N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number File No. 811-09301

	TIAA-CREF FUNDS
(Exact name of Registrant as specified in charter)

	730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq. c/o TIAA-CREF 730 Third Avenue
	New York, New York 10017-3206
(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: December 31, 2011

Item 1. Schedule of Investments.

TIAA-CREF FUNDS – Real Estate Securities Fund

TIAA-CREF FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2011

SHARES			COMPANY	VALUE
COMMON STOCKS - 96.1%
DIVERSIFIED CAPITAL MARKETS - 0.6%
	550,000	*	HFF, Inc (Class A)	$	5,681,500
			TOTAL DIVERSIFIED CAPITAL MARKETS		5,681,500
DIVERSIFIED REITS - 3.5%
	430,000		Vornado Realty Trust		33,049,800
			TOTAL DIVERSIFIED REITS		33,049,800
GOLD - 2.9%
	170,000		Agnico-Eagle Mines Ltd		6,174,400
	110,000		Goldcorp, Inc		4,867,500
	250,000		Market Vectors Junior Gold Miners ETF		6,175,000
	140,000		Newmont Mining Corp		8,401,400
	175,000		Yamana Gold, Inc		2,570,750
			TOTAL GOLD		28,189,050
HOMEBUILDING - 2.4%
	1,900,000		KB Home		12,768,000
	1,150,000		PDG Realty S.A.		3,637,582
	1,000,000	*	Pulte Homes, Inc		6,310,000
			TOTAL HOMEBUILDING		22,715,582
INDUSTRIAL REITS - 4.4%
	980,000		AMB Property Corp		28,018,201
	210,000		EastGroup Properties, Inc		9,130,800
	160,000	*	First Industrial Realty Trust, Inc		1,636,800
	2,000,000	*	Global Logistic Properties		2,703,737
			TOTAL INDUSTRIAL REITS		41,489,538
MORTGAGE REITS - 0.2%
	125,000		Starwood Property Trust, Inc		2,313,750
			TOTAL MORTGAGE REITS		2,313,750
OFFICE REITS - 12.4%
	150,000		Alexandria Real Estate Equities, Inc		10,345,500
	530,000		BioMed Realty Trust, Inc		9,582,400
	450,000		Boston Properties, Inc		44,820,000
	240,000		Digital Realty Trust, Inc		16,000,800
	210,000		Mack-Cali Realty Corp		5,604,900
	400,000		Mission West Properties, Inc		3,608,000
	420,000		SL Green Realty Corp		27,988,800
			TOTAL OFFICE REITS		117,950,400

1

TIAA-CREF FUNDS – Real Estate Securities Fund

SHARES			COMPANY	VALUE
OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%
	211,200	*, g,m	People’s Choice Financial Corp (purchased 12/21/04, cost $2,112,000)	$	0
			TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0
REAL ESTATE OPERATING COMPANIES - 1.3%
	3,850,000	a	Thomas Properties Group, Inc		12,820,500
			TOTAL REAL ESTATE OPERATING COMPANIES		12,820,500
RESIDENTIAL REITS - 17.3%
	400,000		American Campus Communities, Inc		16,784,000
	600,000		Apartment Investment & Management Co (Class A)		13,746,000
	250,000		Associated Estates Realty Corp		3,987,500
	265,000		AvalonBay Communities, Inc		34,609,000
	180,000		BRE Properties, Inc (Class A)		9,086,400
	180,000		Camden Property Trust		11,203,200
	40,000		Equity Lifestyle Properties, Inc		2,667,600
	650,000		Equity Residential		37,069,500
	100,000		Essex Property Trust, Inc		14,051,000
	60,000		Mid-America Apartment Communities, Inc		3,753,000
	250,000		Post Properties, Inc		10,930,000
	300,000		UDR, Inc		7,530,000
			TOTAL RESIDENTIAL REITS		165,417,200
RETAIL REITS - 25.4%
	2,000,000		DDR Corp		24,340,000
	120,000		Federal Realty Investment Trust		10,890,000
	1,650,000		General Growth Properties, Inc		24,783,000
	500,000		Glimcher Realty Trust		4,600,000
	700,000		Kimco Realty Corp		11,368,000
	450,000		Macerich Co		22,770,000
	55,000		Realty Income Corp		1,922,800
	330,000		Regency Centers Corp		12,414,600
	860,000		Simon Property Group, Inc		110,888,400
	300,000		Tanger Factory Outlet Centers, Inc		8,796,000
	70,000		Taubman Centers, Inc		4,347,000
	725,000		Westfield Group		5,784,331
			TOTAL RETAIL REITS		242,904,131
SPECIALIZED REITS - 25.7%
	175,000		Ashford Hospitality Trust, Inc		1,400,000
	325,000		CubeSmart		3,458,000
	220,000		Entertainment Properties Trust		9,616,200
	250,000		Extra Space Storage, Inc		6,057,500
	300,000	*	FelCor Lodging Trust, Inc		915,000
	950,000		HCP, Inc		39,358,500
	445,000		Health Care REIT, Inc		24,265,850
	300,000		Healthcare Realty Trust, Inc		5,577,000
	1,350,000		Hersha Hospitality Trust		6,588,000
	1,700,000		Host Marriott Corp		25,109,000
	150,000		Plum Creek Timber Co, Inc		5,484,000
	260,000		Potlatch Corp		8,088,600
	265,000		Public Storage, Inc		35,631,900
	65,000		Rayonier, Inc		2,900,950

2

TIAA-CREF FUNDS – Real Estate Securities Fund

SHARES			COMPANY	VALUE
	70,000		Sovran Self Storage, Inc	$	2,986,900
	300,000	*	Sunstone Hotel Investors, Inc		2,445,000
	750,000		Ventas, Inc		41,347,500
	1,320,000		Weyerhaeuser Co		24,644,400
			TOTAL SPECIALIZED REITS		245,874,300
			TOTAL COMMON STOCKS		918,405,751
			(Cost $890,393,546)

PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 2.9%
TREASURY DEBT - 2.9%
	$20,000,000		United States Treasury Bill	0.030	%	06/14/12		19,995,480
	8,200,000		United States Treasury Bill	0.010		03/29/12		8,199,606
								28,195,086
			TOTAL SHORT-TERM INVESTMENTS					28,195,086
			(Cost $28,196,938)
			TOTAL INVESTMENTS - 99.0%					946,600,837
			(Cost $918,590,484)
			OTHER ASSETS & LIABILITIES, NET - 1.0%					9,186,921
			NET ASSETS - 100.0%				$	955,787,758
			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 of which are deemed illiquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2011, the total value of these securities amounted to $0 or 0% of net assets.
		m	Indicates a security that has been deemed illiquid.

3

TIAA-CREF FUNDS – Bond Fund

TIAA-CREF FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 97.2%
CORPORATE BONDS - 32.9%
AUTOMOBILES & COMPONENTS - 0.2%
	$1,868,000	g	Delphi Corp	5.875	%	05/15/19	$	1,905,359
	468,000		Ford Motor Co	7.450		07/16/31		561,600
	745,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		762,800
			TOTAL AUTOMOBILES & COMPONENTS					3,229,759
BANKS - 5.4%
	1,100,000	g	Banco Bradesco S.A.	4.125		05/16/16		1,109,350
	845,000	g	Banco de Bogota S.A.	5.000		01/15/17		851,701
	2,850,000	g	Banco de Credito del Peru	4.750		03/16/16		2,842,875
	1,055,000	g	Banco do Brasil S.A.	4.500		01/22/15		1,090,870
	1,500,000	g	Banco do Brasil S.A.	5.875		01/26/22		1,501,500
	990,000	g,i	Banco Santander Chile	1.659		04/20/12		990,316
	925,000	g	Banco Santander Chile	3.750		09/22/15		922,165
	1,635,000		BanColombia S.A.	5.950		06/03/21		1,641,131
	2,710,000		Bank of America Corp	4.875		01/15/13		2,720,976
	2,250,000		Bank of America Corp	3.625		03/17/16		2,074,007
	1,690,000		Bank of America Corp	5.300		03/15/17		1,524,230
	1,125,000		Bank of America Corp	6.000		09/01/17		1,098,707
	1,160,000		Bank of America Corp	5.750		12/01/17		1,095,644
	1,700,000		Bank of America Corp	5.000		05/13/21		1,548,420
	845,000		Bank of New York Mellon Corp	4.300		05/15/14		906,641
	2,500,000		Bank of New York Mellon Corp	2.300		07/28/16		2,507,755
	580,000		Bank of New York Mellon Corp	5.450		05/15/19		661,192
	2,800,000	g	Bank of Nova Scotia	1.450		07/26/13		2,832,416
	14,800,000	g	Bank of Nova Scotia	2.150		08/03/16		14,904,369
	845,000		BB&T Corp	3.850		07/27/27		858,786
	890,000		Capital One Bank USA NA	8.800		07/15/19		1,018,151
	730,000		Capital One Capital V	8.875		05/15/40		757,660
	500,000		Capital One Financial Corp	3.150		07/15/16		502,140
	123,357		Citigroup, Inc	6.000		02/21/12		124,046
	1,000,000		Citigroup, Inc	6.000		12/13/13		1,034,759
	1,615,000		Citigroup, Inc	5.000		09/15/14		1,598,378
	1,050,000		Citigroup, Inc	4.750		05/19/15		1,063,397
	800,000		Citigroup, Inc	3.953		06/15/16		797,242
	730,000		Citigroup, Inc	6.125		05/15/18		776,981
	3,065,000		Citigroup, Inc	5.375		08/09/20		3,151,651
	1,125,000		Citigroup, Inc	6.875		03/05/38		1,235,940
	565,000		Citigroup, Inc	8.125		07/15/39		691,748
	10,335,000	g	Depfa ACS Bank	5.125		03/16/37		7,388,170
	600,000		Deutsche Bank AG	3.875		08/18/14		610,365
	935,000		Discover Bank	7.000		04/15/20		978,261
	800,000		First Horizon National Corp	5.375		12/15/15		809,802

4

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$185,000		Golden West Financial Corp	4.750	%	10/01/12	$	189,985
	2,835,000	g	HSBC Bank plc	3.500		06/28/15		2,857,890
	1,320,000	g	HSBC Bank plc	4.125		08/12/20		1,302,528
	225,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		206,886
	675,000		HSBC Holdings plc	6.500		09/15/37		666,286
	660,000		JP Morgan Chase Capital XXV	6.800		10/01/37		662,475
	895,000		JPMorgan Chase & Co	5.125		09/15/14		943,599
	4,890,000		JPMorgan Chase & Co	3.150		07/05/16		4,912,884
	2,000,000		JPMorgan Chase & Co	4.350		08/15/21		2,019,814
	925,000		JPMorgan Chase & Co	5.500		10/15/40		958,493
	1,750,000		JPMorgan Chase & Co	5.400		01/06/42		1,826,274
	470,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		442,095
	1,850,000		Northern Trust Corp	4.625		05/01/14		1,989,910
	1,255,000		PNC Funding Corp	5.125		02/08/20		1,418,115
	4,000,000	g	Royal Bank of Canada	3.125		04/14/15		4,196,876
	1,300,000	g	Shinhan Bank	4.125		10/04/16		1,308,899
	1,000,000	g,i	Standard Chartered plc	6.409		12/30/49		814,382
	925,000		State Street Corp	4.300		05/30/14		990,001
	560,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		584,349
	1,000,000	g	Toronto-Dominion Bank	1.625		09/14/16		986,837
	945,000		Union Bank of California NA	5.950		05/11/16		1,022,678
	285,000		USB Capital XIII Trust	6.625		12/15/39		289,549
	971,000		Wachovia Bank NA	4.800		11/01/14		1,020,334
	1,490,000		Wachovia Bank NA	5.850		02/01/37		1,559,385
	2,575,000		Wells Fargo & Co	2.625		12/15/16		2,573,429
	3,230,000		Wells Fargo Bank NA	4.750		02/09/15		3,369,823
	2,145,000		Westpac Banking Corp	3.000		08/04/15		2,169,886
	375,000		Zions Bancorporation	7.750		09/23/14		397,609
			TOTAL BANKS					107,903,013
CAPITAL GOODS - 0.6%
	220,000		Black & Decker Corp	8.950		04/15/14		254,069
	750,000		CRH America, Inc	4.125		01/15/16		748,805
	415,000		General Electric Co	5.250		12/06/17		476,321
	525,000		Goodrich Corp	6.125		03/01/19		638,523
	375,000		Harsco Corp	5.125		09/15/13		399,970
	468,000	g	Huntington Ingalls	6.875		03/15/18		458,640
	700,000		Lockheed Martin Corp	3.350		09/15/21		696,359
	1,291,000	g	Myriad International Holding BV	6.375		07/28/17		1,374,915
	1,468,000	g	Sealed Air Corp	8.125		09/15/19		1,607,460
	1,468,000	g	Sealed Air Corp	8.375		09/15/21		1,622,140
	1,950,000	g	Sigma Alimentos S.A.	5.625		04/14/18		1,989,000
	2,700,000		Tomkins LLC	9.000		10/01/18		2,993,625
	605,000		Tyco International Finance S.A.	6.000		11/15/13		655,416
	345,000		Tyco International Finance S.A.	4.125		10/15/14		367,698
			TOTAL CAPITAL GOODS					14,282,941
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	1,350,000	g	Centrais Eletricas Brasileiras S.A.	5.750		10/27/21		1,402,650
	745,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		756,438
	1,495,000		Republic Services, Inc	3.800		05/15/18		1,548,588
	845,000		Republic Services, Inc	6.200		03/01/40		1,021,501

5

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,500,000		Waste Management, Inc	2.600	%	09/01/16	$	1,522,539
	1,585,000		Waste Management, Inc	6.125		11/30/39		1,944,274
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					8,195,990
CONSUMER DURABLES & APPAREL - 0.4%
	1,500,000		Axiata SPV1 (Labuan) Ltd	5.375		04/28/20		1,581,464
	2,870,000		Hanesbrands, Inc	6.375		12/15/20		2,913,050
	1,670,000		Phillips-Van Heusen Corp	7.375		05/15/20		1,811,950
	810,000		Whirlpool Corp	8.000		05/01/12		828,074
	300,000		Xerox Corp	4.500		05/15/21		304,039
			TOTAL CONSUMER DURABLES & APPAREL					7,438,577
CONSUMER SERVICES - 0.1%
	1,900,000	g	Transnet Ltd	4.500		02/10/16		1,924,130
	357		Walt Disney Co	6.375		03/01/12		360
			TOTAL CONSUMER SERVICES					1,924,490
DIVERSIFIED FINANCIALS - 5.0%
	1,495,000		Abbey National Treasury Services plc	4.000		04/27/16		1,341,244
	1,370,000		American Express Co	8.125		05/20/19		1,771,233
	1,000,000		American Express Credit Corp	2.800		09/19/16		1,004,900
	530,000		Ameriprise Financial, Inc	5.300		03/15/20		570,312
	1,425,000	g	Banco Mercantil del Norte S.A.	4.375		07/19/15		1,430,344
	1,490,000	g	Bangkok Bank PCL	4.800		10/18/20		1,482,194
	1,333,000	g	Banque PSA Finance	3.375		04/04/14		1,285,669
	615,000		Barclays Bank plc	5.200		07/10/14		633,954
	1,950,000	g	BBVA Bancomer S.A.	4.500		03/10/16		1,911,000
	1,125,000		BlackRock, Inc	3.500		12/10/14		1,201,304
	1,400,000		BlackRock, Inc	4.250		05/24/21		1,463,613
	1,490,000	g	BM&FBOVESPA S.A.	5.500		07/16/20		1,527,250
	1,500,000		Credit Suisse	5.000		05/15/13		1,538,711
	1,420,000		Credit Suisse	5.500		05/01/14		1,475,976
	1,125,000		Credit Suisse	4.375		08/05/20		1,103,029
	123,357		Credit Suisse USA, Inc	6.500		01/15/12		123,581
	123,357		Daimler Finance North America LLC	7.300		01/15/12		123,587
	1,185,000		Eaton Vance Corp	6.500		10/02/17		1,329,927
	1,675,000		Ford Motor Credit Co LLC	5.875		08/02/21		1,745,698
	123,357		General Electric Capital Corp	6.000		06/15/12		126,130
	465,000		General Electric Capital Corp	2.800		01/08/13		473,835
	3,865,000		General Electric Capital Corp	1.875		09/16/13		3,912,605
	2,765,000		General Electric Capital Corp	5.500		06/04/14		3,005,693
	700,000		General Electric Capital Corp	3.350		10/17/16		728,979
	4,000,000		General Electric Capital Corp	5.300		02/11/21		4,275,808
	2,325,000		General Electric Capital Corp	4.650		10/17/21		2,426,526
	810,000		General Electric Capital Corp	6.875		01/10/39		970,406
	660,000	i	Goldman Sachs Capital II	5.793		12/30/49		405,900
	123,357		Goldman Sachs Group, Inc	6.600		01/15/12		123,520
	990,000		Goldman Sachs Group, Inc	5.450		11/01/12		1,006,809
	50,000		Goldman Sachs Group, Inc	4.750		07/15/13		50,661
	3,915,000		Goldman Sachs Group, Inc	3.625		02/07/16		3,782,763
	1,025,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,132,019
	135,000		Goldman Sachs Group, Inc	6.450		05/01/36		121,813

6

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$335,000		Goldman Sachs Group, Inc	6.750	%	10/01/37	$	311,722
	1,500,000		Goldman Sachs Group, Inc	6.250		02/01/41		1,471,544
	1,500,000	g	Harley-Davidson Financial Services, Inc	3.875		03/15/16		1,553,869
	123,357		HSBC Finance Corp	7.000		05/15/12		125,657
	3,875,000		HSBC Finance Corp	4.750		07/15/13		3,956,929
	448,000	g	Hyundai Capital America	3.750		04/06/16		446,620
	600,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		611,915
	1,335,000	g	ICICI Bank Ltd	5.500		03/25/15		1,335,344
	1,500,000	g	ICICI Bank Ltd	4.750		11/25/16		1,425,212
	575,000	g	International Lease Finance Corp	6.500		09/01/14		587,938
	1,400,000	g	Inversiones CMPC S.A.	4.750		01/19/18		1,460,571
	4,000,000		Jefferies Group, Inc	5.125		04/13/18		3,520,000
	400,000		Jefferies Group, Inc	6.250		01/15/36		327,078
	665,000	n	Lehman Brothers Holdings Capital Trust V	5.857		12/30/49		67
	2,145,000	g	Lukoil International Finance BV	6.125		11/09/20		2,102,100
	1,500,000	g	Majapahit Holding BV	7.750		01/20/20		1,741,875
	802,000		MBNA Corp	6.125		03/01/13		805,240
	1,235,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,243,977
	1,565,000		Merrill Lynch & Co, Inc	6.400		08/28/17		1,515,396
	1,175,000		Merrill Lynch & Co, Inc	6.875		04/25/18		1,158,478
	2,125,000		Morgan Stanley	6.000		05/13/14		2,145,644
	3,000,000		Morgan Stanley	2.875		07/28/14		2,825,283
	655,000		Morgan Stanley	6.000		04/28/15		656,140
	2,350,000		Morgan Stanley	3.800		04/29/16		2,165,088
	1,695,000		Morgan Stanley	5.450		01/09/17		1,631,885
	720,000		Morgan Stanley	5.950		12/28/17		685,970
	1,090,000		Morgan Stanley	7.300		05/13/19		1,110,109
	555,000		Morgan Stanley	5.625		09/23/19		513,974
	2,500,000		Morgan Stanley	5.500		07/28/21		2,311,588
	630,000		NASDAQ OMX Group, Inc	4.000		01/15/15		645,548
	445,000		NASDAQ OMX Group, Inc	5.550		01/15/20		455,902
	81,361		National Rural Utilities Cooperative Finance Corp	7.250		03/01/12		82,217
	880,000		National Rural Utilities Cooperative Finance Corp	2.625		09/16/12		891,177
	1,065,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		1,139,057
	565,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		812,896
	550,000		Nomura Holdings, Inc	4.125		01/19/16		536,733
	750,000	g	Odebrecht Finance Ltd	6.000		04/05/23		751,875
	925,000	g	PTTEP Australia International Finance Pty Ltd	4.152		07/19/15		951,011
	1,410,000		Rabobank Nederland NV	2.125		10/13/15		1,381,659
	835,000	g,i	Rabobank Nederland NV	11.000		12/30/49		976,950
	935,000	g	RCI Banque S.A.	3.400		04/11/14		911,978
	310,000		Toronto-Dominion Bank	2.500		07/14/16		316,163
	1,975,000		UBS AG.	4.875		08/04/20		1,961,529
	450,000		Waha Aerospace BV	3.925		07/28/20		461,925
	832,500	g	Waha Aerospace BV	3.925		07/28/20		854,561
	320,000	g	WT Finance Aust Pty Ltd	5.125		11/15/14		335,268
			TOTAL DIVERSIFIED FINANCIALS					98,820,655
ENERGY - 4.0%
	1,275,000		Anadarko Petroleum Corp	5.950		09/15/16		1,445,276
	365,000		Anadarko Petroleum Corp	6.950		06/15/19		435,744
	625,000		Anadarko Petroleum Corp	6.450		09/15/36		712,563

7

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$400,000	g	Baker Hughes, Inc	3.200	%	08/15/21	$	413,294
	1,715,000		Bill Barrett Corp	7.625		10/01/19		1,792,175
	1,090,000		BP Capital Markets plc	3.125		03/10/12		1,095,000
	5,400,000		BP Capital Markets plc	3.200		03/11/16		5,659,320
	735,000		Burlington Resources Finance Co	7.200		08/15/31		1,008,974
	468,000		Chesapeake Energy Corp	6.625		08/15/20		501,930
	1,400,000		Chesapeake Energy Corp	6.875		11/15/20		1,498,000
	1,500,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,597,500
	1,400,000		ConocoPhillips	4.600		01/15/15		1,548,392
	1,140,000		ConocoPhillips	6.500		02/01/39		1,576,924
	2,000,000		Consol Energy Inc	8.250		04/01/20		2,210,001
	500,000		Devon Energy Corp	5.600		07/15/41		601,164
	1,268,565		Dolphin Energy Ltd	5.888		06/15/19		1,376,392
	990,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		1,107,875
	855,000	g	Empresa Nacional del Petroleo	4.750		12/06/21		851,425
	480,000		Enbridge Energy Partners LP	5.200		03/15/20		533,244
	235,000		EnCana Corp	6.625		08/15/37		283,837
	875,000		Enterprise Products Operating LLC	4.600		08/01/12		887,874
	335,000		Enterprise Products Operating LLC	5.600		10/15/14		367,048
	170,000		Enterprise Products Operating LLC	5.000		03/01/15		185,159
	710,000		Enterprise Products Operating LLC	6.500		01/31/19		826,784
	615,000		Enterprise Products Operating LLC	6.125		10/15/39		686,935
	705,000		Enterprise Products Operating LLC	5.950		02/01/41		790,202
	600,000		Enterprise Products Operating LLC	5.700		02/15/42		653,692
	810,000		EOG Resources, Inc	4.100		02/01/21		882,126
	1,450,000	g	Gaz Capital S.A.	5.092		11/29/15		1,466,965
	465,000		Hess Corp	8.125		02/15/19		596,903
	1,295,000		Hess Corp	5.600		02/15/41		1,446,867
	1,200,000		Marathon Petroleum Corp	3.500		03/01/16		1,221,470
	1,000,000		Marathon Petroleum Corp	5.125		03/01/21		1,044,671
	1,200,000		Newfield Exploration Co	5.750		01/30/22		1,296,000
	500,000		Noble Holding International Ltd	3.450		08/01/15		520,179
	1,320,000		Noble Holding International Ltd	4.900		08/01/20		1,398,304
	1,580,000	g	Novatek Finance Ltd	6.604		02/03/21		1,595,800
	365,000		Pemex Project Funding Master Trust	5.750		03/01/18		401,500
	400,000		Pemex Project Funding Master Trust	6.625		06/15/35		453,500
	250,000		Pemex Project Funding Master Trust	6.625		06/15/38		283,125
	1,500,000	g	Pertamina PT	5.250		05/23/21		1,535,250
	1,640,000		Petrobras International Finance Co	3.875		01/27/16		1,689,546
	1,210,000		Petrobras International Finance Co	7.875		03/15/19		1,444,373
	1,048,000		Petrobras International Finance Co	6.875		01/20/40		1,213,778
	925,000		Petroleos Mexicanos	4.875		03/15/15		983,969
	170,000		Petroleos Mexicanos	8.000		05/03/19		212,075
	925,000		Petroleos Mexicanos	6.000		03/05/20		1,027,028
	735,000		Petroleos Mexicanos	5.500		01/21/21		797,475
	580,000		Petroleos Mexicanos	6.500		06/02/41		652,500
	760,000	g	Petroleos Mexicanos	6.500		06/02/41		855,000
	1,315,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		1,551,700
	1,425,000	g	Petronas Capital Ltd	5.250		08/12/19		1,597,986
	1,125,000		Plains All American Pipeline LP	5.000		02/01/21		1,239,298
	625,000	g	Precision Drilling Corp	6.500		12/15/21		637,500
	1,500,000	g	PTTEP Canada International Finance Ltd	5.692		04/05/21		1,568,850

8

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,057,440		Ras Laffan Liquefied Natural Gas Co Ltd	5.298	%	09/30/20	$	1,134,104
	2,830,000	g	Reliance Holdings USA	4.500		10/19/20		2,571,347
	600,000	g	Rockies Express Pipeline LLC	6.250		07/15/13		633,194
	1,870,000	g	SandRidge Energy, Inc	8.000		06/01/18		1,888,700
	2,650,000	g	Schlumberger Investment S.A.	3.300		09/14/21		2,722,444
	630,000		SEACOR Holdings, Inc	7.375		10/01/19		664,477
	415,000		Statoil ASA	2.900		10/15/14		435,491
	150,000		TransCanada Pipelines Ltd	4.000		06/15/13		156,102
	1,915,000		TransCanada Pipelines Ltd	7.690		06/30/16		2,332,448
	660,000		TransCanada Pipelines Ltd	5.850		03/15/36		783,512
	1,000,000	g	TransCapitalInvest Ltd	5.670		03/05/14		1,037,500
	235,000		Vale Overseas Ltd	6.250		01/23/17		264,826
	480,000		Vale Overseas Ltd	6.875		11/21/36		546,504
	970,000		Vale Overseas Ltd	6.875		11/10/39		1,111,038
	515,000		Valero Energy Corp	4.500		02/01/15		551,008
	1,500,000	g	WPX Energy, Inc	6.000		01/15/22		1,535,625
			TOTAL ENERGY					78,628,782
FOOD & STAPLES RETAILING - 0.3%
	500,000		CVS Caremark Corp	3.250		05/18/15		527,175
	1,750,000		CVS Caremark Corp	5.750		06/01/17		2,041,973
	120,000		CVS Caremark Corp	6.600		03/15/19		146,269
	580,000		Delhaize Group S.A.	5.875		02/01/14		629,516
	565,000		Delhaize Group S.A.	6.500		06/15/17		664,058
	335,000		Kroger Co	6.200		06/15/12		342,981
	190,000		Kroger Co	5.000		04/15/13		198,769
	600,000		Kroger Co	6.400		08/15/17		713,594
	120,000		Kroger Co	6.800		12/15/18		147,363
			TOTAL FOOD & STAPLES RETAILING					5,411,698
FOOD, BEVERAGE & TOBACCO - 1.1%
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		2,637,851
	830,000		Anheuser-Busch InBev Worldwide, Inc	5.375		01/15/20		973,427
	1,160,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		1,329,580
	1,005,000		Bottling Group LLC	6.950		03/15/14		1,129,637
	665,000	g	Corp Lindley S.A.	6.750		11/23/21		678,300
	1,160,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		1,176,064
	385,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		410,077
	650,000		General Mills, Inc	5.200		03/17/15		724,095
	1,925,000	g	Grupo Bimbo SAB de C.V.	4.875		06/30/20		2,027,792
	600,000		JM Smucker Co	3.500		10/15/21		613,829
	45,357		Kraft Foods, Inc	6.250		06/01/12		46,345
	505,000		Kraft Foods, Inc	6.125		02/01/18		591,942
	1,450,000		Kraft Foods, Inc	5.375		02/10/20		1,673,084
	1,060,000		Kraft Foods, Inc	6.500		02/09/40		1,378,996
	190,000		PepsiAmericas, Inc	5.750		07/31/12		195,724
	105,000		PepsiAmericas, Inc	4.375		02/15/14		112,709
	1,055,000		PepsiCo, Inc	0.875		10/25/13		1,060,190
	78,000		PepsiCo, Inc	7.900		11/01/18		105,305
	468,000	g	Pernod-Ricard S.A.	5.750		04/07/21		527,998
	1,125,000	g	Pernod-Ricard S.A.	4.450		01/15/22		1,178,533
	565,000		Philip Morris International, Inc	4.875		05/16/13		596,219

9

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,110,000		Philip Morris International, Inc	6.875	%	03/17/14	$	1,248,792
	200,000		Philip Morris International, Inc	6.375		05/16/38		260,739
	1,400,000		TreeHouse Foods, Inc	7.750		03/01/18		1,515,500
			TOTAL FOOD, BEVERAGE & TOBACCO					22,192,728
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	600,000		Becton Dickinson and Co	1.750		11/08/16		604,511
	630,000		Boston Scientific Corp	4.500		01/15/15		661,130
	963,000		CHS/Community Health Systems	8.875		07/15/15		994,298
	2,000,000		DaVita, Inc	6.375		11/01/18		2,047,500
	1,004,000		Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		1,069,260
	1,870,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		1,867,663
	1,130,000	g	Fresenius Medical Care US Finance, Inc	6.500		09/15/18		1,183,675
	600,000		HCA, Inc	6.500		02/15/20		622,500
	1,403,000		HCA, Inc	7.875		02/15/20		1,515,240
	572,000		McKesson Corp	3.250		03/01/16		605,361
	395,000		Medtronic, Inc	4.750		09/15/15		442,388
	695,000		Medtronic, Inc	4.450		03/15/20		784,258
	765,000		Quest Diagnostics, Inc	6.400		07/01/17		904,796
	960,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		971,522
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					14,274,102
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,000,000		Clorox Co	3.800		11/15/21		1,018,701
	750,000		Ecolab, Inc	4.350		12/08/21		800,917
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					1,819,618
INSURANCE - 1.7%
	565,000		ACE INA Holdings, Inc	5.875		06/15/14		623,280
	310,000		Aetna, Inc	6.500		09/15/18		378,252
	285,000		Aetna, Inc	6.625		06/15/36		353,938
	650,000		Aflac, Inc	6.900		12/17/39		722,711
	775,000		Allstate Corp	7.450		05/16/19		942,271
	875,000		American Financial Group, Inc	9.875		06/15/19		1,017,748
	2,850,000		American International Group, Inc	3.650		01/15/14		2,767,892
	500,000		Chubb Corp	6.000		05/11/37		602,910
	235,000		CIGNA Corp	5.125		06/15/20		253,386
	2,000,000		CIGNA Corp	4.500		03/15/21		2,057,122
	1,125,000		Hartford Financial Services Group, Inc	4.000		03/30/15		1,130,448
	1,125,000		Hartford Financial Services Group, Inc	5.500		03/30/20		1,141,788
	565,000		Hartford Financial Services Group, Inc	6.625		03/30/40		560,715
	1,275,000		Lincoln National Corp	7.000		06/15/40		1,441,435
	3,000,000		Markel Corp	5.350		06/01/21		3,141,420
	170,000		Metlife, Inc	5.000		06/15/15		185,197
	1,125,000		Metlife, Inc	6.750		06/01/16		1,296,043
	1,655,000		Metlife, Inc	5.700		06/15/35		1,847,220
	1,125,000	g	Principal Life Global Funding I	5.125		10/15/13		1,190,207
	1,500,000		Progressive Corp	3.750		08/23/21		1,558,679
	705,000		Prudential Financial, Inc	5.100		09/20/14		758,267
	630,000		Prudential Financial, Inc	7.375		06/15/19		744,697
	950,000		Prudential Financial, Inc	6.200		11/15/40		994,085
	1,190,000	g	Prudential Funding LLC	6.750		09/15/23		1,316,991

10

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$615,000		Travelers Cos, Inc	5.800	%	05/15/18	$	722,899
	170,000		Travelers Cos, Inc	5.900		06/02/19		202,251
	270,000		Unum Group	5.625		09/15/20		278,011
	500,000		WellPoint, Inc	5.875		06/15/17		576,132
	435,000		WellPoint, Inc	5.850		01/15/36		509,077
	3,350,000		Willis Group Holdings plc	4.125		03/15/16		3,402,383
	410,000		WR Berkley Corp	5.375		09/15/20		413,707
			TOTAL INSURANCE					33,131,162
MATERIALS - 1.2%
	170,000		Airgas, Inc	4.500		09/15/14		180,125
	1,410,000	g	Anglo American Capital plc	2.150		09/27/13		1,412,342
	1,505,000		AngloGold Ashanti Holdings plc	5.375		04/15/20		1,495,150
	310,000		ArcelorMittal	3.750		08/05/15		296,353
	275,000		ArcelorMittal	9.850		06/01/19		305,859
	800,000		ArcelorMittal	6.750		03/01/41		719,384
	468,000		Ball Corp	6.750		09/15/20		508,950
	1,850,000		Barrick North America Finance LLC	4.400		05/30/21		2,003,542
	2,147,000	g	Braskem Finance Ltd	5.750		04/15/21		2,130,898
	2,000,000		CF Industries, Inc	6.875		05/01/18		2,290,000
	1,500,000		Cliffs Natural Resources, Inc	6.250		10/01/40		1,477,386
	1,475,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		1,497,930
	1,650,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.875		11/03/21		1,679,961
	468,000		Crown Americas LLC	6.250		02/01/21		489,060
	1,094,000		Dow Chemical Co	4.125		11/15/21		1,122,138
	335,000		Eastman Chemical Co	5.500		11/15/19		381,363
	468,000		Graphic Packaging International, Inc	9.500		06/15/17		512,460
	530,000		International Paper Co	7.300		11/15/39		644,737
	900,000		International Paper Co	6.000		11/15/41		977,051
	750,000	g	LyondellBasell Industries NV	6.000		11/15/21		778,125
	500,000		Martin Marietta Materials, Inc	6.600		04/15/18		526,844
	500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		509,250
	1,700,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		1,737,578
	1,305,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		1,396,022
	1,870,000		Solutia, Inc	7.875		03/15/20		2,033,625
	275,000		Teck Resources Ltd	6.000		08/15/40		302,566
	750,000	g	Xstrata Canada Financial Corp	4.950		11/15/21		766,219
			TOTAL MATERIALS					28,174,918
MEDIA - 1.5%
	2,000,000		AMC Entertainment, Inc	8.750		06/01/19		2,070,000
	705,000		CBS Corp	4.300		02/15/21		727,906
	44,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		47,851
	785,000		Comcast Corp	5.650		06/15/35		867,210
	445,000		Comcast Corp	6.400		03/01/40		553,163
	3,452,000		Interpublic Group of Cos, Inc	6.250		11/15/14		3,667,750
	4,650,000		Lamar Media Corp	9.750		04/01/14		5,207,999
	936,000		Lamar Media Corp	6.625		08/15/15		952,380
	2,000,000		Lamar Media Corp	7.875		04/15/18		2,120,000
	775,000		NBC Universal Media LLC	5.150		04/30/20		862,866
	695,000		News America, Inc	7.250		05/18/18		837,250
	110,000		News America, Inc	7.625		11/30/28		132,856

11

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$85,000		News America, Inc	6.550	%	03/15/33	$	92,558
	600,000		News America, Inc	6.200		12/15/34		645,026
	730,000		News America, Inc	6.650		11/15/37		827,041
	600,000		News America, Inc	6.900		08/15/39		693,577
	965,000		Nielsen Finance LLC	7.750		10/15/18		1,042,200
	990,000		Time Warner Cable, Inc	8.750		02/14/19		1,264,160
	2,075,000		Time Warner Cable, Inc	8.250		04/01/19		2,606,225
	357		Time Warner, Inc	6.875		05/01/12		364
	960,000		Time Warner, Inc	3.150		07/15/15		998,515
	4,000,000		Time Warner, Inc	4.700		01/15/21		4,306,879
	565,000		Time Warner, Inc	6.500		11/15/36		681,696
	1,585,000		Viacom, Inc	2.500		12/15/16		1,584,398
			TOTAL MEDIA					32,789,870
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5%
	680,000		Abbott Laboratories	5.300		05/27/40		814,329
	870,000		Eli Lilly & Co	3.550		03/06/12		874,541
	480,000		Life Technologies Corp	3.500		01/15/16		482,005
	1,450,000		Mead Johnson Nutrition Co	5.900		11/01/39		1,694,883
	1,403,000	g	Mylan, Inc	7.875		07/15/20		1,548,561
	2,180,000		Novartis Capital Corp	2.900		04/24/15		2,307,163
	385,000		Novartis Capital Corp	4.400		04/24/20		438,831
	1,400,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		1,398,250
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					9,558,563
REAL ESTATE - 1.0%
	220,000		AMB Property LP	7.625		08/15/14		240,956
	345,000		AMB Property LP	4.500		08/15/17		344,341
	235,000		Brandywine Operating Partnership LP	7.500		05/15/15		257,694
	2,500,000		Brandywine Operating Partnership LP	4.950		04/15/18		2,460,942
	630,000		Camden Property Trust	4.625		06/15/21		630,080
	2,000,000		Developers Diversified Realty Corp	4.750		04/15/18		1,913,614
	2,150,000		ERP Operating LP	4.625		12/15/21		2,192,471
	40,000		Federal Realty Investment Trust	5.650		06/01/16		43,199
	75,000		Federal Realty Investment Trust	5.900		04/01/20		81,175
	1,100,000		HCP, Inc	3.750		02/01/16		1,119,213
	1,335,000		Health Care REIT, Inc	3.625		03/15/16		1,313,850
	500,000		Healthcare Realty Trust, Inc	5.750		01/15/21		505,496
	2,250,000		Highwoods Properties, Inc	5.850		03/15/17		2,379,804
	2,068,000	g	Host Hotels & Resorts LP	5.875		06/15/19		2,104,190
	290,000		Kilroy Realty Corp	5.000		11/03/15		298,238
	105,000		Kimco Realty Corp	5.700		05/01/17		113,124
	650,000		National Retail Properties, Inc	5.500		07/15/21		651,275
	55,000		Nationwide Health Properties, Inc	6.250		02/01/13		56,798
	350,000		Regency Centers LP	5.250		08/01/15		372,974
	40,000		Regency Centers LP	5.875		06/15/17		43,560
	105,000		Simon Property Group LP	5.250		12/01/16		116,373
	2,075,000		Simon Property Group LP	2.800		01/30/17		2,119,471
	470,000		Simon Property Group LP	10.350		04/01/19		645,169
	650,000	g,i	USB Realty Corp	6.091		12/30/49		451,750
	705,000		Washington Real Estate Investment Trust	4.950		10/01/20		737,372
			TOTAL REAL ESTATE					21,193,129

12

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
RETAILING - 0.6%
	$1,870,000		AmeriGas Partners LP	6.250	%	08/20/19	$	1,860,650
	615,000		Home Depot, Inc	5.875		12/16/36		771,752
	1,500,000		Home Depot, Inc	5.950		04/01/41		1,935,288
	1,868,000		Limited Brands, Inc	6.625		04/01/21		1,980,080
	400,000		Nordstrom, Inc	4.000		10/15/21		416,974
	1,170,000		O’Reilly Automotive, Inc	4.625		09/15/21		1,226,767
	2,340,000	g	QVC Inc	7.375		10/15/20		2,497,950
	1,400,000	g	QVC, Inc	7.500		10/01/19		1,501,500
	600,000		Staples, Inc	9.750		01/15/14		686,083
	705,000		Wal-Mart Stores, Inc	5.000		10/25/40		829,740
			TOTAL RETAILING					13,706,784
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	1,110,000		Broadcom Corp	2.375		11/01/15		1,136,248
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,136,248
SOFTWARE & SERVICES - 0.1%
	630,000		Oracle Corp	3.750		07/08/14		677,550
	2,000,000		SunGard Data Systems, Inc	7.375		11/15/18		2,047,500
			TOTAL SOFTWARE & SERVICES					2,725,050
TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	1,125,000		Amphenol Corp	4.750		11/15/14		1,205,404
	1,870,000		Brocade Communications Systems, Inc	6.875		01/15/20		1,991,550
	1,075,000		Hewlett-Packard Co	4.250		02/24/12		1,079,840
	520,000		Hewlett-Packard Co	4.500		03/01/13		534,793
	650,000		Hewlett-Packard Co	4.750		06/02/14		686,437
	1,250,000		Hewlett-Packard Co	4.650		12/09/21		1,318,850
	1,868,000		Jabil Circuit, Inc	5.625		12/15/20		1,900,690
	345,000		L-3 Communications Corp	5.200		10/15/19		349,975
	1,185,000		L-3 Communications Corp	4.950		02/15/21		1,174,404
	1,900,000		Scientific Games Corp	8.125		09/15/18		1,947,500
	468,000		Scientific Games Corp	9.250		06/15/19		496,080
	2,000,000	g	Seagate Technology HDD Holdings	7.750		12/15/18		2,127,500
	450,000		Xerox Corp	8.250		05/15/14		507,771
	500,000		Xerox Corp	4.250		02/15/15		526,998
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					15,847,792
TELECOMMUNICATION SERVICES - 2.5%
	1,030,000		America Movil SAB de C.V.	5.000		03/30/20		1,137,915
	650,000		American Tower REIT, Inc	5.900		11/01/21		683,385
	2,635,000		AT&T, Inc	2.500		08/15/15		2,728,463
	6,000,000		AT&T, Inc	2.950		05/15/16		6,252,823
	620,000		AT&T, Inc	6.150		09/15/34		735,478
	1,700,000		AT&T, Inc	6.300		01/15/38		2,087,153
	1,235,000		BellSouth Corp	5.200		09/15/14		1,365,284
	120,000		BellSouth Corp	6.875		10/15/31		149,544
	275,000		BellSouth Corp	6.550		06/15/34		327,352
	2,260,000		Cellco Partnership	8.500		11/15/18		3,050,322
	630,000		Deutsche Telekom International Finance BV	8.750		06/15/30		878,793

13

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,305,000		France Telecom S.A.	2.125	%	09/16/15	$	1,292,895
	1,975,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		2,068,813
	1,270,000	g	Qtel International Finance	4.750		02/16/21		1,279,525
	660,000		Sprint Capital Corp	8.750		03/15/32		533,775
	240,000		Sprint Nextel Corp	6.000		12/01/16		199,200
	680,000		Telecom Italia Capital S.A.	6.175		06/18/14		654,068
	660,000		Telecom Italia Capital S.A.	6.999		06/04/18		617,031
	1,945,000		Telecom Italia Capital S.A.	7.175		06/18/19		1,822,675
	2,500,000		Telefonica Emisiones SAU	3.992		02/16/16		2,403,753
	2,470,000		Telefonica Emisiones SAU	5.134		04/27/20		2,320,115
	1,250,000		Telefonica Emisiones SAU	5.462		02/16/21		1,192,833
	1,415,000	g	Telefonica Moviles Chile S.A.	2.875		11/09/15		1,396,526
	925,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		1,022,840
	2,045,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		2,014,325
	760,000		Verizon Communications, Inc	5.250		04/15/13		801,977
	1,110,000		Verizon Communications, Inc	6.100		04/15/18		1,333,515
	425,000		Verizon Communications, Inc	8.750		11/01/18		574,059
	430,000		Verizon Communications, Inc	8.950		03/01/39		688,627
	445,000		Verizon New England, Inc	4.750		10/01/13		467,390
	740,000		Verizon New Jersey, Inc	5.875		01/17/12		741,217
	335,000		Verizon Virginia, Inc	4.625		03/15/13		348,793
	1,300,000	g	Vimpelcom Holdings	6.255		03/01/17		1,170,000
	1,500,000	g	Vimpelcom Holdings	7.504		03/01/22		1,260,000
	2,000,000		Virgin Media Finance plc	9.500		08/15/16		2,245,000
	1,000,000		Virgin Media Secured Finance plc	5.250		01/15/21		1,059,479
			TOTAL TELECOMMUNICATION SERVICES					48,904,943
TRANSPORTATION - 0.8%
	1,635,000	g	Asciano Finance	5.000		04/07/18		1,639,491
	300,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		378,913
	1,275,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		1,525,425
	1,500,000		Burlington Northern Santa Fe LLC	3.450		09/15/21		1,546,034
	1,900,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		2,107,020
	1,000,000		Burlington Northern Santa Fe LLC	4.950		09/15/41		1,103,165
	335,000		Embraer Overseas Ltd	6.375		01/15/20		357,613
	1,000,000		Hertz Corp	7.500		10/15/18		1,045,000
	1,390,000	g	Kazakhstan Temir Zholy Finance BV	6.375		10/06/20		1,442,125
	415,000		Norfolk Southern Corp	5.750		04/01/18		489,249
	838,000		Norfolk Southern Corp	5.590		05/17/25		968,016
	1,275,000	g	TAM Capital 3, Inc	8.375		06/03/21		1,287,750
	148,000		Union Pacific Corp	4.163		07/15/22		160,635
	1,525,000		Union Pacific Corp	4.750		09/15/41		1,661,417
			TOTAL TRANSPORTATION					15,711,853
UTILITIES - 3.7%
	1,000,000	g	Abu Dhabi National Energy Co	6.250		09/16/19		1,092,500
	726,000	g	Abu Dhabi National Energy Co	5.875		12/13/21		755,040
	1,385,000	g	AES Corp	7.375		07/01/21		1,492,338
	610,000	g	AES Gener S.A.	5.250		08/15/21		613,050
	730,000		AGL Capital Corp	5.250		08/15/19		816,108
	1,285,000		Alliant Energy Corp	4.000		10/15/14		1,346,596
	775,000		Atmos Energy Corp	8.500		03/15/19		1,024,059

14

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,805,000	g	Calpine Corp	7.500	%	02/15/21	$	3,001,350
	1,515,000		Carolina Power & Light Co	5.300		01/15/19		1,773,830
	225,000		Carolina Power & Light Co	5.700		04/01/35		274,225
	335,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		376,560
	159,000		CenterPoint Energy Resources Corp	4.500		01/15/21		168,399
	660,000		CenterPoint Energy Resources Corp	6.250		02/01/37		791,677
	1,300,000	g	Colbun S.A.	6.000		01/21/20		1,376,133
	1,550,000	g	Comision Federal Electricidad	4.875		05/26/21		1,596,500
	1,850,000		Commonwealth Edison Co	4.000		08/01/20		1,992,846
	395,000		Commonwealth Edison Co	5.900		03/15/36		484,407
	415,000		Connecticut Light & Power Co	5.500		02/01/19		484,339
	275,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		311,729
	640,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		802,966
	225,000		Consolidated Natural Gas Co	5.000		12/01/14		246,570
	810,000		Dominion Resources, Inc	4.450		03/15/21		902,174
	650,000		Dominion Resources, Inc	4.900		08/01/41		701,871
	1,160,000		Duke Energy Carolinas LLC	5.750		11/15/13		1,261,459
	260,000		Duke Energy Carolinas LLC	4.300		06/15/20		292,841
	2,000,000		Duke Energy Corp	3.950		09/15/14		2,133,840
	1,030,000	g	Empresa de Energia de Bogota S.A.	6.125		11/10/21		1,035,150
	335,000		Florida Power Corp	6.400		06/15/38		454,395
	1,410,000		FPL Group Capital, Inc	2.600		09/01/15		1,422,858
	2,000,000		Great Plains Energy, Inc	4.850		06/01/21		2,096,458
	630,000		Indiana Michigan Power Co	7.000		03/15/19		774,896
	765,000	g	Instituto Costarricense de Electricidad	6.950		11/10/21		776,475
	555,000		Integrys Energy Group, Inc	4.170		11/01/20		592,870
	195,000	g	Kansas Gas & Electric	6.700		06/15/19		241,756
	125,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		129,030
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,039,721
	775,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		977,674
	1,955,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		1,957,455
	710,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		719,607
	4,030,000		LG&E and KU Energy LLC	3.750		11/15/20		4,068,373
	1,160,000		Midamerican Energy Holdings Co	5.950		05/15/37		1,370,778
	185,000		National Fuel Gas Co	5.250		03/01/13		192,604
	630,000		Nevada Power Co	6.500		08/01/18		759,712
	320,000		Nevada Power Co	5.375		09/15/40		375,557
	2,000,000		Nevada Power Co	5.450		05/15/41		2,376,148
	1,335,000		NiSource Finance Corp	5.400		07/15/14		1,448,451
	1,975,000		Northern States Power Co	5.350		11/01/39		2,453,059
	150,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		201,625
	1,000,000	g	Oncor Electric Delivery Co LLC	4.550		12/01/41		1,022,408
	445,000		ONEOK Partners LP	5.900		04/01/12		449,909
	695,000		Pacific Gas & Electric Co	8.250		10/15/18		916,161
	500,000		PacifiCorp	6.000		01/15/39		638,482
	885,000		Pepco Holdings, Inc	2.700		10/01/15		896,397
	1,450,000	g	Perusahaan Listrik Negara PT	5.500		11/22/21		1,475,375
	1,450,000		PG&E Corp	5.750		04/01/14		1,579,861
	135,000		Potomac Electric Power Co	7.900		12/15/38		208,736
	1,000,000		PPL Electric Utilities Corp	3.000		09/15/21		1,010,647
	565,000		Progress Energy, Inc	7.050		03/15/19		698,774
	1,780,000		Public Service Co of Oklahoma	5.150		12/01/19		1,984,825

15

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$440,000		Public Service Electric & Gas Co	5.300	%	05/01/18	$	520,885
	1,190,000		Public Service Electric & Gas Co	5.375		11/01/39		1,471,410
	468,000		Questar Market Resources, Inc	6.875		03/01/21		504,270
	970,000		San Diego Gas & Electric Co	3.950		11/15/41		993,363
	630,000		Sempra Energy	6.000		10/15/39		777,331
	1,895,000		Southern California Edison Co	3.875		06/01/21		2,091,637
	430,000		Veolia Environnement	5.250		06/03/13		452,463
	850,000		Virginia Electric and Power Co	4.750		03/01/13		886,094
	480,000		Williams Partners LP	3.800		02/15/15		503,901
	850,000		Williams Partners LP	4.000		11/15/21		872,798
	940,000		Williams Partners LP	6.300		04/15/40		1,146,137
	650,000		Xcel Energy, Inc	4.800		09/15/41		708,326
	1,400,000	g	Xinao Gas Holdings Ltd	6.000		05/13/21		1,264,213
			TOTAL UTILITIES					74,652,462
			TOTAL CORPORATE BONDS					661,655,127
			(Cost $637,797,403)
GOVERNMENT BONDS - 57.3%
AGENCY SECURITIES - 5.2%
	1,655,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		1,682,006
	2,880,000		Federal Home Loan Bank (FHLB)	1.875		06/21/13		2,944,380
	1,655,000		FHLB	5.000		11/17/17		1,986,166
	1,320,000		Federal Home Loan Mortgage Corp (FHLMC)	3.500		05/29/13		1,378,711
	1,860,000		FHLMC	2.500		04/23/14		1,944,331
	5,050,000		FHLMC	5.125		10/18/16		5,971,085
	660,000		Federal National Mortgage Association (FNMA)	1.125		07/30/12		663,545
	6,585,000		FNMA	2.750		03/13/14		6,900,198
	6,585,000		FNMA	2.500		05/15/14		6,872,653
	5,728,924		AMAL Ltd	3.465		08/21/21		6,023,219
	983,863		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,135,408
	6,590,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		6,537,873
	1,975,000		General Electric Capital Corp	2.125		12/21/12		2,011,741
	770,544		Overseas Private Investment Corp	3.420		01/15/15		798,476
	5,883,664		Premier Aircraft Leasing	3.576		02/06/22		6,216,209
	4,940,000		Private Export Funding Corp	3.550		04/15/13		5,138,800
	3,125,000		Private Export Funding Corp	3.050		10/15/14		3,320,200
	5,000,000		Private Export Funding Corp	2.125		07/15/16		5,198,560
	8,560,000		Private Export Funding Corp	5.450		09/15/17		10,370,961
	1,410,000		Private Export Funding Corp	2.250		12/15/17		1,472,329
	3,295,000		Private Export Funding Corp	4.375		03/15/19		3,847,028
	9,940,000		Private Export Funding Corp	4.300		12/15/21		11,533,540
	1,336,746		Rowan Cos, Inc	3.525		05/01/20		1,395,911
	2,849,941		Rowan Cos, Inc	3.158		07/15/21		2,946,240
	2,865,268		San Clemente Leasing LLC	3.585		08/27/21		3,030,193
	535,000		Totem Ocean Trailer Express, Inc	4.514		12/18/19		576,174
	3,295,000		Western Corporate Federal Credit Union	1.750		11/02/12		3,336,270
			TOTAL AGENCY SECURITIES					105,232,207

16

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
FOREIGN GOVERNMENT BONDS - 6.9%
	$3,955,000	g	Bank of Montreal	2.850	%	06/09/15	$	4,099,583
	4,500,000	g	Bank of Montreal	2.625		01/25/16		4,645,197
	750,000	g	Barbados Government International Bond	7.000		08/04/22		750,000
	475,000		Brazilian Government International Bond	5.875		01/15/19		561,688
	1,110,000		Brazilian Government International Bond	4.875		01/22/21		1,240,425
	170,000		Brazilian Government International Bond	7.125		01/20/37		234,600
	1,970,000		Brazilian Government International Bond	5.625		01/07/41		2,285,200
	1,320,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		1,355,421
	1,975,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		2,042,646
	3,000,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		3,103,620
	805,000		Chile Government International Bond	3.875		08/05/20		871,413
	890,000		Colombia Government International Bond	4.375		07/12/21		956,750
	1,000,000	g	Croatia Government International Bond	6.375		03/24/21		912,500
	1,000,000	g	Dominican Republic International Bond	7.500		05/06/21		980,000
	555,000		Eksportfinans ASA	5.000		02/14/12		551,964
	1,135,000		Eksportfinans ASA	2.000		09/15/15		940,211
	1,164,000	g	Eskom Holdings Ltd	5.750		01/26/21		1,184,370
	395,000		European Investment Bank	4.875		02/15/36		431,120
	3,625,000		Export Development Canada	2.250		05/28/15		3,801,944
	279,000		Export-Import Bank of Korea	4.125		09/09/15		286,048
	2,000,000		Export-Import Bank of Korea	3.750		10/20/16		2,005,320
	1,425,000		Export-Import Bank of Korea	5.125		06/29/20		1,492,051
	1,965,000		Export-Import Bank of Korea	4.375		09/15/21		1,942,259
	300,000		Federative Republic of Brazil	6.000		01/17/17		350,250
	285,278		Federative Republic of Brazil	8.000		01/15/18		333,775
	875,000		Hungary Government International Bond	6.375		03/29/21		783,125
	845,000		Italy Government International Bond	5.375		06/12/17		782,366
	355,000		Italy Government International Bond	6.875		09/27/23		342,007
	1,210,000	g	Korea Housing Finance Corp	3.500		12/15/16		1,218,855
	515,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		526,618
	1,975,000		Landwirtschaftliche Rentenbank	5.125		02/01/17		2,305,583
	1,000,000	g	Lithuania Government International Bond	5.125		09/14/17		980,000
	560,000	g	Lithuania Government International Bond	6.125		03/09/21		557,200
	500,000		Mexico Government International Bond	6.750		09/27/34		651,250
	2,500,000		Mexico Government International Bond	6.050		01/11/40		3,056,250
	800,000	g	Namibia International Bonds	5.500		11/03/21		816,000
	1,500,000	g	National Bank of Canada	1.650		01/30/14		1,515,837
	1,500,000		Panama Government International Bond	5.200		01/30/20		1,698,750
	100,000		Peruvian Government International Bond	7.125		03/30/19		125,750
	450,000		Peruvian Government International Bond	7.350		07/21/25		596,250
	1,500,000		Poland Government International Bond	3.875		07/16/15		1,525,950
	1,250,000		Poland Government International Bond	6.375		07/15/19		1,384,375
	2,833,000		Poland Government International Bond	5.125		04/21/21		2,882,578
	720,000		Poland Government International Bond	5.000		03/23/22		723,600
	1,945,000		Province of British Columbia Canada	2.850		06/15/15		2,060,644
	1,320,000		Province of Manitoba Canada	2.125		04/22/13		1,346,352
	10,000,000		Province of Manitoba Canada	1.375		04/28/14		10,163,619
	4,500,000		Province of New Brunswick Canada	2.750		06/15/18		4,704,002
	3,295,000		Province of Nova Scotia Canada	2.375		07/21/15		3,434,843

17

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,955,000		Province of Ontario Canada	4.100	%	06/16/14	$	4,249,786
	4,015,000		Province of Ontario Canada	2.950		02/05/15		4,228,225
	5,000,000		Province of Ontario Canada	1.600		09/21/16		4,984,604
	1,975,000		Province of Ontario Canada	4.000		10/07/19		2,180,489
	4,120,000		Province of Ontario Canada	4.400		04/14/20		4,694,324
	1,715,000		Province of Quebec Canada	5.125		11/14/16		1,994,610
	850,000		Province of Quebec Canada	4.625		05/14/18		977,320
	3,955,000		Province of Quebec Canada	3.500		07/29/20		4,235,295
	6,000,000		Province of Quebec Canada	2.750		08/25/21		5,993,321
	620,000		Province of Quebec Canada	7.500		09/15/29		927,661
	390,000	g	Qatar Government International Bond	4.000		01/20/15		408,135
	1,000,000	g	Qatar Government International Bond	3.125		01/20/17		1,008,700
	990,000		Qatar Government International Bond	5.250		01/20/20		1,086,525
	1,000,000	g	Qatar Government International Bond	4.500		01/20/22		1,030,000
	620,000	g	Qatar Government International Bond	6.400		01/20/40		728,500
	700,000	g	Republic of El Salvador	7.750		01/24/23		759,500
	1,200,000	g	Republic of Ghana	8.500		10/04/17		1,314,000
	965,000		Republic of Hungary	6.250		01/29/20		868,500
	925,000		Republic of Korea	5.750		04/16/14		1,003,074
	1,500,000		Republic of Philippines	4.000		01/15/21		1,537,500
	960,000	g	Republic of Serbia	7.250		09/28/21		933,600
	750,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		753,750
	800,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		825,320
	240,000		South Africa Government International Bond	6.875		05/27/19		289,200
	1,175,000		South Africa Government International Bond	5.500		03/09/20		1,316,000
	500,000		South Africa Government International Bond	6.250		03/08/41		581,250
	540,000	g	Sri Lanka Government International Bond	6.250		07/27/21		532,097
	1,220,000		Svensk Exportkredit AB	5.125		03/01/17		1,359,161
	2,970,000	g	Toronto-Dominion Bank	2.200		07/29/15		3,041,146
	1,310,000		Turkey Government International Bond	5.125		03/25/22		1,251,050
	1,200,000	g	Ukraine Government International Bond	6.250		06/17/16		1,053,000
	227,000		United Mexican States	5.875		02/17/14		245,728
	500,000		United Mexican States	5.950		03/19/19		594,250
	1,032,000		United Mexican States	5.125		01/15/20		1,179,060
			TOTAL FOREIGN GOVERNMENT BONDS					139,704,840
MORTGAGE BACKED - 30.8%
	3,863,567		Federal Home Loan Mortgage Corp (FHLMC) (Interest Only)	4.000		06/15/34		275,491
	508,405	i	FHLMC	2.455		02/01/36		535,081
	193,588	i	FHLMC	2.568		07/01/36		204,935
	646,538	i	FHLMC	2.305		09/01/36		684,262
	446,997	i	FHLMC	2.508		09/01/36		472,180
	496,528	i	FHLMC	2.662		09/01/36		523,911
	1,165,276	i	FHLMC	3.941		03/01/37		1,228,202
	1,143,995	i	FHLMC	5.946		04/01/37		1,243,691
	456,550	i	FHLMC	5.748		05/01/37		491,728
	181,332	i	FHLMC	5.584		06/01/37		193,445
	772,858	i	FHLMC	5.518		08/01/37		824,691
	727,497	i	FHLMC	5.163		09/01/37		775,177
	3,067,905		FHLMC	5.500		08/01/39		3,375,762
			Federal Home Loan Mortgage Corp Gold (FGLMC)

18

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$15,933		FGLMC	7.500	%	01/01/16	$	16,338
	1,665		FGLMC	7.500		05/01/16		1,807
	1,968		FGLMC	7.500		06/01/16		2,126
	707,447		FGLMC	4.500		09/01/18		761,267
	811,760		FGLMC	4.500		01/01/19		876,559
	1,061,536		FGLMC	4.500		05/01/19		1,131,346
	364,051		FGLMC	4.500		01/01/20		387,992
	531,850		FGLMC	5.000		05/01/20		575,610
	135,966		FGLMC	4.500		07/01/20		146,309
	16,759		FGLMC	7.000		10/01/20		19,184
	1,706,598		FGLMC	4.500		06/01/21		1,817,762
	2,970,768		FGLMC	4.500		06/01/21		3,164,277
	1,318,605		FGLMC	4.000		07/01/24		1,384,292
	449,056		FGLMC	4.500		09/01/24		476,131
	3,000,000	h	FGLMC	5.000		01/15/26		3,214,688
	1,141		FGLMC	6.500		10/01/28		1,308
	29,213		FGLMC	6.500		01/01/29		33,472
	5,397		FGLMC	6.500		03/01/29		6,184
	37,058		FGLMC	6.500		07/01/29		42,462
	3,602		FGLMC	8.000		01/01/31		4,330
	34,023		FGLMC	6.500		09/01/31		38,814
	56,243		FGLMC	8.000		09/01/31		68,089
	302,904		FGLMC	7.000		12/01/31		350,776
	526,285		FGLMC	6.000		03/01/33		586,251
	663,781		FGLMC	4.500		07/01/33		706,053
	1,517,673		FGLMC	5.000		09/01/33		1,669,020
	584,726		FGLMC	5.500		09/01/33		648,975
	468,335		FGLMC	5.500		09/01/33		516,429
	647,808		FGLMC	5.500		09/01/33		714,332
	811,389		FGLMC	5.500		10/01/33		894,711
	1,913,632		FGLMC	5.500		12/01/33		2,085,627
	2,464,263		FGLMC	7.000		12/01/33		2,853,720
	936,846		FGLMC	5.000		01/01/34		1,008,606
	957,384		FGLMC	5.000		05/01/34		1,030,119
	636,603		FGLMC	6.000		09/01/34		706,353
	3,303,648		FGLMC	5.000		12/01/34		3,554,636
	243,656		FGLMC	5.500		12/01/34		266,622
	1,557,698		FGLMC	4.500		04/01/35		1,655,926
	882,410		FGLMC	6.000		05/01/35		976,748
	1,000,732		FGLMC	7.000		05/01/35		1,158,890
	272,849		FGLMC	6.000		07/01/35		301,294
	144,224		FGLMC	5.500		08/01/35		157,277
	290,502		FGLMC	5.000		10/01/35		312,573
	342,195		FGLMC	5.000		02/01/36		368,192
	75,600		FGLMC	6.500		05/01/36		85,112
	518,598		FGLMC	6.500		10/01/36		583,846
	1,633,049		FGLMC	5.500		04/01/37		1,774,213
	1,109,587		FGLMC	6.000		08/01/37		1,227,693
	440,284		FGLMC	6.000		09/01/37		487,149
	79,923		FGLMC	6.500		11/01/37		89,678
	1,376,157		FGLMC	5.000		04/01/38		1,494,039
	3,198,959		FGLMC	4.500		05/01/39		3,392,687

