N-CSRS 1 c67292_ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

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: March 31

Date of reporting period: September 30, 2011

Item 1. Reports to Stockholders.



			2011 Semiannual Report

			TIAA-CREF
			Real Estate Securities Fund
			of the TIAA-CREF Funds

			September 30, 2011
			Financial statements (unaudited)


			Contents

			Understanding your fund report	2

			Information for investors	3

			Important information about expenses	4

			About the fund’s benchmark	5

			Fund performance
			Real Estate Securities Fund	6

			Summary portfolio of investments	9

			Financial statements
			Statement of assets and liabilities	12
			Statement of operations	13
			Statement of changes in net assets	14
			Financial highlights	16
			Notes to financial statements	20

			How to reach us	Inside back cover

(TIAA CREF LOGO)

Understanding your fund report

This semiannual report contains information about the Real Estate Securities Fund and describes the fund’s results for the six months ended September 30, 2011. The report contains three main sections:


	•	The fund performance section compares the fund’s investment returns with those of its benchmark index.

	•	The summary portfolio of investments lists the issuers, sectors and types of securities in which the Real Estate Securities Fund had investments as of September 30, 2011.

	•	The financial statements contain detailed information about the operations and financial condition of the fund.

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


2	2011 Semiannual Report § TIAA-CREF Real Estate Securities Fund

Information for investors

Portfolio holdings

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

You can obtain a complete list of the holdings of the Real Estate Securities Fund (Schedule of Investments) as of the most recently completed fiscal quarter in the following ways:


	•	By visiting our website at tiaa-cref.org; or

	•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the Real Estate Securities Fund’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of March 31 or September 30; Form N-Q filings are as of December 31 or June 30. Copies of these forms are available:


	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

The Real Estate Securities Fund is managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the fund.


TIAA-CREF Real Estate Securities Fund § 2011 Semiannual Report	3

Important information about expenses

Shareholders in the Real Estate Securities Fund incur only one of two potential types of costs:


	•	Shareholders do not incur transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.

	•	However, they do incur ongoing costs, including management fees and other fund expenses.

The example that appears in the table on page 5 is intended to help you understand your ongoing costs (in U.S. dollars) of investing in the fund. The example is also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2011–September 30, 2011).

Actual expenses

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

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period.

Hypothetical example for comparison purposes

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

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


4	2011 Semiannual Report § TIAA-CREF Real Estate Securities Fund


Important information about expenses

Expense example

Six months ended September 30, 2011


Real Estate Securities Fund	Beginning account value (4/1/11)		Ending account value (9/30/11)		Expenses paid during period* (4/1/11– 9/30/11)

Institutional Class
Actual return	$	1,000.00	$	868.65	$	2.52
5% annual hypothetical return		1,000.00		1,022.30		2.73

Retirement Class
Actual return	$	1,000.00	$	867.75	$	3.69
5% annual hypothetical return		1,000.00		1,021.05		3.99

Retail Class
Actual return	$	1,000.00	$	867.80	$	3.60
5% annual hypothetical return		1,000.00		1,021.15		3.89

Premier Class
Actual return	$	1,000.00	$	867.96	$	3.22
5% annual hypothetical return		1,000.00		1,021.55		3.49

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.54% for the Institutional Class, 0.79% for the Retirement Class, 0.77% for the Retail Class and 0.69% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

About the fund’s benchmark

The FTSE NAREIT All Equity REITs Index measures the performance of publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate. On December 20, 2010, the benchmark changed its name from the FTSE NAREIT Equity REITs Index to the FTSE NAREIT All Equity REITs Index. At the same time, Timber REITs were added to the index.

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


	TIAA-CREF Real Estate Securities Fund § 2011 Semiannual Report	5

Real Estate Securities Fund

Performance for the six months ended September 30, 2011

The Real Estate Securities Fund returned –13.14% for the Institutional Class, compared with the –12.61% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the one-year period ended September 30, 2011, the fund returned 0.59%, versus 0.93% for the index. The table on the following page shows returns for all share classes of the fund.

REITs lose ground in a declining market

Real estate investment trusts (REITs) posted a 2.90% return for the second quarter of 2011. However, REITs gave back that advance and posted a double-digit loss after they and other stocks sold off in the third quarter. During the six-month period, REITs held up slightly better than the broad U.S. stock market, which fell 15.30%, as measured by the Russell 3000^® Index.

As concerns grew about the economic recovery in the United States and the sovereign debt crisis in Europe, many investors lightened up on stocks, including REITs, and gravitated to less volatile areas of the investment markets, particularly bonds. The U.S. investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index, returned 6.20%.

For the five years ended September 30, 2011, REITs posted an average annual return of –2.43%, lagging the –0.92% average annual return of the Russell 3000 and the 6.53% gain of the Barclays Capital aggregate index.

Stock selections trim the fund’s relative performance

For the six months, twelve of the benchmark’s 13 property sectors posted losses; eight suffered double-digit declines. The biggest drag on index performance came from the lodging, timber and office sectors, which fell 33.4%, 25.5% and 16.1%, respectively. Together, these sectors made up almost one-quarter of the benchmark’s total market capitalization on September 30, 2011.

The fund lagged its benchmark because of several unfavorable stock choices. These included nonbenchmark positions in KB Home; Thomas Properties, an office, retail and multifamily property owner; and CBRE Group, a global real estate services provider. An overweight investment in SL Green, an office REIT, also detracted from the fund’s relative return.

The negative effects of these holdings were partly offset by several successful stock selections, including overweight positions in American Campus Communities and Simon Property Group, a retail property owner. An underweight position in distribution facilities owner ProLogis helped as well.


6	2011 Semiannual Report § TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Performance as of September 30, 2011

Inception
date

Total return

Average annual
total return

Real Estate Securities Fund

6 months

1 year

5 years

since fund
inception

Institutional Class

10/1/2002

–13.14

0.59

–3.13

8.84

Retirement Class

10/1/2002

–13.23

0.31

–3.34

8.65

Retail Class

10/1/2002

–13.22

0.35

–3.29

8.68

Premier Class

9/30/2009

–13.20

0.34

–3.19

8.81

FTSE NAREIT All Equity REITs Index^†

–12.61

0.93

–2.43

9.27

^‡

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

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


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

^†	On December 20, 2010, the benchmark changed its name from the FTSE NAREIT Equity REITs Index to the FTSE NAREIT All Equity REITs Index. At the same time, Timber REITs were added to the index.

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


	TIAA-CREF Real Estate Securities Fund § 2011 Semiannual Report	7

Real Estate Securities Fund


Portfolio composition

Sector	% of net assets as of 9/30/2011

Specialized REITs		25.2
Retail REITs		24.2
Residential REITs		17.7
Office REITs		13.6
Diversified REITs		4.5
Industrial REITs		3.2
Gold		2.3
Real estate operating companies		1.2
Homebuilding		0.9
Diversified capital markets		0.8
Mortgage REITs		0.6
Real estate services		0.5
Security & alarm services		0.3
Hotels, resorts & cruise lines		0.3
Precious metals & minerals		0.2
Asset management & custody banks		0.2
Other assets & liabilities, net		4.3

Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 9/30/2011

Over $15 billion		23.9
$4 billion–$15 billion		51.0
Under $4 billion		25.1

Total		100.0


8	2011 Semiannual Report § TIAA-CREF Real Estate Securities Fund


Summary portfolio of investments (unaudited)

Real Estate Securities Fund § September 30, 2011


Shares			Company	Value		% of net assets

COMMON STOCKS

ASSET MANAGEMENT & CUSTODY BANKS				$	1,534,000		0.2	%

DIVERSIFIED CAPITAL MARKETS
	650,000	*	HFF, Inc (Class A)		5,681,000		0.8

					5,681,000		0.8

DIVERSIFIED REITS
	430,000		Vornado Realty Trust		32,086,600		4.5

					32,086,600		4.5

GOLD
	60,000		Agnico-Eagle Mines Ltd		3,571,200		0.5
	65,000		Goldcorp, Inc		2,966,600		0.4
	125,000		Market Vectors Junior Gold Miners ETF		3,518,750		0.5
	100,000		Newmont Mining Corp		6,290,000		0.9

					16,346,550		2.3

HOMEBUILDING
	900,000		PDG Realty S.A.		2,934,184		0.4
			Other		3,733,000		0.5

					6,667,184		0.9

HOTELS, RESORTS & CRUISE LINES					1,941,000		0.3

INDUSTRIAL REITS
	567,840		AMB Property Corp		13,770,120		1.9
	195,000		EastGroup Properties, Inc		7,437,300		1.0
			Other		1,440,000		0.3

					22,647,420		3.2

MORTGAGE REITS
	250,000		Starwood Property Trust, Inc		4,290,000		0.6

					4,290,000		0.6

OFFICE REITS
	130,000		Alexandria Real Estate Equities, Inc		7,980,700		1.1
	515,000		BioMed Realty Trust, Inc		8,533,550		1.2
	425,000		Boston Properties, Inc		37,867,500		5.3
	220,000		Digital Realty Trust, Inc		12,135,200		1.7
	180,000		Mack-Cali Realty Corp		4,815,000		0.7
	350,000		Mission West Properties, Inc		2,656,500		0.4
	405,000		SL Green Realty Corp		23,550,750		3.2

					97,539,200		13.6

PRECIOUS METALS & MINERALS					1,715,200		0.2


See notes to financial statements	TIAA-CREF Real Estate Securities Fund § 2011 Semiannual Report	9


Summary portfolio of investments (unaudited)	continued

Real Estate Securities Fund § September 30, 2011


Shares			Company	Value		% of net assets

REAL ESTATE OPERATING COMPANIES
	3,850,000	*,a	Thomas Properties Group, Inc	$	8,778,000		1.2	%

					8,778,000		1.2

REAL ESTATE SERVICES
	75,000		Vanguard REIT ETF		3,815,250		0.5

					3,815,250		0.5

RESIDENTIAL REITS
	350,000		American Campus Communities, Inc		13,023,500		1.8
	200,000		Associated Estates Realty Corp		3,092,000		0.4
	235,000		AvalonBay Communities, Inc		26,801,750		3.7
	70,000		BRE Properties, Inc (Class A)		2,963,800		0.4
	210,000		Camden Property Trust		11,604,600		1.6
	720,000		Equity Residential		37,346,400		5.2
	170,000		Essex Property Trust, Inc		20,406,800		2.9
	210,000		Post Properties, Inc		7,295,400		1.0
	200,000		UDR, Inc		4,428,000		0.7

					126,962,250		17.7

RETAIL REITS
	1,650,000		DDR Corp		17,985,001		2.6
	55,000		Federal Realty Investment Trust		4,532,550		0.6
	1,250,000		General Growth Properties, Inc		15,125,000		2.2
	400,000		Glimcher Realty Trust		2,832,000		0.4
	580,000		Kimco Realty Corp		8,717,400		1.2
	380,000		Macerich Co		16,199,400		2.3
	175,000		Regency Centers Corp		6,182,750		0.9
	745,000		Simon Property Group, Inc		81,935,100		11.2
	350,000		Tanger Factory Outlet Centers, Inc		9,103,500		1.3
	65,000		Taubman Centers, Inc		3,270,150		0.5
	800,000		Westfield Group		5,932,561		0.8
			Other		1,612,000		0.2

					173,427,412		24.2

SECURITY & ALARM SERVICES					2,007,932		0.3

SPECIALIZED REITS
	238,126		Entertainment Properties Trust		9,282,151		1.3
	200,000		Extra Space Storage, Inc		3,726,000		0.5
	820,000		HCP, Inc		28,749,200		4.0
	400,000		Health Care REIT, Inc		18,720,000		2.6
	150,000		Healthcare Realty Trust, Inc		2,527,500		0.4
	1,250,000		Hersha Hospitality Trust		4,325,000		0.6
	1,600,000		Host Marriott Corp		17,504,000		2.4
	200,000		Plum Creek Timber Co, Inc		6,942,000		1.0
	260,000		Public Storage, Inc		28,951,000		4.0
	640,000		Ventas, Inc		31,616,000		4.4
	1,100,000		Weyerhaeuser Co		17,105,000		2.5
			Other		10,560,800		1.5

					180,008,651		25.2

			TOTAL COMMON STOCKS (Cost $744,856,249)		685,447,649		95.7


10	2011 Semiannual Report § TIAA-CREF Real Estate Securities Fund	See notes to financial statements


Summary portfolio of investments (unaudited)	concluded

Real Estate Securities Fund § September 30, 2011

Value

% of net
assets

TOTAL PORTFOLIO

(Cost $744,856,249)

685,447,649

95.7

OTHER ASSETS & LIABILITIES, NET

30,455,323

4.3

NET ASSETS

715,902,972

100.0



Abbreviation(s):
ETF	Exchange Traded Fund
REIT	Real Estate Investment Trust

*	Non-income producing.

a	Affiliated holding.

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


See notes to financial statements	TIAA-CREF Real Estate Securities Fund § 2011 Semiannual Report	11

Statement of assets and liabilities (unaudited)

Real Estate Securities Fund § September 30, 2011



ASSETS
Portfolio investments, at value^†	$	676,669,649
Affiliated investments, at value^‡		8,778,000
Cash		25,510,413
Receivable from securities transactions		5,710,443
Receivable from Fund shares sold		953,248
Dividends and interest receivable		1,898,473
Other		25,222

Total assets		719,545,448

LIABILITIES
Management fees payable		30,081
Service agreement fees payable		4,230
Distribution fees payable		45,209
Due to affiliates		5,838
Payable for securities transactions		2,798,773
Payable for Fund shares redeemed		526,271
Accrued expenses & other payables		232,074

Total liabilities		3,642,476

NET ASSETS	$	715,902,972

NET ASSETS CONSIST OF:
Paid-in-capital	$	827,005,159
Undistributed net investment income (loss)		1,891,477
Accumulated net realized gain (loss) on total investments		(53,585,064	)
Net unrealized appreciation (depreciation) on total investments		(59,408,600	)

NET ASSETS	$	715,902,972

INSTITUTIONAL CLASS:
Net assets	$	332,778,486
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		35,901,524

Net asset value per share	$	9.27

RETIREMENT CLASS:
Net assets	$	200,792,513
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		21,007,388

Net asset value per share	$	9.56

RETAIL CLASS:
Net assets	$	109,868,796
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,921,844

Net asset value per share	$	9.22

PREMIER CLASS:
Net assets	$	72,463,177
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,814,675

Net asset value per share	$	9.27

^†Portfolio investments, cost	$	727,069,508
^‡Affiliated investments, cost	$	17,786,741


12	2011 Semiannual Report § TIAA-CREF Real Estate Securities Fund	See notes to financial statements

Statement of operations (unaudited)

Real Estate Securities Fund § For the period ended September 30, 2011



INVESTMENT INCOME
Dividends*	$	8,586,358

Total income		8,586,358

EXPENSES
Management fees		2,079,746
Distribution fees — Retail Class		69,412
Distribution fees — Premier Class		56,704
Fund administration fees		30,553
Custody and accounting fees		10,183
Professional fees		31,642
Shareholder reports		20,105
Shareholder servicing — Institutional Class		1,213
Shareholder servicing — Retirement Class		340,138
Shareholder servicing — Retail Class		75,868
Shareholder servicing — Premier Class		135
Trustee fees and expenses		4,400
Compliance fees		9,929
Interest expense		170
Registration fees		44,482
Other expenses		21,145

Total expenses		2,795,825

Net investment income (loss)		5,790,533

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		2,806,697
Foreign currency transactions		77,054

Net realized gain (loss) on total investments		2,883,751

Change in unrealized appreciation (depreciation) on:
Portfolio investments		(115,992,187	)
Affiliated investments		(4,119,500	)

Net change in unrealized appreciation (depreciation) on total investments		(120,111,687	)

Net realized and unrealized gain (loss) on total investments		(117,227,936	)

Net increase (decrease) from operations	$	(111,437,403	)

* Net of foreign withholding taxes of	$	(4,981	)


See notes to financial statements	TIAA-CREF Real Estate Securities Fund § 2011 Semiannual Report	13

Statement of changes in net assets

Real Estate Securities Fund § For the period or year ended


		For the six-month period ended September 30, 2011			For the six-month period ended March 31, 2011			For the year ended September 30, 2010

		(unaudited		)
OPERATIONS
Net investment income (loss)		$	5,790,533		$	3,284,175		$	11,919,577
Net realized gain (loss) on total investments			2,883,751			36,862,959			40,020,926
Net change in unrealized appreciation (depreciation) on total investments			(120,111,687	)		68,135,036			98,598,086

Net increase (decrease) from operations			(111,437,403	)		108,282,170			150,538,589

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
	Institutional Class		(2,488,810	)		(2,128,467	)		(5,247,895	)
	Retirement Class		(1,337,014	)		(1,511,340	)		(4,161,881	)
	Retail Class		(714,160	)		(676,295	)		(1,777,719	)
	Premier Class		(455,106	)		(513,365	)		(281,684	)
From return of capital:
	Institutional Class		—			—			(546,958	)
	Retirement Class		—			—			(433,758	)
	Retail Class		—			—			(185,280	)
	Premier Class		—			—			(29,358	)

Total distributions			(4,995,090	)		(4,829,467	)		(12,664,533	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		79,393,304			68,071,257			58,520,557
	Retirement Class		28,246,526			40,745,460			116,364,795
	Retail Class		14,774,132			16,439,057			18,249,325
	Premier Class		19,029,180			57,665,606			28,997,740
Reinvestments of distributions:
	Institutional Class		2,466,937			2,104,369			5,713,521
	Retirement Class		1,337,014			1,511,340			4,595,639
	Retail Class		682,570			645,736			1,871,222
	Premier Class		455,106			513,365			311,042
Redemptions:	Institutional Class		(29,919,323	)		(42,860,920	)		(60,652,456	)
	Retirement Class		(83,761,408	)		(72,380,959	)		(49,974,646	)
	Retail Class		(11,819,508	)		(11,211,147	)		(17,297,526	)
	Premier Class		(11,034,732	)		(22,672,270	)		(1,714,636	)

Net increase (decrease) from shareholder transactions			9,849,798			38,570,894			104,984,577

Net increase (decrease) in net assets			(106,582,695	)		142,023,597			242,858,633
NET ASSETS
Beginning of period		$	822,485,667		$	680,462,070		$	437,603,437

End of period		$	715,902,972		$	822,485,667		$	680,462,070

Undistributed net investment income (loss) included in net assets		$	1,891,477		$	1,096,034		$	1,445,958


14	2011 Semiannual Report ▪ TIAA-CREF Real Estate Securities Fund	See notes to financial statements

concluded


		For the six-month period ended September 30, 2011			For the six-month period ended March 31, 2011			For the year ended September 30, 2010

		(unaudited)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		7,399,790			6,724,866			6,909,770
	Retirement Class		2,510,094			3,909,100			12,991,904
	Retail Class		1,367,880			1,624,147			2,165,712
	Premier Class		1,860,074			5,815,324			3,467,314
Shares reinvested:
	Institutional Class		251,025			208,758			663,181
	Retirement Class		131,453			145,918			514,631
	Retail Class		70,069			64,613			219,309
	Premier Class		46,264			51,229			34,085
Shares redeemed:
	Institutional Class		(2,840,227	)		(4,250,649	)		(6,837,297	)
	Retirement Class		(7,732,430	)		(7,079,509	)		(5,779,485	)
	Retail Class		(1,129,589	)		(1,115,281	)		(2,105,025	)
	Premier Class		(1,071,482	)		(2,227,970	)		(194,693	)

Net increase (decrease) from shareholder transactions			862,921			3,870,546			12,049,406


See notes to financial statements	TIAA-CREF Real Estate Securities Fund ▪ 2011 Semiannual Report	15

Financial highlights

Real Estate Securities Fund § For the period or year ended


	Institutional Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.75		$	9.35		$	7.24		$	10.51		$	14.65		$	15.34		$	14.46


Gain from investment operations:
Net investment income (loss) (a)		0.08			0.05			0.19			0.23			0.27			0.22			0.34
Net realized and unrealized gain (loss) on total investments		(1.49	)		1.42			2.12			(3.31	)		(2.24	)		0.47			2.69

Total gain (loss) from investment operations		(1.41	)		1.47			2.31			(3.08	)		(1.97	)		0.69			3.03


Less distributions from:
Net investment income		(0.07	)		(0.07	)		(0.18	)		(0.19	)		(0.39	)		(0.48	)		(0.57	)
Net realized gains		—			—			—			—			(1.62	)		(0.90	)		(1.58	)
Return of capital		—			—			(0.02	)		—			(0.16	)		—			—

Total distributions		(0.07	)		(0.07	)		(0.20	)		(0.19	)		(2.17	)		(1.38	)		(2.15	)

Net asset value, end of period	$	9.27		$	10.75		$	9.35		$	7.24		$	10.51		$	14.65		$	15.34


TOTAL RETURN		(13.14	)%(b)		15.80	%(b)		32.16	%		(28.84	)%		(13.54	)%		4.26	%		23.49	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	332,778		$	334,174		$	265,753		$	200,324		$	242,867		$	252,164		$	218,442
Ratio of expenses to average net assets before expense waiver and reimbursement		0.54	%(c)		0.59	%(c)		0.56	%		0.60	%		0.56	%		0.58	%		0.42	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.54	%(c)		0.57	%(c)		0.56	%		0.56	%		0.56	%		0.55	%		0.42	%
Ratio of net investment income (loss) to average net assets		1.45	%(c)		0.98	%(c)		2.29	%		3.98	%		2.38	%		1.39	%		2.40	%
Portfolio turnover rate		30	%(b)		30	%(b)		66	%		78	%		94	%		116	%		174	%


16	2011 Semiannual Report ▪ TIAA-CREF Real Estate Securities Fund	See notes to financial statements


Financial highlights	continued

Real Estate Securities Fund § For the period or year ended


	Retirement Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.08		$	9.64		$	7.46		$	10.81		$	15.00		$	15.66		$	14.66


Gain from investment operations:
Net investment income (loss) (a)		0.08			0.04			0.17			0.21			0.24			0.19			0.31
Net realized and unrealized gain (loss) on total investments		(1.54	)		1.46			2.19			(3.39	)		(2.28	)		0.49			2.76

Total gain (loss) from investment operations		(1.46	)		1.50			2.36			(3.18	)		(2.04	)		0.68			3.07


Less distributions from:
Net investment income		(0.06	)		(0.06	)		(0.16	)		(0.17	)		(0.37	)		(0.44	)		(0.49	)
Net realized gains		—			—			—			—			(1.62	)		(0.90	)		(1.58	)
Return of capital		—			—			(0.02	)		—			(0.16	)		—			—

Total distributions		(0.06	)		(0.06	)		(0.18	)		(0.17	)		(2.15	)		(1.34	)		(2.07	)

Net asset value, end of period	$	9.56		$	11.08		$	9.64		$	7.46		$	10.81		$	15.00		$	15.66


TOTAL RETURN		(13.23	)%(b)		15.60	%(b)		31.85	%		(28.95	)%		(13.76	)%		4.11	%		23.45	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	200,793		$	289,161		$	280,763		$	159,554		$	172,078		$	191,671		$	197,157
Ratio of expenses to average net assets before expense waiver and reimbursement		0.79	%(c)		0.83	%(c)		0.81	%		0.85	%		0.81	%		0.84	%		0.71	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.79	%(c)		0.82	%(c)		0.81	%		0.81	%		0.81	%		0.80	%		0.70	%
Ratio of net investment income (loss) to average net assets		1.40	%(c)		0.77	%(c)		1.98	%		3.53	%		2.03	%		1.18	%		2.14	%
Portfolio turnover rate		30	%(b)		30	%(b)		66	%		78	%		94	%		116	%		174	%


See notes to financial statements	TIAA-CREF Real Estate Securities Fund ▪ 2011 Semiannual Report	17


Financial highlights	continued

Real Estate Securities Fund § For the period or year ended


	Retail Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.69		$	9.30		$	7.20		$	10.46		$	14.59		$	15.27		$	14.35


Gain from investment operations:
Net investment income (loss) (a)		0.07			0.04			0.17			0.23			0.31			0.21			0.31
Net realized and unrealized gain (loss) on total investments		(1.48	)		1.41			2.11			(3.31	)		(2.28	)		0.47			2.70

Total gain (loss) from investment operations		(1.41	)		1.45			2.28			(3.08	)		(1.97	)		0.68			3.01


Less distributions from:
Net investment income		(0.06	)		(0.06	)		(0.16	)		(0.18	)		(0.38	)		(0.46	)		(0.51	)
Net realized gains		—			—			—			—			(1.60	)		(0.90	)		(1.58	)
Return of capital		—			—			(0.02	)		—			(0.18	)		—			—

Total distributions		(0.06	)		(0.06	)		(0.18	)		(0.18	)		(2.16	)		(1.36	)		(2.09	)

Net asset value, end of period	$	9.22		$	10.69		$	9.30		$	7.20		$	10.46		$	14.59		$	15.27


TOTAL RETURN		(13.22	)%(b)		15.64	%(b)		31.95	%		(29.01	)%		(13.66	)%		4.26	%		23.50	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	109,869		$	124,104		$	102,686		$	77,475		$	118,076		$	174,936		$	189,084
Ratio of expenses to average net assets before expense waiver and reimbursement		0.77	%(c)		0.84	%(c)		0.77	%		1.06	%		0.85	%		0.83	%		0.62	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.77	%(c)		0.83	%(c)		0.77	%		0.75	%		0.70	%		0.65	%		0.62	%
Ratio of net investment income (loss) to average net assets		1.27	%(c)		0.75	%(c)		2.08	%		3.89	%		2.68	%		1.32	%		2.21	%
Portfolio turnover rate		30	%(b)		30	%(b)		66	%		78	%		94	%		116	%		174	%


18	2011 Semiannual Report § TIAA-CREF Real Estate Securities Fund	See notes to financial statements


Financial highlights	concluded

Real Estate Securities Fund § For the period or year ended


	Premier Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09		*

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.75		$	9.36		$	7.24		$	7.24


Gain from investment operations:
Net investment income (loss) (a)		0.07			0.05			0.14			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(1.49	)		1.41			2.17			—

Total gain (loss) from investment operations		(1.42	)		1.46			2.31			0.00	(d)


Less distributions from:
Net investment income		(0.06	)		(0.07	)		(0.17	)		—
Return of capital		—			—			(0.02	)		—

Total distributions		(0.06	)		(0.07	)		(0.19	)		—

Net asset value, end of period	$	9.27		$	10.75		$	9.36		$	7.24


TOTAL RETURN		(13.20	)%(b)		15.60	%(b)		32.12	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	72,463		$	75,047		$	31,260		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.69	%(c)		0.74	%(c)		0.71	%		221.11	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.69	%(c)		0.72	%(c)		0.71	%		0.72	%(c)
Ratio of net investment income (loss) to average net assets		1.24	%(c)		1.03	%(c)		1.56	%		0.00	%(c)
Portfolio turnover rate		30	%(b)		30	%(b)		66	%		78	%


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.


See notes to financial statements	TIAA-CREF Real Estate Securities Fund § 2011 Semiannual Report	19

Notes to financial statements (unaudited)

Real Estate Securities Fund

Note 1—organization and significant accounting policies

The TIAA-CREF Real Estate Securities 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 four share classes: 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.

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Net Asset Value per share (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Fund.

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

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

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values


20	2011 Semiannual Report § TIAA-CREF Real Estate Securities Fund

continued

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

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

Income taxes: The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that the Fund distributes all taxable income each year and complies with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Fund’s tax positions taken for all open federal income tax years (2007–2011) and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

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

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

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

Note 2—valuation of investments

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


•	Level 1 – quoted prices in active markets for identical securities

•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)


TIAA-CREF Real Estate Securities Fund § 2011 Semiannual Report	21

Notes to financial statements (unaudited)


•	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 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:

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 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 affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

Short-term investments: Short-term investments with maturities of 60 days or less are valued 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. Short-term investments 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.


22	2011 Semiannual Report § TIAA-CREF Real Estate Securities Fund

continued

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 Board. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting period. For the period ended September 30, 2011, there were no significant transfers between levels by the Fund.

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2011:


Investments	Level 1		Level 2		Level 3		Total

Asset management & custody banks	$	1,534,000	$	—	$	—	$	1,534,000
Diversified capital markets		5,681,000		—		—		5,681,000
Diversified REITs		32,086,600		—		—		32,086,600
Gold		16,346,550		—		—		16,346,550
Homebuilding		3,733,000		2,934,184		—		6,667,184
Hotels, resorts & cruise lines		1,941,000		—		—		1,941,000
Industrial REITs		22,647,420		—		—		22,647,420
Mortgage REITs		4,290,000		—		—		4,290,000
Office REITs		97,539,200		—		—		97,539,200
Precious metals & minerals		1,715,200		—		—		1,715,200
Real estate operating companies		8,778,000		—		—		8,778,000
Real estate services		3,815,250		—		—		3,815,250
Residential REITs		126,962,250		—		—		126,962,250
Retail REITs		167,494,851		5,932,561		—		173,427,412
Security & alarm services		2,007,932		—		—		2,007,932
Specialized REITs		180,008,651		—		—		180,008,651

Total	$	676,580,904	$	8,866,745	$	—	$	685,447,649

Note 3—investment adviser and affiliates

Under the terms of its Investment Management Agreement, the Fund pays Advisors a monthly fee based on the annual rate of between 0.44% and 0.50% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. The fee range represents a breakpoint schedule that reduces investment management fees as the Fund’s net assets increase. Under the terms of the Fund’s Service Agreement, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms.


TIAA-CREF Real Estate Securities Fund § 2011 Semiannual Report	23

Notes to financial statements (unaudited)

Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of the Fund reimburses TPIS for amounts incurred up to 0.25% of the average daily net assets to distribute the Fund’s Retail Class shares. The Premier Class of the Fund has adopted a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional, and shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class shares.

Certain affiliated entities may pay Fund expenses on behalf of the Fund. The Fund reimburses the affiliated entities for any such payment. Amounts owed to Fund affiliates for payment of Fund expenses are disclosed as due to affiliates on the Statement of Assets and Liabilities.

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding acquired fund fees and expenses and extraordinary expenses) exceeds 0.96% of the average daily net assets for the Retail Class shares; 0.82% of average daily net assets for the Retirement Class shares; 0.72% of average daily net assets for the Premier Class shares; and 0.57% of average daily net assets for the Institutional Class shares. The expense reimbursement arrangements will continue through at least September 30, 2012, unless changed with approval of the Board.

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

Certain TIAA-CREF Funds and affiliates make investments in the Fund. At September 30, 2011, TIAA Access, an affiliate, owned 2% of the Fund’s shares.

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. Information regarding transactions with affiliated companies is as follows:


Issue	Value at March 31, 2011		Shares at September 30, 2011		Value at September 30, 2011

Real Estate Securities Fund
Thomas Properties Group*	$	12,897,500		3,850,000	$	8,778,000

					$	8,778,000


*	There were no purchases, sales, realized gain (loss), dividend income or withholding expense during the period ended September 30, 2011.

Note 4—investments

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


24	2011 Semiannual Report § TIAA-CREF Real Estate Securities Fund

concluded

At September 30, 2011, the cost of portfolio investments for federal income tax purposes was $750,975,003. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $(65,527,354), consisting of gross unrealized appreciation of $48,041,991, and gross unrealized depreciation of $(113,569,345).

Purchases and sales of portfolio securities (other than short-term money market instruments) for the period ended September 30, 2011 were $245,117,791 and $240,730,019, respectively.

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended March 31, 2011 was as follows:


	Ordinary income		Long-term capital gains		Return of capital		Total

3/31/11	$	4,829,467	$	—	$	—	$	4,829,467

The tax character of the fiscal year 2012 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

The Fund participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the Fund at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the period ended September 30, 2011, there were no borrowings under this credit facility by the Fund.

Note 7—indemnification

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Fund’s organizational documents, the trustees and officers of the Fund are 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.


TIAA-CREF Real Estate Securities Fund § 2011 Semiannual Report	25

[This page intentionally left blank.]

How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

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

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.


		730 Third Avenue New York, NY 10017-3206	PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF


NCI-SFI-COC-163

	Printed on paper containing recycled fiber

eDelivery will save trees, conserve paper and reduce mailbox clutter.
Sign up today at www.tiaa-cref.org/eDelivery
C1367			A12456 (11/11)


		730 Third Avenue New York, NY 10017-3206



NCI-SFI-COC-163

	Printed on paper containing recycled fiber


C1367			A12456 (11/11)




			2011 Semiannual Report


			TIAA-CREF Funds
			Fixed-Income Funds

			September 30, 2011

			Financial statements (unaudited)


Contents

Understanding your report from TIAA-CREF Funds	2

TIAA-CREF Market Monitor	3

Information for investors	4

About the funds’ benchmarks	5

Important information about expenses	5

Fund performance
Bond Fund	6
Bond Plus Fund	8
Short-Term Bond Fund	10
High-Yield Fund	12
Tax-Exempt Bond Fund	14
Inflation-Linked Bond Fund	16
Bond Index Fund	18
Money Market Fund	20

Summary portfolios of investments	22

Financial statements
Statements of assets and liabilities	38
Statements of operations	40
Statements of changes in net assets	42
Financial highlights	48
Notes to financial statements	63

How to reach us	Inside back cover

(TIAA CREF LOGO)

Understanding your report from TIAA-CREF Funds

For the purposes of this report “TIAA-CREF Funds” refers only to the TIAA-CREF Fixed-Income Funds on the cover of this report.

This semiannual report contains information about the TIAA-CREF Funds and describes their results for the six months ended September 30, 2011. The report contains three main sections:


	•	The fund performance section compares each fund’s investment returns with those of its benchmark index.

	•	The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of September 30, 2011.

	•	The financial statements contain detailed information about the operations and financial condition of each fund.

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


2	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

TIAA-CREF Market Monitor

Bonds benefit from stock market woes

During the six-month period ended September 30, 2011, the broad U.S. bond market posted a robust return but did so against a worrying backdrop. The Barclays Capital U.S. Aggregate Bond Index, which measures the performance of the domestic investment-grade, fixed-rate bond market, returned 2.3% in the second quarter of 2011 and 3.8% in the third quarter; for the six months, the return of the index was 6.2%.

As the global economic picture darkened during the period, investors moved billions of dollars out of stocks and into bonds. Data compiled by the Investment Company Institute revealed that stock-based U.S. mutual funds had net outflows totaling about $92 billion during the period covered by this report; taxable U.S. bond funds saw net inflows of about $69 billion. Increased demand from mutual funds, along with massive bond purchases by the Federal Reserve, lifted bond prices during the period and contributed to higher returns.

For the twelve-month period ended September 30, the Barclays Capital aggregate index posted a total return of 5.3%. However, with the inflation rate at 3.9% over the period, the real (i.e., inflation-adjusted) return of the index was 1.4%.

A slowing economy prompts a sell-off in stocks

The year’s second quarter brought new worries about the nation’s economic recovery, as manufacturing weakened and home prices fell further. Returns from U.S. stocks were flat for the quarter, as measured by the broad Russell 3000^® Index.

On July 29, the Bureau of Economic Analysis announced that gross domestic product (GDP) had risen at an annualized rate of just 1.3% during the second quarter, after accounting for inflation. This was short of consensus expectations, which had pointed to an increase of 1.9%. With the U.S. population growing nearly 1% each year, the rate of GDP growth showed an economy practically standing still, on a per capita basis.

Bond sector returns

Total return for the six months ended September 30, 2011

(BAR CHART)

Largest sectors of the U.S. investment-grade bond market,
as measured by the Barclays Capital U.S. Aggregate Bond Index

Such tepid growth held little promise of improving the nation’s employment picture. Throughout the period, the official unemployment rate hovered around 9%. However, the Labor Department’s broadest measure of joblessness indicated that 16.5% of working-age Americans who wanted jobs were unable to find full-time work.

Investors were further jolted on August 5, when independent rating agency Standard & Poor’s lowered the long-term sovereign credit rating of the United States from AAA to AA+, citing concerns about the fiscal agreement reached earlier that week in Washington.

At the same time, Europe’s sovereign debt problems intensified, putting more stress on international credit markets. In combination, these factors produced accelerating losses in an already declining stock market, and the Russell 3000 Index lost 15.3% for the third quarter.

Bond investors, too, prove wary of risk

The same forces that drove stock prices down during the six-month period contributed to a vigorous rally in the U.S. bond markets, with investors seeking the relative safety of fixed-income investments in many categories.

Despite the S&P credit downgrade, U.S. Treasury securities continued to be attractive. Treasuries, which made up more than one-third of the market capitalization of the Barclays Capital aggregate index on September 30, returned 9.0% for the six months. Their rising prices pushed the yield of 10-year Treasuries down from 3.47% at the end of March to 1.92% at the end of September.

U.S. mortgage-backed securities, including the bonds of Ginnie Mae and Freddie Mac, made up nearly another third of the index at the period’s end. They returned 4.7%, lagging Treasuries by more than four percentage points.

Corporate bonds—about one-fifth of the index—did somewhat better, earning 5.2%. Two much smaller sectors, U.S. agency securities and commercial mortgage-backed securities, returned 4.1% and 0.8%, respectively.

The market’s results were further divided by credit quality. Triple-A bonds outperformed Baa bonds by more than one-and-a-half percentage points. Even in the relatively low-risk market for investment-grade bonds, rattled investors showed extra caution in taking on new risk.


	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	3

Information for investors

Portfolio holdings

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

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


	•	By visiting our website at tiaa-cref.org; or

	•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.

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


	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

Proxy voting

In certain market conditions, the investment portfolio of a fixed-income fund may include shares of common or preferred stock. If that should occur, TIAA-CREF Funds’ ownership of stock would give it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You can also call us at 800 842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA-CREF

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

Fund management

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


4	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

About the funds’ benchmarks

The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

The Barclays Capital U.S. 1–5 Year Government/Credit Bond Index measures the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1–5 year maturities.

The BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index measures the performance of bond securities that pay interest in cash and have a credit rating of BB or B. BofA Merrill Lynch uses a composite of Fitch Ratings, Moody’s and Standard & Poor’s credit ratings in selecting bonds for this index. These ratings measure the risk that the bond issuer will fail to pay interest or to repay principal in full. The index is market weighted, so that larger bond issues have a greater effect on the index’s return. However, the representation of any single bond issuer is restricted to a maximum of 2% of the total index.

The Barclays Capital 10-Year Municipal Bond Index measures the performance of long-term, tax-exempt bonds. Bonds in the index must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following rating agencies: Moody’s, Standard & Poor’s and Fitch, and must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million.

The Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) measures the performance of fixed-income securities with fixed-rate coupon payments that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U).

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

Important information about expenses

The expenses paid by shareholders of a mutual fund fall into two categories. For the TIAA-CREF Funds, these expenses are as follows:


•	Transaction costs: Although shareholders do not incur sales charges (loads) on purchases, on reinvested dividends or on other distributions, they may incur redemption fees on certain transactions in some funds. Please see the prospectus for details.

•	Ongoing costs: All shareholders incur these costs, which include management fees and other fund expenses.

The expense examples that appear on the performance pages are intended to help you understand your ongoing costs (in U.S. dollars) of investing in each fund. The examples are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2011-September 30, 2011).

Actual expenses

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

Hypothetical example for comparison purposes

The second section of the table shows hypothetical account values and expenses based on the fund’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the fund’s actual return.


	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	5

Bond Fund


Portfolio composition


			% of net assets as of 9/30/2011

Mortgage-backed securities*			32.5
Corporate bonds			24.2
Foreign government & corporate bonds denominated in U.S. dollars			19.5
U.S. agency securities			8.0
U.S. Treasury securities			8.0
Commercial mortgage-backed securities			5.4
Asset-backed securities			1.4
Municipal bonds			0.4
Short-term investments			24.0
Other assets & liabilities, net			–23.4

Total			100.0


*	Includes mortgage pass-through securities and collateralized mortgage obligations


Holdings by maturity


			% of fixed-income investments as of 9/30/2011

Less than 1 year			20.5
1–3 years			9.6
3–5 years			11.3
5–10 years			17.6
Over 10 years			41.0

Total			100.0

Holdings by credit quality^†


			% of fixed-income investments as of 9/30/2011

Aaa/AAA			48.7
Aa/AA			12.7
A/A			15.8
Baa/BBB			17.0
Ba/BB			2.9
B/B			1.8
Below B/B			0.4
Non-rated			0.7

Total			100.0


^†	Credit quality ratings are based on the Barclays Capital methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Performance for the six months ended September 30, 2011

The Bond Fund returned 4.38% for the Institutional Class, compared with the 6.20% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the one-year period ended September 30, 2011, the fund returned 3.67%, versus 5.26% for the index. The table below shows returns for all share classes of the fund.

U.S. bonds gain as stocks stumble

During the second quarter of 2011, the overall bond market continued to benefit from the Federal Reserve’s large-scale purchases of government bonds, part of a program designed to keep long-term interest rates low. When stock prices declined sharply in most world markets during the third quarter, many investors sought the relative safety of U.S. Treasury securities. The increased demand for bonds and bond funds helped lift the return of the fund’s benchmark to 6.20% for the six months.

Treasuries shine in an anxious market

U.S. Treasury securities, which made up more than one-third of the market capitalization of the Barclays Capital aggregate index on September 30, 2011, returned 9.0% for the period. Rising bond prices pushed down Treasury yields, which move in the opposite direction. The yield on 10-year Treasury securities fell from 3.47% at the beginning of the period to 1.92% at period-end. Two-year yields slid from 0.80% to 0.25%.

Corporate bonds, which made up about one-fifth of the index, posted a gain of 5.2%. With investors anxious about the economy and the credit markets, higher-quality bonds outperformed those with lower ratings. U.S. mortgage-backed securities, comprising about one-third of the index, returned 4.7%, while the small asset-backed, commercial mortgage-backed and U.S. agency sectors returned 4.2%, 0.8% and 4.1%, respectively.


Performance as of September 30, 2011


		Total return						Average annual total return

Bond Fund	Inception date	6 months			1 year			5 years			10 years

Institutional Class	7/1/1999		4.38	%		3.67	%		5.74	%		5.26	%
Retirement Class	3/31/2006		4.20			3.40			5.47			5.12	^‡
Retail Class	3/31/2006		4.24			3.47			5.61			5.18	^‡
Premier Class	9/30/2009		4.30			3.52			5.70	^‡		5.24	^‡

Barclays Capital U.S. Aggregate Bond Index			6.20			5.26			6.53			5.66

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

^‡

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


6	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

The fund’s sector weights trim returns for the period

Amid the general flight-to-quality, the Bond Fund significantly trailed the Barclays Capital aggregate index, primarily because of substantial underweight positions in U.S. Treasury securities, which outperformed all other major sectors during the period. Overweight holdings and unfavorable security selection in commercial mortgage-backed securities also detracted slightly from the fund’s results.

The fund’s investment strategy has been to underweight U.S. Treasuries, relative to their market capitalization in the benchmark, with the goal of providing as favorable a long-term return as is consistent with preserving capital. Conversely, the fund has maintained an overweight in corporate bonds because, over the long-term, they have generally offered higher yields than government securities. During the six months, overweight holdings in high-quality corporate bonds and in asset-backed securities partly offset the drag on fund performance posed by the Treasury underweight.

The fund’s relative return was also helped by overweights in U.S. agency securities and by advantageous out-of-benchmark positions in emerging market and high-yield securities, as well as in Canadian covered bonds, which are secured bonds backed by cash flows from an underlying pool of investments.


Expense example

Six months ended September 30, 2011


Bond Fund	Beginning account value (4/1/11)		Ending account value (9/30/11)		Expenses paid during period* (4/1/11– 9/30/11)

Actual return
Institutional Class	$	1,000.00	$	1,043.79	$	1.64
Retirement Class		1,000.00		1,041.99		2.91
Retail Class		1,000.00		1,042.38		2.55
Premier Class		1,000.00		1,042.97		2.40

5% annual hypothetical return
Institutional Class		1,000.00		1,023.40		1.62
Retirement Class		1,000.00		1,022.15		2.88
Retail Class		1,000.00		1,022.50		2.53
Premier Class		1,000.00		1,022.65		2.38

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class, 0.57% for the Retirement Class, 0.50% for the Retail Class and 0.47% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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


	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	7

Bond Plus Fund


Portfolio composition


			% of net assets as of 9/30/2011

Corporate bonds			30.2
Mortgage-backed securities*			25.5
Foreign government & corporate bonds denominated in U.S. dollars			17.0
U.S. Treasury securities			11.3
Commercial mortgage-backed securities			5.3
Asset-backed securities			4.8
Bank loan obligations			3.5
U.S. agency securities			1.1
Municipal bonds			0.3
Preferred stock			0.1
Short-term investments			10.0
Other assets & liabilities, net			–9.1

Total			100.0


*	Includes mortgage pass-through securities and collateralized mortgage obligations


Holdings by maturity


			% of fixed-income investments as of 9/30/2011

Less than 1 year			10.7
1–3 years			6.0
3–5 years			14.8
5–10 years			27.5
Over 10 years			41.0

Total			100.0

Holdings by credit quality^†


			% of fixed-income investments as of 9/30/2011

Aaa/AAA			41.1
Aa/AA			7.6
A/A			12.2
Baa/BBB			16.0
Ba/BB			13.3
B/B			8.2
Below B/B			1.6

Total			100.0


^†	Credit quality ratings are based on the Barclays Capital methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Performance for the six months ended September 30, 2011

The Bond Plus Fund returned 3.39% for the Institutional Class, compared with the 6.20% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the one-year period ended September 30, 2011, the fund returned 3.35%, versus 5.26% for the index. The table below shows returns for all share classes of the fund.

U.S. bonds gain as stocks stumble

Treasuries shine in an anxious market


Performance as of September 30, 2011


		Total return						Average annual total return

Bond Plus Fund	Inception date	6 months			1 year			5 years			since fund inception

Institutional Class	3/31/2006		3.39	%		3.35	%		5.30	%		5.48	%
Retirement Class	3/31/2006		3.26			3.09			5.04			5.23
Retail Class	3/31/2006		3.27			3.13			5.15			5.34
Premier Class	9/30/2009		3.21			3.09			5.21	^‡		5.41	^‡

Barclays Capital U.S. Aggregate Bond Index			6.20			5.26			6.53			6.62	^§

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


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

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


8	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

Investment strategies limit the fund’s gain

The Bond Plus Fund invests in a broad range of U.S. government securities and high-quality corporate bonds, with the goal of providing a favorable long-term return through high income consistent with preserving capital. It also holds selective, out-of-benchmark securities with special features.

For the six months, the fund trailed the Barclays Capital aggregate index by more than two-and-a-half percentage points, primarily because it held substantial underweight positions in U.S. Treasury securities, which outperformed all other major sectors.

One of the fund’s investment strategies has been to underweight U.S. Treasury securities, relative to their market capitalization in the benchmark, while maintaining an overweight position in corporate bonds, because, over the long-term, they have generally offered higher yields than government securities. However, during the period, the fund’s holdings in investment-grade corporate bonds and commercial mortgage-backed securities also detracted from results. Unfavorable positions in U.S. agency and mortgage-backed securities weighed on returns as well.

Partly offsetting these detractors were successful, out-of-benchmark holdings in Canadian covered bonds—secured bonds backed by cash flows from an underlying pool of investments—and in high-yield and emerging market securities. Overweight holdings and advantageous security selection in asset-backed securities also helped.


Expense example

Six months ended September 30, 2011


Bond Plus Fund	Beginning account value (4/1/11)		Ending account value (9/30/11)		Expenses paid during period* (4/1/11– 9/30/11)

Actual return
Institutional Class	$	1,000.00	$	1,033.87	$	1.78
Retirement Class		1,000.00		1,032.56		3.05
Retail Class		1,000.00		1,032.74		2.85
Premier Class		1,000.00		1,032.08		2.54

5% annual hypothetical return
Institutional Class		1,000.00		1,023.25		1.77
Retirement Class		1,000.00		1,022.00		3.03
Retail Class		1,000.00		1,022.20		2.83
Premier Class		1,000.00		1,022.50		2.53

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class, 0.60% for the Retirement Class, 0.56% for the Retail Class and 0.50% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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


	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	9

Short-Term Bond Fund


Portfolio composition


			% of net assets as of 9/30/2011

U.S. Treasury securities			29.9
Corporate bonds			23.2
Foreign government & corporate bonds denominated in U.S. dollars			15.6
U.S. agency securities			13.7
Asset-backed securities			8.4
Mortgage-backed securities*			2.8
Commercial mortgage-backed securities			1.4
Bank loan obligations			1.3
Municipal bonds			0.1
Other assets & liabilities, net			3.6

Total			100.0


*	Includes mortgage pass-through securities and collateralized mortgage obligations


Holdings by maturity


			% of fixed-income investments as of 9/30/2011

Less than 1 year			5.3
1–3 years			50.9
3–5 years			30.4
5–10 years			6.0
Over 10 years			7.4

Total			100.0

Holdings by credit quality^†


			% of fixed-income investments as of 9/30/2011

Aaa/AAA			56.3
Aa/AA			12.2
A/A			13.0
Baa/BBB			11.6
Ba/BB			3.9
B/B			2.8
Below B/B			0.1
Non-rated			0.1

Total			100.0


^†	Credit quality ratings are based on the Barclays Capital methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Performance for the six months ended September 30, 2011

The Short-Term Bond Fund returned 1.82% for the Institutional Class, compared with the 2.42% return of its benchmark, the Barclays Capital U.S. 1–5 Year Government/Credit Bond Index. For the one-year period ended September 30, 2011, the fund returned 1.62%, versus 2.08% for the index. The table below shows returns for all share classes of the fund.

Short-term bonds trail the broad market

During the six months, signs of slowing in the U.S. and global economies prompted many investors to abandon the search for higher returns in stocks and seek relative safety in U.S. Treasury securities. They did this despite historically low yields.

To help stimulate the economy, the Federal Reserve announced plans to maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until at least 2013. In an effort to lower long-term interest rates, the Fed initiated a program to purchase U.S. Treasury securities with longer maturities, while selling its shorter-term holdings.

Because of the extraordinarily low short-term interest rate environment, the fund’s benchmark significantly lagged the 6.20% advance of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index. Returns for the overall bond market were boosted by rising prices for fixed-income securities with longer maturities, reflecting strong investor demand for these bonds.

For the five years ended September 30, 2011, the short-term index returned an average annual 4.96%, versus 6.53% for the aggregate index.


Performance as of September 30, 2011


			Total return						Average annual total return

Short-Term Bond Fund	Inception date		6 months			1 year			5 years			since fund inception

Institutional Class		3/31/2006		1.82	%		1.62	%		4.31	%		4.43	%
Retirement Class		3/31/2006		1.69			1.37			4.06			4.19
Retail Class		3/31/2006		1.73			1.42			4.18			4.31
Premier Class		9/30/2009		1.65			1.46			4.24	^‡		4.38	^‡

Barclays Capital U.S. 1–5 Year Government/Credit Bond Index				2.42			2.08			4.96			5.07	^§


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

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

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

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


10	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

Government securities outshine other short-term sectors

U.S. Treasury securities, which made up more than half of the market capitalization of the short-term index on September 30, 2011, returned 2.9% for the six months, lifting the overall index higher. Government-related securities returned 2.2%. In the risk-averse investment climate, corporate bonds, representing about one-fifth of the benchmark, lagged with a 1.3% return.

The yield on 2-year Treasury notes fell from 0.80% at the beginning of the period to 0.25% at period-end. The 5-year yield slid even further, from 2.24% to 0.96%.

Treasury underweight limits the fund’s gain

Amid the general flight-to-quality, the Short-Term Bond Fund’s longstanding underweight position in U.S. Treasury securities was the main reason the fund trailed its benchmark for the period. Underweight holdings in agency securities and overweight investments in corporate bonds also reduced the fund’s relative return. Over the long term, this strategy of underweighting Treasuries and overweighting corporate securities is designed to enable the fund to take advantage of the higher yields usually offered by corporate bonds.

Partly offsetting these detractors were the fund’s investments in nonbenchmark securities. These included holdings in high-yield bonds, mortgage- and asset-backed securities, and in Canadian covered bonds, which are secured bonds backed by cash flows from an underlying pool of investments.


Expense example

Six months ended September 30, 2011


Short-Term Bond Fund	Beginning account value (4/1/11)		Ending account value (9/30/11)		Expenses paid during period* (4/1/11– 9/30/11)

Actual return
Institutional Class	$	1,000.00	$	1,018.22	$	1.51
Retirement Class		1,000.00		1,016.94		2.77
Retail Class		1,000.00		1,017.27		2.42
Premier Class		1,000.00		1,016.47		2.27

5% annual hypothetical return
Institutional Class		1,000.00		1,023.50		1.52
Retirement Class		1,000.00		1,022.25		2.78
Retail Class		1,000.00		1,022.60		2.43
Premier Class		1,000.00		1,022.75		2.28


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.30% for the Institutional Class, 0.55% for the Retirement Class, 0.48% for the Retail Class and 0.45% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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


TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	11


High-Yield Fund

Holdings by maturity


% of portfolio investments as of 9/30/2011

1–3 years			2.1
3–5 years			16.1
5–10 years			72.7
Over 10 years			9.1

Total			100.0


Holdings by credit quality*


% of fixed-income investments as of 9/30/2011

Baa/BBB			1.7
Ba/BB			48.6
B/B			45.2
Below B/B			4.5

Total			100.0

Credit quality ratings are based on the Merrill Lynch methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. For Canadian credit indexes only, Fitch is replaced by DBRS Limited in Toronto. These ratings are subject to change without notice.

Performance for the six months ended September 30, 2011

The High-Yield Fund returned –4.31% for the Institutional Class, compared with the –3.95% return of its benchmark, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. For the one-year period ended September 30, 2011, the fund returned 1.64%, versus 1.94% for the index. The table below shows returns for all share classes of the fund.

After an extended rally, high-yield loses some ground

When the second quarter of 2011 began, high-yield bonds had just achieved an impressive 13.63% return for the twelve months ended March 31, 2011. Returns moderated during the second quarter, and the fund’s benchmark index earned 1.13% for the three-month period.

The third quarter brought downward pressures, as worries about U.S. economic growth and European sovereign debt caused a pronounced drop in investors’ appetite for risk. There was a global sell-off in stocks, and many investors sought the relative safety of U.S. Treasury securities.

For the six months, the fund’s benchmark lagged the 6.20% gain of the broad investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index. However, high-yield bonds held up much better than stocks, strongly outperforming the –15.30% return of the broad U.S. stock market, as measured by the Russell 3000^® Index.

Twelve sectors stay positive in a declining market

Only twelve of the 70 industry sectors of the fund’s benchmark posted positive results for the six months, with returns ranging from –17.9% for the mutual insurance sector to 2.8% for the managed care sector.


Performance as of September 30, 2011


			Total return						Average annual total return

High-Yield Fund^†	Inception date		6 months			1 year			5 years			since fund inception

Institutional Class		3/31/2006		–4.31	%		1.64	%		6.82	%		6.71	%
Retirement Class		3/31/2006		–4.43			1.39			6.58			6.44
Retail Class		3/31/2006		–4.37			1.48			6.72			6.61
Premier Class		9/30/2009		–4.39			1.49			6.75	^‡		6.66	^‡

BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index				–3.95			1.94			6.40			6.40	§

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


†	Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.

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

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


12	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

For the six-month period, returns varied sharply among bonds of different credit quality. The BB and B bonds that make up the benchmark returned –2.7% and –5.3%, respectively. Lower-quality bonds (CCC and lower) returned –12.4%. However, default rates improved during the third quarter, dropping from 2.6% to 2.0%, according to Moody’s.

Sector and security selections trim results slightly

For the six months, the fund trailed its benchmark by about a third of a percentage point, as a result of a combination of sector allocations and individual security choices.

For example, overweight positions, relative to the benchmark, in utility company Texas Competitive Electric Holdings, automaker Chrysler and Verso Paper Holdings detracted from the fund’s relative performance. Security selection in the health facilities sector also trimmed results slightly.

These negative effects were partly offset by the fact that the fund completely avoided some of the worst-performing industry sectors, including the real estate development and management sector (down 18.6% in the third quarter) and the building and construction sector (down 8.2%). Underweight holdings in the banking sector (down 8.1%) also helped relative performance.


Expense example

Six months ended September 30, 2011


High-Yield Fund	Beginning account value (4/1/11)		Ending account value (9/30/11)		Expenses paid during period* (4/1/11– 9/30/11)

Actual return
Institutional Class	$	1,000.00	$	956.86	$	1.91
Retirement Class		1,000.00		955.66		3.13
Retail Class		1,000.00		956.31		2.79
Premier Class		1,000.00		956.14		2.64

5% annual hypothetical return
Institutional Class		1,000.00		1,023.05		1.97
Retirement Class		1,000.00		1,021.80		3.23
Retail Class		1,000.00		1,022.15		2.88
Premier Class		1,000.00		1,022.30		2.73


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.39% for the Institutional Class, 0.64% for the Retirement Class, 0.57% for the Retail Class and 0.54% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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


TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	13

Tax-Exempt Bond Fund


Holdings by maturity


	% of portfolio investments as of 9/30/2011

Less than 1 year		0.2
1–3 years		2.5
3–5 years		10.7
5–10 years		63.7
Over 10 years		22.9

Total		100.0

Holdings by credit quality*


	% of fixed-income investments as of 9/30/2011

Aaa/AAA		10.8
Aa/AA		37.8
A/A		34.1
Baa/BBB		13.5
Ba/BB		0.7
Non-rated		3.1

Total		100.0


*	Credit quality ratings are based on the Barclays Capital methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Performance for the six months ended September 30, 2011

The Tax-Exempt Bond Fund returned 7.88% for the Institutional Class, compared with the 7.99% return of its benchmark, the Barclays Capital 10-Year Municipal Bond Index. For the one-year period ended September 30, 2011, the fund returned 3.49%, versus 4.83% for the index. The table below shows returns for all share classes of the fund.

The Fed promises low rates and buys long-term debt

During the six months, disappointing economic growth in the United States coupled with the ongoing sovereign debt crisis in Europe drove stock prices lower in a volatile trading period. In response, many investors fled equities for the relative safety of fixed-income securities, despite yields that were at historically low levels.

Against this backdrop, municipal bonds staged an impressive rally. After posting a 2.92% loss for the six-month period ended March 31, 2011, the Barclays Capital 10-Year Municipal Bond Index gained 7.99% for the six months covered by this report, outpacing the 6.20% return of the broad bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index.

In an effort to stimulate the economy, the Federal Reserve announced plans to maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until at least 2013. The Fed also initiated a program to purchase U.S. Treasury securities with longer maturities, while selling its shorter-term holdings, in an attempt to lower long-term interest rates.


Performance as of September 30, 2011


			Total return						Average annual total return

Tax-Exempt Bond Fund	Inception date		6 months			1 year			5 years			since inception

Institutional Class		3/31/2006		7.88	%		3.49	%		4.96	%		5.22	%
Retail Class		3/31/2006		7.90			3.43			4.88			5.13

Barclays Capital 10-Year Municipal Bond Index				7.99			4.83			5.85			6.03^†

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


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


14	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

Broad-based sector advance leads the index higher

All ten sectors of the municipal bond market scored gains for the six months, with the largest advances coming from the hospital (up 10.4%), transportation (up 9.3%) and education (up 8.9%) sectors.

On September 30, 2011, 10-year tax-exempt municipal bonds yielded 114% of the yield of comparable U.S. Treasury securities, up from 93% at the beginning of the period. This change reflected rising prices and falling yields in the market for U.S. Treasury securities. As yields fell, the ratio between municipal and Treasury yields increased.

After record new issuance in 2010 (totaling more than $400 billion), the volume of new municipal bond issues was lower during the period, which further helped to boost tax-exempt bond returns. During the six-month period ended September 30, 2011, new issuance totaled $146 billion, versus $195 billion over the same period in 2010.

The fund follows its benchmark upward

The fund produced a strong absolute return that was in line with that of its benchmark. During the second quarter of 2011, the fund outpaced its benchmark, due in large part to strong security selections within the state, local, and water and sewer sectors. Overweights in securities issued by Illinois, Puerto Rico and California also made positive contributions.

During the third quarter, the fund underperformed its benchmark because it maintained a duration slightly shorter than that of the benchmark. Duration is a measure of a fund’s sensitivity to interest rate changes. This factor more than offset positive contributions from the fund′s security selection.


Expense example

Six months ended September 30, 2011


Tax-Exempt Bond Fund	Beginning account value (4/1/11)		Ending account value (9/30/11)		Expenses paid during period* (4/1/11— 9/30/11)

Actual return
Institutional Class	$	1,000.00	$	1,078.82	$	1.82
Retail Class		1,000.00		1,078.98		2.60

5% annual
hypothetical return
Institutional Class		1,000.00		1,023.25		1.77
Retail Class		1,000.00		1,022.50		2.53

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class and 0.50% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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


TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	15

Inflation-Linked Bond Fund


Holdings by maturity


	% of portfolio investments as of 9/30/2011

1–3 years		17.3
3–5 years		18.3
5–10 years		32.6
Over 10 years		31.8

Total		100.0

Performance for the six months ended September 30, 2011

The Inflation-Linked Bond Fund returned 8.38% for the Institutional Class, compared with the 8.33% return of its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the one-year period ended September 30, 2011, the fund returned 9.52%, versus 9.87% for the index. The table below shows returns for all share classes of the fund.

Prices rise, but the Fed is unfazed

During the six months, inflation trended upward. On September 30, 2011, the Consumer Price Index was 3.9% higher than it had been one year earlier, compared with 2.7% in March. Although oil prices fell more than 30% from their high of $114 a barrel in April, energy costs remained the main driver of prices.

Less concerned about rising prices than about slowing growth and high unemployment, the Federal Reserve announced plans to maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until at least 2013. In an effort to lower long-term interest rates, the Fed also began buying U.S. Treasury securities with longer maturities, while selling its shorter-term holdings.

Investor flight-to-quality boosts TIPS

As the U.S. and global economies appeared to slacken, stocks sold off. With stock losses mounting, many investors turned to the relative safety of U.S. Treasuries, including TIPS.

For the period, the return of the TIPS index was more than two percentage points higher than the 6.20% advance of the overall U.S. investment-grade,


Performance as of September 30, 2011


			Total return						Average annual total return

Inflation-Linked Bond Fund	Inception date		6 months			1 year			5 years			since fund inception

Institutional Class		10/1/2002		8.38	%		9.52	%		6.75	%		6.15	%
Retirement Class		3/31/2006		8.27			9.17			6.48			6.02	*
Retail Class		10/1/2002		8.27			9.32			6.59			6.00
Premier Class		9/30/2009		8.31			9.27			6.67*			6.11	*

Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L)				8.33			9.87			7.10			6.43	^†

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


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

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


16	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index.

For the five years ended September 30, 2011, the 7.10% average annual return of TIPS outpaced the 6.53% average return of the aggregate index.

The fund benefits from a successful investment strategy

The Inflation-Linked Bond Fund outperformed the TIPS index for the period, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s return does not. Because the fund’s portfolio is similar to that of its benchmark, the above discussion of the benchmark’s performance also applies to the performance of the fund.

During the third quarter of 2011, the fund’s managers, concerned that prices for TIPS might have peaked, purchased a small amount of nominal, three-year Treasury securities for greater liquidity in the event of a TIPS sell-off. This position’s slight outperformance, relative to the TIPS index, enabled the fund to outpace its benchmark.


Expense example

Six months ended September 30, 2011


Inflation-Linked Bond Fund	Beginning account value (4/1/11)		Ending account value (9/30/11)		Expenses paid during period* (4/1/11– 9/30/11)

Actual return
Institutional Class	$	1,000.00	$	1,083.81	$	1.46
Retirement Class		1,000.00		1,082.72		2.76
Retail Class		1,000.00		1,082.68		2.40
Premier Class		1,000.00		1,083.12		2.24

5% annual
hypothetical return
Institutional Class		1,000.00		1,023.60		1.42
Retirement Class		1,000.00		1,022.35		2.68
Retail Class		1,000.00		1,022.70		2.33
Premier Class		1,000.00		1,022.85		2.17

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2011. The fund′s annualized six-month expense ratio for that period was 0.28% for the Institutional Class, 0.53% for the Retirement Class, 0.46% for the Retail Class and 0.43% for the Premier Class. The expense charges of one or more of the fund′s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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


TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	17

Bond Index Fund


Portfolio composition


	% of net assets as of 9/30/2011

U.S. Treasury securities		33.8
Mortgage-backed securities*		32.3
Corporate bonds		16.2
Foreign government & corporate bonds
denominated in U.S. dollars		7.9
U.S. agency securities		5.7
Commercial mortgage-backed securities		2.1
Municipal bonds		1.0
Asset-backed securities		0.3
Other assets & liabilities, net		0.7

Total		100.0


*	Includes mortgage pass-through securities and collateralized mortgage obligations



Holdings by maturity


	% of fixed-income investments as of 9/30/2011

Less than 1 year		1.3
1-3 years		16.4
3-5 years		20.8
5-10 years		15.2
Over 10 years		46.3

Total		100.0

Holdings by credit quality^†


	% of fixed-income investments as of 9/30/2011

Aaa/AAA		74.9
Aa/AA		5.8
A/A		10.7
Baa/BBB		8.5
Ba/BB		0.1

Total		100.0


^†	Credit quality ratings are based on the Barclays Capital methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

Performance for the six months ended September 30, 2011

The Bond Index Fund returned 6.17% for the Institutional Class, compared with the 6.20% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the one-year period ended September 30, 2011, the fund returned 4.99%, versus 5.26% for the index. The table below shows returns for all share classes of the fund.

U.S. bonds gain as stocks stumble

Treasuries shine in an anxious market


Performance as of September 30, 2011


			Total return						Average annual total return

Bond Index Fund	Inception date		6 months			1 year			since fund inception

Institutional Class		9/14/2009		6.17	%		4.99	%		6.53	%
Retirement Class		9/14/2009		6.04			4.83			6.31
Retail Class		9/14/2009		5.99			4.73			6.21
Premier Class		9/30/2009		6.09			4.93			6.37	^‡

Barclays Capital U.S. Aggregate Bond Index				6.20			5.26			6.87	^§

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


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

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


18	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

The fund rises with its benchmark

For the six-month period, the return of the Bond Index Fund was just short of the return of the Barclays Capital U.S. Aggregate Bond Index, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not.

The fund invests in a portfolio of fixed-income securities that is designed to produce a return corresponding with that of the U.S. investment-grade bond market, based on a broad market index. In seeking a favorable long-term return, mainly from current interest income, the fund attempts to track the performance of the Barclays Capital aggregate index.

Throughout the period, the fund’s managers kept the fund’s duration— a measure of its sensitivity to interest rate changes—close to that of its benchmark. This helped the fund more closely track the characteristics of its index. The fund also had a risk profile similar to that of its benchmark.


Expense example

Six months ended September 30, 2011


Bond Index Fund	Beginning account value (4/1/11)		Ending account value (9/30/11)		Expenses paid during period* (4/1/11- 9/30/11)

Actual return
Institutional Class	$	1,000.00	$	1,061.74	$	0.67
Retirement Class		1,000.00		1,060.37		1.96
Retail Class		1,000.00		1,059.87		2.42
Premier Class		1,000.00		1,060.94		1.44

5% annual hypothetical return
Institutional Class		1,000.00		1,024.35		0.66
Retirement Class		1,000.00		1,023.10		1.92
Retail Class		1,000.00		1,022.65		2.38
Premier Class		1,000.00		1,023.60		1.42

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.13% for the Institutional Class, 0.38% for the Retirement Class, 0.47% for the Retail Class and 0.28% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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


	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	19

Money Market Fund


Portfolio composition


				% of net assets as of 9/30/2011

Commercial paper					45.1
U.S. government & agency securities					20.7
U.S. Treasury securities					15.4
Variable rate securities, government					12.5
Certificates of deposit					4.0
Bankers’ acceptances					1.9
Foreign government securities					0.4

Total					100.0

Net annualized yield
(for the 7 days ended 9/27/2011)*


	Current yield			Effective yield

Money Market Fund
Institutional Class		0.04	%		0.04	%
Retirement Class^†		0.00			0.00
Retail Class^†		0.00			0.00
Premier Class^†		0.00			0.00
iMoneyNet Money Fund
Report Averages—All Taxable		0.02			0.02

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


*	iMoneyNet reports its 7-day yields as of Tuesday of each week.

Performance for the six months ended September 30, 2011

The Money Market Fund returned 0.02% for the Institutional Class, compared with the 0.01% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its returns reflect the deduction of expenses charged by the funds included in the average. The table below shows returns for all share classes of the fund.

The Fed begins a new round of stimulus

During the period, historically low yields across the yield curve did little to deter many investors from seeking a safe haven in U.S. Treasury securities, as concerns mounted over slowing growth in the United States and around the world. At the same time, the sovereign debt crisis in Europe deepened. As the Federal Reserve’s program to purchase $600 billion of Treasuries wound down at the end of June 2011, the central bank signaled that further economic stimulus was needed.

In September, the Fed announced plans to maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until at least 2013. In an effort to further lower long-term interest rates, it began purchasing Treasuries with longer maturities, while selling its shorter-term holdings.


Performance as of September 30, 2011


			Total return						Average annual total return

Money Market Fund	Inception date		6 months			1 year			5 years			10 years

Institutional Class		7/1/1999		0.02	%		0.06	%		2.00	%		2.16	%
Retirement Class^†		3/31/2006		0.00			0.00			1.81			2.05	‡
Retail Class^†		3/31/2006		0.00			0.00			1.89			2.10	‡
Premier Class^†		9/30/2009		0.00			0.00			1.96	‡		2.14	‡

iMoneyNet Money Fund Report Averages—All Taxable^§				0.01			0.03			1.62			1.72

An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund will attempt to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in the fund. For a detailed discussion of risk, please see the prospectus.


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

§	The iMoneyNet Money Fund Report Averages—All Taxable category is a simple average of over 1,000 taxable money market funds. You cannot invest in it directly.



†	Beginning August 18, 2009, part or all of the 12b-1 distribution expenses of the Retail Class of the Money Market Fund are not being reimbursed to the fund’s distributor. The fund’s adviser is also reimbursing certain other fund expenses. Also, part or all of the service fees of the Retirement Class of the Money Market Fund are being voluntarily waived. Beginning October 1, 2009, part or all of the 12b-1 distribution expenses of the Premier Class of the Money Market Fund are being voluntarily waived. Without these changes, the total returns and 7-day current and effective net annualized yields for these share classes would have been lower. This suspension of reimbursement and the addition of waivers are voluntary and may be discontinued at any time without notice.


20	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

Treasuries rally, but the LIBOR is flat

U.S. Treasuries rallied during the six months, as reduced issuance and increased demand boosted their prices. Because prices and yields move in opposite directions, Treasury yields fell sharply. Securities with one-month maturities dipped to virtually zero.

LIBOR yields fluctuated within a limited range, only partly reflecting the concerns of short-term lenders. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.) For the period, the yield on LIBOR with one-month maturities held steady at 0.24%. The twelve-month LIBOR rose only slightly, from 0.78% at the end of March to 0.86% six months later.

A modified investment strategy lifts the fund’s return

In the near-zero interest rate environment, the TIAA-CREF Money Market Fund narrowly outpaced the average iMoneyNet fund for the period. In pursuit of relative value and to comply with SEC regulations, the fund maintained almost 50% of its portfolio in U.S. Treasury and government securities. The fund also continued to purchase the short-term securities of top-tier companies, such as Coca-Cola, Johnson & Johnson and Novartis. However, in response to unsettled conditions in Europe, the fund curtailed its investments in that region.

For additional yield, the fund began investing in U.S. government floating-rate securities with two-year maturities. Offering higher yields than their short-term counterparts, these longer-term bonds were a significant factor in the fund’s outperformance for the period.

On September 27, 2011, the fund’s weighted average maturity was 50 days, versus 39 days for the average iMoneyNet fund.


Expense example

Six months ended September 30, 2011


Money Market Fund	Beginning account value (4/1/11)		Ending account value (9/30/11)		Expenses paid during period* (4/1/11- 9/30/11)

Actual return
Institutional Class	$	1,000.00	$	1,000.19	$	0.70
Retirement Class		1,000.00		1,000.00		0.85
Retail Class		1,000.00		1,000.00		0.90
Premier Class		1,000.00		1,000.00		0.85

5% annual hypothetical return
Institutional Class		1,000.00		1,024.30		0.71
Retirement Class		1,000.00		1,024.15		0.86
Retail Class		1,000.00		1,024.10		0.91
Premier Class		1,000.00		1,024.15		0.86


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.14% for the Institutional Class, 0.17% for the Retirement Class, 0.18% for the Retail Class and 0.17% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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


	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	21

Summary portfolio of investments (unaudited)

Bond Fund § September 30, 2011


Principal			Issuer	Value		% of net assets

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS				$	3,027,662		0.2	%

BANKS
			Bank of Nova Scotia
$	9,780,000	g	1.650%, 10/29/15		9,852,889		0.6
	14,800,000	g	2.150%, 08/03/16		15,053,479		0.8
			Depfa ACS Bank
	10,335,000	g	5.130%, 03/16/37		7,897,334		0.4
			Other		86,799,756		4.1

					119,603,458		5.9

CAPITAL GOODS					26,156,535		1.1

COMMERCIAL & PROFESSIONAL SERVICES					6,744,232		0.3

CONSUMER DURABLES & APPAREL					5,466,980		0.3

CONSUMER SERVICES					3,147,940		0.2

DIVERSIFIED FINANCIALS					101,683,708		4.7

ENERGY					87,476,301		4.3

FOOD & STAPLES RETAILING					5,378,822		0.3

FOOD, BEVERAGE & TOBACCO					23,788,736		1.2

HEALTH CARE EQUIPMENT & SERVICES					14,210,863		0.7

HOUSEHOLD & PERSONAL PRODUCTS					3,249,218		0.2

INSURANCE					33,560,250		1.7

MATERIALS					42,879,543		2.1

MEDIA					28,652,024		1.3

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					22,144,793		1.0

REAL ESTATE					17,219,510		0.8

RETAILING					14,652,162		0.7

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					3,244,170		0.2

SOFTWARE & SERVICES					8,024,906		0.4

TECHNOLOGY HARDWARE & EQUIPMENT					13,159,045		0.7

TELECOMMUNICATION SERVICES					49,531,724		2.4

TRANSPORTATION					18,280,596		0.9

UTILITIES					70,211,814		3.4

			TOTAL CORPORATE BONDS
			(Cost $701,959,214)		721,494,992		35.0


GOVERNMENT BONDS

AGENCY SECURITIES
			Federal Home Loan Bank (FHLB)
	6,880,000		1.880%, 06/21/13		7,055,640		0.3
			Federal National Mortgage Association (FNMA)
	6,585,000		2.750%, 03/13/14		6,939,714		0.3
	6,585,000		2.500%, 05/15/14		6,904,577		0.3
	6,585,000		3.000%, 09/16/14		7,042,499		0.3
			GMAC, Inc
	31,064,000		2.200%, 12/19/12		31,749,366		1.4

Principal			Issuer	Value		% of net assets

AGENCY SECURITIES—continued
			Private Export Funding Corp
$	8,560,000		5.450%, 09/15/17	$	10,406,092		0.5	%
	9,940,000		4.300%, 12/15/21		11,390,227		0.5
	21,065,000		2.130%–4.900%, 12/15/11–03/15/19		22,268,689		1.3
			US Central Federal Credit Union
	7,602,000		1.900%, 10/19/12		7,734,146		0.4
			Other		62,080,932		3.1

					173,571,882		8.4

FOREIGN GOVERNMENT BONDS
			Province of Manitoba Canada
	10,000,000		1.380%, 04/28/14		10,192,249		0.5
			Province of Ontario Canada
	15,000,000		2.300%, 05/10/16		15,539,189		0.8
	24,795,000		1.600%–4.400%, 06/16/14–04/14/20		26,428,453		1.3
			Other		119,688,395		5.7

					171,848,286		8.3

MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	7,000,000	h	5.000%, 10/15/40		7,505,313		0.4
	18,000,000	h	4.500%, 10/15/41		19,037,812		0.9
	58,114,167		4.000%–8.000%, 01/01/16–12/01/40		62,951,345		3.0
			Federal National Mortgage Association (FNMA)
	42,000,000	h	5.000%, 10/25/38		45,176,250		2.2
	56,000,000	h	6.000%, 10/25/38		61,425,000		3.0
	10,000,000	h	6.500%, 10/25/38		11,021,875		0.5
	52,000,000	h	4.000%, 10/25/39		54,502,500		2.6
	23,000,000	h	4.500%, 10/25/39		24,397,968		1.2
	89,000,000	h	5.500%, 10/25/39		96,578,902		4.7
	11,992,088		4.500%, 09/01/40		12,738,470		0.6
	7,783,007		4.500%, 09/01/40		8,267,418		0.4
	75,957,551	i	2.390%–8.000%, 06/01/13–11/01/40		81,180,418		3.9
			Government National Mortgage Association (GNMA)
	9,000,000	h	5.500%, 10/15/38		9,942,188		0.5
	28,000,000	h	4.500%, 10/15/39		30,419,374		1.5
	35,000,000	h	5.000%, 10/15/39		38,434,375		1.9
	6,000,000	h	6.000%, 10/15/39		6,690,937		0.3
	13,000,000	h	5.000%, 10/20/40		14,277,656		0.7
	33,000,000	h	4.000%, 10/15/41		35,289,375		1.8
	17,000,000	h	4.500%, 10/20/41		18,426,405		0.9
			Other		31,080,005		1.5

					669,343,586		32.5

MUNICIPAL BONDS					8,053,902		0.4

U.S. TREASURY SECURITIES
			United States Treasury Bond
	15,066,000		8.000%, 11/15/21		23,531,209		1.1
	17,920,000		5.250%, 02/15/29		24,474,796		1.2
	20,504,000		5.380%, 02/15/31		28,843,366		1.5
			United States Treasury Note
	7,570,000		2.250%, 05/31/14		7,939,038		0.4
	16,935,000		1.000%, 08/31/16		16,977,338		0.8
	23,000,000		3.750%, 08/15/41		26,777,060		1.3
	22,650,200		0.130%–3.130%, 10/15/12–08/15/21		23,538,746		1.1
			Other		12,603,003		0.6

					164,684,556		8.0

			TOTAL GOVERNMENT BONDS
			(Cost $1,142,752,835)		1,187,502,212		57.6


22	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements


Summary portfolio of investments (unaudited)	concluded

Bond Fund § September 30, 2011


Principal			Issuer	Value			% of net assets

STRUCTURED ASSETS

ASSET BACKED				$	29,122,342			1.4	%

OTHER MORTGAGE BACKED
			Greenwich Capital Commercial Funding Corp
			Series 2006-GG7 (Class AM)
$	7,970,000		5.890%, 07/10/38		7,452,532			0.4
			JP Morgan Chase Commercial Mortgage
			Securities Corp
			Series 2006-LDP8 (Class AM)
	8,445,000		5.440%, 05/15/45		8,155,649			0.4
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C30 (Class A5)
	11,000,000		5.340%, 12/15/43		11,213,587			0.5
			Other		82,990,665			4.1

					109,812,433			5.4

			TOTAL STRUCTURED ASSETS
			(Cost $146,216,423)		138,934,775			6.8

			TOTAL BONDS
			(Cost $1,990,928,472)		2,047,931,979			99.4


Shares			Company

PREFERRED STOCKS

BANKS					599,484			0.0

			TOTAL PREFERRED STOCKS
			(Cost $7,782,875)		599,484			0.0


Principal		Issuer

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT					4,999,795			0.2

TREASURY DEBT
			United States Treasury Bill
$	64,395,000		0.055%, 10/06/11		64,394,462			3.1
	44,800,000		0.042%, 10/13/11		44,799,074			2.2
	25,000,000		0.008%, 10/27/11		24,999,458			1.2
	30,280,000		0.075%, 11/10/11		30,277,102			1.5
	9,760,000		0.070%, 11/17/11		9,758,981			0.5
	25,000,000		0.086%, 12/01/11		24,999,500			1.2
	10,000,000		0.078%, 12/22/11		9,999,670			0.5
	69,000,000		0.031%–0.036%, 03/01/12		68,987,097			3.3
	50,000,000		0.027%, 05/03/12		49,980,200			2.4
	106,000,000		0.032%–0.048%, 05/31/12		105,950,391			5.2
	50,000,000		0.034%, 06/28/12		49,967,500			2.4
			Other		6,499,805			0.3

					490,613,240			23.8

		TOTAL SHORT-TERM INVESTMENTS
		(Cost $495,654,251)			495,613,035			24.0

		TOTAL PORTFOLIO
		(Cost $2,494,365,598)			2,544,144,498			123.4
		OTHER ASSETS & LIABILITIES, NET			(482,952,870	)		(23.4	)

		NET ASSETS		$	2,061,191,628			100.0	%



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 9/30/2011, the value of these securities amounted to $254,203,171 or 12.3% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	23

Summary portfolio of investments (unaudited)

Bond Plus Fund § September 30, 2011


Principal			Issuer	Value		% of net assets

BANK LOAN OBLIGATIONS

AUTOMOBILES & COMPONENTS				$	1,972,500		0.2	%

CAPITAL GOODS					1,941,790		0.2

COMMERCIAL & PROFESSIONAL SERVICES					848,289		0.1

CONSUMER SERVICES
			Burger King Corp
$	3,483,725	i	4.500%, 10/30/16		3,356,151		0.4
			Other		1,932,280		0.2

					5,288,431		0.6

DIVERSIFIED FINANCIALS					4,386,213		0.5

FOOD & STAPLES RETAILING
			Del Monte Foods Co
	3,491,250	i	4.500%, 02/15/18		3,238,134		0.3

					3,238,134		0.3

HEALTH CARE EQUIPMENT & SERVICES					5,741,178		0.7

MATERIALS
			Ashland, Inc
	3,000,000	i	3.750%, 05/31/18		2,973,750		0.3

					2,973,750		0.3

PHARMACEUTICALS, BIOTECHNNOLOGY & LIFE SCIENCES					3,892,461		0.4

RETAILING					954,580		0.1

SOFTWARE & SERVICES					964,386		0.1

			TOTAL BANK LOAN OBLIGATIONS
			(Cost $33,222,979)		32,201,712		3.5


BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS					2,785,921		0.3

BANKS
			Bank of Nova Scotia
	4,800,000	g	2.150%, 08/03/16		4,882,209		0.6
			Citigroup, Inc
	4,550,000		3.950%, 06/15/16		4,539,175		0.6
			Other		35,675,335		3.6

					45,096,719		4.8

CAPITAL GOODS					16,539,739		1.8

COMMERCIAL & PROFESSIONAL SERVICES					2,958,331		0.3

CONSUMER DURABLES & APPAREL					6,003,078		0.7

CONSUMER SERVICES					6,848,891		0.7

DIVERSIFIED FINANCIALS					48,517,286		5.3

ENERGY					44,577,322		4.8

FOOD & STAPLES RETAILING					3,106,111		0.3

FOOD, BEVERAGE & TOBACCO					8,635,674		1.0

HEALTH CARE EQUIPMENT & SERVICES					9,487,091		1.1

HOUSEHOLD & PERSONAL PRODUCTS					1,004,362		0.1

INSURANCE					12,823,941		1.4


Principal			Issuer	Value		% of net assets

MATERIALS				$	33,579,657		3.6	%

MEDIA
			Lamar Media Corp
$	2,935,000		7.880%, 04/15/18		2,934,999		0.3
			Other		18,272,865		1.8

					21,207,864		2.1

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					12,186,749		1.3

REAL ESTATE					10,913,512		1.2

RETAILING					10,745,742		1.2

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					352,443		0.0

SOFTWARE & SERVICES					2,380,317		0.2

TECHNOLOGY HARDWARE & EQUIPMENT					10,591,833		1.2

TELECOMMUNICATION SERVICES					19,947,726		2.1

TRANSPORTATION					11,185,449		1.2

UTILITIES					33,507,681		3.6

			TOTAL CORPORATE BONDS
			(Cost $373,592,026)		374,983,439		40.3


GOVERNMENT BONDS

AGENCY SECURITIES					10,575,393		1.1

FOREIGN GOVERNMENT BONDS
			Bank of Montreal
	6,450,000	g	2.630%, 01/25/16		6,735,115		0.7
			Province of Ontario Canada
	5,000,000		2.300%, 05/10/16		5,179,729		0.6
			Province of Quebec Canada
	3,000,000		2.750%, 08/25/21		2,972,210		0.3
			Other		42,337,172		4.6

					57,224,226		6.2

MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	3,000,000	h	5.000%, 10/15/40		3,216,563		0.3
	2,992,803		4.000%, 12/01/40		3,145,873		0.3
	3,405,389		4.000%, 12/01/40		3,587,010		0.4
	6,527,721		4.000%, 01/01/41		6,843,229		0.7
	7,000,000	h	4.500%, 10/15/41		7,403,593		0.8
	19,606,661		4.000%–8.000%, 12/01/16–12/01/40		21,354,034		2.3
			Federal National Mortgage Association (FNMA)
	2,886,173		5.500%, 05/01/35		3,193,460		0.3
	3,887,680		6.000%, 11/01/37		4,273,047		0.6
	5,000,000	h	6.000%, 10/25/38		5,484,375		0.6
	9,774,564		6.000%, 04/01/39		10,743,468		1.2
	32,000,000	h	4.000%, 10/25/39		33,540,000		3.6
	4,000,000	h	4.500%, 10/25/39		4,243,125		0.5
	7,000,000	h	5.500%, 10/25/39		7,596,093		0.8
	3,000,000		4.000%, 02/25/40		3,200,102		0.3
	4,857,749		4.500%, 10/01/40		5,179,828		0.6
	11,000,000	h	3.500%, 10/25/40		11,300,782		1.2
	53,270,093	i	2.390%–9.000%, 06/01/13–11/01/40		57,454,552		6.1


24	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements


Summary portfolio of investments (unaudited)	concluded

Bond Plus Fund § September 30, 2011


Principal			Issuer	Value		% of net assets

MORTGAGE BACKED—continued
			Government National Mortgage Association
			(GNMA)
$	5,000,000	h	5.000%, 10/15/39	$	5,490,625		0.6	%
	3,000,000	h	5.000%, 10/20/40		3,294,844		0.4
	8,606,876		4.500%, 01/20/41		9,344,073		1.0
	3,000,000	h	4.000%, 10/15/41		3,208,125		0.3
	5,000,000	h	4.500%, 10/20/41		5,419,531		0.6
			Other		18,531,250		2.0

					237,047,582		25.5

MUNICIPAL BONDS					2,454,713		0.3

U.S. TREASURY SECURITIES
			United States Treasury Bond
	9,302,000		8.000%, 11/15/21		14,528,562		1.5
	3,902,500		5.250%, 02/15/29		5,329,960		0.6
	5,000,000		5.380%, 02/15/31		7,033,595		0.8
	10,950,000		4.380%, 05/15/41		14,146,086		1.5
			United States Treasury Note
	10,000,000		0.380%, 07/31/13		10,021,480		1.1
	2,887,000		2.500%, 04/30/15		3,083,452		0.3
	9,502,000	d	1.250%, 09/30/15		9,712,830		1.0
	8,840,000		1.500%, 06/30/16		9,083,807		1.0
	18,830,000		2.380%, 05/31/18		20,043,594		2.2
	9,840,000		0.130%–2.880%, 12/31/11–08/15/21		10,114,790		1.1
			Other		2,316,029		0.2

					105,414,185		11.3

			TOTAL GOVERNMENT BONDS
			(Cost $392,873,091)		412,716,099		44.4


STRUCTURED ASSETS

ASSET BACKED
			Galaxy CLO Ltd
			Series 2005-5A (Class A1)
	7,895,952		0.510%, 10/20/17		7,599,853		0.8
			JP Morgan Mortgage Acquisition Corp
			Series 2006-ACC1 (Class A4)
	4,608,490		0.380%, 05/25/36		3,940,498		0.4
			Lehman XS Trust
			Series 2005-5N (Class 1A1)
	5,327,161		0.530%, 11/25/35		3,900,537		0.4
			Residential Asset Mortgage Products, Inc
			Series 2004-RS11 (Class M1)
	3,673,662		0.850%, 11/25/34		3,347,092		0.4
			Residential Funding Mortgage Securities II, Inc
			Series 2006-HI2 (Class A3)
	5,865,173		5.790%, 02/25/36		5,868,147		0.6
			Other		26,968,783		2.9

					51,624,910		5.5

OTHER MORTGAGE BACKED
			Ameriquest Mortgage Securities
			Series 0-R3 (Class A3D)
	3,614,202		0.550%, 05/25/35		3,512,477		0.4
			JP Morgan Chase Commercial Mortgage
			Securities Corp
			Series 2010-C2 (Class B)
	3,960,000		5.070%, 11/15/43		3,758,473		0.5


Principal		Issuer	Value			% of net assets

OTHER MORTGAGE BACKED—continued
		Other	$	42,353,332			4.4	%

				49,624,282			5.3

		TOTAL STRUCTURED ASSETS
		(Cost $110,738,223)		101,249,192			10.8

		TOTAL BONDS
		(Cost $877,203,340)		888,948,730			95.5


Shares		Company

PREFERRED STOCKS

BANKS				287,027			0.0

DIVERSIFIED FINANCIALS				970,677			0.1

		TOTAL PREFERRED STOCKS
		(Cost $5,087,400)		1,257,704			0.1


Principal		Issuer

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT				2,365,903			0.3

				2,365,903			0.3

TREASURY DEBT
		United States Treasury Bill
$	19,730,000	0.055%, 10/06/11		19,729,835			2.1
	20,000,000	0.008%, 10/27/11		19,999,567			2.1
	20,000,000	0.048%, 05/31/12		19,990,640			2.1
	20,000,000	0.034%, 06/28/12		19,987,000			2.1
		United States Treasury Note
	9,650,000	0.725%, 10/31/11		9,656,518			1.1
		Other		1,409,825			0.2

				90,773,385			9.7

		TOTAL SHORT-TERM INVESTMENTS
		(Cost $93,149,016)		93,139,288			10.0

		TOTAL PORTFOLIO
		(Cost $1,008,662,735)		1,015,547,434			109.1
		OTHER ASSETS & LIABILITIES, NET		(84,732,285	)		(9.1	)

		NET ASSETS	$	930,815,149			100.0	%



d	All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.
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 9/30/2011, the value of these securities amounted to $142,697,001 or 15.3% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	25

Summary portfolio of investments (unaudited)

Short-Term Bond Fund § September 30, 2011


Principal			Issuer	Value		% of net assets

BANK LOAN OBLIGATIONS

CAPITAL GOODS				$	484,231		0.1	%

CONSUMER SERVICES					1,440,113		0.2

DIVERSIFIED FINANCIALS					1,937,763		0.3

FOOD & STAPLES RETAILING					1,850,363		0.2

HEALTH CARE EQUIPMENT & SERVICES					3,339,804		0.5


			TOTAL BANK LOAN OBLIGATIONS (Cost $9,338,765)		9,052,274		1.3

BONDS

CORPORATE BONDS

BANKS
			Bank of Nova Scotia
$	4,160,000	g	1.650%, 10/29/15		4,191,004		0.6
	4,800,000	g	2.150%, 08/03/16		4,882,210		0.8
			Capital One Financial Corp
	3,250,000		2.130%, 07/15/14		3,217,614		0.5
			Citigroup, Inc
	4,565,000		5.000%, 09/15/14		4,477,164		0.7
			JPMorgan Chase & Co
	3,100,000		3.400%, 06/24/15		3,148,924		0.5
			Royal Bank of Canada
	4,000,000	g	3.130%, 04/14/15		4,243,853		0.6
			Toronto-Dominion Bank
	6,000,000	g	1.630%, 09/14/16		5,979,300		0.9
			Wells Fargo & Co
	2,715,000		3.680%, 06/15/16		2,825,300		0.5
			Other		23,516,856		3.3

					56,482,225		8.4

CAPITAL GOODS
			Caterpillar Financial Services Corp
	2,500,000		1.550%, 12/20/13		2,531,922		0.3
			Other		2,752,469		0.4

					5,284,391		0.7

COMMERCIAL & PROFESSIONAL SERVICES					3,081,537		0.4

CONSUMER DURABLES & APPAREL					2,773,683		0.4

CONSUMER SERVICES					400,744		0.1

DIVERSIFIED FINANCIALS					34,452,195		5.1

ENERGY
			Chesapeake Energy Corp
	2,500,000		7.630%, 07/15/13		2,618,750		0.3
			Other		10,828,315		1.7

					13,447,065		2.0

FOOD & STAPLES RETAILING					4,222,396		0.6

FOOD, BEVERAGE & TOBACCO					10,678,427		1.6

HEALTH CARE EQUIPMENT & SERVICES					7,049,602		1.1

INSURANCE					6,884,002		1.0

MATERIALS					11,270,984		1.7

MEDIA					9,904,971		1.5


Principal			Issuer	Value		% of net assets

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				$	5,144,386		0.7	%

REAL ESTATE					1,061,139		0.1

RETAILING
			Macy’s Retail Holdings, Inc
$	2,212,000		5.750%, 07/15/14		2,362,606		0.3
			Other		7,074,493		1.1

					9,437,099		1.4

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					2,539,635		0.4

SOFTWARE & SERVICES
			International Business Machines Corp
	5,000,000		1.000%, 08/05/13		5,036,034		0.8
			Microsoft Corp
	5,000,000		0.880%, 09/27/13		5,032,510		0.7
			Other		3,707,610		0.6

					13,776,154		2.1

TECHNOLOGY HARDWARE & EQUIPMENT					2,817,279		0.4

TELECOMMUNICATION SERVICES					11,208,697		1.7

TRANSPORTATION					7,027,686		1.0

UTILITIES					12,900,184		1.9

			TOTAL CORPORATE BONDS (Cost $231,763,127)		231,844,481		34.3

GOVERNMENT BONDS

AGENCY SECURITIES
			Citigroup Funding, Inc
	3,000,000		2.250%, 12/10/12		3,065,508		0.5
			Federal Home Loan Bank (FHLB)
	3,000,000		1.880%, 06/21/13		3,076,587		0.5
			Federal Home Loan Mortgage Corp (FHLMC)
	5,000,000		0.750%, 03/28/13		5,028,955		0.7
	7,500,000		1.000%, 08/28/14		7,506,083		1.1
			Federal National Mortgage Association (FNMA)
	6,500,000		1.250%, 08/20/13		6,593,574		1.0
	25,000,000		1.130%, 06/27/14		25,366,899		3.6
	5,000,000		2.630%, 11/20/14		5,299,665		0.8
	6,500,000		2.500%–3.630%, 02/12/13–09/16/14		6,854,814		1.0
			GMAC, Inc
	2,800,000		1.750%, 10/30/12		2,843,504		0.5
	3,600,000		2.200%, 12/19/12		3,679,426		0.6
			Private Export Funding Corp
	7,000,000		4.900%, 12/15/11		7,067,025		1.1
			Sovereign Bancorp, Inc
	3,000,000		2.500%, 06/15/12		3,044,337		0.4
			Other		16,182,046		2.3

					95,608,423		14.1

FOREIGN GOVERNMENT BONDS
			Province of British Columbia Canada
	3,000,000		2.850%, 06/15/15		3,198,684		0.4
			Province of New Brunswick Canada
	3,000,000		2.750%, 06/15/18		3,137,013		0.4
			Other		21,496,775		3.3

					27,832,472		4.1


26	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements


Summary portfolio of investments (unaudited)	concluded

Short-Term Bond Fund § September 30, 2011


Principal			Issuer	Value		% of net assets

MORTGAGE BACKED
			Federal Home Loan Mortgage Corp (FHLMC)
			Series 2011-3840 (Class AX)
$	4,731,068		4.000%, 05/15/37	$	4,991,956		0.7	%
			Federal National Mortgage Association (FNMA)
			Series 2010-145 (Class PA)
	4,414,594		4.000%, 10/25/24		4,669,869		0.7
	4,530,522		4.500%, 10/25/28		4,763,140		0.7
			Government National Mortgage Association
			(GNMA)
	3,963,320		2.300%, 10/15/19		3,961,243		0.6
			Other		556,158		0.1

					18,942,366		2.8

MUNICIPAL BONDS					532,915		0.1

U.S. TREASURY SECURITIES
			United States Treasury Note
	19,925,000		0.630%, 01/31/13		20,033,970		3.0
	22,720,000		1.130%, 06/15/13		23,047,395		3.4
	7,395,000		3.130%, 09/30/13		7,812,122		1.2
	3,125,000	d	0.500%, 10/15/13		3,137,206		0.5
	29,700,000		1.250%, 04/15/14		30,347,372		4.4
	2,318,000		1.880%, 04/30/14		2,406,193		0.4
	17,960,000		0.630%, 07/15/14		18,069,376		2.7
	25,000,000		0.500%, 08/15/14		25,064,500		3.7
	2,991,000		2.380%, 08/31/14		3,159,010		0.5
	6,779,000		1.250%, 09/30/15		6,929,412		1.0
	3,967,000		2.250%, 03/31/16		4,217,119		0.6
	7,980,000		1.500%, 06/30/16		8,200,088		1.2
	30,289,000		1.000%, 08/31/16		30,364,724		4.4
	3,000,000		2.250%, 07/31/18		3,165,936		0.5
	11,000,000		1.500%, 08/31/18		11,053,284		1.6
			Other		5,532,171		0.8

					202,539,878		29.9

			TOTAL GOVERNMENT BONDS (Cost $340,142,891)		345,456,054		51.0


STRUCTURED ASSETS

ASSET BACKED
			AESOP Funding II
			Series 2011-5A (Class A)
	3,000,000		3.270%, 02/20/18		3,026,250		0.4
			Ally Auto Receivables Trust
			Series 2011-2 (Class B)
	2,700,000		2.590%, 07/15/16		2,758,115		0.4
			Rental Car Finance Corp
			Series 2011-1A (Class A1)
	3,000,000		2.510%, 02/25/16		3,044,025		0.5
			Residential Funding Mortgage Securities II, Inc
			Series 2006-HI2 (Class A3)
	3,351,527		5.790%, 02/25/36		3,353,226		0.5
			Other		44,426,902		6.6

					56,608,518		8.4

Principal

Issuer

Value

% of net
assets

OTHER MORTGAGE BACKED

Countrywide Alternative Loan Trust

Series 2006-OA8 (Class 2A2)

3,051,293

0.370%, 07/25/46

2,849,282

0.5

Other

6,322,393

0.9

9,171,675

1.4

TOTAL STRUCTURED ASSETS
(Cost $67,914,506)

65,780,193

9.8

TOTAL BONDS
(Cost $639,820,524)

643,080,728

95.1

Shares

Company

PREFERRED STOCKS

BANKS

137,574

0.0

TOTAL PREFERRED STOCKS
(Cost $1,789,475)

137,574

0.0

TOTAL PORTFOLIO
(Cost $650,948,764)

652,270,576

96.4

OTHER ASSETS & LIABILITIES, NET

24,537,724

3.6

NET ASSETS

676,808,300

100.0



d	All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.
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 9/30/2011, the value of these securities amounted to $81,174,511 or 12.0% of net assets.

