UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2012

Item 1. Reports to Stockholders.

2012 Annual Report

TIAA-CREF

Real Estate Securities Fund

of the TIAA-CREF Funds

March 31, 2012

Contents
Understanding your fund report	2
Information for investors	3
Important information about expenses	4
About the fund’s benchmark	5
Fund performance
Real Estate Securities Fund	6
Summary portfolio of investments	9
Audited financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	16
Notes to financial statements	20
Report of independent registered public accounting firm	29
Trustees and officers	30
Renewal of investment management agreement	35
Important tax information	41
How to reach us	Inside back cover

Understanding your fund report

This annual report contains information about the Real Estate Securities Fund and describes the fund’s results for the twelve months ended March 31, 2012. The report contains three main sections:

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

• The summary portfolio of investments lists the issuers, industries and types of securities in which the Real Estate Securities Fund had investments as of March 31, 2012.

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

          The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Fund Real Estate Securities Fund are noted in the fund’s prospectus.

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

2 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

Information for investors

Portfolio holdings

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

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

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

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

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

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

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

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 3

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

          The expense example that appears in the table on page 5 is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

          The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the fund would be higher. Note also that the TIAA-CREF Funds do not include a sales charge for purchases, reinvested dividends or other distributions.

          The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (October 1, 2011–March 31, 2012).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

4 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

Important information about expenses
Expense example
Six months ended March 31, 2012
Real Estate Securities Fund	Beginning account value (10/1/11)		Ending account value (3/31/12)		Expenses paid during period (10/1/11– 3/31/12)		*
Institutional Class
Actual return		$1,000.00		$1,291.19		$3.04
5% annual hypothetical return		1,000.00		1,022.35		2.68
Retirement Class
Actual return		$1,000.00		$1,290.23		$4.41
5% annual hypothetical return		1,000.00		1,021.15		3.89
Retail Class
Actual return		$1,000.00		$1,288.18		$5.21
5% annual hypothetical return		1,000.00		1,020.45		4.60
Premier Class
Actual return		$1,000.00		$1,291.12		$3.84
5% annual hypothetical return		1,000.00		1,021.65		3.39

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.53% for the Institutional Class, 0.77% for the Retirement Class, 0.91% for the Retail Class and 0.67% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

About the fund’s benchmark

The FTSE NAREIT All Equity REITs Index measures the performance of publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate.

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

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 5

Real Estate Securities Fund

Performance for the twelve months ended March 31, 2012

The Real Estate Securities Fund returned 12.16% for the Institutional Class, compared with the 11.29% return of its benchmark, the FTSE NAREIT All Equity REITs Index. The table on the following page shows returns for all share classes of the fund.

          Real estate investment trusts (REITs) overcame a 12.61% loss in the six months ended September 30, 2011 to post a double-digit gain for the twelve-month period. During the fourth quarter of 2011 and the first quarter of 2012, REITs and other stocks rallied on signs of an improving U.S. economy.

          REITs outpaced the broad U.S. stock market, as measured by the Russell 3000^® Index, which gained 7.18% for the twelve-month period. REITs also topped the 7.71% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index.

          For the five years ended March 31, 2012, REITs produced an average annual return of –0.12%, lagging the 2.18% average annual return of the Russell 3000 and the 6.25% return of the Barclays aggregate index.

Stock choices boost the fund’s return

Eleven of the benchmark’s 13 property sectors registered positive returns for the period. The regional mall sector was the top performer, gaining 33.3% amid a rise in consumer spending. The high level of home foreclosures contributed to strong results in the self-storage and apartments sectors, which rose 30.5% and 18.6%, respectively. Together, these three sectors made up more than one-third of the benchmark’s total market capitalization on March 31, 2012.

          The fund outperformed its benchmark because of numerous successful stock selections. These included overweight positions in mall operator Simon Property Group; American Campus Communities, which owns and manages student housing; and Essex Property Trust, an operator of upscale apartments on the West Coast. An underweight holding in ProLogis, an owner of distribution facilities, also helped the fund’s relative return.

          These positive results were partly offset by several unfavorable stock choices, including nonbenchmark positions in Agnico-Eagle Mines, Orient Express Hotels and CBRE Group, a real estate services provider. An overweight holding in FelCor Lodging Trust, an operator of hotels and resorts, further detracted from relative performance.

6 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Performance as of March 31, 2012
			Total return			Average annual total return
									since fund
Real Estate Securities Fund	Inception date		1 year			5 years			inception
Institutional Class		10/1/2002		12.16	%		–0.67	%		11.32	%
Retirement Class		10/1/2002		11.96			–0.85			11.12
Retail Class		10/1/2002		11.79			–0.85			11.13
Premier Class		9/30/2009		12.06			–0.72	*		11.28	*
FTSE NAREIT All Equity REITs Index		—		11.29			–0.12			11.57	†

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

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

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

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 7

Real Estate Securities Fund

Portfolio composition
Industry	% of net assets as of 3/31/2012
Specialized REITs		30.8
Retail REITs		25.0
Residential REITs		17.7
Office REITs		11.6
Industrial REITs		6.6
Diversified REITs		3.1
Real estate operating companies		1.6
Diversified capital markets		0.5
Real estate services		0.5
Mortgage REITs		0.4
Short-term investments		1.2
Other assets & liabilities, net		1.0
Total		100.0
Holdings by company size
Market capitalization		% of equity investments as of 3/31/2012
$15 billion–$50 billion		46.3
$2 billion–$15 billion		46.7
Under $2 billion		7.0
Total		100.0

8 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

Summary portfolio of investments

Real Estate Securities Fund § March 31, 2012

Shares			Company	Value		% of net assets
COMMON STOCKS
DIVERSIFIED CAPITAL MARKETS
	360,000	*	HFF, Inc (Class A)	$	5,929,200		0.5	%
					5,929,200		0.5
DIVERSIFIED REITS
	225,000		iShares Dow Jones US Real Estate Index Fund		14,015,250		1.3
	240,000		Vornado Realty Trust		20,208,000		1.8
					34,223,250		3.1
INDUSTRIAL REITS
	1,570,000		AMB Property Corp		56,551,400		5.2
	210,000		EastGroup Properties, Inc		10,546,200		1.0
	2,000,000	*	Global Logistic Properties		3,505,431		0.3
			Other		1,976,000		0.1
					72,579,031		6.6
MORTGAGE REITS
	300,000		Annaly Capital Management, Inc		4,746,000		0.4
					4,746,000		0.4
OFFICE REITS
	75,000		Alexandria Real Estate Equities, Inc		5,484,750		0.5
	380,000		BioMed Realty Trust, Inc		7,212,400		0.7
	500,000	d	Boston Properties, Inc		52,495,000		4.8
	240,000		Digital Realty Trust, Inc		17,752,800		1.6
	400,000		Mission West Properties, Inc		3,944,000		0.4
	470,000		SL Green Realty Corp		36,448,500		3.3
			Other		3,026,100		0.3
					126,363,550		11.6
REAL ESTATE OPERATING COMPANIES
	3,850,000	a	Thomas Properties Group, Inc		17,671,500		1.6
					17,671,500		1.6
REAL ESTATE SERVICES
	250,000	*	CBRE Group, Inc		4,990,000		0.5
					4,990,000		0.5

See notes to financial statements TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 9

Summary portfolio of investments	continued
Real Estate Securities Fund § March 31, 2012

Shares		Company	Value		% of net assets
RESIDENTIAL REITS
	400,000	American Campus Communities, Inc	$	17,888,000	1.6	%
	340,000	AvalonBay Communities, Inc		48,059,000	4.4
	200,000	Equity Lifestyle Properties, Inc		13,948,000	1.3
	865,000	Equity Residential		54,166,300	5.0
	75,000	Essex Property Trust, Inc		11,363,250	1.0
	65,000	Home Properties, Inc		3,965,650	0.4
	280,000	Post Properties, Inc		13,120,800	1.2
	1,170,000	UDR, Inc		31,250,700	2.8
				193,761,700	17.7
RETAIL REITS
	1,575,000	DDR Corp		22,995,000	2.1
	250,000	Equity One, Inc		5,055,000	0.5
	300,000	Federal Realty Investment Trust		29,037,000	2.7
	950,000	General Growth Properties, Inc		16,140,500	1.5
	420,000	Kimco Realty Corp		8,089,200	0.7
	300,000	Macerich Co		17,325,000	1.6
	145,000	Realty Income Corp		5,615,850	0.5
	400,000	Regency Centers Corp		17,792,000	1.6
	779,900	Simon Property Group, Inc		113,615,832	10.4
	200,000	Tanger Factory Outlet Centers, Inc		5,946,000	0.5
	320,000	Taubman Centers, Inc		23,344,000	2.1
	980,000	Westfield Group		8,984,749	0.8
				273,940,131	25.0
SPECIALIZED REITS
	810,000	American Tower Corp		51,046,200	4.7
	325,000	CubeSmart		3,867,500	0.4
	290,000	Entertainment Properties Trust		13,450,200	1.2
	290,000	Extra Space Storage, Inc		8,349,100	0.8
	780,000	HCP, Inc		30,778,800	2.8
	615,000	Health Care REIT, Inc		33,800,400	3.1
	250,000	Healthcare Realty Trust, Inc		5,500,000	0.5
	1,350,000	Hersha Hospitality Trust		7,371,000	0.7
	1,700,000	Host Marriott Corp		27,914,000	2.5
	360,000	Plum Creek Timber Co, Inc		14,961,600	1.4
	300,000	Public Storage, Inc		41,451,000	3.8
	180,000	Rayonier, Inc		7,936,200	0.7
	800,000	Ventas, Inc		45,680,000	4.2
	1,200,000	Weyerhaeuser Co		26,304,000	2.4
		Other		17,606,450	1.6
				336,016,450	30.8
		TOTAL COMMON STOCKS (Cost $948,784,812)		1,070,220,812	97.8

10 2012 Annual Report § TIAA-CREF Real Estate Securities Fund See notes to financial statements

Summary portfolio of investments	concluded
Real Estate Securities Fund § March 31, 2012

Principal		Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
TREASURY DEBT
		United States Treasury Bill
$	10,000,000	0.046%, 8/23/2012	$	9,995,240		0.9	%
		Other		2,999,634		0.3
				12,994,874		1.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $12,997,089)		12,994,874		1.2
		TOTAL PORTFOLIO (Cost $961,781,901)		1,083,215,686		99.0
		OTHER ASSETS & LIABILITIES, NET		10,949,284		1.0
		NET ASSETS	$	1,094,164,970		100.0	%

Abbreviation(s):

REIT    Real Estate Investment Trust

*	Non-income producing.
a	Affiliated holding.
d	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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

See notes to financial statements TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 11

Statement of assets and liabilities

Real Estate Securities Fund § March 31, 2012

ASSETS
Portfolio investments, at value†	$	1,065,544,186
Affiliated investments, at value‡		17,671,500
Cash		9,897,840
Receivable from securities transactions		5,431,228
Receivable from Fund shares sold		1,709,777
Dividends and interest receivable		2,452,062
Other		29,826
Total assets		1,102,736,419
LIABILITIES
Management fees payable		58,967
Service agreement fees payable		6,740
Distribution fees payable		70,050
Due to affiliates		6,269
Payable for securities transactions		8,178,718
Payable for Fund shares redeemed		39,179
Income distribution payable		29,426
Written options (premiums $227,603)		27,600
Accrued expenses and other payables		154,500
Total liabilities		8,571,449
NET ASSETS	$	1,094,164,970
NET ASSETS CONSIST OF:
Paid-in-capital	$	984,462,440
Undistributed net investment income (loss)		2,880,858
Accumulated net realized gain (loss) on total investments		(14,812,116	)
Net unrealized appreciation (depreciation) on total investments		121,633,788
NET ASSETS	$	1,094,164,970
INSTITUTIONAL CLASS:
Net assets	$	644,848,830
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		54,312,038
Net asset value per share	$	11.87
RETIREMENT CLASS:
Net assets	$	249,433,414
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		20,368,026
Net asset value per share	$	12.25
RETAIL CLASS:
Net assets	$	141,354,766
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,975,154
Net asset value per share	$	11.80
PREMIER CLASS:
Net assets	$	58,527,960
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,926,570
Net asset value per share	$	11.88
† Portfolio investments, cost	$	943,995,160
‡ Affiliated investments, cost	$	17,786,741

12 2012 Annual Report § TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statement of operations

Real Estate Securities Fund § For the year ended March 31, 2012

INVESTMENT INCOME
Dividends*	$	20,132,494
Dividends from affiliated investments		115,500
Interest		1,657
Total income		20,249,651
EXPENSES
Management fees		4,420,487
Distribution fees — Retail Class		256,583
Distribution fees — Premier Class		117,206
Fund administration fees		59,693
Custody and accounting fees		31,511
Professional fees		68,309
Shareholder servicing — Institutional Class		4,917
Shareholder servicing — Retirement Class		617,790
Shareholder servicing — Retail Class		136,011
Shareholder servicing — Premier Class		306
Trustee fees and expenses		8,507
Compliance fees		23,082
Interest expense		170
Registration fees		67,555
Other expenses		39,106
Total expenses		5,851,233
Net investment income (loss)		14,398,418
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		41,425,948
Written options		260,668
Foreign currency transactions		57,397
Net realized gain (loss) on total investments		41,744,013
Change in unrealized appreciation (depreciation) on:
Portfolio investments		55,956,433
Affiliated investments		4,774,000
Written options		200,003
Translation of net assets (other than portfolio investments) and liabilities denominated in foreign currencies		265
Net change in unrealized appreciation (depreciation) on total investments		60,930,701
Net realized and unrealized gain (loss) on total investments		102,674,714
Net increase (decrease) in net assets from operations	$	117,073,132
* Net of foreign withholding taxes of	$	16,909

See notes to financial statements TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 13

Statement of changes in net assets

Real Estate Securities Fund § For the period or year ended

		For the year ended March 31, 2012			For the six-month period ended March 31, 2011			For the year ended September 30, 2010
OPERATIONS
Net investment income (loss)		$	14,398,418		$	3,284,175		$	11,919,577
Net realized gain (loss) on total investments			41,744,013			36,862,959			40,020,926
Net change in unrealized appreciation (depreciation) on total investments			60,930,701			68,135,036			98,598,086
Net increase (decrease) in net assets from operations			117,073,132			108,282,170			150,538,589
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
	Institutional Class		(7,264,460	)		(2,128,467	)		(5,247,895	)
	Retirement Class		(2,905,111	)		(1,511,340	)		(4,161,881	)
	Retail Class		(1,555,568	)		(676,295	)		(1,777,719	)
	Premier Class		(975,770	)		(513,365	)		(281,684	)
From return of capital:
	Institutional Class		—			—			(546,958	)
	Retirement Class		—			—			(433,758	)
	Retail Class		—			—			(185,280	)
	Premier Class		—			—			(29,358	)
Total distributions			(12,700,909	)		(4,829,467	)		(12,664,533	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		303,392,562			68,071,257			58,520,557
	Retirement Class		49,874,656			40,745,460			116,364,795
	Retail Class		25,834,275			16,439,057			18,249,325
	Premier Class		32,305,386			57,665,606			28,997,740
Reinvestments of distributions:
	Institutional Class		7,216,682			2,104,369			5,713,521
	Retirement Class		2,905,111			1,511,340			4,595,639
	Retail Class		1,487,942			645,736			1,871,222
	Premier Class		975,770			513,365			311,042
Redemptions:	Institutional Class		(63,001,066	)		(42,860,920	)		(60,652,456	)
	Retirement Class		(112,218,087	)		(72,380,959	)		(49,974,646	)
	Retail Class		(22,723,172	)		(11,211,147	)		(17,297,526	)
	Premier Class		(58,742,979	)		(22,672,270	)		(1,714,636	)
Net increase from shareholder transactions			167,307,080			38,570,894			104,984,577
Net increase in net assets			271,679,303			142,023,597			242,858,633
NET ASSETS
Beginning of period			822,485,667			680,462,070			437,603,437
End of period		$	1,094,164,970		$	822,485,667		$	680,462,070
Undistributed net investment income (loss) included in net assets		$	2,880,858		$	1,096,034		$	1,445,958

14 2012 Annual Report § TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statement of changes in net assets	concluded
Real Estate Securities Fund § For the period or year ended

		For the year ended March 31, 2012			For the six-month period ended March 31, 2011			For the year ended September 30, 2010
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		28,405,635			6,724,866			6,909,770
	Retirement Class		4,405,101			3,909,100			12,991,904
	Retail Class		2,380,577			1,624,147			2,165,712
	Premier Class		3,153,179			5,815,324			3,467,314
Shares reinvested:
	Institutional Class		680,459			208,758			663,181
	Retirement Class		269,296			145,918			514,631
	Retail Class		143,584			64,613			219,309
	Premier Class		94,280			51,229			34,085
Shares redeemed:
	Institutional Class		(5,864,991	)		(4,250,649	)		(6,837,297	)
	Retirement Class		(10,404,642	)		(7,079,509	)		(5,779,485	)
	Retail Class		(2,162,491	)		(1,115,281	)		(2,105,025	)
	Premier Class		(5,300,708	)		(2,227,970	)		(194,693	)
Net increase from shareholder transactions			15,799,279			3,870,546			12,049,406

See notes to financial statements TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 15

Financial highlights

Real Estate Securities Fund § For the period or year ended

	Institutional Class
		3/31/12			3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.75		$	9.35		$	7.24		$	10.51		$	14.65		$	15.34
Gain from investment operations:
Net investment income (loss) (a)		0.19			0.05			0.19			0.23			0.27			0.22
Net realized and unrealized gain (loss) on total investments		1.09			1.42			2.12			(3.31	)		(2.24	)		0.47
Total gain (loss) from investment operations		1.28			1.47			2.31			(3.08	)		(1.97	)		0.69
Less distributions from:
Net investment income		(0.16	)		(0.07	)		(0.18	)		(0.19	)		(0.39	)		(0.48	)
Net realized gains		—			—			—			—			(1.62	)		(0.90	)
Return of capital		—			—			(0.02	)		—			(0.16	)		—
Total distributions		(0.16	)		(0.07	)		(0.20	)		(0.19	)		(2.17	)		(1.38	)
Net asset value, end of period	$	11.87		$	10.75		$	9.35		$	7.24		$	10.51		$	14.65
TOTAL RETURN		12.16	%		15.80	%(b)		32.16	%		(28.84	)%		(13.54	)%		4.26	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	644,849		$	334,174		$	265,753		$	200,324		$	242,867		$	252,164
Ratio of expenses to average net assets before expense waiver and reimbursement		0.54	%		0.59	%(c)		0.56	%		0.60	%		0.56	%		0.58	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.54	%		0.57	%(c)		0.56	%		0.56	%		0.56	%		0.55	%
Ratio of net investment income (loss) to average net assets		1.73	%		0.98	%(c)		2.29	%		3.98	%		2.38	%		1.39	%
Portfolio turnover rate		75	%		30	%(b)		66	%		78	%		94	%		116	%

16 2012 Annual Report § TIAA-CREF Real Estate Securities Fund See notes to financial statements

Financial highlights	continued
Real Estate Securities Fund § For the period or year ended

	Retirement Class
		3/31/12			3/31/11	†		9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.08		$	9.64		$	7.46		$	10.81		$	15.00		$	15.66
Gain from investment operations:
Net investment income (loss) (a)		0.17			0.04			0.17			0.21			0.24			0.19
Net realized and unrealized gain (loss) on total investments		1.14			1.46			2.19			(3.39	)		(2.28	)		0.49
Total gain (loss) from investment operations		1.31			1.50			2.36			(3.18	)		(2.04	)		0.68
Less distributions from:
Net investment income		(0.14	)		(0.06	)		(0.16	)		(0.17	)		(0.37	)		(0.44	)
Net realized gains		—			—			—			—			(1.62	)		(0.90	)
Return of capital		—			—			(0.02	)		—			(0.16	)		—
Total distributions		(0.14	)		(0.06	)		(0.18	)		(0.17	)		(2.15	)		(1.34	)
Net asset value, end of period	$	12.25		$	11.08		$	9.64		$	7.46		$	10.81		$	15.00
TOTAL RETURN		11.96	%		15.60	%(b)		31.85	%		(28.95	)%		(13.76	)%		4.11	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	249,433		$	289,161		$	280,763		$	159,554		$	172,078		$	191,671
Ratio of expenses to average net assets before expense waiver and reimbursement		0.78	%		0.83	%(c)		0.81	%		0.85	%		0.81	%		0.84	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.78	%		0.82	%(c)		0.81	%		0.81	%		0.81	%		0.80	%
Ratio of net investment income (loss) to average net assets		1.54	%		0.77	%(c)		1.98	%		3.53	%		2.03	%		1.18	%
Portfolio turnover rate		75	%		30	%(b)		66	%		78	%		94	%		116	%

See notes to financial statements TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 17

Financial highlights	continued
Real Estate Securities Fund § For the period or year ended

	Retail Class
		3/31/12			3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.69		$	9.30		$	7.20		$	10.46		$	14.59		$	15.27
Gain from investment operations:
Net investment income (loss) (a)		0.15			0.04			0.17			0.23			0.31			0.21
Net realized and unrealized gain (loss) on total investments		1.09			1.41			2.11			(3.31	)		(2.28	)		0.47
Total gain (loss) from investment operations		1.24			1.45			2.28			(3.08	)		(1.97	)		0.68
Less distributions from:
Net investment income		(0.13	)		(0.06	)		(0.16	)		(0.18	)		(0.38	)		(0.46	)
Net realized gains		—			—			—			—			(1.60	)		(0.90	)
Return of capital		—			—			(0.02	)		—			(0.18	)		—
Total distributions		(0.13	)		(0.06	)		(0.18	)		(0.18	)		(2.16	)		(1.36	)
Net asset value, end of period	$	11.80		$	10.69		$	9.30		$	7.20		$	10.46		$	14.59
TOTAL RETURN		11.79	%		15.64	%(b)		31.95	%		(29.01	)%		(13.66	)%		4.26	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	141,355		$	124,104		$	102,686		$	77,475		$	118,076		$	174,936
Ratio of expenses to average net assets before expense waiver and reimbursement		0.84	%		0.84	%(c)		0.77	%		1.06	%		0.85	%		0.83	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.84	%		0.83	%(c)		0.77	%		0.75	%		0.70	%		0.65	%
Ratio of net investment income (loss) to average net assets		1.42	%		0.75	%(c)		2.08	%		3.89	%		2.68	%		1.32	%
Portfolio turnover rate		75	%		30	%(b)		66	%		78	%		94	%		116	%

18 2012 Annual Report § TIAA-CREF Real Estate Securities Fund See notes to financial statements

Financial highlights	concluded
Real Estate Securities Fund § For the period or year ended

	Premier Class
		3/31/12			3/31/11†			9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.75		$	9.36		$	7.24		$	7.24
Gain from investment operations:
Net investment income (loss) (a)		0.18			0.05			0.14			0.00	(d)
Net realized and unrealized gain on total investments		1.10			1.41			2.17			—
Total gain (loss) from investment operations		1.28			1.46			2.31			0.00	(d)
Less distributions from:
Net investment income		(0.15	)		(0.07	)		(0.17	)		—
Net realized gains		—			—			(0.02	)		—
Total distributions		(0.15	)		(0.07	)		(0.19	)		—
Net asset value, end of period	$	11.88		$	10.75		$	9.36		$	7.24
TOTAL RETURN		12.06	%		15.60	%(b)		32.12	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	58,528		$	75,047		$	31,260		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.68	%		0.74	%(c)		0.71	%		221.11	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.68	%		0.72	%(c)		0.71	%		0.72	%(c)
Ratio of net investment income (loss) to average net assets		1.67	%		1.03	%(c)		1.56	%		0.00	%(c)
Portfolio turnover rate		75	%		30	%(b)		66	%		78	%

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

See notes to financial statements TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 19

Notes to financial statements

Real Estate Securities Fund

Note 1—organization and significant accounting policies

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

The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Fund. The Fund offers four share classes: Institutional, Retirement, Retail and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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

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

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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

20 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

continued

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

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

Income taxes: The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that the Fund distributes all taxable income each year and complies with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Fund’s tax positions taken for all open federal income tax years (2008-2012) and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

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

For the year ended March 31, 2012, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Fund’s net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

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

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

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 21

Notes to financial statements

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 Fund’s own assumptions in determining the fair value of investments)

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

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

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

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.

22 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

continued

Short-term investments: Short-term investments with maturities of 60 days or less are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Short-term investments with maturities in excess of 60 days are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy.

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.

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.

Transfers between levels are recognized at the end of the reporting period. For the year ended March 31, 2012, there were no significant transfers between levels by the Fund.

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2012:

Investments	Level 1			Level 2		Level 3		Total
Diversified capital markets	$	5,929,200		$	—	$	—	$	5,929,200
Diversified REITs		34,223,250			—		—		34,223,250
Industrial REITs		69,073,600			3,505,431		—		72,579,031
Mortgage REITs		4,746,000			—		—		4,746,000
Office REITs		126,363,550			—		—		126,363,550
Real estate operating companies		17,671,500			—		—		17,671,500
Real estate services		4,990,000			—		—		4,990,000
Residential REITs		193,761,700			—		—		193,761,700
Retail REITs		264,955,382			8,984,749		—		273,940,131
Specialized REITs		336,016,450			—		—		336,016,450
Short-term investments		—			12,994,874		—		12,994,874
Written options*		(27,600	)		—		—		(27,600	)
Total	$	1,057,703,032		$	25,485,054	$	—	$	1,083,188,086

* Derivative instruments are not reflected in the Summary portfolio of investments.

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 23

Notes to financial statements

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 Fund values derivatives at fair value.

At March 31, 2012, the Fund has invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

	Asset derivatives			Liabilities derivatives
Derivative contracts	Location	Fair value amount		Location		Fair value amount
Equity contracts		$	—		Written options	$	27,600

For the period ended March 31, 2012, the effect of derivative contracts on the Fund’s Statement of Operations was as follows:

Derivative contracts	Location		Realized gain (loss)		Change in unrealized appreciation (depreciation)
Equity contracts		Written options	$	260,668	$	200,003

Options: The 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. Written options are separately reflected as a liability in the Statement of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and for written options, potential losses in excess of the Fund’s initial investment. During the year ended March 31, 2012, the Fund had exposure to options, based on underlying nominal values, generally between 0% and 4% of net assets.

Written options outstanding as of March 31, 2012:

	Contracts		Value
Boston Properties, Inc., Call, 4/21/12 at $110.00		1,840	$	(27,600	)

Transactions in written options and related premiums received during the period ended March 31, 2012, were as follows:

24 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

continued

	Number of contracts			Premiums
Outstanding at beginning of period		—		$	—
Written		11,728			968,617
Exercised		(2,657	)		(402,706	)
Expired		(1,231	)		(188,311	)
Closed		(6,000	)		(149,997	)
Outstanding at end of period		1,840		$	227,603

Note 4—investment adviser and affiliates

Under the terms of its Investment Management Agreement, the Fund pays Advisors a monthly fee based on the annual rate of between 0.44% and 0.50% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. The fee range represents a breakpoint schedule that reduces investment management fees as the Fund’s net assets increase. The investment management fee effective rate is 0.50%.The Fund has entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and operational oversight services to the Fund.

Under the terms of a Retirement Class Service Agreement, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of the Fund reimburses TPIS for amounts incurred up to 0.25% of the average daily net assets to distribute the Fund’s Retail Class shares. The Premier Class of the Fund is subject to a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional, and shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class shares.

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

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds 0.96% of the average daily net assets for the Retail Class shares; 0.82% of average daily net assets for the Retirement Class shares; 0.72% of average daily net assets for the Premier Class shares; and 0.57% of average daily net assets for the Institutional Class shares. The expense reimbursement arrangements will continue through at least July 31, 2013, unless changed with approval of the Board.

The Fund may purchase or sell investment securities in transactions with affiliated

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 25

Notes to financial statements

entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

At March 31, 2012, TIAA Access, a registered separate account of TIAA, owned less than 1% of the Fund’s shares.

Companies in which the Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. Information regarding transactions with affiliated companies is as follows:

Issue	Value at March 31, 2011		Purchase cost		Sales proceeds		Realized gain (loss)
Thomas Properties Group	$	12,897,500	$	—	$	—	$	—
			$	—	$	—	$	—

Issue	Dividend income		Withholding expense		Shares at March 31, 2012		Value at March 31, 2012
Thomas Properties Group	$	115,500	$	—		3,850,000	$	17,671,500
	$	115,500	$	—			$	17,671,500

Note 5—investments

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

Net unrealized appreciation (depreciation): At March 31, 2012, the cost of portfolio investments for federal income tax purposes was $ 973,681,873. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $109,533,813, consisting of gross unrealized appreciation of $137,038,674 and gross unrealized depreciation of $ (27,504,861).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended March 31, 2012 were $724,462,492 and $651,663,487, respectively.

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2012, the period ended March 31, 2011, and the year ended September 30, 2010 was as follows:

	Ordinary income		Long-term capital gains		Return of capital		Total
3/31/2012	$	12,700,909	$	—	$	—	$	12,700,909
3/31/2011		4,829,467		—		—		4,829,467
9/30/2010		11,469,179		—		1,195,354		12,664,533

26 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

continued

The prior year-ended September 30, 2010 amounts in the chart above was adjusted to reflect distributions of $1,195,354 which were reclassified as return of capital. In addition, the year-ended September 30, 2010 Statement of Changes and Financial Highlights were adjusted to reflect the return of capital distribution in net assets.

As of March 31, 2012, the components of accumulated earnings on a tax basis consisted of $3,828,935 of undistributed ordinary income, $109,533,814 of unrealized appreciation and ($3,816,043) of capital loss carryovers.

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the utilization of capital loss carryovers, and the treatment of short term gain as ordinary income for tax purposes.

In certain circumstances, the Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (in-kind redemption). The Fund may also accept portfolio securities rather than cash as payment for a purchase of Fund shares (in-kind purchase). During the period ended March 31, 2012, the Fund received $98,072,313 of securities in an in-kind purchase transaction. During the period ended March 31, 2012, the Fund did not have any in-kind redemption transactions.

At March 31, 2012, the Fund had a capital loss carryover of $3,816,043 which will expire as of March 31, 2018, if unused.

For the year ended March 31, 2012, the Fund utilized $47,225,895 of its capital loss carryover available from prior years.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryovers may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Note 7—line of credit

The Fund participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 27

Notes to financial statements concluded

facility is charged to the Fund at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the year ended March 31, 2012, there were no borrowings under this credit facility by the Fund.

Note 8—indemnification

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

28 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

Report of independent registered public accounting firm

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of the TIAA-CREF Real Estate Securities Fund:

In our opinion, the accompanying statement of assets and liabilities, including the summary portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Real Estate Securities Fund (“the Fund”) at March 31, 2012, the results of its operations for the period then ended, and the changes in its net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at March 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Boston, Massachusetts

May 18, 2012

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 29

Trustees and officers (unaudited)

TIAA-CREF Funds § March 31, 2012

Disinterested trustees

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	76	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	76	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; Independent Member of the Boards of Lazard Alternative Strategies Fund, LLC and Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	76	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	76	Director, D2D Fund.

30 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	President and Founder (since 2006) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	76	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 3/27/63	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010), Managing Director (2002–2010), Goldman Sachs Asset Management.	76	Investment committee member, College of Mount Saint Vincent; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	76	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and North Shore Land Alliance.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).	76	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers; Vice President, Eastern Economics Association.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Chairman of the Board and Trustee	Indefinite term as Trustee; Chairman for term ending December 31, 2012. Trustee since 1999. Chairman since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman and Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	76	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust; Member, Duke Children’s Hospital and Health Center National Board of Advisors.

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 31

Trustees and officers (unaudited)	continued
TIAA-CREF Funds§ March 31, 2012
Disinterested trustees — concluded

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002); Professor, University of Texas at Austin (since 1987). Former Chairman, Department of Finance, University of Texas at Austin (2002–2011).	76	Member of the Governing Council, Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.
Executive officers
Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Former Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Accounts VA-1 and VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Former Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Former Managing Director/Director of Global Compliance, AIG Investments (2000–2008).

32 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

Roger W. Ferguson, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/28/51	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2012.	Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2012). President and Chief Executive Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2008). Director of Covariance Capital Management, Inc. (“Covariance”) (since 2010). Former Chairman, Head of Financial Services and Member of the Executive Committee, Swiss Re America Holding Corporation (2006–2008); Vice Chairman and Member of the Board of Governors of the United States Federal Reserve System (1997–2006).
Eugene Flood, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/55	Executive Vice President	One-year term. Executive Vice President since 2011.	Executive Vice President, President of Diversified Financial Services of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2011). President, Chief Executive Officer, Manager and Chairman of TIAA-CREF Redwood, LLC (“Redwood”) (since 2011). Director and Chairman of Covariance (since 2011). Manager and Chairman of Kaspick & Company LLC (since 2011). Director and Chairman of TIAA-CREF Life Insurance Company (“T-C Life”) (since 2011). Former President and Chief Executive Officer (2000–2010) and Director (1994–2010), Smith Breeden Associates, Inc., an investment adviser. Former Trustee of the TIAA-CREF Fund Complex (2005–2011). Dean’s Advisory Committee, Massachusetts Institute of Technology’s Sloan School of Management (since 2000).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Director of Advisors (since 2008). Director of TIAA-CREF Asset Management (“TCAM”) (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Former Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Head of Risk Management of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Risk Management (since 2009), Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Former Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Former Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Former Director of T-C Life (2006–2008). Former Director of Teachers Personal Investors Services, Inc. (“TPIS”), Advisors and Investment Management (2008).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/11/58	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Former President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 33

Trustees and officers (unaudited)	concluded
TIAA-CREF Funds § March 31, 2012
Executive officers — concluded

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Services (since 2011) of TIAA and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Former Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (since 2012) of TCT Holdings, Inc. Former Director (2007–2011) and Former Executive Vice President (2008–2010) of TCAM. Manager (since 2006), Former President and CEO (2006–2010) of Redwood. Former Director of Tuition Financing (2008–2009) and Former Executive Vice President of T-C Life (2009–2010).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Former Chief Communications Officer of TIAA (2010–2011). Former Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Former Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).
Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by telephone at 800 223-1200.

34 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

Renewal of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Real Estate Securities Fund

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of its series, TIAA-CREF Real Estate Securities Fund (the “Fund”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Fund.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, the Agreement for the Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

Overview of the renewal process

The Board held a meeting on March 29, 2012, at which it considered the annual renewal of the Agreement with respect to the Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Committee and to the Board in connection with the proposed contract renewals, and then helped to evaluate the information provided in response to those guidelines. During a series of meetings held prior to the March 29, 2012 Board meeting, the Operations Committee reviewed such guidelines and requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports on the Fund to be provided to the Board by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding the Fund, including data relating to the Fund’s management fee rates, total expense ratios, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rates. Lipper also

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 35

Renewal of investment management agreement (unaudited)

compared much of this data for the Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against the Fund’s benchmark index. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that it (and not TAI) had identified the selected comparative peer groups and universes and that it did so in a manner that was not intended to produce biased results for its clients.

Among other matters, the Operations Committee also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of the profits earned by TAI with respect to its services to the Fund pursuant to the Agreement. In this connection, the Operations Committee emphasized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits realized by TAI.

In advance of the Board meeting held on March 29, 2012, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for the Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to the Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of the Fund, which had underperformed its Lipper peer group by a specified amount over the three-year period ended December 31, 2011, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Fund’s management fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Fund aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Fund; (6) information as to the profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Fund and

36 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

continued

affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to the Fund, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided or to be provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized by TAI and its affiliates from their relationship with the Fund; (4) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (5) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (7) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for the Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Fund. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

The Board received and considered both Trust level and Fund-specific information, but made its renewal determinations on a Fund-level basis. In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 29, 2012, the Board voted unanimously to renew the Agreement for the Fund. Set forth below are certain general factors the Board considered for the Fund, followed by a summary of certain specific factors the Board considered with respect to the Fund.

The nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the Fund since its operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds and the other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Fund, including conducting research, recommending investments and placing orders to buy and sell securities for the Fund’s investment portfolios; active daily monitoring of the

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 37

Renewal of investment management agreement (unaudited)

investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Fund to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Fund. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

The Board also considered, among other factors, the performance of the Fund, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.

Investment performance

The Board considered the investment performance of the Fund over one-, two-, three-, four- and five-year periods. The Board considered the Fund’s performance as compared to its peer group, peer universe and benchmark index. Although the Fund had strong comparative performance during the two-year period, its performance during other periods was weaker. (For additional detail regarding the Fund’s performance, see the synopsis below.) The Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was within an acceptable range.

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2011 with respect to the Fund. The Board considered TAI’s profit calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services provided to the Fund. The Board considered that TAI had earned profits with respect to the Fund in 2011 under the Agreement and expected this trend to continue. The Board concluded that TAI’s profits with respect to its provision of services to the Fund in 2011 were not excessive in light of various relevant factors.

During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management functions so as to assess whether sufficient resources are being devoted to these functions.

38 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

continued

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rates charged to the Fund under the Agreement typically were lower than the management fee rates charged by many or most comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between the Fund and its comparable mutual funds. The Board considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the Fund’s management fee rate under the Agreement was within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of the Fund. The Board also considered the extent to which the current fee “breakpoints” (that is, the Fund asset levels at which additional assets would be assessed lower fee rates) on the Fund would have a material effect on its fees. The Board considered TAI’s representation that, although the current breakpoint discounts may be low compared to those of some competitors, the initial maximum fee rates in the Agreement are already at low levels compared to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Fund’s fee schedule was within an acceptable range in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other investment companies. In addition, TAI manages institutional client assets through a small number of unregistered commingled funds and separate accounts with similar investment strategies and investment staff. The Board considered the schedule of fees for each of these funds and accounts, and the management fee rates actually charged to clients with current separate accounts that are managed under similar investment strategies. The Board also considered TAI’s representation that, while management fee rates charged to the Fund may differ from the management fee rates charged to these other funds and accounts, this is due in part to the fact that these other funds and accounts: are offered through products that charge additional fees to their investors; are offered in different types of markets; are provided with different types or levels of services by TAI; target different types of investors; and/or are packaged with other products, and that these factors, among others, justify different management fee rate schedules.

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 39

Renewal of investment management agreement (unaudited) concluded

Other benefits

The Board also considered additional benefits to the Fund and to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Fund and other series of the Trust to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Additionally, both TAI and the Fund may benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

Synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Retirement Class shares of the Fund. Because the Retirement Class generally has different non-management expenses than the Institutional, Premier and Retail Classes of the Fund, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Retirement Class. All time periods referenced below ended as of December 31, 2011. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to the Fund during 2011 under the Agreement.

• The Fund’s annual contractual management fee rate is 0.50% of its assets with breakpoints.

• The Fund’s total expenses and management fees were in the 1st quintile of the universe of comparable funds identified by Lipper for expense comparison purposes and the 2nd and 1st quintile, respectively, of the group of comparable funds selected by Lipper for expense comparison purposes.

• For the one-, three-, four- and five-year periods, the Fund was in the 4th quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (the “Performance Universe”) and 2nd quintile of its Performance Universe for the two-year period.

• The Fund received an Overall Morningstar Rating of 3 stars.

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

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

40 2012 Annual Report § TIAA-CREF Real Estate Securities Fund

Important tax information (unaudited)

For the year ended March 31, 2012, the Fund designates 2.88% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended March 31, 2012, the Fund designates 2.33% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2012, which will be reported in conjunction with your 2012 Form 1099-DIV.

By early 2013, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax advisor.

TIAA-CREF Real Estate Securities Fund § 2012 Annual Report 41

[This page intentionally left blank.]

[This page intentionally left blank.]

[This page intentionally left blank.]

How to reach us

TIAA-CREF website

tiaa-cref.org
24 hours a day, 7 days a week

Automated telephone service

800 842-2252
24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

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

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

©2012 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

	PRESORTED STANDARD
	U.S. POSTAGE
	PAID
	TIAA-CREF

730 Third Avenue
New York, NY 10017-3206

NCI-SFI-COC-163/US08/SFI/162

Printed on paper containing recycled fiber

eDelivery will save trees, conserve paper and reduce mailbox clutter.
Sign up today at www.tiaa-cref.org/eDelivery
C3897	A12449 (5/12)

730 Third Avenue
New York, NY 10017-3206

NCI-SFI-COC-163/US08/SFI/162

Printed on paper containing recycled fiber

C3897 A12449 (5/12)

730 Third Avenue
New York, NY 10017-3206

Printed on paper containing recycled fiber

C3897 A12449 (5/12)

2012 Annual Report

TIAA-CREF Funds

Fixed-Income Funds

March 31, 2012

Contents
Understanding your report from TIAA-CREF Funds	2
TIAA-CREF Market Monitor	3
Information for investors	4
About the funds’ benchmarks	5
Important information about expenses	5
Fund performance
Bond Fund	6
Bond Plus Fund	8
Short-Term Bond Fund	10
High-Yield Fund	12
Tax-Exempt Bond Fund	14
Inflation-Linked Bond Fund	16
Bond Index Fund	18
Money Market Fund	20
Summary portfolios of investments	22
Audited financial statements
Statements of assets and liabilities	38
Statements of operations	40
Statements of changes in net assets	42
Financial highlights	48
Notes to financial statements	63
Report of independent registered public accounting firm	70
Trustees and officers	71
Renewal of investment management agreement	74
Important tax information	79
How to reach us	Inside back cover

Understanding your report from TIAA-CREF Funds

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

          This annual report contains information about the TIAA-CREF Funds and describes their results for the twelve months ended March 31, 2012. The report contains three main sections:

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

• The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of March 31, 2012.

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

          The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Fixed-Income Funds are noted in each individual fund’s prospectus.

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

2 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

TIAA-CREF Market Monitor

Bonds weaken but outperform stocks

The U.S. bond market produced impressive results for the year ended March 31, 2012. The Barclays U.S. Aggregate Bond Index, which measures the investment-grade, fixed-rate bond market, returned 7.7%, outpacing the 7.2% gain of U.S. stocks, as measured by the Russell 3000^® Index.

          The return of bonds was more than a full percentage point higher than the 6.6% average annual gain of the Barclays aggregate index over the 20 years ended in March. However, this robust performance concealed a weakening market. Four-fifths of bonds’ robust performance was earned in the six months ended in September 2011, when the index gained 6.2%. For the six months ended in March 2012, the return dipped to 1.4%.

          With inflation in the United States running at 2.7%, as measured by the Consumer Price Index on a year-over-year basis, the real (i.e., inflation-adjusted) return of investment-grade bonds was 5.0% for the twelve months covered by this report.

A stalled economy makes stocks retreat

During the second quarter of 2011, investors worried that the nation’s economic recovery was losing traction; the Russell 3000 Index was flat for the period.

          In July, those anxieties seemed to be confirmed by news that the gross domestic product (GDP) had slowed to just 1.3%. Because the nation’s population was still expanding at nearly 1% each year, that growth rate meant the economy was nearly at a stand-still, in terms of per capita GDP.

          Much of the trouble came from the depressed housing market. Waves of foreclosures constrained household spending, reduced local tax revenues and led to massive layoffs by state and local governments.

Treasuries are the largest slice of the U.S. bond market

	n	35%	U.S. Treasury securities
	n	32%	U.S. mortgage-backed securities
	n	20%	Corporate bonds
	n	7%	U.S. agency securities
	n	4%	Other government-related securities
	n	2%	Commercial mortgage-backed & asset-backed securities

The sectors of the Barclays U.S. Aggregate Bond Index, based on the total market value of each sector’s individual securities on March 31, 2012.

© Barclays 2012; used by permission.

          As a result, unemployment remained high; the U.S. Labor Department estimated that one in every six Americans of working age who wanted full-time employment was unable to find it. To make matters worse, Europe’s sovereign debt problems intensified, threatening both international credit markets and U.S. exports to Europe. As the world’s single largest buyer of U.S. goods and services, Europe is the most important external support for the nation’s job market.

          Against that backdrop, the Russell 3000 Index fell 15.3% in the third quarter of 2011. Foreign stocks, as measured by the MSCI EAFE Index, declined even further; they dropped 19.0%.

Action by the Fed moves the markets

As the third quarter ended, the Federal Reserve announced that it would begin selling $400 billion of short-term Treasury securities from its portfolio, using the proceeds to buy longer-term Treasuries. The Fed sought to drive down long-term bond yields, which move in the opposite direction of prices. The goal was to put downward pressure on longer-term government interest rates, in the hope that this would encourage banks to increase lending, rather than simply holding government securities as a safe investment.

          Many investors believed these actions by the Fed would stimulate the economy, and this conviction ignited a powerful stock rally. The Russell 3000 climbed 12.1% in the last three months of 2011, and stocks kept soaring in the first quarter of 2012, adding another 12.9%.

          Meanwhile, bond yields tumbled. The yield on 10-year Treasury securities, which stood at 3.47% at the end of March 2011, fell to 2.23% a year later. Returns for the Barclays aggregate index declined from 3.8% in the third quarter of 2011 to 1.1% in the fourth quarter and 0.3% in the first quarter of 2012.

          Two segments of the bond market performed much better than the broad market for the twelve-month period. Inflation-protected bonds, as measured by the Barclays U.S. Treasury Inflation Protected Securities Index (Series-L), returned 12.2%. Municipal bonds continued to recover from a sell-off in late 2010; the Barclays 10-Year Municipal Bond Index returned 12.1%.

          High-yield bonds, which had been beaten down during the stock market decline in the first half of the period, recovered but lagged the overall market. As measured by the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index, high-yield bonds returned 6.2% for the twelve months.

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 3

Information for investors

Portfolio holdings

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

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

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

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

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

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

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

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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

4 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

About the funds’ benchmarks

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

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

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

The Barclays 10-Year Municipal Bond Index measures the performance of long-term, tax-exempt bonds. Bonds in the index must be rated investment-grade (Baa3/BBB- or higher), have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million.

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

In March 2012, Barclays Capital changed its name to Barclays.

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

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

          The expense examples that appear on the performance pages are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

          The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that the TIAA-CREF Funds do not include a sales charge for purchases, reinvested dividends or other distributions.

          The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (October 1, 2011–March 31, 2012).

Actual expenses

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

          Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.

Hypothetical example for comparison purposes

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

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

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 5

Bond Fund

Portfolio composition
	% of net assets
	as of 3/31/2012
Mortgage-backed securities*	30.8
Corporate bonds	22.6
Foreign government & corporate bonds denominated in U.S. dollars	18.2
U.S. Treasury securities	9.7
Commercial mortgage-backed securities	5.8
U.S. agency securities	4.1
Asset-backed securities	3.4
Municipal bonds	1.1
Short-term investments	26.3
Other assets & liabilities, net	–22.0
Total	100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity
	% of fixed-income investments
	as of 3/31/2012
Less than 1 year	8.5
1–3 years	22.8
3–5 years	29.5
5–10 years	29.6
Over 10 years	9.6
Total	100.0
Holdings by credit quality†
	% of fixed-income investments
	as of 3/31/2012
Aaa/AAA	51.2
Aa/AA	9.4
A/A	14.4
Baa/BBB	17.9
Ba/BB	4.8
B/B	1.7
Below B/B	0.3
Non-rated	0.3
Total	100.0

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

Performance for the twelve months ended March 31, 2012

The Bond Fund returned 7.81% for the Institutional Class, compared with the 7.71% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

As the economy improves, bonds lose some luster

During the first six months of the period, the slowdown in U.S. and global growth favored fixed-income securities. With stock prices falling sharply, investors turned to the relative safety of high-quality bonds, particularly U.S. Treasury securities. The broad domestic market, as measured by the Barclays U.S. Aggregate Bond Index, returned 6.20% for the six months.

          In the period’s second half, the economy gained momentum as the Federal Reserve continued its stimulus initiatives. With confidence returning, investors again sought higher returns in stocks and other riskier securities. The fund’s benchmark returned just 1.43% for the last six months of the period.

Treasuries take a back seat to corporates

U.S. Treasury securities led the overall bond market in the period’s first half but lagged in the second. Representing more than one-third of the market capitalization of the Barclays aggregate index on March 31, 2012, Treasuries returned 8.6% for the twelve-month period. Treasury yields, which had trended downward in 2011, rose in the first quarter of 2012, as bond prices declined (bond prices and yields move in opposite directions). For the full period, however, the yield on 10-year Treasuries fell from 3.47% on March 31, 2011, to 2.23% one year later. Two-year yields slid from 0.80% to 0.33%.

Performance as of March 31, 2012
		Total return		Average annual total return
Bond Fund	Inception date	1 year		5 years		10 years
Institutional Class	7/1/1999	7.81	%	5.89	%	5.64	%
Retirement Class	3/31/2006	7.45		5.61		5.47	‡
Retail Class	3/31/2006	7.44		5.73		5.53	‡
Premier Class	9/30/2009	7.54		5.80	‡	5.60	‡
Barclays U.S. Aggregate Bond Index	—	7.71		6.25		5.80

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.
‡	The performance shown for the Retirement, Retail and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement, Retail and Premier classes. If those higher expenses had been reflected, the performance of these three classes shown for these periods would have been lower.

6 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

          Corporate bonds, comprising one-fifth of the benchmark, gained 9.5%. Lower-rated securities outperformed those of higher quality. The small commercial mortgage-backed sector returned 7.5%, while U.S. mortgage-backed securities, making up almost one-third of the index, returned 6.2%. Asset-backed and U.S. agency securities lagged, with returns of 5.3% and 4.8%, respectively.

Portfolio strategies boost the fund’s relative performance

The Bond Fund’s longstanding strategy has been to maintain an overweight holding in corporate bonds, relative to their market capitalization in the benchmark, and to underweight U.S. Treasury securities, because over the long-term, corporate bonds have generally offered higher yields than Treasuries and other government securities. (Of course, there is no guarantee that this pattern will continue.)

          With corporate bonds outpacing Treasuries for the twelve-month period, the fund’s overweight position in corporate securities helped it to modestly outperform the Barclays aggregate index for the period. Much of that outperformance came in the first quarter of 2012, when overweight holdings—and successful security choices—in high-quality corporate bonds and commercial mortgage-backed securities aided the fund’s results.

          The fund also benefited from an overweight position in high-yield corporate securities and favorable security selections among them. An out-of-benchmark position in covered bonds, which are secured bonds backed by cash flows from an underlying pool of investments, also helped.

          These positive results were partly offset by the effects of the fund’s underweight holdings in U.S. Treasury securities, which lowered the fund’s return in the period’s first half but lifted it in the second half.

$10,000 over 10 years

Institutional Class

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended March 31, 2012
Bond Fund	Beginning account value (10/1/11)		Ending account value (3/31/12)		Expenses paid during period* (10/1/11– 3/31/12)
Actual return
Institutional Class		$1,000.00		$1,032.84		$1.68
Retirement Class		1,000.00		1,031.22		2.95
Retail Class		1,000.00		1,030.69		3.45
Premier Class		1,000.00		1,031.09		2.44
5% annual hypothetical return
Institutional Class		1,000.00		1,023.35		1.67
Retirement Class		1,000.00		1,022.10		2.93
Retail Class		1,000.00		1,021.60		3.44
Premier Class		1,000.00		1,022.60		2.43

*

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.33% for the Institutional Class, 0.58% for the Retirement Class, 0.68% for the Retail Class and 0.48% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 7

Bond Plus Fund

Portfolio composition
	% of net assets
	as of 3/31/2012
Corporate bonds	27.2
Mortgage-backed securities*	25.4
Foreign government & corporate bonds denominated in U.S. dollars	16.1
U.S. Treasury securities	10.6
Commercial mortgage-backed securities	6.3
Asset-backed securities	5.4
Bank loan obligations	3.0
U.S. agency securities	0.3
Municipal bonds	0.2
Preferred stock	0.1
Short-term investments	19.1
Other assets & liabilities, net	–13.7
Total	100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity
	% of fixed-income investments
	as of 3/31/2012
Less than 1 year	10.0
1–3 years	12.6
3–5 years	31.9
5–10 years	34.2
Over 10 years	11.3
Total	100.0
Holdings by credit quality†
	% of fixed-income investments
	as of 3/31/2012
Aaa/AAA	45.6
Aa/AA	5.7
A/A	12.6
Baa/BBB	14.9
Ba/BB	11.9
B/B	7.1
Below B/B	1.8
Non-rated	0.4
Total	100.0

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

Performance for the twelve months ended March 31, 2012

The Bond Plus Fund returned 7.91% for the Institutional Class, compared with the 7.71% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

As the economy improves, bonds lose some luster

During the first six months of the period, the slowdown in U.S. and global growth favored fixed-income securities. With stock prices falling sharply, investors turned to the relative safety of high-quality bonds, particularly U.S. Treasury securities. The broad domestic market, as measured by the Barclays U.S. Aggregate Bond Index, returned 6.20% for the six months.

          In the period’s second half, the economy gained momentum as the Federal Reserve continued its stimulus initiatives. With confidence returning, investors again sought higher returns in stocks and other riskier securities. The fund’s benchmark returned just 1.43% for the last six months of the period.

Treasuries take a back seat to corporates

U.S. Treasury securities led the overall bond market in the period’s first half but lagged in the second. Representing more than one-third of the market capitalization of the Barclays aggregate index on March 31, 2012, Treasuries returned 8.6% for the twelve-month period. Treasury yields, which had trended downward in 2011, rose in the first quarter of 2012, as bond prices declined (bond prices and yields move in opposite directions). For the full period, however, the yield on 10-year Treasuries fell from 3.47% on March 31, 2011, to 2.23% one year later. Two-year yields slid from 0.80% to 0.33%.

Performance as of March 31, 2012
		Total return		Average annual total return
Bond Plus Fund	Inception date	1 year		5 years		since fund inception
Institutional Class	3/31/2006	7.91	%	5.66	%	5.77	%
Retirement Class	3/31/2006	7.64		5.40		5.52
Retail Class	3/31/2006	7.59		5.48		5.60
Premier Class	9/30/2009	7.75		5.58	‡	5.70	‡
Barclays U.S. Aggregate Bond Index	—	7.71		6.25		6.30	§

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

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

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

8 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

          Corporate bonds, comprising one-fifth of the benchmark, gained 9.5%. Lower-rated securities outperformed those of higher quality. The small commercial mortgage-backed sector returned 7.5%, while U.S. mortgage-backed securities, making up almost one-third of the index, returned 6.2%. Asset-backed and U.S. agency securities lagged, with returns of 5.3% and 4.8%, respectively.

Portfolio strategies boost the fund’s relative performance

The Bond Plus Fund’s longstanding strategy has been to maintain overweight holdings in corporate bonds, relative to their market capitalization in the benchmark, and to underweight U.S. Treasury securities, because over the long-term, corporate bonds have generally offered higher yields than Treasuries and other government securities. (Of course, there is no guarantee that this pattern will continue.)

          With corporate bonds outpacing Treasuries for the twelve-month period, the fund’s overweight position in corporate securities helped it to outperform the Barclays aggregate index for the period. That outperformance came in the period’s second half, when an overweight holding—and successful security choices—in high-yield corporate bonds and an out-of-benchmark position in emerging market securities aided the fund’s results.

          The fund also benefited from an overweight and favorable security selections among asset-backed securities, and from an out-of-benchmark position in covered bonds, which are secured bonds backed by cash flows from an underlying pool of investments.

          These positive results were partly offset by the effects of the fund’s underweight holdings in U.S. Treasury and agency securities. An underweight and unfavorable choices among mortgage-backed securities reduced the fund’s relative return as well.

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended March 31, 2012
Bond Plus Fund	Beginning account value (10/1/11)		Ending account value (3/31/12)		Expenses paid during period* (10/1/11– 3/31/12)
Actual return
Institutional Class		$1,000.00		$1,043.79		$1.79
Retirement Class		1,000.00		1,042.47		3.06
Retail Class		1,000.00		1,041.81		3.68
Premier Class		1,000.00		1,044.02		2.56
5% annual hypothetical return
Institutional Class		1,000.00		1,023.25		1.77
Retirement Class		1,000.00		1,022.00		3.03
Retail Class		1,000.00		1,021.40		3.64
Premier Class		1,000.00		1,022.50		2.53

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class, 0.60% for the Retirement Class, 0.72% for the Retail Class and 0.50% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 9

Short-Term Bond Fund

Portfolio composition
	% of net assets as of 3/31/2012
Corporate bonds		23.2
Foreign government & corporate bonds denominated in U.S. dollars		20.0
U.S. Treasury securities		15.8
Asset-backed securities		12.5
U.S. agency securities		11.6
Mortgage-backed securities*		3.3
Commercial mortgage-backed securities		1.7
Bank loan obligations		1.1
Municipal bonds		0.1
Short-term investments		2.2
Other assets & liabilities, net		8.5
Total		100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity
	% of fixed-income investments as of 3/31/2012
Less than 1 year		17.9
1–3 years		42.6
3–5 years		33.2
5–10 years		5.3
Over 10 years		1.0
Total		100.0

Holdings by credit quality†
	% of fixed-income investments as of 3/31/2012
Aaa/AAA		56.1
Aa/AA		11.7
A/A		12.9
Baa/BBB		12.6
Ba/BB		4.3
B/B		2.0
Below B/B		0.3
Non-rated		0.1
Total		100.0

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

Performance for the twelve months ended March 31, 2012

The Short-Term Bond Fund returned 3.53% for the Institutional Class, compared with the 3.41% return of its benchmark, the Barclays U.S. 1–5 Year Government/Credit Bond Index. The table below shows returns for all share classes of the fund.

Short-term bonds trail the broad market

During the first six months of the period, the slowdown in U.S. growth favored fixed-income securities. Stock prices fell sharply, and many investors turned to the relative safety of high-quality bonds, including short-term Treasury securities. The Barclays U.S. 1–5 Year Government/Credit Bond Index returned 2.42% for the six months.

          As the economy gained momentum in the period’s second half, investors again sought higher returns in stocks and other riskier securities. The fund’s benchmark then returned just 0.97%.

          Seeking to stimulate the economy, the Federal Reserve maintained its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%. In this low interest rate environment, investors favored securities with longer maturities, boosting their prices and lifting the return of the broad bond market, which is predominately made up of longer-term bonds.

          As a result, the return of the fund’s benchmark for the twelve months lagged the 7.71% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index.

          For the five years ended March 31, 2012, the short-term index returned an average annual 4.63%, versus 6.25% for the aggregate index.

Performance as of March 31, 2012
			Total return			Average annual total return
Short-Term Bond Fund	Inception date		1 year			5 years			since fund inception
Institutional Class		3/31/2006		3.53	%		4.13	%		4.35	%
Retirement Class		3/31/2006		3.27			3.87			4.10
Retail Class		3/31/2006		3.24			3.97			4.20
Premier Class		9/30/2009		3.37			4.07	‡		4.30	‡
Barclays U.S. 1–5 Year Government/Credit Bond Index		—		3.41			4.63			4.80	§

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

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

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

10 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

Corporate bonds outpace Treasuries

U.S. Treasury securities, which outshone other short-term bond sectors in the first half of the period, lagged in the second half and for the twelve months. Representing more than half of the benchmark’s market capitalization on March 31, 2012, Treasuries returned 3.2% for the twelve-month period. Government-related securities earned 3.0%.

          Corporate bonds, which trailed in the period’s first half, surged ahead in the second. Representing one-fifth of the benchmark, the corporate sector returned 4.6% for the period, lifting the overall index.

          The yield on 2-year Treasury notes fell from 0.80% on March 31, 2011, to 0.33% at period-end. The 5-year yield slid from 2.24% to 1.04%.

Portfolio strategies boost the fund’s relative performance

The longstanding strategy of the Short-Term Bond Fund has been to maintain an overweight position in corporate bonds, relative to their market capitalization in the benchmark, and to underweight U.S. Treasury securities, because, over the long-term, corporate bonds have generally offered higher yields than Treasuries and other government securities. (Of course, there is no guarantee that this pattern will continue.)

          For the twelve-month period, the fund’s holdings in corporate securities helped it to outperform the Barclays short-term index. A nonbenchmark stake in high-yield securities also aided the fund’s relative results. In addition, the fund benefited from nonbenchmark holdings in asset-backed securities and covered bonds, which are secured bonds backed by cash flows from an underlying pool of investments.

          These positive results were partly offset by the negative effects of the fund’s underweight position in U.S. Treasury securities during the period’s first six months, when Treasuries outperformed the rest of the short-term bond market.

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended March 31, 2012
Short-Term Bond Fund	Beginning account value (10/1/11)		Ending account value (3/31/12)		Expenses paid during period* (10/1/11– 3/31/12)
Actual return
Institutional Class		$1,000.00		$1,016.74		$1.51
Retirement Class		1,000.00		1,015.45		2.77
Retail Class		1,000.00		1,014.91		3.32
Premier Class		1,000.00		1,016.94		2.27
5% annual hypothetical return
Institutional Class		1,000.00		1,023.50		1.52
Retirement Class		1,000.00		1,022.25		2.78
Retail Class		1,000.00		1,021.70		3.34
Premier Class		1,000.00		1,022.75		2.28

*

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.30% for the Institutional Class, 0.55% for the Retirement Class, 0.66% for the Retail Class and 0.45% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 11

High-Yield Fund

Portfolio composition
	% of net assets as of 3/31/2012
Corporate bonds		85.0
Foreign government & corporate bonds denominated in U.S. dollars		10.5
Bank loan obligations		1.3
Preferred stock		0.2
Short-term investments		1.0
Other assets & liabilities, net		2.0
Total		100.0
Holdings by maturity
	% of fixed-income investments as of 3/31/2012
Less than 1 year		0.2
1–3 years		3.2
3–5 years		13.1
5–10 years		74.1
Over 10 years		9.4
Total		100.0
Holdings by credit quality*
	% of fixed-income investments as of 3/31/2012
Baa/BBB		2.8
Ba/BB		52.9
B/B		39.7
Below B/B		4.6
Total		100.0

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

Performance for the twelve months ended March 31, 2012

The High-Yield Fund returned 6.91% for the Institutional Class, compared with the 6.22% return of its benchmark, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. The table below shows returns for all share classes of the fund.

High-yield falters in a risk-averse market but recovers

At the beginning of the period covered by this report, high-yield bonds had just posted a 13.63% return for the twelve months ended March 31, 2011. Returns moderated during the second quarter of 2011, when the fund’s benchmark earned just 1.13%.

          The third quarter of 2011 brought new worries about U.S. economic growth and European sovereign debt. A global sell-off in equities sent U.S. stocks tumbling, and the Russell 3000^® Index, which measures the performance of the broad U.S. stock market, lost 15.28%, as many investors sought the relative safety of U.S. Treasury securities. The fund’s benchmark dropped 5.02%.

          When risk appetite revived in the fourth quarter, the high-yield index rebounded, along with U.S. stocks, returning 5.90%. The index added another 4.42% in the first quarter of 2012. Despite these gains, for the twelve-month period, the return of the high-yield index trailed both the 7.71% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, and the 7.18% return of the Russell 3000 Index.

New issuance declines; default rates improve

The issuance of new high-yield debt in the United States totalled $240 billion during the reporting period, a decline of 18% from the previous twelve months. In part this reflected the market’s decreased demand during the

Performance as of March 31, 2012
			Total return			Average annual total return
High-Yield Fund†	Inception date		1 year			5 years			since fund inception
Institutional Class		3/31/2006		6.91	%		7.85	%		8.12	%
Retirement Class		3/31/2006		6.54			7.57			7.82
Retail Class		3/31/2006		6.63			7.68			7.98
Premier Class		9/30/2009		6.75			7.77	‡		8.05	‡
BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index		—		6.22			7.24			7.64	§

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

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

†	Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.
‡	The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for these periods would have been lower.
§	Performance is calculated from the inception date of the Institutional Class.

12 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

third quarter of 2011 for securities in any asset class that was judged to have higher risks.

          All but five of the benchmark’s 69 industry sectors recorded positive results for the twelve months. Returns ranged from –7.8% for the integrated energy sector to 14.7% for the automakers sector. The index’s three largest sectors—energy exploration, integrated telecommunications and banking—returned 6.7%, 8.2% and 7.0%, respectively.

          Returns among bonds of different credit quality diverged during the twelve-month period. BB and B bonds returned 6.8% and 5.5%, respectively, while lower-quality bonds (CCC and lower) returned 2.1%. Default rates remained at historically low levels, declining from 2.9% to 2.8% during the period, compared with the long-term average rate of 4.6%.

The fund outperforms its benchmark

For the twelve months, the fund outperformed its benchmark on the strength of favorable sector allocations and individual security choices.

          The fund’s return was boosted by its sector positions, relative to their weightings in the benchmark, and security selections within the health facilities, pharmaceuticals, real estate development and oil refining sectors. These positive contributions were partly offset by adverse effects from holdings in the forestry/paper, electric generation and consumer products sectors.

          The fund benefited from avoiding Petroplus, a Swiss oil refiner that filed for bankruptcy protection in January 2012. Overweight holdings in Endo Pharmaceuticals and Ford Motor Credit boosted returns as well.

          Among the largest detractors from performance were an overweight position in Ally Financial—formerly GMAC—and Verso Paper.

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended March 31, 2012
High-YieldFund	Beginning account value (10/1/11)		Ending account value (3/31/12)		Expenses paid during period* (10/1/11– 3/31/12)
Actual return
Institutional Class		$1,000.00		$1,117.32		$2.06
Retirement Class		1,000.00		1,114.82		3.38
Retail Class		1,000.00		1,115.02		3.86
Premier Class		1,000.00		1,116.46		2.80
5% annual hypothetical return
Institutional Class		1,000.00		1,023.05		1.97
Retirement Class		1,000.00		1,021.80		3.23
Retail Class		1,000.00		1,021.35		3.69
Premier Class		1,000.00		1,022.35		2.68

*

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.39% for the Institutional Class, 0.64% for the Retirement Class, 0.73% for the Retail Class and 0.53% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 13

Tax-Exempt Bond Fund

Holdings by maturity
	% of portfolio investments as of 3/31/2012
Less than 1 year	4.9
1–3 years		2.5
3–5 years		9.6
5–10 years		54.5
Over 10 years		28.5
Total		100.0
Holdings by credit quality*
		% of fixed-income investments as of 3/31/2012
Aaa/AAA		15.8
Aa/AA		42.2
A/A		31.1
Baa/BBB		9.4
Non-rated		1.5
Total		100.0

*	Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
Performance for the twelve months ended March 31, 2012

The Tax-Exempt Bond Fund returned 11.46% for the Institutional Class, compared with the 12.13% return of its benchmark, the Barclays 10-Year Municipal Bond Index. The table below shows returns for all share classes of the fund.

Munis extend rally despite a volatile market

During the first half of the reporting period, ongoing concerns about the sovereign debt crisis in Europe and slowing economic growth drove investors to the relative safety of fixed-income securities, despite yields that were at or near historically low levels. Amid this volatile environment, tax-exempt bonds returned 7.99%, as measured by the Barclays 10-Year Municipal Bond Index.

          In the period’s second half, signs of an improving U.S. economy increased investors’ appetite for risk, and global stock prices rebounded sharply, while bonds cooled. Against a backdrop of strong investor demand and lower supply, however, municipal bonds continued their relatively strong performance, returning 3.84% for the last six months of the period.

          For the twelve months, municipal bonds easily outpaced the 7.71% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index.

An advance across sectors drives the index higher

All 14 sectors of the municipal bond market recorded gains for the year. State and local general obligation bonds made particularly strong contributions to the performance of the fund’s benchmark; they returned 11.5% and 12.2%, respectively. Double-digit returns from the transportation and lease revenue sectors also pushed the benchmark higher.

Performance as of March 31, 2012

			Total return			Average annual total return
Tax-Exempt Bond Fund	Inception date		1 year			5 years			since inception
Institutional Class		3/31/2006		11.46	%		5.32	%		5.35	%
Retail Class		3/31/2006		11.30			5.21			5.23
Barclays 10-Year Municipal Bond Index		—		12.13			6.30			6.18	†

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

14 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

          On March 31, 2012, 10-year tax-exempt bonds yielded 95% of the yield of comparable U.S. Treasury securities, versus 93% one year earlier. Although the ratio ended the period near where it started, it fluctuated during the twelve months. In fact, the ratio touched 114% in the third quarter of 2011, when investors favored the safety and liquidity of Treasuries. As Treasury prices rose and their yields fell, the ratio of municipal bond yields to those of Treasuries increased.

          After record new issuance in 2010 (totaling more than $400 billion), the volume of new municipal bond issues fell to $287 billion in 2011. During the first quarter of 2012, new issuance slipped to $78 billion. This marked the lowest quarterly level of new issuance for municipal bonds since the first quarter of 2006.

The fund’s strong return lags its benchmark’s

Despite the fund’s strong absolute return, it trailed its benchmark for the twelve months. For the first half of the period, the fund’s return was in line with that of its benchmark, after taking into account the effect of expenses. This was due in part to advantageous security selections within the state, local, and water and sewer sectors.

          For the second half of the period, however, the fund trailed the index. As the economic landscape showed signs of improvement, income-seeking investors began gravitating to municipal bonds with longer maturities because of their relatively attractive yields. The fund’s portfolio was defensively positioned within the intermediate maturity segment; underweighting the longer end of the yield curve hurt relative performance. Investors also favored municipal bonds with lower credit ratings, and this hampered the fund’s results as well. These factors offset the positive effects of advantageous security selections in the health care and transportation sectors.

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share class varies due to differences in expense charges.

Expense example

Six months ended March 31, 2012

Tax-ExemptBond Fund	Beginning account value (10/1/11)		Ending account value (3/31/12)		Expenses paid during period* (10/1/11– 3/31/12)
Actual return
Institutional Class		$1,000.00		$1,033.21		$1.78
Retail Class		1,000.00		1,031.49		3.45
5% annual hypothetical return
Institutional Class		1,000.00		1,023.25		1.77
Retail Class		1,000.00		1,021.60		3.44

*

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class and 0.68% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 15

Inflation-Linked Bond Fund

Portfolio composition
		% of net assets as of 3/31/2012
U.S. Treasury securities		98.6
Short-term investments		0.9
Other assets & liabilities, net		0.5
Total		100.0
Holdings by maturity
	% of fixed-income investments as of 3/31/2012
Less than 1 year		0.9
1–3 years		18.1
3–5 years		19.2
5–10 years		30.9
Over 10 years		30.9
Total		100.0

Performance for the twelve months ended March 31, 2012

The Inflation-Linked Bond Fund returned 11.92% for the Institutional Class, compared with the 12.20% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). The table below shows returns for all share classes of the fund.

While oil prices gyrate, inflation remains in check

During the first six months of the period, year-over-year inflation rose rapidly, driven by increasing oil and food prices. By September, the Consumer Price Index was 3.9% higher than it had been one year earlier, compared with 2.7% in March 2011. However, prices moderated in the period’s second half, and inflation ended the twelve months up just 2.7%. Although crude oil prices topped $100 a barrel at times, they nevertheless declined 3.5% over the period. Even so, prices at the pump remained elevated.

          Triple-digit oil prices notwithstanding, the Federal Reserve continued to project only modest inflation for the foreseeable future. As a result, the central bank focused on stimulating the flagging U.S. economy. In September, with the goal of lowering long-term interest rates, the Fed announced that it would begin buying U.S. Treasury securities with longer maturities, while selling its shorter-term holdings. In January, the Fed signaled its intention to maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until late 2014.

TIPS shine in a solid year for bonds

TIPS gained 8.33% for the first half of the period, when a slowing economy, declining stock market and rising oil prices drove investors to the relative safety and inflation-fighting features of TIPS. As the economy rallied in the

Performance as of March 31, 2012
		Total return			Average annual total return
Inflation-Linked Bond Fund	Inception date		1 year			5 years		since fund inception
Institutional Class	10/1/2002		11.92	%		7.21	%	6.18	%
Retirement Class	3/31/2006		11.73			6.95		6.04	*
Retail Class	10/1/2002		11.68			7.06		6.02
Premier Class	9/30/2009		11.77			7.12	*	6.13	*
Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)	—		12.20			7.60		6.47	†

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.
*	The performance shown for the Retirement and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.
†	Performance is calculated from the inception date of the Institutional Class.

16 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

second half and investors again favored stocks and corporate bonds, TIPS posted a 3.57% return. Nonetheless, the prospect of eventual higher inflation continued to attract some investors to TIPS.

          For the twelve-month period, the return of the TIPS index was about four-and-a-half percentage points higher than the 7.71% advance of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index.

          For the five years ended March 31, 2012, the average annual return of TIPS was 7.60%, versus 6.25% for the broad bond market.

The fund narrowly trails its benchmark

In line with the performance of the TIPS index, the Inflation-Linked Bond Fund posted a double-digit gain for the twelve-month period. In relative terms, however, the fund lagged its benchmark because the fund’s return includes a deduction for expenses, while the benchmark’s does not. Because the fund’s portfolio is similar to that of its benchmark index, the above discussion of the benchmark’s performance also applies to the performance of the fund.

          During the period, the fund’s managers kept the fund’s duration—a measure of its sensitivity to interest rate changes—close to that of the TIPS index. This strategy helped the fund more closely resemble the characteristics of its benchmark.

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended March 31, 2012
Inflation-LinkedBond Fund	Beginning account value (10/1/11)		Ending account value (3/31/12)		Expenses paid during period* (10/1/11– 3/31/12)
Actual return
Institutional Class		$1,000.00		$1,032.66		$1.42
Retirement Class		1,000.00		1,031.94		2.69
Retail Class		1,000.00		1,031.53		3.20
Premier Class		1,000.00		1,031.90		2.18
5% annual
hypothetical return
Institutional Class		1,000.00		1,023.60		1.42
Retirement Class		1,000.00		1,022.35		2.68
Retail Class		1,000.00		1,021.85		3.18
Premier Class		1,000.00		1,022.85		2.17

*

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.28% for the Institutional Class, 0.53% for the Retirement Class, 0.63% for the Retail Class and 0.43% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

 TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 17

Bond Index Fund

Portfolio composition

	% of net assets as of 3/31/2012
U.S. Treasury securities		35.2
Mortgage-backed securities*		31.0
Corporate bonds		16.3
Foreign government & corporate bonds denominated in U.S. dollars		8.3
U.S. agency securities		5.4
Commercial mortgage-backed securities		2.0
Municipal bonds		1.0
Asset-backed securities		0.2
Other assets & liabilities, net		0.6
Total		100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity
	% of fixed-income investments as of 3/31/2012
Less than 1 year		1.6
1–3 years		28.5
3–5 years		34.5
5–10 years		23.8
Over 10 years		11.6
Total		100.0
Holdings by credit quality†
	% of fixed-income investments as of 3/31/2012
Aaa/AAA		74.6
Aa/AA		5.0
A/A		11.3
Baa/BBB		9.1
Total		100.0

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

Performance for the twelve months ended March 31, 2012

The Bond Index Fund returned 7.69% for the Institutional Class, compared with the 7.71% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

As the economy improves, bonds lose some luster

During the first six months of the period, the slowdown in U.S. and global growth favored fixed-income securities. With stock prices falling sharply, investors turned to the relative safety of high-quality bonds, particularly U.S. Treasury securities. The broad domestic market, as measured by the Barclays U.S. Aggregate Bond Index, returned 6.20% for the six months.

          In the period’s second half, the economy gained momentum as the Federal Reserve continued its stimulus initiatives. With confidence returning, investors again sought higher returns in stocks and other riskier securities. The fund’s benchmark returned just 1.43% for the last six months of the period.

Treasuries take a back seat to corporates

U.S. Treasury securities led the overall bond market in the period’s first half but lagged in the second. Representing more than one-third of the market capitalization of the Barclays aggregate index on March 31, 2012, Treasuries returned 8.6% for the twelve-month period. Treasury yields, which had trended downward in 2011, rose in the first quarter of 2012, as bond prices declined (bond prices and yields move in opposite directions). For the full period, however, the yield on 10-year Treasuries fell from 3.47% on March 31, 2011, to 2.23% one year later. Two-year yields slid from 0.80% to 0.33%.

Performance as of March 31, 2012
			Total return			Average annual total return
Bond Index Fund	Inception date		1 year			since fund inception
Institutional Class		9/14/2009		7.69	%		5.81	%
Retirement Class		9/14/2009		7.32			5.54
Retail Class		9/14/2009		7.22			5.44
Premier Class		9/30/2009		7.53			5.65	‡
Barclays U.S. Aggregate Bond Index		—		7.71			6.08	§

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

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

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

18 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

          Corporate bonds, comprising one-fifth of the benchmark, gained 9.5%. Lower-rated securities outperformed those of higher quality. The small commercial mortgage-backed sector returned 7.5%, while U.S. mortgage-backed securities, making up almost one-third of the index, returned 6.2%. Asset-backed and U.S. agency securities lagged, with returns of 5.3% and 4.8%, respectively.

The fund keeps pace with its benchmark

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

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

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

$10,000 invested at fund’s inception

Institutional Class (inception September 14, 2009)

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended March 31, 2012
Bond Index Fund	Beginning account value (10/1/11)		Ending account value (3/31/12)		Expenses paid during period* (10/1/11– 3/31/12)
Actual return
Institutional Class		$1,000.00		$1,014.32		$0.65
Retirement Class		1,000.00		1,012.11		1.91
Retail Class		1,000.00		1,011.62		2.41
Premier Class		1,000.00		1,013.56		1.41
5% annual hypothetical return
Institutional Class		1,000.00		1,024.35		0.66
Retirement Class		1,000.00		1,023.10		1.92
Retail Class		1,000.00		1,022.60		2.43
Premier Class		1,000.00		1,023.60		1.42

*

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.13% for the Institutional Class, 0.38% for the Retirement Class, 0.48% for the Retail Class and 0.28% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 19

Money Market Fund

Portfolio composition
	% of net assets as of 3/31/2012
Commercial paper		49.7
U.S. Treasury securities		19.6
U.S. government & agency securities		16.5
Variable rate securities, government		10.7
Certificates of deposit		3.0
Bankers’ acceptances		0.3
Other assets & liabilities, net		0.2
Total		100.0

Net annualized yield

(for the 7 days ended 3/27/2012)*

	Current yield			Effective yield
Money Market Fund
Institutional Class		0.03	%		0.03	%
Retirement Class†		0.00			0.00
Retail Class†		0.00			0.00
Premier Class†		0.00			0.00
iMoneyNet Money Fund Report Averages— All Taxable§		0.03			0.03

The current yield more closely reflects current earnings than does the total return.
*	iMoneyNet reports its 7-day yields as of Tuesday of each week.

Performance for the twelve months ended March 31, 2012

The Money Market Fund returned 0.03% for the Institutional Class, compared with the 0.02% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its returns reflect the deduction of expenses charged by the funds included in the average. The table below shows returns for all share classes of the fund.

The Fed continues its stimulus efforts

During 2011 the credit market became increasingly concerned about slowing growth in the United States and sovereign debt problems in Europe. To help bolster the flagging economy, the Federal Reserve announced in September that it would begin buying U.S. Treasury securities with longer maturities and selling its shorter-term holdings, with the goal of lowering long-term interest rates.

          To further reassure the market, the Fed announced in January 2012 that it would likely maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until late 2014, more than a year longer than its earlier forecast.

Performance as of March 31, 2012
			Total return			Average annual total return
Money Market Fund	Inception date		1 year			5 years			10 years
Institutional Class		7/1/1999		0.03	%		1.47	%		2.05	%
Retirement Class†		3/31/2006		0.00			1.30			1.95	‡
Retail Class†		3/31/2006		0.00			1.37			2.00	‡
Premier Class†		9/30/2009		0.00			1.43	‡		2.04	‡
iMoneyNet Money Fund Report Averages—All Taxable§		—		0.02			1.14			1.64

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

An investment in the Money Market Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. For a detailed discussion of risk, please see the prospectus.

‡

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

§

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

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

20 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

Treasury and LIBOR yields reflect changing market sentiment

In the uncertain market climate, many investors sought safety in U.S. Treasury securities. Yields on short-term Treasuries dipped to near zero, as increased demand and reduced issuance boosted their prices. (Bond prices and yields move in opposite directions.) Conversely, Europe’s woes pushed LIBOR yields up, reflecting the higher cost of borrowing in that region. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.)

          At the start of 2012, however, the U.S. economy appeared to gain momentum, and the European Central Bank took stronger measures to solve the continent’s debt problems. Short-term Treasury yields rose, ending the twelve-month period closer to where they began. At the same time, LIBOR yields came off their highs. Nonetheless, on March 31, 2012, the three-month LIBOR yield was 0.47%, versus 0.30% at the beginning of the period.

The fund narrowly outpaces the industry average

In this environment of prolonged low interest rates, the return of the Money Market Fund inched past that of the average iMoneyNet fund for the twelve-month period. In pursuit of relative value and to comply with SEC regulations, the fund maintained more than 45% of its portfolio in U.S. Treasury and government securities. For additional yield, the fund invested in U.S. government floating-rate securities with two-year maturities.

          Where advantageous, the fund continued to purchase the short-term securities of top-tier companies, including Coca-Cola, Johnson & Johnson and several Canadian banks. However, in response to unstable conditions in Europe, the fund discontinued its investment activities there.

          On March 27, 2012, the fund’s weighted average maturity was 53 days, versus 46 days for the average iMoneyNet fund.

Expense example

Six months ended March 31, 2012

MoneyMarket Fund	Beginning account value (10/1/11)		Ending account value (3/31/12)		Expenses paid during period* (10/1/11– 3/31/12)
Actual return
Institutional Class		$1,000.00		$1,000.08		$0.65
Retirement Class		1,000.00		1,000.00		0.75
Retail Class		1,000.00		1,000.00		0.75
Premier Class		1,000.00		1,000.00		0.75
5% annual hypothetical return
Institutional Class		1,000.00		1,024.35		0.66
Retirement Class		1,000.00		1,024.25		0.76
Retail Class		1,000.00		1,024.25		0.76
Premier Class		1,000.00		1,024.25		0.76

*

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended March 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.13% for the Institutional Class, 0.15% for the Retirement Class, 0.15% for the Retail Class and 0.15% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 21

Summary portfolio of investments

Bond Fund § March 31, 2012

Principal			Issuer	Value		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	3,328,049		0.2	%
BANKS
			Bank of Nova Scotia
$	14,800,000	g	2.150%, 08/03/16		15,184,578		0.7
			Other		118,422,951		5.4
					133,607,529		6.1
CAPITAL GOODS					14,911,874		0.7
COMMERCIAL & PROFESSIONAL SERVICES					6,852,943		0.3
CONSUMER DURABLES & APPAREL					6,174,845		0.3
CONSUMER SERVICES					5,868,405		0.3
DIVERSIFIED FINANCIALS
			Goldman Sachs Group, Inc
	8,275,000		5.750%, 01/24/22		8,512,824		0.4
			Other		96,822,105		4.4
					105,334,929		4.8
ENERGY					82,932,817		3.9
FOOD & STAPLES RETAILING					4,810,299		0.2
FOOD, BEVERAGE & TOBACCO					22,616,526		1.0
HEALTH CARE EQUIPMENT & SERVICES					16,815,089		0.8
HOUSEHOLD & PERSONAL PRODUCTS					3,690,609		0.2
INSURANCE					33,152,417		1.5
MATERIALS					43,961,894		1.9
MEDIA					41,318,686		1.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					9,862,869		0.4
REAL ESTATE					21,147,766		0.9
RETAILING					16,987,138		0.7
SOFTWARE & SERVICES					9,134,169		0.4
TECHNOLOGY HARDWARE & EQUIPMENT					11,108,798		0.6
TELECOMMUNICATION SERVICES					46,511,962		2.1
TRANSPORTATION					18,609,382		0.8
UTILITIES					79,708,344		3.7
			TOTAL CORPORATE BONDS
			(Cost $704,648,195)		738,447,339		33.6
GOVERNMENT BONDS
AGENCY SECURITIES
			Private Export Funding Corp
	8,560,000		5.450%, 09/15/17		10,280,252		0.5
	9,940,000		4.300%, 12/15/21		11,401,985		0.5
			Other		73,674,133		3.3
					95,356,370		4.3
Principal			Issuer	Value		% of net assets
FOREIGN GOVERNMENT BONDS
			Caisse Centrale Desjardins du Quebec
$	12,000,000	g	1.600%, 03/06/17	$	11,889,024		0.5	%
			Province of Manitoba Canada
	10,000,000		1.375%, 04/28/14		10,158,280		0.5
			Other		131,278,551		6.0
					153,325,855		7.0
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	24,000,000	h	4.500%, 04/15/42		25,447,500		1.2
	62,374,928		4.000%–8.000%, 01/01/16–04/15/42		67,693,796		3.1
			Federal National Mortgage Association (FNMA)
	76,343,313	h	4.000%, 12/01/39		80,143,255		3.7
	10,221,985		4.500%, 09/01/40		10,888,218		0.5
	38,003,752	h	4.500%, 04/01/41		40,551,959		1.8
	47,000,000	h	5.000%, 04/25/42		50,767,341		2.3
	81,000,000	h	5.500%, 04/25/42		88,252,027		4.0
	56,000,000	h	6.000%, 04/25/42		61,696,253		2.8
	10,000,000	h	6.500%, 04/25/42		11,200,000		0.5
	18,000,000	h	3.500%, 05/25/42		18,430,313		0.8
	73,076,334		2.385%–8.000%, 06/01/13–11/01/40		78,568,381		3.7
			Government National Mortgage Association (GNMA)
	26,850,289	h	4.000%, 01/20/42		28,852,692		1.3
	10,000,000	h	5.000%, 04/15/42		11,043,750		0.5
	9,000,000	h	5.500%, 04/15/42		10,057,500		0.5
	21,000,000	h	4.500%, 04/15/42		22,847,345		1.0
	17,000,000	h	4.500%, 04/20/42		18,490,157		0.9
	13,000,000	h	5.000%, 04/20/42		14,316,250		0.7
	23,547,547		3.500%–8.500%, 01/15/28–01/15/44		25,994,048		1.2
			Other		10,406,576		0.3
					675,647,361		30.8
MUNICIPAL BONDS
			City of New York, NY
	9,920,000		5.817%, 10/01/31		11,153,651		0.5
			Other		12,677,483		0.6
					23,831,134		1.1
U.S. TREASURY SECURITIES
			United States Treasury Bond
	12,663,000		3.125%, 11/15/41		12,146,590		0.6
	19,000,000		3.125%, 02/15/42		18,213,286		0.8
			United States Treasury Note
	29,050,000	d	1.000%, 04/30/12		29,069,289		1.3
	14,000,000		0.250%, 02/28/14		13,979,224		0.6
	10,687,000		0.250%, 02/15/15		10,610,182		0.5
	81,000,000		0.375%, 03/15/15		80,689,932		3.7
	11,951,000		0.875%, 02/28/17		11,866,973		0.5
	10,000,000		1.375%, 11/30/18		9,905,470		0.5
			Other		27,401,782		1.2
					213,882,728		9.7
			TOTAL GOVERNMENT BONDS
			(Cost $1,134,236,234)		1,162,043,448		52.9

22 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Bond Fund § March 31, 2012

Principal			Issuer	Value			% of net assets
STRUCTURED ASSETS
ASSET BACKED
			AEP Texas Central Transition Funding LLC
			Series 2012-1 (Class A3)
$	14,800,000		2.845%, 03/01/26	$	14,620,593			0.7	%
			Dominos Pizza Master Issuer LLC
			Series 2012-1A (Class A2)
	19,800,000		5.216%, 01/25/42		20,278,229			0.9
			Sierra Receivables Funding Co LLC
			Series 2012-1A (Class B)
	10,000,000		3.580%, 11/20/28		10,015,543			0.5
			Other		30,394,606			1.3
					75,308,971			3.4
OTHER MORTGAGE BACKED
			Greenwich Capital Commercial Funding Corp
			Series 2006-GG7 (Class AM)
	7,970,000		5.883%, 07/10/38		8,296,611			0.4
			JP Morgan Chase Commercial Mortgage Securities Corp
			Series 2007-FL1A (Class A1)
	8,335,187		0.617%, 07/15/19		8,085,481			0.4
			Series 2006-LDP8 (Class AM)
	8,445,000		5.440%, 05/15/45		9,045,304			0.4
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C30 (Class A5)
	11,000,000		5.342%, 12/15/43		11,877,019			0.5
			Other		90,260,384			4.1
					127,564,799			5.8
			TOTAL STRUCTURED ASSETS
			(Cost $199,914,414)		202,873,770			9.2
			TOTAL BONDS
			(Cost $2,038,798,843)		2,103,364,557			95.7
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Mortgage Corp (FHLMC)
	13,900,000	d	0.006%, 04/16/12		13,899,624			0.6
	17,000,000	d	0.022%, 05/21/12		16,998,229			0.8
					30,897,853			1.4
TREASURY DEBT
			United States Treasury Bill
	9,150,000		0.002%–0.003%, 04/12/12		9,149,900			0.4
	90,100,000	d	0.003%–0.051%, 04/19/12		90,096,594			4.1
	47,000,000	d	0.009%, 04/26/12		46,998,858			2.1
	63,000,000	d	0.004%–0.014%, 05/03/12		62,998,058			2.9
	18,100,000	d	0.041%, 05/10/12		18,099,000			0.8
	25,900,000	d	0.010%–0.012%, 05/24/12		25,898,596			1.2
	96,000,000	d	0.008%– 0.012%, 05/31/12		95,991,360			4.4
	17,600,000	d	0.013%–0.056%, 06/07/12		17,598,064			0.8
	22,300,000	d	0.017%, 06/14/12		22,297,279			1.0
	50,000,000		0.011%, 06/28/12		49,991,550			2.3
	98,700,000		0.088%, 08/02/12		98,668,218			4.5
			Other		8,299,564			0.4
					546,087,041			24.9
Principal			Issuer	Value			% of net assets
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $576,994,160)	$	576,984,894			26.3	%
			TOTAL PORTFOLIO
			(Cost $2,615,793,003)		2,680,349,451			122.0
			OTHER ASSETS & LIABILITIES, NET		(482,991,430	)		(22.0	)
			NET ASSETS	$	2,197,358,021			100.0	%

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 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $353,238,581 or 16.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds §2012 Annual Report 23

Summary portfolio of investments

Bond Plus Fund § March 31, 2012

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	1,899,363		0.2	%
CAPITAL GOODS					1,978,596		0.2
CONSUMER SERVICES
			Burger King Corp
$	3,281,239	i	4.500%, 10/19/16		3,274,906		0.3
			Other		1,667,375		0.2
					4,942,281		0.5
DIVERSIFIED FINANCIALS					4,214,355		0.4
FOOD & STAPLES RETAILING
			Del Monte Foods Co
	3,473,750	i	4.500%, 03/08/18		3,421,157		0.3
					3,421,157		0.3
HEALTH CARE EQUIPMENT & SERVICES					6,875,019		0.6
MATERIALS					2,983,212		0.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,725,108		0.3
RETAILING					1,001,231		0.1
SOFTWARE & SERVICES					1,485,000		0.1
			TOTAL BANK LOAN OBLIGATIONS
			(Cost $32,581,227)		32,525,322		3.0
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					3,198,216		0.3
BANKS
			Bank of America Corp
	3,475,000		3.750%, 07/12/16		3,492,316		0.3
			Bank of Nova Scotia
	4,800,000	g	2.150%, 08/03/16		4,924,728		0.5
			Citigroup, Inc
	4,550,000		3.953%, 06/15/16		4,675,826		0.4
			Other		45,692,649		4.1
					58,785,519		5.3
CAPITAL GOODS					18,989,148		1.7
COMMERCIAL & PROFESSIONAL SERVICES					2,119,281		0.2
CONSUMER DURABLES & APPAREL					4,737,136		0.4
CONSUMER SERVICES					7,846,440		0.7
DIVERSIFIED FINANCIALS
			Goldman Sachs Group, Inc
	5,900,000		5.750%, 01/24/22		6,069,566		0.6
			Other		45,478,233		4.1
					51,547,799		4.7
ENERGY					44,929,775		4.1
FOOD & STAPLES RETAILING					4,239,492		0.4
FOOD, BEVERAGE & TOBACCO					9,062,475		0.8
HEALTH CARE EQUIPMENT & SERVICES					11,918,374		1.2
Principal			Issuer	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS				$	1,582,609		0.1	%
INSURANCE					13,917,855		1.3
MATERIALS					35,810,876		3.2
MEDIA					25,590,488		2.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					9,247,416		0.8
REAL ESTATE					13,080,744		1.2
RETAILING					11,251,363		1.0
SOFTWARE & SERVICES					7,886,723		0.7
TECHNOLOGY HARDWARE & EQUIPMENT					8,823,668		0.8
TELECOMMUNICATION SERVICES					16,632,780		1.5
TRANSPORTATION					12,413,174		1.2
UTILITIES					38,616,842		3.6
			TOTAL CORPORATE BONDS
			(Cost $395,382,310)		412,228,193		37.4
GOVERNMENT BONDS
AGENCY SECURITIES					3,234,150		0.3
FOREIGN GOVERNMENT BONDS
			Bank of Montreal
$	6,450,000	g	2.625%, 01/25/16		6,763,838		0.6
			Province of Ontario Canada
	5,000,000		2.300%, 05/10/16		5,178,040		0.5
			Other		53,033,525		4.8
					64,975,403		5.9
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	3,292,127		4.000%, 12/01/40		3,486,186		0.3
	6,105,003		4.000%, 01/01/41		6,423,074		0.6
	9,000,000	h	4.500%, 04/15/42		9,542,812		0.9
	25,870,040		4.000%–8.000%, 12/01/16–04/15/42		27,989,899		2.5
			Federal National Mortgage Association (FNMA)
	16,000,000	h	3.000%, 04/25/27		16,562,499		1.5
	3,330,441		6.000%, 11/01/37		3,672,768		0.3
	8,293,378		6.000%, 04/01/39		9,145,832		0.8
	4,692,564		4.500%, 10/01/40		5,029,204		0.5
	36,000,000	h	4.000%, 04/25/42		37,743,750		3.4
	13,000,000	h	4.500%, 04/25/42		13,826,719		1.3
	12,000,000	h	5.000%, 04/25/42		12,961,874		1.2
	3,000,000	h	5.500%, 04/25/42		3,268,594		0.3
	5,000,000	h	6.000%, 04/25/42		5,508,594		0.5
	21,000,000	h	3.500%, 05/25/42		21,502,031		2.0
	50,611,708		2.385%–9.000%, 06/01/13–11/01/40		54,814,144		5.0
			Government National Mortgage Association (GNMA)
	7,885,723		4.500%, 01/20/41		8,605,057		0.8
	10,000,000	h	4.000%, 04/15/42		10,731,250		1.0
	3,000,000	h	5.000%, 04/15/42		3,313,125		0.3
	5,000,000	h	4.500%, 04/20/42		5,438,282		0.5
	3,000,000	h	5.000%, 04/20/42		3,303,750		0.3
			Other		17,456,334		1.4
					280,325,778		25.4

24 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Bond Plus Fund § March 31, 2012