19

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$567,275		FGLMC	4.000	%	06/01/39	$	595,831
	963,938		FGLMC	5.000		07/01/39		1,036,870
	4,885,687		FGLMC	4.500		11/01/40		5,286,909
	5,480,335		FGLMC	4.500		12/01/40		5,916,690
	18,000,000	h	FGLMC	4.500		01/15/41		19,071,561
	7,000,000	h	FGLMC	5.000		01/15/41		7,521,718
	7,021		Federal National Mortgage Association (FNMA)	5.000		06/01/13		7,340
	1,190,701		FNMA	4.440		07/01/13		1,229,013
	3,460		FNMA	6.000		09/01/13		3,578
	1,166,382		FNMA	4.754		10/01/13		1,179,891
	2,903		FNMA	6.500		12/01/13		3,013
	924,673		FNMA	4.778		02/01/14		969,519
	4,648		FNMA	6.000		06/01/14		5,018
	3,501,897		FNMA	4.640		11/01/14		3,748,147
	1,065,710		FNMA	4.855		03/01/16		1,088,902
	14,466		FNMA	6.500		10/01/16		15,847
	105,856		FNMA	6.500		11/01/16		115,958
	71,660		FNMA	6.500		04/01/17		78,745
	245,972		FNMA	5.000		12/01/17		265,672
	1,039,951		FNMA	5.500		04/01/18		1,132,342
	95,412		FNMA	5.500		04/01/18		104,515
	53,548		FNMA	5.500		05/01/18		58,657
	411,357		FNMA	4.500		10/01/18		440,462
	1,004,787		FNMA	5.000		11/01/18		1,085,263
	54,839		FNMA	6.000		01/01/19		60,410
	125,170		FNMA	4.500		05/01/19		133,948
	339,289		FNMA	4.500		06/01/19		363,083
	239,798		FNMA	5.000		03/01/20		259,004
	164,420		FNMA	4.500		11/01/20		175,950
	434,045		FNMA	5.000		12/01/20		469,216
	366,772		FNMA	5.000		03/01/21		396,148
	285,549		FNMA	5.500		08/01/21		310,204
	361,834		FNMA	4.500		06/01/23		386,078
	801,012		FNMA	5.000		07/01/23		862,163
	729,087		FNMA	5.000		07/01/23		784,747
	210,958		FNMA	5.000		11/01/23		231,171
	179,558		FNMA	5.500		02/01/24		197,183
	481,495		FNMA	4.000		05/01/24		507,964
	100,249		FNMA	5.500		07/01/24		109,964
	1,547		FNMA	8.000		07/01/24		1,827
	291,778		FNMA	4.500		08/01/24		311,146
	2,403,838		FNMA	4.000		09/01/24		2,535,983
	4,000,000	h	FNMA	4.500		01/25/25		4,263,750
	1,235,671		FNMA	5.000		03/01/25		1,350,979
	2,687,322		FNMA	5.000		10/01/25		2,928,016
	5,000,000	h	FNMA	4.000		01/25/26		5,272,656
	3,000,000	h	FNMA	3.000		01/25/27		3,097,969
	1,415		FNMA	7.500		01/01/29		1,671
	3,444		FNMA	6.500		04/01/29		3,937
	12,228		FNMA	7.500		07/01/29		12,784
	1,080		FNMA	7.500		07/01/29		1,083

20

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$601		FNMA	7.500	%	02/01/31	$	641
	5,751		FNMA	7.500		03/01/31		6,865
	3,970		FNMA	7.500		05/01/31		4,744
	4,009		FNMA	6.500		09/01/31		4,563
	889		FNMA	6.500		10/01/31		1,012
	33,697		FNMA	6.500		11/01/31		38,353
	80,980		FNMA	6.000		01/01/32		90,270
	576,260		FNMA	6.500		07/01/32		654,435
	270,006		FNMA	5.500		01/01/33		295,160
	101,499		FNMA	5.000		02/01/33		109,765
	862,469		FNMA	4.500		03/25/33		916,564
	387,907		FNMA	5.000		08/01/33		419,498
	408,771		FNMA	5.000		10/01/33		442,061
	325,993		FNMA	5.000		10/01/33		352,542
	360,195		FNMA	5.000		03/01/34		389,530
	170,989		FNMA	5.000		03/01/34		184,915
	129,373		FNMA	5.000		03/01/34		139,909
	110,655		FNMA	5.000		03/01/34		119,667
	1,022,023		FNMA	5.000		04/01/34		1,105,258
	3,132,392		FNMA	5.000		08/01/34		3,396,490
	421,682		FNMA	6.000		11/01/34		468,609
	126,359		FNMA	6.000		12/01/34		140,639
	935,683		FNMA	6.000		05/01/35		1,038,154
	16,831		FNMA	7.500		06/01/35		18,700
	110,163		FNMA	5.500		10/01/35		121,907
	196,395		FNMA	5.000		11/01/35		211,347
	903,562	i	FNMA	2.395		02/01/36		949,867
	158,342		FNMA	5.000		02/01/36		169,555
	243,180		FNMA	5.000		02/01/36		260,401
	723,264		FNMA	6.500		02/01/36		815,957
	398,759	i	FNMA	2.385		07/01/36		418,066
	440,399		FNMA	6.500		09/01/36		495,740
	122,043		FNMA	7.000		02/01/37		139,393
	373,645		FNMA	6.500		03/01/37		420,597
	830,402		FNMA	7.000		04/01/37		948,451
	336,161		FNMA	6.500		08/01/37		377,877
	1,211,729		FNMA	6.500		08/01/37		1,358,315
	694,577		FNMA	6.000		09/01/37		777,951
	612,025		FNMA	6.000		09/01/37		685,490
	1,072,647		FNMA	6.500		09/01/37		1,202,408
	1,639,366	i	FNMA	5.895		10/01/37		1,757,427
	288,655		FNMA	7.000		11/01/37		329,690
	133,253		FNMA	6.500		01/01/38		149,165
	27,511		FNMA	6.500		03/01/38		30,762
	493,666	i	FNMA	4.930		10/01/38		526,837
	52,000,000	h	FNMA	4.000		01/25/40		54,624,377
	17,000,000	h	FNMA	4.500		01/25/40		18,089,063
	42,000,000	h	FNMA	5.000		01/25/40		45,373,124
	81,000,000	h	FNMA	5.500		01/25/40		88,201,401
	56,000,000	h	FNMA	6.000		01/25/40		61,661,252
	10,000,000	h	FNMA	6.500		01/25/40		11,126,562
	5,000,000		FNMA	4.000		02/25/40		5,299,405

21

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$6,314,292		FNMA	4.500	%	09/01/40	$	6,724,593
	10,924,981		FNMA	4.500		09/01/40		11,634,885
	956,020		FNMA	4.000		11/01/40		1,005,190
	5,042,529		FNMA	4.500		11/01/40		5,370,192
	3,000,000	h	FNMA	3.500		01/25/41		3,085,313
	242		Government National Mortgage Association (GNMA)	7.000		01/15/28		282
	1,927		GNMA	7.000		02/15/28		2,245
	2,034		GNMA	7.000		06/15/28		2,370
	1,923		GNMA	7.000		06/15/28		2,241
	21,830		GNMA	6.500		09/15/28		25,308
	5,099		GNMA	6.500		09/15/28		5,912
	12,764		GNMA	6.500		11/15/28		14,798
	3,484		GNMA	7.500		11/15/28		3,914
	620		GNMA	8.500		07/15/30		633
	19,408		GNMA	8.500		10/15/30		21,224
	15,128		GNMA	8.500		10/20/30		18,521
	2,272		GNMA	8.500		12/15/30		2,760
	3,555		GNMA	7.000		06/20/31		4,159
	2,150		GNMA	6.500		07/15/31		2,492
	14,569		GNMA	7.000		07/15/31		17,099
	7,717		GNMA	7.000		07/15/31		9,057
	10,166		GNMA	7.500		02/15/32		10,509
	1,862		GNMA	6.500		03/15/33		2,130
	360,311		GNMA	5.500		07/15/33		406,758
	901,338		GNMA	5.500		09/15/33		1,023,441
	305,033		GNMA	5.500		02/20/35		344,277
	2,051,163		GNMA	5.500		05/20/35		2,313,135
	730,390		GNMA	5.500		02/20/36		823,674
	126,016		GNMA	6.000		10/20/36		142,855
	132,590		GNMA	6.000		01/20/37		150,307
	434,304		GNMA	6.000		02/20/37		491,659
	292,753		GNMA	5.500		07/15/38		328,844
	1,123,709		GNMA	5.500		07/20/38		1,261,258
	17,611		GNMA	6.000		08/15/38		19,960
	409,925		GNMA	6.000		08/20/38		463,421
	380,193		GNMA	6.500		11/20/38		433,574
	1,666,516		GNMA	5.000		06/15/39		1,858,739
	1,931,439		GNMA	4.500		07/20/39		2,112,752
	754,144		GNMA	4.000		08/15/39		810,209
	28,000,000	h	GNMA	4.500		01/15/40		30,506,873
	15,000,000	h	GNMA	5.000		01/15/40		16,614,843
	9,000,000	h	GNMA	5.500		01/15/40		10,101,094
	839,767		GNMA	4.000		10/15/40		904,167
	33,000,000	h	GNMA	4.000		01/15/41		35,397,654
	6,000,000	h	GNMA	6.000		01/15/41		6,791,250
	13,000,000	h	GNMA	5.000		01/20/41		14,373,124
	3,000,000	h	GNMA	3.500		01/15/42		3,133,125
	17,000,000	h	GNMA	4.500		01/20/42		18,514,060
	2,573,461		GNMA	6.500		01/15/44		2,850,549
			TOTAL MORTGAGE BACKED					619,645,105

22

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
MUNICIPAL BONDS - 1.0%
	$445,000		Charlotte-Mecklenburg Hospital Authority	5.000	%	08/01/15	$	483,955
	10,820,000		City of New York, NY	5.817		10/01/31		11,902,542
	1,655,000		Grant County Public Utility District No 2	5.630		01/01/27		1,873,079
	2,470,000		State of California	7.625		03/01/40		3,038,965
	2,505,000		State of Illinois	6.725		04/01/35		2,602,419
			TOTAL MUNICIPAL BONDS					19,900,960
U.S. TREASURY SECURITIES - 13.4%
	1,566,000		United States Treasury Bond	8.000		11/15/21		2,447,609
	1,975,000		United States Treasury Bond	6.375		08/15/27		2,993,667
	17,920,000		United States Treasury Bond	5.250		02/15/29		24,757,591
	19,004,000		United States Treasury Bond	5.375		02/15/31		27,086,629
	76,000		United States Treasury Bond	4.500		02/15/36		99,453
	4,665,000		United States Treasury Bond	3.500		02/15/39		5,247,397
	1,555,000		United States Treasury Bond	4.375		05/15/41		2,026,117
	29,050,000	d	United States Treasury Note	1.000		04/30/12		29,140,782
	1,925,000		United States Treasury Note	1.375		10/15/12		1,943,724
	1,525,000		United States Treasury Note	0.625		01/31/13		1,532,447
	125,000		United States Treasury Note	0.125		08/31/13		124,780
	2,985,000	r	United States Treasury Note	3.125		08/31/13		3,127,253
	615,000		United States Treasury Note	0.500		10/15/13		617,667
	2,840,000		United States Treasury Note	0.250		10/31/13		2,840,443
	10,000,000		United States Treasury Note	0.125		12/31/13		9,975,000
	7,570,000		United States Treasury Note	2.250		05/31/14		7,919,522
	4,755,000		United States Treasury Note	2.625		06/30/14		5,025,441
	1,861,000		United States Treasury Note	2.375		08/31/14		1,960,448
	330,000		United States Treasury Note	0.250		09/15/14		329,175
	6,272,000		United States Treasury Note	0.500		10/15/14		6,297,972
	4,600,000		United States Treasury Note	0.375		11/15/14		4,602,875
	5,000		United States Treasury Note	2.250		03/31/16		5,333
	2,935,000		United States Treasury Note	1.000		08/31/16		2,967,103
	60,556,000		United States Treasury Note	0.875		11/30/16		60,740,515
	10,000,000		United States Treasury Note	1.375		11/30/18		10,034,380
	11,000,000		United States Treasury Note	1.375		12/31/18		11,020,625
	44,000		United States Treasury Note	2.625		11/15/20		47,369
	10,999,000		United States Treasury Note	2.000		11/15/21		11,124,455
	20,037,000		United States Treasury Note	3.750		08/15/41		23,565,395
	9,000,000		United States Treasury Note	3.125		11/15/41		9,428,904
			TOTAL U.S. TREASURY SECURITIES					269,030,071
			TOTAL GOVERNMENT BONDS					1,153,513,183
			(Cost $1,109,367,658)
STRUCTURED ASSETS - 7.0%
ASSET BACKED - 1.7%
	1,410,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		1,419,719
			Series - 2010 3 (Class C)
	650,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		645,499
			Series - 2011 1 (Class C)

23

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$150,000	g,i,m	ARTS Ltd	0.796	%	06/15/13	$	142,500
			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		353,964
			Series - 2010 5A (Class A)
	478,798	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		107,371
			Series - 2004 2 (Class 1B)
	478,798	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		256,521
			Series - 2004 2 (Class 1M1)
	485,538		CIT Group Home Equity Loan Trust	6.200		02/25/30		484,184
			Series - 2002 1 (Class AF6)
	240,821		Citicorp Mortgage Securities, Inc	5.706		07/25/36		241,218
			Series - 2006 1 (Class A3)
	669,435	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		656,723
			Series - 2006 15 (Class A2)
	85,556	i	Countrywide Home Equity Loan Trust	0.498		02/15/29		55,228
			Series - 2004 B (Class 1A)
	560,060	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		537,538
			Series - 2007 MX1 (Class A1)
	6,410,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		6,033,766
			Series - 2011 LC1A (Class C)
	2,502,709	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		2,348,594
			Series - 2007 1A (Class AF3)
	93,372		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		92,662
			Series - 2006 HLTV (Class A3)
	890,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		715,359
			Series - 2006 HLTV (Class A4)
	3,000,000	i	Gulf Stream Compass CLO Ltd	0.877		05/15/17		2,730,000
			Series - 2005 1X (Class B)
	3,639,802		Lehman XS Trust	6.500		06/25/46		2,056,073
			Series - 2006 13 (Class 2A1)
	556,424	i	Long Beach Mortgage Loan Trust	0.794		02/25/35		548,413
			Series - 2005 1 (Class M1)
	148,113	i	Morgan Stanley ABS Capital I	0.334		01/25/37		145,386
			Series - 2007 HE2 (Class A2A)
	481,003	i	Park Place Securities, Inc	1.239		09/25/34		425,800
			Series - 2004 WHQ1 (Class M1)
	3,785,588	i	Residential Asset Mortgage Products, Inc	0.914		11/25/34		3,461,753
			Series - 2004 RS11 (Class M1)
	126,683	i	Residential Asset Securities Corp	6.489		10/25/30		115,273
			Series - 2001 KS2 (Class AI6)
	449,817	i	Residential Asset Securities Corp	0.724		04/25/35		393,631
			Series - 2005 KS3 (Class M3)
	60,884		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		60,432
			Series - 2006 HI5 (Class A2)
	1,655,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		1,393,225
			Series - 2006 HI5 (Class A3)
	1,060,973		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		960,231
			Series - 2006 HI3 (Class A3)
	185,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		140,342
			Series - 2006 HI1 (Class M2)
	3,115,615		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		2,778,671
			Series - 2006 HI4 (Class A3)

24

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,279,976	i	Securitized Asset Backed Receivables LLC Trust	0.444	%	03/25/36	$	1,238,549
			Series - 2006 NC2 (Class A2)
	850,000	g	SLM Student Loan Trust	3.740		02/15/29		829,542
			Series - 2011 B (Class A2)
	735,583	i	Soundview Home Equity Loan Trust	0.404		10/25/36		721,990
			Series - 2006 EQ1 (Class A2)
	478,315	i	Structured Asset Investment Loan Trust	0.694		05/25/35		456,647
			Series - 2005 4 (Class M1)
	356,560	g,i	Wachovia Loan Trust	0.654		05/25/35		275,937
			Series - 2005 SD1 (Class A)
	509,795	i	Wells Fargo Home Equity Trust	0.434		07/25/36		443,157
			Series - 2006 2 (Class A3)
	565,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		624,062
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					33,889,961
OTHER MORTGAGE BACKED - 5.3%
	645,000	i	Banc of America Commercial Mortgage, Inc	4.767		07/10/43		589,738
			Series - 2005 3 (Class AJ)
	2,500,000	g,i	Banc of America Commercial Mortgage, Inc	5.317		07/10/43		2,077,935
			Series - 2005 2 (Class E)
	3,737,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		3,836,696
			Series - 2006 4 (Class AM)
	412,392	g,i	Banc of America Large Loan, Inc	0.538		03/15/22		403,649
			Series - 2005 MIB1 (Class B)
	181,665	g,i	Banc of America Large Loan, Inc	0.588		03/15/22		173,272
			Series - 2005 MIB1 (Class C)
	184,000	g,i	Banc of America Large Loan, Inc	0.638		03/15/22		173,659
			Series - 2005 MIB1 (Class D)
	152,000	g,i	Banc of America Large Loan, Inc	0.678		03/15/22		141,938
			Series - 2005 MIB1 (Class E)
	134,929		Bank of America Alternative Loan Trust	5.500		09/25/19		134,670
			Series - 2004 8 (Class 3A1)
	664,047		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		592,935
			Series - 2005 AC2 (Class 1A)
	630,000		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		691,372
			Series - 2006 PW14 (Class A4)
	1,050,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		1,075,929
			Series - 2006 PW13 (Class AM)
	1,070,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		1,117,276
			Series - 2006 T24 (Class AM)
	1,290,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		1,379,156
			Series - 2004 T16 (Class A6)
	260,000	i	Bear Stearns Commercial Mortgage Securities	5.694		06/11/50		286,290
			Series - 2007 PW17 (Class A4)
	430,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		475,516
			Series - 2007 PW18 (Class A4)
	4,628,000	g	Commercial Mortgage Pass Through Certificates	4.305		12/10/12		4,616,421
			Series - 2011 STRT (Class B)
	3,175,000	g	Commercial Mortgage Pass Through Certificates	4.755		12/10/12		3,151,185
			Series - 2011 STRT (Class C)

25

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,260,000	i	Commercial Mortgage Pass Through Certificates	5.650	%	12/10/49	$	2,207,638
			Series - 2007 C9 (Class AM)
	878,441		Countrywide Alternative Loan Trust	5.500		08/25/16		877,830
			Series - 2004 30CB (Class 1A15)
	823,526		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		777,312
			Series - 2005 6 (Class 1A10)
	454,280		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		431,504
			Series - 2005 12 (Class 1A5)
	251,854		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		251,020
			Series - 2005 J3 (Class 1A1)
	580,570	g,i	Credit Suisse Mortgage Capital Certificates	0.458		04/15/22		524,263
			Series - 2007 TF2A (Class A1)
	1,050,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		998,988
			Series - 2009 RR1 (Class A3C)
	580,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		591,821
			Series - 2003 C3 (Class B)
	1,210,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		1,324,603
			Series - 2005 C5 (Class A4)
	780,076	i	GMAC Mortgage Corp Loan Trust	4.557		10/19/33		798,728
			Series - 2003 AR1 (Class A5)
	7,970,000	i	Greenwich Capital Commercial Funding Corp	5.882		07/10/38		8,086,354
			Series - 2006 GG7 (Class AM)
	1,380,000	g	GS Mortgage Securities Corp II	5.148		08/10/43		1,296,055
			Series - 2010 C1 (Class B)
	795,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		719,217
			Series - 2010 C2 (Class C)
	1,170,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		1,186,160
			Series - 2010 C2 (Class B)
	328,413	i	GSR Mortgage Loan Trust	2.765		01/25/36		308,438
			Series - 2006 AR1 (Class 2A2)
	180,000	g,i	HVB Mortgage Capital Corp	2.326		09/10/22		173,886
			Series - 2003 FL1A (Class J)
	234,612	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.458		02/15/20		230,055
			Series - 2006 FL1A (Class A2)
	4,555,739	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.598		02/15/20		4,269,064
			Series - 2006 FL1A (Class D)
	230,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.075		11/15/43		223,868
			Series - 2010 C2 (Class B)
	405,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.528		11/15/43		390,033
			Series - 2010 C2 (Class C)
	8,445,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		8,597,060
			Series - 2006 LDP8 (Class AM)
	1,010,000	g,i,m	JP Morgan Chase Commercial Mortgage Securities Corp	5.251		07/15/46		861,843
			Series - 2011 C4 (Class C)
	2,060,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		2,184,634
			Series - 2006 LDP9 (Class A3)
	2,795,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.817		06/15/49		2,970,322
			Series - 2007 LD11 (Class A4)
	322,289	i	JP Morgan Mortgage Trust	4.307		04/25/35		320,987
			Series - 2005 A2 (Class 5A1)
	520,000		LB-UBS Commercial Mortgage Trust	4.742		02/15/30		555,520
			Series - 2005 C1 (Class A4)

26

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$810,000	i	LB-UBS Commercial Mortgage Trust	5.150	%	04/15/30	$	869,564
			Series - 2005 C2 (Class A5)
	1,976,000		LB-UBS Commercial Mortgage Trust	5.455		02/15/40		1,972,710
			Series - 2007 C1 (Class AM)
	547,040		MASTER Asset Securitization Trust	5.000		05/25/35		544,030
			Series - 2005 1 (Class 2A5)
	571,063	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		598,837
			Series - 2005 CIP1 (Class AM)
	925,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.430		02/12/39		1,017,644
			Series - 2006 1 (Class A4)
	1,945,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.172		12/12/49		2,093,917
			Series - 2006 4 (Class A3)
	550,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		459,911
			Series - 2011 C1 (Class D)
	2,675,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		2,363,980
			Series - 2011 C1 (Class C)
	415,000	i	Morgan Stanley Capital I	5.544		11/12/49		429,292
			Series - 2007 T25 (Class AM)
	2,000,000	i	Nomura Asset Securities Corp	7.070		03/15/30		2,094,662
			Series - 1998 D6 (Class A2)
	1,060,000	g,i	RBSCF Trust	4.673		04/15/24		972,540
			Series - 2010 MB1 (Class D)
	1,378,210		Residential Accredit Loans, Inc	6.000		06/25/36		797,402
			Series - 2006 QS7 (Class A3)
	2,891,176	i	Residential Accredit Loans, Inc	0.484		05/25/46		1,419,623
			Series - 2006 QO5 (Class 2A1)
	903,135	i	Residential Funding Mortgage Securities I, Inc	2.886		08/25/35		733,625
			Series - 2005 SA3 (Class 2A1)
	213,785	i	Structured Adjustable Rate Mortgage Loan Trust	0.674		03/25/35		202,905
			Series - 2005 6XS (Class A3)
	261,184	i	Wachovia Bank Commercial Mortgage Trust	4.957		08/15/35		261,984
			Series - 2003 C6 (Class A3)
	600,000		Wachovia Bank Commercial Mortgage Trust	5.246		12/15/43		606,390
			Series - 2007 C30 (Class A3)
	11,000,000		Wachovia Bank Commercial Mortgage Trust	5.342		12/15/43		11,595,506
			Series - 2007 C30 (Class A5)
	3,460,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		2,882,038
			Series - 2007 C30 (Class AM)
	4,950,000	i	Wachovia Bank Commercial Mortgage Trust	5.970		06/15/45		5,127,195
			Series - 2006 C26 (Class AM)
	505,000	i	Wachovia Bank Commercial Mortgage Trust	5.818		05/15/46		486,774
			Series - 2007 C34 (Class AM)
	1,200,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		1,266,098
			Series - 2007 C31 (Class A5)
	1,765,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		1,745,052
			Series - 2006 C29 (Class AM)
	4,135,000	i	Wachovia Bank Commercial Mortgage Trust	5.368		11/15/48		2,618,476
			Series - 2006 C29 (Class AJ)

27

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,025,000	i	Wachovia Bank Commercial Mortgage Trust	5.899	%	02/15/51	$	1,109,800
			Series - 2007 C33 (Class A4)
	558,767		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		561,103
			Series - 2005 2 (Class 1A1)
			TOTAL OTHER MORTGAGE BACKED					106,905,898
			TOTAL STRUCTURED ASSETS					140,795,859
			(Cost $145,013,426)
			TOTAL BONDS					1,955,964,169
			(Cost $1,892,178,487)
SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	79,857		Federal Home Loan Mortgage Corp	8.375		12/30/49		106,210
	231,458		Federal National Mortgage Association	8.250		12/30/49		319,412
			TOTAL BANKS					425,622
			TOTAL PREFERRED STOCKS					425,622
			(Cost $7,782,875)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 23.9%
GOVERNMENT AGENCY DEBT - 3.1%
	$20,000,000	d	Federal Home Loan Bank (FHLB)	0.009		02/01/12		19,999,569
	3,870,000	d	FHLB	0.009		02/24/12		3,869,942
	13,900,000	d	Federal Home Loan Mortgage Corp (FHLMC)	0.043		04/16/12		13,899,194
	17,000,000	d	FHLMC	0.062		05/21/12		16,998,691
	8,425,000	d	Federal National Mortgage Association (FNMA)	0.013		03/08/12		8,424,697
			TOTAL GOVERNMENT AGENCY DEBT					63,192,093
TREASURY DEBT - 20.8%
	42,590,000	d	United States Treasury Bill	0.012-0.014		03/01/12		42,588,765
	1,400,000	d	United States Treasury Bill	0.024		03/29/12		1,399,933
	75,000,000	d	United States Treasury Bill	0.020-0.027		04/12/12		74,996,325
	27,900,000	d	United States Treasury Bill	0.020-0.022		04/19/12		27,898,354
	50,000,000	d	United States Treasury Bill	0.016		05/03/12		49,995,800
	15,000,000		United States Treasury Bill	0.020		05/17/12		14,998,035
	20,000,000	d	United States Treasury Bill	0.034		05/24/12		19,997,040
	96,000,000	d	United States Treasury Bill	0.020-0.026		05/31/12		95,984,063
	16,500,000	d	United States Treasury Bill	0.030		06/07/12		16,496,783
	22,300,000	d	United States Treasury Bill	0.038		06/14/12		22,294,960
	50,000,000	d	United States Treasury Bill	0.022		06/28/12		49,985,250
			TOTAL TREASURY DEBT					416,635,308

28

TIAA-CREF FUNDS – Bond Fund

	ISSUER	VALUE
	TOTAL SHORT-TERM INVESTMENTS	$	479,827,401
	(Cost $479,821,668)
	TOTAL INVESTMENTS - 121.1%		2,436,217,192
	(Cost $2,379,783,030)
	OTHER ASSETS & LIABILITIES, NET - (21.1)%		(423,903,999	)
	NET ASSETS - 100.0%	$	2,012,313,193
	Abbreviation(s):
	ABS       Asset-Based Security
	REIT      Real Estate Investment Trust
d	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2011, the total value of these securities amounted to $250,006,786 or 12.4% 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 reflects the rate at period end.
j	Zero coupon.
m	Indicates a security that has been deemed illiquid.
n	In default.
r	All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.

29

TIAA-CREF FUNDS – Bond Plus Fund

TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 3.1%
AUTOMOBILES & COMPONENTS - 0.2%
	$1,902,769		Delphi Automotive LLP	3.500	%	05/17/17	$	1,893,256
			TOTAL AUTOMOBILES & COMPONENTS					1,893,256
CAPITAL GOODS - 0.2%
	1,984,975	i	TransDigm, Inc	4.000		02/14/17		1,966,376
			TOTAL CAPITAL GOODS					1,966,376
CONSUMER SERVICES - 0.5%
	3,360,873	i	Burger King Corp	4.500		10/30/16		3,293,656
	1,859,673		DineEquity, Inc	4.250		10/19/17		1,830,234
			TOTAL CONSUMER SERVICES					5,123,890
DIVERSIFIED FINANCIALS - 0.4%
	2,225,124	i	Pinafore LLC	4.250		09/21/16		2,214,466
	1,985,000	i	TransUnion LLC	4.750		02/10/18		1,975,909
			TOTAL DIVERSIFIED FINANCIALS					4,190,375
FOOD & STAPLES RETAILING - 0.3%
	3,482,500	i	Del Monte Foods Co	4.500		02/15/18		3,299,668
			TOTAL FOOD & STAPLES RETAILING					3,299,668
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	783,623	i	Fresenius US Finance I, Inc	3.500		09/10/14		779,705
	2,179,454	i	Fresenius US Finance I, Inc	3.500		09/10/14		2,168,557
	3,000,000	i	HCA, Inc	3.619		05/01/18		2,836,499
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					5,784,761
MATERIALS - 0.3%
	2,990,893	i	Ashland, Inc	3.750		05/31/18		2,995,379
			TOTAL MATERIALS					2,995,379
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.4%
	1,995,000	i	Capsugel	5.250		08/15/18		1,995,319
	1,731,515	i	NBTY, Inc	4.250		10/01/17		1,709,871
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,705,190
RETAILING - 0.1%
	1,000,000	i	Academy Ltd	6.000		07/18/18		988,470
			TOTAL RETAILING					988,470
SOFTWARE & SERVICES - 0.1%
	982,514	i,m	IMS Health, Inc	4.500		02/26/16		978,525
			TOTAL SOFTWARE & SERVICES					978,525
			TOTAL BANK LOAN OBLIGATIONS					30,925,890
			(Cost $31,419,472)

30

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 92.7%
CORPORATE BONDS - 36.5%
AUTOMOBILES & COMPONENTS - 0.3%
	$1,000,000	g	Chrysler Group	8.000	%	06/15/19	$	915,000
	1,000,000	g	Delphi Corp	5.875		05/15/19		1,020,000
	500,000		Ford Motor Co	7.450		07/16/31		600,000
	500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		511,946
			TOTAL AUTOMOBILES & COMPONENTS					3,046,946
BANKS - 4.6%
	610,000	g	Akbank TAS	5.125		07/22/15		591,700
	500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.875		09/25/17		472,500
	500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		440,000
	2,000,000	g	Australia & New Zealand Banking Group Ltd	2.400		11/23/16		1,981,113
	750,000	g	Banco de Bogota S.A.	5.000		01/15/17		755,948
	1,340,000	g	Banco de Credito del Peru	4.750		03/16/16		1,336,650
	750,000		Banco de Oro Unibank, Inc	3.875		04/22/16		726,605
	750,000		Banco do Brasil S.A.	3.875		01/23/17		741,750
	500,000	g	Banco do Brasil S.A.	5.875		01/26/22		500,500
	715,000		BanColombia S.A.	5.950		06/03/21		717,681
	235,000		Bank of America Corp	4.875		01/15/13		235,952
	25,000		Bank of America Corp	4.900		05/01/13		25,020
	500,000		Bank of America Corp	3.625		03/17/16		460,891
	3,000,000		Bank of America Corp	3.750		07/12/16		2,777,756
	650,000		Bank of America Corp	5.300		03/15/17		586,242
	25,000		Bank of America Corp	6.000		09/01/17		24,416
	350,000		Bank of America Corp	5.750		12/01/17		330,582
	100,000		Bank of America Corp	5.000		05/13/21		91,084
	375,000		Bank of New York Mellon Corp	4.300		05/15/14		402,356
	275,000		Bank of New York Mellon Corp	5.450		05/15/19		313,496
	1,450,000	g	Bank of Nova Scotia	1.450		07/26/13		1,466,787
	1,500,000	g	Bank of Nova Scotia	1.650		10/29/15		1,498,177
	4,800,000	g	Bank of Nova Scotia	2.150		08/03/16		4,833,849
	150,000		BB&T Corp	3.850		07/27/27		152,447
	250,000		Capital One Bank USA NA	8.800		07/15/19		285,998
	350,000		Capital One Capital V	8.875		05/15/40		363,262
	575,000		Capital One Financial Corp	3.150		07/15/16		577,460
	625,000		Citigroup, Inc	6.000		12/13/13		646,724
	285,000		Citigroup, Inc	5.000		09/15/14		282,067
	50,000		Citigroup, Inc	4.750		05/19/15		50,638
	4,550,000		Citigroup, Inc	3.953		06/15/16		4,534,315
	300,000		Citigroup, Inc	6.125		05/15/18		319,307
	395,000		Citigroup, Inc	5.375		08/09/20		406,167
	525,000		Citigroup, Inc	6.875		03/05/38		576,772
	275,000		Citigroup, Inc	8.125		07/15/39		336,691
	2,700,000	g	Depfa ACS Bank	5.125		03/16/37		1,930,146

31

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$250,000		Deutsche Bank AG	3.875	%	08/18/14	$	254,319
	345,000		Discover Bank	7.000		04/15/20		360,962
	200,000		First Horizon National Corp	5.375		12/15/15		202,451
	250,000		Golden West Financial Corp	4.750		10/01/12		256,737
	500,000	g	HSBC Bank plc	4.125		08/12/20		493,382
	275,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		252,860
	335,000		JPMorgan Chase & Co	5.125		09/15/14		353,191
	3,618,000		JPMorgan Chase & Co	3.150		07/05/16		3,634,931
	1,250,000		JPMorgan Chase & Co	4.350		08/15/21		1,262,384
	475,000		JPMorgan Chase & Co	5.500		10/15/40		492,199
	750,000		JPMorgan Chase & Co	5.400		01/06/42		782,689
	250,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		235,157
	500,000		Regions Financial Corp	6.375		05/15/12		501,250
	500,000	g	Shinhan Bank	4.125		10/04/16		503,423
	500,000	i	Shinhan Bank	5.663		03/02/35		489,126
	500,000	g,i	Standard Chartered plc	6.409		12/30/49		407,191
	450,000		State Street Corp	4.300		05/30/14		481,622
	125,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		130,435
	750,000	g	Turkiye Garanti Bankasi AS.	6.250		04/20/21		714,375
	100,000		Union Bank of California NA	5.950		05/11/16		108,220
	125,000		USB Capital XIII Trust	6.625		12/15/39		126,995
	375,000		Wachovia Bank NA	4.800		11/01/14		394,053
	350,000		Wachovia Bank NA	5.850		02/01/37		366,298
	650,000		Wells Fargo & Co	2.625		12/15/16		649,604
	1,850,000		Wells Fargo Bank NA	4.750		02/09/15		1,930,085
	200,000		Zions Bancorporation	7.750		09/23/14		212,058
			TOTAL BANKS					47,369,046
CAPITAL GOODS - 2.1%
	1,000,000		Alliant Techsystems, Inc	6.750		04/01/16		1,025,000
	250,000		Alliant Techsystems, Inc	6.875		09/15/20		255,000
	100,000		Black & Decker Corp	8.950		04/15/14		115,486
	1,200,000		Caterpillar, Inc	1.375		05/27/14		1,214,028
	780,000		Caterpillar, Inc	5.200		05/27/41		934,279
	825,000	g	China Liansu Group Holdings Ltd	7.875		05/13/16		684,750
	150,000		CRH America, Inc	4.125		01/15/16		149,761
	1,600,000		Danaher Corp	1.300		06/23/14		1,622,987
	750,000	g	Empresas ICA SAB de C.V.	8.900		02/04/21		671,250
	75,000		General Electric Co	5.250		12/06/17		86,082
	265,000		Goodrich Corp	6.125		03/01/19		322,302
	500,000		Harsco Corp	5.125		09/15/13		533,293
	837,500	g	Huntington Ingalls	6.875		03/15/18		820,750
	750,000	g	Hyva Global BV	8.625		03/24/16		618,750
	1,900,000	g	Kinetic Concepts, Inc	10.500		11/01/18		1,861,999
	630,000	g	Myriad International Holding BV	6.375		07/28/17		670,950
	500,000		Seagate HDD Cayman	6.875		05/01/20		513,750
	1,420,000	g	Seagate HDD Cayman	7.000		11/01/21		1,455,501
	947,000	g	Sealed Air Corp	8.125		09/15/19		1,036,965
	947,000	g	Sealed Air Corp	8.375		09/15/21		1,046,435
	370,000	g	Sigma Alimentos S.A.	5.625		04/14/18		377,400
	1,000,000		SPX Corp	6.875		09/01/17		1,080,000
	972,000		Tomkins LLC	9.000		10/01/18		1,077,705

32

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		TransDigm, Inc	7.750	%	12/15/18	$	537,500
	145,000		Tyco International Finance S.A.	4.125		10/15/14		154,540
			TOTAL CAPITAL GOODS					18,866,463
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	750,000	g	Centrais Eletricas Brasileiras S.A.	5.750		10/27/21		779,250
	500,000		Corrections Corp of America	7.750		06/01/17		542,500
	670,000		Republic Services, Inc	3.800		05/15/18		694,016
	375,000		Republic Services, Inc	6.200		03/01/40		453,329
	365,000	g	VIP Finance Ireland Ltd	6.493		02/02/16		341,731
	335,000		Waste Management, Inc	6.125		11/30/39		410,935
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					3,221,761
CONSUMER DURABLES & APPAREL - 0.6%
	500,000		Axiata SPV1 (Labuan) Ltd	5.375		04/28/20		527,155
	598,000	i	Hanesbrands, Inc	4.146		12/15/14		595,010
	1,000,000		Hanesbrands, Inc	8.000		12/15/16		1,087,500
	500,000		Hanesbrands, Inc	6.375		12/15/20		507,500
	500,000		Phillips-Van Heusen Corp	7.375		05/15/20		542,500
	400,000		Whirlpool Corp	8.000		05/01/12		408,926
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,227,740
	150,000		Xerox Corp	4.500		05/15/21		152,020
			TOTAL CONSUMER DURABLES & APPAREL					5,048,351
CONSUMER SERVICES - 0.8%
	795,000		Ameristar Casinos, Inc	7.500		04/15/21		818,850
	1,000,000		DineEquity, Inc	9.500		10/30/18		1,073,750
	1,000,000		Marina District Finance Co, Inc	9.500		10/15/15		935,000
	1,000,000		Penn National Gaming, Inc	8.750		08/15/19		1,087,500
	1,000,000		Speedway Motorsports, Inc	6.750		02/01/19		1,010,000
	580,000	g	Transnet Ltd	4.500		02/10/16		587,366
	1,000,000		Wendys	10.000		07/15/16		1,100,000
	500,000		Wynn Las Vegas LLC	7.875		11/01/17		548,750
			TOTAL CONSUMER SERVICES					7,161,216
DIVERSIFIED FINANCIALS - 4.8%
	675,000		Abbey National Treasury Services plc	4.000		04/27/16		605,578
	600,000		American Express Co	8.125		05/20/19		775,723
	1,000,000		American Express Credit Corp	5.875		05/02/13		1,051,155
	250,000		American Express Credit Corp	2.800		09/19/16		251,225
	225,000		Ameriprise Financial, Inc	5.300		03/15/20		242,114
	500,000	g	Banco Mercantil del Norte S.A.	4.375		07/19/15		501,875
	750,000	g	Bangkok Bank PCL	4.800		10/18/20		746,071
	500,000	g	Banque PSA Finance	3.375		04/04/14		482,247
	250,000		Barclays Bank plc	5.200		07/10/14		257,705
	500,000	g	BBVA Bancomer S.A.	4.500		03/10/16		490,000
	500,000		BlackRock, Inc	3.500		12/10/14		533,913
	1,350,000		BlackRock, Inc	4.250		05/24/21		1,411,341
	750,000	g	CC Holdings GS V LLC	7.750		05/01/17		808,125
	300,000		Countrywide Financial Corp	6.250		05/15/16		282,640
	1,000,000		Credit Suisse	5.500		05/01/14		1,039,420
	250,000		Credit Suisse	5.400		01/14/20		235,791

33

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$200,000		Eaton Vance Corp	6.500	%	10/02/17	$	224,460
	1,000,000		Ford Motor Credit Co LLC	5.750		02/01/21		1,042,131
	225,000		General Electric Capital Corp	2.800		01/08/13		229,275
	850,000		General Electric Capital Corp	1.875		09/16/13		860,469
	1,850,000		General Electric Capital Corp	5.500		06/04/14		2,011,042
	475,000		General Electric Capital Corp	3.350		10/17/16		494,665
	2,000,000		General Electric Capital Corp	5.300		02/11/21		2,137,903
	265,000		General Electric Capital Corp	4.650		10/17/21		276,572
	400,000		General Electric Capital Corp	6.875		01/10/39		479,213
	500,000	i	Goldman Sachs Capital II	5.793		12/30/49		307,500
	600,000		Goldman Sachs Group, Inc	5.450		11/01/12		610,187
	600,000		Goldman Sachs Group, Inc	4.750		07/15/13		607,936
	2,790,000		Goldman Sachs Group, Inc	3.625		02/07/16		2,695,761
	175,000		Goldman Sachs Group, Inc	7.500		02/15/19		193,272
	150,000		Goldman Sachs Group, Inc	6.450		05/01/36		135,348
	375,000		Goldman Sachs Group, Inc	6.750		10/01/37		348,942
	500,000		Goldman Sachs Group, Inc	6.250		02/01/41		490,515
	1,000,000	g	Harley-Davidson Financial Services, Inc	3.875		03/15/16		1,035,912
	1,165,000		HSBC Finance Corp	4.750		07/15/13		1,189,632
	200,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		203,972
	618,000	g	ICICI Bank Ltd	5.500		03/25/15		618,159
	500,000	g	ICICI Bank Ltd	4.750		11/25/16		475,071
	200,000	g	International Lease Finance Corp	6.500		09/01/14		204,500
	150,000		International Lease Finance Corp	8.625		09/15/15		153,750
	2,070,000		International Lease Finance Corp	5.750		05/15/16		1,920,011
	115,000	g	Inversiones CMPC S.A.	4.750		01/19/18		119,975
	2,000,000		Jefferies Group, Inc	5.125		04/13/18		1,760,000
	100,000		Jefferies Group, Inc	6.250		01/15/36		81,770
	1,705,000		John Deere Capital Corp	2.250		06/07/16		1,751,564
	500,000	n	Lehman Brothers Holdings Capital Trust V	5.857		12/30/49		50
	1,005,000	g	Lukoil International Finance BV	6.125		11/09/20		984,900
	500,000	g	Majapahit Holding BV	7.875		06/29/37		583,750
	275,000		MBNA Corp	6.125		03/01/13		276,111
	1,650,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,661,994
	800,000		Merrill Lynch & Co, Inc	6.400		08/28/17		774,643
	1,000,000		Morgan Stanley	2.875		07/28/14		941,761
	500,000		Morgan Stanley	5.375		10/15/15		488,565
	2,250,000		Morgan Stanley	3.800		04/29/16		2,072,956
	900,000		Morgan Stanley	5.450		01/09/17		866,488
	725,000		Morgan Stanley	7.300		05/13/19		738,376
	220,000		Morgan Stanley	5.625		09/23/19		203,737
	500,000		Morgan Stanley	5.500		07/28/21		462,318
	250,000		NASDAQ OMX Group, Inc	4.000		01/15/15		256,170
	175,000		NASDAQ OMX Group, Inc	5.550		01/15/20		179,287
	400,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		427,815
	250,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		359,689
	500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		535,000
	250,000		PCCW-HKT Capital No 4 Ltd	4.250		02/24/16		251,766
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.152		07/19/15		514,060
	700,000	g,i	Rabobank Nederland NV	11.000		12/30/49		819,000
	350,000	g	RCI Banque S.A.	3.400		04/11/14		341,382
	425,000		Toronto-Dominion Bank	2.500		07/14/16		433,450

34

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000		UBS AG.	2.250	%	01/28/14	$	973,118
	250,000		UBS AG.	4.875		08/04/20		248,295
	450,000	g	Waha Aerospace BV	3.925		07/28/20		461,925
			TOTAL DIVERSIFIED FINANCIALS					48,231,036
ENERGY - 4.1%
	160,000		Anadarko Petroleum Corp	6.950		06/15/19		191,011
	260,000		Anadarko Petroleum Corp	6.450		09/15/36		296,426
	250,000		Apache Corp	5.100		09/01/40		292,187
	500,000		Arch Coal, Inc	8.750		08/01/16		546,250
	833,000	g	Arch Coal, Inc	7.000		06/15/19		849,660
	237,000		Arch Western Finance LLC	6.750		07/01/13		238,185
	350,000	g	Baker Hughes, Inc	3.200		08/15/21		361,632
	525,000		BP Capital Markets plc	3.125		03/10/12		527,408
	1,000,000		BP Capital Markets plc	5.250		11/07/13		1,072,563
	2,045,000		BP Capital Markets plc	3.200		03/11/16		2,143,204
	275,000		Burlington Resources Finance Co	7.200		08/15/31		377,507
	250,000		Chesapeake Energy Corp	7.625		07/15/13		264,375
	250,000		Chesapeake Energy Corp	6.500		08/15/17		266,250
	1,000,000		Chesapeake Energy Corp	6.625		08/15/20		1,072,500
	525,000		Chesapeake Energy Corp	6.125		02/15/21		539,438
	500,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		532,500
	575,000		ConocoPhillips	6.500		02/01/39		795,379
	500,000		Consol Energy Inc	8.250		04/01/20		552,500
	500,000		Devon Energy Corp	5.600		07/15/41		601,164
	500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		559,533
	470,000	g	Empresa Nacional del Petroleo	4.750		12/06/21		468,035
	100,000		EnCana Corp	6.625		08/15/37		120,782
	500,000		Encore Acquisition Co	9.500		05/01/16		551,250
	425,000		Enterprise Products Operating LLC	4.600		08/01/12		431,253
	275,000		Enterprise Products Operating LLC	5.600		10/15/14		301,308
	75,000		Enterprise Products Operating LLC	5.000		03/01/15		81,688
	115,000		Enterprise Products Operating LLC	6.125		10/15/39		128,451
	135,000		Enterprise Products Operating LLC	5.950		02/01/41		151,315
	850,000		Enterprise Products Operating LLC	5.700		02/15/42		926,064
	350,000		EOG Resources, Inc	4.100		02/01/21		381,166
	350,000	g	Gaz Capital S.A.	5.092		11/29/15		354,095
	500,000		Gaz Capital S.A.	6.212		11/22/16		517,500
	175,000		Hess Corp	8.125		02/15/19		224,641
	285,000		Hess Corp	6.000		01/15/40		337,195
	425,000		James River Coal Co	7.875		04/01/19		320,875
	750,000		Marathon Petroleum Corp	3.500		03/01/16		763,419
	500,000		Marathon Petroleum Corp	5.125		03/01/21		522,336
	275,000		MarkWest Energy Partners LP	6.750		11/01/20		288,063
	2,000,000		Newfield Exploration Co	6.625		04/15/16		2,059,999
	300,000		Newfield Exploration Co	5.750		01/30/22		324,000
	125,000		Noble Holding International Ltd	3.450		08/01/15		130,045
	350,000		Noble Holding International Ltd	4.900		08/01/20		370,762
	750,000	g	Novatek Finance Ltd	6.604		02/03/21		757,500
	1,400,000		Occidental Petroleum Corp	1.750		02/15/17		1,417,989
	350,000		Occidental Petroleum Corp	4.100		02/01/21		392,102
	500,000		Peabody Energy Corp	7.375		11/01/16		550,000

35

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		Pemex Project Funding Master Trust	5.750	%	03/01/18	$	110,000
	150,000		Pemex Project Funding Master Trust	6.625		06/15/35		170,063
	125,000		Pemex Project Funding Master Trust	6.625		06/15/38		141,563
	675,000	g	Pertamina PT	5.250		05/23/21		690,863
	500,000	g	Pertamina PT	6.500		05/27/41		517,500
	230,000		Petrobras International Finance Co	3.875		01/27/16		236,949
	500,000		Petrobras International Finance Co	7.875		03/15/19		596,849
	494,000		Petrobras International Finance Co	6.875		01/20/40		572,143
	100,000		Petroleos Mexicanos	8.000		05/03/19		124,750
	325,000		Petroleos Mexicanos	5.500		01/21/21		352,625
	540,000	g	Petroleos Mexicanos	6.500		06/02/41		607,500
	290,000		Petroleos Mexicanos	6.500		06/02/41		326,250
	430,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		507,400
	800,000		Precision Drilling Trust	6.625		11/15/20		818,000
	500,000	g	PTTEP Canada International Finance Ltd	5.692		04/05/21		522,950
	100,000		Range Resources Corp	7.250		05/01/18		107,000
	500,000		Range Resources Corp	5.750		06/01/21		541,250
	600,000		Regency Energy Partners LP	6.500		07/15/21		624,000
	730,000	g	Reliance Holdings USA	4.500		10/19/20		663,280
	1,000,000	g	SandRidge Energy, Inc	8.000		06/01/18		1,010,000
	1,185,000	g	Schlumberger Investment S.A.	3.300		09/14/21		1,217,394
	250,000		SEACOR Holdings, Inc	7.375		10/01/19		263,682
	675,000	g	SESI LLC	7.125		12/15/21		708,750
	250,000		Shell International Finance BV	3.100		06/28/15		268,035
	525,000		Shell International Finance BV	4.300		09/22/19		609,183
	125,000		Shell International Finance BV	6.375		12/15/38		172,039
	1,495,000		Southwestern Energy Co	7.500		02/01/18		1,722,987
	200,000		Statoil ASA	2.900		10/15/14		209,875
	500,000		TransCanada Pipelines Ltd	5.850		03/15/36		593,570
	250,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		250,841
	125,000		Vale Overseas Ltd	6.250		01/23/17		140,865
	125,000		Vale Overseas Ltd	6.875		11/21/36		142,319
	205,000		Vale Overseas Ltd	6.875		11/10/39		234,807
	600,000		XTO Energy, Inc	6.250		04/15/13		641,948
	300,000		XTO Energy, Inc	4.625		06/15/13		316,938
			TOTAL ENERGY					41,685,673
FOOD & STAPLES RETAILING - 0.4%
	185,000		CVS Caremark Corp	3.250		05/18/15		195,055
	50,000		CVS Caremark Corp	6.600		03/15/19		60,945
	275,000		Delhaize Group S.A.	5.875		02/01/14		298,477
	250,000		Delhaize Group S.A.	6.500		06/15/17		293,831
	500,000		Ingles Markets, Inc	8.875		05/15/17		541,250
	75,000		Kroger Co	5.000		04/15/13		78,461
	50,000		Kroger Co	6.800		12/15/18		61,401
	300,000		Stater Bros Holdings, Inc	7.375		11/15/18		316,500
	295,000		Stater Brothers Holdings	7.750		04/15/15		302,744
	1,045,000		SuperValu, Inc	8.000		05/01/16		1,078,963
	500,000		Susser Holdings LLC	8.500		05/15/16		539,375
			TOTAL FOOD & STAPLES RETAILING					3,767,002

36

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
FOOD, BEVERAGE & TOBACCO - 0.6%
	$500,000		Anheuser-Busch InBev Worldwide, Inc	2.875	%	02/15/16	$	527,570
	400,000		Anheuser-Busch InBev Worldwide, Inc	5.375		01/15/20		469,122
	300,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		343,857
	500,000		Constellation Brands, Inc	8.375		12/15/14		561,249
	335,000	g	Corp Lindley S.A.	6.750		11/23/21		341,700
	280,000	g	Grupo Bimbo SAB de C.V.	4.875		06/30/20		294,951
	200,000		JM Smucker Co	3.500		10/15/21		204,610
	620,000		Kraft Foods, Inc	6.500		02/09/40		806,583
	150,000		PepsiAmericas, Inc	5.750		07/31/12		154,519
	25,000		PepsiAmericas, Inc	4.375		02/15/14		26,836
	38,000		PepsiCo, Inc	7.900		11/01/18		51,303
	550,000	g	Pernod-Ricard S.A.	4.450		01/15/22		576,171
	550,000		Philip Morris International, Inc	6.875		03/17/14		618,771
	100,000		Philip Morris International, Inc	6.375		05/16/38		130,369
	500,000		Smithfield Foods, Inc	10.000		07/15/14		581,250
	500,000		TreeHouse Foods, Inc	7.750		03/01/18		541,250
			TOTAL FOOD, BEVERAGE & TOBACCO					6,230,111
HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	250,000		Becton Dickinson and Co	1.750		11/08/16		251,880
	510,000		DaVita, Inc	6.375		11/01/18		522,113
	435,000		DaVita, Inc	6.625		11/01/20		446,963
	1,079,000		Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		1,149,135
	800,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		799,000
	400,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		448,500
	500,000		HCA, Inc	5.750		03/15/14		510,000
	500,000		HCA, Inc	8.500		04/15/19		547,500
	165,000		HCA, Inc	6.500		02/15/20		171,188
	500,000		HCA, Inc	7.875		02/15/20		540,000
	500,000		Healthsouth Corp	7.250		10/01/18		496,250
	500,000		Healthsouth Corp	7.750		09/15/22		491,875
	1,500,000		LifePoint Hospitals, Inc	6.625		10/01/20		1,554,374
	228,000		McKesson Corp	3.250		03/01/16		241,298
	275,000		Medtronic, Inc	4.750		09/15/15		307,991
	500,000		Quest Diagnostics, Inc	6.400		07/01/17		591,370
	750,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		792,246
	475,000		Thermo Fisher Scientific, Inc	2.250		08/15/16		484,250
	160,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		180,869
	650,000		Thermo Fisher Scientific, Inc	3.600		08/15/21		678,863
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					11,205,665
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	500,000		Clorox Co	3.800		11/15/21		509,351
	375,000		Ecolab, Inc	4.350		12/08/21		400,458
	750,000	g	Hypermarcas S.A.	6.500		04/20/21		665,625
	250,000		Procter & Gamble Co	5.550		03/05/37		332,039
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					1,907,473
INSURANCE - 1.3%
	275,000		ACE INA Holdings, Inc	5.875		06/15/14		303,367
	240,000		Aetna, Inc	6.500		09/15/18		292,840
	150,000		Aetna, Inc	6.625		06/15/36		186,283

37

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$375,000		Allstate Corp	7.450	%	05/16/19	$	455,938
	500,000		American International Group, Inc	3.650		01/15/14		485,595
	400,000		Chubb Corp	6.000		05/11/37		482,328
	80,000		CIGNA Corp	5.125		06/15/20		86,259
	1,000,000		CIGNA Corp	4.500		03/15/21		1,028,561
	525,000		Hartford Financial Services Group, Inc	4.000		03/30/15		527,543
	525,000		Hartford Financial Services Group, Inc	5.500		03/30/20		532,835
	275,000		Hartford Financial Services Group, Inc	6.625		03/30/40		272,914
	250,000		Lincoln National Corp	7.000		06/15/40		282,634
	1,500,000		Markel Corp	5.350		06/01/21		1,570,710
	550,000		Metlife, Inc	5.000		06/15/15		599,166
	525,000		Metlife, Inc	6.750		06/01/16		604,820
	275,000		Metlife, Inc	5.700		06/15/35		306,940
	600,000	g	Principal Life Global Funding I	5.125		10/15/13		634,777
	650,000		Prudential Financial, Inc	6.200		11/15/40		680,163
	300,000	g	Prudential Funding LLC	6.750		09/15/23		332,015
	300,000		Travelers Cos, Inc	5.800		05/15/18		352,634
	75,000		Travelers Cos, Inc	5.900		06/02/19		89,228
	100,000		Unum Group	5.625		09/15/20		102,967
	275,000		WellPoint, Inc	5.850		01/15/36		321,830
	2,000,000		Willis Group Holdings plc	4.125		03/15/16		2,031,274
	150,000		WR Berkley Corp	5.375		09/15/20		151,356
			TOTAL INSURANCE					12,714,977
MATERIALS - 2.6%
	300,000		3M Co	5.700		03/15/37		402,916
	500,000	g	Adaro Indonesia PT	7.625		10/22/19		543,150
	350,000		Air Products & Chemicals, Inc	4.150		02/01/13		363,289
	75,000		Airgas, Inc	4.500		09/15/14		79,467
	250,000		Airgas, Inc	7.125		10/01/18		267,632
	1,000,000		Albemarle Corp	4.500		12/15/20		1,070,439
	325,000	g	Anglo American Capital plc	4.450		09/27/20		324,445
	560,000		AngloGold Ashanti Holdings plc	5.375		04/15/20		556,335
	500,000		ArcelorMittal	9.850		06/01/19		556,108
	500,000		ArcelorMittal	6.750		03/01/41		449,615
	537,000		Ball Corp	7.125		09/01/16		583,988
	120,000		Ball Corp	7.375		09/01/19		131,400
	1,000,000		Ball Corp	5.750		05/15/21		1,047,500
	850,000		Barrick North America Finance LLC	4.400		05/30/21		920,546
	750,000	g	Braskem America Finance Co	7.125		07/22/41		720,938
	1,500,000		Celanese US Holdings LLC	6.625		10/15/18		1,593,750
	500,000	g	Cemex SAB de C.V.	9.500		12/14/16		438,750
	777,500	g	Cemex SAB de C.V.	9.000		01/11/18		620,056
	1,500,000		CF Industries, Inc	7.125		05/01/20		1,773,749
	500,000		Cliffs Natural Resources, Inc	6.250		10/01/40		492,462
	325,000	g	CommScope, Inc	8.250		01/15/19		325,000
	800,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		812,436
	750,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.875		11/03/21		763,619
	1,385,000		Crown Americas LLC	6.250		02/01/21		1,447,325
	469,000		Dow Chemical Co	4.125		11/15/21		481,063
	250,000	g	Fibria Overseas Finance Ltd	6.750		05/04/20		228,125
	500,000		Fibria Overseas Finance Ltd	7.500		05/04/20		488,750

38

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$750,000	g	Georgia Gulf Corp	9.000	%	01/15/17	$	793,125
	750,000	g	Georgia-Pacific LLC	8.250		05/01/16		833,220
	975,000		Graphic Packaging International, Inc	9.500		06/15/17		1,067,625
	250,000		International Paper Co	7.300		11/15/39		304,121
	400,000		International Paper Co	6.000		11/15/41		434,245
	455,000	g	Longview Fibre Paper & Packaging, Inc	8.000		06/01/16		455,000
	225,000		Martin Marietta Materials, Inc	6.600		04/15/18		237,080
	200,000		Praxair, Inc	5.250		11/15/14		224,468
	1,450,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		1,476,823
	250,000	g	Sappi Papier Holding AG.	6.625		04/15/21		214,375
	500,000		Silgan Holdings, Inc	7.250		08/15/16		533,750
	1,000,000		Solutia, Inc	8.750		11/01/17		1,092,500
	500,000		Solutia, Inc	7.875		03/15/20		543,750
	130,000		Teck Resources Ltd	9.750		05/15/14		152,772
	125,000		Teck Resources Ltd	6.000		08/15/40		137,530
	350,000	g	Xstrata Canada Financial Corp	4.950		11/15/21		357,569
			TOTAL MATERIALS					26,340,806
MEDIA - 2.1%
	1,000,000		AMC Entertainment, Inc	8.750		06/01/19		1,035,000
	1,000,000		Cablevision Systems Corp	8.625		09/15/17		1,107,500
	200,000		CBS Corp	4.300		02/15/21		206,498
	1,100,000		CCO Holdings LLC	7.000		01/15/19		1,146,750
	1,300,000		CCO Holdings LLC	6.500		04/30/21		1,316,249
	1,462,000		Cinemark USA, Inc	8.625		06/15/19		1,589,924
	250,000		Comcast Corp	5.650		06/15/35		276,182
	250,000		Comcast Corp	6.400		03/01/40		310,766
	696,000		CSC Holdings LLC	8.500		04/15/14		769,950
	750,000		DIRECTV Holdings LLC	7.625		05/15/16		795,938
	1,000,000		Echostar DBS Corp	6.625		10/01/14		1,067,500
	250,000		Interpublic Group of Cos, Inc	6.250		11/15/14		265,625
	1,000,000		Lamar Media Corp	9.750		04/01/14		1,120,000
	187,000		Lamar Media Corp	6.625		08/15/15		190,273
	2,935,000		Lamar Media Corp	7.875		04/15/18		3,111,099
	100,000		NBC Universal Media LLC	5.150		04/30/20		111,338
	2,000,000		NBC Universal Media LLC	4.375		04/01/21		2,110,691
	100,000		News America, Inc	7.250		05/18/18		120,468
	125,000		News America, Inc	7.625		11/30/28		150,973
	90,000		News America, Inc	6.550		03/15/33		98,002
	250,000		News America, Inc	6.200		12/15/34		268,761
	325,000		News America, Inc	6.650		11/15/37		368,202
	250,000		News America, Inc	6.900		08/15/39		288,991
	963,000		Nielsen Finance LLC	7.750		10/15/18		1,040,040
	350,000		Time Warner Cable, Inc	8.750		02/14/19		446,925
	625,000		Time Warner Cable, Inc	8.250		04/01/19		785,008
	250,000		Time Warner, Inc	3.150		07/15/15		260,030
	1,000,000		Time Warner, Inc	4.700		01/15/21		1,076,720
	275,000		Time Warner, Inc	6.500		11/15/36		331,799
	700,000		Viacom, Inc	2.500		12/15/16		699,734
			TOTAL MEDIA					22,466,936

39

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	$1,000,000		Amgen, Inc	2.300	%	06/15/16	$	1,006,832
	350,000		Amgen, Inc	3.450		10/01/20		341,889
	325,000		Eli Lilly & Co	3.550		03/06/12		326,696
	250,000		Merck & Co, Inc	3.875		01/15/21		281,442
	1,000,000	g	Mylan, Inc	7.625		07/15/17		1,091,250
	1,000,000	g	Mylan, Inc	7.875		07/15/20		1,103,750
	910,000		NBTY, Inc	9.000		10/01/18		1,001,000
	135,000		Novartis Capital Corp	4.125		02/10/14		144,440
	150,000		Novartis Capital Corp	2.900		04/24/15		158,750
	175,000		Pfizer, Inc	5.350		03/15/15		197,958
	2,000,000		Sanofi-Aventis S.A.	2.625		03/29/16		2,085,453
	220,000		Schering-Plough Corp	6.550		09/15/37		306,700
	1,055,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		1,053,681
	555,000	g	Valeant Pharmaceuticals International	7.000		10/01/20		548,063
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					9,647,904
REAL ESTATE - 1.2%
	100,000		AMB Property LP	7.625		08/15/14		109,526
	150,000		AMB Property LP	4.500		08/15/17		149,714
	100,000		Brandywine Operating Partnership LP	7.500		05/15/15		109,657
	1,250,000		Brandywine Operating Partnership LP	4.950		04/15/18		1,230,471
	170,000		Camden Property Trust	4.625		06/15/21		170,022
	1,000,000		Developers Diversified Realty Corp	4.750		04/15/18		956,807
	500,000		Developers Diversified Realty Corp	7.875		09/01/20		557,777
	835,000		DuPont Fabros Technology LP	8.500		12/15/17		893,450
	350,000		ERP Operating LP	4.625		12/15/21		356,914
	25,000		Federal Realty Investment Trust	5.650		06/01/16		26,999
	595,000		HCP, Inc	3.750		02/01/16		605,392
	835,000		Health Care REIT, Inc	3.625		03/15/16		821,771
	200,000		Healthcare Realty Trust, Inc	5.750		01/15/21		202,198
	1,783,000		Highwoods Properties, Inc	5.850		03/15/17		1,885,863
	1,000,000	g	Host Hotels & Resorts LP	5.875		06/15/19		1,017,500
	125,000		Kilroy Realty Corp	5.000		11/03/15		128,551
	250,000		Kilroy Realty LP	4.800		07/15/18		246,924
	300,000		National Retail Properties, Inc	5.500		07/15/21		300,588
	150,000		Regency Centers LP	5.250		08/01/15		159,846
	25,000		Regency Centers LP	5.875		06/15/17		27,225
	25,000		Simon Property Group LP	5.250		12/01/16		27,708
	825,000		Simon Property Group LP	2.800		01/30/17		842,681
	210,000		Simon Property Group LP	10.350		04/01/19		288,267
	200,000		Washington Real Estate Investment Trust	4.950		10/01/20		209,184
	750,000	g	Yanlord Land Group Ltd	10.625		03/29/18		577,499
			TOTAL REAL ESTATE					11,902,534
RETAILING - 0.9%
	1,900,000		Amerigas Partners LP	6.500		05/20/21		1,866,750
	1,500,000		Ferrellgas LP	6.500		05/01/21		1,320,000
	175,000		Home Depot, Inc	5.875		12/16/36		219,604
	500,000		Home Depot, Inc	5.950		04/01/41		645,096
	1,000,000		Limited Brands, Inc	7.000		05/01/20		1,082,500
	625,000		Limited Brands, Inc	6.625		04/01/21		662,500
	805,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		899,565