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


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	27

Summary portfolio of investments (unaudited)

High-Yield Fund § September 30, 2011


Principal			Issuer	Value		% of net assets

BANK LOAN OBLIGATIONS

AUTOMOBILES & COMPONENTS
			DaimlerChrysler Group LLC
$	14,014,875	i	6.000%, 05/24/17	$	12,182,991		1.3	%

					12,182,991		1.3

CONSUMER SERVICES
			Burger King Corp
	5,558,000	i	4.500%, 10/30/16		5,354,466		0.6

					5,354,466		0.6

SOFTWARE & SERVICES					2,893,159		0.3

TELECOMMUNICATION SERVICES					4,196,000		0.5

UTILITIES					1,438,826		0.2

			TOTAL BANK LOAN OBLIGATIONS (Cost $29,319,738)		26,065,442		2.9

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS
			Delphi Corp
	8,000,000	g	5.880%, 05/15/19		7,440,000		0.8
			Ford Motor Co
	8,000,000		7.450%, 07/16/31		9,031,040		1.0
			Other		6,708,300		0.7

					23,179,340		2.5

BANKS					11,769,830		1.3

CAPITAL GOODS					33,957,960		3.7

COMMERCIAL & PROFESSIONAL SERVICES
			TRANS UNION LLC
	5,325,000		11.380%, 06/15/18		5,790,937		0.6
			VIP Finance Ireland Ltd
	6,850,000	g	7.750%, 02/02/21		5,693,720		0.6
			Other		4,983,950		0.5

					16,468,607		1.7

CONSUMER DURABLES & APPAREL
			Hanesbrands, Inc
	5,000,000		8.000%, 12/15/16		5,287,500		0.5
			Other		4,170,000		0.4

					9,457,500		0.9

CONSUMER SERVICES
			AMC Entertainment Holdings, Inc
	5,875,000		9.750%, 12/01/20		5,316,875		0.6
			DineEquity, Inc
	7,250,000		9.500%, 10/30/18		7,195,624		0.7
			Marina District Finance Co, Inc
	5,750,000		9.500%, 10/15/15		5,189,375		0.6
			Penn National Gaming, Inc
	6,310,000		8.750%, 08/15/19		6,688,600		0.7
			Wendys
	5,874,000		10.000%, 07/15/16		6,182,385		0.7
			Other		26,307,275		2.8

					56,880,134		6.1


Principal			Issuer	Value		% of net assets

DIVERSIFIED FINANCIALS
			CIT Group, Inc
$	14,894,180	g	5.250%–7.000%, 04/01/14–04/01/18	$	14,607,063		1.6	%
			Ford Motor Credit Co LLC
	11,625,000		5.630%–12.000%, 04/15/15–02/01/21		12,561,786		1.3
			GMAC, Inc
	13,000,000		6.750%–8.300%, 12/01/14–11/01/31		12,004,350		1.3
			International Lease Finance Corp
	5,232,000		8.630%, 09/15/15		5,192,760		0.6
	8,000,000		6.250%, 05/15/19		6,953,535		0.9
	10,932,000	g	5.630%–8.750%, 09/20/13–12/15/20		10,828,848		1.2
			Susser Holdings LLC
	5,720,000		8.500%, 05/15/16		5,955,950		0.6
			Other		8,495,200		0.9

					76,599,492		8.4

ENERGY
			Arch Coal, Inc
	12,500,000	g	7.000%, 06/15/19		11,874,999		1.3
			Consol Energy Inc
	6,840,000		8.000%, 04/01/17		7,147,799		0.8
			Linn Energy LLC
	6,750,000	g	6.500%, 05/15/19		6,210,000		0.7
			Regency Energy Partners LP
	4,800,000		6.500%, 07/15/21		4,824,000		0.5
			SandRidge Energy, Inc
	9,800,000	g	7.500%–9.880%, 05/15/16–03/15/21		9,243,500		1.0
			Southwestern Energy Co
	4,777,200		7.500%, 02/01/18		5,411,192		0.6
			Other		61,826,458		6.6

					106,537,948		11.5

FOOD & STAPLES RETAILING
			Ingles Markets, Inc
	6,350,000		8.880%, 05/15/17		6,651,625		0.7
			SuperValu, Inc
	5,050,000		7.500%, 11/15/14		4,949,000		0.5
			Other		15,917,750		1.8

					27,518,375		3.0

FOOD, BEVERAGE & TOBACCO					9,154,305		1.0

HEALTH CARE EQUIPMENT & SERVICES
			CHS/Community Health Systems
	8,217,000		8.880%, 07/15/15		8,073,203		0.9
			HCA, Inc
	9,498,000		7.500%–9.880%, 02/15/17–11/06/33		9,770,590		1.1
			Other		25,750,513		2.7

					43,594,306		4.7

HOUSEHOLD & PERSONAL PRODUCTS
			Reynolds Group Issuer, Inc
	5,000,000	g	8.750%, 10/15/16		5,012,500		0.6
			Other		6,256,665		0.6

					11,269,165		1.2

INSURANCE
			HCA, Inc
	13,600,000		7.500%, 02/15/22		12,545,999		1.3
			Other		5,972,479		0.7

					18,518,478		2.0


28	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements


Summary portfolio of investments (unaudited)	continued

High-Yield Fund § September 30, 2011


Principal			Issuer	Value		% of net assets

MATERIALS
			Georgia-Pacific LLC
$	4,000,000		8.880%, 05/15/31	$	4,992,408		0.6	%
			Vulcan Materials Co
	6,750,000		6.500%, 12/01/16		6,221,921		0.7
			Other		73,008,194		7.8

					84,222,523		9.1

MEDIA
			AMC Entertainment, Inc
	5,000,000		8.750%, 06/01/19		4,912,500		0.5
			CCO Holdings LLC
	6,600,000		7.000%, 01/15/19		6,402,000		0.8
	5,375,000		8.130%, 04/30/20		5,590,000		0.6
			Other		31,680,609		3.3

					48,585,109		5.2

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Convatec Healthcare
	6,250,000	g	10.500%, 12/15/18		5,500,000		0.6
			Endo Pharmaceuticals Holdings, Inc
	10,768,000	g	7.000%, 07/15/19		10,808,380		1.2
			NBTY, Inc
	6,195,000		9.000%, 10/01/18		6,342,131		0.7
			Valeant Pharmaceuticals International
	10,270,000	g	6.750%–7.250%, 10/01/17–07/15/22		9,239,000		1.0
			Other		6,105,000		0.6

					37,994,511		4.1

REAL ESTATE
			DuPont Fabros Technology LP
	5,005,000		8.500%, 12/15/17		5,180,175		0.6
			Host Hotels & Resorts LP
	7,500,000	g	5.880%, 06/15/19		7,162,500		0.7

					12,342,675		1.3

RETAILING
			AmeriGas Partners LP
	5,000,000		6.250%, 08/20/19		4,787,500		0.5
			QVC, Inc
	4,600,000	g	7.500%, 10/01/19		4,899,000		0.5
			Other		32,648,463		3.6

					42,334,963		4.6

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
			Hynix Semiconductor, Inc
	5,750,000	g	7.880%, 06/27/17		5,117,500		0.6

					5,117,500		0.6

SOFTWARE & SERVICES					9,890,188		1.1

TECHNOLOGY HARDWARE & EQUIPMENT
			Pinafore LLC
	9,531,000	g	9.000%, 10/01/18		9,769,275		1.1
			Scientific Games Corp
	9,861,000		9.250%, 06/15/19		9,934,958		1.1
			Other		8,324,175		0.8

					28,028,408		3.0


Principal			Issuer		Value		% of net assets

TELECOMMUNICATION SERVICES
			Frontier Communications Corp
$	5,000,000		7.880%, 04/15/15	$	5,012,500		0.5	%
			Intelsat Jackson Holdings Ltd
	11,000,000	g	7.250%–8.500%, 04/01/19–10/15/20		10,382,500		1.1
			Sprint Capital Corp
	6,724,000		6.900%, 05/01/19		5,782,640		0.7
			Syniverse Holdings, Inc
	5,950,000		9.130%, 01/15/19		5,830,999		0.7
			Other		21,050,271		2.2

					48,058,910		5.2

TRANSPORTATION
			Bristow Group, Inc
	5,278,000		7.500%, 09/15/17		5,436,340		0.5
			Hertz Corp
	6,000,000		6.750%, 04/15/19		5,445,000		0.6
			Other		16,409,278		1.8

					27,290,618		2.9

UTILITIES
			AES Corp
	5,600,000		8.000%, 10/15/17		5,628,000		0.6
			Calpine Corp
	6,000,000	g	7.500%, 02/15/21		5,730,000		0.6
			Crosstex Energy, Inc
	5,800,000		8.880%, 02/15/18		5,945,000		0.6
			NRG Energy, Inc
	10,170,000	g	7.630%–8.500%, 05/15/19–05/15/21		9,487,550		1.1
			Sabine Pass LNG LP
	7,070,000		7.500%, 11/30/16		6,539,750		0.7
			Texas Competitive Electric Holdings Co LLC
	8,180,000	g	11.500%, 10/01/20		6,543,999		0.7
			Other		27,575,223		3.0

					67,449,522		7.3

			TOTAL CORPORATE BONDS (Cost $886,597,246)		856,220,367		92.4

GOVERNMENT BONDS

FOREIGN GOVERNMENT BONDS					2,920,000		0.3

			TOTAL GOVERNMENT BONDS (Cost $3,894,196)		2,920,000		0.3

STRUCTURED ASSETS

OTHER MORTGAGE BACKED					3,141,704		0.3

			TOTAL STRUCTURED ASSETS (Cost $3,622,053)		3,141,704		0.3

			TOTAL BONDS (Cost $894,113,495)		862,282,071		93.0


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	29


Summary portfolio of investments (unaudited)	concluded

High-Yield Fund § September 30, 2011


Shares	Company	Value		% of net assets

PREFERRED STOCKS

DIVERSIFIED FINANCIALS		$	2,154,163		0.2	%


	TOTAL PREFERRED STOCKS (Cost $3,061,000)		2,154,163		0.2

	TOTAL PORTFOLIO (Cost $926,494,233)		890,501,676		96.1
	OTHER ASSETS & LIABILITIES, NET		36,270,670		3.9

	NET ASSETS	$	926,772,346		100.0	%



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 9/30/2011, the value of these securities amounted to $283,699,766 or 30.6% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

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


30	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

Summary portfolio of investments (unaudited)

Tax-Exempt Bond Fund § September 30, 2011


Principal		Issuer	Value		% of net assets

LONG-TERM MUNICIPAL BONDS

ALABAMA
		Southeast Alabama Gas District
$	1,785,000	5.000%, 06/01/18	$	1,905,005		0.6	%
		Other		1,231,292		0.4

				3,136,297		1.0

ALASKA				645,204		0.2

ARIZONA
		City of Tucson AZ
	2,000,000	5.000%, 07/01/20		2,345,680		0.7
		Other		4,055,383		1.3

				6,401,063		2.0

ARKANSAS				2,399,216		0.8

CALIFORNIA
		California State Department of Water Resources
	2,000,000	5.000%, 05/01/20		2,376,820		0.7
		California State University
	2,000,000	5.000%, 11/01/22		2,334,100		0.7
		County of San Bernardino CA
	2,000,000	5.250%, 08/01/19		2,204,500		0.7
		East Side Union High School District-
		Santa Clara County
	1,670,000	5.000%, 08/01/19		1,942,995		0.6
	2,500,000	5.250%, 02/01/23		2,729,750		0.9
		Los Angeles Unified School District, COP
	2,250,000	5.000%, 10/01/17		2,525,130		0.8
		State of California
	1,855,000	5.000%, 03/01/17		2,130,541		0.7
	2,000,000	5.250%, 09/01/24		2,225,239		0.7
		West Contra Costa Unified School District
	1,710,000	5.700%, 02/01/21		2,026,384		0.6
	1,810,000	5.700%, 02/01/22		2,136,904		0.7
		Other		12,705,562		4.0

				35,337,925		11.1

COLORADO				5,129,241		1.6

CONNECTICUT				2,275,610		0.7

FLORIDA
		Florida Department of Transportation
	2,200,000	5.000%, 07/01/18		2,521,508		0.8
		Lake County School Board, COP
	2,250,000	5.250%, 06/01/17		2,501,550		0.8
		Other		19,172,061		6.0

				24,195,119		7.6

GEORGIA				4,745,056		1.5

ILLINOIS
		Chicago Board of Education
	2,045,000	5.000%, 12/01/17		2,291,544		0.7
		Regional Transportation Authority
	1,650,000	6.000%, 06/01/23		1,968,863		0.6
		State of Illinois
	1,835,000	5.000%, 01/01/20		2,012,536		0.6
	2,045,000	5.000%, 01/01/20		2,175,532		0.7
	2,250,000	5.250%, 01/01/20		2,504,047		0.7

Principal		Issuer	Value		% of net assets

ILLINOIS—continued
		Other	$	12,767,271		4.2	%

				23,719,793		7.5

INDIANA
		Indiana Bond Bank
$	2,120,000	5.250%, 04/01/19		2,404,356		0.8
		Indiana Finance Authority
	2,000,000	3.000%, 10/01/16		2,072,320		0.7
		Indianapolis Local Public Improvement Bond Bank
	1,940,000	5.500%, 01/01/21		2,267,297		0.7
		Other		9,145,885		2.8

				15,889,858		5.0

KENTUCKY				1,133,270		0.4

LOUISIANA				1,415,563		0.4

MAINE				2,319,224		0.7

MASSACHUSETTS
		Commonwealth of Massachusetts
	2,000,000	5.000%, 08/01/20		2,428,900		0.8
	2,135,000	5.250%, 09/01/23		2,671,270		0.8
		Other		3,868,587		1.2

				8,968,757		2.8

MICHIGAN				10,651,422		3.4

MINNESOTA				1,169,140		0.4

MISSISSIPPI
		Mississippi Development Bank Special Obligation
	2,100,000	5.000%, 07/01/17		2,362,227		0.7
		Other		1,234,176		0.4

				3,596,403		1.1

MISSOURI				1,775,070		0.6

NEBRASKA				1,029,010		0.3

NEVADA				1,442,506		0.5

NEW HAMPSHIRE				1,568,690		0.5

NEW JERSEY
		New Jersey Transportation Trust Fund Authority
	1,815,000	5.250%, 12/15/19		2,105,364		0.6
	2,000,000	5.750%, 06/15/23		2,386,240		0.7
		State of New Jersey
	2,000,000	5.250%, 08/01/22		2,444,220		0.8
		Other		6,689,773		2.2

				13,625,597		4.3

NEW YORK
		Metropolitan Transportation Authority
	2,000,000	5.250%, 11/15/23		2,358,200		0.7
		New York City Health & Hospital Corp
	2,000,000	5.000%, 02/15/20		2,290,600		0.7
		New York City Transitional Finance Authority
	2,000,000	5.000%, 11/01/23		2,378,000		0.7
		New York State Dormitory Authority
	2,000,000	5.000%, 03/15/20		2,400,379		0.7
		New York State Urban Development Corp
	2,000,000	5.000%, 03/15/20		2,400,380		0.8


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	31


Summary portfolio of investments (unaudited)	concluded

Tax-Exempt Bond Fund § September 30, 2011


Principal			Issuer	Value		% of net assets

NEW YORK—continued
			Port Authority of New York & New Jersey, AMT
$	1,635,000		5.000%, 09/15/20	$	1,870,522		0.6	%
			Tobacco Settlement Financing Corp
	2,000,000		5.000%, 06/01/18		2,344,900		0.7
			Other		23,390,318		7.6

					39,433,299		12.5

NORTH CAROLINA					4,981,835		1.6

OHIO
			City of Cincinnati OH
	2,000,000		5.000%, 12/01/21		2,458,020		0.8
			City of Columbus OH
	1,500,000		5.000%, 07/01/21		1,836,840		0.6
			State of Ohio, AMT
	4,000,000		4.950%, 09/01/20		4,048,279		1.2
			Other		6,703,507		2.1

					15,046,646		4.7

OREGON					1,673,448		0.5

PENNSYLVANIA
			Commonwealth of Pennsylvania
	1,925,000		5.000%, 02/15/19		2,328,672		0.8
			Philadelphia School District
	2,000,000		5.000%, 09/01/20		2,203,640		0.7
			Other		5,812,666		1.8

					10,344,978		3.3

PUERTO RICO
			Commonwealth of Puerto Rico
	2,000,000		5.500%, 07/01/20		2,165,580		0.6
			Puerto Rico Commonwealth Infrastructure
			Financing Authority
	3,370,000		5.500%, 07/01/19		3,672,929		1.2
			Puerto Rico Public Finance Corp
	3,130,000	i	5.750%, 08/01/27		3,172,506		1.0
			Other		9,533,144		3.0

					18,544,159		5.8

RHODE ISLAND
			State of Rhode Island
	2,000,000		5.000%, 08/01/21		2,381,160		0.7
			Other		2,131,965		0.7

					4,513,125		1.4

SOUTH CAROLINA
			State of South Carolina
	2,250,000		5.000%, 03/01/15		2,580,750		0.8
			Other		4,404,233		1.4

					6,984,983		2.2

SOUTH DAKOTA					590,670		0.2

TENNESSEE
			Tennessee Energy Acquisition Corp
	3,675,000		5.000%, 02/01/18		3,720,423		1.2
			Other		3,949,559		1.2

					7,669,982		2.4


Principal			Issuer	Value		% of net assets

TEXAS
			Lower Colorado River Authority
$	1,515,000		6.000%, 01/01/17	$	1,869,268		0.6	%
			SA Energy Acquisition Public Facility Corp
	2,000,000		5.500%, 08/01/19		2,063,939		0.6
			Other		7,479,067		2.4

					11,412,274		3.6

UTAH					3,486,486		1.1

VIRGINIA					1,563,824		0.5

WASHINGTON
			Port of Seattle WA
	3,150,000		5.500%, 09/01/17		3,680,838		1.2
			Other		4,202,775		1.3

					7,883,613		2.5

WISCONSIN
			State of Wisconsin
	2,000,000		5.000%, 05/01/21		2,425,180		0.8
			Other		3,537,762		1.1

					5,962,942		1.9


			TOTAL LONG-TERM MUNICIPAL BONDS
			(Cost $298,246,628)		312,661,298		98.6


			TOTAL PORTFOLIO
			(Cost $298,246,628)		312,661,298		98.6
			OTHER ASSETS & LIABILITIES, NET		4,428,068		1.4


			NET ASSETS	$	317,089,366		100.0	%



Abbreviation(s):
AMT – Alternative Minimum Tax (subject to)
COP – Certificate of Participation

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


32	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

Portfolio of investments (unaudited)

Inflation-Linked Bond Fund § September 30, 2011


Principal				Issuer	Value		% of net assets


GOVERNMENT BONDS

U.S. TREASURY SECURITIES

				United States Treasury Inflation Indexed Bonds
$	30,301,331	k		0.630%, 04/15/13	$	30,860,026		2.4	%
	45,468,429	k		1.880%, 07/15/13		47,592,668		3.7
	46,565,006	k		2.000%, 01/15/14		49,431,641		3.8
	30,423,465	k		1.250%, 04/15/14		31,875,699		2.5
	49,606,329	k		2.000%, 07/15/14		53,369,415		4.1
	30,562,872	k		1.630%, 01/15/15		32,888,524		2.5
	32,108,076	k		0.500%, 04/15/15		33,409,962		2.6
	35,656,822	k		1.880%, 07/15/15		39,163,991		3.0
	37,453,787	k		2.000%, 01/15/16		41,626,364		3.2
	42,781,882	k		0.130%, 04/15/16		44,202,369		3.4
	35,344,063	k		2.500%, 07/15/16		40,620,825		3.1
	30,152,985	k		2.380%, 01/15/17		34,673,581		2.7
	28,923,946	k		2.630%, 07/15/17		34,082,792		2.6
	27,714,109	k		1.630%, 01/15/18		31,007,321		2.4
	26,610,310	k		1.380%, 07/15/18		29,487,550		2.3
	27,095,180	k		2.130%, 01/15/19		31,557,431		2.4
	29,414,068	k		1.880%, 07/15/19		33,856,063		2.6
	34,684,372	k		1.380%, 01/15/20		38,610,747		3.0
	72,274,743	k		1.250%, 07/15/20		79,790,159		6.3
	58,928,144	k		1.130%, 01/15/21		64,319,127		5.0
	35,984,724	k		0.630%, 07/15/21		37,559,056		2.9
	53,609,352	k		2.380%, 01/15/25		66,220,095		5.2
	33,492,712	k		2.000%, 01/15/26		39,785,691		3.1
	28,819,552	k		2.380%, 01/15/27		36,035,708		2.8
	29,223,827	k		1.750%, 01/15/28		33,853,992		2.6
	35,492,180	k		3.630%, 04/15/28		51,047,728		3.9
	28,200,032	k		2.500%, 01/15/29		36,203,991		2.8
	39,612,468	k		3.880%, 04/15/29		59,601,276		4.6
	10,716,639	k		3.380%, 04/15/32		15,805,371		1.2
	25,346,828	k		2.130%, 02/15/40		32,160,764		2.5
	28,472,712	k		2.130%, 02/15/41		36,360,536		2.8

				United States Treasury Note
	8,000,000			0.500%, 08/15/14		8,020,640		0.5
	2,100,000			1.000%, 08/31/16		2,105,250		0.2
	2,000,000			2.250%, 07/31/18		2,110,624		0.2

						1,279,296,977		98.9


			TOTAL GOVERNMENT BONDS
			(Cost $1,154,193,432)			1,279,296,977		98.9


			TOTAL PORTFOLIO
			(Cost $1,154,193,432)			1,279,296,977		98.9
			OTHER ASSETS & LIABILITIES, NET			14,192,909		1.1

			NET ASSETS		$	1,293,489,886		100.0	%

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


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	33

Summary portfolio of investments (unaudited)

Bond Index Fund § September 30, 2011


Principal		Issuer		Value	% of net assets

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS			$	864,590	0.1	%

BANKS				48,211,923	3.1

CAPITAL GOODS				12,361,225	0.7

COMMERCIAL & PROFESSIONAL SERVICES				18,074,926	1.1

CONSUMER DURABLES & APPAREL				1,550,627	0.1

CONSUMER SERVICES				3,297,497	0.2

DIVERSIFIED FINANCIALS				59,713,412	3.8

ENERGY				30,341,548	1.8

FOOD & STAPLES RETAILING				2,949,247	0.2

FOOD, BEVERAGE & TOBACCO				17,066,590	1.1

HEALTH CARE EQUIPMENT & SERVICES				5,896,886	0.3

HOUSEHOLD & PERSONAL PRODUCTS				2,047,828	0.1

INSURANCE				16,006,525	1.0

MATERIALS				15,966,095	1.0

MEDIA				13,330,466	0.8

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				14,821,719	0.9

REAL ESTATE				5,358,134	0.3

RETAILING				9,489,368	0.6

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				1,149,696	0.1

SOFTWARE & SERVICES				5,859,314	0.4

TECHNOLOGY HARDWARE & EQUIPMENT				8,767,875	0.5

TELECOMMUNICATION SERVICES				21,863,755	1.3

TRANSPORTATION				8,693,679	0.5

UTILITIES				31,698,519	1.9

		TOTAL CORPORATE BONDS
		(Cost $348,603,160)		355,381,444	21.9


GOVERNMENT BONDS

AGENCY SECURITIES
		Federal Home Loan Bank (FHLB)
$	8,625,000	3.130%, 12/13/13		9,121,774	0.7

		Federal Home Loan Mortgage Corp (FHLMC)
	8,650,000	1.130%, 07/27/12		8,706,813	0.6
	18,184,000	1.630%–6.250%, 08/20/12–07/15/32		20,398,445	1.2

		Federal National Mortgage Association (FNMA)
	5,415,000	3.000%, 09/16/14		5,791,213	0.4
	9,145,000	4.630%, 10/15/14		10,226,039	0.7
	17,738,000	1.130%–6.630%, 07/30/12–07/15/37		19,157,771	1.0
		Other		19,463,870	1.1

				92,865,925	5.7

FOREIGN GOVERNMENT BONDS				35,701,662	2.2


Principal			Issuer		Value	% of net assets

MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
$	7,969,253		4.500%, 05/01/39	$	8,441,015	0.5	%
	6,780,809		4.000%, 12/01/40		7,114,904	0.4
	124,298,992		3.500%–8.000%, 08/01/12–06/01/41		133,509,985	8.2

			Federal National Mortgage Association (FNMA)
	5,314,244		5.000%, 11/01/33		5,743,425	0.4
	10,469,207		5.500%, 02/01/35		11,443,169	0.7
	6,015,540		4.500%, 09/01/40		6,389,945	0.4
	202,234,340	i	2.390%–8.000%, 06/01/13–05/01/41		217,401,080	13.4

			Government National Mortgage Association (GNMA)
	5,450,776		4.500%, 05/15/39		5,943,196	0.4
	5,725,847		5.000%, 06/15/39		6,339,093	0.4
	6,232,574		4.500%, 12/15/39		6,795,621	0.4
	88,649,143	i	3.000%–8.500%, 02/15/18–01/15/44		96,888,104	6.0
			Other		18,525,220	1.1

					524,534,757	32.3

MUNICIPAL BONDS					16,987,590	1.0

U.S. TREASURY SECURITIES
			United States Treasury Bond
	14,379,100		8.000%, 11/15/21		22,458,357	1.5
	14,560,000		5.250%, 02/15/29		19,885,771	1.2
	10,979,000		5.380%, 02/15/31		15,444,368	1.0
	12,585,000		3.880%, 08/15/40		14,952,553	0.9
	5,075,000		4.750%, 02/15/41		6,934,510	0.4
	4,600,000		4.380%, 05/15/41		5,942,648	0.4
	13,945,200		3.500%–8.880%, 11/15/16–05/15/40		18,498,739	1.1
			United States Treasury Note
	5,990,000		1.380%, 10/15/12		6,063,240	0.4
	18,350,000		0.380%, 10/31/12		18,387,985	1.1
	29,600,000		0.500%, 11/30/12		29,706,381	1.8
	8,000,000		0.630%, 12/31/12		8,042,184	0.5
	7,650,000		0.630%, 01/31/13		7,691,838	0.5
	9,575,000		0.750%, 09/15/13		9,660,648	0.6
	8,284,000		2.000%, 11/30/13		8,582,357	0.5
	11,198,000		2.250%, 05/31/14		11,743,903	0.7
	6,784,000		2.630%, 06/30/14		7,193,693	0.4
	5,583,000		2.380%, 08/31/14		5,896,608	0.4
	9,860,000		2.380%, 10/31/14		10,436,968	0.6
	6,310,000		2.250%, 01/31/15		6,669,866	0.4
	7,170,000		2.500%, 04/30/15		7,657,897	0.5
	6,895,000		1.750%, 07/31/15		7,185,348	0.4
	12,840,000		1.250%, 08/31/15		13,136,925	0.8
	18,805,000		1.250%, 09/30/15		19,222,245	1.2
	27,300,000		1.250%, 10/31/15		27,877,996	1.7
	23,550,000		1.380%, 11/30/15		24,160,840	1.5
	5,400,000		2.000%, 01/31/16		5,677,592	0.3
	10,650,000		2.130%, 02/29/16		11,260,714	0.7
	9,000,000		2.250%, 03/31/16		9,567,450	0.6
	11,250,000		1.750%, 05/31/16		11,699,100	0.7
	10,750,000		1.500%, 07/31/16		11,038,960	0.7
	14,000,000		1.000%, 08/31/16		14,035,000	0.9
	10,000,000		1.000%, 09/30/16		10,014,700	0.6
	6,830,000		1.880%, 08/31/17		7,094,663	0.4
	14,000,000		2.000%, 04/30/18		14,726,320	0.9
	7,342,000		2.630%, 08/15/20		7,863,399	0.5
	5,650,000		2.630%, 11/15/20		6,041,969	0.4


34	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements


Summary portfolio of investments (unaudited)	concluded

Bond Index Fund § September 30, 2011


Principal		Issuer	Value		% of net assets

U.S. TREASURY SECURITIES—continued
$	5,900,000	3.630%, 02/15/21	$	6,815,881		0.4	%
	14,200,000	2.130%, 08/15/21		14,450,772		0.9
	11,185,000	4.250%, 11/15/40		14,143,779		0.9
	68,383,700	0.380%–5.130%, 11/15/12–08/15/41		71,778,486		4.4

				549,642,653		33.8

		TOTAL GOVERNMENT BONDS
		(Cost $1,174,010,135)		1,219,732,587		75.0

STRUCTURED ASSETS

ASSET BACKED				4,107,104		0.3

OTHER MORTGAGE BACKED				33,469,372		2.1

		TOTAL STRUCTURED ASSETS
		(Cost $37,867,371)		37,576,476		2.4

		TOTAL BONDS
		(Cost $1,560,480,666)		1,612,690,507		99.3

		TOTAL PORTFOLIO
		(Cost $1,560,480,666)		1,612,690,507		99.3
		OTHER ASSETS & LIABILITIES, NET		11,918,719		0.7

		NET ASSETS	$	1,624,609,226		100.0	%



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


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	35

Summary portfolio of investments (unaudited)

Money Market Fund § September 30, 2011


Principal		Issuer		Value	% of net assets

SHORT-TERM INVESTMENTS

BANKERS’ ACCEPTANCES
		JPMorgan Chase Bank NA
$	17,583,000	0.190%–0.280%, 10/03/11–01/19/12	$	17,578,907	1.6	%
		Other		3,996,033	0.3

				20,574,940	1.9

CERTIFICATE OF DEPOSIT
		Bank of Nova Scotia
	7,000,000	0.170%, 10/18/11		7,000,000	0.7
		Toronto-Dominion Bank
	10,000,000	0.200%, 11/10/11		10,000,000	0.9
	13,500,000	0.170%–0.210%, 10/12/11–01/10/12		13,500,000	1.3
		Other		12,785,201	1.1

				43,285,201	4.0

COMMERCIAL PAPER
		Australia & New Zealand Banking Group Ltd
	7,415,000	0.270%, 12/21/11		7,410,495	0.6
		Bank of Nova Scotia
	7,500,000	0.175%, 10/11/11		7,499,635	0.7
	10,045,000	0.280%, 11/29/11		10,040,390	1.0
		Coca-Cola Co
	10,000,000	0.125%, 10/12/11		9,999,619	0.9
	27,800,000	0.100%–0.150%, 10/03/11–12/20/11		27,794,477	2.6
		Commonwealth Bank of Australia
	12,500,000	0.150%–0.275%, 10/14/11–12/02/11		12,495,531	1.2
		Fairway Finance LLC
	8,000,000	0.170%, 10/25/11		7,999,094	0.7
	18,275,000	0.160%–0.230%, 10/12/11–12/07/11		18,271,343	1.8
		Falcon Asset Securitization Co LLC
	15,000,000	0.150%–0.180%, 10/06/11–10/14/11		14,999,360	1.4
		General Electric Capital Corp
	9,000,000	0.190%, 10/11/11		8,999,525	0.8
	9,490,000	0.300%, 02/27/12		9,478,218	0.9
	18,405,000	0.130%–0.310%, 10/03/11–02/29/12		18,397,125	1.7
		Johnson & Johnson
	10,000,000	0.090%, 12/19/11		9,998,025	0.9
		Jupiter Securitization Co LLC
	7,735,000	0.200%, 11/04/11		7,733,538	0.7
	20,000,000	0.170%–0.210%, 10/05/11–12/19/11		19,994,445	2.0
		National Australia Funding (Delaware)
	13,070,000	0.175%–0.390%, 10/03/11–01/03/12		13,064,291	1.2
		Nestle Capital Corp
	17,625,000	0.125%–0.250%, 10/13/11–05/15/12		17,613,808	1.6
		Old Line Funding LLC
	7,000,000	0.170%, 10/05/11		6,999,868	0.7
	8,000,000	0.205%, 11/16/11		7,997,903	0.7
	16,502,000	0.150%–0.220%, 10/14/11–11/22/11		16,499,718	1.6
		Private Export Funding Corp
	9,000,000	0.065%–0.170%, 11/29/11		8,997,541	0.8
	26,740,000	0.140%–0.230%, 10/04/11–02/27/12		26,733,823	2.5
		Procter & Gamble Co
	12,900,000	0.120%, 10/04/11		12,899,871	1.1
	9,460,000	0.110%–0.120%, 11/02/11		9,459,039	0.9
		Province of Ontario Canada
	12,335,000	0.100%–0.120%, 10/14/11–12/02/11		12,333,165	1.1


Principal		Issuer		Value	% of net assets

COMMERCIAL PAPER—continued
		Royal Bank of Canada
$	6,815,000	0.150%–0.160%, 12/27/11	$	6,812,486	0.7	%
		Sheffield Receivables Corp
	10,000,000	0.180%, 10/12/11		9,999,450	0.9
	8,000,000	0.250%, 10/20/11		7,998,944	0.7
		Straight-A Funding LLC
	12,191,000	0.160%–0.200%, 10/05/11		12,190,746	1.2
	6,550,000	0.190%, 11/08/11		6,548,686	0.6
	8,000,000	0.190%, 11/28/11		7,997,551	0.7
	13,000,000	0.160%–0.190%, 10/07/11–12/01/11		12,997,442	1.2
		Toronto-Dominion Holdings USA, Inc
	15,610,000	0.180%–0.210%, 10/17/11–12/20/11		15,605,746	1.4
		Variable Funding Capital Co LLC
	6,793,000	0.170%, 10/20/11		6,792,391	0.6
	8,000,000	0.210%, 12/16/11		7,996,453	0.7
	11,700,000	0.130%–0.200%, 10/04/11–10/31/11		11,699,074	1.1
		Other		55,535,623	5.2

				485,884,439	45.1

FOREIGN GOVERNMENT BONDS				4,026,101	0.4


GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
	18,000,000	0.060%, 10/07/11		17,999,820	1.8
	8,590,000	0.035%–0.065%, 10/19/11		8,589,758	0.8
	33,518,000	0.070%–0.200%, 10/21/11		33,514,289	3.2
	9,800,000	0.170%, 11/01/11		9,798,565	0.9
	6,889,000	0.025%–0.040%, 11/14/11		6,888,690	0.6
	7,000,000	0.025%–0.030%, 11/16/11		6,999,764	0.7
	13,000,000	0.025%–0.030%, 11/18/11		12,999,513	1.2
	25,032,000	0.011%–0.100%, 10/11/11–01/25/12		25,030,811	2.1

		Federal Home Loan Mortgage Corp (FHLMC)
	22,413,000	0.030%–0.300%, 10/04/11–02/21/12		22,410,084	2.1

		Federal National Mortgage Association (FNMA)
	10,000,000	0.050%–0.065%, 10/03/11		9,999,969	0.9
	8,300,000	0.060%–0.140%, 10/19/11		8,299,511	0.8
	12,400,000	0.060%–0.125%, 12/07/11		12,397,188	1.1
	45,846,000	0.010%–0.180%, 07/02/08–04/18/12		45,842,776	4.3
		Other		1,999,340	0.2

				222,770,078	20.7

TREASURY DEBT
		United States Treasury Bill
	29,600,000	0.091%–0.096%, 11/17/11		29,596,334	2.6
	34,840,000	0.008%–0.111%, 10/06/11–12/29/11		34,837,005	3.4

		United States Treasury Note
	16,200,000	1.000%, 10/31/11		16,210,900	1.5
	11,835,000	0.750%, 11/30/11		11,845,633	1.1
	10,455,000	1.125%, 12/15/11		10,474,763	1.0
	7,000,000	1.375%, 02/15/12		7,027,416	0.7
	14,505,000	0.750%, 05/31/12		14,555,224	1.4
	9,986,000	1.875%, 06/15/12		10,109,355	0.9
	7,740,000	0.625%, 06/30/12		7,769,820	0.7
	6,530,000	1.500%, 07/15/12		6,601,484	0.6
	16,321,000	0.625%–1.125%, 01/15/12–07/31/12		16,377,996	1.5

				165,405,930	15.4


36	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements


Summary portfolio of investments (unaudited)	concluded

Money Market Fund § September 30, 2011


Principal				Issuer		Value	% of net assets

VARIABLE RATE SECURITY
				Federal Farm Credit Bank (FFCB)
$	9,700,000	i		0.150%, 02/13/12	$	9,699,799	0.9	%
	10,000,000	i		0.300%, 09/23/13		9,999,201	0.9
	21,250,000			0.220%–0.320%, 03/28/13–08/26/13		21,241,498	2.0

				Federal Home Loan Bank (FHLB)
	9,600,000	i		0.160%, 01/13/12		9,599,862	0.9
	9,500,000	i		0.270%, 08/16/13		9,500,000	0.9

				Federal Home Loan Mortgage Corp (FHLMC)
	22,000,000	i		0.070%, 11/09/11		21,998,268	2.0
	10,000,000	i		0.240%, 01/09/12		10,002,080	0.9
	13,100,000			0.172%–0.220%, 11/07/11–05/06/13		13,095,081	1.2

				Royal Bank of Canada
	9,500,000	i		0.290%, 07/11/12		9,500,000	0.9
		i		Other		19,497,913	1.9

						134,133,702	12.5

			TOTAL SHORT-TERM INVESTMENTS
				(Cost $1,076,080,391)		1,076,080,391	100.0

			TOTAL PORTFOLIO
				(Cost $1,076,080,391)		1,076,080,391	100.0
			OTHER ASSETS & LIABILITIES, NET			364,339	0.0

			NET ASSETS		$	1,076,444,730	100.0	%



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


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	37

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds § September 30, 2011


	Bond Fund		Bond Plus Fund		Short-Term Bond Fund			High-Yield Fund			Tax-Exempt Bond Fund			Inflation-Linked Bond Fund		Bond Index Fund			Money Market Fund

ASSETS
Portfolio investments, at value^†	$	2,544,144,498	$	1,015,547,434	$	652,270,576		$	890,501,676		$	312,661,298		$	1,279,296,977	$	1,612,690,507		$	1,076,080,391
Cash		7,886,501		5,044,089		21,447,099			22,075,052			4,043,680			9,172,275		17,903,857			2,595
Receivable from securities transactions		14,558,707		8,192,336		—			2,015,750			551,990			—		17,647,989			—
Receivable for delayed delivery securities		16,167,578		—		—			—			—			—		—			—
Receivable from Fund shares sold		1,477,838		627,168		1,199,082			2,293,819			583,012			1,291,646		1,261,116			1,090,598
Dividends and interest receivable		14,831,454		8,668,566		3,603,567			20,496,177			3,196,837			5,193,866		10,028,423			382,892
Due from affiliates		—		284		—			—			655			—		1,490			301,456
Other		41,390		15,925		8,424			24,584			18,146			30,169		9,841			38,371

Total assets		2,599,107,966		1,038,095,802		678,528,748			937,407,058			321,055,618			1,294,984,933		1,659,543,223			1,077,896,303

LIABILITIES
Management fees payable		50,116		23,022		13,879			26,706			7,809			26,335		13,310			8,835
Service agreement fees payable		5,992		1,696		3,068			3,318			—			4,584		402			1,467
Distribution fees payable		23,144		79,557		49,346			51,523			88,243			51,619		2,066			334,131
Due to affiliates		11,741		5,619		3,530			5,719			1,760			6,384		8,451			6,339
Swap premiums received		35,514		17,757		17,757			—			—			—		—			—
Payable for securities transactions		6,997,499		2,588,657		—			—			—			—		20,589,219			—
Payable for delayed delivery securities		516,183,460		99,775,830		—			6,316,000			3,308,132			—		5,040,077			—
Payable for Fund shares redeemed		11,727,449		3,057,621		1,244,397			1,340,797			349,316			1,269,225		8,730,381			834,001
Income distribution payable		2,694,025		1,543,356		248,622			2,762,407			111,077			—		453,762			1,784
Unrealized depreciation on swap agreements		6,680		3,340		3,340			—			—			—		—			—
Accrued expenses & other payables		180,718		184,198		136,509			128,242			99,915			136,900		96,329			265,016

Total liabilities		537,916,338		107,280,653		1,720,448			10,634,712			3,966,252			1,495,047		34,933,997			1,451,573

NET ASSETS	$	2,061,191,628	$	930,815,149	$	676,808,300		$	926,772,346		$	317,089,366		$	1,293,489,886	$	1,624,609,226		$	1,076,444,730

NET ASSETS CONSIST OF:
Paid-in-capital	$	1,964,975,707	$	922,554,220	$	671,363,718		$	966,216,473		$	303,688,357		$	1,167,386,967	$	1,573,896,619		$	1,076,450,834
Undistributed net investment income (loss)		22,691		33,839		(8,664	)		(295,279	)		11,267			1,195		1,338			(7,509	)
Accumulated net realized gain (loss) on total investments		46,428,735		1,348,287		4,134,774			(3,156,291	)		(1,024,928	)		998,179		(1,498,572	)		1,405
Net unrealized appreciation (depreciation) on total investments		49,764,495		6,878,803		1,318,472			(35,992,557	)		14,414,670			125,103,545		52,209,841			—

NET ASSETS	$	2,061,191,628	$	930,815,149	$	676,808,300		$	926,772,346		$	317,089,366		$	1,293,489,886	$	1,624,609,226		$	1,076,444,730

INSTITUTIONAL CLASS:
Net assets	$	1,661,721,252	$	571,183,900	$	344,317,559		$	575,249,550		$	9,666,961		$	874,613,407	$	1,591,522,379		$	462,354,079
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		155,845,073		55,421,086		33,183,672			62,329,252			905,706			74,310,670		148,155,473			462,352,484

Net asset value per share	$	10.66	$	10.31	$	10.38		$	9.23		$	10.67		$	11.77	$	10.74		$	1.00

RETIREMENT CLASS:
Net assets	$	294,173,084	$	83,231,693	$	150,052,645		$	161,242,821		$	—		$	224,000,263	$	20,342,433		$	71,348,845
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		27,131,340		8,066,077		14,446,391			17,471,810			—			18,866,881		1,893,050			71,347,765

Net asset value per share	$	10.84	$	10.32	$	10.39		$	9.23		$	—		$	11.87	$	10.75		$	1.00

RETAIL CLASS:
Net assets	$	63,863,868	$	266,853,902	$	158,578,918		$	162,917,395		$	307,422,405		$	172,863,094	$	8,872,313		$	524,260,940
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,896,070		25,843,520		15,269,518			17,578,263			28,764,442			14,979,533		825,586			524,251,492

Net asset value per share	$	10.83	$	10.33	$	10.39		$	9.27		$	10.69		$	11.54	$	10.75		$	1.00

PREMIER CLASS:
Net assets	$	41,433,424	$	9,545,654	$	23,859,178		$	27,362,580		$	—		$	22,013,122	$	3,872,101		$	18,480,866
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,883,891		926,354		2,297,598			2,964,263			—			1,871,765		360,386			18,480,819

Net asset value per share	$	10.67	$	10.30	$	10.38		$	9.23		$	—		$	11.76	$	10.74		$	1.00

^†Portfolio investments, cost	$	2,494,365,598	$	1,008,662,735	$	650,948,764		$	926,494,233		$	298,246,628		$	1,154,193,432	$	1,560,480,666		$	1,076,080,391


38	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	39

Statements of operations (unaudited)

TIAA-CREF Funds § For the period ended September 30, 2011


	Bond Fund			Bond Plus Fund			Short-Term Bond Fund			High-Yield Fund			Tax-Exempt Bond Fund			Inflation-Linked Bond Fund		Bond Index Fund			Money Market Fund

INVESTMENT INCOME
Dividends	$	—		$	83,207		$	—		$	291,225		$	—		$	—	$	—		$	—
Dividends from affiliated investments		—			49,021			—			—			—			—		—			—
Interest		33,050,781			19,171,426			7,469,706			34,310,320			5,740,731			35,043,286		21,203,876			939,130

Total income		33,050,781			19,303,654			7,469,706			34,601,545			5,740,731			35,043,286		21,203,876			939,130

EXPENSES
Management fees		3,053,849			1,418,274			791,058			1,641,487			458,471			1,509,418		762,727			536,255
Distribution fees - Retail Class		32,668			147,395			86,849			95,377			162,024			88,022		8,700			298,362
Distribution fees - Premier Class		29,712			8,283			16,561			23,026			—			14,823		2,230			13,513
Fund administration fees		72,930			33,477			21,894			33,481			10,606			41,780		52,969			30,313
Custody and accounting fees		65,021			63,539			27,585			23,833			17,044			10,164		113,897			32,006
Professional fees		40,775			40,747			39,566			41,044			38,865			35,196		42,706			30,386
Shareholder reports		18,515			23,929			22,035			25,155			31,304			23,610		17,042			19,293
Shareholder servicing - Institutional Class		1,455			516			450			751			58			1,671		2,342			725
Shareholder servicing - Retirement Class		354,521			100,131			180,357			222,531			—			253,554		13,219			85,886
Shareholder servicing - Retail Class		20,655			139,216			59,429			57,642			54,470			51,911		3,326			333,716
Shareholder servicing - Premier Class		108			89			95			103			—			93		91			111
Trustee fees and expenses		10,053			5,016			3,194			4,869			1,468			5,875		7,568			5,129
Compliance fees		23,584			10,929			7,120			10,943			3,431			13,566		17,204			16,534
Interest expense		231			726			74			3,239			191			22		777			69
Registration fees		40,695			39,202			39,741			38,412			24,416			44,898		41,617			43,903
Other expenses		35,091			52,603			17,460			22,358			9,451			29,716		40,573			6,993

Total expenses		3,799,863			2,084,072			1,313,468			2,244,251			811,799			2,124,319		1,126,988			1,453,194
Less: Expenses reimbursed by the investment adviser		—			(36,630	)		(21,295	)		—			(59,753	)		—		(108,347	)		(299,194	)
Fee waiver by investment adviser and TPIS		—			—			—			—			—			—		—			(298,362	)

Net expenses		3,799,863			2,047,442			1,292,173			2,244,251			752,046			2,124,319		1,018,641			855,638

Net investment income (loss)		29,250,918			17,256,212			6,177,533			32,357,294			4,988,685			32,918,967		20,185,235			83,492

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		44,113,487			12,927,981			3,388,112			7,283,723			719,132			2,258,958		791,010			1,405
Affiliated investments		—			112,801			—			—			—			—		—			—
Futures transactions		(1,579,300	)		—			—			—			—			—		—			—
Swap transactions		2,860			1,430			1,430			—			—			—		—			—
Foreign currency transactions		(260,121	)		(85,578	)		—			—			—			—		—			—

Net realized gain on total investments		42,276,926			12,956,634			3,389,542			7,283,723			719,132			2,258,958		791,010			1,405

Change in unrealized appreciation (depreciation) on:
Portfolio investments		17,411,512			13,858			311,624			(82,155,808	)		17,174,409			60,927,250		69,530,064			—
Affiliated investments		—			(132,221	)		—			—			—			—		—			—
Swap transactions		(6,680	)		(3,340	)		(3,340	)		—			—			—		—			—
Translation of net assets (other than portfolio investments) and liabilities denominated in foreign currencies		(7,756	)		(2,566	)		—			—			—			—		—			—

Net change in unrealized appreciation (depreciation) on total investments		17,397,076			(124,269	)		308,284			(82,155,808	)		17,174,409			60,927,250		69,530,064			—

Net realized and unrealized gain (loss) on total investments		59,674,002			12,832,365			3,697,826			(74,872,085	)		17,893,541			63,186,208		70,321,074			1,405

Net increase (decrease) from operations	$	88,924,920		$	30,088,577		$	9,875,359		$	(42,514,791	)	$	22,882,226		$	96,105,175	$	90,506,309		$	84,897


40	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	41

Statements of changes in net assets

TIAA-CREF Funds § For the period or year ended


		Bond Fund									Bond Plus Fund									Short-Term Bond Fund

		For the six-month period ended September 30, 2011			For the six-month period ended March 31, 2011			For the year ended September 30, 2010			For the six-month period ended September 30, 2011			For the six-month period ended March 31, 2011			For the year ended September 30, 2010			For the six-month period ended September 30, 2011			For the six-month period ended March 31, 2011			For the year ended September 30, 2010

		(unaudited)									(unaudited)									(unaudited)
OPERATIONS
Net investment income (loss)		$	29,250,918		$	29,502,963		$	88,292,341		$	17,256,212		$	13,444,531		$	24,924,197		$	6,177,533		$	5,118,402		$	9,095,848
Net realized gain (loss) on total investments			42,276,926			53,057,360			66,220,982			12,956,634			(606	)		15,029,816			3,389,542			1,327,458			2,991,482
Net change in unrealized appreciation (depreciation) on total investments			17,397,076			(94,684,353	)		67,852,077			(124,269	)		(12,780,921	)		17,194,742			308,284			(7,295,402	)		8,864,795

Net increase (decrease) from operations			88,924,920			(12,124,030	)		222,365,400			30,088,577			663,004			57,148,755			9,875,359			(849,542	)		20,952,125

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(24,204,877	)		(25,165,412	)		(80,236,024	)		(10,951,648	)		(6,918,419	)		(9,854,844	)		(3,180,048	)		(2,256,278	)		(3,196,821	)
	Retirement Class		(3,704,862	)		(3,169,553	)		(6,492,164	)		(1,389,354	)		(1,437,789	)		(3,324,496	)		(1,303,758	)		(1,169,865	)		(2,446,968	)
	Retail Class		(803,602	)		(755,988	)		(1,448,590	)		(4,717,974	)		(4,875,223	)		(11,669,182	)		(1,485,110	)		(1,482,570	)		(3,293,093	)
	Premier Class		(536,852	)		(412,010	)		(115,569	)		(197,481	)		(206,154	)		(75,695	)		(210,200	)		(209,689	)		(158,917	)
From realized gains:	Institutional Class		—			(17,950,957	)		—			—			—			—			—			—			—
	Retirement Class		—			(2,758,263	)		—			—			—			—			—			—			—
	Retail Class		—			(667,786	)		—			—			—			—			—			—			—
	Premier Class		—			(379,240	)		—			—			—			—			—			—			—

Total distributions			(29,250,193	)		(51,259,209	)		(88,292,347	)		(17,256,457	)		(13,437,585	)		(24,924,217	)		(6,179,116	)		(5,118,402	)		(9,095,799	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		178,091,496			243,797,264			783,516,875			133,530,464			273,291,006			68,336,531			116,672,654			114,990,480			94,544,894
	Retirement Class		44,761,889			45,947,853			193,791,135			19,078,458			7,720,803			69,782,784			49,842,899			38,567,387			122,411,537
	Retail Class		12,042,254			10,062,531			31,267,123			11,755,185			11,592,216			32,951,105			18,930,420			28,043,297			56,845,424
	Premier Class		16,750,234			15,830,867			22,158,416			5,617,636			3,515,581			11,069,571			13,617,523			13,215,772			20,429,281
Reinvestments of distributions:	Institutional Class		7,734,521			40,896,632			78,131,122			549,853			6,911,820			9,837,634			1,766,461			2,020,919			2,603,625
	Retirement Class		3,704,862			5,927,816			6,492,137			1,388,931			1,437,789			3,324,496			1,303,758			1,169,650			2,446,968
	Retail Class		773,401			1,370,611			1,381,632			4,281,172			4,418,495			10,613,073			1,409,128			1,405,033			3,107,608
	Premier Class		536,852			791,250			115,569			197,481			206,154			75,695			210,200			209,689			158,917
Redemptions:	Institutional Class		(254,297,102	)		(1,025,283,111	)		(658,369,598	)		(66,927,952	)		(16,325,684	)		(59,262,454	)		(31,531,237	)		(34,871,405	)		(26,566,337	)
	Retirement Class		(23,562,552	)		(21,797,234	)		(94,244,228	)		(10,932,862	)		(27,056,249	)		(44,221,173	)		(36,137,772	)		(25,644,862	)		(63,302,350	)
	Retail Class		(6,764,390	)		(11,662,789	)		(11,855,580	)		(18,749,110	)		(22,039,606	)		(29,525,633	)		(18,467,522	)		(21,735,142	)		(26,210,905	)
	Premier Class		(12,695,920	)		(2,089,784	)		(578,902	)		(7,493,485	)		(3,335,580	)		(686,091	)		(9,971,475	)		(13,164,980	)		(1,207,324	)

Net increase (decrease) from shareholder transactions			(32,924,455	)		(696,208,094	)		351,805,701			72,295,771			240,336,745			72,295,538			107,645,037			104,205,838			185,261,338

Net increase (decrease) in net assets			26,750,272			(759,591,333	)		485,878,754			85,127,891			227,562,164			104,520,076			111,341,280			98,237,894			197,117,664
NET ASSETS
Beginning of period			2,034,441,356			2,794,032,689			2,308,153,935			845,687,258			618,125,094			513,605,018			565,467,020			467,229,126			270,111,462

End of period		$	2,061,191,628		$	2,034,441,356		$	2,794,032,689		$	930,815,149		$	845,687,258		$	618,125,094		$	676,808,300		$	565,467,020		$	467,229,126

Undistributed net investment income (loss) included in net assets		$	22,691		$	21,966		$	21,225		$	33,839		$	34,084		$	34,082		$	(8,664	)	$	(7,081	)	$	(7,081	)

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		16,901,391			23,279,338			75,599,135			12,989,837			26,750,221			6,767,050			11,211,332			11,102,473			9,169,996
	Retirement Class		4,160,097			4,293,600			18,437,353			1,845,271			754,629			6,955,121			4,784,255			3,719,525			11,976,622
	Retail Class		1,118,740			940,074			2,969,859			1,134,760			1,131,263			3,289,934			1,818,735			2,703,199			5,549,673
	Premier Class		1,572,773			1,496,648			2,092,153			541,582			343,304			1,082,140			1,305,474			1,274,577			1,982,974
Shares reinvested:	Institutional Class		730,491			3,924,608			7,528,123			53,206			677,453			983,559			169,692			195,248			254,107
	Retirement Class		344,075			559,857			613,997			134,226			140,439			330,982			125,155			112,837			238,336
	Retail Class		71,883			129,540			130,854			413,554			431,479			1,059,102			135,301			135,535			303,271
	Premier Class		50,655			76,013			10,849			19,115			20,177			7,358			20,185			20,227			15,411
Shares redeemed:	Institutional Class		(24,050,341	)		(96,193,377	)		(62,776,645	)		(6,448,052	)		(1,582,921	)		(5,926,502	)		(3,025,614	)		(3,351,649	)		(2,591,691	)
	Retirement Class		(2,176,365	)		(2,033,572	)		(8,807,681	)		(1,055,856	)		(2,641,826	)		(4,374,821	)		(3,466,664	)		(2,473,095	)		(6,142,221	)
	Retail Class		(630,633	)		(1,100,692	)		(1,125,808	)		(1,813,428	)		(2,154,744	)		(2,952,209	)		(1,774,453	)		(2,100,546	)		(2,563,689	)
	Premier Class		(1,184,135	)		(201,127	)		(54,448	)		(719,619	)		(326,525	)		(66,740	)		(955,985	)		(1,272,894	)		(117,098	)

Net increase (decrease) from shareholder transactions			(3,091,369	)		(64,829,090	)		34,617,741			7,094,596			23,542,949			7,154,974			10,347,413			10,065,437			18,075,691


42	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	43


Statements of changes in net assets	continued

TIAA-CREF Funds § For the period or year ended


		High-Yield Fund									Tax-Exempt Bond Fund									Inflation-Linked Bond Fund

		For the six-month period ended September 30, 2011			For the six-month period ended March 31, 2011			For the year ended September 30, 2010			For the six-month period ended September 30, 2011			For the six-month period ended March 31, 2011			For the year ended September 30, 2010			For the six-month period ended September 30, 2011			For the six-month period ended March 31, 2011			For the year ended September 30, 2010

		(unaudited)									(unaudited)									(unaudited)
OPERATIONS
Net investment income (loss)		$	32,357,294		$	28,359,623		$	45,624,004		$	4,988,685		$	5,527,866		$	10,155,076		$	32,918,967		$	15,766,585		$	22,334,823
Net realized gain (loss) on total investments			7,283,723			18,345,284			24,051,329			719,132			(1,492,682	)		3,320,875			2,258,958			5,925,553			4,274,002
Net change in unrealized appreciation (depreciation) on total investments			(82,155,808	)		1,770,165			21,194,800			17,174,409			(18,227,687	)		6,001,045			60,927,250			(10,948,529	)		54,857,894

Net increase (decrease) from operations			(42,514,791	)		48,475,072			90,870,133			22,882,226			(14,192,503	)		19,476,996			96,105,175			10,743,609			81,466,719

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(19,636,467	)		(16,075,075	)		(23,073,446	)		(164,238	)		(227,647	)		(625,370	)		(22,818,388	)		(11,133,676	)		(15,483,118	)
	Retirement Class		(5,972,235	)		(5,612,284	)		(11,344,973	)		—			—			—			(5,224,373	)		(2,325,150	)		(3,591,078	)
	Retail Class		(5,703,239	)		(5,679,780	)		(10,617,617	)		(4,824,447	)		(5,300,220	)		(9,529,774	)		(4,330,023	)		(2,085,181	)		(3,169,430	)
	Premier Class		(1,045,353	)		(1,003,595	)		(587,964	)		—			—			—			(556,885	)		(223,690	)		(52,139	)
From realized gains:	Institutional Class		—			—			—			—			(146,373	)		(27,853	)		—			—			—
	Retirement Class		—			—			—			—			—			—			—			—			—
	Retail Class		—			—			—			—			(3,277,554	)		(405,427	)		—			—			—
	Premier Class		—			—			—			—			—			—			—			—			—

Total distributions			(32,357,294	)		(28,370,734	)		(45,624,000	)		(4,988,685	)		(8,951,794	)		(10,588,424	)		(32,929,669	)		(15,767,697	)		(22,295,765	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		165,008,320			141,374,570			197,790,236			1,219,201			510,400			2,697,533			92,957,038			101,714,674			239,989,479
	Retirement Class		33,801,491			38,465,048			95,079,140			—			—			—			48,182,561			33,516,771			94,080,296
	Retail Class		22,663,643			25,385,799			38,129,592			29,993,353			26,695,863			98,734,879			31,872,304			19,343,209			40,801,163
	Premier Class		8,820,292			26,074,556			19,143,300			—			—			—			13,913,858			8,562,034			14,334,508
Reinvestments of distributions:	Institutional Class		4,798,869			11,164,031			18,067,942			13,807			29,536			86,949			17,942,992			10,522,062			14,556,717
	Retirement Class		5,971,994			5,609,474			11,344,973			—			—			—			5,223,297			2,324,993			3,590,870
	Retail Class		4,913,440			4,927,196			9,191,656			4,240,685			7,710,106			8,765,349			4,164,315			1,997,604			3,037,653
	Premier Class		1,045,353			1,003,595			587,964			—			—			—			556,885			223,690			52,139
Redemptions:	Institutional Class		(75,658,708	)		(35,642,208	)		(85,854,685	)		(2,143,751	)		(4,397,613	)		(11,491,638	)		(51,030,717	)		(74,772,872	)		(82,326,380	)
	Retirement Class		(41,387,229	)		(38,140,059	)		(76,438,460	)		—			—			—			(15,819,691	)		(34,243,048	)		(44,762,900	)
	Retail Class		(21,019,140	)		(21,469,778	)		(27,772,219	)		(26,110,883	)		(49,230,571	)		(33,199,853	)		(18,254,600	)		(20,942,615	)		(32,237,076	)
	Premier Class		(10,616,554	)		(14,079,548	)		(3,868,167	)		—			—			—			(9,280,106	)		(7,317,586	)		(488,010	)

Net increase (decrease) from shareholder transactions			98,341,771			144,672,676			195,401,272			7,212,412			(18,682,279	)		65,593,219			120,428,136			40,928,916			250,628,459

Net increase (decrease) in net assets			23,469,686			164,777,014			240,647,405			25,105,953			(41,826,576	)		74,481,791			183,603,642			35,904,828			309,799,413
NET ASSETS
Beginning of period			903,302,660			738,525,646			497,878,241			291,983,413			333,809,989			259,328,198			1,109,886,244			1,073,981,416			764,182,003

End of period		$	926,772,346		$	903,302,660		$	738,525,646		$	317,089,366		$	291,983,413		$	333,809,989		$	1,293,489,886		$	1,109,886,244		$	1,073,981,416

Undistributed net investment income (loss) included in net assets		$	(295,279	)	$	(295,279	)	$	(295,279	)	$	11,267		$	11,267		$	45,739		$	1,195		$	11,897		$	13,009

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		16,765,918			14,284,381			21,035,133			114,539			50,384			255,254			8,006,335			9,110,137			22,158,851
	Retirement Class		3,419,796			3,884,199			10,150,586			—			—			—			4,104,314			2,965,100			8,637,641
	Retail Class		2,321,732			2,555,400			4,073,733			2,862,304			2,572,586			9,399,973			2,791,062			1,756,406			3,847,240
	Premier Class		900,079			2,641,412			2,048,858			—			—			—			1,186,749			759,807			1,307,248
Shares reinvested:	Institutional Class		490,513			1,127,143			1,936,501			1,318			2,889			8,348			1,560,635			950,084			1,345,057
	Retirement Class		609,319			566,485			1,215,922			—			—			—			450,362			208,039			329,102
	Retail Class		499,423			495,680			981,485			404,415			753,676			833,851			369,383			183,873			286,364
	Premier Class		106,564			101,418			62,463			—			—			—			48,456			20,196			4,694
Shares redeemed:	Institutional Class		(7,701,903	)		(3,602,979	)		(9,209,662	)		(204,746	)		(433,608	)		(1,102,954	)		(4,357,516	)		(6,689,268	)		(7,560,534	)
	Retirement Class		(4,232,086	)		(3,862,517	)		(8,138,989	)		—			—			—			(1,334,828	)		(3,005,942	)		(4,048,954	)
	Retail Class		(2,129,615	)		(2,155,455	)		(2,976,515	)		(2,500,580	)		(4,829,251	)		(3,171,873	)		(1,602,223	)		(1,917,139	)		(3,041,074	)
	Premier Class		(1,093,396	)		(1,420,788	)		(410,002	)		—			—			—			(783,073	)		(651,999	)		(44,055	)

Net increase (decrease) from shareholder transactions			9,956,344			14,614,379			20,769,513			677,250			(1,883,324	)		6,222,599			10,439,656			3,689,294			23,221,580


44	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	45


Statements of changes in net assets	concluded

TIAA-CREF Funds § For the period or year ended


		Bond Index Fund									Money Market Fund

		For the six-month period ended September 30, 2011			For the six-month period ended March 31, 2011			For the year ended September 30, 2010			For the six-month period ended September 30, 2011			For the six-month period ended March 31, 2011			For the year ended September 30, 2010

		(unaudited)									(unaudited)
OPERATIONS
Net investment income (loss)		$	20,185,235		$	14,010,679		$	4,754,056		$	83,492		$	182,872		$	491,519
Net realized gain (loss) on total investments			791,010			(1,918,283	)		585,662			1,405			475			1,905
Net change in unrealized appreciation (depreciation) on total investments			69,530,064			(25,284,776	)		7,529,771			—			—			—

Net increase (decrease) from operations			90,506,309			(13,192,380	)		12,869,489			84,897			183,347			493,424

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(19,945,148	)		(13,904,454	)		(4,613,903	)		(83,492	)		(182,872	)		(473,302	)
	Retirement Class		(122,688	)		(27,460	)		(43,720	)		—			—			(2,398	)
	Retail Class		(80,357	)		(56,387	)		(63,505	)		—			—			(15,797	)
	Premier Class		(37,042	)		(22,378	)		(32,915	)		—			—			(20	)
From realized gains:	Institutional Class		—			(931,923	)		(17,947	)		—			—			—
	Retirement Class		—			(1,588	)		(181	)		—			—			—
	Retail Class		—			(3,822	)		(276	)		—			—			—
	Premier Class		—			(1,121	)		(180	)		—			—			—

Total distributions			(20,185,235	)		(14,949,133	)		(4,772,627	)		(83,492	)		(182,872	)		(491,517	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		213,066,026			1,134,156,768			321,957,476			93,454,563			80,862,315			197,525,504
	Retirement Class		17,513,562			2,239,720			1,759,492			54,491,833			18,231,625			42,534,813
	Retail Class		3,529,889			2,816,795			3,410,109			115,263,346			132,307,237			246,031,424
	Premier Class		2,331,663			1,371,642			428,898			15,908,030			10,801,118			13,190,522
Reinvestments of distributions:	Institutional Class		17,401,584			14,828,113			4,631,850			83,492			182,803			472,841
	Retirement Class		122,688			29,048			43,901			—			—			2,398
	Retail Class		73,433			55,983			62,792			—			—			14,855
	Premier Class		37,042			23,499			33,095			—			—			20
Redemptions:	Institutional Class		(90,969,037	)		(150,159,088	)		(22,201,670	)		(58,414,463	)		(87,702,934	)		(100,248,680	)
	Retirement Class		(897,881	)		(1,952,267	)		(11,500	)		(47,903,234	)		(32,905,616	)		(96,517,908	)
	Retail Class		(1,287,310	)		(724,225	)		(392,338	)		(173,096,456	)		(200,640,157	)		(482,770,768	)
	Premier Class		(1,413,877	)		(25,708	)		(64,158	)		(13,105,314	)		(7,554,193	)		(1,009,364	)

Net increase (decrease) from shareholder transactions			159,507,782			1,002,660,280			309,657,947			(13,318,203	)		(86,417,802	)		(180,774,343	)

Net increase (decrease) in net assets			229,828,856			974,518,767			317,754,809			(13,316,798	)		(86,417,327	)		(180,772,436	)
NET ASSETS
Beginning of period			1,394,780,370			420,261,603			102,506,794			1,089,761,528			1,176,178,855			1,356,951,291

End of period		$	1,624,609,226		$	1,394,780,370		$	420,261,603		$	1,076,444,730		$	1,089,761,528		$	1,176,178,855

Undistributed net investment income (loss) included in net assets		$	1,338		$	1,338		$	1,091		$	(7,509	)	$	(7,509	)	$	(8,234	)

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		20,256,879			108,594,414			31,042,454			93,454,563			80,862,315			197,525,504
	Retirement Class		1,658,169			217,216			171,728			54,491,833			18,231,625			42,534,813
	Retail Class		332,076			271,987			333,959			115,263,346			132,307,237			246,031,424
	Premier Class		219,879			133,372			41,597			15,908,030			10,801,118			13,190,522
Shares reinvested:	Institutional Class		1,650,780			1,438,634			451,476			83,492			182,803			472,841
	Retirement Class		11,561			2,809			4,278			—			—			2,398
	Retail Class		6,959			5,420			6,122			—			—			14,855
	Premier Class		3,515			2,278			3,240			—			—			20
Shares redeemed:	Institutional Class		(8,574,268	)		(14,436,475	)		(2,174,639	)		(58,414,463	)		(87,702,934	)		(100,248,680	)
	Retirement Class		(84,390	)		(187,285	)		(1,102	)		(47,903,234	)		(32,905,616	)		(96,517,908	)
	Retail Class		(121,895	)		(70,409	)		(38,693	)		(173,096,456	)		(200,640,157	)		(482,770,767	)
	Premier Class		(134,467	)		(2,476	)		(6,155	)		(13,105,314	)		(7,554,193	)		(1,009,364	)

Net increase (decrease) from shareholder transactions			15,224,798			95,969,485			29,834,265			(13,318,203	)		(86,417,802	)		(180,774,342	)


46	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	47

Financial highlights

Bond Fund ▪ For the period or year ended


	Institutional Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.36		$	10.70		$	10.20		$	9.68		$	9.94		$	9.97		$	10.10


Gain from investment operations:
Net investment income (loss) (a)		0.15			0.15			0.35			0.41			0.48			0.49			0.47
Net realized and unrealized gain (loss) on total investments		0.30			(0.22	)		0.50			0.52			(0.26	)		(0.03	)		(0.13	)

Total gain (loss) from investment operations		0.45			(0.07	)		0.85			0.93			0.22			0.46			0.34


Less distributions from:
Net investment income		(0.15	)		(0.15	)		(0.35	)		(0.41	)		(0.48	)		(0.49	)		(0.47	)
Net realized gains		—			(0.12	)		—			—			—			—			—

Total distributions		(0.15	)		(0.27	)		(0.35	)		(0.41	)		(0.48	)		(0.49	)		(0.47	)

Net asset value, end of period	$	10.66		$	10.36		$	10.70		$	10.20		$	9.68		$	9.94		$	9.97


TOTAL RETURN		4.38	%(b)		(0.67	)%(b)		8.47	%		10.00	%		2.06	%		4.74	%		3.46	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,661,721		$	1,681,237		$	2,474,347		$	2,151,009		$	1,883,323		$	1,615,363		$	1,709,874
Ratio of expenses to average net assets before expense waiver and reimbursement		0.32	%(c)		0.33	%(c)		0.33	%		0.36	%		0.32	%		0.32	%		0.25	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.32	%(c)		0.33	%(c)		0.33	%		0.34	%		0.32	%		0.32	%		0.25	%
Ratio of net investment income (loss) to average net assets		2.86	%(c)		2.80	%(c)		3.35	%		4.20	%		4.79	%		4.91	%		4.71	%
Portfolio turnover rate		179	%(b)(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)		113	%		189	%		183	%


	Retirement Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.54		$	10.88		$	10.37		$	9.84		$	10.10		$	10.13		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.14			0.14			0.32			0.39			0.46			0.47			0.24
Net realized and unrealized gain (loss) on total investments		0.30			(0.22	)		0.52			0.54			(0.27	)		(0.03	)		0.11

Total gain (loss) from investment operations		0.44			(0.08	)		0.84			0.93			0.19			0.44			0.35


Less distributions from:
Net investment income		(0.14	)		(0.14	)		(0.33	)		(0.40	)		(0.45	)		(0.47	)		(0.22	)
Net realized gains		—			(0.12	)		—			—			—			—			—

Total distributions		(0.14	)		(0.26	)		(0.33	)		(0.40	)		(0.45	)		(0.47	)		(0.22	)

Net asset value, end of period	$	10.84		$	10.54		$	10.88		$	10.37		$	9.84		$	10.10		$	10.13


TOTAL RETURN		4.20	%(b)		(0.76	)%(b)		8.22	%		9.64	%		1.87	%		4.43	%		3.52	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	294,173		$	261,330		$	239,160		$	121,753		$	28,760		$	8,302		$	1,270
Ratio of expenses to average net assets before expense waiver and reimbursement		0.57	%(c)		0.58	%(c)		0.58	%		0.62	%		0.57	%		0.59	%		7.70	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.57	%(c)		0.58	%(c)		0.58	%		0.59	%		0.57	%		0.59	%		0.55	%(c)
Ratio of net investment income (loss) to average net assets		2.61	%(c)		2.56	%(c)		3.06	%		3.86	%		4.56	%		4.69	%		4.69	%(c)
Portfolio turnover rate		179	%(b)(g)		161	%(b)(f)(g)		216	% (f)(g)		173	%(g)		113	%		189	%		183	%


48	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements


Financial highlights	concluded

Bond Fund ▪ For the period or year ended


	Retail Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.53		$	10.87		$	10.36		$	9.83		$	10.09		$	10.11		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.14			0.14			0.33			0.41			0.48			0.49			0.23
Net realized and unrealized gain (loss) on total investments		0.30			(0.22	)		0.52			0.53			(0.27	)		(0.03	)		0.11

Total gain (loss) from investment operations		0.44			(0.08	)		0.85			0.94			0.21			0.46			0.34


Less distributions from:
Net investment income		(0.14	)		(0.14	)		(0.34	)		(0.41	)		(0.47	)		(0.48	)		(0.23	)
Net realized gains		—			(0.12	)		—			—			—			—			—

Total distributions		(0.14	)		(0.26	)		(0.34	)		(0.41	)		(0.47	)		(0.48	)		(0.23	)

Net asset value, end of period	$	10.83		$	10.53		$	10.87		$	10.36		$	9.83		$	10.09		$	10.11


TOTAL RETURN		4.24	%(b)		(0.74	)%(b)		8.31	%		9.75	%		2.08	%		4.68	%		3.42	% (b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	63,864		$	56,163		$	58,330		$	35,143		$	21,166		$	7,078		$	1,006
Ratio of expenses to average net assets before expense waiver and reimbursement		0.50	%(c)		0.52	%(c)		0.50	%		0.68	%		0.56	%		0.60	%		7.52	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.50	%(c)		0.52	%(c)		0.50	%		0.50	%		0.39	%		0.42	%		0.60	%(c)
Ratio of net investment income (loss) to average net assets		2.68	%(c)		2.61	%(c)		3.16	%		4.04	%		4.73	%		4.87	%		4.63	%(c)
Portfolio turnover rate		179	%(b)(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)		113	%		189	%		183	%


	Premier Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09		*

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.37		$	10.71		$	10.20		$	10.20


Gain from investment operations:
Net investment income (loss) (a)		0.14			0.14			0.31			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.30			(0.22	)		0.53			—

Total gain (loss) from investment operations		0.44			(0.08	)		0.84			0.00	(e)


Less distributions from:
Net investment income		(0.14	)		(0.14	)		(0.33	)		—
Net realized gains		—			(0.12	)		—			—

Total distributions		(0.14	)		(0.26	)		(0.33	)		—

Net asset value, end of period	$	10.67		$	10.37		$	10.71		$	10.20


TOTAL RETURN		4.30	%(b)		(0.75	)%(b)		8.40	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	41,433		$	35,712		$	22,196		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.47	%(c)		0.48	%(c)		0.48	%		220.90	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.47	%(c)		0.48	%(c)		0.48	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		2.70	%(c)		2.65	%(c)		2.94	%		0.00	%(c)
Portfolio turnover rate		179	%(b)(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retirement Class and Retail Class commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.
(f)	Does not include in-kind transactions.
(g)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending September 30, 2011, March 31, 2011, September 30, 2010 and September 30, 2009 were 53%, 49%, 67% and 113%, respectively.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations.
	The Fund changed its fiscal year end from September 30 to March 31.