Principal			Issuer	Value			% of net assets
MUNICIPAL BONDS				$	2,561,592			0.2	%
U.S. TREASURY SECURITIES
			United States Treasury Bond
$	3,902,500		5.250%, 02/15/29		5,109,836			0.5
	11,450,000		5.375%, 02/15/31		15,400,250			1.4
	14,130,000		4.375%, 05/15/41		16,986,916			1.5
	9,784,000		3.125%, 11/15/41		9,384,999			0.9
			United States Treasury Note
	9,502,000		1.250%, 09/30/15		9,697,238			0.9
	8,840,000		1.500%, 06/30/16		9,074,119			0.8
	10,047,000		0.875%, 02/28/17		9,976,360			0.9
	18,830,000		2.375%, 05/31/18		19,930,388			1.8
	4,302,000		8.000%, 11/15/21		6,534,669			0.6
	3,610,200		2.000%, 02/15/22		3,540,816			0.3
			Other		11,225,161			1.0
					116,860,752			10.6
			TOTAL GOVERNMENT BONDS
			(Cost $450,353,925)		467,957,675			42.4
STRUCTURED ASSETS
ASSET BACKED
			JP Morgan Mortgage Acquisition Corp
			Series 2006-ACC1 (Class A4)
	4,142,446		0.392%, 05/25/36		3,585,283			0.3
			Lehman XS Trust
			Series 2006-GP4 (Class 3A2A)
	4,628,354		0.402%, 08/25/46		3,623,788			0.3
			Residential Funding Mortgage Securities II, Inc
			Series 2006-HI2 (Class A3)
	4,925,083		5.790%, 02/25/36		4,927,014			0.4
			Other		47,059,391			4.4
					59,195,476			5.4
OTHER MORTGAGE BACKED
			JP Morgan Chase Commercial Mortgage Securities Corp
			Series 2007-FL1A (Class A1)
	4,321,949		0.617%, 07/15/19		4,192,472			0.4
			Other		65,214,593			5.9
					69,407,065			6.3
			TOTAL STRUCTURED ASSETS
			(Cost $131,478,515)		128,602,541			11.7
			TOTAL BONDS
			(Cost $977,214,750)		1,008,788,409			91.5
Shares			Company
PREFERRED STOCKS
DIVERSIFIED FINANCIALS					1,242,751			0.1
			TOTAL PREFERRED STOCKS
			(Cost $1,361,150)		1,242,751			0.1
Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Mortgage Corp (FHLMC)
$	8,500,000	d	0.006%, 04/16/12	$	8,499,770			0.8	%
					8,499,770			0.8
	TREASURY DEBT
			United States Treasury Bill
	64,900,000	d	0.003%–0.046%, 04/19/12		64,898,495			5.9
	9,100,000		0.014%, 05/03/12		9,099,636			0.8
	22,530,000	d	0.003%–0.045%, 05/10/12		22,529,548			2.0
	26,100,000	d	0.007%–0.015%, 05/17/12		26,099,109			2.4
	6,490,000		0.010%, 05/24/12		6,489,752			0.6
	20,000,000	d	0.012%, 05/31/12		19,998,200			1.8
	7,400,000	d	0.056%, 06/07/12		7,399,186			0.7
	22,600,000	d	0.011%–0.075%, 06/28/12		22,596,180			2.1
	20,000,000		0.088%, 08/02/12		19,993,560			1.8
			Other		2,599,840			0.2
					201,703,506			18.3
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $210,205,032)		210,203,276			19.1
			TOTAL PORTFOLIO
			(Cost $1,221,362,159)		1,252,759,758			113.7
			OTHER ASSETS & LIABILITIES, NET		(150,663,740	)		(13.7	)
			NET ASSETS	$	1,102,096,018			100.0	%

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 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $173,654,074 or 15.8% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds §2012 Annual Report 25

Summary portfolio of investments

Short-Term Bond Fund § March 31, 2012

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	493,409		0.1	%
CONSUMER SERVICES					1,485,163		0.2
DIVERSIFIED FINANCIALS					1,994,850		0.2
FOOD & STAPLES RETAILING					1,954,947		0.2
HEALTH CARE EQUIPMENT & SERVICES					3,168,503		0.4
			TOTAL BANK LOAN OBLIGATIONS
			(Cost $9,100,313)		9,096,872		1.1
BONDS
CORPORATE BONDS
BANKS
			Australia & New Zealand Banking Group Ltd
$	7,000,000	g	2.400%, 11/23/16		7,059,031		0.9
			Bank of Nova Scotia
	4,160,000	g	1.650%, 10/29/15		4,226,489		0.5
	4,800,000	g	2.150%, 08/03/16		4,924,728		0.6
			Capital One Financial Corp
	3,250,000		2.125%, 07/15/14		3,268,525		0.4
			Citigroup, Inc
	4,565,000		5.000%, 09/15/14		4,727,646		0.6
	3,100,000		4.750%, 05/19/15		3,263,798		0.4
			NIBC Bank NV
	7,500,000	g	2.800%, 12/02/14		7,786,928		1.0
			Toronto-Dominion Bank
	4,200,000	g	2.200%, 07/29/15		4,343,228		0.5
	10,000,000	g	1.625%, 09/14/16		10,037,690		1.2
			Wells Fargo & Co
	3,500,000		2.625%, 12/15/16		3,578,582		0.5
			Westpac Banking Corp
	6,000,000	g	2.450%, 11/28/16		6,061,968		0.8
			Other		33,511,276		4.1
					92,789,889		11.5
CAPITAL GOODS					6,045,808		0.7
COMMERCIAL & PROFESSIONAL SERVICES					3,094,657		0.4
CONSUMER DURABLES & APPAREL					2,392,583		0.3
CONSUMER SERVICES
			Walt Disney Co
	3,500,000		1.125%, 02/15/17		3,459,446		0.5
			Other		2,016,984		0.2
					5,476,430		0.7
DIVERSIFIED FINANCIALS
			UBS AG.
	5,000,000	g	1.875%, 01/23/15		5,036,265		0.6
			Other		43,394,944		5.4
					48,431,209		6.0
ENERGY					19,356,506		2.4
FOOD & STAPLES RETAILING					4,710,094		0.6
FOOD, BEVERAGE & TOBACCO					11,801,641		1.5
Principal			Issuer	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES				$	7,732,497		0.9	%
HOUSEHOLD & PERSONAL PRODUCTS					1,039,791		0.1
INSURANCE
			Hospital for Special Surgery
$	7,240,004	g	3.500%, 01/01/23		7,524,319		0.9
			Other		5,904,941		0.7
					13,429,260		1.6
MATERIALS					10,804,873		1.3
MEDIA					10,971,163		1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					7,069,619		0.9
REAL ESTATE					1,378,443		0.2
RETAILING					11,418,100		1.4
SOFTWARE & SERVICES
			Microsoft Corp
	5,000,000		0.875%, 09/27/13		5,036,655		0.6
			Other		5,429,821		0.7
					10,466,476		1.3
TECHNOLOGY HARDWARE & EQUIPMENT					5,177,979		0.7
TELECOMMUNICATION SERVICES					10,603,658		1.3
TRANSPORTATION					5,167,123		0.6
UTILITIES					17,404,990		2.1
			TOTAL CORPORATE BONDS
			(Cost $301,472,059)		306,762,789		37.9
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Mortgage Corp (FHLMC)
	5,000,000		0.750%, 03/28/13		5,025,210		0.6
	20,000,000		0.500%, 04/17/15		19,917,020		2.5
			Federal National Mortgage Association (FNMA)
	6,500,000		1.250%, 08/20/13		6,580,821		0.8
	25,000,000		1.125%, 06/27/14		25,437,825		3.1
	3,350,000		1.125%, 04/27/17		3,329,163		0.4
			GMAC, Inc
	3,600,000		2.200%, 12/19/12		3,650,494		0.5
			Private Export Funding Corp
	5,000,000		1.375%, 02/15/17		5,022,775		0.6
			Other		25,148,843		3.1
					94,112,151		11.6
FOREIGN GOVERNMENT BONDS
			Caisse Centrale Desjardins du Quebec
	4,000,000	g	1.600%, 03/06/17		3,963,008		0.5
			Canada Government International Bond
	4,750,000		0.875%, 02/14/17		4,692,406		0.6
			Nederlandse Waterschapsbank NV
	4,000,000	g	2.125%, 02/09/17		3,977,364		0.5
			Province of British Columbia Canada
	3,000,000		2.850%, 06/15/15		3,191,718		0.4
			Other		26,875,278		3.3
					42,699,774		5.3

26 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Short-Term Bond Fund § March 31, 2012

Principal			Issuer	Value		% of net assets
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp (FHLMC)
$	4,849,950		3.000%, 03/15/26	$	5,092,446		0.6	%
	4,938,328		3.000%, 01/15/27		5,189,667		0.6
	4,373,062		4.000%, 05/15/37		4,524,700		0.6
			Federal National Mortgage Association (FNMA)
	3,451,840		4.000%, 10/25/24		3,619,229		0.4
	3,749,242		4.500%, 10/25/28		3,916,337		0.5
			Government National Mortgage Association (GNMA)
	3,741,563		2.300%, 10/15/19		3,853,081		0.5
			Other		487,089		0.1
					26,682,549		3.3
MUNICIPAL BONDS					538,700		0.1
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	24,052,940	k	0.500%, 04/15/15		25,499,869		3.2
	10,267,400	k	0.125%, 04/15/16		10,844,941		1.3
			United States Treasury Note
	22,720,000		1.125%, 06/15/13		22,955,197		2.8
	7,395,000		3.125%, 09/30/13		7,706,684		1.0
	3,565,000		0.125%, 12/31/13		3,552,744		0.4
	3,800,000		0.250%, 01/31/14		3,794,509		0.5
	29,700,000		1.250%, 04/15/14		30,231,363		3.7
	11,548,000		0.250%, 02/15/15		11,464,993		1.4
	11,647,000		0.125%–2.625%, 06/30/12–02/28/17		11,809,634		1.5
					127,859,934		15.8
			TOTAL GOVERNMENT BONDS
			(Cost $288,750,607)		291,893,108		36.1
STRUCTURED ASSETS
ASSET BACKED
			Ally Auto Receivables Trust
			Series 2011-5 (Class B)
	3,300,000		1.900%, 11/15/16		3,307,817		0.4
			Ally Master Owner Trust
			Series 2010-2 (Class A)
	8,000,000		4.250%, 04/15/17		8,662,012		1.1
			Avis Budget Rental Car Funding AESOP LLC
			Series 2010-4A (Class A)
	4,500,000		2.090%, 04/20/15		4,547,722		0.6
			CNH Equipment Trust
			Series 2011-C (Class A4)
	6,000,000		1.550%, 11/15/17		6,054,296		0.7
			Ford Credit Floorplan Master Owner Trust
			Series 2010-3 (Class A1)
	3,175,000		4.200%, 02/15/17		3,436,045		0.4
			Hertz Vehicle Financing LLC
			Series 2009-2A (Class A2)
	5,230,000		5.290%, 03/25/16		5,731,630		0.7
			Santander Drive Auto Receivables Trust
			Series 2012-2 (Class B)
	5,000,000		2.090%, 08/15/16		5,007,642		0.6
			World Financial Network Credit Card Master Trust
			Series 2011-A (Class A)
	4,000,000		1.680%, 08/15/18		4,013,438		0.5
			Other		60,294,267		7.5
					101,054,869		12.5
Principal			Issuer	Value		% of net assets
OTHER MORTGAGE BACKED
			Commercial Mortgage Pass Through Certificates
			Series 2012-9W57 (Class A)
$	5,000,000		2.365%, 02/10/29	$	5,034,740		0.6	%
			Other		8,252,682		1.1
					13,287,422		1.7
			TOTAL STRUCTURED ASSETS
			(Cost $115,396,260)		114,342,291		14.2
			TOTAL BONDS
			(Cost $705,618,926)		712,998,188		88.2
SHORT-TERM INVESTMENTS
TREASURY DEBT
			United States Treasury Bill
	17,925,000		0.005%, 05/10/12		17,924,612		2.2
					17,924,612		2.2
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $17,924,612)		17,924,612		2.2
			TOTAL PORTFOLIO
			(Cost $732,643,851)		740,019,672		91.5
			OTHER ASSETS & LIABILITIES, NET		68,491,872		8.5
			NET ASSETS	$	808,511,544		100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $175,313,231 or 21.7% of net assets.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 27

Summary portfolio of investments

High-Yield Fund § March 31, 2012

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS
			Chrysler Group LLC
$	8,957,188	i	6.000%, 05/24/17	$	9,090,560		0.7	%
					9,090,560		0.7
CONSUMER SERVICES					5,224,847		0.4
HEALTH CARE EQUIPMENT & SERVICES					2,943,191		0.2
			TOTAL BANK LOAN OBLIGATIONS
			(Cost $17,031,520)		17,258,598		1.3
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS
			Delphi Corp
	9,000,000	g	5.875%, 05/15/19		9,495,000		0.7
			Ford Motor Co
	11,250,000		7.450%, 07/16/31		13,753,125		1.0
			Other		9,902,500		0.7
					33,150,625		2.4
BANKS					13,746,000		1.0
CAPITAL GOODS
			FMG Resources August 2006 Pty Ltd
	6,500,000	g	8.250%, 11/01/19		6,825,000		0.5
			Huntington Ingalls Industries, Inc
	8,250,000		6.875%, 03/15/18		8,745,000		0.6
			Kinetic Concepts, Inc
	9,200,000	g	10.500%, 11/01/18		9,556,500		0.7
			Schaeffler Finance BV
	8,275,000	g	8.500%, 02/15/19		8,833,562		0.6
			Tomkins LLC
	9,531,000		9.000%, 10/01/18		10,555,582		0.8
			Other		67,847,458		5.1
					112,363,102		8.3
COMMERCIAL & PROFESSIONAL SERVICES					20,394,122		1.4
CONSUMER DURABLES & APPAREL
			Hanesbrands, Inc
	6,000,000		8.000%, 12/15/16		6,600,000		0.5
			Masco Corp
	6,500,000		5.950%, 03/15/22		6,515,126		0.5
			Other		8,031,938		0.6
					21,147,064		1.6
CONSUMER SERVICES
			Ameristar Casinos, Inc
	6,970,000		7.500%, 04/15/21		7,309,787		0.5
			DineEquity, Inc
	9,250,000		9.500%, 10/30/18		10,128,750		0.7
			Penn National Gaming, Inc
	6,310,000		8.750%, 08/15/19		7,082,975		0.5
			Other		47,592,202		3.6
					72,113,714		5.3
Principal			Issuer	Value		% of net assets
DIVERSIFIED FINANCIALS
			CIT Group, Inc
$	6,300,000		5.250%, 03/15/18	$	6,426,000		0.5	%
			Clear Channel Worldwide Holdings, Inc
	6,560,000	g	7.625%, 03/15/20		6,428,800		0.5
			Ford Motor Credit Co LLC
	18,608,000		5.000%–12.000%, 04/15/15–08/02/21		20,730,997		1.6
			GMAC, Inc
	13,000,000		6.750%–8.300%, 12/01/14–11/01/31		14,255,000		1.0
			International Lease Finance Corp
	8,000,000		6.250%, 05/15/19		7,896,632		0.6
	17,164,000	g	5.625%–8.750%, 09/20/13–12/15/20		18,626,462		1.4
			Other		20,135,000		1.4
					94,498,891		7.0
ENERGY
			Arch Coal, Inc
	12,500,000	g	7.000%, 06/15/19		11,531,250		0.8
			Linn Energy LLC
	6,750,000	g	6.500%, 05/15/19		6,615,000		0.5
			SESI LLC
	6,850,000	g	7.125%, 12/15/21		7,398,000		0.5
			Other		126,685,348		9.3
					152,229,598		11.1
FOOD & STAPLES RETAILING
			Ingles Markets, Inc
	7,350,000		8.875%, 05/15/17		7,956,375		0.6
			Susser Holdings LLC
	7,060,000		8.500%, 05/15/16		7,748,350		0.6
			Other		28,774,310		2.1
					44,479,035		3.3
FOOD, BEVERAGE & TOBACCO
			Post Holdings, Inc
	9,025,000	g	7.375%, 02/15/22		9,453,687		0.7
			Other		11,192,425		0.8
					20,646,112		1.5
HEALTH CARE EQUIPMENT & SERVICES
			HCA, Inc
	6,000,000		8.500%, 04/15/19		6,667,500		0.5
	6,500,000		7.875%, 02/15/20		7,141,875		0.5
	13,600,000		7.500%, 02/15/22		14,484,000		1.1
			LifePoint Hospitals, Inc
	7,295,000		6.625%, 10/01/20		7,732,700		0.6
			Other		44,374,186		3.2
					80,400,261		5.9
HOUSEHOLD & PERSONAL PRODUCTS
			Spectrum Brands Holdings, Inc
	7,581,000		9.500%, 06/15/18		8,547,578		0.6
			Other		6,297,500		0.5
					14,845,078		1.1

28 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	continued
High-Yield Fund § March 31, 2012

Principal			Issuer	Value		% of net assets
INSURANCE
			CHS
$	10,300,000	g	8.000%, 11/15/19	$	10,660,500		0.8	%
			HCA, Inc
	6,800,000		5.875%, 03/15/22		6,808,500		0.5
			Other		6,648,351		0.5
					24,117,351		1.8
MATERIALS
			LyondellBasell Industries NV
	9,000,000	g,h	5.000%, 04/15/19		9,000,000		0.7
			United States Steel Corp
	6,500,000		7.500%, 03/15/22		6,500,000		0.5
			Other		80,403,338		5.9
					95,903,338		7.1
MEDIA
			AMC Entertainment, Inc
	7,000,000		8.750%, 06/01/19		7,332,500		0.5
			CCO Holdings LLC
	6,600,000		7.000%, 01/15/19		6,996,000		0.5
			DISH DBS Corp
	6,000,000		6.750%, 06/01/21		6,465,000		0.5
			Other		70,797,343		5.2
					91,590,843		6.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Convatec Healthcare
	6,250,000	g	10.500%, 12/15/18		6,421,875		0.5
			Mylan, Inc
	7,500,000	g	7.875%, 07/15/20		8,362,500		0.6
			NBTY, Inc
	7,195,000		9.000%, 10/01/18		7,923,494		0.6
			Other		14,751,950		1.1
					37,459,819		2.8
REAL ESTATE
			DuPont Fabros Technology LP
	6,005,000		8.500%, 12/15/17		6,605,500		0.5
			Host Hotels & Resorts LP
	7,500,000		5.875%, 06/15/19		7,903,125		0.6
			Other		6,345,689		0.5
					20,854,314		1.6
RETAILING					50,859,359		3.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
			Hynix Semiconductor, Inc
	6,750,000	g	7.875%, 06/27/17		7,036,875		0.5
					7,036,875		0.5
SOFTWARE & SERVICES					31,409,750		2.3
TECHNOLOGY HARDWARE & EQUIPMENT
			Scientific Games Corp
	9,861,000		9.250%, 06/15/19		10,921,058		0.8
			Other		11,026,175		0.8
					21,947,233		1.6
Principal			Issuer	Value		% of net assets
TELECOMMUNICATION SERVICES
			Intelsat Bermuda Ltd
$	10,000,000		11.250%, 02/04/17	$	10,400,000		0.8	%
			Sprint Capital Corp
	7,724,000		6.900%, 05/01/19		6,681,260		0.5
			Other		82,977,773		6.0
					100,059,033		7.3
TRANSPORTATION
			Hertz Corp
	13,700,000	g	6.750%–7.500%, 10/15/18–01/15/21		14,318,250		1.1
			Meccanica Holdings USA, Inc
	8,750,000	g	6.250%, 07/15/19		7,819,026		0.6
			Other		24,627,632		1.7
					46,764,908		3.4
UTILITIES
			Calpine Corp
	6,000,000	g	7.500%, 02/15/21		6,405,000		0.5
	6,635,000	g	7.875%, 01/15/23		7,165,800		0.5
			CMS Energy Corp
	7,075,000		5.050%, 03/15/22		7,119,290		0.5
			Crosstex Energy, Inc
	6,800,000		8.875%, 02/15/18		7,225,000		0.5
			Sabine Pass LNG LP
	7,070,000		7.500%, 11/30/16		7,582,575		0.6
			Other		57,743,299		4.2
					93,240,964		6.8
			TOTAL CORPORATE BONDS
			(Cost $1,258,010,691)		1,301,257,389		95.5
			TOTAL BONDS
			(Cost $1,258,010,691)		1,301,257,389		95.5
Shares			Company
PREFERRED STOCKS
DIVERSIFIED FINANCIALS					2,794,742		0.2
			TOTAL PREFERRED STOCKS
			(Cost $3,061,000)		2,794,742		0.2
Principal			Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT
			United States Treasury Bill
$	9,715,000		0.013%, 05/03/12		9,714,655		0.7
			Other		4,029,508		0.3
					13,744,163		1.0
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $13,744,398)		13,744,163		1.0
			TOTAL PORTFOLIO
			(Cost $1,291,847,609)		1,335,054,892		98.0
			OTHER ASSETS & LIABILITIES, NET		27,057,775		2.0
			NET ASSETS	$	1,362,112,667		100.0	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 29

Summary portfolio of investments	concluded
High-Yield Fund § March 31, 2012

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $423,685,832 or 31.1% 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 rate reflects the rate at period end.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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

30 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Tax-Exempt Bond Fund § March 31, 2012

Principal		Issuer	Value		% of net assets
LONG-TERM MUNICIPAL BONDS
ALABAMA
		Southeast Alabama Gas District
$	1,785,000	5.000%, 06/01/18	$	1,951,237		0.6	%
		Other		1,239,686		0.3
				3,190,923		0.9
ALASKA				641,284		0.2
ARIZONA
		City of Tucson AZ
	2,000,000	5.000%, 07/01/20		2,399,920		0.7
		Other		4,107,515		1.2
				6,507,435		1.9
ARKANSAS				1,198,500		0.3
CALIFORNIA
		California State Department of Water Resources
	2,000,000	5.000%, 05/01/20		2,445,320		0.7
		County of San Bernardino CA, COP
	2,000,000	5.250%, 08/01/19		2,285,380		0.7
		East Side Union High School District-Santa Clara County
	2,500,000	5.250%, 02/01/23		2,821,500		0.8
		Los Angeles Unified School District, COP
	2,250,000	5.000%, 10/01/17		2,524,680		0.7
		State of California
	2,000,000	5.000%, 02/01/17		2,316,520		0.7
	1,855,000	5.000%, 03/01/17		2,152,505		0.6
	2,000,000	5.000%, 02/01/22		2,332,560		0.7
	2,000,000	5.250%, 10/01/22		2,386,580		0.7
	3,000,000	5.000%, 02/01/38		3,164,190		0.9
		West Contra Costa Unified School District
	1,710,000	5.700%, 02/01/21		2,086,337		0.6
	1,810,000	5.700%, 02/01/22		2,212,743		0.6
		Other		12,823,053		3.6
				39,551,368		11.3
COLORADO
		Colorado Health Facilities Authority
	2,045,000	5.000%, 02/01/25		2,299,194		0.7
		Other		5,198,100		1.4
				7,497,294		2.1
CONNECTICUT				1,231,930		0.3
DELAWARE				4,258,990		1.2
DISTRICT OF COLUMBIA				1,120,250		0.3
FLORIDA
		Florida Department of Transportation
	2,200,000	5.000%, 07/01/18		2,519,396		0.7
		Orange County School Board, COP
	1,820,000	5.000%, 08/01/21		2,008,970		0.6
		Other		14,755,604		4.2
				19,283,970		5.5
GEORGIA				2,282,541		0.6
Principal		Issuer		Value		% of net assets
HAWAII
		State of Hawaii
$	2,000,000	5.000%, 12/01/25	$	2,360,740		0.7	%
		Other		2,412,510		0.7
				4,773,250		1.4
ILLINOIS
		Chicago Board of Education
	2,045,000	5.000%, 12/01/17		2,359,787		0.7
	1,665,000	5.000%, 12/01/21		1,910,754		0.5
		Regional Transportation Authority
	1,650,000	6.000%, 06/01/23		2,042,106		0.6
		State of Illinois
	3,000,000	5.000%, 03/01/16		3,318,810		1.0
	1,835,000	5.000%, 01/01/20		2,063,843		0.6
	2,045,000	5.000%, 01/01/20		2,208,211		0.6
		Other		15,342,725		4.3
				29,246,236		8.3
INDIANA
		Indiana Bond Bank
	2,120,000	5.250%, 04/01/19		2,434,672		0.7
		Indianapolis Local Public Improvement Bond Bank
	1,940,000	5.500%, 01/01/21		2,331,899		0.7
		Other		8,568,006		2.4
				13,334,577		3.8
KENTUCKY				1,147,715		0.3
LOUISIANA				1,121,410		0.3
MAINE				1,235,771		0.3
MARYLAND				1,727,850		0.5
MASSACHUSETTS
		Commonwealth of Massachusetts
	2,000,000	5.000%, 08/01/20		2,461,420		0.7
	3,370,000	5.250%, 08/01/25		3,911,289		1.1
		Other		2,381,191		0.7
				8,753,900		2.5
MICHIGAN				6,322,646		1.8
MINNESOTA
		University of Minnesota
	1,715,000	5.000%, 08/01/21		2,137,439		0.6
		Other		2,353,780		0.7
				4,491,219		1.3
MISSISSIPPI
		Mississippi Development Bank Special Obligation
	2,100,000	5.000%, 07/01/17		2,372,874		0.7
		Other		1,248,195		0.4
				3,621,069		1.1
MISSOURI				1,753,390		0.5
NEW JERSEY
		New Jersey Transportation Trust Fund Authority
	1,815,000	5.250%, 12/15/19		2,187,837		0.6
	2,000,000	5.750%, 06/15/23		2,466,060		0.7

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 31

Summary portfolio of investments	concluded
Tax-Exempt Bond Fund § March 31, 2012

Principal		Issuer	Value		% of net assets
NEW JERSEY—continued
		State of New Jersey
$	2,000,000	5.250%, 08/01/22	$	2,485,360		0.7	%
		Other		6,989,744		2.0
				14,129,001		4.0
NEW YORK
		City of New York NY
	2,000,000	5.000%, 10/01/25		2,272,660		0.6
		New York City Health & Hospital Corp
	2,000,000	5.000%, 02/15/20		2,326,960		0.7
		New York City Transitional Finance Authority
	2,000,000	5.000%, 11/01/23		2,395,140		0.7
		New York State Dormitory Authority
	2,000,000	5.000%, 03/15/20		2,430,640		0.7
		New York State Environmental Facilities Corp
	2,190,000	5.000%, 10/15/25		2,518,281		0.7
		New York State Urban Development Corp
	2,000,000	5.000%, 03/15/20		2,430,640		0.7
		Tobacco Settlement Financing Corp
	2,000,000	5.000%, 06/01/18		2,363,780		0.7
		Other		29,082,543		8.2
				45,820,644		13.0
NORTH CAROLINA				7,246,551		2.1
OHIO
		Cincinnati City School District
	1,910,000	5.250%, 06/01/22		2,286,060		0.7
		City of Cincinnati OH
	2,000,000	5.000%, 12/01/21		2,488,760		0.7
		State of Ohio, AMT
	4,000,000	4.950%, 09/01/20		4,028,480		1.1
		Other		12,031,270		3.4
				20,834,570		5.9
OKLAHOMA				2,932,680		0.8
OREGON				917,844		0.3
PENNSYLVANIA
		Commonwealth of Pennsylvania
	1,925,000	5.000%, 02/15/19		2,341,820		0.7
		Philadelphia School District
	2,000,000	5.000%, 09/01/20		2,269,820		0.6
		Other		6,922,768		2.0
				11,534,408		3.3
PUERTO RICO
		Commonwealth of Puerto Rico
	2,000,000	5.500%, 07/01/20		2,213,180		0.6
		Puerto Rico Commonwealth Infrastructure
		Financing Authority
	3,370,000	5.500%, 07/01/19		3,749,799		1.1
		Other		11,564,224		3.3
				17,527,203		5.0
Principal		Issuer		Value		% of net assets
RHODE ISLAND
		State of Rhode Island
$	2,000,000	5.000%, 08/01/21	$	2,415,380		0.7	%
		Other		2,115,987		0.6
				4,531,367		1.3
SOUTH CAROLINA				4,476,834		1.3
SOUTH DAKOTA				580,585		0.2
TENNESSEE				2,834,510		0.8
TEXAS
		Texas Transportation Commission
	2,020,000	5.000%, 04/01/22		2,344,028		0.7
		Other		10,514,954		3.0
				12,858,982		3.7
UTAH				4,800,937		1.4
VIRGINIA				2,672,205		0.8
WASHINGTON
		Port of Seattle WA
	3,150,000	5.500%, 09/01/17		3,671,986		1.0
		Other		3,740,846		1.1
				7,412,832		2.1
WISCONSIN
		State of Wisconsin
	2,000,000	5.000%, 05/01/21		2,447,320		0.7
		Other		2,501,633		0.7
				4,948,953		1.4
		TOTAL LONG-TERM MUNICIPAL BONDS
		(Cost $311,533,432)		330,353,624		94.1
		TOTAL PORTFOLIO
		(Cost $311,533,432)		330,353,624		94.1
		OTHER ASSETS & LIABILITIES, NET		20,671,493		5.9
		NET ASSETS	$	351,025,117		100.0	%

Abbreviation(s):

AMT – Alternative Minimum Tax (subject to)

COP – Certificate of Participation

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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

32 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Portfolio of investments

Inflation-Linked Bond Fund § March 31, 2012

Principal				Issuer		Value	% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
				United States Treasury Inflation Indexed Bonds
$	34,606,223	k		0.625%, 04/15/13	$	35,509,238	2.2	%
	51,973,974	k		1.875%, 07/15/13		54,702,608	3.5
	53,375,341	k		2.000%, 01/15/14		57,044,896	3.6
	35,022,060	k		1.250%, 04/15/14		37,145,272	2.3
	55,978,817	k		2.000%, 07/15/14		60,977,557	3.9
	36,287,094	k		1.625%, 01/15/15		39,538,744	2.5
	46,736,954	k		0.500%, 04/15/15		49,548,462	3.1
	41,209,025	k		1.875%, 07/15/15		45,960,920	2.9
	42,854,006	k		2.000%, 01/15/16		48,398,243	3.1
	65,088,129	k		0.125%, 04/15/16		68,749,336	4.3
	40,784,478	k		2.500%, 07/15/16		47,619,059	3.0
	37,454,677	k		2.375%, 01/15/17		43,871,712	2.8
	32,977,471	k		2.625%, 07/15/17		39,647,693	2.5
	31,986,662	k		1.625%, 01/15/18		36,759,680	2.3
	30,821,039	k		1.375%, 07/15/18		35,292,494	2.2
	31,030,885	k		2.125%, 01/15/19		37,135,250	2.3
	33,870,974	k		1.875%, 07/15/19		40,256,194	2.5
	40,086,099	k		1.375%, 01/15/20		46,039,527	2.9
	61,928,450	k		1.250%, 07/15/20		70,719,379	4.5
	68,461,238	k		1.125%, 01/15/21		77,061,680	4.9
	67,302,803	k		0.625%, 07/15/21		72,818,470	4.6
	31,453,464	k		0.125%, 01/15/22		32,200,484	2.0
	55,732,341	k		2.375%, 01/15/25		70,893,266	4.5
	38,887,184	k		2.000%, 01/15/26		47,658,072	3.0
	33,161,385	k		2.375%, 01/15/27		42,550,203	2.7
	33,563,927	k		1.750%, 01/15/28		40,027,601	2.5
	37,922,618	k		3.625%, 04/15/28		55,956,605	3.5
	33,979,120	k		2.500%, 01/15/29		44,847,138	2.8
	45,752,977	k		3.875%, 04/15/29		70,481,042	4.5
	12,422,084	k		3.375%, 04/15/32		18,912,624	1.2
	17,304,221	k		2.125%, 02/15/40		22,753,700	1.4
	41,154,868	k		2.125%, 02/15/41		54,269,772	3.4
	19,056,620	k		0.750%, 02/15/42		18,164,827	1.2
						1,563,511,748	98.6
		TOTAL GOVERNMENT BONDS
			(Cost $1,409,946,203)			1,563,511,748	98.6
SHORT-TERM INVESTMENTS
TREASURY DEBT
			United States Treasury Bill
	14,000,000		0.048%, 05/31/12			13,998,740	0.9
						13,998,740	0.9
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $13,998,833)			13,998,740	0.9
		TOTAL PORTFOLIO
			(Cost $1,423,945,036)			1,577,510,488	99.5
		OTHER ASSETS & LIABILITIES, NET				7,508,741	0.5
		NET ASSETS			$	1,585,019,229	100.0	%

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 33

Summary portfolio of investments

Bond Index Fund § March 31, 2012

Principal			Issuer		Value	% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	2,191,301	0.1	%
BANKS					91,914,992	3.1
CAPITAL GOODS					21,098,420	0.7
COMMERCIAL & PROFESSIONAL SERVICES					10,502,122	0.4
CONSUMER DURABLES & APPAREL					1,330,784	0.0
CONSUMER SERVICES					8,014,655	0.3
DIVERSIFIED FINANCIALS					109,558,605	3.8
ENERGY					59,405,315	2.0
FOOD & STAPLES RETAILING					5,106,799	0.2
FOOD, BEVERAGE & TOBACCO					30,407,623	1.0
HEALTH CARE EQUIPMENT & SERVICES					10,229,503	0.3
HOUSEHOLD & PERSONAL PRODUCTS					4,839,328	0.1
INSURANCE					31,052,817	1.0
MATERIALS					30,624,474	1.0
MEDIA					27,008,638	0.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					28,947,796	0.9
REAL ESTATE					10,297,825	0.3
RETAILING					16,957,369	0.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,784,687	0.1
SOFTWARE & SERVICES					9,455,298	0.3
TECHNOLOGY HARDWARE & EQUIPMENT					17,483,809	0.6
TELECOMMUNICATION SERVICES					41,321,086	1.4
TRANSPORTATION					15,030,488	0.5
UTILITIES					58,456,191	2.0
			TOTAL CORPORATE BONDS
			(Cost $624,951,991)		643,019,925	21.6
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Bank (FHLB)
$	31,635,000		1.875%–5.375%, 06/21/13–11/17/17		34,170,586	1.1
			Federal Home Loan Mortgage Corp (FHLMC)
	11,736,000		5.125%, 10/18/16		13,760,789	0.5
	39,398,000		1.000%–6.250%, 07/27/12–07/15/32		42,398,761	1.5
			Federal National Mortgage Association (FNMA)
	9,145,000		4.625%, 10/15/14		10,087,237	0.3
	10,215,000		5.000%, 03/15/16		11,812,177	0.4
	36,783,000		1.125%–5.625%, 07/30/12–07/15/37		39,246,360	1.3
			Other		7,865,764	0.3
					159,341,674	5.4
Principal			Issuer		Value	% of net assets
FOREIGN GOVERNMENT BONDS				$	89,299,695	3.0	%
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
$	9,954,558		3.000%, 02/01/27		10,314,986	0.3
	11,418,594	h	4.500%, 05/01/40		12,114,645	0.4
	218,053,084		2.554%–8.000%, 08/01/12–10/01/41		234,047,341	7.9
			Federal National Mortgage Association (FNMA)
	8,930,941		5.500%, 02/01/35		9,814,626	0.3
	14,061,967		4.500%, 12/01/39		14,960,899	0.5
	11,826,907		4.000%, 09/01/41		12,413,722	0.4
	376,151,597		2.250%–8.000%, 06/01/13–03/01/42		403,337,387	13.6
			Government National Mortgage Association (GNMA)
	14,695,890		4.500%, 06/15/40		16,037,594	0.5
	10,212,681		4.000%, 10/20/41		10,974,308	0.4
	171,882,265		2.500%–8.500%, 02/15/18–01/15/44		188,093,014	6.4
			Other		8,638,646	0.3
					920,747,168	31.0
MUNICIPAL BONDS					28,960,721	1.0
U.S. TREASURY SECURITIES
			United States Treasury Bond
	17,060,000		5.250%, 02/15/29		22,337,938	0.8
	28,829,000		5.375%, 02/15/31		38,775,005	1.3
	12,585,000		3.875%, 08/15/40		13,920,193	0.5
	11,185,000		4.250%, 11/15/40		13,172,082	0.4
	26,350,000		4.375%, 05/15/41		31,677,654	1.1
	10,000,000		3.750%, 08/15/41		10,810,940	0.4
			United States Treasury Note
	18,000,000		0.625%, 02/28/13		18,066,096	0.6
	10,000,000		0.750%, 03/31/13		10,051,560	0.3
	12,000,000		0.625%, 04/30/13		12,050,160	0.4
	11,155,000		0.750%, 08/15/13		11,226,024	0.4
	66,000,000		0.125%, 08/31/13		65,850,444	2.2
	13,700,000		0.250%, 10/31/13		13,687,149	0.5
	37,000,000		0.250%, 01/31/14		36,946,535	1.2
	17,000,000		0.250%, 02/28/14		16,974,772	0.6
	36,150,000		1.250%, 03/15/14		36,782,625	1.2
	11,198,000		2.250%, 05/31/14		11,645,920	0.4
	14,000,000		0.250%, 09/15/14		13,934,368	0.5
	9,860,000		2.375%, 10/31/14		10,339,906	0.3
	16,000,000		0.375%, 11/15/14		15,960,000	0.5
	15,000,000		0.375%, 03/15/15		14,942,580	0.5
	11,340,000		1.250%, 08/31/15		11,580,090	0.4
	18,805,000		1.250%, 09/30/15		19,191,386	0.6
	27,300,000		1.250%, 10/31/15		27,843,871	0.9
	23,550,000		1.375%, 11/30/15		24,116,660	0.8
	10,650,000		2.125%, 02/29/16		11,208,294	0.4
	11,250,000		1.750%, 05/31/16		11,671,875	0.4
	10,750,000		1.500%, 07/31/16		11,029,672	0.4
	14,000,000		1.000%, 08/31/16		14,060,158	0.5
	14,200,000		1.000%, 09/30/16		14,247,698	0.5
	23,050,000		1.000%, 10/31/16		23,107,625	0.8
	15,250,000		0.875%, 11/30/16		15,185,660	0.5
	50,300,000		0.875%, 01/31/17		49,989,548	1.6
	16,250,000		0.875%, 02/28/17		16,135,746	0.5
	20,000,000		1.000%, 03/31/17		19,957,820	0.7
	14,000,000		2.000%, 04/30/16		14,666,092	0.5
	13,065,000		2.250%, 07/31/18		13,712,123	0.5
	13,350,000		1.500%, 08/31/18		13,386,499	0.5

34 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Bond Index Fund § March 31, 2012

Principal		Issuer		Value	% of net assets
U.S. TREASURY SECURITIES—continued
$	27,610,000	2.125%, 08/15/21	$	27,590,590	0.9	%
	13,379,100	8.000%, 11/15/21		20,322,639	0.7
	19,250,000	2.000%, 02/15/22		18,880,034	0.6
	210,212,100	0.125%–9.000%, 05/15/13–11/15/21		222,431,276	7.4
		Other		28,970,577	1.0
				1,048,437,884	35.2
		TOTAL GOVERNMENT BONDS
		(Cost $2,209,527,419)		2,246,787,142	75.6
STRUCTURED ASSETS
ASSET BACKED				6,584,057	0.2
OTHER MORTGAGE BACKED				59,485,784	2.0
		TOTAL STRUCTURED ASSETS
		(Cost $64,217,677)		66,069,841	2.2
		TOTAL BONDS
		(Cost $2,898,697,087)		2,955,876,908	99.4
		TOTAL PORTFOLIO
		(Cost $2,898,697,087)		2,955,876,908	99.4
		OTHER ASSETS & LIABILITIES, NET		18,257,513	0.6
		NET ASSETS	$	2,974,134,421	100.0	%

h	All or a portion of these securities were purchased on a delayed delivery basis.
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 3/31/12, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 which may be resold in transactions exempt from registration to qualified institutional buyers amounted to $7,091,283 or 0.2% of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 35

Summary portfolio of investments

Money Market Fund § March 31, 2012

Principal			Issuer		Value	% of net assets
SHORT-TERM INVESTMENTS
BANKERS’ ACCEPTANCES				$	3,566,547	0.3	%
CERTIFICATE OF DEPOSIT
			Toronto-Dominion Bank
$	10,000,000		0.150%, 04/23/12		10,000,000	1.0
	6,700,000		0.210%, 05/08/12		6,700,000	0.6
			Other		14,360,000	1.4
					31,060,000	3.0
COMMERCIAL PAPER
			Bank of Nova Scotia
	28,393,000		0.110%–0.370%, 04/03/12–08/14/12		28,382,784	2.7
			Coca-Cola Co
	10,000,000	y	0.180%, 07/09/12		9,995,050	1.0
	20,990,000		0.120%–0.230%, 04/03/12–08/13/12		20,986,237	2.0
			Commonwealth Bank of Australia
	13,130,000		0.120%–0.200%, 04/10/12–06/05/12		13,128,038	1.3
			Fairway Finance LLC
	7,390,000	y	0.150%, 04/09/12		7,389,754	0.7
	8,160,000	y	0.160%–0.170%, 05/22/12		8,158,094	0.8
	14,176,000		0.130%–0.260%, 04/05/12–05/03/12		14,173,941	1.3
			General Electric Capital Corp
	10,000,000		0.280%, 04/10/12		9,999,300	0.9
	7,000,000		0.230%–0.310%, 07/30/12		6,993,566	0.7
			General Electric Co
	12,000,000		0.140%–0.150%, 06/27/12–06/29/12		11,995,748	1.1
			Johnson & Johnson
	10,000,000	y	0.050%, 04/03/12		9,999,972	0.9
			Jupiter Securitization Co LLC
	7,750,000	y	0.155%–0.160%, 04/25/12		7,749,186	0.7
	23,380,000		0.130%–0.290%, 04/02/12–08/23/12		23,372,321	2.2
			National Australia Funding(Delaware)
	16,860,000		0.120%–0.350%, 04/02/12–09/18/12		16,844,127	1.6
			Novartis Finance Corp
	8,225,000		0.140%, 05/09/12		8,223,785	0.8
	7,000,000		0.200%, 08/09/12		6,994,944	0.7
			Old Line Funding LLC
	8,000,000	y	0.210%, 04/16/12		7,999,300	0.8
	28,503,000		0.160%–0.250%, 04/04/12–07/03/12		28,494,348	2.8
			PACCAR Financial Corp
	7,300,000		0.150%, 04/23/12		7,299,331	0.7
			Private Export Funding Corp
	7,500,000	y	0.175%, 04/17/12		7,499,417	0.7
	8,000,000	y	0.130%–0.160%, 06/05/12		7,997,960	0.8
	7,000,000	y	0.160%, 06/26/12		6,997,324	0.7
	14,980,000		0.150%–0.220%, 05/16/12–07/30/12		14,973,373	1.4
			Procter & Gamble Co
	10,380,000	y	0.100%–0.110%, 05/07/12		10,378,908	1.0
	25,130,000		0.110%–0.135%, 04/24/12–05/31/12		25,126,330	2.4
			Province of Ontario Canada
	8,000,000		0.080%, 04/11/12		7,999,822	0.8
	8,000,000		0.090%, 04/13/12		7,999,760	0.8
	8,000,000		0.100%, 04/30/12		7,999,355	0.8
	12,290,000		0.090%–0.120%, 04/10/12–05/02/12		12,289,354	1.1
			Straight-A Funding LLC
	6,483,000		0.190%, 04/02/12		6,482,966	0.6
	6,400,000		0.180%, 04/03/12		6,398,976	0.6
	8,000,000		0.180%, 05/08/12		7,998,520	0.8
	16,350,000		0.180%–0.190%, 04/04/12–06/01/12		16,347,459	1.6
Principal			Issuer		Value	% of net assets
COMMERCIAL PAPER—continued
			Unilever Capital Corp
$	17,489,000		0.120%–0.225%, 04/02/12–08/31/12	$	17,481,567	1.7	%
			Variable Funding Capital Co LLC
	15,000,000	y	0.180%, 04/25/12		14,998,200	1.4
	13,280,000		0.130%–0.130%, 05/10/12–05/17/12		13,277,948	1.3
			Wal-Mart Stores, Inc
	15,630,000		0.090%–0.100%, 04/09/12–05/07/12		15,629,125	1.5
			Other		62,765,015	6.0
					518,821,205	49.7
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	9,600,000		0.100%–0.115%, 05/11/12		9,598,857	0.9
	14,700,000		0.100%–0.150%, 05/16/12		14,697,732	1.4
	10,000,000		0.105%, 05/18/12		9,998,629	0.9
	7,831,000		0.090%–0.140%, 06/01/12		7,829,399	0.8
	9,555,000		0.110%, 06/13/12		9,552,869	0.9
	33,707,000		0.030%–0.150%, 04/04/12–06/08/12		33,704,141	3.2
			Federal Home Loan Mortgage Corp (FHLMC)
	6,000,000		0.070%, 04/09/12		5,999,907	0.6
	8,400,000		0.085%–0.110%, 04/27/12		8,399,372	0.8
	28,890,000		0.040%–0.160%, 04/02/12–08/06/12		28,885,504	2.8
			Federal National Mortgage Association (FNMA)
	9,300,000		0.105%–0.120%, 06/06/12		9,298,080	0.9
	9,000,000		0.150%, 08/09/12		8,995,125	0.9
	24,809,000		0.075%–0.180%, 04/11/12–08/01/12		24,807,015	2.4
					171,766,630	16.5
TREASURY DEBT
			United States Treasury Bill
	12,000,000		0.012%–0.045%, 04/05/12		11,999,967	1.2
	8,580,000		0.032%–0.086%, 06/07/12		8,579,146	0.8
	7,119,000		0.054%–0.113%, 06/28/12		7,117,761	0.7
	47,564,000		0.010%–0.136%, 04/19/12–09/20/12		47,553,901	4.5
			United States Treasury Note
	13,140,000		1.000%, 04/30/12		13,149,412	1.3
	16,555,000		1.375%, 05/15/12		16,581,177	1.6
	15,505,000		0.750%, 05/31/12		15,518,551	1.5
	9,986,000		1.875%, 06/15/12		10,021,859	1.0
	7,740,000		0.625%, 06/30/12		7,749,831	0.7
	7,270,000		1.500%, 07/15/12		7,299,097	0.7
	12,776,000		0.625%, 07/31/12		12,797,044	1.2
	11,530,000		1.750%, 08/15/12		11,599,069	1.1
	11,820,000		0.375%, 10/31/12		11,834,860	1.1
	8,850,000		0.500%, 11/30/12		8,870,485	0.9
	14,115,000		0.375%–1.125%, 08/31/12–01/31/13		14,168,261	1.3
					204,840,421	19.6
VARIABLE RATE SECURITIES
			Federal Farm Credit Bank (FFCB)
	10,000,000	i	0.350%, 09/23/13		9,999,403	1.0
	39,200,000	i	0.240%–0.612%, 02/01/13–10/15/13		39,183,421	3.8
			Federal Home Loan Bank (FHLB)
	7,900,000	i	0.306%, 03/06/13		7,900,722	0.8
	9,500,000	i	0.320%, 08/16/13		9,500,000	0.9

36 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Money Market Fund § March 31, 2012

Principal			Issuer		Value	% of net assets
VARIABLE RATE SECURITIES—continued
			Federal Home Loan Mortgage Corp (FHLMC)
$	10,900,000	i	0.193%–0.193%, 02/04/13–06/03/13	$	10,896,929	1.0	%
			Royal Bank of Canada
	9,500,000	i	0.340%, 07/11/12		9,500,000	0.9
		i	Other		24,498,633	2.3
					111,479,108	10.7
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $1,041,533,911)		1,041,533,911	99.8
			TOTAL PORTFOLIO
			(Cost $1,041,533,911)		1,041,533,911	99.8
			OTHER ASSETS & LIABILITIES, NET		1,820,529	0.2
			NET ASSETS	$	1,043,354,440	100.0	%

i	Floating or variable rate security. Coupon rate 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 3/31/2012, the aggregate value of these securities was $312,156,628 or 29.9% of net assets.
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 37

Statements of assets and liabilities

TIAA-CREF Funds § March 31, 2012

	Bond Fund			Bond Plus Fund			Short-Term Bond Fund			High-Yield Fund			Tax-Exempt Bond Fund		Inflation-Linked Bond Fund		Bond Index Fund			Money Market Fund
ASSETS
Portfolio investments, at value†	$	2,680,349,451		$	1,252,759,758		$	740,019,672		$	1,335,054,892		$	330,353,624	$	1,577,510,488	$	2,955,876,908		$	1,041,533,911
Cash		14,884,394			2,008,550			72,159,801			18,869,804			6,113,614		675,956		55,757,612			19,600
Receivable from securities transactions		28,063,595			13,290,176			163,696			11,380,195			10,643,834		—		18,801,653			—
Receivable for delayed delivery securities		184,736,188			37,003,814			—			—			—		—		—			—
Receivable from Fund shares sold		13,379,429			3,781,469			2,495,893			6,889,587			480,535		2,555,499		5,143,126			2,116,946
Dividends and interest receivable		13,215,000			7,786,680			3,886,380			25,556,840			3,929,307		5,923,889		17,470,658			409,907
Due from affiliates		—			—			—			—			741		—		—			446,092
Other		51,801			20,890			12,133			30,001			20,082		37,394		20,061			36,590
Total assets		2,934,679,858			1,316,651,337			818,737,575			1,397,781,319			351,541,737		1,586,703,226		3,053,070,018			1,044,563,046
LIABILITIES
Management fees payable		70,319			35,851			22,012			51,259			11,486		42,726		32,452			11,394
Service agreement fees payable		8,923			2,599			5,132			5,469			—		5,229		1,094			2,204
Distribution fees payable		37,375			125,542			76,749			102,336			153,073		92,352		4,022			222,380
Due to affiliates		15,333			7,377			5,577			7,594			2,467		11,555		16,539			8,466
Payable for securities transactions		4,419,287			6,131,088			6,963,824			6,848,941			—		—		50,183,370			—
Payable for delayed delivery securities		729,079,172			205,674,523			2,342,307			24,259,069			—		—		27,554,890			—
Payable for Fund shares redeemed		509,145			580,962			400,867			1,029,639			166,450		680,510		426,559			728,639
Income distribution payable		3,008,772			1,838,856			297,396			3,219,914			105,851		701,944		471,137			1,785
Accrued expenses & other payables		173,511			158,521			112,167			144,431			77,293		149,681		245,534			233,738
Total liabilities		737,321,837			214,555,319			10,226,031			35,668,652			516,620		1,683,997		78,935,597			1,208,606
NET ASSETS	$	2,197,358,021		$	1,102,096,018		$	808,511,544		$	1,362,112,667		$	351,025,117	$	1,585,019,229	$	2,974,134,421		$	1,043,354,440
NET ASSETS CONSIST OF:
Paid-in-capital	$	2,118,981,181		$	1,070,056,058		$	801,677,949		$	1,321,495,894		$	332,007,017	$	1,426,653,682	$	2,917,481,038		$	1,043,358,992
Undistributed net investment income (loss)		(498,836	)		(150,339	)		(7,655	)		(295,279	)		11,267		31,868		1,338			(4,552	)
Accumulated net realized gain (loss) on total investments		14,319,228			792,700			(534,571	)		(2,295,231	)		186,641		4,768,227		(527,776	)		0
Net unrealized appreciation (depreciation) on total investments		64,556,448			31,397,599			7,375,821			43,207,283			18,820,192		153,565,452		57,179,821			—
NET ASSETS	$	2,197,358,021		$	1,102,096,018		$	808,511,544		$	1,362,112,667		$	351,025,117	$	1,585,019,229	$	2,974,134,421		$	1,043,354,440
INSTITUTIONAL CLASS:
Net assets	$	1,759,982,599		$	718,618,715		$	431,936,481		$	889,869,238		$	9,508,458	$	1,174,405,747	$	2,908,946,566		$	469,588,496
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		166,216,836			68,051,187			41,541,390			89,296,999			875,377		97,273,006		270,205,857			469,586,229
Net asset value per share	$	10.59		$	10.56		$	10.40		$	9.97		$	10.86	$	12.07	$	10.77		$	1.00
RETIREMENT CLASS:
Net assets	$	327,833,264		$	95,480,006		$	188,614,299		$	202,282,370		$	—	$	191,083,423	$	40,873,933		$	80,689,615
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		30,434,166			9,030,902			18,121,613			20,299,946			—		15,687,886		3,795,243			80,688,427
Net asset value per share	$	10.77		$	10.57		$	10.41		$	9.96		$	—	$	12.18	$	10.77		$	1.00
RETAIL CLASS:
Net assets	$	76,117,166		$	275,663,294		$	166,750,173		$	249,119,179		$	341,516,659	$	201,227,459	$	12,736,689		$	486,370,057
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,073,607			26,055,421			16,023,318			24,894,043			31,398,227		17,002,632		1,182,517			486,359,839
Net asset value per share	$	10.76		$	10.58		$	10.41		$	10.01		$	10.88	$	11.84	$	10.77		$	1.00
PREMIER CLASS:
Net assets	$	33,424,992		$	12,334,003		$	21,210,591		$	20,841,880		$	—	$	18,302,600	$	11,577,233		$	6,706,272
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,155,229			1,168,238			2,038,280			2,090,758			—		1,517,192		1,075,230			6,706,209
Net asset value per share	$	10.59		$	10.56		$	10.41		$	9.97		$	—	$	12.06	$	10.77		$	1.00
†    Portfolio investments, cost	$	2,615,793,003		$	1,221,362,159		$	732,643,851		$	1,291,847,609		$	311,533,432	$	1,423,945,036	$	2,898,697,087		$	1,041,533,911

38 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 39

Statements of operations

TIAA-CREF Funds § For the year ended March 31, 2012

	Bond Fund			Bond Plus Fund			Short-Term Bond Fund			High-Yield Fund			Tax-Exempt Bond Fund			Inflation-Linked Bond Fund		Bond Index Fund			Money Market Fund
INVESTMENT INCOME
Dividends	$	—		$	131,037		$	—		$	370,057		$	—		$	—	$	—		$	—
Dividends from affiliated investments		—			49,021			—			—			—			—		—			—
Interest		64,113,592			38,575,739			15,158,226			75,583,124			11,383,424			46,265,999		50,779,015			1,715,163
Total income		64,113,592			38,755,797			15,158,226			75,953,181			11,383,424			46,265,999		50,779,015			1,715,163
EXPENSES
Management fees		6,080,572			2,927,836			1,719,062			3,640,730			961,727			3,366,927		1,990,129			1,057,679
Distribution fees – Retail Class		135,936			557,850			330,686			388,104			646,015			370,259		22,494			1,064,327
Distribution fees – Premier Class		57,480			18,505			35,429			46,973			—			30,032		8,607			20,984
Fund administration fees		141,658			66,762			46,820			69,864			21,845			92,861		130,901			70,598
Custody and accounting fees		128,719			125,353			57,165			49,671			35,738			21,962		265,816			64,613
Professional fees		96,621			86,547			83,555			86,636			79,903			78,810		94,663			73,209
Shareholder reports		81,317			64,449			52,998			50,962			49,741			55,344		63,965			3,970
Shareholder servicing – Institutional Class		3,539			1,547			2,072			2,763			189			6,527		8,065			2,875
Shareholder servicing – Retirement Class		741,568			209,872			390,018			442,849			—			524,546		52,302			181,803
Shareholder servicing – Retail Class		42,582			232,793			105,238			104,102			104,368			107,163		8,743			533,365
Shareholder servicing – Premier Class		251			209			226			267			—			221		180			229
Trustee fees and expenses		20,673			9,714			6,589			9,820			3,041			12,677		16,651			10,633
Compliance fees		54,621			25,853			18,293			27,297			8,466			36,453		52,314			32,521
Interest expense		267			726			74			3,333			191			22		999			69
Registration fees		66,468			63,967			65,776			65,194			42,287			64,920		69,566			80,074
Other expenses		54,349			50,342			42,949			71,067			17,407			68,301		202,428			24,289
Total expenses		7,706,621			4,442,325			2,956,950			5,059,632			1,970,918			4,837,025		2,987,823			3,221,238
Less: Expenses reimbursed by the investment adviser		—			(11,586	)		(33,761	)		—			(98,659	)		—		(308,665	)		—
Fee waiver by investment adviser and TPIS		—			—			—			—			—			—		—			(1,625,415	)
Net expenses		7,706,621			4,430,739			2,923,189			5,059,632			1,872,259			4,837,025		2,679,158			1,595,823
Net investment income (loss)		56,406,971			34,325,058			12,235,037			70,893,549			9,511,165			41,428,974		48,099,857			119,340
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		66,409,978			13,653,822			3,245,502			8,144,783			1,930,701			8,579,123		1,761,806			2,971
Affiliated investments		—			112,801			—			—			—			—		—			—
Futures transactions		(1,579,300	)		—			—			—			—			—		—			—
Swap transactions		25,496			12,748			12,749			—			—			—		—			—
Foreign currency transactions		(576,366	)		(195,987	)		—			—			—			—		—			—
Net realized gain (loss) on total investments		64,279,808			13,583,384			3,258,251			8,144,783			1,930,701			8,579,123		1,761,806			2,971
Change in unrealized appreciation (depreciation) on:
Portfolio investments		32,189,029			24,447,771			6,365,633			(2,955,968	)		21,579,931			89,389,157		74,500,044			—
Affiliated investments		—			(53,244	)		—			—			—			—		—			—
Net change in unrealized appreciation (depreciation) on total investments		32,189,029			24,394,527			6,365,633			(2,955,968	)		21,579,931			89,389,157		74,500,044			—
Net realized and unrealized gain (loss) on total investments		96,468,837			37,977,911			9,623,884			5,188,815			23,510,632			97,968,280		76,261,850			2,971
Net increase (decrease) in net assets from operations	$	152,875,808		$	72,302,969		$	21,858,921		$	76,082,364		$	33,021,797		$	139,397,254	$	124,361,707		$	122,311

40 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 41

Statements of changes in net assets

TIAA-CREF Funds § For the year or period ended

		Bond Fund									Bond Plus Fund									Short-Term Bond Fund
		For the year ended March 31, 2012				For the six-month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended March 31, 2012			For the six-month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended March 31, 2012			For the six-month period ended March 31, 2011			For the year ended September 30, 2010
OPERATIONS
Net investment income (loss)		$	56,406,971		$	29,502,963		$	88,292,341		$	34,325,058		$	13,444,531		$	24,924,197		$	12,235,037		$	5,118,402		$	9,095,848
Net realized gain (loss) on total investments			64,279,808			53,057,360			66,220,982			13,583,384			(606	)		15,029,816			3,258,251			1,327,458			2,991,482
Net change in unrealized appreciation (depreciation) on total investments			32,189,029			(94,684,353	)		67,852,077			24,394,527			(12,780,921	)		17,194,742			6,365,633			(7,295,402	)		8,864,795
Net increase (decrease) in net assets from operations			152,875,808			(12,124,030	)		222,365,400			72,302,969			663,004			57,148,755			21,858,921			(849,542	)		20,952,125
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(46,288,718	)		(25,165,412	)		(80,236,024	)		(22,099,978	)		(6,918,419	)		(9,854,844	)		(6,626,202	)		(2,256,278	)		(3,196,821	)
	Retirement Class		(7,487,308	)		(3,169,553	)		(6,492,164	)		(2,816,852	)		(1,437,789	)		(3,324,496	)		(2,572,236	)		(1,169,865	)		(2,446,968	)
	Retail Class		(1,623,598	)		(755,988	)		(1,448,590	)		(8,989,633	)		(4,875,223	)		(11,669,182	)		(2,627,329	)		(1,482,570	)		(3,293,093	)
	Premier Class		(1,009,004	)		(412,010	)		(115,569	)		(425,379	)		(206,154	)		(75,695	)		(413,358	)		(209,689	)		(158,917	)
From realized gains:	Institutional Class		(38,955,497	)		(17,950,957	)		—			(852,672	)		—			—			(2,193,413	)		—			—
	Retirement Class		(7,558,514	)		(2,758,263	)		—			(116,101	)		—			—			(966,026	)		—			—
	Retail Class		(1,706,224	)		(667,786	)		—			(373,273	)		—			—			(929,557	)		—			—
	Premier Class		(966,139	)		(379,240	)		—			(17,930	)		—			—			(154,769	)		—			—
Total distributions			(105,595,002	)		(51,259,209	)		(88,292,347	)		(35,691,818	)		(13,437,585	)		(24,924,217	)		(16,482,890	)		(5,118,402	)		(9,095,799	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		577,051,242			243,797,264			783,516,875			291,918,206			273,291,006			68,336,531			245,790,579			114,990,480			94,544,894
	Retirement Class		91,264,367			45,947,853			193,791,135			37,796,067			7,720,803			69,782,784			106,659,482			38,567,387			122,411,537
	Retail Class		29,145,726			10,062,531			31,267,123			24,781,170			11,592,216			32,951,105			39,060,274			28,043,297			56,845,424
	Premier Class		19,719,846			15,830,867			22,158,416			14,243,028			3,515,581			11,069,571			22,289,784			13,215,772			20,429,281
Reinvestments of distributions:	Institutional Class		51,171,533			40,896,632			78,131,122			2,283,118			6,911,820			9,837,634			5,838,213			2,020,919			2,603,625
	Retirement Class		15,045,822			5,927,816			6,492,137			2,932,953			1,437,789			3,324,496			3,538,262			1,169,650			2,446,968
	Retail Class		3,189,446			1,370,611			1,381,632			8,503,908			4,418,495			10,613,073			3,397,034			1,405,033			3,107,608
	Premier Class		1,975,143			791,250			115,569			443,309			206,154			75,695			568,127			209,689			158,917
Redemptions:	Institutional Class		(588,609,139	)		(1,025,283,111	)		(658,369,598	)		(94,381,113	)		(16,325,684	)		(59,262,454	)		(78,040,225	)		(34,871,405	)		(26,566,337	)
	Retirement Class		(45,873,918	)		(21,797,234	)		(94,244,228	)		(21,025,144	)		(27,056,249	)		(44,221,173	)		(56,967,811	)		(25,644,862	)		(63,302,350	)
	Retail Class		(13,597,920	)		(11,662,789	)		(11,855,580	)		(33,762,315	)		(22,039,606	)		(29,525,633	)		(32,763,717	)		(21,735,142	)		(26,210,905	)
	Premier Class		(24,846,289	)		(2,089,784	)		(578,902	)		(13,935,578	)		(3,335,580	)		(686,091	)		(21,701,509	)		(13,164,980	)		(1,207,324	)
Net increase (decrease) from shareholder transactions			115,635,859			(696,208,094	)		351,805,701			219,797,609			240,336,745			72,295,538			237,668,493			104,205,838			185,261,338
Net increase (decrease) in net assets			162,916,665			(759,591,333	)		485,878,754			256,408,760			227,562,164			104,520,076			243,044,524			98,237,894			197,117,664
NET ASSETS
Beginning of period			2,034,441,356			2,794,032,689			2,308,153,935			845,687,258			618,125,094			513,605,018			565,467,020			467,229,126			270,111,462
End of period		$	2,197,358,021		$	2,034,441,356		$	2,794,032,689		$	1,102,096,018		$	845,687,258		$	618,125,094		$	808,511,544		$	565,467,020		$	467,229,126
Undistributed net investment income (loss) included in net assets		$	(498,836	)	$	21,966		$	21,225		$	(150,339	)	$	34,084		$	34,082		$	(7,655	)	$	(7,081	)	$	(7,081	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		54,436,351			23,279,338			75,599,135			28,102,815			26,750,221			6,767,050			23,659,916			11,102,473			9,169,996
	Retirement Class		8,471,229			4,293,600			18,437,353			3,632,755			754,629			6,955,121			10,252,190			3,719,525			11,976,622
	Retail Class		2,704,915			940,074			2,969,859			2,378,595			1,131,263			3,289,934			3,757,911			2,703,199			5,549,673
	Premier Class		1,852,927			1,496,648			2,092,153			1,373,594			343,304			1,082,140			2,142,745			1,274,577			1,982,974
Shares reinvested:	Institutional Class		4,882,630			3,924,608			7,528,123			219,375			677,453			983,559			563,342			195,248			254,107
	Retirement Class		1,405,823			559,857			613,997			281,381			140,439			330,982			340,855			112,837			238,336
	Retail Class		298,371			129,540			130,854			815,953			431,479			1,059,102			327,227			135,535			303,271
	Premier Class		187,607			76,013			10,849			42,573			20,177			7,358			54,742			20,227			15,411
Shares redeemed:	Institutional Class		(55,365,676	)		(96,193,377	)		(62,776,645	)		(9,097,098	)		(1,582,921	)		(5,926,502	)		(7,510,130	)		(3,351,649	)		(2,591,691	)
	Retirement Class		(4,246,419	)		(2,033,572	)		(8,807,681	)		(2,025,670	)		(2,641,826	)		(4,374,821	)		(5,475,076	)		(2,473,095	)		(6,142,221	)
	Retail Class		(1,265,759	)		(1,100,692	)		(1,125,808	)		(3,247,761	)		(2,154,744	)		(2,952,209	)		(3,151,755	)		(2,100,546	)		(2,563,689	)
	Premier Class		(2,329,903	)		(201,127	)		(54,448	)		(1,333,205	)		(326,525	)		(66,740	)		(2,087,132	)		(1,272,894	)		(117,098	)
Net increase (decrease) from shareholder transactions			11,032,096			(64,829,090	)		34,617,741			21,143,307			23,542,949			7,154,974			22,874,835			10,065,437			18,075,691

42 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 43

Statements of changes in net assets	continued
TIAA-CREF Funds § For the year or period ended

		High-Yield Fund									Tax-Exempt Bond Fund									Inflation-Linked Bond Fund
			For the year ended March 31, 2012			For the six-month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended March 31, 2012			For the six-month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended March 31, 2012			For the six-month period ended March 31, 2011			For the year ended September 30, 2010
OPERATIONS
Net investment income (loss)		$	70,893,549		$	28,359,623		$	45,624,004		$	9,511,165		$	5,527,866		$	10,155,076		$	41,428,974		$	15,766,585		$	22,334,823
Net realized gain (loss) on total investments			8,144,783			18,345,284			24,051,329			1,930,701			(1,492,682	)		3,320,875			8,579,123			5,925,553			4,274,002
Net change in unrealized appreciation (depreciation) on total investments			(2,955,968	)		1,770,165			21,194,800			21,579,931			(18,227,687	)		6,001,045			89,389,157			(10,948,529	)		54,857,894
Net increase (decrease) in net assets from operations			76,082,364			48,475,072			90,870,133			33,021,797			(14,192,503	)		19,476,996			139,397,254			10,743,609			81,466,719
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(45,022,856	)		(16,075,075	)		(23,073,446	)		(308,364	)		(227,647	)		(625,370	)		(29,443,968	)		(11,133,676	)		(15,483,118	)
	Retirement Class		(11,744,615	)		(5,612,284	)		(11,344,973	)		—			—			—			(6,164,646	)		(2,325,150	)		(3,591,078	)
	Retail Class		(12,016,310	)		(5,679,780	)		(10,617,617	)		(9,202,801	)		(5,300,220	)		(9,529,774	)		(5,144,657	)		(2,085,181	)		(3,169,430	)
	Premier Class		(2,109,768	)		(1,003,595	)		(587,964	)		—			—			—			(655,732	)		(223,690	)		(52,139	)
From realized gains:	Institutional Class		—			—			—			—			(146,373	)		(27,853	)		(1,304,494	)		—			—
	Retirement Class		—			—			—			—			—			—			(280,598	)		—			—
	Retail Class		—			—			—			—			(3,277,554	)		(405,427	)		(223,629	)		—			—
	Premier Class		—			—			—			—			—			—			(25,815	)		—			—
Total distributions			(70,893,549	)		(28,370,734	)		(45,624,000	)		(9,511,165	)		(8,951,794	)		(10,588,424	)		(43,243,539	)		(15,767,697	)		(22,295,765	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		478,125,845			141,374,570			197,790,236			2,171,201			510,400			2,697,533			448,102,126			101,714,674			239,989,479
	Retirement Class		77,131,912			38,465,048			95,079,140			—			—			—			86,999,141			33,516,771			94,080,296
	Retail Class		105,317,837			25,385,799			38,129,592			73,236,741			26,695,863			98,734,879			71,335,314			19,343,209			40,801,163
	Premier Class		20,688,442			26,074,556			19,143,300			—			—			—			17,495,516			8,562,034			14,334,508
Reinvestments of distributions:	Institutional Class		12,777,250			11,164,031			18,067,942			27,766			29,536			86,949			24,715,991			10,522,062			14,556,717
	Retirement Class		11,744,615			5,609,474			11,344,973			—			—			—			6,445,244			2,324,993			3,590,870
	Retail Class		10,471,254			4,927,196			9,191,656			8,119,250			7,710,106			8,765,349			5,161,676			1,997,604			3,037,653
	Premier Class		2,109,768			1,003,595			587,964			—			—			—			681,547			223,690			52,139
Redemptions:	Institutional Class		(133,470,336	)		(35,642,208	)		(85,854,685	)		(3,420,266	)		(4,397,613	)		(11,491,638	)		(135,342,314	)		(74,772,872	)		(82,326,380	)
	Retirement Class		(62,161,190	)		(38,140,059	)		(76,438,460	)		—			—			—			(94,551,982	)		(34,243,048	)		(44,762,900	)
	Retail Class		(36,574,337	)		(21,469,778	)		(27,772,219	)		(44,603,620	)		(49,230,571	)		(33,199,853	)		(34,809,335	)		(20,942,615	)		(32,237,076	)
	Premier Class		(32,539,868	)		(14,079,548	)		(3,868,167	)		—			—			—			(17,253,654	)		(7,317,586	)		(488,010	)
Net increase (decrease) from shareholder transactions			453,621,192			144,672,676			195,401,272			35,531,072			(18,682,279	)		65,593,219			378,979,270			40,928,916			250,628,459
Net increase (decrease) in net assets			458,810,007			164,777,014			240,647,405			59,041,704			(41,826,576	)		74,481,791			475,132,985			35,904,828			309,799,413
NET ASSETS
Beginning of period			903,302,660			738,525,646			497,878,241			291,983,413			333,809,989			259,328,198			1,109,886,244			1,073,981,416			764,182,003
End of period		$	1,362,112,667		$	903,302,660		$	738,525,646		$	351,025,117		$	291,983,413		$	333,809,989		$	1,585,019,229		$	1,109,886,244		$	1,073,981,416
Undistributed net investment income (loss) included in net assets		$	(295,279	)	$	(295,279	)	$	(295,279	)	$	11,267		$	11,267		$	45,739		$	31,868		$	11,897		$	13,009
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		48,883,984			14,284,381			21,035,133			201,411			50,384			255,254			37,372,775			9,110,137			22,158,851
	Retirement Class		7,827,751			3,884,199			10,150,586			—			—			—			7,293,353			2,965,100			8,637,641
	Retail Class		10,668,253			2,555,400			4,073,733			6,844,591			2,572,586			9,399,973			6,127,171			1,756,406			3,847,240
	Premier Class		2,124,781			2,641,412			2,048,858			—			—			—			1,482,594			759,807			1,307,248
Shares reinvested:	Institutional Class		1,300,927			1,127,143			1,936,501			2,604			2,889			8,348			2,124,625			950,084			1,345,057
	Retirement Class		1,196,730			566,485			1,215,922			—			—			—			551,184			208,039			329,102
	Retail Class		1,062,073			495,680			981,485			761,472			753,676			833,851			454,080			183,873			286,364
	Premier Class		215,014			101,418			62,463			—			—			—			58,851			20,196			4,694
Shares redeemed:	Institutional Class		(13,662,636	)		(3,602,979	)		(9,209,662	)		(323,233	)		(433,608	)		(1,102,954	)		(11,325,610	)		(6,689,268	)		(7,560,534	)
	Retirement Class		(6,399,316	)		(3,862,517	)		(8,138,989	)		—			—			—			(7,803,684	)		(3,005,942	)		(4,048,954	)
	Retail Class		(3,723,005	)		(2,155,455	)		(2,976,515	)		(4,206,139	)		(4,829,251	)		(3,171,873	)		(2,999,930	)		(1,917,139	)		(3,041,074	)
	Premier Class		(3,300,053	)		(1,420,788	)		(410,002	)		—			—			—			(1,443,886	)		(651,999	)		(44,055	)
Net increase (decrease) from shareholder transactions			46,194,503			14,614,379			20,769,513			3,280,706			(1,883,324	)		6,222,599			31,891,523			3,689,294			23,221,580

44 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 45

Statements of changes in net assets	concluded
TIAA-CREF Funds § For the year or period ended

		Bond Index Fund									Money Market Fund
		For the year ended March 31, 2012			For the six-month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended March 31, 2012			For the six-month period ended March 31, 2011			For the year ended September 30, 2010
OPERATIONS
Net investment income (loss)		$	48,099,857		$	14,010,679		$	4,754,056		$	119,340		$	182,872		$	491,519
Net realized gain (loss) on total investments			1,761,806			(1,918,283	)		585,662			2,971			475			1,905
Net change in unrealized appreciation (depreciation) on total investments			74,500,044			(25,284,776	)		7,529,771			—			—			—
Net increase (decrease) in net assets from operations			124,361,707			(13,192,380	)		12,869,489			122,311			183,347			493,424
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(47,347,922	)		(13,904,454	)		(4,613,903	)		(119,340	)		(182,872	)		(473,302	)
	Retirement Class		(437,594	)		(27,460	)		(43,720	)		—			—			(2,398	)
	Retail Class		(187,245	)		(56,387	)		(63,505	)		—			—			(15,797	)
	Premier Class		(127,096	)		(22,378	)		(32,915	)		—			—			(20	)
From realized gains:	Institutional Class		—			(931,923	)		(17,947	)		—			—			—
	Retirement Class		—			(1,588	)		(181	)		—			—			—
	Retail Class		—			(3,822	)		(276	)		—			—			—
	Premier Class		—			(1,121	)		(180	)		—			—			—
Total distributions			(48,099,857	)		(14,949,133	)		(4,772,627	)		(119,340	)		(182,872	)		(491,517	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,658,034,153			1,134,156,768			321,957,476			181,215,283			80,862,315			197,525,504
	Retirement Class		40,926,507			2,239,720			1,759,492			196,097,762			18,231,625			42,534,813
	Retail Class		9,153,247			2,816,795			3,410,109			220,902,291			132,307,237			246,031,424
	Premier Class		11,979,400			1,371,642			428,898			19,378,251			10,801,118			13,190,522
Reinvestments of distributions:	Institutional Class		42,093,571			14,828,113			4,631,850			119,340			182,803			472,841
	Retirement Class		437,594			29,048			43,901			—			—			2,398
	Retail Class		172,798			55,983			62,792			—			—			14,855
	Premier Class		127,096			23,499			33,095			—			—			20
Redemptions:	Institutional Class		(249,057,226	)		(150,159,088	)		(22,201,670	)		(138,977,286	)		(87,702,934	)		(100,248,680	)
	Retirement Class		(4,150,591	)		(1,952,267	)		(11,500	)		(180,168,501	)		(32,905,616	)		(96,517,908	)
	Retail Class		(3,168,767	)		(724,225	)		(392,338	)		(316,627,054	)		(200,640,157	)		(482,770,768	)
	Premier Class		(3,455,581	)		(25,708	)		(64,158	)		(28,350,145	)		(7,554,193	)		(1,009,364	)
Net increase (decrease) from shareholder transactions			1,503,092,201			1,002,660,280			309,657,947			(46,410,059	)		(86,417,802	)		(180,774,343	)
Net increase (decrease) in net assets			1,579,354,051			974,518,767			317,754,809			(46,407,088	)		(86,417,327	)		(180,772,436	)
NET ASSETS
Beginning of period			1,394,780,370			420,261,603			102,506,794			1,089,761,528			1,176,178,855			1,356,951,291
End of period		$	2,974,134,421		$	1,394,780,370		$	420,261,603		$	1,043,354,440		$	1,089,761,528		$	1,176,178,855
Undistributed net investment income (loss) included in net assets		$	1,338		$	1,338		$	1,091		$	(4,552	)	$	(7,509	)	$	(8,234	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		154,712,274			108,594,414			31,042,454			181,215,278			80,862,315			197,525,504
	Retirement Class		3,832,262			217,216			171,728			196,097,762			18,231,625			42,534,813
	Retail Class		854,365			271,987			333,959			220,902,291			132,307,237			246,031,424
	Premier Class		1,114,970			133,372			41,597			19,378,251			10,801,118			13,190,522
Shares reinvested:	Institutional Class		3,939,619			1,438,634			451,476			119,345			182,803			472,841
	Retirement Class		40,739			2,809			4,278			—			—			2,398
	Retail Class		16,169			5,420			6,122			—			—			14,855
	Premier Class		11,860			2,278			3,240			—			—			20
Shares redeemed:	Institutional Class		(23,268,118	)		(14,436,475	)		(2,174,639	)		(138,977,286	)		(87,702,934	)		(100,248,680	)
	Retirement Class		(385,467	)		(187,285	)		(1,102	)		(180,168,501	)		(32,905,616	)		(96,517,908	)
	Retail Class		(296,464	)		(70,409	)		(38,693	)		(316,627,054	)		(200,640,157	)		(482,770,767	)
	Premier Class		(323,059	)		(2,476	)		(6,155	)		(28,350,145	)		(7,554,193	)		(1,009,364	)
Net increase (decrease) from shareholder transactions			140,249,150			95,969,485			29,834,265			(46,410,059	)		(86,417,802	)		(180,774,342	)

46 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 47

Financial highlights

Bond Fund § For the year or period ended

	Institutional Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.36		$	10.70		$	10.20		$	9.68		$	9.94		$	9.97
Gain from investment operations:
Net investment income (loss) (a)		0.29			0.15			0.35			0.41			0.48			0.49
Net realized and unrealized gain (loss) on total investments		0.50			(0.22	)		0.50			0.52			(0.26	)		(0.03	)
Total gain (loss) from investment operations		0.79			(0.07	)		0.85			0.93			0.22			0.46
Less distributions from:
Net investment income		(0.29	)		(0.15	)		(0.35	)		(0.41	)		(0.48	)		(0.49	)
Net realized gains		(0.27	)		(0.12	)		—			—			—			—
Total distributions		(0.56	)		(0.27	)		(0.35	)		(0.41	)		(0.48	)		(0.49	)
Net asset value, end of period	$	10.59		$	10.36		$	10.70		$	10.20		$	9.68		$	9.94
TOTAL RETURN		7.81	%		(0.67	)%(b)		8.47	%		10.00	%		2.06	%		4.74	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,759,983		$	1,681,237		$	2,474,347		$	2,151,009		$	1,883,323		$	1,615,363
Ratio of expenses to average net assets before expense waiver and reimbursement		0.33	%		0.33	%(c)		0.33	%		0.36	%		0.32	%		0.32	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.33	%		0.33	%(c)		0.33	%		0.34	%		0.32	%		0.32	%
Ratio of net investment income (loss) to average net assets		2.78	%		2.80	%(c)		3.35	%		4.20	%		4.79	%		4.91	%
Portfolio turnover rate		402	%(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)		113	%		189	%
	Retirement Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.54		$	10.88		$	10.37		$	9.84		$	10.10		$	10.13
Gain from investment operations:
Net investment income (loss) (a)		0.27			0.14			0.32			0.39			0.46			0.47
Net realized and unrealized gain (loss) on total investments		0.50			(0.22	)		0.52			0.54			(0.27	)		(0.03	)
Total gain (loss) from investment operations		0.77			(0.08	)		0.84			0.93			0.19			0.44
Less distributions from:
Net investment income		(0.27	)		(0.14	)		(0.33	)		(0.40	)		(0.45	)		(0.47	)
Net realized gains		(0.27	)		(0.12	)		—			—			—			—
Total distributions		(0.54	)		(0.26	)		(0.33	)		(0.40	)		(0.45	)		(0.47	)
Net asset value, end of period	$	10.77		$	10.54		$	10.88		$	10.37		$	9.84		$	10.10
TOTAL RETURN		7.45	%		(0.76	)%(b)		8.22	%		9.64	%		1.87	%		4.43	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	327,833		$	261,330		$	239,160		$	121,753		$	28,760		$	8,302
Ratio of expenses to average net assets before expense waiver and reimbursement		0.58	%		0.58	%(c)		0.58	%		0.62	%		0.57	%		0.59	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.58	%		0.58	%(c)		0.58	%		0.59	%		0.57	%		0.59	%
Ratio of net investment income (loss) to average net assets		2.53	%		2.56	%(c)		3.06	%		3.86	%		4.56	%		4.69	%
Portfolio turnover rate		402	%(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)		113	%		189	%

48 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

Bond Fund § For the year or period ended

	Retail Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.53		$	10.87		$	10.36		$	9.83		$	10.09		$	10.11
Gain from investment operations:
Net investment income (loss) (a)		0.27			0.14			0.33			0.41			0.48			0.49
Net realized and unrealized gain (loss) on total investments		0.50			(0.22	)		0.52			0.53			(0.27	)		(0.03	)
Total gain (loss) from investment operations		0.77			(0.08	)		0.85			0.94			0.21			0.46
Less distributions from:
Net investment income		(0.27	)		(0.14	)		(0.34	)		(0.41	)		(0.47	)		(0.48	)
Net realized gains		(0.27	)		(0.12	)		—			—			—			—
Total distributions		(0.54	)		(0.26	)		(0.34	)		(0.41	)		(0.47	)		(0.48	)
Net asset value, end of period	$	10.76		$	10.53		$	10.87		$	10.36		$	9.83		$	10.09
TOTAL RETURN		7.44	%		(0.74	)%(b)		8.31	%		9.75	%		2.08	%		4.68	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	76,117		$	56,163		$	58,330		$	35,143		$	21,166		$	7,078
Ratio of expenses to average net assets before expense waiver and reimbursement		0.60	%		0.52	%(c)		0.50	%		0.68	%		0.56	%		0.60	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.60	%		0.52	%(c)		0.50	%		0.50	%		0.39	%		0.42	%
Ratio of net investment income (loss) to average net assets		2.50	%		2.61	%(c)		3.16	%		4.04	%		4.73	%		4.87	%
Portfolio turnover rate		402	%(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)		113	%		189	%
	Premier Class
	3/31/12			3/31/11		†	9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.37		$	10.71		$	10.20		$	10.20
Gain from investment operations:
Net investment income (loss) (a)		0.28			0.14			0.31			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.49			(0.22	)		0.53			—
Total gain (loss) from investment operations		0.77			(0.08	)		0.84			0.00	(e)
Less distributions from:
Net investment income		(0.28	)		(0.14	)		(0.33	)		—
Net realized gains		(0.27	)		(0.12	)		—			—
Total distributions		(0.55	)		(0.26	)		(0.33	)		—
Net asset value, end of period	$	10.59		$	10.37		$	10.71		$	10.20
TOTAL RETURN		7.54	%		(0.75	)%(b)		8.40	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	33,425		$	35,712		$	22,196		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.48	%		0.48	%(c)		0.48	%		220.90	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.48	%		0.48	%(c)		0.48	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		2.63	%		2.65	%(c)		2.94	%		0.00	%(c)
Portfolio turnover rate		402	%(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(e)	Amount represents less than $0.01 per share.
(f)	Does not include in-kind transactions.
(g)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 140%, 49%, 67% and 113%, respectively.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 49

Financial highlights

Bond Plus Fund § For the year or period ended

	Institutional Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.16		$	10.36		$	9.78		$	9.38		$	10.00		$	10.10
Gain from investment operations:
Net investment income (loss) (a)		0.38			0.20			0.47			0.47			0.51			0.51
Net realized and unrealized gain (loss) on total investments		0.41			(0.20	)		0.58			0.40			(0.62	)		(0.10	)
Total gain (loss) from investment operations		0.79			0.00	(e)		1.05			0.87			(0.11	)		0.41
Less distributions from:
Net investment income		(0.38	)		(0.20	)		(0.47	)		(0.47	)		(0.51	)		(0.51	)
Net realized gains		(0.01	)		—			—			—			—			(0.00	)(e)
Total distributions		(0.39	)		(0.20	)		(0.47	)		(0.47	)		(0.51	)		(0.51	)
Net asset value, end of period	$	10.56		$	10.16		$	10.36		$	9.78		$	9.38		$	10.00
TOTAL RETURN		7.91	%		(0.03	)%(b)		10.98	%		9.67	%		(1.18	)%		4.16	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	718,619		$	496,173		$	238,020		$	206,893		$	245,035		$	282,159
Ratio of expenses to average net assets before expense waiver and reimbursement		0.35	%		0.37	%(c)		0.37	%		0.40	%		0.38	%		0.42	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%		0.35	%(c)		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets		3.62	%		3.90	%(c)		4.68	%		5.07	%		5.17	%		5.12	%
Portfolio turnover rate		221	%(g)		99	%(b)(g)		158	%(g)		143	%(g)		92	%		137	%
	Retirement Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.17		$	10.37		$	9.79		$	9.39		$	10.02		$	10.12
Gain from investment operations:
Net investment income (loss) (a)		0.35			0.18			0.43			0.45			0.49			0.49
Net realized and unrealized gain (loss) on total investments		0.41			(0.20	)		0.59			0.40			(0.63	)		(0.09	)
Total gain (loss) from investment operations		0.76			(0.02	)		1.02			0.85			(0.14	)		0.40
Less distributions from:
Net investment income		(0.35	)		(0.18	)		(0.44	)		(0.45	)		(0.49	)		(0.50	)
Net realized gains		(0.01	)		—			—			—			—			(0.00	)(e)
Total distributions		(0.36	)		(0.18	)		(0.44	)		(0.45	)		(0.49	)		(0.50	)
Net asset value, end of period	$	10.57		$	10.17		$	10.37		$	9.79		$	9.39		$	10.02
TOTAL RETURN		7.64	%		(0.16	)%(b)		10.70	%		9.39	%		(1.49	)%		4.01	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	95,480		$	72,668		$	92,179		$	58,533		$	9,913		$	8,830
Ratio of expenses to average net assets before expense waiver and reimbursement		0.60	%		0.62	%(c)		0.62	%		0.65	%		0.63	%		0.72	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.60	%		0.60	%(c)		0.60	%		0.60	%		0.61	%		0.55	%
Ratio of net investment income (loss) to average net assets		3.36	%		3.58	%(c)		4.34	%		4.80	%		4.95	%		4.92	%
Portfolio turnover rate		221	%(g)		99	%(b)(g)		158	%(g)		143	%(g)		92	%		137	%

50 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

Bond Plus Fund § For the year or period ended

	Retail Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.18		$	10.38		$	9.80		$	9.40		$	10.02		$	10.12
Gain from investment operations:
Net investment income (loss) (a)		0.35			0.18			0.45			0.46			0.50			0.50
Net realized and unrealized gain (loss) on total investments		0.41			(0.20	)		0.58			0.40			(0.61	)		(0.10	)
Total gain (loss) from investment operations		0.76			(0.02	)		1.03			0.86			(0.11	)		0.40
Less distributions from:
Net investment income		(0.35	)		(0.18	)		(0.45	)		(0.46	)		(0.51	)		(0.50	)
Net realized gains		(0.01	)		—			—			—			—			(0.00	)(e)
Total distributions		(0.36	)		(0.18	)		(0.45	)		(0.46	)		(0.51	)		(0.50	)
Net asset value, end of period	$	10.58		$	10.18		$	10.38		$	9.80		$	9.40		$	10.02
TOTAL RETURN		7.59	%		(0.14	)%(b)		10.78	%		9.50	%		(1.26	)%		4.09	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	275,663		$	265,818		$	277,069		$	247,928		$	241,183		$	264,897
Ratio of expenses to average net assets before expense waiver and reimbursement		0.64	%		0.59	%(c)		0.54	%		0.74	%		0.74	%		0.77	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.64	%		0.58	%(c)		0.52	%		0.49	%		0.44	%		0.41	%
Ratio of net investment income (loss) to average net assets		3.33	%		3.62	%(c)		4.50	%		4.93	%		5.09	%		5.07	%
Portfolio turnover rate		221	%(g)		99	%(b)(g)		158	%(g)		143	%(g)		92	%		137	%
	Premier Class
	3/31/12			3/31/11		†	9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.16		$	10.36		$	9.78		$	9.78
Gain from investment operations:
Net investment income (loss) (a)		0.36			0.19			0.40			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.41			(0.20	)		0.63			—
Total gain (loss) from investment operations		0.77			(0.01	)		1.03			0.00	(e)
Less distributions from:
Net investment income		(0.36	)		(0.19	)		(0.45	)		—
Net realized gains		(0.01	)		—			—			—
Total distributions		(0.37	)		(0.19	)		(0.45	)		—
Net asset value, end of period	$	10.56		$	10.16		$	10.36		$	9.78
TOTAL RETURN		7.75	%		(0.11	)%(b)		10.82	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	12,334		$	11,028		$	10,857		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.50	%		0.52	%(c)		0.52	%		220.91	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.50	%		0.50	%(c)		0.50	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		3.45	%		3.69	%(c)		3.89	%		0.00	%(c)
Portfolio turnover rate		221	%(g)		99	%(b)(g)		158	%(g)		143	%(g)

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(e)	Amount represents less than $0.01 per share.
(g)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 105%, 63%, 90% and 108%, respectively.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 51

Financial highlights

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

	Institutional Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.30		$	10.43		$	10.11		$	9.78		$	10.04		$	10.04
Gain from investment operations:
Net investment income (loss) (a)		0.20			0.11			0.28			0.36			0.45			0.48
Net realized and unrealized gain (loss) on total investments		0.16			(0.13	)		0.32			0.33			(0.26	)		(0.00	)(e)
Total gain (loss) from investment operations		0.36			(0.02	)		0.60			0.69			0.19			0.48
Less distributions from:
Net investment income		(0.20	)		(0.11	)		(0.28	)		(0.36	)		(0.45	)		(0.48	)
Net realized gains		(0.06	)		—			—			—			—			(0.00	)(e)
Total distributions		(0.26	)		(0.11	)		(0.28	)		(0.36	)		(0.45	)		(0.48	)
Net asset value, end of period	$	10.40		$	10.30		$	10.43		$	10.11		$	9.78		$	10.04
TOTAL RETURN		3.53	%		(0.20	)%(b)		6.05	%		7.23	%		1.88	%		4.87	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	431,936		$	255,835		$	176,043		$	101,583		$	135,936		$	163,035
Ratio of expenses to average net assets before expense waiver and reimbursement		0.31	%		0.32	%(c)		0.33	%		0.38	%		0.37	%		0.40	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.30	%		0.30	%(c)		0.30	%		0.29	%		0.31	%		0.30	%
Ratio of net investment income (loss) to average net assets		1.90	%		2.11	%(c)		2.74	%		3.66	%		4.46	%		4.76	%
Portfolio turnover rate		146	%		93	%(b)		95	%		173	%		102	%		82	%
	Retirement Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.31		$	10.44		$	10.12		$	9.78		$	10.05		$	10.06
Gain from investment operations:
Net investment income (loss) (a)		0.17			0.10			0.25			0.34			0.42			0.46
Net realized and unrealized gain (loss) on total investments		0.16			(0.13	)		0.33			0.34			(0.26	)		(0.00	)(e)
Total gain (loss) from investment operations		0.33			(0.03	)		0.58			0.68			0.16			0.46
Less distributions from:
Net investment income		(0.17	)		(0.10	)		(0.26	)		(0.34	)		(0.43	)		(0.47	)
Net realized gains		(0.06	)		—			—			—			—			(0.00	)(e)
Total distributions		(0.23	)		(0.10	)		(0.26	)		(0.34	)		(0.43	)		(0.47	)
Net asset value, end of period	$	10.41		$	10.31		$	10.44		$	10.12		$	9.78		$	10.05
TOTAL RETURN		3.27	%		(0.32	)%(b)		5.79	%		7.07	%		1.56	%		4.63	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	188,614		$	134,128		$	121,535		$	56,366		$	19,752		$	12,785
Ratio of expenses to average net assets before expense waiver and reimbursement		0.55	%		0.57	%(c)		0.58	%		0.64	%		0.63	%		0.67	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.55	%		0.55	%(c)		0.55	%		0.54	%		0.56	%		0.50	%
Ratio of net investment income (loss) to average net assets		1.65	%		1.86	%(c)		2.42	%		3.40	%		4.23	%		4.58	%
Portfolio turnover rate		146	%		93	%(b)		95	%		173	%		102	%		82	%

52 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

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

	Retail Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.31		$	10.44		$	10.12		$	9.78		$	10.05		$	10.05
Gain from investment operations:
Net investment income (loss) (a)		0.17			0.10			0.26			0.35			0.44			0.47
Net realized and unrealized gain (loss) on total investments		0.16			(0.13	)		0.33			0.34			(0.27	)		0.01
Total gain (loss) from investment operations		0.33			(0.03	)		0.59			0.69			0.17			0.48
Less distributions from:
Net investment income		(0.17	)		(0.10	)		(0.27	)		(0.35	)		(0.44	)		(0.48	)
Net realized gains		(0.06	)		—			—			—			—			(0.00	)(e)
Total distributions		(0.23	)		(0.10	)		(0.27	)		(0.35	)		(0.44	)		(0.48	)
Net asset value, end of period	$	10.41		$	10.31		$	10.44		$	10.12		$	9.78		$	10.05
TOTAL RETURN		3.24	%		(0.30	)%(b)		5.87	%		7.19	%		1.71	%		4.86	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	166,750		$	155,623		$	149,768		$	111,912		$	104,084		$	101,059
Ratio of expenses to average net assets before expense waiver and reimbursement		0.58	%		0.52	%(c)		0.50	%		0.71	%		0.67	%		0.76	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.57	%		0.50	%(c)		0.47	%		0.43	%		0.38	%		0.34	%
Ratio of net investment income (loss) to average net assets		1.64	%		1.91	%(c)		2.58	%		3.53	%		4.40	%		4.69	%
Portfolio turnover rate		146	%		93	%(b)		95	%		173	%		102	%		82	%
	Premier Class
	3/31/12			3/31/11		†	9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.31		$	10.43		$	10.11		$	10.11
Gain from investment operations:
Net investment income (loss) (a)		0.18			0.10			0.25			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.16			(0.12	)		0.34			—
Total gain (loss) from investment operations		0.34			(0.02	)		0.59			0.00	(e)
Less distributions from:
Net investment income		(0.18	)		(0.10	)		(0.27	)		—
Net realized gains		(0.06	)		—			—			—
Total distributions		(0.24	)		(0.10	)		(0.27	)		—
Net asset value, end of period	$	10.41		$	10.31		$	10.43		$	10.11
TOTAL RETURN		3.37	%		(0.18	)%(b)		5.89	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	21,211		$	19,881		$	19,884		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.45	%		0.47	%(c)		0.48	%		220.86	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.45	%		0.45	%(c)		0.45	%		0.45	%(c)
Ratio of net investment income (loss) to average net assets		1.75	%		1.95	%(c)		2.39	%		0.00	%(c)
Portfolio turnover rate		146	%		93	%(b)		95	%		173	%

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 53

Financial highlights

High-Yield Fund § For the year or period ended

	Institutional Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.99		$	9.74		$	9.04		$	8.41		$	9.94		$	9.92
Gain from investment operations:
Net investment income (loss) (a)		0.68			0.35			0.72			0.78			0.76			0.72
Net realized and unrealized gain (loss) on total investments		(0.02	)		0.25			0.70			0.63			(1.52	)		0.02
Total gain (loss) from investment operations		0.66			0.60			1.42			1.41			(0.76	)		0.74
Less distributions from:
Net investment income		(0.68	)		(0.35	)		(0.72	)		(0.78	)		(0.76	)		(0.72	)
Net realized gains		—			—			—			—			(0.01	)		—
Total distributions		(0.68	)		(0.35	)		(0.72	)		(0.78	)		(0.77	)		(0.72	)
Net asset value, end of period	$	9.97		$	9.99		$	9.74		$	9.04		$	8.41		$	9.94
TOTAL RETURN		6.91	%		6.22	%(b)		16.41	%		18.83	%		(8.15	)%		7.66	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	889,869		$	527,004		$	398,933		$	245,983		$	228,048		$	228,834
Ratio of expenses to average net assets before expense waiver and reimbursement		0.39	%		0.40	%(c)		0.41	%		0.45	%		0.43	%		0.49	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.39	%		0.40	%(c)		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income (loss) to average net assets		6.90	%		7.04	%(c)		7.76	%		10.07	%		8.05	%		7.30	%
Portfolio turnover rate		62	%		43	%(b)		109	%		79	%		59	%		43	%
	Retirement Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.99		$	9.74		$	9.04		$	8.41		$	9.95		$	9.92
Gain from investment operations:
Net investment income (loss) (a)		0.65			0.34			0.70			0.76			0.74			0.71
Net realized and unrealized gain (loss) on total investments		(0.03	)		0.25			0.70			0.63			(1.53	)		0.03
Total gain (loss) from investment operations		0.62			0.59			1.40			1.39			(0.79	)		0.74
Less distributions from:
Net investment income		(0.65	)		(0.34	)		(0.70	)		(0.76	)		(0.74	)		(0.71	)
Net realized gains		—			—			—			—			(0.01	)		—
Total distributions		(0.65	)		(0.34	)		(0.70	)		(0.76	)		(0.75	)		(0.71	)
Net asset value, end of period	$	9.96		$	9.99		$	9.74		$	9.04		$	8.41		$	9.95
TOTAL RETURN		6.54	%		6.09	%(b)		16.12	%		18.54	%		(8.45	)%		7.61	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	202,282		$	176,489		$	166,383		$	125,322		$	28,694		$	15,869
Ratio of expenses to average net assets before expense waiver and reimbursement		0.64	%		0.65	%(c)		0.66	%		0.71	%		0.69	%		0.73	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.64	%		0.65	%(c)		0.65	%		0.65	%		0.65	%		0.60	%
Ratio of net investment income (loss) to average net assets		6.65	%		6.78	%(c)		7.49	%		9.38	%		7.91	%		7.10	%
Portfolio turnover rate		62	%		43	%(b)		109	%		79	%		59	%		43	%