40

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$150,000		Nordstrom, Inc	4.000	%	10/15/21	$	156,365
	525,000		O’Reilly Automotive, Inc	4.625		09/15/21		550,472
	1,500,000	g	QVC, Inc	7.125		04/15/17		1,590,000
	250,000		Staples, Inc	9.750		01/15/14		285,868
	250,000		Wal-Mart Stores, Inc	5.000		10/25/40		294,234
			TOTAL RETAILING					9,572,954
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	250,000		Broadcom Corp	2.375		11/01/15		255,912
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					255,912
SOFTWARE & SERVICES - 0.2%
	100,000		Fidelity National Information Services, Inc	7.625		07/15/17		108,250
	250,000		International Business Machines Corp	1.000		08/05/13		251,968
	165,000		Microsoft Corp	0.875		09/27/13		166,433
	200,000		Oracle Corp	5.750		04/15/18		242,697
	185,000		Oracle Corp	3.875		07/15/20		203,789
	500,000		SunGard Data Systems, Inc	4.875		01/15/14		500,625
	1,000,000		SunGard Data Systems, Inc	7.375		11/15/18		1,023,750
			TOTAL SOFTWARE & SERVICES					2,497,512
TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	785,000		Brocade Communications Systems, Inc	6.625		01/15/18		816,400
	287,000		Brocade Communications Systems, Inc	6.875		01/15/20		305,655
	475,000		Hewlett-Packard Co	4.250		02/24/12		477,138
	350,000		Hewlett-Packard Co	4.750		06/02/14		369,620
	500,000		Hewlett-Packard Co	4.650		12/09/21		527,540
	1,160,000		Jabil Circuit, Inc	5.625		12/15/20		1,180,301
	112,000		L-3 Communications Corp	6.375		10/15/15		114,800
	145,000		L-3 Communications Corp	5.200		10/15/19		147,091
	1,000,000		L-3 Communications Corp	4.950		02/15/21		991,058
	500,000	g	PCCW-HKT Capital No 3 Ltd	5.250		07/20/15		524,870
	500,000		Scientific Games Corp	8.125		09/15/18		512,500
	814,000		Scientific Games Corp	9.250		06/15/19		862,840
	500,000	g	Seagate Technology HDD Holdings	7.750		12/15/18		531,875
	525,000		Xerox Corp	8.250		05/15/14		592,400
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					7,954,088
TELECOMMUNICATION SERVICES - 1.9%
	250,000		American Tower REIT, Inc	5.900		11/01/21		262,841
	2,250,000		AT&T, Inc	2.950		05/15/16		2,344,807
	275,000		AT&T, Inc	6.150		09/15/34		326,220
	800,000		AT&T, Inc	6.300		01/15/38		982,190
	85,000		BellSouth Corp	6.550		06/15/34		101,182
	550,000		Cellco Partnership	8.500		11/15/18		742,335
	500,000		Cricket Communications, Inc	7.750		05/15/16		516,250
	250,000		France Telecom S.A.	2.125		09/16/15		247,681
	1,000,000		Intelsat Bermuda Ltd	11.250		02/04/17		967,500
	500,000		Intelsat Jackson Holdings Ltd	11.250		06/15/16		525,313
	570,000	g	Qtel International Finance	4.750		02/16/21		574,275
	500,000		Qwest Communications International, Inc	7.125		04/01/18		520,000
	75,000		Telecom Italia Capital S.A.	6.999		06/04/18		70,117

41

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$75,000		Telecom Italia Capital S.A.	7.175	%	06/18/19	$	70,283
	1,000,000		Telefonica Emisiones SAU	3.992		02/16/16		961,501
	610,000		Telefonica Emisiones SAU	5.134		04/27/20		572,984
	250,000		Telefonica Emisiones SAU	5.462		02/16/21		238,567
	370,000	g	Telefonica Moviles Chile S.A.	2.875		11/09/15		365,169
	500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		552,887
	885,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		871,725
	275,000		Verizon Communications, Inc	5.250		04/15/13		290,189
	210,000		Verizon Communications, Inc	8.750		11/01/18		283,652
	950,000		Verizon Communications, Inc	3.500		11/01/21		989,066
	225,000		Verizon Communications, Inc	8.950		03/01/39		360,328
	950,000		Verizon Communications, Inc	4.750		11/01/41		1,022,420
	2,200,000		Verizon New Jersey, Inc	5.875		01/17/12		2,203,619
	275,000		Verizon Virginia, Inc	4.625		03/15/13		286,323
	750,000	g	Vimpelcom Holdings	7.504		03/01/22		630,000
	500,000		Virgin Media Finance plc	9.500		08/15/16		561,250
	500,000		Virgin Media Secured Finance plc	5.250		01/15/21		529,740
	400,000		Windstream Corp	7.750		10/15/20		413,500
			TOTAL TELECOMMUNICATION SERVICES					19,383,914
TRANSPORTATION - 0.9%
	655,000	g	Asciano Finance	5.000		04/07/18		656,799
	750,000	g	Bombardier, Inc	7.500		03/15/18		802,500
	600,000	g	Bombardier, Inc	7.750		03/15/20		654,000
	500,000		Bristow Group, Inc	7.500		09/15/17		520,000
	150,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		189,457
	1,000,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		1,196,412
	1,000,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		1,108,958
	150,000		Embraer Overseas Ltd	6.375		01/15/20		160,125
	500,000		Hertz Corp	7.500		10/15/18		522,500
	1,000,000		Hertz Corp	7.375		01/15/21		1,016,250
	625,000	g	Kazakhstan Temir Zholy Finance BV	6.375		10/06/20		648,438
	300,000		Norfolk Southern Corp	5.590		05/17/25		346,545
	640,000	g	TAM Capital 3, Inc	8.375		06/03/21		646,400
	262,000		Union Pacific Corp	4.163		07/15/22		284,367
	500,000		Union Pacific Corp	4.750		09/15/41		544,727
			TOTAL TRANSPORTATION					9,297,478
UTILITIES - 3.7%
	726,000	g	Abu Dhabi National Energy Co	5.875		12/13/21		755,040
	500,000		AES Corp	7.750		03/01/14		540,000
	1,750,000		AES Corp	8.000		10/15/17		1,924,999
	500,000		AES El Salvador Trust	6.750		02/01/16		485,000
	305,000	g	AES Gener S.A.	5.250		08/15/21		306,525
	350,000		AGL Capital Corp	5.250		08/15/19		391,285
	365,000		Alliant Energy Corp	4.000		10/15/14		382,496
	250,000		Atmos Energy Corp	8.500		03/15/19		330,342
	1,000,000	g	Calpine Corp	7.250		10/15/17		1,050,000
	750,000	g	Calpine Corp	7.500		02/15/21		802,500
	705,000	g	Calpine Corp	7.875		01/15/23		757,875
	190,000		Carolina Power & Light Co	5.125		09/15/13		203,652
	250,000		Carolina Power & Light Co	5.300		01/15/19		292,711

42

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$275,000		Carolina Power & Light Co	5.700	%	04/01/35	$	335,164
	200,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		224,812
	300,000		CenterPoint Energy Resources Corp	6.250		02/01/37		359,853
	300,000		CenterPoint Energy Resources Corp	5.850		01/15/41		345,739
	450,000	g	Colbun S.A.	6.000		01/21/20		476,354
	375,000	g	Comision Federal Electricidad	4.875		05/26/21		386,250
	1,895,000		Commonwealth Edison Co	4.000		08/01/20		2,041,320
	200,000		Commonwealth Edison Co	5.900		03/15/36		245,270
	200,000		Connecticut Light & Power Co	5.500		02/01/19		233,417
	575,000		Crosstex Energy, Inc	8.875		02/15/18		628,188
	405,000		Dominion Resources, Inc	4.450		03/15/21		451,087
	300,000		Dominion Resources, Inc	4.900		08/01/41		323,940
	500,000	g	Dubai Electricity & Water Authority	7.375		10/21/20		512,500
	200,000		Duke Energy Carolinas LLC	4.300		06/15/20		225,262
	1,000,000		Duke Energy Corp	3.950		09/15/14		1,066,920
	510,000	g	Empresa de Energia de Bogota S.A.	6.125		11/10/21		512,550
	1,665,000		Great Plains Energy, Inc	4.850		06/01/21		1,745,301
	250,000		Indiana Michigan Power Co	7.000		03/15/19		307,499
	765,000	g	Instituto Costarricense de Electricidad	6.950		11/10/21		776,475
	125,000		Integrys Energy Group, Inc	4.170		11/01/20		133,529
	500,000		Intergas Finance BV	6.375		05/14/17		510,000
	100,000	g	Kansas Gas & Electric	6.700		06/15/19		123,977
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,039,721
	715,000	g	KMG Finance Sub BV	6.375		04/09/21		725,725
	200,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		200,251
	870,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		881,772
	350,000		LG&E and KU Energy LLC	3.750		11/15/20		353,333
	250,000		Midamerican Energy Holdings Co	5.950		05/15/37		295,426
	250,000		National Fuel Gas Co	5.250		03/01/13		260,275
	250,000		Nevada Power Co	6.650		04/01/36		334,949
	150,000		Nevada Power Co	5.375		09/15/40		176,042
	1,000,000		Nevada Power Co	5.450		05/15/41		1,188,074
	1,000,000		NRG Energy, Inc	7.375		01/15/17		1,037,500
	500,000	g	Oncor Electric Delivery Co LLC	4.550		12/01/41		511,204
	50,000		ONEOK Partners LP	5.900		04/01/12		50,552
	325,000		Pacific Gas & Electric Co	8.250		10/15/18		428,421
	150,000		PacifiCorp	6.000		01/15/39		191,545
	250,000		Pepco Holdings, Inc	2.700		10/01/15		253,220
	1,150,000	g	Perusahaan Listrik Negara PT	5.500		11/22/21		1,170,125
	500,000		PG&E Corp	5.750		04/01/14		544,780
	50,000		Potomac Electric Power Co	7.900		12/15/38		77,310
	275,000		Progress Energy, Inc	7.050		03/15/19		340,111
	550,000		Public Service Co of Colorado	4.750		08/15/41		630,176
	400,000		Public Service Co of Oklahoma	5.150		12/01/19		446,028
	1,750,000		Questar Market Resources, Inc	6.875		03/01/21		1,885,624
	500,000		Sabine Pass LNG LP	7.500		11/30/16		502,500
	150,000		San Diego Gas & Electric Co	3.000		08/15/21		154,260
	300,000		San Diego Gas & Electric Co	3.950		11/15/41		307,226
	175,000		Veolia Environnement	5.250		06/03/13		184,142
	225,000		Williams Partners LP	3.800		02/15/15		236,203
	1,000,000	g	Wpd Investment Holdings Ltd	3.900		05/01/16		1,002,407
	300,000		Xcel Energy, Inc	4.800		09/15/41		326,920

43

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$850,000	g	Xinao Gas Holdings Ltd	6.000	%	05/13/21	$	767,558
			TOTAL UTILITIES					36,691,212
			TOTAL CORPORATE BONDS					366,466,970
			(Cost $355,861,791)
GOVERNMENT BONDS - 44.5%
AGENCY SECURITIES - 0.4%
	1,000,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		1,016,318
	415,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500		04/23/14		433,816
	1,632,968		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,884,494
	500,000		Egypt Government AID Bonds	4.450		09/15/15		559,360
	1,500,000	i	Structured Asset Securities Corp	0.774		07/25/35		616,293
			TOTAL AGENCY SECURITIES					4,510,281
FOREIGN GOVERNMENT BONDS - 5.6%
	6,450,000	g	Bank of Montreal	2.625		01/25/16		6,658,115
	500,000		Brazilian Government International Bond	4.875		01/22/21		558,750
	500,000		Brazilian Government International Bond	5.625		01/07/41		580,000
	2,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		2,053,668
	3,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		3,033,404
	1,750,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		1,810,445
	215,000		Chile Government International Bond	3.875		08/05/20		232,738
	475,000		Colombia Government International Bond	4.375		07/12/21		510,625
	540,000	g	Croatia Government International Bond	6.375		03/24/21		492,750
	260,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		272,025
	870,000	g	Dominican Republic International Bond	7.500		05/06/21		852,600
	350,000		Eksportfinans ASA	5.000		02/14/12		348,085
	576,000		Eksportfinans ASA	2.000		09/15/15		477,147
	778,000	g	Eskom Holdings Ltd	5.750		01/26/21		791,615
	275,000		European Investment Bank	4.875		02/15/36		300,147
	500,000		Export Development Canada	2.250		05/28/15		524,406
	240,000		Export-Import Bank of Korea	3.750		10/20/16		240,638
	525,000		Export-Import Bank of Korea	5.125		06/29/20		549,703
	100,000		Federative Republic of Brazil	6.000		01/17/17		116,750
	361,111		Federative Republic of Brazil	8.000		01/15/18		422,500
	500,000		Hungary Government International Bond	4.750		02/03/15		455,000
	225,000		Italy Government International Bond	5.375		06/12/17		208,322
	180,000		Italy Government International Bond	6.875		09/27/23		173,412
	300,000		Kreditanstalt fuer Wiederaufbau	4.875		01/17/17		349,600
	500,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		511,280
	1,000,000	g	Lithuania Government International Bond	5.125		09/14/17		980,000
	260,000	g	Lithuania Government International Bond	6.125		03/09/21		258,700
	150,000		Mexico Government International Bond	6.750		09/27/34		195,375
	500,000		Mexico Government International Bond	6.050		01/11/40		611,250
	500,000	g	Namibia International Bonds	5.500		11/03/21		510,000
	575,000	g	National Bank of Canada	1.650		01/30/14		581,071
	500,000		Panama Government International Bond	5.200		01/30/20		566,250
	135,000		Peruvian Government International Bond	7.350		07/21/25		178,875

44

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Philippine Government International Bond	5.500	%	03/30/26	$	560,000
	420,000		Poland Government International Bond	3.875		07/16/15		427,266
	1,183,000		Poland Government International Bond	5.125		04/21/21		1,203,703
	900,000		Poland Government International Bond	5.000		03/23/22		904,500
	750,000		Province of British Columbia Canada	2.850		06/15/15		794,593
	1,400,000		Province of Ontario Canada	4.100		06/16/14		1,504,349
	500,000		Province of Ontario Canada	2.950		02/05/15		526,554
	1,750,000		Province of Ontario Canada	2.700		06/16/15		1,832,873
	5,000,000		Province of Ontario Canada	2.300		05/10/16		5,149,014
	2,000,000		Province of Ontario Canada	1.600		09/21/16		1,993,842
	620,000		Province of Quebec Canada	4.625		05/14/18		712,869
	1,000,000		Province of Quebec Canada	3.500		07/29/20		1,070,871
	3,000,000		Province of Quebec Canada	2.750		08/25/21		2,996,660
	1,000,000	g	Qatar Government International Bond	3.125		01/20/17		1,008,700
	500,000		Qatar Government International Bond	5.250		01/20/20		548,750
	500,000	g	Qatar Government International Bond	4.500		01/20/22		515,000
	750,000	g	Republic of Ghana	8.500		10/04/17		821,250
	770,000	g	Republic of Indonesia	4.875		05/05/21		823,900
	500,000		Republic of Korea	5.750		04/16/14		542,202
	490,000	g	Republic of Serbia	7.250		09/28/21		476,525
	433,333		Republic of Serbia	6.750		11/01/24		409,500
	240,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		241,200
	320,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		330,128
	325,000	g	Senegal Goverment International Bond	8.750		05/13/21		321,750
	150,000		South Africa Government International Bond	5.500		03/09/20		168,000
	400,000		South Africa Government International Bond	5.875		05/30/22		460,000
	75,000		South Africa Government International Bond	6.250		03/08/41		87,188
	400,000	g	Sri Lanka Government International Bond	6.250		10/04/20		400,000
	270,000	g	Sri Lanka Government International Bond	6.250		07/27/21		266,049
	395,000		Turkey Government International Bond	5.125		03/25/22		377,225
	465,000		Turkey Government International Bond	6.750		05/30/40		478,950
	750,000	g	Ukraine Government International Bond	6.250		06/17/16		658,125
	152,000		United Mexican States	5.875		02/17/14		164,540
	300,000		United Mexican States	5.950		03/19/19		356,550
	500,000		United Mexican States	5.125		01/15/20		571,250
			TOTAL FOREIGN GOVERNMENT BONDS					56,109,122
MORTGAGE BACKED - 26.5%
	1,478,313		Federal Home Loan Mortgage Corp (FHLMC) (Interest Only)	4.000		06/15/34		105,411
	424,750	i	FHLMC	2.455		02/01/36		447,037
	1,268,116	i	FHLMC	2.568		07/01/36		1,342,440
	384,946	i	FHLMC	2.305		09/01/36		407,407
	289,285	i	FHLMC	2.662		09/01/36		305,238
	298,451	i	FHLMC	5.732		02/01/37		321,410
	505,854	i	FHLMC	3.941		03/01/37		533,171
	72,365	i	FHLMC	5.946		04/01/37		78,672
	51,984	i	FHLMC	5.748		05/01/37		55,989
	1,191,807	i	FHLMC	5.584		06/01/37		1,271,417
	397,167	i	FHLMC	5.518		08/01/37		423,803
	1,227,162		FHLMC	5.500		08/01/39		1,350,305

45

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$35,791		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500	%	12/01/16	$	39,052
	511,106		FGLMC	5.500		01/01/19		560,187
	128,319		FGLMC	4.500		01/01/20		136,758
	782,820		FGLMC	4.500		07/01/20		842,374
	232,747		FGLMC	4.500		09/01/20		247,908
	243,470		FGLMC	5.000		10/01/20		262,438
	481,955		FGLMC	5.500		10/01/20		525,963
	28,353		FGLMC	7.000		10/01/20		32,455
	197,510		FGLMC	4.500		06/01/21		210,376
	347,299		FGLMC	5.500		08/01/21		376,200
	122,625		FGLMC	5.000		04/01/23		131,527
	160,860		FGLMC	4.500		09/01/24		170,559
	98,256		FGLMC	6.500		01/01/29		112,584
	5,652		FGLMC	8.000		01/01/31		6,794
	387,515		FGLMC	6.000		03/01/33		431,669
	1,427,196		FGLMC	5.500		12/01/33		1,555,471
	1,084,288		FGLMC	7.000		12/01/33		1,255,652
	958,008		FGLMC	5.000		01/01/34		1,031,389
	384,331		FGLMC	5.000		05/01/34		413,530
	609,237		FGLMC	4.500		10/01/34		648,036
	273,904		FGLMC	5.500		12/01/34		299,720
	745,655		FGLMC	5.500		03/01/35		811,741
	338,430		FGLMC	6.000		04/01/35		373,712
	440,044		FGLMC	7.000		05/01/35		509,589
	837,632		FGLMC	5.500		06/01/35		915,006
	1,372,261		FGLMC	5.500		06/01/35		1,496,456
	129,320		FGLMC	5.000		02/01/36		139,145
	267,080		FGLMC	5.500		04/01/36		292,253
	22,524		FGLMC	6.500		05/01/36		25,358
	262,733		FGLMC	6.500		10/01/36		295,789
	620,743		FGLMC	5.500		04/01/37		674,400
	241,479		FGLMC	6.000		08/01/37		265,933
	51,346		FGLMC	6.000		09/01/37		56,812
	215,700		FGLMC	6.500		11/01/37		242,030
	943,242		FGLMC	5.000		04/01/38		1,024,040
	492,775		FGLMC	6.000		11/01/38		541,839
	640,890		FGLMC	4.000		06/01/39		673,150
	444,153		FGLMC	4.500		11/01/40		480,628
	2,977,318		FGLMC	4.000		12/01/40		3,142,541
	3,390,797		FGLMC	4.000		12/01/40		3,591,682
	1,315,007		FGLMC	4.000		12/01/40		1,392,913
	497,519		FGLMC	4.500		12/01/40		537,133
	6,359,224		FGLMC	4.000		01/01/41		6,679,332
	7,000,000	h	FGLMC	4.500		01/15/41		7,416,718
	3,000,000	h	FGLMC	5.000		01/15/41		3,223,594
	7,051		Federal National Mortgage Association (FNMA)	5.000		06/01/13		7,371
	2,078,933		FNMA	4.778		02/01/14		2,179,759
	2,661,198		FNMA	4.640		11/01/14		2,848,331
	368,274		FNMA	4.563		01/01/15		392,710
	65,961		FNMA	6.500		10/01/16		72,256
	38,028		FNMA	6.500		11/01/16		41,658

46

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$185,248		FNMA	5.000	%	12/01/17	$	200,085
	55,310		FNMA	6.500		02/01/18		60,778
	160,739		FNMA	5.500		04/01/18		176,074
	76,776		FNMA	5.500		05/01/18		84,101
	74,781		FNMA	6.000		01/01/19		82,378
	1,000,000		FNMA	4.000		02/25/19		1,068,380
	523,921		FNMA	4.500		04/01/19		560,663
	119,527		FNMA	4.500		06/01/19		127,910
	181,664		FNMA	5.000		03/01/20		196,214
	57,590		FNMA	4.500		11/01/20		61,628
	61,969		FNMA	4.500		12/01/20		67,070
	163,079		FNMA	5.000		12/01/20		176,293
	277,855		FNMA	5.000		03/01/21		300,109
	21,615		FNMA	8.000		03/01/23		24,562
	302,772		FNMA	5.500		02/01/24		332,492
	449,612		FNMA	4.000		05/01/24		474,328
	679,545		FNMA	5.500		07/01/24		745,400
	311,824		FNMA	4.500		08/01/24		332,522
	1,472,097		FNMA	5.000		10/01/25		1,603,948
	12,793		FNMA	9.000		11/01/25		15,519
	1,000,000	h	FNMA	4.000		01/25/26		1,054,531
	6,000,000	h	FNMA	3.000		01/25/27		6,195,937
	12,538		FNMA	7.500		01/01/29		14,803
	293,519		FNMA	7.000		07/01/32		340,258
	65,525		FNMA	5.000		02/01/33		70,862
	484,770		FNMA	4.500		03/25/33		515,175
	204,400		FNMA	5.000		07/01/33		221,047
	935,146		FNMA	5.500		07/01/33		1,022,264
	569,612		FNMA	4.500		08/01/33		607,871
	684,777		FNMA	4.500		10/01/33		730,771
	244,713		FNMA	5.000		10/01/33		264,643
	306,853		FNMA	5.000		10/01/33		331,843
	655,355		FNMA	5.000		11/01/33		724,498
	642,618		FNMA	5.000		11/01/33		710,417
	436,267		FNMA	5.500		12/01/33		476,909
	183,001		FNMA	5.500		12/01/33		200,804
	540,777		FNMA	5.000		03/01/34		584,818
	124,956		FNMA	5.000		03/01/34		135,133
	126,947		FNMA	5.000		03/01/34		137,285
	105,342		FNMA	5.000		03/01/34		113,921
	1,055,123		FNMA	5.000		03/01/34		1,141,054
	860,605		FNMA	5.000		04/01/34		930,694
	2,010,195		FNMA	5.000		08/01/34		2,179,679
	372,972		FNMA	6.000		08/01/34		415,760
	127,734		FNMA	6.000		12/01/34		142,168
	300,494		FNMA	5.500		01/01/35		329,991
	652,443		FNMA	5.500		02/01/35		713,225
	243,111		FNMA	6.000		04/01/35		270,166
	1,634,448		FNMA	5.500		05/01/35		1,808,677
	2,637,671		FNMA	5.500		05/01/35		2,918,841
	840,637		FNMA	6.000		05/01/35		932,699
	22,818		FNMA	7.500		06/01/35		25,352

47

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$414,181		FNMA	6.000	%	07/01/35	$	458,073
	463,212		FNMA	5.000		08/01/35		500,792
	1,488,783		FNMA	5.000		10/01/35		1,609,566
	132,346		FNMA	5.000		10/01/35		143,083
	353,127		FNMA	5.500		12/01/35		386,466
	394,726		FNMA	5.000		02/01/36		426,749
	423,734		FNMA	6.000		03/01/36		467,446
	421,821		FNMA	5.000		04/01/36		455,977
	807,293		FNMA	6.000		04/01/36		890,574
	257,882		FNMA	6.500		04/01/36		289,643
	378,575	i	FNMA	2.385		07/01/36		396,905
	580,736	i	FNMA	2.645		09/01/36		618,336
	222,878		FNMA	6.500		09/01/36		250,885
	270,494		FNMA	6.000		12/01/36		298,399
	120,298		FNMA	7.000		02/01/37		137,400
	393,394		FNMA	6.500		03/01/37		442,827
	38,268		FNMA	7.000		04/01/37		43,709
	154,488		FNMA	6.500		08/01/37		173,659
	122,693		FNMA	6.500		08/01/37		137,536
	45,249		FNMA	6.000		09/01/37		50,681
	60,643		FNMA	6.000		09/01/37		67,923
	71,348		FNMA	6.000		09/01/37		79,912
	81,098		FNMA	6.000		09/01/37		90,832
	318,119		FNMA	6.500		09/01/37		356,106
	120,042		FNMA	6.500		09/01/37		134,526
	163,740		FNMA	6.500		09/01/37		183,292
	373,531		FNMA	6.500		09/01/37		418,134
	108,536		FNMA	6.500		09/01/37		121,666
	161,892	i	FNMA	5.895		10/01/37		173,551
	3,618,888		FNMA	6.000		11/01/37		3,988,821
	130,987		FNMA	6.000		11/01/37		144,377
	721,579		FNMA	6.000		11/01/38		795,115
	283,109		FNMA	5.500		01/01/39		308,510
	267,690		FNMA	6.000		01/01/39		294,970
	349,524		FNMA	6.000		01/01/39		385,144
	509,778		FNMA	4.500		02/01/39		542,904
	1,098,878		FNMA	4.500		02/01/39		1,170,282
	282,446		FNMA	5.500		02/01/39		307,787
	9,114,988		FNMA	6.000		04/01/39		10,046,747
	564,476		FNMA	4.500		05/01/39		601,156
	568,051		FNMA	4.500		08/01/39		604,963
	42,000,000	h	FNMA	4.000		01/25/40		44,119,689
	14,000,000	h	FNMA	4.500		01/25/40		14,896,875
	10,000,000	h	FNMA	5.000		01/25/40		10,803,125
	3,000,000	h	FNMA	5.500		01/25/40		3,266,719
	5,000,000	h	FNMA	6.000		01/25/40		5,505,469
	3,000,000		FNMA	4.000		02/25/40		3,179,643
	1,968,298		FNMA	4.500		09/01/40		2,096,198
	1,802,773		FNMA	4.500		09/01/40		1,919,916
	4,806,423		FNMA	4.500		10/01/40		5,145,780
	1,790,954		FNMA	4.000		11/01/40		1,883,066
	1,898,954		FNMA	4.500		11/01/40		2,022,347

48

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$14,000,000	h	FNMA	3.500	%	01/25/41	$	14,398,125
	26,742		Government National Mortgage Association (GNMA)	7.500		11/15/23		31,209
	4,894		GNMA	7.500		08/15/28		5,042
	36,624		GNMA	6.500		12/15/28		42,460
	86,362		GNMA	6.500		03/15/29		100,124
	27,703		GNMA	8.500		10/20/30		33,918
	9,071		GNMA	7.000		06/20/31		10,611
	145,418		GNMA	5.000		02/15/33		162,010
	136,236		GNMA	5.500		07/15/33		153,798
	931,058		GNMA	5.000		09/15/33		1,037,285
	214,943		GNMA	5.500		11/20/33		242,596
	875,497		GNMA	5.500		02/20/35		988,135
	303,049		GNMA	5.500		03/20/35		342,038
	158,980		GNMA	6.000		10/20/36		180,224
	166,900		GNMA	6.000		01/20/37		189,202
	245,996		GNMA	6.000		02/20/37		278,483
	444,017		GNMA	6.000		12/15/37		503,377
	381,592		GNMA	5.000		04/15/38		423,102
	384,993		GNMA	5.500		07/15/38		432,456
	426,732		GNMA	5.500		07/20/38		478,967
	153,433		GNMA	6.000		08/15/38		173,897
	160,687		GNMA	6.000		08/20/38		181,656
	727,371		GNMA	4.500		03/15/39		795,039
	225,375		GNMA	5.000		07/20/39		249,546
	270,147		GNMA	4.000		08/15/39		290,231
	2,000,000	h	GNMA	4.500		01/15/40		2,179,062
	5,000,000	h	GNMA	5.000		01/15/40		5,538,281
	1,000,000	h	GNMA	5.500		01/15/40		1,122,344
	3,000,000	h	GNMA	4.000		01/15/41		3,217,969
	8,250,911		GNMA	4.500		01/20/41		9,016,440
	3,000,000	h	GNMA	5.000		01/20/41		3,316,875
	2,000,000	h	GNMA	3.500		01/15/42		2,088,750
	5,000,000	h	GNMA	4.500		01/20/42		5,445,312
			TOTAL MORTGAGE BACKED					266,712,186
MUNICIPAL BONDS - 0.2%
	600,000		Grant County Public Utility District No 2	5.630		01/01/27		679,062
	775,000		State of California	7.625		03/01/40		953,521
	775,000		State of Illinois	6.725		04/01/35		805,140
			TOTAL MUNICIPAL BONDS					2,437,723
U.S. TREASURY SECURITIES - 11.8%
	9,302,000		United States Treasury Bond	8.000		11/15/21		14,538,738
	3,902,500		United States Treasury Bond	5.250		02/15/29		5,391,546
	8,650,000		United States Treasury Bond	5.375		02/15/31		12,328,949
	507,000		United States Treasury Bond	4.500		02/15/36		663,457
	742,500		United States Treasury Bond	4.750		02/15/41		1,023,258
	15,630,000		United States Treasury Bond	4.375		05/15/41		20,365,405
	2,000,000		United States Treasury Note	1.875		06/15/12		2,016,328
	100,000		United States Treasury Note	0.250		10/31/13		100,016
	1,465,000		United States Treasury Note	2.375		08/31/14		1,543,287

49

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$250,000		United States Treasury Note	0.500	%	10/15/14	$	251,035
	2,887,000		United States Treasury Note	2.500		04/30/15		3,080,972
	9,502,000	r	United States Treasury Note	1.250		09/30/15		9,748,463
	1,000,000		United States Treasury Note	2.375		03/31/16		1,070,859
	8,840,000		United States Treasury Note	1.500		06/30/16		9,141,806
	2,475,000		United States Treasury Note	1.000		08/31/16		2,502,072
	1,065,000		United States Treasury Note	0.875		11/30/16		1,068,245
	18,830,000		United States Treasury Note	2.375		05/31/18		20,192,237
	530,000		United States Treasury Note	1.750		10/31/18		545,486
	280,000		United States Treasury Note	2.625		11/15/20		301,437
	7,068,000		United States Treasury Note	2.125		08/15/21		7,249,118
	1,796,000		United States Treasury Note	2.000		11/15/21		1,816,485
	3,046,000		United States Treasury Note	3.750		08/15/41		3,582,382
	1,000,000	j	United States Treasury Strip Principal	0.000		08/15/27		662,652
			TOTAL U.S. TREASURY SECURITIES					119,184,233
			TOTAL GOVERNMENT BONDS					448,953,545
			(Cost $426,117,003)
STRUCTURED ASSETS - 11.7%
ASSET BACKED - 6.1%
	628,770		Accredited Mortgage Loan Trust	4.330		06/25/33		502,558
			Series - 2003 1 (Class A1)
	1,000,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		993,075
			Series - 2011 1 (Class C)
	3,167,645	i	Ameriquest Mortgage Securities	0.614		05/25/35		3,087,757
			Series - 0 R3 (Class A3D)
	150,000	g,i,m	ARTS Ltd	0.796		06/15/13		142,500
			Series - 2005 BA (Class B)
	375,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		379,247
			Series - 2010 5A (Class A)
	1,051,138		Centex Home Equity	5.540		01/25/32		1,059,781
			Series - 2002 A (Class AF6)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		151,226
			Series - 2004 2 (Class 1B)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		361,297
			Series - 2004 2 (Class 1M1)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		104,801
			Series - 2002 2 (Class MF2)
	40,221		CIT Group Home Equity Loan Trust	6.830		06/25/33		556
			Series - 2002 2 (Class BF)
	708,000	i	Countrywide Asset-Backed Certificates	0.714		02/25/36		686,878
			Series - 2005 11 (Class 3AV3)
	849,668	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		833,533
			Series - 2006 15 (Class A2)
	108,298	i	Countrywide Home Equity Loan Trust	0.498		02/15/29		69,909
			Series - 2004 B (Class 1A)
	86,831	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		83,339
			Series - 2007 MX1 (Class A1)
	1,025,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		964,838
			Series - 2011 LC1A (Class C)

50

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,650,000	i	First Franklin Mortgage Loan Asset Backed Certificates	0.734	%	03/25/35	$	2,466,623
			Series - 2005 FF2 (Class M2)
	1,577,337	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		1,480,207
			Series - 2007 1A (Class AF3)
	400,000		Ford Credit Auto Owner Trust	3.210		07/15/17		403,133
			Series - 2011 A (Class D)
	7,895,952	g,i,m	Galaxy CLO Ltd	0.669		10/20/17		7,619,593
			Series - 2005 5A (Class A1)
	234,536		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		232,753
			Series - 2006 HLTV (Class A3)
	2,650,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		2,130,001
			Series - 2006 HLTV (Class A4)
	1,281,622	i	HSI Asset Securitization Corp Trust	0.654		07/25/35		1,212,445
			Series - 2005 NC1 (Class 2A3)
	3,231,482	i	HSI Asset Securitization Corp Trust	0.484		12/25/35		2,686,541
			Series - 2006 OPT1 (Class 2A3)
	2,487,250	i	JP Morgan Mortgage Acquisition Corp	0.714		09/25/35		2,065,368
			Series - 2005 WMC1 (Class M1)
	4,398,867	i	JP Morgan Mortgage Acquisition Corp	0.444		05/25/36		3,805,521
			Series - 2006 ACC1 (Class A4)
	5,147,415	i	Lehman XS Trust	0.594		11/25/35		3,567,848
			Series - 2005 5N (Class 1A1)
	1,455,921		Lehman XS Trust	6.500		06/25/46		822,429
			Series - 2006 13 (Class 2A1)
	1,112,849	i	Long Beach Mortgage Loan Trust	0.794		02/25/35		1,096,826
			Series - 2005 1 (Class M1)
	38,829	i	Morgan Stanley ABS Capital I	0.334		01/25/37		38,114
			Series - 2007 HE2 (Class A2A)
	1,990,453		Renaissance Home Equity Loan Trust	5.392		07/25/34		1,964,221
			Series - 2004 2 (Class AF4)
	1,235,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		490,248
			Series - 2006 3 (Class AF3)
	485,151		Residential Asset Mortgage Products, Inc	4.970		09/25/33		485,484
			Series - 2003 RZ5 (Class A7)
	3,505,174	i	Residential Asset Mortgage Products, Inc	0.914		11/25/34		3,205,327
			Series - 2004 RS11 (Class M1)
	272,273	i	Residential Asset Mortgage Products, Inc	0.734		07/25/35		268,529
			Series - 2005 EFC2 (Class M1)
	218,419	i	Residential Asset Securities Corp	6.489		10/25/30		198,747
			Series - 2001 KS2 (Class AI6)
	169,931	i	Residential Asset Securities Corp	0.724		04/25/35		148,705
			Series - 2005 KS3 (Class M3)
	14,225		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		14,120
			Series - 2006 HI5 (Class A2)
	1,850,000		Residential Funding Mortgage Securities II, Inc	6.130		09/25/35		1,005,192
			Series - 2005 HI3 (Class M5)
	5,353,556		Residential Funding Mortgage Securities II, Inc	5.790		02/25/36		5,354,942
			Series - 2006 HI2 (Class A3)
	794,737		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		719,274
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		433,541
			Series - 2006 HI1 (Class M1)

51

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,500,000		Residential Funding Mortgage Securities II, Inc	6.060	%	02/25/36	$	1,137,912
			Series - 2006 HI1 (Class M2)
	650,598		Saxon Asset Securities Trust	6.120		11/25/30		651,815
			Series - 2002 2 (Class AF6)
	2,730,483	i	Securitized Asset Backed Receivables LLC Trust	0.444		03/25/36		2,642,111
			Series - 2006 NC2 (Class A2)
	500,000	g	SLM Student Loan Trust	4.370		04/17/28		507,723
			Series - 2011 A (Class A2)
	340,000	g	SLM Student Loan Trust	3.740		02/15/29		331,817
			Series - 2011 B (Class A2)
	710,973	i	Soundview Home Equity Loan Trust	0.404		10/25/36		697,835
			Series - 2006 EQ1 (Class A2)
	1,304,496	i	Structured Asset Investment Loan Trust	0.694		05/25/35		1,245,402
			Series - 2005 4 (Class M1)
	455,000	g	Vornado DP LLC	5.280		09/13/28		448,544
			Series - 2010 VNO (Class C)
	766,375	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		632,260
			Series - 2006 N1 (Class N1)
	193,257	g,i	Wachovia Loan Trust	0.654		05/25/35		149,559
			Series - 2005 SD1 (Class A)
	137,511	i	Wells Fargo Home Equity Trust	0.434		07/25/36		119,536
			Series - 2006 2 (Class A3)
	200,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		220,907
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					62,122,448
OTHER MORTGAGE BACKED - 5.6%
	225,000	i	Banc of America Commercial Mortgage, Inc	4.767		07/10/43		205,722
			Series - 2005 3 (Class AJ)
	2,423,000	g,i	Banc of America Commercial Mortgage, Inc	5.317		07/10/43		2,013,935
			Series - 2005 2 (Class E)
	800,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		821,342
			Series - 2006 4 (Class AM)
	412,392	g,i	Banc of America Large Loan, Inc	0.538		03/15/22		403,649
			Series - 2005 MIB1 (Class B)
	181,665	g,i	Banc of America Large Loan, Inc	0.588		03/15/22		173,272
			Series - 2005 MIB1 (Class C)
	184,000	g,i	Banc of America Large Loan, Inc	0.638		03/15/22		173,659
			Series - 2005 MIB1 (Class D)
	152,000	g,i	Banc of America Large Loan, Inc	0.678		03/15/22		141,938
			Series - 2005 MIB1 (Class E)
	2,174,077	g,i	Banc of America Large Loan, Inc	5.898		02/15/51		2,145,447
			Series - 2010 UB3 (Class A4B3)
	100,786		Bank of America Alternative Loan Trust	5.500		09/25/19		100,592
			Series - 2004 8 (Class 3A1)
	946,267		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		844,932
			Series - 2005 AC2 (Class 1A)
	200,000		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		219,483
			Series - 2006 PW14 (Class A4)
	330,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		338,149
			Series - 2006 PW13 (Class AM)
	100,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		104,418
			Series - 2006 T24 (Class AM)

52

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$115,000	i	Bear Stearns Commercial Mortgage Securities	5.694	%	06/11/50	$	126,628
			Series - 2007 PW17 (Class A4)
	140,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		154,819
			Series - 2007 PW18 (Class A4)
	1,096,188		Citicorp Mortgage Securities, Inc	5.500		07/25/35		990,197
			Series - 2005 4 (Class 1A7)
	2,340,000	g	Commercial Mortgage Pass Through Certificates	4.305		12/10/12		2,334,146
			Series - 2011 STRT (Class B)
	1,625,000	g	Commercial Mortgage Pass Through Certificates	4.755		12/10/12		1,612,811
			Series - 2011 STRT (Class C)
	560,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		547,025
			Series - 2007 C9 (Class AM)
	436,575		Countrywide Alternative Loan Trust	5.500		08/25/16		436,271
			Series - 2004 30CB (Class 1A15)
	441,189		Countrywide Alternative Loan Trust	5.500		09/25/35		439,967
			Series - 2005 34CB (Class 1A6)
	1,726,393		Countrywide Alternative Loan Trust	5.500		10/25/35		269,438
			Series - 2005 42CB (Class A12)
	2,383,929	i	Countrywide Alternative Loan Trust	0.434		07/25/46		2,151,683
			Series - 2006 OA8 (Class 2A2)
	173,059		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		164,382
			Series - 2005 12 (Class 1A5)
	1,974,026	i	Countrywide Home Loan Mortgage Pass Through Trust	0.594		08/25/35		1,802,110
			Series - 2005 J2 (Class 3A6)
	75,049		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		74,801
			Series - 2005 J3 (Class 1A1)
	143,207	g,i	Credit Suisse Mortgage Capital Certificates	0.458		04/15/22		129,318
			Series - 2007 TF2A (Class A1)
	2,400,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		2,283,401
			Series - 2009 RR1 (Class A3C)
	170,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		173,465
			Series - 2003 C3 (Class B)
	1,855,000	i	Greenwich Capital Commercial Funding Corp	5.882		07/10/38		1,882,081
			Series - 2006 GG7 (Class AM)
	430,000	g	GS Mortgage Securities Corp II	5.148		08/10/43		403,843
			Series - 2010 C1 (Class B)
	515,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		522,113
			Series - 2010 C2 (Class B)
	305,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		275,926
			Series - 2010 C2 (Class C)
	100,053	i	GSR Mortgage Loan Trust	2.765		01/25/36		93,967
			Series - 2006 AR1 (Class 2A2)
	100,000	g,i	HVB Mortgage Capital Corp	2.326		09/10/22		96,603
			Series - 2003 FL1A (Class J)
	3,283,240	i	Impac CMB Trust	0.934		08/25/35		1,917,790
			Series - 2005 5 (Class A1)
	1,172,300	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.598		02/15/20		1,098,532
			Series - 2006 FL1A (Class D)
	3,960,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.075		11/15/43		3,854,431
			Series - 2010 C2 (Class B)
	125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.528		11/15/43		120,381
			Series - 2010 C2 (Class C)

53

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,090,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440	%	05/15/45	$	2,127,633
			Series - 2006 LDP8 (Class AM)
	310,000	g,i,m	JP Morgan Chase Commercial Mortgage Securities Corp	5.251		07/15/46		264,526
			Series - 2011 C4 (Class C)
	720,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		763,561
			Series - 2006 LDP9 (Class A3)
	1,040,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.817		06/15/49		1,105,236
			Series - 2007 LD11 (Class A4)
	95,789	i	JP Morgan Mortgage Trust	4.307		04/25/35		95,402
			Series - 2005 A2 (Class 5A1)
	200,000		LB-UBS Commercial Mortgage Trust	4.742		02/15/30		213,661
			Series - 2005 C1 (Class A4)
	1,120,000		LB-UBS Commercial Mortgage Trust	5.424		02/15/40		1,220,364
			Series - 2007 C1 (Class A4)
	320,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		341,331
			Series - 2007 C2 (Class A3)
	733,000		LB-UBS Commercial Mortgage Trust	5.455		02/15/40		731,780
			Series - 2007 C1 (Class AM)
	75,000	i	LB-UBS Commercial Mortgage Trust	5.858		07/15/40		82,155
			Series - 2007 C6 (Class A4)
	198,924		MASTER Asset Securitization Trust	5.000		05/25/35		197,829
			Series - 2005 1 (Class 2A5)
	1,388,520		MASTR Alternative Loans Trust	5.500		02/25/35		1,028,978
			Series - 2005 1 (Class 6A5)
	241,897	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		253,662
			Series - 2005 CIP1 (Class AM)
	1,445,000	i	Morgan Stanley Capital I	5.447		02/12/44		1,580,704
			Series - 2007 HQ11 (Class A4)
	420,000		Morgan Stanley Capital I	5.364		03/15/44		443,768
			Series - 2007 IQ13 (Class A4)
	82,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		68,568
			Series - 2011 C1 (Class D)
	1,242,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		1,097,594
			Series - 2011 C1 (Class C)
	125,000	i	Morgan Stanley Capital I	5.544		11/12/49		129,305
			Series - 2007 T25 (Class AM)
	1,000,000	i	Nomura Asset Securities Corp	7.070		03/15/30		1,047,331
			Series - 1998 D6 (Class A2)
	1,145,000	g,i	RBSCF Trust	4.640		04/15/24		1,143,880
			Series - 2010 MB1 (Class B)
	370,000	g,i	RBSCF Trust	4.673		04/15/24		339,472
			Series - 2010 MB1 (Class D)
	889,333		Residential Accredit Loans, Inc	5.750		05/25/35		144,856
			Series - 2005 QS6 (Class A7)
	530,081		Residential Accredit Loans, Inc	6.000		06/25/36		306,693
			Series - 2006 QS7 (Class A3)
	2,739,711	i	Residential Accredit Loans, Inc	0.484		05/25/46		1,345,250
			Series - 2006 QO5 (Class 2A1)
	1,500,000		Residential Asset Securitization Trust	5.500		02/25/35		1,141,244
			Series - 2004 A10 (Class A2)
	361,254	i	Residential Funding Mortgage Securities I, Inc	2.886		08/25/35		293,450
			Series - 2005 SA3 (Class 2A1)

54

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$63,995	i	Structured Adjustable Rate Mortgage Loan Trust	0.674	%	03/25/35	$	60,738
			Series - 2005 6XS (Class A3)
	1,643,803	i	Structured Asset Mortgage Investments, Inc	0.604		09/25/45		875,041
			Series - 2005 AR6 (Class 2A1)
	124,062	i	Wachovia Bank Commercial Mortgage Trust	4.957		08/15/35		124,442
			Series - 2003 C6 (Class A3)
	300,000		Wachovia Bank Commercial Mortgage Trust	5.246		12/15/43		303,195
			Series - 2007 C30 (Class A3)
	1,425,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		1,186,967
			Series - 2007 C30 (Class AM)
	880,000	i	Wachovia Bank Commercial Mortgage Trust	5.970		06/15/45		911,501
			Series - 2006 C26 (Class AM)
	175,000	i	Wachovia Bank Commercial Mortgage Trust	5.818		05/15/46		168,684
			Series - 2007 C34 (Class AM)
	415,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		437,859
			Series - 2007 C31 (Class A5)
	225,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		222,457
			Series - 2006 C29 (Class AM)
	2,185,000	i	Wachovia Bank Commercial Mortgage Trust	5.368		11/15/48		1,383,645
			Series - 2006 C29 (Class AJ)
	100,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		108,273
			Series - 2007 C33 (Class A4)
	1,173,410		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		1,178,316
			Series - 2005 2 (Class 1A1)
	225,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.276		10/15/57		226,571
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					56,338,589
			TOTAL STRUCTURED ASSETS					118,461,037
			(Cost $126,857,640)
			TOTAL BONDS					933,881,552
			(Cost $908,836,434)
SHARES			COMPANY
PREFERRED STOCKS - 0.1%
BANKS - 0.0%
	38,322		Federal Home Loan Mortgage Corp	8.375		12/30/49		50,968
	110,728		Federal National Mortgage Association	8.250		12/30/49		152,805
			TOTAL BANKS					203,773
DIVERSIFIED FINANCIALS - 0.1%
	54,446		GMAC Capital Trust I	8.125		02/15/40		1,052,986
			TOTAL DIVERSIFIED FINANCIALS					1,052,986
			TOTAL PREFERRED STOCKS					1,256,759
			(Cost $5,087,400)

55

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 16.2%
GOVERNMENT AGENCY DEBT - 1.8%
	$8,500,000	d	Federal Home Loan Mortgage Corp (FHLMC)	0.043	%	04/16/12	$	8,499,507
	10,000,000	d	Federal National Mortgage Association (FNMA)	0.011		03/08/12		9,999,640
			TOTAL GOVERNMENT AGENCY DEBT					18,499,147
TREASURY DEBT - 14.4%
	16,700,000	d	United States Treasury Bill	0.024		03/29/12		16,699,198
	44,600,000	d	United States Treasury Bill	0.018-0.021		04/19/12		44,597,369
	18,530,000	d	United States Treasury Bill	0.010		05/10/12		18,528,017
	24,600,000	d	United States Treasury Bill	0.020-0.026		05/17/12		24,596,777
	20,000,000	d	United States Treasury Bill	0.030		05/31/12		19,996,680
	20,000,000	d	United States Treasury Bill	0.022		06/28/12		19,994,100
			TOTAL TREASURY DEBT					144,412,141
			TOTAL SHORT-TERM INVESTMENTS					162,911,288
			(Cost $162,910,873)
			TOTAL INVESTMENTS - 112.1%					1,128,975,489
			(Cost $1,108,254,179)
			OTHER ASSETS & LIABILITIES, NET - (12.1)%					(121,650,807	)
			NET ASSETS - 100.0%				$	1,007,324,682
			Abbreviation(s):
			ABS         Asset-Based Security
			REIT        Real Estate Investment Trust
		d	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
		g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2011, the total value of these securities amounted to $146,381,187 or 14.5% 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 reflects the rate at period end.
		j	Zero coupon.
		m	Indicates a security that has been deemed illiquid.
		n	In default.
		r	All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.

56

TIAA-CREF FUNDS – Short-Term Bond Fund

TIAA-CREF FUNDS
SHORT-TERM BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.2%
CAPITAL GOODS - 0.1%
	$495,000	i	TransDigm, Inc	4.000	%	02/14/17	$	490,362
			TOTAL CAPITAL GOODS					490,362
CONSUMER SERVICES - 0.2%
	1,488,750	i	Ameristar Casinos, Inc	4.000		04/14/18		1,482,244
			TOTAL CONSUMER SERVICES					1,482,244
DIVERSIFIED FINANCIALS - 0.2%
	1,985,000	i	TransUnion LLC	4.750		02/10/18		1,975,908
			TOTAL DIVERSIFIED FINANCIALS					1,975,908
FOOD & STAPLES RETAILING - 0.3%
	1,990,000	i	Del Monte Foods Co	4.500		02/15/18		1,885,525
			TOTAL FOOD & STAPLES RETAILING					1,885,525
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	653,019	i	Fresenius US Finance I, Inc	3.500		09/10/14		649,754
	1,816,211	i	Fresenius US Finance I, Inc	3.500		09/10/14		1,807,131
	851,882	i	HCA, Inc	1.496		11/17/12		844,812
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					3,301,697
			TOTAL BANK LOAN OBLIGATIONS					9,135,736
			(Cost $9,255,823)
BONDS - 90.2%
CORPORATE BONDS - 31.4%
BANKS - 8.8%
	4,000,000	g	Australia & New Zealand Banking Group Ltd	2.400		11/23/16		3,962,227
	500,000	g,i	Banco Bradesco S.A.	2.561		05/16/14		490,766
	500,000	g	Banco Bradesco S.A.	4.125		05/16/16		504,250
	260,000	g	Banco de Bogota S.A.	5.000		01/15/17		262,062
	500,000	g	Banco de Credito del Peru	4.750		03/16/16		498,750
	500,000		Banco de Oro Unibank, Inc	3.875		04/22/16		484,403
	285,000	g	Banco do Brasil S.A.	4.500		01/22/15		294,690
	500,000		Banco do Brasil S.A.	3.875		01/23/17		494,500
	500,000	g,i	Banco Santander Chile	1.659		04/20/12		500,160
	280,000	g	Banco Santander Chile	3.750		09/22/15		279,142
	1,000,000		Bank of America Corp	4.750		08/15/13		995,186
	725,000		Bank of America Corp	3.625		03/17/16		668,291
	2,000,000		Bank of America Corp	3.750		07/12/16		1,851,838
	200,000		Bank of New York Mellon Corp	4.300		05/15/14		214,590

57

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000		Bank of New York Mellon Corp	2.300	%	07/28/16	$	1,003,102
	7,000,000	g	Bank of Nova Scotia	1.450		07/26/13		7,081,038
	4,160,000	g	Bank of Nova Scotia	1.650		10/29/15		4,154,946
	4,800,000	g	Bank of Nova Scotia	2.150		08/03/16		4,833,850
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.250		02/24/14		1,018,202
	3,250,000		Capital One Financial Corp	2.125		07/15/14		3,208,335
	1,500,000		Citigroup, Inc	6.000		12/13/13		1,552,139
	4,565,000		Citigroup, Inc	5.000		09/15/14		4,518,016
	3,100,000		Citigroup, Inc	4.750		05/19/15		3,139,553
	250,000		Deutsche Bank AG	3.875		08/18/14		254,319
	250,000		First Horizon National Corp	5.375		12/15/15		253,063
	1,000,000	g	HSBC Bank plc	1.625		08/12/13		985,050
	1,000,000	g	HSBC Bank plc	3.500		06/28/15		1,008,074
	2,297,000		JPMorgan Chase & Co	3.150		07/05/16		2,307,750
	500,000	g	National Australia Bank Ltd	2.500		01/08/13		502,555
	275,000		Northern Trust Corp	4.625		05/01/14		295,797
	4,000,000	g	Royal Bank of Canada	3.125		04/14/15		4,196,876
	500,000	g	Shinhan Bank	4.125		10/04/16		503,423
	225,000		State Street Corp	4.300		05/30/14		240,811
	1,000,000	g	Sumitomo Mitsui Banking Corp	2.150		07/22/13		1,015,301
	6,000,000	g	Toronto-Dominion Bank	1.625		09/14/16		5,921,022
	1,000,000		US Bancorp	1.125		10/30/13		1,001,870
	3,500,000		Wells Fargo & Co	2.625		12/15/16		3,497,865
	1,000,000		Westpac Banking Corp	2.100		08/02/13		1,009,769
	1,000,000		Westpac Banking Corp	3.000		08/04/15		1,011,602
	200,000		Zions Bancorporation	7.750		09/23/14		212,058
			TOTAL BANKS					66,227,241
CAPITAL GOODS - 0.8%
	50,000		Black & Decker Corp	8.950		04/15/14		57,743
	2,500,000		Caterpillar Financial Services Corp	1.550		12/20/13		2,533,913
	250,000		CRH America, Inc	4.125		01/15/16		249,602
	1,000,000		John Deere Capital Corp	2.000		01/13/17		1,014,953
	1,000,000		Lockheed Martin Corp	2.125		09/15/16		1,001,633
	1,000,000		Tyco International Finance S.A.	6.000		11/15/13		1,083,333
	75,000		Tyco International Finance S.A.	4.125		10/15/14		79,934
			TOTAL CAPITAL GOODS					6,021,111
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	1,000,000		Johnson Controls, Inc	1.750		03/01/14		1,008,645
	1,000,000		Thomson Corp	5.250		08/15/13		1,059,210
	1,000,000		Waste Management, Inc	2.600		09/01/16		1,015,026
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					3,082,881
CONSUMER DURABLES & APPAREL - 0.1%
	598,000	i	Hanesbrands, Inc	4.146		12/15/14		595,010
	200,000		Whirlpool Corp	8.000		05/01/12		204,463
			TOTAL CONSUMER DURABLES & APPAREL					799,473
CONSUMER SERVICES - 0.2%
	390,000	g	Transnet Ltd	4.500		02/10/16		394,953
	1,000,000		Walt Disney Co	0.875		12/01/14		1,004,682
			TOTAL CONSUMER SERVICES					1,399,635

58

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
DIVERSIFIED FINANCIALS - 5.1%
	$2,000,000	g	Abbey National Treasury Services plc	3.875	%	11/10/14	$	1,877,014
	250,000		American Express Centurion Bank	5.550		10/17/12		257,713
	1,000,000		American Express Credit Corp	5.875		05/02/13		1,051,155
	1,000,000		American Express Credit Corp	2.800		09/19/16		1,004,900
	1,000,000	g	American Honda Finance Corp	4.625		04/02/13		1,035,327
	500,000	g	Banco Mercantil del Norte S.A.	4.375		07/19/15		501,875
	125,000		Barclays Bank plc	5.200		07/10/14		128,853
	500,000		BlackRock, Inc	3.500		12/10/14		533,913
	2,000,000		Canadian Imperial Bank of Commerce	1.450		09/13/13		1,999,953
	1,000,000	i	Countrywide Financial Corp	0.715		05/07/12		984,403
	130,000		Credit Suisse	5.000		05/15/13		133,355
	500,000		Credit Suisse	5.500		05/01/14		519,710
	100,000		Eaton Vance Corp	6.500		10/02/17		112,230
	500,000		FIA Card Services NA	7.125		11/15/12		506,983
	1,000,000		General Electric Capital Corp	2.800		01/08/13		1,019,000
	1,250,000		General Electric Capital Corp	1.875		09/16/13		1,265,396
	500,000		General Electric Capital Corp	3.750		11/14/14		527,034
	500,000	i	Goldman Sachs Capital II	5.793		12/30/49		307,500
	650,000		Goldman Sachs Group, Inc	5.450		11/01/12		661,036
	50,000		Goldman Sachs Group, Inc	4.750		07/15/13		50,661
	3,015,000		Goldman Sachs Group, Inc	3.625		02/07/16		2,913,162
	1,350,000	g	Harley-Davidson Financial Services, Inc	3.875		03/15/16		1,398,481
	500,000		HSBC Finance Corp	4.750		07/15/13		510,572
	160,000	g	Hyundai Capital America	3.750		04/06/16		159,507
	200,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		203,972
	618,000	g	ICICI Bank Ltd	5.500		03/25/15		618,159
	500,000	g	ICICI Bank Ltd	4.750		11/25/16		475,071
	150,000	g	International Lease Finance Corp	6.500		09/01/14		153,375
	300,000		International Lease Finance Corp	5.750		05/15/16		278,263
	385,000	g	Inversiones CMPC S.A.	4.750		01/19/18		401,657
	1,000,000		Jefferies Group, Inc	3.875		11/09/15		885,000
	500,000	n	Lehman Brothers Holdings Capital Trust V	5.857		12/30/49		50
	300,000		Merrill Lynch & Co, Inc	5.450		02/05/13		302,181
	1,525,000		Morgan Stanley	6.000		05/13/14		1,539,815
	1,500,000		Morgan Stanley	2.875		07/28/14		1,412,642
	150,000		Morgan Stanley	6.000		04/28/15		150,261
	1,000,000		Morgan Stanley	3.800		04/29/16		921,314
	250,000		NASDAQ OMX Group, Inc	4.000		01/15/15		256,170
	535,000		National Rural Utilities Cooperative Finance Corp	2.625		09/16/12		541,795
	375,000		Nomura Holdings, Inc	4.125		01/19/16		365,955
	3,000,000	g	Nordea Eiendomskreditt AS.	2.125		09/22/16		3,013,635
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.152		07/19/15		514,060
	1,000,000		Rabobank Nederland NV	2.125		10/13/15		979,900
	1,000,000		Royal Bank of Scotland plc	3.400		08/23/13		972,862
	1,000,000		Toyota Motor Credit Corp	1.375		08/12/13		1,009,297
	1,000,000		UBS AG.	2.250		08/12/13		991,085
	1,000,000		Unilever Capital Corp	2.750		02/10/16		1,056,553
	1,000,000	g	Volkswagen International Finance NV	1.625		08/12/13		1,002,747
	100,000	g	WT Finance Aust Pty Ltd	5.125		11/15/14		104,771
			TOTAL DIVERSIFIED FINANCIALS					37,610,323

59

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
ENERGY - 1.8%
	$142,000		Arch Western Finance LLC	6.750	%	07/01/13	$	142,710
	1,000,000		BP Capital Markets plc	5.250		11/07/13		1,072,564
	530,000		BP Capital Markets plc	3.200		03/11/16		555,452
	2,500,000		Chesapeake Energy Corp	7.625		07/15/13		2,643,749
	350,000		ConocoPhillips	4.600		01/15/15		387,098
	500,000		Devon Energy Corp	5.625		01/15/14		545,191
	421,450		Dolphin Energy Ltd	5.888		06/15/19		457,273
	390,000	g	Empresa Nacional del Petroleo	4.875		03/15/14		410,947
	225,000		Enterprise Products Operating LLC	4.600		08/01/12		228,310
	1,150,000		EOG Resources, Inc	2.950		06/01/15		1,201,755
	500,000	g	Gaz Capital S.A.	7.510		07/31/13		528,750
	350,000	g	Gaz Capital S.A.	5.092		11/29/15		354,095
	350,000		Marathon Petroleum Corp	3.500		03/01/16		356,262
	375,000		Noble Holding International Ltd	3.450		08/01/15		390,134
	500,000	g	Novatek Finance Ltd	5.326		02/03/16		503,750
	500,000		Occidental Petroleum Corp	2.500		02/01/16		522,965
	225,000		Petrobras International Finance Co	3.875		01/27/16		231,797
	500,000		Petroleos Mexicanos	4.875		03/15/15		531,875
	500,000		Shell International Finance BV	3.100		06/28/15		536,070
	100,000		Statoil ASA	2.900		10/15/14		104,938
	1,000,000		Total Capital Canada Ltd	1.625		01/28/14		1,016,831
	475,000		Valero Energy Corp	4.500		02/01/15		508,212
	250,000		XTO Energy, Inc	4.625		06/15/13		264,115
			TOTAL ENERGY					13,494,843
FOOD & STAPLES RETAILING - 0.6%
	1,075,000		CVS Caremark Corp	3.250		05/18/15		1,133,426
	1,000,000		Kroger Co	5.000		04/15/13		1,046,150
	500,000		Safeway, Inc	3.400		12/01/16		512,784
	2,000,000		SUPERVALU, Inc	7.500		05/15/12		2,025,000
			TOTAL FOOD & STAPLES RETAILING					4,717,360
FOOD, BEVERAGE & TOBACCO - 1.4%
	700,000		Anheuser-Busch InBev Worldwide, Inc	4.125		01/15/15		754,713
	500,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		527,570
	600,000		Coca-Cola Co	1.800		09/01/16		610,291
	1,000,000		Coca-Cola Enterprises, Inc	1.125		11/12/13		1,003,190
	2,000,000		Constellation Brands, Inc	8.375		12/15/14		2,245,001
	1,000,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		1,013,848
	1,225,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		1,304,789
	135,000		General Mills, Inc	5.200		03/17/15		150,389
	1,000,000		Kraft Foods, Inc	5.250		10/01/13		1,066,691
	50,000		PepsiAmericas, Inc	5.750		07/31/12		51,506
	1,000,000		PepsiCo, Inc	0.875		10/25/13		1,004,919
	150,000		Philip Morris International, Inc	4.875		05/16/13		158,288
	250,000		Philip Morris International, Inc	6.875		03/17/14		281,260
			TOTAL FOOD, BEVERAGE & TOBACCO					10,172,455

60

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	$200,000		Becton Dickinson and Co	1.750	%	11/08/16	$	201,504
	250,000		Boston Scientific Corp	4.500		01/15/15		262,353
	131,000		CHS/Community Health Systems	8.875		07/15/15		135,258
	1,538,000		HCA, Inc	6.300		10/01/12		1,564,915
	904,000		McKesson Corp	3.250		03/01/16		956,724
	1,000,000		Medco Health Solutions, Inc	2.750		09/15/15		1,005,656
	200,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		202,400
	1,000,000		Thermo Fisher Scientific, Inc	2.050		02/21/14		1,024,167
	245,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		258,964
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					5,611,941
INSURANCE - 0.9%
	1,000,000		American International Group, Inc	3.650		01/15/14		971,190
	2,000,000		MetLife, Inc	2.375		02/06/14		2,027,906
	1,020,000		Progressive Corp	6.375		01/15/12		1,021,316
	1,000,000		Prudential Financial, Inc	5.100		09/20/14		1,075,556
	250,000		United Health Group, Inc	4.875		02/15/13		260,329
	1,500,000		Willis Group Holdings plc	4.125		03/15/16		1,523,455
			TOTAL INSURANCE					6,879,752
MATERIALS - 1.4%
	200,000		Air Products & Chemicals, Inc	4.150		02/01/13		207,594
	2,000,000		Airgas, Inc	2.850		10/01/13		2,037,512
	40,000		Airgas, Inc	4.500		09/15/14		42,382
	1,665,000	g	Anglo American Capital plc	2.150		09/27/13		1,667,766
	2,000,000		ArcelorMittal	5.375		06/01/13		2,047,396
	675,000		ArcelorMittal	3.750		08/05/15		645,284
	500,000		Bemis Co, Inc	4.875		04/01/12		504,064
	1,000,000		Bemis Co, Inc	5.650		08/01/14		1,082,176
	1,000,000	g,i	Cemex SAB de C.V.	5.579		09/30/15		743,750
	1,000,000		EI Du Pont de Nemours & Co	3.250		01/15/15		1,066,441
	500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		509,250
			TOTAL MATERIALS					10,553,615
MEDIA - 1.1%
	600,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		652,508
	2,000,000		Interpublic Group of Cos, Inc	6.250		11/15/14		2,125,000
	1,000,000		Lamar Media Corp	9.750		04/01/14		1,120,000
	1,000,000		Lamar Media Corp	6.625		08/15/15		1,017,500
	1,000,000		NBCUniversal Media LLC	3.650		04/30/15		1,055,469
	1,000,000		Time Warner Cable, Inc	7.500		04/01/14		1,119,655
	250,000		Time Warner, Inc	3.150		07/15/15		260,030
	325,000		Viacom, Inc	2.500		12/15/16		324,877
			TOTAL MEDIA					7,675,039
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
	1,000,000		Abbott Laboratories	2.700		05/27/15		1,048,793
	325,000		Eli Lilly & Co	3.550		03/06/12		326,696
	1,000,000		GlaxoSmithKline Capital, Inc	4.850		05/15/13		1,058,327
	600,000		Johnson & Johnson	2.150		05/15/16		625,775
	120,000		Life Technologies Corp	3.500		01/15/16		120,501
	1,000,000		Merck & Co, Inc	2.250		01/15/16		1,037,665

61

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$180,000	Novartis Capital Corp	4.125	%	02/10/14	$	192,586
	500,000	Novartis Capital Corp	2.900		04/24/15		529,166
	175,000	Pfizer, Inc	5.350		03/15/15		197,958
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					5,137,467
REAL ESTATE - 0.1%
	75,000	AMB Property LP	7.625		08/15/14		82,144
	335,000	HCP, Inc	3.750		02/01/16		340,851
	665,000	Health Care REIT, Inc	3.625		03/15/16		654,465
		TOTAL REAL ESTATE					1,077,460
RETAILING - 1.2%
	2,000,000	Limited Brands, Inc	5.250		11/01/14		2,080,000
	1,000,000	Macy’s Retail Holdings, Inc	5.875		01/15/13		1,029,549
	2,212,000	Macy’s Retail Holdings, Inc	5.750		07/15/14		2,352,919
	500,000	Staples, Inc	9.750		01/15/14		571,736
	2,300,000	Target Corp	1.125		07/18/14		2,316,894
	1,000,000	Wal-Mart Stores, Inc	3.000		02/03/14		1,053,109
		TOTAL RETAILING					9,404,207
SOFTWARE & SERVICES - 1.9%
	5,000,000	International Business Machines Corp	1.000		08/05/13		5,039,364
	1,610,000	International Business Machines Corp	1.950		07/22/16		1,656,949
	5,000,000	Microsoft Corp	0.875		09/27/13		5,043,425
	650,000	Microsoft Corp	1.625		09/25/15		668,719
	1,000,000	Oracle Corp	4.950		04/15/13		1,056,048
		TOTAL SOFTWARE & SERVICES					13,464,505
TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
	250,000	Amphenol Corp	4.750		11/15/14		267,868
	668,000	Cisco Systems, Inc	2.900		11/17/14		706,694
	300,000	Hewlett-Packard Co	4.250		02/24/12		301,351
	130,000	Hewlett-Packard Co	4.500		03/01/13		133,698
	100,000	Hewlett-Packard Co	4.750		06/02/14		105,606
	1,000,000	IBM International Group Capital LLC	5.050		10/22/12		1,036,266
	112,000	L-3 Communications Corp	6.375		10/15/15		114,800
	500,000	L-3 Communications Corp	3.950		11/15/16		504,662
	175,000	Xerox Corp	8.250		05/15/14		197,467
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					3,368,412
TELECOMMUNICATION SERVICES - 1.5%
	315,000	America Movil SAB de C.V.	2.375		09/08/16		314,122
	1,000,000	AT&T, Inc	2.500		08/15/15		1,035,470
	1,000,000	AT&T, Inc	2.950		05/15/16		1,042,137
	1,000,000	British Telecommunications plc	5.150		01/15/13		1,035,346
	1,000,000	Cellco Partnership	7.375		11/15/13		1,113,441
	1,000,000	France Telecom S.A.	2.125		09/16/15		990,724
	1,000,000	Telecom Italia Capital S.A.	5.250		11/15/13		960,584
	850,000	Telecom Italia Capital S.A.	6.175		06/18/14		817,585
	1,000,000	Telefonica Emisiones SAU	2.582		04/26/13		975,797
	1,000,000	Telefonica Emisiones SAU	3.729		04/27/15		958,978

62

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000		Telefonica Emisiones SAU	3.992	%	02/16/16	$	961,501
	190,000		Verizon Communications, Inc	5.250		04/15/13		200,494
	500,000	g	Vimpelcom Holdings	6.255		03/01/17		450,000
	250,000		Windstream Corp	8.125		08/01/13		267,500
			TOTAL TELECOMMUNICATION SERVICES					11,123,679
TRANSPORTATION - 0.6%
	350,000	g	Asciano Finance Ltd	3.125		09/23/15		338,465
	1,600,000		CSX Corp	5.750		03/15/13		1,684,256
	1,000,000	g	ERAC USA Finance LLC	5.800		10/15/12		1,034,557
	1,000,000	g	ERAC USA Finance LLC	2.750		07/01/13		1,016,869
	175,000		Union Pacific Corp	4.163		07/15/22		189,940
			TOTAL TRANSPORTATION					4,264,087
UTILITIES - 1.8%
	500,000	g	Abu Dhabi National Energy Co	6.600		08/01/13		528,750
	750,000	g	Abu Dhabi National Energy Co	4.125		03/13/17		754,688
	1,000,000		AES Corp	7.750		03/01/14		1,080,000
	180,000		Alliant Energy Corp	4.000		10/15/14		188,628
	250,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		281,015
	1,000,000		Commonwealth Edison Co	4.700		04/15/15		1,094,030
	1,000,000		Dominion Resources, Inc	1.800		03/15/14		1,018,171
	500,000		Duke Energy Carolinas LLC	5.750		11/15/13		543,733
	1,900,000		FPL Group Capital, Inc	2.600		09/01/15		1,917,325
	500,000	g	KazMunaiGaz Finance Sub BV	8.375		07/02/13		523,750
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,039,721
	200,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		200,251
	500,000		Korea Midland Power Co Ltd	5.375		02/11/13		513,721
	1,000,000		Northeast Utilities	5.650		06/01/13		1,057,591
	625,000		ONEOK Partners LP	5.900		04/01/12		631,895
	500,000		Pepco Holdings, Inc	2.700		10/01/15		506,439
	500,000		PG&E Corp	5.750		04/01/14		544,780
	500,000	g	Ras Laffan Liquefied Natural Gas Co Ltd	5.500		09/30/14		535,000
	250,000		Veolia Environnement	5.250		06/03/13		263,060
	450,000		Williams Partners LP	3.800		02/15/15		472,407
			TOTAL UTILITIES					13,694,955
			TOTAL CORPORATE BONDS					235,780,441
			(Cost $235,067,317)
GOVERNMENT BONDS - 47.5%
AGENCY SECURITIES - 13.7%
	1,000,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		1,016,318
	3,000,000		Federal Home Loan Bank (FHLB)	1.875		06/21/13		3,067,062
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.750		03/28/13		5,027,860
	20,000,000		FHLMC	0.550		09/30/13		19,983,620
	7,500,000		FHLMC	1.000		08/28/14		7,505,528

63

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000		Federal National Mortgage Association (FNMA)	3.625	%	02/12/13	$	2,074,102
	6,500,000		FNMA	1.250		08/20/13		6,590,974
	1,500,000		FNMA	2.750		03/13/14		1,571,799
	1,000,000		FNMA	2.500		05/15/14		1,043,683
	25,000,000		FNMA	1.125		06/27/14		25,324,424
	2,000,000		FNMA	3.000		09/16/14		2,131,914
	5,000,000		FNMA	2.625		11/20/14		5,290,120
	3,000,000		Citigroup Funding, Inc	2.250		12/10/12		3,055,713
	2,000,000		Citigroup, Inc	2.125		04/30/12		2,013,334
	2,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		1,984,180
	1,000,000		General Electric Capital Corp	2.250		03/12/12		1,004,103
	300,000		General Electric Capital Corp	2.125		12/21/12		305,581
	2,000,000		General Electric Capital Corp	2.625		12/28/12		2,047,870
	2,800,000		GMAC, Inc	1.750		10/30/12		2,836,114
	3,600,000		GMAC, Inc	2.200		12/19/12		3,668,652
	2,000,000		Private Export Funding Corp	3.550		04/15/13		2,080,486
	1,000,000		Sovereign Bancorp, Inc	2.750		01/17/12		1,000,967
	1,000,000		State Street Corp	2.150		04/30/12		1,006,744
	500,000		US Central Federal Credit Union	1.900		10/19/12		506,976
	500,000		Wells Fargo & Co	2.125		06/15/12		504,513
			TOTAL AGENCY SECURITIES					102,642,637
FOREIGN GOVERNMENT BONDS - 5.2%
	1,250,000	g	Bank of Montreal	2.625		01/25/16		1,290,333
	7,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		7,077,945
	800,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		827,401
	750,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		775,905
	1,100,000		Eksportfinans ASA	5.000		02/14/12		1,093,982
	1,014,000		Eksportfinans ASA	2.000		09/15/15		839,977
	1,000,000		Export Development Canada	2.250		05/28/15		1,048,812
	300,000		Export-Import Bank of Korea	8.125		01/21/14		331,557
	225,000		Export-Import Bank of Korea	4.125		09/09/15		230,684
	500,000		Export-Import Bank of Korea	3.750		10/20/16		501,330
	125,000		Hungary Government International Bond	4.750		02/03/15		113,750
	370,000	g	Indonesia Government International Bond	6.875		03/09/17		430,125
	410,000	g	Korea Housing Finance Corp	3.500		12/15/16		413,000
	2,280,000	g	National Bank of Canada	1.650		01/30/14		2,304,072
	420,000		Poland Government International Bond	3.875		07/16/15		427,266
	3,000,000		Province of British Columbia Canada	2.850		06/15/15		3,178,371
	3,000,000		Province of New Brunswick Canada	2.750		06/15/18		3,136,002
	2,000,000		Province of Nova Scotia Canada	2.375		07/21/15		2,084,882
	700,000		Province of Ontario Canada	2.950		02/05/15		737,175
	1,300,000		Province of Ontario Canada	2.700		06/16/15		1,361,563
	1,200,000		Province of Ontario Canada	1.600		09/21/16		1,196,305
	791,000	g	Qatar Government International Bond	4.000		01/20/15		827,782
	1,000,000	g	Qatar Government International Bond	3.125		01/20/17		1,008,700
	550,000		Republic of Italy	4.500		01/21/15		523,771
	500,000		Republic of Korea	5.750		04/16/14		542,202
	700,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		703,500
	500,000		South Africa Government International Bond	6.500		06/02/14		547,500
	4,200,000	g	Toronto-Dominion Bank	2.200		07/29/15		4,300,611
	500,000	g	Ukraine Government International Bond	6.250		06/17/16		438,750

64

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$516,000		United Mexican States	5.875	%	02/17/14	$	558,570
			TOTAL FOREIGN GOVERNMENT BONDS					38,851,823
MORTGAGE BACKED - 2.4%
	4,553,083		Federal Home Loan Mortgage Corp (FHLMC)	4.000		05/15/37		4,755,987
	38,542		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000		12/01/17		41,514
	222,583		FGLMC	5.500		01/01/19		243,957
	204,442		FGLMC	5.500		01/01/19		224,075
	10,576		Federal National Mortgage Association (FNMA)	5.000		06/01/13		11,057
	3,910,095		FNMA	4.000		10/25/24		4,125,849
	4,280,957		FNMA	4.500		10/25/28		4,453,220
	3,852,801		Government National Mortgage Association (GNMA)	2.300		10/15/19		3,850,689
			TOTAL MORTGAGE BACKED					17,706,348
MUNICIPAL BONDS - 0.1%
	500,000		New Jersey Health Care Facilities Financing Authority	5.000		07/01/16		529,840
			TOTAL MUNICIPAL BONDS					529,840
U.S. TREASURY SECURITIES - 26.1%
	140,000		United States Treasury Note	0.625		06/30/12		140,388
	60,000		United States Treasury Note	1.375		10/15/12		60,584
	22,720,000		United States Treasury Note	1.125		06/15/13		23,019,086
	575,000		United States Treasury Note	0.125		08/31/13		573,989
	7,395,000		United States Treasury Note	3.125		09/30/13		7,763,885
	3,125,000	r	United States Treasury Note	0.500		10/15/13		3,138,550
	1,980,000		United States Treasury Note	0.250		10/31/13		1,980,309
	29,700,000		United States Treasury Note	1.250		04/15/14		30,342,738
	45,000		United States Treasury Note	2.250		05/31/14		47,078
	1,635,000		United States Treasury Note	2.625		06/30/14		1,727,991
	15,000,000		United States Treasury Note	0.500		08/15/14		15,067,965
	2,991,000		United States Treasury Note	2.375		08/31/14		3,150,833
	10,000,000		United States Treasury Note	0.250		09/15/14		9,975,000
	21,278,000		United States Treasury Note	0.500		10/15/14		21,366,112
	1,865,000		United States Treasury Note	2.375		10/31/14		1,970,052
	25,000,000		United States Treasury Note	0.375		11/15/14		25,015,625
	3,967,000		United States Treasury Note	2.250		03/31/16		4,231,365
	30,289,000		United States Treasury Note	1.000		08/31/16		30,620,300
	2,038,000		United States Treasury Note	1.000		10/31/16		2,057,744
	14,042,000		United States Treasury Note	0.875		11/30/16		14,084,786
			TOTAL U.S. TREASURY SECURITIES					196,334,380
			TOTAL GOVERNMENT BONDS					356,065,028
			(Cost $351,895,245)

65

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
STRUCTURED ASSETS - 11.3%
ASSET BACKED - 10.6%
	$230,520		Aames Mortgage Trust	6.896	%	06/25/32	$	202,972
			Series - 2002 1 (Class A3)
	340,053	i	Accredited Mortgage Loan Trust	0.534		09/25/35		304,881
			Series - 2005 3 (Class A1)
	250,927	i	ACE Securities Corp	0.764		08/25/35		243,375
			Series - 2005 HE5 (Class M1)
	3,000,000	g,m	AESOP Funding II	3.270		02/20/18		3,007,343
			Series - 2011 5A (Class A)
	2,000,000		Ally Auto Receivables Trust	2.230		03/15/16		2,051,875
			Series - 2011 1 (Class A4)
	2,700,000	g	Ally Auto Receivables Trust	2.590		07/15/16		2,745,129
			Series - 2011 2 (Class B)
	3,300,000	g	Ally Auto Receivables Trust	1.900		11/15/16		3,297,870
			Series - 2011 5 (Class B)
	2,000,000		AmeriCredit Automobile Receivables Trust	2.040		09/08/15		1,997,519
			Series - 2010 3 (Class B)
	2,000,000		AmeriCredit Automobile Receivables Trust	2.330		03/08/16		2,010,472
			Series - 2011 2 (Class B)
	3,000,000		AmeriCredit Automobile Receivables Trust	2.450		12/08/16		3,000,508
			Series - 2011 5 (Class B)
	1,708,283	i	Ameriquest Mortgage Securities	0.614		05/25/35		1,665,200
			Series - 0 R3 (Class A3D)
	2,250,000	i	Asset Backed Funding Certificates	0.734		06/25/35		1,949,301
			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		516,475
			Series - 2009 2A (Class A)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC	2.090		04/20/15		1,994,473
			Series - 2010 4A (Class A)
	1,000,000		CarMax Auto Owner Trust	2.630		11/15/16		1,016,337
			Series - 2011 1 (Class B)
	155,000		CarMax Auto Owner Trust	2.830		02/15/17		160,093
			Series - 2011 1 (Class C)
	140,152		Centex Home Equity	5.540		01/25/32		141,304
			Series - 2002 A (Class AF6)
	781,576	i	Centex Home Equity	0.724		03/25/34		644,903
			Series - 2004 B (Class M1)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		75,613
			Series - 2004 2 (Class 1B)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		115,006
			Series - 2004 2 (Class 1M2)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		104,801
			Series - 2002 2 (Class MF2)
	72,317		CIT Group Home Equity Loan Trust	6.830		06/25/33		999
			Series - 2002 2 (Class BF)
	124,359		Citicorp Mortgage Securities, Inc	5.706		07/25/36		124,563
			Series - 2006 1 (Class A3)
	6,000,000		CNH Equipment Trust	1.550		11/15/17		5,996,312
			Series - 2011 C (Class A4)
	123,853	i	Countrywide Asset-Backed Certificates	4.454		10/25/35		122,337
			Series - 2005 7 (Class AF3)

66

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$126,086	i	Countrywide Asset-Backed Certificates	0.584	%	02/25/36	$	125,299
			Series - 2005 11 (Class 3AV2)
	51,495	i	Countrywide Asset-Backed Certificates	0.384		01/25/46		50,977
			Series - 2006 8 (Class 2A2)
	128,738	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		126,293
			Series - 2006 15 (Class A2)
	1,153,820		Credit-Based Asset Servicing and Securitization LLC	4.831		08/25/35		1,120,382
			Series - 2005 CB5 (Class AF2)
	134,094		Credit-Based Asset Servicing and Securitization LLC	5.844		04/25/37		132,780
			Series - 2007 CB4 (Class A2A)
	2,000,000		DaimlerChrysler Financial Auto Securitization Trust	1.650		11/08/13		1,994,213
			Series - 2010 A (Class B)
	1,051,558	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		986,804
			Series - 2007 1A (Class AF3)
	2,000,000		Ford Credit Auto Owner Trust	2.380		07/15/16		2,045,165
			Series - 2011 A (Class B)
	2,000,000	g	Ford Credit Floorplan Master Owner Trust	2.410		02/15/16		2,030,368
			Series - 2011 1 (Class B)
	3,175,000	g	Ford Credit Floorplan Master Owner Trust	4.200		02/15/17		3,412,411
			Series - 2010 3 (Class A1)
	177,008		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		175,662
			Series - 2006 HLTV (Class A3)
	2,000,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,607,548
			Series - 2006 HLTV (Class A4)
	3,170,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16		3,431,865
			Series - 2009 2A (Class A2)
	62,303		HFC Home Equity Loan Asset Backed Certificates	5.660		03/20/36		62,176
			Series - 2006 3 (Class A2F)
	868,031	i	HSI Asset Securitization Corp Trust	0.654		07/25/35		821,178
			Series - 2005 NC1 (Class 2A3)
	2,000,000		Hyundai Auto Receivables Trust	2.450		04/15/16		2,054,774
			Series - 2011 A (Class B)
	741,899	i	Long Beach Mortgage Loan Trust	0.794		02/25/35		731,217
			Series - 2005 1 (Class M1)
	2,000,000	g	MMCA Automobile Trust	2.720		10/17/16		2,060,117
			Series - 2011 A (Class B)
	24,014	i	Morgan Stanley ABS Capital I	0.334		01/25/37		23,572
			Series - 2007 HE2 (Class A2A)
	428,903	g	Morgan Stanley Capital I	2.602		09/15/47		435,283
			Series - 2011 C1 (Class A1)
	1,000,000	g	Navistar Financial Corp Owner Trust	1.080		03/18/14		998,983
			Series - 2010 B (Class A3)
	500,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		198,481
			Series - 2006 3 (Class AF3)
	3,000,000	g	Rental Car Finance Corp	2.510		02/25/16		2,992,141
			Series - 2011 1A (Class A1)
	530,773	i	Residential Asset Mortgage Products, Inc	0.594		04/25/35		451,960
			Series - 2005 RZ1 (Class A3)
	1,165,860		Residential Funding Mortgage Securities II, Inc	5.570		02/25/36		1,161,999
			Series - 2006 HI1 (Class A3)
	3,059,175		Residential Funding Mortgage Securities II, Inc	5.790		02/25/36		3,059,967
			Series - 2006 HI2 (Class A3)

67

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,033,158		Residential Funding Mortgage Securities II, Inc	5.960	%	02/25/36	$	935,056
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		379,304
			Series - 2006 HI1 (Class M2)
	650,598		Saxon Asset Securities Trust	6.120		11/25/30		651,815
			Series - 2002 2 (Class AF6)
	1,376,764	i	Securitized Asset Backed Receivables LLC Trust	0.444		03/25/36		1,332,205
			Series - 2006 NC2 (Class A2)
	2,000,000	g	SLM Student Loan Trust	4.370		04/17/28		2,030,891
			Series - 2011 A (Class A2)
	1,622,658	i	Soundview Home Equity Loan Trust	0.404		10/25/36		1,592,673
			Series - 2006 EQ1 (Class A2)
	695,731	i	Structured Asset Investment Loan Trust	0.694		05/25/35		664,214
			Series - 2005 4 (Class M1)
	202,242	i	Structured Asset Securities Corp	0.344		02/25/37		195,607
			Series - 2007 BC1 (Class A2)
	49,593	i	Structured Asset Securities Corp	0.384		02/25/37		49,215
			Series - 2007 WF1 (Class A2)
	83,848	i	Wells Fargo Home Equity Trust	0.434		07/25/36		72,888
			Series - 2006 2 (Class A3)
	2,000,000		World Financial Network Credit Card Master Trust	4.660		05/15/17		2,096,380
			Series - 2009 D (Class A)
	4,000,000		World Financial Network Credit Card Master Trust	1.680		08/15/18		3,987,454
			Series - 2011 A (Class A)
			TOTAL ASSET BACKED					79,768,979
OTHER MORTGAGE BACKED - 0.7%
	2,791,989	i	Countrywide Alternative Loan Trust	0.434		07/25/46		2,519,988
			Series - 2006 OA8 (Class 2A2)
	938	i	Greenpoint Mortgage Funding Trust	0.357		09/25/46		935
			Series - 2006 AR4 (Class A1A)
	414,231	i	Greenpoint Mortgage Funding Trust	0.374		10/25/46		393,918
			Series - 0 AR5 (Class A1A)
	61,699	i	GSR Mortgage Loan Trust	2.765		01/25/36		57,947
			Series - 2006 AR1 (Class 2A2)
	812,272		MASTER Asset Securitization Trust	5.000		05/25/35		807,802
			Series - 2005 1 (Class 2A5)
	1,355,157	i	Residential Funding Mortgage Securities I, Inc	2.886		08/25/35		1,100,806
			Series - 2005 SA3 (Class 2A1)
	558,767		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		561,103
			Series - 2005 2 (Class 1A1)
			TOTAL OTHER MORTGAGE BACKED					5,442,499
			TOTAL STRUCTURED ASSETS					85,211,478
			(Cost $87,665,242)
			TOTAL BONDS					677,056,947
			(Cost $674,627,804)

68

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	8.375	%	12/30/49	$	20,932
	55,841		Federal National Mortgage Association	8.250		12/30/49		77,060
			TOTAL BANKS					97,992
			TOTAL PREFERRED STOCKS					97,992
			(Cost $1,789,475)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 7.4%
GOVERNMENT AGENCY DEBT - 0.2%
	$1,905,000		Federal Farm Credit Bank (FFCB)	0.005		01/03/12		1,904,999
			TOTAL GOVERNMENT AGENCY DEBT					1,904,999
TREASURY DEBT - 7.2%
	26,000,000		United States Treasury Bill	0.009		02/09/12		25,999,225
	28,000,000		United States Treasury Bill	0.017		05/10/12		27,997,004
			TOTAL TREASURY DEBT					53,996,229
			TOTAL SHORT-TERM INVESTMENTS					55,901,228
			(Cost $55,902,202)
			TOTAL INVESTMENTS - 98.8%					742,191,903
			(Cost $741,575,304)
			OTHER ASSETS & LIABILITIES, NET - 1.2%					8,943,904
			NET ASSETS - 100.0%				$	751,135,807
			Abbreviation(s):
			ABS       Asset-Based Security
			REIT      Real Estate Investment Trust
		g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2011, the total value of these securities amounted to $111,780,834 or 14.9% of net assets.
		i	Floating or variable rate security. Coupon reflects the rate at period end.
		j	Zero coupon.
		m	Indicates a security that has been deemed illiquid.
		n	In default.
		r	All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.

69

TIAA-CREF FUNDS – High-Yield Fund

TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 2.0%
AUTOMOBILES & COMPONENTS - 1.1%
	$13,979,750	i	Chrysler Group LLC	6.000	%	05/24/17	$	13,200,379
			TOTAL AUTOMOBILES & COMPONENTS					13,200,379
CONSUMER SERVICES - 0.5%
	5,362,000	i	Burger King Corp	4.500		10/30/16		5,254,760
			TOTAL CONSUMER SERVICES					5,254,760
SOFTWARE & SERVICES - 0.3%
	2,947,541	i,m	IMS Health, Inc	4.500		02/26/16		2,935,574
			TOTAL SOFTWARE & SERVICES					2,935,574
UTILITIES - 0.1%
	2,046,316	i	Texas Competitive Electric Holdings Co LLC	3.726		10/10/14		1,423,377
			TOTAL UTILITIES					1,423,377
			TOTAL BANK LOAN OBLIGATIONS					22,814,090
			(Cost $24,181,795)
BONDS - 95.3%
CORPORATE BONDS - 95.0%
AUTOMOBILES & COMPONENTS - 2.6%
	5,000,000	g	Chrysler Group	8.000		06/15/19		4,575,000
	9,000,000	g	Delphi Corp	5.875		05/15/19		9,180,000
	11,250,000		Ford Motor Co	7.450		07/16/31		13,500,000
	2,760,000		Goodyear Tire & Rubber Co	8.250		08/15/20		3,008,400
			TOTAL AUTOMOBILES & COMPONENTS					30,263,400
	BANKS - 0.9%
	1,683,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		1,481,040
	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		2,768,194
	900,000		Regions Bank	6.450		06/26/37		744,750
	4,035,000	g,i	Standard Chartered plc	6.409		12/30/49		3,286,031
			TOTAL BANKS					10,215,015
CAPITAL GOODS - 7.7%
	3,000,000		Alliant Techsystems, Inc	6.750		04/01/16		3,075,000
	2,875,000		Alliant Techsystems, Inc	6.875		09/15/20		2,932,500
	4,250,000		Case New Holland, Inc	7.875		12/01/17		4,802,500
	1,975,000	g	China Liansu Group Holdings Ltd	7.875		05/13/16		1,639,250
	3,610,000	g	FMG Resources August 2006 Pty Ltd	7.000		11/01/15		3,646,100

70

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$6,500,000	g	FMG Resources August 2006 Pty Ltd	8.250	%	11/01/19	$	6,613,750
	7,250,000	g	Huntington Ingalls	6.875		03/15/18		7,105,000
	1,350,000	g	Huntington Ingalls	7.125		03/15/21		1,323,000
	4,450,000	g	Hyva Global BV	8.625		03/24/16		3,671,250
	14,200,000	g	Kinetic Concepts, Inc	10.500		11/01/18		13,916,000
	1,000,000		Russel Metals, Inc	6.375		03/01/14		1,000,000
	5,000,000		Seagate HDD Cayman	6.875		05/01/20		5,137,500
	4,975,000	g	Seagate HDD Cayman	7.000		11/01/21		5,099,375
	3,158,000	g	Sealed Air Corp	8.125		09/15/19		3,458,010
	4,158,000	g	Sealed Air Corp	8.375		09/15/21		4,594,590
	2,000,000		SPX Corp	7.625		12/15/14		2,200,000
	2,250,000		SPX Corp	6.875		09/01/17		2,430,000
	9,531,000		Tomkins LLC	9.000		10/01/18		10,567,496
	4,250,000		TransDigm, Inc	7.750		12/15/18		4,568,750
			TOTAL CAPITAL GOODS					87,780,071
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	2,500,000	g	American Achievement Corp	10.875		04/15/16		1,925,000
	3,334,000		Visant Corp	10.000		10/01/17		3,050,610
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					4,975,610
CONSUMER DURABLES & APPAREL - 1.3%
	6,000,000		Hanesbrands, Inc	8.000		12/15/16		6,525,000
	3,525,000		Hanesbrands, Inc	6.375		12/15/20		3,577,875
	4,000,000		Phillips-Van Heusen Corp	7.375		05/15/20		4,340,000
			TOTAL CONSUMER DURABLES & APPAREL					14,442,875
CONSUMER SERVICES - 6.2%
	5,875,000		AMC Entertainment Holdings, Inc	9.750		12/01/20		5,581,250
	6,970,000		Ameristar Casinos, Inc	7.500		04/15/21		7,179,100
	2,750,000		Burger King Corp	9.875		10/15/18		2,994,063
	1,000,000		Caesars Entertainment Operating Co, Inc	11.250		06/01/17		1,061,250
	9,250,000		DineEquity, Inc	9.500		10/30/18		9,932,187
	750,000		Harrahs Operating Co, Inc	12.750		04/15/18		596,250
	290,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		270,425
	2,748,000	g	Live Nation Entertainment, Inc	8.125		05/15/18		2,768,610
	6,750,000		Marina District Finance Co, Inc	9.500		10/15/15		6,311,250
	3,040,000		MGM Mirage	10.375		05/15/14		3,473,200
	1,500,000		MGM Mirage	9.000		03/15/20		1,661,250
	6,000,000		MGM Resorts International	6.625		07/15/15		5,700,000
	6,310,000		Penn National Gaming, Inc	8.750		08/15/19		6,862,125
	3,500,000		Speedway Motorsports, Inc	8.750		06/01/16		3,815,000
	3,500,000		Speedway Motorsports, Inc	6.750		02/01/19		3,535,000
	4,874,000		Wendys	10.000		07/15/16		5,361,400
	2,000,000		Wynn Las Vegas LLC	7.875		11/01/17		2,195,000
	2,000,000		Wynn Las Vegas LLC	7.750		08/15/20		2,220,000
			TOTAL CONSUMER SERVICES					71,517,360
DIVERSIFIED FINANCIALS - 6.7%
	2,000,000		American General Finance Corp	5.375		10/01/12		1,890,000
	2,415,000		American General Finance Corp	6.900		12/15/17		1,738,800

71

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000	g	CIT Group, Inc	5.250	%	04/01/14	$	1,992,500
	2,000,000	g	CIT Group, Inc	7.000		05/04/15		2,002,500
	3,000,000	g	CIT Group, Inc	7.000		05/02/16		2,996,250
	4,500,000	g	CIT Group, Inc	7.000		05/02/17		4,494,375
	2,000,000	g	CIT Group, Inc	6.625		04/01/18		2,070,000
	3,000,000	i	Citigroup Capital XXI	8.300		12/21/57		2,996,250
	1,600,000	g	CNH Capital LLC	6.250		11/01/16		1,648,000
	1,000,000		Ford Motor Credit Co LLC	7.000		04/15/15		1,075,000
	1,875,000		Ford Motor Credit Co LLC	12.000		05/15/15		2,296,856
	1,750,000		Ford Motor Credit Co LLC	5.625		09/15/15		1,811,161
	3,000,000		Ford Motor Credit Co LLC	8.000		12/15/16		3,403,827
	2,250,000		Ford Motor Credit Co LLC	8.125		01/15/20		2,648,403
	2,000,000		Ford Motor Credit Co LLC	5.750		02/01/21		2,084,262
	3,083,000		Ford Motor Credit Co LLC	5.875		08/02/21		3,213,127
	1,000,000		GMAC, Inc	6.750		12/01/14		1,005,000
	2,000,000		GMAC, Inc	8.300		02/12/15		2,110,000
	5,000,000		GMAC, Inc	8.000		03/15/20		5,125,000
	2,000,000		GMAC, Inc	7.500		09/15/20		2,020,000
	3,000,000		GMAC, Inc	8.000		11/01/31		2,895,000
	1,825,000		International Lease Finance Corp	5.625		09/20/13		1,783,938
	5,232,000		International Lease Finance Corp	8.625		09/15/15		5,362,800
	4,275,000	g	International Lease Finance Corp	6.750		09/01/16		4,381,875
	2,232,000		International Lease Finance Corp	8.750		03/15/17		2,298,960
	8,000,000		International Lease Finance Corp	6.250		05/15/19		7,390,319
	3,600,000		International Lease Finance Corp	8.250		12/15/20		3,636,000
			TOTAL DIVERSIFIED FINANCIALS					76,370,203
ENERGY - 12.5%
	1,000,000		Arch Coal, Inc	8.750		08/01/16		1,092,500
	12,500,000	g	Arch Coal, Inc	7.000		06/15/19		12,749,999
	3,855,000		Bill Barrett Corp	7.625		10/01/19		4,028,475
	5,500,000		Chaparral Energy, Inc	8.250		09/01/21		5,568,750
	1,250,000		Chesapeake Energy Corp	9.500		02/15/15		1,431,250
	2,000,000		Chesapeake Energy Corp	7.250		12/15/18		2,210,000
	1,100,000		Chesapeake Energy Corp	6.625		08/15/20		1,179,750
	2,375,000		Chesapeake Energy Corp	6.875		11/15/20		2,541,250
	4,500,000	g	Chesapeake Oilfield Operating LLC	6.625		11/15/19		4,680,000
	2,276,000		Cimarex Energy Co	7.125		05/01/17		2,372,730
	4,200,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		4,473,000
	1,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		1,080,000
	6,840,000		Consol Energy Inc	8.000		04/01/17		7,489,799
	2,500,000		Consol Energy Inc	8.250		04/01/20		2,762,500
	1,820,000		Continental Resources, Inc	7.125		04/01/21		1,974,700
	2,000,000		Encore Acquisition Co	9.500		05/01/16		2,205,000
	1,390,000		Energy Transfer Equity LP	7.500		10/15/20		1,518,575
	1,250,000		Inergy LP	7.000		10/01/18		1,268,750
	1,000,000		Inergy LP	6.875		08/01/21		1,005,000
	1,425,000		James River Coal Co	7.875		04/01/19		1,075,875
	6,750,000	g	Linn Energy LLC	6.500		05/15/19		6,699,375
	875,000		Linn Energy LLC	8.625		04/15/20		949,375
	1,000,000		Linn Energy LLC	7.750		02/01/21		1,040,000
	406,000		Lyondell Chemical Co	8.000		11/01/17		443,555

72

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,560,000		MarkWest Energy Partners LP	6.750	%	11/01/20	$	2,681,600
	4,500,000		MarkWest Energy Partners LP	6.250		06/15/22		4,702,500
	3,000,000		Newfield Exploration Co	6.625		04/15/16		3,090,000
	2,800,000		Newfield Exploration Co	6.875		02/01/20		2,996,000
	3,000,000		Newfield Exploration Co	5.750		01/30/22		3,240,000
	3,745,000		Niska Gas Storage US	8.875		03/15/18		3,660,738
	1,000,000		Peabody Energy Corp	6.500		09/15/20		1,050,000
	3,000,000		Peabody Energy Corp	4.750		12/15/41		3,060,000
	1,500,000		Pioneer Natural Resources Co	6.875		05/01/18		1,696,464
	2,665,000	g	Precision Drilling Corp	6.500		12/15/21		2,718,300
	1,941,000		Precision Drilling Trust	6.625		11/15/20		1,984,673
	1,750,000		Range Resources Corp	7.500		10/01/17		1,859,375
	1,000,000		Range Resources Corp	6.750		08/01/20		1,110,000
	1,125,000		Regency Energy Partners LP	6.875		12/01/18		1,195,313
	4,800,000		Regency Energy Partners LP	6.500		07/15/21		4,992,000
	1,500,000	g	SandRidge Energy, Inc	9.875		05/15/16		1,605,000
	3,125,000	g	SandRidge Energy, Inc	8.000		06/01/18		3,156,250
	5,175,000		SandRidge Energy, Inc	7.500		03/15/21		5,136,188
	6,850,000	g	SESI LLC	7.125		12/15/21		7,192,500
	3,000,000	g	SM Energy Co	6.500		11/15/21		3,090,000
	4,777,200		Southwestern Energy Co	7.500		02/01/18		5,505,723
	4,250,000	g	WPX Energy, Inc	5.250		01/15/17		4,271,250
			TOTAL ENERGY					141,834,082
FOOD & STAPLES RETAILING - 3.7%
	7,350,000		Ingles Markets, Inc	8.875		05/15/17		7,956,375
	1,600,000		Rite Aid Corp	10.375		07/15/16		1,700,000
	5,500,000		Rite Aid Corp	7.500		03/01/17		5,493,125
	2,500,000		Rite Aid Corp	8.000		08/15/20		2,762,500
	3,800,000		Stater Bros Holdings, Inc	7.375		11/15/18		4,009,000
	1,600,000		Stater Brothers Holdings	7.750		04/15/15		1,642,000
	6,050,000		SuperValu, Inc	7.500		11/15/14		6,155,875
	4,000,000		SuperValu, Inc	8.000		05/01/16		4,130,000
	7,720,000		Susser Holdings LLC	8.500		05/15/16		8,327,950
			TOTAL FOOD & STAPLES RETAILING					42,176,825
FOOD, BEVERAGE & TOBACCO - 1.0%
	3,825,000		Del Monte Corp	7.625		02/15/19		3,672,000
	1,634,000		Smithfield Foods, Inc	7.750		07/01/17		1,789,230
	5,112,000		TreeHouse Foods, Inc	7.750		03/01/18		5,533,740
			TOTAL FOOD, BEVERAGE & TOBACCO					10,994,970
HEALTH CARE EQUIPMENT & SERVICES - 7.3%
	3,500,000		Apria Healthcare Group, Inc	11.250		11/01/14		3,613,750
	4,265,000		Apria Healthcare Group, Inc	12.375		11/01/14		3,913,138
	1,650,000	g	CHS	8.000		11/15/19		1,666,500
	8,550,000		CHS/Community Health Systems	8.875		07/15/15		8,827,875
	3,550,000		DaVita, Inc	6.375		11/01/18		3,634,313
	2,045,000		DaVita, Inc	6.625		11/01/20		2,101,238
	10,768,000		Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		11,467,919
	1,250,000		Endo Pharmaceuticals Holdings, Inc	7.000		12/15/20		1,328,125
	1,100,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		1,098,625

73

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,350,000	g	Fresenius Medical Care US Finance, Inc	6.500	%	09/15/18	$	1,414,125
	2,200,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		2,466,750
	705,000		HCA Holdings, Inc	7.750		05/15/21		717,338
	98,000		HCA, Inc	9.875		02/15/17		107,065
	6,000,000		HCA, Inc	8.500		04/15/19		6,569,999
	6,500,000		HCA, Inc	7.875		02/15/20		7,020,000
	13,600,000		HCA, Inc	7.500		02/15/22		13,906,000
	900,000		HCA, Inc	7.500		11/06/33		778,500
	4,300,000		Healthsouth Corp	7.250		10/01/18		4,267,749
	3,750,000		Healthsouth Corp	7.750		09/15/22		3,689,063
	2,295,000		LifePoint Hospitals, Inc	6.625		10/01/20		2,378,194
	1,000,000		Tenet Healthcare Corp	10.000		05/01/18		1,142,500
	1,750,000		Tenet Healthcare Corp	6.875		11/15/31		1,435,000
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					83,543,766
HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
	5,000,000	g	Reynolds Group Issuer, Inc	8.750		10/15/16		5,262,500
	7,581,000		Spectrum Brands Holdings, Inc	9.500		06/15/18		8,291,719
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					13,554,219
INSURANCE - 0.5%
	1,975,000		American Financial Group, Inc	9.875		06/15/19		2,297,203
	4,000,000	i	American International Group, Inc	8.175		05/15/58		3,560,000
			TOTAL INSURANCE					5,857,203
MATERIALS - 7.5%
	480,000		Ball Corp	7.375		09/01/19		525,600
	3,570,000		Celanese US Holdings LLC	6.625		10/15/18		3,793,125
	3,750,000	g	Cemex SAB de C.V.	9.500		12/14/16		3,290,625
	3,320,000	g	Cemex SAB de C.V.	9.000		01/11/18		2,647,700
	1,640,000		CF Industries, Inc	6.875		05/01/18		1,877,800
	2,000,000		CF Industries, Inc	7.125		05/01/20		2,365,000
	4,500,000	g	CommScope, Inc	8.250		01/15/19		4,500,000
	2,000,000		Crown Americas LLC	6.250		02/01/21		2,090,000
	3,402,000	g	Fibria Overseas Finance Ltd	6.750		05/04/20		3,104,325
	2,000,000	g	Fibria Overseas Finance Ltd	7.500		05/04/20		1,955,000
	6,922,000	g	Georgia Gulf Corp	9.000		01/15/17		7,320,015
	2,000,000		Georgia-Pacific LLC	8.875		05/15/31		2,749,128
	4,513,000		Graphic Packaging International, Inc	9.500		06/15/17		4,941,735
	4,000,000		Graphic Packaging International, Inc	7.875		10/01/18		4,260,000
	1,260,000		Greif, Inc	6.750		02/01/17		1,316,700
	600,000		Greif, Inc	7.750		08/01/19		648,000
	2,775,000	g	Ineos Group Holdings PLC	9.000		05/15/15		2,816,625
	2,500,000		Lafarge S.A.	7.125		07/15/36		2,207,330
	4,090,000	g	Longview Fibre Paper & Packaging, Inc	8.000		06/01/16		4,090,000
	3,700,000	g	LyondellBasell Industries NV	6.000		11/15/21		3,838,750
	3,110,000		Momentive Performance Materials, Inc	9.000		01/15/21		2,363,600
	1,050,000	g	Sappi Papier Holding AG.	6.625		04/15/21		900,375
	1,000,000		Silgan Holdings, Inc	7.250		08/15/16		1,067,500
	2,960,000		Solutia, Inc	8.750		11/01/17		3,233,800
	5,000,000		Solutia, Inc	7.875		03/15/20		5,437,500
	272,000		Steel Dynamics, Inc	6.750		04/01/15		278,120

74

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,250,000		Steel Dynamics, Inc	7.625	%	03/15/20	$	1,318,750
	5,210,000		Verso Paper Holdings LLC	11.375		08/01/16		2,136,100
	5,600,000		Verso Paper Holdings LLC	8.750		02/01/19		3,416,000
	6,750,000		Vulcan Materials Co	6.500		12/01/16		6,969,375
			TOTAL MATERIALS					87,458,578
MEDIA - 7.3%
	7,000,000		AMC Entertainment, Inc	8.750		06/01/19		7,244,999
	2,835,000		Cablevision Systems Corp	8.625		09/15/17		3,139,763
	6,600,000		CCO Holdings LLC	7.000		01/15/19		6,880,500
	5,375,000		CCO Holdings LLC	8.125		04/30/20		5,885,625
	5,450,000		CCO Holdings LLC	6.500		04/30/21		5,518,125
	4,733,000		Cinemark USA, Inc	8.625		06/15/19		5,147,138
	350,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		376,250
	2,950,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		3,186,000
	5,500,000	g	CSC Holdings LLC	6.750		11/15/21		5,788,750
	3,000,000		DISH DBS Corp	7.750		05/31/15		3,300,000
	6,000,000		DISH DBS Corp	6.750		06/01/21		6,465,000
	3,000,000		Echostar DBS Corp	6.625		10/01/14		3,202,500
	2,000,000	g	Kabel BW Erste Beteiligungs	7.500		03/15/19		2,100,000
	4,860,000		Lamar Media Corp	6.625		08/15/15		4,945,050
	5,225,000		Lamar Media Corp	7.875		04/15/18		5,538,500
	3,000,000		Nexstar Broadcasting, Inc	8.875		04/15/17		3,075,000
	5,630,000		Nielsen Finance LLC	7.750		10/15/18		6,080,400
	2,000,000		Regal Entertainment Group	9.125		08/15/18		2,145,000
	3,170,000	g	Univision Communications, Inc	7.875		11/01/20		3,217,550
			TOTAL MEDIA					83,236,150
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.8%
	6,250,000	g	Convatec Healthcare	10.500		12/15/18		5,578,125
	4,000,000	g	Mylan, Inc	7.625		07/15/17		4,365,000
	2,000,000	g	Mylan, Inc	6.000		11/15/18		2,057,500
	1,500,000	g	Mylan, Inc	7.875		07/15/20		1,655,625
	7,195,000		NBTY, Inc	9.000		10/01/18		7,914,500
	4,760,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		4,754,050
	2,510,000	g	Valeant Pharmaceuticals International	7.000		10/01/20		2,478,625
	3,000,000	g	Valeant Pharmaceuticals International	7.250		07/15/22		2,910,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					31,713,425
REAL ESTATE - 1.3%
	6,005,000		DuPont Fabros Technology LP	8.500		12/15/17		6,425,350
	7,500,000	g	Host Hotels & Resorts LP	5.875		06/15/19		7,631,250
	1,000,000	g	Host Hotels & Resorts LP	6.000		10/01/21		1,025,000
			TOTAL REAL ESTATE					15,081,600
RETAILING - 3.7%
	4,500,000	g	Ace Hardware Corp	9.125		06/01/16		4,770,000
	5,000,000		AmeriGas Partners LP	6.250		08/20/19		4,975,000
	4,500,000		Asbury Automotive Group, Inc	8.375		11/15/20		4,612,500
	2,000,000		AutoNation, Inc	6.750		04/15/18		2,100,000
	2,180,000		Ferrellgas LP	6.500		05/01/21		1,918,400
	1,440,000		Ferrellgas Partners LP	9.125		10/01/17		1,504,800

75

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,275,000		JC Penney Corp, Inc	5.650	%	06/01/20	$	1,249,500
	3,000,000		JC Penney Corp, Inc	6.375		10/15/36		2,508,750
	1,875,000		Limited Brands, Inc	7.000		05/01/20		2,029,688
	1,000,000		Limited Brands, Inc	6.625		04/01/21		1,060,000
	5,000,000	g	QVC, Inc	7.125		04/15/17		5,300,000
	4,600,000	g	QVC, Inc	7.500		10/01/19		4,933,500
	5,000,000	g	Sally Holdings LLC	6.875		11/15/19		5,225,000
			TOTAL RETAILING					42,187,138
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
	6,750,000	g	Hynix Semiconductor, Inc	7.875		06/27/17		6,885,000
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					6,885,000
SOFTWARE & SERVICES - 1.4%
	500,000	g	Fidelity National Information Services, Inc	7.625		07/15/17		538,750
	4,500,000		Fidelity National Information Services, Inc	7.625		07/15/17		4,871,250
	800,000	g	First Data Corp	7.375		06/15/19		752,000
	3,000,000	g	IMS Health, Inc	12.500		03/01/18		3,375,000
	1,000,000		SunGard Data Systems, Inc	4.875		01/15/14		1,001,250
	875,000		SunGard Data Systems, Inc	10.625		05/15/15		931,875
	5,000,000		SunGard Data Systems, Inc	7.375		11/15/18		5,118,750
			TOTAL SOFTWARE & SERVICES					16,588,875
TECHNOLOGY HARDWARE & EQUIPMENT - 2.1%
	4,580,000		Brocade Communications Systems, Inc	6.625		01/15/18		4,763,200
	2,475,000		Jabil Circuit, Inc	5.625		12/15/20		2,518,313
	860,000	g	Scientific Games Corp	7.875		06/15/16		870,750
	2,500,000		Scientific Games Corp	8.125		09/15/18		2,562,500
	9,861,000		Scientific Games Corp	9.250		06/15/19		10,452,660
	3,000,000	g	Seagate Technology HDD Holdings	7.750		12/15/18		3,191,250
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					24,358,673
TELECOMMUNICATION SERVICES - 6.6%
	5,000,000		CenturyLink, Inc	6.450		06/15/21		5,009,210
	5,000,000		CenturyTel, Inc	7.600		09/15/39		4,906,325
	1,300,000		Citizens Communications Co	7.125		03/15/19		1,267,500
	2,000,000		Cricket Communications, Inc	7.750		05/15/16		2,065,000
	5,000,000		Frontier Communications Corp	7.875		04/15/15		5,068,750
	3,000,000		Intelsat Bermuda Ltd	11.250		02/04/17		2,902,500
	3,000,000	g	Intelsat Jackson Holdings Ltd	7.250		04/01/19		3,045,000
	5,000,000		Intelsat Jackson Holdings Ltd	8.500		11/01/19		5,300,000
	4,000,000		Intelsat Jackson Holdings S.A.	7.250		10/15/20		4,060,000
	5,000,000		Qwest Corp	6.750		12/01/21		5,450,000
	7,724,000		Sprint Capital Corp	6.900		05/01/19		6,352,990
	2,557,000		Sprint Capital Corp	6.875		11/15/28		1,825,059
	4,800,000		Sprint Capital Corp	8.750		03/15/32		3,882,000
	4,500,000	g	Sprint Nextel Corp	9.000		11/15/18		4,725,000
	2,525,000		Syniverse Holdings, Inc	9.125		01/15/19		2,663,875
	6,850,000	g	VIP Finance Ireland Ltd	7.748		02/02/21		5,865,313
	2,750,000		Virgin Media Finance plc	9.500		08/15/16		3,086,875
	3,000,000		Virgin Media Finance plc	8.375		10/15/19		3,292,500
	2,500,000		Windstream Corp	7.875		11/01/17		2,706,250

76

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,105,000		Windstream Corp	8.125	%	09/01/18	$	1,183,731
	400,000		Windstream Corp	7.750		10/15/20		413,500
	2,000,000		Windstream Corp	7.500		04/01/23		1,975,000
			TOTAL TELECOMMUNICATION SERVICES					77,046,378
TRANSPORTATION - 2.4%
	2,652,301		Avis Budget Car Rental LLC	9.625		03/15/18		2,745,132
	4,000,000	g	Bombardier, Inc	7.500		03/15/18		4,280,000
	4,000,000	g	Bombardier, Inc	7.750		03/15/20		4,360,000
	5,278,000		Bristow Group, Inc	7.500		09/15/17		5,489,120
	3,000,000		Hertz Corp	7.500		10/15/18		3,135,000
	6,000,000		Hertz Corp	6.750		04/15/19		6,015,000
	2,000,000		Hertz Corp	7.375		01/15/21		2,032,500
			TOTAL TRANSPORTATION					28,056,752
UTILITIES - 7.2%
	2,813,000		AES Corp	7.750		03/01/14		3,038,040
	5,600,000		AES Corp	8.000		10/15/17		6,160,000
	2,395,000	g	AES Corp	7.375		07/01/21		2,580,613
			Calpine Construction Finance Co LP and CCFC Finance
	2,000,000	g	Corp	8.000		06/01/16		2,160,000
	6,000,000	g	Calpine Corp	7.250		10/15/17		6,300,000
	2,000,000	g	Calpine Corp	7.875		07/31/20		2,155,000
	6,000,000	g	Calpine Corp	7.500		02/15/21		6,419,999
	3,885,000	g	Calpine Corp	7.875		01/15/23		4,176,375
	2,000,000		CMS Energy Corp	6.550		07/17/17		2,149,456
	6,800,000		Crosstex Energy, Inc	8.875		02/15/18		7,429,000
	1,942,000		Edison Mission Energy	7.000		05/15/17		1,262,300
	2,750,000		El Paso Corp	7.750		01/15/32		3,176,250
	2,000,000	g	Ipalco Enterprises, Inc	7.250		04/01/16		2,160,000
	3,000,000	g	NRG Energy, Inc	7.625		05/15/19		2,940,000
	5,000,000		NRG Energy, Inc	8.500		06/15/19		5,075,000
	5,570,000	g	NRG Energy, Inc	7.875		05/15/21		5,430,750
	2,335,000		Questar Market Resources, Inc	6.875		03/01/21		2,515,963
	2,100,000		Reliant Energy, Inc	7.625		06/15/14		2,100,000
	1,927,000		Sabine Pass LNG LP	7.250		11/30/13		1,946,270
	7,070,000		Sabine Pass LNG LP	7.500		11/30/16		7,105,349
	7,530,000	g	Texas Competitive Electric Holdings Co LLC	11.500		10/01/20		6,391,088
			TOTAL UTILITIES					82,671,453
			TOTAL CORPORATE BONDS					1,088,809,621
			(Cost $1,071,900,762)
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		3,350,620
			Series - 2006 LDP8 (Class AJ)
			TOTAL OTHER MORTGAGE BACKED					3,350,620
			TOTAL STRUCTURED ASSETS					3,350,620
			(Cost $3,638,525)
			TOTAL BONDS					1,092,160,241
			(Cost $1,075,539,287)

77

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	8.125	%	02/15/40	$	2,367,990
			TOTAL DIVERSIFIED FINANCIALS					2,367,990
			TOTAL PREFERRED STOCKS					2,367,990
			(Cost $3,061,000)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 1.6%
TREASURY DEBT - 1.6%
	$14,400,000		United States Treasury Bill	0.019		03/29/12		14,399,309
	4,150,000		United States Treasury Bill	0.030		06/14/12		4,149,062
			TOTAL TREASURY DEBT					18,548,371
			TOTAL SHORT-TERM INVESTMENTS					18,548,371
			(Cost $18,548,706)
			TOTAL INVESTMENTS - 99.1%					1,135,890,692
			(Cost $1,121,330,788)
			OTHER ASSETS & LIABILITIES, NET - 0.9%					10,823,893
			NET ASSETS - 100.0%				$	1,146,714,585
		g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2011, the total value of these securities amounted to $329,064,383 or 28.7% of net assets.
		i	Floating or variable rate security. Coupon reflects the rate at period end.
		m	Indicates a security that has been deemed illiquid.

78

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

TIAA-CREF FUNDS
TAX-EXEMPT BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2011

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 95.8%
ALABAMA - 0.9%
	$1,025,000	Alabama Public School & College Authority	5.000	%	05/01/19	$	1,263,282
	1,785,000	Southeast Alabama Gas District	5.000		06/01/18		1,932,280
		TOTAL ALABAMA					3,195,562
ALASKA - 0.2%
	560,000	Alaska Railroad Corp	5.250		08/01/16		645,490
		TOTAL ALASKA					645,490
ARIZONA - 1.9%
	1,110,000	Arizona School Facilities Board	5.750		09/01/18		1,332,899
	1,225,000	Arizona School Facilities Board	5.000		09/01/19		1,421,404
	2,000,000	City of Tucson AZ	5.000		07/01/20		2,409,140
	1,260,000	Tucson AZ	5.250		07/01/14		1,364,051
		TOTAL ARIZONA					6,527,494
ARKANSAS - 0.7%
	1,000,000	Arkansas Development Finance Authority	5.500		12/01/18		1,219,500
	1,110,000	North Little Rock AR	6.500		07/01/15		1,184,603
		TOTAL ARKANSAS					2,404,103
CALIFORNIA - 9.1%
	1,000,000	California Health Facilities Financing Authority	5.000		08/15/21		1,167,710
	2,000,000	California State Department of Water Resources	5.000		05/01/20		2,482,080
	1,000,000	City of Los Angeles CA	5.000		09/01/22		1,197,130
	1,000,000	City of Los Angeles CA	5.000		09/01/23		1,179,400
	2,000,000	County of San Bernardino CA	5.250		08/01/19		2,304,220
	10,000	Delta Counties Home Mortgage Finance Authority, AMT	6.700		06/01/24		10,218
	2,500,000	East Side Union High School District-Santa Clara County	5.250		02/01/23		2,801,050
	2,250,000	Los Angeles Unified School District, COP	5.000		10/01/17		2,534,805
	635,000	Sacramento City Financing Authority	5.400		11/01/20		707,454
	1,855,000	State of California	5.000		03/01/17		2,162,873
	375,000	State of California	5.000		03/01/18		442,939
	1,000,000	State of California	5.000		11/01/18		1,200,990
	1,000,000	State of California	5.000		03/01/19		1,189,520
	1,430,000	State of California	5.000		07/01/19		1,751,493
	850,000	State of California	5.250		02/01/20		1,025,415
	2,000,000	State of California	5.250		10/01/22		2,422,719
	1,710,000	West Contra Costa Unified School District	5.700		02/01/21		2,089,483
	1,450,000	West Contra Costa Unified School District	6.000		08/01/21		1,816,444

79

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$1,810,000	West Contra Costa Unified School District	5.700	%	02/01/22	$	2,205,666
		TOTAL CALIFORNIA					30,691,609
COLORADO - 2.2%
	2,045,000	Colorado Health Facilities Authority	5.000		02/01/25		2,235,062
	1,375,000	Denver City & County School District No	5.000		12/01/23		1,733,518
	1,000,000	Denver City & County School District No	5.500		12/01/23		1,312,070
	1,000,000	Jefferson County Colorado School District	5.000		12/15/23		1,255,590
	200,000	Rangely Hospital District	3.000		11/01/14		202,050
	350,000	Rangely Hospital District	5.000		11/01/15		374,693
	350,000	Rangely Hospital District	5.000		11/01/16		377,443
		TOTAL COLORADO					7,490,426
CONNECTICUT - 1.7%
	1,000,000	State of Connecticut	5.000		05/15/21		1,253,960
	1,250,000	State of Connecticut	5.000		11/01/23		1,531,612
	1,250,000	State of Connecticut	5.000		11/01/24		1,507,325
	1,250,000	State of Connecticut	5.000		11/01/25		1,485,863
		TOTAL CONNECTICUT					5,778,760
DELAWARE - 1.3%
	1,500,000	State of Delaware	5.000		07/01/22		1,857,645
	1,000,000	State of Delaware	5.000		07/01/23		1,215,730
	1,000,000	State of Delaware	5.000		07/01/24		1,204,570
		TOTAL DELAWARE					4,277,945
DISTRICT OF COLUMBIA - 0.6%
	2,000,000	District of Columbia	5.000		10/01/24		2,153,200
		TOTAL DISTRICT OF COLUMBIA					2,153,200
FLORIDA - 5.5%
	1,485,000	Broward County School Board, COP	5.250		07/01/16		1,691,905
	1,500,000	City of Jacksonville FL	5.000		10/01/19		1,772,730
	450,000	City of Jacksonville FL	5.000		10/01/19		542,750
	552,000	City of Lakeland FL, ETM	5.750		10/01/19		625,681
	345,000	County of Brevard FL	5.000		07/01/16		407,259
	845,000	County of Brevard FL	5.000		07/01/16		930,395
	1,365,000	County of Brevard FL	5.000		01/01/21		1,705,471
	1,000,000	County of Miami-Dade FL	5.000		07/01/17		1,181,440
	1,000,000	County of Orange FL	5.000		10/01/21		1,192,940
	1,000,000	County of Orange FL	5.250		10/01/22		1,215,470
	1,600,000	First Governmental Financing Commission	5.500		07/01/15		1,742,640
	2,200,000	Florida Department of Transportation	5.000		07/01/18		2,552,462
	1,000,000	Florida State Department of Management Services	5.000		08/01/18		1,174,460
	1,000,000	State of Florida	5.000		06/01/19		1,228,700
	535,000	Town of Jupiter FL	5.500		07/01/21		673,437
		TOTAL FLORIDA					18,637,740

80

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
GEORGIA - 1.4%
	$435,000	Cherokee County Water & Sewer Authority	5.500	%	08/01/18	$	501,777
	215,000	City of Atlanta GA	5.500		11/01/17		258,252
	75,000	City of Atlanta GA	5.500		11/01/19		91,250
	125,000	City of Atlanta GA	5.500		11/01/22		150,381
	1,000,000	Gwinnett County Water & Sewerage Authority	5.000		08/01/20		1,279,620
	1,000,000	Gwinnett County Water & Sewerage Authority	5.000		08/01/21		1,286,300
	635,000	Metropolitan Atlanta Rapid Transit Authority	6.250		07/01/18		718,039
	480,000	Municipal Electric Authority of Georgia	6.500		01/01/17		550,248
		TOTAL GEORGIA					4,835,867
HAWAII - 1.4%
	1,000,000	State of Hawaii	5.000		12/01/22		1,239,930
	1,000,000	State of Hawaii	5.000		12/01/24		1,206,440
	2,000,000	State of Hawaii	5.000		12/01/25		2,382,100
		TOTAL HAWAII					4,828,470
ILLINOIS - 7.7%
	2,045,000	Chicago Board of Education	5.000		12/01/17		2,367,803
	1,230,000	Chicago Board of Education	6.000		01/01/20		1,417,329
	1,665,000	Chicago Board of Education	5.000		12/01/21		1,900,947
	1,000,000	Chicago Public Building Commission	5.250		03/01/24		1,118,330
	1,000,000	Chicago State University	5.500		12/01/23		1,144,710
	970,000	Chicago Transit Authority	5.000		12/01/22		1,135,152
	465,000	Chicago Transit Authority	5.250		12/01/23		545,794
	1,220,000	Chicago Transit Authority	5.250		12/01/24		1,411,760
	470,000	City of Chicago IL	5.000		01/01/21		541,981
	470,000	Cook County Community Consolidated School District No 64, GO	5.500		12/01/14		521,545
	250,000	Cook-Kane Lake & Mchenry Counties Community College District No 512	5.000		12/01/18		306,273
	200,000	Illinois Municipal Electric Agency	5.250		02/01/17		229,640
	115,000	Madison-Bond Etc Counties Community Unit School District No 5, GO	5.000		02/01/19		125,345
	1,650,000	Regional Transportation Authority	6.000		06/01/23		2,058,408
	1,500,000	State of Illinois	5.000		06/15/19		1,814,415
	2,045,000	State of Illinois	5.000		01/01/20		2,213,671
	1,835,000	State of Illinois	5.000		01/01/20		2,078,650
	1,650,000	State of Illinois	5.000		01/01/20		1,866,596
	1,000,000	State of Illinois	5.250		01/01/20		1,148,820
	1,020,000	State of Illinois	6.250		12/15/20		1,166,248
	875,000	State of Illinois	5.000		04/01/21		954,091
		TOTAL ILLINOIS					26,067,508
INDIANA - 4.0%
	770,000	Franklin Community Multi-School Building Corp	5.000		07/15/22		897,543
	1,000,000	Griffith Multi-School Building Corp	5.000		07/15/15		1,129,390
	1,520,000	Hammond Multi-School Building Corp	5.000		07/15/17		1,762,683
	2,120,000	Indiana Bond Bank	5.250		04/01/19		2,477,770
	250,000	Indiana Finance Authority	5.000		09/15/17		264,825
	250,000	Indiana Finance Authority	5.000		09/15/18		262,743

81

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$250,000	Indiana Finance Authority	5.000	%	09/15/19	$	259,190
	320,000	Indiana State Finance Authority Revenue	5.000		02/01/15		360,602
	500,000	Indiana University	5.000		08/01/19		624,820
	500,000	Indiana University	5.000		08/01/20		631,550
	500,000	Indiana University	5.000		08/01/21		634,065
	1,940,000	Indianapolis Local Public Improvement Bond Bank	5.500		01/01/21		2,381,389
	400,000	Lawrence Township School Building Corp	5.000		07/10/19		472,320
	535,000	New Albany Floyd County School Building Corp	5.000		07/15/15		590,560
	625,000	South Bend Redevelopment Authority	5.750		08/15/18		766,844
		TOTAL INDIANA					13,516,294
KENTUCKY - 0.3%
	500,000	Lexington-Fayette Urban County Government Public Facilities Corp	5.000		06/01/17		569,605
	500,000	Lexington-Fayette Urban County Government Public Facilities Corp	5.000		06/01/21		574,340
		TOTAL KENTUCKY					1,143,945
LOUISIANA - 0.3%
	1,000,000	Louisiana Public Facilities Authority	5.250		10/01/24		1,135,360
		TOTAL LOUISIANA					1,135,360
MAINE - 0.7%
	90,000	Maine Health & Higher Educational Facilities Authority	5.000		07/01/15		96,012
	1,000,000	Maine Health & Higher Educational Facilities Authority	5.000		07/01/20		1,145,680
	1,000,000	Maine Health & Higher Educational Facilities Authority	5.000		07/01/22		1,113,390
		TOTAL MAINE					2,355,082
MARYLAND - 0.5%
	500,000	Maryland Health & Higher Educational Facilities Authority	5.000		05/15/23		581,070
	1,000,000	Maryland Health & Higher Educational Facilities Authority	5.000		05/15/25		1,129,030
		TOTAL MARYLAND					1,710,100
MASSACHUSETTS - 2.7%
	2,000,000	Commonwealth of Massachusetts	5.000		08/01/20		2,515,300
	1,200,000	Commonwealth of Massachusetts	5.250		09/01/22		1,547,256
	2,135,000	Commonwealth of Massachusetts	5.250		09/01/23		2,750,392
	500,000	Massachusetts Bay Transportation Authority	5.250		07/01/20		636,585
	1,000,000	Massachusetts Bay Transportation Authority	5.500		07/01/22		1,298,880
	470,000	Massachusetts Housing Finance Agency	4.700		12/01/16		478,714
		TOTAL MASSACHUSETTS					9,227,127
MICHIGAN - 2.1%
	100,000	Detroit MI	0.438		07/01/32		86,510
	450,000	Forest Hills Public Schools, GO	5.000		05/01/15		508,194
	1,130,000	Michigan Municipal Bond Authority	5.000		05/01/19		1,134,848
	1,005,000	Michigan Municipal Bond Authority	5.000		10/01/19		1,242,873
	250,000	Michigan State Building Authority	5.000		10/15/19		291,803
	1,000,000	Michigan State Building Authority	5.000		10/15/20		1,169,270
	565,000	State of Michigan	5.250		05/15/18		686,955

82

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$1,485,000	State of Michigan	5.500	%	11/01/18	$	1,852,419
		TOTAL MICHIGAN					6,972,872
MINNESOTA - 1.3%
	1,000,000	Minnesota Public Facilities Authority	5.000		03/01/16		1,166,850
	1,715,000	University of Minnesota	5.000		08/01/21		2,124,079
	1,000,000	University of Minnesota	5.000		12/01/25		1,203,530
		TOTAL MINNESOTA					4,494,459
MISSISSIPPI - 1.1%
	2,100,000	Mississippi Development Bank Special Obligation	5.000		07/01/17		2,388,477
	590,000	Mississippi Development Bank Special Obligation	5.000		11/01/17		663,650
	500,000	University of Mississippi Educational Building Corp	5.000		10/01/23		598,360
		TOTAL MISSISSIPPI					3,650,487
MISSOURI - 0.5%
	1,640,000	St Louis Regional Convention & Sports Complex Authority	5.250		08/15/14		1,761,016
		TOTAL MISSOURI					1,761,016
NEW JERSEY - 4.5%
	25,000	Garden State Preservation Trust	5.125		11/01/18		30,910
	500,000	New Jersey Educational Facilities Authority	5.000		07/01/16		568,470
	500,000	New Jersey Educational Facilities Authority	5.000		07/01/17		577,890
	1,115,000	New Jersey Environmental Infrastructure Trust	5.250		09/01/21		1,446,490
	45,000	New Jersey State Turnpike Authority	6.500		01/01/16		53,719
	25,000	New Jersey State Turnpike Authority	6.500		01/01/16		30,606
	95,000	New Jersey State Turnpike Authority	6.500		01/01/16		105,166
	50,000	New Jersey State Turnpike Authority	6.500		01/01/16		54,494
	1,815,000	New Jersey Transportation Trust Fund Authority	5.250		12/15/19		2,178,381
	500,000	New Jersey Transportation Trust Fund Authority	5.000		06/15/20		589,620
	1,025,000	New Jersey Transportation Trust Fund Authority	5.250		12/15/20		1,228,750
	2,000,000	New Jersey Transportation Trust Fund Authority	5.750		06/15/23		2,453,140
	1,000,000	New Jersey Transportation Trust Fund Authority	5.250		06/15/23		1,151,850
	1,000,000	New Jersey Transportation Trust Fund Authority	5.250		06/15/24		1,137,960
	1,000,000	Newark Housing Authority	5.250		01/01/22		1,042,630
	2,000,000	State of New Jersey	5.250		08/01/22		2,512,400
		TOTAL NEW JERSEY					15,162,476
NEW YORK - 12.3%
	1,000,000	City of New York NY	5.000		10/01/23		1,194,820
	150,000	County of Onondaga NY	5.000		12/01/20		183,254
	100,000	County of Onondaga NY	5.000		12/01/21		122,502
	195,000	Lackawanna Housing Authority	5.000		09/01/16		220,506
	1,000,000	Metropolitan Transportation Authority	5.000		11/15/20		1,219,780
	1,000,000	Metropolitan Transportation Authority	5.250		11/15/20		1,212,900
	2,000,000	Metropolitan Transportation Authority	5.250		11/15/23		2,410,720
	2,000,000	New York City Health & Hospital Corp	5.000		02/15/20		2,320,380
	1,500,000	New York City Transitional Finance Authority	5.000		11/01/20		1,869,120

83

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$1,500,000	New York City Transitional Finance Authority	5.000	%	11/01/21	$	1,878,180
	2,000,000	New York City Transitional Finance Authority	5.000		11/01/23		2,433,000
	1,050,000	New York State Dormitory Authority	5.000		01/15/16		1,181,712
	1,000,000	New York State Dormitory Authority	5.000		07/01/16		1,115,880
	500,000	New York State Dormitory Authority	5.000		07/01/17		519,175
	1,000,000	New York State Dormitory Authority	5.000		02/15/19		1,174,730
	500,000	New York State Dormitory Authority	5.000		07/01/19		565,930
	1,405,000	New York State Dormitory Authority	5.000		07/01/19		1,640,393
	2,000,000	New York State Dormitory Authority	5.000		03/15/20		2,490,699
	750,000	New York State Dormitory Authority	4.000		05/01/20		803,708
	1,100,000	New York State Dormitory Authority	5.000		07/01/20		1,258,477
	500,000	New York State Dormitory Authority	5.000		11/01/20		583,315
	750,000	New York State Dormitory Authority	4.000		05/01/21		800,498
	500,000	New York State Dormitory Authority	5.000		11/01/21		582,655
	1,175,000	New York State Dormitory Authority	5.000		02/15/24		1,355,268
	250,000	New York State Environmental Facilities Corp	5.000		08/15/19		313,733
	250,000	New York State Environmental Facilities Corp	5.000		08/15/20		314,227
	130,000	New York State Thruway Authority	5.500		04/01/12		131,622
	1,000,000	New York State Thruway Authority	5.000		04/01/21		1,223,540
	1,100,000	New York State Urban Development Corp	5.000		03/15/18		1,339,998
	2,000,000	New York State Urban Development Corp	5.000		03/15/20		2,490,700
	1,635,000	Port Authority of New York & New Jersey, AMT	5.000		09/15/20		1,935,742
	1,000,000	State of New York	5.000		12/15/20		1,258,560
	1,000,000	State of New York	5.000		12/15/22		1,246,830
	2,000,000	Tobacco Settlement Financing Corp	5.000		06/01/18		2,372,240
		TOTAL NEW YORK					41,764,794
NORTH CAROLINA - 2.2%
	540,000	City of Charlotte NC	5.000		07/01/22		639,878
	1,000,000	City of Charlotte NC	5.000		07/01/23		1,167,690
	500,000	City of Charlotte NC	5.000		07/01/25		568,330
	1,000,000	County of New Hanover NC	5.000		12/01/20		1,256,590
	485,000	North Carolina Eastern Municipal Power Agency	5.000		01/01/21		612,671
	1,500,000	State of North Carolina	5.000		03/01/19		1,885,021
	1,000,000	State of North Carolina	5.000		05/01/25		1,165,090
		TOTAL NORTH CAROLINA					7,295,270
OHIO - 5.7%
	1,445,000	Cincinnati City School District	5.250		06/01/23		1,718,004
	2,000,000	City of Cincinnati OH	5.000		12/01/21		2,530,540
	1,500,000	City of Columbus OH	5.000		07/01/21		1,897,530
	1,500,000	County of Lucas OH	5.000		11/15/22		1,683,555
	1,000,000	Ohio Air Quality Development Authority	5.625		06/01/18		1,119,740
	1,000,000	Ohio State Water Development Authority	5.500		06/01/22		1,307,570
	25,000	Ohio State Water Development Authority, ETM	6.000		12/01/16		28,046
	150,000	State of Ohio	5.000		05/01/17		179,643
	1,000,000	State of Ohio	5.000		09/15/20		1,250,060
	1,000,000	State of Ohio	5.000		08/01/21		1,251,260
	1,200,000	State of Ohio	5.000		01/01/23		1,343,688
	1,000,000	State of Ohio	5.000		01/01/24		1,106,700

84

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$4,000,000		State of Ohio, AMT	4.950	%	09/01/20	$	4,037,880
			TOTAL OHIO					19,454,216
OKLAHOMA - 0.9%
	1,000,000		Oklahoma Turnpike Authority	5.000		01/01/24		1,183,350
	500,000		Oklahoma Turnpike Authority	5.000		01/01/25		581,700
	1,000,000		Oklahoma Turnpike Authority	5.000		01/01/25		1,163,400
			TOTAL OKLAHOMA					2,928,450
OREGON - 0.3%
	740,000		State of Oregon	5.000		05/01/21		932,237
			TOTAL OREGON					932,237
PENNSYLVANIA - 3.0%
	1,120,000		Carbon County Hospital Authority	5.400		11/15/14		1,157,610
	350,000		Commonwealth of Pennsylvania	5.000		01/01/16		405,951
	1,925,000		Commonwealth of Pennsylvania	5.000		02/15/19		2,389,540
	280,000		Pennsylvania Economic Development Financing Authority, AMT	6.250		11/01/31		281,865
	1,545,000		Philadelphia Hospitals & Higher Education Facilities Authority	4.000		07/01/23		1,648,067
	2,000,000		Philadelphia School District	5.000		09/01/20		2,258,920
	1,425,000		Philadelphia School District, GO	5.000		06/01/24		1,570,578
	415,000		Pittsburgh Urban Redevelopment Authority	6.500		09/01/13		440,643
			TOTAL PENNSYLVANIA					10,153,174
PUERTO RICO - 6.3%
	510,000		Commonwealth of Puerto Rico	5.000		07/01/13		535,255
	1,000,000		Commonwealth of Puerto Rico	5.250		07/01/16		1,096,480
	1,500,000		Commonwealth of Puerto Rico	5.500		07/01/19		1,676,235
	2,000,000		Commonwealth of Puerto Rico	5.500		07/01/20		2,230,899
	250,000		Commonwealth of Puerto Rico	5.500		07/01/21		276,043
	1,250,000		Government Development Bank for Puerto Rico	5.000		12/01/16		1,359,650
	3,370,000		Puerto Rico Commonwealth Infrastructure Financing Authority	5.500		07/01/19		3,789,397
	1,000,000		Puerto Rico Highway & Transportation Authority	5.500		07/01/21		1,104,170
	145,000		Puerto Rico Highway & Transportation Authority	5.250		07/01/22		189,389
	255,000		Puerto Rico Highway & Transportation Authority	5.250		07/01/22		287,918
	1,225,000		Puerto Rico Infrastructure Financing Authority	5.500		07/01/18		1,377,451
	5,000		Puerto Rico Public Buildings Authority	5.500		07/01/13		5,374
	1,500,000		Puerto Rico Public Buildings Authority	6.000		07/01/20		1,715,296
	475,000		Puerto Rico Public Buildings Authority	6.250		07/01/21		557,056
	250,000		Puerto Rico Public Finance Corp	6.000		08/01/24		278,895
	1,000,000		Puerto Rico Public Finance Corp	6.000		08/01/25		1,109,010
	3,130,000	i	Puerto Rico Public Finance Corp	5.750		08/01/27		3,139,265
	685,000	i	Puerto Rico Public Finance Corp	5.250		08/01/31		686,781
			TOTAL PUERTO RICO					21,414,564
RHODE ISLAND - 1.4%
	315,000		Providence Housing Authority	5.000		09/01/18		345,369
	790,000		Rhode Island State & Providence Plantations, COP	5.250		10/01/14		867,396

85

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$800,000	Rhode Island State & Providence Plantations, COP	5.000	%	10/01/16	$	912,248
	2,000,000	State of Rhode Island	5.000		08/01/21		2,453,840
		TOTAL RHODE ISLAND					4,578,853
SOUTH CAROLINA - 1.3%
	315,000	County of Richland SC	4.600		09/01/12		321,738
	750,000	Lexington County Health Services District, Inc	5.000		11/01/19		865,732
	750,000	Lexington County Health Services District, Inc	5.000		11/01/21		862,980
	1,120,000	Scago Educational Facilities Corp for Colleton School District	5.000		12/01/16		1,297,240
	1,000,000	Scago Public Facilities Corp for Georgetown County	5.000		12/01/19		1,146,620
		TOTAL SOUTH CAROLINA					4,494,310
SOUTH DAKOTA - 0.2%
	500,000	State of South Dakota	6.700		09/01/17		583,625
		TOTAL SOUTH DAKOTA					583,625
TENNESSEE - 0.8%
	1,000,000	Memphis-Shelby County Airport Authority, AMT	5.625		07/01/20		1,153,310
	1,500,000	Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd	6.000		12/01/16		1,657,605
		TOTAL TENNESSEE					2,810,915
TEXAS - 2.8%
	970,000	Bexar Metropolitan Water District	5.000		05/01/17		1,095,276
	725,000	County of Harris TX	5.000		08/15/16		848,932
	160,000	Harris County Flood Control District	5.000		10/01/14		178,259
	1,515,000	Lower Colorado River Authority	6.000		01/01/17		1,873,569
	500,000	Lower Colorado River Authority	5.000		05/15/21		604,205
	500,000	Lower Colorado River Authority	5.000		05/15/22		587,765
	500,000	Lower Colorado River Authority	5.000		05/15/23		575,345
	1,000,000	Lubbock Health Facilities Development Corp	5.000		07/01/19		1,141,170
	310,000	North Central Texas Health Facility Development Corp	5.500		06/01/21		388,067
	1,000,000	State of Texas	5.000		10/01/22		1,237,300
	630,000	Tarrant County Health Facilities Development Corp	6.000		09/01/24		820,651
		TOTAL TEXAS					9,350,539
UTAH - 1.1%
	1,000,000	State of Utah	5.000		07/01/18		1,241,480
	1,000,000	State of Utah	5.000		07/01/21		1,282,000
	900,000	Utah State Board of Regents	5.000		08/01/22		1,042,515
		TOTAL UTAH					3,565,995
VIRGINIA - 0.5%
	320,000	Tobacco Settlement Financing Corp	5.500		06/01/26		352,682
	1,000,000	Virginia College Building Authority	5.000		02/01/23		1,240,480
		TOTAL VIRGINIA					1,593,162

86

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
WASHINGTON - 2.2%
	$3,150,000		Port of Seattle WA	5.500	%	09/01/17	$	3,710,857
	500,000		State of Washington	5.000		06/01/24		596,780
	600,000		Washington Economic Development Finance Authority	5.000		06/01/16		691,686
	560,000		Washington Higher Education Facilities Authority	5.000		05/01/18		652,058
	290,000		Washington Higher Education Facilities Authority	5.000		05/01/19		339,921
	625,000		Washington Higher Education Facilities Authority	5.000		05/01/20		734,025
	660,000		Washington Higher Education Facilities Authority	5.000		05/01/21		776,015
			TOTAL WASHINGTON					7,501,342
WISCONSIN - 2.2%
	1,040,000		State of Wisconsin	5.000		05/01/19		1,279,346
	2,000,000		State of Wisconsin	5.000		05/01/21		2,502,140
	1,000,000		State of Wisconsin	5.000		05/01/21		1,251,070
	2,000,000		State of Wisconsin	5.000		05/01/24		2,402,360
			TOTAL WISCONSIN					7,434,916
			TOTAL LONG-TERM MUNICIPAL BONDS					324,519,754
			(Cost $302,568,166)
			TOTAL INVESTMENTS - 95.8%					324,519,754
			(Cost $302,568,166)
			OTHER ASSETS & LIABILITIES, NET - 4.2%					14,191,265
			NET ASSETS - 100.0%				$	338,711,019
			Abbreviation(s):
			AMT     Alternative Minimum Tax (subject to)
			COP      Certificate of Participation
			ETM     Escrowed to Maturity
			GO        General Obligation
		i	Floating or variable rate security. Coupon reflects the rate at period end.

87

TIAA-CREF FUNDS – Inflation-Linked Bond Fund

TIAA-CREF FUNDS
INFLATION-LINKED BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 97.2%
GOVERNMENT BONDS - 97.2%
U.S. TREASURY SECURITIES - 97.2%
	$34,576,208	k	United States Treasury Inflation Indexed Bonds	0.625	%	04/15/13	$	35,159,681
	51,928,906	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/13		54,302,212
	53,328,778	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/14		56,474,323
	34,991,645	k	United States Treasury Inflation Indexed Bonds	1.250		04/15/14		36,667,430
	55,929,930	k	United States Treasury Inflation Indexed Bonds	2.000		07/15/14		60,260,137
	36,255,604	k	United States Treasury Inflation Indexed Bonds	1.625		01/15/15		39,102,248
	38,337,325	k	United States Treasury Inflation Indexed Bonds	0.500		04/15/15		40,113,417
	41,173,304	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/15		45,406,413
	42,816,851	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/16		47,857,850
	53,234,434	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/16		55,496,898
	40,749,225	k	United States Treasury Inflation Indexed Bonds	2.500		07/15/16		47,129,006
	34,839,816	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/17		40,441,397
	32,948,821	k	United States Treasury Inflation Indexed Bonds	2.625		07/15/17		39,221,980
	31,958,868	k	United States Treasury Inflation Indexed Bonds	1.625		01/15/18		36,393,161
	30,794,353	k	United States Treasury Inflation Indexed Bonds	1.375		07/15/18		34,864,997
	31,003,840	k	United States Treasury Inflation Indexed Bonds	2.125		01/15/19		36,850,978
	33,841,616	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/19		39,872,293
	40,051,293	k	United States Treasury Inflation Indexed Bonds	1.375		01/15/20		45,602,162
	80,564,036	k	United States Treasury Inflation Indexed Bonds	1.250		07/15/20		91,125,497
	68,401,765	k	United States Treasury Inflation Indexed Bonds	1.125		01/15/21		76,283,974
	63,225,892	k	United States Treasury Inflation Indexed Bonds	0.625		07/15/21		67,636,910
	61,089,385	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/25		77,669,410
	38,853,469	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/26		47,759,422
	33,132,763	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/27		42,790,433
	33,534,762	k	United States Treasury Inflation Indexed Bonds	1.750		01/15/28		40,328,167
	40,689,600	k	United States Treasury Inflation Indexed Bonds	3.625		04/15/28		60,500,349
	33,949,505	k	United States Treasury Inflation Indexed Bonds	2.500		01/15/29		45,293,427
	45,713,151	k	United States Treasury Inflation Indexed Bonds	3.875		04/15/29		71,230,369
	12,411,285	k	United States Treasury Inflation Indexed Bonds	3.375		04/15/32		19,116,284
	28,813,243	k	United States Treasury Inflation Indexed Bonds	2.125		02/15/40		38,666,018
	45,255,078	k	United States Treasury Inflation Indexed Bonds	2.125		02/15/41		61,126,170
	8,000,000		United States Treasury Note	0.250		09/15/14		7,980,000
	2,100,000		United States Treasury Note	1.000		08/31/16		2,122,970
	2,000,000		United States Treasury Note	2.250		07/31/18		2,127,188
			TOTAL U.S. TREASURY SECURITIES					1,542,973,171
			TOTAL GOVERNMENT BONDS					1,542,973,171
			(Cost $1,390,554,365)
			TOTAL BONDS					1,542,973,171
			(Cost $1,390,554,365)

88

TIAA-CREF FUNDS – Inflation-Linked Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 1.7%
TREASURY DEBT - 1.7%
	$6,400,000		United States Treasury Bill	0.019	%	03/29/12	$	6,399,693
	20,000,000		United States Treasury Bill	0.030		06/14/12		19,995,480
			TOTAL TREASURY DEBT					26,395,173
			TOTAL SHORT-TERM INVESTMENTS					26,395,173
			(Cost $26,396,845)
			TOTAL INVESTMENTS - 98.9%					1,569,368,344
			(Cost $1,416,951,210)
			OTHER ASSETS & LIABILITIES, NET - 1.1%					17,661,382
			NET ASSETS - 100.0%				$	1,587,029,726
		k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

89

TIAA-CREF FUNDS – Bond Index Fund

TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 99.2%
CORPORATE BONDS - 20.8%
AUTOMOBILES & COMPONENTS - 0.1%
	$50,000		BorgWarner, Inc	4.625	%	09/15/20	$	53,131
	400,000		Honeywell International, Inc	5.400		03/15/16		465,204
	400,000		Honeywell International, Inc	5.000		02/15/19		465,556
	282,000		Honeywell International, Inc	5.700		03/15/37		353,276
	210,000		Johnson Controls, Inc	5.500		01/15/16		234,969
	150,000		Johnson Controls, Inc	2.600		12/01/16		151,324
	160,000		Johnson Controls, Inc	4.250		03/01/21		170,971
	120,000		Johnson Controls, Inc	6.000		01/15/36		138,818
			TOTAL AUTOMOBILES & COMPONENTS					2,033,249
BANKS - 2.7%
	100,000		Allied World Assurance Co Ltd	7.500		08/01/16		112,856
	650,000		American Express Bank FSB	5.500		04/16/13		679,415
	1,800,000		Asian Development Bank	0.875		06/10/14		1,809,673
	1,750,000		Asian Development Bank	2.500		03/15/16		1,856,898
	75,000		Asian Development Bank	5.820		06/16/28		97,236
	500,000		Banco do Brasil S.A.	3.875		01/23/17		494,500
	100,000		BanColombia S.A.	4.250		01/12/16		99,000
	1,500,000		Bank of America Corp	4.900		05/01/13		1,501,214
	470,000		Bank of America Corp	4.500		04/01/15		453,543
	2,045,000		Bank of America Corp	3.700		09/01/15		1,902,710
	550,000		Bank of America Corp	3.625		03/17/16		506,980
	1,200,000		Bank of America Corp	6.500		08/01/16		1,208,484
	585,000		Bank of America Corp	5.300		03/15/17		527,618
	575,000		Bank of America Corp	6.000		09/01/17		561,561
	590,000		Bank of America Corp	5.750		12/01/17		557,267
	320,000		Bank of America Corp	5.650		05/01/18		304,881
	600,000		Bank of America Corp	5.490		03/15/19		517,147
	700,000		Bank of America Corp	5.875		01/05/21		666,279
	100,000		Bank of New York Mellon Corp	1.500		01/31/14		100,691
	530,000		Bank of New York Mellon Corp	4.300		05/15/14		568,662
	300,000		Bank of New York Mellon Corp	1.700		11/24/14		301,627
	1,150,000		Bank of New York Mellon Corp	2.300		07/28/16		1,153,567
	295,000		Bank of New York Mellon Corp	5.450		05/15/19		336,296
	1,120,000		Bank One Corp	5.250		01/30/13		1,158,076
	190,000	i	BB&T Capital Trust IV	6.820		06/12/57		191,188
	500,000		BB&T Corp	5.200		12/23/15		535,299
	100,000		BB&T Corp	3.200		03/15/16		104,243
	70,000		BB&T Corp	4.900		06/30/17		74,503
	400,000		BB&T Corp	6.850		04/30/19		488,094
	150,000		BBVA US Senior SAU	3.250		05/16/14		142,084
	460,000		BHP Billiton Finance Ltd	5.400		03/29/17		533,447

90

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$400,000	BHP Billiton Finance USA Ltd	5.500	%	04/01/14	$	439,683
	300,000	BHP Billiton Finance USA Ltd	1.875		11/21/16		303,038
	450,000	BHP Billiton Finance USA Ltd	6.500		04/01/19		556,000
	100,000	BHP Billiton Finance USA Ltd	3.250		11/21/21		102,960
	810,000	Capital One Bank USA NA	8.800		07/15/19		926,632
	370,000	Capital One Capital V	8.875		05/15/40		384,020
	250,000	Capital One Financial Corp	3.150		07/15/16		251,070
	200,000	Citigroup, Inc	5.850		07/02/13		205,602
	1,600,000	Citigroup, Inc	6.000		12/13/13		1,655,614
	1,460,000	Citigroup, Inc	5.500		10/15/14		1,500,949
	1,750,000	Citigroup, Inc	3.953		06/15/16		1,743,968
	650,000	Citigroup, Inc	6.000		08/15/17		681,175
	315,000	Citigroup, Inc	6.125		11/21/17		336,178
	570,000	Citigroup, Inc	6.125		05/15/18		606,683
	2,310,000	Citigroup, Inc	5.375		08/09/20		2,375,305
	1,000,000	Citigroup, Inc	4.500		01/14/22		962,023
	1,070,000	Citigroup, Inc	6.875		03/05/38		1,175,516
	250,000	Comerica Bank	5.750		11/21/16		273,991
	50,000	Comerica Bank	5.200		08/22/17		54,076
	200,000	Compass Bank	5.500		04/01/20		193,388
	400,000	Deutsche Bank AG	4.875		05/20/13		408,882
	700,000	Deutsche Bank AG	3.875		08/18/14		712,093
	900,000	Deutsche Bank AG	3.450		03/30/15		914,528
	200,000	Deutsche Bank AG	3.250		01/11/16		202,728
	215,000	Discover Bank	7.000		04/15/20		224,948
	450,000	Fifth Third Bancorp	3.625		01/25/16		456,566
	140,000	Fifth Third Bancorp	8.250		03/01/38		171,337
	250,000	Fifth Third Bank	4.750		02/01/15		258,970
	100,000	First Horizon National Corp	5.375		12/15/15		101,225
	200,000	First Niagara Financial Group, Inc	7.250		12/15/21		204,777
	600,000	HSBC Bank USA NA	4.625		04/01/14		613,075
	750,000	HSBC Bank USA NA	4.875		08/24/20		695,952
	266,000	HSBC Bank USA NA	5.875		11/01/34		256,621
	33,000	HSBC Bank USA NA	7.000		01/15/39		35,781
	150,000	HSBC Holdings plc	4.875		01/14/22		158,534
	1,325,000	HSBC Holdings plc	6.500		09/15/37		1,307,896
	150,000	HSBC Holdings plc	6.100		01/14/42		170,020
	340,000	JP Morgan Chase Capital XXV	6.800		10/01/37		341,275
	2,475,000	JPMorgan Chase & Co	2.050		01/24/14		2,476,870
	634,000	JPMorgan Chase & Co	5.125		09/15/14		668,427
	225,000	JPMorgan Chase & Co	3.700		01/20/15		233,281
	610,000	JPMorgan Chase & Co	3.400		06/24/15		621,815
	700,000	JPMorgan Chase & Co	5.150		10/01/15		742,966
	250,000	JPMorgan Chase & Co	3.450		03/01/16		253,988
	300,000	JPMorgan Chase & Co	3.150		07/05/16		301,404
	335,000	JPMorgan Chase & Co	6.000		01/15/18		373,752
	180,000	JPMorgan Chase & Co	4.950		03/25/20		191,316
	700,000	JPMorgan Chase & Co	4.400		07/22/20		714,851
	1,820,000	JPMorgan Chase & Co	4.250		10/15/20		1,832,782
	150,000	JPMorgan Chase & Co	4.625		05/10/21		155,197
	1,950,000	JPMorgan Chase & Co	4.350		08/15/21		1,969,318
	1,108,000	JPMorgan Chase & Co	5.500		10/15/40		1,148,120

91

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$200,000		JPMorgan Chase & Co	5.400	%	01/06/42	$	208,717
	50,000		KeyBank NA	5.800		07/01/14		53,384
	600,000		KeyCorp	3.750		08/13/15		622,180
	150,000		KeyCorp	5.100		03/24/21		155,769
	150,000		M&I Marshall & Ilsley Bank	5.000		01/17/17		158,192
	280,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		263,376
	100,000		Noble Holding International Ltd	6.200		08/01/40		112,623
	600,000		Nordic Investment Bank	3.625		06/17/13		625,893
	500,000		Nordic Investment Bank	2.250		03/15/16		523,634
	400,000		Northern Trust Corp	4.625		05/01/14		430,251
	580,000		PNC Funding Corp	5.400		06/10/14		634,268
	700,000		PNC Funding Corp	2.700		09/19/16		712,583
	645,000		PNC Funding Corp	5.125		02/08/20		728,832
	50,000		PNC Funding Corp	4.375		08/11/20		54,062
	250,000		Royal Bank of Scotland Group plc	6.400		10/21/19		234,047
	250,000		Sovereign Bank	8.750		05/30/18		278,747
	350,000		State Street Corp	4.300		05/30/14		374,595
	300,000		SunTrust Bank	7.250		03/15/18		342,019
	100,000		SunTrust Banks, Inc	3.600		04/15/16		101,834
	150,000		SunTrust Banks, Inc	3.500		01/20/17		150,773
	100,000		SunTrust Banks, Inc	6.000		09/11/17		109,873
	50,000		SVB Financial Group	5.375		09/15/20		51,224
	200,000		Svenska Handelsbanken AB	3.125		07/12/16		201,150
	315,000		Union Bank of California NA	5.950		05/11/16		340,893
	60,000		UnionBanCal Corp	5.250		12/16/13		61,732
	150,000		US Bancorp	2.125		02/15/13		152,450
	400,000		US Bancorp	2.000		06/14/13		406,525
	300,000		US Bancorp	2.200		11/15/16		302,882
	970,000		US Bank NA	6.300		02/04/14		1,064,670
	240,000		USB Capital XIII Trust	6.625		12/15/39		243,830
	1,029,000		Wachovia Bank NA	4.800		11/01/14		1,081,280
	900,000		Wachovia Bank NA	5.600		03/15/16		963,763
	1,110,000		Wachovia Bank NA	5.850		02/01/37		1,161,689
	800,000		Wachovia Corp	5.500		05/01/13		844,079
	350,000		Wells Fargo & Co	3.676		06/15/16		365,749
	300,000		Wells Fargo & Co	5.125		09/15/16		322,574
	1,200,000		Wells Fargo & Co	4.600		04/01/21		1,316,018
	264,000		Wells Fargo & Co	5.375		02/07/35		283,727
	1,670,000		Wells Fargo Bank NA	4.750		02/09/15		1,742,293
	20,000		Western Union Co	5.930		10/01/16		22,535
	100,000		Western Union Co	3.650		08/22/18		102,529
	400,000		Western Union Co	5.253		04/01/20		450,628
	100,000		Westpac Banking Corp	1.850		12/09/13		100,092
	1,455,000		Westpac Banking Corp	3.000		08/04/15		1,471,881
	150,000		Westpac Banking Corp	3.000		12/09/15		150,729
	75,000		Westpac Banking Corp	4.875		11/19/19		79,794
	185,000		Zions Bancorporation	7.750		09/23/14		196,154
			TOTAL BANKS					73,548,727
CAPITAL GOODS - 0.7%
	165,000		Agilent Technologies, Inc	2.500		07/15/13		166,558
	50,000		Agilent Technologies, Inc	6.500		11/01/17		57,902

92

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		Agilent Technologies, Inc	5.000	%	07/15/20	$	111,973
	200,000		Applied Materials, Inc	4.300		06/15/21		212,392
	100,000		Applied Materials, Inc	5.850		06/15/41		113,972
	100,000		Arrow Electronics, Inc	6.875		07/01/13		107,512
	225,000		Avnet, Inc	6.625		09/15/16		251,702
	115,000		Black & Decker Corp	8.950		04/15/14		132,809
	100,000		Cameron International Corp	6.375		07/15/18		118,428
	100,000		Cameron International Corp	5.950		06/01/41		115,161
	100,000		Carlisle Cos, Inc	5.125		12/15/20		109,785
	136,000		Caterpillar Financial Services Corp	6.125		02/17/14		150,576
	150,000		Caterpillar Financial Services Corp	1.375		05/20/14		151,878
	250,000		Caterpillar Financial Services Corp	2.050		08/01/16		256,638
	500,000		Caterpillar Financial Services Corp	5.850		09/01/17		595,759
	200,000		Caterpillar Financial Services Corp	5.450		04/15/18		233,797
	1,361,000		Caterpillar Financial Services Corp	7.150		02/15/19		1,743,149
	50,000		Caterpillar, Inc	5.700		08/15/16		58,673
	200,000		Caterpillar, Inc	3.900		05/27/21		219,572
	10,000		Caterpillar, Inc	7.300		05/01/31		14,508
	150,000		Caterpillar, Inc	5.200		05/27/41		179,669
	75,000		CRH America, Inc	5.300		10/15/13		77,898
	150,000		CRH America, Inc	4.125		01/15/16		149,761
	350,000		CRH America, Inc	6.000		09/30/16		373,876
	450,000		Danaher Corp	5.625		01/15/18		529,009
	218,000		Deere & Co	5.375		10/16/29		273,954
	150,000		Dover Corp	5.450		03/15/18		176,448
	100,000		Dover Corp	5.375		03/01/41		122,272
	200,000		Eaton Corp	5.600		05/15/18		236,611
	300,000		Emerson Electric Co	5.250		10/15/18		354,783
	400,000		Emerson Electric Co	4.875		10/15/19		468,228
	100,000	g	Energizer Holdings, Inc	4.700		05/19/21		105,240
	400,000		General Dynamics Corp	5.250		02/01/14		436,451
	11,000		General Dynamics Corp	5.375		08/15/15		12,574
	300,000		General Dynamics Corp	2.250		07/15/16		309,579
	1,050,000		General Electric Co	5.000		02/01/13		1,094,200
	550,000		General Electric Co	5.250		12/06/17		631,269
	265,000		Goodrich Corp	6.125		03/01/19		322,302
	25,000		Goodrich Corp	4.875		03/01/20		28,518
	185,000		Harsco Corp	5.125		09/15/13		197,318
	100,000		IDEX Corp	4.500		12/15/20		103,934
	200,000		IDEX Corp	4.200		12/15/21		202,822
	100,000		Illinois Tool Works, Inc	6.250		04/01/19		123,404
	200,000	g	Illinois Tool Works, Inc	4.875		09/15/41		227,567
	200,000		Ingersoll-Rand Global Holding Co Ltd	6.000		08/15/13		213,792
	170,000		Ingersoll-Rand Global Holding Co Ltd	6.875		08/15/18		205,918
	695,000		John Deere Capital Corp	2.950		03/09/15		732,212
	100,000		John Deere Capital Corp	2.000		01/13/17		101,495
	800,000		John Deere Capital Corp	5.500		04/13/17		942,209
	200,000		John Deere Capital Corp	3.150		10/15/21		203,832
	100,000		Joy Global, Inc	5.125		10/15/21		106,746
	100,000		KLA-Tencor Corp	6.900		05/01/18		115,315
	100,000		Legrand France S.A.	8.500		02/15/25		122,228
	400,000		Lockheed Martin Corp	7.650		05/01/16		489,118

93

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$239,000		Lockheed Martin Corp	5.500	%	11/15/39	$	258,209
	350,000		Lockheed Martin Corp	4.850		09/15/41		354,731
	100,000		Mosaic Co	4.875		11/15/41		103,372
	50,000		Parker Hannifin Corp	3.500		09/15/22		51,701
	100,000		Raytheon Co	1.400		12/15/14		100,484
	50,000		Raytheon Co	4.400		02/15/20		54,920
	300,000		Raytheon Co	3.125		10/15/20		302,336
	200,000		Raytheon Co	7.200		08/15/27		265,073
	100,000		Raytheon Co	4.700		12/15/41		102,700
	100,000		Rockwell Automation, Inc	6.250		12/01/37		128,720
	100,000		Rockwell Collins, Inc	3.100		11/15/21		101,727
	100,000		Roper Industries, Inc	6.250		09/01/19		118,159
	100,000		Snap-on, Inc	4.250		01/15/18		107,574
	250,000		Stanley Black & Decker, Inc	3.400		12/01/21		255,106
	100,000		Stanley Black & Decker, Inc	5.200		09/01/40		110,962
	250,000		Textron, Inc	5.600		12/01/17		264,277
	170,000		Tyco International Finance S.A.	4.125		10/15/14		181,184
	200,000		Tyco International Finance S.A.	3.375		10/15/15		209,306
	400,000		Tyco International Finance S.A.	3.750		01/15/18		421,200
	200,000		United Technologies Corp	4.875		05/01/15		224,665
	200,000		United Technologies Corp	5.375		12/15/17		236,585
	490,000		United Technologies Corp	4.500		04/15/20		552,208
	280,000		United Technologies Corp	5.400		05/01/35		331,312
	280,000		United Technologies Corp	6.050		06/01/36		355,389
	145,000		United Technologies Corp	5.700		04/15/40		179,013
	100,000		Valmont Industries, Inc	6.625		04/20/20		115,744
	100,000	g	Xylem, Inc	3.550		09/20/16		103,116
	100,000	g	Xylem, Inc	4.875		10/01/21		105,976
			TOTAL CAPITAL GOODS					20,589,045
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	200,000		Celgene Corp	3.950		10/15/20		201,424
	30,000		Corp Andina de Fomento	5.125		05/05/15		31,388
	500,000		Corp Andina de Fomento	3.750		01/15/16		507,704
	100,000		Corp Andina de Fomento	8.125		06/04/19		122,830
	650,000		Council Of Europe Development Bank	2.625		02/16/16		678,302
	350,000		Daimler Finance North America LLC	6.500		11/15/13		381,219
	300,000		Daimler Finance North America LLC	8.500		01/18/31		419,461
	200,000		eBay, Inc	3.250		10/15/20		201,888
	150,000		Equifax, Inc	6.300		07/01/17		169,317
	25,000		Howard Hughes Medical Institute	3.450		09/01/14		26,662
	200,000		McGraw-Hill Cos, Inc	5.900		11/15/17		217,632
	44,000		Quest Diagnostics, Inc	5.450		11/01/15		49,756
	200,000		Quest Diagnostics, Inc	4.700		04/01/21		213,217
	150,000		Quest Diagnostics, Inc	6.950		07/01/37		186,494
	150,000		Reed Elsevier Capital, Inc	7.750		01/15/14		167,358
	100,000		Reed Elsevier Capital, Inc	8.625		01/15/19		124,809
	63,000		Republic Services, Inc	5.500		09/15/19		72,707
	265,000		Republic Services, Inc	5.000		03/01/20		297,525
	580,000		Republic Services, Inc	5.250		11/15/21		657,655
	30,000		Republic Services, Inc	6.200		03/01/40		36,266
	150,000		SAIC, Inc	4.450		12/01/20		159,724

94

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$100,000	Svensk Exportkredit AB	3.250	%	09/16/14	$	103,316
	300,000	Thomson Corp	5.700		10/01/14		331,986
	345,000	Thomson Reuters Corp	6.500		07/15/18		413,343
	145,000	Thomson Reuters Corp	5.850		04/15/40		166,096
	25,000	Vanderbilt University	5.250		04/01/19		29,582
	500,000	Waste Management, Inc	5.000		03/15/14		535,852
	310,000	Waste Management, Inc	4.600		03/01/21		335,928
	255,000	Waste Management, Inc	6.125		11/30/39		312,801
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES					7,152,242
CONSUMER DURABLES & APPAREL - 0.0%
	100,000	Hasbro, Inc	6.125		05/15/14		109,092
	100,000	Hasbro, Inc	6.350		03/15/40		108,108
	100,000	Mattel Inc	4.350		10/01/20		106,948
	100,000	Mattel, Inc	5.450		11/01/41		101,257
	100,000	Newell Rubbermaid, Inc	5.500		04/15/13		104,855
	100,000	Newell Rubbermaid, Inc	4.700		08/15/20		105,629
	220,000	VF Corp	6.450		11/01/37		286,561
	200,000	Whirlpool Corp	8.600		05/01/14		223,225
		TOTAL CONSUMER DURABLES & APPAREL					1,145,675
CONSUMER SERVICES - 0.2%
	100,000	Board of Trustees of The Leland Stanford Junior University	4.750		05/01/19		116,207
	100,000	Cintas Corp No 2	4.300		06/01/21		107,417
	100,000	Darden Restaurants, Inc	6.200		10/15/17		114,644
	100,000	Darden Restaurants, Inc	6.800		10/15/37		114,547
	75,000	Dartmouth College	4.750		06/01/19		87,006
	100,000	Hyatt Hotels Corp	3.875		08/15/16		102,240
	150,000	Johns Hopkins University	5.250		07/01/19		178,361
	160,000	Marriott International, Inc	5.625		02/15/13		166,804
	100,000	Massachusetts Institute of Technology	5.600		07/01/11		137,563
	720,000	McDonald’s Corp	3.500		07/15/20		776,552
	150,000	McDonald’s Corp	2.625		01/15/22		150,818
	280,000	McDonald’s Corp	6.300		03/01/38		391,637
	100,000	Princeton University	4.950		03/01/19		118,264
	20,000	Princeton University	5.700		03/01/39		26,076
	700,000	Walt Disney Co	4.500		12/15/13		753,464
	350,000	Walt Disney Co	0.875		12/01/14		351,639
	70,000	Walt Disney Co	5.625		09/15/16		82,915
	200,000	Walt Disney Co	7.000		03/01/32		278,548
	100,000	Walt Disney Co	4.375		08/16/41		105,502
	100,000	Walt Disney Co	4.125		12/01/41		103,159
	300,000	Wyndham Worldwide Corp	6.000		12/01/16		323,520
	200,000	Yale University	2.900		10/15/14		211,752
	330,000	Yum! Brands, Inc	6.250		03/15/18		386,701
	50,000	Yum! Brands, Inc	3.875		11/01/20		51,132
	100,000	Yum! Brands, Inc	6.875		11/15/37		127,658
		TOTAL CONSUMER SERVICES					5,364,126
DIVERSIFIED FINANCIALS - 3.6%
	300,000	Abbey National Treasury Services plc	2.875		04/25/14		279,676
	150,000	ABN Amro Bank NV	4.650		06/04/18		136,627

95

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$500,000	African Development Bank	3.000	%	05/27/14	$	527,264
	250,000	African Development Bank	1.250		09/02/16		250,700
	20,000	Ahold Finance USA LLC	6.875		05/01/29		25,916
	400,000	American Express Co	6.150		08/28/17		457,462
	190,000	American Express Co	7.000		03/19/18		229,599
	255,000	American Express Co	8.125		05/20/19		329,682
	244,000	American Express Co	8.150		03/19/38		362,031
	1,750,000	American Express Credit Corp	2.750		09/15/15		1,759,282
	1,000,000	American Express Credit Corp	2.800		09/19/16		1,004,900
	295,000	Ameriprise Financial, Inc	5.300		03/15/20		317,438
	100,000	Bank of Montreal	2.125		06/28/13		101,621
	40,000	Bank of Nova Scotia	2.250		01/22/13		40,547
	220,000	Bank of Nova Scotia	2.375		12/17/13		225,874
	900,000	Bank of Nova Scotia	3.400		01/22/15		945,338
	100,000	Bank of Nova Scotia	2.050		10/07/15		100,403
	250,000	Bank of Nova Scotia	2.900		03/29/16		258,802
	510,000	Barclays Bank plc	5.200		07/10/14		525,718
	1,900,000	Barclays Bank plc	5.000		09/22/16		1,967,762
	200,000	Barclays Bank plc	5.125		01/08/20		205,444
	80,000	Bear Stearns Cos LLC	5.300		10/30/15		86,031
	116,000	Bear Stearns Cos LLC	5.550		01/22/17		122,635
	500,000	Berkshire Hathaway, Inc	2.125		02/11/13		508,473
	50,000	Berkshire Hathaway, Inc	3.200		02/11/15		53,008
	200,000	Berkshire Hathaway, Inc	3.750		08/15/21		207,809
	275,000	BlackRock, Inc	3.500		12/10/14		293,652
	20,000	BlackRock, Inc	6.250		09/15/17		23,268
	390,000	BlackRock, Inc	5.000		12/10/19		425,608
	100,000	Block Financial LLC	5.125		10/30/14		101,999
	480,000	BNP Paribas	3.250		03/11/15		453,713
	800,000	BNP Paribas	3.600		02/23/16		750,378
	250,000	BNP Paribas	5.000		01/15/21		240,624
	100,000	Canadian Imperial Bank of Commerce	1.450		09/13/13		99,998
	425,000	Canadian Imperial Bank of Commerce	2.350		12/11/15		427,580
	250,000	Capital One Bank USA NA	6.500		06/13/13		263,700
	100,000	Capital One Capital V	10.250		08/15/39		103,750
	200,000	Capital One Financial Corp	7.375		05/23/14		219,742
	200,000	Charles Schwab Corp	4.950		06/01/14		216,749
	100,000	Charles Schwab Corp	4.450		07/22/20		105,806
	120,000	CME Group, Inc	5.750		02/15/14		130,802
	1,780,000	Credit Suisse	5.500		05/01/14		1,850,168
	960,000	Credit Suisse	5.300		08/13/19		990,058
	300,000	Credit Suisse	5.400		01/14/20		282,950
	110,000	Credit Suisse	4.375		08/05/20		107,852
	1,300,000	Credit Suisse USA, Inc	5.375		03/02/16		1,375,074
	100,000	Credit Suisse USA, Inc	7.125		07/15/32		118,276
	155,000	Digital Realty Trust LP	4.500		07/15/15		158,099
	100,000	Discover Financial Services	10.250		07/15/19		121,896
	90,000	Eaton Vance Corp	6.500		10/02/17		101,007
	125,000	Franklin Resources, Inc	3.125		05/20/15		129,702
	1,435,000	General Electric Capital Corp	1.875		09/16/13		1,452,675
	2,335,000	General Electric Capital Corp	5.500		06/04/14		2,538,261
	1,605,000	General Electric Capital Corp	3.500		06/29/15		1,682,915

96

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$400,000		General Electric Capital Corp	2.250	%	11/09/15	$	401,788
	150,000		General Electric Capital Corp	2.950		05/09/16		154,272
	625,000		General Electric Capital Corp	5.625		09/15/17		691,734
	630,000		General Electric Capital Corp	5.500		01/08/20		693,184
	1,105,000		General Electric Capital Corp	4.375		09/16/20		1,129,183
	250,000		General Electric Capital Corp	4.625		01/07/21		259,363
	300,000		General Electric Capital Corp	5.300		02/11/21		320,686
	2,025,000		General Electric Capital Corp	6.750		03/15/32		2,371,155
	700,000		General Electric Capital Corp	5.875		01/14/38		741,711
	627,000		General Electric Capital Corp	6.875		01/10/39		751,166
	340,000	i	Goldman Sachs Capital II	5.793		12/30/49		209,100
	1,630,000		Goldman Sachs Group, Inc	3.700		08/01/15		1,596,918
	1,875,000		Goldman Sachs Group, Inc	3.625		02/07/16		1,811,668
	550,000		Goldman Sachs Group, Inc	5.950		01/18/18		563,322
	60,000		Goldman Sachs Group, Inc	6.150		04/01/18		61,925
	1,195,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,319,769
	2,505,000		Goldman Sachs Group, Inc	5.375		03/15/20		2,472,495
	550,000		Goldman Sachs Group, Inc	6.000		06/15/20		563,399
	800,000		Goldman Sachs Group, Inc	5.250		07/27/21		780,432
	65,000		Goldman Sachs Group, Inc	6.450		05/01/36		58,651
	1,050,000		Goldman Sachs Group, Inc	6.250		02/01/41		1,030,080
	580,000		HSBC Finance Corp	4.750		07/15/13		592,263
	600,000		HSBC Finance Corp	5.500		01/19/16		613,967
	532,000		HSBC Finance Corp	6.676		01/15/21		550,299
	130,000		Jefferies Group, Inc	3.875		11/09/15		115,050
	425,000		Jefferies Group, Inc	8.500		07/15/19		431,375
	100,000		Jefferies Group, Inc	6.450		06/08/27		83,250
	100,000		Korea Finance Corp	3.250		09/20/16		98,330
	635,000		Kreditanstalt fuer Wiederaufbau	3.500		05/16/13		658,916
	1,250,000		Kreditanstalt fuer Wiederaufbau	4.000		10/15/13		1,319,619
	1,000,000		Kreditanstalt fuer Wiederaufbau	1.375		01/13/14		1,009,144
	3,000,000		Kreditanstalt fuer Wiederaufbau	1.250		10/26/15		3,012,035
	1,105,000		Kreditanstalt fuer Wiederaufbau	4.500		07/16/18		1,284,638
	5,175,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		5,844,028
	203,000		Lazard Group LLC	7.125		05/15/15		217,979
	85,000	n	Lehman Brothers Holdings Capital Trust V	5.857		12/30/49		9
	600,000		Lloyds TSB Bank plc	4.875		01/21/16		584,750
	250,000		Lloyds TSB Bank plc	6.375		01/21/21		250,534
	500,000		Merril Lynch & Co, Inc	6.050		05/16/16		471,280
	300,000		Merril Lynch & Co, Inc	6.220		09/15/26		247,460
	1,260,000		Merrill Lynch & Co, Inc	6.400		08/28/17		1,220,063
	1,050,000		Merrill Lynch & Co, Inc	6.875		04/25/18		1,035,236
	1,000,000		Merrill Lynch & Co, Inc	6.110		01/29/37		770,935
	100,000		Merrill Lynch & Co, Inc	7.750		05/14/38		95,012
	300,000		Morgan Stanley	4.750		04/01/14		295,526
	3,300,000		Morgan Stanley	6.000		05/13/14		3,332,059
	100,000		Morgan Stanley	2.875		07/28/14		94,176
	720,000		Morgan Stanley	6.000		04/28/15		721,253
	200,000		Morgan Stanley	3.800		04/29/16		184,263
	970,000		Morgan Stanley	5.450		01/09/17		933,881
	550,000		Morgan Stanley	5.550		04/27/17		530,647
	245,000		Morgan Stanley	5.950		12/28/17		233,420

97

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$796,000		Morgan Stanley	7.300	%	05/13/19	$	810,685
	300,000		Morgan Stanley	5.625		09/23/19		277,824
	590,000		Morgan Stanley	5.500		01/26/20		537,062
	200,000		Morgan Stanley	5.750		01/25/21		186,561
	600,000		Morgan Stanley	5.500		07/28/21		554,781
	600,000		Morgan Stanley	7.250		04/01/32		611,828
	200,000	i	MUFG Capital Finance Ltd	6.346		12/30/49		203,128
	220,000		NASDAQ OMX Group, Inc	5.550		01/15/20		225,390
	150,000		National Rural Utilities Cooperative Finance Corp	3.875		09/16/15		162,277
	735,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		1,057,484
	250,000		Nomura Holdings, Inc	5.000		03/04/15		251,743
	260,000		Nomura Holdings, Inc	4.125		01/19/16		253,729
	430,000		Nomura Holdings, Inc	6.700		03/04/20		452,762
	40,000		NYSE Euronext	4.800		06/28/13		42,086
	150,000		Oesterreichische Kontrollbank AG.	3.625		06/17/13		155,132
	1,000,000		Oesterreichische Kontrollbank AG.	1.375		01/21/14		999,254
	300,000		Oesterreichische Kontrollbank AG.	5.000		04/25/17		340,102
	600,000		ORIX Corp	5.000		01/12/16		630,317
	165,000		PACCAR Financial Corp	2.050		06/17/13		167,429
	300,000		Principal Life Income Funding Trusts	5.300		04/24/13		314,753
	200,000		Principal Life Income Funding Trusts	5.550		04/27/15		213,563
	240,000		Rabobank Nederland NV	2.125		10/13/15		235,176
	500,000		Rabobank Nederland NV	4.500		01/11/21		519,423
	200,000		Rabobank Nederland NV	5.250		05/24/41		196,055
	100,000		Raymond James Financial, Inc	4.250		04/15/16		102,162
	200,000		Royal Bank of Canada	2.100		07/29/13		203,037
	500,000		Royal Bank of Canada	1.125		01/15/14		501,133
	335,000		Royal Bank of Canada	2.625		12/15/15		344,347
	200,000		Royal Bank of Canada	2.300		07/20/16		203,309
	150,000		Royal Bank of Scotland plc	3.400		08/23/13		145,929
	50,000		Royal Bank of Scotland plc	4.875		03/16/15		47,809
	500,000		Royal Bank of Scotland plc	3.950		09/21/15		468,852
	1,200,000		Royal Bank of Scotland plc	4.375		03/16/16		1,144,792
	100,000		Royal Bank of Scotland plc	5.625		08/24/20		95,913
	200,000		Santander UK plc	7.950		10/26/29		168,864
	80,000		SLM Corp	5.375		01/15/13		80,552
	950,000		SLM Corp	6.250		01/25/16		923,855
	680,000		SLM Corp	8.450		06/15/18		700,400
	300,000		State Street Corp	4.375		03/07/21		328,999
	150,000		TD Ameritrade Holding Corp	4.150		12/01/14		158,533
	92,000		Telefonica Europe BV	8.250		09/15/30		101,182
	100,000		Toronto-Dominion Bank	2.500		07/14/16		101,988
	400,000		Toronto-Dominion Bank	2.375		10/19/16		407,036
	50,000		Toyota Motor Credit Corp	1.375		08/12/13		50,465
	250,000		Toyota Motor Credit Corp	3.200		06/17/15		262,954
	700,000		Toyota Motor Credit Corp	2.800		01/11/16		723,223
	300,000		Toyota Motor Credit Corp	2.000		09/15/16		302,985
	300,000		Toyota Motor Credit Corp	3.400		09/15/21		309,181
	1,500,000		UBS AG.	2.250		01/28/14		1,459,677
	80,000		UBS AG.	5.750		04/25/18		82,886
	1,125,000		UBS AG.	4.875		08/04/20		1,117,326
	400,000		UFJ Finance Aruba AEC	6.750		07/15/13		427,423

98

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Unilever Capital Corp	2.750	%	02/10/16	$	528,277
	30,000		Unilever Capital Corp	5.900		11/15/32		39,358
			TOTAL DIVERSIFIED FINANCIALS					91,540,733
ENERGY - 2.0%
	650,000		Anadarko Petroleum Corp	5.950		09/15/16		736,808
	100,000		Anadarko Petroleum Corp	6.375		09/15/17		115,913
	165,000		Anadarko Petroleum Corp	8.700		03/15/19		210,656
	825,000		Anadarko Petroleum Corp	6.200		03/15/40		918,134
	150,000		Apache Corp	5.250		04/15/13		158,702
	400,000		Apache Corp	6.900		09/15/18		508,657
	480,000		Apache Corp	5.100		09/01/40		560,999
	450,000	g	Baker Hughes, Inc	3.200		08/15/21		464,956
	215,000		Baker Hughes, Inc	5.125		09/15/40		251,401
	200,000		Boardwalk Pipelines LP	5.750		09/15/19		221,123
	250,000		BP Capital Markets plc	5.250		11/07/13		268,141
	100,000		BP Capital Markets plc	1.700		12/05/14		100,964
	395,000		BP Capital Markets plc	3.875		03/10/15		421,784
	590,000		BP Capital Markets plc	3.125		10/01/15		617,980
	1,000,000		BP Capital Markets plc	3.200		03/11/16		1,048,021
	150,000		BP Capital Markets plc	4.742		03/11/21		169,898
	300,000		BP Capital Markets plc	3.561		11/01/21		312,325
	100,000		Buckeye Partners LP	5.300		10/15/14		108,139
	200,000		Buckeye Partners LP	4.875		02/01/21		210,510
	575,000		Burlington Resources Finance Co	7.200		08/15/31		789,334
	400,000		Canadian Natural Resources Ltd	5.700		05/15/17		472,944
	550,000		Canadian Natural Resources Ltd	6.250		03/15/38		695,785
	45,000		Cenovus Energy, Inc	4.500		09/15/14		48,478
	340,000		Cenovus Energy, Inc	5.700		10/15/19		398,807
	200,000		Cenovus Energy, Inc	6.750		11/15/39		264,680
	500,000		Chevron Corp	3.950		03/03/14		534,700
	100,000		Chevron Corp	4.950		03/03/19		118,110
	1,005,000		ConocoPhillips	4.600		01/15/15		1,111,523
	600,000		ConocoPhillips	5.750		02/01/19		722,999
	485,000		ConocoPhillips	6.500		02/01/39		670,885
	500,000		ConocoPhillips Holding Co	6.950		04/15/29		681,648
	250,000		Devon Energy Corp	6.300		01/15/19		305,791
	600,000		Devon Energy Corp	7.950		04/15/32		858,716
	100,000		Diamond Offshore Drilling, Inc	5.875		05/01/19		116,114
	100,000		Diamond Offshore Drilling, Inc	5.700		10/15/39		111,508
	250,000		Ecopetrol S.A.	7.625		07/23/19		301,250
	495,000		Enbridge Energy Partners LP	5.200		03/15/20		549,908
	100,000		Enbridge Energy Partners LP	5.500		09/15/40		111,441
	220,000		EnCana Corp	6.500		05/15/19		262,932
	515,000		EnCana Corp	6.625		08/15/37		622,026
	150,000		EnCana Corp	5.150		11/15/41		153,132
	200,000		EnCana Holdings Finance Corp	5.800		05/01/14		217,213
	400,000		Ensco plc	3.250		03/15/16		408,058
	500,000		Ensco plc	4.700		03/15/21		520,703
	40,000		Enterprise Products Operating LLC	5.600		10/15/14		43,827
	145,000		Enterprise Products Operating LLC	5.000		03/01/15		157,930
	735,000		Enterprise Products Operating LLC	6.300		09/15/17		860,779

99

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$130,000		Enterprise Products Operating LLC	6.500	%	01/31/19	$	151,383
	600,000		Enterprise Products Operating LLC	5.200		09/01/20		664,112
	480,000		Enterprise Products Operating LLC	6.125		10/15/39		536,144
	300,000		EOG Resources, Inc	6.125		10/01/13		325,651
	100,000		EOG Resources, Inc	2.500		02/01/16		102,985
	440,000		EOG Resources, Inc	4.100		02/01/21		479,180
	50,000		EQT Corp	6.500		04/01/18		55,750
	200,000		EQT Corp	8.125		06/01/19		234,594
	200,000		Halliburton Co	6.150		09/15/19		245,736
	400,000		Halliburton Co	7.450		09/15/39		577,954
	100,000		Halliburton Co	4.500		11/15/41		102,570
	275,000		Hess Corp	8.125		02/15/19		353,007
	540,000		Hess Corp	5.600		02/15/41		603,327
	300,000		Husky Energy, Inc	5.900		06/15/14		326,061
	30,000		Husky Energy, Inc	7.250		12/15/19		36,711
	130,000		Husky Energy, Inc	6.800		09/15/37		163,102
	200,000		Magellan Midstream Partners LP	6.550		07/15/19		236,548
	125,000		Magellan Midstream Partners LP	4.250		02/01/21		131,013
	200,000		Marathon Oil Corp	6.000		10/01/17		232,703
	255,000		Marathon Oil Corp	6.600		10/01/37		309,292
	200,000		Marathon Petroleum Corp	3.500		03/01/16		203,578
	250,000		Marathon Petroleum Corp	5.125		03/01/21		261,168
	424,000		Nabors Industries, Inc	9.250		01/15/19		533,347
	100,000	g	Nabors Industries, Inc	4.625		09/15/21		101,571
	635,000		Nexen, Inc	6.400		05/15/37		672,629
	150,000		Noble Energy, Inc	8.250		03/01/19		195,059
	150,000		Noble Energy, Inc	4.150		12/15/21		155,174
	200,000		Noble Energy, Inc	6.000		03/01/41		231,392
	100,000		Noble Holding International Ltd	3.450		08/01/15		104,036
	305,000		Noble Holding International Ltd	4.900		08/01/20		323,093
	100,000		NuStar Logistics LP	7.650		04/15/18		118,724
	25,000		NuStar Logistics LP	4.800		09/01/20		26,036
	350,000		Occidental Petroleum Corp	2.500		02/01/16		366,075
	350,000		Occidental Petroleum Corp	1.750		02/15/17		354,498
	250,000		Occidental Petroleum Corp	3.125		02/15/22		256,462
	206,000		Panhandle Eastern Pipeline Co LP	7.000		06/15/18		236,112
	185,000		Pemex Project Funding Master Trust	5.750		03/01/18		203,500
	350,000		Petrobras International Finance Co	3.875		01/27/16		360,574
	47,000		Petrobras International Finance Co	6.125		10/06/16		52,102
	625,000		Petrobras International Finance Co	7.875		03/15/19		746,061
	100,000		Petrobras International Finance Co	5.750		01/20/20		107,012
	875,000		Petrobras International Finance Co	6.875		01/20/40		1,013,412
	200,000		Petrobras International Finance Co-Pifco	9.125		07/02/13		219,250
	75,000		Petro-Canada	6.800		05/15/38		96,838
	400,000		Petrohawk Energy Corp	7.250		08/15/18		450,000
	505,000		Petroleos Mexicanos	4.875		03/15/15		537,194
	80,000		Petroleos Mexicanos	8.000		05/03/19		99,800
	475,000		Petroleos Mexicanos	6.000		03/05/20		527,393
	800,000		Petroleos Mexicanos	5.500		01/21/21		868,000
	690,000		Petroleos Mexicanos	6.500		06/02/41		776,250
	200,000		Plains All American Pipeline LP	6.125		01/15/17		226,108
	400,000		Plains All American Pipeline LP	5.000		02/01/21		440,639

100

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		Plains All American Pipeline LP	6.650	%	01/15/37	$	119,156
	100,000		Rowan Cos, Inc	5.000		09/01/17		105,076
	440,000		Shell International Finance BV	3.100		06/28/15		471,742
	805,000		Shell International Finance BV	4.300		09/22/19		934,081
	1,130,000		Shell International Finance BV	4.375		03/25/20		1,319,234
	171,000		Shell International Finance BV	6.375		12/15/38		235,349
	210,000		Statoil ASA	2.900		10/15/14		220,369
	350,000		Statoil ASA	3.125		08/17/17		369,145
	450,000		Statoil ASA	5.250		04/15/19		520,761
	250,000		Statoil ASA	3.150		01/23/22		257,113
	200,000		Statoil ASA	5.100		08/17/40		236,751
	250,000		Statoil ASA	4.250		11/23/41		261,100
	350,000		Suncor Energy, Inc	6.100		06/01/18		414,317
	900,000		Suncor Energy, Inc	6.500		06/15/38		1,133,509
	100,000		Sunoco Logistics Partners Operations LP	6.100		02/15/42		107,014
	25,000		Talisman Energy, Inc	7.750		06/01/19		30,827
	250,000		Talisman Energy, Inc	3.750		02/01/21		245,781
	300,000		Talisman Energy, Inc	5.850		02/01/37		337,874
	320,000		TransCanada Pipelines Ltd	4.000		06/15/13		333,018
	340,000		TransCanada Pipelines Ltd	5.850		03/15/36		403,628
	469,000		TransCanada Pipelines Ltd	7.625		01/15/39		676,408
	300,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		301,010
	600,000		TransCanada PipeLines Ltd	3.800		10/01/20		647,524
	443,000		Transocean, Inc	6.000		03/15/18		452,755
	400,000		Transocean, Inc	6.500		11/15/20		413,197
	150,000		Transocean, Inc	6.375		12/15/21		159,432
	100,000		Transocean, Inc	6.800		03/15/38		100,794
	165,000		Vale Overseas Ltd	6.250		01/23/17		185,941
	1,045,000		Vale Overseas Ltd	4.625		09/15/20		1,080,638
	150,000		Vale Overseas Ltd	8.250		01/17/34		192,620
	464,000		Vale Overseas Ltd	6.875		11/21/36		528,288
	680,000		Valero Energy Corp	6.125		02/01/20		756,382
	330,000		Valero Energy Corp	7.500		04/15/32		386,117
	840,000		Weatherford Bermuda Holdings Ltd	5.125		09/15/20		872,909
	60,000		Weatherford Bermuda Holdings Ltd	6.750		09/15/40		68,063
	150,000		Weatherford International Ltd	9.625		03/01/19		193,994
	300,000		XTO Energy, Inc	6.250		08/01/17		368,219
			TOTAL ENERGY					51,687,378
FOOD & STAPLES RETAILING - 0.2%
	550,000		CVS Caremark Corp	3.250		05/18/15		579,893
	225,000		CVS Caremark Corp	5.750		06/01/17		262,539
	75,000		CVS Caremark Corp	6.600		03/15/19		91,418
	185,000		CVS Caremark Corp	4.750		05/18/20		206,297
	100,000		CVS Caremark Corp	4.125		05/15/21		107,657
	450,000		CVS Caremark Corp	6.125		09/15/39		547,597
	95,000		Delhaize Group S.A.	5.875		02/01/14		103,110
	105,000		Delhaize Group S.A.	6.500		06/15/17		123,409
	35,000		Delhaize Group S.A.	5.700		10/01/40		35,930
	85,000		Kroger Co	5.000		04/15/13		88,923
	300,000		Kroger Co	6.400		08/15/17		356,798
	55,000		Kroger Co	6.800		12/15/18		67,541

101

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$445,000	Kroger Co	6.150	%	01/15/20	$	540,017
	100,000	Kroger Co	6.900		04/15/38		128,591
	239,000	Safeway, Inc	6.350		08/15/17		270,985
	25,000	Safeway, Inc	5.000		08/15/19		26,672
	240,000	Safeway, Inc	3.950		08/15/20		237,007
	150,000	Safeway, Inc	4.750		12/01/21		153,654
	50,000	Starbucks Corp	6.250		08/15/17		59,365
	200,000	SYSCO Corp	5.250		02/12/18		234,381
	100,000	SYSCO Corp	5.375		09/21/35		125,117
	450,000	Walgreen Co	4.875		08/01/13		480,102
	100,000	Walgreen Co	5.250		01/15/19		118,884
		TOTAL FOOD & STAPLES RETAILING					4,945,887
FOOD, BEVERAGE & TOBACCO - 1.1%
	50,000	Altria Group, Inc	4.125		09/11/15		54,280
	1,030,000	Altria Group, Inc	9.250		08/06/19		1,383,039
	1,100,000	Altria Group, Inc	4.750		05/05/21		1,211,142
	155,000	Altria Group, Inc	10.200		02/06/39		241,199
	316,000	Anheuser-Busch Cos, Inc	5.500		01/15/18		364,497
	600,000	Anheuser-Busch InBev Worldwide, Inc	2.500		03/26/13		611,091
	350,000	Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		369,299
	500,000	Anheuser-Busch InBev Worldwide, Inc	5.375		01/15/20		586,402
	1,390,000	Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		1,593,204
	485,000	Anheuser-Busch InBev Worldwide, Inc	6.375		01/15/40		666,419
	100,000	Archer-Daniels-Midland Co	5.450		03/15/18		118,582
	590,000	Archer-Daniels-Midland Co	5.935		10/01/32		731,327
	520,000	Bottling Group LLC	6.950		03/15/14		584,489
	450,000	Bottling Group LLC	5.125		01/15/19		524,997
	400,000	Bunge Ltd	4.100		03/15/16		414,210
	100,000	Bunge Ltd	8.500		06/15/19		121,724
	125,000	Campbell Soup Co	3.050		07/15/17		133,612
	100,000	Campbell Soup Co	4.250		04/15/21		111,576
	325,000	Coca-Cola Co	1.500		11/15/15		329,434
	1,285,000	Coca-Cola Co	1.800		09/01/16		1,307,040
	260,000	Coca-Cola Co	3.150		11/15/20		272,871
	150,000	Coca-Cola Enterprises, Inc	2.125		09/15/15		152,609
	100,000	Coca-Cola Enterprises, Inc	3.500		09/15/20		104,635
	100,000	Coca-Cola Enterprises, Inc	3.250		08/19/21		101,025
	100,000	Coca-Cola Femsa SAB de C.V.	4.625		02/15/20		110,500
	100,000	Coca-Cola HBC Finance BV	5.500		09/17/15		109,844
	325,000	ConAgra Foods, Inc	7.000		04/15/19		382,148
	100,000	ConAgra Foods, Inc	7.000		10/01/28		114,905
	100,000	Corn Products International, Inc	4.625		11/01/20		106,340
	350,000	Diageo Capital plc	5.500		09/30/16		402,410
	325,000	Diageo Capital plc	5.750		10/23/17		381,366
	200,000	Diageo Capital plc	5.875		09/30/36		248,940
	400,000	Diageo Finance BV	5.500		04/01/13		422,914
	190,000	Dr Pepper Snapple Group, Inc	6.120		05/01/13		202,375
	100,000	Dr Pepper Snapple Group, Inc	2.900		01/15/16		103,712
	150,000	Dr Pepper Snapple Group, Inc	2.600		01/15/19		149,142
	342,000	Fortune Brands, Inc	5.375		01/15/16		375,506
	235,000	General Mills, Inc	5.250		08/15/13		251,139

102

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$125,000	General Mills, Inc	5.200	%	03/17/15	$	139,249
	210,000	General Mills, Inc	5.650		02/15/19		249,204
	200,000	General Mills, Inc	3.150		12/15/21		202,624
	150,000	General Mills, Inc	5.400		06/15/40		175,177
	100,000	Hershey Co	1.500		11/01/16		100,055
	150,000	Hershey Co	4.125		12/01/20		167,792
	50,000	HJ Heinz Co	5.350		07/15/13		53,374
	100,000	HJ Heinz Co	2.000		09/12/16		100,948
	100,000	HJ Heinz Finance Co	6.750		03/15/32		127,860
	100,000	JM Smucker Co	3.500		10/15/21		102,305
	300,000	Kellogg Co	4.250		03/06/13		311,507
	100,000	Kellogg Co	1.875		11/17/16		100,403
	600,000	Kellogg Co	4.000		12/15/20		635,020
	100,000	Kellogg Co	7.450		04/01/31		136,372
	400,000	Kraft Foods, Inc	2.625		05/08/13		408,651
	803,000	Kraft Foods, Inc	6.500		08/11/17		955,222
	250,000	Kraft Foods, Inc	6.125		02/01/18		293,041
	1,200,000	Kraft Foods, Inc	5.375		02/10/20		1,384,621
	845,000	Kraft Foods, Inc	6.500		02/09/40		1,099,294
	200,000	Lorillard Tobacco Co	3.500		08/04/16		202,297
	170,000	Lorillard Tobacco Co	6.875		05/01/20		189,964
	45,000	PepsiAmericas, Inc	4.375		02/15/14		48,304
	245,000	PepsiCo, Inc	0.875		10/25/13		246,205
	100,000	PepsiCo, Inc	2.500		05/10/16		104,032
	840,000	PepsiCo, Inc	7.900		11/01/18		1,134,055
	100,000	PepsiCo, Inc	4.500		01/15/20		113,279
	400,000	PepsiCo, Inc	3.125		11/01/20		415,718
	200,000	PepsiCo, Inc	3.000		08/25/21		206,383
	210,000	PepsiCo, Inc	4.875		11/01/40		242,683
	285,000	Philip Morris International, Inc	4.875		05/16/13		300,748
	1,150,000	Philip Morris International, Inc	5.650		05/16/18		1,360,246
	240,000	Philip Morris International, Inc	6.375		05/16/38		312,886
	150,000	Philip Morris International, Inc	4.375		11/15/41		155,898
	100,000	Ralcorp Holdings, Inc	6.625		08/15/39		102,968
	200,000	Reynolds American, Inc	7.250		06/01/13		214,501
	50,000	Reynolds American, Inc	6.750		06/15/17		56,831
	200,000	Reynolds American, Inc	7.750		06/01/18		239,854
	65,000	Reynolds American, Inc	7.250		06/15/37		75,398
	25,000	Sara Lee Corp	3.875		06/15/13		25,810
	250,000	Sara Lee Corp	4.100		09/15/20		252,304
	200,000	Tyson Foods, Inc	10.500		03/01/14		231,000
		TOTAL FOOD, BEVERAGE & TOBACCO					28,424,027
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	100,000	Allergan, Inc	5.750		04/01/16		115,757
	50,000	Allergan, Inc	3.375		09/15/20		51,529
	200,000	AmerisourceBergen Corp	5.875		09/15/15		227,956
	100,000	AmerisourceBergen Corp	3.500		11/15/21		102,691
	200,000	Baxter International, Inc	5.900		09/01/16		238,075
	420,000	Baxter International, Inc	4.500		08/15/19		475,628
	116,000	Baxter International, Inc	6.250		12/01/37		154,128
	25,000	Becton Dickinson & Co	5.000		05/15/19		28,865

103

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$150,000	Becton Dickinson & Co	3.250	%	11/12/20	$	155,342
	450,000	Becton Dickinson and Co	3.125		11/08/21		465,519
	300,000	Boston Scientific Corp	6.400		06/15/16		336,349
	500,000	Boston Scientific Corp	6.000		01/15/20		558,170
	200,000	Cardinal Health, Inc	5.500		06/15/13		212,000
	100,000	Cardinal Health, Inc	4.625		12/15/20		107,202
	100,000	CareFusion Corp	5.125		08/01/14		107,903
	100,000	CareFusion Corp	6.375		08/01/19		118,085
	100,000	Coventry Health Care, Inc	6.300		08/15/14		108,807
	100,000	Coventry Health Care, Inc	5.450		06/15/21		111,121
	450,000	Covidien International Finance S.A.	6.000		10/15/17		533,250
	100,000	Covidien International Finance S.A.	6.550		10/15/37		127,045
	100,000	CR Bard, Inc	4.400		01/15/21		112,069
	100,000	DENTSPLY International, Inc	4.125		08/15/21		103,154
	225,000	Express Scripts	6.250		06/15/14		245,236
	300,000	Express Scripts, Inc	3.125		05/15/16		301,663
	200,000	Laboratory Corp of America Holdings	3.125		05/15/16		207,756
	430,000	McKesson Corp	3.250		03/01/16		455,078
	25,000	McKesson Corp	5.700		03/01/17		29,167
	30,000	McKesson Corp	4.750		03/01/21		33,988
	100,000	McKesson Corp	6.000		03/01/41		127,816
	250,000	Medco Health Solutions, Inc	2.750		09/15/15		251,414
	250,000	Medco Health Solutions, Inc	7.125		03/15/18		291,398
	205,000	Medtronic, Inc	4.750		09/15/15		229,594
	50,000	Medtronic, Inc	5.600		03/15/19		59,522
	705,000	Medtronic, Inc	4.450		03/15/20		795,542
	150,000	PerkinElmer, Inc	5.000		11/15/21		151,784
	135,000	Quest Diagnostics, Inc	6.400		07/01/17		159,670
	20,000	St. Jude Medical, Inc	3.750		07/15/14		21,210
	350,000	St. Jude Medical, Inc	2.500		01/15/16		361,028
	50,000	Stryker Corp	3.000		01/15/15		52,689
	150,000	Stryker Corp	2.000		09/30/16		153,500
	90,000	Stryker Corp	4.375		01/15/20		100,866
	165,000	Thermo Fisher Scientific, Inc	5.000		06/01/15		183,604
	300,000	Thermo Fisher Scientific, Inc	2.250		08/15/16		305,842
	455,000	Thermo Fisher Scientific, Inc	4.700		05/01/20		514,347
	100,000	Zimmer Holdings, Inc	1.400		11/30/14		99,908
	106,000	Zimmer Holdings, Inc	5.750		11/30/39		124,413
		TOTAL HEALTH CARE EQUIPMENT & SERVICES					9,807,680
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000	Avon Products, Inc	5.625		03/01/14		106,388
	100,000	Avon Products, Inc	6.500		03/01/19		113,274
	25,000	Clorox Co	5.000		01/15/15		27,012
	100,000	Clorox Co	3.550		11/01/15		105,535
	100,000	Clorox Co	3.800		11/15/21		101,870
	400,000	Colgate-Palmolive Co	1.300		01/15/17		397,330
	60,000	Colgate-Palmolive Co	6.450		06/16/28		79,655
	150,000	Ecolab, Inc	2.375		12/08/14		152,913
	100,000	Ecolab, Inc	3.000		12/08/16		103,441
	150,000	Ecolab, Inc	4.350		12/08/21		160,183
	100,000	Ecolab, Inc	5.500		12/08/41		110,814

104

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		Estee Lauder Cos, Inc	6.000	%	05/15/37	$	128,584
	425,000		Procter & Gamble Co	3.500		02/15/15		457,655
	1,325,000		Procter & Gamble Co	4.700		02/15/19		1,563,700
	225,000		Procter & Gamble Co	5.550		03/05/37		298,835
	250,000		Unilever Capital Corp	4.800		02/15/19		290,740
	250,000		Unilever Capital Corp	4.250		02/10/21		284,905
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					4,482,834
INSURANCE - 1.0%
	85,000		ACE INA Holdings, Inc	5.875		06/15/14		93,768
	200,000		ACE INA Holdings, Inc	5.600		05/15/15		223,109
	100,000		ACE INA Holdings, Inc	2.600		11/23/15		101,788
	25,000		ACE INA Holdings, Inc	5.800		03/15/18		29,281
	500,000		ACE INA Holdings, Inc	5.900		06/15/19		597,483
	200,000		Aegon NV	4.625		12/01/15		207,340
	200,000		Aetna, Inc	6.500		09/15/18		244,034
	250,000		Aetna, Inc	3.950		09/01/20		258,653
	240,000		Aetna, Inc	6.625		06/15/36		298,053
	200,000		Aflac, Inc	8.500		05/15/19		245,110
	125,000		Aflac, Inc	6.900		12/17/39		138,983
	800,000		Allstate Corp	7.450		05/16/19		972,666
	175,000		Allstate Corp	5.550		05/09/35		187,808
	200,000		Allstate Life Global Funding Trusts	5.375		04/30/13		211,187
	100,000		American Financial Group, Inc	9.875		06/15/19		116,314
	151,000		American International Group, Inc	4.250		05/15/13		150,793
	600,000		American International Group, Inc	3.650		01/15/14		582,714
	1,350,000		American International Group, Inc	8.250		08/15/18		1,428,975
	300,000		American International Group, Inc	6.400		12/15/20		302,769
	500,000		American International Group, Inc	6.250		05/01/36		447,659
	328,000	g	American International Group, Inc	6.820		11/15/37		319,652
	200,000		Aon Corp	6.250		09/30/40		246,243
	200,000		AON Corp	3.125		05/27/16		202,271
	50,000		AON Corp	5.000		09/30/20		55,155
	100,000		AON Corp	8.205		01/01/27		116,555
	100,000		Assurant, Inc	6.750		02/15/34		103,932
	270,000		AXA S.A.	8.600		12/15/30		265,919
	50,000		Axis Specialty Finance	5.875		06/01/20		51,405
	333,000		Berkshire Hathaway Finance Corp	4.850		01/15/15		368,876
	300,000		Berkshire Hathaway Finance Corp	2.450		12/15/15		311,026
	750,000		Berkshire Hathaway Finance Corp	5.400		05/15/18		874,664
	300,000		Chubb Corp	5.200		04/01/13		313,859
	40,000		Chubb Corp	5.750		05/15/18		47,004
	350,000		Chubb Corp	6.000		05/11/37		422,037
	200,000		Cigna Corp	5.375		02/15/42		198,850
	540,000		CIGNA Corp	5.125		06/15/20		582,249
	200,000		CIGNA Corp	4.500		03/15/21		205,712
	200,000		Cincinnati Financial Corp	6.920		05/15/28		218,245
	200,000		CNA Financial Corp	5.850		12/15/14		210,743
	40,000		CNA Financial Corp	6.500		08/15/16		43,266
	200,000		CNA Financial Corp	5.750		08/15/21		204,085
	335,000		Genworth Financial, Inc	4.950		10/01/15		319,692
	260,000		Genworth Financial, Inc	7.200		02/15/21		237,267

105

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$375,000		Hartford Financial Services Group, Inc	4.000	%	03/30/15	$	376,816
	330,000		Hartford Financial Services Group, Inc	6.625		03/30/40		327,497
	100,000		Humana, Inc	6.450		06/01/16		110,710
	100,000		Humana, Inc	8.150		06/15/38		129,709
	300,000		Lincoln National Corp	4.300		06/15/15		310,694
	200,000		Lincoln National Corp	8.750		07/01/19		243,272
	30,000		Lincoln National Corp	6.150		04/07/36		30,132
	150,000		Lincoln National Corp	7.000		06/15/40		169,581
	100,000		Loews Corp	5.250		03/15/16		110,101
	100,000		Manulife Financial Corp	3.400		09/17/15		100,558
	100,000		Manulife Financial Corp	4.900		09/17/20		101,960
	100,000		Markel Corp	7.125		09/30/19		116,113
	200,000		Marsh & McLennan Cos, Inc	5.375		07/15/14		215,317
	125,000		Marsh & McLennan Cos, Inc	9.250		04/15/19		164,849
	150,000		Marsh & McLennan Cos, Inc	4.800		07/15/21		164,185
	280,000		Metlife, Inc	5.000		06/15/15		305,030
	575,000		Metlife, Inc	6.750		06/01/16		662,422
	750,000		Metlife, Inc	4.750		02/08/21		811,345
	50,000		Metlife, Inc	6.375		06/15/34		59,105
	405,000		Metlife, Inc	5.700		06/15/35		452,039
	130,000		Metlife, Inc	5.875		02/06/41		152,146
	20,000		Nationwide Financial Services	6.750		05/15/37		17,300
	100,000		PartnerRe Ltd	5.500		06/01/20		100,845
	130,000		Principal Financial Group, Inc	8.875		05/15/19		161,856
	120,000		Progressive Corp	6.250		12/01/32		145,237
	300,000	i	Progressive Corp	6.700		06/15/37		303,000
	100,000		Protective Life Corp	7.375		10/15/19		110,973
	295,000		Prudential Financial, Inc	5.100		09/20/14		317,289
	200,000		Prudential Financial, Inc	4.750		09/17/15		211,179
	300,000		Prudential Financial, Inc	3.000		05/12/16		298,925
	60,000		Prudential Financial, Inc	6.100		06/15/17		65,871
	1,020,000		Prudential Financial, Inc	7.375		06/15/19		1,205,699
	300,000		Prudential Financial, Inc	4.500		11/16/21		303,013
	250,000		Prudential Financial, Inc	6.200		11/15/40		261,601
	150,000		Reinsurance Group of America, Inc	5.625		03/15/17		163,249
	100,000		Reinsurance Group of America, Inc	5.000		06/01/21		103,618
	200,000		Swiss Re Solutions Holding Corp	7.000		02/15/26		231,459
	100,000		Transatlantic Holdings, Inc	5.750		12/14/15		105,622
	20,000		Transatlantic Holdings, Inc	8.000		11/30/39		22,702
	610,000		Travelers Cos, Inc	5.800		05/15/18		717,022
	130,000		Travelers Cos, Inc	5.900		06/02/19		154,663
	200,000		Travelers Cos, Inc	5.350		11/01/40		231,069
	100,000		Travelers Property Casualty Corp	6.375		03/15/33		121,342
	100,000		UnitedHealth Group, Inc	5.375		03/15/16		114,701
	324,000		UnitedHealth Group, Inc	6.000		02/15/18		385,223
	700,000		UnitedHealth Group, Inc	4.700		02/15/21		786,949
	65,000		UnitedHealth Group, Inc	6.625		11/15/37		83,449
	250,000		UnitedHealth Group, Inc	6.875		02/15/38		335,266
	150,000		UnitedHealth Group, Inc	4.625		11/15/41		157,717
	100,000		Unitrin, Inc	6.000		11/30/15		104,628
	110,000		Unum Group	5.625		09/15/20		113,264
	200,000		Verisk Analytics, Inc	5.800		05/01/21		215,299

106

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$700,000	WellPoint, Inc	5.875	%	06/15/17	$	806,584
	150,000	WellPoint, Inc	3.700		08/15/21		154,154
	420,000	WellPoint, Inc	5.850		01/15/36		491,522
	312,000	Willis North America, Inc	6.200		03/28/17		343,048
	165,000	WR Berkley Corp	5.375		09/15/20		166,492
	150,000	XL Capital Ltd	6.375		11/15/24		157,688
	100,000	XL Group PLC	5.250		09/15/14		105,752
		TOTAL INSURANCE					27,746,045
MATERIALS - 0.9%
	100,000	3M Co	4.375		08/15/13		106,298
	300,000	3M Co	1.375		09/29/16		302,574
	190,000	3M Co	5.700		03/15/37		255,180
	100,000	Agrium, Inc	6.750		01/15/19		120,632
	100,000	Agrium, Inc	6.125		01/15/41		124,035
	90,000	Air Products & Chemicals, Inc	4.150		02/01/13		93,417
	150,000	Air Products & Chemicals, Inc	3.000		11/03/21		152,262
	180,000	Airgas, Inc	4.500		09/15/14		190,721
	100,000	Albemarle Corp	4.500		12/15/20		107,044
	200,000	Alcoa, Inc	5.550		02/01/17		213,272
	180,000	Alcoa, Inc	6.150		08/15/20		187,016
	550,000	Alcoa, Inc	5.400		04/15/21		551,026
	300,000	Alcoa, Inc	5.870		02/23/22		302,185
	100,000	Allegheny Technologies, Inc	5.950		01/15/21		106,289
	100,000	AngloGold Ashanti Holdings plc	5.375		04/15/20		99,346
	270,000	ArcelorMittal	3.750		08/05/15		258,114
	890,000	ArcelorMittal	9.850		06/01/19		989,872
	520,000	ArcelorMittal	7.000		10/15/39		483,243
	357,000	ArcelorMittal USA, Inc	6.500		04/15/14		377,432
	180,000	Barrick Australian Finance Pty Ltd	5.950		10/15/39		208,383
	50,000	Barrick Gold Corp	6.950		04/01/19		61,403
	250,000	Barrick Gold Financeco LLC	6.125		09/15/13		270,174
	1,000,000	Barrick North America Finance LLC	4.400		05/30/21		1,082,996
	110,000	Bemis Co, Inc	5.650		08/01/14		119,039
	100,000	Bemis Co, Inc	6.800		08/01/19		119,198
	220,000	Celulosa Arauco y Constitucion S.A.	5.625		04/20/15		238,422
	100,000	Celulosa Arauco y Constitucion S.A.	5.000		01/21/21		103,884
	50,000	Cliffs Natural Resources, Inc	4.800		10/01/20		49,599
	200,000	Cliffs Natural Resources, Inc	4.875		04/01/21		199,279
	150,000	Cliffs Natural Resources, Inc	6.250		10/01/40		147,739
	225,000	Corning, Inc	4.250		08/15/20		239,638
	100,000	Corning, Inc	5.750		08/15/40		117,407
	100,000	Cytec Industries, Inc	6.000		10/01/15		109,285
	80,000	Dow Chemical Co	5.900		02/15/15		89,018
	591,000	Dow Chemical Co	8.550		05/15/19		773,222
	1,500,000	Dow Chemical Co	4.250		11/15/20		1,559,158
	100,000	Dow Chemical Co	5.250		11/15/41		105,187
	165,000	Eastman Chemical Co	5.500		11/15/19		187,836
	300,000	EI Du Pont de Nemours & Co	4.125		03/06/13		311,465
	90,000	EI Du Pont de Nemours & Co	5.250		12/15/16		105,153
	1,420,000	EI Du Pont de Nemours & Co	4.625		01/15/20		1,630,177
	100,000	FMC Corp	3.950		02/01/22		101,597

107

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$545,000		Freeport-McMoRan Copper & Gold, Inc	8.375	%	04/01/17	$	579,063
	200,000		Georgia-Pacific LLC	7.700		06/15/15		232,368
	250,000		Georgia-Pacific LLC	7.750		11/15/29		314,639
	100,000		Hubbell, Inc	3.625		11/15/22		103,657
	200,000		International Paper Co	7.400		06/15/14		222,020
	300,000		International Paper Co	7.950		06/15/18		365,169
	44,000		International Paper Co	9.375		05/15/19		57,176
	330,000		International Paper Co	7.500		08/15/21		407,338
	170,000		International Paper Co	7.300		11/15/39		206,802
	150,000		International Paper Co	6.000		11/15/41		162,842
	330,000		Kimberly-Clark Corp	6.250		07/15/18		409,231
	25,000		Kimberly-Clark Corp	3.625		08/01/20		27,032
	100,000		Kimberly-Clark Corp	3.875		03/01/21		110,561
	200,000		Kimberly-Clark Corp	6.625		08/01/37		284,230
	150,000	g	Kinross Gold Corp	5.125		09/01/21		147,213
	92,000		Lubrizol Corp	8.875		02/01/19		126,412
	250,000		Martin Marietta Materials, Inc	6.600		04/15/18		263,422
	200,000		Monsanto Co	2.750		04/15/16		209,917
	200,000		Newmont Mining Corp	5.125		10/01/19		221,534
	98,000		Newmont Mining Corp	5.875		04/01/35		110,955
	135,000		Newmont Mining Corp	6.250		10/01/39		159,842
	100,000		Nucor Corp	5.750		12/01/17		117,818
	130,000		Nucor Corp	5.850		06/01/18		155,102
	300,000		Nucor Corp	4.125		09/15/22		324,308
	250,000		Owens Corning	9.000		06/15/19		298,263
	50,000		Packaging Corp of America	5.750		08/01/13		52,691
	100,000		Plum Creek Timberlands LP	4.700		03/15/21		100,565
	650,000		Potash Corp of Saskatchewan, Inc	4.875		03/30/20		746,379
	150,000		PPG Industries, Inc	6.650		03/15/18		181,471
	300,000		PPG Industries, Inc	3.600		11/15/20		313,601
	405,000		Praxair, Inc	5.250		11/15/14		454,548
	440,000		Praxair, Inc	3.250		09/15/15		470,679
	200,000		Rio Tinto Alcan, Inc	4.500		05/15/13		208,341
	150,000		Rio Tinto Finance USA Ltd	2.500		05/20/16		153,013
	1,300,000		Rio Tinto Finance USA Ltd	6.500		07/15/18		1,566,898
	570,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		582,600
	200,000		Rio Tinto Finance USA Ltd	4.125		05/20/21		214,997
	200,000		Rio Tinto Finance USA Ltd	3.750		09/20/21		209,572
	150,000		Rio Tinto Finance USA Ltd	5.200		11/02/40		171,796
	200,000		Rohm and Haas Co	6.000		09/15/17		227,403
	100,000		RPM International, Inc	6.125		10/15/19		108,693
	100,000		Sherwin-Williams Co	3.125		12/15/14		105,373
	150,000		Sonoco Products Co	5.750		11/01/40		160,274
	100,000		Southern Copper Corp	7.500		07/27/35		109,230
	180,000		Southern Copper Corp	6.750		04/16/40		180,111
	150,000		Teck Resources Ltd	9.750		05/15/14		176,275
	50,000		Teck Resources Ltd	3.850		08/15/17		51,558
	600,000		Teck Resources Ltd	4.500		01/15/21		626,570
	275,000		Teck Resources Ltd	4.750		01/15/22		295,595
	100,000		Teck Resources Ltd	6.250		07/15/41		115,521
	140,000	g	Xstrata Finance Canada Ltd	5.800		11/15/16		152,723
			TOTAL MATERIALS					26,302,608

108

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
MEDIA - 1.0%
	$50,000		CBS Corp	5.750	%	04/15/20	$	56,214
	445,000		CBS Corp	4.300		02/15/21		459,459
	200,000		CBS Corp	7.875		07/30/30		254,439
	20,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		21,750
	450,000		Comcast Cable Communications LLC	8.875		05/01/17		580,777
	975,000		Comcast Corp	5.300		01/15/14		1,050,613
	1,595,000		Comcast Corp	5.150		03/01/20		1,813,886
	129,000		Comcast Corp	7.050		03/15/33		163,033
	345,000		Comcast Corp	5.650		06/15/35		381,130
	100,000		Comcast Corp	6.950		08/15/37		127,231
	780,000		Comcast Corp	6.400		03/01/40		969,588
	300,000		COX Communications, Inc	4.625		06/01/13		316,249
	35,000		COX Communications, Inc	5.450		12/15/14		38,851
	50,000		DIRECTV Holdings LLC	4.750		10/01/14		54,008
	600,000		DIRECTV Holdings LLC	3.550		03/15/15		624,522
	100,000		DIRECTV Holdings LLC	3.500		03/01/16		103,092
	285,000		DIRECTV Holdings LLC	5.200		03/15/20		307,177
	1,050,000		DIRECTV Holdings LLC	5.000		03/01/21		1,123,730
	145,000		DIRECTV Holdings LLC	6.000		08/15/40		158,177
	100,000		DIRECTV Holdings LLC	6.375		03/01/41		115,302
	350,000		Grupo Televisa S.A.	6.625		03/18/25		400,103
	348,000		Historic TW, Inc	6.625		05/15/29		410,228
	100,000		Interpublic Group of Cos, Inc	6.250		11/15/14		106,250
	585,000		NBC Universal Media LLC	5.150		04/30/20		651,324
	820,000		NBC Universal Media LLC	4.375		04/01/21		865,384
	235,000		NBCUniversal Media LLC	3.650		04/30/15		248,035
	95,000		NBCUniversal Media LLC	6.400		04/30/40		116,792
	355,000		News America, Inc	7.250		05/18/18		427,660
	200,000		News America, Inc	4.500		02/15/21		209,702
	1,325,000		News America, Inc	6.200		12/15/34		1,424,431
	300,000		News America, Inc	6.150		02/15/41		345,777
	200,000		Omnicom Group, Inc	5.900		04/15/16		222,378
	200,000		Omnicom Group, Inc	4.450		08/15/20		206,157
	170,000		Time Warner Cable, Inc	6.750		07/01/18		201,912
	910,000		Time Warner Cable, Inc	8.750		02/14/19		1,162,005
	1,100,000		Time Warner Cable, Inc	8.250		04/01/19		1,381,614
	800,000		Time Warner Cable, Inc	4.000		09/01/21		809,382
	175,000		Time Warner Cable, Inc	6.750		06/15/39		206,801
	390,000		Time Warner Cable, Inc	5.875		11/15/40		422,082
	300,000		Time Warner Cable, Inc	5.500		09/01/41		316,140
	490,000		Time Warner, Inc	3.150		07/15/15		509,659
	628,000		Time Warner, Inc	5.875		11/15/16		724,854
	450,000		Time Warner, Inc	4.750		03/29/21		488,014
	785,000		Time Warner, Inc	6.500		11/15/36		947,135
	350,000		Time Warner, Inc	6.100		07/15/40		410,317
	150,000		Time Warner, Inc	6.250		03/29/41		179,843
	406,000		Viacom, Inc	4.375		09/15/14		434,927
	100,000		Viacom, Inc	3.875		12/15/21		102,087
	500,000		Viacom, Inc	6.875		04/30/36		625,778
	261,000	g	WPP Finance 2010	4.750		11/21/21		259,098
			TOTAL MEDIA					23,535,097

109

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
	$300,000		Abbott Laboratories	2.700	%	05/27/15	$	314,638
	1,630,000		Abbott Laboratories	4.125		05/27/20		1,806,927
	39,000		Abbott Laboratories	6.000		04/01/39		49,547
	200,000		Abbott Laboratories	5.300		05/27/40		239,508
	300,000		Amgen, Inc	2.500		11/15/16		303,598
	550,000		Amgen, Inc	5.850		06/01/17		632,500
	75,000		Amgen, Inc	4.500		03/15/20		78,918
	250,000		Amgen, Inc	3.450		10/01/20		244,207
	700,000		Amgen, Inc	4.100		06/15/21		718,036
	500,000		Amgen, Inc	6.400		02/01/39		589,554
	150,000		Amgen, Inc	4.950		10/01/41		148,513
	400,000		Amgen, Inc	5.150		11/15/41		414,674
	150,000	g	Aristotle Holding, Inc	2.750		11/21/14		151,819
	150,000	g	Aristotle Holding, Inc	3.500		11/15/16		152,768
	150,000	g	Aristotle Holding, Inc	4.750		11/15/21		155,216
	150,000	g	Aristotle Holding, Inc	6.125		11/15/41		162,178
	350,000		AstraZeneca plc	5.900		09/15/17		422,766
	500,000		AstraZeneca plc	6.450		09/15/37		674,412
	100,000		Biogen Idec, Inc	6.875		03/01/18		120,867
	300,000		Bristol-Myers Squibb Co	5.450		05/01/18		359,756
	303,000		Bristol-Myers Squibb Co	6.125		05/01/38		397,453
	200,000		Eli Lilly & Co	4.200		03/06/14		214,294
	75,000		Eli Lilly & Co	5.200		03/15/17		86,636
	200,000		Eli Lilly & Co	7.125		06/01/25		276,972
	250,000		Eli Lilly & Co	5.550		03/15/37		303,294
	125,000		Genentech, Inc	4.750		07/15/15		139,430
	100,000		Genentech, Inc	5.250		07/15/35		118,195
	25,000		Genzyme Corp	3.625		06/15/15		26,692
	100,000		Gilead Sciences, Inc	2.400		12/01/14		101,801
	100,000		Gilead Sciences, Inc	4.500		04/01/21		106,024
	100,000		Gilead Sciences, Inc	4.400		12/01/21		105,869
	100,000		Gilead Sciences, Inc	5.650		12/01/41		110,716
	400,000		GlaxoSmithKline Capital, Inc	4.375		04/15/14		432,893
	795,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		956,868
	350,000		GlaxoSmithKline Capital, Inc	5.375		04/15/34		417,388
	143,000		GlaxoSmithKline Capital, Inc	6.375		05/15/38		191,341
	150,000		Hospira, Inc	6.050		03/30/17		165,601
	100,000		Hospira, Inc	5.600		09/15/40		96,346
	100,000		ICI Wilmington, Inc	5.625		12/01/13		105,880
	370,000		Johnson & Johnson	3.800		05/15/13		387,607
	150,000		Johnson & Johnson	2.150		05/15/16		156,444
	600,000		Johnson & Johnson	2.950		09/01/20		639,047
	175,000		Johnson & Johnson	5.850		07/15/38		236,281
	180,000		Johnson & Johnson	4.500		09/01/40		204,472
	150,000		Johnson & Johnson	4.850		05/15/41		179,999
	185,000		Life Technologies Corp	3.375		03/01/13		187,361
	115,000		Life Technologies Corp	3.500		01/15/16		115,480
	100,000		Life Technologies Corp	5.000		01/15/21		104,635
	385,000		Mead Johnson Nutrition Co	4.900		11/01/19		423,729

110

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$785,000	Merck & Co, Inc	6.000	%	09/15/17	$	962,361
	1,000,000	Merck & Co, Inc	3.875		01/15/21		1,125,768
	150,000	Merck & Co, Inc	6.500		12/01/33		206,706
	300,000	Novartis Capital Corp	4.125		02/10/14		320,977
	1,245,000	Novartis Capital Corp	2.900		04/24/15		1,317,623
	190,000	Novartis Capital Corp	4.400		04/24/20		216,566
	1,310,000	Pfizer, Inc	6.200		03/15/19		1,616,417
	800,000	Sanofi-Aventis S.A.	2.625		03/29/16		834,182
	250,000	Sanofi-Aventis S.A.	4.000		03/29/21		276,985
	240,000	Schering-Plough Corp	6.550		09/15/37		334,582
	100,000	Sigma-Aldrich Corp	3.375		11/01/20		104,601
	200,000	Teva Pharmaceutical Finance Co BV	2.400		11/10/16		203,418
	600,000	Teva Pharmaceutical Finance Co LLC	3.000		06/15/15		624,817
	350,000	Teva Pharmaceutical Finance Co LLC	6.150		02/01/36		425,398
	125,000	Watson Pharmaceuticals, Inc	5.000		08/15/14		134,131
	650,000	Wyeth	5.500		02/15/16		755,940
	1,000,000	Wyeth	6.450		02/01/24		1,306,578
	445,000	Wyeth	5.950		04/01/37		570,033
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					26,066,233
REAL ESTATE - 0.3%
	105,000	AMB Property LP	7.625		08/15/14		115,002
	165,000	AMB Property LP	4.500		08/15/17		164,685
	134,000	AMB Property LP	6.625		05/15/18		145,529
	100,000	AvalonBay Communities, Inc	3.950		01/15/21		99,826
	115,000	BioMed Realty LP	6.125		04/15/20		120,708
	25,000	Boston Properties LP	5.000		06/01/15		27,074
	150,000	Boston Properties LP	3.700		11/15/18		153,162
	80,000	Boston Properties LP	5.875		10/15/19		90,093
	175,000	Boston Properties LP	4.125		05/15/21		176,102
	165,000	Boston Properties LP	2.875		02/15/37		165,000
	115,000	Brandywine Operating Partnership LP	5.700		05/01/17		119,051
	100,000	Camden Property Trust	4.625		06/15/21		100,013
	200,000	CommonWealth REIT	6.250		08/15/16		212,049
	275,000	Duke Realty LP	5.950		02/15/17		295,659
	35,000	ERP Operating LP	5.250		09/15/14		37,247
	500,000	ERP Operating LP	5.125		03/15/16		535,711
	150,000	ERP Operating LP	4.625		12/15/21		152,963
	150,000	HCP, Inc	3.750		02/01/16		152,620
	430,000	HCP, Inc	6.000		01/30/17		465,258
	150,000	HCP, Inc	5.375		02/01/21		157,258
	30,000	HCP, Inc	6.750		02/01/41		33,915
	100,000	Health Care REIT, Inc	3.625		03/15/16		98,416
	200,000	Health Care REIT, Inc	4.700		09/15/17		198,626
	440,000	Health Care REIT, Inc	6.125		04/15/20		455,890
	300,000	Healthcare Realty Trust, Inc	6.500		01/17/17		322,181
	125,000	Highwoods Properties, Inc	5.850		03/15/17		132,211
	350,000	Hospitality Properties Trust	5.125		02/15/15		354,366
	50,000	HRPT Properties Trust	5.875		09/15/20		50,340
	35,000	Kilroy Realty Corp	5.000		11/03/15		35,994
	145,000	Kimco Realty Corp	5.700		05/01/17		156,218
	220,000	Liberty Property LP	4.750		10/01/20		223,559

111

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$125,000		Mack-Cali Realty Corp	7.750	%	08/15/19	$	148,954
	75,000		National Retail Properties, Inc	6.875		10/15/17		83,215
	20,000		Nationwide Health Properties, Inc	6.250		02/01/13		20,654
	40,000		Realty Income Corp	5.950		09/15/16		44,230
	75,000		Realty Income Corp	5.750		01/15/21		81,611
	175,000		Regency Centers LP	5.250		08/01/15		186,487
	10,000		Regency Centers LP	5.875		06/15/17		10,890
	100,000		Senior Housing Properties Trust	6.750		12/15/21		101,634
	88,000		Simon Property Group LP	5.100		06/15/15		96,157
	295,000		Simon Property Group LP	5.250		12/01/16		326,952
	100,000		Simon Property Group LP	2.800		01/30/17		102,143
	740,000		Simon Property Group LP	10.350		04/01/19		1,015,797
	290,000		Simon Property Group LP	4.375		03/01/21		306,856
	100,000	g,i	USB Realty Corp	6.091		12/30/49		69,500
	55,000		Ventas Realty LP	3.125		11/30/15		53,784
	300,000		Ventas Realty LP	4.750		06/01/21		289,544
	100,000		Vornado Realty LP	5.000		01/15/22		100,829
	195,000		Washington Real Estate Investment Trust	4.950		10/01/20		203,954
			TOTAL REAL ESTATE					8,789,917
RETAILING - 0.6%
	120,000		Advance Auto Parts, Inc	5.750		05/01/20		131,419
	150,000		AutoZone, Inc	6.500		01/15/14		164,781
	100,000		AutoZone, Inc	4.000		11/15/20		102,451
	250,000		Best Buy Co, Inc	3.750		03/15/16		246,286
	200,000		Cooper US, Inc	5.250		11/15/12		207,643
	120,000		Costco Wholesale Corp	5.500		03/15/17		143,326
	100,000		Family Dollar Stores, Inc	5.000		02/01/21		102,914
	150,000		Gap, Inc	5.950		04/12/21		143,070
	155,000		Home Depot, Inc	5.250		12/16/13		168,315
	100,000		Home Depot, Inc	5.400		03/01/16		115,497
	400,000		Home Depot, Inc	3.950		09/15/20		435,826
	350,000		Home Depot, Inc	4.400		04/01/21		394,610
	660,000		Home Depot, Inc	5.875		12/16/36		828,222
	125,000		Kohl’s Corp	6.250		12/15/17		148,940
	100,000		Kohl’s Corp	6.875		12/15/37		124,806
	400,000		Lowe’s Cos, Inc	2.125		04/15/16		403,054
	200,000		Lowe’s Cos, Inc	3.800		11/15/21		209,984
	200,000		Lowe’s Cos, Inc	6.875		02/15/28		251,000
	175,000		Lowe’s Cos, Inc	5.500		10/15/35		194,530
	150,000		Lowe’s Cos, Inc	5.800		04/15/40		176,604
	150,000		Lowe’s Cos, Inc	5.125		11/15/41		166,200
	450,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		502,862
	400,000		Macy’s Retail Holdings, Inc	6.900		04/01/29		439,936
	300,000		Nordstrom, Inc	6.250		01/15/18		354,815
	30,000		Nordstrom, Inc	4.750		05/01/20		33,251
	100,000		Nordstrom, Inc	7.000		01/15/38		132,970
	150,000		O’Reilly Automotive, Inc	4.875		01/14/21		159,606
	188,000		Staples, Inc	9.750		01/15/14		214,973
	100,000		Target Corp	1.125		07/18/14		100,735
	950,000		Target Corp	3.875		07/15/20		1,049,554
	460,000		Target Corp	7.000		07/15/31		620,478

112

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$100,000	Target Corp	6.500	%	10/15/37	$	132,855
	105,000	TJX Cos, Inc	6.950		04/15/19		130,826
	650,000	Wal-Mart Stores, Inc	4.500		07/01/15		727,921
	200,000	Wal-Mart Stores, Inc	1.500		10/25/15		203,140
	200,000	Wal-Mart Stores, Inc	2.800		04/15/16		213,761
	300,000	Wal-Mart Stores, Inc	3.625		07/08/20		328,792
	1,400,000	Wal-Mart Stores, Inc	3.250		10/25/20		1,497,045
	1,450,000	Wal-Mart Stores, Inc	4.250		04/15/21		1,675,466
	69,000	Wal-Mart Stores, Inc	7.550		02/15/30		100,758
	1,095,000	Wal-Mart Stores, Inc	5.250		09/01/35		1,309,827
	160,000	Wal-Mart Stores, Inc	6.500		08/15/37		221,038
	65,000	Wal-Mart Stores, Inc	5.625		04/01/40		82,333
	195,000	Wal-Mart Stores, Inc	5.000		10/25/40		229,503
		TOTAL RETAILING					15,321,923
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	85,000	Analog Devices, Inc	5.000		07/01/14		92,769
	55,000	Broadcom Corp	1.500		11/01/13		55,595
	140,000	Broadcom Corp	2.375		11/01/15		143,311
	400,000	Intel Corp	1.950		10/01/16		411,207
	500,000	Intel Corp	4.800		10/01/41		560,354
	310,000	National Semiconductor Corp	3.950		04/15/15		334,860
	200,000	Texas Instruments, Inc	2.375		05/16/16		208,334
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,806,430
SOFTWARE & SERVICES - 0.3%
	285,000	Adobe Systems, Inc	3.250		02/01/15		299,158
	20,000	Adobe Systems, Inc	4.750		02/01/20		21,711
	20,000	CA, Inc	6.125		12/01/14		22,222
	300,000	CA, Inc	5.375		12/01/19		327,230
	200,000	Computer Sciences Corp	5.500		03/15/13		199,000
	120,000	Computer Sciences Corp	6.500		03/15/18		117,600
	300,000	Expedia, Inc	7.456		08/15/18		337,926
	50,000	Fiserv, Inc	3.125		10/01/15		51,220
	150,000	Fiserv, Inc	3.125		06/15/16		152,729
	100,000	Fiserv, Inc	6.800		11/20/17		116,305
	100,000	Google, Inc	1.250		05/19/14		101,505
	300,000	Google, Inc	2.125		05/19/16		311,948
	100,000	Google, Inc	3.625		05/19/21		109,322
	765,000	International Business Machines Corp	1.000		08/05/13		771,023
	250,000	International Business Machines Corp	1.950		07/22/16		257,290
	200,000	Intuit, Inc	5.750		03/15/17		224,352
	175,000	Juniper Networks, Inc	4.600		03/15/21		185,452
	740,000	Microsoft Corp	0.875		09/27/13		746,428
	25,000	Microsoft Corp	4.200		06/01/19		28,819
	540,000	Microsoft Corp	3.000		10/01/20		574,483
	150,000	Microsoft Corp	4.000		02/08/21		168,940
	400,000	Microsoft Corp	5.300		02/08/41		506,394
	320,000	Oracle Corp	3.750		07/08/14		344,152
	320,000	Oracle Corp	5.750		04/15/18		388,315
	1,365,000	Oracle Corp	3.875		07/15/20		1,503,635
	470,000	Oracle Corp	6.125		07/08/39		617,316

113

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$290,000	Symantec Corp	2.750	%	09/15/15	$	294,822
		TOTAL SOFTWARE & SERVICES					8,779,297
TECHNOLOGY HARDWARE & EQUIPMENT - 0.7%
	75,000	Amphenol Corp	4.750		11/15/14		80,360
	793,000	Cisco Systems, Inc	4.950		02/15/19		919,273
	1,250,000	Cisco Systems, Inc	4.450		01/15/20		1,421,179
	400,000	Cisco Systems, Inc	5.900		02/15/39		500,807
	200,000	Dell, Inc	3.100		04/01/16		211,510
	750,000	Dell, Inc	5.875		06/15/19		880,743
	510,000	Discovery Communications LLC	5.050		06/01/20		559,229
	100,000	Discovery Communications LLC	4.375		06/15/21		105,559
	100,000	Discovery Communications LLC	6.350		06/01/40		120,460
	300,000	Harris Corp	4.400		12/15/20		306,159
	575,000	Hewlett-Packard Co	4.750		06/02/14		607,233
	600,000	Hewlett-Packard Co	2.125		09/13/15		589,438
	1,100,000	Hewlett-Packard Co	3.000		09/15/16		1,107,759
	700,000	Hewlett-Packard Co	3.750		12/01/20		690,950
	200,000	Hewlett-Packard Co	4.375		09/15/21		206,409
	100,000	Hewlett-Packard Co	4.650		12/09/21		105,508
	300,000	International Business Machines Corp	2.000		01/05/16		307,715
	800,000	International Business Machines Corp	8.375		11/01/19		1,134,701
	300,000	International Business Machines Corp	2.900		11/01/21		309,253
	400,000	International Business Machines Corp	7.000		10/30/25		548,474
	353,000	International Business Machines Corp	5.600		11/30/39		453,492
	85,000	International Game Technology	7.500		06/15/19		97,944
	347,000	Koninklijke Philips Electronics NV	5.750		03/11/18		397,481
	100,000	Koninklijke Philips Electronics NV	6.875		03/11/38		126,099
	100,000	L-3 Communications Corp	3.950		11/15/16		100,932
	420,000	L-3 Communications Corp	5.200		10/15/19		426,056
	100,000	Lexmark International, Inc	6.650		06/01/18		112,542
	200,000	Motorola, Inc	6.000		11/15/17		224,173
	120,000	Nokia Oyj	6.625		05/15/39		115,043
	100,000	Nokia OYJ	5.375		05/15/19		100,913
	590,000	Pitney Bowes, Inc	4.750		01/15/16		606,580
	225,000	Tyco Electronics Group S.A.	6.550		10/01/17		259,920
	225,000	Xerox Corp	8.250		05/15/14		253,886
	330,000	Xerox Corp	4.250		02/15/15		347,819
	50,000	Xerox Corp	6.350		05/15/18		56,323
	450,000	Xerox Corp	5.625		12/15/19		491,571
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					14,883,493
TELECOMMUNICATION SERVICES - 1.4%
	200,000	America Movil SAB de C.V.	3.625		03/30/15		209,574
	200,000	America Movil SAB de C.V.	2.375		09/08/16		199,443
	1,230,000	America Movil SAB de C.V.	5.000		03/30/20		1,358,869
	290,000	America Movil SAB de C.V.	6.125		03/30/40		344,798
	650,000	American Tower Corp	4.500		01/15/18		661,221
	7,000	AT&T Corp	8.000		11/15/31		9,888
	346,000	AT&T Mobility LLC	7.125		12/15/31		447,777
	350,000	AT&T, Inc	5.100		09/15/14		385,505
	1,265,000	AT&T, Inc	2.500		08/15/15		1,309,869

114

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$150,000	AT&T, Inc	2.950	%	05/15/16	$	156,321
	950,000	AT&T, Inc	5.800		02/15/19		1,121,028
	300,000	AT&T, Inc	4.450		05/15/21		329,539
	470,000	AT&T, Inc	6.150		09/15/34		557,540
	220,000	AT&T, Inc	6.500		09/01/37		273,919
	1,575,000	AT&T, Inc	6.300		01/15/38		1,933,685
	322,000	AT&T, Inc	5.350		09/01/40		362,218
	700,000	AT&T, Inc	5.550		08/15/41		824,192
	500,000	BellSouth Capital Funding Corp	7.875		02/15/30		672,543
	1,490,000	BellSouth Corp	5.200		09/15/14		1,647,184
	60,000	BellSouth Corp	6.875		10/15/31		74,772
	140,000	BellSouth Corp	6.550		06/15/34		166,652
	400,000	British Telecommunications plc	5.950		01/15/18		442,032
	450,000	British Telecommunications plc	9.625		12/15/30		634,185
	290,000	Cellco Partnership	5.550		02/01/14		315,074
	965,000	Cellco Partnership	8.500		11/15/18		1,302,461
	1,300,000	CenturyTel, Inc	5.150		06/15/17		1,288,537
	384,000	CenturyTel, Inc	7.600		09/15/39		376,806
	450,000	Deutsche Telekom International Finance BV	5.750		03/23/16		500,795
	850,000	Deutsche Telekom International Finance BV	6.000		07/08/19		975,800
	340,000	Deutsche Telekom International Finance BV	8.750		06/15/30		474,269
	200,000	Embarq Corp	6.738		06/01/13		208,112
	150,000	Embarq Corp	7.082		06/01/16		162,592
	345,000	France Telecom S.A.	2.125		09/16/15		341,800
	800,000	France Telecom S.A.	4.125		09/14/21		806,458
	245,000	France Telecom S.A.	8.500		03/01/31		349,351
	150,000	Koninklijke KPN NV	8.375		10/01/30		192,466
	400,000	Qwest Corp	7.500		10/01/14		440,569
	150,000	Qwest Corp	6.500		06/01/17		163,875
	200,000	Qwest Corp	6.750		12/01/21		218,000
	300,000	Rogers Communications, Inc	6.800		08/15/18		365,443
	350,000	Rogers Wireless, Inc	7.500		03/15/15		409,817
	85,000	Telecom Italia Capital S.A.	6.175		06/18/14		81,759
	150,000	Telecom Italia Capital S.A.	4.950		09/30/14		139,231
	1,555,000	Telecom Italia Capital S.A.	7.175		06/18/19		1,457,202
	100,000	Telecom Italia Capital S.A.	7.721		06/04/38		85,285
	200,000	Telefonica Emisiones SAU	2.582		04/26/13		195,159
	600,000	Telefonica Emisiones SAU	3.992		02/16/16		576,901
	1,620,000	Telefonica Emisiones SAU	5.134		04/27/20		1,521,694
	100,000	Telefonos de Mexico SAB de C.V.	5.500		01/27/15		108,062
	1,315,000	Verizon Communications, Inc	4.350		02/15/13		1,366,489
	600,000	Verizon Communications, Inc	5.550		02/15/16		686,563
	800,000	Verizon Communications, Inc	3.000		04/01/16		837,752
	140,000	Verizon Communications, Inc	5.500		02/15/18		163,214
	220,000	Verizon Communications, Inc	8.750		11/01/18		297,160
	200,000	Verizon Communications, Inc	6.350		04/01/19		243,701
	380,000	Verizon Communications, Inc	6.250		04/01/37		468,829
	620,000	Verizon Communications, Inc	6.400		02/15/38		787,029
	220,000	Verizon Communications, Inc	8.950		03/01/39		352,321
	300,000	Verizon Communications, Inc	6.000		04/01/41		371,961
	1,150,000	Verizon Communications, Inc	4.750		11/01/41		1,237,667
	225,000	Verizon New England, Inc	4.750		10/01/13		236,321

115

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$165,000		Verizon Virginia, Inc	4.625	%	03/15/13	$	171,794
	200,000		Virgin Media Secured Finance plc	5.250		01/15/21		211,896
	150,000		Vodafone Group plc	5.000		12/16/13		160,950
	303,000		Vodafone Group plc	5.625		02/27/17		351,824
	1,200,000		Vodafone Group plc	4.625		07/15/18		1,324,365
	550,000		Vodafone Group plc	4.375		03/16/21		600,075
	150,000		Vodafone Group plc	6.150		02/27/37		186,660
			TOTAL TELECOMMUNICATION SERVICES					37,236,843
TRANSPORTATION - 0.5%
	200,000		Boeing Capital Corp	2.125		08/15/16		204,310
	700,000		Boeing Capital Corp	2.900		08/15/18		728,654
	750,000		Boeing Co	3.750		11/20/16		822,109
	100,000		Boeing Co	5.875		02/15/40		129,176
	260,000		Burlington Northern Santa Fe Corp	5.750		03/15/18		303,782
	555,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		622,864
	150,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		189,457
	360,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		430,708
	150,000		Canadian National Railway Co	4.400		03/15/13		156,381
	100,000		Canadian National Railway Co	5.550		03/01/19		120,361
	100,000		Canadian National Railway Co	2.850		12/15/21		101,358
	200,000		Canadian National Railway Co	6.900		07/15/28		269,245
	200,000		Canadian National Railway Co	6.250		08/01/34		260,667
	200,000		Canadian Pacific Railway Co	7.250		05/15/19		234,505
	200,000		Canadian Pacific Railway Co	7.125		10/15/31		237,137
	100,000		Canadian Pacific Railway Ltd	5.750		01/15/42		105,711
	480,000		Continental Airlines, Inc	4.750		01/12/21		487,200
	31,602		Continental Airlines, Inc	5.983		04/19/22		32,904
	100,000		Con-Way, Inc	7.250		01/15/18		112,679
	650,000		CSX Corp	7.375		02/01/19		810,177
	100,000		CSX Corp	6.000		10/01/36		117,842
	400,000		CSX Corp	5.500		04/15/41		453,079
	500,000		Delta Air Lines, Inc	5.300		04/15/19		505,000
	165,000		Embraer Overseas Ltd	6.375		01/15/20		176,138
	134,000		FedEx Corp	8.000		01/15/19		175,954
	100,000		GATX Corp	3.500		07/15/16		100,466
	210,000		Norfolk Southern Corp	5.750		04/01/18		247,572
	100,000		Norfolk Southern Corp	3.250		12/01/21		101,468
	425,000		Norfolk Southern Corp	5.590		05/17/25		490,939
	478,000		Norfolk Southern Corp	7.250		02/15/31		663,263
	16,000	g	Norfolk Southern Corp	4.837		10/01/41		16,976
	650,000		Northrop Grumman Corp	3.500		03/15/21		657,486
	350,000		Ryder System, Inc	3.150		03/02/15		359,683
	50,000		Ryder System, Inc	3.600		03/01/16		51,582
	325,000		Southwest Airlines Co	5.250		10/01/14		346,847
	300,000		Union Pacific Corp	5.750		11/15/17		354,874
	331,000		Union Pacific Corp	4.163		07/15/22		359,258
	200,000		Union Pacific Corp	6.625		02/01/29		262,618
	100,000		Union Pacific Corp	4.750		09/15/41		108,945
	42,000		United Parcel Service, Inc	3.875		04/01/14		44,813
	100,000		United Parcel Service, Inc	5.500		01/15/18		119,834
	300,000		United Parcel Service, Inc	5.125		04/01/19		362,385

116

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$1,105,000	United Parcel Service, Inc	3.125	%	01/15/21	$	1,172,183
	35,000	United Parcel Service, Inc	6.200		01/15/38		47,078
		TOTAL TRANSPORTATION					13,655,668
UTILITIES - 1.8%
	370,000	AGL Capital Corp	5.250		08/15/19		413,644
	300,000	Alabama Power Co	5.200		06/01/41		358,160
	60,000	Alliant Energy Corp	4.000		10/15/14		62,876
	100,000	Ameren Corp	8.875		05/15/14		112,057
	250,000	American Water Capital Corp	6.085		10/15/17		290,812
	50,000	Appalachian Power Co	3.400		05/24/15		52,302
	140,000	Appalachian Power Co	7.000		04/01/38		187,887
	150,000	Arizona Public Service Co	8.750		03/01/19		191,560
	60,000	Atmos Energy Corp	4.950		10/15/14		65,681
	100,000	Atmos Energy Corp	8.500		03/15/19		132,137
	100,000	Atmos Energy Corp	5.500		06/15/41		116,881
	100,000	Baltimore Gas & Electric Co	3.500		11/15/21		101,898
	785,000	Carolina Power & Light Co	5.300		01/15/19		919,113
	350,000	Carolina Power & Light Co	3.000		09/15/21		359,711
	290,000	CenterPoint Energy Houston Electric LLC	7.000		03/01/14		325,977
	100,000	CenterPoint Energy Houston Electric LLC	6.950		03/15/33		136,369
	423,000	CenterPoint Energy Resources Corp	4.500		01/15/21		448,006
	100,000	Commonwealth Edison Co	1.625		01/15/14		100,725
	500,000	Commonwealth Edison Co	1.950		09/01/16		499,154
	775,000	Commonwealth Edison Co	4.000		08/01/20		834,841
	387,000	Commonwealth Edison Co	5.900		03/15/36		474,597
	210,000	Connecticut Light & Power Co	5.500		02/01/19		245,087
	60,000	Consolidated Edison Co of New York, Inc	6.650		04/01/19		75,839
	890,000	Consolidated Edison Co of New York, Inc	4.450		06/15/20		1,008,868
	325,000	Consolidated Edison Co of New York, Inc	5.700		06/15/40		407,756
	105,000	Consolidated Natural Gas Co	5.000		12/01/14		115,066
	180,000	Constellation Energy Group, Inc	4.550		06/15/15		190,049
	250,000	Constellation Energy Group, Inc	5.150		12/01/20		270,910
	100,000	Constellation Energy Group, Inc	7.600		04/01/32		128,862
	230,000	Consumers Energy Co	6.125		03/15/19		279,141
	400,000	Detroit Edison Co	3.450		10/01/20		422,475
	360,000	Dominion Resources, Inc	5.150		07/15/15		401,230
	1,100,000	Dominion Resources, Inc	4.450		03/15/21		1,225,174
	200,000	Dominion Resources, Inc	5.950		06/15/35		238,032
	790,000	Duke Energy Carolinas LLC	5.750		11/15/13		859,097
	125,000	Duke Energy Carolinas LLC	4.300		06/15/20		140,789
	200,000	Duke Energy Carolinas LLC	3.900		06/15/21		219,490
	633,000	Duke Energy Carolinas LLC	6.050		04/15/38		828,680
	746,000	Duke Energy Corp	5.050		09/15/19		846,378
	200,000	El Paso Natural Gas Co	5.950		04/15/17		224,573
	100,000	Enbridge, Inc	5.600		04/01/17		112,014
	150,000	Energen Corp	4.625		09/01/21		148,858
	400,000	Energy Transfer Partners LP	6.125		02/15/17		439,172
	100,000	Energy Transfer Partners LP	9.700		03/15/19		122,515
	500,000	Energy Transfer Partners LP	4.650		06/01/21		489,798
	140,000	Energy Transfer Partners LP	7.500		07/01/38		159,841
	100,000	Enersis S.A.	7.375		01/15/14		109,278

117

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$125,000		Entergy Arkansas, Inc	3.750	%	02/15/21	$	130,163
	300,000		Entergy Gulf States Louisiana LLC	3.950		10/01/20		307,281
	225,000		Entergy Texas, Inc	7.125		02/01/19		274,565
	75,000		Exelon Corp	4.900		06/15/15		80,811
	400,000		Exelon Generation Co LLC	5.200		10/01/19		439,397
	800,000		FirstEnergy Corp	7.375		11/15/31		983,822
	280,000		FirstEnergy Solutions Corp	4.800		02/15/15		298,841
	435,000		FirstEnergy Solutions Corp	6.050		08/15/21		482,717
	247,000		Florida Power & Light Co	4.950		06/01/35		283,916
	400,000		Florida Power & Light Co	5.250		02/01/41		488,305
	100,000		Florida Power & Light Co	4.125		02/01/42		103,163
	29,000		Florida Power Corp	5.650		06/15/18		34,650
	100,000		Florida Power Corp	3.100		08/15/21		102,316
	165,000		Florida Power Corp	6.400		06/15/38		223,806
	690,000		FPL Group Capital, Inc	2.600		09/01/15		696,292
	40,000		Georgia Power Co	1.300		09/15/13		40,370
	900,000		Georgia Power Co	5.700		06/01/17		1,067,948
	177,000		Georgia Power Co	5.950		02/01/39		228,037
	50,000		Great Plains Energy, Inc	2.750		08/15/13		50,711
	200,000		Great Plains Energy, Inc	4.850		06/01/21		209,646
	80,000		Indiana Michigan Power Co	7.000		03/15/19		98,400
	70,000		Integrys Energy Group, Inc	4.170		11/01/20		74,776
	100,000		Interstate Power & Light Co	6.250		07/15/39		131,996
	100,000		Kansas City Power & Light Co	5.300		10/01/41		107,633
	20,000	g	Kansas Gas & Electric	6.700		06/15/19		24,795
	250,000		Kentucky Utilities Co	5.125		11/01/40		299,589
	150,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		155,958
	400,000		Kinder Morgan Energy Partners LP	5.950		02/15/18		456,978
	400,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		504,606
	100,000		Kinder Morgan Energy Partners LP	5.800		03/01/21		113,167
	535,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		594,650
	300,000		Kinder Morgan Energy Partners LP	5.625		09/01/41		309,264
	320,000		LG&E and KU Energy LLC	3.750		11/15/20		323,047
	400,000		MidAmerican Energy Co	4.650		10/01/14		435,494
	350,000		Midamerican Energy Holdings Co	5.750		04/01/18		403,902
	1,032,000		Midamerican Energy Holdings Co	5.950		05/15/37		1,219,520
	100,000		Midamerican Energy Holdings Co	6.500		09/15/37		125,563
	85,000		National Fuel Gas Co	5.250		03/01/13		88,494
	100,000		National Fuel Gas Co	4.900		12/01/21		102,531
	300,000		National Grid plc	6.300		08/01/16		344,259
	320,000		Nevada Power Co	6.500		08/01/18		385,885
	45,000		Nevada Power Co	7.125		03/15/19		56,196
	230,000		Nevada Power Co	5.375		09/15/40		269,931
	500,000		NextEra Energy Capital Holdings, Inc	4.500		06/01/21		532,628
	235,000		NiSource Finance Corp	5.400		07/15/14		254,971
	350,000		NiSource Finance Corp	6.400		03/15/18		402,448
	150,000		NiSource Finance Corp	6.125		03/01/22		172,689
	100,000		NiSource Finance Corp	5.950		06/15/41		107,328
	425,000		Northern States Power Co	5.350		11/01/39		527,873
	150,000		NSTAR Electric Co	5.625		11/15/17		177,770
	150,000		Oglethorpe Power Corp	5.375		11/01/40		177,491
	400,000		Ohio Power Co	5.375		10/01/21		458,838

118

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		Oklahoma Gas & Electric Co	5.250	%	05/15/41	$	118,299
	220,000		Oncor Electric Delivery Co LLC	6.375		01/15/15		251,390
	200,000		Oncor Electric Delivery Co LLC	6.800		09/01/18		243,220
	70,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		94,092
	100,000		Oncor Electric Delivery Co LLC	5.250		09/30/40		113,532
	100,000	g	Oncor Electric Delivery Co LLC	4.550		12/01/41		102,241
	250,000		ONEOK Partners LP	3.250		02/01/16		257,336
	130,000		ONEOK Partners LP	6.650		10/01/36		153,741
	100,000		ONEOK Partners LP	6.850		10/15/37		121,416
	100,000		ONEOK Partners LP	6.125		02/01/41		115,211
	150,000		ONEOK, Inc	6.000		06/15/35		160,551
	355,000		Pacific Gas & Electric Co	8.250		10/15/18		467,967
	720,000		Pacific Gas & Electric Co	6.050		03/01/34		891,244
	75,000		Pacific Gas & Electric Co	5.800		03/01/37		91,344
	400,000		Pacific Gas & Electric Co	5.400		01/15/40		465,205
	250,000		PacifiCorp	6.000		01/15/39		319,241
	165,000		Pepco Holdings, Inc	2.700		10/01/15		167,125
	350,000		PG&E Corp	5.750		04/01/14		381,346
	65,000		Potomac Electric Power Co	7.900		12/15/38		100,503
	200,000		PPL Energy Supply LLC	6.200		05/15/16		223,056
	225,000		PPL Energy Supply LLC	6.500		05/01/18		255,835
	100,000		PPL Energy Supply LLC	4.600		12/15/21		101,410
	400,000		Progress Energy, Inc	7.750		03/01/31		568,031
	300,000		PSEG Power LLC	2.500		04/15/13		304,742
	200,000		PSEG Power LLC	5.320		09/15/16		223,075
	225,000		Public Service Co of Colorado	4.875		03/01/13		235,278
	335,000		Public Service Co of Colorado	5.500		04/01/14		369,812
	520,000		Public Service Co of Oklahoma	5.150		12/01/19		579,836
	100,000		Public Service Co of Oklahoma	4.400		02/01/21		108,376
	150,000		Public Service Co of Oklahoma	6.625		11/15/37		191,245
	220,000		Public Service Electric & Gas Co	5.300		05/01/18		260,443
	410,000		Public Service Electric & Gas Co	5.375		11/01/39		506,956
	250,000		Puget Sound Energy, Inc	5.757		10/01/39		308,012
	100,000		Puget Sound Energy, Inc	4.434		11/15/41		103,714
	100,000		Questar Corp	2.750		02/01/16		102,179
	150,000		San Diego Gas & Electric Co	3.000		08/15/21		154,260
	255,000		San Diego Gas & Electric Co	5.350		05/15/40		322,514
	100,000		San Diego Gas & Electric Co	3.950		11/15/41		102,409
	300,000		SCANA Corp	4.750		05/15/21		318,065
	250,000		Scottish Power Ltd	5.810		03/15/25		265,073
	600,000		Sempra Energy	2.000		03/15/14		607,601
	260,000		Sempra Energy	6.000		10/15/39		320,803
	50,000		South Carolina Electric & Gas Co	5.300		05/15/33		58,373
	125,000		South Carolina Electric & Gas Co	5.450		02/01/41		149,568
	100,000		Southern California Edison Co	5.000		01/15/16		113,900
	250,000		Southern California Edison Co	5.500		08/15/18		299,614
	80,000		Southern California Edison Co	3.875		06/01/21		88,301
	185,000		Southern California Edison Co	6.050		03/15/39		245,124
	300,000		Southern California Edison Co	4.500		09/01/40		327,380
	500,000		Southern California Edison Co	3.900		12/01/41		496,135
	200,000		Southern Co	2.375		09/15/15		204,902
	100,000		Southern Co	1.950		09/01/16		100,944

119

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$108,000	g	Southern Natural Gas Co	5.900	%	04/01/17	$	123,430
	100,000		Southern Natural Gas Co	8.000		03/01/32		123,684
	100,000		Southern Power Co	5.150		09/15/41		106,095
	60,000		Spectra Energy Capital LLC	6.200		04/15/18		68,035
	450,000		Spectra Energy Capital LLC	8.000		10/01/19		566,287
	200,000		TECO Finance, Inc	5.150		03/15/20		222,231
	100,000		Tennessee Gas Pipeline Co	7.000		10/15/28		114,927
	75,000		Toledo Edison Co	7.250		05/01/20		93,477
	770,000		Total Capital S.A.	3.125		10/02/15		815,441
	200,000		Total Capital S.A.	4.450		06/24/20		222,771
	100,000		Total Capital S.A.	4.125		01/28/21		110,350
	200,000		TransAlta Corp	6.650		05/15/18		231,293
	400,000		Union Electric Co	6.700		02/01/19		485,937
	100,000		Union Electric Co	8.450		03/15/39		168,175
	100,000		United Utilities plc	6.875		08/15/28		114,676
	263,000		Veolia Environnement	5.250		06/03/13		276,739
	430,000		Virginia Electric and Power Co	4.750		03/01/13		448,259
	350,000		Virginia Electric and Power Co	6.000		05/15/37		446,808
	35,000		Williams Cos, Inc	7.875		09/01/21		43,075
	300,000		Williams Cos, Inc	7.750		06/15/31		373,182
	245,000		Williams Partners LP	3.800		02/15/15		257,199
	70,000		Williams Partners LP	7.250		02/01/17		83,044
	330,000		Williams Partners LP	5.250		03/15/20		365,299
	100,000		Williams Partners LP	4.000		11/15/21		102,682
	335,000		Williams Partners LP	6.300		04/15/40		408,464
	250,000		Wisconsin Electric Power Co	4.500		05/15/13		261,992
	200,000		Wisconsin Electric Power Co	5.625		05/15/33		250,898
	100,000		Xcel Energy, Inc	4.700		05/15/20		112,702
	100,000		Xcel Energy, Inc	4.800		09/15/41		108,973
			TOTAL UTILITIES					52,196,882
			TOTAL CORPORATE BONDS					557,042,039
			(Cost $545,966,784)
GOVERNMENT BONDS - 76.2%
AGENCY SECURITIES - 5.4%
	1,945,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		1,976,739
	1,000,000		FFCB	3.875		10/07/13		1,061,038
	2,600,000		FFCB	3.000		09/22/14		2,765,833
	1,370,000		Federal Home Loan Bank (FHLB)	1.875		06/21/13		1,400,625
	240,000		FHLB	3.625		10/18/13		253,651
	8,625,000		FHLB	3.125		12/13/13		9,038,172
	110,000		FHLB	5.250		06/18/14		122,429
	7,650,000		FHLB	2.875		06/12/15		8,194,290
	1,000,000		FHLB	5.375		05/18/16		1,185,993
	95,000		FHLB	4.750		12/16/16		111,620
	500,000		FHLB	4.875		05/17/17		593,210
	4,545,000		FHLB	5.000		11/17/17		5,454,455

120

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$8,650,000		Federal Home Loan Mortgage Corp (FHLMC)	1.125	%	07/27/12	$	8,694,063
	2,560,000		FHLMC	5.500		08/20/12		2,645,501
	4,500,000		FHLMC	2.125		09/21/12		4,561,758
	1,025,000		FHLMC	4.125		12/21/12		1,063,250
	500,000		FHLMC	1.625		04/15/13		508,402
	2,180,000		FHLMC	3.500		05/29/13		2,276,962
	211,000		FHLMC	4.125		09/27/13		224,548
	207,000		FHLMC	4.500		01/15/14		223,554
	1,740,000		FHLMC	2.500		04/23/14		1,818,890
	3,000,000		FHLMC	2.875		02/09/15		3,199,368
	108,000		FHLMC	4.375		07/17/15		121,405
	125,000		FHLMC	4.750		11/17/15		143,149
	132,000		FHLMC	4.750		01/19/16		152,055
	6,213,000		FHLMC	5.250		04/18/16		7,319,069
	127,000		FHLMC	5.500		07/18/16		151,448
	11,736,000		FHLMC	5.125		10/18/16		13,876,563
	200,000		FHLMC	4.875		06/13/18		240,984
	2,120,000		FHLMC	6.250		07/15/32		3,085,495
	740,000		Federal National Mortgage Association (FNMA)	1.125		07/30/12		743,975
	4,250,000		FNMA	3.250		04/09/13		4,413,056
	96,000		FNMA	3.875		07/12/13		101,238
	2,185,000		FNMA	1.250		08/20/13		2,215,581
	176,000		FNMA	5.125		01/02/14		190,309
	214,000		FNMA	2.750		02/05/14		223,734
	7,646,000		FNMA	2.750		03/13/14		8,011,983
	4,071,000		FNMA	2.500		05/15/14		4,248,833
	5,415,000		FNMA	3.000		09/16/14		5,772,157
	9,145,000		FNMA	4.625		10/15/14		10,161,383
	9,000,000		FNMA	2.625		11/20/14		9,522,216
	215,000		FNMA	5.000		03/15/16		250,545
	150,000		FNMA	5.000		05/11/17		178,045
	340,000		FNMA	5.375		06/12/17		410,797
	1,750,000	j	FNMA	0.000		10/09/19		1,345,514
	2,655,000		FNMA	6.625		11/15/30		3,932,461
	2,500,000		FNMA	5.625		07/15/37		3,430,870
	1,250,000		Citigroup Funding, Inc	2.250		12/10/12		1,273,214
	250,000		Federal Agricultural Mortgage Corp	2.375		07/22/15		262,479
	1,025,000		General Electric Capital Corp	2.125		12/21/12		1,044,068
	960,000		GMAC, Inc	2.200		12/19/12		978,307
	590,000		Private Export Funding Corp	2.250		12/15/17		616,081
	2,000,000		Tennessee Valley Authority	4.500		04/01/18		2,344,736
	605,000		Western Corporate Federal Credit Union	1.750		11/02/12		612,578
			TOTAL AGENCY SECURITIES					144,748,679
FOREIGN GOVERNMENT BONDS - 3.3%
	906,000		Brazilian Government International Bond	5.875		01/15/19		1,071,345
	890,000		Brazilian Government International Bond	4.875		01/22/21		994,575
	100,000		Brazilian Government International Bond	8.875		04/15/24		149,000
	1,180,000		Brazilian Government International Bond	7.125		01/20/37		1,628,400
	1,130,000		Brazilian Government International Bond	5.625		01/07/41		1,310,800
	525,000		Canada Government International Bond	2.375		09/10/14		551,318

121

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$150,000	Chile Government International Bond	5.500	%	01/15/13	$	156,977
	345,000	Chile Government International Bond	3.875		08/05/20		373,463
	100,000	China Development Bank	5.000		10/15/15		108,255
	200,000	China Government International Bond	4.750		10/29/13		211,801
	900,000	Colombia Government International Bond	8.250		12/22/14		1,064,250
	450,000	Colombia Government International Bond	7.375		03/18/19		567,000
	200,000	Colombia Government International Bond	4.375		07/12/21		215,000
	650,000	Colombia Government International Bond	6.125		01/18/41		802,750
	300,000	Development Bank of Japan	5.125		02/01/17		350,404
	410,000	Eksportfinans ASA	5.000		02/14/12		407,757
	450,000	European Bank for Reconstruction & Development	3.625		06/17/13		467,899
	50,000	European Bank for Reconstruction & Development	1.625		09/03/15		50,773
	700,000	European Bank for Reconstruction & Development	2.500		03/15/16		737,528
	1,500,000	European Investment Bank	1.750		09/14/12		1,509,257
	1,000,000	European Investment Bank	2.875		03/15/13		1,020,430
	1,000,000	European Investment Bank	1.500		05/15/14		1,004,044
	5,000,000	European Investment Bank	1.625		09/01/15		5,005,664
	3,000,000	European Investment Bank	1.375		10/20/15		2,984,219
	4,000,000	European Investment Bank	2.250		03/15/16		4,087,403
	205,000	European Investment Bank	4.875		02/15/36		223,746
	95,000	Export Development Canada	3.500		05/16/13		98,842
	200,000	Export Development Canada	1.500		05/15/14		204,346
	545,000	Export Development Canada	2.250		05/28/15		571,603
	180,000	Export-Import Bank of Korea	8.125		01/21/14		198,934
	250,000	Export-Import Bank of Korea	5.875		01/14/15		268,119
	590,000	Export-Import Bank of Korea	4.125		09/09/15		604,905
	475,000	Export-Import Bank of Korea	5.125		06/29/20		497,350
	1,190,000	Federative Republic of Brazil	6.000		01/17/17		1,389,325
	978,611	Federative Republic of Brazil	8.000		01/15/18		1,144,975
	100,000	Finland Government International Bond	6.950		02/15/26		145,276
	190,000	Hungary Government International Bond	6.375		03/29/21		170,050
	195,000	Hungary Government International Bond	7.625		03/29/41		171,600
	500,000	Hydro Quebec	2.000		06/30/16		510,420
	270,000	Hydro Quebec	9.400		02/01/21		411,282
	200,000	Hydro Quebec	8.500		12/01/29		322,582
	150,000	Inter-American Development Bank	1.625		07/15/13		151,949
	1,000,000	Inter-American Development Bank	3.000		04/22/14		1,054,532
	1,500,000	Inter-American Development Bank	2.250		07/15/15		1,573,370
	1,105,000	Inter-American Development Bank	3.875		09/17/19		1,268,280
	150,000	International Bank for Reconstruction & Development	2.000		04/02/12		150,686
	1,245,000	International Bank for Reconstruction & Development	3.625		05/21/13		1,301,916
	1,000,000	International Bank for Reconstruction & Development	1.125		08/25/14		1,016,279
	2,200,000	International Bank for Reconstruction & Development	2.375		05/26/15		2,320,988
	1,300,000	International Bank for Reconstruction & Development	2.125		03/15/16		1,365,030
	150,000	International Bank for Reconstruction & Development	1.000		09/15/16		150,555
	400,000	International Bank for Reconstruction & Development	7.625		01/19/23		575,486
	34,000	International Bank for Reconstruction & Development	4.750		02/15/35		43,078
	30,000	International Finance Corp	3.000		04/22/14		31,712
	1,700,000	International Finance Corp	2.750		04/20/15		1,805,891
	500,000	International Finance Corp	1.125		11/23/16		501,729
	800,000	Israel Government AID Bond	5.500		09/18/23		1,021,367
	300,000	Israel Government International Bond	4.625		06/15/13		312,485

122

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$400,000	Israel Government International Bond	5.125	%	03/26/19	$	446,510
	150,000	Italian Republic	2.125		10/05/12		146,643
	1,000,000	Italian Republic	2.125		09/16/13		944,029
	500,000	Italian Republic	3.125		01/26/15		456,904
	1,200,000	Italian Republic	5.250		09/20/16		1,117,376
	574,000	Italian Republic	5.375		06/15/33		484,405
	430,000	Italy Government International Bond	5.375		06/12/17		398,127
	200,000	Japan Bank for International Cooperation	2.125		11/05/12		202,157
	1,500,000	Japan Bank for International Cooperation	4.250		06/18/13		1,571,804
	600,000	Japan Finance Corp	2.250		07/13/16		616,466
	500,000	Japan Finance Organization for Municipalities	5.000		05/16/17		581,058
	600,000	Korea Development Bank	8.000		01/23/14		660,162
	475,000	Korea Development Bank	4.375		08/10/15		488,982
	235,000	Korea Development Bank	3.250		03/09/16		231,485
	1,350,000	Kreditanstalt fuer Wiederaufbau	4.875		01/17/17		1,573,198
	1,125,000	Landwirtschaftliche Rentenbank	4.125		07/15/13		1,178,772
	1,025,000	Landwirtschaftliche Rentenbank	5.125		02/01/17		1,196,569
	1,000,000	Mexico Government International Bond	5.625		01/15/17		1,150,000
	300,000	Mexico Government International Bond	8.000		09/24/22		418,500
	66,000	Mexico Government International Bond	7.500		04/08/33		93,060
	600,000	Mexico Government International Bond	6.750		09/27/34		781,500
	804,000	Mexico Government International Bond	6.050		01/11/40		982,890
	150,000	Mexico Government International Bond	5.750		10/12/10		159,750
	200,000	Panama Government International Bond	7.250		03/15/15		231,000
	600,000	Panama Government International Bond	5.200		01/30/20		679,500
	500,000	Panama Government International Bond	6.700		01/26/36		652,500
	320,000	Peruvian Government International Bond	7.125		03/30/19		402,400
	725,000	Peruvian Government International Bond	7.350		07/21/25		960,625
	150,000	Peruvian Government International Bond	6.550		03/14/37		190,500
	350,000	Peruvian Government International Bond	5.625		11/18/50		385,000
	380,000	Poland Government International Bond	3.875		07/16/15		386,574
	1,235,000	Poland Government International Bond	6.375		07/15/19		1,367,763
	67,000	Poland Government International Bond	5.125		04/21/21		68,173
	90,000	Poland Government International Bond	5.000		03/23/22		90,450
	1,055,000	Province of British Columbia Canada	2.850		06/15/15		1,117,727
	730,000	Province of Manitoba Canada	2.125		04/22/13		744,574
	200,000	Province of New Brunswick Canada	5.200		02/21/17		234,526
	255,000	Province of Nova Scotia Canada	2.375		07/21/15		265,822
	50,000	Province of Nova Scotia Canada	5.125		01/26/17		58,223
	1,700,000	Province of Ontario Canada	2.950		02/05/15		1,790,282
	2,690,000	Province of Ontario Canada	2.700		06/16/15		2,817,387
	1,000,000	Province of Ontario Canada	2.300		05/10/16		1,029,803
	300,000	Province of Ontario Canada	1.600		09/21/16		299,076
	230,000	Province of Ontario Canada	4.400		04/14/20		262,062
	40,000	Province of Quebec Canada	4.875		05/05/14		43,625
	385,000	Province of Quebec Canada	5.125		11/14/16		447,770
	1,135,000	Province of Quebec Canada	4.625		05/14/18		1,305,009
	120,000	Province of Quebec Canada	3.500		07/29/20		128,505
	200,000	Province of Quebec Canada	7.125		02/09/24		276,927
	201,000	Province of Quebec Canada	7.500		09/15/29		300,742
	100,000	Province of Saskatchewan Canada	8.500		07/15/22		150,585
	200,000	Region of Lombardy Italy	5.804		10/25/32		165,176

123

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$885,000		Republic of Hungary	6.250	%	01/29/20	$	796,500
	475,000		Republic of Korea	5.750		04/16/14		515,092
	500,000		Republic of Korea	7.125		04/16/19		623,879
	289,000		South Africa Government International Bond	7.375		04/25/12		293,711
	300,000		South Africa Government International Bond	6.500		06/02/14		328,500
	110,000		South Africa Government International Bond	6.875		05/27/19		132,550
	225,000		South Africa Government International Bond	5.500		03/09/20		252,000
	300,000		South Africa Government International Bond	6.250		03/08/41		348,750
	625,000		Svensk Exportkredit AB	5.125		03/01/17		696,291
	196,000		United Mexican States	5.875		02/17/14		212,170
	1,280,000		United Mexican States	5.950		03/19/19		1,521,280
	868,000		United Mexican States	5.125		01/15/20		991,690
			TOTAL FOREIGN GOVERNMENT BONDS					87,854,066
MORTGAGE BACKED - 31.5%
	958,353		Federal Home Loan Mortgage Corp (FHLMC)	4.500		12/01/19		1,021,377
	394,180		FHLMC	5.000		05/01/23		429,916
	1,471,207		FHLMC	4.000		10/01/25		1,544,497
	277,049		FHLMC	5.500		07/01/26		301,690
	1,045,936		FHLMC	4.500		04/01/29		1,113,526
	23,553	i	FHLMC	5.051		10/01/35		24,934
	263,868	i	FHLMC	2.455		02/01/36		277,714
	99,054	i	FHLMC	2.568		07/01/36		104,859
	335,074	i	FHLMC	2.305		09/01/36		354,625
	230,638	i	FHLMC	2.508		09/01/36		243,632
	258,128	i	FHLMC	2.662		09/01/36		272,363
	38,857	i	FHLMC	5.648		02/01/37		41,925
	37,285	i	FHLMC	5.820		02/01/37		40,376
	605,214	i	FHLMC	3.941		03/01/37		637,896
	52,145	i	FHLMC	5.495		03/01/37		56,246
	592,774	i	FHLMC	5.946		04/01/37		644,432
	68,162	i	FHLMC	5.440		05/01/37		72,314
	236,566	i	FHLMC	5.748		05/01/37		254,794
	93,700	i	FHLMC	5.584		06/01/37		99,959
	401,642	i	FHLMC	5.518		08/01/37		428,578
	376,548	i	FHLMC	5.163		09/01/37		401,227
	199,896	i	FHLMC	5.913		09/01/37		213,470
	11,461	i	FHLMC	6.024		09/01/37		12,435
	61,284	i	FHLMC	5.357		02/01/38		66,102
	488,314	i	FHLMC	4.487		04/01/38		521,724
	556,570	i	FHLMC	4.874		04/01/38		593,351
	51,136	i	FHLMC	4.747		07/01/38		54,837
	935,326		FHLMC	4.500		10/01/39		991,968
	122,749		FHLMC	5.000		10/01/39		132,036
	2,056,915		FHLMC	4.500		12/01/39		2,198,193
	218,394	i	FHLMC	3.631		06/01/40		228,940
	822,809	i	FHLMC	3.024		01/01/41		853,818
	32,184		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000		08/01/12		32,449
	118,939		FGLMC	4.500		05/01/13		120,733
	104,746		FGLMC	5.000		07/01/14		112,350

124

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$8,282	FGLMC	7.500	%	01/01/16	$	8,492
	110	FGLMC	7.500		05/01/16		120
	155	FGLMC	7.500		06/01/16		168
	42,094	FGLMC	5.500		05/01/17		45,649
	80,542	FGLMC	5.500		06/01/17		86,625
	49,523	FGLMC	5.000		12/01/17		53,334
	41,450	FGLMC	5.500		12/01/17		44,899
	63,945	FGLMC	5.000		03/01/18		68,372
	200,485	FGLMC	5.000		04/01/18		214,398
	188,552	FGLMC	4.500		06/01/18		201,069
	366,569	FGLMC	4.500		09/01/18		394,455
	397,803	FGLMC	4.000		11/01/18		425,576
	420,587	FGLMC	4.500		01/01/19		454,161
	69,438	FGLMC	4.000		05/01/19		73,591
	550,805	FGLMC	4.500		05/01/19		587,028
	1,174,507	FGLMC	4.500		06/01/19		1,251,746
	280,858	FGLMC	4.000		10/01/19		297,658
	120,267	FGLMC	5.500		11/01/19		130,651
	187,811	FGLMC	4.500		01/01/20		200,162
	78,188	FGLMC	4.500		02/01/20		84,136
	792,117	FGLMC	5.000		05/01/20		857,292
	776,724	FGLMC	5.000		05/01/20		836,506
	70,817	FGLMC	4.500		07/01/20		76,205
	789,160	FGLMC	5.000		07/01/20		849,899
	8,696	FGLMC	7.000		10/01/20		9,954
	66,893	FGLMC	5.000		12/01/20		72,104
	1,543,755	FGLMC	4.500		06/01/21		1,644,312
	886,301	FGLMC	4.500		06/01/21		944,033
	102,757	FGLMC	5.500		07/01/21		111,308
	70,766	FGLMC	5.000		10/01/22		76,025
	52,106	FGLMC	6.000		11/01/22		56,770
	518,798	FGLMC	5.000		04/01/23		556,459
	836,895	FGLMC	4.500		05/01/23		888,009
	42,687	FGLMC	4.500		05/01/23		45,295
	657,126	FGLMC	5.500		05/01/23		711,400
	119,274	FGLMC	5.000		10/01/23		127,933
	87,527	FGLMC	5.500		10/01/23		95,640
	77,225	FGLMC	5.000		11/01/23		84,227
	167,383	FGLMC	5.000		03/01/24		182,558
	53,269	FGLMC	4.500		04/01/24		56,481
	23,652	FGLMC	4.500		05/01/24		25,078
	149,132	FGLMC	4.500		06/01/24		158,124
	684,608	FGLMC	4.000		07/01/24		718,712
	451,989	FGLMC	5.500		07/01/24		491,014
	1,567,572	FGLMC	4.000		08/01/24		1,645,662
	42,786	FGLMC	4.500		09/01/24		45,365
	231,504	FGLMC	4.500		09/01/24		245,463
	88,850	FGLMC	4.500		09/01/24		94,207
	38,352	FGLMC	5.500		09/01/24		41,955
	1,810,001	FGLMC	4.000		10/01/24		1,900,168
	113,127	FGLMC	4.500		10/01/24		122,276
	51,049	FGLMC	4.500		10/01/24		54,127

125

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$62,205	FGLMC	4.500	%	11/01/24	$	65,956
	109,878	FGLMC	4.500		12/01/24		116,503
	488,786	FGLMC	5.500		12/01/24		529,156
	82,894	FGLMC	4.500		02/01/25		87,905
	2,366,693	FGLMC	4.000		03/01/25		2,484,592
	60,381	FGLMC	4.500		06/01/25		64,022
	99,222	FGLMC	4.500		07/01/25		105,220
	3,093,061	FGLMC	3.500		11/01/25		3,226,762
	851,877	FGLMC	3.500		12/01/25		888,700
	488,389	FGLMC	3.000		01/01/26		505,142
	677,529	FGLMC	4.000		04/01/26		712,128
	1,077,842	FGLMC	4.000		05/01/26		1,132,884
	29,161	FGLMC	6.000		08/01/26		32,055
	864,183	FGLMC	3.000		09/01/26		893,826
	4,864,529	FGLMC	3.500		10/01/26		5,074,803
	134,246	FGLMC	5.000		10/01/26		146,081
	43,199	FGLMC	5.500		10/01/26		47,041
	443,594	FGLMC	6.000		12/01/27		487,346
	864,565	FGLMC	5.000		03/01/28		929,979
	69,525	FGLMC	5.500		05/01/28		75,448
	561	FGLMC	6.500		10/01/28		642
	603,883	FGLMC	5.500		01/01/29		655,706
	15,128	FGLMC	6.500		01/01/29		17,334
	170,317	FGLMC	4.000		02/01/29		179,662
	2,773	FGLMC	6.500		03/01/29		3,178
	68,350	FGLMC	6.500		05/01/29		78,316
	19,018	FGLMC	6.500		07/01/29		21,791
	126,318	FGLMC	5.000		12/01/29		135,876
	205,248	FGLMC	4.000		08/01/30		216,510
	932,739	FGLMC	4.500		01/01/31		993,014
	1,863	FGLMC	8.000		01/01/31		2,239
	931,525	FGLMC	4.000		03/01/31		982,637
	116,634	FGLMC	4.000		05/01/31		123,033
	934,932	FGLMC	4.500		05/01/31		995,349
	421,727	FGLMC	4.000		06/01/31		444,867
	1,395,328	FGLMC	4.000		08/01/31		1,471,888
	17,644	FGLMC	6.500		09/01/31		20,129
	29,079	FGLMC	8.000		09/01/31		35,203
	478,650	FGLMC	3.500		11/01/31		497,483
	156,681	FGLMC	7.000		12/01/31		181,444
	85,653	FGLMC	6.500		01/01/32		97,714
	228,309	FGLMC	6.000		02/01/32		254,323
	70,219	FGLMC	7.000		04/01/32		81,317
	62,838	FGLMC	6.500		05/01/32		72,001
	86,545	FGLMC	5.500		11/01/32		94,323
	88,637	FGLMC	6.000		02/01/33		98,737
	373,492	FGLMC	5.000		03/01/33		402,101
	414,753	FGLMC	6.000		03/01/33		462,010
	70,691	FGLMC	6.000		03/01/33		78,746
	171,981	FGLMC	6.000		03/01/33		191,576
	190,616	FGLMC	5.000		04/01/33		205,217
	37,259	FGLMC	6.000		04/01/33		41,504

126

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,166,601		FGLMC	5.000	%	06/01/33	$	2,343,019
	899,143		FGLMC	5.500		06/01/33		979,957
	343,823		FGLMC	4.500		07/01/33		365,719
	387,459		FGLMC	5.000		08/01/33		419,075
	55,895		FGLMC	5.000		08/01/33		60,176
	76,020		FGLMC	6.500		08/01/33		86,535
	787,796		FGLMC	5.000		09/01/33		866,357
	335,805		FGLMC	5.500		09/01/33		370,290
	188,626		FGLMC	5.500		09/01/33		205,580
	243,185		FGLMC	5.500		09/01/33		268,158
	303,815		FGLMC	5.500		09/01/33		337,198
	172,612		FGLMC	4.000		10/01/33		182,299
	98,734		FGLMC	5.000		10/01/33		106,297
	420,976		FGLMC	5.500		10/01/33		464,207
	660,078		FGLMC	5.500		12/01/33		719,405
	175,840		FGLMC	5.500		12/01/33		191,644
	1,275,939		FGLMC	7.000		12/01/33		1,477,591
	1,652,970		FGLMC	5.000		01/01/34		1,779,583
	43,123		FGLMC	5.500		02/01/34		46,999
	253,387		FGLMC	5.000		03/01/34		272,638
	278,194		FGLMC	5.500		03/01/34		306,166
	497,585		FGLMC	5.000		05/01/34		535,387
	274,937		FGLMC	4.500		06/01/34		292,275
	918,254		FGLMC	5.000		06/01/34		988,016
	163,016		FGLMC	5.500		06/01/34		177,566
	112,441		FGLMC	6.000		06/01/34		125,253
	329,716		FGLMC	6.000		09/01/34		365,841
	57,509		FGLMC	5.000		11/01/34		61,990
	2,913,175		FGLMC	5.500		11/01/34		3,173,187
	1,715,833		FGLMC	5.000		12/01/34		1,846,190
	126,113		FGLMC	5.500		12/01/34		138,000
	250,577		FGLMC	5.500		12/01/34		273,098
	30,202		FGLMC	5.500		01/01/35		32,897
	18,573		FGLMC	5.500		01/01/35		20,230
	131,523		FGLMC	5.500		01/01/35		143,262
	806,894		FGLMC	4.500		04/01/35		857,776
	318,989	i	FGLMC	4.982		04/01/35		342,400
	85,960		FGLMC	6.000		05/01/35		94,922
	458,407		FGLMC	6.000		05/01/35		507,416
	517,646		FGLMC	7.000		05/01/35		599,456
	186,642		FGLMC	5.500		06/01/35		203,301
	109,520		FGLMC	5.500		06/01/35		119,295
	3,404,809		FGLMC	5.000		07/01/35		3,663,482
	186,549		FGLMC	5.000		07/01/35		200,722
	141,313		FGLMC	6.000		07/01/35		156,046
	169,871		FGLMC	5.000		08/01/35		182,777
	72,996		FGLMC	5.500		08/01/35		79,602
	368,298		FGLMC	6.000		08/01/35		406,694
	83,818		FGLMC	4.500		09/01/35		89,051
	151,639		FGLMC	5.000		10/01/35		163,160
	614,640		FGLMC	5.000		10/01/35		667,291
	648,608		FGLMC	5.000		10/01/35		697,884

127

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$595,309		FGLMC	5.000	%	12/01/35	$	640,537
	96,474		FGLMC	5.000		12/01/35		103,803
	302,790		FGLMC	6.000		01/01/36		333,600
	85,073		FGLMC	5.000		02/01/36		91,536
	176,447		FGLMC	5.000		02/01/36		189,852
	114,441		FGLMC	6.000		02/01/36		126,372
	1,068,319		FGLMC	5.500		04/01/36		1,169,012
	102,025		FGLMC	5.500		05/01/36		111,131
	39,092		FGLMC	6.500		05/01/36		44,010
	4,406,306		FGLMC	6.000		06/01/36		4,854,666
	664,111		FGLMC	5.000		07/01/36		714,773
	397,581		FGLMC	6.000		07/01/36		441,143
	153,959		FGLMC	6.000		08/01/36		169,625
	100,560		FGLMC	6.000		09/01/36		111,578
	269,601		FGLMC	6.500		10/01/36		303,521
	180,828		FGLMC	5.500		11/01/36		196,657
	438,360		FGLMC	6.000		11/01/36		482,965
	315,185	i	FGLMC	5.797		01/01/37		342,192
	250,583		FGLMC	6.500		03/01/37		282,946
	1,470,663		FGLMC	5.500		04/01/37		1,597,790
	1,269,269	i	FGLMC	5.645		04/01/37		1,371,957
	186,242		FGLMC	5.000		05/01/37		200,333
	106,093		FGLMC	5.000		06/01/37		114,120
	789,214		FGLMC	5.500		06/01/37		857,435
	761,508	i	FGLMC	5.609		06/01/37		821,252
	3,058,257		FGLMC	6.000		07/01/37		3,363,712
	575,322		FGLMC	6.000		08/01/37		636,560
	227,217		FGLMC	6.000		09/01/37		251,402
	126,979		FGLMC	6.000		11/01/37		139,661
	847,733		FGLMC	6.500		11/01/37		951,213
	404,476		FGLMC	6.000		01/01/38		444,875
	1,756,495		FGLMC	6.000		02/01/38		1,931,932
	154,707		FGLMC	6.000		02/01/38		170,110
	1,383,997		FGLMC	5.000		03/01/38		1,488,710
	1,677,589		FGLMC	5.000		04/01/38		1,821,291
	132,810		FGLMC	5.000		04/01/38		145,390
	3,293,308		FGLMC	5.500		04/01/38		3,585,190
	718,799		FGLMC	5.500		05/01/38		780,933
	234,073	i	FGLMC	4.812		06/01/38		249,285
	77,477		FGLMC	5.500		06/01/38		84,174
	246,912		FGLMC	6.000		07/01/38		271,496
	248,615		FGLMC	5.500		08/01/38		270,649
	921,121		FGLMC	5.500		08/01/38		1,001,752
	327,324		FGLMC	5.000		09/01/38		352,089
	4,454,816		FGLMC	5.500		09/01/38		4,839,897
	1,073,080		FGLMC	5.500		09/01/38		1,170,198
	52,332		FGLMC	5.500		10/01/38		56,856
	1,724,713		FGLMC	6.000		11/01/38		1,896,437
	95,655		FGLMC	4.500		02/01/39		101,448
	4,469,833		FGLMC	5.000		02/01/39		4,808,022
	312,995		FGLMC	5.500		02/01/39		340,050
	65,051		FGLMC	4.500		03/01/39		68,991

128

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,070,161		FGLMC	5.000	%	03/01/39	$	1,161,832
	263,403		FGLMC	6.000		03/01/39		289,629
	9,012,590		FGLMC	4.500		04/01/39		9,606,268
	166,233		FGLMC	4.500		04/01/39		177,832
	3,536,710		FGLMC	4.000		05/01/39		3,714,740
	65,970		FGLMC	4.500		05/01/39		69,965
	6,890,167		FGLMC	4.500		05/01/39		7,307,432
	729,745		FGLMC	4.500		05/01/39		779,867
	1,661,457		FGLMC	4.500		05/01/39		1,762,074
	1,150,177		FGLMC	5.000		05/01/39		1,237,919
	2,637,172		FGLMC	4.000		06/01/39		2,769,922
	671,319		FGLMC	4.500		06/01/39		711,973
	261,750		FGLMC	5.000		06/01/39		284,172
	139,919		FGLMC	5.500		06/01/39		152,014
	3,692,897		FGLMC	4.000		07/01/39		3,878,789
	215,546		FGLMC	4.500		07/01/39		228,599
	106,087		FGLMC	4.500		07/01/39		112,511
	783,419		FGLMC	5.000		07/01/39		842,693
	2,299,219		FGLMC	5.500		07/01/39		2,497,967
	104,361		FGLMC	4.500		08/01/39		110,681
	295,289		FGLMC	5.000		08/01/39		317,630
	826,407		FGLMC	4.000		09/01/39		868,007
	1,727,147		FGLMC	5.000		09/01/39		1,875,095
	45,856		FGLMC	5.500		09/01/39		49,848
	5,726,891		FGLMC	6.500		09/01/39		6,425,953
	206,550		FGLMC	4.500		10/01/39		222,996
	262,881		FGLMC	4.500		10/01/39		283,812
	163,462		FGLMC	4.000		11/01/39		171,690
	758,870		FGLMC	4.500		11/01/39		804,826
	105,737		FGLMC	5.000		11/01/39		113,738
	222,798		FGLMC	5.000		11/01/39		239,655
	620,609		FGLMC	4.500		12/01/39		663,235
	523,051		FGLMC	4.500		12/01/39		554,727
	1,294,010		FGLMC	4.500		12/01/39		1,372,374
	1,779,058		FGLMC	5.500		12/01/39		1,932,842
	1,521,866		FGLMC	4.500		01/01/40		1,614,029
	79,291		FGLMC	5.000		01/01/40		86,083
	315,128		FGLMC	5.500		01/01/40		342,368
	746,567		FGLMC	5.500		03/01/40		811,102
	1,017,132		FGLMC	4.500		04/01/40		1,078,411
	156,620		FGLMC	4.500		04/01/40		167,378
	1,361,149		FGLMC	5.000		04/01/40		1,468,061
	542,088		FGLMC	5.000		04/01/40		583,017
	3,345,209		FGLMC	4.500		05/01/40		3,547,793
	34,979		FGLMC	4.500		06/01/40		37,087
	913,753	i	FGLMC	3.351		07/01/40		951,555
	156,942		FGLMC	4.500		08/01/40		166,398
	2,478,438		FGLMC	5.000		08/01/40		2,674,643
	250,326		FGLMC	5.000		08/01/40		269,226
	6,632,383		FGLMC	4.000		12/01/40		6,990,077
	575,360		FGLMC	3.500		01/01/41		591,255
	1,496,655		FGLMC	4.000		01/01/41		1,571,994

129

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,213,236		FGLMC	3.500	%	02/01/41	$	1,246,753
	6,117,984		FGLMC	4.000		02/01/41		6,425,949
	2,254,253		FGLMC	4.500		04/01/41		2,389,537
	535,008		FGLMC	5.000		04/01/41		576,323
	239,509	i	FGLMC	2.558		05/01/41		248,316
	3,251,035		FGLMC	4.500		06/01/41		3,446,138
	929,036	i	FGLMC	2.897		09/01/41		964,323
	238,265	i	FGLMC	3.064		10/01/41		247,981
	5,000,000	h	FGLMC	5.000		10/01/41		5,377,520
	2,377,661		FGLMC	4.500		05/01/41		2,520,350
	3,555		Federal National Mortgage Association (FNMA)	5.000		06/01/13		3,717
	551,174		FNMA	4.440		07/01/13		568,909
	1,776		FNMA	6.000		09/01/13		1,836
	603,714		FNMA	4.754		10/01/13		610,707
	1,459		FNMA	6.500		12/01/13		1,514
	478,607		FNMA	4.778		02/01/14		501,819
	1,430		FNMA	6.000		06/01/14		1,544
	693,925		FNMA	4.640		11/01/14		742,721
	553,724		FNMA	4.855		03/01/16		565,775
	99,045		FNMA	6.000		04/01/16		102,314
	98,214		FNMA	5.500		09/01/16		106,694
	7,400		FNMA	6.500		10/01/16		8,106
	54,820		FNMA	6.500		11/01/16		60,051
	37,015		FNMA	6.500		04/01/17		40,675
	31,773		FNMA	6.000		05/01/17		34,403
	188,891		FNMA	5.000		09/01/17		204,020
	32,166		FNMA	6.000		11/01/17		34,788
	2,249,328		FNMA	5.000		12/01/17		2,429,481
	360,295		FNMA	5.000		12/01/17		389,151
	25,423		FNMA	5.000		12/01/17		27,459
	2,723,287		FNMA	4.500		02/01/18		2,915,969
	375,363		FNMA	4.500		04/01/18		401,921
	75,091		FNMA	5.000		04/01/18		81,105
	48,805		FNMA	5.500		04/01/18		53,461
	539,824		FNMA	5.500		04/01/18		587,783
	27,422		FNMA	5.500		05/01/18		30,038
	765,534		FNMA	4.500		06/01/18		819,698
	110,740		FNMA	4.000		08/01/18		117,797
	1,208,786		FNMA	4.000		08/01/18		1,285,812
	313,917		FNMA	4.500		09/01/18		336,128
	213,244		FNMA	4.500		10/01/18		228,332
	521,803		FNMA	5.000		11/01/18		563,595
	12,324		FNMA	5.000		01/01/19		13,311
	28,501		FNMA	6.000		01/01/19		31,396
	64,323		FNMA	4.500		05/01/19		68,834
	174,760		FNMA	4.500		06/01/19		187,016
	28,202		FNMA	4.500		06/01/19		30,180
	196,522		FNMA	5.000		07/01/19		212,261
	764,401		FNMA	5.000		10/01/19		825,742
	120,464		FNMA	4.500		11/01/19		128,912
	102,056		FNMA	4.500		12/01/19		109,213

130

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$123,530	FNMA	5.000	%	03/01/20	$	133,424
	34,764	FNMA	5.000		04/01/20		37,580
	82,485	FNMA	4.500		06/01/20		88,452
	56,965	FNMA	4.500		09/01/20		60,960
	59,706	FNMA	4.500		10/01/20		63,856
	83,254	FNMA	4.500		11/01/20		89,093
	223,932	FNMA	5.000		12/01/20		242,077
	533,699	FNMA	5.500		01/01/21		579,780
	188,938	FNMA	5.000		03/01/21		204,070
	1,310,056	FNMA	6.000		04/01/21		1,429,981
	147,475	FNMA	5.500		08/01/21		160,208
	40,204	FNMA	6.000		08/01/21		43,582
	26,967	FNMA	5.000		10/01/21		29,152
	66,106	FNMA	5.000		11/01/21		71,400
	32,698	FNMA	5.500		11/01/21		35,521
	86,568	FNMA	5.500		10/01/22		93,996
	32,382	FNMA	6.000		10/01/22		35,083
	26,939	FNMA	5.000		03/01/23		29,030
	102,204	FNMA	4.500		04/01/23		109,052
	890,272	FNMA	4.500		06/01/23		949,924
	65,866	FNMA	5.000		06/01/23		70,894
	57,689	FNMA	5.500		06/01/23		63,280
	715,025	FNMA	5.000		07/01/23		769,612
	414,599	FNMA	5.000		07/01/23		446,250
	68,968	FNMA	5.500		08/01/23		74,887
	109,157	FNMA	5.000		11/01/23		119,616
	36,563	FNMA	5.500		11/01/23		39,788
	1,531,898	FNMA	5.500		01/01/24		1,664,165
	92,937	FNMA	5.500		02/01/24		102,060
	732,625	FNMA	4.000		03/01/24		772,899
	50,016	FNMA	4.500		04/01/24		53,336
	2,746,231	FNMA	4.000		05/01/24		2,897,198
	1,316,952	FNMA	4.000		05/01/24		1,389,348
	62,869	FNMA	4.000		06/01/24		66,325
	62,879	FNMA	4.500		07/01/24		68,055
	51,516	FNMA	5.500		07/01/24		56,509
	757	FNMA	8.000		07/01/24		894
	331,870	FNMA	4.500		08/01/24		353,899
	1,194,722	FNMA	4.000		09/01/24		1,260,399
	251,206	FNMA	4.000		09/01/24		265,015
	170,070	FNMA	4.500		09/01/24		181,359
	139,594	FNMA	5.000		01/01/25		152,620
	325,710	FNMA	4.500		02/01/25		347,330
	45,185	FNMA	4.500		03/01/25		48,184
	1,910,718	FNMA	4.500		03/01/25		2,037,549
	639,865	FNMA	5.000		03/01/25		699,574
	523,895	FNMA	4.500		04/01/25		558,670
	1,915,827	FNMA	4.500		04/01/25		2,042,997
	2,284,300	FNMA	4.000		06/01/25		2,409,874
	1,916,628	FNMA	4.500		06/01/25		2,043,851
	842,669	FNMA	4.000		08/01/25		888,993
	272,459	FNMA	5.500		08/01/25		297,842

131

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$41,956	FNMA	6.000	%	01/01/32	$	46,770
	61,297	FNMA	6.000		01/01/32		68,329
	40,059	FNMA	6.000		02/01/32		44,655
	111,010	FNMA	6.500		04/01/32		126,801
	299,369	FNMA	6.500		07/01/32		339,982
	29,107	FNMA	6.500		08/01/32		33,056
	374,500	FNMA	6.000		09/01/32		417,464
	36,185	FNMA	7.500		09/01/32		43,249
	382,901	FNMA	5.500		10/01/32		418,572
	94,234	FNMA	6.000		10/01/32		105,045
	94,073	FNMA	6.000		11/01/32		104,865
	181,479	FNMA	5.500		12/01/32		198,385
	25,788	FNMA	5.500		12/01/32		28,190
	169,004	FNMA	6.000		12/01/32		188,393
	858,279	FNMA	5.500		01/01/33		938,237
	2,304,639	FNMA	6.000		01/01/33		2,541,901
	988,674	FNMA	5.000		02/01/33		1,069,193
	52,486	FNMA	5.000		02/01/33		56,760
	39,313	FNMA	6.000		04/01/33		43,824
	386,622	FNMA	5.000		06/01/33		419,626
	775,094	FNMA	5.500		06/01/33		847,302
	118,038	FNMA	4.500		07/01/33		125,966
	451,124	FNMA	5.000		07/01/33		487,864
	390,808	FNMA	4.500		08/01/33		417,302
	575,308	FNMA	4.500		08/01/33		613,950
	200,298	FNMA	5.000		08/01/33		216,611
	197,923	FNMA	5.500		09/01/33		217,567
	489,823	FNMA	5.500		09/01/33		538,976
	97,885	FNMA	6.000		09/01/33		109,115
	1,157,273	FNMA	4.500		10/01/33		1,235,004
	168,329	FNMA	5.000		10/01/33		182,038
	211,072	FNMA	5.000		10/01/33		228,262
	2,544,211	FNMA	5.500		10/01/33		2,833,704
	1,236,260	FNMA	5.500		10/01/33		1,368,042
	97,143	FNMA	4.500		11/01/33		103,667
	4,837,991	FNMA	5.000		11/01/33		5,232,005
	174,782	FNMA	5.000		11/01/33		189,016
	1,821,588	FNMA	5.000		12/01/33		1,969,941
	1,606,441	FNMA	5.500		12/01/33		1,777,684
	600,562	FNMA	5.000		02/01/34		649,472
	2,011,594	FNMA	6.000		02/01/34		2,242,369
	56,864	FNMA	5.000		03/01/34		61,495
	185,989	FNMA	5.000		03/01/34		201,137
	88,200	FNMA	5.000		03/01/34		95,383
	3,692,931	FNMA	5.000		03/01/34		3,993,689
	65,509	FNMA	5.000		03/01/34		70,845
	150,895	FNMA	5.000		03/01/34		163,184
	529,935	FNMA	5.000		04/01/34		573,094
	569,528	FNMA	5.500		04/01/34		622,586
	48,516	FNMA	4.500		05/01/34		51,774
	240,234	FNMA	4.500		05/01/34		256,295
	121,050	FNMA	5.500		07/01/34		132,251

132

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,252,658		FNMA	3.500	%	09/01/25	$	3,404,469
	4,566,680	h	FNMA	3.500		10/01/25		4,779,820
	1,395,377		FNMA	5.000		10/01/25		1,520,356
	2,396,493		FNMA	4.000		11/01/25		2,528,234
	3,247,427		FNMA	3.500		12/01/25		3,398,994
	848,990		FNMA	4.000		03/01/26		896,722
	2,218,032		FNMA	4.000		06/01/26		2,342,735
	1,674,205		FNMA	3.500		08/01/26		1,752,344
	1,460,404		FNMA	3.500		09/01/26		1,528,566
	2,399,316		FNMA	3.500		10/01/26		2,511,299
	53,908		FNMA	6.000		10/01/26		59,435
	2,485,971		FNMA	3.000		11/01/26		2,571,632
	526,015		FNMA	6.000		08/01/27		579,621
	220,283		FNMA	5.500		09/01/27		240,047
	26,612		FNMA	5.500		01/01/28		29,000
	22,895		FNMA	5.000		02/01/28		24,759
	128,632		FNMA	5.500		06/01/28		140,173
	23,483		FNMA	5.500		11/01/28		25,568
	67		FNMA	7.500		01/01/29		79
	192,461		FNMA	4.000		03/01/29		203,382
	869,734		FNMA	4.500		04/01/29		930,734
	1,140		FNMA	6.500		04/01/29		1,303
	448,763		FNMA	4.000		05/01/29		474,227
	317,056		FNMA	4.500		06/01/29		339,293
	71,582		FNMA	4.000		07/01/29		75,644
	367		FNMA	7.500		07/01/29		368
	3,762		FNMA	7.500		07/01/29		3,933
	200,478		FNMA	4.500		09/01/29		214,413
	89,056		FNMA	4.500		11/01/29		95,246
	62,897		FNMA	4.500		01/01/30		67,269
	204,500		FNMA	4.000		03/01/30		216,104
	75,607		FNMA	4.500		05/01/30		80,863
	97,484		FNMA	4.500		06/01/30		104,261
	862,367		FNMA	4.500		08/01/30		922,311
	199,057		FNMA	4.000		09/01/30		210,352
	1,039,017		FNMA	4.000		10/01/30		1,097,975
	1,315,846		FNMA	4.000		11/01/30		1,390,513
	317,733		FNMA	4.500		12/01/30		339,819
	372,771		FNMA	3.500		02/01/31		387,554
	463,612		FNMA	4.000		02/01/31		489,919
	300		FNMA	7.500		02/01/31		320
	2,947		FNMA	7.500		03/01/31		3,518
	954,262		FNMA	3.500		04/01/31		992,105
	129,899		FNMA	4.000		04/01/31		137,270
	18,496		FNMA	6.000		05/01/31		20,617
	2,070		FNMA	7.500		05/01/31		2,474
	705,824		FNMA	4.500		07/01/31		754,887
	323,552		FNMA	4.000		09/01/31		341,912
	2,055		FNMA	6.500		09/01/31		2,339
	453		FNMA	6.500		10/01/31		516
	151,965		FNMA	6.000		11/01/31		169,399
	17,502		FNMA	6.500		11/01/31		19,920

133

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$175,349		FNMA	5.500	%	07/01/34	$	191,575
	120,936		FNMA	7.000		07/01/34		140,620
	1,626,344		FNMA	5.000		08/01/34		1,763,465
	199,587		FNMA	5.000		08/01/34		216,437
	717,383		FNMA	6.000		08/01/34		799,683
	136,602		FNMA	6.000		08/01/34		152,273
	93,749		FNMA	4.500		09/01/34		100,016
	3,112,427		FNMA	5.500		09/01/34		3,400,436
	26,276		FNMA	5.500		11/01/34		28,708
	218,627		FNMA	6.000		11/01/34		242,957
	49,745		FNMA	5.000		12/01/34		53,797
	31,558		FNMA	5.500		12/01/34		34,478
	65,241		FNMA	6.000		12/01/34		72,614
	4,253,760		FNMA	4.500		01/01/35		4,542,132
	405,667		FNMA	5.500		01/01/35		445,487
	9,699,919		FNMA	5.500		02/01/35		10,603,567
	401,467		FNMA	5.500		02/01/35		438,617
	2,289,889		FNMA	5.500		04/01/35		2,533,986
	364,667		FNMA	6.000		04/01/35		405,249
	306,573		FNMA	6.000		04/01/35		341,744
	492,328		FNMA	5.500		05/01/35		540,578
	484,993		FNMA	6.000		05/01/35		538,107
	174,842		FNMA	5.000		06/01/35		189,082
	8,268		FNMA	7.500		06/01/35		9,187
	15,010	i	FNMA	4.634		07/01/35		16,016
	398,140		FNMA	5.000		07/01/35		434,546
	1,063,038		FNMA	4.500		08/01/35		1,133,442
	1,649,260		FNMA	5.000		08/01/35		1,783,062
	722,171		FNMA	5.000		08/01/35		780,760
	54,418		FNMA	4.500		09/01/35		58,022
	49,890		FNMA	4.500		09/01/35		53,241
	100,805		FNMA	5.500		09/01/35		110,196
	1,398,454		FNMA	5.000		10/01/35		1,511,909
	1,553,827		FNMA	5.500		10/01/35		1,719,462
	101,282		FNMA	5.000		11/01/35		108,992
	2,113,009		FNMA	5.500		11/01/35		2,307,216
	42,875		FNMA	4.500		12/01/35		45,715
	187,550		FNMA	5.500		12/01/35		205,257
	1,152,655		FNMA	6.000		12/01/35		1,274,805
	468,190	i	FNMA	2.395		02/01/36		492,184
	80,944		FNMA	5.000		02/01/36		86,676
	124,722		FNMA	5.000		02/01/36		133,554
	4,300,985		FNMA	5.000		02/01/36		4,649,919
	375,611		FNMA	6.500		02/01/36		423,749
	2,724,002		FNMA	6.000		03/01/36		3,005,011
	53,435		FNMA	5.000		05/01/36		57,762
	2,614,419		FNMA	6.000		06/01/36		2,900,463
	206,961	i	FNMA	2.385		07/01/36		216,981
	201,222		FNMA	6.000		07/01/36		222,860
	1,727,927		FNMA	6.500		07/01/36		1,940,739
	3,599,211		FNMA	5.500		08/01/36		3,926,641
	1,013,962		FNMA	6.500		08/01/36		1,154,051

134

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$109,093		FNMA	5.500	%	09/01/36	$	119,188
	228,236		FNMA	6.500		09/01/36		256,916
	116,976		FNMA	6.500		09/01/36		131,382
	361,098		FNMA	6.000		10/01/36		398,349
	139,064		FNMA	6.500		11/01/36		156,191
	58,240	i	FNMA	5.679		12/01/36		62,388
	1,085,475		FNMA	6.000		12/01/36		1,197,453
	91,159	i	FNMA	4.197		01/01/37		96,835
	462,957		FNMA	5.500		01/01/37		505,073
	14,704	i	FNMA	5.918		02/01/37		15,614
	80,070		FNMA	6.000		02/01/37		88,330
	63,031		FNMA	7.000		02/01/37		71,991
	20,058		FNMA	5.000		03/01/37		21,683
	19,821	i	FNMA	6.059		03/01/37		20,945
	806,536		FNMA	6.500		03/01/37		907,885
	288,394		FNMA	6.500		03/01/37		322,831
	22,943	i	FNMA	5.543		04/01/37		24,722
	429,211		FNMA	7.000		04/01/37		490,228
	1,408,591		FNMA	5.000		05/01/37		1,522,648
	37,213		FNMA	7.000		05/01/37		42,503
	156,431	i	FNMA	5.293		06/01/37		167,933
	330,190		FNMA	5.500		06/01/37		359,815
	196,184		FNMA	5.500		08/01/37		214,338
	121,974		FNMA	6.000		08/01/37		134,747
	172,361		FNMA	6.500		08/01/37		193,751
	628,651		FNMA	6.500		08/01/37		704,700
	243,695		FNMA	5.500		09/01/37		269,672
	788,366		FNMA	6.000		09/01/37		882,998
	588,247		FNMA	6.000		09/01/37		658,857
	315,493		FNMA	6.000		09/01/37		353,363
	359,691		FNMA	6.000		09/01/37		402,867
	416,660		FNMA	6.000		09/01/37		459,252
	555,391		FNMA	6.500		09/01/37		622,578
	121,597		FNMA	6.500		09/01/37		136,269
	851,308	i	FNMA	5.895		10/01/37		912,616
	206,125		FNMA	6.500		10/01/37		230,738
	2,212,053		FNMA	5.500		11/01/37		2,410,524
	4,574,274		FNMA	6.000		11/01/37		5,041,870
	149,112		FNMA	7.000		11/01/37		170,309
	69,251		FNMA	6.500		01/01/38		77,521
	25,641		FNMA	6.500		01/01/38		28,703
	1,564,887		FNMA	5.500		02/01/38		1,705,293
	92,131		FNMA	6.500		02/01/38		103,334
	160,875		FNMA	7.000		02/01/38		183,745
	106,566		FNMA	5.000		03/01/38		115,195
	163,874		FNMA	5.000		03/01/38		177,144
	152,866	i	FNMA	5.021		03/01/38		162,922
	208,332		FNMA	5.500		03/01/38		227,024
	44,212		FNMA	6.000		03/01/38		49,380
	352,950		FNMA	6.500		03/01/38		394,655
	1,304,080		FNMA	6.500		03/01/38		1,458,170
	102,673		FNMA	6.500		03/01/38		114,804

135

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$159,443		FNMA	6.500	%	03/01/38	$	178,282
	123,736		FNMA	5.000		04/01/38		133,755
	4,852,449		FNMA	5.500		04/01/38		5,287,823
	2,866,781		FNMA	6.000		04/01/38		3,158,936
	116,946		FNMA	4.500		05/01/38		124,545
	8,100,123		FNMA	5.000		05/01/38		8,759,810
	2,758,833		FNMA	5.000		05/01/38		2,982,224
	2,958,101		FNMA	6.000		07/01/38		3,260,486
	45,033	i	FNMA	4.798		08/01/38		48,060
	22,225	i	FNMA	5.314		08/01/38		23,830
	254,959	i	FNMA	4.930		10/01/38		272,091
	39,066		FNMA	6.000		10/01/38		43,047
	352,825		FNMA	5.500		11/01/38		384,481
	71,672		FNMA	5.000		12/01/38		77,476
	1,706,426		FNMA	4.500		01/01/39		1,817,309
	2,602,648		FNMA	5.000		01/01/39		2,813,392
	534,970		FNMA	5.000		01/01/39		578,288
	5,508,833		FNMA	5.500		01/01/39		6,003,100
	1,111,525		FNMA	5.500		01/01/39		1,211,254
	679,075		FNMA	6.000		01/01/39		748,280
	373,236		FNMA	6.000		01/01/39		411,273
	1,875,985		FNMA	4.500		02/01/39		1,997,886
	4,175,735		FNMA	4.500		02/01/39		4,447,073
	2,355,255		FNMA	4.500		02/01/39		2,508,299
	80,699		FNMA	5.500		02/01/39		87,939
	3,205,177		FNMA	4.000		04/01/39		3,370,024
	75,979		FNMA	5.500		04/01/39		83,152
	2,286,129		FNMA	4.500		05/01/39		2,434,681
	277,255		FNMA	4.500		06/01/39		295,271
	114,603	i	FNMA	3.967		07/01/39		121,198
	883,954		FNMA	4.500		07/01/39		941,393
	372,017		FNMA	4.500		07/01/39		396,190
	75,632		FNMA	5.000		07/01/39		82,202
	150,795	i	FNMA	3.562		08/01/39		158,794
	671,852	i	FNMA	3.737		08/01/39		706,437
	1,252,703		FNMA	4.000		08/01/39		1,317,132
	9,150,478		FNMA	4.000		08/01/39		9,621,101
	82,814		FNMA	4.500		08/01/39		89,799
	2,565,394		FNMA	4.500		08/01/39		2,732,092
	4,435,559		FNMA	4.500		08/01/39		4,761,206
	8,320,609		FNMA	5.000		08/01/39		8,993,052
	75,038		FNMA	5.000		08/01/39		81,102
	2,940,486		FNMA	4.000		09/01/39		3,091,719
	190,081		FNMA	5.000		09/01/39		205,442
	894,494		FNMA	5.500		09/01/39		984,254
	126,372		FNMA	5.000		11/01/39		137,928
	306,593		FNMA	4.500		12/01/39		329,773
	1,242,032		FNMA	4.500		12/01/39		1,322,739
	15,202,073		FNMA	4.500		12/01/39		16,189,902
	188,975	i	FNMA	3.702		01/01/40		198,982
	203,143		FNMA	4.500		01/01/40		216,343
	279,914		FNMA	5.000		01/01/40		304,229

136

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,735,904		FNMA	6.000	%	02/01/40	$	4,121,193
	1,073,457		FNMA	4.500		03/01/40		1,143,210
	120,780		FNMA	5.000		03/01/40		130,617
	118,116		FNMA	4.500		04/01/40		125,791
	4,605,061		FNMA	5.000		04/01/40		4,980,104
	804,423	i	FNMA	3.512		05/01/40		845,371
	869,380	i	FNMA	3.597		05/01/40		910,337
	1,487,530	i	FNMA	3.696		05/01/40		1,557,231
	85,213		FNMA	4.500		05/01/40		91,469
	365,353		FNMA	4.500		07/01/40		389,093
	428,211		FNMA	4.500		07/01/40		456,036
	324,137		FNMA	5.000		07/01/40		350,535
	276,906	i	FNMA	3.524		08/01/40		289,910
	3,175,571		FNMA	5.000		08/01/40		3,434,194
	2,678,265		FNMA	4.500		09/01/40		2,852,298
	5,480,252		FNMA	4.500		09/01/40		5,836,358
	892,720		FNMA	3.500		10/01/40		918,916
	4,175,966		FNMA	4.000		10/01/40		4,390,742
	6,195,041		FNMA	4.500		10/01/40		6,597,594
	4,416,843		FNMA	4.000		11/01/40		4,644,008
	5,972,728		FNMA	4.000		11/01/40		6,279,915
	654,332		FNMA	4.500		11/01/40		696,850
	1,299,031	i	FNMA	3.268		12/01/40		1,349,301
	1,650,528		FNMA	4.000		12/01/40		1,735,417
	9,172,384		FNMA	4.500		12/01/40		9,768,405
	190,429		FNMA	3.500		01/01/41		196,017
	612,938	i	FNMA	3.162		02/01/41		639,617
	1,180,225		FNMA	3.500		02/01/41		1,214,858
	5,232,434		FNMA	4.000		03/01/41		5,501,546
	4,332,035	h	FNMA	4.500		04/01/41		4,613,530
	1,506,991		FNMA	4.500		05/01/41		1,604,915
	1,605,643	i	FNMA	3.235		07/01/41		1,674,242
	12,665,056		FNMA	4.000		09/01/41		13,320,398
	6,883,132		FNMA	4.500		09/01/41		7,330,396
	2,930,730	i	FNMA	2.932		10/01/41		3,053,169
	571,523	i	FNMA	3.157		10/01/41		595,111
	2,733,984		FNMA	3.500		11/01/41		2,814,212
	26,874		Government National Mortgage Association (GNMA)	5.000		02/15/18		28,891
	84,849		GNMA	4.500		02/15/19		92,205
	40,926		GNMA	4.500		01/20/24		44,295
	225,569		GNMA	4.000		04/15/24		242,339
	29,064		GNMA	4.500		07/15/24		31,479
	711,480		GNMA	4.000		08/15/24		764,376
	194,568		GNMA	4.500		08/15/24		210,736
	594,578		GNMA	4.000		09/15/24		638,784
	76,011		GNMA	4.500		01/15/25		82,304
	616,445	h	GNMA	4.000		08/15/25		662,276
	328,956		GNMA	3.500		03/15/26		351,197
	510,673		GNMA	4.000		04/15/26		548,640
	456,982		GNMA	4.000		06/20/26		490,815
	557,352		GNMA	3.500		11/20/26		596,080

137

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000	h	GNMA	3.000	%	12/15/26	$	2,110,165
	11,290		GNMA	6.500		09/15/28		13,089
	2,112		GNMA	6.500		09/15/28		2,448
	6,641		GNMA	6.500		11/15/28		7,699
	1,393		GNMA	7.500		11/15/28		1,564
	9,788		GNMA	8.500		10/15/30		10,704
	7,851		GNMA	8.500		10/20/30		9,613
	1,151		GNMA	8.500		12/15/30		1,397
	1,456		GNMA	7.000		06/20/31		1,704
	1,100		GNMA	6.500		07/15/31		1,276
	3,987		GNMA	7.000		07/15/31		4,679
	7,499		GNMA	7.000		07/15/31		8,801
	5,258		GNMA	7.500		02/15/32		5,436
	679,681		GNMA	6.000		10/15/32		773,520
	109,037		GNMA	5.500		12/20/32		123,133
	220,662		GNMA	5.500		05/15/33		249,268
	42,255		GNMA	5.000		07/15/33		47,076
	187,095		GNMA	5.500		07/15/33		211,212
	37,039		GNMA	5.000		07/20/33		41,220
	236,309		GNMA	5.000		08/15/33		263,270
	79,112		GNMA	5.000		08/15/33		88,707
	466,581		GNMA	5.500		09/15/33		529,788
	454,561		GNMA	6.000		11/20/33		516,154
	199,948		GNMA	5.500		05/20/34		225,673
	308,163		GNMA	6.000		09/20/34		349,334
	31,475		GNMA	5.000		10/20/34		35,028
	879,776		GNMA	5.500		11/15/34		992,634
	240,158		GNMA	6.500		01/15/35		275,351
	157,773		GNMA	5.500		02/20/35		178,072
	3,441,715		GNMA	5.000		03/20/35		3,830,199
	1,055,023		GNMA	5.000		04/15/35		1,175,394
	1,135,997		GNMA	5.500		05/20/35		1,281,085
	49,171		GNMA	5.000		09/20/35		54,675
	55,426		GNMA	5.000		11/15/35		61,646
	42,059		GNMA	5.000		11/15/35		46,779
	379,148		GNMA	5.500		02/20/36		427,572
	40,884		GNMA	5.500		03/15/36		46,129
	143,424		GNMA	5.500		05/20/36		161,608
	34,669		GNMA	6.500		06/15/36		39,554
	59,055		GNMA	5.000		09/15/36		65,744
	70,929		GNMA	6.000		09/15/36		80,478
	121,945		GNMA	6.000		10/20/36		138,239
	61,936		GNMA	5.000		12/15/36		68,802
	67,165		GNMA	5.500		01/15/37		75,466
	67,742		GNMA	6.000		01/20/37		76,794
	2,334,582		GNMA	5.500		02/15/37		2,623,122
	223,901		GNMA	6.000		02/20/37		253,470
	1,623,409		GNMA	6.000		04/15/37		1,844,582
	33,986		GNMA	6.500		04/15/37		38,775
	881,144		GNMA	6.000		04/20/37		997,510
	122,070		GNMA	6.000		06/15/37		138,389
	141,356		GNMA	6.000		08/20/37		160,024

138

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,212		GNMA	6.500	%	08/20/37	$	114,408
	509,196		GNMA	6.500		11/20/37		581,327
	533,091		GNMA	6.000		12/15/37		604,358
	43,747		GNMA	5.000		02/20/38		48,439
	1,439,147		GNMA	5.000		04/15/38		1,595,699
	48,181		GNMA	5.500		05/20/38		54,078
	139,155		GNMA	5.500		06/15/38		156,832
	393,549		GNMA	6.000		06/20/38		444,907
	1,247,221		GNMA	5.500		07/15/38		1,400,980
	730,441		GNMA	5.500		07/20/38		819,852
	111,815		GNMA	5.500		08/15/38		125,600
	1,473,139		GNMA	6.000		08/15/38		1,669,618
	574,029		GNMA	6.000		08/15/38		650,590
	360,210		GNMA	6.000		08/20/38		407,218
	254,705		GNMA	5.000		10/15/38		282,412
	48,796		GNMA	5.500		10/15/38		55,406
	102,049		GNMA	6.500		10/20/38		116,250
	52,497		GNMA	6.500		10/20/38		59,868
	28,942		GNMA	5.500		11/15/38		32,514
	196,355		GNMA	6.500		11/20/38		223,924
	2,133,139		GNMA	6.000		12/15/38		2,417,646
	24,055		GNMA	6.500		12/15/38		27,407
	120,529		GNMA	5.000		01/15/39		133,640
	522,918		GNMA	6.500		01/20/39		595,685
	289,217		GNMA	5.000		02/15/39		320,678
	101,551		GNMA	6.000		02/15/39		115,095
	2,182,115		GNMA	4.500		03/15/39		2,385,120
	375,732		GNMA	4.500		03/15/39		410,686
	75,723		GNMA	4.500		03/20/39		82,832
	67,151	i	GNMA	5.000		03/20/39		71,555
	1,014,828		GNMA	5.500		03/20/39		1,139,049
	177,403		GNMA	4.500		04/15/39		193,907
	1,752,840		GNMA	5.500		04/15/39		1,975,506
	48,348		GNMA	5.000		04/20/39		53,533
	217,352		GNMA	4.000		05/15/39		233,511
	5,037,361		GNMA	4.500		05/15/39		5,505,993
	178,653		GNMA	4.000		05/20/39		191,377
	590,821		GNMA	4.500		05/20/39		646,284
	63,934		GNMA	4.500		06/15/39		69,882
	3,412,333		GNMA	4.500		06/15/39		3,729,787
	5,649,007		GNMA	5.000		06/15/39		6,300,585
	4,577,939		GNMA	5.000		06/15/39		5,105,975
	106,106		GNMA	5.000		06/15/39		117,649
	115,638		GNMA	5.000		06/15/39		128,217
	223,738		GNMA	5.000		06/15/39		248,076
	88,590		GNMA	4.000		06/20/39		94,899
	69,137		GNMA	5.000		06/20/39		76,551
	137,675		GNMA	4.500		07/15/39		150,483
	240,374		GNMA	4.500		07/15/39		262,736
	95,110		GNMA	5.000		07/15/39		105,456
	1,023,449		GNMA	4.500		07/20/39		1,119,525
	969,267		GNMA	5.000		07/20/39		1,073,221

139

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$88,151		GNMA	5.500	%	07/20/39	$	99,079
	388,788		GNMA	4.000		08/15/39		417,692
	1,743,611		GNMA	5.000		08/15/39		1,933,283
	124,902		GNMA	5.500		08/15/39		140,300
	239,997		GNMA	6.000		08/15/39		272,006
	230,061		GNMA	4.000		08/20/39		246,445
	287,730		GNMA	5.000		08/20/39		318,589
	162,287		GNMA	5.000		09/15/39		179,941
	385,940		GNMA	5.000		09/20/39		427,332
	112,302		GNMA	4.500		10/15/39		122,750
	60,017		GNMA	5.000		10/15/39		66,546
	101,838		GNMA	4.500		10/20/39		111,398
	135,831		GNMA	4.500		11/15/39		148,722
	146,732		GNMA	4.500		11/20/39		160,460
	185,175		GNMA	5.000		11/20/39		204,977
	5,889,951		GNMA	4.500		12/15/39		6,437,900
	261,028		GNMA	4.500		12/15/39		285,312
	141,015		GNMA	4.500		12/20/39		154,208
	5,621,354		GNMA	5.000		12/20/39		6,222,487
	4,692,001		GNMA	4.500		01/20/40		5,130,996
	71,341		GNMA	5.500		01/20/40		80,074
	277,767		GNMA	4.000		03/15/40		298,418
	99,952		GNMA	5.000		03/15/40		110,825
	89,606		GNMA	4.500		04/15/40		97,746
	1,603,975		GNMA	5.000		04/15/40		1,778,457
	208,688		GNMA	4.500		04/20/40		228,213
	41,271		GNMA	4.500		05/15/40		45,020
	1,036,995		GNMA	5.000		05/15/40		1,149,801
	1,875,540	i	GNMA	3.000		05/20/40		1,955,596
	44,445		GNMA	4.500		05/20/40		48,604
	120,887		GNMA	4.500		06/15/40		131,869
	15,375,010		GNMA	4.500		06/15/40		16,805,367
	117,756		GNMA	4.500		06/15/40		128,453
	1,031,675		GNMA	5.000		06/20/40		1,142,000
	2,695,046		GNMA	4.500		07/15/40		2,939,874
	610,602		GNMA	4.500		07/15/40		666,072
	7,162,998		GNMA	4.500		07/20/40		7,833,185
	231,118		GNMA	5.000		07/20/40		255,833
	1,428,471		GNMA	4.000		08/15/40		1,534,669
	4,448,994		GNMA	4.000		08/15/40		4,779,749
	384,091		GNMA	4.500		08/15/40		420,544
	557,298		GNMA	4.500		08/20/40		609,441
	423,126		GNMA	4.500		09/20/40		462,715
	134,627		GNMA	5.500		09/20/40		151,317
	213,707		GNMA	6.500		09/20/40		244,248
	108,972		GNMA	4.000		10/15/40		117,329
	511,550		GNMA	6.000		10/20/40		580,225
	1,207,313		GNMA	4.000		11/15/40		1,297,069
	4,688,672		GNMA	4.000		11/20/40		5,024,058
	1,204,617		GNMA	3.500		12/15/40		1,260,105
	2,252,158		GNMA	5.500		12/20/40		2,527,489
	1,884,279		GNMA	4.000		01/20/41		2,019,064

140

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,201,634		GNMA	4.000	%	02/15/41	$	1,290,968
	4,344,900		GNMA	4.500		02/20/41		4,748,024
	2,515,609		GNMA	4.500		03/15/41		2,748,722
	1,320,577		GNMA	5.000		04/20/41		1,461,796
	743,511	i	GNMA	4.000		06/20/41		794,207
	1,466,332		GNMA	4.000		07/15/41		1,575,345
	1,960,755		GNMA	4.000		07/20/41		2,101,010
	6,821,803		GNMA	5.000		07/20/41		7,549,685
	2,372,368		GNMA	4.500		08/15/41		2,587,883
	3,277,340		GNMA	5.000		08/20/41		3,627,810
	337,854	i	GNMA	3.000		09/20/41		353,236
	558,405		GNMA	4.000		10/15/41		599,919
	820,886	i	GNMA	2.500		10/20/41		848,383
	573,124	i	GNMA	3.500		10/20/41		604,590
	10,402,940		GNMA	4.000		10/20/41		11,143,824
	2,006,533		GNMA	5.500		10/20/41		2,255,280
	1,335,658		GNMA	6.500		01/15/44		1,479,470
			TOTAL MORTGAGE BACKED					844,025,748
MUNICIPAL BONDS - 0.9%
	300,000		American Municipal Power-Ohio, Inc	7.834		02/15/41		414,279
	500,000		American Municipal Power-Ohio, Inc	6.270		02/15/50		563,495
	150,000		Colorado Bridge Enterprise	6.078		12/01/40		186,947
	200,000		Commonwealth of Massachusetts	4.200		12/01/21		220,592
	195,000		Commonwealth of Pennsylvania	5.850		07/15/30		218,258
	200,000		County of Clark NV	6.820		07/01/45		251,512
	200,000		District of Columbia	5.591		12/01/34		240,946
	100,000		East Baton Rouge Sewerage Commission	6.087		02/01/45		104,276
	400,000		Government Development Bank for Puerto Rico	3.670		05/01/14		404,340
	100,000		Kentucky Asset Liability Commission	3.165		04/01/18		102,559
	30,000		Los Angeles Unified School District	5.750		07/01/34		33,118
	100,000		Massachusetts School Building Authority	5.715		08/15/39		123,624
	100,000		Metropolitan Government of Nashville & Davidson County	6.731		07/01/43		117,573
	300,000		Metropolitan Transportation Authority	6.648		11/15/39		363,936
	250,000		Municipal Electric Authority of Georgia	6.637		04/01/57		259,860
	972,000		New Jersey Economic Development Authority	7.425		02/15/29		1,183,770
	35,000		New Jersey State Turnpike Authority	7.414		01/01/40		50,189
	800,000		New Jersey Transportation Trust Fund Authority	5.754		12/15/28		870,808
	1,100,000		New York City Municipal Water Finance Authority	5.790		06/15/41		1,183,237
	600,000		New York State Dormitory Authority	5.289		03/15/33		672,918
	130,000		New York State Dormitory Authority	5.628		03/15/39		150,267
	400,000		New York State Urban Development Corp	5.838		03/15/40		471,020
	100,000		Ohio State University	4.910		06/01/40		113,232
	100,000		Oregon State Department of Transportation	5.834		11/15/34		122,969
	200,000		Port Authority of New York & New Jersey	6.040		12/01/29		242,376
			Salt River Project Agricultural Improvement & Power
	100,000		District	4.839		01/01/41		112,459
	800,000		Santa Clara Valley Transportation Authority	5.876		04/01/32		939,192
	300,000		State of California	5.750		03/01/17		336,384
	100,000		State of California	6.200		10/01/19		113,983
	100,000		State of California	5.700		11/01/21		109,169
	100,000	i	State of California	5.650		04/01/39		104,794

141

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$285,000	State of California	7.550	%	04/01/39	$	348,475
	2,900,000	State of California	7.300		10/01/39		3,429,046
	1,330,000	State of California	7.625		03/01/40		1,636,366
	300,000	State of Connecticut	5.090		10/01/30		330,015
	100,000	State of Illinois	4.511		03/01/15		103,841
	400,000	State of Illinois	4.961		03/01/16		422,476
	2,200,000	State of Illinois	5.100		06/01/33		1,996,807
	1,295,000	State of Illinois	6.725		04/01/35		1,345,363
	300,000	State of Oregon	5.762		06/01/23		356,853
	100,000	State of Texas	4.631		04/01/33		110,108
	50,000	State of Texas	5.517		04/01/39		60,756
	1,000,000	State of Texas	4.681		04/01/40		1,110,250
	100,000	State of Utah	3.539		07/01/25		104,234
	200,000	State of Washington	5.090		08/01/33		222,854
	200,000	State Public School Building Authority	5.000		09/15/27		209,318
	750,000	Tennessee Valley Authority	3.875		02/15/21		855,680
	1,000,000	Tennessee Valley Authority	4.625		09/15/60		1,194,040
	200,000	University of California	5.770		05/15/43		226,456
	700,000	University of Texas	4.794		08/15/46		799,645
	150,000	Virginia Commonwealth Transportation Board	5.350		05/15/35		172,679
		TOTAL MUNICIPAL BONDS					25,417,344
U.S. TREASURY SECURITIES - 35.1%
	278,400	United States Treasury Bond	7.500		11/15/16		367,118
	160,000	United States Treasury Bond	8.750		05/15/17		225,500
	139,200	United States Treasury Bond	8.875		08/15/17		199,241
	151,300	United States Treasury Bond	8.125		08/15/19		225,012
	148,500	United States Treasury Bond	8.750		08/15/20		234,224
	375,700	United States Treasury Bond	7.875		02/15/21		573,324
	125,000	United States Treasury Bond	8.125		05/15/21		194,492
	122,000	United States Treasury Bond	8.125		08/15/21		191,083
	13,379,100	United States Treasury Bond	8.000		11/15/21		20,911,119
	3,275,000	United States Treasury Bond	6.375		08/15/27		4,964,183
	17,060,000	United States Treasury Bond	5.250		02/15/29		23,569,448
	21,579,000	United States Treasury Bond	5.375		02/15/31		30,756,808
	1,144,000	United States Treasury Bond	4.375		02/15/38		1,478,977
	2,733,000	United States Treasury Bond	3.500		02/15/39		3,074,199
	241,000	United States Treasury Bond	4.500		08/15/39		318,760
	850,000	United States Treasury Bond	4.375		11/15/39		1,103,539
	915,000	United States Treasury Bond	4.625		02/15/40		1,234,106
	3,380,000	United States Treasury Bond	4.375		05/15/40		4,390,830
	12,585,000	United States Treasury Bond	3.875		08/15/40		15,086,269
	5,075,000	United States Treasury Bond	4.750		02/15/41		6,993,984
	26,350,000	United States Treasury Bond	4.375		05/15/41		34,333,233
	17,490,000	United States Treasury Note	1.375		10/15/12		17,660,125
	165,000	United States Treasury Note	4.000		11/15/12		170,498
	14,600,000	United States Treasury Note	0.500		11/30/12		14,646,764
	11,650,000	United States Treasury Note	0.625		01/31/13		11,706,887
	25,000,000	United States Treasury Note	0.625		02/28/13		25,129,875
	10,000,000	United States Treasury Note	0.750		03/31/13		10,069,530
	235,000	United States Treasury Note	2.500		03/31/13		241,701

142

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000	United States Treasury Note	0.625	%	04/30/13	$	2,011,640
	209,000	United States Treasury Note	3.125		04/30/13		217,058
	350,000	United States Treasury Note	1.375		05/15/13		355,551
	3,500,000	United States Treasury Note	0.500		05/31/13		3,514,767
	5,000,000	United States Treasury Note	0.375		06/30/13		5,011,915
	11,155,000	United States Treasury Note	0.750		08/15/13		11,247,810
	2,139,000	United States Treasury Note	4.250		08/15/13		2,277,199
	66,000,000	United States Treasury Note	0.125		08/31/13		65,883,971
	2,045,000	United States Treasury Note	3.125		08/31/13		2,142,457
	9,575,000	United States Treasury Note	0.750		09/15/13		9,656,914
	6,550,000	United States Treasury Note	0.125		09/30/13		6,536,952
	196,000	United States Treasury Note	3.125		09/30/13		205,777
	13,700,000	United States Treasury Note	0.250		10/31/13		13,702,137
	2,710,000	United States Treasury Note	2.750		10/31/13		2,832,690
	8,284,000	United States Treasury Note	2.000		11/30/13		8,557,438
	683,000	United States Treasury Note	1.500		12/31/13		699,968
	36,150,000	United States Treasury Note	1.250		03/15/14		36,915,367
	4,693,000	United States Treasury Note	1.875		04/30/14		4,863,121
	750,000	United States Treasury Note	4.750		05/15/14		828,398
	11,198,000	United States Treasury Note	2.250		05/31/14		11,715,034
	6,784,000	United States Treasury Note	2.625		06/30/14		7,169,840
	185,000	United States Treasury Note	2.625		07/31/14		195,854
	117,000	United States Treasury Note	4.250		08/15/14		128,883
	5,583,000	United States Treasury Note	2.375		08/31/14		5,881,344
	4,910,000	United States Treasury Note	2.375		09/30/14		5,180,433
	9,860,000	United States Treasury Note	2.375		10/31/14		10,415,394
	20,000,000	United States Treasury Note	0.375		11/15/14		20,012,500
	1,280,000	United States Treasury Note	2.125		11/30/14		1,344,399
	15,000,000	United States Treasury Note	2.500		12/15/54		14,950,785
	6,310,000	United States Treasury Note	2.250		01/31/15		6,665,430
	100	United States Treasury Note	2.500		03/31/15		107
	7,170,000	United States Treasury Note	2.500		04/30/15		7,651,738
	1,240,000	United States Treasury Note	2.125		05/31/15		1,309,072
	3,120,000	United States Treasury Note	1.875		06/30/15		3,269,173
	6,895,000	United States Treasury Note	1.750		07/31/15		7,196,656
	1,775,000	United States Treasury Note	4.250		08/15/15		2,011,435
	11,340,000	United States Treasury Note	1.250		08/31/15		11,641,213
	18,805,000	United States Treasury Note	1.250		09/30/15		19,292,764
	27,300,000	United States Treasury Note	1.250		10/31/15		27,999,563
	23,550,000	United States Treasury Note	1.375		11/30/15		24,267,545
	5,000,000	United States Treasury Note	2.125		12/31/15		5,303,125
	5,400,000	United States Treasury Note	2.000		01/31/16		5,697,000
	10,650,000	United States Treasury Note	2.125		02/29/16		11,298,990
	250,000	United States Treasury Note	2.625		02/29/16		270,235
	9,000,000	United States Treasury Note	2.250		03/31/16		9,599,769
	164,000	United States Treasury Note	5.125		05/15/16		195,147
	11,250,000	United States Treasury Note	1.750		05/31/16		11,764,159
	5,000,000	United States Treasury Note	1.500		06/30/16		5,170,705
	10,750,000	United States Treasury Note	1.500		07/31/16		11,113,651
	970,000	United States Treasury Note	3.250		07/31/16		1,078,594
	14,000,000	United States Treasury Note	1.000		08/31/16		14,153,132
	14,200,000	United States Treasury Note	1.000		09/30/16		14,346,430
	23,050,000	United States Treasury Note	1.000		10/31/16		23,273,308

143

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$173,000		United States Treasury Note	4.625	%	11/15/16	$	204,302
	15,250,000		United States Treasury Note	0.875		11/30/16		15,296,467
	12,000,000		United States Treasury Note	0.875		12/31/16		12,021,564
	220,000		United States Treasury Note	3.000		02/28/17		243,306
	6,830,000		United States Treasury Note	1.875		08/31/17		7,148,558
	8,414,000		United States Treasury Note	4.250		11/15/17		9,938,381
	8,044,000		United States Treasury Note	2.750		12/31/17		8,818,235
	8,127,000		United States Treasury Note	2.625		01/31/18		8,851,449
	14,000,000		United States Treasury Note	2.000		04/30/18		14,783,132
	6,172,000		United States Treasury Note	2.625		04/30/18		6,720,246
	6,266,000		United States Treasury Note	3.875		05/15/18		7,308,700
	7,862,000		United States Treasury Note	2.375		05/31/18		8,430,769
	13,065,000		United States Treasury Note	2.250		07/31/18		13,895,856
	13,350,000		United States Treasury Note	1.500		08/31/18		13,545,030
	1,681,000		United States Treasury Note	9.000		11/15/18		2,542,119
	3,000,000		United States Treasury Note	1.375		11/30/18		3,010,314
	2,802,400		United States Treasury Note	2.750		02/15/19		3,069,284
	1,377,000		United States Treasury Note	3.625		02/15/20		1,596,998
	1,132,000		United States Treasury Note	3.500		05/15/20		1,302,243
	7,342,000		United States Treasury Note	2.625		08/15/20		7,918,464
	5,650,000		United States Treasury Note	2.625		11/15/20		6,082,575
	5,900,000		United States Treasury Note	3.625		02/15/21		6,849,994
	27,610,000		United States Treasury Note	2.125		08/15/21		28,317,506
	13,250,000		United States Treasury Note	2.000		11/15/21		13,401,130
	11,185,000		United States Treasury Note	4.250		11/15/40		14,264,365
	10,000,000		United States Treasury Note	3.750		08/15/41		11,760,940
	2,500,000		United States Treasury Note	3.125		11/15/41		2,619,140
			TOTAL U.S. TREASURY SECURITIES					939,016,433
			TOTAL GOVERNMENT BONDS					2,041,062,270
			(Cost $1,987,669,874)
STRUCTURED ASSETS - 2.2%
ASSET BACKED - 0.2%
	1,190,000		Ally Auto Receivables Trust	1.180		04/15/15		1,194,937
			Series - 2011 2 (Class A3)
	340,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15		351,846
			Series - 2010 1 (Class C)
	590,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		594,067
			Series - 2010 3 (Class C)
	850,000		Capital One Multi-Asset Execution Trust	5.050		12/17/18		970,170
			Series - 2006 A3 (Class A3)
	500,000		Capital One Multi-Asset Execution Trust	5.750		07/15/20		591,295
			Series - 2007 A7 (Class A7)
	600,000		Centerpoint Energy Transistion	3.460		08/15/19		654,145
			Series - 0 1 (Class A2)
	195,566	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		43,856
			Series - 2004 2 (Class 1B)
	500,000		Chase Issuance Trust	5.120		10/15/14		517,549
			Series - 2007 A17 (Class A)
	135,000		CitiBank Credit Card Issuance Trust	4.900		06/23/16		148,178
			Series - 2009 A4 (Class A4)

144

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$750,000		CitiBank Credit Card Issuance Trust	5.650	%	09/20/19	$	900,083
			Series - 2007 A8 (Class A8)
	22,743	i	Countrywide Home Equity Loan Trust	0.498		02/15/29		14,681
			Series - 2004 B (Class 1A)
	375,000		Detroit Edison Securitization Funding LLC	6.620		03/01/16		426,458
			Series - 2001 1 (Class A6)
	100,000		Discover Card Master Trust	5.650		03/16/20		119,655
			Series - 2007 A1 (Class A1)
	34,947	i	Residential Asset Securities Corp	6.489		10/25/30		31,799
			Series - 2001 KS2 (Class AI6)
	15,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		11,379
			Series - 2006 HI1 (Class M2)
	15,000	g	Vornado DP LLC	4.004		09/13/28		16,060
			Series - 2010 VNO (Class A2FX)
			TOTAL ASSET BACKED					6,586,158
OTHER MORTGAGE BACKED - 2.0%
	1,000,000	i	Banc of America Commercial Mortgage, Inc	5.066		11/10/42		1,031,239
			Series - 2005 1 (Class A4)
	105,000	i	Banc of America Commercial Mortgage, Inc	5.889		07/10/44		115,110
			Series - 2006 3 (Class A4)
	450,000		Banc of America Commercial Mortgage, Inc	5.356		10/10/45		483,860
			Series - 2006 6 (Class A4)
	474,546		Banc of America Commercial Mortgage, Inc	5.379		09/10/47		492,672
			Series - 2006 5 (Class AAB)
	285,000		Banc of America Commercial Mortgage, Inc	5.449		01/15/49		299,898
			Series - 2007 1 (Class A3)
	325,000	i	Banc of America Commercial Mortgage, Inc	5.622		06/10/49		338,919
			Series - 2007 3 (Class A3)
	1,350,000	i	Banc of America Merrill Lynch Commercial Mortgage, Inc	5.193		09/10/47		1,493,085
			Series - 2005 6 (Class A4)
	475,000		Banc of America Merrill Lynch Commercial Mortgage, Inc	5.620		02/10/51		500,011
			Series - 2007 5 (Class A3)
	69,162		Bank of America Alternative Loan Trust	5.500		09/25/19		69,029
			Series - 2004 8 (Class 3A1)
	320,000		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		351,173
			Series - 2006 PW14 (Class A4)
	280,000	i	Bear Stearns Commercial Mortgage Securities	5.441		03/11/39		310,409
			Series - 2006 PW11 (Class A4)
	200,000	i	Bear Stearns Commercial Mortgage Securities	5.715		06/11/40		218,962
			Series - 2007 PW16 (Class A4)
	355,000		Bear Stearns Commercial Mortgage Securities	4.674		06/11/41		381,861
			Series - 2005 PWR8 (Class A4)
	124,140	i	Bear Stearns Commercial Mortgage Securities	5.286		06/11/41		128,744
			Series - 2004 PWR4 (Class A2)
	625,000	i	Bear Stearns Commercial Mortgage Securities	5.468		06/11/41		672,508
			Series - 2004 PWR4 (Class A3)
	825,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		845,373
			Series - 2006 PW13 (Class AM)
	495,000		Bear Stearns Commercial Mortgage Securities	5.537		10/12/41		555,720
			Series - 2006 T24 (Class A4)

145

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$660,000	i	Bear Stearns Commercial Mortgage Securities	4.750	%	02/13/46	$	705,615
			Series - 2004 T16 (Class A6)
	1,000,000	i	Bear Stearns Commercial Mortgage Securities	5.694		06/11/50		1,101,115
			Series - 2007 PW17 (Class A4)
	600,000	i	Citigroup Commercial Mortgage Trust	5.364		04/15/40		641,998
			Series - 2004 C1 (Class A4)
	550,000		Citigroup Commercial Mortgage Trust	4.733		10/15/41		585,957
			Series - 2004 C2 (Class A5)
	495,008		Citigroup Commercial Mortgage Trust	5.205		12/11/49		501,230
			Series - 2007 CD4 (Class A2B)
	585,000		Citigroup, Inc	5.322		12/11/49		620,482
			Series - 2007 CD4 (Class A4)
	525,000	i	Commercial Mortgage Pass Through Certificates	5.751		06/10/46		579,730
			Series - 2006 C7 (Class A4)
	255,000	i	Commercial Mortgage Pass Through Certificates	5.814		12/10/49		284,637
			Series - 2007 C9 (Class A4)
	2,789,000		Credit Suisse First Boston Mortgage Securities Corp	4.829		11/15/37		2,985,218
			Series - 2004 C5 (Class A4)
	158,223		Credit Suisse Mortgage Capital Certificates	5.439		09/15/39		162,085
			Series - 2006 C4 (Class AAB)
	190,000		Credit Suisse Mortgage Capital Certificates	5.467		09/15/39		202,067
			Series - 2006 C4 (Class A3)
	2,100,000		Credit Suisse Mortgage Capital Certificates	5.509		09/15/39		1,964,972
			Series - 2006 C4 (Class AM)
	250,000	i	CS First Boston Mortgage Securities Corp	5.416		05/15/36		266,989
			Series - 2004 C2 (Class A2)
	310,000		CS First Boston Mortgage Securities Corp	3.936		05/15/38		316,861
			Series - 2003 C3 (Class A5)
	290,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		295,910
			Series - 2003 C3 (Class B)
	625,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		684,196
			Series - 2005 C5 (Class A4)
	220,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		209,259
			Series - 2005 C5 (Class AJ)
	316,568	i	GE Capital Commercial Mortgage Corp	5.277		11/10/45		337,815
			Series - 2005 C4 (Class ASB)
	330,000		GMAC Commercial Mortgage Securities, Inc	5.023		04/10/40		347,090
			Series - 2003 C3 (Class A4)
	180,000	i	Greenwich Capital Commercial Funding Corp	5.317		06/10/36		191,824
			Series - 0 GG1 (Class A7)
	1,585,000	i	Greenwich Capital Commercial Funding Corp	5.224		04/10/37		1,697,033
			Series - 2005 GG5 (Class A5)
	600,000	i	Greenwich Capital Commercial Funding Corp	5.277		04/10/37		537,547
			Series - 2005 GG5 (Class AM)
	725,000	i	Greenwich Capital Commercial Funding Corp	5.882		07/10/38		805,413
			Series - 2006 GG7 (Class A4)
	550,000		Greenwich Capital Commercial Funding Corp	5.444		03/10/39		595,312
			Series - 2007 GG9 (Class A4)
	610,000		Greenwich Capital Commercial Funding Corp	5.475		03/10/39		572,939
			Series - 2007 GG9 (Class AM)
	1,825,000	i	GS Mortgage Securities Corp II	5.553		04/10/38		1,984,204
			Series - 2006 GG6 (Class A4)

146

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$740,000	i	GS Mortgage Securities Corp II	5.622	%	04/10/38	$	736,478
			Series - 2006 GG6 (Class AM)
	561,026		GS Mortgage Securities Corp II	5.535		11/10/39		587,602
			Series - 2006 GG8 (Class AAB)
	1,350,000		GS Mortgage Securities Corp II	5.560		11/10/39		1,482,169
			Series - 2006 GG8 (Class A4)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.633		12/05/27		102,326
			Series - 2009 IWST (Class A2)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.115		07/15/41		528,608
			Series - 2004 LN2 (Class A2)
	25,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.075		11/15/43		24,334
			Series - 2010 C2 (Class B)
	50,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.528		11/15/43		48,152
			Series - 2010 C2 (Class C)
	125,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.429		12/12/43		134,091
			Series - 2006 CB17 (Class A4)
	1,000,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.206		12/15/44		1,106,200
			Series - 2005 LDP5 (Class A4)
	2,315,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.447		05/15/45		2,389,228
			Series - 2006 LDP8 (Class A3B)
	738,382		JP Morgan Chase Commercial Mortgage Securities Corp	5.134		05/15/47		761,596
			Series - 2006 LDP9 (Class A2)
	1,110,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		1,177,157
			Series - 2006 LDP9 (Class A3)
	950,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		1,018,221
			Series - 2007 CB18 (Class A4)
	450,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.817		06/15/49		473,784
			Series - 2007 LD11 (Class A3)
	360,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.817		06/15/49		382,582
			Series - 2007 LD11 (Class A4)
	400,000	i	LB-UBS Commercial Mortgage Trust	5.020		08/15/29		425,679
			Series - 2004 C6 (Class A6)
	545,000		LB-UBS Commercial Mortgage Trust	4.742		02/15/30		582,227
			Series - 2005 C1 (Class A4)
	415,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		445,517
			Series - 2005 C2 (Class A5)
	380,000		LB-UBS Commercial Mortgage Trust	5.156		02/15/31		419,228
			Series - 2006 C1 (Class A4)
	220,000		LB-UBS Commercial Mortgage Trust	4.394		03/15/32		225,586
			Series - 2003 C1 (Class A4)
	125,000		LB-UBS Commercial Mortgage Trust	5.372		09/15/39		138,558
			Series - 2006 C6 (Class A4)
	1,405,000		LB-UBS Commercial Mortgage Trust	5.424		02/15/40		1,530,903
			Series - 2007 C1 (Class A4)
	970,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		1,034,659
			Series - 2007 C2 (Class A3)
	875,000		LB-UBS Commercial Mortgage Trust	4.843		07/15/40		839,619
			Series - 2005 C3 (Class AJ)
	450,450	i	Merrill Lynch	5.382		07/12/46		473,488
			Series - 2006 3 (Class ASB)
	425,000	i	Merrill Lynch	5.485		07/12/46		320,646
			Series - 2006 3 (Class AJ)

147

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$225,000	i	Merrill Lynch Mortgage Trust	5.220	%	11/12/37	$	201,960
			Series - 2005 CKI1 (Class AJ)
	290,000	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		304,104
			Series - 2005 CIP1 (Class AM)
	342,888	i	Merrill Lynch Mortgage Trust	5.621		05/12/39		352,072
			Series - 2006 C1 (Class A2)
	235,000	i	Merrill Lynch Mortgage Trust	5.666		05/12/39		262,060
			Series - 2006 C1 (Class A4)
	450,000	i	Merrill Lynch Mortgage Trust	5.834		06/12/50		468,967
			Series - 2007 C1 (Class A3)
	475,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.430		02/12/39		522,574
			Series - 2006 1 (Class A4)
	440,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.962		08/12/49		383,725
			Series - 2007 8 (Class AM)
	375,000		Morgan Stanley Capital I	4.970		04/14/40		395,952
			Series - 2004 HQ4 (Class A7)
	505,000	i	Morgan Stanley Capital I	5.270		06/13/41		543,084
			Series - 2004 T15 (Class A4)
	1,255,000		Morgan Stanley Capital I	5.168		01/14/42		1,356,497
			Series - 2005 HQ5 (Class A4)
	116,076		Morgan Stanley Capital I	6.231		01/11/43		118,673
			Series - 2008 T29 (Class A1)
	590,000		Morgan Stanley Capital I	5.364		03/15/44		623,389
			Series - 2007 IQ13 (Class A4)
	225,000	i	Morgan Stanley Capital I	5.731		07/12/44		248,980
			Series - 2006 HQ9 (Class A4)
	1,550,000	i	Morgan Stanley Capital I	5.692		04/15/49		1,641,160
			Series - 2007 IQ14 (Class A4)
	205,000	i	Morgan Stanley Capital I	5.544		11/12/49		212,060
			Series - 2007 T25 (Class AM)
	245,000		Morgan Stanley Capital I	4.770		07/15/56		236,256
			Series - 0 IQ9 (Class AJ)
	219,935		Wachovia Bank Commercial Mortgage Trust	5.576		03/15/45		229,615
			Series - 2006 C24 (Class APB)
	525,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		568,434
			Series - 2007 C33 (Class A4)
	200,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		212,901
			Series - 2007 C33 (Class A5)
			TOTAL OTHER MORTGAGE BACKED					53,737,172
			TOTAL STRUCTURED ASSETS					60,323,330
			(Cost $59,628,752)
			TOTAL BONDS					2,658,427,639
			(Cost $2,593,265,410)

148

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 0.3%
	$7,400,000		Federal Farm Credit Bank (FFCB)	0.050	%	01/03/12	$	7,399,996
			TOTAL GOVERNMENT AGENCY DEBT					7,399,996
TREASURY DEBT - 0.9%
	20,000,000		United States Treasury Bill	0.019		03/29/12		19,999,040
	5,000,000		United States Treasury Bill	0.020		05/17/12		4,999,345
			TOTAL TREASURY DEBT					24,998,385
			TOTAL SHORT-TERM INVESTMENTS					32,398,381
			(Cost $32,398,638)
			TOTAL INVESTMENTS - 100.4%					2,690,826,020
			(Cost $2,625,664,048)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%					(10,123,559	)
			NET ASSETS - 100.0%				$	2,680,702,461
			Abbreviation(s):
			REIT     Real Estate Investment Trust
		g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2011, the total value of these securities amounted to $3,136,907 or 0.1% 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 reflects the rate at period end.
		j	Zero coupon.
		n	In default.

149

TIAA-CREF FUNDS – Money Market Fund

TIAA-CREF FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (unaudited)
December 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 99.6%
BANKERS’ ACCEPTANCES - 0.9%
	$552,000		JPMorgan Chase Bank NA	0.180-0.250	%	01/03/12	$	551,993
	302,000		JPMorgan Chase Bank NA	0.250		01/09/12		301,983
	188,000		JPMorgan Chase Bank NA	0.190		01/10/12		187,991
	237,000		JPMorgan Chase Bank NA	0.260		01/17/12		236,973
	541,000		JPMorgan Chase Bank NA	0.255-0.270		01/19/12		540,929
	463,000		JPMorgan Chase Bank NA	0.200-0.220		01/23/12		462,939
	204,000		JPMorgan Chase Bank NA	0.220		01/24/12		203,971
	275,000		JPMorgan Chase Bank NA	0.270		01/26/12		274,948
	770,000		JPMorgan Chase Bank NA	0.210		02/01/12		769,862
	770,000		JPMorgan Chase Bank NA	0.220		02/06/12		769,831
	500,000		JPMorgan Chase Bank NA	0.280		02/09/12		499,848
	385,000		JPMorgan Chase Bank NA	0.250		02/16/12		384,877
	153,000		JPMorgan Chase Bank NA	0.250		02/17/12		152,950
	115,000		JPMorgan Chase Bank NA	0.240		02/21/12		114,961
	449,000		JPMorgan Chase Bank NA	0.250		03/06/12		448,797
	243,000		JPMorgan Chase Bank NA	0.260		03/19/12		242,863
	3,000,000		US Bank NA	0.350		02/14/12		2,998,717
			TOTAL BANKERS’ ACCEPTANCES					9,144,433
CERTIFICATE OF DEPOSIT - 2.8%
	7,000,000		Bank of Nova Scotia	0.290		01/17/12		7,000,000
	3,000,000		Canadian Imperial Bank of Commerce	0.080		01/30/12		3,000,000
	4,000,000		Toronto-Dominion Bank	0.210		01/10/12		4,000,000
	5,000,000		Toronto-Dominion Bank	0.180		01/19/12		5,000,000
	10,000,000		Toronto-Dominion Bank	0.230		02/02/12		10,000,000
			TOTAL CERTIFICATE OF DEPOSIT					29,000,000
COMMERCIAL PAPER - 41.4%
	1,225,000		Australia & New Zealand Banking Group Ltd	0.220-0.320		01/17/12		1,224,851
	4,900,000		Australia & New Zealand Banking Group Ltd	0.250		01/25/12		4,899,184
	3,000,000		Australia & New Zealand Banking Group Ltd	0.260		01/31/12		2,999,350
	4,925,000		Bank of Nova Scotia	0.060		01/04/12		4,924,975
	5,000,000		Bank of Nova Scotia	0.060		01/10/12		4,999,925
	6,000,000		Bank of Nova Scotia	0.270		01/17/12		5,999,280
	12,000,000		Bank of Nova Scotia	0.065-0.070		01/20/12		11,999,575
	281,000		Bank of Nova Scotia	0.250		02/29/12		280,885
	200,000		Bank of Nova Scotia	0.225		03/02/12		199,924
	300,000	y	Coca-Cola Co	0.120		01/12/12		299,989
	300,000	y	Coca-Cola Co	0.090		01/13/12		299,991
	1,000,000	y	Coca-Cola Co	0.110		01/26/12		999,924
	1,500,000	y	Coca-Cola Co	0.090		02/09/12		1,499,854
	8,150,000	y	Coca-Cola Co	0.170-0.190		03/06/12		8,147,213
	14,390,000	y	Coca-Cola Co	0.165-0.170		03/07/12		14,385,634
	5,000,000	y	Coca-Cola Co	0.130		04/03/12		4,998,321

150

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$350,000	y	Commonwealth Bank of Australia	0.270	%	02/15/12	$	349,882
	250,000	y	Commonwealth Bank of Australia	0.370		03/02/12		249,843
	1,875,000	y	Commonwealth Bank of Australia	0.410		02/15/12		1,873,249
	2,125,000		Exxon Mobil Corp	0.250		01/11/12		2,124,985
	9,700,000		Exxon Mobil Corp	0.250		01/17/12		9,699,893
	8,000,000		Exxon Mobil Corp	0.020		01/23/12		7,999,902
	4,180,000	y	Fairway Finance LLC	0.195		01/04/12		4,179,932
	1,100,000	y	Fairway Finance LLC	0.180		01/05/12		1,099,978
	4,226,000	y	Fairway Finance LLC	0.190		01/19/12		4,225,599
	5,000,000	y	Fairway Finance LLC	0.230		02/06/12		4,998,850
	8,000,000	y	Fairway Finance LLC	0.190		02/10/12		7,998,311
	3,600,000	y	Fairway Finance LLC	0.120		02/16/12		3,599,448
	9,490,000		General Electric Capital Corp	0.300		02/27/12		9,485,492
	3,645,000		General Electric Capital Corp	0.300		02/29/12		3,643,208
	4,500,000		General Electric Capital Corp	0.310		03/01/12		4,497,675
	10,000,000		General Electric Capital Corp	0.280		04/10/12		9,992,222
	1,500,000	y	International Business Machines Corp	0.050		01/23/12		1,499,954
	2,500,000	y	International Business Machines Corp	0.050		01/26/12		2,499,913
	4,500,000	y	Johnson & Johnson	0.100		03/19/12		4,499,025
	10,000,000	y	Johnson & Johnson	0.050		04/03/12		9,998,708
	7,100,000	y	Jupiter Securitization Co LLC	0.120		01/05/12		7,099,905
	3,835,000	y	Jupiter Securitization Co LLC	0.150		01/09/12		3,834,872
	9,300,000	y	Jupiter Securitization Co LLC	0.180-0.190		01/11/12		9,299,516
	5,800,000	y	Jupiter Securitization Co LLC	0.140-0.150		01/18/12		5,799,595
	1,000,000	y	Jupiter Securitization Co LLC	0.170		02/24/12		999,745
	2,170,000		National Australia Funding (Delaware)	0.300-0.310		01/03/12		2,169,963
	2,420,000		National Australia Funding (Delaware)	0.250		01/23/12		2,419,630
	3,525,000		National Australia Funding (Delaware)	0.245		01/24/12		3,524,448
	2,159,000		National Australia Funding (Delaware)	0.275		01/27/12		2,158,571
	2,720,000		National Australia Funding (Delaware)	0.320		01/31/12		2,719,275
	4,750,000		National Australia Funding (Delaware)	0.290		02/21/12		4,748,049
	4,500,000	y	Nestle Capital Corp	0.035		01/18/12		4,499,926
	5,000,000	y	Nestle Capital Corp	0.025		01/19/12		4,999,937
	3,000,000	y	Nestle Capital Corp	0.040		02/02/12		2,999,893
	500,000	y	Nestle Capital Corp	0.220		02/03/12		499,899
	5,000,000	y	Nestle Capital Corp	0.060		02/07/12		4,999,692
	5,000,000	y	Nestle Capital Corp	0.185		02/28/12		4,998,510
	5,000,000	y	Nestle Capital Corp	0.110		03/30/12		4,998,640
	3,705,000	y	Nestle Capital Corp	0.250		05/15/12		3,701,527
	2,000,000	y	Old Line Funding LLC	0.230		01/10/12		1,999,885
	4,000,000	y	Old Line Funding LLC	0.150		01/13/12		3,999,800
	3,000,000	y	Old Line Funding LLC	0.225		01/17/12		2,999,700
	8,000,000	y	Old Line Funding LLC	0.140		01/23/12		7,999,315
	3,000,000	y	Old Line Funding LLC	0.220		02/08/12		2,999,303
	790,000	y	Old Line Funding LLC	0.210		02/10/12		789,816
	500,000	y	Old Line Funding LLC	0.170		02/15/12		499,894
	5,000,000	y	Old Line Funding LLC	0.220		03/06/12		4,998,014
	5,940,000	y	Private Export Funding Corp	0.140		02/02/12		5,939,261
	5,000,000	y	Private Export Funding Corp	0.140		02/08/12		4,999,261
	250,000	y	Private Export Funding Corp	0.230		02/21/12		249,919
	4,415,000	y	Private Export Funding Corp	0.220		02/27/12		4,413,462
	9,750,000	y	Private Export Funding Corp	0.150		03/01/12		9,747,562

151

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,600,000	y	Private Export Funding Corp	0.140	%	03/06/12	$	2,599,343
	2,000,000	y	Private Export Funding Corp	0.140		03/07/12		1,999,487
	7,500,000	y	Private Export Funding Corp	0.175		04/17/12		7,496,098
	1,000,000	y	Procter & Gamble Co	0.100		01/06/12		999,986
	1,700,000	y	Procter & Gamble Co	0.110		01/09/12		1,699,958
	425,000	y	Procter & Gamble Co	0.080		01/25/12		424,977
	2,000,000	y	Procter & Gamble Co	0.080		02/16/12		1,999,796
	2,375,000	y	Procter & Gamble Co	0.110		02/27/12		2,374,587
	450,000	y	Procter & Gamble Co	0.100		03/20/12		449,901
	5,550,000	y	Procter & Gamble International Funding S.C.A	0.060		01/05/12		5,549,963
	3,386,000		Province of Ontario Canada	0.460-0.050		01/04/12		3,385,988
	1,090,000		Province of Ontario Canada	0.040		01/09/12		1,089,990
	1,150,000		Province of Ontario Canada	0.035		01/12/12		1,149,988
	13,912,000		Province of Ontario Canada	0.035-0.090		01/31/12		13,911,311
	1,300,000		Royal Bank of Canada	0.060		01/27/12		1,299,944
	3,000,000		Straight-A Funding LLC	0.190		01/05/12		2,999,937
	5,000,000		Straight-A Funding LLC	0.190		02/01/12		4,999,182
	6,450,000		Straight-A Funding LLC	0.190		02/03/12		6,448,876
	1,500,000		Straight-A Funding LLC	0.190		02/07/12		1,499,707
	8,000,000		Straight-A Funding LLC	0.160		02/08/12		7,998,648
	645,000		Straight-A Funding LLC	0.200		02/22/12		644,814
	1,500,000		Straight-A Funding LLC	0.190		02/24/12		1,499,573
	3,400,000		Straight-A Funding LLC	0.190		03/05/12		3,398,852
	5,500,000	y	Toronto-Dominion Holdings USA, Inc	0.070-0.120		01/09/12		5,499,898
	8,000,000	y	Unilever Capital Corp	0.060		01/03/12		7,999,974
	5,000,000	y	Unilever Capital Corp	0.070		01/05/12		4,999,961
	5,000,000	y	Unilever Capital Corp	0.060		01/06/12		4,999,958
	6,700,000		US Bank NA	0.210		01/18/12		6,699,336
	5,000,000	y	Variable Funding Capital Co LLC	0.210		01/06/12		4,999,854
	4,000,000	y	Variable Funding Capital Co LLC	0.250		01/20/12		3,999,472
	3,000,000	y	Variable Funding Capital Co LLC	0.250		01/25/12		2,999,500
	4,350,000	y	Variable Funding Capital Co LLC	0.240		01/26/12		4,349,275
	2,250,000	y	Variable Funding Capital Co LLC	0.120		01/30/12		2,249,783
	4,000,000	y	Variable Funding Capital Co LLC	0.210		02/17/12		3,998,903
	600,000	y	Wal-Mart Stores, Inc	0.075		01/12/12		599,986
	4,340,000	y	Westpac Banking Corp	0.375-0.400		02/10/12		4,338,185
	1,800,000	y	Westpac Banking Corp	0.220		02/16/12		1,799,494
	2,000,000	y	Westpac Banking Corp	0.300		03/01/12		1,999,000
	1,450,000	y	Westpac Banking Corp	0.230-0.250		03/05/12		1,449,380
	5,000,000	y	Westpac Banking Corp	0.340		03/16/12		4,996,458
			TOTAL COMMERCIAL PAPER					434,681,052
FOREIGN GOVERNMENT BONDS - 0.4%
	4,000,000		Province of Ontario Canada	2.625		01/20/12		4,004,468
			TOTAL FOREIGN GOVERNMENT BONDS					4,004,468
GOVERNMENT AGENCY DEBT - 25.8%
	8,000,000		Federal Farm Credit Bank (FFCB)	0.010		01/03/12		7,999,995
	5,000,000		FFCB	0.010		02/09/12		4,999,946
	6,000,000		Federal Home Loan Bank (FHLB)	0.020		01/04/12		5,999,990
	6,750,000		FHLB	0.015		01/06/12		6,749,986
	1,500,000		FHLB	0.015		01/11/12		1,499,994

152

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$2,320,000	FHLB	0.020	%	01/13/12	$	2,319,985
	6,000,000	FHLB	0.020		01/18/12		5,999,943
	2,750,000	FHLB	0.020		01/19/12		2,749,973
	873,000	FHLB	0.040		01/20/12		872,982
	400,000	FHLB	0.100		01/25/12		399,973
	15,465,000	FHLB	0.011-0.030		01/27/12		15,464,779
	2,000,000	FHLB	0.010		01/31/12		1,999,983
	700,000	FHLB	0.015		02/03/12		699,990
	16,450,000	FHLB	0.010-0.015		02/08/12		16,449,813
	6,600,000	FHLB	0.010-0.020		02/10/12		6,599,876
	7,100,000	FHLB	0.010		02/15/12		7,099,911
	9,400,000	FHLB	0.010-0.100		02/17/12		9,399,830
	15,000,000	FHLB	0.015		02/22/12		14,999,675
	3,000,000	FHLB	0.010		02/24/12		2,999,955
	4,490,000	FHLB	0.015		03/02/12		4,489,886
	10,131,000	FHLB	0.015-0.250		03/07/12		10,130,646
	2,900,000	Federal Home Loan Mortgage Corp (FHLMC)	0.025-0.040		01/03/12		2,899,995
	2,000,000	FHLMC	0.020		01/06/12		1,999,994
	3,175,000	FHLMC	0.020		01/09/12		3,174,986
	407,000	FHLMC	0.040		01/10/12		406,996
	1,000,000	FHLMC	0.010		01/17/12		999,996
	7,300,000	FHLMC	0.025-0.030		01/18/12		7,299,904
	1,000,000	FHLMC	0.025		01/23/12		999,985
	425,000	FHLMC	0.020		01/24/12		424,995
	10,000,000	FHLMC	0.020		01/25/12		9,999,867
	500,000	FHLMC	0.021		01/27/12		499,992
	9,082,000	FHLMC	0.020-0.060		01/30/12		9,081,851
	3,324,000	FHLMC	0.010-0.035		02/06/12		3,323,943
	961,000	FHLMC	0.020-0.040		02/10/12		960,966
	4,625,000	FHLMC	0.010		02/17/12		4,624,940
	24,700,000	FHLMC	0.010-0.100		02/21/12		24,698,986
	9,474,000	FHLMC	0.010-0.020		02/23/12		9,473,806
	15,000,000	FHLMC	0.025		03/14/12		14,999,240
	1,000,000	Federal National Mortgage Association (FNMA)	0.048		01/03/12		999,997
	2,000,000	FNMA	0.030		01/04/12		1,999,995
	700,000	FNMA	0.011		01/18/12		699,996
	4,500,000	FNMA	0.010		01/24/12		4,499,971
	2,700,000	FNMA	0.030		01/25/12		2,699,946
	1,400,000	FNMA	0.030		02/06/12		1,399,958
	1,200,000	FNMA	0.020		02/13/12		1,199,971
	2,800,000	FNMA	0.015		02/15/12		2,799,948
	5,453,000	FNMA	0.035-0.130		02/17/12		5,452,695
	2,000,000	FNMA	0.110		02/21/12		1,999,688
	3,300,000	FNMA	0.020		02/22/12		3,299,905
	5,000,000	FNMA	0.025		03/01/12		4,999,792
	12,750,000	FNMA	0.020		03/21/12		12,749,433
	441,000	FNMA	0.150		04/18/12		440,802
	390,000	FNMA	0.180		07/02/12		389,643
		TOTAL GOVERNMENT AGENCY DEBT					271,429,293

153

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
TREASURY DEBT - 15.9%
	$6,475,000		United States Treasury Bill	0.023-0.025	%	03/15/12	$	6,474,673
	14,150,000		United States Treasury Bill	0.010-0.036		03/22/12		14,149,564
	3,650,000		United States Treasury Bill	0.032-0.040		03/29/12		3,649,685
	7,275,000		United States Treasury Bill	0.012		04/05/12		7,274,769
	3,205,000		United States Treasury Bill	0.010-0.022		05/10/12		3,204,825
	4,000,000		United States Treasury Note	1.125		01/15/12		4,001,535
	3,680,000		United States Treasury Note	0.875		01/31/12		3,682,009
	7,000,000		United States Treasury Note	1.375		02/15/12		7,009,005
	12,540,000		United States Treasury Note	0.875		02/29/12		12,556,936
	13,140,000		United States Treasury Note	1.000		04/30/12		13,178,947
	12,415,000		United States Treasury Note	1.375		05/15/12		12,475,587
	15,505,000		United States Treasury Note	0.750		05/31/12		15,539,104
	9,986,000		United States Treasury Note	1.875		06/15/12		10,065,368
	7,740,000		United States Treasury Note	0.625		06/30/12		7,759,771
	7,270,000		United States Treasury Note	1.500		07/15/12		7,324,314
	12,776,000		United States Treasury Note	0.625		07/31/12		12,812,871
	6,770,000		United States Treasury Note	1.750		08/15/12		6,837,566
	3,015,000		United States Treasury Note	0.375		08/31/12		3,019,575
	2,150,000		United States Treasury Note	0.375		09/30/12		2,153,589
	9,820,000		United States Treasury Note	0.375		10/31/12		9,837,831
	3,850,000		United States Treasury Note	0.500		11/30/12		3,862,193
			TOTAL TREASURY DEBT					166,869,717
VARIABLE RATE SECURITIES - 12.4%
	9,700,000	i	Federal Farm Credit Bank (FFCB)	0.140		02/13/12		9,699,936
	3,000,000	i	FFCB	0.240		02/01/13		2,999,340
	5,000,000	i	FFCB	0.230		03/28/13		5,000,000
	4,050,000	i	FFCB	0.286		06/12/13		4,050,427
	4,000,000	i	FFCB	0.320		08/19/13		3,996,716
	4,800,000	i	FFCB	0.205		08/26/13		4,796,045
	3,400,000	i	FFCB	0.270		08/26/13		3,399,432
	10,000,000	i	FFCB	0.290		09/23/13		9,999,302
	4,750,000	i	FFCB	0.210		10/15/13		4,742,269
	9,600,000	i	Federal Home Loan Bank (FHLB)	0.150		01/13/12		9,599,985
	4,500,000	i	FHLB	0.125		07/02/12		4,500,000
	5,000,000	i	FHLB	0.130		07/20/12		5,000,000
	7,900,000	i	FHLB	0.245		03/06/13		7,900,916
	9,500,000	i	FHLB	0.260		08/16/13		9,500,000
	10,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.230		01/09/12		10,000,166
	5,000,000	i	FHLMC	0.221		02/04/13		4,997,802
	3,100,000	i	FHLMC	0.220		05/06/13		3,097,897
	2,800,000	i	FHLMC	0.221		06/03/13		2,800,412
	5,000,000	i	Federal National Mortgage Association (FNMA)	0.185		03/14/13		4,998,275
	5,000,000	i	FNMA	0.310		10/28/13		5,000,000
	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	0.280		07/11/12		9,500,000
			TOTAL VARIABLE RATE SECURITIES					130,578,920
			TOTAL SHORT-TERM INVESTMENTS					1,045,707,883
			(Cost $1,045,707,883)
			TOTAL INVESTMENTS- 99.6%					1,045,707,883
			(Cost $1,045,707,883)
			OTHER ASSETS & LIABILITIES, NET - 0.4%					3,792,324
			NET ASSETS - 100.0%				$	1,049,500,207
		i	Floating or variable rate security. Coupon reflects the rate at period end.
		y	Security exempt from registration under Section 4(2) of the Securities Act of 1933 of which are deemed liquid. Such securities may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At December 31, 2011, the aggregate value of these securities was $274,943,644 representing 26.2% of net assets.

154

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

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Real Estate Securities Fund, Bond Fund, Bond Plus Fund, Short-Term Bond Fund, High-Yield Fund, Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund and the Money Market Fund (the “Funds” or individually the “Fund”).

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

The accompanying schedules of investments were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

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

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

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

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

Note 2—valuation of investments

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

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

155

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

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

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

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

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

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

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

Futures contracts: Stock and bond index futures, 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.

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

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.

156

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

Transfers between levels are recognized at the end of the reporting period. For the period ended December 31, 2011, there were no significant transfers between levels by the Funds.

As of December 31, 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 Fund’s investments as of December 31, 2011:

Fund	Level 1		Level 2			Level 3		Total
Real Estate Securities
Diversified capital markets	$	5,681,500	$	—		$	—	$	5,681,500
Diversified REITs		33,049,800		—			—		33,049,800
Gold		28,189,050		—			—		28,189,050
Homebuilding		19,078,000		3,637,582			—		22,715,582
Industrial REITs		38,785,800		2,703,738			—		41,489,538
Mortgage REITs		2,313,750		—			—		2,313,750
Office REITs		117,950,400		—			—		117,950,400
Real estate operating companies		12,820,500		—			—		12,820,500
Residential REITs		165,417,200		—			—		165,417,200
Retail REITs		237,119,800		5,784,331			—		242,904,131
Specialized REITs		245,874,300		—			—		245,874,300
Short-term investments		—		28,195,086			—		28,195,086
Total	$	906,280,100	$	40,320,737		$	—	$	946,600,837
Bond
Corporate bonds	$	—	$	661,655,127		$	—	$	661,655,127
Government bonds		—		1,153,513,183			—		1,153,513,183
Structured assets		—		140,795,859			—		140,795,859
Preferred stocks		425,622		—			—		425,622
Short-term investments		—		479,827,401			—		479,827,401
Swaps*		—		(24,680	)		—		(24,680	)
Total	$	425,622	$	2,435,766,890		$	—	$	2,436,192,512
Bond Plus
Bank loan obligations	$	—	$	30,925,890		$	—	$	30,925,890
Corporate bonds		—		366,466,970			—		366,466,970
Government bonds		—		448,953,545			—		448,953,545
Structured assets		—		118,461,037			—		118,461,037
Preferred stocks		1,256,759		—			—		1,256,759
Short-term investments		—		162,911,288			—		162,911,288
Swaps*		—		(12,340	)		—		(12,340	)
Total	$	1,256,759	$	1,127,706,390		$	—	$	1,128,963,149
Short-Term Bond
Bank loan obligations	$	—	$	9,135,736		$	—	$	9,135,736
Corporate bonds		—		235,780,441			—		235,780,441
Government bonds		—		356,065,028			—		356,065,028
Structured assets		—		85,211,478			—		85,211,478
Preferred stocks		97,992		—			—		97,992
Short-term investments		—		55,901,228			—		55,901,228
Swaps*		—		(12,340	)		—		(12,340	)
Total	$	97,992	$	742,081,571		$	—	$	742,179,563
High-Yield
Bank loan obligations	$	—	$	22,814,090		$	—	$	22,814,090
Corporate bonds		—		1,088,809,621			—		1,088,809,621
Structured assets		—		3,350,620			—		3,350,620
Preferred stocks		2,367,990		—			—		2,367,990
Short-term investments		—		18,548,371			—		18,548,371
Total	$	2,367,990	$	1,133,522,702		$	—	$	1,135,890,692
* Derivative instruments are not reflected in the portfolio of investments.

157

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

Note 3—derivative instruments

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

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 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). 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. 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 (other than the Money Market Fund) 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 to seek to increase the total return.

At December 31, 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 12/31/2011 (1)	Notional amount (2)		Upfront Premium Paid (Received)			Unrealized appreciation (depreciation)
Bond	Republic of Peru	JP Morgan	6/20/2016	1.00%	1.59%	$	1,000,000	$	(35,514	)	$	10,834
Bond Plus	Republic of Peru	JP Morgan	6/20/2016	1.00	1.59		500,000		(17,757	)		5,417
Short-Term Bond	Republic of Peru	JP Morgan	6/20/2016	1.00	1.59		500,000		(17,757	)		5,417

(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 and indicator of the current status of the payment/performance risk and represent the likelihood or 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 upfront 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 or 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.

158

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

Options: The Real Estate Securities Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund uses options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and for written options, potential losses in excess of the fund’s initial investment.

Note 4—affiliated investments

Companies in which a Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. Additionally, investments in other investment companies advised by Advisors, or its affiliates, entities are deemed to be affiliated companies. 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 December 31, 2011			Value at December 31, 2011
Real Estate Securities Fund
Thomas Properties Group	$	12,897,500	$	—	$	—	$	—	$	57,750	$	—		3,850,000		$	12,820,500
			$	—	$	—	$	—	$	57,750	$	—				$	12,820,500
Bond Plus Fund
TIAA-CREF High Yield Fund	$	5,403,239	$	49,021	$	5,493,914	$	112,801	$	49,021	$	—		—	*	$	—
			$	49,021	$	5,493,914	$	112,801	$	49,021	$	—				$	—

* Not an affilliated investment as of December 31, 2011.

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.

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 similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

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

159

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

Net unrealized appreciation (depreciation): At December 31, 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)
Real Estate Securities	$	918,590,484	$	100,315,766	$	(72,305,413	)	$	28,010,353
Bond		2,379,783,030		80,069,096		(23,634,934	)		56,434,162
Bond Plus		1,108,254,179		40,447,874		(19,726,564	)		20,721,310
Short-Term Bond		741,575,304		8,596,110		(7,979,511	)		616,599
High-Yield		1,121,330,788		37,543,425		(22,983,521	)		14,559,904
Tax-Exempt Bond		302,568,166		21,978,358		(26,770	)		21,951,588
Inflation-Linked Bond		1,416,951,210		152,418,812		(1,678	)		152,417,134
Bond Index		2,625,664,048		70,384,098		(5,222,126	)		65,161,972

160

Item 2. Controls and Procedures.

          (a) An evaluation was performed within 90 days of the date hereof under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this quarterly reporting period.

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

Item 3. Exhibits.

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

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

161

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF FUNDS
Date: February 16, 2012	By	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer

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

Date: February 16, 2012	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)
Date: February 16, 2012	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

162

EXHIBIT LIST

Item 3. Exhibits.

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

163

EX-99.CERT

Exhibit 3(a)

CERTIFICATION

I, Scott C. Evans, certify that:

1. I have reviewed this report on Form N-Q of the TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: February 16, 2012	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)

Exhibit 3(b)

CERTIFICATION

I, Phillip G. Goff, certify that:

1. I have reviewed this report on Form N-Q of the TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: February 16, 2012	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal
		Accounting Officer and Treasurer
		(principal financial officer)