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds ▪ 2011 Semiannual Report	49

Financial highlights

Bond Plus Fund § For the period or year ended


	Institutional Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.16		$	10.36		$	9.78		$	9.38		$	10.00		$	10.10		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.19			0.20			0.47			0.47			0.51			0.51			0.26
Net realized and unrealized gain (loss) on total investments		0.15			(0.20	)		0.58			0.40			(0.62	)		(0.10	)		0.10

Total gain (loss) from investment operations		0.34			0.00	(e)		1.05			0.87			(0.11	)		0.41			0.36


Less distributions from:
Net investment income		(0.19	)		(0.20	)		(0.47	)		(0.47	)		(0.51	)		(0.51	)		(0.26	)
Net realized gains		—			—			—			—			—			(0.00	)(e)		—

Total distributions		(0.19	)		(0.20	)		(0.47	)		(0.47	)		(0.51	)		(0.51	)		(0.26	)

Net asset value, end of period	$	10.31		$	10.16		$	10.36		$	9.78		$	9.38		$	10.00		$	10.10


TOTAL RETURN		3.39	%(b)		(0.03	)%(b)		10.98	%		9.67	%		(1.18	)%		4.16	%		3.62	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	571,184		$	496,173		$	238,020		$	206,893		$	245,035		$	282,159		$	57,393
Ratio of expenses to average net assets before expense waiver and reimbursement		0.36	%(c)		0.37	%(c)		0.37	%		0.40	%		0.38	%		0.42	%		0.62	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%(c)		0.35	%(c)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		3.72	%(c)		3.90	%(c)		4.68	%		5.07	%		5.17	%		5.12	%		5.15	%(c)
Portfolio turnover rate		104	%(b)(g)		99	%(b)(g)		158	%(g)		143	%(g)		92	%		137	%		92	%(b)


	Retirement Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.17		$	10.37		$	9.79		$	9.39		$	10.02		$	10.12		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.18			0.18			0.43			0.45			0.49			0.49			0.25
Net realized and unrealized gain (loss) on total investments		0.15			(0.20	)		0.59			0.40			(0.63	)		(0.09	)		0.10

Total gain (loss) from investment operations		0.33			(0.02	)		1.02			0.85			(0.14	)		0.40			0.35


Less distributions from:
Net investment income		(0.18	)		(0.18	)		(0.44	)		(0.45	)		(0.49	)		(0.50	)		(0.23	)
Net realized gains		—			—			—			—			—			(0.00	)(e)		—

Total distributions		(0.18	)		(0.18	)		(0.44	)		(0.45	)		(0.49	)		(0.50	)		(0.23	)

Net asset value, end of period	$	10.32		$	10.17		$	10.37		$	9.79		$	9.39		$	10.02		$	10.12


TOTAL RETURN		3.26	%(b)		(0.16	)%(b)		10.70	%		9.39	%		(1.49	)%		4.01	%		3.54	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	83,232		$	72,668		$	92,179		$	58,533		$	9,913		$	8,830		$	2,474
Ratio of expenses to average net assets before expense waiver and reimbursement		0.61	%(c)		0.62	%(c)		0.62	%		0.65	%		0.63	%		0.72	%		4.86	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.60	%(c)		0.60	%(c)		0.60	%		0.60	%		0.61	%		0.55	%		0.55	%(c)
Ratio of net investment income (loss) to average net assets		3.47	%(c)		3.58	%(c)		4.34	%		4.80	%		4.95	%		4.92	%		5.03	%(c)
Portfolio turnover rate		104	%(b)(g)		99	%(b)(g)		158	%(g)		143	%(g)		92	%		137	%		92	%(b)


50	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements


Financial highlights	concluded

Bond Plus Fund § For the period or year ended


	Retail Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.18		$	10.38		$	9.80		$	9.40		$	10.02		$	10.12		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.18			0.18			0.45			0.46			0.50			0.50			0.25
Net realized and unrealized gain (loss) on total investments		0.15			(0.20	)		0.58			0.40			(0.61	)		(0.10	)		0.10

Total gain (loss) from investment operations		0.33			(0.02	)		1.03			0.86			(0.11	)		0.40			0.35


Less distributions from:
Net investment income		(0.18	)		(0.18	)		(0.45	)		(0.46	)		(0.51	)		(0.50	)		(0.23	)
Net realized gains		—			—			—			—			—			(0.00	)(e)		—

Total distributions		(0.18	)		(0.18	)		(0.45	)		(0.46	)		(0.51	)		(0.50	)		(0.23	)

Net asset value, end of period	$	10.33		$	10.18		$	10.38		$	9.80		$	9.40		$	10.02		$	10.12


TOTAL RETURN		3.27	%(b)		(0.14	)%(b)		10.78	%		9.50	%		(1.26	)%		4.09	%		3.55	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	266,854		$	265,818		$	277,069		$	247,928		$	241,183		$	264,897		$	2,581
Ratio of expenses to average net assets before expense waiver and reimbursement		0.57	%(c)		0.59	%(c)		0.54	%		0.74	%		0.74	%		0.77	%		3.73	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.56	%(c)		0.58	%(c)		0.52	%		0.49	%		0.44	%		0.41	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		3.51	%(c)		3.62	%(c)		4.50	%		4.93	%		5.09	%		5.07	%		5.06	%(c)
Portfolio turnover rate		104	%(b)(g)		99	%(b)(g)		158	%(g)		143	%(g)		92	%		137	%		92	%(b)


	Premier Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09		*

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.16		$	10.36		$	9.78		$	9.78


Gain from investment operations:
Net investment income (loss) (a)		0.19			0.19			0.40			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.14			(0.20	)		0.63			—

Total gain (loss) from investment operations		0.33			(0.01	)		1.03			0.00	(e)


Less distributions from:
Net investment income		(0.19	)		(0.19	)		(0.45	)		—
Net realized gains		—			—			—			—

Total distributions		(0.19	)		(0.19	)		(0.45	)		—

Net asset value, end of period	$	10.30		$	10.16		$	10.36		$	9.78


TOTAL RETURN		3.21	%(b)		(0.11	)%(b)		10.82	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	9,546		$	11,028		$	10,857		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.51	%(c)		0.52	%(c)		0.52	%		220.91	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.50	%(c)		0.50	%(c)		0.50	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		3.56	%(c)		3.69	%(c)		3.89	%		0.00	%(c)
Portfolio turnover rate		104	%(b)(g)		99	%(b)(g)		158	%(g)		143	%(g)


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.
(g)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending September 30, 2011, March 31, 2011, September 30, 2010 and September 30, 2009 were 66%, 63%, 90% and 108%, respectively.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations.
	The Fund changed its fiscal year end from September 30 to March 31.


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	51

Financial highlights

Short-Term Bond Fund § For the period or year ended


	Institutional Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.30		$	10.43		$	10.11		$	9.78		$	10.04		$	10.04		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.11			0.11			0.28			0.36			0.45			0.48			0.24
Net realized and unrealized gain (loss) on total investments		0.08			(0.13	)		0.32			0.33			(0.26	)		(0.00	)(e)		0.04

Total gain (loss) from investment operations		0.19			(0.02	)		0.60			0.69			0.19			0.48			0.28


Less distributions from:
Net investment income		(0.11	)		(0.11	)		(0.28	)		(0.36	)		(0.45	)		(0.48	)		(0.24	)
Net realized gains		—			—			—			—			—			(0.00	)(e)		—

Total distributions		(0.11	)		(0.11	)		(0.28	)		(0.36	)		(0.45	)		(0.48	)		(0.24	)

Net asset value, end of period	$	10.38		$	10.30		$	10.43		$	10.11		$	9.78		$	10.04		$	10.04


TOTAL RETURN		1.82	%(b)		(0.20	)%(b)		6.05	%		7.23	%		1.88	%		4.87	%		2.83	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	344,318		$	255,835		$	176,043		$	101,583		$	135,936		$	163,035		$	56,867
Ratio of expenses to average net assets before
expense waiver and reimbursement		0.31	%(c)		0.32	%(c)		0.33	%		0.38	%		0.37	%		0.40	%		0.55	%(c)
Ratio of expenses to average net assets after
expense waiver and reimbursement		0.30	%(c)		0.30	%(c)		0.30	%		0.29	%		0.31	%		0.30	%		0.30	%(c)
Ratio of net investment income (loss) to average net assets		2.05	%(c)		2.11	%(c)		2.74	%		3.66	%		4.46	%		4.76	%		4.87	%(c)
Portfolio turnover rate		59	%(b)		93	%(b)		95	%		173	%		102	%		82	%		83	%(b)


	Retirement Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.31		$	10.44		$	10.12		$	9.78		$	10.05		$	10.06		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.09			0.10			0.25			0.34			0.42			0.46			0.24
Net realized and unrealized gain (loss) on total investments		0.08			(0.13	)		0.33			0.34			(0.26	)		(0.00	)(e)		0.03

Total gain (loss) from investment operations		0.17			(0.03	)		0.58			0.68			0.16			0.46			0.27


Less distributions from:
Net investment income		(0.09	)		(0.10	)		(0.26	)		(0.34	)		(0.43	)		(0.47	)		(0.21	)
Net realized gains		—			—			—			—			—			(0.00	)(e)		—

Total distributions		(0.09	)		(0.10	)		(0.26	)		(0.34	)		(0.43	)		(0.47	)		(0.21	)

Net asset value, end of period	$	10.39		$	10.31		$	10.44		$	10.12		$	9.78		$	10.05		$	10.06


TOTAL RETURN		1.69	%(b)		(0.32	)%(b)		5.79	%		7.07	%		1.56	%		4.63	%		2.75	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	150,053		$	134,128		$	121,535		$	56,366		$	19,752		$	12,785		$	2,473
Ratio of expenses to average net assets before
expense waiver and reimbursement		0.55	%(c)		0.57	%(c)		0.58	%		0.64	%		0.63	%		0.67	%		4.50	%(c)
Ratio of expenses to average net assets after
expense waiver and reimbursement		0.55	%(c)		0.55	%(c)		0.55	%		0.54	%		0.56	%		0.50	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		1.80	%(c)		1.86	%(c)		2.42	%		3.40	%		4.23	%		4.58	%		4.76	%(c)
Portfolio turnover rate		59	%(b)		93	%(b)		95	%		173	%		102	%		82	%		83	%(b)


52	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements


Financial highlights	concluded

Short-Term Bond Fund § For the period or year ended


	Retail Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.31		$	10.44		$	10.12		$	9.78		$	10.05		$	10.05		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.10			0.10			0.26			0.35			0.44			0.47			0.24
Net realized and unrealized gain (loss) on total investments		0.08			(0.13	)		0.33			0.34			(0.27	)		0.01			0.03

Total gain (loss) from investment operations		0.18			(0.03	)		0.59			0.69			0.17			0.48			0.27


Less distributions from:
Net investment income		(0.10	)		(0.10	)		(0.27	)		(0.35	)		(0.44	)		(0.48	)		(0.22	)
Net realized gains		—			—			—			—			—			(0.00	)(e)		—

Total distributions		(0.10	)		(0.10	)		(0.27	)		(0.35	)		(0.44	)		(0.48	)		(0.22	)

Net asset value, end of period	$	10.39		$	10.31		$	10.44		$	10.12		$	9.78		$	10.05		$	10.05


TOTAL RETURN		1.73	%(b)		(0.30	)%(b)		5.87	%		7.19	%		1.71	%		4.86	%		2.75	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	158,579		$	155,623		$	149,768		$	111,912		$	104,084		$	101,059		$	3,331
Ratio of expenses to average net assets before
expense waiver and reimbursement		0.49	%(c)		0.52	%(c)		0.50	%		0.71	%		0.67	%		0.76	%		2.88	%(c)
Ratio of expenses to average net assets after
expense waiver and reimbursement		0.48	%(c)		0.50	%(c)		0.47	%		0.43	%		0.38	%		0.34	%		0.45	%(c)
Ratio of net investment income (loss) to average net assets		1.87	%(c)		1.91	%(c)		2.58	%		3.53	%		4.40	%		4.69	%		4.82	%(c)
Portfolio turnover rate		59	%(b)		93	%(b)		95	%		173	%		102	%		82	%		83	%(b)


	Premier Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09		*

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.31		$	10.43		$	10.11		$	10.11


Gain from investment operations:
Net investment income (loss) (a)		0.10			0.10			0.25			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.07			(0.12	)		0.34			—

Total gain (loss) from investment operations		0.17			(0.02	)		0.59			0.00	(e)


Less distributions from:
Net investment income		(0.10	)		(0.10	)		(0.27	)		—
Net realized gains		—			—			—			—

Total distributions		(0.10	)		(0.10	)		(0.27	)		—

Net asset value, end of period	$	10.38		$	10.31		$	10.43		$	10.11


TOTAL RETURN		1.65	%(b)		(0.18	)%(b)		5.89	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	23,859		$	19,881		$	19,884		$	250
Ratio of expenses to average net assets before
expense waiver and reimbursement		0.45	%(c)		0.47	%(c)		0.48	%		220.86	%(c)
Ratio of expenses to average net assets after
expense waiver and reimbursement		0.45	%(c)		0.45	%(c)		0.45	%		0.45	%(c)
Ratio of net investment income (loss) to average net assets		1.90	%(c)		1.95	%(c)		2.39	%		0.00	%(c)
Portfolio turnover rate		59	%(b)		93	%(b)		95	%		173	%


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations.
	The Fund changed its fiscal year end from September 30 to March 31.


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	53

Financial highlights

High-Yield Fund § For the period or year ended


	Institutional Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.99		$	9.74		$	9.04		$	8.41		$	9.94		$	9.92		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.34			0.35			0.72			0.78			0.76			0.72			0.35
Net realized and unrealized gain (loss) on total investments		(0.76	)		0.25			0.70			0.63			(1.52	)		0.02			(0.08	)

Total gain (loss) from investment operations		(0.42	)		0.60			1.42			1.41			(0.76	)		0.74			0.27


Less distributions from:
Net investment income		(0.34	)		(0.35	)		(0.72	)		(0.78	)		(0.76	)		(0.72	)		(0.35	)
Net realized gains		—			—			—			—			(0.01	)		—			—

Total distributions		(0.34	)		(0.35	)		(0.72	)		(0.78	)		(0.77	)		(0.72	)		(0.35	)

Net asset value, end of period	$	9.23		$	9.99		$	9.74		$	9.04		$	8.41		$	9.94		$	9.92


TOTAL RETURN		(4.31	) %(b)		6.22	%(b)		16.41	%		18.83	%		(8.15	)%		7.66	%		2.82	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	575,250		$	527,004		$	398,933		$	245,983		$	228,048		$	228,834		$	53,478
Ratio of expenses to average net assets before expense waiver and reimbursement		0.39	%(c)		0.40	%(c)		0.41	%		0.45	%		0.43	%		0.49	%		0.67	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.39	%(c)		0.40	%(c)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%(c)
Ratio of net investment income (loss) to average net assets		6.97	%(c)		7.04	%(c)		7.76	%		10.07	%		8.05	%		7.30	%		7.16	%(c)
Portfolio turnover rate		37	%(b)		43	%(b)		109	%		79	%		59	%		43	%		26	%(b)


	Retirement Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.99		$	9.74		$	9.04		$	8.41		$	9.95		$	9.92		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.33			0.34			0.70			0.76			0.74			0.71			0.36
Net realized and unrealized gain (loss) on total investments		(0.76	)		0.25			0.70			0.63			(1.53	)		0.03			(0.12	)

Total gain (loss) from investment operations		(0.43	)		0.59			1.40			1.39			(0.79	)		0.74			0.24


Less distributions from:
Net investment income		(0.33	)		(0.34	)		(0.70	)		(0.76	)		(0.74	)		(0.71	)		(0.32	)
Net realized gains		—			—			—			—			(0.01	)		—			—

Total distributions		(0.33	)		(0.34	)		(0.70	)		(0.76	)		(0.75	)		(0.71	)		(0.32	)

Net asset value, end of period	$	9.23		$	9.99		$	9.74		$	9.04		$	8.41		$	9.95		$	9.92


TOTAL RETURN		(4.43	)%(b)		6.09	%(b)		16.12	%		18.54	%		(8.45	)%		7.61	%		2.51	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	161,243		$	176,489		$	166,383		$	125,322		$	28,694		$	15,869		$	6,620
Ratio of expenses to average net assets before expense waiver and reimbursement		0.64	%(c)		0.65	%(c)		0.66	%		0.71	%		0.69	%		0.73	%		5.28	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.64	%(c)		0.65	%(c)		0.65	%		0.65	%		0.65	%		0.60	%		0.60	%(c)
Ratio of net investment income (loss) to average net assets		6.70	%(c)		6.78	%(c)		7.49	%		9.38	%		7.91	%		7.10	%		7.19	%(c)
Portfolio turnover rate		37	%(b)		43	%(b)		109	%		79	%		59	%		43	%		26	%(b)


54	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements


Financial highlights	concluded

High-Yield Fund § For the period or year ended


	Retail Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.03		$	9.78		$	9.08		$	8.44		$	9.98		$	9.94		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.34			0.34			0.71			0.77			0.75			0.72			0.35
Net realized and unrealized gain (loss) on total investments		(0.76	)		0.25			0.70			0.64			(1.53	)		0.03			(0.09	)

Total gain (loss) from investment operations		(0.42	)		0.59			1.41			1.41			(0.78	)		0.75			0.26


Less distributions from:
Net investment income		(0.34	)		(0.34	)		(0.71	)		(0.77	)		(0.75	)		(0.71	)		(0.32	)
Net realized gains		—			—			—			—			(0.01	)		—			—

Total distributions		(0.34	)		(0.34	)		(0.71	)		(0.77	)		(0.76	)		(0.71	)		(0.32	)

Net asset value, end of period	$	9.27		$	10.03		$	9.78		$	9.08		$	8.44		$	9.98		$	9.94


TOTAL RETURN		(4.37	)%(b)		6.11	%(b)		16.18	%		18.78	%		(8.28	)%		7.76	%		2.72	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	162,917		$	169,337		$	156,374		$	126,323		$	101,026		$	143,329		$	2,819
Ratio of expenses to average net assets before expense waiver and reimbursement		0.57	%(c)		0.59	%(c)		0.58	%		0.79	%		0.71	%		0.76	%		3.56	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.57	%(c)		0.59	%(c)		0.57	%		0.54	%		0.48	%		0.47	%		0.55	%(c)
Ratio of net investment income (loss) to average net assets		6.78	%(c)		6.85	%(c)		7.60	%		9.86	%		7.94	%		7.25	%		7.13	%(c)
Portfolio turnover rate		37	%(b)		43	%(b)		109	%		79	%		59	%		43	%		26	%(b)


	Premier Class

		9/30/11			3/31/11	^†		9/30/10			9/30/09	*

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.99		$	9.74		$	9.04		$	9.04


Gain from investment operations:
Net investment income (loss) (a)		0.34			0.34			0.71			0.00	(e)
Net realized and unrealized gain (loss) on total investments		(0.76	)		0.25			0.70			—

Total gain (loss) from investment operations		(0.42	)		0.59			1.41			0.00	(e)


Less distributions from:
Net investment income		(0.34	)		(0.34	)		(0.71	)		—
Net realized gains		—			—			—			—

Total distributions		(0.34	)		(0.34	)		(0.71	)		—

Net asset value, end of period	$	9.23		$	9.99		$	9.74		$	9.04


TOTAL RETURN		(4.39	)%(b)		6.14	%(b)		16.23	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	27,363		$	30,472		$	16,836		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.54	%(c)		0.55	%(c)		0.56	%		220.96	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.54	%(c)		0.55	%(c)		0.55	%		0.55	%(c)
Ratio of net investment income (loss) to average net assets		6.79	%(c)		6.87	%(c)		7.52	%		0.00	%(c)
Portfolio turnover rate		37	%(b)		43	%(b)		109	%		79	%


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	55

Financial highlights

Tax-Exempt Bond Fund § For the period or year ended


	Institutional Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.06		$	10.80		$	10.51		$	9.69		$	10.13		$	10.19		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.18			0.19			0.38			0.38			0.36			0.38			0.19
Net realized and unrealized gain (loss) on total investments		0.61			(0.63	)		0.31			0.82			(0.44	)		(0.06	)		0.19

Total gain (loss) from investment operations		0.79			(0.44	)		0.69			1.20			(0.08	)		0.32			0.38


Less distributions from:
Net investment income		(0.18	)		(0.19	)		(0.38	)		(0.38	)		(0.36	)		(0.38	)		(0.19	)
Net realized gains		—			(0.11	)		(0.02	)		(0.00	)(e)		(0.00	)(e)		—			—

Total distributions		(0.18	)		(0.30	)		(0.40	)		(0.38	)		(0.36	)		(0.38	)		(0.19	)

Net asset value, end of period	$	10.67		$	10.06		$	10.80		$	10.51		$	9.69		$	10.13		$	10.19


TOTAL RETURN		7.88	%(b)		(4.07	)%(b)		6.75	%		12.70	%		(0.87	)%		3.21	%		3.85	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	9,667		$	10,003		$	14,845		$	23,263		$	66,144		$	75,790		$	51,414
Ratio of expenses to average net assets before expense waiver and reimbursement		0.39	%(c)		0.40	%(c)		0.38	%		0.42	%		0.41	%		0.46	%		0.63	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%(c)		0.35	%(c)		0.35	%		0.35	%		0.36	%		0.35	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		3.40	%(c)		3.70	%(c)		3.66	%		3.83	%		3.51	%		3.76	%		3.79	%(c)
Portfolio turnover rate		29	%(b)		11	%(b)		29	%		28	%		50	%		48	%		73	%(b)


	Retail Class

		9/30/11			3/31/11	^†		9/30/10			9/30/09			9/30/08			9/30/07			9/30/06	(d)

		(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.07		$	10.81		$	10.52		$	9.70		$	10.14		$	10.20		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.17			0.18			0.37			0.36			0.35			0.38			0.19
Net realized and unrealized gain (loss) on total investments		0.62			(0.63	)		0.31			0.83			(0.44	)		(0.06	)		0.18

Total gain (loss) from investment operations		0.79			(0.45	)		0.68			1.19			(0.09	)		0.32			0.37


Less distributions from:
Net investment income		(0.17	)		(0.18	)		(0.37	)		(0.37	)		(0.35	)		(0.38	)		(0.17	)
Net realized gains		—			(0.11	)		(0.02	)		(0.00	)(e)		(0.00	)(e)		—			—

Total distributions		(0.17	)		(0.29	)		(0.39	)		(0.37	)		(0.35	)		(0.38	)		(0.17	)

Net asset value, end of period	$	10.69		$	10.07		$	10.81		$	10.52		$	9.70		$	10.14		$	10.20


TOTAL RETURN		7.90	%(b)		(4.14	)%(b)		6.61	%		12.55	%		(0.90	)%		3.16	%		3.77	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	307,422		$	281,980		$	318,965		$	236,065		$	179,559		$	179,606		$	4,302
Ratio of expenses to average net assets before expense waiver and reimbursement		0.53	%(c)		0.55	%(c)		0.52	%		0.70	%		0.65	%		0.72	%		2.93	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.50	%(c)		0.51	%(c)		0.49	%		0.47	%		0.39	%		0.39	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		3.25	%(c)		3.56	%(c)		3.52	%		3.67	%		3.49	%		3.76	%		3.77	%(c)
Portfolio turnover rate		29	%(b)		11	%(b)		29	%		28	%		50	%		48	%		73	%(b)


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.


56	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

Financial highlights

Inflation-Linked Bond Fund § For the period or year ended


	Institutional Class

		9/30/11			3/31/11	^†		9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

		(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.16		$	11.21		$	10.53		$	10.07		$	10.12		$	10.08		$	10.69


Gain from investment operations:
Net investment income (loss) (a)		0.32			0.17			0.27			(0.02	)		0.71			0.41			0.56
Net realized and unrealized gain (loss) on total investments		0.61			(0.05	)		0.67			0.48			(0.07	)		0.03			(0.39	)

Total gain (loss) from investment operations		0.93			0.12			0.94			0.46			0.64			0.44			0.17


Less distributions from:
Net investment income		(0.32	)		(0.17	)		(0.26	)		(0. 00	)(e)		(0.69	)		(0.40	)		(0.57	)
Net realized gains		—			—			—			—			—			—			(0.21	)

Total distributions		(0.32	)		(0.17	)		(0.26	)		(0.00	)(e)		(0.69	)		(0.40	)		(0.78	)

Net asset value, end of period	$	11.77		$	11.16		$	11.21		$	10.53		$	10.07		$	10.12		$	10.08


TOTAL RETURN		8.38	%(b)		1.05	%(b)		9.04	%		4.57	%		6.20	%		4.51	%		1.70	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	874,613		$	771,048		$	737,043		$	524,468		$	440,993		$	438,862		$	363,157
Ratio of expenses to average net assets before expense waiver and reimbursement		0.28	%(c)		0.29	%(c)		0.32	%		0.39	%		0.34	%		0.36	%		0.28	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.28	%(c)		0.29	%(c)		0.32	%		0.35	%		0.34	%		0.35	%		0.28	%
Ratio of net investment income (loss) to average net assets		5.49	%(c)		3.01	%(c)		2.47	%		(0.18	)%		6.67	%		4.07	%		5.46	%
Portfolio turnover rate		7	%(b)		7	%(b)		12	%		17	%		16	%		26	%		83	%


	Retirement Class

		9/30/11			3/31/11	^†		9/30/10			9/30/09			9/30/08			9/30/07			9/30/06	(d)

		(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.25		$	11.31		$	10.62		$	10.18		$	10.23		$	10.19		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.30			0.15			0.24			(0.02	)		0.82			0.45			0.31
Net realized and unrealized gain (loss) on total investments		0.62			(0.06	)		0.68			0.46			(0.20	)		(0.02	)		0.09

Total gain (loss) from investment operations		0.92			0.09			0.92			0.44			0.62			0.43			0.40


Less distributions from:
Net investment income		(0.30	)		(0.15	)		(0.23	)		(0.00	)(e)		(0.67	)		(0.39	)		(0.21	)
Net realized gains		—			—			—			—			—			—			—

Total distributions		(0.30	)		(0.15	)		(0.23	)		(0.00	)(e)		(0.67	)		(0.39	)		(0.21	)

Net asset value, end of period	$	11.87		$	11.25		$	11.31		$	10.62		$	10.18		$	10.23		$	10.19


TOTAL RETURN		8.27	%(b)		0.83	%(b)		8.80	%		4.33	%		5.95	%		4.29	%		4.04	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	224,000		$	176,090		$	175,037		$	112,192		$	88,127		$	17,840		$	5,661
Ratio of expenses to average net assets before expense waiver and reimbursement		0.53	%(c)		0.54	%(c)		0.57	%		0.64	%		0.59	%		0.61	%		2.44	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.53	%(c)		0.54	%(c)		0.57	%		0.60	%		0.59	%		0.55	%		0.55	%(c)
Ratio of net investment income (loss) to average net assets		5.11	%(c)		2.77	%(c)		2.20	%		(0.20	)%		7.57	%		4.47	%		6.08	%(c)
Portfolio turnover rate		7	%(b)		7	%(b)		12	%		17	%		16	%		26	%		83	%(b)


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	57


Financial highlights	concluded

Inflation-Linked Bond Fund § For the period or year ended


	Retail Class

		9/30/11			3/31/11	^†		9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

		(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.95		$	11.00		$	10.34		$	9.90		$	9.96		$	9.93		$	10.54


Gain from investment operations:
Net investment income (loss) (a)		0.30			0.16			0.24			(0.06	)		0.77			0.38			0.54
Net realized and unrealized gain (loss) on total investments		0.60			(0.05	)		0.66			0.50			(0.15	)		0.04			(0.39	)

Total gain (loss) from investment operations		0.90			0.11			0.90			0.44			0.62			0.42			0.15


Less distributions from:
Net investment income		(0.31	)		(0.16	)		(0.24	)		(0.00	)(e)		(0.68	)		(0.39	)		(0.55	)
Net realized gains		—			—			—			—			—			—			(0.21	)

Total distributions		(0.31	)		(0.16	)		(0.24	)		(0.00	)(e)		(0.68	)		(0.39	)		(0.76	)

Net asset value, end of period	$	11.54		$	10.95		$	11.00		$	10.34		$	9.90		$	9.96		$	9.93


TOTAL RETURN		8.27	%(b)		0.98	%(b)		8.84	%		4.45	%		6.11	%		4.35	%		1.53	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	172,863		$	146,917		$	147,427		$	127,272		$	131,575		$	56,824		$	59,388
Ratio of expenses to average net assets before expense waiver and reimbursement		0.46	%(c)		0.47	%(c)		0.49	%		0.66	%		0.58	%		0.63	%		0.47	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.46	%(c)		0.47	%(c)		0.49	%		0.49	%		0.44	%		0.48	%		0.43	%
Ratio of net investment income (loss) to average net assets		5.27	%(c)		2.80	%(c)		2.30	%		(0.59	)%		7.28	%		3.85	%		5.32	%
Portfolio turnover rate		7	%(b)		7	%(b)		12	%		17	%		16	%		26	%		83	%


	Premier Class

		9/30/11			3/31/11	^†		9/30/10			9/30/09	*

		(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.15		$	11.21		$	10.53		$	10.53


Gain from investment operations:
Net investment income (loss) (a)		0.30			0.16			0.13			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.62			(0.06	)		0.80			—

Total gain (loss) from investment operations		0.92			0.10			0.93			0.00	(e)


Less distributions from:
Net investment income		(0.31	)		(0.16	)		(0.25	)		—
Net realized gains		—			—			—			—

Total distributions		(0.31	)		(0.16	)		(0.25	)		—

Net asset value, end of period	$	11.76		$	11.15		$	11.21		$	10.53


TOTAL RETURN		8.31	%(b)		0.89	%(b)		8.89	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	22,013		$	15,832		$	14,474		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.43	%(c)		0.44	%(c)		0.47	%		220.91	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.43	%(c)		0.44	%(c)		0.47	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		5.17	%(c)		2.88	%(c)		1.19	%		0.00	%(c)
Portfolio turnover rate		7	%(b)		7	%(b)		12	%		17	%


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retirement Class commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.


58	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

Financial highlights

Bond Index Fund § For the period or year ended


	Institutional Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09		(d)

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.25		$	10.50		$	10.04		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.14			0.13			0.31			0.01
Net realized and unrealized gain (loss) on total investments		0.49			(0.24	)		0.46			0.04

Total gain (loss) from investment operations		0.63			(0.11	)		0.77			0.05


Less distributions from:
Net investment income		(0.14	)		(0.13	)		(0.31	)		(0.01	)
Net realized gains		—			(0.01	)		(0. 00	)(e)		—

Total distributions		(0.14	)		(0.14	)		(0.31	)		(0.01	)

Net asset value, end of period	$	10.74		$	10.25		$	10.50		$	10.04


TOTAL RETURN		6.17	%(b)		(1.11	)%(b)		7.87	%		0.48	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,591,522		$	1,382,598		$	411,709		$	99,497
Ratio of expenses to average net assets before expense waiver and reimbursement		0.14	%(c)		0.17	%(c)		0.31	%		3.37	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.13	%(c)		0.13	%(c)		0.13	%		0.12	%(c)
Ratio of net investment income (loss) to average net assets		2.64	%(c)		2.44	%(c)		3.08	%		1.65	%(c)
Portfolio turnover rate		11	%(b)		87	%(b)(f)		0.66	%(f)		279	%(b)


	Retirement Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09		(d)

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.26		$	10.50		$	10.04		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.13			0.11			0.29			0.01
Net realized and unrealized gain (loss) on total investments		0.49			(0.23	)		0.46			0.04

Total gain (loss) from investment operations		0.62			(0.12	)		0.75			0.05


Less distributions from:
Net investment income		(0.13	)		(0.11	)		(0.29	)		(0.01	)
Net realized gains		—			(0.01	)		(0.00	)(e)		—

Total distributions		(0.13	)		(0.12	)		(0.29	)		(0.01	)

Net asset value, end of period	$	10.75		$	10.26		$	10.50		$	10.04


TOTAL RETURN		6.04	%(b)		(1.14	)%(b)		7.61	%		0.47	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	20,342		$	3,157		$	2,887		$	1,005
Ratio of expenses to average net assets before expense waiver and reimbursement		0.39	%(c)		0.43	%(c)		0.57	%		6.81	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.38	%(c)		0.38	%(c)		0.38	%		0.36	%(c)
Ratio of net investment income (loss) to average net assets		2.37	%(c)		2.19	%(c)		2.82	%		1.41	%(c)
Portfolio turnover rate		11	%(b)		87	%(b)(f)		0.66	%(f)		279	%(b)


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	59


Financial highlights	concluded

Bond Index Fund § For the period or year ended


	Retail Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09		(d)

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.26		$	10.50		$	10.04		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.12			0.11			0.28			0.01
Net realized and unrealized gain (loss) on total investments		0.49			(0.23	)		0.46			0.04

Total gain (loss) from investment operations		0.61			(0.12	)		0.74			0.05


Less distributions from:
Net investment income		(0.12	)		(0.11	)		(0.28	)		(0.01	)
Net realized gains		—			(0.01	)		(0.00	)(e)		—

Total distributions		(0.12	)		(0.12	)		(0.28	)		(0.01	)

Net asset value, end of period	$	10.75		$	10.26		$	10.50		$	10.04


TOTAL RETURN		5.99	%(b)		(1.19	)%(b)		7.51	%		0.46	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	8,872		$	6,242		$	4,215		$	1,005
Ratio of expenses to average net assets before expense waiver and reimbursement		0.49	%(c)		0.54	%(c)		0.66	%		6.81	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.47	%(c)		0.48	%(c)		0.48	%		0.45	%(c)
Ratio of net investment income (loss) to average net assets		2.30	%(c)		2.10	%(c)		2.74	%		1.32	%(c)
Portfolio turnover rate		11	%(b)		87	%(b)(f)		0.66	%(f)		279	%(b)


	Premier Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09		*

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.25		$	10.49		$	10.04		$	10.04


Gain from investment operations:
Net investment income (loss) (a)		0.13			0.12			0.30			—
Net realized and unrealized gain (loss) on total investments		0.49			(0.23	)		0.45			—

Total gain (loss) from investment operations		0.62			(0.11	)		0.75			—


Less distributions from:
Net investment income		(0.13	)		(0.12	)		(0.30	)		—
Net realized gains		—			(0.01	)		(0.00	)(e)		—

Total distributions		(0.13	)		(0.13	)		(0.30	)		—

Net asset value, end of period	$	10.74		$	10.25		$	10.49		$	10.04


TOTAL RETURN		6.09	%(b)		(1.09	)%(b)		7.61	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	3,872		$	2,784		$	1,451		$	1,000
Ratio of expenses to average net assets before expense waiver and reimbursement		0.30	%(c)		0.33	%(c)		0.47	%		55.37	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.28	%(c)		0.28	%(c)		0.28	%		0.28	%(c)
Ratio of net investment income (loss) to average net assets		2.48	%(c)		2.31	%(c)		2.94	%		0.00	%(c)
Portfolio turnover rate		11	%(b)		87	%(b)(f)		0.66	%(f)		279	%(b)


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on September 14, 2009.
(e)	Amount represents less than $0.01 per share.
(f)	Does not include in-kind transactions.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.


60	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

Financial highlights

Money Market Fund § For the period or year ended


	Institutional Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Gain from investment operations:
Net investment income (loss)(a)		0.00	(e)		0.00	(e)		0.00	(e)		0.01			0.03			0.05			0.05
Net realized and unrealized gain on total investments		—			—			—			—			—			—			—

Total gain (loss) from investment operations		0.00	(e)		0.00	(e)		0.00	(e)		0.01			0.03			0.05			0.05


Less distributions from:
Net investment income		(0.00	)(e)		(0.00	)(e)		(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.05	)
Net realized gains		—			—			—			—			—			—			—

Total distributions		(0.00	)(e)		(0.00	)(e)		(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.05	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


TOTAL RETURN		0.02	%(b)		0.04	%(b)		0.13	%		1.03	%		3.51	%		5.37	%		4.70	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	462,354		$	427,230		$	433,888		$	336,137		$	293,537		$	235,421		$	272,119
Ratio of expenses to average net assets before expense waiver and reimbursement		0.14	%(c)		0.15	%(c)		0.15	%		0.22	%		0.14	%		0.14	%		0.14	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.14	%(c)		0.15	%(c)		0.15	%		0.17	%		0.14	%		0.14	%		0.13	%
Ratio of net investment income (loss) to average net assets		0.04	%(c)		0.09	%(c)		0.13	%		1.00	%		3.39	%		5.21	%		4.65	%


	Retirement Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Gain from investment operations:
Net investment income (loss)(a)		0.00	(e)		—			0.00	(e)		0.01			0.03			0.05			0.03
Net realized and unrealized gain on total investments		—			—			—			—			—			—			—

Total gain (loss) from investment operations		0.00	(e)		—			0.00	(e)		0.01			0.03			0.05			0.03


Less distributions from:
Net investment income		(0.00	)(e)		—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.03	)
Net realized gains		—			—			—			—			—			—			—

Total distributions		(0.00	)(e)		—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.03	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


TOTAL RETURN		0.00	%(b)		0.00	%(b)		0.00	%		0.78	%		3.25	%		5.12	%		2.45	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	71,349		$	64,760		$	79,434		$	133,415		$	97,832		$	98,903		$	43,804
Ratio of expenses to average net assets before expense waiver and reimbursement		0.39	%(c)		0.40	%(c)		0.40	%		0.47	%		0.39	%		0.39	%		0.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.17	%(c)		0.23	%(c)		0.27	%		0.41	%		0.39	%		0.35	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		0.00	%(c)		0.00	%(c)		0.00	%		0.75	%		3.26	%		5.01	%		5.07	%(c)


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	61


Financial highlights	concluded

Money Market Fund § For the period or year ended


	Retail Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Gain from investment operations:
Net investment income (loss) (a)		0.00	(e)		—			0.00	(e)		0.01			0.03			0.05			0.03
Net realized and unrealized gain on total investments		—			—			—			—			—			—			—

Total gain (loss) from investment operations		0.00	(e)		—			0.00	(e)		0.01			0.03			0.05			0.03


Less distributions from:
Net investment income		(0.00	)(e)		—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.03	)
Net realized gains		—			—			—			—			—			—			—

Total distributions		(0.00	)(e)		—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.03	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


TOTAL RETURN		0.00	%(b)		0.00	%(b)		0.00	%		0.91	%		3.43	%		5.25	%		2.53	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	524,261		$	582,093		$	650,426		$	887,149		$	1,093,363		$	1,034,417		$	127,318
Ratio of expenses to average net assets before expense waiver and reimbursement		0.36	%(c)		0.39	%(c)		0.33	%		0.54	%		0.40	%		0.43	%		0.25	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.18	%(c)		0.23	%(c)		0.27	%		0.28	%		0.22	%		0.25	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.00	%(c)		0.00	%(c)		0.00	%		0.95	%		3.34	%		5.11	%		5.16	%(c)


	Premier Class

	9/30/11			3/31/11		^†	9/30/10			9/30/09		*

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00


Gain from investment operations:
Net investment income (loss) (a)		0.00	(e)		—			0.00	(e)		—
Net realized and unrealized gain on total investments		—			—			—			—

Total gain (loss) from investment operations		0.00	(e)		—			0.00	(e)		—


Less distributions from:
Net investment income		(0.00	)(e)		—			(0.00	)(e)		—
Net realized gains		—			—			—			—

Total distributions		(0.00	)(e)		—			(0.00	)(e)		—

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00


TOTAL RETURN		0.00	%(b)		0.00	%(b)		0.01	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	18,481		$	15,678		$	12,431		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.29	%(c)		0.30	%(c)		0.29	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.17	%(c)		0.23	%(c)		0.27	%		0.00	%(c)
Ratio of net investment income (loss) to average net assets		0.00	%(c)		0.00	%(c)		0.00	%		0.00	%(c)


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retirement Class and Retail Class commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.


62	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

Notes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that 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: 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.

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 financial statements. 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 and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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

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

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

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2007-2011) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

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

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


	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	63

Notes to financial statements (unaudited)

Note 2—valuation of investments


•	Level 1 – quoted prices in active markets for identical securities

•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign 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 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 will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

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.

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended September 30, 2011, there were no significant transfers between levels by the Funds.

As of September 30, 2011, 100% of the value of investments in the Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund and the Money Market Fund were valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Funds’ investments as of September 30, 2011:


64	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds


	continued


Fund	Level 1		Level 2			Level 3		Total

Bond
Corporate bonds	$	—	$	721,494,992		$	—	$	721,494,992
Government bonds		—		1,187,502,212			—		1,187,502,212
Structured assets		—		138,934,775			—		138,934,775
Preferred stocks		599,484		—			—		599,484
Short-term investments		—		495,613,035			—		495,613,035
Swaps*		—		(42,194	)		—		(42,194	)

Total	$	599,484	$	2,543,502,820		$	—	$	2,544,102,304

Bond Plus
Bank loan obilgations	$	—	$	32,201,712		$	—	$	32,201,712
Corporate bonds		—		374,983,439			—		374,983,439
Government bonds		—		412,716,099			—		412,716,099
Structured assets		—		101,249,192			—		101,249,192
Preferred stocks		1,257,704		—			—		1,257,704
Short-term investments		—		93,139,288			—		93,139,288
Swaps*		—		(21,097	)		—		(21,097	)

Total	$	1,257,704	$	1,014,268,633		$	—	$	1,015,526,337

Short-Term Bond
Bank loan obilgations	$	—	$	9,052,274		$	—	$	9,052,274
Corporate bonds		—		231,844,481			—		231,844,481
Government bonds		—		345,456,054			—		345,456,054
Structured assets		—		65,780,193			—		65,780,193
Preferred stocks		137,574		—			—		137,574
Swaps*		—		(21,097	)		—		(21,097	)

Total	$	137,574	$	652,111,905		$	—	$	652,249,479

High-Yield
Bank loan obilgations	$	—	$	26,065,442		$	—	$	26,065,442
Corporate bonds		—		856,220,367			—		856,220,367
Government bonds		—		2,920,000			—		2,920,000
Structured assets		—		3,141,704			—		3,141,704
Preferred stocks		2,154,163		—			—		2,154,163

Total	$	2,154,163	$	888,347,513		$	—	$	890,501,676


*	Derivative instruments are not reflected in the portfolio of investments.

Note 3—derivative instruments

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

Futures contracts: The Funds are subject to interest rate risk in the normal course of pursuing their investment objectives. The Funds use futures contracts primarily as a hedging technique or for cash management as well as for risk management and to increase total returns. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sale price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. Realized gain (loss) and unrealized appreciation (depreciation) on futures transactions are reported separately in the Statements of Operations. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange traded funds, guarantees the futures against default. During the period ended September 30, 2011, the Bond Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 2% of net assets.

At September 30, 2011, the Funds did not hold any futures contracts.

Credit default swap contracts: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Fund is required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Fund. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Fund could be required to make under the contract. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event


	TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	65

Notes to financial statements (unaudited)

occurs, the Fund keeps the stream of payments with no payment obligations. When the Fund sells a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Fund.

The Fund may also buy credit default swap contracts, in which case the Fund functions as the counterparty referenced above. This involves the risk that the contract may expire worthless. It also involves counterparty risk that the seller may fail to satisfy its payment obligations to the Fund with the occurrence of a credit event.

Credit default swaps are valued daily, and any change in the value of the swaps is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of a swap included in net assets is the unrealized gain or loss on the contract plus or minus any amortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets and depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities.

Under the terms of the credit default swap contracts, the Fund receives or makes quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of Operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

The Funds invest in credit default swaps to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies. During the period ended September 30, 2011, the Bond Fund, the Bond Plus Fund, and the Short-Term Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At September 30, 2011, open credit default swap contracts sold by the Funds were as follows:


Fund	Reference entity	Counterparty	Maturity date	Fixed payments received by fund per annum		Implied credit spread at 9/30/2011	(1)	Notional amount		(2)	Upfront Premium Paid/(Received)			Unrealized appreciation/ (depreciation)

Bond	Republic of Peru	JP Morgan	6/20/16	1.00	%	1.95	%	$	1,000,000		$	(35,514	)	$	(6,680	)
Bond Plus	Republic of Peru	JP Morgan	6/20/16	1.00		1.95			500,000			(17,757	)		(3,340	)
Short-Term Bond	Republic of Peru	JP Morgan	6/20/16	1.00		1.95			500,000			(17,757	)		(3,340	)


(1)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign issues of an emerging country as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

(2)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement.

Note 4—investment adviser and affiliates

Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. Under the terms of the Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund (except Bond Index Fund) reimburses TPIS for amounts incurred up to 0.25% of the average daily net assets to distribute the Funds’ Retail Class. The Premier Class of each Fund and the Retail Class of the Bond Index Fund have adopted a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund and the Retail Class of the Bond Index Fund at the annual rate of 0.15% and 0.25% of the average daily net assets attributable to the Fund’s Premier Class and the Retail Class of the Bond Index Fund, respectively.

For the Money Market Fund, TPIS is not seeking reimbursement on a portion of distribution Rule 12b-1 plan expenses on the Retail Class, and Advisors is reimbursing certain other Retail Class expenses. In addition, TPIS waived a portion of the distribution Rule 12b-1 plan expenses on the Premier Class, and Advisors waived a portion of service agreement fees on the Retirement Class. These waivers and reimbursements are voluntary in nature and can be discontinued at any time.

Certain affiliated entities may pay Fund expenses on behalf of the Funds. The Funds reimburse the affiliated entities for any such payment. Amounts owed to Fund affiliates for payment of Fund expenses are disclosed as due to affiliates on the Statements of Assets and Liabilities.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding acquired fund fees and extraordinary expenses) exceeds certain percentages. As of September 30, 2011, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:


66	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

continued


	Investment management fee range			Service agreement fee			Maximum distribution fee						Maximum expense amounts^‡

Fund				Retirement Class			Retail Class			Premier Class			Institutional Class			Retirement Class			Retail Class			Premier Class

Bond*		0.27%–0.30	%		0.25	%		0.25	%		0.15	%		0.35	%		0.60	%		0.70	%		0.50	%
Bond Plus*		0.27–0.30			0.25			0.25			0.15			0.35			0.60			0.70			0.50
Short-Term Bond*		0.22–0.25			0.25			0.25			0.15			0.30			0.55			0.65			0.45
High-Yield*		0.32–0.35			0.25			0.25			0.15			0.40			0.65			0.75			0.55
Tax-Exempt Bond*		0.27–0.30			—			0.25			—			0.35			—			0.70			—
Inflation-Linked Bond*		0.22–0.25			0.25			0.25			0.15			0.35			0.60			0.70			0.50
Bond Index		0.10			0.25			0.25			0.15			0.13			0.38			0.48			0.28
Money Market		0.10			0.25			0.25			0.15			0.15			0.40			0.50			0.30


*	These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase.

^‡	Maximum expense amounts reflect all expenses, excluding acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least September 30, 2012. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

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

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. Information regarding transactions with affiliated companies is as follows:


Issue	Value at March 31, 2011		Purchase cost		Sales proceeds		Realized gain/(loss)		Dividend income		Withholding expense		Shares at September 30, 2011		Value at September 30, 2011

Bond Plus Fund
TIAA-CREF High-Yield Fund (Institutional Class)	$	5,403,239	$	61,730	$	5,493,914	$	112,801	$	49,021	$	—	$	—*	$	—


*	Not an affiliated investment as of September 30, 2011.

Certain TIAA-CREF Funds and affiliates make investments in the Funds. The following is the percentage of the Funds’ shares owned by affiliates as of September 30, 2011:


Underlying Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifecycle Index Funds			TIAA Access			Total

Bond		52	%		—			1	%		53	%
Bond Plus		57			—			2			59
Short-Term Bond		17			—			2			19
High-Yield		23			—			—			23
Inflation-Linked Bond		9			1	%		—			10
Bond Index		—			13			—			13

Note 5—investments

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 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. The adjustments for interest income due to inflation or deflation are reflected in interest income in the Statements of Operations.

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.


TIAA-CREF Funds: Fixed-Income Funds § 2011 Semiannual Report	67


Notes to financial statements (unaudited)	concluded

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.

At September 30, 2011, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:


Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation/ (depreciation)

Bond	$	2,494,547,732	$	83,721,630	$	(34,124,864	)	$	49,596,766
Bond Plus		1,008,770,655		34,424,469		(27,647,690	)		6,776,779
Short-Term Bond		650,966,554		9,956,529		(8,652,507	)		1,304,022
High-Yield		926,515,912		15,152,391		(51,166,627	)		(36,014,236	)
Tax-Exempt Bond		298,475,898		14,463,011		(277,611	)		14,185,400
Inflation-Linked Bond		1,154,956,154		124,365,078		(24,255	)		124,340,823
Bond Index		1,561,937,050		55,954,762		(5,201,305	)		50,753,457

Purchases and sales of securities (other than short-term money market instruments) for all of the Funds for the period ended September 30, 2011 were as follows:


Fund	Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales

Bond	$	424,346,161	$	3,236,648,387	$	296,579,123	$	3,325,567,728
Bond Plus		294,418,656		763,778,945		202,890,166		737,567,732
Short-Term Bond		114,321,650		375,211,790		49,616,135		307,040,881
High-Yield		430,999,966		—		336,510,122		—
Tax-Exempt Bond		95,116,051		—		85,749,622		—
Inflation-Linked Bond		—		183,630,180		—		88,723,811
Bond Index		85,143,968		283,967,809		37,132,434		124,541,937

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended March 31, 2011 was as follows:


	March 31, 2011

Fund	Ordinary income		Long-term capital gains		Total

Bond	$	46,648,422	$	4,610,787	$	51,259,209
Bond Plus		13,437,585		—		13,437,585
Short-Term Bond		5,118,402		—		5,118,402
High-Yield		28,370,734		—		28,370,734
Tax-Exempt Bond*		5,901,552		3,050,242		8,951,794
Inflation-Linked Bond		15,767,697		—		15,767,697
Bond Index		14,762,388		186,745		14,949,133
Money Market		182,872		—		182,872


*	Includes ordinary income which will not be taxable for federal income tax purposes in 2011, of $5,514,672.

The tax character of the fiscal year 2012 distributions will be determined at the end of the fiscal year.

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the period ended September 30, 2011, there were no borrowings under this credit facility by the Funds.

Note 8—indemnification

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


68	2011 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds

How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

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

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.


	730 Third Avenue New York, NY 10017-3206	PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF



NCI-SFI-COC-163

Printed on paper containing recycled fiber

eDelivery will save trees, conserve paper and reduce mailbox clutter.
Sign up today at www.tiaa-cref.org/eDelivery
C1366		A12457 (11/11)


		730 Third Avenue New York, NY 10017-3206




NCI-SFI-COC-163

	Printed on paper containing recycled fiber


C1366			A12457 (11/11)

Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS – Real Estate Securities Fund

TIAA-CREF FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2011


SHARES			COMPANY	VALUE

COMMON STOCKS - 95.7%

ASSET MANAGEMENT & CUSTODY BANKS - 0.2%
	25,000		iShares Cohen & Steers Realty Majors Index Fund	$	1,534,000

			TOTAL ASSET MANAGEMENT & CUSTODY BANKS		1,534,000


DIVERSIFIED CAPITAL MARKETS - 0.8%
	650,000	*	HFF, Inc (Class A)		5,681,000

			TOTAL DIVERSIFIED CAPITAL MARKETS		5,681,000


DIVERSIFIED REITS - 4.5%
	430,000		Vornado Realty Trust		32,086,600

			TOTAL DIVERSIFIED REITS		32,086,600


GOLD - 2.3%
	60,000		Agnico-Eagle Mines Ltd		3,571,200
	65,000		Goldcorp, Inc		2,966,600
	125,000		Market Vectors Junior Gold Miners ETF		3,518,750
	100,000		Newmont Mining Corp		6,290,000

			TOTAL GOLD		16,346,550


HOMEBUILDING - 0.9%
	300,000		KB Home		1,758,000
	900,000		PDG Realty S.A.		2,934,184
	500,000	*	Pulte Homes, Inc		1,975,000

			TOTAL HOMEBUILDING		6,667,184


HOTELS, RESORTS & CRUISE LINES - 0.3%
	50,000		Starwood Hotels & Resorts Worldwide, Inc		1,941,000

			TOTAL HOTELS, RESORTS & CRUISE LINES		1,941,000


INDUSTRIAL REITS - 3.2%
	567,840		AMB Property Corp		13,770,120
	195,000		EastGroup Properties, Inc		7,437,300
	180,000	*	First Industrial Realty Trust, Inc		1,440,000

			TOTAL INDUSTRIAL REITS		22,647,420


MORTGAGE REITS - 0.6%
	250,000		Starwood Property Trust, Inc		4,290,000

			TOTAL MORTGAGE REITS		4,290,000


OFFICE REITS - 13.6%
	130,000		Alexandria Real Estate Equities, Inc		7,980,700
	515,000		BioMed Realty Trust, Inc		8,533,550
	425,000		Boston Properties, Inc		37,867,500
	220,000		Digital Realty Trust, Inc		12,135,200

TIAA-CREF FUNDS – Real Estate Securities Fund


SHARES			COMPANY	VALUE

	180,000		Mack-Cali Realty Corp	$	4,815,000
	350,000		Mission West Properties, Inc		2,656,500
	405,000		SL Green Realty Corp		23,550,750

			TOTAL OFFICE REITS		97,539,200


OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%
	211,200	*,g,m	People’s Choice Financial Corp		0

			TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0


PRECIOUS METALS & MINERALS - 0.2%
	80,000	*	Coeur d’Alene Mines Corp		1,715,200

			TOTAL PRECIOUS METALS & MINERALS		1,715,200


REAL ESTATE OPERATING COMPANIES - 1.2%
	3,850,000	*,a	Thomas Properties Group, Inc		8,778,000

			TOTAL REAL ESTATE OPERATING COMPANIES		8,778,000


REAL ESTATE SERVICES - 0.5%
	75,000		Vanguard REIT ETF		3,815,250

			TOTAL REAL ESTATE SERVICES		3,815,250


RESIDENTIAL REITS - 17.7%
	350,000		American Campus Communities, Inc		13,023,500
	200,000		Associated Estates Realty Corp		3,092,000
	235,000		AvalonBay Communities, Inc		26,801,750
	70,000		BRE Properties, Inc (Class A)		2,963,800
	210,000		Camden Property Trust		11,604,600
	720,000		Equity Residential		37,346,400
	170,000		Essex Property Trust, Inc		20,406,800
	210,000		Post Properties, Inc		7,295,400
	200,000		UDR, Inc		4,428,000

			TOTAL RESIDENTIAL REITS		126,962,250


RETAIL REITS - 24.2%
	1,650,000		DDR Corp		17,985,001
	55,000		Federal Realty Investment Trust		4,532,550
	1,250,000		General Growth Properties, Inc		15,125,000
	400,000		Glimcher Realty Trust		2,832,000
	580,000		Kimco Realty Corp		8,717,400
	380,000		Macerich Co		16,199,400
	50,000		Realty Income Corp		1,612,000
	175,000		Regency Centers Corp		6,182,750
	745,000		Simon Property Group, Inc		81,935,100
	350,000		Tanger Factory Outlet Centers, Inc		9,103,500
	65,000		Taubman Centers, Inc		3,270,150
	800,000		Westfield Group		5,932,561

			TOTAL RETAIL REITS		173,427,412


SECURITY & ALARM SERVICES - 0.3%
	108,186	*	Geo Group, Inc		2,007,932

			TOTAL SECURITY & ALARM SERVICES		2,007,932

TIAA-CREF FUNDS – Real Estate Securities Fund


SHARES			COMPANY	VALUE

SPECIALIZED REITS - 25.2%
	150,000		Ashford Hospitality Trust, Inc	$	1,053,000
	280,000		CubeSmart		2,388,400
	150,000		DiamondRock Hospitality Co		1,048,500
	238,126		Entertainment Properties Trust		9,282,151
	200,000		Extra Space Storage, Inc		3,726,000
	250,000	*	FelCor Lodging Trust, Inc		582,500
	820,000		HCP, Inc		28,749,200
	400,000		Health Care REIT, Inc		18,720,000
	150,000		Healthcare Realty Trust, Inc		2,527,500
	1,250,000		Hersha Hospitality Trust		4,325,000
	1,600,000		Host Marriott Corp		17,504,000
	200,000		Plum Creek Timber Co, Inc		6,942,000
	260,000		Public Storage, Inc		28,951,000
	60,000		Rayonier, Inc		2,207,400
	50,000		Sovran Self Storage, Inc		1,858,500
	250,000	*	Sunstone Hotel Investors, Inc		1,422,500
	640,000		Ventas, Inc		31,616,000
	1,100,000		Weyerhaeuser Co		17,105,000

			TOTAL SPECIALIZED REITS		180,008,651


			TOTAL COMMON STOCKS		685,447,649
			(Cost $744,856,249)

			TOTAL INVESTMENTS - 95.7%		685,447,649
			(Cost $744,856,249)
			OTHER ASSETS & LIABILITIES, NET - 4.3%		30,455,323

			NET ASSETS - 100.0%	$	715,902,972




			Abbreviation(s):
			ETF Exchange Traded Fund
			REIT Real Estate Investment Trust

		*	Non-income producing.
		a	Affiliated Holding.
		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 September 30, 2011 the value of these securities amounted to $0 or 0% of net assets.
		m	Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS – Bond Fund

TIAA-CREF FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2011


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

BONDS - 99.4%

CORPORATE BONDS - 35.0%

AUTOMOBILES & COMPONENTS - 0.2%
	$1,868,000	g	Delphi Corp	5.880	%	05/15/19	$	1,737,239
	468,000		Ford Motor Co	7.450		07/16/31		528,316
	745,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		762,107

			TOTAL AUTOMOBILES & COMPONENTS					3,027,662


BANKS - 5.9%
	1,100,000	g	Banco Bradesco S.A.	4.130		05/16/16		1,094,500
	2,850,000	g	Banco de Credito del Peru	4.750		03/16/16		2,750,250
	1,055,000	g	Banco do Brasil S.A.	4.500		01/22/15		1,077,366
	1,500,000	g	Banco do Brasil S.A.	5.880		01/26/22		1,428,750
	990,000	g,i	Banco Santander Chile	1.500		04/20/12		990,695
	925,000	g	Banco Santander Chile	3.750		09/22/15		921,013
	1,100,000	g	BanColombia S.A.	4.250		01/12/16		1,078,000
	1,635,000	g	BanColombia S.A.	5.950		06/03/21		1,581,863
	2,710,000		Bank of America Corp	4.880		01/15/13		2,700,558
	4,250,000		Bank of America Corp	3.630		03/17/16		3,868,822
	1,690,000		Bank of America Corp	5.300		03/15/17		1,526,339
	1,125,000		Bank of America Corp	6.000		09/01/17		1,082,366
	1,160,000		Bank of America Corp	5.750		12/01/17		1,087,918
	1,700,000		Bank of America Corp	5.000		05/13/21		1,516,662
	845,000		Bank of New York Mellon Corp	4.300		05/15/14		911,722
	2,500,000		Bank of New York Mellon Corp	2.300		07/28/16		2,518,398
	580,000		Bank of New York Mellon Corp	5.450		05/15/19		670,143
	9,780,000	g	Bank of Nova Scotia	1.650		10/29/15		9,852,889
	14,800,000	g	Bank of Nova Scotia	2.150		08/03/16		15,053,479
	123,357		Bank One Corp	5.900		11/15/11		123,955
	235,000	i	BB&T Capital Trust IV	6.820		06/12/57		233,825
	845,000		BB&T Corp	3.850		07/27/27		864,170
	1,950,000	g	BBVA Bancomer S.A.	4.500		03/10/16		1,813,500
	890,000		Capital One Bank USA NA	8.800		07/15/19		1,048,522
	730,000		Capital One Capital V	8.880		05/15/40		740,754
	500,000		Capital One Financial Corp	3.150		07/15/16		494,994
	123,357		Citigroup, Inc	6.000		02/21/12		125,280
	1,000,000		Citigroup, Inc	6.000		12/13/13		1,050,369
	1,615,000		Citigroup, Inc	5.000		09/15/14		1,583,926
	800,000		Citigroup, Inc	3.950		06/15/16		798,097
	730,000		Citigroup, Inc	6.130		05/15/18		783,001
	3,065,000		Citigroup, Inc	5.380		08/09/20		3,175,392
	1,125,000		Citigroup, Inc	6.880		03/05/38		1,221,441
	565,000		Citigroup, Inc	8.130		07/15/39		677,261
	10,335,000	g	Depfa ACS Bank	5.130		03/16/37		7,897,334
	600,000		Deutsche Bank AG	3.880		08/18/14		612,358

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$935,000		Discover Bank	7.000	%	04/15/20	$	991,050
	800,000		First Horizon National Corp	5.380		12/15/15		809,714
	185,000		Golden West Financial Corp	4.750		10/01/12		190,541
	2,835,000	g	HSBC Bank plc	3.500		06/28/15		2,876,768
	1,320,000	g	HSBC Bank plc	4.130		08/12/20		1,307,104
	225,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		198,903
	675,000		HSBC Holdings plc	6.500		09/15/37		662,528
	1,335,000	g	ICICI Bank Ltd	5.500		03/25/15		1,329,651
	1,500,000	g	ICICI Bank Ltd	4.750		11/25/16		1,434,099
	660,000		JP Morgan Chase Capital XXV	6.800		10/01/37		662,398
	525,000		JPMorgan Chase & Co	4.650		06/01/14		555,783
	895,000		JPMorgan Chase & Co	5.130		09/15/14		942,566
	1,050,000		JPMorgan Chase & Co	3.400		06/24/15		1,066,571
	1,975,000		JPMorgan Chase & Co	3.450		03/01/16		1,983,145
	2,575,000		JPMorgan Chase & Co	3.150		07/05/16		2,558,278
	2,255,000		JPMorgan Chase & Co	4.250		10/15/20		2,260,344
	925,000		JPMorgan Chase & Co	5.500		10/15/40		977,811
	470,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		454,771
	1,850,000		Northern Trust Corp	4.630		05/01/14		1,994,444
	1,255,000		PNC Funding Corp	5.130		02/08/20		1,389,123
	4,000,000	g	Royal Bank of Canada	3.130		04/14/15		4,243,852
	1,300,000	g	Shinhan Bank	4.130		10/04/16		1,266,756
	1,000,000	g,i	Standard Chartered plc	6.410		12/30/49		844,685
	560,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		577,507
	1,000,000	g	Toronto-Dominion Bank	1.630		09/14/16		996,550
	945,000		Union Bank of California NA	5.950		05/11/16		1,040,522
	285,000		USB Capital XIII Trust	6.630		12/15/39		286,234
	135,000		Wachovia Bank NA	5.300		10/15/11		135,126
	971,000		Wachovia Bank NA	4.800		11/01/14		1,036,097
	1,490,000		Wachovia Bank NA	5.850		02/01/37		1,548,196
	2,000,000		Wells Fargo & Co	3.680		06/15/16		2,081,252
	3,230,000		Wells Fargo Bank NA	4.750		02/09/15		3,365,786
	2,145,000		Westpac Banking Corp	3.000		08/04/15		2,184,058
	375,000		Zions Bancorporation	7.750		09/23/14		395,333

			TOTAL BANKS					119,603,458


CAPITAL GOODS - 1.1%
	220,000		Black & Decker Corp	8.950		04/15/14		257,993
	2,400,000		Caterpillar, Inc	1.380		05/27/14		2,416,017
	1,560,000		Caterpillar, Inc	5.200		05/27/41		1,823,011
	750,000		CRH America, Inc	4.130		01/15/16		755,141
	3,000,000		Danaher Corp	1.300		06/23/14		3,034,710
	415,000		General Electric Co	5.250		12/06/17		461,092
	525,000		Goodrich Corp	6.130		03/01/19		632,123
	375,000		Harsco Corp	5.130		09/15/13		401,472
	468,000	g	Huntington Ingalls	6.880		03/15/18		435,240
	500,000	g	Illinois Tool Works, Inc	3.380		09/15/21		512,363
	1,000,000	g	Illinois Tool Works, Inc	4.880		09/15/41		1,113,390
	2,025,000		ITT Corp	4.900		05/01/14		2,213,787
	700,000		Lockheed Martin Corp	3.350		09/15/21		693,087
	1,291,000	g	Myriad International Holding BV	6.380		07/28/17		1,339,413
	3,000,000		Pentair, Inc	5.000		05/15/21		3,132,989

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,468,000	g,h	Sealed Air Corp	8.130	%	09/15/19	$	1,482,680
	1,468,000	g,h	Sealed Air Corp	8.380		09/15/21		1,482,680
	1,950,000	g	Sigma Alimentos S.A.	5.630		04/14/18		1,901,250
	605,000		Tyco International Finance S.A.	6.000		11/15/13		662,364
	345,000		Tyco International Finance S.A.	4.130		10/15/14		366,768
	350,000		United Technologies Corp	5.400		05/01/35		409,550
	155,000		United Technologies Corp	6.050		06/01/36		196,527
	355,000		United Technologies Corp	5.700		04/15/40		432,888

			TOTAL CAPITAL GOODS					26,156,535


COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	745,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		749,398
	1,495,000		Republic Services, Inc	3.800		05/15/18		1,554,540
	845,000		Republic Services, Inc	6.200		03/01/40		1,015,411
	1,500,000		Waste Management, Inc	2.600		09/01/16		1,503,555
	1,585,000		Waste Management, Inc	6.130		11/30/39		1,921,328

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					6,744,232


CONSUMER DURABLES & APPAREL - 0.3%
	1,500,000	g	Harley-Davidson Financial Services, Inc	3.880		03/15/16		1,543,621
	1,670,000		Phillips-Van Heusen Corp	7.380		05/15/20		1,740,975
	810,000		Whirlpool Corp	8.000		05/01/12		841,142
	450,000		Xerox Corp	8.250		05/15/14		512,319
	500,000		Xerox Corp	4.250		02/15/15		528,889
	300,000		Xerox Corp	4.500		05/15/21		300,034

			TOTAL CONSUMER DURABLES & APPAREL					5,466,980


CONSUMER SERVICES - 0.2%
	1,900,000	g	Transnet Ltd	4.500		02/10/16		1,952,343
	123,357		Walt Disney Co	6.380		03/01/12		126,174
	990,000		Walt Disney Co	4.500		12/15/13		1,069,423

			TOTAL CONSUMER SERVICES					3,147,940


DIVERSIFIED FINANCIALS - 4.7%
	1,495,000		Abbey National Treasury Services plc	4.000		04/27/16		1,380,094
	385,000		American Express Co	7.000		03/19/18		455,465
	1,370,000		American Express Co	8.130		05/20/19		1,729,093
	530,000		Ameriprise Financial, Inc	5.300		03/15/20		585,828
	1,500,000		Axiata SPV1 (Labuan) Ltd	5.380		04/28/20		1,567,830
	1,425,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		1,417,875
	1,490,000	g	Bangkok Bank PCL	4.800		10/18/20		1,418,820
	1,333,000	g	Banque PSA Finance	3.380		04/04/14		1,291,288
	615,000		Barclays Bank plc	5.200		07/10/14		628,948
	1,125,000		BlackRock, Inc	3.500		12/10/14		1,195,405
	1,400,000		BlackRock, Inc	4.250		05/24/21		1,458,652
	1,490,000	g	BM&FBOVESPA S.A.	5.500		07/16/20		1,465,788
	1,500,000		Credit Suisse	5.000		05/15/13		1,550,292
	1,420,000		Credit Suisse	5.500		05/01/14		1,501,146
	1,125,000		Credit Suisse	4.380		08/05/20		1,088,637
	123,357		Credit Suisse USA, Inc	6.500		01/15/12		125,124
	123,357		Daimler Finance North America LLC	7.300		01/15/12		125,494
	1,185,000		Eaton Vance Corp	6.500		10/02/17		1,351,738

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,050,000		Ford Motor Credit Co LLC	5.880	%	08/02/21	$	1,044,417
	123,357		General Electric Capital Corp	6.000		06/15/12		127,929
	465,000		General Electric Capital Corp	2.800		01/08/13		473,005
	3,865,000		General Electric Capital Corp	1.880		09/16/13		3,882,767
	4,015,000		General Electric Capital Corp	5.500		06/04/14		4,352,814
	3,940,000		General Electric Capital Corp	4.380		09/16/20		4,009,151
	4,000,000		General Electric Capital Corp	5.300		02/11/21		4,149,604
	810,000		General Electric Capital Corp	6.880		01/10/39		929,670
	660,000	i	Goldman Sachs Capital II	5.790		12/30/49		409,200
	123,357		Goldman Sachs Group, Inc	6.600		01/15/12		125,130
	990,000		Goldman Sachs Group, Inc	5.700		09/01/12		1,016,266
	50,000		Goldman Sachs Group, Inc	4.750		07/15/13		51,454
	250,000		Goldman Sachs Group, Inc	3.700		08/01/15		244,771
	3,715,000		Goldman Sachs Group, Inc	3.630		02/07/16		3,616,831
	1,025,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,143,817
	135,000		Goldman Sachs Group, Inc	6.450		05/01/36		122,683
	335,000		Goldman Sachs Group, Inc	6.750		10/01/37		306,439
	1,500,000		Goldman Sachs Group, Inc	6.250		02/01/41		1,458,627
	123,357		HSBC Finance Corp	7.000		05/15/12		126,999
	3,875,000		HSBC Finance Corp	4.750		07/15/13		4,006,091
	448,000	g	Hyundai Capital America	3.750		04/06/16		442,554
	600,000	g	Hyundai Capital Services, Inc	4.380		07/27/16		607,159
	575,000	g	International Lease Finance Corp	6.500		09/01/14		575,000
	1,400,000	g	Inversiones CMPC S.A.	4.750		01/19/18		1,415,226
	4,000,000		Jefferies Group, Inc	5.130		04/13/18		3,746,016
	400,000		Jefferies Group, Inc	6.250		01/15/36		362,852
	3,400,000		John Deere Capital Corp	2.250		06/07/16		3,453,227
	665,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		67
	615,000		Lloyds TSB Bank plc	6.380		01/21/21		606,344
	1,500,000	g	Majapahit Holding BV	7.750		01/20/20		1,659,000
	802,000		MBNA Corp	6.130		03/01/13		802,807
	1,235,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,223,918
	1,565,000		Merrill Lynch & Co, Inc	6.400		08/28/17		1,517,338
	1,175,000		Merrill Lynch & Co, Inc	6.880		04/25/18		1,175,422
	1,600,000		MF Global Holdings Ltd	6.250		08/08/16		1,511,184
	2,125,000		Morgan Stanley	6.000		05/13/14		2,151,966
	3,000,000		Morgan Stanley	2.880		07/28/14		2,858,811
	655,000		Morgan Stanley	6.000		04/28/15		651,906
	2,350,000		Morgan Stanley	3.800		04/29/16		2,166,536
	1,695,000		Morgan Stanley	5.450		01/09/17		1,634,960
	720,000		Morgan Stanley	5.950		12/28/17		698,173
	1,090,000		Morgan Stanley	7.300		05/13/19		1,123,272
	555,000		Morgan Stanley	5.630		09/23/19		520,629
	4,750,000		Morgan Stanley	5.750		01/25/21		4,370,317
	630,000		NASDAQ OMX Group, Inc	4.000		01/15/15		642,037
	445,000		NASDAQ OMX Group, Inc	5.550		01/15/20		445,602
	103,357		National Rural Utilities Cooperative Finance Corp	7.250		03/01/12		106,090
	880,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		895,930
	1,065,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		1,149,244
	565,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		811,827
	550,000		Nomura Holdings, Inc	4.130		01/19/16		558,119
	750,000	g	Odebrecht Finance Ltd	6.000		04/05/23		697,500

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$925,000	g	PTTEP Australia International Finance Pty Ltd	4.150	%	07/19/15	$	978,021
	1,410,000		Rabobank Nederland NV	2.130		10/13/15		1,407,133
	835,000	g,i	Rabobank Nederland NV	11.000		12/30/49		1,004,088
	935,000	g	RCI Banque S.A.	3.400		04/11/14		906,071
	925,000		State Street Corp	4.300		05/30/14		997,922
	310,000		Toronto-Dominion Bank	2.500		07/14/16		318,190
	1,975,000		UBS AG.	4.880		08/04/20		1,901,716
	832,500	g	Waha Aerospace BV	3.930		07/28/20		855,394
	450,000		Waha Aerospace BV	3.930		07/28/20		462,375
	320,000	g	WT Finance Aust Pty Ltd	5.130		11/15/14		336,583

			TOTAL DIVERSIFIED FINANCIALS					101,683,708


ENERGY - 4.3%
	1,275,000		Anadarko Petroleum Corp	5.950		09/15/16		1,394,594
	365,000		Anadarko Petroleum Corp	6.950		06/15/19		423,409
	625,000		Anadarko Petroleum Corp	6.450		09/15/36		661,118
	1,320,000		Apache Corp	5.100		09/01/40		1,472,584
	779,000	g	Arch Coal, Inc	7.000		06/15/19		740,050
	400,000	g	Baker Hughes, Inc	3.200		08/15/21		403,096
	335,000		Baker Hughes, Inc	5.130		09/15/40		383,544
	1,715,000		Bill Barrett Corp	7.630		10/01/19		1,684,987
	1,090,000		BP Capital Markets plc	3.130		03/10/12		1,100,085
	5,400,000		BP Capital Markets plc	3.200		03/11/16		5,629,645
	735,000		Burlington Resources Finance Co	7.200		08/15/31		1,003,223
	468,000		Chesapeake Energy Corp	6.630		08/15/20		482,040
	1,400,000		Chesapeake Energy Corp	6.880		11/15/20		1,463,000
	1,500,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,556,250
	1,400,000		ConocoPhillips	4.600		01/15/15		1,533,662
	1,140,000		ConocoPhillips	6.500		02/01/39		1,511,696
	500,000		Devon Energy Corp	5.600		07/15/41		576,399
	1,329,818		Dolphin Energy Ltd	5.890		06/15/19		1,422,905
	990,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		1,086,890
	910,000	g	Empresa Nacional del Petroleo	5.250		08/10/20		940,703
	480,000		Enbridge Energy Partners LP	5.200		03/15/20		510,728
	235,000		EnCana Corp	6.630		08/15/37		271,231
	875,000		Enterprise Products Operating LLC	4.600		08/01/12		897,839
	335,000		Enterprise Products Operating LLC	5.600		10/15/14		366,658
	170,000		Enterprise Products Operating LLC	5.000		03/01/15		184,669
	710,000		Enterprise Products Operating LLC	6.500		01/31/19		836,009
	615,000		Enterprise Products Operating LLC	6.130		10/15/39		669,599
	705,000		Enterprise Products Operating LLC	5.950		02/01/41		756,248
	600,000		Enterprise Products Operating LLC	5.700		02/15/42		631,322
	810,000		EOG Resources, Inc	4.100		02/01/21		866,441
	1,450,000	g	Gaz Capital S.A.	5.090		11/29/15		1,421,000
	1,000,000	g	Gaz Capital S.A.	6.510		03/07/22		980,000
	465,000		Hess Corp	8.130		02/15/19		599,345
	1,295,000		Hess Corp	5.600		02/15/41		1,397,078
	2,145,000	g	Lukoil International Finance BV	6.130		11/09/20		1,994,850
	1,200,000	g	Marathon Petroleum Corp	3.500		03/01/16		1,237,182
	1,000,000	g	Marathon Petroleum Corp	5.130		03/01/21		1,041,382
	1,200,000		Newfield Exploration Co	5.750		01/30/22		1,186,500
	500,000		Noble Holding International Ltd	3.450		08/01/15		525,636

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,320,000		Noble Holding International Ltd	4.900	%	08/01/20	$	1,419,911
	1,580,000	g	Novatek Finance Ltd	6.600		02/03/21		1,522,725
	1,500,000		Occidental Petroleum Corp	1.750		02/15/17		1,488,723
	1,450,000		Occidental Petroleum Corp	4.100		02/01/21		1,572,924
	365,000		Pemex Project Funding Master Trust	5.750		03/01/18		395,113
	400,000		Pemex Project Funding Master Trust	6.630		06/15/35		429,000
	250,000		Pemex Project Funding Master Trust	6.630		06/15/38		268,750
	1,500,000	g	Pertamina PT	5.250		05/23/21		1,440,000
	1,640,000		Petrobras International Finance Co	3.880		01/27/16		1,626,880
	1,210,000		Petrobras International Finance Co	7.880		03/15/19		1,403,600
	1,048,000		Petrobras International Finance Co	6.880		01/20/40		1,105,640
	925,000		Petroleos Mexicanos	4.880		03/15/15		968,938
	170,000		Petroleos Mexicanos	8.000		05/03/19		207,400
	925,000		Petroleos Mexicanos	6.000		03/05/20		1,011,950
	735,000		Petroleos Mexicanos	5.500		01/21/21		771,750
	580,000		Petroleos Mexicanos	6.500		06/02/41		600,300
	1,315,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		1,554,988
	1,425,000	g	Petronas Capital Ltd	5.250		08/12/19		1,556,297
	1,125,000		Plains All American Pipeline LP	5.000		02/01/21		1,185,953
	625,000	g	Precision Drilling Corp	6.500		12/15/21		615,625
	1,500,000	g	PTTEP Canada International Finance Ltd	5.690		04/05/21		1,515,750
	1,057,440		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		09/30/20		1,140,766
	2,830,000	g	Reliance Holdings USA	4.500		10/19/20		2,596,759
	600,000	g	Rockies Express Pipeline LLC	6.250		07/15/13		638,502
	1,870,000	g	SandRidge Energy, Inc	8.000		06/01/18		1,757,799
	2,650,000	g	Schlumberger Investment S.A.	3.300		09/14/21		2,652,641
	630,000		SEACOR Holdings, Inc	7.380		10/01/19		681,104
	660,000		Shell International Finance BV	3.100		06/28/15		700,685
	1,175,000		Shell International Finance BV	4.300		09/22/19		1,319,822
	285,000		Shell International Finance BV	6.380		12/15/38		388,352
	415,000		Statoil ASA	2.900		10/15/14		436,702
	150,000		TransCanada Pipelines Ltd	4.000		06/15/13		156,986
	1,915,000		TransCanada Pipelines Ltd	7.690		06/30/16		2,340,098
	660,000		TransCanada Pipelines Ltd	5.850		03/15/36		791,262
	1,000,000	g	TransCapitalInvest Ltd	5.670		03/05/14		1,004,500
	235,000		Vale Overseas Ltd	6.250		01/23/17		254,740
	480,000		Vale Overseas Ltd	6.880		11/21/36		517,728
	970,000		Vale Overseas Ltd	6.880		11/10/39		1,042,750
	515,000		Valero Energy Corp	4.500		02/01/15		549,866
	710,000		Valero Energy Corp	6.130		02/01/20		787,842
	900,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		915,932
	1,470,000		XTO Energy, Inc	6.250		04/15/13		1,592,214
	660,000		XTO Energy, Inc	4.630		06/15/13		703,437

			TOTAL ENERGY					87,476,301


FOOD & STAPLES RETAILING - 0.3%
	500,000		CVS Caremark Corp	3.250		05/18/15		526,223
	1,750,000		CVS Caremark Corp	5.750		06/01/17		2,008,552
	120,000		CVS Caremark Corp	6.600		03/15/19		145,964
	580,000		Delhaize Group S.A.	5.880		02/01/14		632,004
	565,000		Delhaize Group S.A.	6.500		06/15/17		660,429
	335,000		Kroger Co	6.200		06/15/12		346,438

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$190,000		Kroger Co	5.000	%	04/15/13	$	199,693
	600,000		Kroger Co	6.400		08/15/17		711,422
	120,000		Kroger Co	6.800		12/15/18		148,097

			TOTAL FOOD & STAPLES RETAILING					5,378,822


FOOD, BEVERAGE & TOBACCO - 1.2%
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	2.880		02/15/16		2,617,783
	1,160,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		1,327,032
	365,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		484,563
	1,005,000		Bottling Group LLC	6.950		03/15/14		1,149,254
	465,000	g	Coca-Cola Co	1.800		09/01/16		466,344
	3,735,000	g	Coca-Cola Co	3.300		09/01/21		3,896,086
	1,160,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		1,177,486
	385,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		413,127
	650,000		General Mills, Inc	5.200		03/17/15		728,744
	290,000		General Mills, Inc	5.650		02/15/19		343,396
	1,925,000	g	Grupo Bimbo SAB de C.V.	4.880		06/30/20		1,934,626
	45,357		Kraft Foods, Inc	6.250		06/01/12		46,962
	505,000		Kraft Foods, Inc	6.130		02/01/18		592,764
	1,450,000		Kraft Foods, Inc	5.380		02/10/20		1,640,995
	1,060,000		Kraft Foods, Inc	6.500		02/09/40		1,295,764
	190,000		PepsiAmericas, Inc	5.750		07/31/12		198,207
	105,000		PepsiAmericas, Inc	4.380		02/15/14		113,789
	1,055,000		PepsiCo, Inc	0.880		10/25/13		1,055,783
	78,000		PepsiCo, Inc	7.900		11/01/18		103,785
	468,000	g	Pernod-Ricard S.A.	5.750		04/07/21		512,953
	565,000		Philip Morris International, Inc	4.880		05/16/13		599,451
	1,110,000		Philip Morris International, Inc	6.880		03/17/14		1,259,660
	200,000		Philip Morris International, Inc	6.380		05/16/38		257,825
	1,400,000		TreeHouse Foods, Inc	7.750		03/01/18		1,449,000
	123,357		Tyson Foods, Inc	8.250		10/01/11		123,357

			TOTAL FOOD, BEVERAGE & TOBACCO					23,788,736


HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	630,000		Boston Scientific Corp	4.500		01/15/15		658,303
	1,870,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		1,804,550
	1,130,000	g	Fresenius Medical Care US Finance, Inc	6.500		09/15/18		1,146,950
	600,000		HCA, Inc	6.500		02/15/20		586,500
	1,403,000		HCA, Inc	7.880		02/15/20		1,452,105
	572,000		McKesson Corp	3.250		03/01/16		603,041
	395,000		Medtronic, Inc	4.750		09/15/15		443,696
	695,000		Medtronic, Inc	4.450		03/15/20		786,954
	765,000		Quest Diagnostics, Inc	6.400		07/01/17		903,446
	960,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		975,783
	325,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		343,006
	335,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		371,524
	1,875,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		1,969,572
	1,025,000		Thermo Fisher Scientific, Inc	2.250		08/15/16		1,039,280
	310,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		347,626
	750,000		Thermo Fisher Scientific, Inc	3.600		08/15/21		778,527

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					14,210,863

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	$120,000		Colgate-Palmolive Co	6.450	%	06/16/28	$	157,337
	635,000		Procter & Gamble Co	5.550		03/05/37		817,529
	2,000,000		Unilever Capital Corp	4.250		02/10/21		2,274,352

			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					3,249,218


INSURANCE - 1.7%
	565,000		ACE INA Holdings, Inc	5.880		06/15/14		625,148
	310,000		Aetna, Inc	6.500		09/15/18		372,004
	285,000		Aetna, Inc	6.630		06/15/36		361,692
	650,000		Aflac, Inc	6.900		12/17/39		667,125
	775,000		Allstate Corp	7.450		05/16/19		947,368
	875,000		American Financial Group, Inc	9.880		06/15/19		1,082,111
	2,850,000		American International Group, Inc	3.650		01/15/14		2,778,844
	500,000		Chubb Corp	6.000		05/11/37		590,332
	235,000		CIGNA Corp	5.130		06/15/20		255,535
	2,000,000		CIGNA Corp	4.500		03/15/21		2,071,916
	890,000		Genworth Financial, Inc	7.200		02/15/21		756,367
	1,125,000		Hartford Financial Services Group, Inc	4.000		03/30/15		1,131,697
	1,125,000		Hartford Financial Services Group, Inc	5.500		03/30/20		1,096,891
	565,000		Hartford Financial Services Group, Inc	6.630		03/30/40		529,113
	1,275,000		Lincoln National Corp	7.000		06/15/40		1,315,017
	3,000,000		Markel Corp	5.350		06/01/21		3,061,458
	170,000		Metlife, Inc	5.000		06/15/15		186,238
	1,125,000		Metlife, Inc	6.750		06/01/16		1,293,891
	1,655,000		Metlife, Inc	5.700		06/15/35		1,769,187
	1,125,000	g	Principal Life Global Funding I	5.130		10/15/13		1,199,058
	1,500,000		Progressive Corp	3.750		08/23/21		1,530,053
	705,000		Prudential Financial, Inc	5.100		09/20/14		743,370
	630,000		Prudential Financial, Inc	7.380		06/15/19		738,233
	950,000		Prudential Financial, Inc	6.200		11/15/40		975,926
	1,190,000	g	Prudential Funding LLC	6.750		09/15/23		1,379,665
	615,000		Travelers Cos, Inc	5.800		05/15/18		708,468
	170,000		Travelers Cos, Inc	5.900		06/02/19		198,086
	270,000		Unum Group	5.630		09/15/20		297,420
	500,000		WellPoint, Inc	5.880		06/15/17		571,951
	435,000		WellPoint, Inc	5.850		01/15/36		500,036
	3,350,000		Willis Group Holdings plc	4.130		03/15/16		3,405,322
	410,000		WR Berkley Corp	5.380		09/15/20		420,728

			TOTAL INSURANCE					33,560,250


MATERIALS - 2.1%
	205,000		3M Co	4.380		08/15/13		219,828
	860,000		3M Co	5.700		03/15/37		1,124,974
	660,000		Air Products & Chemicals, Inc	4.150		02/01/13		689,427
	170,000		Airgas, Inc	4.500		09/15/14		181,247
	2,500,000		Alcoa, Inc	5.400		04/15/21		2,422,564
	1,410,000	g	Anglo American Capital plc	2.150		09/27/13		1,405,822
	1,505,000		AngloGold Ashanti Holdings plc	5.380		04/15/20		1,474,480
	310,000		ArcelorMittal	3.750		08/05/15		289,447
	1,500,000		ArcelorMittal	3.750		02/01/16		1,379,255
	275,000		ArcelorMittal	9.850		06/01/19		311,595

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,030,000		ArcelorMittal	7.000	%	10/15/39	$	918,628
	1,500,000		ArcelorMittal	6.750		03/01/41		1,296,306
	468,000		Ball Corp	6.750		09/15/20		484,380
	1,850,000		Barrick North America Finance LLC	4.400		05/30/21		1,897,057
	2,147,000	g	Braskem Finance Ltd	5.750		04/15/21		1,959,352
	2,000,000		CF Industries, Inc	6.880		05/01/18		2,232,500
	1,500,000		Cliffs Natural Resources, Inc	6.250		10/01/40		1,460,858
	660,000		Clorox Co	3.550		11/01/15		686,717
	1,475,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		1,466,321
	468,000	g	Crown Americas LLC	6.250		02/01/21		468,000
	1,572,000		Dow Chemical Co	8.550		05/15/19		2,013,669
	335,000		Eastman Chemical Co	5.500		11/15/19		376,208
	735,000		EI Du Pont de Nemours & Co	4.130		03/06/13		765,966
	660,000		EI Du Pont de Nemours & Co	3.250		01/15/15		702,299
	1,580,000		EI Du Pont de Nemours & Co	4.630		01/15/20		1,775,770
	468,000		Graphic Packaging International, Inc	9.500		06/15/17		500,760
	1,155,000	g	Hyundai Steel Co	4.630		04/21/16		1,155,292
	530,000		International Paper Co	7.300		11/15/39		595,560
	500,000		Martin Marietta Materials, Inc	6.600		04/15/18		563,764
	467,000	g	Polymer Group, Inc	7.750		02/01/19		465,833
	1,410,000	g	POSCO	4.250		10/28/20		1,312,531
	1,975,000	g	POSCO	5.250		04/14/21		1,956,002
	795,000		Praxair, Inc	5.250		11/15/14		892,984
	500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		498,879
	1,700,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		1,671,641
	1,780,000	g	Sinochem Corp	6.300		11/12/40		1,646,555
	1,305,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		1,365,867
	1,870,000		Solutia, Inc	7.880		03/15/20		1,968,175
	275,000		Teck Resources Ltd	6.000		08/15/40		283,030

			TOTAL MATERIALS					42,879,543


MEDIA - 1.3%
	705,000		CBS Corp	4.300		02/15/21		708,859
	44,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		48,343
	785,000		Comcast Corp	5.650		06/15/35		821,761
	445,000		Comcast Corp	6.400		03/01/40		517,886
	240,000		DIRECTV Holdings LLC	3.500		03/01/16		247,638
	1,255,000		DIRECTV Holdings LLC	6.000		08/15/40		1,339,467
	3,452,000		Interpublic Group of Cos, Inc	6.250		11/15/14		3,641,860
	4,650,000		Lamar Media Corp	9.750		04/01/14		5,126,624
	936,000		Lamar Media Corp	6.630		08/15/15		919,620
	775,000		NBCUniversal Media LLC	5.150		04/30/20		849,850
	695,000		News America, Inc	7.250		05/18/18		808,587
	110,000		News America, Inc	7.630		11/30/28		132,427
	85,000		News America, Inc	6.550		03/15/33		92,213
	600,000		News America, Inc	6.200		12/15/34		642,305
	730,000		News America, Inc	6.650		11/15/37		802,404
	600,000		News America, Inc	6.900		08/15/39		683,313
	965,000		Nielsen Finance LLC	7.750		10/15/18		984,300
	990,000		Time Warner Cable, Inc	8.750		02/14/19		1,266,876
	2,075,000		Time Warner Cable, Inc	8.250		04/01/19		2,598,367
	357		Time Warner, Inc	6.880		05/01/12		369

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$960,000		Time Warner, Inc	3.150	%	07/15/15	$	992,938
	4,000,000		Time Warner, Inc	4.700		01/15/21		4,180,920
	565,000		Time Warner, Inc	6.500		11/15/36		641,383
	565,000		Viacom, Inc	4.380		09/15/14		603,714

			TOTAL MEDIA					28,652,024


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
	680,000		Abbott Laboratories	5.300		05/27/40		810,295
	870,000		Eli Lilly & Co	3.550		03/06/12		880,994
	1,004,000	g	Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		1,007,765
	2,000,000		Gilead Sciences, Inc	4.500		04/01/21		2,155,602
	580,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		701,366
	600,000		Johnson & Johnson	5.850		07/15/38		795,734
	1,320,000		Johnson & Johnson	4.500		09/01/40		1,468,801
	480,000		Life Technologies Corp	3.500		01/15/16		488,624
	1,450,000		Mead Johnson Nutrition Co	5.900		11/01/39		1,714,590
	1,800,000		Merck & Co, Inc	3.880		01/15/21		1,957,387
	1,403,000	g	Mylan, Inc	7.880		07/15/20		1,466,135
	600,000		Novartis Capital Corp	4.130		02/10/14		645,157
	2,180,000		Novartis Capital Corp	2.900		04/24/15		2,307,107
	385,000		Novartis Capital Corp	4.400		04/24/20		435,058
	455,000		Pfizer, Inc	5.350		03/15/15		518,376
	4,000,000		Sanofi-Aventis S.A.	2.630		03/29/16		4,138,372
	465,000		Schering-Plough Corp	6.550		09/15/37		653,430

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					22,144,793


REAL ESTATE - 0.8%
	220,000		AMB Property LP	7.630		08/15/14		239,677
	345,000		AMB Property LP	4.500		08/15/17		324,627
	235,000		Brandywine Operating Partnership LP	7.500		05/15/15		254,593
	2,500,000		Brandywine Operating Partnership LP	4.950		04/15/18		2,415,160
	630,000		Camden Property Trust	4.630		06/15/21		626,403
	2,000,000		Developers Diversified Realty Corp	4.750		04/15/18		1,824,296
	40,000		Federal Realty Investment Trust	5.650		06/01/16		43,595
	75,000		Federal Realty Investment Trust	5.900		04/01/20		81,415
	1,100,000		HCP, Inc	3.750		02/01/16		1,087,074
	1,335,000		Health Care REIT, Inc	3.630		03/15/16		1,301,610
	500,000		Healthcare Realty Trust, Inc	5.750		01/15/21		489,139
	2,250,000		Highwoods Properties, Inc	5.850		03/15/17		2,373,176
	2,068,000	g	Host Hotels & Resorts LP	5.880		06/15/19		1,974,940
	290,000		Kilroy Realty Corp	5.000		11/03/15		301,046
	105,000		Kimco Realty Corp	5.700		05/01/17		112,222
	650,000		National Retail Properties, Inc	5.500		07/15/21		660,662
	55,000		Nationwide Health Properties, Inc	6.250		02/01/13		57,882
	350,000		Regency Centers LP	5.250		08/01/15		375,761
	40,000		Regency Centers LP	5.880		06/15/17		43,258
	105,000		Simon Property Group LP	5.250		12/01/16		114,380
	470,000		Simon Property Group LP	10.350		04/01/19		628,677
	660,000		Simon Property Group LP	4.380		03/01/21		670,518
	650,000	g,i	USB Realty Corp	6.090		12/30/49		471,250
	705,000		Washington Real Estate Investment Trust	4.950		10/01/20		748,149

			TOTAL REAL ESTATE					17,219,510

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

RETAILING - 0.7%
	$1,870,000		AmeriGas Partners LP	6.250	%	08/20/19	$	1,790,525
	1,870,000		Hanesbrands, Inc	6.380		12/15/20		1,813,900
	615,000		Home Depot, Inc	5.880		12/16/36		715,978
	1,500,000		Home Depot, Inc	5.950		04/01/41		1,784,015
	1,868,000		Limited Brands, Inc	6.630		04/01/21		1,882,010
	1,170,000		O’Reilly Automotive, Inc	4.630		09/15/21		1,181,603
	2,340,000	g	QVC Inc	7.380		10/15/20		2,492,100
	1,400,000	g	QVC, Inc	7.500		10/01/19		1,491,000
	600,000		Staples, Inc	9.750		01/15/14		695,428
	705,000		Wal-Mart Stores, Inc	5.000		10/25/40		805,603

			TOTAL RETAILING					14,652,162


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	565,000		Analog Devices, Inc	5.000		07/01/14		617,570
	445,000		Broadcom Corp	1.500		11/01/13		445,868
	1,110,000		Broadcom Corp	2.380		11/01/15		1,119,982
	990,000		National Semiconductor Corp	3.950		04/15/15		1,060,750

			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					3,244,170


SOFTWARE & SERVICES - 0.4%
	1,485,000		International Business Machines Corp	1.000		08/05/13		1,495,702
	2,015,000		International Business Machines Corp	1.950		07/22/16		2,032,704
	605,000		Microsoft Corp	0.880		09/27/13		608,934
	1,935,000		Microsoft Corp	1.630		09/25/15		1,972,252
	630,000		Oracle Corp	3.750		07/08/14		678,479
	450,000		Oracle Corp	5.750		04/15/18		536,145
	660,000	g	Oracle Corp	3.880		07/15/20		700,690

			TOTAL SOFTWARE & SERVICES					8,024,906


TECHNOLOGY HARDWARE & EQUIPMENT - 0.7%
	1,125,000		Amphenol Corp	4.750		11/15/14		1,192,725
	1,870,000		Brocade Communications Systems, Inc	6.880		01/15/20		1,909,738
	1,075,000		Hewlett-Packard Co	4.250		02/24/12		1,089,388
	520,000		Hewlett-Packard Co	4.500		03/01/13		542,471
	650,000		Hewlett-Packard Co	4.750		06/02/14		698,347
	1,950,000		Hewlett-Packard Co	3.000		09/15/16		1,966,261
	1,868,000		Jabil Circuit, Inc	5.630		12/15/20		1,821,300
	345,000		L-3 Communications Corp	5.200		10/15/19		364,017
	1,185,000		L-3 Communications Corp	4.950		02/15/21		1,236,538
	1,900,000		Scientific Games Corp	8.130		09/15/18		1,866,750
	468,000		Scientific Games Corp	9.250		06/15/19		471,510

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					13,159,045


TELECOMMUNICATION SERVICES - 2.4%
	1,030,000		America Movil SAB de C.V.	5.000		03/30/20		1,087,680
	560,000		America Movil SAB de C.V.	6.130		03/30/40		582,400
	2,635,000		AT&T, Inc	2.500		08/15/15		2,693,758
	6,000,000		AT&T, Inc	2.950		05/15/16		6,191,399
	620,000		AT&T, Inc	6.150		09/15/34		693,896
	1,700,000		AT&T, Inc	6.300		01/15/38		1,947,396

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,235,000		BellSouth Corp	5.200	%	09/15/14	$	1,356,073
	120,000		BellSouth Corp	6.880		10/15/31		149,490
	275,000		BellSouth Corp	6.550		06/15/34		318,840
	2,260,000		Cellco Partnership	8.500		11/15/18		3,011,542
	630,000		Deutsche Telekom International Finance BV	8.750		06/15/30		840,301
	1,305,000		France Telecom S.A.	2.130		09/16/15		1,291,651
	1,975,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		2,009,563
	1,270,000	g	Qtel International Finance	4.750		02/16/21		1,268,413
	65,000		Sprint Capital Corp	8.380		03/15/12		65,650
	660,000		Sprint Capital Corp	8.750		03/15/32		573,375
	240,000		Sprint Nextel Corp	6.000		12/01/16		206,400
	680,000		Telecom Italia Capital S.A.	6.180		06/18/14		676,709
	660,000		Telecom Italia Capital S.A.	7.000		06/04/18		661,337
	1,945,000		Telecom Italia Capital S.A.	7.180		06/18/19		1,950,053
	2,500,000		Telefonica Emisiones SAU	3.990		02/16/16		2,378,813
	2,470,000		Telefonica Emisiones SAU	5.130		04/27/20		2,300,427
	1,250,000		Telefonica Emisiones SAU	5.460		02/16/21		1,186,976
	1,415,000	g	Telefonica Moviles Chile S.A.	2.880		11/09/15		1,352,918
	925,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		989,750
	2,045,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		1,942,750
	760,000		Verizon Communications, Inc	5.250		04/15/13		807,962
	1,110,000		Verizon Communications, Inc	5.500		02/15/18		1,287,126
	425,000		Verizon Communications, Inc	8.750		11/01/18		569,131
	430,000		Verizon Communications, Inc	8.950		03/01/39		664,114
	1,000,000		Verizon Communications, Inc	6.000		04/01/41		1,215,467
	445,000		Verizon New England, Inc	4.750		10/01/13		470,947
	740,000		Verizon New Jersey, Inc	5.880		01/17/12		750,743
	123,357		Verizon New York, Inc	6.880		04/01/12		126,942
	335,000		Verizon Virginia, Inc	4.630		03/15/13		350,127
	1,300,000	g	Vimpelcom Holdings	6.250		03/01/17		1,118,000
	1,500,000	g	Vimpelcom Holdings	7.500		03/01/22		1,207,500
	2,000,000		Virgin Media Finance plc	9.500		08/15/16		2,160,000
	1,000,000		Virgin Media Secured Finance plc	5.250		01/15/21		1,076,105

			TOTAL TELECOMMUNICATION SERVICES					49,531,724


TRANSPORTATION - 0.9%
	1,635,000	g	Asciano Finance	5.000		04/07/18		1,671,753
	300,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		367,406
	1,275,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		1,499,970
	1,500,000		Burlington Northern Santa Fe LLC	3.450		09/15/21		1,527,501
	1,900,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		2,036,987
	1,000,000		Burlington Northern Santa Fe LLC	4.950		09/15/41		1,061,079
	4,000,000		Delta Air Lines, Inc	5.300		04/15/19		3,920,000
	335,000		Embraer Overseas Ltd	6.380		01/15/20		363,475
	1,390,000	g	Kazakhstan Temir Zholy Finance BV	6.380		10/06/20		1,365,675
	415,000		Norfolk Southern Corp	5.750		04/01/18		486,428
	838,000		Norfolk Southern Corp	5.590		05/17/25		964,603
	1,275,000	g	TAM Capital 3, Inc	8.380		06/03/21		1,173,000
	115,000		Union Pacific Corp	6.500		04/15/12		118,274
	148,000	g	Union Pacific Corp	4.160		07/15/22		157,945
	1,525,000		Union Pacific Corp	4.750		09/15/41		1,566,500

			TOTAL TRANSPORTATION					18,280,596

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

UTILITIES - 3.4%
	$1,000,000	g	Abu Dhabi National Energy Co	6.250	%	09/16/19	$	1,097,500
	1,385,000	g	AES Corp	7.380		07/01/21		1,308,825
	610,000	g	AES Gener S.A.	5.250		08/15/21		590,468
	730,000		AGL Capital Corp	5.250		08/15/19		822,015
	1,285,000		Alliant Energy Corp	4.000		10/15/14		1,338,267
	775,000		Atmos Energy Corp	8.500		03/15/19		1,046,498
	2,805,000	g	Calpine Corp	7.500		02/15/21		2,678,775
	1,515,000		Carolina Power & Light Co	5.300		01/15/19		1,786,996
	225,000		Carolina Power & Light Co	5.700		04/01/35		267,560
	335,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		377,363
	159,000		CenterPoint Energy Resources Corp	4.500		01/15/21		163,512
	660,000		CenterPoint Energy Resources Corp	6.250		02/01/37		751,810
	1,550,000	g	Comision Federal Electricidad	4.880		05/26/21		1,557,750
	1,850,000		Commonwealth Edison Co	4.000		08/01/20		1,951,545
	395,000		Commonwealth Edison Co	5.900		03/15/36		473,164
	415,000		Connecticut Light & Power Co	5.500		02/01/19		489,361
	275,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		304,685
	640,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		780,798
	619,000		Consolidated Natural Gas Co	6.250		11/01/11		621,430
	225,000		Consolidated Natural Gas Co	5.000		12/01/14		247,218
	810,000		Dominion Resources, Inc	4.450		03/15/21		881,067
	650,000		Dominion Resources, Inc	4.900		08/01/41		672,829
	1,160,000		Duke Energy Carolinas LLC	5.750		11/15/13		1,272,138
	260,000		Duke Energy Carolinas LLC	4.300		06/15/20		287,198
	2,000,000		Duke Energy Corp	3.950		09/15/14		2,124,656
	1,300,000	g	Empresa Electrica del Norte Grande S.A.	5.630		01/15/21		1,356,970
	335,000		Florida Power Corp	6.400		06/15/38		439,596
	1,410,000		FPL Group Capital, Inc	2.600		09/01/15		1,428,443
	2,000,000		Great Plains Energy, Inc	4.850		06/01/21		2,105,764
	630,000		Indiana Michigan Power Co	7.000		03/15/19		777,672
	555,000		Integrys Energy Group, Inc	4.170		11/01/20		571,566
	195,000	g	Kansas Gas & Electric	6.700		06/15/19		240,045
	125,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		130,078
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,025,962
	775,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		989,981
	1,955,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		1,910,668
	1,710,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		1,706,310
	4,030,000		LG&E and KU Energy LLC	3.750		11/15/20		3,900,269
	1,160,000		Midamerican Energy Holdings Co	5.950		05/15/37		1,364,920
	185,000		National Fuel Gas Co	5.250		03/01/13		194,202
	630,000		Nevada Power Co	6.500		08/01/18		759,565
	320,000		Nevada Power Co	5.380		09/15/40		370,781
	2,000,000		Nevada Power Co	5.450		05/15/41		2,345,624
	1,335,000		NiSource Finance Corp	5.400		07/15/14		1,445,729
	1,975,000		Northern States Power Co	5.350		11/01/39		2,384,364
	150,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		204,822
	445,000		ONEOK Partners LP	5.900		04/01/12		454,823
	695,000		Pacific Gas & Electric Co	8.250		10/15/18		925,788
	500,000		PacifiCorp	6.000		01/15/39		630,980
	885,000		Pepco Holdings, Inc	2.700		10/01/15		896,794

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,450,000		PG&E Corp	5.750	%	04/01/14	$	1,589,982
	135,000		Potomac Electric Power Co	7.900		12/15/38		205,139
	1,000,000		PPL Electric Utilities Corp	3.000		09/15/21		997,576
	565,000		Progress Energy, Inc	7.050		03/15/19		702,643
	1,780,000		Public Service Co of Oklahoma	5.150		12/01/19		1,976,329
	440,000		Public Service Electric & Gas Co	5.300		05/01/18		520,729
	1,190,000		Public Service Electric & Gas Co	5.380		11/01/39		1,430,342
	468,000		Questar Market Resources, Inc	6.880		03/01/21		489,060
	970,000		San Diego Gas & Electric Co	5.350		05/15/40		1,191,910
	630,000		Sempra Energy	6.000		10/15/39		762,462
	1,895,000		Southern California Edison Co	3.880		06/01/21		2,053,215
	430,000		Veolia Environnement	5.250		06/03/13		452,318
	850,000		Virginia Electric and Power Co	4.750		03/01/13		893,954
	480,000		Williams Partners LP	3.800		02/15/15		500,806
	845,000		Williams Partners LP	5.250		03/15/20		908,879
	940,000		Williams Partners LP	6.300		04/15/40		1,040,359
	650,000		Xcel Energy, Inc	4.800		09/15/41		687,417
	1,400,000	g	Xinao Gas Holdings Ltd	6.000		05/13/21		1,353,550

			TOTAL UTILITIES					70,211,814


			TOTAL CORPORATE BONDS					721,494,992
			(Cost $701,959,214)

GOVERNMENT BONDS - 57.6%

AGENCY SECURITIES - 8.4%
			Federal Farm Credit Bank (FFCB)
	1,655,000		FFCB	1.380		06/25/13		1,684,361
			Federal Home Loan Bank (FHLB)
	6,880,000		FHLB	1.880		06/21/13		7,055,640
	1,655,000		FHLB	5.000		11/17/17		1,992,683
			Federal Home Loan Mortgage Corp (FHLMC)
	1,320,000		FHLMC	3.500		05/29/13		1,388,290
	1,860,000		FHLMC	2.500		04/23/14		1,952,701
	5,050,000		FHLMC	5.130		10/18/16		5,980,331
			Federal National Mortgage Association (FNMA)
	660,000		FNMA	1.130		07/30/12		664,592
	4,215,000		FNMA	1.250		08/20/13		4,275,679
	6,585,000		FNMA	2.750		03/13/14		6,939,714
	6,585,000		FNMA	2.500		05/15/14		6,904,577
	6,585,000		FNMA	3.000		09/16/14		7,042,499
	5,853,029		AMAL Ltd	3.470		08/21/21		6,168,683
	983,863		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,133,784
	6,590,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		6,508,350
	1,580,000		General Electric Capital Corp	2.200		06/08/12		1,601,535
	1,975,000		General Electric Capital Corp	2.130		12/21/12		2,017,956
	2,635,000		General Electric Capital Corp	2.630		12/28/12		2,709,394
	31,064,000		GMAC, Inc	2.200		12/19/12		31,749,366
	1,975,000		New York Community Bank	3.000		12/16/11		1,986,868
	770,544		Overseas Private Investment Corp	3.420		01/15/15		800,865
	6,004,175		Premier Aircraft Leasing	3.580		02/06/22		6,374,392
	3,295,000		Private Export Funding Corp	4.900		12/15/11		3,326,550

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$4,940,000		Private Export Funding Corp	3.550	%	04/15/13	$	5,173,677
	3,125,000		Private Export Funding Corp	3.050		10/15/14		3,331,084
	5,000,000		Private Export Funding Corp	2.130		07/15/16		5,160,755
	8,560,000		Private Export Funding Corp	5.450		09/15/17		10,406,092
	1,410,000		Private Export Funding Corp	2.250		12/15/17		1,458,469
	3,295,000		Private Export Funding Corp	4.380		03/15/19		3,818,154
	9,940,000		Private Export Funding Corp	4.300		12/15/21		11,390,227
	1,415,397		Rowan Cos, Inc	3.530		05/01/20		1,485,445
	2,849,941		Rowan Cos, Inc	3.160		07/15/21		2,957,811
	2,926,276		San Clemente Leasing LLC	3.590		08/27/21		3,102,233
	1,320,000		Sovereign Bancorp, Inc	2.750		01/17/12		1,329,344
	1,975,000		Sovereign Bancorp, Inc	2.500		06/15/12		2,004,189
	568,438		Totem Ocean Trailer Express, Inc	4.510		12/18/19		616,425
	7,602,000		US Central Federal Credit Union	1.900		10/19/12		7,734,146
	3,295,000		Western Corporate Federal Credit Union	1.750		11/02/12		3,345,021

			TOTAL AGENCY SECURITIES					173,571,882


FOREIGN GOVERNMENT BONDS - 8.3%
	3,955,000	g	Bank of Montreal	2.850		06/09/15		4,174,182
	4,500,000	g	Bank of Montreal	2.630		01/25/16		4,698,918
	750,000	g	Barbados Government International Bond	7.000		08/04/22		742,500
	475,000		Brazilian Government International Bond	5.880		01/15/19		545,063
	1,110,000		Brazilian Government International Bond	4.880		01/22/21		1,186,590
	170,000		Brazilian Government International Bond	7.130		01/20/37		217,175
	1,970,000		Brazilian Government International Bond	5.630		01/07/41		2,122,675
	1,320,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		1,370,181
	1,815,000		Canada Government International Bond	2.380		09/10/14		1,910,180
	1,975,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		2,057,170
	3,000,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		3,142,107
	805,000		Chile Government International Bond	3.880		08/05/20		839,213
	247,000,000		Chile Government International Bond	5.500		08/05/20		499,276
	890,000		Colombia Government International Bond	4.380		07/12/21		907,800
	810,000	g	Croatia Government International Bond	6.630		07/14/20		771,525
	1,000,000	g	Croatia Government International Bond	6.380		03/24/21		922,500
	1,000,000	g	Dominican Republic International Bond	7.500		05/06/21		975,000
	555,000		Eksportfinans ASA	5.000		02/14/12		563,604
	1,276,000		Eksportfinans ASA	2.000		09/15/15		1,302,412
	2,164,000	g	Eskom Holdings Ltd	5.750		01/26/21		2,185,640
	395,000		European Investment Bank	4.880		02/15/36		462,061
	3,625,000		Export Development Canada	2.250		05/28/15		3,809,926
	279,000		Export-Import Bank of Korea	4.130		09/09/15		281,279
	2,000,000		Export-Import Bank of Korea	3.750		10/20/16		1,950,762
	1,425,000		Export-Import Bank of Korea	5.130		06/29/20		1,444,719
	2,800,000		Export-Import Bank of Korea	4.380		09/15/21		2,637,480
	300,000		Federative Republic of Brazil	6.000		01/17/17		342,450
	285,278		Federative Republic of Brazil	8.000		01/15/18		337,056
	875,000		Hungary Government International Bond	6.380		03/29/21		851,375
	2,022,000		Hungary Government International Bond	7.630		03/29/41		1,971,450
	845,000		Italy Government International Bond	5.380		06/12/17		832,027
	355,000		Italy Government International Bond	6.880		09/27/23		349,771
	1,210,000	g	Korea Housing Finance Corp	3.500		12/15/16		1,204,415
	515,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		533,158

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,975,000		Landwirtschaftliche Rentenbank	5.130	%	02/01/17	$	2,330,854
	1,500,000	g	Lithuania Government International Bond	5.130		09/14/17		1,455,000
	4,500,000		Mexican Bonos	6.500		06/10/21		324,439
	8,200,000		Mexico Government International Bond	8.000		12/19/13		630,611
	500,000		Mexico Government International Bond	6.750		09/27/34		615,000
	2,500,000		Mexico Government International Bond	6.050		01/11/40		2,825,000
	1,500,000	g	National Bank of Canada	1.650		01/30/14		1,523,927
	1,500,000		Panama Government International Bond	5.200		01/30/20		1,641,750
	100,000		Peruvian Government International Bond	7.130		03/30/19		120,750
	450,000		Peruvian Government International Bond	7.350		07/21/25		560,250
	1,500,000		Poland Government International Bond	3.880		07/16/15		1,520,250
	1,250,000		Poland Government International Bond	6.380		07/15/19		1,375,000
	3,333,000		Poland Government International Bond	5.130		04/21/21		3,324,668
	436,000	g	Portugal Government International Bond	3.500		03/25/15		306,599
	1,945,000		Province of British Columbia Canada	2.850		06/15/15		2,073,813
	990,000		Province of Manitoba Canada	5.000		02/15/12		1,006,128
	1,320,000		Province of Manitoba Canada	2.130		04/22/13		1,352,934
	10,000,000		Province of Manitoba Canada	1.380		04/28/14		10,192,249
	4,500,000		Province of New Brunswick Canada	2.750		06/15/18		4,705,520
	3,295,000		Province of Nova Scotia Canada	2.380		07/21/15		3,432,174
	3,955,000		Province of Ontario Canada	4.100		06/16/14		4,279,433
	4,015,000		Province of Ontario Canada	2.950		02/05/15		4,244,144
	5,730,000		Province of Ontario Canada	2.700		06/16/15		6,021,312
	15,000,000		Province of Ontario Canada	2.300		05/10/16		15,539,189
	5,000,000		Province of Ontario Canada	1.600		09/21/16		4,988,599
	1,975,000		Province of Ontario Canada	4.000		10/07/19		2,203,776
	4,120,000		Province of Ontario Canada	4.400		04/14/20		4,691,189
	1,715,000		Province of Quebec Canada	5.130		11/14/16		2,008,723
	850,000		Province of Quebec Canada	4.630		05/14/18		985,722
	3,955,000		Province of Quebec Canada	3.500		07/29/20		4,224,731
	6,000,000		Province of Quebec Canada	2.750		08/25/21		5,944,421
	620,000		Province of Quebec Canada	7.500		09/15/29		948,378
	390,000	g	Qatar Government International Bond	4.000		01/20/15		410,475
	990,000		Qatar Government International Bond	5.250		01/20/20		1,089,000
	620,000	g	Qatar Government International Bond	6.400		01/20/40		754,850
	1,500,000	g	Republic of El Salvador	7.750		01/24/23		1,597,500
	1,500,000	g	Republic of Ghana	8.500		10/04/17		1,567,500
	965,000		Republic of Hungary	6.250		01/29/20		936,050
	925,000		Republic of Korea	5.750		04/16/14		994,634
	1,500,000		Republic of Philippines	4.000		01/15/21		1,485,000
	1,500,000	g	Republic of Serbia	7.250		09/28/21		1,380,000
	750,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		736,875
	55,000,000	g	Russian Foreign Bond - Eurobond	7.850		03/10/18		1,676,954
	800,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		786,000
	2,800,000		South Africa Government Bond	6.750		03/31/21		310,475
	240,000		South Africa Government International Bond	6.880		05/27/19		285,600
	1,175,000		South Africa Government International Bond	5.500		03/09/20		1,285,156
	500,000		South Africa Government International Bond	6.250		03/08/41		557,500
	540,000	g	Sri Lanka Government International Bond	6.250		07/27/21		519,213
	1,220,000		Svensk Exportkredit AB	5.130		03/01/17		1,411,144
	2,970,000	g	Toronto-Dominion Bank	2.200		07/29/15		3,062,495
	1,500,000		Turkey Government International Bond	5.630		03/30/21		1,533,750

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,250,000	g	Ukraine Government International Bond	6.250	%	06/17/16	$	1,999,688
	227,000		United Mexican States	5.880		02/17/14		245,614
	500,000		United Mexican States	5.950		03/19/19		567,500
	1,032,000		United Mexican States	5.130		01/15/20		1,117,140

			TOTAL FOREIGN GOVERNMENT BONDS					171,848,286


MORTGAGE BACKED - 32.5%
			Federal Home Loan Mortgage Corp (FHLMC)
	3,974,844		FHLMC (Interest Only)	4.000		06/15/34		470,356
	555,059	i	FHLMC	2.500		02/01/36		583,453
	194,076	i	FHLMC	2.570		07/01/36		205,577
	662,680	i	FHLMC	2.420		09/01/36		703,795
	515,106	i	FHLMC	2.740		09/01/36		540,568
	447,391	i	FHLMC	5.280		09/01/36		466,389
	1,255,336	i	FHLMC	4.700		03/01/37		1,321,210
	1,317,574	i	FHLMC	5.930		04/01/37		1,430,984
	619,477	i	FHLMC	5.740		05/01/37		669,617
	184,388	i	FHLMC	5.600		06/01/37		196,404
	773,199	i	FHLMC	5.630		08/01/37		825,112
	824,930	i	FHLMC	5.180		09/01/37		876,862
	3,309,307		FHLMC	5.500		08/01/39		3,652,337
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	16,845		FGLMC	7.500		01/01/16		18,322
	1,768		FGLMC	7.500		05/01/16		1,929
	2,250		FGLMC	7.500		06/01/16		2,451
	778,835		FGLMC	4.500		09/01/18		832,321
	858,474		FGLMC	4.500		01/01/19		931,111
	1,207,143		FGLMC	4.500		05/01/19		1,291,174
	406,819		FGLMC	4.500		01/01/20		435,138
	563,722		FGLMC	5.000		05/01/20		611,340
	150,461		FGLMC	4.500		07/01/20		162,722
	18,353		FGLMC	7.000		10/01/20		21,151
	1,913,967		FGLMC	4.500		06/01/21		2,046,903
	3,258,346		FGLMC	4.500		06/01/21		3,484,657
	1,512,624		FGLMC	4.000		07/01/24		1,593,341
	510,562		FGLMC	4.500		09/01/24		542,433
	3,000,000	h	FGLMC	5.000		10/15/25		3,220,313
	1,154		FGLMC	6.500		10/01/28		1,310
	29,461		FGLMC	6.500		01/01/29		33,434
	5,723		FGLMC	6.500		03/01/29		6,495
	37,347		FGLMC	6.500		07/01/29		42,382
	3,661		FGLMC	8.000		01/01/31		4,341
	36,880		FGLMC	6.500		09/01/31		41,714
	56,559		FGLMC	8.000		09/01/31		67,126
	304,917		FGLMC	7.000		12/01/31		352,054
	597,644		FGLMC	6.000		03/01/33		662,955
	734,515		FGLMC	4.500		07/01/33		782,415
	1,658,057		FGLMC	5.000		09/01/33		1,787,870
	653,339		FGLMC	5.500		09/01/33		711,874
	649,428		FGLMC	5.500		09/01/33		707,612
	493,945		FGLMC	5.500		09/01/33		538,199
	818,273		FGLMC	5.500		10/01/33		891,585

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,076,860		FGLMC	5.500	%	12/01/33	$	2,262,285
	2,576,034		FGLMC	7.000		12/01/33		2,974,259
	1,034,752		FGLMC	5.000		01/01/34		1,115,764
	996,006		FGLMC	5.000		05/01/34		1,073,673
	682,041		FGLMC	6.000		09/01/34		755,296
	3,935,911		FGLMC	5.000		12/01/34		4,242,830
	245,123		FGLMC	5.500		12/01/34		268,923
	1,680,984		FGLMC	4.500		04/01/35		1,790,607
	996,649		FGLMC	6.000		05/01/35		1,107,433
	1,026,940		FGLMC	7.000		05/01/35		1,185,693
	368,430		FGLMC	6.000		07/01/35		406,505
	145,051		FGLMC	5.500		08/01/35		157,994
	291,959		FGLMC	5.000		10/01/35		314,544
	373,849		FGLMC	5.000		02/01/36		402,768
	111,256		FGLMC	6.500		05/01/36		124,171
	553,651		FGLMC	6.500		10/01/36		617,920
	1,749,629		FGLMC	5.500		04/01/37		1,899,004
	1,184,495		FGLMC	6.000		08/01/37		1,316,159
	476,546		FGLMC	6.000		09/01/37		529,517
	82,545		FGLMC	6.500		11/01/37		91,818
	1,522,172		FGLMC	5.000		04/01/38		1,651,096
	3,490,002		FGLMC	4.500		05/01/39		3,696,603
	607,808		FGLMC	4.000		06/01/39		637,375
	1,042,037		FGLMC	5.000		07/01/39		1,119,223
	7,000,000	h	FGLMC	5.000		10/15/40		7,505,313
	5,010,364		FGLMC	4.500		11/01/40		5,397,779
	5,572,003		FGLMC	4.500		12/01/40		5,985,434
	18,000,000	h	FGLMC	4.500		10/15/41		19,037,812
			Federal National Mortgage Association (FNMA)
	8,921		FNMA	5.000		06/01/13		9,346
	1,197,717		FNMA	4.440		07/01/13		1,246,923
	4,335		FNMA	6.000		09/01/13		4,499
	1,174,001		FNMA	4.750		10/01/13		1,198,661
	3,557		FNMA	6.500		12/01/13		3,705
	930,720		FNMA	4.780		02/01/14		984,712
	5,073		FNMA	6.000		06/01/14		5,503
	3,520,749		FNMA	4.640		11/01/14		3,785,428
	2,024,630		FNMA	4.850		03/01/16		2,087,076
	16,772		FNMA	6.500		10/01/16		18,424
	116,995		FNMA	6.500		11/01/16		128,517
	78,247		FNMA	6.500		04/01/17		85,953
	268,543		FNMA	5.000		12/01/17		290,555
	1,118,589		FNMA	5.500		04/01/18		1,216,574
	100,483		FNMA	5.500		04/01/18		108,501
	55,677		FNMA	5.500		05/01/18		60,554
	443,657		FNMA	4.500		10/01/18		475,241
	1,087,578		FNMA	5.000		11/01/18		1,167,739
	58,728		FNMA	6.000		01/01/19		64,458
	130,276		FNMA	4.500		05/01/19		139,592
	373,065		FNMA	4.500		06/01/19		399,741
	260,912		FNMA	5.000		03/01/20		282,299
	179,674		FNMA	4.500		11/01/20		192,521

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$482,392		FNMA	5.000	%	12/01/20	$	521,633
	396,421		FNMA	5.000		03/01/21		428,916
	309,758		FNMA	5.500		08/01/21		336,117
	498,149		FNMA	4.500		06/01/23		531,122
	847,671		FNMA	5.000		07/01/23		911,858
	971,959		FNMA	5.000		07/01/23		1,045,557
	229,970		FNMA	5.000		11/01/23		251,309
	192,216		FNMA	5.500		02/01/24		210,638
	625,173		FNMA	4.000		05/01/24		659,814
	107,238		FNMA	5.500		07/01/24		117,382
	1,619		FNMA	8.000		07/01/24		1,882
	315,899		FNMA	4.500		08/01/24		336,413
	2,563,683		FNMA	4.000		09/01/24		2,705,736
	1,341,321		FNMA	5.000		03/01/25		1,462,431
	2,905,200		FNMA	5.000		10/01/25		3,156,621
	5,000,000	h	FNMA	4.000		10/25/25		5,268,750
	4,000,000	h	FNMA	4.500		10/25/25		4,255,625
	3,000,000	h	FNMA	3.000		10/25/26		3,090,469
	1,469		FNMA	7.500		01/01/29		1,705
	4,442		FNMA	6.500		04/01/29		5,032
	12,311		FNMA	7.500		07/01/29		12,522
	1,129		FNMA	7.500		07/01/29		1,134
	604		FNMA	7.500		02/01/31		610
	6,186		FNMA	7.500		03/01/31		7,235
	3,995		FNMA	7.500		05/01/31		4,673
	4,545		FNMA	6.500		09/01/31		5,126
	2,678		FNMA	6.500		10/01/31		3,020
	35,235		FNMA	6.500		11/01/31		39,737
	81,843		FNMA	6.000		01/01/32		90,902
	615,021		FNMA	6.500		07/01/32		692,059
	291,189		FNMA	5.500		01/01/33		318,188
	105,797		FNMA	5.000		02/01/33		114,341
	910,648		FNMA	4.500		03/25/33		974,631
	401,199		FNMA	5.000		08/01/33		433,600
	437,241		FNMA	5.000		10/01/33		472,553
	384,394		FNMA	5.000		10/01/33		415,438
	187,270		FNMA	5.000		03/01/34		202,394
	391,691		FNMA	5.000		03/01/34		423,325
	141,030		FNMA	5.000		03/01/34		152,420
	120,998		FNMA	5.000		03/01/34		130,770
	1,104,468		FNMA	5.000		04/01/34		1,193,320
	3,428,593		FNMA	5.000		08/01/34		3,704,465
	423,836		FNMA	6.000		11/01/34		469,557
	127,049		FNMA	6.000		12/01/34		141,350
	968,875		FNMA	6.000		05/01/35		1,077,934
	16,893		FNMA	7.500		06/01/35		19,714
	115,239		FNMA	5.500		10/01/35		127,509
	236,609		FNMA	5.000		11/01/35		253,610
	910,434	i	FNMA	2.400		02/01/36		958,171
	158,342		FNMA	5.000		02/01/36		168,878
	244,709		FNMA	5.000		02/01/36		260,992
	726,517		FNMA	6.500		02/01/36		812,072

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$399,437	i	FNMA	2.390	%	07/01/36	$	417,034
	460,574		FNMA	6.500		09/01/36		513,660
	133,714		FNMA	7.000		02/01/37		153,564
	392,880		FNMA	6.500		03/01/37		438,164
	889,498		FNMA	7.000		04/01/37		1,021,550
	1,283,025		FNMA	6.500		08/01/37		1,426,898
	347,287		FNMA	6.500		08/01/37		387,967
	635,864		FNMA	6.000		09/01/37		714,194
	723,621		FNMA	6.000		09/01/37		812,762
	1,091,385		FNMA	6.500		09/01/37		1,213,768
	1,810,227	i	FNMA	5.870		10/01/37		1,927,407
	308,263		FNMA	7.000		11/01/37		354,027
	150,789		FNMA	6.500		01/01/38		167,227
	34,048		FNMA	6.500		03/01/38		37,717
	571,612	i	FNMA	4.930		10/01/38		612,626
	42,000,000	h	FNMA	5.000		10/25/38		45,176,250
	56,000,000	h	FNMA	6.000		10/25/38		61,425,000
	10,000,000	h	FNMA	6.500		10/25/38		11,021,875
	52,000,000	h	FNMA	4.000		10/25/39		54,502,500
	23,000,000	h	FNMA	4.500		10/25/39		24,397,968
	89,000,000	h	FNMA	5.500		10/25/39		96,578,902
	5,000,000		FNMA	4.000		02/25/40		5,333,503
	11,992,088		FNMA	4.500		09/01/40		12,738,470
	7,783,007		FNMA	4.500		09/01/40		8,267,418
	6,000,000	h	FNMA	3.500		10/25/40		6,164,063
	1,027,656		FNMA	4.000		11/01/40		1,078,493
	5,147,626		FNMA	4.500		11/01/40		5,468,012
			Government National Mortgage Association (GNMA)
	260		GNMA	7.000		01/15/28		303
	1,942		GNMA	7.000		02/15/28		2,262
	1,940		GNMA	7.000		06/15/28		2,260
	2,051		GNMA	7.000		06/15/28		2,388
	22,081		GNMA	6.500		09/15/28		25,535
	5,146		GNMA	6.500		09/15/28		5,951
	14,705		GNMA	6.500		11/15/28		17,005
	3,510		GNMA	7.500		11/15/28		4,111
	623		GNMA	8.500		07/15/30		625
	19,514		GNMA	8.500		10/15/30		19,808
	15,233		GNMA	8.500		10/20/30		18,423
	2,303		GNMA	8.500		12/15/30		2,793
	3,652		GNMA	7.000		06/20/31		4,268
	2,163		GNMA	6.500		07/15/31		2,501
	14,680		GNMA	7.000		07/15/31		17,211
	9,374		GNMA	7.000		07/15/31		10,990
	10,217		GNMA	7.500		02/15/32		10,421
	1,872		GNMA	6.500		03/15/33		2,137
	381,718		GNMA	5.500		07/15/33		424,196
	925,228		GNMA	5.500		09/15/33		1,028,189
	323,653		GNMA	5.500		02/20/35		360,705
	2,178,461		GNMA	5.500		05/20/35		2,425,815
	770,290		GNMA	5.500		02/20/36		857,753
	133,723		GNMA	6.000		10/20/36		149,580

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$142,207		GNMA	6.000	%	01/20/37	$	159,070
	467,514		GNMA	6.000		02/20/37		522,223
	315,122		GNMA	5.500		07/15/38		348,417
	1,206,394		GNMA	5.500		07/20/38		1,336,965
	19,030		GNMA	6.000		08/15/38		21,240
	440,933		GNMA	6.000		08/20/38		491,842
	9,000,000	h	GNMA	5.500		10/15/38		9,942,188
	406,171		GNMA	6.500		11/20/38		459,985
	1,712,891		GNMA	5.000		06/15/39		1,896,344
	2,004,248		GNMA	4.500		07/20/39		2,177,168
	788,784		GNMA	4.000		08/15/39		845,036
	28,000,000	h	GNMA	4.500		10/15/39		30,419,374
	35,000,000	h	GNMA	5.000		10/15/39		38,434,375
	6,000,000	h	GNMA	6.000		10/15/39		6,690,937
	854,663		GNMA	4.000		10/15/40		915,947
	13,000,000	h	GNMA	5.000		10/20/40		14,277,656
	33,000,000	h	GNMA	4.000		10/15/41		35,289,375
	17,000,000	h	GNMA	4.500		10/20/41		18,426,405
	1,609,729		GNMA	6.230		09/15/43		1,698,455
	2,579,062		GNMA	6.500		01/15/44		2,869,419

			TOTAL MORTGAGE BACKED					669,343,586


MUNICIPAL BONDS - 0.4%
	445,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		484,013
	1,655,000		Grant County Public Utility District No 2	5.630		01/01/27		1,869,620
	2,470,000		State of California	7.630		03/01/40		3,044,819
	2,505,000		State of Illinois	6.730		04/01/35		2,655,450

			TOTAL MUNICIPAL BONDS					8,053,902


U.S. TREASURY SECURITIES - 8.0%
	15,066,000		United States Treasury Bond	8.000		11/15/21		23,531,209
	1,975,000		United States Treasury Bond	6.380		08/15/27		2,970,522
	17,920,000		United States Treasury Bond	5.250		02/15/29		24,474,796
	20,504,000		United States Treasury Bond	5.380		02/15/31		28,843,366
	76,000		United States Treasury Bond	4.500		02/15/36		98,408
	4,665,000		United States Treasury Bond	3.500		02/15/39		5,186,897
	3,365,000		United States Treasury Bond	4.380		05/15/41		4,347,176
	1,925,000		United States Treasury Note	1.380		10/15/12		1,948,537
	1,525,000		United States Treasury Note	0.630		01/31/13		1,533,340
	300,000		United States Treasury Note	0.130		08/31/13		299,262
	2,985,000	d	United States Treasury Note	3.130		08/31/13		3,146,259
	615,000		United States Treasury Note	0.500		10/15/13		617,402
	5,747,000		United States Treasury Note	1.880		04/30/14		5,965,656
	7,570,000		United States Treasury Note	2.250		05/31/14		7,939,038
	4,755,000		United States Treasury Note	2.630		06/30/14		5,042,159
	330,000		United States Treasury Note	0.500		08/15/14		330,851
	1,861,000		United States Treasury Note	2.380		08/31/14		1,965,536
	5,000		United States Treasury Note	2.250		03/31/16		5,315
	16,935,000		United States Treasury Note	1.000		08/31/16		16,977,338
	425,000		United States Treasury Note	2.880		03/31/18		466,504
	44,000		United States Treasury Note	2.630		11/15/20		47,053
	2,133,200		United States Treasury Note	2.130		08/15/21		2,170,872

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$23,000,000		United States Treasury Note	3.750	%	08/15/41	$	26,777,060

			TOTAL U.S. TREASURY SECURITIES					164,684,556


			TOTAL GOVERNMENT BONDS					1,187,502,212
			(Cost $1,142,752,835)

STRUCTURED ASSETS - 6.8%

ASSET BACKED - 1.4%
	750,000	g,m	AESOP Funding II	3.270		02/20/18		756,563
			Series - 2011 5A (Class A)
	1,410,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		1,434,735
			Series - 2010 3 (Class C)
	650,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		655,189
			Series - 2011 1 (Class C)
	175,000	g,i,m	ARTS Ltd	0.600		06/15/13		166,250
			Series - 2005 BA (Class B)
	55,677	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		1
			Series - 2006 WMC1 (Class N1)
	350,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		360,588
			Series - 2010 5A (Class A)
	478,798	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		255,098
			Series - 2004 2 (Class 1M1)
	478,798	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		106,479
			Series - 2004 2 (Class 1B)
	506,452		CIT Group Home Equity Loan Trust	6.200		02/25/30		504,880
			Series - 2002 1 (Class AF6)
	302,804		Citicorp Mortgage Securities, Inc	5.710		07/25/36		302,903
			Series - 2006 1 (Class A3)
	189,894		Citicorp Mortgage Securities, Inc	5.560		09/25/36		189,485
			Series - 2006 2 (Class A3)
	808,520	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		781,673
			Series - 2006 15 (Class A2)
	86,942	i	Countrywide Home Equity Loan Trust	0.450		02/15/29		56,970
			Series - 2004 B (Class 1A)
	614,599	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		590,851
			Series - 2007 MX1 (Class A1)
	2,818,384	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		2,620,209
			Series - 2007 1A (Class AF3)
	1,800,000		Ford Credit Auto Owner Trust	3.210		07/15/17		1,857,583
			Series - 2011 A (Class D)
	162,061		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		160,448
			Series - 2006 HLTV (Class A3)
	890,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		706,876
			Series - 2006 HLTV (Class A4)
	3,766,566		Lehman XS Trust	6.500		06/25/46		2,095,582
			Series - 2006 13 (Class 2A1)
	613,052	i	Long Beach Mortgage Loan Trust	0.690		02/25/35		603,810
			Series - 2005 1 (Class M1)
	229,699	i	Morgan Stanley ABS Capital I	0.270		01/25/37		223,718
			Series - 2007 HE2 (Class A2A)
	481,003	i	Park Place Securities, Inc	0.860		09/25/34		420,765
			Series - 2004 WHQ1 (Class M1)

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$250,000	g	Rental Car Finance Corp	2.510	%	02/25/16	$	253,669
			Series - 2011 1A (Class A1)
	3,967,555	i	Residential Asset Mortgage Products, Inc	0.850		11/25/34		3,614,858
			Series - 2004 RS11 (Class M1)
	135,902	i	Residential Asset Securities Corp	6.490		10/25/30		123,157
			Series - 2001 KS2 (Class AI6)
	450,000	i	Residential Asset Securities Corp	0.660		04/25/35		388,089
			Series - 2005 KS3 (Class M3)
	179,870		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		177,790
			Series - 2006 HI5 (Class A2)
	1,655,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		1,370,355
			Series - 2006 HI5 (Class A3)
	1,151,740		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		1,029,384
			Series - 2006 HI3 (Class A3)
	185,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		139,362
			Series - 2006 HI1 (Class M2)
	3,328,263		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		3,013,666
			Series - 2006 HI4 (Class A3)
	436,747	i	Securitized Asset Backed Receivables LLC Trust	0.380		03/25/36		409,460
			Series - 2006 NC2 (Class A2)
	850,000	g	SLM Student Loan Trust	3.740		02/15/29		854,801
			Series - 2011 B (Class A2)
	1,013,737	i	Soundview Home Equity Loan Trust	0.340		10/25/36		989,572
			Series - 2006 EQ1 (Class A2)
	530,281	i	Structured Asset Investment Loan Trust	0.630		05/25/35		504,385
			Series - 2005 4 (Class M1)
	378,408	g,i	Wachovia Loan Trust	0.590		05/25/35		297,554
			Series - 2005 SD1 (Class A)
	551,283	i	Wells Fargo Home Equity Trust	0.370		07/25/36		474,666
			Series - 2006 2 (Class A3)
	565,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		630,918
			Series - 2010 A (Class B)

			TOTAL ASSET BACKED					29,122,342


OTHER MORTGAGE BACKED - 5.4%
	645,000	i	Banc of America Commercial Mortgage, Inc	4.770		07/10/43		572,321
			Series - 2005 3 (Class AJ)
	2,500,000	g,i	Banc of America Commercial Mortgage, Inc	5.420		07/10/43		1,837,198
			Series - 2005 2 (Class E)
	3,737,000		Banc of America Commercial Mortgage, Inc	5.680		07/10/46		3,486,486
			Series - 2006 4 (Class AM)
	139,559		Bank of America Alternative Loan Trust	5.500		09/25/19		139,291
			Series - 2004 8 (Class 3A1)
	685,397		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		618,548
			Series - 2005 AC2 (Class 1A)
	630,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		681,056
			Series - 2006 PW14 (Class A4)
	1,050,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		1,033,790
			Series - 2006 PW13 (Class AM)
	1,070,000	i	Bear Stearns Commercial Mortgage Securities	5.570		10/12/41		1,055,892
			Series - 2006 T24 (Class AM)

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,290,000	i	Bear Stearns Commercial Mortgage Securities	4.750	%	02/13/46	$	1,374,134
			Series - 2004 T16 (Class A6)
	260,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		276,647
			Series - 2007 PW17 (Class A4)
	430,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		462,921
			Series - 2007 PW18 (Class A4)
	2,260,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		2,036,581
			Series - 2007 C9 (Class AM)
	919,689		Countrywide Alternative Loan Trust	5.500		08/25/16		928,403
			Series - 2004 30CB (Class 1A15)
	868,858		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		824,738
			Series - 2005 6 (Class 1A10)
	506,432		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		492,347
			Series - 2005 12 (Class 1A5)
	311,692		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		307,325
			Series - 2005 J3 (Class 1A1)
	585,673	g,i	Credit Suisse Mortgage Capital Certificates	0.410		04/15/22		530,432
			Series - 2007 TF2A (Class A1)
	1,050,000	g	Credit Suisse Mortgage Capital Certificates	5.380		02/15/40		973,550
			Series - 2009 RR1 (Class A3C)
	580,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		573,305
			Series - 2003 C3 (Class B)
	1,210,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		1,311,099
			Series - 2005 C5 (Class A4)
	6,410,000	g,i	DB/UBS Mortgage Trust	5.730		11/10/46		5,663,735
			Series - 2011 LC1A (Class C)
	842,152	i	GMAC Mortgage Corp Loan Trust	4.560		10/19/33		860,096
			Series - 2003 AR1 (Class A5)
	900,000	i	Greenwich Capital Commercial Funding Corp	5.220		04/10/37		955,454
			Series - 2005 GG5 (Class A5)
	7,970,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		7,452,532
			Series - 2006 GG7 (Class AM)
	1,380,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		1,307,391
			Series - 2010 C1 (Class B)
	795,000	g,i	GS Mortgage Securities Corp II	5.400		12/10/43		676,906
			Series - 2010 C2 (Class C)
	1,170,000	g,i	GS Mortgage Securities Corp II	5.400		12/10/43		1,109,436
			Series - 2010 C2 (Class B)
	373,069	i	GSR Mortgage Loan Trust	2.790		01/25/36		349,665
			Series - 2006 AR1 (Class 2A2)
	241,749	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.410		02/15/20		235,686
			Series - 2006 FL1A (Class A2)
	4,195,031	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.550		02/15/20		3,907,349
			Series - 2006 FL1A (Class D)
	230,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		218,295
			Series - 2010 C2 (Class B)
	405,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.720		11/15/43		375,358
			Series - 2010 C2 (Class C)
	8,445,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		8,155,649
			Series - 2006 LDP8 (Class AM)
	1,010,000	g,i,m	JP Morgan Chase Commercial Mortgage Securities Corp	5.430		07/15/46		874,376
			Series - 2011 C4 (Class C)

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,060,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340	%	05/15/47	$	2,127,177
			Series - 2006 LDP9 (Class A3)
	2,795,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		2,920,862
			Series - 2007 LD11 (Class A4)
	427,821	i	JP Morgan Mortgage Trust	4.300		04/25/35		425,992
			Series - 2005 A2 (Class 5A1)
	520,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		554,960
			Series - 2005 C1 (Class A4)
	810,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		875,395
			Series - 2005 C2 (Class A5)
	3,320,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		3,503,955
			Series - 2007 C1 (Class A4)
	1,485,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		1,525,068
			Series - 2007 C2 (Class A3)
	2,075,000		LB-UBS Commercial Mortgage Trust	5.460		02/15/40		1,834,607
			Series - 2007 C1 (Class AM)
	624,727		MASTR Asset Securitization Trust	5.000		05/25/35		624,337
			Series - 2005 1 (Class 2A5)
	571,063	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		562,786
			Series - 2005 CIP1 (Class AM)
	925,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.610		02/12/39		1,011,617
			Series - 2006 1 (Class A4)
	1,945,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		2,074,162
			Series - 2006 4 (Class A3)
	3,780,000	i	Morgan Stanley Capital I	5.450		02/12/44		4,053,627
			Series - 2007 HQ11 (Class A4)
	1,150,000		Morgan Stanley Capital I	5.360		03/15/44		1,220,835
			Series - 2007 IQ13 (Class A4)
	3,175,000	g,i	Morgan Stanley Capital I	5.420		09/15/47		2,684,745
			Series - 2011 C1 (Class C)
	1,050,000	g,i	Morgan Stanley Capital I	5.420		09/15/47		811,508
			Series - 2011 C1 (Class D)
	415,000	i	Morgan Stanley Capital I	5.540		11/12/49		401,519
			Series - 2007 T25 (Class AM)
	1,060,000	g,i	RBSCF Trust	4.830		04/15/24		954,747
			Series - 2010 MB1 (Class D)
	1,423,418		Residential Accredit Loans, Inc	6.000		06/25/36		853,403
			Series - 2006 QS7 (Class A3)
	2,951,449	i	Residential Accredit Loans, Inc	0.420		05/25/46		1,669,286
			Series - 2006 QO5 (Class 2A1)
	961,092	i	Residential Funding Mortgage Securities I, Inc	2.910		08/25/35		822,867
			Series - 2005 SA3 (Class 2A1)
	256,244	i	Structured Adjustable Rate Mortgage Loan Trust	0.610		03/25/35		241,157
			Series - 2005 6XS (Class A3)
	11,000,000		Wachovia Bank Commercial Mortgage Trust	5.340		12/15/43		11,213,587
			Series - 2007 C30 (Class A5)
	3,460,000		Wachovia Bank Commercial Mortgage Trust	5.380		12/15/43		2,766,948
			Series - 2007 C30 (Class AM)
	4,950,000	i	Wachovia Bank Commercial Mortgage Trust	6.170		06/15/45		4,690,501
			Series - 2006 C26 (Class AM)
	505,000	i	Wachovia Bank Commercial Mortgage Trust	5.820		05/15/46		431,920
			Series - 2007 C34 (Class AM)

TIAA-CREF FUNDS – Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,200,000		Wachovia Bank Commercial Mortgage Trust	5.500	%	04/15/47	$	1,241,762
			Series - 2007 C31 (Class A5)
	1,765,000		Wachovia Bank Commercial Mortgage Trust	5.340		11/15/48		1,608,012
			Series - 2006 C29 (Class AM)
	4,135,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		2,546,887
			Series - 2006 C29 (Class AJ)
	1,025,000	i	Wachovia Bank Commercial Mortgage Trust	6.100		02/15/51		1,079,451
			Series - 2007 C33 (Class A4)
	674,089		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		680,107
			Series - 2005 2 (Class 1A1)
	141,364	i	Wells Fargo Mortgage Backed Securities Trust	5.390		03/25/36		140,654
			Series - 2006 AR1 (Class 2A2)

			TOTAL OTHER MORTGAGE BACKED					109,812,433


			TOTAL STRUCTURED ASSETS					138,934,775
			(Cost $146,216,423)

			TOTAL BONDS					2,047,931,979
			(Cost $1,990,928,472)

SHARES			COMPANY

PREFERRED STOCKS - 0.0%

BANKS - 0.0%
	79,857		Federal Home Loan Mortgage Corp	8.380		12/30/49		159,714
	231,458		Federal National Mortgage Association	8.250		12/30/49		439,770

			TOTAL BANKS					599,484

			TOTAL PREFERRED STOCKS					599,484
			(Cost $7,782,875)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 24.0%
GOVERNMENT AGENCY DEBT - 0.2%
			Federal Home Loan Bank (FHLB)
	$5,000,000		FHLB	0.114		12/16/11		4,999,795

			TOTAL GOVERNMENT AGENCY DEBT					4,999,795


TREASURY DEBT - 23.8%
	64,395,000		United States Treasury Bill	0.060		10/06/11		64,394,462
	44,800,000		United States Treasury Bill	0.042		10/13/11		44,799,074
	25,000,000		United States Treasury Bill	0.008		10/27/11		24,999,458
	30,280,000		United States Treasury Bill	0.075		11/10/11		30,277,102
	9,760,000		United States Treasury Bill	0.070		11/17/11		9,758,981
	25,000,000		United States Treasury Bill	0.086		12/01/11		24,999,500
	6,500,000		United States Treasury Bill	0.138		12/15/11		6,499,805
	10,000,000		United States Treasury Bill	0.078		12/22/11		9,999,670
	69,000,000		United States Treasury Bill	0.031-0.036		03/01/12		68,987,097
	50,000,000		United States Treasury Bill	0.027		05/03/12		49,980,200
	106,000,000		United States Treasury Bill	0.032-0.048		05/31/12		105,950,391
	50,000,000		United States Treasury Bill	0.034		06/28/12		49,967,500

			TOTAL TREASURY DEBT					490,613,240

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

TOTAL SHORT-TERM INVESTMENTS

495,613,035

(Cost $495,654,251)

TOTAL INVESTMENTS - 123.4%

2,544,144,498

(Cost $2,494,365,598)

OTHER ASSETS & LIABILITIES, NET - (23.4)%

(482,952,870)

NET ASSETS - 100.0%

2,061,191,628

Abbreviation(s):

ABS Asset-Based Security

REIT Real Estate Investment Trust

All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.

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 9/30/2011, the value of these securities amounted to $254,203,171 or 12.3% of net assets.

All or a portion of these securities were purchased on a delayed delivery basis.

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

Zero coupon.

Indicates a security that has been deemed illiquid.

In default.

TIAA-CREF FUNDS – Bond Plus Fund

TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2011


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

BANK LOAN OBLIGATIONS - 3.5%

AUTOMOBILES & COMPONENTS - 0.2%
	$2,000,000		Delphi Automotive LLP	3.500	%	05/17/17	$	1,972,500

			TOTAL AUTOMOBILES & COMPONENTS					1,972,500


CAPITAL GOODS - 0.2%
	1,989,987	i	TransDigm, Inc	4.000		02/14/17		1,941,790

			TOTAL CAPITAL GOODS					1,941,790


COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	850,415	i,m	JohnsonDiversey, Inc	4.000		11/24/15		848,289

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					848,289


CONSUMER SERVICES - 0.6%
	3,483,725	i	Burger King Corp	4.500		10/30/16		3,356,151
	2,000,000		DineEquity, Inc	4.250		10/19/17		1,932,280

			TOTAL CONSUMER SERVICES					5,288,431


DIVERSIFIED FINANCIALS - 0.5%
	2,500,000	h,i	Pinafore LLC	4.250		09/21/16		2,448,450
	1,990,000	i	TransUnion LLC	4.750		02/10/18		1,937,763

			TOTAL DIVERSIFIED FINANCIALS					4,386,213


FOOD & STAPLES RETAILING - 0.3%
	3,491,250	i	Del Monte Foods Co	4.500		02/15/18		3,238,134

			TOTAL FOOD & STAPLES RETAILING					3,238,134


HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	2,193,033	i	Fresenius US Finance I, Inc	3.500		09/10/14		2,153,865
	788,506	i	Fresenius US Finance I, Inc	3.500		09/10/14		774,423
	3,000,000	i	HCA, Inc	3.619		05/01/18		2,812,890

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					5,741,178


MATERIALS - 0.3%
	3,000,000	i	Ashland, Inc	3.750		05/31/18		2,973,750

			TOTAL MATERIALS					2,973,750


PHARMACEUTICALS, BIOTECHNNOLOGY & LIFE SCIENCES - 0.4%
	2,000,000		Capsugel	5.250		08/15/18		1,963,220
	1,994,975	i	NBTY, Inc	4.250		10/01/17		1,929,241

			TOTAL PHARMACEUTICALS, BIOTECHNNOLOGY & LIFE SCIENCES					3,892,461


RETAILING - 0.1%
	1,000,000		Academy Ltd	6.000		07/18/18		954,580

			TOTAL RETAILING					954,580

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

SOFTWARE & SERVICES - 0.1%
	$985,012	i,m	IMS Health, Inc	4.500	%	02/26/16	$	964,386

			TOTAL SOFTWARE & SERVICES					964,386


			TOTAL BANK LOAN OBLIGATIONS					32,201,712
			(Cost $33,222,979)


BONDS - 95.5%

CORPORATE BONDS - 40.3%

AUTOMOBILES & COMPONENTS - 0.3%
	1,000,000	g	Chrysler Group	8.000		06/15/19		780,000
	1,000,000	g	Delphi Corp	5.880		05/15/19		930,000
	500,000		Ford Motor Co	7.450		07/16/31		564,440
	500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		511,481

			TOTAL AUTOMOBILES & COMPONENTS					2,785,921


BANKS - 4.8%
	610,000	g	Akbank TAS	5.130		07/22/15		588,650
	500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.880		09/25/17		450,000
	500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		427,500
	650,000	g	Banco Bradesco S.A.	4.130		05/16/16		646,750
	1,340,000	g	Banco de Credito del Peru	4.750		03/16/16		1,293,100
	750,000		Banco de Oro Unibank, Inc	3.880		04/22/16		698,898
	250,000	g	Banco do Brasil S.A.	5.380		01/15/21		241,250
	500,000	g	Banco do Brasil S.A.	5.880		01/26/22		476,250
	365,000		BanColombia S.A.	6.130		07/26/20		357,244
	815,000	g	BanColombia S.A.	5.950		06/03/21		788,513
	235,000		Bank of America Corp	4.880		01/15/13		234,181
	25,000		Bank of America Corp	4.900		05/01/13		24,793
	1,250,000		Bank of America Corp	3.630		03/17/16		1,137,889
	3,000,000		Bank of America Corp	3.750		07/12/16		2,729,432
	650,000		Bank of America Corp	5.300		03/15/17		587,053
	25,000		Bank of America Corp	6.000		09/01/17		24,053
	350,000		Bank of America Corp	5.750		12/01/17		328,251
	100,000		Bank of America Corp	5.000		05/13/21		89,215
	375,000		Bank of New York Mellon Corp	4.300		05/15/14		404,610
	275,000		Bank of New York Mellon Corp	5.450		05/15/19		317,740
	1,500,000	g	Bank of Nova Scotia	1.650		10/29/15		1,511,180
	4,800,000	g	Bank of Nova Scotia	2.150		08/03/16		4,882,209
	150,000		BB&T Corp	3.850		07/27/27		153,403
	500,000	g	BBVA Bancomer S.A.	4.500		03/10/16		465,000
	250,000		Capital One Bank USA NA	8.800		07/15/19		294,529
	350,000		Capital One Capital V	8.880		05/15/40		355,156
	575,000		Capital One Financial Corp	3.150		07/15/16		569,243
	625,000		Citigroup, Inc	6.000		12/13/13		656,481
	285,000		Citigroup, Inc	5.000		09/15/14		279,516
	4,550,000		Citigroup, Inc	3.950		06/15/16		4,539,175
	300,000		Citigroup, Inc	6.130		05/15/18		321,781
	395,000		Citigroup, Inc	5.380		08/09/20		409,227

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$525,000		Citigroup, Inc	6.880	%	03/05/38	$	570,006
	275,000		Citigroup, Inc	8.130		07/15/39		329,640
	2,700,000	g	Depfa ACS Bank	5.130		03/16/37		2,063,165
	250,000		Deutsche Bank AG	3.880		08/18/14		255,149
	345,000		Discover Bank	7.000		04/15/20		365,682
	200,000		First Horizon National Corp	5.380		12/15/15		202,429
	250,000		Golden West Financial Corp	4.750		10/01/12		257,488
	500,000	g	HSBC Bank plc	4.130		08/12/20		495,115
	275,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		243,104
	618,000	g	ICICI Bank Ltd	5.500		03/25/15		615,524
	500,000	g	ICICI Bank Ltd	4.750		11/25/16		478,033
	30,000		JPMorgan Chase & Co	4.650		06/01/14		31,759
	335,000		JPMorgan Chase & Co	5.130		09/15/14		352,804
	50,000		JPMorgan Chase & Co	3.400		06/24/15		50,789
	1,975,000		JPMorgan Chase & Co	3.450		03/01/16		1,983,145
	1,600,000		JPMorgan Chase & Co	3.150		07/05/16		1,589,610
	1,330,000		JPMorgan Chase & Co	4.250		10/15/20		1,333,152
	475,000		JPMorgan Chase & Co	5.500		10/15/40		502,119
	250,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		241,900
	500,000		Regions Financial Corp	6.380		05/15/12		505,000
	500,000	g	Shinhan Bank	4.130		10/04/16		487,214
	500,000	i	Shinhan Bank	5.660		03/02/35		471,981
	500,000	g,i	Standard Chartered plc	6.410		12/30/49		422,343
	125,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		128,908
	750,000	g	Turkiye Garanti Bankasi AS.	6.250		04/20/21		697,500
	500,000	g	Turkiye Is Bankasi	5.100		02/01/16		482,500
	100,000		Union Bank of California NA	5.950		05/11/16		110,108
	125,000		USB Capital XIII Trust	6.630		12/15/39		125,541
	375,000		Wachovia Bank NA	4.800		11/01/14		400,140
	350,000		Wachovia Bank NA	5.850		02/01/37		363,670
	500,000		Wells Fargo & Co	3.680		06/15/16		520,313
	1,850,000		Wells Fargo Bank NA	4.750		02/09/15		1,927,772
	200,000		Zions Bancorporation	7.750		09/23/14		210,844

			TOTAL BANKS					45,096,719


CAPITAL GOODS - 1.8%
	1,000,000		Alliant Techsystems, Inc	6.750		04/01/16		1,002,500
	250,000		Alliant Techsystems, Inc	6.880		09/15/20		250,000
	100,000		Black & Decker Corp	8.950		04/15/14		117,270
	1,200,000		Caterpillar, Inc	1.380		05/27/14		1,208,009
	780,000		Caterpillar, Inc	5.200		05/27/41		911,506
	150,000		CRH America, Inc	4.130		01/15/16		151,028
	1,600,000		Danaher Corp	1.300		06/23/14		1,618,512
	750,000	g	Empresas ICA SAB de C.V.	8.900		02/04/21		660,000
	75,000		General Electric Co	5.250		12/06/17		83,330
	265,000		Goodrich Corp	6.130		03/01/19		319,072
	500,000		Harsco Corp	5.130		09/15/13		535,296
	837,500	g	Huntington Ingalls	6.880		03/15/18		778,875
	630,000	g	Myriad International Holding BV	6.380		07/28/17		653,625
	2,000,000		Pentair, Inc	5.000		05/15/21		2,088,660
	500,000		Seagate HDD Cayman	6.880		05/01/20		460,000
	1,420,000	g	Seagate HDD Cayman	7.000		11/01/21		1,306,400

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$947,000	g,h	Sealed Air Corp	8.130	%	09/15/19	$	956,470
	947,000	g,h	Sealed Air Corp	8.380		09/15/21		956,470
	370,000	g	Sigma Alimentos S.A.	5.630		04/14/18		360,750
	1,000,000		SPX Corp	6.880		09/01/17		1,025,000
	500,000		TransDigm, Inc	7.750		12/15/18		508,749
	145,000		Tyco International Finance S.A.	4.130		10/15/14		154,149
	150,000		United Technologies Corp	6.050		06/01/36		190,187
	200,000		United Technologies Corp	5.700		04/15/40		243,881

			TOTAL CAPITAL GOODS					16,539,739


COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	500,000		Corrections Corp of America	7.750		06/01/17		528,125
	670,000		Republic Services, Inc	3.800		05/15/18		696,682
	375,000		Republic Services, Inc	6.200		03/01/40		450,626
	500,000		TRANS UNION LLC	11.380		06/15/18		543,750
	365,000	g	VIP Finance Ireland Ltd	6.490		02/02/16		333,063
	335,000		Waste Management, Inc	6.130		11/30/39		406,085

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					2,958,331


CONSUMER DURABLES & APPAREL - 0.7%
	1,000,000	i	Hanesbrands, Inc	3.770		12/15/14		977,500
	1,000,000		Hanesbrands, Inc	8.000		12/15/16		1,057,500
	1,000,000	g	Harley-Davidson Financial Services, Inc	3.880		03/15/16		1,029,081
	500,000		Phillips-Van Heusen Corp	7.380		05/15/20		521,250
	400,000		Whirlpool Corp	8.000		05/01/12		415,379
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,254,646
	525,000		Xerox Corp	8.250		05/15/14		597,705
	150,000		Xerox Corp	4.500		05/15/21		150,017

			TOTAL CONSUMER DURABLES & APPAREL					6,003,078


CONSUMER SERVICES - 0.7%
	795,000	g	American Casinos Inc.	7.500		04/15/21		769,163
	1,000,000		DineEquity, Inc	9.500		10/30/18		992,500
	1,000,000		Marina District Finance Co, Inc	9.500		10/15/15		902,500
	1,000,000		Penn National Gaming, Inc	8.750		08/15/19		1,060,000
	1,000,000		Speedway Motorsports, Inc	6.750		02/01/19		952,500
	580,000	g	Transnet Ltd	4.500		02/10/16		595,978
	1,000,000		Wendys	10.000		07/15/16		1,052,500
	500,000		Wynn Las Vegas LLC	7.880		11/01/17		523,750

			TOTAL CONSUMER SERVICES					6,848,891


DIVERSIFIED FINANCIALS - 5.3%
	675,000		Abbey National Treasury Services plc	4.000		04/27/16		623,120
	175,000		American Express Co	7.000		03/19/18		207,030
	600,000		American Express Co	8.130		05/20/19		757,267
	1,000,000		American Express Credit Corp	5.880		05/02/13		1,060,506
	225,000		Ameriprise Financial, Inc	5.300		03/15/20		248,701
	500,000		Axiata SPV1 (Labuan) Ltd	5.380		04/28/20		522,610
	500,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		497,500
	750,000	g	Bangkok Bank PCL	4.800		10/18/20		714,171
	500,000	g	Banque PSA Finance	3.380		04/04/14		484,354
	250,000		Barclays Bank plc	5.200		07/10/14		255,670

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$500,000		BlackRock, Inc	3.500	%	12/10/14	$	531,291
	1,350,000		BlackRock, Inc	4.250		05/24/21		1,406,557
	750,000	g	CC Holdings GS V LLC	7.750		05/01/17		798,750
	300,000		Countrywide Financial Corp	6.250		05/15/16		264,759
	1,000,000		Credit Suisse	5.500		05/01/14		1,057,145
	250,000		Credit Suisse AG.	5.400		01/14/20		240,177
	200,000		Eaton Vance Corp	6.500		10/02/17		228,141
	500,000		Ford Motor Credit Co LLC	7.500		08/01/12		509,939
	1,000,000		Ford Motor Credit Co LLC	5.750		02/01/21		989,499
	225,000		General Electric Capital Corp	2.800		01/08/13		228,873
	850,000		General Electric Capital Corp	1.880		09/16/13		853,907
	2,700,000		General Electric Capital Corp	5.500		06/04/14		2,927,172
	455,000		General Electric Capital Corp	4.380		09/16/20		462,986
	2,000,000		General Electric Capital Corp	5.300		02/11/21		2,074,801
	400,000		General Electric Capital Corp	6.880		01/10/39		459,096
	500,000	i	Goldman Sachs Capital II	5.790		12/30/49		310,000
	600,000		Goldman Sachs Group, Inc	5.700		09/01/12		615,919
	600,000		Goldman Sachs Group, Inc	4.750		07/15/13		617,452
	250,000		Goldman Sachs Group, Inc	3.700		08/01/15		244,771
	2,590,000		Goldman Sachs Group, Inc	3.630		02/07/16		2,521,558
	175,000		Goldman Sachs Group, Inc	7.500		02/15/19		195,286
	150,000		Goldman Sachs Group, Inc	6.450		05/01/36		136,314
	375,000		Goldman Sachs Group, Inc	6.750		10/01/37		343,029
	500,000		Goldman Sachs Group, Inc	6.250		02/01/41		486,209
	1,165,000		HSBC Finance Corp	4.750		07/15/13		1,204,412
	200,000	g	Hyundai Capital Services, Inc	4.380		07/27/16		202,386
	200,000	g	International Lease Finance Corp	6.500		09/01/14		200,000
	150,000		International Lease Finance Corp	8.630		09/15/15		148,875
	2,070,000		International Lease Finance Corp	5.750		05/15/16		1,839,845
	115,000	g	Inversiones CMPC S.A.	4.750		01/19/18		116,251
	2,000,000		Jefferies Group, Inc	5.130		04/13/18		1,873,007
	100,000		Jefferies Group, Inc	6.250		01/15/36		90,713
	1,705,000		John Deere Capital Corp	2.250		06/07/16		1,731,692
	500,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		50
	250,000		Lloyds TSB Bank plc	6.380		01/21/21		246,481
	500,000	g	Majapahit Holding BV	7.880		06/29/37		540,000
	275,000		MBNA Corp	6.130		03/01/13		275,277
	1,650,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,635,194
	800,000		Merrill Lynch & Co, Inc	6.400		08/28/17		775,636
	700,000		MF Global Holdings Ltd	6.250		08/08/16		661,143
	1,000,000		Morgan Stanley	2.880		07/28/14		952,937
	500,000		Morgan Stanley	5.380		10/15/15		496,019
	2,250,000		Morgan Stanley	3.800		04/29/16		2,074,342
	900,000		Morgan Stanley	5.450		01/09/17		868,120
	725,000		Morgan Stanley	7.300		05/13/19		747,131
	220,000		Morgan Stanley	5.630		09/23/19		206,376
	500,000		Morgan Stanley	5.750		01/25/21		460,034
	250,000		NASDAQ OMX Group, Inc	4.000		01/15/15		254,777
	175,000		NASDAQ OMX Group, Inc	5.550		01/15/20		175,237
	400,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		431,641
	250,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		359,216
	500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		521,250

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$500,000	g	Odebrecht Finance Ltd	6.000	%	04/05/23	$	465,000
	250,000		PCCW-HKT Capital No 4 Ltd	4.250		02/24/16		260,211
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		528,660
	700,000	g,i	Rabobank Nederland NV	11.000		12/30/49		841,750
	350,000	g	RCI Banque S.A.	3.400		04/11/14		339,171
	450,000		State Street Corp	4.300		05/30/14		485,476
	500,000		Susser Holdings LLC	8.500		05/15/16		520,625
	425,000		Toronto-Dominion Bank	2.500		07/14/16		436,229
	1,000,000		UBS AG.	2.250		01/28/14		974,463
	250,000		UBS AG.	4.880		08/04/20		240,724
	450,000	g	Waha Aerospace BV	3.930		07/28/20		462,375

			TOTAL DIVERSIFIED FINANCIALS					48,517,286


ENERGY - 4.8%
	160,000		Anadarko Petroleum Corp	6.950		06/15/19		185,604
	260,000		Anadarko Petroleum Corp	6.450		09/15/36		275,025
	250,000		Apache Corp	5.100		09/01/40		278,899
	500,000		Arch Coal, Inc	8.750		08/01/16		530,000
	833,000	g	Arch Coal, Inc	7.000		06/15/19		791,350
	237,000		Arch Western Finance LLC	6.750		07/01/13		236,408
	350,000	g	Baker Hughes, Inc	3.200		08/15/21		352,709
	125,000		Baker Hughes, Inc	5.130		09/15/40		143,113
	525,000		BP Capital Markets plc	3.130		03/10/12		529,857
	1,000,000		BP Capital Markets plc	5.250		11/07/13		1,076,735
	2,045,000		BP Capital Markets plc	3.200		03/11/16		2,131,967
	275,000		Burlington Resources Finance Co	7.200		08/15/31		375,355
	250,000		Chesapeake Energy Corp	7.630		07/15/13		261,875
	250,000		Chesapeake Energy Corp	6.500		08/15/17		258,750
	1,000,000		Chesapeake Energy Corp	6.630		08/15/20		1,030,000
	525,000		Chesapeake Energy Corp	6.130		02/15/21		528,938
	500,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		518,750
	575,000		ConocoPhillips	6.500		02/01/39		762,478
	500,000		Consol Energy Inc	8.250		04/01/20		526,250
	500,000		Devon Energy Corp	5.600		07/15/41		576,399
	750,000		Drummond Co, Inc	7.380		02/15/16		759,375
	500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		548,935
	100,000		EnCana Corp	6.630		08/15/37		115,417
	500,000		Encore Acquisition Co	9.500		05/01/16		540,000
	425,000		Enterprise Products Operating LLC	4.600		08/01/12		436,093
	275,000		Enterprise Products Operating LLC	5.600		10/15/14		300,988
	75,000		Enterprise Products Operating LLC	5.000		03/01/15		81,472
	115,000		Enterprise Products Operating LLC	6.130		10/15/39		125,210
	135,000		Enterprise Products Operating LLC	5.950		02/01/41		144,813
	850,000		Enterprise Products Operating LLC	5.700		02/15/42		894,373
	350,000		EOG Resources, Inc	4.100		02/01/21		374,388
	350,000	g	Gaz Capital S.A.	5.090		11/29/15		343,000
	500,000		Gaz Capital S.A.	6.210		11/22/16		503,750
	320,000		Gaz Capital S.A.	6.510		03/07/22		313,600
	175,000		Hess Corp	8.130		02/15/19		225,560
	285,000		Hess Corp	6.000		01/15/40		325,032
	425,000	g	James River Escrow	7.880		04/01/19		357,000
	715,000	g	KMG Finance Sub BV	6.380		04/09/21		693,550

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,005,000	g	Lukoil International Finance BV	6.130	%	11/09/20	$	934,650
	500,000		Lyondell Chemical Co	11.000		05/01/18		540,000
	750,000	g	Marathon Petroleum Corp	3.500		03/01/16		773,239
	500,000	g	Marathon Petroleum Corp	5.130		03/01/21		520,691
	275,000		MarkWest Energy Partners LP	6.750		11/01/20		279,125
	2,000,000		Newfield Exploration Co	6.630		04/15/16		2,019,999
	300,000		Newfield Exploration Co	5.750		01/30/22		296,625
	875,000		Niska Gas Storage US	8.880		03/15/18		866,250
	125,000		Noble Holding International Ltd	3.450		08/01/15		131,409
	350,000		Noble Holding International Ltd	4.900		08/01/20		376,492
	750,000	g	Novatek Finance Ltd	6.600		02/03/21		722,813
	1,400,000		Occidental Petroleum Corp	1.750		02/15/17		1,389,475
	350,000		Occidental Petroleum Corp	4.100		02/01/21		379,671
	500,000		Peabody Energy Corp	7.380		11/01/16		549,375
	100,000		Pemex Project Funding Master Trust	5.750		03/01/18		108,250
	150,000		Pemex Project Funding Master Trust	6.630		06/15/35		160,875
	125,000		Pemex Project Funding Master Trust	6.630		06/15/38		134,375
	675,000	g	Pertamina PT	5.250		05/23/21		648,000
	500,000	g	Pertamina PT	6.500		05/27/41		475,000
	230,000		Petrobras International Finance Co	3.880		01/27/16		228,160
	500,000		Petrobras International Finance Co	7.880		03/15/19		580,000
	494,000		Petrobras International Finance Co	6.880		01/20/40		521,170
	100,000		Petroleos Mexicanos	8.000		05/03/19		122,000
	325,000		Petroleos Mexicanos	5.500		01/21/21		341,250
	290,000		Petroleos Mexicanos	6.500		06/02/41		300,150
	430,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		508,475
	2,000,000		Precision Drilling Trust	6.630		11/15/20		1,950,000
	500,000	g	PTTEP Canada International Finance Ltd	5.690		04/05/21		505,250
	100,000		Range Resources Corp	7.250		05/01/18		106,500
	500,000		Range Resources Corp	5.750		06/01/21		518,750
	600,000		Regency Energy Partners LP	6.500		07/15/21		603,000
	730,000	g	Reliance Holdings USA	4.500		10/19/20		669,836
	1,000,000	g	SandRidge Energy, Inc	8.000		06/01/18		940,000
	1,185,000	g	Schlumberger Investment S.A.	3.300		09/14/21		1,186,181
	250,000		SEACOR Holdings, Inc	7.380		10/01/19		270,279
	250,000		Shell International Finance BV	3.100		06/28/15		265,411
	525,000		Shell International Finance BV	4.300		09/22/19		589,708
	125,000		Shell International Finance BV	6.380		12/15/38		170,330
	1,495,000		Southwestern Energy Co	7.500		02/01/18		1,693,404
	200,000		Statoil ASA	2.900		10/15/14		210,459
	500,000		TransCanada Pipelines Ltd	5.850		03/15/36		599,441
	250,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		248,926
	125,000		Vale Overseas Ltd	6.250		01/23/17		135,500
	125,000		Vale Overseas Ltd	6.880		11/21/36		134,825
	205,000		Vale Overseas Ltd	6.880		11/10/39		220,375
	225,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		228,983
	600,000		XTO Energy, Inc	6.250		04/15/13		649,883
	300,000		XTO Energy, Inc	4.630		06/15/13		319,744

			TOTAL ENERGY					44,577,322

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

FOOD & STAPLES RETAILING - 0.3%
	$185,000		CVS Caremark Corp	3.250	%	05/18/15	$	194,702
	50,000		CVS Caremark Corp	6.600		03/15/19		60,818
	275,000		Delhaize Group S.A.	5.880		02/01/14		299,657
	250,000		Delhaize Group S.A.	6.500		06/15/17		292,225
	500,000		Ingles Markets, Inc	8.880		05/15/17		523,750
	75,000		Kroger Co	5.000		04/15/13		78,826
	50,000		Kroger Co	6.800		12/15/18		61,707
	300,000		Stater Bros Holdings, Inc	7.380		11/15/18		306,000
	295,000		Stater Brothers Holdings	7.750		04/15/15		300,900
	1,045,000		SuperValu, Inc	8.000		05/01/16		987,526

			TOTAL FOOD & STAPLES RETAILING					3,106,111


FOOD, BEVERAGE & TOBACCO - 1.0%
	500,000		Anheuser-Busch InBev Worldwide, Inc	2.880		02/15/16		523,557
	300,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		343,198
	175,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		232,325
	715,000	g	Blue Merger Sub, Inc	7.630		02/15/19		604,175
	1,000,000	g	CCL Finance Ltd	9.500		08/15/14		1,114,999
	500,000		Constellation Brands, Inc	8.380		12/15/14		548,750
	350,000		General Mills, Inc	5.650		02/15/19		414,443
	280,000	g	Grupo Bimbo SAB de C.V.	4.880		06/30/20		281,400
	620,000		Kraft Foods, Inc	6.500		02/09/40		757,900
	150,000		PepsiAmericas, Inc	5.750		07/31/12		156,479
	25,000		PepsiAmericas, Inc	4.380		02/15/14		27,093
	38,000		PepsiCo, Inc	7.900		11/01/18		50,562
	1,590,000	g	Pernod-Ricard S.A.	5.750		04/07/21		1,742,724
	550,000		Philip Morris International, Inc	6.880		03/17/14		624,156
	100,000		Philip Morris International, Inc	6.380		05/16/38		128,913
	500,000		Smithfield Foods, Inc	10.000		07/15/14		567,500
	500,000		TreeHouse Foods, Inc	7.750		03/01/18		517,500

			TOTAL FOOD, BEVERAGE & TOBACCO					8,635,674


HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	510,000		DaVita, Inc	6.380		11/01/18		489,600
	435,000		DaVita, Inc	6.630		11/01/20		417,600
	800,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		772,000
	400,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		442,000
	500,000		HCA, Inc	5.750		03/15/14		487,500
	500,000		HCA, Inc	8.500		04/15/19		530,000
	165,000		HCA, Inc	6.500		02/15/20		161,288
	500,000		HCA, Inc	7.880		02/15/20		517,500
	500,000		Healthsouth Corp	7.250		10/01/18		475,000
	500,000		Healthsouth Corp	7.750		09/15/22		453,750
	1,500,000		LifePoint Hospitals, Inc	6.630		10/01/20		1,477,500
	228,000		McKesson Corp	3.250		03/01/16		240,373
	275,000		Medtronic, Inc	4.750		09/15/15		308,902
	500,000		Quest Diagnostics, Inc	6.400		07/01/17		590,488
	750,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		787,829
	475,000		Thermo Fisher Scientific, Inc	2.250		08/15/16		481,618
	160,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		179,420
	650,000		Thermo Fisher Scientific, Inc	3.600		08/15/21		674,723

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					9,487,091

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	$750,000	g	Hypermarcas S.A.	6.500	%	04/20/21	$	682,500
	250,000		Procter & Gamble Co	5.550		03/05/37		321,862

			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					1,004,362


INSURANCE - 1.4%
	275,000		ACE INA Holdings, Inc	5.880		06/15/14		304,275
	240,000		Aetna, Inc	6.500		09/15/18		288,003
	150,000		Aetna, Inc	6.630		06/15/36		190,364
	375,000		Allstate Corp	7.450		05/16/19		458,404
	500,000		American International Group, Inc	3.650		01/15/14		487,517
	400,000		Chubb Corp	6.000		05/11/37		472,266
	80,000		CIGNA Corp	5.130		06/15/20		86,991
	1,000,000		CIGNA Corp	4.500		03/15/21		1,035,958
	250,000		Genworth Financial, Inc	7.200		02/15/21		212,463
	525,000		Hartford Financial Services Group, Inc	4.000		03/30/15		528,125
	525,000		Hartford Financial Services Group, Inc	5.500		03/30/20		511,882
	275,000		Hartford Financial Services Group, Inc	6.630		03/30/40		257,533
	250,000		Lincoln National Corp	7.000		06/15/40		257,847
	1,500,000		Markel Corp	5.350		06/01/21		1,530,729
	550,000		Metlife, Inc	5.000		06/15/15		602,535
	525,000		Metlife, Inc	6.750		06/01/16		603,816
	275,000		Metlife, Inc	5.700		06/15/35		293,974
	600,000	g	Principal Life Global Funding I	5.130		10/15/13		639,497
	650,000		Prudential Financial, Inc	6.200		11/15/40		667,739
	300,000	g	Prudential Funding LLC	6.750		09/15/23		347,815
	300,000		Travelers Cos, Inc	5.800		05/15/18		345,594
	75,000		Travelers Cos, Inc	5.900		06/02/19		87,391
	100,000		Unum Group	5.630		09/15/20		110,156
	275,000		WellPoint, Inc	5.850		01/15/36		316,115
	2,000,000		Willis Group Holdings plc	4.130		03/15/16		2,033,027
	150,000		WR Berkley Corp	5.380		09/15/20		153,925

			TOTAL INSURANCE					12,823,941


MATERIALS - 3.6%
	300,000		3M Co	5.700		03/15/37		392,433
	500,000	g	Adaro Indonesia PT	7.630		10/22/19		490,000
	350,000		Air Products & Chemicals, Inc	4.150		02/01/13		365,605
	75,000		Airgas, Inc	4.500		09/15/14		79,962
	250,000		Airgas, Inc	7.130		10/01/18		268,071
	1,000,000		Albemarle Corp	4.500		12/15/20		1,077,341
	1,500,000		Alcoa, Inc	5.400		04/15/21		1,453,538
	500,000	g	ALROSA Finance S.A.	7.750		11/03/20		471,250
	325,000	g	Anglo American Capital plc	4.450		09/27/20		325,522
	560,000		AngloGold Ashanti Holdings plc	5.380		04/15/20		548,644
	645,000	g	Aperam	7.380		04/01/16		567,600
	1,000,000		ArcelorMittal	3.750		02/01/16		919,502
	500,000		ArcelorMittal	9.850		06/01/19		566,536
	500,000		ArcelorMittal	7.000		10/15/39		445,936
	1,000,000		ArcelorMittal	6.750		03/01/41		864,204
	537,000		Ball Corp	7.130		09/01/16		563,850
	120,000		Ball Corp	7.380		09/01/19		126,600

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,000,000		Ball Corp	5.750	%	05/15/21	$	972,500
	850,000		Barrick North America Finance LLC	4.400		05/30/21		871,621
	750,000	g	Braskem America Finance Co	7.130		07/22/41		684,375
	250,000	g	Braskem SA	7.000		05/07/20		253,750
	1,500,000		Celanese US Holdings LLC	6.630		10/15/18		1,550,625
	500,000	g	Cemex SAB de C.V.	9.500		12/14/16		362,500
	777,500	g	Cemex SAB de C.V.	9.000		01/11/18		526,756
	1,500,000		CF Industries, Inc	7.130		05/01/20		1,708,126
	825,000	g	China Liansu Group Holdings Ltd	7.880		05/13/16		602,250
	500,000		Cliffs Natural Resources, Inc	6.250		10/01/40		486,953
	325,000	g	CommScope, Inc	8.250		01/15/19		316,875
	800,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		795,293
	1,385,000	g	Crown Americas LLC	6.250		02/01/21		1,385,000
	1,179,000		Dow Chemical Co	8.550		05/15/19		1,510,252
	250,000	g	Fibria Overseas Finance Ltd	6.750		05/04/20		223,750
	500,000	g	Fibria Overseas Finance Ltd	7.500		05/04/20		470,000
	500,000		Fibria Overseas Finance Ltd	7.500		05/04/20		470,000
	500,000	g	Fufeng Group Ltd	7.630		04/13/16		350,000
	750,000	g	Georgia Gulf Corp	9.000		01/15/17		757,500
	750,000	g	Georgia-Pacific LLC	8.250		05/01/16		829,005
	975,000		Graphic Packaging International, Inc	9.500		06/15/17		1,043,250
	250,000		International Paper Co	7.300		11/15/39		280,925
	455,000	g	Longview Fibre Paper & Packaging, Inc	8.000		06/01/16		441,350
	225,000		Martin Marietta Materials, Inc	6.600		04/15/18		253,694
	445,000		Novelis, Inc	8.380		12/15/17		440,550
	500,000	g	Polymer Group, Inc	7.750		02/01/19		498,750
	500,000	g	POSCO	4.250		10/28/20		465,437
	200,000	g	POSCO	5.250		04/14/21		198,076
	200,000		Praxair, Inc	5.250		11/15/14		224,650
	1,450,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		1,446,747
	250,000	g	Sappi Papier Holding AG.	6.630		04/15/21		212,500
	500,000		Silgan Holdings, Inc	7.250		08/15/16		517,500
	720,000	g	Sinochem Corp	6.300		11/12/40		666,022
	1,000,000		Solutia, Inc	8.750		11/01/17		1,065,000
	500,000		Solutia, Inc	7.880		03/15/20		526,250
	130,000		Teck Resources Ltd	9.750		05/15/14		154,081
	125,000		Teck Resources Ltd	6.000		08/15/40		128,650
	500,000		Verso Paper Holdings LLC	11.380		08/01/16		362,500

			TOTAL MATERIALS					33,579,657


MEDIA - 2.1%
	1,000,000		AMC Entertainment, Inc	8.750		06/01/19		982,500
	1,000,000		Cablevision Systems Corp	8.630		09/15/17		1,041,250
	200,000		CBS Corp	4.300		02/15/21		201,095
	1,100,000		CCO Holdings LLC	7.000		01/15/19		1,067,000
	1,300,000		CCO Holdings LLC	6.500		04/30/21		1,228,500
	1,462,000		Cinemark USA, Inc	8.630		06/15/19		1,505,859
	250,000		Comcast Corp	5.650		06/15/35		261,707
	250,000		Comcast Corp	6.400		03/01/40		290,947
	696,000		CSC Holdings LLC	8.500		04/15/14		750,810
	170,000		DIRECTV Holdings LLC	3.500		03/01/16		175,410
	750,000		DIRECTV Holdings LLC	7.630		05/15/16		806,250

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,000,000		Echostar DBS Corp	6.630	%	10/01/14	$	1,011,250
	250,000		Interpublic Group of Cos, Inc	6.250		11/15/14		263,750
	1,000,000		Lamar Media Corp	9.750		04/01/14		1,102,500
	187,000		Lamar Media Corp	6.630		08/15/15		183,728
	2,935,000		Lamar Media Corp	7.880		04/15/18		2,934,999
	100,000		NBC Universal Media LLC	5.150		04/30/20		109,658
	2,000,000		NBC Universal Media LLC	4.380		04/01/21		2,054,271
	100,000		News America, Inc	7.250		05/18/18		116,343
	125,000		News America, Inc	7.630		11/30/28		150,485
	90,000		News America, Inc	6.550		03/15/33		97,638
	250,000		News America, Inc	6.200		12/15/34		267,627
	325,000		News America, Inc	6.650		11/15/37		357,235
	250,000		News America, Inc	6.900		08/15/39		284,714
	963,000		Nielsen Finance LLC	7.750		10/15/18		982,260
	350,000		Time Warner Cable, Inc	8.750		02/14/19		447,886
	625,000		Time Warner Cable, Inc	8.250		04/01/19		782,641
	250,000		Time Warner, Inc	3.150		07/15/15		258,578
	1,000,000		Time Warner, Inc	4.700		01/15/21		1,045,230
	275,000		Time Warner, Inc	6.500		11/15/36		312,178
	125,000		Viacom, Inc	4.380		09/15/14		133,565

			TOTAL MEDIA					21,207,864


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.3%
	1,000,000		Amgen, Inc	2.300		06/15/16		1,023,856
	350,000		Amgen, Inc	3.450		10/01/20		360,711
	350,000		Amgen, Inc	4.100		06/15/21		376,733
	325,000		Eli Lilly & Co	3.550		03/06/12		329,107
	1,079,000	g	Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		1,083,046
	1,000,000		Gilead Sciences, Inc	4.500		04/01/21		1,077,801
	250,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		302,313
	250,000		Merck & Co, Inc	3.880		01/15/21		271,859
	1,000,000	g	Mylan, Inc	7.630		07/15/17		1,040,000
	1,000,000	g	Mylan, Inc	7.880		07/15/20		1,045,000
	910,000		NBTY, Inc	9.000		10/01/18		931,613
	135,000		Novartis Capital Corp	4.130		02/10/14		145,160
	150,000		Novartis Capital Corp	2.900		04/24/15		158,746
	175,000		Pfizer, Inc	5.350		03/15/15		199,375
	2,000,000		Sanofi-Aventis S.A.	2.630		03/29/16		2,069,185
	220,000		Schering-Plough Corp	6.550		09/15/37		309,150
	1,055,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		971,919
	555,000	g	Valeant Pharmaceuticals International	7.000		10/01/20		491,175

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					12,186,749


REAL ESTATE - 1.2%
	750,000	g	Agile Property Holdings Ltd	8.880		04/28/17		540,000
	100,000		AMB Property LP	7.630		08/15/14		108,944
	150,000		AMB Property LP	4.500		08/15/17		141,142
	100,000		Brandywine Operating Partnership LP	7.500		05/15/15		108,337
	1,250,000		Brandywine Operating Partnership LP	4.950		04/15/18		1,207,581
	170,000		Camden Property Trust	4.630		06/15/21		169,029
	1,000,000		Developers Diversified Realty Corp	4.750		04/15/18		912,148
	500,000		Developers Diversified Realty Corp	7.880		09/01/20		529,668

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$835,000		DuPont Fabros Technology LP	8.500	%	12/15/17	$	864,225
	25,000		Federal Realty Investment Trust	5.650		06/01/16		27,247
	595,000		HCP, Inc	3.750		02/01/16		588,008
	835,000		Health Care REIT, Inc	3.630		03/15/16		814,116
	200,000		Healthcare Realty Trust, Inc	5.750		01/15/21		195,655
	1,783,000		Highwoods Properties, Inc	5.850		03/15/17		1,880,610
	1,000,000	g	Host Hotels & Resorts LP	5.880		06/15/19		955,000
	125,000		Kilroy Realty Corp	5.000		11/03/15		129,761
	250,000		Kilroy Realty LP	4.800		07/15/18		241,171
	300,000		National Retail Properties, Inc	5.500		07/15/21		304,921
	150,000		Regency Centers LP	5.250		08/01/15		161,041
	25,000		Regency Centers LP	5.880		06/15/17		27,036
	25,000		Simon Property Group LP	5.250		12/01/16		27,233
	210,000		Simon Property Group LP	10.350		04/01/19		280,898
	200,000		Washington Real Estate Investment Trust	4.950		10/01/20		212,241
	750,000	g	Yanlord Land Group Ltd	10.630		03/29/18		487,500

			TOTAL REAL ESTATE					10,913,512


RETAILING - 1.2%
	1,900,000		Amerigas Partners LP	6.500		05/20/21		1,833,499
	1,500,000		Ferrellgas LP	6.500		05/01/21		1,275,000
	500,000		Hanesbrands, Inc	6.380		12/15/20		485,000
	175,000		Home Depot, Inc	5.880		12/16/36		203,734
	500,000		Home Depot, Inc	5.950		04/01/41		594,672
	750,000	g	Hyva Global BV	8.630		03/24/16		592,500
	1,500,000		Limited Brands, Inc	7.000		05/01/20		1,574,999
	625,000		Limited Brands, Inc	6.630		04/01/21		629,688
	805,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		883,507
	525,000		O’Reilly Automotive, Inc	4.630		09/15/21		530,206
	1,500,000	g	QVC, Inc	7.130		04/15/17		1,567,500
	250,000		Staples, Inc	9.750		01/15/14		289,762
	250,000		Wal-Mart Stores, Inc	5.000		10/25/40		285,675

			TOTAL RETAILING					10,745,742


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	100,000		Broadcom Corp	1.500		11/01/13		100,195
	250,000		Broadcom Corp	2.380		11/01/15		252,248

			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					352,443


SOFTWARE & SERVICES - 0.2%
	100,000		Fidelity National Information Services, Inc	7.630		07/15/17		104,000
	250,000		International Business Machines Corp	1.000		08/05/13		251,802
	165,000		Microsoft Corp	0.880		09/27/13		166,073
	200,000		Oracle Corp	5.750		04/15/18		238,287
	185,000	g	Oracle Corp	3.880		07/15/20		196,406
	500,000		SunGard Data Systems, Inc	4.880		01/15/14		493,750
	1,000,000		SunGard Data Systems, Inc	7.380		11/15/18		929,999

			TOTAL SOFTWARE & SERVICES					2,380,317


TECHNOLOGY HARDWARE & EQUIPMENT - 1.2%
	785,000		Brocade Communications Systems, Inc	6.630		01/15/18		798,738
	287,000		Brocade Communications Systems, Inc	6.880		01/15/20		293,099

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$475,000		Hewlett-Packard Co	4.250	%	02/24/12	$	481,357
	350,000		Hewlett-Packard Co	4.750		06/02/14		376,033
	1,000,000		Hewlett-Packard Co	3.000		09/15/16		1,008,339
	1,910,000		Jabil Circuit, Inc	5.630		12/15/20		1,862,249
	250,000		L-3 Communications Corp	6.380		10/15/15		255,313
	145,000		L-3 Communications Corp	5.200		10/15/19		152,993
	1,000,000		L-3 Communications Corp	4.950		02/15/21		1,043,492
	500,000		NII Capital Corp	7.630		04/01/21		496,250
	500,000	g	PCCW-HKT Capital No 3 Ltd	5.250		07/20/15		513,816
	1,472,000	g	Pinafore LLC	9.000		10/01/18		1,508,799
	500,000		Scientific Games Corp	8.130		09/15/18		491,250
	814,000		Scientific Games Corp	9.250		06/15/19		820,105
	500,000	g	Seagate Technology HDD Holdings	7.750		12/15/18		490,000

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					10,591,833


TELECOMMUNICATION SERVICES - 2.1%
	250,000		America Movil SAB de C.V.	6.130		03/30/40		260,000
	2,250,000		AT&T, Inc	2.950		05/15/16		2,321,774
	275,000		AT&T, Inc	6.150		09/15/34		307,776
	800,000		AT&T, Inc	6.300		01/15/38		916,421
	246,000		AT&T, Inc	5.350		09/01/40		257,145
	85,000		BellSouth Corp	6.550		06/15/34		98,551
	550,000		Cellco Partnership	8.500		11/15/18		732,898
	500,000		Cricket Communications, Inc	7.750		05/15/16		501,875
	200,000		Equinix, Inc	7.000		07/15/21		199,250
	250,000		France Telecom S.A.	2.130		09/16/15		247,443
	440,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		447,700
	300,000	g	Indosat Palapa Co	7.380		07/29/20		297,000
	1,000,000		Intelsat Bermuda Ltd	11.250		02/04/17		867,500
	500,000		Intelsat Jackson Holdings Ltd	11.250		06/15/16		510,000
	390,000	g	MTS International Funding Ltd	8.630		06/22/20		386,100
	570,000	g	Qtel International Finance	4.750		02/16/21		569,288
	500,000		Qwest Communications International, Inc	7.130		04/01/18		490,000
	825,000		Syniverse Holdings, Inc	9.130		01/15/19		808,500
	75,000		Telecom Italia Capital S.A.	7.000		06/04/18		75,152
	75,000		Telecom Italia Capital S.A.	7.180		06/18/19		75,195
	1,000,000		Telefonica Emisiones SAU	3.990		02/16/16		951,524
	610,000		Telefonica Emisiones SAU	5.130		04/27/20		568,122
	250,000		Telefonica Emisiones SAU	5.460		02/16/21		237,395
	370,000	g	Telefonica Moviles Chile S.A.	2.880		11/09/15		353,767
	500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		535,000
	1,175,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		1,116,249
	275,000		Verizon Communications, Inc	5.250		04/15/13		292,355
	210,000		Verizon Communications, Inc	8.750		11/01/18		281,218
	225,000		Verizon Communications, Inc	8.950		03/01/39		347,501
	250,000		Verizon Communications, Inc	6.000		04/01/41		303,867
	2,200,000		Verizon New Jersey, Inc	5.880		01/17/12		2,231,939
	275,000		Verizon Virginia, Inc	4.630		03/15/13		287,418
	750,000	g	Vimpelcom Holdings	7.500		03/01/22		603,750
	500,000		Virgin Media Finance plc	9.500		08/15/16		540,000
	500,000		Virgin Media Secured Finance plc	5.250		01/15/21		538,053
	400,000		Windstream Corp	7.750		10/15/20		390,000

			TOTAL TELECOMMUNICATION SERVICES					19,947,726

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

TRANSPORTATION - 1.2%
	$655,000	g	Asciano Finance	5.000	%	04/07/18	$	669,723
	750,000	g	Bombardier, Inc	7.500		03/15/18		791,250
	600,000	g	Bombardier, Inc	7.750		03/15/20		639,000
	500,000		Bristow Group, Inc	7.500		09/15/17		515,000
	150,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		183,703
	1,000,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		1,176,446
	1,000,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		1,072,099
	2,000,000		Delta Air Lines, Inc	5.300		04/15/19		1,960,000
	150,000		Embraer Overseas Ltd	6.380		01/15/20		162,750
	500,000		Hertz Corp	7.500		10/15/18		477,500
	1,000,000		Hertz Corp	7.380		01/15/21		913,750
	625,000	g	Kazakhstan Temir Zholy Finance BV	6.380		10/06/20		614,063
	300,000		Norfolk Southern Corp	5.590		05/17/25		345,323
	640,000	g	TAM Capital 3, Inc	8.380		06/03/21		588,800
	275,000		Union Pacific Corp	6.500		04/15/12		282,829
	262,000	g	Union Pacific Corp	4.160		07/15/22		279,606
	500,000		Union Pacific Corp	4.750		09/15/41		513,607

			TOTAL TRANSPORTATION					11,185,449


UTILITIES - 3.6%
	500,000		AES Corp	7.750		03/01/14		510,000
	1,750,000		AES Corp	8.000		10/15/17		1,758,750
	500,000		AES El Salvador Trust	6.750		02/01/16		487,500
	305,000	g	AES Gener S.A.	5.250		08/15/21		295,234
	350,000		AGL Capital Corp	5.250		08/15/19		394,117
	365,000		Alliant Energy Corp	4.000		10/15/14		380,130
	250,000		Atmos Energy Corp	8.500		03/15/19		337,580
	1,000,000	g	Calpine Corp	7.250		10/15/17		965,000
	750,000	g	Calpine Corp	7.500		02/15/21		716,250
	705,000	g	Calpine Corp	7.880		01/15/23		680,325
	190,000		Carolina Power & Light Co	5.130		09/15/13		205,230
	250,000		Carolina Power & Light Co	5.300		01/15/19		294,884
	275,000		Carolina Power & Light Co	5.700		04/01/35		327,017
	200,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		225,291
	300,000		CenterPoint Energy Resources Corp	6.250		02/01/37		341,732
	300,000		CenterPoint Energy Resources Corp	5.850		01/15/41		326,738
	375,000	g	Comision Federal Electricidad	4.880		05/26/21		376,875
	1,895,000		Commonwealth Edison Co	4.000		08/01/20		1,999,015
	200,000		Commonwealth Edison Co	5.900		03/15/36		239,577
	200,000		Connecticut Light & Power Co	5.500		02/01/19		235,837
	575,000		Crosstex Energy, Inc	8.880		02/15/18		589,375
	405,000		Dominion Resources, Inc	4.450		03/15/21		440,533
	300,000		Dominion Resources, Inc	4.900		08/01/41		310,536
	500,000	g	Dubai Electricity & Water Authority	7.380		10/21/20		482,500
	200,000		Duke Energy Carolinas LLC	4.300		06/15/20		220,921
	1,000,000		Duke Energy Corp	3.950		09/15/14		1,062,328
	300,000	g	Empresa Electrica del Norte Grande S.A.	5.630		01/15/21		313,147
	1,665,000		Great Plains Energy, Inc	4.850		06/01/21		1,753,049
	250,000		Indiana Michigan Power Co	7.000		03/15/19		308,600

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$125,000		Integrys Energy Group, Inc	4.170	%	11/01/20	$	128,731
	500,000		Intergas Finance BV	6.380		05/14/17		514,375
	100,000	g	Kansas Gas & Electric	6.700		06/15/19		123,100
	270,000	g	Kazatomprom	6.250		05/20/15		272,025
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,025,962
	200,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		195,465
	870,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		868,123
	350,000		LG&E and KU Energy LLC	3.750		11/15/20		338,733
	250,000		Midamerican Energy Holdings Co	5.950		05/15/37		294,164
	250,000		National Fuel Gas Co	5.250		03/01/13		262,435
	250,000		Nevada Power Co	6.650		04/01/36		331,529
	150,000		Nevada Power Co	5.380		09/15/40		173,804
	1,000,000		Nevada Power Co	5.450		05/15/41		1,172,812
	2,000,000		NRG Energy, Inc	7.380		01/15/17		2,062,499
	50,000		ONEOK Partners LP	5.900		04/01/12		51,104
	325,000		Pacific Gas & Electric Co	8.250		10/15/18		432,922
	150,000		PacifiCorp	6.000		01/15/39		189,294
	250,000		Pepco Holdings, Inc	2.700		10/01/15		253,332
	500,000		PG&E Corp	5.750		04/01/14		548,270
	50,000		Potomac Electric Power Co	7.900		12/15/38		75,977
	275,000		Progress Energy, Inc	7.050		03/15/19		341,994
	550,000		Public Service Co of Colorado	4.750		08/15/41		611,211
	400,000		Public Service Co of Oklahoma	5.150		12/01/19		444,119
	1,750,000		Questar Market Resources, Inc	6.880		03/01/21		1,828,750
	500,000		Sabine Pass LNG LP	7.500		11/30/16		462,500
	150,000		San Diego Gas & Electric Co	3.000		08/15/21		151,559
	300,000		San Diego Gas & Electric Co	5.350		05/15/40		368,632
	1,000,000	g	Texas Competitive Electric Holdings Co LLC	11.500		10/01/20		800,000
	175,000		Veolia Environnement	5.250		06/03/13		184,083
	225,000		Williams Partners LP	3.800		02/15/15		234,753
	1,000,000	g	Wpd Investment Holdings Ltd	3.900		05/01/16		1,048,285
	300,000		Xcel Energy, Inc	4.800		09/15/41		317,269
	850,000	g	Xinao Gas Holdings Ltd	6.000		05/13/21		821,799

			TOTAL UTILITIES					33,507,681


			TOTAL CORPORATE BONDS					374,983,439
			(Cost $373,592,026)

GOVERNMENT BONDS - 44.4%

AGENCY SECURITIES - 1.1%
			Federal Farm Credit Bank (FFCB)
	1,000,000		FFCB	1.380		06/25/13		1,017,741
			Federal Home Loan Mortgage Corp (FHLMC)
	415,000		FHLMC	2.500		04/23/14		435,683
	1,632,968		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,881,800
	500,000		Egypt Government AID Bonds	4.450		09/15/15		565,310
	2,000,000		GMAC, Inc	2.200		12/19/12		2,044,126
	2,000,000		New York Community Bank	3.000		12/16/11		2,012,018
	2,000,000		Sovereign Bancorp, Inc	2.750		01/17/12		2,014,158
	1,500,000	i	Structured Asset Securities Corp	0.710		07/25/35		604,557

			TOTAL AGENCY SECURITIES					10,575,393

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

FOREIGN GOVERNMENT BONDS - 6.2%
	$500,000	g	Arab Republic of Egypt	6.880	%	04/30/40	$	457,500
	6,450,000	g	Bank of Montreal	2.630		01/25/16		6,735,115
	500,000		Brazilian Government International Bond	4.880		01/22/21		534,500
	500,000		Brazilian Government International Bond	5.630		01/07/41		538,750
	2,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		2,076,032
	1,750,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		1,832,896
	215,000		Chile Government International Bond	3.880		08/05/20		224,138
	84,000,000		Chile Government International Bond	5.500		08/05/20		169,794
	475,000		Colombia Government International Bond	4.380		07/12/21		484,500
	430,000	g	Croatia Government International Bond	6.630		07/14/20		409,575
	540,000	g	Croatia Government International Bond	6.380		03/24/21		498,150
	260,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		267,800
	870,000	g	Dominican Republic International Bond	7.500		05/06/21		848,250
	350,000		Eksportfinans ASA	5.000		02/14/12		355,426
	648,000		Eksportfinans ASA	2.000		09/15/15		661,412
	1,050,000	g	El Salvador Government International Bond	7.630		02/01/41		1,008,000
	778,000	g	Eskom Holdings Ltd	5.750		01/26/21		785,780
	275,000		European Investment Bank	4.880		02/15/36		321,688
	500,000		Export Development Canada	2.250		05/28/15		525,507
	240,000		Export-Import Bank of Korea	3.750		10/20/16		234,091
	525,000		Export-Import Bank of Korea	5.130		06/29/20		532,265
	750,000		Export-Import Bank of Korea	4.380		09/15/21		706,468
	100,000		Federative Republic of Brazil	6.000		01/17/17		114,150
	361,111		Federative Republic of Brazil	8.000		01/15/18		426,653
	500,000		Hungary Government International Bond	4.750		02/03/15		490,000
	312,000		Hungary Government International Bond	6.380		03/29/21		303,576
	824,000		Hungary Government International Bond	7.630		03/29/41		803,400
	225,000		Italy Government International Bond	5.380		06/12/17		221,546
	180,000		Italy Government International Bond	6.880		09/27/23		177,349
	300,000		Kreditanstalt fuer Wiederaufbau	4.880		01/17/17		352,457
	500,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		517,630
	1,000,000	g	Lithuania Government International Bond	5.130		09/14/17		970,000
	1,500,000		Mexican Bonos	6.500		06/10/21		108,146
	2,800,000		Mexico Government International Bond	8.000		12/19/13		215,331
	150,000		Mexico Government International Bond	6.750		09/27/34		184,500
	500,000		Mexico Government International Bond	6.050		01/11/40		565,000
	575,000	g	National Bank of Canada	1.650		01/30/14		584,172
	500,000		Panama Government International Bond	5.200		01/30/20		547,250
	135,000		Peruvian Government International Bond	7.350		07/21/25		168,075
	500,000		Philippine Government International Bond	5.500		03/30/26		523,125
	420,000		Poland Government International Bond	3.880		07/16/15		425,670
	1,333,000		Poland Government International Bond	5.130		04/21/21		1,329,668
	440,000	g	Portugal Government International Bond	3.500		03/25/15		309,412
	750,000		Province of British Columbia Canada	2.850		06/15/15		799,671
	500,000	g	Province of Buenos Aires Argentina	10.880		01/26/21		365,000
	600,000		Province of Manitoba Canada	5.000		02/15/12		609,775
	1,400,000		Province of Ontario Canada	4.100		06/16/14		1,514,843
	500,000		Province of Ontario Canada	2.950		02/05/15		528,536
	1,750,000		Province of Ontario Canada	2.700		06/16/15		1,838,969
	5,000,000		Province of Ontario Canada	2.300		05/10/16		5,179,729

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,000,000		Province of Ontario Canada	1.600	%	09/21/16	$	1,995,439
	620,000		Province of Quebec Canada	4.630		05/14/18		718,997
	1,000,000		Province of Quebec Canada	3.500		07/29/20		1,068,200
	3,000,000		Province of Quebec Canada	2.750		08/25/21		2,972,210
	500,000		Qatar Government International Bond	5.250		01/20/20		550,000
	750,000	g	Republic of Ghana	8.500		10/04/17		783,750
	150,000		Republic of Hungary	6.250		01/29/20		145,500
	770,000	g	Republic of Indonesia	4.880		05/05/21		777,700
	500,000		Republic of Korea	5.750		04/16/14		537,640
	750,000	g	Republic of Serbia	7.250		09/28/21		690,000
	450,000		Republic of Serbia	6.750		11/01/24		420,750
	500,000		Republic of Turkey	6.000		01/14/41		476,250
	240,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		235,800
	20,000,000	g	Russian Foreign Bond - Eurobond	7.850		03/10/18		609,802
	325,000	g	Senegal Goverment International Bond	8.750		05/13/21		317,688
	900,000		South Africa Government Bond	6.750		03/31/21		99,796
	150,000		South Africa Government International Bond	5.500		03/09/20		164,063
	400,000		South Africa Government International Bond	5.880		05/30/22		445,000
	75,000		South Africa Government International Bond	6.250		03/08/41		83,625
	400,000	g	Sri Lanka Government International Bond	6.250		10/04/20		386,000
	270,000	g	Sri Lanka Government International Bond	6.250		07/27/21		259,606
	465,000		Turkey Government International Bond	6.750		05/30/40		484,763
	500,000	g	Ukraine Government International Bond	6.880		09/23/15		460,000
	750,000	g	Ukraine Government International Bond	6.250		06/17/16		666,563
	260,000		Ukraine Government International Bond	6.580		11/21/16		234,000
	240,000	g	Ukraine Government International Bond	6.580		11/21/16		213,600
	152,000		United Mexican States	5.880		02/17/14		164,464
	300,000		United Mexican States	5.950		03/19/19		340,500
	500,000		United Mexican States	5.130		01/15/20		541,250

			TOTAL FOREIGN GOVERNMENT BONDS					57,224,226


MORTGAGE BACKED - 25.5%
			Federal Home Loan Mortgage Corp (FHLMC)
	1,520,891		FHLMC (Interest Only)	4.000		06/15/34		179,972
	463,728	i	FHLMC	2.500		02/01/36		487,450
	1,271,310	i	FHLMC	2.570		07/01/36		1,346,647
	394,557	i	FHLMC	2.420		09/01/36		419,037
	300,108	i	FHLMC	2.740		09/01/36		314,943
	319,067	i	FHLMC	5.740		02/01/37		345,434
	544,950	i	FHLMC	4.700		03/01/37		573,547
	83,345	i	FHLMC	5.930		04/01/37		90,519
	70,535	i	FHLMC	5.740		05/01/37		76,244
	1,211,890	i	FHLMC	5.600		06/01/37		1,290,870
	397,342	i	FHLMC	5.630		08/01/37		424,020
	1,323,723		FHLMC	5.500		08/01/39		1,460,935
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	40,437		FGLMC	6.500		12/01/16		44,052
	529,254		FGLMC	5.500		01/01/19		579,510
	143,394		FGLMC	4.500		01/01/20		153,376
	866,279		FGLMC	4.500		07/01/20		936,869
	259,687		FGLMC	4.500		09/01/20		277,724
	266,500		FGLMC	5.000		10/01/20		288,013

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$573,365		FGLMC	5.500	%	10/01/20	$	625,122
	31,050		FGLMC	7.000		10/01/20		35,782
	216,630		FGLMC	4.500		06/01/21		231,676
	380,504		FGLMC	5.500		08/01/21		411,880
	136,482		FGLMC	5.000		04/01/23		146,646
	182,892		FGLMC	4.500		09/01/24		194,309
	99,093		FGLMC	6.500		01/01/29		112,454
	5,745		FGLMC	8.000		01/01/31		6,811
	389,836		FGLMC	6.000		03/01/33		432,194
	1,548,933		FGLMC	5.500		12/01/33		1,687,223
	1,133,469		FGLMC	7.000		12/01/33		1,308,690
	1,058,126		FGLMC	5.000		01/01/34		1,140,968
	399,836		FGLMC	5.000		05/01/34		431,014
	664,670		FGLMC	4.500		10/01/34		708,015
	275,552		FGLMC	5.500		12/01/34		302,307
	798,768		FGLMC	5.500		03/01/35		870,083
	339,993		FGLMC	6.000		04/01/35		375,129
	451,568		FGLMC	7.000		05/01/35		521,375
	841,651		FGLMC	5.500		06/01/35		916,751
	1,379,295		FGLMC	5.500		06/01/35		1,502,261
	141,283		FGLMC	5.000		02/01/36		152,212
	297,528		FGLMC	5.500		04/01/36		326,416
	33,147		FGLMC	6.500		05/01/36		36,995
	280,491		FGLMC	6.500		10/01/36		313,052
	665,056		FGLMC	5.500		04/01/37		721,835
	344,201		FGLMC	6.000		08/01/37		382,461
	55,575		FGLMC	6.000		09/01/37		61,753
	222,777		FGLMC	6.500		11/01/37		247,803
	1,043,323		FGLMC	5.000		04/01/38		1,131,690
	538,956		FGLMC	6.000		11/01/38		591,538
	686,682		FGLMC	4.000		06/01/39		720,086
	3,000,000	h	FGLMC	5.000		10/15/40		3,216,563
	455,488		FGLMC	4.500		11/01/40		490,707
	2,992,803		FGLMC	4.000		12/01/40		3,145,873
	3,405,389		FGLMC	4.000		12/01/40		3,587,010
	1,323,303		FGLMC	4.000		12/01/40		1,393,879
	505,841		FGLMC	4.500		12/01/40		543,373
	6,527,721		FGLMC	4.000		01/01/41		6,843,229
	7,000,000	h	FGLMC	4.500		10/15/41		7,403,593
			Federal National Mortgage Association (FNMA)
	8,958		FNMA	5.000		06/01/13		9,386
	2,092,529		FNMA	4.780		02/01/14		2,213,918
	2,675,524		FNMA	4.640		11/01/14		2,876,661
	370,811		FNMA	4.560		01/01/15		397,536
	76,474		FNMA	6.500		10/01/16		84,006
	42,030		FNMA	6.500		11/01/16		46,169
	202,247		FNMA	5.000		12/01/17		218,825
	64,264		FNMA	6.500		02/01/18		70,593
	169,280		FNMA	5.500		04/01/18		182,788
	79,829		FNMA	5.500		05/01/18		86,822
	80,084		FNMA	6.000		01/01/19		87,898
	1,000,000		FNMA	4.000		02/25/19		1,062,124

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$586,854		FNMA	4.500	%	04/01/19	$	628,816
	131,426		FNMA	4.500		06/01/19		140,823
	197,659		FNMA	5.000		03/01/20		213,861
	62,933		FNMA	4.500		11/01/20		67,432
	70,043		FNMA	4.500		12/01/20		75,992
	181,243		FNMA	5.000		12/01/20		195,987
	300,316		FNMA	5.000		03/01/21		324,933
	22,051		FNMA	8.000		03/01/23		25,600
	324,115		FNMA	5.500		02/01/24		355,180
	583,776		FNMA	4.000		05/01/24		616,123
	726,919		FNMA	5.500		07/01/24		795,681
	337,602		FNMA	4.500		08/01/24		359,526
	1,591,449		FNMA	5.000		10/01/25		1,729,176
	1,000,000	h	FNMA	4.000		10/25/25		1,053,750
	13,100		FNMA	9.000		11/01/25		15,372
	1,000,000	h	FNMA	3.000		10/25/26		1,030,156
	13,014		FNMA	7.500		01/01/29		15,110
	314,474		FNMA	7.000		07/01/32		362,012
	68,300		FNMA	5.000		02/01/33		73,816
	511,850		FNMA	4.500		03/25/33		547,813
	223,134		FNMA	5.000		07/01/33		241,154
	1,007,480		FNMA	5.500		07/01/33		1,101,207
	652,405		FNMA	4.500		08/01/33		696,782
	772,295		FNMA	4.500		10/01/33		824,827
	328,224		FNMA	5.000		10/01/33		354,732
	288,554		FNMA	5.000		10/01/33		311,857
	693,710		FNMA	5.000		11/01/33		749,735
	653,702		FNMA	5.000		11/01/33		706,495
	206,292		FNMA	5.500		12/01/33		225,483
	448,198		FNMA	5.500		12/01/33		489,894
	139,034		FNMA	5.000		03/01/34		150,262
	588,064		FNMA	5.000		03/01/34		635,556
	114,834		FNMA	5.000		03/01/34		124,108
	1,154,928		FNMA	5.000		03/01/34		1,248,200
	136,637		FNMA	5.000		03/01/34		147,671
	930,029		FNMA	5.000		04/01/34		1,004,848
	2,200,281		FNMA	5.000		08/01/34		2,377,320
	398,384		FNMA	6.000		08/01/34		442,231
	128,431		FNMA	6.000		12/01/34		142,887
	318,939		FNMA	5.500		01/01/35		351,102
	704,188		FNMA	5.500		02/01/35		769,699
	257,939		FNMA	6.000		04/01/35		285,764
	2,886,173		FNMA	5.500		05/01/35		3,193,460
	1,817,659		FNMA	5.500		05/01/35		2,011,183
	870,457		FNMA	6.000		05/01/35		968,438
	22,901		FNMA	7.500		06/01/35		26,726
	416,220		FNMA	6.000		07/01/35		459,429
	483,373		FNMA	5.000		08/01/35		521,882
	1,597,076		FNMA	5.000		10/01/35		1,724,309
	144,684		FNMA	5.000		10/01/35		156,211
	447,009		FNMA	5.500		12/01/35		487,809
	429,051		FNMA	5.000		02/01/36		463,232

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$452,136		FNMA	6.000	%	03/01/36	$	497,943
	477,631		FNMA	5.000		04/01/36		515,383
	826,556		FNMA	6.000		04/01/36		910,296
	259,008		FNMA	6.500		04/01/36		288,214
	379,218	i	FNMA	2.390		07/01/36		395,925
	612,217	i	FNMA	3.340		09/01/36		645,480
	233,088		FNMA	6.500		09/01/36		259,954
	293,138		FNMA	6.000		12/01/36		322,837
	131,802		FNMA	7.000		02/01/37		151,368
	413,646		FNMA	6.500		03/01/37		461,323
	40,992		FNMA	7.000		04/01/37		47,077
	129,913		FNMA	6.500		08/01/37		144,480
	159,601		FNMA	6.500		08/01/37		178,296
	74,127		FNMA	6.000		09/01/37		83,258
	84,489		FNMA	6.000		09/01/37		94,897
	47,585		FNMA	6.000		09/01/37		53,447
	63,845		FNMA	6.000		09/01/37		71,709
	412,785		FNMA	6.500		09/01/37		457,783
	110,432		FNMA	6.500		09/01/37		122,815
	179,282		FNMA	6.500		09/01/37		198,825
	337,245		FNMA	6.500		09/01/37		374,008
	134,782		FNMA	6.500		09/01/37		149,643
	178,765	i	FNMA	5.870		10/01/37		190,337
	145,060		FNMA	6.000		11/01/37		159,439
	3,887,680		FNMA	6.000		11/01/37		4,273,047
	5,000,000	h	FNMA	6.000		10/25/38		5,484,375
	884,952		FNMA	6.000		11/01/38		972,120
	314,094		FNMA	5.500		01/01/39		341,352
	369,004		FNMA	6.000		01/01/39		405,351
	279,170		FNMA	6.000		01/01/39		306,668
	556,533		FNMA	4.500		02/01/39		591,519
	1,282,073		FNMA	4.500		02/01/39		1,362,670
	320,859		FNMA	5.500		02/01/39		348,704
	9,774,564		FNMA	6.000		04/01/39		10,743,468
	726,041		FNMA	4.500		05/01/39		771,230
	618,089		FNMA	4.500		08/01/39		656,559
	32,000,000	h	FNMA	4.000		10/25/39		33,540,000
	4,000,000	h	FNMA	4.500		10/25/39		4,243,125
	7,000,000	h	FNMA	5.500		10/25/39		7,596,093
	3,000,000		FNMA	4.000		02/25/40		3,200,102
	1,978,860		FNMA	4.500		09/01/40		2,102,023
	2,426,128		FNMA	4.500		09/01/40		2,577,129
	4,857,749		FNMA	4.500		10/01/40		5,179,828
	11,000,000	h	FNMA	3.500		10/25/40		11,300,782
	1,925,153		FNMA	4.000		11/01/40		2,020,387
	1,938,532		FNMA	4.500		11/01/40		2,059,185
			Government National Mortgage Association (GNMA)
	27,273		GNMA	7.500		11/15/23		31,698
	4,986		GNMA	7.500		08/15/28		5,839
	37,061		GNMA	6.500		12/15/28		42,859
	87,330		GNMA	6.500		03/15/29		100,992
	27,896		GNMA	8.500		10/20/30		33,738

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$9,318		GNMA	7.000	%	06/20/31	$	10,889
	146,485		GNMA	5.000		02/15/33		161,808
	144,330		GNMA	5.500		07/15/33		160,391
	1,018,723		GNMA	5.000		09/15/33		1,125,282
	225,426		GNMA	5.500		11/20/33		251,234
	928,940		GNMA	5.500		02/20/35		1,035,287
	318,576		GNMA	5.500		03/20/35		355,048
	168,703		GNMA	6.000		10/20/36		188,708
	179,006		GNMA	6.000		01/20/37		200,233
	264,807		GNMA	6.000		02/20/37		295,795
	493,935		GNMA	6.000		12/15/37		551,448
	419,800		GNMA	5.000		04/15/38		461,482
	414,410		GNMA	5.500		07/15/38		458,196
	458,132		GNMA	5.500		07/20/38		507,717
	165,801		GNMA	6.000		08/15/38		185,055
	172,841		GNMA	6.000		08/20/38		192,797
	1,000,000	h	GNMA	5.500		10/15/38		1,104,688
	742,476		GNMA	4.500		03/15/39		809,551
	237,120		GNMA	5.000		07/20/39		260,941
	282,556		GNMA	4.000		08/15/39		302,707
	2,000,000	h	GNMA	4.500		10/15/39		2,172,812
	5,000,000	h	GNMA	5.000		10/15/39		5,490,625
	3,000,000	h	GNMA	5.000		10/20/40		3,294,844
	8,606,876		GNMA	4.500		01/20/41		9,344,073
	3,000,000	h	GNMA	4.000		10/15/41		3,208,125
	5,000,000	h	GNMA	4.500		10/20/41		5,419,531
	487,563		GNMA	6.230		09/15/43		514,437

			TOTAL MORTGAGE BACKED					237,047,582


MUNICIPAL BONDS - 0.3%
	600,000		Grant County Public Utility District No 2	5.630		01/01/27		677,808
	775,000		State of California	7.630		03/01/40		955,358
	775,000		State of Illinois	6.730		04/01/35		821,547

			TOTAL MUNICIPAL BONDS					2,454,713


U.S. TREASURY SECURITIES - 11.3%
	9,302,000		United States Treasury Bond	8.000		11/15/21		14,528,562
	3,902,500		United States Treasury Bond	5.250		02/15/29		5,329,960
	5,000,000		United States Treasury Bond	5.380		02/15/31		7,033,595
	507,000		United States Treasury Bond	4.500		02/15/36		656,486
	742,500		United States Treasury Bond	4.750		02/15/41		1,014,556
	10,950,000		United States Treasury Bond	4.380		05/15/41		14,146,086
	250,000		United States Treasury Note	1.000		12/31/11		250,576
	2,000,000		United States Treasury Note	1.880		06/15/12		2,024,062
	530,000		United States Treasury Note	0.630		06/30/12		531,823
	10,000,000		United States Treasury Note	0.380		07/31/13		10,021,480
	125,000		United States Treasury Note	0.130		08/31/13		124,692
	1,465,000		United States Treasury Note	2.380		08/31/14		1,547,292
	2,887,000		United States Treasury Note	2.500		04/30/15		3,083,452
	9,502,000	d	United States Treasury Note	1.250		09/30/15		9,712,830
	1,000,000		United States Treasury Note	2.380		03/31/16		1,068,047
	8,840,000		United States Treasury Note	1.500		06/30/16		9,083,807

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,475,000		United States Treasury Note	1.000	%	08/31/16	$	2,481,188
	530,000		United States Treasury Note	2.880		03/31/18		581,758
	18,830,000		United States Treasury Note	2.380		05/31/18		20,043,594
	280,000		United States Treasury Note	2.630		11/15/20		299,425
	1,185,000		United States Treasury Note	2.130		08/15/21		1,205,927
	1,000,000	j	United States Treasury Strip Principal	0.000		08/15/27		644,987

			TOTAL U.S. TREASURY SECURITIES					105,414,185


			TOTAL GOVERNMENT BONDS					412,716,099
			(Cost $392,873,091)

STRUCTURED ASSETS - 10.8%

ASSET BACKED - 5.5%
	638,980		Accredited Mortgage Loan Trust	4.330		06/25/33		513,173
			Series - 2003 1 (Class A1)
	1,000,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		1,007,983
			Series - 2011 1 (Class C)
	175,000	g,i,m	ARTS Ltd	0.600		06/15/13		166,250
			Series - 2005 BA (Class B)
	375,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		386,344
			Series - 2010 5A (Class A)
	1,093,301		Centex Home Equity	5.540		01/25/32		1,077,055
			Series - 2002 A (Class AF6)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		359,292
			Series - 2004 2 (Class 1M1)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		149,971
			Series - 2004 2 (Class 1B)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		113,471
			Series - 2002 2 (Class MF2)
	88,547		CIT Group Home Equity Loan Trust	6.830		06/25/33		2,718
			Series - 2002 2 (Class BF)
	248,775	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		240,515
			Series - 2006 15 (Class A2)
	110,053	i	Countrywide Home Equity Loan Trust	0.450		02/15/29		72,114
			Series - 2004 B (Class 1A)
	95,287	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		91,605
			Series - 2007 MX1 (Class A1)
	1,776,292	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		1,651,392
			Series - 2007 1A (Class AF3)
	400,000		Ford Credit Auto Owner Trust	3.210		07/15/17		412,796
			Series - 2011 A (Class D)
	7,895,952	g,i,m	Galaxy CLO Ltd	0.510		10/20/17		7,599,853
			Series - 2005 5A (Class A1)
	407,072		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		403,021
			Series - 2006 HLTV (Class A3)
	2,650,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		2,104,744
			Series - 2006 HLTV (Class A4)
	1,305,137	i	HSI Asset Securitization Corp Trust	0.590		07/25/35		1,233,813
			Series - 2005 NC1 (Class 2A3)
	2,452,809	i	HSI Asset Securitization Corp Trust	0.420		12/25/35		1,975,475
			Series - 2006 OPT1 (Class 2A3)

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,487,250	i	JP Morgan Mortgage Acquisition Corp	0.610	%	09/25/35	$	2,024,350
			Series - 2005 WMC1 (Class M1)
	4,608,490	i	JP Morgan Mortgage Acquisition Corp	0.380		05/25/36		3,940,498
			Series - 2006 ACC1 (Class A4)
	5,327,161	i	Lehman XS Trust	0.530		11/25/35		3,900,537
			Series - 2005 5N (Class 1A1)
	1,506,627		Lehman XS Trust	6.500		06/25/46		838,233
			Series - 2006 13 (Class 2A1)
	1,226,104	i	Long Beach Mortgage Loan Trust	0.690		02/25/35		1,207,620
			Series - 2005 1 (Class M1)
	60,218	i	Morgan Stanley ABS Capital I	0.270		01/25/37		58,650
			Series - 2007 HE2 (Class A2A)
	1,993,460		Renaissance Home Equity Loan Trust	5.390		07/25/34		1,966,124
			Series - 2004 2 (Class AF4)
	1,235,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		522,419
			Series - 2006 3 (Class AF3)
	513,112		Residential Asset Mortgage Products, Inc	4.970		09/25/33		513,299
			Series - 2003 RZ5 (Class A7)
	3,673,662	i	Residential Asset Mortgage Products, Inc	0.850		11/25/34		3,347,092
			Series - 2004 RS11 (Class M1)
	234,313	i	Residential Asset Securities Corp	6.490		10/25/30		212,339
			Series - 2001 KS2 (Class AI6)
	170,000	i	Residential Asset Securities Corp	0.660		04/25/35		146,611
			Series - 2005 KS3 (Class M3)
	42,026		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		41,540
			Series - 2006 HI5 (Class A2)
	5,865,173		Residential Funding Mortgage Securities II, Inc	5.790		02/25/36		5,868,147
			Series - 2006 HI2 (Class A3)
	862,727		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		771,074
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		428,465
			Series - 2006 HI1 (Class M1)
	1,500,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		1,129,961
			Series - 2006 HI1 (Class M2)
	658,919		Saxon Asset Securities Trust	6.120		11/25/30		660,353
			Series - 2002 2 (Class AF6)
	118,018	i	Securitized Asset Backed Receivables LLC Trust	0.380		03/25/36		110,645
			Series - 2006 NC2 (Class A2)
	500,000	g	SLM Student Loan Trust	4.370		04/17/28		529,616
			Series - 2011 A (Class A2)
	340,000	g	SLM Student Loan Trust	3.740		02/15/29		341,920
			Series - 2011 B (Class A2)
	979,820	i	Soundview Home Equity Loan Trust	0.340		10/25/36		956,463
			Series - 2006 EQ1 (Class A2)
	1,446,221	i	Structured Asset Investment Loan Trust	0.630		05/25/35		1,375,597
			Series - 2005 4 (Class M1)
	798,942	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		659,127
			Series - 2006 N1 (Class N1)
	205,099	g,i	Wachovia Loan Trust	0.590		05/25/35		161,276
			Series - 2005 SD1 (Class A)
	148,702	i	Wells Fargo Home Equity Trust	0.370		07/25/36		128,035
			Series - 2006 2 (Class A3)

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$200,000		World Financial Network Credit Card Master Trust	6.750	%	04/15/19	$	223,334
			Series - 2010 A (Class B)

			TOTAL ASSET BACKED					51,624,910


OTHER MORTGAGE BACKED - 5.3%
	3,614,202	i	Ameriquest Mortgage Securities	0.550		05/25/35		3,512,477
			Series - 0 R3 (Class A3D)
	225,000	i	Banc of America Commercial Mortgage, Inc	4.770		07/10/43		199,647
			Series - 2005 3 (Class AJ)
	2,423,000	g,i	Banc of America Commercial Mortgage, Inc	5.420		07/10/43		1,780,612
			Series - 2005 2 (Class E)
	800,000		Banc of America Commercial Mortgage, Inc	5.680		07/10/46		746,371
			Series - 2006 4 (Class AM)
	2,174,077	g,i	Banc of America Large Loan, Inc	5.900		02/15/51		2,090,062
			Series - 2010 UB3 (Class A4B3)
	104,244		Bank of America Alternative Loan Trust	5.500		09/25/19		104,044
			Series - 2004 8 (Class 3A1)
	976,690		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		881,431
			Series - 2005 AC2 (Class 1A)
	200,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		216,208
			Series - 2006 PW14 (Class A4)
	330,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		324,905
			Series - 2006 PW13 (Class AM)
	100,000	i	Bear Stearns Commercial Mortgage Securities	5.570		10/12/41		98,682
			Series - 2006 T24 (Class AM)
	115,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		122,363
			Series - 2007 PW17 (Class A4)
	140,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		150,719
			Series - 2007 PW18 (Class A4)
	1,124,634		Citicorp Mortgage Securities, Inc	5.500		07/25/35		1,041,073
			Series - 2005 4 (Class 1A7)
	560,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		504,640
			Series - 2007 C9 (Class AM)
	457,074		Countrywide Alternative Loan Trust	5.500		08/25/16		461,405
			Series - 2004 30CB (Class 1A15)
	1,747,511		Countrywide Alternative Loan Trust	5.500		10/25/35		332,908
			Series - 2005 42CB (Class A12)
	2,605,335	i	Countrywide Alternative Loan Trust	0.370		07/25/46		2,432,847
			Series - 2006 OA8 (Class 2A2)
	192,927		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		187,561
			Series - 2005 12 (Class 1A5)
	92,880		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		91,579
			Series - 2005 J3 (Class 1A1)
	144,466	g,i	Credit Suisse Mortgage Capital Certificates	0.410		04/15/22		130,840
			Series - 2007 TF2A (Class A1)
	2,400,000	g	Credit Suisse Mortgage Capital Certificates	5.380		02/15/40		2,225,256
			Series - 2009 RR1 (Class A3C)
	170,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		168,038
			Series - 2003 C3 (Class B)
	1,025,000	g,i	DB/UBS Mortgage Trust	5.730		11/10/46		905,667
			Series - 2011 LC1A (Class C)
	1,855,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		1,734,560
			Series - 2006 GG7 (Class AM)

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$430,000	g	GS Mortgage Securities Corp II	5.150	%	08/10/43	$	407,376
			Series - 2010 C1 (Class B)
	305,000	g,i	GS Mortgage Securities Corp II	5.400		12/10/43		259,693
			Series - 2010 C2 (Class C)
	515,000	g,i	GS Mortgage Securities Corp II	5.400		12/10/43		488,342
			Series - 2010 C2 (Class B)
	113,658	i	GSR Mortgage Loan Trust	2.790		01/25/36		106,527
			Series - 2006 AR1 (Class 2A2)
	1,082,123	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.550		02/15/20		1,007,914
			Series - 2006 FL1A (Class D)
	3,960,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		3,758,473
			Series - 2010 C2 (Class B)
	125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.720		11/15/43		115,851
			Series - 2010 C2 (Class C)
	2,090,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		2,018,390
			Series - 2006 LDP8 (Class AM)
	310,000	g,i,m	JP Morgan Chase Commercial Mortgage Securities Corp	5.430		07/15/46		268,373
			Series - 2011 C4 (Class C)
	720,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		743,479
			Series - 2006 LDP9 (Class A3)
	1,040,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		1,086,832
			Series - 2007 LD11 (Class A4)
	127,155	i	JP Morgan Mortgage Trust	4.300		04/25/35		126,611
			Series - 2005 A2 (Class 5A1)
	200,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		213,446
			Series - 2005 C1 (Class A4)
	1,120,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		1,182,057
			Series - 2007 C1 (Class A4)
	320,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		328,634
			Series - 2007 C2 (Class A3)
	780,000		LB-UBS Commercial Mortgage Trust	5.460		02/15/40		689,635
			Series - 2007 C1 (Class AM)
	75,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		80,261
			Series - 2007 C6 (Class A4)
	1,363,353		MASTR Alternative Loans Trust	5.500		02/25/35		1,005,959
			Series - 2005 1 (Class 6A5)
	227,173		MASTR Asset Securitization Trust	5.000		05/25/35		227,032
			Series - 2005 1 (Class 2A5)
	241,897	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		238,391
			Series - 2005 CIP1 (Class AM)
	1,445,000	i	Morgan Stanley Capital I	5.450		02/12/44		1,549,601
			Series - 2007 HQ11 (Class A4)
	420,000		Morgan Stanley Capital I	5.360		03/15/44		445,870
			Series - 2007 IQ13 (Class A4)
	1,480,000	g,i	Morgan Stanley Capital I	5.420		09/15/47		1,251,472
			Series - 2011 C1 (Class C)
	320,000	g,i	Morgan Stanley Capital I	5.420		09/15/47		247,317
			Series - 2011 C1 (Class D)
	125,000	i	Morgan Stanley Capital I	5.540		11/12/49		120,939
			Series - 2007 T25 (Class AM)
	1,145,000	g,i	RBSCF Trust	4.790		04/15/24		1,156,458
			Series - 2010 MB1 (Class B)

TIAA-CREF FUNDS – Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$370,000	g,i	RBSCF Trust	4.830	%	04/15/24	$	333,261
			Series - 2010 MB1 (Class D)
	900,602		Residential Accredit Loans, Inc	5.750		05/25/35		137,734
			Series - 2005 QS6 (Class A7)
	547,469		Residential Accredit Loans, Inc	6.000		06/25/36		328,232
			Series - 2006 QS7 (Class A3)
	2,796,826	i	Residential Accredit Loans, Inc	0.420		05/25/46		1,581,835
			Series - 2006 QO5 (Class 2A1)
	384,437	i	Residential Funding Mortgage Securities I, Inc	2.910		08/25/35		329,147
			Series - 2005 SA3 (Class 2A1)
	76,704	i	Structured Adjustable Rate Mortgage Loan Trust	0.610		03/25/35		72,188
			Series - 2005 6XS (Class A3)
	1,677,201	i	Structured Asset Mortgage Investments, Inc	0.540		09/25/45		952,776
			Series - 2005 AR6 (Class 2A1)
	455,000	g	Vornado DP LLC	5.280		09/13/28		405,828
			Series - 2010 VNO (Class C)
	1,425,000		Wachovia Bank Commercial Mortgage Trust	5.380		12/15/43		1,139,567
			Series - 2007 C30 (Class AM)
	880,000	i	Wachovia Bank Commercial Mortgage Trust	6.170		06/15/45		833,867
			Series - 2006 C26 (Class AM)
	175,000	i	Wachovia Bank Commercial Mortgage Trust	5.820		05/15/46		149,675
			Series - 2007 C34 (Class AM)
	415,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		429,443
			Series - 2007 C31 (Class A5)
	225,000		Wachovia Bank Commercial Mortgage Trust	5.340		11/15/48		204,987
			Series - 2006 C29 (Class AM)
	2,185,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		1,345,816
			Series - 2006 C29 (Class AJ)
	100,000	i	Wachovia Bank Commercial Mortgage Trust	6.100		02/15/51		105,312
			Series - 2007 C33 (Class A4)
	1,415,587		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		1,428,225
			Series - 2005 2 (Class 1A1)
	54,419	i	Wells Fargo Mortgage Backed Securities Trust	5.390		03/25/36		54,146
			Series - 2006 AR1 (Class 2A2)
	225,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.280		10/15/57		223,415
			Series - 2010 C1 (Class B)

			TOTAL OTHER MORTGAGE BACKED					49,624,282

			TOTAL STRUCTURED ASSETS					101,249,192
			(Cost $110,738,223)

			TOTAL BONDS					888,948,730
			(Cost $877,203,340)


SHARES		COMPANY

PREFERRED STOCKS - 0.1%

BANKS - 0.0%
	38,322	Federal Home Loan Mortgage Corp	8.380	12/30/49	76,644
	110,728	Federal National Mortgage Association	8.250	12/30/49	210,383

		TOTAL BANKS			287,027

TIAA-CREF FUNDS – Bond Plus Fund

SHARES

COMPANY

RATE

MATURITY
DATE

VALUE

DIVERSIFIED FINANCIALS - 0.1%

54,446

GMAC Capital Trust I

8.130

02/15/40

970,677

TOTAL DIVERSIFIED FINANCIALS

970,677

TOTAL PREFERRED STOCKS

1,257,704

(Cost $5,087,400)

PRINCIPAL

ISSUER

SHORT-TERM INVESTMENTS - 10.0%

GOVERNMENT AGENCY DEBT - 0.3%

Federal Home Loan Bank (FHLB)

$2,366,000

FHLB

0.114

12/16/11

2,365,903

TOTAL GOVERNMENT AGENCY DEBT

2,365,903

TREASURY DEBT - 9.7%

19,730,000

United States Treasury Bill

0.055

10/06/11

19,729,835

20,000,000

United States Treasury Bill

0.008

10/27/11

19,999,567

1,410,000

United States Treasury Bill

0.081

11/17/11

1,409,825

20,000,000

United States Treasury Bill

0.048

05/31/12

19,990,640

20,000,000

United States Treasury Bill

0.034

06/28/12

19,987,000

9,650,000

United States Treasury Note

0.725

10/31/11

9,656,518

TOTAL TREASURY DEBT

90,773,385

TOTAL SHORT-TERM INVESTMENTS

93,139,288

(Cost $93,149,016)

TOTAL INVESTMENTS - 109.1%

1,015,547,434

(Cost $1,008,662,735)

OTHER ASSETS & LIABILITIES, NET - (9.1)%

(84,732,285

)

NET ASSETS - 100.0%

930,815,149

Abbreviation(s):

ABS Asset-Based Security

REIT Real Estate Investment Trust

All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.

All or a portion of these securities were purchased on a delayed delivery basis.

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

Zero coupon.

Indicates a security that has been deemed illiquid.

In default.

TIAA-CREF FUNDS – Short-Term Bond Fund

TIAA-CREF FUNDS
SHORT-TERM BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2011


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

BANK LOAN OBLIGATIONS - 1.3%

CAPITAL GOODS - 0.1%
	$496,250	i	TransDigm, Inc	4.000	%	02/14/17	$	484,231

			TOTAL CAPITAL GOODS					484,231


CONSUMER SERVICES - 0.2%
	1,492,500	i	Ameristar Casinos, Inc	4.000		04/14/18		1,440,113

			TOTAL CONSUMER SERVICES					1,440,113


DIVERSIFIED FINANCIALS - 0.3%
	1,990,000	i	TransUnion LLC	4.750		02/10/18		1,937,763

			TOTAL DIVERSIFIED FINANCIALS					1,937,763


FOOD & STAPLES RETAILING - 0.2%
	1,995,000	i	Del Monte Foods Co	4.500		02/15/18		1,850,363

			TOTAL FOOD & STAPLES RETAILING					1,850,363


HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	1,827,527	i	Fresenius US Finance I, Inc	3.500		09/10/14		1,794,888
	657,088	i	Fresenius US Finance I, Inc	3.500		09/10/14		645,352
	910,859	i	HCA, Inc	1.496		11/17/12		899,564

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					3,339,804


			TOTAL BANK LOAN OBLIGATIONS					9,052,274
			(Cost $9,338,765)

BONDS - 95.1%

CORPORATE BONDS - 34.3%

BANKS - 8.4%
	500,000	g,i	Banco Bradesco S.A.	2.390		05/16/14		485,656
	500,000	g	Banco Bradesco S.A.	4.130		05/16/16		497,500
	500,000	g	Banco de Credito del Peru	4.750		03/16/16		482,500
	500,000		Banco de Oro Unibank, Inc	3.880		04/22/16		465,932
	285,000	g	Banco do Brasil S.A.	4.500		01/22/15		291,042
	500,000	g,i	Banco Santander Chile	1.500		04/20/12		500,351
	280,000	g	Banco Santander Chile	3.750		09/22/15		278,793
	400,000	g	BanColombia S.A.	4.250		01/12/16		392,000
	1,000,000		Bank of America Corp	4.750		08/15/13		995,831
	1,725,000		Bank of America Corp	3.630		03/17/16		1,570,286
	2,000,000		Bank of America Corp	3.750		07/12/16		1,819,622
	200,000		Bank of New York Mellon Corp	4.300		05/15/14		215,792
	1,000,000		Bank of New York Mellon Corp	2.300		07/28/16		1,007,359
	4,160,000	g	Bank of Nova Scotia	1.650		10/29/15		4,191,004

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$4,800,000	g	Bank of Nova Scotia	2.150	%	08/03/16	$	4,882,210
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.250		02/24/14		1,018,429
	3,250,000		Capital One Financial Corp	2.130		07/15/14		3,217,614
	1,500,000		Citigroup, Inc	6.000		12/13/13		1,575,554
	4,565,000		Citigroup, Inc	5.000		09/15/14		4,477,164
	250,000		Deutsche Bank AG	3.880		08/18/14		255,149
	250,000		First Horizon National Corp	5.380		12/15/15		253,036
	1,000,000	g	HSBC Bank plc	1.630		08/12/13		992,231
	1,000,000	g	HSBC Bank plc	3.500		06/28/15		1,014,733
	618,000	g	ICICI Bank Ltd	5.500		03/25/15		615,524
	500,000	g	ICICI Bank Ltd	4.750		11/25/16		478,033
	495,000		JPMorgan Chase & Co	4.650		06/01/14		524,024
	3,100,000		JPMorgan Chase & Co	3.400		06/24/15		3,148,924
	1,975,000		JPMorgan Chase & Co	3.450		03/01/16		1,983,145
	500,000	g	National Australia Bank Ltd	2.500		01/08/13		505,803
	275,000		Northern Trust Corp	4.630		05/01/14		296,471
	4,000,000	g	Royal Bank of Canada	3.130		04/14/15		4,243,853
	500,000	g	Shinhan Bank	4.130		10/04/16		487,214
	1,000,000	g	Sumitomo Mitsui Banking Corp	2.150		07/22/13		1,022,870
	6,000,000	g	Toronto-Dominion Bank	1.630		09/14/16		5,979,300
	1,000,000		US Bancorp	1.130		10/30/13		998,388
	250,000		Wachovia Bank NA	5.300		10/15/11		250,233
	2,715,000		Wells Fargo & Co	3.680		06/15/16		2,825,300
	1,000,000		Westpac Banking Corp	2.100		08/02/13		1,014,302
	1,000,000		Westpac Banking Corp	3.000		08/04/15		1,018,209
	200,000		Zions Bancorporation	7.750		09/23/14		210,844

			TOTAL BANKS					56,482,225


CAPITAL GOODS - 0.7%
	50,000		Black & Decker Corp	8.950		04/15/14		58,635
	2,500,000		Caterpillar Financial Services Corp	1.550		12/20/13		2,531,922
	250,000		CRH America, Inc	4.130		01/15/16		251,714
	250,000		ITT Corp	4.900		05/01/14		273,307
	1,000,000		Lockheed Martin Corp	2.130		09/15/16		994,265
	1,000,000		Tyco International Finance S.A.	6.000		11/15/13		1,094,816
	75,000		Tyco International Finance S.A.	4.130		10/15/14		79,732

			TOTAL CAPITAL GOODS					5,284,391


COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	1,000,000		Johnson Controls, Inc	1.750		03/01/14		1,007,820
	1,000,000		Thomson Corp	5.250		08/15/13		1,071,347
	1,000,000		Waste Management, Inc	2.600		09/01/16		1,002,370

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					3,081,537


CONSUMER DURABLES & APPAREL - 0.4%
	1,000,000	i	Hanesbrands, Inc	3.770		12/15/14		977,500
	1,350,000	g	Harley-Davidson Financial Services, Inc	3.880		03/15/16		1,389,259
	200,000		Whirlpool Corp	8.000		05/01/12		207,689
	175,000		Xerox Corp	8.250		05/15/14		199,235

			TOTAL CONSUMER DURABLES & APPAREL					2,773,683

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

CONSUMER SERVICES - 0.1%
	$390,000	g	Transnet Ltd	4.500	%	02/10/16	$	400,744

			TOTAL CONSUMER SERVICES					400,744


DIVERSIFIED FINANCIALS - 5.1%
	2,000,000	g	Abbey National Treasury Services plc	3.880		11/10/14		1,920,440
	250,000		American Express Centurion Bank	5.550		10/17/12		260,524
	1,000,000		American Express Credit Corp	5.880		05/02/13		1,060,506
	1,000,000	g	American Honda Finance Corp	4.630		04/02/13		1,046,016
	500,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		497,500
	125,000		Barclays Bank plc	5.200		07/10/14		127,835
	500,000		BlackRock, Inc	3.500		12/10/14		531,291
	2,000,000		Canadian Imperial Bank of Commerce	1.450		09/13/13		2,011,697
	1,000,000	i	Countrywide Financial Corp	0.710		05/07/12		962,130
	130,000		Credit Suisse	5.000		05/15/13		134,359
	500,000		Credit Suisse	5.500		05/01/14		528,573
	100,000		Eaton Vance Corp	6.500		10/02/17		114,071
	500,000		FIA Card Services NA	7.130		11/15/12		508,526
	300,000		Ford Motor Credit Co LLC	7.250		10/25/11		300,374
	1,000,000		General Electric Capital Corp	2.800		01/08/13		1,017,214
	1,250,000		General Electric Capital Corp	1.880		09/16/13		1,255,746
	500,000		General Electric Capital Corp	3.750		11/14/14		521,957
	500,000	i	Goldman Sachs Capital II	5.790		12/30/49		310,000
	650,000		Goldman Sachs Group, Inc	5.700		09/01/12		667,245
	50,000		Goldman Sachs Group, Inc	4.750		07/15/13		51,454
	1,000,000		Goldman Sachs Group, Inc	3.700		08/01/15		979,082
	2,015,000		Goldman Sachs Group, Inc	3.630		02/07/16		1,961,753
	500,000		HSBC Finance Corp	4.750		07/15/13		516,915
	160,000	g	Hyundai Capital America	3.750		04/06/16		158,055
	200,000	g	Hyundai Capital Services, Inc	4.380		07/27/16		202,386
	150,000	g	International Lease Finance Corp	6.500		09/01/14		150,000
	300,000		International Lease Finance Corp	5.750		05/15/16		266,644
	385,000	g	Inversiones CMPC S.A.	4.750		01/19/18		389,187
	1,000,000		Jefferies Group, Inc	3.880		11/09/15		978,733
	500,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		50
	300,000		Merrill Lynch & Co, Inc	5.450		02/05/13		297,308
	250,000		MF Global Holdings Ltd	6.250		08/08/16		236,123
	1,900,000		Morgan Stanley	3.250		12/01/11		1,909,382
	1,525,000		Morgan Stanley	6.000		05/13/14		1,544,352
	1,500,000		Morgan Stanley	2.880		07/28/14		1,429,406
	150,000		Morgan Stanley	6.000		04/28/15		149,291
	1,000,000		Morgan Stanley	3.800		04/29/16		921,930
	425,000		NASDAQ OMX Group, Inc	2.500		08/15/13		434,563
	250,000		NASDAQ OMX Group, Inc	4.000		01/15/15		254,777
	535,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		544,685
	375,000		Nomura Holdings, Inc	4.130		01/19/16		380,536
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		528,660
	1,000,000		Rabobank Nederland NV	2.130		10/13/15		997,967
	1,000,000		Royal Bank of Scotland plc	3.400		08/23/13		995,390
	225,000		State Street Corp	4.300		05/30/14		242,738
	1,000,000		Toyota Motor Credit Corp	1.380		08/12/13		1,007,710
	1,000,000		UBS AG.	2.250		08/12/13		982,070
	1,000,000		Unilever Capital Corp	2.750		02/10/16		1,056,388

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,000,000	g	Volkswagen International Finance NV	1.630	%	08/12/13	$	1,003,474
	100,000	g	WT Finance Aust Pty Ltd	5.130		11/15/14		105,182

			TOTAL DIVERSIFIED FINANCIALS					34,452,195


ENERGY - 2.0%
	142,000		Arch Western Finance LLC	6.750		07/01/13		141,645
	1,000,000		BP Capital Markets plc	5.250		11/07/13		1,076,735
	530,000		BP Capital Markets plc	3.200		03/11/16		552,539
	2,500,000		Chesapeake Energy Corp	7.630		07/15/13		2,618,750
	350,000		ConocoPhillips	4.600		01/15/15		383,416
	500,000		Devon Energy Corp	5.630		01/15/14		548,322
	441,800		Dolphin Energy Ltd	5.890		06/15/19		472,726
	390,000	g	Empresa Nacional del Petroleo	4.880		03/15/14		409,419
	225,000		Enterprise Products Operating LLC	4.600		08/01/12		230,873
	1,150,000		EOG Resources, Inc	2.950		06/01/15		1,207,073
	500,000	g	Gaz Capital S.A.	7.510		07/31/13		523,715
	350,000	g	Gaz Capital S.A.	5.090		11/29/15		343,000
	350,000	g	Marathon Petroleum Corp	3.500		03/01/16		360,845
	375,000		Noble Holding International Ltd	3.450		08/01/15		394,227
	500,000	g	Novatek Finance Ltd	5.330		02/03/16		488,750
	500,000		Occidental Petroleum Corp	2.500		02/01/16		520,887
	225,000		Petrobras International Finance Co	3.880		01/27/16		223,200
	500,000		Petroleos Mexicanos	4.880		03/15/15		523,750
	500,000		Shell International Finance BV	3.100		06/28/15		530,822
	100,000		Statoil ASA	2.900		10/15/14		105,229
	1,000,000		Total Capital Canada Ltd	1.630		01/28/14		1,017,531
	475,000		Valero Energy Corp	4.500		02/01/15		507,158
	250,000		XTO Energy, Inc	4.630		06/15/13		266,453

			TOTAL ENERGY					13,447,065


FOOD & STAPLES RETAILING - 0.6%
	1,075,000		CVS Caremark Corp	3.250		05/18/15		1,131,378
	1,000,000		Kroger Co	5.000		04/15/13		1,051,018
	2,000,000		SUPERVALU, Inc	7.500		05/15/12		2,040,000

			TOTAL FOOD & STAPLES RETAILING					4,222,396


FOOD, BEVERAGE & TOBACCO - 1.6%
	700,000		Anheuser-Busch InBev Worldwide, Inc	4.130		01/15/15		758,592
	500,000		Anheuser-Busch InBev Worldwide, Inc	2.880		02/15/16		523,557
	500,000	g	CCL Finance Ltd	9.500		08/15/14		557,500
	600,000	g	Coca-Cola Co	1.800		09/01/16		601,734
	1,000,000		Coca-Cola Enterprises, Inc	1.130		11/12/13		998,344
	2,000,000		Constellation Brands, Inc	8.380		12/15/14		2,194,999
	1,000,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		1,015,074
	1,225,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		1,314,493
	135,000		General Mills, Inc	5.200		03/17/15		151,355
	1,000,000		Kraft Foods, Inc	5.250		10/01/13		1,067,023
	50,000		PepsiAmericas, Inc	5.750		07/31/12		52,160
	1,000,000		PepsiCo, Inc	0.880		10/25/13		1,000,742
	150,000		Philip Morris International, Inc	4.880		05/16/13		159,146
	250,000		Philip Morris International, Inc	6.880		03/17/14		283,708

			TOTAL FOOD, BEVERAGE & TOBACCO					10,678,427

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	$250,000		Boston Scientific Corp	4.500	%	01/15/15	$	261,232
	1,818,000		CHS/Community Health Systems	8.880		07/15/15		1,786,185
	1,538,000		HCA, Inc	6.300		10/01/12		1,553,380
	904,000		McKesson Corp	3.250		03/01/16		953,058
	1,000,000		Medco Health Solutions, Inc	2.750		09/15/15		1,005,655
	200,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		203,288
	1,000,000		Thermo Fisher Scientific, Inc	2.050		02/21/14		1,028,231
	245,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		258,573

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					7,049,602


INSURANCE - 1.0%
	1,000,000		American International Group, Inc	3.650		01/15/14		975,033
	2,000,000		MetLife, Inc	2.380		02/06/14		2,034,736
	1,020,000		Progressive Corp	6.380		01/15/12		1,032,687
	1,000,000		Prudential Financial, Inc	5.100		09/20/14		1,054,425
	250,000		United Health Group, Inc	4.880		02/15/13		262,350
	1,500,000		Willis Group Holdings plc	4.130		03/15/16		1,524,771

			TOTAL INSURANCE					6,884,002


MATERIALS - 1.7%
	200,000		Air Products & Chemicals, Inc	4.150		02/01/13		208,917
	2,000,000		Airgas, Inc	2.850		10/01/13		2,046,609
	40,000		Airgas, Inc	4.500		09/15/14		42,646
	1,665,000	g	Anglo American Capital plc	2.150		09/27/13		1,660,067
	2,000,000		ArcelorMittal	5.380		06/01/13		2,040,813
	675,000		ArcelorMittal	3.750		08/05/15		630,248
	650,000		ArcelorMittal	3.750		02/01/16		597,677
	500,000		Bemis Co, Inc	4.880		04/01/12		507,619
	1,000,000		Bemis Co, Inc	5.650		08/01/14		1,083,347
	1,000,000	g,i	Cemex SAB de C.V.	5.370		09/30/15		600,000
	1,000,000		EI Du Pont de Nemours & Co	3.250		01/15/15		1,064,089
	290,000	g	Hyundai Steel Co	4.630		04/21/16		290,073
	500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		498,879

			TOTAL MATERIALS					11,270,984


MEDIA - 1.5%
	600,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		659,226
	170,000		DIRECTV Holdings LLC	3.500		03/01/16		175,410
	2,300,000		Echostar DBS Corp	6.380		10/01/11		2,300,000
	2,000,000		Interpublic Group of Cos, Inc	6.250		11/15/14		2,110,000
	1,000,000		Lamar Media Corp	9.750		04/01/14		1,102,500
	1,000,000		Lamar Media Corp	6.630		08/15/15		982,500
	1,000,000		NBCUniversal Media LLC	3.650		04/30/15		1,052,080
	1,000,000		Time Warner Cable, Inc	7.500		04/01/14		1,131,112
	250,000		Time Warner, Inc	3.150		07/15/15		258,578
	125,000		Viacom, Inc	4.380		09/15/14		133,565

			TOTAL MEDIA					9,904,971

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.7%
	$1,000,000	Abbott Laboratories	2.700	%	05/27/15	$	1,049,739
	325,000	Eli Lilly & Co	3.550		03/06/12		329,107
	1,000,000	GlaxoSmithKline Capital, Inc	4.850		05/15/13		1,066,798
	600,000	Johnson & Johnson	2.150		05/15/16		619,262
	120,000	Life Technologies Corp	3.500		01/15/16		122,156
	1,000,000	Merck & Co, Inc	2.250		01/15/16		1,035,249
	180,000	Novartis Capital Corp	4.130		02/10/14		193,547
	500,000	Novartis Capital Corp	2.900		04/24/15		529,153
	175,000	Pfizer, Inc	5.350		03/15/15		199,375

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					5,144,386

REAL ESTATE - 0.1%
	75,000	AMB Property LP	7.630		08/15/14		81,708
	335,000	HCP, Inc	3.750		02/01/16		331,063
	665,000	Health Care REIT, Inc	3.630		03/15/16		648,368

		TOTAL REAL ESTATE					1,061,139


RETAILING - 1.4%
	2,000,000	Limited Brands, Inc.	5.250		11/01/14		2,080,000
	1,000,000	Macy’s Retail Holdings, Inc	5.880		01/15/13		1,042,733
	2,212,000	Macy’s Retail Holdings, Inc	5.750		07/15/14		2,362,606
	500,000	Staples, Inc	9.750		01/15/14		579,524
	2,300,000	Target Corp	1.130		07/18/14		2,318,133
	1,000,000	Wal-Mart Stores, Inc	3.000		02/03/14		1,054,103

		TOTAL RETAILING					9,437,099


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4%
	2,000,000	Broadcom Corp	1.500		11/01/13		2,003,902
	500,000	National Semiconductor Corp	3.950		04/15/15		535,733

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					2,539,635


SOFTWARE & SERVICES - 2.1%
	5,000,000	International Business Machines Corp	1.000		08/05/13		5,036,034
	1,610,000	International Business Machines Corp	1.950		07/22/16		1,624,145
	5,000,000	Microsoft Corp	0.880		09/27/13		5,032,510
	1,000,000	Microsoft Corp	1.630		09/25/15		1,019,252
	1,000,000	Oracle Corp	4.950		04/15/13		1,064,213

		TOTAL SOFTWARE & SERVICES					13,776,154


TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	250,000	Amphenol Corp	4.750		11/15/14		265,050
	668,000	Cisco Systems, Inc	2.900		11/17/14		704,357
	300,000	Hewlett-Packard Co	4.250		02/24/12		304,015
	130,000	Hewlett-Packard Co	4.500		03/01/13		135,618
	100,000	Hewlett-Packard Co	4.750		06/02/14		107,438
	1,000,000	IBM International Group Capital LLC	5.050		10/22/12		1,045,488
	250,000	L-3 Communications Corp	6.380		10/15/15		255,313

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					2,817,279


TELECOMMUNICATION SERVICES - 1.7%
	315,000	America Movil SAB de C.V.	2.380		09/08/16		304,605
	100,000	AT&T, Inc	7.300		11/15/11		100,714

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,000,000		AT&T, Inc	2.500	%	08/15/15	$	1,022,299
	1,000,000		AT&T, Inc	2.950		05/15/16		1,031,900
	1,000,000		British Telecommunications plc	5.150		01/15/13		1,045,818
	1,000,000		Cellco Partnership	7.380		11/15/13		1,121,522
	1,000,000		France Telecom S.A.	2.130		09/16/15		989,771
	1,000,000		Telecom Italia Capital S.A.	5.250		11/15/13		977,475
	850,000		Telecom Italia Capital S.A.	6.180		06/18/14		845,886
	1,000,000		Telefonica Emisiones SAU	2.580		04/26/13		967,729
	1,000,000		Telefonica Emisiones SAU	3.730		04/27/15		954,337
	1,000,000		Telefonica Emisiones SAU	3.990		02/16/16		951,525
	190,000		Verizon Communications, Inc	5.250		04/15/13		201,991
	500,000	g	Vimpelcom Holdings	6.250		03/01/17		430,000
	250,000		Windstream Corp	8.130		08/01/13		263,125

			TOTAL TELECOMMUNICATION SERVICES					11,208,697


TRANSPORTATION - 1.0%
	2,000,000	g	Bombardier, Inc	6.300		05/01/14		2,070,000
	1,600,000		CSX Corp	5.750		03/15/13		1,700,735
	1,000,000	g	ERAC USA Finance LLC	5.800		10/15/12		1,041,978
	1,000,000	g	ERAC USA Finance LLC	2.750		07/01/13		1,011,641
	1,000,000	g	Southwest Airlines Co	10.500		12/15/11		1,016,573
	175,000	g	Union Pacific Corp	4.160		07/15/22		186,759

			TOTAL TRANSPORTATION					7,027,686


UTILITIES - 1.9%
	500,000	g	Abu Dhabi National Energy Co	6.600		08/01/13		532,500
	1,000,000		AES Corp	7.750		03/01/14		1,020,000
	180,000		Alliant Energy Corp	4.000		10/15/14		187,462
	250,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		281,614
	1,000,000		Commonwealth Edison Co	4.700		04/15/15		1,100,562
	1,000,000		Dominion Resources, Inc	1.800		03/15/14		1,009,143
	500,000		Duke Energy Carolinas LLC	5.750		11/15/13		548,336
	1,900,000		FPL Group Capital, Inc	2.600		09/01/15		1,924,851
	500,000	g	KazMunaiGaz Finance Sub BV	8.380		07/02/13		520,000
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,025,962
	200,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		195,465
	500,000		Korea Midland Power Co Ltd	5.380		02/11/13		519,306
	1,000,000		Northeast Utilities	5.650		06/01/13		1,067,521
	625,000		ONEOK Partners LP	5.900		04/01/12		638,796
	500,000		Pepco Holdings, Inc	2.700		10/01/15		506,664
	500,000		PG&E Corp	5.750		04/01/14		548,270
	500,000	g	Ras Laffan Liquefied Natural Gas Co Ltd	5.500		09/30/14		541,250
	250,000		Veolia Environnement	5.250		06/03/13		262,976
	450,000		Williams Partners LP	3.800		02/15/15		469,506

			TOTAL UTILITIES					12,900,184


			TOTAL CORPORATE BONDS					231,844,481
			(Cost $231,763,127)

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

GOVERNMENT BONDS - 51.0%

AGENCY SECURITIES - 14.1%
			Federal Farm Credit Bank (FFCB)
	$1,000,000		FFCB	1.380	%	06/25/13	$	1,017,741
			Federal Home Loan Bank (FHLB)
	3,000,000		FHLB	1.880		06/21/13		3,076,587
	7,500,000		FHLB	1.000		08/28/14		7,506,083
			Federal Home Loan Mortgage Corp (FHLMC)
	5,000,000		FHLMC	0.750		03/28/13		5,028,955
			Federal National Mortgage Association (FNMA)
	2,000,000		FNMA	3.630		02/12/13		2,086,530
	6,500,000		FNMA	1.250		08/20/13		6,593,574
	1,500,000		FNMA	2.750		03/13/14		1,580,801
	1,000,000		FNMA	2.500		05/15/14		1,048,531
	25,000,000		FNMA	1.130		06/27/14		25,366,899
	2,000,000		FNMA	3.000		09/16/14		2,138,952
	5,000,000		FNMA	2.630		11/20/14		5,299,665
	3,000,000		Citigroup Funding, Inc	2.250		12/10/12		3,065,508
	2,000,000		Citigroup, Inc	2.130		04/30/12		2,022,100
	2,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		1,975,220
	1,000,000		General Electric Capital Corp	2.250		03/12/12		1,009,388
	400,000		General Electric Capital Corp	2.200		06/08/12		405,452
	300,000		General Electric Capital Corp	2.130		12/21/12		306,525
	2,000,000		General Electric Capital Corp	2.630		12/28/12		2,056,466
	2,800,000		GMAC, Inc	1.750		10/30/12		2,843,504
	3,600,000		GMAC, Inc	2.200		12/19/12		3,679,426
	1,500,000		JPMorgan Chase & Co	3.130		12/01/11		1,506,963
	750,000		New York Community Bank	3.000		12/16/11		754,507
	7,000,000		Private Export Funding Corp	4.900		12/15/11		7,067,025
	2,000,000		Private Export Funding Corp	3.550		04/15/13		2,094,606
	1,000,000		Sovereign Bancorp, Inc	2.750		01/17/12		1,007,079
	3,000,000		Sovereign Bancorp, Inc	2.500		06/15/12		3,044,337
	1,000,000		State Street Corp	2.150		04/30/12		1,011,140
	500,000		US Central Federal Credit Union	1.900		10/19/12		508,692
	500,000		Wells Fargo & Co	2.130		06/15/12		506,167

			TOTAL AGENCY SECURITIES					95,608,423


FOREIGN GOVERNMENT BONDS - 4.1%
	1,250,000	g	Bank of Montreal	2.630		01/25/16		1,305,255
	800,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		833,284
	750,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		785,527
	1,100,000		Eksportfinans ASA	5.000		02/14/12		1,117,052
	1,140,000		Eksportfinans ASA	2.000		09/15/15		1,163,597
	1,000,000		Export Development Canada	2.250		05/28/15		1,051,014
	300,000		Export-Import Bank of Korea	8.130		01/21/14		334,859
	225,000		Export-Import Bank of Korea	4.130		09/09/15		226,838
	500,000		Export-Import Bank of Korea	3.750		10/20/16		487,690
	125,000		Hungary Government International Bond	4.750		02/03/15		122,500
	410,000	g	Korea Housing Finance Corp	3.500		12/15/16		408,107
	2,280,000	g	National Bank of Canada	1.650		01/30/14		2,316,368
	420,000		Poland Government International Bond	3.880		07/16/15		425,670
	195,000	g	Portugal Government International Bond	3.500		03/25/15		137,126
	3,000,000		Province of British Columbia Canada	2.850		06/15/15		3,198,684
	3,000,000		Province of New Brunswick Canada	2.750		06/15/18		3,137,013

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,000,000		Province of Nova Scotia Canada	2.380	%	07/21/15	$	2,083,262
	700,000		Province of Ontario Canada	2.950		02/05/15		739,950
	1,300,000		Province of Ontario Canada	2.700		06/16/15		1,366,092
	1,200,000		Province of Ontario Canada	1.600		09/21/16		1,197,264
	791,000	g	Qatar Government International Bond	4.000		01/20/15		832,528
	550,000		Republic of Italy	4.500		01/21/15		543,594
	500,000		Republic of Korea	5.750		04/16/14		537,640
	700,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		687,750
	500,000		South Africa Government International Bond	6.500		06/02/14		553,750
	1,200,000	g	Toronto-Dominion Bank	2.200		07/29/15		1,237,371
	500,000	g	Ukraine Government International Bond	6.250		06/17/16		444,375
	516,000		United Mexican States	5.880		02/17/14		558,312

			TOTAL FOREIGN GOVERNMENT BONDS					27,832,472


MORTGAGE BACKED - 2.8%
			Federal Home Loan Mortgage Corp (FHLMC)
	4,731,068		FHLMC	4.000		05/15/37		4,991,956
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	43,663		FGLMC	6.000		12/01/17		47,057
	240,392		FGLMC	5.500		01/01/19		263,219
	211,702		FGLMC	5.500		01/01/19		231,804
			Federal National Mortgage Association (FNMA)
	13,437		FNMA	5.000		06/01/13		14,078
	4,414,594		FNMA	4.000		10/25/24		4,669,869
	4,530,522		FNMA	4.500		10/25/28		4,763,140
			Government National Mortgage Association (GNMA)
	3,963,320		GNMA	2.300		10/15/19		3,961,243

			TOTAL MORTGAGE BACKED					18,942,366


MUNICIPAL BONDS - 0.1%
	500,000		New Jersey Health Care Facilities Financing Authority	5.000		07/01/16		532,915

			TOTAL MUNICIPAL BONDS					532,915


U.S. TREASURY SECURITIES - 29.9%
	1,000,000		United States Treasury Note	1.000		12/31/11		1,002,305
	140,000		United States Treasury Note	0.630		06/30/12		140,482
	60,000		United States Treasury Note	1.380		10/15/12		60,734
	19,925,000		United States Treasury Note	0.630		01/31/13		20,033,970
	22,720,000		United States Treasury Note	1.130		06/15/13		23,047,395
	575,000		United States Treasury Note	0.130		08/31/13		573,585
	7,395,000		United States Treasury Note	3.130		09/30/13		7,812,122
	3,125,000	d	United States Treasury Note	0.500		10/15/13		3,137,206
	29,700,000		United States Treasury Note	1.250		04/15/14		30,347,372
	2,318,000		United States Treasury Note	1.880		04/30/14		2,406,193
	45,000		United States Treasury Note	2.250		05/31/14		47,194
	1,635,000		United States Treasury Note	2.630		06/30/14		1,733,739
	17,960,000		United States Treasury Note	0.630		07/15/14		18,069,376
	25,000,000		United States Treasury Note	0.500		08/15/14		25,064,500
	2,991,000		United States Treasury Note	2.380		08/31/14		3,159,010
	1,865,000		United States Treasury Note	2.380		10/31/14		1,974,132
	6,779,000		United States Treasury Note	1.250		09/30/15		6,929,412
	3,967,000		United States Treasury Note	2.250		03/31/16		4,217,119

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$7,980,000		United States Treasury Note	1.500	%	06/30/16	$	8,200,088
	30,289,000		United States Treasury Note	1.000		08/31/16		30,364,724
	3,000,000		United States Treasury Note	2.250		07/31/18		3,165,936
	11,000,000		United States Treasury Note	1.500		08/31/18		11,053,284

			TOTAL U.S. TREASURY SECURITIES					202,539,878


			TOTAL GOVERNMENT BONDS					345,456,054
			(Cost $340,142,891)

STRUCTURED ASSETS - 9.8%

ASSET BACKED - 8.4%
	230,520		Aames Mortgage Trust	6.900		06/25/32		178,584
			Series - 2002 1 (Class A3)
	356,742	i	Accredited Mortgage Loan Trust	0.430		09/25/35		318,133
			Series - 2005 3 (Class A1)
	273,538	i	ACE Securities Corp	0.700		08/25/35		263,192
			Series - 2005 HE5 (Class M1)
	3,000,000	g,m	AESOP Funding II	3.270		02/20/18		3,026,250
			Series - 2011 5A (Class A)
	2,000,000		Ally Auto Receivables Trust	2.230		03/15/16		2,067,841
			Series - 2011 1 (Class A4)
	2,700,000	g	Ally Auto Receivables Trust	2.590		07/15/16		2,758,115
			Series - 2011 2 (Class B)
	2,000,000		AmeriCredit Automobile Receivables Trust	2.040		09/08/15		1,996,310
			Series - 2010 3 (Class B)
	2,000,000		AmeriCredit Automobile Receivables Trust	2.330		03/08/16		2,016,100
			Series - 2011 2 (Class B)
	2,250,000	i	Asset Backed Funding Certificates	0.670		06/25/35		1,928,063
			Series - 2005 WMC1 (Class M1)
	55,677	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		1
			Series - 2006 WMC1 (Class N1)
	500,000	g	Avis Budget Rental Car Funding AESOP LLC	5.680		02/20/14		523,043
			Series - 2009 2A (Class A)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC	2.090		04/20/15		2,007,425
			Series - 2010 4A (Class A)
	1,000,000		CarMax Auto Owner Trust	2.630		11/15/16		1,021,006
			Series - 2011 1 (Class B)
	155,000		CarMax Auto Owner Trust	2.830		02/15/17		160,494
			Series - 2011 1 (Class C)
	145,773		Centex Home Equity	5.540		01/25/32		143,607
			Series - 2002 A (Class AF6)
	828,076	i	Centex Home Equity	0.660		03/25/34		681,507
			Series - 2004 B (Class M1)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		113,780
			Series - 2004 2 (Class 1M2)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		74,986
			Series - 2004 2 (Class 1B)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		113,471
			Series - 2002 2 (Class MF2)
	88,547		CIT Group Home Equity Loan Trust	6.830		06/25/33		2,718
			Series - 2002 2 (Class BF)

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$156,366		Citicorp Mortgage Securities, Inc	5.710	%	07/25/36	$	156,417
			Series - 2006 1 (Class A3)
	195,548	i	Countrywide Asset-Backed Certificates	4.450		10/25/35		192,299
			Series - 2005 7 (Class AF3)
	255,409	i	Countrywide Asset-Backed Certificates	0.580		02/25/36		252,693
			Series - 2005 11 (Class 3AV2)
	120,591	i	Countrywide Asset-Backed Certificates	0.320		01/25/46		118,351
			Series - 2006 8 (Class 2A2)
	155,485	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		150,322
			Series - 2006 15 (Class A2)
	1,210,571		Credit-Based Asset Servicing and Securitization LLC	4.830		08/25/35		1,175,759
			Series - 2005 CB5 (Class AF2)
	142,114		Credit-Based Asset Servicing and Securitization LLC	5.840		04/25/37		140,701
			Series - 2007 CB4 (Class A2A)
	2,000,000		DaimlerChrysler Financial Auto Securitization Trust	1.650		11/08/13		2,003,908
			Series - 2010 A (Class B)
	1,184,195	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		1,100,928
			Series - 2007 1A (Class AF3)
	2,000,000		Ford Credit Auto Owner Trust	2.380		07/15/16		2,062,360
			Series - 2011 A (Class B)
	2,000,000	g	Ford Credit Floorplan Master Owner Trust	2.410		02/15/16		2,038,422
			Series - 2011 1 (Class B)
	307,224		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		304,167
			Series - 2006 HLTV (Class A3)
	2,000,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,588,486
			Series - 2006 HLTV (Class A4)
	500,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16		541,399
			Series - 2009 2A (Class A2)
	209,267		HFC Home Equity Loan Asset Backed Certificates	5.660		03/20/36		209,183
			Series - 2006 3 (Class A2F)
	883,957	i	HSI Asset Securitization Corp Trust	0.590		07/25/35		835,650
			Series - 2005 NC1 (Class 2A3)
	2,000,000		Hyundai Auto Receivables Trust	2.450		04/15/16		2,060,069
			Series - 2011 A (Class B)
	817,402	i	Long Beach Mortgage Loan Trust	0.690		02/25/35		805,080
			Series - 2005 1 (Class M1)
	2,000,000	g	MMCA Automobile Trust	2.720		10/17/16		2,064,867
			Series - 2011 A (Class B)
	37,242	i	Morgan Stanley ABS Capital I	0.270		01/25/37		36,272
			Series - 2007 HE2 (Class A2A)
	1,000,000	g	Navistar Financial Corp Owner Trust	1.080		03/18/14		999,669
			Series - 2010 B (Class A3)
	500,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		211,506
			Series - 2006 3 (Class AF3)
	3,000,000	g	Rental Car Finance Corp	2.510		02/25/16		3,044,025
			Series - 2011 1A (Class A1)
	581,728	i	Residential Asset Mortgage Products, Inc	0.530		04/25/35		488,573
			Series - 2005 RZ1 (Class A3)
	1,646,554		Residential Funding Mortgage Securities II, Inc	5.570		02/25/36		1,641,328
			Series - 2006 HI1 (Class A3)
	3,351,527		Residential Funding Mortgage Securities II, Inc	5.790		02/25/36		3,353,226
			Series - 2006 HI2 (Class A3)

TIAA-CREF FUNDS – Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,121,545		Residential Funding Mortgage Securities II, Inc	5.960	%	02/25/36	$	1,002,396
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		376,654
			Series - 2006 HI1 (Class M2)
	658,919		Saxon Asset Securities Trust	6.120		11/25/30		660,353
			Series - 2002 2 (Class AF6)
	73,059	i	Securitized Asset Backed Receivables LLC Trust	0.380		03/25/36		68,494
			Series - 2006 NC2 (Class A2)
	2,000,000	g	SLM Student Loan Trust	4.370		04/17/28		2,118,464
			Series - 2011 A (Class A2)
	2,236,252	i	Soundview Home Equity Loan Trust	0.340		10/25/36		2,182,944
			Series - 2006 EQ1 (Class A2)
	771,318	i	Structured Asset Investment Loan Trust	0.630		05/25/35		733,652
			Series - 2005 4 (Class M1)
	229,981	i	Structured Asset Securities Corp	0.280		02/25/37		219,588
			Series - 2007 BC1 (Class A2)
	81,733	i	Structured Asset Securities Corp	0.320		02/25/37		80,919
			Series - 2007 WF1 (Class A2)
	90,672	i	Wells Fargo Home Equity Trust	0.370		07/25/36		78,070
			Series - 2006 2 (Class A3)
	2,000,000		World Financial Network Credit Card Master Trust	4.660		05/15/17		2,116,698
			Series - 2009 D (Class A)

			TOTAL ASSET BACKED					56,608,518


OTHER MORTGAGE BACKED - 1.4%
	1,949,108	i	Ameriquest Mortgage Securities	0.550		05/25/35		1,894,248
			Series - 0 R3 (Class A3D)
	3,051,293	i	Countrywide Alternative Loan Trust	0.370		07/25/46		2,849,282
			Series - 2006 OA8 (Class 2A2)
	101,505		First Horizon Asset Securities, Inc	5.500		11/25/33		101,772
			Series - 2003 9 (Class 1A4)
	163	i	Greenpoint Mortgage Funding Trust	0.330		09/25/46		163
			Series - 2006 AR4 (Class A1A)
	698,784	i	Greenpoint Mortgage Funding Trust	0.310		10/25/46		656,541
			Series - 0 AR5 (Class A1A)
	70,089	i	GSR Mortgage Loan Trust	2.790		01/25/36		65,692
			Series - 2006 AR1 (Class 2A2)
	927,624		MASTR Asset Securitization Trust	5.000		05/25/35		927,046
			Series - 2005 1 (Class 2A5)
	450,462	g	Morgan Stanley Capital I	2.600		09/15/47		457,774
			Series - 2011 C1 (Class A1)
	1,442,121	i	Residential Funding Mortgage Securities I, Inc	2.910		08/25/35		1,234,714
			Series - 2005 SA3 (Class 2A1)
	674,089		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		680,107
			Series - 2005 2 (Class 1A1)
	305,872	i	Wells Fargo Mortgage Backed Securities Trust	5.390		03/25/36		304,336
			Series - 2006 AR1 (Class 2A2)

			TOTAL OTHER MORTGAGE BACKED					9,171,675


			TOTAL STRUCTURED ASSETS					65,780,193
			(Cost $67,914,506)

			TOTAL BONDS					643,080,728
			(Cost $639,820,524)

TIAA-CREF FUNDS – Short-Term Bond Fund

SHARES

COMPANY

RATE

MATURITY
DATE

VALUE

PREFERRED STOCKS - 0.0%

BANKS - 0.0%

15,738

Federal Home Loan Mortgage Corp

8.380

12/30/49

31,476

55,841

Federal National Mortgage Association

8.250

12/30/49

106,098

TOTAL BANKS

137,574

TOTAL PREFERRED STOCKS

137,574

(Cost $1,789,475)

TOTAL INVESTMENTS - 96.4%

652,270,576

(Cost $650,948,764)

OTHER ASSETS & LIABILITIES, NET - 3.6%

24,537,724

NET ASSETS - 100.0%

676,808,300

Abbreviation(s):

ABS Asset-Based Security

REIT Real Estate Investment Trust

All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.

