UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2013

Item 1. Reports to Stockholders.

2013 Semiannual Report

TIAA-CREF

Real Estate Securities Fund

of the TIAA-CREF Funds

September 30, 2013

Contents
Understanding your fund report		2
Information for investors		3
Important information about expenses		4
About the fund’s benchmark		5
Fund performance
Real Estate Securities Fund		6
Summary portfolio of investments		9
Financial statements (unaudited)
Statement of assets and liabilities		12
Statement of operations		13
Statements of changes in net assets		14
Financial highlights		15
Notes to financial statements		19
How to reach us	Inside back cover

 

Understanding your fund report

This semiannual report contains information about the Real Estate Securities Fund and describes the fund’s results for the six months ended September 30, 2013. 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 September 30, 2013.

• 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 Real Estate Securities Fund are noted in the fund’s latest 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 and Premier classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

2 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

Information for investors

Portfolio holdings

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

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

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

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

You can also obtain a complete list of the Real Estate Securities Fund’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from 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  ■  2013 Semiannual 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 shareholders of the TIAA-CREF Funds do not incur 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 (April 1, 2013–September 30, 2013).

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 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

Important information about expenses

Expense example

Six months ended September 30, 2013

					Expenses paid
	Beginning		Ending		during period		*
	account value		account value		(4/1/13–
Real Estate Securities Fund	(4/1/13)		(9/30/13)		9/30/13)
Institutional Class
Actual return	$	1,000.00	$	963.78		$ 2.56
5% annual hypothetical return		1,000.00		1,022.46		2.64
Retirement Class
Actual return	$	1,000.00	$	962.86		$ 3.79
5% annual hypothetical return		1,000.00		1,021.21		3.90
Retail Class
Actual return	$	1,000.00	$	962.57		$ 4.28
5% annual hypothetical return		1,000.00		1,020.71		4.41
Premier Class
Actual return	$	1,000.00	$	963.77		$ 3.30
5% annual hypothetical return		1,000.00		1,021.71		3.40

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2013. The fund’s annualized six-month expense ratio for that period was 0.52% for the Institutional Class, 0.77% for the Retirement Class, 0.87% 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 the fund’s 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. For additional details about the benchmark index, please see the fund’s prospectus.

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

TIAA-CREF Real Estate Securities Fund  ■  2013 Semiannual Report 5

Real Estate Securities Fund

Performance for the six months ended September 30, 2013

The Real Estate Securities Fund returned –3.62% for the Institutional Class, compared with the –4.69% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the one-year period ended September 30, 2013, the fund returned 2.98%, versus 6.23% for the index. The table on the following page shows returns for all share classes of the fund.

During the six-month period, returns for real estate investment trusts (REITs) weakened from the sell-off in interest-rate-sensitive assets that began in the second quarter. The downward trend started when investors began to worry that the Fed would soon taper its accommodative policies. When the Fed seemed to confirm these fears in May and June, these assets sold off. REITs returned –2.13% in the second quarter and lost another 2.61% in the third quarter.

For the period, REITs lagged the 9.20% return of the broad U.S. stock market, as measured by the Russell 3000^® Index, and the –1.77% return of the domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. However, for the ten years ended September 30, 2013, the fund’s benchmark returned an average annual 9.67%, outpacing both the 8.11% average gain of the Russell 3000 Index and the 4.59% return of the Barclays aggregate index.

Stock selections help the fund’s relative performance

For the period, all but two of the benchmark’s 14 property sectors declined. The health care sector (down 12.3%) was the largest drag on benchmark performance, as it faced investor uncertainty over the potential for shifts in government policies. Regional malls (down 6.4%) and apartments (down 3.5%) were also among the index’s largest detractors. Together, these three sectors made up almost two-fifths of the benchmark’s total market capitalization at period-end.

Only two sectors, self-storage (up 10.0%) and hotel lodging (up 3.3%), advanced for the period, with both benefiting from increased revenue growth.

In a down market, the fund outperformed its benchmark because of a number of stock choices that performed well. These included nonbenchmark positions in Thomas Properties and Orient-Express Hotels, as well as overweight holdings in two office REITs: Boston Properties and SL Green.

These positive contributions were partly offset by the negative effects of an overweight stake in American Campus Communities and a nonbenchmark holding in TRI Pointe Homes. Underweight positions in paper products manufacturer Weyerhaeuser and Vornado Realty Trust also detracted.

During the period, the fund owned the stocks of several companies that are not REITs but engage in real estate-related activities.

6 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Performance as of September 30, 2013

									Average annual
			Total return						total return
Real Estate Securities Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		–3.62	%		2.98	%		5.66	%		8.58	%
Retirement Class		10/1/2002		–3.71			2.70			5.41			8.35
Retail Class		10/1/2002		–3.74			2.65			5.38			8.37
Premier Class		9/30/2009		–3.62			2.82			5.55	*		8.52	*
FTSE NAREIT
All Equity REITs Index		—		–4.69			6.23			6.00			9.67

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 any 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.

TIAA-CREF Real Estate Securities Fund  ■  2013 Semiannual Report 7

Real Estate Securities Fund

Portfolio composition

	% of net assets
Industry	as of 9/30/2013
Specialized REITs		29.1
Retail REITs		23.2
Residential REITs		17.1
Office REITs		9.1
Industrial REITs		7.4
Diversified REITs		5.2
Real estate operating companies		2.4
Security & alarm services		1.2
Real estate services		0.9
Hotels, resorts & cruise lines		0.4
Diversified real estate activities		0.3
Casinos & gaming		0.3
Homebuilding		0.3
Publishing		0.3
Short-term investments, other assets & liabilities, net		2.8
Total		100.0

Holdings by company size    

Market	% of equity investments
capitalization	as of 9/30/2013
More than $15 billion–$50 billion		59.4
More than $2 billion–$15 billion		31.9
$2 billion or less		8.7
Total		100.0

8 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

Summary portfolio of investments (unaudited)

Real Estate Securities Fund  ■  September 30, 2013

						% of net
Shares			Company	Value		assets
COMMON STOCKS
CASINOS & GAMING				$	4,152,000		0.3	%
DIVERSIFIED REAL ESTATE ACTIVITIES					4,275,990		0.3
DIVERSIFIED REITS
	125,000		iShares Dow Jones US Real Estate Index Fund		7,970,000		0.6
	475,000		Retail Opportunities Investment Corp		6,564,500		0.5
	1,300,000		Spirit Realty Capital, Inc		11,934,000		0.9
	175,000		Vornado Realty Trust		14,710,500		1.2
	325,000		WP Carey, Inc		21,027,500		1.7
			Other		4,246,000		0.3
					66,452,500		5.2
HOMEBUILDING					4,031,327		0.3
HOTELS, RESORTS & CRUISE LINES					5,192,000		0.4
INDUSTRIAL REITS
	240,000		EastGroup Properties, Inc		14,210,400		1.1
	325,000		First Industrial Realty Trust, Inc		5,287,750		0.4
	1,750,000		Prologis, Inc		65,835,000		5.1
	300,000		Terreno Realty Corp		5,328,000		0.4
			Other		5,030,000		0.4
					95,691,150		7.4
OFFICE REITS
	500,000		Boston Properties, Inc		53,450,000		4.2
	200,000		Digital Realty Trust, Inc		10,620,000		0.8
	300,000		HRPT Properties Trust		6,573,000		0.5
	220,000		Kilroy Realty Corp		10,989,000		0.8
	400,000		SL Green Realty Corp		35,536,000		2.8
					117,168,000		9.1
PUBLISHING					3,833,588		0.3
REAL ESTATE OPERATING COMPANIES
	232,528		Altisource Residential Corp		5,343,494		0.4
	3,817,056	a	Thomas Properties Group, Inc		25,650,616		2.0
					30,994,110		2.4
REAL ESTATE SERVICES
	150,000	*	Realogy Holdings Corp		6,453,000		0.5
			Other		5,104,000		0.4
					11,557,000		0.9
RESIDENTIAL REITS
	675,000		American Campus Communities, Inc		23,051,250		1.8
	500,000		AvalonBay Communities, Inc		63,545,000		5.0
	125,000		BRE Properties, Inc (Class A)		6,345,000		0.5
	700,000		Education Realty Trust, Inc		6,370,000		0.5
	350,000		Equity Lifestyle Properties, Inc		11,959,500		0.9
	1,400,000		Equity Residential		74,998,000		5.8

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2013 Semiannual Report 9

Summary portfolio of investments (unaudited) continued

Real Estate Securities Fund  ■  September 30, 2013

							% of net
Shares			Company		Value		assets
RESIDENTIAL REITS—continued
	125,000		Essex Property Trust, Inc		$	18,462,500		1.4	%
	100,000		Home Properties, Inc			5,775,000		0.5
	207,801		Post Properties, Inc			9,355,201		0.7
						219,861,451		17.1
RETAIL REITS
	700,000		Cole Real Estate Investment, Inc			8,582,000		0.7
	1,400,000		DDR Corp			21,994,000		1.7
	550,000		Equity One, Inc			12,023,000		0.9
	200,000		Federal Realty Investment Trust			20,290,000		1.6
	2,650,000		General Growth Properties, Inc			51,118,500		4.0
	200,000		Regency Centers Corp			9,670,000		0.8
	1,050,000		Simon Property Group, Inc			155,641,500		12.1
	200,000		Tanger Factory Outlet Centers, Inc			6,530,000		0.5
	175,000		Taubman Centers, Inc			11,779,250		0.9
						297,628,250		23.2
SECURITY & ALARM SERVICES
	450,000		Corrections Corp of America			15,547,500		1.2
						15,547,500		1.2
SPECIALIZED REITS
	1,000,000		American Tower Corp			74,130,000		5.8
	500,000		CubeSmart			8,920,000		0.7
	475,000		Extra Space Storage, Inc			21,731,250		1.7
	1,200,000		HCP, Inc			49,140,000		3.8
	632,923		Health Care REIT, Inc			39,481,737		3.1
	450,000		Healthcare Realty Trust, Inc			10,399,500		0.8
	1,900,000		Host Marriott Corp			33,573,000		2.6
	200,000		Potlatch Corp			7,936,000		0.6
	325,000		Public Storage, Inc			52,178,750		4.1
	250,000		RLJ Lodging Trust			5,872,500		0.4
	1,500,000	*	Strategic Hotels & Resorts, Inc			13,020,000		1.0
	700,000		Sunstone Hotel Investors, Inc			8,918,000		0.7
	650,000		Ventas, Inc			39,975,000		3.1
	300,000		Weyerhaeuser Co			8,589,000		0.7
						373,864,737		29.1
			TOTAL COMMON STOCKS	(Cost $1,104,810,838)		1,250,249,603		97.2

10 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Real Estate Securities Fund  ■  September 30, 2013

Principal	Issuer		Value		% of net assets
SHORT-TERM INVESTMENTS
TREASURY DEBT			$	1,999,934		0.2	%
	TOTAL SHORT-TERM INVESTMENTS	(Cost $1,999,825)		1,999,934		0.2
	TOTAL PORTFOLIO	(Cost $1,106,810,663)		1,252,249,537		97.4
	OTHER ASSETS & LIABILITIES, NET			33,673,983		2.6
	NET ASSETS		$	1,285,923,520		100.0	%

Abbreviation(s):

REIT Real Estate Investment Trust

*	Non-income producing.
a	Affiliated holding.

“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 less than 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  ■  2013 Semiannual Report 11

Statement of assets and liabilities (unaudited)

Real Estate Securities Fund  ■  September 30, 2013

ASSETS
Portfolio investments, at value†	$	1,226,598,921
Affiliated investments, at value‡		25,650,616
Cash		28,008,876
Receivable from securities transactions		8,983,311
Receivable from Fund shares sold		557,421
Dividends and interest receivable		3,841,110
Other		49,349
Total assets		1,293,689,604
LIABILITIES
Management fees payable		88,613
Service agreement fee payable		7,949
Distribution fee payable		42,554
Due to affiliates		8,019
Payable for securities transactions		4,883,088
Payable for Fund shares redeemed		2,586,890
Accrued expenses and other payables		148,971
Total liabilities		7,766,084
NET ASSETS	$	1,285,923,520
NET ASSETS CONSIST OF:
Paid-in-capital	$	1,125,313,319
Undistributed net investment income (loss)		4,277,438
Accumulated net realized gain (loss) on total investments		10,893,889
Net unrealized appreciation (depreciation) on total investments		145,438,874
NET ASSETS	$	1,285,923,520
INSTITUTIONAL CLASS:
Net assets	$	826,399,983
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		66,327,827
Net asset value per share	$	12.46
RETIREMENT CLASS:
Net assets	$	228,708,973
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		17,780,605
Net asset value per share	$	12.86
RETAIL CLASS:
Net assets	$	175,174,567
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		14,143,874
Net asset value per share	$	12.39
PREMIER CLASS:
Net assets	$	55,639,997
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,463,088
Net asset value per share	$	12.47
†   Portfolio investments, cost	$	1,089,799,135
‡   Affiliated investments, cost	$	17,011,528

12 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statement of operations (unaudited)

Real Estate Securities Fund  ■  For the period ended September 30, 2013

INVESTMENT INCOME
Dividends	$	18,472,950
Dividends from affiliated investments		152,682
Interest		2,865
Total income		18,628,497
EXPENSES
Management fees		3,418,296
Shareholder servicing – Institutional Class		3,745
Shareholder servicing – Retirement Class		316,740
Shareholder servicing – Retail Class		89,401
Shareholder servicing – Premier Class		132
Distribution fees – Retail Class		235,101
Distribution fees – Premier Class		46,942
Fund administration fees		27,980
Compliance fees		14,824
Trustee fees and expenses		7,065
Other expenses		139,616
Total expenses		4,299,842
Net Investment income (loss)		14,328,655
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		8,367,012
Foreign currency transactions		(9,960	)
Net realized gain (loss) on total investments		8,357,052
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(80,893,891	)
Affiliated investments		6,069,118
Net change in unrealized appreciation (depreciation) on total investments		(74,824,773	)
Net realized and unrealized gain (loss) on total investments	$	(66,467,721	)
Net increase (decrease) in net assets from operations	$	(52,139,066	)

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2013 Semiannual Report 13

Statements of changes in net assets

Real Estate Securities Fund  ■  For the period or year ended

		September 30, 2013			March 31, 2013
		(unaudited)
OPERATIONS
Net investment income (loss)		$	14,328,655		$	17,195,358
Net realized gain (loss) on total investments			8,357,052			19,543,680
Net change in unrealized appreciation (depreciation) on total investments			(74,824,773	)		98,629,859
Net increase (decrease) in net assets from operations			(52,139,066	)		135,368,897
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(7,850,886	)		(13,144,022	)
	Retirement Class		(1,848,527	)		(3,658,328	)
	Retail Class		(1,351,071	)		(2,357,574	)
	Premier Class		(498,671	)		(987,334	)
Total distributions			(11,549,155	)		(20,147,258	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		75,545,799			360,800,190
	Retirement Class		18,722,842			65,011,531
	Retail Class		23,168,239			54,983,177
	Premier Class		9,491,370			21,968,166
Reinvestments of distributions:	Institutional Class		7,830,572			13,098,760
	Retirement Class		1,847,449			3,656,077
	Retail Class		1,300,065			2,266,210
	Premier Class		498,671			987,334
Redemptions:	Institutional Class		(80,840,006	)		(225,608,959	)
	Retirement Class		(33,924,520	)		(87,918,249	)
	Retail Class		(28,472,056	)		(25,925,739	)
	Premier Class		(14,271,770	)		(23,990,021	)
Net increase from shareholder transactions			(19,103,345	)		159,328,477
Net increase in net assets			(82,791,566	)		274,550,116
NET ASSETS
Beginning of period			1,368,715,086			1,094,164,970
End of period		$	1,285,923,520		$	1,368,715,086
Undistributed net investment income (loss) included in net assets		$	4,277,438		$	1,497,938
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		5,781,226			29,554,083
	Retirement Class		1,348,436			5,066,365
	Retail Class		1,763,596			4,421,858
	Premier Class		731,025			1,777,741
Shares reinvested:	Institutional Class		623,999			1,051,189
	Retirement Class		142,648			284,845
	Retail Class		104,222			182,883
	Premier Class		39,739			79,289
Shares redeemed:	Institutional Class		(6,353,309	)		(18,641,399	)
	Retirement Class		(2,555,622	)		(6,874,093	)
	Retail Class		(2,200,743	)		(2,103,096	)
	Premier Class		(1,112,207	)		(1,979,068	)
Net increase (decrease) from shareholder transactions			(1,686,990	)		12,820,597

14 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Financial highlights

Real Estate Securities Fund  ¡  For the period or year ended

	Institutional Class
	9/30/13		3/31/13		3/31/12		3/31/11†		9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$13.05		$11.87		$10.75		$9.35		$7.24		$10.51		$14.65
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.14		0.19		0.19		0.05		0.19		0.23		0.27
Net realized and unrealized gain (loss) on total investments	(0.61	)	1.21		1.09		1.42		2.12		(3.31	)	(2.24	)
Total gain (loss) from investment operations	(0.47	)	1.40		1.28		1.47		2.31		(3.08	)	(1.97	)
Less distributions from:
Net investment income	(0.12	)	(0.22	)	(0.16	)	(0.07	)	(0.18	)	(0.19	)	(0.39	)
Net realized gains	–		–		–		–		–		–		(1.62	)
Return of capital	–		–		–		–		(0.02	)	–		(0.16	)
Total distributions	(0.12	)	(0.22	)	(0.16	)	(0.07	)	(0.20	)	(0.19	)	(2.17	)
Net asset value, end of period	$12.46		$13.05		$11.87		$10.75		$9.35		$7.24		$10.51
TOTAL RETURN	(3.62	)%(b)	11.88	%	12.16	%	15.80	%(b)	32.16	%	(28.84	)%	(13.54	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$826,400		$864,577		$644,849		$334,174		$265,753		$200,324		$242,867
Ratio of expenses to average net assets before expense waiver and reimbursement	0.52	%(c)	0.53	%	0.54	%	0.59	%(c)	0.56	%	0.60	%	0.56	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.52	%(c)	0.53	%	0.54	%	0.57	%(c)	0.56	%	0.56	%	0.56	%
Ratio of net investment income to average net assets	2.17	%(c)	1.53	%	1.73	%	0.98	%(c)	2.29	%	3.98	%	2.38	%
Portfolio turnover rate	35	%(b)	50	%	75	%	30	%(b)	66	%	78	%	94	%

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ¡  2013 Semiannual Report 15

Financial highlights continued

Real Estate Securities Fund  ¡  For the period or year ended

	Retirement Class
	9/30/13		3/31/13		3/31/12		3/31/11†		9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$13.46		$12.25		$11.08		$9.64		$7.46		$10.81		$15.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.13		0.17		0.17		0.04		0.17		0.21		0.24
Net realized and unrealized gain (loss) on total investments	(0.63	)	1.23		1.14		1.46		2.19		(3.39	)	(2.28	)
Total gain (loss) from investment operations	(0.50	)	1.40		1.31		1.50		2.36		(3.18	)	(2.04	)
Less distributions from:
Net investment income	(0.10	)	(0.19	)	(0.14	)	(0.06	)	(0.16	)	(0.17	)	(0.37	)
Net realized gains	–		–		–		–		–		–		(1.62	)
Return of capital	–		–		–		–		(0.02	)	–		(0.16	)
Total distributions	(0.10	)	(0.19	)	(0.14	)	(0.06	)	(0.18	)	(0.17	)	(2.15	)
Net asset value, end of period	$12.86		$13.46		$12.25		$11.08		$9.64		$7.46		$10.81
TOTAL RETURN	(3.71	)%(b)	11.47	%	11.96	%	15.60	%(b)	31.85	%	(28.95	)%	(13.76	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$228,709		$253,707		$249,433		$289,161		$280,763		$159,554		$172,078
Ratio of expenses to average net assets before expense waiver and reimbursement	0.77	%(c)	0.78	%	0.78	%	0.83	%(c)	0.81	%	0.85	%	0.81	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.77	%(c)	0.78	%	0.78	%	0.82	%(c)	0.81	%	0.81	%	0.81	%
Ratio of net investment income to average net assets	1.93	%(c)	1.30	%	1.54	%	0.77	%(c)	1.98	%	3.53	%	2.03	%
Portfolio turnover rate	35	%(b)	50	%	75	%	30	%(b)	66	%	78	%	94	%

16 2013 Semiannual Report  ¡  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Financial highlights continued

Real Estate Securities Fund  ¡  For the period or year ended

	Retail Class
	9/30/13		3/31/13		3/31/12		3/31/11†		9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$12.97		$11.80		$10.69		$9.30		$7.20		$10.46		$14.59
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.12		0.14		0.15		0.04		0.17		0.23		0.31
Net realized and unrealized gain (loss) on total investments	(0.60	)	1.21		1.09		1.41		2.11		(3.31	)	(2.28	)
Total gain (loss) from investment operations	(0.48	)	1.35		1.24		1.45		2.28		(3.08	)	(1.97	)
Less distributions from:
Net investment income	(0.10	)	(0.18	)	(0.13	)	(0.06	)	(0.16	)	(0.18	)	(0.38	)
Net realized gains	–		–		–		–		–		–		(1.60	)
Return of capital	–		–		–		–		(0.02	)	–		(0.18	)
Total distributions	(0.10	)	(0.18	)	(0.13	)	(0.06	)	(0.18	)	(0.18	)	(2.16	)
Net asset value, end of period	$12.39		$12.97		$11.80		$10.69		$9.30		$7.20		$10.46
TOTAL RETURN	(3.74	)%(b)	11.49	%	11.79	%	15.64	%(b)	31.95	%	(29.01	)%	(13.66	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$175,175		$187,722		$141,355		$124,104		$102,686		$77,475		$118,076
Ratio of expenses to average net assets before expense waiver and reimbursement	0.87	%(c)	0.87	%	0.84	%	0.84	%(c)	0.77	%	1.06	%	0.85	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.87	%(c)	0.87	%	0.84	%	0.83	%(c)	0.77	%	0.75	%	0.70	%
Ratio of net investment income to average net assets	1.83	%(c)	1.17	%	1.42	%	0.75	%(c)	2.08	%	3.89	%	2.68	%
Portfolio turnover rate	35	%(b)	50	%	75	%	30	%(b)	66	%	78	%	94	%

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ¡  2013 Semiannual Report 17

Financial highlights concluded

Real Estate Securities Fund  ¡  For the period or year ended

	Premier Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$13.05		$11.88		$10.75		$9.36		$7.24		$7.24
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.13		0.17		0.18		0.05		0.14		0.00	(d)
Net realized and unrealized gain (loss) on total investments	(0.60	)	1.20		1.10		1.41		2.17		–
Total gain (loss) from investment operations	(0.47	)	1.37		1.28		1.46		2.31		0.00	(d)
Less distributions from:
Net investment income	(0.11	)	(0.20	)	(0.15	)	(0.07	)	(0.17	)	–
Net realized gains	–		–		–		–		(0.02	)	–
Total distributions	(0.11	)	(0.20	)	(0.15	)	(0.07	)	(0.19	)	–
Net asset value, end of period	$12.47		$13.05		$11.88		$10.75		$9.36		$7.24
TOTAL RETURN	(3.62	)%(b)	11.62	%	12.06	%	15.60	%(b)	32.12	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$55,640		$62,709		$58,528		$75,047		$31,260		$250
Ratio of expenses to average net assets before expense waiver and reimbursement	0.67	%(c)	0.68	%	0.68	%	0.74	%(c)	0.71	%	221.11	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.67	%(c)	0.68	%	0.68	%	0.72	%(c)	0.71	%	0.72	%(c)
Ratio of net investment income to average net assets	2.04	%(c)	1.37	%	1.67	%	1.03	%(c)	1.56	%	0.00	%(c)
Portfolio turnover rate	35	%(b)	50	%	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.
†	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.
*	The Premier Class commenced operations on September 30, 2009.

18 2013 Semiannual Report  ¡  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Notes to financial statements (unaudited)

Real Estate Securities Fund

Note 1—organization and significant accounting policies

The TIAA-CREF Real Estate Securities Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust that 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 gains 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.

TIAA-CREF Real Estate Securities Fund  ■  2013 Semiannual Report 19

Notes to financial statements (unaudited)

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 it distributes all taxable income each year and complies with various other Code requirements. Management has analyzed the Fund’s tax positions taken for all open federal income tax years (2009–2013) and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

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

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

Trustee compensation: The Fund pays the 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.

New accounting pronouncement: In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, and in January 2013 issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (collectively, the “Update”). The Update creates new disclosure requirements

20 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Fund has adopted these new disclosure requirements and has determined that no additional disclosures are required for this semiannual report.

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 spreads, 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.

TIAA-CREF Real Estate Securities Fund  ■  2013 Semiannual Report 21

Notes to financial statements (unaudited)

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, 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 period ended September 30, 2013, there were no material transfers between levels by the Fund.

22 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

The following table summarizes the market value of the Fund’s investments as of September 30, 2013 based on the inputs used to value them:

Investments	Level 1		Level 2		Level 3		Total
Real Estate Securities Fund
Equity investments:
Diversified real estate activities	$	–	$	4,275,990		$–	$	4,275,990
Homebuilding		4,006,965		24,362		–		4,031,327
Publishing		–		3,833,588		–		3,833,588
All other Equity investments (a)		1,238,108,698		–		–		1,238,108,698
Short-term investments		–		1,999,934		–		1,999,934
Total	$	1,242,115,663	$	10,133,874		$–	$	1,252,249,537

(a) For detailed categories, see the accompanying summary portfolio of investments.

Note 3—derivative instruments

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

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 losses that may exceed amounts recognized on the Statement of Assets and Liabilities. During the period ended September 30, 2013, the Real Estate Securities Fund had no exposure to purchase options or written options.

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 0.49%. The Fund has entered into an Administrative Service Agreement with Advisors

TIAA-CREF Real Estate Securities Fund  ■  2013 Semiannual Report 23

Notes to financial statements (unaudited)

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 shares of the Fund compensated TPIS for providing distribution, promotional and shareholder services to the Retail Class shares of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of the Fund is subject to a distribution Rule 12b-1 plan that compensated 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 commissions 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, 2014, unless changed with approval of the Board.

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

At September 30, 2013, TIAA Access, a registered separate account of TIAA, owned 4.1% of the Fund’s shares.

TIAA-CREF Tuition Financing, Inc. (“TFI”), an indirect wholly owned subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Fund. As of September 30, 2013, two 529 Plans own 9% and 13% of the Real Estate Securities Fund, respectively.

24 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

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 for this period is as follows:

Issue	Value at March 31, 2013		Purchase cost	Sales proceeds	Realized gain/(loss)
Real Estate Securities Fund
Thomas Properties Group, Inc		$19,581,498	$–	$–		$–

Issue	Dividend income		Withholding expense	Shares at September 30, 2013	Value at September 30, 2013
Real Estate Securities Fund
Thomas Properties Group, Inc		$152,682	$–	3,817,056		$25,650,616

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 September 30, 2013, the cost of portfolio investments for federal income tax purposes was $1,120,556,228. Net unrealized appreciation of portfolio investments for federal income tax purposes was $131,693,309, consisting of gross unrealized appreciation of $149,009,208, and gross unrealized depreciation of ($17,315,899).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended September 30, 2013 were $466,315,985 and $481,701,844, respectively.

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2013 was as follows:

	Ordinary income		Long-term capital gains	Return of capital	Total
3/31/2013		$20,147,258	$–	$–	$20,147,258

The tax character of the fiscal year 2014 distributions will be determined at the end of the fiscal year.

TIAA-CREF Real Estate Securities Fund  ■  2013 Semiannual Report 25

Notes to financial statements (unaudited) concluded

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. This facility expired June 2013. A new facility was entered into on June 25, 2013 expiring June 24, 2014. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the Fund at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended September 30, 2013, 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.

26 2013 Semiannual Report  ■  TIAA-CREF Real Estate Securities Fund

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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 and 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.

©2013 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF),
730 Third Avenue, New York, NY 10017-3206.

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2013 Semiannual Report

TIAA-CREF Funds

Fixed-Income Funds

September 30, 2013

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 Index Fund		8
Bond Plus Fund		10
High-Yield Fund		12
Inflation-Linked Bond Fund		14
Short-Term Bond Fund		16
Social Choice Bond Fund		18
Tax-Exempt Bond Fund		20
Money Market Fund		22
Summary portfolios of investments		24
Financial statements (unaudited)
Statements of assets and liabilities		42
Statements of operations		44
Statements of changes in net assets		46
Financial highlights		50
Notes to financial statements		67
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 semiannual report contains information about the TIAA-CREF Funds and describes their results for the six months ended September 30, 2013. The report contains three main sections:

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

• The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of September 30, 2013.

• 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 Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest 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 and Premier classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

2 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

TIAA-CREF Market Monitor

Bonds weaken as interest rates rise

During the six-month period that ended on September 30, 2013, rising long-term interest rates and an improving domestic economic outlook led to losses in nearly all major sectors of the U.S. fixed-income market. The Barclays U.S. Aggregate Bond Index, which measures the performance of the broad domestic investment-grade, fixed-rate bond market, returned –1.8% for the period.

With year-over-year inflation in the United States running at 1.2% at period-end, according to the Consumer Price Index, the real (i.e., inflation-adjusted) return of investment-grade bonds was –3.0% for the six months covered by this report.

Results from individual segments of the bond market varied sharply, with all but one losing ground for the period. Inflation-linked bonds were hardest hit; the Barclays U.S. Treasury Inflation Protected Securities Index (Series-L) returned –6.4% because TIPS’ longer maturities made them particularly vulnerable to the effects of rising interest rates, and investors expected future inflation to remain tame. Municipal bonds, hampered by the announcement that Detroit had filed for bankruptcy protection in July, returned –2.4%, as represented by the Barclays 10-Year Municipal Bond Index. Short-term bonds, as measured by the Barclays U.S. 1–5 Year Government/Credit Bond Index, declined just 0.1% because their prices are generally less sensitive to interest rate changes.

Brighter economic prospects and strong company fundamentals led investors to seek higher returns from equities and lower-grade debt securities. For the six months, high-yield bonds, as measured by the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index, returned 0.5%.

Bond market declines are broad-based

Total return for the six months ended September 30, 2013 (%)

Sectors of the U.S. bond market

Only the high-yield sector recorded a small gain for the six-month reporting period.

Sources: High-yield: BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index; Short-term: Barclays U.S. 1-5 Year Government/Credit Bond Index; Investment-grade: Barclays U.S. Aggregate Bond Index; Munis: Barclays 10-Year Municipal Bond Index; TIPS: Barclays U.S. Treasury Inflation Protected Securities Index (Series-L).

Investors await clarity from the Federal Reserve

As the period opened, steady employment gains, an ongoing recovery in the housing market and increased consumer spending led to concerns that the Federal Reserve might begin tapering its massive bond buying program earlier than expected. In May, the Fed seemed to confirm these fears, which led to a bond market sell-off and a sharp rise in interest rates. (Interest rates and bond prices move in opposite directions.) During the quarter, the Barclays aggregate index fell 2.3%. Interest-rate-sensitive sectors, including mortgage-backed securities (down 2.0%) and U.S. Treasuries (down 1.9%), felt the effect of rising rates, but credit-sensitive segments also suffered. Despite solid fundamentals, corporate bonds lost 3.3%.

Following a series of mixed economic reports released during the third quarter, plus a rise in long-term interest rates that was disproportionate to the level of growth evident in the actual data, the Fed expressed concern about possible risks to the economic recovery. As a result, in September the Fed announced that it would continue its bond purchases until stronger signs of steady growth emerged.

The continuation of the Federal Reserve’s accommodative stance plus hopes for sustained growth increased investor appetite for riskier assets.

Following the announcement, interest rates slipped from their highs, and bond prices rose. The Barclays aggregate index produced a modest 0.6% return for the third quarter, offsetting some of the previous quarter’s losses.

Yields on 10-year Treasuries, which serve as a benchmark for mortgages and many other credit rates, went from 1.87% at the beginning of April to 2.98% in early September, before settling at 2.64% at period-end.

The continuation of the Fed’s accommodative stance and hopes for sustained economic growth increased investor appetite for riskier assets at the expense of higher-quality issues. Stocks and lower-quality bonds benefited from the “risk-on” mentality among investors. During the third quarter, high-yield bonds rose 2.1%, while U.S. stocks, as measured by the Russell 3000^® Index, gained 6.4%. For the full six months, stocks returned 9.2%.

Concerned about rising interest rates, investors redeemed bond fund shares at a rapid pace during the six months. According to data from the Investment Company Institute, bond-based U.S. mutual funds recorded net outflows of more than $95 billion for the period.

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 3

Information for investors

Portfolio holdings

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

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

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

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

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from 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 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

About the funds’ benchmarks

The Barclays U.S. Aggregate Bond Index measures the performance of the domestic 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 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 intermediate- and longer-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).

You cannot invest directly in any 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 shareholders of the TIAA-CREF Funds do not incur 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 (April 1, 2013–September 30, 2013).

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 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.

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 5

Bond Fund

Portfolio composition

% of net assets as of 9/30/2013
Corporate bonds	26.7
Mortgage-backed securities*	21.7
Foreign government & corporate bonds denominated in U.S. dollars	15.1
U.S. Treasury securities	12.7
Asset-backed securities	10.0
Commercial mortgage-backed securities	7.9
Municipal bonds	3.6
Bank loan obligations	0.3
U.S. agency securities	0.2
Short-term investments, other assets & liabilities, net	1.8
Total	100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity

% of fixed-income investments  (excluding short-term investments)  as of 9/30/2013
Less than 1 year	1.8
1–3 years	19.1
3–5 years	27.1
5–10 years	42.7
Over 10 years	9.3
Total	100.0

Holdings by credit quality^†

% of fixed-income investments  (excluding short-term investments)  as of 9/30/2013
Aaa/AAA	37.0
Aa/AA	5.0
A/A	14.9
Baa/BBB	30.6
Ba/BB	6.8
B/B	5.1
Below B/B	0.5
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 six months ended September 30, 2013

The Bond Fund returned –1.84% for the Institutional Class, compared with the –1.77% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2013, the fund returned –0.97%, versus –1.68% for the index. The table below shows returns for all share classes of the fund.

Mixed signals from the Fed heighten bond market volatility

During the period, the Federal Reserve continued its monthly purchases of $85 billion in U.S. Treasury and agency securities. At the same time, the central bank 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%. The Fed’s goal was to help stimulate the U.S. economy by keeping interest rates low.

As the number of private sector jobs increased and the housing market strengthened, investors began to worry that the Fed would soon taper its accommodative policies. When the Fed seemed to confirm these fears in late May and again in June, bonds sold off, and the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, fell 2.32% in the second quarter of 2013.

Over the summer, interest rates rose in anticipation of the Fed’s next move. New bond issues provided investors with additional income, but borrowing became more expensive, a potential brake on economic activity.

Concerned about rapidly rising interest rates, little progress in reducing unemployment, Washington’s restrictive fiscal policies and political wrangling over the federal budget and debt ceiling, the Federal Reserve unexpectedly announced in September that it would continue its accommodative stance for the foreseeable future. Interest rates came off their highs, boosting prices on some existing bonds, and the fund’s benchmark ended the third quarter up 0.57%, offsetting some of the previous quarter’s losses.

Performance as of September 30, 2013

Total return

Average annual total return

Bond Fund

Inception date

6 months

1 year

5 years

10 years

Institutional Class

7/1/1999

–1.84

%

–0.97

%

5.81

%

4.54

%

Retirement Class

3/31/2006

–2.01

–1.25

5.53

4.34

‡

Retail Class

3/31/2006

–1.96

–1.32

5.55

4.39

‡

Premier Class

9/30/2009

–1.92

–1.12

5.68

‡

4.48

‡

Barclays U.S. Aggregate Bond Index

—

–1.77

–1.68

5.41

4.59

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 any 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 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Broad-based declines weigh on benchmark performance

All major sectors of the Barclays aggregate index lost ground for the six months. Corporate securities, which made up about one-fifth of the total market capitalization of the index on September 30, 2013, recorded the largest losses; they returned –2.5%.

U.S. Treasuries, the benchmark’s largest sector, returned –1.8%. Yields on 10-year Treasuries went from 1.87% at the end of March to 2.98% in early September, dropping to 2.64% at period-end. U.S. mortgage-backed securities, which made up almost one-third of the index, returned –1.0%, while commercial mortgage-backed, asset-backed and U.S. agency securities returned –0.4%, –0.6% and –1.5%, respectively.

The fund lags its benchmark slightly

In the challenging interest rate environment, the fund slightly trailed its benchmark index primarily because of unsuccessful positions in emerging market and high-yield corporate securities. Overweight holdings in asset-backed securities and municipal bonds also weighed on the fund’s relative return.

These negative effects were partly offset by a significant underweight investment in U.S. Treasury securities, which lagged the broad bond market for the period. The fund’s holdings in investment-grade corporate bonds and government-related credit issues helped relative performance as well.

Expense example

Six months ended September 30, 2013

Bond Fund	Beginning account value  (4/1/13)		Ending account value  (9/30/13)		Expenses  Paid during  period*  (4/1/13-  9/30/13)
Actual return
Institutional Class	$	1,000.00	$	981.56		$ 1.59
Retirement Class		1,000.00		979.93		2.83
Retail Class		1,000.00		980.43		3.18
Premier Class		1,000.00		980.82		2.33
5% annual hypothetical return
Institutional Class		1,000.00		1,023.46		1.62
Retirement Class		1,000.00		1,022.21		2.89
Retail Class		1,000.00		1,021.86		3.24
Premier Class		1,000.00		1,022.71		2.38

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2013. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class, 0.57% for the Retirement Class, 0.64% for the Retail Class and 0.47% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 7

Bond Index Fund

Portfolio composition

% of net assets as of 9/30/2013
U.S. Treasury securities	36.0
Mortgage-backed securities*	29.2
Corporate bonds	17.9
Foreign government & corporate bonds denominated in U.S. dollars	9.1
U.S. agency securities	4.1
Commercial mortgage-backed securities	1.7
Municipal bonds	1.0
Asset-backed securities	0.4
Short-term investments, 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  (excluding short-term investments)  as of 9/30/2013
Less than 1 year	1.9
1–3 years	22.2
3–5 years	30.0
5–10 years	33.7
Over 10 years	12.2
Total	100.0

Holdings by credit quality^†

% of fixed-income investments  (excluding short-term investments)  as of 9/30/2013
Aaa/AAA	72.0
Aa/AA	5.1
A/A	11.2
Baa/BBB	11.3
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 six months ended September 30, 2013

The Bond Index Fund returned –1.96% for the Institutional Class, compared with the –1.77% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2013, the fund returned –1.98%, versus –1.68% for the index. The table below shows returns for all share classes of the fund.

Mixed signals from the Fed heighten bond market volatility

During the period, the Federal Reserve continued its large-scale purchases of U.S. Treasury and agency securities, while maintaining its target federal funds rate—the interest rate U.S. commercial banks charge one another for overnight loans—near 0%. The Fed’s goal was to help stimulate the U.S. economy by keeping interest rates low.

As unemployment declined slightly and the housing market strengthened, investors worried that the Fed would soon taper its accommodative policies. When the Fed seemed to confirm these fears in late May and again in June, bonds sold off, and the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, fell 2.32% in the second quarter of 2013.

Over the summer, interest rates rose in anticipation of the Fed’s next move. New bond issues provided investors with additional income, but borrowing became more expensive, a potential brake on economic activity.

Concerned about rapidly rising interest rates, the slow pace of job growth and Washington’s restrictive fiscal policies, the central bank announced in September that it would continue its accommodative stance. Interest rates fell, boosting prices on existing bonds, and the fund’s benchmark rose 0.57%, offsetting some of the previous quarter’s losses.

Performance as of September 30, 2013

			Total return						Average annual total return
Bond Index Fund	Inception date		6 months			1 year			since fund inception
Institutional Class		9/14/2009		–1.96	%		–1.98	%		3.99	%
Retirement Class		9/14/2009		–1.99			–2.23			3.76
Retail Class		9/14/2009		–2.04			–2.32			3.66
Premier Class		9/30/2009		–1.94			–2.04			3.86	‡
Barclays U.S. Aggregate Bond Index		—		–1.77			–1.68			4.27	§

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

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

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

8 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Broad-based declines weigh on benchmark performance

All major sectors of the Barclays aggregate index lost ground for the six months. Corporate securities, which made up about one-fifth of the total market capitalization of the index on September 30, 2013, recorded the largest losses; they returned –2.5%.

U.S. Treasuries, the benchmark’s largest sector, returned –1.8%. Yields on 10-year Treasuries rose from 1.87% at the end of March to 2.64% at period-end. U.S. mortgage-backed securities, which made up almost one-third of the index, returned –1.0%, while commercial mortgage-backed, asset-backed and U.S. agency securities returned –0.4%, –0.6% and –1.5%, respectively.

The fund trails its benchmark index

For the period, the fund’s return lagged that of the Barclays aggregate index partly because of the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not.

Results were also hampered by underperformance among the fund’s U.S. mortgage-backed securities. Since its inception four years ago, the fund’s assets have grown rapidly. To help the fund maintain the overall characteristics of its benchmark under these conditions, the fund’s managers invested in a mix of old and new mortgage-backed issues, with varying interest rates. During the second quarter of 2013, this portfolio significantly underperformed the comparable sector within the 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 strategy helped the fund’s risk and reward characteristics to more closely resemble those of its benchmark.

Expense example

Six months ended September 30, 2013

Bond Index Fund	Beginning account value (4/1/13)		Ending account value (9/30/13)		Expenses paid during period* (4/1/13- 9/30/13)
Actual return
Institutional Class	$	1,000.00	$	980.44		$ 0.65
Retirement Class		1,000.00		980.12		1.89
Retail Class		1,000.00		979.61		2.38
Premier Class		1,000.00		980.62		1.39
5% annual hypothetical return
Institutional Class		1,000.00		1,024.42		0.66
Retirement Class		1,000.00		1,023.16		1.93
Retail Class		1,000.00		1,022.66		2.43
Premier Class		1,000.00		1,023.66		1.42

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2013. 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 the fund’s performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 9

Bond Plus Fund

Portfolio composition

% of net assets as of 9/30/2013
Corporate bonds	29.5
Mortgage-backed securities*	20.2
Foreign government & corporate bonds denominated in U.S. dollars	15.8
U.S. Treasury securities	10.4
Commercial mortgage-backed securities	4.9
Asset-backed securities	4.7
Bank loan obligations	4.2
Municipal bonds	3.8
U.S. agency securities	0.3
Preferred stock	0.1
Short-term investments, other assets & liabilities, net	6.1
Total	100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity

% of fixed-income investments  (excluding short-term investments)  as of 9/30/2013
Less than 1 year	7.2
1–3 years	14.3
3–5 years	22.2
5–10 years	45.7
Over 10 years	10.6
Total	100.0

Holdings by credit quality^†

% of fixed-income investments (excluding short-term investments) as of 9/30/2013
Aaa/AAA	39.5
Aa/AA	6.2
A/A	13.4
Baa/BBB	18.6
Ba/BB	10.0
B/B	9.1
Below B/B	2.8
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 six months ended September 30, 2013

The Bond Plus Fund returned –1.77% for the Institutional Class, matching the –1.77% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2013, the fund returned –0.32%, versus –1.68% for the index. The table below shows returns for all share classes of the fund.

Mixed signals from the Fed heighten bond market volatility

During the period, the Federal Reserve continued its monthly purchases of $85 billion in U.S. Treasury and agency securities. At the same time, the central bank 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%. The Fed’s goal was to help stimulate the U.S. economy by keeping interest rates low.

As the number of private sector jobs increased and the housing market strengthened, investors began to worry that the Fed would soon taper its accommodative policies. When the Fed seemed to confirm these fears in late May and again in June, bonds sold off, and the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, fell 2.32% in the second quarter of 2013.

Over the summer, interest rates rose in anticipation of the Fed’s next move. New bond issues provided investors with additional income, but borrowing became more expensive, a potential brake on economic activity.

Concerned about rapidly rising interest rates, little progress in reducing unemployment, Washington’s restrictive fiscal policies and political wrangling over the federal budget and debt ceiling, the Federal Reserve unexpectedly announced in September that it would continue its accommodative stance for the foreseeable future. Interest rates came off their highs, boosting prices on some existing bonds, and the fund’s benchmark ended the third quarter up 0.57%, offsetting some of the previous quarter’s losses.

Performance as of September 30, 2013

Total return

Average annual total return

Bond Plus Fund

Inception date

6 months

1 year

5 years

since fund  inception

Institutional Class

3/31/2006

–1.77

%

–0.32

%

6.59

%

5.24

%

Retirement Class

3/31/2006

–1.89

–0.48

6.34

5.00

Retail Class

3/31/2006

–1.94

–0.66

6.33

5.04

Premier Class

9/30/2009

–1.85

–0.47

6.46

‡

5.16

‡

Barclays U.S. Aggregate Bond Index

—

–1.77

–1.68

5.41

5.28

§

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 any 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 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

Broad-based declines weigh on benchmark performance

All major sectors of the Barclays aggregate index lost ground for the six months. Corporate securities, which made up about one-fifth of the total market capitalization of the index on September 30, 2013, recorded the largest losses; they returned –2.5%.

U.S. Treasuries, the benchmark’s largest sector, returned –1.8%. Yields on 10-year Treasuries went from 1.87% at the end of March to 2.98% in early September, dropping to 2.64% at period-end. U.S. mortgage-backed securities, which made up almost one-third of the index, returned –1.0%, while commercial mortgage-backed, asset-backed and U.S. agency securities returned –0.4%, –0.6% and –1.5%, respectively.

The fund keeps pace with its benchmark

In the challenging interest rate environment, the return of the Bond Plus Fund matched that of the Barclays U.S. Aggregate Bond Index. The fund benefited primarily from its significantly underweight position in U.S. Treasuries, which lagged the broad bond market for the period. Overweight holdings and advantageous selections among investment-grade corporate bonds and asset-backed securities also helped.

Offsetting these positive effects were negative results from the fund’s underperforming investments in emerging market issues and municipal bonds. A small cash position also reduced the fund’s relative return slightly.

Expense example

Six months ended September 30, 2013

Bond Plus Fund	Beginning account value (4/1/13)		Ending account value (9/30/13)		Expenses paid during period* (4/1/13- 9/30/13)
Actual return
Institutional Class	$	1,000.00	$	982.29		$ 1.64
Retirement Class		1,000.00		981.12		2.88
Retail Class		1,000.00		980.63		3.38
Premier Class		1,000.00		981.55		2.38
5% annual hypothetical return
Institutional Class		1,000.00		1,023.41		1.67
Retirement Class		1,000.00		1,022.16		2.94
Retail Class		1,000.00		1,021.66		3.45
Premier Class		1,000.00		1,022.66		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 183/365. There were 183 days in the six months ended September 30, 2013. 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 the fund’s performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 11

High-Yield Fund

Portfolio composition

% of net assets as of 9/30/2013
Corporate bonds	70.6
Foreign government & corporate bonds denominated in U.S. dollars	14.5
Bank loan obligations	11.8
Preferred stock	0.3
Short-term investments, other assets & liabilities, net	2.8
Total	100.0

Holdings by maturity

% of fixed-income investments  (excluding short-term investments)  as of 9/30/2013
1–3 years	0.4
3–5 years	12.8
5–10 years	81.6
Over 10 years	5.2
Total	100.0

Holdings by credit quality*

% of fixed-income investments  (excluding short-term investments)  as of 9/30/2013
Baa/BBB	0.7
Ba/BB	47.0
B/B	45.3
Below B/B	7.0
Total	100.0

* Credit quality ratings are based on the BofA 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 six months ended September 30, 2013

The High-Yield Fund returned –0.02% for the Institutional Class, compared with the 0.47% return of its benchmark, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. For the one-year period ended September 30, 2013, the fund returned 5.64%, versus 6.02% for the index. The table below shows returns for all share classes of the fund.

High-yield bonds stumble but recover despite rising interest rates

After opening the reporting period with a 1.81% gain in April, high-yield bonds declined in May and June, resulting in a loss for the second quarter of 2013. High-yield issues came under pressure during the quarter on fears that the Federal Reserve might begin to taper its massive bond buying program sooner than previously anticipated. This drove interest rates higher and led to a sell-off of fixed-income assets, including high-yield bonds.

During the third quarter, however, high-yield securities rebounded to post solid gains, more than offsetting the previous quarter’s losses. Based on the continued financial health of high-yield issuers, an improving economy and the Fed’s decision to continue its accommodative policies, investors returned to high-yield bonds because of their attractive yields. As interest rates came off their highs, the fund’s benchmark ended the quarter up 2.08%.

For the six-month period, high-yield bonds easily outperformed the –1.77% 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 September 30, 2013, high-yield issues earned an average annual 11.80%, substantially outpacing the 5.41% average return of the broad bond market.

Performance as of September 30, 2013

			Total return						Average annual total return
High-Yield Fund†	Inception date		6 months			1 year			5 years			since fund inception
Institutional Class		3/31/2006		–0.02	%		5.64	%		12.00	%		8.09	%
Retirement Class		3/31/2006		–0.14			5.38			11.72			7.81
Retail Class		3/31/2006		–0.24			5.34			11.77			7.92
Premier Class		9/30/2009		–0.09			5.48			11.87	‡		8.00	‡
BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index		—		0.47			6.02			11.80			7.79	§

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 any 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 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

High-yield bond issuance increases

During the six months, new issuance in the high-yield bond market was strong. Solid credit fundamentals, combined with a favorable economic environment and increasing investor demand, paved the way for $159 billion in new high-yield debt issuance, up from $150 billion over the same time period in 2012.

For the period, 53 of the benchmark’s 68 sectors posted gains. Returns ranged from –4.5% for the mono-line insurance sector to 7.5% for the electricity distribution sector.

Amid the volatile period, investors favored riskier higher-yielding securities over higher-rated issues. As a result, lower-quality bonds (those rated CCC and lower) earned 3.0%, while B- and BB-rated issues returned 1.0% and 0.1%, respectively. According to Moody’s Investors Service, default rates in the high-yield segment remained near historical lows, ending September at 2.6%.

The fund lags its benchmark in a challenging market

For the six months, the High-Yield Fund trailed its benchmark because of unfavorable sector allocations and individual security selections.

Sector positions that detracted from performance included those in banking, media and energy exploration. These negative effects were partly offset by favorable results from holdings in the gas distribution, gaming and software sectors.

Among individual security selections, the biggest drag on relative performance came from overweight positions in banking giants JPMorgan Chase and Fifth Third Bancorp. An overweight investment in International Lease Finance Corporation, an airplane leasing subsidiary of insurer AIG, also detracted.

The largest positive contributions came from two lower-quality, higher-yielding holdings: wound-care products provider Kinetic Concepts and Ceridian, a payroll processing company. An out-of-benchmark position in Boyd Gaming, a casino operator, helped relative performance as well.

Expense example

Six months ended September 30, 2013

High-Yield Fund	Beginning  account  value  (4/1/13)		Ending  account  value  (9/30/13)		Expenses  Paid  during  period*  (4/1/13-  9/30/13)
Actual return
Institutional Class		$1,000.00	$	999.84		$ 1.85
Retirement Class		1,000.00		998.59		3.11
Retail Class		1,000.00		997.58		3.25
Premier Class		1,000.00		999.09		2.61
5% annual hypothetical return
Institutional Class		1,000.00		1,023.21		1.88
Retirement Class		1,000.00		1,021.96		3.14
Retail Class		1,000.00		1,021.81		3.29
Premier Class		1,000.00		1,022.46		2.64

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2013. The fund’s annualized six-month expense ratio for that period was 0.37% for the Institutional Class, 0.62% for the Retirement Class, 0.65% for the Retail Class and 0.52% 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 the fund’s performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 13

Inflation-Linked Bond Fund

Portfolio composition

% of net assets as of 9/30/2013
U.S. Treasury securities	99.1
Short-term investments, other assets & liabilities, net	0.9
Total	100.0

Holdings by maturity

% of fixed-income investments  (excluding short-term investments)  as of 9/30/2013
Less than 1 year	1.8
1–3 years	19.9
3–5 years	15.9
5–10 years	34.4
Over 10 years	28.0
Total	100.0

Performance for the six months ended September 30, 2013

The Inflation-Linked Bond Fund returned –6.38% for the Institutional Class, compared with the –6.40% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the one-year period ended September 30, 2013, the fund returned –6.31%, versus –6.10% for the index. The table below shows returns for all share classes of the fund.

Amid rising rates and low inflation, TIPS suffer outsized losses

At the end of September, year-over-year inflation, as measured by the Consumer Price Index, was 1.2%, compared with 1.1% in April. Oil, a widely watched indicator of current inflationary pressures, rose 5% for the six months; it fell to $87 a barrel in mid-April before soaring to $102 a barrel on September 30.

The modest rise in overall inflation reflected the slow growth rate of the U.S. economy. The nation’s gross domestic product, which measures the value of all goods and services produced in the United States, grew at an estimated annual rate of 1.6% in the second quarter of 2013. Although the housing market improved, unemployment remained elevated.

With inflation still well below its target of 2.5%, the Federal Reserve continued its monthly purchases of $85 billion of U.S. Treasury and agency securities, seeking to stimulate growth by restraining long-term interest rates. As the economy appeared to strengthen early in the period, investors began to worry that the Fed would soon taper its accommodative policies. When the Fed seemed to confirm these fears in late May and again in June, bonds sold off, and TIPS, as measured by the Barclays U.S. Treasury Inflation Protected Securities Index, fell 7.05% in the second quarter.

Performance as of September 30, 2013

Total return

Average annual total return

Inflation-Linked Bond Fund

Inception date

6 months

1 year

5 years

10 years

Institutional Class

10/1/2002

–6.38

%

–6.31

%

4.91

%

4.94

%

Retirement Class

3/31/2006

–6.54

–6.52

4.65

4.77

*

Retail Class

10/1/2002

–6.61

–6.68

4.66

4.76

Premier Class

9/30/2009

–6.48

–6.43

4.77

*

4.87

*

Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)

—

–6.40

–6.10

5.31

5.23

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 any 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.

14 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

TIPS lag the broad bond market

Although most segments of the fixed-income market declined for the six months, TIPS were especially hard hit. Over the summer, interest rates rose in anticipation of the Fed’s next move. TIPS’ longer maturities made them particularly vulnerable to the effects of these rising rates, which pushed down the value of many existing bonds. At the same time, investors lowered their expectations of future inflation.

The six-month return of TIPS was more than four-and-a-half percentage points lower than the –1.77% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. For the ten years ended September 30, 2013, the average annual return of TIPS was 5.23%, compared with 4.59% for the Barclays aggregate index.

In a down market, the fund tracks its benchmark

In line with the performance of the TIPS index, the Inflation-Linked Bond Fund posted a loss of more than six percent for the period. Because the fund’s portfolio was similar to that of its benchmark, the above discussion of the benchmark’s performance also applies to the fund’s performance.

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’s risk and reward characteristics resemble more closely those of its benchmark.

Expense example

Six months ended September 30, 2013

Inflation-Linked Bond Fund	Beginning account value (4/1/13)		Ending account value (9/30/13)		Expenses paid during period* (4/1/13- 9/30/13)
Actual return
Institutional Class	$	1,000.00	$	936.16		$ 1.31
Retirement Class		1,000.00		934.64		2.52
Retail Class		1,000.00		933.91		2.86
Premier Class		1,000.00		935.24		2.04
5% annual hypothetical return
Institutional Class		1,000.00		1,023.71		1.37
Retirement Class		1,000.00		1,022.46		2.64
Retail Class		1,000.00		1,022.11		2.99
Premier Class		1,000.00		1,022.96		2.13

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2013. The fund’s annualized six-month expense ratio for that period was 0.27% for the Institutional Class, 0.52% for the Retirement Class, 0.59% for the Retail Class and 0.42% 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 the fund’s performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 15

Short-Term Bond Fund

Portfolio composition

% of net assets as of 9/30/2013
Corporate bonds	23.0
Foreign government & corporate bonds denominated in U.S. dollars	20.9
Asset-backed securities	16.7
U.S. Treasury securities	15.7
Commercial mortgage-backed securities	5.8
U.S. agency securities	2.8
Mortgage-backed securities*	1.4
Bank loan obligations	0.9
Municipal bonds	0.5
Short-term investments, other assets & liabilities, net	12.3
Total	100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2013
Less than 1 year	21.5
1–3 years	39.6
3–5 years	34.1
5–10 years	4.8
Total	100.0

Holdings by credit quality^†

% of fixed-income investments (excluding short-term investments) as of 9/30/2013
Aaa/AAA	47.9
Aa/AA	13.3
A/A	13.1
Baa/BBB	16.9
Ba/BB	3.8
B/B	2.3
Below B/B	0.4
Non-rated	2.3
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 six months ended September 30, 2013

The Short-Term Bond Fund returned –0.41% for the Institutional Class, compared with the –0.13% return of its benchmark, the Barclays U.S. 1–5 Year Government/Credit Bond Index. For the one-year period ended September 30, 2013, the fund returned 0.40%, versus 0.34% for the index. The table below shows returns for all share classes of the fund.

Short-term bonds hold up better than the broad market

During the period, the Federal Reserve continued its large-scale purchases of U.S. Treasury and agency securities, while maintaining its target federal funds rate—the interest rate U.S. commercial banks charge one another for overnight loans—near 0%. The Fed’s goal was to help stimulate the U.S. economy by keeping interest rates low.

As unemployment declined slightly and the housing market strengthened, investors worried that the Fed would soon taper its accommodative policies. When the Fed seemed to confirm these fears in late May and again in June, bonds universally sold off. The Barclays U.S. 1–5 Year Government/Credit Bond Index fell 0.75% in the second quarter of 2013.

Over the summer, interest rates rose in anticipation of the Fed’s next move. With robust economic recovery still elusive, the central bank announced in September that it would continue its accommodative stance. Interest rates fell, boosting prices on existing bonds, and the fund’s benchmark rose 0.63% for the third quarter.

During the six months, some investors turned to bonds with shorter maturities because of their lower price volatility. (Short-term bonds are generally less sensitive to interest rate moves.) As a result, the fund’s

Performance as of September 30, 2013

			Total return						Average annual total return
Short-Term Bond Fund	Inception date		6 months			1 year			5 years			since fund inception
Institutional Class		3/31/2006		–0.41	%		0.40	%		3.77	%		3.79	%
Retirement Class		3/31/2006		–0.53			0.15			3.53			3.54
Retail Class		3/31/2006		–0.57			0.08			3.55			3.61
Premier Class		9/30/2009		–0.48			0.25			3.66	‡		3.72	‡
Barclays U.S. 1–5 Year Government/Credit Bond Index		—		–0.13			0.34			3.56			4.08	§

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 any 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.

16 2013 Semiannual Report  ■TIAA-CREF Funds: Fixed-Income Funds

benchmark outperformed the –1.77% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. However, for the five years ended September 30, 2013, the average annual return of short-term issues trailed that of the broad market, 3.56% to 5.41%.

Short-term corporate bonds move up in a down market

Corporate securities led other short-term sectors for the six months. Representing more than one-fifth of the benchmark’s total market capitalization at period-end, corporate bonds returned 0.1%, versus –0.1% for U.S. government-related securities and –0.2% for U.S. Treasury securities, the benchmark’s largest sector. The yield on 2-year Treasuries rose from 0.25% on March 31, 2013, to 0.33% at period-end. The 5-year yield increased from 0.77% to 1.39%.

Underperformance in the second quarter hurts the fund

The fund trailed its benchmark for the period because of substantial underperformance in the second quarter: the fund’s overweight investments in corporate bonds, including higher-yielding, lower-quality securities, suffered outsized losses as rattled investors sought safety in U.S. Treasuries. When these sectors recovered in the third quarter, the fund outpaced the short-term index, limiting its margin of underperformance for the period.

The fund’s largest detractors for the six months were out-of-benchmark positions in asset-backed and commercial mortgage-backed securities. Overweight holdings in underperforming investment-grade corporate securities reduced relative results as well.

These negative effects were partly countered by the fund’s underweight position in short-term U.S. Treasury securities. The fund also benefited from its positions in high-yield bonds and government-related credit issues.

Expense example

Six months ended September 30, 2013

Short-Term Bond Fund	Beginning account value (4/1/13)		Ending account value (9/30/13)		Expenses paid during period* (4/1/13- 9/30/13)
Actual return
Institutional Class	$	1,000.00	$	995.93		$ 1.40
Retirement Class		1,000.00		994.69		2.65
Retail Class		1,000.00		994.32		3.00
Premier Class		1,000.00		995.19		2.15
5% annual hypothetical return
Institutional Class		1,000.00		1,023.66		1.42
Retirement Class		1,000.00		1,022.41		2.69
Retail Class		1,000.00		1,022.06		3.04
Premier Class		1,000.00		1,022.91		2.18

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2013. The fund’s annualized six-month expense ratio for that period was 0.28% for the Institutional Class, 0.53% for the Retirement Class, 0.60% 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 the fund’s performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 17

Social Choice Bond Fund

Portfolio composition

% of net assets as of 9/30/2013
Corporate bonds	33.4
Mortgage-backed securities*	16.7
Foreign government & corporate bonds denominated in U.S. dollars	14.6
Municipal bonds	10.1
U.S. Treasury securities	6.2
Commercial mortgage-backed securities	5.7
U.S. agency securities	5.4
Asset-backed securities	2.8
Preferred stock	0.4
Bank loan obligations	0.4
Short-term investments, other assets & liabilities, net	4.3
Total	100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2013
Less than 1 year	7.5
1–3 years	13.2
3–5 years	33.4
5–10 years	31.3
Over 10 years	14.6
Total	100.0

Holdings by credit quality^†

% of fixed-income investments (excluding short-term investments) as of 9/30/2013
Aaa/AAA	36.9
Aa/AA	12.4
A/A	17.2
Baa/BBB	22.3
Ba/BB	2.0
B/B	3.7
Below B/B	0.7
Non-rated	4.8
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 six months ended September 30, 2013

The Social Choice Bond Fund returned –1.63% for the Institutional Class, compared with the –1.77% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2013, the fund returned –1.14%, versus –1.68% for the index. The table below shows returns for all share classes of the fund. The fund utilizes certain social criteria, while the benchmark does not.

Mixed signals from the Fed heighten bond market volatility

During the period, the Federal Reserve continued its monthly purchases of $85 billion in U.S. Treasury and agency securities. At the same time, the central bank 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%. The Fed’s goal was to help stimulate the U.S. economy by keeping interest rates low.

As the number of private sector jobs increased and the housing market strengthened, investors began to worry that the Fed would soon taper its accommodative policies. When the Fed seemed to confirm these fears in late May and again in June, bonds sold off, and the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, fell 2.32% in the second quarter of 2013.

Over the summer, interest rates rose in anticipation of the Fed’s next move. New bond issues provided investors with additional income, but borrowing became more expensive, a potential brake on economic activity.

Concerned about rapidly rising interest rates, little progress in reducing unemployment, Washington’s restrictive fiscal policies and political wrangling over the federal budget and debt ceiling, the Federal Reserve unexpectedly

Performance as of September 30, 2013

			Total return						Average annual total return
Social Choice Bond Fund	Inception date		6 months			1 year			since inception
Institutional Class		9/21/2012		–1.63	%		–1.14	%		–0.24	%
Retirement Class		9/21/2012		–1.75			–1.39			–0.49
Retail Class		9/21/2012		–1.80			–1.49			–0.59
Premier Class		9/21/2012		–1.70			–1.29			–0.39
Barclays U.S. Aggregate Bond Index		—		–1.77			–1.68			–1.31	‡

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 any index. Index returns do not include a deduction for fees or expenses.

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

18 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

announced in September that it would continue its accommodative stance for the foreseeable future. Interest rates came off their highs, boosting prices on some existing bonds, and the fund’s benchmark ended the third quarter up 0.57%, offsetting some of the previous quarter’s losses.

Broad-based declines weigh on benchmark performance

All major sectors of the Barclays aggregate index lost ground for the six months. Corporate securities, which made up about one-fifth of the total market capitalization of the index on September 30, 2013, recorded the largest losses; they returned –2.5%.

U.S. Treasuries, the benchmark’s largest sector, returned –1.8%. Yields on 10-year Treasuries went from 1.87% at the end of March to 2.98% in early September, dropping to 2.64% at period-end. U.S. mortgage-backed securities, which made up almost one-third of the index, returned –1.0%, while commercial mortgage-backed, asset-backed and U.S. agency securities returned –0.4%, –0.6% and –1.5%, respectively.

The fund holds up better than its benchmark

In the challenging interest rate environment, the Social Choice Bond Fund outpaced the Barclays U.S. Aggregate Bond Index. Most of the fund’s outperformance resulted from a significant underweight position in U.S. Treasury securities, which lagged the broad bond market for the period.

These positive contributions were partly offset by the fund’s investments in municipal bonds. Relative performance was also constrained by the fund’s positioning among investment-grade corporate bonds and mortgage-backed securities.

Expense example

Six months ended September 30, 2013

Social Choice Bond Fund	Beginning account value (4/1/13)		Ending account value (9/30/13)		Expenses paid during period* (4/1/13- 9/30/13)
Actual return
Institutional Class	$	1,000.00	$	983.70		$1.99
Retirement Class		1,000.00		982.47		3.23
Retail Class		1,000.00		981.99		3.73
Premier Class		1,000.00		982.97		2.73
5% annual hypothetical return
Institutional Class		1,000.00		1,023.06		2.03
Retirement Class		1,000.00		1,021.81		3.29
Retail Class		1,000.00		1,021.31		3.80
Premier Class		1,000.00		1,022.31		2.79

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2013. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.65% for the Retirement Class, 0.75% for the Retail Class and 0.55% 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 the fund’s performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 19

Tax-Exempt Bond Fund

Portfolio composition

% of net assets as of 9/30/2013
Municipal bonds	97.3
Short-term investments, other assets & liabilities, net	2.7
Total	100.0

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 9/30/2013
Less than 1 year	1.8
1–3 years	3.7
3–5 years	12.9
5–10 years	61.4
Over 10 years	20.2
Total	100.0

Holdings by credit quality*

% of fixed-income investments  (excluding short-term investments)  as of 9/30/2013
Aaa/AAA	9.9
Aa/AA	37.5
A/A	43.1
Baa/BBB	8.3
Ba/BB	0.9
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 six months ended September 30, 2013

The Tax-Exempt Bond Fund returned –3.91% for the Institutional Class, compared with the –2.41% return of its benchmark, the Barclays 10-Year Municipal Bond Index. For the one-year period ended September 30, 2013, the fund returned –2.74%, versus –1.30% for the index. The table below shows returns for all share classes of the fund.

Municipal bonds stumble amid rising interest rates

As the reporting period opened, modest gains in employment, coupled with the ongoing recovery in the housing market and increased consumer spending, prompted the Federal Reserve to announce that it might soon begin tapering its massive bond buying program. In response, many investors turned away from fixed-income securities, including municipal bonds, which drove up interest rates and pushed down prices on some existing bonds. The Barclays 10-Year Municipal Bond Index fell 3.11% in the second quarter of 2013.

As investor concern continued over the summer, rates moved even higher. At the same time, news of Detroit’s bankruptcy filing further contributed to uncertainty in the municipal bond market.

In September, Chairman Ben Bernanke announced that the Fed would maintain its accommodative policies for the foreseeable future because of renewed concerns about the strength of the economic recovery. Interest rates came off their highs, and the fund’s benchmark ended the third quarter up 0.72%, partly offsetting the previous quarter’s losses.

Increasingly concerned about rising rates, investors redeemed municipal bond fund shares at a relentless pace during the six months. All told, more than $45 billion was withdrawn from municipal bond funds over the period. This sell-off put downward pressure on municipal bond prices.

Performance as of September 30, 2013

Total return

Average annual total return

Tax-Exempt Bond Fund

Inception date

6 months

1 year

5 years

Since inception

Institutional Class

3/31/2006

–3.91

%

–2.74

%

5.50

%

4.48

%

Retail Class

3/31/2006

–4.04

–2.92

5.31

4.33

Barclays 10-Year Municipal Bond Index

—

–2.41

–1.30

6.42

5.32

†

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 any index. Index returns do not include a deduction for fees or expenses.

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

20 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

For the six months, tax-exempt bonds lagged the –1.77% 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 September 30, 2013, the Barclays 10-Year Municipal Bond Index earned an average annual 6.42%, outpacing the 5.41% average return of the broad bond market over the same period.

Broad-based sector declines push the index lower

All 14 sectors of the fund’s benchmark lost ground for the six months. The biggest detractions came from the index’s two largest sectors: local and state general obligation bonds, both of which fell 2.5%. Losses from the sizable special tax, power and transportation sectors were also detrimental. Together, these five sectors constituted more than two-thirds of the benchmark’s total market capitalization at period-end.

Against the backdrop of rising rates, the volume of municipal bond issuance declined dramatically. During the six months, new tax-exempt bond issuance totaled $165 billion, versus $205 billion over the same period in 2012.

The fund lags in a challenging market

For the period, the fund trailed its benchmark in part because of unfavorable selections in the local, special tax and industrial revenue sectors. The fund’s relative results were also constrained by a small position in Puerto Rico bonds, which sold off sharply in the third quarter on heightened concerns about its rising debt levels and weakening economy. These holdings were eliminated by the end of the reporting period.

These negative effects were partly offset by the fund’s underweight position in the lagging transportation and power sectors. The fund also benefited from a favorable allocation to water and sewer and housing issues.

Expense example

Six months ended September 30, 2013

Tax-Exempt Bond Fund	Beginning account value  (4/1/13)		Ending  account  value  (9/30/13)		Expenses  paid  during  period*  (4/1/13-  9/30/13)
Actual return
Institutional Class		$1,000.00	$	960.93		$1.72
Retail Class		1,000.00		959.64		3.14
5% annual hypothetical return
Institutional Class		1,000.00		1,023.31		1.78
Retail Class		1,000.00		1,021.86		3.24

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2013. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class and 0.64% 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 the fund’s performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 21

Money Market Fund

Portfolio composition

% of net assets  as of 9/30/2013
Commercial paper	43.0
U.S. government agency securities	24.5
U.S. Treasury securities	17.1
Floating rate securities, government	10.0
Certificates of deposit	5.3
Other assets & liabilities, net	0.1
Total	100.0

Net annualized yield

(for the 7 days ended 9/24/2013)*

	Current yield			Effective yield
Money Market Fund†
Institutional Class		0.01	%		0.01	%
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§		0.01			0.01

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

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

Performance for the six months ended September 30, 2013

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

Money market yields decline as supplies shrink

During the six months, investors faced greatly diminished supplies of money market instruments within the marketplace. The shortage of short-term securities boosted their prices, further reducing their already low yields.

The issuance of U.S. Treasury and agency securities was curtailed when budget cuts, higher-than-expected tax receipts and large dividend payments by government-sponsored entities Fannie Mae and Freddie Mac reduced the federal government’s borrowing needs. At the same time, the Federal Reserve continued to purchase each month $85 billion of government securities. The Fed’s goal was to stimulate the U.S. economy by lowering longer-term interest rates, but the purchases left fewer investment opportunities for other investors.

Performance as of September 30, 2013

			Total return						Average annual total return
Money Market Fund†	Inception date		6 months			1 year			5 years			10 years
Institutional Class		7/1/1999		0.01	%		0.03	%		0.26	%		1.84	%
Retirement Class		3/31/2006		0.00			0.00			0.16			1.73	‡
Retail Class		3/31/2006		0.00			0.00			0.18			1.78	‡
Premier Class		9/30/2009		0.00			0.00			0.21	‡		1.82	‡
iMoneyNet Money Fund Report Averages—All Taxable§		—		0.01			0.02			0.11			1.50

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 (FDIC) 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 and investment management fees of the Premier Class of the Money Market Fund are being voluntarily waived. Beginning August 27, 2013, part or all of the investment management fees of the Institutional Class of the Money Market Fund are being voluntarily waived. Without these changes, the 7-day current and effective net annualized yields and total returns for the fund would have been lower. This suspension of reimbursement and the addition of waivers are voluntary and may be discontinued at any time without notice.

22 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

In the private sector, the short supply of Treasuries drove down yields on repurchase agreements, which often use government securities as collateral. Issuance of commercial paper remained low, as businesses reported sufficient cash for their needs.

Short-term Treasury and LIBOR yields fall

During the period, yields on Treasuries with shorter maturities declined significantly. Three-month yields dropped from 0.07% on March 31, 2013, to 0.02% six months later.

LIBOR yields also fell across the maturity curve. (Historically, LIBOR has been an indicator of the interest rates that banks expect to pay to other banks for loans on the London market.) The six-month rate fell from 0.44% to 0.37%.

Throughout the six months, the Federal Reserve kept its target federal funds rate—the interest rate that U.S. commercial banks charge one another for overnight loans—near 0%. Although the fed funds rate replaced LIBOR as the chief yardstick for current short-term rates, LIBOR continued to be used as a trailing indicator. In July, the New York Stock Exchange was chosen to administer LIBOR, in an effort to improve its reliability.

Declining yields pose challenges for money managers

Amid falling yields and diminished supplies, the managers of the Money Market Fund sought advantageous investment opportunities while aiming to minimize risk. In pursuit of relative value and to comply with SEC regulations, the fund maintained more than half of its portfolio in U.S. Treasury and agency securities. For incrementally higher yields, it purchased longer-term U.S. government floating-rate securities. Increasing its foreign holdings, the fund began to selectively invest in high-quality Asian banks in addition to Canadian and Australian institutions. On September 24, 2013, the fund’s weighted average maturity was 53 days, versus 48 days for the average iMoneyNet fund.

Beginning August 27, 2013, part or all of the investment management fees of the Money Market Fund’s Institutional Class are being voluntarily waived to prevent the yield of that share class from going negative.

Expense example

Six months ended September 30, 2013

Money Market Fund	Beginning account value  (4/1/13)		Ending account value (9/30/13)		Expenses paid during period* (4/1/13- 9/30/13)
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		1,024.42		0.66
Retirement Class		1,000.00		1,024.32		0.76
Retail Class		1,000.00		1,024.32		0.76
Premier Class		1,000.00		1,024.32		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 183/365. There were 183 days in the six months ended September 30, 2013. 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 the fund’s performance lower.

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 23

Summary portfolio of investments (unaudited)

Bond Fund  ■  September 30, 2013

Principal		Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS			$	2,489,067		0.1	%
CONSUMER SERVICES				2,050,635		0.1
MEDIA				1,847,902		0.1
		TOTAL BANK LOAN OBLIGATIONS (Cost $6,400,036)		6,387,604		0.3
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				777,076		0.0
BANKS				83,568,682		3.6
CAPITAL GOODS				20,202,252		0.9
COMMERCIAL & PROFESSIONAL SERVICES				10,676,612		0.5
CONSUMER DURABLES & APPAREL				16,258,571		0.7
CONSUMER SERVICES				7,293,039		0.3
DIVERSIFIED FINANCIALS				129,135,599		5.6
ENERGY				97,920,616		4.2
FOOD & STAPLES RETAILING				2,932,693		0.2
FOOD, BEVERAGE & TOBACCO				23,407,646		1.0
HEALTH CARE EQUIPMENT & SERVICES				19,085,790		0.8
HOUSEHOLD & PERSONAL PRODUCTS				3,624,326		0.2
INSURANCE				50,462,959		2.2
MATERIALS				54,458,805		2.4
MEDIA				56,210,910		2.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				12,995,613		0.6
REAL ESTATE				22,184,628		1.0
RETAILING				43,682,306		1.9
SOFTWARE & SERVICES				18,900,977		0.8
TECHNOLOGY HARDWARE & EQUIPMENT				24,712,464		1.1
TELECOMMUNICATION SERVICES
		Verizon Communications, Inc
$	23,186,000	0.700%–8.750%, 11/02/15–09/15/43		25,145,770		1.1
		Other		32,842,338		1.4
				57,988,108		2.5
TRANSPORTATION				15,684,346		0.7
UTILITIES				92,784,419		4.0
		TOTAL CORPORATE BONDS (Cost $865,780,837)		864,948,437		37.7

Principal			Issuer	Value		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES				$	9,926,984		0.4	%
FOREIGN GOVERNMENT BONDS					89,126,576		3.9
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
$	33,414,050		4.000%–8.000%, 01/01/16–11/15/42		35,958,235		1.6
			Federal National Mortgage Association (FNMA)
	18,000,000	h	3.000%, 10/25/28		18,635,625		0.8
	11,000,000	h	4.000%, 10/25/28		11,670,313		0.5
	21,813,967		4.500%, 04/01/41		23,322,528		1.0
	10,872,771		3.500%, 02/01/42		11,089,721		0.5
	10,512,519		3.500%, 09/01/42		10,722,893		0.5
	17,922,838		3.500%, 11/01/42		18,281,387		0.8
	9,785,451		3.500%, 11/01/42		9,975,242		0.4
	21,000,000	h	3.500%, 10/25/43		21,377,345		0.9
	38,000,000	h	4.000%, 10/25/43		39,858,436		1.7
	30,000,000	h	5.000%, 10/25/43		32,531,250		1.4
	30,000,000	h	5.500%, 10/25/43		32,700,000		1.4
	11,000,000	h	3.500%, 11/25/43		11,161,563		0.5
	51,000,000	h	4.000%, 11/25/43		53,318,904		2.3
	58,563,065		2.392%–8.000%, 10/01/13–11/25/43		61,278,647		2.6
			Government National Mortgage Association (GNMA)
	17,979,053		4.000%, 01/20/42		19,065,291		0.8
	25,346,822		3.500%, 03/15/42		26,101,882		1.1
	14,000,000	h	4.500%, 10/15/43		15,028,125		0.7
	42,005,241		3.000%–8.500%, 01/15/28–01/15/44		44,523,711		1.9
			Other		6,910,374		0.3
					503,511,472		21.7
MUNICIPAL BONDS
			Florida Hurricane Catastrophe Fund Finance Corp
	25,000,000		1.298%, 07/01/16		24,888,500		1.1
			New York State Urban Development Corp
	11,000,000		1.350%, 03/15/18		10,838,630		0.5
			State of Illinois
	12,000,000		4.350%, 06/01/18		12,410,520		0.5
			Other		35,423,997		1.5
					83,561,647		3.6
U.S. TREASURY SECURITIES
			United States Treasury Bond
	15,970,000		2.875%, 05/15/43		13,554,538		0.6
	27,500,000		3.625%, 08/15/43		27,182,045		1.2
			United States Treasury Note
	86,295,000		0.500%, 06/15/16		86,214,055		3.7
	16,380,000		0.875%, 09/15/16		16,500,295		0.7
	73,758,700		1.500%, 08/31/18		74,248,532		3.2
	25,000,000		1.375%, 09/30/18		24,982,425		1.1
	34,170,000		2.500%, 08/15/23		33,822,969		1.5
			Other		17,324,456		0.7
					293,829,315		12.7
			TOTAL GOVERNMENT BONDS (Cost $974,971,779)		979,955,994		42.3

24 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Bond Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
STRUCTURED ASSETS
ASSET BACKED
			Avis Budget Rental Car Funding AESOP LLC
			Series 2011-3A (Class B)
$	9,300,000	g	4.740%, 11/20/17	$	9,963,406		0.4	%
			Series 2012-3A (Class B)
	9,800,000	g	3.040%, 03/20/19		9,867,150		0.4
			Capital Automotive REIT
			Series 2012-1A (Class A)
	11,801,719	g,m	4.700%, 07/15/42		11,690,193		0.5
			CKE Restaurant Holdings, Inc
			Series 2013-1A (Class A2)
	17,368,750	g	4.474%, 03/20/43		17,315,758		0.7
			Dominos Pizza Master Issuer LLC
			Series 2012-1A (Class A2)
	28,073,800	g	5.216%, 01/25/42		30,147,584		1.3
			Ford Credit Auto Owner Trust
			Series 2012-B (Class D)
	11,440,000		2.930%, 10/15/18		11,720,657		0.5
			Hertz Vehicle Financing LLC
			Series 2013-1A (Class B2)
	15,000,000	g	2.480%, 08/25/19		14,635,650		0.6
			Santander Drive Auto Receivables Trust
			Series 2012-2 (Class D)
	19,750,000		3.870%, 02/15/18		20,365,785		0.8
			Sierra Receivables Funding Co LLC
			Series 2013-1A (Class A)
	13,505,254	g	1.590%, 11/20/29		13,466,427		0.5
			Other		102,468,488		4.3
					241,641,098		10.0
OTHER MORTGAGE BACKED
			Bear Stearns Commercial Mortgage Securities Trust
			Series 2007-PW15 (Class AM)
	12,495,000		5.363%, 02/11/44		12,678,339		0.6
			Credit Suisse Mortgage Capital Certificates
			Series 2006-C4 (Class AM)
	29,705,000		5.509%, 09/15/39		31,735,069		1.4
			JP Morgan Chase Commercial Mortgage Securities Corp
			Series 2007-C1 (Class AM)
	13,475,000	i	6.140%, 02/15/51		13,999,676		0.6
			LB-UBS Commercial Mortgage Trust
			Series 2007-C2 (Class AM)
	25,243,000	i	5.493%, 02/15/40		26,060,444		1.1
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C30 (Class AM)
	22,655,000		5.383%, 12/15/43		24,118,332		1.0
			Series 2007-C34 (Class AJ)
	14,500,000	i	6.166%, 05/15/46		14,564,192		0.6
			Other		59,658,241		2.6
					182,814,293		7.9
			TOTAL STRUCTURED ASSETS (Cost $425,018,774)		424,455,391		17.9
			TOTAL BONDS (Cost $2,265,771,390)		2,269,359,822		97.9

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	30,000,000		0.025%, 12/20/13	$	29,998,680			1.3	%
			Federal National Mortgage Association (FNMA)
	25,400,000	d	0.030%, 10/07/13		25,399,873			1.1
			Other		10,599,473			0.4
					65,998,026			2.8
TREASURY DEBT
			United States Treasury Bill
	9,800,000	d	0.020%, 10/03/13		9,799,989			0.4
	16,500,000	d	0.071%, 12/05/13		16,499,851			0.7
	38,000,000	d	0.040%, 12/19/13		37,998,746			1.7
	23,000,000	d	0.070%, 05/01/14		22,994,250			1.0
	16,000,000	d	0.108%, 07/24/14		15,991,776			0.7
	98,000,000	d	0.106%, 08/21/14		97,933,850			4.2
	36,900,000		0.040%–0.081%, 10/10/13–02/27/14		36,898,181			1.6
			United States Treasury Note
	12,200,000		1.250%, 04/15/14		12,276,726			0.5
					250,393,369			10.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $316,350,504)		316,391,395			13.6
			TOTAL PORTFOLIO (Cost $2,588,521,930)		2,592,138,821			111.8
			OTHER ASSETS & LIABILITIES, NET		(274,428,537	)		(11.8	)
			NET ASSETS	$	2,317,710,284			100.0	%

Abbreviation(s):

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. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities, including those in “Other,” was $439,872,565 or 19.0% 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.
m	Indicates a security that has been deemed illiquid.

“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  ■  2013 Semiannual Report 25

Summary portfolio of investments (unaudited)

Bond Index Fund  ■  September 30, 2013

Principal		Issuer	Value		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS			$	3,867,623		0.1	%
BANKS				118,871,270		2.6
CAPITAL GOODS				32,633,489		0.7
COMMERCIAL & PROFESSIONAL SERVICES				18,352,405		0.4
CONSUMER DURABLES & APPAREL				3,599,219		0.1
CONSUMER SERVICES				12,949,460		0.3
DIVERSIFIED FINANCIALS				214,005,543		4.6
ENERGY				109,007,246		2.4
FOOD & STAPLES RETAILING				7,854,573		0.2
FOOD, BEVERAGE & TOBACCO				51,854,793		1.1
HEALTH CARE EQUIPMENT & SERVICES				22,990,084		0.5
HOUSEHOLD & PERSONAL PRODUCTS				7,315,051		0.1
INSURANCE				52,682,365		1.1
MATERIALS				50,070,495		1.1
MEDIA				38,589,432		0.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				44,596,617		1.0
REAL ESTATE				25,386,582		0.5
RETAILING				30,746,464		0.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				5,513,321		0.1
SOFTWARE & SERVICES				22,415,005		0.5
TECHNOLOGY HARDWARE & EQUIPMENT				25,961,084		0.6
TELECOMMUNICATION SERVICES				69,697,077		1.5
TRANSPORTATION				26,773,396		0.6
UTILITIES				94,266,242		2.0
		TOTAL CORPORATE BONDS (Cost $1,096,045,102)		1,089,998,836		23.6
GOVERNMENT BONDS
AGENCY SECURITIES
		Federal Home Loan Mortgage Corp (FHLMC)
$	16,736,000	5.125%, 10/18/16		18,918,776		0.4
		Federal National Mortgage Association (FNMA)
	14,000,000	2.625%, 11/20/14		14,392,630		0.3
	70,647,000	0.000%–6.625%, 02/05/14–07/15/37		74,560,885		1.6
		Other		82,334,027		1.8
				190,206,318		4.1
FOREIGN GOVERNMENT BONDS				156,644,127		3.4

Principal		Issuer	Value		% of net assets
MORTGAGE BACKED
		Federal Home Loan Mortgage Corp Gold (FGLMC)
$	335,859,497	2.500%–8.000%, 07/01/14–08/01/43	$	348,726,903		7.5	%
		Federal National Mortgage Association (FNMA)
	20,561,987	3.500%, 07/01/42		20,948,083		0.5
	19,462,477	3.000%, 02/01/43		19,030,035		0.4
	15,825,777	3.000%, 06/01/43		15,474,140		0.3
	557,379,449	1.755%–8.000%, 10/01/13–09/01/43		582,444,642		12.6
		Government National Mortgage Association (GNMA)
	17,850,899	3.500%, 08/20/42		18,440,883		0.4
	321,449,103	2.000%–8.500%, 02/15/18–01/15/44		337,852,642		7.3
		Other		7,334,080		0.2
				1,350,251,408		29.2
MUNICIPAL BONDS				46,205,253		1.0
U.S. TREASURY SECURITIES
		United States Treasury Bond
	16,000,000	5.250%, 11/15/28		20,004,992		0.4
	26,060,000	5.250%, 02/15/29		32,579,065		0.7
	24,429,000	5.375%, 02/15/31		31,154,597		0.7
	26,350,000	4.375%, 05/15/41		29,791,969		0.6
	111,339,300	2.750%–9.000%, 11/15/16–08/15/43		111,669,687		2.4
		United States Treasury Note
	77,000,000	0.250%, 10/31/14		77,090,244		1.7
	16,000,000	0.375%, 11/15/14		16,040,624		0.4
	30,000,000	0.250%, 02/28/15		30,019,920		0.7
	30,000,000	0.250%, 05/31/15		29,994,150		0.7
	20,000,000	0.375%, 06/15/15		20,035,160		0.4
	19,000,000	0.250%, 08/15/15		18,980,696		0.4
	18,805,000	1.250%, 09/30/15		19,151,727		0.4
	20,000,000	0.250%, 10/15/15		19,962,500		0.4
	27,300,000	1.250%, 10/31/15		27,805,487		0.6
	20,000,000	0.375%, 11/15/15		20,001,560		0.4
	23,550,000	1.375%, 11/30/15		24,054,111		0.5
	59,000,000	0.375%, 01/15/16		58,963,125		1.3
	14,000,000	2.000%, 04/30/16		14,541,408		0.3
	22,000,000	0.500%, 06/15/16		21,979,364		0.5
	19,000,000	0.625%, 08/15/16		19,011,875		0.4
	23,050,000	1.000%, 10/31/16		23,264,296		0.5
	15,250,000	0.875%, 11/30/16		15,317,908		0.3
	50,300,000	0.875%, 01/31/17		50,421,827		1.1
	16,250,000	0.875%, 02/28/17		16,274,115		0.4
	21,300,000	1.000%, 03/31/17		21,398,172		0.5
	16,500,000	0.875%, 04/30/17		16,485,826		0.4
	30,400,000	0.625%, 05/31/17		30,058,000		0.7
	20,200,000	0.500%, 07/31/17		19,819,674		0.4
	17,300,000	0.625%, 08/31/17		17,031,037		0.4
	16,000,000	0.625%, 09/30/17		15,726,256		0.3
	61,750,000	0.750%, 10/31/17		60,900,937		1.3
	20,500,000	0.625%, 11/30/17		20,081,985		0.4
	31,000,000	0.750%, 12/31/17		30,474,457		0.7
	21,000,000	0.875%, 01/31/18		20,724,375		0.5
	31,000,000	0.750%, 02/28/18		30,399,375		0.7
	23,000,000	0.750%, 03/31/18		22,511,250		0.5
	15,000,000	0.625%, 04/30/18		14,580,465		0.3

26 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Bond Index Fund  ■  September 30, 2013

Principal		Issuer	Value		% of net assets
U.S. TREASURY SECURITIES—continued
$	72,000,000	1.000%, 05/31/18	$	71,077,536		1.5	%
	15,000,000	1.375%, 07/31/18		15,026,955		0.3
	40,350,000	1.500%, 08/31/18		40,617,964		0.9
	25,000,000	1.375%, 09/30/18		24,982,425		0.5
	27,610,000	2.125%, 08/15/21		27,385,669		0.6
	13,379,100	8.000%, 11/15/21		19,147,793		0.4
	20,000,000	2.500%, 08/15/23		19,796,880		0.4
	366,850,500	0.125%–5.125%, 12/15/14–05/15/23		373,732,856		8.1
				1,660,070,294		36.0
		TOTAL GOVERNMENT BONDS (Cost $3,425,666,838)		3,403,377,400		73.7
STRUCTURED ASSETS
ASSET BACKED				20,114,891		0.4
OTHER MORTGAGE BACKED				78,494,114		1.7
		TOTAL STRUCTURED ASSETS (Cost $97,698,628)		98,609,005		2.1
		TOTAL BONDS (Cost $4,619,410,568)		4,591,985,241		99.4
SHORT-TERM INVESTMENTS
TREASURY DEBT
		United States Treasury Bill
	15,000,000	0.047%, 12/19/13		14,999,505		0.3
				14,999,505		0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $14,998,453)		14,999,505		0.3
		TOTAL PORTFOLIO (Cost $4,634,409,021)		4,606,984,746		99.7
		OTHER ASSETS & LIABILITIES, NET		10,875,764		0.3
		NET ASSETS	$	4,617,860,510		100.0	%

“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 9/30/13, the aggregate value of securities exempted from registration under Rule 144(A) of the Securities Act of 1933 amounted to $12,322,770 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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  ■  2013 Semiannual Report 27

Summary portfolio of investments (unaudited)

Bond Plus Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	2,333,112		0.1	%
CAPITAL GOODS					13,105,299		0.9
COMMERCIAL & PROFESSIONAL SERVICES					4,985,809		0.2
CONSUMER SERVICES					9,626,034		0.5
DIVERSIFIED FINANCIALS					1,935,371		0.1
ENERGY					2,871,799		0.2
FOOD & STAPLES RETAILING					2,525,670		0.2
FOOD, BEVERAGE & TOBACCO					5,538,034		0.3
HEALTH CARE EQUIPMENT & SERVICES					13,579,152		0.8
INSURANCE					1,217,332		0.1
MATERIALS					1,026,854		0.1
MEDIA					4,449,867		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,590,155		0.1
RETAILING					1,976,283		0.1
SOFTWARE & SERVICES					3,616,119		0.1
TECHNOLOGY HARDWARE & EQUIPMENT					1,982,500		0.1
TELECOMMUNICATION SERVICES					988,322		0.1
UTILITIES					247,314		0.0
			TOTAL BANK LOAN OBLIGATIONS (Cost $73,535,300)		73,595,026		4.2
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					2,731,724		0.2
BANKS
			Bank of Montreal
$	6,450,000	g	2.625%, 01/25/16		6,730,575		0.4
			Other		73,617,087		4.2
					80,347,662		4.6
CAPITAL GOODS					19,772,722		1.1
COMMERCIAL & PROFESSIONAL SERVICES					13,443,009		0.8
CONSUMER DURABLES & APPAREL					7,060,970		0.4
CONSUMER SERVICES					16,617,229		1.0
DIVERSIFIED FINANCIALS
			Bank of America Corp
	5,350,000		2.000%, 01/11/18		5,261,463		0.3
			Goldman Sachs Group, Inc
	6,890,000		2.375%, 01/22/18		6,841,143		0.4
			Other		98,820,233		5.6
					110,922,839		6.3
	ENERGY				79,327,610		4.5

Principal			Issuer	Value		% of net assets
FOOD & STAPLES RETAILING				$	3,081,957		0.2	%
FOOD, BEVERAGE & TOBACCO					20,607,579		1.2
HEALTH CARE EQUIPMENT & SERVICES					16,944,229		1.0
HOUSEHOLD & PERSONAL PRODUCTS					3,089,789		0.2
INSURANCE					29,565,529		1.6
MATERIALS					58,431,034		3.3
MEDIA					43,283,032		2.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					10,384,418		0.6
REAL ESTATE					13,029,609		0.7
RETAILING					25,819,592		1.5
SOFTWARE & SERVICES					16,343,776		1.0
TECHNOLOGY HARDWARE & EQUIPMENT
			General Electric Co
$	5,950,000		0.850%, 10/09/15		5,963,715		0.3
			Other		20,062,305		1.2
					26,026,020		1.5
TELECOMMUNICATION SERVICES
			Verizon Communications, Inc
	4,875,000		6.550%, 09/15/43		5,503,568		0.3
			Other		42,607,977		2.4
					48,111,545		2.7
TRANSPORTATION					15,956,046		0.9
UTILITIES					52,085,772		3.0
			TOTAL CORPORATE BONDS (Cost $712,719,565)		712,983,692		40.8
GOVERNMENT BONDS
AGENCY SECURITIES					5,441,342		0.3
FOREIGN GOVERNMENT BONDS
			Province of Ontario Canada
	5,000,000		2.300%, 05/10/16		5,188,500		0.3
			Other		71,456,673		4.2
					76,645,173		4.5
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	8,000,000	h	4.000%, 11/15/42		8,332,500		0.5
	9,000,000	h	4.500%, 11/15/42		9,549,844		0.5
			Federal National Mortgage Association (FNMA)
	29,000,000	h	3.000%, 10/25/28		30,024,063		1.7
	23,000,000	h	3.000%, 10/25/43		22,468,125		1.3
	33,000,000	h	3.500%, 10/25/43		33,592,970		1.9
	25,000,000	h	4.000%, 10/25/43		26,222,655		1.5
	22,000,000	h	4.500%, 10/25/43		23,495,314		1.3
	11,000,000	h	5.000%, 10/25/43		11,928,125		0.7
	16,000,000	h	3.500%, 11/25/43		16,235,001		0.9
	33,000,000	h	4.000%, 11/25/43		34,500,467		2.0
	53,856,085		2.392%–9.000%, 02/01/14–11/25/43		56,501,529		3.2

28 2013 Semiannual Report   ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Bond Plus Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
MORTGAGE BACKED—continued
			Government National Mortgage Association (GNMA)
$	5,463,893		4.500%, 01/20/41	$	5,913,406		0.3	%
	24,000,000	h	3.500%, 10/15/43		24,671,251		1.4
	6,000,000	h	4.000%, 10/15/43		6,328,125		0.4
	7,000,000	h	3.000%, 10/20/43		6,917,968		0.4
	6,000,000	h	3.500%, 10/20/43		6,189,376		0.4
			Other		32,486,176		1.8
					355,356,895		20.2
MUNICIPAL BONDS
			State of Georgia
	6,975,000		4.625%, 02/01/32		6,996,483		0.4
			Other		59,886,750		3.4
					66,883,233		3.8
U.S. TREASURY SECURITIES
			United States Treasury Bond
	15,500,000		5.375%, 02/15/31		19,767,336		1.1
	14,130,000		4.375%, 05/15/41		15,975,731		0.9
	6,372,000		3.125%, 02/15/43		5,708,917		0.3
			United States Treasury Note
	8,978,000		0.250%, 05/31/15		8,976,249		0.5
	8,002,000		1.250%, 09/30/15		8,149,541		0.5
	5,230,000		0.500%, 06/15/16		5,225,094		0.3
	18,346,000		1.500%, 08/31/18		18,467,836		1.1
	7,500,000		1.125%, 12/31/19		7,190,625		0.4
	7,500,000		1.375%, 05/31/20		7,236,915		0.4
	19,485,000		2.000%, 07/31/20		19,533,712		1.1
	7,500,000		2.125%, 08/31/20		7,566,210		0.4
	9,080,000		2.500%, 08/15/23		8,987,784		0.5
	34,850,000		0.125%–8.000%, 12/31/13–11/15/21		36,028,317		2.1
			Other		13,944,741		0.8
					182,759,008		10.4
			TOTAL GOVERNMENT BONDS (Cost $679,677,190)		687,085,651		39.2
STRUCTURED ASSETS
ASSET BACKED
			Park Place Securities, Inc Asset-Backed Pass-Through Certificates
			Series 2005-WCH1 (Class M2)
	5,380,051	i	0.699%, 01/25/36		5,343,747		0.2
			Other		83,824,992		4.5
					89,168,739		4.7
OTHER MORTGAGE BACKED					86,338,385		4.9
			TOTAL STRUCTURED ASSETS (Cost $171,806,691)		175,507,124		9.6
			TOTAL BONDS (Cost $1,564,203,446)		1,575,576,467		89.6

Shares			Company	Value			% of net assets
PREFERRED STOCKS
DIVERSIFIED FINANCIALS				$	1,441,404			0.1	%
			TOTAL PREFERRED STOCKS (Cost $1,361,150)		1,441,404			0.1
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	5,200,000		0.020%, 10/25/13		5,199,931			0.3
	30,000,000		0.025%, 12/20/13		29,998,680			1.7
	7,000,000		0.040%, 12/27/13		6,999,664			0.4
			Federal Home Loan Mortgage Corp (FHLMC)
	20,000,000		0.060%, 03/10/14		19,997,340			1.1
			Federal National Mortgage Association (FNMA)
	34,400,000	d	0.030%, 10/07/13		34,399,828			2.0
			Other		5,044,608			0.3
					101,640,051			5.8
TREASURY DEBT
			United States Treasury Bill
	15,000,000	d	0.020%–0.050%, 10/03/13		14,999,968			0.9
	23,000,000	d	0.040%–0.055%, 10/10/13		22,999,748			1.3
	17,900,000	d	0.035%–0.046%, 10/31/13		17,899,460			1.0
	20,000,000	d	0.031%–0.060%, 11/07/13		19,999,145			1.1
	8,600,000	d	0.030%–0.050%, 11/21/13		8,599,504			0.5
	63,000,000	d	0.050%–0.071%, 12/05/13		62,999,433			3.6
	52,650,000	d	0.040%–0.052%, 12/19/13		52,648,262			3.0
	8,000,000	d	0.081%, 03/06/14		7,999,480			0.5
	42,800,000	d	0.103%–0.106%, 08/21/14		42,771,110			2.4
			United States Treasury Note
	35,000,000		1.250%, 04/15/14		35,220,115			2.0
			Other		8,797,897			0.5
					294,934,122			16.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $396,549,667)		396,574,173			22.6
			TOTAL PORTFOLIO (Cost $2,035,649,563)		2,047,187,070			116.5
			OTHER ASSETS & LIABILITIES, NET		(289,417,748	)		(16.5	)
			NET ASSETS	$	1,757,769,322			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. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities, including those in “Other,” was $261,870,825 or 14.9% 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   ■  2013 Semiannual Report 29

Summary portfolio of investments (unaudited)

High-Yield Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	20,441,653		0.8	%
CAPITAL GOODS					28,773,872		1.1
COMMERCIAL & PROFESSIONAL SERVICES
			Pilot Corp
$	14,850,000	i	4.250%, 08/07/19		14,837,675		0.6
			Other		9,966,700		0.4
					24,804,375		1.0
CONSUMER SERVICES
			Peninsula Gaming LLC
	12,330,492	i	4.250%, 11/20/17		12,349,728		0.5
			Other		37,486,608		1.5
					49,836,336		2.0
ENERGY
			Arch Coal, Inc
	16,787,565	i	5.750%, 05/16/18		16,273,530		0.6
					16,273,530		0.6
FOOD & STAPLES RETAILING					13,063,820		0.5
FOOD, BEVERAGE & TOBACCO					4,825,922		0.2
HEALTH CARE EQUIPMENT & SERVICES
			Capsugel Holdings US, Inc
	12,366,343	i	3.500%, 08/01/18		12,281,386		0.5
			Other		30,676,531		1.2
					42,957,917		1.7
	INSURANCE
			Compass Investors, Inc
	13,994,250	i	5.000%, 12/27/19		14,011,743		0.6
					14,011,743		0.6
MATERIALS					8,790,875		0.4
MEDIA					10,314,999		0.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					595,564		0.0
RETAILING
			Academy Ltd
	13,835,126	i	4.500%, 08/03/18		13,861,136		0.6
					13,861,136		0.6
SOFTWARE & SERVICES					17,353,372		0.7
TECHNOLOGY HARDWARE & EQUIPMENT
			Scientific Games International, Inc
	20,000,000	h,i	4.250%, 05/22/20		19,825,000		0.8
					19,825,000		0.8
TELECOMMUNICATION SERVICES					3,918,757		0.2
UTILITIES					4,451,659		0.2
			TOTAL BANK LOAN OBLIGATIONS (Cost $293,235,993)		294,100,530		11.8

Principal			Issuer	Value		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	13,258,000		0.5	%
BANKS					58,951,602		2.4
CAPITAL GOODS					92,170,580		3.7
COMMERCIAL & PROFESSIONAL SERVICES
			RR Donnelley & Sons Co
$	12,825,000		7.875%, 03/15/21		13,754,812		0.5
			SPL Logistics Escrow LLC
	21,200,000	g	8.875%, 08/01/20		22,207,000		0.9
			Other		45,552,244		1.8
					81,514,056		3.2
CONSUMER DURABLES & APPAREL
			Libbey Glass, Inc
	12,403,000		6.875%, 05/15/20		13,209,195		0.5
			Other		17,067,187		0.7
					30,276,382		1.2
CONSUMER SERVICES
			Boyd Gaming Corp
	11,227,000		9.000%, 07/01/20		12,181,295		0.5
			MGM Resorts International
	12,500,000		7.750%, 03/15/22		13,546,875		0.5
			Six Flags Entertainment Corp
	14,435,000	g	5.250%, 01/15/21		13,749,338		0.6
			Other		53,130,569		2.1
					92,608,077		3.7
DIVERSIFIED FINANCIALS
			ILFC E-Capital Trust I
	16,068,000	g,i	5.350%, 12/21/65		13,738,140		0.5
			International Lease Finance Corp
	14,000,000		5.875%, 08/15/22		13,790,000		0.6
	23,332,000		4.625%-8.750%, 03/15/17-04/15/21		23,860,092		1.0
			SLM Corp
	19,325,000		5.500%, 01/15/19		19,136,736		0.8
			Other		69,344,520		2.8
					139,869,488		5.7
ENERGY
			Drill Rigs Holdings, Inc
	12,450,000	g	6.500%, 10/01/17		12,854,625		0.5
			EP Energy LLC
	11,000,000		9.375%, 05/01/20		12,375,000		0.5
			Exterran Partners LP
	12,900,000	g	6.000%, 04/01/21		12,513,000		0.5
			Halcon Resources Corp
	13,300,000		8.875%, 05/15/21		13,632,500		0.5
			Oasis Petroleum, Inc
	13,900,000	g	6.875%, 03/15/22		14,664,500		0.6
			Whiting Petroleum Corp
	30,900,000		5.000%, 03/15/19		30,977,250		1.2
			Other		229,525,181		9.2
					326,542,056		13.0

30 2013 Semiannual Report   ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

High-Yield Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
FOOD & STAPLES RETAILING
			Ingles Markets, Inc
$	15,000,000	g	5.750%, 06/15/23	$	14,475,000		0.6	%
			Other		17,012,500		0.7
					31,487,500		1.3
FOOD, BEVERAGE & TOBACCO
			Post Holdings, Inc
	12,185,000		7.375%, 02/15/22		12,809,481		0.5
			Other		20,682,907		0.8
					33,492,388		1.3
HEALTH CARE EQUIPMENT & SERVICES
			CHS/Community Health Systems
	14,950,000		8.000%, 11/15/19		15,678,812		0.6
			HCA, Inc
	13,600,000		7.500%, 02/15/22		14,926,000		0.6
	15,000,000		5.875%, 05/01/23		14,737,500		0.6
			Tenet Healthcare Corp
	17,400,000	g	8.125%, 04/01/22		18,161,250		0.7
			Other		74,241,882		3.0
					137,745,444		5.5
HOUSEHOLD & PERSONAL PRODUCTS
			Reynolds Group Issuer, Inc
	13,125,000		5.750%, 10/15/20		13,174,219		0.5
			Other		20,701,000		0.9
					33,875,219		1.4
INSURANCE					25,587,170		1.0
MATERIALS
			Eldorado Gold Corp
	14,400,000	g	6.125%, 12/15/20		13,896,000		0.6
			Hexion US Finance Corp
	24,280,000		6.625%, 04/15/20		24,280,000		1.0
			Other		107,980,594		4.3
					146,156,594		5.9
MEDIA
			Clear Channel Worldwide Holdings, Inc
	13,110,000		7.625%, 03/15/20		13,536,075		0.5
			DISH DBS Corp
	13,900,000		4.250%, 04/01/18		13,917,375		0.6
			PNK Finance Corp
	14,250,000	g	6.375%, 08/01/21		14,535,000		0.6
			Sirius XM Radio, Inc
	15,400,000	g	5.875%, 10/01/20		15,534,750		0.6
			Unitymedia Hessen GmbH & Co KG
	13,100,000	g	5.500%, 01/15/23		12,412,250		0.5
			Other		137,996,693		5.5
					207,932,143		8.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Valeant Pharmaceuticals International, Inc
	14,200,400	g	6.375%, 10/15/20		14,768,416		0.6
			Other		33,795,968		1.4
					48,564,384		2.0

Principal			Issuer	Value		% of net assets
RETAILING
			Asbury Automotive Group, Inc
$	12,500,000		8.375%, 11/15/20	$	13,781,250		0.6	%
			BC Mountain LLC
	13,700,000	g	7.000%, 02/01/21		13,597,250		0.5
			Schaeffler Holding Finance BV
	12,275,000	g,o	6.875%, 08/15/18		12,858,062		0.5
			Other		73,818,795		2.9
					114,055,357		4.5
SOFTWARE & SERVICES
			BMC Software Finance, Inc
	12,575,000	g	8.125%, 07/15/21		13,046,563		0.5
			Other		52,243,788		2.0
					65,290,351		2.5
TECHNOLOGY HARDWARE & EQUIPMENT					32,912,978		1.3
TELECOMMUNICATION SERVICES
			CenturyLink, Inc
	26,100,000		5.625%–7.650%, 04/01/20–03/15/42		25,043,375		1.0
			Intelsat Jackson Holdings S.A.
	29,137,000		5.500%–7.500%, 04/01/19–08/01/23		29,388,835		1.2
			Lynx II Corp
	16,200,000	g	6.375%, 04/15/23		16,119,000		0.6
			Sprint Corp
	12,825,000	g	7.250%, 09/15/21		12,953,250		0.5
	15,000,000	g	7.875%, 09/15/23		15,300,000		0.6
			Sprint Nextel Corp
	16,375,000		6.000%, 11/15/22		15,065,000		0.6
			Wind Acquisition Finance S.A.
	13,786,000	g	7.250%, 02/15/18		14,268,510		0.6
			Other		125,886,153		5.0
					254,024,123		10.1
TRANSPORTATION					57,978,643		2.3
UTILITIES
			AES Corp
	11,145,000		7.375%, 07/01/21		12,259,500		0.5
			NRG Energy, Inc
	11,320,000		7.875%, 05/15/21		12,112,400		0.5
			Other		82,944,873		3.3
					107,316,773		4.3
			TOTAL CORPORATE BONDS (Cost $2,121,393,712)		2,131,609,308		85.1
			TOTAL BONDS (Cost $2,121,393,712)		2,131,609,308		85.1
	Shares		Company
PREFERRED STOCKS
BANKS					4,060,800		0.2
DIVERSIFIED FINANCIALS					3,215,754		0.1
			TOTAL PREFERRED STOCKS (Cost $7,561,000)		7,276,554		0.3

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds   ■  2013 Semiannual Report 31

Summary portfolio of investments (unaudited) concluded

High-Yield Fund  ■  September 30, 2013

Principal		Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	47,500,000	0.025%, 12/06/13	$	47,498,242		1.9	%
		Other		5,924,877		0.2
				53,423,119		2.1
TREASURY DEBT
		United States Treasury Bill
	16,000,000	0.047%, 12/19/13		15,999,472		0.7
				15,999,472		0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $69,421,049)		69,422,591		2.8
		TOTAL PORTFOLIO (Cost $2,491,611,754)		2,502,408,983		100.0
		OTHER ASSETS & LIABILITIES, NET		1,054,111		0.0
		NET ASSETS	$	2,503,463,094		100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities, including those in “Other,” was $799,883,353 or 32.0% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
o	Payment in Kind Bond.

“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 2013 Semiannual Report   ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Portfolio of investments (unaudited)

Inflation-Linked Bond Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
$	25,477,535	k	2.000%, 07/15/14	$	26,120,435		1.5	%
	54,528,380	k	1.625%, 01/15/15		56,351,700		3.2
	58,950,882	k	0.500%, 04/15/15		60,221,981		3.4
	42,474,492	k	1.875%, 07/15/15		44,843,762		2.6
	44,169,808	k	2.000%, 01/15/16		47,237,533		2.7
	89,840,564	k	0.125%, 04/15/16		92,198,879		5.3
	42,037,221	k	2.500%, 07/15/16		46,385,467		2.6
	38,604,836	k	2.375%, 01/15/17		42,818,207		2.4
	98,462,775	k	0.125%, 04/15/17		101,532,056		5.8
	30,947,088	k	2.625%, 07/15/17		35,115,289		2.0
	32,968,911	k	1.625%, 01/15/18		36,232,306		2.1
	26,778,780	k	0.125%, 04/15/18		27,586,321		1.6
	31,767,390	k	1.375%, 07/15/18		34,869,666		2.0
	30,895,936	k	2.125%, 01/15/19		35,066,887		2.0
	34,911,272	k	1.875%, 07/15/19		39,547,908		2.3
	41,317,335	k	1.375%, 01/15/20		45,319,952		2.6
	63,830,658	k	1.250%, 07/15/20		69,834,698		4.0
	70,563,935	k	1.125%, 01/15/21		75,977,530		4.3
	69,369,663	k	0.625%, 07/15/21		72,204,039		4.1
	73,289,355	k	0.125%, 01/15/22		72,367,521		4.1
	101,578,000	k	0.125%, 07/15/22		100,054,330		5.7
	61,732,000	k	0.125%, 01/15/23		60,053,630		3.4
	18,067,680	k	0.375%, 07/15/23		17,974,523		1.0
	59,922,211	k	2.375%, 01/15/25		71,518,118		4.1
	40,081,188	k	2.000%, 01/15/26		46,240,544		2.6
	32,442,227	k	2.375%, 01/15/27		39,039,645		2.2
	34,594,611	k	1.750%, 01/15/28		38,737,869		2.2
	36,198,682	k	3.625%, 04/15/28		50,044,678		2.8
	35,022,720	k	2.500%, 01/15/29		43,047,861		2.5
	42,611,149	k	3.875%, 04/15/29		61,080,440		3.5
	12,803,559	k	3.375%, 04/15/32		17,924,982		1.0
	19,997,117	k	2.125%, 02/15/40		23,662,209		1.3
	26,418,464	k	2.125%, 02/15/41		31,291,428		1.8
	44,142,406	k	0.750%, 02/15/42		37,779,675		2.2
	33,020,325	k	0.625%, 02/15/43		27,071,515		1.5
			United States Treasury Note
	13,000,000		1.750%, 05/15/23		12,046,333		0.7
					1,739,399,917		99.1
			TOTAL GOVERNMENT BONDS (Cost $1,684,440,588)		1,739,399,917		99.1

Principal		Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	5,000,000	0.035%, 12/02/13	$	4,999,830		0.3	%
				4,999,830		0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $4,999,699)		4,999,830		0.3
		TOTAL PORTFOLIO (Cost $1,689,440,287)		1,744,399,747		99.4
		OTHER ASSETS & LIABILITIES, NET		11,519,495		0.6
		NET ASSETS	$	1,755,919,242		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   ■  2013 Semiannual Report 33

Summary portfolio of investments (unaudited)

Short-Term Bond Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	1,479,443		0.1	%
CONSUMER DURABLES & APPAREL					391,665		0.0
CONSUMER SERVICES					900,279		0.1
DIVERSIFIED FINANCIALS					1,935,371		0.2
FOOD, BEVERAGE & TOBACCO					3,545,339		0.3
MEDIA					2,281,709		0.2
			TOTAL BANK LOAN OBLIGATIONS (Cost $10,544,024)		10,533,806		0.9
BONDS
CORPORATE BONDS
BANKS
			Australia & New Zealand Banking Group Ltd
$	7,000,000	g	2.400%, 11/23/16		7,261,800		0.6
			Banco del Estado de Chile
	5,825,000	g	2.000%, 11/09/17		5,683,272		0.5
			Bank Nederlandse Gemeenten
	7,000,000	g	1.375%, 03/19/18		6,887,916		0.6
			Skandinaviska Enskilda Banken AB
	9,000,000	g	1.375%, 05/29/18		8,820,000		0.7
			Toronto-Dominion Bank
	12,000,000	g	2.200%, 07/29/15		12,361,200		1.1
			Westpac Banking Corp
	6,000,000	g	2.450%, 11/28/16		6,236,400		0.5
			Other		59,877,057		5.2
					107,127,645		9.2
CAPITAL GOODS					7,427,587		0.7
COMMERCIAL & PROFESSIONAL SERVICES					1,033,416		0.1
CONSUMER DURABLES & APPAREL					2,682,510		0.2
CONSUMER SERVICES					3,134,668		0.3
DIVERSIFIED FINANCIALS
			Bank of America Corp
	9,350,000		2.000%, 01/11/18		9,195,267		0.8
			Caisse Centrale Desjardins du Quebec
	8,000,000	g	1.600%, 03/06/17		8,097,600		0.7
			JPMorgan Chase & Co
	10,000,000		0.800%, 04/23/15		9,979,250		0.9
			Other		64,438,871		5.5
					91,710,988		7.9
ENERGY
			Gazprom OAO Via Gaz Capital S.A.
	5,350,000	g	4.950%, 05/23/16		5,644,250		0.5
			Other		31,896,845		2.7
					37,541,095		3.2
FOOD & STAPLES RETAILING					1,118,416		0.1
FOOD, BEVERAGE & TOBACCO					15,272,953		1.3
HEALTH CARE EQUIPMENT & SERVICES					7,642,317		0.7

Principal			Issuer	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS				$	1,416,488		0.1	%
INSURANCE					13,305,543		1.2
MATERIALS					16,034,739		1.4
MEDIA					17,228,899		1.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					10,118,662		0.9
REAL ESTATE					1,593,773		0.1
RETAILING					11,484,936		1.0
SOFTWARE & SERVICES					4,773,092		0.4
TECHNOLOGY HARDWARE & EQUIPMENT					11,085,004		1.0
TELECOMMUNICATION SERVICES
			Verizon Communications, Inc
$	5,675,000		3.650%, 09/14/18		5,979,708		0.5
			Other		15,925,604		1.4
					21,905,312		1.9
TRANSPORTATION					5,022,289		0.4
UTILITIES					28,832,620		2.5
			TOTAL CORPORATE BONDS (Cost $415,424,937)		417,492,952		36.1
GOVERNMENT BONDS
AGENCY SECURITIES
			Hospital for Special Surgery
	6,285,004	g	3.500%, 01/01/23		6,613,597		0.5
			KE Export Leasing
	19,592,492	i	0.523%, 05/19/24		19,514,102		1.7
			Private Export Funding Corp (PEFCO)
	6,000,000		1.375%, 02/15/17		6,046,644		0.5
			Other		1,014,832		0.1
					33,189,175		2.8
FOREIGN GOVERNMENT BONDS
			Carpintero Finance Ltd
	7,360,416	g,m	2.581%, 11/11/24		7,238,750		0.6
			International Finance Facility for Immunisation
	20,000,000	g,i	0.434%, 07/05/16		20,006,118		1.7
			Kommunalbanken AS.
	5,000,000	g	0.875%, 10/03/16		4,993,500		0.5
			Korea Development Bank
	6,000,000		1.500%, 01/22/18		5,782,908		0.5
			Spain Government International Bond
	7,000,000	g	4.000%, 03/06/18		7,114,100		0.6
			Other		44,856,623		3.9
					89,991,999		7.8
MORTGAGE BACKED					16,687,093		1.4
MUNICIPAL BONDS
			Florida Hurricane Catastrophe Fund Finance Corp
	5,000,000		1.298%, 07/01/16		4,977,700		0.4
			Other		519,570		0.1
					5,497,270		0.5

34 2013 Semiannual Report   ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Short-Term Bond Fund  ■  September 30, 2013

	Principal		Issuer		Value	% of net assets
U.S. TREASURY SECURITIES
			United States Treasury Note
$	29,700,000		1.250%, 04/15/14	$	29,886,783	2.6	%
	6,680,000		0.250%, 11/30/14		6,687,568	0.6
	5,745,000		0.250%, 02/28/15		5,748,815	0.5
	21,460,000		0.250%, 05/31/15		21,455,815	1.9
	35,790,000	l	0.500%, 06/15/16		35,756,429	3.1
	26,315,000		0.625%, 08/15/16		26,331,447	2.3
	36,000,000		0.875%, 09/15/16		36,264,385	3.1
	6,338,300		1.500%, 08/31/18		6,380,393	0.5
	13,255,800		0.250%–2.625%, 06/30/14–01/31/18		13,343,126	1.1
					181,854,761	15.7
			TOTAL GOVERNMENT BONDS (Cost $326,532,326)		327,220,298	28.2
STRUCTURED ASSETS
ASSET BACKED
			Ally Master Owner Trust
			Series 2010-2 (Class A)
	8,000,000	g	4.250%, 04/15/17		8,367,760	0.7
			Cabela’s Master Credit Card Trust
			Series 2011-2A (Class A1)
	4,965,000	g	2.390%, 06/17/19		5,126,199	0.4
			Capital Auto Receivables Asset Trust
			Series 2013-1 (Class A4)
	7,500,000		0.970%, 01/22/18		7,462,905	0.7
			CarMax Auto Owner Trust
			Series 2012-2 (Class B)
	5,870,000		1.730%, 02/15/18		5,946,774	0.5
			CNH Equipment Trust
			Series 2011-C (Class A4)
	6,000,000		1.550%, 11/15/17		6,089,592	0.5
			Entergy Louisiana Investment Recovery Funding I LLC
			Series 2011-A (Class A1)
	8,724,374		2.040%, 09/01/23		8,749,588	0.8
			Ford Credit Floorplan Master Owner Trust
			Series 2010-3 (Class A1)
	6,485,000	g	4.200%, 02/15/17		6,785,923	0.6
			GE Capital Credit Card Master Note Trust
			Series 2010-2 (Class A)
	7,435,000		4.470%, 03/15/20		8,213,898	0.7
			Hyundai Auto Receivables Trust
			Series 2013-A (Class C)
	8,000,000		1.350%, 06/17/19		7,842,216	0.7
			Santander Drive Auto Receivables Trust
			Series 2012-2 (Class B)
	5,000,000		2.090%, 08/15/16		5,048,270	0.4
			SLM Student Loan Trust
			Series 2012-B (Class A2)
	7,800,000	g	3.480%, 10/15/30		8,174,891	0.7
			Series 2012-A (Class A2)
	9,000,000	g	3.830%, 01/17/45		9,397,197	0.8
			Volvo Financial Equipment LLC
			Series 2013-1A (Class A4)
	7,000,000	g	0.970%, 08/15/19		6,939,443	0.6
			Other		99,696,432	8.6
					193,841,088	16.7

Principal			Issuer	Value		% of net assets
OTHER MORTGAGE BACKED
			Citigroup Commercial Mortgage Trust
			Series 2012-GC8 (Class A2)
$	5,000,000		1.813%, 09/10/45	$	5,006,730		0.4	%
			Credit Suisse Mortgage Capital Certificates
			Series 2006-C4 (Class AM)
	9,000,000		5.509%, 09/15/39		9,615,069		0.8
			GS Mortgage Securities Trust
			Series 2013-GC10 (Class A2)
	8,750,000		1.840%, 02/10/46		8,708,463		0.8
			JP Morgan Chase Commercial Mortgage Securities Trust
			Series 2006-LDP9 (Class A1A)
	9,541,537		5.257%, 05/15/47		10,231,638		0.9
			LB-UBS Commercial Mortgage Trust
			Series 2007-C2 (Class AM)
	5,000,000	i	5.493%, 02/15/40		5,161,915		0.4
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C30 (Class AM)
	8,655,000		5.383%, 12/15/43		9,214,044		0.8
			Other		19,202,927		1.7
					67,140,786		5.8
			TOTAL STRUCTURED ASSETS (Cost $261,776,042)		260,981,874		22.5
			TOTAL BONDS (Cost $1,003,733,305)		1,005,695,124		86.8
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	26,500,000		0.020%, 12/06/13		26,499,020		2.3
					26,499,020		2.3
TREASURY DEBT
			United States Treasury Bill
	50,000,000		0.070%, 01/30/14		49,998,750		4.3
			United States Treasury Note
	50,000,000		1.750%, 03/31/14		50,419,900		4.4
					100,418,650		8.7
			TOTAL SHORT-TERM INVESTMENTS (Cost $126,906,594)		126,917,670		11.0
			TOTAL PORTFOLIO (Cost $1,141,183,923)		1,143,146,600		98.7
			OTHER ASSETS & LIABILITIES, NET		15,228,573		1.3
			NET ASSETS	$	1,158,375,173		100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities, including those in “Other,” was $281,636,843 or 24.3% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
m	Indicates a security that has been deemed illiquid.

“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  ■  2013 Semiannual Report 35

Summary portfolio of investments (unaudited)

Social Choice Bond Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
MEDIA				$	248,367		0.4	%
			TOTAL BANK LOAN OBLIGATIONS (Cost $249,450)		248,367		0.4
BONDS
CORPORATE BONDS
BANKS
			BB&T Corp
$	500,000		2.050%, 06/19/18		497,995		0.7
			Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	750,000		0.732%–3.950%, 03/18/16–11/09/22		737,554		1.1
			Discover Bank
	500,000		4.200%, 08/08/23		498,491		0.7
			First Niagara Financial Group, Inc
	515,000		6.750%, 03/19/20		596,920		0.9
			HSBC Bank plc
	500,000	g,i	0.904%, 05/15/18		500,464		0.7
			Huntington Bancshares, Inc
	500,000		2.600%, 08/02/18		500,225		0.7
			Huntington National Bank
	500,000		1.350%, 08/02/16		499,668		0.7
			National City Bank
	500,000	i	0.604%, 12/15/16		492,818		0.7
			People’s United Financial, Inc
	507,000		3.650%, 12/06/22		483,053		0.7
			Regions Financial Corp
	500,000		2.000%, 05/15/18		485,329		0.7
			Royal Bank of Canada
	500,000		2.200%, 07/27/18		501,597		0.8
			Skandinaviska Enskilda Banken AB
	500,000	g	1.375%, 05/29/18		490,000		0.7
			Toronto-Dominion Bank
	500,000	i	0.815%, 04/30/18		501,135		0.7
			Other		2,981,940		4.4
					9,767,189		14.2
CAPITAL GOODS					1,470,451		2.1
CONSUMER DURABLES & APPAREL					477,649		0.7
CONSUMER SERVICES					238,437		0.4
DIVERSIFIED FINANCIALS
			Charles Schwab Corp
	500,000		2.200%, 07/25/18		504,270		0.7
			Ford Motor Credit Co LLC
	500,000	i	1.516%, 05/09/16		506,811		0.8
	500,000		2.375%, 01/16/18		496,066		0.7
	500,000		4.375%, 08/06/23		500,283		0.7
			Nissan Motor Acceptance Corp
	500,000	g	2.650%, 09/26/18		501,401		0.7
			State Street Corp
	500,000		1.350%, 05/15/18		487,472		0.7
			Other		1,688,487		2.5
					4,684,790		6.8

Principal			Issuer		Value	% of net assets
ENERGY
			Northern Natural Gas Co
$	500,000	g	4.100%, 09/15/42	$	440,430	0.6	%
			Statoil ASA
	500,000		2.650%, 01/15/24		462,409	0.7
			Other		478,454	0.7
					1,381,293	2.0
FOOD, BEVERAGE & TOBACCO					500,306	0.7
HEALTH CARE EQUIPMENT & SERVICES
			Edwards Lifesciences Corp
	500,000	h	2.875%, 10/15/18		498,031	0.7
					498,031	0.7
HOUSEHOLD & PERSONAL PRODUCTS					225,207	0.3
INSURANCE
			Prudential Financial, Inc
	500,000		2.300%, 08/15/18		504,375	0.7
			Other		938,592	1.4
					1,442,967	2.1
MATERIALS					48,444	0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,451,348	2.1
REAL ESTATE
			Federal Realty Investment Trust
	500,000		5.950%, 08/15/14		521,366	0.8
	500,000		2.750%, 06/01/23		447,794	0.6
			Other		960,593	1.4
					1,929,753	2.8
RETAILING					245,959	0.4
TECHNOLOGY HARDWARE & EQUIPMENT					246,461	0.4
TELECOMMUNICATION SERVICES
			Sprint Corp
	500,000	g	7.250%, 09/15/21		505,000	0.7
			Other		612,119	0.9
					1,117,119	1.6
TRANSPORTATION					241,757	0.4
UTILITIES
			Northeast Utilities
	500,000		2.800%, 05/01/23		461,791	0.7
			Other		1,840,860	2.7
					2,302,651	3.4
			TOTAL CORPORATE BONDS (Cost $28,901,981)		28,269,812	41.2
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Mortgage Corp (FHLMC)
	500,000		1.000%, 09/29/17		495,751	0.7
			KE Export Leasing
	724,997		0.492%–0.523%, 05/19/24–02/28/25		720,157	1.1

36 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Social Choice Bond Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
AGENCY SECURITIES—continued
			Overseas Private Investment Corp (OPIC)
$	1,117,752		0.000%–3.938%, 04/30/15–12/20/32	$	1,111,108		1.6	%
			United States Department of Housing and Urban Development (HUD)
	945,000		2.050%–4.140%, 08/01/14–08/01/20		961,059		1.4
			Other		427,211		0.6
					3,715,286		5.4
FOREIGN GOVERNMENT BONDS
			European Bank for Reconstruction & Development
	500,000		1.625%, 04/10/18		505,430		0.7
			International Bank for Reconstruction & Development
	500,000		0.375%, 08/24/15		499,657		0.7
			International Finance Corp
	500,000		0.500%, 05/16/16		497,384		0.7
			International Finance Facility for Immunisation
	500,000	g,i	0.434%, 07/05/16		500,153		0.7
			Other		2,755,466		4.0
					4,758,090		6.8
MORTGAGE BACKED
			Federal National Mortgage Association (FNMA)
	410,306		3.500%, 11/01/25		434,243		0.6
	872,009		3.000%, 05/01/27		905,114		1.3
	1,197,577		2.500%, 10/01/27		1,205,386		1.8
	1,294,116		4.500%, 08/01/39		1,396,959		2.0
	719,378		4.500%, 04/01/40		776,516		1.1
	901,416		4.000%, 10/01/40		952,325		1.4
	894,072		3.500%, 08/01/42		912,806		1.3
	1,979,564		3.500%–6.000%, 10/01/19–01/01/43		2,128,817		3.2
			Government National Mortgage Association (GNMA)
	725,695		4.000%, 05/20/42		769,565		1.1
	979,791		3.000%, 02/20/43		970,030		1.4
	942,213		4.000%–5.000%, 10/20/39–06/20/42		1,018,787		1.5
					11,470,548		16.7
MUNICIPAL BONDS
			California Pollution Control Financing Authority
	500,000		5.000%, 07/01/37		470,190		0.7
			Commonwealth of Massachusetts
	500,000		5.000%, 08/01/33		536,420		0.8
			Florida Hurricane Catastrophe Fund Finance Corp
	500,000		1.298%, 07/01/16		497,770		0.7
			Guadalupe-Blanco River Authority Industrial Development Corp
	500,000		1.909%, 04/15/18		494,120		0.7
			Other		4,915,565		7.2
					6,914,065		10.1
U.S. TREASURY SECURITIES
			United States Treasury Note
	1,500,000		1.375%, 09/30/18		1,498,945		2.2
	450,000		1.875%, 06/30/20		447,926		0.7
	1,170,000		2.500%, 08/15/23		1,158,117		1.7
	905,000		0.250%–1.500%, 05/31/15–08/31/18		907,779		1.3
			Other		212,188		0.3
					4,224,955		6.2
			TOTAL GOVERNMENT BONDS (Cost $31,786,274)		31,082,944		45.2

Principal			Issuer	Value		% of net assets
STRUCTURED ASSETS
ASSET BACKED
			Hertz Vehicle Financing LLC
			Series 2010-1A (Class B3)
$	500,000	g	6.440%, 02/25/19	$	565,715		0.9	%
			Other		1,324,375		1.9
					1,890,090		2.8
OTHER MORTGAGE BACKED
			Banc of America Commercial Mortgage Trust
			Series 2006-6 (Class AM)
	500,000		5.390%, 10/10/45		530,930		0.8
			LB-UBS Commercial Mortgage Trust
			Series 2007-C2 (Class AM)
	500,000	i	5.493%, 02/15/40		516,192		0.8
			Other		2,839,893		4.1
					3,887,015		5.7
			TOTAL STRUCTURED ASSETS (Cost $5,933,722)		5,777,105		8.5
			TOTAL BONDS (Cost $66,621,977)		65,129,861		94.9
	Shares		Company
PREFERRED STOCKS
BANKS					250,355		0.4
			TOTAL PREFERRED STOCKS (Cost $255,625)		250,355		0.4
			TOTAL PORTFOLIO (Cost $67,127,052)		65,628,583		95.7
			OTHER ASSETS & LIABILITIES, NET		2,936,916		4.3
			NET ASSETS	$	68,565,499		100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities, including those in “Other,” was $9,614,128 or 14.0% 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  ■  2013 Semiannual Report 37

Summary portfolio of investments (unaudited)

Tax-Exempt Bond Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
LONG-TERM MUNICIPAL BONDS
ALABAMA				$	1,189,451		0.3	%
ARIZONA
			City of Tucson AZ, GO
$	2,000,000		5.000%, 07/01/20		2,321,940		0.7
			Other		5,827,806		1.6
					8,149,746		2.3
ARKANSAS					1,157,770		0.3
CALIFORNIA
			California State Department of Water Resources
	2,000,000		5.000%, 05/01/20		2,380,280		0.6
			East Side Union High School District- Santa Clara County, GO
	2,500,000		5.250%, 02/01/23		2,882,050		0.8
			State of California, GO
	3,000,000		5.000%, 02/01/18		3,468,330		0.9
	5,000,000		5.000%, 10/01/18		5,849,550		1.6
	2,000,000		5.000%, 02/01/22		2,340,940		0.6
	2,000,000		5.000%, 04/01/22		2,340,480		0.6
	2,000,000		5.250%, 10/01/22		2,385,480		0.7
	3,000,000		5.000%, 02/01/23		3,492,870		1.0
	4,000,000		5.000%, 09/01/23		4,666,440		1.3
			Other		18,877,225		5.3
					48,683,645		13.4
COLORADO					5,926,002		1.6
CONNECTICUT
			State of Connecticut
	3,000,000	i	0.950%, 08/15/18		2,997,210		0.8
	3,000,000	i	1.090%, 08/15/20		2,994,390		0.8
			State of Connecticut Special Tax Revenue
	4,000,000		5.000%, 01/01/33		4,287,160		1.2
			Other		5,703,140		1.6
					15,981,900		4.4
DELAWARE					861,557		0.2
FLORIDA					5,887,486		1.6
GEORGIA
			City of Atlanta GA Water & Wastewater Revenue
	2,500,000		5.000%, 11/01/23		2,891,975		0.8
			Other		7,825,069		2.2
					10,717,044		3.0
HAWAII					2,685,833		0.7
ILLINOIS
			Chicago Board of Education
	3,200,000		5.000%, 12/01/20		3,442,784		1.0
	5,000,000	i	0.900%, 03/01/36		4,862,500		1.4
			Chicago Board of Education, GO
	2,560,000		5.000%, 12/01/18		2,794,061		0.8
			Chicago State University
	2,085,000		5.500%, 12/01/23		2,271,170		0.6
			City of Chicago IL O’Hare International
			Airport Revenue, AMT
	3,000,000		5.000%, 01/01/22		3,356,160		0.9

Principal		Issuer	Value		% of net assets
ILLINOIS—continued
		State of Illinois, GO
$	3,000,000	5.000%, 04/01/18	$	3,308,910		0.9	%
		Other		25,837,770		7.1
				45,873,355		12.7
INDIANA
		Indiana Bond Bank
	2,120,000	5.250%, 04/01/19		2,409,401		0.7
		Other		7,398,597		2.0
				9,807,998		2.7
KENTUCKY
		Kentucky Asset Liability Commission
	5,000,000	5.250%, 09/01/23		5,790,850		1.6
				5,790,850		1.6
LOUISIANA				1,136,040		0.3
MAINE				1,138,930		0.3
MARYLAND				565,445		0.2
MASSACHUSETTS
		Commonwealth of Massachusetts
	2,000,000	5.000%, 08/01/20		2,374,080		0.6
		Other		2,069,725		0.6
				4,443,805		1.2
MICHIGAN				1,736,778		0.5
MINNESOTA
		St. Paul Port Authority
	3,000,000	5.000%, 12/01/21		3,507,060		0.9
		Other		3,161,247		0.9
				6,668,307		1.8
MISSISSIPPI
		Mississippi Development Bank Special Obligation
	2,100,000	5.000%, 07/01/17		2,325,330		0.7
				2,325,330		0.7
MISSOURI				1,716,375		0.5
NEBRASKA
		Omaha Public Power District
	4,000,000	5.000%, 02/01/42		4,148,640		1.1
		Other		1,075,080		0.3
				5,223,720		1.4
NEW JERSEY
		New Jersey Economic Development Authority
	4,000,000	5.000%, 09/01/20		4,592,680		1.3
	3,000,000	5.000%, 03/01/21		3,432,420		1.0
		New Jersey Economic Development Authority, GO
	1,980,000	5.250%, 12/15/20		2,316,759		0.6
		New Jersey Transportation Trust Fund Authority
	2,800,000	5.250%, 12/15/20		3,290,280		0.9
		Other		5,117,284		1.4
				18,749,423		5.2

38 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Tax-Exempt Bond Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
NEW YORK
			Build NYC Resource Corp
$	3,010,000		5.500%, 04/01/43	$	2,879,035		0.8	%
			City of New York NY
	3,700,000	i	0.450%, 08/01/21		3,692,711		1.0
			Monroe County Industrial Development Corp
	5,000,000		5.000%, 07/01/43		5,163,250		1.4
			New York City Health & Hospital Corp
	2,000,000		5.000%, 02/15/20		2,315,500		0.6
			New York State Dormitory Authority
	2,250,000		5.000%, 10/01/17		2,573,033		0.7
			New York State Urban Development Corp
	2,000,000		5.000%, 03/15/20		2,356,060		0.6
	5,000,000		5.000%, 03/15/32		5,390,150		1.5
			Tobacco Settlement Financing Corp
	2,000,000		5.000%, 06/01/18		2,301,300		0.6
			Other		24,536,337		6.9
					51,207,376		14.1
NORTH CAROLINA
			University of North Carolina at Greensboro
	5,000,000		5.000%, 04/01/36		5,232,350		1.5
			Other		1,198,470		0.3
					6,430,820		1.8
OHIO
			City of Cincinnati OH
	2,000,000		5.000%, 12/01/21		2,383,260		0.7
			City of Columbus OH
	2,500,000		5.000%, 08/15/23		2,987,875		0.8
			Northeast Ohio Regional Sewer District
	5,155,000		5.000%, 11/15/38		5,407,543		1.5
			Ohio State Water Development Authority
	3,000,000		5.000%, 06/01/23		3,569,160		1.0
			Other		14,554,120		4.0
					28,901,958		8.0
OREGON					881,606		0.3
PENNSYLVANIA					5,179,288		1.4
PUERTO RICO
			Puerto Rico Commonwealth Infrastructure Financing Authority
	3,200,000		5.500%, 07/01/19		2,718,368		0.7
			Other		1,701,965		0.5
					4,420,333		1.2
RHODE ISLAND
			State of Rhode Island, GO
	2,000,000		5.000%, 08/01/21		2,311,860		0.6
			Other		1,339,430		0.4
					3,651,290		1.0
SOUTH CAROLINA					3,293,497		0.9
SOUTH DAKOTA					450,225		0.1

Principal		Issuer	Value		% of net assets
TENNESSEE
		Tennessee State School Bond Authority
$	5,500,000	5.000%, 05/01/39	$	5,801,840		1.6	%
				5,801,840		1.6
TEXAS
		City of Dallas TX, GO
	2,000,000	5.000%, 02/15/18		2,312,200		0.6
		Other		11,213,583		3.1
				13,525,783		3.7
UTAH				3,421,910		1.0
VIRGINIA
		Virginia Resources Authority
	4,480,000	5.000%, 11/01/42		4,764,301		1.3
		Other		1,421,462		0.4
				6,185,763		1.7
WASHINGTON
		Port of Seattle WA
	3,150,000	5.500%, 09/01/17		3,601,017		1.0
		State of Washington, GO
	2,470,000	5.000%, 07/01/23		2,937,472		0.8
				6,538,489		1.8
WEST VIRGINIA				2,834,787		0.8
WISCONSIN				3,551,575		1.0
		TOTAL LONG-TERM MUNICIPAL BONDS (Cost $346,633,179)		352,693,330		97.3
		TOTAL PORTFOLIO (Cost $346,633,179)		352,693,330		97.3
		OTHER ASSETS & LIABILITIES, NET		9,730,129		2.7
		NET ASSETS	$	362,423,459		100.0	%

Abbreviation(s):

AMT - Alternative Minimum Tax (subject to)

GO - General Obligation

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  ■  2013 Semiannual Report 39

Summary portfolio of investments (unaudited)

Money Market Fund  ■  September 30, 2013

Principal			Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
CERTIFICATE OF DEPOSIT
			Standard Chartered Bank
$	11,500,000		0.210%, 12/02/13	$	11,500,000		1.4	%
			Toronto-Dominion Bank
	10,000,000		0.120%, 10/24/13		10,000,000		1.2
			Other		23,000,000		2.7
					44,500,000		5.3
COMMERCIAL PAPER
			American Honda Finance Corp
	23,100,000		0.090%–0.120%, 10/04/13–11/12/13		23,098,563		2.8
			Bank of Nova Scotia
	9,699,000		0.130%–0.175%, 10/01/13–01/08/14		9,696,348		1.2
			Bank of Tokyo-Mitsubishi UFJ Ltd
	8,000,000		0.190%, 11/14/13		7,998,142		1.0
	10,325,000		0.150%–0.200%, 10/07/13–12/03/13		10,323,101		1.2
			Coca-Cola Co
	8,000,000	y	0.130%, 12/20/13		7,997,689		1.0
	19,830,000		0.120%–0.190%, 10/08/13–02/10/14		19,825,737		2.4
			Commonwealth Bank of Australia
	5,400,000	y	0.150%, 11/20/13		5,398,875		0.6
	9,500,000	y	0.150%–0.160%, 11/25/13		9,497,746		1.1
			Fairway Finance LLC
	8,015,000	y	0.170%, 10/25/13		8,014,092		1.0
	10,847,000		0.160%–0.210%, 10/11/13–11/04/13		10,845,600		1.3
			General Electric Capital Corp
	7,500,000		0.180%, 11/04/13		7,498,725		0.9
	10,000,000		0.130%, 01/24/14		9,995,847		1.2
	12,300,000		0.100%–0.200%, 10/04/13–01/07/14		12,296,576		1.5
			Liberty Street Funding LLC
	15,040,000		0.170%–0.180%, 10/15/13–11/13/13		15,037,751		1.8
			Merck & Co, Inc
	6,100,000	y	0.040%, 10/21/13		6,099,864		0.7
			Microsoft Corp
	10,000,000	y	0.070%, 11/20/13		9,999,028		1.2
			National Australia Funding Delaware, Inc
	13,411,000	y	0.140%–0.180%, 10/01/13		13,411,000		1.6
	9,325,000		0.140%–0.165%, 10/07/13–12/04/13		9,323,207		1.1
			Nestle Capital Corp
	5,280,000	y	0.090%, 11/12/13		5,279,446		0.6
	10,000,000	y	0.070%, 12/06/13		9,998,717		1.2
			Old Line Funding LLC
	11,350,000		0.200%–0.240%, 10/11/13–02/12/14		11,344,895		1.3
			Province of Ontario Canada
	8,000,000		0.110%–0.120%, 10/21/13–11/06/13		7,999,217		1.0
			Province of Quebec Canada
	20,180,000		0.060%–0.150%, 10/08/13–12/09/13		20,178,315		2.4
			PSP Capital, Inc
	6,930,000	y	0.145%, 10/02/13		6,929,972		0.8
	5,750,000	y	0.130%, 12/17/13		5,748,401		0.7
	9,500,000		0.110%–0.140%, 11/08/13–11/19/13		9,498,627		1.1
			Standard Chartered Bank
	10,410,000		0.185%–0.290%, 10/01/13–11/19/13		10,407,867		1.2
			Toyota Motor Credit Corp
	7,700,000		0.120%, 11/06/13		7,699,076		0.9
			Wal-Mart Stores, Inc
	12,760,000		0.050%–0.085%, 10/07/13–10/29/13		12,759,683		1.5
			Other		56,621,714		6.7
					360,823,821		43.0

Principal			Issuer	Value		% of net assets
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	5,390,000		0.040%–0.060%, 12/04/13	$	5,389,578		0.6	%
	10,000,000		0.020%, 12/09/13		9,999,617		1.2
	10,000,000		0.055%, 10/18/13		9,999,740		1.2
	9,375,000		0.050%, 10/30/13		9,374,622		1.1
	11,270,000		0.040%–0.045%, 11/08/13		11,269,510		1.4
	12,115,000		0.040%–0.070%, 11/13/13		12,114,242		1.5
	14,500,000		0.030%–0.060%, 11/22/13		14,499,047		1.7
	11,300,000		0.030%–0.040%, 11/27/13		11,299,363		1.4
	8,000,000		0.035%–0.047%, 12/06/13		7,999,377		1.0
	6,900,000		0.035%–0.150%, 12/13/13		6,898,764		0.8
	30,378,000		0.020%–0.145%, 10/04/13–01/02/14		30,375,197		3.6
			Federal Home Loan Mortgage Corp (FHLMC)
	7,000,000		0.025%–0.037%, 12/23/13		6,999,541		0.8
	5,385,000		0.060%, 10/28/13		5,384,758		0.6
	6,240,000		0.040%–0.080%, 12/16/13		6,239,346		0.8
	26,883,000		0.030%–0.145%, 10/01/13–02/24/14		26,880,007		3.2
			Federal National Mortgage Association (FNMA)
	8,640,000		0.025%, 12/16/13		8,639,544		1.0
	8,300,000		0.040%, 01/29/14		8,298,893		1.0
			Other		13,539,439		1.6
					205,200,585		24.5
TREASURY DEBT
			United States Treasury Bill
	6,285,000		0.083%–0.089%, 10/03/13		6,284,970		0.7
	8,000,000		0.083%–0.086%, 10/17/13		7,999,703		1.0
	5,167,000		0.033%–0.078%, 11/07/13		5,166,592		0.6
	5,175,000		0.032%–0.073%, 11/29/13		5,174,552		0.6
	5,825,000		0.020%–0.062%, 12/26/13		5,824,478		0.7
	6,000,000		0.031%–0.048%, 01/09/14		5,999,392		0.7
	12,177,000		0.035%–0.139%, 10/10/13–03/27/14		12,175,945		1.5
			United States Treasury Note
	7,825,000		0.500%, 10/15/13		7,826,072		0.9
	7,100,000		0.250%, 10/31/13		7,100,674		0.9
	9,420,000		0.500%, 11/15/13		9,424,053		1.1
	5,950,000		0.125%, 12/31/13		5,950,581		0.7
	9,670,000		0.250%, 01/31/14		9,674,190		1.2
	7,695,000		0.250%, 02/28/14		7,699,492		0.9
	6,240,000		0.250%, 04/30/14		6,243,481		0.8
	6,000,000		1.000%, 05/15/14		6,031,865		0.7
	5,815,000		0.750%, 06/15/14		5,839,446		0.7
	29,250,000		0.125%–1.250%, 12/15/13–09/15/14		29,318,851		3.4
					143,734,337		17.1
VARIABLE RATE SECURITIES
			Canadian Imperial Bank of Commerce
	9,500,000	i	0.275%, 01/03/14		9,500,861		1.1
			Federal Farm Credit Bank (FFCB)
	9,000,000	i	0.250%, 02/10/14		8,999,343		1.1
	8,000,000	i	0.100%, 10/01/13		7,994,888		1.0
	36,630,000		0.120%–0.330%, 10/01/13–05/19/14		36,633,387		4.3
			Federal National Mortgage Association (FNMA)
	10,000,000		0.160%–0.320%, 10/28/13–06/20/14		9,999,389		1.2
			Other		10,850,995		1.3
					83,978,863		10.0

40 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Money Market Fund  ■  September 30, 2013

	Value		% of net assets
TOTAL SHORT-TERM INVESTMENTS (Cost $838,237,606)	$	838,237,606		99.9	%
TOTAL PORTFOLIO (Cost $838,237,606)		838,237,606		99.9
OTHER ASSETS & LIABILITIES, NET		1,053,386		0.1
NET ASSETS	$	839,290,992		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. Such securities are deemed to be liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 9/30/2013, the aggregate value of these securities, including those in “Other,” was $241,520,869 or 28.8% 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  ■  2013 Semiannual Report 41

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  September 30, 2013

	Bond Fund			Bond Index Fund			Bond Plus Fund			High-Yield Fund			Inflation-Linked Bond Fund			Short-Term Bond Fund			Social Choice Bond Fund			Tax-Exempt  Bond Fund			Money Market Fund
ASSETS
Portfolio investments, at value†	$	2,592,138,821		$	4,606,984,746		$	2,047,187,070		$	2,502,408,983		$	1,744,399,747		$	1,143,146,600		$	65,628,583		$	352,693,330		$	838,237,606
Cash		9,148,202			37,380,649			9,636,786			22,513,002			6,838,120			22,554,933			753,381			9,448,822			19,389
Receivable from securities transactions		8,496,085			35,644,129			2,854,722			1,964,931			–			10,817,209			3,065,421			654,566			–
Receivable for delayed delivery securities		156,333,067			4,158,189			75,201,589			–			–			–			–			–			–
Receivable from Fund shares sold		320,939			11,859,016			11,982,506			2,934,941			587,908			1,333,776			25,639			50,850			3,677,096
Dividends and interest receivable		14,079,149			24,189,276			11,597,413			39,123,861			5,409,332			4,647,830			305,283			3,750,374			184,382
Due from affiliates		–			14			–			–			–			–			2,153			8			99,349
Swap premiums paid		12,486			–			–			–			–			–			–			–			–
Other		89,724			71,640			40,319			58,290			64,488			27,908			129			27,234			36,590
Total assets		2,780,618,473			4,720,287,659			2,158,500,405			2,569,004,008			1,757,299,595			1,182,528,256			69,780,589			366,625,184			842,254,412
LIABILITIES
Management fees payable		94,230			63,007			70,263			118,048			59,102			39,420			3,277			14,900			11,482
Service agreement fees payable		11,730			2,420			6,032			10,554			6,481			6,317			87			–			3,025
Distribution fees payable		18,270			6,732			56,778			124,904			35,599			37,597			1,006			72,129			88,043
Due to affiliates		13,364			22,566			6,307			11,492			9,773			6,636			367			2,307			4,784
Swap premiums received		207,925			–			59,408			–			–			37,626			–			–			–
Payable for securities transactions		16,015,940			70,065,007			24,173,309			3,725,000			–			22,013,043			613,154			2,102,800			–
Payable for delayed delivery securities		440,505,675			28,835,324			372,173,611			52,387,793			–			497,490			497,490			1,465,200			–
Payable for Fund shares redeemed		2,004,549			2,244,308			1,576,371			4,660,008			1,124,313			1,019,450			347			363,178			2,746,266
Income distribution payable		3,678,574			910,387			2,368,732			4,286,789			–			357,750			104			85,621			1,795
Unrealized depreciation on swap agreements		139,624			–			24,866			–			–			18,106			–			–			–
Accrued expenses and other payables		218,308			277,398			215,406			216,326			145,085			119,648			99,258			95,590			108,025
Total liabilities		462,908,189			102,427,149			400,731,083			65,540,914			1,380,353			24,153,083			1,215,090			4,201,725			2,963,420
NET ASSETS	$	2,317,710,284		$	4,617,860,510		$	1,757,769,322		$	2,503,463,094		$	1,755,919,242		$	1,158,375,173		$	68,565,499		$	362,423,459		$	839,290,992
NET ASSETS CONSIST OF:
Paid-in-capital	$	2,312,478,266		$	4,647,269,627		$	1,745,555,622		$	2,435,341,349		$	1,699,233,936		$	1,153,949,309		$	70,059,319		$	357,524,903		$	839,308,614
Undistributed net investment income (loss)		(495,632	)		(409,649	)		(36,277	)		(295,279	)		(13,997	)		(8,819	)		(2,154	)		11,267			(18,563	)
Accumulated net realized gain (loss) on total investments		2,249,942			(1,575,193	)		736,903			57,619,795			1,739,843			2,490,112			6,803			(1,172,862	)		941
Net unrealized appreciation (depreciation) on total investments		3,477,708			(27,424,275	)		11,513,074			10,797,229			54,959,460			1,944,571			(1,498,469	)		6,060,151			–
NET ASSETS	$	2,317,710,284		$	4,617,860,510		$	1,757,769,322		$	2,503,463,094		$	1,755,919,242		$	1,158,375,173		$	68,565,499		$	362,423,459		$	839,290,992
INSTITUTIONAL CLASS:
Net assets	$	1,877,366,895		$	4,500,462,973		$	1,294,653,507		$	1,576,725,573		$	1,388,230,262		$	783,349,578		$	60,454,690		$	10,641,473		$	315,902,334
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		181,942,103			423,597,289			123,846,588			154,264,093			121,065,382			75,337,568			6,172,125			1,012,199			315,898,609
Net asset value per share	$10.32				$10.62		$10.45				$10.22			$11.47			$10.40			$9.79			$10.51			$1.00
RETIREMENT CLASS:
Net assets	$	342,999,142		$	70,952,620		$	177,289,477		$	307,802,295		$	189,293,865		$	185,664,998		$	2,563,006		$	–		$	89,634,598
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		32,660,813			6,675,945			16,938,462			30,115,382			16,377,571			17,834,488			261,654			–			89,633,136
Net asset value per share		$10.50			$10.63			$10.47			$10.22			$11.56			$10.41			$9.80			$—			$1.00
RETAIL CLASS:
Net assets	$	77,070,829		$	13,413,202		$	266,016,580		$	585,800,252		$	169,228,354		$	172,254,324		$	4,153,200		$	351,781,986		$	424,345,925
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,346,535			1,261,985			25,398,477			57,068,116			15,090,970			16,551,809			424,116			33,414,891			424,334,086
Net asset value per share		$10.49			$10.63			$10.47			$10.26			$11.21			$10.41			$9.79			$10.53			$1.00
PREMIER CLASS:
Net assets	$	20,273,418		$	33,031,715		$	19,809,758		$	33,134,974		$	9,166,761		$	17,106,273		$	1,394,603		$	–		$	9,408,135
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,963,688			3,108,572			1,895,412			3,240,734			800,775			1,643,596			142,396			–			9,408,041
Net asset value per share		$10.32			$10.63			$10.45			$10.22			$11.45			$10.41			$9.79			$–			$1.00
† Portfolio investments, cost	$	2,588,521,930		$	4,634,409,021		$	2,035,649,563		$	2,491,611,754		$	1,689,440,287		$	1,141,183,923		$	67,127,052		$	346,633,179		$	838,237,606

42 2013 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2013 Semiannual Report 43

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended September 30, 2013

	Bond Fund			Bond Index Fund			Bond Plus Fund			High-Yield Fund			Inflation-Linked Bond Fund			Short-Term Bond Fund			Social Choice Bond Fund			Tax-Exempt Bond Fund			Money Market Fund
INVESTMENT INCOME
Interest	$	33,401,917		$	43,161,610		$	21,873,653		$	69,815,148		$	28,032,602		$	10,081,398		$	640,889		$	5,690,245		$	644,311
Dividends		–			–			55,898			268,859			–			–			6,284			–			–
Total income		33,401,917			43,161,610			21,929,551			70,084,007			28,032,602			10,081,398			647,173			5,690,245			644,311
EXPENSES
Management fees		3,650,769			2,238,062			2,192,919			4,077,111			2,209,670			1,427,547			115,384			583,426			431,780
Shareholder servicing – Institutional Class		1,420			5,273			1,073			2,817			476			1,475			154			137			1,441
Shareholder servicing – Retirement Class		436,190			87,576			211,122			388,428			257,139			283,386			3,318			–			99,413
Shareholder servicing – Retail Class		32,191			8,847			136,999			83,468			73,288			67,307			2,301			70,201			276,174
Shareholder servicing – Premier Class		69			99			69			153			65			68			88			–			36
Distribution fees – Retail Class		105,695			17,569			347,992			609,184			240,272			224,038			4,575			473,412			530,242
Distribution fees – Premier Class		16,812			23,897			14,089			25,954			9,155			13,527			794			–			7,576
Custody and accounting fees		49,998			141,961			51,571			30,191			12,684			27,665			11,856			21,188			22,167
Fund administration fees		48,650			87,431			27,390			45,708			34,813			23,224			1,199			7,741			15,813
Professional fees		38,673			59,220			36,438			42,552			30,089			32,087			26,248			22,878			23,142
Shareholder reports		35,246			65,040			21,855			48,480			29,241			22,620			15,165			9,932			14,447
Registration fees		30,976			37,441			31,810			39,531			34,595			33,394			27,322			20,989			42,018
Compliance fees		25,620			45,415			14,100			24,097			18,441			12,264			726			4,128			8,436
Trustee fees and expenses		12,292			22,645			6,800			12,072			9,097			6,060			286			1,982			3,725
Other expenses		33,312			101,512			77,363			67,138			19,154			13,363			6,643			5,412			11,741
Total expenses		4,517,913			2,941,988			3,171,590			5,496,884			2,978,179			2,188,025			216,059			1,221,426			1,488,151
Less: Expenses reimbursed by the investment adviser		–			(1,465	)		–			–			–			–			(73,528	)		(73	)		(27,107	)
Fee waiver by investment adviser and TPIS		–			–			–			–			–			–			–			–			(846,325	)
Net expenses		4,517,913			2,940,523			3,171,590			5,496,884			2,978,179			2,188,025			142,531			1,221,353			614,719
Net Investment income (loss)		28,884,004			40,221,087			18,757,961			64,587,123			25,054,423			7,893,373			504,642			4,468,892			29,592
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(14,525,273	)		(2,251,349	)		(7,505,371	)		9,329,135			1,515,661			175,171			(67,250	)		(3,086,410	)		941
Swap transactions		5,249			–			5,110			–			–			15,333			–			–			–
Foreign currency transactions		83,975			–			41,118			–			–			–			–			–			–
Net realized gain (loss) on total investments		(14,436,049	)		(2,251,349	)		(7,459,143	)		9,329,135			1,515,661			190,504			(67,250	)		(3,086,410	)		941
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(64,588,850	)		(123,616,708	)		(34,979,948	)		(76,576,625	)		(147,505,066	)		(12,766,627	)		(1,564,266	)		(17,736,318	)		–
Swap transactions		(131,993	)		–			(22,686	)		–			–			(25,176	)		–			–			–
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(499	)		–			(35	)		–			–			–			–			–			–
Net change in unrealized appreciation (depreciation) on total investments		(64,721,342	)		(123,616,708	)		(35,002,669	)		(76,576,625	)		(147,505,066	)		(12,791,803	)		(1,564,266	)		(17,736,318	)		–
Net realized and unrealized gain (loss) on total investments		(79,157,391	)		(125,868,057	)		(42,461,812	)		(67,247,490	)		(145,989,405	)		(12,601,299	)		(1,631,516	)		(20,822,728	)		941
Net increase (decrease) in net assets from operations	$	(50,273,387	)	$	(85,646,970	)	$	(23,703,851	)	$	(2,660,367	)	$	(120,934,982	)	$	(4,707,926	)	$	(1,126,874	)	$	(16,353,836	)	$	30,533

44 2013 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2013 Semiannual Report 45

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Bond Fund						Bond Index Fund						Bond Plus Fund						High-Yield Fund						Inflation-Linked Bond Fund						Short-Term Bond Fund
		September 30,  2013			March 31, 2013			September 30,  2013			March 31, 2013			September 30,  2013			March 31, 2013			September 30, 2013			March 31, 2013			September 30,  2013			March 31, 2013			September 30, 2013			March 31, 2013
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	28,884,004		$	55,994,701		$	40,221,087		$	66,757,458		$	18,757,961		$	34,816,747		$	64,587,123		$	107,195,097		$	25,054,423		$	29,097,903		$	7,893,373		$	13,721,079
Net realized gain (loss) on total investments			(14,436,049	)		65,438,828			(2,251,349	)		5,597,850			(7,459,143	)		24,380,144			9,329,135			57,964,775			1,515,661			6,053,756			190,504			3,906,134
Net change in unrealized appreciation (depreciation) on total investments			(64,721,342	)		3,642,602			(123,616,708	)		39,012,612			(35,002,669	)		15,118,144			(76,576,625	)		44,166,571			(147,505,066	)		48,899,074			(12,791,803	)		7,360,553
Net increase (decrease) in net assets from operations			(50,273,387	)		125,076,131			(85,646,970	)		111,367,920			(23,703,851	)		74,315,035			(2,660,367	)		209,326,443			(120,934,982	)		84,050,733			(4,707,926	)		24,987,766
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(24,048,132	)		(45,915,568	)		(39,248,864	)		(65,883,516	)		(13,319,905	)		(23,256,277	)		(42,606,164	)		(72,256,798	)		(16,350,025	)		(25,334,485	)		(5,338,061	)		(8,059,701	)
	Retirement Class		(3,696,857	)		(7,637,924	)		(536,907	)		(847,727	)		(2,012,116	)		(3,250,700	)		(8,211,970	)		(14,455,204	)		(2,072,709	)		(3,906,558	)		(1,406,079	)		(3,256,787	)
	Retail Class		(861,770	)		(1,874,042	)		(101,077	)		(205,603	)		(3,181,586	)		(7,691,314	)		(12,836,510	)		(18,784,905	)		(1,878,386	)		(4,180,431	)		(1,031,442	)		(2,158,219	)
	Premier Class		(248,668	)		(646,550	)		(263,408	)		(302,430	)		(233,699	)		(401,097	)		(932,479	)		(1,698,190	)		(120,884	)		(354,713	)		(119,293	)		(263,284	)
From realized gains:	Institutional Class		–			(48,367,034	)		–			(4,035,281	)		–			(10,519,290	)		–			(4,151,968	)		–			(6,141,801	)		–			(553,539	)
	Retirement Class		–			(9,081,922	)		–			(57,674	)		–			(1,843,821	)		–			(802,277	)		–			(1,014,225	)		–			(279,713	)
	Retail Class		–			(2,330,166	)		–			(14,848	)		–			(4,004,354	)		–			(1,052,102	)		–			(1,071,275	)		–			(171,370	)
	Premier Class		–			(809,581	)		–			(21,301	)		–			(222,197	)		–			(103,238	)		–			(86,422	)		–			(17,702	)
Total distributions			(28,855,427	)		(116,662,787	)		(40,150,256	)		(71,368,380	)		(18,747,306	)		(51,189,050	)		(64,587,123	)		(113,304,682	)		(20,422,004	)		(42,089,910	)		(7,894,875	)		(14,760,315	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		223,896,756			563,050,715			712,565,982			2,469,837,494			509,618,516			245,508,786			235,274,964			679,079,086			204,450,285			682,553,126			239,780,074			324,823,060
	Retirement Class		34,415,070			83,994,885			12,425,480			32,923,410			37,147,570			68,344,121			44,359,389			115,860,305			15,985,304			55,519,318			60,777,359			181,264,073
	Retail Class		5,847,277			27,748,295			1,937,009			5,877,105			8,954,398			26,640,288			263,145,304			228,414,618			8,492,871			57,215,848			16,590,524			47,284,512
	Premier Class		4,971,473			9,286,936			10,066,502			18,474,303			7,352,518			9,132,301			9,425,506			26,157,749			1,684,901			6,482,750			6,266,446			10,057,670
Reinvestments of distributions:	Institutional Class		2,699,187			55,332,928			34,553,279			62,923,794			1,809,790			13,317,927			18,576,948			31,968,800			12,769,580			27,008,943			3,192,963			5,248,749
	Retirement Class		3,695,781			16,719,846			536,907			905,401			2,012,116			5,094,521			8,204,269			15,257,481			2,072,563			4,920,783			1,403,320			3,536,500
	Retail Class		808,382			3,956,189			92,941			201,863			2,896,259			10,694,587			12,103,161			18,261,217			1,785,005			5,028,989			991,131			2,239,605
	Premier Class		248,668			1,456,131			263,408			323,731			233,699			623,294			932,479			1,801,428			120,884			441,135			119,293			280,986
Redemptions:	Institutional Class		(236,050,512	)		(433,624,563	)		(298,451,757)			(1,306,628,614	)		(36,046,898	)		(145,989,622	)		(127,381,648	)		(170,925,029	)		(149,846,175	)		(487,210,363	)		(98,230,402	)		(120,588,200	)
	Retirement Class		(39,207,195	)		(74,802,033	)		(5,136,526	)		(10,113,128	)		(7,902,406	)		(19,164,672	)		(35,976,540	)		(46,848,035	)		(33,010,821	)		(35,356,839	)		(209,053,368	)		(41,443,247	)
	Retail Class		(17,548,954	)		(17,282,933	)		(2,548,490	)		(4,644,995	)		(25,132,980	)		(30,669,210	)		(112,563,464	)		(75,973,827	)		(45,282,170	)		(48,154,752	)		(27,857,482	)		(33,609,923	)
	Premier Class		(5,796,397	)		(22,748,199	)		(3,738,024	)		(3,123,300	)		(3,944,469	)		(5,531,958	)		(8,594,464	)		(17,983,541	)		(5,931,137	)		(11,443,852	)		(5,303,348	)		(15,531,316	)
Net increase (decrease) from shareholder transactions			(22,020,464	)		213,088,197			462,566,711			1,266,957,064			496,998,113			178,000,363			307,505,904			805,070,252			13,291,090			257,005,086			(11,323,490	)		363,562,469
Net increase (decrease) in net assets			(101,149,278	)		221,501,541			336,769,485			1,306,956,604			454,546,956			201,126,348			240,258,414			901,092,013			(128,065,896	)		298,965,909			(23,926,291	)		373,789,920
NET ASSETS
Beginning of period			2,418,859,562			2,197,358,021			4,281,091,025			2,974,134,421			1,303,222,366			1,102,096,018			2,263,204,680			1,362,112,667			1,883,985,138			1,585,019,229			1,182,301,464			808,511,544
End of period		$	2,317,710,284		$	2,418,859,562		$	4,617,860,510		$	4,281,091,025		$	1,757,769,322		$	1,303,222,366		$	2,503,463,094		$	2,263,204,680		$	1,755,919,242		$	1,883,985,138		$	1,158,375,173		$	1,182,301,464
Undistributed net investment income (loss) included in net assets		$	(495,632)		$	(524,209	)	$	(409,649	)	$	(480,480	)	$	(36,277	)	$	(46,932	)	$	(295,279	)	$	(295,279	)	$	(13,997	)	$	(4,646,416)		$	(8,819	)	$	(7,317	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		21,152,479			52,363,668			66,503,107			224,535,856			48,578,262			22,772,052			22,687,949			66,298,486			17,478,958			54,519,711			22,972,710			30,960,585
	Retirement Class		3,233,877			7,652,705			1,147,997			3,004,770			3,473,717			6,310,907			4,245,902			11,341,118			1,334,826			4,420,381			5,801,256			17,261,505
	Retail Class		546,708			2,531,413			179,700			536,096			838,057			2,462,327			25,337,314			22,128,807			728,774			4,695,969			1,588,737			4,505,506
	Premier Class		476,096			862,763			935,935			1,685,467			693,437			844,731			905,434			2,552,877			142,641			521,699			598,983			957,711
Shares reinvested:	Institutional Class		259,635			5,161,381			3,231,931			5,730,773			171,638			1,230,953			1,794,871			3,102,385			1,122,795			2,175,048			306,493			500,100
	Retirement Class		349,376			1,529,083			50,194			82,293			190,636			470,309			792,991			1,485,661			180,833			392,876			134,252			336,335
	Retail Class		76,460			362,256			8,683			18,376			273,993			987,265			1,166,574			1,769,464			160,515			413,573			95,040			213,359
	Premier Class		23,921			135,395			24,649			29,330			22,163			57,577			90,136			175,120			10,654			35,582			11,439			26,744
Shares redeemed:	Institutional Class		(22,976,094	)		(40,235,802	)		(28,053,491	)		(118,556,744	)		(3,433,080	)		(13,524,424	)		(12,293,592	)		(16,623,005	)		(12,715,296	)		(38,788,840	)		(9,451,202	)		(11,492,508	)
	Retirement Class		(3,686,028	)		(6,852,366	)		(480,222	)		(924,330	)		(752,163	)		(1,785,846	)		(3,491,288	)		(4,558,948	)		(2,812,440	)		(2,826,791	)		(19,870,688	)		(3,949,785	)
	Retail Class		(1,660,613	)		(1,583,296	)		(238,169	)		(425,218	)		(2,380,901	)		(2,837,685	)		(10,847,449	)		(7,380,637	)		(3,947,669	)		(3,962,824	)		(2,671,047	)		(3,203,104	)
	Premier Class		(565,469	)		(2,124,247	)		(355,294	)		(286,745	)		(375,922	)		(514,812	)		(834,389	)		(1,739,202	)		(509,326	)		(917,667	)		(510,952	)		(1,478,609	)
Net increase (decrease) from shareholder transactions			(2,769,652	)		19,802,953			42,955,020			115,429,924			47,299,837			16,473,354			29,554,453			78,552,126			1,175,265			20,678,717			(994,979	)		34,637,839

46 2013 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2013 Semiannual Report 47

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended

		Social Choice Bond Fund						Tax-Exempt Bond Fund						Money Market Fund
		September 30, 2013			March 31, 2013‡			September 30,  2013			March 31, 2013			September 30,  2013			March 31,    2013
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	504,642		$	318,061		$	4,468,892		$	9,926,018		$	29,592		$	196,802
Net realized gain (loss) on total investments			(67,250	)		329,306			(3,086,410	)		4,574,054			941			2,449
Net change in unrealized appreciation (depreciation) on total investments			(1,564,266	)		65,797			(17,736,318	)		4,976,277			–			–
Net increase (decrease) in net assets from operations			(1,126,874	)		713,164			(16,353,836	)		19,476,349			30,533			199,251
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(456,446	)		(301,901	)		(131,759	)		(274,879	)		(29,598	)		(196,802	)
	Retirement Class		(16,761	)		(7,740	)		–			–			–			–
	Retail Class		(22,427	)		(7,785	)		(4,337,133	)		(9,651,139	)		–			–
	Premier Class		(7,520	)		(5,406	)		–			–			–			–
From realized gains:	Institutional Class		–			(236,728	)		–			(68,631	)		–			–
	Retirement Class		–			(7,251	)		–			–			–			–
	Retail Class		–			(6,373	)		–			(2,686,511	)		–			–
	Premier Class		–			(4,901	)		–			–			–			–
Total distributions			(503,154	)		(578,085	)		(4,468,892	)		(12,681,160	)		(29,598	)		(196,802	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		12,173,095			49,448,686			1,795,579			2,198,516			239,584,457			269,814,392
	Retirement Class		1,208,351			2,390,840			–			–			47,490,569			53,594,729
	Retail Class		1,622,343			2,756,274			21,752,570			82,476,341			121,993,392			192,650,445
	Premier Class		392,262			1,000,020			–			–			6,480,102			8,885,201
Reinvestments of distributions:	Institutional Class		456,446			538,629			6,008			18,061			24,151			193,287
	Retirement Class		16,761			14,991			–			–			–			–
	Retail Class		21,872			14,086			3,903,591			11,147,997			–			–
	Premier Class		7,520			10,307			–			–			–			–
Redemptions:	Institutional Class		(748,463	)		(82,807	)		(780,655	)		(1,751,710	)		(216,796,398	)		(446,507,509	)
	Retirement Class		(746,811	)		(254,404	)		–			–			(31,465,025	)		(60,675,564	)
	Retail Class		(161,058	)		(18,341	)		(51,030,778	)		(44,309,639	)		(127,169,825	)		(249,499,765	)
	Premier Class		(131	)		(20	)		–			–			(6,001,192	)		(6,662,279	)
Net increase (decrease) from shareholder transactions			14,242,187			55,818,261			(24,353,685	)		49,779,566			34,140,231			(238,207,063	)
Net increase (decrease) in net assets			12,612,159			55,953,340			(45,176,413	)		56,574,755			34,141,166			(238,204,614	)
NET ASSETS
Beginning of period			55,953,340			–			407,599,872			351,025,117			805,149,826			1,043,354,440
End of period		$	68,565,499		$	55,953,340		$	362,423,459		$	407,599,872		$	839,290,992		$	805,149,826
Undistributed net investment income (loss) included in net assets		$	(2,154	)	$	(3,642	)	$	11,267		$	11,267		$	(18,563	)	$	(18,557	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,211,714			4,943,741			168,180			197,184			239,584,457			269,814,392
	Retirement Class		121,867			238,505			–			–			47,490,569			53,594,729
	Retail Class		163,741			275,153			1,997,954			7,406,556			121,993,392			192,650,445
	Premier Class		40,619			100,002			–			–			6,480,102			8,885,201
Shares reinvested:	Institutional Class		46,465			53,589			558			1,617			24,151			193,287
	Retirement Class		1,707			1,492			–			–			–			–
	Retail Class		2,230			1,402			363,457			996,902			–			–
	Premier Class		765			1,025			–			–			–			–
Shares redeemed:	Institutional Class		(75,109	)		(8,275	)		(72,998	)		(157,719	)		(216,796,398	)		(446,507,509	)
	Retirement Class		(76,492	)		(25,425	)		–			–			(31,465,025	)		(60,675,564	)
	Retail Class		(16,575	)		(1,835	)		(4,764,110	)		(3,984,095	)		(127,169,825	)		(249,499,765	)
	Premier Class		(13	)		(2	)		–			–			(6,001,192	)		(6,662,279	)
Net increase (decrease) from shareholder transactions			1,420,919			5,579,372			(2,306,959	)		4,460,445			34,140,231			(238,207,063	)

^‡ The Fund commenced operations on September 21, 2012.

48 2013 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2013 Semiannual Report 49

Financial highlights

Bond Fund  ■  For the period or year ended

	Institutional Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.64		$10.59		$10.36		$10.70		$10.20		$9.68		$9.94
Gain from investment operations:
Net investment income (loss) (a)	0.12		0.27		0.29		0.15		0.35		0.41		0.48
Net realized and unrealized gain (loss) on total investments	(0.32	)	0.34		0.50		(0.22	)	0.50		0.52		(0.26	)
Total gain (loss) from investment operations	(0.20	)	0.61		0.79		(0.07	)	0.85		0.93		0.22
Less distributions from:
Net investment income	(0.12	)	(0.27	)	(0.29	)	(0.15	)	(0.35	)	(0.41	)	(0.48	)
Net realized gains	–		(0.29	)	(0.27	)	(0.12	)	–		–		–
Total distributions	(0.12	)	(0.56	)	(0.56	)	(0.27	)	(0.35	)	(0.41	)	(0.48	)
Net asset value, end of period	$10.32		$10.64		$10.59		$10.36		$10.70		$10.20		$9.68
TOTAL RETURN	(1.84	)%(b)	5.77	%	7.81	%	(0.67	)%(b)	8.47	%	10.00	%	2.06	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$1,877,367		$1,951,905		$1,759,983		$1,681,237		$2,474,347		$2,151,009		$1,883,323
Ratio of expenses to average net assets before expense waiver and reimbursement	0.32	%(c)	0.32	%	0.33	%	0.33	%(c)	0.33	%	0.36	%	0.32	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.32	%(c)	0.32	%	0.33	%	0.33	%(c)	0.33	%	0.34	%	0.32	%
Ratio of net investment income (loss) to average net assets	2.37	%(c)	2.50	%	2.78	%	2.80	%(c)	3.35	%	4.20	%	4.79	%
Portfolio turnover rate	160	%(b)(g)	358	%(g)	402	%(g)	161	%(b)(f)(g)	216	%(f)(g)	173	%(g)	113	%

	Retirement Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.83		$10.77		$10.54		$10.88		$10.37		$9.84		$10.10
Gain from investment operations:
Net investment income (loss) (a)	0.11		0.25		0.27		0.14		0.32		0.39		0.46
Net realized and unrealized gain (loss) on total investments	(0.33	)	0.35		0.50		(0.22	)	0.52		0.54		(0.27	)
Total gain (loss) from investment operations	(0.22	)	0.60		0.77		(0.08	)	0.84		0.93		0.19
Less distributions from:
Net investment income	(0.11	)	(0.25	)	(0.27	)	(0.14	)	(0.33	)	(0.40	)	(0.45	)
Net realized gains	–		(0.29	)	(0.27	)	(0.12	)	–		–		–
Total distributions	(0.11	)	(0.54	)	(0.54	)	(0.26	)	(0.33	)	(0.40	)	(0.45	)
Net asset value, end of period	$10.50		$10.83		$10.77		$10.54		$10.88		$10.37		$9.84
TOTAL RETURN	(2.01	)%(b)	5.55	%	7.45	%	(0.76	)%(b)	8.22	%	9.64	%	1.87	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$342,999		$354,693		$327,833		$261,330		$239,160		$121,753		$28,760
Ratio of expenses to average net assets before expense waiver and reimbursement	0.57	%(c)	0.57	%	0.58	%	0.58	%(c)	0.58	%	0.62	%	0.57	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.57	%(c)	0.57	%	0.58	%	0.58	%(c)	0.58	%	0.59	%	0.57	%
Ratio of net investment income (loss) to average net assets	2.12	%(c)	2.25	%	2.53	%	2.56	%(c)	3.06	%	3.86	%	4.56	%
Portfolio turnover rate	160	%(b)(g)	358	%(g)	402	%(g)	161	%(b)(f)(g)	216	%(f)(g)	173	%(g)	113	%

50 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

Bond Fund  ■  For the period or year ended

	Retail Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.81		$10.76		$10.53		$10.87		$10.36		$9.83		$10.09
Gain from investment operations:
Net investment income (loss) (a)	0.11		0.24		0.27		0.14		0.33		0.41		0.48
Net realized and unrealized gain (loss) on total investments	(0.32	)	0.34		0.50		(0.22	)	0.52		0.53		(0.27	)
Total gain (loss) from investment operations	(0.21	)	0.58		0.77		(0.08	)	0.85		0.94		0.21
Less distributions from:
Net investment income	(0.11	)	(0.24	)	(0.27	)	(0.14	)	(0.34	)	(0.41	)	(0.47	)
Net realized gains	–		(0.29	)	(0.27	)	(0.12	)	–		–		–
Total distributions	(0.11	)	(0.53	)	(0.54	)	(0.26	)	(0.34	)	(0.41	)	(0.47	)
Net asset value, end of period	$10.49		$10.81		$10.76		$10.53		$10.87		$10.36		$9.83
TOTAL RETURN	(1.96	)%(b)	5.39	%	7.44	%	(0.74	)%(b)	8.31	%	9.75	%	2.08	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$77,071		$90,667		$76,117		$56,163		$58,330		$35,143		$21,166
Ratio of expenses to average net assets before expense waiver and reimbursement	0.64	%(c)	0.63	%	0.60	%	0.52	%(c)	0.50	%	0.68	%	0.56	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.64	%(c)	0.63	%	0.60	%	0.52	%(c)	0.50	%	0.50	%	0.39	%
Ratio of net investment income (loss) to average net assets	2.04	%(c)	2.19	%	2.50	%	2.61	%(c)	3.16	%	4.04	%	4.73	%
Portfolio turnover rate	160	%(b)(g)	358	%(g)	402	%(g)	161	%(b)(f)(g)	216	%(f)(g)	173	%(g)	113	%
	Premier Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.64		$10.59		$10.37		$10.71		$10.20		$10.20
Gain from investment operations:
Net investment income (loss) (a)	0.12		0.26		0.28		0.14		0.31		0.00	(d)
Net realized and unrealized gain (loss) on total investments	(0.32	)	0.33		0.49		(0.22	)	0.53		–
Total gain (loss) from investment operations	(0.20	)	0.59		0.77		(0.08	)	0.84		0.00	(d)
Less distributions from:
Net investment income	(0.12	)	(0.25	)	(0.28	)	(0.14	)	(0.33	)	–
Net realized gains	–		(0.29	)	(0.27	)	(0.12	)	–		–
Total distributions	(0.12	)	(0.54	)	(0.55	)	(0.26	)	(0.33	)	–
Net asset value, end of period	$10.32		$10.64		$10.59		$10.37		$10.71		$10.20
TOTAL RETURN	(1.92	)%(b)	5.61	%	7.54	%	(0.75	)%(b)	8.40	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$20,273		$21,595		$33,425		$35,712		$22,196		$250
Ratio of expenses to average net assets before expense waiver and reimbursement	0.47	%(c)	0.47	%	0.48	%	0.48	%(c)	0.48	%	220.90	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.47	%(c)	0.47	%	0.48	%	0.48	%(c)	0.48	%	0.50	%(c)
Ratio of net investment income (loss) to average net assets	2.22	%(c)	2.35	%	2.63	%	2.65	%(c)	2.94	%	0.00	%(c)
Portfolio turnover rate	160	%(b)(g)	358	%(g)	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.
(d)	Amount represents less than $0.01 per share.
(f)	Does not include in-kind transactions.
(g)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending September 30, 2013, March 31, 2013, March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 87%, 196%, 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 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  ■  2013 Semiannual Report 51

Financial highlights

Bond Index Fund  ■  For the period or year ended

	Institutional Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	‡
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.93		$10.77		$10.25		$10.50		$10.04		$10.00
Gain from investment operations:
Net investment income (loss) (a)	0.10		0.20		0.26		0.13		0.31		0.01
Net realized and unrealized gain (loss) on total investments	(0.31	)	0.18		0.52		(0.24	)	0.46		0.04
Total gain (loss) from investment operations	(0.21	)	0.38		0.78		(0.11	)	0.77		0.05
Less distributions from:
Net investment income	(0.10	)	(0.21	)	(0.26	)	(0.13	)	(0.31	)	(0.01	)
Net realized gains	–		(0.01	)	–		(0.01	)	(0.00	)(d)	–
Total distributions	(0.10	)	(0.22	)	(0.26	)	(0.14	)	(0.31	)	(0.01	)
Net asset value, end of period	$10.62		$10.93		$10.77		$10.25		$10.50		$10.04
TOTAL RETURN	(1.96	)%(b)	3.51	%	7.69	%	(1.11	)%(b)	7.87	%	0.48	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$4,500,463		$4,174,241		$2,908,947		$1,382,598		$411,709		$99,497
Ratio of expenses to average net assets before expense waiver and reimbursement	0.13	%(c)	0.14	%	0.15	%	0.17	%(c)	0.31	%	3.37	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.13	%(c)	0.13	%	0.13	%	0.13	%(c)	0.13	%	0.12	%(c)
Ratio of net investment income (loss) to average net assets	1.80	%(c)	1.85	%	2.42	%	2.44	%(c)	3.08	%	1.65	%(c)
Portfolio turnover rate	12	%(b)	22	%	23	%	87	%(b)(f)	66	%(f)	279	%(b)

	Retirement Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	‡
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.93		$10.77		$10.26		$10.50		$10.04		$10.00
Gain from investment operations:
Net investment income (loss) (a)	0.08		0.18		0.23		0.11		0.29		0.01
Net realized and unrealized gain (loss) on total investments	(0.30	)	0.17		0.52		(0.23	)	0.46		0.04
Total gain (loss) from investment operations	(0.22	)	0.35		0.75		(0.12	)	0.75		0.05
Less distributions from:
Net investment income	(0.08	)	(0.18	)	(0.24	)	(0.11	)	(0.29	)	(0.01	)
Net realized gains	–		(0.01	)	–		(0.01	)	(0.00	)(d)	–
Total distributions	(0.08	)	(0.19	)	(0.24	)	(0.12	)	(0.29	)	(0.01	)
Net asset value, end of period	$10.63		$10.93		$10.77		$10.26		$10.50		$10.04
TOTAL RETURN	(1.99	)%(b)	3.25	%	7.32	%	(1.14	)%(b)	7.61	%	0.47	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$70,953		$65,143		$40,874		$3,157		$2,887		$1,005
Ratio of expenses to average net assets before expense waiver and reimbursement	0.38	%(c)	0.38	%	0.40	%	0.43	%(c)	0.57	%	6.81	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.38	%(c)	0.38	%	0.38	%	0.38	%(c)	0.38	%	0.36	%(c)
Ratio of net investment income (loss) to average net assets	1.55	%(c)	1.60	%	2.11	%	2.19	%(c)	2.82	%	1.41	%(c)
Portfolio turnover rate	12	%(b)	22	%	23	%	87	%(b)(f)	66	%(f)	279	%(b)

52 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

Bond Index Fund  ■  For the period or year ended

	Retail Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	‡
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.93		$10.77		$10.26		$10.50		$10.04		$10.00
Gain from investment operations:
Net investment income (loss) (a)	0.08		0.17		0.22		0.11		0.28		0.01
Net realized and unrealized gain (loss) on total investments	(0.30	)	0.17		0.52		(0.23	)	0.46		0.04
Total gain (loss) from investment operations	(0.22	)	0.34		0.74		(0.12	)	0.74		0.05
Less distributions from:
Net investment income	(0.08	)	(0.17	)	(0.23	)	(0.11	)	(0.28	)	(0.01	)
Net realized gains	–		(0.01	)	–		(0.01	)	(0.00	)(d)	–
Total distributions	(0.08	)	(0.18	)	(0.23	)	(0.12	)	(0.28	)	(0.01	)
Net asset value, end of period	$10.63		$10.93		$10.77		$10.26		$10.50		$10.04
TOTAL RETURN	(2.04	)%(b)	3.15	%	7.22	%	(1.19	)%(b)	7.51	%	0.46	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$13,413		$14,344		$12,737		$6,242		$4,215		$1,005
Ratio of expenses to average net assets before expense waiver and reimbursement	0.50	%(c)	0.50	%	0.49	%	0.54	%(c)	0.66	%	6.81	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.48	%(c)	0.48	%	0.48	%	0.48	%(c)	0.48	%	0.45	%(c)
Ratio of net investment income (loss) to average net assets	1.44	%(c)	1.52	%	2.08	%	2.10	%(c)	2.74	%	1.32	%(c)
Portfolio turnover rate	12	%(b)	22	%	23	%	87	%(b)(f)	66	%(f)	279	%(b)

	Premier Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.93		$10.77		$10.25		$10.49		$10.04		$10.04
Gain from investment operations:
Net investment income (loss) (a)	0.09		0.19		0.24		0.12		0.30		–
Net realized and unrealized gain (loss) on total investments	(0.30	)	0.17		0.53		(0.23	)	0.45		–
Total gain (loss) from investment operations	(0.21	)	0.36		0.77		(0.11	)	0.75		–
Less distributions from:
Net investment income	(0.09	)	(0.19	)	(0.25	)	(0.12	)	(0.30	)	–
Net realized gains	–		(0.01	)	–		(0.01	)	(0.00	)(d)	–
Total distributions	(0.09	)	(0.20	)	(0.25	)	(0.13	)	(0.30	)	–
Net asset value, end of period	$10.63		$10.93		$10.77		$10.25		$10.49		$10.04
TOTAL RETURN	(1.94	)%(b)	3.36	%	7.53	%	(1.09	)%(b)	7.61	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$33,032		$27,364		$11,577		$2,784		$1,451		$1,000
Ratio of expenses to average net assets before expense waiver and reimbursement	0.28	%(c)	0.29	%	0.30	%	0.33	%(c)	0.47	%	55.37	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.28	%(c)	0.28	%	0.28	%	0.28	%(c)	0.28	%	0.28	%(c)
Ratio of net investment income (loss) to average net assets	1.66	%(c)	1.70	%	2.22	%	2.31	%(c)	2.94	%	0.00	%(c)
Portfolio turnover rate	12	%(b)	22	%	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)	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 not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.
‡	The Fund commenced operations on September 14, 2009.

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 53

Financial highlights

Bond Plus Fund  ■  For the period or year ended

	Institutional Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.78		$10.56		$10.16		$10.36		$9.78		$9.38		$10.00
Gain from investment operations:
Net investment income (loss) (a)	0.14		0.33		0.38		0.20		0.47		0.47		0.51
Net realized and unrealized gain (loss) on total investments	(0.33	)	0.37		0.41		(0.20	)	0.58		0.40		(0.62	)
Total gain (loss) from investment operations	(0.19	)	0.70		0.79		0.00	(d)	1.05		0.87		(0.11	)
Less distributions from:
Net investment income	(0.14	)	(0.33	)	(0.38	)	(0.20	)	(0.47	)	(0.47	)	(0.51	)
Net realized gains	–		(0.15	)	(0.01	)	–		–		–		–
Total distributions	(0.14	)	(0.48	)	(0.39	)	(0.20	)	(0.47	)	(0.47	)	(0.51	)
Net asset value, end of period	$10.45		$10.78		$10.56		$10.16		$10.36		$9.78		$9.38
TOTAL RETURN	(1.77	)%(b)	6.69	%	7.91	%	(0.03	)%(b)	10.98	%	9.67	%	(1.18	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$1,294,654		$846,872		$718,619		$496,173		$238,020		$206,893		$245,035
Ratio of expenses to average net assets before expense waiver and reimbursement	0.33	%(c)	0.34	%	0.35	%	0.37	%(c)	0.37	%	0.40	%	0.38	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.33	%(c)	0.34	%	0.35	%	0.35	%(c)	0.35	%	0.35	%	0.35	%
Ratio of net investment income (loss) to average net assets	2.64	%(c)	3.05	%	3.62	%	3.90	%(c)	4.68	%	5.07	%	5.17	%
Portfolio turnover rate	144	%(b)(g)	268	%(g)	221	%(g)	99	%(b)(g)	158	%(g)	143	%(g)	92	%

	Retirement Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.80		$10.57		$10.17		$10.37		$9.79		$9.39		$10.02
Gain from investment operations:
Net investment income (loss) (a)	0.13		0.30		0.35		0.18		0.43		0.45		0.49
Net realized and unrealized gain (loss) on total investments	(0.33	)	0.38		0.41		(0.20	)	0.59		0.40		(0.63	)
Total gain (loss) from investment operations	(0.20	)	0.68		0.76		(0.02	)	1.02		0.85		(0.14	)
Less distributions from:
Net investment income	(0.13	)	(0.30	)	(0.35	)	(0.18	)	(0.44	)	(0.45	)	(0.49	)
Net realized gains	–		(0.15	)	(0.01	)	–		–		–		–
Total distributions	(0.13	)	(0.45	)	(0.36	)	(0.18	)	(0.44	)	(0.45	)	(0.49	)
Net asset value, end of period	$10.47		$10.80		$10.57		$10.17		$10.37		$9.79		$9.39
TOTAL RETURN	(1.89	)%(b)	6.52	%	7.64	%	(0.16	)%(b)	10.70	%	9.39	%	(1.49	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$177,289		$151,447		$95,480		$72,668		$92,179		$58,533		$9,913
Ratio of expenses to average net assets before expense waiver and reimbursement	0.58	%(c)	0.59	%	0.60	%	0.62	%(c)	0.62	%	0.65	%	0.63	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.58	%(c)	0.59	%	0.60	%	0.60	%(c)	0.60	%	0.60	%	0.61	%
Ratio of net investment income (loss) to average net assets	2.39	%(c)	2.79	%	3.36	%	3.58	%(c)	4.34	%	4.80	%	4.95	%
Portfolio turnover rate	144	%(b)(g)	268	%(g)	221	%(g)	99	%(b)(g)	158	%(g)	143	%(g)	92	%

54 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

Bond Plus Fund  ■  For the period or year ended

	Retail Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.80		$10.58		$10.18		$10.38		$9.80		$9.40		$10.02
Gain from investment operations:
Net investment income (loss) (a)	0.12		0.29		0.35		0.18		0.45		0.46		0.50
Net realized and unrealized gain (loss) on total investments	(0.33	)	0.37		0.41		(0.20	)	0.58		0.40		(0.61	)
Total gain (loss) from investment operations	(0.21	)	0.66		0.76		(0.02	)	1.03		0.86		(0.11	)
Less distributions from:
Net investment income	(0.12	)	(0.29	)	(0.35	)	(0.18	)	(0.45	)	(0.46	)	(0.51	)
Net realized gains	–		(0.15	)	(0.01	)	–		–		–		–
Total distributions	(0.12	)	(0.44	)	(0.36	)	(0.18	)	(0.45	)	(0.46	)	(0.51	)
Net asset value, end of period	$10.47		$10.80		$10.58		$10.18		$10.38		$9.80		$9.40
TOTAL RETURN	(1.94	)%(b)	6.32	%	7.59	%	(0.14	)%(b)	10.78	%	9.50	%	(1.26	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$266,017		$288,131		$275,663		$265,818		$277,069		$247,928		$241,183
Ratio of expenses to average net assets before expense waiver and reimbursement	0.68	%(c)	0.68	%	0.64	%	0.59	%(c)	0.54	%	0.74	%	0.74	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.68	%(c)	0.68	%	0.64	%	0.58	%(c)	0.52	%	0.49	%	0.44	%
Ratio of net investment income (loss) to average net assets	2.28	%(c)	2.71	%	3.33	%	3.62	%(c)	4.50	%	4.93	%	5.09	%
Portfolio turnover rate	144	%(b)(g)	268	%(g)	221	%(g)	99	%(b)(g)	158	%(g)	143	%(g)	92	%

	Premier Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.78		$10.56		$10.16		$10.36		$9.78		$9.78
Gain from investment operations:
Net investment income (loss) (a)	0.13		0.31		0.36		0.19		0.40		0.00	(d)
Net realized and unrealized gain (loss) on total investments	(0.33	)	0.37		0.41		(0.20	)	0.63		–
Total gain (loss) from investment operations	(0.20	)	0.68		0.77		(0.01	)	1.03		0.00	(d)
Less distributions from:
Net investment income	(0.13	)	(0.31	)	(0.36	)	(0.19	)	(0.45	)	–
Net realized gains	–		(0.15	)	(0.01	)	–		–		–
Total distributions	(0.13	)	(0.46	)	(0.37	)	(0.19	)	(0.45	)	–
Net asset value, end of period	$10.45		$10.78		$10.56		$10.16		$10.36		$9.78
TOTAL RETURN	(1.85	)%(b)	6.53	%	7.75	%	(0.11	)%(b)	10.82	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$19,810		$16,773		$12,334		$11,028		$10,857		$250
Ratio of expenses to average net assets before expense waiver and reimbursement	0.48	%(c)	0.49	%	0.50	%	0.52	%(c)	0.52	%	220.91	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.48	%(c)	0.49	%	0.50	%	0.50	%(c)	0.50	%	0.50	%(c)
Ratio of net investment income (loss) to average net assets	2.49	%(c)	2.89	%	3.45	%	3.69	%(c)	3.89	%	0.00	%(c)
Portfolio turnover rate	144	%(b)(g)	268	%(g)	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.
(d)	Amount represents less than $0.01 per share.
(g)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending September 30, 2013, March 31, 2013, March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 47%, 108%, 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 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  ■  2013 Semiannual Report 55

Financial highlights

High-Yield Fund  ■  For the period or year ended

	Institutional Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.51		$9.97		$9.99		$9.74		$9.04		$8.41		$9.94
Gain from investment operations:
Net investment income (loss) (a)	0.29		0.61		0.68		0.35		0.72		0.78		0.76
Net realized and unrealized gain (loss) on total investments	(0.29	)	0.57		(0.02	)	0.25		0.70		0.63		(1.52	)
Total gain (loss) from investment operations	0.00		1.18		0.66		0.60		1.42		1.41		(0.76	)
Less distributions from:
Net investment income	(0.29	)	(0.61	)	(0.68	)	(0.35	)	(0.72	)	(0.78	)	(0.76	)
Net realized gains	–		(0.03	)	–		–		–		–		(0.01	)
Total distributions	(0.29	)	(0.64	)	(0.68	)	(0.35	)	(0.72	)	(0.78	)	(0.77	)
Net asset value, end of period	$10.22		$10.51		$9.97		$9.99		$9.74		$9.04		$8.41
TOTAL RETURN	(0.02	)%(b)	12.21	%	6.91	%	6.22	%(b)	16.41	%	18.83	%	(8.15	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$1,576,726		$1,493,399		$889,869		$527,004		$398,933		$245,983		$228,048
Ratio of expenses to average net assets before expense waiver and reimbursement	0.37	%(c)	0.38	%	0.39	%	0.40	%(c)	0.41	%	0.45	%	0.43	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.37	%(c)	0.38	%	0.39	%	0.40	%(c)	0.40	%	0.40	%	0.40	%
Ratio of net investment income (loss) to average net assets	5.55	%(c)	5.96	%	6.90	%	7.04	%(c)	7.76	%	10.07	%	8.05	%
Portfolio turnover rate	32	%(b)	83	%	62	%	43	%(b)	109	%	79	%	59	%

	Retirement Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.51		$9.96		$9.99		$9.74		$9.04		$8.41		$9.95
Gain from investment operations:
Net investment income (loss) (a)	0.28		0.58		0.65		0.34		0.70		0.76		0.74
Net realized and unrealized gain (loss) on total investments	(0.29	)	0.59		(0.03	)	0.25		0.70		0.63		(1.53	)
Total gain (loss) from investment operations	(0.01	)	1.17		0.62		0.59		1.40		1.39		(0.79	)
Less distributions from:
Net investment income	(0.28	)	(0.59	)	(0.65	)	(0.34	)	(0.70	)	(0.76	)	(0.74	)
Net realized gains	–		(0.03	)	–		–		–		–		(0.01	)
Total distributions	(0.28	)	(0.62	)	(0.65	)	(0.34	)	(0.70	)	(0.76	)	(0.75	)
Net asset value, end of period	$10.22		$10.51		$9.96		$9.99		$9.74		$9.04		$8.41
TOTAL RETURN	(0.14	)%(b)	12.05	%	6.54	%	6.09	%(b)	16.12	%	18.54	%	(8.45	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$307,802		$300,278		$202,282		$176,489		$166,383		$125,322		$28,694
Ratio of expenses to average net assets before expense waiver and reimbursement	0.62	%(c)	0.63	%	0.64	%	0.65	%(c)	0.66	%	0.71	%	0.69	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.62	%(c)	0.63	%	0.64	%	0.65	%(c)	0.65	%	0.65	%	0.65	%
Ratio of net investment income (loss) to average net assets	5.29	%(c)	5.72	%	6.65	%	6.78	%(c)	7.49	%	9.38	%	7.91	%
Portfolio turnover rate	32	%(b)	83	%	62	%	43	%(b)	109	%	79	%	59	%

56 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

High-Yield Fund  ■  For the period or year ended

	Retail Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.56		$10.01		$10.03		$9.78		$9.08		$8.44		$9.98
Gain from investment operations:
Net investment income (loss) (a)	0.28		0.58		0.65		0.34		0.71		0.77		0.75
Net realized and unrealized gain (loss) on total investments	(0.31	)	0.58		(0.02	)	0.25		0.70		0.64		(1.53	)
Total gain (loss) from investment operations	(0.03	)	1.16		0.63		0.59		1.41		1.41		(0.78	)
Less distributions from:
Net investment income	(0.27	)	(0.58	)	(0.65	)	(0.34	)	(0.71	)	(0.77	)	(0.75	)
Net realized gains	–		(0.03	)	–		–		–		–		(0.01	)
Total distributions	(0.27	)	(0.61	)	(0.65	)	(0.34	)	(0.71	)	(0.77	)	(0.76	)
Net asset value, end of period	$10.26		$10.56		$10.01		$10.03		$9.78		$9.08		$8.44
TOTAL RETURN	(0.24	)%(b)	11.98	%	6.63	%	6.11	%(b)	16.18	%	18.78	%	(8.28	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$585,800		$437,147		$249,119		$169,337		$156,374		$126,323		$101,026
Ratio of expenses to average net assets before expense waiver and reimbursement	0.65	%(c)	0.67	%	0.66	%	0.59	%(c)	0.58	%	0.79	%	0.71	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.65	%(c)	0.67	%	0.66	%	0.59	%(c)	0.57	%	0.54	%	0.48	%
Ratio of net investment income (loss) to average net assets	5.27	%(c)	5.67	%	6.62	%	6.85	%(c)	7.60	%	9.86	%	7.94	%
Portfolio turnover rate	32	%(b)	83	%	62	%	43	%(b)	109	%	79	%	59	%

	Premier Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.51		$9.97		$9.99		$9.74		$9.04		$9.04
Gain from investment operations:
Net investment income (loss) (a)	0.28		0.59		0.66		0.34		0.71		0.00	(d)
Net realized and unrealized gain (loss) on total investments	(0.29	)	0.58		(0.02	)	0.25		0.70		–
Total gain (loss) from investment operations	(0.01	)	1.17		0.64		0.59		1.41		0.00	(d)
Less distributions from:
Net investment income	(0.28	)	(0.60	)	(0.66	)	(0.34	)	(0.71	)	–
Net realized gains	–		(0.03	)	–		–		–		–
Total distributions	(0.28	)	(0.63	)	(0.66	)	(0.34	)	(0.71	)	–
Net asset value, end of period	$10.22		$10.51		$9.97		$9.99		$9.74		$9.04
TOTAL RETURN	(0.09	)%(b)	12.05	%	6.75	%	6.14	%(b)	16.23	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$33,135		$32,381		$20,842		$30,472		$16,836		$250
Ratio of expenses to average net assets before expense waiver and reimbursement	0.52	%(c)	0.53	%	0.54	%	0.55	%(c)	0.56	%	220.96	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.52	%(c)	0.53	%	0.54	%	0.55	%(c)	0.55	%	0.55	%(c)
Ratio of net investment income (loss) to average net assets	5.39	%(c)	5.80	%	6.74	%	6.87	%(c)	7.52	%	0.00	%(c)
Portfolio turnover rate	32	%(b)	83	%	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.
(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 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  ■  2013 Semiannual Report 57

Financial highlights

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

	Institutional Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$12.40		$12.07		$11.16		$11.21		$10.53		$10.07		$10.12
Gain from investment operations:
Net investment income (loss) (a)	0.17		0.21		0.36		0.17		0.27		(0.02	)	0.71
Net realized and unrealized gain (loss) on total investments	(0.96	)	0.43		0.95		(0.05	)	0.67		0.48		(0.07	)
Total gain (loss) from investment operations	(0.79	)	0.64		1.31		0.12		0.94		0.46		0.64
Less distributions from:
Net investment income	(0.14	)	(0.25	)	(0.39	)	(0.17	)	(0.26	)	0.00	(d)	(0.69	)
Net realized gains	–		(0.06	)	(0.01	)	–		–		–		–
Total distributions	(0.14	)	(0.31	)	(0.40	)	(0.17	)	(0.26	)	0.00	(d)	(0.69	)
Net asset value, end of period	$11.47		$12.40		$12.07		$11.16		$11.21		$10.53		$10.07
TOTAL RETURN	(6.38	)%(b)	5.28	%	11.92	%	1.05	%(b)	9.04	%	4.57	%	6.20	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$1,388,230		$1,428,566		$1,174,406		$771,048		$737,043		$524,468		$440,993
Ratio of expenses to average net assets before expense waiver and reimbursement	0.27	%(c)	0.27	%	0.28	%	0.29	%(c)	0.32	%	0.39	%	0.34	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.27	%(c)	0.27	%	0.28	%	0.29	%(c)	0.32	%	0.35	%	0.34	%
Ratio of net investment income (loss) to average net assets	2.83	%(c)	1.72	%	3.07	%	3.01	%(c)	2.47	%	(0.18	)%	6.67	%
Portfolio turnover rate	5	%(b)	14	%	13	%	7	%(b)	12	%	17	%	16	%

	Retirement Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$12.50		$12.18		$11.25		$11.31		$10.62		$10.18		$10.23
Gain from investment operations:
Net investment income (loss) (a)	0.16		0.19		0.36		0.15		0.24		(0.02	)	0.82
Net realized and unrealized gain (loss) on total investments	(0.98	)	0.42		0.94		(0.06	)	0.68		0.46		(0.20	)
Total gain (loss) from investment operations	(0.82	)	0.61		1.30		0.09		0.92		0.44		0.62
Less distributions from:
Net investment income	(0.12	)	(0.23	)	(0.36	)	(0.15	)	(0.23	)	0.00	(d)	(0.67	)
Net realized gains	–		(0.06	)	(0.01	)	–		–		–		–
Total distributions	(0.12	)	(0.29	)	(0.37	)	(0.15	)	(0.23	)	0.00	(d)	(0.67	)
Net asset value, end of period	$11.56		$12.50		$12.18		$11.25		$11.31		$10.62		$10.18
TOTAL RETURN	(6.54	)%(b)	5.02	%	11.73	%	0.83	%(b)	8.80	%	4.33	%	5.95	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$189,294		$220,926		$191,083		$176,090		$175,037		$112,192		$88,127
Ratio of expenses to average net assets before expense waiver and reimbursement	0.52	%(c)	0.52	%	0.53	%	0.54	%(c)	0.57	%	0.64	%	0.59	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.52	%(c)	0.52	%	0.53	%	0.54	%(c)	0.57	%	0.60	%	0.59	%
Ratio of net investment income (loss) to average net assets	2.64	%(c)	1.48	%	3.01	%	2.77	%(c)	2.20	%	(0.20	)%	7.57	%
Portfolio turnover rate	5	%(b)	14	%	13	%	7	%(b)	12	%	17	%	16	%

58 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

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

	Retail Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$12.13		$11.84		$10.95		$11.00		$10.34		$9.90		$9.96
Gain from investment operations:
Net investment income (loss) (a)	0.15		0.17		0.34		0.16		0.24		(0.06	)	0.77
Net realized and unrealized gain (loss) on total investments	(0.95	)	0.41		0.92		(0.05	)	0.66		0.50		(0.15	)
Total gain (loss) from investment operations	(0.80	)	0.58		1.26		0.11		0.90		0.44		0.62
Less distributions from:
Net investment income	(0.12	)	(0.23	)	(0.36	)	(0.16	)	(0.24	)	0.00	(d)	(0.68	)
Net realized gains	–		(0.06	)	(0.01	)	–		–		–		–
Total distributions	(0.12	)	(0.29	)	(0.37	)	(0.16	)	(0.24	)	0.00	(d)	(0.68	)
Net asset value, end of period	$11.21		$12.13		$11.84		$10.95		$11.00		$10.34		$9.90
TOTAL RETURN	(6.61	)%(b)	4.90	%	11.68	%	0.98	%(b)	8.84	%	4.45	%	6.11	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$169,228		$220,169		$201,227		$146,917		$147,427		$127,272		$131,575
Ratio of expenses to average net assets before expense waiver and reimbursement	0.59	%(c)	0.58	%	0.55	%	0.47	%(c)	0.49	%	0.66	%	0.58	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.59	%(c)	0.58	%	0.55	%	0.47	%(c)	0.49	%	0.49	%	0.44	%
Ratio of net investment income (loss) to average net assets	2.63	%(c)	1.43	%	2.91	%	2.80	%(c)	2.30	%	(0.59	)%	7.28	%
Portfolio turnover rate	5	%(b)	14	%	13	%	7	%(b)	12	%	17	%	16	%
	Premier Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$12.38		$12.06		$11.15		$11.21		$10.53		$10.53
Gain from investment operations:
Net investment income (loss) (a)	0.17		0.24		0.37		0.16		0.13		0.00	(d)
Net realized and unrealized gain (loss) on total investments	(0.97	)	0.38		0.92		(0.06	)	0.80		–
Total gain (loss) from investment operations	(0.80	)	0.62		1.29		0.10		0.93		0.00	(d)
Less distributions from:
Net investment income	(0.13	)	(0.24	)	(0.37	)	(0.16	)	(0.25	)	–
Net realized gains	–		(0.06	)	(0.01	)	–		–		–
Total distributions	(0.13	)	(0.30	)	(0.38	)	(0.16	)	(0.25	)	–
Net asset value, end of period	$11.45		$12.38		$12.06		$11.15		$11.21		$10.53
TOTAL RETURN	(6.48	)%(b)	5.12	%	11.77	%	0.89	%(b)	8.89	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$9,167		$14,323		$18,303		$15,832		$14,474		$250
Ratio of expenses to average net assets before expense waiver and reimbursement	0.42	%(c)	0.42	%	0.43	%	0.44	%(c)	0.47	%	220.91	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.42	%(c)	0.42	%	0.43	%	0.44	%(c)	0.47	%	0.50	%(c)
Ratio of net investment income (loss) to average net assets	2.86	%(c)	1.89	%	3.13	%	2.88	%(c)	1.19	%	0.00	%(c)
Portfolio turnover rate	5	%(b)	14	%	13	%	7	%(b)	12	%	17	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	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 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  ■  2013 Semiannual Report 59

Financial highlights

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

	Institutional Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.52		$10.40		$10.30		$10.43		$10.11		$9.78		$10.04
Gain from investment operations:
Net investment income (loss) (a)	0.08		0.16		0.20		0.11		0.28		0.36		0.45
Net realized and unrealized gain (loss) on total investments	(0.12	)	0.13		0.16		(0.13	)	0.32		0.33		(0.26	)
Total gain (loss) from investment operations	(0.04	)	0.29		0.36		(0.02	)	0.60		0.69		0.19
Less distributions from:
Net investment income	(0.08	)	(0.16	)	(0.20	)	(0.11	)	(0.28	)	(0.36	)	(0.45	)
Net realized gains	–		(0.01	)	(0.06	)	–		–		–		–
Total distributions	(0.08	)	(0.17	)	(0.26	)	(0.11	)	(0.28	)	(0.36	)	(0.45	)
Net asset value, end of period	$10.40		$10.52		$10.40		$10.30		$10.43		$10.11		$9.78
TOTAL RETURN	(0.41	)%(b)	2.82	%	3.53	%	(0.20	)%(b)	6.05	%	7.23	%	1.88	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$783,350		$646,931		$431,936		$255,835		$176,043		$101,583		$135,936
Ratio of expenses to average net assets before expense waiver and reimbursement	0.28	%(c)	0.29	%	0.31	%	0.32	%(c)	0.33	%	0.38	%	0.37	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.28	%(c)	0.29	%	0.30	%	0.30	%(c)	0.30	%	0.29	%	0.31	%
Ratio of net investment income (loss) to average net assets	1.47	%(c)	1.52	%	1.90	%	2.11	%(c)	2.74	%	3.66	%	4.46	%
Portfolio turnover rate	66	%(b)	78	%	146	%	93	%(b)	95	%	173	%	102	%

	Retirement Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.53		$10.41		$10.31		$10.44		$10.12		$9.78		$10.05
Gain from investment operations:
Net investment income (loss) (a)	0.07		0.13		0.17		0.10		0.25		0.34		0.42
Net realized and unrealized gain (loss) on total investments	(0.13	)	0.14		0.16		(0.13	)	0.33		0.34		(0.26	)
Total gain (loss) from investment operations	(0.06	)	0.27		0.33		(0.03	)	0.58		0.68		0.16
Less distributions from:
Net investment income	(0.06	)	(0.14	)	(0.17	)	(0.10	)	(0.26	)	(0.34	)	(0.43	)
Net realized gains	–		(0.01	)	(0.06	)	–		–		–		–
Total distributions	(0.06	)	(0.15	)	(0.23	)	(0.10	)	(0.26	)	(0.34	)	(0.43	)
Net asset value, end of period	$10.41		$10.53		$10.41		$10.31		$10.44		$10.12		$9.78
TOTAL RETURN	(0.53	)%(b)	2.56	%	3.27	%	(0.32	)%(b)	5.79	%	7.07	%	1.56	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$185,665		$334,477		$188,614		$134,128		$121,535		$56,366		$19,752
Ratio of expenses to average net assets before expense waiver and reimbursement	0.53	%(c)	0.54	%	0.55	%	0.57	%(c)	0.58	%	0.64	%	0.63	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.53	%(c)	0.54	%	0.55	%	0.55	%(c)	0.55	%	0.54	%	0.56	%
Ratio of net investment income (loss) to average net assets	1.24	%(c)	1.26	%	1.65	%	1.86	%(c)	2.42	%	3.40	%	4.23	%
Portfolio turnover rate	66	%(b)	78	%	146	%	93	%(b)	95	%	173	%	102	%

60 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

Short-Term Bond Fund  ■  September 30, 2013

	Retail Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.53		$10.41		$10.31		$10.44		$10.12		$9.78		$10.05
Gain from investment operations:
Net investment income (loss) (a)	0.06		0.13		0.17		0.10		0.26		0.35		0.44
Net realized and unrealized gain (loss) on total investments	(0.12	)	0.13		0.16		(0.13	)	0.33		0.34		(0.27	)
Total gain (loss) from investment operations	(0.06	)	0.26		0.33		(0.03	)	0.59		0.69		0.17
Less distributions from:
Net investment income	(0.06	)	(0.13	)	(0.17	)	(0.10	)	(0.27	)	(0.35	)	(0.44	)
Net realized gains	–		(0.01	)	(0.06	)	–		–		–		–
Total distributions	(0.06	)	(0.14	)	(0.23	)	(0.10	)	(0.27	)	(0.35	)	(0.44	)
Net asset value, end of period	$10.41		$10.53		$10.41		$10.31		$10.44		$10.12		$9.78
TOTAL RETURN	(0.57	)%(b)	2.50	%	3.24	%	(0.30	)%(b)	5.87	%	7.19	%	1.71	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$172,254		$184,637		$166,750		$155,623		$149,768		$111,912		$104,084
Ratio of expenses to average net assets before expense waiver and reimbursement	0.60	%(c)	0.60	%	0.58	%	0.52	%(c)	0.50	%	0.71	%	0.67	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.60	%(c)	0.60	%	0.57	%	0.50	%(c)	0.47	%	0.43	%	0.38	%
Ratio of net investment income (loss) to average net assets	1.15	%(c)	1.22	%	1.64	%	1.91	%(c)	2.58	%	3.53	%	4.40	%
Portfolio turnover rate	66	%(b)	78	%	146	%	93	%(b)	95	%	173	%	102	%
	Premier Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.53		$10.41		$10.31		$10.43		$10.11		$10.11
Gain from investment operations:
Net investment income (loss) (a)	0.07		0.15		0.18		0.10		0.25		0.00	(d)
Net realized and unrealized gain (loss) on total investments	(0.12	)	0.13		0.16		(0.12	)	0.34		–
Total gain (loss) from investment operations	(0.05	)	0.28		0.34		(0.02	)	0.59		0.00	(d)
Less distributions from:
Net investment income	(0.07	)	(0.15	)	(0.18	)	(0.10	)	(0.27	)	–
Net realized gains	–		(0.01	)	(0.06	)	–		–		–
Total distributions	(0.07	)	(0.16	)	(0.24	)	(0.10	)	(0.27	)	–
Net asset value, end of period	$10.41		$10.53		$10.41		$10.31		$10.43		$10.11
TOTAL RETURN	(0.48	)%(b)	2.67	%	3.37	%	(0.18	)%(b)	5.89	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$17,106		$16,257		$21,211		$19,881		$19,884		$250
Ratio of expenses to average net assets before expense waiver and reimbursement	0.43	%(c)	0.44	%	0.45	%	0.47	%(c)	0.48	%	220.86	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.43	%(c)	0.44	%	0.45	%	0.45	%(c)	0.45	%	0.45	%(c)
Ratio of net investment income (loss) to average net assets	1.32	%(c)	1.42	%	1.75	%	1.95	%(c)	2.39	%	0.00	%(c)
Portfolio turnover rate	66	%(b)	78	%	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.
(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 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  ■  2013 Semiannual Report 61

Financial highlights

Social Choice Bond Fund  ■  For the periods ended

	Institutional Class
	9/30/13		3/31/13	‡
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.03		$10.00
Gain from investment operations:
Net investment income (loss) (a)	0.08		0.06
Net realized and unrealized gain (loss) on total investments	(0.24	)	0.08
Total gain (loss) from investment operations	(0.16	)	0.14
Less distributions from:
Net investment income	(0.08	)	(0.06	)
Net realized gains	–		(0.05	)
Total distributions	(0.08	)	(0.11	)
Net asset value, end of period	$ 9.79		$10.03
TOTAL RETURN	(1.63	)%(b)	1.41	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$60,455		$50,034
Ratio of expenses to average net assets before expense waiver and reimbursement	0.62	%(c)	1.29	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.40	%(c)	0.40	%(c)
Ratio of net investment income (loss) to average net assets	1.56	%(c)	1.18	%(c)
Portfolio turnover rate	150	%(b)	186	%(b)

	Retirement Class
	9/30/13		3/31/13	‡
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.03		$10.00
Gain from investment operations:
Net investment income (loss) (a)	0.06		0.05
Net realized and unrealized gain (loss) on total investments	(0.23	)	0.08
Total gain (loss) from investment operations	(0.17	)	0.13
Less distributions from:
Net investment income	(0.06	)	(0.05	)
Net realized gains	–		(0.05	)
Total distributions	(0.06	)	(0.10	)
Net asset value, end of period	$9.80		$10.03
TOTAL RETURN	(1.75	)%(b)	1.28	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$2,563		$2,152
Ratio of expenses to average net assets before expense waiver and reimbursement	0.88	%(c)	1.77	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.65	%(c)	0.65	%(c)
Ratio of net investment income (loss) to average net assets	1.32	%(c)	0.97	%(c)
Portfolio turnover rate	150	%(b)	186	%(b)

62 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights concluded

Social Choice Bond Fund  ■  For the periods ended

	Retail Class
	9/30/13		3/31/13	‡
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.03		$10.00
Gain from investment operations:
Net investment income (loss) (a)	0.06		0.05
Net realized and unrealized gain (loss) on total investments	(0.24	)	0.07
Total gain (loss) from investment operations	(0.18	)	0.12
Less distributions from:
Net investment income	(0.06	)	(0.04	)
Net realized gains	–		(0.05	)
Total distributions	(0.06	)	(0.09	)
Net asset value, end of period	$9.79		$10.03
TOTAL RETURN	(1.80	)%(b)	1.22	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$4,153		$2,755
Ratio of expenses to average net assets before expense waiver and reimbursement	1.00	%(c)	1.94	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.75	%(c)	0.75	%(c)
Ratio of net investment income (loss) to average net assets	1.23	%(c)	0.88	%(c)
Portfolio turnover rate	150	%(b)	186	%(b)

	Premier Class
	9/30/13		3/31/13	‡
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.03		$10.00
Gain from investment operations:
Net investment income (loss) (a)	0.07		0.05
Net realized and unrealized gain (loss) on total investments	(0.24	)	0.08
Total gain (loss) from investment operations	(0.17	)	0.13
Less distributions from:
Net investment income	(0.07	)	(0.05	)
Net realized gains	–		(0.05	)
Total distributions	(0.07	)	(0.10	)
Net asset value, end of period	$9.79		$10.03
TOTAL RETURN	(1.70	)%(b)	1.33	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$1,395		$1,013
Ratio of expenses to average net assets before expense waiver and reimbursement	0.79	%(c)	1.78	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.55	%(c)	0.55	%(c)
Ratio of net investment income (loss) to average net assets	1.42	%(c)	1.02	%(c)
Portfolio turnover rate	150	%(b)	186	%(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.
‡	The Fund commenced operations on September 21, 2012.

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 63

Financial highlights

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

	Institutional Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.08		$10.86		$10.06		$10.80		$10.51		$9.69		$10.13
Gain from investment operations:
Net investment income (loss) (a)	0.14		0.32		0.34		0.19		0.38		0.38		0.36
Net realized and unrealized gain (loss) on total investments	(0.57	)	0.30		0.80		(0.63	)	0.31		0.82		(0.44	)
Total gain (loss) from investment operations	(0.43	)	0.62		1.14		(0.44	)	0.69		1.20		(0.08	)
Less distributions from:
Net investment income	(0.14	)	(0.32	)	(0.34	)	(0.19	)	(0.38	)	(0.38	)	(0.36	)
Net realized gains	–		(0.08	)	–		(0.11	)	(0.02	)	(0.00	)(d)	(0.00	)(d)
Total distributions	(0.14	)	(0.40	)	(0.34	)	(0.30	)	(0.40	)	(0.38	)	(0.36	)
Net asset value, end of period	$10.51		$11.08		$10.86		$10.06		$10.80		$10.51		$9.69
TOTAL RETURN	(3.91	)%(b)	5.74	%	11.46	%	(4.07	)%(b)	6.75	%	12.70	%	(0.87	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$10,641		$10,155		$9,508		$10,003		$14,845		$23,263		$66,144
Ratio of expenses to average net assets before expense waiver and reimbursement	0.35	%(c)	0.35	%	0.38	%	0.40	%(c)	0.38	%	0.42	%	0.41	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.35	%(c)	0.35	%	0.35	%	0.35	%(c)	0.35	%	0.35	%	0.36	%
Ratio of net investment income (loss) to average net assets	2.58	%(c)	2.89	%	3.21	%	3.70	%(c)	3.66	%	3.83	%	3.51	%
Portfolio turnover rate	63	%(b)	49	%	59	%	11	%(b)	29	%	28	%	50	%

	Retail Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.10		$10.88		$10.07		$10.81		$10.52		$9.70		$10.14
Gain from investment operations:
Net investment income (loss) (a)	0.12		0.29		0.32		0.18		0.37		0.36		0.35
Net realized and unrealized gain (loss) on total investments	(0.57	)	0.30		0.81		(0.63	)	0.31		0.83		(0.44	)
Total gain (loss) from investment operations	(0.45	)	0.59		1.13		(0.45	)	0.68		1.19		(0.09	)
Less distributions from:
Net investment income	(0.12	)	(0.29	)	(0.32	)	(0.18	)	(0.37	)	(0.37	)	(0.35	)
Net realized gains	–		(0.08	)	–		(0.11	)	(0.02	)	(0.00	)(d)	(0.00	)(d)
Total distributions	(0.12	)	(0.37	)	(0.32	)	(0.29	)	(0.39	)	(0.37	)	(0.35	)
Net asset value, end of period	$10.53		$11.10		$10.88		$10.07		$10.81		$10.52		$9.70
TOTAL RETURN	(4.04	)%(b)	5.44	%	11.30	%	(4.14	)%(b)	6.61	%	12.55	%	(0.90	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$351,782		$397,445		$341,517		$281,980		$318,965		$236,065		$179,559
Ratio of expenses to average net assets before expense waiver and reimbursement	0.64	%(c)	0.63	%	0.62	%	0.55	%(c)	0.52	%	0.70	%	0.65	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.64	%(c)	0.63	%	0.59	%	0.51	%(c)	0.49	%	0.47	%	0.39	%
Ratio of net investment income (loss) to average net assets	2.29	%(c)	2.61	%	2.96	%	3.56	%(c)	3.52	%	3.67	%	3.49	%
Portfolio turnover rate	63	%(b)	49	%	59	%	11	%(b)	29	%	28	%	50	%

(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.
†	Amounts shown are for the six-month period ended March 31, 2011 and not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.

64 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Financial highlights

Money Market Fund  ■  For the period or year ended

	Institutional Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Gain from investment operations:
Net investment income (loss) (a)	0.00	(d)	0.00	(d)	0.00	(d)	0.00	(d)	0.00	(d)	0.01		0.03
Net realized and unrealized gain (loss) on total investments	–		–		–		–		–		–		–
Total gain (loss) from investment operations	0.00	(d)	0.00	(d)	0.00	(d)	0.00	(d)	0.00	(d)	0.01		0.03
Less distributions from:
Net investment income	(0.00	)(d)	(0.00	)(d)	(0.00	)(d)	(0.00	)(d)	(0.00	)(d)	(0.01	)	(0.03	)
Net realized gains	–		–		–		–		–		–		–
Total distributions	(0.00	)(d)	(0.00	)(d)	(0.00	)(d)	(0.00	)(d)	(0.00	)(d)	(0.01	)	(0.03	)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
TOTAL RETURN	0.01	%(b)	0.05	%	0.03	%	0.04	%(b)	0.13	%	1.03	%	3.51	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$315,902		$293,090		$469,588		$427,230		$433,888		$336,137		$293,537
Ratio of expenses to average net assets before expense waiver and reimbursement	0.13	%(c)	0.14	%	0.13	%	0.15	%(c)	0.15	%	0.22	%	0.14	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.13	%(c)	0.14	%	0.13	%	0.15	%(c)	0.15	%	0.17	%	0.14	%
Ratio of net investment income (loss) to average net assets	0.02	%(c)	0.05	%	0.03	%	0.09	%(c)	0.13	%	1.00	%	3.39	%

	Retirement Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Gain from investment operations:
Net investment income (loss) (a)	–		–		–		–		0.00	(d)	0.01		0.03
Net realized and unrealized gain (loss) on total investments	–		–		–		–		–		–		–
Total gain (loss) from investment operations	–		–		–		–		0.00	(d)	0.01		0.03
Less distributions from:
Net investment income	–		–		–		–		(0.00	)(d)	(0.01	)	(0.03	)
Net realized gains	–		–		–		–		–		–		–
Total distributions	–		–		–		–		(0.00	)(d)	(0.01	)	(0.03	)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
TOTAL RETURN	0.00	%(b)	0.00	%	0.00	%	0.00	%(b)	0.00	%	0.78	%	3.25	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$89,635		$73,609		$80,690		$64,760		$79,434		$133,415		$97,832
Ratio of expenses to average net assets before expense waiver and reimbursement	0.38	%(c)	0.39	%	0.39	%	0.40	%(c)	0.40	%	0.47	%	0.39	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.15	%(c)	0.19	%	0.16	%	0.23	%(c)	0.27	%	0.41	%	0.39	%
Ratio of net investment income (loss) to average net assets	0.00	%(c)	0.00	%	0.00	%	0.00	%(c)	0.00	%	0.75	%	3.26	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 65

Financial highlights concluded

Money Market Fund  ■  For the period or year ended

	Retail Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09		9/30/08
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Gain from investment operations:
Net investment income (loss) (a)	–		–		–		–		0.00	(d)	0.01		0.03
Net realized and unrealized gain (loss) on total investments	–		–		–		–		–		–		–
Total gain (loss) from investment operations	–		–		–		–		0.00	(d)	0.01		0.03
Less distributions from:
Net investment income	–		–		–		–		(0.00	)(d)	(0.01	)	(0.03	)
Net realized gains	–		–		–		–		–		–		–
Total distributions	–		–		–		–		(0.00	)(d)	(0.01	)	(0.03	)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
TOTAL RETURN	0.00	%(b)	0.00	%	0.00	%	0.00	%(b)	0.00	%	0.91	%	3.43	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$424,346		$429,522		$486,370		$582,093		$650,426		$887,149		$1,093,363
Ratio of expenses to average net assets before expense waiver and reimbursement	0.51	%(c)	0.51	%	0.44	%	0.39	%(c)	0.33	%	0.54	%	0.40	%
Ratio of expenses to average net assets after expense waiver and reimbursement	0.15	%(c)	0.19	%	0.16	%	0.23	%(c)	0.27	%	0.28	%	0.22	%
Ratio of net investment income (loss) to average net assets	0.00	%(c)	0.00	%	0.00	%	0.00	%(c)	0.00	%	0.95	%	3.34	%

					Premier Class
	9/30/13		3/31/13		3/31/12		3/31/11	†	9/30/10		9/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Gain from investment operations:
Net investment income (loss) (a)	–		–		–		–		0.00	(d)	–
Net realized and unrealized gain (loss) on total investments	–		–		–		–		–		–
Total gain (loss) from investment operations	–		–		–		–		0.00	(d)	–
Less distributions from:
Net investment income	–		–		–		–		(0.00	)(d)	–
Net realized gains	–		–		–		–		–		–
Total distributions	–		–		–		–		(0.00	)(d)	–
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
TOTAL RETURN	0.00	%(b)	0.00	%	0.00	%	0.00	%(b)	0.00	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$9,408		$8,929		$6,706		$15,678		$12,431		$250
Ratio of expenses to average net assets before expense waiver and reimbursement	0.28	%(c)	0.29	%	0.28	%	0.30	%(c)	0.29	%	220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement	0.15	%(c)	0.19	%	0.16	%	0.23	%(c)	0.27	%	0.00	%(c)
Ratio of net investment income (loss) to average net assets	0.00	%(c)	0.00	%	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.
(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 not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.

66 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Notes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that 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 Index Fund, Bond Plus Fund, High-Yield Fund, Inflation-Linked Bond Fund, Short-Term Bond Fund, Social Choice Bond Fund, Tax-Exempt Bond Fund and the Money Market Fund (collectively the “Funds” or individually, the “Fund”).

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser 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: Each Fund is treated separately for income tax purposes. 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. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2009–2013) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

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

Trustee compensation: The Funds pay the 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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 67

Notes to financial statements (unaudited)

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.

New accounting pronouncement: In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, and in January 2013 issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (collectively, the “Update”). The Update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Funds have adopted these new disclosure requirements and has determined that no additional disclosures are required for this semiannual report.

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 spreads, 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 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 which 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.

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended September 30, 2013, there were no material transfers between levels by the Funds.

68 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

continued

As of September 30, 2013, 100% of the value of investments in the Bond Fund, Bond Index Fund, Inflation-Linked Bond Fund, Short-Term Bond Fund, Tax-Exempt Bond Fund and Money Market Fund were valued based on Level 2 inputs.

The following table summarizes the market value of the Funds’ investments as of September 30, 2013 based on the inputs used to value them:

Fund	Level 1		Level 2			Level 3		Total
Bond Plus
Bank loan obligations	$	–	$	73,595,026		$	–	$	73,595,026
Corporate bonds		–		712,983,692			–		712,983,692
Government bonds		–		687,085,651			–		687,085,651
Structured assets		–		175,507,124			–		175,507,124
Preferred stocks		1,441,404		–			–		1,441,404
Short-term investments		–		396,574,173			–		396,574,173
Credit default swaps*		–		(84,274	)		–		(84,274	)
Total	$	1,441,404	$	2,045,661,392		$	–	$	2,047,102,796
High-Yield
Bank loan obligations	$	–	$	294,100,530		$	–	$	294,100,530
Corporate bonds		–		2,131,609,308			–		2,131,609,308
Preferred stocks		7,276,554		–			–		7,276,554
Short-term investments		–		69,422,591			–		69,422,591
Total	$	7,276,554	$	2,495,132,429		$	–	$	2,502,408,983
Social Choice Bond
Bank loan obligations	$	–	$	248,367		$	–	$	248,367
Corporate bonds		–		28,269,812			–		28,269,812
Government bonds		–		31,082,944			–		31,082,944
Structured assets		–		5,777,105			–		5,777,105
Preferred stocks		250,355		–			–		250,355
Total	$	250,355	$	65,378,228		$	–	$	65,628,583

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

Note 3—derivative instruments

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

At September 30, 2013, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities:

	Asset derivatives		Liabilities derivatives
		Fair value		Fair value
Derivative contracts	Location	amount	Location	amount
Bond Fund
Credit contracts	Swap premiums paid	$12,486	Swap premiums received	$207,925
Credit contracts			Unrealized depreciation on swap agreements	139,624
Bond Plus Fund
Credit contracts			Swap premiums received	59,408
Credit contracts		–	Unrealized depreciation on swap agreements	24,866
Short-Term Bond Fund
Credit contracts			Swap premiums received	37,626
Credit contracts		–	Unrealized depreciation on swap agreements	18,106

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 69

Notes to financial statements (unaudited)

For the period ended September 30, 2013, the effects of derivative contracts on the Funds’ Statements of Operations were as follows:

				Change in
				unrealized
		Realized		appreciation
Derivative contracts	Location	gain (loss)		(depreciation)
Bond Fund
Credit contracts	Swap transactions		$ 5,249		$(131,993	)
Bond Plus Fund
Credit contracts	Swap transactions		5,110		(22,686	)
Short-Term Bond Fund
Credit contracts	Swap transactions		15,333		(25,176	)

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 of 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.

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 period ended September 30, 2013, the Bond Fund, the Bond Plus Fund, and the Short-Term Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At September 30, 2013, open credit default swap contracts purchased and sold by the Funds were as follows:

PURCHASED

Fixed payments

Implied credit

Upfront

Unrealized

Maturity

paid by

spread at

Notional

premium

appreciation

Fund

Reference entity

Counterparty

date

fund per annum

9/30/2013

(1)

amount

(2)

paid (received)

(depreciation)

Bond

Republic of Poland

JP Morgan Chase

Bank, N.A.

9/20/18

1.00

%

0.84

%

$5,000,000

$12,486

$(49,996

)

SOLD

					Fixed payments			Implied credit						Upfront			Unrealized
			Maturity		received by			spread at			Notional			premium			appreciation
Fund	Reference entity	Counterparty	date		fund per annum			9/30/2013		(1)	amount		(2)	paid (received)			(depreciation)
Bond	Federative Republic of Brazil	UBS AG		9/20/22		1.00	%		2.12	%		$ 3,500,000			$ (207,925	)		$ (89,628	)
Bond Plus	Federative Republic of Brazil	UBS AG		9/20/22		1.00			2.12			1,000,000			(59,408	)		(24,866	)
Short-Term Bond	Federative Republic of Brazil	Bank of America		9/20/17		1.00			1.49			3,000,000			(37,626	)		(18,106	)

(1)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign issues of an emerging country as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(2)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement.

70 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

continued

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 compensated TPIS for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensated TPIS for providing distribution, promotional and/or 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.

For the Money Market Fund, TPIS waived a portion of distribution Rule 12b-1 plan expenses on the Retail Class, and Advisors is reimbursing certain other Retail Class expenses. 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. In addition, Advisors waived a portion of the investment management fees from each class. These waivers and reimbursements are voluntary in nature and can be discontinued at any time. The amounts waived and reimbursed are disclosed on the Statements of Operations.

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 September 30, 2013, 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‡
							Retirement			Retail			Premier			Institutional			Retirement			Retail			Premier
Fund							Class			Class			Class			Class			Class			Class			Class
Bond*		0.27%–0.30	%		0.29	%		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
Bond Plus*		0.27–0.30			0.30			0.25			0.25			0.15			0.35			0.60			0.70			0.50
High-Yield*		0.32–0.35			0.34			0.25			0.25			0.15			0.40			0.65			0.75			0.55
Inflation-Linked Bond*		0.22–0.25			0.25			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
Social Choice Bond*		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			–
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, 2014. 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.

At the commencement of operations of the Social Choice Bond Fund, TIAA, an affiliate, invested in the Fund. In addition, a registered separate account of TIAA has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 71

Notes to financial statements (unaudited)

The following is the percentage of the Funds’ shares owned by TIAA, its registered separate account (collectively “TIAA Access”), and other funds within the Trust:

TIAA-CREF

TIAA-CREF

TIAA-CREF

Lifecycle Index

TIAA-CREF

Managed

Underlying Fund

TIAA

Lifecycle Funds

Funds

Lifestyle Funds

Allocation Fund

TIAA Access

Total

Bond

–

71

%

–

–

–

1

%

72

%

Bond Index

–

–

12

%

–

–

–

12

Bond Plus

–

49

–

3

%

14

%

2

68

High-Yield

–

28

–

–

1

–

29

Inflation-Linked Bond

–

14

2

–

–

–

16

Short-Term Bond

–

22

–

2

–

1

25

Social Choice Bond

73

%

–

–

–

–

–

73

Money Market

–

–

–

–

–

1

1

TIAA-CREF Tuition Financing, Inc. (“TFI”), an indirect wholly owned subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of September 30, 2013, six 529 Plans own 19%, 18%, 8%, 8%, 7% and 5%, respectively, of the Bond Index Fund; one 529 Plan owns 5% of the High-Yield Fund; four 529 Plans own 14%, 12%, 7% and 5%, respectively, of the Inflation-Linked Bond Fund; and two 529 Plans own 7% and 6%, respectively, of the Money Market Fund.

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.

Mortgage 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 September 30, 2013, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

								Net
			Gross		Gross			unrealized
			unrealized		unrealized			appreciation
Fund	Tax cost		appreciation		(depreciation)			(depreciation)
Bond	$	2,591,523,830	$	38,163,998	$	(37,549,007	)	$	614,991
Bond Index		4,637,945,132		44,701,284		(75,661,670	)		(30,960,386	)
Bond Plus		2,036,611,727		32,590,520		(22,015,177	)		10,575,343
High-Yield		2,491,837,317		51,072,501		(40,500,835	)		10,571,666
Inflation-Linked Bond		1,690,017,774		88,932,808		(34,550,835	)		54,381,973
Short-Term Bond		1,141,228,516		7,840,516		(5,922,432	)		1,918,084
Social Choice Bond		67,127,052		120,844		(1,619,313	)		(1,498,469	)
Tax-Exempt Bond		346,783,687		10,048,809		(4,139,166	)		5,909,643

72 2013 Semiannual Report  ■  TIAA-CREF Funds: Fixed-Income Funds

concluded

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended September 30, 2013, were as follows:

	Non-U.S.		U.S.		Non-U.S.		U.S.
	government		government		government		government
Fund	purchases		purchases		sales		sales
Bond	$	679,506,107	$	3,190,326,719	$	749,030,763	$	3,039,831,098
Bond Index		289,949,593		917,887,596		83,690,760		448,945,588
Bond Plus		588,802,778		1,921,008,088		265,871,473		1,765,345,050
High-Yield		1,078,145,228		–		734,466,383		–
Inflation-Linked Bond		–		81,511,539		–		81,383,964
Short-Term Bond		310,256,769		371,759,377		325,718,477		439,701,936
Social Choice Bond		37,639,638		72,907,147		27,256,543		69,010,829
Tax-Exempt Bond		240,728,145		–		268,780,802		–

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2013 was as follows:

	Ordinary		Long-term
Fund	income		capital gains		Total
Bond	$	93,553,722	$	23,109,065	$	116,662,787
Bond Index		68,492,296		2,876,084		71,368,380
Bond Plus		45,878,777		5,310,273		51,189,050
High-Yield		107,195,097		6,109,585		113,304,682
Inflation-Linked Bond		33,776,187		8,313,723		42,089,910
Short-Term Bond		14,760,315		–		14,760,315
Social Choice Bond		578,085		–		578,085
Tax-Exempt Bond *		10,811,362		1,869,798		12,681,160
Money Market		196,802		–		196,802

* Includes ordinary income which will not be taxable for federal income tax purposes in 2013 of $9,922,131.

The tax character of the fiscal 2014 distributions will be determined at the end of the fiscal year.

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2013. A new facility was entered into on June 25, 2013 expiring June 24, 2014. 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. For the period ended September 30, 2013, there were no borrowings under this credit facility by the Funds.

Note 8—indemnification

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

TIAA-CREF Funds: Fixed-Income Funds  ■  2013 Semiannual Report 73

[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 and 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.

©2013 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS - Real Estate Securities Fund

TIAA-CREF FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.2%
CASINOS & GAMING - 0.3%
	75,000	*	Penn National Gaming, Inc	$	4,152,000
			TOTAL CASINOS & GAMING		4,152,000
DIVERSIFIED REAL ESTATE ACTIVITIES - 0.3%
	800,000		Hang Lung Group Ltd		4,275,990
			TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES		4,275,990
DIVERSIFIED REITS - 5.2%
	275,000		Duke Realty Corp		4,246,000
	125,000		iShares Dow Jones US Real Estate Index Fund		7,970,000
	475,000		Retail Opportunities Investment Corp		6,564,500
	1,300,000		Spirit Realty Capital, Inc		11,934,000
	175,000		Vornado Realty Trust		14,710,500
	325,000		WP Carey, Inc		21,027,500
			TOTAL DIVERSIFIED REITS		66,452,500
HOMEBUILDING - 0.3%
	15,000		Taylor Woodrow plc		24,362
	272,954	*	TRI Pointe Homes, Inc		4,006,965
			TOTAL HOMEBUILDING		4,031,327
HOTELS, RESORTS & CRUISE LINES - 0.4%
	400,000	*	Orient-Express Hotels Ltd (Class A)		5,192,000
			TOTAL HOTELS, RESORTS & CRUISE LINES		5,192,000
INDUSTRIAL REITS - 7.4%
	240,000		EastGroup Properties, Inc		14,210,400
	325,000		First Industrial Realty Trust, Inc		5,287,750
	1,750,000		Prologis, Inc		65,835,000
	250,000		STAG Industrial, Inc		5,030,000
	300,000		Terreno Realty Corp		5,328,000
			TOTAL INDUSTRIAL REITS		95,691,150
OFFICE REITS - 9.1%
	500,000		Boston Properties, Inc		53,450,000
	200,000		Digital Realty Trust, Inc		10,620,000
	300,000		HRPT Properties Trust		6,573,000
	220,000		Kilroy Realty Corp		10,989,000
	400,000		SL Green Realty Corp		35,536,000
			TOTAL OFFICE REITS		117,168,000
OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%
	211,200	*,b,g,m	People’s Choice Financial Corp		0
			TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0

1

TIAA-CREF FUNDS - Real Estate Securities Fund

SHARES			COMPANY	VALUE
PUBLISHING - 0.3%
	100,000		Rightmove plc	$	3,833,588
			TOTAL PUBLISHING		3,833,588
REAL ESTATE OPERATING COMPANIES - 2.4%
	232,528		Altisource Residential Corp		5,343,494
	3,817,056	a	Thomas Properties Group, Inc		25,650,616
			TOTAL REAL ESTATE OPERATING COMPANIES		30,994,110
REAL ESTATE SERVICES - 0.9%
	275,000		Kennedy-Wilson Holdings, Inc		5,104,000
	150,000	*	Realogy Holdings Corp		6,453,000
			TOTAL REAL ESTATE SERVICES		11,557,000
RESIDENTIAL REITS - 17.1%
	675,000		American Campus Communities, Inc		23,051,250
	500,000		AvalonBay Communities, Inc		63,545,000
	125,000		BRE Properties, Inc (Class A)		6,345,000
	700,000		Education Realty Trust, Inc		6,370,000
	350,000		Equity Lifestyle Properties, Inc		11,959,500
	1,400,000		Equity Residential		74,998,000
	125,000		Essex Property Trust, Inc		18,462,500
	100,000		Home Properties, Inc		5,775,000
	207,801		Post Properties, Inc		9,355,201
			TOTAL RESIDENTIAL REITS		219,861,451
RETAIL REITS - 23.2%
	700,000		Cole Real Estate Investment, Inc		8,582,000
	1,400,000		DDR Corp		21,994,000
	550,000		Equity One, Inc		12,023,000
	200,000		Federal Realty Investment Trust		20,290,000
	2,650,000		General Growth Properties, Inc		51,118,500
	200,000		Regency Centers Corp		9,670,000
	1,050,000		Simon Property Group, Inc		155,641,500
	200,000		Tanger Factory Outlet Centers, Inc		6,530,000
	175,000		Taubman Centers, Inc		11,779,250
			TOTAL RETAIL REITS		297,628,250
SECURITY & ALARM SERVICES - 1.2%
	450,000		Corrections Corp of America		15,547,500
			TOTAL SECURITY & ALARM SERVICES		15,547,500
SPECIALIZED REITS - 29.1%
	1,000,000		American Tower Corp		74,130,000
	500,000		CubeSmart		8,920,000
	475,000		Extra Space Storage, Inc		21,731,250
	1,200,000		HCP, Inc		49,140,000
	632,923		Health Care REIT, Inc		39,481,737
	450,000		Healthcare Realty Trust, Inc		10,399,500

2

TIAA-CREF FUNDS - Real Estate Securities Fund

SHARES			COMPANY					VALUE
	1,900,000		Host Marriott Corp					$	33,573,000
	200,000		Potlatch Corp						7,936,000
	325,000		Public Storage, Inc						52,178,750
	250,000		RLJ Lodging Trust						5,872,500
	1,500,000	*	Strategic Hotels & Resorts, Inc						13,020,000
	700,000		Sunstone Hotel Investors, Inc						8,918,000
	650,000		Ventas, Inc						39,975,000
	300,000		Weyerhaeuser Co						8,589,000
			TOTAL SPECIALIZED REITS						373,864,737
			TOTAL COMMON STOCKS						1,250,249,603
			(Cost $1,104,810,838)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.2%
TREASURY DEBT - 0.2%
$	2,000,000		United States Treasury Bill		0.040	%	12/19/13		1,999,934
									1,999,934
			TOTAL SHORT-TERM INVESTMENTS						1,999,934
			(Cost $1,999,825)
			TOTAL INVESTMENTS - 97.4%						1,252,249,537
			(Cost $1,106,810,663)
			OTHER ASSETS & LIABILITIES, NET - 2.6%						33,673,983
			NET ASSETS - 100.0%					$	1,285,923,520

	Abbreviation(s):
REIT	Real Estate Investment Trust
*	Non-income producing.
a	Affiliated holding.
b	In bankruptcy.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, 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 (unaudited)

September 30, 2013

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE		VALUE
BANK LOAN OBLIGATIONS - 0.3%
CAPITAL GOODS - 0.1%
$	2,487,500	i	Apex Tool Group LLC		4.500	%	01/31/20	$	2,489,067
			TOTAL CAPITAL GOODS						2,489,067
CONSUMER SERVICES - 0.1%
	2,050,000	i	ARAMARK Corp		4.000		09/09/19		2,050,635
			TOTAL CONSUMER SERVICES						2,050,635
MEDIA - 0.1%
	746,250	i	Univision Communications, Inc		4.000		03/01/20		736,922
	1,116,563	i	Windstream Corp		3.500		01/23/20		1,110,980
			TOTAL MEDIA						1,847,902
			TOTAL BANK LOAN OBLIGATIONS						6,387,604
			(Cost $6,400,036)
BONDS - 97.9%
CORPORATE BONDS - 37.7%
AUTOMOBILES & COMPONENTS - 0.0%
	745,000	g	Hyundai Motor Manufacturer		4.500		04/15/15		777,076
			TOTAL AUTOMOBILES & COMPONENTS						777,076
BANKS - 3.6%
	2,840,000	g	Banco de Credito del Peru		5.375		09/16/20		2,854,200
	1,150,000	g	Banco de Credito e Inversiones		4.000		02/11/23		1,047,351
	1,000,000		Banco de Oro Unibank, Inc		3.875		04/22/16		1,007,500
	600,000	g	Banco del Estado de Chile		3.875		02/08/22		580,315
	900,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		4.125		11/09/22		825,750
	1,635,000		Bancolombia S.A.		5.950		06/03/21		1,659,525
	1,500,000	g	Bank of India		3.625		09/21/18		1,419,900
	2,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		2,037,338
	650,000		BB&T Corp		2.050		06/19/18		647,394
	850,000	g	BBVA Banco Continental S.A.		3.250		04/08/18		830,875
	3,750,000		BDO Unibank, Inc		4.500		02/16/17		3,834,375
	2,950,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		3,004,543
	3,675,000	g	Caixa Economica Federal		2.375		11/06/17		3,436,125
	1,500,000	g	Caixa Economica Federal		4.500		10/03/18		1,489,650
	1,068,000		Capital One Bank USA NA		3.375		02/15/23		998,952
	2,000,000		Citigroup, Inc		2.500		09/26/18		1,988,892
	1,925,000		Citigroup, Inc		6.675		09/13/43		2,073,017
	1,050,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.375		01/19/17		1,117,238

4

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,750,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875	%	02/08/22	$	1,752,133
	375,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		359,799
	1,450,000	g	HSBC Bank plc		1.500		05/15/18		1,409,426
	1,320,000	g	HSBC Bank plc		4.125		08/12/20		1,386,536
	550,000		HSBC Holdings plc		4.000		03/30/22		559,629
	675,000		HSBC Holdings plc		6.500		09/15/37		765,025
	2,000,000	g	Hutchison Whampoa International 11 Ltd		4.625		01/13/22		2,035,368
	895,000		JPMorgan Chase & Co		5.125		09/15/14		931,778
	4,500,000		JPMorgan Chase & Co		5.400		01/06/42		4,733,964
	750,000	i	JPMorgan Chase & Co		5.150		12/30/49		656,250
	3,150,000	g	Korea Exchange Bank		3.125		06/26/17		3,234,407
	470,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		482,220
	2,950,000	g	PKO Finance AB		4.630		09/26/22		2,896,162
	700,000		PNC Bank NA		2.700		11/01/22		637,937
	2,425,000		PNC Bank NA		2.950		01/30/23		2,244,966
	1,255,000		PNC Funding Corp		5.125		02/08/20		1,395,984
	835,000	g,i	Rabobank Nederland NV		11.000		12/30/49		1,085,500
	2,200,000		Royal Bank of Canada		2.200		07/27/18		2,207,025
	2,000,000	g	Standard Chartered plc		3.950		01/11/23		1,881,298
	560,000	g	Sumitomo Mitsui Banking Corp		3.150		07/22/15		581,045
	310,000		Toronto-Dominion Bank		2.500		07/14/16		322,163
	1,525,000	g	Turkiye Halk Bankasi AS.		3.875		02/05/20		1,361,063
	1,600,000	g	Turkiye Is Bankasi		3.750		10/10/18		1,488,000
	1,750,000		Union Bank NA		2.125		06/16/17		1,759,643
	945,000		Union Bank of California NA		5.950		05/11/16		1,050,149
	1,550,000		UnionBanCal Corp		3.500		06/18/22		1,513,798
	2,500,000		US Bancorp		1.650		05/15/17		2,514,608
	950,000		US Bancorp		2.950		07/15/22		893,729
	1,490,000		Wachovia Bank NA		5.850		02/01/37		1,662,716
	4,650,000		Wells Fargo & Co		1.500		07/01/15		4,708,316
	2,000,000		Wells Fargo & Co		1.500		01/16/18		1,968,046
	2,145,000		Westpac Banking Corp		3.000		08/04/15		2,237,059
			TOTAL BANKS						83,568,682
CAPITAL GOODS - 0.9%
	3,125,000		Caterpillar, Inc		1.500		06/26/17		3,108,128
	1,250,000	g	EADS Finance BV		2.700		04/17/23		1,151,504
	2,180,000	g	Ferreycorp SAA		4.875		04/26/20		2,005,600
	725,000	g	Schaeffler Finance BV		4.750		05/15/21		703,250
	3,700,000	g	Seagate HDD Cayman		4.750		06/01/23		3,561,250
	1,468,000	g	Sealed Air Corp		8.125		09/15/19		1,636,820
	1,468,000	g	Sealed Air Corp		8.375		09/15/21		1,662,510
	845,000	g	Sealed Air Corp		5.250		04/01/23		800,638
	1,950,000	g	Turlock Corp		1.500		11/02/17		1,922,558
	675,000	g	Turlock Corp		4.000		11/02/32		620,524
	1,975,000		United Technologies Corp		1.800		06/01/17		2,009,499
	1,050,000		United Technologies Corp		4.500		06/01/42		1,019,971
			TOTAL CAPITAL GOODS						20,202,252
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	250,000	g	ADT Corp		6.250		10/15/21		253,750
	1,495,000		Republic Services, Inc		3.800		05/15/18		1,592,012

5

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,400,000		Republic Services, Inc		3.550	%	06/01/22	$	2,342,599
	1,500,000		Waste Management, Inc		2.600		09/01/16		1,550,124
	5,300,000		Waste Management, Inc		2.900		09/15/22		4,938,127
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						10,676,612
CONSUMER DURABLES & APPAREL - 0.7%
	5,000,000		DR Horton, Inc		5.750		08/15/23		5,037,500
	1,500,000		DR Horton, Inc		3.625		02/15/18		1,477,500
	2,870,000		Hanesbrands, Inc		6.375		12/15/20		3,092,425
	1,670,000		Phillips-Van Heusen Corp		7.375		05/15/20		1,820,300
	4,600,000		PVH Corp		4.500		12/15/22		4,347,000
	500,000		Whirlpool Corp		3.700		03/01/23		483,846
			TOTAL CONSUMER DURABLES & APPAREL						16,258,571
CONSUMER SERVICES - 0.3%
	900,000		Ameristar Casinos, Inc		7.500		04/15/21		978,750
	775,000	g	ARAMARK Corp		5.750		03/15/20		782,750
	1,350,000		DineEquity, Inc		9.500		10/30/18		1,501,875
	1,775,000	g	SABMiller Holdings, Inc		3.750		01/15/22		1,789,133
	1,250,000	g	SABMiller Holdings, Inc		4.950		01/15/42		1,245,770
	1,000,000		Walt Disney Co		0.450		12/01/15		994,761
			TOTAL CONSUMER SERVICES						7,293,039
DIVERSIFIED FINANCIALS - 5.6%
	1,190,000	g	Abbey National Treasury Services plc		3.875		11/10/14		1,227,891
	750,000		Abbey National Treasury Services plc		4.000		04/27/16		796,956
	2,350,000	g	Ajecorp BV		6.500		05/14/22		2,285,375
	1,500,000		American Express Centurion Bank		0.875		11/13/15		1,499,697
	1,500,000		American Express Centurion Bank		6.000		09/13/17		1,739,474
	1,575,000		American Express Co		2.650		12/02/22		1,446,581
	2,975,000		American Express Credit Corp		1.750		06/12/15		3,029,219
	4,975,000		American Express Credit Corp		1.300		07/29/16		5,004,790
	1,000,000		American Express Credit Corp		2.800		09/19/16		1,046,292
	4,750,000		American Express Credit Corp		2.125		07/27/18		4,768,463
	1,490,000	g	Bangkok Bank PCL		4.800		10/18/20		1,544,237
	1,690,000		Bank of America Corp		5.300		03/15/17		1,862,551
	1,125,000		Bank of America Corp		6.000		09/01/17		1,273,974
	1,160,000		Bank of America Corp		5.750		12/01/17		1,308,576
	5,175,000		Bank of America Corp		4.100		07/24/23		5,142,837
	2,150,000		Bank of America Corp		5.875		02/07/42		2,387,106
	1,250,000		Bank of New York Mellon Corp		1.200		02/20/15		1,261,225
	1,200,000	i	Bank of New York Mellon Corp		1.969		06/20/17		1,210,710
	580,000		Bank of New York Mellon Corp		5.450		05/15/19		668,480
	1,950,000	g	BBVA Bancomer S.A.		4.500		03/10/16		2,037,750
	2,300,000	g	BBVA Bancomer S.A.		6.750		09/30/22		2,380,500
	1,125,000		BlackRock, Inc		3.500		12/10/14		1,164,249
	1,400,000		BlackRock, Inc		4.250		05/24/21		1,490,381
	600,000		Capital One Financial Corp		3.150		07/15/16		626,816
	4,600,000		Capital One Financial Corp		4.750		07/15/21		4,867,265
	1,500,000		Citigroup, Inc		2.250		08/07/15		1,529,337
	665,000		Citigroup, Inc		6.000		12/13/13		672,213
	1,615,000		Citigroup, Inc		5.000		09/15/14		1,675,874

6

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,050,000		Citigroup, Inc		1.300	%	04/01/16	$	2,045,800
	4,225,000		Citigroup, Inc		3.500		05/15/23		3,812,627
	1,950,000		Citigroup, Inc		5.875		01/30/42		2,168,106
	2,075,000		Export-Import Bank of Korea		2.875		09/17/18		2,087,919
	1,600,000		Ford Motor Credit Co LLC		4.250		02/03/17		1,709,635
	2,500,000		Ford Motor Credit Co LLC		3.000		06/12/17		2,569,633
	800,000		Ford Motor Credit Co LLC		6.625		08/15/17		921,846
	3,375,000		Ford Motor Credit Co LLC		4.375		08/06/23		3,376,907
	2,425,000		General Electric Capital Corp		3.100		01/09/23		2,268,541
	810,000		General Electric Capital Corp		6.875		01/10/39		992,694
	1,750,000	g	General Motors Financial Co, Inc		2.750		05/15/16		1,745,625
	3,960,000		Goldman Sachs Group, Inc		3.300		05/03/15		4,094,787
	135,000		Goldman Sachs Group, Inc		6.450		05/01/36		137,055
	335,000		Goldman Sachs Group, Inc		6.750		10/01/37		349,618
	1,500,000		Goldman Sachs Group, Inc		6.250		02/01/41		1,680,479
	448,000	g	Hyundai Capital America, Inc		3.750		04/06/16		470,245
	600,000	g	Hyundai Capital Services, Inc		4.375		07/27/16		640,631
	400,000	g	Hyundai Capital Services, Inc		3.500		09/13/17		415,864
	575,000	g	International Lease Finance Corp		6.500		09/01/14		596,563
	4,850,000		International Lease Finance Corp		5.875		08/15/22		4,777,250
	1,020,000	g	Inversiones CMPC S.A.		4.375		05/15/23		948,317
	1,975,000		Landwirtschaftliche Rentenbank		5.125		02/01/17		2,244,232
	1,000,000	g	Lukoil International Finance BV		6.125		11/09/20		1,065,000
	900,000	g	LUKOIL International Finance BV		4.563		04/24/23		837,225
	1,565,000		Merrill Lynch & Co, Inc		6.400		08/28/17		1,799,656
	1,175,000		Merrill Lynch & Co, Inc		6.875		04/25/18		1,384,743
	3,600,000		Morgan Stanley		1.750		02/25/16		3,617,359
	1,525,000		Morgan Stanley		3.750		02/25/23		1,470,152
	1,525,000		Morgan Stanley		4.100		05/22/23		1,422,395
	2,000,000		Morgan Stanley		6.375		07/24/42		2,263,346
	565,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		776,257
	1,385,000	g	Odebrecht Finance Ltd		5.125		06/26/22		1,339,988
	900,000	g	Odebrecht Finance Ltd		7.125		06/26/42		857,250
	2,830,000	g	Reliance Holdings USA		4.500		10/19/20		2,793,456
	925,000		State Street Corp		4.300		05/30/14		949,286
	1,400,000		State Street Corp		3.100		05/15/23		1,305,809
	1,025,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		1,037,052
	1,075,000		SunTrust Bank		2.750		05/01/23		977,185
	2,850,000	g	Temasek Financial I Ltd		2.375		01/23/23		2,608,428
	1,250,000		Toyota Motor Credit Corp		2.050		01/12/17		1,278,715
	1,475,000	g	Turkiye Vakiflar Bankasi Tao		3.750		04/15/18		1,371,750
	1,400,000	g	UBS AG.		1.875		01/23/15		1,424,220
	1,500,000		Unilever Capital Corp		2.200		03/06/19		1,510,746
	350,000		Waha Aerospace BV		3.925		07/28/20		365,750
	647,500	g	Waha Aerospace BV		3.925		07/28/20		676,638
			TOTAL DIVERSIFIED FINANCIALS						129,135,599
ENERGY - 4.2%
	1,275,000		Anadarko Petroleum Corp		5.950		09/15/16		1,431,672
	365,000		Anadarko Petroleum Corp		6.950		06/15/19		440,008
	625,000		Apache Corp		1.750		04/15/17		630,149
	1,320,000		Apache Corp		4.750		04/15/43		1,249,488

7

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,375,000		Ashland, Inc		3.875	%	04/15/18	$	3,332,812
	1,500,000		Ashland, Inc		4.750		08/15/22		1,406,250
	400,000		Baker Hughes, Inc		3.200		08/15/21		402,770
	3,050,000		BP Capital Markets plc		1.375		05/10/18		2,958,735
	3,500,000		Chevron Corp		2.355		12/05/22		3,222,348
	1,540,000		Cimarex Energy Co		5.875		05/01/22		1,555,400
	1,500,000		Cloud Peak Energy Resources LLC		8.250		12/15/17		1,575,000
	1,875,000		Concho Resources, Inc		5.500		04/01/23		1,851,562
	1,140,000		ConocoPhillips		6.500		02/01/39		1,433,593
	2,875,000		Devon Energy Corp		1.875		05/15/17		2,881,400
	500,000		Devon Energy Corp		5.600		07/15/41		511,121
	725,000		Devon Energy Corp		4.750		05/15/42		661,407
	2,210,000		Ecopetrol S.A.		4.250		09/18/18		2,273,537
	3,875,000	g	EDC Finance Ltd		4.875		04/17/20		3,700,625
	990,000	g	Empresa Nacional del Petroleo		6.250		07/08/19		1,077,563
	480,000		Enbridge Energy Partners LP		5.200		03/15/20		518,475
	335,000		Enterprise Products Operating LLC		5.600		10/15/14		352,069
	170,000		Enterprise Products Operating LLC		5.000		03/01/15		179,763
	1,500,000		Enterprise Products Operating LLC		4.850		03/15/44		1,398,086
	675,000		EOG Resources, Inc		2.625		03/15/23		621,787
	1,450,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		05/23/16		1,529,750
	3,500,000	g	Gazprom OAO Via Gaz Capital S.A.		3.850		02/06/20		3,333,750
	1,295,000		Hess Corp		5.600		02/15/41		1,331,349
	2,850,000	g	Indo Energy Finance II BV		6.375		01/24/23		2,394,000
	1,200,000		Marathon Petroleum Corp		3.500		03/01/16		1,260,295
	1,200,000		Newfield Exploration Co		5.750		01/30/22		1,197,000
	400,000		Newfield Exploration Co		5.625		07/01/24		387,000
	500,000		Noble Holding International Ltd		3.450		08/01/15		520,045
	1,320,000		Noble Holding International Ltd		4.900		08/01/20		1,391,329
	1,800,000		Noble Holding International Ltd		3.950		03/15/22		1,736,262
	1,800,000	g	Novatek OAO via Novatek Finance Ltd		4.422		12/13/22		1,651,500
	365,000		Pemex Project Funding Master Trust		5.750		03/01/18		404,238
	650,000		Pemex Project Funding Master Trust		6.625		06/15/35		686,485
	1,450,000	g	Pertamina Persero PT		4.300		05/20/23		1,239,750
	1,500,000	g	Pertamina PT		5.250		05/23/21		1,421,250
	1,350,000	i	Petrobras Global Finance BV		1.884		05/20/16		1,343,250
	1,500,000	i	Petrobras Global Finance BV		2.408		01/15/19		1,471,500
	1,640,000		Petrobras International Finance Co		3.875		01/27/16		1,692,134
	1,800,000		Petrobras International Finance Co		3.500		02/06/17		1,827,812
	1,210,000		Petrobras International Finance Co		7.875		03/15/19		1,392,807
	925,000		Petroleos Mexicanos		4.875		03/15/15		971,250
	1,875,000		Petroleos Mexicanos		3.500		07/18/18		1,898,438
	170,000		Petroleos Mexicanos		8.000		05/03/19		205,275
	925,000		Petroleos Mexicanos		6.000		03/05/20		1,026,750
	735,000		Petroleos Mexicanos		5.500		01/21/21		786,450
	1,175,000		Petroleos Mexicanos		3.500		01/30/23		1,068,042
	1,175,000		Petroleos Mexicanos		5.500		06/27/44		1,066,711
	1,315,000	g	Petroleum Co of Trinidad & Tobago Ltd		9.750		08/14/19		1,686,488
	1,425,000	g	Petronas Capital Ltd		5.250		08/12/19		1,578,294
	1,400,000		Phillips 66		1.950		03/05/15		1,421,230
	1,200,000		Phillips 66		4.300		04/01/22		1,223,348
	2,500,000		Plains Exploration & Production Co		6.500		11/15/20		2,682,308

8

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	625,000		Precision Drilling Corp		6.500	%	12/15/21	$	653,125
	1,500,000	g	PTT Exploration & Production PCL		3.707		09/16/18		1,515,026
	675,000	g	PTTEP Canada International Finance Ltd		5.692		04/05/21		718,376
	400,000	g	Rosneft Oil Co via Rosneft International Finance Ltd		3.149		03/06/17		400,000
	1,000,000	g	Rosneft Oil Co via Rosneft International Finance Ltd		4.199		03/06/22		922,500
	1,325,000	g	Schlumberger Investment S.A.		2.400		08/01/22		1,217,268
	900,000		Shell International Finance BV		4.550		08/12/43		886,658
	415,000		Statoil ASA		2.900		10/15/14		425,755
	675,000		Statoil ASA		1.200		01/17/18		661,653
	1,700,000		Statoil ASA		2.450		01/17/23		1,553,436
	1,325,000		Total Capital Canada Ltd		1.450		01/15/18		1,307,378
	2,000,000		Total Capital International S.A.		1.500		02/17/17		2,015,154
	1,915,000		TransCanada Pipelines Ltd		7.690		06/30/16		2,200,109
	660,000		TransCanada Pipelines Ltd		5.850		03/15/36		731,171
	700,000		Vale Overseas Ltd		4.375		01/11/22		674,411
	480,000		Vale Overseas Ltd		6.875		11/21/36		486,813
	515,000		Valero Energy Corp		4.500		02/01/15		539,448
	1,500,000		WPX Energy, Inc		6.000		01/15/22		1,520,625
			TOTAL ENERGY						97,920,616
FOOD & STAPLES RETAILING - 0.2%
	500,000		CVS Caremark Corp		3.250		05/18/15		520,193
	2,500,000	g	Ingles Markets, Inc		5.750		06/15/23		2,412,500
			TOTAL FOOD & STAPLES RETAILING						2,932,693
FOOD, BEVERAGE & TOBACCO - 1.0%
	2,500,000		Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		2,615,715
	2,500,000		Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		2,489,482
	1,450,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		1,341,418
	1,025,000	g	BRF-Brasil Foods S.A.		5.875		06/06/22		1,019,875
	575,000	g	BRF-Brasil Foods S.A.		3.950		05/22/23		494,500
	675,000		ConAgra Foods, Inc		1.300		01/25/16		675,704
	1,000,000	g	Embotelladora Andina S.A.		5.000		10/01/23		1,002,500
	1,150,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		1,023,226
	650,000		General Mills, Inc		5.200		03/17/15		692,532
	750,000	g	Grupo Bimbo SAB de C.V.		4.875		06/30/20		783,115
	2,380,000	g	Grupo Bimbo SAB de C.V.		4.500		01/25/22		2,385,226
	505,000		Kraft Foods, Inc		6.125		02/01/18		583,902
	2,764,000		Kraft Foods, Inc		5.375		02/10/20		3,121,029
	1,060,000		Kraft Foods, Inc		6.500		02/09/40		1,244,158
	105,000		PepsiAmericas, Inc		4.375		02/15/14		106,518
	78,000		PepsiCo, Inc		7.900		11/01/18		99,293
	1,475,000	g	Pernod Ricard S.A.		4.250		07/15/22		1,489,234
	468,000	g	Pernod-Ricard S.A.		5.750		04/07/21		522,056
	200,000		Philip Morris International, Inc		6.375		05/16/38		237,663
	1,400,000		TreeHouse Foods, Inc		7.750		03/01/18		1,480,500
			TOTAL FOOD, BEVERAGE & TOBACCO						23,407,646
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	1,450,000		Baxter International, Inc		3.200		06/15/23		1,414,753
	600,000		Becton Dickinson & Co		1.750		11/08/16		612,324
	1,500,000		Covidien International Finance S.A.		1.350		05/29/15		1,514,661

9

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	750,000		Covidien International Finance S.A.	3.200		%	06/15/22	$	735,034
	825,000	h	Edwards Lifesciences Corp	2.875			10/15/18		821,752
	6,405,000		Express Scripts Holding Co		2.100		02/12/15		6,507,230
	1,775,000		Express Scripts Holding Co		3.900		02/15/22		1,798,082
	1,000,000	g	Fresenius Medical Care II		5.625		07/31/19		1,042,500
	3,600,000		HCA, Inc		6.500		02/15/20		3,901,500
	750,000	g	Mallinckrodt International Finance S.A.		3.500		04/15/18		737,954
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						19,085,790
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	1,000,000		Clorox Co		3.800		11/15/21		1,009,217
	1,950,000		Colgate-Palmolive Co		2.300		05/03/22		1,830,771
	800,000		Ecolab, Inc		1.450		12/08/17		784,338
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						3,624,326
INSURANCE - 2.2%
	565,000		ACE INA Holdings, Inc		5.875		06/15/14		585,274
	750,000		Aetna, Inc		1.500		11/15/17		736,426
	310,000		Aetna, Inc		6.500		09/15/18		367,081
	285,000		Aetna, Inc		6.625		06/15/36		341,641
	1,225,000		Allstate Corp		3.150		06/15/23		1,186,290
	1,225,000		Allstate Corp		4.500		06/15/43		1,187,443
	1,525,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		1,488,729
	4,750,000	g,i	Caelus Re Ltd		5.260		03/07/16		4,797,975
	500,000		Chubb Corp		6.000		05/11/37		594,324
	235,000		CIGNA Corp		5.125		06/15/20		258,988
	2,000,000		CIGNA Corp		4.500		03/15/21		2,135,914
	1,125,000		Hartford Financial Services Group, Inc		4.000		03/30/15		1,172,034
	1,300,000		Hartford Financial Services Group, Inc		4.000		10/15/17		1,392,972
	1,275,000		Lincoln National Corp		7.000		06/15/40		1,610,247
	175,000	g	MetLife Institutional Funding II		1.625		04/02/15		177,290
	1,125,000		Metlife, Inc		6.750		06/01/16		1,289,178
	1,655,000		Metlife, Inc		5.700		06/15/35		1,832,462
	1,000,000		Metlife, Inc		4.125		08/13/42		879,230
	450,000		Principal Financial Group, Inc		1.850		11/15/17		446,116
	1,125,000	g	Principal Life Global Funding I		5.125		10/15/13		1,126,774
	1,500,000		Progressive Corp		3.750		08/23/21		1,549,964
	750,000		Prudential Financial, Inc		3.875		01/14/15		779,566
	325,000		Prudential Financial, Inc		2.300		08/15/18		327,844
	630,000		Prudential Financial, Inc		7.375		06/15/19		780,103
	1,075,000		Prudential Financial, Inc		5.400		06/13/35		1,119,547
	1,375,000		Prudential Financial, Inc		5.100		08/15/43		1,359,953
	5,750,000	i	Prudential Financial, Inc		5.200		03/15/44		5,215,250
	1,190,000	g	Prudential Funding LLC		6.750		09/15/23		1,449,071
	525,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		494,003
	1,325,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		1,158,180
	615,000		Travelers Cos, Inc		5.800		05/15/18		717,567
	1,450,000		UnitedHealth Group, Inc		0.850		10/15/15		1,453,663
	1,100,000		UnitedHealth Group, Inc		1.400		10/15/17		1,085,931
	1,375,000		UnitedHealth Group, Inc		3.950		10/15/42		1,179,108
	3,000,000		WellPoint, Inc		3.125		05/15/22		2,848,644
	1,500,000		WellPoint, Inc		4.625		05/15/42		1,371,828

10

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,350,000		Willis Group Holdings plc		4.125	%	03/15/16	$	3,518,214
	410,000		WR Berkley Corp		5.375		09/15/20		448,135
			TOTAL INSURANCE						50,462,959
MATERIALS - 2.4%
	170,000		Airgas, Inc		4.500		09/15/14		176,147
	310,000		ArcelorMittal		4.250		08/05/15		319,300
	750,000		ArcelorMittal		5.000		02/25/17		780,000
	468,000		Ball Corp		6.750		09/15/20		506,025
	4,800,000		Ball Corp		4.000		11/15/23		4,308,000
	1,050,000		Barrick Gold Corp		4.100		05/01/23		924,628
	1,850,000		Barrick North America Finance LLC		4.400		05/30/21		1,718,907
	1,675,000	g	Braskem Finance Ltd		5.750		04/15/21		1,641,500
	1,500,000	g	Cemex SAB de C.V.		7.250		01/15/21		1,496,250
	2,000,000		CF Industries, Inc		6.875		05/01/18		2,349,744
	1,200,000	g	Cia Minera Milpo SAA		4.625		03/28/23		1,080,000
	800,000		Corning, Inc		1.450		11/15/17		790,830
	1,475,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750		11/04/20		1,464,334
	1,650,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		1,617,150
	650,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.000		07/17/22		593,717
	1,395,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.250		07/17/42		1,149,233
	1,793,000		Crown Americas LLC		6.250		02/01/21		1,873,685
	2,725,000	g	Crown Americas LLC		4.500		01/15/23		2,493,375
	335,000		Eastman Chemical Co		5.500		11/15/19		375,121
	1,950,000	g	Freeport McMoran		2.375		03/15/18		1,884,568
	1,850,000	g	Freeport McMoran		3.100		03/15/20		1,739,586
	2,500,000	g	Glencore Funding LLC		2.500		01/15/19		2,343,435
	6,000,000		International Paper Co		4.750		02/15/22		6,318,936
	530,000		International Paper Co		7.300		11/15/39		646,778
	1,000,000		LyondellBasell Industries NV		5.000		04/15/19		1,100,746
	500,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		512,093
	1,740,000		Rio Tinto Finance USA plc		2.250		12/14/18		1,715,583
	3,045,000		Rock Tenn Co		3.500		03/01/20		3,010,926
	1,000,000		Rosetta Resources, Inc		5.625		05/01/21		950,000
	2,650,000		Sherwin-Williams Co		1.350		12/15/17		2,587,248
	1,305,000	g	Sociedad Quimica y Minera de Chile S.A.		5.500		04/21/20		1,333,192
	875,000		Teck Resources Ltd		2.500		02/01/18		865,777
	1,925,000		Teck Resources Ltd		3.750		02/01/23		1,771,993
	275,000		Teck Resources Ltd		6.000		08/15/40		255,580
	500,000		Teck Resources Ltd		5.200		03/01/42		425,218
	1,550,000	g	Turkiye Sise ve Cam Fabrikalari AS.		4.250		05/09/20		1,339,200
			TOTAL MATERIALS						54,458,805
MEDIA - 2.5%
	2,460,000		CCO Holdings LLC		6.625		01/31/22		2,496,900
	1,450,000		Cinemark USA, Inc		4.875		06/01/23		1,334,000
	7,075,000		Comcast Corp		4.250		01/15/33		6,672,093
	1,150,000		DIRECTV Holdings LLC		2.400		03/15/17		1,155,322
	3,000,000		DIRECTV Holdings LLC		3.800		03/15/22		2,800,047
	1,200,000		Discovery Communications LLC		3.300		05/15/22		1,148,786
	1,975,000		Discovery Communications LLC		4.875		04/01/43		1,822,340
	1,050,000		DISH DBS Corp		4.250		04/01/18		1,051,313

11

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Echostar DBS Corp		6.625	%	10/01/14	$	1,050,000
	5,500,000		Lamar Media Corp		7.875		04/15/18		5,871,250
	1,375,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		1,353,796
	1,475,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		1,432,179
	1,175,000		NBC Universal Media LLC		2.875		01/15/23		1,117,432
	4,500,000		News America, Inc		3.000		09/15/22		4,216,824
	110,000		News America, Inc		7.625		11/30/28		135,009
	85,000		News America, Inc		6.550		03/15/33		96,767
	730,000		News America, Inc		6.650		11/15/37		829,430
	600,000		News America, Inc		6.900		08/15/39		697,471
	965,000		Nielsen Finance LLC		7.750		10/15/18		1,049,438
	1,000,000		Nielsen Finance LLC		4.500		10/01/20		962,500
	990,000		Time Warner Cable, Inc		8.750		02/14/19		1,164,741
	2,075,000		Time Warner Cable, Inc		8.250		04/01/19		2,402,024
	1,700,000		Time Warner Cable, Inc		4.500		09/15/42		1,242,975
	960,000		Time Warner, Inc		3.150		07/15/15		999,256
	4,000,000		Time Warner, Inc		4.700		01/15/21		4,274,940
	565,000		Time Warner, Inc		6.500		11/15/36		628,706
	525,000		Time Warner, Inc		4.900		06/15/42		491,093
	2,200,000	g	Univision Communications, Inc		5.125		05/15/23		2,106,500
	2,450,000		Viacom, Inc		1.250		02/27/15		2,456,630
	1,585,000		Viacom, Inc		2.500		12/15/16		1,624,118
	1,500,000		Viacom, Inc		5.850		09/01/43		1,527,030
			TOTAL MEDIA						56,210,910
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
	2,000,000	g	CFR International S.p.A		5.125		12/06/22		1,835,688
	1,904,000		Endo Pharmaceuticals Holdings, Inc		7.000		07/15/19		1,961,120
	480,000		Life Technologies Corp		3.500		01/15/16		498,890
	1,450,000		Mead Johnson Nutrition Co		5.900		11/01/39		1,589,123
	1,828,000	g	Mylan, Inc		7.875		07/15/20		2,085,871
	1,350,000		NBTY, Inc		9.000		10/01/18		1,481,625
	750,000		Perrigo Co		2.950		05/15/23		725,059
	1,300,000	g	Valeant Pharmaceuticals International, Inc		6.375		10/15/20		1,352,000
	650,000		Watson Pharmaceuticals, Inc		1.875		10/01/17		645,915
	875,000		Watson Pharmaceuticals, Inc		3.250		10/01/22		820,322
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						12,995,613
REAL ESTATE - 1.0%
	345,000		AMB Property LP		4.500		08/15/17		371,995
	1,750,000		AvalonBay Communities, Inc		2.850		03/15/23		1,589,380
	630,000		Camden Property Trust		4.625		06/15/21		664,881
	2,000,000		Developers Diversified Realty Corp		4.750		04/15/18		2,158,780
	40,000		Federal Realty Investment Trust		5.650		06/01/16		44,309
	75,000		Federal Realty Investment Trust		5.900		04/01/20		85,576
	450,000		Federal Realty Investment Trust		3.000		08/01/22		417,834
	1,725,000		Federal Realty Investment Trust		2.750		06/01/23		1,544,891
	500,000		Healthcare Realty Trust, Inc		5.750		01/15/21		542,700
	325,000		Healthcare Realty Trust, Inc		3.750		04/15/23		302,266
	675,000	g	Healthcare Trust of America Holdings LP		3.700		04/15/23		632,641
	2,250,000		Highwoods Properties, Inc		5.850		03/15/17		2,476,514
	775,000		Kilroy Realty LP		3.800		01/15/23		727,577

12

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,375,000		Liberty Property LP		4.125	%	06/15/22	$	2,356,199
	650,000		National Retail Properties, Inc		5.500		07/15/21		705,946
	1,075,000		National Retail Properties, Inc		3.300		04/15/23		976,874
	350,000		Regency Centers LP		5.250		08/01/15		373,998
	40,000		Regency Centers LP		5.875		06/15/17		44,562
	105,000		Simon Property Group LP		5.250		12/01/16		117,161
	2,075,000		Simon Property Group LP		2.800		01/30/17		2,150,084
	470,000		Simon Property Group LP		10.350		04/01/19		639,265
	340,000		Ventas Realty LP		3.125		11/30/15		355,128
	1,050,000		Ventas Realty LP		2.000		02/15/18		1,028,840
	675,000		Ventas Realty LP		2.700		04/01/20		643,325
	400,000		Ventas Realty LP		3.250		08/15/22		373,666
	925,000		Weingarten Realty Investors		3.500		04/15/23		860,236
			TOTAL REAL ESTATE						22,184,628
RETAILING - 1.9%
	3,200,000		AmeriGas Finance LLC		3.750		05/01/21		2,956,000
	1,870,000		AmeriGas Partners LP		6.250		08/20/19		1,935,450
	875,000	g	Automotores Gildemeister S.A.		6.750		01/15/23		678,125
	1,667,000		AutoNation, Inc		5.500		02/01/20		1,735,764
	225,000	g	BC Mountain LLC		7.000		02/01/21		223,312
	1,500,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		1,313,852
	1,500,000		Home Depot, Inc		2.250		09/10/18		1,515,900
	2,125,000		Home Depot, Inc		3.750		02/15/24		2,150,589
	1,868,000		Limited Brands, Inc		6.625		04/01/21		2,019,775
	2,750,000		Limited Brands, Inc		5.625		02/15/22		2,818,750
	3,085,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		2,773,896
	1,660,000		O’Reilly Automotive, Inc		4.625		09/15/21		1,743,116
	5,613,000		O’Reilly Automotive, Inc		3.800		09/01/22		5,522,266
	2,400,000	g	QVC, Inc		7.500		10/01/19		2,582,705
	4,490,000	g	QVC, Inc		7.375		10/15/20		4,878,506
	375,000		QVC, Inc		5.125		07/02/22		368,693
	4,750,000		Sally Holdings LLC		5.750		06/01/22		4,761,875
	425,000		Sonic Automotive, Inc		5.000		05/15/23		388,875
	350,000		Wal-Mart Stores, Inc		4.250		04/15/21		380,107
	3,225,000	g	WEX, Inc		4.750		02/01/23		2,934,750
			TOTAL RETAILING						43,682,306
SOFTWARE & SERVICES - 0.8%
	650,000	g	Activision Blizzard, Inc		5.625		09/15/21		650,812
	650,000		Equinix, Inc		4.875		04/01/20		630,500
	9,600,000		Fidelity National Information Services, Inc		5.000		03/15/22		9,739,200
	630,000		Oracle Corp		3.750		07/08/14		646,358
	4,375,000		Oracle Corp		2.500		10/15/22		4,033,107
	2,000,000		SunGard Data Systems, Inc		7.375		11/15/18		2,120,000
	1,150,000	g	VeriSign, Inc		4.625		05/01/23		1,081,000
			TOTAL SOFTWARE & SERVICES						18,900,977
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	1,125,000		Amphenol Corp		4.750		11/15/14		1,173,590
	1,870,000		Brocade Communications Systems, Inc		6.875		01/15/20		2,019,600
	100,000		CC Holdings GS V LLC		2.381		12/15/17		98,584

13

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	956,000		Flextronics International Ltd		4.625	%	02/15/20	$	927,320
	4,925,000		General Electric Co		0.850		10/09/15		4,936,352
	415,000		General Electric Co		5.250		12/06/17		472,333
	1,950,000		General Electric Co		2.700		10/09/22		1,839,341
	850,000		General Electric Co		4.125		10/09/42		780,334
	3,718,000		Jabil Circuit, Inc		5.625		12/15/20		3,829,540
	1,185,000		L-3 Communications Corp		4.950		02/15/21		1,254,825
	1,825,000	g	NXP BV		3.750		06/01/18		1,779,375
	1,900,000		Scientific Games Corp		8.125		09/15/18		2,028,250
	468,000		Scientific Games Corp		9.250		06/15/19		504,270
	450,000		Xerox Corp		8.250		05/15/14		470,360
	2,500,000		Xerox Corp		4.500		05/15/21		2,598,390
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						24,712,464
TELECOMMUNICATION SERVICES - 2.5%
	1,915,000		America Movil SAB de C.V.		3.125		07/16/22		1,762,677
	900,000		American Tower Corp		4.700		03/15/22		874,475
	1,575,000		American Tower Corp		3.500		01/31/23		1,382,540
	2,950,000		AT&T, Inc		2.625		12/01/22		2,644,035
	1,700,000		AT&T, Inc		6.300		01/15/38		1,837,304
	1,218,000		AT&T, Inc		4.350		06/15/45		1,005,394
	1,500,000		Axiata SPV1 (Labuan) Ltd		5.375		04/28/20		1,589,937
	1,235,000		BellSouth Corp		5.200		09/15/14		1,289,166
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,342,500
	2,260,000		Cellco Partnership		8.500		11/15/18		2,896,158
	250,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		253,639
	630,000		Deutsche Telekom International Finance BV		8.750		06/15/30		872,983
	875,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		824,096
	1,375,000	g	Intelsat Jackson Holdings S.A.		5.500		08/01/23		1,285,625
	2,760,000	g	Oi S.A.		5.750		02/10/22		2,415,000
	375,000	g	SES		3.600		04/04/23		352,740
	1,325,000	g	Sprint Corp		7.250		09/15/21		1,338,250
	240,000		Sprint Nextel Corp		6.000		12/01/16		254,400
	442,000		Telecom Italia Capital S.A.		6.175		06/18/14		454,921
	2,500,000		Telefonica Emisiones SAU		3.992		02/16/16		2,589,690
	1,625,000		Telefonica Emisiones SAU		3.192		04/27/18		1,603,371
	1,500,000		Telefonica Emisiones SAU		4.570		04/27/23		1,438,466
	925,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		1,014,846
	3,000,000		Verizon Communications, Inc		0.700		11/02/15		2,981,226
	1,110,000		Verizon Communications, Inc		6.100		04/15/18		1,283,360
	3,800,000		Verizon Communications, Inc		3.650		09/14/18		4,004,033
	276,000		Verizon Communications, Inc		8.750		11/01/18		354,583
	7,200,000		Verizon Communications, Inc		5.150		09/15/23		7,716,859
	7,800,000		Verizon Communications, Inc		6.550		09/15/43		8,805,709
	445,000		Verizon New England, Inc		4.750		10/01/13		445,000
	1,175,000		Windstream Corp		6.375		08/01/23		1,075,125
			TOTAL TELECOMMUNICATION SERVICES						57,988,108
TRANSPORTATION - 0.7%
	1,635,000	g	Asciano Finance Ltd		5.000		04/07/18		1,734,442
	1,500,000		Burlington Northern Santa Fe LLC		3.450		09/15/21		1,507,370
	1,750,000	g	DP World Ltd		6.850		07/02/37		1,758,750

14

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	374,634	g	Embraer Overseas Ltd		5.696	%	09/16/23	$	365,268
	3,675,000		Embraer S.A.		5.150		06/15/22		3,564,750
	700,000	g	ERAC USA Finance LLC		3.300		10/15/22		665,335
	750,000	g	ERAC USA Finance LLC		5.625		03/15/42		761,003
	850,000	g	Hertz Corp		4.250		04/01/18		835,125
	1,000,000		Hertz Corp		7.500		10/15/18		1,077,500
	775,000	g	Kansas City Southern de Mexico S.A. de C.V.		2.350		05/15/20		738,845
	450,000	g	Kansas City Southern Railway		4.300		05/15/43		398,279
	375,000		Northrop Grumman Corp		1.750		06/01/18		368,056
	1,000,000		Northrop Grumman Corp		3.250		08/01/23		945,118
	1,125,000		United Parcel Service, Inc		3.625		10/01/42		964,505
			TOTAL TRANSPORTATION						15,684,346
UTILITIES - 4.0%
	675,000	g	Abu Dhabi National Energy Co		2.500		01/12/18		661,500
	1,000,000	g	Abu Dhabi National Energy Co		6.250		09/16/19		1,133,750
	726,000	g	Abu Dhabi National Energy Co		5.875		12/13/21		806,767
	1,385,000		AES Corp		7.375		07/01/21		1,523,500
	1,000,000		AES Corp		4.875		05/15/23		935,000
	1,250,000		AGL Capital Corp		4.400		06/01/43		1,137,822
	1,285,000		Alliant Energy Corp		4.000		10/15/14		1,327,715
	2,000,000		American Electric Power Co, Inc		2.950		12/15/22		1,841,472
	775,000		Atmos Energy Corp		8.500		03/15/19		997,754
	1,575,000		Atmos Energy Corp		4.150		01/15/43		1,398,524
	2,525,000	g	Calpine Corp		7.500		02/15/21		2,682,813
	1,515,000		Carolina Power & Light Co		5.300		01/15/19		1,746,392
	225,000		Carolina Power & Light Co		5.700		04/01/35		248,060
	159,000		CenterPoint Energy Resources Corp		4.500		01/15/21		172,680
	660,000		CenterPoint Energy Resources Corp		6.250		02/01/37		750,841
	1,120,000	g	CEZ AS.		4.250		04/03/22		1,118,880
	1,100,000		CLP Power Hong Kong Financing Ltd		3.375		10/26/27		954,593
	1,050,000		CMS Energy Corp		4.700		03/31/43		972,451
	675,000	g	Comision Federal de Electricidad		5.750		02/14/42		624,375
	1,850,000		Commonwealth Edison Co		4.000		08/01/20		1,973,138
	395,000		Commonwealth Edison Co		5.900		03/15/36		457,169
	415,000		Connecticut Light & Power Co		5.500		02/01/19		479,200
	1,700,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		1,509,765
	225,000		Consolidated Natural Gas Co		5.000		12/01/14		236,100
	750,000		Detroit Edison Co		3.950		06/15/42		678,037
	1,160,000		Duke Energy Carolinas LLC		5.750		11/15/13		1,167,163
	260,000		Duke Energy Carolinas LLC		4.300		06/15/20		281,727
	2,000,000		Duke Energy Corp		3.950		09/15/14		2,063,098
	650,000		Duke Energy Ohio, Inc		3.800		09/01/23		664,164
	1,750,000		Florida Power & Light Co		2.750		06/01/23		1,661,506
	335,000		Florida Power Corp		6.400		06/15/38		408,043
	1,410,000		FPL Group Capital, Inc		2.600		09/01/15		1,451,925
	630,000		Indiana Michigan Power Co		7.000		03/15/19		755,832
	555,000		Integrys Energy Group, Inc		4.170		11/01/20		581,057
	1,150,000	g	Israel Electric Corp Ltd		6.700		02/10/17		1,234,813
	2,000,000	g	Israel Electric Corp Ltd		7.250		01/15/19		2,187,500
	195,000	g	Kansas Gas & Electric		6.700		06/15/19		239,300
	600,000	g	KazMunayGas National Co JSC		4.400		04/30/23		559,500

15

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	775,000		Kinder Morgan Energy Partners LP		9.000	%	02/01/19	$	991,785
	1,955,000	g	Korea Hydro & Nuclear Power Co Ltd		3.125		09/16/15		2,018,405
	500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		498,278
	4,030,000		LG&E and KU Energy LLC		3.750		11/15/20		4,080,879
	1,500,000	g	Majapahit Holding BV		7.750		01/20/20		1,646,250
	1,160,000		Midamerican Energy Holdings Co		5.950		05/15/37		1,287,259
	630,000		Nevada Power Co		6.500		08/01/18		755,342
	1,335,000		NiSource Finance Corp		5.400		07/15/14		1,382,685
	1,500,000		NiSource Finance Corp		4.800		02/15/44		1,343,330
	1,025,000		Northeast Utilities		1.450		05/01/18		998,710
	1,975,000		Northern States Power Co		5.350		11/01/39		2,214,123
	2,000,000		NTPC Ltd		5.625		07/14/21		1,967,788
	150,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		190,527
	1,000,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		958,288
	950,000		ONEOK Partners LP		3.375		10/01/22		875,160
	1,150,000		PacifiCorp		2.950		02/01/22		1,124,380
	885,000		Pepco Holdings, Inc		2.700		10/01/15		909,764
	3,000,000	g	Perusahaan Listrik Negara PT		5.500		11/22/21		2,865,000
	1,450,000		PG&E Corp		5.750		04/01/14		1,485,032
	135,000		Potomac Electric Power Co		7.900		12/15/38		195,224
	3,875,000		PPL Capital Funding, Inc		4.200		06/15/22		3,856,024
	1,000,000		PPL Electric Utilities Corp		3.000		09/15/21		991,791
	565,000		Progress Energy, Inc		7.050		03/15/19		682,734
	1,780,000		Public Service Co of Oklahoma		5.150		12/01/19		2,022,733
	440,000		Public Service Electric & Gas Co		5.300		05/01/18		503,839
	2,200,000		Public Service Electric & Gas Co		2.375		05/15/23		2,015,070
	1,190,000		Public Service Electric & Gas Co		5.375		11/01/39		1,334,677
	1,500,000		QEP Resources, Inc		5.375		10/01/22		1,432,500
	468,000		Questar Market Resources, Inc		6.875		03/01/21		497,250
	970,000		San Diego Gas & Electric Co		3.950		11/15/41		892,313
	630,000		Sempra Energy		6.000		10/15/39		694,541
	2,800,000		Southern California Edison Co		4.650		10/01/43		2,767,870
	450,000		Tampa Electric Co		4.100		06/15/42		402,980
	1,575,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		1,362,375
	845,000		Virginia Electric and Power Co		2.950		01/15/22		831,694
	1,250,000		Virginia Electric and Power Co		4.650		08/15/43		1,239,576
	480,000		Williams Partners LP		3.800		02/15/15		498,229
	850,000		Williams Partners LP		4.000		11/15/21		837,388
	950,000		Williams Partners LP		3.350		08/15/22		879,550
	940,000		Williams Partners LP		6.300		04/15/40		991,131
	650,000		Xcel Energy, Inc		4.800		09/15/41		638,019
			TOTAL UTILITIES						92,784,419
			TOTAL CORPORATE BONDS						864,948,437
			(Cost $865,780,837)
GOVERNMENT BONDS - 42.3%
AGENCY SECURITIES - 0.4%
	4,831,044		AMAL Ltd		3.465		08/21/21		5,136,482
	1,500,000		Amber Circle Funding LTD		3.250		12/04/22		1,375,277
	894,580		Cal Dive I- Title XI, Inc		4.930		02/01/27		971,064

16

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	434,688		Totem Ocean Trailer Express, Inc		4.514	%	12/18/19	$	454,481
	2,000,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		1,989,680
			TOTAL AGENCY SECURITIES						9,926,984
FOREIGN GOVERNMENT BONDS - 3.9%
	625,000	g	Banco Nacional de Desenvolvimento Economico e Social		3.375		09/26/16		626,875
	1,500,000	g	Barbados Government International Bond		7.000		08/04/22		1,413,750
	2,625,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		2,526,562
	2,050,000		Brazilian Government International Bond		12.500		01/05/16		994,337
	170,000		Brazilian Government International Bond		7.125		01/20/37		199,750
	1,970,000		Brazilian Government International Bond		5.625		01/07/41		1,965,075
	805,000		Chile Government International Bond		3.875		08/05/20		839,212
	515,000		Chile Government International Bond		2.250		10/30/22		462,212
	875,000		Colombia Government International Bond		4.375		07/12/21		903,437
	3,875,000		Colombia Government International Bond		2.625		03/15/23		3,429,375
	1,850,000		Colombia Government International Bond		4.000		02/26/24		1,813,000
	1,500,000	g	Costa Rica Government International Bond		4.250		01/26/23		1,342,500
	2,450,000	g	Croatia Government International Bond		6.250		04/27/17		2,574,509
	1,000,000	g	Croatia Government International Bond		6.375		03/24/21		1,032,750
	2,300,000	g	Dominican Republic International Bond		5.875		04/18/24		2,133,250
	395,000		European Investment Bank		4.875		02/15/36		436,946
	3,325,000		Export-Import Bank of Korea		1.250		11/20/15		3,327,454
	580,000		Export-Import Bank of Korea		3.750		10/20/16		613,835
	1,965,000		Export-Import Bank of Korea		4.375		09/15/21		2,060,124
	300,000		Federative Republic of Brazil		6.000		01/17/17		335,550
	540,000		Hungary Government International Bond		4.125		02/19/18		534,600
	1,000,000	g	Iceland Government International Bond		4.875		06/16/16		1,046,000
	1,000,000	g	Indonesia Government International Bond		3.750		04/25/22		900,000
	1,010,000		Israel Government International Bond		4.000		06/30/22		1,047,875
	1,500,000		Israel Government International Bond		4.500		01/30/43		1,342,500
	845,000		Italy Government International Bond		5.375		06/12/17		921,304
	355,000		Italy Government International Bond		6.875		09/27/23		426,149
	3,000,000	g,i	Kommunalbanken AS.		0.444		02/20/18		2,996,157
	1,000,000		Korea Development Bank		1.500		01/22/18		963,818
	1,210,000	g	Korea Housing Finance Corp		3.500		12/15/16		1,268,476
	1,250,000	g	Korea Housing Finance Corp		1.625		09/15/18		1,177,570
	19,270,000		Mexican Bonos		8.000		12/07/23		1,682,876
	500,000		Mexico Government International Bond		6.750		09/27/34		592,500
	1,000,000		Mexico Government International Bond		6.050		01/11/40		1,093,500
	500,000		Mexico Government International Bond		4.750		03/08/44		452,500
	1,800,000	g	Morocco Government International Bond		4.250		12/11/22		1,638,360
	800,000	g	Namibia International Bonds		5.500		11/03/21		808,000
	775,000	g	Nigeria Government International Bond		5.125		07/12/18		786,625
	1,500,000		Panama Government International Bond		5.200		01/30/20		1,646,250
	100,000		Peruvian Government International Bond		7.125		03/30/19		121,250
	450,000		Peruvian Government International Bond		7.350		07/21/25		574,875
	1,500,000		Poland Government International Bond		3.875		07/16/15		1,573,200
	1,250,000		Poland Government International Bond		6.375		07/15/19		1,458,750
	1,833,000		Poland Government International Bond		5.125		04/21/21		1,993,388
	1,720,000		Poland Government International Bond		3.000		03/17/23		1,575,520
	620,000		Province of Quebec Canada		7.500		09/15/29		839,492
	1,390,000	g	Qatar Government International Bond		4.500		01/20/22		1,482,018

17

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	620,000	g	Qatar Government International Bond		6.400	%	01/20/40	$	722,300
	1,500,000	g	Republic of Ghana		7.875		08/07/23		1,455,000
	925,000		Republic of Korea		5.750		04/16/14		949,520
	1,000,000		Republic of Korea		3.875		09/11/23		1,017,992
	860,000	g	Republic of Serbia		7.250		09/28/21		893,325
	900,000		Republic of Turkey		6.000		01/14/41		868,725
	900,000	g	Romanian Government International Bond		6.750		02/07/22		1,026,180
	2,575,000	g	Romanian Government International Bond		4.375		08/22/23		2,462,344
	750,000	g	Russian Foreign Bond - Eurobond		3.625		04/29/15		779,250
	750,000	g	Russian Foreign Bond - Eurobond		3.250		04/04/17		779,423
	800,000	g	Russian Foreign Bond - Eurobond		5.000		04/29/20		856,200
	1,070,000	g	Russian Foreign Bond - Eurobond		4.500		04/04/22		1,092,684
	240,000		South Africa Government International Bond		6.875		05/27/19		275,700
	1,175,000		South Africa Government International Bond		5.500		03/09/20		1,261,656
	1,000,000		South Africa Government International Bond		4.665		01/17/24		970,000
	1,675,000		South Africa Government International Bond		5.875		09/16/25		1,760,844
	500,000		South Africa Government International Bond		6.250		03/08/41		523,750
	5,000,000	g	Spain Government International Bond		4.000		03/06/18		5,081,500
	2,000,000	g	Sri Lanka Government International Bond		6.250		07/27/21		1,905,000
	875,000	g	Sri Lanka Government International Bond		5.875		07/25/22		800,625
	1,220,000		Svensk Exportkredit AB		5.125		03/01/17		1,384,773
	227,000		United Mexican States		5.875		02/17/14		231,200
	1,032,000		United Mexican States		5.125		01/15/20		1,150,164
	891,000		Uruguay Government International Bond		4.500		08/14/24		904,365
			TOTAL FOREIGN GOVERNMENT BONDS						89,126,576
MORTGAGE BACKED - 21.7%
	307,652	i	Federal Home Loan Mortgage Corp (FHLMC)		2.436		02/01/36		325,933
	162,828	i	FHLMC		2.565		07/01/36		172,681
	543,281	i	FHLMC		2.303		09/01/36		581,147
	316,601	i	FHLMC		2.404		09/01/36		337,299
	391,581	i	FHLMC		2.522		09/01/36		414,661
	827,527	i	FHLMC		2.714		03/01/37		883,177
	474,742	i	FHLMC		6.015		04/01/37		507,817
	58,191	i	FHLMC		6.080		05/01/37		61,508
	107,965	i	FHLMC		2.500		06/01/37		115,004
	433,852	i	FHLMC		2.864		08/01/37		458,965
	509,681	i	FHLMC		1.738		09/01/37		532,108
	7,669,899	i	FHLMC (Interest Only)		6.378		09/15/41		1,638,262
	1,032,992		FHLMC		3.000		08/15/42		881,812
	8,786		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.500		01/01/16		8,896
	650		FGLMC		7.500		05/01/16		681
	665		FGLMC		7.500		06/01/16		697
	451,658		FGLMC		4.500		09/01/18		477,461
	476,023		FGLMC		4.500		01/01/19		514,887
	483,731		FGLMC		4.500		05/01/19		511,310
	160,513		FGLMC		4.500		01/01/20		169,691
	251,999		FGLMC		5.000		05/01/20		269,144
	65,319		FGLMC		4.500		07/01/20		70,577
	11,899		FGLMC		7.000		10/01/20		12,980
	770,959		FGLMC		4.500		06/01/21		816,573
	1,362,963		FGLMC		4.500		06/01/21		1,443,707

18

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	557,489		FGLMC		4.000	%	07/01/24	$	590,177
	180,967		FGLMC		4.500		09/01/24		191,368
	464		FGLMC		6.500		10/01/28		513
	12,251		FGLMC		6.500		01/01/29		13,590
	3,221		FGLMC		6.500		03/01/29		3,589
	33,689		FGLMC		6.500		07/01/29		37,266
	1,630		FGLMC		8.000		01/01/31		1,885
	20,550		FGLMC		6.500		09/01/31		23,267
	38,939		FGLMC		8.000		09/01/31		45,328
	242,063		FGLMC		7.000		12/01/31		277,644
	286,909		FGLMC		6.000		03/01/33		316,530
	287,929		FGLMC		4.500		07/01/33		307,118
	859,505		FGLMC		5.000		09/01/33		932,387
	428,417		FGLMC		5.500		09/01/33		472,018
	432,718		FGLMC		5.500		09/01/33		477,059
	330,506		FGLMC		5.500		09/01/33		364,214
	539,006		FGLMC		5.500		10/01/33		592,911
	873,464		FGLMC		5.500		12/01/33		957,416
	1,718,080		FGLMC		7.000		12/01/33		1,949,583
	452,767		FGLMC		5.000		01/01/34		490,999
	485,255		FGLMC		5.000		05/01/34		526,336
	341,073		FGLMC		6.000		09/01/34		376,784
	1,361,936		FGLMC		5.000		12/01/34		1,474,834
	101,502		FGLMC		5.500		12/01/34		110,132
	682,307		FGLMC		4.500		04/01/35		727,833
	549,384		FGLMC		6.000		05/01/35		598,360
	635,907		FGLMC		7.000		05/01/35		697,970
	78,230		FGLMC		6.000		07/01/35		85,146
	91,768		FGLMC		5.500		08/01/35		99,386
	81,884		FGLMC		5.000		10/01/35		88,103
	137,270		FGLMC		5.000		02/01/36		148,184
	9,408		FGLMC		6.500		05/01/36		10,406
	270,445		FGLMC		6.500		10/01/36		307,747
	585,896		FGLMC		6.000		08/01/37		643,166
	228,863		FGLMC		6.000		09/01/37		251,358
	37,840		FGLMC		6.500		11/01/37		41,857
	569,373		FGLMC		5.000		04/01/38		614,560
	499,128		FGLMC		5.000		07/01/39		537,874
	3,884,932		FGLMC		4.500		11/01/40		4,190,683
	4,435,921		FGLMC		4.500		12/01/40		4,775,581
	6,000,000	h	FGLMC		4.000		11/15/42		6,249,375
	1,000,000	h	FGLMC		4.500		11/15/42		1,061,094
	28,623		Federal National Mortgage Association (FNMA)		4.753		10/01/13		28,613
	5		FNMA		6.500		12/01/13		5
	180,501		FNMA		4.854		02/01/14		180,812
	3,364,345		FNMA		4.640		11/01/14		3,448,276
	6,207		FNMA		6.500		10/01/16		6,472
	55,033		FNMA		6.500		11/01/16		57,989
	36,349		FNMA		6.500		04/01/17		38,857
	107,338		FNMA		5.000		12/01/17		114,195
	52,472		FNMA		5.500		04/01/18		55,456
	535,314		FNMA		5.500		04/01/18		565,725

19

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	34,865		FNMA		5.500	%	05/01/18	$	36,723
	196,955		FNMA		4.500		10/01/18		209,385
	540,970		FNMA		5.000		11/01/18		575,574
	29,486		FNMA		6.000		01/01/19		32,194
	67,285		FNMA		4.500		05/01/19		71,511
	156,594		FNMA		4.500		06/01/19		166,446
	114,490		FNMA		5.000		03/01/20		121,737
	81,554		FNMA		4.500		11/01/20		86,656
	157,198		FNMA		5.000		12/01/20		168,630
	184,686		FNMA		5.000		03/01/21		196,481
	132,371		FNMA		5.500		08/01/21		143,217
	122,180		FNMA		4.500		06/01/23		130,013
	156,190		FNMA		5.000		07/01/23		167,576
	303,047		FNMA		5.000		07/01/23		325,157
	105,947		FNMA		5.000		11/01/23		114,758
	98,876		FNMA		5.500		02/01/24		108,461
	120,491		FNMA		4.000		05/01/24		127,950
	55,351		FNMA		5.500		07/01/24		60,737
	1,012		FNMA		8.000		07/01/24		1,176
	139,810		FNMA		4.500		08/01/24		148,676
	1,235,419		FNMA		4.000		09/01/24		1,310,731
	589,364		FNMA		5.000		03/01/25		640,629
	1,277,016		FNMA		5.000		10/01/25		1,387,829
	869,656		FNMA		3.000		05/01/27		902,780
	6,000,000	h	FNMA		2.500		10/25/28		6,033,750
	18,000,000	h	FNMA		3.000		10/25/28		18,635,625
	11,000,000	h	FNMA		4.000		10/25/28		11,670,313
	4,000,000	h	FNMA		4.500		10/25/28		4,248,750
	845		FNMA		7.500		01/01/29		973
	1,420		FNMA		6.500		04/01/29		1,569
	11,598		FNMA		7.500		07/01/29		12,078
	576		FNMA		7.500		02/01/31		610
	3,598		FNMA		7.500		03/01/31		4,217
	2,613		FNMA		7.500		05/01/31		2,857
	1,535		FNMA		6.500		09/01/31		1,714
	18,448		FNMA		6.500		11/01/31		20,592
	51,453		FNMA		6.000		01/01/32		56,244
	324,811		FNMA		6.500		07/01/32		363,726
	292,764		FNMA		4.500		03/25/33		307,733
	46,983		FNMA		6.000		11/01/34		51,380
	82,497		FNMA		6.000		12/01/34		90,676
	401,781		FNMA		6.000		05/01/35		438,886
	10,616		FNMA		7.500		06/01/35		11,627
	58,518		FNMA		5.000		11/01/35		63,102
	450,935	i	FNMA		2.543		02/01/36		479,474
	158,342		FNMA		5.000		02/01/36		168,540
	346,428		FNMA		6.500		02/01/36		382,880
	303,222	i	FNMA		2.392		07/01/36		325,166
	84,339		FNMA		7.000		02/01/37		96,783
	187,229		FNMA		6.500		03/01/37		208,916
	483,553		FNMA		7.000		04/01/37		561,241
	138,004		FNMA		6.500		08/01/37		152,793

20

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	391,090		FNMA		6.000	%	09/01/37	$	436,502
	268,419		FNMA		6.000		09/01/37		294,399
	436,403		FNMA		6.500		09/01/37		482,323
	1,009,514	i	FNMA		2.478		10/01/37		1,076,576
	114,104		FNMA		7.000		11/01/37		123,857
	8,050		FNMA		6.500		03/01/38		9,029
	205,968	i	FNMA		4.961		10/01/38		221,391
	1,536,072		FNMA		5.500		08/01/39		1,679,606
	3,459,016		FNMA		4.500		03/01/40		3,716,677
	6,194,706		FNMA		4.500		09/01/40		6,619,280
	3,320,566		FNMA		4.500		11/01/40		3,555,786
	21,813,967		FNMA		4.500		04/01/41		23,322,528
	10,872,771		FNMA		3.500		02/01/42		11,089,721
	6,157,105		FNMA		3.500		07/01/42		6,276,544
	10,512,519		FNMA		3.500		09/01/42		10,722,893
	3,859,212		FNMA		3.500		10/01/42		3,932,031
	17,922,838		FNMA		3.500		11/01/42		18,281,387
	9,785,451		FNMA		3.500		11/01/42		9,975,242
	1,006,047		FNMA		3.000		02/01/43		984,583
	1,997,685		FNMA		3.000		07/01/43		1,928,297
	1,000,000	h	FNMA		2.500		10/25/43		929,062
	21,000,000	h	FNMA		3.500		10/25/43		21,377,345
	38,000,000	h	FNMA		4.000		10/25/43		39,858,436
	30,000,000	h	FNMA		5.000		10/25/43		32,531,250
	30,000,000	h	FNMA		5.500		10/25/43		32,700,000
	11,000,000	h	FNMA		3.500		11/25/43		11,161,563
	51,000,000	h	FNMA		4.000		11/25/43		53,318,904
	3,000,000	h	FNMA		4.500		11/25/43		3,195,000
	175		Government National Mortgage Association (GNMA)		7.000		01/15/28		200
	1,812		GNMA		7.000		02/15/28		1,873
	637		GNMA		7.000		06/15/28		662
	1,249		GNMA		7.000		06/15/28		1,404
	7,259		GNMA		6.500		09/15/28		8,143
	3,964		GNMA		6.500		09/15/28		4,445
	9,750		GNMA		6.500		11/15/28		10,935
	3,290		GNMA		7.500		11/15/28		3,759
	594		GNMA		8.500		07/15/30		606
	18,296		GNMA		8.500		10/15/30		19,897
	12,605		GNMA		8.500		10/20/30		15,147
	1,696		GNMA		8.500		12/15/30		1,937
	2,520		GNMA		7.000		06/20/31		2,860
	2,053		GNMA		6.500		07/15/31		2,301
	10,821		GNMA		7.000		07/15/31		12,251
	7,336		GNMA		7.000		07/15/31		8,301
	9,777		GNMA		7.500		02/15/32		10,085
	1,002		GNMA		6.500		03/15/33		1,134
	182,260		GNMA		5.500		07/15/33		199,718
	645,165		GNMA		5.500		09/15/33		727,397
	179,610		GNMA		5.500		02/20/35		199,150
	1,131,147		GNMA		5.500		05/20/35		1,254,266
	378,379		GNMA		5.500		02/20/36		417,575
	64,101		GNMA		6.000		10/20/36		70,675

21

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	67,433		GNMA		6.000	%	01/20/37	$	74,333
	221,703		GNMA		6.000		02/20/37		244,385
	76,644		GNMA		5.500		07/15/38		83,862
	479,131		GNMA		5.500		07/20/38		526,944
	186,690		GNMA		6.000		08/20/38		205,258
	212,696		GNMA		6.500		11/20/38		237,356
	1,254,731		GNMA		5.000		06/15/39		1,397,099
	1,181,446		GNMA		4.500		07/20/39		1,279,591
	441,524		GNMA		4.000		08/15/39		466,246
	676,240		GNMA		4.000		10/15/40		717,103
	17,979,053		GNMA		4.000		01/20/42		19,065,291
	25,346,822		GNMA		3.500		03/15/42		26,101,882
	6,000,000	h	GNMA		3.000		10/15/43		5,914,687
	5,000,000	h	GNMA		3.500		10/15/43		5,139,844
	2,000,000	h	GNMA		4.000		10/15/43		2,109,375
	14,000,000	h	GNMA		4.500		10/15/43		15,028,125
	6,000,000	h	GNMA		6.000		10/15/43		6,618,750
	5,000,000	h	GNMA		3.500		10/20/43		5,157,813
	8,000,000	h	GNMA		5.000		10/20/43		8,708,750
	2,531,502		GNMA		6.500		01/15/44		2,667,594
			TOTAL MORTGAGE BACKED						503,511,472
MUNICIPAL BONDS - 3.6%
	445,000		Charlotte-Mecklenburg Hospital Authority		5.000		08/01/15		466,809
	4,265,000		Denver City & County School District No		3.598		12/15/27		3,826,814
	25,000,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		24,888,500
	11,000,000		New York State Urban Development Corp		1.350		03/15/18		10,838,630
	4,420,000		State of Georgia		4.520		10/01/28		4,561,794
	7,985,000		State of Illinois		4.875		07/01/16		8,449,807
	3,000,000		State of Illinois		4.833		02/01/17		3,173,790
	12,000,000		State of Illinois		4.350		06/01/18		12,410,520
	1,845,000		State of Illinois		4.700		01/01/21		1,814,133
	2,560,000		State of Illinois		3.860		04/01/21		2,369,305
	3,030,000		State of Illinois		4.110		04/01/22		2,771,208
	2,195,000		State of Illinois		4.310		04/01/23		2,065,144
	3,470,000		State of Illinois		4.760		04/01/26		3,108,946
	1,765,000		State Public School Building Authority		5.000		09/15/27		1,818,497
	1,000,000		University of Massachusetts Building Authority		0.430		11/01/14		997,750
			TOTAL MUNICIPAL BONDS						83,561,647
U.S. TREASURY SECURITIES - 12.7%
	76,000		United States Treasury Bond		4.500		02/15/36		87,827
	15,970,000		United States Treasury Bond		2.875		05/15/43		13,554,538
	27,500,000		United States Treasury Bond		3.625		08/15/43		27,182,045
	530,000		United States Treasury Note		0.250		02/28/15		530,352
	2,116,000		United States Treasury Note		0.250		05/31/15		2,115,587
	1,500,000		United States Treasury Note		0.375		08/31/15		1,501,758
	6,127,000	l	United States Treasury Note		0.375		11/15/15		6,127,478
	1,550,000		United States Treasury Note		0.375		03/15/16		1,547,094
	86,295,000		United States Treasury Note		0.500		06/15/16		86,214,055
	16,380,000		United States Treasury Note		0.875		09/15/16		16,500,295
	5,440,000		United States Treasury Note		0.875		01/31/18		5,368,600

22

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	73,758,700		United States Treasury Note		1.500	%	08/31/18	$	74,248,532
	25,000,000		United States Treasury Note		1.375		09/30/18		24,982,425
	44,000		United States Treasury Note		2.625		11/15/20		45,760
	34,170,000		United States Treasury Note		2.500		08/15/23		33,822,969
			TOTAL U.S. TREASURY SECURITIES						293,829,315
			TOTAL GOVERNMENT BONDS						979,955,994
			(Cost $974,971,779)
STRUCTURED ASSETS - 17.9%
ASSET BACKED - 10.0%
	2,475,000	g	Ally Master Owner Trust		4.590		04/15/17		2,582,368
			Series - 2010 2 (Class B)
	55,677	g	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		1
			Series - 2006 WMC1 (Class N1)
	1,200,000	g	Avis Budget Rental Car Funding AESOP LLC		5.110		03/20/17		1,291,468
			Series - 2010 5A (Class B)
	9,300,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740		11/20/17		9,963,406
			Series - 2011 3A (Class B)
	1,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		1,072,689
			Series - 2011 5A (Class B)
	9,800,000	g	Avis Budget Rental Car Funding AESOP LLC		3.040		03/20/19		9,867,150
			Series - 2012 3A (Class B)
	436,795	i	Bear Stearns Asset Backed Securities Trust		0.919		11/25/39		426,606
			Series - 2005 SD3 (Class 2A1)
	11,801,719	g,m	Capital Automotive REIT		4.700		07/15/42		11,690,193
			Series - 2012 1A (Class A)
	328,632	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		327,637
			Series - 2002 1 (Class AF6)
	17,368,750	g	CKE Restaurant Holdings, Inc		4.474		03/20/43		17,315,758
			Series - 2013 1A (Class A2)
	252,753	g,i	Credit-Based Asset Servicing and Securitization LLC		6.159		12/25/36		255,586
			Series - 2007 MX1 (Class A1)
	6,410,000	g,i	DB/UBS Mortgage Trust		5.729		11/10/46		6,871,796
			Series - 2011 LC1A (Class C)
	28,073,800	g	Dominos Pizza Master Issuer LLC		5.216		01/25/42		30,147,584
			Series - 2012 1A (Class A2)
	597,928	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		597,174
			Series - 2007 1A (Class AF3)
	11,440,000		Ford Credit Auto Owner Trust		2.930		10/15/18		11,720,657
			Series - 2012 B (Class D)
	7,800,000		Ford Credit Auto Owner Trust		2.430		01/15/19		7,910,744
			Series - 2012 C (Class D)
	9,000,000		Ford Credit Auto Owner Trust		1.860		08/15/19		8,888,418
			Series - 2013 A (Class D)
	5,900,000	g	Hertz Vehicle Financing LLC		4.170		03/25/16		6,073,743
			Series - 2011 1A (Class B1)
	9,285,000	g	Hertz Vehicle Financing LLC		5.930		03/25/16		9,768,266
			Series - 0 2A (Class B2)
	5,000,000	g	Hertz Vehicle Financing LLC		1.860		08/25/17		4,956,210
			Series - 2013 1A (Class B1)

23

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000	g	Hertz Vehicle Financing LLC		4.960	%	03/25/18	$	2,144,344
			Series - 2011 1A (Class B2)
	15,000,000	g	Hertz Vehicle Financing LLC		2.480		08/25/19		14,635,650
			Series - 2013 1A (Class B2)
	1,364,112	i	Lehman XS Trust		0.429		02/25/36		1,209,272
			Series - 2006 1 (Class 1A1)
	2,901,194		Lehman XS Trust		6.500		06/25/46		2,178,249
			Series - 2006 13 (Class 2A1)
	168,302	i	Long Beach Mortgage Loan Trust		0.929		02/25/35		167,261
			Series - 2005 1 (Class M1)
	1,000,000	g,i	Longpoint Re Ltd		4.005		05/18/16		1,017,500
			Series - 2013 144A (Class )
	327,363	i	Park Place Securities, Inc		1.124		09/25/34		326,042
			Series - 2004 WHQ1 (Class M1)
	2,080,286	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.699		01/25/36		2,066,249
			Series - 2005 WCH1 (Class M2)
	1,000,000	g	Rental Car Finance Corp		4.380		02/25/16		1,027,733
			Series - 2011 1A (Class B1)
	71,465	i	Residential Asset Securities Corp		6.489		10/25/30		71,539
			Series - 2001 KS2 (Class AI6)
	249,920	i	Residential Asset Securities Corp		0.609		04/25/35		247,501
			Series - 2005 KS3 (Class M3)
	978,754		Residential Funding Mortgage Securities II, Inc		5.500		08/25/25		1,004,001
			Series - 2006 HI5 (Class A3)
	458,999		Residential Funding Mortgage Securities II, Inc		5.960		02/25/36		465,442
			Series - 2006 HI3 (Class A3)
	185,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		183,260
			Series - 2006 HI1 (Class M2)
	3,000,000	g,i	Sanders Re Ltd		4.005		05/05/17		2,992,500
			Series - 2013 144A (Class )
	19,750,000		Santander Drive Auto Receivables Trust		3.870		02/15/18		20,365,785
			Series - 2012 2 (Class D)
	1,000,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		977,469
			Series - 2013 1 (Class D)
	604,457	i	Securitized Asset Backed Receivables LLC		0.479		10/25/35		589,134
			Series - 2006 OP1 (Class A2C)
	1,401,363	g	Sierra Receivables Funding Co LLC		3.350		04/20/26		1,425,860
			Series - 2011 1A (Class A)
	1,063,872	g	Sierra Receivables Funding Co LLC		4.250		05/20/28		1,093,407
			Series - 2011 2A (Class B)
	1,989,833	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		2,015,326
			Series - 2012 2A (Class B)
	13,505,254	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		13,466,427
			Series - 2013 1A (Class A)
	3,269,693	g	Sierra Receivables Funding Co LLC		2.390		11/20/29		3,266,842
			Series - 2013 1A (Class B)
	4,715,000	g	SLM Student Loan Trust		4.370		04/17/28		5,020,961
			Series - 2011 A (Class A2)
	1,480,000	g	SLM Student Loan Trust		3.740		02/15/29		1,552,952
			Series - 2011 B (Class A2)
	5,213,000	g	SLM Student Loan Trust		4.540		10/17/44		5,690,370
			Series - 2011 C (Class A2B)

24

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,233,000	g	SLM Student Loan Trust		3.830	%	01/17/45	$	4,419,815
			Series - 2012 A (Class A2)
	600,268	i	Soundview Home Equity Loan Trust		0.479		11/25/35		591,400
			Series - 2005 OPT3 (Class A4)
	174,942	i	Structured Asset Investment Loan Trust		0.779		05/25/35		174,129
			Series - 2005 4 (Class M1)
	113,914	i	Structured Asset Investment Loan Trust		0.459		12/25/35		113,665
			Series - 2005 10 (Class A5)
	3,116,714	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.399		10/25/36		3,004,920
			Series - 2006 GEL4 (Class A2)
	5,800,000	g,i	Vitality Re IV Ltd		2.760		01/09/17		5,901,500
			Series - 2013 IV B (Class )
	260,408	g,i	Wachovia Loan Trust		0.539		05/25/35		241,572
			Series - 2005 SD1 (Class A)
	268,410	i	Wells Fargo Home Equity Trust		0.319		07/25/36		265,567
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED						241,641,098
OTHER MORTGAGE BACKED - 7.9%
	5,908,583	g	7 WTC Depositor LLC Trust		4.082		03/13/31		6,165,666
			Series - 2012 7WTC (Class A)
	1,725,000		Banc of America Commercial Mortgage Trust		5.390		10/10/45		1,831,710
			Series - 2006 6 (Class AM)
	5,025,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.568		10/12/41		5,493,139
			Series - 2006 T24 (Class AM)
	12,495,000		Bear Stearns Commercial Mortgage Securities Trust		5.363		02/11/44		12,678,339
			Series - 2007 PW15 (Class AM)
	23,059	g,i	Citigroup Commercial Mortgage Trust		0.322		04/15/22		22,917
			Series - 2007 FL3A (Class A2)
	572,646		Countrywide Alternative Loan Trust		5.500		08/25/16		581,886
			Series - 2004 30CB (Class 1A15)
	489,644		Countrywide Home Loan Mortgage Pass Through Trust		5.250		02/25/16		487,944
			Series - 2005 6 (Class 1A10)
	67,948		Countrywide Home Loan Mortgage Pass Through Trust		5.250		05/25/35		67,469
			Series - 2005 12 (Class 1A5)
	7,100,000		Credit Suisse First Boston Mortgage Securities Corp		4.771		07/15/37		7,386,826
			Series - 2005 C3 (Class AJ)
	3,670,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		3,764,671
			Series - 2005 C5 (Class C)
	402,667	g,i	Credit Suisse Mortgage Capital Certificates		0.362		04/15/22		397,112
			Series - 2007 TF2A (Class A1)
	1,600,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		1,771,290
			Series - 2006 OMA (Class D)
	29,705,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		31,735,069
			Series - 2006 C4 (Class AM)
	820,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		867,984
			Series - 2009 RR1 (Class A3C)
	684,706	i	Impac CMB Trust		0.839		02/25/36		602,691
			Series - 2004 11 (Class 2A1)
	13,475,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		6.140		02/15/51		13,999,676
			Series - 2007 C1 (Class AM)

25

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	765,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911	%	07/15/42	$	764,956
			Series - 2005 LDP2 (Class C)
	3,263,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.196		02/15/51		2,939,062
			Series - 2007 LD12 (Class AJ)
	2,055,000		LB-UBS Commercial Mortgage Trust		5.378		11/15/38		2,207,997
			Series - 2006 C7 (Class AM)
	25,243,000	i	LB-UBS Commercial Mortgage Trust		5.493		02/15/40		26,060,444
			Series - 2007 C2 (Class AM)
	4,845,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		5,087,550
			Series - 2005 C5 (Class AJ)
	571,063	i	Merrill Lynch Mortgage Trust		5.107		07/12/38		605,607
			Series - 2005 CIP1 (Class AM)
	580,000	i	Merrill Lynch Mortgage Trust		6.452		02/12/51		624,593
			Series - 0 C1 (Class AJA)
	1,821,000	i	Morgan Stanley Capital I		5.832		07/12/44		1,923,278
			Series - 2006 HQ9 (Class B)
	3,206,000	i	Morgan Stanley Capital I		5.842		07/12/44		3,261,387
			Series - 2006 HQ9 (Class C)
	415,000	i	Morgan Stanley Capital I		5.544		11/12/49		452,534
			Series - 2007 T25 (Class AM)
	940,062		Residential Accredit Loans, Inc		4.350		03/25/34		958,122
			Series - 2004 QS4 (Class A1)
	2,497,627	i	Residential Accredit Loans, Inc		0.369		05/25/46		1,821,479
			Series - 2006 QO5 (Class 2A1)
	1,552,672	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		1,580,714
			Series - 2012 1A (Class A)
	734,622	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		744,235
			Series - 0 2A (Class A)
	22,655,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		24,118,332
			Series - 2007 C30 (Class AM)
	14,500,000	i	Wachovia Bank Commercial Mortgage Trust		6.166		05/15/46		14,564,192
			Series - 2007 C34 (Class AJ)
	795,000		Wachovia Bank Commercial Mortgage Trust		5.500		04/15/47		884,321
			Series - 2007 C31 (Class A5)
	1,465,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		1,573,476
			Series - 2007 C31 (Class AM)
	5,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		4,787,625
			Series - 2007 C31 (Class AJ)
			TOTAL OTHER MORTGAGE BACKED						182,814,293
			TOTAL STRUCTURED ASSETS						424,455,391
			(Cost $425,018,774)
			TOTAL BONDS						2,269,359,822
			(Cost $2,265,771,390)
SHORT-TERM INVESTMENTS - 13.6%
GOVERNMENT AGENCY DEBT - 2.8%
	3,000,000		Federal Home Loan Bank (FHLB)		0.055		02/26/14		2,999,631
	30,000,000		FHLB		0.025		12/20/13		29,998,680
	25,400,000	d	Federal National Mortgage Association (FNMA)		0.030		10/07/13		25,399,873

26

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	7,600,000	d	FNMA		0.050	%	10/16/13	$	7,599,842
			TOTAL GOVERNMENT AGENCY DEBT						65,998,026
TREASURY DEBT - 10.8%
	9,800,000	d	United States Treasury Bill		0.020		10/03/13		9,799,989
	2,400,000	d	United States Treasury Bill		0.040		10/10/13		2,399,976
	5,500,000	d	United States Treasury Bill		0.081		10/17/13		5,499,802
	7,000,000	d	United States Treasury Bill		0.035-0.046		10/31/13		6,999,787
	5,000,000	d	United States Treasury Bill		0.060		11/07/13		4,999,692
	8,500,000	d	United States Treasury Bill		0.070		11/14/13		8,499,273
	16,500,000	d	United States Treasury Bill		0.071		12/05/13		16,499,851
	38,000,000	d	United States Treasury Bill		0.040		12/19/13		37,998,746
	8,500,000	d	United States Treasury Bill		0.056		02/27/14		8,499,651
	23,000,000	d	United States Treasury Bill		0.070		05/01/14		22,994,250
	16,000,000	d	United States Treasury Bill		0.101-0.108		07/24/14		15,991,776
	98,000,000	d	United States Treasury Bill		0.106		08/21/14		97,933,850
	12,200,000		United States Treasury Note		1.250		04/15/14		12,276,726
			TOTAL TREASURY DEBT						250,393,369
			TOTAL SHORT-TERM INVESTMENTS						316,391,395
			(Cost $316,350,504)
			TOTAL INVESTMENTS - 111.8%						2,592,138,821
			(Cost $2,588,521,930)
			OTHER ASSETS & LIABILITIES, NET - (11.8)%						(274,428,537	)
			NET ASSETS - 100.0%					$	2,317,710,284

	Abbreviation(s):
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. Such securities are deemed liquid and may be re-sold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities was $439,872,565 or 19.0% 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.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
m	Indicates a security that has been deemed illiquid.

27

TIAA-CREF FUNDS - Bond Index Fund

TIAA-CREF FUNDS

BOND INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2013

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 99.4%
CORPORATE BONDS - 23.6%
AUTOMOBILES & COMPONENTS - 0.1%
$	50,000	BorgWarner, Inc		4.625	%	09/15/20	$	52,820
	500,000	Ford Motor Co		7.450		07/16/31		610,197
	650,000	Ford Motor Co		4.750		01/15/43		580,108
	200,000	Harsco Corp		5.750		05/15/18		212,966
	400,000	Honeywell International, Inc		5.400		03/15/16		442,449
	300,000	Honeywell International, Inc		5.300		03/01/18		343,374
	400,000	Honeywell International, Inc		5.000		02/15/19		457,708
	282,000	Honeywell International, Inc		5.700		03/15/37		324,356
	210,000	Johnson Controls, Inc		5.500		01/15/16		229,657
	150,000	Johnson Controls, Inc		2.600		12/01/16		155,291
	160,000	Johnson Controls, Inc		4.250		03/01/21		166,843
	270,000	Johnson Controls, Inc		6.000		01/15/36		291,854
		TOTAL AUTOMOBILES & COMPONENTS						3,867,623
BANKS - 2.6%
	100,000	Allied World Assurance Co Ltd		7.500		08/01/16		116,173
	1,800,000	Asian Development Bank		0.875		06/10/14		1,807,740
	1,750,000	Asian Development Bank		2.500		03/15/16		1,832,075
	2,000,000	Asian Development Bank		1.125		03/15/17		2,009,600
	75,000	Asian Development Bank		5.820		06/16/28		92,067
	200,000	Australia & New Zealand Banking Group Ltd		0.900		02/12/16		199,842
	500,000	Australia & New Zealand Banking Group Ltd		1.450		05/15/18		486,207
	500,000	Banco do Brasil S.A.		3.875		01/23/17		507,500
	200,000	Banco do Brasil S.A.		3.875		10/10/22		173,000
	100,000	Bancolombia S.A.		4.250		01/12/16		103,250
	200,000	Bancolombia S.A.		5.950		06/03/21		203,000
	500,000	Bank of America Corp		5.420		03/15/17		548,666
	500,000	Bank of Montreal		1.300		07/15/16		502,268
	400,000	Bank of Montreal		1.450		04/09/18		390,890
	300,000	Bank of Montreal		2.375		01/25/19		300,085
	500,000	Bank of New York Mellon Corp		0.700		03/04/16		495,537
	200,000	Bank of Nova Scotia		0.750		10/09/15		199,981
	750,000	Bank of Nova Scotia		1.375		07/15/16		755,144
	350,000	Bank of Nova Scotia		1.450		04/25/18		341,952
	500,000	Barclays Bank plc		5.140		10/14/20		522,244
	500,000	BB&T Corp		5.200		12/23/15		542,283
	100,000	BB&T Corp		3.200		03/15/16		104,793
	200,000	BB&T Corp		2.150		03/22/17		203,264
	70,000	BB&T Corp		4.900		06/30/17		76,831
	150,000	BB&T Corp		1.600		08/15/17		148,941
	300,000	BB&T Corp		1.450		01/12/18		292,912
	200,000	BB&T Corp		2.050		06/19/18		199,198

28

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	400,000		BB&T Corp		6.850	%	04/30/19	$	488,625
	200,000		BB&T Corp		3.950		03/22/22		199,325
	150,000		BBVA US Senior SAU		3.250		05/16/14		151,656
	500,000		BBVA US Senior SAU		4.664		10/09/15		520,600
	460,000		BHP Billiton Finance Ltd		5.400		03/29/17		518,787
	400,000		BHP Billiton Finance USA Ltd		5.500		04/01/14		410,445
	300,000		BHP Billiton Finance USA Ltd		1.000		02/24/15		302,267
	500,000		BHP Billiton Finance USA Ltd		1.625		02/24/17		503,055
	300,000		BHP Billiton Finance USA Ltd		2.050		09/30/18		300,430
	450,000		BHP Billiton Finance USA Ltd		6.500		04/01/19		537,799
	100,000		BHP Billiton Finance USA Ltd		3.250		11/21/21		99,240
	800,000		BHP Billiton Finance USA Ltd		2.875		02/24/22		764,614
	375,000		BHP Billiton Finance USA Ltd		3.850		09/30/23		377,875
	200,000		BHP Billiton Finance USA Ltd		4.125		02/24/42		179,985
	1,000,000		BNP Paribas S.A.		2.700		08/20/18		1,011,437
	300,000		BPCE S.A.		1.700		04/25/16		301,020
	200,000		Branch Banking & Trust Co		1.450		10/03/16		201,183
	400,000		Canadian Imperial Bank of Commerce		1.350		07/18/16		403,249
	972,000		Capital One Bank USA NA		3.375		02/15/23		909,158
	250,000		Capital One NA		1.500		03/22/18		242,697
	350,000		Citigroup, Inc		2.650		03/02/15		357,864
	1,750,000		Citigroup, Inc		3.953		06/15/16		1,862,957
	200,000		Citigroup, Inc		4.450		01/10/17		216,554
	11,000		Citigroup, Inc		6.000		08/15/17		12,572
	915,000		Citigroup, Inc		6.125		11/21/17		1,052,231
	407,000		Citigroup, Inc		6.125		05/15/18		470,755
	300,000		Citigroup, Inc		2.500		09/26/18		298,334
	2,810,000		Citigroup, Inc		5.375		08/09/20		3,143,331
	2,700,000		Citigroup, Inc		4.500		01/14/22		2,829,686
	400,000		Citigroup, Inc		5.500		09/13/25		411,381
	344,000		Citigroup, Inc		6.875		03/05/38		425,260
	225,000		Citigroup, Inc		6.675		09/13/43		242,301
	250,000		Comerica Bank		5.750		11/21/16		282,612
	50,000		Comerica Bank		5.200		08/22/17		55,676
	600,000		Commonwealth Bank of Australia		2.500		09/20/18		607,320
	400,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.375		01/19/17		425,614
	275,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		1.700		03/19/18		271,500
	1,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		1,001,219
	375,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		359,799
	200,000		Corpbanca S.A.		3.125		01/15/18		182,369
	700,000		Deutsche Bank AG		3.875		08/18/14		719,591
	900,000		Deutsche Bank AG		3.450		03/30/15		935,989
	1,350,000		Deutsche Bank AG		3.250		01/11/16		1,416,379
	500,000	i	Deutsche Bank AG		4.296		05/24/28		451,579
	400,000		Discover Bank		2.000		02/21/18		391,095
	215,000		Discover Bank		7.000		04/15/20		253,283
	100,000		Discover Bank		4.200		08/08/23		99,698
	450,000		Fifth Third Bancorp		3.625		01/25/16		474,754
	200,000		Fifth Third Bancorp		3.500		03/15/22		197,586
	140,000		Fifth Third Bancorp		8.250		03/01/38		181,129
	250,000		Fifth Third Bank		4.750		02/01/15		262,078
	500,000		Fifth Third Bank		1.450		02/28/18		485,980

29

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		First Horizon National Corp		5.375	%	12/15/15	$	108,070
	200,000		First Niagara Financial Group, Inc		7.250		12/15/21		232,620
	100,000		FirstMerit Corp		4.350		02/04/23		98,732
	400,000	g	HSBC Bank plc		1.500		05/15/18		388,807
	750,000		HSBC Bank USA NA		4.875		08/24/20		808,009
	266,000		HSBC Bank USA NA		5.875		11/01/34		286,254
	33,000		HSBC Bank USA NA		7.000		01/15/39		39,601
	150,000		HSBC Holdings plc		4.875		01/14/22		161,829
	1,925,000		HSBC Holdings plc		6.500		09/15/37		2,181,739
	550,000		HSBC Holdings plc		6.100		01/14/42		651,150
	700,000		HSBC USA, Inc		2.375		02/13/15		715,712
	1,000,000		HSBC USA, Inc		1.625		01/16/18		980,229
	750,000		HSBC USA, Inc		2.625		09/24/18		759,994
	200,000		Huntington Bancshares, Inc		2.600		08/02/18		200,090
	250,000		Huntington National Bank		1.350		08/02/16		249,834
	750,000		Inter-American Development Bank		1.375		07/15/20		704,799
	300,000		Intesa Sanpaolo S.p.A		3.125		01/15/16		299,565
	625,000		Intesa Sanpaolo S.p.A		3.875		01/16/18		614,441
	1,475,000		JPMorgan Chase & Co		2.050		01/24/14		1,482,834
	634,000		JPMorgan Chase & Co		5.125		09/15/14		660,053
	225,000		JPMorgan Chase & Co		3.700		01/20/15		233,032
	800,000		JPMorgan Chase & Co		1.875		03/20/15		812,554
	1,610,000		JPMorgan Chase & Co		3.400		06/24/15		1,677,465
	700,000		JPMorgan Chase & Co		5.150		10/01/15		753,255
	1,000,000		JPMorgan Chase & Co		1.125		02/26/16		998,846
	1,250,000		JPMorgan Chase & Co		3.450		03/01/16		1,316,211
	300,000		JPMorgan Chase & Co		3.150		07/05/16		314,772
	335,000		JPMorgan Chase & Co		6.000		01/15/18		384,687
	400,000		JPMorgan Chase & Co		1.800		01/25/18		394,430
	500,000		JPMorgan Chase & Co		1.625		05/15/18		484,232
	180,000		JPMorgan Chase & Co		4.950		03/25/20		196,894
	700,000		JPMorgan Chase & Co		4.400		07/22/20		740,977
	1,820,000		JPMorgan Chase & Co		4.250		10/15/20		1,908,223
	750,000		JPMorgan Chase & Co		4.625		05/10/21		799,310
	1,950,000		JPMorgan Chase & Co		4.350		08/15/21		2,019,948
	1,000,000		JPMorgan Chase & Co		4.500		01/24/22		1,043,102
	2,150,000		JPMorgan Chase & Co		3.250		09/23/22		2,028,295
	600,000		JPMorgan Chase & Co		3.200		01/25/23		561,311
	958,000		JPMorgan Chase & Co		5.500		10/15/40		1,019,425
	1,000,000		JPMorgan Chase & Co		5.625		08/16/43		993,224
	50,000		KeyBank NA		5.800		07/01/14		51,876
	500,000		KeyBank NA		1.650		02/01/18		490,945
	600,000		KeyCorp		3.750		08/13/15		630,405
	150,000		KeyCorp		5.100		03/24/21		165,175
	200,000		Manufacturers & Traders Trust Co		1.450		03/07/18		195,613
	280,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		287,280
	250,000		National Australia Bank		2.000		03/09/15		255,043
	250,000		National Australia Bank		2.750		03/09/17		259,484
	250,000		National Australia Bank Ltd		1.600		08/07/15		254,002
	400,000		National Australia Bank Ltd		0.900		01/20/16		399,511
	300,000		National Australia Bank Ltd		1.300		07/25/16		301,374
	300,000		National Australia Bank Ltd		2.300		07/25/18		302,458

30

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	400,000		National Australia Bank Ltd		3.000	%	01/20/23	$	374,903
	250,000		National Bank of Canada		1.500		06/26/15		253,413
	500,000		National Bank of Canada		1.450		11/07/17		490,988
	500,000		Nordic Investment Bank		2.250		03/15/16		520,500
	1,500,000		Nordic Investment Bank		0.750		01/17/18		1,465,737
	350,000		Northern Trust Corp		2.375		08/02/22		327,489
	100,000		People’s United Financial, Inc		3.650		12/06/22		95,277
	200,000		PNC Bank NA		0.800		01/28/16		199,295
	300,000		PNC Bank NA		1.300		10/03/16		301,080
	750,000		PNC Bank NA		2.700		11/01/22		683,504
	500,000		PNC Bank NA		2.950		01/30/23		462,880
	150,000	i	PNC Financial Services Group, Inc		2.854		11/09/22		138,649
	580,000		PNC Funding Corp		5.400		06/10/14		599,489
	700,000		PNC Funding Corp		2.700		09/19/16		727,518
	645,000		PNC Funding Corp		5.125		02/08/20		717,458
	50,000		PNC Funding Corp		4.375		08/11/20		53,693
	400,000		PNC Funding Corp		3.300		03/08/22		390,843
	71,000		Regions Financial Corp		7.750		11/10/14		76,250
	350,000		Regions Financial Corp		2.000		05/15/18		339,730
	500,000		Royal Bank of Canada		0.800		10/30/15		500,466
	750,000		Royal Bank of Canada		1.125		07/22/16		750,821
	700,000		Royal Bank of Canada		1.450		09/09/16		706,771
	500,000		Royal Bank of Canada		1.200		09/19/17		494,069
	300,000		Royal Bank of Canada		1.500		01/16/18		295,329
	500,000		Royal Bank of Canada		2.200		07/27/18		501,597
	500,000		Royal Bank of Canada		2.000		10/01/18		500,631
	1,250,000		Royal Bank of Scotland Group plc		2.550		09/18/15		1,276,825
	250,000		Royal Bank of Scotland Group plc		6.400		10/21/19		285,708
	750,000		Royal Bank of Scotland plc		6.125		01/11/21		845,759
	150,000		Santander Holdings USA, Inc		3.000		09/24/15		154,348
	200,000		Santander Holdings USA, Inc		3.450		08/27/18		204,256
	400,000		Societe Generale S.A.		2.625		10/01/18		400,845
	250,000		Sovereign Bank		8.750		05/30/18		298,356
	300,000		Sumitomo Mitsui Banking Corp		0.900		01/18/16		299,024
	250,000		Sumitomo Mitsui Banking Corp		1.800		07/18/17		249,637
	300,000		Sumitomo Mitsui Banking Corp		1.500		01/18/18		292,531
	250,000		Sumitomo Mitsui Banking Corp		3.200		07/18/22		239,462
	300,000		Sumitomo Mitsui Banking Corp		3.000		01/18/23		282,086
	100,000		SunTrust Banks, Inc		3.600		04/15/16		105,573
	150,000		SunTrust Banks, Inc		3.500		01/20/17		158,621
	100,000		SunTrust Banks, Inc		6.000		09/11/17		114,507
	300,000		SunTrust Banks, Inc		7.250		03/15/18		358,124
	50,000		SVB Financial Group		5.375		09/15/20		55,028
	200,000		Svenska Handelsbanken AB		3.125		07/12/16		209,613
	300,000		Svenska Handelsbanken AB		2.875		04/04/17		312,254
	500,000		Svenska Handelsbanken AB		1.625		03/21/18		490,561
	300,000		Svenska Handelsbanken AB		2.500		01/25/19		301,199
	300,000		Toronto-Dominion Bank		2.500		07/14/16		311,771
	300,000		Toronto-Dominion Bank		1.500		09/09/16		303,856
	650,000		Toronto-Dominion Bank		2.375		10/19/16		672,292
	400,000		Toronto-Dominion Bank		1.400		04/30/18		390,249
	300,000		Toronto-Dominion Bank		2.625		09/10/18		306,926

31

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	250,000		Union Bank NA		1.500	%	09/26/16	$	251,305
	250,000		Union Bank NA		2.625		09/26/18		252,416
	315,000		Union Bank of California NA		5.950		05/11/16		350,050
	60,000		UnionBanCal Corp		5.250		12/16/13		60,591
	225,000		UnionBanCal Corp		3.500		06/18/22		219,745
	300,000		US Bancorp		2.200		11/15/16		309,048
	940,000		US Bancorp		1.650		05/15/17		945,492
	325,000		US Bancorp		3.000		03/15/22		316,984
	200,000		US Bancorp		2.950		07/15/22		188,153
	250,000	i	US Bank NA		3.778		04/29/20		260,588
	692,000		Wachovia Bank NA		4.800		11/01/14		723,292
	1,110,000		Wachovia Bank NA		5.850		02/01/37		1,238,668
	2,600,000		Wells Fargo & Co		1.250		02/13/15		2,621,645
	1,000,000		Wells Fargo & Co		1.500		07/01/15		1,012,541
	650,000	i	Wells Fargo & Co		3.676		06/15/16		692,747
	300,000		Wells Fargo & Co		5.125		09/15/16		331,505
	1,250,000		Wells Fargo & Co		2.100		05/08/17		1,276,179
	1,400,000		Wells Fargo & Co		1.500		01/16/18		1,377,632
	1,200,000		Wells Fargo & Co		4.600		04/01/21		1,303,060
	2,500,000		Wells Fargo & Co		3.500		03/08/22		2,502,270
	700,000		Wells Fargo & Co		3.450		02/13/23		655,174
	500,000		Wells Fargo & Co		4.125		08/15/23		489,569
	264,000		Wells Fargo & Co		5.375		02/07/35		282,214
	20,000		Western Union Co		5.930		10/01/16		22,271
	500,000		Western Union Co		2.875		12/10/17		510,807
	100,000		Western Union Co		3.650		08/22/18		103,763
	400,000		Western Union Co		5.253		04/01/20		424,489
	1,455,000		Westpac Banking Corp		3.000		08/04/15		1,517,446
	500,000		Westpac Banking Corp		1.125		09/25/15		503,629
	150,000		Westpac Banking Corp		3.000		12/09/15		156,978
	400,000		Westpac Banking Corp		2.000		08/14/17		404,922
	750,000		Westpac Banking Corp		1.600		01/12/18		739,288
	75,000		Westpac Banking Corp		4.875		11/19/19		83,931
			TOTAL BANKS						118,871,270
CAPITAL GOODS - 0.7%
	250,000		Agilent Technologies, Inc		6.500		11/01/17		292,346
	100,000		Agilent Technologies, Inc		5.000		07/15/20		107,685
	100,000		Agilent Technologies, Inc		3.200		10/01/22		92,806
	400,000		Agilent Technologies, Inc		3.875		07/15/23		388,462
	200,000		Applied Materials, Inc		4.300		06/15/21		209,371
	100,000		Applied Materials, Inc		5.850		06/15/41		104,182
	200,000		Arrow Electronics, Inc		3.000		03/01/18		201,732
	200,000		Arrow Electronics, Inc		5.125		03/01/21		207,575
	225,000		Avnet, Inc		6.625		09/15/16		254,498
	300,000		Avnet, Inc		4.875		12/01/22		302,359
	100,000		Cameron International Corp		6.375		07/15/18		117,661
	150,000		Cameron International Corp		3.600		04/30/22		150,568
	100,000		Cameron International Corp		5.950		06/01/41		111,849
	100,000		Carlisle Cos, Inc		5.125		12/15/20		105,580
	100,000		Carlisle Cos, Inc		3.750		11/15/22		96,270
	250,000		Caterpillar Financial Services Corp		2.050		08/01/16		257,131

32

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000		Caterpillar Financial Services Corp		1.750	%	03/24/17	$	300,651
	500,000		Caterpillar Financial Services Corp		1.625		06/01/17		501,333
	500,000		Caterpillar Financial Services Corp		5.850		09/01/17		576,759
	500,000		Caterpillar Financial Services Corp		1.250		11/06/17		490,759
	200,000		Caterpillar Financial Services Corp		5.450		04/15/18		229,858
	200,000		Caterpillar Financial Services Corp		2.450		09/06/18		203,637
	1,361,000		Caterpillar Financial Services Corp		7.150		02/15/19		1,676,200
	50,000		Caterpillar, Inc		5.700		08/15/16		56,436
	150,000		Caterpillar, Inc		1.500		06/26/17		149,190
	200,000		Caterpillar, Inc		3.900		05/27/21		209,189
	200,000		Caterpillar, Inc		2.600		06/26/22		187,457
	438,000		Caterpillar, Inc		3.803		08/15/42		374,902
	175,000		CC Holdings GS V LLC		3.849		04/15/23		157,803
	75,000		CRH America, Inc		5.300		10/15/13		75,113
	150,000		CRH America, Inc		4.125		01/15/16		157,682
	350,000		CRH America, Inc		6.000		09/30/16		393,785
	300,000		CRH America, Inc		5.750		01/15/21		331,129
	200,000		Cummins, Inc		3.650		10/01/23		201,355
	200,000		Cummins, Inc		4.875		10/01/43		203,240
	450,000		Danaher Corp		5.625		01/15/18		518,636
	200,000		Danaher Corp		3.900		06/23/21		212,557
	150,000		Deere & Co		2.600		06/08/22		141,505
	218,000		Deere & Co		5.375		10/16/29		244,356
	350,000		Deere & Co		3.900		06/09/42		309,547
	200,000		Dover Corp		4.875		10/15/15		216,300
	150,000		Dover Corp		5.450		03/15/18		171,517
	100,000		Dover Corp		5.375		03/01/41		109,978
	200,000		Eaton Corp		5.600		05/15/18		228,185
	300,000		Emerson Electric Co		5.250		10/15/18		341,993
	400,000		Emerson Electric Co		4.875		10/15/19		454,342
	350,000		Emerson Electric Co		2.625		02/15/23		331,980
	100,000		Energizer Holdings, Inc		4.700		05/19/21		102,788
	100,000		Energizer Holdings, Inc		4.700		05/24/22		101,362
	150,000		Flowserve Corp		3.500		09/15/22		141,617
	100,000		FMC Technologies, Inc		2.000		10/01/17		98,900
	100,000		FMC Technologies, Inc		3.450		10/01/22		95,899
	300,000		General Dynamics Corp		2.250		07/15/16		310,486
	600,000		General Dynamics Corp		1.000		11/15/17		583,610
	600,000		General Dynamics Corp		2.250		11/15/22		543,320
	225,000		General Dynamics Corp		3.600		11/15/42		187,764
	100,000		IDEX Corp		4.500		12/15/20		103,620
	200,000		IDEX Corp		4.200		12/15/21		201,786
	100,000		Illinois Tool Works, Inc		6.250		04/01/19		119,881
	200,000		Illinois Tool Works, Inc		4.875		09/15/41		201,601
	500,000		Illinois Tool Works, Inc		3.900		09/01/42		431,993
	170,000		Ingersoll-Rand Global Holding Co Ltd		6.875		08/15/18		201,479
	250,000	g	Ingersoll-Rand Global Holding Co Ltd		2.875		01/15/19		249,204
	300,000	g	Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		297,931
	200,000	g	Ingersoll-Rand Global Holding Co Ltd		5.750		06/15/43		205,715
	500,000		John Deere Capital Corp		1.300		03/12/18		490,222
	100,000		Joy Global, Inc		5.125		10/15/21		105,433
	200,000		Kennametal, Inc		2.650		11/01/19		193,217

33

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	150,000		Kennametal, Inc		3.875	%	02/15/22	$	145,070
	100,000		KLA-Tencor Corp		6.900		05/01/18		117,782
	100,000		Legrand France S.A.		8.500		02/15/25		127,078
	400,000		Lockheed Martin Corp		7.650		05/01/16		467,814
	200,000		Lockheed Martin Corp		3.350		09/15/21		199,759
	350,000		Lockheed Martin Corp		4.850		09/15/41		347,241
	608,000		Lockheed Martin Corp		4.070		12/15/42		534,153
	100,000		Mosaic Co		4.875		11/15/41		91,476
	300,000		National Oilwell Varco, Inc		2.600		12/01/22		278,601
	300,000		National Oilwell Varco, Inc		3.950		12/01/42		269,651
	250,000		Parker Hannifin Corp		3.500		09/15/22		251,197
	275,000		Pentair Finance S.A.		1.350		12/01/15		276,025
	225,000		Pentair Finance S.A.		2.650		12/01/19		216,054
	100,000		Pentair Finance S.A.		3.150		09/15/22		92,322
	275,000		Precision Castparts Corp		2.500		01/15/23		253,413
	50,000		Raytheon Co		4.400		02/15/20		53,916
	450,000		Raytheon Co		3.125		10/15/20		456,476
	500,000		Raytheon Co		2.500		12/15/22		458,449
	200,000		Raytheon Co		7.200		08/15/27		250,805
	100,000		Raytheon Co		4.700		12/15/41		98,580
	300,000		Reliance Steel & Aluminum Co		4.500		04/15/23		292,788
	100,000		Rockwell Automation, Inc		6.250		12/01/37		119,277
	100,000		Rockwell Collins, Inc		3.100		11/15/21		98,114
	200,000		Roper Industries, Inc		1.850		11/15/17		199,135
	125,000		Roper Industries, Inc		2.050		10/01/18		122,607
	100,000		Roper Industries, Inc		6.250		09/01/19		116,190
	200,000		Roper Industries, Inc		3.125		11/15/22		187,213
	100,000		Snap-on, Inc		4.250		01/15/18		105,234
	250,000		Stanley Black & Decker, Inc		3.400		12/01/21		247,928
	600,000		Stanley Black & Decker, Inc		2.900		11/01/22		563,387
	100,000		Stanley Black & Decker, Inc		5.200		09/01/40		101,569
	250,000		Textron, Inc		5.600		12/01/17		275,860
	200,000		Tupperware Brands Corp		4.750		06/01/21		202,902
	600,000	g	Turlock Corp		1.500		11/02/17		591,556
	325,000	g	Turlock Corp		2.750		11/02/22		302,865
	150,000	g	Turlock Corp		4.000		11/02/32		137,894
	250,000	g	Turlock Corp		4.150		11/02/42		222,084
	21,000		Tyco International Finance S.A.		3.375		10/15/15		21,904
	83,000		Tyco International Finance S.A.		8.500		01/15/19		102,674
	500,000		United Technologies Corp		4.875		05/01/15		534,132
	250,000		United Technologies Corp		1.800		06/01/17		254,367
	1,400,000		United Technologies Corp		5.375		12/15/17		1,608,305
	490,000		United Technologies Corp		4.500		04/15/20		541,967
	325,000		United Technologies Corp		3.100		06/01/22		319,714
	280,000		United Technologies Corp		5.400		05/01/35		309,947
	280,000		United Technologies Corp		6.050		06/01/36		330,512
	145,000		United Technologies Corp		5.700		04/15/40		165,606
	1,350,000		United Technologies Corp		4.500		06/01/42		1,311,391
	100,000		Valmont Industries, Inc		6.625		04/20/20		115,066
	100,000		Xylem, Inc		3.550		09/20/16		104,810
	300,000		Xylem, Inc		4.875		10/01/21		315,352
			TOTAL CAPITAL GOODS						32,633,489

34

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
$	700,000		ADT Corp		2.250	%	07/15/17	$	668,519
	200,000		ADT Corp		4.875		07/15/42		147,685
	200,000		Celgene Corp		1.900		08/15/17		200,671
	300,000		Celgene Corp		2.300		08/15/18		299,863
	200,000		Celgene Corp		3.950		10/15/20		205,349
	300,000		Celgene Corp		3.250		08/15/22		284,470
	300,000		Celgene Corp		5.250		08/15/43		297,206
	30,000		Corp Andina de Fomento		5.125		05/05/15		31,640
	500,000		Corp Andina de Fomento		3.750		01/15/16		522,339
	527,000		Corp Andina de Fomento		4.375		06/15/22		525,000
	1,000,000		Council of Europe Development Bank		2.625		02/16/16		1,046,500
	500,000		Council of Europe Development Bank		1.500		06/19/17		504,800
	500,000		Council Of Europe Development Bank		1.125		05/31/18		488,615
	300,000		Daimler Finance North America LLC		8.500		01/18/31		430,643
	300,000		eBay, Inc		0.700		07/15/15		300,932
	300,000		eBay, Inc		1.350		07/15/17		297,915
	200,000		eBay, Inc		3.250		10/15/20		204,073
	400,000		eBay, Inc		2.600		07/15/22		371,896
	200,000		eBay, Inc		4.000		07/15/42		169,052
	150,000		Equifax, Inc		6.300		07/01/17		170,307
	200,000		Equifax, Inc		3.300		12/15/22		187,580
	1,000,000		European Investment Bank		0.625		04/15/16		999,276
	750,000		European Investment Bank		1.000		03/15/18		732,502
	500,000		European Investment Bank		1.000		06/15/18		485,154
	500,000		Howard Hughes Medical Institute		3.500		09/01/23		498,831
	500,000		International Bank for Reconstruction & Development		2.125		02/13/23		470,296
	200,000		McGraw-Hill Cos, Inc		5.900		11/15/17		216,348
	300,000		Moody’s Corp		4.500		09/01/22		299,613
	400,000		Moody’s Corp		4.875		02/15/24		400,871
	200,000	g	News America, Inc		4.000		10/01/23		200,208
	225,000	g	News America, Inc		5.400		10/01/43		225,267
	44,000		Quest Diagnostics, Inc		5.450		11/01/15		47,698
	400,000		Quest Diagnostics, Inc		4.700		04/01/21		422,826
	150,000		Quest Diagnostics, Inc		6.950		07/01/37		169,924
	329,000		Reed Elsevier Capital, Inc		3.125		10/15/22		304,578
	63,000		Republic Services, Inc		5.500		09/15/19		71,195
	265,000		Republic Services, Inc		5.000		03/01/20		288,958
	580,000		Republic Services, Inc		5.250		11/15/21		636,236
	250,000		Republic Services, Inc		3.550		06/01/22		244,021
	30,000		Republic Services, Inc		6.200		03/01/40		34,224
	300,000		Republic Services, Inc		5.700		05/15/41		321,750
	150,000		SAIC, Inc		4.450		12/01/20		153,883
	100,000		Svensk Exportkredit AB		3.250		09/16/14		102,818
	500,000		Svensk Exportkredit AB		1.750		05/30/17		509,790
	300,000		Thomson Corp		5.700		10/01/14		314,796
	300,000		Thomson Reuters Corp		0.875		05/23/16		298,219
	345,000		Thomson Reuters Corp		6.500		07/15/18		405,820
	145,000		Thomson Reuters Corp		5.850		04/15/40		153,254
	400,000		Thomson Reuters Corp		4.500		05/23/43		344,841
	200,000	g	URS Corp		5.500		04/01/22		201,232

35

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	25,000	Vanderbilt University		5.250	%	04/01/19	$	28,661
	310,000	Waste Management, Inc		4.600		03/01/21		330,680
	850,000	Waste Management, Inc		2.900		09/15/22		791,964
	255,000	Waste Management, Inc		6.125		11/30/39		291,616
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						18,352,405
CONSUMER DURABLES & APPAREL - 0.1%
	100,000	Hasbro, Inc		6.125		05/15/14		103,240
	100,000	Hasbro, Inc		6.350		03/15/40		108,504
	200,000	Leggett & Platt, Inc		3.400		08/15/22		192,307
	150,000	Mattel, Inc		1.700		03/15/18		147,277
	100,000	Mattel, Inc		4.350		10/01/20		105,759
	150,000	Mattel, Inc		3.150		03/15/23		142,694
	100,000	Mattel, Inc		5.450		11/01/41		101,112
	100,000	MDC Holdings, Inc		6.000		01/15/43		86,741
	100,000	Mohawk Industries, Inc		3.850		02/01/23		95,182
	100,000	Newell Rubbermaid, Inc		4.700		08/15/20		106,528
	200,000	Newell Rubbermaid, Inc		4.000		06/15/22		199,449
	300,000	NIKE, Inc		2.250		05/01/23		273,908
	300,000	NIKE, Inc		3.625		05/01/43		259,419
	150,000	NVR, Inc		3.950		09/15/22		145,293
	200,000	Ralph Lauren Corp		2.125		09/26/18		200,422
	300,000	Rio Tinto Finance USA plc		1.375		06/17/16		300,087
	220,000	VF Corp		6.450		11/01/37		251,819
	200,000	Whirlpool Corp		8.600		05/01/14		208,943
	150,000	Whirlpool Corp		4.700		06/01/22		156,863
	100,000	Whirlpool Corp		3.700		03/01/23		96,769
	100,000	Whirlpool Corp		5.150		03/01/43		95,878
	200,000	Xerox Corp		6.750		12/15/39		221,025
		TOTAL CONSUMER DURABLES & APPAREL						3,599,219
CONSUMER SERVICES - 0.3%
	200,000	Board of Trustees of The Leland Stanford Junior University		3.625		05/01/14		203,761
	100,000	Board of Trustees of The Leland Stanford Junior University		4.750		05/01/19		113,542
	200,000	Brinker International, Inc		3.875		05/15/23		187,827
	500,000	Catholic Health Initiatives		2.950		11/01/22		464,425
	100,000	Cintas Corp No 2		4.300		06/01/21		105,213
	200,000	Cintas Corp No 2		3.250		06/01/22		194,574
	500,000	Continental Airlines		4.150		04/11/24		491,875
	100,000	Cornell University		5.450		02/01/19		116,249
	100,000	Darden Restaurants, Inc		6.200		10/15/17		111,910
	200,000	Darden Restaurants, Inc		3.350		11/01/22		181,373
	100,000	Darden Restaurants, Inc		6.800		10/15/37		105,865
	75,000	Dartmouth College		4.750		06/01/19		85,170
	300,000	Dun & Bradstreet Corp		3.250		12/01/17		302,559
	100,000	George Washington University		3.485		09/15/22		98,769
	175,000	GlaxoSmithKline Capital plc		0.750		05/08/15		175,682
	300,000	GlaxoSmithKline Capital plc		1.500		05/08/17		301,683
	300,000	GlaxoSmithKline Capital plc		2.850		05/08/22		287,843
	100,000	Hyatt Hotels Corp		3.875		08/15/16		106,270
	200,000	Hyatt Hotels Corp		3.375		07/15/23		186,893
	75,000	Johns Hopkins University		5.250		07/01/19		86,015

36

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Marriott International, Inc		3.000	%	03/01/19	$	202,492
	200,000	Marriott International, Inc		3.375		10/15/20		199,348
	200,000	Marriott International, Inc		3.250		09/15/22		189,279
	250,000	Massachusetts Institute of Technology		5.600		07/01/11		293,448
	300,000	McDonald’s Corp		1.875		05/29/19		296,896
	720,000	McDonald’s Corp		3.500		07/15/20		752,406
	550,000	McDonald’s Corp		2.625		01/15/22		530,747
	280,000	McDonald’s Corp		6.300		03/01/38		348,323
	500,000	McDonald’s Corp		3.625		05/01/43		430,158
	750,000	President and Fellows of Harvard College		3.619		10/01/37		654,449
	100,000	Princeton University		4.950		03/01/19		114,561
	220,000	Princeton University		5.700		03/01/39		257,491
	200,000	Starwood Hotels & Resorts Worldwide, Inc		3.125		02/15/23		182,506
	100,000	Trinity Acquisition plc		4.625		08/15/23		98,731
	100,000	Trinity Acquisition plc		6.125		08/15/43		97,755
	700,000	Walt Disney Co		4.500		12/15/13		705,823
	350,000	Walt Disney Co		0.875		12/01/14		352,353
	70,000	Walt Disney Co		5.625		09/15/16		79,445
	200,000	Walt Disney Co		1.100		12/01/17		196,389
	850,000	Walt Disney Co		2.550		02/15/22		806,867
	200,000	Walt Disney Co		2.350		12/01/22		183,625
	200,000	Walt Disney Co		7.000		03/01/32		262,371
	100,000	Walt Disney Co		4.375		08/16/41		96,452
	100,000	Walt Disney Co		4.125		12/01/41		92,957
	200,000	Walt Disney Co		3.700		12/01/42		171,768
	2,000	Wyndham Worldwide Corp		6.000		12/01/16		2,213
	250,000	Wyndham Worldwide Corp		2.950		03/01/17		256,555
	150,000	Wyndham Worldwide Corp		2.500		03/01/18		148,514
	200,000	Wyndham Worldwide Corp		4.250		03/01/22		196,975
	200,000	Wyndham Worldwide Corp		3.900		03/01/23		189,878
	100,000	Yale University		2.900		10/15/14		102,596
	330,000	Yum! Brands, Inc		6.250		03/15/18		381,961
	50,000	Yum! Brands, Inc		3.875		11/01/20		50,641
	100,000	Yum! Brands, Inc		6.875		11/15/37		115,989
		TOTAL CONSUMER SERVICES						12,949,460
DIVERSIFIED FINANCIALS - 4.6%
	300,000	Abbey National Treasury Services plc		4.000		04/27/16		318,782
	500,000	Abbey National Treasury Services plc		3.050		08/23/18		507,965
	150,000	ABN Amro Bank NV		4.650		06/04/18		152,895
	500,000	African Development Bank		3.000		05/27/14		508,620
	250,000	African Development Bank		1.250		09/02/16		253,525
	1,200,000	African Development Bank		1.125		03/15/17		1,204,920
	20,000	Ahold Finance USA LLC		6.875		05/01/29		23,731
	600,000	American Express Centurion Bank		0.875		11/13/15		599,879
	400,000	American Express Co		6.150		08/28/17		466,354
	190,000	American Express Co		7.000		03/19/18		228,911
	300,000	American Express Co		1.550		05/22/18		293,271
	293,000	American Express Co		2.650		12/02/22		269,110
	329,000	American Express Co		4.050		12/03/42		284,813
	200,000	American Express Credit Corp		1.750		06/12/15		203,645
	1,750,000	American Express Credit Corp		2.750		09/15/15		1,816,078

37

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		American Express Credit Corp		1.300	%	07/29/16	$	502,994
	1,600,000		American Express Credit Corp		2.800		09/19/16		1,674,067
	400,000		American Express Credit Corp		2.375		03/24/17		412,774
	175,000		American Express Credit Corp		2.125		07/27/18		175,680
	250,000		Ameriprise Financial, Inc		5.650		11/15/15		274,702
	295,000		Ameriprise Financial, Inc		5.300		03/15/20		335,309
	300,000		Ameriprise Financial, Inc		4.000		10/15/23		303,514
	1,500,000		Asian Development Bank		1.375		03/23/20		1,433,490
	250,000		Australia & New Zealand Banking Group Ltd		1.875		10/06/17		249,400
	4,220,000		Bank of America Corp		4.500		04/01/15		4,431,793
	2,045,000		Bank of America Corp		3.700		09/01/15		2,137,937
	300,000		Bank of America Corp		1.250		01/11/16		299,705
	550,000		Bank of America Corp		3.625		03/17/16		578,427
	1,200,000		Bank of America Corp		6.500		08/01/16		1,359,979
	585,000		Bank of America Corp		5.300		03/15/17		644,729
	1,000,000		Bank of America Corp		3.875		03/22/17		1,063,591
	575,000		Bank of America Corp		6.000		09/01/17		651,142
	590,000		Bank of America Corp		5.750		12/01/17		665,569
	900,000		Bank of America Corp		2.000		01/11/18		885,106
	320,000		Bank of America Corp		5.650		05/01/18		361,128
	600,000		Bank of America Corp		5.490		03/15/19		654,734
	2,300,000		Bank of America Corp		5.875		01/05/21		2,606,675
	500,000		Bank of America Corp		5.700		01/24/22		558,531
	1,425,000		Bank of America Corp		3.300		01/11/23		1,334,883
	500,000		Bank of America Corp		4.100		07/24/23		496,892
	700,000		Bank of America Corp		5.875		02/07/42		777,197
	400,000		Bank of Montreal		0.800		11/06/15		400,624
	450,000		Bank of Montreal		2.500		01/11/17		464,172
	200,000		Bank of Montreal		1.400		09/11/17		197,048
	400,000		Bank of Montreal		2.550		11/06/22		371,295
	300,000		Bank of New York Mellon Corp		1.700		11/24/14		304,114
	1,150,000		Bank of New York Mellon Corp		2.300		07/28/16		1,190,025
	100,000	i	Bank of New York Mellon Corp		1.969		06/20/17		100,892
	500,000		Bank of New York Mellon Corp		1.300		01/25/18		489,067
	300,000		Bank of New York Mellon Corp		2.100		08/01/18		301,492
	500,000		Bank of New York Mellon Corp		3.550		09/23/21		511,866
	900,000		Bank of Nova Scotia		3.400		01/22/15		933,071
	100,000		Bank of Nova Scotia		2.050		10/07/15		102,217
	500,000		Bank of Nova Scotia		2.900		03/29/16		522,113
	150,000		Bank of Nova Scotia		2.550		01/12/17		155,406
	400,000		Bank of Nova Scotia		1.375		12/18/17		392,664
	200,000		Bank of Nova Scotia		4.375		01/13/21		215,718
	500,000		Barclays Bank plc		2.750		02/23/15		513,124
	1,900,000		Barclays Bank plc		5.000		09/22/16		2,096,865
	80,000		Bear Stearns Cos LLC		5.300		10/30/15		86,590
	116,000		Bear Stearns Cos LLC		5.550		01/22/17		128,742
	50,000		Berkshire Hathaway, Inc		3.200		02/11/15		51,832
	200,000		Berkshire Hathaway, Inc		3.750		08/15/21		207,913
	300,000		Berkshire Hathaway, Inc		3.000		02/11/23		289,107
	300,000		Berkshire Hathaway, Inc		4.500		02/11/43		279,556
	275,000		BlackRock, Inc		3.500		12/10/14		284,594
	210,000		BlackRock, Inc		6.250		09/15/17		245,828

38

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	390,000	BlackRock, Inc		5.000	%	12/10/19	$	442,447
	125,000	BlackRock, Inc		3.375		06/01/22		124,418
	100,000	Block Financial LLC		5.125		10/30/14		104,229
	200,000	Block Financial LLC		5.500		11/01/22		205,532
	480,000	BNP Paribas S.A.		3.250		03/11/15		496,617
	800,000	BNP Paribas S.A.		3.600		02/23/16		845,000
	500,000	BNP Paribas S.A.		2.375		09/14/17		506,750
	700,000	BNP Paribas S.A.		5.000		01/15/21		757,261
	300,000	BNP Paribas S.A.		3.250		03/03/23		280,972
	200,000	Broadridge Financial Solutions, Inc		3.950		09/01/20		201,955
	400,000	Canadian Imperial Bank of Commerce		0.900		10/01/15		401,149
	425,000	Canadian Imperial Bank of Commerce		2.350		12/11/15		438,375
	300,000	Canadian Imperial Bank of Commerce		1.550		01/23/18		294,216
	700,000	Capital One Financial Corp		7.375		05/23/14		729,795
	300,000	Capital One Financial Corp		2.150		03/23/15		304,832
	600,000	Capital One Financial Corp		1.000		11/06/15		596,978
	250,000	Capital One Financial Corp		3.150		07/15/16		261,173
	200,000	Charles Schwab Corp		0.850		12/04/15		199,937
	300,000	Charles Schwab Corp		2.200		07/25/18		302,562
	100,000	Charles Schwab Corp		4.450		07/22/20		109,134
	200,000	Charles Schwab Corp		3.225		09/01/22		193,917
	300,000	Citigroup, Inc		2.250		08/07/15		305,867
	235,000	Citigroup, Inc		5.500		10/15/14		246,256
	500,000	Citigroup, Inc		1.250		01/15/16		499,618
	500,000	Citigroup, Inc		1.300		04/01/16		498,975
	1,000,000	Citigroup, Inc		1.700		07/25/16		1,004,547
	750,000	Citigroup, Inc		1.750		05/01/18		727,403
	1,675,000	Citigroup, Inc		4.050		07/30/22		1,626,785
	870,000	Citigroup, Inc		3.375		03/01/23		827,864
	600,000	Citigroup, Inc		3.500		05/15/23		541,438
	200,000	Citigroup, Inc		5.875		01/30/42		222,370
	120,000	CME Group, Inc		5.750		02/15/14		122,292
	350,000	CME Group, Inc		3.000		09/15/22		332,315
	200,000	CME Group, Inc		5.300		09/15/43		206,304
	400,000	Commonwealth Bank of Australia		1.950		03/16/15		407,772
	250,000	Commonwealth Bank of Australia		1.250		09/18/15		252,500
	250,000	Commonwealth Bank of Australia		1.900		09/18/17		251,145
	1,480,000	Credit Suisse		5.500		05/01/14		1,523,712
	2,250,000	Credit Suisse		5.400		01/14/20		2,462,848
	250,000	Diageo Investment Corp		2.875		05/11/22		240,505
	100,000	Diageo Investment Corp		4.250		05/11/42		92,484
	155,000	Digital Realty Trust LP		4.500		07/15/15		162,422
	300,000	Digital Realty Trust LP		3.625		10/01/22		277,872
	100,000	Discover Financial Services		5.200		04/27/22		105,384
	17,000	Eaton Vance Corp		6.500		10/02/17		19,600
	300,000	Eaton Vance Corp		3.625		06/15/23		290,848
	500,000	European Bank for Reconstruction & Development		0.750		09/01/17		490,918
	1,300,000	European Bank for Reconstruction & Development		1.500		03/16/20		1,253,476
	400,000	Export-Import Bank of Korea		2.875		09/17/18		402,490
	300,000	FMS Wertmanagement AoeR		0.625		04/18/16		299,710
	3,000,000	Ford Motor Credit Co LLC		2.750		05/15/15		3,068,634
	300,000	Ford Motor Credit Co LLC		2.500		01/15/16		305,865

39

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Ford Motor Credit Co LLC		1.700	%	05/09/16	$	499,948
	800,000		Ford Motor Credit Co LLC		3.000		06/12/17		822,282
	900,000		Ford Motor Credit Co LLC		2.375		01/16/18		892,918
	1,000,000		Ford Motor Credit Co LLC		5.000		05/15/18		1,095,551
	400,000		Ford Motor Credit Co LLC		2.875		10/01/18		399,914
	1,000,000		Ford Motor Credit Co LLC		5.875		08/02/21		1,111,628
	450,000		Ford Motor Credit Co LLC		4.250		09/20/22		449,421
	500,000		Ford Motor Credit Co LLC		4.375		08/06/23		500,282
	125,000		Franklin Resources, Inc		3.125		05/20/15		129,668
	150,000		Franklin Resources, Inc		2.800		09/15/22		141,578
	2,335,000		General Electric Capital Corp		5.500		06/04/14		2,416,541
	200,000		General Electric Capital Corp		2.150		01/09/15		204,149
	1,605,000		General Electric Capital Corp		3.500		06/29/15		1,678,684
	350,000		General Electric Capital Corp		1.625		07/02/15		355,154
	400,000		General Electric Capital Corp		2.250		11/09/15		410,661
	750,000		General Electric Capital Corp		1.000		12/11/15		750,895
	500,000		General Electric Capital Corp		1.000		01/08/16		499,844
	1,050,000		General Electric Capital Corp		2.950		05/09/16		1,097,612
	1,000,000		General Electric Capital Corp		1.500		07/12/16		1,006,687
	200,000		General Electric Capital Corp		2.900		01/09/17		209,350
	800,000		General Electric Capital Corp		2.300		04/27/17		820,748
	1,625,000		General Electric Capital Corp		5.625		09/15/17		1,851,645
	500,000		General Electric Capital Corp		1.600		11/20/17		496,830
	300,000		General Electric Capital Corp		1.625		04/02/18		295,317
	200,000		General Electric Capital Corp		2.100		12/11/19		196,683
	630,000		General Electric Capital Corp		5.500		01/08/20		714,022
	1,855,000		General Electric Capital Corp		4.375		09/16/20		1,973,546
	250,000		General Electric Capital Corp		4.625		01/07/21		268,261
	300,000		General Electric Capital Corp		5.300		02/11/21		326,273
	200,000		General Electric Capital Corp		4.650		10/17/21		213,145
	1,900,000		General Electric Capital Corp		3.150		09/07/22		1,796,528
	500,000		General Electric Capital Corp		3.100		01/09/23		467,740
	2,625,000		General Electric Capital Corp		6.750		03/15/32		3,131,100
	1,200,000		General Electric Capital Corp		5.875		01/14/38		1,324,651
	1,227,000		General Electric Capital Corp		6.875		01/10/39		1,503,747
	340,000	i	Goldman Sachs Capital II		4.000		12/30/49		248,200
	1,250,000		Goldman Sachs Group, Inc		3.300		05/03/15		1,292,546
	1,630,000		Goldman Sachs Group, Inc		3.700		08/01/15		1,700,574
	500,000		Goldman Sachs Group, Inc		1.600		11/23/15		503,631
	1,875,000		Goldman Sachs Group, Inc		3.625		02/07/16		1,973,364
	550,000		Goldman Sachs Group, Inc		5.950		01/18/18		621,723
	1,450,000		Goldman Sachs Group, Inc		2.375		01/22/18		1,439,718
	60,000		Goldman Sachs Group, Inc		6.150		04/01/18		68,625
	750,000		Goldman Sachs Group, Inc		2.900		07/19/18		756,026
	1,195,000		Goldman Sachs Group, Inc		7.500		02/15/19		1,443,881
	2,505,000		Goldman Sachs Group, Inc		5.375		03/15/20		2,759,270
	1,150,000		Goldman Sachs Group, Inc		6.000		06/15/20		1,305,818
	1,300,000		Goldman Sachs Group, Inc		5.250		07/27/21		1,402,902
	2,325,000		Goldman Sachs Group, Inc		5.750		01/24/22		2,577,595
	1,800,000		Goldman Sachs Group, Inc		3.625		01/22/23		1,721,264
	65,000		Goldman Sachs Group, Inc		6.450		05/01/36		65,990
	1,850,000		Goldman Sachs Group, Inc		6.250		02/01/41		2,072,590

40

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,200,000		HSBC Finance Corp		5.500	%	01/19/16	$	1,311,718
	782,000		HSBC Finance Corp		6.676		01/15/21		893,011
	125,000		Invesco Finance plc		3.125		11/30/22		116,065
	130,000		Jefferies Group, Inc		3.875		11/09/15		135,471
	425,000		Jefferies Group, Inc		8.500		07/15/19		514,606
	500,000		Jefferies Group, Inc		6.875		04/15/21		554,585
	100,000		Jefferies Group, Inc		6.450		06/08/27		102,000
	695,000		John Deere Capital Corp		2.950		03/09/15		719,545
	125,000		John Deere Capital Corp		0.875		04/17/15		125,689
	500,000		John Deere Capital Corp		0.750		01/22/16		499,613
	100,000		John Deere Capital Corp		2.000		01/13/17		102,337
	300,000		John Deere Capital Corp		1.400		03/15/17		298,699
	800,000		John Deere Capital Corp		5.500		04/13/17		902,499
	250,000		John Deere Capital Corp		1.200		10/10/17		246,125
	350,000		John Deere Capital Corp		1.700		01/15/20		330,335
	200,000		John Deere Capital Corp		3.150		10/15/21		199,474
	200,000		John Deere Capital Corp		2.800		01/27/23		189,754
	500,000		JPMorgan Chase & Co		0.800		04/23/15		498,963
	500,000		JPMorgan Chase & Co		1.100		10/15/15		500,957
	850,000		JPMorgan Chase & Co		2.000		08/15/17		853,159
	750,000		JPMorgan Chase & Co		3.375		05/01/23		680,148
	750,000	i	JPMorgan Chase & Co		6.000		12/30/49		703,125
	3,600,000		KFW		0.625		04/24/15		3,617,366
	1,000,000		KFW		0.500		04/19/16		997,643
	1,500,000		KFW		1.250		02/15/17		1,513,703
	1,000,000		KFW		2.750		10/01/20		1,020,500
	2,750,000		KFW		2.000		10/04/22		2,557,863
	400,000		Korea Development Bank		3.000		03/17/19		401,206
	100,000		Korea Finance Corp		3.250		09/20/16		104,153
	700,000		Korea Finance Corp		2.250		08/07/17		699,231
	500,000		Korea Finance Corp		2.875		08/22/18		502,157
	1,750,000		Kreditanstalt fuer Wiederaufbau		4.000		10/15/13		1,752,186
	1,000,000		Kreditanstalt fuer Wiederaufbau		1.375		01/13/14		1,003,660
	3,000,000		Kreditanstalt fuer Wiederaufbau		1.250		10/26/15		3,046,200
	1,350,000		Kreditanstalt fuer Wiederaufbau		4.875		01/17/17		1,521,450
	1,105,000		Kreditanstalt fuer Wiederaufbau		4.500		07/16/18		1,252,849
	6,925,000		Kreditanstalt fuer Wiederaufbau		4.000		01/27/20		7,674,908
	2,525,000		Landwirtschaftliche Rentenbank		5.125		02/01/17		2,869,208
	1,000,000		Landwirtschaftliche Rentenbank		1.375		10/23/19		959,800
	203,000		Lazard Group LLC		7.125		05/15/15		219,719
	700,000		Lloyds TSB Bank plc		4.200		03/28/17		749,224
	1,260,000		Merrill Lynch & Co, Inc		6.400		08/28/17		1,448,924
	1,050,000		Merrill Lynch & Co, Inc		6.875		04/25/18		1,237,430
	1,500,000		Merrill Lynch & Co, Inc		6.110		01/29/37		1,544,897
	300,000		Morgan Stanley		4.750		04/01/14		305,161
	3,300,000		Morgan Stanley		6.000		05/13/14		3,400,393
	100,000		Morgan Stanley		2.875		07/28/14		101,656
	720,000		Morgan Stanley		6.000		04/28/15		772,458
	675,000		Morgan Stanley		1.750		02/25/16		678,255
	200,000		Morgan Stanley		3.800		04/29/16		210,505
	970,000		Morgan Stanley		5.450		01/09/17		1,068,177
	300,000		Morgan Stanley		4.750		03/22/17		323,916

41

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	550,000		Morgan Stanley		5.550	%	04/27/17	$	609,478
	245,000		Morgan Stanley		5.950		12/28/17		277,188
	600,000		Morgan Stanley		2.125		04/25/18		584,789
	796,000		Morgan Stanley		7.300		05/13/19		952,449
	300,000		Morgan Stanley		5.625		09/23/19		334,777
	590,000		Morgan Stanley		5.500		01/26/20		652,873
	200,000		Morgan Stanley		5.750		01/25/21		222,022
	1,200,000		Morgan Stanley		5.500		07/28/21		1,312,420
	2,500,000		Morgan Stanley		4.875		11/01/22		2,501,315
	1,350,000		Morgan Stanley		4.100		05/22/23		1,259,169
	600,000		Morgan Stanley		7.250		04/01/32		735,083
	500,000		Morgan Stanley		6.375		07/24/42		565,837
	400,000	i	Murray Street Investment Trust		4.647		03/09/17		426,598
	220,000		NASDAQ OMX Group, Inc		5.550		01/15/20		235,646
	150,000		National Rural Utilities Cooperative Finance Corp		3.875		09/16/15		159,206
	735,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		1,009,821
	350,000		National Rural Utilities Cooperative Finance Corp		3.050		02/15/22		344,465
	500,000	i	National Rural Utilities Cooperative Finance Corp		4.750		04/30/43		462,500
	250,000		Nomura Holdings, Inc		5.000		03/04/15		262,694
	260,000		Nomura Holdings, Inc		4.125		01/19/16		273,619
	400,000		Nomura Holdings, Inc		2.000		09/13/16		401,209
	430,000		Nomura Holdings, Inc		6.700		03/04/20		491,813
	300,000		NYSE Euronext		2.000		10/05/17		300,349
	1,000,000		Oesterreichische Kontrollbank AG.		1.375		01/21/14		1,003,627
	800,000		Oesterreichische Kontrollbank AG.		5.000		04/25/17		908,560
	1,000,000		Oesterreichische Kontrollbank AG.		1.125		05/29/18		979,400
	600,000		ORIX Corp		5.000		01/12/16		640,181
	200,000		ORIX Corp		3.750		03/09/17		207,241
	500,000		PACCAR Financial Corp		0.700		11/16/15		500,477
	500,000		PACCAR Financial Corp		1.150		08/16/16		501,072
	300,000		PACCAR Financial Corp		1.600		03/15/17		299,003
	500,000		PNC Bank NA		3.800		07/25/23		489,257
	200,000		Principal Life Income Funding Trust		5.550		04/27/15		215,039
	200,000		Prospect Capital Corp		5.875		03/15/23		193,015
	740,000		Rabobank Nederland NV		2.125		10/13/15		758,104
	500,000		Rabobank Nederland NV		4.500		01/11/21		534,244
	350,000		Rabobank Nederland NV		5.250		05/24/41		363,441
	100,000		Raymond James Financial, Inc		4.250		04/15/16		105,775
	300,000		Raymond James Financial, Inc		5.625		04/01/24		312,250
	500,000		Royal Bank of Canada		1.150		03/13/15		504,277
	200,000		Royal Bank of Canada		0.625		12/04/15		199,529
	335,000		Royal Bank of Canada		2.625		12/15/15		347,971
	300,000		Royal Bank of Canada		0.850		03/08/16		299,109
	200,000		Royal Bank of Canada		2.300		07/20/16		206,738
	500,000		Sasol Financing International plc		4.500		11/14/22		457,500
	250,000		Societe Generale S.A.		2.750		10/12/17		255,875
	200,000		State Street Corp		2.875		03/07/16		209,297
	150,000		State Street Corp		1.350		05/15/18		146,242
	300,000		State Street Corp		4.375		03/07/21		323,191
	400,000		State Street Corp		3.100		05/15/23		373,088
	250,000		Sumitomo Mitsui Banking Corp		1.450		07/19/16		251,135
	250,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		252,940

42

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	250,000	Sumitomo Mitsui Banking Corp		3.950	%	07/19/23	$	251,662
	225,000	SunTrust Bank		2.750		05/01/23		204,527
	300,000	Syngenta Finance NV		3.125		03/28/22		293,155
	150,000	TD Ameritrade Holding Corp		4.150		12/01/14		156,089
	392,000	Telefonica Europe BV		8.250		09/15/30		458,619
	500,000	Toyota Motor Credit Corp		1.000		02/17/15		504,001
	250,000	Toyota Motor Credit Corp		3.200		06/17/15		261,472
	225,000	Toyota Motor Credit Corp		0.875		07/17/15		226,562
	700,000	Toyota Motor Credit Corp		2.800		01/11/16		731,556
	500,000	Toyota Motor Credit Corp		0.800		05/17/16		499,562
	300,000	Toyota Motor Credit Corp		2.000		09/15/16		308,223
	150,000	Toyota Motor Credit Corp		2.050		01/12/17		153,446
	400,000	Toyota Motor Credit Corp		1.750		05/22/17		403,826
	500,000	Toyota Motor Credit Corp		1.250		10/05/17		492,837
	500,000	Toyota Motor Credit Corp		1.375		01/10/18		493,543
	300,000	Toyota Motor Credit Corp		3.400		09/15/21		302,346
	400,000	Toyota Motor Credit Corp		2.625		01/10/23		373,476
	162,000	UBS AG.		5.750		04/25/18		186,905
	1,671,000	UBS AG.		4.875		08/04/20		1,867,969
	500,000	Unilever Capital Corp		2.750		02/10/16		522,154
	400,000	Unilever Capital Corp		0.850		08/02/17		390,507
	250,000	Unilever Capital Corp		4.800		02/15/19		283,003
	300,000	Unilever Capital Corp		2.200		03/06/19		302,149
	250,000	Unilever Capital Corp		4.250		02/10/21		270,866
	330,000	Unilever Capital Corp		5.900		11/15/32		406,579
	500,000	Wells Fargo & Co		1.250		07/20/16		500,220
	500,000	Wells Fargo Bank NA		0.750		07/20/15		500,850
	500,000	Westpac Banking Corp		2.250		07/30/18		502,969
	200,000	Zions Bancorporation		4.500		06/13/23		198,326
		TOTAL DIVERSIFIED FINANCIALS						214,005,543
ENERGY - 2.4%
	650,000	Anadarko Petroleum Corp		5.950		09/15/16		729,872
	700,000	Anadarko Petroleum Corp		6.375		09/15/17		813,734
	465,000	Anadarko Petroleum Corp		8.700		03/15/19		597,887
	1,325,000	Anadarko Petroleum Corp		6.200		03/15/40		1,485,008
	100,000	Apache Corp		1.750		04/15/17		100,824
	400,000	Apache Corp		6.900		09/15/18		488,768
	275,000	Apache Corp		3.250		04/15/22		269,223
	550,000	Apache Corp		2.625		01/15/23		503,999
	480,000	Apache Corp		5.100		09/01/40		474,304
	300,000	Apache Corp		5.250		02/01/42		305,237
	350,000	Apache Corp		4.750		04/15/43		331,304
	300,000	Apache Corp		4.250		01/15/44		262,450
	200,000	Baker Hughes, Inc		7.500		11/15/18		250,917
	450,000	Baker Hughes, Inc		3.200		08/15/21		453,117
	415,000	Baker Hughes, Inc		5.125		09/15/40		442,980
	200,000	Boardwalk Pipelines LP		5.750		09/15/19		222,394
	590,000	BP Capital Markets plc		3.125		10/01/15		617,033
	700,000	BP Capital Markets plc		0.700		11/06/15		698,483
	1,000,000	BP Capital Markets plc		3.200		03/11/16		1,049,805
	200,000	BP Capital Markets plc		1.846		05/05/17		201,711

43

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	850,000	BP Capital Markets plc		1.375	%	11/06/17	$	837,145
	500,000	BP Capital Markets plc		1.375		05/10/18		485,038
	300,000	BP Capital Markets plc		2.241		09/26/18		300,300
	300,000	BP Capital Markets plc		4.500		10/01/20		324,127
	150,000	BP Capital Markets plc		4.742		03/11/21		162,645
	650,000	BP Capital Markets plc		3.561		11/01/21		646,545
	200,000	BP Capital Markets plc		3.245		05/06/22		193,103
	850,000	BP Capital Markets plc		2.500		11/06/22		768,938
	300,000	BP Capital Markets plc		3.994		09/26/23		302,379
	100,000	Buckeye Partners LP		5.300		10/15/14		104,013
	200,000	Buckeye Partners LP		4.875		02/01/21		207,569
	300,000	Buckeye Partners LP		4.150		07/01/23		292,754
	575,000	Burlington Resources Finance Co		7.200		08/15/31		753,914
	200,000	Burlington Resources Finance Co		7.400		12/01/31		266,877
	600,000	Canadian Natural Resources Ltd		5.700		05/15/17		678,423
	850,000	Canadian Natural Resources Ltd		6.250		03/15/38		947,164
	340,000	Cenovus Energy, Inc		5.700		10/15/19		388,107
	625,000	Cenovus Energy, Inc		3.000		08/15/22		592,749
	200,000	Cenovus Energy, Inc		4.450		09/15/42		179,271
	400,000	Cenovus Energy, Inc		5.200		09/15/43		395,639
	100,000	Chevron Corp		0.889		06/24/16		100,391
	500,000	Chevron Corp		1.104		12/05/17		492,826
	750,000	Chevron Corp		1.718		06/24/18		747,570
	200,000	Chevron Corp		4.950		03/03/19		229,261
	750,000	Chevron Corp		2.427		06/24/20		741,367
	650,000	Chevron Corp		2.355		12/05/22		598,436
	250,000	Chevron Corp		3.191		06/24/23		245,549
	1,005,000	ConocoPhillips		4.600		01/15/15		1,055,980
	200,000	ConocoPhillips		1.050		12/15/17		194,436
	600,000	ConocoPhillips		5.750		02/01/19		699,626
	600,000	ConocoPhillips		2.400		12/15/22		549,913
	250,000	ConocoPhillips		5.900		05/15/38		292,990
	785,000	ConocoPhillips		6.500		02/01/39		987,167
	500,000	ConocoPhillips Holding Co		6.950		04/15/29		631,194
	300,000	DCP Midstream Operating LP		2.500		12/01/17		297,186
	200,000	DCP Midstream Operating LP		4.950		04/01/22		199,079
	150,000	Devon Energy Corp		1.875		05/15/17		150,334
	850,000	Devon Energy Corp		6.300		01/15/19		992,409
	525,000	Devon Energy Corp		3.250		05/15/22		502,547
	600,000	Devon Energy Corp		7.950		04/15/32		780,965
	200,000	Devon Energy Corp		4.750		05/15/42		182,457
	300,000	Diamond Offshore Drilling, Inc		5.875		05/01/19		352,238
	100,000	Diamond Offshore Drilling, Inc		5.700		10/15/39		113,586
	300,000	Ecopetrol S.A.		4.250		09/18/18		308,625
	550,000	Ecopetrol S.A.		7.625		07/23/19		650,375
	500,000	Ecopetrol S.A.		5.875		09/18/23		520,000
	200,000	Ecopetrol S.A.		7.375		09/18/43		216,500
	400,000	El Paso Pipeline Partners Operating Co LLC		4.700		11/01/42		347,471
	495,000	Enbridge Energy Partners LP		5.200		03/15/20		534,678
	300,000	Enbridge Energy Partners LP		5.500		09/15/40		291,700
	300,000	EnCana Corp		3.900		11/15/21		300,669
	220,000	EnCana Corp		6.500		05/15/19		259,027

44

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	515,000		EnCana Corp		6.625	%	08/15/37	$	570,780
	150,000		EnCana Corp		5.150		11/15/41		137,675
	400,000		EnCana Holdings Finance Corp		5.800		05/01/14		411,605
	400,000		Ensco plc		3.250		03/15/16		417,524
	700,000		Ensco plc		4.700		03/15/21		742,993
	40,000		Enterprise Products Operating LLC		5.600		10/15/14		42,038
	145,000		Enterprise Products Operating LLC		5.000		03/01/15		153,328
	200,000		Enterprise Products Operating LLC		1.250		08/13/15		201,050
	735,000		Enterprise Products Operating LLC		6.300		09/15/17		850,222
	130,000		Enterprise Products Operating LLC		6.500		01/31/19		154,133
	600,000		Enterprise Products Operating LLC		5.200		09/01/20		667,674
	400,000		Enterprise Products Operating LLC		4.050		02/15/22		406,313
	1,100,000		Enterprise Products Operating LLC		3.350		03/15/23		1,041,081
	480,000		Enterprise Products Operating LLC		6.125		10/15/39		531,071
	300,000		Enterprise Products Operating LLC		4.850		08/15/42		281,318
	100,000		Enterprise Products Operating LLC		4.450		02/15/43		88,465
	500,000		Enterprise Products Operating LLC		4.850		03/15/44		466,028
	300,000		EOG Resources, Inc		6.125		10/01/13		300,000
	100,000		EOG Resources, Inc		2.500		02/01/16		103,738
	440,000		EOG Resources, Inc		4.100		02/01/21		465,751
	600,000		EOG Resources, Inc		2.625		03/15/23		552,700
	50,000		EQT Corp		6.500		04/01/18		56,656
	350,000		EQT Corp		8.125		06/01/19		424,646
	200,000		Gulf South Pipeline Co LP		4.000		06/15/22		197,714
	300,000		Halliburton Co		1.000		08/01/16		299,550
	400,000		Halliburton Co		2.000		08/01/18		399,637
	400,000		Halliburton Co		6.150		09/15/19		479,278
	300,000		Halliburton Co		3.500		08/01/23		297,349
	400,000		Halliburton Co		7.450		09/15/39		534,273
	250,000		Halliburton Co		4.500		11/15/41		240,273
	300,000		Halliburton Co		4.750		08/01/43		296,589
	425,000		Hess Corp		8.125		02/15/19		528,872
	200,000		Hess Corp		7.875		10/01/29		250,792
	740,000		Hess Corp		5.600		02/15/41		760,771
	30,000		Husky Energy, Inc		7.250		12/15/19		36,726
	200,000		Husky Energy, Inc		3.950		04/15/22		200,758
	130,000		Husky Energy, Inc		6.800		09/15/37		158,872
	200,000		Magellan Midstream Partners LP		6.550		07/15/19		238,725
	125,000		Magellan Midstream Partners LP		4.250		02/01/21		131,527
	500,000		Magellan Midstream Partners LP		4.200		12/01/42		431,922
	200,000		Marathon Oil Corp		0.900		11/01/15		199,981
	400,000		Marathon Oil Corp		6.000		10/01/17		459,644
	350,000		Marathon Oil Corp		2.800		11/01/22		325,450
	255,000		Marathon Oil Corp		6.600		10/01/37		302,367
	200,000		Marathon Petroleum Corp		3.500		03/01/16		210,049
	250,000		Marathon Petroleum Corp		5.125		03/01/21		269,918
	350,000		Marathon Petroleum Corp		6.500		03/01/41		380,529
	125,000		Murphy Oil Corp		2.500		12/01/17		124,070
	200,000		Murphy Oil Corp		4.000		06/01/22		191,259
	200,000		Murphy Oil Corp		3.700		12/01/22		186,413
	200,000		Murphy Oil Corp		5.125		12/01/42		174,735
	200,000	g	Nabors Industries, Inc		2.350		09/15/16		202,144

45

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	125,000		Nabors Industries, Inc		6.150	%	02/15/18	$	140,564
	350,000		Nabors Industries, Inc		4.625		09/15/21		351,791
	100,000	g	Nabors Industries, Inc		5.100		09/15/23		101,578
	100,000		National Oilwell Varco, Inc		1.350		12/01/17		98,402
	935,000		Nexen, Inc		6.400		05/15/37		1,025,498
	150,000		Noble Energy, Inc		8.250		03/01/19		187,444
	350,000		Noble Energy, Inc		4.150		12/15/21		364,376
	700,000		Noble Energy, Inc		6.000		03/01/41		787,729
	100,000		Noble Holding International Ltd		3.450		08/01/15		104,009
	100,000		Noble Holding International Ltd		2.500		03/15/17		100,528
	305,000		Noble Holding International Ltd		4.900		08/01/20		321,481
	100,000		Noble Holding International Ltd		6.200		08/01/40		100,748
	400,000		Noble Holding International Ltd		5.250		03/15/42		364,248
	350,000		Occidental Petroleum Corp		2.500		02/01/16		362,262
	350,000		Occidental Petroleum Corp		1.750		02/15/17		353,210
	250,000		Occidental Petroleum Corp		1.500		02/15/18		245,934
	250,000		Occidental Petroleum Corp		3.125		02/15/22		241,177
	550,000		Occidental Petroleum Corp		2.700		02/15/23		508,136
	406,000		Panhandle Eastern Pipeline Co LP		7.000		06/15/18		474,546
	785,000		Pemex Project Funding Master Trust		5.750		03/01/18		869,388
	750,000		Petrobras Global Finance BV		2.000		05/20/16		745,156
	750,000		Petrobras Global Finance BV		3.000		01/15/19		705,315
	750,000		Petrobras Global Finance BV		4.375		05/20/23		686,090
	750,000		Petrobras Global Finance BV		5.625		05/20/43		628,118
	500,000		Petrobras International Finance Co		2.875		02/06/15		507,256
	350,000		Petrobras International Finance Co		3.875		01/27/16		361,126
	47,000		Petrobras International Finance Co		6.125		10/06/16		51,288
	625,000		Petrobras International Finance Co		3.500		02/06/17		634,657
	1,125,000		Petrobras International Finance Co		7.875		03/15/19		1,294,965
	100,000		Petrobras International Finance Co		5.750		01/20/20		103,906
	1,400,000		Petrobras International Finance Co		5.375		01/27/21		1,406,419
	875,000		Petrobras International Finance Co		6.875		01/20/40		859,549
	300,000		Petrobras International Finance Co		6.750		01/27/41		290,106
	75,000		Petro-Canada		6.800		05/15/38		89,179
	700,000		Petrohawk Energy Corp		7.250		08/15/18		759,500
	505,000		Petroleos Mexicanos		4.875		03/15/15		530,250
	400,000		Petroleos Mexicanos		3.500		07/18/18		405,000
	980,000		Petroleos Mexicanos		8.000		05/03/19		1,183,350
	775,000		Petroleos Mexicanos		6.000		03/05/20		860,250
	800,000		Petroleos Mexicanos		5.500		01/21/21		856,000
	240,000		Petroleos Mexicanos		4.875		01/24/22		244,800
	285,000		Petroleos Mexicanos		1.700		12/20/22		280,300
	285,000		Petroleos Mexicanos		2.000		12/20/22		284,120
	400,000		Petroleos Mexicanos		3.500		01/30/23		363,589
	300,000		Petroleos Mexicanos		4.875		01/18/24		300,000
	1,040,000		Petroleos Mexicanos		6.500		06/02/41		1,077,833
	1,050,000		Petroleos Mexicanos		5.500		06/27/44		953,231
	150,000		Phillips 66		4.300		04/01/22		152,919
	300,000		Pioneer Natural Resources Co		6.650		03/15/17		345,848
	375,000		Pioneer Natural Resources Co		3.950		07/15/22		376,691
	200,000		Plains All American Pipeline LP		6.125		01/15/17		227,219
	700,000		Plains All American Pipeline LP		5.000		02/01/21		762,255

46

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	200,000	Plains All American Pipeline LP		2.850	%	01/31/23	$	182,718
	400,000	Plains All American Pipeline LP		3.850		10/15/23		393,498
	100,000	Plains All American Pipeline LP		6.650		01/15/37		118,047
	250,000	Plains All American Pipeline LP		5.150		06/01/42		249,168
	500,000	Plains Exploration & Production Co		6.875		02/15/23		536,250
	100,000	Rowan Cos, Inc		5.000		09/01/17		108,714
	300,000	Rowan Cos, Inc		7.875		08/01/19		361,612
	250,000	Rowan Cos, Inc		4.875		06/01/22		257,965
	100,000	Rowan Cos, Inc		5.400		12/01/42		90,356
	440,000	Shell International Finance BV		3.100		06/28/15		459,634
	300,000	Shell International Finance BV		0.625		12/04/15		300,002
	200,000	Shell International Finance BV		1.125		08/21/17		198,531
	805,000	Shell International Finance BV		4.300		09/22/19		888,662
	1,130,000	Shell International Finance BV		4.375		03/25/20		1,245,515
	200,000	Shell International Finance BV		2.375		08/21/22		183,996
	500,000	Shell International Finance BV		2.250		01/06/23		450,288
	500,000	Shell International Finance BV		3.400		08/12/23		494,316
	421,000	Shell International Finance BV		6.375		12/15/38		525,776
	200,000	Shell International Finance BV		3.625		08/21/42		174,730
	500,000	Shell International Finance BV		4.550		08/12/43		492,588
	200,000	Southwestern Energy Co		7.500		02/01/18		237,695
	125,000	Southwestern Energy Co		4.100		03/15/22		125,022
	210,000	Statoil ASA		2.900		10/15/14		215,442
	350,000	Statoil ASA		3.125		08/17/17		372,000
	375,000	Statoil ASA		1.200		01/17/18		367,585
	300,000	Statoil ASA		1.150		05/15/18		291,533
	450,000	Statoil ASA		5.250		04/15/19		516,593
	250,000	Statoil ASA		3.150		01/23/22		246,800
	375,000	Statoil ASA		2.450		01/17/23		342,670
	300,000	Statoil ASA		2.650		01/15/24		277,445
	200,000	Statoil ASA		5.100		08/17/40		210,179
	400,000	Statoil ASA		4.250		11/23/41		368,376
	300,000	Statoil ASA		3.950		05/15/43		265,876
	550,000	Suncor Energy, Inc		6.100		06/01/18		644,257
	1,400,000	Suncor Energy, Inc		6.500		06/15/38		1,631,493
	300,000	Sunoco Logistics Partners Operations LP		3.450		01/15/23		279,169
	100,000	Sunoco Logistics Partners Operations LP		6.100		02/15/42		104,401
	25,000	Talisman Energy, Inc		7.750		06/01/19		30,312
	450,000	Talisman Energy, Inc		3.750		02/01/21		439,237
	300,000	Talisman Energy, Inc		5.850		02/01/37		291,722
	200,000	Talisman Energy, Inc		5.500		05/15/42		186,339
	200,000	Total Capital Canada Ltd		1.450		01/15/18		197,340
	300,000	Total Capital Canada Ltd		2.750		07/15/23		281,315
	400,000	Total Capital International S.A.		0.750		01/25/16		398,760
	500,000	Total Capital International S.A.		1.000		08/12/16		501,212
	1,000,000	Total Capital International S.A.		2.875		02/17/22		959,373
	400,000	Total Capital International S.A.		2.700		01/25/23		372,408
	300,000	Total Capital International S.A.		3.700		01/15/24		301,344
	300,000	TransCanada Pipelines Ltd		0.875		03/02/15		300,929
	500,000	TransCanada Pipelines Ltd		0.750		01/15/16		497,141
	600,000	TransCanada Pipelines Ltd		3.800		10/01/20		629,416
	1,050,000	TransCanada Pipelines Ltd		2.500		08/01/22		965,750

47

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	340,000		TransCanada Pipelines Ltd		5.850	%	03/15/36	$	376,664
	469,000		TransCanada Pipelines Ltd		7.625		01/15/39		621,311
	200,000		TransCanada Pipelines Ltd		6.100		06/01/40		231,802
	300,000	i	TransCanada Pipelines Ltd		6.350		05/15/67		309,585
	200,000		Transocean, Inc		2.500		10/15/17		200,537
	443,000		Transocean, Inc		6.000		03/15/18		499,157
	700,000		Transocean, Inc		6.500		11/15/20		781,372
	350,000		Transocean, Inc		6.375		12/15/21		389,049
	550,000		Transocean, Inc		3.800		10/15/22		517,875
	200,000		Transocean, Inc		6.800		03/15/38		212,330
	165,000		Vale Overseas Ltd		6.250		01/23/17		184,955
	1,045,000		Vale Overseas Ltd		4.625		09/15/20		1,057,224
	1,242,000		Vale Overseas Ltd		4.375		01/11/22		1,196,597
	150,000		Vale Overseas Ltd		8.250		01/17/34		172,418
	864,000		Vale Overseas Ltd		6.875		11/21/36		876,264
	680,000		Valero Energy Corp		6.125		02/01/20		781,857
	330,000		Valero Energy Corp		7.500		04/15/32		385,237
	500,000		Valero Energy Corp		6.625		06/15/37		543,072
	840,000		Weatherford Bermuda Holdings Ltd		5.125		09/15/20		875,737
	60,000		Weatherford Bermuda Holdings Ltd		6.750		09/15/40		62,112
	350,000		Weatherford International Ltd		9.625		03/01/19		440,652
	200,000		Weatherford International Ltd		4.500		04/15/22		197,942
	500,000		Weatherford International Ltd		5.950		04/15/42		478,728
	300,000		XTO Energy, Inc		6.250		08/01/17		354,657
			TOTAL ENERGY						109,007,246
FOOD & STAPLES RETAILING - 0.2%
	550,000		CVS Caremark Corp		3.250		05/18/15		572,213
	110,000		CVS Caremark Corp		5.750		06/01/17		125,789
	185,000		CVS Caremark Corp		4.750		05/18/20		204,933
	500,000		CVS Caremark Corp		4.125		05/15/21		524,567
	500,000		CVS Caremark Corp		2.750		12/01/22		461,991
	650,000		CVS Caremark Corp		6.125		09/15/39		743,009
	105,000		Delhaize Group S.A.		6.500		06/15/17		118,996
	100,000		Delhaize Group S.A.		4.125		04/10/19		104,287
	235,000		Delhaize Group S.A.		5.700		10/01/40		229,561
	300,000		Kroger Co		6.400		08/15/17		345,733
	55,000		Kroger Co		6.800		12/15/18		65,723
	445,000		Kroger Co		6.150		01/15/20		515,941
	200,000		Kroger Co		3.400		04/15/22		194,681
	200,000		Kroger Co		3.850		08/01/23		196,977
	100,000		Kroger Co		6.900		04/15/38		117,344
	250,000		Kroger Co		5.000		04/15/42		240,022
	300,000		Kroger Co		5.150		08/01/43		293,621
	239,000		Safeway, Inc		6.350		08/15/17		268,576
	25,000		Safeway, Inc		5.000		08/15/19		26,109
	240,000		Safeway, Inc		3.950		08/15/20		235,500
	150,000		Safeway, Inc		4.750		12/01/21		150,623
	50,000		Starbucks Corp		6.250		08/15/17		58,335
	350,000		Starbucks Corp		3.850		10/01/23		355,770
	200,000		SYSCO Corp		5.250		02/12/18		227,088
	250,000		SYSCO Corp		2.600		06/12/22		236,550

48

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	SYSCO Corp		5.375	%	09/21/35	$	108,867
	450,000	Walgreen Co		1.000		03/13/15		451,324
	200,000	Walgreen Co		1.800		09/15/17		200,687
	100,000	Walgreen Co		5.250		01/15/19		112,685
	200,000	Walgreen Co		3.100		09/15/22		188,192
	200,000	Walgreen Co		4.400		09/15/42		178,879
		TOTAL FOOD & STAPLES RETAILING						7,854,573
FOOD, BEVERAGE & TOBACCO - 1.1%
	50,000	Altria Group, Inc		4.125		09/11/15		53,038
	85,000	Altria Group, Inc		9.700		11/10/18		112,372
	348,000	Altria Group, Inc		9.250		08/06/19		459,570
	1,800,000	Altria Group, Inc		4.750		05/05/21		1,909,661
	800,000	Altria Group, Inc		2.850		08/09/22		732,690
	200,000	Altria Group, Inc		2.950		05/02/23		182,412
	155,000	Altria Group, Inc		10.200		02/06/39		236,378
	300,000	Altria Group, Inc		4.250		08/09/42		249,754
	300,000	Altria Group, Inc		4.500		05/02/43		259,458
	316,000	Anheuser-Busch Cos, Inc		5.500		01/15/18		363,424
	300,000	Anheuser-Busch InBev Finance, Inc		0.800		01/15/16		299,770
	300,000	Anheuser-Busch InBev Finance, Inc		1.250		01/17/18		293,953
	500,000	Anheuser-Busch InBev Finance, Inc		2.625		01/17/23		465,651
	400,000	Anheuser-Busch InBev Finance, Inc		4.000		01/17/43		360,272
	500,000	Anheuser-Busch InBev Worldwide, Inc		0.800		07/15/15		502,263
	950,000	Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		993,972
	175,000	Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		174,264
	800,000	Anheuser-Busch InBev Worldwide, Inc		5.375		01/15/20		919,529
	1,390,000	Anheuser-Busch InBev Worldwide, Inc		5.000		04/15/20		1,569,885
	2,150,000	Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		1,988,999
	485,000	Anheuser-Busch InBev Worldwide, Inc		6.375		01/15/40		600,713
	100,000	Anheuser-Busch InBev Worldwide, Inc		3.750		07/15/42		86,480
	100,000	Archer-Daniels-Midland Co		5.450		03/15/18		115,219
	740,000	Archer-Daniels-Midland Co		4.016		04/16/43		650,814
	200,000	Beam, Inc		1.750		06/15/18		195,652
	200,000	Beam, Inc		3.250		05/15/22		194,599
	200,000	Beam, Inc		3.250		06/15/23		192,757
	450,000	Bottling Group LLC		5.125		01/15/19		511,937
	200,000	Brown-Forman Corp		1.000		01/15/18		194,161
	200,000	Brown-Forman Corp		2.250		01/15/23		181,558
	400,000	Bunge Ltd		4.100		03/15/16		422,406
	100,000	Bunge Ltd		3.200		06/15/17		103,570
	100,000	Bunge Ltd		8.500		06/15/19		124,516
	325,000	Campbell Soup Co		3.050		07/15/17		341,377
	100,000	Campbell Soup Co		4.250		04/15/21		104,475
	150,000	Campbell Soup Co		2.500		08/02/22		136,359
	150,000	Campbell Soup Co		3.800		08/02/42		120,864
	400,000	Coca-Cola Co		1.150		04/01/18		391,207
	300,000	Coca-Cola Co		2.500		04/01/23		283,933
	325,000	Coca-Cola Co		1.500		11/15/15		331,318
	1,835,000	Coca-Cola Co		1.800		09/01/16		1,886,415
	500,000	Coca-Cola Co		1.650		03/14/18		501,076
	410,000	Coca-Cola Co		3.150		11/15/20		421,940

49

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	150,000		Coca-Cola Enterprises, Inc		2.125	%	09/15/15	$	153,325
	100,000		Coca-Cola Enterprises, Inc		3.500		09/15/20		100,815
	100,000		Coca-Cola Enterprises, Inc		3.250		08/19/21		97,970
	100,000		Coca-Cola Femsa SAB de C.V.		4.625		02/15/20		106,795
	100,000		Coca-Cola HBC Finance BV		5.500		09/17/15		107,932
	300,000		ConAgra Foods, Inc		1.900		01/25/18		296,075
	200,000		ConAgra Foods, Inc		2.100		03/15/18		198,403
	325,000		ConAgra Foods, Inc		7.000		04/15/19		390,095
	200,000		ConAgra Foods, Inc		3.250		09/15/22		191,465
	125,000		ConAgra Foods, Inc		3.200		01/25/23		116,940
	100,000		ConAgra Foods, Inc		7.000		10/01/28		121,911
	100,000	g	ConAgra Foods, Inc		6.625		08/15/39		115,849
	450,000		ConAgra Foods, Inc		4.650		01/25/43		408,432
	100,000		Corn Products International, Inc		4.625		11/01/20		105,920
	350,000		Diageo Capital plc		5.500		09/30/16		394,715
	1,000,000		Diageo Capital plc		1.500		05/11/17		1,000,359
	325,000		Diageo Capital plc		5.750		10/23/17		373,618
	500,000		Diageo Capital plc		1.125		04/29/18		482,900
	200,000		Diageo Capital plc		5.875		09/30/36		230,291
	400,000		Diageo Capital plc		3.875		04/29/43		344,580
	100,000		Dr Pepper Snapple Group, Inc		2.900		01/15/16		103,762
	350,000		Dr Pepper Snapple Group, Inc		2.600		01/15/19		352,933
	150,000		Dr Pepper Snapple Group, Inc		2.000		01/15/20		141,736
	150,000		Dr Pepper Snapple Group, Inc		2.700		11/15/22		139,061
	150,000		Flowers Foods, Inc		4.375		04/01/22		148,508
	200,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		177,952
	300,000		Fomento Economico Mexicano SAB de C.V.		4.375		05/10/43		246,337
	342,000		Fortune Brands, Inc		5.375		01/15/16		372,649
	725,000		General Mills, Inc		5.200		03/17/15		772,440
	100,000		General Mills, Inc		0.875		01/29/16		99,957
	210,000		General Mills, Inc		5.650		02/15/19		243,255
	200,000		General Mills, Inc		3.150		12/15/21		197,185
	150,000		General Mills, Inc		5.400		06/15/40		163,408
	100,000		General Mills, Inc		4.150		02/15/43		90,812
	100,000		Hershey Co		1.500		11/01/16		100,983
	150,000		Hershey Co		4.125		12/01/20		162,738
	400,000		Hershey Co		2.625		05/01/23		376,175
	250,000		Ingredion, Inc		1.800		09/25/17		246,496
	100,000		JM Smucker Co		3.500		10/15/21		99,188
	200,000		Kellogg Co		1.125		05/15/15		201,607
	100,000		Kellogg Co		1.875		11/17/16		101,834
	200,000		Kellogg Co		1.750		05/17/17		200,772
	600,000		Kellogg Co		4.000		12/15/20		635,093
	300,000		Kellogg Co		3.125		05/17/22		291,742
	200,000		Kellogg Co		2.750		03/01/23		185,205
	100,000		Kellogg Co		7.450		04/01/31		127,774
	100,000		Kraft Foods Group, Inc		1.625		06/04/15		101,558
	600,000		Kraft Foods Group, Inc		2.250		06/05/17		611,917
	1,525,000		Kraft Foods Group, Inc		3.500		06/06/22		1,506,142
	300,000		Kraft Foods Group, Inc		6.500		02/09/40		352,599
	400,000		Kraft Foods Group, Inc		5.000		06/04/42		396,246
	803,000		Kraft Foods, Inc		6.500		08/11/17		933,833

50

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	250,000	Kraft Foods, Inc		6.125	%	02/01/18	$	289,060
	1,200,000	Kraft Foods, Inc		5.375		02/10/20		1,355,005
	1,145,000	Kraft Foods, Inc		6.500		02/09/40		1,343,925
	200,000	Lorillard Tobacco Co		3.500		08/04/16		209,504
	300,000	Lorillard Tobacco Co		2.300		08/21/17		297,354
	270,000	Lorillard Tobacco Co		6.875		05/01/20		310,501
	350,000	Lorillard Tobacco Co		3.750		05/20/23		321,472
	200,000	McCormick & Co, Inc		3.500		09/01/23		200,859
	150,000	Molson Coors Brewing Co		3.500		05/01/22		149,038
	300,000	Molson Coors Brewing Co		5.000		05/01/42		292,333
	45,000	PepsiAmericas, Inc		4.375		02/15/14		45,650
	300,000	PepsiCo, Inc		0.700		02/26/16		299,120
	850,000	PepsiCo, Inc		2.500		05/10/16		884,372
	250,000	PepsiCo, Inc		1.250		08/13/17		246,369
	840,000	PepsiCo, Inc		7.900		11/01/18		1,069,307
	400,000	PepsiCo, Inc		2.250		01/07/19		400,982
	100,000	PepsiCo, Inc		4.500		01/15/20		110,230
	400,000	PepsiCo, Inc		3.125		11/01/20		406,043
	200,000	PepsiCo, Inc		3.000		08/25/21		197,126
	400,000	PepsiCo, Inc		2.750		03/05/22		380,886
	500,000	PepsiCo, Inc		2.750		03/01/23		468,333
	310,000	PepsiCo, Inc		4.875		11/01/40		313,872
	400,000	PepsiCo, Inc		4.000		03/05/42		357,942
	200,000	PepsiCo, Inc		3.600		08/13/42		166,206
	500,000	Philip Morris International, Inc		1.125		08/21/17		490,912
	1,300,000	Philip Morris International, Inc		5.650		05/16/18		1,504,637
	200,000	Philip Morris International, Inc		2.900		11/15/21		193,823
	200,000	Philip Morris International, Inc		2.500		08/22/22		184,152
	500,000	Philip Morris International, Inc		2.625		03/06/23		462,184
	240,000	Philip Morris International, Inc		6.375		05/16/38		285,196
	150,000	Philip Morris International, Inc		4.375		11/15/41		137,786
	200,000	Philip Morris International, Inc		4.500		03/20/42		187,148
	150,000	Philip Morris International, Inc		3.875		08/21/42		127,148
	300,000	Philip Morris International, Inc		4.125		03/04/43		265,157
	400,000	Reynolds American, Inc		1.050		10/30/15		400,207
	50,000	Reynolds American, Inc		6.750		06/15/17		57,770
	200,000	Reynolds American, Inc		7.750		06/01/18		243,069
	400,000	Reynolds American, Inc		3.250		11/01/22		368,210
	200,000	Reynolds American, Inc		4.850		09/15/23		207,721
	65,000	Reynolds American, Inc		7.250		06/15/37		75,180
	400,000	Reynolds American, Inc		4.750		11/01/42		348,775
	200,000	Reynolds American, Inc		6.150		09/15/43		209,244
	133,000	Sara Lee Corp		4.100		09/15/20		134,869
	400,000	Tyson Foods, Inc		4.500		06/15/22		415,168
		TOTAL FOOD, BEVERAGE & TOBACCO						51,854,793
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	100,000	Allergan, Inc		5.750		04/01/16		111,558
	200,000	Allergan, Inc		1.350		03/15/18		194,995
	250,000	Allergan, Inc		3.375		09/15/20		256,357
	200,000	Allergan, Inc		2.800		03/15/23		188,704
	200,000	AmerisourceBergen Corp		5.875		09/15/15		218,925

51

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		AmerisourceBergen Corp		3.500	%	11/15/21	$	100,224
	200,000		Ascension Health, Inc		4.847		11/15/53		196,825
	200,000		Baxter International, Inc		4.625		03/15/15		211,620
	300,000		Baxter International, Inc		0.950		06/01/16		300,599
	200,000		Baxter International, Inc		5.900		09/01/16		227,837
	300,000		Baxter International, Inc		1.850		06/15/18		299,733
	420,000		Baxter International, Inc		4.500		08/15/19		467,754
	300,000		Baxter International, Inc		3.200		06/15/23		292,708
	116,000		Baxter International, Inc		6.250		12/01/37		140,993
	150,000		Baxter International, Inc		3.650		08/15/42		127,523
	300,000		Baxter International, Inc		4.500		06/15/43		294,579
	25,000		Becton Dickinson & Co		5.000		05/15/19		28,382
	150,000		Becton Dickinson & Co		3.250		11/12/20		152,504
	850,000		Becton Dickinson and Co		3.125		11/08/21		842,637
	100,000		Bio-Rad Laboratories, Inc		4.875		12/15/20		103,539
	300,000		Boston Scientific Corp		6.400		06/15/16		336,844
	150,000		Boston Scientific Corp		2.650		10/01/18		150,066
	650,000		Boston Scientific Corp		6.000		01/15/20		743,379
	150,000		Boston Scientific Corp		4.125		10/01/23		149,106
	200,000		Cardinal Health, Inc		4.000		06/15/15		210,523
	200,000		Cardinal Health, Inc		1.700		03/15/18		195,452
	100,000		Cardinal Health, Inc		4.625		12/15/20		106,856
	100,000		Cardinal Health, Inc		3.200		06/15/22		95,249
	200,000		Cardinal Health, Inc		3.200		03/15/23		186,501
	100,000		Cardinal Health, Inc		4.600		03/15/43		91,397
	100,000		CareFusion Corp		5.125		08/01/14		103,573
	100,000		CareFusion Corp		6.375		08/01/19		114,524
	200,000	g	CareFusion Corp		3.300		03/01/23		187,349
	100,000		Coventry Health Care, Inc		6.300		08/15/14		104,717
	100,000		Coventry Health Care, Inc		5.450		06/15/21		111,080
	450,000		Covidien International Finance S.A.		6.000		10/15/17		520,365
	650,000		Covidien International Finance S.A.		3.200		06/15/22		637,029
	500,000		Covidien International Finance S.A.		2.950		06/15/23		471,708
	100,000		Covidien International Finance S.A.		6.550		10/15/37		124,432
	225,000		CR Bard, Inc		1.375		01/15/18		217,992
	100,000		CR Bard, Inc		4.400		01/15/21		106,285
	100,000		DENTSPLY International, Inc		4.125		08/15/21		101,225
	100,000	h	Edwards Lifesciences Corp		2.875		10/15/18		99,606
	900,000		Express Scripts Holding Co		2.750		11/21/14		919,502
	150,000		Express Scripts Holding Co		3.500		11/15/16		158,752
	300,000		Express Scripts Holding Co		2.650		02/15/17		309,288
	250,000		Express Scripts Holding Co		4.750		11/15/21		267,577
	525,000		Express Scripts Holding Co		3.900		02/15/22		531,827
	450,000		Express Scripts Holding Co		6.125		11/15/41		514,628
	300,000		Express Scripts, Inc		3.125		05/15/16		314,007
	100,000		Kaiser Foundation Hospitals		3.500		04/01/22		97,717
	100,000		Kaiser Foundation Hospitals		4.875		04/01/42		98,083
	200,000		Laboratory Corp of America Holdings		3.125		05/15/16		207,137
	100,000		Laboratory Corp of America Holdings		2.200		08/23/17		100,038
	200,000		Laboratory Corp of America Holdings		3.750		08/23/22		194,863
	200,000		Mayo Clinic Rochester		4.000		11/15/47		167,165
	100,000		McKesson Corp		0.950		12/04/15		100,097

52

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	430,000	McKesson Corp		3.250	%	03/01/16	$	453,160
	25,000	McKesson Corp		5.700		03/01/17		28,354
	200,000	McKesson Corp		1.400		03/15/18		194,751
	180,000	McKesson Corp		4.750		03/01/21		197,561
	100,000	McKesson Corp		2.700		12/15/22		93,471
	200,000	McKesson Corp		2.850		03/15/23		188,576
	100,000	McKesson Corp		6.000		03/01/41		116,122
	250,000	Medco Health Solutions, Inc		2.750		09/15/15		258,306
	250,000	Medco Health Solutions, Inc		7.125		03/15/18		301,452
	205,000	Medtronic, Inc		4.750		09/15/15		220,783
	250,000	Medtronic, Inc		1.375		04/01/18		245,437
	200,000	Medtronic, Inc		5.600		03/15/19		227,691
	1,305,000	Medtronic, Inc		4.450		03/15/20		1,429,047
	250,000	Medtronic, Inc		2.750		04/01/23		234,824
	200,000	Medtronic, Inc		4.500		03/15/42		194,614
	150,000	Medtronic, Inc		4.000		04/01/43		134,394
	350,000	NYU Hospitals Center		5.750		07/01/43		360,753
	150,000	PerkinElmer, Inc		5.000		11/15/21		154,850
	235,000	Quest Diagnostics, Inc		6.400		07/01/17		268,101
	450,000	St. Jude Medical, Inc		2.500		01/15/16		462,374
	200,000	St. Jude Medical, Inc		3.250		04/15/23		190,079
	200,000	St. Jude Medical, Inc		4.750		04/15/43		189,900
	150,000	Stryker Corp		3.000		01/15/15		154,644
	150,000	Stryker Corp		2.000		09/30/16		154,169
	200,000	Stryker Corp		1.300		04/01/18		195,111
	90,000	Stryker Corp		4.375		01/15/20		98,290
	200,000	Stryker Corp		4.100		04/01/43		180,308
	165,000	Thermo Fisher Scientific, Inc		5.000		06/01/15		175,576
	550,000	Thermo Fisher Scientific, Inc		2.250		08/15/16		560,069
	350,000	Thermo Fisher Scientific, Inc		1.850		01/15/18		343,752
	455,000	Thermo Fisher Scientific, Inc		4.700		05/01/20		483,872
	250,000	Thermo Fisher Scientific, Inc		3.150		01/15/23		231,490
	100,000	Zimmer Holdings, Inc		1.400		11/30/14		100,696
	150,000	Zimmer Holdings, Inc		3.375		11/30/21		146,411
	106,000	Zimmer Holdings, Inc		5.750		11/30/39		117,161
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						22,990,084
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000	Avon Products, Inc		2.375		03/15/16		102,037
	100,000	Avon Products, Inc		6.500		03/01/19		112,105
	150,000	Avon Products, Inc		4.600		03/15/20		155,549
	150,000	Avon Products, Inc		5.000		03/15/23		150,925
	100,000	Avon Products, Inc		6.950		03/15/43		100,095
	25,000	Clorox Co		5.000		01/15/15		26,330
	350,000	Clorox Co		3.550		11/01/15		368,197
	100,000	Clorox Co		3.800		11/15/21		100,922
	100,000	Clorox Co		3.050		09/15/22		95,326
	400,000	Colgate-Palmolive Co		1.300		01/15/17		402,834
	300,000	Colgate-Palmolive Co		0.900		05/01/18		290,900
	200,000	Colgate-Palmolive Co		2.300		05/03/22		187,771
	200,000	Colgate-Palmolive Co		1.950		02/01/23		180,165
	60,000	Colgate-Palmolive Co		6.450		06/16/28		72,719

53

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	150,000		Ecolab, Inc		2.375	%	12/08/14	$	152,868
	300,000		Ecolab, Inc		1.000		08/09/15		300,139
	100,000		Ecolab, Inc		3.000		12/08/16		104,883
	250,000		Ecolab, Inc		1.450		12/08/17		245,106
	350,000		Ecolab, Inc		4.350		12/08/21		368,767
	100,000		Ecolab, Inc		5.500		12/08/41		107,317
	200,000		Estee Lauder Cos, Inc		2.350		08/15/22		183,065
	100,000		Estee Lauder Cos, Inc		6.000		05/15/37		111,210
	1,825,000		Procter & Gamble Co		4.700		02/15/19		2,075,558
	800,000		Procter & Gamble Co		2.300		02/06/22		761,940
	300,000		Procter & Gamble Co		3.100		08/15/23		296,539
	225,000		Procter & Gamble Co		5.550		03/05/37		261,784
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						7,315,051
INSURANCE - 1.1%
	85,000		ACE INA Holdings, Inc		5.875		06/15/14		88,050
	200,000		ACE INA Holdings, Inc		5.600		05/15/15		215,507
	100,000		ACE INA Holdings, Inc		2.600		11/23/15		103,648
	25,000		ACE INA Holdings, Inc		5.800		03/15/18		29,003
	500,000		ACE INA Holdings, Inc		5.900		06/15/19		591,530
	250,000		ACE INA Holdings, Inc		2.700		03/13/23		234,661
	150,000		ACE INA Holdings, Inc		4.150		03/13/43		138,669
	400,000		Aegon NV		4.625		12/01/15		428,738
	125,000		Aetna, Inc		1.500		11/15/17		122,738
	200,000		Aetna, Inc		6.500		09/15/18		236,827
	250,000		Aetna, Inc		3.950		09/01/20		260,950
	500,000		Aetna, Inc		2.750		11/15/22		461,416
	240,000		Aetna, Inc		6.625		06/15/36		287,698
	350,000		Aetna, Inc		4.500		05/15/42		323,404
	500,000		Aetna, Inc		4.125		11/15/42		435,883
	200,000		Aflac, Inc		8.500		05/15/19		258,502
	300,000		Aflac, Inc		4.000		02/15/22		307,780
	300,000		Aflac, Inc		3.625		06/15/23		292,968
	125,000		Aflac, Inc		6.900		12/17/39		154,751
	300,000		Alleghany Corp		4.950		06/27/22		317,025
	1,250,000		Allstate Corp		3.150		06/15/23		1,210,500
	100,000		Allstate Corp		4.500		06/15/43		96,934
	200,000	i	Allstate Corp		5.750		08/15/53		195,000
	100,000		American Financial Group, Inc		9.875		06/15/19		129,731
	700,000		American International Group, Inc		3.800		03/22/17		744,458
	1,350,000		American International Group, Inc		8.250		08/15/18		1,683,220
	750,000		American International Group, Inc		3.375		08/15/20		750,457
	900,000		American International Group, Inc		6.400		12/15/20		1,060,572
	900,000		American International Group, Inc		4.875		06/01/22		965,485
	300,000		American International Group, Inc		4.125		02/15/24		300,207
	800,000		American International Group, Inc		6.250		05/01/36		914,066
	328,000		American International Group, Inc		6.820		11/15/37		394,288
	200,000		Aon Corp		3.125		05/27/16		209,295
	50,000		Aon Corp		5.000		09/30/20		54,983
	200,000		Aon Corp		6.250		09/30/40		227,995
	100,000		Aon plc		4.250		12/12/42		86,183
	200,000		Aon plc		4.450		05/24/43		178,217

54

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		Assurant, Inc		2.500	%	03/15/18	$	98,178
	100,000		Assurant, Inc		4.000		03/15/23		96,803
	100,000		Assurant, Inc		6.750		02/15/34		107,367
	270,000		AXA S.A.		8.600		12/15/30		326,428
	50,000		Axis Specialty Finance		5.875		06/01/20		55,409
	333,000		Berkshire Hathaway Finance Corp		4.850		01/15/15		351,484
	300,000		Berkshire Hathaway Finance Corp		2.450		12/15/15		311,008
	300,000		Berkshire Hathaway Finance Corp		1.600		05/15/17		302,535
	225,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		219,649
	750,000		Berkshire Hathaway Finance Corp		5.400		05/15/18		864,779
	300,000		Berkshire Hathaway Finance Corp		2.000		08/15/18		300,835
	400,000		Berkshire Hathaway Finance Corp		3.000		05/15/22		388,499
	300,000		Berkshire Hathaway Finance Corp		4.400		05/15/42		275,655
	100,000		Berkshire Hathaway Finance Corp		4.300		05/15/43		90,642
	700,000		Berkshire Hathaway, Inc		1.900		01/31/17		713,628
	400,000		Berkshire Hathaway, Inc		1.550		02/09/18		396,169
	200,000		Boardwalk Pipelines LP		3.375		02/01/23		183,764
	40,000		Chubb Corp		5.750		05/15/18		46,526
	350,000		Chubb Corp		6.000		05/11/37		416,027
	300,000	i	Chubb Corp		6.375		03/29/67		321,750
	200,000		Cigna Corp		5.375		02/15/42		209,901
	540,000		CIGNA Corp		5.125		06/15/20		595,120
	400,000		CIGNA Corp		4.500		03/15/21		427,183
	200,000		Cincinnati Financial Corp		6.920		05/15/28		240,231
	200,000		CNA Financial Corp		5.850		12/15/14		211,477
	40,000		CNA Financial Corp		6.500		08/15/16		45,236
	500,000		CNA Financial Corp		5.750		08/15/21		563,302
	250,000		Fidelity National Financial, Inc		5.500		09/01/22		263,534
	100,000		First American Financial Corp		4.300		02/01/23		96,790
	260,000		Genworth Financial, Inc		7.200		02/15/21		299,600
	300,000		Genworth Financial, Inc		7.625		09/24/21		354,574
	100,000		Genworth Holdings, Inc		4.900		08/15/23		100,403
	250,000		Hartford Financial Services Group, Inc		5.125		04/15/22		273,617
	321,000		Hartford Financial Services Group, Inc		6.625		03/30/40		384,188
	750,000		Hartford Financial Services Group, Inc		4.300		04/15/43		661,846
	300,000		Humana, Inc		6.450		06/01/16		337,132
	100,000		Humana, Inc		3.150		12/01/22		93,040
	100,000		Humana, Inc		8.150		06/15/38		132,375
	200,000		Humana, Inc		4.625		12/01/42		178,105
	100,000		Infinity Property & Casualty Corp		5.000		09/19/22		98,248
	300,000		ING US, Inc		2.900		02/15/18		301,224
	150,000		ING US, Inc		5.500		07/15/22		161,481
	200,000	g	ING US, Inc		5.700		07/15/43		198,514
	300,000		Lincoln National Corp		4.300		06/15/15		316,253
	200,000		Lincoln National Corp		8.750		07/01/19		259,154
	400,000		Lincoln National Corp		4.200		03/15/22		409,510
	525,000		Lincoln National Corp		4.000		09/01/23		522,538
	30,000		Lincoln National Corp		6.150		04/07/36		34,093
	150,000		Lincoln National Corp		7.000		06/15/40		189,441
	100,000		Loews Corp		5.250		03/15/16		110,071
	200,000		Loews Corp		2.625		05/15/23		182,925
	200,000		Loews Corp		4.125		05/15/43		171,941

55

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	100,000		Manulife Financial Corp		3.400	%	09/17/15	$	104,190
	100,000		Manulife Financial Corp		4.900		09/17/20		107,249
	100,000		Markel Corp		7.125		09/30/19		119,503
	150,000		Markel Corp		4.900		07/01/22		157,416
	100,000		Markel Corp		3.625		03/30/23		95,030
	100,000		Markel Corp		5.000		03/30/43		93,130
	200,000		Marsh & McLennan Cos, Inc		5.375		07/15/14		207,229
	150,000		Marsh & McLennan Cos, Inc		2.300		04/01/17		151,529
	100,000		Marsh & McLennan Cos, Inc		2.550		10/15/18		100,514
	125,000		Marsh & McLennan Cos, Inc		9.250		04/15/19		162,041
	150,000		Marsh & McLennan Cos, Inc		4.800		07/15/21		162,120
	200,000		Marsh & McLennan Cos, Inc		4.050		10/15/23		200,527
	200,000		Memorial Sloan-Kettering Cancer Center		4.125		07/01/52		166,946
	280,000		Metlife, Inc		5.000		06/15/15		299,791
	575,000		Metlife, Inc		6.750		06/01/16		658,913
	175,000		Metlife, Inc		1.756		12/15/17		173,707
	1,050,000		Metlife, Inc		4.750		02/08/21		1,148,055
	700,000		Metlife, Inc		3.048		12/15/22		667,338
	50,000		Metlife, Inc		6.375		06/15/34		60,167
	405,000		Metlife, Inc		5.700		06/15/35		448,427
	130,000		Metlife, Inc		5.875		02/06/41		147,649
	200,000		Metlife, Inc		4.125		08/13/42		175,846
	325,000		MetLife, Inc		4.368		09/15/23		339,757
	200,000		Montpelier Re Holdings Ltd		4.700		10/15/22		196,144
	20,000		Nationwide Financial Services		6.750		05/15/37		19,800
	250,000		OneBeacon US Holdings, Inc		4.600		11/09/22		247,423
	100,000		PartnerRe Ltd		5.500		06/01/20		109,502
	100,000	g	Primerica, Inc		4.750		07/15/22		104,618
	100,000		Principal Financial Group, Inc		1.850		11/15/17		99,137
	130,000		Principal Financial Group, Inc		8.875		05/15/19		168,501
	100,000		Principal Financial Group, Inc		3.300		09/15/22		97,144
	150,000		Principal Financial Group, Inc		3.125		05/15/23		142,285
	100,000		Principal Financial Group, Inc		6.050		10/15/36		115,287
	100,000		Principal Financial Group, Inc		4.625		09/15/42		94,557
	200,000		Principal Financial Group, Inc		4.350		05/15/43		179,390
	120,000		Progressive Corp		6.250		12/01/32		143,453
	300,000	i	Progressive Corp		6.700		06/15/37		321,000
	100,000		Protective Life Corp		7.375		10/15/19		120,912
	295,000		Prudential Financial, Inc		5.100		09/20/14		307,532
	200,000		Prudential Financial, Inc		4.750		09/17/15		214,590
	300,000		Prudential Financial, Inc		3.000		05/12/16		313,636
	60,000		Prudential Financial, Inc		6.100		06/15/17		68,822
	100,000		Prudential Financial, Inc		2.300		08/15/18		100,875
	1,020,000		Prudential Financial, Inc		7.375		06/15/19		1,263,024
	300,000		Prudential Financial, Inc		4.500		11/16/21		320,220
	400,000		Prudential Financial, Inc		5.750		07/15/33		433,065
	450,000		Prudential Financial, Inc		6.200		11/15/40		516,298
	125,000	i	Prudential Financial, Inc		5.875		09/15/42		122,500
	500,000	i	Prudential Financial, Inc		5.625		06/15/43		470,940
	150,000		Prudential Financial, Inc		5.100		08/15/43		148,358
	100,000	i	Prudential Financial, Inc		5.200		03/15/44		90,700
	150,000		Reinsurance Group of America, Inc		5.625		03/15/17		165,765

56

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,000	Reinsurance Group of America, Inc		5.000	%	06/01/21	$	107,033
	250,000	Reinsurance Group of America, Inc		4.700		09/15/23		255,642
	100,000	StanCorp Financial Group, Inc		5.000		08/15/22		99,872
	250,000	Torchmark Corp		3.800		09/15/22		246,872
	100,000	Transatlantic Holdings, Inc		5.750		12/14/15		109,986
	20,000	Transatlantic Holdings, Inc		8.000		11/30/39		24,562
	610,000	Travelers Cos, Inc		5.800		05/15/18		711,733
	130,000	Travelers Cos, Inc		5.900		06/02/19		154,870
	600,000	Travelers Cos, Inc		5.350		11/01/40		657,230
	200,000	Travelers Cos, Inc		4.600		08/01/43		197,686
	100,000	Travelers Property Casualty Corp		6.375		03/15/33		122,917
	100,000	UnitedHealth Group, Inc		5.375		03/15/16		110,347
	325,000	UnitedHealth Group, Inc		1.400		10/15/17		320,843
	324,000	UnitedHealth Group, Inc		6.000		02/15/18		377,635
	300,000	UnitedHealth Group, Inc		1.625		03/15/19		289,089
	700,000	UnitedHealth Group, Inc		4.700		02/15/21		765,169
	325,000	UnitedHealth Group, Inc		2.750		02/15/23		302,768
	200,000	UnitedHealth Group, Inc		2.875		03/15/23		188,205
	365,000	UnitedHealth Group, Inc		6.625		11/15/37		446,259
	250,000	UnitedHealth Group, Inc		6.875		02/15/38		313,857
	150,000	UnitedHealth Group, Inc		4.625		11/15/41		143,030
	300,000	UnitedHealth Group, Inc		4.375		03/15/42		276,307
	350,000	UnitedHealth Group, Inc		3.950		10/15/42		300,136
	200,000	UnitedHealth Group, Inc		4.250		03/15/43		182,105
	100,000	Unitrin, Inc		6.000		11/30/15		107,954
	110,000	Unum Group		5.625		09/15/20		121,331
	200,000	Verisk Analytics, Inc		5.800		05/01/21		221,026
	200,000	WellPoint, Inc		1.250		09/10/15		201,361
	200,000	WellPoint, Inc		1.875		01/15/18		198,248
	500,000	WellPoint, Inc		2.300		07/15/18		500,230
	150,000	WellPoint, Inc		3.700		08/15/21		150,621
	800,000	WellPoint, Inc		3.125		05/15/22		759,638
	200,000	WellPoint, Inc		3.300		01/15/23		188,522
	300,000	WellPoint, Inc		4.625		05/15/42		274,366
	200,000	WellPoint, Inc		4.650		01/15/43		183,482
	500,000	WellPoint, Inc		5.100		01/15/44		487,048
	200,000	Willis Group Holdings plc		5.750		03/15/21		215,970
	165,000	WR Berkley Corp		5.375		09/15/20		180,347
	250,000	WR Berkley Corp		4.625		03/15/22		258,436
	350,000	XL Capital Ltd		6.375		11/15/24		401,361
	100,000	XL Group PLC		5.250		09/15/14		104,198
		TOTAL INSURANCE						52,682,365
MATERIALS - 1.1%
	300,000	3M Co		1.375		09/29/16		305,318
	200,000	3M Co		1.000		06/26/17		196,602
	200,000	3M Co		2.000		06/26/22		186,536
	190,000	3M Co		5.700		03/15/37		221,238
	100,000	Agrium, Inc		6.750		01/15/19		117,711
	150,000	Agrium, Inc		3.150		10/01/22		139,186
	200,000	Agrium, Inc		3.500		06/01/23		188,858
	100,000	Agrium, Inc		6.125		01/15/41		107,259

57

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Agrium, Inc		4.900	%	06/01/43	$	181,397
	200,000	Air Products & Chemicals, Inc		1.200		10/15/17		194,820
	150,000	Air Products & Chemicals, Inc		3.000		11/03/21		145,197
	150,000	Air Products & Chemicals, Inc		2.750		02/03/23		141,480
	180,000	Airgas, Inc		4.500		09/15/14		186,509
	200,000	Airgas, Inc		1.650		02/15/18		194,467
	250,000	Airgas, Inc		2.900		11/15/22		231,382
	100,000	Albemarle Corp		4.500		12/15/20		104,258
	200,000	Alcoa, Inc		5.550		02/01/17		214,652
	430,000	Alcoa, Inc		6.150		08/15/20		448,585
	550,000	Alcoa, Inc		5.400		04/15/21		543,726
	300,000	Alcoa, Inc		5.870		02/23/22		300,032
	250,000	Alcoa, Inc		5.950		02/01/37		222,045
	100,000	Allegheny Technologies, Inc		5.950		01/15/21		105,001
	300,000	Allegheny Technologies, Inc		5.875		08/15/23		303,425
	200,000	Avery Dennison Corp		3.350		04/15/23		188,452
	180,000	Barrick Australian Finance Pty Ltd		5.950		10/15/39		155,544
	150,000	Barrick Gold Corp		2.500		05/01/18		143,032
	350,000	Barrick Gold Corp		6.950		04/01/19		399,374
	250,000	Barrick Gold Corp		3.850		04/01/22		221,098
	225,000	Barrick Gold Corp		4.100		05/01/23		198,135
	250,000	Barrick Gold Corp		5.250		04/01/42		200,122
	1,500,000	Barrick North America Finance LLC		4.400		05/30/21		1,393,708
	300,000	Barrick North America Finance LLC		5.750		05/01/43		251,726
	110,000	Bemis Co, Inc		5.650		08/01/14		114,453
	100,000	Bemis Co, Inc		6.800		08/01/19		119,115
	200,000	Cabot Corp		3.700		07/15/22		194,612
	200,000	Carpenter Technology Corp		4.450		03/01/23		195,968
	220,000	Celulosa Arauco y Constitucion S.A.		5.625		04/20/15		232,696
	100,000	Celulosa Arauco y Constitucion S.A.		5.000		01/21/21		99,286
	100,000	Celulosa Arauco y Constitucion S.A.		4.750		01/11/22		97,147
	350,000	CF Industries, Inc		7.125		05/01/20		410,327
	200,000	CF Industries, Inc		3.450		06/01/23		185,358
	200,000	CF Industries, Inc		4.950		06/01/43		180,695
	250,000	Church & Dwight Co, Inc		2.875		10/01/22		235,125
	300,000	Cliffs Natural Resources, Inc		3.950		01/15/18		301,283
	50,000	Cliffs Natural Resources, Inc		4.800		10/01/20		47,663
	200,000	Cliffs Natural Resources, Inc		4.875		04/01/21		188,683
	150,000	Cliffs Natural Resources, Inc		6.250		10/01/40		125,398
	100,000	Corning, Inc		1.450		11/15/17		98,854
	225,000	Corning, Inc		4.250		08/15/20		242,804
	100,000	Corning, Inc		5.750		08/15/40		110,666
	200,000	Corning, Inc		4.750		03/15/42		196,262
	150,000	Cytec Industries, Inc		3.500		04/01/23		139,424
	200,000	Domtar Corp		4.400		04/01/22		193,021
	100,000	Domtar Corp		6.250		09/01/42		97,618
	591,000	Dow Chemical Co		8.550		05/15/19		753,746
	1,500,000	Dow Chemical Co		4.250		11/15/20		1,566,699
	500,000	Dow Chemical Co		4.125		11/15/21		510,373
	550,000	Dow Chemical Co		3.000		11/15/22		506,437
	350,000	Dow Chemical Co		5.250		11/15/41		343,326
	375,000	Dow Chemical Co		4.375		11/15/42		324,205

58

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,420,000		E.I. du Pont de Nemours & Co		4.625	%	01/15/20	$	1,563,389
	175,000		Eastman Chemical Co		2.400		06/01/17		177,522
	165,000		Eastman Chemical Co		5.500		11/15/19		184,761
	250,000		Eastman Chemical Co		3.600		08/15/22		243,185
	150,000		Eastman Chemical Co		4.800		09/01/42		142,101
	90,000		EI du Pont de Nemours & Co		5.250		12/15/16		101,578
	700,000		EI du Pont de Nemours & Co		6.000		07/15/18		827,812
	300,000		EI du Pont de Nemours & Co		2.800		02/15/23		282,489
	225,000		EI du Pont de Nemours & Co		4.150		02/15/43		201,699
	100,000		FMC Corp		3.950		02/01/22		99,874
	1,650,000	g	Freeport McMoran		2.375		03/15/18		1,594,634
	300,000	g	Freeport McMoran		3.100		03/15/20		282,095
	675,000	g	Freeport-McMoRan Copper & Gold, Inc		3.875		03/15/23		622,319
	400,000	g	Freeport-McMoRan Copper & Gold, Inc		5.450		03/15/43		358,526
	650,000		Freeport-McMoRan Copper & Gold, Inc		3.550		03/01/22		597,804
	200,000		Georgia-Pacific LLC		7.700		06/15/15		221,717
	300,000		Georgia-Pacific LLC		8.000		01/15/24		385,730
	250,000		Georgia-Pacific LLC		7.750		11/15/29		316,375
	250,000		Goldcorp, Inc		2.125		03/15/18		243,602
	250,000		Goldcorp, Inc		3.700		03/15/23		228,100
	100,000		Hubbell, Inc		3.625		11/15/22		99,289
	300,000		International Flavors & Fragrances, Inc		3.200		05/01/23		283,635
	300,000		International Paper Co		7.950		06/15/18		372,368
	144,000		International Paper Co		9.375		05/15/19		189,897
	330,000		International Paper Co		7.500		08/15/21		406,090
	170,000		International Paper Co		7.300		11/15/39		207,457
	450,000		International Paper Co		6.000		11/15/41		480,938
	330,000		Kimberly-Clark Corp		6.250		07/15/18		393,502
	225,000		Kimberly-Clark Corp		3.625		08/01/20		236,211
	100,000		Kimberly-Clark Corp		3.875		03/01/21		105,998
	125,000		Kimberly-Clark Corp		2.400		03/01/22		118,588
	200,000		Kimberly-Clark Corp		2.400		06/01/23		185,567
	200,000		Kimberly-Clark Corp		6.625		08/01/37		258,516
	200,000		Kimberly-Clark Corp		3.700		06/01/43		174,765
	150,000		Kinross Gold Corp		5.125		09/01/21		142,298
	92,000		Lubrizol Corp		8.875		02/01/19		122,002
	150,000		Lubrizol Corp		6.500		10/01/34		181,879
	300,000		LYB International Finance BV		4.000		07/15/23		297,415
	300,000		LYB International Finance BV		5.250		07/15/43		295,008
	500,000		LyondellBasell Industries NV		5.000		04/15/19		550,373
	300,000		LyondellBasell Industries NV		6.000		11/15/21		342,399
	300,000		LyondellBasell Industries NV		5.750		04/15/24		335,528
	250,000		Martin Marietta Materials, Inc		6.600		04/15/18		282,500
	150,000		Methanex Corp		3.250		12/15/19		147,431
	200,000		Monsanto Co		2.750		04/15/16		208,714
	100,000		Monsanto Co		2.200		07/15/22		91,906
	150,000		Monsanto Co		5.500		08/15/25		173,900
	100,000		Monsanto Co		3.600		07/15/42		84,808
	100,000		NewMarket Corp		4.100		12/15/22		96,517
	200,000		Newmont Mining Corp		5.125		10/01/19		210,367
	300,000		Newmont Mining Corp		3.500		03/15/22		262,337
	298,000		Newmont Mining Corp		5.875		04/01/35		267,341

59

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	135,000	Newmont Mining Corp		6.250	%	10/01/39	$	124,891
	300,000	Newmont Mining Corp		4.875		03/15/42		227,980
	100,000	Nucor Corp		5.750		12/01/17		113,444
	130,000	Nucor Corp		5.850		06/01/18		149,602
	300,000	Nucor Corp		4.125		09/15/22		300,167
	500,000	Nucor Corp		4.000		08/01/23		489,340
	300,000	Nucor Corp		5.200		08/01/43		285,930
	43,000	Owens Corning		9.000		06/15/19		52,292
	200,000	Owens Corning		4.200		12/15/22		195,109
	150,000	Packaging Corp of America		3.900		06/15/22		144,228
	100,000	Plum Creek Timberlands LP		4.700		03/15/21		103,057
	300,000	Plum Creek Timberlands LP		3.250		03/15/23		274,270
	650,000	Potash Corp of Saskatchewan, Inc		4.875		03/30/20		709,889
	200,000	Potash Corp of Saskatchewan, Inc		5.625		12/01/40		211,315
	150,000	PPG Industries, Inc		2.700		08/15/22		139,099
	150,000	PPG Industries, Inc		6.650		03/15/18		176,477
	300,000	PPG Industries, Inc		3.600		11/15/20		304,379
	405,000	Praxair, Inc		5.250		11/15/14		426,746
	440,000	Praxair, Inc		3.250		09/15/15		461,914
	200,000	Praxair, Inc		1.050		11/07/17		195,504
	250,000	Praxair, Inc		2.200		08/15/22		227,787
	625,000	Praxair, Inc		3.550		11/07/42		521,016
	500,000	Precision Castparts Corp		1.250		01/15/18		487,503
	100,000	Precision Castparts Corp		3.900		01/15/43		88,620
	150,000	Rio Tinto Finance USA Ltd		2.500		05/20/16		154,427
	1,500,000	Rio Tinto Finance USA Ltd		6.500		07/15/18		1,768,880
	570,000	Rio Tinto Finance USA Ltd		3.500		11/02/20		566,551
	200,000	Rio Tinto Finance USA Ltd		4.125		05/20/21		203,371
	200,000	Rio Tinto Finance USA Ltd		3.750		09/20/21		197,190
	250,000	Rio Tinto Finance USA Ltd		7.125		07/15/28		307,482
	150,000	Rio Tinto Finance USA Ltd		5.200		11/02/40		148,447
	800,000	Rio Tinto Finance USA plc		1.625		08/21/17		788,260
	300,000	Rio Tinto Finance USA plc		2.250		12/14/18		295,790
	400,000	Rio Tinto Finance USA plc		3.500		03/22/22		386,663
	625,000	Rio Tinto Finance USA plc		2.875		08/21/22		574,294
	200,000	Rio Tinto Finance USA plc		4.750		03/22/42		185,530
	150,000	Rio Tinto Finance USA plc		4.125		08/21/42		126,577
	200,000	Rohm and Haas Co		6.000		09/15/17		229,501
	100,000	RPM International, Inc		6.125		10/15/19		113,875
	300,000	RPM International, Inc		3.450		11/15/22		280,553
	100,000	Sherwin-Williams Co		3.125		12/15/14		102,923
	175,000	Sherwin-Williams Co		1.350		12/15/17		170,856
	200,000	Sherwin-Williams Co		4.000		12/15/42		175,799
	150,000	Sonoco Products Co		5.750		11/01/40		157,156
	200,000	Southern Copper Corp		5.375		04/16/20		214,166
	100,000	Southern Copper Corp		7.500		07/27/35		105,053
	680,000	Southern Copper Corp		6.750		04/16/40		661,841
	50,000	Teck Resources Ltd		3.850		08/15/17		52,210
	100,000	Teck Resources Ltd		2.500		02/01/18		98,946
	300,000	Teck Resources Ltd		3.000		03/01/19		295,720
	600,000	Teck Resources Ltd		4.500		01/15/21		594,191
	275,000	Teck Resources Ltd		4.750		01/15/22		275,968

60

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Teck Resources Ltd		3.750	%	02/01/23	$	92,052
	100,000		Teck Resources Ltd		6.250		07/15/41		96,893
	700,000		Teck Resources Ltd		5.200		03/01/42		595,305
	150,000		Teck Resources Ltd		5.400		02/01/43		131,098
	450,000		Vale S.A.		5.625		09/11/42		392,514
	150,000		Valspar Corp		4.200		01/15/22		151,351
	150,000		Westlake Chemical Corp		3.600		07/15/22		143,895
	600,000	g	Xstrata Finance Canada Ltd		2.050		10/23/15		601,633
			TOTAL MATERIALS						50,070,495
MEDIA - 0.8%
	100,000		CBS Corp		1.950		07/01/17		100,541
	50,000		CBS Corp		5.750		04/15/20		55,847
	445,000		CBS Corp		4.300		02/15/21		456,651
	500,000		CBS Corp		3.375		03/01/22		477,604
	200,000		CBS Corp		7.875		07/30/30		242,433
	200,000		CBS Corp		4.850		07/01/42		178,623
	450,000		Comcast Cable Communications LLC		8.875		05/01/17		560,722
	1,595,000		Comcast Corp		5.150		03/01/20		1,805,811
	1,350,000		Comcast Corp		3.125		07/15/22		1,315,229
	300,000		Comcast Corp		2.850		01/15/23		284,483
	625,000		Comcast Corp		4.250		01/15/33		589,407
	129,000		Comcast Corp		7.050		03/15/33		159,214
	345,000		Comcast Corp		5.650		06/15/35		377,266
	350,000		Comcast Corp		6.950		08/15/37		440,357
	780,000		Comcast Corp		6.400		03/01/40		933,655
	350,000		Comcast Corp		4.650		07/15/42		332,827
	300,000		Comcast Corp		4.500		01/15/43		282,226
	91,000		COX Communications, Inc		5.450		12/15/14		96,127
	50,000		DIRECTV Holdings LLC		4.750		10/01/14		51,965
	600,000		DIRECTV Holdings LLC		3.550		03/15/15		621,310
	100,000		DIRECTV Holdings LLC		3.500		03/01/16		104,248
	500,000		DIRECTV Holdings LLC		2.400		03/15/17		502,314
	500,000		DIRECTV Holdings LLC		1.750		01/15/18		482,089
	285,000		DIRECTV Holdings LLC		5.200		03/15/20		301,326
	500,000		DIRECTV Holdings LLC		4.600		02/15/21		501,611
	1,050,000		DIRECTV Holdings LLC		5.000		03/01/21		1,074,940
	250,000		DIRECTV Holdings LLC		3.800		03/15/22		233,337
	145,000		DIRECTV Holdings LLC		6.000		08/15/40		137,558
	100,000		DIRECTV Holdings LLC		6.375		03/01/41		98,756
	550,000		DIRECTV Holdings LLC		5.150		03/15/42		467,933
	500,000		Discovery Communications LLC		3.300		05/15/22		478,661
	100,000		Discovery Communications LLC		4.950		05/15/42		92,491
	125,000		Discovery Communications LLC		4.875		04/01/43		115,338
	550,000		Grupo Televisa S.A.		6.625		03/18/25		633,608
	348,000		Historic TW, Inc		6.625		05/15/29		396,061
	100,000		Interpublic Group of Cos, Inc		6.250		11/15/14		104,750
	300,000		Interpublic Group of Cos, Inc		2.250		11/15/17		294,659
	100,000		Interpublic Group of Cos, Inc		4.000		03/15/22		96,534
	900,000		NBC Universal Media LLC		4.450		01/15/43		831,802
	235,000		NBC Universal Media LLC		3.650		04/30/15		246,276
	585,000		NBC Universal Media LLC		5.150		04/30/20		663,369

61

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	820,000	NBC Universal Media LLC		4.375	%	04/01/21	$	882,775
	375,000	NBC Universal Media LLC		2.875		01/15/23		356,627
	95,000	NBC Universal Media LLC		6.400		04/30/40		112,363
	150,000	NBC Universal Media LLC		5.950		04/01/41		169,416
	355,000	News America, Inc		7.250		05/18/18		433,771
	950,000	News America, Inc		3.000		09/15/22		890,218
	1,325,000	News America, Inc		6.200		12/15/34		1,434,562
	1,000,000	News America, Inc		6.150		02/15/41		1,101,620
	200,000	Omnicom Group, Inc		5.900		04/15/16		223,524
	200,000	Omnicom Group, Inc		4.450		08/15/20		209,172
	700,000	Omnicom Group, Inc		3.625		05/01/22		671,377
	500,000	Time Warner Cable, Inc		5.850		05/01/17		543,744
	170,000	Time Warner Cable, Inc		6.750		07/01/18		189,855
	910,000	Time Warner Cable, Inc		8.750		02/14/19		1,070,620
	1,100,000	Time Warner Cable, Inc		8.250		04/01/19		1,273,362
	800,000	Time Warner Cable, Inc		4.000		09/01/21		746,375
	500,000	Time Warner Cable, Inc		6.550		05/01/37		460,063
	175,000	Time Warner Cable, Inc		6.750		06/15/39		163,077
	690,000	Time Warner Cable, Inc		5.875		11/15/40		587,241
	300,000	Time Warner Cable, Inc		5.500		09/01/41		245,996
	750,000	Time Warner Cable, Inc		4.500		09/15/42		548,372
	490,000	Time Warner, Inc		3.150		07/15/15		510,037
	628,000	Time Warner, Inc		5.875		11/15/16		711,263
	450,000	Time Warner, Inc		4.750		03/29/21		481,959
	1,400,000	Time Warner, Inc		3.400		06/15/22		1,359,070
	785,000	Time Warner, Inc		6.500		11/15/36		873,512
	350,000	Time Warner, Inc		6.100		07/15/40		375,523
	150,000	Time Warner, Inc		6.250		03/29/41		164,899
	900,000	Time Warner, Inc		4.900		06/15/42		841,874
	406,000	Viacom, Inc		4.375		09/15/14		419,100
	300,000	Viacom, Inc		1.250		02/27/15		300,812
	250,000	Viacom, Inc		2.500		09/01/18		249,541
	400,000	Viacom, Inc		3.875		12/15/21		396,040
	500,000	Viacom, Inc		3.125		06/15/22		465,750
	200,000	Viacom, Inc		3.250		03/15/23		185,048
	250,000	Viacom, Inc		4.250		09/01/23		248,642
	200,000	Viacom, Inc		4.500		02/27/42		166,861
	504,000	Viacom, Inc		4.375		03/15/43		407,872
	100,000	Viacom, Inc		4.875		06/15/43		89,266
	250,000	Viacom, Inc		5.850		09/01/43		254,505
	261,000	WPP Finance 2010		4.750		11/21/21		269,027
	300,000	WPP Finance 2010		3.625		09/07/22		284,742
		TOTAL MEDIA						38,589,432
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
	350,000	Abbott Laboratories		5.125		04/01/19		401,157
	500,000	Abbott Laboratories		5.300		05/27/40		551,617
	1,700,000	AbbVie, Inc		1.200		11/06/15		1,706,151
	800,000	AbbVie, Inc		1.750		11/06/17		793,432
	700,000	AbbVie, Inc		2.000		11/06/18		687,322
	1,075,000	AbbVie, Inc		4.400		11/06/42		973,277
	300,000	Amgen, Inc		2.500		11/15/16		311,390

62

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Amgen, Inc		2.125	%	05/15/17	$	304,456
	550,000	Amgen, Inc		5.850		06/01/17		627,523
	75,000	Amgen, Inc		4.500		03/15/20		80,517
	250,000	Amgen, Inc		3.450		10/01/20		252,056
	700,000	Amgen, Inc		4.100		06/15/21		723,278
	500,000	Amgen, Inc		3.625		05/15/22		492,983
	500,000	Amgen, Inc		6.375		06/01/37		562,337
	1,000,000	Amgen, Inc		6.400		02/01/39		1,118,898
	150,000	Amgen, Inc		4.950		10/01/41		140,273
	400,000	Amgen, Inc		5.150		11/15/41		388,302
	300,000	Amgen, Inc		5.375		05/15/43		298,794
	800,000	AstraZeneca plc		5.900		09/15/17		930,838
	600,000	AstraZeneca plc		6.450		09/15/37		731,993
	450,000	AstraZeneca plc		4.000		09/18/42		399,651
	100,000	Biogen Idec, Inc		6.875		03/01/18		118,716
	250,000	Bristol-Myers Squibb Co		0.875		08/01/17		244,760
	300,000	Bristol-Myers Squibb Co		5.450		05/01/18		348,341
	303,000	Bristol-Myers Squibb Co		6.125		05/01/38		362,934
	250,000	Bristol-Myers Squibb Co		3.250		08/01/42		200,077
	375,000	Eli Lilly & Co		5.200		03/15/17		421,523
	200,000	Eli Lilly & Co		7.125		06/01/25		260,898
	450,000	Eli Lilly & Co		5.550		03/15/37		502,487
	125,000	Genentech, Inc		4.750		07/15/15		133,921
	100,000	Genentech, Inc		5.250		07/15/35		108,559
	275,000	Genzyme Corp		3.625		06/15/15		288,785
	100,000	Gilead Sciences, Inc		2.400		12/01/14		102,074
	600,000	Gilead Sciences, Inc		4.500		04/01/21		646,335
	350,000	Gilead Sciences, Inc		4.400		12/01/21		374,920
	100,000	Gilead Sciences, Inc		5.650		12/01/41		110,608
	400,000	GlaxoSmithKline Capital, Inc		4.375		04/15/14		408,474
	300,000	GlaxoSmithKline Capital, Inc		0.700		03/18/16		299,822
	1,045,000	GlaxoSmithKline Capital, Inc		5.650		05/15/18		1,216,414
	225,000	GlaxoSmithKline Capital, Inc		2.800		03/18/23		212,457
	350,000	GlaxoSmithKline Capital, Inc		5.375		04/15/34		387,668
	443,000	GlaxoSmithKline Capital, Inc		6.375		05/15/38		552,650
	350,000	GlaxoSmithKline Capital, Inc		4.200		03/18/43		325,295
	100,000	ICI Wilmington, Inc		5.625		12/01/13		100,819
	900,000	Johnson & Johnson		2.150		05/15/16		934,160
	600,000	Johnson & Johnson		2.950		09/01/20		620,225
	375,000	Johnson & Johnson		5.850		07/15/38		450,009
	180,000	Johnson & Johnson		4.500		09/01/40		183,620
	150,000	Johnson & Johnson		4.850		05/15/41		160,674
	115,000	Life Technologies Corp		3.500		01/15/16		119,526
	300,000	Life Technologies Corp		5.000		01/15/21		317,081
	385,000	Mead Johnson Nutrition Co		4.900		11/01/19		426,042
	400,000	Merck & Co, Inc		0.700		05/18/16		399,544
	785,000	Merck & Co, Inc		6.000		09/15/17		913,758
	200,000	Merck & Co, Inc		1.100		01/31/18		195,511
	400,000	Merck & Co, Inc		1.300		05/18/18		390,470
	1,500,000	Merck & Co, Inc		3.875		01/15/21		1,583,514
	200,000	Merck & Co, Inc		2.400		09/15/22		185,893
	600,000	Merck & Co, Inc		2.800		05/18/23		567,461

63

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	150,000		Merck & Co, Inc		6.500	%	12/01/33	$	190,826
	100,000		Merck & Co, Inc		3.600		09/15/42		84,483
	450,000		Merck & Co, Inc		4.150		05/18/43		416,585
	500,000	g	Mylan, Inc		1.800		06/24/16		502,068
	500,000	g	Mylan, Inc		2.600		06/24/18		499,116
	1,245,000		Novartis Capital Corp		2.900		04/24/15		1,293,409
	390,000		Novartis Capital Corp		4.400		04/24/20		428,192
	300,000		Novartis Capital Corp		2.400		09/21/22		279,472
	400,000		Novartis Capital Corp		3.700		09/21/42		348,365
	100,000		Perrigo Co		2.950		05/15/23		96,675
	300,000		Pfizer, Inc		0.900		01/15/17		298,513
	300,000		Pfizer, Inc		1.500		06/15/18		297,572
	1,460,000		Pfizer, Inc		6.200		03/15/19		1,758,408
	300,000		Pfizer, Inc		3.000		06/15/23		287,568
	500,000		Pfizer, Inc		4.300		06/15/43		471,024
	175,000		Sanofi		1.250		04/10/18		170,843
	800,000		Sanofi-Aventis S.A.		2.625		03/29/16		834,820
	750,000		Sanofi-Aventis S.A.		4.000		03/29/21		795,459
	540,000		Schering-Plough Corp		6.550		09/15/37		684,320
	100,000		Sigma-Aldrich Corp		3.375		11/01/20		101,497
	600,000		Teva Pharmaceutical Finance Co BV		2.400		11/10/16		618,635
	400,000		Teva Pharmaceutical Finance Co BV		2.950		12/18/22		370,612
	600,000		Teva Pharmaceutical Finance Co LLC		3.000		06/15/15		620,950
	200,000		Teva Pharmaceutical Finance Co LLC		2.250		03/18/20		189,698
	350,000		Teva Pharmaceutical Finance Co LLC		6.150		02/01/36		404,163
	125,000		Watson Pharmaceuticals, Inc		5.000		08/15/14		129,287
	250,000		Watson Pharmaceuticals, Inc		1.875		10/01/17		248,429
	575,000		Watson Pharmaceuticals, Inc		3.250		10/01/22		539,069
	250,000		Watson Pharmaceuticals, Inc		4.625		10/01/42		222,043
	500,000		Wyeth LLC		5.450		04/01/17		570,854
	1,000,000		Wyeth LLC		6.450		02/01/24		1,238,361
	945,000		Wyeth LLC		5.950		04/01/37		1,105,697
	300,000	g	Zoetis, Inc		1.150		02/01/16		301,207
	125,000	g	Zoetis, Inc		1.875		02/01/18		123,741
	150,000	g	Zoetis, Inc		3.250		02/01/23		142,802
	300,000	g	Zoetis, Inc		4.700		02/01/43		279,584
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						44,596,617
REAL ESTATE - 0.5%
	150,000		Alexandria Real Estate Equities, Inc		4.600		04/01/22		150,750
	100,000		Alexandria Real Estate Equities, Inc		3.900		06/15/23		93,914
	165,000		AMB Property LP		4.500		08/15/17		177,911
	384,000		AMB Property LP		6.625		05/15/18		449,003
	100,000		American Campus Communities Operating Partnership LP		3.750		04/15/23		94,554
	200,000		AvalonBay Communities, Inc		3.625		10/01/20		203,089
	100,000		AvalonBay Communities, Inc		3.950		01/15/21		102,626
	225,000		AvalonBay Communities, Inc		2.950		09/15/22		207,735
	100,000		AvalonBay Communities, Inc		2.850		03/15/23		90,822
	115,000		BioMed Realty LP		6.125		04/15/20		127,829
	100,000		BioMed Realty LP		4.250		07/15/22		97,016
	25,000		Boston Properties LP		5.000		06/01/15		26,662
	150,000		Boston Properties LP		3.700		11/15/18		157,641

64

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	80,000		Boston Properties LP		5.875	%	10/15/19	$	92,131
	175,000		Boston Properties LP		4.125		05/15/21		180,041
	500,000		Boston Properties LP		3.850		02/01/23		487,068
	425,000		Boston Properties LP		3.125		09/01/23		389,325
	200,000		Boston Properties LP		3.800		02/01/24		192,241
	115,000		Brandywine Operating Partnership LP		5.700		05/01/17		126,772
	200,000		Brandywine Operating Partnership LP		3.950		02/15/23		189,207
	250,000		BRE Properties, Inc		3.375		01/15/23		232,129
	100,000		Camden Property Trust		4.625		06/15/21		105,537
	200,000		Camden Property Trust		2.950		12/15/22		182,986
	200,000		Corporate Office Properties LP		5.250		02/15/24		205,268
	100,000		CubeSmart LP		4.800		07/15/22		103,993
	500,000		DDR Corp		4.625		07/15/22		509,091
	275,000		Duke Realty LP		5.950		02/15/17		306,756
	200,000		Duke Realty LP		4.375		06/15/22		197,740
	100,000		Duke Realty LP		3.875		10/15/22		95,135
	100,000		Duke Realty LP		3.625		04/15/23		93,002
	100,000		Entertainment Properties Trust		5.750		08/15/22		100,896
	200,000		EPR Properties		5.250		07/15/23		194,172
	200,000		Equity One, Inc		3.750		11/15/22		188,629
	35,000		ERP Operating LP		5.250		09/15/14		36,476
	500,000		ERP Operating LP		5.125		03/15/16		546,808
	750,000		ERP Operating LP		4.625		12/15/21		791,724
	100,000		Essex Portfolio LP		3.625		08/15/22		95,724
	100,000		Essex Portfolio LP		3.250		05/01/23		91,697
	100,000		Federal Realty Investment Trust		3.000		08/01/22		92,852
	100,000		Federal Realty Investment Trust		2.750		06/01/23		89,559
	150,000		HCP, Inc		3.750		02/01/16		157,924
	430,000		HCP, Inc		6.000		01/30/17		483,577
	150,000		HCP, Inc		3.750		02/01/19		155,336
	250,000		HCP, Inc		2.625		02/01/20		237,203
	150,000		HCP, Inc		5.375		02/01/21		163,208
	400,000		HCP, Inc		3.150		08/01/22		368,233
	30,000		HCP, Inc		6.750		02/01/41		35,021
	100,000		Health Care REIT, Inc		3.625		03/15/16		104,886
	200,000		Health Care REIT, Inc		4.700		09/15/17		217,631
	150,000		Health Care REIT, Inc		2.250		03/15/18		148,431
	200,000		Health Care REIT, Inc		4.125		04/01/19		210,648
	440,000		Health Care REIT, Inc		6.125		04/15/20		499,580
	300,000		Health Care REIT, Inc		3.750		03/15/23		283,777
	200,000		Health Care REIT, Inc		5.125		03/15/43		178,413
	300,000		Healthcare Realty Trust, Inc		6.500		01/17/17		336,641
	100,000		Healthcare Realty Trust, Inc		3.750		04/15/23		93,005
	100,000	g	Healthcare Trust of America Holdings LP		3.700		04/15/23		93,725
	125,000		Highwoods Properties, Inc		5.850		03/15/17		137,584
	100,000		Highwoods Realty LP		3.625		01/15/23		92,930
	350,000		Hospitality Properties Trust		5.125		02/15/15		361,017
	100,000		Hospitality Properties Trust		5.000		08/15/22		99,872
	200,000		Hospitality Properties Trust		4.500		06/15/23		192,116
	600,000		Host Hotels & Resorts LP		3.750		10/15/23		555,388
	50,000		HRPT Properties Trust		5.875		09/15/20		51,455
	250,000		Jones Lang LaSalle, Inc		4.400		11/15/22		244,892

65

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	35,000		Kilroy Realty Corp		5.000	%	11/03/15	$	37,552
	250,000		Kilroy Realty LP		3.800		01/15/23		234,702
	145,000		Kimco Realty Corp		5.700		05/01/17		162,794
	300,000		Kimco Realty Corp		3.125		06/01/23		275,330
	100,000	g	Lexington Realty Trust		4.250		06/15/23		96,768
	220,000		Liberty Property LP		4.750		10/01/20		231,843
	150,000		Liberty Property LP		4.125		06/15/22		148,813
	100,000		Liberty Property LP		3.375		06/15/23		92,442
	200,000		Liberty Property LP		4.400		02/15/24		199,394
	125,000		Mack-Cali Realty Corp		7.750		08/15/19		151,180
	200,000		Mack-Cali Realty LP		2.500		12/15/17		197,715
	150,000		Mack-Cali Realty LP		4.500		04/18/22		148,355
	75,000		National Retail Properties, Inc		6.875		10/15/17		87,171
	100,000		National Retail Properties, Inc		3.800		10/15/22		95,442
	100,000		National Retail Properties, Inc		3.300		04/15/23		90,872
	400,000		OMEGA Healthcare Investors, Inc		6.750		10/15/22		430,000
	200,000		Piedmont Operating Partnership LP		3.400		06/01/23		181,917
	300,000		Post Apartment Homes LP		3.375		12/01/22		278,786
	350,000		ProLogis LP		2.750		02/15/19		349,827
	150,000		ProLogis LP		4.250		08/15/23		149,190
	200,000		Rayonier, Inc		3.750		04/01/22		192,693
	40,000		Realty Income Corp		5.950		09/15/16		44,768
	150,000		Realty Income Corp		2.000		01/31/18		146,642
	75,000		Realty Income Corp		5.750		01/15/21		82,796
	200,000		Realty Income Corp		3.250		10/15/22		184,171
	500,000		Realty Income Corp		4.650		08/01/23		507,036
	175,000		Regency Centers LP		5.250		08/01/15		186,999
	10,000		Regency Centers LP		5.875		06/15/17		11,140
	100,000		Senior Housing Properties Trust		6.750		12/15/21		109,608
	488,000		Simon Property Group LP		5.100		06/15/15		523,660
	295,000		Simon Property Group LP		5.250		12/01/16		329,167
	100,000		Simon Property Group LP		2.800		01/30/17		103,619
	740,000		Simon Property Group LP		10.350		04/01/19		1,006,502
	290,000		Simon Property Group LP		4.375		03/01/21		308,462
	300,000		Simon Property Group LP		3.375		03/15/22		294,317
	200,000		Simon Property Group LP		2.750		02/01/23		183,523
	300,000		Simon Property Group LP		4.750		03/15/42		283,375
	200,000		UDR, Inc		3.700		10/01/20		201,021
	200,000		UDR, Inc		4.625		01/10/22		206,735
	100,000	g,i	USB Realty Corp		1.415		12/30/49		85,000
	55,000		Ventas Realty LP		3.125		11/30/15		57,447
	300,000		Ventas Realty LP		1.550		09/26/16		300,402
	175,000		Ventas Realty LP		2.000		02/15/18		171,473
	200,000		Ventas Realty LP		2.700		04/01/20		190,615
	300,000		Ventas Realty LP		4.750		06/01/21		315,934
	350,000		Ventas Realty LP		3.250		08/15/22		326,957
	100,000		Ventas Realty LP		5.700		09/30/43		101,116
	100,000		Vornado Realty LP		5.000		01/15/22		104,848
	195,000		Washington Real Estate Investment Trust		4.950		10/01/20		204,782
	100,000		Washington Real Estate Investment Trust		3.950		10/15/22		96,189
	100,000		Weingarten Realty Investors		3.375		10/15/22		92,801
	100,000		Weingarten Realty Investors		3.500		04/15/23		92,999

66

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Weyerhaeuser Co		7.375	%	10/01/19	$	609,703
	200,000	Weyerhaeuser Co		4.625		09/15/23		203,798
	400,000	Weyerhaeuser Co		7.375		03/15/32		487,187
		TOTAL REAL ESTATE						25,386,582
RETAILING - 0.7%
	120,000	Advance Auto Parts, Inc		5.750		05/01/20		127,631
	600,000	Amazon.com, Inc		0.650		11/27/15		599,046
	600,000	Amazon.com, Inc		2.500		11/29/22		546,814
	150,000	AutoZone, Inc		6.500		01/15/14		152,410
	100,000	AutoZone, Inc		4.000		11/15/20		102,190
	200,000	AutoZone, Inc		3.700		04/15/22		195,877
	300,000	AutoZone, Inc		2.875		01/15/23		272,346
	150,000	AutoZone, Inc		3.125		07/15/23		138,554
	300,000	Cooper US, Inc		2.375		01/15/16		309,467
	320,000	Costco Wholesale Corp		5.500		03/15/17		365,318
	500,000	Costco Wholesale Corp		1.125		12/15/17		491,597
	250,000	Costco Wholesale Corp		1.700		12/15/19		241,663
	500,000	Dollar General Corp		1.875		04/15/18		485,225
	100,000	Family Dollar Stores, Inc		5.000		02/01/21		104,820
	250,000	Gap, Inc		5.950		04/12/21		277,001
	155,000	Home Depot, Inc		5.250		12/16/13		156,533
	600,000	Home Depot, Inc		5.400		03/01/16		665,563
	400,000	Home Depot, Inc		3.950		09/15/20		430,508
	350,000	Home Depot, Inc		4.400		04/01/21		383,721
	500,000	Home Depot, Inc		2.700		04/01/23		469,190
	300,000	Home Depot, Inc		3.750		02/15/24		303,613
	960,000	Home Depot, Inc		5.875		12/16/36		1,095,789
	500,000	Home Depot, Inc		4.200		04/01/43		453,518
	300,000	Home Depot, Inc		4.875		02/15/44		302,507
	125,000	Kohl’s Corp		6.250		12/15/17		144,277
	200,000	Kohl’s Corp		3.250		02/01/23		184,471
	200,000	Kohl’s Corp		4.750		12/15/23		206,141
	150,000	Kohl’s Corp		6.000		01/15/33		150,462
	100,000	Kohl’s Corp		6.875		12/15/37		111,470
	400,000	Lowe’s Cos, Inc		2.125		04/15/16		412,002
	200,000	Lowe’s Cos, Inc		3.800		11/15/21		205,103
	850,000	Lowe’s Cos, Inc		3.120		04/15/22		828,352
	300,000	Lowe’s Cos, Inc		3.875		09/15/23		303,827
	200,000	Lowe’s Cos, Inc		6.875		02/15/28		247,262
	175,000	Lowe’s Cos, Inc		5.500		10/15/35		187,284
	150,000	Lowe’s Cos, Inc		5.800		04/15/40		165,828
	150,000	Lowe’s Cos, Inc		5.125		11/15/41		153,896
	100,000	Lowe’s Cos, Inc		4.650		04/15/42		96,150
	300,000	Lowe’s Cos, Inc		5.000		09/15/43		302,211
	191,000	Macy’s Retail Holdings, Inc		5.900		12/01/16		215,621
	250,000	Macy’s Retail Holdings, Inc		3.875		01/15/22		247,852
	125,000	Macy’s Retail Holdings, Inc		2.875		02/15/23		112,395
	200,000	Macy’s Retail Holdings, Inc		4.375		09/01/23		201,695
	400,000	Macy’s Retail Holdings, Inc		6.900		04/01/29		457,804
	200,000	Macy’s Retail Holdings, Inc		6.375		03/15/37		221,433
	200,000	Macy’s Retail Holdings, Inc		4.300		02/15/43		169,014

67

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Nordstrom, Inc		6.250	%	01/15/18	$	349,133
	30,000	Nordstrom, Inc		4.750		05/01/20		33,042
	100,000	Nordstrom, Inc		4.000		10/15/21		104,512
	100,000	Nordstrom, Inc		7.000		01/15/38		127,567
	150,000	O’Reilly Automotive, Inc		4.875		01/14/21		159,226
	100,000	O’Reilly Automotive, Inc		3.800		09/01/22		98,384
	200,000	O’Reilly Automotive, Inc		3.850		06/15/23		193,111
	900,000	Phillips 66		2.950		05/01/17		931,593
	400,000	Phillips 66		5.875		05/01/42		420,163
	100,000	QVC, Inc		5.125		07/02/22		98,318
	100,000	QVC, Inc		4.375		03/15/23		92,999
	150,000	QVC, Inc		5.950		03/15/43		130,095
	150,000	Staples, Inc		2.750		01/12/18		150,889
	150,000	Staples, Inc		4.375		01/12/23		144,532
	100,000	Target Corp		1.125		07/18/14		100,630
	1,150,000	Target Corp		3.875		07/15/20		1,234,890
	900,000	Target Corp		2.900		01/15/22		878,717
	200,000	Target Corp		6.500		10/15/37		246,466
	550,000	Target Corp		4.000		07/01/42		488,656
	105,000	TJX Cos, Inc		6.950		04/15/19		127,254
	300,000	TJX Cos, Inc		2.500		05/15/23		278,537
	650,000	Wal-Mart Stores, Inc		4.500		07/01/15		694,572
	200,000	Wal-Mart Stores, Inc		1.500		10/25/15		203,662
	200,000	Wal-Mart Stores, Inc		2.800		04/15/16		210,301
	350,000	Wal-Mart Stores, Inc		1.125		04/11/18		342,180
	300,000	Wal-Mart Stores, Inc		1.950		12/15/18		299,408
	1,400,000	Wal-Mart Stores, Inc		3.250		10/25/20		1,443,065
	1,950,000	Wal-Mart Stores, Inc		4.250		04/15/21		2,117,737
	1,000,000	Wal-Mart Stores, Inc		2.550		04/11/23		924,608
	69,000	Wal-Mart Stores, Inc		7.550		02/15/30		92,685
	1,095,000	Wal-Mart Stores, Inc		5.250		09/01/35		1,173,367
	160,000	Wal-Mart Stores, Inc		6.500		08/15/37		198,600
	900,000	Wal-Mart Stores, Inc		6.200		04/15/38		1,078,744
	65,000	Wal-Mart Stores, Inc		5.625		04/01/40		73,077
	345,000	Wal-Mart Stores, Inc		5.000		10/25/40		355,811
	850,000	Wal-Mart Stores, Inc		4.000		04/11/43		757,766
	400,000	Wal-Mart Stores, Inc		4.750		10/02/43		396,716
		TOTAL RETAILING						30,746,464
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	200,000	Altera Corp		1.750		05/15/17		198,334
	500,000	Analog Devices, Inc		2.875		06/01/23		464,523
	55,000	Broadcom Corp		1.500		11/01/13		55,041
	140,000	Broadcom Corp		2.375		11/01/15		144,169
	150,000	Broadcom Corp		2.500		08/15/22		136,845
	900,000	Intel Corp		1.950		10/01/16		925,058
	475,000	Intel Corp		1.350		12/15/17		468,864
	750,000	Intel Corp		2.700		12/15/22		696,549
	500,000	Intel Corp		4.000		12/15/32		459,478
	500,000	Intel Corp		4.800		10/01/41		479,068
	200,000	Maxim Integrated Products, Inc		3.375		03/15/23		186,238
	310,000	National Semiconductor Corp		3.950		04/15/15		325,218

68

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Texas Instruments, Inc		0.450	%	08/03/15	$	199,546
	200,000		Texas Instruments, Inc		2.375		05/16/16		207,969
	200,000		Texas Instruments, Inc		1.000		05/01/18		192,659
	200,000		Texas Instruments, Inc		1.650		08/03/19		193,156
	200,000		Texas Instruments, Inc		2.250		05/01/23		180,606
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						5,513,321
SOFTWARE & SERVICES - 0.5%
	285,000		Adobe Systems, Inc		3.250		02/01/15		294,222
	20,000		Adobe Systems, Inc		4.750		02/01/20		21,801
	200,000		Autodesk, Inc		1.950		12/15/17		196,032
	300,000		Baidu, Inc		2.250		11/28/17		295,078
	500,000		Baidu, Inc		3.250		08/06/18		499,772
	200,000		Baidu, Inc		3.500		11/28/22		182,903
	20,000	g	CA, Inc		6.125		12/01/14		21,114
	250,000		CA, Inc		2.875		08/15/18		252,210
	300,000		CA, Inc		5.375		12/01/19		332,854
	120,000		Computer Sciences Corp		6.500		03/15/18		138,455
	200,000		Computer Sciences Corp		4.450		09/15/22		196,559
	300,000		Expedia, Inc		7.456		08/15/18		348,446
	250,000		Fidelity National Information Services, Inc		2.000		04/15/18		243,523
	500,000		Fidelity National Information Services, Inc		3.500		04/15/23		449,763
	50,000		Fiserv, Inc		3.125		10/01/15		51,846
	150,000		Fiserv, Inc		3.125		06/15/16		156,530
	100,000		Fiserv, Inc		6.800		11/20/17		116,602
	550,000		Fiserv, Inc		3.500		10/01/22		520,724
	100,000		Google, Inc		1.250		05/19/14		100,580
	700,000		Google, Inc		2.125		05/19/16		725,482
	100,000		Google, Inc		3.625		05/19/21		104,737
	700,000		International Business Machines Corp		0.750		05/11/15		703,415
	300,000		International Business Machines Corp		2.000		01/05/16		308,208
	250,000		International Business Machines Corp		1.950		07/22/16		257,432
	225,000		International Business Machines Corp		1.250		02/06/17		225,738
	1,000,000		International Business Machines Corp		5.700		09/14/17		1,157,895
	400,000		International Business Machines Corp		1.250		02/08/18		393,153
	200,000		International Business Machines Corp		1.875		05/15/19		197,421
	800,000		International Business Machines Corp		8.375		11/01/19		1,068,287
	500,000		International Business Machines Corp		2.900		11/01/21		490,535
	300,000		International Business Machines Corp		1.875		08/01/22		266,905
	400,000		International Business Machines Corp		7.000		10/30/25		518,619
	19,000		International Business Machines Corp		5.600		11/30/39		21,552
	585,000		International Business Machines Corp		4.000		06/20/42		524,023
	200,000		Intuit, Inc		5.750		03/15/17		222,830
	175,000		Juniper Networks, Inc		4.600		03/15/21		178,792
	475,000		Microsoft Corp		0.875		11/15/17		466,752
	925,000		Microsoft Corp		4.200		06/01/19		1,021,407
	540,000		Microsoft Corp		3.000		10/01/20		550,358
	450,000		Microsoft Corp		4.000		02/08/21		482,000
	400,000		Microsoft Corp		2.125		11/15/22		363,924
	500,000		Microsoft Corp		3.500		11/15/42		404,518
	300,000		Microsoft Corp		3.750		05/01/43		253,349
	320,000		Oracle Corp		3.750		07/08/14		328,309

69

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,000,000	Oracle Corp		1.200	%	10/15/17	$	982,139
	320,000	Oracle Corp		5.750		04/15/18		372,669
	750,000	Oracle Corp		2.375		01/15/19		753,530
	1,365,000	Oracle Corp		3.875		07/15/20		1,451,806
	925,000	Oracle Corp		2.500		10/15/22		852,714
	550,000	Oracle Corp		6.500		04/15/38		678,268
	470,000	Oracle Corp		6.125		07/08/39		559,755
	290,000	Symantec Corp		2.750		09/15/15		299,065
	250,000	Symantec Corp		2.750		06/15/17		253,971
	200,000	Symantec Corp		3.950		06/15/22		196,847
	250,000	Total System Services, Inc		2.375		06/01/18		243,888
	125,000	Total System Services, Inc		3.750		06/01/23		115,698
		TOTAL SOFTWARE & SERVICES						22,415,005
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
	75,000	Amphenol Corp		4.750		11/15/14		78,239
	150,000	Amphenol Corp		4.000		02/01/22		148,764
	750,000	Apple, Inc		0.450		05/03/16		744,753
	1,000,000	Apple, Inc		1.000		05/03/18		963,254
	1,475,000	Apple, Inc		2.400		05/03/23		1,335,142
	825,000	Apple, Inc		3.850		05/04/43		691,311
	100,000	CC Holdings GS V LLC		2.381		12/15/17		98,584
	1,043,000	Cisco Systems, Inc		4.950		02/15/19		1,183,480
	1,900,000	Cisco Systems, Inc		4.450		01/15/20		2,092,384
	600,000	Cisco Systems, Inc		5.900		02/15/39		695,991
	350,000	Dell, Inc		5.875		06/15/19		346,500
	510,000	Discovery Communications LLC		5.050		06/01/20		564,653
	100,000	Discovery Communications LLC		4.375		06/15/21		104,706
	600,000	Discovery Communications LLC		3.250		04/01/23		564,412
	100,000	Discovery Communications LLC		6.350		06/01/40		109,840
	400,000	EMC Corp		1.875		06/01/18		398,496
	400,000	EMC Corp		2.650		06/01/20		395,956
	400,000	EMC Corp		3.375		06/01/23		390,869
	300,000	General Electric Co		0.850		10/09/15		300,691
	750,000	General Electric Co		5.250		12/06/17		853,613
	975,000	General Electric Co		2.700		10/09/22		919,671
	825,000	General Electric Co		4.125		10/09/42		757,383
	300,000	Harris Corp		4.400		12/15/20		310,901
	600,000	Hewlett-Packard Co		2.125		09/13/15		608,607
	1,900,000	Hewlett-Packard Co		3.000		09/15/16		1,961,119
	175,000	Hewlett-Packard Co		2.600		09/15/17		176,709
	700,000	Hewlett-Packard Co		3.750		12/01/20		680,357
	200,000	Hewlett-Packard Co		4.375		09/15/21		194,082
	100,000	Hewlett-Packard Co		4.650		12/09/21		98,211
	200,000	Hewlett-Packard Co		4.050		09/15/22		191,331
	650,000	Hewlett-Packard Co		6.000		09/15/41		598,807
	200,000	Ingram Micro, Inc		5.000		08/10/22		198,615
	300,000	International Business Machines Corp		0.450		05/06/16		297,512
	300,000	International Business Machines Corp		1.625		05/15/20		281,845
	300,000	International Business Machines Corp		3.375		08/01/23		295,979
	85,000	International Game Technology		7.500		06/15/19		99,364
	500,000	International Game Technology		5.350		10/15/23		510,787

70

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	547,000	Koninklijke Philips Electronics NV		5.750	%	03/11/18	$	630,500
	100,000	Koninklijke Philips Electronics NV		6.875		03/11/38		121,563
	300,000	Koninklijke Philips Electronics NV		5.000		03/15/42		294,544
	100,000	L-3 Communications Corp		3.950		11/15/16		106,663
	420,000	L-3 Communications Corp		5.200		10/15/19		456,393
	300,000	L-3 Communications Corp		4.950		02/15/21		317,677
	100,000	Lexmark International, Inc		6.650		06/01/18		110,535
	100,000	Lexmark International, Inc		5.125		03/15/20		103,083
	200,000	Motorola Solutions, Inc		6.000		11/15/17		228,144
	200,000	Motorola Solutions, Inc		3.750		05/15/22		190,930
	250,000	Motorola Solutions, Inc		3.500		03/01/23		233,408
	200,000	NetApp, Inc		2.000		12/15/17		196,901
	200,000	NetApp, Inc		3.250		12/15/22		183,640
	100,000	Tech Data Corp		3.750		09/21/17		102,447
	200,000	Telefonaktiebolaget LM Ericsson		4.125		05/15/22		195,600
	225,000	Tyco Electronics Group S.A.		6.550		10/01/17		259,440
	250,000	Tyco Electronics Group S.A.		3.500		02/03/22		240,052
	225,000	Xerox Corp		8.250		05/15/14		235,180
	330,000	Xerox Corp		4.250		02/15/15		344,083
	100,000	Xerox Corp		2.950		03/15/17		102,549
	250,000	Xerox Corp		6.350		05/15/18		287,129
	700,000	Xerox Corp		5.625		12/15/19		777,705
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						25,961,084
TELECOMMUNICATION SERVICES - 1.5%
	200,000	America Movil SAB de C.V.		3.625		03/30/15		206,324
	500,000	America Movil SAB de C.V.		2.375		09/08/16		508,400
	1,430,000	America Movil SAB de C.V.		5.000		03/30/20		1,537,497
	450,000	America Movil SAB de C.V.		3.125		07/16/22		414,206
	440,000	America Movil SAB de C.V.		6.125		03/30/40		459,725
	525,000	America Movil SAB de C.V.		4.375		07/16/42		430,191
	1,150,000	American Tower Corp		4.500		01/15/18		1,214,559
	500,000	American Tower Corp		3.400		02/15/19		494,194
	200,000	American Tower Corp		4.700		03/15/22		194,328
	250,000	American Tower Corp		3.500		01/31/23		219,451
	500,000	American Tower Corp		5.000		02/15/24		489,404
	350,000	AT&T, Inc		5.100		09/15/14		365,020
	1,765,000	AT&T, Inc		2.500		08/15/15		1,817,992
	400,000	AT&T, Inc		0.800		12/01/15		398,850
	600,000	AT&T, Inc		0.900		02/12/16		597,159
	150,000	AT&T, Inc		2.950		05/15/16		156,844
	600,000	AT&T, Inc		1.600		02/15/17		601,377
	750,000	AT&T, Inc		1.700		06/01/17		747,622
	325,000	AT&T, Inc		1.400		12/01/17		317,254
	950,000	AT&T, Inc		5.800		02/15/19		1,094,149
	500,000	AT&T, Inc		4.450		05/15/21		525,108
	3,300,000	AT&T, Inc		3.000		02/15/22		3,094,743
	400,000	AT&T, Inc		2.625		12/01/22		358,513
	217,000	AT&T, Inc		6.500		09/01/37		239,742
	1,575,000	AT&T, Inc		6.300		01/15/38		1,702,208
	322,000	AT&T, Inc		5.350		09/01/40		312,517
	1,200,000	AT&T, Inc		5.550		08/15/41		1,191,174

71

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	866,000	AT&T, Inc		4.300	%	12/15/42	$	721,007
	1,854,000	AT&T, Inc		4.350		06/15/45		1,530,379
	250,000	British Telecommunications plc		2.000		06/22/15		254,574
	300,000	British Telecommunications plc		1.625		06/28/16		301,620
	400,000	British Telecommunications plc		5.950		01/15/18		458,440
	650,000	British Telecommunications plc		9.625		12/15/30		962,512
	1,365,000	Cellco Partnership		8.500		11/15/18		1,749,228
	450,000	Deutsche Telekom International Finance BV		5.750		03/23/16		497,472
	850,000	Deutsche Telekom International Finance BV		6.000		07/08/19		993,337
	740,000	Deutsche Telekom International Finance BV		8.750		06/15/30		1,025,409
	600,000	Embarq Corp		7.995		06/01/36		610,843
	495,000	France Telecom S.A.		2.125		09/16/15		502,611
	700,000	France Telecom S.A.		4.125		09/14/21		705,076
	745,000	France Telecom S.A.		8.750		03/01/31		991,557
	100,000	France Telecom S.A.		5.375		01/13/42		96,104
	250,000	Koninklijke KPN NV		8.375		10/01/30		319,878
	150,000	Nippon Telegraph & Telephone Corp		1.400		07/18/17		148,956
	400,000	Qwest Corp		7.500		10/01/14		423,831
	300,000	Qwest Corp		6.500		06/01/17		338,137
	400,000	Qwest Corp		6.750		12/01/21		429,568
	125,000	Rogers Communications, Inc		4.500		03/15/43		109,300
	600,000	Rogers Communications, Inc		6.800		08/15/18		716,609
	200,000	Rogers Communications, Inc		4.100		10/01/23		200,620
	300,000	Rogers Communications, Inc		5.450		10/01/43		297,290
	350,000	Rogers Wireless, Inc		7.500		03/15/15		383,336
	56,000	Telecom Italia Capital S.A.		6.175		06/18/14		57,637
	1,555,000	Telecom Italia Capital S.A.		7.175		06/18/19		1,709,702
	600,000	Telecom Italia Capital S.A.		7.721		06/04/38		577,516
	600,000	Telefonica Emisiones SAU		3.992		02/16/16		621,526
	400,000	Telefonica Emisiones SAU		3.192		04/27/18		394,676
	2,020,000	Telefonica Emisiones SAU		5.134		04/27/20		2,068,145
	500,000	Telefonica Emisiones SAU		4.570		04/27/23		479,489
	100,000	Telefonos de Mexico SAB de C.V.		5.500		01/27/15		105,363
	100,000	Telefonos de Mexico SAB de C.V.		5.500		11/15/19		109,713
	850,000	Verizon Communications, Inc		5.550		02/15/16		934,669
	1,400,000	Verizon Communications, Inc		3.000		04/01/16		1,459,499
	2,500,000	Verizon Communications, Inc		2.500		09/15/16		2,576,715
	300,000	Verizon Communications, Inc		1.100		11/01/17		289,023
	1,140,000	Verizon Communications, Inc		5.500		02/15/18		1,291,228
	1,900,000	Verizon Communications, Inc		3.650		09/14/18		2,002,017
	143,000	Verizon Communications, Inc		8.750		11/01/18		183,715
	700,000	Verizon Communications, Inc		6.350		04/01/19		821,472
	2,500,000	Verizon Communications, Inc		4.500		09/15/20		2,658,665
	950,000	Verizon Communications, Inc		3.500		11/01/21		934,391
	500,000	Verizon Communications, Inc		2.450		11/01/22		443,341
	2,250,000	Verizon Communications, Inc		5.150		09/15/23		2,411,519
	1,550,000	Verizon Communications, Inc		6.400		09/15/33		1,721,295
	380,000	Verizon Communications, Inc		6.250		04/01/37		409,872
	620,000	Verizon Communications, Inc		6.400		02/15/38		682,655
	300,000	Verizon Communications, Inc		6.000		04/01/41		315,781
	1,150,000	Verizon Communications, Inc		4.750		11/01/41		1,027,025
	1,425,000	Verizon Communications, Inc		3.850		11/01/42		1,125,251

72

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,025,000		Verizon Communications, Inc		6.550	%	09/15/43	$	2,286,097
	225,000		Verizon New England, Inc		4.750		10/01/13		225,000
	150,000		Vodafone Group plc		5.000		12/16/13		151,416
	303,000		Vodafone Group plc		5.625		02/27/17		340,096
	250,000		Vodafone Group plc		1.625		03/20/17		248,623
	500,000		Vodafone Group plc		1.250		09/26/17		485,914
	400,000		Vodafone Group plc		1.500		02/19/18		388,869
	1,500,000		Vodafone Group plc		5.450		06/10/19		1,699,988
	650,000		Vodafone Group plc		4.375		03/16/21		679,752
	500,000		Vodafone Group plc		2.500		09/26/22		443,976
	400,000		Vodafone Group plc		2.950		02/19/23		367,496
	150,000		Vodafone Group plc		6.150		02/27/37		163,951
	400,000		Vodafone Group plc		4.375		02/19/43		347,754
			TOTAL TELECOMMUNICATION SERVICES						69,697,077
TRANSPORTATION - 0.6%
	100,000		ABB Finance USA, Inc		1.625		05/08/17		100,123
	500,000		ABB Finance USA, Inc		2.875		05/08/22		482,841
	150,000		ABB Finance USA, Inc		4.375		05/08/42		140,756
	400,000	g	American Airlines		4.950		01/15/23		402,000
	500,000	g	American Airlines		4.000		07/15/25		468,750
	200,000		Boeing Capital Corp		2.125		08/15/16		206,586
	700,000		Boeing Capital Corp		2.900		08/15/18		731,219
	625,000		Boeing Co		0.950		05/15/18		600,496
	750,000		Boeing Co		3.750		11/20/16		811,620
	350,000		Boeing Co		5.875		02/15/40		423,108
	555,000		Burlington Northern Santa Fe Corp		4.700		10/01/19		618,667
	360,000		Burlington Northern Santa Fe Corp		5.750		05/01/40		392,617
	500,000		Burlington Northern Santa Fe LLC		4.100		06/01/21		526,268
	300,000		Burlington Northern Santa Fe LLC		3.050		03/15/22		288,762
	150,000		Burlington Northern Santa Fe LLC		3.050		09/01/22		143,123
	200,000		Burlington Northern Santa Fe LLC		3.000		03/15/23		188,196
	500,000		Burlington Northern Santa Fe LLC		3.850		09/01/23		501,309
	250,000		Burlington Northern Santa Fe LLC		5.050		03/01/41		248,815
	200,000		Burlington Northern Santa Fe LLC		4.400		03/15/42		181,267
	200,000		Burlington Northern Santa Fe LLC		4.450		03/15/43		181,933
	500,000		Burlington Northern Santa Fe LLC		5.150		09/01/43		502,844
	200,000		Canadian National Railway Co		5.550		05/15/18		230,874
	200,000		Canadian National Railway Co		5.550		03/01/19		231,900
	100,000		Canadian National Railway Co		2.850		12/15/21		97,651
	300,000		Canadian National Railway Co		2.250		11/15/22		273,871
	200,000		Canadian National Railway Co		6.900		07/15/28		254,927
	200,000		Canadian National Railway Co		6.250		08/01/34		241,420
	250,000		Canadian National Railway Co		3.500		11/15/42		203,968
	200,000		Canadian Pacific Railway Co		7.250		05/15/19		245,255
	200,000		Canadian Pacific Railway Co		7.125		10/15/31		242,262
	250,000		Canadian Pacific Railway Co		5.950		05/15/37		274,883
	100,000		Canadian Pacific Railway Ltd		5.750		01/15/42		109,638
	200,000		Carnival Corp		1.875		12/15/17		195,908
	428,206		Continental Airlines, Inc		4.750		01/12/21		452,827
	29,826		Continental Airlines, Inc		5.983		04/19/22		31,914
	200,000		Continental Airlines, Inc		4.000		10/29/24		193,500

73

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Con-Way, Inc		7.250	%	01/15/18	$	113,344
	850,000		CSX Corp		7.375		02/01/19		1,044,038
	100,000		CSX Corp		6.000		10/01/36		112,076
	200,000		CSX Corp		6.150		05/01/37		228,250
	400,000		CSX Corp		5.500		04/15/41		424,019
	350,000		CSX Corp		4.400		03/01/43		315,727
	100,000		CSX Corp		4.100		03/15/44		84,731
	401,879		Delta Air Lines, Inc		5.300		04/15/19		430,010
	192,858		Delta Air Lines, Inc		4.750		05/07/20		202,501
	184,521	g	Embraer Overseas Ltd		5.696		09/16/23		179,908
	100,000		Embraer S.A.		5.150		06/15/22		97,000
	134,000		FedEx Corp		8.000		01/15/19		168,519
	200,000		FedEx Corp		2.625		08/01/22		183,683
	200,000		FedEx Corp		2.700		04/15/23		183,489
	200,000		FedEx Corp		3.875		08/01/42		166,575
	350,000		FedEx Corp		4.100		04/15/43		303,007
	100,000		GATX Corp		3.500		07/15/16		104,388
	100,000		GATX Corp		2.375		07/30/18		98,800
	125,000		GATX Corp		4.750		06/15/22		127,517
	100,000		GATX Corp		3.900		03/30/23		96,703
	250,000		Hawaiian Airlines Pass Through Certificates		3.900		01/15/26		228,750
	100,000	g	Kansas City Southern de Mexico S.A. de C.V.		3.000		05/15/23		91,949
	100,000	g	Kansas City Southern Railway		4.300		05/15/43		88,506
	210,000		Norfolk Southern Corp		5.750		04/01/18		242,422
	100,000		Norfolk Southern Corp		3.250		12/01/21		99,237
	250,000		Norfolk Southern Corp		3.000		04/01/22		240,932
	1,291,000		Norfolk Southern Corp		2.903		02/15/23		1,208,459
	81,000		Norfolk Southern Corp		5.590		05/17/25		91,767
	16,000		Norfolk Southern Corp		4.837		10/01/41		15,723
	750,000		Norfolk Southern Corp		3.950		10/01/42		636,011
	200,000		Norfolk Southern Corp		4.800		08/15/43		194,364
	250,000		Northrop Grumman Corp		1.750		06/01/18		245,371
	650,000		Northrop Grumman Corp		3.500		03/15/21		657,348
	400,000		Northrop Grumman Corp		3.250		08/01/23		378,047
	100,000		Northrop Grumman Corp		5.050		11/15/40		99,236
	400,000		Northrop Grumman Corp		4.750		06/01/43		377,409
	350,000		Ryder System, Inc		3.150		03/02/15		360,464
	50,000		Ryder System, Inc		3.600		03/01/16		52,509
	150,000		Ryder System, Inc		2.500		03/01/17		151,486
	150,000		Ryder System, Inc		2.500		03/01/18		150,492
	325,000		Southwest Airlines Co		5.250		10/01/14		337,891
	331,000		Union Pacific Corp		4.163		07/15/22		349,637
	500,000		Union Pacific Corp		2.950		01/15/23		476,158
	277,000	g	Union Pacific Corp		3.646		02/15/24		278,392
	100,000		Union Pacific Corp		4.750		09/15/41		99,661
	100,000		Union Pacific Corp		4.300		06/15/42		93,848
	150,000		Union Pacific Corp		4.250		04/15/43		138,783
	200,000	g	Union Pacific Corp		4.821		02/01/44		202,203
	300,000		United Airlines Pass Through Trust		4.300		08/15/25		293,250
	42,000		United Parcel Service, Inc		3.875		04/01/14		42,704
	100,000		United Parcel Service, Inc		1.125		10/01/17		98,553
	100,000		United Parcel Service, Inc		5.500		01/15/18		114,785

74

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	United Parcel Service, Inc		5.125	%	04/01/19	$	344,517
	1,105,000	United Parcel Service, Inc		3.125		01/15/21		1,119,936
	200,000	United Parcel Service, Inc		2.450		10/01/22		186,904
	35,000	United Parcel Service, Inc		6.200		01/15/38		43,007
	450,000	United Parcel Service, Inc		3.625		10/01/42		385,802
	200,000	US Airways Pass Through Trust		4.625		06/03/25		193,000
	300,000	US Airways Pass Through Trust		3.950		11/15/25		277,500
		TOTAL TRANSPORTATION						26,773,396
UTILITIES - 2.0%
	370,000	AGL Capital Corp		5.250		08/15/19		421,086
	275,000	AGL Capital Corp		4.400		06/01/43		250,321
	200,000	Alabama Power Co		0.550		10/15/15		199,337
	300,000	Alabama Power Co		5.200		06/01/41		322,001
	200,000	Alabama Power Co		3.850		12/01/42		173,383
	60,000	Alliant Energy Corp		4.000		10/15/14		61,994
	100,000	Ameren Corp		8.875		05/15/14		104,800
	600,000	Ameren Illinois Co		2.700		09/01/22		570,728
	250,000	American Water Capital Corp		6.085		10/15/17		288,441
	125,000	American Water Capital Corp		4.300		12/01/42		113,924
	50,000	Appalachian Power Co		3.400		05/24/15		51,928
	140,000	Appalachian Power Co		7.000		04/01/38		168,676
	150,000	Arizona Public Service Co		8.750		03/01/19		193,911
	350,000	Arizona Public Service Co		4.500		04/01/42		332,643
	60,000	Atmos Energy Corp		4.950		10/15/14		62,504
	100,000	Atmos Energy Corp		8.500		03/15/19		128,742
	100,000	Atmos Energy Corp		5.500		06/15/41		109,486
	125,000	Atmos Energy Corp		4.150		01/15/43		110,994
	100,000	Baltimore Gas & Electric Co		3.500		11/15/21		100,933
	400,000	Baltimore Gas & Electric Co		3.350		07/01/23		389,662
	785,000	Carolina Power & Light Co		5.300		01/15/19		904,896
	350,000	Carolina Power & Light Co		3.000		09/15/21		347,370
	150,000	Carolina Power & Light Co		2.800		05/15/22		144,223
	100,000	Carolina Power & Light Co		4.100		05/15/42		92,205
	300,000	Carolina Power & Light Co		4.100		03/15/43		272,694
	100,000	CenterPoint Energy Houston Electric LLC		2.250		08/01/22		92,251
	100,000	CenterPoint Energy Houston Electric LLC		6.950		03/15/33		129,656
	100,000	CenterPoint Energy Houston Electric LLC		3.550		08/01/42		83,716
	423,000	CenterPoint Energy Resources Corp		4.500		01/15/21		459,395
	203,000	Cleco Power LLC		6.000		12/01/40		221,093
	100,000	CMS Energy Corp		4.700		03/31/43		92,614
	500,000	Commonwealth Edison Co		1.950		09/01/16		511,362
	775,000	Commonwealth Edison Co		4.000		08/01/20		826,585
	387,000	Commonwealth Edison Co		5.900		03/15/36		447,910
	200,000	Commonwealth Edison Co		3.800		10/01/42		172,457
	300,000	Commonwealth Edison Co		4.600		08/15/43		294,634
	210,000	Connecticut Light & Power Co		5.500		02/01/19		242,487
	200,000	Connecticut Light & Power Co		2.500		01/15/23		186,265
	60,000	Consolidated Edison Co of New York, Inc		6.650		04/01/19		73,193
	1,390,000	Consolidated Edison Co of New York, Inc		4.450		06/15/20		1,528,532
	325,000	Consolidated Edison Co of New York, Inc		5.700		06/15/40		374,016
	200,000	Consolidated Edison Co of New York, Inc		4.200		03/15/42		185,223

75

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	550,000		Consolidated Edison Co of New York, Inc		3.950	%	03/01/43	$	488,453
	105,000		Consolidated Natural Gas Co		5.000		12/01/14		110,180
	480,000		Constellation Energy Group, Inc		4.550		06/15/15		507,350
	800,000		Consumers Energy Co		5.500		08/15/16		897,752
	230,000		Consumers Energy Co		6.125		03/15/19		274,953
	150,000		Consumers Energy Co		2.850		05/15/22		145,991
	200,000		Consumers Energy Co		3.375		08/15/23		199,623
	250,000		Consumers Energy Co		3.950		05/15/43		224,898
	300,000	g	Dayton Power & Light Co		1.875		09/15/16		302,334
	200,000		Delmarva Power & Light Co		4.000		06/01/42		181,820
	400,000		Detroit Edison Co		3.450		10/01/20		417,259
	100,000		Detroit Edison Co		2.650		06/15/22		95,137
	100,000		Detroit Edison Co		3.950		06/15/42		90,405
	360,000		Dominion Resources, Inc		5.150		07/15/15		386,305
	100,000		Dominion Resources, Inc		1.400		09/15/17		98,596
	1,700,000		Dominion Resources, Inc		4.450		03/15/21		1,821,524
	500,000		Dominion Resources, Inc		2.750		09/15/22		467,092
	200,000		Dominion Resources, Inc		5.950		06/15/35		222,929
	100,000		Dominion Resources, Inc		4.050		09/15/42		86,066
	200,000		DTE Electric Co		3.650		03/15/24		202,647
	200,000		DTE Electric Co		4.000		04/01/43		181,576
	790,000		Duke Energy Carolinas LLC		5.750		11/15/13		794,878
	125,000		Duke Energy Carolinas LLC		4.300		06/15/20		135,446
	500,000		Duke Energy Carolinas LLC		4.000		09/30/42		451,345
	500,000		Duke Energy Corp		2.100		06/15/18		498,667
	746,000		Duke Energy Corp		5.050		09/15/19		831,354
	300,000		Duke Energy Corp		3.050		08/15/22		283,900
	250,000		Duke Energy Indiana, Inc		4.200		03/15/42		231,529
	200,000		Duke Energy Indiana, Inc		4.900		07/15/43		204,035
	500,000		Duke Energy Ohio, Inc		3.800		09/01/23		510,895
	200,000		El Paso Natural Gas Co		5.950		04/15/17		225,073
	100,000		Enbridge, Inc		5.600		04/01/17		111,413
	300,000		Enbridge, Inc		4.000		10/01/23		300,313
	150,000		Energen Corp		4.625		09/01/21		148,602
	400,000		Energy Transfer Partners LP		6.125		02/15/17		452,479
	44,000		Energy Transfer Partners LP		9.700		03/15/19		56,271
	500,000		Energy Transfer Partners LP		4.650		06/01/21		513,356
	200,000		Energy Transfer Partners LP		5.200		02/01/22		210,259
	200,000		Energy Transfer Partners LP		3.600		02/01/23		186,297
	500,000		Energy Transfer Partners LP		4.900		02/01/24		508,105
	140,000		Energy Transfer Partners LP		7.500		07/01/38		161,640
	450,000		Energy Transfer Partners LP		6.500		02/01/42		475,045
	200,000		Energy Transfer Partners LP		5.150		02/01/43		178,621
	500,000		Energy Transfer Partners LP		5.950		10/01/43		496,378
	100,000		Enersis S.A.		7.375		01/15/14		101,600
	125,000		Entergy Arkansas, Inc		3.750		02/15/21		129,085
	300,000		Entergy Arkansas, Inc		3.050		06/01/23		285,041
	200,000		Entergy Corp		3.625		09/15/15		207,256
	200,000		Entergy Corp		5.125		09/15/20		208,023
	150,000		Entergy Louisiana LLC		1.875		12/15/14		152,075
	200,000		Entergy Louisiana LLC		4.050		09/01/23		204,800
	225,000		Entergy Texas, Inc		7.125		02/01/19		266,844

76

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	75,000		Exelon Corp		4.900	%	06/15/15	$	79,688
	400,000		Exelon Generation Co LLC		5.200		10/01/19		438,076
	200,000		Exelon Generation Co LLC		4.250		06/15/22		196,885
	371,000		Exelon Generation Co LLC		5.600		06/15/42		354,574
	400,000		Florida Power & Light Co		2.750		06/01/23		379,773
	247,000		Florida Power & Light Co		4.950		06/01/35		262,905
	400,000		Florida Power & Light Co		5.250		02/01/41		440,720
	100,000		Florida Power & Light Co		4.125		02/01/42		93,690
	200,000		Florida Power & Light Co		4.050		06/01/42		184,912
	450,000		Florida Power & Light Co		3.800		12/15/42		397,603
	29,000		Florida Power Corp		5.650		06/15/18		33,740
	700,000		Florida Power Corp		3.100		08/15/21		695,764
	165,000		Florida Power Corp		6.400		06/15/38		200,976
	300,000		Florida Power Corp		3.850		11/15/42		260,965
	690,000		FPL Group Capital, Inc		2.600		09/01/15		710,516
	300,000		Georgia Power Co		0.625		11/15/15		299,373
	900,000		Georgia Power Co		5.700		06/01/17		1,027,938
	177,000		Georgia Power Co		5.950		02/01/39		200,382
	200,000		Georgia Power Co		4.300		03/15/43		179,900
	200,000		Great Plains Energy, Inc		4.850		06/01/21		213,599
	200,000	i	Great Plains Energy, Inc		5.292		06/15/22		215,959
	80,000		Indiana Michigan Power Co		7.000		03/15/19		95,979
	200,000		Indiana Michigan Power Co		3.200		03/15/23		189,518
	70,000		Integrys Energy Group, Inc		4.170		11/01/20		73,286
	100,000		Interstate Power & Light Co		6.250		07/15/39		119,271
	200,000		ITC Holdings Corp		4.050		07/01/23		198,128
	500,000	g	Jersey Central Power & Light Co		4.700		04/01/24		506,260
	225,000		Kansas City Power & Light Co		3.150		03/15/23		212,837
	100,000		Kansas City Power & Light Co		5.300		10/01/41		100,408
	20,000	g	Kansas Gas & Electric		6.700		06/15/19		24,544
	250,000		KeySpan Corp		5.803		04/01/35		265,290
	150,000		Kinder Morgan Energy Partners LP		3.500		03/01/16		157,903
	400,000		Kinder Morgan Energy Partners LP		5.950		02/15/18		457,993
	300,000		Kinder Morgan Energy Partners LP		2.650		02/01/19		297,935
	500,000		Kinder Morgan Energy Partners LP		9.000		02/01/19		639,862
	100,000		Kinder Morgan Energy Partners LP		5.800		03/01/21		112,279
	1,200,000		Kinder Morgan Energy Partners LP		3.950		09/01/22		1,179,848
	350,000		Kinder Morgan Energy Partners LP		3.450		02/15/23		327,319
	200,000		Kinder Morgan Energy Partners LP		3.500		09/01/23		186,468
	300,000		Kinder Morgan Energy Partners LP		4.150		02/01/24		294,371
	535,000		Kinder Morgan Energy Partners LP		6.500		09/01/39		580,920
	300,000		Kinder Morgan Energy Partners LP		5.625		09/01/41		298,856
	200,000		Kinder Morgan Energy Partners LP		5.000		08/15/42		181,797
	500,000		Kinder Morgan Energy Partners LP		5.000		03/01/43		452,176
	200,000		Laclede Gas Co		4.625		08/15/43		198,486
	320,000		LG&E and KU Energy LLC		3.750		11/15/20		324,040
	400,000		MidAmerican Energy Co		4.650		10/01/14		416,389
	200,000		MidAmerican Energy Co		2.400		03/15/19		203,699
	200,000		MidAmerican Energy Co		3.700		09/15/23		203,213
	200,000		MidAmerican Energy Co		4.800		09/15/43		203,132
	350,000		Midamerican Energy Holdings Co		5.750		04/01/18		405,991
	1,032,000		Midamerican Energy Holdings Co		5.950		05/15/37		1,145,217

77

TIAA-CREF FUNDS - Bond Index Fund

					MATURITY
PRINCIPAL		ISSUER	RATE		DATE	VALUE
$	300,000	Midamerican Energy Holdings Co	6.500	%	09/15/37	$	354,348
	750,000	Mississippi Power Co	4.250		03/15/42		657,674
	100,000	National Fuel Gas Co	4.900		12/01/21		105,654
	200,000	National Fuel Gas Co	3.750		03/01/23		192,195
	820,000	Nevada Power Co	6.500		08/01/18		983,143
	45,000	Nevada Power Co	7.125		03/15/19		55,828
	230,000	Nevada Power Co	5.375		09/15/40		250,906
	700,000	NextEra Energy Capital Holdings, Inc	1.200		06/01/15		703,746
	500,000	NextEra Energy Capital Holdings, Inc	4.500		06/01/21		526,545
	235,000	NiSource Finance Corp	5.400		07/15/14		243,394
	350,000	NiSource Finance Corp	6.400		03/15/18		405,071
	150,000	NiSource Finance Corp	6.125		03/01/22		168,950
	400,000	NiSource Finance Corp	3.850		02/15/23		390,834
	100,000	NiSource Finance Corp	5.950		06/15/41		105,981
	200,000	NiSource Finance Corp	5.250		02/15/43		192,181
	150,000	NiSource Finance Corp	4.800		02/15/44		134,333
	300,000	Northeast Utilities	2.800		05/01/23		277,075
	150,000	Northern States Power Co	2.150		08/15/22		136,643
	300,000	Northern States Power Co	2.600		05/15/23		280,748
	425,000	Northern States Power Co	5.350		11/01/39		476,457
	200,000	Northern States Power Co	3.400		08/15/42		164,580
	150,000	NSTAR Electric Co	5.625		11/15/17		171,448
	200,000	NSTAR Electric Co	2.375		10/15/22		184,652
	500,000	Oglethorpe Power Corp	4.200		12/01/42		433,966
	250,000	Ohio Edison Co	8.250		10/15/38		355,073
	600,000	Ohio Power Co	5.375		10/01/21		675,312
	100,000	Oklahoma Gas & Electric Co	5.250		05/15/41		107,611
	400,000	Oklahoma Gas & Electric Co	3.900		05/01/43		349,025
	220,000	Oncor Electric Delivery Co LLC	6.375		01/15/15		234,965
	200,000	Oncor Electric Delivery Co LLC	6.800		09/01/18		239,614
	150,000	Oncor Electric Delivery Co LLC	4.100		06/01/22		154,886
	70,000	Oncor Electric Delivery Co LLC	7.250		01/15/33		88,913
	100,000	Oncor Electric Delivery Co LLC	5.250		09/30/40		104,564
	550,000	Oncor Electric Delivery Co LLC	4.550		12/01/41		527,058
	150,000	Oncor Electric Delivery Co LLC	5.300		06/01/42		158,652
	250,000	ONEOK Partners LP	3.250		02/01/16		260,238
	100,000	ONEOK Partners LP	2.000		10/01/17		99,279
	200,000	ONEOK Partners LP	3.200		09/15/18		203,768
	400,000	ONEOK Partners LP	3.375		10/01/22		368,488
	200,000	ONEOK Partners LP	5.000		09/15/23		205,242
	130,000	ONEOK Partners LP	6.650		10/01/36		138,410
	250,000	ONEOK Partners LP	6.850		10/15/37		271,085
	100,000	ONEOK Partners LP	6.125		02/01/41		101,095
	150,000	ONEOK, Inc	4.250		02/01/22		140,292
	150,000	ONEOK, Inc	6.000		06/15/35		137,710
	355,000	Pacific Gas & Electric Co	8.250		10/15/18		453,301
	400,000	Pacific Gas & Electric Co	3.250		06/15/23		381,109
	420,000	Pacific Gas & Electric Co	6.050		03/01/34		467,267
	600,000	Pacific Gas & Electric Co	5.400		01/15/40		619,495
	400,000	Pacific Gas & Electric Co	4.500		12/15/41		365,853
	150,000	Pacific Gas & Electric Co	3.750		08/15/42		122,060
	400,000	Pacific Gas & Electric Co	4.600		06/15/43		372,902

78

TIAA-CREF FUNDS - Bond Index Fund

					MATURITY
PRINCIPAL		ISSUER	RATE		DATE	VALUE
$	250,000	PacifiCorp	2.950	%	02/01/22	$	244,431
	200,000	PacifiCorp	2.950		06/01/23		193,162
	850,000	PacifiCorp	6.000		01/15/39		1,009,299
	150,000	PECO Energy Co	2.375		09/15/22		139,131
	200,000	PECO Energy Co	4.800		10/15/43		204,103
	165,000	Pepco Holdings, Inc	2.700		10/01/15		169,617
	350,000	PG&E Corp	5.750		04/01/14		358,456
	200,000	Piedmont Natural Gas Co, Inc	4.650		08/01/43		198,649
	65,000	Potomac Electric Power Co	7.900		12/15/38		93,997
	200,000	Potomac Electric Power Co	4.150		03/15/43		185,803
	100,000	PPL Capital Funding, Inc	1.900		06/01/18		98,155
	300,000	PPL Capital Funding, Inc	4.200		06/15/22		298,531
	200,000	PPL Capital Funding, Inc	3.500		12/01/22		189,185
	400,000	PPL Capital Funding, Inc	3.400		06/01/23		372,752
	200,000	PPL Electric Utilities Corp	2.500		09/01/22		186,740
	300,000	PPL Electric Utilities Corp	4.750		07/15/43		306,160
	200,000	PPL Energy Supply LLC	6.200		05/15/16		220,638
	225,000	PPL Energy Supply LLC	6.500		05/01/18		254,437
	100,000	PPL Energy Supply LLC	4.600		12/15/21		98,669
	300,000	Progress Energy, Inc	3.150		04/01/22		286,856
	900,000	Progress Energy, Inc	7.750		03/01/31		1,154,428
	200,000	PSEG Power LLC	5.320		09/15/16		221,390
	335,000	Public Service Co of Colorado	5.500		04/01/14		343,188
	150,000	Public Service Co of Colorado	2.250		09/15/22		137,470
	200,000	Public Service Co of Colorado	2.500		03/15/23		185,597
	150,000	Public Service Co of Colorado	3.600		09/15/42		127,152
	520,000	Public Service Co of Oklahoma	5.150		12/01/19		590,911
	100,000	Public Service Co of Oklahoma	4.400		02/01/21		106,053
	150,000	Public Service Co of Oklahoma	6.625		11/15/37		177,512
	220,000	Public Service Electric & Gas Co	5.300		05/01/18		251,919
	200,000	Public Service Electric & Gas Co	2.300		09/15/18		203,385
	400,000	Public Service Electric & Gas Co	2.375		05/15/23		366,376
	200,000	Public Service Electric & Gas Co	3.750		03/15/24		205,804
	410,000	Public Service Electric & Gas Co	5.375		11/01/39		459,847
	200,000	Public Service Electric & Gas Co	3.950		05/01/42		181,747
	100,000	Public Service Electric & Gas Co	3.650		09/01/42		86,008
	200,000	Public Service Electric & Gas Co	3.800		01/01/43		176,105
	250,000	Puget Sound Energy, Inc	5.757		10/01/39		285,646
	100,000	Puget Sound Energy, Inc	4.434		11/15/41		95,539
	100,000	Questar Corp	2.750		02/01/16		103,749
	150,000	San Diego Gas & Electric Co	3.000		08/15/21		150,339
	400,000	San Diego Gas & Electric Co	3.600		09/01/23		408,464
	305,000	San Diego Gas & Electric Co	5.350		05/15/40		343,848
	100,000	San Diego Gas & Electric Co	3.950		11/15/41		91,991
	300,000	SCANA Corp	4.750		05/15/21		305,606
	100,000	SCANA Corp	4.125		02/01/22		97,637
	250,000	Scottish Power Ltd	5.810		03/15/25		260,456
	600,000	Sempra Energy	2.000		03/15/14		603,790
	200,000	Sempra Energy	2.300		04/01/17		203,852
	150,000	Sempra Energy	2.875		10/01/22		139,325
	260,000	Sempra Energy	6.000		10/15/39		286,636
	125,000	Sierra Pacific Power Co	3.375		08/15/23		123,834

79

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL			ISSUER	RATE		DATE	VALUE
$	50,000		South Carolina Electric & Gas Co	5.300	%	05/15/33	$	53,337
	125,000		South Carolina Electric & Gas Co	5.450		02/01/41		136,845
	250,000		South Carolina Electric & Gas Co	4.350		02/01/42		232,592
	300,000		South Carolina Electric & Gas Co	4.600		06/15/43		291,836
	500,000		Southaven Combined Cycle Generation LLC	3.846		08/15/33		505,246
	100,000		Southern California Edison Co	5.000		01/15/16		109,378
	250,000		Southern California Edison Co	5.500		08/15/18		290,635
	280,000		Southern California Edison Co	3.875		06/01/21		296,310
	400,000		Southern California Edison Co	3.500		10/01/23		399,424
	185,000		Southern California Edison Co	6.050		03/15/39		221,162
	300,000		Southern California Edison Co	4.500		09/01/40		293,484
	500,000		Southern California Edison Co	3.900		12/01/41		447,067
	200,000		Southern California Edison Co	4.050		03/15/42		181,993
	500,000		Southern California Edison Co	3.900		03/15/43		444,436
	350,000		Southern California Edison Co	4.650		10/01/43		345,984
	150,000		Southern California Gas Co	3.750		09/15/42		132,512
	200,000		Southern Co	2.375		09/15/15		205,592
	100,000		Southern Co	1.950		09/01/16		101,926
	300,000		Southern Co	2.450		09/01/18		302,916
	108,000	g	Southern Natural Gas Co	5.900		04/01/17		122,776
	550,000		Southern Natural Gas Co	4.400		06/15/21		576,061
	100,000		Southern Natural Gas Co	8.000		03/01/32		129,093
	250,000		Southwest Gas Corp	3.875		04/01/22		257,444
	250,000		Southwestern Electric Power Co	5.550		01/15/17		274,383
	400,000		Southwestern Electric Power Co	6.200		03/15/40		444,651
	600,000		Southwestern Public Service Co	4.500		08/15/41		583,987
	60,000		Spectra Energy Capital LLC	6.200		04/15/18		68,849
	450,000		Spectra Energy Capital LLC	8.000		10/01/19		547,249
	600,000		Spectra Energy Capital LLC	3.300		03/15/23		535,753
	200,000		Spectra Energy Partners LP	2.950		09/25/18		203,295
	200,000		Spectra Energy Partners LP	4.750		03/15/24		206,090
	200,000		Spectra Energy Partners LP	5.950		09/25/43		210,622
	150,000		System Energy Resources, Inc	4.100		04/01/23		148,635
	200,000		Tampa Electric Co	5.400		05/15/21		229,275
	100,000		Tampa Electric Co	2.600		09/15/22		94,113
	100,000		Tampa Electric Co	4.100		06/15/42		89,551
	200,000		TECO Finance, Inc	5.150		03/15/20		218,092
	200,000		Tennessee Gas Pipeline Co	7.000		10/15/28		243,895
	12,000		Toledo Edison Co	7.250		05/01/20		14,570
	300,000		Toledo Edison Co	6.150		05/15/37		326,765
	770,000		Total Capital S.A.	3.125		10/02/15		806,112
	300,000		Total Capital S.A.	2.125		08/10/18		302,700
	200,000		Total Capital S.A.	4.450		06/24/20		220,516
	100,000		Total Capital S.A.	4.125		01/28/21		106,313
	350,000		TransAlta Corp	6.650		05/15/18		399,979
	300,000		TransAlta Corp	4.500		11/15/22		285,787
	125,000		Transcontinental Gas Pipe Line Co LLC	4.450		08/01/42		111,548
	100,000		Union Electric Co	8.450		03/15/39		154,875
	100,000		Union Electric Co	3.900		09/15/42		88,978
	100,000		United Utilities plc	6.875		08/15/28		110,950
	200,000		Virginia Electric and Power Co	1.200		01/15/18		195,319
	200,000		Virginia Electric and Power Co	2.750		03/15/23		189,765

80

TIAA-CREF FUNDS - Bond Index Fund

					MATURITY
PRINCIPAL		ISSUER	RATE		DATE	VALUE
$	350,000	Virginia Electric and Power Co	6.000	%	05/15/37	$	411,583
	160,000	Virginia Electric and Power Co	4.000		01/15/43		142,931
	250,000	Virginia Electric and Power Co	4.650		08/15/43		247,915
	500,000	Westar Energy, Inc	4.125		03/01/42		460,903
	450,000	Western Gas Partners LP	4.000		07/01/22		436,730
	225,000	Western Massachusetts Electric Co	3.500		09/15/21		227,066
	35,000	Williams Cos, Inc	7.875		09/01/21		41,740
	175,000	Williams Cos, Inc	3.700		01/15/23		158,049
	300,000	Williams Cos, Inc	7.750		06/15/31		340,012
	245,000	Williams Partners LP	3.800		02/15/15		254,305
	70,000	Williams Partners LP	7.250		02/01/17		81,502
	530,000	Williams Partners LP	5.250		03/15/20		571,471
	600,000	Williams Partners LP	4.000		11/15/21		591,097
	200,000	Williams Partners LP	3.350		08/15/22		185,168
	335,000	Williams Partners LP	6.300		04/15/40		353,222
	300,000	Wisconsin Electric Power Co	1.700		06/15/18		298,790
	200,000	Wisconsin Electric Power Co	5.625		05/15/33		227,077
	200,000	Wisconsin Electric Power Co	3.650		12/15/42		171,009
	200,000	Wisconsin Power & Light Co	2.250		11/15/22		182,433
	200,000	Wisconsin Power & Light Co	6.375		08/15/37		243,743
	200,000	Wisconsin Public Service Corp	3.671		12/01/42		174,920
	200,000	Xcel Energy, Inc	0.750		05/09/16		198,598
	100,000	Xcel Energy, Inc	4.700		05/15/20		110,022
	100,000	Xcel Energy, Inc	4.800		09/15/41		98,157
		TOTAL UTILITIES					94,266,242
		TOTAL CORPORATE BONDS					1,089,998,836
		(Cost $1,096,045,102)
GOVERNMENT BONDS -  73.7%
AGENCY SECURITIES - 4.1%
	250,000	Federal Agricultural Mortgage Corp (FAMC)	2.375		07/22/15		258,520
	3,000,000	Federal Farm Credit Bank (FFCB)	3.875		10/07/13		3,001,896
	500,000	FFCB	0.300		07/18/14		500,654
	2,600,000	FFCB	3.000		09/22/14		2,672,049
	1,600,000	FFCB	1.050		03/28/16		1,620,285
	8,625,000	Federal Home Loan Bank (FHLB)	3.125		12/13/13		8,677,509
	110,000	FHLB	5.250		06/18/14		114,013
	200,000	FHLB	0.400		07/02/14		200,391
	7,650,000	FHLB	2.875		06/12/15		7,975,332
	1,000,000	FHLB	5.375		05/18/16		1,125,724
	95,000	FHLB	4.750		12/16/16		106,843
	500,000	FHLB	4.875		05/17/17		568,973
	1,000,000	FHLB	0.750		09/08/17		981,236
	2,745,000	FHLB	5.000		11/17/17		3,162,624
	4,000,000	FHLB	1.625		06/14/19		3,935,628
	5,005,000	FHLB	5.500		07/15/36		5,913,863
	1,740,000	Federal Home Loan Mortgage Corp (FHLMC)	2.500		04/23/14		1,763,669
	5,000,000	FHLMC	1.000		08/27/14		5,040,320
	7,000,000	FHLMC	0.375		08/28/14		7,013,783
	5,000,000	FHLMC	2.875		02/09/15		5,177,540

81

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	108,000		FHLMC		4.375	%	07/17/15	$	115,857
	125,000		FHLMC		4.750		11/17/15		136,371
	132,000		FHLMC		4.750		01/19/16		144,828
	6,213,000		FHLMC		5.250		04/18/16		6,949,961
	127,000		FHLMC		5.500		07/18/16		143,850
	16,736,000		FHLMC		5.125		10/18/16		18,918,776
	9,000,000		FHLMC		2.375		01/13/22		8,759,664
	214,000		Federal National Mortgage Association (FNMA)		2.750		02/05/14		215,967
	7,646,000		FNMA		2.750		03/13/14		7,737,691
	4,071,000		FNMA		2.500		05/15/14		4,131,381
	5,415,000		FNMA		3.000		09/16/14		5,565,629
	9,145,000		FNMA		4.625		10/15/14		9,567,728
	14,000,000		FNMA		2.625		11/20/14		14,392,630
	5,000,000		FNMA		2.250		03/15/16		5,200,390
	10,215,000		FNMA		5.000		03/15/16		11,308,066
	150,000		FNMA		5.000		05/11/17		170,793
	4,340,000		FNMA		5.375		06/12/17		5,007,006
	3,000,000		FNMA		1.625		11/27/18		2,987,475
	11,000,000	j	FNMA		0.000		10/09/19		9,329,023
	951,000		FNMA		6.030		10/08/27		1,180,969
	5,000,000		FNMA		6.625		11/15/30		6,683,275
	4,500,000		FNMA		5.625		07/15/37		5,475,492
	815,000		Financing Corp		9.400		02/08/18		1,078,955
	825,000		Financing Corp		9.800		04/06/18		1,122,965
	815,000		Financing Corp		10.350		08/03/18		1,138,362
	450,000		Private Export Funding Corp (PEFCO)		1.375		02/15/17		453,498
	590,000		PEFCO		2.250		12/15/17		611,656
	175,000		PEFCO		1.450		08/15/19		167,428
	400,000		PEFCO		2.050		11/15/22		362,844
	300,000		Israel Government AID Bond		5.500		04/26/24		356,474
	300,000		Tennessee Valley Authority		1.750		10/15/18		300,292
	700,000		Tunisia Government AID Bonds		1.686		07/16/19		680,170
			TOTAL AGENCY SECURITIES						190,206,318
FOREIGN GOVERNMENT BONDS - 3.4%
	906,000		Brazilian Government International Bond		5.875		01/15/19		1,025,139
	2,090,000		Brazilian Government International Bond		4.875		01/22/21		2,244,137
	1,300,000		Brazilian Government International Bond		2.625		01/05/23		1,140,750
	300,000		Brazilian Government International Bond		8.875		04/15/24		408,750
	880,000		Brazilian Government International Bond		7.125		01/20/37		1,034,000
	2,330,000		Brazilian Government International Bond		5.625		01/07/41		2,324,175
	525,000		Canada Government International Bond		2.375		09/10/14		535,694
	850,000		Canada Government International Bond		0.875		02/14/17		849,490
	345,000		Chile Government International Bond		3.875		08/05/20		359,662
	300,000		Chile Government International Bond		2.250		10/30/22		269,250
	300,000		Chile Government International Bond		3.625		10/30/42		243,750
	850,000		China Development Bank		5.000		10/15/15		911,756
	900,000		Colombia Government International Bond		8.250		12/22/14		972,000
	450,000		Colombia Government International Bond		7.375		03/18/19		544,950
	900,000		Colombia Government International Bond		4.375		07/12/21		929,250
	600,000		Colombia Government International Bond		2.625		03/15/23		531,000
	750,000		Colombia Government International Bond		4.000		02/26/24		735,000

82

TIAA-CREF FUNDS - Bond Index Fund

					MATURITY
PRINCIPAL		ISSUER	RATE		DATE	VALUE
$	1,250,000	Colombia Government International Bond	6.125	%	01/18/41	$	1,362,500
	500,000	Council of Europe Development Bank	1.000		03/07/18		487,850
	300,000	Development Bank of Japan	5.125		02/01/17		338,796
	50,000	European Bank for Reconstruction & Development	1.625		09/03/15		51,096
	1,500,000	European Bank for Reconstruction & Development	2.500		03/15/16		1,566,277
	1,000,000	European Bank for Reconstruction & Development	1.375		10/20/16		1,014,131
	1,000,000	European Investment Bank	1.500		05/15/14		1,008,260
	4,000,000	European Investment Bank	1.125		04/15/15		4,046,400
	5,000,000	European Investment Bank	1.625		09/01/15		5,115,000
	5,500,000	European Investment Bank	1.375		10/20/15		5,601,750
	4,000,000	European Investment Bank	2.250		03/15/16		4,154,800
	2,200,000	European Investment Bank	1.750		03/15/17		2,248,754
	1,000,000	European Investment Bank	2.875		09/15/20		1,017,100
	1,205,000	European Investment Bank	4.875		02/15/36		1,332,961
	200,000	Export Development Canada	1.500		05/15/14		201,572
	545,000	Export Development Canada	2.250		05/28/15		561,999
	300,000	Export Development Canada	0.500		09/15/15		300,480
	250,000	Export Development Canada	1.250		10/26/16		253,675
	500,000	Export Development Canada	0.750		12/15/17		489,775
	180,000	Export-Import Bank of Korea	8.125		01/21/14		183,948
	250,000	Export-Import Bank of Korea	5.875		01/14/15		264,820
	1,090,000	Export-Import Bank of Korea	4.125		09/09/15		1,149,783
	300,000	Export-Import Bank of Korea	1.250		11/20/15		300,221
	400,000	Export-Import Bank of Korea	3.750		10/20/16		423,335
	200,000	Export-Import Bank of Korea	1.750		02/27/18		194,604
	775,000	Export-Import Bank of Korea	5.125		06/29/20		850,114
	300,000	Export-Import Bank of Korea	5.000		04/11/22		327,886
	1,590,000	Federative Republic of Brazil	6.000		01/17/17		1,778,415
	677,500	Federative Republic of Brazil	8.000		01/15/18		762,187
	100,000	Finland Government International Bond	6.950		02/15/26		128,352
	750,000	FMS Wertmanagement AoeR	1.000		11/21/17		738,150
	500,000	Hydro Quebec	2.000		06/30/16		514,950
	800,000	Hydro Quebec	1.375		06/19/17		801,184
	270,000	Hydro Quebec	9.400		02/01/21		372,486
	200,000	Hydro Quebec	8.500		12/01/29		293,005
	1,000,000	Inter-American Development Bank	3.000		04/22/14		1,015,423
	1,500,000	Inter-American Development Bank	2.250		07/15/15		1,548,849
	3,000,000	Inter-American Development Bank	1.750		08/24/18		3,029,415
	1,105,000	Inter-American Development Bank	3.875		09/17/19		1,222,475
	200,000	Inter-American Development Bank	3.200		08/07/42		161,591
	1,800,000	International Bank for Reconstruction & Development	1.125		08/25/14		1,810,282
	3,200,000	International Bank for Reconstruction & Development	2.375		05/26/15		3,307,107
	2,100,000	International Bank for Reconstruction & Development	2.125		03/15/16		2,177,253
	950,000	International Bank for Reconstruction & Development	1.000		09/15/16		956,687
	400,000	International Bank for Reconstruction & Development	7.625		01/19/23		553,912
	334,000	International Bank for Reconstruction & Development	4.750		02/15/35		368,031
	30,000	International Finance Corp	3.000		04/22/14		30,460
	1,700,000	International Finance Corp	2.750		04/20/15		1,760,438
	2,750,000	International Finance Corp	1.125		11/23/16		2,769,629
	800,000	Israel Government AID Bond	5.500		09/18/23		950,037
	400,000	Israel Government International Bond	5.125		03/26/19		454,800
	705,000	Israel Government International Bond	4.000		06/30/22		731,437

83

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL			ISSUER	RATE		DATE	VALUE
$	300,000		Israel Government International Bond	3.150	%	06/30/23	$	285,900
	300,000		Israel Government International Bond	4.500		01/30/43		268,500
	500,000		Italian Republic	3.125		01/26/15		512,250
	1,200,000		Italian Republic	5.250		09/20/16		1,294,320
	1,374,000		Italian Republic	5.375		06/15/33		1,388,977
	1,500,000		Italy Government International Bond	4.750		01/25/16		1,598,550
	430,000		Italy Government International Bond	5.375		06/12/17		468,829
	1,100,000		Japan Bank for International Cooperation	1.875		09/24/15		1,125,017
	1,900,000		Japan Bank for International Cooperation	1.125		07/19/17		1,888,315
	300,000		Japan Bank for International Cooperation	1.750		07/31/18		298,899
	300,000		Japan Bank for International Cooperation	3.375		07/31/23		300,933
	600,000		Japan Finance Corp	2.250		07/13/16		622,607
	700,000		Japan Finance Organization for Municipalities	5.000		05/16/17		797,020
	600,000		KFW	2.625		01/25/22		594,589
	600,000		Korea Development Bank	8.000		01/23/14		613,288
	475,000		Korea Development Bank	4.375		08/10/15		502,504
	235,000		Korea Development Bank	3.250		03/09/16		244,132
	400,000		Korea Development Bank	3.500		08/22/17		419,723
	300,000		Korea Development Bank	1.500		01/22/18		289,145
	200,000		Korea Development Bank	3.000		09/14/22		188,434
	1,588,000		Mexico Government International Bond	3.625		03/15/22		1,575,296
	4,098,000	h	Mexico Government International Bond	4.000		10/02/23		4,072,388
	1,400,000		Mexico Government International Bond	6.750		09/27/34		1,659,000
	1,414,000		Mexico Government International Bond	6.050		01/11/40		1,546,209
	1,474,000		Mexico Government International Bond	4.750		03/08/44		1,333,970
	150,000		Mexico Government International Bond	5.750		10/12/10		141,000
	300,000		North American Development Bank	2.400		10/26/22		269,550
	800,000		Panama Government International Bond	5.200		01/30/20		878,000
	300,000		Panama Government International Bond	7.125		01/29/26		366,750
	692,000		Panama Government International Bond	6.700		01/26/36		790,610
	400,000		Panama Government International Bond	4.300		04/29/53		309,000
	520,000		Peruvian Government International Bond	7.125		03/30/19		630,500
	925,000		Peruvian Government International Bond	7.350		07/21/25		1,181,688
	600,000		Peruvian Government International Bond	6.550		03/14/37		709,500
	500,000		Peruvian Government International Bond	5.625		11/18/50		516,250
	1,250,000		Philippine Government International Bond	8.875		03/17/15		1,378,125
	2,750,000		Philippine Government International Bond	5.000		01/13/37		2,990,625
	380,000		Poland Government International Bond	3.875		07/16/15		398,544
	1,985,000		Poland Government International Bond	6.375		07/15/19		2,316,495
	67,000		Poland Government International Bond	5.125		04/21/21		72,863
	390,000		Poland Government International Bond	5.000		03/23/22		419,445
	490,000		Poland Government International Bond	3.000		03/17/23		448,840
	1,055,000		Province of British Columbia Canada	2.850		06/15/15		1,098,635
	400,000		Province of British Columbia Canada	1.200		04/25/17		401,881
	200,000		Province of British Columbia Canada	2.650		09/22/21		198,736
	800,000		Province of British Columbia Canada	2.000		10/23/22		731,920
	500,000		Province of Manitoba Canada	4.900		12/06/16		562,435
	500,000		Province of Manitoba Canada	1.125		06/01/18		491,945
	500,000		Province of Manitoba Canada	1.750		05/30/19		492,304
	200,000		Province of New Brunswick Canada	5.200		02/21/17		226,934
	200,000		Province of New Brunswick Canada	2.750		06/15/18		209,814
	255,000		Province of Nova Scotia Canada	2.375		07/21/15		262,576

84

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL			ISSUER	RATE		DATE	VALUE
$	50,000		Province of Nova Scotia Canada	5.125	%	01/26/17	$	56,476
	200,000		Province of Nova Scotia Canada	8.250		07/30/22		268,554
	2,200,000		Province of Ontario Canada	2.950		02/05/15		2,275,174
	600,000		Province of Ontario Canada	0.950		05/26/15		604,579
	2,690,000		Province of Ontario Canada	2.700		06/16/15		2,790,741
	1,000,000		Province of Ontario Canada	2.300		05/10/16		1,037,700
	300,000		Province of Ontario Canada	1.600		09/21/16		305,306
	1,300,000		Province of Ontario Canada	1.100		10/25/17		1,279,850
	1,000,000		Province of Ontario Canada	1.650		09/27/19		962,500
	230,000		Province of Ontario Canada	4.400		04/14/20		254,944
	800,000		Province of Ontario Canada	2.450		06/29/22		749,486
	40,000		Province of Quebec Canada	4.875		05/05/14		41,091
	385,000		Province of Quebec Canada	5.125		11/14/16		433,125
	1,135,000		Province of Quebec Canada	4.625		05/14/18		1,279,259
	1,120,000		Province of Quebec Canada	3.500		07/29/20		1,171,968
	1,100,000		Province of Quebec Canada	2.625		02/13/23		1,023,330
	200,000		Province of Quebec Canada	7.125		02/09/24		256,114
	201,000		Province of Quebec Canada	7.500		09/15/29		272,158
	100,000		Province of Saskatchewan Canada	8.500		07/15/22		137,419
	200,000		Region of Lombardy Italy	5.804		10/25/32		184,453
	475,000		Republic of Korea	5.750		04/16/14		487,591
	700,000		Republic of Korea	7.125		04/16/19		867,646
	500,000		Republic of Korea	3.875		09/11/23		508,996
	2,500,000		Republic of Philippines	4.000		01/15/21		2,593,750
	800,000		Republic of Turkey	7.500		07/14/17		905,000
	300,000		South Africa Government International Bond	6.500		06/02/14		310,380
	1,010,000		South Africa Government International Bond	6.875		05/27/19		1,160,238
	225,000		South Africa Government International Bond	5.500		03/09/20		241,594
	500,000		South Africa Government International Bond	4.665		01/17/24		485,000
	300,000		South Africa Government International Bond	5.875		09/16/25		315,375
	300,000		South Africa Government International Bond	6.250		03/08/41		314,250
	625,000		Svensk Exportkredit AB	5.125		03/01/17		709,412
	425,000		Svensk Exportkredit AB	1.125		04/05/18		416,330
	4,000,000		Turkey Government International Bond	6.750		04/03/18		4,416,000
	3,500,000		Turkey Government International Bond	3.250		03/23/23		3,018,750
	3,250,000		Turkey Government International Bond	4.875		04/16/43		2,681,250
	519,343		Uruguay Government International Bond	4.500		08/14/24		527,133
	300,000		Uruguay Government International Bond	7.625		03/21/36		378,000
	500,000		Uruguay Government International Bond	4.125		11/20/45		396,250
			TOTAL FOREIGN GOVERNMENT BONDS					156,644,127
MORTGAGE BACKED - 29.2%
	118,986	i	Federal Home Loan Mortgage Corp (FHLMC)	4.972		04/01/35		126,830
	11,901	i	FHLMC	2.322		10/01/35		12,540
	159,675	i	FHLMC	2.436		02/01/36		169,163
	83,315	i	FHLMC	2.565		07/01/36		88,356
	281,560	i	FHLMC	2.303		09/01/36		301,185
	164,590	i	FHLMC	2.404		09/01/36		175,350
	202,045	i	FHLMC	2.522		09/01/36		213,953
	101,243	i	FHLMC	5.762		01/01/37		106,991
	15,255	i	FHLMC	5.556		02/01/37		15,986
	19,509	i	FHLMC	5.632		02/01/37		20,903

85

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL			ISSUER	RATE		DATE	VALUE
$	429,796	i	FHLMC	2.714	%	03/01/37	$	458,699
	29,927	i	FHLMC	5.311		03/01/37		31,888
	342,774	i	FHLMC	5.698		04/01/37		360,220
	245,993	i	FHLMC	6.015		04/01/37		263,131
	51,036	i	FHLMC	2.906		05/01/37		54,529
	30,152	i	FHLMC	6.080		05/01/37		31,871
	55,789	i	FHLMC	2.500		06/01/37		59,427
	276,218	i	FHLMC	5.105		06/01/37		295,498
	225,466	i	FHLMC	2.864		08/01/37		238,517
	138,204	i	FHLMC	1.699		09/01/37		147,099
	263,808	i	FHLMC	1.738		09/01/37		275,416
	2,797	i	FHLMC	6.221		09/01/37		2,942
	39,876	i	FHLMC	5.336		02/01/38		42,383
	211,808	i	FHLMC	2.584		04/01/38		225,803
	257,049	i	FHLMC	4.847		04/01/38		271,026
	102,031	i	FHLMC	4.851		06/01/38		108,137
	22,799	i	FHLMC	2.375		07/01/38		24,071
	67,308		FHLMC	5.000		10/01/39		72,510
	81,661	i	FHLMC	3.595		06/01/40		86,594
	403,545	i	FHLMC	3.396		07/01/40		422,018
	421,086	i	FHLMC	2.951		01/01/41		438,555
	56,885	i	FHLMC	2.556		05/01/41		58,574
	1,344,063	i	FHLMC	3.423		08/01/41		1,419,201
	561,454	i	FHLMC	2.917		09/01/41		583,651
	127,598	i	FHLMC	3.111		10/01/41		131,063
	4,970,539		FHLMC	3.500		07/01/33		5,140,870
	4,654,559		FHLMC	3.500		07/01/42		4,729,291
	4,973,154		FHLMC	3.000		08/01/43		4,844,765
	11,176		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000		07/01/14		11,823
	4,567		FGLMC	7.500		01/01/16		4,624
	43		FGLMC	7.500		05/01/16		45
	53		FGLMC	7.500		06/01/16		55
	18,905		FGLMC	5.500		05/01/17		19,919
	37,950		FGLMC	5.500		06/01/17		39,994
	23,313		FGLMC	5.000		12/01/17		24,690
	17,716		FGLMC	5.500		12/01/17		18,666
	28,958		FGLMC	5.000		03/01/18		30,664
	94,004		FGLMC	5.000		04/01/18		99,558
	79,700		FGLMC	4.500		06/01/18		84,233
	234,029		FGLMC	4.500		09/01/18		247,399
	142,138		FGLMC	4.000		11/01/18		150,367
	246,636		FGLMC	4.500		01/01/19		266,772
	30,427		FGLMC	4.000		05/01/19		32,257
	250,996		FGLMC	4.500		05/01/19		265,306
	532,288		FGLMC	4.500		06/01/19		562,760
	150,584		FGLMC	4.000		10/01/19		159,355
	61,067		FGLMC	5.500		11/01/19		65,413
	460,808		FGLMC	4.500		12/01/19		488,136
	82,807		FGLMC	4.500		01/01/20		87,542
	1,899,870		FGLMC	4.500		02/01/20		2,008,361
	37,429		FGLMC	4.500		02/01/20		40,443
	375,317		FGLMC	5.000		05/01/20		400,853

86

TIAA-CREF FUNDS - Bond Index Fund

					MATURITY
PRINCIPAL		ISSUER	RATE		DATE	VALUE
$	409,766	FGLMC	5.000	%	05/01/20	$	434,316
	34,021	FGLMC	4.500		07/01/20		36,760
	386,464	FGLMC	5.000		07/01/20		409,681
	6,174	FGLMC	7.000		10/01/20		6,735
	32,766	FGLMC	5.000		12/01/20		34,782
	1,329,516	FGLMC	4.000		05/01/21		1,407,090
	400,388	FGLMC	4.500		06/01/21		424,077
	708,262	FGLMC	4.500		06/01/21		750,220
	341,981	FGLMC	5.000		07/01/21		363,114
	47,223	FGLMC	5.500		07/01/21		51,028
	4,937,476	FGLMC	3.000		12/01/21		5,153,757
	30,068	FGLMC	5.000		10/01/22		32,471
	26,639	FGLMC	6.000		11/01/22		29,313
	229,358	FGLMC	5.000		04/01/23		247,761
	334,129	FGLMC	4.500		05/01/23		353,624
	15,485	FGLMC	4.500		05/01/23		16,387
	180,007	FGLMC	5.000		05/01/23		193,822
	336,183	FGLMC	5.500		05/01/23		362,758
	48,162	FGLMC	5.000		10/01/23		52,023
	33,852	FGLMC	5.500		10/01/23		36,658
	38,782	FGLMC	5.000		11/01/23		41,774
	81,256	FGLMC	5.000		03/01/24		87,539
	20,857	FGLMC	4.500		04/01/24		22,046
	8,709	FGLMC	4.500		05/01/24		9,209
	61,962	FGLMC	4.500		06/01/24		65,533
	289,443	FGLMC	4.000		07/01/24		306,415
	541,360	FGLMC	4.000		07/01/24		573,011
	130,653	FGLMC	5.500		07/01/24		137,550
	553,540	FGLMC	4.000		08/01/24		585,530
	38,256	FGLMC	4.500		09/01/24		40,440
	18,507	FGLMC	4.500		09/01/24		19,574
	93,295	FGLMC	4.500		09/01/24		98,657
	20,256	FGLMC	5.500		09/01/24		22,097
	682,658	FGLMC	4.000		10/01/24		722,537
	21,810	FGLMC	4.500		10/01/24		23,052
	57,619	FGLMC	4.500		10/01/24		62,553
	25,001	FGLMC	4.500		11/01/24		26,430
	58,187	FGLMC	4.500		12/01/24		61,545
	223,214	FGLMC	5.500		12/01/24		240,793
	42,984	FGLMC	4.500		02/01/25		45,463
	925,818	FGLMC	4.000		03/01/25		980,026
	26,530	FGLMC	4.500		06/01/25		28,054
	51,504	FGLMC	4.500		07/01/25		54,413
	888,651	FGLMC	3.500		10/01/25		935,950
	515,402	FGLMC	4.000		10/01/25		545,185
	1,528,544	FGLMC	3.500		11/01/25		1,609,934
	906,277	FGLMC	3.500		11/01/25		954,538
	417,085	FGLMC	3.500		12/01/25		439,302
	291,779	FGLMC	3.000		01/01/26		301,800
	2,968,146	FGLMC	3.500		01/01/26		3,126,309
	273,540	FGLMC	4.000		04/01/26		289,778
	555,936	FGLMC	4.000		05/01/26		589,114

87

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	140,643	FGLMC		5.500	%	07/01/26	$	153,271
	1,779,851	FGLMC		4.000		08/01/26		1,885,742
	10,146	FGLMC		6.000		08/01/26		11,100
	457,248	FGLMC		3.000		09/01/26		472,951
	1,170,552	FGLMC		3.000		10/01/26		1,210,774
	1,789,228	FGLMC		3.500		10/01/26		1,884,874
	62,546	FGLMC		5.000		10/01/26		68,300
	18,350	FGLMC		5.500		10/01/26		19,944
	6,863,060	FGLMC		3.000		02/01/27		7,098,767
	3,586,662	FGLMC		2.500		05/01/27		3,612,524
	3,592,855	FGLMC		2.500		11/01/27		3,620,013
	212,046	FGLMC		6.000		12/01/27		231,430
	2,769,783	FGLMC		2.500		01/01/28		2,788,177
	7,188,264	FGLMC		2.500		03/01/28		7,243,660
	281,055	FGLMC		5.000		03/01/28		303,448
	3,890,435	FGLMC		2.500		05/01/28		3,920,543
	30,250	FGLMC		5.500		05/01/28		32,766
	9,798,533	FGLMC		2.500		07/01/28		9,863,774
	228	FGLMC		6.500		10/01/28		252
	256,359	FGLMC		5.500		01/01/29		278,684
	6,344	FGLMC		6.500		01/01/29		7,038
	41,324	FGLMC		4.000		02/01/29		43,516
	1,655	FGLMC		6.500		03/01/29		1,844
	176,305	FGLMC		4.500		04/01/29		188,350
	17,289	FGLMC		6.500		07/01/29		19,124
	62,697	FGLMC		5.000		12/01/29		67,576
	90,097	FGLMC		4.000		08/01/30		95,013
	546,664	FGLMC		4.500		01/01/31		584,685
	843	FGLMC		8.000		01/01/31		975
	558,534	FGLMC		4.000		03/01/31		589,031
	70,042	FGLMC		4.000		05/01/31		73,886
	577,243	FGLMC		4.500		05/01/31		627,334
	226,304	FGLMC		4.000		06/01/31		237,330
	700,031	FGLMC		4.000		08/01/31		738,290
	642,950	FGLMC		4.000		09/01/31		678,308
	10,657	FGLMC		6.500		09/01/31		12,066
	20,132	FGLMC		8.000		09/01/31		23,435
	303,261	FGLMC		3.500		11/01/31		314,542
	125,211	FGLMC		7.000		12/01/31		143,615
	50,539	FGLMC		6.500		01/01/32		55,948
	118,874	FGLMC		6.000		02/01/32		131,309
	4,048,633	FGLMC		3.000		03/01/32		4,051,521
	46,641	FGLMC		7.000		04/01/32		52,623
	39,827	FGLMC		6.500		05/01/32		45,035
	3,217,366	FGLMC		3.500		09/01/32		3,354,236
	41,100	FGLMC		5.500		11/01/32		44,887
	46,124	FGLMC		6.000		02/01/33		50,894
	171,109	FGLMC		5.000		03/01/33		185,162
	226,106	FGLMC		6.000		03/01/33		249,450
	12,831	FGLMC		6.000		03/01/33		13,964
	92,891	FGLMC		6.000		03/01/33		101,156
	73,708	FGLMC		5.000		04/01/33		79,802

88

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	19,351	FGLMC		6.000	%	04/01/33	$	21,368
	1,460,739	FGLMC		5.000		06/01/33		1,583,054
	404,541	FGLMC		5.500		06/01/33		441,777
	149,140	FGLMC		4.500		07/01/33		159,080
	191,868	FGLMC		5.000		08/01/33		206,863
	18,966	FGLMC		5.000		08/01/33		20,439
	47,594	FGLMC		6.500		08/01/33		52,711
	446,153	FGLMC		5.000		09/01/33		483,985
	83,891	FGLMC		5.500		09/01/33		91,700
	222,079	FGLMC		5.500		09/01/33		244,681
	171,616	FGLMC		5.500		09/01/33		189,120
	224,834	FGLMC		5.500		09/01/33		247,873
	73,750	FGLMC		4.000		10/01/33		77,129
	37,972	FGLMC		5.000		10/01/33		41,177
	279,655	FGLMC		5.500		10/01/33		307,623
	301,288	FGLMC		5.500		12/01/33		330,246
	82,842	FGLMC		5.500		12/01/33		90,399
	889,583	FGLMC		7.000		12/01/33		1,009,450
	798,862	FGLMC		5.000		01/01/34		866,318
	20,251	FGLMC		5.500		02/01/34		22,105
	96,236	FGLMC		5.000		03/01/34		104,328
	127,372	FGLMC		5.500		03/01/34		138,778
	252,203	FGLMC		5.000		05/01/34		273,554
	130,206	FGLMC		4.500		06/01/34		138,984
	302,020	FGLMC		5.000		06/01/34		327,029
	82,964	FGLMC		5.500		06/01/34		90,410
	57,782	FGLMC		6.000		06/01/34		63,866
	176,652	FGLMC		6.000		09/01/34		195,148
	23,913	FGLMC		5.000		11/01/34		26,079
	1,140,369	FGLMC		5.500		11/01/34		1,238,476
	707,356	FGLMC		5.000		12/01/34		765,992
	52,536	FGLMC		5.500		12/01/34		57,003
	132,732	FGLMC		5.500		12/01/34		144,976
	63,599	FGLMC		5.500		01/01/35		69,090
	8,133	FGLMC		5.500		01/01/35		8,835
	14,468	FGLMC		5.500		01/01/35		15,718
	353,438	FGLMC		4.500		04/01/35		377,020
	50,276	FGLMC		6.000		05/01/35		55,530
	285,402	FGLMC		6.000		05/01/35		310,845
	328,934	FGLMC		7.000		05/01/35		361,038
	82,138	FGLMC		5.500		06/01/35		89,215
	49,578	FGLMC		5.500		06/01/35		53,849
	45,873	FGLMC		5.000		07/01/35		49,393
	1,449,772	FGLMC		5.000		07/01/35		1,568,469
	40,517	FGLMC		6.000		07/01/35		44,099
	63,706	FGLMC		5.000		08/01/35		68,814
	46,447	FGLMC		5.500		08/01/35		50,302
	102,290	FGLMC		6.000		08/01/35		111,323
	30,274	FGLMC		4.500		09/01/35		32,248
	217,484	FGLMC		5.000		10/01/35		234,727
	297,899	FGLMC		5.000		10/01/35		321,356
	42,743	FGLMC		5.000		10/01/35		45,989

89

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	1,081,941	FGLMC		5.500	%	10/01/35	$	1,176,256
	36,320	FGLMC		5.000		12/01/35		39,205
	167,414	FGLMC		5.000		12/01/35		180,515
	98,087	FGLMC		6.000		01/01/36		107,860
	70,781	FGLMC		5.000		02/01/36		76,408
	32,136	FGLMC		5.000		02/01/36		34,682
	40,268	FGLMC		6.000		02/01/36		44,316
	423,690	FGLMC		5.500		04/01/36		458,176
	45,695	FGLMC		5.500		05/01/36		49,494
	4,865	FGLMC		6.500		05/01/36		5,381
	1,474,313	FGLMC		6.000		06/01/36		1,617,698
	287,980	FGLMC		5.000		07/01/36		310,407
	299,147	FGLMC		6.000		07/01/36		330,548
	48,747	FGLMC		6.000		08/01/36		53,357
	40,616	FGLMC		6.000		09/01/36		44,237
	1,675,235	FGLMC		5.500		10/01/36		1,811,618
	1,131,247	FGLMC		5.500		10/01/36		1,225,321
	140,595	FGLMC		6.500		10/01/36		159,987
	67,465	FGLMC		5.500		11/01/36		72,957
	163,519	FGLMC		6.000		11/01/36		179,394
	852,235	FGLMC		6.000		12/01/36		932,599
	1,442,447	FGLMC		5.500		03/01/37		1,559,855
	473,462	FGLMC		6.000		03/01/37		516,911
	100,651	FGLMC		6.500		03/01/37		111,784
	504,837	FGLMC		5.500		04/01/37		545,929
	62,486	FGLMC		5.000		05/01/37		67,231
	42,458	FGLMC		5.000		06/01/37		45,683
	261,912	FGLMC		5.500		06/01/37		283,230
	912,001	FGLMC		6.000		07/01/37		992,538
	303,788	FGLMC		6.000		08/01/37		333,483
	118,109	FGLMC		6.000		09/01/37		129,718
	1,303,755	FGLMC		5.500		10/01/37		1,417,358
	46,924	FGLMC		6.000		11/01/37		51,068
	401,367	FGLMC		6.500		11/01/37		443,979
	164,387	FGLMC		6.000		01/01/38		178,907
	603,898	FGLMC		6.000		02/01/38		657,534
	62,706	FGLMC		6.000		02/01/38		68,243
	633,117	FGLMC		5.000		03/01/38		681,310
	2,079,667	FGLMC		5.000		03/01/38		2,239,150
	66,173	FGLMC		5.000		04/01/38		72,297
	694,088	FGLMC		5.000		04/01/38		749,173
	1,037,581	FGLMC		5.500		04/01/38		1,122,035
	255,219	FGLMC		5.500		05/01/38		275,992
	29,270	FGLMC		5.500		06/01/38		31,653
	85,158	FGLMC		6.000		07/01/38		92,678
	112,451	FGLMC		5.500		08/01/38		121,888
	1,003,730	FGLMC		5.500		08/01/38		1,085,429
	108,255	FGLMC		5.000		09/01/38		116,477
	470,579	FGLMC		5.500		09/01/38		508,882
	1,510,791	FGLMC		5.500		09/01/38		1,633,762
	20,999	FGLMC		5.500		10/01/38		22,708
	584,598	FGLMC		6.000		11/01/38		636,223

90

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	3,723,274	FGLMC		5.500	%	01/01/39	$	4,026,670
	2,649,679	FGLMC		4.500		02/01/39		2,816,401
	1,505,115	FGLMC		5.000		02/01/39		1,619,420
	110,510	FGLMC		5.500		02/01/39		119,505
	17,956	FGLMC		4.500		03/01/39		19,092
	496,336	FGLMC		5.000		03/01/39		539,030
	90,172	FGLMC		6.000		03/01/39		98,135
	3,082,068	FGLMC		4.500		04/01/39		3,339,565
	67,174	FGLMC		4.500		04/01/39		71,522
	920,552	FGLMC		4.000		05/01/39		961,949
	542,423	FGLMC		4.500		05/01/39		577,073
	24,374	FGLMC		4.500		05/01/39		25,932
	1,853,872	FGLMC		4.500		05/01/39		1,971,480
	10,537,364	FGLMC		4.500		05/01/39		11,215,714
	494,051	FGLMC		5.000		05/01/39		532,430
	1,185,369	FGLMC		4.000		06/01/39		1,238,343
	279,867	FGLMC		4.500		06/01/39		297,764
	5,814,408	FGLMC		4.500		06/01/39		6,182,381
	124,263	FGLMC		5.000		06/01/39		135,029
	47,822	FGLMC		5.500		06/01/39		51,715
	1,265,689	FGLMC		4.000		07/01/39		1,323,261
	55,085	FGLMC		4.500		07/01/39		58,624
	115,779	FGLMC		4.500		07/01/39		123,280
	684,532	FGLMC		4.500		07/01/39		728,486
	405,655	FGLMC		5.000		07/01/39		437,145
	780,436	FGLMC		5.500		07/01/39		843,960
	52,376	FGLMC		4.500		08/01/39		55,734
	146,730	FGLMC		5.000		08/01/39		158,074
	651,143	FGLMC		4.000		09/01/39		681,243
	4,052,732	FGLMC		5.000		09/01/39		4,360,513
	1,044,863	FGLMC		5.000		09/01/39		1,136,173
	32,542	FGLMC		5.500		09/01/39		35,842
	2,116,146	FGLMC		6.500		09/01/39		2,340,811
	176,685	FGLMC		4.500		10/01/39		190,000
	448,543	FGLMC		4.500		10/01/39		477,289
	139,538	FGLMC		4.500		10/01/39		150,197
	71,593	FGLMC		4.000		11/01/39		74,832
	333,261	FGLMC		4.500		11/01/39		354,458
	39,861	FGLMC		5.000		11/01/39		42,958
	114,295	FGLMC		5.000		11/01/39		123,151
	266,157	FGLMC		4.500		12/01/39		283,303
	612,352	FGLMC		4.500		12/01/39		651,602
	362,651	FGLMC		4.500		12/01/39		388,217
	1,128,983	FGLMC		4.500		12/01/39		1,208,867
	640,994	FGLMC		5.500		12/01/39		693,168
	638,534	FGLMC		4.500		01/01/40		679,260
	48,443	FGLMC		5.000		01/01/40		52,651
	125,953	FGLMC		5.500		01/01/40		136,205
	258,991	FGLMC		5.500		03/01/40		280,071
	97,444	FGLMC		4.500		04/01/40		104,364
	456,987	FGLMC		4.500		04/01/40		486,248
	738,453	FGLMC		5.000		04/01/40		802,861

91

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	310,321	FGLMC		5.000	%	04/01/40	$	334,740
	3,358,140	FGLMC		6.000		04/01/40		3,655,252
	7,298,018	FGLMC		4.500		05/01/40		7,756,373
	4,542,929	FGLMC		5.000		05/01/40		4,966,895
	15,710	FGLMC		4.500		06/01/40		16,726
	2,190,174	FGLMC		5.500		06/01/40		2,375,802
	3,572,242	FGLMC		4.500		07/01/40		3,802,336
	70,930	FGLMC		4.500		08/01/40		75,501
	779,061	FGLMC		5.000		08/01/40		841,715
	180,724	FGLMC		5.000		08/01/40		195,421
	1,780,091	FGLMC		5.000		08/01/40		1,935,601
	952,972	FGLMC		4.000		09/01/40		996,171
	8,321,470	FGLMC		4.000		11/01/40		8,713,965
	4,780,426	FGLMC		4.000		12/01/40		5,005,766
	1,388,881	FGLMC		3.500		01/01/41		1,410,609
	1,065,470	FGLMC		3.500		01/01/41		1,082,140
	906,047	FGLMC		4.000		01/01/41		947,372
	779,684	FGLMC		3.500		02/01/41		791,879
	3,663,798	FGLMC		4.000		02/01/41		3,831,224
	1,283,993	FGLMC		4.000		02/01/41		1,343,062
	5,323,033	FGLMC		4.000		04/01/41		5,566,566
	1,152,665	FGLMC		4.500		04/01/41		1,228,011
	297,218	FGLMC		5.000		04/01/41		322,111
	1,140,570	FGLMC		4.500		05/01/41		1,215,219
	1,437,967	FGLMC		4.500		06/01/41		1,532,139
	2,792,583	FGLMC		3.500		10/01/41		2,836,432
	2,773,037	FGLMC		5.000		10/01/41		3,013,788
	3,253,067	FGLMC		3.500		11/01/41		3,305,193
	1,791,908	FGLMC		4.500		12/01/41		1,909,204
	11,153,921	FGLMC		3.500		01/01/42		11,329,297
	3,317,454	FGLMC		3.500		02/01/42		3,369,675
	4,079,444	FGLMC		3.500		04/01/42		4,143,959
	7,688,326	FGLMC		4.000		05/01/42		8,051,872
	1,167,761	FGLMC		3.000		08/01/42		1,137,614
	7,034,596	FGLMC		3.000		10/01/42		6,852,988
	4,747,430	FGLMC		3.000		10/01/42		4,624,868
	2,321,987	FGLMC		3.500		12/01/42		2,358,550
	5,591,175	FGLMC		2.500		01/01/43		5,168,156
	12,964,007	FGLMC		3.000		01/01/43		12,629,323
	14,713,210	FGLMC		3.000		04/01/43		14,333,367
	7,841,605	FGLMC		3.500		05/01/43		7,965,290
	14,815	Federal National Mortgage Association (FNMA)		4.753		10/01/13		14,810
	3	FNMA		6.500		12/01/13		3
	93,427	FNMA		4.854		02/01/14		93,588
	666,668	FNMA		4.640		11/01/14		683,300
	10,293	FNMA		6.000		04/01/16		10,387
	39,067	FNMA		5.500		09/01/16		41,096
	3,175	FNMA		6.500		10/01/16		3,310
	28,500	FNMA		6.500		11/01/16		30,030
	18,775	FNMA		6.500		04/01/17		20,071
	16,547	FNMA		6.000		05/01/17		17,637
	71,919	FNMA		5.000		09/01/17		76,706

92

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	13,656	FNMA		6.000	%	11/01/17	$	14,389
	157,227	FNMA		5.000		12/01/17		167,271
	854,378	FNMA		5.000		12/01/17		909,100
	11,666	FNMA		5.000		12/01/17		12,411
	1,301,287	FNMA		5.000		01/01/18		1,387,719
	1,206,058	FNMA		4.500		02/01/18		1,281,826
	179,199	FNMA		4.500		04/01/18		190,524
	33,791	FNMA		5.000		04/01/18		35,955
	26,840	FNMA		5.500		04/01/18		28,367
	277,874	FNMA		5.500		04/01/18		293,660
	17,855	FNMA		5.500		05/01/18		18,806
	456,749	FNMA		4.500		06/01/18		484,999
	48,602	FNMA		4.000		08/01/18		51,588
	566,444	FNMA		4.000		08/01/18		600,543
	145,779	FNMA		4.500		09/01/18		154,933
	102,100	FNMA		4.500		10/01/18		108,544
	280,935	FNMA		5.000		11/01/18		298,905
	5,962	FNMA		5.000		01/01/19		6,346
	15,325	FNMA		6.000		01/01/19		16,732
	34,577	FNMA		4.500		05/01/19		36,748
	80,658	FNMA		4.500		06/01/19		85,733
	14,516	FNMA		4.500		06/01/19		15,428
	93,339	FNMA		5.000		07/01/19		99,334
	401,726	FNMA		5.000		10/01/19		427,718
	57,249	FNMA		4.500		11/01/19		60,848
	49,370	FNMA		4.500		12/01/19		52,468
	58,978	FNMA		5.000		03/01/20		62,711
	18,443	FNMA		5.000		04/01/20		19,720
	38,504	FNMA		4.500		06/01/20		40,920
	27,734	FNMA		4.500		09/01/20		29,479
	27,044	FNMA		4.500		10/01/20		28,776
	41,295	FNMA		4.500		11/01/20		43,879
	81,101	FNMA		5.000		12/01/20		86,999
	2,339,176	FNMA		5.500		01/01/21		2,471,270
	247,676	FNMA		5.500		01/01/21		260,879
	95,138	FNMA		5.000		03/01/21		101,215
	646,615	FNMA		6.000		04/01/21		691,094
	68,365	FNMA		5.500		08/01/21		73,966
	20,499	FNMA		6.000		08/01/21		22,503
	13,163	FNMA		5.000		10/01/21		14,074
	33,679	FNMA		5.000		11/01/21		35,846
	14,882	FNMA		5.500		11/01/21		16,110
	41,871	FNMA		5.500		10/01/22		45,508
	19,782	FNMA		6.000		10/01/22		21,851
	12,114	FNMA		5.000		03/01/23		12,984
	31,130	FNMA		4.500		04/01/23		33,127
	300,617	FNMA		4.500		06/01/23		319,890
	26,539	FNMA		5.000		06/01/23		28,465
	30,104	FNMA		5.500		06/01/23		32,764
	297,203	FNMA		5.000		07/01/23		318,885
	2,227,575	FNMA		5.000		07/01/23		2,388,796
	80,843	FNMA		5.000		07/01/23		86,736

93

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	37,496	FNMA		5.500	%	08/01/23	$	40,765
	54,820	FNMA		5.000		11/01/23		59,380
	20,354	FNMA		5.500		11/01/23		22,026
	751,953	FNMA		5.500		01/01/24		813,453
	51,177	FNMA		5.500		02/01/24		56,138
	279,299	FNMA		4.000		03/01/24		296,482
	19,970	FNMA		4.500		04/01/24		21,226
	329,560	FNMA		4.000		05/01/24		349,959
	1,087,942	FNMA		4.000		05/01/24		1,154,427
	25,134	FNMA		4.000		06/01/24		26,675
	32,044	FNMA		4.500		07/01/24		34,800
	28,444	FNMA		5.500		07/01/24		31,212
	495	FNMA		8.000		07/01/24		575
	159,021	FNMA		4.500		08/01/24		169,105
	144,381	FNMA		4.000		09/01/24		153,373
	614,011	FNMA		4.000		09/01/24		651,441
	74,431	FNMA		4.500		09/01/24		79,155
	1,358,596	FNMA		4.500		10/01/24		1,444,783
	71,073	FNMA		5.000		01/01/25		76,960
	138,012	FNMA		4.500		02/01/25		146,659
	24,594	FNMA		4.500		03/01/25		26,138
	988,351	FNMA		4.500		03/01/25		1,050,467
	305,189	FNMA		5.000		03/01/25		331,735
	773,292	FNMA		4.500		04/01/25		821,404
	322,261	FNMA		4.500		04/01/25		342,495
	3,468,815	FNMA		4.000		05/01/25		3,681,626
	972,515	FNMA		4.000		06/01/25		1,032,248
	929,366	FNMA		4.500		06/01/25		987,842
	333,095	FNMA		4.000		08/01/25		353,504
	140,100	FNMA		5.500		08/01/25		153,835
	1,743,682	FNMA		3.500		09/01/25		1,840,892
	1,668,535	FNMA		4.000		09/01/25		1,771,373
	2,056,866	FNMA		3.500		10/01/25		2,171,342
	1,842,369	FNMA		3.500		10/01/25		1,945,219
	663,084	FNMA		5.000		10/01/25		720,623
	1,207,608	FNMA		4.000		11/01/25		1,281,727
	1,731,065	FNMA		3.500		12/01/25		1,827,607
	1,141,152	FNMA		3.500		02/01/26		1,204,749
	376,392	FNMA		4.000		03/01/26		399,510
	1,065,938	FNMA		4.000		06/01/26		1,131,599
	1,001,945	FNMA		3.500		08/01/26		1,057,769
	775,481	FNMA		3.500		09/01/26		818,691
	468,144	FNMA		4.000		09/01/26		496,943
	1,200,362	FNMA		3.500		10/01/26		1,267,156
	27,811	FNMA		6.000		10/01/26		30,495
	1,631,528	FNMA		3.000		11/01/26		1,690,820
	1,318,159	FNMA		3.000		12/01/26		1,366,067
	3,567,566	FNMA		3.000		01/01/27		3,697,153
	2,732,793	FNMA		3.500		02/01/27		2,885,778
	2,593,226	FNMA		3.000		04/01/27		2,687,647
	4,148,812	FNMA		3.000		04/01/27		4,299,464
	1,724,146	FNMA		3.500		05/01/27		1,820,309

94

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,525,322		FNMA		2.500	%	06/01/27	$	1,536,191
	4,329,098		FNMA		3.000		06/01/27		4,487,268
	1,793,873		FNMA		2.500		07/01/27		1,806,658
	241,888		FNMA		6.000		08/01/27		265,470
	3,549,239		FNMA		2.500		09/01/27		3,572,348
	78,725		FNMA		5.500		09/01/27		86,532
	6,170,491		FNMA		2.500		10/01/27		6,214,519
	4,222,359		FNMA		3.000		11/01/27		4,376,570
	10,846		FNMA		5.500		01/01/28		11,863
	10,447,700		FNMA		2.500		02/01/28		10,515,802
	9,529		FNMA		5.000		02/01/28		10,350
	11,408,517		FNMA		2.500		04/01/28		11,482,897
	437,432		FNMA		5.000		05/01/28		475,510
	55,595		FNMA		5.500		06/01/28		60,670
	2,966,479		FNMA		2.500		07/01/28		2,985,780
	5,963,605		FNMA		2.500		08/01/28		6,002,459
	8,979,942	h	FNMA		3.000		10/01/28		9,305,066
	8,716		FNMA		5.500		11/01/28		9,509
	40		FNMA		7.500		01/01/29		46
	67,181		FNMA		4.000		03/01/29		71,121
	263,395		FNMA		4.500		04/01/29		284,831
	470		FNMA		6.500		04/01/29		519
	169,802		FNMA		4.000		05/01/29		179,837
	96,424		FNMA		4.500		06/01/29		104,278
	32,105		FNMA		4.000		07/01/29		33,989
	3,569		FNMA		7.500		07/01/29		3,716
	613,966		FNMA		4.500		08/01/29		664,364
	102,992		FNMA		4.500		09/01/29		110,900
	76,212		FNMA		4.500		11/01/29		83,188
	29,982		FNMA		4.500		01/01/30		32,474
	80,088		FNMA		4.000		03/01/30		84,759
	35,697		FNMA		4.500		05/01/30		38,663
	49,088		FNMA		4.500		06/01/30		53,190
	431,887		FNMA		4.500		08/01/30		467,958
	88,605		FNMA		4.000		09/01/30		94,462
	498,550		FNMA		4.000		10/01/30		531,567
	4,967,590		FNMA		4.000		11/01/30		5,295,657
	717,411		FNMA		4.000		11/01/30		764,190
	194,657		FNMA		4.500		12/01/30		210,097
	219,622		FNMA		3.500		02/01/31		223,841
	274,390		FNMA		4.000		02/01/31		292,699
	287		FNMA		7.500		02/01/31		305
	1,844		FNMA		7.500		03/01/31		2,161
	619,294		FNMA		3.500		04/01/31		631,194
	83,393		FNMA		4.000		04/01/31		88,950
	9,262		FNMA		6.000		05/01/31		10,245
	1,363		FNMA		7.500		05/01/31		1,490
	453,229		FNMA		4.500		07/01/31		494,462
	2,389,185		FNMA		4.500		07/01/31		2,611,675
	2,627,830		FNMA		4.000		08/01/31		2,813,416
	183,956		FNMA		4.000		09/01/31		196,959
	787		FNMA		6.500		09/01/31		879

95

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	78,703	FNMA		6.000	%	11/01/31	$	87,088
	9,582	FNMA		6.500		11/01/31		10,695
	4,157,633	FNMA		3.500		01/01/32		4,318,640
	30,894	FNMA		6.000		01/01/32		34,223
	26,659	FNMA		6.000		01/01/32		29,140
	1,663,486	FNMA		3.500		02/01/32		1,727,925
	22,439	FNMA		6.000		02/01/32		24,831
	72,230	FNMA		6.500		04/01/32		82,444
	168,741	FNMA		6.500		07/01/32		188,957
	20,142	FNMA		6.500		08/01/32		23,514
	1,553,342	FNMA		3.000		09/01/32		1,554,454
	213,477	FNMA		6.000		09/01/32		233,152
	34,333	FNMA		7.500		09/01/32		39,343
	4,551,065	FNMA		3.000		10/01/32		4,554,320
	94,466	FNMA		5.500		10/01/32		103,143
	44,838	FNMA		6.000		10/01/32		49,056
	41,491	FNMA		6.000		11/01/32		45,947
	7,576	FNMA		5.500		12/01/32		8,266
	50,102	FNMA		5.500		12/01/32		54,707
	88,840	FNMA		6.000		12/01/32		98,322
	408,991	FNMA		5.500		01/01/33		446,427
	897,240	FNMA		6.000		01/01/33		993,449
	22,900	FNMA		5.000		02/01/33		24,812
	467,412	FNMA		5.000		02/01/33		505,746
	4,428,585	FNMA		3.500		04/01/33		4,587,383
	20,785	FNMA		6.000		04/01/33		23,007
	3,144,796	FNMA		5.500		05/01/33		3,435,108
	178,328	FNMA		5.000		06/01/33		193,984
	373,633	FNMA		5.500		06/01/33		408,015
	47,588	FNMA		4.500		07/01/33		50,980
	149,427	FNMA		5.000		07/01/33		161,793
	265,958	FNMA		4.500		08/01/33		284,868
	69,512	FNMA		4.500		08/01/33		74,181
	84,048	FNMA		5.000		08/01/33		91,380
	334,038	FNMA		5.500		09/01/33		363,426
	123,354	FNMA		5.500		09/01/33		136,527
	44,019	FNMA		6.000		09/01/33		48,690
	462,673	FNMA		4.500		10/01/33		495,574
	71,629	FNMA		5.000		10/01/33		77,909
	101,310	FNMA		5.000		10/01/33		110,119
	1,346,271	FNMA		5.500		10/01/33		1,496,442
	788,959	FNMA		5.500		10/01/33		864,301
	34,925	FNMA		4.500		11/01/33		37,364
	90,742	FNMA		5.000		11/01/33		98,677
	6,067,376	FNMA		5.000		11/01/33		6,600,430
	722,060	FNMA		5.000		12/01/33		785,590
	754,890	FNMA		5.500		12/01/33		825,802
	273,949	FNMA		5.000		02/01/34		298,012
	1,089,577	FNMA		6.000		02/01/34		1,205,604
	1,638,753	FNMA		5.000		03/01/34		1,780,060
	29,110	FNMA		5.000		03/01/34		31,648
	69,033	FNMA		5.000		03/01/34		75,062

96

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	23,842		FNMA		5.000	%	03/01/34	$	25,923
	85,697		FNMA		5.000		03/01/34		93,179
	39,909		FNMA		5.000		03/01/34		43,385
	260,296		FNMA		5.000		04/01/34		282,764
	257,535		FNMA		5.500		04/01/34		281,384
	33,226		FNMA		4.500		05/01/34		35,563
	131,381		FNMA		4.500		05/01/34		140,691
	58,813		FNMA		5.500		07/01/34		64,258
	89,217		FNMA		5.500		07/01/34		97,518
	76,417		FNMA		7.000		07/01/34		88,435
	82,019		FNMA		5.000		08/01/34		89,061
	686,592		FNMA		5.000		08/01/34		745,594
	68,501		FNMA		6.000		08/01/34		75,838
	380,621		FNMA		6.000		08/01/34		421,201
	37,824		FNMA		4.500		09/01/34		40,484
	1,459,861		FNMA		5.500		09/01/34		1,594,722
	12,858		FNMA		5.500		11/01/34		14,023
	24,359		FNMA		6.000		11/01/34		26,639
	21,789		FNMA		5.000		12/01/34		23,671
	14,138		FNMA		5.500		12/01/34		15,437
	42,595		FNMA		6.000		12/01/34		46,817
	1,861,003		FNMA		4.500		01/01/35		1,992,917
	129,670		FNMA		5.500		01/01/35		141,391
	190,823		FNMA		5.500		02/01/35		208,342
	4,583,427		FNMA		5.500		02/01/35		5,008,035
	1,322,960		FNMA		5.500		04/01/35		1,464,021
	187,085		FNMA		6.000		04/01/35		207,030
	160,513		FNMA		6.000		04/01/35		177,624
	118,452		FNMA		5.500		05/01/35		128,804
	208,255		FNMA		6.000		05/01/35		227,488
	75,594		FNMA		5.000		06/01/35		82,050
	5,215		FNMA		7.500		06/01/35		5,712
	8,462	i	FNMA		4.613		07/01/35		8,980
	189,440		FNMA		5.000		07/01/35		205,507
	432,765		FNMA		4.500		08/01/35		462,966
	742,731		FNMA		5.000		08/01/35		805,528
	328,755		FNMA		5.000		08/01/35		356,875
	21,474		FNMA		4.500		09/01/35		23,001
	19,913		FNMA		4.500		09/01/35		21,273
	48,974		FNMA		5.500		09/01/35		53,487
	428,156		FNMA		5.000		10/01/35		464,355
	654,326		FNMA		5.500		10/01/35		716,705
	30,178		FNMA		5.000		11/01/35		32,542
	789,760		FNMA		5.500		11/01/35		859,240
	10,767		FNMA		4.500		12/01/35		11,489
	100,216		FNMA		5.500		12/01/35		109,033
	408,005		FNMA		6.000		12/01/35		445,425
	233,657	i	FNMA		2.543		02/01/36		248,445
	1,727,831		FNMA		5.000		02/01/36		1,873,207
	80,944		FNMA		5.000		02/01/36		86,157
	179,909		FNMA		6.500		02/01/36		198,840
	1,013,277		FNMA		6.000		03/01/36		1,113,650

97

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	18,136		FNMA		5.000	%	05/01/36	$	19,644
	1,259,021		FNMA		6.000		06/01/36		1,374,248
	157,376	i	FNMA		2.392		07/01/36		168,765
	71,972		FNMA		6.000		07/01/36		78,544
	455,462		FNMA		6.500		07/01/36		503,387
	1,246,865		FNMA		5.500		08/01/36		1,356,559
	589,071		FNMA		6.500		08/01/36		659,956
	48,587		FNMA		5.500		09/01/36		53,081
	40,957		FNMA		6.500		09/01/36		45,267
	115,841		FNMA		6.500		09/01/36		128,121
	132,161		FNMA		6.000		10/01/36		144,767
	59,360		FNMA		6.500		11/01/36		65,606
	18,270	i	FNMA		5.485		12/01/36		19,427
	386,826		FNMA		6.000		12/01/36		422,149
	55,979	i	FNMA		2.824		01/01/37		59,802
	152,737		FNMA		5.500		01/01/37		166,242
	8,294	i	FNMA		1.909		02/01/37		8,790
	1,088,497		FNMA		5.500		02/01/37		1,184,943
	26,911		FNMA		6.000		02/01/37		29,396
	43,558		FNMA		7.000		02/01/37		49,985
	18,007	i	FNMA		2.551		03/01/37		19,122
	4,186		FNMA		5.000		03/01/37		4,530
	404,146		FNMA		6.500		03/01/37		450,958
	159,680		FNMA		6.500		03/01/37		188,478
	14,653	i	FNMA		5.582		04/01/37		15,796
	249,935		FNMA		7.000		04/01/37		290,090
	347,833		FNMA		5.000		05/01/37		376,360
	12,294		FNMA		7.000		05/01/37		12,836
	63,614	i	FNMA		5.128		06/01/37		68,239
	116,810		FNMA		5.500		06/01/37		127,086
	88,196		FNMA		5.500		08/01/37		96,145
	34,811		FNMA		6.000		08/01/37		38,031
	240,289		FNMA		6.500		08/01/37		265,573
	70,759		FNMA		6.500		08/01/37		78,342
	103,244		FNMA		5.500		09/01/37		114,142
	138,367		FNMA		6.000		09/01/37		151,760
	402,606		FNMA		6.000		09/01/37		449,359
	561,019		FNMA		6.000		09/01/37		625,627
	202,529		FNMA		6.000		09/01/37		226,046
	176,690		FNMA		6.000		09/01/37		192,824
	225,959		FNMA		6.500		09/01/37		249,735
	34,677		FNMA		6.500		09/01/37		38,325
	524,231	i	FNMA		2.478		10/01/37		559,056
	108,761		FNMA		6.500		10/01/37		120,206
	694,987		FNMA		5.500		11/01/37		756,129
	1,597,472		FNMA		6.000		11/01/37		1,743,344
	58,943		FNMA		7.000		11/01/37		63,981
	7,428		FNMA		6.500		01/01/38		8,233
	12,474		FNMA		6.500		01/01/38		13,787
	394,897		FNMA		5.500		02/01/38		429,894
	37,455		FNMA		6.500		02/01/38		41,955
	92,014		FNMA		7.000		02/01/38		101,848

98

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	72,359	i	FNMA		2.645	%	03/01/38	$	77,144
	42,337		FNMA		5.000		03/01/38		45,809
	29,583		FNMA		5.000		03/01/38		32,010
	79,399		FNMA		5.500		03/01/38		86,384
	22,824		FNMA		6.000		03/01/38		25,274
	54,548		FNMA		6.500		03/01/38		62,123
	625,421		FNMA		6.500		03/01/38		691,229
	103,272		FNMA		6.500		03/01/38		115,836
	66,482		FNMA		6.500		03/01/38		73,478
	35,724		FNMA		5.000		04/01/38		38,654
	1,564,999		FNMA		5.500		04/01/38		1,702,681
	1,180,219		FNMA		6.000		04/01/38		1,289,172
	53,702		FNMA		4.500		05/01/38		57,260
	3,540,070		FNMA		5.000		05/01/38		3,840,500
	1,095,190		FNMA		5.000		05/01/38		1,185,010
	4,096,917		FNMA		6.000		06/01/38		4,471,025
	5,185,349		FNMA		6.500		06/01/38		5,760,263
	1,079,155		FNMA		6.000		07/01/38		1,178,360
	6,719	i	FNMA		2.500		08/01/38		7,103
	14,596	i	FNMA		4.758		08/01/38		15,499
	3,812,983		FNMA		6.000		09/01/38		4,161,164
	106,375	i	FNMA		4.961		10/01/38		114,340
	13,585		FNMA		6.000		10/01/38		14,826
	112,641		FNMA		5.500		11/01/38		122,551
	18,244		FNMA		5.000		12/01/38		19,741
	2,529,890		FNMA		5.500		12/01/38		2,757,272
	540,574		FNMA		4.500		01/01/39		576,527
	616,173		FNMA		5.000		01/01/39		666,707
	174,966		FNMA		5.000		01/01/39		189,323
	403,767		FNMA		5.500		01/01/39		439,289
	1,842,633		FNMA		5.500		01/01/39		2,004,740
	212,452		FNMA		6.000		01/01/39		231,852
	130,977		FNMA		6.000		01/01/39		142,937
	1,501,640		FNMA		4.500		02/01/39		1,602,611
	735,721		FNMA		4.500		02/01/39		784,972
	708,437		FNMA		4.500		02/01/39		755,988
	31,755		FNMA		5.500		02/01/39		34,553
	1,356,370		FNMA		4.000		04/01/39		1,423,138
	46,275		FNMA		5.500		04/01/39		50,565
	592,240		FNMA		4.500		05/01/39		632,267
	2,125,622		FNMA		4.500		05/01/39		2,280,525
	1,303,127		FNMA		4.500		06/01/39		1,390,623
	579,870		FNMA		4.500		06/01/39		619,110
	1,384,572		FNMA		5.500		06/01/39		1,507,530
	45,488	i	FNMA		4.044		07/01/39		48,665
	391,578		FNMA		4.500		07/01/39		417,944
	234,913		FNMA		4.500		07/01/39		250,699
	44,890		FNMA		5.000		07/01/39		48,943
	62,287	i	FNMA		3.626		08/01/39		66,427
	248,750	i	FNMA		3.732		08/01/39		265,155
	4,567,203		FNMA		4.000		08/01/39		4,789,757
	666,895		FNMA		4.000		08/01/39		699,475

99

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,153,912		FNMA		4.500	%	08/01/39	$	1,231,665
	2,725,772		FNMA		4.500		08/01/39		2,928,206
	58,121		FNMA		4.500		08/01/39		62,734
	4,807,135		FNMA		5.000		08/01/39		5,214,464
	54,679		FNMA		5.000		08/01/39		59,276
	1,574,600		FNMA		4.000		09/01/39		1,652,057
	96,123		FNMA		5.000		09/01/39		104,211
	654,848		FNMA		5.500		09/01/39		725,017
	569,459		FNMA		6.000		09/01/39		622,092
	2,403,518		FNMA		6.500		10/01/39		2,671,950
	78,764		FNMA		5.000		11/01/39		86,114
	2,173,936		FNMA		4.000		12/01/39		2,280,601
	202,526		FNMA		4.500		12/01/39		218,006
	556,818		FNMA		4.500		12/01/39		594,371
	7,579,806		FNMA		4.500		12/01/39		8,093,807
	80,975	i	FNMA		3.676		01/01/40		85,461
	125,834		FNMA		4.500		01/01/40		134,349
	166,726		FNMA		5.000		01/01/40		182,131
	1,407,991		FNMA		6.000		02/01/40		1,536,561
	1,371,422		FNMA		4.500		03/01/40		1,464,269
	631,430		FNMA		4.500		03/01/40		674,008
	77,944		FNMA		5.000		03/01/40		84,974
	66,502		FNMA		4.500		04/01/40		70,999
	2,313,087		FNMA		5.000		04/01/40		2,526,365
	2,607,631		FNMA		5.000		04/01/40		2,837,388
	325,472	i	FNMA		3.492		05/01/40		345,061
	438,494	i	FNMA		3.617		05/01/40		465,476
	692,433	i	FNMA		3.735		05/01/40		736,775
	68,626		FNMA		4.500		05/01/40		73,722
	197,128		FNMA		4.500		07/01/40		210,624
	166,750		FNMA		4.500		07/01/40		178,073
	222,882		FNMA		5.000		07/01/40		242,950
	110,516	i	FNMA		3.375		08/01/40		116,166
	2,097,811		FNMA		4.500		08/01/40		2,239,293
	1,523,877		FNMA		4.500		08/01/40		1,626,665
	1,705,941		FNMA		5.000		08/01/40		1,860,512
	1,235,892		FNMA		4.500		09/01/40		1,320,168
	3,107,424		FNMA		4.500		09/01/40		3,320,402
	4,084,378		FNMA		6.000		09/01/40		4,468,800
	449,437		FNMA		3.500		10/01/40		457,850
	2,111,696		FNMA		4.000		10/01/40		2,216,172
	5,403,490		FNMA		4.000		10/01/40		5,673,365
	3,544,312		FNMA		4.500		10/01/40		3,787,569
	3,088,013		FNMA		3.500		11/01/40		3,145,819
	2,353,466		FNMA		4.000		11/01/40		2,470,003
	4,027,406		FNMA		4.000		11/01/40		4,227,435
	3,538,803		FNMA		4.000		11/01/40		3,714,110
	430,885		FNMA		4.500		11/01/40		461,408
	478,220	i	FNMA		3.260		12/01/40		500,272
	1,168,743		FNMA		4.000		12/01/40		1,227,457
	10,518,284		FNMA		4.500		12/01/40		11,241,255
	116,949		FNMA		3.500		01/01/41		119,139

100

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	318,492	i	FNMA		3.161	%	02/01/41	$	334,900
	662,395		FNMA		3.500		02/01/41		674,794
	3,328,087		FNMA		4.000		02/01/41		3,492,983
	3,176,771		FNMA		4.000		03/01/41		3,332,755
	2,653,674		FNMA		4.500		04/01/41		2,840,126
	701,587		FNMA		4.500		05/01/41		750,416
	2,294,785		FNMA		4.500		06/01/41		2,452,910
	835,355	i	FNMA		3.239		07/01/41		874,434
	2,507,626		FNMA		4.500		07/01/41		2,681,657
	6,433,802		FNMA		4.000		09/01/41		6,751,420
	3,806,946		FNMA		4.500		09/01/41		4,072,392
	1,798,804		FNMA		5.500		09/01/41		1,958,274
	1,508,402	i	FNMA		2.928		10/01/41		1,571,851
	247,227	i	FNMA		3.077		10/01/41		257,149
	1,781,459		FNMA		3.500		11/01/41		1,814,807
	1,547,618		FNMA		3.500		11/01/41		1,576,927
	2,323,032	i	FNMA		2.838		12/01/41		2,393,263
	2,268,929		FNMA		4.000		12/01/41		2,381,482
	4,686,936		FNMA		3.500		03/01/42		4,774,674
	3,759,262		FNMA		4.000		03/01/42		3,945,443
	8,702,124		FNMA		3.500		04/01/42		8,865,200
	2,963,572		FNMA		3.500		04/01/42		3,022,585
	4,059,593		FNMA		5.000		04/01/42		4,467,076
	3,332,273		FNMA		4.000		05/01/42		3,496,815
	4,857,544		FNMA		5.000		05/01/42		5,299,003
	2,538,038		FNMA		3.000		06/01/42		2,481,644
	13,708,261		FNMA		3.500		06/01/42		13,965,621
	13,636,333		FNMA		4.000		06/01/42		14,311,429
	20,561,987		FNMA		3.500		07/01/42		20,948,083
	3,926,204		FNMA		4.500		07/01/42		4,202,790
	4,522,151		FNMA		3.500		08/01/42		4,606,984
	5,598,161		FNMA		3.000		09/01/42		5,473,774
	8,403,329		FNMA		3.500		09/01/42		8,561,112
	11,883,810		FNMA		3.000		10/01/42		11,619,760
	4,528,930		FNMA		3.500		10/01/42		4,613,903
	3,887,824		FNMA		2.500		01/01/43		3,615,792
	14,510,711		FNMA		3.000		01/01/43		14,188,293
	19,462,477		FNMA		3.000		02/01/43		19,030,035
	4,903,785	h	FNMA		3.000		04/01/43		4,794,826
	3,465,958	i	FNMA		2.171		06/01/43		3,457,132
	15,825,777		FNMA		3.000		06/01/43		15,474,140
	4,949,383	i	FNMA		1.755		07/01/43		4,969,279
	11,898,014		FNMA		3.000		07/01/43		11,633,649
	12,389,774		FNMA		3.500		07/01/43		12,622,080
	5,832,820	h	FNMA		4.000		08/01/43		6,134,556
	12,471,858		FNMA		3.500		09/01/43		12,705,631
	14,072		Government National Mortgage Association (GNMA)		5.000		02/15/18		14,950
	60,842		GNMA		4.500		02/15/19		64,946
	19,393		GNMA		4.500		01/20/24		20,699
	104,476		GNMA		4.000		04/15/24		111,130
	12,503		GNMA		4.500		07/15/24		13,349
	375,354		GNMA		4.000		08/15/24		399,264

101

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	100,374	GNMA		4.500	%	08/15/24	$	107,227
	309,435	GNMA		4.000		09/15/24		329,056
	46,682	GNMA		4.500		01/15/25		49,882
	370,943	GNMA		4.000		08/15/25		394,297
	203,598	GNMA		3.500		03/15/26		215,038
	279,235	GNMA		4.000		04/15/26		296,810
	223,950	GNMA		4.000		06/20/26		237,948
	345,440	GNMA		3.500		11/20/26		366,287
	1,525,141	GNMA		3.000		12/15/26		1,579,658
	4,214,693	GNMA		2.500		04/20/27		4,247,103
	2,543,054	GNMA		2.500		09/20/27		2,562,612
	1,642	GNMA		6.500		09/15/28		1,841
	3,754	GNMA		6.500		09/15/28		4,211
	5,073	GNMA		6.500		11/15/28		5,689
	1,315	GNMA		7.500		11/15/28		1,503
	9,227	GNMA		8.500		10/15/30		10,034
	6,542	GNMA		8.500		10/20/30		7,861
	859	GNMA		8.500		12/15/30		981
	1,032	GNMA		7.000		06/20/31		1,171
	1,051	GNMA		6.500		07/15/31		1,178
	3,790	GNMA		7.000		07/15/31		4,289
	5,570	GNMA		7.000		07/15/31		6,305
	5,057	GNMA		7.500		02/15/32		5,217
	391,059	GNMA		6.000		10/15/32		437,540
	66,679	GNMA		5.500		12/20/32		73,825
	132,468	GNMA		5.500		05/15/33		147,654
	25,138	GNMA		5.000		07/15/33		27,586
	94,640	GNMA		5.500		07/15/33		103,705
	22,119	GNMA		5.000		07/20/33		24,261
	131,601	GNMA		5.000		08/15/33		143,127
	49,515	GNMA		5.000		08/15/33		53,851
	333,972	GNMA		5.500		09/15/33		376,540
	284,706	GNMA		6.000		11/20/33		320,748
	123,482	GNMA		5.500		05/20/34		139,126
	178,716	GNMA		6.000		09/20/34		198,289
	16,718	GNMA		5.000		10/20/34		18,366
	436,372	GNMA		5.500		11/15/34		482,908
	165,619	GNMA		6.500		01/15/35		188,671
	92,901	GNMA		5.500		02/20/35		103,007
	1,869,259	GNMA		5.000		03/20/35		2,053,576
	611,066	GNMA		5.000		04/15/35		671,290
	626,464	GNMA		5.500		05/20/35		694,651
	25,466	GNMA		5.000		09/20/35		27,946
	14,503	GNMA		5.000		11/15/35		15,776
	17,670	GNMA		5.000		11/15/35		19,224
	196,418	GNMA		5.500		02/20/36		216,765
	22,363	GNMA		5.500		03/15/36		24,542
	66,296	GNMA		5.500		05/20/36		73,090
	18,367	GNMA		6.500		06/15/36		20,588
	678,060	GNMA		5.500		06/20/36		747,220
	31,205	GNMA		5.000		09/15/36		34,185
	33,315	GNMA		6.000		09/15/36		36,837

102

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	62,030		GNMA		6.000	%	10/20/36	$	68,391
	34,265		GNMA		5.000		12/15/36		37,485
	43,048		GNMA		5.500		01/15/37		47,185
	34,453		GNMA		6.000		01/20/37		37,978
	903,173		GNMA		5.500		02/15/37		989,997
	114,297		GNMA		6.000		02/20/37		125,991
	933,206		GNMA		6.000		04/15/37		1,033,171
	30,192		GNMA		6.500		04/15/37		34,057
	484,148		GNMA		6.000		04/20/37		533,765
	62,840		GNMA		6.000		06/15/37		69,375
	71,411		GNMA		6.000		08/20/37		78,553
	55,540		GNMA		6.500		08/20/37		62,023
	286,646		GNMA		6.500		11/20/37		319,377
	218,550		GNMA		6.000		12/15/37		240,880
	19,842		GNMA		5.000		02/20/38		21,638
	418,596		GNMA		5.000		04/15/38		455,497
	26,311		GNMA		5.500		05/20/38		28,929
	72,770		GNMA		5.500		06/15/38		80,124
	207,335		GNMA		6.000		06/20/38		229,521
	326,528		GNMA		5.500		07/15/38		357,277
	1,676,651		GNMA		5.000		07/20/38		1,826,919
	1,603,323		GNMA		5.500		07/20/38		1,763,321
	45,576		GNMA		5.500		08/15/38		49,981
	740,041		GNMA		6.000		08/15/38		817,380
	292,088		GNMA		6.000		08/15/38		322,700
	164,049		GNMA		6.000		08/20/38		180,365
	657,908		GNMA		6.000		09/20/38		723,448
	99,975		GNMA		5.000		10/15/38		108,809
	35,191		GNMA		5.500		10/15/38		39,832
	58,728		GNMA		6.500		10/20/38		66,510
	28,250		GNMA		6.500		10/20/38		31,480
	12,374		GNMA		5.500		11/15/38		13,570
	109,849		GNMA		6.500		11/20/38		122,585
	941,956		GNMA		6.000		12/15/38		1,040,602
	13,155		GNMA		6.500		12/15/38		15,394
	83,068		GNMA		5.000		01/15/39		90,387
	3,275,431		GNMA		4.500		01/20/39		3,543,945
	292,769		GNMA		6.500		01/20/39		327,927
	108,783		GNMA		5.000		02/15/39		118,251
	51,674		GNMA		6.000		02/15/39		57,036
	987,569		GNMA		4.500		03/15/39		1,060,746
	143,473		GNMA		4.500		03/15/39		154,140
	33,045		GNMA		4.500		03/20/39		35,828
	52,657	i	GNMA		5.000		03/20/39		55,902
	521,775		GNMA		5.500		03/20/39		573,709
	57,119		GNMA		4.500		04/15/39		61,380
	1,084,429		GNMA		5.500		04/15/39		1,193,931
	21,805		GNMA		5.000		04/20/39		23,770
	96,069		GNMA		4.000		05/15/39		101,448
	1,583,389		GNMA		4.500		05/15/39		1,702,036
	935,954		GNMA		5.000		05/15/39		1,016,966
	103,221		GNMA		4.000		05/20/39		109,393

103

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	285,795		GNMA		4.500	%	05/20/39	$	309,797
	6,114,207		GNMA		5.000		05/20/39		6,668,097
	36,698		GNMA		4.500		06/15/39		39,451
	4,165,989		GNMA		4.500		06/15/39		4,478,422
	3,446,761		GNMA		5.000		06/15/39		3,837,847
	112,282		GNMA		5.000		06/15/39		122,273
	4,029,558		GNMA		5.000		06/15/39		4,484,497
	53,224		GNMA		5.000		06/15/39		57,863
	46,040		GNMA		5.000		06/15/39		50,052
	59,320		GNMA		4.000		06/20/39		62,873
	39,341		GNMA		5.000		06/20/39		43,225
	4,627,865		GNMA		4.500		07/15/39		4,965,016
	75,410		GNMA		4.500		07/15/39		81,050
	140,289		GNMA		4.500		07/15/39		150,768
	49,994		GNMA		5.000		07/15/39		54,369
	626,036		GNMA		4.500		07/20/39		678,042
	571,427		GNMA		5.000		07/20/39		628,023
	51,241		GNMA		5.500		07/20/39		56,323
	227,622		GNMA		4.000		08/15/39		240,367
	990,991		GNMA		5.000		08/15/39		1,077,468
	64,803		GNMA		5.500		08/15/39		70,987
	127,432		GNMA		6.000		08/15/39		140,620
	159,477		GNMA		4.000		08/20/39		170,236
	160,629		GNMA		5.000		08/20/39		175,926
	87,373		GNMA		5.000		09/15/39		95,267
	220,719		GNMA		5.000		09/20/39		241,837
	58,192		GNMA		4.500		10/15/39		62,720
	28,583		GNMA		5.000		10/15/39		31,064
	62,003		GNMA		4.500		10/20/39		67,102
	99,695		GNMA		4.500		11/15/39		108,173
	91,137		GNMA		4.500		11/20/39		98,709
	109,922		GNMA		5.000		11/20/39		120,124
	3,292,018		GNMA		4.500		12/15/39		3,548,677
	197,308		GNMA		4.500		12/15/39		212,742
	89,225		GNMA		4.500		12/20/39		96,605
	3,410,284		GNMA		5.000		12/20/39		3,733,059
	2,979,802		GNMA		4.500		01/20/40		3,249,021
	47,135		GNMA		5.500		01/20/40		52,170
	1,974,974		GNMA		5.500		02/15/40		2,165,139
	176,384		GNMA		4.000		03/15/40		186,819
	49,492		GNMA		5.000		03/15/40		53,982
	38,662		GNMA		4.500		04/15/40		41,558
	1,002,300		GNMA		5.000		04/15/40		1,093,503
	129,713		GNMA		4.500		04/20/40		140,489
	21,960		GNMA		4.500		05/15/40		23,679
	558,692		GNMA		5.000		05/15/40		609,631
	1,337,186	i	GNMA		3.000		05/20/40		1,395,195
	28,117		GNMA		4.500		05/20/40		30,439
	60,510		GNMA		4.500		06/15/40		65,225
	50,381		GNMA		4.500		06/15/40		54,292
	9,596,199		GNMA		4.500		06/15/40		10,359,604
	606,995		GNMA		5.000		06/20/40		671,699

104

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,394,254		GNMA		4.500	%	07/15/40	$	1,501,785
	399,973		GNMA		4.500		07/15/40		430,957
	4,510,332		GNMA		4.500		07/20/40		4,882,729
	136,078		GNMA		5.000		07/20/40		149,137
	3,127,981		GNMA		4.000		08/15/40		3,323,280
	1,022,730		GNMA		4.000		08/15/40		1,084,341
	285,249		GNMA		4.500		08/15/40		309,438
	349,545		GNMA		4.500		08/20/40		378,407
	269,855		GNMA		4.500		09/20/40		292,721
	76,669		GNMA		5.500		09/20/40		84,316
	108,923		GNMA		6.500		09/20/40		121,610
	87,752		GNMA		4.000		10/15/40		93,055
	248,889		GNMA		6.000		10/20/40		275,435
	1,022,527		GNMA		4.000		11/15/40		1,087,943
	3,292,781		GNMA		4.000		11/20/40		3,495,557
	831,538		GNMA		3.500		12/15/40		856,309
	1,261,394		GNMA		5.500		12/20/40		1,386,650
	3,354,776		GNMA		4.000		01/15/41		3,570,533
	8,493,403		GNMA		4.000		01/20/41		9,028,667
	848,272		GNMA		4.000		02/15/41		901,597
	2,611,704		GNMA		4.500		02/20/41		2,820,148
	1,497,819		GNMA		4.500		03/15/41		1,617,826
	3,410,373		GNMA		4.500		04/20/41		3,680,956
	688,187		GNMA		5.000		04/20/41		753,625
	374,809	i	GNMA		4.000		06/20/41		398,098
	898,746		GNMA		4.000		07/15/41		955,455
	1,259,272		GNMA		4.000		07/20/41		1,339,666
	4,064,948		GNMA		4.500		07/20/41		4,387,455
	3,804,344		GNMA		5.000		07/20/41		4,156,990
	1,115,707		GNMA		4.500		08/15/41		1,207,973
	1,790,593		GNMA		5.000		08/20/41		1,959,675
	1,653,172		GNMA		4.000		09/15/41		1,757,990
	222,029	i	GNMA		3.000		09/20/41		231,155
	5,443,742		GNMA		4.000		09/20/41		5,775,337
	401,871		GNMA		4.000		10/15/41		424,668
	517,072	i	GNMA		2.500		10/20/41		530,433
	336,927	i	GNMA		3.500		10/20/41		352,999
	6,789,561		GNMA		4.000		10/20/41		7,217,424
	1,028,210		GNMA		5.500		10/20/41		1,132,867
	1,885,515		GNMA		3.500		11/15/41		1,941,683
	4,252,542	h	GNMA		4.000		11/15/41		4,493,697
	9,176,684		GNMA		4.500		11/20/41		9,888,688
	3,780,409		GNMA		5.000		11/20/41		4,116,478
	1,422,804		GNMA		6.000		11/20/41		1,564,435
	4,023,418		GNMA		3.500		01/20/42		4,156,761
	1,833,677	i	GNMA		3.000		02/20/42		1,906,537
	2,025,720		GNMA		3.500		03/20/42		2,092,863
	3,901,269		GNMA		4.500		03/20/42		4,218,548
	3,709,540		GNMA		3.500		04/15/42		3,820,044
	4,234,679		GNMA		3.500		05/20/42		4,375,043
	4,604,954		GNMA		3.500		05/20/42		4,766,040
	5,079,868		GNMA		4.000		05/20/42		5,386,953

105

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	9,126,405		GNMA		3.500	%	07/15/42	$	9,398,822
	1,798,662	i	GNMA		2.000		07/20/42		1,835,910
	4,392,255		GNMA		3.500		07/20/42		4,537,520
	4,724,502		GNMA		3.500		08/20/42		4,889,911
	17,850,899		GNMA		3.500		08/20/42		18,440,883
	5,909,101		GNMA		6.000		08/20/42		6,587,545
	6,815,770		GNMA		3.500		10/20/42		7,041,091
	6,651,244		GNMA		3.000		11/20/42		6,584,585
	4,874,498		GNMA		3.000		12/20/42		4,825,298
	6,871,357		GNMA		3.000		01/15/43		6,788,610
	4,832,255		GNMA		3.000		01/15/43		4,772,132
	5,796,361		GNMA		3.000		01/20/43		5,738,171
	9,723,863		GNMA		3.000		02/20/43		9,626,027
	4,898,954		GNMA		3.000		02/20/43		4,850,150
	1,956,582		GNMA		3.000		04/15/43		1,932,238
	3,946,816		GNMA		3.000		05/20/43		3,906,887
	5,953,127		GNMA		3.000		06/20/43		5,892,900
	9,925,091		GNMA		3.500		06/20/43		10,273,644
	12,441,124		GNMA		3.000		07/20/43		12,315,259
	1,313,881		GNMA		6.500		01/15/44		1,384,514
			TOTAL MORTGAGE BACKED						1,350,251,408
MUNICIPAL BONDS - 1.0%
	300,000		American Municipal Power		7.834		02/15/41		375,906
	500,000		American Municipal Power		6.270		02/15/50		514,770
	500,000		Bay Area Toll Authority		6.263		04/01/49		603,680
	200,000		Central Puget Sound Regional Transit Authority		5.491		11/01/39		217,074
	300,000		City of Chicago IL		5.432		01/01/42		239,340
	150,000		Colorado Bridge Enterprise		6.078		12/01/40		169,621
	200,000		Commonwealth of Massachusetts		4.200		12/01/21		214,804
	500,000		Commonwealth of Massachusetts		5.731		06/01/40		561,040
	195,000		Commonwealth of Pennsylvania		5.850		07/15/30		213,599
	200,000		County of Clark NV		6.820		07/01/45		248,476
	350,000		Denver City & County School District No		4.242		12/15/37		320,883
	200,000		District of Columbia		5.591		12/01/34		223,034
	100,000		East Baton Rouge Sewerage Commission		6.087		02/01/45		103,928
	500,000		Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		466,845
	400,000		Government Development Bank for Puerto Rico		3.670		05/01/14		391,168
	390,000		Government Development Bank for Puerto Rico		3.448		02/01/15		359,362
	700,000		Government Development Bank for Puerto Rico		4.375		02/01/19		441,189
	82,651		Kentucky Asset Liability Commission		3.165		04/01/18		85,011
	30,000		Los Angeles Unified School District		5.750		07/01/34		33,169
	100,000		Massachusetts School Building Authority		5.715		08/15/39		110,393
	100,000		Metropolitan Government of Nashville & Davidson County		6.731		07/01/43		111,587
	940,000		Metropolitan Transportation Authority		6.648		11/15/39		1,099,057
	650,000		Metropolitan Transportation Authority		7.336		11/15/39		853,379
	500,000		Missouri Highway & Transportation Commission		5.445		05/01/33		528,550
	250,000		Municipal Electric Authority of Georgia		6.637		04/01/57		258,538
	500,000		Municipal Electric Authority of Georgia		6.655		04/01/57		508,505
	947,000		New Jersey Economic Development Authority		7.425		02/15/29		1,158,276
	35,000		New Jersey State Turnpike Authority		7.414		01/01/40		45,680
	800,000		New Jersey Transportation Trust Fund Authority		5.754		12/15/28		861,592

106

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	360,000	New Jersey Transportation Trust Fund Authority		6.104	%	12/15/28	$	387,313
	700,000	New Jersey Transportation Trust Fund Authority		6.875		12/15/39		756,497
	1,100,000	New York City Municipal Water Finance Authority		5.790		06/15/41		1,147,762
	500,000	New York City Municipal Water Finance Authority		5.440		06/15/43		537,960
	600,000	New York State Dormitory Authority		5.289		03/15/33		639,420
	130,000	New York State Dormitory Authority		5.628		03/15/39		142,191
	545,000	New York State Dormitory Authority		5.600		03/15/40		593,331
	400,000	New York State Urban Development Corp		5.838		03/15/40		438,484
	100,000	Ohio State University		4.910		06/01/40		101,735
	675,000	Ohio State Water Development Authority		4.879		12/01/34		680,555
	750,000	Oregon School Boards Association		4.759		06/30/28		804,623
	250,000	Oregon School Boards Association		5.680		06/30/28		276,613
	100,000	Oregon State Department of Transportation		5.834		11/15/34		116,223
	200,000	Port Authority of New York & New Jersey		6.040		12/01/29		230,386
	100,000	Salt River Project Agricultural Improvement & Power District		4.839		01/01/41		102,157
	800,000	Santa Clara Valley Transportation Authority		5.876		04/01/32		871,952
	200,000	State of California		1.050		02/01/16		199,954
	300,000	State of California		5.750		03/01/17		338,181
	100,000	State of California		6.200		10/01/19		117,637
	100,000	State of California		5.700		11/01/21		113,977
	250,000	State of California		7.500		04/01/34		317,265
	285,000	State of California		7.550		04/01/39		370,927
	2,900,000	State of California		7.300		10/01/39		3,649,563
	2,740,000	State of California		7.625		03/01/40		3,582,468
	300,000	State of Connecticut		5.090		10/01/30		303,213
	620,000	State of Connecticut		5.850		03/15/32		686,569
	100,000	State of Illinois		4.511		03/01/15		103,859
	1,045,000	State of Illinois		4.961		03/01/16		1,108,829
	3,200,000	State of Illinois		5.100		06/01/33		2,837,216
	1,295,000	State of Illinois		6.725		04/01/35		1,300,504
	300,000	State of Oregon		5.762		06/01/23		351,321
	600,000	State of Texas		4.631		04/01/33		605,694
	50,000	State of Texas		5.517		04/01/39		56,367
	1,000,000	State of Texas		4.681		04/01/40		1,007,670
	575,000	State of Texas Transportation Commission		5.028		04/01/26		633,207
	500,000	State of Utah		3.539		07/01/25		499,865
	200,000	State of Washington		5.090		08/01/33		210,094
	605,000	State Public School Building Authority		5.000		09/15/27		623,338
	2,000,000	Tennessee Valley Authority		4.500		04/01/18		2,253,372
	750,000	Tennessee Valley Authority		3.875		02/15/21		805,670
	500,000	Tennessee Valley Authority		5.880		04/01/36		597,855
	500,000	Tennessee Valley Authority		5.500		06/15/38		564,457
	300,000	Tennessee Valley Authority		3.500		12/15/42		244,390
	1,000,000	Tennessee Valley Authority		4.625		09/15/60		948,054
	500,000	University of California		1.796		07/01/19		483,330
	200,000	University of California		5.770		05/15/43		220,098
	860,000	University of California		4.858		05/15/12		741,655
	100,000	University of Pennsylvania		4.674		09/01/12		88,636
	200,000	University of Southern California		5.250		10/01/11		223,446
	700,000	University of Texas		4.794		08/15/46		712,103
	150,000	Virginia Commonwealth Transportation Board		5.350		05/15/35		158,811
		TOTAL MUNICIPAL BONDS						46,205,253

107

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
U.S. TREASURY SECURITIES - 36.0%
$	278,400	United States Treasury Bond		7.500	%	11/15/16	$	336,777
	160,000	United States Treasury Bond		8.750		05/15/17		204,850
	139,200	United States Treasury Bond		8.875		08/15/17		181,047
	1,681,000	United States Treasury Bond		9.000		11/15/18		2,315,577
	375,700	United States Treasury Bond		7.875		02/15/21		526,890
	125,000	United States Treasury Bond		8.125		05/15/21		178,320
	122,000	United States Treasury Bond		8.125		08/15/21		174,984
	1,500,000	United States Treasury Bond		6.375		08/15/27		2,065,782
	16,000,000	United States Treasury Bond		5.250		11/15/28		20,004,992
	26,060,000	United States Treasury Bond		5.250		02/15/29		32,579,065
	24,429,000	United States Treasury Bond		5.375		02/15/31		31,154,597
	3,000,000	United States Treasury Bond		4.500		02/15/36		3,466,875
	4,644,000	United States Treasury Bond		4.375		02/15/38		5,258,606
	6,983,000	United States Treasury Bond		3.500		02/15/39		6,849,890
	241,000	United States Treasury Bond		4.500		08/15/39		278,242
	850,000	United States Treasury Bond		4.375		11/15/39		962,360
	915,000	United States Treasury Bond		4.625		02/15/40		1,076,126
	3,380,000	United States Treasury Bond		4.375		05/15/40		3,824,680
	12,585,000	United States Treasury Bond		3.875		08/15/40		13,113,960
	11,185,000	United States Treasury Bond		4.250		11/15/40		12,396,123
	5,075,000	United States Treasury Bond		4.750		02/15/41		6,081,276
	26,350,000	United States Treasury Bond		4.375		05/15/41		29,791,969
	10,000,000	United States Treasury Bond		3.750		08/15/41		10,165,620
	2,300,000	United States Treasury Bond		3.125		11/15/41		2,073,954
	4,550,000	United States Treasury Bond		3.125		02/15/42		4,096,420
	7,500,000	United States Treasury Bond		3.000		05/15/42		6,571,875
	10,000,000	United States Treasury Bond		2.750		08/15/42		8,289,060
	4,500,000	United States Treasury Bond		2.750		11/15/42		3,724,452
	11,250,000	United States Treasury Bond		2.875		05/15/43		9,548,437
	8,000,000	United States Treasury Bond		3.625		08/15/43		7,907,504
	77,000,000	United States Treasury Note		0.250		10/31/14		77,090,244
	16,000,000	United States Treasury Note		0.375		11/15/14		16,040,624
	9,000,000	United States Treasury Note		0.250		12/15/14		9,009,846
	10,000,000	United States Treasury Note		0.125		12/31/14		9,994,920
	6,310,000	United States Treasury Note		2.250		01/31/15		6,483,033
	30,000,000	United States Treasury Note		0.250		02/28/15		30,019,920
	5,000,000	United States Treasury Note		0.375		03/15/15		5,011,915
	12,000,000	United States Treasury Note		0.250		03/31/15		12,005,628
	100	United States Treasury Note		2.500		03/31/15		103
	12,000,000	United States Treasury Note		0.125		04/30/15		11,977,968
	7,170,000	United States Treasury Note		2.500		04/30/15		7,425,152
	30,000,000	United States Treasury Note		0.250		05/31/15		29,994,150
	1,240,000	United States Treasury Note		2.125		05/31/15		1,278,314
	20,000,000	United States Treasury Note		0.375		06/15/15		20,035,160
	10,000,000	United States Treasury Note		0.375		06/30/15		10,016,800
	3,120,000	United States Treasury Note		1.875		06/30/15		3,206,287
	6,895,000	United States Treasury Note		1.750		07/31/15		7,077,338
	19,000,000	United States Treasury Note		0.250		08/15/15		18,980,696
	1,775,000	United States Treasury Note		4.250		08/15/15		1,905,560

108

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	8,000,000	United States Treasury Note		0.375	%	08/31/15	$	8,009,376
	11,340,000	United States Treasury Note		1.250		08/31/15		11,542,884
	2,500,000	United States Treasury Note		0.250		09/15/15		2,496,485
	18,805,000	United States Treasury Note		1.250		09/30/15		19,151,727
	20,000,000	United States Treasury Note		0.250		10/15/15		19,962,500
	27,300,000	United States Treasury Note		1.250		10/31/15		27,805,487
	20,000,000	United States Treasury Note		0.375		11/15/15		20,001,560
	23,550,000	United States Treasury Note		1.375		11/30/15		24,054,111
	5,000,000	United States Treasury Note		2.125		12/31/15		5,193,750
	59,000,000	United States Treasury Note		0.375		01/15/16		58,963,125
	5,400,000	United States Treasury Note		2.000		01/31/16		5,598,283
	10,650,000	United States Treasury Note		2.125		02/29/16		11,082,656
	250,000	United States Treasury Note		2.625		02/29/16		263,125
	8,000,000	United States Treasury Note		0.375		03/15/16		7,985,000
	9,000,000	United States Treasury Note		2.250		03/31/16		9,401,481
	12,000,000	United States Treasury Note		0.250		04/15/16		11,931,564
	14,000,000	United States Treasury Note		2.000		04/30/16		14,541,408
	164,000	United States Treasury Note		5.125		05/15/16		183,782
	11,250,000	United States Treasury Note		1.750		05/31/16		11,611,226
	22,000,000	United States Treasury Note		0.500		06/15/16		21,979,364
	5,000,000	United States Treasury Note		1.500		06/30/16		5,127,735
	10,750,000	United States Treasury Note		1.500		07/31/16		11,022,104
	970,000	United States Treasury Note		3.250		07/31/16		1,042,674
	19,000,000	United States Treasury Note		0.625		08/15/16		19,011,875
	14,000,000	United States Treasury Note		1.000		08/31/16		14,148,750
	14,200,000	United States Treasury Note		1.000		09/30/16		14,346,430
	23,050,000	United States Treasury Note		1.000		10/31/16		23,264,296
	173,000	United States Treasury Note		4.625		11/15/16		193,909
	15,250,000	United States Treasury Note		0.875		11/30/16		15,317,908
	4,000,000	United States Treasury Note		0.875		12/31/16		4,013,752
	50,300,000	United States Treasury Note		0.875		01/31/17		50,421,827
	16,250,000	United States Treasury Note		0.875		02/28/17		16,274,115
	220,000	United States Treasury Note		3.000		02/28/17		236,156
	21,300,000	United States Treasury Note		1.000		03/31/17		21,398,172
	16,500,000	United States Treasury Note		0.875		04/30/17		16,485,826
	30,400,000	United States Treasury Note		0.625		05/31/17		30,058,000
	11,000,000	United States Treasury Note		0.750		06/30/17		10,911,483
	20,200,000	United States Treasury Note		0.500		07/31/17		19,819,674
	17,300,000	United States Treasury Note		0.625		08/31/17		17,031,037
	16,000,000	United States Treasury Note		0.625		09/30/17		15,726,256
	61,750,000	United States Treasury Note		0.750		10/31/17		60,900,937
	8,414,000	United States Treasury Note		4.250		11/15/17		9,487,441
	20,500,000	United States Treasury Note		0.625		11/30/17		20,081,985
	31,000,000	United States Treasury Note		0.750		12/31/17		30,474,457
	8,044,000	United States Treasury Note		2.750		12/31/17		8,581,942
	21,000,000	United States Treasury Note		0.875		01/31/18		20,724,375
	8,127,000	United States Treasury Note		2.625		01/31/18		8,624,145
	31,000,000	United States Treasury Note		0.750		02/28/18		30,399,375
	23,000,000	United States Treasury Note		0.750		03/31/18		22,511,250
	15,000,000	United States Treasury Note		0.625		04/30/18		14,580,465
	6,172,000	United States Treasury Note		2.625		04/30/18		6,548,591
	6,266,000	United States Treasury Note		3.875		05/15/18		7,006,660

109

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	72,000,000	United States Treasury Note		1.000	%	05/31/18	$	71,077,536
	7,862,000	United States Treasury Note		2.375		05/31/18		8,250,186
	7,000,000	United States Treasury Note		1.375		06/30/18		7,018,046
	15,000,000	United States Treasury Note		1.375		07/31/18		15,026,955
	13,065,000	United States Treasury Note		2.250		07/31/18		13,624,339
	40,350,000	United States Treasury Note		1.500		08/31/18		40,617,964
	25,000,000	United States Treasury Note		1.375		09/30/18		24,982,425
	2,802,400	United States Treasury Note		2.750		02/15/19		2,981,927
	3,000,000	United States Treasury Note		1.000		06/30/19		2,891,250
	3,000,000	United States Treasury Note		1.375		01/31/20		2,916,327
	1,377,000	United States Treasury Note		3.625		02/15/20		1,529,762
	1,132,000	United States Treasury Note		3.500		05/15/20		1,248,383
	4,000,000	United States Treasury Note		1.875		06/30/20		3,981,564
	4,000,000	United States Treasury Note		2.000		07/31/20		4,010,000
	5,342,000	United States Treasury Note		2.625		08/15/20		5,575,296
	6,000,000	United States Treasury Note		2.000		09/30/20		5,994,372
	5,650,000	United States Treasury Note		2.625		11/15/20		5,876,000
	5,900,000	United States Treasury Note		3.625		02/15/21		6,528,256
	27,610,000	United States Treasury Note		2.125		08/15/21		27,385,669
	6,070,000	United States Treasury Note		2.000		11/15/21		5,933,425
	13,379,100	United States Treasury Note		8.000		11/15/21		19,147,793
	10,500,000	United States Treasury Note		1.625		11/15/22		9,721,520
	14,750,000	United States Treasury Note		1.750		05/15/23		13,667,955
	20,000,000	United States Treasury Note		2.500		08/15/23		19,796,880
		TOTAL U.S. TREASURY SECURITIES						1,660,070,294
		TOTAL GOVERNMENT BONDS						3,403,377,400
		(Cost $3,425,666,838)
STRUCTURED ASSETS - 2.1%
ASSET BACKED - 0.4%
	500,000	Ally Auto Receivables Trust		1.210		07/15/16		504,478
		Series - 2012 1 (Class A4)
	800,000	Ally Auto Receivables Trust		0.800		10/16/17		796,058
		Series - 2012 4 (Class A4)
	500,000	Americredit Automobile Receivables Trust		2.420		05/08/19		489,625
		Series - 0 2 (Class D)
	264,294	AmeriCredit Automobile Receivables Trust		5.190		08/17/15		268,666
		Series - 2010 1 (Class C)
	590,000	AmeriCredit Automobile Receivables Trust		3.340		04/08/16		602,527
		Series - 2010 3 (Class C)
	500,000	AmeriCredit Automobile Receivables Trust		2.670		01/08/18		515,608
		Series - 2012 1 (Class C)
	300,000	AmeriCredit Automobile Receivables Trust		1.790		03/08/19		295,266
		Series - 2013 2 (Class C)
	150,000	AmeriCredit Automobile Receivables Trust		2.380		06/10/19		149,076
		Series - 2013 3 (Class C)
	500,000	Capital Auto Receivables Asset Trust		2.190		09/20/21		488,691
		Series - 0 1 (Class D)
	1,250,000	Capital One Multi-Asset Execution Trust		5.050		12/17/18		1,372,654
		Series - 2006 A3 (Class A3)

110

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Capital One Multi-Asset Execution Trust		5.750	%	07/15/20	$	579,459
			Series - 2007 A7 (Class A7)
	600,000		Centerpoint Energy Transistion		3.460		08/15/19		641,236
			Series - 0 1 (Class A2)
	600,000		CenterPoint Energy Transition Bond Co LLC		2.161		10/15/21		600,547
			Series - 2012 1 (Class A2)
	400,000		Chase Issuance Trust		0.790		06/15/17		401,341
			Series - 2012 A3 (Class A3)
	135,000		CitiBank Credit Card Issuance Trust		4.900		06/23/16		139,385
			Series - 2009 A4 (Class A4)
	750,000		CitiBank Credit Card Issuance Trust		5.650		09/20/19		866,811
			Series - 2007 A8 (Class A8)
	310,000		CitiBank Credit Card Issuance Trust		5.350		02/07/20		356,945
			Series - 2008 A1 (Class A1)
	289,639		Detroit Edison Securitization Funding LLC		6.620		03/01/16		306,048
			Series - 2001 1 (Class A6)
	3,000,000		Discover Card Master Trust		5.650		03/16/20		3,475,788
			Series - 2007 A1 (Class A1)
	260,000		Ford Credit Auto Owner Trust		3.560		01/15/17		268,498
			Series - 2010 B (Class D)
	662,000		Ford Credit Auto Owner Trust		0.550		07/15/17		661,685
			Series - 2013 A (Class A3)
	820,000		Ford Credit Auto Owner Trust		1.320		01/15/19		807,237
			Series - 2013 B (Class C)
	900,000		GE Capital Credit Card Master Note Trust		1.360		08/17/20		890,118
			Series - 2012 6 (Class A)
	590,000		Hyundai Auto Receivables Trust		0.750		09/17/18		585,202
			Series - 2013 A (Class A4)
	1,000,000		Nissan Auto Receivables Owner Trust		0.730		05/16/16		1,002,475
			Series - 2012 A (Class A3)
	400,000		Nissan Auto Receivables Owner Trust		1.000		07/16/18		402,289
			Series - 2012 A (Class A4)
	19,714	i	Residential Asset Securities Corp		6.489		10/25/30		19,735
			Series - 2001 KS2 (Class AI6)
	15,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		14,859
			Series - 2006 HI1 (Class M2)
	1,600,000		Santander Drive Auto Receivables Trust		0.620		07/15/16		1,601,309
			Series - 2012 6 (Class A3)
	400,000		Santander Drive Auto Receivables Trust		0.830		12/15/16		400,868
			Series - 2012 5 (Class A3)
	200,000		Santander Drive Auto Receivables Trust		3.300		09/17/18		203,486
			Series - 2012 5 (Class D)
	300,000		Santander Drive Auto Receivables Trust		1.950		03/15/19		291,993
			Series - 2013 2 (Class C)
	100,000		Volkswagen Auto Loan Enhanced Trust		0.660		03/20/19		99,071
			Series - 2012 2 (Class A4)
	15,000	g	Vornado DP LLC		4.004		09/13/28		15,857
			Series - 2010 VNO (Class A2FX)
			TOTAL ASSET BACKED						20,114,891
OTHER MORTGAGE BACKED - 1.7%
	427,287	i	Banc of America Commercial Mortgage, Inc		5.344		11/10/42		436,681
			Series - 2005 1 (Class A4)

111

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	105,000	i	Banc of America Commercial Mortgage, Inc		5.889	%	07/10/44	$	115,250
			Series - 2006 3 (Class A4)
	450,000		Banc of America Commercial Mortgage, Inc		5.356		10/10/45		489,199
			Series - 2006 6 (Class A4)
	205,171		Banc of America Commercial Mortgage, Inc		5.379		09/10/47		207,169
			Series - 2006 5 (Class AAB)
	134,267		Banc of America Commercial Mortgage, Inc		5.449		01/15/49		134,864
			Series - 2007 1 (Class A3)
	125,000		Banc of America Merrill Lynch Commercial Mortgage, Inc		4.811		12/10/42		129,151
			Series - 2004 6 (Class A5)
	1,350,000	i	Banc of America Merrill Lynch Commercial Mortgage, Inc		5.358		09/10/47		1,444,783
			Series - 2005 6 (Class A4)
	475,000		Banc of America Merrill Lynch Commercial Mortgage, Inc		5.620		02/10/51		481,187
			Series - 2007 5 (Class A3)
	320,000		Bear Stearns Commercial Mortgage Securities		5.201		12/11/38		351,665
			Series - 2006 PW14 (Class A4)
	280,000	i	Bear Stearns Commercial Mortgage Securities		5.610		03/11/39		302,543
			Series - 2006 PW11 (Class A4)
	200,000	i	Bear Stearns Commercial Mortgage Securities		5.898		06/11/40		225,756
			Series - 2007 PW16 (Class A4)
	351,987		Bear Stearns Commercial Mortgage Securities		4.674		06/11/41		368,522
			Series - 2005 PWR8 (Class A4)
	399,461	i	Bear Stearns Commercial Mortgage Securities		5.468		06/11/41		407,738
			Series - 2004 PWR4 (Class A3)
	825,000	i	Bear Stearns Commercial Mortgage Securities		5.582		09/11/41		902,155
			Series - 2006 PW13 (Class AM)
	495,000		Bear Stearns Commercial Mortgage Securities		5.537		10/12/41		545,120
			Series - 2006 T24 (Class A4)
	627,755	i	Bear Stearns Commercial Mortgage Securities		4.750		02/13/46		646,263
			Series - 2004 T16 (Class A6)
	1,000,000	i	Bear Stearns Commercial Mortgage Securities		5.694		06/11/50		1,125,596
			Series - 2007 PW17 (Class A4)
	144,041		Bear Stearns Commercial Mortgage Securities		5.736		06/11/50		148,490
			Series - 2007 PW17 (Class A3)
	550,000		Citigroup Commercial Mortgage Trust		4.733		10/15/41		563,439
			Series - 2004 C2 (Class A5)
	750,000	i	Citigroup Commercial Mortgage Trust		6.336		12/10/49		854,678
			Series - 2008 C7 (Class A4)
	21,788		Citigroup Commercial Mortgage Trust		5.205		12/11/49		21,803
			Series - 2007 CD4 (Class A2B)
	585,000		Citigroup, Inc		5.322		12/11/49		646,686
			Series - 2007 CD4 (Class A4)
	550,000	i	Citigroup/Deutsche Bank Commercial Mortgage Trust		5.393		07/15/44		576,963
			Series - 2005 CD1 (Class AJ)
	1,035,000		Citigroup/Deutsche Bank Commercial Mortgage Trust		5.617		10/15/48		1,135,137
			Series - 2006 CD3 (Class A5)
	730,000		COMM Mortgage Trust		2.256		12/10/44		744,649
			Series - 2012 LC4 (Class A2)
	580,000		COMM Mortgage Trust		4.063		12/10/44		591,332
			Series - 2012 LC4 (Class AM)
	500,000		COMM Mortgage Trust		2.752		08/15/45		495,412
			Series - 2012 CR2 (Class ASB)

112

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	749,000		COMM Mortgage Trust		1.906	%	01/10/46	$	745,310
			Series - 2013 LC6 (Class A2)
	400,000		COMM Mortgage Trust		2.941		01/10/46		379,204
			Series - 2013 LC6 (Class A4)
	524,000		COMM Mortgage Trust		3.213		03/10/46		504,544
			Series - 0 CR7 (Class A4)
	300,000	i	Commercial Mortgage Loan Trust		6.209		12/10/49		325,500
			Series - 2008 LS1 (Class ASM)
	525,000	i	Commercial Mortgage Pass Through Certificates		5.947		06/10/46		574,532
			Series - 2006 C7 (Class A4)
	255,000	i	Commercial Mortgage Pass Through Certificates		5.993		12/10/49		290,086
			Series - 2007 C9 (Class A4)
	2,789,000		Credit Suisse First Boston Mortgage Securities Corp		4.829		11/15/37		2,884,791
			Series - 2004 C5 (Class A4)
	500,000	i	Credit Suisse Mortgage Capital Certificates		5.567		02/15/39		542,185
			Series - 0 C1 (Class A4)
	181,225		Credit Suisse Mortgage Capital Certificates		5.467		09/15/39		197,933
			Series - 2006 C4 (Class A3)
	2,100,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		2,243,516
			Series - 2006 C4 (Class AM)
	250,000	i	CS First Boston Mortgage Securities Corp		5.416		05/15/36		251,185
			Series - 2004 C2 (Class A2)
	625,000	i	CS First Boston Mortgage Securities Corp		5.100		08/15/38		661,142
			Series - 2005 C5 (Class A4)
	220,000	i	CS First Boston Mortgage Securities Corp		5.100		08/15/38		233,517
			Series - 2005 C5 (Class AJ)
	197,004	i	GE Capital Commercial Mortgage Corp		5.457		11/10/45		201,016
			Series - 2005 C4 (Class ASB)
	1,000,000	i	GE Capital Commercial Mortgage Corp		5.489		11/10/45		1,074,838
			Series - 2005 C4 (Class A4)
	27,331		GMAC Commercial Mortgage Securities, Inc		5.023		04/10/40		27,337
			Series - 2003 C3 (Class A4)
	128,195	i	Greenwich Capital Commercial Funding Corp		5.317		06/10/36		129,412
			Series - 0 GG1 (Class A7)
	1,835,000	i	Greenwich Capital Commercial Funding Corp		5.224		04/10/37		1,950,150
			Series - 2005 GG5 (Class A5)
	600,000	i	Greenwich Capital Commercial Funding Corp		5.277		04/10/37		635,808
			Series - 2005 GG5 (Class AM)
	724,868	i	Greenwich Capital Commercial Funding Corp		6.056		07/10/38		796,946
			Series - 2006 GG7 (Class A4)
	550,000		Greenwich Capital Commercial Funding Corp		5.444		03/10/39		608,553
			Series - 2007 GG9 (Class A4)
	610,000		Greenwich Capital Commercial Funding Corp		5.475		03/10/39		642,726
			Series - 2007 GG9 (Class AM)
	1,000,000		Greenwich Capital Commercial Funding Corp		5.736		12/10/49		1,123,199
			Series - 2007 GG11 (Class A4)
	1,825,000	i	GS Mortgage Securities Corp II		5.553		04/10/38		1,976,876
			Series - 2006 GG6 (Class A4)
	740,000	i	GS Mortgage Securities Corp II		5.622		04/10/38		794,562
			Series - 2006 GG6 (Class AM)
	1,350,000		GS Mortgage Securities Corp II		5.560		11/10/39		1,487,900
			Series - 2006 GG8 (Class A4)

113

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	434,000		GS Mortgage Securities Corp II		3.314	%	01/10/45	$	448,309
			Series - 0 GC6 (Class AAB)
	300,000		GS Mortgage Securities Corp II		2.943		02/10/46		283,453
			Series - 2013 GC10 (Class A5)
	300,000		GS Mortgage Securities Corp II		3.279		02/10/46		284,645
			Series - 2013 GC10 (Class AS)
	500,000		GS Mortgage Securities Trust		3.482		01/10/45		503,621
			Series - 2012 GC6 (Class A3)
	195,000		GS Mortgage Securities Trust		4.740		05/10/45		200,963
			Series - 0 GCJ7 (Class B)
	250,000		GS Mortgage Securities Trust		1.840		02/10/46		248,813
			Series - 2013 GC10 (Class A2)
	500,000		GS Mortgage Securities Trust		3.135		06/10/46		477,414
			Series - 2013 GC12 (Class A4)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp		5.633		12/05/27		102,144
			Series - 2009 IWST (Class A2)
	489,325		JP Morgan Chase Commercial Mortgage Securities Corp		5.115		07/15/41		500,022
			Series - 2004 LN2 (Class A2)
	1,125,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.429		12/12/43		1,227,777
			Series - 2006 CB17 (Class A4)
	1,000,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.368		12/15/44		1,071,750
			Series - 2005 LDP5 (Class A4)
	200,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		6.056		04/15/45		219,745
			Series - 2006 LDP7 (Class AM)
	300,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.376		05/15/45		305,619
			Series - 2012 C6 (Class D)
	170,508		JP Morgan Chase Commercial Mortgage Securities Corp		5.447		05/15/45		171,728
			Series - 2006 LDP8 (Class A3B)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.483		06/15/45		298,200
			Series - 2012 CBX (Class A4)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		1.855		04/15/46		494,931
			Series - 2013 LC11 (Class A2)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		4.171		08/15/46		526,578
			Series - 2011 C5 (Class A3)
	418,037		JP Morgan Chase Commercial Mortgage Securities Corp		5.134		05/15/47		425,285
			Series - 2006 LDP9 (Class A2)
	1,480,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.336		05/15/47		1,627,325
			Series - 2006 LDP9 (Class A3)
	950,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.440		06/12/47		1,049,484
			Series - 2007 CB18 (Class A4)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.840		12/15/47		281,974
			Series - 2012 LC9 (Class A5)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.143		12/15/47		478,609
			Series - 2013 C10 (Class A5)
	360,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		6.002		06/15/49		404,910
			Series - 2007 LD11 (Class A4)
	450,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		6.002		06/15/49		459,218
			Series - 2007 LD11 (Class A3)
	249,680	i	LB-UBS Commercial Mortgage Trust		5.020		08/15/29		255,449
			Series - 2004 C6 (Class A6)
	545,000		LB-UBS Commercial Mortgage Trust		4.742		02/15/30		563,810
			Series - 2005 C1 (Class A4)

114

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	415,000	i	LB-UBS Commercial Mortgage Trust		5.150	%	04/15/30	$	435,465
			Series - 2005 C2 (Class A5)
	380,000		LB-UBS Commercial Mortgage Trust		5.156		02/15/31		408,586
			Series - 2006 C1 (Class A4)
	125,000		LB-UBS Commercial Mortgage Trust		5.372		09/15/39		137,433
			Series - 2006 C6 (Class A4)
	200,000	i	LB-UBS Commercial Mortgage Trust		5.452		09/15/39		212,504
			Series - 2006 C6 (Class AJ)
	1,405,000		LB-UBS Commercial Mortgage Trust		5.424		02/15/40		1,555,824
			Series - 2007 C1 (Class A4)
	805,087		LB-UBS Commercial Mortgage Trust		5.430		02/15/40		885,627
			Series - 2007 C2 (Class A3)
	875,000		LB-UBS Commercial Mortgage Trust		4.843		07/15/40		908,434
			Series - 2005 C3 (Class AJ)
	600,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		655,080
			Series - 2007 C6 (Class AM)
	303,910	i	LB-UBS Commercial Mortgage Trust		5.866		09/15/45		340,030
			Series - 2007 C7 (Class A3)
	139,027	i	Merrill Lynch Mortgage Trust		5.457		11/12/37		148,106
			Series - 2005 CKI1 (Class A6)
	225,000	i	Merrill Lynch Mortgage Trust		5.457		11/12/37		236,311
			Series - 2005 CKI1 (Class AJ)
	290,000	i	Merrill Lynch Mortgage Trust		5.107		07/12/38		307,542
			Series - 2005 CIP1 (Class AM)
	235,000	i	Merrill Lynch Mortgage Trust		5.872		05/12/39		256,589
			Series - 2006 C1 (Class A4)
	450,000	i	Merrill Lynch Mortgage Trust		6.045		06/12/50		461,034
			Series - 2007 C1 (Class A3)
	475,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust		5.653		02/12/39		512,593
			Series - 2006 1 (Class A4)
	40,661	i	Merrill Lynch/Countrywide Commercial Mortgage Trust		5.382		07/12/46		40,686
			Series - 2006 3 (Class ASB)
	164,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.506		11/15/45		159,198
			Series - 2012 C6 (Class A3)
	60,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.918		02/15/46		56,745
			Series - 2013 C7 (Class A4)
	750,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.102		05/15/46		715,203
			Series - 2013 C9 (Class A4)
	500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.456		05/15/46		476,258
			Series - 2013 C9 (Class AS)
	240,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		3.708		05/15/46		224,908
			Series - 2013 C9 (Class B)
	99,817	i	Morgan Stanley Capital I		5.880		04/15/38		99,812
			Series - 2003 IQ5 (Class C)
	320,124		Morgan Stanley Capital I		4.970		04/14/40		327,083
			Series - 2004 HQ4 (Class A7)
	429,395	i	Morgan Stanley Capital I		5.270		06/13/41		438,088
			Series - 2004 T15 (Class A4)
	1,255,000		Morgan Stanley Capital I		5.168		01/14/42		1,300,113
			Series - 2005 HQ5 (Class A4)
	590,000		Morgan Stanley Capital I		5.364		03/15/44		652,189
			Series - 2007 IQ13 (Class A4)

115

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	200,390	i	Morgan Stanley Capital I		5.731	%	07/12/44	$	219,978
			Series - 2006 HQ9 (Class A4)
	750,000		Morgan Stanley Capital I		5.569		12/15/44		810,622
			Series - 2007 HQ13 (Class A3)
	250,000		Morgan Stanley Capital I		2.111		03/15/45		253,469
			Series - 2012 C4 (Class A2)
	1,250,000		Morgan Stanley Capital I		3.244		03/15/45		1,234,135
			Series - 2012 C4 (Class A4)
	1,550,000	i	Morgan Stanley Capital I		5.692		04/15/49		1,722,093
			Series - 2007 IQ14 (Class A4)
	205,000	i	Morgan Stanley Capital I		5.544		11/12/49		223,541
			Series - 2007 T25 (Class AM)
	1,750,000		Morgan Stanley Capital I		5.809		12/12/49		1,970,022
			Series - 2007 IQ16 (Class A4)
	245,000		Morgan Stanley Capital I		4.770		07/15/56		254,453
			Series - 0 IQ9 (Class AJ)
	500,000	i	TIAA Seasoned Commercial Mortgage Trust		5.551		08/15/39		542,134
			Series - 2007 C4 (Class AJ)
	1,500,000		UBS Barclays Commercial Mortgage Trust		3.185		03/10/46		1,438,020
			Series - 2013 C5 (Class A4)
	500,000		UBS Barclays Commercial Mortgage Trust		3.244		04/10/46		482,051
			Series - 0 C6 (Class A4)
	1,000,000		UBS Barclays Commercial Mortgage Trust		3.525		05/10/63		991,424
			Series - 2012 C2 (Class A4)
	400,000		UBS Citigroup Commercial Mortgage Trust		3.595		01/10/45		403,549
			Series - 2011 C1 (Class A3)
	100,000		UBS Commercial Mortgage Trust		4.822		05/10/45		103,590
			Series - 2012 C1 (Class B)
	100,000		Wachovia Bank Commercial Mortgage Trust		5.342		12/15/43		110,634
			Series - 2007 C30 (Class A5)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.465		12/15/44		1,069,635
			Series - 2005 C22 (Class A4)
	730,228	i	Wachovia Bank Commercial Mortgage Trust		5.515		12/15/44		776,619
			Series - 2005 C22 (Class AM)
	105,000	i	Wachovia Bank Commercial Mortgage Trust		5.515		01/15/45		111,626
			Series - 2006 C23 (Class AJ)
	69,285		Wachovia Bank Commercial Mortgage Trust		5.576		03/15/45		69,784
			Series - 2006 C24 (Class APB)
	750,000		Wachovia Bank Commercial Mortgage Trust		5.678		05/15/46		841,367
			Series - 2007 C34 (Class A3)
	300,000	i	Wachovia Bank Commercial Mortgage Trust		5.603		10/15/48		324,313
			Series - 2006 C28 (Class AM)
	1,225,000	i	Wachovia Bank Commercial Mortgage Trust		6.123		02/15/51		1,353,734
			Series - 2007 C33 (Class A4)
	200,000	i	Wachovia Bank Commercial Mortgage Trust		6.123		02/15/51		226,831
			Series - 2007 C33 (Class A5)
	1,250,000		WF-RBS Commercial Mortgage Trust		2.684		11/15/44		1,290,156
			Series - 2011 C5 (Class A2)
	250,000	i	WF-RBS Commercial Mortgage Trust		5.004		06/15/45		248,710
			Series - 0 C7 (Class C)
	400,000		WF-RBS Commercial Mortgage Trust		3.001		08/15/45		382,704
			Series - 2012 C8 (Class A3)

116

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	323,606	WF-RBS Commercial Mortgage Trust		0.735	%	03/15/48	$	320,039
		Series - 2013 C12 (Class A1)
	500,000	WF-RBS Commercial Mortgage Trust		3.198		03/15/48		480,665
		Series - 2013 C12 (Class A4)
		TOTAL OTHER MORTGAGE BACKED						78,494,114
		TOTAL STRUCTURED ASSETS						98,609,005
		(Cost $97,698,628)
		TOTAL BONDS						4,591,985,241
		(Cost $4,619,410,568)
SHORT-TERM INVESTMENTS - 0.3%
TREASURY DEBT - 0.3%
	15,000,000	United States Treasury Bill		0.047		12/19/13		14,999,505
		TOTAL TREASURY DEBT						14,999,505
		TOTAL SHORT-TERM INVESTMENTS						14,999,505
		(Cost $14,998,453)
		TOTAL INVESTMENTS - 99.7%						4,606,984,746
		(Cost $4,634,409,021)
		OTHER ASSETS & LIABILITIES, NET - 0.3%						10,875,764
		NET ASSETS - 100.0%					$	4,617,860,510

	Abbreviation(s):
REIT	Real Estate Investment Trust
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be re-sold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities was $12,322,770 or 0.3% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon.

117

TIAA-CREF FUNDS - Bond Plus Fund

TIAA-CREF FUNDS

BOND PLUS FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2013

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 4.2%
AUTOMOBILES & COMPONENTS - 0.1%
$	2,335,541	i	Allison Transmission, Inc		3.750	%	08/23/19	$	2,333,112
			TOTAL AUTOMOBILES & COMPONENTS						2,333,112
CAPITAL GOODS - 0.9%
	997,494	i	Apex Tool Group LLC		4.500		01/31/20		998,122
	792,000	i	FMG Resources August 2006 Pty Ltd		5.250		10/18/17		793,837
	1,309,167	i	Generac Power Systems, Inc		3.500		05/31/20		1,301,639
	918,919	i	Huntington Ingalls Industries, Inc		2.688		03/30/16		920,646
	3,000,000	i	Schaeffler AG.		4.250		01/27/17		3,008,760
	967,688	i	Sequa Corp		5.250		06/19/17		970,107
	2,185,791	i	Tomkins LLC		3.750		09/29/16		2,187,168
	2,940,191	i	TransDigm, Inc		3.750		02/28/20		2,925,020
			TOTAL CAPITAL GOODS						13,105,299
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	3,000,000	i	Activision Blizzard, Inc		3.250		09/12/20		2,994,990
	994,975	i	Pilot Corp		4.250		08/07/19		994,149
	1,000,000	h	Pitney Bowes Management		7.500		09/25/19		996,670
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						4,985,809
CONSUMER SERVICES - 0.5%
	900,000	i	ARAMARK Corp		4.000		09/09/19		900,279
	700,000	i	Boyd Gaming Corp		4.000		08/14/20		698,075
	1,398,960	i	Burger King Corp		3.750		09/28/19		1,397,463
	2,206,028	i	DineEquity, Inc		3.750		10/19/17		2,213,352
	3,000,000		Hilton Worldwide		4.000		09/23/20		2,994,540
	595,500	i	MGM Resorts International		3.500		12/20/19		592,427
	332,127	i	Penn National Gaming, Inc		3.750		07/16/18		331,921
	498,750	i	Pinnacle Entertainment, Inc		3.750		08/13/20		497,977
			TOTAL CONSUMER SERVICES						9,626,034
DIVERSIFIED FINANCIALS - 0.1%
	1,928,947	i	TransUnion LLC		4.250		02/10/19		1,935,371
			TOTAL DIVERSIFIED FINANCIALS						1,935,371
ENERGY - 0.2%
	2,962,511	i	Arch Coal, Inc		5.750		05/16/18		2,871,799
			TOTAL ENERGY						2,871,799
FOOD & STAPLES RETAILING - 0.2%
	1,000,000	i	Rite Aid Corp		5.750		08/21/20		1,023,330
	1,500,000	i	Rite Aid Corp		4.875		06/21/21		1,502,340
			TOTAL FOOD & STAPLES RETAILING						2,525,670

118

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
FOOD, BEVERAGE & TOBACCO - 0.3%
$	3,254,286	i	Del Monte Foods Co		4.000	%	03/08/18	$	3,238,828
	2,294,250	i	HJ Heinz Co		3.500		06/05/20		2,299,206
			TOTAL FOOD, BEVERAGE & TOBACCO						5,538,034
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	997,500	i	Apria Healthcare Group, Inc		6.750		04/06/20		1,004,133
	3,000,000	h,i	Biomet, Inc		4.500		07/25/17		3,008,910
	3,586,609	h,i	Capsugel Holdings US, Inc		3.500		08/01/18		3,561,969
	3,000,000	i	HCA, Inc		2.929		05/01/18		2,991,960
	3,000,000	i	Kinetic Concepts, Inc		4.500		05/04/18		3,012,180
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						13,579,152
INSURANCE - 0.1%
	1,215,813	i	Compass Investors, Inc		5.000		12/27/19		1,217,332
			TOTAL INSURANCE						1,217,332
MATERIALS - 0.1%
	1,022,438	i	Tronox Pigments BV		4.500		03/19/20		1,026,854
			TOTAL MATERIALS						1,026,854
MEDIA - 0.2%
	2,493,750	i	CSC Holdings LLC		2.679		04/17/20		2,462,927
	2,000,000	i	Virgin Media Investment Holdings Ltd		3.500		06/08/20		1,986,940
			TOTAL MEDIA						4,449,867
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	1,591,651	i	NBTY, Inc		3.500		10/01/17		1,590,155
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,590,155
RETAILING - 0.1%
	1,972,575	i	Academy Ltd		4.500		08/03/18		1,976,283
			TOTAL RETAILING						1,976,283
SOFTWARE & SERVICES - 0.1%
	963,779	i	IMS Health, Inc		3.750		09/01/17		962,169
	1,347,349	i	Lawson Software, Inc		5.250		04/05/18		1,352,967
	794,000	i	RP Crown Parent LLC		6.750		12/21/18		798,518
	497,500	i	SunGard Data Systems, Inc		4.500		01/31/20		502,465
			TOTAL SOFTWARE & SERVICES						3,616,119
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	2,000,000	i	Scientific Games International, Inc		4.250		05/30/20		1,982,500
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						1,982,500
TELECOMMUNICATION SERVICES - 0.1%
	989,975	i	Windstream Corp		4.000		08/08/19		988,322
			TOTAL TELECOMMUNICATION SERVICES						988,322

119

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
UTILITIES - 0.0%
$	247,500	i	Calpine Corp		4.000	%	10/09/19	$	247,314
			TOTAL UTILITIES						247,314
			TOTAL BANK LOAN OBLIGATIONS						73,595,026
			(Cost $73,535,300)
BONDS - 89.6%
CORPORATE BONDS - 40.8%
AUTOMOBILES & COMPONENTS - 0.2%
	1,000,000		DaimlerChrysler Group LLC		8.000		06/15/19		1,105,000
	950,000		Ford Motor Co		4.750		01/15/43		847,849
	775,000	g	TRW Automotive, Inc		4.500		03/01/21		778,875
			TOTAL AUTOMOBILES & COMPONENTS						2,731,724
BANKS - 4.6%
	750,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank		7.875		09/25/17		825,540
	2,000,000	g	Australia & New Zealand Banking Group Ltd		2.400		11/23/16		2,074,800
	1,025,000	g	Banco Davivienda S.A.		2.950		01/29/18		973,750
	750,000	g	Banco de Credito del Peru		4.250		04/01/23		666,000
	475,000	g	Banco de Credito e Inversiones		4.000		02/11/23		432,601
	1,500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		1,511,250
	750,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		4.125		11/09/22		688,125
	1,000,000		Bancolombia S.A.		4.250		01/12/16		1,032,500
	865,000		Bancolombia S.A.		5.950		06/03/21		877,975
	1,000,000	g,h	Bangkok Bank PCL		3.300		10/03/18		994,600
	370,000	g	Bank Nederlandse Gemeenten		1.375		09/27/17		368,298
	1,000,000	g	Bank of India		3.625		09/21/18		946,600
	6,450,000	g	Bank of Montreal		2.625		01/25/16		6,730,575
	1,500,000	g	Bank of Nova Scotia		1.650		10/29/15		1,531,350
	4,800,000	g	Bank of Nova Scotia		2.150		08/03/16		4,964,160
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		1,018,669
	1,000,000		BB&T Corp		1.450		01/12/18		976,372
	375,000		BB&T Corp		2.050		06/19/18		373,497
	750,000	g	BBVA Banco Continental S.A.		2.250		07/29/16		731,250
	450,000	g	BBVA Banco Continental S.A.		3.250		04/08/18		439,875
	2,100,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		2,138,827
	1,000,000	g	Caixa Economica Federal		2.375		11/06/17		935,000
	1,000,000	g	Caixa Economica Federal		4.500		10/03/18		993,100
	1,750,000	g	Canadian Imperial Bank of Commerce		2.750		01/27/16		1,831,200
	300,000		Capital One Bank USA NA		3.375		02/15/23		280,604
	2,000,000		Capital One NA		1.500		03/22/18		1,941,576
	2,600,000		Citigroup, Inc		2.500		09/26/18		2,585,560
	975,000		Citigroup, Inc		6.675		09/13/43		1,049,970
	225,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		225,274
	3,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		2,878,395
	3,125,000	g	HSBC Bank plc		1.500		05/15/18		3,037,556
	500,000	g	HSBC Bank plc		4.125		08/12/20		525,203

120

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,150,000		HSBC USA, Inc		2.375	%	02/13/15	$	1,175,813
	1,000,000		HSBC USA, Inc		1.625		01/16/18		980,229
	335,000		JPMorgan Chase & Co		5.125		09/15/14		348,766
	1,500,000		JPMorgan Chase & Co		3.150		07/05/16		1,573,861
	1,000,000		JPMorgan Chase & Co		1.800		01/25/18		986,074
	3,750,000		JPMorgan Chase & Co		1.625		05/15/18		3,631,740
	750,000		JPMorgan Chase & Co		5.400		01/06/42		788,994
	400,000	i	JPMorgan Chase & Co		5.150		12/30/49		350,000
	750,000	i	Malayan Banking Bhd		3.250		09/20/22		731,250
	250,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		256,500
	1,150,000	g	PKO Finance AB		4.630		09/26/22		1,129,012
	2,075,000		PNC Bank NA		2.950		01/30/23		1,920,950
	1,500,000		PNC Funding Corp		2.700		09/19/16		1,558,966
	700,000	g,i	Rabobank Nederland NV		11.000		12/30/49		910,000
	3,325,000		Royal Bank of Canada		2.200		07/27/18		3,335,617
	1,750,000	g	State Bank of India		3.250		04/18/18		1,672,125
	125,000	g	Sumitomo Mitsui Banking Corp		3.150		07/22/15		129,697
	425,000		Toronto-Dominion Bank		2.500		07/14/16		441,676
	2,000,000	g	Toronto-Dominion Bank		1.625		09/14/16		2,039,000
	1,000,000	g	Turkiye Halk Bankasi AS.		4.875		07/19/17		1,000,000
	1,000,000	g	Turkiye Is Bankasi		3.750		10/10/18		930,000
	725,000	g	Turkiye Is Bankasi		6.000		10/24/22		661,563
	500,000		Union Bank NA		2.125		06/16/17		502,755
	100,000		Union Bank of California NA		5.950		05/11/16		111,127
	400,000		UnionBanCal Corp		3.500		06/18/22		390,658
	1,000,000		US Bancorp		1.650		05/15/17		1,005,843
	475,000		US Bancorp		2.950		07/15/22		446,864
	350,000		Wachovia Bank NA		5.850		02/01/37		390,571
	500,000		Wells Fargo & Co		1.500		07/01/15		506,271
	650,000		Wells Fargo & Co		2.100		05/08/17		663,613
	3,250,000		Wells Fargo & Co		1.500		01/16/18		3,198,075
			TOTAL BANKS						80,347,662
CAPITAL GOODS - 1.1%
	1,750,000		Access Midstream Partners LP		5.875		04/15/21		1,798,125
	155,000		Access Midstream Partners LP		4.875		05/15/23		145,700
	250,000		Alliant Techsystems, Inc		6.875		09/15/20		265,000
	750,000	g	Alpek S.A. de C.V.		5.375		08/08/23		742,500
	825,000	o	Alphabet Holding Co, Inc		7.750		11/01/17		847,687
	225,000		Anixter, Inc		5.625		05/01/19		231,750
	1,200,000		Caterpillar, Inc		1.375		05/27/14		1,207,393
	950,000		Caterpillar, Inc		1.500		06/26/17		944,871
	500,000		Chesapeake Midstream Partners LP		6.125		07/15/22		513,750
	650,000		Deere & Co		2.600		06/08/22		613,186
	625,000	g	EADS Finance BV		2.700		04/17/23		575,752
	470,000	g	Ferreycorp SAA		4.875		04/26/20		432,400
	750,000	g	Holcim US Finance Sarl & Cie SCS		5.150		09/12/23		779,813
	837,500		Huntington Ingalls Industries, Inc		6.875		03/15/18		900,312
	750,000	g	Myriad International Holdings BV		6.000		07/18/20		787,500
	660,000	g	Rexel S.A.		6.125		12/15/19		674,850
	500,000	g	Rexel S.A.		5.250		06/15/20		487,500

121

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000	g	Schaeffler Finance BV		7.750	%	02/15/17	$	112,000
	600,000	g	Schaeffler Finance BV		8.500		02/15/19		669,000
	500,000		Seagate HDD Cayman		6.875		05/01/20		547,500
	920,000		Seagate HDD Cayman		7.000		11/01/21		1,021,200
	947,000	g	Sealed Air Corp		8.125		09/15/19		1,055,905
	947,000	g	Sealed Air Corp		8.375		09/15/21		1,072,478
	115,000	g	Sealed Air Corp		5.250		04/01/23		108,963
	1,000,000		SPX Corp		6.875		09/01/17		1,110,000
	500,000		TransDigm, Inc		7.750		12/15/18		532,500
	575,000	g	Turlock Corp		1.500		11/02/17		566,908
	150,000	g	Turlock Corp		4.000		11/02/32		137,894
	875,000		United Technologies Corp		1.800		06/01/17		890,285
			TOTAL CAPITAL GOODS						19,772,722
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	325,000	g	ADT Corp		6.250		10/15/21		329,875
	1,225,000		Clean Harbors, Inc		5.125		06/01/21		1,183,656
	2,000,000		News America, Inc		5.300		12/15/14		2,110,106
	670,000		Republic Services, Inc		3.800		05/15/18		713,477
	1,000,000		RR Donnelley & Sons Co		7.875		03/15/21		1,072,500
	105,000		RR Donnelley & Sons Co		7.250		05/15/18		116,025
	325,000		RR Donnelley & Sons Co		7.000		02/15/22		326,625
	1,925,000	g	SPL Logistics Escrow LLC		8.875		08/01/20		2,016,438
	1,000,000		United Rentals North America, Inc		7.375		05/15/20		1,077,500
	1,000,000		United Rentals North America, Inc		7.625		04/15/22		1,087,500
	1,000,000		Waste Management, Inc		2.600		09/01/16		1,033,416
	2,550,000		Waste Management, Inc		2.900		09/15/22		2,375,891
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						13,443,009
CONSUMER DURABLES & APPAREL - 0.4%
	525,000	g	Arcelik AS.		5.000		04/03/23		450,844
	1,000,000		DR Horton, Inc		5.750		08/15/23		1,007,500
	275,000		DR Horton, Inc		4.750		05/15/17		287,375
	761,000		DR Horton, Inc		3.625		02/15/18		749,585
	500,000		Hanesbrands, Inc		6.375		12/15/20		538,750
	500,000		Levi Strauss & Co		6.875		05/01/22		530,000
	2,000,000		Libbey Glass, Inc		6.875		05/15/20		2,130,000
	1,100,000		Whirlpool Corp		8.600		05/01/14		1,149,185
	225,000		Whirlpool Corp		3.700		03/01/23		217,731
			TOTAL CONSUMER DURABLES & APPAREL						7,060,970
CONSUMER SERVICES - 1.0%
	795,000		Ameristar Casinos, Inc		7.500		04/15/21		864,562
	350,000	g	ARAMARK Corp		5.750		03/15/20		353,500
	1,500,000		Boyd Gaming Corp		9.000		07/01/20		1,627,500
	500,000		DineEquity, Inc		9.500		10/30/18		556,250
	292,000		Marina District Finance Co, Inc		9.500		10/15/15		306,235
	500,000		MGM Resorts International		6.750		10/01/20		525,000
	1,000,000		MGM Resorts International		6.625		12/15/21		1,035,000
	1,000,000	g	SABMiller Holdings, Inc		2.200		08/01/18		997,279
	2,000,000	g	SABMiller Holdings, Inc		3.750		01/15/22		2,015,924

122

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000	g	Service Corp International		5.375	%	01/15/22	$	1,907,500
	1,445,000	g	Six Flags Entertainment Corp		5.250		01/15/21		1,376,363
	1,400,000		Speedway Motorsports, Inc		6.750		02/01/19		1,487,500
	4,000,000		University of Chicago		4.151		10/01/45		3,564,616
			TOTAL CONSUMER SERVICES						16,617,229
DIVERSIFIED FINANCIALS - 6.3%
	545,000	g	Abbey National Treasury Services plc		3.875		11/10/14		562,353
	335,000		Abbey National Treasury Services plc		4.000		04/27/16		355,974
	700,000	g	Ajecorp BV		6.500		05/14/22		680,750
	1,000,000		Ally Financial, Inc		4.750		09/10/18		995,530
	600,000		American Express Centurion Bank		0.875		11/13/15		599,879
	875,000		American Express Centurion Bank		6.000		09/13/17		1,014,693
	2,375,000		American Express Credit Corp		1.750		06/12/15		2,418,284
	1,500,000		American Express Credit Corp		1.300		07/29/16		1,508,982
	250,000		American Express Credit Corp		2.800		09/19/16		261,573
	2,000,000		American Express Credit Corp		2.125		07/27/18		2,007,774
	750,000	g	Aralco Finance SA		10.125		05/07/20		600,000
	900,000	g	Bangkok Bank PCL		3.250		10/18/15		922,853
	3,475,000		Bank of America Corp		3.750		07/12/16		3,682,405
	650,000		Bank of America Corp		5.300		03/15/17		716,366
	25,000		Bank of America Corp		6.000		09/01/17		28,311
	350,000		Bank of America Corp		5.750		12/01/17		394,829
	5,350,000		Bank of America Corp		2.000		01/11/18		5,261,463
	1,000,000		Bank of America Corp		5.490		03/15/19		1,091,224
	2,225,000		Bank of America Corp		4.100		07/24/23		2,211,172
	1,100,000		Bank of America Corp		5.875		02/07/42		1,221,310
	500,000		Bank of New York Mellon Corp		1.200		02/20/15		504,490
	1,350,000	i	Bank of New York Mellon Corp		1.969		06/20/17		1,362,049
	275,000		Bank of New York Mellon Corp		5.450		05/15/19		316,952
	1,000,000	g	BBVA Bancomer S.A.		6.750		09/30/22		1,035,000
	500,000		BlackRock, Inc		3.500		12/10/14		517,444
	825,000		BlackRock, Inc		1.375		06/01/15		836,862
	1,350,000		BlackRock, Inc		4.250		05/24/21		1,437,153
	1,500,000	g	Brazil Loan Trust		5.477		07/24/23		1,537,500
	2,000,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		2,083,400
	3,000,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		3,036,600
	1,000,000		Capital One Financial Corp		1.000		11/06/15		994,963
	1,575,000		Capital One Financial Corp		3.150		07/15/16		1,645,393
	1,000,000		Celanese US Holdings LLC		4.625		11/15/22		957,500
	1,000,000		Citigroup, Inc		2.250		08/07/15		1,019,558
	285,000		Citigroup, Inc		5.000		09/15/14		295,743
	189,000		Citigroup, Inc		5.500		10/15/14		198,053
	3,000,000		Citigroup, Inc		1.250		01/15/16		2,997,708
	1,225,000		Citigroup, Inc		1.300		04/01/16		1,222,490
	3,050,000		Citigroup, Inc		3.500		05/15/23		2,752,311
	300,000		Citigroup, Inc		5.875		01/30/42		333,555
	300,000		Countrywide Financial Corp		6.250		05/15/16		331,741
	625,000		Export-Import Bank of Korea		2.875		09/17/18		628,891
	2,000,000		Ford Motor Credit Co LLC		1.700		05/09/16		1,999,794
	1,500,000		Ford Motor Credit Co LLC		3.000		06/12/17		1,541,779
	1,000,000		Ford Motor Credit Co LLC		5.750		02/01/21		1,104,980

123

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	900,000		Ford Motor Credit Co LLC		4.375	%	08/06/23	$	900,508
	3,000,000		General Electric Capital Corp		1.500		07/12/16		3,020,061
	950,000		General Electric Capital Corp		2.300		04/27/17		974,638
	5,450,000		General Electric Capital Corp		3.100		01/09/23		5,098,371
	400,000		General Electric Capital Corp		6.875		01/10/39		490,219
	500,000	g	General Motors Financial Co, Inc		2.750		05/15/16		498,750
	575,000	g	General Motors Financial Co, Inc		3.250		05/15/18		559,187
	150,000	g	General Motors Financial Co, Inc		4.250		05/15/23		137,063
	275,000		Goldman Sachs Group, Inc		3.300		05/03/15		284,360
	6,890,000		Goldman Sachs Group, Inc		2.375		01/22/18		6,841,143
	1,000,000		Goldman Sachs Group, Inc		3.625		01/22/23		956,258
	150,000		Goldman Sachs Group, Inc		6.450		05/01/36		152,284
	375,000		Goldman Sachs Group, Inc		6.750		10/01/37		391,364
	500,000		Goldman Sachs Group, Inc		6.250		02/01/41		560,159
	200,000	g	International Lease Finance Corp		6.500		09/01/14		207,500
	1,420,000		International Lease Finance Corp		5.750		05/15/16		1,505,599
	1,300,000		International Lease Finance Corp		3.875		04/15/18		1,256,125
	1,000,000		International Lease Finance Corp		5.875		08/15/22		985,000
	750,000	g	Inversiones CMPC S.A.		4.375		05/15/23		697,292
	1,705,000		John Deere Capital Corp		2.250		06/07/16		1,765,118
	500,000		John Deere Capital Corp		1.400		03/15/17		497,831
	375,000		John Deere Capital Corp		2.750		03/15/22		358,630
	3,000,000		JPMorgan Chase & Co		2.000		08/15/17		3,011,148
	300,000		Kreditanstalt fuer Wiederaufbau		4.875		01/17/17		338,100
	850,000	g	Lukoil International Finance BV		6.125		11/09/20		905,250
	800,000		Merrill Lynch & Co, Inc		6.400		08/28/17		919,952
	1,200,000		Morgan Stanley		1.750		02/25/16		1,205,786
	2,000,000		Morgan Stanley		2.125		04/25/18		1,949,296
	1,000,000		Morgan Stanley		5.500		07/28/21		1,093,683
	925,000		Morgan Stanley		3.750		02/25/23		891,731
	925,000		Morgan Stanley		4.100		05/22/23		862,764
	500,000		Morgan Stanley		6.375		07/24/42		565,837
	250,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		343,477
	750,000	g	Odebrecht Finance Ltd		4.375		04/25/25		650,625
	750,000	g	PTTEP Australia International Finance Pty Ltd		4.152		07/19/15		773,354
	450,000		State Street Corp		4.300		05/30/14		461,815
	1,675,000		State Street Corp		1.350		05/15/18		1,633,031
	700,000		State Street Corp		3.100		05/15/23		652,905
	2,000,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		2,023,516
	575,000		SunTrust Bank		2.750		05/01/23		522,680
	2,700,000	g	Temasek Financial I Ltd		2.375		01/23/23		2,471,143
	500,000		Toyota Motor Credit Corp		2.050		01/12/17		511,486
	750,000	g	Turkiye Vakiflar Bankasi Tao		3.750		04/15/18		697,500
	582,000		UBS AG.		2.250		01/28/14		585,652
	1,000,000		Unilever Capital Corp		0.850		08/02/17		976,268
	1,500,000		Unilever Capital Corp		2.200		03/06/19		1,510,746
			TOTAL DIVERSIFIED FINANCIALS						110,922,839
ENERGY - 4.5%
	160,000		Anadarko Petroleum Corp		6.950		06/15/19		192,880
	325,000		Apache Corp		1.750		04/15/17		327,678

124

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	855,000		Apache Corp		4.750	%	04/15/43	$	809,328
	500,000		Arch Coal, Inc		8.750		08/01/16		500,000
	833,000		Arch Coal, Inc		7.000		06/15/19		645,575
	1,500,000		Ashland, Inc		3.875		04/15/18		1,481,250
	350,000		Baker Hughes, Inc		3.200		08/15/21		352,424
	1,000,000		BP Capital Markets plc		5.250		11/07/13		1,004,468
	3,600,000		BP Capital Markets plc		1.375		05/10/18		3,492,277
	1,400,000		Chaparral Energy, Inc		7.625		11/15/22		1,421,000
	500,000		Chesapeake Energy Corp		5.375		06/15/21		498,750
	227,000		Chesapeake Energy Corp		5.750		03/15/23		227,567
	770,000		Cimarex Energy Co		5.875		05/01/22		777,700
	500,000		Cloud Peak Energy Resources LLC		8.250		12/15/17		525,000
	1,950,000		Concho Resources, Inc		5.500		04/01/23		1,925,625
	575,000		ConocoPhillips		6.500		02/01/39		723,084
	500,000		Consol Energy Inc		8.250		04/01/20		536,250
	2,340,000		Continental Resources, Inc		5.000		09/15/22		2,354,625
	580,000		Crosstex Energy LP		7.125		06/01/22		597,400
	1,575,000		Crosstex Energy, Inc		8.875		02/15/18		1,673,437
	1,890,000		Denbury Resources, Inc		4.625		07/15/23		1,729,350
	625,000		Devon Energy Corp		1.875		05/15/17		626,391
	500,000		Devon Energy Corp		5.600		07/15/41		511,121
	300,000		Devon Energy Corp		4.750		05/15/42		273,686
	300,000	g	Drill Rigs Holdings, Inc		6.500		10/01/17		309,750
	1,175,000		Ecopetrol S.A.		4.250		09/18/18		1,208,781
	825,000	g	EDC Finance Ltd		4.875		04/17/20		787,875
	500,000	g	Empresa Nacional del Petroleo		6.250		07/08/19		544,223
	470,000	g	Empresa Nacional del Petroleo		4.750		12/06/21		462,248
	275,000		Enterprise Products Operating LLC		5.600		10/15/14		289,012
	75,000		Enterprise Products Operating LLC		5.000		03/01/15		79,307
	750,000		Enterprise Products Operating LLC		4.850		03/15/44		699,043
	300,000		EOG Resources, Inc		2.625		03/15/23		276,350
	1,250,000		EP Energy LLC		6.875		05/01/19		1,334,375
	250,000		EP Energy LLC		9.375		05/01/20		281,250
	400,000	g	Exterran Partners LP		6.000		04/01/21		388,000
	750,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		05/23/16		791,250
	1,000,000	g	Gazprom OAO Via Gaz Capital S.A.		3.850		02/06/20		952,500
	1,000,000	g,h	GS Caltex Corp		3.250		10/01/18		994,997
	1,000,000		Halcon Resources Corp		9.750		07/15/20		1,057,500
	850,000		Halcon Resources Corp		8.875		05/15/21		871,250
	285,000		Hess Corp		5.600		02/15/41		293,000
	950,000	g	Indo Energy Finance II BV		6.375		01/24/23		798,000
	715,000	g	KMG Finance Sub BV		6.375		04/09/21		782,925
	750,000		Marathon Petroleum Corp		3.500		03/01/16		787,685
	275,000		MarkWest Energy Partners LP		6.750		11/01/20		297,000
	425,000		MarkWest Energy Partners LP		5.500		02/15/23		426,063
	1,000,000	g	Murphy Oil USA, Inc		6.000		08/15/23		995,000
	300,000		Newfield Exploration Co		5.750		01/30/22		299,250
	900,000		Newfield Exploration Co		5.625		07/01/24		870,750
	125,000		Noble Holding International Ltd		3.450		08/01/15		130,011
	350,000		Noble Holding International Ltd		4.900		08/01/20		368,913
	750,000	g	Novatek OAO via Novatek Finance Ltd		4.422		12/13/22		688,125

125

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	750,000	g	Oasis Petroleum, Inc		6.875	%	03/15/22	$	791,250
	1,225,000		Occidental Petroleum Corp		1.500		02/15/18		1,205,078
	350,000		Occidental Petroleum Corp		4.100		02/01/21		366,519
	500,000		Peabody Energy Corp		7.375		11/01/16		558,750
	275,000		Pemex Project Funding Master Trust		6.625		06/15/35		290,436
	600,000	g	Pertamina Persero PT		6.000		05/03/42		486,000
	675,000	g	Pertamina PT		5.250		05/23/21		639,563
	500,000	g	Pertamina PT		6.500		05/27/41		435,000
	925,000	i	Petrobras Global Finance BV		1.884		05/20/16		920,375
	1,000,000	i	Petrobras Global Finance BV		2.408		01/15/19		981,000
	1,500,000		Petrobras International Finance Co		3.875		01/27/16		1,547,684
	1,250,000		Petroleos Mexicanos		3.500		07/18/18		1,265,625
	325,000		Petroleos Mexicanos		5.500		01/21/21		347,750
	600,000		Petroleos Mexicanos		3.500		01/30/23		545,383
	540,000		Petroleos Mexicanos		6.500		06/02/41		559,644
	575,000		Petroleos Mexicanos		5.500		06/27/44		522,007
	430,000	g	Petroleum Co of Trinidad & Tobago Ltd		9.750		08/14/19		551,475
	700,000		Phillips 66		1.950		03/05/15		710,615
	625,000		Phillips 66		4.300		04/01/22		637,161
	3,935,000		Plains Exploration & Production Co		6.500		11/15/20		4,221,952
	800,000		Precision Drilling Trust		6.625		11/15/20		846,000
	1,000,000	g	PTT Exploration & Production PCL		3.707		09/16/18		1,010,017
	500,000	g	PTTEP Canada International Finance Ltd		5.692		04/05/21		532,130
	500,000		Range Resources Corp		5.750		06/01/21		525,000
	800,000		Regency Energy Partners LP		5.750		09/01/20		804,000
	600,000		Regency Energy Partners LP		6.500		07/15/21		630,000
	200,000		Regency Energy Partners LP		5.500		04/15/23		192,000
	1,000,000	g	Reliance Holdings USA		5.400		02/14/22		1,002,114
	750,000	g	Rosneft Oil Co via Rosneft International Finance Ltd		4.199		03/06/22		691,875
	800,000		SandRidge Energy, Inc		8.125		10/15/22		808,000
	600,000	g	Schlumberger Investment S.A.		2.400		08/01/22		551,216
	2,000,000	g	Schlumberger Norge AS.		1.250		08/01/17		1,957,200
	1,175,000		SESI LLC		7.125		12/15/21		1,283,688
	525,000		Shell International Finance BV		4.300		09/22/19		579,562
	575,000		Shell International Finance BV		4.550		08/12/43		566,476
	1,000,000	g	Sibur Securities Ltd		3.914		01/31/18		950,000
	300,000		SM Energy Co		6.500		01/01/23		306,000
	1,000,000		Southwestern Energy Co		4.100		03/15/22		1,000,178
	200,000		Statoil ASA		2.900		10/15/14		205,183
	200,000		Statoil ASA		1.200		01/17/18		196,045
	375,000		Statoil ASA		2.450		01/17/23		342,670
	650,000		Total Capital Canada Ltd		1.450		01/15/18		641,355
	1,000,000		Total Capital International S.A.		1.500		02/17/17		1,007,577
	500,000		TransCanada Pipelines Ltd		5.850		03/15/36		553,918
	250,000	i	TransCanada Pipelines Ltd		6.350		05/15/67		257,987
	415,000		Vale Overseas Ltd		4.375		01/11/22		399,829
	125,000		Vale Overseas Ltd		6.875		11/21/36		126,774
	2,500,000		Whiting Petroleum Corp		5.000		03/15/19		2,506,250
			TOTAL ENERGY						79,327,610

126

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
FOOD & STAPLES RETAILING - 0.2%
$	185,000		CVS Caremark Corp		3.250	%	05/18/15	$	192,471
	750,000		CVS Caremark Corp		2.750		12/01/22		692,986
	2,000,000	g	Ingles Markets, Inc		5.750		06/15/23		1,930,000
	260,000	g	Sun Merger Sub, Inc		5.250		08/01/18		266,500
			TOTAL FOOD & STAPLES RETAILING						3,081,957
FOOD, BEVERAGE & TOBACCO - 1.2%
	500,000		Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		523,143
	1,250,000		Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		1,244,741
	1,775,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		1,642,081
	255,000		B&G Foods, Inc		4.625		06/01/21		243,525
	750,000	g	BRF-Brasil Foods S.A.		5.875		06/06/22		746,250
	385,000	g	BRF-Brasil Foods S.A.		3.950		05/22/23		331,100
	750,000		Coca-Cola Co		0.750		03/13/15		752,969
	450,000	g	Coca-Cola Icecek AS.		4.750		10/01/18		447,799
	225,000		ConAgra Foods, Inc		1.300		01/25/16		225,235
	1,000,000	g	Embotelladora Andina S.A.		5.000		10/01/23		1,002,500
	500,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		444,881
	2,000,000	g	Grupo Bimbo SAB de C.V.		4.875		06/30/20		2,088,308
	2,000,000		Kraft Foods, Inc		6.125		02/01/18		2,312,482
	2,625,000		Kraft Foods, Inc		5.375		02/10/20		2,964,074
	620,000		Kraft Foods, Inc		6.500		02/09/40		727,715
	25,000		PepsiAmericas, Inc		4.375		02/15/14		25,361
	38,000		PepsiCo, Inc		7.900		11/01/18		48,373
	1,500,000		PepsiCo, Inc		2.750		03/01/23		1,404,998
	1,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		1,037,475
	100,000		Philip Morris International, Inc		6.375		05/16/38		118,832
	1,080,000		Post Holdings, Inc		7.375		02/15/22		1,135,350
	160,000	g	Post Holdings, Inc		7.375		02/15/22		168,200
	430,000		Smithfield Foods, Inc		6.625		08/15/22		443,437
	500,000		TreeHouse Foods, Inc		7.750		03/01/18		528,750
			TOTAL FOOD, BEVERAGE & TOBACCO						20,607,579
HEALTH CARE EQUIPMENT & SERVICES - 1.0%
	800,000		Baxter International, Inc		3.200		06/15/23		780,554
	250,000		Becton Dickinson & Co		1.750		11/08/16		255,135
	225,000		CHS/Community Health Systems		5.125		08/15/18		228,937
	1,000,000		CHS/Community Health Systems		8.000		11/15/19		1,048,750
	750,000		Covidien International Finance S.A.		1.350		05/29/15		757,330
	375,000		Covidien International Finance S.A.		3.200		06/15/22		367,517
	675,000	h	Edwards Lifesciences Corp		2.875		10/15/18		672,343
	3,100,000		Express Scripts Holding Co		2.100		02/12/15		3,149,479
	625,000		Express Scripts Holding Co		3.900		02/15/22		633,127
	1,722,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		1,769,355
	165,000		HCA, Inc		6.500		02/15/20		178,819
	500,000		HCA, Inc		7.875		02/15/20		539,062
	975,000		HCA, Inc		5.875		03/15/22		1,001,813
	450,000		Healthsouth Corp		7.250		10/01/18		484,875
	900,000		Kinetic Concepts, Inc		10.500		11/01/18		993,375
	1,500,000		LifePoint Hospitals, Inc		6.625		10/01/20		1,571,250
	325,000	g	Mallinckrodt International Finance S.A.		3.500		04/15/18		319,780
	225,000	g	Tenet Healthcare Corp		6.000		10/01/20		230,063

127

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	875,000	g	Tenet Healthcare Corp		8.125	%	04/01/22	$	913,281
	475,000		Thermo Fisher Scientific, Inc		2.250		08/15/16		483,696
	525,000	g	VPII Escrow Corp		7.500		07/15/21		565,688
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						16,944,229
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	500,000		Clorox Co		3.800		11/15/21		504,608
	380,000		Colgate-Palmolive Co		2.300		05/03/22		356,766
	375,000		Ecolab, Inc		1.450		12/08/17		367,658
	405,000	g	First Quality Finance Co, Inc		4.625		05/15/21		367,537
	1,125,000		Reynolds Group Issuer, Inc		5.750		10/15/20		1,129,219
	175,000	g	Spectrum Brands Escrow Corp		6.375		11/15/20		182,438
	175,000	g	Spectrum Brands Escrow Corp		6.625		11/15/22		181,563
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						3,089,789
INSURANCE - 1.6%
	275,000		ACE INA Holdings, Inc		5.875		06/15/14		284,868
	250,000		Aetna, Inc		1.500		11/15/17		245,475
	240,000		Aetna, Inc		6.500		09/15/18		284,192
	150,000		Aetna, Inc		6.625		06/15/36		179,811
	675,000		Allstate Corp		3.150		06/15/23		653,670
	700,000		Allstate Corp		4.500		06/15/43		678,539
	2,700,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		2,635,783
	2,000,000	g,i	Caelus Re Ltd		5.260		03/07/16		2,020,200
	400,000		Chubb Corp		6.000		05/11/37		475,460
	80,000		CIGNA Corp		5.125		06/15/20		88,166
	1,000,000		CIGNA Corp		4.500		03/15/21		1,067,957
	1,400,000	g	Fidelity & Guaranty Life Holdings, Inc		6.375		04/01/21		1,421,000
	525,000		Hartford Financial Services Group, Inc		4.000		03/30/15		546,949
	925,000		Hartford Financial Services Group, Inc		4.000		10/15/17		991,153
	250,000		Lincoln National Corp		7.000		06/15/40		315,735
	525,000	g	MetLife Institutional Funding II		1.625		04/02/15		531,869
	525,000		Metlife, Inc		6.750		06/01/16		601,616
	275,000		Metlife, Inc		5.700		06/15/35		304,488
	1,000,000		Metlife, Inc		4.125		08/13/42		879,230
	1,500,000	g	Onex USI Aquisition Corp		7.750		01/15/21		1,500,000
	200,000		Principal Financial Group, Inc		1.850		11/15/17		198,274
	600,000	g	Principal Life Global Funding I		5.125		10/15/13		600,946
	525,000		Prudential Financial, Inc		2.300		08/15/18		529,594
	750,000		Prudential Financial, Inc		5.400		06/13/35		781,079
	750,000		Prudential Financial, Inc		5.100		08/15/43		741,793
	3,400,000	i	Prudential Financial, Inc		5.200		03/15/44		3,083,800
	300,000	g	Prudential Funding LLC		6.750		09/15/23		365,312
	175,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		164,668
	450,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		393,344
	300,000		Travelers Cos, Inc		5.800		05/15/18		350,033
	2,450,000		UnitedHealth Group, Inc		1.400		10/15/17		2,418,664
	1,500,000		WellPoint, Inc		1.250		09/10/15		1,510,207
	500,000		WellPoint, Inc		4.625		05/15/42		457,276

128

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000		Willis Group Holdings plc		4.125	%	03/15/16	$	2,100,426
	150,000		WR Berkley Corp		5.375		09/15/20		163,952
			TOTAL INSURANCE						29,565,529
MATERIALS - 3.3%
	300,000		3M Co		5.700		03/15/37		349,323
	75,000		Airgas, Inc		4.500		09/15/14		77,712
	250,000		Airgas, Inc		7.125		10/01/18		258,908
	1,000,000		Albemarle Corp		4.500		12/15/20		1,042,579
	750,000		AngloGold Ashanti Holdings plc		8.500		07/30/20		770,625
	440,000		ArcelorMittal		5.000		02/25/17		457,600
	1,000,000		Ball Corp		5.750		05/15/21		1,055,000
	945,000		Ball Corp		4.000		11/15/23		848,138
	2,000,000		Barrick Gold Corp		2.900		05/30/16		2,025,368
	750,000		Barrick Gold Corp		2.500		05/01/18		715,162
	100,000		Barrick Gold Corp		4.100		05/01/23		88,060
	850,000		Barrick North America Finance LLC		4.400		05/30/21		789,768
	450,000	g	Belden, Inc		5.500		09/01/22		434,250
	750,000	g	Braskem Finance Ltd		5.750		04/15/21		735,000
	1,500,000	g	Cemex SAB de C.V.		7.250		01/15/21		1,496,250
	1,500,000		CF Industries, Inc		7.125		05/01/20		1,758,546
	825,000	g	Cia Minera Milpo SAA		4.625		03/28/23		742,500
	200,000		Corning, Inc		1.450		11/15/17		197,707
	1,000,000		Corning, Inc		4.250		08/15/20		1,079,131
	750,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750		11/04/20		744,577
	1,000,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500		08/13/23		1,008,103
	200,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.250		07/17/42		164,765
	1,385,000		Crown Americas LLC		6.250		02/01/21		1,447,325
	1,025,000	g	Crown Americas LLC		4.500		01/15/23		937,875
	1,500,000	g	Eagle Spinco, Inc		4.625		02/15/21		1,440,000
	750,000		EI du Pont de Nemours & Co		2.800		02/15/23		706,223
	450,000		EI du Pont de Nemours & Co		4.150		02/15/43		403,397
	1,550,000	g	Eldorado Gold Corp		6.125		12/15/20		1,495,750
	750,000	g	Fibria Overseas Finance Ltd		6.750		03/03/21		800,250
	1,000,000	g	Freeport McMoran		3.100		03/15/20		940,317
	750,000	g	Gerdau Trade, Inc		4.750		04/15/23		667,500
	2,000,000	g	Glencore Funding LLC		1.700		05/27/16		1,970,628
	1,450,000	g	Glencore Funding LLC		2.500		01/15/19		1,359,192
	2,000,000		Graphic Packaging International, Inc		4.750		04/15/21		1,940,000
	1,790,000		Hexion US Finance Corp		6.625		04/15/20		1,790,000
	2,000,000		International Paper Co		5.300		04/01/15		2,126,490
	2,750,000		International Paper Co		4.750		02/15/22		2,896,179
	250,000		International Paper Co		7.300		11/15/39		305,084
	4,000,000		LyondellBasell Industries NV		5.000		04/15/19		4,402,984
	633,000	g	PolyOne Corp		5.250		03/15/23		598,185
	500,000		Praxair, Inc		2.450		02/15/22		469,586
	1,450,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		1,485,068
	1,025,000		Rio Tinto Finance USA plc		2.250		12/14/18		1,010,616
	325,000		Rio Tinto Finance USA plc		2.875		08/21/22		298,633
	680,000		Rock Tenn Co		4.450		03/01/19		722,270
	820,000		Rock Tenn Co		4.900		03/01/22		847,529

129

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	400,000		Rockwood Specialties Group, Inc		4.625	%	10/15/20	$	402,000
	1,200,000		Rosetta Resources, Inc		5.625		05/01/21		1,140,000
	550,000	g	Samarco Mineracao S.A.		4.125		11/01/22		478,500
	250,000	g	Sappi Papier Holding AG.		6.625		04/15/21		232,500
	800,000	g	Severstal OAO Via Steel Capital S.A.		5.900		10/17/22		771,000
	425,000		Sherwin-Williams Co		1.350		12/15/17		414,936
	500,000		Silgan Holdings, Inc		5.000		04/01/20		487,500
	1,000,000	g	Silgan Holdings, Inc		5.500		02/01/22		972,500
	750,000	g	Sociedad Quimica y Minera de Chile S.A.		3.625		04/03/23		646,154
	650,000	g	Steel Dynamics, Inc		5.250		04/15/23		612,625
	700,000		Teck Resources Ltd		2.500		02/01/18		692,621
	800,000		Teck Resources Ltd		3.750		02/01/23		736,413
	125,000		Teck Resources Ltd		6.000		08/15/40		116,173
	525,000		Teck Resources Ltd		5.200		03/01/42		446,478
	950,000		Tronox Finance LLC		6.375		08/15/20		940,500
	625,000	g	Turkiye Sise ve Cam Fabrikalari AS.		4.250		05/09/20		540,000
	355,000	g	USG Corp		7.875		03/30/20		384,731
	500,000		Verso Paper Holdings LLC		11.750		01/15/19		516,250
			TOTAL MATERIALS						58,431,034
MEDIA - 2.5%
	2,000,000		AMC Entertainment, Inc		8.750		06/01/19		2,150,000
	1,100,000		CCO Holdings LLC		6.500		04/30/21		1,116,500
	2,000,000		Cinemark USA, Inc		5.125		12/15/22		1,875,000
	2,350,000		Comcast Corp		2.850		01/15/23		2,228,449
	2,625,000		Comcast Corp		4.250		01/15/33		2,475,512
	1,000,000		CSC Holdings LLC		6.750		11/15/21		1,070,000
	1,750,000		DIRECTV Holdings LLC		2.400		03/15/17		1,758,099
	1,000,000		DIRECTV Holdings LLC		1.750		01/15/18		964,179
	500,000		Discovery Communications LLC		4.950		05/15/42		462,454
	925,000		Discovery Communications LLC		4.875		04/01/43		853,501
	2,015,000		DISH DBS Corp		4.625		07/15/17		2,060,338
	250,000		Interpublic Group of Cos, Inc		6.250		11/15/14		261,875
	1,435,000		Lamar Media Corp		7.875		04/15/18		1,531,863
	1,000,000		Lamar Media Corp		5.000		05/01/23		927,500
	2,650,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		2,609,134
	700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		679,678
	1,000,000		NBC Universal Media LLC		2.875		01/15/23		951,006
	125,000		News America, Inc		7.625		11/30/28		153,419
	90,000		News America, Inc		6.550		03/15/33		102,459
	325,000		News America, Inc		6.650		11/15/37		369,267
	250,000		News America, Inc		6.900		08/15/39		290,613
	963,000		Nielsen Finance LLC		7.750		10/15/18		1,047,263
	400,000		Nielsen Finance LLC		4.500		10/01/20		385,000
	900,000		Regal Entertainment Group		5.750		06/15/23		848,250
	450,000		Regal Entertainment Group		5.750		02/01/25		415,125
	1,400,000	g	Sirius XM Radio, Inc		5.875		10/01/20		1,412,250
	350,000		Time Warner Cable, Inc		8.750		02/14/19		411,777
	625,000		Time Warner Cable, Inc		8.250		04/01/19		723,501
	1,075,000		Time Warner Cable, Inc		4.500		09/15/42		785,999
	940,000		Time Warner, Inc		3.150		07/15/15		978,438
	1,000,000		Time Warner, Inc		4.700		01/15/21		1,068,735

130

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Time Warner, Inc		3.400	%	06/15/22	$	970,764
	275,000		Time Warner, Inc		6.500		11/15/36		306,007
	700,000		Time Warner, Inc		4.900		06/15/42		654,791
	2,000,000	g	Univision Communications, Inc		7.875		11/01/20		2,187,500
	1,525,000	g	Univision Communications, Inc		5.125		05/15/23		1,460,188
	1,500,000		Viacom, Inc		1.250		02/27/15		1,504,059
	700,000		Viacom, Inc		2.500		12/15/16		717,276
	1,500,000		Viacom, Inc		2.500		09/01/18		1,497,243
	1,000,000		Viacom, Inc		5.850		09/01/43		1,018,020
			TOTAL MEDIA						43,283,032
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
	1,500,000		AbbVie, Inc		1.200		11/06/15		1,505,427
	1,200,000		AbbVie, Inc		1.750		11/06/17		1,190,148
	475,000		AbbVie, Inc		2.900		11/06/22		444,225
	1,050,000	g	CFR International S.p.A		5.125		12/06/22		963,736
	429,000		Endo Pharmaceuticals Holdings, Inc		7.000		07/15/19		441,870
	2,150,000		Hospira, Inc		5.200		08/12/20		2,187,399
	1,000,000	g	Mylan, Inc		7.875		07/15/20		1,141,067
	444,000		NBTY, Inc		9.000		10/01/18		487,290
	400,000		Perrigo Co		2.950		05/15/23		386,698
	1,000,000	g	Valeant Pharmaceuticals International		7.000		10/01/20		1,060,000
	250,000		Watson Pharmaceuticals, Inc		1.875		10/01/17		248,429
	350,000		Watson Pharmaceuticals, Inc		3.250		10/01/22		328,129
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						10,384,418
REAL ESTATE - 0.7%
	150,000		AMB Property LP		4.500		08/15/17		161,737
	600,000		AvalonBay Communities, Inc		2.850		03/15/23		544,930
	170,000		Camden Property Trust		4.625		06/15/21		179,412
	1,000,000		Developers Diversified Realty Corp		4.750		04/15/18		1,079,390
	500,000		Developers Diversified Realty Corp		7.875		09/01/20		611,989
	25,000		Federal Realty Investment Trust		5.650		06/01/16		27,694
	225,000		Federal Realty Investment Trust		3.000		08/01/22		208,917
	1,375,000		Federal Realty Investment Trust		2.750		06/01/23		1,231,435
	200,000		Healthcare Realty Trust, Inc		5.750		01/15/21		217,080
	150,000		Healthcare Realty Trust, Inc		3.750		04/15/23		139,507
	325,000	g	Healthcare Trust of America Holdings LP		3.700		04/15/23		304,605
	1,783,000		Highwoods Properties, Inc		5.850		03/15/17		1,962,500
	250,000		Kilroy Realty LP		3.800		01/15/23		234,702
	325,000		Liberty Property LP		4.125		06/15/22		322,427
	300,000		National Retail Properties, Inc		5.500		07/15/21		325,821
	525,000		National Retail Properties, Inc		3.300		04/15/23		477,078
	150,000		Regency Centers LP		5.250		08/01/15		160,285
	25,000		Regency Centers LP		5.875		06/15/17		27,851
	25,000		Simon Property Group LP		5.250		12/01/16		27,896
	825,000		Simon Property Group LP		2.800		01/30/17		854,853
	1,000,000	g	Simon Property Group LP		1.500		02/01/18		974,903
	210,000		Simon Property Group LP		10.350		04/01/19		285,629
	185,000		Ventas Realty LP		3.125		11/30/15		193,232
	575,000		Ventas Realty LP		2.000		02/15/18		563,413
	450,000		Ventas Realty LP		2.700		04/01/20		428,883

131

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,140,000		Ventas Realty LP		3.250	%	08/15/22	$	1,064,947
	450,000		Weingarten Realty Investors		3.500		04/15/23		418,493
			TOTAL REAL ESTATE						13,029,609
RETAILING - 1.5%
	907,000		Amerigas Partners LP		6.500		05/20/21		934,210
	750,000		Asbury Automotive Group, Inc		8.375		11/15/20		826,875
	500,000	g	Automotores Gildemeister S.A.		8.250		05/24/21		427,500
	250,000	g	Automotores Gildemeister S.A.		6.750		01/15/23		193,750
	1,475,000	g	BC Mountain LLC		7.000		02/01/21		1,463,937
	810,000	g	Continental Rubber Of America Corp		4.500		09/15/19		844,830
	1,500,000		Ferrellgas LP		6.500		05/01/21		1,496,250
	1,000,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		875,901
	1,500,000		Home Depot, Inc		2.250		09/10/18		1,515,900
	1,775,000		Home Depot, Inc		3.750		02/15/24		1,796,375
	1,000,000		Home Depot, Inc		4.875		02/15/44		1,008,357
	1,000,000		Limited Brands, Inc		7.000		05/01/20		1,105,000
	625,000		Limited Brands, Inc		6.625		04/01/21		675,781
	810,000		Limited Brands, Inc		5.625		02/15/22		830,250
	2,000,000		Macy’s Retail Holdings, Inc		5.900		12/01/16		2,257,812
	1,750,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		1,573,523
	400,000	g,o	New Academy Finance Co LLC		8.000		06/15/18		410,000
	645,000		O’Reilly Automotive, Inc		4.875		01/14/21		684,673
	295,000		O’Reilly Automotive, Inc		4.625		09/15/21		309,771
	350,000		O’Reilly Automotive, Inc		3.800		09/01/22		344,342
	1,100,000		Penske Automotive Group, Inc		5.750		10/01/22		1,078,000
	150,000		QVC, Inc		5.125		07/02/22		147,477
	300,000	g,o	Schaeffler Holding Finance BV		6.875		08/15/18		314,250
	800,000		Sonic Automotive, Inc		5.000		05/15/23		732,000
	3,000,000		Wal-Mart Stores, Inc		1.125		04/11/18		2,932,971
	350,000		Wal-Mart Stores, Inc		4.250		04/15/21		380,107
	725,000	g	WEX, Inc		4.750		02/01/23		659,750
			TOTAL RETAILING						25,819,592
SOFTWARE & SERVICES - 1.0%
	1,550,000	g	Activision Blizzard, Inc		5.625		09/15/21		1,551,937
	200,000	g	Activision Blizzard, Inc		6.125		09/15/23		201,000
	1,225,000	g	BMC Software Finance, Inc		8.125		07/15/21		1,270,937
	300,000	g	Ceridian Corp		11.000		03/15/21		347,250
	3,000,000		Fidelity National Information Services, Inc		5.000		03/15/22		3,043,500
	3,500,000		International Business Machines Corp		0.750		05/11/15		3,517,077
	950,000		International Business Machines Corp		1.250		02/06/17		953,114
	1,225,000		NCR Corp		4.625		02/15/21		1,148,438
	1,100,000		Oracle Corp		1.200		10/15/17		1,080,353
	1,225,000		Oracle Corp		2.500		10/15/22		1,129,270
	1,000,000		SunGard Data Systems, Inc		7.375		11/15/18		1,060,000
	145,000		SunGard Data Systems, Inc		6.625		11/01/19		147,900
	950,000	g	VeriSign, Inc		4.625		05/01/23		893,000
			TOTAL SOFTWARE & SERVICES						16,343,776

132

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 1.5%
$	2,500,000		Apple, Inc		1.000	%	05/03/18	$	2,408,135
	287,000		Brocade Communications Systems, Inc		6.875		01/15/20		309,960
	100,000		CC Holdings GS V LLC		2.381		12/15/17		98,584
	1,000,000		Flextronics International Ltd		4.625		02/15/20		970,000
	5,950,000		General Electric Co		0.850		10/09/15		5,963,715
	75,000		General Electric Co		5.250		12/06/17		85,361
	475,000		General Electric Co		2.700		10/09/22		448,045
	1,000,000		Hewlett-Packard Co		3.300		12/09/16		1,040,389
	1,160,000		Jabil Circuit, Inc		5.625		12/15/20		1,194,800
	2,985,000		L-3 Communications Corp		3.950		11/15/16		3,183,879
	2,000,000		L-3 Communications Corp		4.950		02/15/21		2,117,848
	575,000	g	NXP BV		3.750		06/01/18		560,625
	600,000	g	NXP Funding LLC		5.750		03/15/23		594,000
	500,000		Scientific Games Corp		8.125		09/15/18		533,750
	564,000		Scientific Games Corp		9.250		06/15/19		607,710
	1,000,000		Tyco Electronics Group S.A.		1.600		02/03/15		1,007,463
	525,000		Xerox Corp		8.250		05/15/14		548,753
	1,000,000		Xerox Corp		4.250		02/15/15		1,042,675
	3,000,000		Xerox Corp		2.950		03/15/17		3,076,473
	225,000		Xerox Corp		4.500		05/15/21		233,855
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						26,026,020
TELECOMMUNICATION SERVICES - 2.7%
	1,040,000		America Movil SAB de C.V.		3.125		07/16/22		957,276
	2,000,000		American Tower Corp		3.400		02/15/19		1,976,778
	475,000		American Tower Corp		4.700		03/15/22		461,529
	550,000		American Tower Corp		3.500		01/31/23		482,792
	2,250,000		AT&T, Inc		2.950		05/15/16		2,352,667
	450,000		AT&T, Inc		1.400		12/01/17		439,275
	1,200,000		AT&T, Inc		2.625		12/01/22		1,075,540
	800,000		AT&T, Inc		6.300		01/15/38		864,614
	443,000		AT&T, Inc		4.350		06/15/45		365,673
	500,000		Axiata SPV1 (Labuan) Ltd		5.375		04/28/20		529,979
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,342,500
	550,000		Cellco Partnership		8.500		11/15/18		704,817
	900,000	g,o	CommScope Holding Co, Inc		6.625		06/01/20		895,500
	750,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		760,916
	425,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		400,275
	925,000		Intelsat Jackson Holdings S.A.		7.500		04/01/21		999,000
	550,000	g	Intelsat Jackson Holdings S.A.		5.500		08/01/23		514,250
	1,000,000	g	Intelsat Luxembourg S.A.		8.125		06/01/23		1,055,000
	160,000	g	Lynx I Corp		5.375		04/15/21		156,000
	780,000	g	Lynx II Corp		6.375		04/15/23		776,100
	1,750,000	g	Oi S.A.		5.750		02/10/22		1,531,250
	1,000,000		PCCW-HKT Capital No 4 Ltd		4.250		02/24/16		1,053,770
	725,000		PCCW-HKT Capital No 5 Ltd		3.750		03/08/23		654,998
	750,000	g	Qtel International Finance Ltd		3.875		01/31/28		656,250
	175,000	g	SES		3.600		04/04/23		164,612
	1,325,000	g	Sprint Corp		7.250		09/15/21		1,338,250
	1,050,000	g	Sprint Corp		7.875		09/15/23		1,071,000

133

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,175,000		Sprint Nextel Corp		6.000	%	11/15/22	$	2,001,000
	500,000		Starz LLC		5.000		09/15/19		495,000
	1,000,000		Telefonica Emisiones SAU		3.992		02/16/16		1,035,876
	800,000		Telefonica Emisiones SAU		3.192		04/27/18		789,352
	750,000		Telefonica Emisiones SAU		4.570		04/27/23		719,233
	500,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		548,565
	1,800,000		Verizon Communications, Inc		0.700		11/02/15		1,788,736
	4,100,000		Verizon Communications, Inc		3.650		09/14/18		4,320,141
	137,000		Verizon Communications, Inc		8.750		11/01/18		176,006
	4,500,000		Verizon Communications, Inc		5.150		09/15/23		4,823,037
	1,300,000		Verizon Communications, Inc		3.850		11/01/42		1,026,545
	4,875,000		Verizon Communications, Inc		6.550		09/15/43		5,503,568
	1,425,000		Windstream Corp		6.375		08/01/23		1,303,875
			TOTAL TELECOMMUNICATION SERVICES						48,111,545
TRANSPORTATION - 0.9%
	655,000	g	Asciano Finance Ltd		5.000		04/07/18		694,838
	750,000	g	Bombardier, Inc		7.500		03/15/18		841,875
	600,000	g	Bombardier, Inc		7.750		03/15/20		678,000
	600,000	g	Bombardier, Inc		6.125		01/15/23		600,000
	225,000		Bristow Group, Inc		6.250		10/15/22		234,000
	1,000,000	g	DP World Ltd		6.850		07/02/37		1,005,000
	167,747	g	Embraer Overseas Ltd		5.696		09/16/23		163,553
	275,000		Embraer S.A.		5.150		06/15/22		266,750
	1,000,000	g	ERAC USA Finance LLC		2.800		11/01/18		1,007,102
	2,115,000		GATX Corp		2.375		07/30/18		2,089,609
	1,000,000		Gulfmark Offshore, Inc		6.375		03/15/22		1,000,000
	1,000,000	g	Hertz Corp		4.250		04/01/18		982,500
	500,000		Hertz Corp		7.500		10/15/18		538,750
	350,000		Hertz Corp		5.875		10/15/20		360,500
	1,000,000		Hertz Corp		7.375		01/15/21		1,075,000
	750,000		Hertz Corp		6.250		10/15/22		774,375
	400,000	g	Kansas City Southern de Mexico S.A. de C.V.		2.350		05/15/20		381,339
	250,000	g	Kansas City Southern Railway		4.300		05/15/43		221,266
	375,000		Northrop Grumman Corp		1.750		06/01/18		368,056
	575,000		Northrop Grumman Corp		3.250		08/01/23		543,443
	1,060,000	g	Transnet Ltd		4.500		02/10/16		1,093,125
	665,000	g	Transnet SOC Ltd		4.000		07/26/22		586,863
	525,000		United Parcel Service, Inc		3.625		10/01/42		450,102
			TOTAL TRANSPORTATION						15,956,046
UTILITIES - 3.0%
	750,000	g	Abu Dhabi National Energy Co		5.875		10/27/16		832,500
	1,750,000	g	Abu Dhabi National Energy Co		4.125		03/13/17		1,830,937
	1,750,000		AES Corp		8.000		10/15/17		2,012,500
	425,000		AES Corp		4.875		05/15/23		397,375
	625,000		AGL Capital Corp		4.400		06/01/43		568,911
	365,000		Alliant Energy Corp		4.000		10/15/14		377,133
	250,000		Atmos Energy Corp		8.500		03/15/19		321,856
	525,000		Atmos Energy Corp		4.150		01/15/43		466,175
	675,000	g	Calpine Corp		7.500		02/15/21		717,187

134

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	634,000	g	Calpine Corp		7.875	%	01/15/23	$	667,285
	250,000		Carolina Power & Light Co		5.300		01/15/19		288,184
	275,000		Carolina Power & Light Co		5.700		04/01/35		303,185
	300,000		CenterPoint Energy Resources Corp		6.250		02/01/37		341,291
	2,050,000	g	CEZ AS.		4.250		04/03/22		2,047,950
	750,000		CLP Power Hong Kong Financing Ltd		3.375		10/26/27		650,859
	1,000,000		CMS Energy Corp		5.050		03/15/22		1,071,140
	500,000		CMS Energy Corp		4.700		03/31/43		463,072
	1,025,000	g	Colbun S.A.		6.000		01/21/20		1,095,283
	1,000,000	g	Comision Federal de Electricidad		4.875		05/26/21		1,025,000
	625,000	g	Comision Federal de Electricidad		5.750		02/14/42		578,125
	1,895,000		Commonwealth Edison Co		4.000		08/01/20		2,021,133
	200,000		Commonwealth Edison Co		5.900		03/15/36		231,478
	200,000		Connecticut Light & Power Co		5.500		02/01/19		230,940
	750,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		666,073
	1,000,000		Consumers Energy Co		3.375		08/15/23		998,115
	375,000		Detroit Edison Co		3.950		06/15/42		339,018
	200,000		Duke Energy Carolinas LLC		4.300		06/15/20		216,713
	1,000,000		Duke Energy Corp		3.950		09/15/14		1,031,549
	825,000		Duke Energy Ohio, Inc		3.800		09/01/23		842,978
	975,000		Florida Power & Light Co		2.750		06/01/23		925,696
	250,000		Indiana Michigan Power Co		7.000		03/15/19		299,934
	415,000	g	Inergy Midstream LP		6.000		12/15/20		411,888
	125,000		Integrys Energy Group, Inc		4.170		11/01/20		130,869
	375,000	g	Israel Electric Corp Ltd		6.700		02/10/17		402,656
	1,000,000	g	Israel Electric Corp Ltd		5.625		06/21/18		1,032,500
	500,000	g	Israel Electric Corp Ltd		7.250		01/15/19		546,875
	100,000	g	Kansas Gas & Electric		6.700		06/15/19		122,718
	200,000	g	KazMunayGas National Co JSC		4.400		04/30/23		186,500
	1,000,000		Kinder Morgan Energy Partners LP		3.450		02/15/23		935,198
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,494,834
	350,000		LG&E and KU Energy LLC		3.750		11/15/20		354,419
	500,000	g	Majapahit Holding BV		7.875		06/29/37		520,000
	250,000		Midamerican Energy Holdings Co		5.950		05/15/37		277,427
	1,000,000		Nevada Power Co		5.450		05/15/41		1,096,880
	750,000		NiSource Finance Corp		4.800		02/15/44		671,665
	1,500,000		Northeast Utilities		1.450		05/01/18		1,461,527
	1,500,000		NRG Energy, Inc		7.875		05/15/21		1,605,000
	500,000		NRG Energy, Inc		6.625		03/15/23		490,000
	750,000		NTPC Ltd		5.625		07/14/21		737,920
	500,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		479,144
	300,000		ONEOK Partners LP		3.375		10/01/22		276,366
	325,000		Pacific Gas & Electric Co		8.250		10/15/18		414,994
	350,000		PacifiCorp		2.950		02/01/22		342,203
	250,000		Pepco Holdings, Inc		2.700		10/01/15		256,996
	200,000	g	Perusahaan Listrik Negara PT		5.500		11/22/21		191,000
	500,000		PG&E Corp		5.750		04/01/14		512,080
	50,000		Potomac Electric Power Co		7.900		12/15/38		72,305
	500,000		PPL Capital Funding, Inc		4.200		06/15/22		497,552
	275,000		Progress Energy, Inc		7.050		03/15/19		332,304

135

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	550,000		Public Service Co of Colorado		4.750	%	08/15/41	$	566,195
	400,000		Public Service Co of Oklahoma		5.150		12/01/19		454,547
	1,150,000		Public Service Electric & Gas Co		2.375		05/15/23		1,053,332
	1,750,000		Questar Market Resources, Inc		6.875		03/01/21		1,859,375
	1,250,000	g	Sabine Pass Liquefaction LLC		5.625		02/01/21		1,223,438
	500,000		Sabine Pass LNG LP		7.500		11/30/16		550,000
	150,000		San Diego Gas & Electric Co		3.000		08/15/21		150,339
	300,000		San Diego Gas & Electric Co		3.950		11/15/41		275,973
	2,000,000		Southern California Edison Co		4.650		10/01/43		1,977,050
	200,000		Tampa Electric Co		4.100		06/15/42		179,102
	750,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		648,750
	420,000		Virginia Electric and Power Co		2.950		01/15/22		413,386
	850,000		Virginia Electric and Power Co		4.650		08/15/43		842,912
	225,000		Williams Partners LP		3.800		02/15/15		233,545
	650,000		Williams Partners LP		3.350		08/15/22		601,797
	1,000,000	g	WPD Investment Holdings Ltd		3.900		05/01/16		1,048,166
	300,000		Xcel Energy, Inc		4.800		09/15/41		294,470
			TOTAL UTILITIES						52,085,772
			TOTAL CORPORATE BONDS						712,983,692
			(Cost $712,719,565)
GOVERNMENT BONDS -  39.2%
AGENCY SECURITIES - 0.3%
	750,000		Amber Circle Funding LTD		3.250		12/04/22		687,638
	1,484,780		Cal Dive I- Title XI, Inc		4.930		02/01/27		1,611,726
	415,000		Federal Home Loan Mortgage Corp (FHLMC)		2.500		04/23/14		420,645
	3,000,000		Private Export Funding Corp (PEFCO)		2.050		11/15/22		2,721,333
			TOTAL AGENCY SECURITIES						5,441,342
FOREIGN GOVERNMENT BONDS - 4.5%
	1,000,000	g	Banco Nacional de Desenvolvimento Economico e Social		3.375		09/26/16		1,003,000
	750,000	g	Barbados Government International Bond		7.000		08/04/22		706,875
	1,000,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		962,500
	1,550,000		Brazilian Government International Bond		12.500		01/05/16		751,816
	900,000		Brazilian Government International Bond		2.625		01/05/23		789,750
	1,275,000		Canada Government International Bond		0.875		02/14/17		1,274,235
	2,944,166	g,m	Carpintero Finance Ltd		2.581		11/11/24		2,895,500
	215,000		Chile Government International Bond		3.875		08/05/20		224,137
	260,000		Colombia Government International Bond		4.375		07/12/21		268,450
	425,000		Colombia Government International Bond		2.625		03/15/23		376,125
	1,375,000		Colombia Government International Bond		4.000		02/26/24		1,347,500
	875,000	g	Costa Rica Government International Bond		4.250		01/26/23		783,125
	750,000	g	Croatia Government International Bond		6.250		04/27/17		788,115
	270,000	g	Croatia Government International Bond		6.375		03/24/21		278,842
	700,000	g	Croatia Government International Bond		5.500		04/04/23		670,250
	500,000	g	Democratic Socialist Republic of Sri Lanka		7.400		01/22/15		515,000
	1,000,000	g	Dominican Republic International Bond		5.875		04/18/24		927,500
	500,000		Egypt Government AID Bonds		4.450		09/15/15		538,026
	275,000		European Investment Bank		4.875		02/15/36		304,203

136

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Export Development Canada		2.250	%	05/28/15	$	515,595
	600,000		Export-Import Bank of Korea		1.250		11/20/15		600,443
	550,000		Export-Import Bank of Korea		1.750		02/27/18		535,160
	525,000		Export-Import Bank of Korea		5.125		06/29/20		575,884
	100,000		Federative Republic of Brazil		6.000		01/17/17		111,850
	630,000		Hungary Government International Bond		4.125		02/19/18		623,700
	1,500,000	g	Iceland Government International Bond		4.875		06/16/16		1,569,000
	750,000	g	Indonesia Government International Bond		3.750		04/25/22		675,000
	225,000		Italy Government International Bond		5.375		06/12/17		245,317
	180,000		Italy Government International Bond		6.875		09/27/23		216,076
	3,000,000		KFW		2.625		01/25/22		2,972,943
	1,900,000	g	Kommunalbanken AS.		1.375		06/08/17		1,907,600
	1,000,000	g,i	Kommunalbanken AS.		0.444		02/20/18		998,719
	2,800,000	g	Korea Housing Finance Corp		1.625		09/15/18		2,637,757
	750,000	g	Lithuania Government International Bond		5.125		09/14/17		819,375
	9,590,000		Mexican Bonos		8.000		12/07/23		837,508
	750,000		Mexico Government International Bond		3.625		03/15/22		744,000
	150,000		Mexico Government International Bond		6.750		09/27/34		177,750
	250,000		Mexico Government International Bond		4.750		03/08/44		226,250
	1,150,000	g	Morocco Government International Bond		4.250		12/11/22		1,046,730
	500,000	g	Namibia International Bonds		5.500		11/03/21		505,000
	575,000	g	National Bank of Canada		1.650		01/30/14		577,610
	1,000,000	g	Nigeria Government International Bond		5.125		07/12/18		1,015,000
	2,000,000		North American Development Bank		2.400		10/26/22		1,797,000
	1,250,000		Panama Government International Bond		5.200		01/30/20		1,371,875
	135,000		Peruvian Government International Bond		7.350		07/21/25		172,463
	433,000		Poland Government International Bond		5.125		04/21/21		470,888
	375,000		Poland Government International Bond		3.000		03/17/23		343,500
	750,000		Province of British Columbia Canada		2.850		06/15/15		781,020
	5,000,000		Province of British Columbia Canada		1.200		04/25/17		5,023,510
	500,000		Province of Ontario Canada		2.950		02/05/15		517,085
	1,750,000		Province of Ontario Canada		2.700		06/16/15		1,815,538
	5,000,000		Province of Ontario Canada		2.300		05/10/16		5,188,500
	620,000		Province of Quebec Canada		4.625		05/14/18		698,802
	1,000,000		Province of Quebec Canada		3.500		07/29/20		1,046,400
	3,000,000		Province of Quebec Canada		2.750		08/25/21		2,927,040
	1,000,000	g	Republic of Ghana		7.875		08/07/23		970,000
	1,000,000		Republic of Korea		3.875		09/11/23		1,017,992
	1,500,000	g	Republic of Latvia		2.750		01/12/20		1,421,889
	500,000	g	Republic of Serbia		4.875		02/25/20		466,875
	197,394	i	Republic of Serbia		6.750		11/01/24		191,965
	1,000,000		Republic of Turkey		7.500		07/14/17		1,131,250
	750,000	g	Romanian Government International Bond		6.750		02/07/22		855,150
	775,000	g	Romanian Government International Bond		4.375		08/22/23		741,094
	750,000	g	Russian Foreign Bond - Eurobond		3.250		04/04/17		779,423
	1,000,000	g	Slovakia Government International Bond		4.375		05/21/22		1,031,500
	875,000	g	Slovenia Government International Bond		5.500		10/26/22		813,750
	400,000		South Africa Government International Bond		5.875		05/30/22		432,000
	750,000		South Africa Government International Bond		4.665		01/17/24		727,500
	1,125,000		South Africa Government International Bond		5.875		09/16/25		1,182,656
	2,000,000	g	Spain Government International Bond		4.000		03/06/18		2,032,600

137

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,460,000	g	Sri Lanka Government International Bond		5.875	%	07/25/22	$	1,335,900
	750,000		Turkey Government International Bond		6.750		04/03/18		828,000
	1,000,000		Turkey Government International Bond		5.625		03/30/21		1,039,000
	152,000		United Mexican States		5.875		02/17/14		154,812
	300,000		United Mexican States		5.950		03/19/19		346,500
	500,000		United Mexican States		5.125		01/15/20		557,250
	882,000		Uruguay Government International Bond		4.500		08/14/24		895,230
			TOTAL FOREIGN GOVERNMENT BONDS						76,645,173
MORTGAGE BACKED - 20.2%
	257,030	i	Federal Home Loan Mortgage Corp (FHLMC)		2.436		02/01/36		272,303
	1,066,619	i	FHLMC		2.565		07/01/36		1,131,162
	323,467	i	FHLMC		2.303		09/01/36		346,013
	184,457	i	FHLMC		2.404		09/01/36		196,515
	71,813	i	FHLMC		5.787		02/01/37		76,856
	359,235	i	FHLMC		2.714		03/01/37		383,393
	30,031	i	FHLMC		6.015		04/01/37		32,123
	6,626	i	FHLMC		6.080		05/01/37		7,003
	709,602	i	FHLMC		2.500		06/01/37		755,867
	222,954	i	FHLMC		2.864		08/01/37		235,859
	619,795		FHLMC		3.000		08/15/42		529,087
	17,372		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		18,280
	331,722		FGLMC		5.500		01/01/19		355,296
	56,577		FGLMC		4.500		01/01/20		59,812
	376,075		FGLMC		4.500		07/01/20		406,346
	105,406		FGLMC		4.500		09/01/20		111,627
	120,911		FGLMC		5.000		10/01/20		128,399
	84,649		FGLMC		5.500		10/01/20		89,194
	20,130		FGLMC		7.000		10/01/20		21,959
	90,616		FGLMC		4.500		06/01/21		95,984
	168,159		FGLMC		5.500		08/01/21		181,778
	54,212		FGLMC		5.000		04/01/23		58,562
	64,826		FGLMC		4.500		09/01/24		68,552
	41,204		FGLMC		6.500		01/01/29		45,710
	2,558		FGLMC		8.000		01/01/31		2,958
	70,336		FGLMC		6.000		03/01/33		76,547
	651,434		FGLMC		5.500		12/01/33		714,045
	755,964		FGLMC		7.000		12/01/33		857,827
	462,995		FGLMC		5.000		01/01/34		502,090
	194,800		FGLMC		5.000		05/01/34		211,292
	234,634		FGLMC		4.500		10/01/34		250,660
	114,102		FGLMC		5.500		12/01/34		123,803
	344,977		FGLMC		5.500		03/01/35		374,533
	326,753		FGLMC		6.000		04/01/35		356,181
	279,622		FGLMC		7.000		05/01/35		306,913
	523,678		FGLMC		5.500		06/01/35		567,292
	593,493		FGLMC		5.500		06/01/35		642,729
	51,876		FGLMC		5.000		02/01/36		56,001
	105,922		FGLMC		5.500		04/01/36		114,544
	2,803		FGLMC		6.500		05/01/36		3,100
	137,013		FGLMC		6.500		10/01/36		155,911

138

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	26,690		FGLMC		6.000	%	09/01/37	$	29,314
	102,125		FGLMC		6.500		11/01/37		112,967
	390,258		FGLMC		5.000		04/01/38		421,230
	167,028		FGLMC		6.000		11/01/38		181,778
	353,176		FGLMC		4.500		11/01/40		380,971
	1,165,529		FGLMC		4.000		12/01/40		1,224,158
	2,372,380		FGLMC		4.000		12/01/40		2,486,502
	2,730,191		FGLMC		4.000		12/01/40		2,868,051
	402,705		FGLMC		4.500		12/01/40		433,540
	3,000,000	h	FGLMC		3.500		11/15/42		3,035,156
	8,000,000	h	FGLMC		4.000		11/15/42		8,332,500
	9,000,000	h	FGLMC		4.500		11/15/42		9,549,844
	405,819		Federal National Mortgage Association (FNMA)		4.854		02/01/14		406,518
	2,556,668		FNMA		4.640		11/01/14		2,620,450
	182,068		FNMA		4.832		01/01/15		185,699
	28,300		FNMA		6.500		10/01/16		29,509
	19,770		FNMA		6.500		11/01/16		20,832
	80,839		FNMA		5.000		12/01/17		86,004
	24,079		FNMA		6.500		02/01/18		25,682
	88,398		FNMA		5.500		04/01/18		93,426
	49,989		FNMA		5.500		05/01/18		52,652
	40,209		FNMA		6.000		01/01/19		43,901
	666,409		FNMA		4.000		02/25/19		697,430
	220,344		FNMA		4.500		04/01/19		234,149
	55,166		FNMA		4.500		06/01/19		58,637
	86,734		FNMA		5.000		03/01/20		92,224
	28,565		FNMA		4.500		11/01/20		30,352
	29,947		FNMA		4.500		12/01/20		32,506
	59,062		FNMA		5.000		12/01/20		63,357
	139,912		FNMA		5.000		03/01/21		148,848
	18,628		FNMA		8.000		03/01/23		21,048
	166,726		FNMA		5.500		02/01/24		182,888
	112,513		FNMA		4.000		05/01/24		119,477
	375,202		FNMA		5.500		07/01/24		411,713
	149,416		FNMA		4.500		08/01/24		158,890
	699,541		FNMA		5.000		10/01/25		760,244
	7,952		FNMA		9.000		11/01/25		9,380
	4,348,279		FNMA		3.000		05/01/27		4,513,900
	2,348,752		FNMA		2.500		10/01/27		2,365,530
	3,674,408		FNMA		2.500		06/01/28		3,698,315
	1,000,000	h	FNMA		2.500		10/25/28		1,005,625
	29,000,000	h	FNMA		3.000		10/25/28		30,024,063
	1,000,000	h	FNMA		4.000		10/25/28		1,060,938
	7,491		FNMA		7.500		01/01/29		8,618
	225,256		FNMA		7.000		07/01/32		257,154
	164,554		FNMA		4.500		03/25/33		172,968
	273,771		FNMA		4.500		10/01/33		293,239
	470,740		FNMA		5.000		11/01/33		519,008
	257,267		FNMA		5.000		11/01/33		278,811
	104,556		FNMA		5.500		12/01/33		114,766
	197,887		FNMA		6.000		08/01/34		218,985

139

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	83,395		FNMA		6.000	%	12/01/34	$	91,662
	308,294		FNMA		5.500		02/01/35		336,854
	124,723		FNMA		6.000		04/01/35		138,020
	1,030,629		FNMA		5.500		05/01/35		1,140,871
	893,801		FNMA		5.500		05/01/35		975,005
	360,968		FNMA		6.000		05/01/35		394,304
	14,392		FNMA		7.500		06/01/35		15,762
	194,418		FNMA		6.000		07/01/35		212,282
	188,691		FNMA		5.500		12/01/35		205,291
	157,621		FNMA		6.000		03/01/36		173,235
	306,793		FNMA		6.000		04/01/36		335,934
	287,873	i	FNMA		2.392		07/01/36		308,707
	410,860	i	FNMA		2.693		09/01/36		438,094
	96,395		FNMA		6.000		12/01/36		105,197
	83,133		FNMA		7.000		02/01/37		95,399
	197,125		FNMA		6.500		03/01/37		219,958
	22,284		FNMA		7.000		04/01/37		25,864
	63,422		FNMA		6.500		08/01/37		70,218
	30,969		FNMA		6.000		09/01/37		34,566
	43,155		FNMA		6.000		09/01/37		48,125
	45,663		FNMA		6.000		09/01/37		50,965
	31,291		FNMA		6.000		09/01/37		34,320
	44,157		FNMA		6.500		09/01/37		48,804
	174,636		FNMA		6.500		09/01/37		193,012
	99,693	i	FNMA		2.478		10/01/37		106,315
	1,263,823		FNMA		6.000		11/01/37		1,379,228
	39,760		FNMA		6.000		11/01/37		43,391
	248,622		FNMA		6.000		11/01/38		271,324
	109,350		FNMA		6.000		01/01/39		119,335
	93,939		FNMA		6.000		01/01/39		102,517
	395,169		FNMA		4.500		02/01/39		421,740
	3,445,157		FNMA		6.000		04/01/39		3,759,750
	255,509		FNMA		4.500		08/01/39		272,726
	614,429		FNMA		5.500		08/01/39		671,842
	1,022,212		FNMA		4.500		09/01/40		1,092,273
	3,362,338		FNMA		4.500		10/01/40		3,610,121
	1,250,484		FNMA		4.500		11/01/40		1,339,065
	1,929,606		FNMA		3.500		10/01/42		1,966,015
	480,670		FNMA		3.000		12/01/42		470,041
	1,006,047		FNMA		3.000		02/01/43		984,583
	3,680,530		FNMA		3.000		03/01/43		3,599,430
	998,842		FNMA		3.000		07/01/43		964,148
	1,000,000	h	FNMA		2.500		10/25/43		929,063
	23,000,000	h	FNMA		3.000		10/25/43		22,468,125
	33,000,000	h	FNMA		3.500		10/25/43		33,592,970
	25,000,000	h	FNMA		4.000		10/25/43		26,222,655
	22,000,000	h	FNMA		4.500		10/25/43		23,495,314
	11,000,000	h	FNMA		5.000		10/25/43		11,928,125

140

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,000,000	h	FNMA		5.500	%	10/25/43	$	4,360,000
	2,000,000	h	FNMA		6.000		10/25/43		2,187,500
	16,000,000	h	FNMA		3.500		11/25/43		16,235,001
	33,000,000	h	FNMA		4.000		11/25/43		34,500,467
	1,000,000	h	FNMA		4.500		11/25/43		1,065,000
	18,225		Government National Mortgage Association (GNMA)		7.500		11/15/23		20,749
	4,154		GNMA		7.500		08/15/28		4,262
	22,254		GNMA		6.500		12/15/28		24,967
	61,111		GNMA		6.500		03/15/29		70,184
	23,084		GNMA		8.500		10/20/30		27,738
	6,429		GNMA		7.000		06/20/31		7,297
	137,525		GNMA		5.000		02/15/33		149,563
	68,914		GNMA		5.500		07/15/33		75,515
	703,856		GNMA		5.000		09/15/33		770,878
	128,814		GNMA		5.500		11/20/33		142,751
	515,513		GNMA		5.500		02/20/35		571,596
	179,006		GNMA		5.500		03/20/35		198,481
	80,868		GNMA		6.000		10/20/36		89,162
	84,883		GNMA		6.000		01/20/37		93,568
	125,576		GNMA		6.000		02/20/37		138,423
	110,991		GNMA		5.000		04/15/38		120,776
	100,793		GNMA		5.500		07/15/38		110,285
	181,952		GNMA		5.500		07/20/38		200,109
	73,181		GNMA		6.000		08/20/38		80,459
	132,869		GNMA		5.000		07/20/39		146,028
	158,162		GNMA		4.000		08/15/39		167,018
	5,463,893		GNMA		4.500		01/20/41		5,913,406
	4,000,000	h	GNMA		3.000		10/15/43		3,943,125
	24,000,000	h	GNMA		3.500		10/15/43		24,671,251
	6,000,000	h	GNMA		4.000		10/15/43		6,328,125
	2,000,000	h	GNMA		4.500		10/15/43		2,146,875
	7,000,000	h	GNMA		3.000		10/20/43		6,917,968
	6,000,000	h	GNMA		3.500		10/20/43		6,189,376
	1,000,000	h	GNMA		5.000		10/20/43		1,088,594
			TOTAL MORTGAGE BACKED						355,356,895
MUNICIPAL BONDS - 3.8%
	1,000,000		American Municipal Power		6.270		02/15/50		1,029,540
	4,000,000		California State Department of Water Resources		3.237		12/01/27		3,684,680
	3,000,000		Denver City & County School District No		4.242		12/15/37		2,750,430
	600,000		Grant County Public Utility District No 2		5.630		01/01/27		675,414
	2,000,000		Illinois Housing Development Authority		4.105		07/01/27		1,864,920
	1,000,000		Maine Municipal Bond Bank		3.368		06/01/19		1,014,870
	3,000,000		Maine Municipal Bond Bank		3.668		06/01/20		3,049,830
	375,000		Massachusetts Housing Finance Agency		1.306		06/01/16		371,944
	500,000		Massachusetts Housing Finance Agency		1.602		12/01/16		495,900
	400,000		Massachusetts Housing Finance Agency		1.776		06/01/17		394,060
	450,000		Massachusetts Housing Finance Agency		1.876		12/01/17		443,777
	250,000		Massachusetts Housing Finance Agency		2.807		12/01/19		241,295
	2,500,000		Massachusetts Housing Finance Agency		4.786		12/01/32		2,321,100
	2,000,000		San Francisco Bay Area Rapid Transit District		3.477		07/01/27		1,844,120

141

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,000,000		State of California		4.988	%	04/01/39	$	4,704,950
	775,000		State of California		7.625		03/01/40		1,013,289
	5,000,000		State of Connecticut		3.517		08/15/21		5,055,650
	6,975,000		State of Georgia		4.625		02/01/32		6,996,483
	3,000,000		State of Georgia		4.530		02/01/33		2,902,890
	5,000,000		State of Illinois		3.650		04/01/20		4,693,400
	775,000		State of Illinois		6.725		04/01/35		778,294
	3,000,000		State of Illinois		5.520		04/01/38		2,492,460
	3,000,000		State of Michigan		3.800		05/15/33		2,553,510
	5,000,000	h	Texas A&M University		4.772		05/15/33		5,061,000
	1,310,000		Trustees of Boston College		3.519		07/01/21		1,317,493
	3,000,000		Trustees of Boston College		3.769		07/01/22		3,014,670
	4,000,000		University of California		4.062		05/15/33		3,641,400
	2,740,000		Virginia Housing Development Authority		3.668		10/01/27		2,475,864
			TOTAL MUNICIPAL BONDS						66,883,233
U.S. TREASURY SECURITIES - 10.4%
	3,902,500		United States Treasury Bond		5.250		02/15/29		4,878,734
	15,500,000		United States Treasury Bond		5.375		02/15/31		19,767,336
	742,500		United States Treasury Bond		4.750		02/15/41		889,724
	14,130,000		United States Treasury Bond		4.375		05/15/41		15,975,731
	6,372,000		United States Treasury Bond		3.125		02/15/43		5,708,917
	4,975,000		United States Treasury Bond		2.875		05/15/43		4,222,531
	4,000,000		United States Treasury Bond		3.625		08/15/43		3,953,752
	830,000		United States Treasury Note		0.125		12/31/13		830,162
	200,000		United States Treasury Note		0.250		06/30/14		200,226
	1,895,000		United States Treasury Note		0.250		09/30/14		1,897,516
	1,500,000		United States Treasury Note		0.250		10/31/14		1,501,758
	2,886,000		United States Treasury Note		0.250		11/30/14		2,889,270
	2,745,000		United States Treasury Note		0.250		02/28/15		2,746,823
	2,887,000		United States Treasury Note		2.500		04/30/15		2,989,737
	8,978,000		United States Treasury Note		0.250		05/31/15		8,976,249
	8,002,000		United States Treasury Note		1.250		09/30/15		8,149,541
	5,230,000		United States Treasury Note		0.500		06/15/16		5,225,094
	2,590,000		United States Treasury Note		0.875		09/15/16		2,609,021
	18,346,000		United States Treasury Note		1.500		08/31/18		18,467,836
	530,000		United States Treasury Note		1.750		10/31/18		538,820
	205,000		United States Treasury Note		1.250		10/31/19		199,074
	7,500,000		United States Treasury Note		1.125		12/31/19		7,190,625
	5,000,000		United States Treasury Note		1.375		01/31/20		4,860,545
	5,000,000		United States Treasury Note		1.125		04/30/20		4,753,125
	7,500,000		United States Treasury Note		1.375		05/31/20		7,236,915
	19,485,000		United States Treasury Note		2.000		07/31/20		19,533,712
	7,500,000		United States Treasury Note		2.125		08/31/20		7,566,210
	5,000,000		United States Treasury Note		2.000		09/30/20		4,995,310
	280,000		United States Treasury Note		2.625		11/15/20		291,200
	3,302,000	l	United States Treasury Note		8.000		11/15/21		4,725,730
	9,080,000		United States Treasury Note		2.500		08/15/23		8,987,784
			TOTAL U.S. TREASURY SECURITIES						182,759,008
			TOTAL GOVERNMENT BONDS						687,085,651
			(Cost $679,677,190)

142

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
STRUCTURED ASSETS - 9.6%
ASSET BACKED - 4.7%
$	504,741	i	Accredited Mortgage Loan Trust		4.330	%	06/25/33	$	432,652
			Series - 2003 1 (Class A1)
	374,960	i	Ameriquest Mortgage Securities		0.499		05/25/35		374,280
			Series - 0 R3 (Class A3D)
	4,500,000	i	Asset Backed Securities Corp Home Equity Loan Trust		0.884		04/25/35		4,415,701
			Series - 2005 HE3 (Class M3)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		2,145,378
			Series - 2011 5A (Class B)
	3,589,620	i	Bear Stearns Asset Backed Securities Trust		0.579		02/25/36		3,366,874
			Series - 2006 EC2 (Class M1)
	582,492	i	Bear Stearns Asset Backed Securities Trust		0.919		11/25/39		568,905
			Series - 2005 SD3 (Class 2A1)
	1,000,000	g,m	CCR, Inc		4.750		07/10/22		970,000
			Series - 2012 CA (Class C)
	493,888		Centex Home Equity		5.540		01/25/32		495,589
			Series - 2002 A (Class AF6)
	2,936,967	i	Conseco Financial Corp		7.300		06/15/25		3,071,416
			Series - 1995 4 (Class B1)
	998,335	i	Conseco Financial Corp		7.600		04/15/26		879,320
			Series - 1996 2 (Class M1)
	1,258,642	i	Countrywide Asset-Backed Certificates		5.216		10/25/17		1,258,951
			Series - 2002 S4 (Class A5)
	9,923	i	Countrywide Asset-Backed Certificates		0.599		02/25/36		9,911
			Series - 2005 11 (Class 3AV3)
	3,000,000	i	Countrywide Asset-Backed Certificates		0.649		02/25/36		2,918,670
			Series - 2005 11 (Class MV1)
	39,186	g,i	Credit-Based Asset Servicing and Securitization LLC		6.159		12/25/36		39,626
			Series - 2007 MX1 (Class A1)
	1,025,000	g,i	DB/UBS Mortgage Trust		5.729		11/10/46		1,098,844
			Series - 2011 LC1A (Class C)
	4,585,202	i	FBR Securitization Trust		0.549		11/25/35		4,325,019
			Series - 2005 5 (Class AV24)
	3,172,670	i	First Frankin Mortgage Loan Trust		0.419		01/25/36		3,039,478
			Series - 2006 FF1 (Class 2A3)
	1,374,768	i	First Franklin Mortgage Loan Asset Backed Certificates		0.839		03/25/35		1,367,370
			Series - 2005 FF2 (Class M2)
	1,256,152	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		1,254,567
			Series - 2007 1A (Class AF3)
	1,771,411	g,i	GMAC Mortgage Corp Loan Trust		0.929		02/25/31		1,671,094
			Series - 2004 VF1 (Class A1)
	1,267,624	i	Greenpoint Mortgage Funding Trust		0.899		07/25/30		1,257,127
			Series - 2005 HE4 (Class 2A4C)
	324,116	i	Greenpoint Mortgage Funding Trust		0.309		04/25/47		321,338
			Series - 2007 AR2 (Class 1A1)
	485,741	i	HSI Asset Securitization Corp Trust		0.539		07/25/35		483,278
			Series - 2005 NC1 (Class 2A3)
	4,259,070	i	Lehman XS Trust		0.459		08/25/35		4,002,393
			Series - 2005 2 (Class 1A1)

143

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,023,084	i	Lehman XS Trust		0.429	%	02/25/36	$	906,954
			Series - 2006 1 (Class 1A1)
	1,160,478		Lehman XS Trust		6.500		06/25/46		871,299
			Series - 2006 13 (Class 2A1)
	336,605	i	Long Beach Mortgage Loan Trust		0.929		02/25/35		334,522
			Series - 2005 1 (Class M1)
	1,000,000	g,i	Longpoint Re Ltd		4.005		05/18/16		1,017,500
			Series - 2013 144A (Class )
	2,270,344	i	Morgan Stanley Capital I		0.359		02/25/36		2,238,455
			Series - 2006 NC2 (Class A2C)
	1,818,095		Oakwood Mortgage Investors, Inc		5.410		11/15/32		1,821,826
			Series - 2002 C (Class A1)
	5,380,051	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.699		01/25/36		5,343,747
			Series - 2005 WCH1 (Class M2)
	1,434,411	i	Renaissance Home Equity Loan Trust		5.392		07/25/34		1,480,400
			Series - 2004 2 (Class AF4)
	2,000,000	g	Rental Car Finance Corp		4.380		02/25/16		2,055,466
			Series - 2011 1A (Class B1)
	226,827	i	Residential Asset Mortgage Products, Inc		4.970		09/25/33		235,298
			Series - 2003 RZ5 (Class A7)
	123,215	i	Residential Asset Securities Corp		6.489		10/25/30		123,343
			Series - 2001 KS2 (Class AI6)
	94,414	i	Residential Asset Securities Corp		0.609		04/25/35		93,501
			Series - 2005 KS3 (Class M3)
	499,726		Residential Funding Mortgage Securities II, Inc		5.500		08/25/25		512,617
			Series - 2006 HI5 (Class A3)
	1,850,000	i	Residential Funding Mortgage Securities II, Inc		6.130		09/25/35		1,743,751
			Series - 2005 HI3 (Class M5)
	343,926		Residential Funding Mortgage Securities II, Inc		5.960		02/25/36		348,753
			Series - 2006 HI3 (Class A3)
	500,000	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		497,373
			Series - 2006 HI1 (Class M1)
	3,500,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		3,467,090
			Series - 2006 HI1 (Class M2)
	440,842	i	SACO I, Inc		0.739		11/25/35		435,778
			Series - 2005 8 (Class A1)
	1,104,152	i	SACO I, Inc		0.939		11/25/35		1,093,014
			Series - 2005 8 (Class A3)
	1,000,000	g,i	Sanders Re Ltd		4.005		05/05/17		997,500
			Series - 2013 144A (Class)
	544,929	i	Saxon Asset Securities Trust		6.120		11/25/30		581,594
			Series - 2002 2 (Class AF6)
	643,455	i	Securitized Asset Backed Receivables LLC		0.479		10/25/35		627,142
			Series - 2006 OP1 (Class A2C)
	368,488	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		373,209
			Series - 2012 2A (Class B)
	1,400,000	g	SLM Student Loan Trust		4.370		04/17/28		1,490,847
			Series - 2011 A (Class A2)
	590,000	g	SLM Student Loan Trust		3.740		02/15/29		619,082
			Series - 2011 B (Class A2)
	1,500,000	g	SLM Student Loan Trust		3.830		01/17/45		1,566,200
			Series - 2012 A (Class A2)

144

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	913,607	i	Soundview Home Equity Loan Trust		0.479	%	11/25/35	$	900,111
			Series - 2005 OPT3 (Class A4)
	477,115	i	Structured Asset Investment Loan Trust		0.779		05/25/35		474,896
			Series - 2005 4 (Class M1)
	145,297	i	Structured Asset Investment Loan Trust		0.459		12/25/35		144,979
			Series - 2005 10 (Class A5)
	5,113,110	g,i	Structured Asset Securities Corp		0.329		07/25/36		4,952,150
			Series - 2006 EQ1A (Class A4)
	3,922,779	i	Structured Asset Securities Corp Mortgage Loan Trust		0.339		03/25/36		3,694,277
			Series - 2006 BC1 (Class A5)
	3,116,714	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.399		10/25/36		3,004,920
			Series - 2006 GEL4 (Class A2)
	12,161	g,i	Terwin Mortgage Trust		1.049		02/25/35		12,152
			Series - 2005 1SL (Class M1)
	4,000,000	g,i	Vitality Re IV Ltd		2.760		01/09/17		4,070,000
			Series - 2013 IV B (Class )
	455,000	g	Vornado DP LLC		5.280		09/13/28		490,955
			Series - 2010 VNO (Class C)
	571,971	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		577,691
			Series - 2006 N1 (Class N1)
	141,142	g,i	Wachovia Loan Trust		0.539		05/25/35		130,933
			Series - 2005 SD1 (Class A)
	72,400	i	Wells Fargo Home Equity Trust		0.319		07/25/36		71,633
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED						89,168,739
OTHER MORTGAGE BACKED - 4.9%
	1,818,026	g	7 WTC Depositor LLC Trust		4.082		03/13/31		1,897,128
			Series - 2012 7WTC (Class A)
	2,174,077	g,i	Banc of America Large Loan, Inc		6.119		02/15/51		2,407,992
			Series - 2010 UB3 (Class A4B3)
	2,100,000	i	Bear Stearns Commercial Mortgage Securities Trust		5.568		10/12/41		2,295,640
			Series - 2006 T24 (Class AM)
	3,940,000		Bear Stearns Commercial Mortgage Securities Trust		5.363		02/11/44		3,997,812
			Series - 2007 PW15 (Class AM)
	18,216		Chase Mortgage Finance Corp		5.500		10/25/35		18,135
			Series - 2005 S2 (Class A25)
	787,987		Citicorp Mortgage Securities, Inc		5.500		07/25/35		747,865
			Series - 2005 4 (Class 1A7)
	5,598	g,i	Citigroup Commercial Mortgage Trust		0.322		04/15/22		5,564
			Series - 2007 FL3A (Class A2)
	284,598		Countrywide Alternative Loan Trust		5.500		08/25/16		289,190
			Series - 2004 30CB (Class 1A15)
	2,713,197		Countrywide Alternative Loan Trust		5.000		04/25/20		2,751,605
			Series - 2005 6CB (Class 2A1)
	442,562		Countrywide Alternative Loan Trust		5.500		08/25/34		442,791
			Series - 2004 14T2 (Class A2)
	747,510	i	Countrywide Alternative Loan Trust		0.410		07/20/35		628,847
			Series - 2005 24 (Class 4A1)
	4,372,855	i	Countrywide Alternative Loan Trust		1.653		09/25/35		3,718,151
			Series - 2005 38 (Class A1)

145

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,944,794	i	Countrywide Home Loan Mortgage Pass Through Trust		2.692	%	11/20/34	$	1,800,922
			Series - 2004 HYB6 (Class A2)
	25,885		Countrywide Home Loan Mortgage Pass Through Trust		5.250		05/25/35		25,702
			Series - 2005 12 (Class 1A5)
	334,699		Countrywide Home Loan Mortgage Pass Through Trust		5.250		09/25/35		325,272
			Series - 2005 17 (Class 1A10)
	1,150,000		Credit Suisse First Boston Mortgage Securities Corp		4.771		07/15/37		1,196,458
			Series - 2005 C3 (Class AJ)
	99,325	g,i	Credit Suisse Mortgage Capital Certificates		0.362		04/15/22		97,954
			Series - 2007 TF2A (Class A1)
	725,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		802,616
			Series - 2006 OMA (Class D)
	140,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		149,568
			Series - 2006 C4 (Class AM)
	1,870,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		1,979,427
			Series - 2009 RR1 (Class A3C)
	4,217,489	i	Harborview Mortgage Loan Trust		0.511		09/19/35		3,121,157
			Series - 2005 8 (Class 1A2A)
	3,331,552	i	Impac CMB Trust		0.429		05/25/35		2,799,204
			Series - 0 4 (Class 1A1B)
	513,312	i	Impac CMB Trust		0.839		02/25/36		451,827
			Series - 2004 11 (Class 2A1)
	310,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.433		07/15/46		328,292
			Series - 2011 C4 (Class C)
	2,080,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		6.140		02/15/51		2,160,989
			Series - 2007 C1 (Class AM)
	4,520,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		4,519,738
			Series - 2005 LDP2 (Class C)
	3,500,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.196		02/15/51		3,152,534
			Series - 2007 LD12 (Class AJ)
	4,603,622	i	JP Morgan Mortgage Acquisition Corp		5.450		10/25/36		4,485,309
			Series - 0 AV3 (Class )
	2,645,040	i	JP Morgan Mortgage Trust		2.753		11/25/33		2,662,733
			Series - 2006 A2 (Class 5A3)
	330,000		LB-UBS Commercial Mortgage Trust		5.378		11/15/38		354,569
			Series - 2006 C7 (Class AM)
	3,500,000	i	LB-UBS Commercial Mortgage Trust		5.493		02/15/40		3,613,341
			Series - 2007 C2 (Class AM)
	1,080,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		1,134,067
			Series - 2005 C5 (Class AJ)
	2,112,945		Lehman Mortgage Trust		5.500		11/25/35		2,054,254
			Series - 2005 1 (Class 2A4)
	2,227,903	i	Merrill Lynch Mortgage Investors, Inc		2.591		12/25/35		2,197,572
			Series - 2005 A9 (Class 2A1B)
	75,000	i	Merrill Lynch Mortgage Trust		6.452		02/12/51		80,766
			Series - 0 C1 (Class AJA)
	1,040,000	i	Morgan Stanley Capital I		5.832		07/12/44		1,098,413
			Series - 2006 HQ9 (Class B)
	1,830,000	i	Morgan Stanley Capital I		5.842		07/12/44		1,861,615
			Series - 2006 HQ9 (Class C)
	82,000	g,i	Morgan Stanley Capital I		5.420		09/15/47		83,430
			Series - 2011 C1 (Class D)

146

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	125,000	i	Morgan Stanley Capital I		5.544	%	11/12/49	$	136,305
			Series - 2007 T25 (Class AM)
	231,129	i	Opteum Mortgage Acceptance Corp		0.579		02/25/35		229,365
			Series - 2005 1 (Class A4)
	2,599,436		RALI Trust		4.250		12/26/33		2,653,756
			Series - 2003 QS22 (Class A5)
	514,747	i	RALI Trust		0.479		01/25/35		499,903
			Series - 2005 QA1 (Class A1)
	940,062		Residential Accredit Loans, Inc		4.350		03/25/34		958,122
			Series - 2004 QS4 (Class A1)
	2,366,780	i	Residential Accredit Loans, Inc		0.369		05/25/46		1,726,054
			Series - 2006 QO5 (Class 2A1)
	1,150,998		RFMSI Trust		5.500		03/25/35		1,166,875
			Series - 2005 S2 (Class A6)
	1,076,853	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		1,096,301
			Series - 2012 1A (Class A)
	477,504	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		483,753
			Series - 0 2A (Class A)
	2,579,779	i	Structured Adjustable Rate Mortgage Loan Trust		0.519		08/25/35		2,347,885
			Series - 2005 16XS (Class A1)
	3,655,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		3,891,084
			Series - 2007 C30 (Class AM)
	5,000,000	i	Wachovia Bank Commercial Mortgage Trust		6.166		05/15/46		5,022,135
			Series - 2007 C34 (Class AJ)
	275,000		Wachovia Bank Commercial Mortgage Trust		5.500		04/15/47		305,897
			Series - 2007 C31 (Class A5)
	235,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		252,401
			Series - 2007 C31 (Class AM)
	4,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		3,830,100
			Series - 2007 C31 (Class AJ)
			TOTAL OTHER MORTGAGE BACKED						86,338,385
			TOTAL STRUCTURED ASSETS						175,507,124
			(Cost $171,806,691)
			TOTAL BONDS						1,575,576,467
			(Cost $1,564,203,446)
SHARES			COMPANY
PREFERRED STOCKS - 0.1%
DIVERSIFIED FINANCIALS - 0.1%
	54,446		GMAC Capital Trust I		8.125		02/15/40		1,441,404
			TOTAL DIVERSIFIED FINANCIALS						1,441,404
			TOTAL PREFERRED STOCKS						1,441,404
			(Cost $1,361,150)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 22.6%
GOVERNMENT AGENCY DEBT - 5.8%
$	2,300,000		Federal Home Loan Bank (FHLB)		0.055		02/26/14		2,299,717

147

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,200,000		FHLB		0.020	%	10/25/13	$	5,199,931
	2,745,000		FHLB		0.025		11/27/13		2,744,891
	30,000,000		FHLB		0.025		12/20/13		29,998,680
	7,000,000		FHLB		0.040		12/27/13		6,999,664
	20,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.060		03/10/14		19,997,340
	34,400,000	d	Federal National Mortgage Association (FNMA)		0.030		10/07/13		34,399,828
			TOTAL GOVERNMENT AGENCY DEBT						101,640,051
TREASURY DEBT - 16.8%
	15,000,000	d	United States Treasury Bill		0.020-0.050		10/03/13		14,999,968
	23,000,000	d	United States Treasury Bill		0.040-0.055		10/10/13		22,999,748
	900,000		United States Treasury Bill		0.081		10/17/13		899,968
	17,900,000	d	United States Treasury Bill		0.035-0.046		10/31/13		17,899,460
	20,000,000	d	United States Treasury Bill		0.031-0.060		11/07/13		19,999,145
	8,600,000	d	United States Treasury Bill		0.030-0.050		11/21/13		8,599,504
	63,000,000	d	United States Treasury Bill		0.050-0.071		12/05/13		62,999,433
	52,650,000	d	United States Treasury Bill		0.040-0.052		12/19/13		52,648,262
	2,000,000		United States Treasury Bill		0.056		02/27/14		1,999,918
	8,000,000	d	United States Treasury Bill		0.081		03/06/14		7,999,480
	3,000,000	d	United States Treasury Bill		0.063		04/03/14		2,999,502
	2,900,000	d	United States Treasury Bill		0.108		07/24/14		2,898,509
	42,800,000	d	United States Treasury Bill		0.103-0.106		08/21/14		42,771,110
	35,000,000		United States Treasury Note		1.250		04/15/14		35,220,115
			TOTAL TREASURY DEBT						294,934,122
			TOTAL SHORT-TERM INVESTMENTS						396,574,173
			(Cost $396,549,667)
			TOTAL INVESTMENTS - 116.5%						2,047,187,070
			(Cost $2,035,649,563)
			OTHER ASSETS & LIABILITIES, NET - (16.5)%						(289,417,748	)
			NET ASSETS - 100.0%					$	1,757,769,322

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. Such securities are deemed liquid and may be re-sold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities was $261,870,825 or 14.9% 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.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
m	Indicates a security that has been deemed illiquid.
o	Payment in Kind Bond.

148

TIAA-CREF FUNDS - High-Yield Fund

TIAA-CREF FUNDS

HIGH-YIELD FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2013

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 11.8%
AUTOMOBILES & COMPONENTS - 0.8%
$	11,578,950	i	Allison Transmission, Inc		3.750	%	08/23/19	$	11,566,908
	8,821,815	i	DaimlerChrysler Group LLC		4.250		05/24/17		8,874,745
			TOTAL AUTOMOBILES & COMPONENTS						20,441,653
CAPITAL GOODS - 1.1%
	11,088,000	i	FMG Resources August 2006 Pty Ltd		5.250		10/18/17		11,113,724
	7,855,000	i	Generac Power Systems, Inc		3.500		05/31/20		7,809,834
	9,825,750	i	Sequa Corp		5.250		06/19/17		9,850,314
			TOTAL CAPITAL GOODS						28,773,872
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	14,850,000	i	Pilot Corp		4.250		08/07/19		14,837,675
	10,000,000	h	Pitney Bowes Management		7.500		09/25/19		9,966,700
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						24,804,375
CONSUMER SERVICES - 2.0%
	9,100,000	i	ARAMARK Corp		4.000		09/09/19		9,102,821
	8,400,000	i	Boyd Gaming Corp		4.000		08/14/20		8,376,900
	2,231,926	i	Burger King Corp		3.750		09/28/19		2,229,538
	12,000,000	h	Hilton Worldwide		4.000		09/23/20		11,978,160
	5,359,500	i	MGM Resorts International		3.500		12/20/19		5,331,845
	12,330,492	i	Peninsula Gaming LLC		4.250		11/20/17		12,349,728
	467,634	i	Penn National Gaming, Inc		3.750		07/16/18		467,344
			TOTAL CONSUMER SERVICES						49,836,336
ENERGY - 0.6%
	16,787,565	i	Arch Coal, Inc		5.750		05/16/18		16,273,530
			TOTAL ENERGY						16,273,530
FOOD & STAPLES RETAILING - 0.5%
	2,000,000	i	Rite Aid Corp		5.750		08/21/20		2,046,660
	11,000,000	i	Rite Aid Corp		4.875		06/21/21		11,017,160
			TOTAL FOOD & STAPLES RETAILING						13,063,820
FOOD, BEVERAGE & TOBACCO - 0.2%
	4,848,955	i	Del Monte Foods Co		4.000		03/08/18		4,825,922
			TOTAL FOOD, BEVERAGE & TOBACCO						4,825,922
HEALTH CARE EQUIPMENT & SERVICES - 1.7%
	11,970,000	i	Apria Healthcare Group, Inc		6.750		04/06/20		12,049,600
	6,633,126	h,i	Biomet, Inc		4.500		07/25/17		6,652,826
	12,366,343	i	Capsugel Holdings US, Inc		3.500		08/01/18		12,281,386
	7,940,000	i	DaVita, Inc		4.000		11/01/19		7,957,865

149

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,000,000	h,i	Kinetic Concepts, Inc		4.500	%	05/04/18	$	4,016,240
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						42,957,917
INSURANCE - 0.6%
	13,994,250	i	Compass Investors, Inc		5.000		12/27/19		14,011,743
			TOTAL INSURANCE						14,011,743
MATERIALS - 0.4%
	8,753,063	i	Tronox Pigments BV		4.500		03/19/20		8,790,875
			TOTAL MATERIALS						8,790,875
MEDIA - 0.4%
	5,445,090	i	MTL Publishing LLC		4.250		06/29/18		5,426,958
	4,907,967	i	Univision Communications, Inc		4.500		03/02/20		4,888,041
			TOTAL MEDIA						10,314,999
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	596,124	i	NBTY, Inc		3.500		10/01/17		595,564
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						595,564
RETAILING - 0.6%
	13,835,126	i	Academy Ltd		4.500		08/03/18		13,861,136
			TOTAL RETAILING						13,861,136
SOFTWARE & SERVICES - 0.7%
	375,703	i	IMS Health, Inc		3.750		09/01/17		375,076
	4,502,418	i	Lawson Software, Inc		5.250		04/05/18		4,521,193
	3,994,813	i	RP Crown Parent LLC		6.750		12/21/18		4,017,543
	3,850,000	i	RP Crown Parent LLC		11.250		12/21/19		3,917,375
	4,477,500	i	SunGard Data Systems, Inc		4.500		01/31/20		4,522,185
			TOTAL SOFTWARE & SERVICES						17,353,372
TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	20,000,000	h,i	Scientific Games International, Inc		4.250		05/22/20		19,825,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						19,825,000
TELECOMMUNICATION SERVICES - 0.2%
	3,925,313	i	Windstream Corp		4.000		08/08/19		3,918,757
			TOTAL TELECOMMUNICATION SERVICES						3,918,757
UTILITIES - 0.2%
	4,455,000	i	Calpine Corp		4.000		10/09/19		4,451,659
			TOTAL UTILITIES						4,451,659
			TOTAL BANK LOAN OBLIGATIONS						294,100,530
			(Cost $293,235,993)

150

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BONDS - 85.1%
CORPORATE BONDS - 85.1%
AUTOMOBILES & COMPONENTS - 0.5%
$	5,000,000		DaimlerChrysler Group LLC		8.000	%	06/15/19	$	5,525,000
	7,600,000		Goodyear Tire & Rubber Co		6.500		03/01/21		7,733,000
			TOTAL AUTOMOBILES & COMPONENTS						13,258,000
BANKS - 2.4%
	1,683,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank		7.750		04/28/21		1,783,980
	13,300,000	i	Fifth Third Bancorp		5.100		12/30/49		11,571,000
	2,600,000	i	JPMorgan Chase & Co		7.900		12/30/49		2,821,000
	9,500,000	i	JPMorgan Chase & Co		5.150		12/30/49		8,312,500
	4,750,000	g,i	Lloyds Banking Group plc		6.657		01/29/49		4,393,750
	6,725,000	g	National Savings Bank		8.875		09/18/18		6,893,125
	900,000		Regions Bank		6.450		06/26/37		941,454
	450,000		Regions Financial Corp		7.375		12/10/37		476,450
	9,250,000		Royal Bank of Scotland Group plc		6.125		12/15/22		9,318,635
	4,500,000		Royal Bank of Scotland Group plc		6.100		06/10/23		4,539,708
	4,000,000	i	Royal Bank of Scotland Group plc		7.640		12/30/49		3,800,000
	4,000,000	i	Royal Bank of Scotland Group plc		7.648		12/30/49		4,100,000
			TOTAL BANKS						58,951,602
CAPITAL GOODS - 3.7%
	4,550,000		Access Midstream Partners LP		5.875		04/15/21		4,675,125
	1,495,000		Access Midstream Partners LP		4.875		05/15/23		1,405,300
	2,875,000		Alliant Techsystems, Inc		6.875		09/15/20		3,047,500
	2,300,000		Anixter, Inc		5.625		05/01/19		2,369,000
	4,000,000		Chesapeake Midstream Partners LP		6.125		07/15/22		4,110,000
	3,610,000	g	FMG Resources August 2006 Pty Ltd		7.000		11/01/15		3,718,300
	5,250,000	g	FMG Resources August 2006 Pty Ltd		8.250		11/01/19		5,656,875
	6,300,000	g	FMG Resources August 2006 Pty Ltd		6.875		04/01/22		6,300,000
	3,700,000	g	Rexel S.A.		6.125		12/15/19		3,783,250
	9,250,000	g	Rexel S.A.		5.250		06/15/20		9,018,750
	3,375,000	g	Schaeffler Finance BV		7.750		02/15/17		3,780,000
	8,275,000	g	Schaeffler Finance BV		8.500		02/15/19		9,226,625
	1,625,000	g	Schaeffler Finance BV		4.750		05/15/21		1,576,250
	6,975,000		Seagate HDD Cayman		7.000		11/01/21		7,742,250
	12,500,000	g	Seagate HDD Cayman		4.750		06/01/23		12,031,250
	3,158,000	g	Sealed Air Corp		8.125		09/15/19		3,521,170
	1,600,000	g	Sealed Air Corp		6.500		12/01/20		1,676,000
	4,158,000	g	Sealed Air Corp		8.375		09/15/21		4,708,935
	1,400,000	g	Sealed Air Corp		5.250		04/01/23		1,326,500
	2,250,000		SPX Corp		6.875		09/01/17		2,497,500
			TOTAL CAPITAL GOODS						92,170,580
COMMERCIAL & PROFESSIONAL SERVICES - 3.2%
	3,725,000	g	ADT Corp		6.250		10/15/21		3,780,875
	8,150,000		Clean Harbors, Inc		5.250		08/01/20		8,068,500
	1,925,000		Clean Harbors, Inc		5.125		06/01/21		1,860,031
	5,000,000	g,o	Neovia Logistics Intermediate Holdings LLC		10.000		02/15/18		4,950,000

151

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	12,825,000		RR Donnelley & Sons Co		7.875	%	03/15/21	$	13,754,812
	1,361,000		RR Donnelley & Sons Co		7.250		05/15/18		1,503,905
	5,775,000		RR Donnelley & Sons Co		8.250		03/15/19		6,410,250
	1,675,000		RR Donnelley & Sons Co		7.000		02/15/22		1,683,375
	2,700,000		ServiceMaster Co		8.000		02/15/20		2,673,000
	21,200,000	g	SPL Logistics Escrow LLC		8.875		08/01/20		22,207,000
	3,000,000		United Rentals North America, Inc		7.375		05/15/20		3,232,500
	4,700,000		United Rentals North America, Inc		8.250		02/01/21		5,217,000
	2,825,000		United Rentals North America, Inc		7.625		04/15/22		3,072,188
	3,334,000		Visant Corp		10.000		10/01/17		3,100,620
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						81,514,056
	CONSUMER DURABLES & APPAREL - 1.2%
	4,500,000		Beazer Homes USA, Inc		6.625		04/15/18		4,725,000
	3,525,000		Hanesbrands, Inc		6.375		12/15/20		3,798,187
	6,150,000		Levi Strauss & Co		6.875		05/01/22		6,519,000
	12,403,000		Libbey Glass, Inc		6.875		05/15/20		13,209,195
	1,800,000		Standard Pacific Corp		8.375		01/15/21		2,025,000
			TOTAL CONSUMER DURABLES & APPAREL						30,276,382
CONSUMER SERVICES - 3.7%
	10,526,000		Ameristar Casinos, Inc		7.500		04/15/21		11,447,025
	3,375,000	g	ARAMARK Corp		5.750		03/15/20		3,408,750
	11,227,000		Boyd Gaming Corp		9.000		07/01/20		12,181,295
	2,500,000		DineEquity, Inc		9.500		10/30/18		2,781,250
	3,315,000		Marina District Finance Co, Inc		9.500		10/15/15		3,476,606
	1,000,000		MGM Resorts International		10.000		11/01/16		1,190,000
	3,500,000		MGM Resorts International		11.375		03/01/18		4,453,750
	4,250,000		MGM Resorts International		6.750		10/01/20		4,462,500
	9,525,000		MGM Resorts International		6.625		12/15/21		9,858,375
	12,500,000		MGM Resorts International		7.750		03/15/22		13,546,875
	4,950,000	g	Service Corp International		5.375		01/15/22		4,721,063
	14,435,000	g	Six Flags Entertainment Corp		5.250		01/15/21		13,749,338
	6,900,000		Speedway Motorsports, Inc		6.750		02/01/19		7,331,250
			TOTAL CONSUMER SERVICES						92,608,077
	DIVERSIFIED FINANCIALS - 5.7%
	9,000,000		Ally Financial, Inc		4.750		09/10/18		8,959,770
	4,500,000	g	Aralco Finance SA		10.125		05/07/20		3,600,000
	4,500,000		CIT Group, Inc		5.000		08/15/22		4,398,750
	4,000,000		CIT Group, Inc		5.250		03/15/18		4,190,000
	2,000,000	g	CIT Group, Inc		6.625		04/01/18		2,200,000
	3,000,000	g	CIT Group, Inc		5.500		02/15/19		3,150,000
	9,500,000	i	Citigroup, Inc		5.350		12/30/49		8,265,000
	2,000,000		General Motors Acceptance Corp LLC		8.000		11/01/31		2,225,000
	3,000,000	g	General Motors Financial Co, Inc		4.750		08/15/17		3,105,000
	3,200,000	g	General Motors Financial Co, Inc		3.250		05/15/18		3,112,000
	7,000,000		GMAC, Inc		8.000		03/15/20		8,050,000
	4,000,000		GMAC, Inc		7.500		09/15/20		4,495,000
	7,000,000		GMAC, Inc		8.000		11/01/31		7,875,000

152

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	16,068,000	g,i	ILFC E-Capital Trust I		5.350	%	12/21/65	$	13,738,140
	2,232,000		International Lease Finance Corp		8.750		03/15/17		2,561,220
	8,000,000		International Lease Finance Corp		6.250		05/15/19		8,400,000
	3,600,000		International Lease Finance Corp		8.250		12/15/20		4,104,000
	9,500,000		International Lease Finance Corp		4.625		04/15/21		8,794,872
	14,000,000		International Lease Finance Corp		5.875		08/15/22		13,790,000
	6,650,000	i	PNC Financial Services Group, Inc		4.850		12/30/49		5,719,000
	19,325,000		SLM Corp		5.500		01/15/19		19,136,736
			TOTAL DIVERSIFIED FINANCIALS						139,869,488
ENERGY - 13.0%
	1,000,000		Arch Coal, Inc		8.750		08/01/16		1,000,000
	5,000,000		Arch Coal, Inc		7.000		06/15/19		3,875,000
	4,700,000		Ashland, Inc		6.875		05/15/43		4,512,000
	5,700,000	g	Atlas Pipeline Partners LP		4.750		11/15/21		5,151,375
	3,855,000		Bill Barrett Corp		7.625		10/01/19		3,932,100
	3,500,000		Chaparral Energy, Inc		8.250		09/01/21		3,692,500
	7,400,000		Chaparral Energy, Inc		7.625		11/15/22		7,511,000
	10,000,000		Chesapeake Energy Corp		5.375		06/15/21		9,975,000
	4,546,000		Chesapeake Energy Corp		5.750		03/15/23		4,557,365
	7,106,000		Cimarex Energy Co		5.875		05/01/22		7,177,060
	2,750,000		Cloud Peak Energy Resources LLC		8.250		12/15/17		2,887,500
	1,000,000		Cloud Peak Energy Resources LLC		8.500		12/15/19		1,080,000
	11,450,000		Concho Resources, Inc		5.500		04/01/23		11,306,875
	1,500,000		Consol Energy Inc		8.250		04/01/20		1,608,750
	5,195,000		Continental Resources, Inc		5.000		09/15/22		5,227,469
	5,840,000		Crosstex Energy LP		7.125		06/01/22		6,015,200
	2,000,000		Crosstex Energy, Inc		8.875		02/15/18		2,125,000
	2,210,000		Denbury Resources, Inc		4.625		07/15/23		2,022,150
	12,450,000	g	Drill Rigs Holdings, Inc		6.500		10/01/17		12,854,625
	3,975,000	g	EDC Finance Ltd		4.875		04/17/20		3,796,125
	5,000,000		EP Energy LLC		6.875		05/01/19		5,337,500
	11,000,000		EP Energy LLC		9.375		05/01/20		12,375,000
	6,030,000		EP Energy LLC		7.750		09/01/22		6,542,550
	12,900,000	g	Exterran Partners LP		6.000		04/01/21		12,513,000
	2,850,000		Halcon Resources Corp		9.750		07/15/20		3,013,875
	13,300,000		Halcon Resources Corp		8.875		05/15/21		13,632,500
	6,750,000		Linn Energy LLC		6.500		05/15/19		6,480,000
	9,600,000	g	Linn Energy LLC		6.750		11/01/19		9,048,000
	5,625,000		Linn Energy LLC		7.750		02/01/21		5,653,125
	2,560,000		MarkWest Energy Partners LP		6.750		11/01/20		2,764,800
	2,249,000		MarkWest Energy Partners LP		6.250		06/15/22		2,367,072
	5,000,000	g	Murphy Oil USA, Inc		6.000		08/15/23		4,975,000
	2,800,000		Newfield Exploration Co		6.875		02/01/20		2,940,000
	2,300,000		Newfield Exploration Co		5.750		01/30/22		2,294,250
	13,900,000	g	Oasis Petroleum, Inc		6.875		03/15/22		14,664,500
	4,800,000		Peabody Energy Corp		6.000		11/15/18		4,788,000
	1,000,000		Peabody Energy Corp		6.500		09/15/20		985,000
	9,500,000		Peabody Energy Corp		6.250		11/15/21		9,215,000
	3,000,000		Peabody Energy Corp		4.750		12/15/41		2,407,500
	2,665,000		Precision Drilling Corp		6.500		12/15/21		2,784,925

153

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	11,391,000		Precision Drilling Trust		6.625	%	11/15/20	$	12,045,983
	1,000,000		Range Resources Corp		6.750		08/01/20		1,077,500
	2,665,000		Range Resources Corp		5.000		08/15/22		2,578,387
	4,000,000		Regency Energy Partners LP		5.750		09/01/20		4,020,000
	5,400,000		Regency Energy Partners LP		6.500		07/15/21		5,670,000
	4,685,000	g	Rockies Express Pipeline LLC		6.000		01/15/19		4,122,800
	2,000,000		SandRidge Energy, Inc		8.750		01/15/20		2,120,000
	5,175,000		SandRidge Energy, Inc		7.500		03/15/21		5,226,750
	1,542,000		SandRidge Energy, Inc		8.125		10/15/22		1,557,420
	4,150,000		SandRidge Energy, Inc		7.500		02/15/23		4,108,500
	8,850,000		SESI LLC		7.125		12/15/21		9,668,625
	4,000,000		SM Energy Co		6.500		11/15/21		4,160,000
	5,795,000		SM Energy Co		6.500		01/01/23		5,910,900
	4,350,000		Tesoro Corp		5.375		10/01/22		4,154,250
	30,900,000		Whiting Petroleum Corp		5.000		03/15/19		30,977,250
	4,000,000		WPX Energy, Inc		6.000		01/15/22		4,055,000
			TOTAL ENERGY						326,542,056
FOOD & STAPLES RETAILING - 1.3%
	15,000,000	g	Ingles Markets, Inc		5.750		06/15/23		14,475,000
	5,000,000	g	Rite Aid Corp		6.750		06/15/21		5,193,750
	3,800,000		Stater Bros Holdings, Inc		7.375		11/15/18		4,018,500
	7,610,000	g	Sun Merger Sub, Inc		5.250		08/01/18		7,800,250
			TOTAL FOOD & STAPLES RETAILING						31,487,500
FOOD, BEVERAGE & TOBACCO - 1.3%
	6,575,000		Del Monte Foods Co		7.625		02/15/19		6,821,563
	3,150,000	g	Post Holdings, Inc		7.375		02/15/22		3,311,438
	12,185,000		Post Holdings, Inc		7.375		02/15/22		12,809,481
	5,509,000		Smithfield Foods, Inc		6.625		08/15/22		5,681,156
	5,000,000	g	USJ Acucar e Alcool S.A.		9.875		11/09/19		4,868,750
			TOTAL FOOD, BEVERAGE & TOBACCO						33,492,388
HEALTH CARE EQUIPMENT & SERVICES - 5.5%
	816,000		Apria Healthcare Group, Inc		12.375		11/01/14		821,100
	1,625,000		CHS/Community Health Systems		5.125		08/15/18		1,653,437
	14,950,000		CHS/Community Health Systems		8.000		11/15/19		15,678,812
	5,047,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		5,185,792
	5,000,000	g	Fresenius Medical Care II		5.625		07/31/19		5,212,500
	705,000		HCA Holdings, Inc		7.750		05/15/21		749,944
	8,000,000		HCA, Inc		6.500		02/15/20		8,670,000
	13,600,000		HCA, Inc		7.500		02/15/22		14,926,000
	6,800,000		HCA, Inc		5.875		03/15/22		6,987,000
	15,000,000		HCA, Inc		5.875		05/01/23		14,737,500
	900,000		HCA, Inc		7.500		11/06/33		893,250
	9,200,000		Kinetic Concepts, Inc		10.500		11/01/18		10,154,500
	8,000,000		Kinetic Concepts, Inc		12.500		11/01/19		8,360,000
	7,295,000		LifePoint Hospitals, Inc		6.625		10/01/20		7,641,513
	2,500,000	g	Mallinckrodt International Finance S.A.		3.500		04/15/18		2,459,845
	4,450,000	g	Tenet Healthcare Corp		6.000		10/01/20		4,550,125

154

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,225,000	g	Tenet Healthcare Corp		4.375	%	10/01/21	$	3,897,563
	17,400,000	g	Tenet Healthcare Corp		8.125		04/01/22		18,161,250
	1,750,000		Tenet Healthcare Corp		6.875		11/15/31		1,483,125
	5,125,000	g	VPII Escrow Corp		7.500		07/15/21		5,522,188
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						137,745,444
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	4,800,000	g	First Quality Finance Co, Inc		4.625		05/15/21		4,356,000
	4,000,000		Reynolds Group Issuer, Inc		8.500		05/15/18		4,180,000
	13,125,000		Reynolds Group Issuer, Inc		5.750		10/15/20		13,174,219
	5,000,000		Reynolds Group Issuer, Inc		6.875		02/15/21		5,337,500
	1,750,000	g	Spectrum Brands Escrow Corp		6.375		11/15/20		1,824,375
	1,750,000	g	Spectrum Brands Escrow Corp		6.625		11/15/22		1,815,625
	3,000,000		Spectrum Brands, Inc		6.750		03/15/20		3,187,500
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						33,875,219
INSURANCE - 1.0%
	11,200,000	g	Fidelity & Guaranty Life Holdings, Inc		6.375		04/01/21		11,368,000
	3,155,000	g	HBOS plc		6.000		11/01/33		2,969,170
	11,250,000	g	Onex USI Aquisition Corp		7.750		01/15/21		11,250,000
			TOTAL INSURANCE						25,587,170
MATERIALS - 5.9%
	4,750,000		ArcelorMittal		5.750		08/05/20		4,868,750
	4,750,000		ArcelorMittal		6.000		03/01/21		4,868,750
	4,750,000		ArcelorMittal		6.750		02/25/22		4,999,375
	3,700,000		ArcelorMittal		7.500		10/15/39		3,505,750
	5,700,000		ArcelorMittal		7.250		03/01/41		5,215,500
	3,700,000	g	Belden, Inc		5.500		09/01/22		3,570,500
	8,100,000	g	CommScope, Inc		8.250		01/15/19		8,849,250
	2,000,000		Crown Americas LLC		6.250		02/01/21		2,090,000
	14,400,000	g	Eldorado Gold Corp		6.125		12/15/20		13,896,000
	600,000		Greif, Inc		7.750		08/01/19		678,000
	24,280,000		Hexion US Finance Corp		6.625		04/15/20		24,280,000
	2,500,000		Lafarge S.A.		7.125		07/15/36		2,543,750
	7,200,000		Momentive Performance Materials, Inc		8.875		10/15/20		7,560,000
	1,133,000	g	PolyOne Corp		5.250		03/15/23		1,070,685
	3,000,000		Rockwood Specialties Group, Inc		4.625		10/15/20		3,015,000
	10,500,000		Rosetta Resources, Inc		5.625		05/01/21		9,975,000
	2,778,000	g	Sappi Papier Holding AG.		6.625		04/15/21		2,583,540
	2,000,000	g	Sappi Papier Holding GmbH		7.750		07/15/17		2,080,000
	5,800,000	g	Sappi Papier Holding GmbH		8.375		06/15/19		6,061,000
	8,000,000	g	Silgan Holdings, Inc		5.500		02/01/22		7,780,000
	800,000		Steel Dynamics, Inc		6.125		08/15/19		834,000
	650,000		Steel Dynamics, Inc		6.375		08/15/22		672,750
	11,140,000		Tronox Finance LLC		6.375		08/15/20		11,028,600
	4,200,000		United States Steel Corp		7.500		03/15/22		4,294,500
	2,645,000	g	USG Corp		7.875		03/30/20		2,866,519
	6,750,000		Verso Paper Holdings LLC		11.750		01/15/19		6,969,375
			TOTAL MATERIALS						146,156,594

155

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
MEDIA - 8.3%
$	1,825,000		AMC Entertainment Holdings, Inc		9.750	%	12/01/20	$	2,080,500
	7,700,000		AMC Entertainment, Inc		8.750		06/01/19		8,277,500
	4,500,000		Cablevision Systems Corp		5.875		09/15/22		4,410,000
	5,375,000		CCO Holdings LLC		8.125		04/30/20		5,845,312
	4,175,000		CCO Holdings LLC		6.500		04/30/21		4,237,625
	1,960,000		CCO Holdings LLC		6.625		01/31/22		1,989,400
	10,700,000		CCO Holdings LLC		5.125		02/15/23		9,817,250
	1,000,000		Cinemark USA, Inc		7.375		06/15/21		1,080,000
	10,670,000		Cinemark USA, Inc		5.125		12/15/22		10,003,125
	940,000		Clear Channel Worldwide Holdings, Inc		7.625		03/15/20		963,500
	13,110,000		Clear Channel Worldwide Holdings, Inc		7.625		03/15/20		13,536,075
	2,010,000		Clear Channel Worldwide Holdings, Inc		6.500		11/15/22		2,040,150
	10,250,000		CSC Holdings LLC		6.750		11/15/21		10,967,500
	3,705,000		DISH DBS Corp		4.625		07/15/17		3,788,362
	13,900,000		DISH DBS Corp		4.250		04/01/18		13,917,375
	8,000,000		DISH DBS Corp		6.750		06/01/21		8,410,000
	7,000,000		DISH DBS Corp		5.875		07/15/22		6,895,000
	4,075,000		Lamar Media Corp		5.875		02/01/22		4,075,000
	8,000,000		Lamar Media Corp		5.000		05/01/23		7,420,000
	8,000,000		Nielsen Finance LLC		4.500		10/01/20		7,700,000
	14,250,000	g	PNK Finance Corp		6.375		08/01/21		14,535,000
	7,650,000		Regal Entertainment Group		5.750		06/15/23		7,210,125
	2,275,000		Regal Entertainment Group		5.750		02/01/25		2,098,688
	15,400,000	g	Sirius XM Radio, Inc		5.875		10/01/20		15,534,750
	2,000,000	g	Unitymedia Hessen GmbH & Co KG		7.500		03/15/19		2,160,000
	13,100,000	g	Unitymedia Hessen GmbH & Co KG		5.500		01/15/23		12,412,250
	5,193,000	g	Univision Communications, Inc		7.875		11/01/20		5,679,844
	2,000,000	g	Univision Communications, Inc		8.500		05/15/21		2,190,000
	7,625,000	g	Univision Communications, Inc		6.750		09/15/22		8,044,375
	8,025,000	g	Univision Communications, Inc		5.125		05/15/23		7,683,937
	2,700,000		WideOpenWest Finance LLC		10.250		07/15/19		2,929,500
			TOTAL MEDIA						207,932,143
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.0%
	2,577,000		Endo Health Solutions, Inc		7.250		01/15/22		2,654,310
	3,389,000		Endo Pharmaceuticals Holdings, Inc		7.000		07/15/19		3,490,670
	1,250,000		Endo Pharmaceuticals Holdings, Inc		7.000		12/15/20		1,281,250
	11,425,000		Hospira, Inc		5.200		08/12/20		11,623,738
	2,000,000	g	Valeant Pharmaceuticals International		7.000		10/01/20		2,120,000
	14,200,400	g	Valeant Pharmaceuticals International, Inc		6.375		10/15/20		14,768,416
	1,900,000	g	Valeant Pharmaceuticals International, Inc		6.750		08/15/21		1,976,000
	10,000,000	g	Valeant Pharmaceuticals International, Inc		7.250		07/15/22		10,650,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						48,564,384
RETAILING - 4.5%
	4,000,000		AmeriGas Finance LLC		7.000		05/20/22		4,160,000
	5,000,000		AmeriGas Partners LP		6.250		08/20/19		5,175,000
	12,500,000		Asbury Automotive Group, Inc		8.375		11/15/20		13,781,250
	2,000,000		AutoNation, Inc		6.750		04/15/18		2,262,500
	4,166,000		AutoNation, Inc		5.500		02/01/20		4,337,847

156

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	13,700,000	g	BC Mountain LLC		7.000	%	02/01/21	$	13,597,250
	4,080,000	g	Continental Rubber Of America Corp		4.500		09/15/19		4,255,440
	4,180,000		Ferrellgas LP		6.500		05/01/21		4,169,550
	10,838,000		Ferrellgas Partners LP		8.625		06/15/20		11,244,425
	1,275,000		JC Penney Corp, Inc		5.650		06/01/20		953,063
	3,000,000		JC Penney Corp, Inc		6.375		10/15/36		2,092,500
	1,875,000		Limited Brands, Inc		7.000		05/01/20		2,071,875
	1,000,000		Limited Brands, Inc		6.625		04/01/21		1,081,250
	4,000,000	g,o	New Academy Finance Co LLC		8.000		06/15/18		4,100,000
	11,759,000		Penske Automotive Group, Inc		5.750		10/01/22		11,523,820
	3,460,000		Sally Holdings LLC		5.750		06/01/22		3,468,650
	12,275,000	g,o	Schaeffler Holding Finance BV		6.875		08/15/18		12,858,062
	5,000,000		Sonic Automotive, Inc		7.000		07/15/22		5,350,000
	3,975,000		Sonic Automotive, Inc		5.000		05/15/23		3,637,125
	4,325,000	g	WEX, Inc		4.750		02/01/23		3,935,750
			TOTAL RETAILING						114,055,357
SOFTWARE & SERVICES - 2.5%
	8,400,000	g	Activision Blizzard, Inc		5.625		09/15/21		8,410,500
	4,450,000	g	Activision Blizzard, Inc		6.125		09/15/23		4,472,250
	12,575,000	g	BMC Software Finance, Inc		8.125		07/15/21		13,046,563
	7,700,000	g	Ceridian Corp		11.000		03/15/21		8,912,750
	5,775,000		Equinix, Inc		4.875		04/01/20		5,601,750
	4,800,000	g	IMS Health, Inc		12.500		03/01/18		5,664,000
	2,000,000	g	IMS Health, Inc		6.000		11/01/20		2,042,500
	6,725,000		NCR Corp		4.625		02/15/21		6,304,688
	3,000,000	g	Nielsen Co Luxembourg SARL		5.500		10/01/21		3,003,750
	5,580,000		SunGard Data Systems, Inc		6.625		11/01/19		5,691,600
	2,000,000		SunGard Data Systems, Inc		7.625		11/15/20		2,140,000
			TOTAL SOFTWARE & SERVICES						65,290,351
TECHNOLOGY HARDWARE & EQUIPMENT - 1.3%
	2,825,000	g	NXP BV		3.750		06/01/18		2,754,375
	9,500,000	g	NXP Funding LLC		5.750		02/15/21		9,642,500
	7,850,000	g	NXP Funding LLC		5.750		03/15/23		7,771,500
	2,500,000		Scientific Games Corp		8.125		09/15/18		2,668,750
	5,611,000		Scientific Games Corp		9.250		06/15/19		6,045,853
	4,000,000		Scientific Games International, Inc		6.250		09/01/20		4,030,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						32,912,978
TELECOMMUNICATION SERVICES - 10.1%
	9,500,000		CenturyLink, Inc		5.625		04/01/20		9,274,375
	6,000,000		CenturyLink, Inc		6.450		06/15/21		5,970,000
	7,300,000		CenturyLink, Inc		5.800		03/15/22		6,862,000
	3,300,000		CenturyLink, Inc		7.650		03/15/42		2,937,000
	3,200,000		Citizens Communications Co		7.125		03/15/19		3,396,000
	2,750,000		Citizens Communications Co		9.000		08/15/31		2,695,000
	8,800,000	g,o	CommScope Holding Co, Inc		6.625		06/01/20		8,756,000
	6,650,000		Frontier Communications Corp		8.500		04/15/20		7,348,250
	3,225,000		Frontier Communications Corp		7.125		01/15/23		3,216,937
	3,000,000		Intelsat Jackson Holdings S.A.		7.250		04/01/19		3,210,000
	6,000,000		Intelsat Jackson Holdings S.A.		7.250		10/15/20		6,405,000

157

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,837,000		Intelsat Jackson Holdings S.A.		7.500	%	04/01/21	$	5,223,960
	4,250,000	g	Intelsat Jackson Holdings S.A.		6.625		12/15/22		4,218,125
	11,050,000	g	Intelsat Jackson Holdings S.A.		5.500		08/01/23		10,331,750
	1,800,000	g	Intelsat Luxembourg S.A.		6.750		06/01/18		1,867,500
	11,050,000	g	Intelsat Luxembourg S.A.		7.750		06/01/21		11,436,750
	6,450,000	g	Intelsat Luxembourg S.A.		8.125		06/01/23		6,804,750
	750,000	g	Lynx I Corp		5.375		04/15/21		731,250
	16,200,000	g	Lynx II Corp		6.375		04/15/23		16,119,000
	6,650,000	g	MetroPCS Wireless, Inc		6.625		04/01/23		6,666,625
	9,724,000		Sprint Capital Corp		6.900		05/01/19		9,991,410
	3,507,000		Sprint Capital Corp		6.875		11/15/28		3,129,998
	2,050,000		Sprint Capital Corp		8.750		03/15/32		2,083,313
	12,825,000	g	Sprint Corp		7.250		09/15/21		12,953,250
	15,000,000	g	Sprint Corp		7.875		09/15/23		15,300,000
	5,000,000		Sprint Nextel Corp		6.000		12/01/16		5,300,000
	4,500,000	g	Sprint Nextel Corp		9.000		11/15/18		5,276,250
	3,125,000	g	Sprint Nextel Corp		7.000		03/01/20		3,359,375
	16,375,000		Sprint Nextel Corp		6.000		11/15/22		15,065,000
	10,638,000		Starz LLC		5.000		09/15/19		10,531,620
	2,850,000	g	T-Mobile USA, Inc		5.250		09/01/18		2,899,875
	2,750,000	g	Wind Acquisition Finance S.A.		11.750		07/15/17		2,921,875
	13,786,000	g	Wind Acquisition Finance S.A.		7.250		02/15/18		14,268,510
	2,725,000	g	Wind Acquisition Finance S.A.		6.500		04/30/20		2,793,125
	2,500,000		Windstream Corp		7.875		11/01/17		2,787,500
	2,105,000		Windstream Corp		8.125		09/01/18		2,262,875
	2,000,000		Windstream Corp		7.500		04/01/23		1,975,000
	8,575,000		Windstream Corp		6.375		08/01/23		7,846,125
	9,500,000	g	Windstream Holdings, Inc		7.750		10/01/21		9,808,750
			TOTAL TELECOMMUNICATION SERVICES						254,024,123
TRANSPORTATION - 2.3%
	4,000,000	g	Bombardier, Inc		7.500		03/15/18		4,490,000
	6,000,000	g	Bombardier, Inc		7.750		03/15/20		6,780,000
	7,825,000	g	Bombardier, Inc		6.125		01/15/23		7,825,000
	2,525,000		Bristow Group, Inc		6.250		10/15/22		2,626,000
	8,420,000		Gulfmark Offshore, Inc		6.375		03/15/22		8,420,000
	8,700,000		Hertz Corp		6.750		04/15/19		9,200,250
	5,650,000		Hertz Corp		5.875		10/15/20		5,819,500
	2,000,000		Hertz Corp		7.375		01/15/21		2,150,000
	8,750,000	g	Meccanica Holdings USA, Inc		6.250		07/15/19		9,012,500
	1,800,000	g	Meccanica Holdings USA, Inc		7.375		07/15/39		1,655,393
			TOTAL TRANSPORTATION						57,978,643
UTILITIES - 4.3%
	5,600,000		AES Corp		8.000		10/15/17		6,440,000
	11,145,000		AES Corp		7.375		07/01/21		12,259,500
	2,775,000		AES Corp		4.875		05/15/23		2,594,625
	5,400,000	g	Calpine Corp		7.500		02/15/21		5,737,500
	7,681,000	g	Calpine Corp		7.875		01/15/23		8,084,253
	5,435,000		El Paso Corp		7.750		01/15/32		5,556,124
	6,120,000	g	Inergy Midstream LP		6.000		12/15/20		6,074,100

158

TIAA-CREF FUNDS - High-Yield Fund

						MATURITY
PRINCIPAL			ISSUER	RATE		DATE	VALUE
$	3,000,000		NRG Energy, Inc	7.625	%	05/15/19	$	3,165,000
	3,000,000		NRG Energy, Inc	8.250		09/01/20		3,292,500
	11,320,000		NRG Energy, Inc	7.875		05/15/21		12,112,400
	6,750,000		NRG Energy, Inc	6.625		03/15/23		6,615,000
	1,765,000		QEP Resources, Inc	5.375		10/01/22		1,685,575
	2,335,000		Questar Market Resources, Inc	6.875		03/01/21		2,480,937
	8,335,000	g	Sabine Pass Liquefaction LLC	5.625		02/01/21		8,157,881
	4,750,000	g	Sabine Pass Liquefaction LLC	5.625		04/15/23		4,554,063
	7,570,000		Sabine Pass LNG LP	7.500		11/30/16		8,327,000
	7,445,000	g	Sabine Pass LNG LP	6.500		11/01/20		7,556,675
	1,055,000		Suburban Propane Partners LP	7.500		10/01/18		1,128,850
	1,397,000		Suburban Propane Partners LP	7.375		08/01/21		1,494,790
			TOTAL UTILITIES					107,316,773
			TOTAL CORPORATE BONDS					2,131,609,308
			(Cost $2,121,393,712)
			TOTAL BONDS					2,131,609,308
			(Cost $2,121,393,712)
SHARES			COMPANY
	PREFERRED STOCKS - 0.3%
	BANKS - 0.2%
	180,000		Regions Financial Corp	6.375		12/30/49		4,060,800
			TOTAL BANKS					4,060,800
	DIVERSIFIED FINANCIALS - 0.1%
	122,440		GMAC Capital Trust I	8.125		02/15/40		3,215,754
			TOTAL DIVERSIFIED FINANCIALS					3,215,754
			TOTAL PREFERRED STOCKS					7,276,554
			(Cost $7,561,000)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 2.8%
GOVERNMENT AGENCY DEBT - 2.1%
$	47,500,000		Federal Home Loan Bank (FHLB)	0.025		12/06/13		47,498,242
	5,925,000		Federal National Mortgage Association (FNMA)	0.050		10/16/13		5,924,877
			TOTAL GOVERNMENT AGENCY DEBT					53,423,119
TREASURY DEBT - 0.7%
	16,000,000		United States Treasury Bill	0.047		12/19/13		15,999,472
			TOTAL TREASURY DEBT					15,999,472
			TOTAL SHORT-TERM INVESTMENTS					69,422,591
			(Cost $69,421,049)
			TOTAL INVESTMENTS - 100.0%					2,502,408,983
			(Cost $2,491,611,754)
			OTHER ASSETS & LIABILITIES, NET - 0.0%					1,054,111
			NET ASSETS - 100.0%				$	2,503,463,094

159

TIAA-CREF FUNDS - High-Yield Fund

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be re-sold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities was $799,883,353 or 32.0% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
o	Payment in Kind Bond.

160

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

TIAA-CREF FUNDS

INFLATION-LINKED BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2013

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
GOVERNMENT BONDS -  99.1%
U.S. TREASURY SECURITIES - 99.1%
$	25,477,535	k	United States Treasury Inflation Indexed Bonds		2.000	%	07/15/14	$	26,120,435
	54,528,380	k	United States Treasury Inflation Indexed Bonds		1.625		01/15/15		56,351,700
	58,950,882	k	United States Treasury Inflation Indexed Bonds		0.500		04/15/15		60,221,981
	42,474,492	k	United States Treasury Inflation Indexed Bonds		1.875		07/15/15		44,843,762
	44,169,808	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/16		47,237,533
	89,840,564	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/16		92,198,879
	42,037,221	k	United States Treasury Inflation Indexed Bonds		2.500		07/15/16		46,385,467
	38,604,836	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/17		42,818,207
	98,462,775	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/17		101,532,056
	30,947,088	k	United States Treasury Inflation Indexed Bonds		2.625		07/15/17		35,115,289
	32,968,911	k	United States Treasury Inflation Indexed Bonds		1.625		01/15/18		36,232,306
	26,778,780	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/18		27,586,321
	31,767,390	k	United States Treasury Inflation Indexed Bonds		1.375		07/15/18		34,869,666
	30,895,936	k	United States Treasury Inflation Indexed Bonds		2.125		01/15/19		35,066,887
	34,911,272	k	United States Treasury Inflation Indexed Bonds		1.875		07/15/19		39,547,908
	41,317,335	k	United States Treasury Inflation Indexed Bonds		1.375		01/15/20		45,319,952
	63,830,658	k	United States Treasury Inflation Indexed Bonds		1.250		07/15/20		69,834,698
	70,563,935	k	United States Treasury Inflation Indexed Bonds		1.125		01/15/21		75,977,530
	69,369,663	k	United States Treasury Inflation Indexed Bonds		0.625		07/15/21		72,204,039
	73,289,355	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/22		72,367,521
	101,578,000	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		100,054,330
	61,732,000	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		60,053,630
	18,067,680	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		17,974,523
	59,922,211	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		71,518,118
	40,081,188	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		46,240,544
	32,442,227	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/27		39,039,645
	34,594,611	k	United States Treasury Inflation Indexed Bonds		1.750		01/15/28		38,737,869
	36,198,682	k	United States Treasury Inflation Indexed Bonds		3.625		04/15/28		50,044,678
	35,022,720	k	United States Treasury Inflation Indexed Bonds		2.500		01/15/29		43,047,861
	42,611,149	k	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		61,080,440
	12,803,559	k	United States Treasury Inflation Indexed Bonds		3.375		04/15/32		17,924,982
	19,997,117	k	United States Treasury Inflation Indexed Bonds		2.125		02/15/40		23,662,209
	26,418,464	k	United States Treasury Inflation Indexed Bonds		2.125		02/15/41		31,291,428
	44,142,406	k	United States Treasury Inflation Indexed Bonds		0.750		02/15/42		37,779,675
	33,020,325	k	United States Treasury Inflation Indexed Bonds		0.625		02/15/43		27,071,515
	13,000,000		United States Treasury Note		1.750		05/15/23		12,046,333
			TOTAL U.S. TREASURY SECURITIES						1,739,399,917
			TOTAL GOVERNMENT BONDS						1,739,399,917
			(Cost $1,684,440,588)

161

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
SHORT-TERM INVESTMENTS - 0.3%
GOVERNMENT AGENCY DEBT - 0.3%
$	5,000,000	Federal Home Loan Bank (FHLB)		0.035	%	12/02/13	$	4,999,830
		TOTAL GOVERNMENT AGENCY DEBT						4,999,830
		TOTAL SHORT-TERM INVESTMENTS						4,999,830
		(Cost $4,999,699)
		TOTAL INVESTMENTS - 99.4%						1,744,399,747
		(Cost $1,689,440,287)
		OTHER ASSETS & LIABILITIES, NET - 0.6%						11,519,495
		NET ASSETS - 100.0%					$	1,755,919,242

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

162

TIAA-CREF FUNDS - Short-Term Bond Fund

TIAA-CREF FUNDS

SHORT-TERM BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2013

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 0.9%
CAPITAL GOODS - 0.1%
$	995,000	i	Apex Tool Group LLC		4.500	%	01/31/20	$	995,627
	486,325	i	TransDigm, Inc		3.750		02/28/20		483,816
			TOTAL CAPITAL GOODS						1,479,443
CONSUMER DURABLES & APPAREL - 0.0%
	393,077	i	PVH Corp		3.250		02/13/20		391,665
			TOTAL CONSUMER DURABLES & APPAREL						391,665
CONSUMER SERVICES - 0.1%
	900,000	i	ARAMARK Corp		4.000		09/09/19		900,279
			TOTAL CONSUMER SERVICES						900,279
DIVERSIFIED FINANCIALS - 0.2%
	1,928,947	i	TransUnion LLC		4.250		02/10/19		1,935,371
			TOTAL DIVERSIFIED FINANCIALS						1,935,371
FOOD, BEVERAGE & TOBACCO - 0.3%
	1,859,592	i	Del Monte Foods Co		4.000		03/08/18		1,850,759
	1,695,750	i	HJ Heinz Co		3.250		06/07/19		1,694,580
			TOTAL FOOD, BEVERAGE & TOBACCO						3,545,339
MEDIA - 0.2%
	298,500	i	Univision Communications, Inc		4.000		03/01/20		294,769
	2,000,000	i	Virgin Media Investment Holdings Ltd		3.500		06/08/20		1,986,940
			TOTAL MEDIA						2,281,709
			TOTAL BANK LOAN OBLIGATIONS						10,533,806
			(Cost $10,544,024)
BONDS - 86.8%
CORPORATE BONDS - 36.1%
BANKS - 9.2%
	7,000,000	g	Australia & New Zealand Banking Group Ltd		2.400		11/23/16		7,261,800
	500,000	g,i	Banco Bradesco S.A.		2.363		05/16/14		502,559
	500,000	g	Banco de Credito del Peru		4.750		03/16/16		522,500
	500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		503,750
	5,825,000	g	Banco del Estado de Chile		2.000		11/09/17		5,683,272
	788,000	g	Bank Nederlandse Gemeenten		1.375		09/27/17		784,375
	7,000,000	g	Bank Nederlandse Gemeenten		1.375		03/19/18		6,887,916
	1,000,000	g	Bank of India		3.625		09/21/18		946,600
	250,000	g	Bank of Nova Scotia		1.650		10/29/15		255,225

163

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,800,000	g	Bank of Nova Scotia		2.150	%	08/03/16	$	4,964,160
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.250		02/24/14		1,005,567
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		1,018,669
	1,000,000		BB&T Corp		3.200		03/15/16		1,047,932
	1,000,000		BB&T Corp		1.450		01/12/18		976,372
	325,000		BB&T Corp		2.050		06/19/18		323,697
	500,000		BDO Unibank, Inc		4.500		02/16/17		511,250
	2,800,000	g	Caixa Economica Federal		2.375		11/06/17		2,618,000
	1,000,000	g	Caixa Economica Federal		4.500		10/03/18		993,100
	4,000,000		Citigroup, Inc		2.500		09/26/18		3,977,784
	750,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.375		01/19/17		798,027
	1,000,000		First Horizon National Corp		5.375		12/15/15		1,080,704
	525,000	g	HSBC Bank plc		1.500		05/15/18		510,309
	900,000		HSBC USA, Inc		2.375		02/13/15		920,201
	2,500,000		HSBC USA, Inc		1.625		01/16/18		2,450,573
	1,550,000	g	Hutchison Whampoa International 12 II Ltd		2.000		11/08/17		1,531,927
	1,750,000		JPMorgan Chase & Co		1.625		05/15/18		1,694,812
	2,500,000	g	National Australia Bank Ltd		2.000		06/20/17		2,547,250
	9,000,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		8,820,000
	5,000,000	g	SpareBank Boligkreditt AS.		1.250		05/02/18		4,859,000
	4,280,000	g	State Bank of India		4.125		08/01/17		4,247,712
	300,000	g	State Bank of India		3.250		04/18/18		286,650
	12,000,000	g	Toronto-Dominion Bank		2.200		07/29/15		12,361,200
	2,200,000	g	Toronto-Dominion Bank		1.625		09/14/16		2,242,900
	500,000	g	Turkiye Is Bankasi		3.875		11/07/17		479,375
	500,000		Union Bank NA		2.125		06/16/17		502,755
	1,000,000		US Bancorp		3.125		04/01/15		1,037,287
	500,000		US Bancorp		1.650		05/15/17		502,922
	2,000,000		Wells Fargo & Co		1.500		07/01/15		2,025,082
	3,500,000		Wells Fargo & Co		2.100		05/08/17		3,573,301
	4,000,000		Wells Fargo & Co		1.500		01/16/18		3,936,092
	1,000,000		Westpac Banking Corp		3.000		08/04/15		1,042,918
	6,000,000	g	Westpac Banking Corp		2.450		11/28/16		6,236,400
	2,700,000	g	Westpac Banking Corp		1.250		12/15/17		2,655,720
			TOTAL BANKS						107,127,645
CAPITAL GOODS - 0.7%
	2,500,000		Caterpillar Financial Services Corp		1.550		12/20/13		2,506,378
	475,000		Caterpillar, Inc		1.500		06/26/17		472,435
	925,000		Pentair Finance S.A.		1.350		12/01/15		928,447
	1,000,000	g	Schaeffler Finance BV		8.500		02/15/19		1,115,000
	1,000,000	g	Sealed Air Corp		8.375		09/15/21		1,132,500
	775,000	g	Turlock Corp		1.500		11/02/17		764,093
	500,000		United Technologies Corp		1.800		06/01/17		508,734
			TOTAL CAPITAL GOODS						7,427,587
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	1,000,000		Waste Management, Inc		2.600		09/01/16		1,033,416
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						1,033,416

164

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
CONSUMER DURABLES & APPAREL - 0.2%
$	1,000,000		Hanesbrands, Inc		8.000	%	12/15/16	$	1,053,760
	500,000		Hanesbrands, Inc		6.375		12/15/20		538,750
	1,000,000		Phillips-Van Heusen Corp		7.375		05/15/20		1,090,000
			TOTAL CONSUMER DURABLES & APPAREL						2,682,510
CONSUMER SERVICES - 0.3%
	1,000,000		DineEquity, Inc		9.500		10/30/18		1,112,500
	1,000,000	g	SABMiller Holdings, Inc		2.450		01/15/17		1,027,407
	1,000,000		Walt Disney Co		0.450		12/01/15		994,761
			TOTAL CONSUMER SERVICES						3,134,668
DIVERSIFIED FINANCIALS - 7.9%
	2,000,000	g	Abbey National Treasury Services plc		3.875		11/10/14		2,063,682
	550,000		American Express Centurion Bank		0.875		11/13/15		549,889
	500,000		American Express Centurion Bank		6.000		09/13/17		579,824
	1,150,000		American Express Credit Corp		1.750		06/12/15		1,170,959
	1,000,000		American Express Credit Corp		1.300		07/29/16		1,005,988
	1,000,000		American Express Credit Corp		2.800		09/19/16		1,046,292
	2,675,000		Bank of America Corp		3.750		07/12/16		2,834,657
	9,350,000		Bank of America Corp		2.000		01/11/18		9,195,267
	1,000,000		Bank of New York Mellon Corp		1.200		02/20/15		1,008,980
	150,000	i	Bank of New York Mellon Corp		1.969		06/20/17		151,339
	500,000		BlackRock, Inc		3.500		12/10/14		517,444
	825,000		BlackRock, Inc		1.375		06/01/15		836,862
	8,000,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		8,097,600
	3,250,000		Capital One Financial Corp		2.125		07/15/14		3,286,023
	1,000,000		Capital One Financial Corp		1.000		11/06/15		994,963
	1,000,000		Capital One Financial Corp		3.150		07/15/16		1,044,694
	1,000,000		Citigroup, Inc		2.250		08/07/15		1,019,558
	4,565,000		Citigroup, Inc		5.000		09/15/14		4,737,069
	456,000		Citigroup, Inc		5.500		10/15/14		477,842
	2,000,000		Citigroup, Inc		1.250		01/15/16		1,998,472
	759,000		Citigroup, Inc		5.500		02/15/17		831,040
	2,000,000	g	Credit Suisse AG.		1.625		03/06/15		2,029,600
	1,675,000		Ford Motor Credit Co LLC		4.250		02/03/17		1,789,774
	3,250,000		Ford Motor Credit Co LLC		3.000		06/12/17		3,340,522
	825,000		Ford Motor Credit Co LLC		6.625		08/15/17		950,654
	500,000		General Electric Capital Corp		3.750		11/14/14		518,600
	3,000,000		General Electric Capital Corp		1.625		07/02/15		3,044,178
	2,000,000		General Electric Capital Corp		2.300		04/27/17		2,051,870
	500,000	g	General Motors Financial Co, Inc		2.750		05/15/16		498,750
	1,375,000		Goldman Sachs Group, Inc		3.300		05/03/15		1,421,801
	3,025,000		Goldman Sachs Group, Inc		2.375		01/22/18		3,003,550
	160,000	g	Hyundai Capital America, Inc		3.750		04/06/16		167,945
	200,000	g	Hyundai Capital Services, Inc		4.375		07/27/16		213,544
	1,000,000	g	Hyundai Capital Services, Inc		3.500		09/13/17		1,039,661
	150,000	g	International Lease Finance Corp		6.500		09/01/14		155,625
	200,000		International Lease Finance Corp		5.750		05/15/16		212,056
	200,000		International Lease Finance Corp		3.875		04/15/18		193,250
	1,000,000		Jefferies Group, Inc		3.875		11/09/15		1,042,084

165

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		John Deere Capital Corp		2.000	%	01/13/17	$	1,023,369
	1,000,000		John Deere Capital Corp		1.400		03/15/17		995,662
	10,000,000		JPMorgan Chase & Co		0.800		04/23/15		9,979,250
	1,800,000		Morgan Stanley		1.750		02/25/16		1,808,680
	5,000,000		Morgan Stanley		2.125		04/25/18		4,873,240
	1,000,000		National Rural Utilities Cooperative Finance Corp		1.000		02/02/15		1,006,826
	500,000	g	PTTEP Australia International Finance Pty Ltd		4.152		07/19/15		515,569
	225,000		State Street Corp		4.300		05/30/14		230,907
	1,675,000		State Street Corp		1.350		05/15/18		1,633,031
	500,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		505,879
	1,000,000		Toyota Motor Credit Corp		1.000		02/17/15		1,008,001
	500,000		Toyota Motor Credit Corp		2.050		01/12/17		511,486
	750,000	g	Turkiye Vakiflar Bankasi Tao		3.750		04/15/18		697,500
	1,000,000		Unilever Capital Corp		2.750		02/10/16		1,044,307
	750,000		Unilever Capital Corp		2.200		03/06/19		755,373
			TOTAL DIVERSIFIED FINANCIALS						91,710,988
ENERGY - 3.2%
	250,000		Apache Corp		1.750		04/15/17		252,060
	2,000,000		Ashland, Inc		3.000		03/15/16		2,025,000
	1,000,000		BP Capital Markets plc		5.250		11/07/13		1,004,468
	1,600,000		BP Capital Markets plc		1.375		05/10/18		1,552,123
	2,000,000		Chevron Corp		1.104		12/05/17		1,971,304
	350,000		ConocoPhillips		4.600		01/15/15		367,754
	500,000		Devon Energy Corp		5.625		01/15/14		507,438
	625,000		Devon Energy Corp		1.875		05/15/17		626,391
	2,450,000		Ecopetrol S.A.		4.250		09/18/18		2,520,437
	390,000	g	Empresa Nacional del Petroleo		4.875		03/15/14		395,125
	1,150,000		EOG Resources, Inc		2.950		06/01/15		1,194,117
	5,350,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		05/23/16		5,644,250
	350,000		Marathon Petroleum Corp		3.500		03/01/16		367,586
	2,000,000		Newfield Exploration Co		6.875		02/01/20		2,100,000
	375,000		Noble Holding International Ltd		3.450		08/01/15		390,034
	1,550,000		Noble Holding International Ltd		2.500		03/15/17		1,558,184
	500,000	g	Novatek Finance Ltd		5.326		02/03/16		529,300
	500,000		Occidental Petroleum Corp		2.500		02/01/16		517,517
	1,850,000	i	Petrobras Global Finance BV		1.884		05/20/16		1,840,750
	975,000		Petrobras International Finance Co		3.875		01/27/16		1,005,994
	925,000		Petrobras International Finance Co		3.500		02/06/17		939,292
	500,000		Petroleos Mexicanos		4.875		03/15/15		525,000
	625,000		Petroleos Mexicanos		3.500		07/18/18		632,813
	400,000		Phillips 66		1.950		03/05/15		406,066
	1,000,000	g	PTT Exploration & Production PCL		3.707		09/16/18		1,010,017
	509,000		Range Resources Corp		6.750		08/01/20		548,448
	2,400,000	g	Rosneft Oil Co via Rosneft International Finance Ltd		3.149		03/06/17		2,400,000
	100,000		Statoil ASA		2.900		10/15/14		102,592
	750,000		Statoil ASA		1.200		01/17/18		735,170
	1,000,000		Total Capital Canada Ltd		1.625		01/28/14		1,004,345

166

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Total Capital Canada Ltd		1.450	%	01/15/18	$	493,350
	750,000		Total Capital International S.A.		1.500		02/17/17		755,683
	1,000,000		Vale Overseas Ltd		6.250		01/23/17		1,120,938
	475,000		Valero Energy Corp		4.500		02/01/15		497,549
			TOTAL ENERGY						37,541,095
FOOD & STAPLES RETAILING - 0.1%
	1,075,000		CVS Caremark Corp		3.250		05/18/15		1,118,416
			TOTAL FOOD & STAPLES RETAILING						1,118,416
FOOD, BEVERAGE & TOBACCO - 1.3%
	700,000		Anheuser-Busch InBev Worldwide, Inc		4.125		01/15/15		732,281
	500,000		Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		523,143
	2,075,000		Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		2,066,270
	2,000,000		Coca-Cola Co		0.750		03/13/15		2,007,918
	600,000		Coca-Cola Co		1.800		09/01/16		616,811
	1,000,000		Coca-Cola Enterprises, Inc		1.125		11/12/13		1,000,702
	225,000		ConAgra Foods, Inc		1.300		01/25/16		225,235
	2,000,000		Constellation Brands, Inc		8.375		12/15/14		2,155,000
	135,000		General Mills, Inc		5.200		03/17/15		143,834
	1,650,000		General Mills, Inc		0.875		01/29/16		1,649,284
	1,000,000		Kraft Foods, Inc		5.250		10/01/13		1,000,000
	1,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		1,037,475
	2,000,000		TreeHouse Foods, Inc		7.750		03/01/18		2,115,000
			TOTAL FOOD, BEVERAGE & TOBACCO						15,272,953
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	1,000,000		Baxter International, Inc		0.950		06/01/16		1,001,997
	200,000		Becton Dickinson & Co		1.750		11/08/16		204,108
	500,000		Covidien International Finance S.A.		1.350		05/29/15		504,887
	500,000	h	Edwards Lifesciences Corp		2.875		10/15/18		498,032
	600,000		Express Scripts Holding Co		2.100		02/12/15		609,577
	1,000,000	g	Fresenius US Finance II, Inc		9.000		07/15/15		1,110,000
	1,000,000		HCA, Inc		7.875		02/15/20		1,078,125
	350,000	g	Mallinckrodt International Finance S.A.		3.500		04/15/18		344,378
	1,000,000		Medco Health Solutions, Inc		2.750		09/15/15		1,033,224
	1,000,000		Thermo Fisher Scientific, Inc		2.050		02/21/14		1,004,944
	245,000		Thermo Fisher Scientific, Inc		3.200		05/01/15		253,045
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						7,642,317
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,000,000		Ecolab, Inc		3.000		12/08/16		1,048,830
	375,000		Ecolab, Inc		1.450		12/08/17		367,658
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						1,416,488
INSURANCE - 1.2%
	750,000		Aetna, Inc		1.500		11/15/17		736,426
	2,575,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		2,513,756
	675,000		Hartford Financial Services Group, Inc		4.000		10/15/17		723,274
	2,000,000		MetLife, Inc		2.375		02/06/14		2,014,312
	400,000		Principal Financial Group, Inc		1.850		11/15/17		396,547

167

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Prudential Financial, Inc		3.875	%	01/14/15	$	1,039,421
	1,000,000		Prudential Financial, Inc		6.000		12/01/17		1,159,364
	200,000		Prudential Financial, Inc		2.300		08/15/18		201,750
	550,000		UnitedHealth Group, Inc		0.850		10/15/15		551,389
	2,425,000		UnitedHealth Group, Inc		1.400		10/15/17		2,393,984
	1,500,000		Willis Group Holdings plc		4.125		03/15/16		1,575,320
			TOTAL INSURANCE						13,305,543
MATERIALS - 1.4%
	2,000,000		Airgas, Inc		2.850		10/01/13		2,000,000
	40,000		Airgas, Inc		4.500		09/15/14		41,446
	675,000		ArcelorMittal		4.250		08/05/15		695,250
	250,000		ArcelorMittal		5.000		02/25/17		260,000
	750,000		Barrick Gold Corp		2.500		05/01/18		715,162
	1,000,000		Bemis Co, Inc		5.650		08/01/14		1,040,479
	300,000		Corning, Inc		1.450		11/15/17		296,561
	2,000,000		Crown Americas LLC		6.250		02/01/21		2,090,000
	1,000,000		E.I. du Pont de Nemours & Co		3.250		01/15/15		1,034,546
	1,324,000		Graphic Packaging International, Inc		7.875		10/01/18		1,443,160
	2,000,000		International Paper Co		5.300		04/01/15		2,126,490
	500,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		512,093
	1,750,000		Sherwin-Williams Co		1.350		12/15/17		1,708,560
	1,000,000	g	Sociedad Quimica y Minera de Chile S.A.		6.125		04/15/16		1,081,533
	1,000,000		Teck Resources Ltd		2.500		02/01/18		989,459
			TOTAL MATERIALS						16,034,739
MEDIA - 1.5%
	1,000,000		CCO Holdings LLC		6.500		04/30/21		1,015,000
	2,000,000		DIRECTV Holdings LLC		2.400		03/15/17		2,009,256
	525,000		DISH DBS Corp		4.250		04/01/18		525,656
	1,000,000		Echostar DBS Corp		6.625		10/01/14		1,050,000
	2,000,000		Interpublic Group of Cos, Inc		6.250		11/15/14		2,095,000
	1,000,000		Lamar Media Corp		7.875		04/15/18		1,067,500
	625,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		615,362
	1,000,000		NBC Universal Media LLC		3.650		04/30/15		1,047,985
	2,000,000		TCI Communications, Inc		8.750		08/01/15		2,280,596
	1,000,000		Time Warner Cable, Inc		7.500		04/01/14		1,032,514
	2,000,000		Time Warner Cable, Inc		5.850		05/01/17		2,174,974
	250,000		Time Warner, Inc		3.150		07/15/15		260,223
	1,000,000		Viacom, Inc		1.250		02/27/15		1,002,706
	1,000,000		Viacom, Inc		3.500		04/01/17		1,052,127
			TOTAL MEDIA						17,228,899
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	1,500,000		AbbVie, Inc		1.200		11/06/15		1,505,427
	1,200,000		AbbVie, Inc		1.750		11/06/17		1,190,148
	600,000		Johnson & Johnson		2.150		05/15/16		622,774
	120,000		Life Technologies Corp		3.500		01/15/16		124,722
	1,000,000		Merck & Co, Inc		2.250		01/15/16		1,034,032
	3,000,000	g	Mylan, Inc		7.875		07/15/20		3,423,201

168

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		NBTY, Inc		9.000	%	10/01/18	$	1,097,500
	600,000	g	Valeant Pharmaceuticals International, Inc		6.375		10/15/20		624,000
	500,000		Watson Pharmaceuticals, Inc		1.875		10/01/17		496,858
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						10,118,662
REAL ESTATE - 0.1%
	1,000,000	g	Simon Property Group LP		1.500		02/01/18		974,903
	100,000		Ventas Realty LP		3.125		11/30/15		104,450
	525,000		Ventas Realty LP		2.000		02/15/18		514,420
			TOTAL REAL ESTATE						1,593,773
RETAILING - 1.0%
	750,000		Home Depot, Inc		2.250		09/10/18		757,950
	2,000,000		Limited Brands, Inc		5.250		11/01/14		2,075,000
	2,212,000		Macy's Retail Holdings, Inc		5.750		07/15/14		2,297,231
	1,000,000	g	QVC, Inc		7.500		10/01/19		1,076,127
	2,300,000		Target Corp		1.125		07/18/14		2,314,478
	1,000,000		Wal-Mart Stores, Inc		3.000		02/03/14		1,008,836
	2,000,000		Wal-Mart Stores, Inc		1.125		04/11/18		1,955,314
			TOTAL RETAILING						11,484,936
SOFTWARE & SERVICES - 0.4%
	2,500,000		International Business Machines Corp		0.750		05/11/15		2,512,197
	1,075,000		International Business Machines Corp		1.250		02/06/17		1,078,524
	1,050,000		Oracle Corp		1.200		10/15/17		1,031,246
	150,000		SunGard Data Systems, Inc		4.875		01/15/14		151,125
			TOTAL SOFTWARE & SERVICES						4,773,092
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
	250,000		Amphenol Corp		4.750		11/15/14		260,798
	2,500,000		Apple, Inc		1.000		05/03/18		2,408,135
	250,000		CC Holdings GS V LLC		2.381		12/15/17		246,461
	3,000,000		General Electric Co		0.850		10/09/15		3,006,915
	1,000,000		Jabil Circuit, Inc		7.750		07/15/16		1,132,500
	1,000,000		L-3 Communications Corp		3.950		11/15/16		1,066,626
	725,000	g	NXP BV		3.750		06/01/18		706,875
	198,000		Seagate Technology HDD Holdings		6.800		10/01/16		223,740
	1,000,000		Tyco Electronics Group S.A.		1.600		02/03/15		1,007,463
	1,000,000		Xerox Corp		2.950		03/15/17		1,025,491
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						11,085,004
TELECOMMUNICATION SERVICES - 1.9%
	1,000,000		America Movil SAB de C.V.		2.375		09/08/16		1,016,800
	1,000,000		American Tower Corp		3.400		02/15/19		988,389
	1,000,000		AT&T, Inc		2.500		08/15/15		1,030,024
	500,000		AT&T, Inc		2.950		05/15/16		522,815
	980,000		AT&T, Inc		1.400		12/01/17		956,642
	1,825,000		British Telecommunications plc		1.625		06/28/16		1,834,855
	1,000,000		Cellco Partnership		7.375		11/15/13		1,008,066

169

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		France Telecom S.A.		2.125	%	09/16/15	$	1,015,376
	1,000,000	g	Sprint Nextel Corp		9.000		11/15/18		1,172,500
	1,000,000		Telecom Italia Capital S.A.		5.250		11/15/13		1,004,517
	553,000		Telecom Italia Capital S.A.		6.175		06/18/14		569,166
	1,000,000		Telefonica Emisiones SAU		3.992		02/16/16		1,035,876
	800,000		Telefonica Emisiones SAU		3.192		04/27/18		789,352
	3,000,000		Verizon Communications, Inc		0.700		11/02/15		2,981,226
	5,675,000		Verizon Communications, Inc		3.650		09/14/18		5,979,708
			TOTAL TELECOMMUNICATION SERVICES						21,905,312
TRANSPORTATION - 0.4%
	350,000	g	Asciano Finance Ltd		3.125		09/23/15		357,067
	3,000,000	g	ERAC USA Finance LLC		1.400		04/15/16		2,986,353
	400,000	g	Hertz Corp		4.250		04/01/18		393,000
	375,000		Northrop Grumman Corp		1.750		06/01/18		368,056
	890,000	g	Transnet Ltd		4.500		02/10/16		917,813
			TOTAL TRANSPORTATION						5,022,289
UTILITIES - 2.5%
	750,000	g	Abu Dhabi National Energy Co		4.125		03/13/17		784,687
	180,000		Alliant Energy Corp		4.000		10/15/14		185,983
	2,150,000		American Electric Power Co, Inc		1.650		12/15/17		2,112,162
	1,000,000		Commonwealth Edison Co		4.700		04/15/15		1,058,925
	2,000,000		Commonwealth Edison Co		1.950		09/01/16		2,045,448
	1,000,000		Dominion Resources, Inc		1.800		03/15/14		1,005,329
	2,000,000		Dominion Resources, Inc		1.400		09/15/17		1,971,912
	500,000		Duke Energy Carolinas LLC		5.750		11/15/13		503,087
	1,000,000		Duke Energy Corp		2.100		06/15/18		997,335
	1,900,000		FPL Group Capital, Inc		2.600		09/01/15		1,956,495
	550,000	g	Israel Electric Corp Ltd		6.700		02/10/17		590,563
	1,000,000	g	Israel Electric Corp Ltd		5.625		06/21/18		1,032,500
	200,000	g	Korea Hydro & Nuclear Power Co Ltd		3.125		09/16/15		206,486
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,494,834
	1,500,000		Northeast Utilities		1.450		05/01/18		1,461,527
	2,950,000		ONEOK Partners LP		2.000		10/01/17		2,928,716
	500,000		Pepco Holdings, Inc		2.700		10/01/15		513,991
	500,000		PG&E Corp		5.750		04/01/14		512,080
	2,000,000		Sempra Energy		2.300		04/01/17		2,038,520
	450,000		Williams Partners LP		3.800		02/15/15		467,090
	5,000,000		Xcel Energy, Inc		0.750		05/09/16		4,964,950
			TOTAL UTILITIES						28,832,620
			TOTAL CORPORATE BONDS						417,492,952
			(Cost $415,424,937)
GOVERNMENT BONDS -  28.2%
AGENCY SECURITIES - 2.8%
	1,000,000		Federal National Mortgage Association (FNMA)		2.500		05/15/14		1,014,832
	6,285,004	g	Hospital for Special Surgery		3.500		01/01/23		6,613,597

170

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	19,592,492	i	KE Export Leasing		0.523	%	05/19/24	$	19,514,102
	6,000,000		Private Export Funding Corp (PEFCO)		1.375		02/15/17		6,046,644
			TOTAL AGENCY SECURITIES						33,189,175
FOREIGN GOVERNMENT BONDS - 7.8%
	1,225,000	g	Banco Nacional de Desenvolvimento Economico e Social		3.375		09/26/16		1,228,675
	7,360,416	g,m	Carpintero Finance Ltd		2.581		11/11/24		7,238,750
	1,950,000	g	Croatia Government International Bond		6.250		04/27/17		2,049,099
	1,500,000	g	Democratic Socialist Republic of Sri Lanka		7.400		01/22/15		1,545,000
	300,000		Export-Import Bank of Korea		8.125		01/21/14		306,579
	225,000		Export-Import Bank of Korea		4.125		09/09/15		237,341
	1,750,000		Export-Import Bank of Korea		1.250		11/20/15		1,751,291
	500,000		Export-Import Bank of Korea		3.750		10/20/16		529,168
	925,000		Export-Import Bank of Korea		1.750		02/27/18		900,043
	3,500,000		FMS Wertmanagement AoeR		1.000		11/21/17		3,444,700
	1,250,000		Hungary Government International Bond		4.125		02/19/18		1,237,500
	2,500,000		Hydro Quebec		1.375		06/19/17		2,503,700
	1,250,000		Hydro-Quebec		7.500		04/01/16		1,448,625
	2,000,000	g	Iceland Government International Bond		4.875		06/16/16		2,092,000
	2,370,000	g	Indonesia Government International Bond		6.875		03/09/17		2,621,813
	20,000,000	g,i	International Finance Facility for Immunisation		0.434		07/05/16		20,006,118
	5,000,000	g	Kommunalbanken AS.		0.875		10/03/16		4,993,500
	2,500,000		Korea Development Bank		1.000		01/22/16		2,467,625
	6,000,000		Korea Development Bank		1.500		01/22/18		5,782,908
	410,000	g	Korea Housing Finance Corp		3.500		12/15/16		429,814
	250,000	g	Korea Housing Finance Corp		1.625		09/15/18		235,514
	400,000	g	Lithuania Government International Bond		5.125		09/14/17		437,000
	400,000	g	Nigeria Government International Bond		5.125		07/12/18		406,000
	420,000		Poland Government International Bond		3.875		07/16/15		440,496
	3,000,000		Province of New Brunswick Canada		2.750		06/15/18		3,147,210
	2,000,000		Province of Nova Scotia Canada		2.375		07/21/15		2,059,420
	1,300,000		Province of Ontario Canada		2.700		06/16/15		1,348,685
	791,000	g	Qatar Government International Bond		4.000		01/20/15		820,663
	550,000		Republic of Italy		4.500		01/21/15		573,154
	500,000		Republic of Korea		5.750		04/16/14		513,254
	1,000,000	g	Republic of Serbia		4.875		02/25/20		933,750
	2,000,000		Republic of Turkey		7.500		07/14/17		2,262,500
	700,000	g	Russian Foreign Bond - Eurobond		3.625		04/29/15		727,300
	1,600,000	g	Russian Foreign Bond - Eurobond		3.250		04/04/17		1,662,768
	500,000		South Africa Government International Bond		6.500		06/02/14		517,300
	7,000,000	g	Spain Government International Bond		4.000		03/06/18		7,114,100
	3,525,000		Svensk Exportkredit AB		1.125		04/05/18		3,453,090
	516,000		United Mexican States		5.875		02/17/14		525,546
			TOTAL FOREIGN GOVERNMENT BONDS						89,991,999
MORTGAGE BACKED - 1.4%
	1,945,449		Federal Home Loan Mortgage Corp (FHLMC)		4.000		05/15/37		2,035,428
	22,766		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.000		12/01/17		24,278
	133,776		FGLMC		5.500		01/01/19		143,279
	132,689		FGLMC		5.500		01/01/19		142,119
	1,200,000		Federal National Mortgage Association (FNMA)		1.510		06/01/17		1,214,762

171

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,428,270		FNMA		2.030	%	08/01/19	$	3,416,948
	4,931,512		FNMA		1.570		01/01/20		4,777,143
	988,649		FNMA		2.110		01/01/20		980,833
	791,084		FNMA		4.500		10/25/28		805,383
	3,058,750		Government National Mortgage Association (GNMA)		2.300		10/15/19		3,146,920
			TOTAL MORTGAGE BACKED						16,687,093
MUNICIPAL BONDS - 0.5%
	5,000,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		4,977,700
	500,000		New Jersey Health Care Facilities Financing Authority		5.000		07/01/16		519,570
			TOTAL MUNICIPAL BONDS						5,497,270
U.S. TREASURY SECURITIES - 15.7%
	29,700,000		United States Treasury Note		1.250		04/15/14		29,886,783
	3,800,000		United States Treasury Note		0.250		06/30/14		3,804,305
	1,635,000		United States Treasury Note		2.625		06/30/14		1,665,848
	1,865,000		United States Treasury Note		2.375		10/31/14		1,909,803
	6,680,000		United States Treasury Note		0.250		11/30/14		6,687,568
	1,355,000		United States Treasury Note		0.250		01/31/15		1,356,271
	5,745,000		United States Treasury Note		0.250		02/28/15		5,748,815
	21,460,000		United States Treasury Note		0.250		05/31/15		21,455,815
	35,790,000	l	United States Treasury Note		0.500		06/15/16		35,756,429
	4,600,000		United States Treasury Note		0.625		07/15/16		4,606,109
	26,315,000		United States Treasury Note		0.625		08/15/16		26,331,447
	36,000,000		United States Treasury Note		0.875		09/15/16		36,264,385
	200		United States Treasury Note		0.750		06/30/17		198
	600		United States Treasury Note		0.875		01/31/18		592
	6,338,300		United States Treasury Note		1.500		08/31/18		6,380,393
			TOTAL U.S. TREASURY SECURITIES						181,854,761
			TOTAL GOVERNMENT BONDS						327,220,298
			(Cost $326,532,326)
STRUCTURED ASSETS - 22.5%
ASSET BACKED - 16.7%
	230,520	i	Aames Mortgage Trust		6.480		06/25/32		220,908
			Series - 2002 1 (Class A3)
	185,754	i	Accredited Mortgage Loan Trust		0.420		09/25/35		182,633
			Series - 2005 3 (Class A1)
	49,869	i	ACE Securities Corp		0.649		08/25/35		49,833
			Series - 2005 HE5 (Class M1)
	3,000,000	g	AESOP Funding II		3.270		02/20/18		3,148,773
			Series - 2011 5A (Class A)
	1,958,847		Ally Auto Receivables Trust		2.230		03/15/16		1,976,915
			Series - 2011 1 (Class A4)
	2,700,000	g	Ally Auto Receivables Trust		2.590		07/15/16		2,737,881
			Series - 2011 2 (Class B)
	3,300,000	g	Ally Auto Receivables Trust		1.900		11/15/16		3,317,860
			Series - 2011 5 (Class B)

172

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	8,000,000	g	Ally Master Owner Trust		4.250	%	04/15/17	$	8,367,760
			Series - 2010 2 (Class A)
	2,000,000		Ally Master Owner Trust		1.000		02/15/18		1,992,306
			Series - 2013 1 (Class A2)
	1,000,000		Ally Master Owner Trust		1.720		07/15/19		997,755
			Series - 2012 4 (Class A)
	1,000,000		Ally Master Owner Trust		1.540		09/15/19		987,958
			Series - 2012 5 (Class A)
	1,586,581		AmeriCredit Automobile Receivables Trust		2.040		09/08/15		1,591,596
			Series - 2010 3 (Class B)
	2,000,000		AmeriCredit Automobile Receivables Trust		2.330		03/08/16		2,011,404
			Series - 2011 2 (Class B)
	3,000,000		AmeriCredit Automobile Receivables Trust		2.450		12/08/16		3,052,977
			Series - 2011 5 (Class B)
	4,250,000		AmeriCredit Automobile Receivables Trust		1.310		11/08/17		4,247,501
			Series - 2012 4 (Class B)
	202,212	i	Ameriquest Mortgage Securities		0.499		05/25/35		201,846
			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)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.650		11/20/14		2,045,348
			Series - 2011 2A (Class B)
	4,500,000	g	Avis Budget Rental Car Funding AESOP LLC		2.090		04/20/15		4,523,202
			Series - 2010 4A (Class A)
	436,795	i	Bear Stearns Asset Backed Securities Trust		0.919		11/25/39		426,606
			Series - 2005 SD3 (Class 2A1)
	2,000,000	g	Cabela's Master Credit Card Trust		2.290		09/17/18		2,061,478
			Series - 2010 2A (Class A1)
	4,965,000	g	Cabela's Master Credit Card Trust		2.390		06/17/19		5,126,199
			Series - 2011 2A (Class A1)
	2,090,000	g	Cabela's Master Credit Card Trust		1.630		02/18/20		2,109,335
			Series - 2012 1A (Class A1)
	7,500,000		Capital Auto Receivables Asset Trust		0.970		01/22/18		7,462,905
			Series - 2013 1 (Class A4)
	3,500,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		3,449,999
			Series - 2013 1 (Class B)
	1,000,000		CarMax Auto Owner Trust		2.630		11/15/16		1,024,474
			Series - 2011 1 (Class B)
	155,000		CarMax Auto Owner Trust		2.830		02/15/17		159,192
			Series - 2011 1 (Class C)
	5,870,000		CarMax Auto Owner Trust		1.730		02/15/18		5,946,774
			Series - 2012 2 (Class B)
	65,852		Centex Home Equity		5.540		01/25/32		66,079
			Series - 2002 A (Class AF6)
	452,236	i	Centex Home Equity		0.824		03/25/34		407,664
			Series - 2004 B (Class M1)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/25/35		242,183
			Series - 2004 2 (Class 1M2)
	6,000,000		CNH Equipment Trust		1.550		11/15/17		6,089,592
			Series - 2011 C (Class A4)

173

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	690,377	i	Credit-Based Asset Servicing and Securitization LLC		4.498	%	08/25/35	$	699,884
			Series - 2005 CB5 (Class AF2)
	57,127	i	Credit-Based Asset Servicing and Securitization LLC		4.935		04/25/37		57,822
			Series - 2007 CB4 (Class A2A)
	276,241	i	CSMC Trust		0.489		11/25/35		273,085
			Series - 2006 CF1 (Class A1)
	8,724,374		Entergy Louisiana Investment Recovery Funding I LLC		2.040		09/01/23		8,749,588
			Series - 2011 A (Class A1)
	251,230	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		250,913
			Series - 2007 1A (Class AF3)
	2,000,000		Ford Credit Auto Owner Trust		2.380		07/15/16		2,052,006
			Series - 2011 A (Class B)
	5,000,000		Ford Credit Auto Owner Trust		1.150		07/15/18		4,941,360
			Series - 2013 A (Class B)
	2,000,000	g	Ford Credit Floorplan Master Owner Trust		2.410		02/15/16		2,013,468
			Series - 2011 1 (Class B)
	6,485,000	g	Ford Credit Floorplan Master Owner Trust		4.200		02/15/17		6,785,923
			Series - 2010 3 (Class A1)
	1,800,000		Ford Credit Floorplan Master Owner Trust		1.490		09/15/19		1,791,931
			Series - 2012 5 (Class A)
	7,435,000		GE Capital Credit Card Master Note Trust		4.470		03/15/20		8,213,898
			Series - 2010 2 (Class A)
	1,000,000	g	Hertz Vehicle Financing LLC		4.170		03/25/16		1,029,448
			Series - 2011 1A (Class B1)
	4,230,000	g	Hertz Vehicle Financing LLC		5.290		03/25/16		4,458,238
			Series - 2009 2A (Class A2)
	2,540,000	g	Hertz Vehicle Financing LLC		3.290		03/25/18		2,677,566
			Series - 2011 1A (Class A2)
	1,000,000	g	Hertz Vehicle Financing LLC		4.960		03/25/18		1,072,172
			Series - 2011 1A (Class B2)
	328,988	i	HSI Asset Securitization Corp Trust		0.539		07/25/35		327,320
			Series - 2005 NC1 (Class 2A3)
	2,000,000		Hyundai Auto Receivables Trust		2.450		04/15/16		2,041,890
			Series - 2011 A (Class B)
	8,000,000		Hyundai Auto Receivables Trust		1.350		06/17/19		7,842,216
			Series - 2013 A (Class C)
	1,023,084	i	Lehman XS Trust		0.429		02/25/36		906,954
			Series - 2006 1 (Class 1A1)
	224,403	i	Long Beach Mortgage Loan Trust		0.929		02/25/35		223,014
			Series - 2005 1 (Class M1)
	2,000,000	g	MMCA Automobile Trust		2.720		10/17/16		2,035,858
			Series - 2011 A (Class B)
	1,621,675	i	Morgan Stanley Capital I		0.359		02/25/36		1,598,896
			Series - 2006 NC2 (Class A2C)
	264,420	g	Morgan Stanley Capital I		2.602		09/15/47		269,144
			Series - 2011 C1 (Class A1)
	3,586,701	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.699		01/25/36		3,562,498
			Series - 2005 WCH1 (Class M2)
	3,000,000	g	Rental Car Finance Corp		2.510		02/25/16		3,047,178
			Series - 2011 1A (Class A1)

174

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000	g	Rental Car Finance Corp		4.380	%	02/25/16	$	2,055,466
			Series - 2011 1A (Class B1)
	210,024	i	Residential Asset Mortgage Products, Inc		0.479		04/25/35		204,560
			Series - 2005 RZ1 (Class A3)
	1,244,983		Residential Funding Mortgage Securities II, Inc		5.790		02/25/36		1,262,884
			Series - 2006 HI2 (Class A3)
	447,039		Residential Funding Mortgage Securities II, Inc		5.960		02/25/36		453,314
			Series - 2006 HI3 (Class A3)
	500,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		495,298
			Series - 2006 HI1 (Class M2)
	5,000,000		Santander Drive Auto Receivables Trust		2.090		08/15/16		5,048,270
			Series - 2012 2 (Class B)
	3,220,000		Santander Drive Auto Receivables Trust		3.090		05/15/17		3,265,550
			Series - 2011 3 (Class C)
	544,929	i	Saxon Asset Securities Trust		6.120		11/25/30		581,594
			Series - 2002 2 (Class AF6)
	214,485	i	Securitized Asset Backed Receivables LLC		0.479		10/25/35		209,047
			Series - 2006 OP1 (Class A2C)
	7,800,000	g	SLM Student Loan Trust		3.480		10/15/30		8,174,891
			Series - 2012 B (Class A2)
	9,000,000	g	SLM Student Loan Trust		3.830		01/17/45		9,397,197
			Series - 2012 A (Class A2)
	300,134	i	Soundview Home Equity Loan Trust		0.479		11/25/35		295,700
			Series - 2005 OPT3 (Class A4)
	597,306	i	Structured Asset Investment Loan Trust		1.239		11/25/34		583,399
			Series - 2004 10 (Class A9)
	254,461	i	Structured Asset Investment Loan Trust		0.779		05/25/35		253,278
			Series - 2005 4 (Class M1)
	113,914	i	Structured Asset Investment Loan Trust		0.459		12/25/35		113,665
			Series - 2005 10 (Class A5)
	3,420,141	g,i	Structured Asset Securities Corp		0.329		07/25/36		3,312,475
			Series - 2006 EQ1A (Class A4)
	1,951,587	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.399		10/25/36		1,881,586
			Series - 2006 GEL4 (Class A2)
	7,000,000	g	Volvo Financial Equipment LLC		0.970		08/15/19		6,939,443
			Series - 2013 1A (Class A4)
	44,147	i	Wells Fargo Home Equity Trust		0.319		07/25/36		43,679
			Series - 2006 2 (Class A3)
	4,500,000		World Financial Network Credit Card Master Trust		1.680		08/15/18		4,542,588
			Series - 2011 A (Class A)
	1,500,000		World Financial Network Credit Card Master Trust		3.960		04/15/19		1,577,997
			Series - 2010 A (Class A)
			TOTAL ASSET BACKED						193,841,088
OTHER MORTGAGE BACKED - 5.8%
	5,000,000		Citigroup Commercial Mortgage Trust		1.813		09/10/45		5,006,730
			Series - 2012 GC8 (Class A2)
	237,087		Countrywide Alternative Loan Trust		5.500		08/25/34		237,209
			Series - 2004 14T2 (Class A2)

175

TIAA-CREF FUNDS - Short-Term Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	9,000,000		Credit Suisse Mortgage Capital Certificates		5.509	%	09/15/39	$	9,615,069
			Series - 2006 C4 (Class AM)
	291	i	Greenpoint Mortgage Funding Trust		0.279		09/25/46		291
			Series - 2006 AR4 (Class A1A)
	165	i	Greenpoint Mortgage Funding Trust		0.259		10/25/46		165
			Series - 0 AR5 (Class A1A)
	2,071,143		GS Mortgage Securities Trust		1.282		01/10/45		2,082,300
			Series - 2012 GC6 (Class A1)
	8,750,000		GS Mortgage Securities Trust		1.840		02/10/46		8,708,463
			Series - 2013 GC10 (Class A2)
	513,312	i	Impac CMB Trust		0.839		02/25/36		451,827
			Series - 2004 11 (Class 2A1)
	9,541,537		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		10,231,638
			Series - 2006 LDP9 (Class A1A)
	3,750,000	i	JP Morgan Mortgage Acquisition Corp		5.450		10/25/36		3,653,625
			Series - 0 AV3 (Class )
	785,000		LB-UBS Commercial Mortgage Trust		5.378		11/15/38		843,444
			Series - 2006 C7 (Class AM)
	5,000,000	i	LB-UBS Commercial Mortgage Trust		5.493		02/15/40		5,161,915
			Series - 2007 C2 (Class AM)
	4,500,000		LB-UBS Commercial Mortgage Trust		4.843		07/15/40		4,671,945
			Series - 2005 C3 (Class AJ)
	4,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		1.868		11/15/45		4,035,244
			Series - 2012 C6 (Class A2)
	231,129	i	Opteum Mortgage Acceptance Corp		0.579		02/25/35		229,365
			Series - 2005 1 (Class A4)
	231,163		Residential Accredit Loans, Inc		4.350		03/25/34		235,604
			Series - 2004 QS4 (Class A1)
	1,150,998		RFMSI Trust		5.500		03/25/35		1,166,875
			Series - 2005 S2 (Class A6)
	610,426	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		621,450
			Series - 2012 1A (Class A)
	367,311	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		372,118
			Series - 0 2A (Class A)
	8,655,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		9,214,044
			Series - 2007 C30 (Class AM)
	560,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		601,465
			Series - 2007 C31 (Class AM)
			TOTAL OTHER MORTGAGE BACKED						67,140,786
			TOTAL STRUCTURED ASSETS						260,981,874
			(Cost $261,776,042)
			TOTAL BONDS						1,005,695,124
			(Cost $1,003,733,305)

176

TIAA-CREF FUNDS - Short-Term Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
SHORT-TERM INVESTMENTS - 11.0%
GOVERNMENT AGENCY DEBT - 2.3%
$	26,500,000	Federal Home Loan Bank (FHLB)		0.020	%	12/06/13	$	26,499,020
		TOTAL GOVERNMENT AGENCY DEBT						26,499,020
TREASURY DEBT - 8.7%
	50,000,000	United States Treasury Bill		0.070		01/30/14		49,998,750
	50,000,000	United States Treasury Note		1.750		03/31/14		50,419,900
		TOTAL TREASURY DEBT						100,418,650
		TOTAL SHORT-TERM INVESTMENTS						126,917,670
		(Cost $126,906,594)
		TOTAL INVESTMENTS - 98.7%						1,143,146,600
		(Cost $1,141,183,923)
		OTHER ASSETS & LIABILITIES, NET - 1.3%						15,228,573
		NET ASSETS - 100.0%					$	1,158,375,173

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be re-sold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities was $281,636,843 or 24.3% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
m	Indicates a security that has been deemed illiquid.

177

TIAA-CREF FUNDS - Social Choice Bond Fund

TIAA-CREF FUNDS

SOCIAL CHOICE BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2013

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 0.4%
MEDIA - 0.4%
$	250,000	i	Virgin Media Investment Holdings Ltd		3.500	%	06/08/20	$	248,367
			TOTAL MEDIA						248,367
			TOTAL BANK LOAN OBLIGATIONS						248,367
			(Cost $249,450)
BONDS - 94.9%
CORPORATE BONDS - 41.2%
BANKS - 14.2%
	250,000	g,i	Bank of Tokyo-Mitsubishi UFJ Ltd		0.712		02/26/16		250,606
	500,000		BB&T Corp		2.050		06/19/18		497,995
	250,000	i	Capital One NA		0.700		03/22/16		249,712
	250,000		Capital One NA		1.500		03/22/18		242,697
	250,000	i	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		0.732		03/18/16		250,870
	250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		1.700		03/19/18		246,818
	250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		239,866
	250,000		Discover Bank		2.000		02/21/18		244,435
	500,000		Discover Bank		4.200		08/08/23		498,491
	515,000		First Niagara Financial Group, Inc		6.750		03/19/20		596,920
	500,000	g,i	HSBC Bank plc		0.904		05/15/18		500,464
	250,000		HSBC USA, Inc		1.625		01/16/18		245,057
	500,000		Huntington Bancshares, Inc		2.600		08/02/18		500,225
	500,000		Huntington National Bank		1.350		08/02/16		499,668
	250,000		Manufacturers & Traders Trust Co		1.450		03/07/18		244,517
	250,000	g	Mizuho Corporate Bank Ltd		1.850		03/21/18		244,212
	500,000	i	National City Bank		0.604		12/15/16		492,818
	507,000		People’s United Financial, Inc		3.650		12/06/22		483,053
	500,000		Regions Financial Corp		2.000		05/15/18		485,329
	250,000		Royal Bank of Canada		1.500		01/16/18		246,107
	500,000		Royal Bank of Canada		2.200		07/27/18		501,597
	250,000	g	Skandinaviska Enskilda Banken AB		1.750		03/19/18		244,855
	500,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		490,000
	250,000	i	State Street Bank and Trust Co		0.458		12/08/15		248,403
	260,000		SVB Financial Group		5.375		09/15/20		286,147
	500,000	i	Toronto-Dominion Bank		0.815		04/30/18		501,135
	250,000		US Bancorp		2.950		07/15/22		235,192
			TOTAL BANKS						9,767,189
CAPITAL GOODS - 2.1%
	250,000	g	Ingersoll-Rand Global Holding Co Ltd		2.875		01/15/19		249,204
	250,000	g	Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		248,276
	250,000		Pentair Finance S.A.		1.350		12/01/15		250,932

178

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	250,000		Pentair Finance S.A.		1.875	%	09/15/17	$	245,733
	250,000	g	Turlock Corp		1.500		11/02/17		246,482
	250,000	g	Turlock Corp		4.000		11/02/32		229,824
			TOTAL CAPITAL GOODS						1,470,451
CONSUMER DURABLES & APPAREL - 0.7%
	250,000		Mohawk Industries, Inc		3.850		02/01/23		237,954
	250,000		Whirlpool Corp		5.150		03/01/43		239,695
			TOTAL CONSUMER DURABLES & APPAREL						477,649
CONSUMER SERVICES - 0.4%
	250,000	g	Service Corp International		5.375		01/15/22		238,437
			TOTAL CONSUMER SERVICES						238,437
DIVERSIFIED FINANCIALS - 6.8%
	250,000		American Express Co		1.550		05/22/18		244,392
	325,000		American Express Credit Corp		2.125		07/27/18		326,263
	250,000		Bank of New York Mellon Corp		1.300		01/25/18		244,533
	250,000	i	Bank of New York Mellon Corp		0.825		08/01/18		250,123
	500,000		Charles Schwab Corp		2.200		07/25/18		504,270
	250,000		Discover Financial Services		5.200		04/27/22		263,459
	500,000	i	Ford Motor Credit Co LLC		1.516		05/09/16		506,811
	500,000		Ford Motor Credit Co LLC		2.375		01/16/18		496,066
	500,000		Ford Motor Credit Co LLC		4.375		08/06/23		500,283
	500,000	g	Nissan Motor Acceptance Corp		2.650		09/26/18		501,401
	250,000	g	RCI Banque S.A.		3.500		04/03/18		254,280
	500,000		State Street Corp		1.350		05/15/18		487,472
	108,000		Unilever Capital Corp		0.850		08/02/17		105,437
			TOTAL DIVERSIFIED FINANCIALS						4,684,790
ENERGY - 2.0%
	250,000		Noble Holding International Ltd		2.500		03/15/17		251,320
	500,000	g	Northern Natural Gas Co		4.100		09/15/42		440,430
	500,000		Statoil ASA		2.650		01/15/24		462,409
	250,000	g	Texas Eastern Transmission LP		2.800		10/15/22		227,134
			TOTAL ENERGY						1,381,293
FOOD, BEVERAGE & TOBACCO - 0.7%
	250,000	i	General Mills, Inc		0.564		01/29/16		250,183
	250,000	i	PepsiCo, Inc		0.472		02/26/16		250,123
			TOTAL FOOD, BEVERAGE & TOBACCO						500,306
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	500,000	h	Edwards Lifesciences Corp		2.875		10/15/18		498,031
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						498,031
HOUSEHOLD & PERSONAL PRODUCTS - 0.3%
	250,000		Colgate-Palmolive Co		1.950		02/01/23		225,207
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						225,207

179

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
INSURANCE - 2.1%
$	250,000		Aetna, Inc		1.500	%	11/15/17	$	245,475
	250,000		Principal Financial Group, Inc		1.850		11/15/17		247,842
	500,000		Prudential Financial, Inc		2.300		08/15/18		504,375
	250,000	i	Prudential Financial, Inc		5.200		03/15/44		226,750
	250,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		218,525
			TOTAL INSURANCE						1,442,967
MATERIALS - 0.1%
	50,000		Rock Tenn Co		4.000		03/01/23		48,444
			TOTAL MATERIALS						48,444
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.1%
	250,000		AbbVie, Inc		1.750		11/06/17		247,947
	250,000		Bristol-Myers Squibb Co		3.250		08/01/42		200,076
	250,000		Merck & Co, Inc		1.100		01/31/18		244,389
	250,000		Merck & Co, Inc		4.150		05/18/43		231,436
	250,000	g	Valeant Pharmaceuticals International, Inc		6.375		10/15/20		260,000
	250,000	g	VPII Escrow Corp		6.750		08/15/18		267,500
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,451,348
REAL ESTATE - 2.8%
	500,000		Federal Realty Investment Trust		5.950		08/15/14		521,366
	500,000		Federal Realty Investment Trust		2.750		06/01/23		447,794
	250,000		HCP, Inc		2.625		02/01/20		237,203
	250,000		Kilroy Realty LP		3.800		01/15/23		234,702
	250,000	g	Simon Property Group LP		1.500		02/01/18		243,726
	250,000		Ventas Realty LP		2.000		02/15/18		244,962
			TOTAL REAL ESTATE						1,929,753
RETAILING - 0.4%
	250,000		O’Reilly Automotive, Inc		3.800		09/01/22		245,959
			TOTAL RETAILING						245,959
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	250,000		CC Holdings GS V LLC		2.381		12/15/17		246,461
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						246,461
TELECOMMUNICATION SERVICES - 1.6%
	250,000		American Tower Corp		3.500		01/31/23		219,451
	150,000		Frontier Communications Corp		7.125		01/15/23		149,625
	500,000	g	Sprint Corp		7.250		09/15/21		505,000
	250,000		Vodafone Group plc		1.500		02/19/18		243,043
			TOTAL TELECOMMUNICATION SERVICES						1,117,119
TRANSPORTATION - 0.4%
	250,000		GATX Corp		3.900		03/30/23		241,757
			TOTAL TRANSPORTATION						241,757
UTILITIES - 3.4%
	250,000	g	International Transmission Co		4.625		08/15/43		248,108

180

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	125,000		ITC Holdings Corp		5.300	%	07/01/43	$	123,296
	250,000		NiSource Finance Corp		4.800		02/15/44		223,888
	250,000		Northeast Utilities		1.450		05/01/18		243,588
	500,000		Northeast Utilities		2.800		05/01/23		461,791
	250,000		Northern States Power Co		2.600		05/15/23		233,957
	250,000	i	NSTAR Electric Co		0.503		05/17/16		249,227
	250,000	g	Topaz Solar Farms LLC		4.875		09/30/39		249,247
	250,000	g	Topaz Solar Farms LLC		5.750		09/30/39		269,549
			TOTAL UTILITIES						2,302,651
			TOTAL CORPORATE BONDS						28,269,812
			(Cost $28,901,981)
GOVERNMENT BONDS - 45.2%
AGENCY SECURITIES - 5.4%
	500,000		Federal Home Loan Mortgage Corp (FHLMC)		1.000		09/29/17		495,751
	225,000	j	Government Trust Certificate		0.000		04/01/21		178,501
	244,906	i	KE Export Leasing		0.523		05/19/24		243,926
	240,334	i	KE Export Leasing		0.512		02/25/25		239,568
	239,757	i	KE Export Leasing		0.492		02/28/25		236,663
	250,000	j	Overseas Private Investment Corp (OPIC)		0.000		04/30/15		251,645
	246,324		OPIC		3.540		06/15/30		246,661
	125,000		OPIC		2.310		11/15/30		115,001
	246,429		OPIC		3.590		12/15/30		247,801
	250,000		OPIC		3.938		12/20/32		250,000
	395,000		United States Department of Housing and Urban Development (HUD)		4.140		08/01/14		408,119
	250,000		HUD		2.050		08/01/19		251,020
	300,000		HUD		2.450		08/01/20		301,920
	250,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		248,710
			TOTAL AGENCY SECURITIES						3,715,286
FOREIGN GOVERNMENT BONDS - 6.8%
	240,419	g,m	Carpintero Finance Ltd		2.004		09/18/24		239,694
	245,347	g,m	Carpintero Finance Ltd		2.581		11/11/24		241,292
	250,000		Council of Europe Development Bank		1.000		03/07/18		243,925
	500,000		European Bank for Reconstruction & Development		1.625		04/10/18		505,430
	250,000		Export-Import Bank of Korea		1.750		02/27/18		243,255
	250,000		Hydro Quebec		1.375		06/19/17		250,370
	305,000		International Bank for Reconstruction & Development		2.000		12/04/13		305,627
	250,000		International Bank for Reconstruction & Development		0.500		12/16/13		250,099
	500,000		International Bank for Reconstruction & Development		0.375		08/24/15		499,657
	250,000		International Finance Corp		2.250		04/28/14		252,593
	250,000		International Finance Corp		0.500		05/15/15		250,440
	500,000		International Finance Corp		0.500		05/16/16		497,384
	500,000	g,i	International Finance Facility for Immunisation		0.434		07/05/16		500,153
	250,000		Province of Ontario Canada		1.200		02/14/18		245,596

181

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	250,000		Province of Quebec Canada		2.625	%	02/13/23	$	232,575
			TOTAL FOREIGN GOVERNMENT BONDS						4,758,090
MORTGAGE BACKED - 16.7%
	164,434		Federal National Mortgage Association (FNMA)		4.500		10/01/19		174,743
	332,873		FNMA		5.000		09/01/25		354,265
	410,306		FNMA		3.500		11/01/25		434,243
	872,009		FNMA		3.000		05/01/27		905,114
	1,197,577		FNMA		2.500		10/01/27		1,205,386
	295,982		FNMA		5.000		11/01/33		321,986
	269,773		FNMA		5.500		04/01/34		294,768
	304,080		FNMA		5.500		08/01/37		332,114
	368,397		FNMA		6.000		05/01/38		402,037
	1,294,116		FNMA		4.500		08/01/39		1,396,959
	719,378		FNMA		4.500		04/01/40		776,516
	901,416		FNMA		4.000		10/01/40		952,325
	894,072		FNMA		3.500		08/01/42		912,806
	244,024		FNMA		3.500		01/01/43		248,904
	262,972		Government National Mortgage Association (GNMA)		5.000		10/20/39		287,954
	359,669		GNMA		4.000		06/15/40		381,047
	725,695		GNMA		4.000		05/20/42		769,565
	319,572		GNMA		5.000		06/20/42		349,786
	979,791		GNMA		3.000		02/20/43		970,030
			TOTAL MORTGAGE BACKED						11,470,548
MUNICIPAL BONDS - 10.1%
	300,000		American Municipal Power		6.270		02/15/50		308,862
	250,000		Bay Area Water Supply & Conservation Agency		1.311		10/01/17		246,260
	250,000		Bay Area Water Supply & Conservation Agency		2.735		10/01/22		236,587
	250,000		California Pollution Control Financing Authority		5.000		07/01/27		249,242
	500,000		California Pollution Control Financing Authority		5.000		07/01/37		470,190
	250,000		City of Jersey City NJ		1.192		09/01/15		249,258
	250,000		City of Jersey City NJ		3.055		09/01/21		236,138
	180,000		Commonwealth Financing Authority		1.159		06/01/16		178,870
	250,000		Commonwealth Financing Authority		2.675		06/01/21		238,587
	500,000		Commonwealth of Massachusetts		5.000		08/01/33		536,420
	250,000		Florida Governmental Utility Authority		2.000		10/01/16		247,627
	500,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		497,770
	250,000	j	Garden State Preservation Trust		0.000		11/01/22		184,252
	250,000		Grant County Public Utility District No 2		4.700		01/01/28		249,218
	500,000		Guadalupe-Blanco River Authority Industrial Development Corp		1.909		04/15/18		494,120
	250,000		Guadalupe-Blanco River Authority Industrial Development Corp		4.633		04/15/33		239,895
	200,000		Massachusetts St. Water Pollution Abatement		5.192		08/01/40		215,124
	250,000		New York State Energy Research & Development Authority		1.028		07/01/16		249,178
	250,000		New York State Energy Research & Development Authority		2.772		07/01/20		249,623
	250,000		Niagara Area Development Corp		4.000		11/01/24		225,360
	170,000		Ohio State Water Development Authority		4.879		12/01/34		171,399
	250,000		Pend Oreille County Public Utility District No Box Canyon		1.987		01/01/16		251,020
	205,000		Pend Oreille County Public Utility District No Box Canyon		2.417		01/01/17		205,935
	250,000		South Dakota Conservancy District		1.648		08/01/18		247,883

182

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	250,000		State of California		4.988	%	04/01/39	$	235,247
			TOTAL MUNICIPAL BONDS						6,914,065
U.S. TREASURY SECURITIES - 6.2%
	250,000		United States Treasury Bond		2.875		05/15/43		212,188
	210,000		United States Treasury Note		0.250		05/31/15		209,959
	255,000		United States Treasury Note		0.500		06/15/16		254,761
	195,000		United States Treasury Note		0.875		09/15/16		196,432
	245,000		United States Treasury Note		1.500		08/31/18		246,627
	1,500,000		United States Treasury Note		1.375		09/30/18		1,498,945
	450,000		United States Treasury Note		1.875		06/30/20		447,926
	1,170,000		United States Treasury Note		2.500		08/15/23		1,158,117
			TOTAL U.S. TREASURY SECURITIES						4,224,955
			TOTAL GOVERNMENT BONDS						31,082,944
			(Cost $31,786,274)
STRUCTURED ASSETS - 8.5%
ASSET BACKED - 2.8%
	250,000		Ally Master Owner Trust		1.720		07/15/19		249,439
			Series - 2012 4 (Class A)
	250,000	g	Avis Budget Rental Car Funding AESOP LLC		2.100		03/20/19		249,324
			Series - 2012 3A (Class A)
	231,942	g	DB/UBS Mortgage Trust		3.742		11/10/46		244,111
			Series - 2011 LC1A (Class A1)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		565,715
			Series - 2010 1A (Class B3)
	170,440	i	Lehman XS Trust		0.429		02/25/36		151,093
			Series - 2006 1 (Class 1A1)
	243,896	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.699		01/25/36		242,250
			Series - 2005 WCH1 (Class M2)
	195,159	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.399		10/25/36		188,158
			Series - 2006 GEL4 (Class A2)
			TOTAL ASSET BACKED						1,890,090
OTHER MORTGAGE BACKED - 5.7%
	227,253	g	7 WTC Depositor LLC Trust		4.082		03/13/31		237,141
			Series - 2012 7WTC (Class A)
	500,000		Banc of America Commercial Mortgage Trust		5.390		10/10/45		530,930
			Series - 2006 6 (Class AM)
	448,799	i	Countrywide Home Loan Mortgage Pass Through Trust		2.692		11/20/34		415,598
			Series - 2004 HYB6 (Class A2)
	255,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		272,427
			Series - 2006 C4 (Class AM)
	250,000	g	GS Mortgage Securities Corp II		3.551		04/10/34		247,568
			Series - 2012 ALOH (Class A)
	85,697	i	Impac CMB Trust		0.839		02/25/36		75,432
			Series - 2004 11 (Class 2A1)
	250,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.507		05/15/45		249,512
			Series - 2012 C6 (Class A3)

183

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	250,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.440	%	05/15/45	$	274,195
			Series - 2006 LDP8 (Class AM)
	500,000	i	LB-UBS Commercial Mortgage Trust		5.493		02/15/40		516,192
			Series - 2007 C2 (Class AM)
	250,000	g	OBP Depositor LLC Trust		4.646		07/15/45		273,711
			Series - 2010 OBP (Class A)
	302,894		RFMSI Trust		5.500		03/25/35		307,072
			Series - 2005 S2 (Class A6)
	250,000		UBS Barclays Commercial Mortgage Trust		3.525		05/10/63		247,856
			Series - 2012 C2 (Class A4)
	250,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		239,381
			Series - 2007 C31 (Class AJ)
			TOTAL OTHER MORTGAGE BACKED						3,887,015
			TOTAL STRUCTURED ASSETS						5,777,105
			(Cost $5,933,722)
			TOTAL BONDS						65,129,861
			(Cost $66,621,977)
SHARES			COMPANY
PREFERRED STOCKS - 0.4%
BANKS - 0.4%
	250		M&T Bank Corp		5.000		12/30/49		250,355
			TOTAL BANKS						250,355
			TOTAL PREFERRED STOCKS						250,355
			(Cost $255,625)
			TOTAL INVESTMENTS - 95.7%						65,628,583
			(Cost $67,127,052)
			OTHER ASSETS & LIABILITIES, NET - 4.3%						2,936,916
			NET ASSETS - 100.0%					$	68,565,499

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be re-sold in transactions exempt from registration to qualified institutional buyers. At 9/30/2013, the aggregate value of these securities was $9,614,128 or 14.0% 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.
j	Zero coupon.
m	Indicates a security that has been deemed illiquid.

184

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

TIAA-CREF FUNDS

TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2013

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 97.3%
ALABAMA - 0.3%
$	1,025,000	Alabama Public School & College Authority		5.000	%	05/01/19	$	1,189,451
		TOTAL ALABAMA						1,189,451
ARIZONA - 2.3%
	1,110,000	Arizona School Facilities Board, COP		5.750		09/01/18		1,311,176
	1,225,000	Arizona School Facilities Board, COP		5.000		09/01/19		1,403,887
	2,000,000	City of Tucson AZ, GO		5.000		07/01/20		2,321,940
	905,000	Phoenix Industrial Development Authority		4.875		09/01/22		860,021
	675,000	Phoenix Industrial Development Authority		5.375		09/01/32		615,546
	725,000	Phoenix Industrial Development Authority		5.250		06/01/34		741,146
	1,000,000	Phoenix Industrial Development Authority		5.625		09/01/42		896,030
		TOTAL ARIZONA						8,149,746
ARKANSAS - 0.3%
	1,000,000	Arkansas Development Finance Authority		5.500		12/01/18		1,157,770
		TOTAL ARKANSAS						1,157,770
CALIFORNIA - 13.4%
	2,000,000	California State Department of Water Resources		5.000		05/01/20		2,380,280
	1,000,000	California State Public Works Board, GO		5.000		11/01/22		1,151,870
	1,000,000	City of Los Angeles CA, GO		5.000		09/01/22		1,171,370
	1,000,000	City of Los Angeles CA, GO		5.000		09/01/23		1,155,890
	2,000,000	County of San Bernardino CA, COP		5.250		08/01/19		2,269,780
	2,500,000	East Side Union High School District-Santa Clara County, GO		5.250		02/01/23		2,882,050
	635,000	Sacramento City Financing Authority		5.400		11/01/20		721,328
	1,855,000	State of California, GO		5.000		03/01/17		2,109,246
	3,000,000	State of California, GO		5.000		02/01/18		3,468,330
	5,000,000	State of California, GO		5.000		10/01/18		5,849,550
	1,000,000	State of California, GO		5.000		03/01/19		1,168,770
	850,000	State of California, GO		5.250		02/01/20		1,011,177
	2,000,000	State of California, GO		5.000		02/01/22		2,340,940
	2,000,000	State of California, GO		5.000		04/01/22		2,340,480
	2,000,000	State of California, GO		5.250		10/01/22		2,385,480
	3,000,000	State of California, GO		5.000		02/01/23		3,492,870
	4,000,000	State of California, GO		5.000		09/01/23		4,666,440
	2,000,000	University of California		5.000		05/15/38		2,107,620
	1,710,000	West Contra Costa Unified School District, GO		5.700		02/01/21		2,048,922
	1,450,000	West Contra Costa Unified School District, GO		6.000		08/01/21		1,783,225
	1,810,000	West Contra Costa Unified School District, GO		5.700		02/01/22		2,178,027
		TOTAL CALIFORNIA						48,683,645

185

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
COLORADO - 1.6%
$	1,000,000		City & County of Denver CO Airport System Revenue		5.000	%	11/15/23	$	1,130,470
	1,375,000		Denver City & County School District No, GO		5.000		12/01/23		1,627,505
	1,000,000		Denver City & County School District No, GO		5.500		12/01/23		1,227,360
	1,000,000		Jefferson County Colorado School District, GO		5.000		12/15/23		1,184,240
	350,000		Rangely Hospital District, GO		5.000		11/01/15		374,147
	350,000		Rangely Hospital District, GO		5.000		11/01/16		382,280
			TOTAL COLORADO						5,926,002
CONNECTICUT - 4.4%
	1,400,000		Connecticut State Health & Educational Facility Authority		5.000		07/01/22		1,564,780
	1,000,000	i	State of Connecticut		0.300		03/01/16		990,760
	1,000,000	i	State of Connecticut		0.410		03/01/17		987,760
	3,000,000	i	State of Connecticut		0.950		08/15/18		2,997,210
	1,000,000	i	State of Connecticut		0.620		03/01/19		979,100
	3,000,000	i	State of Connecticut		1.090		08/15/20		2,994,390
	4,000,000		State of Connecticut Special Tax Revenue		5.000		01/01/33		4,287,160
	1,000,000		State of Connecticut, GO		5.000		05/15/21		1,180,740
			TOTAL CONNECTICUT						15,981,900
DELAWARE - 0.2%
	810,000		Delaware State Health Facilities Authority		5.000		07/01/18		861,557
			TOTAL DELAWARE						861,557
FLORIDA - 1.6%
	1,485,000		Broward County School Board, COP		5.250		07/01/16		1,644,311
	552,000		City of Lakeland FL, ETM		5.750		10/01/19		594,217
	845,000		County of Brevard FL, GO		5.000		07/01/16		900,897
	1,365,000		County of Broward FL, GO		5.000		01/01/21		1,607,601
	1,000,000		County of Orange FL		5.000		10/01/21		1,140,460
			TOTAL FLORIDA						5,887,486
GEORGIA - 3.0%
	2,500,000		City of Atlanta GA Water & Wastewater Revenue		5.000		11/01/23		2,891,975
	1,155,000		Columbus Hospital Authority, GO		5.000		07/01/19		1,339,396
	1,215,000		Columbus Hospital Authority, GO		5.000		07/01/20		1,419,643
	745,000		Fulton County Development Authority		5.000		11/01/17		854,120
	1,470,000		Fulton County Development Authority		5.000		11/01/18		1,705,009
	1,300,000		Fulton County Development Authority		5.000		11/01/19		1,512,420
	445,000		Metropolitan Atlanta Rapid Transit Authority		6.250		07/01/18		486,843
	480,000		Municipal Electric Authority of Georgia		6.500		01/01/17		507,638
			TOTAL GEORGIA						10,717,044
HAWAII - 0.7%
	1,480,000	h	Hawaii State Department of Budget & Finance		5.500		07/01/43		1,511,213
	1,000,000		State of Hawaii, GO		5.000		12/01/22		1,174,620
			TOTAL HAWAII						2,685,833

186

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
ILLINOIS - 12.7%
$	1,500,000		Chicago Board of Education		5.250	%	12/01/18	$	1,654,920
	3,200,000		Chicago Board of Education		5.000		12/01/20		3,442,784
	5,000,000	i	Chicago Board of Education		0.900		03/01/36		4,862,500
	1,000,000		Chicago Board of Education, GO		5.000		12/01/18		1,091,430
	2,560,000		Chicago Board of Education, GO		5.000		12/01/18		2,794,061
	900,000		Chicago Board of Education, GO		5.000		12/01/18		982,287
	1,230,000		Chicago Board of Education, GO		6.000		01/01/20		1,356,013
	1,665,000		Chicago Board of Education, GO		5.000		12/01/21		1,770,328
	1,000,000		Chicago Public Building Commission		5.250		03/01/24		1,096,620
	2,085,000		Chicago State University		5.500		12/01/23		2,271,170
	970,000		Chicago Transit Authority		5.000		12/01/22		1,085,624
	465,000		Chicago Transit Authority		5.250		12/01/23		524,422
	1,220,000		Chicago Transit Authority		5.250		12/01/24		1,355,725
	3,000,000		City of Chicago IL O’Hare International Airport Revenue, AMT		5.000		01/01/22		3,356,160
	470,000		City of Chicago IL		5.000		01/01/21		529,798
	1,650,000		Regional Transportation Authority		6.000		06/01/23		1,950,679
	1,500,000		State of Illinois		5.000		06/15/19		1,721,190
	935,000		State of Illinois		6.250		12/15/20		1,029,744
	3,000,000		State of Illinois, GO		5.000		04/01/18		3,308,910
	2,045,000		State of Illinois, GO		5.000		01/01/20		2,126,268
	1,835,000		State of Illinois, GO		5.000		01/01/20		2,011,821
	1,650,000		State of Illinois, GO		5.000		01/01/20		1,807,047
	1,000,000		State of Illinois, GO		5.250		01/01/20		1,109,180
	875,000		State of Illinois, GO		5.000		04/01/21		920,587
	1,610,000		State of Illinois, GO		5.000		08/01/23		1,714,087
			TOTAL ILLINOIS						45,873,355
INDIANA - 2.7%
	770,000		Franklin Community Multi-School Building Corp, GO		5.000		07/15/22		868,445
	1,000,000		Griffith Multi-School Building Corp, GO		5.000		07/15/15		1,070,880
	1,520,000		Hammond Multi-School Building Corp, GO		5.000		07/15/17		1,680,041
	2,120,000		Indiana Bond Bank		5.250		04/01/19		2,409,401
	250,000		Indiana Finance Authority		5.000		09/15/18		265,270
	250,000		Indiana Finance Authority		5.000		09/15/19		263,930
	1,940,000		Indianapolis Local Public Improvement Bond Bank		5.500		01/01/21		2,231,795
	400,000		Lawrence Township School Building Corp, GO		5.000		07/10/19		446,792
	535,000		New Albany Floyd County School Building Corp, GO		5.000		07/15/15		571,444
			TOTAL INDIANA						9,807,998
KENTUCKY - 1.6%
	5,000,000		Kentucky Asset Liability Commission		5.250		09/01/23		5,790,850
			TOTAL KENTUCKY						5,790,850
LOUISIANA - 0.3%
	1,000,000		Louisiana Public Facilities Authority		5.250		10/01/24		1,136,040
			TOTAL LOUISIANA						1,136,040

187

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
MAINE - 0.3%
$	1,000,000	Maine Health & Higher Educational Facilities Authority		5.000	%	07/01/20	$	1,138,930
		TOTAL MAINE						1,138,930
MARYLAND - 0.2%
	500,000	Maryland Health & Higher Educational Facilities Authority		5.000		05/15/23		565,445
		TOTAL MARYLAND						565,445
MASSACHUSETTS - 1.2%
	2,000,000	Commonwealth of Massachusetts		5.000		08/01/20		2,374,080
	1,750,000	Massachusetts Development Finance Agency		5.000		07/01/23		2,069,725
		TOTAL MASSACHUSETTS						4,443,805
MICHIGAN - 0.5%
	1,005,000	Michigan Municipal Bond Authority		5.000		10/01/19		1,171,428
	500,000	Michigan State Building Authority		5.000		10/15/20		565,350
		TOTAL MICHIGAN						1,736,778
MINNESOTA - 1.8%
	1,000,000	Minnesota Public Facilities Authority		5.000		03/01/16		1,101,360
	3,000,000	St. Paul Port Authority		5.000		12/01/21		3,507,060
	1,715,000	University of Minnesota		5.000		08/01/21		2,059,887
		TOTAL MINNESOTA						6,668,307
MISSISSIPPI - 0.7%
	2,100,000	Mississippi Development Bank Special Obligation		5.000		07/01/17		2,325,330
		TOTAL MISSISSIPPI						2,325,330
MISSOURI - 0.5%
	1,500,000	City of Kansas City MO Airport Revenue		5.000		09/01/19		1,716,375
		TOTAL MISSOURI						1,716,375
NEBRASKA - 1.4%
	1,000,000	Central Plains Energy Project		5.000		09/01/22		1,075,080
	4,000,000	Omaha Public Power District		5.000		02/01/42		4,148,640
		TOTAL NEBRASKA						5,223,720
NEW JERSEY - 5.2%
	4,000,000	New Jersey Economic Development Authority		5.000		09/01/20		4,592,680
	3,000,000	New Jersey Economic Development Authority		5.000		03/01/21		3,432,420
	1,980,000	New Jersey Economic Development Authority, GO		5.250		12/15/20		2,316,759
	60,000	New Jersey State Turnpike Authority, ETM		6.500		01/01/16		64,421
	1,815,000	New Jersey Transportation Trust Fund Authority		5.250		12/15/19		2,123,822
	500,000	New Jersey Transportation Trust Fund Authority		5.000		06/15/20		578,325
	1,025,000	New Jersey Transportation Trust Fund Authority		5.250		12/15/20		1,208,906
	2,800,000	New Jersey Transportation Trust Fund Authority		5.250		12/15/20		3,290,280

188

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		New Jersey Transportation Trust Fund Authority		5.250	%	06/15/23	$	1,141,810
			TOTAL NEW JERSEY						18,749,423
NEW YORK - 14.1%
	500,000		Build NYC Resource Corp		5.000		04/01/33		466,930
	3,010,000		Build NYC Resource Corp		5.500		04/01/43		2,879,035
	3,700,000	i	City of New York NY		0.450		08/01/21		3,692,711
	2,000,000	i	City of New York NY		0.540		08/01/21		1,991,100
	1,500,000	i	City of New York NY		0.620		08/01/25		1,492,170
	1,000,000		Metropolitan Transportation Authority		5.000		11/15/20		1,172,710
	1,000,000		Metropolitan Transportation Authority		5.250		11/15/20		1,170,420
	1,000,000		Metropolitan Transportation Authority		5.000		11/15/21		1,150,870
	1,000,000		Metropolitan Transportation Authority		5.250		11/15/23		1,154,430
	5,000,000		Monroe County Industrial Development Corp		5.000		07/01/43		5,163,250
	2,000,000		New York City Health & Hospital Corp		5.000		02/15/20		2,315,500
	1,000,000		New York State Dormitory Authority		5.000		07/01/16		1,106,280
	2,250,000		New York State Dormitory Authority		5.000		10/01/17		2,573,033
	1,000,000		New York State Dormitory Authority		5.000		10/01/18		1,156,330
	1,000,000		New York State Dormitory Authority		5.000		02/15/19		1,142,070
	1,405,000		New York State Dormitory Authority		5.000		07/01/19		1,592,624
	1,000,000		New York State Dormitory Authority		5.000		10/01/19		1,159,490
	1,100,000		New York State Dormitory Authority		5.000		07/01/20		1,281,544
	135,000		New York State Dormitory Authority		5.000		07/01/21		150,760
	1,175,000		New York State Dormitory Authority		5.000		02/15/24		1,341,356
	1,000,000		New York State Environmental Facilities Corp		5.000		06/15/23		1,203,610
	1,100,000		New York State Urban Development Corp		5.000		03/15/18		1,275,934
	2,000,000		New York State Urban Development Corp		5.000		03/15/20		2,356,060
	5,000,000		New York State Urban Development Corp		5.000		03/15/32		5,390,150
	1,635,000		Port Authority of New York & New Jersey, AMT		5.000		09/15/20		1,888,621
	2,000,000		Tobacco Settlement Financing Corp		5.000		06/01/18		2,301,300
	1,500,000		Westchester County NY Local Development Corp		5.000		01/01/34		1,460,760
	1,200,000		Westchester County NY Local Development Corp		5.000		01/01/28		1,178,328
			TOTAL NEW YORK						51,207,376
NORTH CAROLINA - 1.8%
	1,000,000		County of New Hanover NC, GO		5.000		12/01/20		1,198,470
	5,000,000		University of North Carolina at Greensboro		5.000		04/01/36		5,232,350
			TOTAL NORTH CAROLINA						6,430,820
OHIO - 8.0%
	2,000,000		City of Cincinnati OH		5.000		12/01/21		2,383,260
	2,500,000		City of Columbus OH		5.000		08/15/23		2,987,875
	1,500,000		City of Columbus OH, GO		5.000		07/01/21		1,785,750
	1,290,000		Lorain County Port Authority		5.000		11/15/22		1,399,999
	1,760,000		Lorain County Port Authority		5.000		11/15/30		1,800,603
	5,155,000		Northeast Ohio Regional Sewer District		5.000		11/15/38		5,407,543
	1,000,000		Ohio Air Quality Development Authority		5.625		06/01/18		1,089,710
	1,500,000		Ohio State Turnpike Commission		5.000		02/15/20		1,714,665
	3,000,000		Ohio State Water Development Authority		5.000		06/01/23		3,569,160
	1,660,000		State of Ohio		5.000		01/15/21		1,845,837

189

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,200,000		State of Ohio		5.000	%	01/01/23	$	1,352,676
	1,000,000		State of Ohio, GO		5.000		09/15/20		1,186,610
	1,000,000		State of Ohio, GO		5.000		08/01/21		1,186,860
	1,000,000		State of Ohio, GO		5.000		09/15/22		1,191,410
			TOTAL OHIO						28,901,958
OREGON - 0.3%
	740,000		State of Oregon		5.000		05/01/21		881,606
			TOTAL OREGON						881,606
PENNSYLVANIA - 1.4%
	1,925,000		Commonwealth of Pennsylvania, GO		5.000		02/15/19		2,253,790
	500,000		Delaware River Joint Toll Bridge Commission		5.000		07/01/22		569,790
	195,000		Lackawanna Housing Authority		5.000		09/01/16		211,518
	1,000,000		Pennsylvania Higher Educational Facilities Authority		5.000		08/15/22		1,142,110
	1,000,000	i	Pennsylvania Turnpike Commission		1.220		12/01/19		1,002,080
			TOTAL PENNSYLVANIA						5,179,288
PUERTO RICO - 1.2%
	3,200,000		Puerto Rico Commonwealth Infrastructure Financing Authority		5.500		07/01/19		2,718,368
	750,000		Puerto Rico Electric Power Authority		5.500		07/01/17		699,173
	1,200,000		Puerto Rico Infrastructure Financing Authority		5.500		07/01/21		1,002,792
			TOTAL PUERTO RICO						4,420,333
RHODE ISLAND - 1.0%
	315,000		Providence Housing Authority		5.000		09/01/18		352,211
	900,000		Rhode Island Student Loan Authority, AMT		5.000		12/01/16		987,219
	2,000,000		State of Rhode Island, GO		5.000		08/01/21		2,311,860
			TOTAL RHODE ISLAND						3,651,290
SOUTH CAROLINA - 0.9%
	750,000		Lexington County Health Services District, Inc		5.000		11/01/19		863,318
	1,120,000		Scago Educational Facilities Corp for Colleton School District		5.000		12/01/16		1,254,579
	1,000,000		Scago Public Facilities Corp for Georgetown County		5.000		12/01/19		1,175,600
			TOTAL SOUTH CAROLINA						3,293,497
SOUTH DAKOTA - 0.1%
	410,000		State of South Dakota		6.700		09/01/17		450,225
			TOTAL SOUTH DAKOTA						450,225
TENNESSEE - 1.6%
	5,500,000		Tennessee State School Bond Authority		5.000		05/01/39		5,801,840
			TOTAL TENNESSEE						5,801,840
TEXAS - 3.7%
	970,000		Bexar Metropolitan Water District		5.000		05/01/17		1,080,289

190

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000		City of Dallas TX, GO		5.000	%	02/15/18	$	2,312,200
	1,100,000	i	Harris County Cultural Education Facilities Finance Corp		0.470		06/01/16		1,098,933
	1,000,000	i	Harris County Cultural Education Facilities Finance Corp		0.670		06/01/18		995,060
	1,065,000	i	Harris County Cultural Education Facilities Finance Corp		0.820		06/01/20		1,051,421
	1,500,000		Lewisville Independent School District		5.000		08/15/19		1,766,070
	1,500,000		Lewisville Independent School District		5.000		08/15/20		1,777,830
	1,000,000		Lubbock Health Facilities Development Corp		5.000		07/01/19		1,145,060
	1,000,000		State of Texas, GO		5.000		10/01/22		1,178,550
	1,000,000		Texas Water Development Board		5.000		07/15/16		1,120,370
			TOTAL TEXAS						13,525,783
UTAH - 1.0%
	2,000,000		Intermountain Power Agency		5.000		07/01/16		2,221,200
	1,000,000		State of Utah		5.000		07/01/21		1,200,710
			TOTAL UTAH						3,421,910
VIRGINIA - 1.7%
	220,000		Tobacco Settlement Financing Corp, ETM		5.500		06/01/26		232,962
	1,000,000		Virginia College Building Authority		5.000		02/01/23		1,188,500
	4,480,000		Virginia Resources Authority		5.000		11/01/42		4,764,301
			TOTAL VIRGINIA						6,185,763
WASHINGTON - 1.8%
	3,150,000		Port of Seattle WA		5.500		09/01/17		3,601,017
	2,470,000		State of Washington, GO		5.000		07/01/23		2,937,472
			TOTAL WASHINGTON						6,538,489
WEST VIRGINIA - 0.8%
	695,000		City of Princeton WV		4.000		05/01/15		710,262
	1,500,000		City of Princeton WV		5.000		05/01/21		1,598,190
	500,000		City of Princeton WV		5.000		05/01/22		526,335
			TOTAL WEST VIRGINIA						2,834,787
WISCONSIN - 1.0%
	1,040,000		State of Wisconsin		5.000		05/01/19		1,212,245
	1,000,000		State of Wisconsin		5.000		05/01/21		1,179,150
	1,000,000		Wisconsin Department of Transportation		5.000		07/01/18		1,160,180
			TOTAL WISCONSIN						3,551,575
			TOTAL LONG-TERM MUNICIPAL BONDS						352,693,330
			(Cost $346,633,179)
			TOTAL INVESTMENTS - 97.3%						352,693,330
			(Cost $346,633,179)
			OTHER ASSETS & LIABILITIES, NET - 2.7%						9,730,129
			NET ASSETS - 100.0%					$	362,423,459

191

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

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

192

TIAA-CREF FUNDS - Money Market Fund

TIAA-CREF FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2013

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 99.9%
CERTIFICATE OF DEPOSIT - 5.3%
$	5,000,000		Banco Del Estado De Chile		0.215	%	10/22/13	$	5,000,000
	2,000,000		Banco Del Estado De Chile		0.205		11/12/13		2,000,000
	3,000,000		Bank of Montreal		0.130		10/29/13		3,000,000
	11,500,000		Standard Chartered Bank		0.210		12/02/13		11,500,000
	10,000,000		Toronto-Dominion Bank		0.120		10/24/13		10,000,000
	5,000,000		Toronto-Dominion Bank		0.160		12/30/13		5,000,000
	3,000,000		Toronto-Dominion Bank		0.150		01/06/14		3,000,000
	5,000,000		Wells Fargo Bank NA		0.180		12/11/13		5,000,000
			TOTAL CERTIFICATE OF DEPOSIT						44,500,000
COMMERCIAL PAPER - 43.0%
	3,000,000		American Honda Finance Corp		0.110		10/04/13		2,999,973
	5,000,000		American Honda Finance Corp		0.110		10/07/13		4,999,908
	4,100,000		American Honda Finance Corp		0.090		10/08/13		4,099,928
	3,000,000		American Honda Finance Corp		0.100		10/24/13		2,999,808
	3,000,000		American Honda Finance Corp		0.115		11/07/13		2,999,646
	5,000,000		American Honda Finance Corp		0.120		11/12/13		4,999,300
	3,495,000		Bank of Nova Scotia		0.170		10/01/13		3,495,000
	454,000		Bank of Nova Scotia		0.130		11/13/13		453,930
	750,000		Bank of Nova Scotia		0.150		12/24/13		749,737
	3,000,000		Bank of Nova Scotia		0.175		01/02/14		2,998,644
	2,000,000		Bank of Nova Scotia		0.175		01/08/14		1,999,037
	1,325,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.150		10/07/13		1,324,967
	5,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.170		10/24/13		4,999,457
	8,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.190		11/14/13		7,998,142
	500,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.190		11/15/13		499,881
	3,500,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.190-0.200		12/03/13		3,498,796
	5,000,000	y	Bedford Row Funding Corp		0.220		02/03/14		4,996,181
	2,130,000	y	Coca-Cola Co		0.125		10/08/13		2,129,948
	5,000,000	y	Coca-Cola Co		0.135		10/23/13		4,999,587
	4,000,000	y	Coca-Cola Co		0.190		11/18/13		3,998,987
	4,500,000	y	Coca-Cola Co		0.185		11/21/13		4,498,821
	2,000,000	y	Coca-Cola Co		0.120		12/19/13		1,999,473
	8,000,000	y	Coca-Cola Co		0.130		12/20/13		7,997,689
	1,500,000	y	Coca-Cola Co		0.130		01/23/14		1,499,383
	700,000	y	Coca-Cola Co		0.180		02/10/14		699,538
	3,000,000	y	Commonwealth Bank of Australia		0.185		10/08/13		2,999,892
	5,400,000	y	Commonwealth Bank of Australia		0.150		11/20/13		5,398,875
	9,500,000	y	Commonwealth Bank of Australia		0.150-0.160		11/25/13		9,497,746
	1,000,000	y	Commonwealth Bank of Australia		0.190		12/05/13		999,657
	1,300,000	y	DBS Bank Ltd		0.200-0.240		01/06/14		1,299,252
	2,032,000	y	Fairway Finance LLC		0.210		10/11/13		2,031,881
	8,015,000	y	Fairway Finance LLC		0.170		10/25/13		8,014,092
	3,815,000	y	Fairway Finance LLC		0.160-0.170		10/28/13		3,814,522

193

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,000,000	y	Fairway Finance LLC		0.170	%	11/04/13	$	4,999,197
	1,800,000		General Electric Capital Corp		0.200		10/04/13		1,799,970
	7,500,000		General Electric Capital Corp		0.180		11/04/13		7,498,725
	3,000,000		General Electric Capital Corp		0.140		12/19/13		2,999,078
	2,500,000		General Electric Capital Corp		0.200		12/20/13		2,498,889
	5,000,000		General Electric Capital Corp		0.100		01/07/14		4,998,639
	10,000,000		General Electric Capital Corp		0.130		01/24/14		9,995,847
	161,000		JPMorgan Chase Bank NA		0.260		10/21/13		160,977
	223,000		JPMorgan Chase Bank NA		0.260		10/28/13		222,957
	346,000		JPMorgan Chase Bank NA		0.200-0.260		11/04/13		345,923
	172,000		JPMorgan Chase Bank NA		0.230		11/12/13		171,954
	236,000		JPMorgan Chase Bank NA		0.230		01/13/14		235,843
	3,000,000	y	Liberty Street Funding LLC		0.170		10/15/13		2,999,802
	1,040,000	y	Liberty Street Funding LLC		0.170		10/16/13		1,039,926
	5,000,000	y	Liberty Street Funding LLC		0.180		11/01/13		4,999,225
	3,375,000	y	Liberty Street Funding LLC		0.170		11/12/13		3,374,331
	2,625,000	y	Liberty Street Funding LLC		0.170		11/13/13		2,624,467
	6,100,000	y	Merck & Co, Inc		0.040		10/21/13		6,099,864
	10,000,000	y	Microsoft Corp		0.070		11/20/13		9,999,028
	13,411,000	y	National Australia Funding Delaware, Inc		0.014-0.180		10/01/13		13,411,000
	1,500,000	y	National Australia Funding Delaware, Inc		0.160		10/07/13		1,499,960
	1,375,000	y	National Australia Funding Delaware, Inc		0.165		10/16/13		1,374,906
	1,450,000	y	National Australia Funding Delaware, Inc		0.140		11/04/13		1,449,808
	5,000,000	y	National Australia Funding Delaware, Inc		0.165		12/04/13		4,998,533
	2,000,000	y	Nestle Capital Corp		0.135		10/16/13		1,999,887
	5,280,000	y	Nestle Capital Corp		0.090		11/12/13		5,279,446
	2,500,000	y	Nestle Capital Corp		0.100		11/19/13		2,499,660
	10,000,000	y	Nestle Capital Corp		0.070		12/06/13		9,998,717
	4,000,000	y	Old Line Funding LLC		0.200		10/11/13		3,999,778
	2,000,000	y	Old Line Funding LLC		0.200		10/29/13		1,999,689
	350,000	y	Old Line Funding LLC		0.215		11/20/13		349,895
	5,000,000	y	Old Line Funding LLC		0.240		02/12/14		4,995,533
	350,000		PACCAR Financial Corp		0.050		10/04/13		349,999
	2,000,000		PACCAR Financial Corp		0.060		10/09/13		1,999,973
	4,400,000		PACCAR Financial Corp		0.060		10/17/13		4,399,883
	5,000,000	y	Pfizer, Inc		0.030		10/03/13		4,999,992
	3,000,000	y	Private Export Funding Corp		0.110		12/17/13		2,999,294
	735,000	y	Private Export Funding Corp		0.250		04/07/14		734,040
	3,100,000	y	Procter & Gamble Co		0.080		12/12/13		3,099,504
	1,000,000		Province of British Columbia		0.150		10/07/13		999,975
	3,000,000		Province of British Columbia		0.150		12/02/13		2,999,225
	3,000,000		Province of Ontario Canada		0.110		10/21/13		2,999,817
	5,000,000		Province of Ontario Canada		0.120		11/06/13		4,999,400
	4,500,000	y	Province of Quebec Canada		0.070		10/08/13		4,499,939
	1,500,000	y	Province of Quebec Canada		0.110		10/09/13		1,499,963
	5,000,000	y	Province of Quebec Canada		0.150		10/17/13		4,999,667
	2,000,000	y	Province of Quebec Canada		0.130		11/08/13		1,999,725
	1,960,000	y	Province of Quebec Canada		0.105		11/13/13		1,959,754
	2,720,000	y	Province of Quebec Canada		0.060		11/26/13		2,719,746
	2,500,000	y	Province of Quebec Canada		0.100		12/09/13		2,499,521
	6,930,000	y	PSP Capital, Inc		0.145		10/02/13		6,929,972
	2,500,000	y	PSP Capital, Inc		0.110		11/08/13		2,499,710

194

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000	y	PSP Capital, Inc		0.140	%	11/13/13	$	1,999,666
	5,000,000	y	PSP Capital, Inc		0.110		11/19/13		4,999,251
	5,750,000	y	PSP Capital, Inc		0.130		12/17/13		5,748,401
	3,549,000		Shell International Finance BV		4.000		03/21/14		3,611,214
	1,100,000	y	Standard Chartered Bank		0.290		10/01/13		1,100,000
	1,300,000	y	Standard Chartered Bank		0.210		11/04/13		1,299,742
	4,000,000	y	Standard Chartered Bank		0.205		11/08/13		3,999,135
	4,010,000	y	Standard Chartered Bank		0.185		11/19/13		4,008,990
	3,630,000	y	Thunder Bay Funding LLC		0.170		12/27/13		3,628,509
	370,000	y	Toronto-Dominion Holdings USA, Inc		0.160		12/18/13		369,872
	3,000,000		Toyota Motor Credit Corp		0.100		10/15/13		2,999,883
	4,200,000		Toyota Motor Credit Corp		0.110		11/05/13		4,199,551
	7,700,000		Toyota Motor Credit Corp		0.120		11/06/13		7,699,076
	2,100,000	y	United Overseas Bank Ltd		0.180		12/09/13		2,099,275
	5,000,000	y	Wal-Mart Stores, Inc		0.050		10/07/13		4,999,958
	1,610,000	y	Wal-Mart Stores, Inc		0.060-0.085		10/16/13		1,609,950
	1,150,000	y	Wal-Mart Stores, Inc		0.060		10/17/13		1,149,969
	5,000,000	y	Wal-Mart Stores, Inc		0.050		10/29/13		4,999,806
	1,200,000	y	Westpac Banking Corp		0.210		01/03/14		1,199,342
			TOTAL COMMERCIAL PAPER						360,823,821
GOVERNMENT AGENCY DEBT - 24.5%
	2,000,000		Federal Farm Credit Bank (FFCB)		0.065		10/10/13		1,999,967
	5,000,000		FFCB		0.020		12/04/13		4,999,822
	1,461,000		Federal Home Loan Bank (FHLB)		0.045-0.060		10/04/13		1,460,994
	900,000		FHLB		0.050		10/09/13		899,990
	1,430,000		FHLB		0.060		10/11/13		1,429,976
	10,000,000		FHLB		0.055		10/18/13		9,999,740
	5,000,000		FHLB		0.040		10/23/13		4,999,878
	2,380,000		FHLB		0.040-0.070		10/25/13		2,379,929
	9,375,000		FHLB		0.050		10/30/13		9,374,622
	11,270,000		FHLB		0.040-0.045		11/08/13		11,269,510
	12,115,000		FHLB		0.040-0.070		11/13/13		12,114,242
	14,500,000		FHLB		0.030-0.060		11/22/13		14,499,047
	11,300,000		FHLB		0.030-0.040		11/27/13		11,299,363
	5,390,000		FHLB		0.040-0.060		12/04/13		5,389,578
	8,000,000		FHLB		0.035-0.047		12/06/13		7,999,377
	10,000,000		FHLB		0.020		12/09/13		9,999,617
	285,000		FHLB		0.040		12/11/13		284,977
	6,900,000		FHLB		0.035-0.150		12/13/13		6,898,764
	1,000,000		FHLB		0.100		12/16/13		999,789
	4,670,000		FHLB		0.020		12/18/13		4,669,798
	5,000,000		FHLB		0.030		12/19/13		4,999,671
	1,752,000		FHLB		0.040		12/26/13		1,751,832
	3,000,000		FHLB		0.045		12/27/13		2,999,674
	3,500,000		FHLB		0.145		01/02/14		3,498,689
	350,000		Federal Home Loan Mortgage Corp (FHLMC)		0.050		10/01/13		350,000
	1,100,000		FHLMC		0.050		10/03/13		1,099,997
	2,471,000		FHLMC		0.040-0.050		10/08/13		2,470,977
	4,933,000		FHLMC		0.040		10/15/13		4,932,923
	3,885,000		FHLMC		0.045-0.065		10/21/13		3,884,882
	5,385,000		FHLMC		0.060		10/28/13		5,384,758

195

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	2,500,000	FHLMC		0.040	%	11/05/13	$	2,499,903
	200,000	FHLMC		0.070		11/26/13		199,978
	2,000,000	FHLMC		0.035		12/03/13		1,999,878
	3,780,000	FHLMC		0.030		12/10/13		3,779,780
	6,240,000	FHLMC		0.040-0.080		12/16/13		6,239,346
	7,000,000	FHLMC		0.025-0.037		12/23/13		6,999,541
	1,400,000	FHLMC		0.120		01/15/14		1,399,505
	600,000	FHLMC		0.090		01/27/14		599,823
	821,000	FHLMC		0.145		01/29/14		820,603
	390,000	FHLMC		0.130		02/04/14		389,823
	683,000	FHLMC		0.050-0.060		02/11/14		682,868
	1,770,000	FHLMC		0.130		02/24/14		1,769,067
	1,500,000	Federal National Mortgage Association (FNMA)		0.030-0.095		10/09/13		1,499,976
	2,400,000	FNMA		0.050		10/16/13		2,399,950
	2,000,000	FNMA		0.040		10/23/13		1,999,951
	300,000	FNMA		0.125		11/20/13		299,948
	8,640,000	FNMA		0.025		12/16/13		8,639,544
	40,000	FNMA		0.160		01/09/14		39,982
	300,000	FNMA		0.160		01/27/14		299,843
	8,300,000	FNMA		0.040		01/29/14		8,298,893
		TOTAL GOVERNMENT AGENCY DEBT						205,200,585
TREASURY DEBT - 17.1%
	6,285,000	United States Treasury Bill		0.083-0.089		10/03/13		6,284,970
	165,000	United States Treasury Bill		0.049		10/10/13		164,998
	8,000,000	United States Treasury Bill		0.083-0.086		10/17/13		7,999,703
	2,485,000	United States Treasury Bill		0.023-0.063		10/24/13		2,484,961
	5,167,000	United States Treasury Bill		0.033-0.078		11/07/13		5,166,592
	5,040,000	United States Treasury Bill		0.031-0.052		11/21/13		5,039,683
	5,175,000	United States Treasury Bill		0.032-0.073		11/29/13		5,174,552
	2,000,000	United States Treasury Bill		0.068		12/05/13		1,999,756
	185,000	United States Treasury Bill		0.139		12/12/13		184,949
	5,825,000	United States Treasury Bill		0.020-0.062		12/26/13		5,824,478
	6,000,000	United States Treasury Bill		0.031-0.048		01/09/14		5,999,392
	67,000	United States Treasury Bill		0.045		02/06/14		66,989
	1,260,000	United States Treasury Bill		0.038		03/20/14		1,259,777
	975,000	United States Treasury Bill		0.035		03/27/14		974,832
	7,825,000	United States Treasury Note		0.500		10/15/13		7,826,072
	7,100,000	United States Treasury Note		0.250		10/31/13		7,100,674
	9,420,000	United States Treasury Note		0.500		11/15/13		9,424,053
	4,540,000	United States Treasury Note		0.750		12/15/13		4,545,427
	5,950,000	United States Treasury Note		0.125		12/31/13		5,950,581
	5,000,000	United States Treasury Note		1.000		01/15/14		5,013,650
	9,670,000	United States Treasury Note		0.250		01/31/14		9,674,190
	7,695,000	United States Treasury Note		0.250		02/28/14		7,699,492
	5,090,000	United States Treasury Note		0.250		03/31/14		5,093,097
	3,230,000	United States Treasury Note		1.250		04/15/14		3,250,296
	6,240,000	United States Treasury Note		0.250		04/30/14		6,243,481
	6,000,000	United States Treasury Note		1.000		05/15/14		6,031,865
	5,815,000	United States Treasury Note		0.750		06/15/14		5,839,446
	2,000,000	United States Treasury Note		0.250		06/30/14		2,002,229
	5,140,000	United States Treasury Note		0.625		07/15/14		5,159,639

196

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,230,000		United States Treasury Note		0.125	%	07/31/14	$	1,229,807
	1,020,000		United States Treasury Note		0.500		08/15/14		1,023,122
	2,000,000		United States Treasury Note		0.250		09/15/14		2,001,584
			TOTAL TREASURY DEBT						143,734,337
VARIABLE RATE SECURITIES - 10.0%
	8,000,000	i	Federal Farm Credit Bank (FFCB)		0.100		10/01/13		7,994,888
	4,600,000	i	FFCB		0.120		10/01/13		4,600,000
	5,000,000	i	FFCB		0.180		10/01/13		4,999,137
	5,000,000	i	FFCB		0.180		10/01/13		5,000,000
	5,000,000	i	FFCB		0.200		10/01/13		5,002,326
	4,500,000	i	FFCB		0.160		10/08/13		4,500,678
	4,950,000	i	FFCB		0.220		10/15/13		4,949,829
	9,000,000	i	FFCB		0.250		02/10/14		8,999,343
	5,000,000	i	FFCB		0.152		04/16/14		5,000,000
	2,580,000	i	FFCB		0.330		05/19/14		2,581,417
	4,500,000	i	Federal Home Loan Bank (FHLB)		0.200		10/01/13		4,500,000
	5,000,000	i	Federal National Mortgage Association (FNMA)		0.320		10/28/13		5,000,000
	5,000,000	i	FNMA		0.160		06/20/14		4,999,389
	9,500,000	i	Canadian Imperial Bank of Commerce		0.275		01/03/14		9,500,861
	4,000,000	i	Royal Bank of Canada		0.280		06/10/14		4,000,000
	2,350,000	i	Toronto-Dominion Bank		0.715		11/01/13		2,350,995
			TOTAL VARIABLE RATE SECURITIES						83,978,863
			TOTAL SHORT-TERM INVESTMENTS						838,237,606
			(Cost $838,237,606)
			TOTAL INVESTMENTS- 99.9%						838,237,606
			(Cost $838,237,606)
			OTHER ASSETS & LIABILITIES, NET - 0.1%						1,053,386
			NET ASSETS - 100.0%					$	839,290,992

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. Such securities are deemed liquid and may be re-sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 9/30/2013, the aggregate value of these securities was $241,520,869 or 28.8% of net assets.

197

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 of the filing date of the report 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 semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

TIAA-CREF FUNDS

Dated:	November 20, 2013	By:	/s/ Robert G. Leary
			Robert G. Leary
			President and Principal Executive Officer

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

Dated:	November 20, 2013	By:	/s/ Robert G. Leary
			Robert G. Leary
			President and Principal Executive Officer
			(principal executive officer)

Dated:	November 20, 2013	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)(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