54 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

High-Yield Fund § For the year or period ended

	Retail Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.03		$	9.78		$	9.08		$	8.44		$	9.98		$	9.94
Gain from investment operations:
Net investment income (loss) (a)		0.65			0.34			0.71			0.77			0.75			0.72
Net realized and unrealized gain (loss) on total investments		(0.02	)		0.25			0.70			0.64			(1.53	)		0.03
Total gain (loss) from investment operations		0.63			0.59			1.41			1.41			(0.78	)		0.75
Less distributions from:
Net investment income		(0.65	)		(0.34	)		(0.71	)		(0.77	)		(0.75	)		(0.71	)
Net realized gains		—			—			—			—			(0.01	)		—
Total distributions		(0.65	)		(0.34	)		(0.71	)		(0.77	)		(0.76	)		(0.71	)
Net asset value, end of period	$	10.01		$	10.03		$	9.78		$	9.08		$	8.44		$	9.98
TOTAL RETURN		6.63	%		6.11	%(b)		16.18	%		18.78	%		(8.28	)%		7.76	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	249,119		$	169,337		$	156,374		$	126,323		$	101,026		$	143,329
Ratio of expenses to average net assets before expense waiver and reimbursement		0.66	%		0.59	%(c)		0.58	%		0.79	%		0.71	%		0.76	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.66	%		0.59	%(c)		0.57	%		0.54	%		0.48	%		0.47	%
Ratio of net investment income (loss) to average net assets		6.62	%		6.85	%(c)		7.60	%		9.86	%		7.94	%		7.25	%
Portfolio turnover rate		62	%		43	%(b)		109	%		79	%		59	%		43	%
	Premier Class
	3/31/12			3/31/11		†	9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.99		$	9.74		$	9.04		$	9.04
Gain from investment operations:
Net investment income (loss) (a)		0.66			0.34			0.71			0.00	(e)
Net realized and unrealized gain (loss) on total investments		(0.02	)		0.25			0.70			—
Total gain (loss) from investment operations		0.64			0.59			1.41			0.00	(e)
Less distributions from:
Net investment income		(0.66	)		(0.34	)		(0.71	)		—
Net realized gains		—			—			—			—
Total distributions		(0.66	)		(0.34	)		(0.71	)		—
Net asset value, end of period	$	9.97		$	9.99		$	9.74		$	9.04
TOTAL RETURN		6.75	%		6.14	%(b)		16.23	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	20,842		$	30,472		$	16,836		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.54	%		0.55	%(c)		0.56	%		220.96	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.54	%		0.55	%(c)		0.55	%		0.55	%(c)
Ratio of net investment income (loss) to average net assets		6.74	%		6.87	%(c)		7.52	%		0.00	%(c)
Portfolio turnover rate		62	%		43	%(b)		109	%		79	%

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 55

Financial highlights

Tax-Exempt Bond Fund § For the year or period ended

	Institutional Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.06		$	10.80		$	10.51		$	9.69		$	10.13		$	10.19
Gain from investment operations:
Net investment income (loss) (a)		0.34			0.19			0.38			0.38			0.36			0.38
Net realized and unrealized gain (loss) on total investments		0.80			(0.63	)		0.31			0.82			(0.44	)		(0.06	)
Total gain (loss) from investment operations		1.14			(0.44	)		0.69			1.20			(0.08	)		0.32
Less distributions from:
Net investment income		(0.34	)		(0.19	)		(0.38	)		(0.38	)		(0.36	)		(0.38	)
Net realized gains		—			(0.11	)		(0.02	)		(0.00	)(e)		(0.00	)(e)		—
Total distributions		(0.34	)		(0.30	)		(0.40	)		(0.38	)		(0.36	)		(0.38	)
Net asset value, end of period	$	10.86		$	10.06		$	10.80		$	10.51		$	9.69		$	10.13
TOTAL RETURN		11.46	%		(4.07	)%(b)		6.75	%		12.70	%		(0.87	)%		3.21	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	9,508		$	10,003		$	14,845		$	23,263		$	66,144		$	75,790
Ratio of expenses to average net assets before expense waiver and reimbursement		0.38	%		0.40	%(c)		0.38	%		0.42	%		0.41	%		0.46	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%		0.35	%(c)		0.35	%		0.35	%		0.36	%		0.35	%
Ratio of net investment income (loss) to average net assets		3.21	%		3.70	%(c)		3.66	%		3.83	%		3.51	%		3.76	%
Portfolio turnover rate		59	%		11	%(b)		29	%		28	%		50	%		48	%
	Retail Class
		3/31/12			3/31/11	†		9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.07		$	10.81		$	10.52		$	9.70		$	10.14		$	10.20
Gain from investment operations:
Net investment income (loss) (a)		0.32			0.18			0.37			0.36			0.35			0.38
Net realized and unrealized gain (loss) on total investments		0.81			(0.63	)		0.31			0.83			(0.44	)		(0.06	)
Total gain (loss) from investment operations		1.13			(0.45	)		0.68			1.19			(0.09	)		0.32
Less distributions from:
Net investment income		(0.32	)		(0.18	)		(0.37	)		(0.37	)		(0.35	)		(0.38	)
Net realized gains		—			(0.11	)		(0.02	)		(0.00	)(e)		(0.00	)(e)		—
Total distributions		(0.32	)		(0.29	)		(0.39	)		(0.37	)		(0.35	)		(0.38	)
Net asset value, end of period	$	10.88		$	10.07		$	10.81		$	10.52		$	9.70		$	10.14
TOTAL RETURN		11.30	%		(4.14	)%(b)		6.61	%		12.55	%		(0.90	)%		3.16	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	341,517		$	281,980		$	318,965		$	236,065		$	179,559		$	179,606
Ratio of expenses to average net assets before expense waiver and reimbursement		0.62	%		0.55	%(c)		0.52	%		0.70	%		0.65	%		0.72	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.59	%		0.51	%(c)		0.49	%		0.47	%		0.39	%		0.39	%
Ratio of net investment income (loss) to average net assets		2.96	%		3.56	%(c)		3.52	%		3.67	%		3.49	%		3.76	%
Portfolio turnover rate		59	%		11	%(b)		29	%		28	%		50	%		48	%

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

56 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights

Inflation-Linked Bond Fund § For the year or period ended

	Institutional Class
		3/31/12			3/31/11	†		9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.16		$	11.21		$	10.53		$	10.07		$	10.12		$	10.08
Gain from investment operations:
Net investment income (loss) (a)		0.36			0.17			0.27			(0.02	)		0.71			0.41
Net realized and unrealized gain (loss) on total investments		0.95			(0.05	)		0.67			0.48			(0.07	)		0.03
Total gain (loss) from investment operations		1.31			0.12			0.94			0.46			0.64			0.44
Less distributions from:
Net investment income		(0.39	)		(0.17	)		(0.26	)		(0.00	)(e)		(0.69	)		(0.40	)
Net realized gains		(0.01	)		—			—			—			—			—
Total distributions		(0.40	)		(0.17	)		(0.26	)		(0.00	)(e)		(0.69	)		(0.40	)
Net asset value, end of period	$	12.07		$	11.16		$	11.21		$	10.53		$	10.07		$	10.12
TOTAL RETURN		11.92	%		1.05	%(b)		9.04	%		4.57	%		6.20	%		4.51	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,174,406		$	771,048		$	737,043		$	524,468		$	440,993		$	438,862
Ratio of expenses to average net assets before expense waiver and reimbursement		0.28	%		0.29	%(c)		0.32	%		0.39	%		0.34	%		0.36	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.28	%		0.29	%(c)		0.32	%		0.35	%		0.34	%		0.35	%
Ratio of net investment income (loss) to average net assets		3.07	%		3.01	%(c)		2.47	%		(0.18	)%		6.67	%		4.07	%
Portfolio turnover rate		13	%		7	%(b)		12	%		17	%		16	%		26	%
	Retirement Class
		3/31/12			3/31/11	†		9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.25		$	11.31		$	10.62		$	10.18		$	10.23		$	10.19
Gain from investment operations:
Net investment income (loss) (a)		0.36			0.15			0.24			(0.02	)		0.82			0.45
Net realized and unrealized gain (loss) on total investments		0.94			(0.06	)		0.68			0.46			(0.20	)		(0.02	)
Total gain (loss) from investment operations		1.30			0.09			0.92			0.44			0.62			0.43
Less distributions from:
Net investment income		(0.36	)		(0.15	)		(0.23	)		(0.00	)(e)		(0.67	)		(0.39	)
Net realized gains		(0.01	)		—			—			—			—			—
Total distributions		(0.37	)		(0.15	)		(0.23	)		(0.00	)(e)		(0.67	)		(0.39	)
Net asset value, end of period	$	12.18		$	11.25		$	11.31		$	10.62		$	10.18		$	10.23
TOTAL RETURN		11.73	%		0.83	%(b)		8.80	%		4.33	%		5.95	%		4.29	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	191,083		$	176,090		$	175,037		$	112,192		$	88,127		$	17,840
Ratio of expenses to average net assets before expense waiver and reimbursement		0.53	%		0.54	%(c)		0.57	%		0.64	%		0.59	%		0.61	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.53	%		0.54	%(c)		0.57	%		0.60	%		0.59	%		0.55	%
Ratio of net investment income (loss) to average net assets		3.01	%		2.77	%(c)		2.20	%		(0.20	)%		7.57	%		4.47	%
Portfolio turnover rate		13	%		7	%(b)		12	%		17	%		16	%		26	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 57

Financial highlights	concluded
Inflation-Linked Bond Fund § For the year or period ended

	Retail Class
		3/31/12			3/31/11	†		9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.95		$	11.00		$	10.34		$	9.90		$	9.96		$	9.93
Gain from investment operations:
Net investment income (loss) (a)		0.34			0.16			0.24			(0.06	)		0.77			0.38
Net realized and unrealized gain (loss) on total investments		0.92			(0.05	)		0.66			0.50			(0.15	)		0.04
Total gain (loss) from investment operations		1.26			0.11			0.90			0.44			0.62			0.42
Less distributions from:
Net investment income		(0.36	)		(0.16	)		(0.24	)		(0.00	)(e)		(0.68	)		(0.39	)
Net realized gains		(0.01	)		—			—			—			—			—
Total distributions		(0.37	)		(0.16	)		(0.24	)		(0.00	)(e)		(0.68	)		(0.39	)
Net asset value, end of period	$	11.84		$	10.95		$	11.00		$	10.34		$	9.90		$	9.96
TOTAL RETURN		11.68	%		0.98	%(b)		8.84	%		4.45	%		6.11	%		4.35	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	201,227		$	146,917		$	147,427		$	127,272		$	131,575		$	56,824
Ratio of expenses to average net assets before expense waiver and reimbursement		0.55	%		0.47	%(c)		0.49	%		0.66	%		0.58	%		0.63	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.55	%		0.47	%(c)		0.49	%		0.49	%		0.44	%		0.48	%
Ratio of net investment income (loss) to average net assets		2.91	%		2.80	%(c)		2.30	%		(0.59	)%		7.28	%		3.85	%
Portfolio turnover rate		13	%		7	%(b)		12	%		17	%		16	%		26	%
	Premier Class
		3/31/12			3/31/11	†		9/30/10			9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.15		$	11.21		$	10.53		$	10.53
Gain from investment operations:
Net investment income (loss) (a)		0.37			0.16			0.13			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.92			(0.06	)		0.80			—
Total gain (loss) from investment operations		1.29			0.10			0.93			0.00	(e)
Less distributions from:
Net investment income		(0.37	)		(0.16	)		(0.25	)		—
Net realized gains		(0.01	)		—			—			—
Total distributions		(0.38	)		(0.16	)		(0.25	)		—
Net asset value, end of period	$	12.06		$	11.15		$	11.21		$	10.53
TOTAL RETURN		11.77	%		0.89	%(b)		8.89	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	18,303		$	15,832		$	14,474		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.43	%		0.44	%(c)		0.47	%		220.91	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.43	%		0.44	%(c)		0.47	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		3.13	%		2.88	%(c)		1.19	%		0.00	%(c)
Portfolio turnover rate		13	%		7	%(b)		12	%		17	%(b)

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

58 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights

Bond Index Fund § For the year or period ended

	Institutional Class
		3/31/12			3/31/11	†		9/30/10			9/30/09	(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.25		$	10.50		$	10.04		$	10.00
Gain from investment operations:
Net investment income (loss)(a)		0.26			0.13			0.31			0.01
Net realized and unrealized gain (loss) on total investments		0.52			(0.24	)		0.46			0.04
Total gain (loss) from investment operations		0.78			(0.11	)		0.77			0.05
Less distributions from:
Net investment income		(0.26	)		(0.13	)		(0.31	)		(0.01	)
Net realized gains		—			(0.01	)		(0. 00	)(e)		—
Total distributions		(0.26	)		(0.14	)		(0.31	)		(0.01	)
Net asset value, end of period	$	10.77		$	10.25		$	10.50		$	10.04
TOTAL RETURN		7.69	%		(1.11	)%(b)		7.87	%		0.48	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	2,908,947		$	1,382,598		$	411,709		$	99,497
Ratio of expenses to average net assets before expense waiver and reimbursement		0.15	%		0.17	%(c)		0.31	%		3.37	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.13	%		0.13	%(c)		0.13	%		0.12	%(c)
Ratio of net investment income (loss) to average net assets		2.42	%		2.44	%(c)		3.08	%		1.65	%(c)
Portfolio turnover rate		23	%		87	%(b)(f)		66	%(f)		279	%(b)
	Retirement Class
		3/31/12			3/31/11	†		9/30/10			9/30/09	(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.26		$	10.50		$	10.04		$	10.00
Gain from investment operations:
Net investment income (loss)(a)		0.23			0.11			0.29			0.01
Net realized and unrealized gain (loss) on total investments		0.52			(0.23	)		0.46			0.04
Total gain (loss) from investment operations		0.75			(0.12	)		0.75			0.05
Less distributions from:
Net investment income		(0.24	)		(0.11	)		(0.29	)		(0.01	)
Net realized gains		—			(0.01	)		(0.00	)(e)		—
Total distributions		(0.24	)		(0.12	)		(0.29	)		(0.01	)
Net asset value, end of period	$	10.77		$	10.26		$	10.50		$	10.04
TOTAL RETURN		7.32	%		(1.14	)%(b)		7.61	%		0.47	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	40,874		$	3,157		$	2,887		$	1,005
Ratio of expenses to average net assets before expense waiver and reimbursement		0.40	%		0.43	%(c)		0.57	%		6.81	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.38	%		0.38	%(c)		0.38	%		0.36	%(c)
Ratio of net investment income (loss) to average net assets		2.11	%		2.19	%(c)		2.82	%		1.41	%(c)
Portfolio turnover rate		23	%		87	%(b)(f)		66	%(f)		279	%(b)

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 59

Financial highlights concluded

Bond Index Fund § For the year or period ended

	Retail Class
	3/31/12			3/31/11		†	9/30/10			9/30/09		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.26		$	10.50		$	10.04		$	10.00
Gain from investment operations:
Net investment income (loss)(a)		0.22			0.11			0.28			0.01
Net realized and unrealized gain (loss) on total investments		0.52			(0.23	)		0.46			0.04
Total gain (loss) from investment operations		0.74			(0.12	)		0.74			0.05
Less distributions from:
Net investment income		(0.23	)		(0.11	)		(0.28	)		(0.01	)
Net realized gains		—			(0.01	)		(0.00	)(e)		—
Total distributions		(0.23	)		(0.12	)		(0.28	)		(0.01	)
Net asset value, end of period	$	10.77		$	10.26		$	10.50		$	10.04
TOTAL RETURN		7.22	%		(1.19	)%(b)		7.51	%		0.46	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	12,737		$	6,242		$	4,215		$	1,005
Ratio of expenses to average net assets before expense waiver and reimbursement		0.49	%		0.54	%(c)		0.66	%		6.81	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.48	%		0.48	%(c)		0.48	%		0.45	%(c)
Ratio of net investment income (loss) to average net assets		2.08	%		2.10	%(c)		2.74	%		1.32	%(c)
Portfolio turnover rate		23	%		87	%(b)(f)		66	%(f)		279	%(b)
	Premier Class
	3/31/12			3/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.25		$	10.49		$	10.04		$	10.04
Gain from investment operations:
Net investment income (loss)(a)		0.24			0.12			0.30			—
Net realized and unrealized gain (loss) on total investments		0.53			(0.23	)		0.45			—
Total gain (loss) from investment operations		0.77			(0.11	)		0.75			—
Less distributions from:
Net investment income		(0.25	)		(0.12	)		(0.30	)		—
Net realized gains		—			(0.01	)		(0.00	)(e)		—
Total distributions		(0.25	)		(0.13	)		(0.30	)		—
Net asset value, end of period	$	10.77		$	10.25		$	10.49		$	10.04
TOTAL RETURN		7.53	%		(1.09	)%(b)		7.61	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	11,577		$	2,784		$	1,451		$	1,000
Ratio of expenses to average net assets before expense waiver and reimbursement		0.30	%		0.33	%(c)		0.47	%		55.37	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.28	%		0.28	%(c)		0.28	%		0.28	%(c)
Ratio of net investment income (loss) to average net assets		2.22	%		2.31	%(c)		2.94	%		0.00	%(c)
Portfolio turnover rate		23	%		87	%(b)(f)		66	%(f)		279	%(b)

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on September 14, 2009.
(e)	Amount represents less than $0.01 per share.
(f)	Does not include in-kind transactions.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations.
	The Fund changed its fiscal year end from September 30 to March 31.

60 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights

Money Market Fund § For the year or period ended

	Institutional Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Gain from investment operations:
Net investment income (loss)(a)		0.00	(e)		0.00	(e)		0.00	(e)		0.01			0.03			0.05
Net realized and unrealized gain on total investments		—			—			—			—			—			—
Total gain (loss) from investment operations		0.00	(e)		0.00	(e)		0.00	(e)		0.01			0.03			0.05
Less distributions from:
Net investment income		(0.00	)(e)		(0.00	)(e)		(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)
Net realized gains		—			—			—			—			—			—
Total distributions		(0.00	)(e)		(0.00	)(e)		(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.03	%		0.04	%(b)		0.13	%		1.03	%		3.51	%		5.37	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	469,588		$	427,230		$	433,888		$	336,137		$	293,537		$	235,421
Ratio of expenses to average net assets before expense waiver and reimbursement		0.13	%		0.15	%(c)		0.15	%		0.22	%		0.14	%		0.14	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.13	%		0.15	%(c)		0.15	%		0.17	%		0.14	%		0.14	%
Ratio of net investment income (loss) to average net assets		0.03	%		0.09	%(c)		0.13	%		1.00	%		3.39	%		5.21	%
	Retirement Class
		3/31/12			3/31/11	†		9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Gain from investment operations:
Net investment income (loss)(a)		—			—			0.00	(e)		0.01			0.03			0.05
Net realized and unrealized gain on total investments		—			—			—			—			—			—
Total gain (loss) from investment operations		—			—			0.00	(e)		0.01			0.03			0.05
Less distributions from:
Net investment income		—			—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)
Net realized gains		—			—			—			—			—			—
Total distributions		—			—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.00	%		0.00	%(b)		0.00	%		0.78	%		3.25	%		5.12	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	80,690		$	64,760		$	79,434		$	133,415		$	97,832		$	98,903
Ratio of expenses to average net assets before expense waiver and reimbursement		0.39	%		0.40	%(c)		0.40	%		0.47	%		0.39	%		0.39	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.16	%		0.23	%(c)		0.27	%		0.41	%		0.39	%		0.35	%
Ratio of net investment income (loss) to average net assets		0.00	%		0.00	%(c)		0.00	%		0.75	%		3.26	%		5.01	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 61

Financial highlights concluded

Money Market Fund § For the year or period ended

	Retail Class
	3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Gain from investment operations:
Net investment income (loss)(a)		—			—			0.00	(e)		0.01			0.03			0.05
Net realized and unrealized gain on total investments		—			—			—			—			—			—
Total gain (loss) from investment operations		—			—			0.00	(e)		0.01			0.03			0.05
Less distributions from:
Net investment income		—			—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)
Net realized gains		—			—			—			—			—			—
Total distributions		—			—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.00	%		0.00	%(b)		0.00	%		0.91	%		3.43	%		5.25	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	486,370		$	582,093		$	650,426		$	887,149		$	1,093,363		$	1,034,417
Ratio of expenses to average net assets before
expense waiver and reimbursement		0.44	%		0.39	%(c)		0.33	%		0.54	%		0.40	%		0.43	%
Ratio of expenses to average net assets after
expense waiver and reimbursement		0.16	%		0.23	%(c)		0.27	%		0.28	%		0.22	%		0.25	%
Ratio of net investment income (loss) to average net assets		0.00	%		0.00	%(c)		0.00	%		0.95	%		3.34	%		5.11	%
	Premier Class
		3/31/12			3/31/11	†		9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Gain from investment operations:
Net investment income (loss)(a)		—			—			0.00	(e)		—
Net realized and unrealized gain on total investments		—			—			—			—
Total gain (loss) from investment operations		—			—			0.00	(e)		—
Less distributions from:
Net investment income		—			—			(0.00	)(e)		—
Net realized gains		—			—			—			—
Total distributions		—			—			(0.00	)(e)		—
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.00	%		0.00	%(b)		0.01	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	6,706		$	15,678		$	12,431		$	250
Ratio of expenses to average net assets before
expense waiver and reimbursement		0.28	%		0.30	%(c)		0.29	%		220.71	%(c)
Ratio of expenses to average net assets after
expense waiver and reimbursement		0.16	%		0.23	%(c)		0.27	%		0.00	%(c)
Ratio of net investment income (loss) to average net assets		0.00	%		0.00	%(c)		0.00	%		0.00	%(c)

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

62 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Notes to financial statements

TIAA-CREF Funds

Note 1—organization and significant accounting policies

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

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and 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 financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Net Asset Value per share (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the 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 financial statements. Investments held by the Money Market Fund are recorded at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter accreting or amortizing any discount or premium to its face value at a constant rate until maturity.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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

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

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

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2008-2012) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

For the year ended March 31, 2012, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, the utilization of tax equalization credits, dividend reclassifications and income generated from swaps were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

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

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses.

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 63

Notes to financial statements

Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. The investment of deferred amounts and the offsetting payable to the trustees are included in other assets and accrued expenses and other payables in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

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)

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: Bond index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges and are categorized in Level 1 of the fair value hierarchy.

Credit default swap contracts: Credit default swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Credit default swaps are generally categorized as Level 2 in the fair value hierarchy.

Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting period. For the year ended March 31, 2012, there were no significant transfers between levels by the Funds.

As of March 31, 2012, 100% of the value of investments in the Bond Fund, Short-Term Bond Fund, Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund and the Money Market Fund was valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Funds’ investments as of March 31, 2012:

64 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

continued

Fund	Level 1		Level 2		Level 3		Total
Bond Plus
Bank loan obligations	$	—	$	32,525,322	$	—	$	32,525,322
Corporate bonds		—		412,228,193		—		412,228,193
Government bonds		—		467,957,675		—		467,957,675
Structured assets		—		128,602,541		—		128,602,541
Preferred stocks		1,242,751		—		—		1,242,751
Short-term investments		—		210,203,276		—		210,203,276
Total	$	1,242,751	$	1,251,517,007	$	—	$	1,252,759,758
High-Yield
Bank loan obligations	$	—	$	17,258,598	$	—	$	17,258,598
Corporate bonds		—		1,301,257,389		—		1,301,257,389
Preferred stocks		2,794,742		—		—		2,794,742
Short-term investments		—		13,744,163		—		13,744,163
Total	$	2,794,742	$	1,332,260,150	$	—	$	1,335,054,892

Note 3—derivative instruments

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

For the year ended March 31, 2012, the effect of derivative contracts on the Funds Statements of Operations were as follows:

Derivative contracts	Location	Realized gain (loss)			Change in unrealized appreciation (depreciation)
Bond Fund
Credit contracts	Swap transactions	$	25,496		$	—
Credit contracts	Futures transactions		(1,579,300	)
Bond Plus Fund
Credit contracts	Swap transactions		12,748			—
Short-Term Bond Fund
Credit contracts	Swap transactions		12,749			—

Futures contracts: The Funds are subject to interest rate risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the fixed income markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin payments are made or received reflecting daily changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange traded funds, guarantees the futures against default. During the year ended March 31, 2012, the Bond Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 2% of net assets.

At March 31, 2012, the Funds did not hold any futures contracts.

Credit default swap contracts: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Fund is required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Fund. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Fund could be required to make under the contract. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event 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.

The value of a swap included in net assets is the unrealized gain or loss on the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets and depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities.

Under the terms of the credit default swap contracts, the Fund receives or makes quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of Operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 65

Notes to financial statements

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. During the year ended March 31, 2012, the Bond Fund, the Bond Plus Fund, and the Short-Term Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At March 31, 2012, the Funds did not hold any credit default swap contracts.

Note 4—investment adviser and affiliates

Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and operational oversight services to the Funds.

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations is paid to Advisors under the Retirement Class Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund (except Bond Index Fund) reimburses TPIS for amounts incurred up to 0.25% of the average daily net assets to distribute the Funds’ Retail Class. The Premier Class of each Fund and the Retail Class of the Bond Index Fund are subject to a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund and the Retail Class of the Bond Index Fund at the annual rate of 0.15% and 0.25% of the average daily net assets attributable to the Fund’s Premier Class and the Retail Class of the Bond Index Fund, respectively.

For the Money Market Fund, TPIS is not seeking reimbursement on a portion of distribution Rule 12b-1 plan expenses on the Retail Class, and Advisors is reimbursing certain other Retail Class expenses. In addition, TPIS waived a portion of the distribution Rule 12b-1 plan expenses on the Premier Class and Advisors waived a portion of service agreement fees on the Retirement Class. These waivers and reimbursements are voluntary in nature and can be discontinued at any time.

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

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of March 31, 2012, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

	Investment management fee range			Investment management fee-effective rate			Service agreement fee			Maximum distribution fee						Maximum expense amounts‡
Fund							Retirement Class			Retail Class			Premier Class			Institutional Class			Retirement Class			Retail Class			Premier Class
Bond*		0.27%–0.30	%		0.29	%		0.25	%		0.25	%		0.15	%		0.35	%		0.60	%		0.70	%		0.50	%
Bond Plus*		0.27–0.30			0.30			0.25			0.25			0.15			0.35			0.60			0.70			0.50
Short-Term Bond*		0.22–0.25			0.25			0.25			0.25			0.15			0.30			0.55			0.65			0.45
High-Yield*		0.32–0.35			0.35			0.25			0.25			0.15			0.40			0.65			0.75			0.55
Tax-Exempt Bond*		0.27–0.30			0.30			—			0.25			—			0.35			—			0.70			—
Inflation-Linked Bond*		0.22–0.25			0.25			0.25			0.25			0.15			0.35			0.60			0.70			0.50
Bond Index		0.10			0.10			0.25			0.25			0.15			0.13			0.38			0.48			0.28
Money Market		0.10			0.10			0.25			0.25			0.15			0.15			0.40			0.50			0.30

*	These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase.
‡	Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least July 31, 2013. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

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

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. Information regarding transactions with affiliated companies is as follows:

Issue	Value at March 31, 2011		Purchase cost		Sales proceeds		Realized gain (loss)		Dividend income		Withholding expense		Shares at March 31, 2012			Value at March 31, 2012
Bond Plus Fund
TIAA-CREF High-Yield Fund	$	5,403,239	$	61,730	$	5,493,914	$	112,801	$	49,021	$	—		—	*	$	—

* Not held as of March 31, 2012.

66 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

continued

Certain TIAA-CREF Funds and affiliates make investments in the Funds. The following is the percentage of the Funds’ shares owned by affiliates as of March 31, 2012:

Underlying Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifecycle Index Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Bond		64	%		—			—			—			1	%		65	%
Bond Plus		38			—			1	%		21	%		2			62
Short-Term Bond		20			—			1			—			1			22
High-Yield		21			—			—			—			—			21
Inflation-Linked Bond		10			1	%		—			—			—			11
Bond Index		—			9			—			—			—			9

Note 5—investments

Repurchase agreements: Each Fund may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

Treasury Inflation-Protected Securities: The Funds (other than the Money Market Fund) may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation or deflation are reflected in interest income in the Statements of Operations.

Dollar rolls transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase 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.

Net unrealized appreciation (depreciation): At March 31, 2012, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation)
Bond	$	2,617,138,444	$	70,108,337	$	(6,897,330	)	$	63,211,007
Bond Plus		1,221,583,601		39,598,399		(8,422,242	)		31,176,157
Short-Term Bond		732,680,404		10,194,860		(2,855,592	)		7,339,268
High-Yield		1,291,869,288		57,677,032		(14,491,428	)		43,185,604
Tax-Exempt Bond		311,685,365		19,303,204		(634,945	)		18,668,259
Inflation-Linked Bond		1,425,187,388		153,287,555		(964,455	)		152,323,100
Bond Index		2,900,428,939		59,957,633		(4,509,664	)		55,447,969

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended March 31, 2012 were as follows:

Fund	Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales
Bond	$	928,132,293	$	7,279,041,047	$	789,906,036	$	7,329,268,100
Bond Plus		558,337,077		1,760,559,009		410,236,215		1,668,459,068
Short-Term Bond		349,528,486		806,827,355		154,491,631		792,705,158
High-Yield		978,909,585		—		632,136,052		—
Tax-Exempt Bond		206,755,042		—		183,801,835		—
Inflation-Linked Bond		—		322,349,707		—		173,135,630
Bond Index		275,699,704		1,102,218,284		67,081,158		389,010,698

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 67

Notes to financial statements

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2012, the period ended March 31, 2011, and the year ended September 30, 2010 was as follows:

	3/31/2012						3/31/2011						9/30/2010
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Bond	$	83,985,826	$	21,609,176	$	105,595,002	$	46,648,422	$	4,610,787	$	51,259,209	$	88,292,347	$	—	$	88,292,347
Bond Plus		34,331,842		1,359,976		35,691,818		13,437,585		—		13,437,585		24,924,217		—		24,924,217
Short-Term Bond		13,827,727		2,655,163		16,482,890		5,118,402		—		5,118,402		9,095,799		—		9,095,799
High-Yield		70,893,549		—		70,893,549		28,370,734		—		28,370,734		45,624,000		—		45,624,000
Tax-Exempt Bond *		9,511,165		—		9,511,165		5,901,552		3,050,242		8,951,794		10,155,144		433,280		10,588,424
Inflation-Linked Bond		41,409,003		1,834,536		43,243,539		15,767,697		—		15,767,697		22,295,765		—		22,295,765
Bond Index		48,099,857		—		48,099,857		14,762,388		186,745		14,949,133		4,772,627		—		4,772,627
Money Market		119,340		—		119,340		182,872		—		182,872		491,517		—		491,517

* Includes ordinary income which will not be taxable for federal income tax purposes in 2012, 2011 and 2010 of $9,502,594, $5,514,672, and $10,123,626 respectively.

As of March 31, 2012, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation)		Capital loss carryover			Post-October losses			Total
Bond	$	18,236,031	$	—	$	63,211,009	$	—		$	—		$	81,447,040
Bond Plus		1,705,234		2,428,496		31,176,155		—			(1,414,352	)		33,895,533
Short-Term Bond		1,257,840		—		7,339,267		—			(1,456,142	)		7,140,965
High-Yield		2,941,304		—		43,185,604		(406,727	)		(1,866,825	)		43,853,356
Tax-Exempt Bond		123,248		338,574		18,668,259		—			—			19,130,081
Inflation-Linked Bond		1,252,163		5,517,883		152,323,097		—			—			159,093,143
Bond Index		492,536		1,204,075		55,447,970		—			—			57,144,581
Money Market		24,860		—		—		—			—			24,860

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the utilization of tax equalization credits, the utilization of capital loss carryovers, and the treatment of short term gain as ordinary income for tax purposes.

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the period ended March 31, 2012, the Bond Index Fund received $740,436,519, the High-Yield Fund $98,999,324, and the Inflation-Linked Bond Fund $195,232,546 of securities for in-kind purchase transactions. During the period ended March 31, 2012, the Funds did not have any in-kind redemption transactions.

At March 31, 2012, the following Fund had capital loss carryovers, which will expire as follows:

	Date of expiration
Fund	3/31/18		Total
High-Yield	$	406,727	$	406,727

For the year ended March 31, 2012, the Bond Plus Fund, High-Yield Fund, and Inflation-Linked Bond Fund utilized $10,501,679, $9,989,430, and $169,122 respectively, of their capital loss carryover available from prior years.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryovers may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the year ended March 31, 2012, there were no borrowings under this credit facility by the Funds.

68 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

concluded

Note 8—indemnification

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

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 69

Report of independent registered public accounting firm

To the Board of Trustees and Shareholders of the TIAA-CREF Funds:

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the 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 (hereafter referred to as the “Funds”), at March 31, 2012, the results of each of their operations for the period then ended and the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Boston, Massachusetts
May 18, 2012

70 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

Trustees and officers (unaudited)

TIAA-CREF Funds § March 31, 2012

Disinterested trustees

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	76	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	76	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; Independent Member of the Boards of Lazard Alternative Strategies Fund, LLC and Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	76	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	76	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	President and Founder (since 2006) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	76	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 3/27/63	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010), Managing Director (2002–2010), Goldman Sachs Asset Management.	76	Investment committee member, College of Mount Saint Vincent; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	76	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and North Shore Land Alliance.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).	76	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers; Vice President, Eastern Economics Association.

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 71

Trustees and officers (unaudited)

TIAA-CREF Funds § March 31, 2012

Disinterested trustees — concluded

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Chairman of the Board and Trustee	Indefinite term as Trustee; Chairman for term ending December 31, 2012. Trustee since 1999. Chairman since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman and Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	76	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust; Member, Duke Children’s Hospital and Health Center National Board of Advisors.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002); Professor, University of Texas at Austin (since 1987). Former Chairman, Department of Finance, University of Texas at Austin (2002–2011).	76	Member of the Governing Council, Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.
Executive officers
Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Former Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Accounts VA-1 and VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Former Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Former Managing Director/Director of Global Compliance, AIG Investments (2000–2008).
Roger W. Ferguson, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/28/51	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2012.	Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2012). President and Chief Executive Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2008). Director of Covariance Capital Management, Inc. (“Covariance”) (since 2010). Former Chairman, Head of Financial Services and Member of the Executive Committee, Swiss Re America Holding Corporation (2006–2008); Vice Chairman and Member of the Board of Governors of the United States Federal Reserve System (1997–2006).
Eugene Flood, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/55	Executive Vice President	One-year term. Executive Vice President since 2011.	Executive Vice President, President of Diversified Financial Services of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2011). President, Chief Executive Officer, Manager and Chairman of TIAA-CREF Redwood, LLC (“Redwood”) (since 2011). Director and Chairman of Covariance (since 2011). Manager and Chairman of Kaspick & Company LLC (since 2011). Director and Chairman of TIAA-CREF Life Insurance Company (“T-C Life”) (since 2011). Former President and Chief Executive Officer (2000–2010) and Director (1994–2010), Smith Breeden Associates, Inc., an investment adviser. Former Trustee of the TIAA-CREF Fund Complex (2005–2011). Dean’s Advisory Committee, Massachusetts Institute of Technology’s Sloan School of Management (since 2000).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Director of Advisors (since 2008). Director of TIAA-CREF Asset Management (“TCAM”) (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Former Chief Financial Officer, Van Kampen Funds (2005–2006).

72 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

concluded

Executive officers — concluded

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Head of Risk Management of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Risk Management (since 2009), Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Former Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Former Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Former Director of T-C Life (2006–2008). Former Director of Teachers Personal Investors Services, Inc. (“TPIS”), Advisors and Investment Management (2008).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/11/58	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Former President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Services (since 2011) of TIAA and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Former Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (since 2012) of TCT Holdings, Inc. Former Director (2007–2011) and Former Executive Vice President (2008–2010) of TCAM. Manager (since 2006), Former President and CEO (2006–2010) of Redwood. Former Director of Tuition Financing (2008–2009) and Former Executive Vice President of T-C Life (2009–2010).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Former Chief Communications Officer of TIAA (2010–2011). Former Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Former Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).
Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by telephone at 800 223-1200.

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 73

Renewal of investment management agreement (unaudited)

Board renewal of the investment management agreement for certain series of the TIAA-CREF Funds

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series covered by this Report (the “Funds”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Funds.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

Overview of the renewal process

The Board held a meeting on March 29, 2012, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Committee and to the Board in connection with the proposed contract renewals, and then helped evaluate the information provided in response to those guidelines. During a series of meetings held prior to the March 29, 2012 Board meeting, the Operations Committee reviewed such guidelines and requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Funds, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to each Fund by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and long-term investment performance and portfolio turnover rates. Lipper also compared much of this data for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that it (and not TAI) had identified the selected comparative peer groups and universes and that it did so in a manner that was not intended to produce biased results for its clients.

Among other matters, the Operations Committee also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this connection, the Operations Committee emphasized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI.

In advance of the Board meeting held on March 29, 2012, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed its Lipper peer group or (for the Bond Index Fund only) its benchmark index by a specified amount over a three-year period, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

74 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

continued

In considering whether to renew the Agreement with respect to each Fund, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided or to be provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by TAI and its affiliates from their relationship with the Fund; (4) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (5) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (7) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the Board considered the Agreement with respect to all Funds, the Board received and considered Fund-specific information and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 29, 2012, the Board voted unanimously to renew the Agreement for each Fund. Set forth below are certain general factors the Board considered for all of the Funds, followed by a summary of certain specific factors the Board considered for each particular Fund.

The nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds and the other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds, including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of the Bond Index Fund before any reductions for fees or expenses and excluding the impact of fair valuation, securities lending and class action litigation as compared to the Fund’s benchmark index. In this regard, the Board considered that the performance of most Funds generally compared favorably to their benchmarks (after considering the effect of expenses incurred to operate the Funds) and, with some exceptions, the Funds ranked in the top three performance quintiles versus their peer groups and universes of mutual funds. (For additional detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below.) The Board considered that, in those cases in which a Fund had underperformed its benchmark, peer group or peer universe of mutual funds for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative remedial actions that are reasonably designed to enhance the Fund’s investment performance or TAI had represented that no remedial actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was within an acceptable range or that appropriate remedial actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2011 with respect to the Funds. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board considered that TAI had earned profits with respect to some of the Funds under the Agreement and expected this trend to continue, but that for certain of the Funds, including the Bond Index Fund and the Money Market Fund, there was no current expectation for TAI to

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 75

Renewal of investment management agreement (unaudited)

earn a profit in the foreseeable future. With respect to those Funds for which the Agreement was profitable to TAI in 2011, the Board concluded that those profits were not excessive in light of various relevant factors.

During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management functions so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rates charged to a Fund under the Agreement typically were lower than the management fee rates charged by many or most comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. In this connection, the Board considered that TAI incurred operating losses with respect to its services provided to some of the Funds in 2011. The Board also considered the extent to which the current fee “breakpoints” (that is, the Fund asset levels at which additional assets would be assessed lower management fee rates) on many actively-managed Funds (which are profitable to TAI) would have a material effect on their fees. The Board considered TAI’s representation that, although the current breakpoint discounts may be low compared to those of some competitors, the initial maximum fee rates in the Agreement are already at low levels compared to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ fee schedules were within an acceptable range in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other investment companies. In addition, TAI manages institutional client assets through a small number of unregistered commingled funds and separate accounts with similar investment strategies and investment staff. The Board considered the schedule of fees for each of these funds and accounts, and the management fee rates actually charged to clients with current separate accounts that are managed under similar investment strategies. The Board also considered TAI’s representation that, while management fee rates charged to the Funds may differ from the management fee rates charged to these other funds and accounts, this is due in part to the fact that these other funds and accounts: are offered through products that charge additional fees to their investors; are offered in different types of markets; are provided with different types or levels of services by TAI; target different types of investors; and/or are packaged with other products, and that these factors, among others, justify different management fee rate schedules.

Other benefits

The Board also considered additional benefits to the Funds and to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain Funds managed by TAI or its affiliates may benefit from economies of scale to the extent that these Funds are managed in the same manner and by the same personnel as certain of the CREF Accounts. Additionally, TAI and the Funds may benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Retirement Class shares of each Fund (except where otherwise noted). Because the Retirement Class generally has different non-management expenses than the Institutional, Premier and Retail Classes of these Funds, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Retirement Class. All time periods referenced below ended as of December 31, 2011. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category. Statements below regarding a Fund’s “aggregate management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account the different management fee rates that apply to higher levels of Fund assets that exceed one or more breakpoints in the Fund’s management fee rate schedule. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2011 under the Agreement.

76 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

continued

Bond Fund
•	The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.295% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and 2nd quintile of the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).
•	The Fund was in the 3rd quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”) for the one-, five- and ten-year periods, the 4th quintile of its Performance Universe for the two- and four-year periods and the 5th quintile of its Performance Universe for the three-year period.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	TAI made changes to the Fund’s portfolio management team.
Bond Plus Fund
•	The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and 3rd and 2nd quintiles, respectively, of its Expense Universe.
•	The Fund was in the 3rd and 2nd quintiles of its Performance Universe for the one- and two-year periods, respectively, and in the 4th quintile of its Performance Universe for the three-, four- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	TAI made changes to the Fund’s portfolio management team.
Short-Term Bond Fund
•	The Fund’s annual contractual management fee rate is 0.25% of average daily net assets with breakpoints.
•	The Fund’s total expenses and management fees were in the 2nd quintile of its Expense Group and the 3rd and 1st quintiles, respectively, of its Expense Universe.
•	The Fund was in the 1st, 1st, 4th, 2nd and 2nd quintiles of its Performance Universe for the one-, two-, three-, four- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	TAI made changes to the Fund’s portfolio management team.
High-Yield Fund
•	The Fund’s annual contractual management fee rate is 0.35% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.349% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st quintile of its Performance Universe for the one-, two-, four- and five-year periods and the 3rd quintile of its Performance for the three-year period.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	TAI made changes to the Fund’s portfolio management team.
Tax-Exempt Bond Fund
•	The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st quintile of its Performance Universe for the one-, two-, three-, four- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	TAI made changes to the Fund’s portfolio management team.
Inflation-Linked Bond Fund
•	The Fund’s annual contractual management fee rate is 0.25% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.246% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and the 2nd and 1st quintiles, respectively, of its Expense Universe.
•	The Fund was in the 1st quintile of its Performance Universe for the one-year period, the 2nd quintile of its Performance Universe for the two- and five-year periods and 3rd quintile of its Performance Universe for the three- and four-year periods.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	TAI made changes to the Fund’s portfolio management team.
Bond Index Fund
•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s management fees were in the 1st and 2nd quintiles of its Expense Group and Expense Universe, respectively, and total expenses were in the 2nd and 4th quintiles of its Expense Group and Expense Universe, respectively.
•	The Fund was in the 2nd, 3rd and 4th quintiles of its Performance Universe for the one- and two-year and since-inception periods, respectively.
•	For the one-year period, the Fund’s relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses) as compared to its benchmark, the Barclays U.S. Aggregate Bond Index, was -6 basis points.
•	The Fund is too new to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
•	TAI made changes to the Fund’s portfolio management team.

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 77

Renewal of investment management agreement (unaudited) concluded

Money Market Fund
•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 2nd and 4th quintiles, respectively, of its Expense Group and the 3rd and 1st quintiles, respectively, of its Expense Universe.
•	The Fund was in the 5th quintile of its Performance Universe for the one- and two-year periods, the 4th quintile of its Performance Universe for the three-year period, the 3rd quintile of its Performance Universe for the four- and five-year periods and the 2nd quintile of its Performance Universe for the ten-year period.
•	Money market funds are not rated by Morningstar.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
•	Since July 2009, TAI and its affiliates have waived over $2.3 million in Fund expenses to maintain a positive yield.
•	TAI made changes to the Fund’s portfolio management team.

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

78 2012 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

Important tax information(unaudited)

For the year ended March 31, 2012, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long-term capital gains
Bond	$	26,347,331
Bond Plus		1,359,976
Short-Term Bond		2,655,163
High-Yield		—
Tax-Exempt Bond		—
Inflation-Linked Bond		2,189,506
Bond Index		—
Money Market		—

The Tax-Exempt Bond Fund paid distributions to shareholders during the year ended March 31, 2012, the period ended March 31, 2011, and the year ended September 30, 2010 totaling $9,511,165, $8,951,794, and $10,588,424, of which $9,502,594, $5,514,672, and $10,123,626 respectively, was exempt from federal income tax and has been designated as Exempt Interest Dividends.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2012, which will be reported in conjunction with your 2012 Form 1099-DIV.

By early 2013, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

TIAA-CREF Funds: Fixed-Income Funds § 2012 Annual Report 79

[This page intentionally left blank.]

[This page intentionally left blank.]

[This page intentionally left blank.]

How to reach us

TIAA-CREF website
tiaa-cref.org
24 hours a day, 7 days a week

Automated telephone service
800 842-2252
24 hours a day, 7 days a week

For the hearing- or speech-impaired
800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

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

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

©2012 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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

NCI-SFI-COC-163/S08/SFI/162

Printed on paper containing recycled fiber

eDelivery will save trees, conserve paper and reduce mailbox clutter.
Sign up today at www.tiaa-cref.org/eDelivery
C3898	A12450 (5/12)

730 Third Avenue
New York, NY 10017-3206

NCI-SFI-COC-163/S08/SFI/162

Printed on paper containing recycled fiber

C3898 A12450 (5/12)

730 Third Avenue
New York, NY 10017-3206

Printed on paper containing recycled fiber

C3898 A12450 (5/12)

Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics to the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert for the reporting period and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

          PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended March 31, 2011 and March 31, 2012, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $525,412 and $552,000, respectively.

4(b) Audit Related Fees.

For the fiscal years ended March 31, 2011 and March 31, 2012, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended March 31, 2011 and March 31, 2012, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended March 31, 2011 and March 31, 2012, PwC’s aggregate fees for tax services billed to the Registrant were $55,800 and $100,820, respectively.

For the fiscal years ended March 31, 2011 and March 31, 2012, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended March 31, 2011 and March 31, 2012, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $12,923, respectively.

For the fiscal years ended March 31, 2011 and March 31, 2012, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

          The Registrant’s audit committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s

independent auditor in order to ensure that such services do not impair the auditor’s independence.

          The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and March 31, 2012 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and March 31, 2012 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and March 31, 2012 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and March 31, 2012 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and March 31, 2012 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and March 31, 2012 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended March 31, 2011 and March 31, 2012, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $126,515 and $259,480, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS – Real Estate Securities Fund

TIAA-CREF FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS
March 31, 2012

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.8%
DIVERSIFIED CAPITAL MARKETS - 0.5%
	360,000	*	HFF, Inc (Class A)	$	5,929,200
			TOTAL DIVERSIFIED CAPITAL MARKETS		5,929,200
DIVERSIFIED REITS - 3.1%
	225,000		iShares Dow Jones US Real Estate Index Fund		14,015,250
	240,000		Vornado Realty Trust		20,208,000
			TOTAL DIVERSIFIED REIT’S		34,223,250
INDUSTRIAL REITS - 6.6%
	1,570,000		AMB Property Corp		56,551,400
	210,000		EastGroup Properties, Inc		10,546,200
	160,000	*	First Industrial Realty Trust, Inc		1,976,000
	2,000,000	*	Global Logistic Properties		3,505,431
			TOTAL INDUSTRIAL REIT’S		72,579,031
MORTGAGE REITS - 0.4%
	300,000		Annaly Capital Management, Inc		4,746,000
			TOTAL MORTGAGE REIT’S		4,746,000
OFFICE REITS - 11.6%
	75,000		Alexandria Real Estate Equities, Inc		5,484,750
	380,000		BioMed Realty Trust, Inc		7,212,400
	500,000	d	Boston Properties, Inc		52,495,000
	240,000		Digital Realty Trust, Inc		17,752,800
	105,000		Mack-Cali Realty Corp		3,026,100
	400,000		Mission West Properties, Inc		3,944,000
	470,000		SL Green Realty Corp		36,448,500
			TOTAL OFFICE REITS		126,363,550
OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%
	211,200	*,f,g,m	People’s Choice Financial Corp		0
			TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0
REAL ESTATE OPERATING COMPANIES - 1.6%
	3,850,000	a	Thomas Properties Group, Inc		17,671,500
			TOTAL REAL ESTATE OPERATING COMPANIES		17,671,500
REAL ESTATE SERVICES - 0.5%
	250,000	*	CBRE Group, Inc		4,990,000
			TOTAL REAL ESTATE SERVICES		4,990,000

1

TIAA-CREF FUNDS – Real Estate Securities Fund

SHARES			COMPANY	VALUE
RESIDENTIAL REITS - 17.7%
	400,000		American Campus Communities, Inc	$	17,888,000
	340,000		AvalonBay Communities, Inc		48,059,000
	200,000		Equity Lifestyle Properties, Inc		13,948,000
	865,000		Equity Residential		54,166,300
	75,000		Essex Property Trust, Inc		11,363,250
	65,000		Home Properties, Inc		3,965,650
	280,000		Post Properties, Inc		13,120,800
	1,170,000		UDR, Inc		31,250,700
			TOTAL RESIDENTIAL REITS		193,761,700
RETAIL REITS - 25.0%
	1,575,000		DDR Corp		22,995,000
	250,000		Equity One, Inc		5,055,000
	300,000		Federal Realty Investment Trust		29,037,000
	950,000		General Growth Properties, Inc		16,140,500
	420,000		Kimco Realty Corp		8,089,200
	300,000		Macerich Co		17,325,000
	145,000		Realty Income Corp		5,615,850
	400,000		Regency Centers Corp		17,792,000
	779,900		Simon Property Group, Inc		113,615,832
	200,000		Tanger Factory Outlet Centers, Inc		5,946,000
	320,000		Taubman Centers, Inc		23,344,000
	980,000		Westfield Group		8,984,749
			TOTAL RETAIL REIT’S		273,940,131
SPECIALIZED REITS - 30.8%
	810,000		American Tower Corp		51,046,200
	175,000		Ashford Hospitality Trust, Inc		1,576,750
	325,000		CubeSmart		3,867,500
	300,000		DiamondRock Hospitality Co		3,087,000
	290,000		Entertainment Properties Trust		13,450,200
	290,000		Extra Space Storage, Inc		8,349,100
	300,000	*	FelCor Lodging Trust, Inc		1,080,000
	780,000		HCP, Inc		30,778,800
	615,000		Health Care REIT, Inc		33,800,400
	250,000		Healthcare Realty Trust, Inc		5,500,000
	1,350,000		Hersha Hospitality Trust		7,371,000
	1,700,000		Host Marriott Corp		27,914,000
	360,000		Plum Creek Timber Co, Inc		14,961,600
	90,000		Potlatch Corp		2,820,600
	300,000		Public Storage, Inc		41,451,000
	180,000		Rayonier, Inc		7,936,200
	70,000		Sovran Self Storage, Inc		3,488,100
	400,000	*	Strategic Hotels & Resorts, Inc		2,632,000
	300,000	*	Sunstone Hotel Investors, Inc		2,922,000
	800,000		Ventas, Inc		45,680,000
	1,200,000		Weyerhaeuser Co		26,304,000
			TOTAL SPECIALIZED REITS		336,016,450

2

TIAA-CREF FUNDS – Real Estate Securities Fund

SHARES	COMPANY	VALUE
	TOTAL COMMON STOCKS	$	1,070,220,812
	(Cost $948,784,812)

PRINCIPAL		ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 1.2%
TREASURY DEBT - 1.2%
	$3,000,000	United States Treasury Bill	0.013	%	06/14/12		2,999,634
	10,000,000	United States Treasury Bill	0.046	%	08/23/12		9,995,240
							12,994,874
		TOTAL SHORT-TERM INVESTMENTS					12,994,874
		(Cost $12,997,089)
		TOTAL INVESTMENTS - 99.0%					1,083,215,686
		(Cost $961,781,901)
		OTHER ASSETS & LIABILITIES, NET - 1.0%					10,949,284
		NET ASSETS - 100.0%				$	1,094,164,970
		Abbreviation(s):
		REIT      Real Estate Investment Trust
*		Non-income producing.
a		Affiliated holding.
d		All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open written options contracts.
f		Restricted security. At 3/31/2012, the aggregate value of these securities amounted to $0 or 0.0% of net assets.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $0 or 0.0% 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
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 95.7%
CORPORATE BONDS - 33.6%
AUTOMOBILES & COMPONENTS - 0.2%
	$1,868,000	g	Delphi Corp	5.875	%	05/15/19	$	1,970,740
	468,000		Ford Motor Co	7.450		07/16/31		572,130
	745,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		785,179
			TOTAL AUTOMOBILES & COMPONENTS					3,328,049
BANKS - 6.1%
	1,495,000		Abbey National Treasury Services plc	4.000		04/27/16		1,483,240
	1,100,000	g	Banco Bradesco S.A.	4.125		05/16/16		1,135,750
	250,000	g	Banco Bradesco S.A.	4.500		01/12/17		263,000
	845,000	g	Banco de Bogota S.A.	5.000		01/15/17		876,687
	2,850,000	g	Banco de Credito del Peru	4.750		03/16/16		2,935,500
	600,000	g	Banco del Estado de Chile	3.875		02/08/22		595,500
	1,055,000	g	Banco do Brasil S.A.	4.500		01/22/15		1,106,695
	1,500,000	g	Banco do Brasil S.A.	5.875		01/26/22		1,543,500
	990,000	g,i	Banco Santander Chile	1.811		04/20/12		990,037
	925,000	g	Banco Santander Chile	3.750		09/22/15		943,755
	1,635,000		BanColombia S.A.	5.950		06/03/21		1,731,056
	2,710,000		Bank of America Corp	4.875		01/15/13		2,770,417
	2,100,000		Bank of America Corp	3.750		07/12/16		2,110,464
	1,690,000		Bank of America Corp	5.300		03/15/17		1,763,633
	1,125,000		Bank of America Corp	6.000		09/01/17		1,225,305
	1,160,000		Bank of America Corp	5.750		12/01/17		1,244,092
	2,150,000		Bank of America Corp	5.875		02/07/42		2,138,411
	845,000		Bank of New York Mellon Corp	4.300		05/15/14		904,870
	1,250,000		Bank of New York Mellon Corp	1.200		02/20/15		1,251,508
	2,500,000		Bank of New York Mellon Corp	2.300		07/28/16		2,562,990
	580,000		Bank of New York Mellon Corp	5.450		05/15/19		670,482
	2,800,000	g	Bank of Nova Scotia	1.450		07/26/13		2,831,231
	14,800,000	g	Bank of Nova Scotia	2.150		08/03/16		15,184,578
	2,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.350		02/23/17		2,001,630
	615,000		Barclays Bank plc	5.200		07/10/14		651,794
	845,000		BB&T Corp	3.850		07/27/27		853,957
	1,950,000	g	BBVA Bancomer S.A.	4.500		03/10/16		2,008,500
	890,000		Capital One Bank USA NA	8.800		07/15/19		1,088,193
	730,000		Capital One Capital V	8.875		05/15/40		734,906
	600,000		Capital One Financial Corp	3.150		07/15/16		613,957
	1,000,000		Citigroup, Inc	6.000		12/13/13		1,059,497
	1,615,000		Citigroup, Inc	5.000		09/15/14		1,672,541
	1,050,000		Citigroup, Inc	4.750		05/19/15		1,105,480
	800,000		Citigroup, Inc	3.953		06/15/16		822,123
	4,100,000		Citigroup, Inc	4.450		01/10/17		4,294,775
	730,000		Citigroup, Inc	6.125		05/15/18		818,320

4

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$1,700,000		Citigroup, Inc	4.500	%	01/14/22	$	1,706,655
	1,125,000		Citigroup, Inc	6.875		03/05/38		1,298,924
	565,000		Citigroup, Inc	8.125		07/15/39		732,234
	1,350,000		Citigroup, Inc	5.875		01/30/42		1,398,785
	10,335,000	g	Depfa ACS Bank	5.125		03/16/37		7,422,256
	600,000		Deutsche Bank AG	3.875		08/18/14		626,951
	2,000,000		Deutsche Bank AG	3.250		01/11/16		2,051,992
	935,000		Discover Bank	7.000		04/15/20		1,072,871
	185,000		Golden West Financial Corp	4.750		10/01/12		188,831
	2,835,000	g	HSBC Bank plc	3.500		06/28/15		2,960,554
	1,320,000	g	HSBC Bank plc	4.125		08/12/20		1,348,414
	225,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		216,584
	1,700,000		HSBC Holdings plc	4.000		03/30/22		1,685,074
	675,000		HSBC Holdings plc	6.500		09/15/37		757,542
	1,335,000	g	ICICI Bank Ltd	5.500		03/25/15		1,386,977
	1,500,000	g	ICICI Bank Ltd	4.750		11/25/16		1,492,392
	660,000		JP Morgan Chase Capital XXV	6.800		10/01/37		663,696
	895,000		JPMorgan Chase & Co	5.125		09/15/14		959,065
	2,000,000		JPMorgan Chase & Co	4.350		08/15/21		2,043,468
	4,100,000		JPMorgan Chase & Co	4.500		01/24/22		4,265,390
	925,000		JPMorgan Chase & Co	5.500		10/15/40		998,870
	470,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		459,681
	1,850,000		Northern Trust Corp	4.625		05/01/14		1,990,226
	1,255,000		PNC Funding Corp	5.125		02/08/20		1,421,561
	700,000		PNC Funding Corp	3.300		03/08/22		692,502
	1,410,000		Rabobank Nederland NV	2.125		10/13/15		1,419,515
	835,000	g,i	Rabobank Nederland NV	11.000		12/30/49		1,060,450
	1,300,000	g	Shinhan Bank	4.125		10/04/16		1,344,573
	670,000	g	Shinhan Bank	4.375		07/27/17		706,020
	1,000,000	g,i	Standard Chartered plc	6.409		12/30/49		950,056
	925,000		State Street Corp	4.300		05/30/14		991,404
	560,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		583,082
	2,970,000	g	Toronto-Dominion Bank	2.200		07/29/15		3,071,283
	310,000		Toronto-Dominion Bank	2.500		07/14/16		319,772
	5,000,000	g	Toronto-Dominion Bank	1.625		09/14/16		5,018,845
	945,000		Union Bank of California NA	5.950		05/11/16		1,031,901
	285,000		USB Capital XIII Trust	6.625		12/15/39		287,679
	971,000		Wachovia Bank NA	4.800		11/01/14		1,040,714
	1,490,000		Wachovia Bank NA	5.850		02/01/37		1,634,418
	2,575,000		Wells Fargo & Co	2.625		12/15/16		2,632,814
	3,230,000		Wells Fargo Bank NA	4.750		02/09/15		3,464,727
	2,145,000		Westpac Banking Corp	3.000		08/04/15		2,220,407
			TOTAL BANKS					133,607,529
CAPITAL GOODS - 0.7%
	220,000		Black & Decker Corp	8.950		04/15/14		252,283
	750,000		CRH America, Inc	4.125		01/15/16		760,533
	415,000		General Electric Co	5.250		12/06/17		479,933
	375,000		Harsco Corp	5.125		09/15/13		395,340
	468,000		Huntington Ingalls Industries, Inc	6.875		03/15/18		496,080
	1,291,000	g	Myriad International Holding BV	6.375		07/28/17		1,413,645
	3,500,000		Seagate HDD Cayman	7.750		12/15/18		3,832,500

5

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$1,468,000	g	Sealed Air Corp	8.125	%	09/15/19	$	1,620,305
	1,468,000	g	Sealed Air Corp	8.375		09/15/21		1,649,665
	2,700,000		Tomkins LLC	9.000		10/01/18		2,990,250
	605,000		Tyco International Finance S.A.	6.000		11/15/13		652,406
	345,000		Tyco International Finance S.A.	4.125		10/15/14		368,934
			TOTAL CAPITAL GOODS					14,911,874
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	745,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		774,171
	1,495,000		Republic Services, Inc	3.800		05/15/18		1,605,226
	845,000		Republic Services, Inc	6.200		03/01/40		1,007,731
	1,500,000		Waste Management, Inc	2.600		09/01/16		1,537,014
	1,585,000		Waste Management, Inc	6.125		11/30/39		1,928,801
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					6,852,943
CONSUMER DURABLES & APPAREL - 0.3%
	550,000	g	Grupo Aval Ltd	5.250		02/01/17		570,625
	2,870,000		Hanesbrands, Inc	6.375		12/15/20		2,948,925
	1,670,000		Phillips-Van Heusen Corp	7.375		05/15/20		1,841,175
	810,000		Whirlpool Corp	8.000		05/01/12		814,120
			TOTAL CONSUMER DURABLES & APPAREL					6,174,845
CONSUMER SERVICES - 0.3%
	1,775,000	g	SABMiller Holdings, Inc	3.750		01/15/22		1,805,816
	1,250,000	g	SABMiller Holdings, Inc	4.950		01/15/42		1,295,033
	2,800,000		Walt Disney Co	1.125		02/15/17		2,767,556
			TOTAL CONSUMER SERVICES					5,868,405
DIVERSIFIED FINANCIALS - 4.8%
	1,500,000		American Express Centurion Bank	6.000		09/13/17		1,755,378
	1,370,000		American Express Co	8.125		05/20/19		1,790,991
	1,000,000		American Express Credit Corp	2.800		09/19/16		1,027,401
	1,425,000	g	Banco Mercantil del Norte S.A.	4.375		07/19/15		1,474,875
	1,490,000	g	Bangkok Bank PCL	4.800		10/18/20		1,498,477
	1,925,000		Berkshire Hathaway, Inc	1.900		01/31/17		1,947,024
	1,125,000		BlackRock, Inc	3.500		12/10/14		1,204,599
	1,400,000		BlackRock, Inc	4.250		05/24/21		1,502,089
	1,500,000		Credit Suisse	5.000		05/15/13		1,557,448
	1,420,000		Credit Suisse	5.500		05/01/14		1,522,663
	1,125,000		Credit Suisse	4.375		08/05/20		1,169,330
	1,185,000		Eaton Vance Corp	6.500		10/02/17		1,349,109
	2,400,000		Ford Motor Credit Co LLC	4.250		02/03/17		2,425,795
	1,675,000		Ford Motor Credit Co LLC	5.875		08/02/21		1,806,638
	123,357		General Electric Capital Corp	6.000		06/15/12		124,700
	465,000		General Electric Capital Corp	2.800		01/08/13		472,892
	3,865,000		General Electric Capital Corp	1.875		09/16/13		3,926,009
	2,765,000		General Electric Capital Corp	5.500		06/04/14		3,007,413
	4,000,000		General Electric Capital Corp	5.300		02/11/21		4,332,132
	2,325,000		General Electric Capital Corp	4.650		10/17/21		2,474,544
	810,000		General Electric Capital Corp	6.875		01/10/39		1,000,301
	990,000		Goldman Sachs Group, Inc	5.450		11/01/12		1,012,558
	50,000		Goldman Sachs Group, Inc	4.750		07/15/13		51,762

6

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$3,915,000		Goldman Sachs Group, Inc	3.625	%	02/07/16	$	3,913,888
	1,025,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,171,098
	8,275,000		Goldman Sachs Group, Inc	5.750		01/24/22		8,512,824
	135,000		Goldman Sachs Group, Inc	6.450		05/01/36		130,625
	335,000		Goldman Sachs Group, Inc	6.750		10/01/37		327,319
	1,500,000		Goldman Sachs Group, Inc	6.250		02/01/41		1,481,477
	123,357		HSBC Finance Corp	7.000		05/15/12		124,248
	3,875,000		HSBC Finance Corp	4.750		07/15/13		4,017,565
	448,000	g	Hyundai Capital America	3.750		04/06/16		458,685
	600,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		627,631
	400,000	g	Hyundai Capital Services, Inc	3.500		09/13/17		400,939
	575,000	g	International Lease Finance Corp	6.500		09/01/14		607,344
	1,400,000	g	Inversiones CMPC S.A.	4.750		01/19/18		1,466,853
	400,000		Jefferies Group, Inc	6.250		01/15/36		361,000
	2,000,000		John Deere Capital Corp	1.400		03/15/17		1,985,562
	2,900,000		John Deere Capital Corp	2.750		03/15/22		2,848,267
	515,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		521,079
	1,975,000		Landwirtschaftliche Rentenbank	5.125		02/01/17		2,302,785
	1,500,000		Lloyds TSB Bank plc	4.200		03/28/17		1,511,265
	1,000,000	g	Lukoil International Finance BV	6.125		11/09/20		1,060,000
	1,500,000	g	Majapahit Holding BV	7.750		01/20/20		1,807,500
	802,000		MBNA Corp	6.125		03/01/13		829,975
	1,235,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,269,909
	1,565,000		Merrill Lynch & Co, Inc	6.400		08/28/17		1,706,687
	1,175,000		Merrill Lynch & Co, Inc	6.875		04/25/18		1,306,246
	3,000,000		Morgan Stanley	2.875		01/24/14		2,993,484
	2,125,000		Morgan Stanley	6.000		05/13/14		2,224,125
	655,000		Morgan Stanley	6.000		04/28/15		685,577
	1,695,000		Morgan Stanley	5.450		01/09/17		1,731,014
	4,650,000		Morgan Stanley	4.750		03/22/17		4,651,548
	720,000		Morgan Stanley	5.950		12/28/17		741,306
	1,090,000		Morgan Stanley	7.300		05/13/19		1,173,017
	555,000		Morgan Stanley	5.625		09/23/19		548,573
	630,000		NASDAQ OMX Group, Inc	4.000		01/15/15		652,857
	445,000		NASDAQ OMX Group, Inc	5.550		01/15/20		456,551
	880,000		National Rural Utilities Cooperative Finance Corp	2.625		09/16/12		888,318
	1,065,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		1,129,064
	565,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		819,435
	750,000	g	Odebrecht Finance Ltd	6.000		04/05/23		779,475
	675,000	g	PTTEP Australia International Finance Pty Ltd	4.152		07/19/15		689,628
	1,250,000		Toyota Motor Credit Corp	2.050		01/12/17		1,268,693
	1,400,000	g	UBS AG.	1.875		01/23/15		1,410,154
	1,975,000		UBS AG.	4.875		08/04/20		2,052,598
	425,000		Waha Aerospace BV	3.925		07/28/20		440,215
	786,250	g	Waha Aerospace BV	3.925		07/28/20		814,398
			TOTAL DIVERSIFIED FINANCIALS					105,334,929
ENERGY - 3.9%
	1,275,000		Anadarko Petroleum Corp	5.950		09/15/16		1,469,944
	365,000		Anadarko Petroleum Corp	6.950		06/15/19		445,572
	625,000		Anadarko Petroleum Corp	6.450		09/15/36		723,501
	400,000	g	Baker Hughes, Inc	3.200		08/15/21		402,636

7

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$1,715,000		Bill Barrett Corp	7.625	%	10/01/19	$	1,740,725
	5,400,000		BP Capital Markets plc	3.200		03/11/16		5,721,494
	468,000		Chesapeake Energy Corp	6.625		08/15/20		476,190
	1,400,000		Chesapeake Energy Corp	6.875		11/15/20		1,445,500
	1,540,000	h	Cimarex Energy Co	5.875		05/01/22		1,570,800
	1,500,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,530,000
	1,400,000		ConocoPhillips	4.600		01/15/15		1,543,704
	1,140,000		ConocoPhillips	6.500		02/01/39		1,514,052
	500,000		Devon Energy Corp	5.600		07/15/41		562,606
	1,268,565		Dolphin Energy Ltd	5.888		06/15/19		1,373,221
	550,000	g	Dolphin Energy Ltd	5.500		12/15/21		579,563
	990,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		1,131,243
	855,000	g	Empresa Nacional del Petroleo	4.750		12/06/21		885,958
	480,000		Enbridge Energy Partners LP	5.200		03/15/20		532,731
	235,000		EnCana Corp	6.625		08/15/37		255,840
	875,000		Enterprise Products Operating LLC	4.600		08/01/12		886,606
	335,000		Enterprise Products Operating LLC	5.600		10/15/14		369,966
	170,000		Enterprise Products Operating LLC	5.000		03/01/15		186,532
	710,000		Enterprise Products Operating LLC	6.500		01/31/19		842,588
	615,000		Enterprise Products Operating LLC	6.125		10/15/39		692,584
	705,000		Enterprise Products Operating LLC	5.950		02/01/41		785,399
	300,000		Enterprise Products Operating LLC	5.700		02/15/42		324,373
	810,000		EOG Resources, Inc	4.100		02/01/21		876,776
	1,450,000	g	Gaz Capital S.A.	5.092		11/29/15		1,518,875
	465,000		Hess Corp	8.125		02/15/19		600,513
	1,295,000		Hess Corp	5.600		02/15/41		1,408,139
	800,000	g,h	Korea National Oil Corp	3.125		04/03/17		798,274
	1,200,000		Marathon Petroleum Corp	3.500		03/01/16		1,250,222
	1,000,000		Marathon Petroleum Corp	5.125		03/01/21		1,087,640
	1,200,000		Newfield Exploration Co	5.750		01/30/22		1,257,000
	500,000		Noble Holding International Ltd	3.450		08/01/15		526,403
	1,320,000		Noble Holding International Ltd	4.900		08/01/20		1,410,287
	1,800,000		Noble Holding International Ltd	3.950		03/15/22		1,798,672
	1,580,000	g	Novatek Finance Ltd	6.604		02/03/21		1,746,295
	365,000		Pemex Project Funding Master Trust	5.750		03/01/18		410,625
	400,000		Pemex Project Funding Master Trust	6.625		06/15/35		456,000
	250,000		Pemex Project Funding Master Trust	6.625		06/15/38		285,000
	1,500,000	g	Pertamina PT	5.250		05/23/21		1,578,750
	1,640,000		Petrobras International Finance Co	3.875		01/27/16		1,726,269
	1,210,000		Petrobras International Finance Co	7.875		03/15/19		1,492,904
	1,048,000		Petrobras International Finance Co	6.875		01/20/40		1,231,265
	1,800,000		Petrobras International Finance Co-Pifco	3.500		02/06/17		1,844,944
	925,000		Petroleos Mexicanos	4.875		03/15/15		1,001,313
	170,000		Petroleos Mexicanos	8.000		05/03/19		215,050
	925,000		Petroleos Mexicanos	6.000		03/05/20		1,053,112
	735,000		Petroleos Mexicanos	5.500		01/21/21		810,337
	1,000,000	g	Petroleos Mexicanos	4.875		01/24/22		1,050,000
	1,315,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		1,621,395
	1,425,000	g	Petronas Capital Ltd	5.250		08/12/19		1,588,554
	1,400,000	g	Phillips 66	1.950		03/05/15		1,409,684
	1,200,000	g	Phillips 66	4.300		04/01/22		1,220,639
	2,525,000		Plains All American Pipeline LP	3.650		06/01/22		2,478,866

8

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$625,000	g	Precision Drilling Corp	6.500	%	12/15/21	$	653,125
	1,057,440		Ras Laffan Liquefied Natural Gas Co Ltd	5.298		09/30/20		1,131,461
	2,830,000	g	Reliance Holdings USA	4.500		10/19/20		2,729,113
	1,870,000	g	SandRidge Energy, Inc	8.000		06/01/18		1,907,400
	2,650,000	g	Schlumberger Investment S.A.	3.300		09/14/21		2,684,821
	415,000		Statoil ASA	2.900		10/15/14		437,131
	2,000,000		Total Capital International S.A.	1.500		02/17/17		1,946,348
	150,000		TransCanada Pipelines Ltd	4.000		06/15/13		155,967
	1,915,000		TransCanada Pipelines Ltd	7.690		06/30/16		2,294,946
	660,000		TransCanada Pipelines Ltd	5.850		03/15/36		779,722
	235,000		Vale Overseas Ltd	6.250		01/23/17		270,820
	450,000	h	Vale Overseas Ltd	4.375		01/11/22		452,001
	480,000		Vale Overseas Ltd	6.875		11/21/36		556,723
	970,000		Vale Overseas Ltd	6.875		11/10/39		1,133,076
	515,000		Valero Energy Corp	4.500		02/01/15		553,032
	1,500,000	g	WPX Energy, Inc	6.000		01/15/22		1,500,000
			TOTAL ENERGY					82,932,817
FOOD & STAPLES RETAILING - 0.2%
	500,000		CVS Caremark Corp	3.250		05/18/15		529,953
	1,750,000		CVS Caremark Corp	5.750		06/01/17		2,065,175
	120,000		CVS Caremark Corp	6.600		03/15/19		148,025
	580,000		Delhaize Group S.A.	5.875		02/01/14		623,665
	565,000		Delhaize Group S.A.	6.500		06/15/17		652,944
	335,000		Kroger Co	6.200		06/15/12		338,560
	190,000		Kroger Co	5.000		04/15/13		198,017
	250,000		Kroger Co	2.200		01/15/17		253,960
			TOTAL FOOD & STAPLES RETAILING					4,810,299
FOOD, BEVERAGE & TOBACCO - 1.0%
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		2,637,040
	1,990,000		Anheuser-Busch InBev Worldwide, Inc	5.375		01/15/20		2,338,640
	1,005,000		Bottling Group LLC	6.950		03/15/14		1,126,724
	1,000,000		Coca-Cola Co	0.750		03/13/15		997,216
	665,000	g	Corp Lindley S.A.	6.750		11/23/21		708,225
	650,000		General Mills, Inc	5.200		03/17/15		723,276
	1,925,000	g	Grupo Bimbo SAB de C.V.	4.875		06/30/20		2,018,963
	455,000	g	Grupo Bimbo SAB de C.V.	4.500		01/25/22		463,362
	1,250,000		HJ Heinz Co	1.500		03/01/17		1,241,073
	45,357		Kraft Foods, Inc	6.250		06/01/12		45,748
	505,000		Kraft Foods, Inc	6.125		02/01/18		606,004
	1,450,000		Kraft Foods, Inc	5.375		02/10/20		1,676,262
	1,060,000		Kraft Foods, Inc	6.500		02/09/40		1,304,365
	105,000		PepsiAmericas, Inc	4.375		02/15/14		111,650
	78,000		PepsiCo, Inc	7.900		11/01/18		104,838
	468,000	g	Pernod-Ricard S.A.	5.750		04/07/21		518,313
	1,125,000	g	Pernod-Ricard S.A.	4.450		01/15/22		1,141,167
	150,000	g	Pernod-Ricard S.A.	5.500		01/15/42		150,797
	565,000		Philip Morris International, Inc	4.875		05/16/13		592,566
	1,110,000		Philip Morris International, Inc	6.875		03/17/14		1,244,599
	200,000		Philip Morris International, Inc	6.375		05/16/38		248,573
	1,050,000	g	Post Holdings, Inc	7.375		02/15/22		1,099,875

9

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$1,400,000		TreeHouse Foods, Inc	7.750	%	03/01/18	$	1,517,250
			TOTAL FOOD, BEVERAGE & TOBACCO					22,616,526
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	600,000		Becton Dickinson and Co	1.750		11/08/16		607,114
	630,000		Boston Scientific Corp	4.500		01/15/15		675,810
	1,004,000		Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		1,071,770
	3,821,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		3,954,735
	1,000,000	g	Fresenius Medical Care II	5.625		07/31/19		1,030,000
	1,130,000	g	Fresenius Medical Care US Finance, Inc	6.500		09/15/18		1,231,700
	3,600,000		HCA, Inc	6.500		02/15/20		3,780,000
	1,403,000		HCA, Inc	7.875		02/15/20		1,541,546
	572,000		McKesson Corp	3.250		03/01/16		612,737
	395,000		Medtronic, Inc	4.750		09/15/15		442,126
	765,000		Quest Diagnostics, Inc	6.400		07/01/17		899,497
	960,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		968,054
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					16,815,089
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	1,000,000		Clorox Co	3.800		11/15/21		1,010,584
	750,000		Ecolab, Inc	4.350		12/08/21		795,087
	1,950,000		Procter & Gamble Co	2.300		02/06/22		1,884,938
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					3,690,609
INSURANCE - 1.5%
	565,000		ACE INA Holdings, Inc	5.875		06/15/14		622,384
	310,000		Aetna, Inc	6.500		09/15/18		381,705
	285,000		Aetna, Inc	6.625		06/15/36		355,007
	775,000		Allstate Corp	7.450		05/16/19		971,996
	875,000		American Financial Group, Inc	9.875		06/15/19		1,069,649
	2,850,000		American International Group, Inc	3.650		01/15/14		2,902,756
	500,000		Chubb Corp	6.000		05/11/37		608,407
	235,000		CIGNA Corp	5.125		06/15/20		258,864
	2,000,000		CIGNA Corp	4.500		03/15/21		2,110,282
	1,125,000		Hartford Financial Services Group, Inc	4.000		03/30/15		1,163,251
	1,125,000		Hartford Financial Services Group, Inc	5.500		03/30/20		1,202,280
	565,000		Hartford Financial Services Group, Inc	6.625		03/30/40		583,475
	1,275,000		Lincoln National Corp	7.000		06/15/40		1,497,378
	3,000,000		Markel Corp	5.350		06/01/21		3,128,145
	170,000		Metlife, Inc	5.000		06/15/15		188,020
	1,125,000		Metlife, Inc	6.750		06/01/16		1,336,571
	1,655,000		Metlife, Inc	5.700		06/15/35		1,925,074
	1,125,000	g	Principal Life Global Funding I	5.125		10/15/13		1,178,109
	1,500,000		Progressive Corp	3.750		08/23/21		1,596,711
	750,000		Prudential Financial, Inc	3.875		01/14/15		789,752
	630,000		Prudential Financial, Inc	7.375		06/15/19		778,754
	950,000		Prudential Financial, Inc	6.200		11/15/40		1,068,606
	1,190,000	g	Prudential Funding LLC	6.750		09/15/23		1,277,927
	615,000		Travelers Cos, Inc	5.800		05/15/18		742,867
	170,000		Travelers Cos, Inc	5.900		06/02/19		205,840
	270,000		Unum Group	5.625		09/15/20		285,754
	500,000		WellPoint, Inc	5.875		06/15/17		583,815

10

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$435,000		WellPoint, Inc	5.850	%	01/15/36	$	503,190
	3,350,000		Willis Group Holdings plc	4.125		03/15/16		3,405,231
	410,000		WR Berkley Corp	5.375		09/15/20		430,617
			TOTAL INSURANCE					33,152,417
MATERIALS - 1.9%
	170,000		Airgas, Inc	4.500		09/15/14		182,089
	1,410,000	g	Anglo American Capital plc	2.150		09/27/13		1,422,789
	1,050,000	g,h	Anglo American Capital plc	2.625		04/03/17		1,051,124
	1,505,000		AngloGold Ashanti Holdings plc	5.375		04/15/20		1,549,145
	310,000		ArcelorMittal	3.750		08/05/15		314,892
	750,000		ArcelorMittal	4.500		02/25/17		752,194
	275,000		ArcelorMittal	9.850		06/01/19		330,902
	1,525,000		ArcelorMittal	6.250		02/25/22		1,541,926
	468,000		Ball Corp	6.750		09/15/20		512,460
	1,750,000	g	Barrick Gold Corp	3.850		04/01/22		1,740,277
	1,850,000		Barrick North America Finance LLC	4.400		05/30/21		1,950,011
	2,147,000	g	Braskem Finance Ltd	5.750		04/15/21		2,247,480
	2,000,000		CF Industries, Inc	6.875		05/01/18		2,307,500
	1,500,000		Cliffs Natural Resources, Inc	6.250		10/01/40		1,592,890
	1,475,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		1,511,130
	1,650,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.875		11/03/21		1,685,110
	468,000		Crown Americas LLC	6.250		02/01/21		503,100
	1,000,000		Domtar Corp	4.400		04/01/22		988,178
	1,094,000		Dow Chemical Co	4.125		11/15/21		1,125,447
	335,000		Eastman Chemical Co	5.500		11/15/19		372,378
	2,500,000		Freeport-McMoRan Copper & Gold, Inc	1.400		02/13/15		2,490,515
	750,000		Freeport-McMoRan Copper & Gold, Inc	3.550		03/01/22		720,314
	468,000		Graphic Packaging International, Inc	9.500		06/15/17		519,480
	530,000		International Paper Co	7.300		11/15/39		645,250
	900,000		International Paper Co	6.000		11/15/41		976,924
	1,000,000	g,h	LyondellBasell Industries NV	5.000		04/15/19		1,000,000
	1,750,000	g	LyondellBasell Industries NV	6.000		11/15/21		1,837,500
	175,000		Martin Marietta Materials, Inc	6.600		04/15/18		190,531
	1,500,000		Newmont Mining Corp	3.500		03/15/22		1,445,117
	750,000		Newmont Mining Corp	4.875		03/15/42		697,811
	2,000,000		Praxair, Inc	2.450		02/15/22		1,923,558
	500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		514,113
	1,305,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		1,418,131
	1,870,000		Solutia, Inc	7.875		03/15/20		2,192,575
	2,300,000		Teck Resources Ltd	10.250		05/15/16		2,633,730
	275,000		Teck Resources Ltd	6.000		08/15/40		289,590
	750,000	g	Xstrata Canada Financial Corp	4.950		11/15/21		785,733
			TOTAL MATERIALS					43,961,894
MEDIA - 1.8%
	2,000,000		AMC Entertainment, Inc	8.750		06/01/19		2,095,000
	705,000		CBS Corp	4.300		02/15/21		738,975
	3,960,000		CCO Holdings LLC	6.625		01/31/22		4,108,500
	44,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		47,179
	1,150,000	g	DIRECTV Holdings LLC	2.400		03/15/17		1,139,795
	3,000,000	g	DIRECTV Holdings LLC	3.800		03/15/22		2,958,816

11

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,500,000	g	DIRECTV Holdings LLC	5.150	%	03/15/42	$	2,435,460
	1,000,000		Echostar DBS Corp	6.625		10/01/14		1,090,000
	4,650,000		Lamar Media Corp	9.750		04/01/14		5,231,250
	2,000,000		Lamar Media Corp	7.875		04/15/18		2,187,500
	775,000		NBC Universal Media LLC	5.150		04/30/20		877,149
	695,000		News America, Inc	7.250		05/18/18		840,792
	110,000		News America, Inc	7.625		11/30/28		126,837
	85,000		News America, Inc	6.550		03/15/33		93,292
	600,000		News America, Inc	6.200		12/15/34		665,413
	730,000		News America, Inc	6.650		11/15/37		850,914
	600,000		News America, Inc	6.900		08/15/39		711,064
	965,000		Nielsen Finance LLC	7.750		10/15/18		1,063,912
	990,000		Time Warner Cable, Inc	8.750		02/14/19		1,290,569
	2,075,000		Time Warner Cable, Inc	8.250		04/01/19		2,653,722
	357		Time Warner, Inc	6.875		05/01/12		359
	960,000		Time Warner, Inc	3.150		07/15/15		1,016,654
	4,000,000		Time Warner, Inc	4.700		01/15/21		4,370,096
	565,000		Time Warner, Inc	6.500		11/15/36		655,603
	2,450,000		Viacom, Inc	1.250		02/27/15		2,447,491
	1,585,000		Viacom, Inc	2.500		12/15/16		1,622,344
			TOTAL MEDIA					41,318,686
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.4%
	680,000		Abbott Laboratories	5.300		05/27/40		786,308
	1,200,000	g	Aristotle Holding, Inc	2.100		02/12/15		1,214,789
	1,775,000	g	Aristotle Holding, Inc	3.900		02/15/22		1,794,074
	480,000		Life Technologies Corp	3.500		01/15/16		498,574
	1,450,000		Mead Johnson Nutrition Co	5.900		11/01/39		1,681,823
	1,403,000	g	Mylan, Inc	7.875		07/15/20		1,564,345
	2,180,000		Novartis Capital Corp	2.900		04/24/15		2,322,956
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					9,862,869
REAL ESTATE - 0.9%
	220,000		AMB Property LP	7.625		08/15/14		244,758
	345,000		AMB Property LP	4.500		08/15/17		355,389
	235,000		Brandywine Operating Partnership LP	7.500		05/15/15		261,346
	2,500,000		Brandywine Operating Partnership LP	4.950		04/15/18		2,549,280
	630,000		Camden Property Trust	4.625		06/15/21		647,542
	2,000,000		Developers Diversified Realty Corp	4.750		04/15/18		2,071,836
	40,000		Federal Realty Investment Trust	5.650		06/01/16		44,077
	75,000		Federal Realty Investment Trust	5.900		04/01/20		83,000
	2,175,000		Health Care REIT, Inc	3.625		03/15/16		2,207,216
	250,000	h	Health Care REIT, Inc	4.125		04/01/19		248,008
	500,000		Healthcare Realty Trust, Inc	5.750		01/15/21		511,781
	2,250,000		Highwoods Properties, Inc	5.850		03/15/17		2,391,309
	2,068,000		Host Hotels & Resorts LP	5.875		06/15/19		2,179,155
	290,000		Kilroy Realty Corp	5.000		11/03/15		308,976
	105,000		Kimco Realty Corp	5.700		05/01/17		115,029
	650,000		National Retail Properties, Inc	5.500		07/15/21		676,820
	55,000		Nationwide Health Properties, Inc	6.250		02/01/13		56,946
	350,000		Regency Centers LP	5.250		08/01/15		376,961
	40,000		Regency Centers LP	5.875		06/15/17		44,734

12

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$105,000		Simon Property Group LP	5.250	%	12/01/16	$	118,745
	2,075,000		Simon Property Group LP	2.800		01/30/17		2,124,651
	470,000		Simon Property Group LP	10.350		04/01/19		647,415
	1,000,000		Simon Property Group LP	3.375		03/15/22		964,406
	650,000	g,i	USB Realty Corp	1.719		12/30/49		493,064
	340,000		Ventas Realty LP	3.125		11/30/15		348,835
	350,000		Ventas Realty LP	4.250		03/01/22		340,095
	705,000		Washington Real Estate Investment Trust	4.950		10/01/20		736,392
			TOTAL REAL ESTATE					21,147,766
RETAILING - 0.7%
	1,870,000		AmeriGas Partners LP	6.250		08/20/19		1,867,663
	1,667,000		AutoNation, Inc	5.500		02/01/20		1,692,005
	1,868,000		Limited Brands, Inc	6.625		04/01/21		2,024,445
	1,000,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		1,147,551
	1,225,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		1,228,571
	400,000		Nordstrom, Inc	4.000		10/15/21		425,593
	660,000		O’Reilly Automotive, Inc	4.625		09/15/21		695,757
	2,340,000	g	QVC Inc	7.375		10/15/20		2,574,000
	2,400,000	g	QVC, Inc	7.500		10/01/19		2,634,000
	600,000		Staples, Inc	9.750		01/15/14		681,725
	1,250,000		Target Corp	2.900		01/15/22		1,235,463
	705,000		Wal-Mart Stores, Inc	5.000		10/25/40		780,365
			TOTAL RETAILING					16,987,138
SOFTWARE & SERVICES - 0.4%
	4,000,000		International Business Machines Corp	0.550		02/06/15		3,979,132
	2,375,000		International Business Machines Corp	1.250		02/06/17		2,355,952
	630,000		Oracle Corp	3.750		07/08/14		674,085
	2,000,000		SunGard Data Systems, Inc	7.375		11/15/18		2,125,000
			TOTAL SOFTWARE & SERVICES					9,134,169
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
	1,125,000		Amphenol Corp	4.750		11/15/14		1,222,049
	1,870,000		Brocade Communications Systems, Inc	6.875		01/15/20		2,061,675
	650,000		Hewlett-Packard Co	4.750		06/02/14		695,348
	1,868,000		Jabil Circuit, Inc	5.625		12/15/20		1,961,400
	1,185,000		L-3 Communications Corp	4.950		02/15/21		1,239,612
	1,900,000		Scientific Games Corp	8.125		09/15/18		2,068,625
	468,000		Scientific Games Corp	9.250		06/15/19		518,310
	450,000		Xerox Corp	8.250		05/15/14		508,135
	825,000		Xerox Corp	2.950		03/15/17		833,644
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					11,108,798
TELECOMMUNICATION SERVICES - 2.1%
	1,030,000		America Movil SAB de C.V.	5.000		03/30/20		1,145,356
	2,250,000		American Tower Corp	4.700		03/15/22		2,268,083
	2,635,000		AT&T, Inc	2.500		08/15/15		2,742,619
	6,000,000		AT&T, Inc	2.950		05/15/16		6,340,356
	620,000		AT&T, Inc	6.150		09/15/34		715,239
	1,700,000		AT&T, Inc	6.300		01/15/38		1,998,000
	1,500,000		Axiata SPV1 (Labuan) Ltd	5.375		04/28/20		1,581,876

13

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,235,000		BellSouth Corp	5.200	%	09/15/14	$	1,359,195
	120,000		BellSouth Corp	6.875		10/15/31		144,584
	275,000		BellSouth Corp	6.550		06/15/34		313,920
	2,260,000		Cellco Partnership	8.500		11/15/18		3,103,032
	250,000	g	Deutsche Telekom International Finance BV	2.250		03/06/17		247,441
	630,000		Deutsche Telekom International Finance BV	8.750		06/15/30		865,915
	875,000	g	Deutsche Telekom International Finance BV	4.875		03/06/42		826,602
	1,550,000	g	Oi S.A.	5.750		02/10/22		1,594,563
	1,270,000	g	Qtel International Finance	4.750		02/16/21		1,312,926
	240,000		Sprint Nextel Corp	6.000		12/01/16		214,200
	680,000		Telecom Italia Capital S.A.	6.175		06/18/14		715,700
	660,000		Telecom Italia Capital S.A.	6.999		06/04/18		702,900
	1,945,000		Telecom Italia Capital S.A.	7.175		06/18/19		2,071,425
	2,500,000		Telefonica Emisiones SAU	3.992		02/16/16		2,488,393
	1,415,000	g	Telefonica Moviles Chile S.A.	2.875		11/09/15		1,413,872
	925,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		1,047,809
	2,045,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		2,102,260
	760,000		Verizon Communications, Inc	5.250		04/15/13		796,769
	1,110,000		Verizon Communications, Inc	6.100		04/15/18		1,336,394
	425,000		Verizon Communications, Inc	8.750		11/01/18		576,736
	430,000		Verizon Communications, Inc	8.950		03/01/39		664,483
	445,000		Verizon New England, Inc	4.750		10/01/13		468,095
	335,000		Verizon Virginia, Inc	4.625		03/15/13		347,599
	1,300,000	g	Vimpelcom Holdings	6.255		03/01/17		1,294,228
	1,500,000	g	Vimpelcom Holdings	7.504		03/01/22		1,455,000
	828,000		Virgin Media Finance plc	9.500		08/15/16		933,570
	250,000		Virgin Media Finance plc	5.250		02/15/22		247,813
	1,000,000		Virgin Media Secured Finance plc	5.250		01/15/21		1,075,009
			TOTAL TELECOMMUNICATION SERVICES					46,511,962
TRANSPORTATION - 0.8%
	1,635,000	g	Asciano Finance	5.000		04/07/18		1,688,736
	1,500,000		Burlington Northern Santa Fe LLC	3.450		09/15/21		1,523,943
	1,500,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		1,474,886
	1,400,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		1,460,407
	1,000,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		945,391
	1,000,000	g	DP World Ltd	6.850		07/02/37		965,000
	335,000		Embraer Overseas Ltd	6.375		01/15/20		368,935
	1,000,000		Hertz Corp	7.500		10/15/18		1,061,250
	1,390,000	g	Kazakhstan Temir Zholy Finance BV	6.375		10/06/20		1,539,425
	415,000		Norfolk Southern Corp	5.750		04/01/18		490,327
	1,100,000		Norfolk Southern Corp	3.000		04/01/22		1,081,473
	838,000		Norfolk Southern Corp	5.590		05/17/25		985,342
	1,275,000	g	TAM Capital 3, Inc	8.375		06/03/21		1,341,937
	1,900,000	g	Transnet Ltd	4.500		02/10/16		1,966,726
	148,000		Union Pacific Corp	4.163		07/15/22		159,907
	1,525,000		Union Pacific Corp	4.750		09/15/41		1,555,697
			TOTAL TRANSPORTATION					18,609,382
UTILITIES - 3.7%
	1,000,000	g	Abu Dhabi National Energy Co	6.250		09/16/19		1,105,000
	726,000	g	Abu Dhabi National Energy Co	5.875		12/13/21		773,190

14

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,385,000	g	AES Corp	7.375	%	07/01/21	$	1,530,425
	610,000	g	AES Gener S.A.	5.250		08/15/21		643,550
	730,000		AGL Capital Corp	5.250		08/15/19		826,538
	1,285,000		Alliant Energy Corp	4.000		10/15/14		1,358,618
	775,000		Atmos Energy Corp	8.500		03/15/19		1,013,908
	2,805,000	g	Calpine Corp	7.500		02/15/21		2,994,337
	1,515,000		Carolina Power & Light Co	5.300		01/15/19		1,781,313
	225,000		Carolina Power & Light Co	5.700		04/01/35		265,478
	335,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		371,693
	159,000		CenterPoint Energy Resources Corp	4.500		01/15/21		169,461
	660,000		CenterPoint Energy Resources Corp	6.250		02/01/37		756,654
	1,350,000	g	Centrais Eletricas Brasileiras S.A.	5.750		10/27/21		1,477,575
	2,000,000	g,h	CEZ AS.	4.250		04/03/22		1,989,100
	820,000	g,h	CEZ AS.	5.625		04/03/42		818,663
	550,000	g,h	China Resources Gas Group Ltd	4.500		04/05/22		540,528
	1,300,000	g	Colbun S.A.	6.000		01/21/20		1,381,427
	675,000	g	Comision Federal de Electricidad	5.750		02/14/42		674,325
	3,550,000	g	Comision Federal Electricidad	4.875		05/26/21		3,763,000
	1,850,000		Commonwealth Edison Co	4.000		08/01/20		1,996,938
	395,000		Commonwealth Edison Co	5.900		03/15/36		479,298
	415,000		Connecticut Light & Power Co	5.500		02/01/19		486,461
	275,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		309,779
	640,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		780,383
	225,000		Consolidated Natural Gas Co	5.000		12/01/14		247,127
	650,000		Dominion Resources, Inc	4.900		08/01/41		681,934
	1,160,000		Duke Energy Carolinas LLC	5.750		11/15/13		1,253,288
	260,000		Duke Energy Carolinas LLC	4.300		06/15/20		290,034
	2,000,000		Duke Energy Corp	3.950		09/15/14		2,140,864
	335,000		Florida Power Corp	6.400		06/15/38		435,863
	1,410,000		FPL Group Capital, Inc	2.600		09/01/15		1,444,480
	630,000		Indiana Michigan Power Co	7.000		03/15/19		771,982
	765,000	g	Instituto Costarricense de Electricidad	6.950		11/10/21		803,250
	555,000		Integrys Energy Group, Inc	4.170		11/01/20		577,400
	1,150,000	g	Israel Electric Corp Ltd	6.700		02/10/17		1,185,517
	195,000	g	Kansas Gas & Electric	6.700		06/15/19		241,126
	125,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		127,586
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,053,333
	775,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		992,729
	1,955,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		1,990,067
	1,710,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		1,772,480
	4,030,000		LG&E and KU Energy LLC	3.750		11/15/20		4,012,844
	1,160,000		Midamerican Energy Holdings Co	5.950		05/15/37		1,354,716
	185,000		National Fuel Gas Co	5.250		03/01/13		191,599
	630,000		Nevada Power Co	6.500		08/01/18		775,642
	1,335,000		NiSource Finance Corp	5.400		07/15/14		1,451,646
	1,975,000		Northern States Power Co	5.350		11/01/39		2,346,353
	150,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		185,622
	1,000,000	g	Oncor Electric Delivery Co LLC	4.550		12/01/41		903,176
	445,000		ONEOK Partners LP	5.900		04/01/12		445,000
	695,000		Pacific Gas & Electric Co	8.250		10/15/18		920,013
	500,000		PacifiCorp	6.000		01/15/39		617,543
	885,000		Pepco Holdings, Inc	2.700		10/01/15		901,109