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

Zero coupon.

Indicates a security that has been deemed illiquid.

In default.

TIAA-CREF FUNDS – High-Yield Fund

TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2011


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

BANK LOAN OBLIGATIONS - 2.9%

AUTOMOBILES & COMPONENTS - 1.3%
	$14,014,875	i	DaimlerChrysler Group LLC	6.000	%	05/24/17	$	12,182,991

			TOTAL AUTOMOBILES & COMPONENTS					12,182,991


CONSUMER SERVICES - 0.6%
	5,558,000	i	Burger King Corp	4.500		10/30/16		5,354,466

			TOTAL CONSUMER SERVICES					5,354,466


SOFTWARE & SERVICES - 0.3%
	2,955,037	i,m	IMS Health, Inc	4.500		02/26/16		2,893,159

			TOTAL SOFTWARE & SERVICES					2,893,159


TELECOMMUNICATION SERVICES - 0.5%
	5,000,000	i	Univision Communications, Inc	4.489		03/31/17		4,196,000

			TOTAL TELECOMMUNICATION SERVICES					4,196,000


UTILITIES - 0.2%
	2,046,316	i	Texas Competitive Electric Holdings Co LLC	3.726		10/10/14		1,438,826

			TOTAL UTILITIES					1,438,826


			TOTAL BANK LOAN OBLIGATIONS					26,065,442
			(Cost $29,319,738)


BONDS - 93.0%

CORPORATE BONDS - 92.4%

AUTOMOBILES & COMPONENTS - 2.5%
	5,000,000	g	Chrysler Group	8.000		06/15/19		3,900,000
	8,000,000	g	Delphi Corp	5.880		05/15/19		7,440,000
	8,000,000		Ford Motor Co	7.450		07/16/31		9,031,040
	2,760,000		Goodyear Tire & Rubber Co	8.250		08/15/20		2,808,300

			TOTAL AUTOMOBILES & COMPONENTS					23,179,340


BANKS - 1.3%
	3,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		2,992,500
	2,000,000		Amsouth Bank	4.850		04/01/13		1,935,000
	2,600,000	i	JPMorgan Chase & Co	7.900		04/29/49		2,678,026
	900,000		Regions Bank	6.450		06/26/37		756,000
	4,035,000	g,i	Standard Chartered plc	6.410		12/30/49		3,408,304

			TOTAL BANKS					11,769,830

TIAA-CREF FUNDS – High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

CAPITAL GOODS - 3.7%
	$2,000,000		Alliant Techsystems, Inc	6.750	%	04/01/16	$	2,005,000
	2,875,000		Alliant Techsystems, Inc	6.880		09/15/20		2,875,000
	1,250,000		Case New Holland, Inc	7.880		12/01/17		1,331,250
	3,610,000	g	FMG Resources August 2006 Pty Ltd	7.000		11/01/15		3,357,300
	3,850,000	g	Huntington Ingalls	6.880		03/15/18		3,580,500
	1,350,000	g	Huntington Ingalls	7.130		03/15/21		1,252,125
	1,000,000		Russel Metals, Inc	6.380		03/01/14		997,500
	1,000,000		Seagate HDD Cayman	6.880		05/01/20		920,000
	4,975,000	g	Seagate HDD Cayman	7.000		11/01/21		4,577,000
	3,158,000	g,h	Sealed Air Corp	8.130		09/15/19		3,189,580
	3,158,000	g,h	Sealed Air Corp	8.380		09/15/21		3,189,580
	1,000,000		SPX Corp	7.630		12/15/14		1,070,000
	2,250,000		SPX Corp	6.880		09/01/17		2,306,250
	3,250,000		TransDigm, Inc	7.750		12/15/18		3,306,875

			TOTAL CAPITAL GOODS					33,957,960


COMMERCIAL & PROFESSIONAL SERVICES - 1.7%
	2,500,000	g	American Achievement Corp	10.880		04/15/16		1,900,000
	5,325,000		Trans Union LLC	11.380		06/15/18		5,790,937
	6,850,000	g	VIP Finance Ireland Ltd	7.750		02/02/21		5,693,720
	3,334,000		Visant Corp	10.000		10/01/17		3,083,950

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					16,468,607


CONSUMER DURABLES & APPAREL - 0.9%
	5,000,000		Hanesbrands, Inc	8.000		12/15/16		5,287,500
	4,000,000		Phillips-Van Heusen Corp	7.380		05/15/20		4,170,000

			TOTAL CONSUMER DURABLES & APPAREL					9,457,500


CONSUMER SERVICES - 6.1%
	5,875,000		AMC Entertainment Holdings, Inc	9.750		12/01/20		5,316,875
	3,970,000	g	American Casinos Inc.	7.500		04/15/21		3,840,975
	750,000		Burger King Corp	9.880		10/15/18		772,500
	7,250,000		DineEquity, Inc	9.500		10/30/18		7,195,624
	750,000		Harrahs Operating Co, Inc	12.750		04/15/18		508,125
	290,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		275,500
	3,665,000	g	Live Nation Entertainment, Inc	8.130		05/15/18		3,518,400
	2,400,000		Mac-Gray Corp	7.630		08/15/15		2,430,000
	5,750,000		Marina District Finance Co, Inc	9.500		10/15/15		5,189,375
	2,040,000		MGM Mirage	10.380		05/15/14		2,226,150
	1,500,000		MGM Mirage	9.000		03/15/20		1,558,125
	6,310,000		Penn National Gaming, Inc	8.750		08/15/19		6,688,600
	3,500,000		Speedway Motorsports, Inc	8.750		06/01/16		3,648,750
	3,500,000		Speedway Motorsports, Inc	6.750		02/01/19		3,333,750
	5,874,000		Wendys	10.000		07/15/16		6,182,385
	2,000,000		Wynn Las Vegas LLC	7.880		11/01/17		2,095,000
	2,000,000		Wynn Las Vegas LLC	7.750		08/15/20		2,100,000

			TOTAL CONSUMER SERVICES					56,880,134


DIVERSIFIED FINANCIALS - 8.4%
	2,000,000		American General Finance Corp	5.380		10/01/12		1,840,000
	5,160,000		American General Finance Corp	6.900		12/15/17		3,715,200
	2,000,000	g	CIT Group, Inc	5.250		04/01/14		1,935,000
	1,394,180		CIT Group, Inc	7.000		05/01/14		1,422,063

TIAA-CREF FUNDS – High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,000,000	g	CIT Group, Inc	7.000	%	05/04/15	$	1,985,000
	3,000,000	g	CIT Group, Inc	7.000		05/02/16		2,910,000
	4,500,000	g	CIT Group, Inc	7.000		05/02/17		4,365,000
	2,000,000	g	CIT Group, Inc	6.630		04/01/18		1,990,000
	3,000,000	i	Citigroup Capital XXI	8.300		12/21/57		2,940,000
	1,750,000		Ford Motor Credit Co LLC	7.000		04/15/15		1,837,500
	1,875,000		Ford Motor Credit Co LLC	12.000		05/15/15		2,250,000
	1,750,000		Ford Motor Credit Co LLC	5.630		09/15/15		1,760,351
	2,000,000		Ford Motor Credit Co LLC	8.000		12/15/16		2,182,420
	2,250,000		Ford Motor Credit Co LLC	8.130		01/15/20		2,552,517
	2,000,000		Ford Motor Credit Co LLC	5.750		02/01/21		1,978,998
	1,000,000		GMAC, Inc	6.750		12/01/14		956,250
	2,000,000		GMAC, Inc	8.300		02/12/15		1,977,500
	5,000,000		GMAC, Inc	8.000		03/15/20		4,628,100
	2,000,000		GMAC, Inc	7.500		09/15/20		1,810,000
	3,000,000		GMAC, Inc	8.000		11/01/31		2,632,500
	1,825,000		International Lease Finance Corp	5.630		09/20/13		1,752,000
	5,232,000		International Lease Finance Corp	8.630		09/15/15		5,192,760
	4,275,000	g	International Lease Finance Corp	6.750		09/01/16		4,285,688
	2,232,000		International Lease Finance Corp	8.750		03/15/17		2,243,160
	8,000,000		International Lease Finance Corp	6.250		05/15/19		6,953,535
	2,600,000		International Lease Finance Corp	8.250		12/15/20		2,548,000
	5,720,000		Susser Holdings LLC	8.500		05/15/16		5,955,950

			TOTAL DIVERSIFIED FINANCIALS					76,599,492


ENERGY - 11.5%
	1,000,000		Arch Coal, Inc	8.750		08/01/16		1,060,000
	12,500,000	g	Arch Coal, Inc	7.000		06/15/19		11,874,999
	3,855,000		Bill Barrett Corp	7.630		10/01/19		3,787,538
	4,500,000		Chaparral Energy, Inc	8.250		09/01/21		4,106,250
	250,000		Chesapeake Energy Corp	9.500		02/15/15		281,875
	2,000,000		Chesapeake Energy Corp	7.250		12/15/18		2,130,000
	1,100,000		Chesapeake Energy Corp	6.630		08/15/20		1,133,000
	2,375,000		Chesapeake Energy Corp	6.880		11/15/20		2,481,875
	2,276,000		Cimarex Energy Co	7.130		05/01/17		2,298,760
	4,200,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		4,357,500
	1,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		1,040,000
	6,840,000		Consol Energy Inc	8.000		04/01/17		7,147,799
	500,000		Consol Energy Inc	8.250		04/01/20		526,250
	1,820,000		Continental Resources, Inc	7.130		04/01/21		1,838,200
	2,000,000		Encore Acquisition Co	9.500		05/01/16		2,160,000
	1,390,000		Energy Transfer Equity LP	7.500		10/15/20		1,428,225
	1,625,000		Inergy LP	8.750		03/01/15		1,657,500
	1,250,000		Inergy LP	7.000		10/01/18		1,175,000
	1,425,000	g	James River Escrow	7.880		04/01/19		1,197,000
	6,750,000	g	Linn Energy LLC	6.500		05/15/19		6,210,000
	875,000		Linn Energy LLC	8.630		04/15/20		901,250
	2,060,000		MarkWest Energy Partners LP	6.750		11/01/20		2,090,900
	3,000,000		Newfield Exploration Co	6.630		04/15/16		3,030,000
	2,800,000		Newfield Exploration Co	6.880		02/01/20		2,884,000
	3,000,000		Newfield Exploration Co	5.750		01/30/22		2,966,250
	4,750,000		Niska Gas Storage US	8.880		03/15/18		4,702,500

TIAA-CREF FUNDS – High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$3,000,000		Peabody Energy Corp	4.750	%	12/15/41	$	3,105,000
	1,500,000		Pioneer Natural Resources Co	6.880		05/01/18		1,610,085
	1,665,000	g	Precision Drilling Corp	6.500		12/15/21		1,640,025
	1,941,000		Precision Drilling Trust	6.630		11/15/20		1,892,475
	1,750,000		Range Resources Corp	7.500		10/01/17		1,855,000
	250,000		Range Resources Corp	7.250		05/01/18		266,250
	1,000,000		Range Resources Corp	6.750		08/01/20		1,065,000
	1,125,000		Regency Energy Partners LP	6.880		12/01/18		1,158,750
	4,800,000		Regency Energy Partners LP	6.500		07/15/21		4,824,000
	1,500,000	g	SandRidge Energy, Inc	9.880		05/15/16		1,545,000
	3,125,000	g	SandRidge Energy, Inc	8.000		06/01/18		2,937,500
	5,175,000	g	SandRidge Energy, Inc	7.500		03/15/21		4,761,000
	4,777,200		Southwestern Energy Co	7.500		02/01/18		5,411,192

			TOTAL ENERGY					106,537,948


FOOD & STAPLES RETAILING - 3.0%
	6,350,000		Ingles Markets, Inc	8.880		05/15/17		6,651,625
	1,600,000		Rite Aid Corp	10.380		07/15/16		1,636,000
	2,500,000		Rite Aid Corp	7.500		03/01/17		2,387,500
	2,500,000		Rite Aid Corp	8.000		08/15/20		2,606,250
	3,800,000		Stater Bros Holdings, Inc	7.380		11/15/18		3,876,000
	1,600,000		Stater Brothers Holdings	7.750		04/15/15		1,632,000
	5,050,000		SuperValu, Inc	7.500		11/15/14		4,949,000
	4,000,000		SuperValu, Inc	8.000		05/01/16		3,780,000

			TOTAL FOOD & STAPLES RETAILING					27,518,375


FOOD, BEVERAGE & TOBACCO - 1.0%
	3,810,000	g	Blue Merger Sub, Inc	7.630		02/15/19		3,219,450
	1,634,000		Smithfield Foods, Inc	7.750		07/01/17		1,678,935
	4,112,000		TreeHouse Foods, Inc	7.750		03/01/18		4,255,920

			TOTAL FOOD, BEVERAGE & TOBACCO					9,154,305


HEALTH CARE EQUIPMENT & SERVICES - 4.7%
	3,500,000		Apria Healthcare Group, Inc	11.250		11/01/14		3,360,000
	1,265,000		Apria Healthcare Group, Inc	12.380		11/01/14		1,163,800
	8,217,000		CHS/Community Health Systems	8.880		07/15/15		8,073,203
	3,550,000		DaVita, Inc	6.380		11/01/18		3,408,000
	2,045,000		DaVita, Inc	6.630		11/01/20		1,963,200
	1,250,000	g	Endo Pharmaceuticals Holdings, Inc	7.000		12/15/20		1,253,125
	1,100,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		1,061,500
	350,000	g	Fresenius Medical Care US Finance, Inc	6.500		09/15/18		355,250
	2,200,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		2,431,000
	705,000	g	HCA Holdings, Inc	7.750		05/15/21		660,938
	98,000		HCA, Inc	9.880		02/15/17		105,840
	4,000,000		HCA, Inc	8.500		04/15/19		4,240,000
	4,500,000		HCA, Inc	7.880		02/15/20		4,657,500
	900,000		HCA, Inc	7.500		11/06/33		767,250
	4,300,000		Healthsouth Corp	7.250		10/01/18		4,085,000
	3,750,000		Healthsouth Corp	7.750		09/15/22		3,403,125
	1,295,000		LifePoint Hospitals, Inc	6.630		10/01/20		1,275,575
	1,750,000		Tenet Healthcare Corp	6.880		11/15/31		1,330,000

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					43,594,306

TIAA-CREF FUNDS – High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
	$4,440,000	g	Hypermarcas S.A.	6.500	%	04/20/21	$	4,040,400
	5,000,000	g	Reynolds Group Issuer, Inc	8.750		10/15/16		5,012,500
	2,081,000		Spectrum Brands Holdings, Inc	9.500		06/15/18		2,216,265

			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					11,269,165


INSURANCE - 2.0%
	1,975,000		American Financial Group, Inc	9.880		06/15/19		2,442,479
	4,000,000	i	American International Group, Inc	8.180		05/15/58		3,530,000
	13,600,000		HCA, Inc	7.500		02/15/22		12,545,999

			TOTAL INSURANCE					18,518,478


MATERIALS - 9.1%
	2,140,000	g	Aperam	7.380		04/01/16		1,883,200
	1,000,000		Ball Corp	6.630		03/15/18		1,005,000
	480,000		Ball Corp	7.380		09/01/19		506,400
	2,570,000		Celanese US Holdings LLC	6.630		10/15/18		2,656,738
	3,750,000	g	Cemex SAB de C.V.	9.500		12/14/16		2,718,750
	3,320,000	g	Cemex SAB de C.V.	9.000		01/11/18		2,249,300
	1,640,000		CF Industries, Inc	6.880		05/01/18		1,830,650
	1,975,000	g	China Liansu Group Holdings Ltd	7.880		05/13/16		1,441,750
	3,500,000	g	CommScope, Inc	8.250		01/15/19		3,412,500
	2,000,000		Crown Americas LLC	7.630		05/15/17		2,115,000
	2,000,000	g	Crown Americas LLC	6.250		02/01/21		2,000,000
	2,402,000	g	Fibria Overseas Finance Ltd	6.750		05/04/20		2,149,790
	1,350,000	g	Fufeng Group Ltd	7.630		04/13/16		945,000
	3,922,000	g	Georgia Gulf Corp	9.000		01/15/17		3,961,220
	4,000,000		Georgia-Pacific LLC	8.880		05/15/31		4,992,408
	2,513,000		Graphic Packaging International, Inc	9.500		06/15/17		2,688,910
	3,000,000		Graphic Packaging International, Inc	7.880		10/01/18		3,075,000
	1,260,000		Greif, Inc	6.750		02/01/17		1,266,300
	600,000		Greif, Inc	7.750		08/01/19		624,000
	2,775,000	g	Ineos Group Holdings PLC	9.000		05/15/15		2,636,250
	2,500,000		Lafarge S.A.	7.130		07/15/36		2,157,965
	1,212,000	g	LBI Escrow Corp	8.000		11/01/17		1,305,930
	4,090,000	g	Longview Fibre Paper & Packaging, Inc	8.000		06/01/16		3,967,300
	3,110,000		Momentive Performance Materials, Inc	9.000		01/15/21		2,130,350
	3,110,000		Novelis, Inc	8.380		12/15/17		3,078,900
	4,435,000	g	Polymer Group, Inc	7.750		02/01/19		4,423,913
	1,050,000	g	Sappi Papier Holding AG.	6.630		04/15/21		892,500
	1,000,000		Silgan Holdings, Inc	7.250		08/15/16		1,035,000
	2,960,000		Solutia, Inc	8.750		11/01/17		3,152,400
	3,000,000		Solutia, Inc	7.880		03/15/20		3,157,500
	272,000		Steel Dynamics, Inc	6.750		04/01/15		267,240
	1,250,000		Steel Dynamics, Inc	7.630		03/15/20		1,248,438
	4,360,000		Verso Paper Holdings LLC	11.380		08/01/16		3,161,000
	5,600,000		Verso Paper Holdings LLC	8.750		02/01/19		3,864,000
	6,750,000		Vulcan Materials Co	6.500		12/01/16		6,221,921

			TOTAL MATERIALS					84,222,523

TIAA-CREF FUNDS – High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

MEDIA - 5.2%
	$5,000,000		AMC Entertainment, Inc	8.750	%	06/01/19	$	4,912,500
	1,835,000		Cablevision Systems Corp	8.630		09/15/17		1,910,694
	6,600,000		CCO Holdings LLC	7.000		01/15/19		6,402,000
	5,375,000		CCO Holdings LLC	8.130		04/30/20		5,590,000
	4,450,000		CCO Holdings LLC	6.500		04/30/21		4,205,250
	3,333,000		Cinemark USA, Inc	8.630		06/15/19		3,432,990
	350,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		355,250
	1,950,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		1,993,875
	3,000,000		DISH DBS Corp	7.750		05/31/15		3,075,000
	2,000,000		Echostar DBS Corp	6.630		10/01/14		2,022,500
	1,000,000	g	Kabel BW Erste Beteiligungs	7.500		03/15/19		972,500
	4,860,000		Lamar Media Corp	6.630		08/15/15		4,774,950
	3,225,000		Lamar Media Corp	7.880		04/15/18		3,225,000
	4,630,000		Nielsen Finance LLC	7.750		10/15/18		4,722,600
	1,000,000		Regal Entertainment Group	9.130		08/15/18		990,000

			TOTAL MEDIA					48,585,109


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.1%
	6,250,000	g	Convatec Healthcare	10.500		12/15/18		5,500,000
	10,768,000	g	Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		10,808,380
	4,000,000	g	Mylan, Inc	7.630		07/15/17		4,160,000
	2,000,000	g	Mylan, Inc	6.000		11/15/18		1,945,000
	6,195,000		NBTY, Inc	9.000		10/01/18		6,342,131
	4,760,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		4,385,150
	2,510,000	g	Valeant Pharmaceuticals International	7.000		10/01/20		2,221,350
	3,000,000	g	Valeant Pharmaceuticals International	7.250		07/15/22		2,632,500

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					37,994,511


REAL ESTATE - 1.3%
	5,005,000		DuPont Fabros Technology LP	8.500		12/15/17		5,180,175
	7,500,000	g	Host Hotels & Resorts LP	5.880		06/15/19		7,162,500

			TOTAL REAL ESTATE					12,342,675


RETAILING - 4.6%
	2,700,000	g	Academy Ltd	9.250		08/01/19		2,511,000
	4,500,000	g	Ace Hardware Corp	9.130		06/01/16		4,668,750
	5,000,000		AmeriGas Partners LP	6.250		08/20/19		4,787,500
	4,500,000		Asbury Automotive Group, Inc	8.380		11/15/20		4,342,500
	1,000,000		AutoNation, Inc	6.750		04/15/18		1,020,000
	2,180,000		Ferrellgas LP	6.500		05/01/21		1,853,000
	1,440,000		Ferrellgas Partners LP	9.130		10/01/17		1,454,400
	3,525,000		Hanesbrands, Inc	6.380		12/15/20		3,419,250
	4,450,000	g	Hyva Global BV	8.630		03/24/16		3,515,500
	1,275,000		JC Penney Corp, Inc	5.650		06/01/20		1,195,313
	3,000,000		JC Penney Corp, Inc	6.380		10/15/36		2,520,000
	1,875,000		Limited Brands, Inc	7.000		05/01/20		1,968,750
	4,000,000	g	QVC, Inc	7.130		04/15/17		4,180,000
	4,600,000	g	QVC, Inc	7.500		10/01/19		4,899,000

			TOTAL RETAILING					42,334,963


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
	5,750,000	g	Hynix Semiconductor, Inc	7.880		06/27/17		5,117,500

			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					5,117,500

TIAA-CREF FUNDS – High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

SOFTWARE & SERVICES - 1.1%
	$1,200,000		Fidelity National Information Services, Inc	7.630	%	07/15/17	$	1,248,000
	800,000	g	First Data Corp	7.380		06/15/19		710,000
	3,000,000	g	IMS Health, Inc	12.500		03/01/18		3,300,000
	875,000		SunGard Data Systems, Inc	10.630		05/15/15		912,188
	4,000,000		SunGard Data Systems, Inc	7.380		11/15/18		3,720,000

			TOTAL SOFTWARE & SERVICES					9,890,188


TECHNOLOGY HARDWARE & EQUIPMENT - 3.0%
	1,580,000		Brocade Communications Systems, Inc	6.630		01/15/18		1,607,650
	1,475,000		Jabil Circuit, Inc	5.630		12/15/20		1,438,125
	9,531,000	g	Pinafore LLC	9.000		10/01/18		9,769,275
	860,000	g	Scientific Games Corp	7.880		06/15/16		862,150
	2,500,000		Scientific Games Corp	8.130		09/15/18		2,456,250
	9,861,000		Scientific Games Corp	9.250		06/15/19		9,934,958
	2,000,000	g	Seagate Technology HDD Holdings	7.750		12/15/18		1,960,000

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					28,028,408


TELECOMMUNICATION SERVICES - 5.2%
	1,300,000		Citizens Communications Co	7.130		03/15/19		1,238,250
	2,000,000		Cricket Communications, Inc	7.750		05/15/16		2,007,500
	700,000		Equinix, Inc	7.000		07/15/21		697,375
	5,000,000		Frontier Communications Corp	7.880		04/15/15		5,012,500
	3,000,000		Intelsat Bermuda Ltd	11.250		02/04/17		2,602,500
	3,000,000	g	Intelsat Jackson Holdings Ltd	7.250		04/01/19		2,782,500
	4,000,000		Intelsat Jackson Holdings Ltd	8.500		11/01/19		3,910,000
	4,000,000	g	Intelsat Jackson Holdings Ltd	7.250		10/15/20		3,690,000
	3,000,000		Nexstar Broadcasting, Inc	8.880		04/15/17		2,962,500
	6,724,000		Sprint Capital Corp	6.900		05/01/19		5,782,640
	2,557,000		Sprint Capital Corp	6.880		11/15/28		1,911,358
	1,800,000		Sprint Capital Corp	8.750		03/15/32		1,563,750
	5,950,000		Syniverse Holdings, Inc	9.130		01/15/19		5,830,999
	2,750,000		Virgin Media Finance plc	9.500		08/15/16		2,970,000
	1,000,000		Virgin Media Finance plc	8.380		10/15/19		1,062,500
	2,500,000		Windstream Corp	7.880		11/01/17		2,531,250
	1,105,000		Windstream Corp	8.130		09/01/18		1,113,288
	400,000		Windstream Corp	7.750		10/15/20		390,000

			TOTAL TELECOMMUNICATION SERVICES					48,058,910


TRANSPORTATION - 2.9%
	1,652,301		Avis Budget Car Rental LLC	9.630		03/15/18		1,635,778
	4,000,000	g	Bombardier, Inc	7.500		03/15/18		4,220,000
	3,000,000	g	Bombardier, Inc	7.750		03/15/20		3,195,000
	5,278,000		Bristow Group, Inc	7.500		09/15/17		5,436,340
	2,000,000		Hertz Corp	7.500		10/15/18		1,910,000
	6,000,000		Hertz Corp	6.750		04/15/19		5,445,000
	2,000,000		Hertz Corp	7.380		01/15/21		1,827,500
	1,560,000		Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		1,661,400
	2,130,000	g	TAM Capital 3, Inc	8.380		06/03/21		1,959,600

			TOTAL TRANSPORTATION					27,290,618

TIAA-CREF FUNDS – High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

UTILITIES - 7.3%
	$2,813,000		AES Corp	7.750	%	03/01/14	$	2,869,260
	5,600,000		AES Corp	8.000		10/15/17		5,628,000
	2,395,000	g	AES Corp	7.380		07/01/21		2,263,275
			Calpine Construction Finance Co LP and CCFC Finance
	2,000,000	g	Corp	8.000		06/01/16		2,050,000
	4,000,000	g	Calpine Corp	7.250		10/15/17		3,860,000
	6,000,000	g	Calpine Corp	7.500		02/15/21		5,730,000
	3,885,000	g	Calpine Corp	7.880		01/15/23		3,749,025
	5,800,000		Crosstex Energy, Inc	8.880		02/15/18		5,945,000
	3,750,000		Edison Mission Energy	7.000		05/15/17		2,231,250
	2,750,000		El Paso Corp	7.750		01/15/32		3,185,215
	2,000,000	g	Ipalco Enterprises, Inc	7.250		04/01/16		2,055,000
	3,600,000	g	NRG Energy, Inc	7.630		05/15/19		3,276,000
	4,000,000		NRG Energy, Inc	8.500		06/15/19		3,860,000
	2,570,000	g	NRG Energy, Inc	7.880		05/15/21		2,351,550
	1,335,000		Questar Market Resources, Inc	6.880		03/01/21		1,395,075
	2,100,000		Reliant Energy, Inc	7.630		06/15/14		2,052,750
	1,927,000		Sabine Pass LNG LP	7.250		11/30/13		1,864,373
	7,070,000		Sabine Pass LNG LP	7.500		11/30/16		6,539,750
	8,180,000	g	Texas Competitive Electric Holdings Co LLC	11.500		10/01/20		6,543,999

			TOTAL UTILITIES					67,449,522


			TOTAL CORPORATE BONDS					856,220,367
			(Cost $886,597,246)

GOVERNMENT BONDS - 0.3%

FOREIGN GOVERNMENT BONDS - 0.3%
	4,000,000	g	Province of Buenos Aires Argentina	10.880		01/26/21		2,920,000

			TOTAL FOREIGN GOVERNMENT BONDS					2,920,000


			TOTAL GOVERNMENT BONDS					2,920,000
			(Cost $3,894,196)

STRUCTURED ASSETS - 0.3%

OTHER MORTGAGE BACKED - 0.3%
	4,000,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.480		05/15/45		3,141,704
			Series - 2006 LDP8 (Class AJ)

			TOTAL OTHER MORTGAGE BACKED					3,141,704


			TOTAL STRUCTURED ASSETS					3,141,704
			(Cost $3,622,053)


			TOTAL BONDS					862,282,071
			(Cost $894,113,495)

TIAA-CREF FUNDS – High-Yield Fund

SHARES

COMPANY

RATE

MATURITY
DATE

VALUE

PREFERRED STOCKS - 0.2%

DIVERSIFIED FINANCIALS - 0.2%

122,440

GMAC Capital Trust I

8.130

02/15/40

2,154,163

TOTAL DIVERSIFIED FINANCIALS

2,154,163

TOTAL PREFERRED STOCKS

2,154,163

(Cost $3,061,000)

TOTAL INVESTMENTS - 96.1%

890,501,676

(Cost $926,494,233)

OTHER ASSETS & LIABILITIES, NET - 3.9%

36,270,670

NET ASSETS - 100.0%

926,772,346

All or a portion of these securities were purchased on a delayed delivery basis.

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

Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

TIAA-CREF FUNDS
TAX-EXEMPT BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2011


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

LONG-TERM MUNICIPAL BONDS - 98.6%

ALABAMA - 1.0%
	$1,025,000	Alabama Public School & College Authority	5.000	%	05/01/19	$	1,231,292
	1,785,000	Southeast Alabama Gas District	5.000		06/01/18		1,905,005

		TOTAL ALABAMA					3,136,297


ALASKA - 0.2%
	560,000	Alaska Railroad Corp	5.250		08/01/16		645,204

		TOTAL ALASKA					645,204


ARIZONA - 2.0%
	1,110,000	Arizona School Facilities Board	5.750		09/01/18		1,295,315
	1,225,000	Arizona School Facilities Board	5.000		09/01/19		1,383,379
	2,000,000	City of Tucson AZ	5.000		07/01/20		2,345,680
	1,260,000	Tucson AZ	5.250		07/01/14		1,376,689

		TOTAL ARIZONA					6,401,063


ARKANSAS - 0.8%
	1,000,000	Arkansas Development Finance Authority	5.500		12/01/18		1,202,880
	1,110,000	North Little Rock AR	6.500		07/01/15		1,196,336

		TOTAL ARKANSAS					2,399,216


CALIFORNIA - 11.1%
	655,000	California Infrastructure & Economic Development Bank	5.000		08/15/18		673,464
	2,000,000	California State Department of Water Resources	5.000		05/01/20		2,376,820
	2,000,000	California State University	5.000		11/01/22		2,334,100
	1,000,000	City of Los Angeles CA	5.000		09/01/22		1,183,440
	1,000,000	City of Los Angeles CA	5.000		09/01/23		1,167,460
	2,000,000	County of San Bernardino CA	5.250		08/01/19		2,204,500
	10,000	Delta Counties Home Mortgage Finance Authority, AMT	6.700		06/01/24		10,209
	1,670,000	East Side Union High School District-Santa Clara County	5.000		08/01/19		1,942,995
	2,500,000	East Side Union High School District-Santa Clara County	5.250		02/01/23		2,729,750
	2,250,000	Los Angeles Unified School District, COP	5.000		10/01/17		2,525,130
	635,000	Sacramento City Financing Authority	5.400		11/01/20		695,935
	500,000	San Diego County Water Authority	3.000		07/01/16		538,745
	1,855,000	State of California	5.000		03/01/17		2,130,541
	375,000	State of California	5.000		03/01/18		430,883
	1,000,000	State of California	5.000		11/01/18		1,163,230
	1,000,000	State of California	5.000		03/01/19		1,146,910
	1,430,000	State of California	5.000		07/01/19		1,693,335
	850,000	State of California	5.250		02/01/20		987,853
	1,000,000	State of California	5.000		09/01/20		1,151,880

TIAA-CREF FUNDS – Tax-Exempt Bond Fund


PRINCIPAL		ISSUER	RATE		DATE	VALUE

	$2,000,000	State of California	5.250	%	09/01/24	$	2,225,239
	100,000	Vallejo City Unified School District	5.000		02/01/13		102,425
	1,710,000	West Contra Costa Unified School District	5.700		02/01/21		2,026,384
	1,450,000	West Contra Costa Unified School District	6.000		08/01/21		1,759,793
	1,810,000	West Contra Costa Unified School District	5.700		02/01/22		2,136,904

		TOTAL CALIFORNIA					35,337,925


COLORADO - 1.6%
	1,375,000	Denver City & County School District No	5.000		12/01/23		1,680,030
	1,000,000	Denver City & County School District No	5.500		12/01/23		1,272,960
	1,000,000	Jefferson County Colorado School District	5.000		12/15/23		1,220,120
	200,000	Rangely Hospital District	3.000		11/01/14		202,640
	350,000	Rangely Hospital District	5.000		11/01/15		377,612
	350,000	Rangely Hospital District	5.000		11/01/16		375,879

		TOTAL COLORADO					5,129,241


CONNECTICUT - 0.7%
	1,000,000	State of Connecticut	3.500		01/01/16		1,057,490
	1,000,000	State of Connecticut	5.000		05/15/21		1,218,120

		TOTAL CONNECTICUT					2,275,610


FLORIDA - 7.6%
	1,485,000	Broward County School Board, COP	5.250		07/01/16		1,676,298
	1,500,000	City of Jacksonville FL	5.000		10/01/19		1,731,285
	450,000	City of Jacksonville FL	5.000		10/01/19		527,103
	552,000	City of Lakeland FL, ETM	5.750		10/01/19		619,465
	345,000	County of Brevard FL	5.000		07/01/16		408,007
	845,000	County of Brevard FL	5.000		07/01/16		928,114
	1,365,000	County of Brevard FL	5.000		01/01/21		1,665,055
	1,000,000	County of Miami-Dade FL	5.000		07/01/17		1,163,040
	1,000,000	County of Orange FL	5.000		10/01/21		1,159,350
	1,000,000	County of Orange FL	5.250		10/01/22		1,183,570
	1,600,000	First Governmental Financing Commission	5.500		07/01/15		1,758,240
	2,200,000	Florida Department of Transportation	5.000		07/01/18		2,521,508
	1,000,000	Florida State Department of Management Services	5.000		08/01/18		1,136,390
	2,250,000	Lake County School Board, COP	5.250		06/01/17		2,501,550
	1,475,000	Lake County School Board, COP	5.250		06/01/18		1,646,484
	500,000	Pinellas County Educational Facilities Authority	5.000		10/01/15		537,330
	1,000,000	State of Florida	5.000		06/01/19		1,213,520
	1,005,000	State of Florida	5.000		06/01/23		1,162,986
	535,000	Town of Jupiter FL	5.500		07/01/21		655,824

		TOTAL FLORIDA					24,195,119


GEORGIA - 1.5%
	435,000	Cherokee County Water & Sewer Authority	5.500		08/01/18		501,290
	215,000	City of Atlanta GA	5.500		11/01/17		255,656
	75,000	City of Atlanta GA	5.500		11/01/19		89,062
	125,000	City of Atlanta GA	5.500		11/01/22		143,940
	1,000,000	Gwinnett County Water & Sewerage Authority	5.000		08/01/20		1,231,500

TIAA-CREF FUNDS – Tax-Exempt Bond Fund


PRINCIPAL		ISSUER	RATE		DATE	VALUE

	$1,000,000	Gwinnett County Water & Sewerage Authority	5.000	%	08/01/21	$	1,240,110
	635,000	Metropolitan Atlanta Rapid Transit Authority	6.250		07/01/18		726,434
	480,000	Municipal Electric Authority of Georgia	6.500		01/01/17		557,064

		TOTAL GEORGIA					4,745,056


ILLINOIS - 7.5%
	2,045,000	Chicago Board of Education	5.000		12/01/17		2,291,544
	1,230,000	Chicago Board of Education	6.000		01/01/20		1,378,375
	1,665,000	Chicago Board of Education	5.000		12/01/21		1,824,607
	1,000,000	Chicago Public Building Commission	5.250		03/01/24		1,116,080
	1,000,000	Chicago State University	5.500		12/01/23		1,116,880
	470,000	City of Chicago IL	5.000		01/01/21		526,005
	470,000	Cook County Community Consolidated School District No 64, GO	5.500		12/01/14		523,256
	250,000	Cook-Kane Lake & Mchenry Counties Community College District No 512	5.000		12/01/18		298,663
	200,000	Illinois Municipal Electric Agency	5.250		02/01/17		227,242
	115,000	Madison-Bond Etc Counties Community Unit School District No 5, GO	5.000		02/01/19		121,707
	1,650,000	Regional Transportation Authority	6.000		06/01/23		1,968,863
	1,500,000	State of Illinois	5.000		06/15/19		1,730,310
	2,045,000	State of Illinois	5.000		01/01/20		2,175,532
	2,250,000	State of Illinois	5.250		01/01/20		2,504,047
	1,835,000	State of Illinois	5.000		01/01/20		2,012,536
	1,650,000	State of Illinois	5.000		01/01/20		1,807,179
	1,020,000	State of Illinois	6.250		12/15/20		1,156,884
	875,000	State of Illinois	5.000		04/01/21		940,083

		TOTAL ILLINOIS					23,719,793


INDIANA - 5.0%
	770,000	Franklin Community Multi-School Building Corp	5.000		07/15/22		869,222
	1,000,000	Griffith Multi-School Building Corp	5.000		07/15/15		1,140,320
	1,520,000	Hammond Multi-School Building Corp	5.000		07/15/17		1,743,455
	2,120,000	Indiana Bond Bank	5.250		04/01/19		2,404,356
	2,000,000	Indiana Finance Authority	3.000		10/01/16		2,072,320
	320,000	Indiana State Finance Authority Revenue	5.000		02/01/15		367,498
	500,000	Indiana University	5.000		08/01/19		606,490
	500,000	Indiana University	5.000		08/01/20		609,900
	500,000	Indiana University	5.000		08/01/21		613,630
	1,240,000	Indianapolis Local Public Improvement Bond Bank	5.000		07/01/16		1,400,766
	1,940,000	Indianapolis Local Public Improvement Bond Bank	5.500		01/01/21		2,267,297
	400,000	Lawrence Township School Building Corp	5.000		07/10/19		458,304
	535,000	New Albany Floyd County School Building Corp	5.000		07/15/15		595,375
	625,000	South Bend Redevelopment Authority	5.750		08/15/18		740,925

		TOTAL INDIANA					15,889,858


KENTUCKY - 0.4%
	500,000	Lexington-Fayette Urban County Government Public Facilities Corp	5.000		06/01/17		568,355
	500,000	Lexington-Fayette Urban County Government Public Facilities Corp	5.000		06/01/21		564,915

		TOTAL KENTUCKY					1,133,270

TIAA-CREF FUNDS – Tax-Exempt Bond Fund


PRINCIPAL			ISSUER	RATE		DATE	VALUE

LOUISIANA - 0.4%
	$1,250,000		City of New Orleans LA, GO	5.500	%	12/01/21	$	1,415,563

			TOTAL LOUISIANA					1,415,563


MAINE - 0.7%
	90,000		Maine Health & Higher Educational Facilities Authority	5.000		07/01/15		96,054
	1,000,000		Maine Health & Higher Educational Facilities Authority	5.000		07/01/20		1,129,720
	1,000,000		Maine Health & Higher Educational Facilities Authority	5.000		07/01/22		1,093,450

			TOTAL MAINE					2,319,224


MASSACHUSETTS - 2.8%
	2,000,000		Commonwealth of Massachusetts	5.000		08/01/20		2,428,900
	1,200,000		Commonwealth of Massachusetts	5.250		09/01/22		1,501,548
	2,135,000		Commonwealth of Massachusetts	5.250		09/01/23		2,671,270
	500,000		Massachusetts Bay Transportation Authority	5.250		07/01/20		616,595
	1,000,000		Massachusetts Bay Transportation Authority	5.500		07/01/22		1,270,170
	470,000		Massachusetts Housing Finance Agency	4.700		12/01/16		480,274

			TOTAL MASSACHUSETTS					8,968,757


MICHIGAN - 3.4%
	900,000		City of Detroit MI	6.500		07/01/15		1,006,866
	505,000		Detroit MI	5.000		07/01/14		544,324
	100,000	i	Detroit MI	5.500		07/01/32		100,161
	450,000		Forest Hills Public Schools, GO	5.000		05/01/15		513,347
	1,130,000		Michigan Municipal Bond Authority	5.000		05/01/19		1,135,277
	1,005,000		Michigan Municipal Bond Authority	5.000		10/01/19		1,207,678
	1,000,000		Michigan State Building Authority	5.380		10/01/15		1,109,130
	250,000		Michigan State Building Authority	5.000		10/15/19		280,880
	1,000,000		Michigan State Building Authority	5.000		10/15/20		1,119,350
	565,000		State of Michigan	5.250		05/15/18		674,695
	1,485,000		State of Michigan	5.500		11/01/18		1,804,304
	1,050,000		Wayne County Airport Authority	5.000		12/01/17		1,155,410

			TOTAL MICHIGAN					10,651,422


MINNESOTA - 0.4%
	1,000,000		Minnesota Public Facilities Authority	5.000		03/01/16		1,169,140

			TOTAL MINNESOTA					1,169,140


MISSISSIPPI - 1.1%
	2,100,000		Mississippi Development Bank Special Obligation	5.000		07/01/17		2,362,227
	590,000		Mississippi Development Bank Special Obligation	5.000		11/01/17		655,396
	500,000	h	University of Mississippi Educational Building Corp	5.000		10/01/23		578,780

			TOTAL MISSISSIPPI					3,596,403

TIAA-CREF FUNDS – Tax-Exempt Bond Fund


PRINCIPAL			ISSUER	RATE		DATE	VALUE

MISSOURI - 0.6%
	$1,640,000		St Louis Regional Convention & Sports Complex Authority	5.250	%	08/15/14	$	1,775,070

			TOTAL MISSOURI					1,775,070


NEBRASKA - 0.3%
	1,000,000		Central Plains Energy Project	5.000		12/01/15		1,029,010

			TOTAL NEBRASKA					1,029,010


NEVADA - 0.5%
	1,300,000		County of Clark NV	5.000		06/01/22		1,442,506

			TOTAL NEVADA					1,442,506


NEW HAMPSHIRE - 0.5%
	710,000		New Hampshire Municipal Bond Bank	5.000		08/15/13		769,384
	725,000		New Hampshire Municipal Bond Bank	5.000		03/15/14		799,306

			TOTAL NEW HAMPSHIRE					1,568,690


NEW JERSEY - 4.3%
	25,000		Garden State Preservation Trust	5.130		11/01/18		30,385
	500,000		New Jersey Educational Facilities Authority	5.000		07/01/16		563,380
	500,000		New Jersey Educational Facilities Authority	5.000		07/01/17		567,855
	1,115,000		New Jersey Environmental Infrastructure Trust	5.250		09/01/21		1,409,371
	500,000		New Jersey Health Care Facilities Financing Authority	5.000		07/01/15		535,465
	25,000		New Jersey State Turnpike Authority	6.500		01/01/16		30,681
	50,000		New Jersey State Turnpike Authority	6.500		01/01/16		55,139
	95,000		New Jersey State Turnpike Authority	6.500		01/01/16		106,447
	45,000		New Jersey State Turnpike Authority	6.500		01/01/16		52,829
	1,815,000		New Jersey Transportation Trust Fund Authority	5.250		12/15/19		2,105,364
	500,000		New Jersey Transportation Trust Fund Authority	5.000		06/15/20		563,770
	1,025,000		New Jersey Transportation Trust Fund Authority	5.250		12/15/20		1,177,971
	2,000,000		New Jersey Transportation Trust Fund Authority	5.750		06/15/23		2,386,240
	400,000		Newark Housing Authority	5.250		01/01/18		457,200
	1,000,000		Newark Housing Authority	5.250		01/01/22		1,139,280
	2,000,000		State of New Jersey	5.250		08/01/22		2,444,220

			TOTAL NEW JERSEY					13,625,597


NEW YORK - 12.5%
	1,000,000	h	City of New York NY	5.000		10/01/23		1,164,010
	150,000		County of Onondaga NY	5.000		12/01/20		177,948
	100,000		County of Onondaga NY	5.000		12/01/21		119,034
	195,000		Lackawanna Housing Authority	5.000		09/01/16		220,061
	1,000,000		Metropolitan Transportation Authority	5.000		11/15/20		1,185,530
	1,000,000		Metropolitan Transportation Authority	5.250		11/15/20		1,174,690
	2,000,000		Metropolitan Transportation Authority	5.250		11/15/23		2,358,200
	520,000		Monroe County Industrial Development Corp	4.000		10/01/14		553,613
	500,000		Monroe County Industrial Development Corp	4.000		10/01/15		535,375
	2,000,000		New York City Health & Hospital Corp	5.000		02/15/20		2,290,600
	1,500,000		New York City Transitional Finance Authority	5.000		11/01/20		1,824,405
	1,500,000		New York City Transitional Finance Authority	5.000		11/01/21		1,835,055

TIAA-CREF FUNDS – Tax-Exempt Bond Fund


PRINCIPAL			ISSUER	RATE		DATE	VALUE

	$2,000,000		New York City Transitional Finance Authority	5.000	%	11/01/23	$	2,378,000
	1,050,000		New York State Dormitory Authority	5.000		01/15/16		1,180,799
	1,000,000		New York State Dormitory Authority	5.000		07/01/16		1,127,240
	500,000		New York State Dormitory Authority	5.000		07/01/17		517,085
	1,000,000		New York State Dormitory Authority	5.000		02/15/19		1,148,980
	1,405,000		New York State Dormitory Authority	5.000		07/01/19		1,601,882
	500,000		New York State Dormitory Authority	5.000		07/01/19		556,520
	2,000,000		New York State Dormitory Authority	5.000		03/15/20		2,400,379
	750,000	h	New York State Dormitory Authority	4.000		05/01/20		779,805
	1,100,000		New York State Dormitory Authority	5.000		07/01/20		1,220,626
	500,000		New York State Dormitory Authority	5.000		11/01/20		562,405
	750,000	h	New York State Dormitory Authority	4.000		05/01/21		773,483
	500,000		New York State Dormitory Authority	5.000		11/01/21		561,835
	1,175,000		New York State Dormitory Authority	5.000		02/15/24		1,321,651
	250,000		New York State Environmental Facilities Corp	5.000		08/15/19		305,725
	250,000		New York State Environmental Facilities Corp	5.000		08/15/20		304,273
	130,000		New York State Thruway Authority	5.500		04/01/12		133,254
	1,000,000		New York State Thruway Authority	5.000		04/01/21		1,193,240
	1,100,000		New York State Urban Development Corp	5.000		03/15/18		1,311,794
	2,000,000		New York State Urban Development Corp	5.000		03/15/20		2,400,380
	1,635,000		Port Authority of New York & New Jersey, AMT	5.000		09/15/20		1,870,522
	2,000,000		Tobacco Settlement Financing Corp	5.000		06/01/18		2,344,900

			TOTAL NEW YORK					39,433,299


NORTH CAROLINA - 1.6%
	1,000,000		County of New Hanover NC	5.000		12/01/20		1,220,810
	485,000		North Carolina Eastern Municipal Power Agency	5.000		01/01/21		596,424
	1,190,000		Pitt County NC, ETM	5.250		12/01/21		1,330,896
	1,500,000		State of North Carolina	5.000		03/01/19		1,833,705

			TOTAL NORTH CAROLINA					4,981,835


OHIO - 4.7%
	1,445,000		Cincinnati City School District	5.250		06/01/23		1,686,373
	2,000,000		City of Cincinnati OH	5.000		12/01/21		2,458,020
	1,500,000		City of Columbus OH	5.000		07/01/21		1,836,840
	1,000,000		Ohio Air Quality Development Authority	5.630		06/01/18		1,123,250
	1,000,000		Ohio State Water Development Authority	5.500		06/01/22		1,271,560
	25,000		Ohio State Water Development Authority, ETM	6.000		12/01/16		28,102
	150,000		State of Ohio	5.000		05/01/17		178,052
	1,000,000		State of Ohio	5.000		09/15/20		1,205,480
	1,000,000		State of Ohio	5.000		08/01/21		1,210,690
	4,000,000		State of Ohio, AMT	4.950		09/01/20		4,048,279

			TOTAL OHIO					15,046,646


OREGON - 0.5%
	690,000		Clackamas County School District No 62C	5.000		06/15/18		761,243
	740,000		State of Oregon	5.000		05/01/21		912,205

			TOTAL OREGON					1,673,448

TIAA-CREF FUNDS – Tax-Exempt Bond Fund


PRINCIPAL			ISSUER	RATE		DATE	VALUE

PENNSYLVANIA - 3.3%
	$1,460,000		Carbon County Hospital Authority	5.400	%	11/15/14	$	1,514,064
	350,000		Commonwealth of Pennsylvania	5.000		01/01/16		407,008
	1,925,000		Commonwealth of Pennsylvania	5.000		02/15/19		2,328,672
	115,000		Pennsylvania Economic Development Financing Authority, AMT	6.000		11/01/11		115,329
	280,000		Pennsylvania Economic Development Financing Authority, AMT	6.250		11/01/31		282,836
	605,000		Philadelphia Authority for Industrial Development	4.250		09/01/19		539,442
	1,000,000		Philadelphia Authority for Industrial Development	5.250		09/01/26		874,810
	100,000		Philadelphia Authority for Industrial Development	5.250		09/01/36		80,797
	2,000,000		Philadelphia School District	5.000		09/01/20		2,203,640
	1,425,000		Philadelphia School District, GO	5.000		06/01/24		1,552,039
	415,000		Pittsburgh Urban Redevelopment Authority	6.500		09/01/13		446,341

			TOTAL PENNSYLVANIA					10,344,978


PUERTO RICO - 5.8%
	510,000		Commonwealth of Puerto Rico	5.000		07/01/13		540,059
	1,000,000		Commonwealth of Puerto Rico	5.250		07/01/16		1,093,570
	500,000		Commonwealth of Puerto Rico	5.500		07/01/18		558,585
	1,500,000		Commonwealth of Puerto Rico	5.500		07/01/19		1,634,835
	2,000,000		Commonwealth of Puerto Rico	5.500		07/01/20		2,165,580
	250,000		Commonwealth of Puerto Rico	5.500		07/01/21		268,500
	1,250,000		Government Development Bank for Puerto Rico	5.000		12/01/16		1,355,488
	3,370,000		Puerto Rico Commonwealth Infrastructure Financing Authority	5.500		07/01/19		3,672,929
	1,000,000		Puerto Rico Highway & Transportation Authority	5.500		07/01/21		1,074,000
	400,000		Puerto Rico Highway & Transportation Authority	5.250		07/01/22		439,976
	1,225,000		Puerto Rico Infrastructure Financing Authority	5.500		07/01/18		1,335,544
	5,000		Puerto Rico Public Buildings Authority	5.500		07/01/13		5,439
	475,000		Puerto Rico Public Buildings Authority	6.250		07/01/21		533,942
	3,130,000	i	Puerto Rico Public Finance Corp	5.750		08/01/27		3,172,506
	685,000	i	Puerto Rico Public Finance Corp	5.250		08/01/31		693,206

			TOTAL PUERTO RICO					18,544,159


RHODE ISLAND - 1.4%
	315,000		Providence Housing Authority	5.000		09/01/18		344,966
	790,000		Rhode Island State & Providence Plantations, COP	5.250		10/01/14		876,031
	800,000		Rhode Island State & Providence Plantations, COP	5.000		10/01/16		910,968
	2,000,000		State of Rhode Island	5.000		08/01/21		2,381,160

			TOTAL RHODE ISLAND					4,513,125


SOUTH CAROLINA - 2.2%
	315,000		County of Richland SC	4.600		09/01/12		323,574
	750,000		Lexington County Health Services District, Inc	5.000		11/01/19		841,388
	750,000		Lexington County Health Services District, Inc	5.000		11/01/21		836,685
	1,120,000		Scago Educational Facilities Corp for Colleton School District	5.000		12/01/16		1,284,976
	1,000,000		Scago Public Facilities Corp for Georgetown County	5.000		12/01/19		1,117,610
	2,250,000		State of South Carolina	5.000		03/01/15		2,580,750

			TOTAL SOUTH CAROLINA					6,984,983

TIAA-CREF FUNDS – Tax-Exempt Bond Fund


PRINCIPAL		ISSUER	RATE		DATE	VALUE

SOUTH DAKOTA - 0.2%
	$500,000	State of South Dakota	6.700	%	09/01/17	$	590,670

		TOTAL SOUTH DAKOTA					590,670


TENNESSEE - 2.4%
	125,000	Clarksville Natural Gas Acquisition Corp	5.000		12/15/16		128,324
	1,000,000	Memphis-Shelby County Airport Authority, AMT	5.630		07/01/20		1,122,700
		Metropolitan Government Nashville & Davidson County Health &
	1,500,000	Educational Facs Bd	6.000		12/01/16		1,671,915
	1,000,000	Tennessee Energy Acquisition Corp	5.000		09/01/16		1,026,620
	3,675,000	Tennessee Energy Acquisition Corp	5.000		02/01/18		3,720,423

		TOTAL TENNESSEE					7,669,982


TEXAS - 3.6%
	275,000	Alamo Community College District	4.000		02/15/14		296,819
	970,000	Bexar Metropolitan Water District	5.000		05/01/17		1,085,750
	725,000	County of Harris TX	5.000		08/15/16		843,893
	160,000	Harris County Flood Control District	5.000		10/01/14		180,162
	1,515,000	Lower Colorado River Authority	6.000		01/01/17		1,869,268
	1,000,000	Lubbock Health Facilities Development Corp	5.000		07/01/19		1,126,860
	310,000	North Central Texas Health Facility Development Corp	5.500		06/01/21		379,948
	1,000,000	SA Energy Acquisition Public Facility Corp	5.250		08/01/16		1,047,120
	500,000	SA Energy Acquisition Public Facility Corp	5.250		08/01/18		513,510
	2,000,000	SA Energy Acquisition Public Facility Corp	5.500		08/01/19		2,063,939
	1,000,000	State of Texas	5.000		10/01/22		1,205,050
	630,000	Tarrant County Health Facilities Development Corp	6.000		09/01/24		799,955

		TOTAL TEXAS					11,412,274


UTAH - 1.1%
	1,000,000	State of Utah	5.000		07/01/18		1,221,360
	1,000,000	State of Utah	5.000		07/01/21		1,242,240
	900,000	Utah State Board of Regents	5.000		08/01/22		1,022,886

		TOTAL UTAH					3,486,486


VIRGINIA - 0.5%
	320,000	Tobacco Settlement Financing Corp	5.500		06/01/26		353,814
	1,000,000	Virginia College Building Authority	5.000		02/01/23		1,210,010

		TOTAL VIRGINIA					1,563,824


WASHINGTON - 2.5%
	3,150,000	Port of Seattle WA	5.500		09/01/17		3,680,838
	1,000,000	State of Washington	5.000		01/01/14		1,099,820
	600,000	Washington Economic Development Finance Authority	5.000		06/01/16		691,740
	560,000	Washington Higher Education Facilities Authority	5.000		05/01/18		635,275
	290,000	Washington Higher Education Facilities Authority	5.000		05/01/19		327,764
	625,000	Washington Higher Education Facilities Authority	5.000		05/01/20		704,250
	660,000	Washington Higher Education Facilities Authority	5.000		05/01/21		743,926

		TOTAL WASHINGTON					7,883,613

TIAA-CREF FUNDS – Tax-Exempt Bond Fund


PRINCIPAL		ISSUER	RATE		DATE	VALUE

WISCONSIN - 1.9%
	$1,040,000	State of Wisconsin	5.000	%	05/01/19	$	1,226,982
	1,000,000	State of Wisconsin	5.000		05/01/21		1,212,590
	2,000,000	State of Wisconsin	5.000		05/01/21		2,425,180
	1,000,000	Wisconsin Health & Educational Facilities Authority	5.000		10/15/20		1,098,190

		TOTAL WISCONSIN					5,962,942


		TOTAL LONG-TERM MUNICIPAL BONDS					312,661,298
		(Cost $298,246,628)

		TOTAL INVESTMENTS - 98.6%					312,661,298
		(Cost $298,246,628)
		OTHER ASSETS & LIABILITIES, NET - 1.4%					4,428,068

		NET ASSETS - 100.0%				$	317,089,366

Abbreviation(s):

AMT

Alternative Minimum Tax (subject to)

COP

Certificate of Participation

ETM

Escrowed to Maturity

General Obligation

These securities were purchased on a delayed delivery basis.

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

TIAA-CREF FUNDS – Inflation-Linked Bond Fund

TIAA-CREF FUNDS
INFLATION-LINKED BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2011


PRINCIPAL			ISSUER	VALUE

GOVERNMENT BONDS - 98.9%

U.S. TREASURY SECURITIES - 98.9%
		k	United States Treasury Inflation Indexed Bonds
	$30,301,331		0.630%, 04/15/13	$	30,860,026
	45,468,429		1.880%, 07/15/13		47,592,668
	46,565,006		2.000%, 01/15/14		49,431,641
	30,423,465		1.250%, 04/15/14		31,875,699
	49,606,329		2.000%, 07/15/14		53,369,415
	30,562,872		1.630%, 01/15/15		32,888,524
	32,108,076		0.500%, 04/15/15		33,409,962
	35,656,822		1.880%, 07/15/15		39,163,991
	37,453,787		2.000%, 01/15/16		41,626,364
	42,781,882		0.130%, 04/15/16		44,202,369
	35,344,063		2.500%, 07/15/16		40,620,825
	30,152,985		2.380%, 01/15/17		34,673,581
	28,923,946		2.630%, 07/15/17		34,082,792
	27,714,109		1.630%, 01/15/18		31,007,321
	26,610,310		1.380%, 07/15/18		29,487,550
	27,095,180		2.130%, 01/15/19		31,557,431
	29,414,068		1.880%, 07/15/19		33,856,063
	34,684,372		1.380%, 01/15/20		38,610,747
	72,274,743		1.250%, 07/15/20		79,790,159
	58,928,144		1.130%, 01/15/21		64,319,127
	35,984,724		0.630%, 07/15/21		37,559,056
	53,609,352		2.380%, 01/15/25		66,220,095
	33,492,712		2.000%, 01/15/26		39,785,691
	28,819,552		2.380%, 01/15/27		36,035,708
	29,223,827		1.750%, 01/15/28		33,853,992
	35,492,180		3.630%, 04/15/28		51,047,728
	28,200,032		2.500%, 01/15/29		36,203,991
	39,612,468		3.880%, 04/15/29		59,601,276
	10,716,639		3.380%, 04/15/32		15,805,371
	25,346,828		2.130%, 02/15/40		32,160,764
	28,472,712		2.130%, 02/15/41		36,360,536
			United States Treasury Note
	8,000,000		0.500%, 08/15/14		8,020,640
	2,100,000		1.000%, 08/31/16		2,105,250
	2,000,000		2.250%, 07/31/18		2,110,624

			TOTAL U.S. TREASURY SECURITIES		1,279,296,977


			TOTAL GOVERNMENT BONDS
			(Cost $1,154,193,432)		1,279,296,977


			TOTAL INVESTMENTS - 98.9%		1,279,296,977
			(Cost $1,154,193,432)
			OTHER ASSETS AND LIABILITIES, NET - 1.1%		14,192,909

			NET ASSETS - 100.0%	$	1,293,489,886




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

TIAA-CREF FUNDS – Bond Index Fund

TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2011


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

BONDS - 99.3%

CORPORATE BONDS - 21.9%

AUTOMOBILES & COMPONENTS - 0.1%
	$50,000		BorgWarner, Inc	4.630	%	09/15/20	$	53,778
	400,000		Honeywell International, Inc	5.400		03/15/16		464,601
	282,000		Honeywell International, Inc	5.700		03/15/37		346,211

			TOTAL AUTOMOBILES & COMPONENTS					864,590


BANKS - 3.1%
	250,000		American Express Bank FSB	5.500		04/16/13		263,925
	200,000		Asian Development Bank	0.880		06/10/14		201,684
	1,750,000		Asian Development Bank	2.500		03/15/16		1,859,272
	75,000		Asian Development Bank	5.820		06/16/28		99,110
	100,000	g	BanColombia S.A.	4.250		01/12/16		98,000
	470,000		Bank of America Corp	4.500		04/01/15		445,440
	2,045,000		Bank of America Corp	3.700		09/01/15		1,884,768
	250,000		Bank of America Corp	3.630		03/17/16		227,578
	200,000		Bank of America Corp	6.500		08/01/16		198,609
	585,000		Bank of America Corp	5.300		03/15/17		528,348
	575,000		Bank of America Corp	6.000		09/01/17		553,209
	590,000		Bank of America Corp	5.750		12/01/17		553,337
	320,000		Bank of America Corp	5.650		05/01/18		303,851
	600,000		Bank of America Corp	5.490		03/15/19		526,567
	700,000		Bank of America Corp	5.880		01/05/21		654,261
	100,000		Bank of New York Mellon Corp	1.500		01/31/14		100,804
	530,000		Bank of New York Mellon Corp	4.300		05/15/14		571,849
	250,000		Bank of New York Mellon Corp	2.300		07/28/16		251,840
	295,000		Bank of New York Mellon Corp	5.450		05/15/19		340,849
	1,120,000		Bank One Corp	5.250		01/30/13		1,161,263
	190,000	i	BB&T Capital Trust IV	6.820		06/12/57		189,050
	500,000		BB&T Corp	5.200		12/23/15		537,126
	100,000		BB&T Corp	3.200		03/15/16		102,137
	70,000		BB&T Corp	4.900		06/30/17		74,570
	150,000		BBVA US Senior SAU	3.250		05/16/14		140,570
	160,000		BHP Billiton Finance Ltd	5.400		03/29/17		183,390
	400,000		BHP Billiton Finance USA Ltd	5.500		04/01/14		439,377
	150,000		BHP Billiton Finance USA Ltd	6.500		04/01/19		184,323
	60,000		Capital One Bank USA NA	8.800		07/15/19		70,687
	370,000		Capital One Capital V	8.880		05/15/40		375,451
	250,000		Capital One Financial Corp	3.150		07/15/16		247,497
	200,000		Citigroup, Inc	5.850		07/02/13		207,230
	500,000		Citigroup, Inc	6.000		12/13/13		525,185
	1,460,000		Citigroup, Inc	5.500		10/15/14		1,516,867
	250,000		Citigroup, Inc	3.950		06/15/16		249,405
	650,000		Citigroup, Inc	6.000		08/15/17		689,803

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$315,000		Citigroup, Inc	6.130	%	11/21/17	$	336,600
	570,000		Citigroup, Inc	6.130		05/15/18		611,384
	2,310,000		Citigroup, Inc	5.380		08/09/20		2,393,199
	345,000		Citigroup, Inc	6.880		03/05/38		374,575
	250,000		Comerica Bank	5.750		11/21/16		278,691
	50,000		Comerica Bank	5.200		08/22/17		54,541
	400,000		Deutsche Bank AG	4.880		05/20/13		413,380
	700,000		Deutsche Bank AG	3.880		08/18/14		714,417
	300,000		Deutsche Bank AG	3.450		03/30/15		298,556
	200,000		Deutsche Bank AG	3.250		01/11/16		196,099
	65,000		Discover Bank	7.000		04/15/20		68,897
	150,000		Fifth Third Bancorp	3.630		01/25/16		152,492
	140,000		Fifth Third Bancorp	8.250		03/01/38		167,483
	250,000		Fifth Third Bank	4.750		02/01/15		263,014
	100,000		First Horizon National Corp	5.380		12/15/15		101,214
	870,000		Golden West Financial Corp	4.750		10/01/12		896,056
	200,000		HSBC Bank USA NA	4.630		04/01/14		204,800
	750,000		HSBC Bank USA NA	4.880		08/24/20		703,398
	266,000		HSBC Bank USA NA	5.880		11/01/34		254,195
	33,000		HSBC Bank USA NA	7.000		01/15/39		36,217
	525,000		HSBC Holdings plc	6.500		09/15/37		515,300
	200,000	g	ICICI Bank Ltd	6.630		10/03/12		204,900
	150,000		Inter-American Development Bank	1.630		07/15/13		153,117
	1,000,000		Inter-American Development Bank	3.000		04/22/14		1,060,624
	1,500,000		Inter-American Development Bank	2.250		07/15/15		1,570,580
	105,000		Inter-American Development Bank	3.880		09/17/19		120,279
	340,000		JP Morgan Chase Capital XXV	6.800		10/01/37		341,236
	225,000		JPMorgan Chase & Co	2.050		01/24/14		227,258
	634,000		JPMorgan Chase & Co	5.130		09/15/14		667,695
	225,000		JPMorgan Chase & Co	3.700		01/20/15		230,548
	610,000		JPMorgan Chase & Co	3.400		06/24/15		619,627
	700,000		JPMorgan Chase & Co	5.150		10/01/15		738,700
	250,000		JPMorgan Chase & Co	3.450		03/01/16		251,031
	300,000		JPMorgan Chase & Co	3.150		07/05/16		298,052
	335,000		JPMorgan Chase & Co	6.000		01/15/18		373,067
	180,000		JPMorgan Chase & Co	4.950		03/25/20		190,344
	700,000		JPMorgan Chase & Co	4.400		07/22/20		708,217
	1,820,000		JPMorgan Chase & Co	4.250		10/15/20		1,824,313
	150,000		JPMorgan Chase & Co	4.630		05/10/21		153,344
	250,000		JPMorgan Chase & Co	4.350		08/15/21		252,626
	308,000		JPMorgan Chase & Co	5.500		10/15/40		325,585
	50,000		KeyBank NA	5.800		07/01/14		53,901
	300,000		KeyCorp	3.750		08/13/15		309,047
	150,000		KeyCorp	5.100		03/24/21		151,366
	30,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		29,028
	100,000		National City Bank	6.200		12/15/11		100,875
	100,000		Nordic Investment Bank	3.630		06/17/13		105,217
	500,000		Nordic Investment Bank	2.250		03/15/16		524,695
	400,000		Northern Trust Corp	4.630		05/01/14		431,231
	380,000		PNC Funding Corp	5.400		06/10/14		413,047
	645,000		PNC Funding Corp	5.130		02/08/20		713,932
	50,000		PNC Funding Corp	4.380		08/11/20		51,844

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$200,000	Royal Bank of Scotland Group plc	5.050	%	01/08/15	$	185,813
	250,000	Royal Bank of Scotland Group plc	6.400		10/21/19		238,990
	100,000	Sovereign Bank	8.750		05/30/18		116,483
	200,000	State Street Corp	4.380		03/07/21		214,802
	100,000	SunTrust Bank	7.250		03/15/18		116,277
	100,000	SunTrust Banks, Inc	3.600		04/15/16		101,386
	100,000	SunTrust Banks, Inc	6.000		09/11/17		110,479
	50,000	SVB Financial Group	5.380		09/15/20		51,966
	200,000	Svenska Handelsbanken AB	3.130		07/12/16		201,115
	315,000	Union Bank of California NA	5.950		05/11/16		346,841
	60,000	UnionBanCal Corp	5.250		12/16/13		64,231
	150,000	US Bancorp	2.130		02/15/13		152,820
	400,000	US Bancorp	2.000		06/14/13		407,883
	170,000	US Bank NA	6.300		02/04/14		186,689
	240,000	USB Capital XIII Trust	6.630		12/15/39		241,039
	329,000	Wachovia Bank NA	4.800		11/01/14		351,056
	900,000	Wachovia Bank NA	5.600		03/15/16		982,258
	510,000	Wachovia Bank NA	5.850		02/01/37		529,920
	350,000	Wells Fargo & Co	3.680		06/15/16		364,219
	300,000	Wells Fargo & Co	5.130		09/15/16		318,620
	400,000	Wells Fargo & Co	4.600		04/01/21		427,562
	264,000	Wells Fargo & Co	5.380		02/07/35		281,305
	1,670,000	Wells Fargo Bank NA	4.750		02/09/15		1,740,205
	20,000	Western Union Co	5.930		10/01/16		22,848
	100,000	Western Union Co	3.650		08/22/18		100,920
	200,000	Western Union Co	5.250		04/01/20		222,789
	100,000	Westpac Banking Corp	2.250		11/19/12		101,330
	100,000	Westpac Banking Corp	1.850		12/09/13		100,845
	855,000	Westpac Banking Corp	3.000		08/04/15		870,569
	75,000	Westpac Banking Corp	4.880		11/19/19		78,566
	185,000	Zions Bancorporation	7.750		09/23/14		195,031

		TOTAL BANKS					48,211,923


CAPITAL GOODS - 0.7%
	50,000	Agilent Technologies, Inc	6.500		11/01/17		58,504
	200,000	Applied Materials, Inc	4.300		06/15/21		208,398
	100,000	Arrow Electronics, Inc	6.880		07/01/13		106,892
	225,000	Avnet, Inc	6.630		09/15/16		250,208
	115,000	Black & Decker Corp	8.950		04/15/14		134,860
	100,000	Cameron International Corp	6.380		07/15/18		117,550
	136,000	Caterpillar Financial Services Corp	6.130		02/17/14		151,736
	150,000	Caterpillar Financial Services Corp	1.380		05/20/14		150,839
	250,000	Caterpillar Financial Services Corp	2.050		08/01/16		251,740
	500,000	Caterpillar Financial Services Corp	5.850		09/01/17		593,291
	200,000	Caterpillar Financial Services Corp	5.450		04/15/18		235,094
	361,000	Caterpillar Financial Services Corp	7.150		02/15/19		464,013
	50,000	Caterpillar, Inc	5.700		08/15/16		58,863
	200,000	Caterpillar, Inc	3.900		05/27/21		215,702
	10,000	Caterpillar, Inc	7.300		05/01/31		14,125
	150,000	Caterpillar, Inc	5.200		05/27/41		175,290
	75,000	CRH America, Inc	5.300		10/15/13		78,605
	150,000	CRH America, Inc	4.130		01/15/16		151,029

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$100,000		CRH America, Inc	6.000	%	09/30/16	$	107,102
	200,000		Danaher Corp	5.630		01/15/18		239,590
	218,000		Deere & Co	5.380		10/16/29		271,643
	100,000		DIRECTV Holdings LLC	5.000		03/01/21		105,777
	100,000		DIRECTV Holdings LLC	6.380		03/01/41		111,886
	150,000		Dover Corp	5.450		03/15/18		177,675
	100,000		Dover Corp	5.380		03/01/41		121,275
	200,000		Eaton Corp	5.600		05/15/18		237,604
	300,000		Emerson Electric Co	5.250		10/15/18		354,392
	100,000		Emerson Electric Co	4.880		10/15/19		116,088
	200,000		General Dynamics Corp	5.250		02/01/14		219,830
	11,000		General Dynamics Corp	5.380		08/15/15		12,594
	300,000		General Dynamics Corp	2.250		07/15/16		307,287
	400,000		General Electric Co	5.250		12/06/17		444,425
	265,000		Goodrich Corp	6.130		03/01/19		319,072
	25,000		Goodrich Corp	4.880		03/01/20		28,206
	185,000		Harsco Corp	5.130		09/15/13		198,059
	100,000		Illinois Tool Works, Inc	6.250		04/01/19		124,246
	200,000	g	Illinois Tool Works, Inc	4.880		09/15/41		222,678
	100,000		Ingersoll-Rand Global Holding Co Ltd	6.000		08/15/13		107,930
	70,000		Ingersoll-Rand Global Holding Co Ltd	6.880		08/15/18		85,837
	300,000		ITT Corp	4.900		05/01/14		327,968
	695,000		John Deere Capital Corp	2.950		03/09/15		730,736
	300,000		John Deere Capital Corp	5.500		04/13/17		348,368
	100,000		KLA-Tencor Corp	6.900		05/01/18		114,265
	100,000		Legrand France S.A.	8.500		02/15/25		123,497
	100,000		Lockheed Martin Corp	7.650		05/01/16		122,856
	239,000		Lockheed Martin Corp	5.500		11/15/39		266,639
	350,000		Lockheed Martin Corp	4.850		09/15/41		368,243
	99,000	g	Myriad International Holding BV	6.380		07/28/17		102,713
	50,000		Parker Hannifin Corp	3.500		09/15/22		52,422
	50,000		Raytheon Co	4.400		02/15/20		54,262
	300,000		Raytheon Co	3.130		10/15/20		298,759
	100,000		Rockwell Automation, Inc	6.250		12/01/37		123,187
	100,000		Roper Industries, Inc	6.250		09/01/19		118,254
	100,000		Stanley Black & Decker, Inc	5.200		09/01/40		111,602
	170,000		Tyco International Finance S.A.	4.130		10/15/14		180,726
	200,000		Tyco International Finance S.A.	3.380		10/15/15		208,005
	100,000		Tyco International Finance S.A.	3.750		01/15/18		106,457
	200,000		United Technologies Corp	4.880		05/01/15		224,370
	200,000		United Technologies Corp	5.380		12/15/17		231,954
	190,000		United Technologies Corp	4.500		04/15/20		210,880
	180,000		United Technologies Corp	5.400		05/01/35		210,626
	80,000		United Technologies Corp	6.050		06/01/36		101,433
	145,000		United Technologies Corp	5.700		04/15/40		176,814
	100,000		Valmont Industries, Inc	6.630		04/20/20		116,254

			TOTAL CAPITAL GOODS					12,361,225


COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	100,000		Celgene Corp	3.950		10/15/20		101,304
	30,000		Corp Andina de Fomento	5.130		05/05/15		31,837
	500,000		Corp Andina de Fomento	3.750		01/15/16		505,939

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$200,000		Council Of Europe Development Bank	2.630	%	02/16/16	$	212,449
	150,000		Daimler Finance North America LLC	6.500		11/15/13		164,687
	200,000		Daimler Finance North America LLC	8.500		01/18/31		282,826
	200,000		eBay, Inc	3.250		10/15/20		198,791
	1,500,000		European Investment Bank	1.750		09/14/12		1,518,650
	1,000,000		European Investment Bank	2.880		03/15/13		1,033,301
	1,000,000		European Investment Bank	1.500		05/15/14		1,020,451
	500,000		European Investment Bank	1.630		09/01/15		511,591
	3,000,000		European Investment Bank	1.380		10/20/15		3,033,951
	3,000,000		European Investment Bank	2.250		03/15/16		3,137,521
	25,000		Howard Hughes Medical Institute	3.450		09/01/14		26,588
	150,000		International Bank for Reconstruction & Development	2.000		04/02/12		151,308
	45,000		International Bank for Reconstruction & Development	3.630		05/21/13		47,364
	1,000,000		International Bank for Reconstruction & Development	1.130		08/25/14		1,016,242
	200,000		International Bank for Reconstruction & Development	2.380		05/26/15		210,916
	1,300,000		International Bank for Reconstruction & Development	2.130		03/15/16		1,358,286
	150,000		International Bank for Reconstruction & Development	1.000		09/15/16		147,519
	34,000		International Bank for Reconstruction & Development	4.750		02/15/35		42,455
	110,000		Johnson Controls, Inc	5.500		01/15/16		123,504
	160,000		Johnson Controls, Inc	4.250		03/01/21		167,866
	20,000		Johnson Controls, Inc	6.000		01/15/36		23,739
	100,000		McGraw-Hill Cos, Inc	5.900		11/15/17		108,141
	200,000		News America, Inc	4.500		02/15/21		200,932
	300,000		News America, Inc	6.150		02/15/41		317,335
	44,000		Quest Diagnostics, Inc	5.450		11/01/15		49,361
	200,000		Quest Diagnostics, Inc	4.700		04/01/21		214,590
	100,000		Reed Elsevier Capital, Inc	8.630		01/15/19		127,650
	63,000		Republic Services, Inc	5.500		09/15/19		71,916
	265,000		Republic Services, Inc	5.000		03/01/20		294,782
	180,000		Republic Services, Inc	5.250		11/15/21		201,767
	30,000		Republic Services, Inc	6.200		03/01/40		36,050
	150,000	g	SAIC, Inc	4.450		12/01/20		162,567
	300,000		Thomson Corp	5.700		10/01/14		330,139
	45,000		Thomson Reuters Corp	6.500		07/15/18		53,384
	145,000		Thomson Reuters Corp	5.850		04/15/40		163,622
	25,000		Vanderbilt University	5.250		04/01/19		29,186
	200,000		Waste Management, Inc	5.000		03/15/14		217,311
	110,000		Waste Management, Inc	4.600		03/01/21		117,999
	255,000		Waste Management, Inc	6.130		11/30/39		309,109

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					18,074,926


CONSUMER DURABLES & APPAREL - 0.1%
	100,000		Hasbro, Inc	6.350		03/15/40		109,845
	100,000		Mattel Inc	4.350		10/01/20		105,496
	100,000		Newell Rubbermaid, Inc	5.500		04/15/13		105,731
	100,000		Newell Rubbermaid, Inc	4.700		08/15/20		101,824
	210,000		Toll Brothers Finance Corp	5.150		05/15/15		211,790
	20,000		VF Corp	6.450		11/01/37		25,766
	200,000		Whirlpool Corp	8.600		05/01/14		228,117
	225,000		Xerox Corp	8.250		05/15/14		256,159
	330,000		Xerox Corp	4.250		02/15/15		349,066
	50,000		Xerox Corp	6.350		05/15/18		56,833

			TOTAL CONSUMER DURABLES & APPAREL					1,550,627

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

CONSUMER SERVICES - 0.2%
	$100,000		Board of Trustees of The Leland Stanford Junior University	4.750	%	05/01/19	$	116,106
	100,000		Cintas Corp No 2	4.300		06/01/21		107,966
	100,000		Darden Restaurants, Inc	6.200		10/15/17		116,339
	75,000		Dartmouth College	4.750		06/01/19		85,511
	100,000		Hyatt Hotels Corp	3.880		08/15/16		99,675
	150,000		Johns Hopkins University	5.250		07/01/19		177,005
	160,000		Marriott International, Inc	5.630		02/15/13		166,308
	100,000		Massachusetts Institute of Technology	5.600		07/01/11		132,186
	720,000		McDonald’s Corp	3.500		07/15/20		770,661
	150,000		McDonald’s Corp	2.630		01/15/22		148,892
	30,000		McDonald’s Corp	6.300		03/01/38		40,110
	100,000		Princeton University	4.950		03/01/19		118,247
	20,000		Princeton University	5.700		03/01/39		26,476
	400,000		Walt Disney Co	4.500		12/15/13		432,090
	70,000		Walt Disney Co	5.630		09/15/16		82,256
	100,000		Walt Disney Co	7.000		03/01/32		141,921
	100,000		Walt Disney Co	4.380		08/16/41		106,499
	200,000		Yale University	2.900		10/15/14		212,168
	30,000		Yum! Brands, Inc	6.250		03/15/18		35,466
	50,000		Yum! Brands, Inc	3.880		11/01/20		50,560
	100,000		Yum! Brands, Inc	6.880		11/15/37		131,055

			TOTAL CONSUMER SERVICES					3,297,497


DIVERSIFIED FINANCIALS - 3.8%
	150,000		ABN Amro Bank NV	4.650		06/04/18		133,245
	500,000		African Development Bank	3.000		05/27/14		530,759
	20,000		Ahold Finance USA LLC	6.880		05/01/29		25,583
	400,000		American Express Centurion Bank	5.550		10/17/12		416,838
	200,000		American Express Co	6.150		08/28/17		228,607
	190,000		American Express Co	7.000		03/19/18		224,775
	255,000		American Express Co	8.130		05/20/19		321,839
	244,000		American Express Co	8.150		03/19/38		348,643
	1,050,000		American Express Credit Corp	2.750		09/15/15		1,055,153
	295,000		Ameriprise Financial, Inc	5.300		03/15/20		326,074
	100,000		Bank of Montreal	2.130		06/28/13		102,230
	40,000		Bank of Nova Scotia	2.250		01/22/13		40,755
	220,000		Bank of Nova Scotia	2.380		12/17/13		226,156
	300,000		Bank of Nova Scotia	3.400		01/22/15		315,708
	100,000		Bank of Nova Scotia	2.050		10/07/15		100,776
	250,000		Bank of Nova Scotia	2.900		03/29/16		259,951
	510,000		Barclays Bank plc	5.200		07/10/14		521,566
	1,000,000		Barclays Bank plc	5.000		09/22/16		1,002,244
	160,000	g	Barclays Bank plc	6.050		12/04/17		146,862
	80,000		Bear Stearns Cos LLC	5.300		10/30/15		86,367
	116,000		Bear Stearns Cos LLC	5.550		01/22/17		121,409
	500,000		Berkshire Hathaway, Inc	2.130		02/11/13		508,103
	50,000		Berkshire Hathaway, Inc	3.200		02/11/15		52,569
	200,000		Berkshire Hathaway, Inc	3.750		08/15/21		202,831
	275,000		BlackRock, Inc	3.500		12/10/14		292,210

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$20,000		BlackRock, Inc	6.250	%	09/15/17	$	23,105
	90,000		BlackRock, Inc	5.000		12/10/19		98,668
	100,000		Block Financial LLC	5.130		10/30/14		102,641
	480,000		BNP Paribas	3.250		03/11/15		466,478
	200,000		BNP Paribas	3.600		02/23/16		196,822
	250,000		BNP Paribas	5.000		01/15/21		244,754
	100,000		Canadian Imperial Bank of Commerce	1.450		09/13/13		100,585
	125,000		Canadian Imperial Bank of Commerce	2.350		12/11/15		126,605
	250,000		Capital One Bank USA NA	6.500		06/13/13		266,795
	100,000		Capital One Capital V	10.250		08/15/39		101,500
	200,000		Capital One Financial Corp	7.380		05/23/14		223,398
	50,000		Charles Schwab Corp	4.950		06/01/14		54,641
	100,000		Charles Schwab Corp	4.450		07/22/20		105,368
	120,000		CME Group, Inc	5.750		02/15/14		131,791
	1,380,000		Credit Suisse	5.500		05/01/14		1,458,859
	710,000		Credit Suisse	5.300		08/13/19		717,309
	110,000		Credit Suisse	4.380		08/05/20		106,444
	300,000		Credit Suisse AG.	5.400		01/14/20		288,213
	300,000		Credit Suisse USA, Inc	5.380		03/02/16		321,038
	155,000		Digital Realty Trust LP	4.500		07/15/15		158,186
	100,000		Discover Financial Services	10.250		07/15/19		121,039
	90,000		Eaton Vance Corp	6.500		10/02/17		102,664
	50,000		European Bank for Reconstruction & Development	3.630		06/17/13		52,881
	50,000		European Bank for Reconstruction & Development	1.630		09/03/15		50,551
	500,000		European Bank for Reconstruction & Development	2.500		03/15/16		524,586
	125,000		Franklin Resources, Inc	3.130		05/20/15		129,059
	1,435,000		General Electric Capital Corp	1.880		09/16/13		1,441,597
	2,085,000		General Electric Capital Corp	5.500		06/04/14		2,260,427
	105,000		General Electric Capital Corp	3.500		06/29/15		108,460
	400,000		General Electric Capital Corp	2.250		11/09/15		395,389
	150,000		General Electric Capital Corp	2.950		05/09/16		150,331
	125,000		General Electric Capital Corp	5.630		09/15/17		137,117
	630,000		General Electric Capital Corp	5.500		01/08/20		687,162
	1,105,000		General Electric Capital Corp	4.380		09/16/20		1,124,394
	250,000		General Electric Capital Corp	4.630		01/07/21		259,463
	300,000		General Electric Capital Corp	5.300		02/11/21		311,220
	725,000		General Electric Capital Corp	6.750		03/15/32		827,639
	200,000		General Electric Capital Corp	5.880		01/14/38		204,993
	627,000		General Electric Capital Corp	6.880		01/10/39		719,634
	340,000	i	Goldman Sachs Capital II	5.790		12/30/49		210,800
	225,000		Goldman Sachs Group, Inc	3.630		08/01/12		228,116
	510,000		Goldman Sachs Group, Inc	5.700		09/01/12		523,531
	130,000		Goldman Sachs Group, Inc	3.700		08/01/15		127,281
	875,000		Goldman Sachs Group, Inc	3.630		02/07/16		851,878
	50,000		Goldman Sachs Group, Inc	5.950		01/18/18		51,477
	60,000		Goldman Sachs Group, Inc	6.150		04/01/18		62,177
	1,195,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,333,523
	2,505,000		Goldman Sachs Group, Inc	5.380		03/15/20		2,487,652
	550,000		Goldman Sachs Group, Inc	6.000		06/15/20		565,766
	275,000		Goldman Sachs Group, Inc	5.250		07/27/21		271,292
	65,000		Goldman Sachs Group, Inc	6.450		05/01/36		59,069
	300,000		Goldman Sachs Group, Inc	6.250		02/01/41		291,725

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$675,000		HSBC Finance Corp	6.380	%	11/27/12	$	699,604
	80,000		HSBC Finance Corp	4.750		07/15/13		82,706
	532,000	g	HSBC Finance Corp	6.680		01/15/21		522,861
	30,000		International Finance Corp	3.000		04/22/14		31,464
	1,000,000		International Finance Corp	2.750		04/20/15		1,063,880
	130,000		Jefferies Group, Inc	3.880		11/09/15		127,235
	125,000		Jefferies Group, Inc	8.500		07/15/19		139,023
	100,000		Jefferies Group, Inc	6.450		06/08/27		96,180
	635,000		Kreditanstalt fuer Wiederaufbau	3.500		05/16/13		665,013
	1,250,000		Kreditanstalt fuer Wiederaufbau	4.000		10/15/13		1,334,384
	1,000,000		Kreditanstalt fuer Wiederaufbau	1.380		01/13/14		1,015,459
	3,000,000		Kreditanstalt fuer Wiederaufbau	1.250		10/26/15		3,017,795
	1,105,000		Kreditanstalt fuer Wiederaufbau	4.500		07/16/18		1,298,239
	1,175,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		1,341,784
	125,000		Landwirtschaftliche Rentenbank	4.130		07/15/13		132,591
	53,000		Lazard Group LLC	7.130		05/15/15		58,537
	85,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		9
	200,000		Lloyds TSB Bank plc	4.880		01/21/16		197,149
	250,000		Lloyds TSB Bank plc	6.380		01/21/21		246,481
	500,000		Merril Lynch & Co, Inc	6.050		05/16/16		449,968
	300,000		Merril Lynch & Co, Inc	6.220		09/15/26		253,718
	360,000		Merrill Lynch & Co, Inc	6.400		08/28/17		349,036
	1,050,000		Merrill Lynch & Co, Inc	6.880		04/25/18		1,050,377
	100,000		Merrill Lynch & Co, Inc	7.750		05/14/38		92,916
	100,000		MF Global Holdings Ltd	6.250		08/08/16		94,449
	300,000		Morgan Stanley	4.750		04/01/14		285,096
	1,100,000		Morgan Stanley	6.000		05/13/14		1,113,959
	100,000		Morgan Stanley	2.880		07/28/14		95,294
	720,000		Morgan Stanley	6.000		04/28/15		716,599
	200,000		Morgan Stanley	3.800		04/29/16		184,386
	970,000		Morgan Stanley	5.450		01/09/17		935,641
	550,000		Morgan Stanley	5.550		04/27/17		529,677
	245,000		Morgan Stanley	5.950		12/28/17		237,573
	796,000		Morgan Stanley	7.300		05/13/19		820,298
	300,000		Morgan Stanley	5.630		09/23/19		281,421
	590,000		Morgan Stanley	5.500		01/26/20		541,576
	200,000		Morgan Stanley	5.750		01/25/21		184,013
	220,000		NASDAQ OMX Group, Inc	5.550		01/15/20		220,297
	150,000		National Rural Utilities Cooperative Finance Corp	3.880		09/16/15		162,117
	285,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		409,506
	260,000		Nomura Holdings, Inc	4.130		01/19/16		263,838
	130,000		Nomura Holdings, Inc	6.700		03/04/20		146,179
	40,000		NYSE Euronext	4.800		06/28/13		42,491
	150,000		Oesterreichische Kontrollbank AG.	3.630		06/17/13		157,602
	1,000,000		Oesterreichische Kontrollbank AG.	1.380		01/21/14		1,014,269
	100,000		ORIX Corp	5.000		01/12/16		103,296
	165,000		PACCAR Financial Corp	2.050		06/17/13		167,062
	300,000		Principal Life Income Funding Trusts	5.300		04/24/13		318,062
	240,000		Rabobank Nederland NV	2.130		10/13/15		239,512
	100,000		Rabobank Nederland NV	4.500		01/11/21		108,114
	200,000		Rabobank Nederland NV	5.250		05/24/41		219,186
	100,000		Raymond James Financial, Inc	4.250		04/15/16		101,033

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$200,000		Royal Bank of Canada	2.100	%	07/29/13	$	205,103
	100,000		Royal Bank of Canada	1.130		01/15/14		100,263
	135,000		Royal Bank of Canada	2.630		12/15/15		139,600
	200,000		Royal Bank of Canada	2.300		07/20/16		202,195
	150,000		Royal Bank of Scotland plc	3.400		08/23/13		149,309
	50,000		Royal Bank of Scotland plc	4.880		03/16/15		48,956
	500,000		Royal Bank of Scotland plc	3.950		09/21/15		470,230
	100,000		Royal Bank of Scotland plc	4.380		03/16/16		95,620
	100,000		Royal Bank of Scotland plc	5.630		08/24/20		96,585
	200,000		Santander UK plc	7.950		10/26/29		180,588
	80,000		SLM Corp	5.380		01/15/13		80,004
	150,000		SLM Corp	6.250		01/25/16		147,230
	680,000		SLM Corp	8.450		06/15/18		707,314
	150,000		State Street Corp	4.300		05/30/14		161,825
	150,000		TD Ameritrade Holding Corp	4.150		12/01/14		159,300
	92,000		Telefonica Europe BV	8.250		09/15/30		102,921
	100,000		Textron, Inc	5.600		12/01/17		105,477
	100,000		Toronto-Dominion Bank	2.500		07/14/16		102,642
	50,000		Toyota Motor Credit Corp	1.380		08/12/13		50,386
	250,000		Toyota Motor Credit Corp	3.200		06/17/15		262,305
	200,000		Toyota Motor Credit Corp	2.800		01/11/16		204,300
	300,000		Toyota Motor Credit Corp	3.400		09/15/21		302,572
	500,000		UBS AG.	2.250		01/28/14		487,232
	80,000		UBS AG.	5.750		04/25/18		82,290
	1,125,000		UBS AG.	4.880		08/04/20		1,083,256
	400,000		UFJ Finance Aruba AEC	6.750		07/15/13		429,840
	30,000		Unilever Capital Corp	5.900		11/15/32		39,768

			TOTAL DIVERSIFIED FINANCIALS					59,713,412


ENERGY - 1.8%
	650,000		Anadarko Petroleum Corp	5.950		09/15/16		710,969
	100,000		Anadarko Petroleum Corp	6.380		09/15/17		112,182
	165,000		Anadarko Petroleum Corp	8.700		03/15/19		208,086
	325,000		Anadarko Petroleum Corp	6.200		03/15/40		338,350
	150,000		Apache Corp	5.250		04/15/13		159,675
	480,000		Apache Corp	5.100		09/01/40		535,485
	150,000	g	Baker Hughes, Inc	3.200		08/15/21		151,161
	215,000		Baker Hughes, Inc	5.130		09/15/40		246,155
	395,000		BP Capital Markets plc	3.880		03/10/15		418,785
	590,000		BP Capital Markets plc	3.130		10/01/15		609,635
	250,000		BP Capital Markets plc	3.200		03/11/16		260,632
	150,000		BP Capital Markets plc	4.740		03/11/21		164,627
	100,000		Buckeye Partners LP	4.880		02/01/21		102,993
	475,000		Burlington Resources Finance Co	7.200		08/15/31		648,341
	400,000		Canadian Natural Resources Ltd	5.700		05/15/17		456,754
	250,000		Canadian Natural Resources Ltd	6.250		03/15/38		296,384
	45,000		Cenovus Energy, Inc	4.500		09/15/14		48,512
	150,000		Cenovus Energy, Inc	5.700		10/15/19		173,170
	100,000		Cenovus Energy, Inc	6.750		11/15/39		123,103
	500,000		Chevron Corp	3.950		03/03/14		538,557
	1,005,000		ConocoPhillips	4.600		01/15/15		1,100,951
	485,000		ConocoPhillips	6.500		02/01/39		643,134

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$250,000		Devon Energy Corp	6.300	%	01/15/19	$	303,056
	300,000		Devon Energy Corp	7.950		04/15/32		426,498
	100,000		Diamond Offshore Drilling, Inc	5.880		05/01/19		115,834
	150,000		Ecopetrol S.A.	7.630		07/23/19		174,750
	295,000		Enbridge Energy Partners LP	5.200		03/15/20		313,885
	100,000		Enbridge Energy Partners LP	5.500		09/15/40		102,192
	120,000		EnCana Corp	6.500		05/15/19		143,618
	315,000		EnCana Corp	6.630		08/15/37		363,565
	200,000		EnCana Holdings Finance Corp	5.800		05/01/14		218,969
	500,000		Ensco plc	4.700		03/15/21		509,617
	40,000		Enterprise Products Operating LLC	5.600		10/15/14		43,780
	145,000		Enterprise Products Operating LLC	5.000		03/01/15		157,512
	235,000		Enterprise Products Operating LLC	6.300		09/15/17		272,794
	130,000		Enterprise Products Operating LLC	6.500		01/31/19		153,072
	480,000		Enterprise Products Operating LLC	6.130		10/15/39		522,614
	100,000		EOG Resources, Inc	2.500		02/01/16		102,067
	440,000		EOG Resources, Inc	4.100		02/01/21		470,659
	50,000		EQT Corp	6.500		04/01/18		56,539
	200,000		Halliburton Co	6.150		09/15/19		242,220
	200,000		Halliburton Co	7.450		09/15/39		285,871
	275,000		Hess Corp	8.130		02/15/19		354,451
	340,000		Hess Corp	5.600		02/15/41		366,801
	30,000		Husky Energy, Inc	7.250		12/15/19		36,758
	130,000		Husky Energy, Inc	6.800		09/15/37		159,221
	200,000		Magellan Midstream Partners LP	6.550		07/15/19		236,308
	125,000		Magellan Midstream Partners LP	4.250		02/01/21		129,097
	155,000		Marathon Oil Corp	6.600		10/01/37		183,994
	200,000	g	Marathon Petroleum Corp	3.500		03/01/16		206,197
	250,000	g	Marathon Petroleum Corp	5.130		03/01/21		260,346
	274,000		Nabors Industries, Inc	9.250		01/15/19		346,614
	100,000	g	Nabors Industries, Inc	4.630		09/15/21		98,171
	285,000		Nexen, Inc	6.400		05/15/37		290,035
	50,000		Noble Energy, Inc	8.250		03/01/19		65,649
	100,000		Noble Energy, Inc	6.000		03/01/41		111,653
	100,000		Noble Holding International Ltd	3.450		08/01/15		105,127
	205,000		Noble Holding International Ltd	4.900		08/01/20		220,516
	25,000		NuStar Logistics LP	4.800		09/01/20		26,240
	350,000		Occidental Petroleum Corp	2.500		02/01/16		364,621
	350,000		Occidental Petroleum Corp	1.750		02/15/17		347,369
	206,000		Panhandle Eastern Pipeline Co LP	7.000		06/15/18		244,921
	185,000		Pemex Project Funding Master Trust	5.750		03/01/18		200,263
	350,000		Petrobras International Finance Co	3.880		01/27/16		347,200
	47,000		Petrobras International Finance Co	6.130		10/06/16		50,995
	625,000		Petrobras International Finance Co	7.880		03/15/19		725,000
	100,000		Petrobras International Finance Co	5.750		01/20/20		103,800
	375,000		Petrobras International Finance Co	6.880		01/20/40		395,625
	200,000		Petrobras International Finance Co-Pifco	9.130		07/02/13		221,250
	75,000		Petro-Canada	6.800		05/15/38		90,699
	505,000		Petroleos Mexicanos	4.880		03/15/15		528,988
	80,000		Petroleos Mexicanos	8.000		05/03/19		97,600
	475,000		Petroleos Mexicanos	6.000		03/05/20		519,650
	200,000		Petroleos Mexicanos	5.500		01/21/21		210,000

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$190,000	Petroleos Mexicanos	6.500	%	06/02/41	$	196,650
	200,000	Plains All American Pipeline LP	6.130		01/15/17		225,108
	300,000	Plains All American Pipeline LP	5.000		02/01/21		316,254
	100,000	Rowan Cos, Inc	5.000		09/01/17		103,623
	440,000	Shell International Finance BV	3.100		06/28/15		467,123
	805,000	Shell International Finance BV	4.300		09/22/19		904,219
	230,000	Shell International Finance BV	4.380		03/25/20		258,296
	171,000	Shell International Finance BV	6.380		12/15/38		233,011
	210,000	Statoil ASA	2.900		10/15/14		220,982
	350,000	Statoil ASA	3.130		08/17/17		370,732
	50,000	Statoil ASA	5.250		04/15/19		58,976
	200,000	Statoil ASA	5.100		08/17/40		233,654
	350,000	Suncor Energy, Inc	6.100		06/01/18		408,158
	400,000	Suncor Energy, Inc	6.500		06/15/38		466,837
	25,000	Talisman Energy, Inc	7.750		06/01/19		30,705
	250,000	Talisman Energy, Inc	3.750		02/01/21		242,738
	320,000	TransCanada Pipelines Ltd	4.000		06/15/13		334,903
	340,000	TransCanada Pipelines Ltd	5.850		03/15/36		407,620
	269,000	TransCanada Pipelines Ltd	7.630		01/15/39		365,455
	200,000	TransCanada PipeLines Ltd	3.800		10/01/20		210,942
	93,000	Transocean, Inc	6.000		03/15/18		99,025
	400,000	Transocean, Inc	6.500		11/15/20		436,479
	100,000	Transocean, Inc	6.800		03/15/38		103,502
	165,000	Vale Overseas Ltd	6.250		01/23/17		178,860
	445,000	Vale Overseas Ltd	4.630		09/15/20		431,650
	464,000	Vale Overseas Ltd	6.880		11/21/36		500,470
	680,000	Valero Energy Corp	6.130		02/01/20		754,553
	30,000	Valero Energy Corp	7.500		04/15/32		34,685
	440,000	Weatherford Bermuda Holdings Ltd	5.130		09/15/20		447,789
	60,000	Weatherford Bermuda Holdings Ltd	6.750		09/15/40		63,989
	150,000	Weatherford International Ltd	9.630		03/01/19		193,802
	300,000	XTO Energy, Inc	6.250		08/01/17		368,846

		TOTAL ENERGY					30,341,548


FOOD & STAPLES RETAILING - 0.2%
	250,000	CVS Caremark Corp	3.250		05/18/15		263,111
	225,000	CVS Caremark Corp	5.750		06/01/17		258,242
	75,000	CVS Caremark Corp	6.600		03/15/19		91,228
	185,000	CVS Caremark Corp	4.750		05/18/20		202,533
	100,000	CVS Caremark Corp	4.130		05/15/21		104,082
	200,000	CVS Caremark Corp	6.130		09/15/39		234,683
	95,000	Delhaize Group S.A.	5.880		02/01/14		103,518
	105,000	Delhaize Group S.A.	6.500		06/15/17		122,735
	35,000	Delhaize Group S.A.	5.700		10/01/40		36,267
	85,000	Kroger Co	5.000		04/15/13		89,337
	300,000	Kroger Co	6.400		08/15/17		355,710
	55,000	Kroger Co	6.800		12/15/18		67,878
	45,000	Kroger Co	6.150		01/15/20		54,012
	100,000	Kroger Co	6.900		04/15/38		129,871
	39,000	Safeway, Inc	6.350		08/15/17		45,115
	25,000	Safeway, Inc	5.000		08/15/19		27,291
	240,000	Safeway, Inc	3.950		08/15/20		241,814

100

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$50,000		Starbucks Corp	6.250	%	08/15/17	$	59,716
	50,000		SYSCO Corp	5.250		02/12/18		59,228
	100,000		SYSCO Corp	5.380		09/21/35		123,365
	150,000		Walgreen Co	4.880		08/01/13		161,159
	100,000		Walgreen Co	5.250		01/15/19		118,352

			TOTAL FOOD & STAPLES RETAILING					2,949,247


FOOD, BEVERAGE & TOBACCO - 1.1%
	50,000		Altria Group, Inc	4.130		09/11/15		53,513
	830,000		Altria Group, Inc	9.250		08/06/19		1,087,967
	300,000		Altria Group, Inc	4.750		05/05/21		310,311
	155,000		Altria Group, Inc	10.200		02/06/39		224,663
	316,000		Anheuser-Busch Cos, Inc	5.500		01/15/18		370,790
	600,000		Anheuser-Busch InBev Worldwide, Inc	2.500		03/26/13		613,018
	150,000		Anheuser-Busch InBev Worldwide, Inc	2.880		02/15/16		157,067
	500,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		582,544
	290,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		331,758
	385,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		511,115
	100,000		Archer-Daniels-Midland Co	5.450		03/15/18		117,275
	390,000		Archer-Daniels-Midland Co	5.940		10/01/32		493,274
	520,000		Bottling Group LLC	6.950		03/15/14		594,638
	150,000		Bottling Group LLC	5.130		01/15/19		175,199
	100,000		Bunge Ltd	4.100		03/15/16		102,705
	100,000		Bunge Ltd	8.500		06/15/19		124,595
	150,000		Campbell Soup Co	5.000		12/03/12		157,437
	25,000		Campbell Soup Co	3.050		07/15/17		26,428
	100,000		Campbell Soup Co	4.250		04/15/21		110,048
	325,000		Coca-Cola Co	1.500		11/15/15		328,010
	685,000	g	Coca-Cola Co	1.800		09/01/16		686,979
	260,000		Coca-Cola Co	3.150		11/15/20		268,369
	150,000		Coca-Cola Enterprises, Inc	2.130		09/15/15		150,832
	100,000		Coca-Cola Enterprises, Inc	3.250		08/19/21		100,510
	175,000		ConAgra Foods, Inc	7.000		04/15/19		210,751
	100,000		ConAgra Foods, Inc	7.000		10/01/28		116,059
	100,000		Corn Products International, Inc	4.630		11/01/20		105,274
	350,000		Diageo Capital plc	5.500		09/30/16		401,977
	325,000		Diageo Capital plc	5.750		10/23/17		379,627
	200,000		Diageo Capital plc	5.880		09/30/36		244,792
	190,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		203,881
	100,000		Dr Pepper Snapple Group, Inc	2.900		01/15/16		103,263
	42,000		Fortune Brands, Inc	5.380		01/15/16		46,331
	235,000		General Mills, Inc	5.250		08/15/13		253,395
	125,000		General Mills, Inc	5.200		03/17/15		140,143
	210,000		General Mills, Inc	5.650		02/15/19		248,666
	150,000		Hershey Co	4.130		12/01/20		165,210
	50,000		HJ Heinz Co	5.350		07/15/13		53,865
	100,000		HJ Heinz Finance Co	6.750		03/15/32		129,866
	225,000		Kellogg Co	5.130		12/03/12		235,769
	200,000		Kellogg Co	4.000		12/15/20		214,331
	100,000		Kellogg Co	7.450		04/01/31		144,660
	200,000		Kraft Foods, Inc	2.630		05/08/13		204,147
	103,000		Kraft Foods, Inc	6.500		08/11/17		122,218

101

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$250,000	Kraft Foods, Inc	6.130	%	02/01/18	$	293,448
	1,200,000	Kraft Foods, Inc	5.380		02/10/20		1,358,064
	345,000	Kraft Foods, Inc	6.500		02/09/40		421,735
	200,000	Lorillard Tobacco Co	3.500		08/04/16		200,276
	170,000	Lorillard Tobacco Co	6.880		05/01/20		188,518
	45,000	PepsiAmericas, Inc	4.380		02/15/14		48,767
	245,000	PepsiCo, Inc	0.880		10/25/13		245,182
	100,000	PepsiCo, Inc	2.500		05/10/16		103,532
	40,000	PepsiCo, Inc	7.900		11/01/18		53,223
	100,000	PepsiCo, Inc	4.500		01/15/20		112,259
	400,000	PepsiCo, Inc	3.130		11/01/20		410,088
	200,000	PepsiCo, Inc	3.000		08/25/21		201,912
	210,000	PepsiCo, Inc	4.880		11/01/40		240,616
	285,000	Philip Morris International, Inc	4.880		05/16/13		302,378
	450,000	Philip Morris International, Inc	5.650		05/16/18		531,753
	240,000	Philip Morris International, Inc	6.380		05/16/38		309,390
	200,000	Reynolds American, Inc	7.250		06/01/13		218,197
	50,000	Reynolds American, Inc	6.750		06/15/17		57,629
	65,000	Reynolds American, Inc	7.250		06/15/37		72,981
	25,000	Sara Lee Corp	3.880		06/15/13		25,945
	150,000	Sara Lee Corp	4.100		09/15/20		151,927
	100,000	Tyson Foods, Inc	10.500		03/01/14		115,500

		TOTAL FOOD, BEVERAGE & TOBACCO					17,066,590


HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	100,000	Allergan, Inc	5.750		04/01/16		115,800
	50,000	Allergan, Inc	3.380		09/15/20		51,350
	200,000	AmerisourceBergen Corp	5.880		09/15/15		228,044
	200,000	Baxter International, Inc	5.900		09/01/16		236,290
	120,000	Baxter International, Inc	4.500		08/15/19		135,403
	16,000	Baxter International, Inc	6.250		12/01/37		21,083
	25,000	Becton Dickinson & Co	5.000		05/15/19		28,881
	150,000	Becton Dickinson & Co	3.250		11/12/20		153,591
	500,000	Boston Scientific Corp	6.000		01/15/20		560,561
	100,000	Cardinal Health, Inc	4.630		12/15/20		108,545
	100,000	CareFusion Corp	6.380		08/01/19		119,609
	100,000	Coventry Health Care, Inc	6.300		08/15/14		109,647
	100,000	Coventry Health Care, Inc	5.450		06/15/21		107,977
	25,000	Covidien International	5.450		10/15/12		26,181
	200,000	Covidien International Finance S.A.	6.000		10/15/17		237,490
	100,000	Covidien International Finance S.A.	6.550		10/15/37		128,868
	100,000	CR Bard, Inc	4.400		01/15/21		111,449
	225,000	Express Scripts	6.250		06/15/14		247,660
	100,000	Express Scripts, Inc	3.130		05/15/16		100,971
	200,000	Laboratory Corp of America Holdings	3.130		05/15/16		207,106
	230,000	McKesson Corp	3.250		03/01/16		242,482
	25,000	McKesson Corp	5.700		03/01/17		29,327
	30,000	McKesson Corp	4.750		03/01/21		33,938
	100,000	McKesson Corp	6.000		03/01/41		126,246
	250,000	Medco Health Solutions, Inc	2.750		09/15/15		251,413
	50,000	Medco Health Solutions, Inc	7.130		03/15/18		60,606
	205,000	Medtronic, Inc	4.750		09/15/15		230,273

102

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$50,000	Medtronic, Inc	5.600	%	03/15/19	$	59,913
	355,000	Medtronic, Inc	4.450		03/15/20		401,968
	135,000	Quest Diagnostics, Inc	6.400		07/01/17		159,432
	20,000	St. Jude Medical, Inc	3.750		07/15/14		21,329
	150,000	St. Jude Medical, Inc	2.500		01/15/16		154,003
	50,000	Stryker Corp	3.000		01/15/15		52,722
	150,000	Stryker Corp	2.000		09/30/16		150,723
	90,000	Stryker Corp	4.380		01/15/20		98,952
	165,000	Thermo Fisher Scientific, Inc	5.000		06/01/15		182,989
	300,000	Thermo Fisher Scientific, Inc	2.250		08/15/16		304,180
	155,000	Thermo Fisher Scientific, Inc	4.700		05/01/20		173,813
	106,000	Zimmer Holdings, Inc	5.750		11/30/39		126,071

		TOTAL HEALTH CARE EQUIPMENT & SERVICES					5,896,886


HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000	Avon Products, Inc	5.630		03/01/14		107,570
	100,000	Avon Products, Inc	6.500		03/01/19		119,577
	60,000	Colgate-Palmolive Co	6.450		06/16/28		78,668
	25,000	Procter & Gamble Co	3.500		02/15/15		26,864
	725,000	Procter & Gamble Co	4.700		02/15/19		850,335
	225,000	Procter & Gamble Co	5.550		03/05/37		289,676
	250,000	Unilever Capital Corp	4.800		02/15/19		290,844
	250,000	Unilever Capital Corp	4.250		02/10/21		284,294

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS					2,047,828


INSURANCE - 1.0%
	85,000	ACE INA Holdings, Inc	5.880		06/15/14		94,049
	100,000	ACE INA Holdings, Inc	2.600		11/23/15		101,143
	25,000	ACE INA Holdings, Inc	5.800		03/15/18		28,542
	300,000	ACE INA Holdings, Inc	5.900		06/15/19		349,988
	200,000	Aegon NV	4.630		12/01/15		204,460
	200,000	Aetna, Inc	6.500		09/15/18		240,003
	140,000	Aetna, Inc	6.630		06/15/36		177,673
	100,000	Aflac, Inc	8.500		05/15/19		121,725
	125,000	Aflac, Inc	6.900		12/17/39		128,293
	400,000	Allstate Corp	7.450		05/16/19		488,964
	175,000	Allstate Corp	5.550		05/09/35		189,511
	200,000	Allstate Life Global Funding Trusts	5.380		04/30/13		211,962
	100,000	American Financial Group, Inc	9.880		06/15/19		123,670
	151,000	American International Group, Inc	4.250		05/15/13		150,636
	600,000	American International Group, Inc	3.650		01/15/14		585,019
	250,000	American International Group, Inc	8.250		08/15/18		277,112
	300,000	American International Group, Inc	6.400		12/15/20		305,637
	400,000	American International Group, Inc	6.250		05/01/36		383,064
	400,000	American International Group, Inc	6.250		03/15/37		277,000
	100,000	AON Corp	3.130		05/27/16		100,028
	50,000	AON Corp	5.000		09/30/20		54,183
	100,000	AON Corp	8.210		01/01/27		116,318
	100,000	Assurant, Inc	6.750		02/15/34		107,101
	170,000	AXA S.A.	8.600		12/15/30		190,326
	50,000	Axis Specialty Finance	5.880		06/01/20		51,280
	333,000	Berkshire Hathaway Finance Corp	4.850		01/15/15		368,228

103

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$300,000	Berkshire Hathaway Finance Corp	2.450	%	12/15/15	$	307,374
	150,000	Berkshire Hathaway Finance Corp	5.400		05/15/18		171,264
	100,000	Boardwalk Pipelines LP	5.750		09/15/19		111,606
	40,000	Chubb Corp	5.750		05/15/18		47,054
	250,000	Chubb Corp	6.000		05/11/37		295,166
	140,000	CIGNA Corp	5.130		06/15/20		152,234
	100,000	CIGNA Corp	4.500		03/15/21		103,596
	40,000	CNA Financial Corp	6.500		08/15/16		42,972
	200,000	CNA Financial Corp	5.750		08/15/21		201,811
	35,000	Genworth Financial, Inc	4.950		10/01/15		34,126
	260,000	Genworth Financial, Inc	7.200		02/15/21		220,961
	375,000	Hartford Financial Services Group, Inc	4.000		03/30/15		377,232
	130,000	Hartford Financial Services Group, Inc	6.630		03/30/40		121,743
	100,000	Humana, Inc	6.450		06/01/16		113,172
	200,000	Lincoln National Corp	8.750		07/01/19		237,054
	30,000	Lincoln National Corp	6.150		04/07/36		28,721
	150,000	Lincoln National Corp	7.000		06/15/40		154,708
	100,000	Manulife Financial Corp	4.900		09/17/20		105,343
	125,000	Marsh & McLennan Cos, Inc	9.250		04/15/19		164,166
	150,000	Marsh & McLennan Cos, Inc	4.800		07/15/21		157,269
	32,000	Metlife, Inc	5.380		12/15/12		33,519
	80,000	Metlife, Inc	5.000		06/15/15		87,642
	575,000	Metlife, Inc	6.750		06/01/16		661,321
	150,000	Metlife, Inc	4.750		02/08/21		156,101
	50,000	Metlife, Inc	6.380		06/15/34		58,659
	205,000	Metlife, Inc	5.700		06/15/35		219,144
	130,000	Metlife, Inc	5.880		02/06/41		143,541
	20,000	Nationwide Financial Services	6.750		05/15/37		16,825
	100,000	PartnerRe Ltd	5.500		06/01/20		103,984
	130,000	Principal Financial Group, Inc	8.880		05/15/19		165,549
	120,000	Progressive Corp	6.250		12/01/32		146,588
	100,000	Protective Life Corp	7.380		10/15/19		109,135
	295,000	Prudential Financial, Inc	5.100		09/20/14		311,055
	200,000	Prudential Financial, Inc	4.750		09/17/15		208,784
	300,000	Prudential Financial, Inc	3.000		05/12/16		293,568
	60,000	Prudential Financial, Inc	6.100		06/15/17		65,374
	320,000	Prudential Financial, Inc	7.380		06/15/19		374,976
	250,000	Prudential Financial, Inc	6.200		11/15/40		256,823
	100,000	Reinsurance Group of America, Inc	5.000		06/01/21		104,849
	100,000	Swiss Re Solutions Holding Corp	7.000		02/15/26		116,646
	20,000	Transatlantic Holdings, Inc	8.000		11/30/39		23,703
	310,000	Travelers Cos, Inc	5.800		05/15/18		357,114
	130,000	Travelers Cos, Inc	5.900		06/02/19		151,478
	200,000	Travelers Cos, Inc	5.350		11/01/40		210,661
	100,000	UnitedHealth Group, Inc	5.380		03/15/16		113,972
	324,000	UnitedHealth Group, Inc	6.000		02/15/18		384,472
	200,000	UnitedHealth Group, Inc	4.700		02/15/21		220,723
	65,000	UnitedHealth Group, Inc	6.630		11/15/37		82,204
	250,000	UnitedHealth Group, Inc	6.880		02/15/38		327,101
	100,000	Unitrin, Inc	6.000		11/30/15		105,046
	110,000	Unum Group	5.630		09/15/20		121,171
	550,000	WellPoint, Inc	5.880		06/15/17		629,145

104

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$150,000	WellPoint, Inc	3.700	%	08/15/21	$	150,869
	220,000	WellPoint, Inc	5.850		01/15/36		252,892
	312,000	Willis North America, Inc	6.200		03/28/17		340,700
	165,000	WR Berkley Corp	5.380		09/15/20		169,318
	150,000	XL Capital Ltd	6.380		11/15/24		158,386

		TOTAL INSURANCE					16,006,525


MATERIALS - 1.0%
	40,000	3M Co	4.650		12/15/12		42,028
	100,000	3M Co	4.380		08/15/13		107,233
	90,000	3M Co	5.700		03/15/37		117,730
	100,000	Agrium, Inc	6.750		01/15/19		121,087
	90,000	Air Products & Chemicals, Inc	4.150		02/01/13		94,013
	80,000	Airgas, Inc	4.500		09/15/14		85,293
	200,000	Alcoa, Inc	5.550		02/01/17		209,076
	180,000	Alcoa, Inc	6.150		08/15/20		182,337
	100,000	Alcoa, Inc	5.400		04/15/21		96,903
	300,000	Alcoa, Inc	5.870		02/23/22		296,357
	100,000	Allegheny Technologies, Inc	5.950		01/15/21		105,245
	100,000	AngloGold Ashanti Holdings plc	5.380		04/15/20		97,972
	270,000	ArcelorMittal	3.750		08/05/15		252,099
	290,000	ArcelorMittal	9.850		06/01/19		328,591
	320,000	ArcelorMittal	7.000		10/15/39		285,399
	357,000	ArcelorMittal USA, Inc	6.500		04/15/14		381,191
	180,000	Barrick Australian Finance Pty Ltd	5.950		10/15/39		194,486
	50,000	Barrick Gold Corp	6.950		04/01/19		60,624
	250,000	Barrick Gold Financeco LLC	6.130		09/15/13		273,267
	500,000	Barrick North America Finance LLC	4.400		05/30/21		512,718
	110,000	Bemis Co, Inc	5.650		08/01/14		119,168
	100,000	Bemis Co, Inc	6.800		08/01/19		117,773
	20,000	Celulosa Arauco y Constitucion S.A.	5.630		04/20/15		21,371
	100,000	Celulosa Arauco y Constitucion S.A.	5.000		01/21/21		100,532
	50,000	Cliffs Natural Resources, Inc	4.800		10/01/20		48,655
	200,000	Cliffs Natural Resources, Inc	4.880		04/01/21		193,319
	110,000	Clorox Co	5.450		10/15/12		114,737
	25,000	Clorox Co	5.000		01/15/15		26,997
	100,000	Clorox Co	3.550		11/01/15		104,048
	100,000	Commercial Metals Co	6.500		07/15/17		99,759
	25,000	Corning, Inc	4.250		08/15/20		26,460
	100,000	Corning, Inc	5.750		08/15/40		113,896
	150,000	Dow Chemical Co	4.850		08/15/12		154,440
	80,000	Dow Chemical Co	5.900		02/15/15		88,311
	591,000	Dow Chemical Co	8.550		05/15/19		757,047
	500,000	Dow Chemical Co	4.250		11/15/20		502,686
	165,000	Eastman Chemical Co	5.500		11/15/19		185,296
	300,000	EI Du Pont de Nemours & Co	4.130		03/06/13		312,639
	90,000	EI Du Pont de Nemours & Co	5.250		12/15/16		103,316
	820,000	EI Du Pont de Nemours & Co	4.630		01/15/20		921,603
	295,000	Freeport-McMoRan Copper & Gold, Inc	8.380		04/01/17		316,388
	100,000	Hubbell, Inc	3.630		11/15/22		103,680
	300,000	International Paper Co	7.950		06/15/18		346,508
	44,000	International Paper Co	9.380		05/15/19		53,783

105

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$30,000		International Paper Co	7.500	%	08/15/21	$	34,696
	170,000		International Paper Co	7.300		11/15/39		191,029
	330,000		Kimberly-Clark Corp	6.250		07/15/18		406,282
	25,000		Kimberly-Clark Corp	3.630		08/01/20		26,849
	100,000		Kimberly-Clark Corp	3.880		03/01/21		109,892
	92,000		Lubrizol Corp	8.880		02/01/19		124,771
	250,000		Martin Marietta Materials, Inc	6.600		04/15/18		281,882
	200,000		Monsanto Co	2.750		04/15/16		210,644
	98,000		Newmont Mining Corp	5.880		04/01/35		106,212
	135,000		Newmont Mining Corp	6.250		10/01/39		152,528
	100,000		Nucor Corp	5.750		12/01/17		117,820
	130,000		Nucor Corp	5.850		06/01/18		154,196
	100,000		Nucor Corp	4.130		09/15/22		105,101
	50,000		Owens Corning	9.000		06/15/19		59,034
	50,000		Packaging Corp of America	5.750		08/01/13		53,380
	100,000		Plum Creek Timberlands LP	4.700		03/15/21		101,307
	450,000		Potash Corp of Saskatchewan, Inc	4.880		03/30/20		504,631
	150,000		PPG Industries, Inc	6.650		03/15/18		184,549
	150,000		PPG Industries, Inc	3.600		11/15/20		154,730
	405,000		Praxair, Inc	5.250		11/15/14		454,916
	140,000		Praxair, Inc	3.250		09/15/15		149,749
	200,000		Rio Tinto Alcan, Inc	4.500		05/15/13		209,336
	150,000		Rio Tinto Finance USA Ltd	2.500		05/20/16		151,650
	400,000		Rio Tinto Finance USA Ltd	6.500		07/15/18		479,960
	570,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		560,490
	200,000		Rio Tinto Finance USA Ltd	4.130		05/20/21		205,712
	200,000		Rio Tinto Finance USA Ltd	3.750		09/20/21		199,207
	150,000		Rio Tinto Finance USA Ltd	5.200		11/02/40		161,319
	200,000		Rohm and Haas Co	6.000		09/15/17		226,070
	100,000		RPM International, Inc	6.130		10/15/19		107,993
	100,000		Sherwin-Williams Co	3.130		12/15/14		105,633
	180,000		Southern Copper Corp	6.750		04/16/40		176,850
	150,000		Teck Resources Ltd	9.750		05/15/14		177,786
	50,000		Teck Resources Ltd	3.850		08/15/17		52,686
	250,000		Teck Resources Ltd	4.500		01/15/21		254,199
	175,000		Teck Resources Ltd	4.750		01/15/22		178,150
	100,000		Teck Resources Ltd	6.250		07/15/41		104,868
	140,000	g	Xstrata Finance Canada Ltd	5.800		11/15/16		153,927

			TOTAL MATERIALS					15,966,095


MEDIA - 0.8%
	50,000		CBS Corp	5.750		04/15/20		55,025
	445,000		CBS Corp	4.300		02/15/21		447,436
	20,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		21,974
	450,000		Comcast Cable Communications LLC	8.880		05/01/17		574,667
	475,000		Comcast Corp	5.300		01/15/14		514,947
	695,000		Comcast Corp	5.150		03/01/20		784,443
	129,000		Comcast Corp	7.050		03/15/33		157,337
	345,000		Comcast Corp	5.650		06/15/35		361,156
	100,000		Comcast Corp	6.950		08/15/37		119,874
	380,000		Comcast Corp	6.400		03/01/40		442,239
	300,000		COX Communications, Inc	4.630		06/01/13		315,450

106

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$35,000	COX Communications, Inc	5.450	%	12/15/14	$	38,754
	50,000	DIRECTV Holdings LLC	4.750		10/01/14		54,170
	600,000	DIRECTV Holdings LLC	3.550		03/15/15		625,748
	100,000	DIRECTV Holdings LLC	3.500		03/01/16		103,183
	285,000	DIRECTV Holdings LLC	5.200		03/15/20		307,011
	145,000	DIRECTV Holdings LLC	6.000		08/15/40		154,759
	200,000	Grupo Televisa S.A.	6.630		03/18/25		221,000
	348,000	Historic TW, Inc	6.630		05/15/29		399,478
	35,000	NBCUniversal Media LLC	3.650		04/30/15		36,823
	585,000	NBCUniversal Media LLC	5.150		04/30/20		641,499
	220,000	NBCUniversal Media LLC	4.380		04/01/21		225,970
	95,000	NBCUniversal Media LLC	6.400		04/30/40		110,757
	355,000	News America, Inc	7.250		05/18/18		413,019
	500,000	News America, Inc	6.200		12/15/34		535,254
	200,000	Omnicom Group, Inc	5.900		04/15/16		221,454
	100,000	Omnicom Group, Inc	4.450		08/15/20		100,885
	170,000	Time Warner Cable, Inc	6.750		07/01/18		197,822
	510,000	Time Warner Cable, Inc	8.750		02/14/19		652,632
	1,100,000	Time Warner Cable, Inc	8.250		04/01/19		1,377,447
	175,000	Time Warner Cable, Inc	6.750		06/15/39		200,151
	240,000	Time Warner Cable, Inc	5.880		11/15/40		245,916
	100,000	Time Warner Cable, Inc	5.500		09/01/41		98,841
	490,000	Time Warner, Inc	3.150		07/15/15		506,812
	128,000	Time Warner, Inc	5.880		11/15/16		144,678
	250,000	Time Warner, Inc	4.750		03/29/21		262,500
	285,000	Time Warner, Inc	6.500		11/15/36		323,529
	350,000	Time Warner, Inc	6.100		07/15/40		384,453
	150,000	Time Warner, Inc	6.250		03/29/41		171,134
	406,000	Viacom, Inc	4.380		09/15/14		433,820
	200,000	Viacom, Inc	6.880		04/30/36		238,329
	100,000	WPP Finance UK	5.880		06/15/14		108,090

		TOTAL MEDIA					13,330,466


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	300,000	Abbott Laboratories	2.700		05/27/15		314,922
	830,000	Abbott Laboratories	4.130		05/27/20		918,732
	39,000	Abbott Laboratories	6.000		04/01/39		50,458
	200,000	Abbott Laboratories	5.300		05/27/40		238,322
	165,000	Agilent Technologies, Inc	2.500		07/15/13		167,346
	300,000	Amgen, Inc	5.850		06/01/17		357,429
	75,000	Amgen, Inc	4.500		03/15/20		83,644
	250,000	Amgen, Inc	3.450		10/01/20		257,651
	300,000	Amgen, Inc	4.100		06/15/21		322,914
	200,000	Amgen, Inc	6.400		02/01/39		263,213
	150,000	Amgen, Inc	4.950		10/01/41		163,138
	350,000	AstraZeneca plc	5.900		09/15/17		418,166
	300,000	AstraZeneca plc	6.450		09/15/37		400,822
	100,000	Biogen Idec, Inc	6.880		03/01/18		122,505
	300,000	Bristol-Myers Squibb Co	5.450		05/01/18		358,381
	103,000	Bristol-Myers Squibb Co	6.130		05/01/38		135,557
	200,000	Eli Lilly & Co	4.200		03/06/14		216,102
	75,000	Eli Lilly & Co	5.200		03/15/17		87,036

107

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$250,000	Eli Lilly & Co	5.550	%	03/15/37	$	302,443
	125,000	Genentech, Inc	4.750		07/15/15		140,260
	25,000	Genzyme Corp	3.630		06/15/15		26,736
	100,000	Gilead Sciences, Inc	4.500		04/01/21		107,780
	100,000	GlaxoSmithKline Capital, Inc	4.380		04/15/14		108,566
	595,000	GlaxoSmithKline Capital, Inc	5.650		05/15/18		719,505
	100,000	GlaxoSmithKline Capital, Inc	5.380		04/15/34		118,632
	143,000	GlaxoSmithKline Capital, Inc	6.380		05/15/38		191,702
	150,000	Hospira, Inc	6.050		03/30/17		173,000
	370,000	Johnson & Johnson	3.800		05/15/13		389,542
	150,000	Johnson & Johnson	2.150		05/15/16		154,815
	175,000	Johnson & Johnson	5.850		07/15/38		232,089
	180,000	Johnson & Johnson	4.500		09/01/40		200,291
	150,000	Johnson & Johnson	4.850		05/15/41		177,249
	185,000	Life Technologies Corp	3.380		03/01/13		189,644
	115,000	Life Technologies Corp	3.500		01/15/16		117,066
	385,000	Mead Johnson Nutrition Co	4.900		11/01/19		430,705
	785,000	Merck & Co, Inc	6.000		09/15/17		956,808
	150,000	Merck & Co, Inc	6.500		12/01/33		206,118
	300,000	Novartis Capital Corp	4.130		02/10/14		322,578
	545,000	Novartis Capital Corp	2.900		04/24/15		576,777
	190,000	Novartis Capital Corp	4.400		04/24/20		214,704
	610,000	Pfizer, Inc	6.200		03/15/19		764,414
	300,000	Sanofi-Aventis S.A.	2.630		03/29/16		310,378
	250,000	Sanofi-Aventis S.A.	4.000		03/29/21		271,188
	240,000	Schering-Plough Corp	6.550		09/15/37		337,254
	200,000	Teva Pharmaceutical Finance Co LLC	3.000		06/15/15		209,650
	150,000	Teva Pharmaceutical Finance Co LLC	6.150		02/01/36		186,355
	125,000	Watson Pharmaceuticals, Inc	5.000		08/15/14		135,309
	650,000	Wyeth	5.500		02/15/16		747,829
	400,000	Wyeth	6.450		02/01/24		518,292
	320,000	Wyeth	5.950		04/01/37		407,702

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					14,821,719


REAL ESTATE - 0.3%
	105,000	AMB Property LP	7.630		08/15/14		114,391
	165,000	AMB Property LP	4.500		08/15/17		155,256
	134,000	AMB Property LP	6.630		05/15/18		138,955
	100,000	AvalonBay Communities, Inc	3.950		01/15/21		100,397
	115,000	BioMed Realty LP	6.130		04/15/20		121,294
	25,000	Boston Properties LP	5.000		06/01/15		26,773
	80,000	Boston Properties LP	5.880		10/15/19		87,805
	175,000	Boston Properties LP	4.130		05/15/21		167,832
	165,000	Boston Properties LP	2.880		02/15/37		165,619
	115,000	Brandywine Operating Partnership LP	7.500		05/15/15		124,588
	115,000	Brandywine Operating Partnership LP	5.700		05/01/17		116,537
	100,000	Camden Property Trust	4.630		06/15/21		99,429
	275,000	Duke Realty LP	5.950		02/15/17		288,081
	35,000	ERP Operating LP	5.250		09/15/14		37,738
	300,000	ERP Operating LP	5.130		03/15/16		321,839
	150,000	HCP, Inc	3.750		02/01/16		148,237
	130,000	HCP, Inc	6.000		01/30/17		136,876

108

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$150,000		HCP, Inc	5.380	%	02/01/21	$	150,501
	30,000		HCP, Inc	6.750		02/01/41		32,171
	100,000		Health Care REIT, Inc	3.630		03/15/16		97,499
	200,000		Health Care REIT, Inc	4.700		09/15/17		200,529
	40,000		Health Care REIT, Inc	6.130		04/15/20		41,716
	125,000		Highwoods Properties, Inc	5.850		03/15/17		131,843
	50,000		Hospitality Properties Trust	5.130		02/15/15		50,731
	50,000		HRPT Properties Trust	5.880		09/15/20		51,316
	35,000		Kilroy Realty Corp	5.000		11/03/15		36,333
	45,000		Kimco Realty Corp	5.700		05/01/17		48,095
	220,000		Liberty Property LP	4.750		10/01/20		221,150
	125,000		Mack-Cali Realty Corp	7.750		08/15/19		148,198
	75,000		National Retail Properties, Inc	6.880		10/15/17		83,733
	20,000		Nationwide Health Properties, Inc	6.250		02/01/13		21,048
	40,000		Realty Income Corp	5.950		09/15/16		44,131
	75,000		Realty Income Corp	5.750		01/15/21		83,194
	175,000		Regency Centers LP	5.250		08/01/15		187,881
	10,000		Regency Centers LP	5.880		06/15/17		10,815
	88,000		Simon Property Group LP	5.100		06/15/15		94,803
	295,000		Simon Property Group LP	5.250		12/01/16		321,353
	240,000		Simon Property Group LP	10.350		04/01/19		321,027
	290,000		Simon Property Group LP	4.380		03/01/21		294,622
	100,000	g,i	USB Realty Corp	6.090		12/30/49		72,500
	55,000		Ventas Realty LP	3.130		11/30/15		54,363
	195,000		Washington Real Estate Investment Trust	4.950		10/01/20		206,935

			TOTAL REAL ESTATE					5,358,134

RETAILING - 0.6%
	120,000		Advance Auto Parts, Inc	5.750		05/01/20		133,471
	50,000		AutoZone, Inc	6.500		01/15/14		55,691
	100,000		AutoZone, Inc	4.000		11/15/20		100,163
	100,000		Best Buy Co, Inc	3.750		03/15/16		96,937
	200,000		Cooper US, Inc	5.250		11/15/12		209,357
	120,000		Costco Wholesale Corp	5.500		03/15/17		141,916
	100,000		Family Dollar Stores, Inc	5.000		02/01/21		97,966
	150,000		Gap, Inc	5.950		04/12/21		141,088
	155,000		Home Depot, Inc	5.250		12/16/13		168,556
	100,000		Home Depot, Inc	5.400		03/01/16		113,148
	100,000		Home Depot, Inc	3.950		09/15/20		105,092
	350,000		Home Depot, Inc	4.400		04/01/21		380,314
	360,000		Home Depot, Inc	5.880		12/16/36		419,108
	25,000		Kohl’s Corp	6.250		12/15/17		29,657
	100,000		Kohl’s Corp	6.880		12/15/37		127,378
	200,000		Lowe’s Cos, Inc	2.130		04/15/16		202,831
	200,000		Lowe’s Cos, Inc	3.750		04/15/21		207,172
	175,000		Lowe’s Cos, Inc	5.500		10/15/35		199,140
	150,000		Lowe’s Cos, Inc	5.800		04/15/40		175,775
	300,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		329,257
	200,000		Macy’s Retail Holdings, Inc	6.900		04/01/29		224,446
	30,000		Nordstrom, Inc	4.750		05/01/20		32,924
	100,000		Nordstrom, Inc	7.000		01/15/38		132,645
	188,000		Staples, Inc	9.750		01/15/14		217,901

109

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$100,000		Target Corp	1.130	%	07/18/14	$	100,788
	950,000		Target Corp	3.880		07/15/20		1,029,883
	60,000		Target Corp	7.000		07/15/31		79,693
	100,000		Target Corp	6.500		10/15/37		130,486
	105,000		TJX Cos, Inc	6.950		04/15/19		131,730
	100,000		Wal-Mart Stores, Inc	4.500		07/01/15		112,115
	200,000		Wal-Mart Stores, Inc	1.500		10/25/15		201,670
	200,000		Wal-Mart Stores, Inc	2.800		04/15/16		210,998
	300,000		Wal-Mart Stores, Inc	3.630		07/08/20		320,830
	1,400,000		Wal-Mart Stores, Inc	3.250		10/25/20		1,450,296
	650,000		Wal-Mart Stores, Inc	4.250		04/15/21		727,875
	69,000		Wal-Mart Stores, Inc	7.550		02/15/30		98,485
	295,000		Wal-Mart Stores, Inc	5.250		09/01/35		338,516
	160,000		Wal-Mart Stores, Inc	6.500		08/15/37		212,176
	65,000		Wal-Mart Stores, Inc	5.630		04/01/40		79,068
	195,000		Wal-Mart Stores, Inc	5.000		10/25/40		222,826

			TOTAL RETAILING					9,489,368


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	85,000		Analog Devices, Inc	5.000		07/01/14		92,909
	55,000		Broadcom Corp	1.500		11/01/13		55,107
	140,000		Broadcom Corp	2.380		11/01/15		141,259
	500,000		Intel Corp	4.800		10/01/41		537,474
	110,000		National Semiconductor Corp	3.950		04/15/15		117,861
	200,000		Texas Instruments, Inc	2.380		05/16/16		205,086

			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,149,696


SOFTWARE & SERVICES - 0.4%
	285,000		Adobe Systems, Inc	3.250		02/01/15		299,225
	20,000		Adobe Systems, Inc	4.750		02/01/20		21,011
	20,000		CA, Inc	6.130		12/01/14		22,239
	100,000		CA, Inc	5.380		12/01/19		110,009
	120,000		Computer Sciences Corp	6.500		03/15/18		129,616
	100,000		Expedia, Inc	7.460		08/15/18		110,876
	50,000		Fiserv, Inc	3.130		10/01/15		50,897
	150,000		Fiserv, Inc	3.130		06/15/16		151,811
	100,000		Fiserv, Inc	6.800		11/20/17		116,262
	100,000		Google, Inc	1.250		05/19/14		101,379
	100,000		Google, Inc	2.130		05/19/16		103,016
	100,000		Google, Inc	3.630		05/19/21		106,064
	765,000		International Business Machines Corp	1.000		08/05/13		770,513
	250,000		International Business Machines Corp	1.950		07/22/16		252,197
	25,000		Juniper Networks, Inc	4.600		03/15/21		25,717
	240,000		Microsoft Corp	0.880		09/27/13		241,560
	25,000		Microsoft Corp	4.200		06/01/19		27,709
	540,000		Microsoft Corp	3.000		10/01/20		553,808
	150,000		Microsoft Corp	4.000		02/08/21		165,636
	400,000		Microsoft Corp	5.300		02/08/41		492,498
	320,000		Oracle Corp	3.750		07/08/14		344,624
	320,000		Oracle Corp	5.750		04/15/18		381,259
	365,000	g	Oracle Corp	3.880		07/15/20		387,503
	470,000		Oracle Corp	6.130		07/08/39		600,067
	290,000		Symantec Corp	2.750		09/15/15		293,818

			TOTAL SOFTWARE & SERVICES					5,859,314

110

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	$75,000	Amphenol Corp	4.750	%	11/15/14	$	79,515
	293,000	Cisco Systems, Inc	4.950		02/15/19		333,421
	950,000	Cisco Systems, Inc	4.450		01/15/20		1,050,417
	200,000	Cisco Systems, Inc	5.900		02/15/39		240,223
	200,000	Dell, Inc	3.100		04/01/16		205,941
	350,000	Dell, Inc	5.880		06/15/19		398,588
	260,000	Discovery Communications LLC	5.050		06/01/20		284,210
	100,000	Discovery Communications LLC	4.380		06/15/21		103,326
	100,000	Discovery Communications LLC	6.350		06/01/40		117,361
	350,000	General Electric Co	5.000		02/01/13		366,566
	200,000	Harris Corp	4.400		12/15/20		212,775
	575,000	Hewlett-Packard Co	4.750		06/02/14		617,769
	600,000	Hewlett-Packard Co	2.130		09/13/15		594,767
	200,000	Hewlett-Packard Co	3.000		09/15/16		201,668
	450,000	Hewlett-Packard Co	3.750		12/01/20		437,121
	200,000	Hewlett-Packard Co	4.380		09/15/21		203,177
	300,000	International Business Machines Corp	4.750		11/29/12		313,911
	300,000	International Business Machines Corp	2.000		01/05/16		304,314
	400,000	International Business Machines Corp	7.000		10/30/25		546,517
	203,000	International Business Machines Corp	5.600		11/30/39		250,431
	85,000	International Game Technology	7.500		06/15/19		101,434
	347,000	Koninklijke Philips Electronics NV	5.750		03/11/18		398,768
	220,000	L-3 Communications Corp	5.200		10/15/19		232,127
	200,000	Motorola, Inc	6.000		11/15/17		221,395
	120,000	Nokia Oyj	6.630		05/15/39		111,764
	390,000	Pitney Bowes, Inc	4.750		01/15/16		414,003
	225,000	Tyco Electronics Group S.A.	6.550		10/01/17		264,470
	150,000	Xerox Corp	5.630		12/15/19		161,896

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					8,767,875


TELECOMMUNICATION SERVICES - 1.3%
	200,000	America Movil SAB de C.V.	3.630		03/30/15		207,000
	200,000	America Movil SAB de C.V.	2.380		09/08/16		193,400
	430,000	America Movil SAB de C.V.	5.000		03/30/20		454,080
	290,000	America Movil SAB de C.V.	6.130		03/30/40		301,600
	300,000	American Tower Corp	4.500		01/15/18		300,339
	7,000	AT&T Corp	8.000		11/15/31		9,766
	246,000	AT&T Mobility LLC	7.130		12/15/31		323,229
	19,000	AT&T, Inc	5.880		08/15/12		19,795
	350,000	AT&T, Inc	5.100		09/15/14		384,371
	1,265,000	AT&T, Inc	2.500		08/15/15		1,293,207
	150,000	AT&T, Inc	2.950		05/15/16		154,785
	150,000	AT&T, Inc	5.800		02/15/19		175,627
	300,000	AT&T, Inc	4.450		05/15/21		321,862
	470,000	AT&T, Inc	6.150		09/15/34		526,018
	220,000	AT&T, Inc	6.500		09/01/37		256,950
	975,000	AT&T, Inc	6.300		01/15/38		1,116,888
	322,000	AT&T, Inc	5.350		09/01/40		336,588

111

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$250,000		AT&T, Inc	5.550	%	08/15/41	$	269,155
	690,000		BellSouth Corp	5.200		09/15/14		757,644
	60,000		BellSouth Corp	6.880		10/15/31		74,745
	140,000		BellSouth Corp	6.550		06/15/34		162,319
	400,000		British Telecommunications plc	5.950		01/15/18		444,820
	150,000		British Telecommunications plc	9.880		12/15/30		217,011
	290,000		Cellco Partnership	5.550		02/01/14		317,272
	565,000		Cellco Partnership	8.500		11/15/18		752,886
	300,000		CenturyTel, Inc	5.150		06/15/17		281,656
	384,000		CenturyTel, Inc	7.600		09/15/39		345,415
	450,000		Deutsche Telekom International Finance BV	5.750		03/23/16		495,473
	150,000		Deutsche Telekom International Finance BV	6.000		07/08/19		173,314
	340,000		Deutsche Telekom International Finance BV	8.750		06/15/30		453,496
	200,000		Embarq Corp	6.740		06/01/13		207,846
	150,000		Embarq Corp	7.080		06/01/16		155,275
	345,000		France Telecom S.A.	2.130		09/16/15		341,471
	200,000		France Telecom S.A.	4.130		09/14/21		198,819
	245,000		France Telecom S.A.	8.500		03/01/31		339,301
	50,000		Koninklijke KPN NV	8.380		10/01/30		64,360
	400,000		Qwest Corp	7.500		10/01/14		432,000
	150,000		Qwest Corp	6.500		06/01/17		154,875
	200,000	h	Qwest Corp	6.750		12/01/21		195,500
	300,000		Rogers Communications, Inc	6.800		08/15/18		363,818
	50,000		Rogers Wireless, Inc	7.500		03/15/15		58,929
	85,000		Telecom Italia Capital S.A.	6.180		06/18/14		84,589
	150,000		Telecom Italia Capital S.A.	4.950		09/30/14		144,493
	755,000		Telecom Italia Capital S.A.	7.180		06/18/19		756,961
	100,000		Telecom Italia Capital S.A.	7.720		06/04/38		95,345
	200,000		Telefonica Emisiones SAU	2.580		04/26/13		193,546
	250,000		Telefonica Emisiones SAU	3.990		02/16/16		237,881
	1,020,000		Telefonica Emisiones SAU	5.130		04/27/20		949,974
	100,000		Telefonos de Mexico SAB de C.V.	5.500		01/27/15		108,000
	715,000		Verizon Communications, Inc	4.350		02/15/13		746,260
	300,000		Verizon Communications, Inc	3.000		04/01/16		313,765
	140,000		Verizon Communications, Inc	5.500		02/15/18		162,340
	220,000		Verizon Communications, Inc	8.750		11/01/18		294,609
	200,000		Verizon Communications, Inc	6.350		04/01/19		240,506
	380,000		Verizon Communications, Inc	6.250		04/01/37		455,462
	620,000		Verizon Communications, Inc	6.400		02/15/38		759,948
	220,000		Verizon Communications, Inc	8.950		03/01/39		339,779
	300,000		Verizon Communications, Inc	6.000		04/01/41		364,640
	225,000		Verizon New England, Inc	4.750		10/01/13		238,119
	165,000		Verizon Virginia, Inc	4.630		03/15/13		172,451
	200,000		Virgin Media Secured Finance plc	5.250		01/15/21		215,221
	150,000		Vodafone Group plc	5.000		12/16/13		161,797
	303,000		Vodafone Group plc	5.630		02/27/17		347,238
	500,000		Vodafone Group plc	4.630		07/15/18		553,420
	100,000		Vodafone Group plc	4.380		03/16/21		108,595
	150,000		Vodafone Group plc	6.150		02/27/37		185,911

			TOTAL TELECOMMUNICATION SERVICES					21,863,755

112

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

TRANSPORTATION - 0.5%
	$99,852	h	AMER AIRLN PT TRS	5.250	%	01/31/21	$	90,865
	100,000		American Airlines 2011-2, Cl A Pass Through Trust	8.630		10/15/21		99,250
	200,000		Boeing Capital Corp	2.130		08/15/16		202,375
	200,000		Boeing Capital Corp	2.900		08/15/18		206,623
	750,000		Boeing Co	3.750		11/20/16		817,516
	100,000		Boeing Co	5.880		02/15/40		124,138
	60,000		Burlington Northern Santa Fe Corp	5.750		03/15/18		70,687
	555,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		618,325
	150,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		183,703
	160,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		188,232
	150,000		Canadian National Railway Co	4.400		03/15/13		157,575
	50,000		Canadian National Railway Co	6.900		07/15/28		67,742
	200,000		Canadian National Railway Co	6.250		08/01/34		259,798
	200,000		Canadian Pacific Railway Co	7.130		10/15/31		257,577
	180,000		Continental Airlines, Inc	4.750		01/12/21		172,800
	32,199		Continental Airlines, Inc	5.980		04/19/22		32,360
	100,000		Con-Way, Inc	7.250		01/15/18		112,161
	450,000		CSX Corp	7.380		02/01/19		570,131
	100,000		CSX Corp	6.000		10/01/36		121,174
	100,000		CSX Corp	5.500		04/15/41		114,455
	300,000		Delta Air Lines, Inc	5.300		04/15/19		294,000
	165,000		Embraer Overseas Ltd	6.380		01/15/20		179,025
	134,000		FedEx Corp	8.000		01/15/19		174,866
	100,000		GATX Corp	3.500		07/15/16		99,570
	210,000		Norfolk Southern Corp	5.750		04/01/18		246,144
	425,000		Norfolk Southern Corp	5.590		05/17/25		489,208
	78,000		Norfolk Southern Corp	7.250		02/15/31		106,888
	16,000	g	Norfolk Southern Corp	4.840		10/01/41		16,747
	350,000		Northrop Grumman Corp	3.500		03/15/21		352,013
	150,000		Ryder System, Inc	3.150		03/02/15		152,780
	50,000		Ryder System, Inc	3.600		03/01/16		52,178
	325,000		Southwest Airlines Co	5.250		10/01/14		348,469
	331,000	g	Union Pacific Corp	4.160		07/15/22		353,242
	200,000		Union Pacific Corp	6.630		02/01/29		258,673
	100,000		Union Pacific Corp	4.750		09/15/41		102,721
	42,000		United Parcel Service, Inc	3.880		04/01/14		45,103
	100,000		United Parcel Service, Inc	5.500		01/15/18		120,040
	300,000		United Parcel Service, Inc	5.130		04/01/19		364,251
	405,000		United Parcel Service, Inc	3.130		01/15/21		422,826
	35,000		United Parcel Service, Inc	6.200		01/15/38		47,448

			TOTAL TRANSPORTATION					8,693,679


UTILITIES - 1.9%
	370,000		AGL Capital Corp	5.250		08/15/19		416,638
	100,000		Alabama Power Co	5.200		06/01/41		116,862
	60,000		Alliant Energy Corp	4.000		10/15/14		62,487
	100,000		Ameren Corp	8.880		05/15/14		113,113
	250,000		American Water Capital Corp	6.090		10/15/17		293,019
	50,000		Appalachian Power Co	3.400		05/24/15		52,752
	140,000		Appalachian Power Co	7.000		04/01/38		187,191
	150,000		Arizona Public Service Co	8.750		03/01/19		188,384
	60,000		Atmos Energy Corp	4.950		10/15/14		65,326

113

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$100,000	Atmos Energy Corp	8.500	%	03/15/19	$	135,032
	785,000	Carolina Power & Light Co	5.300		01/15/19		925,934
	150,000	Carolina Power & Light Co	3.000		09/15/21		151,053
	190,000	CenterPoint Energy Houston Electric LLC	7.000		03/01/14		214,027
	323,000	CenterPoint Energy Resources Corp	4.500		01/15/21		332,165
	100,000	Commonwealth Edison Co	1.630		01/15/14		100,686
	150,000	Commonwealth Edison Co	1.950		09/01/16		148,623
	775,000	Commonwealth Edison Co	4.000		08/01/20		817,539
	87,000	Commonwealth Edison Co	5.900		03/15/36		104,216
	210,000	Connecticut Light & Power Co	5.500		02/01/19		247,629
	60,000	Consolidated Edison Co of New York, Inc	6.650		04/01/19		75,379
	390,000	Consolidated Edison Co of New York, Inc	4.450		06/15/20		432,099
	325,000	Consolidated Edison Co of New York, Inc	5.700		06/15/40		396,499
	105,000	Consolidated Natural Gas Co	5.000		12/01/14		115,368
	180,000	Constellation Energy Group, Inc	4.550		06/15/15		188,729
	100,000	Constellation Energy Group, Inc	7.600		04/01/32		121,415
	230,000	Consumers Energy Co	6.130		03/15/19		279,719
	250,000	Detroit Edison Co	3.450		10/01/20		257,254
	360,000	Dominion Resources, Inc	5.150		07/15/15		403,873
	200,000	Dominion Resources, Inc	4.450		03/15/21		217,547
	50,000	Dominion Resources, Inc	5.950		06/15/35		58,871
	390,000	Duke Energy Carolinas LLC	5.750		11/15/13		427,702
	125,000	Duke Energy Carolinas LLC	4.300		06/15/20		138,076
	200,000	Duke Energy Carolinas LLC	3.900		06/15/21		213,679
	350,000	Duke Energy Carolinas LLC	6.050		04/15/38		449,651
	246,000	Duke Energy Corp	5.050		09/15/19		277,183
	200,000	El Paso Natural Gas Co	5.950		04/15/17		224,987
	100,000	Enbridge, Inc	5.600		04/01/17		112,004
	150,000	Energen Corp	4.630		09/01/21		148,774
	400,000	Energy Transfer Partners LP	6.130		02/15/17		435,435
	100,000	Energy Transfer Partners LP	9.700		03/15/19		123,794
	140,000	Energy Transfer Partners LP	7.500		07/01/38		151,979
	100,000	Enersis S.A.	7.380		01/15/14		108,970
	125,000	Entergy Arkansas, Inc	3.750		02/15/21		127,192
	100,000	Entergy Gulf States Louisiana LLC	3.950		10/01/20		100,165
	125,000	Entergy Texas, Inc	7.130		02/01/19		151,536
	75,000	Exelon Corp	4.900		06/15/15		81,179
	100,000	Exelon Generation Co LLC	5.200		10/01/19		107,938
	300,000	FirstEnergy Corp	7.380		11/15/31		370,003
	280,000	FirstEnergy Solutions Corp	4.800		02/15/15		296,930
	320,000	FirstEnergy Solutions Corp	6.050		08/15/21		354,344
	47,000	Florida Power & Light Co	4.950		06/01/35		52,629
	400,000	Florida Power & Light Co	5.250		02/01/41		480,362
	29,000	Florida Power Corp	5.650		06/15/18		34,543
	100,000	Florida Power Corp	3.100		08/15/21		100,184
	165,000	Florida Power Corp	6.400		06/15/38		216,518
	390,000	FPL Group Capital, Inc	2.600		09/01/15		395,101
	600,000	Georgia Power Co	5.700		06/01/17		704,178
	177,000	Georgia Power Co	5.950		02/01/39		225,348
	50,000	Great Plains Energy, Inc	2.750		08/15/13		50,861
	200,000	Great Plains Energy, Inc	4.850		06/01/21		210,576
	80,000	Indiana Michigan Power Co	7.000		03/15/19		98,752

114

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$70,000		Integrys Energy Group, Inc	4.170	%	11/01/20	$	72,089
	100,000		Interstate Power & Light Co	6.250		07/15/39		128,530
	20,000	g	Kansas Gas & Electric	6.700		06/15/19		24,620
	60,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		62,437
	150,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		153,894
	400,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		510,958
	100,000		Kinder Morgan Energy Partners LP	5.800		03/01/21		111,598
	385,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		413,630
	320,000		LG&E and KU Energy LLC	3.750		11/15/20		309,699
	229,000		Midamerican Energy Holdings Co	5.880		10/01/12		240,065
	590,000		Midamerican Energy Holdings Co	5.950		05/15/37		694,226
	100,000		Midamerican Energy Holdings Co	6.500		09/15/37		125,067
	85,000		National Fuel Gas Co	5.250		03/01/13		89,228
	300,000		National Grid plc	6.300		08/01/16		344,880
	320,000		Nevada Power Co	6.500		08/01/18		385,811
	45,000		Nevada Power Co	7.130		03/15/19		56,184
	130,000		Nevada Power Co	5.380		09/15/40		150,630
	235,000		NiSource Finance Corp	5.400		07/15/14		254,492
	50,000		NiSource Finance Corp	6.400		03/15/18		58,212
	150,000		NiSource Finance Corp	6.130		03/01/22		169,962
	100,000		NiSource Finance Corp	5.950		06/15/41		108,336
	325,000		Northern States Power Co	5.350		11/01/39		392,364
	150,000		NSTAR Electric Co	5.630		11/15/17		177,828
	150,000		Oglethorpe Power Corp	5.380		11/01/40		170,102
	100,000		Oklahoma Gas & Electric Co	5.250		05/15/41		113,990
	200,000		Oncor Electric Delivery Co LLC	6.380		01/15/15		228,661
	50,000		Oncor Electric Delivery Co LLC	6.800		09/01/18		60,802
	70,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		95,583
	100,000		Oncor Electric Delivery Co LLC	5.250		09/30/40		111,208
	100,000		ONEOK Partners LP	3.250		02/01/16		101,621
	30,000		ONEOK Partners LP	6.650		10/01/36		34,882
	100,000		ONEOK Partners LP	6.850		10/15/37		119,348
	100,000		ONEOK Partners LP	6.130		02/01/41		110,602
	355,000		Pacific Gas & Electric Co	8.250		10/15/18		472,885
	20,000		Pacific Gas & Electric Co	6.050		03/01/34		23,871
	75,000		Pacific Gas & Electric Co	5.800		03/01/37		87,157
	400,000		Pacific Gas & Electric Co	5.400		01/15/40		446,900
	250,000		PacifiCorp	6.000		01/15/39		315,490
	165,000		Pepco Holdings, Inc	2.700		10/01/15		167,199
	150,000		PG&E Corp	5.750		04/01/14		164,481
	65,000		Potomac Electric Power Co	7.900		12/15/38		98,770
	200,000		PPL Energy Supply LLC	6.200		05/15/16		220,581
	225,000		PPL Energy Supply LLC	6.500		05/01/18		263,194
	225,000		Public Service Co of Colorado	4.880		03/01/13		237,286
	85,000		Public Service Co of Colorado	5.500		04/01/14		94,450
	520,000		Public Service Co of Oklahoma	5.150		12/01/19		577,354
	100,000		Public Service Co of Oklahoma	4.400		02/01/21		106,872
	220,000		Public Service Electric & Gas Co	5.300		05/01/18		260,364
	410,000		Public Service Electric & Gas Co	5.380		11/01/39		492,807
	250,000		Puget Sound Energy, Inc	5.760		10/01/39		302,003
	255,000		San Diego Gas & Electric Co	5.350		05/15/40		313,337
	100,000		SCANA Corp	4.750		05/15/21		105,295

115

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$260,000		Sempra Energy	6.000	%	10/15/39	$	314,667
	50,000		South Carolina Electric & Gas Co	5.300		05/15/33		56,989
	125,000		South Carolina Electric & Gas Co	5.450		02/01/41		148,820
	100,000		Southern California Edison Co	5.000		01/15/16		113,788
	250,000		Southern California Edison Co	5.500		08/15/18		298,261
	80,000		Southern California Edison Co	3.880		06/01/21		86,679
	35,000		Southern California Edison Co	6.050		03/15/39		46,180
	300,000		Southern California Edison Co	4.500		09/01/40		325,554
	100,000		Southern Co	1.950		09/01/16		99,544
	108,000	g	Southern Natural Gas Co	5.900		04/01/17		121,140
	100,000		Southern Power Co	5.150		09/15/41		103,904
	60,000		Spectra Energy Capital LLC	6.200		04/15/18		67,782
	250,000		Spectra Energy Capital LLC	8.000		10/01/19		314,141
	200,000		TECO Finance, Inc	5.150		03/15/20		219,677
	100,000		Tennessee Gas Pipeline Co	7.000		10/15/28		117,054
	75,000		Toledo Edison Co	7.250		05/01/20		94,857
	270,000		Total Capital S.A.	3.130		10/02/15		286,636
	200,000		Total Capital S.A.	4.450		06/24/20		223,594
	100,000		Total Capital S.A.	4.130		01/28/21		108,842
	200,000		TransAlta Corp	6.650		05/15/18		232,048
	200,000		Union Electric Co	6.700		02/01/19		245,683
	100,000		Union Electric Co	8.450		03/15/39		158,571
	100,000		United Utilities plc	6.880		08/15/28		115,819
	263,000		Veolia Environnement	5.250		06/03/13		276,650
	430,000		Virginia Electric and Power Co	4.750		03/01/13		452,236
	350,000		Virginia Electric and Power Co	6.000		05/15/37		445,013
	56,000		Williams Cos, Inc	7.880		09/01/21		66,389
	200,000		Williams Cos, Inc	7.750		06/15/31		240,098
	245,000		Williams Partners LP	3.800		02/15/15		255,620
	70,000		Williams Partners LP	7.250		02/01/17		81,174
	130,000		Williams Partners LP	5.250		03/15/20		139,827
	235,000		Williams Partners LP	6.300		04/15/40		260,090
	200,000		Wisconsin Electric Power Co	5.630		05/15/33		241,815
	100,000		Xcel Energy, Inc	4.700		05/15/20		111,784
	100,000		Xcel Energy, Inc	4.800		09/15/41		105,756

			TOTAL UTILITIES					31,698,519


			TOTAL CORPORATE BONDS					355,381,444
			(Cost $348,603,160)

GOVERNMENT BONDS - 75.0%

AGENCY SECURITIES - 5.7%
			Federal Farm Credit Bank (FFCB)
	500,000		FFCB	4.850		03/12/12		510,374
	1,945,000		FFCB	1.380		06/25/13		1,979,506
	1,000,000		FFCB	3.880		10/07/13		1,068,598
	100,000		FFCB	3.000		09/22/14		106,853
			Federal Home Loan Bank (FHLB)
	500,000		FHLB	1.750		08/22/12		506,500
	3,870,000		FHLB	1.880		06/21/13		3,968,797
	240,000		FHLB	3.630		10/18/13		255,402

116

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$8,625,000	FHLB	3.130	%	12/13/13	$	9,121,774
	110,000	FHLB	5.250		06/18/14		123,823
	2,650,000	FHLB	2.880		06/12/15		2,840,236
	1,000,000	FHLB	5.380		05/18/16		1,186,709
	95,000	FHLB	4.750		12/16/16		110,785
	500,000	FHLB	4.880		05/17/17		596,540
	1,045,000	FHLB	5.000		11/17/17		1,258,220
		Federal Home Loan Mortgage Corp (FHLMC)
	8,650,000	FHLMC	1.130		07/27/12		8,706,813
	2,560,000	FHLMC	5.500		08/20/12		2,677,435
	4,500,000	FHLMC	2.130		09/21/12		4,579,772
	1,025,000	FHLMC	4.130		12/21/12		1,071,910
	500,000	FHLMC	1.630		04/15/13		509,618
	680,000	FHLMC	3.500		05/29/13		715,180
	211,000	FHLMC	4.130		09/27/13		226,472
	207,000	FHLMC	4.500		01/15/14		225,820
	1,740,000	FHLMC	2.500		04/23/14		1,826,720
	108,000	FHLMC	4.380		07/17/15		121,998
	125,000	FHLMC	4.750		11/17/15		143,672
	132,000	FHLMC	4.750		01/19/16		152,379
	213,000	FHLMC	5.250		04/18/16		251,394
	127,000	FHLMC	5.500		07/18/16		152,249
	3,736,000	FHLMC	5.130		10/18/16		4,424,261
	200,000	FHLMC	4.880		06/13/18		239,184
	2,120,000	FHLMC	6.250		07/15/32		3,080,381
		Federal National Mortgage Association (FNMA)
	740,000	FNMA	1.130		07/30/12		745,149
	4,250,000	FNMA	3.250		04/09/13		4,438,619
	96,000	FNMA	3.880		07/12/13		101,928
	2,185,000	FNMA	1.250		08/20/13		2,216,455
	176,000	FNMA	5.130		01/02/14		192,280
	214,000	FNMA	2.750		02/05/14		225,195
	3,646,000	FNMA	2.750		03/13/14		3,842,399
	4,071,000	FNMA	2.500		05/15/14		4,268,570
	5,415,000	FNMA	3.000		09/16/14		5,791,213
	9,145,000	FNMA	4.630		10/15/14		10,226,039
	215,000	FNMA	5.000		03/15/16		251,103
	150,000	FNMA	5.000		05/11/17		178,628
	340,000	FNMA	5.380		06/12/17		412,334
	155,000	FNMA	6.630		11/15/30		230,364
	1,500,000	FNMA	5.630		07/15/37		2,054,747
	850,000	Citigroup Funding, Inc	2.250		12/10/12		868,561
	1,025,000	General Electric Capital Corp	2.130		12/21/12		1,047,294
	960,000	GMAC, Inc	2.200		12/19/12		981,180
	590,000	Private Export Funding Corp	2.250		12/15/17		610,281
	640,000	Private Export Funding Corp	4.300		12/15/21		733,375
	95,000	US Central Federal Credit Union	1.900		10/19/12		96,651
	605,000	Western Corporate Federal Credit Union	1.750		11/02/12		614,185

		TOTAL AGENCY SECURITIES					92,865,925

117

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

FOREIGN GOVERNMENT BONDS - 2.2%
	$906,000	Brazilian Government International Bond	5.880	%	01/15/19	$	1,039,635
	890,000	Brazilian Government International Bond	4.880		01/22/21		951,410
	100,000	Brazilian Government International Bond	8.880		04/15/24		142,000
	80,000	Brazilian Government International Bond	7.130		01/20/37		102,200
	730,000	Brazilian Government International Bond	5.630		01/07/41		786,575
	275,000	Canada Government International Bond	2.380		09/10/14		289,421
	345,000	Chile Government International Bond	3.880		08/05/20		359,663
	100,000	China Development Bank	5.000		10/15/15		107,739
	300,000	Colombia Government International Bond	8.250		12/22/14		352,950
	450,000	Colombia Government International Bond	7.380		03/18/19		555,075
	200,000	Colombia Government International Bond	4.380		07/12/21		204,000
	350,000	Colombia Government International Bond	6.130		01/18/41		396,550
	410,000	Eksportfinans ASA	5.000		02/14/12		416,356
	950,000	Eksportfinans ASA	2.000		09/15/15		969,664
	205,000	European Investment Bank	4.880		02/15/36		239,804
	95,000	Export Development Canada	3.500		05/16/13		99,648
	200,000	Export Development Canada	1.500		05/15/14		204,768
	345,000	Export Development Canada	2.250		05/28/15		362,600
	180,000	Export-Import Bank of Korea	8.130		01/21/14		200,915
	250,000	Export-Import Bank of Korea	5.880		01/14/15		265,833
	190,000	Export-Import Bank of Korea	4.130		09/09/15		191,552
	475,000	Export-Import Bank of Korea	5.130		06/29/20		481,573
	1,190,000	Federative Republic of Brazil	6.000		01/17/17		1,358,384
	111,944	Federative Republic of Brazil	8.000		01/15/18		132,262
	190,000	Hungary Government International Bond	6.380		03/29/21		184,870
	195,000	Hungary Government International Bond	7.630		03/29/41		190,125
	500,000	Hydro Quebec	2.000		06/30/16		510,278
	70,000	Hydro Quebec	9.400		02/01/21		107,358
	200,000	Hydro Quebec	8.500		12/01/29		325,361
	300,000	Israel Government International Bond	4.630		06/15/13		313,607
	100,000	Israel Government International Bond	5.130		03/26/19		110,075
	150,000	Italian Republic	2.130		10/05/12		147,374
	200,000	Italian Republic	2.130		09/16/13		192,121
	500,000	Italian Republic	3.130		01/26/15		472,911
	1,200,000	Italian Republic	5.250		09/20/16		1,192,332
	74,000	Italian Republic	5.380		06/15/33		67,586
	430,000	Italy Government International Bond	5.380		06/12/17		423,398
	200,000	Japan Bank for International Cooperation	2.130		11/05/12		203,541
	1,500,000	Japan Bank for International Cooperation	4.250		06/18/13		1,592,159
	500,000	Japan Finance Organization for Municipalities	5.000		05/16/17		585,123
	200,000	Korea Development Bank	8.000		01/23/14		222,168
	475,000	Korea Development Bank	4.380		08/10/15		485,558
	235,000	Korea Development Bank	3.250		03/09/16		226,539
	100,000	Kreditanstalt fuer Wiederaufbau	4.880		01/17/17		117,486
	1,025,000	Landwirtschaftliche Rentenbank	5.130		02/01/17		1,209,682
	66,000	Mexico Government International Bond	7.500		04/08/33		87,351
	600,000	Mexico Government International Bond	6.750		09/27/34		738,000
	204,000	Mexico Government International Bond	6.050		01/11/40		230,520
	150,000	Mexico Government International Bond	5.750		10/12/10		147,750
	200,000	Panama Government International Bond	7.250		03/15/15		228,700
	100,000	Panama Government International Bond	5.200		01/30/20		109,450
	500,000	Panama Government International Bond	6.700		01/26/36		605,000
	320,000	Peruvian Government International Bond	7.130		03/30/19		386,400

118

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$125,000		Peruvian Government International Bond	7.350	%	07/21/25	$	155,625
	150,000		Peruvian Government International Bond	6.550		03/14/37		174,000
	350,000		Peruvian Government International Bond	5.630		11/18/50		350,000
	380,000		Poland Government International Bond	3.880		07/16/15		385,130
	485,000		Poland Government International Bond	6.380		07/15/19		533,500
	67,000		Poland Government International Bond	5.130		04/21/21		66,833
	1,055,000		Province of British Columbia Canada	2.850		06/15/15		1,124,871
	730,000		Province of Manitoba Canada	2.130		04/22/13		748,214
	255,000		Province of Nova Scotia Canada	2.380		07/21/15		265,616
	50,000		Province of Nova Scotia Canada	5.130		01/26/17		58,662
	1,700,000		Province of Ontario Canada	2.950		02/05/15		1,797,021
	190,000		Province of Ontario Canada	2.700		06/16/15		199,660
	1,000,000		Province of Ontario Canada	2.300		05/10/16		1,035,946
	300,000		Province of Ontario Canada	1.600		09/21/16		299,316
	230,000		Province of Ontario Canada	4.400		04/14/20		261,887
	40,000		Province of Quebec Canada	4.880		05/05/14		44,053
	385,000		Province of Quebec Canada	5.130		11/14/16		450,938
	335,000		Province of Quebec Canada	4.630		05/14/18		388,490
	120,000		Province of Quebec Canada	3.500		07/29/20		128,184
	200,000		Province of Quebec Canada	7.130		02/09/24		280,325
	201,000		Province of Quebec Canada	7.500		09/15/29		307,458
	285,000		Republic of Hungary	6.250		01/29/20		276,450
	475,000		Republic of Korea	5.750		04/16/14		510,758
	100,000		Republic of Korea	7.130		04/16/19		121,035
	289,000		South Africa Government International Bond	7.380		04/25/12		298,393
	110,000		South Africa Government International Bond	6.880		05/27/19		130,900
	225,000		South Africa Government International Bond	5.500		03/09/20		246,094
	100,000		South Africa Government International Bond	6.250		03/08/41		111,500
	625,000		Svensk Exportkredit AB	5.130		03/01/17		722,922
	196,000		United Mexican States	5.880		02/17/14		212,072
	1,280,000		United Mexican States	5.950		03/19/19		1,452,799
	868,000		United Mexican States	5.130		01/15/20		939,610

			TOTAL FOREIGN GOVERNMENT BONDS					35,701,662


MORTGAGE BACKED - 32.3%
			Federal Home Loan Mortgage Corp (FHLMC)
	1,093,217		FHLMC	4.500		12/01/19		1,169,318
	435,874		FHLMC	5.000		05/01/23		475,107
	1,743,565		FHLMC	4.000		10/01/25		1,836,605
	294,763		FHLMC	5.500		07/01/26		320,619
	1,221,405		FHLMC	4.500		04/01/29		1,298,672
	26,040	i	FHLMC	5.040		10/01/35		27,562
	288,082	i	FHLMC	2.500		02/01/36		302,819
	99,303	i	FHLMC	2.570		07/01/36		105,188
	343,440	i	FHLMC	2.420		09/01/36		364,749
	267,785	i	FHLMC	2.740		09/01/36		281,022
	230,841	i	FHLMC	5.280		09/01/36		240,643
	40,434	i	FHLMC	5.650		02/01/37		43,810
	39,684	i	FHLMC	5.820		02/01/37		43,014
	651,989	i	FHLMC	4.700		03/01/37		686,203
	52,151	i	FHLMC	5.500		03/01/37		56,619
	682,716	i	FHLMC	5.930		04/01/37		741,480

119

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$74,188	i	FHLMC	5.620	%	05/01/37	$	78,869
	320,989	i	FHLMC	5.740		05/01/37		346,970
	95,279	i	FHLMC	5.600		06/01/37		101,489
	401,819	i	FHLMC	5.630		08/01/37		428,798
	426,979	i	FHLMC	5.180		09/01/37		453,859
	200,391	i	FHLMC	5.910		09/01/37		213,324
	12,515	i	FHLMC	6.050		09/01/37		13,587
	67,162	i	FHLMC	5.350		02/01/38		72,643
	491,065	i	FHLMC	4.490		04/01/38		523,375
	574,016	i	FHLMC	4.880		04/01/38		613,964
	52,866	i	FHLMC	4.740		07/01/38		56,628
	1,013,864		FHLMC	4.500		10/01/39		1,073,883
	134,491		FHLMC	5.000		10/01/39		144,453
	2,253,541		FHLMC	4.500		12/01/39		2,403,143
	250,790	i	FHLMC	3.630		06/01/40		263,729
	882,870	i	FHLMC	3.030		01/01/41		915,342
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	52,297		FGLMC	6.000		08/01/12		52,897
	142,153		FGLMC	4.500		05/01/13		144,625
	123,892		FGLMC	5.000		07/01/14		133,118
	8,756		FGLMC	7.500		01/01/16		9,524
	117		FGLMC	7.500		05/01/16		128
	178		FGLMC	7.500		06/01/16		194
	45,872		FGLMC	5.500		05/01/17		49,711
	86,104		FGLMC	5.500		06/01/17		92,629
	56,333		FGLMC	5.000		12/01/17		60,916
	45,790		FGLMC	5.500		12/01/17		49,565
	70,673		FGLMC	5.000		03/01/18		75,700
	219,789		FGLMC	5.000		04/01/18		235,463
	201,601		FGLMC	4.500		06/01/18		215,446
	403,559		FGLMC	4.500		09/01/18		431,273
	413,309		FGLMC	4.000		11/01/18		443,243
	444,791		FGLMC	4.500		01/01/19		482,426
	79,002		FGLMC	4.000		05/01/19		83,983
	626,357		FGLMC	4.500		05/01/19		669,959
	363,013		FGLMC	4.000		10/01/19		385,900
	129,584		FGLMC	5.500		11/01/19		140,715
	209,875		FGLMC	4.500		01/01/20		224,484
	84,068		FGLMC	4.500		02/01/20		90,918
	839,585		FGLMC	5.000		05/01/20		910,506
	837,140		FGLMC	5.000		05/01/20		905,239
	78,367		FGLMC	4.500		07/01/20		84,753
	894,435		FGLMC	5.000		07/01/20		967,194
	9,523		FGLMC	7.000		10/01/20		10,974
	73,271		FGLMC	5.000		12/01/20		79,231
	993,995		FGLMC	4.500		06/01/21		1,063,034
	1,693,195		FGLMC	4.500		06/01/21		1,810,797
	111,806		FGLMC	5.500		07/01/21		121,025
	78,123		FGLMC	5.000		10/01/22		84,136
	55,761		FGLMC	6.000		11/01/22		60,722
	577,425		FGLMC	5.000		04/01/23		620,427
	51,675		FGLMC	4.500		05/01/23		54,949

120

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$964,059	FGLMC	4.500	%	05/01/23	$	1,025,144
	720,335	FGLMC	5.500		05/01/23		779,282
	133,308	FGLMC	5.000		10/01/23		143,236
	91,262	FGLMC	5.500		10/01/23		99,724
	83,455	FGLMC	5.000		11/01/23		90,966
	183,085	FGLMC	5.000		03/01/24		199,565
	61,887	FGLMC	4.500		04/01/24		65,750
	27,715	FGLMC	4.500		05/01/24		29,445
	168,530	FGLMC	4.500		06/01/24		179,051
	785,341	FGLMC	4.000		07/01/24		827,248
	1,770,893	FGLMC	4.000		08/01/24		1,865,392
	263,213	FGLMC	4.500		09/01/24		279,644
	102,687	FGLMC	4.500		09/01/24		109,097
	47,733	FGLMC	4.500		09/01/24		50,712
	41,288	FGLMC	5.500		09/01/24		45,117
	57,638	FGLMC	4.500		10/01/24		61,236
	119,450	FGLMC	4.500		10/01/24		128,948
	70,089	FGLMC	4.500		11/01/24		74,464
	115,054	FGLMC	4.500		12/01/24		122,236
	535,858	FGLMC	5.500		12/01/24		579,708
	86,243	FGLMC	4.500		02/01/25		91,681
	1,052,848	FGLMC	4.000		03/01/25		1,109,031
	67,760	FGLMC	4.500		06/01/25		71,990
	111,009	FGLMC	4.500		07/01/25		118,008
	3,425,500	FGLMC	3.500		11/01/25		3,574,258
	932,829	FGLMC	3.500		12/01/25		973,339
	1,195,038	FGLMC	4.000		05/01/26		1,259,181
	30,599	FGLMC	6.000		08/01/26		33,599
	149,679	FGLMC	5.000		10/01/26		162,778
	47,578	FGLMC	5.500		10/01/26		51,603
	485,774	FGLMC	6.000		12/01/27		532,788
	76,771	FGLMC	5.500		05/01/28		83,217
	567	FGLMC	6.500		10/01/28		643
	662,144	FGLMC	5.500		01/01/29		717,743
	15,257	FGLMC	6.500		01/01/29		17,314
	211,202	FGLMC	4.000		02/01/29		223,456
	2,941	FGLMC	6.500		03/01/29		3,338
	96,561	FGLMC	6.500		05/01/29		109,580
	19,166	FGLMC	6.500		07/01/29		21,750
	136,621	FGLMC	5.000		12/01/29		146,869
	232,636	FGLMC	4.000		08/01/30		246,134
	1,894	FGLMC	8.000		01/01/31		2,245
	972,843	FGLMC	4.000		03/01/31		1,029,288
	121,104	FGLMC	4.000		05/01/31		128,131
	454,667	FGLMC	4.000		06/01/31		481,047
	19,126	FGLMC	6.500		09/01/31		21,633
	29,242	FGLMC	8.000		09/01/31		34,705
	157,722	FGLMC	7.000		12/01/31		182,104
	90,545	FGLMC	6.500		01/01/32		102,414
	246,223	FGLMC	6.000		02/01/32		273,130
	73,569	FGLMC	7.000		04/01/32		84,942
	76,376	FGLMC	6.500		05/01/32		86,387

121

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$94,003		FGLMC	5.500	%	11/01/32	$	102,396
	94,910		FGLMC	6.000		02/01/33		105,282
	407,338		FGLMC	5.000		03/01/33		439,229
	470,989		FGLMC	6.000		03/01/33		522,459
	173,452		FGLMC	6.000		03/01/33		192,299
	71,115		FGLMC	6.000		03/01/33		78,842
	209,080		FGLMC	5.000		04/01/33		225,449
	39,783		FGLMC	6.000		04/01/33		44,131
	985,764		FGLMC	5.500		06/01/33		1,074,082
	380,461		FGLMC	4.500		07/01/33		405,273
	64,216		FGLMC	5.000		08/01/33		69,243
	391,142		FGLMC	5.000		08/01/33		421,887
	79,286		FGLMC	6.500		08/01/33		89,480
	860,667		FGLMC	5.000		09/01/33		928,050
	338,672		FGLMC	5.500		09/01/33		369,015
	337,433		FGLMC	5.500		09/01/33		367,665
	256,483		FGLMC	5.500		09/01/33		279,462
	194,353		FGLMC	5.500		09/01/33		211,766
	184,926		FGLMC	4.000		10/01/33		195,482
	106,043		FGLMC	5.000		10/01/33		114,346
	424,548		FGLMC	5.500		10/01/33		462,585
	716,381		FGLMC	5.500		12/01/33		780,341
	190,302		FGLMC	5.500		12/01/33		207,352
	1,333,812		FGLMC	7.000		12/01/33		1,540,004
	1,825,715		FGLMC	5.000		01/01/34		1,968,653
	46,799		FGLMC	5.500		02/01/34		50,991
	272,002		FGLMC	5.000		03/01/34		293,212
	300,481		FGLMC	5.500		03/01/34		327,402
	517,658		FGLMC	5.000		05/01/34		558,024
	301,301		FGLMC	4.500		06/01/34		320,950
	175,507		FGLMC	5.500		06/01/34		191,122
	117,192		FGLMC	6.000		06/01/34		129,998
	353,249		FGLMC	6.000		09/01/34		391,190
	62,903		FGLMC	5.000		11/01/34		67,710
	3,145,220	h	FGLMC	5.500		11/01/34		3,425,046
	2,044,215		FGLMC	5.000		12/01/34		2,203,621
	126,873		FGLMC	5.500		12/01/34		139,191
	273,333		FGLMC	5.500		12/01/34		297,822
	20,201		FGLMC	5.500		01/01/35		21,998
	32,220		FGLMC	5.500		01/01/35		35,086
	137,213		FGLMC	5.500		01/01/35		149,421
	870,756		FGLMC	4.500		04/01/35		927,541
	517,754		FGLMC	6.000		05/01/35		575,306
	91,729		FGLMC	6.000		05/01/35		101,209
	531,203		FGLMC	7.000		05/01/35		613,321
	201,942		FGLMC	5.500		06/01/35		219,908
	118,125		FGLMC	5.500		06/01/35		128,634
	200,267		FGLMC	5.000		07/01/35		215,758
	190,817		FGLMC	6.000		07/01/35		210,536
	184,283		FGLMC	5.000		08/01/35		198,538
	73,414		FGLMC	5.500		08/01/35		79,965
	370,014		FGLMC	6.000		08/01/35		408,252

122

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$92,626	FGLMC	4.500	%	09/01/35	$	98,551
	152,400	FGLMC	5.000		10/01/35		164,188
	682,536	FGLMC	5.000		10/01/35		740,345
	714,590	FGLMC	5.000		10/01/35		769,867
	657,886	FGLMC	5.000		12/01/35		708,776
	105,516	FGLMC	5.000		12/01/35		113,678
	348,289	FGLMC	6.000		01/01/36		383,303
	192,769	FGLMC	5.000		02/01/36		207,681
	93,182	FGLMC	5.000		02/01/36		100,390
	121,133	FGLMC	6.000		02/01/36		133,651
	1,190,112	FGLMC	5.500		04/01/36		1,305,664
	105,687	FGLMC	5.500		05/01/36		115,090
	57,529	FGLMC	6.500		05/01/36		64,207
	720,697	FGLMC	5.000		07/01/36		776,108
	399,515	FGLMC	6.000		07/01/36		442,426
	166,143	FGLMC	6.000		08/01/36		182,846
	105,264	FGLMC	6.000		09/01/36		117,073
	287,823	FGLMC	6.500		10/01/36		321,235
	195,318	FGLMC	5.500		11/01/36		212,421
	470,102	FGLMC	6.000		11/01/36		517,362
	266,527	FGLMC	6.500		03/01/37		298,355
	1,575,651	FGLMC	5.500		04/01/37		1,710,172
	191,810	FGLMC	5.000		05/01/37		206,168
	110,036	FGLMC	5.000		06/01/37		118,273
	850,211	FGLMC	5.500		06/01/37		922,797
	614,162	FGLMC	6.000		08/01/37		682,430
	245,930	FGLMC	6.000		09/01/37		273,267
	138,849	FGLMC	6.000		11/01/37		152,504
	875,548	FGLMC	6.500		11/01/37		973,902
	432,920	FGLMC	6.000		01/01/38		475,495
	166,707	FGLMC	6.000		02/01/38		182,972
	1,894,347	FGLMC	6.000		02/01/38		2,080,645
	1,496,057	FGLMC	5.000		03/01/38		1,608,043
	1,855,586	FGLMC	5.000		04/01/38		2,012,751
	143,217	FGLMC	5.000		04/01/38		156,332
	3,579,710	FGLMC	5.500		04/01/38		3,899,311
	776,782	FGLMC	5.500		05/01/38		841,765
	83,259	FGLMC	5.500		06/01/38		90,224
	277,712	FGLMC	6.000		07/01/38		304,807
	265,013	FGLMC	5.500		08/01/38		288,673
	994,016	FGLMC	5.500		08/01/38		1,081,054
	364,444	FGLMC	5.000		09/01/38		391,326
	1,164,267	FGLMC	5.500		09/01/38		1,268,214
	58,435	FGLMC	5.500		10/01/38		63,323
	1,886,345	FGLMC	6.000		11/01/38		2,070,382
	109,959	FGLMC	4.500		02/01/39		116,623
	341,239	FGLMC	5.500		02/01/39		369,786
	75,371	FGLMC	4.500		03/01/39		79,833
	1,153,939	FGLMC	5.000		03/01/39		1,251,675
	287,197	FGLMC	6.000		03/01/39		315,217
	212,029	FGLMC	4.500		04/01/39		227,429
	4,130,393	FGLMC	4.000		05/01/39		4,331,319

123

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$1,812,617	FGLMC	4.500	%	05/01/39	$	1,919,920
	73,941	FGLMC	4.500		05/01/39		78,318
	7,969,253	FGLMC	4.500		05/01/39		8,441,015
	786,852	FGLMC	4.500		05/01/39		839,087
	1,221,197	FGLMC	5.000		05/01/39		1,315,090
	2,825,603	FGLMC	4.000		06/01/39		2,963,056
	741,898	FGLMC	4.500		06/01/39		785,816
	279,638	FGLMC	5.000		06/01/39		303,322
	153,147	FGLMC	5.500		06/01/39		165,959
	4,194,702	FGLMC	4.000		07/01/39		4,398,757
	113,407	FGLMC	4.500		07/01/39		120,121
	235,816	FGLMC	4.500		07/01/39		249,776
	846,892	FGLMC	5.000		07/01/39		909,624
	112,245	FGLMC	4.500		08/01/39		118,889
	322,163	FGLMC	5.000		08/01/39		346,027
	834,198	FGLMC	4.000		09/01/39		876,082
	1,815,112	FGLMC	5.000		09/01/39		1,968,848
	46,036	FGLMC	5.500		09/01/39		49,887
	264,390	FGLMC	4.500		10/01/39		284,008
	215,384	FGLMC	4.500		10/01/39		231,365
	174,878	FGLMC	4.000		11/01/39		183,385
	831,678	FGLMC	4.500		11/01/39		880,912
	242,858	FGLMC	5.000		11/01/39		260,847
	127,968	FGLMC	5.000		11/01/39		137,447
	570,688	FGLMC	4.500		12/01/39		604,472
	644,050	FGLMC	4.500		12/01/39		686,806
	1,456,933	FGLMC	4.500		12/01/39		1,543,180
	1,694,114	FGLMC	4.500		01/01/40		1,794,402
	84,213	FGLMC	5.000		01/01/40		91,345
	346,615	FGLMC	5.500		01/01/40		375,612
	819,883	FGLMC	5.500		03/01/40		889,881
	161,260	FGLMC	4.500		04/01/40		171,965
	1,137,950	FGLMC	4.500		04/01/40		1,205,492
	585,000	FGLMC	5.000		04/01/40		628,789
	1,452,962	FGLMC	5.000		04/01/40		1,561,722
	3,694,428	FGLMC	4.500		05/01/40		3,913,130
	38,444	FGLMC	4.500		06/01/40		40,726
	172,946	FGLMC	4.500		08/01/40		183,211
	257,358	FGLMC	5.000		08/01/40		276,622
	2,564,567	FGLMC	5.000		08/01/40		2,763,384
	6,780,809	FGLMC	4.000		12/01/40		7,114,904
	586,573	FGLMC	3.500		01/01/41		602,893
	1,554,027	FGLMC	4.000		01/01/41		1,629,139
	1,230,950	FGLMC	3.500		02/01/41		1,265,199
	576,510	FGLMC	5.000		04/01/41		620,475
	3,686,246	FGLMC	4.500		06/01/41		3,902,448
	2,671,073	FGLMC	4.500		05/01/41		2,827,734
		Federal National Mortgage Association (FNMA)
	4,517	FNMA	5.000		06/01/13		4,732
	554,422	FNMA	4.440		07/01/13		577,199
	2,225	FNMA	6.000		09/01/13		2,309
	607,658	FNMA	4.750		10/01/13		620,422

124

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$1,787	FNMA	6.500	%	12/01/13	$	1,861
	481,737	FNMA	4.780		02/01/14		509,683
	1,561	FNMA	6.000		06/01/14		1,693
	697,661	FNMA	4.640		11/01/14		750,109
	1,051,963	FNMA	4.850		03/01/16		1,084,408
	117,734	FNMA	6.000		04/01/16		121,857
	115,107	FNMA	5.500		09/01/16		124,902
	8,579	FNMA	6.500		10/01/16		9,424
	60,588	FNMA	6.500		11/01/16		66,555
	40,417	FNMA	6.500		04/01/17		44,398
	33,169	FNMA	6.000		05/01/17		36,084
	206,676	FNMA	5.000		09/01/17		223,617
	34,868	FNMA	6.000		11/01/17		37,889
	393,356	FNMA	5.000		12/01/17		425,600
	28,108	FNMA	5.000		12/01/17		30,413
	405,902	FNMA	4.500		04/01/18		434,798
	82,379	FNMA	5.000		04/01/18		89,132
	580,644	FNMA	5.500		04/01/18		631,507
	51,399	FNMA	5.500		04/01/18		55,500
	28,512	FNMA	5.500		05/01/18		31,010
	800,967	FNMA	4.500		06/01/18		857,989
	1,320,842	FNMA	4.000		08/01/18		1,406,412
	123,153	FNMA	4.000		08/01/18		131,131
	345,805	FNMA	4.500		09/01/18		370,424
	229,988	FNMA	4.500		10/01/18		246,361
	564,797	FNMA	5.000		11/01/18		606,426
	13,462	FNMA	5.000		01/01/19		14,565
	30,522	FNMA	6.000		01/01/19		33,500
	66,947	FNMA	4.500		05/01/19		71,734
	192,158	FNMA	4.500		06/01/19		205,897
	30,548	FNMA	4.500		06/01/19		32,733
	216,084	FNMA	5.000		07/01/19		233,797
	132,600	FNMA	4.500		11/01/19		142,082
	110,809	FNMA	4.500		12/01/19		118,732
	134,406	FNMA	5.000		03/01/20		145,424
	35,860	FNMA	5.000		04/01/20		38,777
	90,613	FNMA	4.500		06/01/20		97,089
	62,103	FNMA	4.500		09/01/20		66,543
	65,892	FNMA	4.500		10/01/20		70,593
	90,978	FNMA	4.500		11/01/20		97,483
	248,875	FNMA	5.000		12/01/20		269,120
	584,447	FNMA	5.500		01/01/21		634,182
	204,211	FNMA	5.000		03/01/21		220,951
	159,978	FNMA	5.500		08/01/21		173,591
	42,407	FNMA	6.000		08/01/21		46,167
	29,520	FNMA	5.000		10/01/21		31,921
	71,939	FNMA	5.000		11/01/21		77,836
	37,198	FNMA	5.500		11/01/21		40,363
	90,655	FNMA	5.500		10/01/22		98,322
	33,696	FNMA	6.000		10/01/22		36,673
	29,694	FNMA	5.000		03/01/23		31,998
	113,434	FNMA	4.500		04/01/23		120,942

125

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$1,225,669	FNMA	4.500	%	06/01/23	$	1,306,796
	75,557	FNMA	5.000		06/01/23		81,279
	62,873	FNMA	5.500		06/01/23		68,899
	831,322	FNMA	5.000		07/01/23		894,271
	503,080	FNMA	5.000		07/01/23		541,174
	76,627	FNMA	5.500		08/01/23		83,107
	118,994	FNMA	5.000		11/01/23		130,036
	39,188	FNMA	5.500		11/01/23		42,596
	99,488	FNMA	5.500		02/01/24		109,024
	872,258	FNMA	4.000		03/01/24		920,590
	58,621	FNMA	4.500		04/01/24		62,428
	1,709,931	FNMA	4.000		05/01/24		1,804,677
	72,299	FNMA	4.000		06/01/24		76,306
	68,675	FNMA	4.500		07/01/24		74,509
	55,108	FNMA	5.500		07/01/24		60,321
	792	FNMA	8.000		07/01/24		921
	359,305	FNMA	4.500		08/01/24		382,638
	1,274,166	FNMA	4.000		09/01/24		1,344,767
	271,084	FNMA	4.000		09/01/24		286,105
	188,244	FNMA	4.500		09/01/24		200,469
	151,889	FNMA	5.000		01/01/25		165,603
	363,228	FNMA	4.500		02/01/25		387,270
	57,984	FNMA	4.500		03/01/25		61,822
	62,228	FNMA	4.500		03/01/25		66,347
	694,573	FNMA	5.000		03/01/25		757,288
	603,444	FNMA	4.500		04/01/25		643,386
	2,145,825	FNMA	4.500		04/01/25		2,287,859
	2,082,363	FNMA	4.500		06/01/25		2,220,196
	986,402	FNMA	4.000		08/01/25		1,041,675
	3,448,957	FNMA	3.500		09/01/25		3,606,762
	1,508,509	FNMA	5.000		10/01/25		1,639,058
	2,649,701	FNMA	4.000		11/01/25		2,798,175
	3,517,775	FNMA	3.500		12/01/25		3,678,729
	945,895	FNMA	4.000		03/01/26		998,898
	57,331	FNMA	6.000		10/01/26		63,067
	28,707	FNMA	5.500		01/01/28		31,217
	25,061	FNMA	5.000		02/01/28		27,027
	142,938	FNMA	5.500		06/01/28		155,297
	25,886	FNMA	5.500		11/01/28		28,124
	69	FNMA	7.500		01/01/29		80
	232,311	FNMA	4.000		03/01/29		245,836
	1,470	FNMA	6.500		04/01/29		1,666
	370,595	FNMA	4.500		06/01/29		394,471
	79,395	FNMA	4.000		07/01/29		84,017
	3,788	FNMA	7.500		07/01/29		3,853
	383	FNMA	7.500		07/01/29		385
	218,748	FNMA	4.500		09/01/29		232,841
	93,970	FNMA	4.500		11/01/29		100,024
	69,550	FNMA	4.500		01/01/30		74,031
	232,743	FNMA	4.000		03/01/30		246,293
	83,067	FNMA	4.500		05/01/30		88,419
	106,313	FNMA	4.500		06/01/30		113,162

126

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$936,792	FNMA	4.500	%	08/01/30	$	997,147
	230,838	FNMA	4.000		09/01/30		244,277
	1,097,416	FNMA	4.000		10/01/30		1,161,306
	387,259	FNMA	3.500		02/01/31		406,598
	483,376	FNMA	4.000		02/01/31		511,517
	301	FNMA	7.500		02/01/31		305
	3,170	FNMA	7.500		03/01/31		3,708
	134,369	FNMA	4.000		04/01/31		142,192
	20,504	FNMA	6.000		05/01/31		22,773
	2,084	FNMA	7.500		05/01/31		2,437
	739,614	FNMA	4.500		07/01/31		787,265
	2,330	FNMA	6.500		09/01/31		2,627
	1,367	FNMA	6.500		10/01/31		1,541
	163,123	FNMA	6.000		11/01/31		181,179
	18,301	FNMA	6.500		11/01/31		20,639
	42,404	FNMA	6.000		01/01/32		47,097
	66,417	FNMA	6.000		01/01/32		73,769
	42,149	FNMA	6.000		02/01/32		46,814
	116,712	FNMA	6.500		04/01/32		132,148
	319,506	FNMA	6.500		07/01/32		359,527
	30,534	FNMA	6.500		08/01/32		34,359
	376,649	FNMA	6.000		09/01/32		418,339
	44,144	FNMA	7.500		09/01/32		52,530
	418,624	FNMA	5.500		10/01/32		457,438
	94,761	FNMA	6.000		10/01/32		105,250
	99,757	FNMA	6.000		11/01/32		110,799
	30,409	FNMA	5.500		12/01/32		33,228
	213,312	FNMA	5.500		12/01/32		233,090
	179,933	FNMA	6.000		12/01/32		199,850
	925,613	FNMA	5.500		01/01/33		1,011,434
	2,635,602	FNMA	6.000		01/01/33		2,896,047
	1,068,602	FNMA	5.000		02/01/33		1,155,404
	54,708	FNMA	5.000		02/01/33		59,127
	42,279	FNMA	6.000		04/01/33		46,958
	422,644	FNMA	5.000		06/01/33		457,013
	846,621	FNMA	5.500		06/01/33		925,383
	119,166	FNMA	4.500		07/01/33		127,272
	511,420	FNMA	5.000		07/01/33		552,722
	658,929	FNMA	4.500		08/01/33		703,750
	433,857	FNMA	4.500		08/01/33		463,843
	207,162	FNMA	5.000		08/01/33		223,893
	231,925	FNMA	5.500		09/01/33		253,501
	493,045	FNMA	5.500		09/01/33		538,914
	103,677	FNMA	6.000		09/01/33		115,152
	1,305,179	FNMA	4.500		10/01/33		1,393,958
	225,773	FNMA	5.000		10/01/33		244,006
	198,484	FNMA	5.000		10/01/33		214,514
	1,278,616	FNMA	5.500		10/01/33		1,397,567
	2,832,105	FNMA	5.500		10/01/33		3,095,579
	110,175	FNMA	4.500		11/01/33		117,670
	5,314,244	FNMA	5.000		11/01/33		5,743,425
	188,346	FNMA	5.000		11/01/33		203,556

127

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,054,767		FNMA	5.000	%	12/01/33	$	2,221,674
	1,764,084		FNMA	5.500		12/01/33		1,928,199
	656,435		FNMA	5.000		02/01/34		709,449
	2,138,679		FNMA	6.000		02/01/34		2,374,068
	164,528		FNMA	5.000		03/01/34		177,816
	96,598		FNMA	5.000		03/01/34		104,399
	202,253		FNMA	5.000		03/01/34		218,587
	71,412		FNMA	5.000		03/01/34		77,180
	4,042,248		FNMA	5.000		03/01/34		4,368,701
	62,179		FNMA	5.000		03/01/34		67,201
	572,684		FNMA	5.000		04/01/34		618,755
	618,409		FNMA	5.500		04/01/34		675,940
	53,135		FNMA	4.500		05/01/34		56,749
	253,727		FNMA	4.500		05/01/34		270,788
	187,833		FNMA	5.500		07/01/34		205,189
	129,766		FNMA	5.500		07/01/34		141,757
	123,982		FNMA	7.000		07/01/34		142,868
	1,780,133		FNMA	5.000		08/01/34		1,923,366
	219,394		FNMA	5.000		08/01/34		237,067
	766,261		FNMA	6.000		08/01/34		850,597
	146,650		FNMA	6.000		08/01/34		162,790
	103,719		FNMA	4.500		09/01/34		110,693
	3,350,367		FNMA	5.500		09/01/34		3,659,962
	28,795		FNMA	5.500		11/01/34		31,456
	219,744		FNMA	6.000		11/01/34		243,449
	54,772		FNMA	5.000		12/01/34		59,196
	33,804		FNMA	5.500		12/01/34		36,927
	65,597		FNMA	6.000		12/01/34		72,981
	4,707,955		FNMA	4.500		01/01/35		5,033,343
	430,568		FNMA	5.500		01/01/35		473,988
	10,469,207		FNMA	5.500		02/01/35		11,443,169
	430,444		FNMA	5.500		02/01/35		470,219
	2,366,902		FNMA	5.500		04/01/35		2,618,902
	386,908		FNMA	6.000		04/01/35		428,646
	325,993		FNMA	6.000		04/01/35		361,872
	620,622		FNMA	5.500		05/01/35		686,699
	502,197		FNMA	6.000		05/01/35		558,726
	190,417		FNMA	5.000		06/01/35		205,736
	8,299		FNMA	7.500		06/01/35		9,685
	15,104	i	FNMA	4.550		07/01/35		16,017
	430,799		FNMA	5.000		07/01/35		468,620
	1,172,645		FNMA	4.500		08/01/35		1,250,027
	1,721,042		FNMA	5.000		08/01/35		1,858,151
	772,776		FNMA	5.000		08/01/35		834,340
	54,624		FNMA	4.500		09/01/35		58,340
	60,570		FNMA	4.500		09/01/35		64,567
	108,128		FNMA	5.500		09/01/35		118,187
	1,528,832		FNMA	5.000		10/01/35		1,650,629
	1,625,420		FNMA	5.500		10/01/35		1,798,477
	122,020		FNMA	5.000		11/01/35		130,788
	2,347,707		FNMA	5.500		11/01/35		2,563,183
	51,702		FNMA	4.500		12/01/35		55,114

128

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$237,412		FNMA	5.500	%	12/01/35	$	259,081
	1,254,975		FNMA	6.000		12/01/35		1,385,257
	471,752	i	FNMA	2.400		02/01/36		496,487
	80,944		FNMA	5.000		02/01/36		86,330
	125,506		FNMA	5.000		02/01/36		133,858
	1,677,952		FNMA	5.000		02/01/36		1,811,629
	59,186	i	FNMA	5.530		02/01/36		64,013
	377,300		FNMA	6.500		02/01/36		421,731
	2,906,587		FNMA	6.000		03/01/36		3,201,061
	59,035		FNMA	5.000		05/01/36		63,701
	2,815,073		FNMA	6.000		06/01/36		3,131,945
	207,313	i	FNMA	2.390		07/01/36		216,446
	216,784		FNMA	6.000		07/01/36		239,221
	1,077,234		FNMA	6.500		08/01/36		1,214,862
	119,300		FNMA	5.500		09/01/36		130,324
	238,692		FNMA	6.500		09/01/36		266,203
	123,401		FNMA	6.500		09/01/36		137,316
	387,332		FNMA	6.000		10/01/36		426,574
	148,059		FNMA	6.500		11/01/36		164,754
	60,478	i	FNMA	5.690		12/01/36		65,419
	1,176,342		FNMA	6.000		12/01/36		1,295,521
	100,781	i	FNMA	5.390		01/01/37		106,796
	504,597		FNMA	5.500		01/01/37		549,885
	15,395	i	FNMA	5.930		02/01/37		16,451
	89,906		FNMA	6.000		02/01/37		99,015
	69,058		FNMA	7.000		02/01/37		79,310
	21,877		FNMA	5.000		03/01/37		23,575
	21,567	i	FNMA	6.030		03/01/37		22,866
	848,057		FNMA	6.500		03/01/37		945,804
	323,506		FNMA	6.500		03/01/37		358,771
	22,946	i	FNMA	5.540		04/01/37		24,852
	459,756		FNMA	7.000		04/01/37		528,010
	52,903		FNMA	7.000		05/01/37		60,757
	176,366	i	FNMA	5.300		06/01/37		189,351
	353,893		FNMA	5.500		06/01/37		385,046
	210,100		FNMA	5.500		08/01/37		229,515
	133,371		FNMA	6.000		08/01/37		146,800
	665,639		FNMA	6.500		08/01/37		740,281
	178,066		FNMA	6.500		08/01/37		198,924
	244,796		FNMA	5.500		09/01/37		270,859
	327,781		FNMA	6.000		09/01/37		368,160
	374,732		FNMA	6.000		09/01/37		420,895
	618,613		FNMA	6.000		09/01/37		694,819
	829,981		FNMA	6.000		09/01/37		932,224
	454,378		FNMA	6.000		09/01/37		499,419
	565,093		FNMA	6.500		09/01/37		628,460
	136,527		FNMA	6.500		09/01/37		151,581
	940,035	i	FNMA	5.870		10/01/37		1,000,885
	220,678		FNMA	6.500		10/01/37		244,734
	159,241		FNMA	7.000		11/01/37		182,881
	78,364		FNMA	6.500		01/01/38		86,907
	25,736		FNMA	6.500		01/01/38		28,541

129

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,750,085		FNMA	5.500	%	02/01/38	$	1,901,959
	92,485		FNMA	6.500		02/01/38		102,740
	167,384		FNMA	7.000		02/01/38		192,233
	181,059		FNMA	5.000		03/01/38		194,974
	168,510	i	FNMA	5.000		03/01/38		179,555
	118,757		FNMA	5.000		03/01/38		127,884
	222,895		FNMA	5.500		03/01/38		242,238
	46,348		FNMA	6.000		03/01/38		51,826
	1,308,930		FNMA	6.500		03/01/38		1,449,981
	159,984		FNMA	6.500		03/01/38		177,224
	436,811		FNMA	6.500		03/01/38		483,882
	103,042		FNMA	6.500		03/01/38		114,145
	124,325		FNMA	5.000		04/01/38		133,880
	137,176		FNMA	4.500		05/01/38		145,800
	2,921,383		FNMA	5.000		05/01/38		3,145,904
	3,190,804		FNMA	6.000		07/01/38		3,507,093
	50,106	i	FNMA	4.810		08/01/38		53,823
	24,372	i	FNMA	5.310		08/01/38		26,128
	295,215	i	FNMA	4.930		10/01/38		316,397
	42,881		FNMA	6.000		10/01/38		47,105
	383,763		FNMA	5.500		11/01/38		417,066
	82,347		FNMA	5.000		12/01/38		88,676
	1,940,633		FNMA	4.500		01/01/39		2,062,630
	1,233,176		FNMA	5.500		01/01/39		1,340,193
	716,922		FNMA	6.000		01/01/39		787,539
	389,242		FNMA	6.000		01/01/39		427,582
	2,048,042		FNMA	4.500		02/01/39		2,176,791
	4,871,877		FNMA	4.500		02/01/39		5,178,146
	2,649,560		FNMA	4.500		02/01/39		2,816,124
	91,674		FNMA	5.500		02/01/39		99,630
	84,426		FNMA	5.500		04/01/39		92,219
	2,940,466		FNMA	4.500		05/01/39		3,123,480
	307,405		FNMA	4.500		06/01/39		326,538
	121,138	i	FNMA	3.970		07/01/39		127,689
	959,526		FNMA	4.500		07/01/39		1,019,246
	404,875		FNMA	4.500		07/01/39		430,075
	79,840		FNMA	5.000		07/01/39		86,164
	167,037	i	FNMA	3.590		08/01/39		175,604
	1,317,949		FNMA	4.000		08/01/39		1,383,352
	2,791,371		FNMA	4.500		08/01/39		2,965,104
	86,117		FNMA	4.500		08/01/39		92,795
	76,889		FNMA	5.000		08/01/39		82,798
	3,034,535		FNMA	4.000		09/01/39		3,185,124
	198,164		FNMA	5.000		09/01/39		213,393
	133,284		FNMA	5.000		11/01/39		144,985
	1,358,751		FNMA	4.500		12/01/39		1,443,319
	308,401		FNMA	4.500		12/01/39		331,113
	224,994	i	FNMA	3.720		01/01/40		237,567
	215,034		FNMA	4.500		01/01/40		228,418
	294,508		FNMA	5.000		01/01/40		317,952
	1,153,118		FNMA	4.500		03/01/40		1,224,887
	125,208		FNMA	5.000		03/01/40		134,909

130

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$127,758		FNMA	4.500	%	04/01/40	$	135,710
	4,831,080		FNMA	5.000		04/01/40		5,205,388
	976,602	i	FNMA	3.510		05/01/40		1,027,149
	963,290	i	FNMA	3.600		05/01/40		1,010,458
	88,680		FNMA	4.500		05/01/40		94,865
	399,051		FNMA	4.500		07/01/40		423,888
	469,326		FNMA	4.500		07/01/40		498,537
	340,478		FNMA	5.000		07/01/40		366,858
	301,132	i	FNMA	3.530		08/01/40		316,467
	6,015,540		FNMA	4.500		09/01/40		6,389,945
	3,301,234		FNMA	4.500		09/01/40		3,506,701
	961,813		FNMA	3.500		10/01/40		989,104
	4,684,341		FNMA	4.000		10/01/40		4,916,069
	4,747,802		FNMA	4.000		11/01/40		4,982,670
	667,970		FNMA	4.500		11/01/40		709,544
	1,365,349	i	FNMA	3.270		12/01/40		1,420,825
	1,709,245		FNMA	4.000		12/01/40		1,793,800
	664,832	i	FNMA	3.160		02/01/41		693,030
	1,217,270		FNMA	3.500		02/01/41		1,251,810
	5,395,199		FNMA	4.000		03/01/41		5,662,093
	1,661,024		FNMA	4.500		05/01/41		1,764,405
			Government National Mortgage Association (GNMA)
	29,200		GNMA	5.000		02/15/18		31,232
	87,976		GNMA	4.500		02/15/19		94,776
	42,165		GNMA	4.500		01/20/24		45,239
	29,566		GNMA	4.500		07/15/24		31,745
	769,562		GNMA	4.000		08/15/24		821,342
	215,010		GNMA	4.500		08/15/24		230,854
	635,610		GNMA	4.000		09/15/24		678,376
	79,920		GNMA	4.500		01/15/25		85,784
	337,786		GNMA	3.500		03/15/26		357,464
	536,134		GNMA	4.000		04/15/26		572,207
	11,420		GNMA	6.500		09/15/28		13,206
	2,131		GNMA	6.500		09/15/28		2,464
	7,651		GNMA	6.500		11/15/28		8,847
	1,403		GNMA	7.500		11/15/28		1,643
	9,841		GNMA	8.500		10/15/30		9,989
	7,906		GNMA	8.500		10/20/30		9,562
	1,166		GNMA	8.500		12/15/30		1,414
	1,496		GNMA	7.000		06/20/31		1,748
	1,107		GNMA	6.500		07/15/31		1,280
	7,556		GNMA	7.000		07/15/31		8,858
	4,843		GNMA	7.000		07/15/31		5,678
	5,285		GNMA	7.500		02/15/32		5,390
	764,313		GNMA	6.000		10/15/32		856,653
	115,593		GNMA	5.500		12/20/32		128,899
	247,280		GNMA	5.500		05/15/33		274,798
	43,969		GNMA	5.000		07/15/33		48,568
	198,210		GNMA	5.500		07/15/33		220,267
	38,966		GNMA	5.000		07/20/33		43,099
	79,952		GNMA	5.000		08/15/33		88,315
	267,838		GNMA	5.000		08/15/33		295,854

131

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$478,948	GNMA	5.500	%	09/15/33	$	532,246
	479,781	GNMA	6.000		11/20/33		537,574
	209,671	GNMA	5.500		05/20/34		233,674
	324,715	GNMA	6.000		09/20/34		363,115
	33,091	GNMA	5.000		10/20/34		36,601
	935,255	GNMA	5.500		11/15/34		1,038,748
	251,895	GNMA	6.500		01/15/35		288,000
	167,404	GNMA	5.500		02/20/35		186,569
	3,637,548	GNMA	5.000		03/20/35		4,023,430
	1,206,499	GNMA	5.500		05/20/35		1,343,491
	52,266	GNMA	5.000		09/20/35		57,762
	55,837	GNMA	5.000		11/15/35		61,573
	43,898	GNMA	5.000		11/15/35		48,407
	399,860	GNMA	5.500		02/20/36		445,262
	42,433	GNMA	5.500		03/15/36		47,076
	153,506	GNMA	5.500		05/20/36		170,792
	35,309	GNMA	6.500		06/15/36		40,181
	62,956	GNMA	5.000		09/15/36		69,464
	78,823	GNMA	6.000		09/15/36		88,074
	129,402	GNMA	6.000		10/20/36		144,747
	66,047	GNMA	5.000		12/15/36		72,715
	67,462	GNMA	5.500		01/15/37		74,611
	72,656	GNMA	6.000		01/20/37		81,272
	2,641,826	GNMA	5.500		02/15/37		2,921,780
	241,023	GNMA	6.000		02/20/37		269,227
	1,727,945	GNMA	6.000		04/15/37		1,932,789
	41,117	GNMA	6.500		04/15/37		46,791
	132,803	GNMA	6.000		06/15/37		148,266
	151,013	GNMA	6.000		08/20/37		168,685
	106,531	GNMA	6.500		08/20/37		120,779
	593,022	GNMA	6.000		12/15/37		662,073
	46,651	GNMA	5.000		02/20/38		51,367
	1,583,247	GNMA	5.000		04/15/38		1,740,445
	51,739	GNMA	5.500		05/20/38		57,339
	145,882	GNMA	5.500		06/15/38		161,843
	420,667	GNMA	6.000		06/20/38		469,236
	1,342,519	GNMA	5.500		07/15/38		1,484,366
	784,189	GNMA	5.500		07/20/38		869,064
	126,311	GNMA	5.500		08/15/38		139,656
	620,302	GNMA	6.000		08/15/38		692,335
	1,544,224	GNMA	6.000		08/15/38		1,723,548
	387,457	GNMA	6.000		08/20/38		432,192
	291,134	GNMA	5.000		10/15/38		320,040
	50,210	GNMA	5.500		10/15/38		55,986
	56,199	GNMA	6.500		10/20/38		63,645
	102,461	GNMA	6.500		10/20/38		116,324
	31,003	GNMA	5.500		11/15/38		34,280
	209,772	GNMA	6.500		11/20/38		237,564
	24,903	GNMA	6.500		12/15/38		28,300
	125,848	GNMA	5.000		01/15/39		138,344
	310,409	GNMA	5.000		02/15/39		341,229
	101,944	GNMA	6.000		02/15/39		113,782

132

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,227,431		GNMA	4.500	%	03/15/39	$	2,428,655
	389,704		GNMA	4.500		03/15/39		424,910
	79,035		GNMA	4.500		03/20/39		85,854
	67,426	i	GNMA	5.000		03/20/39		71,844
	1,084,021		GNMA	5.500		03/20/39		1,201,347
	190,930		GNMA	4.500		04/15/39		208,178
	1,815,807		GNMA	5.500		04/15/39		2,014,469
	51,185		GNMA	5.000		04/20/39		56,327
	229,499		GNMA	4.000		05/15/39		245,866
	5,450,776		GNMA	4.500		05/15/39		5,943,196
	181,328		GNMA	4.000		05/20/39		194,287
	617,307		GNMA	4.500		05/20/39		670,567
	65,177		GNMA	4.500		06/15/39		71,065
	4,705,330		GNMA	5.000		06/15/39		5,209,277
	5,725,847		GNMA	5.000		06/15/39		6,339,093
	238,201		GNMA	5.000		06/15/39		261,851
	111,339		GNMA	5.000		06/15/39		122,394
	125,720		GNMA	5.000		06/15/39		138,203
	90,804		GNMA	4.000		06/20/39		97,294
	72,959		GNMA	5.000		06/20/39		80,288
	141,647		GNMA	4.500		07/15/39		154,444
	246,384		GNMA	4.500		07/15/39		268,643
	100,814		GNMA	5.000		07/15/39		110,824
	1,062,030		GNMA	4.500		07/20/39		1,153,659
	1,019,782		GNMA	5.000		07/20/39		1,122,227
	94,153		GNMA	5.500		07/20/39		104,490
	406,646		GNMA	4.000		08/15/39		435,646
	1,843,295		GNMA	5.000		08/15/39		2,026,313
	130,074		GNMA	5.500		08/15/39		143,817
	321,641		GNMA	6.000		08/15/39		358,992
	237,051		GNMA	4.000		08/20/39		253,994
	304,110		GNMA	5.000		08/20/39		334,660
	163,052		GNMA	5.000		09/15/39		179,242
	407,671		GNMA	5.000		09/20/39		448,625
	116,793		GNMA	4.500		10/15/39		127,344
	65,237		GNMA	5.000		10/15/39		71,714
	105,819		GNMA	4.500		10/20/39		114,949
	138,611		GNMA	4.500		11/15/39		151,177
	153,099		GNMA	4.500		11/20/39		166,213
	195,504		GNMA	5.000		11/20/39		215,022
	292,078		GNMA	4.500		12/15/39		318,464
	6,232,574		GNMA	4.500		12/15/39		6,795,621
	146,546		GNMA	4.500		12/20/39		159,098
	4,878,768		GNMA	4.500		01/20/40		5,296,644
	74,802		GNMA	5.500		01/20/40		82,898
	288,171		GNMA	4.000		03/15/40		308,722
	108,816		GNMA	5.000		03/15/40		119,621
	91,816		GNMA	4.500		04/15/40		99,909
	1,671,485		GNMA	5.000		04/15/40		1,837,445
	216,705		GNMA	4.500		04/20/40		235,266
	44,501		GNMA	4.500		05/15/40		48,424
	1,119,047		GNMA	5.000		05/15/40		1,230,156

133

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$1,922,989	i	GNMA	3.000	%	05/20/40	$	2,002,796
	46,081		GNMA	4.500		05/20/40		50,028
	127,815		GNMA	4.500		06/15/40		139,082
	128,941		GNMA	4.500		06/15/40		140,308
	1,091,330		GNMA	5.000		06/20/40		1,200,280
	634,695		GNMA	4.500		07/15/40		690,644
	2,894,129		GNMA	4.500		07/15/40		3,149,252
	245,316		GNMA	5.000		07/20/40		269,807
	1,456,696		GNMA	4.000		08/15/40		1,560,580
	387,436		GNMA	4.500		08/15/40		422,557
	580,403		GNMA	4.500		08/20/40		630,115
	441,868		GNMA	4.500		09/20/40		479,715
	148,517		GNMA	5.500		09/20/40		164,824
	110,905		GNMA	4.000		10/15/40		118,858
	1,225,483		GNMA	4.000		11/15/40		1,312,878
	4,818,435		GNMA	4.000		11/20/40		5,162,813
	1,251,003	h	GNMA	3.500		12/15/40		1,310,061
	1,949,452		GNMA	4.000		01/20/41		2,088,781
	1,228,476		GNMA	4.000		02/15/41		1,316,085
	4,578,393		GNMA	4.500		02/20/41		4,970,541
	2,640,206		GNMA	4.500		03/15/41		2,876,314
	2,486,108		GNMA	4.500		08/15/41		2,705,263
	828,087		GNMA	6.230		09/15/43		873,730
	1,338,565		GNMA	6.500		01/15/44		1,489,264

			TOTAL MORTGAGE BACKED					524,534,757


MUNICIPAL BONDS - 1.0%
	300,000		American Municipal Power-Ohio, Inc	7.830		02/15/41		404,154
	150,000		Colorado Bridge Enterprise	6.080		12/01/40		189,236
	200,000		Commonwealth of Massachusetts	4.200		12/01/21		219,200
	195,000		Commonwealth of Pennsylvania	5.850		07/15/30		215,793
	200,000		County of Clark NV	6.820		07/01/45		247,674
	200,000		District of Columbia	5.590		12/01/34		241,620
	100,000		East Baton Rouge Sewerage Commission	6.090		02/01/45		108,995
	400,000		Government Development Bank for Puerto Rico	3.670		05/01/14		406,880
	100,000		Kentucky Asset Liability Commission	3.170		04/01/18		102,013
	30,000		Los Angeles Unified School District	5.750		07/01/34		33,690
	100,000		Massachusetts School Building Authority	5.720		08/15/39		123,595
	100,000		Metropolitan Government of Nashville & Davidson County	6.730		07/01/43		118,271
	300,000		Metropolitan Transportation Authority	6.650		11/15/39		369,084
	250,000		Municipal Electric Authority of Georgia	6.640		04/01/57		267,130
	200,000		New Jersey Economic Development Authority	7.430		02/15/29		240,704
	35,000		New Jersey State Turnpike Authority	7.410		01/01/40		48,216
	800,000		New Jersey Transportation Trust Fund Authority	5.750		12/15/28		870,712
	300,000		New York City Municipal Water Finance Authority	5.790		06/15/41		330,447
	600,000		New York State Dormitory Authority	5.290		03/15/33		670,482
	130,000		New York State Dormitory Authority	5.630		03/15/39		153,940
	400,000		New York State Urban Development Corp	5.840		03/15/40		489,180
	100,000		Ohio State University	4.910		06/01/40		112,745
	100,000		Oregon State Department of Transportation	5.830		11/15/34		123,129
	200,000		Port Authority of New York & New Jersey	6.040		12/01/29		242,198

134

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$100,000		Salt River Project Agricultural Improvement & Power District	4.840	%	01/01/41	$	108,584
	300,000		State of California	5.750		03/01/17		337,389
	100,000		State of California	6.200		10/01/19		113,937
	100,000		State of California	5.700		11/01/21		108,432
	100,000	i	State of California	5.650		04/01/39		105,828
	285,000		State of California	7.550		04/01/39		349,199
	900,000		State of California	7.300		10/01/39		1,070,208
	1,330,000		State of California	7.630		03/01/40		1,639,517
	300,000		State of Connecticut	5.090		10/01/30		323,217
	100,000		State of Illinois	4.510		03/01/15		104,163
	400,000		State of Illinois	4.960		03/01/16		422,584
	300,000		State of Illinois	5.100		06/01/33		271,173
	1,295,000		State of Illinois	6.730		04/01/35		1,372,777
	300,000		State of Oregon	5.760		06/01/23		356,652
	100,000		State of Texas	4.630		04/01/33		110,345
	50,000		State of Texas	5.520		04/01/39		62,579
	100,000		State of Utah	3.540		07/01/25		106,080
	200,000		State of Washington	5.090		08/01/33		225,010
	200,000		State Public School Building Authority	5.000		09/15/27		216,258
	750,000		Tennessee Valley Authority	3.880		02/15/21		844,382
	1,000,000		Tennessee Valley Authority	4.630		09/15/60		1,211,043
	200,000		University of California	5.770		05/15/43		230,142
	700,000		University of Texas	4.790		08/15/46		797,608
	150,000		Virginia Commonwealth Transportation Board	5.350		05/15/35		171,395

			TOTAL MUNICIPAL BONDS					16,987,590


U.S. TREASURY SECURITIES - 33.8%
	178,400		United States Treasury Bond	7.500		11/15/16		236,603
	160,000		United States Treasury Bond	8.750		05/15/17		226,988
	139,200		United States Treasury Bond	8.880		08/15/17		200,491
	130,100		United States Treasury Bond	8.880		02/15/19		198,026
	151,300		United States Treasury Bond	8.130		08/15/19		225,402
	148,500		United States Treasury Bond	8.750		08/15/20		234,526
	125,700		United States Treasury Bond	7.880		02/15/21		191,800
	125,000		United States Treasury Bond	8.130		05/15/21		194,531
	122,000		United States Treasury Bond	8.130		08/15/21		190,987
	14,379,100		United States Treasury Bond	8.000		11/15/21		22,458,357
	127,000		United States Treasury Bond	7.250		08/15/22		191,770
	3,275,000		United States Treasury Bond	6.380		08/15/27		4,925,803
	14,560,000		United States Treasury Bond	5.250		02/15/29		19,885,771
	10,979,000		United States Treasury Bond	5.380		02/15/31		15,444,368
	1,144,000		United States Treasury Bond	4.380		02/15/38		1,461,460
	2,733,000		United States Treasury Bond	3.500		02/15/39		3,038,754
	241,000		United States Treasury Bond	4.500		08/15/39		315,446
	850,000		United States Treasury Bond	4.380		11/15/39		1,092,781
	915,000		United States Treasury Bond	4.630		02/15/40		1,222,669
	3,380,000		United States Treasury Bond	4.380		05/15/40		4,350,702
	12,585,000		United States Treasury Bond	3.880		08/15/40		14,952,553
	5,075,000		United States Treasury Bond	4.750		02/15/41		6,934,510
	4,600,000		United States Treasury Bond	4.380		05/15/41		5,942,648
	5,990,000		United States Treasury Note	1.380		10/15/12		6,063,240

135

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$18,350,000	United States Treasury Note	0.380	%	10/31/12	$	18,387,985
	165,000	United States Treasury Note	4.000		11/15/12		171,987
	29,600,000	United States Treasury Note	0.500		11/30/12		29,706,381
	8,000,000	United States Treasury Note	0.630		12/31/12		8,042,184
	7,650,000	United States Treasury Note	0.630		01/31/13		7,691,838
	160,000	United States Treasury Note	2.880		01/31/13		165,588
	5,000,000	United States Treasury Note	0.630		02/28/13		5,028,515
	235,000	United States Treasury Note	2.500		03/31/13		242,858
	2,000,000	United States Treasury Note	0.630		04/30/13		2,012,100
	209,000	United States Treasury Note	3.130		04/30/13		218,446
	350,000	United States Treasury Note	1.380		05/15/13		356,220
	3,500,000	United States Treasury Note	0.500		05/31/13		3,514,767
	5,000,000	United States Treasury Note	0.380		06/30/13		5,010,950
	750,000	United States Treasury Note	3.380		06/30/13		790,664
	155,000	United States Treasury Note	0.750		08/15/13		156,350
	2,139,000	United States Treasury Note	4.250		08/15/13		2,296,751
	2,045,000	United States Treasury Note	3.130		08/31/13		2,155,477
	9,575,000	United States Treasury Note	0.750		09/15/13		9,660,648
	4,750,000	United States Treasury Note	1.250		09/30/13		4,737,745
	196,000	United States Treasury Note	3.130		09/30/13		207,056
	2,710,000	United States Treasury Note	2.750		10/31/13		2,846,346
	8,284,000	United States Treasury Note	2.000		11/30/13		8,582,357
	683,000	United States Treasury Note	1.500		12/31/13		701,089
	150,000	United States Treasury Note	1.250		03/15/14		153,222
	4,693,000	United States Treasury Note	1.880		04/30/14		4,871,555
	750,000	United States Treasury Note	4.750		05/15/14		835,079
	11,198,000	United States Treasury Note	2.250		05/31/14		11,743,903
	6,784,000	United States Treasury Note	2.630		06/30/14		7,193,693
	185,000	United States Treasury Note	2.630		07/31/14		196,461
	117,000	United States Treasury Note	4.250		08/15/14		129,779
	5,583,000	United States Treasury Note	2.380		08/31/14		5,896,608
	4,910,000	United States Treasury Note	2.380		09/30/14		5,192,708
	9,860,000	United States Treasury Note	2.380		10/31/14		10,436,968
	1,280,000	United States Treasury Note	2.130		11/30/14		1,345,999
	6,310,000	United States Treasury Note	2.250		01/31/15		6,669,866
	100	United States Treasury Note	2.500		03/31/15		107
	7,170,000	United States Treasury Note	2.500		04/30/15		7,657,897
	1,240,000	United States Treasury Note	2.130		05/31/15		1,308,485
	3,120,000	United States Treasury Note	1.880		06/30/15		3,264,300
	6,895,000	United States Treasury Note	1.750		07/31/15		7,185,348
	1,775,000	United States Treasury Note	4.250		08/15/15		2,017,676
	12,840,000	United States Treasury Note	1.250		08/31/15		13,136,925
	18,805,000	United States Treasury Note	1.250		09/30/15		19,222,245
	27,300,000	United States Treasury Note	1.250		10/31/15		27,877,996
	23,550,000	United States Treasury Note	1.380		11/30/15		24,160,840
	5,000,000	United States Treasury Note	2.130		12/31/15		5,286,330
	5,400,000	United States Treasury Note	2.000		01/31/16		5,677,592
	10,650,000	United States Treasury Note	2.130		02/29/16		11,260,714
	250,000	United States Treasury Note	2.630		02/29/16		269,629
	9,000,000	United States Treasury Note	2.250		03/31/16		9,567,450
	164,000	United States Treasury Note	5.130		05/15/16		195,762
	11,250,000	United States Treasury Note	1.750		05/31/16		11,699,100

136

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$5,000,000		United States Treasury Note	1.500	%	06/30/16	$	5,137,900
	10,750,000		United States Treasury Note	1.500		07/31/16		11,038,960
	970,000		United States Treasury Note	3.250		07/31/16		1,077,155
	14,000,000		United States Treasury Note	1.000		08/31/16		14,035,000
	10,000,000		United States Treasury Note	1.000		09/30/16		10,014,700
	173,000		United States Treasury Note	4.630		11/15/16		204,329
	220,000		United States Treasury Note	3.000		02/28/17		242,378
	6,830,000		United States Treasury Note	1.880		08/31/17		7,094,663
	14,000,000		United States Treasury Note	2.000		04/30/18		14,726,320
	2,802,400		United States Treasury Note	2.750		02/15/19		3,046,736
	428,200		United States Treasury Note	3.130		05/15/19		477,041
	1,377,000		United States Treasury Note	3.630		02/15/20		1,589,574
	1,132,000		United States Treasury Note	3.500		05/15/20		1,296,400
	7,342,000		United States Treasury Note	2.630		08/15/20		7,863,399
	5,650,000		United States Treasury Note	2.630		11/15/20		6,041,969
	5,900,000		United States Treasury Note	3.630		02/15/21		6,815,881
	14,200,000		United States Treasury Note	2.130		08/15/21		14,450,772
	11,185,000		United States Treasury Note	4.250		11/15/40		14,143,779
	2,600,000		United States Treasury Note	3.750		08/15/41		3,026,972

			TOTAL U.S. TREASURY SECURITIES					549,642,653


			TOTAL GOVERNMENT BONDS					1,219,732,587
			(Cost $1,174,010,135)

STRUCTURED ASSETS - 2.4%

ASSET BACKED - 0.3%
	340,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15		352,946
			Series - 2010 1 (Class C)
	590,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		600,350
			Series - 2010 3 (Class C)
	500,000		Capital One Multi-Asset Execution Trust	5.750		07/15/20		591,813
			Series - 2007 A7 (Class A7)
	600,000		Centerpoint Energy Transistion	3.460		08/15/19		653,712
			Series - 0 1 (Class A2)
	195,566	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		43,492
			Series - 2004 2 (Class 1B)
	500,000		Chase Issuance Trust	5.120		10/15/14		523,451
			Series - 2007 A17 (Class A)
	135,000		CitiBank Credit Card Issuance Trust	4.900		06/23/16		149,786
			Series - 2009 A4 (Class A4)
	750,000		CitiBank Credit Card Issuance Trust	5.650		09/20/19		895,928
			Series - 2007 A8 (Class A8)
	23,111	i	Countrywide Home Equity Loan Trust	0.450		02/15/29		15,144
			Series - 2004 B (Class 1A)
	100,000		Discover Card Master Trust	5.650		03/16/20		119,374
			Series - 2007 A1 (Class A1)
	100,000		Ford Credit Auto Owner Trust	5.600		10/15/12		100,792
			Series - 2007 A (Class B)
	37,490	i	Residential Asset Securities Corp	6.490		10/25/30		33,974
			Series - 2001 KS2 (Class AI6)
	15,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		11,300
			Series - 2006 HI1 (Class M2)
	15,000	g	Vornado DP LLC	4.000		09/13/28		15,042
			Series - 2010 VNO (Class A2FX)

			TOTAL ASSET BACKED					4,107,104

137

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

OTHER MORTGAGE BACKED - 2.1%
	$1,000,000	i	Banc of America Commercial Mortgage, Inc	5.230	%	11/10/42	$	1,030,931
			Series - 2005 1 (Class A4)
	105,000	i	Banc of America Commercial Mortgage, Inc	5.890		07/10/44		113,166
			Series - 2006 3 (Class A4)
	450,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		469,551
			Series - 2006 6 (Class A4)
	500,000		Banc of America Commercial Mortgage, Inc	5.380		09/10/47		521,057
			Series - 2006 5 (Class AAB)
	285,000		Banc of America Commercial Mortgage, Inc	5.450		01/15/49		296,060
			Series - 2007 1 (Class A3)
	325,000	i	Banc of America Commercial Mortgage, Inc	5.840		06/10/49		339,971
			Series - 2007 3 (Class A3)
	71,535		Bank of America Alternative Loan Trust	5.500		09/25/19		71,397
			Series - 2004 8 (Class 3A1)
	320,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		345,933
			Series - 2006 PW14 (Class A4)
	280,000	i	Bear Stearns Commercial Mortgage Securities	5.620		03/11/39		305,390
			Series - 2006 PW11 (Class A4)
	200,000	i	Bear Stearns Commercial Mortgage Securities	5.910		06/11/40		213,311
			Series - 2007 PW16 (Class A4)
	355,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41		377,190
			Series - 2005 PWR8 (Class A4)
	133,279	i	Bear Stearns Commercial Mortgage Securities	5.290		06/11/41		137,649
			Series - 2004 PWR4 (Class A2)
	625,000	i	Bear Stearns Commercial Mortgage Securities	5.470		06/11/41		670,255
			Series - 2004 PWR4 (Class A3)
	495,000		Bear Stearns Commercial Mortgage Securities	5.540		10/12/41		542,343
			Series - 2006 T24 (Class A4)
	660,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		703,045
			Series - 2004 T16 (Class A6)
	550,000		Citigroup Commercial Mortgage Trust	4.730		10/15/41		580,410
			Series - 2004 C2 (Class A5)
	500,000		Citigroup Commercial Mortgage Trust	5.210		12/11/49		503,351
			Series - 2007 CD4 (Class A2B)
	585,000		Citigroup, Inc	5.320		12/11/49		603,019
			Series - 2007 CD4 (Class A4)
	255,000	i	Commercial Mortgage Pass Through Certificates	6.010		12/10/49		275,106
			Series - 2007 C9 (Class A4)
	166,791		Credit Suisse Mortgage Capital Certificates	5.440		09/15/39		170,587
			Series - 2006 C4 (Class AAB)
	190,000		Credit Suisse Mortgage Capital Certificates	5.470		09/15/39		195,423
			Series - 2006 C4 (Class A3)
	250,000	i	CS First Boston Mortgage Securities Corp	5.420		05/15/36		267,730
			Series - 2004 C2 (Class A2)
	310,000		CS First Boston Mortgage Securities Corp	3.940		05/15/38		318,092
			Series - 2003 C3 (Class A5)

138

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$290,000		CS First Boston Mortgage Securities Corp	4.050	%	05/15/38	$	286,653
			Series - 2003 C3 (Class B)
	625,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		677,221
			Series - 2005 C5 (Class A4)
	220,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		193,968
			Series - 2005 C5 (Class AJ)
	330,000		GMAC Commercial Mortgage Securities, Inc	5.020		04/10/40		347,289
			Series - 2003 C3 (Class A4)
	180,000	i	Greenwich Capital Commercial Funding Corp	5.320		06/10/36		190,459
			Series - 0 GG1 (Class A7)
	460,000	i	Greenwich Capital Commercial Funding Corp	5.220		04/10/37		488,343
			Series - 2005 GG5 (Class A5)
	600,000	i	Greenwich Capital Commercial Funding Corp	5.280		04/10/37		522,077
			Series - 2005 GG5 (Class AM)
	725,000	i	Greenwich Capital Commercial Funding Corp	6.070		07/10/38		780,624
			Series - 2006 GG7 (Class A4)
	550,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		570,298
			Series - 2007 GG9 (Class A4)
	610,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39		514,116
			Series - 2007 GG9 (Class AM)
	450,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		477,662
			Series - 2006 GG6 (Class A4)
	740,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		676,610
			Series - 2006 GG6 (Class AM)
	1,350,000		GS Mortgage Securities Corp II	5.560		11/10/39		1,426,625
			Series - 2006 GG8 (Class A4)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		98,181
			Series - 2009 IWST (Class A2)
	25,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		23,728
			Series - 2010 C2 (Class B)
	50,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.720		11/15/43		46,341
			Series - 2010 C2 (Class C)
	125,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.430		12/12/43		133,146
			Series - 2006 CB17 (Class A4)
	825,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.200		12/15/44		825,978
			Series - 2005 LDP5 (Class A2)
	1,110,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		1,146,196
			Series - 2006 LDP9 (Class A3)
	950,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		986,665
			Series - 2007 CB18 (Class A4)
	360,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		376,211
			Series - 2007 LD11 (Class A4)
	450,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	6.000		06/15/49		476,569
			Series - 2007 LD11 (Class A3)
	545,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		581,641
			Series - 2005 C1 (Class A4)
	415,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		448,505
			Series - 2005 C2 (Class A5)
	380,000		LB-UBS Commercial Mortgage Trust	5.160		02/15/31		410,829
			Series - 2006 C1 (Class A4)
	220,000		LB-UBS Commercial Mortgage Trust	4.390		03/15/32		226,725
			Series - 2003 C1 (Class A4)

139

TIAA-CREF FUNDS – Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$125,000		LB-UBS Commercial Mortgage Trust	5.370	%	09/15/39	$	135,170
			Series - 2006 C6 (Class A4)
	1,405,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		1,482,847
			Series - 2007 C1 (Class A4)
	970,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		996,173
			Series - 2007 C2 (Class A3)
	675,000	i	LB-UBS Commercial Mortgage Trust	5.490		02/15/40		571,367
			Series - 2007 C2 (Class AM)
	475,000	i	Merrill Lynch	5.380		07/12/46		494,520
			Series - 2006 3 (Class ASB)
	425,000	i	Merrill Lynch	5.490		07/12/46		322,677
			Series - 2006 3 (Class AJ)
	225,000	i	Merrill Lynch Mortgage Trust	5.390		11/12/37		187,294
			Series - 2005 CKI1 (Class AJ)
	290,000	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		285,797
			Series - 2005 CIP1 (Class AM)
	344,206	i	Merrill Lynch Mortgage Trust	5.810		05/12/39		350,825
			Series - 2006 C1 (Class A2)
	235,000	i	Merrill Lynch Mortgage Trust	5.850		05/12/39		259,476
			Series - 2006 C1 (Class A4)
	450,000	i	Merrill Lynch Mortgage Trust	6.020		06/12/50		473,658
			Series - 2007 C1 (Class A3)
	475,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.610		02/12/39		519,479
			Series - 2006 1 (Class A4)
	390,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.660		02/12/39		396,601
			Series - 0 1 (Class A3)
	440,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	6.170		08/12/49		389,687
			Series - 2007 8 (Class AM)
	505,000	i	Morgan Stanley Capital I	5.270		06/13/41		541,375
			Series - 2004 T15 (Class A4)
	1,255,000		Morgan Stanley Capital I	5.170		01/14/42		1,351,295
			Series - 2005 HQ5 (Class A4)
	134,466		Morgan Stanley Capital I	6.230		01/11/43		138,562
			Series - 2008 T29 (Class A1)
	590,000		Morgan Stanley Capital I	5.360		03/15/44		626,342
			Series - 2007 IQ13 (Class A4)
	225,000	i	Morgan Stanley Capital I	5.730		07/12/44		244,918
			Series - 2006 HQ9 (Class A4)
	50,000	i	Morgan Stanley Capital I	5.690		04/15/49		51,834
			Series - 2007 IQ14 (Class A4)
	205,000	i	Morgan Stanley Capital I	5.540		11/12/49		198,341
			Series - 2007 T25 (Class AM)
	245,000		Morgan Stanley Capital I	4.770		07/15/56		225,631
			Series - 0 IQ9 (Class AJ)
	200,000	i	Wachovia Bank Commercial Mortgage Trust	5.530		12/15/44		165,038
			Series - 2005 C22 (Class AJ)
	400,000	i	Wachovia Bank Commercial Mortgage Trust	5.830		07/15/45		313,130
			Series - 2006 C27 (Class AJ)
	525,000	i	Wachovia Bank Commercial Mortgage Trust	6.100		02/15/51		552,890
			Series - 2007 C33 (Class A4)
	200,000	i	Wachovia Bank Commercial Mortgage Trust	6.100		02/15/51		210,818
			Series - 2007 C33 (Class A5)
			TOTAL OTHER MORTGAGE BACKED					33,469,372

140

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

TOTAL STRUCTURED ASSETS

37,576,476

(Cost $37,867,371)

TOTAL BONDS

1,612,690,507

(Cost $1,560,480,666)

TOTAL INVESTMENTS - 99.3%

1,612,690,507

(Cost $1,560,480,666)

OTHER ASSETS & LIABILITIES, NET - 0.7%

11,918,719

NET ASSETS - 100.0%

1,624,609,226

Abbreviation(s):

REIT Real Estate Investment Trust

All or a portion of these securities were purchased on a delayed delivery basis.

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

In default.

141

TIAA-CREF FUNDS – Money Market Fund

TIAA-CREF FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2011


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 100.0%

BANKERS’ ACCEPTANCES - 1.9%
	$791,000	JPMorgan Chase Bank NA	0.260-0.280	%	10/03/11	$	790,988
	1,058,000	JPMorgan Chase Bank NA	0.200-0.260		10/11/11		1,057,937
	402,000	JPMorgan Chase Bank NA	0.210		10/13/11		401,972
	861,000	JPMorgan Chase Bank NA	0.190		10/14/11		860,941
	585,000	JPMorgan Chase Bank NA	0.190		10/19/11		584,944
	561,000	JPMorgan Chase Bank NA	0.200		10/21/11		560,938
	1,184,000	JPMorgan Chase Bank NA	0.200-0.260		10/24/11		1,183,842
	1,013,000	JPMorgan Chase Bank NA	0.180-0.190		10/27/11		1,012,865
	1,143,000	JPMorgan Chase Bank NA	0.190-0.270		10/28/11		1,142,829
	565,000	JPMorgan Chase Bank NA	0.185-0.235		10/31/11		564,907
	994,000	JPMorgan Chase Bank NA	0.200		11/02/11		993,823
	401,000	JPMorgan Chase Bank NA	0.220		11/03/11		400,919
	418,000	JPMorgan Chase Bank NA	0.220		11/04/11		417,913
	865,000	JPMorgan Chase Bank NA	0.210		11/07/11		864,813
	254,000	JPMorgan Chase Bank NA	0.210		11/08/11		253,944
	1,213,000	JPMorgan Chase Bank NA	0.170-0.220		11/09/11		1,212,744
	875,000	JPMorgan Chase Bank NA	0.260		11/14/11		874,722
	219,000	JPMorgan Chase Bank NA	0.240		11/15/11		218,934
	297,000	JPMorgan Chase Bank NA	0.250		11/21/11		296,895
	376,000	JPMorgan Chase Bank NA	0.230		11/22/11		375,875
	1,197,000	JPMorgan Chase Bank NA	0.240-0.250		11/28/11		1,196,530
	693,000	JPMorgan Chase Bank NA	0.230-0.240		12/02/11		692,721
	166,000	JPMorgan Chase Bank NA	0.250		12/13/11		165,916
	389,000	JPMorgan Chase Bank NA	0.250		12/19/11		388,787
	285,000	JPMorgan Chase Bank NA	0.250		12/27/11		284,828
	237,000	JPMorgan Chase Bank NA	0.260		01/17/12		236,815
	541,000	JPMorgan Chase Bank NA	0.255-0.270		01/19/12		540,565
	3,000,000	US Bank NA	0.350		02/14/12		2,996,033

		TOTAL BANKERS’ ACCEPTANCES					20,574,940


CERTIFICATE OF DEPOSIT - 4.0%
	7,000,000	Bank of Nova Scotia	0.170		10/18/11		7,000,000
	5,500,000	Bank of Nova Scotia	0.280		12/06/11		5,500,000
	2,600,000	Barclays Bank PLC	0.410		12/13/11		2,600,000
	4,685,000	BNP Paribas	0.470		11/01/11		4,685,201
	5,000,000	Toronto-Dominion Bank	0.170		10/12/11		5,000,000
	4,500,000	Toronto-Dominion Bank	0.170		10/19/11		4,500,000
	10,000,000	Toronto-Dominion Bank	0.200		11/10/11		10,000,000
	4,000,000	Toronto-Dominion Bank	0.210		01/10/12		4,000,000

		TOTAL CERTIFICATE OF DEPOSIT					43,285,201


COMMERCIAL PAPER - 45.1%
	7,415,000	Australia & New Zealand Banking Group Ltd	0.270		12/21/11		7,410,495
	650,000	Australia & New Zealand Banking Group Ltd	0.320		01/17/12		649,376

142

TIAA-CREF FUNDS – Money Market Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$7,500,000	Bank of Nova Scotia	0.175	%	10/11/11	$	7,499,635
	10,045,000	Bank of Nova Scotia	0.280		11/29/11		10,040,390
	2,500,000	Bank of Nova Scotia	0.270		12/02/11		2,498,838
	4,640,000	Bank of Nova Scotia	0.275		12/21/11		4,637,129
	2,290,000	Bank of Nova Scotia	0.280		12/23/11		2,288,522
	5,000,000	BNP Paribas Finance, Inc	0.230		10/03/11		4,999,936
	1,600,000	Coca-Cola Co	0.130		10/03/11		1,599,988
	10,000,000	Coca-Cola Co	0.125		10/12/11		9,999,619
	5,000,000	Coca-Cola Co	0.100		11/04/11		4,999,528
	5,000,000	Coca-Cola Co	0.130		11/07/11		4,999,332
	4,200,000	Coca-Cola Co	0.130		12/09/11		4,198,954
	5,000,000	Coca-Cola Co	0.130		12/12/11		4,998,700
	3,000,000	Coca-Cola Co	0.140		12/13/11		2,999,148
	2,000,000	Coca-Cola Co	0.150		12/14/11		1,999,383
	2,000,000	Coca-Cola Co	0.125		12/20/11		1,999,444
	3,000,000	Commonwealth Bank of Australia	0.150		10/14/11		2,999,838
	5,000,000	Commonwealth Bank of Australia	0.270		11/28/11		4,997,824
	4,500,000	Commonwealth Bank of Australia	0.275		12/02/11		4,497,869
	4,000,000	Fairway Finance LLC	0.160		10/12/11		3,999,804
	1,975,000	Fairway Finance LLC	0.200		10/18/11		1,974,813
	8,000,000	Fairway Finance LLC	0.170		10/25/11		7,999,094
	3,825,000	Fairway Finance LLC	0.170		10/28/11		3,824,512
	5,475,000	Fairway Finance LLC	0.190		11/22/11		5,473,498
	3,000,000	Fairway Finance LLC	0.230		12/07/11		2,998,716
	5,000,000	Falcon Asset Securitization Co LLC	0.180		10/06/11		4,999,875
	5,000,000	Falcon Asset Securitization Co LLC	0.160		10/12/11		4,999,756
	5,000,000	Falcon Asset Securitization Co LLC	0.150		10/14/11		4,999,729
	5,075,000	General Electric Capital Corp	0.190		10/03/11		5,074,946
	9,000,000	General Electric Capital Corp	0.190		10/11/11		8,999,525
	4,300,000	General Electric Capital Corp	0.130		10/12/11		4,299,829
	1,390,000	General Electric Capital Corp	0.230		12/06/11		1,389,414
	3,995,000	General Electric Capital Corp	0.310		12/12/11		3,992,523
	9,490,000	General Electric Capital Corp	0.300		02/27/12		9,478,218
	3,645,000	General Electric Capital Corp	0.300		02/29/12		3,640,413
	3,000,000	General Electric Co	0.140		12/28/11		2,998,973
	5,975,000	Johnson & Johnson	0.050		10/20/11		5,974,842
	10,000,000	Johnson & Johnson	0.090		12/19/11		9,998,025
	318,000	JPMorgan Chase Bank NA	0.240		12/01/11		317,871
	431,000	JPMorgan Chase Bank NA	0.240		12/29/11		430,744
	302,000	JPMorgan Chase Bank NA	0.250		01/09/12		301,790
	275,000	JPMorgan Chase Bank NA	0.270		01/26/12		274,759
	500,000	JPMorgan Chase Bank NA	0.280		02/09/12		499,490
	5,000,000	Jupiter Securitization Co LLC	0.170		10/05/11		4,999,906
	7,735,000	Jupiter Securitization Co LLC	0.200		11/04/11		7,733,538
	5,000,000	Jupiter Securitization Co LLC	0.200		11/07/11		4,998,972
	5,000,000	Jupiter Securitization Co LLC	0.210		12/13/11		4,997,871
	5,000,000	Jupiter Securitization Co LLC	0.210		12/19/11		4,997,696
	2,600,000	National Australia Funding (Delaware)	0.175		10/03/11		2,599,975
	5,000,000	National Australia Funding (Delaware)	0.270		12/01/11		4,997,713
	2,650,000	National Australia Funding (Delaware)	0.270		12/06/11		2,648,688
	500,000	National Australia Funding (Delaware)	0.390		12/09/11		499,626
	450,000	National Australia Funding (Delaware)	0.200		12/19/11		449,803

143

TIAA-CREF FUNDS – Money Market Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$1,870,000	National Australia Funding (Delaware)	0.310	%	01/03/12	$	1,868,486
	3,000,000	Nestle Capital Corp	0.125		10/13/11		2,999,875
	2,500,000	Nestle Capital Corp	0.150		11/09/11		2,499,594
	350,000	Nestle Capital Corp	0.150		11/14/11		349,936
	2,570,000	Nestle Capital Corp	0.140		11/22/11		2,569,480
	500,000	Nestle Capital Corp	0.220		02/03/12		499,618
	5,000,000	Nestle Capital Corp	0.185		02/28/12		4,996,146
	3,705,000	Nestle Capital Corp	0.250		05/15/12		3,699,159
	1,135,000	Novartis Finance Corp	0.140		10/11/11		1,134,956
	7,000,000	Old Line Funding LLC	0.170		10/05/11		6,999,868
	3,000,000	Old Line Funding LLC	0.170		10/14/11		2,999,816
	3,252,000	Old Line Funding LLC	0.170-0.190		10/17/11		3,251,740
	4,200,000	Old Line Funding LLC	0.150		10/18/11		4,199,703
	2,050,000	Old Line Funding LLC	0.190		10/26/11		2,049,730
	8,000,000	Old Line Funding LLC	0.205		11/16/11		7,997,903
	4,000,000	Old Line Funding LLC	0.220		11/22/11		3,998,729
	6,500,000	Private Export Funding Corp	0.150-0.165		10/04/11		6,499,917
	2,450,000	Private Export Funding Corp	0.150		10/06/11		2,449,949
	6,500,000	Private Export Funding Corp	0.165		10/27/11		6,499,296
	5,000,000	Private Export Funding Corp	0.140		11/08/11		4,999,261
	1,625,000	Private Export Funding Corp	0.150		11/22/11		1,624,648
	9,000,000	Private Export Funding Corp	0.165-0.170		11/29/11		8,997,541
	250,000	Private Export Funding Corp	0.230		02/21/12		249,772
	4,415,000	Private Export Funding Corp	0.220		02/27/12		4,410,980
	12,900,000	Procter & Gamble Co	0.120		10/04/11		12,899,871
	4,100,000	Procter & Gamble Co	0.100		10/17/11		4,099,818
	9,460,000	Procter & Gamble Co	0.110-0.120		11/02/11		9,459,039
	540,000	Procter & Gamble Co	0.150		12/05/11		539,854
	4,400,000	Procter & Gamble Co	0.165		12/12/11		4,398,548
	1,250,000	Province of Ontario Canada	0.100		10/14/11		1,249,955
	1,900,000	Province of Ontario Canada	0.120		10/25/11		1,899,848
	4,500,000	Province of Ontario Canada	0.100		11/30/11		4,499,250
	4,685,000	Province of Ontario Canada	0.110		12/02/11		4,684,112
	1,000,000	Rabobank USA Financial Corp	0.280		10/06/11		999,961
	345,000	Rabobank USA Financial Corp	0.250		11/21/11		344,878
	250,000	Royal Bank of Canada	0.160		10/17/11		249,982
	1,200,000	Royal Bank of Canada	0.190		11/23/11		1,199,664
	2,000,000	Royal Bank of Canada	0.210		12/20/11		1,999,067
	6,815,000	Royal Bank of Canada	0.150-0.160		12/27/11		6,812,486
	10,000,000	Sheffield Receivables Corp	0.180		10/12/11		9,999,450
	8,000,000	Sheffield Receivables Corp	0.250		10/20/11		7,998,944
	12,191,000	Straight-A Funding LLC	0.160-0.200		10/05/11		12,190,746
	3,000,000	Straight-A Funding LLC	0.160		10/07/11		2,999,920
	6,550,000	Straight-A Funding LLC	0.190		11/08/11		6,548,686
	5,000,000	Straight-A Funding LLC	0.190		11/08/11		4,998,997
	1,500,000	Straight-A Funding LLC	0.190		11/14/11		1,499,652
	8,000,000	Straight-A Funding LLC	0.190		11/28/11		7,997,551
	3,500,000	Straight-A Funding LLC	0.190		12/01/11		3,498,873
	5,610,000	Toronto-Dominion Holdings USA, Inc	0.180		10/17/11		5,609,551
	5,000,000	Toronto-Dominion Holdings USA, Inc	0.200		11/23/11		4,998,528
	5,000,000	Toronto-Dominion Holdings USA, Inc	0.210		12/20/11		4,997,667
	1,016,000	US Bank NA	0.320		12/30/11		1,015,187

144

TIAA-CREF FUNDS – Money Market Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

	$4,200,000	Variable Funding Capital Co LLC	0.200	%	10/04/11	$	4,199,930
	6,793,000	Variable Funding Capital Co LLC	0.170		10/20/11		6,792,391
	4,500,000	Variable Funding Capital Co LLC	0.170		10/26/11		4,499,469
	3,000,000	Variable Funding Capital Co LLC	0.130		10/31/11		2,999,675
	8,000,000	Variable Funding Capital Co LLC	0.210		12/16/11		7,996,453
	5,000,000	Wal-Mart Stores, Inc	0.090		11/15/11		4,999,438
	750,000	Westpac Banking Corp	0.225		11/07/11		749,827
	3,600,000	Westpac Banking Corp	0.270		12/08/11		3,598,164
	4,340,000	Westpac Banking Corp	0.375-0.400		02/10/12		4,334,009

		TOTAL COMMERCIAL PAPER					485,884,439


FOREIGN GOVERNMENT BONDS - 0.4%
	4,000,000	Province of Ontario Canada	2.625		01/20/12		4,026,101

		TOTAL FOREIGN GOVERNMENT BONDS					4,026,101


GOVERNMENT AGENCY DEBT - 20.7%
	500,000	Federal Farm Credit Bank (FFCB)	0.300		10/20/11		499,921
	1,500,000	FFCB	0.310		11/15/11		1,499,419
	18,000,000	Federal Home Loan Bank (FHLB)	0.060		10/07/11		17,999,820
	360,000	FHLB	0.060		10/11/11		359,994
	8,590,000	FHLB	0.035-0.065		10/19/11		8,589,758
	33,518,000	FHLB	0.070-0.200		10/21/11		33,514,289
	3,700,000	FHLB	0.080		10/24/11		3,699,811
	300,000	FHLB	0.040		10/28/11		299,991
	9,800,000	FHLB	0.170		11/01/11		9,798,565
	4,500,000	FHLB	0.011		11/03/11		4,499,955
	2,305,000	FHLB	0.050-0.060		11/04/11		2,304,875
	2,504,000	FHLB	0.030		11/10/11		2,503,917
	6,889,000	FHLB	0.025-0.040		11/14/11		6,888,690
	7,000,000	FHLB	0.025-0.030		11/16/11		6,999,764
	13,000,000	FHLB	0.025-0.030		11/18/11		12,999,513
	3,263,000	FHLB	0.030		11/23/11		3,262,856
	4,700,000	FHLB	0.040		12/02/11		4,699,676
	3,000,000	FHLB	0.020		12/21/11		2,999,865
	400,000	FHLB	0.100		01/25/12		399,871
	220,000	Federal Home Loan Mortgage Corp (FHLMC)	0.060		10/04/11		219,999
	1,883,000	FHLMC	0.065		10/06/11		1,882,983
	780,000	FHLMC	0.300		10/07/11		779,961
	2,700,000	FHLMC	0.085		10/11/11		2,699,936
	120,000	FHLMC	0.040		10/12/11		119,999
	525,000	FHLMC	0.050		10/24/11		524,983
	1,200,000	FHLMC	0.030		10/25/11		1,199,976
	6,200,000	FHLMC	0.030-0.070		11/02/11		6,199,799
	1,000,000	FHLMC	0.040		11/22/11		999,942
	85,000	FHLMC	0.150		12/15/11		84,973
	3,000,000	FHLMC	0.090		12/20/11		2,999,400
	4,700,000	FHLMC	0.100		02/21/12		4,698,133
	390,000	Federal National Mortgage Association (FNMA)	0.180		07/02/12		389,465
	10,000,000	FNMA	0.050-0.065		10/03/11		9,999,968
	4,459,000	FNMA	0.050		10/04/11		4,458,981
	5,000,000	FNMA	0.050		10/06/11		4,999,965
	1,850,000	FNMA	0.050		10/11/11		1,849,974

145

TIAA-CREF FUNDS – Money Market Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$2,720,000		FNMA	0.050-0.060	%	10/12/11	$	2,719,956
	2,870,000		FNMA	0.060		10/14/11		2,869,938
	1,400,000		FNMA	0.075		10/17/11		1,399,953
	8,300,000		FNMA	0.060-0.140		10/19/11		8,299,511
	529,000		FNMA	0.060		10/20/11		528,983
	3,100,000		FNMA	0.065		10/24/11		3,099,871
	4,104,000		FNMA	0.030-0.120		10/26/11		4,103,891
	1,871,000		FNMA	0.040-0.055		11/02/11		1,870,927
	900,000		FNMA	0.045		11/07/11		899,958
	4,135,000		FNMA	0.030		11/10/11		4,134,862
	5,094,000		FNMA	0.025		11/15/11		5,093,841
	700,000		FNMA	0.010		11/16/11		699,991
	3,670,000		FNMA	0.035-0.090		12/01/11		3,669,706
	12,400,000		FNMA	0.060-0.125		12/07/11		12,397,187
	160,000		FNMA	0.040		12/28/11		159,984
	453,000		FNMA	0.130		02/17/12		452,773
	2,000,000		FNMA	0.110		02/21/12		1,999,126
	441,000		FNMA	0.150		04/18/12		440,633

			TOTAL GOVERNMENT AGENCY DEBT					222,770,078


TREASURY DEBT - 15.4%
	5,000,000		United States Treasury Bill	0.059		10/06/11		4,999,959
	5,000,000		United States Treasury Bill	0.025-0.028		10/13/11		4,999,956
	3,310,000		United States Treasury Bill	0.111		10/20/11		3,309,806
	2,000,000		United States Treasury Bill	0.075		11/10/11		1,999,833
	29,600,000		United States Treasury Bill	0.091-0.096		11/17/11		29,596,334
	6,030,000		United States Treasury Bill	0.096-0.105		11/25/11		6,029,095
	4,000,000		United States Treasury Bill	0.085-0.095		12/01/11		3,999,390
	5,000,000		United States Treasury Bill	0.065		12/08/11		4,999,386
	3,000,000		United States Treasury Bill	0.008		12/22/11		2,999,949
	1,500,000		United States Treasury Bill	0.100		12/29/11		1,499,631
	16,200,000		United States Treasury Note	1.000		10/31/11		16,210,900
	11,835,000		United States Treasury Note	0.750		11/30/11		11,845,633
	10,455,000		United States Treasury Note	1.125		12/15/11		10,474,763
	4,000,000		United States Treasury Note	1.125		01/15/12		4,011,618
	3,680,000		United States Treasury Note	0.875		01/31/12		3,688,169
	7,000,000		United States Treasury Note	1.375		02/15/12		7,027,416
	1,000,000		United States Treasury Note	0.875		02/29/12		1,002,949
	2,640,000		United States Treasury Note	1.000		04/30/12		2,653,018
	14,505,000		United States Treasury Note	0.750		05/31/12		14,555,224
	9,986,000		United States Treasury Note	1.875		06/15/12		10,109,355
	7,740,000		United States Treasury Note	0.625		06/30/12		7,769,820
	6,530,000		United States Treasury Note	1.500		07/15/12		6,601,484
	5,001,000		United States Treasury Note	0.625		07/31/12		5,022,242

			TOTAL TREASURY DEBT					165,405,930


VARIABLE RATE SECURITY - 12.5%
	9,700,000	i	Federal Farm Credit Bank (FFCB)	0.150		02/13/12		9,699,799
	5,000,000	i	FFCB	0.225		03/28/13		5,000,000
	4,050,000	i	FFCB	0.235		06/12/13		4,050,502
	4,000,000	i	FFCB	0.320		08/19/13		3,996,209
	4,800,000	i	FFCB	0.220		08/26/13		4,795,441

146

TIAA-CREF FUNDS – Money Market Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

	$3,400,000	i	FFCB	0.280	%	08/26/13	$	3,399,346
	10,000,000	i	FFCB	0.300		09/23/13		9,999,201
	9,600,000	i	Federal Home Loan Bank (FHLB)	0.160		01/13/12		9,599,862
	4,500,000	i	FHLB	0.145		07/02/12		4,500,000
	5,000,000	i	FHLB	0.140		07/20/12		5,000,000
	9,500,000	i	FHLB	0.270		08/16/13		9,500,000
	5,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.220		11/07/11		5,000,282
	22,000,000	i	FHLMC	0.070		11/09/11		21,998,268
	10,000,000	i	FHLMC	0.240		01/09/12		10,002,080
	5,000,000	i	FHLMC	0.172		02/04/13		4,997,296
	3,100,000	i	FHLMC	0.172		05/06/13		3,097,503
	5,000,000	i	Federal National Mortgage Association (FNMA)	0.180		03/14/13		4,997,913
	5,000,000	i	Canadian Imperial Bank of Commerce	0.320		03/08/12		5,000,000
	9,500,000	i	Royal Bank of Canada	0.290		07/11/12		9,500,000

			TOTAL VARIABLE RATE SECURITY					134,133,702


			TOTAL SHORT-TERM INVESTMENTS					1,076,080,391
			(Cost $1,076,080,391)

			TOTAL INVESTMENTS- 100.0%					1,076,080,391
			(Cost $1,076,080,391)
			OTHER ASSETS & LIABILITIES, NET - 0.0%					364,339

			NET ASSETS - 100.0%				$	1,076,444,730




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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days from 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 annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant's half-year period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TIAA-CREF FUNDS

Dated: November 15, 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.

Dated: November 15, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer (principal executive officer)

Dated: November 15, 2011	By:	/s/ Philip G. Goff
		Philip G. Goff
		Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification