority	6.000		01/01/17		1,810,710
	515,000	i	Matagorda County Navigation District No	5.250		06/01/26		483,879
	885,000	i	Matagorda County Navigation District No	5.250		06/01/26		831,519
	10,000		Matagorda County Navigation District No	5.130		11/01/28		9,080
	1,080,000	i	Matagorda County Navigation District No	5.150		11/01/29		1,004,810
	110,000		North Central Texas Health Facility Development Corp	5.500		06/01/21		128,490
	2,975,000		North East Independent School District	5.250		02/01/26		3,307,040
	1,000,000		SA Energy Acquisition Public Facility Corp	5.250		08/01/16		1,049,120
	500,000		SA Energy Acquisition Public Facility Corp	5.250		08/01/18		516,690
	2,000,000		SA Energy Acquisition Public Facility Corp	5.500		08/01/19		2,068,940
	110,000	i	Sabine River Authority	6.450		06/01/21		29,660
	295,000	i	Sabine River Authority	5.500		05/01/22		275,978
	1,145,000	i	Sabine River Authority	5.800		07/01/22		365,759
	125,000	i	Sabine River Authority	5.750		05/01/30		117,559
	330,000		Tarrant County Health Facilities Development Corp	6.000		09/01/24		396,003
	1,035,000		Texas A&M University	5.000		07/01/25		1,134,815
	2,500,000		Texas Municipal Gas Acquisition & Supply Corp I	6.250		12/15/26		2,607,950
	3,000,000		University of Texas	5.250		07/01/26		3,316,260
			TOTAL TEXAS					26,673,110
VIRGINIA - 1.6%
	320,000		Tobacco Settlement Financing Corp	5.500		06/01/26		353,021
	1,550,000		Virginia College Building Authority	5.000		02/01/23		1,706,597
	2,500,000		Virginia College Building Authority	5.000		02/01/24		2,731,174
			TOTAL VIRGINIA					4,790,792
WASHINGTON - 1.4%
	75,000		Cowlitz County Public Utility District No 1	5.000		09/01/11		77,306
	125,000		Cowlitz County Public Utility District No 1	5.000		09/01/11		128,283
	3,150,000		Port of Seattle WA	5.500		09/01/17		3,558,901
	600,000		Washington Economic Development Finance Authority	5.000		06/01/16		673,134
			TOTAL WASHINGTON					4,437,624

79

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
WISCONSIN - 0.4%
	$35,000	State of Wisconsin	6.880	%	06/01/11	$	35,903
	1,000,000	State of Wisconsin	5.000		05/01/19		1,123,560
		TOTAL WISCONSIN					1,159,463
		TOTAL LONG-TERM MUNICIPAL BONDS					302,290,928
		(Cost $305,265,383)
		TOTAL INVESTMENTS - 98.7%					302,290,928
		(Cost $305,265,383)
		OTHER ASSETS & LIABILITIES, NET - 1.3%					3,933,573
		NET ASSETS - 100.0%				$	306,224,501

	Abbreviation(s):
	AMT	Alternative Minimum Tax (subject to)
	COP	Certificate of Participation
	ETM	Escrowed to Maturity
	GO	General Obligation
h	These securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon reflects the rate at period end.

80

TIAA-CREF FUNDS – Inflation-Linked Bond Fund

TIAA-CREF FUNDS
INFLATION-LINKED BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

PRINCIPAL			ISSUER	VALUE
GOVERNMENT BONDS - 98.6%
U.S. TREASURY SECURITIES - 98.6%
		k	United States Treasury Inflation Indexed Bonds
	$9,662,530		3.380%, 01/15/12	$	10,101,121
	28,318,407		2.000, 04/15/12		29,347,158
	45,899,345		3.000, 07/15/12		48,753,733
	24,160,479		0.630, 04/15/13		24,890,946
	44,016,813		1.880, 07/15/13		46,936,360
	45,078,168		2.000, 01/15/14		48,395,650
	29,451,900		1.250, 04/15/14		30,972,826
	38,740,414		2.000, 07/15/14		41,872,925
	29,587,198		1.630, 01/15/15		31,549,658
	21,798,288		0.500, 04/15/15		22,281,948
	35,642,846		1.880, 07/15/15		38,611,218
	32,952,320		2.000, 01/15/16		35,881,978
	34,215,489		2.500, 07/15/16		38,401,549
	31,359,438		2.380, 01/15/17		34,946,174
	28,000,528		2.630, 07/15/17		31,865,917
	26,829,258		1.630, 01/15/18		28,709,399
	25,760,680		1.380, 07/15/18		27,147,326
	26,229,980		2.130, 01/15/19		29,025,099
	28,474,984		1.880, 07/15/19		30,959,882
	34,689,648		1.380, 01/15/20		36,050,141
	63,950,469		1.250, 07/15/20		65,479,270
	44,936,095		2.380, 01/15/25		50,005,426
	32,423,408		2.000, 01/15/26		34,427,077
	27,899,590		2.380, 01/15/27		31,005,595
	27,038,046		1.750, 01/15/28		27,523,893
	28,274,084		3.630, 04/15/28		36,497,856
	26,280,912		2.500, 01/15/29		29,820,635
	39,677,987		3.880, 04/15/29		53,215,005
	10,374,535		3.380, 04/15/32		13,408,277
	28,079,115		2.130, 02/15/40		29,720,002
			TOTAL U.S. TREASURY SECURITIES		1,037,804,044
			TOTAL GOVERNMENT BONDS
			(Cost $984,137,125)		1,037,804,044
			TOTAL INVESTMENTS - 98.6%		1,037,804,044
			(Cost $984,137,125)
			OTHER ASSETS AND LIABILITIES, NET - 1.4%		15,064,162
			NET ASSETS - 100.0%	$	1,052,868,206

k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

81

TIAA-CREF FUNDS – Bond Index Fund

TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 99.2%
CORPORATE BONDS - 21.7%
AUTOMOBILES & COMPONENTS - 0.1%
	$50,000		BorgWarner, Inc	4.630	%	09/15/20	$	49,363
	185,000		Harsco Corp	5.130		09/15/13		199,739
	400,000		Honeywell International, Inc	5.400		03/15/16		452,807
	82,000		Honeywell International, Inc	5.700		03/15/37		89,816
			TOTAL AUTOMOBILES & COMPONENTS					791,725
BANKS - 3.8%
	250,000		American Express Bank FSB	5.500		04/16/13		269,448
	75,000		Asian Development Bank	5.820		06/16/28		84,435
	510,000	g,i	Banco Santander Chile	1.540		04/20/12		509,810
	15,000		Bank of America Corp	7.400		01/15/11		15,025
	130,000		Bank of America Corp	2.100		04/30/12		132,699
	150,000		Bank of America Corp	3.130		06/15/12		155,357
	1,705,000		Bank of America Corp	2.380		06/22/12		1,749,008
	360,000		Bank of America Corp	7.380		05/15/14		400,169
	70,000		Bank of America Corp	4.500		04/01/15		71,143
	2,045,000		Bank of America Corp	3.700		09/01/15		2,027,340
	200,000		Bank of America Corp	6.500		08/01/16		217,019
	585,000		Bank of America Corp	5.300		03/15/17		592,858
	575,000		Bank of America Corp	6.000		09/01/17		602,603
	590,000		Bank of America Corp	5.750		12/01/17		613,969
	120,000		Bank of America Corp	5.650		05/01/18		122,613
	500,000		Bank of America Corp	5.490		03/15/19		487,728
	450,000		Bank of America Corp	5.880		01/05/21		465,574
	570,000		Bank One Corp	5.250		01/30/13		608,770
	190,000	i	BB&T Capital Trust IV	6.820		06/12/57		187,388
	70,000		BB&T Corp	4.900		06/30/17		72,801
	430,000		BB&T Corp	3.850		07/27/27		447,324
	160,000		BHP Billiton Finance Ltd	5.400		03/29/17		177,092
	400,000		BHP Billiton Finance USA Ltd	5.500		04/01/14		442,652
	150,000		BHP Billiton Finance USA Ltd	6.500		04/01/19		178,372
	355,000		Citigroup, Inc	6.000		02/21/12		372,384
	4,260,000		Citigroup, Inc	2.130		04/30/12		4,346,451
	420,000		Citigroup, Inc	5.300		10/17/12		444,797
	200,000		Citigroup, Inc	5.850		07/02/13		215,859
	200,000		Citigroup, Inc	6.000		12/13/13		218,547
	1,110,000		Citigroup, Inc	5.500		10/15/14		1,195,966
	500,000		Citigroup, Inc	6.000		08/15/17		542,349
	315,000		Citigroup, Inc	6.130		11/21/17		345,204
	370,000		Citigroup, Inc	6.130		05/15/18		405,345
	2,210,000		Citigroup, Inc	5.380		08/09/20		2,296,204
	145,000		Citigroup, Inc	6.880		03/05/38		160,840

82

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$50,000		Comerica Bank	5.200	%	08/22/17	$	51,173
	400,000		Deutsche Bank AG.	4.880		05/20/13		428,892
	700,000		Deutsche Bank AG.	3.880		08/18/14		734,828
	200,000		Deutsche Bank AG.	3.450		03/30/15		204,903
	65,000		Discover Bank	7.000		04/15/20		69,878
	410,000		Eksportfinans ASA	5.000		02/14/12		429,297
	950,000		Eksportfinans ASA	2.000		09/15/15		927,789
	40,000		Fifth Third Bancorp	8.250		03/01/38		46,034
	250,000		Fifth Third Bank	4.750		02/01/15		259,276
	100,000		First Horizon National Corp	5.380		12/15/15		100,942
	670,000		Golden West Financial Corp	4.750		10/01/12		708,878
	750,000		HSBC Bank USA NA	4.880		08/24/20		745,551
	16,000		HSBC Bank USA NA	5.880		11/01/34		15,850
	33,000		HSBC Bank USA NA	7.000		01/15/39		37,598
	25,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		23,608
	425,000		HSBC Holdings plc	6.500		09/15/37		445,077
	200,000	g	ICICI Bank Ltd	6.630		10/03/12		214,000
	150,000		Inter-American Development Bank	1.630		07/15/13		152,497
	1,000,000		Inter-American Development Bank	3.000		04/22/14		1,053,506
	105,000		Inter-American Development Bank	3.880		09/17/19		109,397
	340,000		JP Morgan Chase Capital XXV	6.800		10/01/37		350,571
	3,755,000		JPMorgan Chase & Co	3.130		12/01/11		3,848,476
	15,000		JPMorgan Chase & Co	4.500		01/15/12		15,553
	550,000		JPMorgan Chase & Co	6.630		03/15/12		584,652
	200,000		JPMorgan Chase & Co	2.130		06/22/12		204,466
	434,000		JPMorgan Chase & Co	5.130		09/15/14		461,807
	125,000		JPMorgan Chase & Co	3.700		01/20/15		129,361
	610,000		JPMorgan Chase & Co	3.400		06/24/15		622,051
	700,000		JPMorgan Chase & Co	5.150		10/01/15		740,333
	185,000		JPMorgan Chase & Co	6.000		01/15/18		206,598
	180,000		JPMorgan Chase & Co	4.950		03/25/20		184,783
	350,000		JPMorgan Chase & Co	4.400		07/22/20		344,486
	1,820,000		JPMorgan Chase & Co	4.250		10/15/20		1,777,503
	208,000		JPMorgan Chase & Co	5.500		10/15/40		212,605
	1,365,000		KeyBank NA	3.200		06/15/12		1,416,022
	50,000		KeyBank NA	5.800		07/01/14		53,576
	300,000		KeyCorp	3.750		08/13/15		300,989
	30,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		28,239
	30,000		Mellon Funding Corp	6.400		05/14/11		30,620
	100,000		National City Bank	6.200		12/15/11		104,829
	325,000		New York Community Bank	3.000		12/16/11		332,786
	250,000		Noble Holding International Ltd	3.450		08/01/15		255,296
	205,000		Noble Holding International Ltd	4.900		08/01/20		212,072
	100,000		Nordic Investment Bank	3.630		06/17/13		106,049
	400,000		Northern Trust Corp	4.630		05/01/14		432,450
	50,000		PNC Funding Corp	2.300		06/22/12		51,273
	80,000		PNC Funding Corp	5.400		06/10/14		87,696
	645,000		PNC Funding Corp	5.130		02/08/20		672,278
	50,000		PNC Funding Corp	4.380		08/11/20		49,415
	680,000		Regions Bank	3.250		12/09/11		697,980
	200,000		Royal Bank of Scotland Group plc	5.050		01/08/15		192,417
	170,000		Sovereign Bancorp, Inc	2.750		01/17/12		173,863

83

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$425,000	Sovereign Bancorp, Inc	2.500	%	06/15/12	$	436,622
	100,000	Sovereign Bank	8.750		05/30/18		109,045
	100,000	SunTrust Bank	7.250		03/15/18		110,879
	50,000	SVB Financial Group	5.380		09/15/20		48,079
	315,000	Union Bank of California NA	5.950		05/11/16		335,286
	60,000	UnionBanCal Corp	5.250		12/16/13		64,697
	400,000	US Bancorp	2.000		06/14/13		405,966
	170,000	US Bank NA	6.300		02/04/14		189,657
	95,000	US Central Federal Credit Union	1.900		10/19/12		96,991
	140,000	USB Capital XIII Trust	6.630		12/15/39		143,000
	50,000	Wachovia Bank NA	5.300		10/15/11		51,825
	329,000	Wachovia Bank NA	4.800		11/01/14		349,798
	700,000	Wachovia Bank NA	5.600		03/15/16		761,669
	510,000	Wachovia Bank NA	5.850		02/01/37		513,259
	50,000	Wells Fargo & Co	3.000		12/09/11		51,202
	615,000	Wells Fargo & Co	2.130		06/15/12		629,138
	1,670,000	Wells Fargo & Co	4.750		02/09/15		1,771,665
	300,000	Wells Fargo & Co	5.130		09/15/16		320,083
	164,000	Wells Fargo & Co	5.380		02/07/35		166,752
	605,000	Western Corporate Federal Credit Union	1.750		11/02/12		615,941
	20,000	Western Union Co	5.930		10/01/16		22,391
	855,000	Westpac Banking Corp	3.000		08/04/15		859,325
	75,000	Westpac Banking Corp	4.880		11/19/19		78,810
	185,000	Zions Bancorporation	7.750		09/23/14		192,864
		TOTAL BANKS					51,140,156
CAPITAL GOODS - 0.6%
	50,000	Agilent Technologies, Inc	6.500		11/01/17		55,418
	100,000	Arrow Electronics, Inc	6.880		07/01/13		109,923
	25,000	Avnet, Inc	6.630		09/15/16		27,631
	115,000	Black & Decker Corp	8.950		04/15/14		136,739
	36,000	Caterpillar Financial Services Corp	6.130		02/17/14		40,473
	500,000	Caterpillar Financial Services Corp	5.850		09/01/17		563,662
	200,000	Caterpillar Financial Services Corp	5.450		04/15/18		219,486
	361,000	Caterpillar Financial Services Corp	7.150		02/15/19		443,908
	50,000	Caterpillar, Inc	5.700		08/15/16		57,663
	10,000	Caterpillar, Inc	7.300		05/01/31		12,644
	75,000	CRH America, Inc	5.300		10/15/13		80,482
	150,000	CRH America, Inc	4.130		01/15/16		149,041
	200,000	Danaher Corp	5.630		01/15/18		226,353
	18,000	Deere & Co	5.380		10/16/29		19,040
	500,000	DIRECTV Holdings LLC	3.550		03/15/15		507,961
	150,000	Dover Corp	5.450		03/15/18		166,396
	200,000	Eaton Corp	5.600		05/15/18		221,592
	300,000	Emerson Electric Co	5.250		10/15/18		333,251
	100,000	Emerson Electric Co	4.880		10/15/19		107,875
	11,000	General Dynamics Corp	5.380		08/15/15		12,394
	265,000	Goodrich Corp	6.130		03/01/19		299,891
	25,000	Goodrich Corp	4.880		03/01/20		26,270
	100,000	Illinois Tool Works, Inc	6.250		04/01/19		116,488
	25,000	Ingersoll-Rand Global Holding Co Ltd	6.880		08/15/18		28,773
	300,000	ITT Corp	4.900		05/01/14		322,068

84

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$76,000		John Deere Capital Corp	4.950	%	12/17/12	$	81,975
	695,000		John Deere Capital Corp	2.950		03/09/15		713,957
	150,000		John Deere Capital Corp	5.500		04/13/17		167,241
	100,000		KLA-Tencor Corp	6.900		05/01/18		110,001
	100,000		Legrand France S.A.	8.500		02/15/25		117,048
	100,000		Lockheed Martin Corp	7.650		05/01/16		121,711
	39,000		Lockheed Martin Corp	5.500		11/15/39		39,737
	99,000	g	Myriad International Holding BV	6.380		07/28/17		103,693
	50,000		Parker Hannifin Corp	3.500		09/15/22		46,993
	50,000		Raytheon Co	4.400		02/15/20		51,129
	116,000		Tyco International Finance S.A.	6.000		11/15/13		128,683
	170,000		Tyco International Finance S.A.	4.130		10/15/14		180,266
	200,000		Tyco International Finance S.A.	3.380		10/15/15		204,375
	100,000		United Technologies Corp	6.100		05/15/12		107,339
	190,000		United Technologies Corp	4.500		04/15/20		199,439
	180,000		United Technologies Corp	5.400		05/01/35		186,441
	80,000		United Technologies Corp	6.050		06/01/36		90,328
	145,000		United Technologies Corp	5.700		04/15/40		158,073
			TOTAL CAPITAL GOODS					7,093,851
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	100,000		Celgene Corp	3.950		10/15/20		95,074
	30,000		Corp Andina de Fomento	5.130		05/05/15		31,756
	500,000		Corp Andina de Fomento	3.750		01/15/16		495,678
	158,000		Daimler Finance North America LLC	7.300		01/15/12		167,872
	150,000		Daimler Finance North America LLC	6.500		11/15/13		169,810
	100,000		Daimler Finance North America LLC	8.500		01/18/31		133,624
	200,000		eBay, Inc	3.250		10/15/20		186,034
	500,000		European Investment Bank	1.630		09/01/15		487,535
	3,000,000		European Investment Bank	1.380		10/20/15		2,882,559
	25,000		Howard Hughes Medical Institute	3.450		09/01/14		26,388
	150,000		International Bank for Reconstruction & Development	2.000		04/02/12		152,955
	45,000		International Bank for Reconstruction & Development	3.630		05/21/13		47,899
	1,000,000		International Bank for Reconstruction & Development	1.130		08/25/14		994,366
	200,000		International Bank for Reconstruction & Development	2.380		05/26/15		204,684
	34,000		International Bank for Reconstruction & Development	4.750		02/15/35		35,032
	110,000		Johnson Controls, Inc	5.500		01/15/16		120,291
	20,000		Johnson Controls, Inc	6.000		01/15/36		20,418
	355,000		News America, Inc	7.250		05/18/18		428,316
	105,000		News America, Inc	7.630		11/30/28		122,360
	300,000		News America, Inc	6.200		12/15/34		314,996
	130,000		News America, Inc	6.400		12/15/35		139,672
	44,000		Quest Diagnostics, Inc	5.450		11/01/15		47,348
	100,000		Reed Elsevier Capital, Inc	8.630		01/15/19		127,139
	63,000		Republic Services, Inc	5.500		09/15/19		68,704
	265,000		Republic Services, Inc	5.000		03/01/20		278,841
	180,000		Republic Services, Inc	5.250		11/15/21		189,699
	30,000		Republic Services, Inc	6.200		03/01/40		32,519
	500,000		RR Donnelley & Sons Co	8.600		08/15/16		574,324
	625,000		Svensk Exportkredit AB	5.130		03/01/17		693,186
	45,000		Thomson Reuters Corp	6.500		07/15/18		52,463
	45,000		Thomson Reuters Corp	5.850		04/15/40		47,607

85

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$15,000		Waste Management, Inc	7.130	%	12/15/17	$	17,592
	255,000		Waste Management, Inc	6.130		11/30/39		272,897
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					9,659,638
CONSUMER DURABLES & APPAREL - 0.0%
	10,000		MDC Holdings, Inc	5.500		05/15/13		10,483
	10,000		Toll Brothers Finance Corp	5.150		05/15/15		10,222
	20,000		VF Corp	6.450		11/01/37		22,494
	415,000		Whirlpool Corp	8.000		05/01/12		447,211
	50,000		Xerox Corp	6.350		05/15/18		56,362
			TOTAL CONSUMER DURABLES & APPAREL					546,772
CONSUMER SERVICES - 0.1%
	160,000		Marriott International, Inc	5.630		02/15/13		171,598
	25,000		McDonald’s Corp	5.300		03/15/17		27,850
	820,000		McDonald’s Corp	3.500		07/15/20		790,939
	30,000		McDonald’s Corp	6.300		03/01/38		35,357
	20,000		Princeton University	5.700		03/01/39		21,468
	55,000		Walt Disney Co	6.380		03/01/12		58,574
	510,000		Walt Disney Co	4.500		12/15/13		556,986
	70,000		Walt Disney Co	5.630		09/15/16		80,628
	200,000		Yale University	2.900		10/15/14		206,286
	30,000		Yum! Brands, Inc	6.250		03/15/18		33,873
	50,000		Yum! Brands, Inc	3.880		11/01/20		47,764
			TOTAL CONSUMER SERVICES					2,031,323
DIVERSIFIED FINANCIALS - 4.7%
	150,000		ABN Amro Bank NV	4.650		06/04/18		140,241
	20,000		Ahold Finance USA LLC	6.880		05/01/29		22,283
	400,000		American Express Centurion Bank	5.550		10/17/12		427,847
	100,000		American Express Co	6.150		08/28/17		112,721
	190,000		American Express Co	7.000		03/19/18		221,307
	255,000		American Express Co	8.130		05/20/19		317,274
	44,000		American Express Co	8.150		03/19/38		59,598
	850,000		American Express Credit Corp	2.750		09/15/15		836,133
	295,000		Ameriprise Financial, Inc	5.300		03/15/20		310,357
	100,000		Bank of Montreal	2.130		06/28/13		101,774
	530,000		Bank of New York Mellon Corp	4.300		05/15/14		565,507
	295,000		Bank of New York Mellon Corp	5.450		05/15/19		324,055
	40,000		Bank of Nova Scotia	2.250		01/22/13		40,728
	120,000		Bank of Nova Scotia	2.380		12/17/13		123,633
	300,000		Bank of Nova Scotia	3.400		01/22/15		311,373
	310,000		Barclays Bank plc	5.200		07/10/14		334,825
	1,000,000		Barclays Bank plc	5.000		09/22/16		1,058,200
	60,000	g	Barclays Bank plc	6.050		12/04/17		61,548
	80,000		Bear Stearns Cos LLC	5.300		10/30/15		86,814
	116,000		Bear Stearns Cos LLC	5.550		01/22/17		123,289
	500,000		Berkshire Hathaway, Inc	2.130		02/11/13		510,662
	50,000		Berkshire Hathaway, Inc	3.200		02/11/15		51,594
	275,000		BlackRock, Inc	3.500		12/10/14		285,180
	20,000		BlackRock, Inc	6.250		09/15/17		22,514
	90,000		BlackRock, Inc	5.000		12/10/19		93,980

86

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$280,000		BNP Paribas	3.250	%	03/11/15	$	282,992
	100,000		Canadian Imperial Bank of Commerce	1.450		09/13/13		99,672
	250,000		Capital One Bank USA NA	6.500		06/13/13		273,740
	60,000		Capital One Bank USA NA	8.800		07/15/19		73,802
	370,000		Capital One Capital V	8.880		05/15/40		385,263
	200,000		Capital One Financial Corp	7.380		05/23/14		227,586
	50,000		Charles Schwab Corp	4.950		06/01/14		54,372
	3,065,000		Citigroup Funding, Inc	2.000		03/30/12		3,115,041
	3,065,000		Citigroup Funding, Inc	1.880		10/22/12		3,126,382
	850,000		Citigroup Funding, Inc	2.250		12/10/12		874,321
	20,000		CME Group, Inc	5.750		02/15/14		22,145
	770,000		Credit Suisse	5.000		05/15/13		828,737
	830,000		Credit Suisse	5.500		05/01/14		910,221
	710,000		Credit Suisse	5.300		08/13/19		749,952
	110,000		Credit Suisse	4.380		08/05/20		107,998
	100,000		Credit Suisse AG.	5.400		01/14/20		102,127
	90,000		Eaton Vance Corp	6.500		10/02/17		102,024
	50,000		European Bank for Reconstruction & Development	3.630		06/17/13		52,837
	50,000		European Bank for Reconstruction & Development	1.630		09/03/15		48,813
	125,000		Franklin Resources, Inc	3.130		05/20/15		127,295
	120,000		General Electric Capital Corp	3.000		12/09/11		122,885
	1,705,000		General Electric Capital Corp	2.250		03/12/12		1,741,080
	945,000		General Electric Capital Corp	2.200		06/08/12		966,157
	1,025,000		General Electric Capital Corp	2.130		12/21/12		1,053,122
	1,475,000		General Electric Capital Corp	2.630		12/28/12		1,529,848
	1,635,000		General Electric Capital Corp	1.880		09/16/13		1,635,875
	2,085,000		General Electric Capital Corp	5.500		06/04/14		2,276,820
	105,000		General Electric Capital Corp	3.500		06/29/15		106,840
	400,000		General Electric Capital Corp	2.250		11/09/15		384,542
	330,000		General Electric Capital Corp	5.380		10/20/16		357,976
	125,000		General Electric Capital Corp	5.630		09/15/17		137,063
	180,000		General Electric Capital Corp	5.500		01/08/20		192,508
	805,000		General Electric Capital Corp	4.380		09/16/20		792,246
	425,000		General Electric Capital Corp	6.750		03/15/32		481,150
	200,000		General Electric Capital Corp	5.880		01/14/38		207,610
	527,000		General Electric Capital Corp	6.880		01/10/39		609,033
	2,460,000		GMAC, Inc	2.200		12/19/12		2,530,181
	340,000	i	Goldman Sachs Capital II	5.790		12/30/49		288,150
	155,000		Goldman Sachs Group, Inc	6.600		01/15/12		163,907
	115,000		Goldman Sachs Group, Inc	3.250		06/15/12		119,381
	25,000		Goldman Sachs Group, Inc	3.630		08/01/12		25,800
	510,000		Goldman Sachs Group, Inc	5.700		09/01/12		544,353
	130,000		Goldman Sachs Group, Inc	3.700		08/01/15		132,459
	875,000		Goldman Sachs Group, Inc	5.350		01/15/16		940,102
	50,000		Goldman Sachs Group, Inc	5.950		01/18/18		54,244
	60,000		Goldman Sachs Group, Inc	6.150		04/01/18		66,072
	895,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,043,561
	1,955,000		Goldman Sachs Group, Inc	5.380		03/15/20		2,020,220
	400,000		Goldman Sachs Group, Inc	6.000		06/15/20		432,266
	65,000		Goldman Sachs Group, Inc	6.450		05/01/36		63,853
	165,000		Goldman Sachs Group, Inc	6.750		10/01/37		168,695
	55,000		HSBC Finance Corp	7.000		05/15/12		59,012

87

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$675,000		HSBC Finance Corp	6.380	%	11/27/12	$	731,811
	80,000		HSBC Finance Corp	4.750		07/15/13		84,374
	182,000	g	HSBC Finance Corp	6.680		01/15/21		183,871
	30,000		International Finance Corp	3.000		04/22/14		31,645
	70,000	g	International Lease Finance Corp	6.500		09/01/14		74,200
	380,000		Jefferies Group, Inc	3.880		11/09/15		373,504
	25,000		Jefferies Group, Inc	8.500		07/15/19		28,585
	635,000		Kreditanstalt fuer Wiederaufbau	3.500		05/16/13		670,688
	3,000,000		Kreditanstalt fuer Wiederaufbau	1.250		10/26/15		2,867,822
	100,000		Kreditanstalt fuer Wiederaufbau	4.880		01/17/17		111,621
	260,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		277,291
	125,000		Landwirtschaftliche Rentenbank	4.130		07/15/13		133,834
	1,025,000		Landwirtschaftliche Rentenbank	5.130		02/01/17		1,151,725
	53,000		Lazard Group LLC	7.130		05/15/15		57,070
	85,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		9
	400,000		Merrill Lynch & Co, Inc	6.050		05/16/16		412,124
	360,000		Merrill Lynch & Co, Inc	6.400		08/28/17		380,618
	1,050,000		Merrill Lynch & Co, Inc	6.880		04/25/18		1,149,075
	100,000		Morgan Stanley	3.250		12/01/11		102,602
	213,000		Morgan Stanley	5.630		01/09/12		222,403
	300,000		Morgan Stanley	6.600		04/01/12		319,640
	150,000		Morgan Stanley	4.750		04/01/14		153,604
	1,100,000		Morgan Stanley	6.000		05/13/14		1,188,527
	220,000		Morgan Stanley	6.000		04/28/15		238,261
	970,000		Morgan Stanley	5.450		01/09/17		1,005,906
	150,000		Morgan Stanley	5.550		04/27/17		156,270
	245,000		Morgan Stanley	5.950		12/28/17		259,220
	796,000		Morgan Stanley	7.300		05/13/19		896,008
	590,000		Morgan Stanley	5.500		01/26/20		594,735
	320,000		NASDAQ OMX Group, Inc	4.000		01/15/15		325,706
	220,000		NASDAQ OMX Group, Inc	5.550		01/15/20		222,282
	55,000		National Rural Utilities Cooperative Finance Corp	7.250		03/01/12		58,960
	445,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		487,237
	150,000		National Rural Utilities Cooperative Finance Corp	3.880		09/16/15		157,512
	285,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		393,136
	105,000		Nomura Holdings, Inc	5.000		03/04/15		109,472
	30,000		Nomura Holdings, Inc	6.700		03/04/20		32,109
	40,000		NYSE Euronext	4.800		06/28/13		42,934
	150,000		Oesterreichische Kontrollbank AG.	3.630		06/17/13		158,438
	15,000		PACCAR Financial Corp	2.050		06/17/13		15,267
	590,000		Rabobank Nederland NV	2.130		10/13/15		570,591
	200,000		Royal Bank of Canada	2.100		07/29/13		203,949
	100,000		Royal Bank of Canada	1.130		01/15/14		98,616
	35,000		Royal Bank of Canada	2.630		12/15/15		35,071
	50,000		Royal Bank of Scotland plc	4.880		03/16/15		51,146
	500,000		Royal Bank of Scotland plc	3.950		09/21/15		491,516
	100,000		Royal Bank of Scotland plc	5.630		08/24/20		99,420
	80,000		SLM Corp	5.380		01/15/13		81,597
	25,000		SLM Corp	5.050		11/14/14		23,892
	680,000		SLM Corp	8.450		06/15/18		706,766
	790,000		State Street Corp	2.150		04/30/12		806,501
	150,000		State Street Corp	4.300		05/30/14		160,485

88

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$92,000	Telefonica Europe BV	8.250	%	09/15/30	$	106,888
	100,000	Textron, Inc	5.600		12/01/17		105,017
	50,000	Toyota Motor Credit Corp	1.380		08/12/13		50,205
	250,000	Toyota Motor Credit Corp	3.200		06/17/15		258,235
	80,000	UBS AG.	5.750		04/25/18		86,938
	1,125,000	UBS AG.	4.880		08/04/20		1,144,508
	30,000	Unilever Capital Corp	5.900		11/15/32		33,559
		TOTAL DIVERSIFIED FINANCIALS					60,330,764
ENERGY - 1.9%
	650,000	Anadarko Petroleum Corp	5.950		09/15/16		698,288
	100,000	Anadarko Petroleum Corp	6.380		09/15/17		108,931
	165,000	Anadarko Petroleum Corp	8.700		03/15/19		201,499
	325,000	Anadarko Petroleum Corp	6.200		03/15/40		317,259
	133,000	Apache Corp	6.000		01/15/37		146,261
	680,000	Apache Corp	5.100		09/01/40		660,713
	215,000	Baker Hughes, Inc	5.130		09/15/40		210,008
	50,000	BJ Services Co	5.750		06/01/11		51,069
	140,000	BP Capital Markets plc	3.130		03/10/12		143,156
	945,000	BP Capital Markets plc	3.880		03/10/15		974,757
	590,000	BP Capital Markets plc	3.130		10/01/15		589,595
	375,000	Burlington Resources Finance Co	7.200		08/15/31		445,212
	75,000	Canadian Natural Resources Ltd	5.900		02/01/18		85,418
	45,000	Cenovus Energy, Inc	4.500		09/15/14		48,220
	50,000	Cenovus Energy, Inc	5.700		10/15/19		56,700
	608,000	Chevron Corp	3.450		03/03/12		627,375
	1,005,000	ConocoPhillips	4.600		01/15/15		1,095,391
	585,000	ConocoPhillips	6.500		02/01/39		695,625
	300,000	Devon Energy Corp	7.950		04/15/32		398,340
	295,000	Enbridge Energy Partners LP	5.200		03/15/20		309,189
	20,000	EnCana Corp	6.500		05/15/19		23,705
	115,000	EnCana Corp	6.630		08/15/37		125,770
	110,000	Enterprise Products Operating LLC	4.600		08/01/12		115,449
	40,000	Enterprise Products Operating LLC	5.600		10/15/14		44,172
	145,000	Enterprise Products Operating LLC	5.000		03/01/15		156,356
	235,000	Enterprise Products Operating LLC	6.300		09/15/17		265,170
	130,000	Enterprise Products Operating LLC	6.500		01/31/19		147,609
	480,000	Enterprise Products Operating LLC	6.130		10/15/39		499,588
	100,000	EOG Resources, Inc	2.500		02/01/16		97,750
	440,000	EOG Resources, Inc	4.100		02/01/21		432,750
	50,000	EQT Corp	6.500		04/01/18		54,179
	200,000	Halliburton Co	6.150		09/15/19		229,710
	275,000	Hess Corp	8.130		02/15/19		347,427
	140,000	Hess Corp	6.000		01/15/40		146,743
	540,000	Hess Corp	5.600		02/15/41		536,076
	30,000	Husky Energy, Inc	6.250		06/15/12		32,101
	30,000	Husky Energy, Inc	7.250		12/15/19		35,622
	130,000	Husky Energy, Inc	6.800		09/15/37		143,537
	25,000	Magellan Midstream Partners LP	4.250		02/01/21		24,105
	165,000	Marathon Oil Corp	6.500		02/15/14		185,744
	155,000	Marathon Oil Corp	6.600		10/01/37		177,047
	74,000	Nabors Industries, Inc	9.250		01/15/19		91,700

89

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$285,000	Nexen, Inc	6.400	%	05/15/37	$	276,131
	205,000	Nexen, Inc	7.500		07/30/39		222,936
	50,000	Noble Energy, Inc	8.250		03/01/19		62,479
	25,000	NuStar Logistics LP	4.800		09/01/20		24,246
	250,000	Occidental Petroleum Corp	2.500		02/01/16		249,294
	185,000	Pemex Project Funding Master Trust	5.750		03/01/18		197,800
	580,000	Pemex Project Funding Master Trust	6.630		06/15/35		590,147
	125,000	Pemex Project Funding Master Trust	6.630		06/15/38		126,966
	47,000	Petrobras International Finance Co	6.130		10/06/16		51,701
	625,000	Petrobras International Finance Co	7.880		03/15/19		738,856
	100,000	Petrobras International Finance Co	5.750		01/20/20		103,757
	375,000	Petrobras International Finance Co	6.880		01/20/40		393,901
	75,000	Petro-Canada	6.800		05/15/38		85,433
	505,000	Petroleos Mexicanos	4.880		03/15/15		531,513
	80,000	Petroleos Mexicanos	8.000		05/03/19		96,400
	475,000	Petroleos Mexicanos	6.000		03/05/20		503,500
	375,000	Petroleos Mexicanos	5.500		01/21/21		379,688
	606,000	Plains All American Pipeline LP	5.750		01/15/20		645,474
	320,000	SEACOR Holdings, Inc	7.380		10/01/19		331,923
	50,000	Shell International Finance BV	4.950		03/22/12		52,521
	340,000	Shell International Finance BV	3.100		06/28/15		349,163
	705,000	Shell International Finance BV	4.300		09/22/19		735,001
	80,000	Shell International Finance BV	4.380		03/25/20		83,909
	171,000	Shell International Finance BV	6.380		12/15/38		202,674
	210,000	Statoil ASA	2.900		10/15/14		217,143
	50,000	Statoil ASA	3.130		08/17/17		49,512
	50,000	Statoil ASA	5.250		04/15/19		55,695
	350,000	Suncor Energy, Inc	6.100		06/01/18		402,424
	25,000	Sunoco, Inc	5.750		01/15/17		26,105
	25,000	Talisman Energy, Inc	7.750		06/01/19		30,864
	70,000	TransCanada Pipelines Ltd	4.000		06/15/13		74,193
	985,000	TransCanada Pipelines Ltd	7.690		06/30/16		1,184,478
	340,000	TransCanada Pipelines Ltd	5.850		03/15/36		356,041
	69,000	TransCanada Pipelines Ltd	7.630		01/15/39		89,222
	93,000	Transocean, Inc	6.000		03/15/18		97,677
	165,000	Vale Overseas Ltd	6.250		01/23/17		183,992
	145,000	Vale Overseas Ltd	4.630		09/15/20		143,562
	314,000	Vale Overseas Ltd	6.880		11/21/36		345,394
	295,000	Vale Overseas Ltd	6.880		11/10/39		325,954
	25,000	Valero Energy Corp	6.880		04/15/12		26,605
	260,000	Valero Energy Corp	4.500		02/01/15		270,412
	680,000	Valero Energy Corp	6.130		02/01/20		722,205
	30,000	Valero Energy Corp	7.500		04/15/32		31,677
	440,000	Weatherford Bermuda Holdings Ltd	5.130		09/15/20		437,815
	260,000	Weatherford Bermuda Holdings Ltd	6.750		09/15/40		273,072
	50,000	Weatherford International Ltd	9.630		03/01/19		64,159
	210,000	XTO Energy, Inc	6.250		04/15/13		233,943
	340,000	XTO Energy, Inc	4.630		06/15/13		369,165
	100,000	XTO Energy, Inc	5.650		04/01/16		115,696
		TOTAL ENERGY					24,937,734

90

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
FOOD & STAPLES RETAILING - 0.2%
	$250,000		CVS Caremark Corp	3.250	%	05/18/15	$	254,073
	225,000		CVS Caremark Corp	5.750		06/01/17		250,346
	75,000		CVS Caremark Corp	6.600		03/15/19		87,815
	185,000		CVS Caremark Corp	4.750		05/18/20		192,077
	95,000		Delhaize Group S.A.	5.880		02/01/14		104,838
	105,000		Delhaize Group S.A.	6.500		06/15/17		119,036
	35,000	g	Delhaize Group S.A.	5.700		10/01/40		33,316
	165,000		Kroger Co	6.200		06/15/12		176,972
	85,000		Kroger Co	5.000		04/15/13		91,575
	300,000		Kroger Co	6.400		08/15/17		344,448
	55,000		Kroger Co	6.800		12/15/18		64,064
	45,000		Kroger Co	6.150		01/15/20		50,992
	39,000		Safeway, Inc	6.350		08/15/17		43,551
	25,000		Safeway, Inc	5.000		08/15/19		25,717
	240,000		Safeway, Inc	3.950		08/15/20		227,268
	50,000		Starbucks Corp	6.250		08/15/17		55,891
	50,000		SYSCO Corp	5.250		02/12/18		55,098
	50,000		Walgreen Co	4.880		08/01/13		54,612
			TOTAL FOOD & STAPLES RETAILING					2,231,689
FOOD BEVERAGE & TOBACCO - 0.9%
	50,000		Altria Group, Inc	4.130		09/11/15		52,279
	680,000		Altria Group, Inc	9.250		08/06/19		887,428
	155,000		Altria Group, Inc	10.200		02/06/39		224,019
	316,000		Anheuser-Busch Cos, Inc	5.500		01/15/18		346,939
	500,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		541,793
	190,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		200,817
	85,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		97,352
	100,000		Archer-Daniels-Midland Co	5.450		03/15/18		111,264
	40,000		Archer-Daniels-Midland Co	5.940		10/01/32		42,982
	520,000		Bottling Group LLC	6.950		03/15/14		602,582
	50,000		Bottling Group LLC	5.130		01/15/19		54,545
	100,000		Bunge Ltd	8.500		06/15/19		117,253
	25,000		Campbell Soup Company	3.050		07/15/17		25,115
	325,000		Coca-Cola Co	1.500		11/15/15		311,949
	260,000		Coca-Cola Co	3.150		11/15/20		243,955
	235,000		Coca-Cola Enterprises, Inc	4.250		03/01/15		253,238
	175,000		ConAgra Foods, Inc	7.000		04/15/19		202,055
	350,000		Diageo Capital plc	5.500		09/30/16		392,627
	175,000		Diageo Capital plc	5.750		10/23/17		198,487
	145,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		148,383
	190,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		209,519
	110,000		Dr Pepper Snapple Group, Inc	7.450		05/01/38		137,023
	30,000		Fortune Brands, Inc	5.380		01/15/16		31,024
	235,000		General Mills, Inc	5.250		08/15/13		258,303
	125,000		General Mills, Inc	5.200		03/17/15		137,996
	110,000		General Mills, Inc	5.650		02/15/19		122,458
	50,000		HJ Heinz Co	5.350		07/15/13		54,821
	225,000		Kellogg Co	5.130		12/03/12		241,141
	200,000		Kellogg Co	4.000		12/15/20		197,251
	20,000		Kraft Foods, Inc	6.250		06/01/12		21,395
	103,000		Kraft Foods, Inc	6.500		08/11/17		119,899

91

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$250,000	Kraft Foods, Inc	6.130	%	02/01/18	$	285,574
	950,000	Kraft Foods, Inc	5.380		02/10/20		1,022,455
	495,000	Kraft Foods, Inc	6.500		02/09/40		554,710
	20,000	Lorillard Tobacco Co	6.880		05/01/20		20,657
	385,000	Mead Johnson Nutrition Co	4.900		11/01/19		406,122
	185,000	Mead Johnson Nutrition Co	5.900		11/01/39		191,525
	85,000	PepsiAmericas, Inc	5.750		07/31/12		91,473
	45,000	PepsiAmericas, Inc	4.380		02/15/14		48,669
	245,000	PepsiCo, Inc	0.880		10/25/13		242,198
	40,000	PepsiCo, Inc	7.900		11/01/18		51,465
	100,000	PepsiCo, Inc	4.500		01/15/20		104,909
	250,000	PepsiCo, Inc	3.130		11/01/20		234,958
	210,000	PepsiCo, Inc	4.880		11/01/40		203,772
	285,000	Philip Morris International, Inc	4.880		05/16/13		308,527
	617,000	Philip Morris International, Inc	6.880		03/17/14		710,977
	140,000	Philip Morris International, Inc	6.380		05/16/38		162,496
	50,000	Reynolds American, Inc	6.750		06/15/17		55,886
	65,000	Reynolds American, Inc	7.250		06/15/37		67,583
	25,000	Sara Lee Corp	3.880		06/15/13		26,152
	45,000	Tyson Foods, Inc	8.250		10/01/11		47,025
	40,000	UST, Inc	6.630		07/15/12		42,914
		TOTAL FOOD BEVERAGE & TOBACCO					11,465,939
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	165,000	Agilent Technologies, Inc	2.500		07/15/13		166,934
	50,000	Allergan, Inc	3.380		09/15/20		47,161
	120,000	Baxter International, Inc	4.500		08/15/19		125,844
	16,000	Baxter International, Inc	6.250		12/01/37		18,392
	25,000	Becton Dickinson & Co	5.000		05/15/19		27,130
	25,000	Covidien International	5.450		10/15/12		26,947
	100,000	Covidien International Finance S.A.	6.550		10/15/37		118,716
	25,000	Express Scripts	6.250		06/15/14		27,949
	320,000	McKesson Corp	6.500		02/15/14		359,513
	25,000	McKesson Corp	5.700		03/01/17		27,767
	50,000	Medco Health Solutions, Inc	7.130		03/15/18		58,675
	205,000	Medtronic, Inc	4.750		09/15/15		226,921
	50,000	Medtronic, Inc	5.600		03/15/19		56,169
	355,000	Medtronic, Inc	4.450		03/15/20		368,553
	385,000	Quest Diagnostics, Inc	6.400		07/01/17		421,677
	20,000	St. Jude Medical, Inc	3.750		07/15/14		21,138
	150,000	St. Jude Medical, Inc	2.500		01/15/16		148,067
	250,000	Stryker Corp	3.000		01/15/15		255,432
	240,000	Stryker Corp	4.380		01/15/20		247,678
	190,000	Thermo Fisher Scientific, Inc	2.150		12/28/12		193,267
	185,000	Thermo Fisher Scientific, Inc	3.200		05/01/15		189,270
	165,000	Thermo Fisher Scientific, Inc	5.000		06/01/15		180,079
	155,000	Thermo Fisher Scientific, Inc	4.700		05/01/20		162,100
		TOTAL HEALTH CARE EQUIPMENT & SERVICES					3,475,379
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	110,000	Clorox Co	5.450		10/15/12		117,976
	60,000	Colgate-Palmolive Co	6.450		06/16/28		67,828

92

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$25,000	Procter & Gamble Co	3.500	%	02/15/15	$	26,248
	1,025,000	Procter & Gamble Co	4.700		02/15/19		1,109,545
	325,000	Procter & Gamble Co	5.550		03/05/37		353,913
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS					1,675,510
INSURANCE - 1.0%
	285,000	ACE INA Holdings, Inc	5.880		06/15/14		319,553
	100,000	ACE INA Holdings, Inc	2.600		11/23/15		98,446
	25,000	ACE INA Holdings, Inc	5.800		03/15/18		27,629
	200,000	Aetna, Inc	6.500		09/15/18		230,368
	140,000	Aetna, Inc	6.630		06/15/36		153,885
	30,000	Aflac, Inc	3.450		08/15/15		30,478
	300,000	Aflac, Inc	8.500		05/15/19		370,948
	125,000	Aflac, Inc	6.900		12/17/39		134,249
	400,000	Allstate Corp	7.450		05/16/19		485,460
	75,000	Allstate Corp	5.550		05/09/35		75,826
	200,000	Allstate Life Global Funding Trusts	5.380		04/30/13		217,792
	450,000	American Financial Group, Inc	9.880		06/15/19		538,758
	151,000	American International Group, Inc	4.250		05/15/13		156,262
	600,000	American International Group, Inc	3.650		01/15/14		610,246
	250,000	American International Group, Inc	8.250		08/15/18		288,017
	300,000	American International Group, Inc	6.400		12/15/20		314,763
	50,000	AON Corp	5.000		09/30/20		50,465
	100,000	AON Corp	8.210		01/01/27		107,502
	20,000	AXA S.A.	8.600		12/15/30		22,411
	50,000	Axis Specialty Finance	5.880		06/01/20		49,922
	333,000	Berkshire Hathaway Finance Corp	4.850		01/15/15		364,168
	300,000	Berkshire Hathaway Finance Corp	2.450		12/15/15		298,159
	40,000	Chubb Corp	5.750		05/15/18		44,443
	250,000	Chubb Corp	6.000		05/11/37		270,933
	140,000	CIGNA Corp	5.130		06/15/20		145,118
	40,000	CNA Financial Corp	6.500		08/15/16		42,836
	35,000	Genworth Financial, Inc	4.950		10/01/15		34,197
	260,000	Genworth Financial, Inc	7.200		02/15/21		266,141
	375,000	Hartford Financial Services Group, Inc	4.000		03/30/15		376,019
	130,000	Hartford Financial Services Group, Inc	6.630		03/30/40		132,098
	100,000	Humana, Inc	6.450		06/01/16		109,390
	30,000	Lincoln National Corp	6.150		04/07/36		29,618
	300,000	Lincoln National Corp	7.000		06/15/40		326,242
	100,000	Marsh & McLennan Cos, Inc	5.380		07/15/14		106,380
	25,000	Marsh & McLennan Cos, Inc	9.250		04/15/19		31,543
	32,000	Metlife, Inc	5.380		12/15/12		34,266
	80,000	Metlife, Inc	5.000		06/15/15		86,640
	575,000	Metlife, Inc	6.750		06/01/16		666,979
	50,000	Metlife, Inc	4.750		02/08/21		51,051
	50,000	Metlife, Inc	6.380		06/15/34		54,582
	205,000	Metlife, Inc	5.700		06/15/35		209,255
	130,000	Metlife, Inc	5.880		02/06/41		137,063
	20,000	Nationwide Financial Services	6.750		05/15/37		18,425
	100,000	PartnerRe Ltd	5.500		06/01/20		100,702
	30,000	Principal Financial Group, Inc	8.880		05/15/19		37,742
	120,000	Progressive Corp	6.250		12/01/32		129,976

93

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$295,000		Prudential Financial, Inc	5.100	%	09/20/14	$	316,879
	200,000		Prudential Financial, Inc	4.750		09/17/15		211,597
	60,000		Prudential Financial, Inc	6.100		06/15/17		66,294
	320,000		Prudential Financial, Inc	7.380		06/15/19		377,292
	250,000		Prudential Financial, Inc	6.200		11/15/40		264,463
	20,000		Transatlantic Holdings, Inc	8.000		11/30/39		20,475
	310,000		Travelers Cos, Inc	5.800		05/15/18		347,276
	130,000		Travelers Cos, Inc	5.900		06/02/19		146,449
	100,000		Travelers Cos, Inc	5.350		11/01/40		98,526
	100,000		UnitedHealth Group, Inc	5.380		03/15/16		110,123
	324,000		UnitedHealth Group, Inc	6.000		02/15/18		367,787
	65,000		UnitedHealth Group, Inc	6.630		11/15/37		72,920
	150,000		UnitedHealth Group, Inc	6.880		02/15/38		174,632
	100,000		Unitrin, Inc	6.000		11/30/15		101,135
	110,000		Unum Group	5.630		09/15/20		110,414
	400,000		WellPoint, Inc	5.880		06/15/17		447,120
	220,000		WellPoint, Inc	5.850		01/15/36		227,051
	312,000		Willis North America, Inc	6.200		03/28/17		320,597
	165,000		WR Berkley Corp	5.380		09/15/20		161,034
	154,000		XL Capital Finance Europe plc	6.500		01/15/12		159,069
	150,000		XL Capital Ltd	6.380		11/15/24		151,015
			TOTAL INSURANCE					12,639,094
MATERIALS - 0.8%
	40,000		3M Co	4.650		12/15/12		43,018
	100,000		3M Co	4.380		08/15/13		108,792
	90,000		3M Co	5.700		03/15/37		98,411
	100,000		Agrium, Inc	6.750		01/15/19		114,272
	340,000		Air Products & Chemicals, Inc	4.150		02/01/13		357,172
	80,000		Airgas, Inc	4.500		09/15/14		83,793
	200,000		Alcoa, Inc	5.550		02/01/17		207,719
	360,000		Alcoa, Inc	6.150		08/15/20		369,684
	50,000		Alcoa, Inc	5.870		02/23/22		49,674
	100,000		AngloGold Ashanti Holdings plc	5.380		04/15/20		104,000
	120,000		ArcelorMittal	3.750		08/05/15		120,999
	140,000		ArcelorMittal	9.850		06/01/19		176,935
	320,000		ArcelorMittal	7.000		10/15/39		332,091
	57,000		ArcelorMittal USA, Inc	6.500		04/15/14		62,113
	180,000		Barrick Australian Finance Pty Ltd	5.950		10/15/39		190,596
	50,000		Barrick Gold Corp	6.950		04/01/19		61,354
	10,000		Bemis Co, Inc	5.650		08/01/14		10,948
	20,000		Celulosa Arauco y Constitucion S.A.	5.630		04/20/15		21,244
	100,000	g	Celulosa Arauco y Constitucion S.A.	5.000		01/21/21		98,271
	50,000		Cliffs Natural Resources, Inc	4.800		10/01/20		48,855
	25,000		Clorox Co	5.000		01/15/15		27,099
	340,000		Clorox Co	3.550		11/01/15		349,864
	100,000		Commercial Metals Co	6.500		07/15/17		100,513
	25,000		Corning, Inc	4.250		08/15/20		24,688
	80,000		Dow Chemical Co	5.900		02/15/15		88,576
	591,000		Dow Chemical Co	8.550		05/15/19		740,670
	500,000		Dow Chemical Co	4.250		11/15/20		478,949
	165,000		Eastman Chemical Co	5.500		11/15/19		173,609

94

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$300,000		EI Du Pont de Nemours & Co	4.130	%	03/06/13	$	318,218
	90,000		EI Du Pont de Nemours & Co	5.250		12/15/16		100,666
	820,000		EI Du Pont de Nemours & Co	4.630		01/15/20		863,580
	50,000		Freeport-McMoRan Copper & Gold, Inc	8.250		04/01/15		52,688
	295,000		Freeport-McMoRan Copper & Gold, Inc	8.380		04/01/17		326,344
	100,000		Hubbell, Inc	3.630		11/15/22		92,808
	44,000		International Paper Co	9.380		05/15/19		56,597
	30,000		International Paper Co	7.500		08/15/21		35,435
	270,000		International Paper Co	7.300		11/15/39		307,649
	30,000		Kimberly-Clark Corp	6.250		07/15/18		35,436
	25,000		Kimberly-Clark Corp	3.630		08/01/20		24,553
	100,000		Lafarge S.A.	6.500		07/15/16		106,515
	92,000		Lubrizol Corp	8.880		02/01/19		115,778
	98,000		Newmont Mining Corp	5.880		04/01/35		102,475
	135,000		Newmont Mining Corp	6.250		10/01/39		146,786
	100,000		Nucor Corp	5.750		12/01/17		112,683
	30,000		Nucor Corp	5.850		06/01/18		33,845
	100,000		Nucor Corp	4.130		09/15/22		97,324
	50,000		Owens Corning	9.000		06/15/19		58,660
	50,000		Packaging Corp of America	5.750		08/01/13		53,620
	100,000		Plum Creek Timberlands LP	4.700		03/15/21		95,170
	350,000		Potash Corp of Saskatchewan, Inc	4.880		03/30/20		365,647
	50,000		PPG Industries, Inc	6.650		03/15/18		57,507
	150,000		PPG Industries, Inc	3.600		11/15/20		139,680
	405,000		Praxair, Inc	5.250		11/15/14		451,573
	40,000		Praxair, Inc	3.250		09/15/15		41,240
	400,000		Rio Tinto Finance USA Ltd	6.500		07/15/18		466,338
	570,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		541,083
	200,000		Rohm and Haas Co	6.000		09/15/17		218,888
	180,000		Southern Copper Corp	6.750		04/16/40		186,389
	50,000		Teck Resources Ltd	3.850		08/15/17		50,719
	250,000		Teck Resources Ltd	4.500		01/15/21		254,178
	10,000		Vulcan Materials Co	7.000		06/15/18		10,481
	140,000	g	Xstrata Finance Canada Ltd	5.800		11/15/16		153,571
			TOTAL MATERIALS					10,718,033
MEDIA - 0.7%
	50,000		CBS Corp	5.750		04/15/20		53,133
	295,000		CBS Corp	4.300		02/15/21		280,111
	20,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		22,758
	150,000		Comcast Cable Communications LLC	8.880		05/01/17		187,405
	125,000		Comcast Corp	5.300		01/15/14		136,171
	495,000		Comcast Corp	5.150		03/01/20		519,920
	129,000		Comcast Corp	7.050		03/15/33		147,368
	345,000		Comcast Corp	5.650		06/15/35		335,156
	100,000		Comcast Corp	6.950		08/15/37		113,107
	280,000		Comcast Corp	6.400		03/01/40		300,122
	35,000		COX Communications, Inc	5.450		12/15/14		38,531
	50,000		DIRECTV Holdings LLC	4.750		10/01/14		53,288
	185,000		DIRECTV Holdings LLC	5.200		03/15/20		191,786
	645,000		DIRECTV Holdings LLC	6.000		08/15/40		647,534
	200,000		Grupo Televisa S.A.	6.630		03/18/25		224,041

95

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$348,000		Historic TW, Inc	6.630	%	05/15/29	$	384,277
	35,000	g	NBC Universal, Inc	3.650		04/30/15		35,899
	435,000	g	NBC Universal, Inc	5.150		04/30/20		450,931
	220,000	g	NBC Universal, Inc	4.380		04/01/21		213,534
	95,000	g	NBC Universal, Inc	6.400		04/30/40		100,887
	100,000		Omnicom Group, Inc	5.900		04/15/16		111,448
	100,000		Omnicom Group, Inc	4.450		08/15/20		97,853
	410,000		Time Warner Cable, Inc	6.200		07/01/13		455,359
	250,000		Time Warner Cable, Inc	7.500		04/01/14		286,702
	70,000		Time Warner Cable, Inc	6.750		07/01/18		81,598
	510,000		Time Warner Cable, Inc	8.750		02/14/19		648,958
	1,000,000		Time Warner Cable, Inc	8.250		04/01/19		1,242,172
	75,000		Time Warner Cable, Inc	6.750		06/15/39		82,836
	140,000		Time Warner Cable, Inc	5.880		11/15/40		138,510
	490,000		Time Warner, Inc	3.150		07/15/15		497,849
	128,000		Time Warner, Inc	5.880		11/15/16		144,476
	285,000		Time Warner, Inc	6.500		11/15/36		311,489
	200,000		Time Warner, Inc	6.100		07/15/40		209,857
	406,000		Viacom, Inc	4.380		09/15/14		432,236
	200,000		Viacom, Inc	6.880		04/30/36		229,470
	100,000		WPP Finance UK	5.880		06/15/14		108,043
			TOTAL MEDIA					9,514,815
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
	30,000		Abbott Laboratories	5.600		05/15/11		30,591
	50,000		Abbott Laboratories	2.700		05/27/15		50,977
	730,000		Abbott Laboratories	4.130		05/27/20		742,213
	39,000		Abbott Laboratories	6.000		04/01/39		44,028
	345,000		Abbott Laboratories	5.300		05/27/40		354,365
	300,000		Amgen, Inc	5.850		06/01/17		342,450
	75,000		Amgen, Inc	4.500		03/15/20		77,857
	150,000		Amgen, Inc	3.450		10/01/20		142,926
	100,000		Amgen, Inc	6.400		02/01/39		115,162
	150,000		Amgen, Inc	4.950		10/01/41		141,197
	350,000		AstraZeneca plc	5.900		09/15/17		405,311
	300,000		AstraZeneca plc	6.450		09/15/37		356,162
	100,000		Biogen Idec, Inc	6.880		03/01/18		112,736
	300,000		Bristol-Myers Squibb Co	5.450		05/01/18		340,040
	3,000		Bristol-Myers Squibb Co	6.130		05/01/38		3,465
	445,000		Eli Lilly & Co	3.550		03/06/12		459,126
	75,000		Eli Lilly & Co	5.200		03/15/17		83,133
	25,000		Genentech, Inc	4.750		07/15/15		27,527
	25,000		Genzyme Corp	3.630		06/15/15		25,666
	100,000		GlaxoSmithKline Capital, Inc	4.380		04/15/14		107,821
	595,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		680,340
	100,000		GlaxoSmithKline Capital, Inc	5.380		04/15/34		103,575
	43,000		GlaxoSmithKline Capital, Inc	6.380		05/15/38		50,822
	370,000		Johnson & Johnson	3.800		05/15/13		393,089
	75,000		Johnson & Johnson	5.850		07/15/38		86,328
	180,000		Johnson & Johnson	4.500		09/01/40		170,405
	185,000		Life Technologies Corp	3.380		03/01/13		189,190
	115,000		Life Technologies Corp	3.500		01/15/16		114,649

96

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$575,000		Merck & Co, Inc	6.000	%	09/15/17	$	671,938
	50,000		Merck & Co, Inc	6.500		12/01/33		59,765
	300,000		Novartis Capital Corp	4.130		02/10/14		320,158
	445,000		Novartis Capital Corp	2.900		04/24/15		457,141
	190,000		Novartis Capital Corp	4.400		04/24/20		199,264
	230,000		Pfizer, Inc	5.350		03/15/15		258,557
	610,000		Pfizer, Inc	6.200		03/15/19		714,529
	240,000		Schering-Plough Corp	6.550		09/15/37		292,395
	450,000		Teva Pharmaceutical Finance LLC	3.000		06/15/15		457,865
	25,000		Watson Pharmaceuticals, Inc	5.000		08/15/14		26,867
	500,000		Wyeth	5.500		02/15/16		565,636
	400,000		Wyeth	6.450		02/01/24		471,203
	170,000		Wyeth	5.950		04/01/37		188,127
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					10,434,596
REAL ESTATE - 0.3%
	165,000		AMB Property LP	4.500		08/15/17		164,992
	115,000	g	BioMed Realty LP	6.130		04/15/20		121,425
	25,000		Boston Properties LP	5.000		06/01/15		26,810
	80,000		Boston Properties LP	5.880		10/15/19		86,756
	25,000		Boston Properties LP	4.130		05/15/21		23,701
	165,000		Boston Properties LP	2.880		02/15/37		167,475
	115,000		Brandywine Operating Partnership LP	7.500		05/15/15		125,703
	115,000		Brandywine Operating Partnership LP	5.700		05/01/17		114,710
	40,000		Developers Diversified Realty Corp	7.500		04/01/17		44,684
	155,000	g	Digital Realty Trust LP	4.500		07/15/15		155,955
	75,000		Duke Realty LP	5.950		02/15/17		78,111
	15,000		EOP Operating LP	7.000		07/15/11		15,450
	35,000		ERP Operating LP	5.250		09/15/14		38,170
	10,000		Federal Realty Investment Trust	5.650		06/01/16		10,754
	5,000		Federal Realty Investment Trust	5.900		04/01/20		5,303
	130,000		HCP, Inc	6.000		01/30/17		135,964
	200,000		Health Care REIT, Inc	4.700		09/15/17		199,260
	40,000		Health Care REIT, Inc	6.130		04/15/20		42,107
	125,000		Highwoods Properties, Inc	5.850		03/15/17		128,688
	50,000		Hospitality Properties Trust	5.130		02/15/15		50,713
	50,000		HRPT Properties Trust	5.880		09/15/20		48,121
	35,000		Kilroy Realty Corp	5.000		11/03/15		34,746
	45,000		Kimco Realty Corp	5.700		05/01/17		48,332
	220,000		Liberty Property LP	4.750		10/01/20		217,700
	125,000		Mack-Cali Realty Corp	7.750		08/15/19		145,469
	75,000		National Retail Properties, Inc	6.880		10/15/17		80,802
	20,000		Nationwide Health Properties, Inc	6.250		02/01/13		21,452
	105,000		ProLogis	7.630		08/15/14		118,400
	34,000		ProLogis	6.630		05/15/18		36,101
	40,000		Realty Income Corp	5.950		09/15/16		43,896
	75,000		Realty Income Corp	5.750		01/15/21		77,545
	175,000		Regency Centers LP	5.250		08/01/15		182,606
	10,000		Regency Centers LP	5.880		06/15/17		10,663
	88,000		Simon Property Group LP	5.100		06/15/15		95,515
	45,000		Simon Property Group LP	5.250		12/01/16		48,547
	240,000		Simon Property Group LP	10.350		04/01/19		328,127

97

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$290,000		Simon Property Group LP	4.380	%	03/01/21	$	286,587
	100,000	g,i	USB Realty Corp	6.090		12/30/49		75,375
	55,000		Ventas Realty LP	3.130		11/30/15		52,992
	195,000		Washington Real Estate Investment Trust	4.950		10/01/20		185,323
			TOTAL REAL ESTATE					3,875,030
RETAILING - 0.5%
	120,000		Advance Auto Parts, Inc	5.750		05/01/20		125,357
	50,000		AutoZone, Inc	6.500		01/15/14		55,527
	100,000		AutoZone, Inc	4.000		11/15/20		94,447
	100,000		Costco Wholesale Corp	5.300		03/15/12		105,204
	120,000		Costco Wholesale Corp	5.500		03/15/17		136,720
	155,000		Home Depot, Inc	5.250		12/16/13		170,120
	100,000		Home Depot, Inc	5.400		03/01/16		112,061
	100,000		Home Depot, Inc	3.950		09/15/20		97,477
	360,000		Home Depot, Inc	5.880		12/16/36		374,453
	25,000		Kohl’s	6.250		12/15/17		28,844
	200,000		Lowe’s Cos, Inc	2.130		04/15/16		195,591
	200,000		Lowe’s Cos, Inc	3.750		04/15/21		193,362
	175,000		Lowe’s Cos, Inc	5.500		10/15/35		176,404
	250,000		Martin Marietta Materials, Inc	6.600		04/15/18		268,785
	30,000		Nordstrom, Inc	4.750		05/01/20		30,450
	100,000		Nordstrom, Inc	7.000		01/15/38		113,291
	338,000		Staples, Inc	9.750		01/15/14		409,605
	950,000		Target Corp	3.880		07/15/20		945,873
	60,000		Target Corp	7.000		07/15/31		71,731
	105,000		TJX Cos, Inc	6.950		04/15/19		127,539
	100,000		Wal-Mart Stores, Inc	4.500		07/01/15		108,990
	200,000		Wal-Mart Stores, Inc	1.500		10/25/15		191,570
	300,000		Wal-Mart Stores, Inc	3.630		07/08/20		291,955
	1,300,000		Wal-Mart Stores, Inc	3.250		10/25/20		1,221,800
	69,000		Wal-Mart Stores, Inc	7.550		02/15/30		88,980
	295,000		Wal-Mart Stores, Inc	5.250		09/01/35		296,873
	60,000		Wal-Mart Stores, Inc	6.500		08/15/37		70,491
	65,000		Wal-Mart Stores, Inc	5.630		04/01/40		69,224
	195,000		Wal-Mart Stores, Inc	5.000		10/25/40		189,397
			TOTAL RETAILING					6,362,121
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	285,000		Analog Devices, Inc	5.000		07/01/14		307,166
	55,000	g	Broadcom Corp	1.500		11/01/13		54,625
	140,000	g	Broadcom Corp	2.380		11/01/15		136,282
	110,000		National Semiconductor Corp	3.950		04/15/15		112,033
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					610,106
SOFTWARE & SERVICES - 0.3%
	285,000		Adobe Systems, Inc	3.250		02/01/15		290,337
	20,000		Adobe Systems, Inc	4.750		02/01/20		20,458
	20,000		CA, Inc	6.130		12/01/14		21,927
	20,000		Computer Sciences Corp	6.500		03/15/18		21,774
	100,000		Expedia, Inc	7.460		08/15/18		114,000
	14,000		Fiserv, Inc	6.130		11/20/12		15,141

98

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$50,000		Fiserv, Inc	3.130	%	10/01/15	$	49,509
	100,000		Fiserv, Inc	6.800		11/20/17		110,387
	765,000		International Business Machines Corp	1.000		08/05/13		762,207
	15,000		Intuit, Inc	5.400		03/15/12		15,708
	240,000		Microsoft Corp	0.880		09/27/13		238,651
	265,000		Microsoft Corp	1.630		09/25/15		258,435
	25,000		Microsoft Corp	4.200		06/01/19		26,245
	540,000		Microsoft Corp	3.000		10/01/20		506,357
	320,000		Oracle Corp	3.750		07/08/14		340,120
	320,000		Oracle Corp	5.750		04/15/18		366,063
	365,000	g	Oracle Corp	3.880		07/15/20		362,841
	220,000		Oracle Corp	6.130		07/08/39		246,886
	290,000		Symantec Corp	2.750		09/15/15		282,989
			TOTAL SOFTWARE & SERVICES					4,050,035
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	75,000		Amphenol Corp	4.750		11/15/14		80,124
	93,000		Cisco Systems, Inc	4.950		02/15/19		101,348
	850,000		Cisco Systems, Inc	4.450		01/15/20		890,546
	100,000		Cisco Systems, Inc	5.900		02/15/39		110,751
	350,000		Dell, Inc	5.880		06/15/19		382,965
	410,000		Discovery Communications LLC	5.050		06/01/20		433,560
	100,000		Discovery Communications LLC	6.350		06/01/40		108,008
	350,000		General Electric Co	5.000		02/01/13		374,141
	400,000		General Electric Co	5.250		12/06/17		432,037
	135,000		Hewlett-Packard Co	4.250		02/24/12		140,291
	405,000		Hewlett-Packard Co	2.950		08/15/12		417,570
	325,000		Hewlett-Packard Co	4.750		06/02/14		356,096
	400,000		Hewlett-Packard Co	2.130		09/13/15		394,971
	100,000		International Business Machines Corp	4.750		11/29/12		107,358
	200,000		International Business Machines Corp	2.000		01/05/16		195,556
	400,000		International Business Machines Corp	7.000		10/30/25		490,107
	103,000		International Business Machines Corp	5.600		11/30/39		112,221
	285,000		International Game Technology	7.500		06/15/19		320,814
	247,000		Koninklijke Philips Electronics NV	5.750		03/11/18		276,966
	220,000		L-3 Communications Corp	5.200		10/15/19		223,657
	200,000		Motorola, Inc	6.000		11/15/17		212,041
	3,000		Motorola, Inc	6.500		09/01/25		3,085
	20,000		Nokia Oyj	6.630		05/15/39		21,126
	40,000		Pitney Bowes, Inc	4.750		01/15/16		41,214
	125,000		Tyco Electronics Group S.A.	6.550		10/01/17		142,052
	225,000		Xerox Corp	8.250		05/15/14		262,636
	330,000		Xerox Corp	4.250		02/15/15		345,300
	150,000		Xerox Corp	5.630		12/15/19		160,791
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					7,137,332
TELECOMMUNICATION SERVICES - 1.2%
	100,000		America Movil SAB de C.V.	3.630		03/30/15		102,823
	430,000		America Movil SAB de C.V.	5.000		03/30/20		446,963
	190,000		America Movil SAB de C.V.	6.130		03/30/40		201,491
	7,000		AT&T Corp	8.000		11/15/31		8,798
	46,000		AT&T Mobility LLC	7.130		12/15/31		53,948

99

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$19,000		AT&T, Inc	5.880	%	08/15/12	$	20,471
	1,265,000		AT&T, Inc	2.500		08/15/15		1,260,554
	150,000		AT&T, Inc	5.800		02/15/19		168,837
	470,000		AT&T, Inc	6.150		09/15/34		485,393
	220,000		AT&T, Inc	6.500		09/01/37		237,259
	875,000		AT&T, Inc	6.300		01/15/38		923,079
	222,000	g	AT&T, Inc	5.350		09/01/40		208,783
	125,000		BellSouth Capital Funding Corp	7.880		02/15/30		150,608
	690,000		BellSouth Corp	5.200		09/15/14		753,263
	60,000		BellSouth Corp	6.880		10/15/31		65,049
	400,000		British Telecommunications plc	5.950		01/15/18		437,808
	50,000		British Telecommunications plc	9.880		12/15/30		66,642
	190,000		Cellco Partnership	5.550		02/01/14		209,514
	565,000		Cellco Partnership	8.500		11/15/18		739,331
	234,000		CenturyTel, Inc	7.600		09/15/39		235,848
	350,000		Deutsche Telekom International Finance BV	5.750		03/23/16		391,995
	50,000		Deutsche Telekom International Finance BV	6.000		07/08/19		56,562
	340,000		Deutsche Telekom International Finance BV	8.750		06/15/30		456,943
	150,000		Embarq Corp	7.080		06/01/16		165,886
	645,000		France Telecom S.A.	2.130		09/16/15		627,867
	45,000		France Telecom S.A.	8.500		03/01/31		61,174
	50,000		Koninklijke KPN NV	8.380		10/01/30		65,003
	63,000		Qwest Corp	8.880		03/15/12		68,119
	150,000		Qwest Corp	6.500		06/01/17		162,750
	300,000		Rogers Communications, Inc	6.800		08/15/18		360,678
	50,000		Rogers Wireless, Inc	7.500		03/15/15		59,321
	85,000		Telecom Italia Capital S.A.	6.180		06/18/14		90,395
	150,000		Telecom Italia Capital S.A.	4.950		09/30/14		153,681
	755,000		Telecom Italia Capital S.A.	7.180		06/18/19		807,799
	1,270,000		Telefonica Emisiones SAU	5.130		04/27/20		1,222,680
	475,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		501,442
	715,000		Verizon Communications, Inc	4.350		02/15/13		760,335
	140,000		Verizon Communications, Inc	5.500		02/15/18		153,852
	220,000		Verizon Communications, Inc	8.750		11/01/18		287,280
	100,000		Verizon Communications, Inc	5.850		09/15/35		103,436
	280,000		Verizon Communications, Inc	6.250		04/01/37		298,776
	220,000		Verizon Communications, Inc	6.400		02/15/38		243,361
	220,000		Verizon Communications, Inc	8.950		03/01/39		313,520
	225,000		Verizon New England, Inc	4.750		10/01/13		240,193
	380,000		Verizon New Jersey, Inc	5.880		01/17/12		397,914
	55,000		Verizon New York, Inc	6.880		04/01/12		58,671
	165,000		Verizon Virginia, Inc	4.630		03/15/13		174,268
	303,000		Vodafone Group plc	5.630		02/27/17		338,253
	500,000		Vodafone Group plc	4.630		07/15/18		525,010
			TOTAL TELECOMMUNICATION SERVICES					15,923,626
TELECOMMUNICATIONS SERVICES - 0.0%
	200,000		American Tower Corp	4.500		01/15/18		198,253
	150,000		New Cingular Wireless Services, Inc	8.130		05/01/12		163,858
	150,000		Vodafone Group PLC	6.150		02/27/37		160,575
			TOTAL TELECOMMUNICATIONS SERVICES					522,686

100

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
TRANSPORTATION - 0.5%
	$136,000		Boeing Co	5.130	%	02/15/13	$	147,203
	500,000		Boeing Co	3.750		11/20/16		523,148
	100,000		Boeing Co	5.880		02/15/40		108,790
	60,000		Burlington Northern Santa Fe Corp	5.750		03/15/18		67,605
	555,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		580,043
	150,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		161,274
	160,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		165,539
	150,000		Canadian National Railway Co	4.400		03/15/13		159,874
	50,000		Canadian National Railway Co	6.900		07/15/28		59,691
	100,000		Canadian National Railway Co	6.250		08/01/34		114,897
	180,000		Continental Airlines, Inc	4.750		01/12/21		180,000
	32,797		Continental Airlines, Inc	5.980		04/19/22		34,601
	300,000		CSX Corp	7.380		02/01/19		361,872
	100,000		CSX Corp	6.000		10/01/36		104,152
	165,000		Embraer Overseas Ltd	6.380		01/15/20		174,075
	34,000		FedEx Corp	8.000		01/15/19		41,941
	100,000		GATX Corp	3.500		07/15/16		99,048
	245,000	g	Meccanica Holdings USA	6.250		01/15/40		225,106
	210,000		Norfolk Southern Corp	5.750		04/01/18		237,136
	425,000		Norfolk Southern Corp	5.590		05/17/25		439,093
	94,000		Norfolk Southern Corp	7.250		02/15/31		112,550
	150,000		Northrop Grumman Corp	3.500		03/15/21		139,634
	285,000		Northrop Grumman Corp	5.050		11/15/40		266,271
	7,000		Ryder System, Inc	5.950		05/02/11		7,110
	50,000		Ryder System, Inc	3.600		03/01/16		49,847
	525,000		Southwest Airlines Co	5.250		10/01/14		552,162
	50,000		Union Pacific Corp	6.500		04/15/12		53,391
	80,000		Union Pacific Corp	5.130		02/15/14		86,335
	149,000		Union Pacific Corp	5.750		11/15/17		167,298
	200,000		Union Pacific Corp	6.630		02/01/29		226,855
	42,000		United Parcel Service, Inc	3.880		04/01/14		44,747
	100,000		United Parcel Service, Inc	5.500		01/15/18		113,603
	300,000		United Parcel Service, Inc	5.130		04/01/19		334,832
	305,000		United Parcel Service, Inc	3.130		01/15/21		283,344
	35,000		United Parcel Service, Inc	6.200		01/15/38		41,072
			TOTAL TRANSPORTATION					6,464,139
UTILITIES - 1.8%
	370,000		AGL Capital Corp	5.250		08/15/19		390,724
	360,000		Alliant Energy Corp	4.000		10/15/14		373,002
	100,000		Ameren Corp	8.880		05/15/14		112,517
	50,000		Appalachian Power Co	3.400		05/24/15		51,165
	40,000		Appalachian Power Co	7.000		04/01/38		46,217
	50,000		Arizona Public Service Co	6.500		03/01/12		52,841
	60,000		Atmos Energy Corp	4.950		10/15/14		64,300
	100,000		Atmos Energy Corp	8.500		03/15/19		125,176
	785,000		Carolina Power & Light Co	5.300		01/15/19		871,364
	105,000		Carolina Power & Light Co	5.700		04/01/35		108,484
	190,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		217,142
	85,000		CenterPoint Energy Resources Corp	7.880		04/01/13		96,087
	85,000		CenterPoint Energy Resources Corp	6.250		02/01/37		88,919

101

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$775,000		Commonwealth Edison Co	4.000	%	08/01/20	$	762,685
	87,000		Commonweatlh Edison Co	5.900		03/15/36		89,883
	210,000		Connecticut Light & Power Co	5.500		02/01/19		233,332
	60,000		Consolidated Edison Co of New York, Inc	6.650		04/01/19		71,513
	190,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		196,924
	325,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		345,723
	105,000		Consolidated Natural Gas Co	5.000		12/01/14		114,173
	30,000		Constellation Energy Group, Inc	4.550		06/15/15		31,122
	100,000		Constellation Energy Group, Inc	7.600		04/01/32		113,172
	230,000		Consumers Energy Co	6.130		03/15/19		263,795
	160,000		Dominion Resources, Inc	5.150		07/15/15		177,097
	50,000		Dominion Resources, Inc	5.950		06/15/35		53,136
	20,000		DTE Energy Co	7.050		06/01/11		20,503
	590,000		Duke Energy Carolinas LLC	5.750		11/15/13		660,925
	125,000		Duke Energy Carolinas LLC	4.300		06/15/20		128,886
	250,000		Duke Energy Carolinas LLC	6.050		04/15/38		279,548
	246,000		Duke Energy Corp	5.050		09/15/19		260,661
	50,000		El Paso Natural Gas Co	5.950		04/15/17		53,632
	100,000		Energy Transfer Partners LP	9.700		03/15/19		129,246
	40,000		Energy Transfer Partners LP	7.500		07/01/38		46,526
	100,000		Enersis S.A.	7.380		01/15/14		110,521
	125,000		Entergy Arkansas, Inc	3.750		02/15/21		120,370
	100,000		Entergy Gulf States Louisiana LLC	3.950		10/01/20		95,673
	25,000		Entergy Texas, Inc	7.130		02/01/19		29,118
	75,000		Exelon Corp	4.900		06/15/15		79,982
	100,000		Exelon Generation Co LLC	5.200		10/01/19		104,615
	50,000		FirstEnergy Corp	7.380		11/15/31		52,708
	280,000		FirstEnergy Solutions Corp	4.800		02/15/15		294,024
	320,000		FirstEnergy Solutions Corp	6.050		08/15/21		328,726
	47,000		Florida Power & Light Co	4.950		06/01/35		45,064
	200,000		Florida Power & Light Co	5.250		02/01/41		202,389
	29,000		Florida Power Corp	5.650		06/15/18		32,744
	165,000		Florida Power Corp	6.400		06/15/38		191,859
	790,000		FPL Group Capital, Inc	2.600		09/01/15		773,618
	177,000		Georgia Power Co	5.950		02/01/39		193,124
	50,000		Great Plains Energy, Inc	2.750		08/15/13		50,509
	80,000		Indiana Michigan Power Co	7.000		03/15/19		94,457
	70,000		Integrys Energy Group, Inc	4.170		11/01/20		66,823
	20,000	g	Kansas Gas & Electric	6.700		06/15/19		23,058
	520,000	g	Kentucky Utilities Co	3.750		11/15/20		495,056
	60,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		64,335
	400,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		503,721
	100,000		Kinder Morgan Energy Partners LP	5.800		03/01/21		107,124
	285,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		294,415
	229,000		Midamerican Energy Holdings Co	5.880		10/01/12		247,083
	590,000		Midamerican Energy Holdings Co	5.950		05/15/37		622,346
	100,000		Midamerican Energy Holdings Co	6.500		09/15/37		113,122
	85,000		National Fuel Gas Co	5.250		03/01/13		90,125
	320,000		Nevada Power Co	6.500		08/01/18		369,481
	45,000		Nevada Power Co	7.130		03/15/19		53,007
	130,000		Nevada Power Co	5.380		09/15/40		125,106
	685,000		NiSource Finance Corp	5.400		07/15/14		751,196

102

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$50,000		NiSource Finance Corp	6.400	%	03/15/18	$	55,428
	525,000		Northern States Power Co	5.350		11/01/39		540,559
	50,000		Oncor Electric Delivery Co LLC	6.800		09/01/18		58,529
	70,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		83,011
	100,000	g	Oncor Electric Delivery Co LLC	5.250		09/30/40		96,055
	225,000		ONEOK Partners LP	5.900		04/01/12		237,622
	30,000		ONEOK Partners LP	6.650		10/01/36		32,533
	355,000		Pacific Gas & Electric Co	8.250		10/15/18		461,235
	20,000		Pacific Gas & Electric Co	6.050		03/01/34		21,898
	75,000		Pacific Gas & Electric Co	5.800		03/01/37		79,487
	250,000		PacifiCorp	6.000		01/15/39		275,744
	465,000		Pepco Holdings, Inc	2.700		10/01/15		453,219
	750,000		PG&E Corp	5.750		04/01/14		820,917
	65,000		Potomac Electric Power Co	7.900		12/15/38		87,122
	200,000		PPL Energy Supply LLC	6.200		05/15/16		220,210
	285,000		Progress Energy, Inc	7.050		03/15/19		338,126
	225,000		Public Service Co of Colorado	4.880		03/01/13		241,815
	85,000		Public Service Co of Colorado	5.500		04/01/14		94,195
	520,000		Public Service Co of Oklahoma	5.150		12/01/19		544,436
	220,000		Public Service Electric & Gas Co	5.300		05/01/18		246,081
	610,000		Public Service Electric & Gas Co	5.380		11/01/39		621,122
	555,000		San Diego Gas & Electric Co	5.350		05/15/40		567,339
	360,000		Sempra Energy	6.000		10/15/39		380,377
	50,000		South Carolina Electric & Gas Co	5.300		05/15/33		48,712
	35,000		Southern California Edison Co	6.050		03/15/39		38,921
	100,000		Southern California Edison Co	4.500		09/01/40		90,153
	60,000		Spectra Energy Capital LLC	6.200		04/15/18		66,640
	50,000		Spectra Energy Capital LLC	8.000		10/01/19		60,913
	75,000		Toledo Edison Co	7.250		05/01/20		88,655
	270,000		Total Capital S.A.	3.130		10/02/15		276,631
	50,000		Union Electric Co	6.700		02/01/19		58,284
	263,000		Veolia Environnement	5.250		06/03/13		284,113
	430,000		Virginia Electric and Power Co	4.750		03/01/13		458,626
	350,000		Virginia Electric and Power Co	6.000		05/15/37		381,871
	56,000		Williams Cos, Inc	7.880		09/01/21		66,099
	245,000		Williams Partners LP	3.800		02/15/15		253,184
	70,000		Williams Partners LP	7.250		02/01/17		81,376
	130,000		Williams Partners LP	5.250		03/15/20		134,758
	235,000		Williams Partners LP	6.300		04/15/40		244,608
	100,000		Xcel Energy, Inc	4.700		05/15/20		102,950
			TOTAL UTILITIES					22,649,473
			TOTAL CORPORATE BONDS					286,281,566
			(Cost $290,239,935)
GOVERNMENT BONDS - 74.4%
AGENCY SECURITIES - 5.7%
			Federal Farm Credit Bank (FFCB)
	850,000		FFCB	2.630		04/21/11		856,171
	500,000		FFCB	4.850		03/12/12		526,047
	1,945,000		FFCB	1.380		06/25/13		1,970,341

103

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$100,000	FFCB	3.000	%	09/22/14	$	105,386
		Federal Home Loan Bank (FHLB)
	500,000	FHLB	1.750		08/22/12		509,590
	3,870,000	FHLB	1.880		06/21/13		3,960,193
	240,000	FHLB	3.630		10/18/13		256,274
	125,000	FHLB	3.130		12/13/13		131,868
	110,000	FHLB	5.250		06/18/14		124,856
	95,000	FHLB	4.750		12/16/16		106,240
	500,000	FHLB	4.880		05/17/17		563,651
	1,045,000	FHLB	5.000		11/17/17		1,184,765
		Federal Home Loan Mortgage Corp (FHLMC)
	2,000,000	FHLMC	1.130		12/15/11		2,013,896
	6,995,000	FHLMC	2.130		03/23/12		7,134,423
	3,650,000	FHLMC	1.130		07/27/12		3,682,876
	2,560,000	FHLMC	5.500		08/20/12		2,763,333
	1,025,000	FHLMC	4.130		12/21/12		1,092,508
	500,000	FHLMC	1.630		04/15/13		508,765
	680,000	FHLMC	3.500		05/29/13		722,261
	211,000	FHLMC	4.130		09/27/13		228,647
	207,000	FHLMC	4.500		01/15/14		227,551
	1,740,000	FHLMC	2.500		04/23/14		1,802,779
	108,000	FHLMC	4.380		07/17/15		119,126
	125,000	FHLMC	4.750		11/17/15		140,028
	132,000	FHLMC	4.750		01/19/16		147,694
	213,000	FHLMC	5.250		04/18/16		243,647
	127,000	FHLMC	5.500		07/18/16		147,086
	2,736,000	FHLMC	5.130		10/18/16		3,103,147
	200,000	FHLMC	4.880		06/13/18		223,667
	2,120,000	FHLMC	6.250		07/15/32		2,589,675
		Federal National Mortgage Association (FNMA)
	425,000	FNMA	1.380		04/28/11		426,634
	340,000	FNMA	5.000		10/15/11		352,271
	2,500,000	FNMA	1.000		11/23/11		2,514,198
	2,400,000	FNMA	2.000		01/09/12		2,438,650
	740,000	FNMA	1.130		07/30/12		746,471
	96,000	FNMA	3.880		07/12/13		103,100
	2,185,000	FNMA	1.250		08/20/13		2,199,277
	176,000	FNMA	5.130		01/02/14		192,973
	214,000	FNMA	2.750		02/05/14		223,623
	3,646,000	FNMA	2.750		03/13/14		3,810,847
	4,071,000	FNMA	2.500		05/15/14		4,223,723
	5,415,000	FNMA	3.000		09/16/14		5,703,548
	9,145,000	FNMA	4.630		10/15/14		10,171,315
	215,000	FNMA	5.000		03/15/16		242,892
	150,000	FNMA	5.000		05/11/17		168,203
	340,000	FNMA	5.380		06/12/17		391,470
	155,000	FNMA	6.630		11/15/30		195,574
	500,000	FNMA	5.630		07/15/37		561,888
	205,000	European Investment Bank	4.880		02/15/36		209,605
	560,000	International Finance Corp	5.130		05/02/11		569,136
	590,000	Private Export Funding Corp	2.250		12/15/17		559,219
	640,000	Private Export Funding Corp	4.300		12/15/21		658,167
	1,000,000	Tennessee Valley Authority	4.630		09/15/60		935,353
		TOTAL AGENCY SECURITIES					74,784,628

104

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
FOREIGN GOVERNMENT BONDS - 2.1%
	$906,000		Brazilian Government International Bond	5.880	%	01/15/19	$	1,005,660
	640,000		Brazilian Government International Bond	4.880		01/22/21		652,800
	100,000		Brazilian Government International Bond	8.880		04/15/24		138,000
	80,000		Brazilian Government International Bond	7.130		01/20/37		95,400
	630,000		Brazilian Government International Bond	5.630		01/07/41		625,275
	975,000		Canada Government International Bond	2.380		09/10/14		1,005,250
	745,000		Chile Government International Bond	3.880		08/05/20		732,380
	100,000		China Development Bank	5.000		10/15/15		108,230
	95,000		Export Development Canada	3.500		05/16/13		100,454
	2,025,000		Export Development Canada	2.250		05/28/15		2,050,376
	180,000		Export-Import Bank of Korea	8.130		01/21/14		205,906
	250,000		Export-Import Bank of Korea	5.880		01/14/15		270,732
	190,000		Export-Import Bank of Korea	4.130		09/09/15		193,096
	475,000		Export-Import Bank of Korea	5.130		06/29/20		489,091
	690,000		Federative Republic of Brazil	6.000		01/17/17		780,735
	129,167		Federative Republic of Brazil	8.000		01/15/18		151,125
	70,000		Hydro Quebec	9.400		02/01/21		100,337
	100,000		Israel Government International Bond	5.130		03/26/19		107,356
	150,000		Italian Republic	2.130		10/05/12		149,837
	200,000		Italian Republic	2.130		09/16/13		196,845
	1,200,000		Italian Republic	5.250		09/20/16		1,238,623
	74,000		Italian Republic	5.380		06/15/33		69,627
	430,000		Italy Government International Bond	5.380		06/12/17		441,143
	200,000		Japan Bank for International Cooperation	2.130		11/05/12		203,699
	200,000		Korea Development Bank	8.000		01/23/14		228,300
	475,000		Korea Development Bank	4.380		08/10/15		488,811
	235,000		Korea Development Bank	3.250		03/09/16		228,526
	1,105,000		Kreditanstalt fuer Wiederaufbau	4.500		07/16/18		1,201,987
	1,175,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		1,218,133
	66,000		Mexico Government International Bond	7.500		04/08/33		81,015
	250,000		Mexico Government International Bond	6.750		09/27/34		281,250
	204,000		Mexico Government International Bond	6.050		01/11/40		208,590
	100,000		Panama Government International Bond	5.200		01/30/20		106,000
	500,000		Panama Government International Bond	6.700		01/26/36		557,500
	320,000		Peruvian Government International Bond	7.130		03/30/19		382,400
	125,000		Peruvian Government International Bond	7.350		07/21/25		152,063
	350,000		Peruvian Government International Bond	5.630		11/18/50		323,750
	380,000		Poland Government International Bond	3.880		07/16/15		386,222
	485,000		Poland Government International Bond	6.380		07/15/19		543,302
	125,000	g	Portugal Government International Bond	3.500		03/25/15		115,486
	1,055,000		Province of British Columbia Canada	2.850		06/15/15		1,086,091
	125,000		Province of Manitoba Canada	5.000		02/15/12		131,027
	730,000		Province of Manitoba Canada	2.130		04/22/13		746,364
	255,000		Province of Nova Scotia Canada	2.380		07/21/15		255,261
	50,000		Province of Nova Scotia Canada	5.130		01/26/17		55,669
	425,000		Province of Ontario Canada	2.630		01/20/12		433,726
	1,700,000		Province of Ontario Canada	2.950		02/05/15		1,754,827
	190,000		Province of Ontario Canada	2.700		06/16/15		193,428

105

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$530,000		Province of Ontario Canada	4.400	%	04/14/20	$	554,086
	40,000		Province of Quebec Canada	4.880		05/05/14		44,269
	385,000		Province of Quebec Canada	5.130		11/14/16		431,693
	485,000		Province of Quebec Canada	4.630		05/14/18		524,685
	120,000		Province of Quebec Canada	3.500		07/29/20		116,167
	351,000		Province of Quebec Canada	7.500		09/15/29		481,977
	285,000		Republic of Hungary	6.250		01/29/20		275,754
	475,000		Republic of Korea	5.750		04/16/14		518,903
	100,000		Republic of Korea	7.130		04/16/19		119,091
	289,000		South Africa Government International Bond	7.380		04/25/12		310,675
	110,000		South Africa Government International Bond	6.880		05/27/19		128,838
	225,000		South Africa Government International Bond	5.500		03/09/20		239,344
	196,000		United Mexican States	5.880		02/17/14		222,950
	280,000		United Mexican States	5.950		03/19/19		312,200
	468,000		United Mexican States	5.130		01/15/20		487,890
			TOTAL FOREIGN GOVERNMENT BONDS					27,040,227
MORTGAGE BACKED - 32.5%
			Federal Home Loan Mortgage Corp (FHLMC)
	1,228,108		FHLMC	4.500		12/01/19		1,296,421
	2,254,834		FHLMC	4.000		10/01/25		2,318,956
	372,932		FHLMC	5.500		07/01/26		401,310
	1,393,260		FHLMC	4.500		04/01/29		1,448,204
	35,590	i	FHLMC	4.990		10/01/35		37,565
	394,452	i	FHLMC	2.600		02/01/36		410,676
	110,372	i	FHLMC	5.810		07/01/36		115,284
	317,247	i	FHLMC	2.910		09/01/36		330,803
	410,861	i	FHLMC	5.630		09/01/36		431,751
	247,422	i	FHLMC	5.920		09/01/36		261,595
	46,159	i	FHLMC	5.670		02/01/37		49,342
	50,318	i	FHLMC	5.840		02/01/37		53,684
	84,024	i	FHLMC	5.390		03/01/37		90,104
	790,895	i	FHLMC	5.500		03/01/37		836,157
	902,417	i	FHLMC	5.880		04/01/37		967,102
	89,307	i	FHLMC	5.630		05/01/37		94,493
	488,147	i	FHLMC	5.720		05/01/37		522,403
	128,888	i	FHLMC	5.590		06/01/37		136,611
	442,886	i	FHLMC	5.640		08/01/37		470,778
	560,130	i	FHLMC	5.640		09/01/37		595,101
	250,700	i	FHLMC	5.860		09/01/37		265,784
	17,814	i	FHLMC	6.020		09/01/37		19,146
	83,791	i	FHLMC	5.410		02/01/38		89,744
	649,534	i	FHLMC	4.500		04/01/38		685,675
	674,293	i	FHLMC	4.880		04/01/38		716,734
	68,077	i	FHLMC	4.730		07/01/38		71,838
	1,156,177		FHLMC	4.500		10/01/39		1,185,874
	2,410,904		FHLMC	4.500		12/01/39		2,480,364
	1,934,182		FHLMC	4.500		01/01/40		1,983,862
	297,118	i	FHLMC	3.670		06/01/40		308,643
	231,072		FHLMC	5.000		03/01/24		244,914

106

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$145,502		FGLMC	5.000	%	10/01/39	$	152,692
	131,016		FGLMC	6.000		08/01/12		134,283
	250,507		FGLMC	4.500		05/01/13		257,455
	192,493		FGLMC	5.000		07/01/14		203,351
	10,060		FGLMC	7.500		01/01/16		10,977
	153		FGLMC	7.500		05/01/16		168
	214		FGLMC	7.500		06/01/16		234
	63,043		FGLMC	5.500		05/01/17		67,683
	110,647		FGLMC	5.500		06/01/17		119,040
	77,412		FGLMC	5.000		12/01/17		82,553
	59,751		FGLMC	5.500		12/01/17		64,074
	92,015		FGLMC	5.000		03/01/18		97,973
	285,620		FGLMC	5.000		04/01/18		304,154
	327,291		FGLMC	4.500		06/01/18		345,497
	495,086		FGLMC	4.500		09/01/18		522,625
	587,839		FGLMC	4.000		11/01/18		612,088
	516,816		FGLMC	4.500		01/01/19		546,533
	103,185		FGLMC	4.000		05/01/19		107,022
	804,016		FGLMC	4.500		05/01/19		848,740
	501,306		FGLMC	4.000		10/01/19		519,948
	157,220		FGLMC	5.500		11/01/19		169,576
	285,686		FGLMC	4.500		01/01/20		301,578
	106,039		FGLMC	4.500		02/01/20		111,927
	1,009,087		FGLMC	5.000		05/01/20		1,076,412
	95,052		FGLMC	4.500		07/01/20		100,290
	1,188,021		FGLMC	5.000		07/01/20		1,266,913
	11,305		FGLMC	7.000		10/01/20		12,856
	99,004		FGLMC	5.000		12/01/20		105,641
	1,329,012		FGLMC	4.500		06/01/21		1,401,277
	2,226,287		FGLMC	4.500		06/01/21		2,347,342
	148,229		FGLMC	5.500		07/01/21		159,046
	105,890		FGLMC	5.000		10/01/22		111,863
	70,930		FGLMC	6.000		11/01/22		77,458
	773,388		FGLMC	5.000		04/01/23		817,012
	73,597		FGLMC	4.500		05/01/23		77,001
	1,289,000	h	FGLMC	4.500		05/01/23		1,348,616
	185,608		FGLMC	5.000		10/01/23		196,077
	114,946		FGLMC	5.500		10/01/23		123,262
	104,367		FGLMC	5.000		11/01/23		110,932
	78,444		FGLMC	4.500		04/01/24		81,974
	35,240		FGLMC	4.500		05/01/24		36,826
	209,443		FGLMC	4.500		06/01/24		218,868
	946,147		FGLMC	4.000		07/01/24		973,053
	332,129		FGLMC	4.500		09/01/24		347,074
	129,462		FGLMC	4.500		09/01/24		135,287
	59,637		FGLMC	4.500		09/01/24		62,320
	51,946		FGLMC	5.500		09/01/24		56,016
	73,394		FGLMC	4.500		10/01/24		76,696
	147,875		FGLMC	4.500		10/01/24		155,675
	81,136		FGLMC	4.500		11/01/24		84,787
	131,715		FGLMC	4.500		12/01/24		137,642
	95,722		FGLMC	4.500		02/01/25		100,149

107

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$82,616		FGLMC	4.500	%	06/01/25	$	86,334
	130,817		FGLMC	4.500		07/01/25		136,868
	39,551		FGLMC	6.000		08/01/26		43,314
	193,104		FGLMC	5.000		10/01/26		204,479
	60,918		FGLMC	5.500		10/01/26		65,553
	101,986		FGLMC	5.500		05/01/28		108,937
	1,016		FGLMC	6.500		10/01/28		1,143
	883,088	h	FGLMC	5.500		01/01/29		943,284
	15,636		FGLMC	6.500		01/01/29		17,581
	257,419		FGLMC	4.000		02/01/29		260,641
	3,533		FGLMC	6.500		03/01/29		3,973
	98,611		FGLMC	6.500		05/01/29		110,879
	19,857		FGLMC	6.500		07/01/29		22,327
	157,132		FGLMC	5.000		12/01/29		164,897
	259,848		FGLMC	4.000		08/01/30		263,100
	2,465		FGLMC	8.000		01/01/31		2,883
	23,030		FGLMC	6.500		09/01/31		25,895
	30,321		FGLMC	8.000		09/01/31		35,459
	160,731		FGLMC	7.000		12/01/31		183,056
	109,132		FGLMC	6.500		01/01/32		122,710
	302,743		FGLMC	6.000		02/01/32		332,712
	85,682		FGLMC	7.000		04/01/32		97,583
	95,635		FGLMC	6.500		05/01/32		107,533
	120,038		FGLMC	5.500		11/01/32		128,895
	120,961		FGLMC	6.000		02/01/33		132,935
	496,986		FGLMC	5.000		03/01/33		524,651
	587,565		FGLMC	6.000		03/01/33		645,729
	212,375		FGLMC	6.000		03/01/33		233,399
	72,354		FGLMC	6.000		03/01/33		79,517
	230,488		FGLMC	5.000		04/01/33		243,318
	49,473		FGLMC	6.000		04/01/33		54,370
	149,522		FGLMC	5.500		06/01/33		160,649
	457,632		FGLMC	4.500		07/01/33		472,676
	84,897		FGLMC	5.000		08/01/33		89,623
	401,292		FGLMC	5.000		08/01/33		423,630
	95,528		FGLMC	6.500		08/01/33		107,413
	956,724		FGLMC	5.000		09/01/33		1,009,980
	389,866		FGLMC	5.500		09/01/33		418,878
	386,231		FGLMC	5.500		09/01/33		414,972
	271,897		FGLMC	5.500		09/01/33		292,131
	255,669		FGLMC	5.500		09/01/33		274,694
	202,325		FGLMC	4.000		10/01/33		203,340
	139,191		FGLMC	5.000		10/01/33		146,939
	467,245		FGLMC	5.500		10/01/33		502,015
	892,060		FGLMC	5.500		12/01/33		957,885
	237,036		FGLMC	5.500		12/01/33		254,675
	1,545,338		FGLMC	7.000		12/01/33		1,759,985
	2,241,645		FGLMC	5.000		01/01/34		2,366,427
	59,247		FGLMC	5.500		02/01/34		63,656
	342,391		FGLMC	5.000		03/01/34		361,023
	373,169		FGLMC	5.500		03/01/34		400,938
	652,186		FGLMC	5.000		05/01/34		687,674

108

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$351,647	FGLMC	4.500	%	06/01/34	$	362,768
	229,930	FGLMC	5.500		06/01/34		246,681
	160,697	FGLMC	6.000		06/01/34		176,605
	424,239	FGLMC	6.000		09/01/34		464,247
	78,384	FGLMC	5.000		11/01/34		82,606
	2,683,453	FGLMC	5.000		12/01/34		2,829,474
	169,058	FGLMC	5.500		12/01/34		181,484
	325,055	FGLMC	5.500		12/01/34		349,244
	25,360	FGLMC	5.500		01/01/35		27,208
	37,748	FGLMC	5.500		01/01/35		40,498
	150,870	FGLMC	5.500		01/01/35		161,720
	1,035,697	FGLMC	4.500		04/01/35		1,068,449
	549,178	FGLMC	6.000		05/01/35		599,939
	109,257	FGLMC	6.000		05/01/35		119,083
	626,757	FGLMC	7.000		05/01/35		713,814
	249,114	FGLMC	5.500		06/01/35		267,262
	144,128	FGLMC	5.500		06/01/35		154,628
	273,830	FGLMC	5.000		07/01/35		288,560
	235,614	FGLMC	6.000		07/01/35		256,802
	219,456	FGLMC	5.000		08/01/35		231,261
	74,541	FGLMC	5.500		08/01/35		79,913
	375,002	FGLMC	6.000		08/01/35		408,726
	114,946	FGLMC	4.500		09/01/35		118,509
	175,525	FGLMC	5.000		10/01/35		184,966
	866,365	FGLMC	5.000		10/01/35		914,050
	847,240	FGLMC	5.000		12/01/35		892,814
	133,459	FGLMC	5.000		12/01/35		140,638
	497,526	FGLMC	6.000		01/01/36		540,714
	252,046	FGLMC	5.000		02/01/36		265,604
	115,831	FGLMC	5.000		02/01/36		122,061
	154,930	FGLMC	6.000		02/01/36		168,863
	1,484,402	FGLMC	5.500		04/01/36		1,592,405
	125,279	FGLMC	5.500		05/01/36		134,406
	87,084	FGLMC	6.500		05/01/36		96,857
	429,370	FGLMC	6.000		07/01/36		469,861
	218,148	FGLMC	6.000		08/01/36		237,084
	128,522	FGLMC	6.000		09/01/36		140,924
	371,395	FGLMC	6.500		10/01/36		413,076
	240,456	FGLMC	5.500		11/01/36		256,997
	612,439	FGLMC	6.000		11/01/36		665,602
	326,654	FGLMC	6.500		03/01/37		364,742
	1,986,609	FGLMC	5.500		04/01/37		2,119,544
	235,317	FGLMC	5.000		05/01/37		247,019
	130,737	FGLMC	5.000		06/01/37		137,238
	1,079,500	FGLMC	5.500		06/01/37		1,151,735
	725,120	FGLMC	6.000		08/01/37		792,143
	298,094	FGLMC	6.000		09/01/37		325,646
	188,848	FGLMC	6.000		11/01/37		204,769
	1,207,045	FGLMC	6.500		11/01/37		1,339,492
	534,640	FGLMC	6.000		01/01/38		579,713
	206,620	FGLMC	6.000		02/01/38		224,039
	2,257,486	FGLMC	5.000		04/01/38		2,381,738

109

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$167,909	FGLMC	5.000	%	04/01/38	$	177,907
	976,836	FGLMC	5.500		05/01/38		1,041,896
	103,314	FGLMC	5.500		06/01/38		110,196
	389,555	FGLMC	6.000		07/01/38		422,396
	325,518	FGLMC	5.500		08/01/38		348,927
	462,876	FGLMC	5.000		09/01/38		485,795
	71,876	FGLMC	5.500		10/01/38		76,663
	2,567,532	FGLMC	6.000		11/01/38		2,783,986
	124,063	FGLMC	4.500		02/01/39		127,250
	440,862	FGLMC	5.500		02/01/39		470,225
	86,832	FGLMC	4.500		03/01/39		89,062
	1,364,082	FGLMC	5.000		03/01/39		1,439,161
	394,095	FGLMC	6.000		03/01/39		427,319
	260,991	FGLMC	4.500		04/01/39		269,624
	2,040,909	FGLMC	4.500		05/01/39		2,093,331
	82,548	FGLMC	4.500		05/01/39		84,669
	8,976,846	FGLMC	4.500		05/01/39		9,207,420
	3,022,558	FGLMC	4.000		06/01/39		3,003,712
	836,509	FGLMC	4.500		06/01/39		857,995
	326,222	FGLMC	5.000		06/01/39		344,381
	197,720	FGLMC	5.500		06/01/39		210,889
	123,314	FGLMC	4.500		07/01/39		126,481
	257,270	FGLMC	4.500		07/01/39		263,878
	969,870	FGLMC	5.000		07/01/39		1,017,797
	123,346	FGLMC	4.500		08/01/39		126,515
	372,962	FGLMC	5.000		08/01/39		391,392
	852,422	FGLMC	4.000		09/01/39		847,640
	56,427	FGLMC	5.500		09/01/39		60,168
	279,959	FGLMC	4.500		10/01/39		289,220
	234,614	FGLMC	4.500		10/01/39		242,375
	184,830	FGLMC	4.000		11/01/39		183,678
	935,304	FGLMC	4.500		11/01/39		959,328
	278,713	FGLMC	5.000		11/01/39		292,486
	136,528	FGLMC	5.000		11/01/39		143,275
	632,904	FGLMC	4.500		12/01/39		649,161
	692,850	FGLMC	4.500		12/01/39		712,811
	1,594,099	FGLMC	4.500		12/01/39		1,635,044
	91,876	FGLMC	5.000		01/01/40		96,990
	458,293	FGLMC	5.500		01/01/40		488,817
	168,291	FGLMC	4.500		04/01/40		173,140
	1,267,496	FGLMC	4.500		04/01/40		1,300,052
	653,123	FGLMC	5.000		04/01/40		685,398
	41,586	FGLMC	4.500		06/01/40		42,654
	189,550	FGLMC	4.500		08/01/40		194,419
	265,025	FGLMC	5.000		08/01/40		278,122
		Federal National Mortgage Association (FNMA)
	7,940	FNMA	5.000		06/01/13		8,512
	563,833	FNMA	4.440		07/01/13		594,475
	3,914	FNMA	6.000		09/01/13		4,120
	648,616	FNMA	4.760		10/01/13		676,041
	3,192	FNMA	6.500		12/01/13		3,479
	490,804	FNMA	4.780		02/01/14		526,225

110

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$1,942	FNMA	6.000	%	06/01/14	$	2,111
	708,482	FNMA	4.640		11/01/14		760,399
	1,066,456	FNMA	4.860		03/01/16		1,114,821
	182,594	FNMA	6.000		04/01/16		198,429
	147,290	FNMA	5.500		09/01/16		158,636
	11,352	FNMA	6.500		10/01/16		12,387
	69,874	FNMA	6.500		11/01/16		76,239
	49,866	FNMA	6.500		04/01/17		54,565
	42,267	FNMA	6.000		05/01/17		46,104
	306,074	FNMA	5.000		09/01/17		327,355
	45,644	FNMA	6.000		11/01/17		49,687
	512,776	FNMA	5.000		12/01/17		548,430
	37,685	FNMA	5.000		12/01/17		40,305
	514,059	FNMA	4.500		04/01/18		544,581
	109,479	FNMA	5.000		04/01/18		117,228
	754,162	FNMA	5.500		04/01/18		813,670
	63,368	FNMA	5.500		04/01/18		68,400
	31,642	FNMA	5.500		05/01/18		34,139
	1,238,733	FNMA	4.500		06/01/18		1,312,282
	175,078	FNMA	4.000		08/01/18		182,765
	151,012	FNMA	4.000		08/01/18		157,643
	450,748	FNMA	4.500		09/01/18		477,511
	287,150	FNMA	4.500		10/01/18		304,199
	734,291	FNMA	5.000		11/01/18		786,030
	17,549	FNMA	5.000		01/01/19		18,791
	35,689	FNMA	6.000		01/01/19		38,918
	79,968	FNMA	4.500		05/01/19		84,616
	248,446	FNMA	4.500		06/01/19		262,887
	38,148	FNMA	4.500		06/01/19		40,365
	281,499	FNMA	5.000		07/01/19		301,072
	169,679	FNMA	4.500		11/01/19		179,542
	142,953	FNMA	4.500		12/01/19		151,262
	169,998	FNMA	5.000		03/01/20		182,030
	49,745	FNMA	5.000		04/01/20		53,142
	116,886	FNMA	4.500		06/01/20		122,990
	79,063	FNMA	4.500		09/01/20		83,658
	84,716	FNMA	4.500		10/01/20		89,376
	117,001	FNMA	4.500		11/01/20		123,802
	330,240	FNMA	5.000		12/01/20		352,789
	258,321	FNMA	5.000		03/01/21		276,605
	209,645	FNMA	5.500		08/01/21		225,663
	58,942	FNMA	6.000		08/01/21		64,311
	38,451	FNMA	5.000		10/01/21		41,076
	91,612	FNMA	5.000		11/01/21		98,096
	45,208	FNMA	5.500		11/01/21		48,662
	118,512	FNMA	5.500		10/01/22		127,505
	37,897	FNMA	6.000		10/01/22		41,278
	40,195	FNMA	5.000		03/01/23		42,667
	152,141	FNMA	4.500		04/01/23		159,748
	2,002,068	FNMA	4.500		06/01/23		2,102,172
	111,093	FNMA	5.000		06/01/23		117,914
	79,523	FNMA	5.500		06/01/23		86,106

111

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,399,316		FNMA	5.000	%	07/01/23	$	1,485,243
	741,062		FNMA	5.000		07/01/23		786,568
	110,073		FNMA	5.500		08/01/23		118,425
	148,711		FNMA	5.000		11/01/23		158,363
	49,929		FNMA	5.500		11/01/23		53,837
	124,452		FNMA	5.500		02/01/24		134,630
	1,059,934		FNMA	4.000		03/01/24		1,093,223
	75,431		FNMA	4.500		04/01/24		79,109
	2,275,634		FNMA	4.000		05/01/24		2,347,103
	87,546		FNMA	4.000		06/01/24		90,296
	81,291		FNMA	4.500		07/01/24		86,067
	67,215		FNMA	5.500		07/01/24		72,645
	960		FNMA	8.000		07/01/24		1,107
	446,248		FNMA	4.500		08/01/24		468,002
	1,478,942		FNMA	4.000		09/01/24		1,525,391
	302,233		FNMA	4.000		09/01/24		311,725
	223,575		FNMA	4.500		09/01/24		234,474
	193,914		FNMA	5.000		01/01/25		206,306
	433,866		FNMA	4.500		02/01/25		455,831
	64,735		FNMA	4.500		03/01/25		68,013
	66,463		FNMA	4.500		03/01/25		69,828
	874,253		FNMA	5.000		03/01/25		930,123
	712,237		FNMA	4.500		04/01/25		748,294
	2,595,039		FNMA	4.500		04/01/25		2,726,413
	2,343,198		FNMA	4.500		06/01/25		2,461,822
	1,910,125		FNMA	5.000		10/01/25		2,031,238
	2,954,306	h	FNMA	4.000		11/01/25		3,054,014
	74,075		FNMA	6.000		10/01/26		80,560
	38,397		FNMA	5.500		01/01/28		41,172
	32,902		FNMA	5.000		02/01/28		34,624
	36,840		FNMA	5.500		11/01/28		39,503
	76		FNMA	7.500		01/01/29		86
	1,503		FNMA	6.500		04/01/29		1,690
	87,797		FNMA	4.000		07/01/29		88,964
	3,862		FNMA	7.500		07/01/29		4,429
	439		FNMA	7.500		07/01/29		441
	244,773		FNMA	4.500		09/01/29		253,929
	96,534		FNMA	4.500		11/01/29		100,145
	78,098		FNMA	4.500		01/01/30		81,019
	91,880		FNMA	4.500		05/01/30		95,316
	116,359		FNMA	4.500		06/01/30		120,711
	1,033,985		FNMA	4.500		08/01/30		1,072,660
	258,568		FNMA	4.000		09/01/30		262,006
	1,143,139	h	FNMA	4.000		10/01/30		1,158,338
	306		FNMA	7.500		02/01/31		351
	4,141		FNMA	7.500		03/01/31		4,752
	26,399		FNMA	6.000		05/01/31		29,082
	2,122		FNMA	7.500		05/01/31		2,435
	3,318		FNMA	6.500		09/01/31		3,730
	1,450		FNMA	6.500		10/01/31		1,630
	210,634		FNMA	6.000		11/01/31		232,035
	21,744		FNMA	6.500		11/01/31		24,449

112

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$43,708	FNMA	6.000	%	01/01/32	$	48,149
	80,470	FNMA	6.000		01/01/32		88,646
	54,636	FNMA	6.000		02/01/32		60,187
	131,796	FNMA	6.500		04/01/32		148,397
	386,937	FNMA	6.500		07/01/32		435,078
	35,989	FNMA	6.500		08/01/32		40,466
	529,881	FNMA	6.000		09/01/32		583,719
	51,177	FNMA	7.500		09/01/32		59,757
	602,813	FNMA	5.500		10/01/32		649,018
	129,980	FNMA	6.000		10/01/32		143,187
	135,177	FNMA	6.000		11/01/32		148,912
	41,192	FNMA	5.500		12/01/32		44,349
	323,968	FNMA	5.500		12/01/32		348,799
	212,946	FNMA	6.000		12/01/32		234,582
	1,182,922	FNMA	5.500		01/01/33		1,273,591
	4,709,118	FNMA	6.000		01/01/33		5,135,482
	1,356,764	FNMA	5.000		02/01/33		1,433,711
	70,954	FNMA	5.000		02/01/33		75,045
	52,643	FNMA	6.000		04/01/33		57,992
	514,893	FNMA	5.000		06/01/33		544,306
	1,107,548	FNMA	5.500		06/01/33		1,193,824
	144,999	FNMA	4.500		07/01/33		149,925
	686,073	FNMA	5.000		07/01/33		725,626
	858,652	FNMA	4.500		08/01/33		887,817
	606,345	FNMA	4.500		08/01/33		627,320
	241,446	FNMA	5.000		08/01/33		255,365
	295,547	FNMA	5.500		09/01/33		318,569
	643,176	FNMA	5.500		09/01/33		693,278
	117,514	FNMA	6.000		09/01/33		129,454
	1,552,036	FNMA	4.500		10/01/33		1,604,753
	264,224	FNMA	5.000		10/01/33		279,456
	224,688	FNMA	5.000		10/01/33		237,642
	1,549,724	FNMA	5.500		10/01/33		1,670,445
	3,097,760	FNMA	5.500		10/01/33		3,339,070
	129,165	FNMA	4.500		11/01/33		133,552
	6,537,266	FNMA	5.000		11/01/33		6,914,146
	221,136	FNMA	5.000		11/01/33		233,885
	2,607,170	FNMA	5.000		12/01/33		2,755,032
	2,171,013	FNMA	5.500		12/01/33		2,340,132
	804,307	FNMA	5.000		02/01/34		850,676
	2,609,479	FNMA	6.000		02/01/34		2,874,609
	200,409	FNMA	5.000		03/01/34		211,963
	119,309	FNMA	5.000		03/01/34		126,187
	245,251	FNMA	5.000		03/01/34		259,390
	87,425	FNMA	5.000		03/01/34		92,465
	4,963,383	FNMA	5.000		03/01/34		5,249,528
	76,875	FNMA	5.000		03/01/34		81,307
	679,241	FNMA	5.000		04/01/34		717,552
	774,917	FNMA	5.500		04/01/34		835,282
	70,341	FNMA	4.500		05/01/34		72,731
	307,001	FNMA	4.500		05/01/34		316,949
	226,923	FNMA	5.500		07/01/34		244,245

113

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$157,595		FNMA	5.500	%	07/01/34	$	169,626
	151,794		FNMA	7.000		07/01/34		172,930
	2,195,685		FNMA	5.000		08/01/34		2,320,646
	268,969		FNMA	5.000		08/01/34		284,278
	931,448		FNMA	6.000		08/01/34		1,026,086
	182,102		FNMA	6.000		08/01/34		200,604
	124,014		FNMA	4.500		09/01/34		128,032
	4,107,044		FNMA	5.500		09/01/34		4,420,559
	35,279		FNMA	5.500		11/01/34		37,972
	265,124		FNMA	6.000		11/01/34		290,818
	70,126		FNMA	5.000		12/01/34		74,169
	41,286		FNMA	5.500		12/01/34		44,438
	79,004		FNMA	6.000		12/01/34		86,748
	5,484,504		FNMA	4.500		01/01/35		5,674,222
	550,360		FNMA	5.500		01/01/35		592,665
	12,950,319		FNMA	5.500		02/01/35		13,959,125
	520,458		FNMA	5.500		02/01/35		560,188
	2,708,127		FNMA	5.500		04/01/35		2,936,011
	470,193		FNMA	6.000		04/01/35		515,762
	394,725		FNMA	6.000		04/01/35		434,831
	726,525		FNMA	5.500		05/01/35		787,661
	561,305		FNMA	6.000		05/01/35		615,353
	232,843		FNMA	5.000		06/01/35		245,976
	8,386		FNMA	7.500		06/01/35		9,619
	20,893	i	FNMA	4.540		07/01/35		22,041
	518,050		FNMA	5.000		07/01/35		548,240
	1,435,620		FNMA	4.500		08/01/35		1,481,691
	1,985,049		FNMA	5.000		08/01/35		2,095,767
	935,744		FNMA	5.000		08/01/35		987,936
	64,535		FNMA	4.500		09/01/35		66,727
	76,371		FNMA	4.500		09/01/35		78,822
	132,084		FNMA	5.500		09/01/35		142,373
	1,705,938		FNMA	5.000		10/01/35		1,801,089
	1,789,651		FNMA	5.500		10/01/35		1,940,247
	194,254		FNMA	5.000		11/01/35		203,450
	2,872,198		FNMA	5.500		11/01/35		3,088,756
	69,776		FNMA	4.500		12/01/35		72,015
	240,973		FNMA	5.500		12/01/35		258,916
	1,719,631		FNMA	6.000		12/01/35		1,876,616
	118,341		FNMA	5.000		02/01/36		123,315
	206,032		FNMA	5.000		02/01/36		214,691
	2,051,102		FNMA	5.000		02/01/36		2,165,505
	59,926	i	FNMA	5.530		02/01/36		64,078
	552,361	i	FNMA	5.630		02/01/36		577,954
	386,199		FNMA	6.500		02/01/36		430,869
	3,445,942		FNMA	6.000		03/01/36		3,756,216
	73,613		FNMA	5.000		05/01/36		77,489
	3,316,017		FNMA	6.000		06/01/36		3,635,318
	299,429	i	FNMA	5.880		07/01/36		315,700
	249,709		FNMA	6.000		07/01/36		273,129
	151,623		FNMA	5.500		09/01/36		163,197
	286,959		FNMA	6.500		09/01/36		321,585

114

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$164,794		FNMA	6.500	%	09/01/36	$	183,752
	492,176		FNMA	6.000		10/01/36		536,492
	183,393		FNMA	6.500		11/01/36		204,491
	76,698	i	FNMA	5.710		12/01/36		81,753
	1,500,547		FNMA	6.000		12/01/36		1,635,656
	128,982	i	FNMA	5.450		01/01/37		136,076
	645,666		FNMA	5.500		01/01/37		692,330
	21,869	i	FNMA	5.980		02/01/37		23,281
	127,698		FNMA	6.000		02/01/37		139,196
	90,724		FNMA	7.000		02/01/37		102,739
	36,243		FNMA	5.000		03/01/37		38,140
	24,374	i	FNMA	5.970		03/01/37		25,791
	999,655		FNMA	6.500		03/01/37		1,120,279
	363,893		FNMA	6.500		03/01/37		404,732
	25,600	i	FNMA	5.560		04/01/37		27,483
	513,174		FNMA	7.000		04/01/37		581,135
	76,626		FNMA	7.000		05/01/37		86,774
	194,227	i	FNMA	5.320		06/01/37		206,400
	444,066		FNMA	5.500		06/01/37		475,466
	254,111		FNMA	5.500		08/01/37		273,509
	178,547		FNMA	6.000		08/01/37		194,735
	802,317		FNMA	6.500		08/01/37		899,129
	189,552		FNMA	6.500		08/01/37		213,194
	270,481		FNMA	5.500		09/01/37		293,241
	388,718		FNMA	6.000		09/01/37		431,250
	418,589		FNMA	6.000		09/01/37		464,389
	714,598		FNMA	6.000		09/01/37		792,785
	957,647		FNMA	6.000		09/01/37		1,062,429
	566,559		FNMA	6.000		09/01/37		616,510
	668,450		FNMA	6.500		09/01/37		749,109
	168,538		FNMA	6.500		09/01/37		188,663
	1,135,616	i	FNMA	5.850		10/01/37		1,210,639
	265,397		FNMA	6.500		10/01/37		295,182
	192,548		FNMA	7.000		11/01/37		218,048
	126,685		FNMA	6.500		01/01/38		140,903
	30,716		FNMA	6.500		01/01/38		34,163
	93,519		FNMA	6.500		02/01/38		104,335
	204,547		FNMA	7.000		02/01/38		231,636
	229,977		FNMA	5.000		03/01/38		241,964
	203,480	i	FNMA	5.000		03/01/38		215,207
	140,368		FNMA	5.000		03/01/38		147,685
	288,399		FNMA	5.500		03/01/38		308,747
	53,675		FNMA	6.000		03/01/38		59,347
	1,992,852		FNMA	6.500		03/01/38		2,216,082
	161,552		FNMA	6.500		03/01/38		179,648
	458,658		FNMA	6.500		03/01/38		510,035
	120,177		FNMA	6.500		03/01/38		133,639
	126,088		FNMA	5.000		04/01/38		132,660
	168,649		FNMA	4.500		05/01/38		173,270
	3,419,347		FNMA	5.000		05/01/38		3,597,585
	4,068,157		FNMA	6.000		07/01/38		4,426,828
	62,255	i	FNMA	4.830		08/01/38		66,090

115

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$36,001	i	FNMA	5.290	%	08/01/38	$	38,198
	367,227	i	FNMA	4.950		10/01/38		388,252
	61,204		FNMA	6.000		10/01/38		66,580
	493,065		FNMA	5.500		11/01/38		527,853
	126,467		FNMA	5.000		12/01/38		133,059
	2,315,453		FNMA	4.500		01/01/39		2,378,906
	1,552,102		FNMA	5.500		01/01/39		1,661,610
	910,310		FNMA	6.000		01/01/39		990,283
	524,860		FNMA	6.000		01/01/39		570,970
	2,373,284		FNMA	4.500		02/01/39		2,438,322
	5,542,272		FNMA	4.500		02/01/39		5,694,154
	117,602		FNMA	5.500		02/01/39		125,900
	103,780		FNMA	5.500		04/01/39		111,436
	3,510,333		FNMA	4.500		05/01/39		3,607,080
	341,336		FNMA	4.500		06/01/39		350,743
	142,814	i	FNMA	3.960		07/01/39		149,687
	1,055,563		FNMA	4.500		07/01/39		1,084,655
	418,230		FNMA	4.500		07/01/39		429,756
	87,857		FNMA	5.000		07/01/39		92,655
	260,749	i	FNMA	3.630		08/01/39		270,967
	1,392,050		FNMA	4.000		08/01/39		1,386,199
	3,089,185		FNMA	4.500		08/01/39		3,174,324
	93,806		FNMA	4.500		08/01/39		96,875
	87,031		FNMA	5.000		08/01/39		91,559
	231,735		FNMA	5.000		09/01/39		243,791
	144,631		FNMA	5.000		11/01/39		153,060
	1,491,476		FNMA	4.500		12/01/39		1,532,582
	333,156		FNMA	4.500		12/01/39		343,847
	266,142	i	FNMA	3.720		01/01/40		276,757
	230,005		FNMA	4.500		01/01/40		236,344
	318,329		FNMA	5.000		01/01/40		335,688
	1,234,089		FNMA	4.500		03/01/40		1,267,908
	134,435		FNMA	5.000		03/01/40		141,429
	138,015		FNMA	4.500		04/01/40		141,798
	90,453		FNMA	4.500		05/01/40		93,214
	435,396		FNMA	4.500		07/01/40		447,328
	523,600		FNMA	4.500		07/01/40		537,949
	361,234		FNMA	5.000		07/01/40		380,027
	306,615	i	FNMA	3.530		08/01/40		316,577
	6,406,555		FNMA	4.500		09/01/40		6,582,121
	3,727,806		FNMA	4.500		09/01/40		3,829,964
	996,197		FNMA	3.500		10/01/40		952,362
	4,921,855		FNMA	4.000		11/01/40		4,901,166
	687,462		FNMA	4.500		11/01/40		706,302
			Government National Mortgage Association (GNMA)
	36,360		GNMA	5.000		02/15/18		38,863
	96,989		GNMA	4.500		02/15/19		103,157
	47,004		GNMA	4.500		01/20/24		49,587
	37,320		GNMA	4.500		07/15/24		39,501
	52,348		GNMA	4.000		08/15/24		54,418
	275,728		GNMA	4.500		08/15/24		291,841
	683,844		GNMA	4.000		09/15/24		710,878

116

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$91,185	GNMA	4.500	%	01/15/25	$	96,513
	13,260	GNMA	6.500		09/15/28		15,054
	2,186	GNMA	6.500		09/15/28		2,482
	8,862	GNMA	6.500		11/15/28		10,062
	2,680	GNMA	7.500		11/15/28		3,096
	9,994	GNMA	8.500		10/15/30		11,056
	8,858	GNMA	8.500		10/20/30		10,642
	1,335	GNMA	8.500		12/15/30		1,610
	1,634	GNMA	7.000		06/20/31		1,866
	1,126	GNMA	6.500		07/15/31		1,278
	9,718	GNMA	7.000		07/15/31		11,148
	4,947	GNMA	7.000		07/15/31		5,675
	5,361	GNMA	7.500		02/15/32		6,229
	135,900	GNMA	5.500		12/20/32		147,243
	286,933	GNMA	5.500		05/15/33		311,724
	49,977	GNMA	5.000		07/15/33		53,339
	221,597	GNMA	5.500		07/15/33		240,744
	44,502	GNMA	5.000		07/20/33		47,618
	82,404	GNMA	5.000		08/15/33		87,948
	302,069	GNMA	5.000		08/15/33		322,394
	510,304	GNMA	5.500		09/15/33		554,394
	239,223	GNMA	5.500		05/20/34		258,724
	38,620	GNMA	5.000		10/20/34		41,282
	288,518	GNMA	6.500		01/15/35		323,726
	192,521	GNMA	5.500		02/20/35		208,179
	4,203,488	GNMA	5.000		03/20/35		4,487,405
	1,409,674	GNMA	5.500		05/20/35		1,524,327
	60,632	GNMA	5.000		09/20/35		64,728
	59,542	GNMA	5.000		11/15/35		63,437
	49,681	GNMA	5.000		11/15/35		52,931
	486,125	GNMA	5.500		02/20/36		524,638
	49,653	GNMA	5.500		03/15/36		54,207
	184,997	GNMA	5.500		05/20/36		199,654
	40,309	GNMA	6.500		06/15/36		45,550
	73,514	GNMA	5.000		09/15/36		78,340
	98,108	GNMA	6.000		09/15/36		108,169
	163,227	GNMA	6.000		10/20/36		179,461
	76,127	GNMA	5.000		12/15/36		80,907
	74,512	GNMA	5.500		01/15/37		80,623
	91,086	GNMA	6.000		01/20/37		99,957
	3,209,674	GNMA	5.500		02/15/37		3,472,952
	295,262	GNMA	6.000		02/20/37		324,017
	2,034,245	GNMA	6.000		04/15/37		2,245,814
	45,991	GNMA	6.500		04/15/37		51,985
	160,989	GNMA	6.000		06/15/37		177,297
	185,370	GNMA	6.000		08/20/37		203,423
	129,986	GNMA	6.500		08/20/37		146,083
	736,861	GNMA	6.000		12/15/37		811,501
	56,168	GNMA	5.000		02/20/38		59,746
	1,968,778	GNMA	5.000		04/15/38		2,094,486
	61,272	GNMA	5.500		05/20/38		66,000
	166,714	GNMA	5.500		06/15/38		182,004

117

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$507,696		GNMA	6.000	%	06/20/38	$	556,971
	1,699,639		GNMA	5.500		07/15/38		1,838,522
	935,032		GNMA	5.500		07/20/38		1,007,179
	161,838		GNMA	5.500		08/15/38		175,062
	825,903		GNMA	6.000		08/15/38		909,305
	476,598		GNMA	6.000		08/20/38		522,855
	294,610		GNMA	5.000		10/15/38		313,421
	54,722		GNMA	5.500		10/15/38		60,288
	70,176		GNMA	6.500		10/20/38		78,842
	143,153		GNMA	6.500		10/20/38		160,832
	37,330		GNMA	5.500		11/15/38		40,383
	259,663		GNMA	6.500		11/20/38		291,730
	27,922		GNMA	6.500		12/15/38		31,491
	141,016		GNMA	5.000		01/15/39		150,020
	348,605		GNMA	5.000		02/15/39		370,864
	151,440		GNMA	6.000		02/15/39		166,733
	2,419,598		GNMA	4.500		03/15/39		2,515,357
	426,084		GNMA	4.500		03/15/39		442,947
	86,159		GNMA	4.500		03/20/39		89,586
	68,232	i	GNMA	5.000		03/20/39		72,520
	1,283,095		GNMA	5.500		03/20/39		1,381,989
	213,311		GNMA	4.500		04/15/39		221,753
	58,472		GNMA	5.000		04/20/39		62,199
	247,308		GNMA	4.000		05/15/39		249,553
	6,091,593		GNMA	4.500		05/15/39		6,332,677
	188,889		GNMA	4.000		05/20/39		190,465
	667,021		GNMA	4.500		05/20/39		693,548
	70,019		GNMA	4.500		06/15/39		72,790
	5,102,165		GNMA	5.000		06/15/39		5,482,153
	6,386,279		GNMA	5.000		06/15/39		6,861,901
	274,695		GNMA	5.000		06/15/39		292,235
	127,845		GNMA	5.000		06/15/39		136,008
	146,911		GNMA	5.000		06/15/39		156,292
	94,599		GNMA	4.000		06/20/39		95,388
	81,530		GNMA	5.000		06/20/39		86,736
	153,366		GNMA	4.500		07/15/39		159,436
	267,653		GNMA	4.500		07/15/39		278,246
	115,208		GNMA	5.000		07/15/39		122,564
	1,134,062		GNMA	4.500		07/20/39		1,179,163
	1,135,921		GNMA	5.000		07/20/39		1,208,326
	109,408		GNMA	5.500		07/20/39		117,841
	430,950		GNMA	4.000		08/15/39		434,862
	168,306		GNMA	5.500		08/15/39		182,059
	393,063		GNMA	6.000		08/15/39		432,756
	247,580		GNMA	4.000		08/20/39		249,646
	338,162		GNMA	5.000		08/20/39		359,716
	171,679		GNMA	5.000		09/15/39		182,641
	451,831		GNMA	5.000		09/20/39		480,632
	127,724		GNMA	4.500		10/15/39		132,778
	74,637		GNMA	5.000		10/15/39		79,402
	113,667		GNMA	4.500		10/20/39		118,188
	143,775		GNMA	4.500		11/15/39		150,274

118

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$162,923		GNMA	4.500	%	11/20/39	$	169,403
	215,760		GNMA	5.000		11/20/39		229,513
	295,562		GNMA	4.500		12/15/39		307,259
	6,710,066		GNMA	4.500		12/15/39		6,975,627
	155,124		GNMA	4.500		12/20/39		161,293
	5,189,417		GNMA	4.500		01/20/40		5,394,796
	85,841		GNMA	5.500		01/20/40		92,454
	125,526		GNMA	5.000		03/15/40		133,541
	97,568		GNMA	4.500		04/15/40		101,430
	1,946,927		GNMA	5.000		04/15/40		2,071,240
	230,000		GNMA	4.500		04/20/40		239,103
	48,073		GNMA	4.500		05/15/40		49,976
	1,285,352		GNMA	5.000		05/15/40		1,367,423
	2,020,080	i	GNMA	3.000		05/20/40		2,067,245
	48,511		GNMA	4.500		05/20/40		50,431
	141,454		GNMA	4.500		06/15/40		147,052
	140,878		GNMA	4.500		06/15/40		146,453
	1,203,220		GNMA	5.000		06/20/40		1,279,866
	667,441		GNMA	4.500		07/15/40		693,856
	267,124		GNMA	5.000		07/20/40		284,140
	394,549		GNMA	4.500		08/15/40		412,383
	612,932		GNMA	4.500		08/20/40		637,190
	471,470		GNMA	4.500		09/20/40		490,129
	194,535		GNMA	5.500		09/20/40		209,521
	114,510		GNMA	4.000		10/15/40		115,657
	833,758		GNMA	6.230		09/15/43		886,957
	1,346,998		GNMA	6.500		01/15/44		1,468,090
			TOTAL MORTGAGE BACKED					428,565,940
MUNICIPAL BONDS - 0.6%
	200,000		Commonwealth of Massachusetts	4.200		12/01/21		197,040
	30,000		Los Angeles Unified School District	5.750		07/01/34		28,021
	50,000		Municipal Electric Authority of Georgia	6.640		04/01/57		48,875
	100,000		New Jersey Economic Development Authority	7.430		02/15/29		106,819
	35,000		New Jersey State Turnpike Authority	7.410		01/01/40		38,416
	600,000		New Jersey Transportation Trust Fund Authority	5.750		12/15/28		578,418
	600,000		New York State Dormitory Authority	5.290		03/15/33		561,162
	130,000		New York State Dormitory Authority	5.630		03/15/39		125,901
	400,000		New York State Urban Development Corp	5.840		03/15/40		408,520
	100,000		Ohio State University	4.910		06/01/40		90,535
	100,000		Oregon State Department of Transportation	5.830		11/15/34		101,851
	100,000		Salt River Project Agricultural Improvement & Power District	4.840		01/01/41		91,101
	100,000		State of California	6.200		10/01/19		101,301
	100,000		State of California	5.700		11/01/21		96,448
	285,000		State of California	7.550		04/01/39		295,585
	900,000		State of California	7.300		10/01/39		906,390
	1,330,000		State of California	7.630		03/01/40		1,387,735
	300,000		State of Connecticut	5.090		10/01/30		283,437
	300,000		State of Illinois	5.100		06/01/33		224,451
	1,295,000		State of Illinois	6.730		04/01/35		1,188,629
	100,000		State of Texas	4.630		04/01/33		92,198

119

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$50,000	State of Texas	5.520	%	04/01/39	$	50,919
	100,000	State of Utah	3.540		07/01/25		90,577
	200,000	State Public School Building Authority	5.000		09/15/27		180,488
	700,000	University of Texas	4.790		08/15/46		632,618
		TOTAL MUNICIPAL BONDS					7,907,435
U.S. TREASURY SECURITIES - 33.5%
	178,400	United States Treasury Bond	7.500		11/15/16		229,286
	160,000	United States Treasury Bond	8.750		05/15/17		219,675
	139,200	United States Treasury Bond	8.880		08/15/17		193,357
	130,100	United States Treasury Bond	8.880		02/15/19		187,141
	151,300	United States Treasury Bond	8.130		08/15/19		210,792
	148,500	United States Treasury Bond	8.750		08/15/20		216,926
	125,700	United States Treasury Bond	7.880		02/15/21		175,352
	125,000	United States Treasury Bond	8.130		05/15/21		177,441
	122,000	United States Treasury Bond	8.130		08/15/21		173,736
	16,379,100	United States Treasury Bond	8.000		11/15/21		23,166,190
	127,000	United States Treasury Bond	7.250		08/15/22		171,688
	446,000	United States Treasury Bond	7.130		02/15/23		599,034
	740,000	United States Treasury Bond	6.250		08/15/23		930,088
	1,025,000	United States Treasury Bond	6.380		08/15/27		1,319,047
	12,310,000	United States Treasury Bond	5.250		02/15/29		14,118,031
	10,129,000	United States Treasury Bond	5.380		02/15/31		11,824,027
	1,260,000	United States Treasury Bond	4.500		02/15/36		1,304,493
	236,000	United States Treasury Bond	5.000		05/15/37		263,324
	144,000	United States Treasury Bond	4.380		02/15/38		145,530
	2,733,000	United States Treasury Bond	3.500		02/15/39		2,355,078
	241,000	United States Treasury Bond	4.500		08/15/39		247,477
	850,000	United States Treasury Bond	4.380		11/15/39		854,515
	915,000	United States Treasury Bond	4.630		02/15/40		958,463
	3,380,000	United States Treasury Bond	4.380		05/15/40		3,396,359
	14,110,000	United States Treasury Bond	3.880		08/15/40		12,996,636
	1,500,000	United States Treasury Note	2.125		12/31/15		1,507,968
	1,500,000	United States Treasury Note	1.000		12/31/11		1,509,785
	3,688,000	United States Treasury Note	1.380		02/15/12		3,729,490
	473,000	United States Treasury Note	1.380		03/15/12		478,876
	3,950,000	United States Treasury Note	1.000		03/31/12		3,980,257
	325,000	United States Treasury Note	1.380		04/15/12		329,151
	5,970,000	United States Treasury Note	1.000		04/30/12		6,018,297
	1,023,000	United States Treasury Note	1.380		05/15/12		1,036,586
	200,000	United States Treasury Note	0.750		05/31/12		200,954
	125,000	United States Treasury Note	4.750		05/31/12		132,622
	4,294,000	United States Treasury Note	1.880		06/15/12		4,384,410
	1,535,000	United States Treasury Note	0.630		06/30/12		1,539,559
	404,000	United States Treasury Note	1.500		07/15/12		410,707
	5,755,000	United States Treasury Note	0.630		07/31/12		5,770,711
	125,000	United States Treasury Note	4.630		07/31/12		133,213
	476,500	United States Treasury Note	1.750		08/15/12		486,291
	15,770,000	United States Treasury Note	0.380		08/31/12		15,741,661
	600,000	United States Treasury Note	1.380		09/15/12		608,695
	16,900,000	United States Treasury Note	0.380		09/30/12		16,859,727
	990,000	United States Treasury Note	1.380		10/15/12		1,004,580

120

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$18,350,000	United States Treasury Note	0.380	%	10/31/12	$	18,294,088
	165,000	United States Treasury Note	4.000		11/15/12		175,660
	31,200,000	United States Treasury Note	0.500		11/30/12		31,159,782
	1,000,000	United States Treasury Note	0.630		12/31/12		1,000,547
	160,000	United States Treasury Note	2.880		01/31/13		167,600
	230,000	United States Treasury Note	3.880		02/15/13		245,759
	577,000	United States Treasury Note	2.750		02/28/13		603,100
	235,000	United States Treasury Note	2.500		03/31/13		244,620
	209,000	United States Treasury Note	3.130		04/30/13		220,789
	350,000	United States Treasury Note	1.380		05/15/13		355,033
	750,000	United States Treasury Note	3.380		06/30/13		798,575
	330,000	United States Treasury Note	1.000		07/15/13		331,624
	155,000	United States Treasury Note	0.750		08/15/13		154,685
	2,139,000	United States Treasury Note	4.250		08/15/13		2,328,836
	2,045,000	United States Treasury Note	3.130		08/31/13		2,169,457
	20,825,000	United States Treasury Note	0.750		09/15/13		20,758,298
	196,000	United States Treasury Note	3.130		09/30/13		207,928
	2,075,000	United States Treasury Note	0.500		10/15/13		2,051,818
	2,710,000	United States Treasury Note	2.750		10/31/13		2,848,676
	140,000	United States Treasury Note	0.500		11/15/13		138,195
	8,284,000	United States Treasury Note	2.000		11/30/13		8,528,635
	683,000	United States Treasury Note	1.500		12/31/13		692,818
	4,693,000	United States Treasury Note	1.880		04/30/14		4,799,691
	750,000	United States Treasury Note	4.750		05/15/14		837,715
	11,198,000	United States Treasury Note	2.250		05/31/14		11,583,805
	6,784,000	United States Treasury Note	2.630		06/30/14		7,099,347
	185,000	United States Treasury Note	2.630		07/31/14		193,484
	117,000	United States Treasury Note	4.250		08/15/14		129,066
	5,583,000	United States Treasury Note	2.380		08/31/14		5,783,642
	4,910,000	United States Treasury Note	2.380		09/30/14		5,085,685
	9,860,000	United States Treasury Note	2.380		10/31/14		10,205,869
	1,280,000	United States Treasury Note	2.130		11/30/14		1,311,200
	6,310,000	United States Treasury Note	2.250		01/31/15		6,477,606
	100	United States Treasury Note	2.500		03/31/15		104
	7,170,000	United States Treasury Note	2.500		04/30/15		7,412,547
	1,240,000	United States Treasury Note	2.130		05/31/15		1,259,766
	3,120,000	United States Treasury Note	1.880		06/30/15		3,132,430
	6,895,000	United States Treasury Note	1.750		07/31/15		6,872,936
	1,775,000	United States Treasury Note	4.250		08/15/15		1,965,397
	12,840,000	United States Treasury Note	1.250		08/31/15		12,487,902
	18,805,000	United States Treasury Note	1.250		09/30/15		18,245,250
	27,300,000	United States Treasury Note	1.250		10/31/15		26,421,267
	27,000,000	United States Treasury Note	1.380		11/30/15		26,238,518
	250,000	United States Treasury Note	2.630		02/29/16		256,582
	176,000	United States Treasury Note	2.380		03/31/16		178,227
	164,000	United States Treasury Note	5.130		05/15/16		188,946
	970,000	United States Treasury Note	3.250		07/31/16		1,021,001
	236,000	United States Treasury Note	3.000		08/31/16		244,998
	173,000	United States Treasury Note	4.630		11/15/16		194,882
	220,000	United States Treasury Note	3.000		02/28/17		226,875
	180,000	United States Treasury Note	4.750		08/15/17		204,117
	4,830,000	United States Treasury Note	1.880		08/31/17		4,610,761

121

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$600,000		United States Treasury Note	1.880	%	09/30/17	$	571,360
	282,000		United States Treasury Note	3.500		02/15/18		296,651
	224,000		United States Treasury Note	3.880		05/15/18		241,010
	248,000		United States Treasury Note	4.000		08/15/18		268,751
	415,300		United States Treasury Note	3.750		11/15/18		441,743
	302,400		United States Treasury Note	2.750		02/15/19		298,502
	428,200		United States Treasury Note	3.130		05/15/19		432,716
	1,377,000		United States Treasury Note	3.630		02/15/20		1,429,067
	1,132,000		United States Treasury Note	3.500		05/15/20		1,159,598
	9,192,000		United States Treasury Note	2.630		08/15/20		8,714,448
	13,695,000		United States Treasury Note	2.630		11/15/20		12,918,233
	1,800,000		United States Treasury Note	6.250		05/15/30		2,313,562
	8,785,000		United States Treasury Note	4.250		11/15/40		8,642,244
	3,755,000	j	United States Treasury Strip Principal	0.000		08/15/27		1,823,383
			TOTAL U.S. TREASURY SECURITIES					439,994,633
			TOTAL GOVERNMENT BONDS					978,292,863
			(Cost $989,665,240)
STRUCTURED ASSETS - 3.1%
ASSET BACKED - 0.1%
	340,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15		359,602
			Series - 2010 1 (Class C)
	590,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		595,820
			Series - 2010 3 (Class C)
	195,566	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		49,403
			Series - 2004 2 (Class 1B)
	135,000		CitiBank Credit Card Issuance Trust	4.900		06/23/16		148,703
			Series - 2009 A4 (Class A4)
	24,787	i,j	Countrywide Home Equity Loan Trust	0.480		02/15/29		13,996
			Series - 2004 B (Class 1A)
	100,000		Discover Card Master Trust	5.650		03/16/20		113,454
			Series - 2007 A1 (Class A1)
	100,000		Ford Credit Auto Owner Trust	5.600		10/15/12		104,209
			Series - 2007 A (Class B)
	56,352		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		56,631
			Series - 2007 1 (Class A1F)
	44,805	i	Residential Asset Securities Corp	6.490		10/25/30		39,028
			Series - 2001 KS2 (Class AI6)
	30,261		Residential Funding Mortgage Securities II, Inc	5.750		02/25/36		30,089
			Series - 2006 HI2 (Class A2)
	15,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		5,132
			Series - 2006 HI1 (Class M2)
	15,000	g	Vornado DP LLC	4.000		09/13/28		14,543
			Series - 2010 VNO (Class A2FX)
			TOTAL ASSET BACKED					1,530,610
OTHER MORTGAGE BACKED - 3.0%
	1,000,000	i	Banc of America Commercial Mortgage, Inc	5.060		11/10/42		1,048,287
			Series - 2005 1 (Class A4)
	969,773		Banc of America Commercial Mortgage, Inc	5.810		07/10/44		1,001,780
			Series - 2006 3 (Class A2)

122

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$105,000	i	Banc of America Commercial Mortgage, Inc	5.890	%	07/10/44	$	112,148
			Series - 2006 3 (Class A4)
	450,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		470,272
			Series - 2006 6 (Class A4)
	285,000		Banc of America Commercial Mortgage, Inc	5.450		01/15/49		296,803
			Series - 2007 1 (Class A3)
	1,030,000	i	Banc of America Commercial Mortgage, Inc	5.690		04/10/49		1,076,324
			Series - 2007 2 (Class A4)
	610,000	i	Banc of America Commercial Mortgage, Inc	5.660		06/10/49		626,072
			Series - 2007 3 (Class A4)
	325,000	i	Banc of America Commercial Mortgage, Inc	5.840		06/10/49		340,625
			Series - 2007 3 (Class A3)
	84,479		Bank of America Alternative Loan Trust	5.500		09/25/19		86,013
			Series - 2004 8 (Class 3A1)
	320,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		338,009
			Series - 2006 PW14 (Class A4)
	280,000	i	Bear Stearns Commercial Mortgage Securities	5.460		03/11/39		302,733
			Series - 2006 PW11 (Class A4)
	200,000	i	Bear Stearns Commercial Mortgage Securities	5.720		06/11/40		213,393
			Series - 2007 PW16 (Class A4)
	355,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41		372,440
			Series - 2005 PWR8 (Class A4)
	202,402	i	Bear Stearns Commercial Mortgage Securities	5.290		06/11/41		212,001
			Series - 2004 PWR4 (Class A2)
	625,000	i	Bear Stearns Commercial Mortgage Securities	5.470		06/11/41		672,079
			Series - 2004 PWR4 (Class A3)
	540,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		546,528
			Series - 2006 PW13 (Class AM)
	495,000		Bear Stearns Commercial Mortgage Securities	5.540		10/12/41		532,929
			Series - 2006 T24 (Class A4)
	125,000	i	Bear Stearns Commercial Mortgage Securities	5.470		01/12/45		133,411
			Series - 2007 T26 (Class A4)
	660,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		694,687
			Series - 2004 T16 (Class A6)
	215,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		227,921
			Series - 2007 PW17 (Class A4)
	185,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		192,758
			Series - 2007 PW18 (Class A4)
	585,000		Citigroup, Inc	5.320		12/11/49		606,364
			Series - 2007 CD4 (Class A4)
	255,000	i	Commercial Mortgage Pass Through Certificates	5.810		12/10/49		274,360
			Series - 2007 C9 (Class A4)
	174,360		Countrywide Home Loan Mortgage Pass Through Trust	5.250		09/25/35		178,276
			Series - 2005 17 (Class 1A10)
	190,000		Credit Suisse Mortgage Capital Certificates	5.470		09/15/39		199,269
			Series - 2006 C4 (Class A3)
	310,000		CS First Boston Mortgage Securities Corp	3.940		05/15/38		321,637
			Series - 2003 C3 (Class A5)
	290,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		293,155
			Series - 2003 C3 (Class B)
	625,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		668,052
			Series - 2005 C5 (Class A4)

123

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$220,000	i	CS First Boston Mortgage Securities Corp	5.100	%	08/15/38	$	212,844
			Series - 2005 C5 (Class AJ)
	330,000		GMAC Commercial Mortgage Securities, Inc	5.020		04/10/40		352,481
			Series - 2003 C3 (Class A4)
	180,000	i	Greenwich Capital Commercial Funding Corp	5.320		06/10/36		194,147
			Series - 0 GG1 (Class A7)
	460,000	i	Greenwich Capital Commercial Funding Corp	5.220		04/10/37		488,131
			Series - 2005 GG5 (Class A5)
	300,000	i	Greenwich Capital Commercial Funding Corp	5.280		04/10/37		302,593
			Series - 2005 GG5 (Class AM)
	725,000	i	Greenwich Capital Commercial Funding Corp	5.880		07/10/38		790,974
			Series - 2006 GG7 (Class A4)
	2,845,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		2,930,067
			Series - 2006 GG7 (Class AM)
	515,779		Greenwich Capital Commercial Funding Corp	5.380		03/10/39		529,876
			Series - 2007 GG9 (Class A2)
	550,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		579,468
			Series - 2007 GG9 (Class A4)
	610,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39		609,431
			Series - 2007 GG9 (Class AM)
	350,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		369,827
			Series - 2007 GG11 (Class A4)
	450,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		483,362
			Series - 2006 GG6 (Class A4)
	740,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		747,664
			Series - 2006 GG6 (Class AM)
	1,350,000		GS Mortgage Securities Corp II	5.560		11/10/39		1,431,985
			Series - 2006 GG8 (Class A4)
	175,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		177,817
			Series - 2010 C1 (Class B)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		96,506
			Series - 2009 IWST (Class A2)
	25,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		23,649
			Series - 2010 C2 (Class B)
	50,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.530		11/15/43		46,792
			Series - 2010 C2 (Class C)
	125,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.430		12/12/43		132,507
			Series - 2006 CB17 (Class A4)
	825,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.200		12/15/44		861,896
			Series - 2005 LDP5 (Class A2)
	1,110,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		1,151,988
			Series - 2006 LDP9 (Class A3)
	950,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		995,533
			Series - 2007 CB18 (Class A4)
	360,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		376,652
			Series - 2007 LD11 (Class A4)
	545,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		570,846
			Series - 2005 C1 (Class A4)
	415,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		435,429
			Series - 2005 C2 (Class A5)
	380,000		LB-UBS Commercial Mortgage Trust	5.160		02/15/31		405,908
			Series - 2006 C1 (Class A4)

124

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$220,000		LB-UBS Commercial Mortgage Trust	4.390	%	03/15/32	$	230,488
			Series - 2003 C1 (Class A4)
	125,000		LB-UBS Commercial Mortgage Trust	5.370		09/15/39		133,736
			Series - 2006 C6 (Class A4)
	1,405,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		1,475,446
			Series - 2007 C1 (Class A4)
	970,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		1,000,262
			Series - 2007 C2 (Class A3)
	675,000	i	LB-UBS Commercial Mortgage Trust	5.490		02/15/40		650,237
			Series - 2007 C2 (Class AM)
	225,000	i	Merrill Lynch Mortgage Trust	5.240		11/12/37		220,475
			Series - 2005 CKI1 (Class AJ)
	290,000	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		294,909
			Series - 2005 CIP1 (Class AM)
	235,000	i	Merrill Lynch Mortgage Trust	5.660		05/12/39		253,273
			Series - 2006 C1 (Class A4)
	450,000	i	Merrill Lynch Mortgage Trust	5.830		06/12/50		473,781
			Series - 2007 C1 (Class A3)
	475,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.420		02/12/39		512,770
			Series - 2006 1 (Class A4)
	440,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.960		08/12/49		434,835
			Series - 2007 8 (Class AM)
	1,005,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		1,040,212
			Series - 2006 4 (Class A3)
	390,000	i	Merrill Lynch/Countrywide Commerical Mortgage Trust	5.470		02/12/39		406,047
			Series - 0 1 (Class A3)
	66,788		Morgan Stanley Capital I	4.690		06/13/41		66,751
			Series - 2004 T15 (Class A2)
	505,000	i	Morgan Stanley Capital I	5.270		06/13/41		540,921
			Series - 2004 T15 (Class A4)
	610,000		Morgan Stanley Capital I	5.170		01/14/42		652,849
			Series - 2005 HQ5 (Class A4)
	1,600,000	i	Morgan Stanley Capital I	5.450		02/12/44		1,660,435
			Series - 2007 HQ11 (Class A4)
	590,000		Morgan Stanley Capital I	5.360		03/15/44		608,612
			Series - 2007 IQ13 (Class A4)
	225,000	i	Morgan Stanley Capital I	5.730		07/12/44		244,117
			Series - 2006 HQ9 (Class A4)
	50,000	i	Morgan Stanley Capital I	5.690		04/15/49		51,820
			Series - 2007 IQ14 (Class A4)
	205,000	i	Morgan Stanley Capital I	5.540		11/12/49		208,938
			Series - 2007 T25 (Class AM)
	245,000		Morgan Stanley Capital I	4.770		07/15/56		235,240
			Series - 0 IQ9 (Class AJ)
	250,000	i	Wachovia Bank Commercial Mortgage Trust	5.290		12/15/44		256,501
			Series - 2005 C22 (Class A3)
	200,000	i	Wachovia Bank Commercial Mortgage Trust	5.360		12/15/44		186,879
			Series - 2005 C22 (Class AJ)
	525,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		544,884
			Series - 2007 C33 (Class A4)

125

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$200,000	i	Wachovia Bank Commercial Mortgage Trust	5.900	%	02/15/51	$	206,466
			Series - 2007 C33 (Class A5)
			TOTAL OTHER MORTGAGE BACKED					39,927,583
			TOTAL STRUCTURED ASSETS					41,458,193
			(Cost $41,068,803)
			TOTAL BONDS					1,306,032,622
			(Cost $1,320,973,978)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
	BANKS - 0.0%
	30,000	*	Federal Home Loan Mortgage Corp (FHLMC)	8.380	12/30/49	18,870
	115,000	*	Federal National Mortgage Association (FNMA)	8.250	12/30/49	64,400
			TOTAL BANKS			83,270
			TOTAL PREFERRED STOCKS			83,270
			(Cost $66,800)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.7%
TREASURY DEBT - 0.7%
	$9,400,000	United States Treasury Bill	01/13/11		9,399,890
		TOTAL TREASURY DEBT			9,399,890
		TOTAL SHORT-TERM INVESTMENTS			9,399,890
		(Cost $9,399,890)
		TOTAL INVESTMENTS - 99.9%			1,315,515,782
		(Cost $1,330,440,668)
		OTHER ASSETS & LIABILITIES, NET - 0.1%			1,932,936
		NET ASSETS - 100.0%		$	1,317,448,718

	Abbreviation(s):
	REIT - Real Estate Investment Trust
*	Non-income producing.
b	In bankruptcy.
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 December 31, 2010 the value of these securities amounted to $4,686,493 or 0.4% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon reflects the rate at period end.
j	Zero coupon.
n	In default.

126

TIAA-CREF FUNDS – Money Market Fund

TIAA-CREF FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 100.0%
BANKERS’ ACCEPTANCES - 0.3%
	$392,000		JPMorgan Chase Bank NA			01/10/11	$	391,974
	632,000		JPMorgan Chase Bank NA			01/12/11		631,949
	537,000		JPMorgan Chase Bank NA			01/19/11		536,927
	312,000		JPMorgan Chase Bank NA			01/24/11		311,945
	435,000		JPMorgan Chase Bank NA			01/31/11		434,904
	306,000		JPMorgan Chase Bank NA			02/22/11		305,881
	217,000		JPMorgan Chase Bank NA			03/14/11		216,883
	154,000		JPMorgan Chase Bank NA			03/21/11		153,909
	309,000		JPMorgan Chase Bank NA			04/18/11		308,752
			TOTAL BANKERS’ ACCEPTANCES					3,293,124
CERTIFICATE OF DEPOSIT - 8.7%
	5,000,000		Bank of Montreal	0.230	%	01/06/11		5,000,000
	8,180,000		Bank of Nova Scotia	0.290		01/20/11		8,180,000
	5,000,000		Bank of Nova Scotia	0.250		02/24/11		5,000,000
	10,000,000		Bank of Nova Scotia	0.270		03/01/11		10,000,000
	5,000,000		Bank of Nova Scotia	0.290		03/03/11		5,000,000
	5,000,000	i	Barclays Bank plc	0.510		01/11/11		5,000,000
	9,000,000		Barclays Bank plc	0.450		05/23/11		9,000,000
	5,000,000		Barclays Bank plc	0.400		06/20/11		5,000,000
	5,000,000		BNP Paribas	0.250		01/18/11		5,000,000
	5,500,000		BNP Paribas	0.310		02/11/11		5,500,063
	3,000,000		BNP Paribas	0.270		02/15/11		3,000,000
	5,000,000		Credit Agricole S.A.	0.260		01/19/11		5,000,000
	5,000,000		Rabobank Nederland NV	0.290		01/06/11		5,000,000
	5,000,000		Toronto-Dominion Bank	0.250		01/13/11		5,000,000
	2,000,000		Toronto-Dominion Bank	0.240		02/23/11		2,000,000
	10,000,000		Toronto-Dominion Bank	0.240		02/25/11		10,000,000
	5,000,000		Toronto-Dominion Bank	0.300		05/09/11		5,000,000
			TOTAL CERTIFICATE OF DEPOSIT					97,680,063
COMMERCIAL PAPER - 39.3%
	3,000,000		Abbott Laboratories			01/11/11		2,999,850
	5,100,000		American Honda Finance Corp			01/06/11		5,099,844
	5,000,000		American Honda Finance Corp			01/12/11		4,999,679
	2,600,000		American Honda Finance Corp			01/18/11		2,599,699
	5,000,000		American Honda Finance Corp			01/21/11		4,999,250
	10,000,000		American Honda Finance Corp			01/27/11		9,998,412
	2,335,000		American Honda Finance Corp			02/03/11		2,334,529
	10,000,000		Australia & New Zealand Banking Group Ltd			01/10/11		9,999,350
	5,000,000		Australia & New Zealand Banking Group Ltd			02/08/11		4,998,654
	5,000,000		Australia & New Zealand Banking Group Ltd			03/16/11		4,996,814
	4,175,000		Bank of Nova Scotia			01/03/11		4,174,954
	2,170,000		Bank of Nova Scotia			01/06/11		2,169,925

127

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE
	$5,000,000	Bank of Nova Scotia		01/07/11	$	4,999,791
	4,280,000	Coca-Cola Co		01/04/11		4,279,913
	3,075,000	Coca-Cola Co		01/28/11		3,074,493
	10,000,000	Coca-Cola Co		03/25/11		9,994,235
	5,000,000	Commonwealth Bank of Australia		02/16/11		4,998,275
	4,930,000	Commonwealth Bank of Australia		03/15/11		4,927,175
	7,000,000	Credit Agricole North America, Inc		01/07/11		6,999,691
	3,000,000	Credit Agricole North America, Inc		01/12/11		2,999,757
	4,455,000	Credit Agricole North America, Inc		02/03/11		4,453,836
	4,560,000	Fairway Finance LLC		01/04/11		4,559,879
	1,935,000	Fairway Finance LLC		02/09/11		1,934,455
	4,365,000	Fairway Finance LLC		03/07/11		4,362,793
	3,180,000	Fairway Finance LLC		03/10/11		3,178,258
	10,000,000	General Electric Capital Corp		01/24/11		9,998,594
	10,000,000	General Electric Capital Corp		03/29/11		9,994,442
	1,280,000	General Electric Capital Corp		04/06/11		1,279,122
	4,600,000	General Electric Capital Corp		05/03/11		4,596,103
	16,550,000	Johnson & Johnson		01/14/11		16,548,859
	2,875,000	Johnson & Johnson		02/01/11		2,874,579
	1,000,000	Johnson & Johnson		02/10/11		999,778
	4,500,000	Johnson & Johnson		03/30/11		4,497,690
	3,350,000	Johnson & Johnson		05/03/11		3,347,275
	223,000	JPMorgan Chase Bank NA		01/03/11		222,997
	418,000	JPMorgan Chase Bank NA		01/06/11		417,984
	545,000	JPMorgan Chase Bank NA		01/13/11		544,948
	490,000	JPMorgan Chase Bank NA		01/20/11		489,930
	156,000	JPMorgan Chase Bank NA		01/21/11		155,977
	375,000	JPMorgan Chase Bank NA		02/10/11		374,888
	360,000	JPMorgan Chase Bank NA		02/14/11		359,880
	588,000	JPMorgan Chase Bank NA		02/15/11		587,801
	156,000	JPMorgan Chase Bank NA		02/28/11		155,930
	191,000	JPMorgan Chase Bank NA		03/01/11		190,912
	172,000	JPMorgan Chase Bank NA		03/02/11		171,920
	250,000	JPMorgan Chase Bank NA		03/04/11		249,879
	190,000	JPMorgan Chase Bank NA		03/28/11		189,873
	115,000	JPMorgan Chase Bank NA		04/05/11		114,913
	106,000	JPMorgan Chase Bank NA		04/11/11		105,918
	172,000	JPMorgan Chase Bank NA		04/19/11		171,856
	397,000	JPMorgan Chase Bank NA		05/02/11		396,640
	143,000	JPMorgan Chase Bank NA		05/16/11		142,847
	312,000	JPMorgan Chase Bank NA		05/23/11		311,655
	259,000	JPMorgan Chase Bank NA		05/31/11		258,698
	268,000	JPMorgan Chase Bank NA		06/13/11		267,660
	5,000,000	Lloyds TSB Bank plc		01/20/11		4,999,327
	3,210,000	Lloyds TSB Bank plc		02/11/11		3,209,141
	1,650,000	Nestle Capital Corp		01/11/11		1,649,908
	2,495,000	Nestle Capital Corp		01/14/11		2,494,784
	7,725,000	Nestle Capital Corp		02/10/11		7,723,283
	10,000,000	Nestle Capital Corp		04/01/11		9,994,001
	5,000,000	Nestle Capital Corp		04/05/11		4,996,801
	6,670,000	Old Line Funding LLC		01/04/11		6,669,860
	2,025,000	Old Line Funding LLC		01/07/11		2,024,922

128

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$7,595,000	Old Line Funding LLC			01/13/11	$	7,594,411
	4,000,000	Old Line Funding LLC			01/19/11		3,999,480
	10,000,000	Old Line Funding LLC			01/25/11		9,998,400
	3,000,000	Old Line Funding LLC			01/26/11		2,999,521
	962,000	Old Line Funding LLC			03/02/11		961,543
	5,000,000	Private Export Funding Corp			01/13/11		4,999,550
	10,000,000	Private Export Funding Corp			02/11/11		9,997,723
	4,000,000	Private Export Funding Corp			03/03/11		3,998,373
	1,500,000	Private Export Funding Corp			03/04/11		1,499,380
	5,000,000	Private Export Funding Corp			03/08/11		4,997,470
	4,000,000	Private Export Funding Corp			03/15/11		3,997,972
	5,000,000	Procter & Gamble Co			01/05/11		4,999,877
	4,050,000	Procter & Gamble Co			01/13/11		4,049,744
	5,000,000	Procter & Gamble International Funding S.C.A			01/10/11		4,999,775
	10,000,000	Rabobank USA Financial Corp			02/07/11		9,997,277
	8,000,000	Rabobank USA Financial Corp			02/08/11		7,997,762
	10,000,000	Royal Bank of Canada			03/04/11		9,996,211
	300,000	Sheffield Receivables Corp			01/19/11		299,955
	10,000,000	Sheffield Receivables Corp			02/04/11		9,997,544
	3,000,000	Societe Generale North America, Inc			01/13/11		2,999,725
	4,500,000	Societe Generale North America, Inc			01/14/11		4,499,512
	4,500,000	Societe Generale North America, Inc			01/24/11		4,499,224
	3,395,000	Societe Generale North America, Inc			01/27/11		3,394,240
	3,000,000	Societe Generale North America, Inc			02/01/11		2,999,199
	2,480,000	Straight-A Funding LLC			01/05/11		2,479,937
	3,945,000	Straight-A Funding LLC			01/11/11		3,944,726
	3,000,000	Straight-A Funding LLC			01/25/11		2,999,480
	3,000,000	Straight-A Funding LLC			02/04/11		2,999,292
	3,000,000	Straight-A Funding LLC			02/10/11		2,999,267
	5,000,000	Straight-A Funding LLC			02/14/11		4,998,594
	5,000,000	Straight-A Funding LLC			02/15/11		4,998,500
	6,000,000	Straight-A Funding LLC			02/17/11		5,998,198
	8,000,000	Straight-A Funding LLC			03/03/11		7,996,611
	10,000,000	Toronto-Dominion Holdings USA, Inc			01/20/11		9,998,707
	4,700,000	Toronto-Dominion Holdings USA, Inc			01/25/11		4,699,217
	2,000,000	Toronto-Dominion Holdings USA, Inc			03/07/11		1,999,061
	3,780,000	Toyota Motor Credit Corp			01/25/11		3,779,244
	5,000,000	Unilever Capital Corp			01/26/11		4,999,375
	8,830,000	US Bank NA	0.250	%	01/11/11		8,830,000
	10,000,000	US Bank NA			03/28/11		9,994,506
	865,000	Variable Funding Capital Co LLC			01/25/11		864,839
	925,000	Variable Funding Capital Co LLC			02/15/11		924,710
	5,000,000	Westpac Banking Corp			02/01/11		4,998,880
	1,700,000	Westpac Banking Corp			06/14/11		1,696,825
		TOTAL COMMERCIAL PAPER					441,888,923
GOVERNMENT AGENCY DEBT - 27.0%
	1,000,000	Federal Farm Credit Bank (FFCB)			01/03/11		999,989
	415,000	FFCB			02/11/11		414,905
	1,050,000	Federal Home Loan Bank (FHLB)			01/03/11		1,049,991
	4,000,000	FHLB			01/04/11		3,999,943
	3,560,000	FHLB			01/07/11		3,559,905

129

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE
	$3,500,000	FHLB		01/14/11	$	3,499,810
	125,000	FHLB		01/18/11		124,987
	5,000,000	FHLB		01/19/11		4,999,563
	19,055,000	FHLB		01/21/11		19,053,181
	2,020,000	FHLB		01/24/11		2,019,787
	6,761,000	FHLB		01/26/11		6,760,174
	5,120,000	FHLB		02/02/11		5,119,249
	12,677,000	FHLB		02/09/11		12,674,779
	4,500,000	FHLB		02/11/11		4,499,231
	5,000,000	FHLB		02/16/11		4,998,946
	9,785,000	FHLB		02/18/11		9,782,782
	3,016,000	FHLB		02/23/11		3,015,334
	5,000,000	FHLB		03/04/11		4,998,493
	300,000	FHLB		03/07/11		299,740
	5,000,000	FHLB		03/09/11		4,998,511
	5,475,000	FHLB		03/23/11		5,473,029
	2,340,000	FHLB		05/06/11		2,338,213
	5,000,000	Federal Home Loan Mortgage Corp (FHLMC)		01/03/11		4,999,951
	4,980,000	FHLMC		01/10/11		4,979,813
	2,000,000	FHLMC		01/11/11		1,999,881
	5,000,000	FHLMC		01/18/11		4,999,575
	2,324,000	FHLMC		01/28/11		2,323,704
	4,008,000	FHLMC		01/31/11		4,007,495
	5,100,000	FHLMC		02/07/11		5,099,161
	7,550,000	FHLMC		02/15/11		7,548,443
	2,585,000	FHLMC		02/25/11		2,584,388
	5,300,000	FHLMC		03/01/11		5,298,437
	4,000,000	FHLMC		03/07/11		3,998,736
	1,499,000	FHLMC		03/14/11		1,498,490
	6,747,000	FHLMC		03/15/11		6,744,537
	8,000,000	FHLMC		03/21/11		7,997,191
	700,000	FHLMC		04/19/11		699,580
	780,000	FHLMC		10/07/11		778,187
	886,000	Federal National Mortgage Association (FNMA)		01/04/11		885,984
	17,650,000	FNMA		01/05/11		17,649,690
	1,000,000	FNMA		01/10/11		999,950
	17,795,000	FNMA		01/12/11		17,794,090
	13,475,000	FNMA		01/18/11		13,473,606
	5,000,000	FNMA		01/19/11		4,999,500
	3,025,000	FNMA		01/24/11		3,024,652
	6,075,000	FNMA		01/26/11		6,074,452
	2,600,000	FNMA		02/01/11		2,599,597
	7,200,000	FNMA		02/14/11		7,198,668
	2,200,000	FNMA		02/15/11		2,199,546
	14,535,000	FNMA		02/16/11		14,531,748
	5,904,000	FNMA		02/23/11		5,902,685
	500,000	FNMA		02/28/11		499,839
	1,150,000	FNMA		03/01/11		1,149,095
	5,330,000	FNMA		03/02/11		5,328,381
	5,000,000	FNMA		03/08/11		4,998,258
	10,000,000	FNMA		03/14/11		9,996,700
	4,000,000	FNMA		03/16/11		3,998,643

130

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,125,000		FNMA			04/11/11	$	2,122,344
	945,000		FNMA			04/26/11		943,581
	810,000		FNMA			05/02/11		808,693
	4,807,000		Federal National Mortgage Association (FNMA)			02/09/11		4,805,949
	410,000		FMNA			04/13/11		409,773
			TOTAL GOVERNMENT AGENCY DEBT					302,633,535
TREASURY DEBT - 15.7%
	9,000,000		United States Treasury Bill			01/20/11		8,999,269
	5,000,000		United States Treasury Bill			02/10/11		4,999,306
	8,000,000		United States Treasury Bill			02/17/11		7,998,694
	4,000,000		United States Treasury Bill			02/24/11		3,999,310
	1,070,000		United States Treasury Bill			03/03/11		1,069,710
	10,770,000		United States Treasury Bill			03/10/11		10,766,607
	5,000,000		United States Treasury Bill			04/14/11		4,997,568
	8,220,000		United States Treasury Bill			04/21/11		8,215,961
	5,000,000		United States Treasury Bill			04/28/11		4,996,888
	17,357,000		United States Treasury Bill			05/12/11		17,345,868
	8,670,000		United States Treasury Bill			05/19/11		8,663,253
	5,160,000		United States Treasury Bill			05/26/11		5,156,602
	5,000,000		United States Treasury Bill			06/23/11		4,995,555
	6,500,000		United States Treasury Note	0.880	%	01/31/11		6,502,771
	9,995,000		United States Treasury Note	0.880		02/28/11		10,006,133
	10,000,000		United States Treasury Note	0.880		03/31/11		10,017,265
	16,970,000		United States Treasury Note	0.880		04/30/11		17,005,238
	25,000,000		United States Treasury Note	0.880		05/31/11		25,065,808
	2,000,000		United States Treasury Note	1.130		06/30/11		2,009,032
	8,000,000		United States Treasury Note	1.000		07/31/11		8,035,406
	3,500,000		United States Treasury Note	1.000		08/31/11		3,516,725
	2,050,000		United States Treasury Note	1.000		09/30/11		2,061,129
			TOTAL TREASURY DEBT					176,424,098
VARIABLE RATE NOTES - 9.0%
	5,000,000	i	Federal Farm Credit Bank (FFCB)	0.160		05/16/11		4,999,724
	5,000,000	i	FFCB	0.400		06/01/11		4,998,968
	4,500,000	i	FFCB	0.290		06/17/11		4,500,628
	8,920,000	i	FFCB	0.260		07/15/11		8,919,729
	5,000,000	i	Federal Home Loan Bank (FHLB)	0.240		05/06/11		4,999,476
	9,000,000	i	FHLB	0.320		05/26/11		9,000,000
	9,500,000	i	FHLB	0.370		06/01/11		9,500,793
	12,000,000	i	FHLB	0.370		06/15/11		12,005,504
	5,000,000	i	FHLB	0.160		07/11/11		4,999,589
	5,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.330		11/07/11		5,002,365
	22,000,000	i	FHLMC	0.180		11/09/11		21,986,146
	10,000,000	i	FHLMC	0.350		01/09/12		10,007,758
			TOTAL VARIABLE RATE NOTES					100,920,680
			TOTAL SHORT-TERM INVESTMENTS					1,122,840,423
			(Cost $1,122,840,423)
			TOTAL INVESTMENTS- 100.0%					1,122,840,423
			(Cost $1,122,840,423)
			OTHER ASSETS & LIABILITIES, NET - 0.0%					(37,513	)
			NET ASSETS - 100.0%				$	1,122,802,910

i Floating or variable rate security. Coupon reflects the rate at period end.

131

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that was organized on April 15, 1999 and 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: Real Estate Securities Fund, Bond Fund, Bond Plus Fund, Short-Term Bond Fund, High-Yield Fund, Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund and the Money Market Fund (the “Funds” or individually the “Fund”).

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

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 Board of Trustees (“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 remote.

The accompanying schedule of investments 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

Security valuation: For all Funds (other than the Money Market Fund), investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedule of investments. Investments held by the Money Market Fund are recorded at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity.

Accounting for investments: Securities transactions are accounted for as of the trade date for financial reporting purposes.

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank. 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.

Repurchase agreements: Each Fund may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If a request

132

for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

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.

Treasury Inflation-Protected Securities: The Funds (other than the Money Market Fund) may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index.

Dollar rolls transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

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.

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Trustees, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

Note 2—valuation of investments

Portfolio Investments are valued at fair value utilizing various valuation methods approved by the Trustees. 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 risk, 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:

133

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Funds, net assets are calculated, such securities may be valued at fair value in accordance with procedures adopted by the Trustees. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

Short-term investments: Short-term investments with maturities of 60 days or less are valued at amortized cost. Short-term investments (other than those in the Money Market Fund) with maturities in excess of 60 days are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy. Short-term investments in the Money Market Fund are all valued at amortized cost. Money Market Fund investments are categorized as Level 2 in the fair value hierarchy.

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

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 Trustees. 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 December 31, 2010, there were no significant transfers between levels by the Funds.

As of December 31, 2010, 100% of the value of investments in the High-Yield Fund, Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, and the Money Market Fund were valued based on Level 2 inputs.

134

The following is a summary of the inputs used to value the remaining Funds’ investments as of December 31, 2010:

Fund	Level 1		Level 2		Level 3		Total
Real Estate Securities
Asset Management & Custody Banks	$	13,990,000	$	-	$	-	$	13,990,000
Diversified REIT’s		34,998,600		-		-		34,998,600
Homebuilding		6,016,000		-		-		6,016,000
Hotels, Resorts, & Cruise Lines		15,588,000		-		-		15,588,000
Industrial REIT’s		27,743,400		-		-		27,743,400
Mortgage REIT’s		6,272,000		-		-		6,272,000
Office REIT’s		96,934,600		-		-		96,934,600
Real Estate Development		3,860,000		-		-		3,860,000
Real State Operating Companies		16,247,000		-		-		16,247,000
Residential REIT’s		123,880,000		-		-		123,880,000
Retail REIT’s		174,106,067		-		-		174,106,067
Specialized REIT’s		211,257,789		-		-		211,257,789
Short-term investments		-		11,419,999		-		11,419,999
Total	$	730,893,456	$	11,419,999	$	-	$	742,313,455
Bond
Corporate Bonds	$	-	$	615,284,974	$	-	$	615,284,974
Government Bonds		-		1,123,867,316		-		1,123,867,316
Structured Assets		-		129,875,814		-		129,875,814
Preferred Stocks		179,847		-		-		179,847
Short-term investments		-		484,824,418		-		484,824,418
Total	$	179,847	$	2,353,852,522	$	-	$	2,354,032,369
Bond Plus
Bank Loan Obilgations	$	-	$	3,859,703	$	-	$	3,859,703
Corporate Bonds		-		224,750,174		-		224,750,174
Government Bonds		-		380,201,305		-		380,201,305
Structured Assets		-		59,415,325		-		59,415,325
Preferred Stocks		86,112		-		-		86,112
Investments in Registered Investment Companies		5,214,589		-		-		5,214,589
Short-term investments		-		93,251,600		-		93,251,600
Total	$	5,300,701	$	761,478,107	$	-	$	766,778,808
Short-Term Bond
Bank Loan Obilgations	$	-	$	1,491,460	$	-	$	1,491,460
Corporate Bonds		-		184,163,171		-		184,163,171
Government Bonds		-		295,227,447		-		295,227,447
Structured Assets		-		24,586,140		-		24,586,140
Preferred Stocks		41,170		-		-		41,170
Short-term investments		-		21,304,999		-		21,304,999
Total	$	41,170	$	526,773,217	$	-	$	526,814,387
Bond Index
Corporate Bonds	$	-	$	286,281,566	$	-	$	286,281,566
Government Bonds		-		978,292,863		-		978,292,863
Structured Assets		-		41,458,193		-		41,458,193
Preferred Stocks		83,270		-		-		83,270
Short-term investments		-		9,399,890		-		9,399,890
Total	$	83,270	$	1,315,432,512	$	-	$	1,315,515,782

135

Note 3—affiliated investments

Companies in which the Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. Additionally, investments in other investment companies advised by Advisors or affiliated entities are deemed to be affiliated companies. Information regarding transactions with affiliated companies is as follows:

Issue	Value atSeptember 30, 2010		PurchaseCost		SalesProceeds		RealizedGain/(Loss)		DividendIncome		WithholdingExpense		Shares atDecember 31, 2010		Value atDecember 31, 2010
Real Estate Securities Fund
Thomas Properties Group	$	13,744,500	$	-	$	-	$	-	$	-	$	-		3,850,000	$	16,247,000
			$	-	$	-	$	-	$	-	$	-			$	16,247,000
Bond Plus Fund
TIAA-CREF High-Yield Fund (Institutional Class)	$	5,086,766	$	91,345	$	-	$	-	$	91,345	$	-		531,559	$	5,214,589
			$	91,345	$	-	$	-	$	91,345	$	-			$	5,214,589

Note 4—investments

At December 31, 2010, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Book Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Real Estate	$	714,941,600	$	64,261,408	$	(36,889,553	)	$	27,371,855
Bond		2,315,401,541		60,951,460		(22,320,632	)		38,630,828
Bond Plus		761,154,078		23,288,968		(17,664,238	)		5,624,730
Short-Term Bond		523,863,563		9,451,219		(6,500,395	)		2,950,824
High-Yield		762,835,511		43,352,778		(2,684,304	)		40,668,474
Tax-Exempt Bond		305,265,212		5,187,537		(8,161,992	)		(2,974,455	)
Inflation-Linked Bond		984,137,125		54,517,858		(850,939	)		53,666,919
Bond Index		1,330,440,641		4,091,429		(19,016,288	)		(14,924,859	)

136

TIAA-CREF FUNDS
MANAGED ALLOCATION FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
	21,915,370	TIAA-CREF Bond Plus Fund	$	222,660,163
	260,868	TIAA-CREF Emerging Markets Equity Fund		3,073,027
	5,570,271	TIAA-CREF Enhanced International Equity Index Fund		39,771,735
	6,046,190	TIAA-CREF Enhanced Large-Cap Growth Index Fund		55,745,869
	6,751,737	TIAA-CREF Enhanced Large-Cap Value Index Fund		54,418,999
	3,846,176	TIAA-CREF Growth & Income Fund		34,923,282
	4,108,181	TIAA-CREF International Equity Fund		40,712,073
	3,983,209	TIAA-CREF Large-Cap Growth Fund		41,027,054
	3,161,115	TIAA-CREF Large-Cap Value Fund		41,315,767
	155,693	TIAA-CREF Mid-Cap Growth Fund		2,983,074
	193,726	TIAA-CREF Mid-Cap Value Fund		3,304,965
	1,500,549	TIAA-CREF Small-Cap Equity Fund		21,697,934
		TOTAL TIAA-CREF FUNDS (Cost $536,486,920)		561,633,942
		TOTAL INVESTMENTS - 99.8% (Cost $536,486,920)		561,633,942
		OTHER ASSETS & LIABILITIES, NET - 0.2%		1,002,389
		NET ASSETS - 100.0%	$	562,636,331

^(a) The fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

1

TIAA-CREF Managed Allocation Fund—Notes to Schedule of Investments (unaudited)

Note 1—organization and significant accounting policies

The TIAA-CREF Managed Allocation Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company.

The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly-owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Fund. The Fund offers three share classes: Institutional, 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.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Fund’s organizational documents, the Board of Trustees (“Trustees”) and officers of the Fund are indemnified against certain liabilities that may arise out of their duties to the Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

The accompanying schedule of investments 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Fund.

Security valuation: The Fund’s investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedule of investments.

Accounting for investments: Securities transactions are accounted for as of the trade date for financial reporting purposes.

Transactions with affiliates: The Fund may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Trustees, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Trustees. 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 risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s 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

2

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 Fund’s major categories of assets and liabilities measured at fair value follows:

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

Transfers between levels are recognized at the end of the reporting period. For the period ended December 31, 2010, there were no significant transfers between levels by the Fund.

As of December 31, 2010, 100% of the value of investments in the Fund were valued based on Level 1 inputs.

Note 3—investments

At December 31, 2010, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments was $25,147,022 consisting of gross unrealized appreciation of $35,561,823 and gross unrealized depreciation of $(10,414,801).

3

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 37.7%
	19,403,180	TIAA-CREF Bond Fund	$	201,405,010
	526,243	TIAA-CREF Bond Plus Fund		5,346,634
	1,448,699	TIAA-CREF High-Yield Fund		14,211,733
		TOTAL FIXED INCOME		220,963,377
INFLATION-PROTECTED ASSETS - 5.9%
	3,123,223	TIAA-CREF Inflation-Linked Bond Fund		34,542,847
		TOTAL INFLATION-PROTECTED ASSETS		34,542,847
INTERNATIONAL EQUITY - 12.3%
	349,840	TIAA-CREF Emerging Markets Equity Fund		4,121,111
	4,719,174	TIAA-CREF Enhanced International Equity Index Fund		33,694,903
	3,479,099	TIAA-CREF International Equity Fund		34,477,871
		TOTAL INTERNATIONAL EQUITY		72,293,885
SHORT-TERM FIXED INCOME - 6.4%
	3,057,239	TIAA-CREF Money Market Fund		3,057,239
	3,320,534	TIAA-CREF Short-Term Bond Fund		34,267,913
		TOTAL SHORT-TERM FIXED INCOME		37,325,152
U.S. EQUITY - 37.5%
	5,135,517	TIAA-CREF Enhanced Large-Cap Growth Index Fund		47,349,466
	5,734,905	TIAA-CREF Enhanced Large-Cap Value Index Fund		46,223,337
	3,373,517	TIAA-CREF Growth & Income Fund		30,631,536
	3,469,446	TIAA-CREF Large-Cap Growth Fund		35,735,289
	2,757,406	TIAA-CREF Large-Cap Value Fund		36,039,302
	135,825	TIAA-CREF Mid-Cap Growth Fund		2,602,408
	169,682	TIAA-CREF Mid-Cap Value Fund		2,894,768
	1,268,886	TIAA-CREF Small-Cap Equity Fund		18,348,093
		TOTAL U.S. EQUITY		219,824,199
		TOTAL TIAA-CREF FUNDS (Cost $544,673,001)		584,949,460
		TOTAL INVESTMENTS - 99.8%
		(Cost $544,673,001)		584,949,460
		OTHER ASSETS & LIABILITIES, NET - 0.2%		940,757
		NET ASSETS - 100.0%	$	585,890,217

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

1

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 34.2%
	21,463,936	TIAA-CREF Bond Fund	$	222,795,655
	1,326,323	TIAA-CREF Bond Plus Fund		13,475,439
	2,263,076	TIAA-CREF High-Yield Fund		22,200,772
		TOTAL FIXED INCOME		258,471,866
INFLATION-PROTECTED ASSETS - 4.0%
	2,736,085	TIAA-CREF Inflation-Linked Bond Fund		30,261,101
		TOTAL INFLATION-PROTECTED ASSETS		30,261,101
INTERNATIONAL EQUITY - 14.3%
	660,149	TIAA-CREF Emerging Markets Equity Fund		7,776,560
	6,894,564	TIAA-CREF Enhanced International Equity Index Fund		49,227,185
	5,116,822	TIAA-CREF International Equity Fund		50,707,706
		TOTAL INTERNATIONAL EQUITY		107,711,451
SHORT-TERM FIXED INCOME - 4.0%
	2,944,933	TIAA-CREF Short-Term Bond Fund		30,391,708
		TOTAL SHORT-TERM FIXED INCOME		30,391,708
U.S. EQUITY - 43.4%
	7,711,280	TIAA-CREF Enhanced Large-Cap Growth Index Fund		71,098,001
	8,600,947	TIAA-CREF Enhanced Large-Cap Value Index Fund		69,323,634
	5,004,061	TIAA-CREF Growth & Income Fund		45,436,876
	5,156,847	TIAA-CREF Large-Cap Growth Fund		53,115,522
	4,090,696	TIAA-CREF Large-Cap Value Fund		53,465,391
	201,219	TIAA-CREF Mid-Cap Growth Fund		3,855,358
	251,327	TIAA-CREF Mid-Cap Value Fund		4,287,645
	1,854,387	TIAA-CREF Small-Cap Equity Fund		26,814,435
		TOTAL U.S. EQUITY		327,396,862
		TOTAL TIAA-CREF FUNDS (Cost $697,406,753)		754,232,988
		TOTAL INVESTMENTS - 99.9% (Cost $697,406,753)		754,232,988
		OTHER ASSETS & LIABILITIES, NET - 0.1%		992,794
		NET ASSETS - 100.0%	$	755,225,782

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds

2

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 30.1%
	19,912,874	TIAA-CREF Bond Fund	$	206,695,629
	2,976,141	TIAA-CREF Bond Plus Fund		30,237,590
	2,981,658	TIAA-CREF High-Yield Fund		29,250,067
		TOTAL FIXED INCOME		266,183,286
INFLATION-PROTECTED ASSETS - 2.0%
	1,673,880	TIAA-CREF Inflation-Linked Bond Fund		18,513,114
		TOTAL INFLATION-PROTECTED ASSETS		18,513,114
INTERNATIONAL EQUITY - 16.2%
	890,163	TIAA-CREF Emerging Markets Equity Fund		10,486,121
	9,073,092	TIAA-CREF Enhanced International Equity Index Fund		64,781,875
	6,827,474	TIAA-CREF International Equity Fund		67,660,264
		TOTAL INTERNATIONAL EQUITY		142,928,260
SHORT-TERM FIXED INCOME - 2.1%
	1,796,539	TIAA-CREF Short-Term Bond Fund		18,540,287
		TOTAL SHORT-TERM FIXED INCOME		18,540,287
U.S. EQUITY - 49.5%
	10,480,758	TIAA-CREF Enhanced Large-Cap Growth Index Fund		96,632,592
	11,677,702	TIAA-CREF Enhanced Large-Cap Value Index Fund		94,122,276
	6,616,613	TIAA-CREF Growth & Income Fund		60,078,844
	6,818,878	TIAA-CREF Large-Cap Growth Fund		70,234,446
	5,407,797	TIAA-CREF Large-Cap Value Fund		70,679,904
	265,870	TIAA-CREF Mid-Cap Growth Fund		5,094,073
	332,137	TIAA-CREF Mid-Cap Value Fund		5,666,259
	2,442,001	TIAA-CREF Small-Cap Equity Fund		35,311,331
		TOTAL U.S. EQUITY		437,819,725
		TOTAL TIAA-CREF FUNDS (Cost $808,810,112)		883,984,672
		TOTAL INVESTMENTS - 99.9% (Cost $808,810,112)		883,984,672
		OTHER ASSETS & LIABILITIES, NET - 0.1%		844,488
		NET ASSETS - 100.0%	$	884,829,160

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

3

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 26.3%
	15,410,417	TIAA-CREF Bond Fund	$	159,960,129
	2,896,069	TIAA-CREF Bond Plus Fund		29,424,059
	3,169,123	TIAA-CREF High-Yield Fund		31,089,097
		TOTAL FIXED INCOME		220,473,285
INFLATION-PROTECTED ASSETS - 0.1%
	98,465	TIAA-CREF Inflation-Linked Bond Fund		1,089,028
		TOTAL INFLATION-PROTECTED ASSETS		1,089,028
INTERNATIONAL EQUITY - 18.1%
	990,320	TIAA-CREF Emerging Markets Equity Fund		11,665,965
	9,626,191	TIAA-CREF Enhanced International Equity Index Fund		68,731,006
	7,256,888	TIAA-CREF International Equity Fund		71,915,761
		TOTAL INTERNATIONAL EQUITY		152,312,732
SHORT-TERM FIXED INCOME - 0.1%
	106,072	TIAA-CREF Short-Term Bond Fund		1,094,659
		TOTAL SHORT-TERM FIXED INCOME		1,094,659
U.S. EQUITY - 55.2%
	11,101,428	TIAA-CREF Enhanced Large-Cap Growth Index Fund		102,355,162
	12,367,479	TIAA-CREF Enhanced Large-Cap Value Index Fund		99,681,877
	7,035,125	TIAA-CREF Growth & Income Fund		63,878,938
	7,249,643	TIAA-CREF Large-Cap Growth Fund		74,671,322
	5,749,661	TIAA-CREF Large-Cap Value Fund		75,148,063
	282,529	TIAA-CREF Mid-Cap Growth Fund		5,413,260
	353,051	TIAA-CREF Mid-Cap Value Fund		6,023,051
	2,584,902	TIAA-CREF Small-Cap Equity Fund		37,377,681
		TOTAL U.S. EQUITY		464,549,354
		TOTAL TIAA-CREF FUNDS (Cost $761,697,311)		839,519,058
		TOTAL INVESTMENTS - 99.8% (Cost $761,697,311)		839,519,058
		OTHER ASSETS & LIABILITIES, NET - 0.2%		1,571,852
		NET ASSETS - 100.0%	$	841,090,910

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

4

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 18.7%
	9,562,741	TIAA-CREF Bond Fund	$	99,261,253
	2,265,664	TIAA-CREF Bond Plus Fund		23,019,150
	3,040,371	TIAA-CREF High-Yield Fund		29,826,043
		TOTAL FIXED INCOME		152,106,446
INTERNATIONAL EQUITY - 20.0%
	1,061,348	TIAA-CREF Emerging Markets Equity Fund		12,502,682
	10,239,559	TIAA-CREF Enhanced International Equity Index Fund		73,110,454
	7,699,539	TIAA-CREF International Equity Fund		76,302,430
		TOTAL INTERNATIONAL EQUITY		161,915,566
U.S. EQUITY - 61.2%
	11,820,220	TIAA-CREF Enhanced Large-Cap Growth Index Fund		108,982,424
	13,167,961	TIAA-CREF Enhanced Large-Cap Value Index Fund		106,133,766
	7,553,271	TIAA-CREF Growth & Income Fund		68,583,701
	7,795,378	TIAA-CREF Large-Cap Growth Fund		80,292,398
	6,170,444	TIAA-CREF Large-Cap Value Fund		80,647,709
	302,964	TIAA-CREF Mid-Cap Growth Fund		5,804,791
	378,351	TIAA-CREF Mid-Cap Value Fund		6,454,661
	2,749,613	TIAA-CREF Small-Cap Equity Fund		39,759,407
		TOTAL U.S. EQUITY		496,658,857
		TOTAL TIAA-CREF FUNDS (Cost $724,405,117)		810,680,869
		TOTAL INVESTMENTS - 99.9% (Cost $724,405,117)		810,680,869
		OTHER ASSETS & LIABILITIES, NET - 0.1%		1,150,102
		NET ASSETS - 100.0%	$	811,830,971

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

5

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 10.7%
	4,207,518	TIAA-CREF Bond Fund	$	43,674,039
	1,400,369	TIAA-CREF Bond Plus Fund		14,227,753
	2,962,048	TIAA-CREF High-Yield Fund		29,057,691
		TOTAL FIXED INCOME		86,959,483
INTERNATIONAL EQUITY - 21.9%
	1,209,290	TIAA-CREF Emerging Markets Equity Fund		14,245,432
	11,209,271	TIAA-CREF Enhanced International Equity Index Fund		80,034,196
	8,388,134	TIAA-CREF International Equity Fund		83,126,409
		TOTAL INTERNATIONAL EQUITY		177,406,037
U.S. EQUITY - 67.3%
	12,842,211	TIAA-CREF Enhanced Large-Cap Growth Index Fund		118,405,182
	14,309,834	TIAA-CREF Enhanced Large-Cap Value Index Fund		115,337,265
	8,398,872	TIAA-CREF Growth & Income Fund		76,261,753
	8,686,920	TIAA-CREF Large-Cap Growth Fund		89,475,279
	6,855,741	TIAA-CREF Large-Cap Value Fund		89,604,535
	336,450	TIAA-CREF Mid-Cap Growth Fund		6,446,387
	419,773	TIAA-CREF Mid-Cap Value Fund		7,161,321
	3,009,994	TIAA-CREF Small-Cap Equity Fund		43,524,510
		TOTAL U.S. EQUITY		546,216,232
		TOTAL TIAA-CREF FUNDS (Cost $709,249,369)		810,581,752
		TOTAL INVESTMENTS - 99.9% (Cost $709,249,369)		810,581,752
		OTHER ASSETS & LIABILITIES, NET - 0.1%		997,952
		NET ASSETS - 100.0%	$	811,579,704

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

6

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 10.0%
	5,847,240	TIAA-CREF Bond Fund	$	60,694,354
	1,647,375	TIAA-CREF Bond Plus Fund		16,737,330
	4,369,974	TIAA-CREF High-Yield Fund		42,869,449
		TOTAL FIXED INCOME		120,301,133
INTERNATIONAL EQUITY - 22.0%
	1,806,969	TIAA-CREF Emerging Markets Equity Fund		21,286,093
	16,599,623	TIAA-CREF Enhanced International Equity Index Fund		118,521,311
	12,401,937	TIAA-CREF International Equity Fund		122,903,197
		TOTAL INTERNATIONAL EQUITY		262,710,601
U.S. EQUITY - 67.9%
	19,107,362	TIAA-CREF Enhanced Large-Cap Growth Index Fund		176,169,876
	21,279,894	TIAA-CREF Enhanced Large-Cap Value Index Fund		171,515,947
	12,508,873	TIAA-CREF Growth & Income Fund		113,580,564
	12,940,876	TIAA-CREF Large-Cap Growth Fund		133,291,022
	10,213,842	TIAA-CREF Large-Cap Value Fund		133,494,921
	500,951	TIAA-CREF Mid-Cap Growth Fund		9,598,228
	625,010	TIAA-CREF Mid-Cap Value Fund		10,662,676
	4,475,898	TIAA-CREF Small-Cap Equity Fund		64,721,481
		TOTAL U.S. EQUITY		813,034,715
		TOTAL TIAA-CREF FUNDS (Cost $1,036,847,773)		1,196,046,449
		TOTAL INVESTMENTS - 99.9% (Cost $1,036,847,773)		1,196,046,449
		OTHER ASSETS & LIABILITIES, NET - 0.1%		1,237,419
		NET ASSETS - 100.0%	$	1,197,283,868

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

7

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 10.0%
	587,703	TIAA-CREF Bond Fund	$	6,100,359
	252,218	TIAA-CREF Bond Plus Fund		2,562,530
	446,821	TIAA-CREF High-Yield Fund		4,383,313
		TOTAL FIXED INCOME		13,046,202
INTERNATIONAL EQUITY - 22.2%
	260,471	TIAA-CREF Emerging Markets Equity Fund		3,068,351
	1,804,751	TIAA-CREF Enhanced International Equity Index Fund		12,885,924
	1,303,811	TIAA-CREF International Equity Fund		12,920,766
		TOTAL INTERNATIONAL EQUITY		28,875,041
U.S. EQUITY - 67.5%
	1,874,823	TIAA-CREF Enhanced Large-Cap Growth Index Fund		17,285,869
	2,083,801	TIAA-CREF Enhanced Large-Cap Value Index Fund		16,795,439
	1,456,367	TIAA-CREF Growth & Income Fund		13,223,811
	1,518,564	TIAA-CREF Large-Cap Growth Fund		15,641,212
	1,182,519	TIAA-CREF Large-Cap Value Fund		15,455,520
	57,837	TIAA-CREF Mid-Cap Growth Fund		1,108,149
	71,962	TIAA-CREF Mid-Cap Value Fund		1,227,673
	488,574	TIAA-CREF Small-Cap Equity Fund		7,064,779
		TOTAL U.S. EQUITY		87,802,452
		TOTAL TIAA-CREF FUNDS (Cost $111,015,480)		129,723,695
		TOTAL INVESTMENTS - 99.7% (Cost $111,015,480)		129,723,695
		OTHER ASSETS & LIABILITIES, NET - 0.3%		407,175
		NET ASSETS - 100.0%	$	130,130,870

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

8

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 10.0%
	298,855	TIAA-CREF Bond Fund	$	3,102,116
	123,848	TIAA-CREF Bond Plus Fund		1,258,293
	227,422	TIAA-CREF High-Yield Fund		2,231,011
		TOTAL FIXED INCOME		6,591,420
INTERNATIONAL EQUITY - 22.3%
	131,642	TIAA-CREF Emerging Markets Equity Fund		1,550,747
	916,181	TIAA-CREF Enhanced International Equity Index Fund		6,541,532
	661,979	TIAA-CREF International Equity Fund		6,560,216
		TOTAL INTERNATIONAL EQUITY		14,652,495
U.S. EQUITY - 67.3%
	938,602	TIAA-CREF Enhanced Large-Cap Growth Index Fund		8,653,915
	1,043,821	TIAA-CREF Enhanced Large-Cap Value Index Fund		8,413,194
	738,312	TIAA-CREF Growth & Income Fund		6,703,870
	769,724	TIAA-CREF Large-Cap Growth Fund		7,928,158
	599,430	TIAA-CREF Large-Cap Value Fund		7,834,546
	29,316	TIAA-CREF Mid-Cap Growth Fund		561,696
	36,476	TIAA-CREF Mid-Cap Value Fund		622,282
	247,519	TIAA-CREF Small-Cap Equity Fund		3,579,123
		TOTAL U.S. EQUITY		44,296,784
		TOTAL TIAA-CREF FUNDS (Cost $56,300,467)		65,540,699
		TOTAL INVESTMENTS - 99.6% (Cost $56,300,467)		65,540,699
		OTHER ASSETS & LIABILITIES, NET - 0.4%		248,074
		NET ASSETS - 100.0%	$	65,788,773

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

9

TIAA-CREF LIFECYCLE FUNDS – Lifecycle Retirement Income Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 39.5%
	2,959,545	TIAA-CREF Bond Fund	$	30,720,078
	38,827	TIAA-CREF Bond Plus Fund		394,479
	53,508	TIAA-CREF High-Yield Fund		524,915
		TOTAL FIXED INCOME		31,639,472
INFLATION-PROTECTED ASSETS - 9.8%
	710,248	TIAA-CREF Inflation-Linked Bond Fund		7,855,344
		TOTAL INFLATION-PROTECTED ASSETS		7,855,344
INTERNATIONAL EQUITY - 10.0%
	64,384	TIAA-CREF Emerging Markets Equity Fund		758,440
	506,298	TIAA-CREF Enhanced International Equity Index Fund		3,614,969
	370,134	TIAA-CREF International Equity Fund		3,668,025
		TOTAL INTERNATIONAL EQUITY		8,041,434
SHORT-TERM FIXED INCOME - 10.2%
	340,358	TIAA-CREF Money Market Fund		340,358
	761,901	TIAA-CREF Short-Term Bond Fund		7,862,821
		TOTAL SHORT-TERM FIXED INCOME		8,203,179
U.S. EQUITY - 30.2%
	535,722	TIAA-CREF Enhanced Large-Cap Growth Index Fund		4,939,353
	597,998	TIAA-CREF Enhanced Large-Cap Value Index Fund		4,819,863
	391,660	TIAA-CREF Growth & Income Fund		3,556,273
	401,977	TIAA-CREF Large-Cap Growth Fund		4,140,365
	318,620	TIAA-CREF Large-Cap Value Fund		4,164,358
	15,674	TIAA-CREF Mid-Cap Growth Fund		300,304
	19,609	TIAA-CREF Mid-Cap Value Fund		334,528
	137,630	TIAA-CREF Small-Cap Equity Fund		1,990,132
		TOTAL U.S. EQUITY		24,245,176
		TOTAL TIAA-CREF FUNDS (Cost $72,234,106)		79,984,605
		TOTAL INVESTMENTS - 99.7%
		(Cost $72,234,106)		79,984,605
		OTHER ASSETS & LIABILITIES, NET - 0.3%		213,724
		NET ASSETS - 100.0%	$	80,198,329

^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

10

TIAA-CREF LIFECYCLE FUNDS – Notes to Schedules of Investments (unaudited)

Note 1—organization and significant accounting policies

The Lifecycle Funds (the “Funds,” each individually referred to as a “Fund”), are a sub-family of ten funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that was organized on April 15, 1999 and 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 Trust currently consists of forty-nine series. The remaining funds are presented in separate shareholder reports.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors Inc. (“Advisors”), a wholly-owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. The Funds offer up to four share classes, although any one Fund may not necessarily offer all four classes. The Funds may offer Institutional, Retirement, Retail and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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 Board of Trustees (“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 remote.

The accompanying schedule of investments 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. Actual results may differ from those estimates. 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 schedule of investments.

Accounting for investments: Securities transactions are accounted for as of the trade date for financial reporting purposes.

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Trustees, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Trustees. 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 risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

11

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:

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

Transfers between levels are recognized at the end of the reporting period. For the period ended December 31, 2010, there were no significant transfers between levels by the Funds.

As of December 31, 2010, 100% of the value of investments in the Lifecycle Funds were valued based on Level 1 inputs.

Note 3—investments

At December 31, 2010, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund		Book Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation/ (Depreciation)
Lifecycle 2010	$	544,673,001	$	40,798,729	$	(522,270)	$	40,276,459
Lifecycle 2015		697,406,753		57,056,352		(230,117)		56,826,235
Lifecycle 2020		808,810,112		75,461,264		(286,704)		75,174,560
Lifecycle 2025		761,697,311		78,069,417		(247,670)		77,821,747
Lifecycle 2030		724,405,117		86,435,181		(159,429)		86,275,752
Lifecycle 2035		709,249,369		101,432,998		(100,615)		101,332,383
Lifecycle 2040		1,036,847,773		159,293,563		(94,887)		159,198,676
Lifecycle 2045		111,015,480		18,722,750		(14,535)		18,708,215
Lifecycle 2050		56,300,467		9,246,086		(5,854)		9,240,232
Lifecycle Retirement Income		72,234,106		7,758,981		(8,482)		7,750,499

12

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2010 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 44.3%
2,188,958	TIAA-CREF Bond Index Fund	$	22,502,491
	TOTAL FIXED INCOME		22,502,491
INFLATION-PROTECTED ASSETS - 6.1%
283,195	TIAA-CREF Inflation-Linked Bond Fund		3,132,141
	TOTAL INFLATION-PROTECTED ASSETS		3,132,141
INTERNATIONAL EQUITY - 12.4%
382,288	TIAA-CREF International Equity Index Fund		6,300,110
	TOTAL INTERNATIONAL EQUITY		6,300,110
U.S. EQUITY - 37.0%
1,970,986	TIAA-CREF Equity Index Fund		18,803,209
	TOTAL U.S. EQUITY		18,803,209
	TOTAL TIAA-CREF FUNDS		50,737,951
	(Cost $48,347,034)
	TOTAL INVESTMENTS - 99.8%		50,737,951
	(Cost $48,347,034)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		92,826
	NET ASSETS - 100.0%	$	50,830,777

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

1

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2015 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.0%(a)
FIXED INCOME - 38.0%
2,750,642	TIAA-CREF Bond Index Fund	$	28,276,601
	TOTAL FIXED INCOME		28,276,601
INFLATION-PROTECTED ASSETS - 4.1%
276,474	TIAA-CREF Inflation-Linked Bond Fund		3,057,805
	TOTAL INFLATION-PROTECTED ASSETS		3,057,805
INTERNATIONAL EQUITY - 14.3%
644,717	TIAA-CREF International Equity Index Fund		10,624,928
	TOTAL INTERNATIONAL EQUITY		10,624,928
U.S. EQUITY - 42.6%
3,325,162	TIAA-CREF Equity Index Fund		31,722,042
	TOTAL U.S. EQUITY		31,722,042
	TOTAL TIAA-CREF FUNDS		73,681,376
	(Cost $69,836,475)
	TOTAL INVESTMENTS - 99.0%		73,681,376
	(Cost $69,836,475)
	OTHER ASSETS & LIABILITIES, NET - 1.0%		758,422
	NET ASSETS - 100.0%	$	74,439,798

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

2

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2020 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 32.2%
2,754,925	TIAA-CREF Bond Index Fund	$	28,320,629
	TOTAL FIXED INCOME		28,320,629
INFLATION-PROTECTED ASSETS - 2.2%
170,602	TIAA-CREF Inflation-Linked Bond Fund		1,886,863
	TOTAL INFLATION-PROTECTED ASSETS		1,886,863
INTERNATIONAL EQUITY - 16.4%
874,016	TIAA-CREF International Equity Index Fund		14,403,785
	TOTAL INTERNATIONAL EQUITY		14,403,785
U.S. EQUITY - 49.0%
4,514,514	TIAA-CREF Equity Index Fund		43,068,465
	TOTAL U.S. EQUITY		43,068,465
	TOTAL TIAA-CREF FUNDS		87,679,742
	(Cost $82,417,139)
	TOTAL INVESTMENTS - 99.8%		87,679,742
	(Cost $82,417,139)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		211,175
	NET ASSETS - 100.0%	$	87,890,917

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

3

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2025 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 26.3%
2,067,915	TIAA-CREF Bond Index Fund	$	21,258,170
	TOTAL FIXED INCOME		21,258,170
INFLATION-PROTECTED ASSETS - 0.2%
12,078	TIAA-CREF Inflation-Linked Bond Fund		133,583
	TOTAL INFLATION-PROTECTED ASSETS		133,583
INTERNATIONAL EQUITY - 18.4%
904,952	TIAA-CREF International Equity Index Fund		14,913,601
	TOTAL INTERNATIONAL EQUITY		14,913,601
U.S. EQUITY - 54.8%
4,650,026	TIAA-CREF Equity Index Fund		44,361,252
	TOTAL U.S. EQUITY		44,361,252
	TOTAL TIAA-CREF FUNDS		80,666,606
	(Cost $75,323,538)
	TOTAL INVESTMENTS - 99.7%		80,666,606
	(Cost $75,323,538)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		206,896
	NET ASSETS - 100.0%	$	80,873,502

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

4

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2030 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 18.7%
1,665,089	TIAA-CREF Bond Index Fund	$	17,117,113
	TOTAL FIXED INCOME		17,117,113
INTERNATIONAL EQUITY - 20.3%
1,128,662	TIAA-CREF International Equity Index Fund		18,600,349
	TOTAL INTERNATIONAL EQUITY		18,600,349
U.S. EQUITY - 60.7%
5,822,052	TIAA-CREF Equity Index Fund		55,542,377
	TOTAL U.S. EQUITY		55,542,377
	TOTAL TIAA-CREF FUNDS		91,259,839
	(Cost $84,511,383)
	TOTAL INVESTMENTS - 99.7%		91,259,839
	(Cost $84,511,383)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		241,562
	NET ASSETS - 100.0%	$	91,501,401

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

5

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2035 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 10.7%
860,903	TIAA-CREF Bond Index Fund	$	8,850,082
	TOTAL FIXED INCOME		8,850,082
INTERNATIONAL EQUITY - 22.4%
1,125,058	TIAA-CREF International Equity Index Fund		18,540,950
	TOTAL INTERNATIONAL EQUITY		18,540,950
U.S. EQUITY - 66.7%
5,783,906	TIAA-CREF Equity Index Fund		55,178,464
	TOTAL U.S. EQUITY		55,178,464
	TOTAL TIAA-CREF FUNDS		82,569,496
	(Cost $75,693,961)
	TOTAL INVESTMENTS - 99.8%		82,569,496
	(Cost $75,693,961)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		210,734
	NET ASSETS - 100.0%	$	82,780,230

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

6

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2040 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 9.7%
1,053,341	TIAA-CREF Bond Index Fund	$	10,828,344
	TOTAL FIXED INCOME		10,828,344
INTERNATIONAL EQUITY - 22.6%
1,527,671	TIAA-CREF International Equity Index Fund		25,176,015
	TOTAL INTERNATIONAL EQUITY		25,176,015
U.S. EQUITY - 67.3%
7,848,205	TIAA-CREF Equity Index Fund		74,871,877
	TOTAL U.S. EQUITY		74,871,877
	TOTAL TIAA-CREF FUNDS		110,876,236
	(Cost $100,978,959)
	TOTAL INVESTMENTS - 99.6%		110,876,236
	(Cost $100,978,959)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		414,536
	NET ASSETS - 100.0%	$	111,290,772

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

7

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2045 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 10.0%
256,228	TIAA-CREF Bond Index Fund	$	2,634,027
	TOTAL FIXED INCOME		2,634,027
INTERNATIONAL EQUITY - 22.5%
359,338	TIAA-CREF International Equity Index Fund		5,921,889
	TOTAL INTERNATIONAL EQUITY		5,921,889
U.S. EQUITY - 67.0%
1,849,133	TIAA-CREF Equity Index Fund		17,640,728
	TOTAL U.S. EQUITY		17,640,728
	TOTAL TIAA-CREF FUNDS		26,196,644
	(Cost $23,889,381)
	TOTAL INVESTMENTS - 99.5%		26,196,644
	(Cost $23,889,381)
	OTHER ASSETS & LIABILITIES, NET - 0.5%		120,981
	NET ASSETS - 100.0%	$	26,317,625

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

8

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2050 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 10.0%
171,212	TIAA-CREF Bond Index Fund	$	1,760,062
	TOTAL FIXED INCOME		1,760,062
INTERNATIONAL EQUITY - 22.5%
239,577	TIAA-CREF International Equity Index Fund		3,948,221
	TOTAL INTERNATIONAL EQUITY		3,948,221
U.S. EQUITY - 67.1%
1,236,197	TIAA-CREF Equity Index Fund		11,793,317
	TOTAL U.S. EQUITY		11,793,317
	TOTAL TIAA-CREF FUNDS		17,501,600
	(Cost $15,851,607)
	TOTAL INVESTMENTS - 99.6%		17,501,600
	(Cost $15,851,607)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		66,044
	NET ASSETS - 100.0%	$	17,567,644

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

9

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index Retirement Income Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2010

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 100.1%(a)
FIXED INCOME - 49.8%
414,810	TIAA-CREF Bond Index Fund	$	4,264,249
	TOTAL FIXED INCOME		4,264,249
INFLATION-PROTECTED ASSETS - 9.9%
77,083	TIAA-CREF Inflation-Linked Bond Fund		852,543
	TOTAL INFLATION-PROTECTED ASSETS		852,543
INTERNATIONAL EQUITY - 10.1%
52,656	TIAA-CREF International Equity Index Fund		867,764
	TOTAL INTERNATIONAL EQUITY		867,764
U.S. EQUITY - 30.3%
272,134	TIAA-CREF Equity Index Fund		2,596,160
	TOTAL U.S. EQUITY		2,596,160
	TOTAL TIAA-CREF FUNDS		8,580,716
	(Cost $8,092,258)
	TOTAL INVESTMENTS - 100.1%		8,580,716
	(Cost $8,092,258)
	OTHER ASSETS & LIABILITIES, NET - (0.1)%		(5,898	)
	NET ASSETS - 100.0%	$	8,574,818

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

10

TIAA-CREF LIFECYCLE INDEX FUNDS – Notes to Schedules of Investments (unaudited)

Note 1—organization and significant accounting policies

The Lifecycle Index Funds (the “Funds,” each individually referred to as a “Fund”), are a sub-family of ten funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that was organized on April 15, 1999 and 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 Trust consists of forty-nine series. The remaining funds are presented in separate shareholder reports. Each Lifecycle Index Fund commenced operations on September 30, 2009.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly-owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. The Funds offer Institutional, Retirement and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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 Board of Trustees (“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 remote.

The accompanying schedule of investments 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. Actual results may differ from those estimates. 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 schedule of investments.

Accounting for investments: Securities transactions are accounted for as of the trade date for financial reporting purposes.

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Trustees, pursuant to the 1940 Act . These transactions are effected at market rates without incurring broker commissions.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Trustees. 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 risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s 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

11

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 Fund’s major categories of assets and liabilities measured at fair value follows:

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

Transfers between levels are recognized at the end of the reporting period. As of December 31, 2010, there were no significant transfers between levels by the Funds.

As of December 31, 2010, 100% of the value of investments in the Lifecycle Index Funds were valued based on Level 1 inputs.

Note 3—investments

At December 31, 2010, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Book Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Lifecycle Index 2010	$	48,347,034	$	2,407,553	$	(16,636	)	$	2,390,917
Lifecycle Index 2015		69,836,475		3,894,682		(49,781	)		3,844,901
Lifecycle Index 2020		82,417,139		5,362,347		(99,744	)		5,262,603
Lifecycle Index 2025		75,323,538		5,399,637		(56,569	)		5,343,068
Lifecycle Index 2030		84,511,383		6,791,280		(42,824	)		6,748,456
Lifecycle Index 2035		75,693,961		6,894,483		(18,948	)		6,875,535
Lifecycle Index 2040		100,978,959		9,905,076		(7,799	)		9,897,277
Lifecycle Index 2045		23,889,381		2,307,263		—			2,307,263
Lifecycle Index 2050		15,851,607		1,649,993		—			1,649,993
Lifecycle Index Retirement Income		8,092,258		488,458		—			488,458

12

Item 2. Controls and Procedures.

          (a) An evaluation was performed within 90 days of the date hereof 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 quarterly reporting period.

          (b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the 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
Date: February 16, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Date: February 16, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)
Date: February 16, 2011	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer
3(b) Section 302 certification of the principal financial officer