15

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,700,000	g	Perusahaan Listrik Negara PT	5.500	%	11/22/21	$	2,828,250
	1,450,000		PG&E Corp	5.750		04/01/14		1,580,119
	135,000		Potomac Electric Power Co	7.900		12/15/38		206,095
	1,000,000		PPL Electric Utilities Corp	3.000		09/15/21		1,004,250
	565,000		Progress Energy, Inc	7.050		03/15/19		698,812
	1,780,000		Public Service Co of Oklahoma	5.150		12/01/19		1,998,858
	440,000		Public Service Electric & Gas Co	5.300		05/01/18		520,676
	1,190,000		Public Service Electric & Gas Co	5.375		11/01/39		1,396,914
	1,500,000		QEP Resources, Inc	5.375		10/01/22		1,486,875
	468,000		Questar Market Resources, Inc	6.875		03/01/21		517,140
	970,000		San Diego Gas & Electric Co	3.950		11/15/41		938,196
	630,000		Sempra Energy	6.000		10/15/39		756,517
	1,895,000		Southern California Edison Co	3.875		06/01/21		2,063,625
	430,000		Veolia Environnement	5.250		06/03/13		448,129
	850,000		Virginia Electric and Power Co	4.750		03/01/13		881,221
	845,000		Virginia Electric and Power Co	2.950		01/15/22		836,605
	480,000		Williams Partners LP	3.800		02/15/15		510,049
	850,000		Williams Partners LP	4.000		11/15/21		858,910
	940,000		Williams Partners LP	6.300		04/15/40		1,092,743
	650,000		Xcel Energy, Inc	4.800		09/15/41		682,395
			TOTAL UTILITIES					79,708,344
			TOTAL CORPORATE BONDS (Cost $704,648,195)					738,447,339
GOVERNMENT BONDS - 52.9%
AGENCY SECURITIES - 4.3%
	962,351		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,076,871
	6,590,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		6,582,883
	1,655,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		1,678,049
	2,880,000		Federal Home Loan Bank (FHLB)	1.875		06/21/13		2,936,045
	1,655,000		FHLB	5.000		11/17/17		1,982,809
	1,320,000		Federal Home Loan Mortgage Corp (FHLMC)	3.500		05/29/13		1,369,544
	1,860,000		FHLMC	2.500		04/23/14		1,940,164
	5,050,000		FHLMC	5.125		10/18/16		5,921,266
	660,000		Federal National Mortgage Association (FNMA)	1.125		07/30/12		662,107
	6,585,000		FNMA	2.750		03/13/14		6,899,006
	6,585,000		FNMA	2.500		05/15/14		6,879,415
	5,603,796		AMAL Ltd	3.465		08/21/21		5,909,595
	1,975,000		General Electric Capital Corp	2.125		12/21/12		2,002,024
	660,467		Overseas Private Investment Corp	3.420		01/15/15		680,789
	4,940,000		Private Export Funding Corp	3.550		04/15/13		5,104,463
	3,125,000		Private Export Funding Corp	3.050		10/15/14		3,307,019
	5,000,000		Private Export Funding Corp	2.125		07/15/16		5,246,345
	8,560,000		Private Export Funding Corp	5.450		09/15/17		10,280,252
	1,410,000		Private Export Funding Corp	2.250		12/15/17		1,466,200
	3,295,000		Private Export Funding Corp	4.375		03/15/19		3,836,023
	9,940,000		Private Export Funding Corp	4.300		12/15/21		11,401,985
	1,336,746		Rowan Cos, Inc	3.525		05/01/20		1,424,236
	2,707,426		Rowan Cos, Inc	3.158		07/15/21		2,868,680
	535,000		Totem Ocean Trailer Express, Inc	4.514		12/18/19		576,232

16

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,295,000		Western Corporate Federal Credit Union	1.750	%	11/02/12	$	3,324,368
			TOTAL AGENCY SECURITIES					95,356,370
FOREIGN GOVERNMENT BONDS - 7.0%
	3,955,000	g	Bank of Montreal	2.850		06/09/15		4,168,218
	4,500,000	g	Bank of Montreal	2.625		01/25/16		4,718,957
	750,000	g	Barbados Government International Bond	7.000		08/04/22		757,500
	475,000		Brazilian Government International Bond	5.875		01/15/19		568,100
	2,579,000		Brazilian Government International Bond	4.875		01/22/21		2,919,428
	170,000		Brazilian Government International Bond	7.125		01/20/37		233,325
	1,970,000		Brazilian Government International Bond	5.625		01/07/41		2,270,425
	1,320,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		1,374,764
	12,000,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		11,889,024
	1,975,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		2,065,271
	3,000,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		3,160,068
	805,000		Chile Government International Bond	3.875		08/05/20		865,375
	890,000		Colombia Government International Bond	4.375		07/12/21		967,875
	800,000		Colombia Government International Bond	6.125		01/18/41		980,000
	1,000,000	g	Croatia Government International Bond	6.375		03/24/21		960,000
	1,135,000		Eksportfinans ASA	2.000		09/15/15		1,007,017
	1,164,000	g	Eskom Holdings Ltd	5.750		01/26/21		1,222,200
	395,000		European Investment Bank	4.875		02/15/36		427,143
	3,625,000		Export Development Canada	2.250		05/28/15		3,806,656
	279,000		Export-Import Bank of Korea	4.125		09/09/15		292,612
	2,000,000		Export-Import Bank of Korea	3.750		10/20/16		2,063,088
	1,425,000		Export-Import Bank of Korea	5.125		06/29/20		1,527,366
	1,965,000		Export-Import Bank of Korea	4.375		09/15/21		1,981,164
	300,000		Federative Republic of Brazil	6.000		01/17/17		355,500
	263,333		Federative Republic of Brazil	8.000		01/15/18		314,288
	875,000		Hungary Government International Bond	6.375		03/29/21		800,625
	2,010,000		Israel Government International Bond	4.000		06/30/22		1,987,824
	845,000		Italy Government International Bond	5.375		06/12/17		866,774
	355,000		Italy Government International Bond	6.875		09/27/23		372,928
	2,000,000		KFW	2.625		01/25/22		1,982,334
	1,210,000	g	Korea Housing Finance Corp	3.500		12/15/16		1,232,454
	1,000,000	g	Lithuania Government International Bond	5.125		09/14/17		1,040,000
	615,000	g	Lithuania Government International Bond	6.625		02/01/22		681,113
	3,000,000		Mexico Government International Bond	3.625		03/15/22		3,067,500
	500,000		Mexico Government International Bond	6.750		09/27/34		642,500
	1,000,000		Mexico Government International Bond	6.050		01/11/40		1,205,000
	900,000		Mexico Government International Bond	4.750		03/08/44		882,000
	800,000	g	Namibia International Bonds	5.500		11/03/21		838,000
	1,500,000	g	National Bank of Canada	1.650		01/30/14		1,526,044
	5,000,000	g	Nederlandse Waterschapsbank NV	2.125		02/09/17		4,971,705
	1,500,000		Panama Government International Bond	5.200		01/30/20		1,719,750
	100,000		Peruvian Government International Bond	7.125		03/30/19		127,500
	450,000		Peruvian Government International Bond	7.350		07/21/25		614,700
	500,000		Philippine Government International Bond	5.000		01/13/37		521,250
	1,500,000		Poland Government International Bond	3.875		07/16/15		1,576,050
	1,250,000		Poland Government International Bond	6.375		07/15/19		1,453,125
	2,833,000		Poland Government International Bond	5.125		04/21/21		3,025,644
	250,000		Poland Government International Bond	5.000		03/23/22		263,505

17

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,945,000		Province of British Columbia Canada	2.850	%	06/15/15	$	2,069,297
	1,320,000		Province of Manitoba Canada	2.125		04/22/13		1,343,257
	10,000,000		Province of Manitoba Canada	1.375		04/28/14		10,158,280
	4,500,000		Province of New Brunswick Canada	2.750		06/15/18		4,734,621
	3,295,000		Province of Nova Scotia Canada	2.375		07/21/15		3,445,255
	3,955,000		Province of Ontario Canada	4.100		06/16/14		4,257,225
	4,015,000		Province of Ontario Canada	2.950		02/05/15		4,256,434
	1,975,000		Province of Ontario Canada	4.000		10/07/19		2,197,820
	1,715,000		Province of Quebec Canada	5.125		11/14/16		1,997,104
	850,000		Province of Quebec Canada	4.625		05/14/18		987,181
	3,955,000		Province of Quebec Canada	3.500		07/29/20		4,250,897
	6,000,000		Province of Quebec Canada	2.750		08/25/21		6,023,160
	620,000		Province of Quebec Canada	7.500		09/15/29		910,945
	1,390,000	g	Qatar Government International Bond	4.500		01/20/22		1,450,882
	620,000	g	Qatar Government International Bond	6.400		01/20/40		723,850
	700,000	g	Republic of El Salvador	7.750		01/24/23		760,900
	880,000	g	Republic of Ghana	8.500		10/04/17		1,007,600
	965,000		Republic of Hungary	6.250		01/29/20		880,360
	1,050,000	g	Republic of Indonesia	5.250		01/17/42		1,101,187
	925,000		Republic of Korea	5.750		04/16/14		997,082
	525,000	g	Republic of Latvia	5.250		02/22/17		540,750
	1,500,000		Republic of Philippines	4.000		01/15/21		1,561,875
	900,000	g	Romanian Government International Bond	6.750		02/07/22		940,500
	750,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		780,000
	750,000	g,h	Russian Foreign Bond - Eurobond	3.250		04/04/17		750,375
	800,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		852,680
	900,000	g,h	Russian Foreign Bond - Eurobond	4.500		04/04/22		897,300
	1,470,000	g,h	Russian Foreign Bond - Eurobond	5.625		04/04/42		1,458,240
	240,000		South Africa Government International Bond	6.875		05/27/19		288,900
	1,175,000		South Africa Government International Bond	5.500		03/09/20		1,310,125
	1,000,000		South Africa Government International Bond	4.665		01/17/24		1,022,500
	500,000		South Africa Government International Bond	6.250		03/08/41		585,000
	540,000	g	Sri Lanka Government International Bond	6.250		07/27/21		537,447
	1,220,000		Svensk Exportkredit AB	5.125		03/01/17		1,386,470
	1,310,000		Turkey Government International Bond	5.125		03/25/22		1,300,175
	1,150,000		Turkey Government International Bond	6.250		09/26/22		1,236,250
	227,000		United Mexican States	5.875		02/17/14		246,522
	500,000		United Mexican States	5.950		03/19/19		599,500
	1,032,000		United Mexican States	5.125		01/15/20		1,184,220
			TOTAL FOREIGN GOVERNMENT BONDS					153,325,855
MORTGAGE BACKED - 30.8%
	3,738,640		Federal Home Loan Mortgage Corp (FHLMC) (Interest Only)	4.000		06/15/34		385,689
	482,422	i	FHLMC	2.380		02/01/36		508,195
	193,061	i	FHLMC	2.571		07/01/36		205,022
	602,876	i	FHLMC	2.540		09/01/36		648,976
	446,502	i	FHLMC	2.602		09/01/36		467,730
	482,267	i	FHLMC	2.645		09/01/36		510,535
	1,148,484	i	FHLMC	2.887		03/01/37		1,226,876
	1,078,141	i	FHLMC	5.969		04/01/37		1,172,518
	456,287	i	FHLMC	5.748		05/01/37		492,797
	160,040	i	FHLMC	5.573		06/01/37		169,401

18

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$726,120	i	FHLMC	5.221	%	08/01/37	$	776,657
	699,705	i	FHLMC	5.072		09/01/37		748,856
	2,809,216		FHLMC	5.500		08/01/39		3,093,324
	15,075		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.500		01/01/16		15,405
	1,550		FGLMC	7.500		05/01/16		1,680
	1,497		FGLMC	7.500		06/01/16		1,613
	657,995		FGLMC	4.500		09/01/18		715,762
	748,896		FGLMC	4.500		01/01/19		817,921
	952,950		FGLMC	4.500		05/01/19		1,022,318
	320,469		FGLMC	4.500		01/01/20		343,797
	457,981		FGLMC	5.000		05/01/20		496,571
	123,952		FGLMC	4.500		07/01/20		134,834
	16,256		FGLMC	7.000		10/01/20		19,078
	2,707,711		FGLMC	4.500		06/01/21		2,903,123
	1,529,851		FGLMC	4.500		06/01/21		1,640,258
	1,167,572		FGLMC	4.000		07/01/24		1,233,590
	393,645		FGLMC	4.500		09/01/24		420,147
	3,000,000	h	FGLMC	5.000		04/15/27		3,223,125
	955		FGLMC	6.500		10/01/28		1,092
	16,602		FGLMC	6.500		01/01/29		18,980
	4,940		FGLMC	6.500		03/01/29		5,648
	36,485		FGLMC	6.500		07/01/29		41,712
	3,416		FGLMC	8.000		01/01/31		4,109
	32,653		FGLMC	6.500		09/01/31		37,167
	55,921		FGLMC	8.000		09/01/31		67,835
	300,854		FGLMC	7.000		12/01/31		350,995
	507,019		FGLMC	6.000		03/01/33		567,407
	592,106		FGLMC	4.500		07/01/33		629,494
	1,405,797		FGLMC	5.000		09/01/33		1,558,523
	447,650		FGLMC	5.500		09/01/33		494,511
	550,660		FGLMC	5.500		09/01/33		613,123
	609,673		FGLMC	5.500		09/01/33		673,495
	766,855		FGLMC	5.500		10/01/33		847,131
	1,756,708	d	FGLMC	5.500		12/01/33		1,924,135
	2,360,263		FGLMC	7.000		12/01/33		2,753,626
	859,727		FGLMC	5.000		01/01/34		928,143
	922,432		FGLMC	5.000		05/01/34		995,838
	593,766		FGLMC	6.000		09/01/34		661,609
	2,779,499		FGLMC	5.000		12/01/34		3,000,685
	231,734		FGLMC	5.500		12/01/34		254,182
	1,426,838		FGLMC	4.500		04/01/35		1,516,267
	878,241		FGLMC	6.000		05/01/35		976,049
	949,772		FGLMC	7.000		05/01/35		1,108,062
	271,571		FGLMC	6.000		07/01/35		301,031
	117,254		FGLMC	5.500		08/01/35		128,283
	273,896		FGLMC	5.000		10/01/35		295,435
	309,464		FGLMC	5.000		02/01/36		333,801
	64,991		FGLMC	6.500		05/01/36		72,920
	463,938		FGLMC	6.500		10/01/36		520,541
	1,507,557		FGLMC	5.500		04/01/37		1,640,874
	1,046,101		FGLMC	6.000		08/01/37		1,162,522
	413,168		FGLMC	6.000		09/01/37		459,150

19

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$76,937		FGLMC	6.500	%	11/01/37	$	86,324
	1,247,159		FGLMC	5.000		04/01/38		1,365,503
	2,817,995		FGLMC	4.500		05/01/39		2,989,773
	523,263		FGLMC	4.000		06/01/39		547,649
	880,929		FGLMC	5.000		07/01/39		948,830
	4,798,870		FGLMC	4.500		11/01/40		5,227,866
	5,375,869		FGLMC	4.500		12/01/40		5,831,246
	5,000,000	h	FGLMC	4.000		04/15/42		5,227,344
	24,000,000	h	FGLMC	4.500		04/15/42		25,447,500
	7,000,000	h	FGLMC	5.000		04/15/42		7,535,664
	5,313		Federal National Mortgage Association (FNMA)	5.000		06/01/13		5,542
	1,183,595		FNMA	4.440		07/01/13		1,213,879
	2,661		FNMA	6.000		09/01/13		2,695
	1,158,667		FNMA	4.754		10/01/13		1,161,821
	2,216		FNMA	6.500		12/01/13		2,302
	918,545		FNMA	4.777		02/01/14		959,896
	3,482,803		FNMA	4.640		11/01/14		3,719,804
	681,098		FNMA	4.869		03/01/16		695,362
	12,175		FNMA	6.500		10/01/16		13,418
	94,626		FNMA	6.500		11/01/16		104,287
	66,118		FNMA	6.500		04/01/17		73,095
	214,070		FNMA	5.000		12/01/17		232,363
	955,820		FNMA	5.500		04/01/18		1,044,659
	85,730		FNMA	5.500		04/01/18		94,260
	51,354		FNMA	5.500		05/01/18		56,465
	372,105		FNMA	4.500		10/01/18		400,122
	937,191		FNMA	5.000		11/01/18		1,017,273
	51,327		FNMA	6.000		01/01/19		56,570
	116,956		FNMA	4.500		05/01/19		125,689
	304,890		FNMA	4.500		06/01/19		327,655
	214,434		FNMA	5.000		03/01/20		232,758
	151,023		FNMA	4.500		11/01/20		162,299
	397,879		FNMA	5.000		12/01/20		432,251
	337,443		FNMA	5.000		03/01/21		366,277
	263,141		FNMA	5.500		08/01/21		286,941
	286,294		FNMA	4.500		06/01/23		306,777
	636,106		FNMA	5.000		07/01/23		688,075
	631,731		FNMA	5.000		07/01/23		683,343
	192,199		FNMA	5.000		11/01/23		210,714
	163,774		FNMA	5.500		02/01/24		180,184
	390,025		FNMA	4.000		05/01/24		413,480
	93,242		FNMA	5.500		07/01/24		102,526
	1,458		FNMA	8.000		07/01/24		1,724
	255,055		FNMA	4.500		08/01/24		273,143
	2,202,602	d	FNMA	4.000		09/01/24		2,335,060
	1,131,901		FNMA	5.000		03/01/25		1,240,943
	2,470,904		FNMA	5.000		10/01/25		2,702,763
	3,000,000	h	FNMA	3.000		04/25/27		3,105,469
	5,000,000	h	FNMA	4.000		04/25/27		5,297,656
	4,000,000	h	FNMA	4.500		04/25/27		4,281,250
	1,332		FNMA	7.500		01/01/29		1,575
	3,393		FNMA	6.500		04/01/29		3,881

20

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,031		FNMA	7.500	%	07/01/29	$	1,033
	12,143		FNMA	7.500		07/01/29		12,679
	597		FNMA	7.500		02/01/31		636
	5,644		FNMA	7.500		03/01/31		6,752
	3,944		FNMA	7.500		05/01/31		4,722
	3,983		FNMA	6.500		09/01/31		4,537
	31,697		FNMA	6.500		11/01/31		36,102
	80,102		FNMA	6.000		01/01/32		89,487
	540,163		FNMA	6.500		07/01/32		615,230
	259,100		FNMA	5.500		01/01/33		284,737
	91,033		FNMA	5.000		02/01/33		98,565
	814,453		FNMA	4.500		03/25/33		861,937
	349,277		FNMA	5.000		08/01/33		378,177
	370,600		FNMA	5.000		10/01/33		401,264
	272,875		FNMA	5.000		10/01/33		295,453
	100,219		FNMA	5.000		03/01/34		108,511
	117,965		FNMA	5.000		03/01/34		127,726
	327,657		FNMA	5.000		03/01/34		354,768
	156,677		FNMA	5.000		03/01/34		169,641
	930,392		FNMA	5.000		04/01/34		1,006,938
	2,835,577		FNMA	5.000		08/01/34		3,074,492
	347,624		FNMA	6.000		11/01/34		386,669
	123,683		FNMA	6.000		12/01/34		138,124
	888,930		FNMA	6.000		05/01/35		987,246
	16,768		FNMA	7.500		06/01/35		18,593
	103,215		FNMA	5.500		10/01/35		114,234
	196,371		FNMA	5.000		11/01/35		211,300
	867,147	i	FNMA	2.700		02/01/36		927,279
	158,342		FNMA	5.000		02/01/36		169,538
	97,876		FNMA	5.000		02/01/36		104,797
	665,393		FNMA	6.500		02/01/36		751,002
	398,059	i	FNMA	2.385		07/01/36		420,811
	421,904		FNMA	6.500		09/01/36		475,923
	121,493		FNMA	7.000		02/01/37		139,262
	350,354		FNMA	6.500		03/01/37		395,211
	791,755		FNMA	7.000		04/01/37		907,553
	1,128,330		FNMA	6.500		08/01/37		1,272,795
	316,943		FNMA	6.500		08/01/37		357,721
	581,824		FNMA	6.000		09/01/37		652,719
	672,747		FNMA	6.000		09/01/37		754,721
	969,700		FNMA	6.500		09/01/37		1,093,854
	1,565,038	i	FNMA	5.904		10/01/37		1,675,655
	287,739		FNMA	7.000		11/01/37		329,822
	132,720		FNMA	6.500		01/01/38		149,090
	23,687		FNMA	6.500		03/01/38		26,557
	465,210	i	FNMA	4.917		10/01/38		498,366
	76,343,313	h	FNMA	4.000		12/01/39		80,143,255
	5,000,000		FNMA	4.000		02/25/40		5,334,732
	5,109,358	h	FNMA	4.500		03/01/40		5,504,638
	10,221,985		FNMA	4.500		09/01/40		10,888,218
	5,684,569		FNMA	4.500		09/01/40		6,055,069
	898,038		FNMA	4.000		11/01/40		942,174

21

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$4,865,193		FNMA	4.500	%	11/01/40	$	5,223,293
	38,003,752	h	FNMA	4.500		04/01/41		40,551,959
	47,000,000	h	FNMA	5.000		04/25/42		50,767,341
	81,000,000	h	FNMA	5.500		04/25/42		88,252,027
	56,000,000	h	FNMA	6.000		04/25/42		61,696,253
	10,000,000	h	FNMA	6.500		04/25/42		11,200,000
	18,000,000	h	FNMA	3.500		05/25/42		18,430,313
	226		Government National Mortgage Association (GNMA)	7.000		01/15/28		267
	1,911		GNMA	7.000		02/15/28		2,258
	2,017		GNMA	7.000		06/15/28		2,383
	1,905		GNMA	7.000		06/15/28		2,250
	21,596		GNMA	6.500		09/15/28		25,199
	5,051		GNMA	6.500		09/15/28		5,905
	12,615		GNMA	6.500		11/15/28		14,727
	3,458		GNMA	7.500		11/15/28		4,000
	617		GNMA	8.500		07/15/30		629
	19,300		GNMA	8.500		10/15/30		21,070
	14,528		GNMA	8.500		10/20/30		17,822
	2,244		GNMA	8.500		12/15/30		2,730
	3,429		GNMA	7.000		06/20/31		4,076
	2,137		GNMA	6.500		07/15/31		2,484
	14,457		GNMA	7.000		07/15/31		17,191
	7,662		GNMA	7.000		07/15/31		9,111
	10,114		GNMA	7.500		02/15/32		10,446
	1,851		GNMA	6.500		03/15/33		2,133
	340,896		GNMA	5.500		07/15/33		383,196
	894,118		GNMA	5.500		09/15/33		1,008,975
	288,578		GNMA	5.500		02/20/35		322,582
	1,932,280		GNMA	5.500		05/20/35		2,153,928
	679,385		GNMA	5.500		02/20/36		757,316
	117,099		GNMA	6.000		10/20/36		132,208
	123,643		GNMA	6.000		01/20/37		139,597
	400,324		GNMA	6.000		02/20/37		451,979
	264,460		GNMA	5.500		07/15/38		295,870
	1,042,216		GNMA	5.500		07/20/38		1,159,486
	16,861		GNMA	6.000		08/15/38		19,035
	381,284		GNMA	6.000		08/20/38		429,290
	357,693		GNMA	6.500		11/20/38		409,772
	1,627,027		GNMA	5.000		06/15/39		1,809,592
	1,851,777		GNMA	4.500		07/20/39		2,015,487
	717,800		GNMA	4.000		08/15/39		771,909
	819,225		GNMA	4.000		10/15/40		883,029
	26,850,289	h	GNMA	4.000		01/20/42		28,852,692
	3,000,000	h	GNMA	3.500		04/15/42		3,126,094
	21,000,000	h	GNMA	4.500		04/15/42		22,847,345
	10,000,000	h	GNMA	5.000		04/15/42		11,043,750
	9,000,000	h	GNMA	5.500		04/15/42		10,057,500
	6,000,000	h	GNMA	6.000		04/15/42		6,770,625
	17,000,000	h	GNMA	4.500		04/20/42		18,490,157
	13,000,000	h	GNMA	5.000		04/20/42		14,316,250
	2,567,765		GNMA	6.500		01/15/44		2,809,397
			TOTAL MORTGAGE BACKED					675,647,361

22

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
MUNICIPAL BONDS - 1.1%
	$445,000		Charlotte-Mecklenburg Hospital Authority	5.000	%	08/01/15	$	483,729
	9,920,000		City of New York, NY	5.817		10/01/31		11,153,651
	1,655,000		Grant County Public Utility District No 2	5.630		01/01/27		1,919,320
	1,900,000		State of California	5.450		04/01/15		2,112,268
	1,900,000		State of California	5.950		04/01/16		2,177,115
	2,470,000		State of California	7.625		03/01/40		3,217,076
	2,505,000		State of Illinois	6.725		04/01/35		2,767,975
			TOTAL MUNICIPAL BONDS					23,831,134
U.S. TREASURY SECURITIES - 9.7%
	1,975,000		United States Treasury Bond	6.375		08/15/27		2,849,246
	5,520,000		United States Treasury Bond	5.250		02/15/29		7,227,750
	76,000		United States Treasury Bond	4.500		02/15/36		92,768
	12,663,000		United States Treasury Bond	3.125		11/15/41		12,146,590
	19,000,000		United States Treasury Bond	3.125		02/15/42		18,213,286
	29,050,000	d	United States Treasury Note	1.000		04/30/12		29,069,289
	1,925,000		United States Treasury Note	1.375		10/15/12		1,937,482
	1,525,000		United States Treasury Note	0.625		01/31/13		1,530,302
	125,000		United States Treasury Note	0.125		08/31/13		124,717
	615,000		United States Treasury Note	0.500		10/15/13		616,802
	40,000		United States Treasury Note	0.250		10/31/13		39,962
	14,000,000		United States Treasury Note	0.250		02/28/14		13,979,224
	4,755,000		United States Treasury Note	2.625		06/30/14		4,991,266
	1,861,000		United States Treasury Note	2.375		08/31/14		1,947,216
	10,687,000		United States Treasury Note	0.250		02/15/15		10,610,182
	81,000,000		United States Treasury Note	0.375		03/15/15		80,689,932
	11,951,000		United States Treasury Note	0.875		02/28/17		11,866,973
	4,000,000		United States Treasury Note	2.625		01/31/18		4,301,248
	10,000,000		United States Treasury Note	1.375		11/30/18		9,905,470
	44,000		United States Treasury Note	2.625		11/15/20		46,272
	1,730,000		United States Treasury Note	2.000		02/15/22		1,696,751
			TOTAL U.S. TREASURY SECURITIES					213,882,728
			TOTAL GOVERNMENT BONDS (Cost $1,134,236,234)					1,162,043,448
STRUCTURED ASSETS - 9.2%
ASSET BACKED - 3.4%
	4,800,000		AEP Texas Central Transition Funding LLC	1.976		06/01/21		4,763,218
			Series - 2012 1 (Class A2)
	14,800,000		AEP Texas Central Transition Funding LLC	2.845		03/01/26		14,620,593
			Series - 2012 1 (Class A3)
	1,410,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		1,457,622
			Series - 2010 3 (Class C)
	650,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		665,971
			Series - 2011 1 (Class C)
	125,000	g,i,m	ARTS Ltd	0.724		06/15/13		118,750
			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)

23

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$350,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150	%	03/20/17	$	360,870
			Series - 2010 5A (Class A)
	778,565	i	Bear Stearns Asset Backed Securities Trust	0.612		11/25/39		698,141
			Series - 2005 SD3 (Class 2A1)
	478,798	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		257,026
			Series - 2004 2 (Class 1M1)
	478,798	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		104,790
			Series - 2004 2 (Class 1B)
	464,786		CIT Group Home Equity Loan Trust	6.200		02/25/30		463,471
			Series - 2002 1 (Class AF6)
	167,617		Citicorp Mortgage Securities, Inc	5.706		07/25/36		168,417
			Series - 2006 1 (Class A3)
	567,287	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		568,281
			Series - 2006 15 (Class A2)
	525,162	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		503,532
			Series - 2007 MX1 (Class A1)
	6,410,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		6,672,374
			Series - 2011 LC1A (Class C)
	19,800,000	g	Dominos Pizza Master Issuer LLC	5.216		01/25/42		20,278,229
			Series - 2012 1A (Class A2)
	2,209,052	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		2,098,916
			Series - 2007 1A (Class AF3)
	23,633		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		23,510
			Series - 2006 HLTV (Class A3)
	890,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		732,001
			Series - 2006 HLTV (Class A4)
	3,461,959		Lehman XS Trust	6.500		06/25/46		1,925,379
			Series - 2006 13 (Class 2A1)
	500,760	i	Long Beach Mortgage Loan Trust	0.742		02/25/35		493,939
			Series - 2005 1 (Class M1)
	75,289	i	Morgan Stanley ABS Capital I	0.282		01/25/37		74,483
			Series - 2007 HE2 (Class A2A)
	481,003	i	Park Place Securities, Inc	1.187		09/25/34		429,981
			Series - 2004 WHQ1 (Class M1)
	120,973	i	Residential Asset Securities Corp	6.489		10/25/30		110,651
			Series - 2001 KS2 (Class AI6)
	424,023	i	Residential Asset Securities Corp	0.672		04/25/35		399,006
			Series - 2005 KS3 (Class M3)
	1,603,522		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		1,374,770
			Series - 2006 HI5 (Class A3)
	977,619		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		931,597
			Series - 2006 HI3 (Class A3)
	185,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		155,430
			Series - 2006 HI1 (Class M2)
	956,469	i	Securitized Asset Backed Receivables LLC Trust	0.392		03/25/36		931,924
			Series - 2006 NC2 (Class A2)
	10,000,000	g,m	Sierra Receivables Funding Co LLC	3.580		11/20/28		10,015,543
			Series - 2012 1A (Class B)
	850,000	g	SLM Student Loan Trust	3.740		02/15/29		857,947
			Series - 2011 B (Class A2)
	446,204	i	Soundview Home Equity Loan Trust	0.352		10/25/36		440,569

24

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
			Series - 2006 EQ1 (Class A2)
	$432,815	i	Structured Asset Investment Loan Trust	0.642	%	05/25/35	$	413,902
			Series - 2005 4 (Class M1)
	899,179	i	Structured Asset Investment Loan Trust	0.522		12/25/35		882,177
			Series - 2005 10 (Class A5)
	344,551	g,i	Wachovia Loan Trust	0.602		05/25/35		267,642
			Series - 2005 SD1 (Class A)
	473,027	i	Wells Fargo Home Equity Trust	0.382		07/25/36		426,543
			Series - 2006 2 (Class A3)
	565,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		621,775
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					75,308,971
OTHER MORTGAGE BACKED - 5.8%
	6,500,000	g,h	7 WTC Depositor LLC Trust	4.082		03/13/31		6,500,000
			Series - 2012 7WTC (Class A)
	2,500,000	g,i	Banc of America Commercial Mortgage, Inc	5.320		07/10/43		2,420,102
			Series - 2005 2 (Class E)
	3,737,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		3,971,684
			Series - 2006 4 (Class AM)
	411,733	g,i	Banc of America Large Loan, Inc	0.502		03/15/22		409,705
			Series - 2005 MIB1 (Class B)
	2,181,665	g,i	Banc of America Large Loan, Inc	0.552		03/15/22		2,138,193
			Series - 2005 MIB1 (Class C)
	184,000	g,i	Banc of America Large Loan, Inc	0.602		03/15/22		178,954
			Series - 2005 MIB1 (Class D)
	152,000	g,i	Banc of America Large Loan, Inc	0.642		03/15/22		147,679
			Series - 2005 MIB1 (Class E)
	126,094		Bank of America Alternative Loan Trust	5.500		09/25/19		126,154
			Series - 2004 8 (Class 3A1)
	646,704		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		599,525
			Series - 2005 AC2 (Class 1A)
	630,000		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		708,263
			Series - 2006 PW14 (Class A4)
	1,050,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		1,118,195
			Series - 2006 PW13 (Class AM)
	1,070,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		1,145,457
			Series - 2006 T24 (Class AM)
	1,290,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		1,387,158
			Series - 2004 T16 (Class A6)
	260,000	i	Bear Stearns Commercial Mortgage Securities	5.694		06/11/50		295,998
			Series - 2007 PW17 (Class A4)
	430,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		490,641
			Series - 2007 PW18 (Class A4)
	300,000		Citicorp Mortgage Securities, Inc	5.750		11/25/36		301,834
			Series - 2006 6 (Class A2)
	199,623	g,i	Citigroup Commercial Mortgage Trust	0.382		04/15/22		189,311
			Series - 2007 FL3A (Class A2)
	4,628,000	g	Commercial Mortgage Pass Through Certificates	4.305		12/10/24		4,668,393
			Series - 2011 STRT (Class B)
	3,175,000	g	Commercial Mortgage Pass Through Certificates	4.755		12/10/24		3,209,563
			Series - 2011 STRT (Class C)

25

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$4,935,000	g	Commercial Mortgage Pass Through Certificates	2.365	%	02/10/29	$	4,969,288
			Series - 2012 9W57 (Class A)
	2,260,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		2,330,311
			Series - 2007 C9 (Class AM)
	836,555		Countrywide Alternative Loan Trust	5.500		08/25/16		858,009
			Series - 2004 30CB (Class 1A15)
	777,682		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		775,270
			Series - 2005 6 (Class 1A10)
	408,560		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		400,635
			Series - 2005 12 (Class 1A5)
	193,016		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		194,082
			Series - 2005 J3 (Class 1A1)
	579,076	g,i	Credit Suisse Mortgage Capital Certificates	0.422		04/15/22		521,530
			Series - 2007 TF2A (Class A1)
	1,600,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		1,774,558
			Series - 2006 OMA (Class D)
	1,050,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		1,033,743
			Series - 2009 RR1 (Class A3C)
	580,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		592,429
			Series - 2003 C3 (Class B)
	977,306	g	DBUBS Mortgage Trust	3.742		11/10/46		1,038,987
			Series - 2011 LC1A (Class A1)
	715,476	i	GMAC Mortgage Corp Loan Trust	4.566		10/19/33		738,676
			Series - 2003 AR1 (Class A5)
	7,970,000	i	Greenwich Capital Commercial Funding Corp	5.883		07/10/38		8,296,611
			Series - 2006 GG7 (Class AM)
	1,380,000	g	GS Mortgage Securities Corp II	5.148		08/10/43		1,480,323
			Series - 2010 C1 (Class B)
	795,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		790,721
			Series - 2010 C2 (Class C)
	1,170,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		1,254,988
			Series - 2010 C2 (Class B)
	180,000	g,i	HVB Mortgage Capital Corp	2.292		09/10/22		173,970
			Series - 2003 FL1A (Class J)
	8,335,187	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.617		07/15/19		8,085,481
			Series - 2007 FL1A (Class A1)
	227,386	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.422		02/15/20		222,527
			Series - 2006 FL1A (Class A2)
	4,555,739	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.562		02/15/20		4,253,365
			Series - 2006 FL1A (Class D)
	726,605	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	7.675		10/12/37		740,205
			Series - 2002 CIB5 (Class S1)
	263,827	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	8.369		10/12/37		267,968
			Series - 2002 CIB5 (Class S2)
	8,445,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		9,045,304
			Series - 2006 LDP8 (Class AM)
	1,010,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.252		07/15/46		1,014,597
			Series - 2011 C4 (Class C)
	2,060,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		2,256,279
			Series - 2006 LDP9 (Class A3)
	2,795,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.816		06/15/49		3,063,558
			Series - 2007 LD11 (Class A4)

26

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$288,305	i	JP Morgan Mortgage Trust	4.298	%	04/25/35	$	288,898
			Series - 2005 A2 (Class 5A1)
	810,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		890,913
			Series - 2005 C2 (Class A5)
	1,976,000		LB-UBS Commercial Mortgage Trust	5.455		02/15/40		2,041,036
			Series - 2007 C1 (Class AM)
	459,284		MASTER Asset Securitization Trust	5.000		05/25/35		463,082
			Series - 2005 1 (Class 2A5)
	571,063	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		604,100
			Series - 2005 CIP1 (Class AM)
	925,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.428		02/12/39		1,037,634
			Series - 2006 1 (Class A4)
	1,945,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.172		12/12/49		2,144,888
			Series - 2006 4 (Class A3)
	550,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		502,541
			Series - 2011 C1 (Class D)
	2,675,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		2,663,107
			Series - 2011 C1 (Class C)
	415,000	i	Morgan Stanley Capital I	5.544		11/12/49		445,744
			Series - 2007 T25 (Class AM)
	2,000,000	i	Nomura Asset Securities Corp	6.831		03/15/30		2,080,060
			Series - 1998 D6 (Class A2)
	1,060,000	g,i	RBSCF Trust	4.674		04/15/24		1,015,262
			Series - 2010 MB1 (Class D)
	2,834,793	i	Residential Accredit Loans, Inc	0.432		05/25/46		1,607,197
			Series - 2006 QO5 (Class 2A1)
	185,089	i	Structured Adjustable Rate Mortgage Loan Trust	0.622		03/25/35		178,652
			Series - 2005 6XS (Class A3)
	10,823	i	Wachovia Bank Commercial Mortgage Trust	4.957		08/15/35		10,814
			Series - 2003 C6 (Class A3)
	223,612		Wachovia Bank Commercial Mortgage Trust	5.246		12/15/43		227,331
			Series - 2007 C30 (Class A3)
	11,000,000		Wachovia Bank Commercial Mortgage Trust	5.342		12/15/43		11,877,019
			Series - 2007 C30 (Class A5)
	3,460,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		3,244,051
			Series - 2007 C30 (Class AM)
	4,950,000	i	Wachovia Bank Commercial Mortgage Trust	5.968		06/15/45		5,443,708
			Series - 2006 C26 (Class AM)
	1,200,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		1,290,508
			Series - 2007 C31 (Class A5)
	1,765,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		1,805,385
			Series - 2006 C29 (Class AM)
	1,025,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		1,135,680
			Series - 2007 C33 (Class A4)
	386,008		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		386,965
			Series - 2005 2 (Class 1A1)
			TOTAL OTHER MORTGAGE BACKED					127,564,799
			TOTAL STRUCTURED ASSETS					202,873,770
			(Cost $199,914,414)
			TOTAL BONDS					2,103,364,557
			(Cost $2,038,798,843)

27

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 26.3%
GOVERNMENT AGENCY DEBT - 1.4%
	$13,900,000	d	Federal Home Loan Mortgage Corp (FHLMC)	0.006	%	04/16/12	$	13,899,624
	17,000,000	d	FHLMC	0.022		05/21/12		16,998,229
			TOTAL GOVERNMENT AGENCY DEBT					30,897,853
TREASURY DEBT - 24.9%
	3,100,000		United States Treasury Bill	0.008		04/05/12		3,099,981
	9,150,000	d	United States Treasury Bill	0.002-0.003		04/12/12		9,149,900
	90,100,000	d	United States Treasury Bill	0.003-0.051		04/19/12		90,096,594
	47,000,000	d	United States Treasury Bill	0.009		04/26/12		46,998,858
	63,000,000	d	United States Treasury Bill	0.004-0.014		05/03/12		62,998,058
	18,100,000	d	United States Treasury Bill	0.041		05/10/12		18,099,000
	3,900,000	d	United States Treasury Bill	0.007-0.017		05/17/12		3,899,856
	25,900,000	d	United States Treasury Bill	0.010-0.012		05/24/12		25,898,596
	96,000,000	d	United States Treasury Bill	0.008-0.012		05/31/12		95,991,360
	17,600,000	d	United States Treasury Bill	0.013-0.056		06/07/12		17,598,064
	22,300,000	d	United States Treasury Bill	0.017		06/14/12		22,297,279
	50,000,000	d	United States Treasury Bill	0.011		06/28/12		49,991,550
	1,300,000		United States Treasury Bill	0.028		07/12/12		1,299,727
	98,700,000		United States Treasury Bill	0.088		08/02/12		98,668,218
			TOTAL TREASURY DEBT					546,087,041
			TOTAL SHORT-TERM INVESTMENTS					576,984,894
			(Cost $576,994,160)
			TOTAL INVESTMENTS - 122.0% (Cost $2,615,793,003)					2,680,349,451
			OTHER ASSETS & LIABILITIES, NET - (22.0)%					(482,991,430	)
			NET ASSETS - 100.0%				$	2,197,358,021

	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 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $353,238,581 or 16.1% 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.
m	Indicates a security that has been deemed illiquid.

28

TIAA-CREF FUNDS – Bond Plus Fund

TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 3.0%
AUTOMOBILES & COMPONENTS - 0.2%
	$1,902,769	i	Delphi Automotive LLP	3.500	%	03/31/17	$	1,899,363
			TOTAL AUTOMOBILES & COMPONENTS					1,899,363
CAPITAL GOODS - 0.2%
	1,979,962	i	TransDigm, Inc	4.000		02/14/17		1,978,596
			TOTAL CAPITAL GOODS					1,978,596
CONSUMER SERVICES - 0.5%
	3,281,239	i	Burger King Corp	4.500		10/19/16		3,274,906
	1,667,575		DineEquity, Inc	4.250		10/19/17		1,667,375
			TOTAL CONSUMER SERVICES					4,942,281
DIVERSIFIED FINANCIALS - 0.4%
	2,219,505	i	Pinafore LLC	4.250		09/29/16		2,219,505
	1,980,000	i	TransUnion LLC	4.750		02/10/18		1,994,850
			TOTAL DIVERSIFIED FINANCIALS					4,214,355
FOOD & STAPLES RETAILING - 0.3%
	3,473,750	i	Del Monte Foods Co	4.500		03/08/18		3,421,157
			TOTAL FOOD & STAPLES RETAILING					3,421,157
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	783,623	i	Fresenius US Finance I, Inc	3.500		09/10/14		782,401
	2,179,454	i	Fresenius US Finance I, Inc	3.500		09/10/14		2,176,054
	3,000,000	i	HCA, Inc	3.619		05/01/18		2,935,500
	980,015	i,m	IMS Health, Inc	4.500		08/26/17		981,064
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					6,875,019
MATERIALS - 0.3%
	2,983,929	i	Ashland, Inc	3.750		08/23/18		2,983,212
			TOTAL MATERIALS					2,983,212
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
	1,979,130	i	Capsugel	5.250		08/01/18		1,993,420
	1,731,515	i	NBTY, Inc	4.250		10/01/17		1,731,688
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,725,108
RETAILING - 0.1%
	997,500	i	Academy Ltd	6.000		08/03/18		1,001,231
			TOTAL RETAILING					1,001,231

29

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SOFTWARE & SERVICES - 0.1%
	$1,500,000	h	Lawson Software, Inc	6.250	%	03/16/18	$	1,485,000
			TOTAL SOFTWARE & SERVICES					1,485,000
			TOTAL BANK LOAN OBLIGATIONS					32,525,322
			(Cost $32,581,227)
BONDS - 91.5%
CORPORATE BONDS - 37.4%
AUTOMOBILES & COMPONENTS - 0.3%
	1,000,000		DaimlerChrysler Group LLC	8.000		06/15/19		1,005,000
	1,000,000	g	Delphi Corp	5.875		05/15/19		1,055,000
	500,000		Ford Motor Co	7.450		07/16/31		611,250
	500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		526,966
			TOTAL AUTOMOBILES & COMPONENTS					3,198,216
BANKS - 5.3%
	675,000		Abbey National Treasury Services plc	4.000		04/27/16		669,690
	610,000	g	Akbank TAS	5.125		07/22/15		609,085
	2,000,000	g	Australia & New Zealand Banking Group Ltd	2.400		11/23/16		2,016,866
	750,000	g	Banco de Bogota S.A.	5.000		01/15/17		778,125
	750,000	g	Banco de Credito del Peru	4.750		03/16/16		772,500
	450,000	g	Banco del Estado de Chile	3.875		02/08/22		446,625
	865,000		BanColombia S.A.	5.950		06/03/21		915,819
	235,000		Bank of America Corp	4.875		01/15/13		240,239
	25,000		Bank of America Corp	4.900		05/01/13		25,746
	3,475,000		Bank of America Corp	3.750		07/12/16		3,492,316
	650,000		Bank of America Corp	5.300		03/15/17		678,320
	25,000		Bank of America Corp	6.000		09/01/17		27,229
	350,000		Bank of America Corp	5.750		12/01/17		375,373
	1,100,000		Bank of America Corp	5.875		02/07/42		1,094,071
	375,000		Bank of New York Mellon Corp	4.300		05/15/14		401,569
	500,000		Bank of New York Mellon Corp	1.200		02/20/15		500,603
	275,000		Bank of New York Mellon Corp	5.450		05/15/19		317,901
	1,450,000	g	Bank of Nova Scotia	1.450		07/26/13		1,466,173
	1,500,000	g	Bank of Nova Scotia	1.650		10/29/15		1,523,974
	4,800,000	g	Bank of Nova Scotia	2.150		08/03/16		4,924,728
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.350		02/23/17		1,000,815
	250,000		Barclays Bank plc	5.200		07/10/14		264,957
	150,000		BB&T Corp	3.850		07/27/27		151,590
	500,000	g	BBVA Bancomer S.A.	4.500		03/10/16		515,000
	250,000		Capital One Bank USA NA	8.800		07/15/19		305,672
	350,000		Capital One Capital V	8.875		05/15/40		352,352
	1,575,000		Capital One Financial Corp	3.150		07/15/16		1,611,638
	625,000		Citigroup, Inc	6.000		12/13/13		662,186
	285,000		Citigroup, Inc	5.000		09/15/14		295,154
	50,000		Citigroup, Inc	4.750		05/19/15		52,642
	4,550,000		Citigroup, Inc	3.953		06/15/16		4,675,826
	1,525,000		Citigroup, Inc	4.450		01/10/17		1,597,447
	300,000		Citigroup, Inc	6.125		05/15/18		336,296
	100,000		Citigroup, Inc	4.500		01/14/22		100,392
	525,000		Citigroup, Inc	6.875		03/05/38		606,164

30

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$275,000		Citigroup, Inc	8.125	%	07/15/39	$	356,397
	2,700,000	g	Depfa ACS Bank	5.125		03/16/37		1,939,051
	250,000		Deutsche Bank AG	3.875		08/18/14		261,229
	1,000,000		Deutsche Bank AG	3.250		01/11/16		1,025,996
	345,000		Discover Bank	7.000		04/15/20		395,872
	250,000		Golden West Financial Corp	4.750		10/01/12		255,177
	1,000,000	g	HSBC Bank plc	3.100		05/24/16		1,018,612
	500,000	g	HSBC Bank plc	4.125		08/12/20		510,763
	275,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		264,714
	800,000		HSBC Holdings plc	4.000		03/30/22		792,976
	1,150,000		HSBC USA, Inc	2.375		02/13/15		1,157,886
	500,000	g	ICICI Bank Ltd	4.750		11/25/16		497,464
	335,000		JPMorgan Chase & Co	5.125		09/15/14		358,980
	2,948,000		JPMorgan Chase & Co	3.150		07/05/16		3,038,987
	250,000		JPMorgan Chase & Co	4.350		08/15/21		255,433
	700,000		JPMorgan Chase & Co	4.500		01/24/22		728,237
	475,000		JPMorgan Chase & Co	5.500		10/15/40		512,933
	750,000		JPMorgan Chase & Co	5.400		01/06/42		796,359
	250,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		244,511
	700,000	g,i	Rabobank Nederland NV	11.000		12/30/49		889,000
	1,005,000	g	Shinhan Bank	4.375		07/27/17		1,059,030
	800,000	g,i	Standard Chartered plc	6.409		12/30/49		760,045
	450,000		State Street Corp	4.300		05/30/14		482,305
	125,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		130,152
	425,000		Toronto-Dominion Bank	2.500		07/14/16		438,396
	2,000,000	g	Toronto-Dominion Bank	1.625		09/14/16		2,007,538
	100,000		Union Bank of California NA	5.950		05/11/16		109,196
	125,000		USB Capital XIII Trust	6.625		12/15/39		126,175
	375,000		Wachovia Bank NA	4.800		11/01/14		401,924
	350,000		Wachovia Bank NA	5.850		02/01/37		383,924
	650,000		Wells Fargo & Co	2.625		12/15/16		664,594
	1,150,000		Wells Fargo & Co	3.500		03/08/22		1,132,139
	1,850,000		Wells Fargo Bank NA	4.750		02/09/15		1,984,441
			TOTAL BANKS					58,785,519
CAPITAL GOODS - 1.7%
	1,000,000		Alliant Techsystems, Inc	6.750		04/01/16		1,022,500
	250,000		Alliant Techsystems, Inc	6.875		09/15/20		266,875
	100,000		Black & Decker Corp	8.950		04/15/14		114,674
	1,200,000		Caterpillar, Inc	1.375		05/27/14		1,219,086
	1,000,000	g	Chesapeake Midstream Partners LP	6.125		07/15/22		1,007,500
	150,000		CRH America, Inc	4.125		01/15/16		152,107
	1,600,000		Danaher Corp	1.300		06/23/14		1,625,435
	1,500,000	g	Empresas ICA SAB de C.V.	8.900		02/04/21		1,503,750
	75,000		General Electric Co	5.250		12/06/17		86,735
	500,000		Harsco Corp	5.125		09/15/13		527,120
	837,500		Huntington Ingalls Industries, Inc	6.875		03/15/18		887,750
	750,000	g	Hyva Global BV	8.625		03/24/16		643,125
	900,000	g	Kinetic Concepts, Inc	10.500		11/01/18		934,875
	660,000	g	Rexel S.A.	6.125		12/15/19		668,250
	100,000	g	Schaeffler Finance BV	7.750		02/15/17		105,750
	600,000	g	Schaeffler Finance BV	8.500		02/15/19		640,500

31

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Seagate HDD Cayman	7.750	%	12/15/18	$	547,500
	500,000		Seagate HDD Cayman	6.875		05/01/20		531,875
	1,420,000	g	Seagate HDD Cayman	7.000		11/01/21		1,526,500
	947,000	g	Sealed Air Corp	8.125		09/15/19		1,045,251
	947,000	g	Sealed Air Corp	8.375		09/15/21		1,064,191
	1,000,000		SPX Corp	6.875		09/01/17		1,095,000
	972,000		Tomkins LLC	9.000		10/01/18		1,076,490
	500,000		TransDigm, Inc	7.750		12/15/18		541,250
	145,000		Tyco International Finance S.A.	4.125		10/15/14		155,059
			TOTAL CAPITAL GOODS					18,989,148
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	500,000		Corrections Corp of America	7.750		06/01/17		545,000
	670,000		Republic Services, Inc	3.800		05/15/18		719,399
	375,000		Republic Services, Inc	6.200		03/01/40		447,218
	335,000		Waste Management, Inc	6.125		11/30/39		407,664
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					2,119,281
CONSUMER DURABLES & APPAREL - 0.4%
	325,000	g	Grupo Aval Ltd	5.250		02/01/17		337,188
	598,000	i	Hanesbrands, Inc	4.146		12/15/14		598,754
	1,000,000		Hanesbrands, Inc	8.000		12/15/16		1,100,000
	500,000		Hanesbrands, Inc	6.375		12/15/20		513,750
	500,000		Phillips-Van Heusen Corp	7.375		05/15/20		551,250
	400,000		Whirlpool Corp	8.000		05/01/12		402,035
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,234,159
			TOTAL CONSUMER DURABLES & APPAREL					4,737,136
CONSUMER SERVICES - 0.7%
	795,000		Ameristar Casinos, Inc	7.500		04/15/21		833,756
	1,000,000		DineEquity, Inc	9.500		10/30/18		1,095,000
	1,000,000		Marina District Finance Co, Inc	9.500		10/15/15		912,500
	1,000,000		Penn National Gaming, Inc	8.750		08/15/19		1,122,500
	750,000	g	SABMiller Holdings, Inc	3.750		01/15/22		763,021
	1,000,000		Speedway Motorsports, Inc	6.750		02/01/19		1,040,000
	1,000,000		Walt Disney Co	1.125		02/15/17		988,413
	500,000		Wendy’s Restaurants, LLC	10.000		07/15/16		546,250
	500,000		Wynn Las Vegas LLC	7.875		11/01/17		545,000
			TOTAL CONSUMER SERVICES					7,846,440
DIVERSIFIED FINANCIALS - 4.7%
	875,000		American Express Centurion Bank	6.000		09/13/17		1,023,970
	600,000		American Express Co	8.125		05/20/19		784,376
	1,000,000		American Express Credit Corp	5.875		05/02/13		1,051,587
	250,000		American Express Credit Corp	2.800		09/19/16		256,850
	925,000		Berkshire Hathaway, Inc	1.900		01/31/17		935,583
	500,000		BlackRock, Inc	3.500		12/10/14		535,377
	1,350,000		BlackRock, Inc	4.250		05/24/21		1,448,443
	300,000		Countrywide Financial Corp	6.250		05/15/16		312,620
	1,000,000		Credit Suisse	5.500		05/01/14		1,072,298
	200,000		Eaton Vance Corp	6.500		10/02/17		227,698
	1,000,000		Ford Motor Credit Co LLC	5.750		02/01/21		1,078,960

32

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$225,000		General Electric Capital Corp	2.800	%	01/08/13	$	228,819
	850,000		General Electric Capital Corp	1.875		09/16/13		863,417
	1,850,000		General Electric Capital Corp	5.500		06/04/14		2,012,193
	2,000,000		General Electric Capital Corp	5.300		02/11/21		2,166,066
	265,000		General Electric Capital Corp	4.650		10/17/21		282,045
	400,000		General Electric Capital Corp	6.875		01/10/39		493,976
	500,000	i	Goldman Sachs Capital II	5.793		06/01/43		343,125
	600,000		Goldman Sachs Group, Inc	5.450		11/01/12		613,672
	600,000		Goldman Sachs Group, Inc	4.750		07/15/13		621,144
	2,790,000		Goldman Sachs Group, Inc	3.625		02/07/16		2,789,208
	175,000		Goldman Sachs Group, Inc	7.500		02/15/19		199,944
	5,900,000		Goldman Sachs Group, Inc	5.750		01/24/22		6,069,566
	150,000		Goldman Sachs Group, Inc	6.450		05/01/36		145,139
	375,000		Goldman Sachs Group, Inc	6.750		10/01/37		366,402
	500,000		Goldman Sachs Group, Inc	6.250		02/01/41		493,826
	1,000,000	g	Harley-Davidson Financial Services, Inc	3.875		03/15/16		1,042,864
	1,165,000		HSBC Finance Corp	4.750		07/15/13		1,207,862
	325,000	g	Hyundai Capital Services, Inc	3.500		09/13/17		325,763
	200,000	g	International Lease Finance Corp	6.500		09/01/14		211,250
	150,000		International Lease Finance Corp	8.625		09/15/15		165,000
	2,070,000		International Lease Finance Corp	5.750		05/15/16		2,067,680
	100,000		Jefferies Group, Inc	6.250		01/15/36		90,250
	1,705,000		John Deere Capital Corp	2.250		06/07/16		1,769,048
	500,000		John Deere Capital Corp	1.400		03/15/17		496,391
	375,000		John Deere Capital Corp	2.750		03/15/22		368,311
	300,000		Kreditanstalt fuer Wiederaufbau	4.875		01/17/17		347,907
	500,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		505,902
	750,000		Lloyds TSB Bank plc	4.200		03/28/17		755,632
	750,000	g	Lukoil International Finance BV	6.125		11/09/20		795,000
	500,000	g	Majapahit Holding BV	7.875		06/29/37		626,250
	275,000		MBNA Corp	6.125		03/01/13		284,593
	1,650,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,696,639
	800,000		Merrill Lynch & Co, Inc	6.400		08/28/17		872,428
	1,000,000		Morgan Stanley	2.875		01/24/14		997,828
	500,000		Morgan Stanley	5.375		10/15/15		516,499
	900,000		Morgan Stanley	5.450		01/09/17		919,122
	3,000,000		Morgan Stanley	4.750		03/22/17		3,000,999
	725,000		Morgan Stanley	7.300		05/13/19		780,217
	220,000		Morgan Stanley	5.625		09/23/19		217,452
	250,000		NASDAQ OMX Group, Inc	4.000		01/15/15		259,070
	175,000		NASDAQ OMX Group, Inc	5.550		01/15/20		179,543
	400,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		424,062
	250,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		362,582
	500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		557,400
	720,000	g	Odebrecht Finance Ltd	6.000		04/05/23		748,296
	250,000		PCCW-HKT Capital No 4 Ltd	4.250		02/24/16		257,416
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.152		07/19/15		510,835
	500,000		Toyota Motor Credit Corp	2.050		01/12/17		507,477
	1,000,000		UBS AG.	2.250		01/28/14		1,004,105
	250,000		UBS AG.	4.875		08/04/20		259,822
			TOTAL DIVERSIFIED FINANCIALS					51,547,799

33

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
ENERGY - 4.1%
	$160,000		Anadarko Petroleum Corp	6.950	%	06/15/19	$	195,319
	260,000		Anadarko Petroleum Corp	6.450		09/15/36		300,977
	250,000		Apache Corp	5.100		09/01/40		272,931
	500,000		Arch Coal, Inc	8.750		08/01/16		525,000
	833,000	g	Arch Coal, Inc	7.000		06/15/19		768,442
	350,000	g	Baker Hughes, Inc	3.200		08/15/21		352,306
	1,000,000		BP Capital Markets plc	5.250		11/07/13		1,068,615
	2,045,000		BP Capital Markets plc	3.200		03/11/16		2,166,751
	250,000		Chesapeake Energy Corp	7.625		07/15/13		263,750
	250,000		Chesapeake Energy Corp	6.500		08/15/17		266,250
	1,000,000		Chesapeake Energy Corp	6.625		08/15/20		1,017,500
	525,000		Chesapeake Energy Corp	6.125		02/15/21		519,750
	770,000	h	Cimarex Energy Co	5.875		05/01/22		785,400
	500,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		510,000
	575,000		ConocoPhillips	6.500		02/01/39		763,667
	500,000		Consol Energy Inc	8.250		04/01/20		522,500
	415,000	g	Continental Resources, Inc	5.000		09/15/22		417,075
	500,000		Devon Energy Corp	5.600		07/15/41		562,606
	875,000	g	Dolphin Energy Ltd	5.500		12/15/21		922,031
	500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		571,335
	470,000	g	Empresa Nacional del Petroleo	4.750		12/06/21		487,018
	100,000		EnCana Corp	6.625		08/15/37		108,868
	250,000		Encore Acquisition Co	9.500		05/01/16		275,000
	425,000		Enterprise Products Operating LLC	4.600		08/01/12		430,637
	275,000		Enterprise Products Operating LLC	5.600		10/15/14		303,703
	75,000		Enterprise Products Operating LLC	5.000		03/01/15		82,293
	115,000		Enterprise Products Operating LLC	6.125		10/15/39		129,508
	135,000		Enterprise Products Operating LLC	5.950		02/01/41		150,396
	425,000		Enterprise Products Operating LLC	5.700		02/15/42		459,528
	350,000		EOG Resources, Inc	4.100		02/01/21		378,854
	350,000	g	Gaz Capital S.A.	5.092		11/29/15		366,625
	500,000		Gaz Capital S.A.	6.212		11/22/16		544,045
	175,000		Hess Corp	8.125		02/15/19		226,000
	285,000		Hess Corp	6.000		01/15/40		326,436
	750,000	g,h	Korea National Oil Corp	3.125		04/03/17		748,382
	750,000		Marathon Petroleum Corp	3.500		03/01/16		781,389
	500,000		Marathon Petroleum Corp	5.125		03/01/21		543,820
	275,000		MarkWest Energy Partners LP	6.750		11/01/20		297,000
	1,000,000		Newfield Exploration Co	6.625		04/15/16		1,022,500
	300,000		Newfield Exploration Co	5.750		01/30/22		314,250
	125,000		Noble Holding International Ltd	3.450		08/01/15		131,601
	350,000		Noble Holding International Ltd	4.900		08/01/20		373,940
	1,400,000		Occidental Petroleum Corp	1.750		02/15/17		1,415,560
	350,000		Occidental Petroleum Corp	4.100		02/01/21		382,826
	500,000		Peabody Energy Corp	7.375		11/01/16		548,750
	100,000		Pemex Project Funding Master Trust	5.750		03/01/18		112,500
	150,000		Pemex Project Funding Master Trust	6.625		06/15/35		171,000
	125,000		Pemex Project Funding Master Trust	6.625		06/15/38		142,500
	675,000	g	Pertamina PT	5.250		05/23/21		710,437
	500,000	g	Pertamina PT	6.500		05/27/41		540,000
	230,000		Petrobras International Finance Co	3.875		01/27/16		242,099

34

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Petrobras International Finance Co	7.875	%	03/15/19	$	616,903
	494,000		Petrobras International Finance Co	6.875		01/20/40		580,386
	1,200,000		Petrobras International Finance Co-Pifco	3.500		02/06/17		1,229,963
	100,000		Petroleos Mexicanos	8.000		05/03/19		126,500
	325,000		Petroleos Mexicanos	5.500		01/21/21		358,313
	1,200,000	g	Petroleos Mexicanos	4.875		01/24/22		1,260,000
	540,000	g	Petroleos Mexicanos	6.500		06/02/41		607,500
	430,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		530,190
	700,000	g	Phillips 66	1.950		03/05/15		704,842
	625,000	g	Phillips 66	4.300		04/01/22		635,749
	800,000		Precision Drilling Trust	6.625		11/15/20		838,000
	100,000		Range Resources Corp	7.250		05/01/18		105,500
	500,000		Range Resources Corp	5.750		06/01/21		525,000
	600,000		Regency Energy Partners LP	6.500		07/15/21		636,000
	730,000	g	Reliance Holdings USA	4.500		10/19/20		703,976
	450,000	g	Reliance Holdings USA	5.400		02/14/22		447,659
	1,000,000	g	SandRidge Energy, Inc	8.000		06/01/18		1,020,000
	1,185,000	g	Schlumberger Investment S.A.	3.300		09/14/21		1,200,571
	675,000	g	SESI LLC	7.125		12/15/21		729,000
	250,000		Shell International Finance BV	3.100		06/28/15		267,602
	525,000		Shell International Finance BV	4.300		09/22/19		595,192
	125,000		Shell International Finance BV	6.375		12/15/38		165,382
	1,495,000		Southwestern Energy Co	7.500		02/01/18		1,801,257
	200,000		Statoil ASA	2.900		10/15/14		210,666
	1,000,000		Total Capital International S.A.	1.500		02/17/17		973,174
	500,000		TransCanada Pipelines Ltd	5.850		03/15/36		590,698
	250,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		258,402
	125,000		Vale Overseas Ltd	6.250		01/23/17		144,053
	215,000	h	Vale Overseas Ltd	4.375		01/11/22		215,956
	125,000		Vale Overseas Ltd	6.875		11/21/36		144,980
	205,000		Vale Overseas Ltd	6.875		11/10/39		239,465
	600,000		XTO Energy, Inc	6.250		04/15/13		633,452
	300,000		XTO Energy, Inc	4.625		06/15/13		313,774
			TOTAL ENERGY					44,929,775
FOOD & STAPLES RETAILING - 0.4%
	185,000		CVS Caremark Corp	3.250		05/18/15		196,083
	50,000		CVS Caremark Corp	6.600		03/15/19		61,677
	275,000		Delhaize Group S.A.	5.875		02/01/14		295,703
	250,000		Delhaize Group S.A.	6.500		06/15/17		288,913
	500,000		Ingles Markets, Inc	8.875		05/15/17		541,250
	75,000		Kroger Co	5.000		04/15/13		78,164
	500,000		Kroger Co	2.200		01/15/17		507,920
	295,000		Stater Bros Holdings, Inc	7.750		04/15/15		301,269
	300,000		Stater Bros Holdings, Inc	7.375		11/15/18		325,125
	1,045,000		SuperValu, Inc	8.000		05/01/16		1,094,638
	500,000		Susser Holdings LLC	8.500		05/15/16		548,750
			TOTAL FOOD & STAPLES RETAILING					4,239,492
FOOD, BEVERAGE & TOBACCO - 0.8%
	500,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		527,408
	700,000		Anheuser-Busch InBev Worldwide, Inc	5.375		01/15/20		822,637

35

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$750,000		Coca-Cola Co	0.750	%	03/13/15	$	747,912
	500,000		Constellation Brands, Inc	8.375		12/15/14		564,375
	335,000	g	Corp Lindley S.A.	6.750		11/23/21		356,775
	750,000	g	Grupo Bimbo SAB de C.V.	4.500		01/25/22		763,784
	650,000		HJ Heinz Co	1.500		03/01/17		645,358
	620,000		Kraft Foods, Inc	6.500		02/09/40		762,930
	25,000		PepsiAmericas, Inc	4.375		02/15/14		26,583
	38,000		PepsiCo, Inc	7.900		11/01/18		51,075
	1,000,000	g	Pernod-Ricard S.A.	2.950		01/15/17		1,010,129
	550,000	g	Pernod-Ricard S.A.	4.450		01/15/22		557,904
	550,000		Philip Morris International, Inc	6.875		03/17/14		616,693
	100,000		Philip Morris International, Inc	6.375		05/16/38		124,287
	900,000	g	Post Holdings, Inc	7.375		02/15/22		942,750
	500,000		TreeHouse Foods, Inc	7.750		03/01/18		541,875
			TOTAL FOOD, BEVERAGE & TOBACCO					9,062,475
HEALTH CARE EQUIPMENT & SERVICES - 1.2%
	250,000		Becton Dickinson and Co	1.750		11/08/16		252,964
	1,000,000	g	CHS	8.000		11/15/19		1,032,500
	1,079,000		Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		1,151,832
	1,722,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		1,782,270
	400,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		461,000
	500,000		HCA, Inc	8.500		04/15/19		555,625
	165,000		HCA, Inc	6.500		02/15/20		173,250
	500,000		HCA, Inc	7.875		02/15/20		549,375
	500,000		Healthsouth Corp	7.250		10/01/18		533,750
	500,000		Healthsouth Corp	7.750		09/15/22		540,000
	1,500,000		LifePoint Hospitals, Inc	6.625		10/01/20		1,590,000
	228,000		McKesson Corp	3.250		03/01/16		244,238
	275,000		Medtronic, Inc	4.750		09/15/15		307,809
	500,000		Quest Diagnostics, Inc	6.400		07/01/17		587,907
	750,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		799,041
	475,000		Thermo Fisher Scientific, Inc	2.250		08/15/16		491,581
	160,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		179,155
	650,000		Thermo Fisher Scientific, Inc	3.600		08/15/21		686,077
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					11,918,374
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	500,000		Clorox Co	3.800		11/15/21		505,292
	375,000		Ecolab, Inc	4.350		12/08/21		397,544
	380,000		Procter & Gamble Co	2.300		02/06/22		367,321
	250,000		Procter & Gamble Co	5.550		03/05/37		312,452
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					1,582,609
INSURANCE - 1.3%
	275,000		ACE INA Holdings, Inc	5.875		06/15/14		302,930
	240,000		Aetna, Inc	6.500		09/15/18		295,514
	150,000		Aetna, Inc	6.625		06/15/36		186,846
	375,000		Allstate Corp	7.450		05/16/19		470,321
	500,000		American International Group, Inc	3.650		01/15/14		509,255
	400,000		Chubb Corp	6.000		05/11/37		486,726
	80,000		CIGNA Corp	5.125		06/15/20		88,124

36

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000		CIGNA Corp	4.500	%	03/15/21	$	1,055,141
	525,000		Hartford Financial Services Group, Inc	4.000		03/30/15		542,851
	525,000		Hartford Financial Services Group, Inc	5.500		03/30/20		561,064
	275,000		Hartford Financial Services Group, Inc	6.625		03/30/40		283,992
	975,000		HCA, Inc	5.875		03/15/22		976,219
	250,000		Lincoln National Corp	7.000		06/15/40		293,604
	1,500,000		Markel Corp	5.350		06/01/21		1,564,072
	550,000		Metlife, Inc	5.000		06/15/15		608,299
	525,000		Metlife, Inc	6.750		06/01/16		623,733
	275,000		Metlife, Inc	5.700		06/15/35		319,876
	600,000	g	Principal Life Global Funding I	5.125		10/15/13		628,325
	650,000		Prudential Financial, Inc	6.200		11/15/40		731,151
	300,000	g	Prudential Funding LLC	6.750		09/15/23		322,166
	300,000		Travelers Cos, Inc	5.800		05/15/18		362,374
	75,000		Travelers Cos, Inc	5.900		06/02/19		90,812
	100,000		Unum Group	5.625		09/15/20		105,835
	275,000		WellPoint, Inc	5.850		01/15/36		318,108
	2,000,000		Willis Group Holdings plc	4.125		03/15/16		2,032,974
	150,000		WR Berkley Corp	5.375		09/15/20		157,543
			TOTAL INSURANCE					13,917,855
MATERIALS - 3.2%
	300,000		3M Co	5.700		03/15/37		383,203
	350,000		Air Products & Chemicals, Inc	4.150		02/01/13		360,527
	75,000		Airgas, Inc	4.500		09/15/14		80,334
	250,000		Airgas, Inc	7.125		10/01/18		271,240
	1,000,000		Albemarle Corp	4.500		12/15/20		1,075,312
	750,000	g,h	Anglo American Capital plc	2.625		04/03/17		750,803
	325,000	g	Anglo American Capital plc	4.450		09/27/20		336,137
	560,000		AngloGold Ashanti Holdings plc	5.375		04/15/20		576,426
	440,000		ArcelorMittal	4.500		02/25/17		441,287
	500,000		ArcelorMittal	9.850		06/01/19		601,640
	425,000		ArcelorMittal	6.250		02/25/22		429,717
	537,000		Ball Corp	7.125		09/01/16		585,330
	120,000		Ball Corp	7.375		09/01/19		132,600
	1,000,000		Ball Corp	5.750		05/15/21		1,062,500
	1,000,000	g	Barrick Gold Corp	3.850		04/01/22		994,444
	850,000		Barrick North America Finance LLC	4.400		05/30/21		895,951
	750,000	g	Braskem America Finance Co	7.125		07/22/41		752,625
	1,500,000		Celanese US Holdings LLC	6.625		10/15/18		1,597,500
	777,500	g	Cemex SAB de C.V.	9.000		01/11/18		732,794
	1,500,000		CF Industries, Inc	7.125		05/01/20		1,786,875
	500,000		Cliffs Natural Resources, Inc	6.250		10/01/40		530,964
	325,000	g	CommScope, Inc	8.250		01/15/19		346,125
	800,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		819,596
	750,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.875		11/03/21		765,959
	1,385,000		Crown Americas LLC	6.250		02/01/21		1,488,875
	500,000		Domtar Corp	4.400		04/01/22		494,089
	469,000		Dow Chemical Co	4.125		11/15/21		482,481
	250,000	g	Fibria Overseas Finance Ltd	6.750		03/03/21		255,625
	500,000		Fibria Overseas Finance Ltd	7.500		05/04/20		528,150
	1,250,000		Freeport-McMoRan Copper & Gold, Inc	1.400		02/13/15		1,245,258

37

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$375,000		Freeport-McMoRan Copper & Gold, Inc	3.550	%	03/01/22	$	360,157
	750,000	g	Georgia-Pacific LLC	8.250		05/01/16		827,211
	975,000		Graphic Packaging International, Inc	9.500		06/15/17		1,082,250
	250,000		International Paper Co	7.300		11/15/39		304,363
	400,000		International Paper Co	6.000		11/15/41		434,189
	455,000	g	Longview Fibre Paper & Packaging, Inc	8.000		06/01/16		463,531
	2,000,000	g,h	LyondellBasell Industries NV	5.000		04/15/19		2,000,000
	75,000		Martin Marietta Materials, Inc	6.600		04/15/18		81,656
	750,000		Newmont Mining Corp	3.500		03/15/22		722,558
	375,000		Newmont Mining Corp	4.875		03/15/42		348,906
	200,000		Praxair, Inc	5.250		11/15/14		222,820
	500,000		Praxair, Inc	2.450		02/15/22		480,889
	1,450,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		1,490,926
	680,000	g	Rock-Tenn Co	4.450		03/01/19		683,055
	820,000	g	Rock-Tenn Co	4.900		03/01/22		818,797
	250,000	g	Sappi Papier Holding AG.	6.625		04/15/21		233,750
	500,000	g	Silgan Holdings, Inc	5.000		04/01/20		497,500
	500,000		Solutia, Inc	7.875		03/15/20		586,250
	1,000,000		Teck Resources Ltd	10.250		05/15/16		1,145,100
	125,000		Teck Resources Ltd	6.000		08/15/40		131,632
	900,000		Teck Resources Ltd	5.200		03/01/42		853,850
	355,000	g,h	USG Corp	7.875		03/30/20		355,444
	500,000	g	Verso Paper Holdings LLC	11.750		01/15/19		515,000
	350,000	g	Xstrata Canada Financial Corp	4.950		11/15/21		366,675
			TOTAL MATERIALS					35,810,876
MEDIA - 2.2%
	1,000,000		AMC Entertainment, Inc	8.750		06/01/19		1,047,500
	1,000,000		Cablevision Systems Corp	8.625		09/15/17		1,088,750
	200,000		CBS Corp	4.300		02/15/21		209,638
	1,100,000		CCO Holdings LLC	7.000		01/15/19		1,166,000
	1,300,000		CCO Holdings LLC	6.500		04/30/21		1,345,500
	1,462,000		Cinemark USA, Inc	8.625		06/15/19		1,622,820
	446,000		CSC Holdings LLC	8.500		04/15/14		496,175
	750,000		DIRECTV Holdings LLC	7.625		05/15/16		785,625
	750,000	g	DIRECTV Holdings LLC	2.400		03/15/17		743,344
	1,500,000	g	DIRECTV Holdings LLC	3.800		03/15/22		1,479,408
	1,250,000	g	DIRECTV Holdings LLC	5.150		03/15/42		1,217,730
	250,000		Interpublic Group of Cos, Inc	6.250		11/15/14		272,500
	1,000,000		Lamar Media Corp	9.750		04/01/14		1,125,000
	2,935,000		Lamar Media Corp	7.875		04/15/18		3,210,156
	100,000		NBC Universal Media LLC	5.150		04/30/20		113,180
	2,000,000		NBC Universal Media LLC	4.375		04/01/21		2,142,290
	100,000		News America, Inc	7.250		05/18/18		120,977
	125,000		News America, Inc	7.625		11/30/28		144,133
	90,000		News America, Inc	6.550		03/15/33		98,780
	250,000		News America, Inc	6.200		12/15/34		277,255
	325,000		News America, Inc	6.650		11/15/37		378,832
	250,000		News America, Inc	6.900		08/15/39		296,277
	963,000		Nielsen Finance LLC	7.750		10/15/18		1,061,708
	350,000		Time Warner Cable, Inc	8.750		02/14/19		456,262
	625,000		Time Warner Cable, Inc	8.250		04/01/19		799,314

38

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$250,000		Time Warner, Inc	3.150	%	07/15/15	$	264,754
	1,000,000		Time Warner, Inc	4.700		01/15/21		1,092,524
	275,000		Time Warner, Inc	6.500		11/15/36		319,099
	1,500,000		Viacom, Inc	1.250		02/27/15		1,498,464
	700,000		Viacom, Inc	2.500		12/15/16		716,493
			TOTAL MEDIA					25,590,488
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
	600,000	g	Aristotle Holding, Inc	2.100		02/12/15		607,394
	625,000	g	Aristotle Holding, Inc	3.900		02/15/22		631,716
	250,000		Merck & Co, Inc	3.875		01/15/21		274,501
	1,000,000	g	Mylan, Inc	7.625		07/15/17		1,100,000
	1,000,000	g	Mylan, Inc	7.875		07/15/20		1,115,000
	910,000		NBTY, Inc	9.000		10/01/18		1,002,138
	135,000		Novartis Capital Corp	4.125		02/10/14		143,798
	150,000		Novartis Capital Corp	2.900		04/24/15		159,836
	175,000		Pfizer, Inc	5.350		03/15/15		197,839
	2,000,000		Sanofi-Aventis S.A.	2.625		03/29/16		2,094,138
	220,000		Schering-Plough Corp	6.550		09/15/37		300,643
	1,055,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		1,068,188
	555,000	g	Valeant Pharmaceuticals International	7.000		10/01/20		552,225
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					9,247,416
REAL ESTATE - 1.2%
	100,000		AMB Property LP	7.625		08/15/14		111,254
	150,000		AMB Property LP	4.500		08/15/17		154,517
	100,000		Brandywine Operating Partnership LP	7.500		05/15/15		111,211
	1,250,000		Brandywine Operating Partnership LP	4.950		04/15/18		1,274,640
	170,000		Camden Property Trust	4.625		06/15/21		174,734
	1,000,000		Developers Diversified Realty Corp	4.750		04/15/18		1,035,918
	500,000		Developers Diversified Realty Corp	7.875		09/01/20		591,327
	835,000		DuPont Fabros Technology LP	8.500		12/15/17		918,500
	25,000		Federal Realty Investment Trust	5.650		06/01/16		27,548
	1,325,000		Health Care REIT, Inc	3.625		03/15/16		1,344,626
	200,000		Healthcare Realty Trust, Inc	5.750		01/15/21		204,713
	1,783,000		Highwoods Properties, Inc	5.850		03/15/17		1,894,980
	1,000,000		Host Hotels & Resorts LP	5.875		06/15/19		1,053,750
	125,000		Kilroy Realty Corp	5.000		11/03/15		133,179
	250,000		Kilroy Realty LP	4.800		07/15/18		259,759
	300,000		National Retail Properties, Inc	5.500		07/15/21		312,378
	150,000		Regency Centers LP	5.250		08/01/15		161,555
	25,000		Regency Centers LP	5.875		06/15/17		27,959
	25,000		Simon Property Group LP	5.250		12/01/16		28,272
	825,000		Simon Property Group LP	2.800		01/30/17		844,741
	210,000		Simon Property Group LP	10.350		04/01/19		289,270
	1,000,000		Simon Property Group LP	3.375		03/15/22		964,406
	185,000		Ventas Realty LP	3.125		11/30/15		189,807
	100,000		Ventas Realty LP	4.250		03/01/22		97,170
	200,000		Washington Real Estate Investment Trust	4.950		10/01/20		208,905
	750,000	g	Yanlord Land Group Ltd	10.625		03/29/18		665,625
			TOTAL REAL ESTATE					13,080,744

39

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
RETAILING - 1.0%
	$907,000		Amerigas Partners LP	6.500	%	05/20/21	$	920,605
	1,500,000		Ferrellgas LP	6.500		05/01/21		1,353,750
	1,000,000		Limited Brands, Inc	7.000		05/01/20		1,115,000
	625,000		Limited Brands, Inc	6.625		04/01/21		677,344
	810,000		Limited Brands, Inc	5.625		02/15/22		817,088
	1,805,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		2,071,330
	325,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		325,947
	150,000		Nordstrom, Inc	4.000		10/15/21		159,597
	295,000		O’Reilly Automotive, Inc	4.625		09/15/21		310,982
	1,500,000	g	QVC, Inc	7.125		04/15/17		1,597,500
	250,000		Staples, Inc	9.750		01/15/14		284,052
	500,000		Target Corp	2.900		01/15/22		494,185
	250,000		Wal-Mart Stores, Inc	5.000		10/25/40		276,725
	700,000		Wal-Mart Stores, Inc	5.625		04/15/41		847,258
			TOTAL RETAILING					11,251,363
SOFTWARE & SERVICES - 0.7%
	100,000		Fidelity National Information Services, Inc	7.625		07/15/17		109,500
	3,000,000	g	Fidelity National Information Services, Inc	5.000		03/15/22		2,955,000
	750,000		International Business Machines Corp	0.550		02/06/15		746,087
	950,000		International Business Machines Corp	1.250		02/06/17		942,381
	500,000	g,h	Lawson Software, Inc	9.375		04/01/19		517,500
	165,000		Microsoft Corp	0.875		09/27/13		166,210
	200,000		Oracle Corp	5.750		04/15/18		243,142
	185,000		Oracle Corp	3.875		07/15/20		203,653
	400,000	g	Sophia LP	9.750		01/15/19		427,000
	500,000		SunGard Data Systems, Inc	4.875		01/15/14		513,750
	1,000,000		SunGard Data Systems, Inc	7.375		11/15/18		1,062,500
			TOTAL SOFTWARE & SERVICES					7,886,723
TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	785,000		Brocade Communications Systems, Inc	6.625		01/15/18		824,250
	287,000		Brocade Communications Systems, Inc	6.875		01/15/20		316,418
	350,000		Hewlett-Packard Co	4.750		06/02/14		374,418
	1,160,000		Jabil Circuit, Inc	5.625		12/15/20		1,218,000
	112,000		L-3 Communications Corp	6.375		10/15/15		114,660
	1,000,000		L-3 Communications Corp	4.950		02/15/21		1,046,086
	1,000,000		NII Capital Corp	7.625		04/01/21		977,500
	500,000	g	PCCW-HKT Capital No 3 Ltd	5.250		07/20/15		532,944
	500,000		Scientific Games Corp	8.125		09/15/18		544,375
	814,000		Scientific Games Corp	9.250		06/15/19		901,505
	1,000,000		Tyco Electronics Group S.A.	1.600		02/03/15		1,001,759
	525,000		Xerox Corp	8.250		05/15/14		592,824
	375,000		Xerox Corp	2.950		03/15/17		378,929
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					8,823,668
TELECOMMUNICATION SERVICES - 1.5%
	1,150,000		American Tower Corp	4.700		03/15/22		1,159,243
	2,250,000		AT&T, Inc	2.950		05/15/16		2,377,634
	275,000		AT&T, Inc	6.150		09/15/34		317,243
	800,000		AT&T, Inc	6.300		01/15/38		940,235

40

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Axiata SPV1 (Labuan) Ltd	5.375	%	04/28/20	$	527,292
	85,000		BellSouth Corp	6.550		06/15/34		97,030
	550,000		Cellco Partnership	8.500		11/15/18		755,163
	500,000		Cricket Communications, Inc	7.750		05/15/16		527,500
	750,000	g	Deutsche Telekom International Finance BV	2.250		03/06/17		742,322
	425,000	g	Deutsche Telekom International Finance BV	4.875		03/06/42		401,492
	1,000,000		Intelsat Bermuda Ltd	11.250		02/04/17		1,040,000
	1,050,000	g	Oi S.A.	5.750		02/10/22		1,080,187
	500,000		Qwest Communications International, Inc	7.125		04/01/18		533,750
	75,000		Telecom Italia Capital S.A.	6.999		06/04/18		79,875
	75,000		Telecom Italia Capital S.A.	7.175		06/18/19		79,875
	1,000,000		Telefonica Emisiones SAU	3.992		02/16/16		995,357
	370,000	g	Telefonica Moviles Chile S.A.	2.875		11/09/15		369,705
	500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		566,384
	885,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		909,780
	275,000		Verizon Communications, Inc	5.250		04/15/13		288,304
	210,000		Verizon Communications, Inc	8.750		11/01/18		284,975
	225,000		Verizon Communications, Inc	8.950		03/01/39		347,695
	275,000		Verizon Virginia, Inc	4.625		03/15/13		285,342
	750,000	g	Vimpelcom Holdings	7.504		03/01/22		727,500
	207,000		Virgin Media Finance plc	9.500		08/15/16		233,393
	500,000		Virgin Media Secured Finance plc	5.250		01/15/21		537,504
	400,000		Windstream Corp	7.750		10/15/20		428,000
			TOTAL TELECOMMUNICATION SERVICES					16,632,780
TRANSPORTATION - 1.2%
	655,000	g	Asciano Finance	5.000		04/07/18		676,527
	750,000	g	Bombardier, Inc	7.500		03/15/18		825,000
	600,000	g	Bombardier, Inc	7.750		03/15/20		669,000
	500,000		Bristow Group, Inc	7.500		09/15/17		522,500
	750,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		737,443
	725,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		756,282
	1,000,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		945,391
	1,000,000	g	DP World Ltd	6.850		07/02/37		965,000
	150,000		Embraer Overseas Ltd	6.375		01/15/20		165,195
	580,000	g	Gulfmark Offshore, Inc	6.375		03/15/22		582,900
	500,000		Hertz Corp	7.500		10/15/18		530,625
	1,000,000		Hertz Corp	7.375		01/15/21		1,065,000
	625,000	g	Kazakhstan Temir Zholy Finance BV	6.375		10/06/20		692,188
	875,000		Norfolk Southern Corp	3.000		04/01/22		860,262
	300,000		Norfolk Southern Corp	5.590		05/17/25		352,748
	640,000	g	TAM Capital 3, Inc	8.375		06/03/21		673,600
	580,000	g	Transnet Ltd	4.500		02/10/16		600,369
	262,000		Union Pacific Corp	4.163		07/15/22		283,079
	500,000		Union Pacific Corp	4.750		09/15/41		510,065
			TOTAL TRANSPORTATION					12,413,174
UTILITIES - 3.6%
	726,000	g	Abu Dhabi National Energy Co	5.875		12/13/21		773,190
	500,000		AES Corp	7.750		03/01/14		540,000
	1,750,000		AES Corp	8.000		10/15/17		1,970,938
	305,000	g	AES Gener S.A.	5.250		08/15/21		321,775

41

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$350,000		AGL Capital Corp	5.250	%	08/15/19	$	396,285
	365,000		Alliant Energy Corp	4.000		10/15/14		385,911
	250,000		Atmos Energy Corp	8.500		03/15/19		327,067
	1,000,000	g	Calpine Corp	7.250		10/15/17		1,060,000
	750,000	g	Calpine Corp	7.500		02/15/21		800,625
	705,000	g	Calpine Corp	7.875		01/15/23		761,400
	190,000		Carolina Power & Light Co	5.125		09/15/13		202,290
	250,000		Carolina Power & Light Co	5.300		01/15/19		293,946
	275,000		Carolina Power & Light Co	5.700		04/01/35		324,473
	200,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		221,906
	300,000		CenterPoint Energy Resources Corp	6.250		02/01/37		343,934
	300,000		CenterPoint Energy Resources Corp	5.850		01/15/41		341,519
	750,000	g	Centrais Eletricas Brasileiras S.A.	5.750		10/27/21		820,875
	1,500,000	g,h	CEZ AS.	4.250		04/03/22		1,491,825
	775,000	g,h	CEZ AS.	5.625		04/03/42		773,737
	500,000	g,h	China Resources Gas Group Ltd	4.500		04/05/22		491,390
	1,000,000		CMS Energy Corp	5.050		03/15/22		1,006,260
	450,000	g	Colbun S.A.	6.000		01/21/20		478,186
	625,000	g	Comision Federal de Electricidad	5.750		02/14/42		624,375
	375,000	g	Comision Federal Electricidad	4.875		05/26/21		397,500
	1,895,000		Commonwealth Edison Co	4.000		08/01/20		2,045,512
	200,000		Commonwealth Edison Co	5.900		03/15/36		242,682
	200,000		Connecticut Light & Power Co	5.500		02/01/19		234,439
	575,000		Crosstex Energy, Inc	8.875		02/15/18		610,937
	300,000		Dominion Resources, Inc	4.900		08/01/41		314,739
	200,000		Duke Energy Carolinas LLC	4.300		06/15/20		223,103
	1,000,000		Duke Energy Corp	3.950		09/15/14		1,070,432
	250,000		Indiana Michigan Power Co	7.000		03/15/19		306,342
	765,000	g	Instituto Costarricense de Electricidad	6.950		11/10/21		803,250
	125,000		Integrys Energy Group, Inc	4.170		11/01/20		130,045
	1,125,000	g	Israel Electric Corp Ltd	6.700		02/10/17		1,159,744
	100,000	g	Kansas Gas & Electric	6.700		06/15/19		123,654
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,053,333
	715,000	g	KMG Finance Sub BV	6.375		04/09/21		789,753
	870,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		901,788
	350,000		LG&E and KU Energy LLC	3.750		11/15/20		348,510
	250,000		Midamerican Energy Holdings Co	5.950		05/15/37		291,965
	250,000		National Fuel Gas Co	5.250		03/01/13		258,918
	250,000		Nevada Power Co	6.650		04/01/36		319,993
	1,000,000		Nevada Power Co	5.450		05/15/41		1,142,071
	1,000,000		NRG Energy, Inc	7.375		01/15/17		1,040,000
	500,000	g	Oncor Electric Delivery Co LLC	4.550		12/01/41		451,588
	50,000		ONEOK Partners LP	5.900		04/01/12		50,000
	325,000		Pacific Gas & Electric Co	8.250		10/15/18		430,222
	150,000		PacifiCorp	6.000		01/15/39		185,263
	250,000		Pepco Holdings, Inc	2.700		10/01/15		254,551
	1,500,000	g	Perusahaan Listrik Negara PT	5.500		11/22/21		1,571,250
	500,000		PG&E Corp	5.750		04/01/14		544,868
	50,000		Potomac Electric Power Co	7.900		12/15/38		76,331
	275,000		Progress Energy, Inc	7.050		03/15/19		340,130
	550,000		Public Service Co of Colorado	4.750		08/15/41		596,539
	400,000		Public Service Co of Oklahoma	5.150		12/01/19		449,182

42

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,750,000		Questar Market Resources, Inc	6.875	%	03/01/21	$	1,933,750
	500,000		Sabine Pass LNG LP	7.500		11/30/16		536,250
	150,000		San Diego Gas & Electric Co	3.000		08/15/21		153,473
	300,000		San Diego Gas & Electric Co	3.950		11/15/41		290,164
	175,000		Veolia Environnement	5.250		06/03/13		182,378
	420,000		Virginia Electric and Power Co	2.950		01/15/22		415,827
	225,000		Williams Partners LP	3.800		02/15/15		239,085
	1,000,000	g	Wpd Investment Holdings Ltd	3.900		05/01/16		1,040,423
	300,000		Xcel Energy, Inc	4.800		09/15/41		314,951
			TOTAL UTILITIES					38,616,842
			TOTAL CORPORATE BONDS					412,228,193
			(Cost $395,382,310)
GOVERNMENT BONDS - 42.4%
AGENCY SECURITIES - 0.3%
	1,597,263		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,787,337
	1,000,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		1,013,927
	415,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500		04/23/14		432,886
			TOTAL AGENCY SECURITIES					3,234,150
FOREIGN GOVERNMENT BONDS - 5.9%
	6,450,000	g	Bank of Montreal	2.625		01/25/16		6,763,838
	1,235,000		Brazilian Government International Bond	4.875		01/22/21		1,398,020
	500,000		Brazilian Government International Bond	5.625		01/07/41		576,250
	2,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		2,082,976
	1,275,000		Canada Government International Bond	0.875		02/14/17		1,259,541
	3,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		3,035,976
	1,750,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		1,843,373
	215,000		Chile Government International Bond	3.875		08/05/20		231,125
	475,000		Colombia Government International Bond	4.375		07/12/21		516,562
	400,000		Colombia Government International Bond	6.125		01/18/41		490,000
	540,000	g	Croatia Government International Bond	6.375		03/24/21		518,400
	260,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		274,950
	500,000		Egypt Government AID Bonds	4.450		09/15/15		561,745
	1,776,000		Eksportfinans ASA	2.000		09/15/15		1,575,738
	778,000	g	Eskom Holdings Ltd	5.750		01/26/21		816,900
	275,000		European Investment Bank	4.875		02/15/36		297,378
	500,000		Export Development Canada	2.250		05/28/15		525,056
	240,000		Export-Import Bank of Korea	3.750		10/20/16		247,571
	525,000		Export-Import Bank of Korea	5.125		06/29/20		562,714
	100,000		Federative Republic of Brazil	6.000		01/17/17		118,500
	333,333		Federative Republic of Brazil	8.000		01/15/18		397,833
	500,000		Hungary Government International Bond	4.750		02/03/15		470,000
	750,000		Israel Government International Bond	4.000		06/30/22		741,725
	225,000		Italy Government International Bond	5.375		06/12/17		230,798
	180,000		Italy Government International Bond	6.875		09/27/23		189,090
	3,000,000		KFW	2.625		01/25/22		2,973,501
	750,000	g	Lithuania Government International Bond	5.125		09/14/17		780,000
	765,000	g	Lithuania Government International Bond	6.625		02/01/22		847,238
	750,000		Mexico Government International Bond	3.625		03/15/22		766,875

43

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$150,000		Mexico Government International Bond	6.750	%	09/27/34	$	192,750
	250,000		Mexico Government International Bond	4.750		03/08/44		245,000
	500,000	g	Namibia International Bonds	5.500		11/03/21		523,750
	575,000	g	National Bank of Canada	1.650		01/30/14		584,984
	3,000,000	g	Nederlandse Waterschapsbank NV	2.125		02/09/17		2,983,023
	500,000		Panama Government International Bond	5.200		01/30/20		573,250
	135,000		Peruvian Government International Bond	7.350		07/21/25		184,410
	500,000		Philippine Government International Bond	5.500		03/30/26		569,375
	300,000		Philippine Government International Bond	5.000		01/13/37		312,750
	420,000		Poland Government International Bond	3.875		07/16/15		441,294
	1,183,000		Poland Government International Bond	5.125		04/21/21		1,263,444
	500,000		Poland Government International Bond	5.000		03/23/22		527,010
	750,000		Province of British Columbia Canada	2.850		06/15/15		797,929
	1,400,000		Province of Ontario Canada	4.100		06/16/14		1,506,982
	500,000		Province of Ontario Canada	2.950		02/05/15		530,067
	1,750,000		Province of Ontario Canada	2.700		06/16/15		1,846,509
	5,000,000		Province of Ontario Canada	2.300		05/10/16		5,178,040
	620,000		Province of Quebec Canada	4.625		05/14/18		720,062
	1,000,000		Province of Quebec Canada	3.500		07/29/20		1,074,816
	3,000,000		Province of Quebec Canada	2.750		08/25/21		3,011,580
	500,000		Qatar Government International Bond	5.250		01/20/20		551,250
	500,000	g	Qatar Government International Bond	4.500		01/20/22		521,900
	750,000	g	Republic of Ghana	8.500		10/04/17		858,750
	770,000	g	Republic of Indonesia	4.875		05/05/21		834,488
	433,333		Republic of Serbia	6.750		11/01/24		430,083
	840,000	g	Romanian Government International Bond	6.750		02/07/22		877,800
	240,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		249,600
	750,000	g,h	Russian Foreign Bond - Eurobond	3.250		04/04/17		750,375
	320,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		341,072
	220,000	g,h	Russian Foreign Bond - Eurobond	4.500		04/04/22		219,340
	370,000	g,h	Russian Foreign Bond - Eurobond	5.625		04/04/42		367,040
	400,000		South Africa Government International Bond	5.875		05/30/22		456,000
	750,000		South Africa Government International Bond	4.665		01/17/24		766,875
	75,000		South Africa Government International Bond	6.250		03/08/41		87,750
	270,000	g	Sri Lanka Government International Bond	6.250		07/27/21		268,723
	395,000		Turkey Government International Bond	5.125		03/25/22		392,037
	1,150,000		Turkey Government International Bond	6.250		09/26/22		1,236,250
	465,000		Turkey Government International Bond	6.750		05/30/40		506,850
	152,000		United Mexican States	5.875		02/17/14		165,072
	300,000		United Mexican States	5.950		03/19/19		359,700
	500,000		United Mexican States	5.125		01/15/20		573,750
			TOTAL FOREIGN GOVERNMENT BONDS					64,975,403
MORTGAGE BACKED - 25.4%
	1,430,513		Federal Home Loan Mortgage Corp (FHLMC) (Interest Only)	4.000		06/15/34		147,576
	403,043	i	FHLMC	2.380		02/01/36		424,575
	1,264,661	i	FHLMC	2.571		07/01/36		1,343,014
	358,950	i	FHLMC	2.540		09/01/36		386,398
	280,976	i	FHLMC	2.645		09/01/36		297,445
	248,923	i	FHLMC	5.729		02/01/37		268,457
	498,565	i	FHLMC	2.887		03/01/37		532,595
	68,200	i	FHLMC	5.969		04/01/37		74,170

44

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$51,954	i	FHLMC	5.748	%	05/01/37	$	56,111
	1,051,866	i	FHLMC	5.573		06/01/37		1,113,393
	373,148	i	FHLMC	5.221		08/01/37		399,119
	1,123,687		FHLMC	5.500		08/01/39		1,237,329
	31,586		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500		12/01/16		34,400
	486,322		FGLMC	5.500		01/01/19		531,226
	112,958		FGLMC	4.500		01/01/20		121,181
	713,652		FGLMC	4.500		07/01/20		776,307
	209,203		FGLMC	4.500		09/01/20		224,301
	222,775		FGLMC	5.000		10/01/20		240,662
	403,703		FGLMC	5.500		10/01/20		440,562
	27,502		FGLMC	7.000		10/01/20		32,276
	180,021		FGLMC	4.500		06/01/21		193,013
	315,274		FGLMC	5.500		08/01/21		341,330
	109,811		FGLMC	5.000		04/01/23		118,045
	141,010		FGLMC	4.500		09/01/24		150,504
	55,839		FGLMC	6.500		01/01/29		63,838
	5,360		FGLMC	8.000		01/01/31		6,448
	349,341		FGLMC	6.000		03/01/33		390,730
	1,310,161	d	FGLMC	5.500		12/01/33		1,435,029
	1,038,528		FGLMC	7.000		12/01/33		1,211,610
	879,148		FGLMC	5.000		01/01/34		949,108
	370,300		FGLMC	5.000		05/01/34		399,768
	520,238		FGLMC	4.500		10/01/34		553,089
	260,501		FGLMC	5.500		12/01/34		285,736
	688,773		FGLMC	5.500		03/01/35		751,620
	336,841		FGLMC	6.000		04/01/35		373,381
	417,635		FGLMC	7.000		05/01/35		487,239
	1,365,124		FGLMC	5.500		06/01/35		1,493,524
	612,648		FGLMC	5.500		06/01/35		670,398
	116,951		FGLMC	5.000		02/01/36		126,148
	246,085		FGLMC	5.500		04/01/36		269,923
	19,363		FGLMC	6.500		05/01/36		21,726
	235,041		FGLMC	6.500		10/01/36		263,717
	573,041		FGLMC	5.500		04/01/37		623,717
	240,541		FGLMC	6.000		08/01/37		265,869
	48,184		FGLMC	6.000		09/01/37		53,546
	207,643		FGLMC	6.500		11/01/37		232,977
	854,825		FGLMC	5.000		04/01/38		935,939
	440,402		FGLMC	6.000		11/01/38		486,249
	591,166		FGLMC	4.000		06/01/39		618,716
	436,261		FGLMC	4.500		11/01/40		475,261
	1,308,010		FGLMC	4.000		12/01/40		1,385,113
	3,292,127		FGLMC	4.000		12/01/40		3,486,186
	2,900,237		FGLMC	4.000		12/01/40		3,060,321
	488,035		FGLMC	4.500		12/01/40		529,376
	6,105,003		FGLMC	4.000		01/01/41		6,423,074
	3,000,000	h	FGLMC	4.000		04/15/42		3,136,406
	9,000,000	h	FGLMC	4.500		04/15/42		9,542,812
	3,000,000	h	FGLMC	5.000		04/15/42		3,229,570
	5,335		Federal National Mortgage Association (FNMA)	5.000		06/01/13		5,565
	2,065,155		FNMA	4.777		02/01/14		2,158,124

45

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,646,688		FNMA	4.640	%	11/01/14	$	2,826,792
	365,704		FNMA	4.563		01/01/15		388,429
	55,514		FNMA	6.500		10/01/16		61,181
	33,994		FNMA	6.500		11/01/16		37,465
	161,222		FNMA	5.000		12/01/17		174,999
	53,118		FNMA	6.500		02/01/18		58,724
	144,426		FNMA	5.500		04/01/18		158,798
	73,631		FNMA	5.500		05/01/18		80,958
	69,991		FNMA	6.000		01/01/19		77,142
	1,000,000		FNMA	4.000		02/25/19		1,067,738
	449,115		FNMA	4.500		04/01/19		482,650
	107,409		FNMA	4.500		06/01/19		115,429
	162,449		FNMA	5.000		03/01/20		176,330
	52,897		FNMA	4.500		11/01/20		56,847
	58,015		FNMA	4.500		12/01/20		63,289
	149,490		FNMA	5.000		12/01/20		162,404
	255,636		FNMA	5.000		03/01/21		277,480
	21,247		FNMA	8.000		03/01/23		24,249
	276,157		FNMA	5.500		02/01/24		303,827
	364,198		FNMA	4.000		05/01/24		386,100
	632,049		FNMA	5.500		07/01/24		694,984
	272,577		FNMA	4.500		08/01/24		291,908
	1,353,545		FNMA	5.000		10/01/25		1,480,556
	12,109		FNMA	9.000		11/01/25		14,716
	16,000,000	h	FNMA	3.000		04/25/27		16,562,499
	1,000,000	h	FNMA	4.000		04/25/27		1,059,531
	11,801		FNMA	7.500		01/01/29		13,955
	291,707		FNMA	7.000		07/01/32		338,157
	58,769		FNMA	5.000		02/01/33		63,632
	457,782		FNMA	4.500		03/25/33		484,471
	187,004		FNMA	5.000		07/01/33		202,478
	807,117		FNMA	5.500		07/01/33		886,979
	529,344		FNMA	4.500		08/01/33		564,258
	610,702		FNMA	4.500		10/01/33		650,983
	204,840		FNMA	5.000		10/01/33		221,788
	278,199		FNMA	5.000		10/01/33		301,218
	629,831		FNMA	5.000		11/01/33		700,150
	612,883		FNMA	5.000		11/01/33		681,311
	367,478		FNMA	5.500		12/01/33		403,839
	163,713		FNMA	5.500		12/01/33		179,911
	491,926		FNMA	5.000		03/01/34		532,629
	113,172		FNMA	5.000		03/01/34		122,536
	116,321		FNMA	5.000		03/01/34		125,946
	96,053		FNMA	5.000		03/01/34		104,001
	956,853		FNMA	5.000		03/01/34		1,036,025
	783,446		FNMA	5.000		04/01/34		847,902
	1,819,716		FNMA	5.000		08/01/34		1,973,038
	348,843		FNMA	6.000		08/01/34		389,715
	125,028		FNMA	6.000		12/01/34		139,627
	280,801		FNMA	5.500		01/01/35		308,586
	600,720		FNMA	5.500		02/01/35		660,159
	226,851		FNMA	6.000		04/01/35		252,331

46

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,622,311		FNMA	5.500	%	05/01/35	$	1,795,507
	2,524,749		FNMA	5.500		05/01/35		2,794,289
	798,633		FNMA	6.000		05/01/35		886,962
	22,732		FNMA	7.500		06/01/35		25,207
	411,785		FNMA	6.000		07/01/35		455,913
	432,783		FNMA	5.000		08/01/35		467,984
	1,376,104		FNMA	5.000		10/01/35		1,488,030
	120,158		FNMA	5.000		10/01/35		129,931
	351,448		FNMA	5.500		12/01/35		384,795
	359,821		FNMA	5.000		02/01/36		389,087
	392,372		FNMA	6.000		03/01/36		433,438
	367,473		FNMA	5.000		04/01/36		397,246
	762,684		FNMA	6.000		04/01/36		842,509
	256,747		FNMA	6.500		04/01/36		288,416
	377,911	i	FNMA	2.385		07/01/36		399,511
	563,909	i	FNMA	2.653		09/01/36		604,869
	213,519		FNMA	6.500		09/01/36		240,856
	251,175		FNMA	6.000		12/01/36		277,464
	119,756		FNMA	7.000		02/01/37		137,271
	368,872		FNMA	6.500		03/01/37		416,100
	36,487		FNMA	7.000		04/01/37		41,824
	145,656		FNMA	6.500		08/01/37		164,396
	114,249		FNMA	6.500		08/01/37		128,877
	42,887		FNMA	6.000		09/01/37		48,112
	57,721		FNMA	6.000		09/01/37		64,755
	67,827		FNMA	6.000		09/01/37		76,092
	78,549		FNMA	6.000		09/01/37		88,120
	306,492		FNMA	6.500		09/01/37		344,297
	97,432		FNMA	6.500		09/01/37		109,480
	158,833		FNMA	6.500		09/01/37		178,425
	352,462		FNMA	6.500		09/01/37		395,937
	98,119		FNMA	6.500		09/01/37		110,682
	154,552	i	FNMA	5.904		10/01/37		165,476
	3,330,441		FNMA	6.000		11/01/37		3,672,768
	114,416		FNMA	6.000		11/01/37		126,176
	614,801		FNMA	6.000		11/01/38		677,994
	253,588	d	FNMA	5.500		01/01/39		276,540
	239,324		FNMA	6.000		01/01/39		263,924
	331,084		FNMA	6.000		01/01/39		365,115
	467,153		FNMA	4.500		02/01/39		497,017
	967,296		FNMA	4.500		02/01/39		1,029,131
	252,809		FNMA	5.500		02/01/39		275,690
	8,293,378		FNMA	6.000		04/01/39		9,145,832
	463,580		FNMA	4.500		05/01/39		493,215
	515,603		FNMA	4.500		08/01/39		548,563
	3,000,000		FNMA	4.000		02/25/40		3,200,839
	1,772,000		FNMA	4.500		09/01/40		1,887,493
	1,686,768		FNMA	4.500		09/01/40		1,796,706
	4,692,564		FNMA	4.500		10/01/40		5,029,204
	1,682,333		FNMA	4.000		11/01/40		1,765,016
	1,832,171		FNMA	4.500		11/01/40		1,967,027
	36,000,000	h	FNMA	4.000		04/25/42		37,743,750

47

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$13,000,000	h	FNMA	4.500	%	04/25/42	$	13,826,719
	12,000,000	h	FNMA	5.000		04/25/42		12,961,874
	3,000,000	h	FNMA	5.500		04/25/42		3,268,594
	5,000,000	h	FNMA	6.000		04/25/42		5,508,594
	21,000,000	h	FNMA	3.500		05/25/42		21,502,031
	26,190		Government National Mortgage Association (GNMA)	7.500		11/15/23		30,623
	4,781		GNMA	7.500		08/15/28		4,922
	33,977		GNMA	6.500		12/15/28		39,720
	82,277		GNMA	6.500		03/15/29		96,056
	26,604		GNMA	8.500		10/20/30		32,638
	8,749		GNMA	7.000		06/20/31		10,399
	144,337		GNMA	5.000		02/15/33		159,856
	128,895		GNMA	5.500		07/15/33		144,889
	911,289		GNMA	5.000		09/15/33		1,009,271
	203,902		GNMA	5.500		11/20/33		228,183
	828,270		GNMA	5.500		02/20/35		925,867
	287,447		GNMA	5.500		03/20/35		321,317
	147,729		GNMA	6.000		10/20/36		166,791
	155,638		GNMA	6.000		01/20/37		175,721
	226,749		GNMA	6.000		02/20/37		256,007
	418,792		GNMA	6.000		12/15/37		472,808
	338,316		GNMA	5.000		04/15/38		374,057
	347,786		GNMA	5.500		07/15/38		389,093
	395,785		GNMA	5.500		07/20/38		440,318
	146,897		GNMA	6.000		08/15/38		165,844
	149,460		GNMA	6.000		08/20/38		168,278
	698,843		GNMA	4.500		03/15/39		762,482
	213,121		GNMA	5.000		07/20/39		234,970
	257,128		GNMA	4.000		08/15/39		276,511
	7,885,723		GNMA	4.500		01/20/41		8,605,057
	2,000,000	h	GNMA	3.500		04/15/42		2,084,062
	10,000,000	h	GNMA	4.000		04/15/42		10,731,250
	1,000,000	h	GNMA	4.500		04/15/42		1,087,969
	3,000,000	h	GNMA	5.000		04/15/42		3,313,125
	1,000,000	h	GNMA	5.500		04/15/42		1,117,500
	5,000,000	h	GNMA	4.500		04/20/42		5,438,282
	3,000,000	h	GNMA	5.000		04/20/42		3,303,750
			TOTAL MORTGAGE BACKED					280,325,778
MUNICIPAL BONDS - 0.2%
	600,000		Grant County Public Utility District No 2	5.630		01/01/27		695,826
	775,000		State of California	7.625		03/01/40		1,009,407
	775,000		State of Illinois	6.725		04/01/35		856,359
			TOTAL MUNICIPAL BONDS					2,561,592
U.S. TREASURY SECURITIES - 10.6%
	3,902,500		United States Treasury Bond	5.250		02/15/29		5,109,836
	11,450,000		United States Treasury Bond	5.375		02/15/31		15,400,250
	507,000		United States Treasury Bond	4.500		02/15/36		618,857
	742,500		United States Treasury Bond	4.750		02/15/41		946,339
	14,130,000		United States Treasury Bond	4.375		05/15/41		16,986,916
	9,784,000		United States Treasury Bond	3.125		11/15/41		9,384,999

48

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000		United States Treasury Note	1.875	%	06/15/12	$	2,007,110
	100,000		United States Treasury Note	0.250		10/31/13		99,906
	830,000		United States Treasury Note	0.125		12/31/13		827,146
	200,000		United States Treasury Note	0.250		01/31/14		199,711
	1,585,000		United States Treasury Note	0.250		02/15/15		1,573,607
	2,887,000		United States Treasury Note	2.500		04/30/15		3,057,512
	9,502,000		United States Treasury Note	1.250		09/30/15		9,697,238
	1,000,000		United States Treasury Note	2.375		03/31/16		1,062,109
	8,840,000		United States Treasury Note	1.500		06/30/16		9,074,119
	10,047,000		United States Treasury Note	0.875		02/28/17		9,976,360
	18,830,000		United States Treasury Note	2.375		05/31/18		19,930,388
	530,000		United States Treasury Note	1.750		10/31/18		538,405
	280,000		United States Treasury Note	2.625		11/15/20		294,459
	4,302,000		United States Treasury Note	8.000		11/15/21		6,534,669
	3,610,200		United States Treasury Note	2.000		02/15/22		3,540,816
			TOTAL U.S. TREASURY SECURITIES					116,860,752
			TOTAL GOVERNMENT BONDS					467,957,675
			(Cost $450,353,925)
STRUCTURED ASSETS - 11.7%
ASSET BACKED - 5.4%
	611,719		Accredited Mortgage Loan Trust	4.330		06/25/33		483,768
			Series - 2003 1 (Class A1)
	1,000,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		1,024,570
			Series - 2011 1 (Class C)
	2,676,613	i	Ameriquest Mortgage Securities	0.562		05/25/35		2,616,036
			Series - 0 R3 (Class A3D)
	125,000	g,i,m	ARTS Ltd	0.724		06/15/13		118,750
			Series - 2005 BA (Class B)
	375,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		386,646
			Series - 2010 5A (Class A)
	1,038,263	i	Bear Stearns Asset Backed Securities Trust	0.612		11/25/39		931,013
			Series - 2005 SD3 (Class 2A1)
	1,537,230	i	BNC Mortgage Loan Trust	0.342		05/25/37		1,390,959
			Series - 0 2 (Class A2)
	994,412		Centex Home Equity	5.540		01/25/32		1,002,201
			Series - 2002 A (Class AF6)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		362,009
			Series - 2004 2 (Class 1M1)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		147,592
			Series - 2004 2 (Class 1B)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		101,277
			Series - 2002 2 (Class MF2)
	21,818		CIT Group Home Equity Loan Trust	6.830		06/25/33		145
			Series - 2002 2 (Class BF)
	672,028	i	Countrywide Asset-Backed Certificates	0.662		02/25/36		666,488
			Series - 2005 11 (Class 3AV3)
	1,774,554	i	Countrywide Asset-Backed Certificates	0.482		04/25/36		1,728,610
			Series - 2005 14 (Class 3A2)
	780,837		Countrywide Asset-Backed Certificates	0.352		11/25/36		756,007
			Series - 0 S1 (Class)

49

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$720,019	i	Countrywide Asset-Backed Certificates	5.683	%	10/25/46	$	721,279
			Series - 2006 15 (Class A2)
	81,420	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		78,067
			Series - 2007 MX1 (Class A1)
	1,025,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		1,066,955
			Series - 2011 LC1A (Class C)
	2,650,000	i	First Franklin Mortgage Loan Asset Backed Certificates	0.682		03/25/35		2,483,405
			Series - 2005 FF2 (Class M2)
	1,392,260	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		1,322,846
			Series - 2007 1A (Class AF3)
	400,000		Ford Credit Auto Owner Trust	3.210		07/15/17		412,336
			Series - 2011 A (Class D)
	59,363		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		59,053
			Series - 2006 HLTV (Class A3)
	2,650,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		2,179,553
			Series - 2006 HLTV (Class A4)
	1,123,510	i	HSI Asset Securitization Corp Trust	0.602		07/25/35		1,064,610
			Series - 2005 NC1 (Class 2A3)
	3,002,984	i	HSI Asset Securitization Corp Trust	0.432		12/25/35		2,545,759
			Series - 2006 OPT1 (Class 2A3)
	2,487,250	i	JP Morgan Mortgage Acquisition Corp	0.662		09/25/35		2,093,086
			Series - 2005 WMC1 (Class M1)
	4,142,446	i	JP Morgan Mortgage Acquisition Corp	0.392		05/25/36		3,585,283
			Series - 2006 ACC1 (Class A4)
	1,384,784		Lehman XS Trust	6.500		06/25/46		770,152
			Series - 2006 13 (Class 2A1)
	4,628,354	i	Lehman XS Trust	0.402		08/25/46		3,623,788
			Series - 2006 GP4 (Class 3A2A)
	1,001,520	i	Long Beach Mortgage Loan Trust	0.742		02/25/35		987,879
			Series - 2005 1 (Class M1)
	19,738	i	Morgan Stanley ABS Capital I	0.282		01/25/37		19,526
			Series - 2007 HE2 (Class A2A)
	1,934,589		Renaissance Home Equity Loan Trust	5.392		07/25/34		1,974,981
			Series - 2004 2 (Class AF4)
	1,235,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		611,330
			Series - 2006 3 (Class AF3)
	435,848		Residential Asset Mortgage Products, Inc	4.970		09/25/33		444,323
			Series - 2003 RZ5 (Class A7)
	196,936	i	Residential Asset Mortgage Products, Inc	0.682		07/25/35		194,827
			Series - 2005 EFC2 (Class M1)
	208,574	i	Residential Asset Securities Corp	6.489		10/25/30		190,777
			Series - 2001 KS2 (Class AI6)
	160,187	i	Residential Asset Securities Corp	0.672		04/25/35		150,736
			Series - 2005 KS3 (Class M3)
	1,850,000		Residential Funding Mortgage Securities II, Inc	6.130		09/25/35		1,092,847
			Series - 2005 HI3 (Class M5)
	4,925,083		Residential Funding Mortgage Securities II, Inc	5.790		02/25/36		4,927,014
			Series - 2006 HI2 (Class A3)
	732,299		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		697,825
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		465,066
			Series - 2006 HI1 (Class M1)

50

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	$	1,260,246
			Series - 2006 HI1 (Class M2)
	911,190	i	SACO I, Inc	0.802		09/25/35		881,380
			Series - 2005 7 (Class A)
	850,322	i	SACO I, Inc	0.802		11/25/35		758,247
			Series - 2005 8 (Class A1)
	2,624,546	i	SACO I, Inc	1.002		11/25/35		2,353,417
			Series - 2005 8 (Class A3)
	621,576		Saxon Asset Securities Trust	6.120		11/25/30		622,541
			Series - 2002 2 (Class AF6)
	2,040,370	i	Securitized Asset Backed Receivables LLC Trust	0.392		03/25/36		1,988,010
			Series - 2006 NC2 (Class A2)
	500,000	g	SLM Student Loan Trust	4.370		04/17/28		518,539
			Series - 2011 A (Class A2)
	340,000	g	SLM Student Loan Trust	3.740		02/15/29		343,179
			Series - 2011 B (Class A2)
	431,275	i	Soundview Home Equity Loan Trust	0.352		10/25/36		425,829
			Series - 2006 EQ1 (Class A2)
	1,180,404	i	Structured Asset Investment Loan Trust	0.642		05/25/35		1,128,825
			Series - 2005 4 (Class M1)
	1,146,893	i	Structured Asset Investment Loan Trust	0.522		12/25/35		1,125,208
			Series - 2005 10 (Class A5)
	1,500,000	i	Structured Asset Securities Corp	0.722		07/25/35		676,081
			Series - 2005 WF3 (Class M1)
	455,000	g	Vornado DP LLC	5.280		09/13/28		487,396
			Series - 2010 VNO (Class C)
	732,956	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		666,990
			Series - 2006 N1 (Class N1)
	186,748	g,i	Wachovia Loan Trust	0.602		05/25/35		145,063
			Series - 2005 SD1 (Class A)
	127,593	i	Wells Fargo Home Equity Trust	0.382		07/25/36		115,054
			Series - 2006 2 (Class A3)
	200,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		220,097
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					59,195,476
OTHER MORTGAGE BACKED - 6.3%
	2,000,000	g,h	7 WTC Depositor LLC Trust	4.082		03/13/31		2,000,000
			Series - 2012 7WTC (Class A)
	2,423,000	g,i	Banc of America Commercial Mortgage, Inc	5.320		07/10/43		2,345,563
			Series - 2005 2 (Class E)
	800,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		850,240
			Series - 2006 4 (Class AM)
	411,733	g,i	Banc of America Large Loan, Inc	0.502		03/15/22		409,705
			Series - 2005 MIB1 (Class B)
	1,231,665	g,i	Banc of America Large Loan, Inc	0.552		03/15/22		1,207,123
			Series - 2005 MIB1 (Class C)
	184,000	g,i	Banc of America Large Loan, Inc	0.602		03/15/22		178,954
			Series - 2005 MIB1 (Class D)
	152,000	g,i	Banc of America Large Loan, Inc	0.642		03/15/22		147,679
			Series - 2005 MIB1 (Class E)

51

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,174,077	g,i	Banc of America Large Loan, Inc	5.898	%	02/15/51	$	2,251,618
			Series - 2010 UB3 (Class A4B3)
	94,186		Bank of America Alternative Loan Trust	5.500		09/25/19		94,231
			Series - 2004 8 (Class 3A1)
	921,554		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		854,323
			Series - 2005 AC2 (Class 1A)
	200,000		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		224,845
			Series - 2006 PW14 (Class A4)
	330,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		351,433
			Series - 2006 PW13 (Class AM)
	100,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		107,052
			Series - 2006 T24 (Class AM)
	115,000	i	Bear Stearns Commercial Mortgage Securities	5.694		06/11/50		130,922
			Series - 2007 PW17 (Class A4)
	140,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		159,744
			Series - 2007 PW18 (Class A4)
	728,067		Chase Mortgage Finance Corp	5.500		10/25/35		739,626
			Series - 2005 S2 (Class A25)
	1,059,445		Citicorp Mortgage Securities, Inc	5.500		07/25/35		1,021,690
			Series - 2005 4 (Class 1A7)
	500,000		Citicorp Mortgage Securities, Inc	5.750		11/25/36		503,056
			Series - 2006 6 (Class A2)
	647,974		Citicorp Mortgage Securities, Inc	6.000		05/25/37		652,964
			Series - 2007 4 (Class 1A7)
	48,464	g,i	Citigroup Commercial Mortgage Trust	0.382		04/15/22		45,960
			Series - 2007 FL3A (Class A2)
	2,340,000	g	Commercial Mortgage Pass Through Certificates	4.305		12/10/24		2,360,424
			Series - 2011 STRT (Class B)
	1,625,000	g	Commercial Mortgage Pass Through Certificates	4.755		12/10/24		1,642,690
			Series - 2011 STRT (Class C)
	560,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		577,422
			Series - 2007 C9 (Class AM)
	415,758		Countrywide Alternative Loan Trust	5.500		08/25/16		426,420
			Series - 2004 30CB (Class 1A15)
	213,297		Countrywide Alternative Loan Trust	5.500		09/25/35		212,610
			Series - 2005 34CB (Class 1A6)
	1,713,367		Countrywide Alternative Loan Trust	5.500		10/25/35		151,239
			Series - 2005 42CB (Class A12)
	2,013,765	i	Countrywide Alternative Loan Trust	0.412		05/25/36		1,523,336
			Series - 2006 OC3 (Class 2A2)
	1,977,667	i	Countrywide Alternative Loan Trust	0.382		07/25/46		1,922,462
			Series - 2006 OA8 (Class 2A2)
	155,642		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		152,623
			Series - 2005 12 (Class 1A5)
	1,635,140	i	Countrywide Home Loan Mortgage Pass Through Trust	0.542		08/25/35		1,535,117
			Series - 2005 J2 (Class 3A6)
	393,462		Countrywide Home Loan Mortgage Pass Through Trust	4.500		09/25/35		394,533
			Series - 2005 J3 (Class 2A3)
	2,743,012		Countrywide Home Loan Mortgage Pass Through Trust	5.250		09/25/35		2,758,378
			Series - 2005 17 (Class 1A10)
	57,516		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		57,834
			Series - 2005 J3 (Class 1A1)

52

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$142,839	g,i	Credit Suisse Mortgage Capital Certificates	0.422	%	04/15/22	$	128,644
			Series - 2007 TF2A (Class A1)
	725,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		804,097
			Series - 2006 OMA (Class D)
	2,400,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		2,362,841
			Series - 2009 RR1 (Class A3C)
	170,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		173,643
			Series - 2003 C3 (Class B)
	977,306	g	DBUBS Mortgage Trust	3.742		11/10/46		1,038,987
			Series - 2011 LC1A (Class A1)
	1,855,000	i	Greenwich Capital Commercial Funding Corp	5.883		07/10/38		1,931,018
			Series - 2006 GG7 (Class AM)
	430,000	g	GS Mortgage Securities Corp II	5.148		08/10/43		461,260
			Series - 2010 C1 (Class B)
	305,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		303,358
			Series - 2010 C2 (Class C)
	515,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		552,409
			Series - 2010 C2 (Class B)
	100,000	g,i	HVB Mortgage Capital Corp	2.292		09/10/22		96,650
			Series - 2003 FL1A (Class J)
	3,227,511	i	Impac CMB Trust	0.882		08/25/35		2,351,726
			Series - 2005 5 (Class A1)
	4,321,949	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.617		07/15/19		4,192,472
			Series - 2007 FL1A (Class A1)
	1,172,300	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.562		02/15/20		1,094,492
			Series - 2006 FL1A (Class D)
	363,302	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	7.675		10/12/37		370,103
			Series - 2002 CIB5 (Class S1)
	129,751	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	8.369		10/12/37		131,788
			Series - 2002 CIB5 (Class S2)
	2,090,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		2,238,566
			Series - 2006 LDP8 (Class AM)
	310,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.252		07/15/46		311,411
			Series - 2011 C4 (Class C)
	720,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		788,602
			Series - 2006 LDP9 (Class A3)
	1,040,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.816		06/15/49		1,139,928
			Series - 2007 LD11 (Class A4)
	85,688	i	JP Morgan Mortgage Trust	4.298		04/25/35		85,865
			Series - 2005 A2 (Class 5A1)
	1,120,000		LB-UBS Commercial Mortgage Trust	5.424		02/15/40		1,255,582
			Series - 2007 C1 (Class A4)
	320,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		353,830
			Series - 2007 C2 (Class A3)
	733,000		LB-UBS Commercial Mortgage Trust	5.455		02/15/40		757,125
			Series - 2007 C1 (Class AM)
	75,000	i	LB-UBS Commercial Mortgage Trust	5.858		07/15/40		84,823
			Series - 2007 C6 (Class A4)
	167,012		MASTER Asset Securitization Trust	5.000		05/25/35		168,393
			Series - 2005 1 (Class 2A5)
	1,407,700		MASTR Alternative Loans Trust	5.500		02/25/35		1,048,997
			Series - 2005 1 (Class 6A5)

53

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,459,000	i	Merrill Lynch Mortgage Investors, Inc	2.572	%	12/25/35	$	3,259,004
			Series - 2005 A9 (Class 2A1B)
	241,897	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		255,891
			Series - 2005 CIP1 (Class AM)
	1,445,000	i	Morgan Stanley Capital I	5.447		02/12/44		1,616,269
			Series - 2007 HQ11 (Class A4)
	420,000		Morgan Stanley Capital I	5.364		03/15/44		460,575
			Series - 2007 IQ13 (Class A4)
	82,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		74,924
			Series - 2011 C1 (Class D)
	1,242,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		1,236,478
			Series - 2011 C1 (Class C)
	125,000	i	Morgan Stanley Capital I	5.544		11/12/49		134,260
			Series - 2007 T25 (Class AM)
	1,000,000	i	Nomura Asset Securities Corp	6.831		03/15/30		1,040,030
			Series - 1998 D6 (Class A2)
	535,709	i	Opteum Mortgage Acceptance Corp	0.642		02/25/35		513,224
			Series - 2005 1 (Class A4)
	1,145,000	g,i	RBSCF Trust	4.641		04/15/24		1,199,270
			Series - 2010 MB1 (Class B)
	370,000	g,i	RBSCF Trust	4.674		04/15/24		354,384
			Series - 2010 MB1 (Class D)
	880,893		Residential Accredit Loans, Inc	5.750		05/25/35		137,122
			Series - 2005 QS6 (Class A7)
	2,686,282	i	Residential Accredit Loans, Inc	0.432		05/25/46		1,522,998
			Series - 2006 QO5 (Class 2A1)
	55,405	i	Structured Adjustable Rate Mortgage Loan Trust	0.622		03/25/35		53,478
			Series - 2005 6XS (Class A3)
	1,623,031	i	Structured Asset Mortgage Investments, Inc	0.552		09/25/45		1,064,431
			Series - 2005 AR6 (Class 2A1)
	5,141	i	Wachovia Bank Commercial Mortgage Trust	4.957		08/15/35		5,137
			Series - 2003 C6 (Class A3)
	111,806		Wachovia Bank Commercial Mortgage Trust	5.246		12/15/43		113,665
			Series - 2007 C30 (Class A3)
	1,425,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		1,336,061
			Series - 2007 C30 (Class AM)
	880,000	i	Wachovia Bank Commercial Mortgage Trust	5.968		06/15/45		967,770
			Series - 2006 C26 (Class AM)
	415,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		446,301
			Series - 2007 C31 (Class A5)
	225,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		230,148
			Series - 2006 C29 (Class AM)
	100,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		110,798
			Series - 2007 C33 (Class A4)
	810,617		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		812,627
			Series - 2005 2 (Class 1A1)
	225,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.276		11/15/43		243,794
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					69,407,065
			TOTAL STRUCTURED ASSETS					128,602,541
			(Cost $131,478,515)
			TOTAL BONDS					1,008,788,409
			(Cost $977,214,750)

54

TIAA-CREF FUNDS – Bond Plus Fund

SHARES			COMPANY	RATE		MATURITY DATE	VALUE
PREFERRED STOCKS - 0.1%
DIVERSIFIED FINANCIALS - 0.1%
	54,446		GMAC Capital Trust I	8.125	%	02/15/40	$	1,242,751
			TOTAL DIVERSIFIED FINANCIALS					1,242,751
			TOTAL PREFERRED STOCKS					1,242,751
			(Cost $1,361,150)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 19.1%
GOVERNMENT AGENCY DEBT - 0.8%
	$8,500,000	d	Federal Home Loan Mortgage Corp (FHLMC)	0.006		04/16/12		8,499,770
			TOTAL GOVERNMENT AGENCY DEBT					8,499,770
TREASURY DEBT - 18.3%
	1,500,000		United States Treasury Bill	0.008		04/05/12		1,499,991
	64,900,000	d	United States Treasury Bill	0.003-0.046		04/19/12		64,898,495
	9,100,000		United States Treasury Bill	0.014		05/03/12		9,099,636
	22,530,000	d	United States Treasury Bill	0.003-0.045		05/10/12		22,529,548
	26,100,000	d	United States Treasury Bill	0.007-0.015		05/17/12		26,099,109
	6,490,000		United States Treasury Bill	0.010		05/24/12		6,489,752
	20,000,000	d	United States Treasury Bill	0.012		05/31/12		19,998,200
	7,400,000	d	United States Treasury Bill	0.056		06/07/12		7,399,186
	1,100,000		United States Treasury Bill	0.059		06/21/12		1,099,849
	22,600,000	d	United States Treasury Bill	0.011-0.075		06/28/12		22,596,180
	20,000,000		United States Treasury Bill	0.088		08/02/12		19,993,560
			TOTAL TREASURY DEBT					201,703,506

55

TIAA-CREF FUNDS – Bond Plus Fund

	ISSUER	VALUE
	TOTAL SHORT-TERM INVESTMENTS	$	210,203,276
	(Cost $210,205,032)
	TOTAL INVESTMENTS - 113.7%		1,252,759,758
	(Cost $1,221,362,159)
	OTHER ASSETS & LIABILITIES, NET - (13.7)%		(150,663,740)
	NET ASSETS - 100.0%	$	1,102,096,018
	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 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $173,654,074 or 15.8% 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.
m	Indicates a security that has been deemed illiquid.

56

TIAA-CREF FUNDS – Short-Term Bond Fund

TIAA-CREF FUNDS
SHORT-TERM BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.1%
CAPITAL GOODS - 0.1%
	$493,750	i	TransDigm, Inc	4.000	%	02/14/17	$	493,409
			TOTAL CAPITAL GOODS					493,409
CONSUMER SERVICES - 0.2%
	1,485,000	i	Ameristar Casinos, Inc	4.000		04/14/18		1,485,163
			TOTAL CONSUMER SERVICES					1,485,163
DIVERSIFIED FINANCIALS - 0.2%
	1,980,000	i	TransUnion LLC	4.750		02/10/18		1,994,850
			TOTAL DIVERSIFIED FINANCIALS					1,994,850
FOOD & STAPLES RETAILING - 0.2%
	1,985,000	i	Del Monte Foods Co	4.500		03/08/18		1,954,947
			TOTAL FOOD & STAPLES RETAILING					1,954,947
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	653,019	i	Fresenius US Finance I, Inc	3.500		09/10/14		652,001
	1,816,211	i	Fresenius US Finance I, Inc	3.500		09/10/14		1,813,378
	704,441	i	HCA, Inc	1.496		11/17/12		703,124
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					3,168,503
			TOTAL BANK LOAN OBLIGATIONS					9,096,872
			(Cost $9,100,313)
BONDS - 88.2%
CORPORATE BONDS - 37.9%
BANKS - 11.5%
	7,000,000	g	Australia & New Zealand Banking Group Ltd	2.400		11/23/16		7,059,031
	500,000	g,i	Banco Bradesco S.A.	2.598		05/16/14		507,650
	500,000	g	Banco Bradesco S.A.	4.125		05/16/16		516,250
	500,000	g	Banco Continental S.A. via Continental Senior Trustees II Cayman Ltd	5.750		01/18/17		525,000
	260,000	g	Banco de Bogota S.A.	5.000		01/15/17		269,750
	500,000	g	Banco de Credito del Peru	4.750		03/16/16		515,000
	500,000		Banco de Oro Unibank, Inc	3.875		04/22/16		481,707
	285,000	g	Banco do Brasil S.A.	4.500		01/22/15		298,965
	500,000		Banco do Brasil S.A.	3.875		01/23/17		513,750
	500,000	g,i	Banco Santander Chile	1.811		04/20/12		500,019
	280,000	g	Banco Santander Chile	3.750		09/22/15		285,677
	1,000,000		Bank of America Corp	4.750		08/15/13		1,029,984
	2,675,000		Bank of America Corp	3.750		07/12/16		2,688,330

57

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$200,000		Bank of New York Mellon Corp	4.300	%	05/15/14	$	214,170
	1,000,000		Bank of New York Mellon Corp	1.200		02/20/15		1,001,206
	1,000,000		Bank of New York Mellon Corp	2.300		07/28/16		1,025,196
	1,000,000	g	Bank of Nova Scotia	1.450		07/26/13		1,011,154
	4,160,000	g	Bank of Nova Scotia	1.650		10/29/15		4,226,489
	4,800,000	g	Bank of Nova Scotia	2.150		08/03/16		4,924,728
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.250		02/24/14		1,015,746
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.350		02/23/17		1,000,815
	125,000		Barclays Bank plc	5.200		07/10/14		132,478
	3,250,000		Capital One Financial Corp	2.125		07/15/14		3,268,525
	1,000,000		Capital One Financial Corp	3.150		07/15/16		1,023,262
	1,500,000		Citigroup, Inc	6.000		12/13/13		1,589,246
	4,565,000		Citigroup, Inc	5.000		09/15/14		4,727,646
	3,100,000		Citigroup, Inc	4.750		05/19/15		3,263,798
	1,000,000		Citigroup, Inc	4.450		01/10/17		1,047,506
	250,000		Deutsche Bank AG	3.875		08/18/14		261,230
	500,000		Deutsche Bank AG	3.250		01/11/16		512,998
	1,000,000	g	HSBC Bank plc	1.625		08/12/13		997,819
	1,000,000	g	HSBC Bank plc	3.500		06/28/15		1,044,287
	900,000		HSBC USA, Inc	2.375		02/13/15		906,171
	618,000	g	ICICI Bank Ltd	5.500		03/25/15		642,061
	500,000	g	ICICI Bank Ltd	4.750		11/25/16		497,464
	2,297,000		JPMorgan Chase & Co	3.150		07/05/16		2,367,895
	500,000	g	National Australia Bank Ltd	2.500		01/08/13		506,928
	7,500,000	g	NIBC Bank NV	2.800		12/02/14		7,786,928
	275,000		Northern Trust Corp	4.625		05/01/14		295,844
	1,000,000		Rabobank Nederland NV	2.125		10/13/15		1,006,748
	500,000	g	Shinhan Bank	4.125		10/04/16		517,144
	1,330,000	g	Shinhan Bank	4.375		07/27/17		1,401,502
	225,000		State Street Corp	4.300		05/30/14		241,152
	1,000,000	g	Sumitomo Mitsui Banking Corp	2.150		07/22/13		1,011,974
	4,200,000	g	Toronto-Dominion Bank	2.200		07/29/15		4,343,228
	10,000,000	g	Toronto-Dominion Bank	1.625		09/14/16		10,037,690
	1,000,000		US Bancorp	1.125		10/30/13		1,005,098
	1,000,000		US Bancorp	3.125		04/01/15		1,054,708
	3,500,000		Wells Fargo & Co	2.625		12/15/16		3,578,582
	1,000,000		Westpac Banking Corp	2.100		08/02/13		1,012,237
	1,000,000		Westpac Banking Corp	3.000		08/04/15		1,035,155
	6,000,000	g	Westpac Banking Corp	2.450		11/28/16		6,061,968
			TOTAL BANKS					92,789,889
CAPITAL GOODS - 0.7%
	50,000		Black & Decker Corp	8.950		04/15/14		57,337
	2,500,000		Caterpillar Financial Services Corp	1.550		12/20/13		2,539,163
	250,000		CRH America, Inc	4.125		01/15/16		253,511
	1,000,000		John Deere Capital Corp	2.000		01/13/17		1,020,059
	1,000,000		Lockheed Martin Corp	2.125		09/15/16		1,017,178
	1,000,000		Tyco International Finance S.A.	6.000		11/15/13		1,078,357
	75,000		Tyco International Finance S.A.	4.125		10/15/14		80,203
			TOTAL CAPITAL GOODS					6,045,808

58

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	$1,000,000		Johnson Controls, Inc	1.750	%	03/01/14	$	1,016,463
	1,000,000		Thomson Corp	5.250		08/15/13		1,053,518
	1,000,000		Waste Management, Inc	2.600		09/01/16		1,024,676
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					3,094,657
CONSUMER DURABLES & APPAREL - 0.3%
	475,000	g	Grupo Aval Ltd	5.250		02/01/17		492,813
	598,000	i	Hanesbrands, Inc	4.146		12/15/14		598,753
	1,000,000		Hanesbrands, Inc	8.000		12/15/16		1,100,000
	200,000		Whirlpool Corp	8.000		05/01/12		201,017
			TOTAL CONSUMER DURABLES & APPAREL					2,392,583
CONSUMER SERVICES - 0.7%
	1,000,000	g	SABMiller Holdings, Inc	2.450		01/15/17		1,012,543
	1,000,000		Walt Disney Co	0.875		12/01/14		1,004,441
	3,500,000		Walt Disney Co	1.125		02/15/17		3,459,446
			TOTAL CONSUMER SERVICES					5,476,430
DIVERSIFIED FINANCIALS - 6.0%
	2,000,000	g	Abbey National Treasury Services plc	3.875		11/10/14		2,013,084
	250,000		American Express Centurion Bank	5.550		10/17/12		256,422
	500,000		American Express Centurion Bank	6.000		09/13/17		585,126
	1,000,000		American Express Credit Corp	5.875		05/02/13		1,051,587
	1,000,000		American Express Credit Corp	2.800		09/19/16		1,027,401
	1,000,000	g	American Honda Finance Corp	4.625		04/02/13		1,040,465
	500,000	g	Banco Mercantil del Norte S.A.	4.375		07/19/15		517,500
	750,000		Berkshire Hathaway, Inc	1.900		01/31/17		758,581
	500,000		BlackRock, Inc	3.500		12/10/14		535,377
	2,000,000		Canadian Imperial Bank of Commerce	1.450		09/13/13		2,020,092
	1,000,000	i	Countrywide Financial Corp	0.967		05/07/12		1,000,391
	130,000		Credit Suisse	5.000		05/15/13		134,979
	500,000		Credit Suisse	5.500		05/01/14		536,149
	2,000,000	g	Credit Suisse AG.	1.625		03/06/15		2,006,772
	100,000		Eaton Vance Corp	6.500		10/02/17		113,849
	500,000		FIA Card Services NA	7.125		11/15/12		512,523
	2,500,000		Ford Motor Credit Co LLC	4.250		02/03/17		2,526,870
	1,000,000		General Electric Capital Corp	2.800		01/08/13		1,016,973
	1,250,000		General Electric Capital Corp	1.875		09/16/13		1,269,731
	500,000		General Electric Capital Corp	3.750		11/14/14		531,769
	500,000	i	Goldman Sachs Capital II	5.793		06/01/43		343,125
	650,000		Goldman Sachs Group, Inc	5.450		11/01/12		664,811
	50,000		Goldman Sachs Group, Inc	4.750		07/15/13		51,762
	3,015,000		Goldman Sachs Group, Inc	3.625		02/07/16		3,014,144
	1,350,000	g	Harley-Davidson Financial Services, Inc	3.875		03/15/16		1,407,866
	500,000		HSBC Finance Corp	4.750		07/15/13		518,396
	160,000	g	Hyundai Capital America	3.750		04/06/16		163,816
	200,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		209,210
	1,000,000	g	Hyundai Capital Services, Inc	3.500		09/13/17		1,002,347
	150,000	g	International Lease Finance Corp	6.500		09/01/14		158,437
	300,000		International Lease Finance Corp	5.750		05/15/16		299,664
	385,000	g	Inversiones CMPC S.A.	4.750		01/19/18		403,385
	1,000,000		Jefferies Group, Inc	3.875		11/09/15		987,500

59

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000		John Deere Capital Corp	1.400	%	03/15/17	$	992,781
	300,000		Merrill Lynch & Co, Inc	5.450		02/05/13		308,480
	1,500,000		Morgan Stanley	2.875		01/24/14		1,496,742
	1,525,000		Morgan Stanley	6.000		05/13/14		1,596,137
	150,000		Morgan Stanley	6.000		04/28/15		157,002
	2,250,000		Morgan Stanley	4.750		03/22/17		2,250,749
	250,000		NASDAQ OMX Group, Inc	4.000		01/15/15		259,070
	535,000		National Rural Utilities Cooperative Finance Corp	2.625		09/16/12		540,057
	1,000,000		National Rural Utilities Cooperative Finance Corp	1.000		02/02/15		1,001,222
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.152		07/19/15		510,835
	1,000,000		Royal Bank of Scotland plc	3.400		08/23/13		1,013,426
	1,000,000		Toyota Motor Credit Corp	1.375		08/12/13		1,011,968
	500,000		Toyota Motor Credit Corp	2.050		01/12/17		507,477
	1,000,000		UBS AG.	2.250		08/12/13		1,006,284
	5,000,000	g	UBS AG.	1.875		01/23/15		5,036,265
	1,000,000		Unilever Capital Corp	2.750		02/10/16		1,054,193
	1,000,000	g	Volkswagen International Finance NV	1.625		08/12/13		1,008,417
			TOTAL DIVERSIFIED FINANCIALS					48,431,209
ENERGY - 2.4%
	1,000,000		BP Capital Markets plc	5.250		11/07/13		1,068,615
	530,000		BP Capital Markets plc	3.200		03/11/16		561,554
	2,500,000		Chesapeake Energy Corp	7.625		07/15/13		2,637,500
	350,000		ConocoPhillips	4.600		01/15/15		385,926
	500,000		Devon Energy Corp	5.625		01/15/14		542,765
	421,450		Dolphin Energy Ltd	5.888		06/15/19		456,220
	390,000	g	Empresa Nacional del Petroleo	4.875		03/15/14		407,659
	225,000		Enterprise Products Operating LLC	4.600		08/01/12		227,984
	1,150,000		EOG Resources, Inc	2.950		06/01/15		1,213,793
	500,000	g	Gaz Capital S.A.	7.510		07/31/13		532,425
	350,000	g	Gaz Capital S.A.	5.092		11/29/15		366,625
	750,000	g,h	Korea National Oil Corp	3.125		04/03/17		748,382
	350,000		Marathon Petroleum Corp	3.500		03/01/16		364,648
	375,000		Noble Holding International Ltd	3.450		08/01/15		394,802
	1,550,000		Noble Holding International Ltd	2.500		03/15/17		1,562,775
	500,000	g	Novatek Finance Ltd	5.326		02/03/16		525,725
	500,000		Occidental Petroleum Corp	2.500		02/01/16		524,762
	975,000		Petrobras International Finance Co	3.875		01/27/16		1,026,288
	750,000		Petrobras International Finance Co-Pifco	2.875		02/06/15		769,561
	925,000		Petrobras International Finance Co-Pifco	3.500		02/06/17		948,096
	500,000		Petroleos Mexicanos	4.875		03/15/15		541,250
	400,000	g	Phillips 66	1.950		03/05/15		402,767
	500,000		Shell International Finance BV	3.100		06/28/15		535,204
	100,000		Statoil ASA	2.900		10/15/14		105,333
	1,000,000		Total Capital Canada Ltd	1.625		01/28/14		1,004,410
	750,000		Total Capital International S.A.	1.500		02/17/17		729,880
	475,000		Valero Energy Corp	4.500		02/01/15		510,078
	250,000		XTO Energy, Inc	4.625		06/15/13		261,479
			TOTAL ENERGY					19,356,506
FOOD & STAPLES RETAILING - 0.6%
	1,075,000		CVS Caremark Corp	3.250		05/18/15		1,139,400

60

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000		Kroger Co	5.000	%	04/15/13	$	1,042,193
	500,000		Safeway, Inc	3.400		12/01/16		518,501
	2,000,000		SUPERVALU, Inc	7.500		05/15/12		2,010,000
			TOTAL FOOD & STAPLES RETAILING					4,710,094
FOOD, BEVERAGE & TOBACCO - 1.5%
	700,000		Anheuser-Busch InBev Worldwide, Inc	4.125		01/15/15		758,503
	500,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		527,408
	2,000,000		Coca-Cola Co	0.750		03/13/15		1,994,432
	600,000		Coca-Cola Co	1.800		09/01/16		612,759
	1,000,000		Coca-Cola Enterprises, Inc	1.125		11/12/13		1,003,927
	2,000,000		Constellation Brands, Inc	8.375		12/15/14		2,257,500
	135,000		General Mills, Inc	5.200		03/17/15		150,219
	2,000,000		HJ Heinz Co	1.500		03/01/17		1,985,716
	1,000,000		Kraft Foods, Inc	5.250		10/01/13		1,063,415
	1,000,000	g	Pernod-Ricard S.A.	2.950		01/15/17		1,010,129
	150,000		Philip Morris International, Inc	4.875		05/16/13		157,318
	250,000		Philip Morris International, Inc	6.875		03/17/14		280,315
			TOTAL FOOD, BEVERAGE & TOBACCO					11,801,641
HEALTH CARE EQUIPMENT & SERVICES - 0.9%
	200,000		Becton Dickinson and Co	1.750		11/08/16		202,371
	250,000		Boston Scientific Corp	4.500		01/15/15		268,179
	1,000,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		1,152,500
	1,538,000		HCA, Inc	6.300		10/01/12		1,561,070
	1,000,000		HCA, Inc	6.500		02/15/16		1,065,000
	904,000		McKesson Corp	3.250		03/01/16		968,382
	1,000,000		Medco Health Solutions, Inc	2.750		09/15/15		1,028,024
	200,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		201,678
	1,000,000		Thermo Fisher Scientific, Inc	2.050		02/21/14		1,025,591
	245,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		259,702
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					7,732,497
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,000,000		Ecolab, Inc	3.000		12/08/16		1,039,791
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					1,039,791
INSURANCE - 1.6%
	1,000,000		American International Group, Inc	3.650		01/15/14		1,018,511
	7,240,004	g	Hospital for Special Surgery	3.500		01/01/23		7,524,319
	2,000,000		MetLife, Inc	2.375		02/06/14		2,049,676
	1,000,000		Prudential Financial, Inc	3.875		01/14/15		1,053,003
	250,000		United Health Group, Inc	4.875		02/15/13		259,020
	1,500,000		Willis Group Holdings plc	4.125		03/15/16		1,524,731
			TOTAL INSURANCE					13,429,260
MATERIALS - 1.3%
	200,000		Air Products & Chemicals, Inc	4.150		02/01/13		206,015
	2,000,000		Airgas, Inc	2.850		10/01/13		2,047,802
	40,000		Airgas, Inc	4.500		09/15/14		42,845
	1,665,000	g	Anglo American Capital plc	2.150		09/27/13		1,680,102

61

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$675,000		ArcelorMittal	3.750	%	08/05/15	$	685,652
	250,000		ArcelorMittal	4.500		02/25/17		250,732
	500,000		Bemis Co, Inc	4.875		04/01/12		500,000
	1,000,000		Bemis Co, Inc	5.650		08/01/14		1,094,983
	1,000,000		EI Du Pont de Nemours & Co	3.250		01/15/15		1,068,774
	1,000,000		Freeport-McMoRan Copper & Gold, Inc	1.400		02/13/15		996,206
	500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		514,112
	1,500,000		Teck Resources Ltd	10.250		05/15/16		1,717,650
			TOTAL MATERIALS					10,804,873
MEDIA - 1.4%
	600,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		643,348
	1,000,000	g	DIRECTV Holdings LLC	2.400		03/15/17		991,126
	1,000,000		Echostar DBS Corp	6.625		10/01/14		1,090,000
	2,000,000		Interpublic Group of Cos, Inc	6.250		11/15/14		2,180,000
	1,000,000		Lamar Media Corp	9.750		04/01/14		1,125,000
	1,000,000		NBCUniversal Media LLC	3.650		04/30/15		1,067,234
	1,000,000		Nielsen Finance LLC	11.500		05/01/16		1,152,500
	1,000,000		Time Warner Cable, Inc	7.500		04/01/14		1,125,568
	250,000		Time Warner, Inc	3.150		07/15/15		264,754
	1,000,000		Viacom, Inc	1.250		02/27/15		998,976
	325,000		Viacom, Inc	2.500		12/15/16		332,657
			TOTAL MEDIA					10,971,163
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	1,000,000		Abbott Laboratories	2.700		05/27/15		1,052,980
	600,000	g	Aristotle Holding, Inc	2.100		02/12/15		607,394
	1,000,000		GlaxoSmithKline Capital, Inc	4.850		05/15/13		1,049,658
	600,000		Johnson & Johnson	2.150		05/15/16		624,727
	120,000		Life Technologies Corp	3.500		01/15/16		124,643
	1,000,000		Merck & Co, Inc	2.250		01/15/16		1,037,859
	1,500,000	g	Mylan, Inc	7.625		07/15/17		1,650,000
	180,000		Novartis Capital Corp	4.125		02/10/14		191,731
	500,000		Novartis Capital Corp	2.900		04/24/15		532,788
	175,000		Pfizer, Inc	5.350		03/15/15		197,839
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					7,069,619
REAL ESTATE - 0.2%
	75,000		AMB Property LP	7.625		08/15/14		83,440
	1,175,000		Health Care REIT, Inc	3.625		03/15/16		1,192,404
	100,000		Ventas Realty LP	3.125		11/30/15		102,599
			TOTAL REAL ESTATE					1,378,443
RETAILING - 1.4%
	2,000,000		Limited Brands, Inc	5.250		11/01/14		2,120,000
	1,000,000		Macy’s Retail Holdings, Inc	5.875		01/15/13		1,036,047
	2,212,000		Macy’s Retail Holdings, Inc	5.750		07/15/14		2,424,661
	700,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		803,286
	1,000,000	g	QVC, Inc	7.500		10/01/19		1,097,500
	500,000		Staples, Inc	9.750		01/15/14		568,105
	2,300,000		Target Corp	1.125		07/18/14		2,323,306
	1,000,000		Wal-Mart Stores, Inc	3.000		02/03/14		1,045,195
			TOTAL RETAILING					11,418,100

62

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SOFTWARE & SERVICES - 1.3%
	$1,000,000		International Business Machines Corp	0.550	%	02/06/15	$	994,783
	1,610,000		International Business Machines Corp	1.950		07/22/16		1,652,116
	1,075,000		International Business Machines Corp	1.250		02/06/17		1,066,378
	5,000,000		Microsoft Corp	0.875		09/27/13		5,036,655
	650,000		Microsoft Corp	1.625		09/25/15		669,336
	1,000,000		Oracle Corp	4.950		04/15/13		1,047,208
			TOTAL SOFTWARE & SERVICES					10,466,476
TECHNOLOGY HARDWARE & EQUIPMENT - 0.7%
	250,000		Amphenol Corp	4.750		11/15/14		271,567
	100,000		Hewlett-Packard Co	4.750		06/02/14		106,977
	1,000,000		IBM International Group Capital LLC	5.050		10/22/12		1,027,334
	112,000		L-3 Communications Corp	6.375		10/15/15		114,660
	500,000		L-3 Communications Corp	3.950		11/15/16		526,443
	1,500,000		Seagate Technology HDD Holdings	6.800		10/01/16		1,653,750
	1,000,000		Tyco Electronics Group S.A.	1.600		02/03/15		1,001,759
	175,000		Xerox Corp	8.250		05/15/14		197,608
	275,000		Xerox Corp	2.950		03/15/17		277,881
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					5,177,979
TELECOMMUNICATION SERVICES - 1.3%
	1,000,000		AT&T, Inc	2.500		08/15/15		1,040,842
	1,000,000		AT&T, Inc	2.950		05/15/16		1,056,726
	1,000,000		British Telecommunications plc	5.150		01/15/13		1,033,190
	1,000,000		Cellco Partnership	7.375		11/15/13		1,102,166
	1,000,000		France Telecom S.A.	2.125		09/16/15		1,019,037
	1,000,000		Telecom Italia Capital S.A.	5.250		11/15/13		1,027,500
	850,000		Telecom Italia Capital S.A.	6.175		06/18/14		894,625
	1,000,000		Telefonica Emisiones SAU	2.582		04/26/13		1,004,208
	1,000,000		Telefonica Emisiones SAU	3.992		02/16/16		995,357
	190,000		Verizon Communications, Inc	5.250		04/15/13		199,192
	500,000	g	Vimpelcom Holdings	6.255		03/01/17		497,780
	414,000		Virgin Media Finance plc	9.500		08/15/16		466,785
	250,000		Windstream Corp	8.125		08/01/13		266,250
			TOTAL TELECOMMUNICATION SERVICES					10,603,658
TRANSPORTATION - 0.6%
	350,000	g	Asciano Finance Ltd	3.125		09/23/15		347,937
	1,600,000		CSX Corp	5.750		03/15/13		1,672,549
	1,000,000	g	ERAC USA Finance LLC	5.800		10/15/12		1,024,186
	1,000,000	g	ERAC USA Finance LLC	2.750		07/01/13		1,012,116
	890,000	g	Transnet Ltd	4.500		02/10/16		921,256
	175,000		Union Pacific Corp	4.163		07/15/22		189,079
			TOTAL TRANSPORTATION					5,167,123
UTILITIES - 2.1%
	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		768,750

63

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000		AES Corp	7.750	%	03/01/14	$	1,080,000
	180,000		Alliant Energy Corp	4.000		10/15/14		190,312
	250,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		277,382
	1,000,000		Commonwealth Edison Co	4.700		04/15/15		1,098,955
	1,000,000		Dominion Resources, Inc	1.800		03/15/14		1,021,666
	500,000		Duke Energy Carolinas LLC	5.750		11/15/13		540,211
	1,900,000		FPL Group Capital, Inc	2.600		09/01/15		1,946,463
	550,000	g	Israel Electric Corp Ltd	6.700		02/10/17		566,986
	500,000	g	KazMunaiGaz Finance Sub BV	8.375		07/02/13		532,635
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,053,333
	200,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		203,587
	500,000		Korea Midland Power Co Ltd	5.375		02/11/13		513,636
	1,000,000		Northeast Utilities	5.650		06/01/13		1,046,535
	625,000		ONEOK Partners LP	5.900		04/01/12		625,000
	500,000		Pepco Holdings, Inc	2.700		10/01/15		509,101
	500,000		PG&E Corp	5.750		04/01/14		544,869
	500,000	g	Ras Laffan Liquefied Natural Gas Co Ltd	5.500		09/30/14		538,750
	1,000,000		Sabine Pass LNG LP	7.250		11/30/13		1,055,000
	2,000,000		Sempra Energy	2.300		04/01/17		2,024,358
	250,000		Veolia Environnement	5.250		06/03/13		260,540
	450,000		Williams Partners LP	3.800		02/15/15		478,171
			TOTAL UTILITIES					17,404,990
			TOTAL CORPORATE BONDS					306,762,789
			(Cost $301,472,059)
GOVERNMENT BONDS - 36.1%
AGENCY SECURITIES - 11.6%
	3,000,000		Citigroup Funding, Inc	2.250		12/10/12		3,041,829
	2,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		1,997,840
	1,000,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		1,013,927
	3,000,000		Federal Home Loan Bank (FHLB)	1.875		06/21/13		3,058,380
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.750		03/28/13		5,025,210
	20,000,000		FHLMC	0.500		04/17/15		19,917,020
	2,000,000		Federal National Mortgage Association (FNMA)	3.625		02/12/13		2,058,114
	6,500,000		FNMA	1.250		08/20/13		6,580,821
	1,500,000		FNMA	2.750		03/13/14		1,571,527
	1,000,000		FNMA	2.500		05/15/14		1,044,710
	25,000,000		FNMA	1.125		06/27/14		25,437,825
	2,000,000		FNMA	3.000		09/16/14		2,123,320
	3,350,000		FNMA	1.125		04/27/17		3,329,163
	300,000		General Electric Capital Corp	2.125		12/21/12		304,105
	2,000,000		General Electric Capital Corp	2.625		12/28/12		2,035,414
	2,800,000		GMAC, Inc	1.750		10/30/12		2,824,814
	3,600,000		GMAC, Inc	2.200		12/19/12		3,650,494
	2,000,000		Private Export Funding Corp	3.550		04/15/13		2,066,584
	5,000,000		Private Export Funding Corp	1.375		02/15/17		5,022,775
	1,000,000		State Street Corp	2.150		04/30/12		1,001,686
	500,000		US Central Federal Credit Union	1.900		10/19/12		504,623
	500,000		Wells Fargo & Co	2.125		06/15/12		501,970
			TOTAL AGENCY SECURITIES					94,112,151

64

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
FOREIGN GOVERNMENT BONDS - 5.3%
	$1,250,000	g	Bank of Montreal	2.625	%	01/25/16	$	1,310,821
	4,000,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		3,963,008
	4,750,000		Canada Government International Bond	0.875		02/14/17		4,692,406
	800,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		836,566
	750,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		790,017
	1,014,000		Eksportfinans ASA	2.000		09/15/15		899,661
	1,000,000		Export Development Canada	2.250		05/28/15		1,050,112
	300,000		Export-Import Bank of Korea	8.125		01/21/14		331,262
	225,000		Export-Import Bank of Korea	4.125		09/09/15		235,977
	500,000		Export-Import Bank of Korea	3.750		10/20/16		515,772
	125,000		Hungary Government International Bond	4.750		02/03/15		117,500
	370,000	g	Indonesia Government International Bond	6.875		03/09/17		436,138
	3,000,000	g	Kommunalbanken AS.	1.000		02/09/15		2,999,244
	410,000	g	Korea Housing Finance Corp	3.500		12/15/16		417,608
	2,280,000	g	National Bank of Canada	1.650		01/30/14		2,319,588
	4,000,000	g	Nederlandse Waterschapsbank NV	2.125		02/09/17		3,977,364
	420,000		Poland Government International Bond	3.875		07/16/15		441,294
	3,000,000		Province of British Columbia Canada	2.850		06/15/15		3,191,718
	3,000,000		Province of New Brunswick Canada	2.750		06/15/18		3,156,414
	2,000,000		Province of Nova Scotia Canada	2.375		07/21/15		2,091,202
	700,000		Province of Ontario Canada	2.950		02/05/15		742,093
	1,300,000		Province of Ontario Canada	2.700		06/16/15		1,371,692
	791,000	g	Qatar Government International Bond	4.000		01/20/15		832,528
	1,000,000	g	Qatar Government International Bond	3.125		01/20/17		1,020,000
	550,000		Republic of Italy	4.500		01/21/15		565,900
	500,000		Republic of Korea	5.750		04/16/14		538,963
	400,000	g	Republic of Latvia	5.250		02/22/17		412,000
	700,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		728,000
	1,600,000	g,h	Russian Foreign Bond - Eurobond	3.250		04/04/17		1,600,800
	500,000		South Africa Government International Bond	6.500		06/02/14		553,750
	516,000		United Mexican States	5.875		02/17/14		560,376
			TOTAL FOREIGN GOVERNMENT BONDS					42,699,774
MORTGAGE BACKED - 3.3%
	4,849,950		Federal Home Loan Mortgage Corp (FHLMC)	3.000		03/15/26		5,092,446
	4,938,328		FHLMC	3.000		01/15/27		5,189,667
	4,373,062		FHLMC	4.000		05/15/37		4,524,700
	36,532		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000		12/01/17		39,246
	207,817		FGLMC	5.500		01/01/19		227,006
	194,529		FGLMC	5.500		01/01/19		212,490
	8,003		Federal National Mortgage Association (FNMA)	5.000		06/01/13		8,347
	3,451,840		FNMA	4.000		10/25/24		3,619,229
	3,749,242		FNMA	4.500		10/25/28		3,916,337
	3,741,563		Government National Mortgage Association (GNMA)	2.300		10/15/19		3,853,081
			TOTAL MORTGAGE BACKED					26,682,549
MUNICIPAL BONDS - 0.1%
	500,000		New Jersey Health Care Facilities Financing Authority	5.000		07/01/16		538,700
			TOTAL MUNICIPAL BONDS					538,700

65

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
U.S. TREASURY SECURITIES - 15.8%
	$24,052,940	k	United States Treasury Inflation Indexed Bonds	0.500	%	04/15/15	$	25,499,869
	10,267,400	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/16		10,844,941
	140,000		United States Treasury Note	0.625		06/30/12		140,175
	60,000		United States Treasury Note	1.375		10/15/12		60,389
	22,720,000		United States Treasury Note	1.125		06/15/13		22,955,197
	575,000		United States Treasury Note	0.125		08/31/13		573,697
	7,395,000		United States Treasury Note	3.125		09/30/13		7,706,684
	3,125,000		United States Treasury Note	0.500		10/15/13		3,134,156
	1,980,000		United States Treasury Note	0.250		10/31/13		1,978,143
	3,565,000		United States Treasury Note	0.125		12/31/13		3,552,744
	3,800,000		United States Treasury Note	0.250		01/31/14		3,794,509
	29,700,000		United States Treasury Note	1.250		04/15/14		30,231,363
	1,635,000		United States Treasury Note	2.625		06/30/14		1,716,240
	1,865,000		United States Treasury Note	2.375		10/31/14		1,955,773
	11,548,000		United States Treasury Note	0.250		02/15/15		11,464,993
	2,267,000		United States Treasury Note	0.875		02/28/17		2,251,061
			TOTAL U.S. TREASURY SECURITIES					127,859,934
			TOTAL GOVERNMENT BONDS					291,893,108
			(Cost $288,750,607)
STRUCTURED ASSETS - 14.2%
ASSET BACKED - 12.5%
	230,520		Aames Mortgage Trust	6.896		06/25/32		202,609
			Series - 2002 1 (Class A3)
	326,578	i	Accredited Mortgage Loan Trust	0.482		09/25/35		308,639
			Series - 2005 3 (Class A1)
	224,555	i	ACE Securities Corp	0.712		08/25/35		218,200
			Series - 2005 HE5 (Class M1)
	3,000,000	g	AESOP Funding II	3.270		02/20/18		3,085,088
			Series - 2011 5A (Class A)
	2,000,000		Ally Auto Receivables Trust	2.230		03/15/16		2,058,493
			Series - 2011 1 (Class A4)
	2,700,000	g	Ally Auto Receivables Trust	2.590		07/15/16		2,764,873
			Series - 2011 2 (Class B)
	3,300,000	g	Ally Auto Receivables Trust	1.900		11/15/16		3,307,817
			Series - 2011 5 (Class B)
	8,000,000	g	Ally Master Owner Trust	4.250		04/15/17		8,662,012
			Series - 2010 2 (Class A)
	2,000,000		AmeriCredit Automobile Receivables Trust	2.040		09/08/15		2,016,362
			Series - 2010 3 (Class B)
	2,000,000		AmeriCredit Automobile Receivables Trust	2.330		03/08/16		2,033,332
			Series - 2011 2 (Class B)
	3,000,000		AmeriCredit Automobile Receivables Trust	2.450		12/08/16		3,062,412
			Series - 2011 5 (Class B)
	1,443,474	i	Ameriquest Mortgage Securities	0.562		05/25/35		1,410,805
			Series - 0 R3 (Class A3D)
	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		515,369
			Series - 2009 2A (Class A)

66

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$4,500,000	g	Avis Budget Rental Car Funding AESOP LLC	2.090	%	04/20/15	$	4,547,722
			Series - 2010 4A (Class A)
	778,565	i	Bear Stearns Asset Backed Securities Trust	0.612		11/25/39		698,141
			Series - 2005 SD3 (Class 2A1)
	538,030	i	BNC Mortgage Loan Trust	0.342		05/25/37		486,836
			Series - 0 2 (Class A2)
	1,000,000		CarMax Auto Owner Trust	2.630		11/15/16		1,030,336
			Series - 2011 1 (Class B)
	155,000		CarMax Auto Owner Trust	2.830		02/15/17		160,036
			Series - 2011 1 (Class C)
	132,588		Centex Home Equity	5.540		01/25/32		133,627
			Series - 2002 A (Class AF6)
	744,385	i	Centex Home Equity	0.672		03/25/34		606,196
			Series - 2004 B (Class M1)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		114,154
			Series - 2004 2 (Class 1M2)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		73,796
			Series - 2004 2 (Class 1B)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		101,277
			Series - 2002 2 (Class MF2)
	21,818		CIT Group Home Equity Loan Trust	6.830		06/25/33		145
			Series - 2002 2 (Class BF)
	86,556		Citicorp Mortgage Securities, Inc	5.706		07/25/36		86,969
			Series - 2006 1 (Class A3)
	6,000,000		CNH Equipment Trust	1.550		11/15/17		6,054,296
			Series - 2011 C (Class A4)
	38,200	i	Countrywide Asset-Backed Certificates	4.454		10/25/35		37,931
			Series - 2005 7 (Class AF3)
	109,094	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		109,285
			Series - 2006 15 (Class A2)
	1,030,398		Credit-Based Asset Servicing and Securitization LLC	4.831		08/25/35		1,000,273
			Series - 2005 CB5 (Class AF2)
	121,947		Credit-Based Asset Servicing and Securitization LLC	5.844		04/25/37		120,755
			Series - 2007 CB4 (Class A2A)
	2,000,000		DaimlerChrysler Financial Auto Securitization Trust	1.650		11/08/13		1,998,399
			Series - 2010 A (Class B)
	928,173	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		881,897
			Series - 2007 1A (Class AF3)
	2,000,000		Ford Credit Auto Owner Trust	2.380		07/15/16		2,048,005
			Series - 2011 A (Class B)
	2,000,000	g	Ford Credit Floorplan Master Owner Trust	2.410		02/15/16		2,033,200
			Series - 2011 1 (Class B)
	3,175,000	g	Ford Credit Floorplan Master Owner Trust	4.200		02/15/17		3,436,045
			Series - 2010 3 (Class A1)
	44,803		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		44,568
			Series - 2006 HLTV (Class A3)
	2,000,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,644,946
			Series - 2006 HLTV (Class A4)
	5,230,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16		5,731,630
			Series - 2009 2A (Class A2)
	760,943	i	HSI Asset Securitization Corp Trust	0.602		07/25/35		721,051
			Series - 2005 NC1 (Class 2A3)

67

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000		Hyundai Auto Receivables Trust	2.450	%	04/15/16	$	2,056,157
			Series - 2011 A (Class B)
	1,958,150	i	Lehman XS Trust	0.402		08/25/46		1,533,141
			Series - 2006 GP4 (Class 3A2A)
	667,680	i	Long Beach Mortgage Loan Trust	0.742		02/25/35		658,586
			Series - 2005 1 (Class M1)
	2,000,000	g	MMCA Automobile Trust	2.720		10/17/16		2,061,864
			Series - 2011 A (Class B)
	12,207	i	Morgan Stanley ABS Capital I	0.282		01/25/37		12,076
			Series - 2007 HE2 (Class A2A)
	406,255	g	Morgan Stanley Capital I	2.602		09/15/47		415,731
			Series - 2011 C1 (Class A1)
	1,000,000	g	Navistar Financial Corp Owner Trust	1.080		03/18/14		1,000,045
			Series - 2010 B (Class A3)
	500,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		247,502
			Series - 2006 3 (Class AF3)
	3,000,000	g	Rental Car Finance Corp	2.510		02/25/16		3,001,243
			Series - 2011 1A (Class A1)
	487,846	i	Residential Asset Mortgage Products, Inc	0.542		04/25/35		420,258
			Series - 2005 RZ1 (Class A3)
	760,979		Residential Funding Mortgage Securities II, Inc	5.570		02/25/36		758,365
			Series - 2006 HI1 (Class A3)
	2,814,333		Residential Funding Mortgage Securities II, Inc	5.790		02/25/36		2,815,436
			Series - 2006 HI2 (Class A3)
	951,989		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		907,173
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		420,082
			Series - 2006 HI1 (Class M2)
	5,000,000		Santander Drive Auto Receivables Trust	2.090		08/15/16		5,007,642
			Series - 2012 2 (Class B)
	621,576		Saxon Asset Securities Trust	6.120		11/25/30		622,541
			Series - 2002 2 (Class AF6)
	1,028,795	i	Securitized Asset Backed Receivables LLC Trust	0.392		03/25/36		1,002,394
			Series - 2006 NC2 (Class A2)
	2,000,000	g	SLM Student Loan Trust	4.370		04/17/28		2,074,157
			Series - 2011 A (Class A2)
	3,000,000	g	SLM Student Loan Trust	3.830		01/17/45		2,989,867
			Series - 2012 A (Class A2)
	984,303	i	Soundview Home Equity Loan Trust	0.352		10/25/36		971,873
			Series - 2006 EQ1 (Class A2)
	713,127	i	Structured Asset Investment Loan Trust	0.772		11/25/34		680,983
			Series - 2004 10 (Class A9)
	629,549	i	Structured Asset Investment Loan Trust	0.642		05/25/35		602,040
			Series - 2005 4 (Class M1)
	899,179	i	Structured Asset Investment Loan Trust	0.522		12/25/35		882,177
			Series - 2005 10 (Class A5)
	173,066	i	Structured Asset Securities Corp	0.292		02/25/37		167,967
			Series - 2007 BC1 (Class A2)
	18,929	i	Structured Asset Securities Corp	0.332		02/25/37		18,855
			Series - 2007 WF1 (Class A2)
	77,801	i	Wells Fargo Home Equity Trust	0.382		07/25/36		70,155
			Series - 2006 2 (Class A3)

68

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000		World Financial Network Credit Card Master Trust	4.660	%	05/15/17	$	2,095,593
			Series - 2009 D (Class A)
	4,000,000		World Financial Network Credit Card Master Trust	1.680		08/15/18		4,013,438
			Series - 2011 A (Class A)
			TOTAL ASSET BACKED					101,054,869
OTHER MORTGAGE BACKED - 1.7%
	256,000		Citicorp Mortgage Securities, Inc	5.750		11/25/36		257,565
			Series - 2006 6 (Class A2)
	609,858		Citicorp Mortgage Securities, Inc	6.000		05/25/37		614,555
			Series - 2007 4 (Class 1A7)
	5,000,000	g	Commercial Mortgage Pass Through Certificates	2.365		02/10/29		5,034,740
			Series - 2012 9W57 (Class A)
	2,316,186	i	Countrywide Alternative Loan Trust	0.382		07/25/46		2,251,532
			Series - 2006 OA8 (Class 2A2)
	393,462		Countrywide Home Loan Mortgage Pass Through Trust	4.500		09/25/35		394,533
			Series - 2005 J3 (Class 2A3)
	129	i	Greenpoint Mortgage Funding Trust	0.342		09/25/46		129
			Series - 2006 AR4 (Class A1A)
	178,977	i	Greenpoint Mortgage Funding Trust	0.322		10/25/46		175,133
			Series - 0 AR5 (Class A1A)
	2,968,316		GS Mortgage Securities Corp II	1.282		01/10/45		2,971,439
			Series - 2012 GC6 (Class A1)
	681,967		MASTER Asset Securitization Trust	5.000		05/25/35		687,607
			Series - 2005 1 (Class 2A5)
	535,709	i	Opteum Mortgage Acceptance Corp	0.642		02/25/35		513,224
			Series - 2005 1 (Class A4)
	386,008		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		386,965
			Series - 2005 2 (Class 1A1)
			TOTAL OTHER MORTGAGE BACKED					13,287,422
			TOTAL STRUCTURED ASSETS					114,342,291
			(Cost $115,396,260)
			TOTAL BONDS					712,998,188
			(Cost $705,618,926)

69

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 2.2%
TREASURY DEBT - 2.2%
	$17,925,000	United States Treasury Bill	0.005	%	05/10/12	$	17,924,612
		TOTAL TREASURY DEBT					17,924,612
		TOTAL SHORT-TERM INVESTMENTS					17,924,612
		(Cost $17,924,612)
		TOTAL INVESTMENTS - 91.5%					740,019,672
		(Cost $732,643,851)
		OTHER ASSETS & LIABILITIES, NET - 8.5%					68,491,872
		NET ASSETS - 100.0%				$	808,511,544

	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 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $175,313,231 or 21.7% 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.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

70

TIAA-CREF FUNDS – High-Yield Fund

TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.3%
AUTOMOBILES & COMPONENTS - 0.7%
	$8,957,188	i	Chrysler Group LLC	6.000	%	05/24/17	$	9,090,560
			TOTAL AUTOMOBILES & COMPONENTS					9,090,560
CONSUMER SERVICES - 0.4%
	5,234,950	i	Burger King Corp	4.500		10/19/16		5,224,847
			TOTAL CONSUMER SERVICES					5,224,847
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	2,940,046	i,m	IMS Health, Inc	4.500		08/26/17		2,943,191
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					2,943,191
			TOTAL BANK LOAN OBLIGATIONS					17,258,598
			(Cost $17,031,520)
BONDS - 95.5%
CORPORATE BONDS - 95.5%
AUTOMOBILES & COMPONENTS - 2.4%
	5,000,000		DaimlerChrysler Group LLC	8.000		06/15/19		5,025,000
	9,000,000	g	Delphi Corp	5.875		05/15/19		9,495,000
	11,250,000		Ford Motor Co	7.450		07/16/31		13,753,125
	2,760,000		Goodyear Tire & Rubber Co	8.250		08/15/20		2,932,500
	2,000,000		Goodyear Tire & Rubber Co	7.000		05/15/22		1,945,000
			TOTAL AUTOMOBILES & COMPONENTS					33,150,625
BANKS - 1.0%
	1,683,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		1,653,547
	2,000,000		Amsouth Bank	4.850		04/01/13		2,030,000
	2,600,000	i	JPMorgan Chase & Co	7.900		04/29/49		2,848,352
	1,800,000		Regions Bank	7.500		05/15/18		2,038,500
	900,000		Regions Bank	6.450		06/26/37		895,500
	450,000		Regions Financial Corp	7.375		12/10/37		446,625
	4,035,000	g,i	Standard Chartered plc	6.409		12/30/49		3,833,476
			TOTAL BANKS					13,746,000
CAPITAL GOODS - 8.3%
	3,000,000		Alliant Techsystems, Inc	6.750		04/01/16		3,067,500
	2,875,000		Alliant Techsystems, Inc	6.875		09/15/20		3,069,062
	4,250,000		Case New Holland, Inc	7.875		12/01/17		4,940,625
	4,000,000	g	Chesapeake Midstream Partners LP	6.125		07/15/22		4,030,000
	3,610,000	g	FMG Resources August 2006 Pty Ltd	7.000		11/01/15		3,682,200
	6,500,000	g	FMG Resources August 2006 Pty Ltd	8.250		11/01/19		6,825,000

71

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$6,300,000	g	FMG Resources August 2006 Pty Ltd	6.875	%	04/01/22	$	6,142,500
	8,250,000		Huntington Ingalls Industries, Inc	6.875		03/15/18		8,745,000
	2,350,000		Huntington Ingalls Industries, Inc	7.125		03/15/21		2,517,438
	4,450,000	g	Hyva Global BV	8.625		03/24/16		3,815,875
	9,200,000	g	Kinetic Concepts, Inc	10.500		11/01/18		9,556,500
	2,700,000	g	Rexel S.A.	6.125		12/15/19		2,733,750
	1,000,000		Russel Metals, Inc	6.375		03/01/14		1,000,000
	1,375,000	g	Schaeffler Finance BV	7.750		02/15/17		1,454,063
	8,275,000	g	Schaeffler Finance BV	8.500		02/15/19		8,833,562
	3,000,000		Seagate HDD Cayman	7.750		12/15/18		3,285,000
	5,000,000		Seagate HDD Cayman	6.875		05/01/20		5,318,750
	4,975,000	g	Seagate HDD Cayman	7.000		11/01/21		5,348,125
	3,158,000	g	Sealed Air Corp	8.125		09/15/19		3,485,643
	4,158,000	g	Sealed Air Corp	8.375		09/15/21		4,672,552
	2,000,000		SPX Corp	7.625		12/15/14		2,220,000
	2,250,000		SPX Corp	6.875		09/01/17		2,463,750
	9,531,000		Tomkins LLC	9.000		10/01/18		10,555,582
	4,250,000		TransDigm, Inc	7.750		12/15/18		4,600,625
			TOTAL CAPITAL GOODS					112,363,102
COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
	2,500,000	g	American Achievement Corp	10.875		04/15/16		1,812,500
	5,450,000		RR Donnelley & Sons Co	5.500		05/15/15		5,518,125
	4,025,000		RR Donnelley & Sons Co	8.250		03/15/19		4,004,875
	2,700,000	g	ServiceMaster Co	8.000		02/15/20		2,875,500
	2,000,000	g	UR Financing Escrow Corp	5.750		07/15/18		2,047,500
	1,000,000	g	UR Financing Escrow Corp	7.375		05/15/20		1,022,500
	3,334,000		Visant Corp	10.000		10/01/17		3,113,122
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					20,394,122
CONSUMER DURABLES & APPAREL - 1.6%
	6,000,000		Hanesbrands, Inc	8.000		12/15/16		6,600,000
	3,525,000		Hanesbrands, Inc	6.375		12/15/20		3,621,938
	6,500,000		Masco Corp	5.950		03/15/22		6,515,126
	4,000,000		Phillips-Van Heusen Corp	7.375		05/15/20		4,410,000
			TOTAL CONSUMER DURABLES & APPAREL					21,147,064
CONSUMER SERVICES - 5.3%
	5,875,000		AMC Entertainment Holdings, Inc	9.750		12/01/20		5,537,187
	6,970,000		Ameristar Casinos, Inc	7.500		04/15/21		7,309,787
	2,750,000		Burger King Corp	9.875		10/15/18		3,080,000
	1,000,000		Caesars Entertainment Operating Co, Inc	11.250		06/01/17		1,090,000
	9,250,000		DineEquity, Inc	9.500		10/30/18		10,128,750
	750,000		Harrahs Operating Co, Inc	12.750		04/15/18		650,625
	290,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		240,700
	2,748,000	g	Live Nation Entertainment, Inc	8.125		05/15/18		2,926,620
	6,750,000		Marina District Finance Co, Inc	9.500		10/15/15		6,159,375
	3,040,000		MGM Mirage	10.375		05/15/14		3,446,600
	1,500,000		MGM Mirage	9.000		03/15/20		1,668,750
	6,000,000		MGM Resorts International	6.625		07/15/15		6,165,000
	6,310,000		Penn National Gaming, Inc	8.750		08/15/19		7,082,975
	3,000,000		Speedway Motorsports, Inc	8.750		06/01/16		3,285,000

72

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,500,000		Speedway Motorsports, Inc	6.750	%	02/01/19	$	3,640,000
	4,874,000		Wendy’s Restaurants, LLC	10.000		07/15/16		5,324,845
	2,000,000		Wynn Las Vegas LLC	7.875		11/01/17		2,180,000
	2,000,000		Wynn Las Vegas LLC	7.750		08/15/20		2,197,500
			TOTAL CONSUMER SERVICES					72,113,714
DIVERSIFIED FINANCIALS - 7.0%
	2,000,000	g	CIT Group, Inc	5.250		04/01/14		2,042,500
	2,000,000	g	CIT Group, Inc	7.000		05/04/15		2,002,400
	6,300,000		CIT Group, Inc	5.250		03/15/18		6,426,000
	2,000,000	g	CIT Group, Inc	6.625		04/01/18		2,167,500
	4,500,000	g	CIT Group, Inc	5.500		02/15/19		4,590,000
	3,000,000	i	Citigroup Capital XXI	8.300		12/21/57		3,028,500
	6,560,000	g	Clear Channel Worldwide Holdings, Inc	7.625		03/15/20		6,428,800
	940,000	g	Clear Channel Worldwide Holdings, Inc	7.625		03/15/20		907,100
	1,600,000	g	CNH Capital LLC	6.250		11/01/16		1,716,000
	1,000,000		Ford Motor Credit Co LLC	7.000		04/15/15		1,092,359
	1,875,000		Ford Motor Credit Co LLC	12.000		05/15/15		2,315,625
	1,750,000		Ford Motor Credit Co LLC	5.625		09/15/15		1,861,038
	3,000,000		Ford Motor Credit Co LLC	8.000		12/15/16		3,478,212
	3,650,000		Ford Motor Credit Co LLC	5.000		05/15/18		3,780,874
	2,250,000		Ford Motor Credit Co LLC	8.125		01/15/20		2,719,676
	2,000,000		Ford Motor Credit Co LLC	5.750		02/01/21		2,157,920
	3,083,000		Ford Motor Credit Co LLC	5.875		08/02/21		3,325,293
	1,000,000		GMAC, Inc	6.750		12/01/14		1,047,500
	2,000,000		GMAC, Inc	8.300		02/12/15		2,177,500
	5,000,000		GMAC, Inc	8.000		03/15/20		5,562,500
	2,000,000		GMAC, Inc	7.500		09/15/20		2,160,000
	3,000,000		GMAC, Inc	8.000		11/01/31		3,307,500
	3,600,000	g	Hexion US Finance Corp	6.625		04/15/20		3,681,000
	1,825,000		International Lease Finance Corp	5.625		09/20/13		1,847,812
	5,232,000		International Lease Finance Corp	8.625		09/15/15		5,755,200
	4,275,000	g	International Lease Finance Corp	6.750		09/01/16		4,579,594
	2,232,000		International Lease Finance Corp	8.750		03/15/17		2,483,100
	8,000,000		International Lease Finance Corp	6.250		05/15/19		7,896,632
	3,600,000		International Lease Finance Corp	8.250		12/15/20		3,960,756
			TOTAL DIVERSIFIED FINANCIALS					94,498,891
ENERGY - 11.1%
	1,000,000		Arch Coal, Inc	8.750		08/01/16		1,050,000
	12,500,000	g	Arch Coal, Inc	7.000		06/15/19		11,531,250
	3,855,000		Bill Barrett Corp	7.625		10/01/19		3,912,825
	5,500,000		Chaparral Energy, Inc	8.250		09/01/21		5,857,500
	1,250,000		Chesapeake Energy Corp	9.500		02/15/15		1,431,250
	3,600,000		Chesapeake Energy Corp	6.625		08/15/20		3,663,000
	2,375,000		Chesapeake Energy Corp	6.875		11/15/20		2,452,187
	2,000,000		Chesapeake Energy Corp	6.125		02/15/21		1,980,000
	4,500,000	g	Chesapeake Oilfield Operating LLC	6.625		11/15/19		4,466,250
	2,276,000		Cimarex Energy Co	7.125		05/01/17		2,344,280
	5,000,000	h	Cimarex Energy Co	5.875		05/01/22		5,100,000
	4,200,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		4,284,000
	1,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		1,042,500

73

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$5,090,000		Consol Energy Inc	8.000	%	04/01/17	$	5,306,325
	2,500,000		Consol Energy Inc	8.250		04/01/20		2,612,500
	1,820,000		Continental Resources, Inc	7.125		04/01/21		2,020,200
	2,695,000	g	Continental Resources, Inc	5.000		09/15/22		2,708,475
	1,390,000		Energy Transfer Equity LP	7.500		10/15/20		1,542,900
	1,250,000		Inergy LP	7.000		10/01/18		1,218,750
	1,000,000		Inergy LP	6.875		08/01/21		962,500
	6,750,000	g	Linn Energy LLC	6.500		05/15/19		6,615,000
	2,000,000	g	Linn Energy LLC	6.250		11/01/19		1,940,000
	875,000		Linn Energy LLC	8.625		04/15/20		942,813
	1,000,000		Linn Energy LLC	7.750		02/01/21		1,037,500
	406,000		Lyondell Chemical Co	8.000		11/01/17		455,735
	2,560,000		MarkWest Energy Partners LP	6.750		11/01/20		2,764,800
	4,500,000		MarkWest Energy Partners LP	6.250		06/15/22		4,725,000
	2,800,000		Newfield Exploration Co	6.875		02/01/20		2,933,000
	3,000,000		Newfield Exploration Co	5.750		01/30/22		3,142,500
	2,750,000	g	NGPL PipeCo LLC	6.514		12/15/12		2,653,714
	2,532,000		Niska Gas Storage US	8.875		03/15/18		2,380,080
	1,000,000		Peabody Energy Corp	6.500		09/15/20		1,000,000
	3,000,000		Peabody Energy Corp	4.750		12/15/41		2,850,000
	1,500,000		Pioneer Natural Resources Co	6.875		05/01/18		1,764,251
	2,665,000	g	Precision Drilling Corp	6.500		12/15/21		2,784,925
	2,841,000		Precision Drilling Trust	6.625		11/15/20		2,975,947
	1,000,000		Range Resources Corp	6.750		08/01/20		1,085,000
	6,000,000		Range Resources Corp	5.000		08/15/22		5,925,000
	1,125,000		Regency Energy Partners LP	6.875		12/01/18		1,189,687
	4,800,000		Regency Energy Partners LP	6.500		07/15/21		5,088,000
	1,500,000		SandRidge Energy, Inc	9.875		05/15/16		1,627,500
	3,125,000	g	SandRidge Energy, Inc	8.000		06/01/18		3,187,500
	5,175,000		SandRidge Energy, Inc	7.500		03/15/21		5,097,375
	6,850,000	g	SESI LLC	7.125		12/15/21		7,398,000
	3,000,000		SM Energy Co	6.500		11/15/21		3,195,000
	4,777,200		Southwestern Energy Co	7.500		02/01/18		5,755,829
	4,250,000	g	WPX Energy, Inc	5.250		01/15/17		4,228,750
	2,000,000	g	WPX Energy, Inc	6.000		01/15/22		2,000,000
			TOTAL ENERGY					152,229,598
FOOD & STAPLES RETAILING - 3.3%
	7,350,000		Ingles Markets, Inc	8.875		05/15/17		7,956,375
	2,039,000		New Albertsons, Inc	7.450		08/01/29		1,559,835
	1,980,000		New Albertsons, Inc	8.000		05/01/31		1,499,850
	1,600,000		Rite Aid Corp	10.375		07/15/16		1,704,000
	5,500,000		Rite Aid Corp	7.500		03/01/17		5,610,000
	2,000,000		Rite Aid Corp	8.000		08/15/20		2,302,500
	1,600,000		Stater Bros Holdings, Inc	7.750		04/15/15		1,634,000
	3,800,000		Stater Bros Holdings, Inc	7.375		11/15/18		4,118,250
	6,050,000		SuperValu, Inc	7.500		11/15/14		6,155,875
	4,000,000		SuperValu, Inc	8.000		05/01/16		4,190,000
	7,060,000		Susser Holdings LLC	8.500		05/15/16		7,748,350
			TOTAL FOOD & STAPLES RETAILING					44,479,035

74

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
FOOD, BEVERAGE & TOBACCO - 1.5%
	$3,825,000		Del Monte Corp	7.625	%	02/15/19	$	3,805,875
	9,025,000	g	Post Holdings, Inc	7.375		02/15/22		9,453,687
	1,634,000		Smithfield Foods, Inc	7.750		07/01/17		1,846,420
	5,112,000		TreeHouse Foods, Inc	7.750		03/01/18		5,540,130
			TOTAL FOOD, BEVERAGE & TOBACCO					20,646,112
HEALTH CARE EQUIPMENT & SERVICES - 5.9%
	3,500,000		Apria Healthcare Group, Inc	11.250		11/01/14		3,661,875
	2,415,000		Apria Healthcare Group, Inc	12.375		11/01/14		2,408,962
	1,650,000	g	CHS	8.000		11/15/19		1,703,625
	1,550,000		DaVita, Inc	6.375		11/01/18		1,623,625
	5,768,000		Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		6,157,340
	1,250,000		Endo Pharmaceuticals Holdings, Inc	7.000		12/15/20		1,337,500
	5,047,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		5,223,645
	5,000,000	g	Fresenius Medical Care II	5.625		07/31/19		5,150,000
	1,350,000	g	Fresenius Medical Care US Finance, Inc	6.500		09/15/18		1,471,500
	2,200,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		2,535,500
	705,000		HCA Holdings, Inc	7.750		05/15/21		728,794
	4,000,000		HCA, Inc	6.500		02/15/16		4,260,000
	98,000		HCA, Inc	9.875		02/15/17		106,820
	6,000,000		HCA, Inc	8.500		04/15/19		6,667,500
	6,500,000		HCA, Inc	7.875		02/15/20		7,141,875
	13,600,000		HCA, Inc	7.500		02/15/22		14,484,000
	900,000		HCA, Inc	7.500		11/06/33		843,750
	3,750,000		Healthsouth Corp	7.750		09/15/22		4,050,000
	500,000	g	Kinetic Concepts, Inc	12.500		11/01/19		470,000
	7,295,000		LifePoint Hospitals, Inc	6.625		10/01/20		7,732,700
	1,000,000		Tenet Healthcare Corp	10.000		05/01/18		1,145,000
	1,750,000		Tenet Healthcare Corp	6.875		11/15/31		1,496,250
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					80,400,261
HOUSEHOLD & PERSONAL PRODUCTS - 1.1%
	5,000,000	g	Reynolds Group Issuer, Inc	8.750		10/15/16		5,287,500
	7,581,000		Spectrum Brands Holdings, Inc	9.500		06/15/18		8,547,578
	1,000,000	g	Spectrum Brands, Inc	6.750		03/15/20		1,010,000
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					14,845,078
INSURANCE - 1.8%
	1,975,000		American Financial Group, Inc	9.875		06/15/19		2,414,351
	4,000,000	i	American International Group, Inc	8.175		05/15/58		4,234,000
	10,300,000	g	CHS	8.000		11/15/19		10,660,500
	6,800,000		HCA, Inc	5.875		03/15/22		6,808,500
			TOTAL INSURANCE					24,117,351
MATERIALS - 7.1%
	480,000		Ball Corp	7.375		09/01/19		530,400
	2,500,000		Ball Corp	5.000		03/15/22		2,506,250
	3,570,000		Celanese US Holdings LLC	6.625		10/15/18		3,802,050
	1,640,000		CF Industries, Inc	6.875		05/01/18		1,892,150
	2,000,000		CF Industries, Inc	7.125		05/01/20		2,382,500
	4,500,000	g	CommScope, Inc	8.250		01/15/19		4,792,500
	2,000,000		Crown Americas LLC	6.250		02/01/21		2,150,000

75

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,402,000	g	Fibria Overseas Finance Ltd	6.750	%	03/03/21	$	3,478,545
	2,000,000		Georgia-Pacific LLC	8.875		05/15/31		2,698,086
	3,300,000		Graphic Packaging International, Inc	9.500		06/15/17		3,663,000
	4,000,000		Graphic Packaging International, Inc	7.875		10/01/18		4,430,000
	1,260,000		Greif, Inc	6.750		02/01/17		1,354,500
	600,000		Greif, Inc	7.750		08/01/19		678,000
	2,500,000		Lafarge S.A.	7.125		07/15/36		2,306,057
	4,090,000	g	Longview Fibre Paper & Packaging, Inc	8.000		06/01/16		4,166,688
	9,000,000	g,h	LyondellBasell Industries NV	5.000		04/15/19		9,000,000
	3,700,000	g	LyondellBasell Industries NV	6.000		11/15/21		3,885,000
	1,460,000		Momentive Performance Materials, Inc	9.000		01/15/21		1,277,500
	2,270,000	g	Rock-Tenn Co	4.450		03/01/19		2,280,199
	2,730,000	g	Rock-Tenn Co	4.900		03/01/22		2,725,995
	6,028,000	g	Sappi Papier Holding AG.	6.625		04/15/21		5,636,180
	1,000,000		Silgan Holdings, Inc	7.250		08/15/16		1,123,750
	5,000,000		Solutia, Inc	7.875		03/15/20		5,862,500
	500,000		Steel Dynamics, Inc	7.750		04/15/16		518,750
	1,250,000		Steel Dynamics, Inc	7.625		03/15/20		1,353,125
	6,500,000		United States Steel Corp	7.500		03/15/22		6,500,000
	4,290,000	g,h	USG Corp	7.875		03/30/20		4,295,363
	3,740,000		Verso Paper Holdings LLC	11.375		08/01/16		2,384,250
	5,000,000	g	Verso Paper Holdings LLC	11.750		01/15/19		5,150,000
	5,600,000		Verso Paper Holdings LLC	8.750		02/01/19		3,080,000
			TOTAL MATERIALS					95,903,338
MEDIA - 6.7%
	7,000,000		AMC Entertainment, Inc	8.750		06/01/19		7,332,500
	2,835,000		Cablevision Systems Corp	8.625		09/15/17		3,086,606
	6,600,000		CCO Holdings LLC	7.000		01/15/19		6,996,000
	5,375,000		CCO Holdings LLC	8.125		04/30/20		5,966,250
	5,450,000		CCO Holdings LLC	6.500		04/30/21		5,640,750
	1,960,000		CCO Holdings LLC	6.625		01/31/22		2,033,500
	4,733,000		Cinemark USA, Inc	8.625		06/15/19		5,253,630
	1,000,000		Cinemark USA, Inc	7.375		06/15/21		1,072,500
	2,950,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		3,233,937
	350,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		381,938
	5,500,000	g	CSC Holdings LLC	6.750		11/15/21		5,726,875
	3,000,000		DISH DBS Corp	7.750		05/31/15		3,408,750
	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		3,270,000
	2,000,000	g	Kabel BW Erste Beteiligungs	7.500		03/15/19		2,160,000
	5,225,000		Lamar Media Corp	7.875		04/15/18		5,714,844
	5,875,000	g	Lamar Media Corp	5.875		02/01/22		5,977,813
	4,750,000		Nexstar Broadcasting, Inc	8.875		04/15/17		5,094,375
	5,630,000		Nielsen Finance LLC	7.750		10/15/18		6,207,075
	2,000,000		Regal Entertainment Group	9.125		08/15/18		2,190,000
	4,170,000	g	Univision Communications, Inc	7.875		11/01/20		4,378,500
			TOTAL MEDIA					91,590,843
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.8%
	6,250,000	g	Convatec Healthcare	10.500		12/15/18		6,421,875
	4,000,000	g	Mylan, Inc	7.625		07/15/17		4,400,000

76

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000	g	Mylan, Inc	6.000	%	11/15/18	$	2,090,000
	7,500,000	g	Mylan, Inc	7.875		07/15/20		8,362,500
	7,195,000		NBTY, Inc	9.000		10/01/18		7,923,494
	2,760,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		2,794,500
	2,510,000	g	Valeant Pharmaceuticals International	7.000		10/01/20		2,497,450
	3,000,000	g	Valeant Pharmaceuticals International	7.250		07/15/22		2,970,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					37,459,819
REAL ESTATE - 1.6%
	6,005,000		DuPont Fabros Technology LP	8.500		12/15/17		6,605,500
	7,500,000		Host Hotels & Resorts LP	5.875		06/15/19		7,903,125
	1,000,000	g	Host Hotels & Resorts LP	6.000		10/01/21		1,067,500
	2,000,000		Weyerhaeuser Co	7.375		10/01/19		2,295,388
	2,800,000		Weyerhaeuser Co	7.375		03/15/32		2,982,801
			TOTAL REAL ESTATE					20,854,314
RETAILING - 3.7%
	4,500,000	g	Ace Hardware Corp	9.125		06/01/16		4,736,250
	4,000,000		AmeriGas Finance LLC	7.000		05/20/22		4,080,000
	2,000,000		AmeriGas Partners LP	6.250		08/20/19		1,997,500
	4,500,000		Asbury Automotive Group, Inc	8.375		11/15/20		4,848,750
	2,000,000		AutoNation, Inc	6.750		04/15/18		2,155,000
	4,166,000		AutoNation, Inc	5.500		02/01/20		4,228,490
	2,180,000		Ferrellgas LP	6.500		05/01/21		1,967,450
	1,275,000		JC Penney Corp, Inc	5.650		06/01/20		1,246,313
	3,000,000		JC Penney Corp, Inc	6.375		10/15/36		2,636,250
	1,875,000		Limited Brands, Inc	7.000		05/01/20		2,090,625
	1,000,000		Limited Brands, Inc	6.625		04/01/21		1,083,750
	4,055,000		Limited Brands, Inc	5.625		02/15/22		4,090,481
	5,000,000	g	QVC, Inc	7.125		04/15/17		5,325,000
	4,600,000	g	QVC, Inc	7.500		10/01/19		5,048,500
	5,000,000	g	Sally Holdings LLC	6.875		11/15/19		5,325,000
			TOTAL RETAILING					50,859,359
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.5%
	6,750,000	g	Hynix Semiconductor, Inc	7.875		06/27/17		7,036,875
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					7,036,875
SOFTWARE & SERVICES - 2.3%
	4,500,000		Fidelity National Information Services, Inc	7.625		07/15/17		4,927,500
	500,000	g	Fidelity National Information Services, Inc	7.625		07/15/17		545,000
	3,750,000	g	Fidelity National Information Services, Inc	5.000		03/15/22		3,693,750
	800,000	g	First Data Corp	7.375		06/15/19		815,000
	4,800,000	g	IMS Health, Inc	12.500		03/01/18		5,676,000
	6,000,000	g,h	Lawson Software, Inc	9.375		04/01/19		6,210,000
	3,000,000	g	Sophia LP	9.750		01/15/19		3,202,500
	1,000,000		SunGard Data Systems, Inc	4.875		01/15/14		1,027,500
	5,000,000		SunGard Data Systems, Inc	7.375		11/15/18		5,312,500
			TOTAL SOFTWARE & SERVICES					31,409,750

77

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 1.6%
	$4,580,000		Brocade Communications Systems, Inc	6.625	%	01/15/18	$	4,809,000
	2,475,000		Jabil Circuit, Inc	5.625		12/15/20		2,598,750
	860,000	g	Scientific Games Corp	7.875		06/15/16		896,550
	2,500,000		Scientific Games Corp	8.125		09/15/18		2,721,875
	9,861,000		Scientific Games Corp	9.250		06/15/19		10,921,058
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					21,947,233
TELECOMMUNICATION SERVICES - 7.3%
	5,000,000		CenturyLink, Inc	6.450		06/15/21		5,132,545
	5,000,000		CenturyTel, Inc	7.600		09/15/39		4,729,575
	1,300,000		Citizens Communications Co	7.125		03/15/19		1,303,250
	2,000,000		Cricket Communications, Inc	7.750		05/15/16		2,110,000
	5,000,000		Frontier Communications Corp	7.875		04/15/15		5,375,000
	10,000,000		Intelsat Bermuda Ltd	11.250		02/04/17		10,400,000
	3,000,000		Intelsat Jackson Holdings S.A.	7.250		04/01/19		3,153,750
	5,000,000		Intelsat Jackson Holdings S.A.	8.500		11/01/19		5,487,500
	4,000,000		Intelsat Jackson Holdings S.A.	7.250		10/15/20		4,205,000
	5,000,000		Qwest Corp	6.750		12/01/21		5,581,250
	7,724,000		Sprint Capital Corp	6.900		05/01/19		6,681,260
	5,057,000		Sprint Capital Corp	6.875		11/15/28		3,868,605
	4,800,000		Sprint Capital Corp	8.750		03/15/32		4,116,000
	4,650,000		Sprint Nextel Corp	6.000		12/01/16		4,150,125
	4,500,000	g	Sprint Nextel Corp	9.000		11/15/18		4,938,750
	3,125,000	g	Sprint Nextel Corp	7.000		03/01/20		3,171,875
	2,525,000		Syniverse Holdings, Inc	9.125		01/15/19		2,783,813
	2,350,000	g	VIP Finance Ireland Ltd	7.748		02/02/21		2,320,625
	2,604,000		Virgin Media Finance plc	9.500		08/15/16		2,936,010
	3,000,000		Virgin Media Finance plc	8.375		10/15/19		3,360,000
	3,500,000		Virgin Media Finance plc	5.250		02/15/22		3,469,375
	2,750,000	g	Wind Acquisition Finance S.A.	11.750		07/15/17		2,708,750
	1,750,000	g	Wind Acquisition Finance S.A.	7.250		02/15/18		1,649,375
	2,500,000		Windstream Corp	7.875		11/01/17		2,756,250
	1,105,000		Windstream Corp	8.125		09/01/18		1,182,350
	400,000		Windstream Corp	7.750		10/15/20		428,000
	2,000,000		Windstream Corp	7.500		04/01/23		2,060,000
			TOTAL TELECOMMUNICATION SERVICES					100,059,033
TRANSPORTATION - 3.4%
	2,652,301		Avis Budget Car Rental LLC	9.625		03/15/18		2,877,747
	4,000,000	g	Bombardier, Inc	7.500		03/15/18		4,400,000
	4,000,000	g	Bombardier, Inc	7.750		03/15/20		4,460,000
	5,278,000		Bristow Group, Inc	7.500		09/15/17		5,515,510
	5,840,000	g	Gulfmark Offshore, Inc	6.375		03/15/22		5,869,200
	3,000,000		Hertz Corp	7.500		10/15/18		3,183,750
	6,000,000		Hertz Corp	6.750		04/15/19		6,210,000
	2,700,000	g	Hertz Corp	6.750		04/15/19		2,794,500
	2,000,000		Hertz Corp	7.375		01/15/21		2,130,000
	8,750,000	g	Meccanica Holdings USA, Inc	6.250		07/15/19		7,819,026
	1,800,000	g	Meccanica Holdings USA, Inc	7.375		07/15/39		1,505,175
			TOTAL TRANSPORTATION					46,764,908

78

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
UTILITIES - 6.8%
	$2,813,000		AES Corp	7.750	%	03/01/14	$	3,038,040
	5,600,000		AES Corp	8.000		10/15/17		6,307,000
	2,395,000	g	AES Corp	7.375		07/01/21		2,646,475
	2,000,000	g	Calpine Construction Finance Co LP and CCFC Finance Corp	8.000		06/01/16		2,175,000
	6,000,000	g	Calpine Corp	7.250		10/15/17		6,360,000
	2,000,000	g	Calpine Corp	7.875		07/31/20		2,175,000
	6,000,000	g	Calpine Corp	7.500		02/15/21		6,405,000
	6,635,000	g	Calpine Corp	7.875		01/15/23		7,165,800
	2,000,000		CMS Energy Corp	6.550		07/17/17		2,263,876
	1,080,000		CMS Energy Corp	6.250		02/01/20		1,179,744
	7,075,000		CMS Energy Corp	5.050		03/15/22		7,119,290
	6,800,000		Crosstex Energy, Inc	8.875		02/15/18		7,225,000
	2,750,000		El Paso Corp	7.750		01/15/32		3,131,543
	2,000,000	g	Ipalco Enterprises, Inc	7.250		04/01/16		2,180,000
	3,000,000		NRG Energy, Inc	7.625		05/15/19		2,895,000
	5,000,000		NRG Energy, Inc	8.500		06/15/19		5,037,500
	5,570,000		NRG Energy, Inc	7.875		05/15/21		5,347,200
	1,765,000		QEP Resources, Inc	5.375		10/01/22		1,749,556
	2,335,000		Questar Market Resources, Inc	6.875		03/01/21		2,580,175
	2,100,000		Reliant Energy, Inc	7.625		06/15/14		2,115,750
	3,289,000		Sabine Pass LNG LP	7.250		11/30/13		3,469,895
	7,070,000		Sabine Pass LNG LP	7.500		11/30/16		7,582,575
	4,738,000	g	Texas Competitive Electric Holdings Co LLC	11.500		10/01/20		3,091,545
			TOTAL UTILITIES					93,240,964
			TOTAL CORPORATE BONDS					1,301,257,389
			(Cost $1,258,010,691)
			TOTAL BONDS					1,301,257,389
			(Cost $1,258,010,691)
SHARES			COMPANY
PREFERRED STOCKS - 0.2%
DIVERSIFIED FINANCIALS - 0.2%
	122,440		GMAC Capital Trust I	8.125		02/15/40		2,794,742
			TOTAL DIVERSIFIED FINANCIALS					2,794,742
			TOTAL PREFERRED STOCKS					2,794,742
			(Cost $3,061,000)

79

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 1.0%
TREASURY DEBT - 1.0%
	$9,715,000		United States Treasury Bill	0.013	%	05/03/12	$	9,714,655
	4,030,000		United States Treasury Bill	0.013		06/14/12		4,029,508
			TOTAL TREASURY DEBT					13,744,163
			TOTAL SHORT-TERM INVESTMENTS					13,744,163
			(Cost $13,744,398)
			TOTAL INVESTMENTS - 98.0%					1,335,054,892
			(Cost $1,291,847,609)
			OTHER ASSETS & LIABILITIES, NET - 2.0%					27,057,775
			NET ASSETS - 100.0%				$	1,362,112,667
			Abbreviation(s):
		g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $423,685,832 or 31.1% 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.
		m	Indicates a security that has been deemed illiquid.

80

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

TIAA-CREF FUNDS
TAX-EXEMPT BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2012

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 94.1%
ALABAMA - 0.9%
	$1,025,000	Alabama Public School & College Authority	5.000	%	05/01/19	$	1,239,686
	1,785,000	Southeast Alabama Gas District	5.000		06/01/18		1,951,237
		TOTAL ALABAMA					3,190,923
ALASKA - 0.2%
	560,000	Alaska Railroad Corp	5.250		08/01/16		641,284
		TOTAL ALASKA					641,284
ARIZONA - 1.9%
	1,110,000	Arizona School Facilities Board, COP	5.750		09/01/18		1,321,633
	1,225,000	Arizona School Facilities Board, COP	5.000		09/01/19		1,418,354
	2,000,000	City of Tucson AZ	5.000		07/01/20		2,399,920
	1,260,000	Tucson AZ, COP	5.250		07/01/14		1,367,528
		TOTAL ARIZONA					6,507,435
ARKANSAS - 0.3%
	1,000,000	Arkansas Development Finance Authority	5.500		12/01/18		1,198,500
		TOTAL ARKANSAS					1,198,500
CALIFORNIA - 11.3%
	1,000,000	California Health Facilities Financing Authority	5.000		08/15/21		1,182,790
	2,000,000	California State Department of Water Resources	5.000		05/01/20		2,445,320
	1,000,000	City of Los Angeles CA	5.000		09/01/22		1,188,120
	1,000,000	City of Los Angeles CA	5.000		09/01/23		1,171,810
	2,000,000	County of San Bernardino CA, COP	5.250		08/01/19		2,285,380
	10,000	Delta Counties Home Mortgage Finance Authority, AMT	6.700		06/01/24		10,212
	1,030,000	Desert Sands Unified School District	5.500		08/01/25		1,184,984
	2,500,000	East Side Union High School District-Santa Clara County	5.250		02/01/23		2,821,500
	2,250,000	Los Angeles Unified School District, COP	5.000		10/01/17		2,524,680
	635,000	Sacramento City Financing Authority	5.400		11/01/20		718,502
	2,000,000	State of California	5.000		02/01/17		2,316,520
	1,855,000	State of California	5.000		03/01/17		2,152,505
	375,000	State of California	5.000		03/01/18		439,673
	1,000,000	State of California	5.000		11/01/18		1,184,630
	1,000,000	State of California	5.000		03/01/19		1,175,020
	1,430,000	State of California	5.000		07/01/19		1,724,251
	850,000	State of California	5.250		02/01/20		1,009,188
	2,000,000	State of California	5.000		02/01/22		2,332,560
	2,000,000	State of California	5.250		10/01/22		2,386,580
	3,000,000	State of California	5.000		02/01/38		3,164,190

81

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$1,710,000	West Contra Costa Unified School District	5.700	%	02/01/21	$	2,086,337
	1,450,000	West Contra Costa Unified School District	6.000		08/01/21		1,833,873
	1,810,000	West Contra Costa Unified School District	5.700		02/01/22		2,212,743
		TOTAL CALIFORNIA					39,551,368
COLORADO - 2.1%
	2,045,000	Colorado Health Facilities Authority	5.000		02/01/25		2,299,194
	1,375,000	Denver City & County School District No	5.000		12/01/23		1,708,135
	1,000,000	Denver City & County School District No	5.500		12/01/23		1,286,520
	1,000,000	Jefferson County Colorado School District	5.000		12/15/23		1,231,600
	200,000	Rangely Hospital District	3.000		11/01/14		204,386
	350,000	Rangely Hospital District	5.000		11/01/15		382,249
	350,000	Rangely Hospital District	5.000		11/01/16		385,210
		TOTAL COLORADO					7,497,294
CONNECTICUT - 0.3%
	1,000,000	State of Connecticut	5.000		05/15/21		1,231,930
		TOTAL CONNECTICUT					1,231,930
DELAWARE - 1.2%
	1,500,000	State of Delaware	5.000		07/01/22		1,839,030
	1,000,000	State of Delaware	5.000		07/01/23		1,215,010
	1,000,000	State of Delaware	5.000		07/01/24		1,204,950
		TOTAL DELAWARE					4,258,990
DISTRICT OF COLUMBIA - 0.3%
	1,000,000	District of Columbia	5.000		10/01/24		1,120,250
		TOTAL DISTRICT OF COLUMBIA					1,120,250
FLORIDA - 5.5%
	1,485,000	Broward County School Board, COP	5.250		07/01/16		1,683,530
	450,000	City of Jacksonville FL	5.000		10/01/19		541,062
	1,500,000	City of Jacksonville FL	5.000		10/01/19		1,742,520
	552,000	City of Lakeland FL, ETM	5.750		10/01/19		613,537
	345,000	County of Brevard FL	5.000		07/01/16		403,578
	845,000	County of Brevard FL	5.000		07/01/16		928,055
	1,365,000	County of Brevard FL	5.000		01/01/21		1,674,691
	1,000,000	County of Miami-Dade FL	5.000		07/01/17		1,170,270
	1,000,000	County of Orange FL	5.000		10/01/21		1,180,430
	1,600,000	First Governmental Financing Commission	5.500		07/01/15		1,769,024
	2,200,000	Florida Department of Transportation	5.000		07/01/18		2,519,396
	1,000,000	Florida State Department of Management Services, COP	5.000		08/01/18		1,164,460
	1,820,000	Orange County School Board, COP	5.000		08/01/21		2,008,970
	1,000,000	State of Florida	5.000		06/01/19		1,214,750
	535,000	Town of Jupiter FL	5.500		07/01/21		669,697
		TOTAL FLORIDA					19,283,970

82

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
GEORGIA - 0.6%
	$435,000	Cherokee County Water & Sewer Authority	5.500	%	08/01/18	$	498,884
	215,000	City of Atlanta GA	5.500		11/01/17		259,167
	75,000	City of Atlanta GA	5.500		11/01/19		92,712
	125,000	City of Atlanta GA	5.500		11/01/22		150,805
	635,000	Metropolitan Atlanta Rapid Transit Authority	6.250		07/01/18		733,946
	480,000	Municipal Electric Authority of Georgia	6.500		01/01/17		547,027
		TOTAL GEORGIA					2,282,541
HAWAII - 1.4%
	1,000,000	State of Hawaii	5.000		12/01/22		1,220,030
	1,000,000	State of Hawaii	5.000		12/01/24		1,192,480
	2,000,000	State of Hawaii	5.000		12/01/25		2,360,740
		TOTAL HAWAII					4,773,250
ILLINOIS - 8.3%
	2,045,000	Chicago Board of Education	5.000		12/01/17		2,359,787
	1,230,000	Chicago Board of Education	6.000		01/01/20		1,411,855
	1,665,000	Chicago Board of Education	5.000		12/01/21		1,910,754
	1,000,000	Chicago Public Building Commission	5.250		03/01/24		1,122,510
	1,000,000	Chicago State University	5.500		12/01/23		1,123,370
	970,000	Chicago Transit Authority	5.000		12/01/22		1,121,019
	465,000	Chicago Transit Authority	5.250		12/01/23		541,544
	1,220,000	Chicago Transit Authority	5.250		12/01/24		1,410,954
	470,000	City of Chicago IL	5.000		01/01/21		542,568
	470,000	Cook County Community Consolidated School District No 64, GO	5.500		12/01/14		518,805
	250,000	Cook-Kane Lake & Mchenry Counties Community College District No 512	5.000		12/01/18		312,975
	200,000	Illinois Municipal Electric Agency	5.250		02/01/17		234,778
	115,000	Madison-Bond Etc Counties Community Unit School District No 5, GO	5.000		02/01/19		123,008
	1,650,000	Regional Transportation Authority	6.000		06/01/23		2,042,106
	3,000,000	State of Illinois	5.000		03/01/16		3,318,810
	1,500,000	State of Illinois	5.000		06/15/19		1,771,545
	2,045,000	State of Illinois	5.000		01/01/20		2,208,211
	1,650,000	State of Illinois	5.000		01/01/20		1,853,363
	1,835,000	State of Illinois	5.000		01/01/20		2,063,843
	1,000,000	State of Illinois	5.250		01/01/20		1,140,280
	1,020,000	State of Illinois	6.250		12/15/20		1,155,895
	875,000	State of Illinois	5.000		04/01/21		958,256
		TOTAL ILLINOIS					29,246,236
INDIANA - 3.8%
	770,000	Franklin Community Multi-School Building Corp	5.000		07/15/22		881,134
	1,000,000	Griffith Multi-School Building Corp	5.000		07/15/15		1,124,620
	1,520,000	Hammond Multi-School Building Corp	5.000		07/15/17		1,747,392
	2,120,000	Indiana Bond Bank	5.250		04/01/19		2,434,672
	250,000	Indiana Finance Authority	5.000		09/15/17		270,120
	250,000	Indiana Finance Authority	5.000		09/15/18		269,080
	250,000	Indiana Finance Authority	5.000		09/15/19		266,455
	320,000	Indiana State Finance Authority Revenue	5.000		02/01/15		358,419

83

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$500,000	Indiana University	5.000	%	08/01/19	$	611,635
	500,000	Indiana University	5.000		08/01/20		613,635
	500,000	Indiana University	5.000		08/01/21		617,435
	1,940,000	Indianapolis Local Public Improvement Bond Bank	5.500		01/01/21		2,331,899
	400,000	Lawrence Township School Building Corp	5.000		07/10/19		464,328
	535,000	New Albany Floyd County School Building Corp	5.000		07/15/15		588,928
	625,000	South Bend Redevelopment Authority	5.750		08/15/18		754,825
		TOTAL INDIANA					13,334,577
KENTUCKY - 0.3%
	500,000	Lexington-Fayette Urban County Government Public Facilities Corp	5.000		06/01/17		569,475
	500,000	Lexington-Fayette Urban County Government Public Facilities Corp	5.000		06/01/21		578,240
		TOTAL KENTUCKY					1,147,715
LOUISIANA - 0.3%
	1,000,000	Louisiana Public Facilities Authority	5.250		10/01/24		1,121,410
		TOTAL LOUISIANA					1,121,410
MAINE - 0.3%
	90,000	Maine Health & Higher Educational Facilities Authority	5.000		07/01/15		97,781
	1,000,000	Maine Health & Higher Educational Facilities Authority	5.000		07/01/20		1,137,990
		TOTAL MAINE					1,235,771
MARYLAND - 0.5%
	500,000	Maryland Health & Higher Educational Facilities Authority	5.000		05/15/23		584,860
	1,000,000	Maryland Health & Higher Educational Facilities Authority	5.000		05/15/25		1,142,990
		TOTAL MARYLAND					1,727,850
MASSACHUSETTS - 2.5%
	2,000,000	Commonwealth of Massachusetts	5.000		08/01/20		2,461,420
	3,370,000	Commonwealth of Massachusetts	5.250		08/01/25		3,911,289
	500,000	Massachusetts Bay Transportation Authority	5.250		07/01/20		623,750
	1,000,000	Massachusetts Bay Transportation Authority	5.500		07/01/22		1,275,780
	470,000	Massachusetts Housing Finance Agency	4.700		12/01/16		481,661
		TOTAL MASSACHUSETTS					8,753,900
MICHIGAN - 1.8%
	1,005,000	Michigan Municipal Bond Authority	5.000		10/01/19		1,219,246
	250,000	Michigan State Building Authority	5.000		10/15/19		289,682
	1,000,000	Michigan State Building Authority	5.000		10/15/20		1,160,150
	1,050,000	Otsego Public Schools	5.000		05/01/23		1,149,939
	565,000	State of Michigan	5.250		05/15/18		676,277
	1,485,000	State of Michigan	5.500		11/01/18		1,827,352
		TOTAL MICHIGAN					6,322,646
MINNESOTA - 1.3%
	1,000,000	Minnesota Public Facilities Authority	5.000		03/01/16		1,153,770

84

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$1,715,000	University of Minnesota	5.000	%	08/01/21	$	2,137,439
	1,000,000	University of Minnesota	5.000		12/01/25		1,200,010
		TOTAL MINNESOTA					4,491,219
MISSISSIPPI - 1.1%
	2,100,000	Mississippi Development Bank Special Obligation	5.000		07/01/17		2,372,874
	590,000	Mississippi Development Bank Special Obligation	5.000		11/01/17		657,525
	500,000	University of Mississippi Educational Building Corp	5.000		10/01/23		590,670
		TOTAL MISSISSIPPI					3,621,069
MISSOURI - 0.5%
	1,640,000	St Louis Regional Convention & Sports Complex Authority	5.250		08/15/14		1,753,390
		TOTAL MISSOURI					1,753,390
NEW JERSEY - 4.0%
	25,000	Garden State Preservation Trust	5.125		11/01/18		30,636
	500,000	New Jersey Educational Facilities Authority	5.000		07/01/16		565,045
	500,000	New Jersey Educational Facilities Authority	5.000		07/01/17		575,350
	1,115,000	New Jersey Environmental Infrastructure Trust	5.250		09/01/21		1,433,176
	25,000	New Jersey State Turnpike Authority, ETM	6.500		01/01/16		30,284
	45,000	New Jersey State Turnpike Authority	6.500		01/01/16		53,264
	40,000	New Jersey State Turnpike Authority, ETM	6.500		01/01/16		44,769
	75,000	New Jersey State Turnpike Authority, ETM	6.500		01/01/16		85,745
	1,815,000	New Jersey Transportation Trust Fund Authority	5.250		12/15/19		2,187,837
	500,000	New Jersey Transportation Trust Fund Authority	5.000		06/15/20		590,080
	1,025,000	New Jersey Transportation Trust Fund Authority	5.250		12/15/20		1,239,615
	2,000,000	New Jersey Transportation Trust Fund Authority	5.750		06/15/23		2,466,060
	1,000,000	New Jersey Transportation Trust Fund Authority	5.250		06/15/23		1,178,750
	1,000,000	New Jersey Transportation Trust Fund Authority	5.250		06/15/24		1,163,030
	2,000,000	State of New Jersey	5.250		08/01/22		2,485,360
		TOTAL NEW JERSEY					14,129,001
NEW YORK - 13.0%
	1,000,000	City of New York NY	5.000		10/01/23		1,188,680
	2,000,000	City of New York NY	5.000		10/01/25		2,272,660
	150,000	County of Onondaga NY	5.000		12/01/20		178,642
	100,000	County of Onondaga NY	5.000		12/01/21		119,718
	195,000	Lackawanna Housing Authority	5.000		09/01/16		219,389
	1,000,000	Metropolitan Transportation Authority	5.000		11/15/20		1,196,060
	1,000,000	Metropolitan Transportation Authority	5.250		11/15/20		1,215,360
	1,000,000	Metropolitan Transportation Authority	5.250		11/15/23		1,225,850
	2,000,000	New York City Health & Hospital Corp	5.000		02/15/20		2,326,960
	1,500,000	New York City Transitional Finance Authority	5.000		11/01/20		1,835,745
	1,500,000	New York City Transitional Finance Authority	5.000		11/01/21		1,847,700
	2,000,000	New York City Transitional Finance Authority	5.000		11/01/23		2,395,140
	1,250,000	New York State Dormitory Authority	5.000		07/01/15		1,386,225
	1,050,000	New York State Dormitory Authority	5.000		01/15/16		1,174,688
	1,000,000	New York State Dormitory Authority	5.000		07/01/16		1,137,550
	500,000	New York State Dormitory Authority	5.000		07/01/17		529,465

85

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000	New York State Dormitory Authority	5.000	%	02/15/19	$	1,185,150
	500,000	New York State Dormitory Authority	5.000		07/01/19		556,095
	1,405,000	New York State Dormitory Authority	5.000		07/01/19		1,606,280
	2,000,000	New York State Dormitory Authority	5.000		03/15/20		2,430,640
	1,100,000	New York State Dormitory Authority	5.000		07/01/20		1,229,712
	500,000	New York State Dormitory Authority	5.000		11/01/20		569,425
	500,000	New York State Dormitory Authority	5.000		11/01/21		570,165
	1,175,000	New York State Dormitory Authority	5.000		02/15/24		1,349,805
	250,000	New York State Environmental Facilities Corp	5.000		08/15/19		307,845
	250,000	New York State Environmental Facilities Corp	5.000		08/15/20		307,927
	2,190,000	New York State Environmental Facilities Corp	5.000		10/15/25		2,518,281
	130,000	New York State Thruway Authority	5.500		04/01/12		130,000
	1,000,000	New York State Thruway Authority	5.000		04/01/21		1,210,950
	1,000,000	New York State Thruway Authority	5.000		01/01/24		1,129,480
	1,100,000	New York State Urban Development Corp	5.000		03/15/18		1,311,354
	2,000,000	New York State Urban Development Corp	5.000		03/15/20		2,430,640
	1,635,000	Port Authority of New York & New Jersey, AMT	5.000		09/15/20		1,905,233
	1,000,000	State of New York	5.000		12/15/20		1,228,510
	1,000,000	State of New York	5.000		12/15/22		1,229,540
	2,000,000	Tobacco Settlement Financing Corp	5.000		06/01/18		2,363,780
		TOTAL NEW YORK					45,820,644
NORTH CAROLINA - 2.1%
	540,000	City of Charlotte NC	5.000		07/01/22		637,573
	1,000,000	City of Charlotte NC	5.000		07/01/23		1,166,480
	500,000	City of Charlotte NC	5.000		07/01/25		571,920
	1,000,000	County of New Hanover NC	5.000		12/01/20		1,247,300
	485,000	North Carolina Eastern Municipal Power Agency, ETM	5.000		01/01/21		601,463
	1,500,000	State of North Carolina	5.000		03/01/19		1,846,605
	1,000,000	State of North Carolina	5.000		05/01/25		1,175,210
		TOTAL NORTH CAROLINA					7,246,551
OHIO - 5.9%
	1,910,000	Cincinnati City School District	5.250		06/01/22		2,286,060
	1,445,000	Cincinnati City School District	5.250		06/01/23		1,709,652
	2,000,000	City of Cincinnati OH	5.000		12/01/21		2,488,760
	1,500,000	City of Columbus OH	5.000		07/01/21		1,857,945
	750,000	County of Lucas OH	5.000		11/15/22		883,365
	1,000,000	Ohio Air Quality Development Authority	5.625		06/01/18		1,132,140
	1,000,000	Ohio State Water Development Authority	5.500		06/01/22		1,288,380
	25,000	Ohio State Water Development Authority, ETM	6.000		12/01/16		27,809
	150,000	State of Ohio	5.000		05/01/17		177,331
	1,000,000	State of Ohio	5.000		09/15/20		1,221,660
	1,000,000	State of Ohio	5.000		08/01/21		1,224,470
	1,200,000	State of Ohio	5.000		01/01/23		1,376,328
	1,000,000	State of Ohio	5.000		01/01/24		1,132,190
	4,000,000	State of Ohio, AMT	4.950		09/01/20		4,028,480
		TOTAL OHIO					20,834,570

86

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
OKLAHOMA - 0.8%
	$1,000,000	Oklahoma Turnpike Authority	5.000	%	01/01/24	$	1,179,690
	500,000	Oklahoma Turnpike Authority	5.000		01/01/25		584,330
	1,000,000	Oklahoma Turnpike Authority	5.000		01/01/25		1,168,660
		TOTAL OKLAHOMA					2,932,680
OREGON - 0.3%
	740,000	State of Oregon	5.000		05/01/21		917,844
		TOTAL OREGON					917,844
PENNSYLVANIA - 3.3%
	1,120,000	Carbon County Hospital Authority	5.400		11/15/14		1,157,822
	1,500,000	City of Pittsburgh PA	5.000		09/01/23		1,693,410
	1,500,000	City of Pittsburgh PA	5.000		09/01/24		1,675,380
	350,000	Commonwealth of Pennsylvania	5.000		01/01/16		402,539
	1,925,000	Commonwealth of Pennsylvania	5.000		02/15/19		2,341,820
	2,000,000	Philadelphia School District	5.000		09/01/20		2,269,820
	1,425,000	Philadelphia School District, GO	5.000		06/01/24		1,558,195
	415,000	Pittsburgh Urban Redevelopment Authority, ETM	6.500		09/01/13		435,422
		TOTAL PENNSYLVANIA					11,534,408
PUERTO RICO - 5.0%
	510,000	Commonwealth of Puerto Rico	5.000		07/01/13		532,578
	1,000,000	Commonwealth of Puerto Rico	5.250		07/01/16		1,093,530
	1,500,000	Commonwealth of Puerto Rico	5.500		07/01/19		1,679,160
	2,000,000	Commonwealth of Puerto Rico	5.500		07/01/20		2,213,180
	250,000	Commonwealth of Puerto Rico	5.500		07/01/21		276,075
	1,250,000	Government Development Bank for Puerto Rico	5.000		12/01/16		1,352,225
	3,370,000	Puerto Rico Commonwealth Infrastructure Financing Authority	5.500		07/01/19		3,749,799
	1,000,000	Puerto Rico Highway & Transportation Authority	5.500		07/01/21		1,094,640
	145,000	Puerto Rico Highway & Transportation Authority	5.250		07/01/22		186,580
	255,000	Puerto Rico Highway & Transportation Authority	5.250		07/01/22		283,823
	1,225,000	Puerto Rico Infrastructure Financing Authority	5.500		07/01/18		1,363,413
	5,000	Puerto Rico Public Buildings Authority, ETM	5.500		07/01/13		5,315
	1,500,000	Puerto Rico Public Buildings Authority	6.000		07/01/20		1,723,515
	475,000	Puerto Rico Public Buildings Authority	6.250		07/01/21		555,660
	250,000	Puerto Rico Public Finance Corp	6.000		08/01/24		285,030
	1,000,000	Puerto Rico Public Finance Corp	6.000		08/01/25		1,132,680
		TOTAL PUERTO RICO					17,527,203
RHODE ISLAND - 1.3%
	315,000	Providence Housing Authority	5.000		09/01/18		344,742
	790,000	Rhode Island State & Providence Plantations, COP	5.250		10/01/14		864,221
	800,000	Rhode Island State & Providence Plantations, COP	5.000		10/01/16		907,024
	2,000,000	State of Rhode Island	5.000		08/01/21		2,415,380
		TOTAL RHODE ISLAND					4,531,367
SOUTH CAROLINA - 1.3%
	315,000	County of Richland SC	4.600		09/01/12		319,555

87

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$750,000	Lexington County Health Services District, Inc	5.000	%	11/01/19	$	871,905
	750,000	Lexington County Health Services District, Inc	5.000		11/01/21		859,230
	1,120,000	Scago Educational Facilities Corp for Colleton School District	5.000		12/01/16		1,296,814
	1,000,000	Scago Public Facilities Corp for Georgetown County	5.000		12/01/19		1,129,330
		TOTAL SOUTH CAROLINA					4,476,834
SOUTH DAKOTA - 0.2%
	500,000	State of South Dakota	6.700		09/01/17		580,585
		TOTAL SOUTH DAKOTA					580,585
TENNESSEE - 0.8%
	1,000,000	Memphis-Shelby County Airport Authority, AMT	5.625		07/01/20		1,180,760
	1,500,000	Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd	6.000		12/01/16		1,653,750
		TOTAL TENNESSEE					2,834,510
TEXAS - 3.7%
	970,000	Bexar Metropolitan Water District	5.000		05/01/17		1,086,361
	725,000	County of Harris TX	5.000		08/15/16		845,481
	160,000	Harris County Flood Control District	5.000		10/01/14		177,807
	1,515,000	Lower Colorado River Authority, ETM	6.000		01/01/17		1,850,739
	500,000	Lower Colorado River Authority	5.000		05/15/21		600,400
	500,000	Lower Colorado River Authority	5.000		05/15/22		576,625
	500,000	Lower Colorado River Authority	5.000		05/15/23		566,840
	1,000,000	Lubbock Health Facilities Development Corp	5.000		07/01/19		1,168,230
	310,000	North Central Texas Health Facility Development Corp, ETM	5.500		06/01/21		379,747
	1,000,000	State of Texas	5.000		10/01/22		1,224,280
	630,000	Tarrant County Health Facilities Development Corp, ETM	6.000		09/01/24		800,654
	2,020,000	Texas Transportation Commission	5.000		04/01/22		2,344,028
	1,000,000	University of Texas System	5.000		08/15/20		1,237,790
		TOTAL TEXAS					12,858,982
UTAH - 1.4%
	1,100,000	City of Salt Lake City UT	4.000		06/15/18		1,276,979
	1,000,000	State of Utah	5.000		07/01/18		1,221,110
	1,000,000	State of Utah	5.000		07/01/21		1,256,760
	900,000	Utah State Board of Regents	5.000		08/01/22		1,046,088
		TOTAL UTAH					4,800,937
VIRGINIA - 0.8%
	320,000	Tobacco Settlement Financing Corp, ETM	5.500		06/01/26		350,205
	1,000,000	Virginia College Building Authority	5.000		02/01/23		1,228,320
	1,000,000	Virginia College Building Authority	4.500		09/01/26		1,093,680
		TOTAL VIRGINIA					2,672,205
WASHINGTON - 2.1%
	3,150,000	Port of Seattle WA	5.500		09/01/17		3,671,986
	500,000	State of Washington	5.000		06/01/24		591,850

88

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$600,000	Washington Economic Development Finance Authority	5.000	%	06/01/16	$	686,946
	560,000	Washington Higher Education Facilities Authority	5.000		05/01/18		641,497
	290,000	Washington Higher Education Facilities Authority	5.000		05/01/19		334,912
	625,000	Washington Higher Education Facilities Authority	5.000		05/01/20		720,331
	660,000	Washington Higher Education Facilities Authority	5.000		05/01/21		765,310
		TOTAL WASHINGTON					7,412,832
WISCONSIN - 1.4%
	1,040,000	State of Wisconsin	5.000		05/01/19		1,277,973
	2,000,000	State of Wisconsin	5.000		05/01/21		2,447,320
	1,000,000	State of Wisconsin	5.000		05/01/21		1,223,660
		TOTAL WISCONSIN					4,948,953
		TOTAL LONG-TERM MUNICIPAL BONDS					330,353,624
		(Cost $311,533,432)
		TOTAL INVESTMENTS - 94.1%					330,353,624
		(Cost $311,533,432)
		OTHER ASSETS & LIABILITIES, NET - 5.9%					20,671,493
		NET ASSETS - 100.0%				$	351,025,117
		Abbreviation(s):
		AMT      Alternative Minimum Tax (subject to)
		COP       Certificate of Participation
		ETM      Escrowed to Maturity
		GO         General Obligation

89

TIAA-CREF FUNDS – Inflation-Linked Bond Fund

TIAA-CREF FUNDS
INFLATION-LINKED BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
GOVERNMENT BONDS - 98.6%
U.S. TREASURY SECURITIES - 98.6%
	$34,606,223	k	United States Treasury Inflation Indexed Bonds	0.625	%	04/15/13	$	35,509,238
	51,973,974	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/13		54,702,608
	53,375,341	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/14		57,044,896
	35,022,060	k	United States Treasury Inflation Indexed Bonds	1.250		04/15/14		37,145,272
	55,978,817	k	United States Treasury Inflation Indexed Bonds	2.000		07/15/14		60,977,557
	36,287,094	k	United States Treasury Inflation Indexed Bonds	1.625		01/15/15		39,538,744
	46,736,954	k	United States Treasury Inflation Indexed Bonds	0.500		04/15/15		49,548,462
	41,209,025	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/15		45,960,920
	42,854,006	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/16		48,398,243
	65,088,129	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/16		68,749,336
	40,784,478	k	United States Treasury Inflation Indexed Bonds	2.500		07/15/16		47,619,059
	37,454,677	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/17		43,871,712
	32,977,471	k	United States Treasury Inflation Indexed Bonds	2.625		07/15/17		39,647,693
	31,986,662	k	United States Treasury Inflation Indexed Bonds	1.625		01/15/18		36,759,680
	30,821,039	k	United States Treasury Inflation Indexed Bonds	1.375		07/15/18		35,292,494
	31,030,885	k	United States Treasury Inflation Indexed Bonds	2.125		01/15/19		37,135,250
	33,870,974	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/19		40,256,194
	40,086,099	k	United States Treasury Inflation Indexed Bonds	1.375		01/15/20		46,039,527
	61,928,450	k	United States Treasury Inflation Indexed Bonds	1.250		07/15/20		70,719,379
	68,461,238	k	United States Treasury Inflation Indexed Bonds	1.125		01/15/21		77,061,680
	67,302,803	k	United States Treasury Inflation Indexed Bonds	0.625		07/15/21		72,818,470
	31,453,464	k	United States Treasury Inflation Indexed Bonds	0.125		01/15/22		32,200,484
	55,732,341	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/25		70,893,266
	38,887,184	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/26		47,658,072
	33,161,385	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/27		42,550,203
	33,563,927	k	United States Treasury Inflation Indexed Bonds	1.750		01/15/28		40,027,601
	37,922,618	k	United States Treasury Inflation Indexed Bonds	3.625		04/15/28		55,956,605
	33,979,120	k	United States Treasury Inflation Indexed Bonds	2.500		01/15/29		44,847,138
	45,752,977	k	United States Treasury Inflation Indexed Bonds	3.875		04/15/29		70,481,042
	12,422,084	k	United States Treasury Inflation Indexed Bonds	3.375		04/15/32		18,912,624
	17,304,221	k	United States Treasury Inflation Indexed Bonds	2.125		02/15/40		22,753,700
	41,154,868	k	United States Treasury Inflation Indexed Bonds	2.125		02/15/41		54,269,772
	19,056,620	k	United States Treasury Inflation Indexed Bonds	0.750		02/15/42		18,164,827
			TOTAL U.S. TREASURY SECURITIES					1,563,511,748
			TOTAL GOVERNMENT BONDS					1,563,511,748
			(Cost $1,409,946,203)

90

TIAA-CREF FUNDS – Inflation-Linked Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.9%
TREASURY DEBT - 0.9%
	$14,000,000		United States Treasury Bill	0.048	%	05/31/12	$	13,998,740
								13,998,740
			TOTAL SHORT-TERM INVESTMENTS					13,998,740
			(Cost $13,998,833)
			TOTAL INVESTMENTS - 99.5%					1,577,510,488
			(Cost $1,423,945,036)
			OTHER ASSETS AND LIABILITIES, NET - 0.5%					7,508,741
			NET ASSETS - 100.0%				$	1,585,019,229
		k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

91

TIAA-CREF FUNDS – Bond Index Fund

TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 99.4%
CORPORATE BONDS - 21.6%
AUTOMOBILES & COMPONENTS - 0.1%
	$50,000		BorgWarner, Inc	4.625	%	09/15/20	$	53,448
	400,000		Honeywell International, Inc	5.400		03/15/16		459,204
	400,000		Honeywell International, Inc	5.000		02/15/19		469,089
	282,000		Honeywell International, Inc	5.700		03/15/37		344,358
	210,000		Johnson Controls, Inc	5.500		01/15/16		236,856
	150,000		Johnson Controls, Inc	2.600		12/01/16		154,509
	160,000		Johnson Controls, Inc	4.250		03/01/21		169,514
	270,000		Johnson Controls, Inc	6.000		01/15/36		304,323
			TOTAL AUTOMOBILES & COMPONENTS					2,191,301
BANKS - 3.1%
	100,000		Allied World Assurance Co Ltd	7.500		08/01/16		114,527
	650,000		American Express Bank FSB	5.500		04/16/13		680,432
	1,800,000		Asian Development Bank	0.875		06/10/14		1,815,041
	1,750,000		Asian Development Bank	2.500		03/15/16		1,857,917
	1,000,000		Asian Development Bank	1.125		03/15/17		997,515
	75,000		Asian Development Bank	5.820		06/16/28		93,778
	500,000		Banco do Brasil S.A.	3.875		01/23/17		513,750
	100,000		BanColombia S.A.	4.250		01/12/16		103,250
	200,000		BanColombia S.A.	5.950		06/03/21		211,750
	1,500,000		Bank of America Corp	4.900		05/01/13		1,544,746
	470,000		Bank of America Corp	4.500		04/01/15		486,809
	2,045,000		Bank of America Corp	3.700		09/01/15		2,064,145
	550,000		Bank of America Corp	3.625		03/17/16		549,049
	1,200,000		Bank of America Corp	6.500		08/01/16		1,319,381
	585,000		Bank of America Corp	5.300		03/15/17		610,488
	600,000		Bank of America Corp	3.875		03/22/17		603,309
	575,000		Bank of America Corp	6.000		09/01/17		626,267
	590,000		Bank of America Corp	5.750		12/01/17		632,771
	320,000		Bank of America Corp	5.650		05/01/18		341,601
	600,000		Bank of America Corp	5.490		03/15/19		601,421
	700,000		Bank of America Corp	5.875		01/05/21		740,488
	500,000		Bank of America Corp	5.700		01/24/22		529,292
	700,000		Bank of America Corp	5.875		02/07/42		696,227
	100,000		Bank of New York Mellon Corp	1.500		01/31/14		101,178
	530,000		Bank of New York Mellon Corp	4.300		05/15/14		567,552
	300,000		Bank of New York Mellon Corp	1.700		11/24/14		304,696
	1,150,000		Bank of New York Mellon Corp	2.300		07/28/16		1,178,975
	295,000		Bank of New York Mellon Corp	5.450		05/15/19		341,021
	500,000		Bank of New York Mellon Corp	3.550		09/23/21		512,136
	510,000		Barclays Bank plc	5.200		07/10/14		540,512
	190,000	i	BB&T Capital Trust IV	6.820		06/12/57		191,900

92

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$500,000	BB&T Corp	5.200	%	12/23/15	$	554,670
	100,000	BB&T Corp	3.200		03/15/16		105,123
	200,000	BB&T Corp	2.150		03/22/17		199,419
	70,000	BB&T Corp	4.900		06/30/17		76,820
	400,000	BB&T Corp	6.850		04/30/19		492,365
	200,000	BB&T Corp	3.950		03/22/22		200,522
	150,000	BBVA US Senior SAU	3.250		05/16/14		149,547
	460,000	BHP Billiton Finance Ltd	5.400		03/29/17		538,347
	400,000	BHP Billiton Finance USA Ltd	5.500		04/01/14		437,507
	300,000	BHP Billiton Finance USA Ltd	1.000		02/24/15		299,693
	300,000	BHP Billiton Finance USA Ltd	1.875		11/21/16		302,701
	500,000	BHP Billiton Finance USA Ltd	1.625		02/24/17		497,499
	450,000	BHP Billiton Finance USA Ltd	6.500		04/01/19		558,027
	100,000	BHP Billiton Finance USA Ltd	3.250		11/21/21		100,922
	300,000	BHP Billiton Finance USA Ltd	2.875		02/24/22		292,582
	200,000	BHP Billiton Finance USA Ltd	4.125		02/24/42		187,952
	810,000	Capital One Bank USA NA	8.800		07/15/19		990,378
	250,000	Capital One Financial Corp	3.150		07/15/16		255,816
	200,000	Citigroup, Inc	5.850		07/02/13		209,238
	1,600,000	Citigroup, Inc	6.000		12/13/13		1,695,195
	1,460,000	Citigroup, Inc	5.500		10/15/14		1,566,449
	350,000	Citigroup, Inc	2.650		03/02/15		349,936
	1,750,000	Citigroup, Inc	3.953		06/15/16		1,798,394
	200,000	Citigroup, Inc	4.450		01/10/17		209,501
	650,000	Citigroup, Inc	6.000		08/15/17		722,699
	915,000	Citigroup, Inc	6.125		11/21/17		1,021,287
	1,320,000	Citigroup, Inc	6.125		05/15/18		1,479,702
	2,310,000	Citigroup, Inc	5.375		08/09/20		2,481,143
	1,000,000	Citigroup, Inc	4.500		01/14/22		1,003,915
	1,070,000	Citigroup, Inc	6.875		03/05/38		1,235,421
	200,000	Citigroup, Inc	5.875		01/30/42		207,227
	250,000	Comerica Bank	5.750		11/21/16		280,979
	50,000	Comerica Bank	5.200		08/22/17		55,058
	200,000	Compass Bank	5.500		04/01/20		192,888
	400,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.375		01/19/17		408,936
	200,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.875		02/08/22		193,414
	400,000	Deutsche Bank AG	4.875		05/20/13		414,906
	700,000	Deutsche Bank AG	3.875		08/18/14		731,443
	900,000	Deutsche Bank AG	3.450		03/30/15		933,534
	600,000	Deutsche Bank AG	3.250		01/11/16		615,598
	215,000	Discover Bank	7.000		04/15/20		246,703
	450,000	Fifth Third Bancorp	3.625		01/25/16		473,933
	200,000	Fifth Third Bancorp	3.500		03/15/22		195,420
	140,000	Fifth Third Bancorp	8.250		03/01/38		185,843
	250,000	Fifth Third Bank	4.750		02/01/15		266,822
	100,000	First Horizon National Corp	5.375		12/15/15		106,244
	200,000	First Niagara Financial Group, Inc	7.250		12/15/21		214,084
	600,000	HSBC Bank USA NA	4.625		04/01/14		630,505
	750,000	HSBC Bank USA NA	4.875		08/24/20		768,488
	266,000	HSBC Bank USA NA	5.875		11/01/34		276,582
	33,000	HSBC Bank USA NA	7.000		01/15/39		38,532
	150,000	HSBC Holdings plc	4.875		01/14/22		158,918

93

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,325,000		HSBC Holdings plc	6.500	%	09/15/37	$	1,487,026
	150,000		HSBC Holdings plc	6.100		01/14/42		174,529
	700,000		HSBC USA, Inc	2.375		02/13/15		704,800
	1,000,000		Inter-American Development Bank	1.750		08/24/18		1,010,520
	340,000		JP Morgan Chase Capital XXV	6.800		10/01/37		341,904
	2,475,000		JPMorgan Chase & Co	2.050		01/24/14		2,517,887
	634,000		JPMorgan Chase & Co	5.125		09/15/14		679,382
	225,000		JPMorgan Chase & Co	3.700		01/20/15		237,251
	800,000		JPMorgan Chase & Co	1.875		03/20/15		802,042
	610,000		JPMorgan Chase & Co	3.400		06/24/15		639,120
	700,000		JPMorgan Chase & Co	5.150		10/01/15		761,508
	250,000		JPMorgan Chase & Co	3.450		03/01/16		260,665
	300,000		JPMorgan Chase & Co	3.150		07/05/16		309,259
	335,000		JPMorgan Chase & Co	6.000		01/15/18		387,531
	180,000		JPMorgan Chase & Co	4.950		03/25/20		194,151
	700,000		JPMorgan Chase & Co	4.400		07/22/20		726,189
	1,820,000		JPMorgan Chase & Co	4.250		10/15/20		1,863,436
	750,000		JPMorgan Chase & Co	4.625		05/10/21		783,803
	1,950,000		JPMorgan Chase & Co	4.350		08/15/21		1,992,381
	500,000		JPMorgan Chase & Co	4.500		01/24/22		520,169
	1,408,000		JPMorgan Chase & Co	5.500		10/15/40		1,520,441
	200,000		JPMorgan Chase & Co	5.400		01/06/42		212,362
	50,000		KeyBank NA	5.800		07/01/14		54,214
	600,000		KeyCorp	3.750		08/13/15		634,210
	150,000		KeyCorp	5.100		03/24/21		165,330
	150,000		M&I Marshall & Ilsley Bank	5.000		01/17/17		161,390
	280,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		273,853
	250,000		National Australia Bank	2.000		03/09/15		250,310
	250,000		National Australia Bank	2.750		03/09/17		248,718
	100,000		Noble Holding International Ltd	6.200		08/01/40		111,171
	150,000		Noble Holding International Ltd	5.250		03/15/42		149,014
	600,000		Nordic Investment Bank	3.625		06/17/13		622,659
	500,000		Nordic Investment Bank	2.250		03/15/16		524,454
	400,000		Northern Trust Corp	4.625		05/01/14		430,319
	580,000		PNC Funding Corp	5.400		06/10/14		632,224
	700,000		PNC Funding Corp	2.700		09/19/16		721,263
	645,000		PNC Funding Corp	5.125		02/08/20		730,603
	50,000		PNC Funding Corp	4.375		08/11/20		54,282
	400,000		PNC Funding Corp	3.300		03/08/22		395,715
	240,000		Rabobank Nederland NV	2.125		10/13/15		241,620
	250,000		Royal Bank of Scotland Group plc	6.400		10/21/19		262,196
	250,000		Sovereign Bank	8.750		05/30/18		292,712
	350,000		State Street Corp	4.300		05/30/14		375,126
	300,000		SunTrust Bank	7.250		03/15/18		343,090
	100,000		SunTrust Banks, Inc	3.600		04/15/16		103,330
	150,000		SunTrust Banks, Inc	3.500		01/20/17		153,000
	100,000		SunTrust Banks, Inc	6.000		09/11/17		112,370
	50,000		SVB Financial Group	5.375		09/15/20		54,074
	200,000		Svenska Handelsbanken AB	3.125		07/12/16		203,792
	300,000	h	Svenska Handelsbanken AB	2.875		04/04/17		299,903
	100,000		Toronto-Dominion Bank	2.500		07/14/16		103,152
	650,000		Toronto-Dominion Bank	2.375		10/19/16		666,742

94

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$315,000		Union Bank of California NA	5.950	%	05/11/16	$	343,967
	60,000		UnionBanCal Corp	5.250		12/16/13		63,472
	400,000		US Bancorp	2.000		06/14/13		406,711
	300,000		US Bancorp	2.200		11/15/16		305,825
	325,000		US Bancorp	3.000		03/15/22		320,091
	970,000		US Bank NA	6.300		02/04/14		1,062,063
	250,000	i	US Bank NA	3.778		04/29/20		261,016
	240,000		USB Capital XIII Trust	6.625		12/15/39		242,256
	1,029,000		Wachovia Bank NA	4.800		11/01/14		1,102,878
	900,000		Wachovia Bank NA	5.600		03/15/16		1,001,654
	1,110,000		Wachovia Bank NA	5.850		02/01/37		1,217,587
	800,000		Wachovia Corp	5.500		05/01/13		840,179
	500,000		Wells Fargo & Co	1.250		02/13/15		497,960
	350,000		Wells Fargo & Co	3.676		06/15/16		373,770
	300,000		Wells Fargo & Co	5.125		09/15/16		330,263
	1,200,000		Wells Fargo & Co	4.600		04/01/21		1,286,903
	1,000,000		Wells Fargo & Co	3.500		03/08/22		984,469
	264,000		Wells Fargo & Co	5.375		02/07/35		281,744
	1,670,000		Wells Fargo Bank NA	4.750		02/09/15		1,791,361
	20,000		Western Union Co	5.930		10/01/16		23,061
	100,000		Western Union Co	3.650		08/22/18		106,915
	400,000		Western Union Co	5.253		04/01/20		446,506
	100,000		Westpac Banking Corp	1.850		12/09/13		101,114
	1,455,000		Westpac Banking Corp	3.000		08/04/15		1,506,151
	150,000		Westpac Banking Corp	3.000		12/09/15		155,587
	75,000		Westpac Banking Corp	4.875		11/19/19		80,971
	185,000		Zions Bancorporation	7.750		09/23/14		202,575
			TOTAL BANKS					91,914,992
CAPITAL GOODS - 0.7%
	165,000		Agilent Technologies, Inc	2.500		07/15/13		167,615
	50,000		Agilent Technologies, Inc	6.500		11/01/17		60,139
	100,000		Agilent Technologies, Inc	5.000		07/15/20		111,168
	200,000		Applied Materials, Inc	4.300		06/15/21		217,600
	100,000		Applied Materials, Inc	5.850		06/15/41		114,953
	100,000		Arrow Electronics, Inc	6.875		07/01/13		106,741
	200,000		Arrow Electronics, Inc	5.125		03/01/21		204,396
	225,000		Avnet, Inc	6.625		09/15/16		254,988
	115,000		Black & Decker Corp	8.950		04/15/14		131,875
	100,000		Cameron International Corp	6.375		07/15/18		118,104
	100,000		Cameron International Corp	5.950		06/01/41		113,601
	100,000		Carlisle Cos, Inc	5.125		12/15/20		106,690
	136,000		Caterpillar Financial Services Corp	6.125		02/17/14		149,495
	150,000		Caterpillar Financial Services Corp	1.375		05/20/14		152,237
	250,000		Caterpillar Financial Services Corp	2.050		08/01/16		256,880
	300,000		Caterpillar Financial Services Corp	1.750		03/24/17		301,540
	500,000		Caterpillar Financial Services Corp	5.850		09/01/17		598,996
	200,000		Caterpillar Financial Services Corp	5.450		04/15/18		237,241
	1,361,000		Caterpillar Financial Services Corp	7.150		02/15/19		1,758,035
	50,000		Caterpillar, Inc	5.700		08/15/16		59,135
	200,000		Caterpillar, Inc	3.900		05/27/21		219,196
	10,000		Caterpillar, Inc	7.300		05/01/31		13,665

95

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$400,000		Caterpillar, Inc	5.200	%	05/27/41	$	461,462
	75,000		CRH America, Inc	5.300		10/15/13		78,737
	150,000		CRH America, Inc	4.125		01/15/16		152,107
	350,000		CRH America, Inc	6.000		09/30/16		381,170
	450,000		Danaher Corp	5.625		01/15/18		533,967
	218,000		Deere & Co	5.375		10/16/29		263,437
	200,000		Dover Corp	4.875		10/15/15		224,182
	150,000		Dover Corp	5.450		03/15/18		176,377
	100,000		Dover Corp	5.375		03/01/41		116,896
	200,000		Eaton Corp	5.600		05/15/18		235,912
	300,000		Emerson Electric Co	5.250		10/15/18		348,716
	400,000		Emerson Electric Co	4.875		10/15/19		459,864
	100,000		Energizer Holdings, Inc	4.700		05/19/21		103,999
	400,000		General Dynamics Corp	5.250		02/01/14		433,874
	11,000		General Dynamics Corp	5.375		08/15/15		12,605
	300,000		General Dynamics Corp	2.250		07/15/16		310,911
	750,000		General Electric Co	5.250		12/06/17		867,348
	265,000		Goodrich Corp	6.125		03/01/19		312,387
	25,000		Goodrich Corp	4.875		03/01/20		28,319
	185,000		Harsco Corp	5.125		09/15/13		195,035
	100,000		IDEX Corp	4.500		12/15/20		103,132
	200,000		IDEX Corp	4.200		12/15/21		201,270
	100,000		Illinois Tool Works, Inc	6.250		04/01/19		121,996
	200,000	g	Illinois Tool Works, Inc	4.875		09/15/41		215,701
	200,000		Ingersoll-Rand Global Holding Co Ltd	6.000		08/15/13		213,572
	170,000		Ingersoll-Rand Global Holding Co Ltd	6.875		08/15/18		207,655
	695,000		John Deere Capital Corp	2.950		03/09/15		737,027
	100,000		John Deere Capital Corp	2.000		01/13/17		102,006
	800,000		John Deere Capital Corp	5.500		04/13/17		950,403
	200,000		John Deere Capital Corp	3.150		10/15/21		203,501
	100,000		Joy Global, Inc	5.125		10/15/21		108,280
	150,000		Kennametal, Inc	3.875		02/15/22		151,043
	100,000		KLA-Tencor Corp	6.900		05/01/18		119,230
	100,000		Legrand France S.A.	8.500		02/15/25		127,521
	400,000		Lockheed Martin Corp	7.650		05/01/16		485,875
	239,000		Lockheed Martin Corp	5.500		11/15/39		263,537
	350,000		Lockheed Martin Corp	4.850		09/15/41		357,022
	100,000		Mosaic Co	4.875		11/15/41		99,713
	250,000		Parker Hannifin Corp	3.500		09/15/22		257,106
	100,000		Raytheon Co	1.400		12/15/14		101,657
	50,000		Raytheon Co	4.400		02/15/20		55,172
	300,000		Raytheon Co	3.125		10/15/20		305,340
	200,000		Raytheon Co	7.200		08/15/27		260,253
	100,000		Raytheon Co	4.700		12/15/41		103,369
	100,000		Rockwell Automation, Inc	6.250		12/01/37		120,200
	100,000		Rockwell Collins, Inc	3.100		11/15/21		101,318
	100,000		Roper Industries, Inc	6.250		09/01/19		117,321
	100,000		Snap-on, Inc	4.250		01/15/18		109,238
	250,000		Stanley Black & Decker, Inc	3.400		12/01/21		253,260
	100,000		Stanley Black & Decker, Inc	5.200		09/01/40		105,794
	250,000		Textron, Inc	5.600		12/01/17		271,089
	170,000		Tyco International Finance S.A.	4.125		10/15/14		181,793

96

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$200,000		Tyco International Finance S.A.	3.375	%	10/15/15	$	211,742
	400,000		Tyco International Finance S.A.	3.750		01/15/18		429,152
	200,000		United Technologies Corp	4.875		05/01/15		223,371
	200,000		United Technologies Corp	5.375		12/15/17		239,480
	490,000		United Technologies Corp	4.500		04/15/20		559,444
	280,000		United Technologies Corp	5.400		05/01/35		324,646
	280,000		United Technologies Corp	6.050		06/01/36		348,628
	145,000		United Technologies Corp	5.700		04/15/40		174,579
	100,000		Valmont Industries, Inc	6.625		04/20/20		114,439
	100,000	g	Xylem, Inc	3.550		09/20/16		103,243
	100,000	g	Xylem, Inc	4.875		10/01/21		106,707
			TOTAL CAPITAL GOODS					21,098,420
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	200,000		Celgene Corp	3.950		10/15/20		203,657
	30,000		Corp Andina de Fomento	5.125		05/05/15		31,931
	500,000		Corp Andina de Fomento	3.750		01/15/16		518,332
	100,000		Corp Andina de Fomento	8.125		06/04/19		123,939
	1,000,000		Council Of Europe Development Bank	2.625		02/16/16		1,044,308
	350,000		Daimler Finance North America LLC	6.500		11/15/13		381,163
	300,000		Daimler Finance North America LLC	8.500		01/18/31		436,699
	200,000		eBay, Inc	3.250		10/15/20		203,381
	150,000		Equifax, Inc	6.300		07/01/17		171,706
	1,500,000		European Investment Bank	1.125		04/15/15		1,510,243
	1,200,000		European Investment Bank	1.750		03/15/17		1,211,842
	25,000		Howard Hughes Medical Institute	3.450		09/01/14		26,622
	200,000		McGraw-Hill Cos, Inc	5.900		11/15/17		234,020
	44,000		Quest Diagnostics, Inc	5.450		11/01/15		49,315
	200,000		Quest Diagnostics, Inc	4.700		04/01/21		216,483
	150,000		Quest Diagnostics, Inc	6.950		07/01/37		183,177
	150,000		Reed Elsevier Capital, Inc	7.750		01/15/14		166,468
	100,000		Reed Elsevier Capital, Inc	8.625		01/15/19		126,080
	63,000		Republic Services, Inc	5.500		09/15/19		72,903
	265,000		Republic Services, Inc	5.000		03/01/20		296,752
	580,000		Republic Services, Inc	5.250		11/15/21		661,318
	30,000		Republic Services, Inc	6.200		03/01/40		35,777
	150,000		SAIC, Inc	4.450		12/01/20		158,087
	100,000		Svensk Exportkredit AB	3.250		09/16/14		104,975
	300,000		Thomson Corp	5.700		10/01/14		330,873
	345,000		Thomson Reuters Corp	6.500		07/15/18		426,497
	145,000		Thomson Reuters Corp	5.850		04/15/40		160,590
	200,000	g	URS Corp	5.000		04/01/22		197,698
	25,000		Vanderbilt University	5.250		04/01/19		29,368
	500,000		Waste Management, Inc	5.000		03/15/14		537,180
	310,000		Waste Management, Inc	4.600		03/01/21		340,426
	255,000		Waste Management, Inc	6.125		11/30/39		310,312
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					10,502,122
CONSUMER DURABLES & APPAREL - 0.0%
	100,000		Hasbro, Inc	6.125		05/15/14		108,759
	100,000		Hasbro, Inc	6.350		03/15/40		108,393
	100,000		Mattel Inc	4.350		10/01/20		103,460

97

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$100,000	Mattel, Inc	5.450	%	11/01/41	$	104,138
	100,000	Newell Rubbermaid, Inc	5.500		04/15/13		104,277
	100,000	Newell Rubbermaid, Inc	4.700		08/15/20		106,260
	200,000	Rio Tinto Finance USA plc	4.750		03/22/42		199,584
	220,000	VF Corp	6.450		11/01/37		271,520
	200,000	Whirlpool Corp	8.600		05/01/14		224,393
		TOTAL CONSUMER DURABLES & APPAREL					1,330,784
CONSUMER SERVICES - 0.3%
	200,000	Board of Trustees of The Leland Stanford Junior University	3.625		05/01/14		212,714
	100,000	Board of Trustees of The Leland Stanford Junior University	4.750		05/01/19		116,550
	100,000	Cintas Corp No 2	4.300		06/01/21		106,073
	500,000	Continental Airlines 2012 Class A Pass Thru Trusts	4.150		04/11/24		490,000
	100,000	Cornell University	5.450		02/01/19		118,393
	100,000	Darden Restaurants, Inc	6.200		10/15/17		112,814
	100,000	Darden Restaurants, Inc	6.800		10/15/37		113,190
	75,000	Dartmouth College	4.750		06/01/19		86,261
	100,000	George Washington University	3.485		09/15/22		102,423
	100,000	Hyatt Hotels Corp	3.875		08/15/16		104,217
	150,000	Johns Hopkins University	5.250		07/01/19		177,054
	160,000	Marriott International, Inc	5.625		02/15/13		166,166
	200,000	Marriott International, Inc	3.000		03/01/19		196,705
	250,000	Massachusetts Institute of Technology	5.600		07/01/11		316,553
	720,000	McDonald’s Corp	3.500		07/15/20		771,417
	550,000	McDonald’s Corp	2.625		01/15/22		543,289
	280,000	McDonald’s Corp	6.300		03/01/38		372,672
	100,000	Princeton University	4.950		03/01/19		116,073
	20,000	Princeton University	5.700		03/01/39		25,493
	350,000	Sheraton Holding Corp	7.375		11/15/15		402,500
	700,000	Walt Disney Co	4.500		12/15/13		746,912
	350,000	Walt Disney Co	0.875		12/01/14		351,554
	70,000	Walt Disney Co	5.625		09/15/16		82,535
	750,000	Walt Disney Co	2.550		02/15/22		728,362
	200,000	Walt Disney Co	7.000		03/01/32		273,609
	100,000	Walt Disney Co	4.375		08/16/41		101,357
	100,000	Walt Disney Co	4.125		12/01/41		97,520
	2,000	Wyndham Worldwide Corp	6.000		12/01/16		2,229
	200,000	Wyndham Worldwide Corp	4.250		03/01/22		196,065
	200,000	Yale University	2.900		10/15/14		211,432
	330,000	Yum! Brands, Inc	6.250		03/15/18		393,123
	50,000	Yum! Brands, Inc	3.875		11/01/20		51,685
	100,000	Yum! Brands, Inc	6.875		11/15/37		127,715
		TOTAL CONSUMER SERVICES					8,014,655
DIVERSIFIED FINANCIALS - 3.8%
	300,000	Abbey National Treasury Services plc	2.875		04/25/14		298,672
	150,000	ABN Amro Bank NV	4.650		06/04/18		146,209
	500,000	African Development Bank	3.000		05/27/14		526,660
	250,000	African Development Bank	1.250		09/02/16		252,020
	300,000	African Development Bank	1.125		03/15/17		299,035
	20,000	Ahold Finance USA LLC	6.875		05/01/29		24,420
	400,000	American Express Co	6.150		08/28/17		469,952

98

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$190,000	American Express Co	7.000	%	03/19/18	$	233,253
	255,000	American Express Co	8.125		05/20/19		333,360
	244,000	American Express Co	8.150		03/19/38		360,100
	1,750,000	American Express Credit Corp	2.750		09/15/15		1,815,672
	1,000,000	American Express Credit Corp	2.800		09/19/16		1,027,401
	400,000	American Express Credit Corp	2.375		03/24/17		400,615
	295,000	Ameriprise Financial, Inc	5.300		03/15/20		321,553
	100,000	Bank of Montreal	2.125		06/28/13		101,687
	450,000	Bank of Montreal	2.500		01/11/17		458,902
	40,000	Bank of Nova Scotia	2.250		01/22/13		40,552
	220,000	Bank of Nova Scotia	2.375		12/17/13		226,309
	900,000	Bank of Nova Scotia	3.400		01/22/15		952,915
	100,000	Bank of Nova Scotia	2.050		10/07/15		102,717
	250,000	Bank of Nova Scotia	2.900		03/29/16		261,396
	150,000	Bank of Nova Scotia	2.550		01/12/17		153,790
	500,000	Barclays Bank plc	2.750		02/23/15		504,761
	1,900,000	Barclays Bank plc	5.000		09/22/16		2,043,568
	200,000	Barclays Bank plc	5.125		01/08/20		209,192
	80,000	Bear Stearns Cos LLC	5.300		10/30/15		88,311
	116,000	Bear Stearns Cos LLC	5.550		01/22/17		128,078
	50,000	Berkshire Hathaway, Inc	3.200		02/11/15		53,266
	200,000	Berkshire Hathaway, Inc	1.900		01/31/17		202,288
	200,000	Berkshire Hathaway, Inc	3.750		08/15/21		206,574
	275,000	BlackRock, Inc	3.500		12/10/14		294,458
	20,000	BlackRock, Inc	6.250		09/15/17		24,146
	390,000	BlackRock, Inc	5.000		12/10/19		446,089
	100,000	Block Financial LLC	5.125		10/30/14		103,468
	480,000	BNP Paribas	3.250		03/11/15		484,609
	800,000	BNP Paribas	3.600		02/23/16		808,316
	250,000	BNP Paribas	5.000		01/15/21		252,317
	100,000	Canadian Imperial Bank of Commerce	1.450		09/13/13		101,005
	425,000	Canadian Imperial Bank of Commerce	2.350		12/11/15		436,268
	250,000	Capital One Bank USA NA	6.500		06/13/13		263,881
	200,000	Capital One Financial Corp	7.375		05/23/14		221,394
	300,000	Capital One Financial Corp	2.150		03/23/15		300,463
	250,000	Capital One Financial Corp	4.750		07/15/21		263,056
	200,000	Charles Schwab Corp	4.950		06/01/14		216,923
	100,000	Charles Schwab Corp	4.450		07/22/20		107,175
	120,000	CME Group, Inc	5.750		02/15/14		130,854
	400,000	Commonwealth Bank of Australia	1.950		03/16/15		402,680
	1,780,000	Credit Suisse	5.500		05/01/14		1,908,690
	1,310,000	Credit Suisse	5.300		08/13/19		1,444,056
	110,000	Credit Suisse	4.375		08/05/20		114,334
	1,300,000	Credit Suisse USA, Inc	5.375		03/02/16		1,436,259
	100,000	Credit Suisse USA, Inc	7.125		07/15/32		120,491
	155,000	Digital Realty Trust LP	4.500		07/15/15		162,721
	100,000	Discover Financial Services	10.250		07/15/19		131,280
	90,000	Eaton Vance Corp	6.500		10/02/17		102,464
	500,000	European Bank for Reconstruction & Development	1.375		10/20/16		500,234
	300,000	Export-Import Bank of Korea	5.000		04/11/22		316,499
	125,000	Franklin Resources, Inc	3.125		05/20/15		131,591
	1,435,000	General Electric Capital Corp	1.875		09/16/13		1,457,651

99

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,335,000		General Electric Capital Corp	5.500	%	06/04/14	$	2,539,714
	200,000		General Electric Capital Corp	2.150		01/09/15		204,292
	1,605,000		General Electric Capital Corp	3.500		06/29/15		1,706,213
	400,000		General Electric Capital Corp	2.250		11/09/15		411,089
	150,000		General Electric Capital Corp	2.950		05/09/16		156,468
	200,000		General Electric Capital Corp	2.900		01/09/17		207,472
	625,000		General Electric Capital Corp	5.625		09/15/17		727,616
	630,000		General Electric Capital Corp	5.500		01/08/20		714,584
	1,105,000		General Electric Capital Corp	4.375		09/16/20		1,163,768
	250,000		General Electric Capital Corp	4.625		01/07/21		266,805
	300,000		General Electric Capital Corp	5.300		02/11/21		324,910
	200,000		General Electric Capital Corp	4.650		10/17/21		212,864
	2,025,000		General Electric Capital Corp	6.750		03/15/32		2,419,361
	700,000		General Electric Capital Corp	5.875		01/14/38		769,465
	927,000		General Electric Capital Corp	6.875		01/10/39		1,144,789
	340,000	i	Goldman Sachs Capital II	5.793		06/01/43		233,325
	1,630,000		Goldman Sachs Group, Inc	3.700		08/01/15		1,658,761
	1,875,000		Goldman Sachs Group, Inc	3.625		02/07/16		1,874,467
	550,000		Goldman Sachs Group, Inc	5.950		01/18/18		592,468
	60,000		Goldman Sachs Group, Inc	6.150		04/01/18		64,718
	1,195,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,365,329
	2,505,000		Goldman Sachs Group, Inc	5.375		03/15/20		2,546,525
	1,150,000		Goldman Sachs Group, Inc	6.000		06/15/20		1,210,038
	800,000		Goldman Sachs Group, Inc	5.250		07/27/21		791,933
	1,425,000		Goldman Sachs Group, Inc	5.750		01/24/22		1,465,954
	65,000		Goldman Sachs Group, Inc	6.450		05/01/36		62,893
	1,050,000		Goldman Sachs Group, Inc	6.250		02/01/41		1,037,034
	580,000		HSBC Finance Corp	4.750		07/15/13		601,339
	600,000		HSBC Finance Corp	5.500		01/19/16		650,171
	532,000		HSBC Finance Corp	6.676		01/15/21		567,875
	130,000		Jefferies Group, Inc	3.875		11/09/15		128,375
	425,000		Jefferies Group, Inc	8.500		07/15/19		471,750
	100,000		Jefferies Group, Inc	6.450		06/08/27		98,500
	300,000		John Deere Capital Corp	1.400		03/15/17		297,834
	1,500,000		KFW	3.250		03/15/13		1,541,835
	1,000,000		KFW	1.250		02/15/17		995,678
	100,000		Korea Finance Corp	3.250		09/20/16		100,528
	635,000		Kreditanstalt fuer Wiederaufbau	3.500		05/16/13		656,796
	1,250,000		Kreditanstalt fuer Wiederaufbau	4.000		10/15/13		1,317,021
	1,000,000		Kreditanstalt fuer Wiederaufbau	1.375		01/13/14		1,014,764
	3,000,000		Kreditanstalt fuer Wiederaufbau	1.250		10/26/15		3,026,991
	1,350,000		Kreditanstalt fuer Wiederaufbau	4.875		01/17/17		1,565,583
	1,105,000		Kreditanstalt fuer Wiederaufbau	4.500		07/16/18		1,277,778
	5,175,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		5,799,597
	1,125,000		Landwirtschaftliche Rentenbank	4.125		07/15/13		1,175,618
	1,025,000		Landwirtschaftliche Rentenbank	5.125		02/01/17		1,195,116
	203,000		Lazard Group LLC	7.125		05/15/15		220,113
	600,000		Lloyds TSB Bank plc	4.875		01/21/16		622,102
	400,000		Lloyds TSB Bank plc	4.200		03/28/17		403,004
	250,000		Lloyds TSB Bank plc	6.375		01/21/21		268,350
	1,260,000		Merrill Lynch & Co, Inc	6.400		08/28/17		1,374,074
	1,050,000		Merrill Lynch & Co, Inc	6.875		04/25/18		1,167,284

100

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000		Merrill Lynch & Co, Inc	6.110	%	01/29/37	$	951,798
	100,000		Merrill Lynch & Co, Inc	7.750		05/14/38		109,142
	300,000		Morgan Stanley	4.750		04/01/14		304,909
	3,300,000		Morgan Stanley	6.000		05/13/14		3,453,935
	100,000		Morgan Stanley	2.875		07/28/14		99,547
	720,000		Morgan Stanley	6.000		04/28/15		753,611
	200,000		Morgan Stanley	3.800		04/29/16		194,682
	970,000		Morgan Stanley	5.450		01/09/17		990,610
	300,000		Morgan Stanley	4.750		03/22/17		300,100
	550,000		Morgan Stanley	5.550		04/27/17		562,822
	245,000		Morgan Stanley	5.950		12/28/17		252,250
	796,000		Morgan Stanley	7.300		05/13/19		856,625
	300,000		Morgan Stanley	5.625		09/23/19		296,526
	590,000		Morgan Stanley	5.500		01/26/20		575,415
	200,000		Morgan Stanley	5.750		01/25/21		196,356
	600,000		Morgan Stanley	5.500		07/28/21		586,370
	600,000		Morgan Stanley	7.250		04/01/32		650,447
	200,000	i	MUFG Capital Finance Ltd	6.346		12/30/49		210,839
	400,000		Murray Street Investment Trust	4.647		03/09/17		400,296
	220,000		NASDAQ OMX Group, Inc	5.550		01/15/20		225,711
	150,000		National Rural Utilities Cooperative Finance Corp	3.875		09/16/15		163,488
	735,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		1,065,991
	150,000		National Rural Utilities Cooperative Finance Corp	3.050		02/15/22		148,756
	250,000		Nomura Holdings, Inc	5.000		03/04/15		259,981
	260,000		Nomura Holdings, Inc	4.125		01/19/16		262,104
	430,000		Nomura Holdings, Inc	6.700		03/04/20		465,370
	40,000		NYSE Euronext	4.800		06/28/13		41,920
	150,000		Oesterreichische Kontrollbank AG.	3.625		06/17/13		155,075
	1,000,000		Oesterreichische Kontrollbank AG.	1.375		01/21/14		1,007,874
	300,000		Oesterreichische Kontrollbank AG.	5.000		04/25/17		341,570
	600,000		ORIX Corp	5.000		01/12/16		632,122
	200,000		ORIX Corp	3.750		03/09/17		197,233
	165,000		PACCAR Financial Corp	2.050		06/17/13		167,806
	300,000		PACCAR Financial Corp	1.600		03/15/17		297,564
	300,000		Principal Life Income Funding Trusts	5.300		04/24/13		313,393
	200,000		Principal Life Income Funding Trusts	5.550		04/27/15		220,582
	500,000		Rabobank Nederland NV	4.500		01/11/21		514,911
	200,000		Rabobank Nederland NV	5.250		05/24/41		204,421
	100,000		Raymond James Financial, Inc	4.250		04/15/16		103,282
	300,000		Raymond James Financial, Inc	5.625		04/01/24		306,000
	200,000		Royal Bank of Canada	2.100		07/29/13		204,021
	500,000		Royal Bank of Canada	1.125		01/15/14		503,593
	500,000		Royal Bank of Canada	1.150		03/13/15		499,768
	335,000		Royal Bank of Canada	2.625		12/15/15		350,276
	200,000		Royal Bank of Canada	2.300		07/20/16		205,265
	150,000		Royal Bank of Scotland plc	3.400		08/23/13		152,014
	50,000		Royal Bank of Scotland plc	4.875		03/16/15		51,973
	500,000		Royal Bank of Scotland plc	3.950		09/21/15		505,548
	1,200,000		Royal Bank of Scotland plc	4.375		03/16/16		1,225,420
	100,000		Royal Bank of Scotland plc	5.625		08/24/20		103,073
	200,000		Santander UK plc	7.950		10/26/29		203,729
	80,000		SLM Corp	5.375		01/15/13		81,602

101

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$950,000		SLM Corp	6.250	%	01/25/16	$	988,000
	100,000		SLM Corp	6.000		01/25/17		103,000
	680,000		SLM Corp	8.450		06/15/18		758,200
	200,000		SLM Corp	7.250		01/25/22		208,965
	300,000		State Street Corp	4.375		03/07/21		329,912
	300,000		Syngenta Finance NV	3.125		03/28/22		301,974
	150,000		TD Ameritrade Holding Corp	4.150		12/01/14		160,246
	92,000		Telefonica Europe BV	8.250		09/15/30		100,353
	50,000		Toyota Motor Credit Corp	1.375		08/12/13		50,598
	500,000		Toyota Motor Credit Corp	1.000		02/17/15		499,914
	250,000		Toyota Motor Credit Corp	3.200		06/17/15		265,613
	700,000		Toyota Motor Credit Corp	2.800		01/11/16		733,956
	300,000		Toyota Motor Credit Corp	2.000		09/15/16		306,143
	150,000		Toyota Motor Credit Corp	2.050		01/12/17		152,243
	300,000		Toyota Motor Credit Corp	3.400		09/15/21		308,111
	1,500,000		UBS AG.	2.250		01/28/14		1,506,158
	330,000		UBS AG.	5.750		04/25/18		361,309
	1,125,000		UBS AG.	4.875		08/04/20		1,169,201
	400,000		UFJ Finance Aruba AEC	6.750		07/15/13		424,528
	500,000		Unilever Capital Corp	2.750		02/10/16		527,097
	30,000		Unilever Capital Corp	5.900		11/15/32		37,837
			TOTAL DIVERSIFIED FINANCIALS					109,558,605
ENERGY - 2.0%
	650,000		Anadarko Petroleum Corp	5.950		09/15/16		749,383
	100,000		Anadarko Petroleum Corp	6.375		09/15/17		118,822
	165,000		Anadarko Petroleum Corp	8.700		03/15/19		216,692
	825,000		Anadarko Petroleum Corp	6.200		03/15/40		934,822
	150,000		Apache Corp	5.250		04/15/13		157,241
	400,000		Apache Corp	6.900		09/15/18		504,953
	480,000		Apache Corp	5.100		09/01/40		524,027
	450,000	g	Baker Hughes, Inc	3.200		08/15/21		452,965
	215,000		Baker Hughes, Inc	5.125		09/15/40		244,601
	200,000		Boardwalk Pipelines LP	5.750		09/15/19		217,405
	250,000		BP Capital Markets plc	5.250		11/07/13		267,154
	100,000		BP Capital Markets plc	1.700		12/05/14		101,818
	395,000		BP Capital Markets plc	3.875		03/10/15		423,634
	590,000		BP Capital Markets plc	3.125		10/01/15		623,611
	1,000,000		BP Capital Markets plc	3.200		03/11/16		1,059,536
	150,000		BP Capital Markets plc	4.742		03/11/21		167,999
	650,000		BP Capital Markets plc	3.561		11/01/21		669,317
	100,000		Buckeye Partners LP	5.300		10/15/14		107,188
	200,000		Buckeye Partners LP	4.875		02/01/21		208,091
	575,000		Burlington Resources Finance Co	7.200		08/15/31		763,192
	600,000		Canadian Natural Resources Ltd	5.700		05/15/17		710,533
	550,000		Canadian Natural Resources Ltd	6.250		03/15/38		672,008
	45,000		Cenovus Energy, Inc	4.500		09/15/14		48,595
	340,000		Cenovus Energy, Inc	5.700		10/15/19		405,049
	200,000		Cenovus Energy, Inc	6.750		11/15/39		258,096
	500,000		Chevron Corp	3.950		03/03/14		532,537
	200,000		Chevron Corp	4.950		03/03/19		236,246
	1,005,000		ConocoPhillips	4.600		01/15/15		1,108,159

102

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE		VALUE
	$600,000	ConocoPhillips	5.750	%	02/01/19	$	730,120
	485,000	ConocoPhillips	6.500		02/01/39		644,136
	500,000	ConocoPhillips Holding Co	6.950		04/15/29		671,729
	200,000	DCP Midstream Operating LP	4.950		04/01/22		200,488
	350,000	Devon Energy Corp	6.300		01/15/19		427,140
	600,000	Devon Energy Corp	7.950		04/15/32		843,126
	100,000	Diamond Offshore Drilling, Inc	5.875		05/01/19		115,662
	100,000	Diamond Offshore Drilling, Inc	5.700		10/15/39		111,320
	250,000	Ecopetrol S.A.	7.625		07/23/19		308,125
	495,000	Enbridge Energy Partners LP	5.200		03/15/20		549,379
	100,000	Enbridge Energy Partners LP	5.500		09/15/40		106,077
	220,000	EnCana Corp	6.500		05/15/19		259,747
	515,000	EnCana Corp	6.625		08/15/37		560,670
	150,000	EnCana Corp	5.150		11/15/41		138,397
	400,000	EnCana Holdings Finance Corp	5.800		05/01/14		436,228
	400,000	Ensco plc	3.250		03/15/16		417,304
	500,000	Ensco plc	4.700		03/15/21		539,441
	40,000	Enterprise Products Operating LLC	5.600		10/15/14		44,175
	145,000	Enterprise Products Operating LLC	5.000		03/01/15		159,101
	735,000	Enterprise Products Operating LLC	6.300		09/15/17		866,475
	130,000	Enterprise Products Operating LLC	6.500		01/31/19		154,277
	600,000	Enterprise Products Operating LLC	5.200		09/01/20		670,111
	480,000	Enterprise Products Operating LLC	6.125		10/15/39		540,553
	300,000	Enterprise Products Operating LLC	4.850		08/15/42		286,548
	300,000	EOG Resources, Inc	6.125		10/01/13		322,810
	100,000	EOG Resources, Inc	2.500		02/01/16		103,242
	440,000	EOG Resources, Inc	4.100		02/01/21		476,274
	50,000	EQT Corp	6.500		04/01/18		56,967
	350,000	EQT Corp	8.125		06/01/19		408,954
	200,000	Halliburton Co	6.150		09/15/19		243,731
	400,000	Halliburton Co	7.450		09/15/39		561,294
	100,000	Halliburton Co	4.500		11/15/41		101,249
	275,000	Hess Corp	8.125		02/15/19		355,142
	200,000	Hess Corp	7.875		10/01/29		266,155
	540,000	Hess Corp	5.600		02/15/41		587,178
	300,000	Husky Energy, Inc	5.900		06/15/14		328,363
	30,000	Husky Energy, Inc	7.250		12/15/19		36,989
	200,000	Husky Energy, Inc	3.950		04/15/22		201,345
	130,000	Husky Energy, Inc	6.800		09/15/37		159,523
	200,000	Magellan Midstream Partners LP	6.550		07/15/19		236,526
	125,000	Magellan Midstream Partners LP	4.250		02/01/21		129,482
	200,000	Marathon Oil Corp	6.000		10/01/17		233,787
	255,000	Marathon Oil Corp	6.600		10/01/37		305,388
	200,000	Marathon Petroleum Corp	3.500		03/01/16		208,370
	250,000	Marathon Petroleum Corp	5.125		03/01/21		271,910
	150,000	Marathon Petroleum Corp	6.500		03/01/41		162,036
	424,000	Nabors Industries, Inc	9.250		01/15/19		544,302
	100,000	Nabors Industries, Inc	4.625		09/15/21		104,331
	635,000	Nexen, Inc	6.400		05/15/37		698,169
	150,000	Noble Energy, Inc	8.250		03/01/19		188,367
	150,000	Noble Energy, Inc	4.150		12/15/21		153,317
	200,000	Noble Energy, Inc	6.000		03/01/41		221,757

103

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$100,000		Noble Holding International Ltd	3.450	%	08/01/15	$	105,280
	100,000		Noble Holding International Ltd	2.500		03/15/17		100,824
	305,000		Noble Holding International Ltd	4.900		08/01/20		325,862
	100,000		NuStar Logistics LP	7.650		04/15/18		118,373
	25,000		NuStar Logistics LP	4.800		09/01/20		25,400
	150,000		NuStar Logistics LP	4.750		02/01/22		147,472
	350,000		Occidental Petroleum Corp	2.500		02/01/16		367,333
	350,000		Occidental Petroleum Corp	1.750		02/15/17		353,890
	250,000		Occidental Petroleum Corp	3.125		02/15/22		252,218
	206,000		Panhandle Eastern Pipeline Co LP	7.000		06/15/18		241,806
	185,000		Pemex Project Funding Master Trust	5.750		03/01/18		208,125
	350,000		Petrobras International Finance Co	3.875		01/27/16		368,411
	47,000		Petrobras International Finance Co	6.125		10/06/16		53,157
	625,000		Petrobras International Finance Co	7.875		03/15/19		771,128
	100,000		Petrobras International Finance Co	5.750		01/20/20		110,780
	350,000		Petrobras International Finance Co	5.375		01/27/21		376,859
	875,000		Petrobras International Finance Co	6.875		01/20/40		1,028,012
	200,000		Petrobras International Finance Co-Pifco	9.125		07/02/13		219,000
	500,000		Petrobras International Finance Co-Pifco	2.875		02/06/15		513,041
	625,000		Petrobras International Finance Co-Pifco	3.500		02/06/17		640,606
	300,000		Petrobras International Finance Co-Pifco	6.750		01/27/41		347,930
	75,000		Petro-Canada	6.800		05/15/38		95,691
	400,000		Petrohawk Energy Corp	7.250		08/15/18		457,500
	505,000		Petroleos Mexicanos	4.875		03/15/15		546,663
	80,000		Petroleos Mexicanos	8.000		05/03/19		101,200
	475,000		Petroleos Mexicanos	6.000		03/05/20		540,788
	800,000		Petroleos Mexicanos	5.500		01/21/21		882,000
	240,000	g	Petroleos Mexicanos	4.875		01/24/22		252,000
	690,000		Petroleos Mexicanos	6.500		06/02/41		776,250
	150,000	g	Phillips 66	4.300		04/01/22		152,580
	200,000		Plains All American Pipeline LP	6.125		01/15/17		231,277
	400,000		Plains All American Pipeline LP	5.000		02/01/21		439,206
	100,000		Plains All American Pipeline LP	6.650		01/15/37		116,910
	250,000		Plains All American Pipeline LP	5.150		06/01/42		244,226
	100,000		Rowan Cos, Inc	5.000		09/01/17		106,457
	440,000		Shell International Finance BV	3.100		06/28/15		470,980
	805,000		Shell International Finance BV	4.300		09/22/19		912,629
	1,130,000		Shell International Finance BV	4.375		03/25/20		1,293,044
	421,000		Shell International Finance BV	6.375		12/15/38		557,007
	125,000	g	Southwestern Energy Co	4.100		03/15/22		123,907
	210,000		Statoil ASA	2.900		10/15/14		221,199
	350,000		Statoil ASA	3.125		08/17/17		375,449
	450,000		Statoil ASA	5.250		04/15/19		527,493
	250,000		Statoil ASA	3.150		01/23/22		252,140
	200,000		Statoil ASA	5.100		08/17/40		223,844
	250,000		Statoil ASA	4.250		11/23/41		249,028
	350,000		Suncor Energy, Inc	6.100		06/01/18		420,560
	900,000		Suncor Energy, Inc	6.500		06/15/38		1,119,940
	100,000		Sunoco Logistics Partners Operations LP	6.100		02/15/42		109,320
	25,000		Talisman Energy, Inc	7.750		06/01/19		30,595
	250,000		Talisman Energy, Inc	3.750		02/01/21		245,782
	300,000		Talisman Energy, Inc	5.850		02/01/37		316,070

104

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Total Capital International S.A.	2.875	%	02/17/22	$	479,436
	320,000		TransCanada Pipelines Ltd	4.000		06/15/13		332,730
	340,000		TransCanada Pipelines Ltd	5.850		03/15/36		401,675
	469,000		TransCanada Pipelines Ltd	7.625		01/15/39		663,567
	300,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		310,082
	300,000		TransCanada PipeLines Ltd	0.875		03/02/15		299,390
	600,000		TransCanada PipeLines Ltd	3.800		10/01/20		643,283
	443,000		Transocean, Inc	6.000		03/15/18		490,409
	700,000		Transocean, Inc	6.500		11/15/20		782,687
	150,000		Transocean, Inc	6.375		12/15/21		168,775
	200,000		Transocean, Inc	6.800		03/15/38		223,665
	165,000		Vale Overseas Ltd	6.250		01/23/17		190,150
	1,045,000		Vale Overseas Ltd	4.625		09/15/20		1,099,213
	492,000	h	Vale Overseas Ltd	4.375		01/11/22		494,187
	150,000		Vale Overseas Ltd	8.250		01/17/34		196,161
	464,000		Vale Overseas Ltd	6.875		11/21/36		538,165
	680,000		Valero Energy Corp	6.125		02/01/20		781,245
	330,000		Valero Energy Corp	7.500		04/15/32		384,137
	840,000		Weatherford Bermuda Holdings Ltd	5.125		09/15/20		893,650
	60,000		Weatherford Bermuda Holdings Ltd	6.750		09/15/40		66,872
	150,000		Weatherford International Ltd	9.625		03/01/19		198,794
	200,000		Weatherford International Ltd	4.500		04/15/22		199,710
	200,000		Weatherford International Ltd	5.950		04/15/42		198,582
	300,000		XTO Energy, Inc	6.250		08/01/17		370,547
			TOTAL ENERGY					59,405,315
FOOD & STAPLES RETAILING - 0.2%
	550,000		CVS Caremark Corp	3.250		05/18/15		582,949
	225,000		CVS Caremark Corp	5.750		06/01/17		265,523
	75,000		CVS Caremark Corp	6.600		03/15/19		92,516
	185,000		CVS Caremark Corp	4.750		05/18/20		207,215
	100,000		CVS Caremark Corp	4.125		05/15/21		107,440
	450,000		CVS Caremark Corp	6.125		09/15/39		525,654
	95,000		Delhaize Group S.A.	5.875		02/01/14		102,152
	105,000		Delhaize Group S.A.	6.500		06/15/17		121,344
	235,000		Delhaize Group S.A.	5.700		10/01/40		217,226
	85,000		Kroger Co	5.000		04/15/13		88,586
	300,000		Kroger Co	6.400		08/15/17		361,691
	55,000		Kroger Co	6.800		12/15/18		67,510
	445,000		Kroger Co	6.150		01/15/20		540,983
	100,000		Kroger Co	6.900		04/15/38		124,548
	239,000		Safeway, Inc	6.350		08/15/17		278,103
	25,000		Safeway, Inc	5.000		08/15/19		26,550
	240,000		Safeway, Inc	3.950		08/15/20		238,000
	150,000		Safeway, Inc	4.750		12/01/21		155,066
	50,000		Starbucks Corp	6.250		08/15/17		58,746
	200,000		SYSCO Corp	5.250		02/12/18		236,690
	100,000		SYSCO Corp	5.375		09/21/35		116,716
	450,000		Walgreen Co	4.875		08/01/13		476,347
	100,000		Walgreen Co	5.250		01/15/19		115,244
			TOTAL FOOD & STAPLES RETAILING					5,106,799

105

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
FOOD, BEVERAGE & TOBACCO - 1.0%
	$50,000	Altria Group, Inc	4.125	%	09/11/15	$	54,544
	250,000	Altria Group, Inc	9.700		11/10/18		339,707
	1,030,000	Altria Group, Inc	9.250		08/06/19		1,385,072
	1,100,000	Altria Group, Inc	4.750		05/05/21		1,182,426
	155,000	Altria Group, Inc	10.200		02/06/39		240,316
	316,000	Anheuser-Busch Cos, Inc	5.500		01/15/18		371,889
	350,000	Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		369,186
	500,000	Anheuser-Busch InBev Worldwide, Inc	5.375		01/15/20		587,598
	1,390,000	Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		1,603,364
	485,000	Anheuser-Busch InBev Worldwide, Inc	6.375		01/15/40		643,094
	100,000	Archer-Daniels-Midland Co	5.450		03/15/18		118,993
	740,000	Archer-Daniels-Midland Co	5.935		10/01/32		870,949
	520,000	Bottling Group LLC	6.950		03/15/14		582,981
	450,000	Bottling Group LLC	5.125		01/15/19		525,744
	400,000	Bunge Ltd	4.100		03/15/16		417,441
	100,000	Bunge Ltd	8.500		06/15/19		122,159
	125,000	Campbell Soup Co	3.050		07/15/17		133,997
	100,000	Campbell Soup Co	4.250		04/15/21		109,674
	325,000	Coca-Cola Co	1.500		11/15/15		331,847
	1,535,000	Coca-Cola Co	1.800		09/01/16		1,567,640
	260,000	Coca-Cola Co	3.150		11/15/20		271,623
	150,000	Coca-Cola Enterprises, Inc	2.125		09/15/15		153,361
	100,000	Coca-Cola Enterprises, Inc	3.500		09/15/20		101,330
	100,000	Coca-Cola Enterprises, Inc	3.250		08/19/21		98,897
	100,000	Coca-Cola Femsa SAB de C.V.	4.625		02/15/20		106,342
	100,000	Coca-Cola HBC Finance BV	5.500		09/17/15		110,191
	325,000	ConAgra Foods, Inc	7.000		04/15/19		382,753
	100,000	ConAgra Foods, Inc	7.000		10/01/28		119,608
	100,000	Corn Products International, Inc	4.625		11/01/20		105,477
	350,000	Diageo Capital plc	5.500		09/30/16		410,190
	325,000	Diageo Capital plc	5.750		10/23/17		390,602
	200,000	Diageo Capital plc	5.875		09/30/36		242,824
	400,000	Diageo Finance BV	5.500		04/01/13		419,576
	190,000	Dr Pepper Snapple Group, Inc	6.120		05/01/13		200,949
	100,000	Dr Pepper Snapple Group, Inc	2.900		01/15/16		103,919
	150,000	Dr Pepper Snapple Group, Inc	2.600		01/15/19		149,363
	150,000	Flowers Foods, Inc	4.375		04/01/22		149,364
	342,000	Fortune Brands, Inc	5.375		01/15/16		379,569
	235,000	General Mills, Inc	5.250		08/15/13		249,394
	125,000	General Mills, Inc	5.200		03/17/15		139,092
	210,000	General Mills, Inc	5.650		02/15/19		249,322
	200,000	General Mills, Inc	3.150		12/15/21		200,192
	150,000	General Mills, Inc	5.400		06/15/40		166,981
	100,000	Hershey Co	1.500		11/01/16		100,698
	150,000	Hershey Co	4.125		12/01/20		165,086
	50,000	HJ Heinz Co	5.350		07/15/13		53,013
	100,000	HJ Heinz Co	2.000		09/12/16		101,914
	325,000	HJ Heinz Co	2.850		03/01/22		316,265
	100,000	HJ Heinz Finance Co	6.750		03/15/32		121,454
	100,000	JM Smucker Co	3.500		10/15/21		101,312
	300,000	Kellogg Co	4.250		03/06/13		310,209

106

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$100,000	Kellogg Co	1.875	%	11/17/16	$	100,898
	600,000	Kellogg Co	4.000		12/15/20		635,326
	100,000	Kellogg Co	7.450		04/01/31		131,095
	400,000	Kraft Foods, Inc	2.625		05/08/13		407,681
	803,000	Kraft Foods, Inc	6.500		08/11/17		968,679
	250,000	Kraft Foods, Inc	6.125		02/01/18		300,002
	1,200,000	Kraft Foods, Inc	5.375		02/10/20		1,387,252
	945,000	Kraft Foods, Inc	6.500		02/09/40		1,162,854
	200,000	Lorillard Tobacco Co	3.500		08/04/16		208,228
	270,000	Lorillard Tobacco Co	6.875		05/01/20		317,239
	45,000	PepsiAmericas, Inc	4.375		02/15/14		47,850
	245,000	PepsiCo, Inc	0.875		10/25/13		245,747
	100,000	PepsiCo, Inc	2.500		05/10/16		104,563
	840,000	PepsiCo, Inc	7.900		11/01/18		1,129,026
	100,000	PepsiCo, Inc	4.500		01/15/20		113,167
	400,000	PepsiCo, Inc	3.125		11/01/20		410,828
	200,000	PepsiCo, Inc	3.000		08/25/21		202,156
	400,000	PepsiCo, Inc	2.750		03/05/22		389,187
	310,000	PepsiCo, Inc	4.875		11/01/40		339,531
	400,000	PepsiCo, Inc	4.000		03/05/42		379,058
	285,000	Philip Morris International, Inc	4.875		05/16/13		298,905
	1,300,000	Philip Morris International, Inc	5.650		05/16/18		1,549,423
	240,000	Philip Morris International, Inc	6.375		05/16/38		298,288
	150,000	Philip Morris International, Inc	4.375		11/15/41		145,913
	200,000	Philip Morris International, Inc	4.500		03/20/42		197,306
	100,000	Ralcorp Holdings, Inc	6.625		08/15/39		100,392
	200,000	Reynolds American, Inc	7.250		06/01/13		213,084
	50,000	Reynolds American, Inc	6.750		06/15/17		59,563
	200,000	Reynolds American, Inc	7.750		06/01/18		248,816
	65,000	Reynolds American, Inc	7.250		06/15/37		75,829
	25,000	Sara Lee Corp	3.875		06/15/13		25,005
	250,000	Sara Lee Corp	4.100		09/15/20		253,241
	200,000	Tyson Foods, Inc	10.500		03/01/14		232,000
		TOTAL FOOD, BEVERAGE & TOBACCO					30,407,623
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	100,000	Allergan, Inc	5.750		04/01/16		116,103
	50,000	Allergan, Inc	3.375		09/15/20		51,965
	200,000	AmerisourceBergen Corp	5.875		09/15/15		228,881
	100,000	AmerisourceBergen Corp	3.500		11/15/21		102,021
	200,000	Baxter International, Inc	5.900		09/01/16		237,663
	420,000	Baxter International, Inc	4.500		08/15/19		472,616
	116,000	Baxter International, Inc	6.250		12/01/37		151,090
	25,000	Becton Dickinson & Co	5.000		05/15/19		29,018
	150,000	Becton Dickinson & Co	3.250		11/12/20		155,500
	450,000	Becton Dickinson and Co	3.125		11/08/21		456,606
	300,000	Boston Scientific Corp	6.400		06/15/16		345,400
	500,000	Boston Scientific Corp	6.000		01/15/20		573,896
	200,000	Cardinal Health, Inc	5.500		06/15/13		210,637
	100,000	Cardinal Health, Inc	4.625		12/15/20		110,197
	100,000	CareFusion Corp	5.125		08/01/14		108,183
	100,000	CareFusion Corp	6.375		08/01/19		116,198

107

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$100,000	Coventry Health Care, Inc	6.300	%	08/15/14	$	109,687
	100,000	Coventry Health Care, Inc	5.450		06/15/21		109,465
	450,000	Covidien International Finance S.A.	6.000		10/15/17		539,829
	100,000	Covidien International Finance S.A.	6.550		10/15/37		129,601
	100,000	CR Bard, Inc	4.400		01/15/21		110,994
	100,000	DENTSPLY International, Inc	4.125		08/15/21		101,958
	225,000	Express Scripts	6.250		06/15/14		247,350
	300,000	Express Scripts, Inc	3.125		05/15/16		312,392
	200,000	Laboratory Corp of America Holdings	3.125		05/15/16		206,820
	430,000	McKesson Corp	3.250		03/01/16		460,624
	25,000	McKesson Corp	5.700		03/01/17		29,072
	30,000	McKesson Corp	4.750		03/01/21		33,906
	100,000	McKesson Corp	6.000		03/01/41		124,252
	250,000	Medco Health Solutions, Inc	2.750		09/15/15		257,006
	250,000	Medco Health Solutions, Inc	7.125		03/15/18		299,428
	205,000	Medtronic, Inc	4.750		09/15/15		229,458
	200,000	Medtronic, Inc	5.600		03/15/19		236,972
	705,000	Medtronic, Inc	4.450		03/15/20		793,885
	200,000	Medtronic, Inc	4.500		03/15/42		203,181
	150,000	PerkinElmer, Inc	5.000		11/15/21		156,633
	135,000	Quest Diagnostics, Inc	6.400		07/01/17		158,735
	20,000	St. Jude Medical, Inc	3.750		07/15/14		21,177
	350,000	St. Jude Medical, Inc	2.500		01/15/16		360,570
	50,000	Stryker Corp	3.000		01/15/15		52,656
	150,000	Stryker Corp	2.000		09/30/16		153,757
	90,000	Stryker Corp	4.375		01/15/20		98,475
	165,000	Thermo Fisher Scientific, Inc	5.000		06/01/15		183,254
	300,000	Thermo Fisher Scientific, Inc	2.250		08/15/16		310,472
	455,000	Thermo Fisher Scientific, Inc	4.700		05/01/20		509,472
	100,000	Zimmer Holdings, Inc	1.400		11/30/14		100,466
	106,000	Zimmer Holdings, Inc	5.750		11/30/39		121,982
		TOTAL HEALTH CARE EQUIPMENT & SERVICES					10,229,503
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000	Avon Products, Inc	5.625		03/01/14		107,087
	100,000	Avon Products, Inc	6.500		03/01/19		112,909
	25,000	Clorox Co	5.000		01/15/15		27,191
	100,000	Clorox Co	3.550		11/01/15		105,832
	100,000	Clorox Co	3.800		11/15/21		101,058
	400,000	Colgate-Palmolive Co	1.300		01/15/17		400,331
	60,000	Colgate-Palmolive Co	6.450		06/16/28		76,237
	150,000	Ecolab, Inc	2.375		12/08/14		155,362
	100,000	Ecolab, Inc	3.000		12/08/16		103,979
	350,000	Ecolab, Inc	4.350		12/08/21		371,041
	100,000	Ecolab, Inc	5.500		12/08/41		108,451
	100,000	Estee Lauder Cos, Inc	6.000		05/15/37		124,292
	425,000	Procter & Gamble Co	3.500		02/15/15		456,094
	1,325,000	Procter & Gamble Co	4.700		02/15/19		1,542,452
	200,000	Procter & Gamble Co	2.300		02/06/22		193,327
	225,000	Procter & Gamble Co	5.550		03/05/37		281,207
	250,000	Unilever Capital Corp	4.800		02/15/19		290,019
	250,000	Unilever Capital Corp	4.250		02/10/21		282,459
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS					4,839,328

108

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
INSURANCE - 1.0%
	$85,000		ACE INA Holdings, Inc	5.875	%	06/15/14	$	93,633
	200,000		ACE INA Holdings, Inc	5.600		05/15/15		225,465
	100,000		ACE INA Holdings, Inc	2.600		11/23/15		104,000
	25,000		ACE INA Holdings, Inc	5.800		03/15/18		30,034
	500,000		ACE INA Holdings, Inc	5.900		06/15/19		598,288
	200,000		Aegon NV	4.625		12/01/15		211,986
	200,000		Aetna, Inc	6.500		09/15/18		246,262
	250,000		Aetna, Inc	3.950		09/01/20		263,759
	240,000		Aetna, Inc	6.625		06/15/36		298,953
	200,000		Aflac, Inc	8.500		05/15/19		261,040
	300,000		Aflac, Inc	4.000		02/15/22		302,472
	125,000		Aflac, Inc	6.900		12/17/39		146,673
	800,000		Allstate Corp	7.450		05/16/19		1,003,351
	175,000		Allstate Corp	5.550		05/09/35		190,795
	100,000		Allstate Corp	5.200		01/15/42		104,617
	200,000		Allstate Life Global Funding Trusts	5.375		04/30/13		210,061
	100,000		American Financial Group, Inc	9.875		06/15/19		122,246
	151,000		American International Group, Inc	4.250		05/15/13		154,338
	600,000		American International Group, Inc	3.650		01/15/14		611,107
	300,000		American International Group, Inc	3.800		03/22/17		303,767
	1,350,000		American International Group, Inc	8.250		08/15/18		1,620,555
	600,000		American International Group, Inc	6.400		12/15/20		679,037
	500,000		American International Group, Inc	6.250		05/01/36		539,669
	328,000	g	American International Group, Inc	6.820		11/15/37		352,007
	200,000		Aon Corp	6.250		09/30/40		239,030
	200,000		AON Corp	3.125		05/27/16		207,517
	50,000		AON Corp	5.000		09/30/20		55,127
	100,000		AON Corp	8.205		01/01/27		115,811
	100,000		Assurant, Inc	6.750		02/15/34		105,133
	270,000		AXA S.A.	8.600		12/15/30		298,155
	50,000		Axis Specialty Finance	5.875		06/01/20		52,325
	333,000		Berkshire Hathaway Finance Corp	4.850		01/15/15		369,075
	300,000		Berkshire Hathaway Finance Corp	2.450		12/15/15		312,788
	750,000		Berkshire Hathaway Finance Corp	5.400		05/15/18		886,008
	300,000		Chubb Corp	5.200		04/01/13		313,539
	40,000		Chubb Corp	5.750		05/15/18		48,407
	350,000		Chubb Corp	6.000		05/11/37		425,885
	200,000		Cigna Corp	5.375		02/15/42		205,135
	540,000		CIGNA Corp	5.125		06/15/20		594,836
	200,000		CIGNA Corp	4.500		03/15/21		211,028
	200,000		Cincinnati Financial Corp	6.920		05/15/28		223,165
	200,000		CNA Financial Corp	5.850		12/15/14		215,580
	40,000		CNA Financial Corp	6.500		08/15/16		44,950
	200,000		CNA Financial Corp	5.750		08/15/21		213,126
	335,000		Genworth Financial, Inc	4.950		10/01/15		340,079
	260,000		Genworth Financial, Inc	7.200		02/15/21		264,787
	100,000		Genworth Financial, Inc	7.625		09/24/21		103,447
	375,000		Hartford Financial Services Group, Inc	4.000		03/30/15		387,750
	330,000		Hartford Financial Services Group, Inc	6.625		03/30/40		340,791

109

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		Humana, Inc	6.450	%	06/01/16	$	113,715
	100,000		Humana, Inc	8.150		06/15/38		129,921
	300,000		Lincoln National Corp	4.300		06/15/15		317,376
	200,000		Lincoln National Corp	8.750		07/01/19		253,174
	200,000		Lincoln National Corp	4.200		03/15/22		200,519
	30,000		Lincoln National Corp	6.150		04/07/36		31,701
	150,000		Lincoln National Corp	7.000		06/15/40		176,162
	100,000		Loews Corp	5.250		03/15/16		110,583
	100,000		Manulife Financial Corp	3.400		09/17/15		102,938
	100,000		Manulife Financial Corp	4.900		09/17/20		102,657
	100,000		Markel Corp	7.125		09/30/19		112,355
	200,000		Marsh & McLennan Cos, Inc	5.375		07/15/14		215,303
	150,000		Marsh & McLennan Cos, Inc	2.300		04/01/17		148,445
	125,000		Marsh & McLennan Cos, Inc	9.250		04/15/19		164,709
	150,000		Marsh & McLennan Cos, Inc	4.800		07/15/21		163,916
	280,000		Metlife, Inc	5.000		06/15/15		309,680
	575,000		Metlife, Inc	6.750		06/01/16		683,136
	750,000		Metlife, Inc	4.750		02/08/21		822,665
	50,000		Metlife, Inc	6.375		06/15/34		61,516
	405,000		Metlife, Inc	5.700		06/15/35		471,091
	130,000		Metlife, Inc	5.875		02/06/41		155,539
	20,000		Nationwide Financial Services	6.750		05/15/37		18,750
	100,000		PartnerRe Ltd	5.500		06/01/20		103,526
	130,000		Principal Financial Group, Inc	8.875		05/15/19		165,944
	120,000		Progressive Corp	6.250		12/01/32		143,641
	300,000	i	Progressive Corp	6.700		06/15/37		311,250
	100,000		Protective Life Corp	7.375		10/15/19		110,666
	295,000		Prudential Financial, Inc	5.100		09/20/14		319,237
	200,000		Prudential Financial, Inc	4.750		09/17/15		217,102
	300,000		Prudential Financial, Inc	3.000		05/12/16		309,941
	60,000		Prudential Financial, Inc	6.100		06/15/17		69,286
	1,020,000		Prudential Financial, Inc	7.375		06/15/19		1,260,839
	300,000		Prudential Financial, Inc	4.500		11/16/21		318,562
	250,000		Prudential Financial, Inc	6.200		11/15/40		281,212
	150,000		Reinsurance Group of America, Inc	5.625		03/15/17		162,083
	100,000		Reinsurance Group of America, Inc	5.000		06/01/21		103,957
	200,000		Swiss Re Solutions Holding Corp	7.000		02/15/26		230,549
	100,000		Transatlantic Holdings, Inc	5.750		12/14/15		107,887
	20,000		Transatlantic Holdings, Inc	8.000		11/30/39		22,290
	610,000		Travelers Cos, Inc	5.800		05/15/18		736,827
	130,000		Travelers Cos, Inc	5.900		06/02/19		157,407
	200,000		Travelers Cos, Inc	5.350		11/01/40		225,677
	100,000		Travelers Property Casualty Corp	6.375		03/15/33		123,808
	100,000		UnitedHealth Group, Inc	5.375		03/15/16		114,293
	324,000		UnitedHealth Group, Inc	6.000		02/15/18		391,337
	700,000		UnitedHealth Group, Inc	4.700		02/15/21		785,162
	365,000		UnitedHealth Group, Inc	6.625		11/15/37		461,748
	250,000		UnitedHealth Group, Inc	6.875		02/15/38		328,023
	150,000		UnitedHealth Group, Inc	4.625		11/15/41		150,040
	300,000		UnitedHealth Group, Inc	4.375		03/15/42		289,404
	100,000		Unitrin, Inc	6.000		11/30/15		105,494
	110,000		Unum Group	5.625		09/15/20		116,418

110

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$200,000		Verisk Analytics, Inc	5.800	%	05/01/21	$	213,534
	700,000		WellPoint, Inc	5.875		06/15/17		817,342
	150,000		WellPoint, Inc	3.700		08/15/21		155,672
	420,000		WellPoint, Inc	5.850		01/15/36		485,838
	312,000		Willis North America, Inc	6.200		03/28/17		349,125
	165,000		WR Berkley Corp	5.375		09/15/20		173,297
	250,000		WR Berkley Corp	4.625		03/15/22		249,147
	150,000		XL Capital Ltd	6.375		11/15/24		165,882
	100,000		XL Group PLC	5.250		09/15/14		105,930
			TOTAL INSURANCE					31,052,817
MATERIALS - 1.0%
	100,000		3M Co	4.375		08/15/13		105,319
	300,000		3M Co	1.375		09/29/16		301,998
	190,000		3M Co	5.700		03/15/37		242,695
	100,000		Agrium, Inc	6.750		01/15/19		120,007
	100,000		Agrium, Inc	6.125		01/15/41		115,656
	90,000		Air Products & Chemicals, Inc	4.150		02/01/13		92,707
	150,000		Air Products & Chemicals, Inc	3.000		11/03/21		151,019
	180,000		Airgas, Inc	4.500		09/15/14		192,801
	100,000		Albemarle Corp	4.500		12/15/20		107,531
	200,000		Alcoa, Inc	5.550		02/01/17		219,705
	180,000		Alcoa, Inc	6.150		08/15/20		193,766
	550,000		Alcoa, Inc	5.400		04/15/21		568,324
	300,000		Alcoa, Inc	5.870		02/23/22		312,585
	100,000		Allegheny Technologies, Inc	5.950		01/15/21		108,391
	100,000		AngloGold Ashanti Holdings plc	5.375		04/15/20		102,933
	270,000		ArcelorMittal	3.750		08/05/15		274,261
	275,000		ArcelorMittal	4.500		02/25/17		275,805
	890,000		ArcelorMittal	9.850		06/01/19		1,070,919
	500,000		ArcelorMittal	6.250		02/25/22		505,549
	520,000		ArcelorMittal	7.000		10/15/39		496,671
	357,000		ArcelorMittal USA, Inc	6.500		04/15/14		381,593
	180,000		Barrick Australian Finance Pty Ltd	5.950		10/15/39		198,430
	50,000		Barrick Gold Corp	6.950		04/01/19		60,970
	250,000	g	Barrick Gold Corp	3.850		04/01/22		248,611
	250,000	g	Barrick Gold Corp	5.250		04/01/42		246,423
	250,000		Barrick Gold Financeco LLC	6.125		09/15/13		268,143
	1,000,000		Barrick North America Finance LLC	4.400		05/30/21		1,054,060
	110,000		Bemis Co, Inc	5.650		08/01/14		120,448
	100,000		Bemis Co, Inc	6.800		08/01/19		117,495
	220,000		Celulosa Arauco y Constitucion S.A.	5.625		04/20/15		236,826
	100,000		Celulosa Arauco y Constitucion S.A.	5.000		01/21/21		104,198
	100,000	g	Celulosa Arauco y Constitucion S.A.	4.750		01/11/22		102,365
	50,000		Cliffs Natural Resources, Inc	4.800		10/01/20		51,519
	200,000		Cliffs Natural Resources, Inc	4.875		04/01/21		207,172
	150,000		Cliffs Natural Resources, Inc	6.250		10/01/40		159,289
	225,000		Corning, Inc	4.250		08/15/20		239,015
	100,000		Corning, Inc	5.750		08/15/40		110,599
	200,000		Corning, Inc	4.750		03/15/42		193,678
	100,000		Cytec Industries, Inc	6.000		10/01/15		110,377
	200,000		Domtar Corp	4.400		04/01/22		197,636

111

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$80,000		Dow Chemical Co	5.900	%	02/15/15	$	90,055
	591,000		Dow Chemical Co	8.550		05/15/19		774,516
	1,500,000		Dow Chemical Co	4.250		11/15/20		1,569,575
	350,000		Dow Chemical Co	5.250		11/15/41		361,520
	165,000		Eastman Chemical Co	5.500		11/15/19		183,410
	90,000		EI Du Pont de Nemours & Co	5.250		12/15/16		105,152
	1,420,000		EI Du Pont de Nemours & Co	4.625		01/15/20		1,623,688
	100,000		FMC Corp	3.950		02/01/22		102,412
	650,000		Freeport-McMoRan Copper & Gold, Inc	3.550		03/01/22		624,272
	200,000		Georgia-Pacific LLC	7.700		06/15/15		233,731
	250,000		Georgia-Pacific LLC	7.750		11/15/29		311,520
	100,000		Hubbell, Inc	3.625		11/15/22		102,725
	200,000		International Paper Co	7.400		06/15/14		223,425
	300,000		International Paper Co	7.950		06/15/18		376,972
	144,000		International Paper Co	9.375		05/15/19		190,261
	330,000		International Paper Co	7.500		08/15/21		415,968
	170,000		International Paper Co	7.300		11/15/39		206,967
	150,000		International Paper Co	6.000		11/15/41		162,821
	330,000		Kimberly-Clark Corp	6.250		07/15/18		412,998
	25,000		Kimberly-Clark Corp	3.625		08/01/20		26,698
	100,000		Kimberly-Clark Corp	3.875		03/01/21		107,865
	125,000		Kimberly-Clark Corp	2.400		03/01/22		120,823
	200,000		Kimberly-Clark Corp	6.625		08/01/37		273,492
	150,000	g	Kinross Gold Corp	5.125		09/01/21		152,309
	92,000		Lubrizol Corp	8.875		02/01/19		124,666
	150,000		Lubrizol Corp	6.500		10/01/34		189,359
	250,000		Martin Marietta Materials, Inc	6.600		04/15/18		272,187
	200,000		Monsanto Co	2.750		04/15/16		209,566
	200,000		Newmont Mining Corp	5.125		10/01/19		224,361
	300,000		Newmont Mining Corp	3.500		03/15/22		289,023
	98,000		Newmont Mining Corp	5.875		04/01/35		105,533
	135,000		Newmont Mining Corp	6.250		10/01/39		150,028
	300,000		Newmont Mining Corp	4.875		03/15/42		279,124
	100,000		Nucor Corp	5.750		12/01/17		119,539
	130,000		Nucor Corp	5.850		06/01/18		155,760
	300,000		Nucor Corp	4.125		09/15/22		326,197
	250,000		Owens Corning	9.000		06/15/19		308,634
	50,000		Packaging Corp of America	5.750		08/01/13		52,520
	100,000		Plum Creek Timberlands LP	4.700		03/15/21		101,104
	650,000		Potash Corp of Saskatchewan, Inc	4.875		03/30/20		734,624
	150,000		PPG Industries, Inc	6.650		03/15/18		182,148
	300,000		PPG Industries, Inc	3.600		11/15/20		311,763
	405,000		Praxair, Inc	5.250		11/15/14		451,211
	440,000		Praxair, Inc	3.250		09/15/15		470,738
	400,000		Praxair, Inc	2.450		02/15/22		384,712
	200,000		Rio Tinto Alcan, Inc	4.500		05/15/13		208,467
	150,000		Rio Tinto Finance USA Ltd	2.500		05/20/16		155,466
	1,300,000		Rio Tinto Finance USA Ltd	6.500		07/15/18		1,601,974
	570,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		581,959
	200,000		Rio Tinto Finance USA Ltd	4.125		05/20/21		211,001
	200,000		Rio Tinto Finance USA Ltd	3.750		09/20/21		206,471
	250,000		Rio Tinto Finance USA Ltd	7.125		07/15/28		323,005

112

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$150,000		Rio Tinto Finance USA Ltd	5.200	%	11/02/40	$	158,475
	200,000		Rohm and Haas Co	6.000		09/15/17		230,246
	100,000		RPM International, Inc	6.125		10/15/19		109,492
	100,000		Sherwin-Williams Co	3.125		12/15/14		105,838
	150,000		Sonoco Products Co	5.750		11/01/40		159,344
	200,000		Southern Copper Corp	5.375		04/16/20		218,474
	100,000		Southern Copper Corp	7.500		07/27/35		117,241
	180,000		Southern Copper Corp	6.750		04/16/40		194,519
	50,000		Teck Resources Ltd	3.850		08/15/17		52,975
	300,000		Teck Resources Ltd	3.000		03/01/19		296,063
	600,000		Teck Resources Ltd	4.500		01/15/21		629,797
	275,000		Teck Resources Ltd	4.750		01/15/22		291,132
	100,000		Teck Resources Ltd	6.250		07/15/41		108,486
	200,000		Teck Resources Ltd	5.200		03/01/42		189,744
	150,000		Valspar Corp	4.200		01/15/22		153,575
	140,000	g	Xstrata Finance Canada Ltd	5.800		11/15/16		157,269
			TOTAL MATERIALS					30,624,474
MEDIA - 0.9%
	50,000		CBS Corp	5.750		04/15/20		57,484
	445,000		CBS Corp	4.300		02/15/21		466,445
	500,000		CBS Corp	3.375		03/01/22		482,660
	200,000		CBS Corp	7.875		07/30/30		258,686
	20,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		21,445
	450,000		Comcast Cable Communications LLC	8.875		05/01/17		584,622
	975,000		Comcast Corp	5.300		01/15/14		1,048,827
	1,595,000		Comcast Corp	5.150		03/01/20		1,835,033
	129,000		Comcast Corp	7.050		03/15/33		157,855
	345,000		Comcast Corp	5.650		06/15/35		376,909
	350,000		Comcast Corp	6.950		08/15/37		443,126
	780,000		Comcast Corp	6.400		03/01/40		959,231
	300,000		COX Communications, Inc	4.625		06/01/13		313,422
	285,000		COX Communications, Inc	5.450		12/15/14		316,822
	50,000		DIRECTV Holdings LLC	4.750		10/01/14		54,347
	600,000		DIRECTV Holdings LLC	3.550		03/15/15		633,619
	100,000		DIRECTV Holdings LLC	3.500		03/01/16		105,026
	500,000	g	DIRECTV Holdings LLC	2.400		03/15/17		495,563
	285,000		DIRECTV Holdings LLC	5.200		03/15/20		313,414
	1,050,000		DIRECTV Holdings LLC	5.000		03/01/21		1,137,990
	250,000	g	DIRECTV Holdings LLC	3.800		03/15/22		246,568
	145,000		DIRECTV Holdings LLC	6.000		08/15/40		154,841
	100,000		DIRECTV Holdings LLC	6.375		03/01/41		112,856
	250,000	g	DIRECTV Holdings LLC	5.150		03/15/42		243,546
	350,000		Grupo Televisa S.A.	6.625		03/18/25		414,139
	348,000		Historic TW, Inc	6.625		05/15/29		411,922
	100,000		Interpublic Group of Cos, Inc	6.250		11/15/14		109,000
	100,000		Interpublic Group of Cos, Inc	4.000		03/15/22		97,921
	585,000		NBC Universal Media LLC	5.150		04/30/20		662,106
	820,000		NBC Universal Media LLC	4.375		04/01/21		878,339
	235,000		NBC Universal Media LLC	3.650		04/30/15		250,800
	95,000		NBC Universal Media LLC	6.400		04/30/40		114,243
	355,000		News America, Inc	7.250		05/18/18		429,469

113

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$200,000		News America, Inc	4.500	%	02/15/21	$	213,267
	1,325,000		News America, Inc	6.200		12/15/34		1,469,453
	300,000		News America, Inc	6.150		02/15/41		343,663
	200,000		Omnicom Group, Inc	5.900		04/15/16		229,875
	200,000		Omnicom Group, Inc	4.450		08/15/20		215,199
	170,000		Time Warner Cable, Inc	6.750		07/01/18		207,416
	910,000		Time Warner Cable, Inc	8.750		02/14/19		1,186,281
	1,100,000		Time Warner Cable, Inc	8.250		04/01/19		1,406,792
	800,000		Time Warner Cable, Inc	4.000		09/01/21		819,669
	175,000		Time Warner Cable, Inc	6.750		06/15/39		208,658
	690,000		Time Warner Cable, Inc	5.875		11/15/40		743,460
	300,000		Time Warner Cable, Inc	5.500		09/01/41		314,258
	490,000		Time Warner, Inc	3.150		07/15/15		518,917
	628,000		Time Warner, Inc	5.875		11/15/16		735,576
	450,000		Time Warner, Inc	4.750		03/29/21		494,212
	785,000		Time Warner, Inc	6.500		11/15/36		910,883
	350,000		Time Warner, Inc	6.100		07/15/40		391,705
	150,000		Time Warner, Inc	6.250		03/29/41		171,398
	406,000		Viacom, Inc	4.375		09/15/14		437,730
	300,000		Viacom, Inc	1.250		02/27/15		299,693
	400,000		Viacom, Inc	3.875		12/15/21		411,630
	500,000		Viacom, Inc	6.875		04/30/36		628,477
	200,000		Viacom, Inc	4.500		02/27/42		189,214
	261,000	g	WPP Finance 2010	4.750		11/21/21		272,936
			TOTAL MEDIA					27,008,638
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	300,000		Abbott Laboratories	2.700		05/27/15		315,894
	1,630,000		Abbott Laboratories	4.125		05/27/20		1,821,812
	39,000		Abbott Laboratories	6.000		04/01/39		48,708
	200,000		Abbott Laboratories	5.300		05/27/40		231,267
	300,000		Amgen, Inc	2.500		11/15/16		308,288
	550,000		Amgen, Inc	5.850		06/01/17		646,724
	75,000		Amgen, Inc	4.500		03/15/20		81,694
	250,000		Amgen, Inc	3.450		10/01/20		250,219
	700,000		Amgen, Inc	4.100		06/15/21		732,868
	700,000		Amgen, Inc	6.400		02/01/39		810,282
	150,000		Amgen, Inc	4.950		10/01/41		146,073
	400,000		Amgen, Inc	5.150		11/15/41		401,612
	150,000	g	Aristotle Holding, Inc	2.750		11/21/14		154,119
	150,000	g	Aristotle Holding, Inc	3.500		11/15/16		156,682
	300,000	g	Aristotle Holding, Inc	2.650		02/15/17		303,390
	250,000	g	Aristotle Holding, Inc	4.750		11/15/21		267,554
	525,000	g	Aristotle Holding, Inc	3.900		02/15/22		530,642
	150,000	g	Aristotle Holding, Inc	6.125		11/15/41		167,338
	600,000		AstraZeneca plc	5.900		09/15/17		719,117
	500,000		AstraZeneca plc	6.450		09/15/37		652,021
	100,000		Biogen Idec, Inc	6.875		03/01/18		121,911
	300,000		Bristol-Myers Squibb Co	5.450		05/01/18		360,217
	303,000		Bristol-Myers Squibb Co	6.125		05/01/38		387,321
	200,000		Eli Lilly & Co	4.200		03/06/14		213,230
	75,000		Eli Lilly & Co	5.200		03/15/17		87,902

114

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE		VALUE
	$200,000	Eli Lilly & Co	7.125	%	06/01/25	$	267,900
	250,000	Eli Lilly & Co	5.550		03/15/37		296,538
	125,000	Genentech, Inc	4.750		07/15/15		139,548
	100,000	Genentech, Inc	5.250		07/15/35		111,627
	25,000	Genzyme Corp	3.625		06/15/15		27,022
	100,000	Gilead Sciences, Inc	2.400		12/01/14		103,455
	600,000	Gilead Sciences, Inc	4.500		04/01/21		635,581
	100,000	Gilead Sciences, Inc	4.400		12/01/21		104,967
	100,000	Gilead Sciences, Inc	5.650		12/01/41		106,820
	400,000	GlaxoSmithKline Capital, Inc	4.375		04/15/14		430,531
	1,045,000	GlaxoSmithKline Capital, Inc	5.650		05/15/18		1,261,984
	350,000	GlaxoSmithKline Capital, Inc	5.375		04/15/34		395,528
	143,000	GlaxoSmithKline Capital, Inc	6.375		05/15/38		188,924
	150,000	Hospira, Inc	6.050		03/30/17		166,992
	100,000	Hospira, Inc	5.600		09/15/40		94,922
	100,000	ICI Wilmington, Inc	5.625		12/01/13		106,087
	370,000	Johnson & Johnson	3.800		05/15/13		384,271
	150,000	Johnson & Johnson	2.150		05/15/16		156,182
	600,000	Johnson & Johnson	2.950		09/01/20		626,474
	375,000	Johnson & Johnson	5.850		07/15/38		484,763
	180,000	Johnson & Johnson	4.500		09/01/40		193,814
	150,000	Johnson & Johnson	4.850		05/15/41		170,878
	185,000	Life Technologies Corp	3.375		03/01/13		188,238
	115,000	Life Technologies Corp	3.500		01/15/16		119,450
	100,000	Life Technologies Corp	5.000		01/15/21		108,277
	385,000	Mead Johnson Nutrition Co	4.900		11/01/19		430,962
	785,000	Merck & Co, Inc	6.000		09/15/17		968,084
	1,000,000	Merck & Co, Inc	3.875		01/15/21		1,098,004
	150,000	Merck & Co, Inc	6.500		12/01/33		202,047
	300,000	Novartis Capital Corp	4.125		02/10/14		319,551
	1,245,000	Novartis Capital Corp	2.900		04/24/15		1,326,642
	390,000	Novartis Capital Corp	4.400		04/24/20		442,296
	1,460,000	Pfizer, Inc	6.200		03/15/19		1,827,045
	800,000	Sanofi-Aventis S.A.	2.625		03/29/16		837,655
	250,000	Sanofi-Aventis S.A.	4.000		03/29/21		272,277
	240,000	Schering-Plough Corp	6.550		09/15/37		327,974
	100,000	Sigma-Aldrich Corp	3.375		11/01/20		102,450
	200,000	Teva Pharmaceutical Finance Co BV	2.400		11/10/16		204,810
	600,000	Teva Pharmaceutical Finance Co LLC	3.000		06/15/15		631,526
	350,000	Teva Pharmaceutical Finance Co LLC	6.150		02/01/36		419,814
	125,000	Watson Pharmaceuticals, Inc	5.000		08/15/14		133,829
	650,000	Wyeth	5.500		02/15/16		750,628
	1,000,000	Wyeth	6.450		02/01/24		1,300,797
	445,000	Wyeth	5.950		04/01/37		563,747
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					28,947,796
REAL ESTATE - 0.3%
	150,000	Alexandria Real Estate Equities, Inc	4.600		04/01/22		146,834
	105,000	AMB Property LP	7.625		08/15/14		116,816
	165,000	AMB Property LP	4.500		08/15/17		169,969
	134,000	AMB Property LP	6.625		05/15/18		152,538
	100,000	AvalonBay Communities, Inc	3.950		01/15/21		102,474

115

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$115,000		BioMed Realty LP	6.125	%	04/15/20	$	128,148
	25,000		Boston Properties LP	5.000		06/01/15		27,400
	150,000		Boston Properties LP	3.700		11/15/18		155,141
	80,000		Boston Properties LP	5.875		10/15/19		91,695
	175,000		Boston Properties LP	4.125		05/15/21		179,640
	115,000		Brandywine Operating Partnership LP	5.700		05/01/17		121,826
	100,000		Camden Property Trust	4.625		06/15/21		102,784
	200,000		CommonWealth REIT	6.250		08/15/16		211,733
	275,000		Duke Realty LP	5.950		02/15/17		307,330
	35,000		ERP Operating LP	5.250		09/15/14		37,906
	500,000		ERP Operating LP	5.125		03/15/16		547,812
	150,000		ERP Operating LP	4.625		12/15/21		157,941
	150,000		HCP, Inc	3.750		02/01/16		154,679
	430,000		HCP, Inc	6.000		01/30/17		477,860
	150,000		HCP, Inc	3.750		02/01/19		149,117
	150,000		HCP, Inc	5.375		02/01/21		161,637
	30,000		HCP, Inc	6.750		02/01/41		35,130
	100,000		Health Care REIT, Inc	3.625		03/15/16		101,481
	200,000		Health Care REIT, Inc	4.700		09/15/17		209,862
	200,000	h	Health Care REIT, Inc	4.125		04/01/19		198,406
	440,000		Health Care REIT, Inc	6.125		04/15/20		485,615
	300,000		Healthcare Realty Trust, Inc	6.500		01/17/17		328,904
	125,000		Highwoods Properties, Inc	5.850		03/15/17		132,851
	350,000		Hospitality Properties Trust	5.125		02/15/15		365,794
	50,000		HRPT Properties Trust	5.875		09/15/20		50,887
	35,000		Kilroy Realty Corp	5.000		11/03/15		37,290
	145,000		Kimco Realty Corp	5.700		05/01/17		158,850
	220,000		Liberty Property LP	4.750		10/01/20		225,751
	125,000		Mack-Cali Realty Corp	7.750		08/15/19		150,929
	75,000		National Retail Properties, Inc	6.875		10/15/17		85,515
	20,000		Nationwide Health Properties, Inc	6.250		02/01/13		20,708
	200,000		Rayonier, Inc	3.750		04/01/22		196,259
	40,000		Realty Income Corp	5.950		09/15/16		44,399
	75,000		Realty Income Corp	5.750		01/15/21		81,203
	175,000		Regency Centers LP	5.250		08/01/15		188,480
	10,000		Regency Centers LP	5.875		06/15/17		11,184
	100,000		Senior Housing Properties Trust	6.750		12/15/21		106,087
	88,000		Simon Property Group LP	5.100		06/15/15		96,964
	295,000		Simon Property Group LP	5.250		12/01/16		333,615
	100,000		Simon Property Group LP	2.800		01/30/17		102,393
	740,000		Simon Property Group LP	10.350		04/01/19		1,019,334
	290,000		Simon Property Group LP	4.375		03/01/21		307,717
	300,000		Simon Property Group LP	3.375		03/15/22		289,322
	300,000		Simon Property Group LP	4.750		03/15/42		286,037
	200,000		UDR, Inc	4.625		01/10/22		204,746
	100,000	g,i	USB Realty Corp	1.719		12/30/49		75,856
	55,000		Ventas Realty LP	3.125		11/30/15		56,429
	300,000		Ventas Realty LP	4.750		06/01/21		302,689
	100,000		Vornado Realty LP	5.000		01/15/22		102,175
	195,000		Washington Real Estate Investment Trust	4.950		10/01/20		203,683
			TOTAL REAL ESTATE					10,297,825

116

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
RETAILING - 0.6%
	$120,000		Advance Auto Parts, Inc	5.750	%	05/01/20	$	133,770
	150,000		AutoZone, Inc	6.500		01/15/14		164,162
	100,000		AutoZone, Inc	4.000		11/15/20		103,703
	250,000		Best Buy Co, Inc	3.750		03/15/16		252,079
	120,000		Costco Wholesale Corp	5.500		03/15/17		142,665
	100,000		Family Dollar Stores, Inc	5.000		02/01/21		104,581
	150,000		Gap, Inc	5.950		04/12/21		151,372
	155,000		Home Depot, Inc	5.250		12/16/13		167,369
	100,000		Home Depot, Inc	5.400		03/01/16		115,400
	400,000		Home Depot, Inc	3.950		09/15/20		434,135
	350,000		Home Depot, Inc	4.400		04/01/21		392,233
	960,000		Home Depot, Inc	5.875		12/16/36		1,150,202
	125,000		Kohl’s Corp	6.250		12/15/17		148,849
	100,000		Kohl’s Corp	6.875		12/15/37		120,787
	400,000		Lowe’s Cos, Inc	2.125		04/15/16		411,770
	200,000		Lowe’s Cos, Inc	3.800		11/15/21		212,173
	200,000		Lowe’s Cos, Inc	6.875		02/15/28		254,940
	175,000		Lowe’s Cos, Inc	5.500		10/15/35		194,987
	150,000		Lowe’s Cos, Inc	5.800		04/15/40		174,959
	150,000		Lowe’s Cos, Inc	5.125		11/15/41		163,559
	450,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		516,398
	100,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		100,291
	400,000		Macy’s Retail Holdings, Inc	6.900		04/01/29		466,519
	300,000		Nordstrom, Inc	6.250		01/15/18		366,658
	30,000		Nordstrom, Inc	4.750		05/01/20		33,584
	100,000		Nordstrom, Inc	7.000		01/15/38		133,730
	150,000		O’Reilly Automotive, Inc	4.875		01/14/21		160,319
	300,000	g	Phillips 66	2.950		05/01/17		304,921
	400,000	g	Phillips 66	5.875		05/01/42		409,767
	188,000		Staples, Inc	9.750		01/15/14		213,607
	100,000		Target Corp	1.125		07/18/14		101,013
	1,150,000		Target Corp	3.875		07/15/20		1,256,952
	150,000		Target Corp	2.900		01/15/22		148,255
	460,000		Target Corp	7.000		07/15/31		585,424
	100,000		Target Corp	6.500		10/15/37		129,393
	105,000		TJX Cos, Inc	6.950		04/15/19		129,851
	650,000		Wal-Mart Stores, Inc	4.500		07/01/15		723,128
	200,000		Wal-Mart Stores, Inc	1.500		10/25/15		204,080
	200,000		Wal-Mart Stores, Inc	2.800		04/15/16		212,700
	300,000		Wal-Mart Stores, Inc	3.625		07/08/20		322,303
	1,400,000		Wal-Mart Stores, Inc	3.250		10/25/20		1,465,241
	1,450,000		Wal-Mart Stores, Inc	4.250		04/15/21		1,619,427
	69,000		Wal-Mart Stores, Inc	7.550		02/15/30		100,354
	1,095,000		Wal-Mart Stores, Inc	5.250		09/01/35		1,245,230
	160,000		Wal-Mart Stores, Inc	6.500		08/15/37		210,648
	400,000		Wal-Mart Stores, Inc	6.200		04/15/38		509,970
	65,000		Wal-Mart Stores, Inc	5.625		04/01/40		78,065
	195,000		Wal-Mart Stores, Inc	5.000		10/25/40		215,846
			TOTAL RETAILING					16,957,369

117

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	$85,000	Analog Devices, Inc	5.000	%	07/01/14	$	92,759
	55,000	Broadcom Corp	1.500		11/01/13		55,620
	140,000	Broadcom Corp	2.375		11/01/15		145,734
	400,000	Intel Corp	1.950		10/01/16		411,980
	500,000	Intel Corp	4.800		10/01/41		532,602
	310,000	National Semiconductor Corp	3.950		04/15/15		337,173
	200,000	Texas Instruments, Inc	2.375		05/16/16		208,819
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,784,687
SOFTWARE & SERVICES - 0.3%
	285,000	Adobe Systems, Inc	3.250		02/01/15		301,129
	20,000	Adobe Systems, Inc	4.750		02/01/20		21,743
	300,000	BMC Software, Inc	4.250		02/15/22		300,754
	20,000	CA, Inc	6.125		12/01/14		22,082
	300,000	CA, Inc	5.375		12/01/19		327,004
	120,000	Computer Sciences Corp	6.500		03/15/18		129,900
	300,000	Expedia, Inc	7.456		08/15/18		339,679
	50,000	Fiserv, Inc	3.125		10/01/15		51,621
	150,000	Fiserv, Inc	3.125		06/15/16		153,277
	100,000	Fiserv, Inc	6.800		11/20/17		117,995
	100,000	Google, Inc	1.250		05/19/14		101,651
	300,000	Google, Inc	2.125		05/19/16		311,848
	100,000	Google, Inc	3.625		05/19/21		108,548
	765,000	International Business Machines Corp	1.000		08/05/13		769,902
	250,000	International Business Machines Corp	1.950		07/22/16		256,540
	225,000	International Business Machines Corp	1.250		02/06/17		223,195
	200,000	Intuit, Inc	5.750		03/15/17		229,346
	175,000	Juniper Networks, Inc	4.600		03/15/21		185,832
	740,000	Microsoft Corp	0.875		09/27/13		745,425
	25,000	Microsoft Corp	4.200		06/01/19		28,475
	540,000	Microsoft Corp	3.000		10/01/20		569,947
	150,000	Microsoft Corp	4.000		02/08/21		168,409
	400,000	Microsoft Corp	5.300		02/08/41		482,817
	320,000	Oracle Corp	3.750		07/08/14		342,393
	320,000	Oracle Corp	5.750		04/15/18		389,028
	1,365,000	Oracle Corp	3.875		07/15/20		1,502,627
	300,000	Oracle Corp	6.500		04/15/38		389,090
	470,000	Oracle Corp	6.125		07/08/39		582,968
	290,000	Symantec Corp	2.750		09/15/15		302,073
		TOTAL SOFTWARE & SERVICES					9,455,298
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
	75,000	Amphenol Corp	4.750		11/15/14		81,470
	150,000	Amphenol Corp	4.000		02/01/22		150,971
	1,043,000	Cisco Systems, Inc	4.950		02/15/19		1,204,078
	1,250,000	Cisco Systems, Inc	4.450		01/15/20		1,418,686
	400,000	Cisco Systems, Inc	5.900		02/15/39		485,840
	200,000	Dell, Inc	3.100		04/01/16		212,257
	750,000	Dell, Inc	5.875		06/15/19		890,319
	510,000	Discovery Communications LLC	5.050		06/01/20		576,551
	100,000	Discovery Communications LLC	4.375		06/15/21		107,494
	100,000	Discovery Communications LLC	6.350		06/01/40		120,391

118

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$300,000	Harris Corp	4.400	%	12/15/20	$	311,677
	575,000	Hewlett-Packard Co	4.750		06/02/14		615,115
	600,000	Hewlett-Packard Co	2.125		09/13/15		604,754
	1,900,000	Hewlett-Packard Co	3.000		09/15/16		1,951,684
	175,000	Hewlett-Packard Co	2.600		09/15/17		174,892
	700,000	Hewlett-Packard Co	3.750		12/01/20		697,003
	200,000	Hewlett-Packard Co	4.375		09/15/21		205,246
	100,000	Hewlett-Packard Co	4.650		12/09/21		104,613
	200,000	Hewlett-Packard Co	4.050		09/15/22		199,186
	300,000	International Business Machines Corp	2.000		01/05/16		307,976
	800,000	International Business Machines Corp	8.375		11/01/19		1,122,626
	300,000	International Business Machines Corp	2.900		11/01/21		304,318
	400,000	International Business Machines Corp	7.000		10/30/25		537,379
	353,000	International Business Machines Corp	5.600		11/30/39		431,844
	85,000	International Game Technology	7.500		06/15/19		99,564
	347,000	Koninklijke Philips Electronics NV	5.750		03/11/18		405,471
	100,000	Koninklijke Philips Electronics NV	6.875		03/11/38		123,650
	300,000	Koninklijke Philips Electronics NV	5.000		03/15/42		299,384
	100,000	L-3 Communications Corp	3.950		11/15/16		105,289
	420,000	L-3 Communications Corp	5.200		10/15/19		448,602
	100,000	Lexmark International, Inc	6.650		06/01/18		113,911
	200,000	Motorola, Inc	6.000		11/15/17		231,541
	120,000	Nokia Oyj	6.625		05/15/39		114,653
	100,000	Nokia OYJ	5.375		05/15/19		98,872
	590,000	Pitney Bowes, Inc	4.750		01/15/16		620,746
	225,000	Tyco Electronics Group S.A.	6.550		10/01/17		266,390
	250,000	Tyco Electronics Group S.A.	3.500		02/03/22		243,726
	225,000	Xerox Corp	8.250		05/15/14		254,067
	330,000	Xerox Corp	4.250		02/15/15		350,503
	100,000	Xerox Corp	2.950		03/15/17		101,048
	250,000	Xerox Corp	6.350		05/15/18		290,063
	450,000	Xerox Corp	5.625		12/15/19		499,959
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					17,483,809
TELECOMMUNICATION SERVICES - 1.4%
	200,000	America Movil SAB de C.V.	3.625		03/30/15		211,437
	200,000	America Movil SAB de C.V.	2.375		09/08/16		202,465
	1,230,000	America Movil SAB de C.V.	5.000		03/30/20		1,367,755
	440,000	America Movil SAB de C.V.	6.125		03/30/40		510,980
	650,000	American Tower Corp	4.500		01/15/18		682,955
	200,000	American Tower Corp	4.700		03/15/22		201,607
	7,000	AT&T Corp	8.000		11/15/31		9,833
	346,000	AT&T Mobility LLC	7.125		12/15/31		442,889
	350,000	AT&T, Inc	5.100		09/15/14		385,249
	1,265,000	AT&T, Inc	2.500		08/15/15		1,316,665
	150,000	AT&T, Inc	2.950		05/15/16		158,509
	600,000	AT&T, Inc	1.600		02/15/17		596,594
	950,000	AT&T, Inc	5.800		02/15/19		1,127,596
	300,000	AT&T, Inc	4.450		05/15/21		331,230
	1,000,000	AT&T, Inc	3.000		02/15/22		980,015
	470,000	AT&T, Inc	6.150		09/15/34		542,198
	220,000	AT&T, Inc	6.500		09/01/37		264,185

119

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE		VALUE
	$1,575,000	AT&T, Inc	6.300	%	01/15/38	$	1,851,088
	322,000	AT&T, Inc	5.350		09/01/40		342,386
	700,000	AT&T, Inc	5.550		08/15/41		775,896
	500,000	BellSouth Capital Funding Corp	7.875		02/15/30		641,124
	1,490,000	BellSouth Corp	5.200		09/15/14		1,639,839
	60,000	BellSouth Corp	6.875		10/15/31		72,292
	140,000	BellSouth Corp	6.550		06/15/34		159,814
	400,000	British Telecommunications plc	5.950		01/15/18		464,433
	450,000	British Telecommunications plc	9.625		12/15/30		662,095
	490,000	Cellco Partnership	5.550		02/01/14		529,952
	965,000	Cellco Partnership	8.500		11/15/18		1,324,967
	200,000	CenturyLink, Inc	5.800		03/15/22		195,302
	1,300,000	CenturyTel, Inc	5.150		06/15/17		1,340,386
	384,000	CenturyTel, Inc	7.600		09/15/39		363,231
	450,000	Deutsche Telekom International Finance BV	5.750		03/23/16		508,169
	850,000	Deutsche Telekom International Finance BV	6.000		07/08/19		992,994
	490,000	Deutsche Telekom International Finance BV	8.750		06/15/30		673,489
	345,000	France Telecom S.A.	2.125		09/16/15		351,568
	1,000,000	France Telecom S.A.	4.125		09/14/21		1,041,050
	245,000	France Telecom S.A.	8.500		03/01/31		347,437
	100,000	France Telecom S.A.	5.375		01/13/42		105,720
	150,000	Koninklijke KPN NV	8.375		10/01/30		192,592
	400,000	Qwest Corp	7.500		10/01/14		445,950
	300,000	Qwest Corp	6.500		06/01/17		339,083
	400,000	Qwest Corp	6.750		12/01/21		446,500
	300,000	Rogers Communications, Inc	6.800		08/15/18		373,412
	350,000	Rogers Wireless, Inc	7.500		03/15/15		410,362
	85,000	Telecom Italia Capital S.A.	6.175		06/18/14		89,463
	150,000	Telecom Italia Capital S.A.	4.950		09/30/14		154,500
	1,555,000	Telecom Italia Capital S.A.	7.175		06/18/19		1,656,075
	100,000	Telecom Italia Capital S.A.	7.721		06/04/38		97,500
	200,000	Telefonica Emisiones SAU	2.582		04/26/13		200,842
	600,000	Telefonica Emisiones SAU	3.992		02/16/16		597,214
	1,620,000	Telefonica Emisiones SAU	5.134		04/27/20		1,549,413
	100,000	Telefonos de Mexico SAB de C.V.	5.500		01/27/15		109,366
	1,315,000	Verizon Communications, Inc	4.350		02/15/13		1,358,162
	850,000	Verizon Communications, Inc	5.550		02/15/16		976,262
	800,000	Verizon Communications, Inc	3.000		04/01/16		846,262
	140,000	Verizon Communications, Inc	5.500		02/15/18		164,088
	220,000	Verizon Communications, Inc	8.750		11/01/18		298,546
	200,000	Verizon Communications, Inc	6.350		04/01/19		243,552
	450,000	Verizon Communications, Inc	3.500		11/01/21		460,378
	380,000	Verizon Communications, Inc	6.250		04/01/37		450,821
	620,000	Verizon Communications, Inc	6.400		02/15/38		751,016
	220,000	Verizon Communications, Inc	8.950		03/01/39		339,968
	300,000	Verizon Communications, Inc	6.000		04/01/41		355,350
	1,150,000	Verizon Communications, Inc	4.750		11/01/41		1,164,076
	225,000	Verizon New England, Inc	4.750		10/01/13		236,677
	165,000	Verizon Virginia, Inc	4.625		03/15/13		171,205
	200,000	Virgin Media Secured Finance plc	5.250		01/15/21		215,002
	150,000	Vodafone Group plc	5.000		12/16/13		160,408
	303,000	Vodafone Group plc	5.625		02/27/17		354,423

120

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$250,000		Vodafone Group plc	1.625	%	03/20/17	$	246,502
	1,200,000		Vodafone Group plc	4.625		07/15/18		1,364,360
	550,000		Vodafone Group plc	4.375		03/16/21		604,976
	150,000		Vodafone Group plc	6.150		02/27/37		181,386
			TOTAL TELECOMMUNICATION SERVICES					41,321,086
TRANSPORTATION - 0.5%
	200,000		Boeing Capital Corp	2.125		08/15/16		206,615
	700,000		Boeing Capital Corp	2.900		08/15/18		733,543
	750,000		Boeing Co	3.750		11/20/16		825,092
	100,000		Boeing Co	5.875		02/15/40		125,561
	260,000		Burlington Northern Santa Fe Corp	5.750		03/15/18		308,763
	555,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		620,726
	150,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		179,511
	360,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		411,023
	300,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		294,977
	250,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		260,787
	200,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		189,078
	200,000		Canadian National Railway Co	5.550		03/01/19		239,347
	100,000		Canadian National Railway Co	2.850		12/15/21		99,593
	200,000		Canadian National Railway Co	6.900		07/15/28		263,399
	200,000		Canadian National Railway Co	6.250		08/01/34		250,829
	200,000		Canadian Pacific Railway Co	7.250		05/15/19		241,290
	200,000		Canadian Pacific Railway Co	7.125		10/15/31		233,494
	100,000		Canadian Pacific Railway Ltd	5.750		01/15/42		102,981
	470,755		Continental Airlines, Inc	4.750		01/12/21		489,585
	31,602		Continental Airlines, Inc	5.983		04/19/22		34,266
	100,000		Con-Way, Inc	7.250		01/15/18		114,332
	650,000		CSX Corp	7.375		02/01/19		816,613
	100,000		CSX Corp	6.000		10/01/36		115,857
	400,000		CSX Corp	5.500		04/15/41		434,144
	350,000		CSX Corp	4.400		03/01/43		327,924
	500,000		Delta Air Lines, Inc	5.300		04/15/19		533,125
	165,000		Embraer Overseas Ltd	6.375		01/15/20		181,714
	134,000		FedEx Corp	8.000		01/15/19		173,220
	100,000		GATX Corp	3.500		07/15/16		101,701
	210,000		Norfolk Southern Corp	5.750		04/01/18		248,118
	100,000		Norfolk Southern Corp	3.250		12/01/21		100,662
	250,000		Norfolk Southern Corp	3.000		04/01/22		245,789
	425,000		Norfolk Southern Corp	5.590		05/17/25		499,726
	478,000		Norfolk Southern Corp	7.250		02/15/31		637,071
	16,000	g	Norfolk Southern Corp	4.837		10/01/41		16,496
	650,000		Northrop Grumman Corp	3.500		03/15/21		667,712
	350,000		Ryder System, Inc	3.150		03/02/15		362,773
	50,000		Ryder System, Inc	3.600		03/01/16		51,993
	150,000		Ryder System, Inc	2.500		03/01/17		150,870
	325,000		Southwest Airlines Co	5.250		10/01/14		349,496
	300,000		Union Pacific Corp	5.750		11/15/17		355,563
	331,000		Union Pacific Corp	4.163		07/15/22		357,630
	200,000		Union Pacific Corp	6.625		02/01/29		251,312
	100,000		Union Pacific Corp	4.750		09/15/41		102,013
	42,000		United Parcel Service, Inc	3.875		04/01/14		44,652

121

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$100,000	United Parcel Service, Inc	5.500	%	01/15/18	$	120,272
	300,000	United Parcel Service, Inc	5.125		04/01/19		356,194
	1,105,000	United Parcel Service, Inc	3.125		01/15/21		1,157,516
	35,000	United Parcel Service, Inc	6.200		01/15/38		45,540
		TOTAL TRANSPORTATION					15,030,488
UTILITIES - 2.0%
	370,000	AGL Capital Corp	5.250		08/15/19		418,930
	300,000	Alabama Power Co	5.200		06/01/41		339,570
	60,000	Alliant Energy Corp	4.000		10/15/14		63,437
	100,000	Ameren Corp	8.875		05/15/14		113,424
	250,000	American Water Capital Corp	6.085		10/15/17		290,803
	50,000	Appalachian Power Co	3.400		05/24/15		52,421
	140,000	Appalachian Power Co	7.000		04/01/38		183,124
	150,000	Arizona Public Service Co	8.750		03/01/19		194,544
	350,000	Arizona Public Service Co	4.500		04/01/42		342,975
	60,000	Atmos Energy Corp	4.950		10/15/14		65,312
	100,000	Atmos Energy Corp	8.500		03/15/19		130,827
	100,000	Atmos Energy Corp	5.500		06/15/41		114,496
	100,000	Baltimore Gas & Electric Co	3.500		11/15/21		101,074
	785,000	Carolina Power & Light Co	5.300		01/15/19		922,990
	350,000	Carolina Power & Light Co	3.000		09/15/21		352,351
	290,000	CenterPoint Energy Houston Electric LLC	7.000		03/01/14		321,764
	100,000	CenterPoint Energy Houston Electric LLC	6.950		03/15/33		131,491
	423,000	CenterPoint Energy Resources Corp	4.500		01/15/21		450,831
	203,000	Cleco Power LLC	6.000		12/01/40		222,436
	100,000	Commonwealth Edison Co	1.625		01/15/14		101,584
	500,000	Commonwealth Edison Co	1.950		09/01/16		508,017
	775,000	Commonwealth Edison Co	4.000		08/01/20		836,555
	387,000	Commonwealth Edison Co	5.900		03/15/36		469,590
	210,000	Connecticut Light & Power Co	5.500		02/01/19		246,161
	60,000	Consolidated Edison Co of New York, Inc	6.650		04/01/19		75,147
	890,000	Consolidated Edison Co of New York, Inc	4.450		06/15/20		1,002,558
	325,000	Consolidated Edison Co of New York, Inc	5.700		06/15/40		396,288
	200,000	Consolidated Edison Co of New York, Inc	4.200		03/15/42		197,209
	105,000	Consolidated Natural Gas Co	5.000		12/01/14		115,326
	180,000	Constellation Energy Group, Inc	4.550		06/15/15		194,398
	250,000	Constellation Energy Group, Inc	5.150		12/01/20		275,311
	100,000	Constellation Energy Group, Inc	7.600		04/01/32		130,015
	230,000	Consumers Energy Co	6.125		03/15/19		276,878
	400,000	Detroit Edison Co	3.450		10/01/20		417,434
	360,000	Dominion Resources, Inc	5.150		07/15/15		405,032
	1,100,000	Dominion Resources, Inc	4.450		03/15/21		1,213,614
	200,000	Dominion Resources, Inc	5.950		06/15/35		238,466
	790,000	Duke Energy Carolinas LLC	5.750		11/15/13		853,533
	125,000	Duke Energy Carolinas LLC	4.300		06/15/20		139,439
	200,000	Duke Energy Carolinas LLC	3.900		06/15/21		215,736
	733,000	Duke Energy Carolinas LLC	6.050		04/15/38		926,937
	746,000	Duke Energy Corp	5.050		09/15/19		849,082
	250,000	Duke Energy Indiana, Inc	4.200		03/15/42		246,097
	200,000	El Paso Natural Gas Co	5.950		04/15/17		220,751
	100,000	Enbridge, Inc	5.600		04/01/17		114,251

122

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$150,000		Energen Corp	4.625	%	09/01/21	$	149,507
	400,000		Energy Transfer Partners LP	6.125		02/15/17		446,908
	44,000		Energy Transfer Partners LP	9.700		03/15/19		56,254
	500,000		Energy Transfer Partners LP	4.650		06/01/21		509,388
	200,000		Energy Transfer Partners LP	5.200		02/01/22		209,231
	140,000		Energy Transfer Partners LP	7.500		07/01/38		158,986
	100,000		Energy Transfer Partners LP	6.500		02/01/42		105,373
	100,000		Enersis S.A.	7.375		01/15/14		108,473
	125,000		Entergy Arkansas, Inc	3.750		02/15/21		128,147
	300,000		Entergy Gulf States Louisiana LLC	3.950		10/01/20		309,442
	150,000		Entergy Louisiana LLC	1.875		12/15/14		152,655
	225,000		Entergy Texas, Inc	7.125		02/01/19		267,830
	75,000		Exelon Corp	4.900		06/15/15		81,809
	400,000		Exelon Generation Co LLC	5.200		10/01/19		443,970
	800,000		FirstEnergy Corp	7.375		11/15/31		984,851
	280,000		FirstEnergy Solutions Corp	4.800		02/15/15		302,882
	435,000		FirstEnergy Solutions Corp	6.050		08/15/21		488,224
	247,000		Florida Power & Light Co	4.950		06/01/35		272,577
	400,000		Florida Power & Light Co	5.250		02/01/41		466,606
	100,000		Florida Power & Light Co	4.125		02/01/42		98,002
	29,000		Florida Power Corp	5.650		06/15/18		34,632
	100,000		Florida Power Corp	3.100		08/15/21		100,662
	165,000		Florida Power Corp	6.400		06/15/38		214,679
	690,000		FPL Group Capital, Inc	2.600		09/01/15		706,873
	40,000		Georgia Power Co	1.300		09/15/13		40,416
	900,000		Georgia Power Co	5.700		06/01/17		1,075,967
	177,000		Georgia Power Co	5.950		02/01/39		215,377
	400,000		Georgia Power Co	4.300		03/15/42		391,210
	50,000		Great Plains Energy, Inc	2.750		08/15/13		50,855
	200,000		Great Plains Energy, Inc	4.850		06/01/21		211,848
	200,000		Great Plains Energy, Inc	5.292		06/15/22		213,391
	80,000		Indiana Michigan Power Co	7.000		03/15/19		98,030
	70,000		Integrys Energy Group, Inc	4.170		11/01/20		72,825
	100,000		Interstate Power & Light Co	6.250		07/15/39		124,708
	100,000		Kansas City Power & Light Co	5.300		10/01/41		105,511
	20,000	g	Kansas Gas & Electric	6.700		06/15/19		24,731
	250,000		Kentucky Utilities Co	5.125		11/01/40		284,048
	150,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		158,000
	400,000		Kinder Morgan Energy Partners LP	5.950		02/15/18		467,168
	500,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		640,470
	100,000		Kinder Morgan Energy Partners LP	5.800		03/01/21		113,230
	400,000		Kinder Morgan Energy Partners LP	3.950		09/01/22		396,025
	535,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		594,520
	300,000		Kinder Morgan Energy Partners LP	5.625		09/01/41		305,727
	320,000		LG&E and KU Energy LLC	3.750		11/15/20		318,638
	400,000		MidAmerican Energy Co	4.650		10/01/14		436,068
	350,000		Midamerican Energy Holdings Co	5.750		04/01/18		411,399
	1,032,000		Midamerican Energy Holdings Co	5.950		05/15/37		1,205,231
	300,000		Midamerican Energy Holdings Co	6.500		09/15/37		374,822
	300,000		Mississippi Power Co	4.250		03/15/42		288,053
	85,000		National Fuel Gas Co	5.250		03/01/13		88,032
	100,000		National Fuel Gas Co	4.900		12/01/21		103,287

123

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$300,000		National Grid plc	6.300	%	08/01/16	$	346,152
	320,000		Nevada Power Co	6.500		08/01/18		393,977
	45,000		Nevada Power Co	7.125		03/15/19		56,504
	230,000		Nevada Power Co	5.375		09/15/40		260,379
	500,000		NextEra Energy Capital Holdings, Inc	4.500		06/01/21		530,891
	235,000		NiSource Finance Corp	5.400		07/15/14		255,533
	350,000		NiSource Finance Corp	6.400		03/15/18		409,962
	150,000		NiSource Finance Corp	6.125		03/01/22		174,284
	100,000		NiSource Finance Corp	5.950		06/15/41		109,474
	425,000		Northern States Power Co	5.350		11/01/39		504,911
	150,000		NSTAR Electric Co	5.625		11/15/17		178,104
	150,000		Oglethorpe Power Corp	5.375		11/01/40		168,556
	600,000		Ohio Power Co	5.375		10/01/21		688,206
	100,000		Oklahoma Gas & Electric Co	5.250		05/15/41		111,697
	220,000		Oncor Electric Delivery Co LLC	6.375		01/15/15		249,056
	200,000		Oncor Electric Delivery Co LLC	6.800		09/01/18		241,771
	70,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		86,624
	100,000		Oncor Electric Delivery Co LLC	5.250		09/30/40		100,842
	350,000	g	Oncor Electric Delivery Co LLC	4.550		12/01/41		316,112
	250,000		ONEOK Partners LP	3.250		02/01/16		261,429
	130,000		ONEOK Partners LP	6.650		10/01/36		150,119
	250,000		ONEOK Partners LP	6.850		10/15/37		298,214
	100,000		ONEOK Partners LP	6.125		02/01/41		111,425
	150,000		ONEOK, Inc	4.250		02/01/22		151,820
	150,000		ONEOK, Inc	6.000		06/15/35		159,891
	355,000		Pacific Gas & Electric Co	8.250		10/15/18		469,934
	720,000		Pacific Gas & Electric Co	6.050		03/01/34		875,213
	75,000		Pacific Gas & Electric Co	5.800		03/01/37		89,600
	400,000		Pacific Gas & Electric Co	5.400		01/15/40		453,764
	250,000		PacifiCorp	2.950		02/01/22		246,458
	250,000		PacifiCorp	6.000		01/15/39		308,772
	165,000		Pepco Holdings, Inc	2.700		10/01/15		168,003
	350,000		PG&E Corp	5.750		04/01/14		381,408
	65,000		Potomac Electric Power Co	7.900		12/15/38		99,231
	200,000		PPL Energy Supply LLC	6.200		05/15/16		226,476
	225,000		PPL Energy Supply LLC	6.500		05/01/18		260,020
	100,000		PPL Energy Supply LLC	4.600		12/15/21		101,812
	300,000		Progress Energy, Inc	3.150		04/01/22		293,232
	400,000		Progress Energy, Inc	7.750		03/01/31		542,924
	300,000		PSEG Power LLC	2.500		04/15/13		305,604
	200,000		PSEG Power LLC	5.320		09/15/16		222,954
	225,000		Public Service Co of Colorado	4.875		03/01/13		233,844
	335,000		Public Service Co of Colorado	5.500		04/01/14		366,202
	520,000		Public Service Co of Oklahoma	5.150		12/01/19		583,936
	100,000		Public Service Co of Oklahoma	4.400		02/01/21		106,637
	150,000		Public Service Co of Oklahoma	6.625		11/15/37		185,911
	220,000		Public Service Electric & Gas Co	5.300		05/01/18		260,338
	410,000		Public Service Electric & Gas Co	5.375		11/01/39		481,290
	250,000		Puget Sound Energy, Inc	5.757		10/01/39		297,375
	100,000		Puget Sound Energy, Inc	4.434		11/15/41		99,848
	100,000		Questar Corp	2.750		02/01/16		102,665
	150,000		San Diego Gas & Electric Co	3.000		08/15/21		153,473

124

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$255,000		San Diego Gas & Electric Co	5.350	%	05/15/40	$	303,439
	100,000		San Diego Gas & Electric Co	3.950		11/15/41		96,721
	250,000		San Diego Gas & Electric Co	4.300		04/01/42		254,536
	300,000		SCANA Corp	4.750		05/15/21		315,439
	100,000		SCANA Corp	4.125		02/01/22		100,050
	250,000		Scottish Power Ltd	5.810		03/15/25		261,397
	600,000		Sempra Energy	2.000		03/15/14		612,382
	200,000		Sempra Energy	2.300		04/01/17		202,436
	260,000		Sempra Energy	6.000		10/15/39		312,213
	50,000		South Carolina Electric & Gas Co	5.300		05/15/33		54,743
	125,000		South Carolina Electric & Gas Co	5.450		02/01/41		143,111
	100,000		South Carolina Electric & Gas Co	4.350		02/01/42		97,657
	100,000		Southern California Edison Co	5.000		01/15/16		113,122
	250,000		Southern California Edison Co	5.500		08/15/18		300,018
	80,000		Southern California Edison Co	3.875		06/01/21		87,119
	185,000		Southern California Edison Co	6.050		03/15/39		237,308
	300,000		Southern California Edison Co	4.500		09/01/40		313,664
	500,000		Southern California Edison Co	3.900		12/01/41		475,241
	200,000		Southern California Edison Co	4.050		03/15/42		192,828
	200,000		Southern Co	2.375		09/15/15		207,183
	100,000		Southern Co	1.950		09/01/16		101,603
	108,000	g	Southern Natural Gas Co	5.900		04/01/17		122,301
	100,000		Southern Natural Gas Co	8.000		03/01/32		123,817
	100,000		Southern Power Co	5.150		09/15/41		104,787
	250,000		Southwest Gas Corp	3.875		04/01/22		255,033
	60,000		Spectra Energy Capital LLC	6.200		04/15/18		70,079
	450,000		Spectra Energy Capital LLC	8.000		10/01/19		568,595
	200,000		Tampa Electric Co	5.400		05/15/21		232,511
	200,000		TECO Finance, Inc	5.150		03/15/20		220,994
	200,000		Tennessee Gas Pipeline Co	7.000		10/15/28		226,601
	75,000		Toledo Edison Co	7.250		05/01/20		92,739
	770,000		Total Capital S.A.	3.125		10/02/15		805,043
	200,000		Total Capital S.A.	4.450		06/24/20		216,466
	100,000		Total Capital S.A.	4.125		01/28/21		106,357
	200,000		TransAlta Corp	6.650		05/15/18		231,748
	400,000		Union Electric Co	6.700		02/01/19		491,593
	100,000		Union Electric Co	8.450		03/15/39		155,003
	100,000		United Utilities plc	6.875		08/15/28		111,897
	263,000		Veolia Environnement	5.250		06/03/13		274,088
	430,000		Virginia Electric and Power Co	4.750		03/01/13		445,794
	350,000		Virginia Electric and Power Co	6.000		05/15/37		438,124
	500,000		Westar Energy, Inc	4.125		03/01/42		478,599
	35,000		Williams Cos, Inc	7.875		09/01/21		43,617
	300,000		Williams Cos, Inc	7.750		06/15/31		365,463
	245,000		Williams Partners LP	3.800		02/15/15		260,338
	70,000		Williams Partners LP	7.250		02/01/17		84,237
	330,000		Williams Partners LP	5.250		03/15/20		363,788
	100,000		Williams Partners LP	4.000		11/15/21		101,048
	335,000		Williams Partners LP	6.300		04/15/40		389,435
	250,000		Wisconsin Electric Power Co	4.500		05/15/13		259,729
	200,000		Wisconsin Electric Power Co	5.625		05/15/33		238,287
	200,000		Wisconsin Power & Light Co	6.375		08/15/37		260,250

125

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$100,000	Xcel Energy, Inc	4.700	%	05/15/20	$	112,022
	100,000	Xcel Energy, Inc	4.800		09/15/41		104,984
		TOTAL UTILITIES					58,456,191
		TOTAL CORPORATE BONDS					643,019,925
		(Cost $624,951,991)
GOVERNMENT BONDS - 75.6%
AGENCY SECURITIES - 5.4%
	250,000	Federal Agricultural Mortgage Corp	2.375		07/22/15		261,361
	1,945,000	Federal Farm Credit Bank (FFCB)	1.375		06/25/13		1,972,088
	1,000,000	FFCB	3.875		10/07/13		1,052,108
	2,600,000	FFCB	3.000		09/22/14		2,761,062
	1,000,000	FFCB	1.050		03/28/16		1,004,718
	1,370,000	Federal Home Loan Bank (FHLB)	1.875		06/21/13		1,396,660
	7,740,000	FHLB	3.625		10/18/13		8,127,952
	8,625,000	FHLB	3.125		12/13/13		9,026,813
	110,000	FHLB	5.250		06/18/14		121,630
	7,650,000	FHLB	2.875		06/12/15		8,166,589
	1,000,000	FHLB	5.375		05/18/16		1,181,859
	95,000	FHLB	4.750		12/16/16		110,918
	500,000	FHLB	4.875		05/17/17		592,928
	4,545,000	FHLB	5.000		11/17/17		5,445,237
	8,650,000	Federal Home Loan Mortgage Corp (FHLMC)	1.125		07/27/12		8,675,812
	2,560,000	FHLMC	5.500		08/20/12		2,612,462
	4,500,000	FHLMC	2.125		09/21/12		4,541,530
	1,025,000	FHLMC	4.125		12/21/12		1,053,624
	500,000	FHLMC	1.625		04/15/13		507,117
	2,180,000	FHLMC	3.500		05/29/13		2,261,822
	211,000	FHLMC	4.125		09/27/13		222,897
	207,000	FHLMC	4.500		01/15/14		222,778
	1,740,000	FHLMC	2.500		04/23/14		1,814,992
	2,000,000	FHLMC	1.000		08/27/14		2,025,860
	5,000,000	FHLMC	2.875		02/09/15		5,324,170
	108,000	FHLMC	4.375		07/17/15		120,807
	125,000	FHLMC	4.750		11/17/15		142,763
	132,000	FHLMC	4.750		01/19/16		150,898
	6,213,000	FHLMC	5.250		04/18/16		7,266,172
	127,000	FHLMC	5.500		07/18/16		151,179
	11,736,000	FHLMC	5.125		10/18/16		13,760,789
	1,000,000	FHLMC	2.375		01/13/22		981,680
	3,120,000	FHLMC	6.250		07/15/32		4,322,198
	740,000	Federal National Mortgage Association (FNMA)	1.125		07/30/12		742,363
	4,250,000	FNMA	3.250		04/09/13		4,383,034
	96,000	FNMA	3.875		07/12/13		100,441
	2,185,000	FNMA	1.250		08/20/13		2,212,168
	176,000	FNMA	5.125		01/02/14		189,302
	214,000	FNMA	2.750		02/05/14		223,514
	7,646,000	FNMA	2.750		03/13/14		8,010,600
	4,071,000	FNMA	2.500		05/15/14		4,253,014
	5,415,000	FNMA	3.000		09/16/14		5,748,889

126

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$9,145,000	FNMA	4.625	%	10/15/14	$	10,087,237
	9,000,000	FNMA	2.625		11/20/14		9,492,084
	10,215,000	FNMA	5.000		03/15/16		11,812,177
	150,000	FNMA	5.000		05/11/17		177,398
	340,000	FNMA	5.375		06/12/17		409,395
	2,500,000	FNMA	5.625		07/15/37		3,304,158
	200,000	Private Export Funding Corp	1.375		02/15/17		200,911
	590,000	Private Export Funding Corp	2.250		12/15/17		613,516
		TOTAL AGENCY SECURITIES					159,341,674
FOREIGN GOVERNMENT BONDS - 3.0%
	906,000	Brazilian Government International Bond	5.875		01/15/19		1,083,576
	990,000	Brazilian Government International Bond	4.875		01/22/21		1,120,680
	100,000	Brazilian Government International Bond	8.875		04/15/24		152,350
	1,180,000	Brazilian Government International Bond	7.125		01/20/37		1,619,550
	1,130,000	Brazilian Government International Bond	5.625		01/07/41		1,302,325
	525,000	Canada Government International Bond	2.375		09/10/14		549,019
	600,000	Canada Government International Bond	0.875		02/14/17		592,725
	150,000	Chile Government International Bond	5.500		01/15/13		155,025
	345,000	Chile Government International Bond	3.875		08/05/20		370,875
	100,000	China Development Bank	5.000		10/15/15		109,718
	200,000	China Government International Bond	4.750		10/29/13		211,236
	900,000	Colombia Government International Bond	8.250		12/22/14		1,059,750
	450,000	Colombia Government International Bond	7.375		03/18/19		577,350
	200,000	Colombia Government International Bond	4.375		07/12/21		217,500
	1,050,000	Colombia Government International Bond	6.125		01/18/41		1,286,250
	300,000	Development Bank of Japan	5.125		02/01/17		349,209
	450,000	European Bank for Reconstruction & Development	3.625		06/17/13		466,812
	50,000	European Bank for Reconstruction & Development	1.625		09/03/15		50,971
	700,000	European Bank for Reconstruction & Development	2.500		03/15/16		733,086
	1,500,000	European Investment Bank	1.750		09/14/12		1,509,287
	1,000,000	European Investment Bank	2.875		03/15/13		1,021,540
	1,000,000	European Investment Bank	1.500		05/15/14		1,016,745
	5,000,000	European Investment Bank	1.625		09/01/15		5,098,325
	3,000,000	European Investment Bank	1.375		10/20/15		3,031,851
	4,000,000	European Investment Bank	2.250		03/15/16		4,149,120
	205,000	European Investment Bank	4.875		02/15/36		221,682
	95,000	Export Development Canada	3.500		05/16/13		98,351
	200,000	Export Development Canada	1.500		05/15/14		204,551
	545,000	Export Development Canada	2.250		05/28/15		572,311
	180,000	Export-Import Bank of Korea	8.125		01/21/14		198,757
	250,000	Export-Import Bank of Korea	5.875		01/14/15		272,650
	590,000	Export-Import Bank of Korea	4.125		09/09/15		618,784
	475,000	Export-Import Bank of Korea	5.125		06/29/20		509,122
	1,190,000	Federative Republic of Brazil	6.000		01/17/17		1,410,150
	903,333	Federative Republic of Brazil	8.000		01/15/18		1,078,128
	100,000	Finland Government International Bond	6.950		02/15/26		139,413
	500,000	Hydro Quebec	2.000		06/30/16		514,352
	270,000	Hydro Quebec	9.400		02/01/21		395,758
	200,000	Hydro Quebec	8.500		12/01/29		311,548
	150,000	Inter-American Development Bank	1.625		07/15/13		151,795
	1,000,000	Inter-American Development Bank	3.000		04/22/14		1,052,121

127

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$1,500,000	Inter-American Development Bank	2.250	%	07/15/15	$	1,570,241
	1,105,000	Inter-American Development Bank	3.875		09/17/19		1,259,560
	150,000	International Bank for Reconstruction & Development	2.000		04/02/12		150,000
	1,245,000	International Bank for Reconstruction & Development	3.625		05/21/13		1,292,807
	1,000,000	International Bank for Reconstruction & Development	1.125		08/25/14		1,016,334
	3,200,000	International Bank for Reconstruction & Development	2.375		05/26/15		3,370,237
	1,300,000	International Bank for Reconstruction & Development	2.125		03/15/16		1,362,297
	150,000	International Bank for Reconstruction & Development	1.000		09/15/16		150,686
	400,000	International Bank for Reconstruction & Development	7.625		01/19/23		573,528
	34,000	International Bank for Reconstruction & Development	4.750		02/15/35		40,664
	30,000	International Finance Corp	3.000		04/22/14		31,554
	1,700,000	International Finance Corp	2.750		04/20/15		1,806,862
	800,000	International Finance Corp	1.125		11/23/16		800,106
	800,000	Israel Government AID Bond	5.500		09/18/23		1,001,674
	300,000	Israel Government International Bond	4.625		06/15/13		311,243
	400,000	Israel Government International Bond	5.125		03/26/19		441,405
	705,000	Israel Government International Bond	4.000		06/30/22		697,222
	150,000	Italian Republic	2.125		10/05/12		150,104
	1,000,000	Italian Republic	2.125		09/16/13		1,003,371
	500,000	Italian Republic	3.125		01/26/15		497,431
	1,200,000	Italian Republic	5.250		09/20/16		1,232,209
	574,000	Italian Republic	5.375		06/15/33		541,534
	430,000	Italy Government International Bond	5.375		06/12/17		441,080
	200,000	Japan Bank for International Cooperation	2.125		11/05/12		201,580
	1,500,000	Japan Bank for International Cooperation	4.250		06/18/13		1,562,287
	600,000	Japan Finance Corp	2.250		07/13/16		621,035
	500,000	Japan Finance Organization for Municipalities	5.000		05/16/17		579,810
	600,000	KFW	2.625		01/25/22		594,700
	600,000	Korea Development Bank	8.000		01/23/14		661,385
	475,000	Korea Development Bank	4.375		08/10/15		500,650
	235,000	Korea Development Bank	3.250		03/09/16		237,839
	1,000,000	Mexico Government International Bond	5.625		01/15/17		1,156,500
	300,000	Mexico Government International Bond	3.625		03/15/22		306,750
	300,000	Mexico Government International Bond	8.000		09/24/22		412,500
	66,000	Mexico Government International Bond	7.500		04/08/33		91,740
	600,000	Mexico Government International Bond	6.750		09/27/34		771,000
	1,214,000	Mexico Government International Bond	6.050		01/11/40		1,462,870
	400,000	Mexico Government International Bond	4.750		03/08/44		392,000
	150,000	Mexico Government International Bond	5.750		10/12/10		154,125
	600,000	Panama Government International Bond	5.200		01/30/20		687,900
	692,000	Panama Government International Bond	6.700		01/26/36		909,980
	320,000	Peruvian Government International Bond	7.125		03/30/19		408,000
	725,000	Peruvian Government International Bond	7.350		07/21/25		990,350
	150,000	Peruvian Government International Bond	6.550		03/14/37		191,100
	500,000	Peruvian Government International Bond	5.625		11/18/50		560,000
	380,000	Poland Government International Bond	3.875		07/16/15		399,266
	1,235,000	Poland Government International Bond	6.375		07/15/19		1,435,688
	67,000	Poland Government International Bond	5.125		04/21/21		71,556
	390,000	Poland Government International Bond	5.000		03/23/22		411,068
	1,055,000	Province of British Columbia Canada	2.850		06/15/15		1,122,421
	730,000	Province of Manitoba Canada	2.125		04/22/13		742,862
	200,000	Province of New Brunswick Canada	5.200		02/21/17		234,121

128

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$255,000		Province of Nova Scotia Canada	2.375	%	07/21/15	$	266,628
	50,000		Province of Nova Scotia Canada	5.125		01/26/17		58,342
	200,000		Province of Nova Scotia Canada	8.250		07/30/22		287,782
	1,700,000		Province of Ontario Canada	2.950		02/05/15		1,802,226
	2,690,000		Province of Ontario Canada	2.700		06/16/15		2,838,348
	1,000,000		Province of Ontario Canada	2.300		05/10/16		1,035,608
	300,000		Province of Ontario Canada	1.600		09/21/16		302,561
	230,000		Province of Ontario Canada	4.400		04/14/20		263,171
	40,000		Province of Quebec Canada	4.875		05/05/14		43,506
	385,000		Province of Quebec Canada	5.125		11/14/16		448,329
	1,135,000		Province of Quebec Canada	4.625		05/14/18		1,318,178
	120,000		Province of Quebec Canada	3.500		07/29/20		128,978
	200,000		Province of Quebec Canada	7.125		02/09/24		269,388
	201,000		Province of Quebec Canada	7.500		09/15/29		295,322
	100,000		Province of Saskatchewan Canada	8.500		07/15/22		146,731
	200,000		Region of Lombardy Italy	5.804		10/25/32		145,077
	475,000		Republic of Korea	5.750		04/16/14		512,015
	500,000		Republic of Korea	7.125		04/16/19		618,526
	289,000		South Africa Government International Bond	7.375		04/25/12		289,723
	300,000		South Africa Government International Bond	6.500		06/02/14		332,250
	110,000		South Africa Government International Bond	6.875		05/27/19		132,413
	225,000		South Africa Government International Bond	5.500		03/09/20		250,875
	500,000		South Africa Government International Bond	4.665		01/17/24		511,250
	300,000		South Africa Government International Bond	6.250		03/08/41		351,000
	625,000		Svensk Exportkredit AB	5.125		03/01/17		710,282
	196,000		United Mexican States	5.875		02/17/14		212,856
	1,280,000		United Mexican States	5.950		03/19/19		1,534,720
	868,000		United Mexican States	5.125		01/15/20		996,030
			TOTAL FOREIGN GOVERNMENT BONDS					89,299,695
MORTGAGE BACKED - 31.0%
	20,527	i	Federal Home Loan Mortgage Corp (FHLMC)	5.041		10/01/35		21,799
	250,383	i	FHLMC	2.380		02/01/36		263,759
	98,784	i	FHLMC	2.571		07/01/36		104,904
	312,446	i	FHLMC	2.540		09/01/36		336,338
	230,382	i	FHLMC	2.602		09/01/36		241,336
	250,713	i	FHLMC	2.645		09/01/36		265,409
	37,268	i	FHLMC	5.634		02/01/37		40,270
	34,704	i	FHLMC	5.810		02/01/37		37,350
	596,493	i	FHLMC	2.887		03/01/37		637,208
	52,141	i	FHLMC	5.496		03/01/37		56,324
	558,651	i	FHLMC	5.969		04/01/37		607,553
	62,306	i	FHLMC	4.661		05/01/37		65,965
	236,430	i	FHLMC	5.748		05/01/37		255,348
	82,698	i	FHLMC	5.573		06/01/37		87,535
	377,353	i	FHLMC	5.221		08/01/37		403,616
	362,163	i	FHLMC	5.072		09/01/37		387,603
	174,588	i	FHLMC	5.994		09/01/37		187,495
	11,009	i	FHLMC	6.036		09/01/37		11,950
	56,846	i	FHLMC	5.380		02/01/38		61,424
	438,759	i	FHLMC	4.498		04/01/38		468,637
	533,430	i	FHLMC	4.873		04/01/38		568,983

129

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$47,382	i	FHLMC	4.716	%	07/01/38	$	50,861
	122,190		FHLMC	5.000		10/01/39		131,608
	211,975	i	FHLMC	3.619		06/01/40		222,792
	792,315	i	FHLMC	3.022		01/01/41		826,178
	13,162		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000		08/01/12		13,204
	67,107		FGLMC	4.500		05/01/13		67,973
	86,526		FGLMC	5.000		07/01/14		93,013
	7,836		FGLMC	7.500		01/01/16		8,007
	103		FGLMC	7.500		05/01/16		111
	118		FGLMC	7.500		06/01/16		127
	36,721		FGLMC	5.500		05/01/17		39,802
	73,384		FGLMC	5.500		06/01/17		78,950
	44,938		FGLMC	5.000		12/01/17		48,504
	37,180		FGLMC	5.500		12/01/17		40,253
	57,502		FGLMC	5.000		03/01/18		61,610
	181,584		FGLMC	5.000		04/01/18		194,626
	163,111		FGLMC	4.500		06/01/18		175,086
	340,944		FGLMC	4.500		09/01/18		370,877
	289,923		FGLMC	4.000		11/01/18		308,219
	388,017		FGLMC	4.500		01/01/19		423,779
	61,711		FGLMC	4.000		05/01/19		65,798
	494,462		FGLMC	4.500		05/01/19		530,456
	1,081,400		FGLMC	4.500		06/01/19		1,160,119
	265,096		FGLMC	4.000		10/01/19		282,653
	109,866		FGLMC	5.500		11/01/19		119,289
	680,575		FGLMC	4.500		12/01/19		730,117
	165,327		FGLMC	4.500		01/01/20		177,362
	71,027		FGLMC	4.500		02/01/20		77,263
	682,099		FGLMC	5.000		05/01/20		739,574
	720,359		FGLMC	5.000		05/01/20		777,524
	64,560		FGLMC	4.500		07/01/20		70,228
	700,225		FGLMC	5.000		07/01/20		755,792
	8,435		FGLMC	7.000		10/01/20		9,899
	60,509		FGLMC	5.000		12/01/20		65,368
	794,509		FGLMC	4.500		06/01/21		851,848
	1,407,058		FGLMC	4.500		06/01/21		1,508,604
	648,276		FGLMC	5.000		07/01/21		700,329
	91,657		FGLMC	5.500		07/01/21		99,232
	63,047		FGLMC	5.000		10/01/22		67,883
	48,200		FGLMC	6.000		11/01/22		52,268
	464,585		FGLMC	5.000		04/01/23		499,420
	36,680		FGLMC	4.500		05/01/23		39,178
	730,348		FGLMC	4.500		05/01/23		780,089
	357,666		FGLMC	5.000		05/01/23		390,823
	602,970		FGLMC	5.500		05/01/23		652,427
	106,689		FGLMC	5.000		10/01/23		114,689
	80,370		FGLMC	5.500		10/01/23		88,256
	71,125		FGLMC	5.000		11/01/23		77,719
	152,713		FGLMC	5.000		03/01/24		166,870
	46,461		FGLMC	4.500		04/01/24		49,589
	20,730		FGLMC	4.500		05/01/24		22,126
	132,119		FGLMC	4.500		06/01/24		141,014

130

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$606,193	FGLMC	4.000	%	07/01/24	$	640,469
	393,977	FGLMC	5.500		07/01/24		427,769
	1,345,933	FGLMC	4.000		08/01/24		1,422,036
	202,938	FGLMC	4.500		09/01/24		216,601
	80,730	FGLMC	4.500		09/01/24		86,166
	37,568	FGLMC	4.500		09/01/24		40,097
	35,584	FGLMC	5.500		09/01/24		39,120
	1,559,939	FGLMC	4.000		10/01/24		1,648,144
	98,354	FGLMC	4.500		10/01/24		106,009
	45,755	FGLMC	4.500		10/01/24		48,835
	56,781	FGLMC	4.500		11/01/24		60,604
	101,048	FGLMC	4.500		12/01/24		107,851
	444,977	FGLMC	5.500		12/01/24		481,475
	70,701	FGLMC	4.500		02/01/25		75,472
	2,083,886	FGLMC	4.000		03/01/25		2,201,716
	53,667	FGLMC	4.500		06/01/25		57,280
	91,733	FGLMC	4.500		07/01/25		97,923
	1,281,333	FGLMC	4.000		10/01/25		1,353,784
	2,870,531	FGLMC	3.500		11/01/25		3,003,674
	1,843,088	FGLMC	3.500		11/01/25		1,928,575
	795,826	FGLMC	3.500		12/01/25		832,739
	462,436	FGLMC	3.000		01/01/26		479,180
	600,569	FGLMC	4.000		04/01/26		635,278
	994,794	FGLMC	4.000		05/01/26		1,052,287
	249,411	FGLMC	5.500		07/01/26		272,948
	27,810	FGLMC	6.000		08/01/26		30,748
	806,994	FGLMC	3.000		09/01/26		836,213
	4,163,416	FGLMC	3.500		10/01/26		4,356,526
	121,462	FGLMC	5.000		10/01/26		132,721
	40,136	FGLMC	5.500		10/01/26		43,924
	9,954,558	FGLMC	3.000		02/01/27		10,314,986
	405,664	FGLMC	6.000		12/01/27		448,275
	744,788	FGLMC	5.000		03/01/28		802,661
	64,418	FGLMC	5.500		05/01/28		70,256
	469	FGLMC	6.500		10/01/28		536
	550,465	FGLMC	5.500		01/01/29		600,692
	8,597	FGLMC	6.500		01/01/29		9,829
	141,470	FGLMC	4.000		02/01/29		150,074
	2,539	FGLMC	6.500		03/01/29		2,903
	863,109	FGLMC	4.500		04/01/29		916,261
	67,838	FGLMC	6.500		05/01/29		77,557
	18,724	FGLMC	6.500		07/01/29		21,406
	114,854	FGLMC	5.000		12/01/29		123,778
	186,107	FGLMC	4.000		08/01/30		197,426
	913,763	FGLMC	4.500		01/01/31		970,035
	1,766	FGLMC	8.000		01/01/31		2,125
	890,832	FGLMC	4.000		03/01/31		945,014
	112,529	FGLMC	4.000		05/01/31		119,373
	893,499	FGLMC	4.500		05/01/31		948,523
	395,881	FGLMC	4.000		06/01/31		419,959
	1,315,083	FGLMC	4.000		08/01/31		1,395,069
	952,750	FGLMC	4.000		09/01/31		1,010,698

131

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$16,933		FGLMC	6.500	%	09/01/31	$	19,275
	28,912		FGLMC	8.000		09/01/31		35,072
	470,703		FGLMC	3.500		11/01/31		491,524
	155,621		FGLMC	7.000		12/01/31		181,557
	80,850		FGLMC	6.500		01/01/32		92,028
	211,992		FGLMC	6.000		02/01/32		237,241
	5,000,000	h	FGLMC	3.000		03/01/32		5,110,232
	67,067		FGLMC	7.000		04/01/32		78,245
	59,965		FGLMC	6.500		05/01/32		68,556
	78,784		FGLMC	5.500		11/01/32		86,292
	82,681		FGLMC	6.000		02/01/33		92,528
	338,676		FGLMC	5.000		03/01/33		365,627
	149,119		FGLMC	6.000		03/01/33		166,786
	63,727		FGLMC	6.000		03/01/33		71,278
	399,570		FGLMC	6.000		03/01/33		447,160
	184,615		FGLMC	5.000		04/01/33		199,306
	34,703		FGLMC	6.000		04/01/33		38,837
	2,036,283		FGLMC	5.000		06/01/33		2,205,726
	820,244		FGLMC	5.500		06/01/33		898,291
	306,697		FGLMC	4.500		07/01/33		326,063
	48,045		FGLMC	5.000		08/01/33		51,868
	383,950		FGLMC	5.000		08/01/33		417,263
	72,011		FGLMC	6.500		08/01/33		81,967
	729,723		FGLMC	5.000		09/01/33		809,001
	232,444		FGLMC	5.500		09/01/33		256,777
	316,037		FGLMC	5.500		09/01/33		349,121
	286,115		FGLMC	5.500		09/01/33		318,570
	176,970		FGLMC	5.500		09/01/33		193,808
	141,545		FGLMC	4.000		10/01/33		148,783
	86,237		FGLMC	5.000		10/01/33		93,100
	397,871		FGLMC	5.500		10/01/33		439,521
	605,950		FGLMC	5.500		12/01/33		663,701
	161,457		FGLMC	5.500		12/01/33		176,819
	1,222,091		FGLMC	7.000		12/01/33		1,425,765
	1,516,902		FGLMC	5.000		01/01/34		1,637,614
	39,334		FGLMC	5.500		02/01/34		43,076
	234,271		FGLMC	5.000		03/01/34		252,914
	255,463		FGLMC	5.500		03/01/34		281,694
	479,419		FGLMC	5.000		05/01/34		517,570
	249,386		FGLMC	4.500		06/01/34		265,016
	831,605		FGLMC	5.000		06/01/34		897,782
	150,870		FGLMC	5.500		06/01/34		165,131
	101,981		FGLMC	6.000		06/01/34		114,127
	307,529		FGLMC	6.000		09/01/34		342,667
	51,971		FGLMC	5.000		11/01/34		56,130
	2,573,587		FGLMC	5.500		11/01/34		2,816,858
	1,443,603		FGLMC	5.000		12/01/34		1,558,482
	119,942		FGLMC	5.500		12/01/34		131,561
	234,207		FGLMC	5.500		12/01/34		256,492
	27,552		FGLMC	5.500		01/01/35		30,156
	116,646		FGLMC	5.500		01/01/35		127,672
	16,978		FGLMC	5.500		01/01/35		18,583

132

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$739,108		FGLMC	4.500	%	04/01/35	$	785,432
	279,183	i	FGLMC	4.977		04/01/35		298,780
	456,242		FGLMC	6.000		05/01/35		507,053
	81,200		FGLMC	6.000		05/01/35		90,009
	491,287		FGLMC	7.000		05/01/35		573,165
	170,613		FGLMC	5.500		06/01/35		186,741
	100,090		FGLMC	5.500		06/01/35		109,551
	160,430		FGLMC	5.000		07/01/35		173,046
	3,112,146		FGLMC	5.000		07/01/35		3,356,887
	140,652		FGLMC	6.000		07/01/35		155,909
	155,067		FGLMC	5.000		08/01/35		167,261
	59,346		FGLMC	5.500		08/01/35		64,928
	366,555		FGLMC	6.000		08/01/35		406,318
	74,320		FGLMC	4.500		09/01/35		78,943
	558,205		FGLMC	5.000		10/01/35		611,173
	142,971		FGLMC	5.000		10/01/35		154,214
	585,447		FGLMC	5.000		10/01/35		631,487
	2,314,777		FGLMC	5.500		10/01/35		2,535,031
	86,910		FGLMC	5.000		12/01/35		93,744
	522,088		FGLMC	5.000		12/01/35		563,145
	243,013		FGLMC	6.000		01/01/36		268,691
	159,570		FGLMC	5.000		02/01/36		172,119
	78,448		FGLMC	5.000		02/01/36		84,618
	106,531		FGLMC	6.000		02/01/36		118,087
	984,341		FGLMC	5.500		04/01/36		1,079,694
	94,138		FGLMC	5.500		05/01/36		103,037
	33,606		FGLMC	6.500		05/01/36		37,706
	3,996,038		FGLMC	6.000		06/01/36		4,418,281
	608,492		FGLMC	5.000		07/01/36		656,344
	367,421		FGLMC	6.000		07/01/36		409,402
	137,819		FGLMC	6.000		08/01/36		152,382
	100,101		FGLMC	6.000		09/01/36		111,303
	241,185		FGLMC	6.500		10/01/36		270,611
	167,061		FGLMC	5.500		11/01/36		182,096
	401,217		FGLMC	6.000		11/01/36		443,612
	2,178,952		FGLMC	6.000		12/01/36		2,409,192
	272,461	i	FGLMC	5.807		01/01/37		295,362
	1,008,792		FGLMC	6.000		03/01/37		1,115,387
	232,577		FGLMC	6.500		03/01/37		261,971
	1,357,649		FGLMC	5.500		04/01/37		1,477,710
	1,137,341	i	FGLMC	5.642		04/01/37		1,230,647
	180,829		FGLMC	5.000		05/01/37		194,937
	99,539		FGLMC	5.000		06/01/37		107,304
	716,681		FGLMC	5.500		06/01/37		780,059
	695,627	i	FGLMC	5.608		06/01/37		750,197
	2,724,557		FGLMC	6.000		07/01/37		3,008,191
	542,405		FGLMC	6.000		08/01/37		602,769
	213,223		FGLMC	6.000		09/01/37		236,953
	2,672,789		FGLMC	5.500		10/01/37		2,927,108
	118,193		FGLMC	6.000		11/01/37		130,497
	816,070		FGLMC	6.500		11/01/37		915,636
	375,392		FGLMC	6.000		01/01/38		414,472

133

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$144,028		FGLMC	6.000	%	02/01/38	$	159,022
	1,612,478		FGLMC	6.000		02/01/38		1,780,342
	1,270,166		FGLMC	5.000		03/01/38		1,369,258
	1,520,336		FGLMC	5.000		04/01/38		1,664,601
	120,970		FGLMC	5.000		04/01/38		133,394
	2,895,527		FGLMC	5.500		04/01/38		3,159,730
	653,387		FGLMC	5.500		05/01/38		710,963
	225,563	i	FGLMC	4.812		06/01/38		240,404
	71,129		FGLMC	5.500		06/01/38		77,397
	226,353		FGLMC	6.000		07/01/38		249,917
	230,472		FGLMC	5.500		08/01/38		251,502
	846,350		FGLMC	5.500		08/01/38		922,517
	291,775		FGLMC	5.000		09/01/38		314,493
	990,367		FGLMC	5.500		09/01/38		1,082,590
	3,997,659		FGLMC	5.500		09/01/38		4,349,933
	46,747		FGLMC	5.500		10/01/38		50,867
	1,541,405		FGLMC	6.000		11/01/38		1,701,870
	84,591		FGLMC	4.500		02/01/39		89,761
	3,961,176		FGLMC	5.000		02/01/39		4,269,590
	281,084		FGLMC	5.500		02/01/39		305,853
	58,851		FGLMC	4.500		03/01/39		62,439
	975,304		FGLMC	5.000		03/01/39		1,067,851
	236,411		FGLMC	6.000		03/01/39		261,022
	153,424		FGLMC	4.500		04/01/39		166,420
	7,817,103		FGLMC	4.500		04/01/39		8,359,572
	2,946,165		FGLMC	4.000		05/01/39		3,083,465
	6,121,261		FGLMC	4.500		05/01/39		6,494,398
	59,020		FGLMC	4.500		05/01/39		62,618
	672,318		FGLMC	4.500		05/01/39		722,546
	1,463,594		FGLMC	4.500		05/01/39		1,552,811
	1,063,390		FGLMC	5.000		05/01/39		1,147,016
	2,432,567		FGLMC	4.000		06/01/39		2,545,931
	598,196		FGLMC	4.500		06/01/39		634,660
	239,122		FGLMC	5.000		06/01/39		261,812
	127,978		FGLMC	5.500		06/01/39		139,256
	3,295,227		FGLMC	4.000		07/01/39		3,448,794
	198,028		FGLMC	4.500		07/01/39		210,100
	98,259		FGLMC	4.500		07/01/39		104,249
	1,334,332		FGLMC	4.500		07/01/39		1,415,670
	715,956		FGLMC	5.000		07/01/39		771,140
	2,099,295		FGLMC	5.500		07/01/39		2,284,941
	95,965		FGLMC	4.500		08/01/39		101,815
	269,842		FGLMC	5.000		08/01/39		290,641
	818,485		FGLMC	4.000		09/01/39		856,245
	1,662,060		FGLMC	5.000		09/01/39		1,819,774
	42,710		FGLMC	5.500		09/01/39		46,514
	5,266,717		FGLMC	6.500		09/01/39		5,909,288
	846,327		FGLMC	4.500		10/01/39		897,917
	197,896		FGLMC	4.500		10/01/39		214,659
	258,350		FGLMC	4.500		10/01/39		280,234
	148,184		FGLMC	4.000		11/01/39		155,090
	682,551		FGLMC	4.500		11/01/39		724,158

134

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$82,410		FGLMC	5.000	%	11/01/39	$	88,762
	204,218		FGLMC	5.000		11/01/39		219,959
	484,283		FGLMC	4.500		12/01/39		513,803
	1,965,102		FGLMC	4.500		12/01/39		2,111,910
	602,437		FGLMC	4.500		12/01/39		647,444
	1,187,187		FGLMC	4.500		12/01/39		1,259,555
	1,611,299		FGLMC	5.500		12/01/39		1,753,790
	1,368,459		FGLMC	4.500		01/01/40		1,451,878
	74,786		FGLMC	5.000		01/01/40		81,882
	283,415		FGLMC	5.500		01/01/40		308,389
	672,156		FGLMC	5.500		03/01/40		731,596
	923,631		FGLMC	4.500		04/01/40		979,934
	147,455		FGLMC	4.500		04/01/40		158,471
	510,796		FGLMC	5.000		04/01/40		550,246
	1,262,711		FGLMC	5.000		04/01/40		1,372,963
	11,418,594	h	FGLMC	4.500		05/01/40		12,114,645
	30,435		FGLMC	4.500		06/01/40		32,290
	834,454	i	FGLMC	3.353		07/01/40		875,098
	142,828		FGLMC	4.500		08/01/40		151,535
	2,410,078		FGLMC	5.000		08/01/40		2,631,977
	241,464		FGLMC	5.000		08/01/40		260,113
	1,259,327		FGLMC	5.000		08/01/40		1,356,590
	1,859,309		FGLMC	4.000		09/01/40		1,946,829
	6,493,953		FGLMC	4.000		12/01/40		6,832,103
	560,750		FGLMC	3.500		01/01/41		575,127
	1,726,134		FGLMC	3.500		01/01/41		1,770,392
	1,423,928		FGLMC	4.000		01/01/41		1,490,955
	1,186,439		FGLMC	3.500		02/01/41		1,216,859
	5,886,004		FGLMC	4.000		02/01/41		6,163,068
	1,919,350		FGLMC	4.000		02/01/41		2,010,897
	2,078,888		FGLMC	4.500		04/01/41		2,205,613
	487,886		FGLMC	5.000		04/01/41		526,559
	213,887	i	FGLMC	2.554		05/01/41		222,055
	3,018,644		FGLMC	4.500		06/01/41		3,202,653
	891,908	i	FGLMC	2.902		09/01/41		927,448
	231,484	i	FGLMC	3.062		10/01/41		241,876
	4,289,894		FGLMC	3.500		10/01/41		4,399,887
	4,599,988		FGLMC	5.000		10/01/41		5,002,819
	2,164,461		FGLMC	4.500		05/01/41		2,296,401
	2,690		Federal National Mortgage Association (FNMA)	5.000		06/01/13		2,806
	547,885		FNMA	4.440		07/01/13		561,903
	1,366		FNMA	6.000		09/01/13		1,383
	599,721		FNMA	4.754		10/01/13		601,354
	1,113		FNMA	6.500		12/01/13		1,157
	475,435		FNMA	4.777		02/01/14		496,838
	690,141		FNMA	4.640		11/01/14		737,105
	353,887		FNMA	4.869		03/01/16		361,298
	82,231		FNMA	6.000		04/01/16		84,923
	75,164		FNMA	5.500		09/01/16		81,963
	6,228		FNMA	6.500		10/01/16		6,863
	49,004		FNMA	6.500		11/01/16		54,007
	34,152		FNMA	6.500		04/01/17		37,756

135

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$30,030	FNMA	6.000	%	05/01/17	$	32,521
	165,135	FNMA	5.000		09/01/17		179,246
	28,499	FNMA	6.000		11/01/17		30,827
	313,566	FNMA	5.000		12/01/17		340,361
	22,981	FNMA	5.000		12/01/17		24,945
	2,034,364	FNMA	5.000		12/01/17		2,208,201
	2,658,181	FNMA	5.000		01/01/18		2,885,322
	2,517,618	FNMA	4.500		02/01/18		2,707,179
	333,835	FNMA	4.500		04/01/18		358,971
	67,600	FNMA	5.000		04/01/18		73,376
	496,153	FNMA	5.500		04/01/18		542,268
	43,852	FNMA	5.500		04/01/18		48,216
	26,299	FNMA	5.500		05/01/18		28,915
	729,303	FNMA	4.500		06/01/18		784,215
	96,512	FNMA	4.000		08/01/18		103,010
	1,092,329	FNMA	4.000		08/01/18		1,165,870
	284,222	FNMA	4.500		09/01/18		305,622
	192,896	FNMA	4.500		10/01/18		207,420
	486,699	FNMA	5.000		11/01/18		528,287
	11,126	FNMA	5.000		01/01/19		12,076
	26,676	FNMA	6.000		01/01/19		29,401
	60,102	FNMA	4.500		05/01/19		64,590
	157,042	FNMA	4.500		06/01/19		168,768
	25,916	FNMA	4.500		06/01/19		27,851
	178,270	FNMA	5.000		07/01/19		193,504
	700,942	FNMA	5.000		10/01/19		760,947
	109,824	FNMA	4.500		11/01/19		118,025
	92,270	FNMA	4.500		12/01/19		99,160
	110,464	FNMA	5.000		03/01/20		119,903
	33,473	FNMA	5.000		04/01/20		36,364
	74,595	FNMA	4.500		06/01/20		80,200
	52,168	FNMA	4.500		09/01/20		56,063
	53,969	FNMA	4.500		10/01/20		57,965
	76,471	FNMA	4.500		11/01/20		82,181
	205,273	FNMA	5.000		12/01/20		223,006
	485,529	FNMA	5.500		01/01/21		529,443
	173,829	FNMA	5.000		03/01/21		188,683
	1,201,235	FNMA	6.000		04/01/21		1,300,423
	135,902	FNMA	5.500		08/01/21		148,194
	36,914	FNMA	6.000		08/01/21		40,022
	24,388	FNMA	5.000		10/01/21		26,495
	60,673	FNMA	5.000		11/01/21		65,857
	29,923	FNMA	5.500		11/01/21		32,629
	82,967	FNMA	5.500		10/01/22		90,427
	28,925	FNMA	6.000		10/01/22		31,342
	24,299	FNMA	5.000		03/01/23		26,315
	96,227	FNMA	4.500		04/01/23		103,112
	704,412	FNMA	4.500		06/01/23		754,808
	59,531	FNMA	5.000		06/01/23		64,395
	53,168	FNMA	5.500		06/01/23		58,495
	619,547	FNMA	5.000		07/01/23		670,164
	329,244	FNMA	5.000		07/01/23		356,144

136

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$65,455		FNMA	5.500	%	08/01/23	$	71,340
	99,450		FNMA	5.000		11/01/23		109,031
	33,843		FNMA	5.500		11/01/23		36,968
	1,402,603		FNMA	5.500		01/01/24		1,529,461
	84,767		FNMA	5.500		02/01/24		93,261
	649,072		FNMA	4.000		03/01/24		688,106
	43,760		FNMA	4.500		04/01/24		46,863
	2,559,796		FNMA	4.000		05/01/24		2,713,735
	1,066,769		FNMA	4.000		05/01/24		1,130,921
	55,343		FNMA	4.000		06/01/24		58,671
	57,234		FNMA	4.500		07/01/24		62,438
	47,916		FNMA	5.500		07/01/24		52,687
	713		FNMA	8.000		07/01/24		844
	290,100		FNMA	4.500		08/01/24		310,674
	234,036		FNMA	4.000		09/01/24		248,111
	1,094,706		FNMA	4.000		09/01/24		1,160,539
	154,794		FNMA	4.500		09/01/24		165,772
	129,090		FNMA	5.000		01/01/25		141,525
	289,790		FNMA	4.500		02/01/25		310,341
	1,846,124		FNMA	4.500		03/01/25		1,977,048
	41,583		FNMA	4.500		03/01/25		44,532
	586,130		FNMA	5.000		03/01/25		642,595
	1,687,478		FNMA	4.500		04/01/25		1,807,151
	491,092		FNMA	4.500		04/01/25		525,920
	2,078,302		FNMA	4.000		06/01/25		2,203,285
	1,780,869		FNMA	4.500		06/01/25		1,907,165
	754,627		FNMA	4.000		08/01/25		800,009
	257,820		FNMA	5.500		08/01/25		283,331
	3,028,112		FNMA	3.500		09/01/25		3,178,973
	3,531,038		FNMA	4.000		09/01/25		3,743,385
	4,303,717		FNMA	3.500		10/01/25		4,518,129
	1,283,004		FNMA	5.000		10/01/25		1,403,395
	2,210,007		FNMA	4.000		11/01/25		2,342,910
	3,051,171		FNMA	3.500		12/01/25		3,203,180
	780,984		FNMA	4.000		03/01/26		829,659
	2,017,997		FNMA	4.000		06/01/26		2,143,768
	1,579,910		FNMA	3.500		08/01/26		1,658,621
	1,378,764		FNMA	3.500		09/01/26		1,447,454
	844,705		FNMA	4.000		09/01/26		897,351
	2,211,041		FNMA	3.500		10/01/26		2,321,196
	50,440		FNMA	6.000		10/01/26		55,688
	2,430,809		FNMA	3.000		11/01/26		2,521,101
	5,700,000	h	FNMA	3.000		04/01/27		5,912,616
	483,780		FNMA	6.000		08/01/27		533,959
	193,014		FNMA	5.500		09/01/27		210,785
	24,509		FNMA	5.500		01/01/28		26,766
	21,003		FNMA	5.000		02/01/28		22,855
	118,168		FNMA	5.500		06/01/28		128,937
	20,371		FNMA	5.500		11/01/28		22,227
	63		FNMA	7.500		01/01/29		74
	164,901		FNMA	4.000		03/01/29		174,990
	756,831		FNMA	4.500		04/01/29		806,277

137

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$1,123	FNMA	6.500	%	04/01/29	$	1,285
	403,043	FNMA	4.000		05/01/29		427,701
	274,329	FNMA	4.500		06/01/29		292,252
	64,261	FNMA	4.000		07/01/29		68,193
	350	FNMA	7.500		07/01/29		351
	3,736	FNMA	7.500		07/01/29		3,901
	1,220,421	FNMA	4.500		08/01/29		1,300,154
	184,718	FNMA	4.500		09/01/29		196,786
	85,563	FNMA	4.500		11/01/29		91,100
	57,419	FNMA	4.500		01/01/30		61,134
	181,730	FNMA	4.000		03/01/30		192,849
	68,732	FNMA	4.500		05/01/30		73,180
	89,574	FNMA	4.500		06/01/30		95,370
	793,112	FNMA	4.500		08/01/30		844,433
	182,284	FNMA	4.000		09/01/30		193,436
	957,755	FNMA	4.000		10/01/30		1,016,350
	1,223,249	FNMA	4.000		11/01/30		1,298,087
	302,440	FNMA	4.500		12/01/30		322,010
	358,297	FNMA	3.500		02/01/31		374,202
	446,296	FNMA	4.000		02/01/31		473,600
	298	FNMA	7.500		02/01/31		318
	2,893	FNMA	7.500		03/01/31		3,460
	924,310	FNMA	3.500		04/01/31		965,340
	125,911	FNMA	4.000		04/01/31		133,614
	17,104	FNMA	6.000		05/01/31		19,108
	2,057	FNMA	7.500		05/01/31		2,463
	675,670	FNMA	4.500		07/01/31		719,391
	304,515	FNMA	4.000		09/01/31		323,145
	2,042	FNMA	6.500		09/01/31		2,325
	139,636	FNMA	6.000		11/01/31		155,996
	16,463	FNMA	6.500		11/01/31		18,751
	1,483,405	FNMA	3.500		01/01/32		1,549,253
	41,502	FNMA	6.000		01/01/32		46,364
	57,142	FNMA	6.000		01/01/32		63,837
	38,426	FNMA	6.000		02/01/32		42,928
	107,769	FNMA	6.500		04/01/32		123,888
	280,617	FNMA	6.500		07/01/32		319,615
	27,255	FNMA	6.500		08/01/32		31,042
	372,344	FNMA	6.000		09/01/32		415,969
	35,936	FNMA	7.500		09/01/32		43,025
	347,081	FNMA	5.500		10/01/32		381,424
	93,698	FNMA	6.000		10/01/32		104,676
	85,545	FNMA	6.000		11/01/32		95,568
	22,727	FNMA	5.500		12/01/32		24,975
	148,741	FNMA	5.500		12/01/32		163,458
	154,014	FNMA	6.000		12/01/32		172,059
	823,611	FNMA	5.500		01/01/33		905,104
	1,972,568	FNMA	6.000		01/01/33		2,183,346
	926,718	FNMA	5.000		02/01/33		1,003,396
	47,074	FNMA	5.000		02/01/33		50,969
	36,606	FNMA	6.000		04/01/33		40,895
	6,492,336	FNMA	5.500		05/01/33		7,134,729

138

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$353,292	FNMA	5.000	%	06/01/33	$	383,390
	723,442	FNMA	5.500		06/01/33		795,024
	102,849	FNMA	4.500		07/01/33		109,632
	393,131	FNMA	5.000		07/01/33		425,659
	321,658	FNMA	4.500		08/01/33		342,874
	534,638	FNMA	4.500		08/01/33		569,901
	180,352	FNMA	5.000		08/01/33		195,274
	486,549	FNMA	5.500		09/01/33		535,755
	196,697	FNMA	5.500		09/01/33		216,590
	91,561	FNMA	6.000		09/01/33		102,289
	1,032,087	FNMA	4.500		10/01/33		1,100,161
	140,901	FNMA	5.000		10/01/33		152,559
	191,362	FNMA	5.000		10/01/33		207,196
	1,165,468	FNMA	5.500		10/01/33		1,289,892
	2,385,261	FNMA	5.500		10/01/33		2,660,780
	84,548	FNMA	4.500		11/01/33		90,125
	4,371,424	FNMA	5.000		11/01/33		4,733,124
	162,703	FNMA	5.000		11/01/33		176,166
	1,619,768	FNMA	5.000		12/01/33		1,753,791
	1,445,899	FNMA	5.500		12/01/33		1,600,261
	544,875	FNMA	5.000		02/01/34		589,959
	1,890,282	FNMA	6.000		02/01/34		2,111,752
	136,962	FNMA	5.000		03/01/34		148,294
	3,348,985	FNMA	5.000		03/01/34		3,626,087
	59,733	FNMA	5.000		03/01/34		64,676
	80,818	FNMA	5.000		03/01/34		87,505
	51,501	FNMA	5.000		03/01/34		55,762
	169,188	FNMA	5.000		03/01/34		183,187
	482,422	FNMA	5.000		04/01/34		522,113
	521,104	FNMA	5.500		04/01/34		572,666
	44,915	FNMA	4.500		05/01/34		47,878
	218,110	FNMA	4.500		05/01/34		232,325
	112,096	FNMA	5.500		07/01/34		122,995
	163,757	FNMA	5.500		07/01/34		179,679
	112,051	FNMA	7.000		07/01/34		129,909
	1,472,238	FNMA	5.000		08/01/34		1,596,283
	180,447	FNMA	5.000		08/01/34		195,668
	670,974	FNMA	6.000		08/01/34		749,587
	126,808	FNMA	6.000		08/01/34		141,666
	83,766	FNMA	4.500		09/01/34		89,225
	2,880,327	FNMA	5.500		09/01/34		3,160,375
	24,311	FNMA	5.500		11/01/34		26,675
	180,231	FNMA	6.000		11/01/34		200,474
	44,673	FNMA	5.000		12/01/34		48,369
	29,249	FNMA	5.500		12/01/34		32,093
	63,859	FNMA	6.000		12/01/34		71,316
	3,819,480	FNMA	4.500		01/01/35		4,071,404
	379,082	FNMA	5.500		01/01/35		416,591
	8,930,941	FNMA	5.500		02/01/35		9,814,626
	372,034	FNMA	5.500		02/01/35		408,206
	2,274,133	FNMA	5.500		04/01/35		2,516,917
	340,277	FNMA	6.000		04/01/35		378,497

139

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$287,344		FNMA	6.000	%	04/01/35	$	321,010
	487,494		FNMA	5.500		05/01/35		539,539
	460,759		FNMA	6.000		05/01/35		511,719
	159,268		FNMA	5.000		06/01/35		172,372
	8,237		FNMA	7.500		06/01/35		9,134
	14,917	i	FNMA	4.634		07/01/35		15,987
	363,642		FNMA	5.000		07/01/35		399,242
	965,916		FNMA	4.500		08/01/35		1,028,569
	669,296		FNMA	5.000		08/01/35		723,733
	1,540,917		FNMA	5.000		08/01/35		1,666,249
	44,991		FNMA	4.500		09/01/35		47,958
	48,706		FNMA	4.500		09/01/35		51,866
	93,281		FNMA	5.500		09/01/35		102,510
	1,269,665		FNMA	5.000		10/01/35		1,372,935
	1,455,818		FNMA	5.500		10/01/35		1,611,239
	101,269		FNMA	5.000		11/01/35		108,968
	1,969,390		FNMA	5.500		11/01/35		2,155,638
	32,737		FNMA	4.500		12/01/35		34,860
	186,658		FNMA	5.500		12/01/35		204,369
	839,659		FNMA	6.000		12/01/35		929,639
	449,322	i	FNMA	2.700		02/01/36		480,480
	50,198		FNMA	5.000		02/01/36		53,748
	3,920,659		FNMA	5.000		02/01/36		4,239,548
	80,944		FNMA	5.000		02/01/36		86,668
	345,557		FNMA	6.500		02/01/36		390,016
	2,522,390		FNMA	6.000		03/01/36		2,786,390
	48,601		FNMA	5.000		05/01/36		52,539
	2,472,092		FNMA	6.000		06/01/36		2,743,960
	206,598	i	FNMA	2.385		07/01/36		218,406
	185,788		FNMA	6.000		07/01/36		205,872
	1,560,452		FNMA	6.500		07/01/36		1,752,929
	3,250,102		FNMA	5.500		08/01/36		3,549,344
	956,688		FNMA	6.500		08/01/36		1,089,641
	99,244		FNMA	5.500		09/01/36		108,893
	218,651		FNMA	6.500		09/01/36		246,646
	109,761		FNMA	6.500		09/01/36		123,299
	330,245		FNMA	6.000		10/01/36		364,809
	129,667		FNMA	6.500		11/01/36		145,661
	57,391	i	FNMA	5.675		12/01/36		61,327
	1,007,949		FNMA	6.000		12/01/36		1,113,443
	88,727	i	FNMA	2.789		01/01/37		95,125
	417,283		FNMA	5.500		01/01/37		455,703
	13,945	i	FNMA	2.250		02/01/37		14,831
	74,322		FNMA	6.000		02/01/37		82,100
	62,747		FNMA	7.000		02/01/37		71,923
	19,806	i	FNMA	4.018		03/01/37		21,026
	16,764		FNMA	5.000		03/01/37		18,122
	756,261		FNMA	6.500		03/01/37		853,088
	282,614		FNMA	6.500		03/01/37		317,474
	22,940	i	FNMA	5.543		04/01/37		24,749
	409,236		FNMA	7.000		04/01/37		469,089
	1,224,720		FNMA	5.000		05/01/37		1,323,951

140

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$37,061		FNMA	7.000	%	05/01/37	$	42,481
	151,073	i	FNMA	5.274		06/01/37		162,778
	308,359		FNMA	5.500		06/01/37		336,269
	181,930		FNMA	5.500		08/01/37		199,618
	110,057		FNMA	6.000		08/01/37		121,645
	585,383		FNMA	6.500		08/01/37		660,332
	162,507		FNMA	6.500		08/01/37		183,416
	242,511		FNMA	5.500		09/01/37		268,401
	750,377		FNMA	6.000		09/01/37		841,810
	348,387		FNMA	6.000		09/01/37		390,838
	392,323		FNMA	6.000		09/01/37		432,649
	299,924		FNMA	6.000		09/01/37		336,470
	557,533		FNMA	6.000		09/01/37		625,468
	98,694		FNMA	6.500		09/01/37		110,898
	502,087		FNMA	6.500		09/01/37		566,372
	812,710	i	FNMA	5.904		10/01/37		870,153
	188,461		FNMA	6.500		10/01/37		211,707
	1,898,306		FNMA	5.500		11/01/37		2,070,119
	4,209,677		FNMA	6.000		11/01/37		4,642,378
	148,639		FNMA	7.000		11/01/37		170,378
	68,974		FNMA	6.500		01/01/38		77,482
	24,278		FNMA	6.500		01/01/38		27,273
	1,333,789		FNMA	5.500		02/01/38		1,454,509
	38,547		FNMA	6.500		02/01/38		43,714
	149,485		FNMA	7.000		02/01/38		171,348
	95,117		FNMA	5.000		03/01/38		102,824
	144,220		FNMA	5.000		03/01/38		155,905
	138,338	i	FNMA	5.036		03/01/38		147,761
	196,138		FNMA	5.500		03/01/38		213,890
	41,388		FNMA	6.000		03/01/38		46,225
	158,892		FNMA	6.500		03/01/38		178,144
	1,217,240		FNMA	6.500		03/01/38		1,364,720
	303,886		FNMA	6.500		03/01/38		340,705
	102,298		FNMA	6.500		03/01/38		114,692
	123,135		FNMA	5.000		04/01/38		133,112
	4,455,604		FNMA	5.500		04/01/38		4,858,876
	2,634,718		FNMA	6.000		04/01/38		2,905,533
	110,150		FNMA	4.500		05/01/38		117,192
	7,490,298		FNMA	5.000		05/01/38		8,106,549
	2,532,795		FNMA	5.000		05/01/38		2,738,010
	2,715,895		FNMA	6.000		07/01/38		2,995,054
	40,044	i	FNMA	4.783		08/01/38		42,711
	21,692	i	FNMA	5.287		08/01/38		23,343
	240,263	i	FNMA	4.917		10/01/38		257,387
	36,840		FNMA	6.000		10/01/38		40,626
	321,628		FNMA	5.500		11/01/38		350,738
	61,313		FNMA	5.000		12/01/38		66,281
	1,509,483		FNMA	4.500		01/01/39		1,605,979
	482,317		FNMA	5.000		01/01/39		521,395
	2,263,133		FNMA	5.000		01/01/39		2,446,499
	995,622		FNMA	5.500		01/01/39		1,085,735
	5,011,643		FNMA	5.500		01/01/39		5,465,241

141

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$333,686		FNMA	6.000	%	01/01/39	$	367,985
	643,249		FNMA	6.000		01/01/39		709,367
	1,719,124		FNMA	4.500		02/01/39		1,829,021
	3,675,723		FNMA	4.500		02/01/39		3,910,699
	2,082,774		FNMA	4.500		02/01/39		2,215,918
	72,231		FNMA	5.500		02/01/39		78,769
	2,964,298		FNMA	4.000		04/01/39		3,109,987
	71,474		FNMA	5.500		04/01/39		78,278
	1,877,500		FNMA	4.500		05/01/39		1,997,522
	246,881		FNMA	4.500		06/01/39		262,663
	108,050	i	FNMA	3.973		07/01/39		114,457
	345,919		FNMA	4.500		07/01/39		368,032
	797,142		FNMA	4.500		07/01/39		848,101
	71,528		FNMA	5.000		07/01/39		78,001
	142,566	i	FNMA	3.566		08/01/39		150,722
	551,612	i	FNMA	3.716		08/01/39		582,033
	1,187,915		FNMA	4.000		08/01/39		1,246,299
	8,567,372		FNMA	4.000		08/01/39		8,988,443
	79,055		FNMA	4.500		08/01/39		85,961
	4,232,032		FNMA	4.500		08/01/39		4,559,438
	2,328,529		FNMA	4.500		08/01/39		2,477,384
	7,740,059		FNMA	5.000		08/01/39		8,364,764
	71,483		FNMA	5.000		08/01/39		77,252
	2,789,323		FNMA	4.000		09/01/39		2,926,414
	176,769		FNMA	5.000		09/01/39		191,036
	875,610		FNMA	5.500		09/01/39		964,164
	120,444		FNMA	5.000		11/01/39		132,236
	14,061,967		FNMA	4.500		12/01/39		14,960,899
	1,126,557		FNMA	4.500		12/01/39		1,198,574
	293,060		FNMA	4.500		12/01/39		316,099
	163,361	i	FNMA	3.695		01/01/40		172,148
	191,952		FNMA	4.500		01/01/40		204,223
	255,280		FNMA	5.000		01/01/40		278,381
	3,441,262		FNMA	6.000		02/01/40		3,797,327
	2,749,868		FNMA	4.500		03/01/40		2,925,658
	1,023,991		FNMA	4.500		03/01/40		1,090,731
	114,242		FNMA	5.000		03/01/40		123,462
	111,171		FNMA	4.500		04/01/40		118,417
	3,995,287		FNMA	5.000		04/01/40		4,317,749
	4,344,017		FNMA	5.000		04/01/40		4,694,626
	719,857	i	FNMA	3.509		05/01/40		759,456
	807,609	i	FNMA	3.599		05/01/40		850,180
	1,343,913	i	FNMA	3.709		05/01/40		1,414,131
	84,727		FNMA	4.500		05/01/40		91,282
	332,952		FNMA	4.500		07/01/40		354,652
	396,199		FNMA	4.500		07/01/40		422,022
	310,376		FNMA	5.000		07/01/40		335,426
	236,071	i	FNMA	3.507		08/01/40		247,397
	2,966,925		FNMA	4.500		08/01/40		3,157,315
	2,948,973		FNMA	5.000		08/01/40		3,186,987
	5,127,611		FNMA	4.500		09/01/40		5,461,811
	2,411,162		FNMA	4.500		09/01/40		2,568,313

142

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$843,485		FNMA	3.500	%	10/01/40	$	867,089
	3,930,447		FNMA	4.000		10/01/40		4,123,621
	5,937,702		FNMA	4.500		10/01/40		6,324,700
	4,964,107		FNMA	3.500		11/01/40		5,103,022
	4,148,960		FNMA	4.000		11/01/40		4,352,874
	5,674,931		FNMA	4.000		11/01/40		5,953,843
	7,422,536		FNMA	4.000		11/01/40		7,787,340
	631,320		FNMA	4.500		11/01/40		677,788
	1,231,546	i	FNMA	3.272		12/01/40		1,289,733
	1,616,612		FNMA	4.000		12/01/40		1,696,065
	8,693,374		FNMA	4.500		12/01/40		9,259,977
	184,376		FNMA	3.500		01/01/41		189,535
	559,551	i	FNMA	3.155		02/01/41		584,397
	1,138,298		FNMA	3.500		02/01/41		1,170,152
	5,068,260		FNMA	4.000		03/01/41		5,317,355
	4,124,426		FNMA	4.500		04/01/41		4,393,242
	1,391,071		FNMA	4.500		05/01/41		1,484,344
	4,874,721		FNMA	4.500		06/01/41		5,201,578
	1,487,790	i	FNMA	3.236		07/01/41		1,559,261
	11,826,907		FNMA	4.000		09/01/41		12,413,722
	6,562,627		FNMA	4.500		09/01/41		7,002,661
	2,831,011	i	FNMA	2.929		10/01/41		2,949,092
	567,138	i	FNMA	3.158		10/01/41		593,621
	2,673,037		FNMA	3.500		11/01/41		2,747,839
	6,500,000	h	FNMA	3.500		03/01/42		6,681,895
	24,915		Government National Mortgage Association (GNMA)	5.000		02/15/18		26,886
	81,611		GNMA	4.500		02/15/19		88,827
	38,719		GNMA	4.500		01/20/24		41,973
	205,191		GNMA	4.000		04/15/24		221,314
	26,539		GNMA	4.500		07/15/24		28,790
	648,584		GNMA	4.000		08/15/24		699,546
	182,137		GNMA	4.500		08/15/24		197,587
	550,718		GNMA	4.000		09/15/24		593,990
	71,465		GNMA	4.500		01/15/25		77,505
	582,279		GNMA	4.000		08/15/25		628,031
	318,285		GNMA	3.500		03/15/26		341,005
	473,031		GNMA	4.000		04/15/26		510,199
	401,051		GNMA	4.000		06/20/26		432,438
	545,898		GNMA	3.500		11/20/26		585,548
	1,970,061		GNMA	3.000		12/15/26		2,086,333
	2,092		GNMA	6.500		09/15/28		2,445
	11,169		GNMA	6.500		09/15/28		13,032
	6,563		GNMA	6.500		11/15/28		7,662
	1,382		GNMA	7.500		11/15/28		1,599
	9,733		GNMA	8.500		10/15/30		10,625
	7,540		GNMA	8.500		10/20/30		9,250
	1,137		GNMA	8.500		12/15/30		1,383
	1,405		GNMA	7.000		06/20/31		1,669
	1,093		GNMA	6.500		07/15/31		1,271
	7,441		GNMA	7.000		07/15/31		8,848
	3,958		GNMA	7.000		07/15/31		4,707
	5,231		GNMA	7.500		02/15/32		5,403

143

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$639,791	GNMA	6.000	%	10/15/32	$	726,911
	102,621	GNMA	5.500		12/20/32		114,873
	215,571	GNMA	5.500		05/15/33		242,589
	40,110	GNMA	5.000		07/15/33		44,423
	177,013	GNMA	5.500		07/15/33		198,978
	34,874	GNMA	5.000		07/20/33		38,678
	77,789	GNMA	5.000		08/15/33		86,979
	227,302	GNMA	5.000		08/15/33		252,665
	462,844	GNMA	5.500		09/15/33		522,300
	429,679	GNMA	6.000		11/20/33		485,927
	190,287	GNMA	5.500		05/20/34		212,947
	292,986	GNMA	6.000		09/20/34		330,812
	28,933	GNMA	5.000		10/20/34		32,026
	810,571	GNMA	5.500		11/15/34		909,629
	229,859	GNMA	6.500		01/15/35		265,595
	149,263	GNMA	5.500		02/20/35		166,851
	3,216,993	GNMA	5.000		03/20/35		3,560,874
	996,320	GNMA	5.000		04/15/35		1,103,445
	1,070,156	GNMA	5.500		05/20/35		1,192,911
	45,982	GNMA	5.000		09/20/35		50,839
	50,502	GNMA	5.000		11/15/35		55,900
	36,666	GNMA	5.000		11/15/35		40,585
	352,671	GNMA	5.500		02/20/36		393,125
	39,023	GNMA	5.500		03/15/36		43,865
	131,880	GNMA	5.500		05/20/36		146,760
	33,051	GNMA	6.500		06/15/36		37,977
	54,655	GNMA	5.000		09/15/36		60,491
	69,052	GNMA	6.000		09/15/36		77,958
	113,315	GNMA	6.000		10/20/36		127,936
	57,682	GNMA	5.000		12/15/36		63,699
	66,853	GNMA	5.500		01/15/37		74,803
	63,171	GNMA	6.000		01/20/37		71,322
	2,133,245	GNMA	5.500		02/15/37		2,386,944
	206,384	GNMA	6.000		02/20/37		233,014
	1,520,854	GNMA	6.000		04/15/37		1,717,333
	33,857	GNMA	6.500		04/15/37		38,903
	831,875	GNMA	6.000		04/20/37		937,914
	111,408	GNMA	6.000		06/15/37		125,777
	130,131	GNMA	6.000		08/20/37		146,718
	93,969	GNMA	6.500		08/20/37		107,767
	476,755	GNMA	6.500		11/20/37		546,764
	502,805	GNMA	6.000		12/15/37		567,657
	39,965	GNMA	5.000		02/20/38		44,063
	1,275,934	GNMA	5.000		04/15/38		1,410,731
	44,071	GNMA	5.500		05/20/38		49,030
	126,083	GNMA	5.500		06/15/38		141,728
	369,545	GNMA	6.000		06/20/38		416,073
	1,126,684	GNMA	5.500		07/15/38		1,260,501
	677,468	GNMA	5.500		07/20/38		753,697
	105,320	GNMA	5.500		08/15/38		117,829
	549,575	GNMA	6.000		08/15/38		620,460
	1,328,931	GNMA	6.000		08/15/38		1,500,339

144

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$335,042		GNMA	6.000	%	08/20/38	$	377,227
	253,642		GNMA	5.000		10/15/38		280,438
	46,773		GNMA	5.500		10/15/38		52,781
	90,343		GNMA	6.500		10/20/38		103,383
	49,225		GNMA	6.500		10/20/38		56,392
	26,842		GNMA	5.500		11/15/38		30,039
	184,735		GNMA	6.500		11/20/38		211,631
	1,998,866		GNMA	6.000		12/15/38		2,256,683
	23,726		GNMA	6.500		12/15/38		27,225
	115,760		GNMA	5.000		01/15/39		127,989
	491,422		GNMA	6.500		01/20/39		562,356
	270,814		GNMA	5.000		02/15/39		299,424
	101,125		GNMA	6.000		02/15/39		114,168
	2,096,531		GNMA	4.500		03/15/39		2,287,448
	360,402		GNMA	4.500		03/15/39		393,221
	71,547		GNMA	4.500		03/20/39		77,872
	66,872	i	GNMA	5.000		03/20/39		71,155
	952,836		GNMA	5.500		03/20/39		1,060,049
	158,116		GNMA	4.500		04/15/39		172,515
	1,576,470		GNMA	5.500		04/15/39		1,772,083
	44,936		GNMA	5.000		04/20/39		49,542
	204,664		GNMA	4.000		05/15/39		220,092
	4,570,932		GNMA	4.500		05/15/39		4,987,178
	173,623		GNMA	4.000		05/20/39		186,517
	561,902		GNMA	4.500		05/20/39		611,578
	60,839		GNMA	4.500		06/15/39		66,380
	8,484,476		GNMA	4.500		06/15/39		9,257,103
	4,469,462		GNMA	5.000		06/15/39		4,970,970
	210,243		GNMA	5.000		06/15/39		232,454
	105,515		GNMA	5.000		06/15/39		116,663
	97,947		GNMA	5.000		06/15/39		108,295
	5,530,293		GNMA	5.000		06/15/39		6,150,834
	86,000		GNMA	4.000		06/20/39		92,387
	65,394		GNMA	5.000		06/20/39		72,098
	232,680		GNMA	4.500		07/15/39		253,869
	132,261		GNMA	4.500		07/15/39		144,305
	88,187		GNMA	5.000		07/15/39		97,503
	981,237		GNMA	4.500		07/20/39		1,067,986
	916,568		GNMA	5.000		07/20/39		1,010,535
	82,888		GNMA	5.500		07/20/39		92,214
	370,051		GNMA	4.000		08/15/39		397,947
	1,642,104		GNMA	5.000		08/15/39		1,815,585
	107,059		GNMA	5.500		08/15/39		119,875
	224,597		GNMA	6.000		08/15/39		253,566
	224,070		GNMA	4.000		08/20/39		240,711
	269,882		GNMA	5.000		08/20/39		297,551
	161,633		GNMA	5.000		09/15/39		178,709
	363,088		GNMA	5.000		09/20/39		400,311
	105,503		GNMA	4.500		10/15/39		115,111
	54,634		GNMA	5.000		10/15/39		60,405
	97,012		GNMA	4.500		10/20/39		105,588
	131,512		GNMA	4.500		11/15/39		144,104

145

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$139,833		GNMA	4.500	%	11/20/39	$	152,370
	174,923		GNMA	5.000		11/20/39		192,911
	259,947		GNMA	4.500		12/15/39		283,618
	5,505,685		GNMA	4.500		12/15/39		6,007,053
	134,836		GNMA	4.500		12/20/39		146,925
	5,331,517		GNMA	5.000		12/20/39		5,879,771
	4,488,008		GNMA	4.500		01/20/40		4,890,390
	67,438		GNMA	5.500		01/20/40		75,026
	3,176,899		GNMA	5.500		02/15/40		3,556,453
	263,620		GNMA	4.000		03/15/40		283,520
	93,001		GNMA	5.000		03/15/40		103,059
	83,938		GNMA	4.500		04/15/40		91,608
	1,540,925		GNMA	5.000		04/15/40		1,707,568
	199,693		GNMA	4.500		04/20/40		217,597
	37,662		GNMA	4.500		05/15/40		41,104
	960,096		GNMA	5.000		05/15/40		1,063,925
	1,838,380	i	GNMA	3.000		05/20/40		1,927,327
	42,541		GNMA	4.500		05/20/40		46,355
	104,900		GNMA	4.500		06/15/40		114,486
	111,304		GNMA	4.500		06/15/40		121,474
	14,695,890		GNMA	4.500		06/15/40		16,037,594
	970,459		GNMA	5.000		06/20/40		1,070,253
	594,184		GNMA	4.500		07/15/40		648,478
	2,495,493		GNMA	4.500		07/15/40		2,723,521
	6,833,002		GNMA	4.500		07/20/40		7,445,630
	217,397		GNMA	5.000		07/20/40		239,752
	4,324,105		GNMA	4.000		08/15/40		4,652,659
	1,407,550		GNMA	4.000		08/15/40		1,514,535
	375,617		GNMA	4.500		08/15/40		411,583
	532,603		GNMA	4.500		08/20/40		580,355
	404,554		GNMA	4.500		09/20/40		440,825
	121,710		GNMA	5.500		09/20/40		135,405
	201,176		GNMA	6.500		09/20/40		230,969
	106,307		GNMA	4.000		10/15/40		114,586
	472,620		GNMA	6.000		10/20/40		533,899
	1,192,286		GNMA	4.000		11/15/40		1,282,909
	4,541,512		GNMA	4.000		11/20/40		4,885,880
	1,177,560		GNMA	3.500		12/15/40		1,229,559
	2,091,382		GNMA	5.500		12/20/40		2,326,451
	5,845,890		GNMA	4.000		01/20/41		6,289,164
	1,177,559		GNMA	4.000		02/15/41		1,266,695
	4,105,470		GNMA	4.500		02/20/41		4,479,970
	2,387,798		GNMA	4.500		03/15/41		2,605,923
	5,530,818		GNMA	4.500		04/20/41		6,035,338
	1,200,981		GNMA	5.000		04/20/41		1,325,607
	654,088	i	GNMA	4.000		06/20/41		698,494
	1,451,284		GNMA	4.000		07/15/41		1,561,139
	1,892,469		GNMA	4.000		07/20/41		2,035,968
	6,348,845		GNMA	5.000		07/20/41		6,997,778
	2,184,923		GNMA	4.500		08/15/41		2,384,572
	3,111,560		GNMA	5.000		08/20/41		3,434,447
	332,957	i	GNMA	3.000		09/20/41		349,331

146

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$555,960		GNMA	4.000	%	10/15/41	$	598,043
	813,247	i	GNMA	2.500		10/20/41		845,445
	561,616	i	GNMA	3.500		10/20/41		594,756
	10,212,681		GNMA	4.000		10/20/41		10,974,308
	1,892,273		GNMA	5.500		10/20/41		2,105,191
	2,476,073		GNMA	3.500		11/15/41		2,584,639
	1,936,617		GNMA	5.000		11/20/41		2,135,765
	4,980,642		GNMA	3.500		01/20/42		5,199,022
	1,332,702		GNMA	6.500		01/15/44		1,458,112
			TOTAL MORTGAGE BACKED					920,747,168
MUNICIPAL BONDS - 1.0%
	300,000		American Municipal Power-Ohio, Inc	7.834		02/15/41		400,119
	500,000		American Municipal Power-Ohio, Inc	6.270		02/15/50		551,120
	150,000		Colorado Bridge Enterprise	6.078		12/01/40		187,220
	200,000		Commonwealth of Massachusetts	4.200		12/01/21		223,704
	195,000		Commonwealth of Pennsylvania	5.850		07/15/30		219,422
	200,000		County of Clark NV	6.820		07/01/45		263,868
	200,000		District of Columbia	5.591		12/01/34		241,766
	100,000		East Baton Rouge Sewerage Commission	6.087		02/01/45		108,409
	400,000		Government Development Bank for Puerto Rico	3.670		05/01/14		406,880
	500,000		Government Development Bank for Puerto Rico	4.375		02/01/19		503,105
	100,000		Kentucky Asset Liability Commission	3.165		04/01/18		103,058
	30,000		Los Angeles Unified School District	5.750		07/01/34		34,806
	100,000		Massachusetts School Building Authority	5.715		08/15/39		124,001
	100,000		Metropolitan Government of Nashville & Davidson County	6.731		07/01/43		117,935
	300,000		Metropolitan Transportation Authority	6.648		11/15/39		373,179
	250,000		Municipal Electric Authority of Georgia	6.637		04/01/57		278,040
	972,000		New Jersey Economic Development Authority	7.425		02/15/29		1,221,172
	35,000		New Jersey State Turnpike Authority	7.414		01/01/40		49,495
	800,000		New Jersey Transportation Trust Fund Authority	5.754		12/15/28		909,640
	1,100,000		New York City Municipal Water Finance Authority	5.790		06/15/41		1,204,676
	600,000		New York State Dormitory Authority	5.289		03/15/33		684,810
	130,000		New York State Dormitory Authority	5.628		03/15/39		155,345
	400,000		New York State Urban Development Corp	5.838		03/15/40		484,120
	100,000		Ohio State University	4.910		06/01/40		112,447
	100,000		Oregon State Department of Transportation	5.834		11/15/34		123,951
	200,000		Port Authority of New York & New Jersey	6.040		12/01/29		252,276
	100,000		Salt River Project Agricultural Improvement & Power District	4.839		01/01/41		114,049
	800,000		Santa Clara Valley Transportation Authority	5.876		04/01/32		966,712
	300,000		State of California	5.750		03/01/17		344,616
	100,000		State of California	6.200		10/01/19		116,840
	100,000		State of California	5.700		11/01/21		112,970
	100,000	i	State of California	5.650		04/01/39		104,883
	285,000		State of California	7.550		04/01/39		369,782
	2,900,000		State of California	7.300		10/01/39		3,631,061
	1,330,000		State of California	7.625		03/01/40		1,732,272
	300,000		State of Connecticut	5.090		10/01/30		330,021
	100,000		State of Illinois	4.511		03/01/15		105,174
	400,000		State of Illinois	4.961		03/01/16		426,128
	2,200,000		State of Illinois	5.100		06/01/33		2,073,852

147

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,295,000		State of Illinois	6.725	%	04/01/35	$	1,430,949
	300,000		State of Oregon	5.762		06/01/23		373,236
	100,000		State of Texas	4.631		04/01/33		110,428
	50,000		State of Texas	5.517		04/01/39		62,067
	1,000,000		State of Texas	4.681		04/01/40		1,101,190
	100,000		State of Utah	3.539		07/01/25		105,563
	200,000		State of Washington	5.090		08/01/33		230,648
	200,000		State Public School Building Authority	5.000		09/15/27		221,380
	2,000,000		Tennessee Valley Authority	4.500		04/01/18		2,329,870
	750,000		Tennessee Valley Authority	3.875		02/15/21		837,331
	1,000,000		Tennessee Valley Authority	4.625		09/15/60		1,091,423
	200,000		University of California	5.770		05/15/43		234,440
	100,000	h	University of Pennsylvania	4.674		09/01/12		98,699
	700,000		University of Texas	4.794		08/15/46		796,607
	150,000		Virginia Commonwealth Transportation Board	5.350		05/15/35		173,966
			TOTAL MUNICIPAL BONDS					28,960,721
U.S. TREASURY SECURITIES - 35.2%
	1,500,000		United States Treasury Bond	6.375		08/15/27		2,163,984
	17,060,000		United States Treasury Bond	5.250		02/15/29		22,337,938
	28,829,000		United States Treasury Bond	5.375		02/15/31		38,775,005
	1,144,000		United States Treasury Bond	4.375		02/15/38		1,373,693
	4,733,000		United States Treasury Bond	3.500		02/15/39		4,917,142
	241,000		United States Treasury Bond	4.500		08/15/39		295,225
	850,000		United States Treasury Bond	4.375		11/15/39		1,021,328
	915,000		United States Treasury Bond	4.625		02/15/40		1,142,749
	3,380,000		United States Treasury Bond	4.375		05/15/40		4,061,810
	12,585,000		United States Treasury Bond	3.875		08/15/40		13,920,193
	11,185,000		United States Treasury Bond	4.250		11/15/40		13,172,082
	5,075,000		United States Treasury Bond	4.750		02/15/41		6,468,245
	26,350,000		United States Treasury Bond	4.375		05/15/41		31,677,654
	10,000,000		United States Treasury Bond	3.750		08/15/41		10,810,940
	2,300,000		United States Treasury Bond	3.125		11/15/41		2,206,204
	5,550,000		United States Treasury Bond	3.125		02/15/42		5,320,197
	18,000,000		United States Treasury Note	0.625		02/28/13		18,066,096
	10,000,000		United States Treasury Note	0.750		03/31/13		10,051,560
	12,000,000		United States Treasury Note	0.625		04/30/13		12,050,160
	350,000		United States Treasury Note	1.375		05/15/13		354,361
	3,500,000		United States Treasury Note	0.500		05/31/13		3,510,119
	5,000,000		United States Treasury Note	0.375		06/30/13		5,006,640
	11,155,000		United States Treasury Note	0.750		08/15/13		11,226,024
	2,139,000		United States Treasury Note	4.250		08/15/13		2,254,388
	66,000,000		United States Treasury Note	0.125		08/31/13		65,850,444
	2,045,000		United States Treasury Note	3.125		08/31/13		2,126,561
	9,575,000		United States Treasury Note	0.750		09/15/13		9,638,588
	6,550,000		United States Treasury Note	0.125		09/30/13		6,533,370
	196,000		United States Treasury Note	3.125		09/30/13		204,261
	13,700,000		United States Treasury Note	0.250		10/31/13		13,687,149
	2,710,000		United States Treasury Note	2.750		10/31/13		2,813,636
	1,000,000		United States Treasury Note	0.250		11/30/13		998,945
	8,284,000		United States Treasury Note	2.000		11/30/13		8,514,072
	683,000		United States Treasury Note	1.500		12/31/13		697,007

148

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$37,000,000	United States Treasury Note	0.250	%	01/31/14	$	36,946,535
	17,000,000	United States Treasury Note	0.250		02/28/14		16,974,772
	36,150,000	United States Treasury Note	1.250		03/15/14		36,782,625
	4,693,000	United States Treasury Note	1.875		04/30/14		4,838,192
	750,000	United States Treasury Note	4.750		05/15/14		818,906
	11,198,000	United States Treasury Note	2.250		05/31/14		11,645,920
	6,784,000	United States Treasury Note	2.625		06/30/14		7,121,083
	185,000	United States Treasury Note	2.625		07/31/14		194,424
	117,000	United States Treasury Note	4.250		08/15/14		127,503
	5,583,000	United States Treasury Note	2.375		08/31/14		5,841,649
	14,000,000	United States Treasury Note	0.250		09/15/14		13,934,368
	4,910,000	United States Treasury Note	2.375		09/30/14		5,143,608
	9,860,000	United States Treasury Note	2.375		10/31/14		10,339,906
	16,000,000	United States Treasury Note	0.375		11/15/14		15,960,000
	1,280,000	United States Treasury Note	2.125		11/30/14		1,335,500
	9,000,000	United States Treasury Note	0.250		12/15/14		8,945,856
	6,310,000	United States Treasury Note	2.250		01/31/15		6,617,120
	15,000,000	United States Treasury Note	0.375		03/15/15		14,942,580
	100	United States Treasury Note	2.500		03/31/15		106
	7,170,000	United States Treasury Note	2.500		04/30/15		7,593,475
	1,240,000	United States Treasury Note	2.125		05/31/15		1,299,772
	3,120,000	United States Treasury Note	1.875		06/30/15		3,247,480
	6,895,000	United States Treasury Note	1.750		07/31/15		7,149,791
	1,775,000	United States Treasury Note	4.250		08/15/15		1,988,832
	11,340,000	United States Treasury Note	1.250		08/31/15		11,580,090
	18,805,000	United States Treasury Note	1.250		09/30/15		19,191,386
	27,300,000	United States Treasury Note	1.250		10/31/15		27,843,871
	23,550,000	United States Treasury Note	1.375		11/30/15		24,116,660
	5,000,000	United States Treasury Note	2.125		12/31/15		5,260,545
	5,400,000	United States Treasury Note	2.000		01/31/16		5,655,236
	10,650,000	United States Treasury Note	2.125		02/29/16		11,208,294
	250,000	United States Treasury Note	2.625		02/29/16		267,754
	9,000,000	United States Treasury Note	2.250		03/31/16		9,521,019
	164,000	United States Treasury Note	5.125		05/15/16		192,610
	11,250,000	United States Treasury Note	1.750		05/31/16		11,671,875
	5,000,000	United States Treasury Note	1.500		06/30/16		5,132,420
	10,750,000	United States Treasury Note	1.500		07/31/16		11,029,672
	970,000	United States Treasury Note	3.250		07/31/16		1,067,303
	14,000,000	United States Treasury Note	1.000		08/31/16		14,060,158
	14,200,000	United States Treasury Note	1.000		09/30/16		14,247,698
	23,050,000	United States Treasury Note	1.000		10/31/16		23,107,625
	173,000	United States Treasury Note	4.625		11/15/16		201,545
	278,400	United States Treasury Note	7.500		11/15/16		360,615
	15,250,000	United States Treasury Note	0.875		11/30/16		15,185,660
	4,000,000	United States Treasury Note	0.875		12/31/16		3,979,064
	50,300,000	United States Treasury Note	0.875		01/31/17		49,989,548
	16,250,000	United States Treasury Note	0.875		02/28/17		16,135,746
	220,000	United States Treasury Note	3.000		02/28/17		240,762
	20,000,000	United States Treasury Note	1.000		03/31/17		19,957,820
	160,000	United States Treasury Note	8.750		05/15/17		221,212
	139,200	United States Treasury Note	8.875		08/15/17		195,489
	8,414,000	United States Treasury Note	4.250		11/15/17		9,793,761

149

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$8,044,000		United States Treasury Note	2.750	%	12/31/17	$	8,708,257
	8,127,000		United States Treasury Note	2.625		01/31/18		8,739,061
	14,000,000		United States Treasury Note	2.000		04/30/16		14,666,092
	6,172,000		United States Treasury Note	2.625		04/30/18		6,632,974
	6,266,000		United States Treasury Note	3.875		05/15/18		7,194,151
	7,862,000		United States Treasury Note	2.375		05/31/18		8,321,440
	13,065,000		United States Treasury Note	2.250		07/31/18		13,712,123
	13,350,000		United States Treasury Note	1.500		08/31/18		13,386,499
	1,681,000		United States Treasury Note	9.000		11/15/18		2,487,092
	2,802,400		United States Treasury Note	2.750		02/15/19		3,018,930
	151,300		United States Treasury Note	8.125		08/15/19		219,775
	1,377,000		United States Treasury Note	3.625		02/15/20		1,562,034
	1,132,000		United States Treasury Note	3.500		05/15/20		1,273,323
	7,342,000		United States Treasury Note	2.625		08/15/20		7,740,649
	5,650,000		United States Treasury Note	2.625		11/15/20		5,941,772
	5,900,000		United States Treasury Note	3.625		02/15/21		6,678,983
	375,700		United States Treasury Note	7.875		02/15/21		557,768
	125,000		United States Treasury Note	8.125		05/15/21		189,150
	27,610,000		United States Treasury Note	2.125		08/15/21		27,590,590
	122,000		United States Treasury Note	8.125		08/15/21		185,707
	6,070,000		United States Treasury Note	2.000		11/15/21		5,975,630
	13,379,100		United States Treasury Note	8.000		11/15/21		20,322,639
	19,250,000		United States Treasury Note	2.000		02/15/22		18,880,034
			TOTAL U.S. TREASURY SECURITIES					1,048,437,884
			TOTAL GOVERNMENT BONDS					2,246,787,142
			(Cost $2,209,527,419)
STRUCTURED ASSETS - 2.2%
ASSET BACKED - 0.2%
	1,190,000		Ally Auto Receivables Trust	1.180		04/15/15		1,197,049
			Series - 2011 2 (Class A3)
	340,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15		360,002
			Series - 2010 1 (Class C)
	590,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		609,927
			Series - 2010 3 (Class C)
	850,000		Capital One Multi-Asset Execution Trust	5.050		12/17/18		970,727
			Series - 2006 A3 (Class A3)
	500,000		Capital One Multi-Asset Execution Trust	5.750		07/15/20		594,610
			Series - 2007 A7 (Class A7)
	600,000		Centerpoint Energy Transistion	3.460		08/15/19		650,796
			Series - 0 1 (Class A2)
	195,566	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		42,802
			Series - 2004 2 (Class 1B)
	500,000		Chase Issuance Trust	5.120		10/15/14		512,805
			Series - 2007 A17 (Class A)
	135,000		CitiBank Credit Card Issuance Trust	4.900		06/23/16		147,439
			Series - 2009 A4 (Class A4)
	750,000		CitiBank Credit Card Issuance Trust	5.650		09/20/19		896,658
			Series - 2007 A8 (Class A8)
	375,000		Detroit Edison Securitization Funding LLC	6.620		03/01/16		422,750
			Series - 2001 1 (Class A6)

150

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		Discover Card Master Trust	5.650	%	03/16/20	$	119,292
			Series - 2007 A1 (Class A1)
	33,372	i	Residential Asset Securities Corp	6.489		10/25/30		30,524
			Series - 2001 KS2 (Class AI6)
	15,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		12,603
			Series - 2006 HI1 (Class M2)
	15,000	g	Vornado DP LLC	4.004		09/13/28		16,073
			Series - 2010 VNO (Class A2FX)
			TOTAL ASSET BACKED					6,584,057
OTHER MORTGAGE BACKED - 2.0%
	1,000,000	i	Banc of America Commercial Mortgage, Inc	5.075		11/10/42		1,030,617
			Series - 2005 1 (Class A4)
	105,000	i	Banc of America Commercial Mortgage, Inc	5.889		07/10/44		117,859
			Series - 2006 3 (Class A4)
	450,000		Banc of America Commercial Mortgage, Inc	5.356		10/10/45		497,073
			Series - 2006 6 (Class A4)
	435,547		Banc of America Commercial Mortgage, Inc	5.379		09/10/47		455,715
			Series - 2006 5 (Class AAB)
	285,000		Banc of America Commercial Mortgage, Inc	5.449		01/15/49		301,009
			Series - 2007 1 (Class A3)
	325,000	i	Banc of America Commercial Mortgage, Inc	5.633		06/10/49		339,649
			Series - 2007 3 (Class A3)
	1,350,000	i	Banc of America Merrill Lynch Commercial Mortgage, Inc	5.193		09/10/47		1,507,508
			Series - 2005 6 (Class A4)
	475,000		Banc of America Merrill Lynch Commercial Mortgage, Inc	5.620		02/10/51		504,497
			Series - 2007 5 (Class A3)
	64,633		Bank of America Alternative Loan Trust	5.500		09/25/19		64,663
			Series - 2004 8 (Class 3A1)
	320,000		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		359,753
			Series - 2006 PW14 (Class A4)
	280,000	i	Bear Stearns Commercial Mortgage Securities	5.452		03/11/39		313,661
			Series - 2006 PW11 (Class A4)
	200,000	i	Bear Stearns Commercial Mortgage Securities	5.718		06/11/40		227,849
			Series - 2007 PW16 (Class A4)
	355,000		Bear Stearns Commercial Mortgage Securities	4.674		06/11/41		385,978
			Series - 2005 PWR8 (Class A4)
	113,898	i	Bear Stearns Commercial Mortgage Securities	5.286		06/11/41		118,149
			Series - 2004 PWR4 (Class A2)
	625,000	i	Bear Stearns Commercial Mortgage Securities	5.468		06/11/41		670,646
			Series - 2004 PWR4 (Class A3)
	825,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		878,582
			Series - 2006 PW13 (Class AM)
	495,000		Bear Stearns Commercial Mortgage Securities	5.537		10/12/41		561,353
			Series - 2006 T24 (Class A4)
	660,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		709,709
			Series - 2004 T16 (Class A6)
	1,000,000	i	Bear Stearns Commercial Mortgage Securities	5.694		06/11/50		1,138,454
			Series - 2007 PW17 (Class A4)
	600,000	i	Citigroup Commercial Mortgage Trust	5.361		04/15/40		643,753
			Series - 2004 C1 (Class A4)

151

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$550,000		Citigroup Commercial Mortgage Trust	4.733	%	10/15/41	$	588,413
			Series - 2004 C2 (Class A5)
	294,831		Citigroup Commercial Mortgage Trust	5.205		12/11/49		297,343
			Series - 2007 CD4 (Class A2B)
	585,000		Citigroup, Inc	5.322		12/11/49		639,895
			Series - 2007 CD4 (Class A4)
	550,000	i	Citigroup/Deutsche Bank Commercial Mortgage Trust	5.225		07/15/44		536,917
			Series - 2005 CD1 (Class AJ)
	525,000	i	Commercial Mortgage Pass Through Certificates	5.750		06/10/46		592,272
			Series - 2006 C7 (Class A4)
	255,000	i	Commercial Mortgage Pass Through Certificates	5.813		12/10/49		292,624
			Series - 2007 C9 (Class A4)
	302,000	i	Credit Suisse First Boston Mortgage Securities Corp	5.253		08/15/36		312,686
			Series - 2003 C4 (Class B)
	2,789,000		Credit Suisse First Boston Mortgage Securities Corp	4.829		11/15/37		3,001,084
			Series - 2004 C5 (Class A4)
	148,396		Credit Suisse Mortgage Capital Certificates	5.439		09/15/39		151,414
			Series - 2006 C4 (Class AAB)
	190,000		Credit Suisse Mortgage Capital Certificates	5.467		09/15/39		209,552
			Series - 2006 C4 (Class A3)
	2,100,000		Credit Suisse Mortgage Capital Certificates	5.509		09/15/39		2,043,065
			Series - 2006 C4 (Class AM)
	250,000	i	CS First Boston Mortgage Securities Corp	5.416		05/15/36		267,784
			Series - 2004 C2 (Class A2)
	302,685		CS First Boston Mortgage Securities Corp	3.936		05/15/38		308,744
			Series - 2003 C3 (Class A5)
	290,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		296,215
			Series - 2003 C3 (Class B)
	625,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		690,086
			Series - 2005 C5 (Class A4)
	220,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		224,051
			Series - 2005 C5 (Class AJ)
	295,793	i	GE Capital Commercial Mortgage Corp	5.273		11/10/45		318,436
			Series - 2005 C4 (Class ASB)
	330,000		GMAC Commercial Mortgage Securities, Inc	5.023		04/10/40		346,297
			Series - 2003 C3 (Class A4)
	180,000	i	Greenwich Capital Commercial Funding Corp	5.317		06/10/36		191,872
			Series - 0 GG1 (Class A7)
	1,835,000	i	Greenwich Capital Commercial Funding Corp	5.224		04/10/37		1,999,561
			Series - 2005 GG5 (Class A5)
	600,000	i	Greenwich Capital Commercial Funding Corp	5.277		04/10/37		588,823
			Series - 2005 GG5 (Class AM)
	725,000	i	Greenwich Capital Commercial Funding Corp	5.883		07/10/38		821,259
			Series - 2006 GG7 (Class A4)
	550,000		Greenwich Capital Commercial Funding Corp	5.444		03/10/39		605,231
			Series - 2007 GG9 (Class A4)
	610,000		Greenwich Capital Commercial Funding Corp	5.475		03/10/39		605,382
			Series - 2007 GG9 (Class AM)
	1,825,000	i	GS Mortgage Securities Corp II	5.553		04/10/38		2,022,277
			Series - 2006 GG6 (Class A4)
	740,000	i	GS Mortgage Securities Corp II	5.622		04/10/38		763,325
			Series - 2006 GG6 (Class AM)

152

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$532,865		GS Mortgage Securities Corp II	5.535	%	11/10/39	$	564,070
			Series - 2006 GG8 (Class AAB)
	1,350,000		GS Mortgage Securities Corp II	5.560		11/10/39		1,520,930
			Series - 2006 GG8 (Class A4)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.633		12/05/27		102,903
			Series - 2009 IWST (Class A2)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.115		07/15/41		532,788
			Series - 2004 LN2 (Class A2)
	125,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.429		12/12/43		138,184
			Series - 2006 CB17 (Class A4)
	1,000,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.205		12/15/44		1,115,408
			Series - 2005 LDP5 (Class A4)
	200,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.871		04/15/45		215,742
			Series - 2006 LDP7 (Class AM)
	2,315,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.447		05/15/45		2,418,432
			Series - 2006 LDP8 (Class A3B)
	707,854		JP Morgan Chase Commercial Mortgage Securities Corp	5.134		05/15/47		739,005
			Series - 2006 LDP9 (Class A2)
	1,110,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		1,215,762
			Series - 2006 LDP9 (Class A3)
	950,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		1,056,198
			Series - 2007 CB18 (Class A4)
	450,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.816		06/15/49		479,433
			Series - 2007 LD11 (Class A3)
	360,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.816		06/15/49		394,591
			Series - 2007 LD11 (Class A4)
	400,000	i	LB-UBS Commercial Mortgage Trust	5.020		08/15/29		429,014
			Series - 2004 C6 (Class A6)
	545,000		LB-UBS Commercial Mortgage Trust	4.742		02/15/30		588,045
			Series - 2005 C1 (Class A4)
	415,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		456,455
			Series - 2005 C2 (Class A5)
	380,000		LB-UBS Commercial Mortgage Trust	5.156		02/15/31		422,779
			Series - 2006 C1 (Class A4)
	125,000		LB-UBS Commercial Mortgage Trust	5.372		09/15/39		141,159
			Series - 2006 C6 (Class A4)
	1,405,000		LB-UBS Commercial Mortgage Trust	5.424		02/15/40		1,575,082
			Series - 2007 C1 (Class A4)
	970,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		1,072,547
			Series - 2007 C2 (Class A3)
	875,000		LB-UBS Commercial Mortgage Trust	4.843		07/15/40		874,548
			Series - 2005 C3 (Class AJ)
	400,000	i	LB-UBS Commercial Mortgage Trust	5.866		09/15/45		453,154
			Series - 2007 C7 (Class A3)
	424,340	i	Merrill Lynch	5.382		07/12/46		444,942
			Series - 2006 3 (Class ASB)
	425,000	i	Merrill Lynch	5.485		07/12/46		349,882
			Series - 2006 3 (Class AJ)
	225,000	i	Merrill Lynch Mortgage Trust	5.220		11/12/37		217,756
			Series - 2005 CKI1 (Class AJ)
	290,000	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		306,777
			Series - 2005 CIP1 (Class AM)

153

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$328,254	i	Merrill Lynch Mortgage Trust	5.615	%	05/12/39	$	338,728
			Series - 2006 C1 (Class A2)
	235,000	i	Merrill Lynch Mortgage Trust	5.660		05/12/39		266,340
			Series - 2006 C1 (Class A4)
	450,000	i	Merrill Lynch Mortgage Trust	5.840		06/12/50		470,473
			Series - 2007 C1 (Class A3)
	475,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.428		02/12/39		532,839
			Series - 2006 1 (Class A4)
	440,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.966		08/12/49		411,403
			Series - 2007 8 (Class AM)
	150,000	i	Morgan Stanley Capital I	5.304		04/15/38		153,363
			Series - 2003 IQ5 (Class C)
	375,000		Morgan Stanley Capital I	4.970		04/14/40		398,658
			Series - 2004 HQ4 (Class A7)
	505,000	i	Morgan Stanley Capital I	5.270		06/13/41		544,026
			Series - 2004 T15 (Class A4)
	1,255,000		Morgan Stanley Capital I	5.168		01/14/42		1,362,959
			Series - 2005 HQ5 (Class A4)
	97,254		Morgan Stanley Capital I	6.231		01/11/43		98,926
			Series - 2008 T29 (Class A1)
	590,000		Morgan Stanley Capital I	5.364		03/15/44		646,997
			Series - 2007 IQ13 (Class A4)
	225,000	i	Morgan Stanley Capital I	5.731		07/12/44		254,992
			Series - 2006 HQ9 (Class A4)
	750,000		Morgan Stanley Capital I	3.244		03/15/45		746,729
			Series - 2012 C4 (Class A4)
	1,550,000	i	Morgan Stanley Capital I	5.692		04/15/49		1,692,795
			Series - 2007 IQ14 (Class A4)
	205,000	i	Morgan Stanley Capital I	5.544		11/12/49		220,187
			Series - 2007 T25 (Class AM)
	1,750,000		Morgan Stanley Capital I	5.809		12/12/49		2,002,712
			Series - 2007 IQ16 (Class A4)
	245,000		Morgan Stanley Capital I	4.770		07/15/56		251,500
			Series - 0 IQ9 (Class AJ)
	400,000		UBS-Citigroup Commercial Mortgage Trust	3.595		01/10/45		411,802
			Series - 2011 C1 (Class A3)
	208,095		Wachovia Bank Commercial Mortgage Trust	5.576		03/15/45		218,471
			Series - 2006 C24 (Class APB)
	300,000	i	Wachovia Bank Commercial Mortgage Trust	5.603		10/15/48		294,311
			Series - 2006 C28 (Class AM)
	200,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		219,213
			Series - 2007 C33 (Class A5)
	525,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		581,689
			Series - 2007 C33 (Class A4)
			TOTAL OTHER MORTGAGE BACKED					59,485,784

154

TIAA-CREF FUNDS – Bond Index Fund

	ISSUER	VALUE
	TOTAL STRUCTURED ASSETS	$	66,069,841
	(Cost $64,217,677)
	TOTAL BONDS		2,955,876,908
	(Cost $2,898,697,087)
	TOTAL INVESTMENTS - 99.4%		2,955,876,908
	(Cost $2,898,697,087)
	OTHER ASSETS & LIABILITIES, NET - 0.6%		18,257,513
	NET ASSETS - 100.0%	$	2,974,134,421
	Abbreviation(s):
	REIT      Real Estate Investment Trust
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $7,091,283 or 0.2% 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.

155

TIAA-CREF FUNDS – Money Market Fund

TIAA-CREF FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 99.8%
BANKERS’ ACCEPTANCES - 0.3%
	$155,000		JPMorgan Chase Bank NA	0.200	%	04/02/12	$	154,999
	514,000		JPMorgan Chase Bank NA	0.170		04/09/12		513,981
	538,000		JPMorgan Chase Bank NA	0.190-0.220		05/07/12		537,893
	225,000		JPMorgan Chase Bank NA	0.200		05/29/12		224,928
	236,000		JPMorgan Chase Bank NA	0.220		06/04/12		235,908
	332,000		JPMorgan Chase Bank NA	0.210		06/11/12		331,862
	595,000		JPMorgan Chase Bank NA	0.220		06/15/12		594,727
	597,000		JPMorgan Chase Bank NA	0.210-0.250		06/25/12		596,679
	173,000		JPMorgan Chase Bank NA	0.265		08/13/12		172,829
	203,000		JPMorgan Chase Bank NA	0.280		09/12/12		202,741
			TOTAL BANKERS’ ACCEPTANCES					3,566,547
CERTIFICATE OF DEPOSIT - 3.0%
	3,220,000		Bank of Montreal	0.140		04/12/12		3,220,000
	5,000,000		Bank of Montreal	0.150		04/12/12		5,000,000
	1,080,000		Bank of Nova Scotia	0.180		05/10/12		1,080,000
	2,060,000		Bank of Nova Scotia	0.250		06/14/12		2,060,000
	10,000,000		Toronto-Dominion Bank	0.150		04/23/12		10,000,000
	3,000,000		Toronto-Dominion Bank	0.165		05/04/12		3,000,000
	6,700,000		Toronto-Dominion Bank	0.210		05/08/12		6,700,000
			TOTAL CERTIFICATE OF DEPOSIT					31,060,000
COMMERCIAL PAPER - 49.7%
	2,265,000		Australia & New Zealand Banking Group Ltd	0.120-0.170		04/10/12		2,264,927
	5,000,000		Australia & New Zealand Banking Group Ltd	0.185		05/29/12		4,998,510
	3,380,000		Australia & New Zealand Banking Group Ltd	0.185		05/30/12		3,378,975
	2,275,000		Bank of Nova Scotia	0.160		04/03/12		2,274,980
	3,440,000		Bank of Nova Scotia	0.180		04/04/12		3,439,948
	1,700,000		Bank of Nova Scotia	0.160		04/11/12		1,699,924
	1,408,000		Bank of Nova Scotia	0.110-0.140		04/16/12		1,407,930
	5,000,000		Bank of Nova Scotia	0.155		04/19/12		4,999,613
	2,900,000		Bank of Nova Scotia	0.125		04/26/12		2,899,748
	1,000,000		Bank of Nova Scotia	0.220		05/29/12		999,646
	2,500,000		Bank of Nova Scotia	0.210		06/12/12		2,498,950
	2,600,000		Bank of Nova Scotia	0.220		07/17/12		2,598,300
	1,200,000		Bank of Nova Scotia	0.230-0.370		07/24/12		1,198,771
	890,000		Bank of Nova Scotia	0.235		08/03/12		889,280
	3,480,000		Bank of Nova Scotia	0.330		08/14/12		3,475,694
	5,000,000	y	Coca-Cola Co	0.130		04/03/12		4,999,964
	5,720,000	y	Coca-Cola Co	0.120		04/27/12		5,719,504
	5,000,000	y	Coca-Cola Co	0.140		05/03/12		4,999,378
	3,000,000	y	Coca-Cola Co	0.170		05/18/12		2,999,334
	10,000,000	y	Coca-Cola Co	0.180		07/09/12		9,995,050
	2,270,000	y	Coca-Cola Co	0.230		08/13/12		2,268,057

156

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$4,500,000	y	Commonwealth Bank of Australia	0.120-0.180	%	04/10/12	$	4,499,857
	3,700,000	y	Commonwealth Bank of Australia	0.130-0.160		04/17/12		3,699,773
	1,930,000	y	Commonwealth Bank of Australia	0.190		05/21/12		1,929,491
	3,000,000	y	Commonwealth Bank of Australia	0.200		06/05/12		2,998,917
	3,150,000	y	Fairway Finance LLC	0.130		04/05/12		3,149,954
	7,390,000	y	Fairway Finance LLC	0.150		04/09/12		7,389,754
	4,186,000	y	Fairway Finance LLC	0.260		05/01/12		4,185,093
	4,840,000	y	Fairway Finance LLC	0.210		05/02/12		4,839,125
	2,000,000	y	Fairway Finance LLC	0.130		05/03/12		1,999,769
	8,160,000	y	Fairway Finance LLC	0.160-0.170		05/22/12		8,158,094
	10,000,000		General Electric Capital Corp	0.280		04/10/12		9,999,300
	2,720,000		General Electric Capital Corp	0.280		06/25/12		2,718,202
	6,000,000		General Electric Capital Corp	0.310		07/26/12		5,994,007
	7,000,000		General Electric Capital Corp	0.230-0.310		07/30/12		6,993,566
	6,000,000		General Electric Co	0.150		06/27/12		5,997,825
	6,000,000		General Electric Co	0.140		06/29/12		5,997,923
	10,000,000	y	Johnson & Johnson	0.050		04/03/12		9,999,972
	5,000,000	y	Johnson & Johnson	0.100		05/14/12		4,999,403
	3,750,000	y	Jupiter Securitization Co LLC	0.140		04/02/12		3,749,986
	4,000,000	y	Jupiter Securitization Co LLC	0.130		04/05/12		3,999,942
	7,750,000	y	Jupiter Securitization Co LLC	0.155-0.160		04/25/12		7,749,186
	5,000,000	y	Jupiter Securitization Co LLC	0.180		05/17/12		4,998,850
	3,000,000	y	Jupiter Securitization Co LLC	0.190		06/06/12		2,998,955
	5,000,000	y	Jupiter Securitization Co LLC	0.200		06/25/12		4,997,639
	2,630,000	y	Jupiter Securitization Co LLC	0.290		08/23/12		2,626,949
	2,665,000		Merck & Co, Inc	0.100-0.110		04/27/12		2,664,793
	3,880,000		National Australia Funding(Delaware)	0.120-0.220		04/02/12		3,879,982
	1,530,000		National Australia Funding(Delaware)	0.160-0.195		04/16/12		1,529,885
	1,000,000		National Australia Funding(Delaware)	0.160		05/01/12		999,867
	750,000		National Australia Funding(Delaware)	0.250		07/02/12		749,521
	700,000		National Australia Funding(Delaware)	0.220		07/09/12		699,576
	3,000,000		National Australia Funding(Delaware)	0.350		09/17/12		2,995,071
	6,000,000		National Australia Funding(Delaware)	0.345		09/18/12		5,990,225
	2,200,000	y	Nestle Capital Corp	0.080		04/18/12		2,199,917
	3,705,000	y	Nestle Capital Corp	0.250		05/15/12		3,703,868
	4,700,000	y	Nestle Capital Corp	0.160		07/13/12		4,697,848
	3,000,000		Novartis Finance Corp	0.130		04/04/12		2,999,967
	8,225,000		Novartis Finance Corp	0.140		05/09/12		8,223,785
	500,000		Novartis Finance Corp	0.220		08/08/12		499,606
	7,000,000		Novartis Finance Corp	0.200		08/09/12		6,994,944
	5,000,000	y	Old Line Funding LLC	0.210		04/04/12		4,999,912
	8,000,000	y	Old Line Funding LLC	0.210		04/16/12		7,999,300
	2,000,000	y	Old Line Funding LLC	0.160		05/01/12		1,999,733
	3,565,000	y	Old Line Funding LLC	0.210		05/04/12		3,564,314
	5,000,000	y	Old Line Funding LLC	0.250		05/21/12		4,998,264
	3,938,000	y	Old Line Funding LLC	0.240		06/04/12		3,936,320
	3,000,000	y	Old Line Funding LLC	0.180		06/05/12		2,999,025
	3,000,000	y	Old Line Funding LLC	0.240		06/08/12		2,998,640
	3,000,000	y	Old Line Funding LLC	0.240		07/03/12		2,998,140
	7,300,000		PACCAR Financial Corp	0.150		04/23/12		7,299,331
	2,500,000		PACCAR Financial Corp	0.140		05/08/12		2,499,640
	4,000,000	y	Pfizer, Inc	0.080		04/10/12		3,999,920

157

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$7,500,000	y	Private Export Funding Corp	0.175	%	04/17/12	$	7,499,417
	980,000	y	Private Export Funding Corp	0.220		05/16/12		979,730
	3,000,000	y	Private Export Funding Corp	0.165		05/21/12		2,999,313
	8,000,000	y	Private Export Funding Corp	0.130-0.160		06/05/12		7,997,960
	7,000,000	y	Private Export Funding Corp	0.160		06/26/12		6,997,324
	3,000,000	y	Private Export Funding Corp	0.160		06/29/12		2,998,813
	3,000,000	y	Private Export Funding Corp	0.150		07/02/12		2,998,850
	5,000,000	y	Private Export Funding Corp	0.200		07/30/12		4,996,667
	5,000,000	y	Procter & Gamble Co	0.110		04/24/12		4,999,649
	10,380,000	y	Procter & Gamble Co	0.100-0.110		05/07/12		10,378,908
	3,000,000	y	Procter & Gamble Co	0.135		05/08/12		2,999,584
	5,000,000	y	Procter & Gamble Co	0.110		05/14/12		4,999,343
	2,000,000	y	Procter & Gamble Co	0.120		05/21/12		1,999,667
	3,130,000	y	Procter & Gamble Co	0.120		05/23/12		3,129,457
	4,000,000	y	Procter & Gamble Co	0.120		05/25/12		3,999,280
	3,000,000	y	Procter & Gamble Co	0.130		05/31/12		2,999,350
	2,447,000		Province of Ontario Canada	0.100-0.115		04/10/12		2,446,934
	8,000,000		Province of Ontario Canada	0.080		04/11/12		7,999,822
	8,000,000		Province of Ontario Canada	0.090		04/13/12		7,999,760
	1,028,000		Province of Ontario Canada	0.120		04/16/12		1,027,949
	4,551,000		Province of Ontario Canada	0.090		04/18/12		4,550,807
	2,000,000		Province of Ontario Canada	0.110		04/24/12		1,999,859
	8,000,000		Province of Ontario Canada	0.100		04/30/12		7,999,355
	2,264,000		Province of Ontario Canada	0.100		05/02/12		2,263,805
	6,483,000		Straight-A Funding LLC	0.190		04/02/12		6,482,966
	6,400,000		Straight-A Funding LLC	0.180		04/03/12		6,398,976
	4,500,000		Straight-A Funding LLC	0.190		04/04/12		4,499,929
	425,000		Straight-A Funding LLC	0.190		04/18/12		424,962
	5,000,000		Straight-A Funding LLC	0.180		05/01/12		4,999,250
	1,425,000		Straight-A Funding LLC	0.180		05/07/12		1,424,743
	8,000,000		Straight-A Funding LLC	0.180		05/08/12		7,998,520
	2,000,000		Straight-A Funding LLC	0.180		05/22/12		1,999,490
	3,000,000		Straight-A Funding LLC	0.180		06/01/12		2,999,085
	5,000,000	y	Toronto-Dominion Holdings USA, Inc	0.110		04/24/12		4,999,649
	5,000,000	y	Unilever Capital Corp	0.120		04/02/12		4,999,983
	5,400,000	y	Unilever Capital Corp	0.150-0.180		06/07/12		5,398,392
	863,000	y	Unilever Capital Corp	0.190		07/18/12		862,508
	526,000	y	Unilever Capital Corp	0.210		07/31/12		525,629
	3,000,000	y	Unilever Capital Corp	0.210		08/15/12		2,997,620
	2,700,000	y	Unilever Capital Corp	0.225		08/31/12		2,697,435
	4,600,000		US Bank NA	0.180		04/18/12		4,599,609
	3,800,000		US Bank NA	0.250		08/10/12		3,796,543
	15,000,000	y	Variable Funding Capital Co LLC	0.180		04/25/12		14,998,200
	4,440,000	y	Variable Funding Capital Co LLC	0.130		05/10/12		4,439,374
	3,890,000	y	Variable Funding Capital Co LLC	0.130		05/14/12		3,889,396
	4,950,000	y	Variable Funding Capital Co LLC	0.130		05/17/12		4,949,178
	4,150,000	y	Wal-Mart Stores, Inc	0.100		04/09/12		4,149,908
	3,580,000	y	Wal-Mart Stores, Inc	0.100		04/23/12		3,579,781
	4,900,000	y	Wal-Mart Stores, Inc	0.090		04/25/12		4,899,706
	3,000,000	y	Wal-Mart Stores, Inc	0.090		05/07/12		2,999,730
	1,750,000	y	Westpac Banking Corp	0.200		05/09/12		1,749,631
			TOTAL COMMERCIAL PAPER					518,821,205

158

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
GOVERNMENT AGENCY DEBT - 16.5%
	$4,220,000	Federal Home Loan Bank (FHLB)	0.030-0.090	%	04/04/12	$	4,219,983
	2,565,000	FHLB	0.075		04/12/12		2,564,941
	330,000	FHLB	0.100		04/13/12		329,989
	5,650,000	FHLB	0.080-0.110		04/18/12		5,649,747
	4,450,000	FHLB	0.055-0.085		04/20/12		4,449,855
	1,250,000	FHLB	0.105		04/27/12		1,249,905
	3,000,000	FHLB	0.105		05/02/12		2,999,729
	1,000,000	FHLB	0.150		05/04/12		999,863
	1,500,000	FHLB	0.110		05/09/12		1,499,826
	9,600,000	FHLB	0.100-0.115		05/11/12		9,598,857
	242,000	FHLB	0.120		05/15/12		241,965
	14,700,000	FHLB	0.100-0.150		05/16/12		14,697,732
	10,000,000	FHLB	0.105		05/18/12		9,998,629
	500,000	FHLB	0.120		05/23/12		499,913
	5,000,000	FHLB	0.100		05/30/12		4,999,180
	7,831,000	FHLB	0.090-0.140		06/01/12		7,829,399
	4,000,000	FHLB	0.100		06/08/12		3,999,245
	9,555,000	FHLB	0.110		06/13/12		9,552,869
	1,951,000	Federal Home Loan Mortgage Corp (FHLMC)	0.040		04/02/12		1,950,998
	6,000,000	FHLMC	0.070		04/09/12		5,999,907
	4,395,000	FHLMC	0.085-0.110		04/16/12		4,394,806
	699,000	FHLMC	0.100		04/18/12		698,967
	1,326,000	FHLMC	0.100		04/19/12		1,325,934
	2,500,000	FHLMC	0.100		04/24/12		2,499,840
	8,400,000	FHLMC	0.085-0.110		04/27/12		8,399,372
	1,681,000	FHLMC	0.100-0.120		05/07/12		1,680,829
	4,000,000	FHLMC	0.100		05/09/12		3,999,578
	4,000,000	FHLMC	0.120		05/14/12		3,999,427
	1,000,000	FHLMC	0.100		05/16/12		999,875
	4,000,000	FHLMC	0.150		06/04/12		3,998,933
	607,000	FHLMC	0.115-0.135		06/25/12		606,817
	231,000	FHLMC	0.150		07/02/12		230,911
	2,500,000	FHLMC	0.160		08/06/12		2,498,589
	4,000,000	Federal National Mortgage Association (FNMA)	0.100		04/11/12		3,999,889
	3,700,000	FNMA	0.075		04/16/12		3,699,884
	3,700,000	FNMA	0.080		04/17/12		3,699,868
	441,000	FNMA	0.150		04/18/12		440,969
	500,000	FNMA	0.100		05/02/12		499,957
	4,000,000	FNMA	0.090		05/03/12		3,999,680
	2,000,000	FNMA	0.090		05/09/12		1,999,810
	4,347,000	FNMA	0.085		05/16/12		4,346,538
	1,431,000	FNMA	0.115		05/23/12		1,430,762
	9,300,000	FNMA	0.105-0.120		06/06/12		9,298,080
	390,000	FNMA	0.180		07/02/12		389,821
	300,000	FNMA	0.160		08/01/12		299,837
	9,000,000	FNMA	0.150		08/09/12		8,995,125
		TOTAL GOVERNMENT AGENCY DEBT					171,766,630
TREASURY DEBT - 19.6%
	12,000,000	United States Treasury Bill	0.012-0.045		04/05/12		11,999,967

159

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$5,104,000		United States Treasury Bill	0.073-0.095	%	04/19/12	$	5,103,780
	2,290,000		United States Treasury Bill	0.075		04/26/12		2,289,881
	5,100,000		United States Treasury Bill	0.051-0.066		05/03/12		5,099,767
	3,205,000		United States Treasury Bill	0.010-0.022		05/10/12		3,204,947
	5,000,000		United States Treasury Bill	0.100		05/17/12		4,999,361
	4,630,000		United States Treasury Bill	0.083		05/24/12		4,629,438
	8,580,000		United States Treasury Bill	0.032-0.086		06/07/12		8,579,146
	4,590,000		United States Treasury Bill	0.042-0.094		06/21/12		4,589,382
	7,119,000		United States Treasury Bill	0.054-0.113		06/28/12		7,117,761
	3,800,000		United States Treasury Bill	0.058		07/12/12		3,799,376
	1,425,000		United States Treasury Bill	0.104		08/02/12		1,424,494
	3,000,000		United States Treasury Bill	0.112		08/16/12		2,998,721
	4,700,000		United States Treasury Bill	0.136		08/23/12		4,697,443
	4,000,000		United States Treasury Bill	0.128		09/06/12		3,997,762
	720,000		United States Treasury Bill	0.131		09/20/12		719,549
	13,140,000		United States Treasury Note	1.000		04/30/12		13,149,412
	16,555,000		United States Treasury Note	1.375		05/15/12		16,581,177
	15,505,000		United States Treasury Note	0.750		05/31/12		15,518,551
	9,986,000		United States Treasury Note	1.875		06/15/12		10,021,859
	7,740,000		United States Treasury Note	0.625		06/30/12		7,749,831
	7,270,000		United States Treasury Note	1.500		07/15/12		7,299,097
	12,776,000		United States Treasury Note	0.625		07/31/12		12,797,044
	11,530,000		United States Treasury Note	1.750		08/15/12		11,599,069
	3,015,000		United States Treasury Note	0.375		08/31/12		3,017,861
	2,150,000		United States Treasury Note	0.375		09/30/12		2,152,392
	11,820,000		United States Treasury Note	0.375		10/31/12		11,834,860
	8,850,000		United States Treasury Note	0.500		11/30/12		8,870,485
	5,330,000		United States Treasury Note	1.125		12/15/12		5,366,309
	1,800,000		United States Treasury Note	0.625		12/31/12		1,805,630
	1,820,000		United States Treasury Note	0.625		01/31/13		1,826,069
			TOTAL TREASURY DEBT					204,840,421
VARIABLE RATE SECURITIES - 10.7%
	3,000,000	i	Federal Farm Credit Bank (FFCB)	0.240		02/01/13		2,999,492
	5,000,000	i	FFCB	0.266		03/15/13		4,998,568
	5,000,000	i	FFCB	0.321		03/28/13		5,000,000
	4,050,000	i	FFCB	0.252		06/12/13		4,050,354
	4,000,000	i	FFCB	0.612		08/19/13		3,997,218
	4,800,000	i	FFCB	0.286		08/26/13		4,796,641
	3,400,000	i	FFCB	0.330		08/26/13		3,399,518
	5,000,000	i	FFCB	0.250		09/23/13		4,998,501
	10,000,000	i	FFCB	0.350		09/23/13		9,999,403
	4,950,000	i	FFCB	0.270		10/15/13		4,943,129
	4,500,000	i	Federal Home Loan Bank (FHLB)	0.185		07/02/12		4,500,000
	5,000,000	i	FHLB	0.190		07/20/12		5,000,000
	7,900,000	i	FHLB	0.306		03/06/13		7,900,722
	9,500,000	i	FHLB	0.320		08/16/13		9,500,000
	5,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.193		02/04/13		4,998,302
	3,100,000	i	FHLMC	0.193		05/06/13		3,098,287
	2,800,000	i	FHLMC	0.193		06/03/13		2,800,340
	5,000,000	i	Federal National Mortgage Association (FNMA)	0.246		03/14/13		4,998,633
	5,000,000	i	FNMA	0.370		10/28/13		5,000,000

160

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$5,000,000	i	Canadian Imperial Bank of Commerce	0.290	%	10/09/12	$	5,000,000
	9,500,000	i	Royal Bank of Canada	0.340		07/11/12		9,500,000
			TOTAL VARIABLE RATE SECURITIES					111,479,108
			TOTAL SHORT-TERM INVESTMENTS					1,041,533,911
			(Cost $1,041,533,911)
			TOTAL INVESTMENTS- 99.8%					1,041,533,911
			(Cost $1,041,533,911)
			OTHER ASSETS & LIABILITIES, NET - 0.2%					1,820,529
			NET ASSETS - 100.0%				$	1,043,354,440
			Abbreviation(s):
		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 3/31/2012, the aggregate value of these securities was $312,156,628 or 29.9% of net assets.

161

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the TIAA-CREF Funds:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the TIAA-CREF Funds (comprised of the Bond Fund, Bond Plus Fund, Short-Term Bond Fund, High-Yield Fund, Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund, Money Market Fund and Real Estate Securities Fund, hereinafter referred to as the "Funds") as of March 31, 2012, and for each of the periods presented, and have issued our unqualified report thereon dated May 18, 2012 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audits included an audit of each of the Fund's schedules of investments in securities (the Schedules) as of March 31, 2012 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Funds' management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

PricewaterhouseCoopers LLP
May 18, 2012

162

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

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

          (b) There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

	TIAA-CREF FUNDS
Dated: May 17, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Principal Executive Officer

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

Dated: May 17, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Principal Executive Officer
		(principal executive officer)
Dated: May 17, 2012	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification