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)

John M. McCann, Esq.

c/o TIAA-CREF

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: 704-595-1000

Date of fiscal year end: March 31

Date of reporting period: March 31, 2014

Item 1. Reports to Stockholders.

2014 Annual Report

TIAA-CREF

Real Estate Securities Fund

of the TIAA-CREF Funds

March 31, 2014

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
Portfolio of investments	9
Audited financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statements of changes in net assets	14
Financial highlights	16
Notes to financial statements	18
Report of independent registered public accounting firm	27
Renewal of investment management agreement	28
Trustees and officers	35
Important tax information	41
How to reach us	Inside back cover

 

Understanding your fund report

This annual report contains information about the Real Estate Securities Fund and describes the fund’s results for the twelve months ended March 31, 2014. The report contains three main sections:

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

• The portfolio of investments lists the issuers, industries and types of securities in which the Real Estate Securities Fund had investments as of March 31, 2014.

• 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, Premier and Retirement classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

2 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Information for investors

Portfolio holdings

The complete portfolio of investments for the Real Estate Securities Fund begins on page 9 of this report. 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  ■  2014 Annual Report 3

Important information about expenses

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

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

The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the fund would be higher. Note also that 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 (October 1, 2013–March 31, 2014).

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 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Important information about expenses

Expense example

Six months ended March 31, 2014

					Expenses paid
	Beginning		Ending		during period	*
	account value		account value		(10/1/13–
Real Estate Securities Fund	(10/1/13	)	(3/31/14	)	3/31/14	)
Institutional Class
Actual return	$1,000.00		$1,088.36		$2.71
5% annual hypothetical return	1,000.00		1,022.34		2.62
Premier Class
Actual return	$1,000.00		$1,087.47		$3.49
5% annual hypothetical return	1,000.00		1,021.59		3.38
Retirement Class
Actual return	$1,000.00		$1,087.35		$4.01
5% annual hypothetical return	1,000.00		1,021.09		3.88
Retail Class
Actual return	$1,000.00		$1,086.23		$4.42
5% annual hypothetical return	1,000.00		1,020.69		4.28

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.52% for the Institutional Class, 0.67% for the Premier Class, 0.77% for the Retirement Class and 0.85% 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.

About the fund’s benchmark

The FTSE NAREIT All Equity REITs Index measures the performance of certain 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.

FTSE is a trademark of London Stock Exchange plc and The Financial Times Limited and is used by FTSE under license. All rights in the FTSE NAREIT Index Series vest in FTSE and the National Association of Real Estate Investment Trusts (“NAREIT”). Neither FTSE nor its licensors, nor NAREIT accept any liability for any errors or omissions in the FTSE NAREIT Index Series or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 5

Real Estate Securities Fund

Performance for the twelve months ended March 31, 2014

The Real Estate Securities Fund returned 4.89% for the Institutional Class, compared with the 3.25% return of its benchmark, the FTSE NAREIT All Equity REITs Index. The table on the following page shows returns for all share classes of the fund.

From April 1 through year-end 2013, real estate investment trusts (REITs) and other interest-rate-sensitive assets sold off. Investors worried that the Federal Reserve would begin tapering its accommodative monetary policies, designed to stimulate the economy by restraining long-term interest rates. At the same time, yields on U.S. Treasury securities rose, making them more attractive for some income-oriented investors. Because REITs are required to distribute most of their taxable income as dividends, they have traditionally competed with bonds for investors seeking current income.

In the first quarter of 2014, the Fed finally began reducing its massive bond-buying program, and investors once again turned to REITs for their historically strong earnings potential. The fund’s benchmark returned 8.52% for the quarter, enabling it to end the twelve months with a modest gain.

For the period, REITs significantly lagged the 22.61% gain of the broad U.S. stock market, as measured by the Russell 3000^® Index, but outpaced the –0.10% 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 March 31, 2014, the fund’s benchmark returned an average annual 8.27%, versus 7.86% for the Russell 3000 Index and 4.46% for the Barclays aggregate index.

Successful stock choices help the fund outpace its benchmark

For the period, eleven of the benchmark’s 14 property sectors advanced. The largest positive contributions came from the lodging and resorts (up 18.4%), office (up 8.9%) and self-storage (up 16.3%) sectors. Health care REITs returned –11.3%, as investors awaited the outcomes of mergers and acquisitions activity within the sector.

The fund outperformed its benchmark because of numerous successful stock choices, including a nonbenchmark position in Thomas Properties and an underweight in forest products manufacturer Rayonier. Overweights in office REIT SL Green and regional mall operator General Growth Properties helped as well.

These positive contributions were partly offset by the negative effects of overweight stakes in American Campus Communities and Parkway Properties, an office REIT. An underweight position in Vornado Realty Trust also detracted. During the period, the fund owned the stocks of several companies that are not REITs but that engage in real estate-related activity.

6 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Real Estate Securities Fund

Performance as of March 31, 2014

		Total		Average annual
		return		total return
Real Estate Securities Fund	Inception date	1 year		5 years		10 years
Institutional Class	10/1/2002	4.89	%	27.79	%	7.14	%
Premier Class	9/30/2009	4.81		27.63	*	7.07	*
Retirement Class	10/1/2002	4.70		27.47		6.92
Retail Class	10/1/2002	4.56		27.41		6.93
FTSE NAREIT All Equity REITs Index	—	3.25		28.31		8.27

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 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.

$10,000 over 10 years

Institutional Class

 

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

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 7

Real Estate Securities Fund

Portfolio composition
	% of net assets
Industry	as of 3/31/2014
Specialized REITs	26.1
Retail REITs	20.3
Residential REITs	15.0
Office REITs	11.7
Diversified REITs	9.3
Industrial REITs	8.9
Mortgage REITs	1.5
Real estate services	1.3
Hotels, resorts & cruise lines	1.1
Homebuilding	0.9
Forest products	0.8
Diversified real estate activities	0.7
Publishing	0.4
Real estate development	0.1
Short-term investments, other assets & liabilities, net	1.9
Total	100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 3/31/2014
More than $50 billion	11.8
More than $15 billion–$50 billion	41.3
More than $2 billion–$15 billion	37.3
$2 billion or less	9.6
Total	100.0

8 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Portfolio of investments

Real Estate Securities Fund ¡ March 31, 2014

Shares			Company	Value
COMMON STOCKS—98.1%
DIVERSIFIED REAL ESTATE ACTIVITIES—0.7%
	762,000		Hang Lung Group Ltd	$	3,841,194
	2,200,000		Hang Lung Properties Ltd		6,347,073
			TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES		10,188,267
DIVERSIFIED REITS—9.3%
	1,100,000		American Realty Capital Properties, Inc		15,422,000
	2,800,000		Mexico Real Estate Management S.A de C.V.		5,250,201
	675,000		Retail Opportunities Investment Corp		10,084,500
	2,700,000		Spirit Realty Capital, Inc		29,646,000
	500,000		Vornado Realty Trust		49,280,000
	375,000		WP Carey, Inc		22,526,250
			TOTAL DIVERSIFIED REITS		132,208,951
FOREST PRODUCTS—0.8%
	700,000	*	Louisiana-Pacific Corp		11,809,000
			TOTAL FOREST PRODUCTS		11,809,000
HOMEBUILDING—0.9%
	400,000		DR Horton, Inc		8,660,000
	175,000	*	Taylor Morrison Home Corp		4,112,500
			TOTAL HOMEBUILDING		12,772,500
HOTELS, RESORTS & CRUISE LINES—1.1%
	325,000		Extended Stay America, Inc		7,400,250
	600,000	*	Orient-Express Hotels Ltd (Class A)		8,646,000
			TOTAL HOTELS, RESORTS & CRUISE LINES		16,046,250
INDUSTRIAL REITS—8.9%
	240,000		EastGroup Properties, Inc		15,098,400
	525,000		First Industrial Realty Trust, Inc		10,143,000
	4,000,000		Global Logistic Properties		8,441,749
	1,750,000		Prologis, Inc		71,452,500
	600,000		STAG Industrial, Inc		14,460,000
	350,000		Terreno Realty Corp		6,618,500
			TOTAL INDUSTRIAL REITS		126,214,149
MORTGAGE REITS—1.5%
	100,000		Blackstone Mortgage Trust, Inc		2,875,000
	550,000		NorthStar Realty Finance Corp		8,877,000
	300,000		Starwood Property Trust, Inc		7,077,000
	225,000		Two Harbors Investment Corp		2,306,250
			TOTAL MORTGAGE REITS		21,135,250
OFFICE REITS—11.7%
	500,000		Boston Properties, Inc		57,265,000
	800,000		Brandywine Realty Trust		11,568,000
	200,000		Digital Realty Trust, Inc		10,616,000
	350,000		HRPT Properties Trust		9,205,000
	220,000		Kilroy Realty Corp		12,887,600
	1,300,000		Parkway Properties, Inc		23,725,000

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 9

Portfolio of investments continued

Real Estate Securities Fund ¡ March 31, 2014

Shares			Company	Value
OFFICE REITS—continued
	400,000		SL Green Realty Corp	$	40,248,000
			TOTAL OFFICE REITS		165,514,600
OTHER DIVERSIFIED FINANCIAL SERVICES—0.0%
	211,200	*,b,m	People’s Choice Financial Corp		0
			TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0
PUBLISHING—0.4%
	120,000		Rightmove plc		5,280,560
			TOTAL PUBLISHING		5,280,560
REAL ESTATE DEVELOPMENT—0.1%
	10,440	*	Howard Hughes Corp		1,489,892
			TOTAL REAL ESTATE DEVELOPMENT		1,489,892
REAL ESTATE SERVICES—1.3%
	550,000		Kennedy-Wilson Holdings, Inc		12,380,500
	150,000	*	Realogy Holdings Corp		6,517,500
			TOTAL REAL ESTATE SERVICES		18,898,000
RESIDENTIAL REITS—15.0%
	500,000		Apartment Investment & Management Co (Class A)		15,110,000
	525,000		AvalonBay Communities, Inc		68,943,000
	1,350,000		Education Realty Trust, Inc		13,324,500
	350,000		Equity Lifestyle Properties, Inc		14,227,500
	875,000		Equity Residential		50,741,250
	240,000		Essex Property Trust, Inc		40,812,000
	200,000		Sun Communities, Inc		9,018,000
			TOTAL RESIDENTIAL REITS		212,176,250
RETAIL REITS—20.3%
	550,000		Equity One, Inc		12,287,000
	225,000		Federal Realty Investment Trust		25,812,000
	2,150,000		General Growth Properties, Inc		47,300,000
	450,000		Pennsylvania Real Estate Investment Trust		8,122,500
	600,000		Regency Centers Corp		30,636,000
	1,000,000		Simon Property Group, Inc		164,000,000
			TOTAL RETAIL REITS		288,157,500
SPECIALIZED REITS—26.1%
	875,000		American Tower Corp		71,636,250
	700,000		CubeSmart		12,012,000
	400,000		Extra Space Storage, Inc		19,404,000
	164,681		Gaming and Leisure Properties, Inc		6,004,269
	350,000		HCP, Inc		13,576,500
	275,000		Health Care REIT, Inc		16,390,000
	550,000		Healthcare Realty Trust, Inc		13,282,500
	1,000,000		Healthcare Trust of America, Inc		11,390,000
	1,250,000		Host Marriott Corp		25,300,000
	250,000		Plum Creek Timber Co, Inc		10,510,000
	325,000		Potlatch Corp		12,574,250
	250,000		Public Storage, Inc		42,122,500
	550,000		RLJ Lodging Trust		14,707,000

10 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Portfolio of investments concluded

Real Estate Securities Fund ¡ March 31, 2014

Shares			Company					Value
SPECIALIZED REITS—continued
	1,800,000	*	Strategic Hotels & Resorts, Inc					$	18,342,000
	1,550,000		Sunstone Hotel Investors, Inc						21,281,500
	850,000		Ventas, Inc						51,484,500
	300,000		Weyerhaeuser Co						8,805,000
			TOTAL SPECIALIZED REITS						368,822,269
			TOTAL COMMON STOCKS	(Cost $1,152,249,324)					1,390,713,438
							Maturity
	Principal		Issuer		Rate		Date
SHORT-TERM INVESTMENTS—0.6%
TREASURY DEBT—0.6%
	$7,450,000		United States Treasury Bill		0.055	%	4/24/2014		7,449,738
			TOTAL TREASURY DEBT						7,449,738
			TOTAL SHORT-TERM INVESTMENTS (Cost $7,449,738)						7,449,738
			TOTAL PORTFOLIO—98.7% (Cost $1,159,699,062)						1,398,163,176
			OTHER ASSETS & LIABILITIES, NET—1.3%						18,898,941
			NET ASSETS—100.0%					$	1,417,062,117

Abbreviation(s):

REIT	Real Estate Investment Trust
*	Non-income producing.
b	In bankruptcy.
m	Indicates a security that has been deemed illiquid.

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 11

Statement of assets and liabilities

Real Estate Securities Fund  ■  March 31, 2014

ASSETS
Portfolio investments, at value†	$	1,398,163,176
Cash		8,934,073
Receivable from securities transactions		8,365,931
Receivable from Fund shares sold		2,258,513
Dividends and interest receivable		3,877,313
Other		60,417
Total assets		1,421,659,423
LIABILITIES
Management fees payable		113,239
Service agreement fee payable		9,647
Distribution fee payable		43,808
Due to affiliates		11,320
Payable for securities transactions		3,322,803
Payable for Fund shares redeemed		946,233
Accrued expenses and other payables		150,256
Total liabilities		4,597,306
NET ASSETS	$	1,417,062,117
NET ASSETS CONSIST OF:
Paid-in-capital	$	1,177,843,537
Undistributed net investment income (loss)		4,173,234
Accumulated net realized gain (loss) on total investments		(3,418,768	)
Net unrealized appreciation (depreciation) on total investments		238,464,114
NET ASSETS	$	1,417,062,117
INSTITUTIONAL CLASS:
Net assets	$	950,768,904
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		72,032,972
Net asset value per share	$	13.20
PREMIER CLASS:
Net assets	$	47,330,277
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,583,765
Net asset value per share	$	13.21
RETIREMENT CLASS:
Net assets	$	238,718,114
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		17,503,335
Net asset value per share	$	13.64
RETAIL CLASS:
Net assets	$	180,244,822
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		13,739,627
Net asset value per share	$	13.12
† Portfolio investments, cost	$	1,159,699,062

12 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statement of operations

Real Estate Securities Fund  ■  For the year ended March 31, 2014

INVESTMENT INCOME
Dividends*	$	34,051,976
Dividends from affiliated investments		229,023
Interest		5,505
Total income		34,286,504
EXPENSES
Management fees		6,700,945
Shareholder servicing — Institutional Class		7,514
Shareholder servicing — Premier Class		243
Shareholder servicing — Retirement Class		598,744
Shareholder servicing — Retail Class		159,340
Distribution fees — Premier Class		82,721
Distribution fees — Retail Class		453,351
Administrative service fees		74,341
Other expenses		289,055
Total expenses		8,366,254
Net Investment income (loss)		25,920,250
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		15,863,458
Written options		572,150
Foreign currency transactions		(7,932	)
Net realized gain (loss) on total investments		16,427,676
Change in unrealized appreciation (depreciation) on:
Portfolio investments		20,770,437
Affiliated investments		(2,569,970	)
Net change in unrealized appreciation (depreciation) on total investments		18,200,467
Net realized and unrealized gain (loss) on total investments	$	34,628,143
Net increase (decrease) in net assets from operations	$	60,548,393
* Net of foreign withholding taxes of	$	2,725

See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 13

Statements of changes in net assets

Real Estate Securities Fund  ■  For the year ended

		March 31, 2014			March 31, 2013
OPERATIONS
Net investment income (loss)		$	25,920,250		$	17,195,358
Net realized gain (loss) on total investments			16,427,676			19,543,680
Net change in unrealized appreciation (depreciation) on total investments			18,200,467			98,629,859
Net increase (decrease) in net assets from operations			60,548,393			135,368,897
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(16,984,287	)		(13,144,022	)
	Premier Class		(962,281	)		(987,334	)
	Retirement Class		(3,806,999	)		(3,658,328	)
	Retail Class		(2,863,281	)		(2,357,574	)
From realized gains:	Institutional Class		(13,611,003	)		–
	Premier Class		(804,086	)		–
	Retirement Class		(3,355,912	)		–
	Retail Class		(2,749,247	)		–
Total distributions			(45,137,096	)		(20,147,258	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		175,654,744			360,800,190
	Premier Class		18,805,224			21,968,166
	Retirement Class		35,163,384			65,011,531
	Retail Class		34,368,412			54,983,177
Reinvestments of distributions:	Institutional Class		30,544,243			13,098,760
	Premier Class		1,766,367			987,334
	Retirement Class		7,159,064			3,656,077
	Retail Class		5,394,144			2,266,210
Redemptions:	Institutional Class		(131,948,991	)		(225,608,959	)
	Premier Class		(35,791,242	)		(23,990,021	)
	Retirement Class		(59,234,043	)		(87,918,249	)
	Retail Class		(48,945,572	)		(25,925,739	)
Net increase from shareholder transactions			32,935,734			159,328,477
Net increase in net assets			48,347,031			274,550,116
NET ASSETS
Beginning of period			1,368,715,086			1,094,164,970
End of period		$	1,417,062,117		$	1,368,715,086
Undistributed net investment income (loss) included in net assets		$	4,173,234		$	1,497,938

14 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements

Statements of changes in net assets (concluded)

Real Estate Securities Fund  ■  For the year ended

		March 31, 2014			March 31, 2013
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		13,676,858			29,554,083
	Premier Class		1,465,240			1,777,741
	Retirement Class		2,585,238			5,066,365
	Retail Class		2,647,335			4,421,858
Shares reinvested:	Institutional Class		2,488,767			1,051,189
	Premier Class		144,022			79,289
	Retirement Class		565,281			284,845
	Retail Class		443,197			182,883
Shares redeemed:	Institutional Class		(10,408,564	)		(18,641,399	)
	Premier Class		(2,830,028	)		(1,979,068	)
	Retirement Class		(4,492,327	)		(6,874,093	)
	Retail Class		(3,827,704	)		(2,103,096	)
Net increase (decrease) from shareholder transactions			2,457,315			12,820,597

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 15

Financial highlights

Real Estate Securities Fund

		Selected per share data																													Ratios and supplemental data
				Gain (loss) from investment operations:
								Net realized																									Ratios to average net assets
For the		Net asset		Net			& unrealized				Total gain			Less distributions from:									Total			Net asset					Net assets								Net
period		value,		investment				gain (loss)			(loss) from			Net			Net			Return			dividends			value,					at end of								investment			Portfolio
or year		beginning		income				on total			investment			investment			realized			of			and			end of		Total			period (in		Gross			Net			income			turnover
ended		of period		(loss)a				investments			operations			income			gains			capital			distributions			period		return			thousands)		expense			expense			(loss)			rate
Institutional Class
3/31/14		$	13.05	$	0.26			$	0.34		$	0.60		$	(0.25	)	$	(0.20	)	$	–		$	(0.45	)	$	13.20		4.89	%	$	950,769		0.52	%		0.52	%		2.00	%		65	%
3/31/13			11.87		0.19				1.21			1.40			(0.22	)		–			–			(0.22	)		13.05		11.88			864,577		0.53			0.53			1.53			50
3/31/12			10.75		0.19				1.09			1.28			(0.16	)		–			–			(0.16	)		11.87		12.16			644,849		0.54			0.54			1.73			75
3/31/11	†		9.35		0.05				1.42			1.47			(0.07	)		–			–			(0.07	)		10.75		15.80	b		334,174		0.59	c		0.57	c		0.98	c		30	b
9/30/10			7.24		0.19				2.12			2.31			(0.18	)		–			(0.02	)		(0.20	)		9.35		32.16			265,753		0.56			0.56			2.29			66
9/30/09			10.51		0.23				(3.31	)		(3.08	)		(0.19	)		–			–			(0.19	)		7.24		(28.84	)		200,324		0.60			0.56			3.98			78
Premier Class
3/31/14			13.05		0.24				0.35			0.59			(0.23	)		(0.20	)		–			(0.43	)		13.21		4.81			47,330		0.67			0.67			1.88			65
3/31/13			11.88		0.17				1.20			1.37			(0.20	)		–			–			(0.20	)		13.05		11.62			62,709		0.68			0.68			1.37			50
3/31/12			10.75		0.18				1.10			1.28			(0.15	)		–			–			(0.15	)		11.88		12.06			58,528		0.68			0.68			1.67			75
3/31/11	†		9.36		0.05				1.41			1.46			(0.07	)		–			–			(0.07	)		10.75		15.60	b		75,047		0.74	c		0.72	c		1.03	c		30	b
9/30/10			7.24		0.14				2.17			2.31			(0.17	)		(0.02	)		–			(0.19	)		9.36		32.12			31,260		0.71			0.71			1.56			66
9/30/09	*		7.24		0.00	d			–			0.00	d		–			–			–			–			7.24		0.00	b		250		221.11	c		0.72	c		0.00	c		78
Retirement Class
3/31/14			13.46		0.24				0.36			0.60			(0.22	)		(0.20	)		–			(0.42	)		13.64		4.70			238,718		0.77			0.77			1.76			65
3/31/13			12.25		0.17				1.23			1.40			(0.19	)		–			–			(0.19	)		13.46		11.47			253,707		0.78			0.78			1.30			50
3/31/12			11.08		0.17				1.14			1.31			(0.14	)		–			–			(0.14	)		12.25		11.96			249,433		0.78			0.78			1.54			75
3/31/11	†		9.64		0.04				1.46			1.50			(0.06	)		–			–			(0.06	)		11.08		15.60	b		289,161		0.83	c		0.82	c		0.77	c		30	b
9/30/10			7.46		0.17				2.19			2.36			(0.16	)		–			(0.02	)		(0.18	)		9.64		31.85			280,763		0.81			0.81			1.98			66
9/30/09			10.81		0.21				(3.39	)		(3.18	)		(0.17	)		–			–			(0.17	)		7.46		(28.95	)		159,554		0.85			0.81			3.53			78
Retail Class
3/31/14			12.97		0.22				0.34			0.56			(0.21	)		(0.20	)		–			(0.41	)		13.12		4.56			180,245		0.86			0.86			1.68			65
3/31/13			11.80		0.14				1.21			1.35			(0.18	)		–			–			(0.18	)		12.97		11.49			187,722		0.87			0.87			1.17			50
3/31/12			10.69		0.15				1.09			1.24			(0.13	)		–			–			(0.13	)		11.80		11.79			141,355		0.84			0.84			1.42			75
3/31/11	†		9.30		0.04				1.41			1.45			(0.06	)		–			–			(0.06	)		10.69		15.64	b		124,104		0.84	c		0.83	c		0.75	c		30	b
9/30/10			7.20		0.17				2.11			2.28			(0.16	)		–			(0.02	)		(0.18	)		9.30		31.95			102,686		0.77			0.77			2.08			66
9/30/09			10.46		0.23				(3.31	)		(3.08	)		(0.18	)		–			–			(0.18	)		7.20		(29.01	)		77,475		1.06			0.75			3.89			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.

16 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund See notes to financial statements TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 17

Notes to financial statements

Real Estate Securities Fund

Note 1—organization and significant accounting policies

The TIAA-CREF Real Estate Securities Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust that 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, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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

18 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

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

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

Income taxes: The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that it distributes all taxable income each year and complies with various other Code requirements. The Fund files income tax returns in U.S. federal jurisdictions and applicable state and local jurisdictions. The Fund’s income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

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

For the year ended March 31, 2014, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, the utilization of tax equalization credits, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Fund’s net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

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

Trustee compensation: The Fund pays the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Fund until paid. The investment of deferred amounts and the offsetting

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 19

Notes to financial statements

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 June 2013, the Financial Accounting Standards Board issued Accounting Standard Update No. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Fund expects to adopt these new disclosure requirements for the September 30, 2014 semiannual report. Management has reviewed the new requirements and has determined the adoption of the Update will not have a material impact on the Fund’s financial statements and notes disclosures.

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

20 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Fund’s net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

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

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the year ended March 31, 2014, there were no material transfers between levels by the Fund.

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 21

Notes to financial statements

The following table summarizes the market value of the Fund’s investments as of March 31, 2014 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	$	–	$	10,188,267		$ –	$	10,188,267
Diversified REITs		126,958,750		5,250,201		–		132,208,951
Industrial REITs		117,772,400		8,441,749		–		126,214,149
Publishing		–		5,280,560		–		5,280,560
All other equity investments (a)		1,116,821,511		–				1,116,821,511
Short-term investments		–		7,449,738		–		7,449,738
Total	$	1,361,552,661	$	36,610,515		$ –	$	1,398,163,176

(a) For detailed categories, see the accompanying 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 Fund values derivatives at fair value.

For the year ended March 31, 2014, the effect of derivative contracts on the Fund’s Statement of Operations was as follows:

				Change in
				unrealized
		Realized		appreciation
Derivative contracts	Location	gain (loss)		(depreciation)
Equity contracts	Written options		$ 572,150		$ —

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

22 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

year ended March 31, 2014, the Fund had exposure to options, based on underlying nominal values, generally between 0% and 3% of net assets.

There were no written options outstanding as of March 31, 2014.

Transactions in written options and related premiums received during the year ended March 31, 2014 were as follows:

	Number of contracts			Premiums
Outstanding at beginning of period		–		$	–
Written		4,000			572,150
Exercised		–			–
Expired		(4,000	)		(572,150	)
Closed		–			–
Outstanding at end of period		–		$	–

Note 4—investment adviser and affiliates

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

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 23

Notes to financial statements

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, 2015, 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 March 31, 2014, TIAA Access, a registered separate account of TIAA, owned 4.4% 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 March 31, 2014, two 529 Plans own 9% and 12% of the Real Estate Securities Fund, respectively.

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. As of December 20, 2013, Thomas Properties Group was acquired by Parkway Properties, Inc., which is not an affiliated company. Information regarding transactions with affiliated companies is as follows:

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

	Dividend	Withholding	Shares at	Value at
Issue	income	expense	March 31, 2014	March 31, 2014
Real Estate Securities Fund
Thomas Properties Group, Inc	$229,023	$–	–	$–

24 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

Note 5—investments

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

Net Unrealized appreciation (depreciation): At March 31, 2014, the cost of portfolio investments for federal income tax purposes was $1,171,438,533. Net unrealized appreciation of portfolio investments for federal income tax purposes was $226,724,643 consisting of gross unrealized appreciation of $238,949,433, and gross unrealized depreciation of ($12,224,790).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the year ended March 31, 2014 were $896,055,332 and $863,759,044, respectively.

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended March 31, 2014 and March 31, 2013 was as follows:

		Long-term
	Ordinary income	capital gains	Total
3/31/2014	$27,277,411	$17,859,685	$45,137,096
3/31/2013	20,147,258	–	20,147,258

As of March 31, 2014, the components of accumulated earnings on a tax basis consisted of $4,553,289 of undistributed ordinary income, $7,985,990 of undistributed long-term capital gains, and $226,724,645 of unrealized appreciation.

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the utilization of tax equalization credits, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies, gains and losses from the sale of stock in passive foreign investment companies, and the treatment of short term gain as ordinary income for tax purposes.

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

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 25

Notes to financial statements concluded

with any borrowing under the facility is charged to the borrowing accounts or funds 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 year ended March 31, 2014, 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 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Report of independent registered public accounting firm

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

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statement of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Real Estate Securities Fund (the “Fund”) at March 31, 2014, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at March 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
May 16, 2014

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 27

Renewal of investment management agreement (unaudited)

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

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

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

Overview of the renewal process

The Board held meetings on March 14, 2014 and March 27, 2014, at which it considered the annual renewal of the Agreement using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewal. The Operations Committee also had worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2013 renewal process. During a series of meetings held prior to the March 14 and March 27, 2014 Board meetings, the Operations Committee, along with other Board Committees as applicable, had reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

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

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, performance and expense comparison

28 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

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

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profit earned by TAI with respect to its services to the Fund pursuant to the Agreement. In this connection, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits realized by TAI, which is also true of their assessment of the Fund’s management fee rate and other aspects of the proposed renewal of the Agreement.

In advance of the Board meetings held on March 14 and March 27, 2014, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for the Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to the Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Fund aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Fund; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 29

Renewal of investment management agreement (unaudited)

agreements between the Fund and affiliates of TAI; (8) a copy of TAI’s Form ADV registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) a proposed narrative explanation of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to the Fund, the Board reviewed various factors, including: (1) the nature, extent and quality of services provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profit realized by TAI and its affiliates from their relationship with the Fund based upon the cost allocation methodology utilized by TAI and its affiliates in 2013, as well as the new methodology to be utilized in 2014; (4) fees charged by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rate with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (8) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

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

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-level basis. In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors, and thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 27, 2014, the Board voted unanimously to renew the Agreement for the Fund. Set forth below are certain general factors the Board considered for the Fund, followed by a summary of certain specific factors the Board considered with respect to the Fund.

The nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the Fund since its operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds and the other series of the Trust. Under the Agreement, TAI is

30 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

responsible for, among other duties: managing the assets of the Fund, including conducting research, recommending investments and placing orders to buy and sell securities for the Fund’s investment portfolio; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Fund to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Fund. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

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

Investment performance

The Board considered the investment performance of the Fund over one-, three-, five-and ten-year periods. The Board considered the Fund’s performance as compared to its peer group, peer universe and benchmark index. The Fund’s performance versus its peers trailed for the one-year period ended December 31, 2013, but its three-year performance remained strong. (For additional detail regarding the Fund’s performance, see the synopsis below.) The Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was within an acceptable range.

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2013 with respect to the Fund based upon the cost allocation methodology utilized by TAI and its affiliates in 2013, as well as the new methodology to be utilized in 2014. The Board considered TAI’s profit calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having a management fee rate which permits TAI to maintain and improve the quality of services provided to the Fund. The Board considered that TAI had earned profits with respect to the Fund under the Agreement for the one-year period ended December 31, 2013 and that TAI expected this trend to continue. The Board concluded that those profits were not excessive in light of various relevant factors.

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

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 31

Renewal of investment management agreement (unaudited)

Fees charged by other advisers

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

Economies of scale

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

Fee comparison with other TAI clients

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

32 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

continued

Other benefits

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

Synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. Where the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of the Fund. Because the Institutional Class generally has lower non-management expenses than the Retirement, Premier and Retail Classes of the Fund, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Institutional Class. Comparative Lipper expense and performance rankings are as of March 31, 2013; all other time periods referenced below are ended December 31, 2013. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. Statements below regarding the Fund’s “aggregate management fee rate” refer to the overall effective blended fee rates that applied to the Fund after taking into account the different management fee rate that apply to higher levels of Fund assets that exceed one or more breakpoints in the Fund’s management fee rate schedule.

The statement below regarding “net profit” refers to whether TAI earned a profit for the services that it rendered to the Fund during 2013 under the Agreement.

• The Fund’s annual contractual management fee rate is 0.50% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.496% of average daily net assets.

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

• The Fund was in the 4th, 1st, 4th and 5th quintiles of the group of comparable funds selected by Lipper for performance comparison purposes for the one-, three-, five- and ten-year periods, respectively, and in the 3rd, 2nd, 3rd and 4th quintiles of the universe of comparable funds selected by Lipper for performance comparison purposes for the one-, three-, five- and ten-year periods, respectively.

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 33

Renewal of investment management agreement (unaudited) concluded

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

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

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

34 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Trustees and officers (unaudited)

TIAA-CREF Funds  ■  March 31, 2014

Trustees

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	79	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation, and Director of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	79	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; and Independent Trustee, Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/5/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	79	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	79	Director, D2D Fund.

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 35

Trustees and officers (unaudited) continued

TIAA-CREF Funds  ■  March 31, 2014

Trustees — concluded

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	Principal, NL Jacob Consultant (economic and business consultant) (2012–present); President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	79	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 3/27/63	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (2002–2010), Goldman Sachs Asset Management.	79	Director, Sansum Clinic; Investment committee member, College of Mount Saint Vincent and Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	79	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance and Close Brothers Group plc.

36 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	79	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	79	Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	79	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 37

Trustees and officers (unaudited) continued

TIAA-CREF Funds  ■  March 31, 2014

Officers

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Account VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Interim Chief Compliance Officer for TIAA-CREF Life Insurance Company Separate Accounts VA-1, VLI-I and VLI-2 (since 2013). Interim Chief Compliance Officer for Covariance Capital Management, Inc. (“Covariance”) (since 2013).
Carol Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/13/62	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President (since 2013), Chief Operating Officer (“COO”) of Asset Management (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2013). Interim Head of Asset Management, TIAA (2012–2013). Senior Vice President, Investment Products, TIAA (2009–2012). Managing Director, Mutual Fund Products, TIAA (2007–2009). Senior Managing Director, President, and COO of Management (since 2012). Director of Advisors (since 2008). Manager, President, and COO of TCAA and TCAS (since 2011). Director (since 2011) of TIAA-CREF Asset Management, Inc. (“TCAM”). Manager of TIAA-CREF Individual & Institutional Services, LLC (since 2010). Director of Westchester Group Investment Management, Inc. (since 2011). Manager of Beaver Investment Holdings, LLC (since 2012). Director of GreenWood Resources, Inc. (since 2012). Director of TH RE Administration Ltd., TH RE FCACO Ltd., TH RE AIFM Group Ltd., and TH RE Group Holdings Ltd. (since 2013).

38 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008). Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010) and Funds Treasurer (since 2006) of TIAA. Director of Advisors (since 2008). Director of TCAM (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Assistant Treasurer of TIAA-CREF Life Insurance Company (“TC Life”) (since 2012). Director of TIAA-CREF Trust Company, FSB (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Director, Senior Vice President and Funds Treasurer of TCAS (since 2011).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer (since 2013) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Head of Risk Management of TIAA (2009–2013). Executive Vice President, Risk Management (since 2009), Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011). Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA.
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/20/61	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	President and Principal Executive Officer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2013). Executive Vice President and President of Asset Management (since 2013) of TIAA and Executive Vice President of CREF and VA-1 (since 2013). Director, President & CEO of Advisors (since 2013). Manager, President & CEO of Investment Management (since 2013). Director of TH RE Ltd. (since 2013). Director, President & CEO of TPIS (since 2013). Director of TIAA International Holdings 1 Ltd., TIAA International Holdings 2 Ltd., and TIAA International Holdings 3 Ltd. (since 2013). Director, President & CEO of TCAM (since 2013). Executive Vice President of TIAA-CREF Funds and TIAA-CREF Life Funds (June–September 2013). Representative, Securities Research, Inc. (February–May 2013). President and Chief Operating Officer, U.S., ING Americas (2011–2012). Chief Executive Officer, ING Insurance US (2010–2011). Chairman and Chief Executive Officer, ING Investment Management, Americas (2007–2009).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/11/58	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Director, Covariance (since 2012). Manager, TIAA-CREF Life Insurance Company (since 2012). Manager, Kaspick & Company, LLC (“Kaspick”) (since 2012). Manager, TIAA-CREF Redwood, LLC (since 2013). President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).

TIAA-CREF Real Estate Securities Fund  ■  2014 Annual Report 39

Trustees and officers (unaudited) concluded

TIAA-CREF Funds  ■  March 31, 2014

Officers

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/31/62	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director (since 2013), Corporate Secretary (since 2012) of TIAA and the TIAA-CREF Fund Complex. Senior Vice President of TIAA and the TIAA-CREF Fund Complex (2012–2013). Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/16/51	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Financial Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (since 2012) of TCT Holdings, Inc. Director (2007–2011) and Executive Vice President (2008–2010) of TCAM. Manager (since 2006), President and CEO (2006–2010) of Redwood. Director of Tuition Financing (2008–2009) and Executive Vice President of TC Life (2009–2010).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Chief Communications Officer of TIAA (2010–2011). Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010).

Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by calling 800 223-1200.

40 2014 Annual Report  ■  TIAA-CREF Real Estate Securities Fund

Important tax information (unaudited)

For the year ended March 31, 2014, the Fund designates distributions of $1,906,938 and $16,443,886 (or the maximum amount allowable), as being from Section 1250 gains and net long-term capital gains, respectively.

For the year ended March 31, 2014, the Fund designates 2.10% (or the maximum amount allowable) of ordinary income dividends paid as qualified dividend income.

For the year ended March 31, 2014, the Fund designates 2.04% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2014, which will be reported in conjunction with your 2014 Form 1099-DIV.

By early 2015, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax adviser.

41 2014 Annual 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, Premier and Retirement 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.

©2014 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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2014 Annual Report TIAA-CREF Funds   Fixed-Income Funds March 31, 2014  

	Contents
	Understanding your report from TIAA-CREF Funds	2
	Information for investors	2
	TIAA-CREF Market Monitor	3
	About the funds’ benchmarks	4
	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
	Audited financial statements
	Statements of assets and liabilities	44
	Statements of operations	46
	Statements of changes in net assets	48
	Financial highlights	52
	Notes to financial statements	62
	Report of independent registered public accounting firm	69
	Trustees and officers	70
	Renewal of investment management agreement	73
	Important tax information	78
	How to reach us	Inside back cover

Understanding your report from TIAA-CREF Funds

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

This annual report contains information about the TIAA-CREF Funds and describes their results for the twelve months ended March 31, 2014. The report contains three main sections:

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

• The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of March 31, 2014.

• 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, Premier and Retirement classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

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.

2 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

TIAA-CREF Market Monitor

Investor uncertainty sparks volatility in the broad bond market

During the twelve months ended March 31, 2014, an improving economy and concerns about rising long-term interest rates triggered a sell-off in bonds. The investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.1% for the period, versus 3.8% for the twelve months ended March 31, 2013. With year-over-year inflation, as measured by the Consumer Price Index, running at 1.5% at period-end, the real (i.e., inflation-adjusted) return of investment-grade bonds was –1.6%.

The Federal Reserve keeps investors guessing

From April through year-end 2013, the Barclays aggregate index returned –1.9%. Receding unemployment, healthy consumer spending and positive housing market reports stoked fears that the Federal Reserve would begin tapering its accommodative monetary policies, which are designed to restrain long-term interest rates. In May, the Fed floated the possibility of reducing its $85 billion in monthly purchases of U.S. government debt securities. In response, interest rates rose, and bond prices fell.

Bonds rallied in the fall, however, following the Fed’s decision to maintain its accommodative stance but again retreated when the central bank decided to taper its monthly purchases starting in January 2014. During the first quarter of 2014, softening U.S. economic data made bonds more attractive to some investors, and the Barclays aggregate index gained 1.8%, erasing most of the period’s earlier losses.

As bond prices fell, yields on U.S. Treasury securities rose. The yield on 10-year Treasuries climbed from 1.87% on March 31, 2013, to 2.73% at period-end. Treasuries

returned –1.3% for the twelve months, while corporate bonds gained 1.5%. U.S. mortgage-backed securities returned 0.2%.

The broad U.S. stock market, as represented by the Russell 3000^® Index, advanced 22.6% for the reporting period. Over the nine months ending December 31, 2013, $146.5 billion left bond funds, while $92.6 billion flowed into equity funds, according to the Investment Company Institute.

Performance varied widely among segments of the bond market. High-yield bonds gained 6.9%, as measured by the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. Unlike investment-grade bonds, the prices of high-yield issues are affected more by credit fundamentals than by interest rate moves. Short-term bonds, which are not as sensitive to interest rate changes as bonds with longer maturities, returned 0.7%, as measured by the Barclays U.S. 1–3 Year Government/Credit Bond Index. The Barclays 10-Year Municipal Bond Index returned 0.5%. Inflation-linked bonds returned –6.5%, according to the Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). Benign inflation expectations and longer maturities made them particularly susceptible to rising interest rates.

The new Fed chief seeks to reassure investors

With the Federal Reserve slowly winding down its accommodating monetary policies, and Janet Yellen taking over as chair in February, investors were concerned about a sudden change in course at the central bank. To reassure the investment markets, the Fed reaffirmed its commitment to stimulating the economy as long as unemployment remains elevated and inflation stays below levels that are consistent with robust economic growth.

In a volatile year, the broad bond market stages a flat finish

Monthly returns for the Barclays U.S. Aggregate Bond Index from April 1, 2013–March 31, 2014

Source: Barclays; as of 3/31/14.

TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 3

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. 1–3 Year Government/Credit Bond Index measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to
3-year maturities.*

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- to
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).

* On January 1, 2014, the Barclays U.S. 1–3 Year Government/Credit Bond Index replaced the Barclays U.S. 1–5 Year Government/Credit Bond Index as the Short-Term Bond Fund’s benchmark.

BofA Merrill Lynch is used with permission. BOFA MERRILL LYNCH IS LICENSING THE BOFA MERRILL LYNCH INDICES “AS IS,” MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE BOFA MERRILL LYNCH INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THEIR USE, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND TIAA-CREF OR ANY OF ITS PRODUCTS OR SERVICES.

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

4 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

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 (October 1, 2013–March 31, 2014).

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 ■ 2014 Annual Report 5

Bond Fund

Portfolio composition

	% of net assets as of 3/31/2014
Corporate bonds	27.3
Mortgage-backed securities*	20.2
Foreign government & corporate bonds denominated in U.S. dollars	13.3
U.S. Treasury securities	12.6
Asset-backed securities	8.5
Commercial mortgage-backed securities	8.2
Municipal bonds	3.5
Bank loan obligations	0.2
U.S. agency securities	0.2
Short-term investments, other assets & liabilities, net	6.0
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 3/31/2014
Less than 1 year		2.9
1–3 years		17.7
3–5 years		29.9
5–10 years		41.3
Over 10 years		8.2
Total		100.0

Holdings by credit quality^†

	% of fixed-income investments (excluding short-term investments) as of 3/31/2014
Aaa/AAA		35.8
Aa/AA		7.0
A/A		16.8
Baa/BBB		28.4
Ba/BB		6.3
B/B		4.7
Below B/B		0.6
Non-rated		0.4
Total		100.0

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

Performance for the twelve months ended March 31, 2014

The Bond Fund returned 0.96% for the Institutional Class, compared with the –0.10% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

A strong finish erases most bond losses for the period

From April 1 through year-end 2013, the Barclays U.S. Aggregate Bond Index, a measure of the broad investment-grade, fixed-rate bond market, returned –1.90%. As the domestic economy improved, many investors left the relative safety of high-quality bonds to seek greater returns in riskier assets, such as stocks and below-investment-grade debt securities.

At the same time, the Federal Reserve kept investors guessing as to when it would begin tapering its accommodative monetary policies, which are designed to stimulate the economy by restraining long-term interest rates. Following the Fed’s announcement in May that it might soon reduce its monthly purchases of U.S. Treasury and agency securities, the fund’s benchmark posted a negative return in May and June. Interest rates rose, and the prices of many existing bonds fell. Bonds rallied in the fall after the Fed decided to maintain its accommodative stance but again retreated when the central bank signaled it would reduce its monthly purchases starting in January 2014.

As the new year opened, mixed U.S. economic data, slowing growth in China and other emerging markets, and geopolitical uncertainty drove some investors back to bonds. The benchmark gained 1.84% in the first quarter of 2014, ending the twelve months with just a slight loss. By period-end, the Fed’s monthly bond purchases had fallen to $65 billion, down from $85 billion in 2013.

Performance as of March 31, 2014

			Total return			Average annual total return
Bond Fund	Inception date		1 year			5 years			10 years
Institutional Class		7/1/1999		0.96	%		5.64	%		4.55	%
Premier Class		9/30/2009		0.90			5.51	‡		4.49	‡
Retirement Class		3/31/2006		0.73			5.39			4.34	‡
Retail Class		3/31/2006		0.75			5.39			4.39	‡
Barclays U.S. Aggregate Bond Index		—		–0.10			4.80			4.46

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, Retirement and Retail 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 Premier, Retirement and Retail classes. If those higher expenses had been reflected, the performance of these three classes shown for these periods would have been lower.

6 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Gains in corporate bonds help limit the benchmark’s retreat

The benchmark’s decline was primarily driven by the –1.3% return of U.S. Treasury securities, which made up more than one-third of the index’s total market capitalization on March 31, 2014. As bond prices fell, yields on 10-year Treasuries went from 1.87% at the beginning of the period to 2.73% twelve months later. U.S. agency securities returned –0.3%.

Corporate bonds, which represented about one-fifth of the benchmark, gained 1.5%, largely offsetting the losses from Treasuries and agency securities. Commercial mortgage-backed issues returned 1.4%. Both asset-backed and U.S. mortgage-backed securities, which constituted almost one-third of the index, returned 0.2%.

The fund outpaces its benchmark by a large margin

Despite the challenging environment for bonds, the fund produced a positive return and outperformed the Barclays aggregate index by more than one percentage point for the period. The main contributors to the fund’s performance were a long-standing overweight position in—and astute security selections among—corporate bonds, particularly high-yield issues. The fund also benefited from a corresponding underweight in U.S. Treasuries, which lagged their corporate counterparts in three of the period’s four quarters. Overweight holdings and advantageous selections among commercial mortgage-backed securities boosted relative results as well.

Limiting the fund’s return were unfavorable choices among U.S. mortgage-backed securities. The fund’s investments in covered bonds—secured bonds backed by cash flows from an underlying pool of investments—also detracted slightly.

$10,000 over 10 years

Institutional Class

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

Expense example

Six months ended March 31, 2014

Bond Fund	Beginning account value (10/1/13)		Ending account value (3/31/14)		Expenses paid during period* (10/1/13– 3/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,028.53		$1.62
Premier Class		1,000.00		1,028.73		2.38
Retirement Class		1,000.00		1,027.94		2.88
Retail Class		1,000.00		1,027.66		3.18
5% annual hypothetical return
Institutional Class		1,000.00		1,023.34		1.61
Premier Class		1,000.00		1,022.59		2.37
Retirement Class		1,000.00		1,022.09		2.87
Retail Class		1,000.00		1,021.79		3.18

* “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 182/365. There were 182 days in the six months ended March 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class, 0.47% for the Premier Class, 0.57% for the Retirement Class and 0.63% 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 ■ 2014 Annual Report 7

Bond Index Fund

Portfolio composition

	% of net assets as of 3/31/2014
U.S. Treasury securities		35.6
Mortgage-backed securities*		29.2
Corporate bonds		19.0
Foreign government & corporate bonds denominated in U.S. dollars		9.6
U.S. agency securities		2.8
Commercial mortgage-backed securities		1.7
Municipal bonds		1.0
Asset-backed securities		0.4
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

* Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity

	% of fixed-income investments (excluding short-term investments) as of 3/31/2014
Less than 1 year		1.6
1–3 years		21.8
3–5 years		28.2
5–10 years		35.7
Over 10 years		12.7
Total		100.0

Holdings by credit quality^†

	% of fixed-income investments (excluding short-term investments) as of 3/31/2014
Aaa/AAA		71.1
Aa/AA		4.7
A/A		11.9
Baa/BBB		12.0
Non-rated		0.3
Total		100.0

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

Performance for the twelve months ended March 31, 2014

The Bond Index Fund returned –0.39% for the Institutional Class, compared with the –0.10% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

A strong finish erases most bond losses for the period

From April 1 through year-end 2013, the Barclays U.S. Aggregate Bond Index, a measure of the broad investment-grade, fixed-rate bond market, returned –1.90%. As the domestic economy improved, many investors left the relative safety of high-quality bonds to seek greater returns in riskier assets, such as stocks and below-investment-grade debt securities.

At the same time, the Federal Reserve kept investors guessing as to when it would begin tapering its accommodative monetary policies, which are designed to stimulate the economy by restraining long-term interest rates. Following the Fed’s announcement in May that it might soon reduce its monthly purchases of U.S. Treasury and agency securities, the fund’s benchmark posted a negative return in May and June. Interest rates rose, and the prices of many existing bonds fell. Bonds rallied in the fall after the Fed decided to maintain its accommodative stance but again retreated when the central bank signaled it would reduce its monthly purchases starting in January 2014.

As the new year opened, mixed U.S. economic data, slowing growth in China and other emerging markets, and geopolitical uncertainty drove some investors back to bonds. The benchmark gained 1.84% in the first quarter of 2014, ending the twelve months with just a slight loss. By period-end, the Fed’s monthly bond purchases had fallen to $65 billion, down from $85 billion in 2013.

Performance as of March 31, 2014

		Total return			Average annual total return
Bond Index Fund	Inception date		1 year			since fund inception
Institutional Class	9/14/2009		–0.39	%		3.91	%
Premier Class	9/30/2009		–0.54			3.75	‡
Retirement Class	9/14/2009		–0.55			3.67
Retail Class	9/14/2009		–0.65			3.57
Barclays U.S. Aggregate Bond Index	—		–0.10			4.18	§

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

You cannot invest directly in 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 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Gains in corporate bonds help limit the benchmark’s retreat

The benchmark’s decline was primarily driven by the –1.3% return of U.S. Treasury securities, which made up more than one-third of the index’s total market capitalization on March 31, 2014. As bond prices fell, yields on 10-year Treasuries went from 1.87% at the beginning of the period to 2.73% twelve months later. U.S. agency securities returned –0.3%.

Corporate bonds, which represented about one-fifth of the benchmark, gained 1.5%, largely offsetting the losses from Treasuries and agency securities. Commercial mortgage-backed issues returned 1.4%. Both asset-backed and U.S. mortgage-backed securities, which constituted almost one-third of the index, returned 0.2%.

The fund lags its benchmark index

For the period, the fund’s return trailed 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.

Since its inception on September 14, 2009, 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 U.S. mortgage-backed securities, with varying interest rates. During the second quarter of 2013, this portfolio significantly underperformed the comparable sector within the index, negatively affecting the fund’s performance for the twelve-month period.

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.

$10,000 invested at fund’s inception

Institutional Class (inception September 14, 2009)

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

Expense example

Six months ended March 31, 2014

Bond Index Fund	Beginning account value (10/1/13)		Ending account value (3/31/14)		Expenses paid during period* (10/1/13– 3/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,015.97		$0.60
Premier Class		1,000.00		1,014.25		1.36
Retirement Class		1,000.00		1,014.70		1.86
Retail Class		1,000.00		1,014.15		2.41
5% annual hypothetical return
Institutional Class		1,000.00		1,024.33		0.61
Premier Class		1,000.00		1,023.59		1.36
Retirement Class		1,000.00		1,023.09		1.87
Retail Class		1,000.00		1,022.54		2.42

* “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 182/365. There were 182 days in the six months ended March 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.12% for the Institutional Class, 0.27% for the Premier Class, 0.37% for the Retirement Class and 0.48% 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 ■ 2014 Annual Report 9

Bond Plus Fund

Portfolio composition

	% of net assets as of 3/31/2014
Corporate bonds		29.6
Mortgage-backed securities*		20.9
Foreign government & corporate bonds denominated in U.S. dollars		15.6
U.S. Treasury securities		11.2
Commercial mortgage-backed securities		5.2
Asset-backed securities		5.0
Municipal bonds		4.7
Bank loan obligations		3.8
U.S. agency securities		0.2
Short-term investments, other assets & liabilities, net		3.8
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 3/31/2014
Less than 1 year		3.8
1–3 years		13.8
3–5 years		22.3
5–10 years		49.2
Over 10 years		10.9
Total		100.0

Holdings by credit quality^†

	% of fixed-income investments (excluding short-term investments) as of 3/31/2014
Aaa/AAA		36.1
Aa/AA		7.6
A/A		12.6
Baa/BBB		19.0
Ba/BB		11.3
B/B		10.1
Below B/B		3.0
Non-rated		0.3
Total		100.0

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

Performance for the twelve months ended March 31, 2014

The Bond Plus Fund returned 1.20% for the Institutional Class, compared with the –0.10% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund.

A strong finish erases most bond losses for the period

From April 1 through year-end 2013, the Barclays U.S. Aggregate Bond Index, a measure of the broad investment-grade, fixed-rate bond market, returned –1.90%. As the domestic economy improved, many investors left the relative safety of high-quality bonds to seek greater returns in riskier assets, such as stocks and below-investment-grade debt securities.

At the same time, the Federal Reserve kept investors guessing as to when it would begin tapering its accommodative monetary policies, which are designed to stimulate the economy by restraining long-term interest rates. Following the Fed’s announcement in May that it might soon reduce its monthly purchases of U.S. Treasury and agency securities, the fund’s benchmark posted a negative return in May and June. Interest rates rose, and the prices of many existing bonds fell. Bonds rallied in the fall after the Fed decided to maintain its accommodative stance but again retreated when the central bank signaled it would reduce its monthly purchases starting in January 2014.

As the new year opened, mixed U.S. economic data, slowing growth in China and other emerging markets, and geopolitical uncertainty drove some investors back to bonds. The benchmark gained 1.84% in the first quarter of 2014, ending the twelve months with just a slight loss. By period-end, the Fed’s monthly bond purchases had fallen to $65 billion, down from $85 billion in 2013.

Performance as of March 31, 2014

			Total return			Average annual total return
Bond Plus Fund	Inception date		1 year			5 years			since fund inception
Institutional Class		3/31/2006		1.20	%		7.08	%		5.30	%
Premier Class		9/30/2009		0.95			6.91	‡		5.20	‡
Retirement Class		3/31/2006		0.86			6.81			5.05
Retail Class		3/31/2006		0.86			6.78			5.09
Barclays U.S. Aggregate Bond Index		—		–0.10			4.80			5.17	§

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 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Gains in corporate bonds help limit the benchmark’s retreat

The benchmark’s decline was primarily driven by the –1.3% return of U.S. Treasury securities, which made up more than one-third of the index’s total market capitalization on March 31, 2014. As bond prices fell, yields on 10-year Treasuries went from 1.87% at the beginning of the period to 2.73% twelve months later. U.S. agency securities returned –0.3%.

Corporate bonds, which represented about one-fifth of the benchmark, gained 1.5%, largely offsetting the losses from Treasuries and agency securities. Commercial mortgage-backed issues returned 1.4%. Both asset-backed and U.S. mortgage-backed securities, which constituted almost one-third of the index, returned 0.2%.

The fund outpaces its benchmark by a wide margin

Despite the challenging environment for bonds, the fund produced a solidly positive return and outperformed the Barclays aggregate index by more than one percentage point for the period. The main contributors to the fund’s performance were a long-standing overweight position in—and astute security selections among—corporate bonds, particularly high-yield issues. The fund also benefited from a corresponding underweight in U.S. Treasuries, which lagged their corporate counterparts in three of the period’s four quarters. Overweight holdings and advantageous selections among asset-backed and commercial mortgage-backed securities also boosted relative results.

Slightly limiting the fund’s return were unfavorable choices among U.S. mortgage-backed securities. Underperformance from the fund’s government-related agency holdings detracted as well.

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

 

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

Expense example

Six months ended March 31, 2014

Bond Plus Fund	Beginning account value (10/1/13)		Ending account value (3/31/14)		Expenses paid during period* (10/1/13– 3/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,030.25	$	1.62
Premier Class		1,000.00		1,028.51		2.38
Retirement Class		1,000.00		1,027.98		2.88
Retail Class		1,000.00		1,028.53		3.29
5% annual hypothetical return
Institutional Class		1,000.00		1,023.34		1.61
Premier Class		1,000.00		1,022.59		2.37
Retirement Class		1,000.00		1,022.09		2.87
Retail Class		1,000.00		1,021.69		3.28

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class, 0.47% for the Premier Class, 0.57% for the Retirement Class and 0.65% 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 ■ 2014 Annual Report 11

High-Yield Fund

Portfolio composition

	% of net assets as of 3/31/2014
Corporate bonds		67.3
Bank loan obligations		16.1
Foreign government & corporate bonds denominated in U.S. dollars		12.8
Preferred stock		0.2
Short-term investments, other assets & liabilities, net		3.6
Total		100.0
Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 3/31/2014
1–3 years		0.8
3–5 years		16.2
5–10 years		77.4
Over 10 years		5.6
Total		100.0
Holdings by credit quality*
% of fixed-income investments (excluding short-term investments) as of 3/31/2014
Baa/BBB		0.7
Ba/BB		47.5
B/B		45.7
Below B/B		6.1
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 twelve months ended March 31, 2014

The High-Yield Fund returned 6.78% for the Institutional Class, compared with the 6.90% return of its benchmark, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. The table below shows returns for all share classes of the fund.

High-yield bonds shine in an unsettled year

In May 2013, high-yield bonds came under pressure when encouraging economic data stoked fears that the Federal Reserve might soon begin reducing its massive monthly bond purchases. This drove interest rates higher and led to a sell-off in many parts of the fixed-income market, including high-yield securities.

During the second half of 2013, however, high-yield issues rebounded to post a strong gain, more than offsetting the losses registered in the year’s second quarter. Signs of a strengthening domestic economy, coupled with the Fed’s decision to continue its accommodative stance, lifted investor sentiment towards riskier assets. For the last six months of 2013, high-yield securities rose 5.48%.

Despite uneven U.S. economic data, growing tensions between Russia and the Ukraine, and slowing growth in China and other emerging markets, high-yield bonds continued their advance in the first quarter of 2014, rising 2.97%.

For the twelve-month period, high-yield securities significantly outperformed the –0.10% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. For the five years ended March 31, 2014, high-yield bonds registered an average annual return of 15.67%, more than triple the 4.80% average annual return of the broad bond market.

Performance as of March 31, 2014

			Total return			Average annual total return
High-Yield Fund†	Inception date		1 year			5 years			since fund inception
Institutional Class		3/31/2006		6.78	%		15.57	%		8.45	%
Premier Class		9/30/2009		6.72			15.43	‡		8.38	‡
Retirement Class		3/31/2006		6.51			15.28			8.18
Retail Class		3/31/2006		6.48			15.31			8.28
BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index		—		6.90			15.67			8.12	§

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 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

High-yield bond issuance continues at a brisk pace

During the twelve months, a favorable economic environment, coupled with solid credit fundamentals and increasing investor demand, led to strong new issuance in the high-yield bond market. New issuance rose to $324 billion during the period, up slightly from $319 billion in the previous twelve months.

Gains in the high-yield market were broad-based; all 67 industry sectors posted positive results, and ten generated double-digit gains. Returns ranged from 2.5% for department stores to 14.8% for the electric-distribution sector.

For the period, investors favored higher-yielding securities over their higher- grade counterparts. Lower-quality bonds (those rated CCC and lower) returned 10.3%, while B- and BB-rated issues earned 7.4% and 6.5%, respectively. According to Moody’s Investors Service, default rates in the high-yield segment of the market remained near historic lows, ending March 2014 at 1.7%.

The fund’s gain closely tracks its benchmark’s

During the twelve-month period, the fund generated a solid absolute gain but trailed its benchmark by a small margin largely because of unfavorable security selections and sector allocations.

Sector positions that detracted from relative performance included banking, food and diversified capital goods. These negative effects were partly offset by more favorable results from the wireless telecommunications, software and lease financing sectors.

Among individual securities, the biggest drags on fund performance were a nonbenchmark position in Brazil’s Aralco Finance and an overweight holding in Fifth Third Bancorp. The largest positive contributions came from investments in wound-care products provider Kinetic Concepts and printer R.R. Donnelley.

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

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

Expense example

Six months ended March 31, 2014

High-Yield Fund	Beginning account value (10/1/13)		Ending account value (3/31/14)		Expenses paid during period* (10/1/13– 3/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,067.94	$	1.91
Premier Class		1,000.00		1,068.17		2.68
Retirement Class		1,000.00		1,066.62		3.19
Retail Class		1,000.00		1,067.36		3.30
5% annual hypothetical return
Institutional Class		1,000.00		1,023.09		1.87
Premier Class		1,000.00		1,022.34		2.62
Retirement Class		1,000.00		1,021.84		3.13
Retail Class		1,000.00		1,021.74		3.23

* “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 182/365. There were 182 days in the six months ended March 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.37% for the Institutional Class, 0.52% for the Premier Class, 0.62% for the Retirement 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 ■ 2014 Annual Report 13

Inflation-Linked Bond Fund

Portfolio composition
	% of net assets as of 3/31/2014
U.S. Treasury securities		98.0
Short-term investments, other assets & liabilities, net		2.0
Total		100.0
Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 3/31/2014
Less than 1 year		2.8
1–3 years		18.0
3–5 years		16.0
5–10 years		35.6
Over 10 years		27.6
Total		100.0

Performance for the twelve months ended March 31, 2014

The Inflation-Linked Bond Fund returned –6.55% for the Institutional Class, compared with the –6.49% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). The table below shows returns for all share classes of the fund.

As the economy strengthens, the Fed considers reducing its stimulus

At the end of March 2014, year-over-year inflation, as measured by the Consumer Price Index, was 1.5%, matching the inflation rate for the twelve months ended March 2013. Oil prices, a widely watched indicator of current inflationary pressure, rose almost 4.5%, from $97 a barrel at the beginning of the period to $102 at its end.

The modest rise in overall inflation reflected the moderate 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 2.6% in the fourth quarter of 2013.

With inflation well below its 2.5% target, the Federal Reserve continued its massive monthly bond-buying program in an effort to stimulate the economy by restraining long-term interest rates. However, as the economy slowly improved—unemployment receded slightly and consumer spending rose modestly—concern mounted that the central bank might soon scale back these purchases.

Interest rates rose and bond prices, which move in the opposite direction, fell. TIPS’ longer maturities made them particularly vulnerable to the negative effects of these rising rates. At the same time, investors lowered their expectations of future price increases.

Performance as of March 31, 2014

		Total return			Average annual total return
Inflation-Linked Bond Fund	Inception date	1 year			5 years			10 years
Institutional Class	10/1/2002		–6.55	%		4.63	%		4.24	%
Premier Class	9/30/2009		–6.72			4.47	*		4.16	*
Retirement Class	3/31/2006		–6.82			4.36			4.06	*
Retail Class	10/1/2002		–6.85			4.36			4.04
Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)	—		–6.49			4.91			4.52

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 and Retirement 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 Premier and Retirement classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

14 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Despite a solid finish, TIPS end with a substantial loss

While many segments of the bond market suffered losses, inflation-linked bonds were even harder hit. The Barclays TIPS index fell 7.05% in the second quarter of 2013 and another 2.00% in the fourth quarter when the Fed announced its decision to begin tapering its bond purchases starting in January 2014.

During the first quarter of 2014, concerns over mixed economic data and geopolitical risk drove up demand for bonds, including TIPS. Although the Barclays TIPS index returned 1.95% for the quarter, the benchmark remained in negative territory for the twelve months.

For the period, TIPS significantly underperformed the –0.10% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. However, for the ten years ended March 31, 2014, TIPS generated an average annual return of 4.52%, slightly higher than the 4.46% average return of the Barclays aggregate index.

The fund performs in line with its benchmark

In the difficult environment for inflation-linked bonds, the fund’s return, although negative, was similar to that of the Barclays TIPS index. The fund slightly trailed its benchmark because of its expense charge. The fund’s return includes a deduction for expenses, while the benchmark’s does not. Because the fund’s portfolio was similar to the composition of the TIPS index, the preceding discussion of the benchmark’s performance also applies to the fund’s results.

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.

$10,000 over 10 years

Institutional Class

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

Expense example

Six months ended March 31, 2014

Inflation-Linked Bond Fund	Beginning account value (10/1/13)		Ending account value (3/31/14)		Expenses paid during period* (10/1/13– 3/31/14)
Actual return
Institutional Class	$	1,000.00	$	998.19	$	1.35
Premier Class		1,000.00		997.41		2.09
Retirement Class		1,000.00		996.96		2.59
Retail Class		1,000.00		997.45		2.89
5% annual hypothetical return
Institutional Class		1,000.00		1,023.59		1.36
Premier Class		1,000.00		1,022.84		2.12
Retirement Class		1,000.00		1,022.34		2.62
Retail Class		1,000.00		1,022.04		2.92

* “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 182/365. There were 182 days in the six months ended March 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.27% for the Institutional Class, 0.42% for the Premier Class, 0.52% for the Retirement Class and 0.58% 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 ■ 2014 Annual Report 15

Short-Term Bond Fund

Portfolio composition

	% of net assets as of 3/31/2014
Corporate bonds		24.3
Foreign government & corporate bonds denominated in U.S. dollars		19.6
Asset-backed securities		19.0
U.S. Treasury securities		14.4
Commercial mortgage-backed securities		5.5
Mortgage-backed securities*		2.5
U.S. agency securities		2.3
Bank loan obligations		1.5
Municipal bonds		0.4
Short-term investments, other assets & liabilities, net		10.5
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 3/31/2014
Less than 1 year	14.0
1–3 years	58.0
3–5 years	25.2
5–10 years	2.8
Total	100.0

Holdings by credit quality^†

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2014
Aaa/AAA	38.1
Aa/AA	16.7
A/A	17.0
Baa/BBB	19.1
Ba/BB	6.5
B/B	2.4
Below B/B	0.2
Total	100.0

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

Performance for the twelve months ended March 31, 2014

The Short-Term Bond Fund returned 0.56% for the Institutional Class, compared with the 0.68% return of its benchmark, the Barclays U.S. 1–3 Year Government/Credit Bond Index. The table below shows returns for all share classes of the fund.

On January 1, 2014, the Barclays U.S. 1–3 Year Government/Credit Bond Index replaced the Barclays U.S. 1–5 Year Government/Credit Bond Index as the fund’s benchmark. The change was made because the characteristics of the new benchmark are better aligned with those of the fund. The fund’s duration—a measure of its sensitivity to interest rate changes—typically ranges between one and three years, while the average maturity of its portfolio holdings is no more than three years.

Short-term bonds outpace the broad market

For the twelve months, the fund’s benchmark outperformed the –0.10% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index.

From April 1 through year-end 2013, the Federal Reserve kept investors guessing as to when it might begin tapering its massive bond-buying program, designed to stimulate the economy by restraining long-term interest rates. As interest rates rose and bond prices fell, many investors favored bonds with shorter maturities. Because short-term issues are less sensitive to interest rate moves, they generally experience lower price volatility than their longer-term counterparts.

In December, the Fed announced its intention to begin reducing its bond purchases. However, it kept its target federal funds rate—the interest rate U.S. commercial banks charge one another for overnight loans—near 0%.

Performance as of March 31, 2014

			Total			Average annual
			return			total return
									since fund
Short-Term Bond Fund	Inception date			1 year		5 years				inception
Institutional Class		3/31/2006		0.56	%		3.51	%		3.67	%
Premier Class		9/30/2009		0.41			3.39	‡		3.60	‡
Retirement Class		3/31/2006		0.31			3.25			3.43
Retail Class		3/31/2006		0.25			3.24			3.48
Barclays U.S. 1–3 Year Government/Credit Bond Index§		—		0.68			1.95			3.23	#
Barclays U.S. 1–5 Year Government/Credit Bond Index§		—		0.42			2.83			3.89	#

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.
§	On January 1, 2014, the Barclays U.S. 1–3 Year Government/Credit Bond Index replaced the Barclays U.S. 1–5 Year Government/Credit Bond Index as the Short-Term Bond Fund’s benchmark.
#	Performance is calculated from the inception date of the Institutional Class.

16 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

In the first quarter of 2014, softening economic data prompted some investors to seek bonds with longer maturities. As a result, short-term issues lagged the broad market, 0.23% to 1.84%.

For the five years ended March 31, 2014, the average annual return of the Barclays 1–3 year index was 1.95%, versus 4.80% for the Barclays aggregate index.

Corporate bonds boost the benchmark’s performance

Representing nearly one-fifth of the benchmark’s total market capitalization at period-end, short-term corporate securities returned 1.7% for the period. The outsized gain helped counter the drag on the index’s results posed by its largest sector, U.S. Treasury securities, which returned 0.4%. The yield on Treasuries with three-year maturities rose from 0.36% on March 31, 2013, to 0.90% twelve months later. The government-related securities sector returned 0.7%.

The fund lags its benchmark slightly

The fund slightly trailed its benchmark because of underperformance in the second quarter of 2013; the fund’s investments in corporate bonds suffered outsized losses as investors, worried about the Fed’s next move, sought safety in U.S. Treasuries. These negative effects, however, were almost entirely erased by the fund’s outperformance in the period’s three other quarters.

For the period, the largest detraction from the fund’s relative return came from unsuccessful security selections among short-term Treasuries. Out-of-benchmark positions in U.S. mortgage-backed securities and covered bonds, which are secured bonds backed by cash flows from an underlying pool of investments, also hurt the fund slightly.

Partly offsetting these negative effects were positive contributions from the fund’s overweight holdings in corporate bonds, particularly high-yield issues. Successful choices among government-related credit securities and an out-of-benchmark stake in asset-backed bonds helped as well.

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

For the purpose of comparison, the graph also shows the changes in the values of the fund’s new and old benchmarks during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended March 31, 2014

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Short-Term	value		value		(10/1/13–
Bond Fund		(10/1/13)		(3/31/14)		3/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,009.74		$1.40
Premier Class		1,000.00		1,008.98		2.15
Retirement Class		1,000.00		1,008.48		2.65
Retail Class		1,000.00		1,008.18		2.95
5% annual hypothetical return
Institutional Class		1,000.00		1,023.54		1.41
Premier Class		1,000.00		1,022.79		2.17
Retirement Class		1,000.00		1,022.29		2.67
Retail Class		1,000.00		1,021.99		2.97

* “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 182/365. There were 182 days in the six months ended March 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.28% for the Institutional Class, 0.43% for the Premier Class, 0.53% for the Retirement Class and 0.59% 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 ■ 2014 Annual Report 17

Social Choice Bond Fund

Portfolio composition

	% of net assets as of 3/31/2014
Corporate bonds		34.8
Foreign government & corporate bonds denominated in U.S. dollars		13.6
Mortgage-backed securities*		13.6
Municipal bonds		8.6
U.S. Treasury securities		8.0
U.S. agency securities		4.8
Commercial mortgage-backed securities		4.7
Asset-backed securities		4.3
Bank loan obligations		0.8
Preferred stock		0.3
Short-term investments, other assets & liabilities, net		6.5
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 3/31/2014
Less than 1 year	3.8
1–3 years	16.9
3–5 years	30.7
5–10 years	32.3
Over 10 years	16.3
Total	100.0

Holdings by credit quality^†

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2014
Aaa/AAA	34.2
Aa/AA	12.8
A/A	15.1
Baa/BBB	26.7
Ba/BB	3.5
B/B	3.6
Below B/B	0.9
Non-rated	3.2
Total	100.0

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

Performance for the twelve months ended March 31, 2014

The Social Choice Bond Fund returned 1.33% for the Institutional Class, compared with the –0.10% return of its benchmark, the Barclays U.S. Aggregate Bond Index. The table below shows returns for all share classes of the fund. The fund utilizes certain environmental, social and governance criteria, while the benchmark does not.

A strong finish erases most bond losses for the period

From April 1 through year-end 2013, the Barclays U.S. Aggregate Bond Index, a measure of the broad investment-grade, fixed-rate bond market, returned –1.90%. As the domestic economy improved, many investors left the relative safety of high-quality bonds to seek greater returns in riskier assets, such as stocks and below-investment-grade debt securities.

At the same time, the Federal Reserve kept investors guessing as to when it would begin tapering its accommodative monetary policies, which are designed to stimulate the economy by restraining long-term interest rates. Following the Fed’s announcement in May that it might soon reduce its monthly purchases of U.S. Treasury and agency securities, the fund’s benchmark posted a negative return in May and June. Interest rates rose, and the prices of many existing bonds fell. Bonds rallied in the fall after the Fed decided to maintain its accommodative stance but again retreated when the central bank signaled it would reduce its monthly purchases starting in January 2014.

As the new year opened, mixed U.S. economic data, slowing growth in China and other emerging markets, and geopolitical uncertainty drove some investors back to bonds. The benchmark gained 1.84% in the first quarter of 2014, ending the twelve months with just a slight loss. By period-end, the Fed’s monthly bond purchases had fallen to $65 billion, down from $85 billion in 2013.

Performance as of March 31, 2014

			Total			Average annual
			return			total return
						since
Social Choice Bond Fund	Inception date		1 year			inception
Institutional Class		9/21/2012		1.33	%		1.80	%
Premier Class		9/21/2012		1.18			1.65
Retirement Class		9/21/2012		1.08			1.55
Retail Class		9/21/2012		0.89			1.39
Barclays U.S. Aggregate Bond Index		—		–0.10			0.22	‡

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 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Gains in corporate bonds help limit the benchmark’s retreat

The benchmark’s decline was primarily driven by the –1.3% return of U.S. Treasury securities, which made up more than one-third of the index’s total market capitalization on March 31, 2014. As bond prices fell, yields on 10-year Treasuries went from 1.87% at the beginning of the period to 2.73% twelve months later. U.S. agency securities returned –0.3%.

Corporate bonds, which represented about one-fifth of the benchmark, gained 1.5%, largely offsetting the losses from Treasuries and agency securities. Commercial mortgage-backed issues returned 1.4%. Both asset-backed and U.S. mortgage-backed securities, which constituted almost one-third of the index, returned 0.2%.

The fund outpaces its benchmark by a wide margin

Despite the challenging environment for bonds, the fund produced a solidly positive return and topped the Barclays aggregate index by nearly one-and-a-half percentage points. Overweight holdings and advantageous selections among corporate bonds boosted relative results. The fund’s performance also benefited from a considerable underweight position in U.S. Treasuries, which lagged other bond sectors in three of the period’s four quarters.

Limiting the fund’s return were unfavorable positioning and choices among U.S. mortgage-backed securities.

$10,000 invested at fund’s inception

Institutional Class (inception September 21, 2012)

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

Expense example

Six months ended March 31, 2014

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Social Choice	value		value		(10/1/13–
Bond Fund	(10/1/13)		(3/31/14)		3/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,030.09		$2.02
Premier Class		1,000.00		1,029.32		2.78
Retirement Class		1,000.00		1,028.83		3.29
Retail Class		1,000.00		1,027.41		3.69
5% annual hypothetical return
Institutional Class		1,000.00		1,022.94		2.02
Premier Class		1,000.00		1,022.19		2.77
Retirement Class		1,000.00		1,021.69		3.28
Retail Class		1,000.00		1,021.29		3.68

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2014.The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.73% 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 ■ 2014 Annual Report 19

Tax-Exempt Bond Fund

Portfolio composition

	% of net assets as of 3/31/2014
Municipal bonds		103.6
Short-term investments, other assets & liabilities, net		–3.6
Total		100.0

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2014
Less than 1 year	1.0
1–3 years	11.2
3–5 years	18.4
5–10 years	61.6
Over 10 years	7.8
Total	100.0

Holdings by credit quality*

% of fixed-income investments
(excluding short-term investments)
as of 3/31/2014
	Aaa/AAA	15.4
	Aa/AA	54.3
	A/A	24.3
	Baa/BBB	5.0
	Non-rated	1.0
	Total	100.0

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

Performance for the twelve months ended March 31, 2014

The Tax-Exempt Bond Fund returned –2.33% for the Institutional Class, compared with the 0.54% return of its benchmark, the Barclays 10-Year Municipal Bond Index. The table below shows returns for all share classes of the fund.

Tax-exempt bonds hold up better than the broad bond market

From April 1 through year-end 2013, tax-exempt bonds, as measured by the fund’s benchmark, fell 2.51%. When the reporting period began, steady employment gains, rising consumer spending and a strengthening housing market prompted concerns that the Federal Reserve might start tapering its accommodative monetary policies, designed to promote economic growth by keeping long-term interest rates low.

In May, the Fed seemed to confirm these fears, which led to a sharp rise in interest rates as investors sold investment-grade bonds, including municipal issues. Over the summer, news of Detroit’s bankruptcy filing, coupled with ongoing worries about Puerto Rico’s debt burden, further contributed to growing uncertainty in the tax-exempt bond market. Municipal bonds lost ground in the last quarter of 2013, when the central bank announced that it would reduce its monthly bond purchases starting in January 2014.

As the new year opened, uneven U.S. economic data, combined with rising tensions in the Ukraine and slowing growth rates in many major emerging market nations, enhanced the attractiveness of investment-grade bonds. Municipal bonds gained 3.13% in the first quarter of 2014, more than offsetting the period’s earlier losses.

For the twelve-month period, tax-exempt bonds outpaced the –0.10% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. For the five years ended March 31, 2014, the Barclays 10-Year Municipal Bond Index posted an average annual return of 5.77%, compared with 4.80% for the broad domestic bond market.

Performance as of March 31, 2014

			Total			Average annual
			return			total return
									since
Tax-Exempt Bond Fund	Inception date		1 year			5 years			inception
Institutional Class		3/31/2006		–2.33	%		5.10	%		4.40	%
Retail Class		3/31/2006		–2.69			4.87			4.23
Barclays 10-Year Municipal Bond Index		—		0.54			5.77			5.37	†

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 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

Health care and transportation sectors lift the benchmark

During the period, eleven of the benchmark’s 14 sectors posted positive results. The health care and transportation sectors were among its largest contributors, returning 1.4% and 0.8%, respectively. The benchmark also benefited from state and local general obligation bonds. At period-end, these four sectors represented more than one-half of the benchmark’s total market capitalization. Losses in the power, special tax and pre-refunded sectors detracted from index results.

 In an environment highlighted by rising interest rates and headline credit risk, new municipal bond issuance decreased by almost one-fifth, from $381 billion on March 31, 2013, to $307 billion twelve months later.

Security choices weigh on the fund’s relative performance

For the period, the fund underperformed its benchmark in part because of unsuccessful selections in the health care, education and leasing sectors. Relative results were further constrained by a small position in New York State Dormitory Authority issues, which came under pressure late in 2013 after a flood of New York State debt was sold into the market. A small position in Puerto Rico bonds also hurt results, although these holdings were eliminated during the reporting period.

 These negative effects were partly offset by an underweight holding in the lagging water and sewer sector and by favorable positioning in the solid waste/resource recovery sector.

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

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

Expense example
Six months ended March 31, 2014
Tax-Exempt Bond Fund	Beginning account value (10/1/13)		Ending account value (3/31/14)		Expenses paid during period* (10/1/13– 3/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,016.37		$1.76
Retail Class		1,000.00		1,013.99		3.16
5% annual hypothetical return
Institutional Class		1,000.00		1,023.19		1.77
Retail Class		1,000.00		1,021.79		3.18

* “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 182/365. There were 182 days in the six months ended March 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class and 0.63% 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 ■ 2014 Annual Report 21

Money Market Fund

Portfolio composition
	% of net assets as of 3/31/2014
Commercial paper		46.4
U.S. government agency securities		22.7
U.S. Treasury securities		17.7
Floating-rate securities, government		7.7
Certificates of deposit		5.4
Other assets & liabilities, net		0.1
Total		100.0

Net annualized yield
(for the 7 days ended 3/25/2014)*
	Current yield			Effective yield
Money Market Fund†
Institutional Class		0.00	%		0.00	%
Premier Class		0.00			0.00
Retirement Class		0.00			0.00
Retail Class		0.00			0.00
iMoneyNet Money Fund 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 twelve months ended March 31, 2014

The Money Market Fund returned 0.01% for the Institutional Class, matching the 0.01% return of the iMoneyNet Money Fund 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.

Shrinking supplies pose challenges for money market investors

During the period, supplies of money market instruments shrank, boosting their prices and lowering yields. Budget cuts and higher tax receipts reduced the federal government’s borrowing needs, which led to a drop in issuance of short-term U.S. Treasury securities. At the same time, the Treasury Department took advantage of the prevailing low interest rates by issuing two-year floating-rate securities, further reducing the supply of shorter-term debt instruments.

    Meanwhile, the Federal Reserve continued its large-scale purchases of government bonds and mortgage-backed securities, designed to stimulate the economy by lowering long-term interest rates. With the economy showing increasing signs of strength, the Fed announced that it would begin to gradually reduce the size of its purchases, which went from $85 billion per monthto $65 billion at period-end.

Performance as of March 31, 2014

			Total return			Average annual total return
Money Market Fund†	Inception date		1 year			5 years			10 years
Institutional Class		7/1/1999		0.01	%		0.09	%		1.79	%
Premier Class		9/30/2009		0.00			0.04	‡		1.77	‡
Retirement Class		3/31/2006		0.00			0.01			1.68	‡
Retail Class		3/31/2006		0.00			0.02			1.73	‡
iMoneyNet Money Fund Averages—All Taxable§		—		0.01			0.04			1.47

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

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 Premier, Retirement and Retail 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 Premier, Retirement and Retail 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 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. The suspension of reimbursements and the addition of waivers are voluntary and may be discontinued at any time without notice.

22 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

In the private sector, yields fell on repurchase agreements, which often use Treasuries as collateral. Issuance of commercial paper decreased, as businesses turned to longer-term debt securities to help satisfy their borrowing requirements.

Already-low yields fall even further

Throughout the twelve months, the Fed kept its target federal funds rate—the interest rate U.S. commercial banks charge one another for overnight loans—near 0%. In March, however, the central bank revised its criteria for raising short-term rates, providing fresh insight into what might lie ahead.

The six-month Treasury yield went from 0.11% on March 31, 2013, to 0.07% twelve months later. The six-month LIBOR dropped from 0.44% to 0.33%. (LIBOR is an indicator of the interest rates that banks expect to pay to other banks for loans on the London market.) Although questions about LIBOR’s accuracy continued, the benchmark remained the reference rate for a substantial number of money market transactions.

Concerned that yields might turn negative, the Fed introduced, and then expanded, a reverse repurchase agreement program, lending its holdings as collateral on an overnight basis to create a floor on very short interest rates.

In a difficult market, the fund seeks return while managing risk

Amid falling yields and diminished supplies, the fund sought advantageous investment opportunities while complying with SEC regulations. The fund maintained about half of its portfolio in U.S. Treasury and agency securities. For higher yields, it held longer-term U.S. government floating-rate securities and increased its foreign holdings. While continuing to invest in highly rated Canadian and Australian banks, it began to selectively invest in Pacific Rim banks, such as the Bank of Tokyo-Mitsubishi and Banco del Estado de Chile. On March 25, 2014, the fund’s weighted average maturity was 54 days, versus 47 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 March 31, 2014
Money Market Fund	Beginning account value (10/1/13)		Ending account value (3/31/14)		Expenses paid during period* (10/1/13– 3/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,000.00		$0.60
Premier Class		1,000.00		1,000.00		0.60
Retirement Class		1,000.00		1,000.00		0.60
Retail Class		1,000.00		1,000.00		0.60
5% annual hypothetical return
Institutional Class		1,000.00		1,024.33		0.61
Premier Class		1,000.00		1,024.33		0.61
Retirement Class		1,000.00		1,024.33		0.61
Retail Class		1,000.00		1,024.33		0.61

* “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 182/365. There were 182 days in the six months ended March 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.12% for the Institutional Class, 0.12% for the Premier Class, 0.12% for the Retirement Class and 0.12% for the Retail 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 ■ 2014 Annual Report 23

Summary portfolio of investments

Bond Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
BANK LOAN OBLIGATIONS
CONSUMER DURABLES & APPAREL				$	1,521,950	0.1	%
MEDIA					2,833,388	0.1
		TOTAL BANK LOAN OBLIGATIONS
			(Cost $4,366,450)		4,355,338	0.2
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					1,181,977	0.1
BANKS					83,383,472	3.6
CAPITAL GOODS					26,116,982	1.1
COMMERCIAL & PROFESSIONAL SERVICES					12,994,912	0.6
CONSUMER DURABLES & APPAREL					8,673,116	0.4
CONSUMER SERVICES					7,822,661	0.3
DIVERSIFIED FINANCIALS
			Bank of America Corp
$	23,015,000		2.600%–6.000%, 03/15/17–01/21/44		23,510,561	1.0
			Other		99,805,514	4.4
					123,316,075	5.4
ENERGY					93,312,050	4.1
FOOD & STAPLES RETAILING					5,467,763	0.2
FOOD, BEVERAGE & TOBACCO					20,092,998	0.9
HEALTH CARE EQUIPMENT & SERVICES					25,700,906	1.1
HOUSEHOLD & PERSONAL PRODUCTS					3,674,952	0.2
INSURANCE					60,255,450	2.7
MATERIALS					42,652,873	1.9
MEDIA					47,968,183	2.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					14,028,510	0.6
REAL ESTATE					26,496,053	1.1
RETAILING					36,716,455	1.6
SOFTWARE & SERVICES
			Fidelity National Information Services, Inc
	9,600,000		5.000%, 03/15/22		10,042,416	0.4
			Other		2,337,779	0.1
					12,380,195	0.5
TECHNOLOGY HARDWARE & EQUIPMENT					33,785,702	1.6
TELECOMMUNICATION SERVICES
			Verizon Communications, Inc
	26,050,000		0.700%–6.550%, 11/02/15–09/15/43		28,719,769	1.2
			Other		32,255,901	1.3
					60,975,670	2.5
TRANSPORTATION					17,519,032	0.8
UTILITIES					89,887,733	4.0
		TOTAL CORPORATE BONDS
			(Cost $834,931,162)		854,403,720	37.5

Principal			Issuer	Value		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES				$	9,567,602	0.2	%
FOREIGN GOVERNMENT BONDS
			Spain Government Bond
$	8,500,000		3.750%, 10/31/18		12,751,979	0.4
			Other		63,996,745	2.7
					76,748,724	3.1
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	10,000,000	h	3.500%, 04/15/44		10,048,438	0.4
	27,411,531		4.000%–8.000%, 01/01/16–05/15/44		29,398,676	1.3
			Federal National Mortgage Association (FNMA)
	12,000,000	h	3.000%, 04/25/29		12,326,250	0.5
	11,000,000	h	3.500%, 04/25/29		11,532,812	0.5
	11,000,000	h	4.000%, 04/25/29		11,630,352	0.5
	11,000,000	h	3.000%, 05/25/29		11,268,125	0.5
	10,435,388		3.500%, 02/01/42		10,517,833	0.5
	9,967,192		3.500%, 09/01/42		10,046,305	0.4
	17,398,026		3.500%, 11/01/42		17,536,081	0.8
	21,000,000	h	4.000%, 04/25/44		21,826,875	0.9
	12,000,000	h	4.500%, 04/25/44		12,800,626	0.6
	11,000,000	h	4.000%, 05/25/44		11,393,594	0.5
	20,000,000	h	4.500%, 05/25/44		21,262,501	0.9
	15,000,000	h	5.000%, 05/25/44		16,313,672	0.7
	148,270,777		2.023%–8.000%, 11/01/14–05/25/44		152,127,377	6.5
			Government National Mortgage Association (GNMA)
	28,000,000	h	3.500%, 04/15/44		28,564,374	1.2
	14,000,000	h	4.500%, 04/15/44		15,089,375	0.7
	22,000,000	h	4.000%, 04/20/44		23,117,186	1.0
	35,606,344		3.000%–8.500%, 01/15/28–04/20/44		37,765,907	1.6
			Other		5,521,312	0.2
					470,087,671	20.2
MUNICIPAL BONDS
			Florida Hurricane Catastrophe Fund Finance Corp
	25,000,000		1.298%, 07/01/16		25,250,000	1.1
			New York State Urban Development Corp
	11,000,000		1.350%, 03/15/18		10,825,540	0.5
			State of Illinois
	12,000,000		4.350%, 06/01/18		12,677,400	0.5
	24,085,000		3.860%–4.875%, 07/01/16–04/01/26		24,838,774	1.1
			Other		7,352,935	0.3
					80,944,649	3.5
U.S. TREASURY SECURITIES
			United States Treasury Bond
	11,485,000		2.875%, 05/15/43		10,024,246	0.4
			United States Treasury Note
	38,758,700		1.500%, 08/31/18		38,686,027	1.7
	55,539,900		1.375%, 09/30/18		55,040,930	2.4
	50,688,900		1.500%, 02/28/19		50,182,011	2.2
	30,000,000		2.375%, 12/31/20		30,234,360	1.3
	19,475,000		2.000%, 02/28/21		19,105,287	0.8
	43,352,000		2.750%, 02/15/24		43,446,854	1.9
	40,062,000		0.250%–2.625%, 02/28/15–01/31/21		39,815,125	1.7
			Other		5,418,629	0.2
					291,953,469	12.6
		TOTAL GOVERNMENT BONDS
			(Cost $926,581,377)		929,302,115	39.6

24 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Bond Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
STRUCTURED ASSETS
ASSET BACKED
			Capital Automotive REIT
			Series 2012-1A (Class A)
$	11,712,970	g,m	4.700%, 07/15/42	$	11,812,062	0.5	%
			Dominos Pizza Master Issuer LLC
			Series 2012-1A (Class A2)
	23,008,400	g	5.216%, 01/25/42		24,612,546	1.1
			Ford Credit Auto Owner Trust
			Series 2012-B (Class D)
	11,440,000		2.930%, 10/15/18		11,842,242	0.5
			Hertz Vehicle Financing LLC
	32,185,000	g	1.860%–5.930%, 03/25/16–08/25/19		32,643,365	1.4
			Santander Drive Auto Receivables Trust
			Series 2012-2 (Class D)
	19,750,000		3.870%, 02/15/18		20,640,132	0.9
			Sierra Receivables Funding Co LLC
			Series 2013-1A (Class A)
	9,965,246	g	1.590%, 11/20/29		10,003,532	0.4
			Other		97,869,063	3.7
					209,422,942	8.5
OTHER MORTGAGE BACKED
			Bear Stearns Commercial Mortgage Securities
			Series 2007-PW15 (Class AM)
	12,495,000		5.363%, 02/11/44		13,050,765	0.6
			Credit Suisse Mortgage Capital Certificates
			Series 2006-C4 (Class AM)
	29,705,000		5.509%, 09/15/39		31,965,551	1.4
			JP Morgan Chase Commercial Mortgage Securities Corp
			Series 2007-C1 (Class AM)
	13,475,000	i	5.884%, 02/15/51		14,546,114	0.6
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C30 (Class AM)
	30,235,000		5.383%, 12/15/43		32,727,362	1.4
			Series 2007-C34 (Class AJ)
	16,600,000	i	5.933%, 05/15/46		16,842,343	0.7
			Other		80,261,598	3.5
					189,393,733	8.2
		TOTAL STRUCTURED ASSETS
			(Cost $392,669,236)		398,816,675	16.7
		TOTAL BONDS
			(Cost $2,154,181,775)		2,182,522,510	93.8

	Principal		Issuer		Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal National Mortgage Association (FNMA)
$	20,500,000		0.088%, 08/25/14	$	20,495,838		0.9	%
			Other		8,198,475		0.3
					28,694,313		1.2
TREASURY DEBT
			United States Treasury Bill
	36,700,000		0.045%–0.056%, 04/24/14		36,698,919		1.6
	16,000,000	d	0.070%, 05/01/14		15,999,067		0.7
	10,000,000		0.045%, 05/08/14		9,999,538		0.4
	35,600,000		0.050%, 06/26/14		35,597,010		1.5
	10,000,000		0.061%, 07/10/14		9,998,890		0.4
	11,300,000		0.060%, 07/17/14		11,298,576		0.5
	53,100,000	d	0.063%–0.108%, 07/24/14		53,092,831		2.3
	87,000,000		0.050%, 08/14/14		86,980,425		3.8
	98,000,000	d	0.106%, 08/21/14		97,977,754		4.2
	14,000,000	d	0.073%, 11/13/14		13,994,064		0.6
			United States Treasury Note
	12,200,000	d	1.250%, 04/15/14		12,205,613		0.5
			Other		6,199,865		0.3
					390,042,552		16.8
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $418,709,579)		418,736,865		18.0
		TOTAL PORTFOLIO
			(Cost $2,577,257,804)		2,605,614,713		112.0
		OTHER ASSETS & LIABILITIES, NET			(280,520,128	)	(12.0	)
		NET ASSETS		$	2,325,094,585		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 3/31/2014, the aggregate value of these securities, including those in “Other,” was $364,885,281 or 15.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon 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 ■ 2014 Annual Report 25

Summary portfolio of investments

Bond Index Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	4,883,735	0.1	%
BANKS
			JPMorgan Chase & Co
$	26,212,000		0.800%–6.000%, 09/15/14–12/30/49		27,034,747	0.5
			Other		109,896,165	2.2
					136,930,912	2.7
CAPITAL GOODS					42,226,886	0.8
COMMERCIAL & PROFESSIONAL SERVICES					12,911,207	0.3
CONSUMER DURABLES & APPAREL					3,536,160	0.1
CONSUMER SERVICES					13,521,956	0.3
DIVERSIFIED FINANCIALS
			Goldman Sachs Group, Inc
	22,305,000		1.600%–7.500%, 08/01/15–02/01/41		24,097,054	0.4
			Other		212,133,202	4.2
					236,230,256	4.6
ENERGY					135,966,301	2.7
FOOD & STAPLES RETAILING					9,884,552	0.2
FOOD, BEVERAGE & TOBACCO					57,460,663	1.1
HEALTH CARE EQUIPMENT & SERVICES					28,605,120	0.6
HOUSEHOLD & PERSONAL PRODUCTS					8,708,833	0.2
INSURANCE					58,808,576	1.2
MATERIALS					61,343,612	1.2
MEDIA					49,527,533	1.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					52,968,977	1.0
REAL ESTATE					29,907,828	0.6
RETAILING					31,351,664	0.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					7,421,089	0.1
SOFTWARE & SERVICES					28,505,281	0.5
TECHNOLOGY HARDWARE & EQUIPMENT					28,985,902	0.6
TELECOMMUNICATION SERVICES					72,342,781	1.4
TRANSPORTATION					32,611,001	0.6
UTILITIES					108,968,792	2.1
		TOTAL CORPORATE BONDS
			(Cost $1,236,325,931)		1,253,609,617	24.7
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Mortgage Corp (FHLMC)
	16,736,000		5.125%, 10/18/16		18,608,842	0.4
			Federal National Mortgage Association (FNMA)
	54,656,000		0.000%–6.625%, 11/20/14–07/15/37		57,355,519	1.1
			Other		66,091,791	1.3
					142,056,152	2.8

	Principal	Issuer		Value	% of net assets
FOREIGN GOVERNMENT BONDS			$	200,629,183	3.9	%
MORTGAGE BACKED
		Federal Home Loan Mortgage Corp Gold (FGLMC)
$	19,150,254	3.000%, 04/01/43		18,488,459	0.4
	356,401,534	2.500%–8.000%, 07/01/14–02/01/44		369,575,560	7.3
		Federal National Mortgage Association (FNMA)
	19,827,688	3.500%, 07/01/42		19,961,822	0.4
	18,998,505	3.000%, 02/01/43		18,360,919	0.4
	633,366,391	1.752%–8.000%, 11/01/14–01/01/44		655,478,599	12.9
		Government National Mortgage Association (GNMA)
	16,985,600	3.500%, 08/20/42		17,360,751	0.3
	362,257,108	2.000%–8.500%, 02/15/18–02/20/44		378,818,859	7.4
		Other		6,589,764	0.1
				1,484,634,733	29.2
MUNICIPAL BONDS				49,657,743	1.0
U.S. TREASURY SECURITIES
		United States Treasury Bond
	16,000,000	5.250%, 11/15/28		20,015,008	0.4
	26,060,000	5.250%, 02/15/29		32,603,510	0.6
	19,429,000	5.375%, 02/15/31		24,853,946	0.5
	26,350,000	4.375%, 05/15/41		30,458,966	0.6
	17,000,000	3.625%, 02/15/44		17,196,554	0.3
	118,083,700	2.750%–7.875%, 02/15/21–11/15/43		120,524,619	2.4
		United States Treasury Note
	30,000,000	0.250%, 05/31/15		30,031,650	0.6
	20,000,000	0.375%, 06/15/15		20,051,560	0.4
	19,000,000	0.250%, 08/15/15		19,015,580	0.4
	18,805,000	1.250%, 09/30/15		19,090,742	0.4
	20,000,000	0.250%, 10/15/15		19,999,220	0.4
	27,300,000	1.250%, 10/31/15		27,722,304	0.5
	20,000,000	0.375%, 11/15/15		20,030,460	0.4
	23,550,000	1.375%, 11/30/15		23,967,636	0.5
	59,000,000	0.375%, 01/15/16		59,029,972	1.2
	40,000,000	0.250%, 02/29/16		39,893,760	0.8
	22,000,000	0.500%, 06/15/16		21,986,250	0.4
	19,000,000	0.625%, 08/15/16		19,005,928	0.4
	23,050,000	1.000%, 10/31/16		23,221,077	0.5
	27,000,000	0.625%, 11/15/16		26,924,076	0.5
	50,300,000	0.875%, 01/31/17		50,362,875	1.0
	16,250,000	0.875%, 02/28/17		16,251,267	0.3
	20,000,000	0.750%, 03/15/17		19,925,000	0.4
	21,300,000	1.000%, 03/31/17		21,353,250	0.4
	16,500,000	0.875%, 04/30/17		16,462,611	0.3
	30,400,000	0.625%, 05/31/17		30,048,515	0.6
	20,200,000	0.500%, 07/31/17		19,813,352	0.4
	17,300,000	0.625%, 08/31/17		17,006,713	0.3
	61,750,000	0.750%, 10/31/17		60,751,379	1.2
	20,500,000	0.625%, 11/30/17		20,043,547	0.4
	31,000,000	0.750%, 12/31/17		30,396,957	0.6
	21,000,000	0.875%, 01/31/18		20,658,750	0.4
	31,000,000	0.750%, 02/28/18		30,285,543	0.6
	23,000,000	0.750%, 03/31/18		22,430,382	0.4
	72,000,000	1.000%, 05/31/18		70,683,768	1.4
	40,350,000	1.500%, 08/31/18		40,274,344	0.8
	22,000,000	1.375%, 09/30/18		21,802,352	0.4
	28,000,000	1.250%, 10/31/18		27,553,736	0.5
	33,500,000	1.250%, 11/30/18		32,913,750	0.6
	25,000,000	1.500%, 12/31/18		24,812,500	0.5
	25,000,000	1.500%, 01/31/19		24,781,250	0.5
	30,000,000	1.500%, 02/28/19		29,700,000	0.6

26 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Bond Index Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
U.S. TREASURY SECURITIES–continued
$	25,000,000		1.625%, 03/31/19	$	24,873,050	0.5	%
	27,610,000		2.125%, 08/15/21		27,133,286	0.5
	13,379,100		8.000%, 11/15/21		18,655,482	0.4
	22,750,000		2.750%, 02/15/24		22,799,777	0.5
	445,626,100		0.125%–9.000%, 03/31/15–11/15/23		450,152,885	8.9
					1,807,549,139	35.6
		TOTAL GOVERNMENT BONDS
			(Cost $3,704,719,069)		3,684,526,950	72.5
STRUCTURED ASSETS
ASSET BACKED					22,019,595	0.4
OTHER MORTGAGE BACKED					87,634,247	1.7
		TOTAL STRUCTURED ASSETS
			(Cost $108,578,713)		109,653,842	2.1
		TOTAL BONDS
			(Cost $5,049,623,713)		5,047,790,409	99.3
SHORT-TERM INVESTMENTS
TREASURY DEBT					2,199,951	0.0
					2,199,951	0.0
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $2,199,951)		2,199,951	0.0
		TOTAL PORTFOLIO
			(Cost $5,051,823,664)		5,049,990,360	99.3
		OTHER ASSETS & LIABILITIES, NET			33,505,272	0.7
		NET ASSETS		$	5,083,495,632	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 3/31/14, the aggregate value of securities exempted from registration under Rule 144(A) of the Securities Act of 1933 amounted to $9,543,111 or 0.2% 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 ■ 2014 Annual Report 27

Summary portfolio of investments

Bond Plus Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	2,325,130	0.1	%
CAPITAL GOODS					12,175,664	0.5
COMMERCIAL & PROFESSIONAL SERVICES					1,994,261	0.1
CONSUMER DURABLES & APPAREL					6,238,163	0.2
CONSUMER SERVICES					15,100,594	0.7
DIVERSIFIED FINANCIALS					4,081,805	0.2
ENERGY					2,902,507	0.1
FOOD & STAPLES RETAILING					2,541,255	0.1
FOOD, BEVERAGE & TOBACCO					2,291,790	0.1
HEALTH CARE EQUIPMENT & SERVICES					12,810,237	0.6
INSURANCE					1,213,520	0.1
MATERIALS					1,022,531	0.1
MEDIA					4,442,736	0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,594,437	0.1
RETAILING					1,967,774	0.1
SOFTWARE & SERVICES					10,604,950	0.4
TECHNOLOGY HARDWARE & EQUIPMENT					1,995,000	0.1
TELECOMMUNICATION SERVICES					1,429,350	0.0
UTILITIES					246,713	0.0
		TOTAL BANK LOAN OBLIGATIONS
			(Cost $86,604,521)		86,978,417	3.8
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					5,626,106	0.3
BANKS
			Citigroup, Inc
$	8,975,000		1.300%, 11/15/16		8,970,351	0.4
			Other		106,779,690	4.8
					115,750,041	5.2
CAPITAL GOODS					27,847,015	1.2
COMMERCIAL & PROFESSIONAL SERVICES					18,628,856	0.8
CONSUMER DURABLES & APPAREL					11,649,190	0.6
CONSUMER SERVICES					20,177,932	0.9
DIVERSIFIED FINANCIALS
			Bank of America Corp
	7,850,000		2.600%, 01/15/19		7,880,968	0.3
			Other		113,318,945	5.1
					121,199,913	5.4
ENERGY					105,169,761	4.6

	Principal		Issuer		Value	% of net assets
FOOD & STAPLES RETAILING				$	4,860,665	0.2	%
FOOD, BEVERAGE & TOBACCO					19,863,666	0.9
HEALTH CARE EQUIPMENT & SERVICES					35,645,118	1.7
HOUSEHOLD & PERSONAL PRODUCTS					2,819,157	0.1
INSURANCE					36,990,248	1.6
MATERIALS					60,123,925	2.6
MEDIA					51,911,636	2.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					20,728,724	0.9
REAL ESTATE					16,581,421	0.7
RETAILING					25,840,990	1.1
SOFTWARE & SERVICES					19,632,904	0.9
TECHNOLOGY HARDWARE & EQUIPMENT					35,264,253	1.5
TELECOMMUNICATION SERVICES
			Verizon Communications, Inc
$	23,125,000		0.700%–6.550%, 11/02/15–09/15/43		25,080,088	1.2
			Other		34,263,343	1.6
					59,343,431	2.8
TRANSPORTATION					25,761,254	1.1
UTILITIES					73,630,803	3.2
		TOTAL CORPORATE BONDS
			(Cost $895,399,126)		915,047,009	40.6
GOVERNMENT BONDS
AGENCY SECURITIES					5,434,093	0.2
FOREIGN GOVERNMENT BONDS					102,269,483	4.6
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	8,000,000	h	4.000%, 05/15/44		8,270,313	0.4
	23,033,011		3.500%–8.000%, 12/01/16–05/15/44		24,342,229	1.1
			Federal National Mortgage Association (FNMA)
	10,000,000	h	3.000%, 04/25/29		10,271,875	0.4
	8,000,000	h	4.000%, 04/25/29		8,458,438	0.4
	9,000,000	h	3.000%, 05/25/29		9,219,375	0.4
	9,746,515		4.000%, 11/01/33		10,249,706	0.4
	19,181,850		4.000%, 04/25/39		20,313,675	0.9
	10,138,891		3.000%, 09/01/42		9,798,631	0.4
	8,993,946		3.000%, 01/01/43		8,692,111	0.4
	8,796,199		3.000%, 01/01/43		8,423,045	0.4
	11,499,424		3.000%, 02/01/43		11,113,506	0.5
	10,944,305		3.000%, 04/01/43		10,479,952	0.5
	9,003,900	h	3.000%, 05/01/43		8,701,730	0.4
	9,000,000	h	3.500%, 04/25/44		9,053,438	0.4
	11,000,000	h	4.000%, 04/25/44		11,433,125	0.5
	15,000,000	h	4.500%, 04/25/44		16,000,782	0.7
	19,000,000	h	3.500%, 05/25/44		19,047,500	0.8
	24,000,000	h	4.500%, 05/25/44		25,515,001	1.1
	18,000,000	h	5.000%, 05/25/44		19,576,407	0.9
	137,716,395		2.379%–9.000%, 11/01/14–05/25/44		138,672,347	6.1

28 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments concluded

Bond Plus Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
MORTGAGE BACKED–continued
			Government National Mortgage Association (GNMA)
$	15,259,800		5.000%, 07/20/39	$	16,869,526	0.7	%
	21,000,000	h	3.500%, 04/15/44		21,423,280	0.9
	9,000,000	h	3.500%, 04/20/44		9,184,218	0.4
	10,000,000	h	4.500%, 04/20/44		10,779,688	0.5
	25,102,539		3.000%–8.500%, 11/15/23–04/20/44		26,486,321	1.2
			Other		3,565,539	0.1
					475,941,758	20.9
MUNICIPAL BONDS
			Dallas Independent School District
	7,500,000		5.049%, 08/15/33		7,805,175	0.4
			Other		98,511,450	4.3
					106,316,625	4.7
U.S. TREASURY SECURITIES
			United States Treasury Bond
	10,130,000		4.375%, 05/15/41		11,709,652	0.5
	17,430,000		3.750%, 11/15/43		18,045,488	0.8
	8,000,000		3.625%, 02/15/44		8,092,496	0.4
			United States Treasury Note
	16,000,000		0.750%, 03/15/17		15,940,000	0.7
	13,525,000		1.500%, 02/28/19		13,389,750	0.6
	19,485,000		2.000%, 07/31/20		19,331,244	0.8
	10,000,000		2.000%, 09/30/20		9,881,250	0.4
	30,000,000		1.750%, 10/31/20		29,128,140	1.3
	20,000,000		2.375%, 12/31/20		20,156,240	0.9
	12,400,000		2.000%, 02/28/21		12,164,599	0.5
	19,000,000		8.000%, 11/15/21		26,493,125	1.2
	57,328,000		0.250%–2.750%, 06/30/14–02/15/24		56,625,807	2.5
			Other		14,304,998	0.6
					255,262,789	11.2
		TOTAL GOVERNMENT BONDS
			(Cost $939,306,676)		945,224,748	41.6
STRUCTURED ASSETS
ASSET BACKED
			HLSS Servicer Advance Receivables Backed Notes
			Series 2014-T1 (Class AT1)
	10,000,000	g	1.244%, 01/17/45		10,006,000	0.5
			New Residential Advance Receivables Trust Advance
			Receivables Backed
			Series 2014-T1 (Class A1)
	10,000,000	g	1.274%, 03/15/45		9,999,999	0.4
			Other		109,665,767	4.1
					129,671,766	5.0
OTHER MORTGAGE BACKED					113,176,171	5.2
		TOTAL STRUCTURED ASSETS
			(Cost $236,987,501)		242,847,937	10.2
		TOTAL BONDS
			(Cost $2,071,693,303)		2,103,119,694	92.4

	Principal		Issuer		Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	12,300,000		0.088%, 08/29/14	$	12,297,441		0.6	%
			Federal Home Loan Mortgage Corp (FHLMC)
	11,364,000		0.089%, 08/25/14		11,361,693		0.5
			Other		4,999,924		0.2
					28,659,058		1.3
TREASURY DEBT
			United States Treasury Bill
	12,100,000	d	0.040%–0.076%, 04/24/14		12,099,504		0.5
	19,000,000	d	0.045%–0.050%, 05/08/14		18,999,060		0.8
	9,000,000		0.061%, 07/10/14		8,999,001		0.4
	55,700,000	d	0.063%–0.108%, 07/24/14		55,692,480		2.5
	34,000,000		0.050%, 08/14/14		33,992,350		1.5
	60,800,000	d	0.071%–0.106%, 08/21/14		60,786,198		2.7
	13,000,000		0.080%, 09/04/14		12,996,763		0.6
	43,000,000	d	0.091%–0.096%, 09/18/14		42,988,304		1.9
	10,000,000		0.073%, 11/13/14		9,995,760		0.4
			United States Treasury Note
	35,000,000	d	1.250%, 04/15/14		35,016,104		1.5
			Other		9,199,255		0.4
					300,764,779		13.2
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $329,397,213)		329,423,837		14.5
		TOTAL PORTFOLIO
			(Cost $2,487,695,037)		2,519,521,948		110.7
		OTHER ASSETS & LIABILITIES, NET			(243,136,987	)	(10.7	)
		NET ASSETS		$	2,276,384,961		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 3/31/2014, the aggregate value of these securities, including those in “Other,” was $375,733,400 or 16.5% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

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

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

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 29

Summary portfolio of investments

High-Yield Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	20,300,359	0.7	%
CAPITAL GOODS					18,921,968	0.7
COMMERCIAL & PROFESSIONAL SERVICES
			Pilot Corp
$	14,775,000	i	4.250%, 08/07/19		14,839,714	0.5
			Other		9,999,750	0.4
					24,839,464	0.9
CONSUMER DURABLES & APPAREL
			Capital Safety North America
	15,725,000	h	4.000%, 03/26/21		15,693,550	0.6
			Other		20,070,180	0.7
					35,763,730	1.3
CONSUMER SERVICES
			Spin Holdco, Inc
	19,927,556	i	4.250%, 11/14/19		19,892,683	0.7
			Other		59,524,078	2.1
					79,416,761	2.8
DIVERSIFIED FINANCIALS
			TransUnion LLC
	20,300,000	h	4.000%, 03/10/21		20,333,901	0.7
					20,333,901	0.7
	ENERGY
			Arch Coal, Inc
	16,702,757	i	6.250%, 05/16/18		16,447,539	0.6
					16,447,539	0.6
FOOD & STAPLES RETAILING					13,192,510	0.5
HEALTH CARE EQUIPMENT & SERVICES					53,026,981	1.8
INSURANCE
			Compass Investors, Inc
	13,924,279	i	4.250%, 12/27/19		13,967,862	0.5
					13,967,862	0.5
MATERIALS					8,753,866	0.3
MEDIA
			CSC Holdings LLC
	20,455,214	h,i	2.653%, 04/17/20		20,181,727	0.7
			Other		10,076,969	0.4
					30,258,696	1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					597,167	0.0
RETAILING
			Academy Ltd
	13,765,251	i	4.500%, 08/03/18		13,801,454	0.5
					13,801,454	0.5
SOFTWARE & SERVICES
			Asurion LLC
	13,300,000	h,i	8.500%, 03/03/21		13,715,625	0.5
			Other		28,345,507	1.0
					42,061,132	1.5

	Principal		Issuer		Value	% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
			Scientific Games International, Inc
$	19,950,000	i	4.250%, 10/18/20	$	19,950,000	0.7	%
			Other		19,879,611	0.7
					39,829,611	1.4
TELECOMMUNICATION SERVICES					18,420,805	0.6
UTILITIES					4,440,833	0.2
		TOTAL BANK LOAN OBLIGATIONS
			(Cost $452,402,338)		454,374,639	16.1
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					18,111,625	0.7
BANKS
			Royal Bank of Scotland Group plc
	30,750,000		6.000%–7.648%, 12/15/22–12/30/49		31,933,975	1.2
			Other		28,969,244	1.0
					60,903,219	2.2
	CAPITAL GOODS
			Stena AB
	14,130,000	g	7.000%, 02/01/24		14,377,275	0.5
			Other		66,510,929	2.3
					80,888,204	2.8
COMMERCIAL & PROFESSIONAL SERVICES
			RR Donnelley & Sons Co
	12,825,000		7.875%, 03/15/21		14,684,625	0.5
			SPL Logistics Escrow LLC
	19,200,000	g	8.875%, 08/01/20		21,024,000	0.8
			Other		54,785,342	1.9
					90,493,967	3.2
CONSUMER DURABLES & APPAREL
			KB Home
	14,250,000		7.000%, 12/15/21		15,336,562	0.5
			Libbey Glass, Inc
	12,403,000		6.875%, 05/15/20		13,550,277	0.5
			Other		47,395,938	1.7
					76,282,777	2.7
CONSUMER SERVICES
			Penn National Gaming, Inc
	15,050,000	g	5.875%, 11/01/21		14,786,625	0.5
			Six Flags Entertainment Corp
	14,435,000	g	5.250%, 01/15/21		14,543,263	0.5
			Other		53,369,420	1.9
					82,699,308	2.9
DIVERSIFIED FINANCIALS
			Icahn Enterprises LP
	15,725,000	g	5.875%, 02/01/22		15,960,875	0.6
			ILFC E-Capital Trust I
	16,068,000	g,i	5.210%, 12/21/65		15,184,260	0.6

30 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

continued

High-Yield Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
DIVERSIFIED FINANCIALS–continued
			International Lease Finance Corp
$	32,332,000		4.625%–8.750%, 03/15/17–08/15/22	$	34,811,474	1.2	%
			SLM Corp
	14,325,000		5.500%, 01/15/19		15,148,687	0.5
	15,350,000		4.875%, 06/17/19		15,598,302	0.6
			Other		76,651,335	2.7
					173,354,933	6.2
ENERGY
			Calumet Specialty Products Partners LP
	17,065,000	g	6.500%, 04/15/21		17,192,987	0.6
			Exterran Partners LP
	14,900,000		6.000%, 04/01/21		14,825,500	0.5
			Halcon Resources Corp
	13,300,000		8.875%, 05/15/21		13,798,750	0.5
			Oasis Petroleum, Inc
	13,900,000	g	6.875%, 03/15/22		15,046,750	0.5
			Pacific Rubiales Energy Corp
	13,500,000	g	5.375%, 01/26/19		14,006,250	0.5
			SandRidge Energy, Inc
	18,170,000		7.500%, 03/15/21		19,396,475	0.7
			Whiting Petroleum Corp
	30,900,000		5.000%, 03/15/19		32,676,750	1.2
			Other		253,365,818	9.0
					380,309,280	13.5
FOOD & STAPLES RETAILING
			Ingles Markets, Inc
	15,000,000		5.750%, 06/15/23		15,000,000	0.5
			Other		4,009,000	0.1
					19,009,000	0.6
FOOD, BEVERAGE & TOBACCO					41,593,660	1.5
HEALTH CARE EQUIPMENT & SERVICES
			CHS/Community Health Systems
	14,950,000		8.000%, 11/15/19		16,426,313	0.6
			HCA, Inc
	13,600,000		7.500%, 02/15/22		15,538,000	0.5
			Tenet Healthcare Corp
	17,400,000		8.125%, 04/01/22		19,444,500	0.7
			Other		105,426,262	3.8
					156,835,075	5.6
HOUSEHOLD & PERSONAL PRODUCTS
			Reynolds Group Issuer, Inc
	17,125,000		5.750%, 10/15/20		17,938,437	0.6
			Other		14,263,000	0.5
					32,201,437	1.1
INSURANCE					23,656,125	0.8
MATERIALS
			Eldorado Gold Corp
	14,400,000	g	6.125%, 12/15/20		14,400,000	0.5
			Hexion US Finance Corp
	18,710,000		6.625%, 04/15/20		19,364,850	0.7
			Other		91,237,342	3.2
					125,002,192	4.4

	Principal		Issuer		Value	% of net assets
MEDIA
			AMC Entertainment, Inc
$	15,000,000	g	5.875%, 02/15/22	$	15,262,500	0.6	%
			Clear Channel Worldwide Holdings, Inc
	13,110,000		7.625%, 03/15/20		14,158,800	0.5
			DISH DBS Corp
	13,900,000		4.250%, 04/01/18		14,508,125	0.5
			Other		165,889,563	5.8
					209,818,988	7.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Valeant Pharmaceuticals International, Inc
	14,200,400	g	6.375%, 10/15/20		15,336,432	0.6
			Other		34,425,978	1.2
					49,762,410	1.8
	RETAILING
			Asbury Automotive Group, Inc
	12,500,000		8.375%, 11/15/20		14,000,000	0.5
			Other		76,187,004	2.7
					90,187,004	3.2
SOFTWARE & SERVICES					71,164,050	2.5
TECHNOLOGY HARDWARE & EQUIPMENT					31,604,598	1.1
TELECOMMUNICATION SERVICES
			CenturyLink, Inc
	25,975,000		5.625%–7.650%, 04/01/20–03/15/42		26,957,844	1.0
			Frontier Communications Corp
	14,150,000		8.500%, 04/15/20		16,449,375	0.6
			Sprint Corp
	14,250,000	g	7.125%, 06/15/24		14,962,500	0.5
			T-Mobile USA, Inc
	12,350,000		6.542%, 04/28/20		13,291,687	0.5
	28,800,000		5.250%–6.836%, 09/01/18–01/15/24		30,568,250	1.1
			Wind Acquisition Finance S.A.
	13,786,000	g	7.250%, 02/15/18		14,544,230	0.5
			Windstream Corp
	14,250,000		7.750%, 10/01/21		15,318,750	0.5
			Other		138,035,895	4.9
					270,128,531	9.6
TRANSPORTATION
			Gulfmark Offshore, Inc
	17,920,000		6.375%, 03/15/22		18,547,200	0.7
			Other		50,544,767	1.8
					69,091,967	2.5
UTILITIES
			NRG Energy, Inc
	29,070,000		6.250%–8.250%, 05/15/19–03/15/23		31,028,875	1.1
			Other		78,039,193	2.7
					109,068,068	3.8
		TOTAL CORPORATE BONDS
			(Cost $2,163,775,079)		2,262,166,418	80.1
		TOTAL BONDS
			(Cost $2,163,775,079)		2,262,166,418	80.1

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 31

Summary portfolio of investments concluded

High-Yield Fund ■ March 31, 2014

	Shares		Company		Value		% of net assets
PREFERRED STOCKS
BANKS				$	4,313,791		0.2	%
		TOTAL PREFERRED STOCKS
			(Cost $4,500,000)		4,313,791		0.2
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					19,999,411		0.7
					19,999,411		0.7
TREASURY DEBT
			United States Treasury Bill
$	55,000,000		0.046%–0.050%, 04/17/14		54,998,813		1.9
	30,000,000		0.040%–0.055%, 04/24/14		29,999,090		1.1
	25,000,000		0.045%, 05/08/14		24,998,844		0.9
	15,000,000		0.045%, 05/22/14		14,999,044		0.5
			Other		7,999,905		0.3
					132,995,696		4.7
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $152,995,107)		152,995,107		5.4
		TOTAL PORTFOLIO
			(Cost $2,773,672,524)		2,873,849,955		101.8
		OTHER ASSETS & LIABILITIES, NET			(50,585,833	)	(1.8	)
		NET ASSETS		$	2,823,264,122		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 3/31/2014, the aggregate value of these securities, including those in “Other,” was $759,704,889 or 26.9% 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.

32 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Portfolio of investments

Inflation-Linked Bond Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
			United States Treasury Bond
	$ 5,000,000		3.625%, 02/15/44	$	5,057,810	0.3	%
			United States Treasury Inflation Indexed Bonds
	49,207,908	k	1.625%, 01/15/15		50,476,537	2.8
	48,233,209	k	0.500%, 04/15/15		49,212,922	2.7
	42,528,252	k	1.875%, 07/15/15		44,588,235	2.4
	44,225,727	k	2.000%, 01/15/16		46,931,104	2.6
	89,953,472	k	0.125%, 04/15/16		92,385,004	5.1
	42,090,282	k	2.500%, 07/15/16		45,917,888	2.5
	38,653,829	k	2.375%, 01/15/17		42,328,958	2.3
	98,587,235	k	0.125%, 04/15/17		101,367,691	5.6
	30,986,353	k	2.625%, 07/15/17		34,695,048	1.9
	33,010,602	k	1.625%, 01/15/18		35,831,985	2.0
	43,001,500	k	0.125%, 04/15/18		43,989,201	2.4
	31,807,566	k	1.375%, 07/15/18		34,511,209	1.9
	30,934,840	k	2.125%, 01/15/19		34,545,523	1.9
	34,955,309	k	1.875%, 07/15/19		38,904,176	2.1
	41,369,353	k	1.375%, 01/15/20		44,707,984	2.5
	63,911,109	k	1.250%, 07/15/20		68,874,190	3.8
	70,653,144	k	1.125%, 01/15/21		75,002,693	4.1
	69,457,344	k	0.625%, 07/15/21		71,513,907	3.9
	73,381,670	k	0.125%, 01/15/22		71,891,142	3.9
	101,707,000	k	0.125%, 07/15/22		99,625,159	5.5
	66,876,480	k	0.125%, 01/15/23		64,708,211	3.6
	45,226,350	k	0.375%, 07/15/23		44,731,664	2.5
	38,842,613	k	0.625%, 01/15/24		38,976,153	2.1
	56,896,102	k	2.375%, 01/15/25		66,999,598	3.7
	40,131,931	k	2.000%, 01/15/26		45,697,106	2.5
	32,483,398	k	2.375%, 01/15/27		38,561,335	2.1
	34,638,357	k	1.750%, 01/15/28		38,378,226	2.1
	36,244,298	k	3.625%, 04/15/28		49,272,420	2.7
	35,066,820	k	2.500%, 01/15/29		42,584,270	2.3
	35,551,177	k	3.875%, 04/15/29		50,188,272	2.8
	12,819,709	k	3.375%, 04/15/32		17,719,248	1.0
	20,022,466	k	2.125%, 02/15/40		23,973,780	1.3
	26,451,899	k	2.125%, 02/15/41		31,785,686	1.7
	44,197,916	k	0.750%, 02/15/42		38,514,329	2.1
	38,657,400	k	0.625%, 02/15/43		32,369,542	1.8
	10,035,600	k	1.375%, 02/15/44		10,241,019	0.5
			United States Treasury Note
	18,000,000		2.750%, 11/15/23		18,081,558	1.0
					1,785,140,783	98.0
		TOTAL GOVERNMENT BONDS
			(Cost $1,739,057,438)		1,785,140,783	98.0
		TOTAL BONDS
			(Cost $1,739,057,438)		1,785,140,783	98.0

	Principal		Issuer		Value	% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	$15,000,000		0.070%, 04/09/14	$	14,999,767	0.8	%
					14,999,767	0.8
TREASURY DEBT
			United States Treasury Bill
	7,000,000		0.055%, 04/24/14		6,999,754	0.4
					6,999,754	0.4
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $21,999,521)		21,999,521	1.2
		TOTAL PORTFOLIO
			(Cost $1,761,056,959)		1,807,140,304	99.2
		OTHER ASSETS & LIABILITIES, NET			13,549,994	0.8
		NET ASSETS		$	1,820,690,298	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 ■ 2014 Annual Report 33

Summary portfolio of investments

Short-Term Bond Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	483,875	0.1	%
CONSUMER DURABLES & APPAREL					4,310,596	0.3
CONSUMER SERVICES					9,823,969	0.7
FOOD, BEVERAGE & TOBACCO					1,690,118	0.1
HEALTH CARE EQUIPMENT & SERVICES					201,034	0.0
MEDIA					3,286,708	0.3
		TOTAL BANK LOAN OBLIGATIONS
			(Cost $19,897,719)		19,796,300	1.5
BONDS
CORPORATE BONDS
BANKS
			Australia & New Zealand Banking Group Ltd
$	7,000,000	g	2.400%, 11/23/16		7,230,650	0.5
			Banco del Estado de Chile
	7,825,000	g	2.000%, 11/09/17		7,776,399	0.6
			Bank Nederlandse Gemeenten
	7,000,000	g	1.375%, 03/19/18		6,932,030	0.5
			Citigroup, Inc
	6,750,000		1.300%, 11/15/16		6,746,504	0.5
			JPMorgan Chase & Co
	10,000,000		0.800%, 04/23/15		10,025,340	0.8
			PNC Bank NA
	10,000,000		1.125%, 01/27/17		9,965,780	0.7
			Royal Bank of Canada
	10,000,000		1.200%, 01/23/17		10,000,550	0.8
			Skandinaviska Enskilda Banken AB
	9,000,000	g	1.375%, 05/29/18		8,821,710	0.7
			Westpac Banking Corp
	6,000,000	g	2.450%, 11/28/16		6,206,520	0.5
			Other		66,706,231	4.9
					140,411,714	10.5
CAPITAL GOODS
			John Deere Capital Corp
	12,450,000		1.050%, 12/15/16		12,502,987	0.9
			Other		12,093,168	0.9
					24,596,155	1.8
COMMERCIAL & PROFESSIONAL SERVICES					1,035,588	0.1
CONSUMER DURABLES & APPAREL					546,250	0.1
CONSUMER SERVICES					3,322,731	0.3
DIVERSIFIED FINANCIALS
			Bank of America Corp
	9,350,000		2.000%, 01/11/18		9,332,487	0.7
			Caisse Centrale Desjardins du Quebec
	8,000,000	g	1.600%, 03/06/17		8,105,760	0.6
			Goldman Sachs Group, Inc
	10,000,000		3.625%, 02/07/16		10,472,800	0.8
			Nederlandse Waterschapsbank NV
	10,000,000	g	1.875%, 03/13/19		9,910,700	0.8

	Principal		Issuer		Value	% of net assets
DIVERSIFIED FINANCIALS–continued
			Wells Fargo & Co
$	11,000,000		1.250%, 07/20/16	$	11,092,301	0.8	%
			Other		71,591,737	5.5
					120,505,785	9.2
ENERGY					35,861,720	2.7
FOOD & STAPLES RETAILING					2,111,442	0.2
FOOD, BEVERAGE & TOBACCO					10,997,154	0.9
HEALTH CARE EQUIPMENT & SERVICES					8,664,846	0.7
HOUSEHOLD & PERSONAL PRODUCTS					1,418,098	0.1
INSURANCE					10,178,686	0.8
MATERIALS					11,146,338	0.8
MEDIA					13,906,900	1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					12,196,588	0.9
REAL ESTATE					7,364,916	0.5
RETAILING					10,434,917	0.8
SOFTWARE & SERVICES					3,553,599	0.3
TECHNOLOGY HARDWARE & EQUIPMENT					12,358,600	0.9
TELECOMMUNICATION SERVICES
			Verizon Communications, Inc
	5,675,000		3.650%, 09/14/18		6,041,219	0.4
			Other		13,072,504	1.0
					19,113,723	1.4
TRANSPORTATION					4,718,168	0.3
UTILITIES					37,118,533	2.8
		TOTAL CORPORATE BONDS
			(Cost 487,583,794)		491,562,451	37.2
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Bank (FHLB)
	12,000,000		0.375%, 02/19/16		11,993,760	0.9
			Hospital for Special Surgery
	6,030,004	g	3.500%, 01/01/23		6,236,755	0.5
			Private Export Funding Corp (PEFCO)
	6,000,000		1.375%, 02/15/17		6,046,878	0.5
			Other		5,975,932	0.4
					30,253,325	2.3
FOREIGN GOVERNMENT BONDS
			International Finance Facility for Immunisation
	20,000,000	g,i	0.420%, 07/05/16		20,004,480	1.5
			Spain Government International Bond
	7,000,000	g	4.000%, 03/06/18		7,384,370	0.6
			Other		60,975,323	4.6
					88,364,173	6.7
MORTGAGE BACKED
			Federal National Mortgage Association (FNMA)
	9,385,235		2.000%, 05/25/25		9,554,357	0.7
			Other		23,342,188	1.8
					32,896,545	2.5

34 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Short-Term Bond Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
MUNICIPAL BONDS				$	5,567,780	0.4	%
U.S. TREASURY SECURITIES
			United States Treasury Note
$	29,700,000		1.250%, 04/15/14		29,711,613	2.2
	6,680,000		0.250%, 11/30/14		6,687,308	0.5
	21,460,000		0.250%, 05/31/15		21,482,640	1.6
	35,790,000		0.500%, 06/15/16		35,767,631	2.7
	26,315,000		0.625%, 08/15/16		26,323,210	2.0
	15,000,000		0.875%, 09/15/16		15,083,205	1.1
	31,455,000		0.625%, 02/15/17		31,255,953	2.4
	25,180,900		0.250%–2.625%, 06/30/14–02/28/19		25,210,959	1.9
					191,522,519	14.4
		TOTAL GOVERNMENT BONDS
			(Cost $347,476,316)		348,604,342	26.3
STRUCTURED ASSETS
ASSET BACKED
			Ally Master Owner Trust
			Series 2010-2 (Class A)
	8,000,000	g	4.250%, 04/15/17		8,280,296	0.6
			Capital Auto Receivables Asset Trust
			Series 2013-1 (Class A4)
	7,500,000		0.970%, 01/22/18		7,508,715	0.6
			Series 2014-1 (Class A4)
	10,000,000		1.690%, 10/22/18		10,016,000	0.7
			Chase Issuance Trust
			Series 2014-A1 (Class A)
	8,000,000		1.150%, 01/15/19		7,999,920	0.6
			CitiBank Credit Card Issuance Trust
			Series 2014–A2 (Class A2)
	12,000,000		1.020%, 02/22/19		11,939,172	0.9
			CNH Equipment Trust
			Series 2011-C (Class A4)
	6,000,000		1.550%, 11/15/17		6,079,062	0.5
			Entergy Louisiana Investment Recovery Funding I LLC
			Series 2011-A (Class A1)
	8,231,468		2.040%, 09/01/23		8,225,879	0.6
			Ford Credit Floorplan Master Owner Trust
			Series 2010-3 (Class A1)
	6,485,000	g	4.200%, 02/15/17		6,694,413	0.5
			HLSS Servicer Advance Receivables Backed Notes
			Series 2014-T1 (Class AT1)
	10,000,000	g	1.244%, 01/17/45		10,006,000	0.7
			Hyundai Auto Receivables Trust
			Series 2013-A (Class C)
	8,000,000		1.350%, 06/17/19		7,948,184	0.6
			SLM Student Loan Trust
			Series 2012-B (Class A2)
	7,800,000	g	3.480%, 10/15/30		8,105,651	0.6
			Series 2012-A (Class A2)
	9,000,000	g	3.830%, 01/17/45		9,449,721	0.7
			Volvo Financial Equipment LLC
			Series 2013-1A (Class A4)
	7,000,000	g	0.970%, 08/15/19		6,996,997	0.5
			Other		147,470,390	10.9
					256,720,400	19.0

	Principal		Issuer		Value	% of net assets
OTHER MORTGAGE BACKED
			Banc of America Commercial Mortgage
			Series 2007-4 (Class AM)
$	8,750,000	i	5.813%, 02/10/51	$	9,712,378	0.7	%
			Credit Suisse Mortgage Capital Certificates
			Series 2006-C4 (Class AM)
	9,000,000		5.509%, 09/15/39		9,684,900	0.7
			JP Morgan Chase Commercial Mortgage Securities Trust
			Series 2006-LDP9 (Class A1A)
	9,514,032		5.257%, 05/15/47		10,120,485	0.8
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C30 (Class AM)
	8,735,000		5.383%, 12/15/43		9,455,052	0.7
			Other		31,612,021	2.6
					70,584,836	5.5
		TOTAL STRUCTURED ASSETS
			(Cost 326,499,925)		327,305,236	24.5
		TOTAL BONDS
			(Cost $1,161,560,035)		1,167,472,029	88.0
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	7,995,000		0.045%, 04/02/14		7,994,990	0.6
	20,000,000		0.065%, 04/25/14		19,999,133	1.5
	15,100,000		0.100%, 05/02/14		15,098,700	1.1
					43,092,823	3.2
TREASURY DEBT
			United States Treasury Bill
	10,000,000	d	0.065%, 04/24/14		9,999,585	0.8
			Other		5,299,924	0.4
					15,299,509	1.2
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $58,392,332)		58,392,332	4.4
		TOTAL PORTFOLIO
			(Cost $1,239,850,086)		1,245,660,661	93.9
		OTHER ASSETS & LIABILITIES, NET			80,452,712	6.1
		NET ASSETS		$	1,326,113,373	100.0	%

d	All or a portion of these securities have been segregated to cover margin or other requirements on open futures transactions.
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 3/31/2014, the aggregate value of these securities, including those in “Other,” was $322,490,852 or 24.3% of net assets.
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 ■ 2014 Annual Report 35

Summary portfolio of investments

Social Choice Bond Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
BANK LOAN OBLIGATIONS
MEDIA				$	249,332	0.2	%
UTILITIES
			ExGen Renewables I LLC
	$ 500,000	i	5.250%, 02/06/21		506,875	0.6
					506,875	0.6
		TOTAL BANK LOAN OBLIGATIONS
			(Cost $747,021)		756,207	0.8
BONDS
CORPORATE BONDS
BANKS
			Discover Bank
	500,000		4.200%, 08/08/23		512,644	0.5
			First Niagara Financial Group, Inc
	515,000		6.750%, 03/19/20		589,987	0.6
			HSBC Holdings plc
	500,000		5.250%, 03/14/44		505,578	0.5
			Huntington Bancshares, Inc
	1,000,000		2.600%, 08/02/18		1,006,752	1.0
			Other		8,480,007	8.4
					11,094,968	11.0
CAPITAL GOODS
			Pentair Finance S.A.
	750,000		1.350%, 12/01/15		753,939	0.8
			Rockwell Collins, Inc
	500,000		3.700%, 12/15/23		507,001	0.5
			Other		740,224	0.7
					2,001,164	2.0
COMMERCIAL & PROFESSIONAL SERVICES					500,000	0.5
CONSUMER DURABLES & APPAREL
			Whirlpool Corp
	500,000		5.150%, 03/01/43		512,459	0.5
			Other		245,625	0.3
					758,084	0.8
CONSUMER SERVICES					253,125	0.3
DIVERSIFIED FINANCIALS
			CIT Group, Inc
	500,000		3.875%, 02/19/19		505,471	0.5
			EDP Finance BV
	500,000	g	5.250%, 01/14/21		515,750	0.5
			Ford Motor Credit Co LLC
	500,000	i	1.487%, 05/09/16		508,356	0.5
			Other		1,867,222	1.8
					3,396,799	3.3
ENERGY
			Noble Energy, Inc
	500,000		5.250%, 11/15/43		521,870	0.5
			ONE Gas, Inc
	500,000	g	4.658%, 02/01/44		519,070	0.5

	Principal		Issuer		Value	% of net assets
ENERGY–continued
			Statoil ASA
	$   500,000		2.900%, 11/08/20	$	504,444	0.5	%
	1,000,000		2.650%–3.950%, 01/15/24–05/15/43		932,735	1.0
			Other		710,759	0.7
					3,188,878	3.2
FOOD & STAPLES RETAILING
			Kroger Co
	1,000,000		1.200%–2.300%, 10/17/16–01/15/19		995,745	1.0
					995,745	1.0
FOOD, BEVERAGE & TOBACCO					496,699	0.5
HEALTH CARE EQUIPMENT & SERVICES
			Thermo Fisher Scientific, Inc
	500,000		4.150%, 02/01/24		514,416	0.5
			Other		995,221	1.0
					1,509,637	1.5
HOUSEHOLD & PERSONAL PRODUCTS					225,688	0.2
INSURANCE					1,202,104	1.2
MATERIALS					1,021,186	1.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Gilead Sciences, Inc
	500,000		4.800%, 04/01/44		514,702	0.5
			Johnson & Johnson
	500,000		4.375%, 12/05/33		524,499	0.5
	500,000		4.500%, 09/01/40		517,603	0.5
			Valeant Pharmaceuticals International, Inc
	500,000	g	5.625%, 12/01/21		525,000	0.5
			Other		2,210,468	2.2
					4,292,272	4.2
REAL ESTATE
			Mid-America Apartments LP
	500,000	g	6.250%, 06/15/14		505,500	0.5
			Other		2,951,862	2.8
					3,457,362	3.3
RETAILING					246,024	0.2
TECHNOLOGY HARDWARE & EQUIPMENT					1,251,598	1.2
TELECOMMUNICATION SERVICES
			CenturyLink, Inc
	500,000		6.750%, 12/01/23		530,625	0.5
			Sprint Corp
	500,000	g	7.250%, 09/15/21		545,000	0.5
			Other		245,802	0.2
					1,321,427	1.2
TRANSPORTATION
			GATX Corp
	500,000		5.200%, 03/15/44		514,041	0.5
			Other		496,854	0.5
					1,010,895	1.0

36 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	continued
Social Choice Bond Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
UTILITIES
			Pacific Gas & Electric Co
	$  500,000		4.750%, 02/15/44	$	505,899	0.5	%
			Other		3,610,359	3.5
					4,116,258	4.0
		TOTAL CORPORATE BONDS
			(Cost $42,181,074)		42,339,913	41.6
GOVERNMENT BONDS
AGENCY SECURITIES
			Overseas Private Investment Corp (OPIC)
	500,000		3.820%, 12/20/32		506,580	0.5
			United States Department of Housing and Urban Development (HUD)
	1,195,000		2.050%–4.870%, 08/01/14–08/01/20		1,236,505	1.2
			Other		2,928,573	3.1
					4,671,658	4.8
FOREIGN GOVERNMENT BONDS
			International Bank for Reconstruction & Development
	525,000		2.000%, 10/20/16		541,459	0.5
			Other		6,451,618	6.3
					6,993,077	6.8
MORTGAGE BACKED
			Federal National Mortgage Association (FNMA)
	817,501		3.000%, 05/01/27		841,248	0.8
	1,138,018		2.500%, 10/01/27		1,140,962	1.1
	1,210,289		4.500%, 08/01/39		1,301,922	1.3
	677,904		4.500%, 04/01/40		729,113	0.7
	500,014		5.500%, 07/01/40		555,369	0.6
	839,131		4.000%, 10/01/40		876,353	0.9
	1,090,514		3.500%, 01/01/43		1,097,892	1.1
	959,142		4.000%, 02/25/44		1,007,167	1.0
	1,340,052		3.500%–6.000%, 10/01/19–11/01/40		1,441,997	1.4
			Government National Mortgage Association (GNMA)
	1,060,930		3.000%, 02/20/39		1,089,390	1.1
	578,790		3.500%, 08/20/39		597,034	0.6
	670,297		4.000%, 05/20/42		705,302	0.7
	954,283		3.000%, 02/20/43		940,858	0.9
	1,330,744		3.500%–5.000%, 10/20/39–07/15/43		1,406,411	1.4
					13,731,018	13.6
MUNICIPAL BONDS
			Commonwealth of Massachusetts
	500,000		5.000%, 08/01/33		554,220	0.6
			Florida Hurricane Catastrophe Fund Finance Corp
	500,000		1.298%, 07/01/16		505,000	0.5
			Washington County Clean Water Services
	655,000		4.828%, 10/01/22		730,030	0.7
			Other		6,866,344	6.8
					8,655,594	8.6
U.S. TREASURY SECURITIES
			United States Treasury Bond
	1,275,000		3.750%, 11/15/43		1,320,023	1.3

	Principal		Issuer		Value	% of net assets
U.S. TREASURY SECURITIES–continued
			United States Treasury Note
	$3,347,600		1.500%, 02/28/19	$	3,314,124	3.3	%
	2,165,000		2.750%, 02/15/24		2,169,737	2.2
			Other		1,286,490	1.2
					8,090,374	8.0
		TOTAL GOVERNMENT BONDS
			(Cost $42,492,419)		42,141,721	41.8
STRUCTURED ASSETS
ASSET BACKED
			Hertz Vehicle Financing LLC
			Series 2010-1A (Class B3)
	500,000	g	6.440%, 02/25/19		562,881	0.5
			Other		3,782,688	3.8
					4,345,569	4.3
OTHER MORTGAGE BACKED
			Banc of America Commercial Mortgage Trust
			Series 2007-1 (Class AMFX)
	500,000	i	5.482%, 01/15/49		525,403	0.5
			Bear Stearns Commercial Mortgage Securities
			Series 2007-PW15 (Class AM)
	500,000		5.363%, 02/11/44		522,239	0.5
			JP Morgan Chase Commercial Mortgage Securities Trust
			Series 2007-LD12 (Class AM)
	710,000	i	6.192%, 02/15/51		791,996	0.8
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C34 (Class AJ)
	500,000	i	5.933%, 05/15/46		507,300	0.5
			Other		2,379,233	2.4
					4,726,171	4.7
		TOTAL STRUCTURED ASSETS
			(Cost $9,062,695)		9,071,740	9.0
		TOTAL BONDS
			(Cost $93,736,188)		93,553,374	92.4
	Shares		Company
PREFERRED STOCKS
BANKS					249,757	0.3
		TOTAL PREFERRED STOCKS
			(Cost $255,625)		249,757	0.3

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 37

Summary portfolio of investments	concluded
Social Choice Bond Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
SHORT-TERM INVESTMENTS
TREASURY DEBT
			United States Treasury Bill
	$4,000,000		0.040%, 04/17/14	$	3,999,929	4.0	%
					3,999,929	4.0
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $3,999,929)		3,999,929	4.0
		TOTAL PORTFOLIO
			(Cost $98,738,763)		98,559,267	97.5
		OTHER ASSETS & LIABILITIES, NET			2,578,321	2.5
		NET ASSETS		$	101,137,588	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 3/31/2014, the aggregate value of these securities, including those in “Other,” was $13,009,266 or 12.9% of net assets.
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.

38 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Tax-Exempt Bond Fund ■ March 31, 2014

	Principal		Issuer	Value		% of net assets
LONG-TERM MUNICIPAL BONDS
ARIZONA				$	3,684,006	1.1	%
CALIFORNIA
			California State Public Works Board
	$3,250,000		5.000%, 09/01/24		3,764,442	1.1
	5,000,000		5.000%, 09/01/39		5,273,900	1.6
			State of California
	5,000,000		5.000%, 12/01/17		5,732,700	1.7
			State of California, GO
	2,000,000		5.250%, 10/01/22		2,396,560	0.7
			Other		15,424,688	4.6
					32,592,290	9.7
COLORADO					3,117,664	1.0
CONNECTICUT
			State of Connecticut
	3,000,000	i	1.080%, 08/15/20		3,049,080	0.9
	3,000,000		5.000%, 10/15/23		3,559,890	1.1
			Other		5,103,804	1.5
					11,712,774	3.5
FLORIDA
			City of Orlando FL
	6,000,000		5.000%, 11/01/44		6,368,460	1.9
			Other		5,814,479	1.7
					12,182,939	3.6
GEORGIA
			State of Georgia
	4,000,000		5.000%, 12/01/16		4,470,680	1.3
			Other		5,081,322	1.5
					9,552,002	2.8
HAWAII					1,177,100	0.3
ILLINOIS
			Chicago Board of Education
	5,000,000	i	0.890%, 03/01/36		4,837,900	1.4
			State of Illinois
	2,500,000		5.000%, 02/01/23		2,782,550	0.8
			Other		23,917,091	7.1
					31,537,541	9.3
INDIANA
			Indiana Bond Bank
	2,120,000		5.250%, 04/01/19		2,388,943	0.7
			Other		3,053,518	0.9
					5,442,461	1.6
LOUISIANA					1,138,500	0.3
MARYLAND
			County of Montgomery MD
	4,000,000		5.000%, 07/01/21		4,769,720	1.4
			State of Maryland
	2,750,000		5.000%, 07/15/15		2,919,455	0.9
	5,000,000		5.250%, 08/15/16		5,566,850	1.7

	Principal	Issuer	Value		% of net assets
MARYLAND–continued
		State of Maryland Department of Transportation
	$4,500,000	5.000%, 12/01/17	$	5,162,940	1.5	%
				18,418,965	5.5
MASSACHUSETTS
		Commonwealth of Massachusetts
	5,260,000	5.250%, 08/01/22		6,363,232	1.9
		Massachusetts State College Building Authority
	3,000,000	5.000%, 05/01/20		3,525,750	1.0
		Massachusetts Water Pollution Abatement Trust
	4,230,000	5.250%, 08/01/21		5,136,870	1.5
		Other		6,030,849	1.8
				21,056,701	6.2
MICHIGAN				2,372,107	0.8
MINNESOTA
		St. Paul Port Authority
	3,000,000	5.000%, 12/01/21		3,535,890	1.0
		State of Minnesota
	5,000,000	5.000%, 10/01/23		6,017,850	1.8
		Other		3,118,336	0.9
				12,672,076	3.7
MISSOURI				1,703,295	0.5
NEBRASKA				1,102,320	0.3
NEW JERSEY
		New Jersey Building Authority
	2,250,000	5.000%, 06/15/16		2,465,505	0.7
		Other		6,181,883	1.8
				8,647,388	2.5
NEW YORK
		Battery Park City Authority
	2,000,000	5.000%, 11/01/23		2,423,500	0.7
		City of New York NY
	4,000,000	5.000%, 08/01/17		4,536,440	1.3
	4,000,000	5.000%, 08/01/18		4,620,800	1.4
		County of Rockland NY
	3,600,000	2.000%, 03/17/15		3,646,764	1.1
		New York State Dormitory Authority
	2,250,000	5.000%, 10/01/17		2,545,042	0.8
	5,000,000	5.000%, 12/15/22		5,928,800	1.8
	3,000,000	5.000%, 03/15/23		3,579,510	1.1
		New York State Urban Development Corp
	4,000,000	5.000%, 03/15/20		4,684,640	1.4
	4,000,000	5.000%, 03/15/21		4,706,840	1.4
	5,000,000	5.000%, 03/15/22		5,896,100	1.7
		Other		14,005,428	4.1
				56,573,864	16.8
OHIO
		Ohio State Water Development Authority
	3,000,000	5.000%, 06/01/23		3,591,570	1.1

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 39

Summary portfolio of investments	concluded
Tax-Exempt Bond Fund ■ March 31, 2014

	Principal		Issuer	Value		% of net assets
OHIO–continued
			State of Ohio
	$4,000,000		5.000%, 06/15/22	$	4,773,080	1.4	%
			Other		14,449,221	4.2
					22,813,871	6.7
RHODE ISLAND
			Rhode Island Health & Educational Building Corp
	5,000,000		5.000%, 09/01/21		5,941,200	1.8
			Other		2,331,360	0.7
					8,272,560	2.5
SOUTH CAROLINA					2,402,372	0.7
TEXAS
			City Public Service Board of San Antonio TX
	5,000,000		5.250%, 02/01/24		6,065,050	1.8
			Dallas Area Rapid Transit
	5,000,000		5.000%, 12/01/17		5,726,850	1.7
			North Texas Municipal Water District
	3,250,000		5.250%, 09/01/23		3,877,543	1.2
			Tarrant Regional Water District
	3,000,000		6.000%, 09/01/23		3,829,290	1.1
	3,000,000		6.000%, 09/01/24		3,871,110	1.1
			Texas Transportation Commission State Highway Fund
	5,000,000		5.000%, 04/01/18		5,779,100	1.7
	2,000,000		5.000%, 04/01/24		2,424,000	0.7
			Other		4,077,270	1.2
					35,650,213	10.5
UTAH
			University of Utah
	2,750,000		6.000%, 08/01/22		3,464,753	1.0
			Other		3,394,710	1.0
					6,859,463	2.0
WASHINGTON
			Energy Northwest WA Electric Revenue
	4,000,000		5.000%, 07/01/17		4,527,320	1.3
			Port of Seattle WA
	3,150,000		5.500%, 09/01/17		3,555,090	1.1
			State of Washington
	3,000,000		6.000%, 02/01/16		3,306,210	1.0
	3,000,000		5.250%, 02/01/22		3,616,260	1.1
	5,075,000		5.000%, 02/01/23		6,047,725	1.8
					21,052,605	6.3
WEST VIRGINIA					1,633,065	0.5
WISCONSIN
			State of Wisconsin
	5,000,000		5.000%, 05/01/17		5,638,800	1.7
	5,260,000		5.000%, 05/01/19		5,760,121	1.7
			Wisconsin Department of Transportation
	3,100,000		5.000%, 07/01/24		3,557,405	1.1
			Other		1,186,180	0.3
					16,142,506	4.8
		TOTAL LONG-TERM MUNICIPAL BONDS
			(Cost $343,151,808)		349,510,648	103.5

	Principal		Issuer		Value		% of net assets
SHORT-TERM MUNICIPAL BONDS
NEW YORK				$	400,000		0.1	%
		TOTAL SHORT-TERM MUNICIPAL BONDS
			(Cost $400,000)		400,000		0.1
		TOTAL PORTFOLIO
			(Cost $343,551,808)		349,910,648		103.6
		OTHER ASSETS & LIABILITIES, NET			(12,505,735	)	(3.6	)
		NET ASSETS		$	337,404,913		100.0	%

Abbreviation(s):

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.

40 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

Summary portfolio of investments

Money Market Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
SHORT-TERM INVESTMENTS
CERTIFICATE OF DEPOSIT
			Banco Del Estado De Chile
	$10,000,000		0.200%–0.210%, 05/12/14–06/09/14	$	10,000,000	1.2	%
			Toronto-Dominion Bank
	10,000,000		0.120%, 05/20/14		10,000,000	1.1
	6,000,000		0.150%, 06/11/14		6,000,000	0.7
	10,250,000		0.140%–0.550%, 04/01/14–09/18/14		10,250,233	1.2
			Wells Fargo Bank NA
	10,000,000		0.140%, 06/02/14		10,000,000	1.2
					46,250,233	5.4
COMMERCIAL PAPER
			American Honda Finance Corp
	22,210,000		0.100%–0.110%, 04/07/14–06/23/14		22,206,911	2.6
			Australia & New Zealand Banking Group Ltd
	9,640,000		0.150%–0.150%, 05/07/14–05/14/14		9,638,408	1.1
			Bank of Nova Scotia
	7,840,000		0.185%, 06/19/14		7,836,817	0.9
			Bedford Row Funding Corp
	5,970,000	y	0.125%–0.180%, 05/19/14		5,968,766	0.7
			Coca-Cola Co
	5,700,000	y	0.100%–0.100%, 04/09/14		5,699,873	0.7
	13,500,000		0.090%–0.125%, 04/10/14–06/04/14		13,498,574	1.6
			Commonwealth Bank of Australia
	10,725,000	y	0.140%–0.155%, 04/03/14		10,724,911	1.2
	10,000,000	y	0.160%, 06/27/14		9,996,133	1.2
			Fairway Finance LLC
	7,000,000	y	0.140%, 04/17/14		6,999,565	0.8
	15,567,000		0.120%–0.160%, 04/08/14–06/12/14		15,564,443	1.8
			General Electric Capital Corp
	6,925,000		0.120%, 05/27/14		6,923,707	0.8
			Hydro-Quebec
	7,000,000	y	0.110%, 04/14/14		6,999,722	0.8
	20,000,000		0.080%–0.120%, 04/08/14–06/19/14		19,997,654	2.3
			Liberty Street Funding LLC
	10,100,000		0.140%–0.170%, 04/16/14–04/23/14		10,099,198	1.2
			Merck & Co, Inc
	5,700,000	y	0.070%, 04/29/14		5,699,690	0.6
			National Australia Funding Delaware, Inc
	10,000,000	y	0.160%–0.163%, 05/05/14		9,998,476	1.2
	6,500,000	y	0.130%, 06/24/14		6,498,028	0.7
			Nestle Capital Corp
	5,880,000	y	0.100%, 04/03/14		5,879,967	0.7
	7,550,000	y	0.100%–0.115%, 06/12/14		7,548,480	0.9
	10,000,000	y	0.110%, 06/18/14		9,997,617	1.2
			Procter & Gamble Co
	6,850,000	y	0.100%, 05/28/14		6,848,916	0.8
	20,450,000		0.090%–0.110%, 04/21/14–06/13/14		20,446,589	2.4
			Province of Ontario Canada
	12,000,000		0.100%, 04/22/14		11,999,300	1.4
	14,530,000		0.100%–0.110%, 04/08/14–06/13/14		14,528,669	1.7
			PSP Capital, Inc
	11,500,000	y	0.140%–0.160%, 06/16/14		11,496,517	1.3
	9,500,000		0.120%–0.130%, 04/04/14–06/24/14		9,498,733	1.1
			Toyota Motor Credit Corp
	10,000,000		0.130%–0.170%, 04/17/14–06/23/14		9,997,750	1.2

	Principal		Issuer		Value	% of net assets
COMMERCIAL PAPER–continued
			United Overseas Bank Ltd
$	6,000,000	y	0.180%, 06/17/14	$	5,997,690	0.7	%
	18,080,000		0.185%–0.220%, 04/14/14–07/21/14		18,075,911	2.1
			Wal-Mart Stores, Inc
	10,000,000	y	0.080%–0.090%, 04/28/14		9,999,340	1.2
			Other		81,411,991	9.5
					398,078,346	46.4
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	6,710,000		0.057%–0.070%, 04/23/14		6,709,743	0.8
	6,405,000		0.050%–0.065%, 05/07/14		6,404,631	0.7
	9,500,000		0.070%–0.075%, 05/14/14		9,499,185	1.1
	9,978,000		0.060%–0.070%, 05/21/14		9,977,074	1.2
	13,400,000		0.090%–0.092%, 07/23/14		13,396,171	1.6
	11,177,000		0.060%–0.085%, 04/02/14		11,176,981	1.3
	11,500,000		0.055%–0.110%, 04/04/14		11,499,910	1.3
	14,060,000		0.055%–0.060%, 04/11/14		14,059,771	1.6
	13,600,000		0.055%–0.069%, 05/09/14		13,599,123	1.6
	9,052,000		0.070%–0.110%, 05/16/14		9,050,825	1.1
	6,000,000		0.070%–0.075%, 06/06/14		5,999,221	0.7
	10,000,000		0.080%, 06/20/14		9,998,222	1.2
	40,662,000		0.058%–0.090%, 04/09/14–07/16/14		40,657,978	4.7
			Federal Home Loan Mortgage Corp (FHLMC)
	6,235,000		0.055%–0.080%, 04/21/14		6,234,776	0.7
	11,635,000		0.040%–0.100%, 04/01/14–05/08/14		11,634,666	1.4
			Federal National Mortgage Association (FNMA)
	9,660,000		0.065%–0.090%, 04/09/14–07/14/14		9,659,150	1.1
			Other		4,999,531	0.6
					194,556,958	22.7
TREASURY DEBT
			United States Treasury Bill
	5,720,000		0.050%, 04/17/14		5,719,873	0.7
	10,625,000		0.027%–0.085%, 04/24/14		10,624,616	1.3
	7,000,000		0.053%–0.055%, 05/08/14		6,999,591	0.8
	11,040,000		0.050%–0.088%, 06/26/14		11,037,964	1.3
	7,975,000		0.089%–0.095%, 08/21/14		7,972,108	0.9
	29,300,000		0.043%–0.090%, 04/03/14–09/18/14		29,297,490	3.4
			United States Treasury Note
	6,230,000		1.250%, 04/15/14		6,232,794	0.7
	6,240,000		0.250%, 04/30/14		6,240,479	0.7
	8,000,000		1.000%, 05/15/14		8,008,332	0.9
	8,315,000		0.750%, 06/15/14		8,325,451	1.0
	7,000,000		0.250%, 06/30/14		7,001,974	0.8
	7,355,000		0.625%, 07/15/14		7,365,407	0.9
	8,410,000		0.125%, 07/31/14		8,410,077	1.0
	5,735,000		0.250%, 01/15/15		5,740,181	0.7
	22,250,000		0.125%–0.500%, 08/15/14–03/31/15		22,268,940	2.6
					151,245,277	17.7
VARIABLE RATE SECURITIES
			Federal Farm Credit Bank (FFCB)
	8,000,000	i	0.131%, 04/01/14		7,996,677	0.9
	8,500,000	i	0.181%, 04/01/14		8,498,728	1.0
	31,680,000		0.120%–0.330%, 04/01/14–10/27/14		31,681,847	3.7

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 41

Summary portfolio of investments	concluded
Money Market Fund ■ March 31, 2014

	Principal		Issuer		Value	% of net assets
VARIABLE RATE SECURITIES–continued
			Federal Home Loan Bank (FHLB)
	$9,000,000		0.200%–0.220%, 04/01/14–04/01/14	$	9,002,191	1.0	%
			Other		8,999,814	1.1
					66,179,257	7.7
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $856,310,071)		856,310,071	99.9
		TOTAL PORTFOLIO
			(Cost $856,310,071)		856,310,071	99.9
			OTHER ASSETS & LIABILITIES, NET		793,299	0.1
			NET ASSETS	$	857,103,370	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 3/31/2014, the aggregate value of these securities was $291,302,375 or 34.0% 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.

42 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 43

Statements of assets and liabilities

TIAA-CREF Funds ■ March 31, 2014

												Inflation-Linked		Short-Term			Social Choice			Tax-Exempt			Money Market
	Bond Fund			Bond Index Fund			Bond Plus Fund		High-Yield Fund			Bond Fund		Bond Fund			Bond Fund			Bond Fund			Fund
ASSETS
Portfolio investments, at value†	$	2,605,614,713		$	5,049,990,360		$	2,519,521,948	$	2,873,849,955		$	1,807,140,304	$	1,245,660,661		$	98,559,267		$	349,910,648		$	856,310,071
Cash		7,584,094			32,140,872			10,853,499		33,821,215			7,942,943		73,536,477			3,640,463			26,745,461			19,392
Receivable from securities transactions		31,472,828			63,141,012			19,095,936		23,907,636			–		2,220,101			3,248,081			–			–
Receivable for delayed delivery securities		122,626,281			–			153,462,332		–			–		2,048,658			–			–			–
Receivable from Fund shares sold		1,107,301			4,312,702			1,140,239		8,953,026			1,444,209		1,730,957			63,614			32,765			2,888,378
Dividends and interest receivable		12,463,703			26,109,495			16,611,152		37,751,857			5,313,995		4,812,393			500,602			3,140,514			148,911
Due from affiliates		–			–			–		–			–		–			1,924			8			106,601
Swap premiums paid		12,486			–			–		–			–		–			–			–			–
Other		111,111			99,659			54,362		75,783			79,164		37,430			475			31,781			36,590
Total assets		2,780,992,517			5,175,794,100			2,720,739,468		2,978,359,472			1,821,920,615		1,330,046,677			106,014,426			379,861,177			859,509,943
LIABILITIES
Management fees payable		112,561			83,386			110,222		158,108			73,535		53,795			5,774			16,650			14,074
Service agreement fees payable		14,391			3,037			7,981		16,349			7,819		8,440			264			–			3,741
Distribution fees payable		18,023			6,811			57,341		130,602			33,203		37,385			1,576			70,405			88,942
Due to affiliates		19,952			39,197			16,583		21,853			15,374		9,913			648			3,270			7,254
Payable for securities transactions		34,306,262			71,215,170			22,373,556		38,486,177			–		2,894,188			4,777,858			9,026,590			–
Payable for delayed delivery securities		415,285,831			17,685,787			414,813,361		107,379,798			–		–			–			32,570,229			–
Payable for Fund shares redeemed		2,464,386			1,628,117			2,711,195		4,087,531			938,054		321,413			6,470			641,380			2,155,623
Income distribution payable		3,347,387			1,259,789			3,972,529		4,573,559			–		462,925			636			54,493			1,785
Payable for variation margin on futures contracts		–			–			–		–			–		25,000			–			–			–
Unrealized depreciation on swap agreements		107,023			–			–		–			–		–			–			–			–
Accrued expenses and other payables		222,116			377,174			291,739		241,373			162,332		120,245			83,612			73,247			135,154
Total liabilities		455,897,932			92,298,468			444,354,507		155,095,350			1,230,317		3,933,304			4,876,838			42,456,264			2,406,573
NET ASSETS	$	2,325,094,585		$	5,083,495,632		$	2,276,384,961	$	2,823,264,122		$	1,820,690,298	$	1,326,113,373		$	101,137,588		$	337,404,913		$	857,103,370
NET ASSETS CONSIST OF:
Paid-in-capital	$	2,301,172,847		$	5,089,535,077		$	2,240,211,553	$	2,715,051,441		$	1,773,581,282	$	1,320,624,893		$	100,960,281		$	332,740,014		$	857,124,278
Undistributed net investment income (loss)		(367,698	)		(201,467	)		23,830		(294,876	)		124,365		(1,812	)		(442	)		10,930			(20,908	)
Accumulated net realized gain (loss) on total investments		(3,962,543	)		(4,004,674	)		4,322,471		8,330,126			901,306		(291,218	)		357,245			(1,704,871	)		–
Net unrealized appreciation (depreciation) on total investments		28,251,979			(1,833,304	)		31,827,107		100,177,431			46,083,345		5,781,510			(179,496	)		6,358,840			–
NET ASSETS	$	2,325,094,585		$	5,083,495,632		$	2,276,384,961	$	2,823,264,122		$	1,820,690,298	$	1,326,113,373		$	101,137,588		$	337,404,913		$	857,103,370
INSTITUTIONAL CLASS:
Net assets	$	1,882,775,884		$	4,964,508,937		$	1,807,530,048	$	1,790,121,750		$	1,472,700,048	$	938,243,659		$	85,770,900		$	9,625,533		$	345,892,291
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		181,024,766			465,095,430			170,876,143		172,421,062			129,098,981		90,144,744			8,595,615			916,016			345,888,543
Net asset value per share	$	10.40		$	10.67		$	10.58	$	10.38		$	11.41	$	10.41		$	9.98		$	10.51		$	1.00
PREMIER CLASS:
Net assets	$	17,714,629		$	31,048,257		$	12,140,200	$	30,851,188		$	7,432,825	$	11,982,292		$	2,018,790		$	–		$	5,370,829
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,702,266			2,908,580			1,148,006		2,970,144			652,685		1,150,107			202,357			–			5,370,736
Net asset value per share	$	10.41		$	10.67		$	10.58	$	10.39		$	11.39	$	10.42		$	9.98		$	–		$	1.00
RETIREMENT CLASS:
Net assets	$	350,208,365		$	73,880,564		$	194,475,852	$	402,054,418		$	190,395,345	$	206,496,455		$	6,630,889		$	–		$	90,362,861
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		33,079,250			6,919,145			18,362,434		38,724,953			16,557,921		19,816,060			664,544			–			90,361,393
Net asset value per share	$	10.59		$	10.68		$	10.59	$	10.38		$	11.50	$	10.42		$	9.98		$	–		$	1.00
RETAIL CLASS:
Net assets	$	74,395,707		$	14,057,874		$	262,238,861	$	600,236,766		$	150,162,080	$	169,390,967		$	6,717,009		$	327,779,380		$	415,477,389
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,034,480			1,316,466			24,743,789		57,560,045			13,460,855		16,260,668			673,378			31,151,163			415,465,522
Net asset value per share	$	10.58		$	10.68		$	10.60	$	10.43		$	11.16	$	10.42		$	9.98		$	10.52		$	1.00
† Portfolio investments, cost	$	2,577,257,804		$	5,051,823,664		$	2,487,695,037	$	2,773,672,524		$	1,761,056,959	$	1,239,850,086		$	98,738,763		$	343,551,808		$	856,310,071

44 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 45

Statements of operations

TIAA-CREF Funds ■ For the year ended March 31, 2014

				Bond Index			Bond Plus			High-Yield		Inflation-Linked			Short-Term			Social Choice			Tax-Exempt			Money Market
	Bond Fund			Fund			Fund			Fund		Bond Fund			Bond Fund			Bond Fund			Bond Fund			Fund
INVESTMENT INCOME
Interest	$	65,527,494		$	97,632,760		$	54,284,361		$	146,819,938	$	35,386,268		$	20,154,219		$	1,615,032		$	9,903,268		$	1,166,972
Dividends		–			–			68,520			440,965		–			–			13,371			–			–
Total income		65,527,494			97,632,760			54,352,881			147,260,903		35,386,268			20,154,219			1,628,403			9,903,268			1,166,972
EXPENSES
Management fees		6,951,196			4,645,595			5,312,959			8,611,292		4,389,707			2,948,005			262,795			1,105,446			851,132
Shareholder servicing – Institutional Class		2,851			12,894			2,431			6,426		4,888			3,242			452			316			2,735
Shareholder servicing – Premier Class		171			188			189			305		177			187			210			–			145
Shareholder servicing – Retirement Class		866,764			177,127			445,049			816,696		490,486			522,839			9,117			–			210,232
Shareholder servicing – Retail Class		55,021			15,902			244,731			150,285		121,520			118,974			3,632			121,904			499,982
Distribution fees – Premier Class		29,901			47,540			25,501			47,830		15,024			24,202			2,127			–			11,852
Distribution fees – Retail Class		199,253			34,546			676,904			1,349,181		437,225			435,985			10,800			895,673			1,053,968
Administrative service fees		129,737			251,526			94,905			136,003		97,035			64,547			3,860			20,504			44,887
Custody and accounting fees		98,318			279,405			107,431			64,662		28,220			55,760			26,741			40,680			49,959
Professional fees		74,181			110,153			71,538			80,399		57,380			62,403			52,885			45,097			46,226
Registration fees		61,413			74,873			62,904			80,190		71,451			66,794			69,211			41,842			88,686
Trustee fees and expenses		21,300			43,168			16,554			23,447		16,268			11,111			650			3,409			7,209
Other expenses		121,493			305,605			214,398			218,700		95,261			90,974			24,447			27,595			43,544
Total expenses		8,611,599			5,998,522			7,275,494			11,585,416		5,824,642			4,405,023			466,927			2,302,466			2,910,557
Less: Expenses reimbursed by the investment adviser		–			(1,111	)		–			–		–			–			(140,771	)		(200	)		(463,622	)
Fee waiver by investment adviser and TPIS		–			–			–			–		–			–			–			–			(1,309,561	)
Net expenses		8,611,599			5,997,411			7,275,494			11,585,416		5,824,642			4,405,023			326,156			2,302,266			1,137,374
Net Investment income (loss)		56,915,895			91,635,349			47,077,387			135,675,487		29,561,626			15,749,196			1,302,247			7,601,002			29,598
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(3,518,297	)		(2,034,300	)		4,500,418			20,997,196		2,666,475			(248,067	)		362,201			(1,553,614	)		991
Swap transactions		(145,363	)		–			(30,740	)		–		–			(4,487	)		–			–			–
Foreign currency transactions		98,122			–			67,759			–		–			–			–			–			–
Net realized gain (loss) on total investments		(3,565,538	)		(2,034,300	)		4,537,437			20,997,196		2,666,475			(252,554	)		362,201			(1,553,614	)		991
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(39,848,832	)		(98,025,737	)		(14,690,544	)		12,803,577		(156,381,181	)		(8,918,729	)		(245,293	)		(17,437,629	)		–
Futures transactions		–			–			–			–		–			(29,065	)		–			–			–
Swap transactions		(99,392	)		–			2,180			–		–			(7,070	)		–			–			–
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		1,153			–			(272	)		–		–			–			–			–			–
Net change in unrealized appreciation (depreciation) on total investments		(39,947,071	)		(98,025,737	)		(14,688,636	)		12,803,577		(156,381,181	)		(8,954,864	)		(245,293	)		(17,437,629	)		–
Net realized and unrealized gain (loss) on total investments		(43,512,609	)		(100,060,037	)		(10,151,199	)		33,800,773		(153,714,706	)		(9,207,418	)		116,908			(18,991,243	)		991
Net increase (decrease) in net assets from operations	$	13,403,286		$	(8,424,688	)	$	36,926,188		$	169,476,260	$	(124,153,080	)	$	6,541,778		$	1,419,155		$	(11,390,241	)	$	30,589

46 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 47

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
			March 31, 2014			March 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014			March 31, 2013
OPERATIONS
Net investment income (loss)		$	56,915,895		$	55,994,701		$	91,635,349		$	66,757,458		$	47,077,387		$	34,816,747		$	135,675,487		$	107,195,097		$	29,561,626		$	29,097,903		$	15,749,196		$	13,721,079
Net realized gain (loss) on total investments			(3,565,538	)		65,438,828			(2,034,300	)		5,597,850			4,537,437			24,380,144			20,997,196			57,964,775			2,666,475			6,053,756			(252,554	)		3,906,134
Net change in unrealized appreciation (depreciation) on total investments			(39,947,071	)		3,642,602			(98,025,737	)		39,012,612			(14,688,636	)		15,118,144			12,803,577			44,166,571			(156,381,181	)		48,899,074			(8,954,864	)		7,360,553
Net increase (decrease) in net assets from operations			13,403,286			125,076,131			(8,424,688	)		111,367,920			36,926,188			74,315,035			169,476,260			209,326,443			(124,153,080	)		84,050,733			6,541,778			24,987,766
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(47,038,574	)		(45,915,568	)		(89,348,183	)		(65,883,516	)		(35,985,755	)		(23,256,277	)		(88,578,480	)		(72,256,798	)		(20,354,202	)		(25,334,485	)		(11,161,226	)		(8,059,701	)
	Premier Class		(457,087	)		(646,550	)		(574,303	)		(302,430	)		(427,100	)		(401,097	)		(1,708,039	)		(1,698,190	)		(136,321	)		(354,713	)		(205,142	)		(263,284	)
	Retirement Class		(7,649,260	)		(7,637,924	)		(1,207,665	)		(847,727	)		(4,333,932	)		(3,250,700	)		(17,151,770	)		(14,455,204	)		(2,354,272	)		(3,906,558	)		(2,476,089	)		(3,256,787	)
	Retail Class		(1,698,830	)		(1,874,042	)		(221,333	)		(205,603	)		(6,334,548	)		(7,691,314	)		(28,237,192	)		(18,784,905	)		(2,071,858	)		(4,180,431	)		(1,926,254	)		(2,158,219	)
From realized gains:	Institutional Class		(13,716,296	)		(48,367,034	)		(2,586,131	)		(4,035,281	)		(6,523,881	)		(10,519,290	)		(37,917,623	)		(4,151,968	)		(931,795	)		(6,141,801	)		(1,582,551	)		(553,539	)
	Premier Class		(132,726	)		(809,581	)		(18,921	)		(21,301	)		(78,396	)		(222,197	)		(725,395	)		(103,238	)		(5,138	)		(86,422	)		(35,517	)		(17,702	)
	Retirement Class		(2,588,075	)		(9,081,922	)		(38,838	)		(57,674	)		(716,414	)		(1,843,821	)		(7,455,527	)		(802,277	)		(119,570	)		(1,014,225	)		(367,709	)		(279,713	)
	Retail Class		(561,532	)		(2,330,166	)		(7,492	)		(14,848	)		(1,017,611	)		(4,004,354	)		(13,614,456	)		(1,052,102	)		(105,884	)		(1,071,275	)		(327,475	)		(171,370	)
Total distributions			(73,842,380	)		(116,662,787	)		(94,002,866	)		(71,368,380	)		(55,417,637	)		(51,189,050	)		(195,388,482	)		(113,304,682	)		(26,079,040	)		(42,089,910	)		(18,081,963	)		(14,760,315	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		501,692,311			563,050,715			1,388,753,948			2,469,837,494			1,095,691,457			245,508,786			501,216,004			679,079,086			428,448,687			682,553,126			446,752,054			324,823,060
	Premier Class		6,745,602			9,286,936			19,964,080			18,474,303			10,486,166			9,132,301			19,559,767			26,157,749			2,645,363			6,482,750			9,946,083			10,057,670
	Retirement Class		65,333,961			83,994,885			21,792,270			32,923,410			62,894,600			68,344,121			142,684,606			115,860,305			36,278,610			55,519,318			105,984,643			181,264,073
	Retail Class		11,331,970			27,748,295			3,403,862			5,877,105			16,104,166			26,640,288			398,834,407			228,414,618			14,093,533			57,215,848			30,433,314			47,284,512
Reinvestments of distributions:	Institutional Class		19,155,971			55,332,928			80,478,092			62,923,794			10,132,517			13,317,927			72,278,318			31,968,800			16,751,918			27,008,943			8,171,747			5,248,749
	Premier Class		589,813			1,456,131			593,224			323,731			504,369			623,294			2,433,434			1,801,428			141,459			441,135			240,659			280,986
	Retirement Class		10,229,434			16,719,846			1,246,503			905,401			5,050,403			5,094,521			24,574,828			15,257,481			2,473,207			4,920,783			2,837,913			3,536,500
	Retail Class		2,139,991			3,956,189			212,726			201,863			6,712,095			10,694,587			39,939,911			18,261,217			2,072,737			5,028,989			2,168,600			2,239,605
Redemptions:	Institutional Class		(540,002,757	)		(433,624,563	)		(579,392,334	)		(1,306,628,614	)		(136,072,692	)		(145,989,622	)		(259,662,655	)		(170,925,029	)		(286,414,687	)		(487,210,363	)		(156,010,761	)		(120,588,200	)
	Premier Class		(10,608,244	)		(22,748,199	)		(16,046,652	)		(3,123,300	)		(15,140,904	)		(5,531,958	)		(22,950,971	)		(17,983,541	)		(8,597,851	)		(11,443,852	)		(14,241,906	)		(15,531,316	)
	Retirement Class		(72,281,132	)		(74,802,033	)		(12,619,893	)		(10,113,128	)		(21,715,864	)		(19,164,672	)		(62,062,989	)		(46,848,035	)		(51,645,921	)		(35,356,839	)		(235,019,760	)		(41,443,247	)
	Retail Class		(27,652,803	)		(17,282,933	)		(3,553,665	)		(4,644,995	)		(42,992,269	)		(30,669,210	)		(270,872,996	)		(75,973,827	)		(69,309,775	)		(48,154,752	)		(45,910,492	)		(33,609,923	)
Net increase (decrease) from shareholder transactions			(33,325,883	)		213,088,197			904,832,161			1,266,957,064			991,654,044			178,000,363			585,971,664			805,070,252			86,937,280			257,005,086			155,352,094			363,562,469
Net increase (decrease) in net assets			(93,764,977	)		221,501,541			802,404,607			1,306,956,604			973,162,595			201,126,348			560,059,442			901,092,013			(63,294,840	)		298,965,909			143,811,909			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		$	2,325,094,585		$	2,418,859,562		$	5,083,495,632		$	4,281,091,025		$	2,276,384,961		$	1,303,222,366		$	2,823,264,122		$	2,263,204,680		$	1,820,690,298		$	1,883,985,138		$	1,326,113,373		$	1,182,301,464
Undistributed net investment income (loss) included in net assets		$	(367,698	)	$	(524,209	)	$	(201,467	)	$	(480,480	)	$	23,830		$	(46,932	)	$	(294,876	)	$	(295,279	)	$	124,365		$	(4,646,416	)	$	(1,812	)	$	(7,317	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		47,957,292			52,363,668			130,140,426			224,535,856			104,332,667			22,772,052			48,400,328			66,298,486			37,185,309			54,519,711			42,851,174			30,960,585
	Premier Class		647,423			862,763			1,866,530			1,685,467			991,747			844,731			1,883,419			2,552,877			227,007			521,699			951,784			957,711
	Retirement Class		6,168,827			7,652,705			2,027,887			3,004,770			5,918,438			6,310,907			13,794,837			11,341,118			3,103,621			4,420,381			10,135,702			17,261,505
	Retail Class		1,067,366			2,531,413			317,394			536,096			1,516,766			2,462,327			38,390,485			22,128,807			1,232,180			4,695,969			2,916,502			4,505,506
Shares reinvested:	Institutional Class		1,859,259			5,161,381			7,543,698			5,730,773			967,203			1,230,953			7,031,543			3,102,385			1,474,526			2,175,048			784,589			500,100
	Premier Class		56,902			135,395			55,622			29,330			47,943			57,577			236,085			175,120			12,475			35,582			23,082			26,744
	Retirement Class		970,397			1,529,083			116,803			82,293			479,254			470,309			2,384,821			1,485,661			215,968			392,876			271,798			336,335
	Retail Class		203,217			362,256			19,924			18,376			636,244			987,265			3,862,658			1,769,464			186,549			413,573			207,990			213,359
Shares redeemed:	Institutional Class		(52,297,868	)		(40,235,802	)		(54,504,436	)		(118,556,744	)		(12,953,495	)		(13,524,424	)		(25,085,674	)		(16,623,005	)		(24,739,779	)		(38,788,840	)		(15,000,586	)		(11,492,508	)
	Premier Class		(1,031,199	)		(2,124,247	)		(1,516,854	)		(286,745	)		(1,447,418	)		(514,812	)		(2,228,913	)		(1,739,202	)		(743,603	)		(917,667	)		(1,368,885	)		(1,478,609	)
	Retirement Class		(6,823,562	)		(6,852,366	)		(1,183,521	)		(924,330	)		(2,061,530	)		(1,785,846	)		(6,022,482	)		(4,558,948	)		(4,436,020	)		(2,826,791	)		(22,361,108	)		(3,949,785	)
	Retail Class		(2,620,083	)		(1,583,296	)		(332,623	)		(425,218	)		(4,076,549	)		(2,837,685	)		(26,104,775	)		(7,380,637	)		(6,107,224	)		(3,962,824	)		(4,402,903	)		(3,203,104	)
Net increase (decrease) from shareholder transactions			(3,842,029	)		19,802,953			84,550,850			115,429,924			94,351,270			16,473,354			56,542,332			78,552,126			7,611,009			20,678,717			15,009,139			34,637,839

48   2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report   49

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
		March 31, 2014			March 31, 2013‡			March 31, 2014			March 31, 2013			March 31, 2014			March 31, 2013
OPERATIONS
Net investment income (loss)		$	1,302,247		$	318,061		$	7,601,002		$	9,926,018		$	29,598		$	196,802
Net realized gain (loss) on total investments			362,201			329,306			(1,553,614	)		4,574,054			991			2,449
Net change in unrealized appreciation (depreciation) on total investments			(245,293	)		65,797			(17,437,629	)		4,976,277			–			–
Net increase (decrease) in net assets from operations			1,419,155			713,164			(11,390,241	)		19,476,349			30,589			199,251
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(1,158,776	)		(301,901	)		(237,637	)		(274,879	)		(29,598	)		(196,802	)
	Premier Class		(23,239	)		(5,406	)		–			–			–			–
	Retirement Class		(54,764	)		(7,740	)		–			–			–			–
	Retail Class		(62,268	)		(7,785	)		(7,363,365	)		(9,651,139	)		–			–
From realized gains:	Institutional Class		(68,962	)		(236,728	)		(59,691	)		(68,631	)		–			–
	Premier Class		(1,731	)		(4,901	)		–			–			–			–
	Retirement Class		(3,952	)		(7,251	)		–			–			–			–
	Retail Class		(4,364	)		(6,373	)		(2,005,451	)		(2,686,511	)		–			–
Total distributions			(1,378,056	)		(578,085	)		(9,666,144	)		(12,681,160	)		(29,598	)		(196,802	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		35,370,625			49,448,686			3,735,288			2,198,516			337,853,187			269,814,392
	Premier Class		1,168,533			1,000,020			–			–			10,754,745			8,885,201
	Retirement Class		5,737,828			2,390,840			–			–			79,897,313			53,594,729
	Retail Class		4,371,294			2,756,274			37,212,287			82,476,341			239,384,989			192,650,445
Reinvestments of distributions:	Institutional Class		1,226,757			538,629			15,385			18,061			24,151			193,287
	Premier Class		24,970			10,307			–			–			–			–
	Retirement Class		58,716			14,991			–			–			–			–
	Retail Class		65,216			14,086			8,441,372			11,147,997			–			–
Redemptions:	Institutional Class		(855,345	)		(82,807	)		(3,739,752	)		(1,751,710	)		(285,075,194	)		(446,507,509	)
	Premier Class		(203,592	)		(20	)		–			–			(14,313,140	)		(6,662,279	)
	Retirement Class		(1,335,415	)		(254,404	)		–			–			(63,143,512	)		(60,675,564	)
	Retail Class		(486,438	)		(18,341	)		(94,803,154	)		(44,309,639	)		(253,429,986	)		(249,499,765	)
Net increase (decrease) from shareholder transactions			45,143,149			55,818,261			(49,138,574	)		49,779,566			51,952,553			(238,207,063	)
Net increase (decrease) in net assets			45,184,248			55,953,340			(70,194,959	)		56,574,755			51,953,544			(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		$	101,137,588		$	55,953,340		$	337,404,913		$	407,599,872		$	857,103,370		$	805,149,826
Undistributed net investment income (loss) included in net assets		$	(442	)	$	(3,642	)	$	10,930		$	11,267		$	(20,908	)	$	(18,557	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		3,568,147			4,943,741			353,743			197,184			337,853,187			269,814,392
	Premier Class		119,523			100,002			–			–			10,754,745			8,885,201
	Retirement Class		580,006			238,505			–			–			79,897,313			53,594,729
	Retail Class		441,669			275,153			3,468,894			7,406,556			239,384,989			192,650,445
Shares reinvested:	Institutional Class		124,335			53,589			1,455			1,617			24,151			193,287
	Premier Class		2,530			1,025			–			–			–			–
	Retirement Class		5,946			1,492			–			–			–			–
	Retail Class		6,611			1,402			796,359			996,902			–			–
Shares redeemed:	Institutional Class		(85,922	)		(8,275	)		(355,641	)		(157,719	)		(285,075,194	)		(446,507,509	)
	Premier Class		(20,721	)		(2	)		–			–			(14,313,140	)		(6,662,279	)
	Retirement Class		(135,980	)		(25,425	)		–			–			(63,143,512	)		(60,675,564	)
	Retail Class		(49,622	)		(1,835	)		(8,931,680	)		(3,984,095	)		(253,429,986	)		(249,499,765	)
Net increase (decrease) from shareholder transactions			4,556,522			5,579,372			(4,666,870	)		4,460,445			51,952,553			(238,207,063	)

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

50   2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report   51

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations:
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from:						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
BOND FUND
Institutional Class:	3/31/14		$	10.64	$	0.26			$(0.16	)	$	0.10			$(0.26	)	$	(0.08	)	$	(0.34	)	$	10.40
	3/31/13			10.59		0.27			0.34			0.61			(0.27	)		(0.29	)		(0.56	)		10.64
	3/31/12			10.36		0.29			0.50			0.79			(0.29	)		(0.27	)		(0.56	)		10.59
	3/31/11	†		10.70		0.15			(0.22	)		(0.07	)		(0.15	)		(0.12	)		(0.27	)		10.36
	9/30/10			10.20		0.35			0.50			0.85			(0.35	)		–			(0.35	)		10.70
	9/30/09			9.68		0.41			0.52			0.93			(0.41	)		–			(0.41	)		10.20
Premier Class:	3/31/14			10.64		0.24			(0.15	)		0.09			(0.24	)		(0.08	)		(0.32	)		10.41
	3/31/13			10.59		0.26			0.33			0.59			(0.25	)		(0.29	)		(0.54	)		10.64
	3/31/12			10.37		0.28			0.49			0.77			(0.28	)		(0.27	)		(0.55	)		10.59
	3/31/11	†		10.71		0.14			(0.22	)		(0.08	)		(0.14	)		(0.12	)		(0.26	)		10.37
	9/30/10			10.20		0.31			0.53			0.84			(0.33	)		–			(0.33	)		10.71
	9/30/09	§		10.20		0.00	d		–			0.00	d		–			–			–			10.20
Retirement Class:	3/31/14			10.83		0.23			(0.16	)		0.07			(0.23	)		(0.08	)		(0.31	)		10.59
	3/31/13			10.77		0.25			0.35			0.60			(0.25	)		(0.29	)		(0.54	)		10.83
	3/31/12			10.54		0.27			0.50			0.77			(0.27	)		(0.27	)		(0.54	)		10.77
	3/31/11	†		10.88		0.14			(0.22	)		(0.08	)		(0.14	)		(0.12	)		(0.26	)		10.54
	9/30/10			10.37		0.32			0.52			0.84			(0.33	)		–			(0.33	)		10.88
	9/30/09			9.84		0.39			0.54			0.93			(0.40	)		–			(0.40	)		10.37
Retail Class:	3/31/14			10.81		0.23			(0.15	)		0.08			(0.23	)		(0.08	)		(0.31	)		10.58
	3/31/13			10.76		0.24			0.34			0.58			(0.24	)		(0.29	)		(0.53	)		10.81
	3/31/12			10.53		0.27			0.50			0.77			(0.27	)		(0.27	)		(0.54	)		10.76
	3/31/11	†		10.87		0.14			(0.22	)		(0.08	)		(0.14	)		(0.12	)		(0.26	)		10.53
	9/30/10			10.36		0.33			0.52			0.85			(0.34	)		–			(0.34	)		10.87
	9/30/09			9.83		0.41			0.53			0.94			(0.41	)		–			(0.41	)		10.36
BOND INDEX FUND
Institutional Class:	3/31/14			10.93		0.21			(0.25	)		(0.04	)		(0.21	)		(0.01	)		(0.22	)		10.67
	3/31/13			10.77		0.20			0.18			0.38			(0.21	)		(0.01	)		(0.22	)		10.93
	3/31/12			10.25		0.26			0.52			0.78			(0.26	)		–			(0.26	)		10.77
	3/31/11	†		10.50		0.13			(0.24	)		(0.11	)		(0.13	)		(0.01	)		(0.14	)		10.25
	9/30/10			10.04		0.31			0.46			0.77			(0.31	)		(0.00	)d		(0.31	)		10.50
	9/30/09	‡		10.00		0.01			0.04			0.05			(0.01	)		–			(0.01	)		10.04
Premier Class:	3/31/14			10.93		0.19			(0.25	)		(0.06	)		(0.19	)		(0.01	)		(0.20	)		10.67
	3/31/13			10.77		0.19			0.17			0.36			(0.19	)		(0.01	)		(0.20	)		10.93
	3/31/12			10.25		0.24			0.53			0.77			(0.25	)		–			(0.25	)		10.77
	3/31/11	†		10.49		0.12			(0.23	)		(0.11	)		(0.12	)		(0.01	)		(0.13	)		10.25
	9/30/10			10.04		0.30			0.45			0.75			(0.30	)		(0.00	)d		(0.30	)		10.49
	9/30/09	§		10.04		–			–			–			–			–			–			10.04
Retirement Class:	3/31/14			10.93		0.18			(0.24	)		(0.06	)		(0.18	)		(0.01	)		(0.19	)		10.68
	3/31/13			10.77		0.18			0.17			0.35			(0.18	)		(0.01	)		(0.19	)		10.93
	3/31/12			10.26		0.23			0.52			0.75			(0.24	)		–			(0.24	)		10.77
	3/31/11	†		10.50		0.11			(0.23	)		(0.12	)		(0.11	)		(0.01	)		(0.12	)		10.26
	9/30/10			10.04		0.29			0.46			0.75			(0.29	)		(0.00	)d		(0.29	)		10.50
	9/30/09	‡		10.00		0.01			0.04			0.05			(0.01	)		–			(0.01	)		10.04
Retail Class:	3/31/14			10.93		0.17			(0.24	)		(0.07	)		(0.17	)		(0.01	)		(0.18	)		10.68
	3/31/13			10.77		0.17			0.17			0.34			(0.17	)		(0.01	)		(0.18	)		10.93
	3/31/12			10.26		0.22			0.52			0.74			(0.23	)		–			(0.23	)		10.77
	3/31/11	†		10.50		0.11			(0.23	)		(0.12	)		(0.11	)		(0.01	)		(0.12	)		10.26
	9/30/10			10.04		0.28			0.46			0.74			(0.28	)		(0.00	)d		(0.28	)		10.50
	9/30/09	‡		10.00		0.01			0.04			0.05			(0.01	)		–			(0.01	)		10.04

52 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

							Ratios and supplemental data
	For the period						Net assets at			Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
BOND FUND
Institutional Class:		3/31/14			0.96	%	$	1,882,776			0.32	%		0.32	%		2.46	%		307	%g
		3/31/13			5.77			1,951,905			0.32			0.32			2.50			358	g
		3/31/12			7.81			1,759,983			0.33			0.33			2.78			402	g
		3/31/11	†		(0.67	)b		1,681,237			0.33	c		0.33	c		2.80	c		161	bfg
		9/30/10			8.47			2,474,347			0.33			0.33			3.35			216	fg
		9/30/09			10.00			2,151,009			0.36			0.34			4.20			173	g
Premier Class:		3/31/14			0.90			17,715			0.47			0.47			2.30			307	g
		3/31/13			5.61			21,595			0.47			0.47			2.35			358	g
		3/31/12			7.54			33,425			0.48			0.48			2.63			402	g
		3/31/11	†		(0.75	)b		35,712			0.48	c		0.48	c		2.65	c		161	bfg
		9/30/10			8.40			22,196			0.48			0.48			2.94			216	fg
		9/30/09	§		0.00	b		250			220.90	c		0.50	c		0.00	c		173	g
Retirement Class:		3/31/14			0.73			350,208			0.57			0.57			2.21			307	g
		3/31/13			5.55			354,693			0.57			0.57			2.25			358	g
		3/31/12			7.45			327,833			0.58			0.58			2.53			402	g
		3/31/11	†		(0.76	)b		261,330			0.58	c		0.58	c		2.56	c		161	bfg
		9/30/10			8.22			239,160			0.58			0.58			3.06			216	fg
		9/30/09			9.64			121,753			0.62			0.59			3.86			173	g
Retail Class:		3/31/14			0.75			74,396			0.63			0.63			2.13			307	g
		3/31/13			5.39			90,667			0.63			0.63			2.19			358	g
		3/31/12			7.44			76,117			0.60			0.60			2.50			402	g
		3/31/11	†		(0.74	)b		56,163			0.52	c		0.52	c		2.61	c		161	bfg
		9/30/10			8.31			58,330			0.50			0.50			3.16			216	fg
		9/30/09			9.75			35,143			0.68			0.50			4.04			173	g
BOND INDEX FUND
Institutional Class:		3/31/14			(0.39	)		4,964,509			0.12			0.12			1.98			23
		3/31/13			3.51			4,174,241			0.14			0.13			1.85			22
		3/31/12			7.69			2,908,947			0.15			0.13			2.42			23
		3/31/11	†		(1.11	)b		1,382,598			0.17	c		0.13	c		2.44	c		87	bf
		9/30/10			7.87			411,709			0.31			0.13			3.08			66	f
		9/30/09	‡		0.48	b		99,497			3.37	c		0.12	c		1.65	c		279	b
Premier Class:		3/31/14			(0.54	)		31,048			0.27			0.27			1.82			23
		3/31/13			3.36			27,364			0.29			0.28			1.70			22
		3/31/12			7.53			11,577			0.30			0.28			2.22			23
		3/31/11	†		(1.09	)b		2,784			0.33	c		0.28	c		2.31	c		87	bf
		9/30/10			7.61			1,451			0.47			0.28			2.94			66	f
		9/30/09	§		0.00	b		1,000			55.37	c		0.28	c		0.00	c		279	b
Retirement Class:		3/31/14			(0.55	)		73,881			0.37			0.37			1.72			23
		3/31/13			3.25			65,143			0.38			0.38			1.60			22
		3/31/12			7.32			40,874			0.40			0.38			2.11			23
		3/31/11	†		(1.14	)b		3,157			0.43	c		0.38	c		2.19	c		87	bf
		9/30/10			7.61			2,887			0.57			0.38			2.82			66	f
		9/30/09	‡		0.47	b		1,005			6.81	c		0.36	c		1.41	c		279	b
Retail Class:		3/31/14			(0.65	)		14,058			0.49			0.48			1.61			23
		3/31/13			3.15			14,344			0.50			0.48			1.52			22
		3/31/12			7.22			12,737			0.49			0.48			2.08			23
		3/31/11	†		(1.19	)b		6,242			0.54	c		0.48	c		2.10	c		87	bf
		9/30/10			7.51			4,215			0.66			0.48			2.74			66	f
		9/30/09	‡		0.46	b		1,005			6.81	c		0.45	c		1.32	c		279	b

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 53

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations:
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from:						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
BOND PLUS FUND
Institutional Class:	3/31/14		$	10.78	$	0.28			$(0.16	)		$0.12			$(0.28	)	$	(0.04	)	$	(0.32	)	$	10.58
	3/31/13			10.56		0.33			0.37			0.70			(0.33	)		(0.15	)		(0.48	)		10.78
	3/31/12			10.16		0.38			0.41			0.79			(0.38	)		(0.01	)		(0.39	)		10.56
	3/31/11	†		10.36		0.20			(0.20	)		0.00	d		(0.20	)		–			(0.20	)		10.16
	9/30/10			9.78		0.47			0.58			1.05			(0.47	)		–			(0.47	)		10.36
	9/30/09			9.38		0.47			0.40			0.87			(0.47	)		–			(0.47	)		9.78
Premier Class:	3/31/14			10.78		0.27			(0.16	)		0.11			(0.27	)		(0.04	)		(0.31	)		10.58
	3/31/13			10.56		0.31			0.37			0.68			(0.31	)		(0.15	)		(0.46	)		10.78
	3/31/12			10.16		0.36			0.41			0.77			(0.36	)		(0.01	)		(0.37	)		10.56
	3/31/11	†		10.36		0.19			(0.20	)		(0.01	)		(0.19	)		–			(0.19	)		10.16
	9/30/10			9.78		0.40			0.63			1.03			(0.45	)		–			(0.45	)		10.36
	9/30/09	§		9.78		0.00	d		–			0.00	d		–			–			–			9.78
Retirement Class:	3/31/14			10.80		0.26			(0.17	)		0.09			(0.26	)		(0.04	)		(0.30	)		10.59
	3/31/13			10.57		0.30			0.38			0.68			(0.30	)		(0.15	)		(0.45	)		10.80
	3/31/12			10.17		0.35			0.41			0.76			(0.35	)		(0.01	)		(0.36	)		10.57
	3/31/11	†		10.37		0.18			(0.20	)		(0.02	)		(0.18	)		–			(0.18	)		10.17
	9/30/10			9.79		0.43			0.59			1.02			(0.44	)		–			(0.44	)		10.37
	9/30/09			9.39		0.45			0.40			0.85			(0.45	)		–			(0.45	)		9.79
Retail Class:	3/31/14			10.80		0.25			(0.16	)		0.09			(0.25	)		(0.04	)		(0.29	)		10.60
	3/31/13			10.58		0.29			0.37			0.66			(0.29	)		(0.15	)		(0.44	)		10.80
	3/31/12			10.18		0.35			0.41			0.76			(0.35	)		(0.01	)		(0.36	)		10.58
	3/31/11	†		10.38		0.18			(0.20	)		(0.02	)		(0.18	)		–			(0.18	)		10.18
	9/30/10			9.80		0.45			0.58			1.03			(0.45	)		–			(0.45	)		10.38
	9/30/09			9.40		0.46			0.40			0.86			(0.46	)		–			(0.46	)		9.80
HIGH-YIELD FUND
Institutional Class:	3/31/14			10.51		0.57			0.11			0.68			(0.57	)		(0.24	)		(0.81	)		10.38
	3/31/13			9.97		0.61			0.57			1.18			(0.61	)		(0.03	)		(0.64	)		10.51
	3/31/12			9.99		0.68			(0.02	)		0.66			(0.68	)		–			(0.68	)		9.97
	3/31/11	†		9.74		0.35			0.25			0.60			(0.35	)		–			(0.35	)		9.99
	9/30/10			9.04		0.72			0.70			1.42			(0.72	)		–			(0.72	)		9.74
	9/30/09			8.41		0.78			0.63			1.41			(0.78	)		–			(0.78	)		9.04
Premier Class:	3/31/14			10.51		0.55			0.13			0.68			(0.56	)		(0.24	)		(0.80	)		10.39
	3/31/13			9.97		0.59			0.58			1.17			(0.60	)		(0.03	)		(0.63	)		10.51
	3/31/12			9.99		0.66			(0.02	)		0.64			(0.66	)		–			(0.66	)		9.97
	3/31/11	†		9.74		0.34			0.25			0.59			(0.34	)		–			(0.34	)		9.99
	9/30/10			9.04		0.71			0.70			1.41			(0.71	)		–			(0.71	)		9.74
	9/30/09	§		9.04		0.00	d		–			0.00	d		–			–			–			9.04
Retirement Class:	3/31/14			10.51		0.54			0.11			0.65			(0.54	)		(0.24	)		(0.78	)		10.38
	3/31/13			9.96		0.58			0.59			1.17			(0.59	)		(0.03	)		(0.62	)		10.51
	3/31/12			9.99		0.65			(0.03	)		0.62			(0.65	)		–			(0.65	)		9.96
	3/31/11	†		9.74		0.34			0.25			0.59			(0.34	)		–			(0.34	)		9.99
	9/30/10			9.04		0.70			0.70			1.40			(0.70	)		–			(0.70	)		9.74
	9/30/09			8.41		0.76			0.63			1.39			(0.76	)		–			(0.76	)		9.04
Retail Class:	3/31/14			10.56		0.54			0.11			0.65			(0.54	)		(0.24	)		(0.78	)		10.43
	3/31/13			10.01		0.58			0.58			1.16			(0.58	)		(0.03	)		(0.61	)		10.56
	3/31/12			10.03		0.65			(0.02	)		0.63			(0.65	)		–			(0.65	)		10.01
	3/31/11	†		9.78		0.34			0.25			0.59			(0.34	)		–			(0.34	)		10.03
	9/30/10			9.08		0.71			0.70			1.41			(0.71	)		–			(0.71	)		9.78
	9/30/09			8.44		0.77			0.64			1.41			(0.77	)		–			(0.77	)		9.08

54 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
BOND PLUS FUND
Institutional Class:	3/31/14			1.20	%	$	1,807,530			0.33	%		0.33	%		2.70	%		290	%h
	3/31/13			6.69			846,872			0.34			0.34			3.05			268	h
	3/31/12			7.91			718,619			0.35			0.35			3.62			221	h
	3/31/11	†		(0.03	)b		496,173			0.37	c		0.35	c		3.90	c		99	bh
	9/30/10			10.98			238,020			0.37			0.35			4.68			158	h
	9/30/09			9.67			206,893			0.40			0.35			5.07			143	h
Premier Class:	3/31/14			0.95			12,140			0.48			0.48			2.51			290	h
	3/31/13			6.53			16,773			0.49			0.49			2.89			268	h
	3/31/12			7.75			12,334			0.50			0.50			3.45			221	h
	3/31/11	†		(0.11	)b		11,028			0.52	c		0.50	c		3.69	c		99	bh
	9/30/10			10.82			10,857			0.52			0.50			3.89			158	h
	9/30/09	§		0.00	b		250			220.91	c		0.50	c		0.00	c		143	h
Retirement Class:	3/31/14			0.86			194,476			0.58			0.58			2.44			290	h
	3/31/13			6.52			151,447			0.59			0.59			2.79			268	h
	3/31/12			7.64			95,480			0.60			0.60			3.36			221	h
	3/31/11	†		(0.16	)b		72,668			0.62	c		0.60	c		3.58	c		99	bh
	9/30/10			10.70			92,179			0.62			0.60			4.34			158	h
	9/30/09			9.39			58,533			0.65			0.60			4.80			143	h
Retail Class:	3/31/14			0.86			262,239			0.67			0.67			2.34			290	h
	3/31/13			6.32			288,131			0.68			0.68			2.71			268	h
	3/31/12			7.59			275,663			0.64			0.64			3.33			221	h
	3/31/11	†		(0.14	)b		265,818			0.59	c		0.58	c		3.62	c		99	bh
	9/30/10			10.78			277,069			0.54			0.52			4.50			158	h
	9/30/09			9.50			247,928			0.74			0.49			4.93			143	h
HIGH-YIELD FUND
Institutional Class:	3/31/14			6.78			1,790,122			0.37			0.37			5.51			69
	3/31/13			12.21			1,493,399			0.38			0.38			5.96			83
	3/31/12			6.91			889,869			0.39			0.39			6.90			62
	3/31/11	†		6.22	b		527,004			0.40	c		0.40	c		7.04	c		43	b
	9/30/10			16.41			398,933			0.41			0.40			7.76			109
	9/30/09			18.83			245,983			0.45			0.40			10.07			79
Premier Class:	3/31/14			6.72			30,851			0.52			0.52			5.36			69
	3/31/13			12.05			32,381			0.53			0.53			5.80			83
	3/31/12			6.75			20,842			0.54			0.54			6.74			62
	3/31/11	†		6.14	b		30,472			0.55	c		0.55	c		6.87	c		43	b
	9/30/10			16.23			16,836			0.56			0.55			7.52			109
	9/30/09	§		0.00	b		250			220.96	c		0.55	c		0.00	c		79
Retirement Class:	3/31/14			6.51			402,054			0.62			0.62			5.26			69
	3/31/13			12.05			300,278			0.63			0.63			5.72			83
	3/31/12			6.54			202,282			0.64			0.64			6.65			62
	3/31/11	†		6.09	b		176,489			0.65	c		0.65	c		6.78	c		43	b
	9/30/10			16.12			166,383			0.66			0.65			7.49			109
	9/30/09			18.54			125,322			0.71			0.65			9.38			79
Retail Class:	3/31/14			6.48			600,237			0.65			0.65			5.23			69
	3/31/13			11.98			437,147			0.67			0.67			5.67			83
	3/31/12			6.63			249,119			0.66			0.66			6.62			62
	3/31/11	†		6.11	b		169,337			0.59	c		0.59	c		6.85	c		43	b
	9/30/10			16.18			156,374			0.58			0.57			7.60			109
	9/30/09			18.78			126,323			0.79			0.54			9.86			79

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 55

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations:
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from:						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
INFLATION-LINKED BOND FUND
Institutional Class:	3/31/14			$12.40		$0.20			$(1.01	)		$(0.81	)		$(0.17	)		$(0.01	)		$(0.18	)		$11.41
	3/31/13			12.07		0.21			0.43			0.64			(0.25	)		(0.06	)		(0.31	)		12.40
	3/31/12			11.16		0.36			0.95			1.31			(0.39	)		(0.01	)		(0.40	)		12.07
	3/31/11	†		11.21		0.17			(0.05	)		0.12			(0.17	)		–			(0.17	)		11.16
	9/30/10			10.53		0.27			0.67			0.94			(0.26	)		–			(0.26	)		11.21
	9/30/09			10.07		(0.02	)		0.48			0.46			0.00	d		–			0.00	d		10.53
Premier Class:	3/31/14			12.38		0.22			(1.05	)		(0.83	)		(0.15	)		(0.01	)		(0.16	)		11.39
	3/31/13			12.06		0.24			0.38			0.62			(0.24	)		(0.06	)		(0.30	)		12.38
	3/31/12			11.15		0.37			0.92			1.29			(0.37	)		(0.01	)		(0.38	)		12.06
	3/31/11	†		11.21		0.16			(0.06	)		0.10			(0.16	)		–			(0.16	)		11.15
	9/30/10			10.53		0.13			0.80			0.93			(0.25	)		–			(0.25	)		11.21
	9/30/09	§		10.53		0.00	d		–			0.00	d		–			–			–			10.53
Retirement Class:	3/31/14			12.50		0.18			(1.03	)		(0.85	)		(0.14	)		(0.01	)		(0.15	)		11.50
	3/31/13			12.18		0.19			0.42			0.61			(0.23	)		(0.06	)		(0.29	)		12.50
	3/31/12			11.25		0.36			0.94			1.30			(0.36	)		(0.01	)		(0.37	)		12.18
	3/31/11	†		11.31		0.15			(0.06	)		0.09			(0.15	)		–			(0.15	)		11.25
	9/30/10			10.62		0.24			0.68			0.92			(0.23	)		–			(0.23	)		11.31
	9/30/09			10.18		(0.02	)		0.46			0.44			0.00	d		–			0.00	d		10.62
Retail Class:	3/31/14			12.13		0.18			(1.01	)		(0.83	)		(0.13	)		(0.01	)		(0.14	)		11.16
	3/31/13			11.84		0.17			0.41			0.58			(0.23	)		(0.06	)		(0.29	)		12.13
	3/31/12			10.95		0.34			0.92			1.26			(0.36	)		(0.01	)		(0.37	)		11.84
	3/31/11	†		11.00		0.16			(0.05	)		0.11			(0.16	)		–			(0.16	)		10.95
	9/30/10			10.34		0.24			0.66			0.90			(0.24	)		–			(0.24	)		11.00
	9/30/09			9.90		(0.06	)		0.50			0.44			0.00	d		–			0.00	d		10.34
SHORT-TERM BOND FUND
Institutional Class:	3/31/14			10.52		0.15			(0.09	)		0.06			(0.15	)		(0.02	)		(0.17	)		10.41
	3/31/13			10.40		0.16			0.13			0.29			(0.16	)		(0.01	)		(0.17	)		10.52
	3/31/12			10.30		0.20			0.16			0.36			(0.20	)		(0.06	)		(0.26	)		10.40
	3/31/11	†		10.43		0.11			(0.13	)		(0.02	)		(0.11	)		–			(0.11	)		10.30
	9/30/10			10.11		0.28			0.32			0.60			(0.28	)		–			(0.28	)		10.43
	9/30/09			9.78		0.36			0.33			0.69			(0.36	)		–			(0.36	)		10.11
Premier Class:	3/31/14			10.53		0.13			(0.09	)		0.04			(0.13	)		(0.02	)		(0.15	)		10.42
	3/31/13			10.41		0.15			0.13			0.28			(0.15	)		(0.01	)		(0.16	)		10.53
	3/31/12			10.31		0.18			0.16			0.34			(0.18	)		(0.06	)		(0.24	)		10.41
	3/31/11	†		10.43		0.10			(0.12	)		(0.02	)		(0.10	)		–			(0.10	)		10.31
	9/30/10			10.11		0.25			0.34			0.59			(0.27	)		–			(0.27	)		10.43
	9/30/09	§		10.11		0.00	d		–			0.00	d		–			–			–			10.11
Retirement Class:	3/31/14			10.53		0.12			(0.09	)		0.03			(0.12	)		(0.02	)		(0.14	)		10.42
	3/31/13			10.41		0.13			0.14			0.27			(0.14	)		(0.01	)		(0.15	)		10.53
	3/31/12			10.31		0.17			0.16			0.33			(0.17	)		(0.06	)		(0.23	)		10.41
	3/31/11	†		10.44		0.10			(0.13	)		(0.03	)		(0.10	)		–			(0.10	)		10.31
	9/30/10			10.12		0.25			0.33			0.58			(0.26	)		–			(0.26	)		10.44
	9/30/09			9.78		0.34			0.34			0.68			(0.34	)		–			(0.34	)		10.12
Retail Class:	3/31/14			10.53		0.12			(0.09	)		0.03			(0.12	)		(0.02	)		(0.14	)		10.42
	3/31/13			10.41		0.13			0.13			0.26			(0.13	)		(0.01	)		(0.14	)		10.53
	3/31/12			10.31		0.17			0.16			0.33			(0.17	)		(0.06	)		(0.23	)		10.41
	3/31/11	†		10.44		0.10			(0.13	)		(0.03	)		(0.10	)		–			(0.10	)		10.31
	9/30/10			10.12		0.26			0.33			0.59			(0.27	)		–			(0.27	)		10.44
	9/30/09			9.78		0.35			0.34			0.69			(0.35	)		–			(0.35	)		10.12

56 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

continued

							Ratios and supplemental data
	For the period						Net assets at			Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
INFLATION-LINKED BOND FUND
Institutional Class:		3/31/14			(6.55	)%	$	1,472,700			0.27	%		0.27	%		1.68	%		10	%
		3/31/13			5.28			1,428,566			0.27			0.27			1.72			14
		3/31/12			11.92			1,174,406			0.28			0.28			3.07			13
		3/31/11	†		1.05	b		771,048			0.29	c		0.29	c		3.01	c		7	b
		9/30/10			9.04			737,043			0.32			0.32			2.47			12
		9/30/09			4.57			524,468			0.39			0.35			(0.18	)		17
Premier Class:		3/31/14			(6.72	)		7,433			0.42			0.42			1.90			10
		3/31/13			5.12			14,323			0.42			0.42			1.89			14
		3/31/12			11.77			18,303			0.43			0.43			3.13			13
		3/31/11	†		0.89	b		15,832			0.44	c		0.44	c		2.88	c		7	b
		9/30/10			8.89			14,474			0.47			0.47			1.19			12
		9/30/09	§		0.00	b		250			220.91	c		0.50	c		0.00	c		17
Retirement Class:		3/31/14			(6.82	)		190,395			0.52			0.52			1.54			10
		3/31/13			5.02			220,926			0.52			0.52			1.48			14
		3/31/12			11.73			191,083			0.53			0.53			3.01			13
		3/31/11	†		0.83	b		176,090			0.54	c		0.54	c		2.77	c		7	b
		9/30/10			8.80			175,037			0.57			0.57			2.20			12
		9/30/09			4.33			112,192			0.64			0.60			(0.20	)		17
Retail Class:		3/31/14			(6.85	)		150,162			0.59			0.59			1.55			10
		3/31/13			4.90			220,169			0.58			0.58			1.43			14
		3/31/12			11.68			201,227			0.55			0.55			2.91			13
		3/31/11	†		0.98	b		146,917			0.47	c		0.47	c		2.80	c		7	b
		9/30/10			8.84			147,427			0.49			0.49			2.30			12
		9/30/09			4.45			127,272			0.66			0.49			(0.59	)		17
SHORT-TERM BOND FUND
Institutional Class:		3/31/14			0.56			938,244			0.28			0.28			1.42			112
		3/31/13			2.82			646,931			0.29			0.29			1.52			78
		3/31/12			3.53			431,936			0.31			0.30			1.90			146
		3/31/11	†		(0.20	)b		255,835			0.32	c		0.30	c		2.11	c		93	b
		9/30/10			6.05			176,043			0.33			0.30			2.74			95
		9/30/09			7.23			101,583			0.38			0.29			3.66			173
Premier Class:		3/31/14			0.41			11,982			0.43			0.43			1.27			112
		3/31/13			2.67			16,257			0.44			0.44			1.42			78
		3/31/12			3.37			21,211			0.45			0.45			1.75			146
		3/31/11	†		(0.18	)b		19,881			0.47	c		0.45	c		1.95	c		93	b
		9/30/10			5.89			19,884			0.48			0.45			2.39			95
		9/30/09	§		0.00	b		250			220.86	c		0.45	c		0.00	c		173
Retirement Class:		3/31/14			0.31			206,496			0.53			0.53			1.18			112
		3/31/13			2.56			334,477			0.54			0.54			1.26			78
		3/31/12			3.27			188,614			0.55			0.55			1.65			146
		3/31/11	†		(0.32	)b		134,128			0.57	c		0.55	c		1.86	c		93	b
		9/30/10			5.79			121,535			0.58			0.55			2.42			95
		9/30/09			7.07			56,366			0.64			0.54			3.40			173
Retail Class:		3/31/14			0.25			169,391			0.60			0.60			1.10			112
		3/31/13			2.50			184,637			0.60			0.60			1.22			78
		3/31/12			3.24			166,750			0.58			0.57			1.64			146
		3/31/11	†		(0.30	)b		155,623			0.52	c		0.50	c		1.91	c		93	b
		9/30/10			5.87			149,768			0.50			0.47			2.58			95
		9/30/09			7.19			111,912			0.71			0.43			3.53			173

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 57

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations:
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from:						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
SOCIAL CHOICE BOND FUND
Institutional Class:	3/31/14			$10.03		$0.17			$(0.04	)		$0.13			$(0.17	)		$(0.01	)		$(0.18	)	$	9.98
	3/31/13	*		10.00		0.06			0.08			0.14			(0.06	)		(0.05	)		(0.11	)		10.03
Premier Class:	3/31/14			10.03		0.16			(0.04	)		0.12			(0.16	)		(0.01	)		(0.17	)		9.98
	3/31/13	*		10.00		0.05			0.08			0.13			(0.05	)		(0.05	)		(0.10	)		10.03
Retirement Class:	3/31/14			10.03		0.16			(0.05	)		0.11			(0.15	)		(0.01	)		(0.16	)		9.98
	3/31/13	*		10.00		0.05			0.08			0.13			(0.05	)		(0.05	)		(0.10	)		10.03
Retail Class:	3/31/14			10.03		0.14			(0.04	)		0.10			(0.14	)		(0.01	)		(0.15	)		9.98
	3/31/13	*		10.00		0.05			0.07			0.12			(0.04	)		(0.05	)		(0.09	)		10.03
TAX-EXEMPT BOND FUND
Institutional Class:	3/31/14			11.08		0.25			(0.51	)		(0.26	)		(0.25	)		(0.06	)		(0.31	)		10.51
	3/31/13			10.86		0.32			0.30			0.62			(0.32	)		(0.08	)		(0.40	)		11.08
	3/31/12			10.06		0.34			0.80			1.14			(0.34	)		–			(0.34	)		10.86
	3/31/11	†		10.80		0.19			(0.63	)		(0.44	)		(0.19	)		(0.11	)		(0.30	)		10.06
	9/30/10			10.51		0.38			0.31			0.69			(0.38	)		(0.02	)		(0.40	)		10.80
	9/30/09			9.69		0.38			0.82			1.20			(0.38	)		(0.00	)d		(0.38	)		10.51
Retail Class:	3/31/14			11.10		0.22			(0.52	)		(0.30	)		(0.22	)		(0.06	)		(0.28	)		10.52
	3/31/13			10.88		0.29			0.30			0.59			(0.29	)		(0.08	)		(0.37	)		11.10
	3/31/12			10.07		0.32			0.81			1.13			(0.32	)		–			(0.32	)		10.88
	3/31/11	†		10.81		0.18			(0.63	)		(0.45	)		(0.18	)		(0.11	)		(0.29	)		10.07
	9/30/10			10.52		0.37			0.31			0.68			(0.37	)		(0.02	)		(0.39	)		10.81
	9/30/09			9.70		0.36			0.83			1.19			(0.37	)		(0.00	)d		(0.37	)		10.52

58 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

continued

							Ratios and supplemental data
	For the period						Net assets at			Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
SOCIAL CHOICE BOND FUND
Institutional Class:		3/31/14			1.33	%		$85,771			0.59	%		0.40	%		1.76	%		393	%
		3/31/13	*		1.41	b		50,034			1.29	c		0.40	c		1.18	c		186	b
Premier Class:		3/31/14			1.18			2,019			0.75			0.55			1.64			393
		3/31/13	*		1.33	b		1,013			1.78	c		0.55	c		1.02	c		186	b
Retirement Class:		3/31/14			1.08			6,631			0.85			0.65			1.56			393
		3/31/13	*		1.28	b		2,152			1.77	c		0.65	c		0.97	c		186	b
Retail Class:		3/31/14			0.89			6,717			0.92			0.74			1.45			393
		3/31/13	*		1.22	b		2,755			1.94	c		0.75	c		0.88	c		186	b
TAX-EXEMPT BOND FUND
Institutional Class:		3/31/14			(2.33	)		9,626			0.35			0.35			2.33			155
		3/31/13			5.74			10,155			0.35			0.35			2.89			49
		3/31/12			11.46			9,508			0.38			0.35			3.21			59
		3/31/11	†		(4.07	)b		10,003			0.40	c		0.35	c		3.70	c		11	b
		9/30/10			6.75			14,845			0.38			0.35			3.66			29
		9/30/09			12.70			23,263			0.42			0.35			3.83			28
Retail Class:		3/31/14			(2.69	)		327,779			0.63			0.63			2.06			155
		3/31/13			5.44			397,445			0.63			0.63			2.61			49
		3/31/12			11.30			341,517			0.62			0.59			2.96			59
		3/31/11	†		(4.14	)b		281,980			0.55	c		0.51	c		3.56	c		11	b
		9/30/10			6.61			318,965			0.52			0.49			3.52			29
		9/30/09			12.55			236,065			0.70			0.47			3.67			28

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 59

Financial highlights

TIAA-CREF Funds

Selected per share data

Gain (loss) from investment operations:

For the

Net asset

Net

Net realized and

Total gain

Less distributions from:

Total

Net asset

period or year ended

value, beginning of period

investment income (loss

)a

unrealized gain (loss) on total investments

(loss) from investment operations

Net investment income

Net realized gains

dividends and distributions

value, end of period

MONEY MARKET FUND

Institutional Class:

3/31/14

$1.00

$0.00

d

–

$0.00

d

$(0.00

)d

$0.00

d

$ 0.00

d

$1.00

3/31/13

1.00

0.00

d

–

0.00

d

(0.00

)d

–

(0.00

)d

1.00

3/31/12

1.00

0.00

d

–

0.00

d

(0.00

)d

–

(0.00

)d

1.00

3/31/11

†

1.00

0.00

d

–

0.00

d

(0.00

)d

–

(0.00

)d

1.00

9/30/10

1.00

0.00

d

–

0.00

d

(0.00

)d

–

(0.00

)d

1.00

9/30/09

1.00

0.01

–

0.01

(0.01

)

–

(0.01

)

1.00

Premier Class:

3/31/14

1.00

0.00

d

–

0.00

d

–

0.00

d

–

1.00

3/31/13

1.00

–

–

–

–

–

–

1.00

3/31/12

1.00

–

–

–

–

–

–

1.00

3/31/11

†

1.00

–

–

–

–

–

–

1.00

9/30/10

1.00

0.00

d

–

0.00

d

(0.00

)d

–

(0.00

)d

1.00

9/30/09

§

1.00

–

–

–

–

–

–

1.00

Retirement Class:

3/31/14

1.00

0.00

d

–

0.00

d

–

0.00

d

–

1.00

3/31/13

1.00

–

–

–

–

–

–

1.00

3/31/12

1.00

–

–

–

–

–

–

1.00

3/31/11

†

1.00

–

–

–

–

–

–

1.00

9/30/10

1.00

0.00

d

–

0.00

d

(0.00

)d

–

(0.00

)d

1.00

9/30/09

1.00

0.01

–

0.01

(0.01

)

–

(0.01

)

1.00

Retail Class:

3/31/14

1.00

0.00

d

–

0.00

d

–

0.00

d

–

1.00

3/31/13

1.00

–

–

–

–

–

–

1.00

3/31/12

1.00

–

–

–

–

–

–

1.00

3/31/11

†

1.00

–

–

–

–

–

–

1.00

9/30/10

1.00

0.00

d

–

–

(0.00

)d

–

(0.00

)d

1.00

9/30/09

1.00

0.01

–

0.01

(0.01

)

–

(0.01

)

1.00

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 March 31, 2014, March 31, 2013, March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 156%, 196%, 140%, 49%, 67% and 113%, respectively.
h	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending March 31, 2014, March 31, 2013, March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 97%, 108%, 105%, 63%, 90% and 108%, respectively.
†	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.
‡	The Fund commenced operations on September 14, 2009.
*	The Fund commenced operations on September 21, 2012.

60 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

concluded

			Ratios and supplemental data
	For the
	period				Net assets at		Ratios to average net assets						Portfolio
	or year				end of period		Gross		Net		Net investment		turnover
	ended		Total return		(in thousands	)	expenses		expenses		income (loss	)	rate
MONEY MARKET FUND
Institutional Class:	3/31/14		0.01	%	$345,892		0.13	%	0.13	%	0.01	%	–
	3/31/13		0.05		293,090		0.14		0.14		0.05		–
	3/31/12		0.03		469,588		0.13		0.13		0.03		–
	3/31/11	†	0.04	b	427,230		0.15	c	0.15	c	0.09	c	–
	9/30/10		0.13		433,888		0.15		0.15		0.13		–
	9/30/09		1.03		336,137		0.22		0.17		1.00		–
Premier Class:	3/31/14		0.00		5,371		0.28		0.14		0.00		–
	3/31/13		0.00		8,929		0.29		0.19		0.00		–
	3/31/12		0.00		6,706		0.28		0.16		0.00		–
	3/31/11	†	0.00	b	15,678		0.30	c	0.23	c	0.00	c	–
	9/30/10		0.00		12,431		0.29		0.27		0.00		–
	9/30/09	§	0.00		250		220.71	c	0.00	c	0.00	c	–
Retirement Class:	3/31/14		0.00		90,363		0.38		0.14		0.00		–
	3/31/13		0.00		73,609		0.39		0.19		0.00		–
	3/31/12		0.00		80,690		0.39		0.16		0.00		–
	3/31/11	†	0.00	b	64,760		0.40	c	0.23	c	0.00	c	–
	9/30/10		0.00		79,434		0.40		0.27		0.00		–
	9/30/09		0.78		133,415		0.47		0.41		0.75		–
Retail Class:	3/31/14		0.00		415,477		0.50		0.14		0.00		–
	3/31/13		0.00		429,522		0.51		0.19		0.00		–
	3/31/12		0.00		486,370		0.44		0.16		0.00		–
	3/31/11	†	0.00	b	582,093		0.39	c	0.23	c	0.00	c	–
	9/30/10		0.00		650,426		0.33		0.27		0.00		–
	9/30/09		0.91		887,149		0.54		0.28		0.95		–

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 61

Notes to financial statements

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that 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”), 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, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. 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. The Funds file income tax returns in U.S. federal jurisdictions and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

For the year ended March 31, 2014, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, the utilization of tax equalization credits, dividend reclassifications, inflation adjustments on Treasury-inflation-protected securities, and income generated from swaps were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes

62 2014 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

continued

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 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 June 2013, the Financial Accounting Standards Board issued Accounting Standard Update No. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Funds expect to adopt these new disclosure requirements for the September 30, 2014 semiannual report. Management has reviewed the new requirements and has determined the adoption of the Update will not have a material impact on the Funds’ financial statements and notes disclosures.

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 price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events materially affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

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

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

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

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

TIAA-CREF Funds: Fixed Income Funds ■ 2014 Annual Report 63

Notes to financial statements

determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting period. For the year ended March 31, 2014, there were no material transfers between levels by the Funds.

As of March 31, 2014, 100% of the value of investments in the Bond Index Fund, Inflation-Linked 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 March 31, 2014 based on the inputs used to value them:

Fund	Level 1			Level 2			Level 3		Total
Bond
Bank loan obligations	$	–		$	4,355,338		$	–	$	4,355,338
Corporate bonds		–			854,403,720			–		854,403,720
Government bonds		–			929,302,115			–		929,302,115
Structured assets		–			396,260,959			2,555,716		398,816,675
Short-term investments		–			418,736,865			–		418,736,865
Credit default swaps*		–			(94,537	)		–		(94,537	)
Total	$	–		$	2,602,964,460		$	2,555,716	$	2,605,520,176
Bond Plus
Bank loan obligations	$	–		$	86,978,417		$	–	$	86,978,417
Corporate bonds		–			915,047,009			–		915,047,009
Government bonds		–			945,224,748			–		945,224,748
Structured assets		–			239,653,292			3,194,645		242,847,937
Short-term investments		–			329,423,837			–		329,423,837
Total	$	–		$	2,516,327,303		$	3,194,645	$	2,519,521,948
High-Yield
Bank loan obligations	$	–		$	454,374,639		$	–	$	454,374,639
Corporate bonds		–			2,262,166,418			–		2,262,166,418
Preferred stocks		4,313,791			–			–		4,313,791
Short-term investments		–			152,995,107			–		152,995,107
Total	$	4,313,791		$	2,869,536,164		$	–	$	2,873,849,955
Short-Term Bond
Bank loan obligations	$	–		$	19,796,300		$	–	$	19,796,300
Corporate bonds		–			491,562,451			–		491,562,451
Government bonds		–			348,604,342			–		348,604,342
Structured assets		–			324,749,520			2,555,716		327,305,236
Short-term investments		–			58,392,332			–		58,392,332
Futures*		(29,065	)		–			–		(29,065	)
Total	$	(29,065	)	$	1,243,104,945		$	2,555,716	$	1,245,631,596
Social Choice Bond
Bank loan obligations	$	–		$	756,207		$	–	$	756,207
Corporate bonds		–			42,339,913			–		42,339,913
Government bonds		–			42,141,721			–		42,141,721
Structured assets		–			9,071,740			–		9,071,740
Preferred stocks		249,757			–			–		249,757
Short-term investments		–			3,999,929			–		3,999,929
Total	$	249,757		$	98,309,510		$	–	$	98,559,267

* 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 March 31, 2014, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities:

	Asset derivatives			Liabilities derivatives
Derivative contracts	Location	Fair value amount		Location	Fair value amount
Bond Fund
Credit contracts	Swap premiums paid	$12,486		Unrealized depreciation on swap agreements	$107,023
Short-Term Bond Fund
Fixed Income contracts	Futures*	(29,065	)

* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

64 2014 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

continued

For the year ended March 31, 2014, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

					Change in
					unrealized
		Realized			appreciation
Derivative contracts	Location	gain (loss		)	(depreciation		)
Bond Fund
Credit contracts	Swap transactions		$(145,363	)		$(99,392	)
Bond Plus Fund
Credit contracts	Swap transactions		(30,740	)		2,180
Short-Term Bond Fund
Credit contracts	Swap transactions		(4,487	)		(7,070	)
Short-Term Bond Fund
Fixed Income contracts	Futures transactions		–			(29,065	)

Futures contracts: The Funds are subject to interest rate risk in the normal course of pursuing their investment objectives. The Funds may use futures contracts to manage exposure to the bond markets and to fluctuations in interest rates. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin payments are made or received reflecting daily changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the year ended March 31, 2014, the Short-Term Bond Fund had exposure to fixed-income futures contracts, based on underlying notional values, generally between 0% and 4% of net assets.

At March 31, 2014, the Short-Term Bond Fund held the following open futures contracts:

	Number of	Settlement		Expiration	Unrealized
	contracts	value		date	gain (loss	)
US 5 Year Note (CBT)	400	$(47,581,250	)	6/30/14	$(29,065	)

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, while 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 year ended March 31, 2014, the Bond Fund, the Bond Plus Fund and the Short-Term Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At March 31, 2014, open credit default swap contracts purchased by the Bond Fund were as follows:

Purchased

Fixed payments

Implied credit

Unrealized

Maturity

paid by

spread at

Notional

Premium

appreciation

Fund

Reference entity

Counterparty

date

fund per annum

3/31/2014

(1)

amount

(2)

paid (received

)

(depreciation

)

Bond

Republic of Poland

JP Morgan Chase Bank, N.A.

9/20/18

1.00%

0.58

%

$5,000,000

$12,486

$(107,023

)

(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 year 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.

TIAA-CREF Funds: Fixed Income Funds ■ 2014 Annual Report 65

Notes to financial statements

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 compliance 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 March 31, 2014, 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
	Investment		management
	management		fee-effective		Service
	fee range		rate		agreement fee		Distribution fee				Maximum expense amounts‡
					Retirement		Premier		Retail		Institutional		Premier		Retirement		Retail
Fund					Class		Class		Class		Class		Class		Class		Class
Bond*	0.27%–0.30	%	0.29	%	0.25	%	0.15	%	0.25	%	0.35	%	0.50	%	0.60	%	0.70	%
Bond Index	0.10		0.10		0.25		0.15		0.25		0.13		0.28		0.38		0.48
Bond Plus*	0.27–0.30		0.30		0.25		0.15		0.25		0.35		0.50		0.60		0.70
High-Yield*	0.32–0.35		0.34		0.25		0.15		0.25		0.40		0.55		0.65		0.75
Inflation-Linked Bond*	0.22–0.25		0.25		0.25		0.15		0.25		0.35		0.50		0.60		0.70
Short-Term Bond*	0.22–0.25		0.25		0.25		0.15		0.25		0.30		0.45		0.55		0.65
Social Choice Bond*	0.32–0.35		0.35		0.25		0.15		0.25		0.40		0.55		0.65		0.75
Tax-Exempt Bond*	0.27–0.30		0.30		–		–		0.25		0.35		–		–		0.70
Money Market	0.10		0.10		0.25		0.15		0.25		0.15		0.30		0.40		0.50

*	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, 2015. 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.

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

%

–

1

%

73

%

Bond Index

–

–

14

%

–

–

–

14

Bond Plus

–

58

–

3

12

%

2

75

High-Yield

–

31

–

–

1

–

32

Inflation-Linked Bond

–

14

3

–

–

–

17

Short-Term Bond

–

26

–

2

–

1

29

Social Choice Bond

51

%

–

–

–

–

–

51

Money Market

–

–

–

–

–

1

1

66 2014 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

continued

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 March 31, 2014, five 529 Plans own 18%, 17%, 8%, 8% and 7%, respectively, of the Bond Index Fund; five 529 Plans own 14%, 13%, 7%, 6% and 5%, respectively, of the Inflation-Linked Bond Fund; two 529 Plans own 8% and 5%, respectively, of the Short-Term Bond Fund; and two 529 Plans own 8% and 7%, 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 March 31, 2014, 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	$	2,579,179,440		$ 40,570,039		$ (14,134,766	)		$ 26,435,273
Bond Index		5,055,248,430		56,812,730		(62,070,800	)		(5,258,070	)
Bond Plus		2,488,884,359		41,944,781		(11,307,192	)		30,637,589
High-Yield		2,773,672,871		108,515,071		(8,337,987	)		100,177,084
Inflation-Linked Bond		1,762,502,917		78,554,863		(33,917,476	)		44,637,387
Short-Term Bond		1,239,902,854		8,280,924		(2,523,117	)		5,757,807
Social Choice Bond		98,800,558		559,066		(800,357	)		(241,291	)
Tax-Exempt Bond		343,634,833		6,888,846		(613,031	)		6,275,815

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended March 31, 2014 were as follows:

	Non-U.S.		U.S.		Non-U.S.		U.S.
	government		government		government		government
Fund	purchases		purchases		sales		sales
Bond	$	1,090,470,499		$5,830,316,574		$1,240,105,903		$5,696,851,225
Bond Index		564,339,293		1,717,708,687		155,797,129		899,265,938
Bond Plus		1,337,931,687		4,634,645,278		677,225,055		4,281,464,291
High-Yield		2,188,274,915		–		1,655,871,602		–
Inflation-Linked Bond		–		242,515,542		–		185,666,469
Short-Term Bond		671,404,261		637,561,741		544,591,405		660,278,021
Social Choice Bond		96,402,878		232,443,284		64,249,467		221,700,160
Tax-Exempt Bond		559,722,011		–		590,348,422		–

TIAA-CREF Funds: Fixed Income Funds ■ 2014 Annual Report 67

Notes to financial statements concluded

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2014, and the year ended March 31, 2013 was as follows:

	3/31/2014						3/31/2013
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Bond	$	61,792,013	$	12,050,367	$	73,842,380	$	93,553,722	$	23,109,065	$	116,662,787
Bond Index		92,334,854		1,668,012		94,002,866		68,492,296		2,876,084		71,368,380
Bond Plus		47,779,105		7,638,532		55,417,637		45,878,777		5,310,273		51,189,050
High-Yield		152,745,302		42,643,180		195,388,482		107,195,097		6,109,585		113,304,682
Inflation-Linked Bond		24,916,653		1,162,387		26,079,040		33,776,187		8,313,723		42,089,910
Short-Term Bond		18,081,963		–		18,081,963		14,760,315		–		14,760,315
Social Choice Bond		1,378,056		–		1,378,056		578,085		–		578,085
Tax-Exempt Bond*		8,802,502		863,642		9,666,144		10,811,362		1,869,798		12,681,160
Money Market		29,598		–		29,598		196,802		–		196,802

* Includes ordinary income which will not be taxable for federal income tax purposes in 2014 and 2013 of $7,599,546 and $9,922,131, respectively.

As of March 31, 2014, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Capital loss carryover			Late-year loss deferrals			Total
Bond		$3,101,788	$	–	$	26,330,346			$(2,040,910	)	$	–		$	27,391,224
Bond Index		1,346,482		–		(5,258,069	)		(180,341	)		(399,568	)		(4,491,496	)
Bond Plus		3,989,539		5,511,796		30,637,783			–			–			40,139,118
High-Yield		4,341,134		9,318,309		100,177,084			–			(987,836	)		112,848,691
Inflation-Linked Bond		1,076,595		1,462,461		44,637,383			–			–			47,176,439
Short-Term Bond		490,014		–		5,757,806			(13,479	)		(254,035	)		5,980,306
Social Choice Bond		587,058		–		(241,292	)		–			(165,778	)		179,988
Tax-Exempt Bond		83,253		–		6,275,815			(851,646	)		(770,201	)		4,737,221
Money Market		8,504		–		–			–			–			8,504

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the utilization of tax equalization credits, and the

treatment of short term gain as ordinary income for tax purposes.

At March 31, 2014, the following Funds had capital loss carryovers, which will expire as follows:

	Date of expiration
Fund	No expiration		Total
Bond		$ 2,040,910	$	2,040,910
Bond Index		180,341		180,341
Short-Term Bond		13,479		13,479
Tax-Exempt Bond		851,646		851,646

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 accounts or 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 year ended March 31, 2014, 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.

68 2014 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

Report of independent registered public accounting firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Bond Fund, Bond 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 Money Market Fund (nine of the portfolios constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) at March 31, 2014, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 16, 2014

TIAA-CREF Funds: Fixed Income Funds ■ 2014 Annual Report 69

Trustees and officers (unaudited)

TIAA-CREF Funds ■ March 31, 2014

Trustees

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	79	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation, and Director of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	79	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; and Independent Trustee, Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/5/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	79	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	79	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	Principal, NL Jacob Consultant (economic and business consultant) (2012–present); President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	79	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 3/27/63	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (2002–2010), Goldman Sachs Asset Management.	79	Director, Sansum Clinic; Investment committee member, College of Mount Saint Vincent and Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	79	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance and Close Brothers Group plc.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	79	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

70 2014 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

Trustees — concluded

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	79	Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	79	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

Officers

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Account VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Interim Chief Compliance Officer for TIAA-CREF Life Insurance Company Separate Accounts VA-1, VLI-I and VLI-2 (since 2013). Interim Chief Compliance Officer for Covariance Capital Management, Inc. (“Covariance”) (since 2013).
Carol Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/13/62	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President (since 2013), Chief Operating Officer (“COO”) of Asset Management (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2013). Interim Head of Asset Management, TIAA (2012–2013). Senior Vice President, Investment Products, TIAA (2009–2012). Managing Director, Mutual Fund Products, TIAA (2007–2009). Senior Managing Director, President, and COO of Advisors and Investment Management (since 2012). Director of Advisors (since 2008). Manager, President, and COO of TCAA and TCAS (since 2011). Director (since 2011) of TIAA-CREF Asset Management, Inc. (“TCAM”). Manager of TIAA-CREF Individual & Institutional Services, LLC (since 2010). Director of Westchester Group Investment Management, Inc. (since 2011). Manager of Beaver Investment Holdings, LLC (since 2012). Director of GreenWood Resources, Inc. (since 2012). Director of TH RE Administration Ltd., TH RE FCACO Ltd., TH RE AIFM Group Ltd., and TH RE Group Holdings Ltd. (since 2013).

TIAA-CREF Funds: Fixed Income Funds ■ 2014 Annual Report 71

Trustees and officers (unaudited)  concluded

TIAA-CREF Funds ■ March 31, 2014

Officers — concluded

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008). Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010) and Funds Treasurer (since 2006) of TIAA. Director of Advisors (since 2008). Director of TCAM (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Assistant Treasurer of TIAA-CREF Life Insurance Company (“TC Life”) (since 2012). Director of TIAA-CREF Trust Company, FSB (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Director, Senior Vice President and Funds Treasurer of TCAS (since 2011).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer (since 2013) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Head of Risk Management of TIAA (2009–2013). Executive Vice President, Risk Management (since 2009), Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011). Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA.
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/20/61	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	President and Principal Executive Officer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2013). Executive Vice President and President of Asset Management (since 2013) of TIAA and Executive Vice President of CREF and VA-1 (since 2013). Director, President & CEO of Advisors (since 2013). Manager, President & CEO of Investment Management (since 2013). Director of TH RE Ltd. (since 2013). Director, President & CEO of TPIS (since 2013). Director of TIAA International Holdings 1 Ltd., TIAA International Holdings 2 Ltd., and TIAA International Holdings 3 Ltd. (since 2013). Director, President & CEO of TCAM (since 2013). Executive Vice President of TIAA-CREF Funds and TIAA-CREF Life Funds (June–September 2013). Representative, Securities Research, Inc. (February–May 2013). President and Chief Operating Officer, U.S., ING Americas (2011–2012). Chief Executive Officer, ING Insurance US (2010–2011). Chairman and Chief Executive Officer, ING Investment Management, Americas (2007–2009).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/11/58	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Director, Covariance (since 2012). Manager, TIAA-CREF Life Insurance Company (since 2012). Manager, Kaspick & Company, LLC (“Kaspick”) (since 2012). Manager, TIAA-CREF Redwood, LLC (since 2013). President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/31/62	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director (since 2013), Corporate Secretary (since 2012) of TIAA and the TIAA-CREF Fund Complex. Senior Vice President of TIAA and the TIAA-CREF Fund Complex (2012–2013). Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/16/51	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Financial Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (since 2012) of TCT Holdings, Inc. Director (2007–2011) and Executive Vice President (2008–2010) of TCAM. Manager (since 2006), President and CEO (2006–2010) of Redwood. Director of Tuition Financing (2008–2009) and Executive Vice President of TC Life (2009–2010).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Chief Communications Officer of TIAA (2010–2011). Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010).

Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by calling 800 223-1200.

72 2014 Annual Report ■ TIAA-CREF Funds: Fixed Income Funds

Renewal of investment management agreement (unaudited)

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

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

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

Overview of the renewal process

The Board held meetings on March 14, 2014 and March 27, 2014, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also had worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2013 renewal process. During a series of meetings held prior to the March 14 and March 27, 2014 Board meetings, the Operations Committee, along with other Board Committees as applicable, had reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

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

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

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

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this connection, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI, which is also true of their assessment of each Fund’s management fee rate and other aspects of the proposed renewal of the Agreement.

In advance of the Board meetings held on March 14 and March 27, 2014, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related

TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 73

Renewal of investment management agreement (unaudited)

service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s Form ADV registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided or to be provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized (if any) by TAI and its affiliates from their relationship with the Fund based upon the cost allocation methodology utilized by TAI and its affiliates in 2013, as well as the new methodology to be utilized in 2014; (4) fees charged by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (8) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

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

While the Board considered the Agreement with respect to all Funds, the Board received and considered Fund-specific information and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors, and thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 27, 2014, the Board voted unanimously to renew the Agreement for each Fund. Set forth below are certain general factors the Board considered for all of the Funds, followed by a summary of certain specific factors the Board considered for each particular Fund.

The nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds and the other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds, including conducting

research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

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

Investment performance

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

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2013 with respect to the Funds based upon the cost allocation methodology utilized by TAI and its affiliates in 2013, as well as the new methodology to be utilized in 2014. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account

74 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

continued

costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board considered that TAI had earned profits with respect to most of the Funds under the Agreement for the one-year period ended December 31, 2013 and that TAI expected this trend to continue, but that for certain of the Funds, like the Money Market Fund, there was no current expectation for TAI to earn a profit in the foreseeable future. For the Money Market Fund, this was due to ongoing advisory fee waivers and other waivers by TAI and its affiliates necessary to maintain a Fund yield of at least 0.00%. With respect to those Funds for which the Agreement was profitable to TAI in 2013, the Board concluded that those profits were not excessive in light of various relevant factors.

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

Fees charged by other advisers

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

Economies of scale

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

Fee comparison with other TAI clients

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

Other benefits

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

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund (unless noted). Because the Institutional Class generally has lower non-management expenses than the Retirement, Premier and Retail Classes of these Funds, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Institutional Class. Comparative Lipper expense and performance rankings are as of March 31, 2013; all other time periods referenced below are ended December 31, 2013. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. Statements below regarding a Fund’s “aggregate management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account the different management fee rates that apply to higher levels of Fund assets

TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 75

Renewal of investment management agreement (unaudited)

that exceed one or more breakpoints in the Fund’s management fee rate schedule. Statements below regarding “net profit” or “net loss” refers to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2013 under the Agreement.

Bond Fund

• The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.295% of average daily net assets.

• The Fund’s total expenses and actual management fees were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and in the 1st quintile of the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”).

• The Fund was in the 1st, 2nd, 5th and 5th quintiles of the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 1st, 4th and 2nd quintiles of the universe of comparable funds selected by Lipper for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.

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

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

Bond Index Fund

• The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.

• The Fund’s total expenses and actual management fees were ranked first out of the five funds within its Expense Group. The Fund’s total expenses and actual management fees were in the 2nd and 3rd quintiles of its Expense Universe, respectively.

• The Fund was ranked 2nd out of the 5 funds within its Performance Group for the one- and three-year periods. The Fund was in the 4th quintile of its Performance Universe for the one- and three-year periods, respectively.

• For the one- and three-year periods, the Fund’s relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses, or the impact of fair valuation, foreign exchange rate differences, securities lending, class action settlements and tax reclaims) as compared to its benchmark, the Barclays U.S. Aggregate Bond Index, was -19 and -7 basis points, respectively.

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

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

Bond Plus Fund

• The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.295% of average daily net assets.

• The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and its Expense Universe.

• The Fund was in the 3rd quintile of its Performance Group for the one-, three- and five-year periods. The Fund was in the 2nd, 2nd and 4th quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.

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

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

High-Yield Fund

• The Fund’s annual contractual management fee rate is 0.35% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.343% of average daily net assets.

• The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.

• The Fund was in the 5th, 3rd and 5th quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 4th, 1st and 3rd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.

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

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

Inflation-Linked Bond Fund

• The Fund’s annual contractual management fee rate is 0.25% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.246% of average daily net assets.

• The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.

• The Fund was in the 2nd quintile of its Performance Group for the one-, three- and five-year periods. The Fund was ranked first out of the four funds within its Performance Group for the ten-year period. The Fund was in the 3rd, 2nd, 2nd, and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

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

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

76 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

concluded

Short-Term Bond Fund

• The Fund’s annual contractual management fee rate is 0.25% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.248% of average daily net assets.

• The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.

• The Fund was in the 4th, 2nd and 5th quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 3rd, 2nd and 3rd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.

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

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

Social Choice Bond Fund

• The Fund’s annual contractual management fee rate is 0.35% of average daily net assets with breakpoints. At year-end asset levels, the Fund had not reached any of its advisory fee breakpoints.

• The Fund’s total expenses and actual management fees were in the 1st and 4th quintiles of its Expense Group and in the 1st and 3rd quintiles of its Expense Universe.

• The Fund was in the 3rd and 4th quintiles of its Performance Group for the one-year and since-inception periods, respectively. The Fund was in the 2nd quintile of its Performance Universe for the one-year and since-inception periods.

• The Fund is too new to have received a Morningstar rating.

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

Tax-Exempt Bond Fund

• The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints. At year-end asset levels, the Fund had not reached any of its advisory fee breakpoints.

• The Fund’s total expenses and actual management fees were in the 1st and 2nd quintiles of its Expense Group, respectively, and in the 1st quintile of its Expense Universe.

• The Fund was in the 5th, 2nd and 3rd quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 5th, 1st and 2nd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.

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

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

Money Market Fund

• The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.

• The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and its Expense Universe.

• The Fund was in the 3rd, 3rd, 2nd and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 2nd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• Money market funds are not rated by Morningstar.

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

• Since July 2009, TAI and its affiliates have waived or reimbursed over $5.8 million in Fund fees or expenses across all share classes to maintain a yield of at least 0.00%.

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

TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Annual Report 77

Important tax information (unaudited)

For the year ended March 31, 2014, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long-term capital gains
Bond	$12,050,367
Bond Index	1,668,012
Bond Plus	7,638,532
High-Yield	43,887,512
Inflation-Linked Bond	1,863,543
Short-Term Bond	–
Social Choice Bond	–
Tax-Exempt Bond	863,642
Money Market	–

The Tax-Exempt Bond Fund paid distributions to shareholders during the year ended March 31, 2014, and the year ended

March 31, 2013, totaling $9,666,144, and $12,681,160, of which $7,599,546, and $9,922,131, respectively, was exempt from federal income tax and has been designated as Exempt Interest Dividends.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2014, which will be reported in conjunction with your 2014 Form 1099-DIV.

By early 2015, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax adviser.

78 2014 Annual Report ■ TIAA-CREF Funds: Fixed-Income Funds

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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 information, please visit tiaa-cref.org, or call 800 842-2252 for the Institutional, Premier and Retirement 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.

©2014 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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Item 2. Code of Ethics.

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

2(b) No response required.

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

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended March 31, 2013 and March 31, 2014, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $448,000 and $451,700, respectively.

4(b) Audit Related Fees.

For the fiscal years ended March 31, 2013 and March 31, 2014, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended March 31, 2013 and March 31, 2014, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended March 31, 2013 and March 31, 2014, PwC’s aggregate fees for tax services billed to the Registrant were $116,700 and $119,700, respectively.

For the fiscal years ended March 31, 2013 and March 31, 2014, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended March 31, 2013 and March 31, 2014, PwC’s aggregate fees for all other services billed to the Registrant were $6,500 and $6,000, respectively.

For the fiscal years ended March 31, 2013 and March 31, 2014, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2013 and March 31, 2014 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2013 and March 31, 2014 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2013 and March 31, 2014 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2013 and March 31, 2014 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2013 and March 31, 2014 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2013 and March 31, 2014 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended March 31, 2013 and March 31, 2014, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $275,315 and $308,500, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS - Bond Fund

TIAA-CREF FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2014

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 0.2%
CONSUMER DURABLES & APPAREL - 0.1%
$	1,525,000	h	Capital Safety North America		4.000	%	03/26/21	$	1,521,950
			TOTAL CONSUMER DURABLES & APPAREL						1,521,950
MEDIA - 0.1%
	997,802	h,i	CSC Holdings LLC		2.653		04/17/20		984,461
	742,500	i	Univision Communications, Inc		4.000		03/01/20		741,045
	1,110,938	i	Windstream Corp		3.500		01/23/20		1,107,882
			TOTAL MEDIA						2,833,388
			TOTAL BANK LOAN OBLIGATIONS						4,355,338
			(Cost $4,366,450)
BONDS - 93.8%
CORPORATE BONDS - 37.5%
AUTOMOBILES & COMPONENTS - 0.1%
	375,000	g	Chrysler Group LLC		8.000		06/15/19		410,625
	745,000	g	Hyundai Motor Manufacturer		4.500		04/15/15		771,352
			TOTAL AUTOMOBILES & COMPONENTS						1,181,977
BANKS - 3.6%
	1,000,000		Banco de Oro Unibank, Inc		3.875		04/22/16		1,025,000
	600,000	g	Banco del Estado de Chile		3.875		02/08/22		592,009
	900,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		4.125		11/09/22		883,125
	1,635,000		Bancolombia S.A.		5.950		06/03/21		1,745,362
	2,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		2,052,514
	650,000		BB&T Corp		2.050		06/19/18		650,213
	3,750,000		BDO Unibank, Inc		4.500		02/16/17		3,928,125
	2,000,000	g	Caixa Economica Federal		2.375		11/06/17		1,930,000
	1,500,000	g	Caixa Economica Federal		4.500		10/03/18		1,526,250
	1,068,000		Capital One Bank USA NA		3.375		02/15/23		1,039,220
	1,500,000		Citigroup, Inc		2.250		08/07/15		1,527,396
	300,000		Citigroup, Inc		4.950		11/07/43		304,861
	1,615,000		Citigroup, Inc		5.000		09/15/14		1,646,274
	2,050,000		Citigroup, Inc		1.300		11/15/16		2,048,938
	4,225,000		Citigroup, Inc		3.500		05/15/23		3,986,076
	1,500,000		Citigroup, Inc		3.875		10/25/23		1,489,384
	1,925,000		Citigroup, Inc		6.675		09/13/43		2,254,177
	900,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		1.700		03/19/18		892,769
	1,750,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		1,812,342
	375,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		372,438
	1,250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		1,286,319
	3,400,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750		12/01/43		3,710,342

1

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	775,000	g,i	Credit Agricole S.A.		7.875	%	12/30/49	$	818,594
	1,450,000	g	HSBC Bank plc		1.500		05/15/18		1,420,265
	1,320,000	g	HSBC Bank plc		4.125		08/12/20		1,398,943
	550,000		HSBC Holdings plc		4.000		03/30/22		571,189
	2,450,000		HSBC Holdings plc		4.250		03/14/24		2,453,016
	675,000		HSBC Holdings plc		6.500		09/15/37		798,622
	1,050,000		HSBC Holdings plc		5.250		03/14/44		1,061,714
	1,250,000	g	Hutchison Whampoa International 11 Ltd		4.625		01/13/22		1,319,297
	895,000		JPMorgan Chase & Co		5.125		09/15/14		913,811
	4,625,000		JPMorgan Chase & Co		4.850		02/01/44		4,715,862
	750,000	i	JPMorgan Chase & Co		5.150		12/30/49		703,125
	2,950,000	g	PKO Finance AB		4.630		09/26/22		2,972,125
	2,075,000		PNC Bank NA		2.200		01/28/19		2,068,233
	1,750,000		PNC Bank NA		2.700		11/01/22		1,643,974
	3,050,000		PNC Bank NA		2.950		01/30/23		2,895,737
	835,000	g,i	Rabobank Nederland NV		11.000		12/30/49		1,108,463
	2,200,000		Royal Bank of Canada		2.200		07/27/18		2,214,309
	2,250,000	g	Russian Agricultural Bank OJSC Via RSHB Capital S.A.		5.100		07/25/18		2,193,750
	560,000	g	Sumitomo Mitsui Banking Corp		3.150		07/22/15		577,017
	1,025,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		1,042,446
	1,075,000		SunTrust Bank		2.750		05/01/23		1,006,796
	310,000		Toronto-Dominion Bank		2.500		07/14/16		321,741
	1,400,000	g	Turkiye Is Bankasi		3.750		10/10/18		1,313,900
	1,750,000		Union Bank NA		2.125		06/16/17		1,782,470
	1,550,000		UnionBanCal Corp		3.500		06/18/22		1,566,022
	2,500,000		US Bancorp		1.650		05/15/17		2,530,505
	950,000		US Bancorp		2.950		07/15/22		913,715
	2,145,000		Westpac Banking Corp		3.000		08/04/15		2,214,560
	2,150,000		Westpac Banking Corp		2.250		01/17/19		2,140,136
			TOTAL BANKS						83,383,472
CAPITAL GOODS - 1.1%
	413,000	g	Alpek S.A. de C.V.		5.375		08/08/23		426,422
	350,000		Bombardier, Inc		4.750		04/15/19		350,000
	950,000		Bombardier, Inc		6.000		10/15/22		950,000
	3,125,000		Caterpillar, Inc		1.500		06/26/17		3,127,056
	1,815,000		Crown Americas LLC		4.500		01/15/23		1,733,325
	1,250,000	g	EADS Finance BV		2.700		04/17/23		1,181,041
	675,000		Eaton Corp		4.000		11/02/32		652,941
	4,650,000		John Deere Capital Corp		1.950		03/04/19		4,600,008
	725,000	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		750,375
	725,000	g	Schaeffler Finance BV		4.750		05/15/21		741,313
	3,700,000	g	Seagate HDD Cayman		4.750		06/01/23		3,653,750
	1,468,000	g	Sealed Air Corp		8.375		09/15/21		1,690,035
	845,000	g	Sealed Air Corp		5.250		04/01/23		853,450
	2,290,000	g	Stena AB		7.000		02/01/24		2,330,075
	1,975,000		United Technologies Corp		1.800		06/01/17		2,008,006
	1,050,000		United Technologies Corp		4.500		06/01/42		1,069,185
			TOTAL CAPITAL GOODS						26,116,982

2

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
$	250,000	g	ADT Corp		6.250	%	10/15/21	$	256,875
	1,425,000		Air Lease Corp		3.875		04/01/21		1,425,000
	250,000	g	Empresa de Transporte de Pasajeros Metro S.A.		4.750		02/04/24		259,657
	2,850,000		MasterCard, Inc		2.000		04/01/19		2,837,691
	1,495,000		Republic Services, Inc		3.800		05/15/18		1,584,899
	2,400,000		Republic Services, Inc		3.550		06/01/22		2,404,245
	1,500,000		Waste Management, Inc		2.600		09/01/16		1,553,382
	2,800,000		Waste Management, Inc		2.900		09/15/22		2,673,163
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						12,994,912
CONSUMER DURABLES & APPAREL - 0.4%
	1,475,000		DR Horton, Inc		5.750		08/15/23		1,559,813
	300,000		DR Horton, Inc		3.625		02/15/18		304,500
	1,200,000		DR Horton, Inc		3.750		03/01/19		1,203,000
	2,870,000		Hanesbrands, Inc		6.375		12/15/20		3,135,475
	2,000,000		PVH Corp		4.500		12/15/22		1,975,000
	500,000		Whirlpool Corp		3.700		03/01/23		495,328
			TOTAL CONSUMER DURABLES & APPAREL						8,673,116
CONSUMER SERVICES - 0.3%
	900,000		Ameristar Casinos, Inc		7.500		04/15/21		974,250
	775,000		ARAMARK Corp		5.750		03/15/20		818,594
	1,350,000		DineEquity, Inc		9.500		10/30/18		1,471,500
	425,000	g	GLP Capital LP		4.375		11/01/18		436,156
	1,775,000	g	SABMiller Holdings, Inc		3.750		01/15/22		1,814,126
	1,250,000	g	SABMiller Holdings, Inc		4.950		01/15/42		1,308,863
	1,000,000		Walt Disney Co		0.450		12/01/15		999,172
			TOTAL CONSUMER SERVICES						7,822,661
DIVERSIFIED FINANCIALS - 5.4%
	1,190,000	g	Abbey National Treasury Services plc		3.875		11/10/14		1,214,313
	750,000		Abbey National Treasury Services plc		4.000		04/27/16		794,947
	2,000,000	g	Ajecorp BV		6.500		05/14/22		1,945,000
	1,500,000		American Express Centurion Bank		6.000		09/13/17		1,723,092
	1,575,000		American Express Co		2.650		12/02/22		1,496,272
	4,975,000		American Express Credit Corp		1.300		07/29/16		5,013,730
	4,750,000		American Express Credit Corp		2.125		07/27/18		4,772,126
	1,690,000		Bank of America Corp		5.300		03/15/17		1,859,754
	1,125,000		Bank of America Corp		6.000		09/01/17		1,276,274
	6,000,000		Bank of America Corp		2.600		01/15/19		6,023,670
	4,500,000		Bank of America Corp		2.650		04/01/19		4,514,351
	6,700,000		Bank of America Corp		4.100		07/24/23		6,795,917
	1,000,000		Bank of America Corp		4.000		04/01/24		998,823
	2,000,000		Bank of America Corp		5.000		01/21/44		2,041,772
	1,250,000		Bank of New York Mellon Corp		1.200		02/20/15		1,258,834
	1,200,000	i	Bank of New York Mellon Corp		1.969		06/20/17		1,224,080
	580,000		Bank of New York Mellon Corp		5.450		05/15/19		662,236
	1,950,000	g	BBVA Bancomer S.A.		4.500		03/10/16		2,062,125
	1,125,000		BlackRock, Inc		3.500		12/10/14		1,149,208
	1,400,000		BlackRock, Inc		4.250		05/24/21		1,519,731
	2,150,000		BlackRock, Inc		3.500		03/18/24		2,134,892
	825,000		Capital One Financial Corp		1.000		11/06/15		826,168

3

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000	g	Comcel Trust		6.875	%	02/06/24	$	1,569,375
	1,600,000		Ford Motor Credit Co LLC		4.250		02/03/17		1,717,939
	2,500,000		Ford Motor Credit Co LLC		3.000		06/12/17		2,596,648
	800,000		Ford Motor Credit Co LLC		6.625		08/15/17		924,137
	9,500,000		General Electric Capital Corp		2.300		01/14/19		9,585,197
	2,425,000		General Electric Capital Corp		3.100		01/09/23		2,372,984
	810,000		General Electric Capital Corp		6.875		01/10/39		1,066,722
	1,750,000		General Motors Financial Co, Inc		2.750		05/15/16		1,772,925
	3,960,000		Goldman Sachs Group, Inc		3.300		05/03/15		4,066,987
	3,500,000		Goldman Sachs Group, Inc		2.625		01/31/19		3,491,033
	3,500,000		Goldman Sachs Group, Inc		3.625		01/22/23		3,442,971
	1,450,000		Goldman Sachs Group, Inc		4.000		03/03/24		1,443,572
	135,000		Goldman Sachs Group, Inc		6.450		05/01/36		149,868
	335,000		Goldman Sachs Group, Inc		6.750		10/01/37		383,749
	1,500,000		Goldman Sachs Group, Inc		6.250		02/01/41		1,781,168
	448,000	g	Hyundai Capital America, Inc		3.750		04/06/16		468,231
	600,000	g	Hyundai Capital Services, Inc		4.375		07/27/16		640,396
	400,000	g	Hyundai Capital Services, Inc		3.500		09/13/17		418,526
	525,000	g	Icahn Enterprises LP		4.875		03/15/19		534,188
	575,000	g	International Lease Finance Corp		6.500		09/01/14		587,219
	4,850,000		International Lease Finance Corp		5.875		08/15/22		5,128,875
	1,975,000		Landwirtschaftliche Rentenbank		5.125		02/01/17		2,203,369
	3,600,000		Morgan Stanley		1.750		02/25/16		3,646,447
	450,000		Morgan Stanley		2.500		01/24/19		448,747
	400,000		Morgan Stanley		3.750		02/25/23		397,464
	2,000,000		Morgan Stanley		6.375		07/24/42		2,439,742
	565,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		761,804
	1,500,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		1,486,605
	925,000		State Street Corp		4.300		05/30/14		930,837
	1,700,000	g	Temasek Financial I Ltd		2.375		01/23/23		1,565,329
	1,025,000		Toyota Motor Credit Corp		1.250		10/05/17		1,015,626
	1,475,000	g	Turkiye Vakiflar Bankasi Tao		3.750		04/15/18		1,394,170
	1,400,000	g	UBS AG.		1.875		01/23/15		1,416,506
	1,500,000		Unilever Capital Corp		2.200		03/06/19		1,499,883
	325,000		Waha Aerospace BV		3.925		07/28/20		343,710
	601,250	g	Waha Aerospace BV		3.925		07/28/20		635,864
	4,650,000		Wells Fargo & Co		1.500		07/01/15		4,704,117
	2,825,000		Wells Fargo & Co		5.375		11/02/43		2,975,830
			TOTAL DIVERSIFIED FINANCIALS						123,316,075
ENERGY - 4.1%
	1,275,000		Anadarko Petroleum Corp		5.950		09/15/16		1,414,555
	365,000		Anadarko Petroleum Corp		6.950		06/15/19		435,633
	625,000		Apache Corp		1.750		04/15/17		630,936
	1,320,000		Apache Corp		4.750		04/15/43		1,326,967
	3,375,000		Ashland, Inc		3.875		04/15/18		3,484,687
	1,500,000		Ashland, Inc		4.750		08/15/22		1,471,875
	3,050,000		BP Capital Markets plc		1.375		05/10/18		2,985,709
	795,000	g	Calumet Specialty Products Partners LP		6.500		04/15/21		800,962
	1,475,000		Canadian Natural Resources Ltd		3.800		04/15/24		1,482,374
	3,500,000		Chevron Corp		2.355		12/05/22		3,289,090
	1,540,000		Cimarex Energy Co		5.875		05/01/22		1,670,900

4

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,875,000		Concho Resources, Inc		5.500	%	04/01/23	$	1,950,000
	2,875,000		Devon Energy Corp		1.875		05/15/17		2,895,855
	725,000		Devon Energy Corp		4.750		05/15/42		718,732
	2,875,000	g	EDC Finance Ltd		4.875		04/17/20		2,601,875
	990,000	g	Empresa Nacional del Petroleo		6.250		07/08/19		1,113,125
	480,000		Enbridge Energy Partners LP		5.200		03/15/20		523,977
	335,000		Enterprise Products Operating LLC		5.600		10/15/14		343,978
	170,000		Enterprise Products Operating LLC		5.000		03/01/15		176,690
	1,500,000		Enterprise Products Operating LLC		5.100		02/15/45		1,550,416
	675,000		EOG Resources, Inc		2.625		03/15/23		637,701
	1,425,000		Exterran Partners		6.000		10/01/22		1,401,787
	1,000,000	g	Gazprom Neft OAO		4.375		09/19/22		887,500
	1,450,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		05/23/16		1,495,312
	1,295,000		Hess Corp		5.600		02/15/41		1,422,107
	1,350,000	g	Indo Energy Finance II BV		6.375		01/24/23		1,073,250
	1,200,000		Marathon Petroleum Corp		3.500		03/01/16		1,257,107
	1,200,000		Newfield Exploration Co		5.750		01/30/22		1,275,000
	400,000		Newfield Exploration Co		5.625		07/01/24		415,000
	1,400,000		Noble Energy, Inc		5.250		11/15/43		1,461,236
	500,000		Noble Holding International Ltd		3.450		08/01/15		516,382
	1,320,000		Noble Holding International Ltd		4.900		08/01/20		1,408,455
	1,800,000		Noble Holding International Ltd		3.950		03/15/22		1,784,893
	2,150,000	g	ONE Gas, Inc		2.070		02/01/19		2,131,237
	700,000	g	ONE Gas, Inc		3.610		02/01/24		706,655
	1,475,000	g	ONE Gas, Inc		4.658		02/01/44		1,531,258
	1,400,000	g	Pacific Rubiales Energy Corp		5.375		01/26/19		1,452,500
	365,000		Pemex Project Funding Master Trust		5.750		03/01/18		404,694
	1,500,000	g	Pertamina PT		5.250		05/23/21		1,503,750
	1,350,000	i	Petrobras Global Finance BV		1.855		05/20/16		1,334,812
	1,375,000		Petrobras Global Finance BV		3.250		03/17/17		1,379,268
	1,500,000	i	Petrobras Global Finance BV		2.379		01/15/19		1,464,375
	1,640,000		Petrobras International Finance Co		3.875		01/27/16		1,684,180
	1,800,000		Petrobras International Finance Co		3.500		02/06/17		1,819,444
	1,210,000		Petrobras International Finance Co		7.875		03/15/19		1,380,075
	925,000		Petroleos Mexicanos		4.875		03/15/15		957,375
	1,875,000		Petroleos Mexicanos		3.500		07/18/18		1,945,313
	170,000		Petroleos Mexicanos		8.000		05/03/19		207,400
	925,000		Petroleos Mexicanos		6.000		03/05/20		1,041,781
	1,175,000		Petroleos Mexicanos		5.500		06/27/44		1,133,875
	1,315,000	g	Petroleum Co of Trinidad & Tobago Ltd		9.750		08/14/19		1,640,463
	1,400,000		Phillips 66		1.950		03/05/15		1,416,314
	2,500,000		Plains Exploration & Production Co		6.500		11/15/20		2,753,125
	625,000		Precision Drilling Corp		6.500		12/15/21		668,750
	1,500,000	g	PTT Exploration & Production PCL		3.707		09/16/18		1,540,000
	530,000		Regency Energy Partners LP		5.875		03/01/22		549,875
	400,000	g	Rosneft Oil Co via Rosneft International Finance Ltd		3.149		03/06/17		393,000
	1,000,000	g	Rosneft Oil Co via Rosneft International Finance Ltd		4.199		03/06/22		883,750
	900,000		Shell International Finance BV		4.550		08/12/43		930,237
	1,000,000		Southwestern Energy Co		4.100		03/15/22		1,027,706
	415,000		Statoil ASA		2.900		10/15/14		420,524
	675,000		Statoil ASA		1.200		01/17/18		662,137
	1,700,000		Statoil ASA		2.450		01/17/23		1,593,674

5

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,325,000		Statoil ASA		4.250	%	11/23/41	$	1,290,013
	1,325,000		Total Capital Canada Ltd		1.450		01/15/18		1,315,718
	2,000,000		Total Capital International S.A.		1.500		02/17/17		2,030,012
	1,915,000		TransCanada Pipelines Ltd		7.690		06/30/16		2,172,541
	660,000		TransCanada PipeLines Ltd		5.850		03/15/36		766,601
	700,000		Vale Overseas Ltd		4.375		01/11/22		694,980
	480,000		Vale Overseas Ltd		6.875		11/21/36		511,429
	515,000		Valero Energy Corp		4.500		02/01/15		531,643
	1,500,000		WPX Energy, Inc		6.000		01/15/22		1,537,500
			TOTAL ENERGY						93,312,050
FOOD & STAPLES RETAILING - 0.2%
	500,000		CVS Caremark Corp		3.250		05/18/15		514,259
	1,375,000		CVS Caremark Corp		4.000		12/05/23		1,404,871
	950,000		CVS Caremark Corp		5.300		12/05/43		1,048,633
	2,500,000		Ingles Markets, Inc		5.750		06/15/23		2,500,000
			TOTAL FOOD & STAPLES RETAILING						5,467,763
FOOD, BEVERAGE & TOBACCO - 0.9%
	2,500,000		Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		2,597,327
	2,500,000		Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		2,503,680
	1,450,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		1,369,074
	325,000		Campbell Soup Co		2.500		08/02/22		295,621
	1,225,000		Coca-Cola Co		3.200		11/01/23		1,204,660
	350,000	g	Corp Lindley S.A.		6.750		11/23/21		373,625
	1,600,000		Diageo Capital plc		2.625		04/29/23		1,491,437
	1,000,000	g	Embotelladora Andina S.A.		5.000		10/01/23		1,040,294
	1,150,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		1,054,193
	650,000		General Mills, Inc		5.200		03/17/15		678,445
	750,000	g	Grupo Bimbo SAB de C.V.		4.875		06/30/20		801,627
	880,000	g	Grupo Bimbo SAB de C.V.		4.500		01/25/22		904,796
	735,000		Kraft Foods, Inc		6.500		02/09/40		924,489
	650,000		Mondelez International, Inc		4.125		02/09/16		687,010
	1,750,000		Mondelez International, Inc		4.000		02/01/24		1,775,804
	78,000		PepsiCo, Inc		7.900		11/01/18		97,911
	1,475,000	g	Pernod Ricard S.A.		4.250		07/15/22		1,514,916
	468,000	g	Pernod-Ricard S.A.		5.750		04/07/21		531,271
	200,000		Philip Morris International, Inc		6.375		05/16/38		246,818
			TOTAL FOOD, BEVERAGE & TOBACCO						20,092,998
HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	1,450,000		Baxter International, Inc		3.200		06/15/23		1,414,381
	600,000		Becton Dickinson & Co		1.750		11/08/16		613,372
	375,000	g	CHS/Community Health Systems		6.875		02/01/22		391,875
	1,500,000		Covidien International Finance S.A.		1.350		05/29/15		1,512,065
	750,000		Covidien International Finance S.A.		3.200		06/15/22		738,032
	1,904,000		Endo Health Solutions		7.000		07/15/19		2,051,560
	6,405,000		Express Scripts Holding Co		2.100		02/12/15		6,486,613
	1,775,000		Express Scripts Holding Co		3.900		02/15/22		1,816,718
	1,000,000	g	Fresenius Medical Care II		5.625		07/31/19		1,077,500
	3,600,000		HCA, Inc		6.500		02/15/20		4,032,000
	750,000	g	Mallinckrodt International Finance S.A.		3.500		04/15/18		738,796

6

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,075,000		McKesson Corp		4.883	%	03/15/44	$	2,103,220
	525,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		522,804
	700,000		Thermo Fisher Scientific, Inc		4.150		02/01/24		720,182
	1,375,000		Thermo Fisher Scientific, Inc		5.300		02/01/44		1,481,788
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						25,700,906
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	1,000,000		Clorox Co		3.800		11/15/21		1,030,384
	1,950,000		Colgate-Palmolive Co		2.300		05/03/22		1,854,752
	800,000		Ecolab, Inc		1.450		12/08/17		789,816
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						3,674,952
INSURANCE - 2.7%
	565,000		ACE INA Holdings, Inc		5.875		06/15/14		571,034
	750,000		Aetna, Inc		1.500		11/15/17		748,450
	310,000		Aetna, Inc		6.500		09/15/18		365,610
	285,000		Aetna, Inc		6.625		06/15/36		358,433
	1,225,000		Allstate Corp		3.150		06/15/23		1,203,376
	1,225,000		Allstate Corp		4.500		06/15/43		1,231,675
	1,525,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		1,499,337
	4,750,000	g,i	Caelus Re Ltd		5.265		03/07/16		4,826,475
	500,000		Chubb Corp		6.000		05/11/37		610,637
	235,000		CIGNA Corp		5.125		06/15/20		260,225
	2,000,000		CIGNA Corp		4.500		03/15/21		2,160,270
	4,925,000	g	Five Corners Funding Trust		4.419		11/15/23		5,046,928
	1,125,000		Hartford Financial Services Group, Inc		4.000		03/30/15		1,162,651
	1,300,000		Hartford Financial Services Group, Inc		4.000		10/15/17		1,397,066
	1,275,000		Lincoln National Corp		7.000		06/15/40		1,677,646
	175,000	g	MetLife Institutional Funding II		1.625		04/02/15		177,088
	1,125,000		MetLife, Inc		6.750		06/01/16		1,261,644
	4,700,000		MetLife, Inc		4.368		09/15/23		5,005,759
	2,675,000		MetLife, Inc		4.125		08/13/42		2,512,590
	450,000		Principal Financial Group, Inc		1.850		11/15/17		451,270
	1,500,000		Progressive Corp		3.750		08/23/21		1,573,580
	750,000		Prudential Financial, Inc		3.875		01/14/15		769,332
	325,000		Prudential Financial, Inc		2.300		08/15/18		325,648
	630,000		Prudential Financial, Inc		7.375		06/15/19		771,908
	1,075,000		Prudential Financial, Inc		5.400		06/13/35		1,166,721
	1,375,000		Prudential Financial, Inc		5.100		08/15/43		1,442,625
	5,750,000	i	Prudential Financial, Inc		5.200		03/15/44		5,706,875
	1,190,000	g	Prudential Funding LLC		6.750		09/15/23		1,451,222
	525,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		494,798
	1,325,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		1,236,277
	615,000		Travelers Cos, Inc		5.800		05/15/18		703,974
	1,450,000		UnitedHealth Group, Inc		0.850		10/15/15		1,456,187
	1,100,000		UnitedHealth Group, Inc		1.400		10/15/17		1,097,022
	1,375,000		UnitedHealth Group, Inc		3.950		10/15/42		1,244,694
	3,000,000		WellPoint, Inc		3.125		05/15/22		2,870,895
	1,500,000		WellPoint, Inc		4.625		05/15/42		1,447,076
	3,350,000		Willis Group Holdings plc		4.125		03/15/16		3,517,684
	410,000		WR Berkley Corp		5.375		09/15/20		450,768
			TOTAL INSURANCE						60,255,450

7

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
MATERIALS - 1.9%
$	170,000		Airgas, Inc		4.500	%	09/15/14	$	172,834
	310,000		ArcelorMittal		4.250		08/05/15		319,300
	750,000		ArcelorMittal		5.000		02/25/17		795,938
	1,175,000		Ball Corp		4.000		11/15/23		1,098,625
	1,850,000		Barrick North America Finance LLC		4.400		05/30/21		1,864,108
	1,200,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		1,269,818
	1,625,000		Braskem Finance Ltd		6.450		02/03/24		1,663,594
	1,475,000	g	Cemex Finance LLC		6.000		04/01/24		1,478,688
	800,000		Corning, Inc		1.450		11/15/17		783,925
	1,650,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		1,659,735
	2,648,000		Crown Americas LLC		6.250		02/01/21		2,866,460
	335,000		Eastman Chemical Co		5.500		11/15/19		377,401
	500,000	g	Fresnillo plc		5.500		11/13/23		502,500
	3,400,000	g	Glencore Funding LLC		2.500		01/15/19		3,283,169
	1,900,000		Hexion US Finance Corp		6.625		04/15/20		1,966,500
	6,000,000		International Paper Co		4.750		02/15/22		6,487,488
	530,000		International Paper Co		7.300		11/15/39		691,432
	1,000,000		LyondellBasell Industries NV		5.000		04/15/19		1,113,459
	1,350,000		Nucor Corp		4.000		08/01/23		1,346,360
	500,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		514,061
	840,000		Rio Tinto Finance USA plc		2.250		12/14/18		839,931
	3,045,000		Rock Tenn Co		3.500		03/01/20		3,088,611
	1,000,000		Rosetta Resources, Inc		5.625		05/01/21		1,022,500
	2,650,000		Sherwin-Williams Co		1.350		12/15/17		2,609,460
	875,000		Teck Resources Ltd		2.500		02/01/18		878,119
	1,925,000		Teck Resources Ltd		3.750		02/01/23		1,809,369
	275,000		Teck Resources Ltd		6.000		08/15/40		274,757
	500,000		Teck Resources Ltd		5.200		03/01/42		452,606
	1,550,000	g	Turkiye Sise ve Cam Fabrikalari AS.		4.250		05/09/20		1,422,125
			TOTAL MATERIALS						42,652,873
MEDIA - 2.2%
	1,900,000	g	AMC Entertainment, Inc		5.875		02/15/22		1,933,250
	1,400,000	g	CBS Outdoor Americas Capital LLC		5.250		02/15/22		1,435,000
	1,450,000		Cinemark USA, Inc		4.875		06/01/23		1,393,812
	4,775,000		Comcast Corp		4.250		01/15/33		4,680,197
	1,800,000		DIRECTV Holdings LLC		3.800		03/15/22		1,781,170
	1,525,000		DIRECTV Holdings LLC		4.450		04/01/24		1,529,302
	1,200,000		Discovery Communications LLC		3.300		05/15/22		1,170,331
	1,050,000		DISH DBS Corp		4.250		04/01/18		1,095,937
	800,000		Grupo Televisa S.A.		6.000		05/15/18		897,154
	3,270,000		Lamar Media Corp		7.875		04/15/18		3,408,975
	1,375,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		1,349,649
	1,475,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		1,442,519
	1,175,000		NBC Universal Media LLC		2.875		01/15/23		1,135,030
	4,500,000		News America, Inc		3.000		09/15/22		4,322,412
	110,000		News America, Inc		7.625		11/30/28		140,079
	85,000		News America, Inc		6.550		03/15/33		101,758
	730,000		News America, Inc		6.650		11/15/37		891,620
	600,000		News America, Inc		6.900		08/15/39		754,087

8

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Nielsen Finance LLC		4.500	%	10/01/20	$	1,007,500
	250,000		Time Warner Cable, Inc		5.875		11/15/40		270,890
	1,475,000		Time Warner Cable, Inc		4.500		09/15/42		1,354,015
	960,000		Time Warner, Inc		3.150		07/15/15		991,493
	4,000,000		Time Warner, Inc		4.700		01/15/21		4,374,720
	565,000		Time Warner, Inc		6.500		11/15/36		669,889
	525,000		Time Warner, Inc		4.900		06/15/42		526,878
	1,225,000		Time Warner, Inc		5.350		12/15/43		1,305,486
	2,200,000	g	Univision Communications, Inc		5.125		05/15/23		2,249,500
	2,450,000		Viacom, Inc		1.250		02/27/15		2,464,710
	1,585,000		Viacom, Inc		2.500		12/15/16		1,642,567
	1,500,000		Viacom, Inc		5.850		09/01/43		1,648,253
			TOTAL MEDIA						47,968,183
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
	1,575,000		Gilead Sciences, Inc		3.700		04/01/24		1,575,660
	1,775,000		Gilead Sciences, Inc		4.800		04/01/44		1,827,192
	480,000		Life Technologies Corp		3.500		01/15/16		500,109
	1,450,000		Mead Johnson Nutrition Co		5.900		11/01/39		1,658,662
	1,425,000		Mylan, Inc		2.550		03/28/19		1,409,735
	1,828,000	g	Mylan, Inc		7.875		07/15/20		2,049,141
	1,350,000		NBTY, Inc		9.000		10/01/18		1,451,250
	550,000	g	Perrigo Co Ltd		4.000		11/15/23		549,787
	650,000	g	Perrigo Co Ltd		5.300		11/15/43		684,224
	1,300,000	g	Valeant Pharmaceuticals International, Inc		6.375		10/15/20		1,404,000
	875,000	g	Valeant Pharmaceuticals International, Inc		5.625		12/01/21		918,750
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						14,028,510
REAL ESTATE - 1.1%
	345,000		AMB Property LP		4.500		08/15/17		373,187
	630,000		Camden Property Trust		4.625		06/15/21		677,332
	1,650,000		Camden Property Trust		2.950		12/15/22		1,552,211
	1,000,000	g	DCT Industrial Operating Partnership LP		4.500		10/15/23		997,200
	2,000,000		Developers Diversified Realty Corp		4.750		04/15/18		2,168,292
	40,000		Federal Realty Investment Trust		5.650		06/01/16		43,912
	75,000		Federal Realty Investment Trust		5.900		04/01/20		86,534
	450,000		Federal Realty Investment Trust		3.000		08/01/22		435,933
	300,000		Federal Realty Investment Trust		2.750		06/01/23		280,368
	500,000		Healthcare Realty Trust, Inc		5.750		01/15/21		553,868
	325,000		Healthcare Realty Trust, Inc		3.750		04/15/23		309,286
	675,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		642,777
	2,250,000		Highwoods Properties, Inc		5.850		03/15/17		2,502,477
	2,050,000		Kilroy Realty LP		3.800		01/15/23		1,998,367
	2,375,000		Liberty Property LP		4.125		06/15/22		2,408,865
	700,000		Mid-America Apartments LP		4.300		10/15/23		706,189
	650,000		National Retail Properties, Inc		5.500		07/15/21		725,941
	1,075,000		National Retail Properties, Inc		3.300		04/15/23		1,014,157
	350,000		Regency Centers LP		5.250		08/01/15		369,231
	40,000		Regency Centers LP		5.875		06/15/17		44,795
	105,000		Simon Property Group LP		5.250		12/01/16		115,564
	2,075,000		Simon Property Group LP		2.800		01/30/17		2,162,764
	470,000		Simon Property Group LP		10.350		04/01/19		636,103

9

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000	g	Trust F		5.250	%	12/15/24	$	997,500
	340,000		Ventas Realty LP		3.125		11/30/15		352,822
	1,050,000		Ventas Realty LP		2.000		02/15/18		1,047,601
	675,000		Ventas Realty LP		2.700		04/01/20		657,028
	400,000		Ventas Realty LP		3.250		08/15/22		385,452
	1,876,000		Weingarten Realty Investors		3.500		04/15/23		1,770,749
	475,000		Weingarten Realty Investors		4.450		01/15/24		479,548
			TOTAL REAL ESTATE						26,496,053
RETAILING - 1.6%
	3,200,000		AmeriGas Finance LLC		3.750		05/01/21		3,128,000
	1,870,000		AmeriGas Partners LP		6.250		08/20/19		2,010,250
	1,667,000		AutoNation, Inc		5.500		02/01/20		1,808,695
	1,500,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		1,315,573
	1,500,000		Home Depot, Inc		2.250		09/10/18		1,516,718
	1,868,000		Limited Brands, Inc		6.625		04/01/21		2,099,165
	2,750,000		Limited Brands, Inc		5.625		02/15/22		2,904,688
	1,385,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		1,296,820
	1,660,000		O’Reilly Automotive, Inc		4.625		09/15/21		1,764,472
	5,613,000		O’Reilly Automotive, Inc		3.800		09/01/22		5,523,725
	2,400,000	g	QVC, Inc		7.500		10/01/19		2,553,718
	4,490,000	g	QVC, Inc		7.375		10/15/20		4,842,074
	375,000		QVC, Inc		5.125		07/02/22		389,026
	2,000,000		Sally Holdings LLC		5.750		06/01/22		2,115,000
	425,000		Sonic Automotive, Inc		5.000		05/15/23		417,031
	3,225,000	g	WEX, Inc		4.750		02/01/23		3,031,500
			TOTAL RETAILING						36,716,455
SOFTWARE & SERVICES - 0.5%
	650,000	g	Activision Blizzard, Inc		5.625		09/15/21		695,500
	650,000		Equinix, Inc		4.875		04/01/20		664,625
	9,600,000		Fidelity National Information Services, Inc		5.000		03/15/22		10,042,416
	325,000	g	NCR Escrow Corp		5.875		12/15/21		342,063
	630,000		Oracle Corp		3.750		07/08/14		635,591
			TOTAL SOFTWARE & SERVICES						12,380,195
TECHNOLOGY HARDWARE & EQUIPMENT - 1.6%
	1,125,000		Amphenol Corp		4.750		11/15/14		1,153,120
	1,045,000		Brocade Communications Systems, Inc		6.875		01/15/20		1,116,844
	100,000		CC Holdings GS V LLC		2.381		12/15/17		100,006
	2,125,000		Cisco Systems, Inc		2.125		03/01/19		2,115,493
	956,000		Flextronics International Ltd		4.625		02/15/20		964,365
	4,925,000		General Electric Co		0.850		10/09/15		4,947,281
	415,000		General Electric Co		5.250		12/06/17		470,292
	1,950,000		General Electric Co		2.700		10/09/22		1,889,952
	850,000		General Electric Co		4.125		10/09/42		816,759
	4,225,000		General Electric Co		4.500		03/11/44		4,290,542
	1,975,000		Hewlett-Packard Co		2.750		01/14/19		1,988,061
	700,000		Hewlett-Packard Co		3.750		12/01/20		711,063
	3,718,000		Jabil Circuit, Inc		5.625		12/15/20		3,936,432
	1,185,000		L-3 Communications Corp		4.950		02/15/21		1,269,190
	225,000		Nokia Oyj		5.375		05/15/19		236,812

10

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,825,000	g	NXP BV		3.750	%	06/01/18	$	1,834,125
	1,900,000		Scientific Games Corp		8.125		09/15/18		2,023,500
	468,000		Scientific Games Corp		9.250		06/15/19		496,080
	975,000		Tyco Electronics Group S.A.		2.375		12/17/18		964,826
	1,525,000	g	WESCO Distribution, Inc		5.375		12/15/21		1,559,313
	450,000		Xerox Corp		8.250		05/15/14		453,774
	425,000		Xerox Corp		4.500		05/15/21		447,872
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						33,785,702
TELECOMMUNICATION SERVICES - 2.5%
	700,000		America Movil SAB de C.V.		3.125		07/16/22		667,887
	1,575,000		American Tower Corp		3.500		01/31/23		1,489,383
	2,950,000		AT&T, Inc		2.625		12/01/22		2,742,883
	1,235,000		BellSouth Corp		5.200		09/15/14		1,261,487
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,490,625
	900,000		CenturyLink, Inc		6.750		12/01/23		955,125
	250,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		255,714
	630,000		Deutsche Telekom International Finance BV		8.750		06/15/30		909,196
	875,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		880,159
	1,000,000	g	ENTEL Chile S.A.		4.875		10/30/24		1,008,134
	4,375,000	g	Intelsat Jackson Holdings S.A.		5.500		08/01/23		4,287,500
	400,000	g	Intelsat Luxembourg S.A.		8.125		06/01/23		424,000
	1,810,000	g	Oi S.A.		5.750		02/10/22		1,733,075
	375,000	g	SES		3.600		04/04/23		363,454
	1,725,000	g	SES Global Americas Holdings GP		2.500		03/25/19		1,714,474
	1,195,000	g	SK Telecom Co Ltd		2.125		05/01/18		1,183,146
	1,325,000	g	Sprint Corp		7.250		09/15/21		1,444,250
	240,000		Sprint Nextel Corp		6.000		12/01/16		263,100
	2,500,000		Telefonica Emisiones SAU		3.992		02/16/16		2,621,493
	2,300,000		Telefonica Emisiones SAU		4.570		04/27/23		2,348,864
	925,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		1,030,952
	1,900,000		T-Mobile USA, Inc		6.731		04/28/22		2,035,375
	3,000,000		Verizon Communications, Inc		0.700		11/02/15		3,001,878
	3,800,000		Verizon Communications, Inc		3.650		09/14/18		4,045,222
	1,175,000		Verizon Communications, Inc		2.550		06/17/19		1,181,784
	1,925,000		Verizon Communications, Inc		3.450		03/15/21		1,951,355
	7,200,000		Verizon Communications, Inc		5.150		09/15/23		7,879,097
	1,150,000		Verizon Communications, Inc		4.150		03/15/24		1,168,340
	7,800,000		Verizon Communications, Inc		6.550		09/15/43		9,492,093
	1,175,000		Windstream Corp		6.375		08/01/23		1,145,625
			TOTAL TELECOMMUNICATION SERVICES						60,975,670
TRANSPORTATION - 0.8%
	1,635,000	g	Asciano Finance Ltd		5.000		04/07/18		1,755,692
	500,000	g	DP World Ltd		6.850		07/02/37		540,750
	4,754,000	g	Embraer Overseas Ltd		5.696		09/16/23		4,932,275
	700,000	g	ERAC USA Finance LLC		3.300		10/15/22		671,999
	750,000	g	ERAC USA Finance LLC		5.625		03/15/42		819,424
	1,262,000		GATX Corp		1.250		03/04/17		1,254,847
	1,450,000		GATX Corp		2.500		07/30/19		1,432,761
	1,175,000		GATX Corp		5.200		03/15/44		1,207,998
	850,000		Hertz Corp		4.250		04/01/18		875,500

11

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Hertz Corp		7.500	%	10/15/18	$	1,065,000
	775,000		Kansas City Southern de Mexico S.A. de C.V.		2.350		05/15/20		731,071
	950,000	g	Kansas City Southern Railway		4.300		05/15/43		861,217
	375,000		Northrop Grumman Corp		1.750		06/01/18		368,887
	1,125,000		United Parcel Service, Inc		3.625		10/01/42		1,001,611
			TOTAL TRANSPORTATION						17,519,032
UTILITIES - 4.0%
	675,000	g	Abu Dhabi National Energy Co		2.500		01/12/18		684,416
	1,385,000		AES Corp		7.375		07/01/21		1,578,900
	1,000,000		AES Corp		4.875		05/15/23		955,000
	1,250,000		AGL Capital Corp		4.400		06/01/43		1,222,577
	1,000,000		Alabama Power Co		3.550		12/01/23		1,007,767
	1,285,000		Alliant Energy Corp		4.000		10/15/14		1,308,214
	2,000,000		American Electric Power Co, Inc		2.950		12/15/22		1,907,268
	775,000		Atmos Energy Corp		8.500		03/15/19		988,915
	1,575,000		Atmos Energy Corp		4.150		01/15/43		1,511,975
	1,075,000		Black Hills Corp		4.250		11/30/23		1,107,220
	2,243,000	g	Calpine Corp		7.500		02/15/21		2,450,478
	1,515,000		Carolina Power & Light Co		5.300		01/15/19		1,723,273
	225,000		Carolina Power & Light Co		5.700		04/01/35		260,553
	159,000		CenterPoint Energy Resources Corp		4.500		01/15/21		171,765
	660,000		CenterPoint Energy Resources Corp		6.250		02/01/37		775,899
	1,120,000	g	CEZ AS.		4.250		04/03/22		1,138,648
	1,050,000		CMS Energy Corp		4.700		03/31/43		1,045,701
	800,000	g	Comision Federal de Electricidad		4.875		01/15/24		812,000
	1,850,000		Commonwealth Edison Co		4.000		08/01/20		1,974,374
	395,000		Commonwealth Edison Co		5.900		03/15/36		479,357
	415,000		Connecticut Light & Power Co		5.500		02/01/19		474,288
	1,700,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		1,545,453
	225,000		Consolidated Natural Gas Co		5.000		12/01/14		231,654
	650,000	g	Dominion Gas Holdings LLC		3.550		11/01/23		641,439
	800,000	g	Dominion Gas Holdings LLC		4.800		11/01/43		815,770
	260,000		Duke Energy Carolinas LLC		4.300		06/15/20		283,105
	2,000,000		Duke Energy Corp		3.950		09/15/14		2,031,922
	650,000		Duke Energy Ohio, Inc		3.800		09/01/23		673,195
	1,500,000	g,i	Electricite de France		5.625		12/30/49		1,512,195
	1,000,000	g	Eskom Holdings Ltd		5.750		01/26/21		1,020,000
	1,750,000		Florida Power & Light Co		2.750		06/01/23		1,689,966
	335,000		Florida Power Corp		6.400		06/15/38		431,993
	1,410,000		FPL Group Capital, Inc		2.600		09/01/15		1,443,929
	1,000,000	g	Hrvatska Elektroprivreda		6.000		11/09/17		1,040,000
	630,000		Indiana Michigan Power Co		7.000		03/15/19		756,939
	555,000		Integrys Energy Group, Inc		4.170		11/01/20		581,270
	1,150,000	g	Israel Electric Corp Ltd		6.700		02/10/17		1,251,200
	2,000,000	g	Israel Electric Corp Ltd		7.250		01/15/19		2,232,500
	195,000	g	Kansas Gas & Electric		6.700		06/15/19		234,573
	600,000	g	KazMunayGas National Co JSC		4.400		04/30/23		565,500
	775,000		Kinder Morgan Energy Partners LP		9.000		02/01/19		981,233
	1,955,000	g	Korea Hydro & Nuclear Power Co Ltd		3.125		09/16/15		2,013,325
	500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		508,324
	4,030,000		LG&E and KU Energy LLC		3.750		11/15/20		4,141,365

12

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000	g	MidAmerican Energy Holdings Co		5.150	%	11/15/43	$	1,598,241
	630,000		Nevada Power Co		6.500		08/01/18		745,471
	1,335,000		NiSource Finance Corp		5.400		07/15/14		1,353,004
	700,000		NiSource Finance Corp		4.800		02/15/44		670,410
	1,025,000		Northeast Utilities		1.450		05/01/18		994,718
	1,975,000		Northern States Power Co		5.350		11/01/39		2,259,262
	1,525,000		NSTAR Electric Co		4.400		03/01/44		1,531,027
	2,000,000		NTPC Ltd		5.625		07/14/21		2,081,574
	150,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		199,482
	600,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		597,528
	950,000		ONEOK Partners LP		3.375		10/01/22		915,937
	1,700,000		Pacific Gas & Electric Co		3.850		11/15/23		1,714,331
	1,150,000		PacifiCorp		2.950		02/01/22		1,135,351
	885,000		Pepco Holdings, Inc		2.700		10/01/15		904,868
	1,450,000		PG&E Corp		5.750		04/01/14		1,450,000
	135,000		Potomac Electric Power Co		7.900		12/15/38		201,771
	3,875,000		PPL Capital Funding, Inc		4.200		06/15/22		4,017,898
	1,000,000		PPL Electric Utilities Corp		3.000		09/15/21		1,005,019
	565,000		Progress Energy, Inc		7.050		03/15/19		676,374
	1,780,000		Public Service Co of Oklahoma		5.150		12/01/19		1,979,631
	440,000		Public Service Electric & Gas Co		5.300		05/01/18		498,399
	2,200,000		Public Service Electric & Gas Co		2.375		05/15/23		2,031,924
	1,190,000		Public Service Electric & Gas Co		5.375		11/01/39		1,373,844
	1,500,000		QEP Resources, Inc		5.375		10/01/22		1,507,500
	468,000		Questar Market Resources, Inc		6.875		03/01/21		514,800
	1,375,000		Southern California Edison Co		4.650		10/01/43		1,437,063
	450,000		Tampa Electric Co		4.100		06/15/42		427,864
	1,325,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		1,205,750
	845,000		Virginia Electric and Power Co		2.950		01/15/22		834,289
	480,000		Williams Partners LP		3.800		02/15/15		492,963
	850,000		Williams Partners LP		4.000		11/15/21		864,255
	825,000		Williams Partners LP		4.500		11/15/23		844,094
	925,000		Williams Partners LP		5.400		03/04/44		949,168
	650,000		Xcel Energy, Inc		4.800		09/15/41		668,485
			TOTAL UTILITIES						89,887,733
			TOTAL CORPORATE BONDS						854,403,720
			(Cost $834,931,162)
GOVERNMENT BONDS -  39.6%
AGENCY SECURITIES - 0.2%
	4,564,879		AMAL Ltd		3.465		08/21/21		4,809,095
	1,500,000		Amber Circle Funding Ltd		3.250		12/04/22		1,382,040
	870,867		Cal Dive I- Title XI, Inc		4.930		02/01/27		936,527
	2,000,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		2,020,420
	401,250		Totem Ocean Trailer Express, Inc		4.514		12/18/19		419,520
			TOTAL AGENCY SECURITIES						9,567,602
FOREIGN GOVERNMENT BONDS - 3.1%
	1,500,000	g	Barbados Government International Bond		7.000		08/04/22		1,327,500
	1,125,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		1,088,437

13

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Brazilian Government International Bond		4.250	%	01/07/25	$	967,500
	170,000		Brazilian Government International Bond		7.125		01/20/37		203,787
	970,000		Brazilian Government International Bond		5.625		01/07/41		982,610
	1,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.125		01/30/17		1,001,410
	1,000,000	g	Caisse d’Amortissement de la Dette Sociale		3.375		03/20/24		995,640
	875,000		Colombia Government International Bond		4.375		07/12/21		910,000
	2,575,000		Colombia Government International Bond		2.625		03/15/23		2,317,500
	850,000		Colombia Government International Bond		4.000		02/26/24		841,500
	950,000	g	Croatia Government International Bond		6.250		04/27/17		1,020,062
	1,000,000	g	Croatia Government International Bond		6.375		03/24/21		1,077,500
	550,000	g	Dominican Republic International Bond		5.875		04/18/24		545,875
	395,000		European Investment Bank		4.875		02/15/36		454,080
	3,325,000		Export-Import Bank of Korea		1.250		11/20/15		3,344,860
	580,000		Export-Import Bank of Korea		3.750		10/20/16		617,292
	300,000		Federative Republic of Brazil		6.000		01/17/17		333,300
	230,000		Hungary Government International Bond		4.000		03/25/19		228,390
	1,130,000		Hungary Government International Bond		5.750		11/22/23		1,166,725
	250,000		Hungary Government International Bond		5.375		03/25/24		250,500
	845,000		Italy Government International Bond		5.375		06/12/17		926,154
	355,000		Italy Government International Bond		6.875		09/27/23		430,509
	1,160,000	g	Japan Finance Organization for Municipalities		2.125		03/06/19		1,153,655
	3,000,000	g,i	Kommunalbanken AS.		0.415		02/20/18		2,996,550
	1,000,000		Korea Development Bank		1.500		01/22/18		978,476
	1,210,000	g	Korea Housing Finance Corp		3.500		12/15/16		1,284,367
	3,325,000	g	Korea Housing Finance Corp		1.625		09/15/18		3,208,429
	19,270,000		Mexican Bonos		8.000		12/07/23		1,670,404
	500,000		Mexico Government International Bond		6.750		09/27/34		610,000
	1,000,000		Mexico Government International Bond		6.050		01/11/40		1,137,500
	500,000		Mexico Government International Bond		4.750		03/08/44		475,000
	800,000	g	Namibia International Bonds		5.500		11/03/21		838,000
	1,825,000		Panama Government International Bond		5.200		01/30/20		2,020,275
	100,000		Peruvian Government International Bond		7.125		03/30/19		120,625
	450,000		Peruvian Government International Bond		7.350		07/21/25		578,813
	1,250,000		Philippine Government International Bond		4.200		01/21/24		1,290,625
	1,833,000		Poland Government International Bond		5.125		04/21/21		2,024,090
	1,000,000		Poland Government International Bond		3.000		03/17/23		935,000
	620,000		Province of Quebec Canada		7.500		09/15/29		858,229
	1,025,000	g	Republic of Azerbaijan International Bond		4.750		03/18/24		1,029,100
	925,000		Republic of Korea		5.750		04/16/14		926,156
	1,000,000	g	Republic of Serbia		5.250		11/21/17		1,037,500
	860,000	g	Republic of Serbia		7.250		09/28/21		963,286
	700,000	g	Republic of Trinidad & Tobago		4.375		01/16/24		732,200
	900,000		Republic of Turkey		6.000		01/14/41		884,250
	500,000	g	Romanian Government International Bond		6.750		02/07/22		582,500
	575,000	g	Romanian Government International Bond		4.375		08/22/23		564,219
	750,000	g	Russian Foreign Bond - Eurobond		3.625		04/29/15		764,063
	750,000	g	Russian Foreign Bond - Eurobond		3.250		04/04/17		763,125
	800,000	g	Russian Foreign Bond - Eurobond		5.000		04/29/20		832,000
	875,000	g	Slovenia Government International Bond		4.125		02/18/19		904,750
	1,175,000		South Africa Government International Bond		5.500		03/09/20		1,276,050
	1,675,000		South Africa Government International Bond		5.875		09/16/25		1,800,625
	8,500,000		Spain Government Bond		3.750		10/31/18		12,751,979

14

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000	g	Sri Lanka Government International Bond		6.250	%	07/27/21	$	2,082,500
	1,220,000		Svensk Exportkredit AB		5.125		03/01/17		1,361,039
	1,100,000		Turkey Government International Bond		6.750		04/03/18		1,212,200
	975,000		Turkey Government International Bond		5.750		03/22/24		1,008,638
	1,032,000		United Mexican States		5.125		01/15/20		1,148,100
	891,000		Uruguay Government International Bond		4.500		08/14/24		913,275
			TOTAL FOREIGN GOVERNMENT BONDS						76,748,724
MORTGAGE BACKED - 20.2%
	284,045	i	Federal Home Loan Mortgage Corp (FHLMC)		2.380		02/01/36		302,154
	159,912	i	FHLMC		2.561		07/01/36		170,878
	514,806	i	FHLMC		2.255		09/01/36		553,489
	303,429	i	FHLMC		2.366		09/01/36		326,082
	391,167	i	FHLMC		2.420		09/01/36		417,599
	765,709	i	FHLMC		2.486		03/01/37		812,724
	424,509	i	FHLMC		6.010		04/01/37		449,631
	58,191	i	FHLMC		6.080		05/01/37		60,408
	95,609	i	FHLMC		2.500		06/01/37		101,981
	401,195	i	FHLMC		2.616		08/01/37		425,769
	507,763	i	FHLMC		1.702		09/01/37		533,352
	5,001		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.500		01/01/16		5,019
	508		FGLMC		7.500		05/01/16		521
	381		FGLMC		7.500		06/01/16		386
	407,036		FGLMC		4.500		01/01/19		430,539
	131,719		FGLMC		4.500		01/01/20		139,329
	231,372		FGLMC		5.000		05/01/20		247,605
	55,331		FGLMC		4.500		07/01/20		59,112
	10,432		FGLMC		7.000		10/01/20		11,238
	652,362		FGLMC		4.500		06/01/21		691,422
	1,178,045		FGLMC		4.500		06/01/21		1,248,787
	474,849		FGLMC		4.000		07/01/24		502,834
	156,153		FGLMC		4.500		09/01/24		167,142
	449		FGLMC		6.500		10/01/28		503
	10,208		FGLMC		6.500		01/01/29		11,446
	2,930		FGLMC		6.500		03/01/29		3,335
	32,682		FGLMC		6.500		07/01/29		36,626
	1,589		FGLMC		8.000		01/01/31		1,819
	17,631		FGLMC		6.500		09/01/31		19,827
	38,373		FGLMC		8.000		09/01/31		44,229
	238,191		FGLMC		7.000		12/01/31		269,851
	261,598		FGLMC		4.500		07/01/33		279,719
	779,137		FGLMC		5.000		09/01/33		859,986
	309,649		FGLMC		5.500		09/01/33		345,295
	365,659		FGLMC		5.500		09/01/33		407,776
	487,830		FGLMC		5.500		10/01/33		544,055
	741,710		FGLMC		5.500		12/01/33		822,589
	1,549,454		FGLMC		7.000		12/01/33		1,770,551
	395,684		FGLMC		5.000		01/01/34		431,528
	607,631		FGLMC		4.500		04/01/35		649,265
	561,671		FGLMC		7.000		05/01/35		641,737
	114,990		FGLMC		5.000		02/01/36		125,014
	9,165		FGLMC		6.500		05/01/36		10,264

15

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,709,115		FGLMC		4.000	%	12/15/37	$	1,794,037
	499,139		FGLMC		5.000		04/01/38		544,910
	447,761		FGLMC		5.000		07/01/39		486,312
	3,680,828		FGLMC		4.500		11/01/40		3,964,734
	4,245,270		FGLMC		4.500		12/01/40		4,564,256
	10,000,000	h	FGLMC		3.500		04/15/44		10,048,438
	6,000,000	h	FGLMC		4.000		05/15/44		6,202,734
	1,000,000	h	FGLMC		4.500		05/15/44		1,062,344
	3,321,770		Federal National Mortgage Association (FNMA)		4.640		11/01/14		3,341,376
	4,560		FNMA		6.500		10/01/16		4,716
	46,460		FNMA		6.500		11/01/16		48,454
	28,983		FNMA		6.500		04/01/17		30,670
	436,378		FNMA		5.500		04/01/18		467,214
	463,761		FNMA		5.000		11/01/18		496,011
	25,208		FNMA		6.000		01/01/19		28,031
	68,338		FNMA		4.500		11/01/20		72,433
	110,184		FNMA		5.500		08/01/21		119,828
	100,675		FNMA		4.500		06/01/23		106,713
	259,756		FNMA		5.000		07/01/23		279,811
	92,530		FNMA		5.000		11/01/23		100,767
	86,293		FNMA		5.500		02/01/24		95,133
	104,343		FNMA		4.000		05/01/24		110,473
	47,718		FNMA		5.500		07/01/24		52,626
	908		FNMA		8.000		07/01/24		1,050
	123,533		FNMA		4.500		08/01/24		130,989
	1,088,614		FNMA		4.000		09/01/24		1,152,753
	505,961		FNMA		5.000		03/01/25		551,114
	1,097,017		FNMA		5.000		10/01/25		1,194,524
	810,189		FNMA		3.000		05/01/27		833,804
	724		FNMA		7.500		01/01/29		824
	1,374		FNMA		6.500		04/01/29		1,545
	5,000,000	h	FNMA		2.500		04/25/29		4,996,094
	12,000,000	h	FNMA		3.000		04/25/29		12,326,250
	11,000,000	h	FNMA		3.500		04/25/29		11,532,812
	11,000,000	h	FNMA		4.000		04/25/29		11,630,352
	4,000,000	h	FNMA		2.500		05/25/29		3,986,250
	11,000,000	h	FNMA		3.000		05/25/29		11,268,125
	9,000,000	h	FNMA		2.500		06/25/29		8,942,344
	11,402		FNMA		7.500		07/01/29		11,856
	568		FNMA		7.500		02/01/31		601
	3,380		FNMA		7.500		03/01/31		4,032
	2,578		FNMA		7.500		05/01/31		2,810
	1,162		FNMA		6.500		09/01/31		1,304
	16,181		FNMA		6.500		11/01/31		18,304
	283,104		FNMA		6.500		07/01/32		320,034
	237,764		FNMA		4.500		03/25/33		247,464
	5,928,966		FNMA		4.000		01/01/34		6,236,918
	120,199		FNMA		3.500		03/25/34		119,062
	46,448		FNMA		6.000		11/01/34		51,747
	10,521		FNMA		7.500		06/01/35		11,497

16

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	42,563		FNMA		5.000	%	11/01/35	$	46,131
	357,657	i	FNMA		2.261		02/01/36		382,224
	158,342		FNMA		5.000		02/01/36		169,435
	302,916	i	FNMA		2.379		07/01/36		326,754
	320,920		FNMA		6.000		09/01/37		359,146
	959,993	i	FNMA		2.400		10/01/37		1,027,507
	187,543	i	FNMA		2.023		10/01/38		199,959
	3,975,241		FNMA		4.000		02/01/39		4,131,114
	1,310,035		FNMA		5.500		08/01/39		1,449,385
	3,242,509		FNMA		4.500		03/01/40		3,477,908
	48,417		FNMA		6.000		10/01/40		54,075
	1,010,669	h	FNMA		3.500		03/01/41		1,017,507
	323,215	h	FNMA		3.500		11/01/41		325,402
	278,733	h	FNMA		3.500		11/01/41		280,638
	965,931		FNMA		4.000		12/01/41		1,007,910
	10,435,388		FNMA		3.500		02/01/42		10,517,833
	5,982,321		FNMA		3.500		07/01/42		6,026,079
	9,967,192		FNMA		3.500		09/01/42		10,046,305
	400,616	h	FNMA		3.000		10/01/42		387,172
	3,703,968		FNMA		3.500		10/01/42		3,729,025
	17,398,026		FNMA		3.500		11/01/42		17,536,081
	9,484,387		FNMA		3.500		11/01/42		9,553,782
	96,648		FNMA		3.500		12/01/42		96,333
	5,396,368		FNMA		3.000		01/01/43		5,215,267
	478,054		FNMA		3.000		01/01/43		457,774
	2,469,060		FNMA		3.000		01/01/43		2,386,199
	400,348	h	FNMA		3.500		01/01/43		403,057
	946,985		FNMA		3.000		02/01/43		916,065
	6,899,654		FNMA		3.000		02/01/43		6,668,103
	3,208,681		FNMA		3.000		02/01/43		3,101,020
	626,731		FNMA		3.500		02/01/43		632,098
	403,339		FNMA		3.500		02/01/43		402,022
	514,618		FNMA		3.500		03/01/43		512,938
	159,452		FNMA		3.500		05/01/43		160,807
	97,846		FNMA		3.500		05/01/43		98,677
	94,385		FNMA		3.500		05/01/43		95,188
	418,889		FNMA		3.500		06/01/43		422,449
	587,773		FNMA		3.500		06/01/43		585,865
	217,884		FNMA		3.500		06/01/43		219,738
	161,004		FNMA		3.500		06/01/43		160,482
	158,599		FNMA		3.500		06/01/43		159,945
	95,357		FNMA		3.500		06/01/43		96,168
	973,934		FNMA		3.500		06/01/43		970,773
	78,261		FNMA		3.500		06/01/43		78,927
	202,076		FNMA		3.500		06/01/43		203,797
	277,472		FNMA		3.500		07/01/43		279,835
	576,880		FNMA		3.500		07/01/43		581,787
	980,611		FNMA		3.500		07/01/43		977,434
	90,014		FNMA		3.500		08/01/43		89,721
	7,583,924		FNMA		4.000		09/01/43		7,918,376
	9,033,724		FNMA		4.000		09/01/43		9,423,761

17

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,289,890		FNMA		4.000	%	09/01/43	$	4,479,874
	387,795		FNMA		3.500		10/01/43		386,534
	524,463		FNMA		3.500		11/01/43		522,760
	1,526,267		FNMA		4.000		12/01/43		1,594,007
	1,531,380		FNMA		4.000		12/01/43		1,599,283
	238,881		FNMA		3.500		01/01/44		238,102
	4,000,000	h	FNMA		3.500		04/25/44		4,023,750
	21,000,000	h	FNMA		4.000		04/25/44		21,826,875
	12,000,000	h	FNMA		4.500		04/25/44		12,800,626
	3,000,000	h	FNMA		5.000		04/25/44		3,270,703
	9,000,000	h	FNMA		5.500		04/25/44		9,938,320
	8,000,000	h	FNMA		3.500		05/25/44		8,020,000
	11,000,000	h	FNMA		4.000		05/25/44		11,393,594
	20,000,000	h	FNMA		4.500		05/25/44		21,262,501
	15,000,000	h	FNMA		5.000		05/25/44		16,313,672
	6,000,000	h	FNMA		5.500		05/25/44		6,617,109
	1,248,784		Government National Mortgage Assocaition (GNMA)		5.000		02/20/44		1,367,245
	140		GNMA		7.000		01/15/28		158
	1,777		GNMA		7.000		02/15/28		1,834
	625		GNMA		7.000		06/15/28		648
	1,219		GNMA		7.000		06/15/28		1,358
	7,003		GNMA		6.500		09/15/28		7,897
	3,292		GNMA		6.500		09/15/28		3,712
	9,485		GNMA		6.500		11/15/28		10,692
	3,229		GNMA		7.500		11/15/28		3,655
	586		GNMA		8.500		07/15/30		597
	18,026		GNMA		8.500		10/15/30		19,554
	12,377		GNMA		8.500		10/20/30		14,676
	1,384		GNMA		8.500		12/15/30		1,631
	2,362		GNMA		7.000		06/20/31		2,796
	2,022		GNMA		6.500		07/15/31		2,278
	4,160		GNMA		7.000		07/15/31		4,650
	6,693		GNMA		7.000		07/15/31		7,286
	915		GNMA		6.500		03/15/33		1,032
	163,817		GNMA		5.500		07/15/33		183,217
	578,088		GNMA		5.500		09/15/33		651,493
	160,877		GNMA		5.500		02/20/35		179,647
	996,669		GNMA		5.500		05/20/35		1,114,833
	327,160		GNMA		5.500		02/20/36		362,812
	54,948		GNMA		6.000		10/20/36		62,272
	58,408		GNMA		6.000		01/20/37		66,196
	188,557		GNMA		6.000		02/20/37		213,607
	60,211		GNMA		5.500		07/15/38		66,680
	401,744		GNMA		5.500		07/20/38		443,955
	155,347		GNMA		6.000		08/20/38		176,061
	179,919		GNMA		6.500		11/20/38		203,431
	1,163,416		GNMA		5.000		06/15/39		1,283,249
	1,091,578		GNMA		4.500		07/20/39		1,179,928
	1,355,582		GNMA		5.000		09/20/43		1,483,000
	2,518,577		GNMA		6.500		01/15/44		2,634,248
	1,076,151		GNMA		5.000		03/20/44		1,179,716
	6,000,000	h	GNMA		3.000		04/15/44		5,899,687

18

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	28,000,000	h	GNMA		3.500	%	04/15/44	$	28,564,374
	3,000,000	h	GNMA		4.000		04/15/44		3,150,937
	14,000,000	h	GNMA		4.500		04/15/44		15,089,375
	6,000,000	h	GNMA		6.000		04/15/44		6,711,797
	6,000,000	h	GNMA		3.500		04/20/44		6,122,812
	22,000,000	h	GNMA		4.000		04/20/44		23,117,186
	4,000,000	h	GNMA		4.500		04/20/44		4,311,875
			TOTAL MORTGAGE BACKED						470,087,671
MUNICIPAL BONDS - 3.5%
	440,000		Charlotte-Mecklenburg Hospital Authority		5.000		08/01/15		454,115
	4,265,000		Denver City & County School District No. 1		3.598		12/15/27		3,990,889
	25,000,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		25,250,000
	11,000,000		New York State Urban Development Corp		1.350		03/15/18		10,825,540
	7,985,000		State of Illinois		4.875		07/01/16		8,544,429
	3,000,000		State of Illinois		4.833		02/01/17		3,212,760
	12,000,000		State of Illinois		4.350		06/01/18		12,677,400
	1,845,000		State of Illinois		4.700		01/01/21		1,923,173
	2,560,000		State of Illinois		3.860		04/01/21		2,528,051
	3,030,000		State of Illinois		4.110		04/01/22		2,966,279
	2,195,000		State of Illinois		4.310		04/01/23		2,194,429
	3,470,000		State of Illinois		4.760		04/01/26		3,469,653
	1,763,000		State Public School Building Authority		5.000		09/15/27		1,909,311
	1,000,000		University of Massachusetts Building Authority		0.430		11/01/14		998,620
			TOTAL MUNICIPAL BONDS						80,944,649
U.S. TREASURY SECURITIES - 12.6%
	76,000		United States Treasury Bond		4.500		02/15/36		89,205
	11,485,000		United States Treasury Bond		2.875		05/15/43		10,024,246
	2,705,000		United States Treasury Bond		3.750		11/15/43		2,800,519
	2,500,000		United States Treasury Bond		3.625		02/15/44		2,528,905
	530,000		United States Treasury Note		0.250		02/28/15		530,539
	2,116,000		United States Treasury Note		0.250		05/31/15		2,118,232
	1,500,000		United States Treasury Note		0.375		08/31/15		1,503,692
	6,127,000	d,l	United States Treasury Note		0.375		11/15/15		6,136,331
	1,550,000		United States Treasury Note		0.375		03/15/16		1,548,910
	3,115,000		United States Treasury Note		0.625		02/15/17		3,095,288
	8,400,000		United States Treasury Note		0.750		03/15/17		8,368,500
	5,440,000		United States Treasury Note		0.875		01/31/18		5,351,600
	38,758,700		United States Treasury Note		1.500		08/31/18		38,686,027
	55,539,900		United States Treasury Note		1.375		09/30/18		55,040,930
	50,688,900		United States Treasury Note		1.500		02/28/19		50,182,011
	1,430,000		United States Treasury Note		1.625		03/31/19		1,422,738
	9,500,000		United States Treasury Note		2.000		09/30/20		9,387,188
	44,000		United States Treasury Note		2.625		11/15/20		45,134
	30,000,000		United States Treasury Note		2.375		12/31/20		30,234,360
	310,000		United States Treasury Note		2.125		01/31/21		306,973
	19,475,000		United States Treasury Note		2.000		02/28/21		19,105,287
	43,352,000		United States Treasury Note		2.750		02/15/24		43,446,854
			TOTAL U.S. TREASURY SECURITIES						291,953,469
			TOTAL GOVERNMENT BONDS						929,302,115
			(Cost $926,581,377)

19

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
STRUCTURED ASSETS - 16.7%
ASSET BACKED - 8.5%
$	2,475,000	g	Ally Master Owner Trust		4.590	%	04/15/17	$	2,545,394
			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		1,282,301
			Series - 2010 5A (Class B)
	9,300,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740		11/20/17		9,965,955
			Series - 2011 3A (Class B)
	1,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		1,073,985
			Series - 2011 5A (Class B)
	9,800,000	g	Avis Budget Rental Car Funding AESOP LLC		3.040		03/20/19		9,992,550
			Series - 2012 3A (Class B)
	352,695	i	Bear Stearns Asset Backed Securities Trust		0.894		11/25/39		346,740
			Series - 2005 SD3 (Class 2A1)
	11,712,970	g,m	Capital Automotive REIT		4.700		07/15/42		11,812,062
			Series - 2012 1A (Class A)
	2,639,862	i,m	CCR, Inc		0.599		07/10/17		2,555,716
			Series - 2010 CX (Class C)
	294,178	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		293,284
			Series - 2002 1 (Class AF6)
	149,013	g,i	Credit-Based Asset Servicing and Securitization LLC		6.159		12/25/36		149,821
			Series - 2007 MX1 (Class A1)
	6,410,000	g,i	DB/UBS Mortgage Trust		5.558		11/10/46		7,121,619
			Series - 2011 LC1A (Class C)
	23,008,400	g	Dominos Pizza Master Issuer LLC		5.216		01/25/42		24,612,546
			Series - 2012 1A (Class A2)
	213,271	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		213,116
			Series - 2007 1A (Class AF3)
	11,440,000		Ford Credit Auto Owner Trust		2.930		10/15/18		11,842,242
			Series - 2012 B (Class D)
	7,800,000		Ford Credit Auto Owner Trust		2.430		01/15/19		8,013,252
			Series - 2012 C (Class D)
	9,000,000		Ford Credit Auto Owner Trust		1.860		08/15/19		8,920,377
			Series - 2013 A (Class D)
	5,900,000	g	Hertz Vehicle Financing LLC		4.170		03/25/16		6,012,731
			Series - 2011 1A (Class B1)
	9,285,000	g	Hertz Vehicle Financing LLC		5.930		03/25/16		9,592,538
			Series - 0 2A (Class B2)
	5,000,000	g	Hertz Vehicle Financing LLC		1.860		08/25/17		5,007,730
			Series - 2013 1A (Class B1)
	2,000,000	g	Hertz Vehicle Financing LLC		4.960		03/25/18		2,136,756
			Series - 2011 1A (Class B2)
	10,000,000	g	Hertz Vehicle Financing LLC		2.480		08/25/19		9,893,610
			Series - 2013 1A (Class B2)
	1,247,426	i	Lehman XS Trust		0.404		02/25/36		1,127,744
			Series - 2006 1 (Class 1A1)
	2,646,480		Lehman XS Trust		6.500		06/25/46		2,075,396
			Series - 2006 13 (Class 2A1)

20

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	56,577	i	Long Beach Mortgage Loan Trust		0.904	%	02/25/35	$	56,421
			Series - 2005 1 (Class M1)
	1,000,000	g,i	Longpoint Re Ltd		4.015		05/18/16		1,019,000
			Series - 2013 144A (Class )
	274,668	i	Park Place Securities, Inc		1.099		09/25/34		273,113
			Series - 2004 WHQ1 (Class M1)
	1,849,386	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.674		01/25/36		1,838,295
			Series - 2005 WCH1 (Class M2)
	1,000,000	g	Rental Car Finance Corp		4.380		02/25/16		1,016,716
			Series - 2011 1A (Class B1)
	58,350	i	Residential Asset Securities Corp		6.489		10/25/30		58,416
			Series - 2001 KS2 (Class AI6)
	204,856	i	Residential Asset Securities Corp		0.584		04/25/35		203,022
			Series - 2005 KS3 (Class M3)
	539,250		Residential Funding Mortgage Securities II, Inc		5.500		08/25/25		547,138
			Series - 2006 HI5 (Class A3)
	217,221		Residential Funding Mortgage Securities II, Inc		5.960		02/25/36		218,110
			Series - 2006 HI3 (Class A3)
	185,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		194,072
			Series - 2006 HI1 (Class M2)
	3,000,000	g,i	Sanders Re Ltd		4.015		05/05/17		3,036,300
			Series - 2013 144A (Class )
	19,750,000		Santander Drive Auto Receivables Trust		3.870		02/15/18		20,640,132
			Series - 2012 2 (Class D)
	1,000,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		1,004,531
			Series - 2013 1 (Class D)
	565,131	i	Securitized Asset Backed Receivables LLC		0.454		10/25/35		552,307
			Series - 2006 OP1 (Class A2C)
	1,048,005	g	Sierra Receivables Funding Co LLC		3.350		04/20/26		1,078,402
			Series - 2011 1A (Class A)
	857,887	g	Sierra Receivables Funding Co LLC		4.250		05/20/28		886,013
			Series - 2011 2A (Class B)
	1,563,092	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		1,600,225
			Series - 2012 2A (Class B)
	9,965,246	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		10,003,532
			Series - 2013 1A (Class A)
	2,412,638	g	Sierra Receivables Funding Co LLC		2.390		11/20/29		2,433,008
			Series - 2013 1A (Class B)
	4,715,000	g	SLM Student Loan Trust		4.370		04/17/28		5,048,072
			Series - 2011 A (Class A2)
	1,480,000	g	SLM Student Loan Trust		3.740		02/15/29		1,550,831
			Series - 2011 B (Class A2)
	5,213,000	g	SLM Student Loan Trust		4.540		10/17/44		5,598,381
			Series - 2011 C (Class A2B)
	4,233,000	g	SLM Student Loan Trust		3.830		01/17/45		4,444,519
			Series - 2012 A (Class A2)
	495,514	i	Soundview Home Equity Loan Trust		0.454		11/25/35		489,190
			Series - 2005 OPT3 (Class A4)
	105,891	i	Structured Asset Investment Loan Trust		0.754		05/25/35		105,858
			Series - 2005 4 (Class M1)

21

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,645,149	g,i	Structured Asset Securities Corp		0.374	%	10/25/36	$	2,560,020
			Series - 2006 GEL4 (Class A2)
	5,800,000	g,i	Vitality Re IV Ltd		2.765		01/09/17		5,950,220
			Series - 2013 IV B (Class )
	229,087	g,i	Wachovia Loan Trust		0.514		05/25/35		215,810
			Series - 2005 SD1 (Class A)
	215,864	i	Wells Fargo Home Equity Trust		0.294		07/25/36		213,822
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED						209,422,942
OTHER MORTGAGE BACKED - 8.2%
	5,317,167	g	7 WTC Depositor LLC Trust		4.082		03/13/31		5,548,522
			Series - 2012 7WTC (Class A)
	2,886,938	i	American Home Mortgage Investment Trust 2004-3		1.837		10/25/34		2,843,920
			Series - 2004 3 (Class 4A)
	500,000	i	Banc of America Commercial Mortgage Trust		5.813		02/10/51		554,993
			Series - 2007 4 (Class AM)
	1,125,000	i	Banc of America Commercial Mortgage Trust		5.813		02/10/51		1,154,868
			Series - 2007 4 (Class AJ)
	1,495,000	i	Bear Stearns Commercial Mortgage Securities		5.958		09/11/42		1,628,855
			Series - 2007 T28 (Class AJ)
	12,495,000		Bear Stearns Commercial Mortgage Securities		5.363		02/11/44		13,050,765
			Series - 2007 PW15 (Class AM)
	4,750,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		4,756,906
			Series - 2007 C3 (Class AJ)
	479,940		Countrywide Alternative Loan Trust		5.500		08/25/16		496,752
			Series - 2004 30CB (Class 1A15)
	236,664		Countrywide Home Loan Mortgage Pass Through Trust		5.250		02/25/16		236,521
			Series - 2005 6 (Class 1A10)
	19,182		Countrywide Home Loan Mortgage Pass Through Trust		5.250		05/25/35		19,160
			Series - 2005 12 (Class 1A5)
	7,100,000		Credit Suisse First Boston Mortgage Securities Corp		4.771		07/15/37		7,276,840
			Series - 2005 C3 (Class AJ)
	3,670,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		3,745,749
			Series - 2005 C5 (Class C)
	371,387	g,i	Credit Suisse Mortgage Capital Certificates		0.335		04/15/22		368,194
			Series - 2007 TF2A (Class A1)
	1,600,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		1,752,237
			Series - 2006 OMA (Class D)
	29,705,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		31,965,551
			Series - 2006 C4 (Class AM)
	820,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		855,047
			Series - 2009 RR1 (Class A3C)
	7,405,000		Federal Home Loan Mortgage Corp (FHLMC)		4.000		11/15/39		7,683,813
			Series - 2010 3748 (Class D)
	841,496	i	HarborView Mortgage Loan Trust		0.376		07/19/47		715,738
			Series - 2007 4 (Class 2A1)
	653,200	i	Impac CMB Trust		0.814		03/25/35		595,926
			Series - 2004 11 (Class 2A1)
	13,475,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.884		02/15/51		14,546,114
			Series - 2007 C1 (Class AM)
	765,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		775,461
			Series - 2005 LDP2 (Class C)

22

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,535,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192	%	02/15/51	$	5,058,733
			Series - 2007 LD12 (Class AM)
	2,055,000		LB-UBS Commercial Mortgage Trust		5.378		11/15/38		2,235,154
			Series - 2006 C7 (Class AM)
	7,273,000	i	LB-UBS Commercial Mortgage Trust		5.493		02/15/40		7,728,166
			Series - 2007 C2 (Class AM)
	4,845,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		5,067,608
			Series - 2005 C5 (Class AJ)
	580,000	i	Merrill Lynch Mortgage Trust		6.326		02/12/51		631,106
			Series - 0 C1 (Class AJA)
	1,790,000	g,i	Morgan Stanley Capital I		5.811		08/12/41		1,870,724
			Series - 2006 T23 (Class B)
	1,821,000	i	Morgan Stanley Capital I		5.832		07/12/44		1,932,112
			Series - 2006 HQ9 (Class B)
	3,206,000	i	Morgan Stanley Capital I		5.842		07/12/44		3,300,035
			Series - 2006 HQ9 (Class C)
	690,263		Residential Accredit Loans, Inc		4.350		03/25/34		714,792
			Series - 2004 QS4 (Class A1)
	1,279,542	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		1,305,406
			Series - 2012 1A (Class A)
	619,020	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		627,530
			Series - 0 2A (Class A)
	30,235,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		32,727,362
			Series - 2007 C30 (Class AM)
	230,000	i	Wachovia Bank Commercial Mortgage Trust		5.818		05/15/46		254,529
			Series - 2007 C34 (Class AM)
	16,600,000	i	Wachovia Bank Commercial Mortgage Trust		5.933		05/15/46		16,842,343
			Series - 2007 C34 (Class AJ)
	3,515,000	i	Wachovia Bank Commercial Mortgage Trust		5.591		04/15/47		3,853,797
			Series - 2007 C31 (Class AM)
	1,475,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		1,180,192
			Series - 2007 C32 (Class B)
	2,225,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		2,172,394
			Series - 2007 C32 (Class AJ)
	1,450,440	i	WaMu Mortgage Pass-Through Certificates		0.504		12/25/45		1,319,818
			Series - 2005 AR19 (Class A1B3)
			TOTAL OTHER MORTGAGE BACKED						189,393,733
			TOTAL STRUCTURED ASSETS						398,816,675
			(Cost $392,669,236)
			TOTAL BONDS						2,182,522,510
			(Cost $2,154,181,775)
SHORT-TERM INVESTMENTS - 18.0%
GOVERNMENT AGENCY DEBT - 1.2%
	8,200,000		Federal Home Loan Bank (FHLB)		0.090		08/13/14		8,198,475
	20,500,000		Federal National Mortgage Association (FNMA)		0.088		08/25/14		20,495,838
			TOTAL GOVERNMENT AGENCY DEBT						28,694,313

23

TIAA-CREF FUNDS - Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
TREASURY DEBT - 16.8%
$	6,200,000	d	United States Treasury Bill		0.047-0.050	%	04/17/14	$	6,199,865
	36,700,000		United States Treasury Bill		0.045-0.056		04/24/14		36,698,919
	16,000,000	d	United States Treasury Bill		0.070		05/01/14		15,999,067
	10,000,000		United States Treasury Bill		0.045		05/08/14		9,999,538
	35,600,000		United States Treasury Bill		0.050		06/26/14		35,597,010
	10,000,000		United States Treasury Bill		0.061		07/10/14		9,998,890
	11,300,000		United States Treasury Bill		0.060		07/17/14		11,298,576
	53,100,000	d	United States Treasury Bill		0.063-0.108		07/24/14		53,092,831
	87,000,000		United States Treasury Bill		0.050		08/14/14		86,980,425
	98,000,000	d	United States Treasury Bill		0.106		08/21/14		97,977,754
	14,000,000	d	United States Treasury Bill		0.073		11/13/14		13,994,064
	12,200,000	d	United States Treasury Note		1.250		04/15/14		12,205,613
			TOTAL TREASURY DEBT						390,042,552
			TOTAL SHORT-TERM INVESTMENTS						418,736,865
			(Cost $418,709,579)
			TOTAL INVESTMENTS - 112.0%						2,605,614,713
			(Cost $2,577,257,804)
			OTHER ASSETS & LIABILITIES, NET - (12.0)%						(280,520,128	)
			NET ASSETS - 100.0%					$	2,325,094,585

	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 3/31/2014, the aggregate value of these securities, including those in “Other,” was $364,885,281 or 15.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon 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.

24

TIAA-CREF FUNDS - Bond Index Fund

TIAA-CREF FUNDS

BOND INDEX FUND

SCHEDULE OF INVESTMENTS

March 31, 2014

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
BONDS - 99.3%
CORPORATE BONDS - 24.7%
AUTOMOBILES & COMPONENTS - 0.1%
$	50,000	BorgWarner, Inc		4.625	%	09/15/20	$	52,686
	500,000	Delphi Corp		5.000		02/15/23		530,000
	100,000	Delphi Corp		4.150		03/15/24		99,879
	500,000	Ford Motor Co		7.450		07/16/31		641,560
	650,000	Ford Motor Co		4.750		01/15/43		628,566
	400,000	Honeywell International, Inc		5.400		03/15/16		436,591
	300,000	Honeywell International, Inc		5.300		03/01/18		340,920
	400,000	Honeywell International, Inc		5.000		02/15/19		452,764
	500,000	Honeywell International, Inc		3.350		12/01/23		499,802
	282,000	Honeywell International, Inc		5.700		03/15/37		336,635
	210,000	Johnson Controls, Inc		5.500		01/15/16		226,931
	150,000	Johnson Controls, Inc		2.600		12/01/16		154,764
	160,000	Johnson Controls, Inc		4.250		03/01/21		171,422
	270,000	Johnson Controls, Inc		6.000		01/15/36		311,215
		TOTAL AUTOMOBILES & COMPONENTS						4,883,735
BANKS - 2.7%
	200,000	Australia & New Zealand Banking Group Ltd		0.900		02/12/16		200,811
	500,000	Australia & New Zealand Banking Group Ltd		1.250		01/10/17		501,236
	250,000	Australia & New Zealand Banking Group Ltd		1.875		10/06/17		252,602
	500,000	Australia & New Zealand Banking Group Ltd		1.450		05/15/18		487,755
	500,000	Banco do Brasil S.A.		3.875		01/23/17		516,250
	200,000	Banco do Brasil S.A.		3.875		10/10/22		186,000
	100,000	Bancolombia S.A.		4.250		01/12/16		104,250
	200,000	Bancolombia S.A.		5.950		06/03/21		213,500
	400,000	Bank of Montreal		0.800		11/06/15		401,392
	500,000	Bank of Montreal		1.300		07/15/16		504,167
	450,000	Bank of Montreal		2.500		01/11/17		466,039
	200,000	Bank of Montreal		1.400		09/11/17		199,006
	400,000	Bank of Montreal		1.450		04/09/18		394,269
	300,000	Bank of Montreal		2.375		01/25/19		301,403
	400,000	Bank of Montreal		2.550		11/06/22		377,296
	100,000	Bank of Nova Scotia		2.050		10/07/15		102,193
	200,000	Bank of Nova Scotia		0.750		10/09/15		200,543
	500,000	Bank of Nova Scotia		2.900		03/29/16		520,676
	750,000	Bank of Nova Scotia		1.375		07/15/16		757,519
	300,000	Bank of Nova Scotia		1.100		12/13/16		301,273
	150,000	Bank of Nova Scotia		2.550		01/12/17		155,597
	400,000	Bank of Nova Scotia		1.375		12/18/17		395,930
	350,000	Bank of Nova Scotia		1.450		04/25/18		343,177
	500,000	Bank of Nova Scotia		2.050		10/30/18		498,229
	200,000	Bank of Nova Scotia		4.375		01/13/21		219,908

25

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		1.200	%	03/10/17	$	997,732
	500,000		BB&T Corp		5.200		12/23/15		535,849
	100,000		BB&T Corp		3.200		03/15/16		104,368
	200,000		BB&T Corp		2.150		03/22/17		204,636
	70,000		BB&T Corp		4.900		06/30/17		76,619
	150,000		BB&T Corp		1.600		08/15/17		150,436
	200,000		BB&T Corp		2.050		06/19/18		200,066
	500,000		BB&T Corp		2.250		02/01/19		499,731
	400,000		BB&T Corp		6.850		04/30/19		483,468
	200,000		BB&T Corp		3.950		03/22/22		205,818
	150,000		BBVA US Senior SAU		3.250		05/16/14		150,484
	500,000		BBVA US Senior SAU		4.664		10/09/15		525,100
	300,000		BPCE S.A.		1.700		04/25/16		302,310
	500,000		BPCE S.A.		1.625		02/10/17		499,307
	250,000		BPCE S.A.		2.500		12/10/18		251,191
	200,000		Branch Banking & Trust Co		1.450		10/03/16		202,255
	300,000		Branch Banking & Trust Co		1.050		12/01/16		300,151
	200,000		Branch Banking & Trust Co		1.000		04/03/17		198,363
	300,000		Branch Banking & Trust Co		2.850		04/01/21		295,782
	400,000		Canadian Imperial Bank of Commerce		0.900		10/01/15		402,498
	425,000		Canadian Imperial Bank of Commerce		2.350		12/11/15		437,355
	300,000		Canadian Imperial Bank of Commerce		1.550		01/23/18		296,797
	125,000		Capital One Bank USA NA		1.150		11/21/16		124,935
	300,000		Capital One Bank USA NA		1.200		02/13/17		298,917
	250,000		Capital One Bank USA NA		1.500		03/22/18		244,769
	400,000		Capital One Bank USA NA		2.150		11/21/18		396,824
	300,000		Capital One Bank USA NA		2.250		02/13/19		297,786
	972,000		Capital One Bank USA NA		3.375		02/15/23		945,808
	300,000		Citigroup, Inc		2.250		08/07/15		305,479
	800,000		Citigroup, Inc		4.950		11/07/43		812,964
	235,000		Citigroup, Inc		5.500		10/15/14		241,193
	500,000		Citigroup, Inc		1.250		01/15/16		501,759
	500,000		Citigroup, Inc		1.300		04/01/16		501,868
	1,750,000		Citigroup, Inc		3.953		06/15/16		1,854,268
	1,000,000		Citigroup, Inc		1.700		07/25/16		1,011,356
	500,000		Citigroup, Inc		1.300		11/15/16		499,741
	200,000		Citigroup, Inc		4.450		01/10/17		216,005
	500,000		Citigroup, Inc		1.350		03/10/17		497,583
	11,000		Citigroup, Inc		6.000		08/15/17		12,468
	915,000		Citigroup, Inc		6.125		11/21/17		1,047,689
	750,000		Citigroup, Inc		1.750		05/01/18		736,857
	407,000		Citigroup, Inc		6.125		05/15/18		467,775
	300,000		Citigroup, Inc		2.500		09/26/18		301,629
	2,810,000		Citigroup, Inc		5.375		08/09/20		3,161,747
	2,700,000		Citigroup, Inc		4.500		01/14/22		2,860,785
	1,675,000		Citigroup, Inc		4.050		07/30/22		1,681,465
	870,000		Citigroup, Inc		3.375		03/01/23		841,329
	600,000		Citigroup, Inc		3.500		05/15/23		566,070
	1,000,000		Citigroup, Inc		3.875		10/25/23		992,923
	400,000		Citigroup, Inc		5.500		09/13/25		426,079
	200,000		Citigroup, Inc		5.875		01/30/42		229,564
	225,000		Citigroup, Inc		6.675		09/13/43		263,475

26

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	250,000		Comerica Bank		5.750	%	11/21/16	$	279,394
	50,000		Comerica Bank		5.200		08/22/17		55,509
	400,000		Commonwealth Bank of Australia		1.950		03/16/15		405,851
	250,000		Commonwealth Bank of Australia		1.250		09/18/15		252,611
	750,000		Commonwealth Bank of Australia		1.125		03/13/17		747,107
	250,000		Commonwealth Bank of Australia		1.900		09/18/17		253,282
	600,000		Commonwealth Bank of Australia		2.500		09/20/18		608,852
	750,000		Commonwealth Bank of Australia		2.250		03/13/19		746,461
	400,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.375		01/19/17		424,074
	275,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		1.700		03/19/18		272,790
	500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		2.250		01/14/19		498,607
	1,500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		1,553,436
	375,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		372,438
	425,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		437,348
	400,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750		12/01/43		436,511
	200,000		Corpbanca S.A.		3.125		01/15/18		196,096
	900,000		Deutsche Bank AG		3.450		03/30/15		925,838
	500,000	i	Deutsche Bank AG		4.296		05/24/28		471,123
	400,000		Deutsche Bank AG.		1.400		02/13/17		400,011
	1,000,000		Deutsche Bank AG.		2.500		02/13/19		1,003,107
	400,000		Discover Bank		2.000		02/21/18		398,194
	215,000		Discover Bank		7.000		04/15/20		253,665
	400,000		Discover Bank		4.200		08/08/23		410,115
	200,000		Discover Bank		4.250		03/13/26		200,472
	450,000		Fifth Third Bancorp		3.625		01/25/16		472,141
	300,000		Fifth Third Bancorp		2.300		03/01/19		297,905
	200,000		Fifth Third Bancorp		3.500		03/15/22		200,761
	500,000		Fifth Third Bancorp		4.300		01/16/24		506,907
	140,000		Fifth Third Bancorp		8.250		03/01/38		197,159
	250,000		Fifth Third Bank		4.750		02/01/15		258,382
	500,000		Fifth Third Bank		1.150		11/18/16		501,548
	500,000		Fifth Third Bank		1.450		02/28/18		491,544
	100,000		First Horizon National Corp		5.375		12/15/15		106,391
	200,000		First Niagara Financial Group, Inc		7.250		12/15/21		228,937
	100,000		FirstMerit Corp		4.350		02/04/23		102,098
	750,000		HSBC Bank USA NA		4.875		08/24/20		814,326
	266,000		HSBC Bank USA NA		5.875		11/01/34		301,382
	33,000		HSBC Bank USA NA		7.000		01/15/39		42,618
	150,000		HSBC Holdings plc		4.875		01/14/22		164,208
	1,350,000		HSBC Holdings plc		4.250		03/14/24		1,351,662
	2,325,000		HSBC Holdings plc		6.500		09/15/37		2,750,810
	550,000		HSBC Holdings plc		6.100		01/14/42		671,061
	275,000		HSBC Holdings plc		5.250		03/14/44		278,068
	700,000		HSBC USA, Inc		2.375		02/13/15		711,938
	1,000,000		HSBC USA, Inc		1.625		01/16/18		991,745
	750,000		HSBC USA, Inc		2.625		09/24/18		767,652
	200,000		Huntington Bancshares, Inc		2.600		08/02/18		201,350
	250,000		Huntington National Bank		1.350		08/02/16		251,216
	200,000		Huntington National Bank		1.300		11/20/16		200,619
	300,000		Huntington National Bank		2.200		04/01/19		296,328
	300,000		Intesa Sanpaolo S.p.A		3.125		01/15/16		307,143
	200,000		Intesa Sanpaolo S.p.A		2.375		01/13/17		200,672

27

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	625,000		Intesa Sanpaolo S.p.A		3.875	%	01/16/18	$	646,873
	500,000		Intesa Sanpaolo S.p.A		3.875		01/15/19		508,580
	200,000		Intesa Sanpaolo S.p.A		5.250		01/12/24		205,458
	634,000		JPMorgan Chase & Co		5.125		09/15/14		647,325
	225,000		JPMorgan Chase & Co		3.700		01/20/15		230,664
	800,000		JPMorgan Chase & Co		1.875		03/20/15		810,170
	500,000		JPMorgan Chase & Co		0.800		04/23/15		501,267
	1,610,000		JPMorgan Chase & Co		3.400		06/24/15		1,663,119
	700,000		JPMorgan Chase & Co		5.150		10/01/15		742,875
	500,000		JPMorgan Chase & Co		1.100		10/15/15		502,052
	1,000,000		JPMorgan Chase & Co		1.125		02/26/16		1,003,844
	1,250,000		JPMorgan Chase & Co		3.450		03/01/16		1,309,035
	300,000		JPMorgan Chase & Co		3.150		07/05/16		313,935
	1,000,000		JPMorgan Chase & Co		1.350		02/15/17		999,188
	850,000		JPMorgan Chase & Co		2.000		08/15/17		861,686
	335,000		JPMorgan Chase & Co		6.000		01/15/18		384,484
	400,000		JPMorgan Chase & Co		1.800		01/25/18		399,074
	500,000		JPMorgan Chase & Co		1.625		05/15/18		491,036
	1,000,000		JPMorgan Chase & Co		2.350		01/28/19		1,002,639
	180,000		JPMorgan Chase & Co		4.950		03/25/20		200,102
	700,000		JPMorgan Chase & Co		4.400		07/22/20		754,557
	1,820,000		JPMorgan Chase & Co		4.250		10/15/20		1,946,075
	750,000		JPMorgan Chase & Co		4.625		05/10/21		817,680
	1,950,000		JPMorgan Chase & Co		4.350		08/15/21		2,090,197
	1,000,000		JPMorgan Chase & Co		4.500		01/24/22		1,078,082
	3,150,000		JPMorgan Chase & Co		3.250		09/23/22		3,103,037
	600,000		JPMorgan Chase & Co		3.200		01/25/23		581,802
	750,000		JPMorgan Chase & Co		3.375		05/01/23		709,964
	1,000,000		JPMorgan Chase & Co		3.875		02/01/24		1,008,972
	958,000		JPMorgan Chase & Co		5.500		10/15/40		1,067,882
	1,000,000		JPMorgan Chase & Co		5.625		08/16/43		1,075,254
	750,000	i	JPMorgan Chase & Co		6.000		12/30/49		738,750
	50,000		KeyBank NA		5.800		07/01/14		50,662
	300,000		KeyBank NA		1.100		11/25/16		300,302
	500,000		KeyBank NA		1.650		02/01/18		496,289
	600,000		KeyCorp		3.750		08/13/15		623,409
	400,000		KeyCorp		2.300		12/13/18		398,550
	150,000		KeyCorp		5.100		03/24/21		167,430
	700,000		Lloyds Bank plc		4.200		03/28/17		756,508
	500,000		Lloyds Bank plc		2.300		11/27/18		499,505
	300,000		Manufacturers & Traders Trust Co		1.250		01/30/17		300,412
	200,000		Manufacturers & Traders Trust Co		1.450		03/07/18		195,704
	300,000		Manufacturers & Traders Trust Co		2.300		01/30/19		299,159
	280,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		290,872
	250,000		National Australia Bank		2.000		03/09/15		253,951
	250,000		National Australia Bank		2.750		03/09/17		260,701
	250,000		National Australia Bank Ltd		1.600		08/07/15		253,443
	400,000		National Australia Bank Ltd		0.900		01/20/16		401,926
	300,000		National Australia Bank Ltd		1.300		07/25/16		302,462
	300,000		National Australia Bank Ltd		2.300		07/25/18		302,561
	200,000		National Australia Bank Ltd		3.000		01/20/23		190,223
	250,000		National Bank of Canada		1.500		06/26/15		252,908

28

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		National Bank of Canada		1.450	%	11/07/17	$	493,609
	350,000		Northern Trust Corp		2.375		08/02/22		332,123
	500,000		Northern Trust Corp		3.950		10/30/25		503,023
	100,000		People’s United Financial, Inc		3.650		12/06/22		97,995
	200,000		PNC Bank NA		0.800		01/28/16		200,379
	300,000		PNC Bank NA		1.300		10/03/16		302,072
	400,000		PNC Bank NA		1.125		01/27/17		398,631
	150,000		PNC Bank NA		2.200		01/28/19		149,511
	750,000		PNC Bank NA		2.700		11/01/22		704,561
	500,000		PNC Bank NA		2.950		01/30/23		474,711
	500,000		PNC Bank NA		3.800		07/25/23		504,476
	100,000		PNC Bank NA		4.200		11/01/25		102,529
	150,000	i	PNC Financial Services Group, Inc		2.854		11/09/22		143,023
	580,000		PNC Funding Corp		5.400		06/10/14		585,440
	700,000		PNC Funding Corp		2.700		09/19/16		727,558
	645,000		PNC Funding Corp		5.125		02/08/20		726,029
	50,000		PNC Funding Corp		4.375		08/11/20		54,126
	400,000		PNC Funding Corp		3.300		03/08/22		402,633
	740,000		Rabobank Nederland NV		2.125		10/13/15		757,592
	500,000		Rabobank Nederland NV		4.500		01/11/21		541,033
	350,000		Rabobank Nederland NV		5.250		05/24/41		377,860
	71,000		Regions Financial Corp		7.750		11/10/14		73,988
	350,000		Regions Financial Corp		2.000		05/15/18		343,036
	500,000		Royal Bank of Canada		1.150		03/13/15		504,038
	500,000		Royal Bank of Canada		0.800		10/30/15		501,722
	200,000		Royal Bank of Canada		0.625		12/04/15		200,116
	335,000		Royal Bank of Canada		2.625		12/15/15		346,281
	300,000		Royal Bank of Canada		0.850		03/08/16		300,688
	750,000		Royal Bank of Canada		1.125		07/22/16		751,817
	700,000		Royal Bank of Canada		1.450		09/09/16		708,397
	1,000,000		Royal Bank of Canada		1.200		01/23/17		1,000,055
	500,000		Royal Bank of Canada		1.200		09/19/17		496,501
	500,000		Royal Bank of Canada		2.200		07/27/18		503,252
	500,000		Royal Bank of Canada		2.000		10/01/18		500,080
	600,000		Royal Bank of Canada		2.150		03/15/19		596,044
	1,650,000		Royal Bank of Scotland Group plc		2.550		09/18/15		1,684,995
	500,000		Royal Bank of Scotland Group plc		1.875		03/31/17		500,379
	250,000		Royal Bank of Scotland Group plc		6.400		10/21/19		288,163
	750,000		Royal Bank of Scotland plc		6.125		01/11/21		874,907
	150,000		Santander Holdings USA, Inc		3.000		09/24/15		154,473
	200,000		Santander Holdings USA, Inc		3.450		08/27/18		206,924
	250,000		Societe Generale S.A.		2.750		10/12/17		257,300
	400,000		Societe Generale S.A.		2.625		10/01/18		403,957
	250,000		Sovereign Bank		8.750		05/30/18		298,125
	300,000		Sumitomo Mitsui Banking Corp		0.900		01/18/16		300,159
	250,000		Sumitomo Mitsui Banking Corp		1.450		07/19/16		251,919
	300,000		Sumitomo Mitsui Banking Corp		1.300		01/10/17		300,000
	250,000		Sumitomo Mitsui Banking Corp		1.800		07/18/17		251,364
	300,000		Sumitomo Mitsui Banking Corp		1.500		01/18/18		295,492
	250,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		254,255
	300,000		Sumitomo Mitsui Banking Corp		2.450		01/10/19		302,754
	250,000		Sumitomo Mitsui Banking Corp		3.200		07/18/22		246,327

29

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		Sumitomo Mitsui Banking Corp		3.000	%	01/18/23	$	289,730
	300,000		Sumitomo Mitsui Banking Corp		3.950		01/10/24		307,466
	500,000		SunTrust Bank		1.350		02/15/17		500,152
	300,000		SunTrust Bank		7.250		03/15/18		352,329
	225,000		SunTrust Bank		2.750		05/01/23		210,725
	100,000		SunTrust Banks, Inc		3.600		04/15/16		105,158
	150,000		SunTrust Banks, Inc		3.500		01/20/17		158,360
	100,000		SunTrust Banks, Inc		6.000		09/11/17		113,911
	200,000		SunTrust Banks, Inc		2.350		11/01/18		200,071
	50,000		SVB Financial Group		5.375		09/15/20		55,487
	200,000		Svenska Handelsbanken AB		3.125		07/12/16		209,498
	300,000		Svenska Handelsbanken AB		2.875		04/04/17		312,527
	500,000		Svenska Handelsbanken AB		1.625		03/21/18		493,043
	300,000		Svenska Handelsbanken AB		2.500		01/25/19		302,419
	300,000		Toronto-Dominion Bank		2.500		07/14/16		311,362
	300,000		Toronto-Dominion Bank		1.500		09/09/16		304,467
	650,000		Toronto-Dominion Bank		2.375		10/19/16		673,895
	400,000		Toronto-Dominion Bank		1.400		04/30/18		393,096
	600,000		Toronto-Dominion Bank		2.625		09/10/18		614,515
	250,000		Union Bank NA		1.500		09/26/16		253,490
	250,000		Union Bank NA		2.625		09/26/18		254,732
	315,000		Union Bank of California NA		5.950		05/11/16		346,846
	225,000		UnionBanCal Corp		3.500		06/18/22		227,326
	300,000		US Bancorp		2.200		11/15/16		309,659
	940,000		US Bancorp		1.650		05/15/17		951,470
	1,000,000		US Bancorp		1.950		11/15/18		996,415
	200,000		US Bancorp		2.950		07/15/22		192,361
	375,000		US Bancorp		3.700		01/30/24		380,072
	500,000		US Bank NA		1.100		01/30/17		500,959
	250,000	i	US Bank NA		3.778		04/29/20		257,257
	692,000		Wachovia Bank NA		4.800		11/01/14		709,424
	150,000		Westlake Chemical Corp		3.600		07/15/22		145,238
	1,455,000		Westpac Banking Corp		3.000		08/04/15		1,502,184
	500,000		Westpac Banking Corp		1.125		09/25/15		503,561
	150,000		Westpac Banking Corp		3.000		12/09/15		155,917
	300,000		Westpac Banking Corp		1.050		11/25/16		299,687
	400,000		Westpac Banking Corp		2.000		08/14/17		406,549
	750,000		Westpac Banking Corp		1.600		01/12/18		744,502
	500,000		Westpac Banking Corp		2.250		07/30/18		503,048
	500,000		Westpac Banking Corp		2.250		01/17/19		497,706
	75,000		Westpac Banking Corp		4.875		11/19/19		83,331
			TOTAL BANKS						136,930,912
CAPITAL GOODS - 0.8%
	250,000		Agilent Technologies, Inc		6.500		11/01/17		287,448
	100,000		Agilent Technologies, Inc		5.000		07/15/20		109,384
	100,000		Agilent Technologies, Inc		3.200		10/01/22		95,158
	400,000		Agilent Technologies, Inc		3.875		07/15/23		395,390
	200,000		Applied Materials, Inc		4.300		06/15/21		215,315
	100,000		Applied Materials, Inc		5.850		06/15/41		113,266
	200,000		Arrow Electronics, Inc		3.000		03/01/18		202,199
	200,000		Arrow Electronics, Inc		5.125		03/01/21		210,398

30

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	225,000	Avnet, Inc		6.625	%	09/15/16	$	251,018
	300,000	Avnet, Inc		4.875		12/01/22		312,912
	100,000	Carlisle Cos, Inc		5.125		12/15/20		107,880
	100,000	Carlisle Cos, Inc		3.750		11/15/22		97,022
	250,000	Caterpillar Financial Services Corp		2.050		08/01/16		257,133
	300,000	Caterpillar Financial Services Corp		1.750		03/24/17		304,113
	500,000	Caterpillar Financial Services Corp		1.625		06/01/17		504,101
	500,000	Caterpillar Financial Services Corp		5.850		09/01/17		567,784
	500,000	Caterpillar Financial Services Corp		1.250		11/06/17		496,183
	200,000	Caterpillar Financial Services Corp		5.450		04/15/18		226,346
	200,000	Caterpillar Financial Services Corp		2.450		09/06/18		203,523
	1,361,000	Caterpillar Financial Services Corp		7.150		02/15/19		1,663,817
	700,000	Caterpillar Financial Services Corp		3.750		11/24/23		709,928
	50,000	Caterpillar, Inc		5.700		08/15/16		55,221
	150,000	Caterpillar, Inc		1.500		06/26/17		150,099
	200,000	Caterpillar, Inc		3.900		05/27/21		212,634
	738,000	Caterpillar, Inc		3.803		08/15/42		655,354
	100,000	Crane Co		2.750		12/15/18		100,298
	150,000	CRH America, Inc		4.125		01/15/16		158,044
	350,000	CRH America, Inc		6.000		09/30/16		389,014
	300,000	CRH America, Inc		5.750		01/15/21		338,989
	200,000	Cummins, Inc		3.650		10/01/23		202,762
	200,000	Cummins, Inc		4.875		10/01/43		214,585
	450,000	Danaher Corp		5.625		01/15/18		512,994
	200,000	Danaher Corp		3.900		06/23/21		211,578
	150,000	Deere & Co		2.600		06/08/22		143,413
	218,000	Deere & Co		5.375		10/16/29		253,137
	650,000	Deere & Co		3.900		06/09/42		603,115
	200,000	Dover Corp		4.875		10/15/15		213,030
	150,000	Dover Corp		5.450		03/15/18		169,794
	100,000	Dover Corp		5.375		03/01/41		112,623
	600,000	Eaton Corp		1.500		11/02/17		597,112
	200,000	Eaton Corp		5.600		05/15/18		225,261
	1,075,000	Eaton Corp		2.750		11/02/22		1,017,630
	150,000	Eaton Corp		4.000		11/02/32		145,098
	250,000	Eaton Corp		4.150		11/02/42		233,481
	200,000	Emerson Electric Co		5.250		11/15/39		223,445
	300,000	Emerson Electric Co		5.250		10/15/18		340,220
	400,000	Emerson Electric Co		4.875		10/15/19		449,212
	350,000	Emerson Electric Co		2.625		02/15/23		334,448
	100,000	Energizer Holdings, Inc		4.700		05/19/21		104,778
	100,000	Energizer Holdings, Inc		4.700		05/24/22		102,550
	150,000	Flowserve Corp		3.500		09/15/22		145,878
	200,000	Flowserve Corp		4.000		11/15/23		200,396
	100,000	FMC Technologies, Inc		2.000		10/01/17		99,668
	100,000	FMC Technologies, Inc		3.450		10/01/22		95,554
	300,000	General Dynamics Corp		2.250		07/15/16		309,752
	600,000	General Dynamics Corp		2.250		11/15/22		553,314
	225,000	General Dynamics Corp		3.600		11/15/42		197,989
	100,000	IDEX Corp		4.500		12/15/20		104,695
	200,000	IDEX Corp		4.200		12/15/21		204,828
	300,000	Illinois Tool Works, Inc		0.900		02/25/17		297,880

31

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		Illinois Tool Works, Inc		1.950	%	03/01/19	$	295,813
	100,000		Illinois Tool Works, Inc		6.250		04/01/19		118,632
	400,000		Illinois Tool Works, Inc		3.500		03/01/24		398,515
	200,000		Illinois Tool Works, Inc		4.875		09/15/41		211,443
	500,000		Illinois Tool Works, Inc		3.900		09/01/42		455,429
	170,000		Ingersoll-Rand Global Holding Co Ltd		6.875		08/15/18		199,798
	250,000	g	Ingersoll-Rand Global Holding Co Ltd		2.875		01/15/19		249,257
	300,000	g	Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		306,304
	200,000	g	Ingersoll-Rand Global Holding Co Ltd		5.750		06/15/43		221,045
	695,000		John Deere Capital Corp		2.950		03/09/15		712,080
	125,000		John Deere Capital Corp		0.875		04/17/15		125,703
	500,000		John Deere Capital Corp		0.750		01/22/16		502,059
	100,000		John Deere Capital Corp		1.050		12/15/16		100,426
	100,000		John Deere Capital Corp		2.000		01/13/17		102,320
	800,000		John Deere Capital Corp		5.500		04/13/17		891,718
	250,000		John Deere Capital Corp		1.200		10/10/17		249,152
	500,000		John Deere Capital Corp		1.300		03/12/18		492,753
	200,000		John Deere Capital Corp		1.950		12/13/18		199,093
	350,000		John Deere Capital Corp		1.700		01/15/20		335,160
	400,000		John Deere Capital Corp		2.800		03/04/21		396,650
	200,000		John Deere Capital Corp		3.150		10/15/21		201,680
	200,000		John Deere Capital Corp		2.800		01/27/23		191,297
	100,000		Joy Global, Inc		5.125		10/15/21		105,758
	200,000		Kennametal, Inc		2.650		11/01/19		196,008
	150,000		Kennametal, Inc		3.875		02/15/22		147,998
	100,000		KLA-Tencor Corp		6.900		05/01/18		117,245
	100,000		Legrand France S.A.		8.500		02/15/25		132,905
	400,000		Lockheed Martin Corp		7.650		05/01/16		456,434
	200,000		Lockheed Martin Corp		3.350		09/15/21		203,911
	350,000		Lockheed Martin Corp		4.850		09/15/41		367,710
	608,000		Lockheed Martin Corp		4.070		12/15/42		570,162
	300,000		Mosaic Co		4.250		11/15/23		307,751
	300,000		Mosaic Co		5.450		11/15/33		324,345
	100,000		Mosaic Co		4.875		11/15/41		95,174
	300,000		Mosaic Co		5.625		11/15/43		322,180
	250,000		Parker Hannifin Corp		3.500		09/15/22		251,374
	275,000		Pentair Finance S.A.		1.350		12/01/15		276,444
	225,000		Pentair Finance S.A.		2.650		12/01/19		219,643
	100,000		Pentair Finance S.A.		3.150		09/15/22		95,099
	500,000		Precision Castparts Corp		1.250		01/15/18		491,578
	275,000		Precision Castparts Corp		2.500		01/15/23		256,248
	100,000		Precision Castparts Corp		3.900		01/15/43		93,020
	50,000		Raytheon Co		4.400		02/15/20		54,210
	450,000		Raytheon Co		3.125		10/15/20		454,605
	500,000		Raytheon Co		2.500		12/15/22		467,263
	200,000		Raytheon Co		7.200		08/15/27		257,908
	100,000		Raytheon Co		4.700		12/15/41		104,670
	300,000		Reliance Steel & Aluminum Co		4.500		04/15/23		300,340
	100,000		Rockwell Automation, Inc		6.250		12/01/37		121,886
	100,000		Rockwell Collins, Inc		3.100		11/15/21		99,164
	125,000		Rockwell Collins, Inc		3.700		12/15/23		126,750
	125,000		Rockwell Collins, Inc		4.800		12/15/43		131,766

32

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Roper Industries, Inc		1.850	%	11/15/17	$	200,844
	125,000	Roper Industries, Inc		2.050		10/01/18		122,929
	100,000	Roper Industries, Inc		6.250		09/01/19		114,872
	200,000	Roper Industries, Inc		3.125		11/15/22		188,822
	750,000	Seagate HDD Cayman		7.000		11/01/21		839,063
	100,000	Snap-on, Inc		4.250		01/15/18		107,470
	250,000	Stanley Black & Decker, Inc		3.400		12/01/21		252,215
	600,000	Stanley Black & Decker, Inc		2.900		11/01/22		573,324
	100,000	Stanley Black & Decker, Inc		5.200		09/01/40		107,736
	250,000	Textron, Inc		5.600		12/01/17		276,677
	500,000	Textron, Inc		3.650		03/01/21		501,958
	200,000	Tupperware Brands Corp		4.750		06/01/21		209,663
	21,000	Tyco International Finance S.A.		3.375		10/15/15		21,731
	83,000	Tyco International Finance S.A.		8.500		01/15/19		102,335
	500,000	United Technologies Corp		4.875		05/01/15		523,704
	250,000	United Technologies Corp		1.800		06/01/17		254,178
	1,400,000	United Technologies Corp		5.375		12/15/17		1,596,748
	490,000	United Technologies Corp		4.500		04/15/20		537,040
	825,000	United Technologies Corp		3.100		06/01/22		823,539
	280,000	United Technologies Corp		5.400		05/01/35		322,144
	280,000	United Technologies Corp		6.050		06/01/36		345,137
	145,000	United Technologies Corp		5.700		04/15/40		173,128
	1,350,000	United Technologies Corp		4.500		06/01/42		1,374,666
	100,000	Valmont Industries, Inc		6.625		04/20/20		116,119
	100,000	Xylem, Inc		3.550		09/20/16		105,413
	300,000	Xylem, Inc		4.875		10/01/21		319,364
		TOTAL CAPITAL GOODS						42,226,886
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	200,000	21st Century Fox America, Inc		4.000		10/01/23		203,572
	225,000	21st Century Fox America, Inc		5.400		10/01/43		242,229
	600,000	Air Lease Corp		3.375		01/15/19		608,250
	200,000	Air Lease Corp		3.875		04/01/21		200,000
	500,000	Daimler Finance North America LLC		8.500		01/18/31		742,587
	300,000	eBay, Inc		0.700		07/15/15		301,112
	300,000	eBay, Inc		1.350		07/15/17		299,913
	200,000	eBay, Inc		3.250		10/15/20		204,674
	400,000	eBay, Inc		2.600		07/15/22		379,718
	200,000	eBay, Inc		4.000		07/15/42		176,892
	150,000	Equifax, Inc		6.300		07/01/17		170,520
	200,000	Equifax, Inc		3.300		12/15/22		191,576
	500,000	Howard Hughes Medical Institute		3.500		09/01/23		508,657
	200,000	Leidos Holdings, Inc		5.950		12/01/40		197,453
	400,000	MasterCard, Inc		2.000		04/01/19		398,272
	500,000	MasterCard, Inc		3.375		04/01/24		499,184
	200,000	McGraw-Hill Cos, Inc		5.900		11/15/17		221,850
	300,000	Moody’s Corp		4.500		09/01/22		310,055
	400,000	Moody’s Corp		4.875		02/15/24		420,142
	329,000	Reed Elsevier Capital, Inc		3.125		10/15/22		315,626
	63,000	Republic Services, Inc		5.500		09/15/19		71,434
	265,000	Republic Services, Inc		5.000		03/01/20		292,728
	580,000	Republic Services, Inc		5.250		11/15/21		648,379

33

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	250,000	Republic Services, Inc		3.550	%	06/01/22	$	250,442
	30,000	Republic Services, Inc		6.200		03/01/40		36,208
	300,000	Republic Services, Inc		5.700		05/15/41		341,880
	150,000	SAIC, Inc		4.450		12/01/20		151,403
	100,000	Svensk Exportkredit AB		3.250		09/16/14		101,380
	1,000,000	Svensk Exportkredit AB		1.750		05/30/17		1,015,040
	300,000	Thomson Reuters Corp		0.875		05/23/16		298,892
	200,000	Thomson Reuters Corp		1.300		02/23/17		198,991
	345,000	Thomson Reuters Corp		6.500		07/15/18		400,990
	100,000	Thomson Reuters Corp		4.300		11/23/23		102,421
	145,000	Thomson Reuters Corp		5.850		04/15/40		154,356
	400,000	Thomson Reuters Corp		4.500		05/23/43		360,628
	200,000	Thomson Reuters Corp		5.650		11/23/43		211,443
	200,000	URS Corp		5.000		04/01/22		197,739
	25,000	Vanderbilt University		5.250		04/01/19		28,295
	310,000	Waste Management, Inc		4.600		03/01/21		336,222
	850,000	Waste Management, Inc		2.900		09/15/22		811,496
	255,000	Waste Management, Inc		6.125		11/30/39		308,558
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES						12,911,207
CONSUMER DURABLES & APPAREL - 0.1%
	100,000	Hasbro, Inc		6.125		05/15/14		100,633
	100,000	Hasbro, Inc		6.350		03/15/40		112,328
	200,000	Leggett & Platt, Inc		3.400		08/15/22		195,367
	150,000	Mattel, Inc		1.700		03/15/18		147,728
	100,000	Mattel, Inc		4.350		10/01/20		104,654
	150,000	Mattel, Inc		3.150		03/15/23		143,050
	100,000	Mattel, Inc		5.450		11/01/41		105,012
	200,000	MDC Holdings, Inc		5.500		01/15/24		204,317
	100,000	MDC Holdings, Inc		6.000		01/15/43		88,000
	100,000	Mohawk Industries, Inc		3.850		02/01/23		98,250
	100,000	Newell Rubbermaid, Inc		4.700		08/15/20		106,606
	200,000	Newell Rubbermaid, Inc		4.000		06/15/22		204,176
	300,000	NIKE, Inc		2.250		05/01/23		276,925
	300,000	NIKE, Inc		3.625		05/01/43		266,291
	150,000	NVR, Inc		3.950		09/15/22		148,992
	200,000	Ralph Lauren Corp		2.125		09/26/18		199,774
	220,000	VF Corp		6.450		11/01/37		272,477
	200,000	Whirlpool Corp		8.600		05/01/14		201,228
	100,000	Whirlpool Corp		2.400		03/01/19		99,166
	150,000	Whirlpool Corp		4.700		06/01/22		159,342
	100,000	Whirlpool Corp		3.700		03/01/23		99,066
	100,000	Whirlpool Corp		4.000		03/01/24		100,286
	100,000	Whirlpool Corp		5.150		03/01/43		102,492
		TOTAL CONSUMER DURABLES & APPAREL						3,536,160
CONSUMER SERVICES - 0.3%
	200,000	Board of Trustees of The Leland Stanford Junior University		3.625		05/01/14		200,584
	100,000	Board of Trustees of The Leland Stanford Junior University		4.750		05/01/19		111,516
	200,000	Brinker International, Inc		3.875		05/15/23		186,259
	200,000	Catholic Health Initiatives		2.600		08/01/18		200,118
	500,000	Catholic Health Initiatives		2.950		11/01/22		471,898

34

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Catholic Health Initiatives		4.200	%	08/01/23	$	202,700
	100,000	Cintas Corp No 2		4.300		06/01/21		106,825
	200,000	Cintas Corp No 2		3.250		06/01/22		196,131
	487,695	Continental Airlines		4.150		04/11/24		498,668
	100,000	Cornell University		5.450		02/01/19		114,403
	100,000	Darden Restaurants, Inc		6.200		10/15/17		113,202
	200,000	Darden Restaurants, Inc		3.350		11/01/22		180,135
	100,000	Darden Restaurants, Inc		6.800		10/15/37		110,471
	75,000	Dartmouth College		4.750		06/01/19		83,770
	300,000	Dun & Bradstreet Corp		3.250		12/01/17		310,172
	100,000	George Washington University		3.485		09/15/22		97,568
	175,000	GlaxoSmithKline Capital plc		0.750		05/08/15		175,747
	300,000	GlaxoSmithKline Capital plc		1.500		05/08/17		301,734
	300,000	GlaxoSmithKline Capital plc		2.850		05/08/22		292,884
	100,000	Hyatt Hotels Corp		3.875		08/15/16		105,242
	200,000	Hyatt Hotels Corp		3.375		07/15/23		189,269
	75,000	Johns Hopkins University		5.250		07/01/19		84,559
	200,000	Marriott International, Inc		3.000		03/01/19		203,655
	200,000	Marriott International, Inc		3.375		10/15/20		201,624
	200,000	Marriott International, Inc		3.250		09/15/22		192,610
	250,000	Massachusetts Institute of Technology		5.600		07/01/11		306,829
	300,000	McDonald’s Corp		1.875		05/29/19		296,258
	720,000	McDonald’s Corp		3.500		07/15/20		755,976
	550,000	McDonald’s Corp		2.625		01/15/22		532,993
	280,000	McDonald’s Corp		6.300		03/01/38		354,011
	500,000	McDonald’s Corp		3.625		05/01/43		440,043
	750,000	President and Fellows of Harvard College		3.619		10/01/37		681,553
	100,000	Princeton University		4.950		03/01/19		112,584
	220,000	Princeton University		5.700		03/01/39		264,437
	200,000	Starwood Hotels & Resorts Worldwide, Inc		3.125		02/15/23		188,119
	100,000	Trinity Acquisition plc		4.625		08/15/23		101,981
	100,000	Trinity Acquisition plc		6.125		08/15/43		105,631
	350,000	Walt Disney Co		0.875		12/01/14		351,189
	70,000	Walt Disney Co		5.625		09/15/16		78,087
	700,000	Walt Disney Co		1.100		12/01/17		692,803
	850,000	Walt Disney Co		2.550		02/15/22		816,164
	200,000	Walt Disney Co		2.350		12/01/22		186,872
	200,000	Walt Disney Co		7.000		03/01/32		268,286
	100,000	Walt Disney Co		4.375		08/16/41		100,297
	100,000	Walt Disney Co		4.125		12/01/41		97,085
	200,000	Walt Disney Co		3.700		12/01/42		180,755
	2,000	Wyndham Worldwide Corp		6.000		12/01/16		2,229
	250,000	Wyndham Worldwide Corp		2.950		03/01/17		254,914
	150,000	Wyndham Worldwide Corp		2.500		03/01/18		150,756
	200,000	Wyndham Worldwide Corp		4.250		03/01/22		202,293
	200,000	Wyndham Worldwide Corp		3.900		03/01/23		195,945
	100,000	Yale University		2.900		10/15/14		101,312
	72,000	Yum! Brands, Inc		6.250		03/15/18		82,148
	50,000	Yum! Brands, Inc		3.875		11/01/20		51,147
	400,000	Yum! Brands, Inc		3.875		11/01/23		397,164
	26,000	Yum! Brands, Inc		6.875		11/15/37		31,454
	200,000	Yum! Brands, Inc		5.350		11/01/43		208,897
		TOTAL CONSUMER SERVICES						13,521,956

35

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
DIVERSIFIED FINANCIALS - 4.6%
$	300,000	Abbey National Treasury Services plc		4.000	%	04/27/16	$	317,979
	500,000	Abbey National Treasury Services plc		1.375		03/13/17		500,663
	500,000	Abbey National Treasury Services plc		3.050		08/23/18		514,783
	500,000	Abbey National Treasury Services plc		4.000		03/13/24		504,309
	150,000	ABN Amro Bank NV		4.650		06/04/18		154,100
	200,000	Affiliated Managers Group, Inc		4.250		02/15/24		201,203
	500,000	African Development Bank		3.000		05/27/14		502,140
	250,000	African Development Bank		1.250		09/02/16		252,990
	1,200,000	African Development Bank		1.125		03/15/17		1,204,032
	500,000	African Development Bank		0.875		05/15/17		497,076
	500,000	African Development Bank		1.625		10/02/18		498,405
	20,000	Ahold Finance USA LLC		6.875		05/01/29		24,357
	600,000	American Express Centurion Bank		0.875		11/13/15		602,159
	400,000	American Express Co		6.150		08/28/17		461,056
	190,000	American Express Co		7.000		03/19/18		225,353
	300,000	American Express Co		1.550		05/22/18		294,529
	293,000	American Express Co		2.650		12/02/22		278,354
	329,000	American Express Co		4.050		12/03/42		301,992
	200,000	American Express Credit Corp		1.750		06/12/15		202,774
	1,750,000	American Express Credit Corp		2.750		09/15/15		1,803,203
	500,000	American Express Credit Corp		1.300		07/29/16		503,892
	1,600,000	American Express Credit Corp		2.800		09/19/16		1,668,642
	400,000	American Express Credit Corp		2.375		03/24/17		414,304
	175,000	American Express Credit Corp		2.125		07/27/18		175,815
	750,000	American Express Credit Corp		2.125		03/18/19		746,965
	300,000	American Honda Finance Corp		1.125		10/07/16		301,896
	300,000	American Honda Finance Corp		2.125		10/10/18		301,205
	125,000	Ameriprise Financial, Inc		5.650		11/15/15		134,360
	295,000	Ameriprise Financial, Inc		5.300		03/15/20		334,613
	400,000	Ameriprise Financial, Inc		4.000		10/15/23		412,665
	300,000	Ares Capital Corp		4.875		11/30/18		309,859
	4,220,000	Bank of America Corp		4.500		04/01/15		4,378,157
	2,045,000	Bank of America Corp		3.700		09/01/15		2,125,391
	300,000	Bank of America Corp		1.250		01/11/16		301,576
	550,000	Bank of America Corp		3.625		03/17/16		576,902
	1,200,000	Bank of America Corp		6.500		08/01/16		1,344,065
	300,000	Bank of America Corp		1.350		11/21/16		300,463
	585,000	Bank of America Corp		5.300		03/15/17		643,761
	500,000	Bank of America Corp		5.420		03/15/17		550,877
	1,000,000	Bank of America Corp		3.875		03/22/17		1,066,650
	590,000	Bank of America Corp		5.750		12/01/17		667,964
	900,000	Bank of America Corp		2.000		01/11/18		898,314
	2,525,000	Bank of America Corp		2.600		01/15/19		2,534,961
	750,000	Bank of America Corp		2.650		04/01/19		752,392
	2,300,000	Bank of America Corp		5.875		01/05/21		2,653,719
	500,000	Bank of America Corp		5.700		01/24/22		573,662
	1,425,000	Bank of America Corp		3.300		01/11/23		1,373,827
	2,000,000	Bank of America Corp		4.125		01/22/24		2,022,538
	750,000	Bank of America Corp		4.000		04/01/24		749,117

36

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000		Bank of America Corp		5.000	%	01/21/44	$	1,531,329
	500,000		Bank of America Corp		4.875		04/01/44		502,275
	1,000,000		Bank of America NA		1.125		11/14/16		997,303
	500,000		Bank of America NA		1.250		02/14/17		497,915
	500,000		Bank of New York Mellon Corp		0.700		03/04/16		499,143
	1,150,000		Bank of New York Mellon Corp		2.300		07/28/16		1,188,479
	100,000	i	Bank of New York Mellon Corp		1.969		06/20/17		102,007
	500,000		Bank of New York Mellon Corp		1.300		01/25/18		490,800
	300,000		Bank of New York Mellon Corp		2.100		08/01/18		300,587
	500,000		Bank of New York Mellon Corp		2.100		01/15/19		497,025
	400,000		Bank of New York Mellon Corp		2.200		03/04/19		398,850
	500,000		Bank of New York Mellon Corp		3.550		09/23/21		517,960
	250,000		Bank of New York Mellon Corp		3.650		02/04/24		251,951
	500,000		Barclays Bank plc		2.750		02/23/15		509,696
	1,900,000		Barclays Bank plc		5.000		09/22/16		2,080,513
	500,000		Barclays Bank plc		2.500		02/20/19		500,873
	500,000		Barclays Bank plc		5.140		10/14/20		530,065
	80,000		Bear Stearns Cos LLC		5.300		10/30/15		85,466
	116,000		Bear Stearns Cos LLC		5.550		01/22/17		128,613
	50,000		Berkshire Hathaway, Inc		3.200		02/11/15		51,231
	700,000		Berkshire Hathaway, Inc		1.900		01/31/17		716,341
	400,000		Berkshire Hathaway, Inc		1.550		02/09/18		398,192
	200,000		Berkshire Hathaway, Inc		3.750		08/15/21		211,956
	300,000		Berkshire Hathaway, Inc		3.000		02/11/23		294,616
	300,000		Berkshire Hathaway, Inc		4.500		02/11/43		297,300
	275,000		BlackRock, Inc		3.500		12/10/14		280,917
	210,000		BlackRock, Inc		6.250		09/15/17		243,039
	390,000		BlackRock, Inc		5.000		12/10/19		440,010
	125,000		BlackRock, Inc		3.375		06/01/22		126,607
	500,000		BlackRock, Inc		3.500		03/18/24		496,486
	100,000		Block Financial LLC		5.125		10/30/14		102,371
	200,000		Block Financial LLC		5.500		11/01/22		213,630
	480,000		BNP Paribas S.A.		3.250		03/11/15		492,334
	800,000		BNP Paribas S.A.		3.600		02/23/16		839,742
	300,000		BNP Paribas S.A.		1.250		12/12/16		299,998
	500,000		BNP Paribas S.A.		1.375		03/17/17		499,511
	500,000		BNP Paribas S.A.		2.375		09/14/17		512,116
	1,000,000		BNP Paribas S.A.		2.700		08/20/18		1,019,855
	300,000		BNP Paribas S.A.		2.400		12/12/18		299,975
	500,000		BNP Paribas S.A.		2.450		03/17/19		500,658
	700,000		BNP Paribas S.A.		5.000		01/15/21		776,954
	300,000		BNP Paribas S.A.		3.250		03/03/23		291,278
	200,000		Broadridge Financial Solutions, Inc		3.950		09/01/20		202,922
	700,000		Capital One Financial Corp		7.375		05/23/14		706,798
	300,000		Capital One Financial Corp		2.150		03/23/15		304,513
	600,000		Capital One Financial Corp		1.000		11/06/15		600,850
	250,000		Capital One Financial Corp		3.150		07/15/16		261,464
	200,000		Charles Schwab Corp		0.850		12/04/15		200,726
	300,000		Charles Schwab Corp		2.200		07/25/18		302,036
	100,000		Charles Schwab Corp		4.450		07/22/20		109,158
	200,000		Charles Schwab Corp		3.225		09/01/22		196,099
	350,000		CME Group, Inc		3.000		09/15/22		345,504

37

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	CME Group, Inc		5.300	%	09/15/43	$	223,789
	1,480,000	Credit Suisse		5.500		05/01/14		1,486,049
	2,250,000	Credit Suisse		5.400		01/14/20		2,505,271
	250,000	Diageo Investment Corp		2.875		05/11/22		242,590
	100,000	Diageo Investment Corp		4.250		05/11/42		97,495
	155,000	Digital Realty Trust LP		4.500		07/15/15		160,612
	300,000	Digital Realty Trust LP		3.625		10/01/22		278,535
	100,000	Discover Financial Services		5.200		04/27/22		107,102
	17,000	Eaton Vance Corp		6.500		10/02/17		19,647
	300,000	Eaton Vance Corp		3.625		06/15/23		298,840
	500,000	European Bank for Reconstruction & Development		0.750		09/01/17		492,165
	1,300,000	European Bank for Reconstruction & Development		1.500		03/16/20		1,247,012
	400,000	Export-Import Bank of Korea		2.875		09/17/18		410,343
	500,000	Export-Import Bank of Korea		4.000		01/14/24		517,413
	300,000	FMS Wertmanagement AoeR		0.625		04/18/16		300,438
	3,000,000	Ford Motor Credit Co LLC		2.750		05/15/15		3,061,170
	300,000	Ford Motor Credit Co LLC		2.500		01/15/16		308,039
	500,000	Ford Motor Credit Co LLC		1.700		05/09/16		505,583
	500,000	Ford Motor Credit Co LLC		1.500		01/17/17		498,511
	800,000	Ford Motor Credit Co LLC		3.000		06/12/17		830,927
	900,000	Ford Motor Credit Co LLC		2.375		01/16/18		907,589
	1,000,000	Ford Motor Credit Co LLC		5.000		05/15/18		1,103,729
	400,000	Ford Motor Credit Co LLC		2.875		10/01/18		407,509
	500,000	Ford Motor Credit Co LLC		2.375		03/12/19		496,152
	1,000,000	Ford Motor Credit Co LLC		5.875		08/02/21		1,150,635
	450,000	Ford Motor Credit Co LLC		4.250		09/20/22		463,731
	500,000	Ford Motor Credit Co LLC		4.375		08/06/23		515,875
	125,000	Franklin Resources, Inc		3.125		05/20/15		128,579
	150,000	Franklin Resources, Inc		2.800		09/15/22		143,923
	2,335,000	General Electric Capital Corp		5.500		06/04/14		2,355,195
	1,605,000	General Electric Capital Corp		3.500		06/29/15		1,663,775
	350,000	General Electric Capital Corp		1.625		07/02/15		354,757
	400,000	General Electric Capital Corp		2.250		11/09/15		410,622
	750,000	General Electric Capital Corp		1.000		12/11/15		755,284
	500,000	General Electric Capital Corp		1.000		01/08/16		503,590
	1,050,000	General Electric Capital Corp		2.950		05/09/16		1,093,777
	1,000,000	General Electric Capital Corp		1.500		07/12/16		1,013,249
	200,000	General Electric Capital Corp		2.900		01/09/17		209,285
	800,000	General Electric Capital Corp		2.300		04/27/17		823,755
	1,625,000	General Electric Capital Corp		5.625		09/15/17		1,843,738
	500,000	General Electric Capital Corp		1.600		11/20/17		502,484
	300,000	General Electric Capital Corp		1.625		04/02/18		298,426
	1,000,000	General Electric Capital Corp		2.300		01/14/19		1,008,968
	200,000	General Electric Capital Corp		2.100		12/11/19		198,388
	630,000	General Electric Capital Corp		5.500		01/08/20		724,944
	1,855,000	General Electric Capital Corp		4.375		09/16/20		2,014,771
	250,000	General Electric Capital Corp		4.625		01/07/21		275,255
	300,000	General Electric Capital Corp		5.300		02/11/21		337,424
	200,000	General Electric Capital Corp		4.650		10/17/21		219,647
	1,900,000	General Electric Capital Corp		3.150		09/07/22		1,877,166
	500,000	General Electric Capital Corp		3.100		01/09/23		489,275
	2,625,000	General Electric Capital Corp		6.750		03/15/32		3,375,046

38

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,200,000	General Electric Capital Corp		5.875	%	01/14/38	$	1,414,687
	1,227,000	General Electric Capital Corp		6.875		01/10/39		1,615,887
	1,630,000	Goldman Sachs Group, Inc		3.700		08/01/15		1,690,308
	500,000	Goldman Sachs Group, Inc		1.600		11/23/15		505,188
	1,875,000	Goldman Sachs Group, Inc		3.625		02/07/16		1,963,650
	550,000	Goldman Sachs Group, Inc		5.950		01/18/18		622,868
	1,450,000	Goldman Sachs Group, Inc		2.375		01/22/18		1,459,634
	60,000	Goldman Sachs Group, Inc		6.150		04/01/18		68,592
	750,000	Goldman Sachs Group, Inc		2.900		07/19/18		764,845
	1,500,000	Goldman Sachs Group, Inc		2.625		01/31/19		1,496,157
	1,195,000	Goldman Sachs Group, Inc		7.500		02/15/19		1,445,697
	2,505,000	Goldman Sachs Group, Inc		5.375		03/15/20		2,794,924
	1,150,000	Goldman Sachs Group, Inc		6.000		06/15/20		1,320,555
	1,300,000	Goldman Sachs Group, Inc		5.250		07/27/21		1,439,087
	2,325,000	Goldman Sachs Group, Inc		5.750		01/24/22		2,636,362
	1,800,000	Goldman Sachs Group, Inc		3.625		01/22/23		1,770,671
	1,500,000	Goldman Sachs Group, Inc		4.000		03/03/24		1,493,350
	65,000	Goldman Sachs Group, Inc		6.450		05/01/36		72,159
	2,150,000	Goldman Sachs Group, Inc		6.250		02/01/41		2,553,007
	1,200,000	HSBC Finance Corp		5.500		01/19/16		1,296,001
	782,000	HSBC Finance Corp		6.676		01/15/21		912,548
	200,000	IntercontinentalExchange Group, Inc		2.500		10/15/18		202,129
	200,000	IntercontinentalExchange Group, Inc		4.000		10/15/23		207,479
	125,000	Invesco Finance plc		3.125		11/30/22		121,026
	200,000	Invesco Finance plc		4.000		01/30/24		203,976
	200,000	Invesco Finance plc		5.375		11/30/43		213,579
	130,000	Jefferies Group, Inc		3.875		11/09/15		135,315
	425,000	Jefferies Group, Inc		8.500		07/15/19		522,304
	500,000	Jefferies Group, Inc		6.875		04/15/21		582,220
	100,000	Jefferies Group, Inc		6.450		06/08/27		106,902
	2,000,000	KFW		1.000		06/11/18		1,958,080
	3,600,000	KFW		0.625		04/24/15		3,621,557
	1,000,000	KFW		0.500		04/19/16		999,600
	4,500,000	KFW		1.250		02/15/17		4,536,994
	1,000,000	KFW		2.750		10/01/20		1,018,160
	2,750,000	KFW		2.000		10/04/22		2,582,687
	400,000	Korea Development Bank		3.000		03/17/19		409,236
	500,000	Korea Development Bank		3.750		01/22/24		505,947
	100,000	Korea Finance Corp		3.250		09/20/16		104,987
	700,000	Korea Finance Corp		2.250		08/07/17		711,999
	500,000	Korea Finance Corp		2.875		08/22/18		512,522
	3,000,000	Kreditanstalt fuer Wiederaufbau		1.250		10/26/15		3,040,200
	1,350,000	Kreditanstalt fuer Wiederaufbau		4.875		01/17/17		1,496,704
	1,105,000	Kreditanstalt fuer Wiederaufbau		4.500		07/16/18		1,236,351
	6,925,000	Kreditanstalt fuer Wiederaufbau		4.000		01/27/20		7,587,030
	2,525,000	Landwirtschaftliche Rentenbank		5.125		02/01/17		2,816,966
	500,000	Landwirtschaftliche Rentenbank		1.750		04/15/19		496,000
	1,000,000	Landwirtschaftliche Rentenbank		1.375		10/23/19		962,030
	250,000	Lazard Group LLC		4.250		11/14/20		259,011
	500,000	Legg Mason, Inc		5.625		01/15/44		513,076
	1,260,000	Merrill Lynch & Co, Inc		6.400		08/28/17		1,446,450
	1,050,000	Merrill Lynch & Co, Inc		6.875		04/25/18		1,238,276

39

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,500,000		Merrill Lynch & Co, Inc		6.110	%	01/29/37	$	1,677,564
	3,300,000		Morgan Stanley		6.000		05/13/14		3,320,348
	100,000		Morgan Stanley		2.875		07/28/14		100,718
	720,000		Morgan Stanley		6.000		04/28/15		760,027
	675,000		Morgan Stanley		1.750		02/25/16		683,709
	200,000		Morgan Stanley		3.800		04/29/16		210,652
	970,000		Morgan Stanley		5.450		01/09/17		1,072,349
	300,000		Morgan Stanley		4.750		03/22/17		327,399
	550,000		Morgan Stanley		5.550		04/27/17		613,550
	245,000		Morgan Stanley		5.950		12/28/17		279,674
	600,000		Morgan Stanley		2.125		04/25/18		598,685
	1,450,000		Morgan Stanley		2.500		01/24/19		1,445,962
	796,000		Morgan Stanley		7.300		05/13/19		965,383
	300,000		Morgan Stanley		5.625		09/23/19		341,227
	590,000		Morgan Stanley		5.500		01/26/20		665,394
	200,000		Morgan Stanley		5.750		01/25/21		229,078
	1,200,000		Morgan Stanley		5.500		07/28/21		1,355,844
	2,500,000		Morgan Stanley		4.875		11/01/22		2,626,960
	1,350,000		Morgan Stanley		4.100		05/22/23		1,336,315
	750,000		Morgan Stanley		5.000		11/24/25		771,690
	600,000		Morgan Stanley		7.250		04/01/32		782,168
	500,000		Morgan Stanley		6.375		07/24/42		609,936
	400,000	i	Murray Street Investment Trust		4.647		03/09/17		432,053
	220,000		NASDAQ OMX Group, Inc		5.550		01/15/20		241,450
	150,000		National Rural Utilities Cooperative Finance Corp		3.875		09/16/15		157,050
	400,000		National Rural Utilities Cooperative Finance Corp		1.100		01/27/17		398,576
	735,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		991,020
	300,000		National Rural Utilities Cooperative Finance Corp		2.150		02/01/19		298,882
	350,000		National Rural Utilities Cooperative Finance Corp		3.050		02/15/22		346,982
	200,000		National Rural Utilities Cooperative Finance Corp		3.400		11/15/23		198,302
	500,000	i	National Rural Utilities Cooperative Finance Corp		4.750		04/30/43		472,500
	250,000		Nomura Holdings, Inc		5.000		03/04/15		259,662
	260,000		Nomura Holdings, Inc		4.125		01/19/16		273,362
	400,000		Nomura Holdings, Inc		2.000		09/13/16		404,974
	500,000		Nomura Holdings, Inc		2.750		03/19/19		496,977
	430,000		Nomura Holdings, Inc		6.700		03/04/20		503,921
	300,000		NYSE Euronext		2.000		10/05/17		304,910
	800,000		Oesterreichische Kontrollbank AG.		5.000		04/25/17		893,936
	1,000,000		Oesterreichische Kontrollbank AG.		1.125		05/29/18		983,836
	500,000		Oesterreichische Kontrollbank AG.		1.625		03/12/19		493,509
	600,000		ORIX Corp		5.000		01/12/16		640,032
	200,000		ORIX Corp		3.750		03/09/17		210,630
	500,000		PACCAR Financial Corp		0.700		11/16/15		501,046
	300,000		PACCAR Financial Corp		1.600		03/15/17		302,345
	200,000		Principal Life Income Funding Trust		5.550		04/27/15		210,730
	200,000		Private Export Funding Corp (PEFCO)		3.550		01/15/24		205,145
	200,000		Prospect Capital Corp		5.875		03/15/23		199,314
	100,000		Raymond James Financial, Inc		4.250		04/15/16		105,963
	300,000		Raymond James Financial, Inc		5.625		04/01/24		325,809
	500,000		Sasol Financing International plc		4.500		11/14/22		485,000
	200,000		State Street Corp		2.875		03/07/16		208,197
	150,000		State Street Corp		1.350		05/15/18		147,265

40

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		State Street Corp		4.375	%	03/07/21	$	331,400
	400,000		State Street Corp		3.100		05/15/23		380,236
	350,000		State Street Corp		3.700		11/20/23		353,544
	300,000		Syngenta Finance NV		3.125		03/28/22		296,872
	150,000		TD Ameritrade Holding Corp		4.150		12/01/14		153,674
	500,000		Toyota Motor Credit Corp		1.000		02/17/15		503,072
	250,000		Toyota Motor Credit Corp		3.200		06/17/15		258,010
	225,000		Toyota Motor Credit Corp		0.875		07/17/15		226,285
	700,000		Toyota Motor Credit Corp		2.800		01/11/16		727,355
	500,000		Toyota Motor Credit Corp		0.800		05/17/16		501,885
	300,000		Toyota Motor Credit Corp		2.000		09/15/16		307,978
	150,000		Toyota Motor Credit Corp		2.050		01/12/17		153,971
	400,000		Toyota Motor Credit Corp		1.750		05/22/17		405,773
	500,000		Toyota Motor Credit Corp		1.250		10/05/17		495,428
	500,000		Toyota Motor Credit Corp		1.375		01/10/18		494,422
	500,000		Toyota Motor Credit Corp		2.000		10/24/18		499,099
	500,000		Toyota Motor Credit Corp		2.100		01/17/19		498,150
	300,000		Toyota Motor Credit Corp		3.400		09/15/21		308,675
	400,000		Toyota Motor Credit Corp		2.625		01/10/23		378,860
	1,000,000		UBS AG.		5.875		07/15/16		1,103,529
	162,000		UBS AG.		5.750		04/25/18		184,754
	1,671,000		UBS AG.		4.875		08/04/20		1,850,352
	500,000		Unilever Capital Corp		2.750		02/10/16		519,681
	400,000		Unilever Capital Corp		0.850		08/02/17		393,136
	250,000		Unilever Capital Corp		4.800		02/15/19		279,696
	300,000		Unilever Capital Corp		2.200		03/06/19		299,977
	250,000		Unilever Capital Corp		4.250		02/10/21		272,708
	330,000		Unilever Capital Corp		5.900		11/15/32		421,552
	2,600,000		Wells Fargo & Co		1.250		02/13/15		2,620,140
	1,000,000		Wells Fargo & Co		1.500		07/01/15		1,011,638
	650,000	i	Wells Fargo & Co		3.676		06/15/16		689,222
	500,000		Wells Fargo & Co		1.250		07/20/16		504,196
	1,250,000		Wells Fargo & Co		2.100		05/08/17		1,279,914
	1,400,000		Wells Fargo & Co		1.500		01/16/18		1,386,636
	425,000		Wells Fargo & Co		2.150		01/15/19		424,005
	1,000,000		Wells Fargo & Co		3.000		01/22/21		1,000,688
	1,200,000		Wells Fargo & Co		4.600		04/01/21		1,320,774
	3,500,000		Wells Fargo & Co		3.500		03/08/22		3,571,894
	700,000		Wells Fargo & Co		3.450		02/13/23		679,410
	500,000		Wells Fargo & Co		4.125		08/15/23		505,822
	334,000		Wells Fargo & Co		4.480		01/16/24		345,074
	264,000		Wells Fargo & Co		5.375		02/07/35		298,247
	225,000		Wells Fargo & Co		5.375		11/02/43		237,013
	1,143,000		Wells Fargo & Co		5.606		01/15/44		1,237,171
	500,000		Wells Fargo Bank NA		0.750		07/20/15		501,614
	200,000		Zions Bancorporation		4.500		06/13/23		199,624
			TOTAL DIVERSIFIED FINANCIALS						236,230,256
ENERGY - 2.7%
	650,000		Anadarko Petroleum Corp		5.950		09/15/16		721,146
	700,000		Anadarko Petroleum Corp		6.375		09/15/17		801,370
	465,000		Anadarko Petroleum Corp		8.700		03/15/19		589,464

41

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,325,000	Anadarko Petroleum Corp		6.200	%	03/15/40	$	1,534,217
	100,000	Apache Corp		1.750		04/15/17		100,950
	400,000	Apache Corp		6.900		09/15/18		478,870
	200,000	Apache Corp		3.250		04/15/22		201,727
	980,000	Apache Corp		5.100		09/01/40		1,037,981
	300,000	Apache Corp		5.250		02/01/42		323,685
	350,000	Apache Corp		4.750		04/15/43		351,847
	300,000	Apache Corp		4.250		01/15/44		281,380
	200,000	Baker Hughes, Inc		7.500		11/15/18		245,776
	450,000	Baker Hughes, Inc		3.200		08/15/21		457,047
	415,000	Baker Hughes, Inc		5.125		09/15/40		457,870
	200,000	Boardwalk Pipelines LP		5.750		09/15/19		217,069
	200,000	Boardwalk Pipelines LP		3.375		02/01/23		176,046
	590,000	BP Capital Markets plc		3.125		10/01/15		612,220
	700,000	BP Capital Markets plc		0.700		11/06/15		700,995
	1,000,000	BP Capital Markets plc		3.200		03/11/16		1,048,255
	200,000	BP Capital Markets plc		1.846		05/05/17		203,119
	850,000	BP Capital Markets plc		1.375		11/06/17		846,624
	500,000	BP Capital Markets plc		1.375		05/10/18		489,460
	300,000	BP Capital Markets plc		2.241		09/26/18		302,293
	500,000	BP Capital Markets plc		2.237		05/10/19		497,025
	300,000	BP Capital Markets plc		4.500		10/01/20		326,347
	150,000	BP Capital Markets plc		4.742		03/11/21		166,411
	650,000	BP Capital Markets plc		3.561		11/01/21		668,121
	200,000	BP Capital Markets plc		3.245		05/06/22		198,317
	850,000	BP Capital Markets plc		2.500		11/06/22		792,533
	300,000	BP Capital Markets plc		3.994		09/26/23		308,827
	500,000	BP Capital Markets plc		3.814		02/10/24		504,471
	100,000	Buckeye Partners LP		5.300		10/15/14		102,401
	200,000	Buckeye Partners LP		2.650		11/15/18		198,436
	200,000	Buckeye Partners LP		4.875		02/01/21		210,668
	300,000	Buckeye Partners LP		4.150		07/01/23		299,200
	200,000	Buckeye Partners LP		5.850		11/15/43		214,472
	575,000	Burlington Resources Finance Co		7.200		08/15/31		762,660
	200,000	Burlington Resources Finance Co		7.400		12/01/31		275,665
	200,000	Cameron International Corp		1.150		12/15/16		199,575
	100,000	Cameron International Corp		6.375		07/15/18		115,724
	150,000	Cameron International Corp		3.600		04/30/22		148,913
	500,000	Cameron International Corp		4.000		12/15/23		501,386
	100,000	Cameron International Corp		5.950		06/01/41		111,369
	200,000	Cameron International Corp		5.125		12/15/43		200,557
	600,000	Canadian Natural Resources Ltd		5.700		05/15/17		675,290
	100,000	Canadian Natural Resources Ltd		3.800		04/15/24		100,500
	850,000	Canadian Natural Resources Ltd		6.250		03/15/38		1,016,642
	340,000	Cenovus Energy, Inc		5.700		10/15/19		389,623
	625,000	Cenovus Energy, Inc		3.000		08/15/22		597,908
	200,000	Cenovus Energy, Inc		4.450		09/15/42		189,609
	400,000	Cenovus Energy, Inc		5.200		09/15/43		420,132
	100,000	Chevron Corp		0.889		06/24/16		100,527
	500,000	Chevron Corp		1.104		12/05/17		495,626
	750,000	Chevron Corp		1.718		06/24/18		747,456
	200,000	Chevron Corp		4.950		03/03/19		226,977

42

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	750,000	Chevron Corp		2.427	%	06/24/20	$	744,642
	650,000	Chevron Corp		2.355		12/05/22		610,831
	250,000	Chevron Corp		3.191		06/24/23		246,969
	1,005,000	ConocoPhillips		4.600		01/15/15		1,037,490
	200,000	ConocoPhillips		1.050		12/15/17		197,635
	600,000	ConocoPhillips		5.750		02/01/19		700,582
	600,000	ConocoPhillips		2.400		12/15/22		564,906
	250,000	ConocoPhillips		5.900		05/15/38		307,681
	1,035,000	ConocoPhillips		6.500		02/01/39		1,360,098
	500,000	ConocoPhillips Holding Co		6.950		04/15/29		666,486
	1,000,000	Continental Resources, Inc		4.500		04/15/23		1,035,672
	300,000	DCP Midstream Operating LP		2.500		12/01/17		304,959
	200,000	DCP Midstream Operating LP		2.700		04/01/19		199,518
	200,000	DCP Midstream Operating LP		4.950		04/01/22		213,393
	200,000	DCP Midstream Operating LP		5.600		04/01/44		208,761
	300,000	Devon Energy Corp		1.200		12/15/16		299,998
	150,000	Devon Energy Corp		1.875		05/15/17		151,088
	500,000	Devon Energy Corp		2.250		12/15/18		497,305
	850,000	Devon Energy Corp		6.300		01/15/19		995,504
	525,000	Devon Energy Corp		3.250		05/15/22		517,082
	600,000	Devon Energy Corp		7.950		04/15/32		821,342
	200,000	Devon Energy Corp		4.750		05/15/42		198,271
	300,000	Diamond Offshore Drilling, Inc		5.875		05/01/19		347,351
	200,000	Diamond Offshore Drilling, Inc		3.450		11/01/23		194,351
	100,000	Diamond Offshore Drilling, Inc		5.700		10/15/39		109,327
	175,000	Diamond Offshore Drilling, Inc		4.875		11/01/43		170,682
	300,000	Ecopetrol S.A.		4.250		09/18/18		318,000
	550,000	Ecopetrol S.A.		7.625		07/23/19		659,312
	500,000	Ecopetrol S.A.		5.875		09/18/23		546,250
	200,000	Ecopetrol S.A.		7.375		09/18/43		228,250
	400,000	El Paso Pipeline Partners Operating Co LLC		4.700		11/01/42		356,458
	495,000	Enbridge Energy Partners LP		5.200		03/15/20		540,351
	300,000	Enbridge Energy Partners LP		5.500		09/15/40		310,821
	300,000	EnCana Corp		3.900		11/15/21		307,865
	220,000	EnCana Corp		6.500		05/15/19		257,612
	515,000	EnCana Corp		6.625		08/15/37		613,085
	400,000	EnCana Corp		5.150		11/15/41		410,971
	400,000	Ensco plc		3.250		03/15/16		417,098
	700,000	Ensco plc		4.700		03/15/21		752,110
	40,000	Enterprise Products Operating LLC		5.600		10/15/14		41,072
	145,000	Enterprise Products Operating LLC		5.000		03/01/15		150,706
	200,000	Enterprise Products Operating LLC		1.250		08/13/15		201,324
	735,000	Enterprise Products Operating LLC		6.300		09/15/17		847,847
	130,000	Enterprise Products Operating LLC		6.500		01/31/19		153,742
	600,000	Enterprise Products Operating LLC		5.200		09/01/20		669,721
	400,000	Enterprise Products Operating LLC		4.050		02/15/22		417,397
	1,100,000	Enterprise Products Operating LLC		3.350		03/15/23		1,072,977
	500,000	Enterprise Products Operating LLC		3.900		02/15/24		502,613
	480,000	Enterprise Products Operating LLC		6.125		10/15/39		559,995
	300,000	Enterprise Products Operating LLC		4.850		08/15/42		297,422
	100,000	Enterprise Products Operating LLC		4.450		02/15/43		93,874
	500,000	Enterprise Products Operating LLC		4.850		03/15/44		498,728

43

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Enterprise Products Operating LLC		5.100	%	02/15/45	$	516,805
	500,000		EOG Resources, Inc		2.500		02/01/16		515,297
	200,000		EOG Resources, Inc		2.450		04/01/20		199,207
	440,000		EOG Resources, Inc		4.100		02/01/21		473,768
	600,000		EOG Resources, Inc		2.625		03/15/23		566,845
	50,000		EQT Corp		6.500		04/01/18		56,138
	350,000		EQT Corp		8.125		06/01/19		427,070
	500,000		Exxon Mobil Corp		0.921		03/15/17		499,885
	500,000		Exxon Mobil Corp		1.819		03/15/19		496,419
	500,000		Exxon Mobil Corp		3.176		03/15/24		498,374
	200,000		Gulf South Pipeline Co LP		4.000		06/15/22		197,316
	300,000		Halliburton Co		1.000		08/01/16		300,490
	400,000		Halliburton Co		2.000		08/01/18		400,298
	400,000		Halliburton Co		6.150		09/15/19		473,245
	300,000		Halliburton Co		3.500		08/01/23		298,940
	400,000		Halliburton Co		7.450		09/15/39		561,819
	250,000		Halliburton Co		4.500		11/15/41		249,751
	300,000		Halliburton Co		4.750		08/01/43		310,249
	425,000		Hess Corp		8.125		02/15/19		532,079
	200,000		Hess Corp		7.875		10/01/29		262,667
	940,000		Hess Corp		5.600		02/15/41		1,032,263
	30,000		Husky Energy, Inc		7.250		12/15/19		36,700
	200,000		Husky Energy, Inc		3.950		04/15/22		205,203
	1,000,000		Husky Energy, Inc		4.000		04/15/24		1,016,976
	130,000		Husky Energy, Inc		6.800		09/15/37		165,143
	200,000		Magellan Midstream Partners LP		6.550		07/15/19		235,711
	125,000		Magellan Midstream Partners LP		4.250		02/01/21		133,984
	500,000		Magellan Midstream Partners LP		4.200		12/01/42		453,085
	200,000		Magellan Midstream Partners LP		5.150		10/15/43		210,059
	200,000		Marathon Oil Corp		0.900		11/01/15		200,375
	400,000		Marathon Oil Corp		6.000		10/01/17		457,252
	650,000		Marathon Oil Corp		2.800		11/01/22		608,496
	255,000		Marathon Oil Corp		6.600		10/01/37		319,414
	200,000		Marathon Petroleum Corp		3.500		03/01/16		209,518
	250,000		Marathon Petroleum Corp		5.125		03/01/21		277,962
	350,000		Marathon Petroleum Corp		6.500		03/01/41		423,784
	125,000		Murphy Oil Corp		2.500		12/01/17		127,066
	200,000		Murphy Oil Corp		4.000		06/01/22		198,145
	200,000		Murphy Oil Corp		3.700		12/01/22		194,146
	200,000		Murphy Oil Corp		5.125		12/01/42		185,003
	200,000	g	Nabors Industries, Inc		2.350		09/15/16		204,608
	125,000		Nabors Industries, Inc		6.150		02/15/18		141,409
	350,000		Nabors Industries, Inc		4.625		09/15/21		361,587
	100,000	g	Nabors Industries, Inc		5.100		09/15/23		104,066
	100,000		National Oilwell Varco, Inc		1.350		12/01/17		98,942
	300,000		National Oilwell Varco, Inc		2.600		12/01/22		284,843
	300,000		National Oilwell Varco, Inc		3.950		12/01/42		279,224
	935,000		Nexen, Inc		6.400		05/15/37		1,075,721
	150,000		Noble Energy, Inc		8.250		03/01/19		186,781
	700,000		Noble Energy, Inc		6.000		03/01/41		799,943
	300,000		Noble Energy, Inc		5.250		11/15/43		313,122
	100,000		Noble Holding International Ltd		3.450		08/01/15		103,276

44

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Noble Holding International Ltd		2.500	%	03/15/17	$	101,745
	305,000		Noble Holding International Ltd		4.900		08/01/20		325,438
	100,000		Noble Holding International Ltd		6.200		08/01/40		109,874
	400,000		Noble Holding International Ltd		5.250		03/15/42		391,605
	350,000		Occidental Petroleum Corp		2.500		02/01/16		360,902
	350,000		Occidental Petroleum Corp		1.750		02/15/17		354,625
	250,000		Occidental Petroleum Corp		1.500		02/15/18		246,734
	250,000		Occidental Petroleum Corp		3.125		02/15/22		248,280
	550,000		Occidental Petroleum Corp		2.700		02/15/23		519,742
	300,000	g	ONE Gas, Inc		2.070		02/01/19		297,382
	100,000	g	ONE Gas, Inc		3.610		02/01/24		100,951
	100,000	g	ONE Gas, Inc		4.658		02/01/44		103,814
	406,000		Panhandle Eastern Pipeline Co LP		7.000		06/15/18		469,935
	785,000		Pemex Project Funding Master Trust		5.750		03/01/18		870,369
	750,000		Petrobras Global Finance BV		2.000		05/20/16		743,438
	925,000		Petrobras Global Finance BV		3.250		03/17/17		927,871
	750,000		Petrobras Global Finance BV		3.000		01/15/19		708,794
	1,500,000		Petrobras Global Finance BV		4.875		03/17/20		1,503,305
	750,000		Petrobras Global Finance BV		4.375		05/20/23		686,266
	1,300,000		Petrobras Global Finance BV		6.250		03/17/24		1,339,339
	750,000		Petrobras Global Finance BV		5.625		05/20/43		634,162
	1,000,000		Petrobras Global Finance BV		7.250		03/17/44		1,026,526
	500,000		Petrobras International Finance Co		2.875		02/06/15		506,500
	350,000		Petrobras International Finance Co		3.875		01/27/16		359,429
	47,000		Petrobras International Finance Co		6.125		10/06/16		50,582
	625,000		Petrobras International Finance Co		3.500		02/06/17		631,751
	1,125,000		Petrobras International Finance Co		7.875		03/15/19		1,283,128
	100,000		Petrobras International Finance Co		5.750		01/20/20		104,382
	1,400,000		Petrobras International Finance Co		5.375		01/27/21		1,415,849
	875,000		Petrobras International Finance Co		6.875		01/20/40		862,305
	300,000		Petrobras International Finance Co		6.750		01/27/41		290,725
	75,000		Petro-Canada		6.800		05/15/38		94,952
	700,000		Petrohawk Energy Corp		7.250		08/15/18		742,700
	505,000		Petroleos Mexicanos		4.875		03/15/15		522,675
	400,000		Petroleos Mexicanos		3.500		07/18/18		415,000
	200,000	g	Petroleos Mexicanos		3.125		01/23/19		204,800
	980,000		Petroleos Mexicanos		8.000		05/03/19		1,195,600
	775,000		Petroleos Mexicanos		6.000		03/05/20		872,844
	800,000		Petroleos Mexicanos		5.500		01/21/21		874,000
	240,000		Petroleos Mexicanos		4.875		01/24/22		250,800
	270,000		Petroleos Mexicanos		1.700		12/20/22		263,606
	270,000		Petroleos Mexicanos		2.000		12/20/22		267,027
	400,000		Petroleos Mexicanos		3.500		01/30/23		376,400
	450,000	g	Petroleos Mexicanos		4.875		01/18/24		464,625
	300,000		Petroleos Mexicanos		4.875		01/18/24		309,750
	1,040,000		Petroleos Mexicanos		6.500		06/02/41		1,138,800
	1,050,000		Petroleos Mexicanos		5.500		06/27/44		1,013,250
	575,000	g	Petroleos Mexicanos		6.375		01/23/45		620,281
	900,000		Phillips 66		2.950		05/01/17		938,858
	150,000		Phillips 66		4.300		04/01/22		158,580
	400,000		Phillips 66		5.875		05/01/42		462,772
	300,000		Pioneer Natural Resources Co		6.650		03/15/17		341,441

45

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	375,000	Pioneer Natural Resources Co		3.950	%	07/15/22	$	382,916
	200,000	Plains All American Pipeline LP		6.125		01/15/17		224,658
	700,000	Plains All American Pipeline LP		5.000		02/01/21		776,955
	200,000	Plains All American Pipeline LP		2.850		01/31/23		185,941
	400,000	Plains All American Pipeline LP		3.850		10/15/23		399,221
	100,000	Plains All American Pipeline LP		6.650		01/15/37		122,966
	250,000	Plains All American Pipeline LP		5.150		06/01/42		260,324
	500,000	Plains Exploration & Production Co		6.875		02/15/23		556,250
	100,000	Rowan Cos, Inc		5.000		09/01/17		108,880
	300,000	Rowan Cos, Inc		7.875		08/01/19		364,383
	250,000	Rowan Cos, Inc		4.875		06/01/22		258,629
	200,000	Rowan Cos, Inc		4.750		01/15/24		202,376
	100,000	Rowan Cos, Inc		5.400		12/01/42		95,427
	200,000	Rowan Cos, Inc		5.850		01/15/44		203,194
	750,000	Schlumberger Investment S.A.		3.650		12/01/23		760,706
	440,000	Shell International Finance BV		3.100		06/28/15		454,516
	300,000	Shell International Finance BV		0.625		12/04/15		300,208
	300,000	Shell International Finance BV		0.900		11/15/16		300,930
	200,000	Shell International Finance BV		1.125		08/21/17		198,786
	500,000	Shell International Finance BV		2.000		11/15/18		501,502
	805,000	Shell International Finance BV		4.300		09/22/19		888,537
	1,130,000	Shell International Finance BV		4.375		03/25/20		1,240,279
	200,000	Shell International Finance BV		2.375		08/21/22		188,310
	500,000	Shell International Finance BV		2.250		01/06/23		462,347
	500,000	Shell International Finance BV		3.400		08/12/23		501,006
	421,000	Shell International Finance BV		6.375		12/15/38		542,721
	200,000	Shell International Finance BV		3.625		08/21/42		177,801
	700,000	Shell International Finance BV		4.550		08/12/43		723,518
	200,000	Southwestern Energy Co		7.500		02/01/18		237,231
	325,000	Southwestern Energy Co		4.100		03/15/22		334,004
	210,000	Statoil ASA		2.900		10/15/14		212,795
	350,000	Statoil ASA		3.125		08/17/17		369,117
	375,000	Statoil ASA		1.200		01/17/18		367,854
	300,000	Statoil ASA		1.150		05/15/18		291,694
	300,000	Statoil ASA		1.950		11/08/18		300,241
	450,000	Statoil ASA		5.250		04/15/19		512,487
	300,000	Statoil ASA		2.900		11/08/20		302,666
	250,000	Statoil ASA		3.150		01/23/22		250,778
	375,000	Statoil ASA		2.450		01/17/23		351,546
	300,000	Statoil ASA		2.650		01/15/24		280,578
	300,000	Statoil ASA		3.700		03/01/24		305,627
	200,000	Statoil ASA		5.100		08/17/40		220,512
	400,000	Statoil ASA		4.250		11/23/41		389,438
	300,000	Statoil ASA		3.950		05/15/43		279,062
	300,000	Statoil ASA		4.800		11/08/43		320,462
	550,000	Suncor Energy, Inc		6.100		06/01/18		635,266
	1,400,000	Suncor Energy, Inc		6.500		06/15/38		1,730,019
	300,000	Sunoco Logistics Partners Operations LP		4.250		04/01/24		299,454
	300,000	Sunoco Logistics Partners Operations LP		5.300		04/01/44		299,730
	300,000	Sunoco Logistics Partners Operations LP		3.450		01/15/23		285,206
	100,000	Sunoco Logistics Partners Operations LP		6.100		02/15/42		109,466
	25,000	Talisman Energy, Inc		7.750		06/01/19		30,197

46

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	450,000		Talisman Energy, Inc		3.750	%	02/01/21	$	447,453
	300,000		Talisman Energy, Inc		5.850		02/01/37		306,992
	200,000		Talisman Energy, Inc		5.500		05/15/42		198,120
	200,000		Total Capital Canada Ltd		1.450		01/15/18		198,599
	300,000		Total Capital Canada Ltd		2.750		07/15/23		283,789
	400,000		Total Capital International S.A.		0.750		01/25/16		401,150
	500,000		Total Capital International S.A.		1.000		08/12/16		502,564
	300,000		Total Capital International S.A.		2.125		01/10/19		300,586
	1,000,000		Total Capital International S.A.		2.875		02/17/22		979,268
	400,000		Total Capital International S.A.		2.700		01/25/23		379,282
	300,000		Total Capital International S.A.		3.700		01/15/24		305,561
	300,000		Total Capital International S.A.		3.750		04/10/24		306,390
	300,000		TransCanada PipeLines Ltd		0.875		03/02/15		301,189
	500,000		TransCanada PipeLines Ltd		0.750		01/15/16		500,353
	600,000		TransCanada PipeLines Ltd		3.800		10/01/20		630,249
	1,050,000		TransCanada PipeLines Ltd		2.500		08/01/22		982,345
	200,000		TransCanada PipeLines Ltd		3.750		10/16/23		201,526
	500,000		TransCanada PipeLines Ltd		4.625		03/01/34		511,053
	340,000		TransCanada PipeLines Ltd		5.850		03/15/36		394,915
	469,000		TransCanada PipeLines Ltd		7.625		01/15/39		654,945
	200,000		TransCanada PipeLines Ltd		6.100		06/01/40		239,636
	200,000		TransCanada PipeLines Ltd		5.000		10/16/43		209,984
	300,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		310,800
	200,000		Transocean, Inc		2.500		10/15/17		201,289
	443,000		Transocean, Inc		6.000		03/15/18		492,647
	700,000		Transocean, Inc		6.500		11/15/20		786,049
	350,000		Transocean, Inc		6.375		12/15/21		393,384
	550,000		Transocean, Inc		3.800		10/15/22		525,804
	200,000		Transocean, Inc		6.800		03/15/38		215,751
	165,000		Vale Overseas Ltd		6.250		01/23/17		184,375
	1,045,000		Vale Overseas Ltd		4.625		09/15/20		1,085,914
	1,542,000		Vale Overseas Ltd		4.375		01/11/22		1,530,941
	150,000		Vale Overseas Ltd		8.250		01/17/34		180,756
	864,000		Vale Overseas Ltd		6.875		11/21/36		920,572
	680,000		Valero Energy Corp		6.125		02/01/20		789,596
	330,000		Valero Energy Corp		7.500		04/15/32		422,384
	500,000		Valero Energy Corp		6.625		06/15/37		601,743
	840,000		Weatherford Bermuda Holdings Ltd		5.125		09/15/20		914,064
	60,000		Weatherford Bermuda Holdings Ltd		6.750		09/15/40		69,865
	350,000		Weatherford International Ltd		9.625		03/01/19		454,364
	200,000		Weatherford International Ltd		4.500		04/15/22		209,439
	500,000		Weatherford International Ltd		5.950		04/15/42		538,719
	300,000		XTO Energy, Inc		6.250		08/01/17		347,897
			TOTAL ENERGY						135,966,301
FOOD & STAPLES RETAILING - 0.2%
	550,000		CVS Caremark Corp		3.250		05/18/15		565,685
	200,000		CVS Caremark Corp		1.200		12/05/16		201,157
	110,000		CVS Caremark Corp		5.750		06/01/17		124,419
	300,000		CVS Caremark Corp		2.250		12/05/18		300,239
	185,000		CVS Caremark Corp		4.750		05/18/20		203,187
	500,000		CVS Caremark Corp		4.125		05/15/21		532,346

47

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	CVS Caremark Corp		2.750	%	12/01/22	$	471,660
	250,000	CVS Caremark Corp		4.000		12/05/23		255,431
	650,000	CVS Caremark Corp		6.125		09/15/39		783,780
	400,000	CVS Caremark Corp		5.300		12/05/43		441,530
	105,000	Delhaize Group S.A.		6.500		06/15/17		119,016
	100,000	Delhaize Group S.A.		4.125		04/10/19		103,639
	235,000	Delhaize Group S.A.		5.700		10/01/40		239,006
	300,000	Kroger Co		6.400		08/15/17		344,358
	55,000	Kroger Co		6.800		12/15/18		65,285
	445,000	Kroger Co		6.150		01/15/20		518,598
	200,000	Kroger Co		3.400		04/15/22		197,857
	200,000	Kroger Co		3.850		08/01/23		199,148
	300,000	Kroger Co		4.000		02/01/24		303,228
	100,000	Kroger Co		6.900		04/15/38		123,870
	250,000	Kroger Co		5.000		04/15/42		250,888
	300,000	Kroger Co		5.150		08/01/43		308,856
	239,000	Safeway, Inc		6.350		08/15/17		273,277
	25,000	Safeway, Inc		5.000		08/15/19		25,791
	240,000	Safeway, Inc		3.950		08/15/20		242,939
	350,000	Safeway, Inc		4.750		12/01/21		357,774
	50,000	Starbucks Corp		6.250		08/15/17		57,752
	200,000	Starbucks Corp		2.000		12/05/18		198,481
	350,000	Starbucks Corp		3.850		10/01/23		357,824
	200,000	SYSCO Corp		5.250		02/12/18		222,978
	250,000	SYSCO Corp		2.600		06/12/22		237,273
	100,000	SYSCO Corp		5.375		09/21/35		111,139
	450,000	Walgreen Co		1.000		03/13/15		451,565
	200,000	Walgreen Co		1.800		09/15/17		201,344
	100,000	Walgreen Co		5.250		01/15/19		113,619
	200,000	Walgreen Co		3.100		09/15/22		192,140
	200,000	Walgreen Co		4.400		09/15/42		187,473
		TOTAL FOOD & STAPLES RETAILING						9,884,552
FOOD, BEVERAGE & TOBACCO - 1.1%
	50,000	Altria Group, Inc		4.125		09/11/15		52,396
	56,000	Altria Group, Inc		9.700		11/10/18		73,506
	228,000	Altria Group, Inc		9.250		08/06/19		300,856
	1,800,000	Altria Group, Inc		4.750		05/05/21		1,964,392
	800,000	Altria Group, Inc		2.850		08/09/22		750,722
	200,000	Altria Group, Inc		2.950		05/02/23		184,651
	300,000	Altria Group, Inc		4.000		01/31/24		300,568
	50,000	Altria Group, Inc		10.200		02/06/39		82,052
	300,000	Altria Group, Inc		4.250		08/09/42		265,829
	300,000	Altria Group, Inc		4.500		05/02/43		275,573
	300,000	Altria Group, Inc		5.375		01/31/44		313,618
	500,000	Anheuser-Busch InBev Finance, Inc		1.125		01/27/17		499,945
	300,000	Anheuser-Busch InBev Finance, Inc		1.250		01/17/18		295,265
	500,000	Anheuser-Busch InBev Finance, Inc		2.150		02/01/19		499,502
	500,000	Anheuser-Busch InBev Finance, Inc		2.625		01/17/23		469,871
	500,000	Anheuser-Busch InBev Finance, Inc		3.700		02/01/24		505,145
	400,000	Anheuser-Busch InBev Finance, Inc		4.000		01/17/43		373,010
	1,000,000	Anheuser-Busch InBev Finance, Inc		4.625		02/01/44		1,025,994

48

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Anheuser-Busch InBev Worldwide, Inc		0.800	%	07/15/15	$	501,659
	950,000	Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		986,984
	1,390,000	Anheuser-Busch InBev Worldwide, Inc		5.000		04/15/20		1,570,062
	2,150,000	Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		2,030,006
	485,000	Anheuser-Busch InBev Worldwide, Inc		6.375		01/15/40		622,354
	100,000	Anheuser-Busch InBev Worldwide, Inc		3.750		07/15/42		89,149
	100,000	Archer-Daniels-Midland Co		5.450		03/15/18		113,114
	740,000	Archer-Daniels-Midland Co		4.016		04/16/43		689,518
	200,000	Beam, Inc		1.750		06/15/18		194,743
	200,000	Beam, Inc		3.250		05/15/22		194,770
	200,000	Beam, Inc		3.250		06/15/23		192,508
	450,000	Bottling Group LLC		5.125		01/15/19		507,658
	200,000	Brown-Forman Corp		1.000		01/15/18		194,162
	200,000	Brown-Forman Corp		2.250		01/15/23		182,737
	400,000	Bunge Ltd		4.100		03/15/16		422,050
	100,000	Bunge Ltd		3.200		06/15/17		103,924
	100,000	Bunge Ltd		8.500		06/15/19		123,406
	325,000	Campbell Soup Co		3.050		07/15/17		340,554
	100,000	Campbell Soup Co		4.250		04/15/21		105,505
	150,000	Campbell Soup Co		2.500		08/02/22		136,441
	150,000	Campbell Soup Co		3.800		08/02/42		124,741
	400,000	Coca-Cola Co		1.150		04/01/18		392,124
	300,000	Coca-Cola Co		2.500		04/01/23		281,578
	325,000	Coca-Cola Co		1.500		11/15/15		330,067
	1,835,000	Coca-Cola Co		1.800		09/01/16		1,878,726
	300,000	Coca-Cola Co		0.750		11/01/16		299,236
	500,000	Coca-Cola Co		1.650		03/14/18		496,935
	300,000	Coca-Cola Co		1.650		11/01/18		296,966
	300,000	Coca-Cola Co		2.450		11/01/20		295,477
	410,000	Coca-Cola Co		3.150		11/15/20		420,314
	300,000	Coca-Cola Co		3.200		11/01/23		295,019
	150,000	Coca-Cola Enterprises, Inc		2.125		09/15/15		152,684
	100,000	Coca-Cola Enterprises, Inc		3.500		09/15/20		102,430
	100,000	Coca-Cola Enterprises, Inc		3.250		08/19/21		100,034
	200,000	Coca-Cola Femsa SAB de C.V.		2.375		11/26/18		199,800
	100,000	Coca-Cola Femsa SAB de C.V.		4.625		02/15/20		108,670
	500,000	Coca-Cola Femsa SAB de C.V.		3.875		11/26/23		502,007
	200,000	Coca-Cola Femsa SAB de C.V.		5.250		11/26/43		212,955
	100,000	Coca-Cola HBC Finance BV		5.500		09/17/15		105,841
	300,000	ConAgra Foods, Inc		1.900		01/25/18		297,467
	200,000	ConAgra Foods, Inc		2.100		03/15/18		199,010
	325,000	ConAgra Foods, Inc		7.000		04/15/19		388,470
	200,000	ConAgra Foods, Inc		3.250		09/15/22		193,173
	125,000	ConAgra Foods, Inc		3.200		01/25/23		119,385
	100,000	ConAgra Foods, Inc		7.000		10/01/28		121,559
	100,000	ConAgra Foods, Inc		6.625		08/15/39		121,460
	450,000	ConAgra Foods, Inc		4.650		01/25/43		433,641
	100,000	Corn Products International, Inc		4.625		11/01/20		106,065
	350,000	Diageo Capital plc		5.500		09/30/16		389,673
	1,000,000	Diageo Capital plc		1.500		05/11/17		1,006,708
	325,000	Diageo Capital plc		5.750		10/23/17		372,418
	500,000	Diageo Capital plc		1.125		04/29/18		486,197

49

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	Diageo Capital plc		5.875	%	09/30/36	$	239,411
	400,000	Diageo Capital plc		3.875		04/29/43		365,358
	100,000	Dr Pepper Snapple Group, Inc		2.900		01/15/16		103,656
	350,000	Dr Pepper Snapple Group, Inc		2.600		01/15/19		353,748
	150,000	Dr Pepper Snapple Group, Inc		2.000		01/15/20		142,537
	150,000	Dr Pepper Snapple Group, Inc		2.700		11/15/22		139,813
	150,000	Flowers Foods, Inc		4.375		04/01/22		153,978
	200,000	Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		183,338
	300,000	Fomento Economico Mexicano SAB de C.V.		4.375		05/10/43		261,614
	342,000	Fortune Brands, Inc		5.375		01/15/16		365,664
	725,000	General Mills, Inc		5.200		03/17/15		756,727
	100,000	General Mills, Inc		0.875		01/29/16		100,081
	210,000	General Mills, Inc		5.650		02/15/19		241,880
	200,000	General Mills, Inc		3.150		12/15/21		200,999
	500,000	General Mills, Inc		3.650		02/15/24		503,041
	150,000	General Mills, Inc		5.400		06/15/40		168,003
	100,000	General Mills, Inc		4.150		02/15/43		93,664
	100,000	Hershey Co		1.500		11/01/16		101,705
	150,000	Hershey Co		4.125		12/01/20		162,647
	400,000	Hershey Co		2.625		05/01/23		376,723
	250,000	Ingredion, Inc		1.800		09/25/17		245,197
	100,000	JM Smucker Co		3.500		10/15/21		102,233
	200,000	Kellogg Co		1.125		05/15/15		201,211
	100,000	Kellogg Co		1.875		11/17/16		101,971
	200,000	Kellogg Co		1.750		05/17/17		201,403
	379,000	Kellogg Co		4.000		12/15/20		396,406
	100,000	Kellogg Co		7.450		04/01/31		131,857
	100,000	Kraft Foods Group, Inc		1.625		06/04/15		101,122
	600,000	Kraft Foods Group, Inc		2.250		06/05/17		615,034
	1,525,000	Kraft Foods Group, Inc		3.500		06/06/22		1,534,193
	300,000	Kraft Foods Group, Inc		6.500		02/09/40		373,184
	400,000	Kraft Foods Group, Inc		5.000		06/04/42		418,861
	794,000	Kraft Foods, Inc		6.500		02/09/40		998,700
	200,000	Lorillard Tobacco Co		3.500		08/04/16		210,753
	300,000	Lorillard Tobacco Co		2.300		08/21/17		306,101
	270,000	Lorillard Tobacco Co		6.875		05/01/20		315,763
	350,000	Lorillard Tobacco Co		3.750		05/20/23		329,896
	200,000	McCormick & Co, Inc		3.500		09/01/23		200,869
	150,000	Molson Coors Brewing Co		3.500		05/01/22		149,637
	300,000	Molson Coors Brewing Co		5.000		05/01/42		313,172
	2,000,000	Mondelez International, Inc		2.250		02/01/19		1,981,710
	1,000,000	Mondelez International, Inc		4.000		02/01/24		1,014,745
	300,000	PepsiCo, Inc		0.700		02/26/16		299,548
	850,000	PepsiCo, Inc		2.500		05/10/16		880,428
	300,000	PepsiCo, Inc		0.950		02/22/17		298,480
	250,000	PepsiCo, Inc		1.250		08/13/17		249,353
	840,000	PepsiCo, Inc		7.900		11/01/18		1,054,428
	400,000	PepsiCo, Inc		2.250		01/07/19		401,741
	100,000	PepsiCo, Inc		4.500		01/15/20		109,679
	400,000	PepsiCo, Inc		3.125		11/01/20		407,960
	200,000	PepsiCo, Inc		3.000		08/25/21		201,261
	400,000	PepsiCo, Inc		2.750		03/05/22		388,186

50

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	PepsiCo, Inc		2.750	%	03/01/23	$	473,914
	1,000,000	PepsiCo, Inc		3.600		03/01/24		1,001,265
	310,000	PepsiCo, Inc		4.875		11/01/40		327,606
	400,000	PepsiCo, Inc		4.000		03/05/42		370,407
	200,000	PepsiCo, Inc		3.600		08/13/42		173,450
	500,000	Philip Morris International, Inc		1.125		08/21/17		495,489
	1,300,000	Philip Morris International, Inc		5.650		05/16/18		1,490,505
	300,000	Philip Morris International, Inc		1.875		01/15/19		296,104
	200,000	Philip Morris International, Inc		2.900		11/15/21		197,376
	200,000	Philip Morris International, Inc		2.500		08/22/22		188,016
	500,000	Philip Morris International, Inc		2.625		03/06/23		467,275
	300,000	Philip Morris International, Inc		3.600		11/15/23		298,919
	240,000	Philip Morris International, Inc		6.375		05/16/38		296,182
	150,000	Philip Morris International, Inc		4.375		11/15/41		143,254
	200,000	Philip Morris International, Inc		4.500		03/20/42		195,757
	150,000	Philip Morris International, Inc		3.875		08/21/42		131,645
	300,000	Philip Morris International, Inc		4.125		03/04/43		275,707
	200,000	Philip Morris International, Inc		4.875		11/15/43		206,334
	400,000	Reynolds American, Inc		1.050		10/30/15		399,688
	50,000	Reynolds American, Inc		6.750		06/15/17		57,646
	200,000	Reynolds American, Inc		7.750		06/01/18		239,476
	400,000	Reynolds American, Inc		3.250		11/01/22		376,320
	200,000	Reynolds American, Inc		4.850		09/15/23		209,503
	65,000	Reynolds American, Inc		7.250		06/15/37		80,532
	400,000	Reynolds American, Inc		4.750		11/01/42		374,138
	200,000	Reynolds American, Inc		6.150		09/15/43		225,649
	133,000	Sara Lee Corp		4.100		09/15/20		136,552
	400,000	Tyson Foods, Inc		4.500		06/15/22		417,256
		TOTAL FOOD, BEVERAGE & TOBACCO						57,460,663
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	100,000	Allergan, Inc		5.750		04/01/16		109,816
	200,000	Allergan, Inc		1.350		03/15/18		195,597
	250,000	Allergan, Inc		3.375		09/15/20		256,470
	200,000	Allergan, Inc		2.800		03/15/23		188,960
	200,000	AmerisourceBergen Corp		5.875		09/15/15		214,361
	100,000	AmerisourceBergen Corp		3.500		11/15/21		102,389
	200,000	Ascension Health, Inc		4.847		11/15/53		204,939
	200,000	Baxter International, Inc		4.625		03/15/15		207,906
	300,000	Baxter International, Inc		0.950		06/01/16		300,833
	200,000	Baxter International, Inc		5.900		09/01/16		223,286
	300,000	Baxter International, Inc		1.850		06/15/18		298,294
	420,000	Baxter International, Inc		4.500		08/15/19		461,454
	300,000	Baxter International, Inc		3.200		06/15/23		292,630
	116,000	Baxter International, Inc		6.250		12/01/37		143,105
	150,000	Baxter International, Inc		3.650		08/15/42		129,117
	300,000	Baxter International, Inc		4.500		06/15/43		296,803
	25,000	Becton Dickinson & Co		5.000		05/15/19		28,200
	150,000	Becton Dickinson & Co		3.250		11/12/20		153,756
	850,000	Becton Dickinson & Co		3.125		11/08/21		862,687
	100,000	Bio-Rad Laboratories, Inc		4.875		12/15/20		104,784
	300,000	Boston Scientific Corp		6.400		06/15/16		332,515

51

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	150,000	Boston Scientific Corp		2.650	%	10/01/18	$	151,132
	650,000	Boston Scientific Corp		6.000		01/15/20		746,043
	150,000	Boston Scientific Corp		4.125		10/01/23		152,087
	200,000	Cardinal Health, Inc		4.000		06/15/15		207,430
	200,000	Cardinal Health, Inc		1.700		03/15/18		198,246
	100,000	Cardinal Health, Inc		4.625		12/15/20		108,581
	100,000	Cardinal Health, Inc		3.200		06/15/22		97,843
	200,000	Cardinal Health, Inc		3.200		03/15/23		194,455
	100,000	Cardinal Health, Inc		4.600		03/15/43		98,330
	100,000	CareFusion Corp		5.125		08/01/14		101,462
	100,000	CareFusion Corp		6.375		08/01/19		114,163
	200,000	CareFusion Corp		3.300		03/01/23		187,804
	100,000	Coventry Health Care, Inc		6.300		08/15/14		102,035
	100,000	Coventry Health Care, Inc		5.450		06/15/21		114,678
	450,000	Covidien International Finance S.A.		6.000		10/15/17		516,768
	650,000	Covidien International Finance S.A.		3.200		06/15/22		639,628
	500,000	Covidien International Finance S.A.		2.950		06/15/23		473,803
	100,000	Covidien International Finance S.A.		6.550		10/15/37		129,118
	225,000	CR Bard, Inc		1.375		01/15/18		220,693
	100,000	CR Bard, Inc		4.400		01/15/21		107,866
	100,000	DENTSPLY International, Inc		4.125		08/15/21		102,484
	100,000	Edwards Lifesciences Corp		2.875		10/15/18		100,692
	900,000	Express Scripts Holding Co		2.750		11/21/14		913,091
	150,000	Express Scripts Holding Co		3.500		11/15/16		158,820
	300,000	Express Scripts Holding Co		2.650		02/15/17		310,251
	250,000	Express Scripts Holding Co		4.750		11/15/21		271,695
	525,000	Express Scripts Holding Co		3.900		02/15/22		537,339
	450,000	Express Scripts Holding Co		6.125		11/15/41		533,224
	300,000	Express Scripts, Inc		3.125		05/15/16		312,545
	100,000	Kaiser Foundation Hospitals		3.500		04/01/22		98,529
	100,000	Kaiser Foundation Hospitals		4.875		04/01/42		104,854
	200,000	Laboratory Corp of America Holdings		3.125		05/15/16		208,021
	100,000	Laboratory Corp of America Holdings		2.200		08/23/17		101,213
	250,000	Laboratory Corp of America Holdings		2.500		11/01/18		249,123
	200,000	Laboratory Corp of America Holdings		3.750		08/23/22		198,651
	200,000	Laboratory Corp of America Holdings		4.000		11/01/23		199,453
	200,000	Mayo Clinic Rochester		4.000		11/15/47		182,582
	100,000	McKesson Corp		0.950		12/04/15		100,281
	430,000	McKesson Corp		3.250		03/01/16		448,016
	25,000	McKesson Corp		5.700		03/01/17		27,619
	500,000	McKesson Corp		1.292		03/10/17		498,754
	200,000	McKesson Corp		1.400		03/15/18		195,005
	350,000	McKesson Corp		2.284		03/15/19		347,118
	180,000	McKesson Corp		4.750		03/01/21		196,304
	100,000	McKesson Corp		2.700		12/15/22		93,152
	200,000	McKesson Corp		2.850		03/15/23		188,103
	500,000	McKesson Corp		3.796		03/15/24		500,465
	100,000	McKesson Corp		6.000		03/01/41		117,075
	375,000	McKesson Corp		4.883		03/15/44		380,100
	250,000	Medco Health Solutions, Inc		2.750		09/15/15		256,355
	250,000	Medco Health Solutions, Inc		7.125		03/15/18		294,967
	205,000	Medtronic, Inc		4.750		09/15/15		217,417

52

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Medtronic, Inc		0.875	%	02/27/17	$	298,343
	250,000	Medtronic, Inc		1.375		04/01/18		245,813
	200,000	Medtronic, Inc		5.600		03/15/19		230,391
	1,305,000	Medtronic, Inc		4.450		03/15/20		1,432,634
	250,000	Medtronic, Inc		2.750		04/01/23		236,484
	500,000	Medtronic, Inc		3.625		03/15/24		502,052
	200,000	Medtronic, Inc		4.500		03/15/42		201,697
	150,000	Medtronic, Inc		4.000		04/01/43		139,156
	500,000	Medtronic, Inc		4.625		03/15/44		513,746
	350,000	NYU Hospitals Center		5.750		07/01/43		384,005
	150,000	PerkinElmer, Inc		5.000		11/15/21		159,152
	44,000	Quest Diagnostics, Inc		5.450		11/01/15		47,007
	235,000	Quest Diagnostics, Inc		6.400		07/01/17		266,691
	300,000	Quest Diagnostics, Inc		2.700		04/01/19		299,557
	400,000	Quest Diagnostics, Inc		4.700		04/01/21		425,101
	400,000	Quest Diagnostics, Inc		4.250		04/01/24		397,591
	150,000	Quest Diagnostics, Inc		6.950		07/01/37		177,088
	450,000	St. Jude Medical, Inc		2.500		01/15/16		461,655
	200,000	St. Jude Medical, Inc		3.250		04/15/23		193,973
	200,000	St. Jude Medical, Inc		4.750		04/15/43		200,119
	150,000	Stryker Corp		3.000		01/15/15		152,618
	150,000	Stryker Corp		2.000		09/30/16		153,944
	200,000	Stryker Corp		1.300		04/01/18		195,772
	90,000	Stryker Corp		4.375		01/15/20		97,710
	200,000	Stryker Corp		4.100		04/01/43		192,251
	165,000	Thermo Fisher Scientific, Inc		5.000		06/01/15		172,873
	550,000	Thermo Fisher Scientific, Inc		2.250		08/15/16		563,691
	175,000	Thermo Fisher Scientific, Inc		1.300		02/01/17		173,941
	350,000	Thermo Fisher Scientific, Inc		1.850		01/15/18		347,568
	100,000	Thermo Fisher Scientific, Inc		2.400		02/01/19		99,582
	455,000	Thermo Fisher Scientific, Inc		4.700		05/01/20		493,422
	250,000	Thermo Fisher Scientific, Inc		3.150		01/15/23		240,955
	100,000	Thermo Fisher Scientific, Inc		4.150		02/01/24		102,883
	200,000	Thermo Fisher Scientific, Inc		5.300		02/01/44		215,533
	100,000	Zimmer Holdings, Inc		1.400		11/30/14		100,472
	150,000	Zimmer Holdings, Inc		3.375		11/30/21		151,972
	106,000	Zimmer Holdings, Inc		5.750		11/30/39		124,313
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						28,605,120
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	100,000	Avon Products, Inc		2.375		03/15/16		101,617
	100,000	Avon Products, Inc		6.500		03/01/19		111,602
	150,000	Avon Products, Inc		4.600		03/15/20		152,483
	150,000	Avon Products, Inc		5.000		03/15/23		150,271
	100,000	Avon Products, Inc		6.950		03/15/43		100,542
	25,000	Clorox Co		5.000		01/15/15		25,842
	350,000	Clorox Co		3.550		11/01/15		364,608
	100,000	Clorox Co		3.800		11/15/21		103,038
	100,000	Clorox Co		3.050		09/15/22		96,062
	400,000	Colgate-Palmolive Co		1.300		01/15/17		403,958
	300,000	Colgate-Palmolive Co		0.900		05/01/18		289,182
	300,000	Colgate-Palmolive Co		1.750		03/15/19		296,738

53

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Colgate-Palmolive Co		2.300	%	05/03/22	$	190,231
	200,000		Colgate-Palmolive Co		1.950		02/01/23		180,550
	300,000		Colgate-Palmolive Co		3.250		03/15/24		296,359
	60,000		Colgate-Palmolive Co		6.450		06/16/28		74,883
	150,000		Ecolab, Inc		2.375		12/08/14		151,877
	300,000		Ecolab, Inc		1.000		08/09/15		300,924
	100,000		Ecolab, Inc		3.000		12/08/16		104,787
	250,000		Ecolab, Inc		1.450		12/08/17		246,817
	350,000		Ecolab, Inc		4.350		12/08/21		376,600
	100,000		Ecolab, Inc		5.500		12/08/41		113,899
	200,000		Estee Lauder Cos, Inc		2.350		08/15/22		186,143
	100,000		Estee Lauder Cos, Inc		6.000		05/15/37		119,375
	400,000		Procter & Gamble Co		0.750		11/04/16		398,876
	400,000		Procter & Gamble Co		1.600		11/15/18		396,793
	1,825,000		Procter & Gamble Co		4.700		02/15/19		2,045,944
	800,000		Procter & Gamble Co		2.300		02/06/22		765,208
	300,000		Procter & Gamble Co		3.100		08/15/23		296,279
	225,000		Procter & Gamble Co		5.550		03/05/37		267,345
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						8,708,833
INSURANCE - 1.2%
	85,000		ACE INA Holdings, Inc		5.875		06/15/14		85,908
	200,000		ACE INA Holdings, Inc		5.600		05/15/15		211,042
	100,000		ACE INA Holdings, Inc		2.600		11/23/15		102,991
	25,000		ACE INA Holdings, Inc		5.800		03/15/18		28,375
	500,000		ACE INA Holdings, Inc		5.900		06/15/19		585,011
	250,000		ACE INA Holdings, Inc		2.700		03/13/23		236,331
	150,000		ACE INA Holdings, Inc		4.150		03/13/43		142,338
	400,000		Aegon NV		4.625		12/01/15		424,370
	125,000		Aetna, Inc		1.500		11/15/17		124,742
	200,000		Aetna, Inc		6.500		09/15/18		235,878
	300,000		Aetna, Inc		2.200		03/15/19		297,468
	250,000		Aetna, Inc		3.950		09/01/20		264,029
	500,000		Aetna, Inc		2.750		11/15/22		469,651
	240,000		Aetna, Inc		6.625		06/15/36		301,838
	350,000		Aetna, Inc		4.500		05/15/42		344,165
	500,000		Aetna, Inc		4.125		11/15/42		465,706
	200,000		Aetna, Inc		4.750		03/15/44		202,986
	200,000		Aflac, Inc		8.500		05/15/19		257,052
	300,000		Aflac, Inc		4.000		02/15/22		314,980
	300,000		Aflac, Inc		3.625		06/15/23		302,343
	125,000		Aflac, Inc		6.900		12/17/39		162,274
	300,000		Alleghany Corp		4.950		06/27/22		323,641
	100,000		Allied World Assurance Co Ltd		7.500		08/01/16		113,721
	1,250,000		Allstate Corp		3.150		06/15/23		1,227,935
	100,000		Allstate Corp		4.500		06/15/43		100,545
	200,000	i	Allstate Corp		5.750		08/15/53		210,000
	100,000		American Financial Group, Inc		9.875		06/15/19		128,784
	700,000		American International Group, Inc		3.800		03/22/17		748,930
	1,350,000		American International Group, Inc		8.250		08/15/18		1,687,488
	750,000		American International Group, Inc		3.375		08/15/20		765,669
	900,000		American International Group, Inc		6.400		12/15/20		1,072,298

54

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	900,000		American International Group, Inc		4.875	%	06/01/22	$	985,520
	300,000		American International Group, Inc		4.125		02/15/24		306,352
	800,000		American International Group, Inc		6.250		05/01/36		988,670
	328,000		American International Group, Inc		6.820		11/15/37		429,011
	200,000		Aon Corp		3.125		05/27/16		207,885
	50,000		Aon Corp		5.000		09/30/20		55,450
	200,000		Aon Corp		6.250		09/30/40		243,699
	200,000		Aon plc		4.000		11/27/23		203,066
	100,000		Aon plc		4.250		12/12/42		91,677
	200,000		Aon plc		4.450		05/24/43		190,391
	300,000		Arch Capital Group US, Inc		5.144		11/01/43		315,912
	200,000		Aspen Insurance Holdings Ltd		4.650		11/15/23		201,932
	100,000		Assurant, Inc		2.500		03/15/18		99,360
	100,000		Assurant, Inc		4.000		03/15/23		98,560
	100,000		Assurant, Inc		6.750		02/15/34		113,593
	270,000		AXA S.A.		8.600		12/15/30		348,300
	200,000		AXIS Specialty Finance plc		2.650		04/01/19		199,704
	50,000		AXIS Specialty Finance plc		5.875		06/01/20		56,582
	200,000		AXIS Specialty Finance plc		5.150		04/01/45		201,347
	333,000		Berkshire Hathaway Finance Corp		4.850		01/15/15		344,756
	300,000		Berkshire Hathaway Finance Corp		2.450		12/15/15		309,526
	300,000		Berkshire Hathaway Finance Corp		1.600		05/15/17		303,669
	225,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		221,214
	750,000		Berkshire Hathaway Finance Corp		5.400		05/15/18		855,964
	600,000		Berkshire Hathaway Finance Corp		2.000		08/15/18		603,464
	200,000		Berkshire Hathaway Finance Corp		2.900		10/15/20		202,722
	400,000		Berkshire Hathaway Finance Corp		3.000		05/15/22		398,724
	300,000		Berkshire Hathaway Finance Corp		4.400		05/15/42		293,072
	100,000		Berkshire Hathaway Finance Corp		4.300		05/15/43		95,579
	40,000		Chubb Corp		5.750		05/15/18		45,811
	350,000		Chubb Corp		6.000		05/11/37		427,446
	300,000	i	Chubb Corp		6.375		03/29/67		333,000
	400,000		Cigna Corp		5.375		02/15/42		439,604
	540,000		CIGNA Corp		5.125		06/15/20		597,965
	400,000		CIGNA Corp		4.500		03/15/21		432,054
	200,000		Cincinnati Financial Corp		6.920		05/15/28		240,477
	200,000		CNA Financial Corp		5.850		12/15/14		207,278
	40,000		CNA Financial Corp		6.500		08/15/16		44,901
	500,000		CNA Financial Corp		5.750		08/15/21		575,824
	125,000		CNA Financial Corp		3.950		05/15/24		125,571
	250,000		Fidelity National Financial, Inc		5.500		09/01/22		266,175
	100,000		First American Financial Corp		4.300		02/01/23		98,020
	260,000		Genworth Financial, Inc		7.200		02/15/21		311,394
	300,000		Genworth Financial, Inc		7.625		09/24/21		369,567
	100,000		Genworth Holdings, Inc		4.900		08/15/23		104,861
	300,000		Genworth Holdings, Inc		4.800		02/15/24		312,081
	250,000		Hartford Financial Services Group, Inc		5.125		04/15/22		278,151
	321,000		Hartford Financial Services Group, Inc		6.625		03/30/40		406,009
	750,000		Hartford Financial Services Group, Inc		4.300		04/15/43		699,796
	300,000		Humana, Inc		6.450		06/01/16		333,221
	100,000		Humana, Inc		3.150		12/01/22		95,135
	100,000		Humana, Inc		8.150		06/15/38		140,585

55

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		Humana, Inc		4.625	%	12/01/42	$	192,878
	100,000		Infinity Property & Casualty Corp		5.000		09/19/22		103,169
	300,000		ING US, Inc		2.900		02/15/18		307,385
	150,000		ING US, Inc		5.500		07/15/22		168,257
	200,000		ING US, Inc		5.700		07/15/43		226,213
	400,000		Leucadia National Corp		5.500		10/18/23		416,734
	300,000		Lincoln National Corp		4.300		06/15/15		312,033
	200,000		Lincoln National Corp		8.750		07/01/19		257,863
	400,000		Lincoln National Corp		4.200		03/15/22		419,155
	525,000		Lincoln National Corp		4.000		09/01/23		533,878
	30,000		Lincoln National Corp		6.150		04/07/36		35,668
	150,000		Lincoln National Corp		7.000		06/15/40		197,370
	100,000		Loews Corp		5.250		03/15/16		108,247
	200,000		Loews Corp		2.625		05/15/23		183,422
	200,000		Loews Corp		4.125		05/15/43		180,207
	100,000		Manulife Financial Corp		3.400		09/17/15		103,651
	100,000		Manulife Financial Corp		4.900		09/17/20		108,678
	100,000		Markel Corp		7.125		09/30/19		120,285
	150,000		Markel Corp		4.900		07/01/22		160,214
	100,000		Markel Corp		3.625		03/30/23		97,232
	100,000		Markel Corp		5.000		03/30/43		98,404
	200,000		Marsh & McLennan Cos, Inc		5.375		07/15/14		202,760
	150,000		Marsh & McLennan Cos, Inc		2.300		04/01/17		153,282
	100,000		Marsh & McLennan Cos, Inc		2.550		10/15/18		101,300
	125,000		Marsh & McLennan Cos, Inc		9.250		04/15/19		162,253
	150,000		Marsh & McLennan Cos, Inc		4.800		07/15/21		163,976
	200,000		Marsh & McLennan Cos, Inc		4.050		10/15/23		202,098
	200,000		Memorial Sloan-Kettering Cancer Center		4.125		07/01/52		177,848
	280,000		MetLife, Inc		5.000		06/15/15		294,776
	575,000		MetLife, Inc		6.750		06/01/16		644,840
	175,000		MetLife, Inc		1.756		12/15/17		176,490
	1,050,000		MetLife, Inc		4.750		02/08/21		1,168,130
	700,000		MetLife, Inc		3.048		12/15/22		678,699
	325,000		MetLife, Inc		4.368		09/15/23		346,143
	50,000		MetLife, Inc		6.375		06/15/34		62,842
	405,000		MetLife, Inc		5.700		06/15/35		469,342
	130,000		MetLife, Inc		5.875		02/06/41		154,130
	200,000		MetLife, Inc		4.125		08/13/42		187,857
	600,000		MetLife, Inc		4.875		11/13/43		622,936
	200,000		Montpelier Re Holdings Ltd		4.700		10/15/22		202,885
	20,000		Nationwide Financial Services		6.750		05/15/37		20,000
	200,000		Navigators Group, Inc		5.750		10/15/23		216,392
	500,000		OneBeacon US Holdings, Inc		4.600		11/09/22		500,176
	100,000		PartnerRe Ltd		5.500		06/01/20		111,512
	100,000	g	Primerica, Inc		4.750		07/15/22		105,785
	100,000		Principal Financial Group, Inc		1.850		11/15/17		100,282
	130,000		Principal Financial Group, Inc		8.875		05/15/19		166,173
	100,000		Principal Financial Group, Inc		3.300		09/15/22		97,442
	150,000		Principal Financial Group, Inc		3.125		05/15/23		143,100
	100,000		Principal Financial Group, Inc		6.050		10/15/36		117,924
	100,000		Principal Financial Group, Inc		4.625		09/15/42		97,813
	200,000		Principal Financial Group, Inc		4.350		05/15/43		188,463

56

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	120,000		Progressive Corp		6.250	%	12/01/32	$	150,413
	300,000	i	Progressive Corp		6.700		06/15/37		330,000
	100,000		Protective Life Corp		7.375		10/15/19		121,404
	295,000		Prudential Financial, Inc		5.100		09/20/14		301,415
	200,000		Prudential Financial, Inc		4.750		09/17/15		211,289
	300,000		Prudential Financial, Inc		3.000		05/12/16		312,613
	60,000		Prudential Financial, Inc		6.100		06/15/17		68,169
	100,000		Prudential Financial, Inc		2.300		08/15/18		100,199
	1,020,000		Prudential Financial, Inc		7.375		06/15/19		1,249,755
	300,000		Prudential Financial, Inc		4.500		11/16/21		325,661
	400,000		Prudential Financial, Inc		5.750		07/15/33		449,791
	450,000		Prudential Financial, Inc		6.200		11/15/40		544,389
	125,000	i	Prudential Financial, Inc		5.875		09/15/42		130,469
	500,000	i	Prudential Financial, Inc		5.625		06/15/43		510,000
	150,000		Prudential Financial, Inc		5.100		08/15/43		157,377
	100,000	i	Prudential Financial, Inc		5.200		03/15/44		99,250
	150,000		Reinsurance Group of America, Inc		5.625		03/15/17		164,239
	100,000		Reinsurance Group of America, Inc		5.000		06/01/21		108,603
	250,000		Reinsurance Group of America, Inc		4.700		09/15/23		262,561
	100,000		StanCorp Financial Group, Inc		5.000		08/15/22		101,881
	250,000		Torchmark Corp		3.800		09/15/22		249,559
	100,000		Transatlantic Holdings, Inc		5.750		12/14/15		107,831
	20,000		Transatlantic Holdings, Inc		8.000		11/30/39		26,371
	610,000		Travelers Cos, Inc		5.800		05/15/18		698,251
	130,000		Travelers Cos, Inc		5.900		06/02/19		152,097
	600,000		Travelers Cos, Inc		5.350		11/01/40		677,970
	200,000		Travelers Cos, Inc		4.600		08/01/43		204,675
	100,000		Travelers Property Casualty Corp		6.375		03/15/33		125,564
	100,000		UnitedHealth Group, Inc		5.375		03/15/16		108,834
	325,000		UnitedHealth Group, Inc		1.400		10/15/17		324,120
	324,000		UnitedHealth Group, Inc		6.000		02/15/18		372,877
	900,000		UnitedHealth Group, Inc		1.625		03/15/19		875,375
	700,000		UnitedHealth Group, Inc		4.700		02/15/21		772,213
	325,000		UnitedHealth Group, Inc		2.750		02/15/23		305,970
	200,000		UnitedHealth Group, Inc		2.875		03/15/23		189,659
	365,000		UnitedHealth Group, Inc		6.625		11/15/37		469,761
	250,000		UnitedHealth Group, Inc		6.875		02/15/38		328,970
	150,000		UnitedHealth Group, Inc		4.625		11/15/41		150,662
	300,000		UnitedHealth Group, Inc		4.375		03/15/42		291,919
	350,000		UnitedHealth Group, Inc		3.950		10/15/42		316,831
	200,000		UnitedHealth Group, Inc		4.250		03/15/43		190,516
	100,000		Unitrin, Inc		6.000		11/30/15		106,185
	110,000		Unum Group		5.625		09/15/20		123,785
	200,000		Unum Group		4.000		03/15/24		200,250
	200,000		Verisk Analytics, Inc		5.800		05/01/21		221,936
	200,000		WellPoint, Inc		1.250		09/10/15		201,339
	200,000		WellPoint, Inc		1.875		01/15/18		198,502
	1,250,000		WellPoint, Inc		2.300		07/15/18		1,253,459
	150,000		WellPoint, Inc		3.700		08/15/21		153,163
	800,000		WellPoint, Inc		3.125		05/15/22		765,572
	200,000		WellPoint, Inc		3.300		01/15/23		191,797
	300,000		WellPoint, Inc		4.625		05/15/42		289,415

57

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	200,000	WellPoint, Inc		4.650	%	01/15/43	$	193,633
	500,000	WellPoint, Inc		5.100		01/15/44		519,064
	200,000	Willis Group Holdings plc		5.750		03/15/21		221,377
	165,000	WR Berkley Corp		5.375		09/15/20		181,407
	250,000	WR Berkley Corp		4.625		03/15/22		262,555
	350,000	XL Capital Ltd		6.375		11/15/24		415,494
	100,000	XL Group PLC		5.250		09/15/14		102,063
	200,000	XLIT Ltd		2.300		12/15/18		198,394
	200,000	XLIT Ltd		5.250		12/15/43		211,975
		TOTAL INSURANCE						58,808,576
MATERIALS - 1.2%
	300,000	3M Co		1.375		09/29/16		305,510
	200,000	3M Co		1.000		06/26/17		199,184
	200,000	3M Co		2.000		06/26/22		186,559
	190,000	3M Co		5.700		03/15/37		228,365
	100,000	Agrium, Inc		6.750		01/15/19		117,654
	150,000	Agrium, Inc		3.150		10/01/22		141,677
	200,000	Agrium, Inc		3.500		06/01/23		194,264
	100,000	Agrium, Inc		6.125		01/15/41		113,817
	200,000	Agrium, Inc		4.900		06/01/43		197,659
	200,000	Air Products & Chemicals, Inc		1.200		10/15/17		197,746
	150,000	Air Products & Chemicals, Inc		3.000		11/03/21		147,749
	150,000	Air Products & Chemicals, Inc		2.750		02/03/23		140,700
	180,000	Airgas, Inc		4.500		09/15/14		183,001
	200,000	Airgas, Inc		1.650		02/15/18		195,713
	250,000	Airgas, Inc		2.900		11/15/22		233,515
	100,000	Albemarle Corp		4.500		12/15/20		106,343
	200,000	Alcoa, Inc		5.550		02/01/17		218,675
	430,000	Alcoa, Inc		6.150		08/15/20		468,586
	550,000	Alcoa, Inc		5.400		04/15/21		577,037
	800,000	Alcoa, Inc		5.870		02/23/22		843,565
	250,000	Alcoa, Inc		5.950		02/01/37		242,216
	100,000	Allegheny Technologies, Inc		5.950		01/15/21		105,550
	300,000	Allegheny Technologies, Inc		5.875		08/15/23		313,788
	200,000	Avery Dennison Corp		3.350		04/15/23		189,140
	180,000	Barrick Australian Finance Pty Ltd		5.950		10/15/39		178,686
	350,000	Barrick Gold Corp		6.950		04/01/19		410,465
	250,000	Barrick Gold Corp		3.850		04/01/22		238,794
	725,000	Barrick Gold Corp		4.100		05/01/23		687,760
	250,000	Barrick Gold Corp		5.250		04/01/42		228,309
	1,500,000	Barrick North America Finance LLC		4.400		05/30/21		1,511,439
	300,000	Barrick North America Finance LLC		5.750		05/01/43		292,297
	110,000	Bemis Co, Inc		5.650		08/01/14		111,841
	100,000	Bemis Co, Inc		6.800		08/01/19		118,677
	460,000	BHP Billiton Finance Ltd		5.400		03/29/17		514,544
	400,000	BHP Billiton Finance USA Ltd		5.500		04/01/14		400,000
	500,000	BHP Billiton Finance USA Ltd		1.625		02/24/17		507,179
	300,000	BHP Billiton Finance USA Ltd		2.050		09/30/18		300,750
	450,000	BHP Billiton Finance USA Ltd		6.500		04/01/19		540,305
	100,000	BHP Billiton Finance USA Ltd		3.250		11/21/21		101,116
	800,000	BHP Billiton Finance USA Ltd		2.875		02/24/22		784,478

58

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	975,000	BHP Billiton Finance USA Ltd		3.850	%	09/30/23	$	998,837
	200,000	BHP Billiton Finance USA Ltd		4.125		02/24/42		186,002
	500,000	BHP Billiton Finance USA Ltd		5.000		09/30/43		529,091
	400,000	Braskem Finance Ltd		6.450		02/03/24		409,500
	200,000	Cabot Corp		3.700		07/15/22		194,909
	200,000	Carpenter Technology Corp		4.450		03/01/23		200,652
	220,000	Celulosa Arauco y Constitucion S.A.		5.625		04/20/15		228,689
	100,000	Celulosa Arauco y Constitucion S.A.		5.000		01/21/21		102,751
	100,000	Celulosa Arauco y Constitucion S.A.		4.750		01/11/22		100,481
	350,000	CF Industries, Inc		7.125		05/01/20		416,135
	200,000	CF Industries, Inc		3.450		06/01/23		192,751
	500,000	CF Industries, Inc		5.150		03/15/34		514,101
	200,000	CF Industries, Inc		4.950		06/01/43		194,393
	500,000	CF Industries, Inc		5.375		03/15/44		521,284
	250,000	Church & Dwight Co, Inc		2.875		10/01/22		238,348
	300,000	Cliffs Natural Resources, Inc		3.950		01/15/18		301,542
	50,000	Cliffs Natural Resources, Inc		4.800		10/01/20		49,094
	200,000	Cliffs Natural Resources, Inc		4.875		04/01/21		194,807
	150,000	Cliffs Natural Resources, Inc		6.250		10/01/40		129,994
	100,000	Corning, Inc		1.450		11/15/17		97,991
	225,000	Corning, Inc		4.250		08/15/20		244,151
	200,000	Corning, Inc		3.700		11/15/23		202,622
	100,000	Corning, Inc		5.750		08/15/40		115,670
	200,000	Corning, Inc		4.750		03/15/42		204,495
	150,000	Cytec Industries, Inc		3.500		04/01/23		142,046
	200,000	Domtar Corp		4.400		04/01/22		199,275
	100,000	Domtar Corp		6.250		09/01/42		104,703
	100,000	Domtar Corp		6.750		02/15/44		111,092
	591,000	Dow Chemical Co		8.550		05/15/19		756,744
	1,500,000	Dow Chemical Co		4.250		11/15/20		1,586,643
	500,000	Dow Chemical Co		4.125		11/15/21		523,635
	550,000	Dow Chemical Co		3.000		11/15/22		522,803
	350,000	Dow Chemical Co		5.250		11/15/41		365,771
	375,000	Dow Chemical Co		4.375		11/15/42		346,156
	175,000	Eastman Chemical Co		2.400		06/01/17		178,325
	165,000	Eastman Chemical Co		5.500		11/15/19		185,884
	250,000	Eastman Chemical Co		3.600		08/15/22		248,129
	150,000	Eastman Chemical Co		4.800		09/01/42		148,022
	90,000	EI du Pont de Nemours & Co		5.250		12/15/16		100,214
	700,000	EI du Pont de Nemours & Co		6.000		07/15/18		814,946
	1,420,000	EI du Pont de Nemours & Co		4.625		01/15/20		1,565,283
	300,000	EI du Pont de Nemours & Co		2.800		02/15/23		283,567
	225,000	EI du Pont de Nemours & Co		4.150		02/15/43		214,218
	100,000	FMC Corp		3.950		02/01/22		102,074
	200,000	FMC Corp		4.100		02/01/24		203,580
	2,250,000	Freeport-McMoRan Copper & Gold, Inc		2.375		03/15/18		2,243,542
	300,000	Freeport-McMoRan Copper & Gold, Inc		3.100		03/15/20		291,846
	650,000	Freeport-McMoRan Copper & Gold, Inc		3.550		03/01/22		620,762
	675,000	Freeport-McMoRan Copper & Gold, Inc		3.875		03/15/23		645,417
	400,000	Freeport-McMoRan Copper & Gold, Inc		5.450		03/15/43		393,348
	200,000	Georgia-Pacific LLC		7.700		06/15/15		216,368
	300,000	Georgia-Pacific LLC		8.000		01/15/24		394,215

59

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	250,000		Georgia-Pacific LLC		7.750	%	11/15/29	$	328,920
	250,000		Goldcorp, Inc		2.125		03/15/18		247,129
	250,000		Goldcorp, Inc		3.700		03/15/23		235,669
	100,000		Hubbell, Inc		3.625		11/15/22		99,125
	300,000		International Flavors & Fragrances, Inc		3.200		05/01/23		285,741
	600,000		International Paper Co		7.950		06/15/18		733,829
	144,000		International Paper Co		9.375		05/15/19		188,021
	330,000		International Paper Co		7.500		08/15/21		415,181
	170,000		International Paper Co		7.300		11/15/39		221,780
	450,000		International Paper Co		6.000		11/15/41		515,940
	330,000		Kimberly-Clark Corp		6.250		07/15/18		385,342
	225,000		Kimberly-Clark Corp		3.625		08/01/20		235,936
	100,000		Kimberly-Clark Corp		3.875		03/01/21		105,088
	125,000		Kimberly-Clark Corp		2.400		03/01/22		119,543
	200,000		Kimberly-Clark Corp		2.400		06/01/23		186,251
	200,000		Kimberly-Clark Corp		6.625		08/01/37		264,265
	200,000		Kimberly-Clark Corp		3.700		06/01/43		178,443
	150,000		Kinross Gold Corp		5.125		09/01/21		148,633
	500,000	g	Kinross Gold Corp		5.950		03/15/24		500,913
	92,000		Lubrizol Corp		8.875		02/01/19		118,844
	150,000		Lubrizol Corp		6.500		10/01/34		189,744
	300,000		LYB International Finance BV		4.000		07/15/23		305,953
	300,000		LYB International Finance BV		5.250		07/15/43		315,922
	300,000		LYB International Finance BV		4.875		03/15/44		299,458
	500,000		LyondellBasell Industries NV		5.000		04/15/19		556,729
	300,000		LyondellBasell Industries NV		6.000		11/15/21		351,406
	300,000		LyondellBasell Industries NV		5.750		04/15/24		345,596
	250,000		Martin Marietta Materials, Inc		6.600		04/15/18		284,033
	150,000		Methanex Corp		3.250		12/15/19		149,751
	200,000		Monsanto Co		2.750		04/15/16		207,932
	200,000		Monsanto Co		1.850		11/15/18		198,493
	100,000		Monsanto Co		2.200		07/15/22		92,811
	150,000		Monsanto Co		5.500		08/15/25		174,492
	100,000		Monsanto Co		3.600		07/15/42		88,813
	200,000		Monsanto Co		4.650		11/15/43		209,638
	100,000		NewMarket Corp		4.100		12/15/22		98,382
	200,000		Newmont Mining Corp		5.125		10/01/19		212,708
	600,000		Newmont Mining Corp		3.500		03/15/22		544,324
	298,000		Newmont Mining Corp		5.875		04/01/35		279,217
	135,000		Newmont Mining Corp		6.250		10/01/39		130,725
	300,000		Newmont Mining Corp		4.875		03/15/42		242,912
	100,000		Nucor Corp		5.750		12/01/17		113,176
	130,000		Nucor Corp		5.850		06/01/18		147,979
	300,000		Nucor Corp		4.125		09/15/22		306,890
	500,000		Nucor Corp		4.000		08/01/23		498,652
	300,000		Nucor Corp		5.200		08/01/43		304,207
	43,000		Owens Corning		9.000		06/15/19		53,270
	200,000		Owens Corning		4.200		12/15/22		198,344
	150,000		Packaging Corp of America		3.900		06/15/22		149,739
	250,000		Packaging Corp of America		4.500		11/01/23		258,779
	100,000		Plum Creek Timberlands LP		4.700		03/15/21		105,086
	300,000		Plum Creek Timberlands LP		3.250		03/15/23		281,603

60

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	650,000	Potash Corp of Saskatchewan, Inc		4.875	%	03/30/20	$	717,075
	400,000	Potash Corp of Saskatchewan, Inc		3.625		03/15/24		396,708
	200,000	Potash Corp of Saskatchewan, Inc		5.625		12/01/40		227,740
	150,000	PPG Industries, Inc		2.700		08/15/22		141,103
	150,000	PPG Industries, Inc		6.650		03/15/18		173,999
	300,000	PPG Industries, Inc		3.600		11/15/20		304,740
	440,000	Praxair, Inc		3.250		09/15/15		457,002
	200,000	Praxair, Inc		1.050		11/07/17		195,973
	250,000	Praxair, Inc		2.200		08/15/22		230,651
	625,000	Praxair, Inc		3.550		11/07/42		541,219
	150,000	Rio Tinto Finance USA Ltd		2.500		05/20/16		154,859
	1,500,000	Rio Tinto Finance USA Ltd		6.500		07/15/18		1,762,790
	570,000	Rio Tinto Finance USA Ltd		3.500		11/02/20		583,758
	200,000	Rio Tinto Finance USA Ltd		4.125		05/20/21		210,734
	200,000	Rio Tinto Finance USA Ltd		3.750		09/20/21		205,984
	250,000	Rio Tinto Finance USA Ltd		7.125		07/15/28		317,830
	150,000	Rio Tinto Finance USA Ltd		5.200		11/02/40		158,810
	300,000	Rio Tinto Finance USA plc		1.375		06/17/16		302,578
	800,000	Rio Tinto Finance USA plc		1.625		08/21/17		801,497
	300,000	Rio Tinto Finance USA plc		2.250		12/14/18		299,975
	400,000	Rio Tinto Finance USA plc		3.500		03/22/22		400,152
	625,000	Rio Tinto Finance USA plc		2.875		08/21/22		594,872
	200,000	Rio Tinto Finance USA plc		4.750		03/22/42		199,197
	400,000	Rio Tinto Finance USA plc		4.125		08/21/42		363,785
	500,000	Rock Tenn Co		4.900		03/01/22		534,638
	58,000	Rohm and Haas Co		6.000		09/15/17		65,927
	100,000	RPM International, Inc		6.125		10/15/19		112,931
	300,000	RPM International, Inc		3.450		11/15/22		282,319
	100,000	Sherwin-Williams Co		3.125		12/15/14		101,775
	175,000	Sherwin-Williams Co		1.350		12/15/17		172,323
	200,000	Sherwin-Williams Co		4.000		12/15/42		182,878
	150,000	Sonoco Products Co		5.750		11/01/40		167,481
	200,000	Southern Copper Corp		5.375		04/16/20		215,598
	100,000	Southern Copper Corp		7.500		07/27/35		109,889
	680,000	Southern Copper Corp		6.750		04/16/40		692,065
	50,000	Teck Resources Ltd		3.850		08/15/17		52,797
	100,000	Teck Resources Ltd		2.500		02/01/18		100,357
	300,000	Teck Resources Ltd		3.000		03/01/19		299,975
	600,000	Teck Resources Ltd		4.500		01/15/21		618,198
	275,000	Teck Resources Ltd		4.750		01/15/22		281,735
	100,000	Teck Resources Ltd		3.750		02/01/23		93,993
	100,000	Teck Resources Ltd		6.250		07/15/41		103,242
	700,000	Teck Resources Ltd		5.200		03/01/42		633,648
	150,000	Teck Resources Ltd		5.400		02/01/43		141,312
	450,000	Vale S.A.		5.625		09/11/42		420,936
	150,000	Valspar Corp		4.200		01/15/22		153,656
		TOTAL MATERIALS						61,343,612
MEDIA - 1.0%
	100,000	CBS Corp		1.950		07/01/17		101,232
	50,000	CBS Corp		5.750		04/15/20		56,793
	445,000	CBS Corp		4.300		02/15/21		470,043

61

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	CBS Corp		3.375	%	03/01/22	$	489,792
	500,000	CBS Corp		7.875		07/30/30		655,337
	200,000	CBS Corp		4.850		07/01/42		192,659
	450,000	Comcast Cable Communications LLC		8.875		05/01/17		549,008
	1,595,000	Comcast Corp		5.150		03/01/20		1,806,071
	1,350,000	Comcast Corp		3.125		07/15/22		1,334,463
	800,000	Comcast Corp		2.850		01/15/23		771,274
	500,000	Comcast Corp		3.600		03/01/24		502,708
	625,000	Comcast Corp		4.250		01/15/33		612,591
	129,000	Comcast Corp		7.050		03/15/33		167,596
	345,000	Comcast Corp		5.650		06/15/35		389,860
	350,000	Comcast Corp		6.950		08/15/37		454,636
	780,000	Comcast Corp		6.400		03/01/40		960,405
	350,000	Comcast Corp		4.650		07/15/42		349,100
	300,000	Comcast Corp		4.500		01/15/43		292,599
	500,000	Comcast Corp		4.750		03/01/44		507,516
	91,000	COX Communications, Inc		5.450		12/15/14		94,058
	50,000	DIRECTV Holdings LLC		4.750		10/01/14		50,978
	600,000	DIRECTV Holdings LLC		3.550		03/15/15		616,451
	100,000	DIRECTV Holdings LLC		3.500		03/01/16		104,526
	500,000	DIRECTV Holdings LLC		2.400		03/15/17		510,914
	500,000	DIRECTV Holdings LLC		1.750		01/15/18		492,200
	285,000	DIRECTV Holdings LLC		5.200		03/15/20		312,073
	500,000	DIRECTV Holdings LLC		4.600		02/15/21		527,531
	1,050,000	DIRECTV Holdings LLC		5.000		03/01/21		1,128,932
	250,000	DIRECTV Holdings LLC		3.800		03/15/22		247,385
	1,000,000	DIRECTV Holdings LLC		4.450		04/01/24		1,002,821
	145,000	DIRECTV Holdings LLC		6.000		08/15/40		151,169
	100,000	DIRECTV Holdings LLC		6.375		03/01/41		108,701
	550,000	DIRECTV Holdings LLC		5.150		03/15/42		519,965
	510,000	Discovery Communications LLC		5.050		06/01/20		565,925
	100,000	Discovery Communications LLC		4.375		06/15/21		105,754
	500,000	Discovery Communications LLC		3.300		05/15/22		487,638
	600,000	Discovery Communications LLC		3.250		04/01/23		577,079
	100,000	Discovery Communications LLC		6.350		06/01/40		115,920
	100,000	Discovery Communications LLC		4.950		05/15/42		98,412
	125,000	Discovery Communications LLC		4.875		04/01/43		121,761
	550,000	Grupo Televisa S.A.		6.625		03/18/25		637,582
	348,000	Historic TW, Inc		6.625		05/15/29		418,860
	200,000	Interpublic Group of Cos, Inc		4.200		04/15/24		199,624
	100,000	Interpublic Group of Cos, Inc		6.250		11/15/14		103,125
	300,000	Interpublic Group of Cos, Inc		2.250		11/15/17		302,823
	100,000	Interpublic Group of Cos, Inc		4.000		03/15/22		99,699
	900,000	NBC Universal Media LLC		4.450		01/15/43		870,703
	1,235,000	NBC Universal Media LLC		3.650		04/30/15		1,275,161
	585,000	NBC Universal Media LLC		5.150		04/30/20		660,896
	820,000	NBC Universal Media LLC		4.375		04/01/21		889,886
	375,000	NBC Universal Media LLC		2.875		01/15/23		362,244
	95,000	NBC Universal Media LLC		6.400		04/30/40		117,534
	150,000	NBC Universal Media LLC		5.950		04/01/41		177,068
	355,000	News America, Inc		7.250		05/18/18		427,468
	1,250,000	News America, Inc		3.000		09/15/22		1,200,670

62

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,325,000	News America, Inc		6.200	%	12/15/34	$	1,544,305
	1,000,000	News America, Inc		6.150		02/15/41		1,176,176
	200,000	Omnicom Group, Inc		5.900		04/15/16		218,783
	200,000	Omnicom Group, Inc		4.450		08/15/20		213,322
	700,000	Omnicom Group, Inc		3.625		05/01/22		695,169
	500,000	Time Warner Cable, Inc		5.850		05/01/17		562,136
	170,000	Time Warner Cable, Inc		6.750		07/01/18		199,278
	910,000	Time Warner Cable, Inc		8.750		02/14/19		1,151,171
	1,100,000	Time Warner Cable, Inc		8.250		04/01/19		1,370,552
	1,300,000	Time Warner Cable, Inc		4.000		09/01/21		1,348,582
	500,000	Time Warner Cable, Inc		6.550		05/01/37		580,715
	175,000	Time Warner Cable, Inc		6.750		06/15/39		207,414
	690,000	Time Warner Cable, Inc		5.875		11/15/40		747,656
	300,000	Time Warner Cable, Inc		5.500		09/01/41		312,783
	1,050,000	Time Warner Cable, Inc		4.500		09/15/42		963,875
	490,000	Time Warner, Inc		3.150		07/15/15		506,074
	628,000	Time Warner, Inc		5.875		11/15/16		703,742
	450,000	Time Warner, Inc		4.750		03/29/21		492,356
	1,400,000	Time Warner, Inc		3.400		06/15/22		1,392,574
	650,000	Time Warner, Inc		4.050		12/15/23		667,070
	785,000	Time Warner, Inc		6.500		11/15/36		930,731
	350,000	Time Warner, Inc		6.100		07/15/40		403,342
	150,000	Time Warner, Inc		6.250		03/29/41		175,722
	900,000	Time Warner, Inc		4.900		06/15/42		903,220
	200,000	Time Warner, Inc		5.350		12/15/43		213,141
	406,000	Viacom, Inc		4.375		09/15/14		412,950
	300,000	Viacom, Inc		1.250		02/27/15		301,801
	250,000	Viacom, Inc		2.500		09/01/18		252,802
	500,000	Viacom, Inc		2.200		04/01/19		495,743
	400,000	Viacom, Inc		3.875		12/15/21		408,286
	500,000	Viacom, Inc		3.125		06/15/22		481,717
	200,000	Viacom, Inc		3.250		03/15/23		192,832
	250,000	Viacom, Inc		4.250		09/01/23		257,185
	400,000	Viacom, Inc		3.875		04/01/24		399,018
	200,000	Viacom, Inc		4.500		02/27/42		182,344
	504,000	Viacom, Inc		4.375		03/15/43		447,896
	100,000	Viacom, Inc		4.875		06/15/43		96,066
	250,000	Viacom, Inc		5.850		09/01/43		274,709
	500,000	Viacom, Inc		5.250		04/01/44		510,872
	261,000	WPP Finance 2010		4.750		11/21/21		280,427
	300,000	WPP Finance 2010		3.625		09/07/22		295,082
	200,000	WPP Finance 2010		5.625		11/15/43		210,695
		TOTAL MEDIA						49,527,533
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
	350,000	Abbott Laboratories		5.125		04/01/19		396,727
	500,000	Abbott Laboratories		5.300		05/27/40		577,503
	1,700,000	AbbVie, Inc		1.200		11/06/15		1,714,508
	800,000	AbbVie, Inc		1.750		11/06/17		802,528
	700,000	AbbVie, Inc		2.000		11/06/18		694,169
	1,075,000	AbbVie, Inc		4.400		11/06/42		1,051,661
	300,000	Amgen, Inc		2.500		11/15/16		310,014

63

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	300,000	Amgen, Inc		2.125	%	05/15/17	$	305,881
	550,000	Amgen, Inc		5.850		06/01/17		622,327
	75,000	Amgen, Inc		4.500		03/15/20		81,081
	250,000	Amgen, Inc		3.450		10/01/20		256,571
	700,000	Amgen, Inc		4.100		06/15/21		740,569
	500,000	Amgen, Inc		3.625		05/15/22		507,212
	500,000	Amgen, Inc		6.375		06/01/37		602,514
	1,000,000	Amgen, Inc		6.400		02/01/39		1,214,656
	150,000	Amgen, Inc		4.950		10/01/41		151,442
	400,000	Amgen, Inc		5.150		11/15/41		412,087
	300,000	Amgen, Inc		5.375		05/15/43		320,531
	800,000	AstraZeneca plc		5.900		09/15/17		919,694
	600,000	AstraZeneca plc		6.450		09/15/37		753,597
	450,000	AstraZeneca plc		4.000		09/18/42		416,236
	100,000	Biogen Idec, Inc		6.875		03/01/18		117,707
	250,000	Bristol-Myers Squibb Co		0.875		08/01/17		246,317
	200,000	Bristol-Myers Squibb Co		1.750		03/01/19		196,275
	200,000	Bristol-Myers Squibb Co		3.250		11/01/23		196,367
	303,000	Bristol-Myers Squibb Co		6.125		05/01/38		377,198
	650,000	Bristol-Myers Squibb Co		3.250		08/01/42		529,049
	200,000	Bristol-Myers Squibb Co		4.500		03/01/44		201,098
	200,000	Celgene Corp		1.900		08/15/17		201,768
	300,000	Celgene Corp		2.300		08/15/18		300,226
	200,000	Celgene Corp		3.950		10/15/20		209,000
	300,000	Celgene Corp		3.250		08/15/22		292,371
	300,000	Celgene Corp		5.250		08/15/43		320,824
	375,000	Eli Lilly & Co		5.200		03/15/17		419,171
	200,000	Eli Lilly & Co		1.950		03/15/19		198,393
	200,000	Eli Lilly & Co		7.125		06/01/25		261,419
	450,000	Eli Lilly & Co		5.550		03/15/37		518,865
	200,000	Eli Lilly & Co		4.650		06/15/44		205,961
	125,000	Genentech, Inc		4.750		07/15/15		131,670
	100,000	Genentech, Inc		5.250		07/15/35		112,016
	275,000	Genzyme Corp		3.625		06/15/15		284,829
	100,000	Gilead Sciences, Inc		2.400		12/01/14		101,205
	200,000	Gilead Sciences, Inc		2.050		04/01/19		198,197
	600,000	Gilead Sciences, Inc		4.500		04/01/21		657,023
	650,000	Gilead Sciences, Inc		4.400		12/01/21		702,240
	425,000	Gilead Sciences, Inc		3.700		04/01/24		425,178
	100,000	Gilead Sciences, Inc		5.650		12/01/41		114,549
	475,000	Gilead Sciences, Inc		4.800		04/01/44		488,967
	400,000	GlaxoSmithKline Capital, Inc		4.375		04/15/14		400,522
	300,000	GlaxoSmithKline Capital, Inc		0.700		03/18/16		300,058
	1,045,000	GlaxoSmithKline Capital, Inc		5.650		05/15/18		1,198,931
	225,000	GlaxoSmithKline Capital, Inc		2.800		03/18/23		215,753
	350,000	GlaxoSmithKline Capital, Inc		5.375		04/15/34		399,872
	743,000	GlaxoSmithKline Capital, Inc		6.375		05/15/38		945,908
	350,000	GlaxoSmithKline Capital, Inc		4.200		03/18/43		339,374
	900,000	Johnson & Johnson		2.150		05/15/16		928,715
	500,000	Johnson & Johnson		1.650		12/05/18		497,061
	500,000	Johnson & Johnson		3.375		12/05/23		512,901
	650,000	Johnson & Johnson		4.375		12/05/33		681,849

64

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	375,000		Johnson & Johnson		5.850	%	07/15/38	$	464,906
	180,000		Johnson & Johnson		4.500		09/01/40		186,337
	150,000		Johnson & Johnson		4.850		05/15/41		164,245
	300,000		Johnson & Johnson		4.500		12/05/43		311,634
	115,000		Life Technologies Corp		3.500		01/15/16		119,818
	300,000		Life Technologies Corp		5.000		01/15/21		333,561
	385,000		Mead Johnson Nutrition Co		4.900		11/01/19		420,619
	400,000		Merck & Co, Inc		0.700		05/18/16		400,420
	785,000		Merck & Co, Inc		6.000		09/15/17		903,650
	200,000		Merck & Co, Inc		1.100		01/31/18		196,073
	400,000		Merck & Co, Inc		1.300		05/18/18		391,119
	1,500,000		Merck & Co, Inc		3.875		01/15/21		1,600,437
	200,000		Merck & Co, Inc		2.400		09/15/22		187,039
	600,000		Merck & Co, Inc		2.800		05/18/23		569,932
	150,000		Merck & Co, Inc		6.500		12/01/33		195,232
	100,000		Merck & Co, Inc		3.600		09/15/42		87,735
	450,000		Merck & Co, Inc		4.150		05/18/43		431,179
	500,000		Mylan, Inc		1.800		06/24/16		507,005
	163,000		Mylan, Inc		1.350		11/29/16		163,296
	500,000		Mylan, Inc		2.600		06/24/18		503,755
	100,000		Mylan, Inc		2.550		03/28/19		98,929
	200,000		Mylan, Inc		4.200		11/29/23		200,702
	200,000		Mylan, Inc		5.400		11/29/43		207,611
	1,245,000		Novartis Capital Corp		2.900		04/24/15		1,279,406
	390,000		Novartis Capital Corp		4.400		04/24/20		428,386
	300,000		Novartis Capital Corp		2.400		09/21/22		283,511
	750,000		Novartis Capital Corp		3.400		05/06/24		749,092
	400,000		Novartis Capital Corp		3.700		09/21/42		361,656
	750,000		Novartis Capital Corp		4.400		05/06/44		756,768
	125,000	g	Perrigo Co Ltd		1.300		11/08/16		124,745
	100,000	g	Perrigo Co Ltd		2.300		11/08/18		98,914
	100,000	g	Perrigo Co Ltd		4.000		11/15/23		99,961
	100,000	g	Perrigo Co Ltd		5.300		11/15/43		105,265
	300,000		Pfizer, Inc		0.900		01/15/17		298,941
	300,000		Pfizer, Inc		1.500		06/15/18		295,755
	1,460,000		Pfizer, Inc		6.200		03/15/19		1,728,582
	300,000		Pfizer, Inc		3.000		06/15/23		290,940
	500,000		Pfizer, Inc		4.300		06/15/43		493,738
	175,000		Sanofi		1.250		04/10/18		171,207
	800,000		Sanofi-Aventis S.A.		2.625		03/29/16		831,332
	750,000		Sanofi-Aventis S.A.		4.000		03/29/21		805,073
	540,000		Schering-Plough Corp		6.550		09/15/37		700,644
	100,000		Sigma-Aldrich Corp		3.375		11/01/20		101,973
	600,000		Teva Pharmaceutical Finance Co BV		2.400		11/10/16		619,955
	400,000		Teva Pharmaceutical Finance Co BV		2.950		12/18/22		371,751
	600,000		Teva Pharmaceutical Finance Co LLC		3.000		06/15/15		616,385
	200,000		Teva Pharmaceutical Finance Co LLC		2.250		03/18/20		191,009
	350,000		Teva Pharmaceutical Finance Co LLC		6.150		02/01/36		397,721
	250,000		Watson Pharmaceuticals, Inc		1.875		10/01/17		248,876
	575,000		Watson Pharmaceuticals, Inc		3.250		10/01/22		551,237
	250,000		Watson Pharmaceuticals, Inc		4.625		10/01/42		238,908
	500,000		Wyeth LLC		5.450		04/01/17		561,079

65

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		Wyeth LLC		6.450	%	02/01/24	$	1,229,951
	945,000		Wyeth LLC		5.950		04/01/37		1,143,734
	300,000		Zoetis, Inc		1.150		02/01/16		301,192
	125,000		Zoetis, Inc		1.875		02/01/18		124,145
	150,000		Zoetis, Inc		3.250		02/01/23		144,683
	300,000		Zoetis, Inc		4.700		02/01/43		296,893
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						52,968,977
REAL ESTATE - 0.6%
	150,000		Alexandria Real Estate Equities, Inc		4.600		04/01/22		154,996
	100,000		Alexandria Real Estate Equities, Inc		3.900		06/15/23		96,581
	165,000		AMB Property LP		4.500		08/15/17		178,481
	340,000		AMB Property LP		6.625		05/15/18		395,611
	100,000		American Campus Communities Operating Partnership LP		3.750		04/15/23		95,380
	300,000	g	ARC Properties Operating Partnership LP		3.000		02/06/19		298,633
	200,000	g	ARC Properties Operating Partnership LP		4.600		02/06/24		199,920
	200,000		AvalonBay Communities, Inc		3.625		10/01/20		205,679
	100,000		AvalonBay Communities, Inc		3.950		01/15/21		104,510
	225,000		AvalonBay Communities, Inc		2.950		09/15/22		213,880
	100,000		AvalonBay Communities, Inc		2.850		03/15/23		93,759
	200,000		AvalonBay Communities, Inc		4.200		12/15/23		205,749
	115,000		BioMed Realty LP		6.125		04/15/20		129,218
	100,000		BioMed Realty LP		4.250		07/15/22		99,138
	25,000		Boston Properties LP		5.000		06/01/15		26,202
	150,000		Boston Properties LP		3.700		11/15/18		159,117
	80,000		Boston Properties LP		5.875		10/15/19		92,300
	175,000		Boston Properties LP		4.125		05/15/21		183,696
	500,000		Boston Properties LP		3.850		02/01/23		504,205
	425,000		Boston Properties LP		3.125		09/01/23		398,791
	200,000		Boston Properties LP		3.800		02/01/24		198,301
	115,000		Brandywine Operating Partnership LP		5.700		05/01/17		126,953
	200,000		Brandywine Operating Partnership LP		3.950		02/15/23		196,404
	250,000		BRE Properties, Inc		3.375		01/15/23		237,010
	100,000		Camden Property Trust		4.625		06/15/21		107,513
	200,000		Camden Property Trust		2.950		12/15/22		188,147
	125,000		Camden Property Trust		4.250		01/15/24		127,802
	200,000		Corporate Office Properties LP		5.250		02/15/24		208,676
	100,000		CubeSmart LP		4.800		07/15/22		105,911
	200,000		CubeSmart LP		4.375		12/15/23		201,557
	100,000	g	DCT Industrial Operating Partnership LP		4.500		10/15/23		99,720
	200,000		DDR Corp		3.500		01/15/21		198,580
	500,000		DDR Corp		4.625		07/15/22		523,930
	275,000		Duke Realty LP		5.950		02/15/17		306,259
	100,000		Duke Realty LP		3.875		02/15/21		100,204
	200,000		Duke Realty LP		4.375		06/15/22		203,637
	100,000		Duke Realty LP		3.875		10/15/22		97,657
	100,000		Duke Realty LP		3.625		04/15/23		95,030
	100,000		Entertainment Properties Trust		5.750		08/15/22		105,949
	200,000		EPR Properties		5.250		07/15/23		203,239
	200,000		Equity One, Inc		3.750		11/15/22		192,639
	35,000		ERP Operating LP		5.250		09/15/14		35,719
	500,000		ERP Operating LP		5.125		03/15/16		540,740

66

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	750,000	ERP Operating LP		4.625	%	12/15/21	$	810,813
	100,000	Essex Portfolio LP		3.625		08/15/22		97,669
	100,000	Essex Portfolio LP		3.250		05/01/23		93,722
	100,000	Federal Realty Investment Trust		3.000		08/01/22		96,874
	100,000	Federal Realty Investment Trust		2.750		06/01/23		93,456
	200,000	Federal Realty Investment Trust		3.950		01/15/24		203,582
	150,000	HCP, Inc		3.750		02/01/16		157,899
	430,000	HCP, Inc		6.000		01/30/17		483,712
	150,000	HCP, Inc		3.750		02/01/19		158,053
	250,000	HCP, Inc		2.625		02/01/20		244,210
	150,000	HCP, Inc		5.375		02/01/21		167,945
	400,000	HCP, Inc		3.150		08/01/22		382,558
	200,000	HCP, Inc		4.250		11/15/23		204,433
	200,000	HCP, Inc		4.200		03/01/24		202,786
	30,000	HCP, Inc		6.750		02/01/41		38,576
	100,000	Health Care REIT, Inc		3.625		03/15/16		105,016
	200,000	Health Care REIT, Inc		4.700		09/15/17		218,551
	150,000	Health Care REIT, Inc		2.250		03/15/18		150,442
	200,000	Health Care REIT, Inc		4.125		04/01/19		211,896
	440,000	Health Care REIT, Inc		6.125		04/15/20		504,344
	200,000	Health Care REIT, Inc		4.500		01/15/24		205,979
	300,000	Healthcare Realty Trust, Inc		6.500		01/17/17		338,535
	100,000	Healthcare Realty Trust, Inc		3.750		04/15/23		95,165
	100,000	Healthcare Trust of America Holdings LP		3.700		04/15/23		95,226
	125,000	Highwoods Properties, Inc		5.850		03/15/17		139,026
	100,000	Highwoods Realty LP		3.625		01/15/23		94,648
	350,000	Hospitality Properties Trust		5.125		02/15/15		355,239
	100,000	Hospitality Properties Trust		5.000		08/15/22		103,986
	200,000	Hospitality Properties Trust		4.500		06/15/23		198,141
	200,000	Hospitality Properties Trust		4.650		03/15/24		198,980
	600,000	Host Hotels & Resorts LP		3.750		10/15/23		581,053
	50,000	HRPT Properties Trust		5.875		09/15/20		52,606
	250,000	Jones Lang LaSalle, Inc		4.400		11/15/22		244,302
	35,000	Kilroy Realty Corp		5.000		11/03/15		37,211
	250,000	Kilroy Realty LP		3.800		01/15/23		243,703
	145,000	Kimco Realty Corp		5.700		05/01/17		161,676
	300,000	Kimco Realty Corp		3.125		06/01/23		280,583
	100,000	Lexington Realty Trust		4.250		06/15/23		96,856
	220,000	Liberty Property LP		4.750		10/01/20		233,017
	150,000	Liberty Property LP		4.125		06/15/22		152,139
	100,000	Liberty Property LP		3.375		06/15/23		94,380
	200,000	Liberty Property LP		4.400		02/15/24		203,384
	125,000	Mack-Cali Realty Corp		7.750		08/15/19		148,348
	200,000	Mack-Cali Realty LP		2.500		12/15/17		200,833
	150,000	Mack-Cali Realty LP		4.500		04/18/22		150,250
	200,000	Mid-America Apartments LP		4.300		10/15/23		201,768
	75,000	National Retail Properties, Inc		6.875		10/15/17		86,970
	100,000	National Retail Properties, Inc		3.800		10/15/22		98,676
	100,000	National Retail Properties, Inc		3.300		04/15/23		94,340
	400,000	OMEGA Healthcare Investors, Inc		6.750		10/15/22		436,000
	200,000	Piedmont Operating Partnership LP		3.400		06/01/23		185,269
	200,000	Piedmont Operating Partnership LP		4.450		03/15/24		199,603

67

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Post Apartment Homes LP		3.375	%	12/01/22	$	94,865
	350,000		ProLogis LP		2.750		02/15/19		351,380
	201,000		ProLogis LP		3.350		02/01/21		198,849
	150,000		ProLogis LP		4.250		08/15/23		152,561
	200,000		Rayonier, Inc		3.750		04/01/22		197,086
	40,000		Realty Income Corp		5.950		09/15/16		44,276
	150,000		Realty Income Corp		2.000		01/31/18		148,351
	75,000		Realty Income Corp		5.750		01/15/21		84,992
	200,000		Realty Income Corp		3.250		10/15/22		190,577
	500,000		Realty Income Corp		4.650		08/01/23		523,197
	175,000		Regency Centers LP		5.250		08/01/15		184,616
	10,000		Regency Centers LP		5.875		06/15/17		11,199
	200,000		Retail Opportunity Investments Partnership LP		5.000		12/15/23		207,399
	100,000		Senior Housing Properties Trust		6.750		12/15/21		112,883
	488,000		Simon Property Group LP		5.100		06/15/15		514,032
	295,000		Simon Property Group LP		5.250		12/01/16		324,679
	100,000		Simon Property Group LP		2.800		01/30/17		104,230
	500,000		Simon Property Group LP		2.200		02/01/19		498,591
	740,000		Simon Property Group LP		10.350		04/01/19		1,001,523
	290,000		Simon Property Group LP		4.375		03/01/21		315,480
	300,000		Simon Property Group LP		3.375		03/15/22		303,268
	200,000		Simon Property Group LP		2.750		02/01/23		189,647
	750,000		Simon Property Group LP		3.750		02/01/24		754,529
	300,000		Tanger Properties LP		3.875		12/01/23		298,805
	200,000		UDR, Inc		3.700		10/01/20		203,001
	200,000		UDR, Inc		4.625		01/10/22		211,851
	100,000	g,i	USB Realty Corp		1.386		12/30/49		92,000
	55,000		Ventas Realty LP		3.125		11/30/15		57,074
	300,000		Ventas Realty LP		1.550		09/26/16		302,631
	175,000		Ventas Realty LP		2.000		02/15/18		174,600
	200,000		Ventas Realty LP		2.700		04/01/20		194,675
	300,000		Ventas Realty LP		4.750		06/01/21		323,332
	350,000		Ventas Realty LP		3.250		08/15/22		337,271
	100,000		Vornado Realty LP		5.000		01/15/22		106,458
	195,000		Washington Real Estate Investment Trust		4.950		10/01/20		207,320
	100,000		Washington Real Estate Investment Trust		3.950		10/15/22		97,630
	100,000		Weingarten Realty Investors		3.375		10/15/22		94,448
	100,000		Weingarten Realty Investors		3.500		04/15/23		94,390
	200,000		Weingarten Realty Investors		4.450		01/15/24		201,915
	500,000		Weyerhaeuser Co		7.375		10/01/19		607,746
	200,000		Weyerhaeuser Co		4.625		09/15/23		208,562
	400,000		Weyerhaeuser Co		7.375		03/15/32		514,137
	200,000		WP Carey, Inc		4.600		04/01/24		199,920
			TOTAL REAL ESTATE						29,907,828
RETAILING - 0.7%
	120,000		Advance Auto Parts, Inc		5.750		05/01/20		132,168
	250,000		Advance Auto Parts, Inc		4.500		12/01/23		256,084
	600,000		Amazon.com, Inc		0.650		11/27/15		601,279
	600,000		Amazon.com, Inc		2.500		11/29/22		557,460
	300,000		AutoZone, Inc		1.300		01/13/17		299,356
	100,000		AutoZone, Inc		4.000		11/15/20		104,239

68

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000		AutoZone, Inc		3.700	%	04/15/22	$	200,618
	300,000		AutoZone, Inc		2.875		01/15/23		279,337
	150,000		AutoZone, Inc		3.125		07/15/23		140,740
	300,000		Cooper US, Inc		2.375		01/15/16		308,024
	320,000		Costco Wholesale Corp		5.500		03/15/17		359,080
	500,000		Costco Wholesale Corp		1.125		12/15/17		493,116
	250,000		Costco Wholesale Corp		1.700		12/15/19		241,616
	500,000		Dollar General Corp		1.875		04/15/18		491,260
	100,000		Family Dollar Stores, Inc		5.000		02/01/21		104,553
	250,000		Gap, Inc		5.950		04/12/21		281,480
	600,000		Home Depot, Inc		5.400		03/01/16		653,677
	400,000		Home Depot, Inc		3.950		09/15/20		430,602
	350,000		Home Depot, Inc		4.400		04/01/21		384,779
	500,000		Home Depot, Inc		2.700		04/01/23		475,900
	300,000		Home Depot, Inc		3.750		02/15/24		306,463
	960,000		Home Depot, Inc		5.875		12/16/36		1,156,321
	500,000		Home Depot, Inc		4.200		04/01/43		483,225
	300,000		Home Depot, Inc		4.875		02/15/44		318,926
	125,000		Kohl’s Corp		6.250		12/15/17		143,760
	200,000		Kohl’s Corp		3.250		02/01/23		186,036
	200,000		Kohl’s Corp		4.750		12/15/23		207,486
	150,000		Kohl’s Corp		6.000		01/15/33		161,337
	100,000		Kohl’s Corp		6.875		12/15/37		116,957
	400,000		Lowe’s Cos, Inc		2.125		04/15/16		410,831
	200,000		Lowe’s Cos, Inc		3.800		11/15/21		210,852
	850,000		Lowe’s Cos, Inc		3.120		04/15/22		846,738
	300,000		Lowe’s Cos, Inc		3.875		09/15/23		309,161
	200,000		Lowe’s Cos, Inc		6.875		02/15/28		250,380
	175,000		Lowe’s Cos, Inc		5.500		10/15/35		196,221
	150,000		Lowe’s Cos, Inc		5.800		04/15/40		175,731
	150,000		Lowe’s Cos, Inc		5.125		11/15/41		162,281
	100,000		Lowe’s Cos, Inc		4.650		04/15/42		100,993
	300,000		Lowe’s Cos, Inc		5.000		09/15/43		318,287
	191,000		Macy’s Retail Holdings, Inc		5.900		12/01/16		212,467
	250,000		Macy’s Retail Holdings, Inc		3.875		01/15/22		257,758
	125,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		117,042
	200,000		Macy’s Retail Holdings, Inc		4.375		09/01/23		207,036
	400,000		Macy’s Retail Holdings, Inc		6.900		04/01/29		485,485
	200,000		Macy’s Retail Holdings, Inc		6.375		03/15/37		241,752
	200,000		Macy’s Retail Holdings, Inc		4.300		02/15/43		182,821
	300,000		Nordstrom, Inc		6.250		01/15/18		345,260
	30,000		Nordstrom, Inc		4.750		05/01/20		32,929
	100,000		Nordstrom, Inc		4.000		10/15/21		105,333
	531,000	g	Nordstrom, Inc		5.000		01/15/44		555,603
	150,000		O’Reilly Automotive, Inc		4.875		01/14/21		160,640
	100,000		O’Reilly Automotive, Inc		3.800		09/01/22		98,410
	200,000		O’Reilly Automotive, Inc		3.850		06/15/23		196,576
	200,000	g	QVC, Inc		3.125		04/01/19		198,747
	100,000		QVC, Inc		5.125		07/02/22		103,740
	100,000		QVC, Inc		4.375		03/15/23		98,547
	200,000	g	QVC, Inc		4.850		04/01/24		202,611
	150,000		QVC, Inc		5.950		03/15/43		153,004

69

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	150,000	Staples, Inc		2.750	%	01/12/18	$	151,677
	150,000	Staples, Inc		4.375		01/12/23		145,736
	100,000	Target Corp		1.125		07/18/14		100,190
	1,150,000	Target Corp		3.875		07/15/20		1,229,532
	900,000	Target Corp		2.900		01/15/22		881,235
	200,000	Target Corp		6.500		10/15/37		251,720
	850,000	Target Corp		4.000		07/01/42		784,163
	105,000	TJX Cos, Inc		6.950		04/15/19		124,611
	300,000	TJX Cos, Inc		2.500		05/15/23		277,988
	650,000	Wal-Mart Stores, Inc		4.500		07/01/15		682,377
	200,000	Wal-Mart Stores, Inc		1.500		10/25/15		203,074
	200,000	Wal-Mart Stores, Inc		2.800		04/15/16		208,671
	350,000	Wal-Mart Stores, Inc		1.125		04/11/18		343,125
	300,000	Wal-Mart Stores, Inc		1.950		12/15/18		300,374
	1,400,000	Wal-Mart Stores, Inc		3.250		10/25/20		1,453,564
	1,950,000	Wal-Mart Stores, Inc		4.250		04/15/21		2,124,888
	1,000,000	Wal-Mart Stores, Inc		2.550		04/11/23		940,059
	69,000	Wal-Mart Stores, Inc		7.550		02/15/30		96,801
	1,095,000	Wal-Mart Stores, Inc		5.250		09/01/35		1,235,285
	160,000	Wal-Mart Stores, Inc		6.500		08/15/37		207,173
	900,000	Wal-Mart Stores, Inc		6.200		04/15/38		1,131,629
	65,000	Wal-Mart Stores, Inc		5.625		04/01/40		76,852
	345,000	Wal-Mart Stores, Inc		5.000		10/25/40		376,312
	850,000	Wal-Mart Stores, Inc		4.000		04/11/43		791,137
	400,000	Wal-Mart Stores, Inc		4.750		10/02/43		420,376
		TOTAL RETAILING						31,351,664
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	200,000	Altera Corp		1.750		05/15/17		201,340
	200,000	Altera Corp		4.100		11/15/23		201,187
	500,000	Analog Devices, Inc		2.875		06/01/23		469,132
	140,000	Broadcom Corp		2.375		11/01/15		143,383
	150,000	Broadcom Corp		2.500		08/15/22		137,815
	900,000	Intel Corp		1.950		10/01/16		924,833
	475,000	Intel Corp		1.350		12/15/17		471,782
	1,250,000	Intel Corp		2.700		12/15/22		1,193,246
	500,000	Intel Corp		4.000		12/15/32		485,465
	500,000	Intel Corp		4.800		10/01/41		516,620
	200,000	Maxim Integrated Products, Inc		2.500		11/15/18		199,379
	200,000	Maxim Integrated Products, Inc		3.375		03/15/23		189,594
	310,000	National Semiconductor Corp		3.950		04/15/15		321,009
	200,000	Texas Instruments, Inc		0.450		08/03/15		200,079
	200,000	Texas Instruments, Inc		2.375		05/16/16		207,077
	200,000	Texas Instruments, Inc		1.000		05/01/18		193,878
	200,000	Texas Instruments, Inc		1.650		08/03/19		193,004
	200,000	Texas Instruments, Inc		2.750		03/12/21		198,567
	200,000	Texas Instruments, Inc		2.250		05/01/23		181,804
	400,000	Xilinx, Inc		2.125		03/15/19		395,233
	400,000	Xilinx, Inc		3.000		03/15/21		396,662
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						7,421,089

70

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
SOFTWARE & SERVICES - 0.5%
$	285,000		Adobe Systems, Inc		3.250	%	02/01/15	$	291,034
	20,000		Adobe Systems, Inc		4.750		02/01/20		21,991
	200,000		Autodesk, Inc		1.950		12/15/17		200,575
	300,000		Baidu, Inc		2.250		11/28/17		300,519
	500,000		Baidu, Inc		3.250		08/06/18		510,534
	200,000		Baidu, Inc		3.500		11/28/22		190,421
	20,000	g	CA, Inc		6.125		12/01/14		20,703
	250,000		CA, Inc		2.875		08/15/18		253,524
	300,000		CA, Inc		5.375		12/01/19		335,480
	120,000		Computer Sciences Corp		6.500		03/15/18		138,231
	200,000		Computer Sciences Corp		4.450		09/15/22		204,173
	300,000		Expedia, Inc		7.456		08/15/18		352,641
	250,000		Fidelity National Information Services, Inc		2.000		04/15/18		243,995
	500,000		Fidelity National Information Services, Inc		3.500		04/15/23		475,196
	50,000		Fiserv, Inc		3.125		10/01/15		51,512
	150,000		Fiserv, Inc		3.125		06/15/16		156,483
	100,000		Fiserv, Inc		6.800		11/20/17		115,287
	550,000		Fiserv, Inc		3.500		10/01/22		537,162
	100,000		Google, Inc		1.250		05/19/14		100,139
	700,000		Google, Inc		2.125		05/19/16		722,835
	100,000		Google, Inc		3.625		05/19/21		105,796
	500,000		Google, Inc		3.375		02/25/24		500,850
	700,000		International Business Machines Corp		0.750		05/11/15		703,319
	300,000		International Business Machines Corp		2.000		01/05/16		307,695
	300,000		International Business Machines Corp		0.450		05/06/16		298,879
	250,000		International Business Machines Corp		1.950		07/22/16		257,241
	225,000		International Business Machines Corp		1.250		02/06/17		226,137
	1,000,000		International Business Machines Corp		5.700		09/14/17		1,144,250
	400,000		International Business Machines Corp		1.250		02/08/18		395,215
	500,000		International Business Machines Corp		1.950		02/12/19		496,056
	200,000		International Business Machines Corp		1.875		05/15/19		196,950
	800,000		International Business Machines Corp		8.375		11/01/19		1,041,728
	300,000		International Business Machines Corp		1.625		05/15/20		283,857
	500,000		International Business Machines Corp		2.900		11/01/21		499,169
	300,000		International Business Machines Corp		1.875		08/01/22		270,841
	300,000		International Business Machines Corp		3.375		08/01/23		300,005
	500,000		International Business Machines Corp		3.625		02/12/24		504,143
	400,000		International Business Machines Corp		7.000		10/30/25		515,716
	19,000		International Business Machines Corp		5.600		11/30/39		22,205
	835,000		International Business Machines Corp		4.000		06/20/42		772,879
	200,000		Intuit, Inc		5.750		03/15/17		224,567
	175,000		Juniper Networks, Inc		4.600		03/15/21		182,669
	200,000		Juniper Networks, Inc		4.500		03/15/24		202,483
	475,000		Microsoft Corp		0.875		11/15/17		468,240
	400,000		Microsoft Corp		1.625		12/06/18		397,022
	925,000		Microsoft Corp		4.200		06/01/19		1,020,403
	540,000		Microsoft Corp		3.000		10/01/20		556,043
	450,000		Microsoft Corp		4.000		02/08/21		487,085
	400,000		Microsoft Corp		2.125		11/15/22		370,287
	400,000		Microsoft Corp		3.625		12/15/23		410,331
	500,000		Microsoft Corp		3.500		11/15/42		432,562
	300,000		Microsoft Corp		3.750		05/01/43		268,808

71

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	400,000	Microsoft Corp		4.875	%	12/15/43	$	432,000
	320,000	Oracle Corp		3.750		07/08/14		322,840
	1,000,000	Oracle Corp		1.200		10/15/17		992,140
	320,000	Oracle Corp		5.750		04/15/18		368,401
	750,000	Oracle Corp		2.375		01/15/19		758,935
	1,365,000	Oracle Corp		3.875		07/15/20		1,455,329
	1,725,000	Oracle Corp		2.500		10/15/22		1,622,542
	550,000	Oracle Corp		6.500		04/15/38		702,330
	470,000	Oracle Corp		6.125		07/08/39		577,515
	290,000	Symantec Corp		2.750		09/15/15		297,626
	250,000	Symantec Corp		2.750		06/15/17		256,944
	200,000	Symantec Corp		3.950		06/15/22		198,271
	250,000	Total System Services, Inc		2.375		06/01/18		246,512
	125,000	Total System Services, Inc		3.750		06/01/23		118,701
	20,000	Western Union Co		5.930		10/01/16		22,146
	500,000	Western Union Co		2.875		12/10/17		510,472
	100,000	Western Union Co		3.650		08/22/18		102,727
	400,000	Western Union Co		5.253		04/01/20		433,984
		TOTAL SOFTWARE & SERVICES						28,505,281
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
	75,000	Amphenol Corp		4.750		11/15/14		76,875
	200,000	Amphenol Corp		2.550		01/30/19		199,262
	150,000	Amphenol Corp		4.000		02/01/22		150,049
	750,000	Apple, Inc		0.450		05/03/16		747,518
	1,000,000	Apple, Inc		1.000		05/03/18		969,350
	1,475,000	Apple, Inc		2.400		05/03/23		1,367,735
	825,000	Apple, Inc		3.850		05/04/43		731,610
	100,000	CC Holdings GS V LLC		2.381		12/15/17		100,006
	175,000	CC Holdings GS V LLC		3.849		04/15/23		170,235
	1,043,000	Cisco Systems, Inc		4.950		02/15/19		1,173,559
	250,000	Cisco Systems, Inc		2.125		03/01/19		248,881
	1,900,000	Cisco Systems, Inc		4.450		01/15/20		2,085,240
	1,250,000	Cisco Systems, Inc		2.900		03/04/21		1,249,332
	500,000	Cisco Systems, Inc		3.625		03/04/24		504,169
	600,000	Cisco Systems, Inc		5.900		02/15/39		712,202
	900,000	EMC Corp		1.875		06/01/18		899,400
	400,000	EMC Corp		2.650		06/01/20		398,155
	400,000	EMC Corp		3.375		06/01/23		394,418
	300,000	General Electric Co		0.850		10/09/15		301,357
	750,000	General Electric Co		5.250		12/06/17		849,925
	975,000	General Electric Co		2.700		10/09/22		944,976
	400,000	General Electric Co		3.375		03/11/24		402,708
	1,075,000	General Electric Co		4.125		10/09/42		1,032,960
	250,000	General Electric Co		4.500		03/11/44		253,878
	300,000	Harris Corp		4.400		12/15/20		315,960
	600,000	Hewlett-Packard Co		2.125		09/13/15		611,741
	1,900,000	Hewlett-Packard Co		3.000		09/15/16		1,983,725
	175,000	Hewlett-Packard Co		2.600		09/15/17		180,321
	325,000	Hewlett-Packard Co		2.750		01/14/19		327,149
	700,000	Hewlett-Packard Co		3.750		12/01/20		711,063
	200,000	Hewlett-Packard Co		4.375		09/15/21		209,189

72

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	Hewlett-Packard Co		4.650	%	12/09/21	$	105,788
	200,000	Hewlett-Packard Co		4.050		09/15/22		202,940
	650,000	Hewlett-Packard Co		6.000		09/15/41		711,799
	200,000	Ingram Micro, Inc		5.000		08/10/22		204,228
	85,000	International Game Technology		7.500		06/15/19		99,787
	500,000	International Game Technology		5.350		10/15/23		534,542
	547,000	Koninklijke Philips Electronics NV		5.750		03/11/18		623,049
	100,000	Koninklijke Philips Electronics NV		6.875		03/11/38		129,916
	300,000	Koninklijke Philips Electronics NV		5.000		03/15/42		320,432
	100,000	L-3 Communications Corp		3.950		11/15/16		106,448
	420,000	L-3 Communications Corp		5.200		10/15/19		458,466
	300,000	L-3 Communications Corp		4.950		02/15/21		321,314
	100,000	Lexmark International, Inc		6.650		06/01/18		111,350
	100,000	Lexmark International, Inc		5.125		03/15/20		104,494
	200,000	Motorola Solutions, Inc		6.000		11/15/17		228,609
	200,000	Motorola Solutions, Inc		3.750		05/15/22		197,452
	250,000	Motorola Solutions, Inc		3.500		03/01/23		238,992
	200,000	NetApp, Inc		2.000		12/15/17		202,077
	200,000	NetApp, Inc		3.250		12/15/22		186,620
	500,000	Pitney Bowes, Inc		4.625		03/15/24		496,468
	100,000	Tech Data Corp		3.750		09/21/17		103,355
	200,000	Telefonaktiebolaget LM Ericsson		4.125		05/15/22		204,295
	225,000	Tyco Electronics Group S.A.		6.550		10/01/17		260,185
	200,000	Tyco Electronics Group S.A.		2.375		12/17/18		197,913
	250,000	Tyco Electronics Group S.A.		3.500		02/03/22		247,887
	225,000	Xerox Corp		8.250		05/15/14		226,887
	330,000	Xerox Corp		4.250		02/15/15		340,015
	100,000	Xerox Corp		2.950		03/15/17		103,966
	250,000	Xerox Corp		6.350		05/15/18		288,890
	100,000	Xerox Corp		2.750		03/15/19		100,084
	700,000	Xerox Corp		5.625		12/15/19		793,169
	200,000	Xerox Corp		6.750		12/15/39		231,537
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						28,985,902
TELECOMMUNICATION SERVICES - 1.4%
	200,000	America Movil SAB de C.V.		3.625		03/30/15		205,600
	500,000	America Movil SAB de C.V.		2.375		09/08/16		514,500
	1,430,000	America Movil SAB de C.V.		5.000		03/30/20		1,566,755
	450,000	America Movil SAB de C.V.		3.125		07/16/22		429,356
	440,000	America Movil SAB de C.V.		6.125		03/30/40		496,562
	525,000	America Movil SAB de C.V.		4.375		07/16/42		464,279
	1,150,000	American Tower Corp		4.500		01/15/18		1,240,203
	300,000	American Tower Corp		3.400		02/15/19		307,421
	200,000	American Tower Corp		4.700		03/15/22		208,973
	250,000	American Tower Corp		3.500		01/31/23		236,410
	800,000	American Tower Corp		5.000		02/15/24		833,203
	350,000	AT&T, Inc		5.100		09/15/14		357,333
	1,765,000	AT&T, Inc		2.500		08/15/15		1,808,860
	400,000	AT&T, Inc		0.800		12/01/15		400,262
	600,000	AT&T, Inc		0.900		02/12/16		599,888
	150,000	AT&T, Inc		2.950		05/15/16		156,206
	600,000	AT&T, Inc		1.600		02/15/17		604,051

73

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	750,000	AT&T, Inc		1.700	%	06/01/17	$	756,490
	325,000	AT&T, Inc		1.400		12/01/17		321,564
	300,000	AT&T, Inc		2.375		11/27/18		301,491
	950,000	AT&T, Inc		5.800		02/15/19		1,096,952
	500,000	AT&T, Inc		2.300		03/11/19		497,414
	500,000	AT&T, Inc		4.450		05/15/21		540,328
	3,300,000	AT&T, Inc		3.000		02/15/22		3,204,052
	400,000	AT&T, Inc		2.625		12/01/22		371,916
	500,000	AT&T, Inc		3.900		03/11/24		498,585
	322,000	AT&T, Inc		5.350		09/01/40		329,063
	1,200,000	AT&T, Inc		5.550		08/15/41		1,259,773
	2,066,000	AT&T, Inc		4.300		12/15/42		1,830,637
	1,854,000	AT&T, Inc		4.350		06/15/45		1,636,294
	250,000	British Telecommunications plc		2.000		06/22/15		253,838
	300,000	British Telecommunications plc		1.625		06/28/16		303,934
	400,000	British Telecommunications plc		5.950		01/15/18		456,388
	1,000,000	British Telecommunications plc		2.350		02/14/19		995,358
	650,000	British Telecommunications plc		9.625		12/15/30		1,004,784
	450,000	Deutsche Telekom International Finance BV		5.750		03/23/16		491,638
	850,000	Deutsche Telekom International Finance BV		6.000		07/08/19		996,690
	740,000	Deutsche Telekom International Finance BV		8.750		06/15/30		1,067,944
	600,000	Embarq Corp		7.995		06/01/36		626,036
	495,000	France Telecom S.A.		2.125		09/16/15		503,154
	700,000	France Telecom S.A.		4.125		09/14/21		725,458
	745,000	France Telecom S.A.		9.000		03/01/31		1,077,379
	100,000	France Telecom S.A.		5.375		01/13/42		102,756
	250,000	Koninklijke KPN NV		8.375		10/01/30		336,984
	150,000	Nippon Telegraph & Telephone Corp		1.400		07/18/17		149,381
	400,000	Orange S.A.		2.750		02/06/19		405,046
	400,000	Orange S.A.		5.500		02/06/44		418,930
	400,000	Qwest Corp		7.500		10/01/14		412,987
	300,000	Qwest Corp		6.500		06/01/17		339,381
	400,000	Qwest Corp		6.750		12/01/21		446,642
	125,000	Rogers Communications, Inc		4.500		03/15/43		116,646
	350,000	Rogers Communications, Inc		7.500		03/15/15		372,970
	600,000	Rogers Communications, Inc		6.800		08/15/18		712,598
	200,000	Rogers Communications, Inc		4.100		10/01/23		204,995
	300,000	Rogers Communications, Inc		5.450		10/01/43		318,492
	300,000	Rogers Communications, Inc		5.000		03/15/44		302,034
	56,000	Telecom Italia Capital S.A.		6.175		06/18/14		56,560
	600,000	Telefonica Emisiones SAU		3.992		02/16/16		629,158
	400,000	Telefonica Emisiones SAU		3.192		04/27/18		409,676
	2,020,000	Telefonica Emisiones SAU		5.134		04/27/20		2,183,872
	500,000	Telefonica Emisiones SAU		4.570		04/27/23		510,622
	392,000	Telefonica Europe BV		8.250		09/15/30		507,894
	100,000	Telefonos de Mexico SAB de C.V.		5.500		01/27/15		103,300
	100,000	Telefonos de Mexico SAB de C.V.		5.500		11/15/19		111,454
	2,500,000	Verizon Communications, Inc		2.500		09/15/16		2,588,675
	2,900,000	Verizon Communications, Inc		3.650		09/14/18		3,087,143
	700,000	Verizon Communications, Inc		6.350		04/01/19		825,744
	200,000	Verizon Communications, Inc		2.550		06/17/19		201,155
	2,500,000	Verizon Communications, Inc		4.500		09/15/20		2,715,108

74

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Verizon Communications, Inc		3.450	%	03/15/21	$	506,846
	950,000		Verizon Communications, Inc		3.500		11/01/21		956,636
	500,000		Verizon Communications, Inc		2.450		11/01/22		455,645
	2,250,000		Verizon Communications, Inc		5.150		09/15/23		2,462,218
	600,000		Verizon Communications, Inc		4.150		03/15/24		609,569
	1,550,000		Verizon Communications, Inc		6.400		09/15/33		1,840,233
	475,000		Verizon Communications, Inc		5.050		03/15/34		487,290
	380,000		Verizon Communications, Inc		6.250		04/01/37		441,838
	620,000		Verizon Communications, Inc		6.400		02/15/38		727,997
	300,000		Verizon Communications, Inc		6.000		04/01/41		340,013
	1,150,000		Verizon Communications, Inc		4.750		11/01/41		1,109,511
	1,425,000		Verizon Communications, Inc		3.850		11/01/42		1,193,073
	4,775,000		Verizon Communications, Inc		6.550		09/15/43		5,810,865
	303,000		Vodafone Group plc		5.625		02/27/17		340,184
	250,000		Vodafone Group plc		1.625		03/20/17		252,655
	500,000		Vodafone Group plc		1.250		09/26/17		494,452
	400,000		Vodafone Group plc		1.500		02/19/18		393,284
	1,500,000		Vodafone Group plc		5.450		06/10/19		1,713,804
	650,000		Vodafone Group plc		4.375		03/16/21		696,242
	500,000		Vodafone Group plc		2.500		09/26/22		457,544
	400,000		Vodafone Group plc		2.950		02/19/23		375,022
	150,000		Vodafone Group plc		6.150		02/27/37		170,113
	400,000		Vodafone Group plc		4.375		02/19/43		360,522
			TOTAL TELECOMMUNICATION SERVICES						72,342,781
TRANSPORTATION - 0.6%
	100,000		ABB Finance USA, Inc		1.625		05/08/17		100,683
	500,000		ABB Finance USA, Inc		2.875		05/08/22		486,235
	150,000		ABB Finance USA, Inc		4.375		05/08/42		149,462
	388,160	g	American Airlines		4.950		01/15/23		416,302
	486,454	g	American Airlines		4.000		07/15/25		490,103
	200,000		Boeing Capital Corp		2.125		08/15/16		206,260
	700,000		Boeing Capital Corp		2.900		08/15/18		731,853
	625,000		Boeing Co		0.950		05/15/18		604,215
	750,000		Boeing Co		3.750		11/20/16		805,843
	350,000		Boeing Co		5.875		02/15/40		432,617
	555,000		Burlington Northern Santa Fe Corp		4.700		10/01/19		611,580
	360,000		Burlington Northern Santa Fe Corp		5.750		05/01/40		412,545
	500,000		Burlington Northern Santa Fe LLC		4.100		06/01/21		526,797
	300,000		Burlington Northern Santa Fe LLC		3.050		03/15/22		291,422
	150,000		Burlington Northern Santa Fe LLC		3.050		09/01/22		143,693
	200,000		Burlington Northern Santa Fe LLC		3.000		03/15/23		188,764
	500,000		Burlington Northern Santa Fe LLC		3.850		09/01/23		506,780
	500,000		Burlington Northern Santa Fe LLC		3.750		04/01/24		501,445
	250,000		Burlington Northern Santa Fe LLC		5.050		03/01/41		263,429
	200,000		Burlington Northern Santa Fe LLC		4.400		03/15/42		189,640
	200,000		Burlington Northern Santa Fe LLC		4.450		03/15/43		190,728
	500,000		Burlington Northern Santa Fe LLC		5.150		09/01/43		529,937
	500,000		Burlington Northern Santa Fe LLC		4.900		04/01/44		515,367
	200,000		Canadian National Railway Co		5.550		05/15/18		226,804
	200,000		Canadian National Railway Co		5.550		03/01/19		230,103
	100,000		Canadian National Railway Co		2.850		12/15/21		98,943

75

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		Canadian National Railway Co		2.250	%	11/15/22	$	275,804
	200,000		Canadian National Railway Co		6.900		07/15/28		262,773
	200,000		Canadian National Railway Co		6.250		08/01/34		249,173
	250,000		Canadian National Railway Co		3.500		11/15/42		214,810
	100,000		Canadian National Railway Co		4.500		11/07/43		102,210
	200,000		Canadian Pacific Railway Co		7.250		05/15/19		241,916
	200,000		Canadian Pacific Railway Co		7.125		10/15/31		254,530
	250,000		Canadian Pacific Railway Co		5.950		05/15/37		292,348
	100,000		Canadian Pacific Railway Ltd		5.750		01/15/42		115,911
	200,000		Carnival Corp		1.875		12/15/17		198,553
	200,000		Carnival Corp		3.950		10/15/20		203,906
	413,042		Continental Airlines, Inc		4.750		01/12/21		446,085
	29,239		Continental Airlines, Inc		5.983		04/19/22		33,186
	200,000		Continental Airlines, Inc		4.000		10/29/24		202,000
	100,000		Con-Way, Inc		7.250		01/15/18		116,601
	850,000		CSX Corp		7.375		02/01/19		1,034,216
	125,000		CSX Corp		3.700		11/01/23		123,760
	100,000		CSX Corp		6.000		10/01/36		117,376
	200,000		CSX Corp		6.150		05/01/37		238,796
	400,000		CSX Corp		5.500		04/15/41		445,001
	350,000		CSX Corp		4.400		03/01/43		334,221
	100,000		CSX Corp		4.100		03/15/44		91,215
	381,383		Delta Air Lines, Inc		5.300		04/15/19		421,429
	185,986		Delta Air Lines, Inc		4.750		05/07/20		200,865
	184,000	g	Embraer Overseas Ltd		5.696		09/16/23		190,900
	100,000		Embraer S.A.		5.150		06/15/22		103,750
	134,000		FedEx Corp		8.000		01/15/19		166,467
	300,000		FedEx Corp		4.000		01/15/24		304,986
	1,000,000		FedEx Corp		4.900		01/15/34		1,027,315
	200,000		FedEx Corp		3.875		08/01/42		173,284
	100,000		GATX Corp		3.500		07/15/16		105,187
	443,000		GATX Corp		1.250		03/04/17		440,489
	100,000		GATX Corp		2.375		07/30/18		99,768
	200,000		GATX Corp		2.500		03/15/19		197,868
	500,000		GATX Corp		2.500		07/30/19		494,056
	125,000		GATX Corp		4.750		06/15/22		133,072
	100,000		GATX Corp		3.900		03/30/23		100,042
	225,000		GATX Corp		5.200		03/15/44		231,319
	250,000		Hawaiian Airlines Pass Through Certificates		3.900		01/15/26		241,563
	100,000		JB Hunt Transport Services, Inc		2.400		03/15/19		99,160
	100,000		Kansas City Southern de Mexico S.A. de C.V.		3.000		05/15/23		92,096
	100,000	g	Kansas City Southern Railway		4.300		05/15/43		90,654
	210,000		Norfolk Southern Corp		5.750		04/01/18		239,381
	100,000		Norfolk Southern Corp		3.250		12/01/21		100,693
	250,000		Norfolk Southern Corp		3.000		04/01/22		243,489
	1,291,000		Norfolk Southern Corp		2.903		02/15/23		1,228,437
	200,000		Norfolk Southern Corp		3.850		01/15/24		203,111
	81,000		Norfolk Southern Corp		5.590		05/17/25		90,579
	16,000		Norfolk Southern Corp		4.837		10/01/41		16,371
	750,000		Norfolk Southern Corp		3.950		10/01/42		677,868
	200,000		Norfolk Southern Corp		4.800		08/15/43		205,501
	250,000		Northrop Grumman Corp		1.750		06/01/18		245,925

76

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	650,000		Northrop Grumman Corp		3.500	%	03/15/21	$	656,059
	400,000		Northrop Grumman Corp		3.250		08/01/23		383,014
	100,000		Northrop Grumman Corp		5.050		11/15/40		104,717
	400,000		Northrop Grumman Corp		4.750		06/01/43		402,116
	350,000		Ryder System, Inc		3.150		03/02/15		357,537
	50,000		Ryder System, Inc		3.600		03/01/16		52,289
	150,000		Ryder System, Inc		2.500		03/01/17		153,304
	150,000		Ryder System, Inc		2.500		03/01/18		151,580
	200,000		Ryder System, Inc		2.450		11/15/18		200,157
	100,000		Ryder System, Inc		2.550		06/01/19		99,371
	325,000		Southwest Airlines Co		5.250		10/01/14		332,155
	100,000		Union Pacific Corp		2.250		02/15/19		99,990
	331,000		Union Pacific Corp		4.163		07/15/22		349,947
	500,000		Union Pacific Corp		2.950		01/15/23		477,721
	277,000		Union Pacific Corp		3.646		02/15/24		276,118
	200,000		Union Pacific Corp		3.750		03/15/24		202,184
	100,000		Union Pacific Corp		4.750		09/15/41		102,363
	100,000		Union Pacific Corp		4.300		06/15/42		96,259
	150,000		Union Pacific Corp		4.250		04/15/43		142,183
	250,000		Union Pacific Corp		4.750		12/15/43		256,937
	200,000		Union Pacific Corp		4.821		02/01/44		208,584
	200,000		Union Pacific Corp		4.850		06/15/44		209,511
	300,000		United Airlines Pass Through Trust		4.300		08/15/25		309,189
	500,000	h	United Airlines Pass Through Trust		4.000		04/11/26		502,500
	42,000		United Parcel Service, Inc		3.875		04/01/14		42,000
	100,000		United Parcel Service, Inc		1.125		10/01/17		99,306
	100,000		United Parcel Service, Inc		5.500		01/15/18		113,858
	300,000		United Parcel Service, Inc		5.125		04/01/19		340,052
	1,105,000		United Parcel Service, Inc		3.125		01/15/21		1,132,909
	200,000		United Parcel Service, Inc		2.450		10/01/22		189,717
	35,000		United Parcel Service, Inc		6.200		01/15/38		44,133
	450,000		United Parcel Service, Inc		3.625		10/01/42		400,644
	199,314		US Airways Pass Through Trust		4.625		06/03/25		208,781
	300,000		US Airways Pass Through Trust		3.950		11/15/25		302,250
			TOTAL TRANSPORTATION						32,611,001
UTILITIES - 2.1%
	370,000		AGL Capital Corp		5.250		08/15/19		415,818
	275,000		AGL Capital Corp		4.400		06/01/43		268,967
	200,000		Alabama Power Co		0.550		10/15/15		199,847
	475,000		Alabama Power Co		3.550		12/01/23		478,689
	300,000		Alabama Power Co		5.200		06/01/41		337,491
	200,000		Alabama Power Co		3.850		12/01/42		184,128
	60,000		Alliant Energy Corp		4.000		10/15/14		61,084
	100,000		Ameren Corp		8.875		05/15/14		100,958
	600,000		Ameren Illinois Co		2.700		09/01/22		581,717
	100,000		Ameren Illinois Co		4.800		12/15/43		105,968
	500,000		American Water Capital Corp		3.850		03/01/24		507,089
	125,000		American Water Capital Corp		4.300		12/01/42		119,707
	50,000		Appalachian Power Co		3.400		05/24/15		51,486
	140,000		Appalachian Power Co		7.000		04/01/38		183,460
	150,000		Arizona Public Service Co		8.750		03/01/19		191,858

77

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	350,000		Arizona Public Service Co		4.500	%	04/01/42	$	349,664
	200,000		Arizona Public Service Co		4.700		01/15/44		206,311
	60,000		Atmos Energy Corp		4.950		10/15/14		61,405
	100,000		Atmos Energy Corp		8.500		03/15/19		127,602
	100,000		Atmos Energy Corp		5.500		06/15/41		114,970
	125,000		Atmos Energy Corp		4.150		01/15/43		119,998
	100,000		Baltimore Gas & Electric Co		3.500		11/15/21		102,185
	400,000		Baltimore Gas & Electric Co		3.350		07/01/23		394,522
	200,000		Black Hills Corp		4.250		11/30/23		205,994
	785,000		Carolina Power & Light Co		5.300		01/15/19		892,917
	350,000		Carolina Power & Light Co		3.000		09/15/21		351,290
	150,000		Carolina Power & Light Co		2.800		05/15/22		146,638
	100,000		Carolina Power & Light Co		4.100		05/15/42		95,868
	300,000		Carolina Power & Light Co		4.100		03/15/43		286,474
	400,000		CenterPoint Energy Houston Electric LLC		2.250		08/01/22		373,399
	100,000		CenterPoint Energy Houston Electric LLC		6.950		03/15/33		133,229
	100,000		CenterPoint Energy Houston Electric LLC		3.550		08/01/42		87,690
	300,000		CenterPoint Energy Houston Electric LLC		4.500		04/01/44		307,689
	423,000		CenterPoint Energy Resources Corp		4.500		01/15/21		456,961
	203,000		Cleco Power LLC		6.000		12/01/40		237,499
	200,000		CMS Energy Corp		3.875		03/01/24		202,637
	100,000		CMS Energy Corp		4.700		03/31/43		99,591
	500,000		Commonwealth Edison Co		1.950		09/01/16		511,526
	300,000		Commonwealth Edison Co		2.150		01/15/19		298,621
	775,000		Commonwealth Edison Co		4.000		08/01/20		827,102
	387,000		Commonwealth Edison Co		5.900		03/15/36		469,648
	200,000		Commonwealth Edison Co		3.800		10/01/42		180,436
	300,000		Commonwealth Edison Co		4.600		08/15/43		309,519
	300,000		Commonwealth Edison Co		4.700		01/15/44		314,016
	210,000		Connecticut Light & Power Co		5.500		02/01/19		240,001
	200,000		Connecticut Light & Power Co		2.500		01/15/23		187,671
	60,000		Consolidated Edison Co of New York, Inc		6.650		04/01/19		72,024
	1,390,000		Consolidated Edison Co of New York, Inc		4.450		06/15/20		1,512,926
	325,000		Consolidated Edison Co of New York, Inc		5.700		06/15/40		385,980
	200,000		Consolidated Edison Co of New York, Inc		4.200		03/15/42		191,240
	550,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		499,999
	600,000		Consolidated Edison Co of New York, Inc		4.450		03/15/44		594,475
	105,000		Consolidated Natural Gas Co		5.000		12/01/14		108,105
	480,000		Constellation Energy Group, Inc		4.550		06/15/15		500,858
	800,000		Consumers Energy Co		5.500		08/15/16		884,974
	230,000		Consumers Energy Co		6.125		03/15/19		270,563
	150,000		Consumers Energy Co		2.850		05/15/22		146,539
	200,000		Consumers Energy Co		3.375		08/15/23		200,323
	250,000		Consumers Energy Co		3.950		05/15/43		236,091
	300,000	g	Dayton Power & Light Co		1.875		09/15/16		304,291
	200,000		Delmarva Power & Light Co		3.500		11/15/23		200,736
	400,000		Detroit Edison Co		3.450		10/01/20		415,064
	100,000		Detroit Edison Co		2.650		06/15/22		96,238
	100,000		Detroit Edison Co		3.950		06/15/42		94,058
	200,000	g	Dominion Gas Holdings LLC		3.550		11/01/23		197,366
	200,000	g	Dominion Gas Holdings LLC		4.800		11/01/43		203,942
	360,000		Dominion Resources, Inc		5.150		07/15/15		380,188

78

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	100,000	Dominion Resources, Inc		1.400	%	09/15/17	$	98,572
	1,700,000	Dominion Resources, Inc		4.450		03/15/21		1,830,971
	500,000	Dominion Resources, Inc		2.750		09/15/22		473,316
	200,000	Dominion Resources, Inc		5.950		06/15/35		232,538
	100,000	Dominion Resources, Inc		4.050		09/15/42		89,480
	200,000	DTE Electric Co		3.650		03/15/24		203,944
	200,000	DTE Electric Co		4.000		04/01/43		190,236
	200,000	DTE Energy Co		3.850		12/01/23		202,826
	125,000	Duke Energy Carolinas LLC		4.300		06/15/20		136,108
	500,000	Duke Energy Carolinas LLC		4.000		09/30/42		473,446
	500,000	Duke Energy Corp		2.100		06/15/18		501,566
	746,000	Duke Energy Corp		5.050		09/15/19		831,821
	300,000	Duke Energy Corp		3.050		08/15/22		291,881
	300,000	Duke Energy Corp		3.950		10/15/23		307,568
	250,000	Duke Energy Indiana, Inc		4.200		03/15/42		243,724
	200,000	Duke Energy Indiana, Inc		4.900		07/15/43		214,431
	500,000	Duke Energy Ohio, Inc		3.800		09/01/23		517,842
	400,000	Duke Energy Progress, Inc		4.375		03/30/44		401,236
	200,000	El Paso Natural Gas Co		5.950		04/15/17		224,212
	100,000	Enbridge, Inc		5.600		04/01/17		111,405
	300,000	Enbridge, Inc		4.000		10/01/23		300,602
	150,000	Energen Corp		4.625		09/01/21		149,071
	400,000	Energy Transfer Partners LP		6.125		02/15/17		447,889
	44,000	Energy Transfer Partners LP		9.700		03/15/19		56,852
	500,000	Energy Transfer Partners LP		4.650		06/01/21		525,622
	200,000	Energy Transfer Partners LP		5.200		02/01/22		215,902
	200,000	Energy Transfer Partners LP		3.600		02/01/23		191,296
	500,000	Energy Transfer Partners LP		4.900		02/01/24		520,376
	140,000	Energy Transfer Partners LP		7.500		07/01/38		172,745
	450,000	Energy Transfer Partners LP		6.500		02/01/42		509,999
	200,000	Energy Transfer Partners LP		5.150		02/01/43		192,547
	200,000	Energy Transfer Partners LP		5.950		10/01/43		215,222
	200,000	EnLink Midstream Partners LP		2.700		04/01/19		200,627
	200,000	EnLink Midstream Partners LP		4.400		04/01/24		203,905
	200,000	EnLink Midstream Partners LP		5.600		04/01/44		211,176
	125,000	Entergy Arkansas, Inc		3.750		02/15/21		130,978
	300,000	Entergy Arkansas, Inc		3.050		06/01/23		290,075
	175,000	Entergy Arkansas, Inc		3.700		06/01/24		177,610
	200,000	Entergy Corp		3.625		09/15/15		207,009
	200,000	Entergy Corp		5.125		09/15/20		214,066
	150,000	Entergy Louisiana LLC		1.875		12/15/14		151,463
	200,000	Entergy Louisiana LLC		4.050		09/01/23		209,005
	225,000	Entergy Texas, Inc		7.125		02/01/19		264,956
	75,000	Exelon Corp		4.900		06/15/15		78,461
	400,000	Exelon Generation Co LLC		5.200		10/01/19		437,243
	200,000	Exelon Generation Co LLC		4.250		06/15/22		202,835
	371,000	Exelon Generation Co LLC		5.600		06/15/42		386,827
	400,000	Florida Power & Light Co		2.750		06/01/23		386,278
	247,000	Florida Power & Light Co		4.950		06/01/35		270,740
	400,000	Florida Power & Light Co		5.250		02/01/41		452,793
	100,000	Florida Power & Light Co		4.125		02/01/42		96,290
	200,000	Florida Power & Light Co		4.050		06/01/42		191,681

79

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	450,000		Florida Power & Light Co		3.800	%	12/15/42	$	414,755
	29,000		Florida Power Corp		5.650		06/15/18		33,216
	1,200,000		Florida Power Corp		3.100		08/15/21		1,207,505
	165,000		Florida Power Corp		6.400		06/15/38		212,773
	300,000		Florida Power Corp		3.850		11/15/42		273,006
	690,000		FPL Group Capital, Inc		2.600		09/01/15		706,603
	300,000		Georgia Power Co		0.625		11/15/15		299,831
	900,000		Georgia Power Co		5.700		06/01/17		1,018,975
	177,000		Georgia Power Co		5.950		02/01/39		212,848
	700,000		Georgia Power Co		4.300		03/15/43		676,787
	200,000		Great Plains Energy, Inc		4.850		06/01/21		215,984
	200,000	i	Great Plains Energy, Inc		5.292		06/15/22		221,819
	80,000		Indiana Michigan Power Co		7.000		03/15/19		96,119
	200,000		Indiana Michigan Power Co		3.200		03/15/23		194,305
	70,000		Integrys Energy Group, Inc		4.170		11/01/20		73,313
	100,000		Interstate Power & Light Co		6.250		07/15/39		126,327
	200,000		Interstate Power & Light Co		4.700		10/15/43		211,365
	200,000		ITC Holdings Corp		4.050		07/01/23		200,382
	225,000		Kansas City Power & Light Co		3.150		03/15/23		214,411
	100,000		Kansas City Power & Light Co		5.300		10/01/41		107,973
	20,000	g	Kansas Gas & Electric		6.700		06/15/19		24,059
	175,000		Kentucky Utilities Co		4.650		11/15/43		181,131
	250,000		KeySpan Corp		5.803		04/01/35		280,946
	150,000		Kinder Morgan Energy Partners LP		3.500		03/01/16		156,266
	400,000		Kinder Morgan Energy Partners LP		5.950		02/15/18		453,208
	300,000		Kinder Morgan Energy Partners LP		2.650		02/01/19		299,569
	500,000		Kinder Morgan Energy Partners LP		9.000		02/01/19		633,053
	500,000		Kinder Morgan Energy Partners LP		3.500		03/01/21		498,027
	100,000		Kinder Morgan Energy Partners LP		5.800		03/01/21		112,866
	1,200,000		Kinder Morgan Energy Partners LP		3.950		09/01/22		1,193,650
	350,000		Kinder Morgan Energy Partners LP		3.450		02/15/23		333,610
	200,000		Kinder Morgan Energy Partners LP		3.500		09/01/23		188,840
	300,000		Kinder Morgan Energy Partners LP		4.150		02/01/24		298,205
	535,000		Kinder Morgan Energy Partners LP		6.500		09/01/39		607,252
	300,000		Kinder Morgan Energy Partners LP		5.625		09/01/41		306,287
	200,000		Kinder Morgan Energy Partners LP		5.000		08/15/42		189,660
	500,000		Kinder Morgan Energy Partners LP		5.000		03/01/43		476,064
	400,000		Kinder Morgan Energy Partners LP		5.500		03/01/44		409,048
	320,000		LG&E and KU Energy LLC		3.750		11/15/20		328,843
	125,000		Louisville Gas & Electric Co		4.650		11/15/43		129,379
	880,000		Metropolitan Edison Co		7.700		01/15/19		1,057,245
	200,000		MidAmerican Energy Co		3.500		10/15/24		199,022
	200,000		MidAmerican Energy Co		4.400		10/15/44		198,798
	400,000		MidAmerican Energy Co		4.650		10/01/14		408,516
	300,000		MidAmerican Energy Co		2.400		03/15/19		302,074
	200,000		MidAmerican Energy Co		3.700		09/15/23		204,740
	200,000		MidAmerican Energy Co		4.800		09/15/43		211,897
	200,000	g	MidAmerican Energy Holdings Co		1.100		05/15/17		198,304
	350,000		MidAmerican Energy Holdings Co		5.750		04/01/18		398,392
	200,000	g	MidAmerican Energy Holdings Co		2.000		11/15/18		197,112
	200,000	g	MidAmerican Energy Holdings Co		3.750		11/15/23		198,964
	1,032,000		MidAmerican Energy Holdings Co		5.950		05/15/37		1,211,648

80

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		MidAmerican Energy Holdings Co		6.500	%	09/15/37	$	371,009
	200,000	g	MidAmerican Energy Holdings Co		5.150		11/15/43		213,099
	750,000		Mississippi Power Co		4.250		03/15/42		691,633
	100,000		National Fuel Gas Co		4.900		12/01/21		106,884
	200,000		National Fuel Gas Co		3.750		03/01/23		195,187
	820,000		Nevada Power Co		6.500		08/01/18		970,295
	45,000		Nevada Power Co		7.125		03/15/19		55,029
	230,000		Nevada Power Co		5.375		09/15/40		261,862
	700,000		NextEra Energy Capital Holdings, Inc		1.200		06/01/15		703,227
	100,000		NextEra Energy Capital Holdings, Inc		2.700		09/15/19		99,589
	500,000		NextEra Energy Capital Holdings, Inc		4.500		06/01/21		524,157
	235,000		NiSource Finance Corp		5.400		07/15/14		238,169
	350,000		NiSource Finance Corp		6.400		03/15/18		403,718
	150,000		NiSource Finance Corp		6.125		03/01/22		172,808
	400,000		NiSource Finance Corp		3.850		02/15/23		396,298
	100,000		NiSource Finance Corp		5.950		06/15/41		111,123
	200,000		NiSource Finance Corp		5.250		02/15/43		204,276
	150,000		NiSource Finance Corp		4.800		02/15/44		143,659
	300,000		NiSource Finance Corp		5.650		02/01/45		322,578
	300,000		Northeast Utilities		2.800		05/01/23		279,902
	150,000		Northern States Power Co		2.150		08/15/22		138,785
	300,000		Northern States Power Co		2.600		05/15/23		283,023
	425,000		Northern States Power Co		5.350		11/01/39		486,170
	200,000		Northern States Power Co		3.400		08/15/42		171,063
	150,000		NSTAR Electric Co		5.625		11/15/17		170,797
	200,000		NSTAR Electric Co		2.375		10/15/22		185,992
	175,000		NSTAR Electric Co		4.400		03/01/44		175,692
	500,000		Oglethorpe Power Corp		4.200		12/01/42		467,847
	250,000		Ohio Edison Co		8.250		10/15/38		374,230
	600,000		Ohio Power Co		5.375		10/01/21		692,639
	100,000		Oklahoma Gas & Electric Co		5.250		05/15/41		109,909
	400,000		Oklahoma Gas & Electric Co		3.900		05/01/43		366,984
	220,000		Oncor Electric Delivery Co LLC		6.375		01/15/15		229,575
	200,000		Oncor Electric Delivery Co LLC		6.800		09/01/18		235,871
	150,000		Oncor Electric Delivery Co LLC		4.100		06/01/22		157,157
	70,000		Oncor Electric Delivery Co LLC		7.250		01/15/33		93,092
	100,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		108,987
	550,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		547,734
	150,000		Oncor Electric Delivery Co LLC		5.300		06/01/42		166,829
	250,000		ONEOK Partners LP		3.250		02/01/16		259,929
	100,000		ONEOK Partners LP		2.000		10/01/17		100,442
	200,000		ONEOK Partners LP		3.200		09/15/18		206,273
	400,000		ONEOK Partners LP		3.375		10/01/22		385,658
	200,000		ONEOK Partners LP		5.000		09/15/23		214,395
	130,000		ONEOK Partners LP		6.650		10/01/36		152,789
	250,000		ONEOK Partners LP		6.850		10/15/37		301,526
	100,000		ONEOK Partners LP		6.125		02/01/41		112,258
	355,000		Pacific Gas & Electric Co		8.250		10/15/18		441,942
	400,000		Pacific Gas & Electric Co		3.250		06/15/23		386,835
	175,000		Pacific Gas & Electric Co		3.850		11/15/23		176,475
	200,000		Pacific Gas & Electric Co		3.750		02/15/24		199,596
	420,000		Pacific Gas & Electric Co		6.050		03/01/34		496,037

81

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	600,000	Pacific Gas & Electric Co		5.400	%	01/15/40	$	657,013
	400,000	Pacific Gas & Electric Co		4.500		12/15/41		388,496
	150,000	Pacific Gas & Electric Co		3.750		08/15/42		130,419
	400,000	Pacific Gas & Electric Co		4.600		06/15/43		400,868
	200,000	Pacific Gas & Electric Co		5.125		11/15/43		212,971
	100,000	Pacific Gas & Electric Co		4.750		02/15/44		101,180
	250,000	PacifiCorp		2.950		02/01/22		246,816
	200,000	PacifiCorp		2.950		06/01/23		192,588
	300,000	PacifiCorp		3.600		04/01/24		303,403
	850,000	PacifiCorp		6.000		01/15/39		1,051,537
	150,000	PECO Energy Co		2.375		09/15/22		141,386
	200,000	PECO Energy Co		4.800		10/15/43		216,068
	165,000	Pepco Holdings, Inc		2.700		10/01/15		168,704
	350,000	PG&E Corp		5.750		04/01/14		350,000
	300,000	PG&E Corp		2.400		03/01/19		298,047
	200,000	Piedmont Natural Gas Co, Inc		4.650		08/01/43		206,912
	200,000	Potomac Electric Power Co		3.600		03/15/24		202,096
	65,000	Potomac Electric Power Co		7.900		12/15/38		97,149
	200,000	Potomac Electric Power Co		4.150		03/15/43		193,253
	100,000	PPL Capital Funding, Inc		1.900		06/01/18		98,375
	300,000	PPL Capital Funding, Inc		4.200		06/15/22		311,063
	200,000	PPL Capital Funding, Inc		3.500		12/01/22		195,971
	400,000	PPL Capital Funding, Inc		3.400		06/01/23		386,970
	100,000	PPL Capital Funding, Inc		3.950		03/15/24		99,880
	200,000	PPL Capital Funding, Inc		5.000		03/15/44		202,609
	200,000	PPL Electric Utilities Corp		2.500		09/01/22		189,398
	300,000	PPL Electric Utilities Corp		4.750		07/15/43		316,864
	200,000	PPL Energy Supply LLC		6.200		05/15/16		220,480
	225,000	PPL Energy Supply LLC		6.500		05/01/18		252,696
	100,000	PPL Energy Supply LLC		4.600		12/15/21		100,869
	300,000	Progress Energy, Inc		3.150		04/01/22		294,698
	900,000	Progress Energy, Inc		7.750		03/01/31		1,229,848
	200,000	PSEG Power LLC		5.320		09/15/16		220,294
	100,000	PSEG Power LLC		2.450		11/15/18		100,035
	335,000	Public Service Co of Colorado		5.500		04/01/14		335,000
	150,000	Public Service Co of Colorado		2.250		09/15/22		140,005
	200,000	Public Service Co of Colorado		2.500		03/15/23		186,881
	150,000	Public Service Co of Colorado		3.600		09/15/42		133,399
	100,000	Public Service Co of Colorado		4.300		03/15/44		99,896
	200,000	Public Service Co of New Hampshire		3.500		11/01/23		200,411
	520,000	Public Service Co of Oklahoma		5.150		12/01/19		578,319
	100,000	Public Service Co of Oklahoma		4.400		02/01/21		108,105
	150,000	Public Service Co of Oklahoma		6.625		11/15/37		185,815
	220,000	Public Service Electric & Gas Co		5.300		05/01/18		249,199
	200,000	Public Service Electric & Gas Co		2.300		09/15/18		202,870
	400,000	Public Service Electric & Gas Co		2.375		05/15/23		369,441
	200,000	Public Service Electric & Gas Co		3.750		03/15/24		205,619
	410,000	Public Service Electric & Gas Co		5.375		11/01/39		473,341
	200,000	Public Service Electric & Gas Co		3.950		05/01/42		188,457
	100,000	Public Service Electric & Gas Co		3.650		09/01/42		89,605
	200,000	Public Service Electric & Gas Co		3.800		01/01/43		184,012
	250,000	Puget Sound Energy, Inc		5.757		10/01/39		301,853

82

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	100,000		Puget Sound Energy, Inc		4.434	%	11/15/41	$	101,402
	100,000		Questar Corp		2.750		02/01/16		103,198
	150,000		San Diego Gas & Electric Co		3.000		08/15/21		150,942
	400,000		San Diego Gas & Electric Co		3.600		09/01/23		411,448
	305,000		San Diego Gas & Electric Co		5.350		05/15/40		353,043
	100,000		San Diego Gas & Electric Co		3.950		11/15/41		95,837
	300,000		SCANA Corp		4.750		05/15/21		315,809
	100,000		SCANA Corp		4.125		02/01/22		100,799
	250,000		Scottish Power Ltd		5.810		03/15/25		272,988
	200,000		Sempra Energy		2.300		04/01/17		204,497
	150,000		Sempra Energy		2.875		10/01/22		142,055
	500,000		Sempra Energy		4.050		12/01/23		511,046
	260,000		Sempra Energy		6.000		10/15/39		310,120
	125,000		Sierra Pacific Power Co		3.375		08/15/23		124,010
	50,000		South Carolina Electric & Gas Co		5.300		05/15/33		56,078
	125,000		South Carolina Electric & Gas Co		5.450		02/01/41		145,409
	250,000		South Carolina Electric & Gas Co		4.350		02/01/42		248,546
	300,000		South Carolina Electric & Gas Co		4.600		06/15/43		309,489
	488,539		Southaven Combined Cycle Generation LLC		3.846		08/15/33		494,082
	100,000		Southern California Edison Co		5.000		01/15/16		107,736
	250,000		Southern California Edison Co		5.500		08/15/18		286,390
	280,000		Southern California Edison Co		3.875		06/01/21		298,569
	400,000		Southern California Edison Co		3.500		10/01/23		403,728
	185,000		Southern California Edison Co		6.050		03/15/39		229,133
	300,000		Southern California Edison Co		4.500		09/01/40		305,778
	500,000		Southern California Edison Co		3.900		12/01/41		461,255
	200,000		Southern California Edison Co		4.050		03/15/42		190,158
	500,000		Southern California Edison Co		3.900		03/15/43		462,679
	150,000		Southern California Gas Co		3.750		09/15/42		138,476
	200,000		Southern California Gas Co		4.450		03/15/44		204,135
	200,000		Southern Co		2.375		09/15/15		204,678
	100,000		Southern Co		1.950		09/01/16		102,426
	300,000		Southern Co		2.450		09/01/18		304,253
	108,000	g	Southern Natural Gas Co		5.900		04/01/17		121,226
	550,000		Southern Natural Gas Co		4.400		06/15/21		578,760
	100,000		Southern Natural Gas Co		8.000		03/01/32		132,284
	250,000		Southwest Gas Corp		3.875		04/01/22		258,820
	250,000		Southwestern Electric Power Co		5.550		01/15/17		274,768
	400,000		Southwestern Electric Power Co		6.200		03/15/40		482,850
	600,000		Southwestern Public Service Co		4.500		08/15/41		610,805
	60,000		Spectra Energy Capital LLC		6.200		04/15/18		68,364
	450,000		Spectra Energy Capital LLC		8.000		10/01/19		551,393
	600,000		Spectra Energy Capital LLC		3.300		03/15/23		545,172
	200,000		Spectra Energy Partners LP		2.950		09/25/18		203,880
	200,000		Spectra Energy Partners LP		4.750		03/15/24		210,742
	200,000		Spectra Energy Partners LP		5.950		09/25/43		228,487
	150,000		System Energy Resources, Inc		4.100		04/01/23		151,413
	200,000		Tampa Electric Co		5.400		05/15/21		228,148
	100,000		Tampa Electric Co		2.600		09/15/22		94,347
	100,000		Tampa Electric Co		4.100		06/15/42		95,081
	200,000		TECO Finance, Inc		5.150		03/15/20		221,185
	200,000		Tennessee Gas Pipeline Co		7.000		10/15/28		245,076

83

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	12,000	Toledo Edison Co		7.250	%	05/01/20	$	14,220
	300,000	Toledo Edison Co		6.150		05/15/37		348,946
	770,000	Total Capital S.A.		3.125		10/02/15		800,112
	300,000	Total Capital S.A.		2.125		08/10/18		303,036
	200,000	Total Capital S.A.		4.450		06/24/20		219,906
	100,000	Total Capital S.A.		4.125		01/28/21		107,371
	350,000	TransAlta Corp		6.650		05/15/18		396,479
	300,000	TransAlta Corp		4.500		11/15/22		295,266
	125,000	Transcontinental Gas Pipe Line Co LLC		4.450		08/01/42		117,225
	100,000	Union Electric Co		8.450		03/15/39		158,728
	100,000	Union Electric Co		3.900		09/15/42		93,064
	100,000	United Utilities plc		6.875		08/15/28		112,733
	200,000	Virginia Electric and Power Co		1.200		01/15/18		195,834
	309,000	Virginia Electric and Power Co		2.750		03/15/23		294,199
	500,000	Virginia Electric and Power Co		3.450		02/15/24		498,970
	350,000	Virginia Electric and Power Co		6.000		05/15/37		428,044
	160,000	Virginia Electric and Power Co		4.000		01/15/43		150,447
	250,000	Virginia Electric and Power Co		4.650		08/15/43		257,886
	300,000	Virginia Electric and Power Co		4.450		02/15/44		302,159
	500,000	Westar Energy, Inc		4.125		03/01/42		482,997
	200,000	Western Gas Partners LP		2.600		08/15/18		200,875
	450,000	Western Gas Partners LP		4.000		07/01/22		446,064
	100,000	Western Gas Partners LP		5.450		04/01/44		101,940
	225,000	Western Massachusetts Electric Co		3.500		09/15/21		229,075
	35,000	Williams Cos, Inc		7.875		09/01/21		41,585
	475,000	Williams Cos, Inc		3.700		01/15/23		431,055
	300,000	Williams Cos, Inc		7.750		06/15/31		336,576
	245,000	Williams Partners LP		3.800		02/15/15		251,616
	70,000	Williams Partners LP		7.250		02/01/17		80,577
	530,000	Williams Partners LP		5.250		03/15/20		583,560
	600,000	Williams Partners LP		4.000		11/15/21		610,062
	200,000	Williams Partners LP		3.350		08/15/22		191,592
	300,000	Williams Partners LP		4.500		11/15/23		306,943
	300,000	Williams Partners LP		4.300		03/04/24		301,330
	300,000	Williams Partners LP		5.800		11/15/43		323,400
	300,000	Williams Partners LP		5.400		03/04/44		307,838
	300,000	Wisconsin Electric Power Co		1.700		06/15/18		297,568
	200,000	Wisconsin Electric Power Co		5.625		05/15/33		236,722
	200,000	Wisconsin Electric Power Co		3.650		12/15/42		176,985
	200,000	Wisconsin Power & Light Co		2.250		11/15/22		185,437
	200,000	Wisconsin Public Service Corp		3.671		12/01/42		179,498
	200,000	Wisconsin Public Service Corp		4.752		11/01/44		211,556
	200,000	Xcel Energy, Inc		0.750		05/09/16		199,460
	100,000	Xcel Energy, Inc		4.700		05/15/20		110,246
	100,000	Xcel Energy, Inc		4.800		09/15/41		102,844
		TOTAL UTILITIES						108,968,792
		TOTAL CORPORATE BONDS						1,253,609,617
		(Cost $1,236,325,931)

84

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
GOVERNMENT BONDS -  72.5%
AGENCY SECURITIES - 2.8%
$	250,000		Federal Agricultural Mortgage Corp (FAMC)		2.375	%	07/22/15	$	256,515
	500,000		Federal Farm Credit Bank (FFCB)		0.300		07/18/14		500,255
	2,600,000		FFCB		3.000		09/22/14		2,635,838
	1,600,000		FFCB		1.050		03/28/16		1,620,357
	110,000		Federal Home Loan Bank (FHLB)		5.250		06/18/14		111,217
	200,000		FHLB		0.400		07/02/14		200,164
	7,650,000		FHLB		2.875		06/12/15		7,893,025
	1,000,000		FHLB		5.375		05/18/16		1,103,177
	95,000		FHLB		4.750		12/16/16		104,874
	500,000		FHLB		4.875		05/17/17		559,277
	1,000,000		FHLB		0.750		09/08/17		982,642
	2,745,000		FHLB		5.000		11/17/17		3,112,888
	4,000,000		FHLB		1.625		06/14/19		3,928,148
	5,005,000		FHLB		5.500		07/15/36		6,112,707
	108,000		Federal Home Loan Mortgage Corp (FHLMC)		4.375		07/17/15		113,779
	125,000		FHLMC		4.750		11/17/15		133,986
	132,000		FHLMC		4.750		01/19/16		142,430
	6,213,000		FHLMC		5.250		04/18/16		6,812,499
	127,000		FHLMC		5.500		07/18/16		141,311
	16,736,000		FHLMC		5.125		10/18/16		18,608,842
	10,000,000		FHLMC		0.875		03/07/18		9,794,820
	9,000,000		FHLMC		2.375		01/13/22		8,815,383
	3,250,000		FHLMC		6.250		07/15/32		4,338,015
	14,000,000		Federal National Mortgage Association (FNMA)		2.625		11/20/14		14,221,144
	5,000,000		FNMA		2.250		03/15/16		5,175,545
	10,215,000		FNMA		5.000		03/15/16		11,121,980
	150,000		FNMA		5.000		05/11/17		168,162
	4,340,000		FNMA		5.375		06/12/17		4,915,206
	3,000,000		FNMA		1.625		11/27/18		2,987,769
	11,000,000	j	FNMA		0.000		10/09/19		9,469,537
	951,000		FNMA		6.030		10/08/27		1,170,028
	5,000,000		FNMA		6.625		11/15/30		6,870,430
	1,000,000		FNMA		5.625		07/15/37		1,255,718
	815,000		Financing Corp		9.400		02/08/18		1,049,123
	825,000		Financing Corp		9.800		04/06/18		1,083,352
	815,000		Financing Corp		10.350		08/03/18		1,105,111
	500,000		Hashemite Kingdom of Jordan		2.503		10/30/20		499,232
	450,000		Private Export Funding Corp (PEFCO)		1.375		02/15/17		453,516
	590,000		PEFCO		2.250		12/15/17		611,100
	175,000		PEFCO		1.450		08/15/19		168,287
	400,000		PEFCO		2.050		11/15/22		369,741
	700,000		Tunisia Government AID Bonds		1.686		07/16/19		682,671
	300,000		Israel Government AID Bond		5.500		04/26/24		357,022
	300,000		Tennessee Valley Authority		1.750		10/15/18		299,329
			TOTAL AGENCY SECURITIES						142,056,152
FOREIGN GOVERNMENT BONDS - 3.9%
	1,800,000		Asian Development Bank		0.875		06/10/14		1,802,466
	1,750,000		Asian Development Bank		2.500		03/15/16		1,817,392
	2,000,000		Asian Development Bank		1.125		03/15/17		2,007,880
	1,000,000		Asian Development Bank		1.875		04/12/19		1,000,060

85

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,500,000	Asian Development Bank		1.375	%	03/23/20	$	1,430,313
	75,000	Asian Development Bank		5.820		06/16/28		92,026
	906,000	Brazilian Government International Bond		5.875		01/15/19		1,019,250
	2,090,000	Brazilian Government International Bond		4.875		01/22/21		2,221,670
	1,300,000	Brazilian Government International Bond		2.625		01/05/23		1,150,500
	1,424,000	Brazilian Government International Bond		4.250		01/07/25		1,377,720
	880,000	Brazilian Government International Bond		7.125		01/20/37		1,054,900
	2,330,000	Brazilian Government International Bond		5.625		01/07/41		2,360,290
	525,000	Canada Government International Bond		2.375		09/10/14		530,187
	850,000	Canada Government International Bond		0.875		02/14/17		849,541
	1,000,000	Canada Government International Bond		1.625		02/27/19		993,398
	345,000	Chile Government International Bond		3.875		08/05/20		366,562
	300,000	Chile Government International Bond		2.250		10/30/22		274,500
	300,000	Chile Government International Bond		3.625		10/30/42		248,250
	850,000	China Development Bank		5.000		10/15/15		898,523
	900,000	Colombia Government International Bond		8.250		12/22/14		946,800
	450,000	Colombia Government International Bond		7.375		03/18/19		541,125
	900,000	Colombia Government International Bond		4.375		07/12/21		936,000
	600,000	Colombia Government International Bond		2.625		03/15/23		540,000
	750,000	Colombia Government International Bond		4.000		02/26/24		742,500
	1,250,000	Colombia Government International Bond		6.125		01/18/41		1,400,000
	750,000	Colombia Government International Bond		5.625		02/26/44		783,000
	30,000	Corp Andina de Fomento		5.125		05/05/15		31,093
	500,000	Corp Andina de Fomento		3.750		01/15/16		521,246
	527,000	Corp Andina de Fomento		4.375		06/15/22		542,740
	1,000,000	Council of Europe Development Bank		2.625		02/16/16		1,039,710
	500,000	Council of Europe Development Bank		1.500		06/19/17		505,040
	500,000	Council of Europe Development Bank		1.000		03/07/18		490,515
	500,000	Council of Europe Development Bank		1.125		05/31/18		490,195
	300,000	Development Bank of Japan		5.125		02/01/17		333,546
	50,000	European Bank for Reconstruction & Development		1.625		09/03/15		50,914
	1,500,000	European Bank for Reconstruction & Development		2.500		03/15/16		1,557,165
	1,000,000	European Bank for Reconstruction & Development		1.375		10/20/16		1,014,590
	1,000,000	European Investment Bank		1.500		05/15/14		1,001,570
	4,000,000	European Investment Bank		1.125		04/15/15		4,036,160
	5,000,000	European Investment Bank		1.625		09/01/15		5,092,500
	5,500,000	European Investment Bank		1.375		10/20/15		5,585,305
	4,000,000	European Investment Bank		2.250		03/15/16		4,134,680
	1,000,000	European Investment Bank		0.625		04/15/16		1,002,100
	2,200,000	European Investment Bank		1.750		03/15/17		2,249,016
	2,500,000	European Investment Bank		0.875		04/18/17		2,489,630
	750,000	European Investment Bank		1.000		03/15/18		736,117
	500,000	European Investment Bank		1.000		06/15/18		487,945
	1,000,000	European Investment Bank		1.875		03/15/19		996,100
	1,000,000	European Investment Bank		2.875		09/15/20		1,026,570
	500,000	European Investment Bank		2.500		04/15/21		496,940
	1,000,000	European Investment Bank		3.250		01/29/24		1,010,740
	1,705,000	European Investment Bank		4.875		02/15/36		1,960,017
	200,000	Export Development Canada		1.500		05/15/14		200,308
	545,000	Export Development Canada		2.250		05/28/15		557,295
	300,000	Export Development Canada		0.500		09/15/15		300,831
	250,000	Export Development Canada		1.250		10/26/16		252,855

86

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Export Development Canada		0.625	%	12/15/16	$	496,885
	500,000	Export Development Canada		0.750		12/15/17		490,200
	250,000	Export-Import Bank of Korea		5.875		01/14/15		259,929
	1,090,000	Export-Import Bank of Korea		4.125		09/09/15		1,141,062
	300,000	Export-Import Bank of Korea		1.250		11/20/15		301,792
	400,000	Export-Import Bank of Korea		3.750		10/20/16		425,719
	200,000	Export-Import Bank of Korea		1.750		02/27/18		197,675
	775,000	Export-Import Bank of Korea		5.125		06/29/20		866,561
	300,000	Export-Import Bank of Korea		5.000		04/11/22		335,812
	1,590,000	Federative Republic of Brazil		6.000		01/17/17		1,766,490
	602,222	Federative Republic of Brazil		8.000		01/15/18		672,231
	100,000	Finland Government International Bond		6.950		02/15/26		128,777
	2,750,000	FMS Wertmanagement AoeR		1.000		11/21/17		2,717,495
	500,000	Hydro Quebec		2.000		06/30/16		513,751
	800,000	Hydro Quebec		1.375		06/19/17		802,911
	270,000	Hydro Quebec		9.400		02/01/21		366,712
	200,000	Hydro Quebec		8.500		12/01/29		294,293
	1,000,000	Inter-American Development Bank		3.000		04/22/14		1,001,678
	2,500,000	Inter-American Development Bank		2.250		07/15/15		2,561,765
	3,000,000	Inter-American Development Bank		1.750		08/24/18		3,009,930
	1,105,000	Inter-American Development Bank		3.875		09/17/19		1,208,624
	750,000	Inter-American Development Bank		1.375		07/15/20		709,757
	700,000	Inter-American Development Bank		3.200		08/07/42		589,648
	300,000	Inter-American Development Bank		4.375		01/24/44		314,877
	1,800,000	International Bank for Reconstruction & Development		1.125		08/25/14		1,803,991
	3,200,000	International Bank for Reconstruction & Development		2.375		05/26/15		3,278,755
	2,100,000	International Bank for Reconstruction & Development		2.125		03/15/16		2,167,341
	950,000	International Bank for Reconstruction & Development		1.000		09/15/16		956,728
	1,500,000	International Bank for Reconstruction & Development		1.875		03/15/19		1,502,094
	1,500,000	International Bank for Reconstruction & Development		2.125		11/01/20		1,486,145
	400,000	International Bank for Reconstruction & Development		7.625		01/19/23		550,448
	500,000	International Bank for Reconstruction & Development		2.125		02/13/23		480,049
	834,000	International Bank for Reconstruction & Development		4.750		02/15/35		947,944
	30,000	International Finance Corp		3.000		04/22/14		30,042
	1,700,000	International Finance Corp		2.750		04/20/15		1,742,390
	2,750,000	International Finance Corp		1.125		11/23/16		2,772,443
	2,000,000	International Finance Corp		1.750		09/04/18		2,005,806
	800,000	Israel Government AID Bond		5.500		09/18/23		947,109
	400,000	Israel Government International Bond		5.125		03/26/19		452,080
	705,000	Israel Government International Bond		4.000		06/30/22		736,020
	300,000	Israel Government International Bond		3.150		06/30/23		290,550
	300,000	Israel Government International Bond		4.500		01/30/43		277,920
	500,000	Italian Republic		3.125		01/26/15		509,787
	1,200,000	Italian Republic		5.250		09/20/16		1,301,172
	1,374,000	Italian Republic		5.375		06/15/33		1,515,426
	1,500,000	Italy Government International Bond		4.750		01/25/16		1,596,690
	430,000	Italy Government International Bond		5.375		06/12/17		471,297
	1,100,000	Japan Bank for International Cooperation		1.875		09/24/15		1,122,273
	1,900,000	Japan Bank for International Cooperation		1.125		07/19/17		1,893,217
	1,050,000	Japan Bank for International Cooperation		1.750		07/31/18		1,047,501
	300,000	Japan Bank for International Cooperation		3.375		07/31/23		303,045
	600,000	Japan Finance Corp		2.250		07/13/16		619,721

87

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	900,000	Japan Finance Organization for Municipalities		5.000	%	05/16/17	$	1,002,906
	600,000	KFW		2.625		01/25/22		594,582
	475,000	Korea Development Bank		4.375		08/10/15		497,271
	235,000	Korea Development Bank		3.250		03/09/16		244,637
	400,000	Korea Development Bank		3.500		08/22/17		423,317
	300,000	Korea Development Bank		1.500		01/22/18		293,543
	200,000	Korea Development Bank		3.000		09/14/22		195,687
	1,000,000	Mexico Government International Bond		3.500		01/21/21		1,012,500
	1,588,000	Mexico Government International Bond		3.625		03/15/22		1,589,588
	4,098,000	Mexico Government International Bond		4.000		10/02/23		4,138,980
	461,000	Mexico Government International Bond		6.750		09/27/34		562,420
	1,132,000	Mexico Government International Bond		6.050		01/11/40		1,287,650
	1,474,000	Mexico Government International Bond		4.750		03/08/44		1,400,300
	2,178,000	Mexico Government International Bond		5.550		01/21/45		2,314,125
	150,000	Mexico Government International Bond		5.750		10/12/10		147,375
	500,000	Nordic Investment Bank		2.250		03/15/16		516,930
	1,500,000	Nordic Investment Bank		0.750		01/17/18		1,465,275
	300,000	North American Development Bank		2.400		10/26/22		280,305
	1,100,000	Panama Government International Bond		5.200		01/30/20		1,217,700
	300,000	Panama Government International Bond		7.125		01/29/26		370,500
	692,000	Panama Government International Bond		6.700		01/26/36		813,100
	400,000	Panama Government International Bond		4.300		04/29/53		327,500
	520,000	Peruvian Government International Bond		7.125		03/30/19		627,250
	925,000	Peruvian Government International Bond		7.350		07/21/25		1,189,781
	600,000	Peruvian Government International Bond		6.550		03/14/37		721,500
	500,000	Peruvian Government International Bond		5.625		11/18/50		531,250
	1,250,000	Philippine Government International Bond		8.875		03/17/15		1,346,875
	225,000	Philippine Government International Bond		4.200		01/21/24		232,313
	750,000	Philippine Government International Bond		5.500		03/30/26		845,625
	2,750,000	Philippine Government International Bond		5.000		01/13/37		3,000,938
	380,000	Poland Government International Bond		3.875		07/16/15		395,200
	1,985,000	Poland Government International Bond		6.375		07/15/19		2,328,901
	67,000	Poland Government International Bond		5.125		04/21/21		73,985
	390,000	Poland Government International Bond		5.000		03/23/22		425,588
	490,000	Poland Government International Bond		3.000		03/17/23		458,150
	1,000,000	Poland Government International Bond		4.000		01/22/24		1,005,250
	1,055,000	Province of British Columbia Canada		2.850		06/15/15		1,087,346
	400,000	Province of British Columbia Canada		1.200		04/25/17		401,580
	200,000	Province of British Columbia Canada		2.650		09/22/21		199,704
	1,800,000	Province of British Columbia Canada		2.000		10/23/22		1,672,578
	500,000	Province of Manitoba Canada		4.900		12/06/16		552,680
	500,000	Province of Manitoba Canada		1.125		06/01/18		490,775
	500,000	Province of Manitoba Canada		1.750		05/30/19		491,928
	200,000	Province of New Brunswick Canada		5.200		02/21/17		223,544
	200,000	Province of New Brunswick Canada		2.750		06/15/18		207,528
	255,000	Province of Nova Scotia Canada		2.375		07/21/15		261,158
	50,000	Province of Nova Scotia Canada		5.125		01/26/17		55,687
	200,000	Province of Nova Scotia Canada		8.250		07/30/22		266,807
	2,200,000	Province of Ontario Canada		2.950		02/05/15		2,249,368
	600,000	Province of Ontario Canada		0.950		05/26/15		604,404
	2,690,000	Province of Ontario Canada		2.700		06/16/15		2,766,181
	1,000,000	Province of Ontario Canada		2.300		05/10/16		1,034,560

88

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000		Province of Ontario Canada		1.600	%	09/21/16	$	305,415
	1,300,000		Province of Ontario Canada		1.100		10/25/17		1,286,090
	1,000,000		Province of Ontario Canada		2.000		01/30/19		1,000,396
	1,000,000		Province of Ontario Canada		1.650		09/27/19		969,080
	230,000		Province of Ontario Canada		4.400		04/14/20		254,034
	800,000		Province of Ontario Canada		2.450		06/29/22		760,424
	40,000		Province of Quebec Canada		4.875		05/05/14		40,167
	385,000		Province of Quebec Canada		5.125		11/14/16		426,934
	1,135,000		Province of Quebec Canada		4.625		05/14/18		1,267,352
	1,120,000		Province of Quebec Canada		3.500		07/29/20		1,177,322
	1,100,000		Province of Quebec Canada		2.625		02/13/23		1,041,346
	200,000		Province of Quebec Canada		7.125		02/09/24		256,448
	201,000		Province of Quebec Canada		7.500		09/15/29		278,232
	100,000		Province of Saskatchewan Canada		8.500		07/15/22		136,329
	200,000		Region of Lombardy Italy		5.804		10/25/32		198,822
	475,000		Republic of Korea		5.750		04/16/14		475,594
	700,000		Republic of Korea		7.125		04/16/19		859,250
	500,000		Republic of Korea		3.875		09/11/23		524,375
	2,500,000		Republic of Philippines		4.000		01/15/21		2,628,125
	800,000		Republic of Turkey		7.500		07/14/17		899,296
	300,000		South Africa Government International Bond		6.500		06/02/14		302,400
	1,010,000		South Africa Government International Bond		6.875		05/27/19		1,164,025
	225,000		South Africa Government International Bond		5.500		03/09/20		244,350
	500,000		South Africa Government International Bond		4.665		01/17/24		495,000
	300,000		South Africa Government International Bond		5.875		09/16/25		322,500
	300,000		South Africa Government International Bond		6.250		03/08/41		328,875
	625,000		Svensk Exportkredit AB		5.125		03/01/17		697,254
	425,000		Svensk Exportkredit AB		1.125		04/05/18		416,402
	4,000,000		Turkey Government International Bond		6.750		04/03/18		4,408,000
	600,000		Turkey Government International Bond		6.250		09/26/22		644,700
	3,500,000		Turkey Government International Bond		3.250		03/23/23		3,060,750
	800,000		Turkey Government International Bond		5.750		03/22/24		827,600
	3,250,000		Turkey Government International Bond		4.875		04/16/43		2,762,500
	800,000		Turkey Government International Bond		6.625		02/17/45		843,000
	519,343		Uruguay Government International Bond		4.500		08/14/24		532,327
	300,000		Uruguay Government International Bond		7.625		03/21/36		384,000
	500,000		Uruguay Government International Bond		4.125		11/20/45		405,000
			TOTAL FOREIGN GOVERNMENT BONDS						200,629,183
MORTGAGE BACKED - 29.2%
	100,556	i	Federal Home Loan Mortgage Corp (FHLMC)		4.975		04/01/35		106,997
	10,494	i	FHLMC		2.250		10/01/35		11,175
	147,423	i	FHLMC		2.380		02/01/36		156,822
	81,822	i	FHLMC		2.561		07/01/36		87,434
	266,803	i	FHLMC		2.255		09/01/36		286,851
	157,742	i	FHLMC		2.366		09/01/36		169,518
	201,831	i	FHLMC		2.420		09/01/36		215,469
	71,491	i	FHLMC		5.760		01/01/37		75,182
	12,562	i	FHLMC		2.375		02/01/37		13,085
	16,454	i	FHLMC		2.390		02/01/37		17,489
	397,690	i	FHLMC		2.486		03/01/37		422,108
	29,927	i	FHLMC		5.311		03/01/37		31,609

89

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	317,441	i	FHLMC		5.710	%	04/01/37	$	328,219
	219,964	i	FHLMC		6.010		04/01/37		232,981
	50,412	i	FHLMC		2.820		05/01/37		54,032
	30,152	i	FHLMC		6.080		05/01/37		31,301
	49,405	i	FHLMC		2.500		06/01/37		52,697
	231,496	i	FHLMC		4.767		06/01/37		244,621
	208,494	i	FHLMC		2.616		08/01/37		221,265
	137,624	i	FHLMC		1.606		09/01/37		145,552
	262,815	i	FHLMC		1.702		09/01/37		276,060
	2,409	i	FHLMC		6.195		09/01/37		2,498
	39,851	i	FHLMC		5.336		02/01/38		41,691
	131,434	i	FHLMC		2.582		04/01/38		141,127
	202,670	i	FHLMC		4.870		04/01/38		213,165
	71,682	i	FHLMC		4.847		06/01/38		75,718
	20,456	i	FHLMC		2.375		07/01/38		21,741
	60,968		FHLMC		5.000		10/01/39		66,207
	64,865	i	FHLMC		3.542		06/01/40		69,109
	395,953	i	FHLMC		3.397		07/01/40		417,372
	391,957	i	FHLMC		2.942		01/01/41		411,590
	53,263	i	FHLMC		2.562		05/01/41		55,303
	1,154,892	i	FHLMC		3.415		08/01/41		1,227,939
	518,397	i	FHLMC		2.931		09/01/41		545,770
	117,126	i	FHLMC		3.138		10/01/41		120,067
	1,268		Federal Home Loan Mortgage Corp Gold (FGLMC)		5.000		07/01/14		1,344
	2,600		FGLMC		7.500		01/01/16		2,609
	34		FGLMC		7.500		05/01/16		35
	30		FGLMC		7.500		06/01/16		31
	14,598		FGLMC		5.500		05/01/17		15,521
	30,291		FGLMC		5.500		06/01/17		32,215
	19,297		FGLMC		5.000		12/01/17		20,458
	13,649		FGLMC		5.500		12/01/17		14,510
	23,232		FGLMC		5.000		03/01/18		24,629
	75,312		FGLMC		5.000		04/01/18		79,838
	61,856		FGLMC		4.500		06/01/18		65,401
	192,984		FGLMC		4.500		09/01/18		204,088
	122,250		FGLMC		4.000		11/01/18		129,002
	210,892		FGLMC		4.500		01/01/19		223,070
	25,380		FGLMC		4.000		05/01/19		26,836
	205,423		FGLMC		4.500		05/01/19		217,249
	447,844		FGLMC		4.500		06/01/19		473,687
	129,271		FGLMC		4.000		10/01/19		136,606
	52,071		FGLMC		5.500		11/01/19		56,453
	387,388		FGLMC		4.500		12/01/19		409,745
	67,953		FGLMC		4.500		01/01/20		71,878
	1,545,877		FGLMC		4.500		02/01/20		1,634,356
	29,981		FGLMC		4.500		02/01/20		32,013
	344,596		FGLMC		5.000		05/01/20		368,773
	335,665		FGLMC		5.000		05/01/20		355,917
	28,819		FGLMC		4.500		07/01/20		30,788
	316,370		FGLMC		5.000		07/01/20		335,332
	5,413		FGLMC		7.000		10/01/20		5,831
	27,212		FGLMC		5.000		12/01/20		28,927

90

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,133,256	FGLMC		4.000	%	05/01/21	$	1,197,676
	612,170	FGLMC		4.500		06/01/21		648,930
	338,796	FGLMC		4.500		06/01/21		359,082
	289,398	FGLMC		5.000		07/01/21		307,771
	40,493	FGLMC		5.500		07/01/21		44,094
	4,390,652	FGLMC		3.000		12/01/21		4,553,244
	26,051	FGLMC		5.000		10/01/22		28,173
	22,552	FGLMC		6.000		11/01/22		24,673
	190,647	FGLMC		5.000		04/01/23		206,109
	292,042	FGLMC		4.500		05/01/23		312,492
	13,020	FGLMC		4.500		05/01/23		13,930
	156,006	FGLMC		5.000		05/01/23		169,378
	282,543	FGLMC		5.500		05/01/23		307,675
	41,569	FGLMC		5.000		10/01/23		44,962
	29,580	FGLMC		5.500		10/01/23		32,504
	33,370	FGLMC		5.000		11/01/23		36,235
	69,895	FGLMC		5.000		03/01/24		75,882
	18,085	FGLMC		4.500		04/01/24		19,354
	7,609	FGLMC		4.500		05/01/24		8,146
	53,903	FGLMC		4.500		06/01/24		57,700
	246,537	FGLMC		4.000		07/01/24		261,067
	477,807	FGLMC		4.000		07/01/24		506,011
	95,600	FGLMC		5.500		07/01/24		104,025
	488,292	FGLMC		4.000		08/01/24		516,956
	80,503	FGLMC		4.500		09/01/24		86,168
	17,116	FGLMC		4.500		09/01/24		18,320
	34,037	FGLMC		4.500		09/01/24		36,441
	17,501	FGLMC		5.500		09/01/24		19,372
	590,471	FGLMC		4.000		10/01/24		625,265
	18,769	FGLMC		4.500		10/01/24		20,084
	54,934	FGLMC		4.500		10/01/24		59,826
	18,521	FGLMC		4.500		11/01/24		19,592
	49,880	FGLMC		4.500		12/01/24		53,399
	186,037	FGLMC		5.500		12/01/24		202,511
	38,705	FGLMC		4.500		02/01/25		41,435
	806,904	FGLMC		4.000		03/01/25		854,456
	22,697	FGLMC		4.500		06/01/25		24,294
	45,682	FGLMC		4.500		07/01/25		48,916
	817,544	FGLMC		3.500		10/01/25		857,819
	443,456	FGLMC		4.000		10/01/25		469,445
	1,387,958	FGLMC		3.500		11/01/25		1,456,321
	828,730	FGLMC		3.500		11/01/25		869,548
	387,160	FGLMC		3.500		12/01/25		405,291
	273,972	FGLMC		3.000		01/01/26		281,422
	2,713,302	FGLMC		3.500		01/01/26		2,840,400
	243,970	FGLMC		4.000		04/01/26		258,224
	496,617	FGLMC		4.000		05/01/26		525,736
	126,544	FGLMC		5.500		07/01/26		139,874
	1,600,344	FGLMC		4.000		08/01/26		1,693,984
	8,930	FGLMC		6.000		08/01/26		9,923
	424,919	FGLMC		3.000		09/01/26		436,475
	1,094,386	FGLMC		3.000		10/01/26		1,124,147

91

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,637,803	FGLMC		3.500	%	10/01/26	$	1,714,736
	54,115	FGLMC		5.000		10/01/26		58,753
	14,661	FGLMC		5.500		10/01/26		16,230
	6,408,407	FGLMC		3.000		02/01/27		6,582,680
	3,389,985	FGLMC		2.500		05/01/27		3,391,822
	3,414,453	FGLMC		2.500		11/01/27		3,416,303
	179,025	FGLMC		6.000		12/01/27		198,622
	2,660,441	FGLMC		2.500		01/01/28		2,661,882
	6,853,470	FGLMC		2.500		03/01/28		6,857,184
	234,560	FGLMC		5.000		03/01/28		256,233
	3,722,107	FGLMC		2.500		05/01/28		3,724,210
	24,705	FGLMC		5.500		05/01/28		27,164
	9,450,193	FGLMC		2.500		07/01/28		9,455,535
	2,889,369	FGLMC		3.000		10/01/28		2,968,090
	221	FGLMC		6.500		10/01/28		247
	207,728	FGLMC		5.500		01/01/29		229,093
	5,286	FGLMC		6.500		01/01/29		5,927
	35,459	FGLMC		4.000		02/01/29		37,361
	1,506	FGLMC		6.500		03/01/29		1,714
	172,278	FGLMC		4.500		04/01/29		184,744
	16,772	FGLMC		6.500		07/01/29		18,796
	54,932	FGLMC		5.000		12/01/29		59,915
	82,929	FGLMC		4.000		08/01/30		87,412
	471,660	FGLMC		4.500		01/01/31		511,236
	822	FGLMC		8.000		01/01/31		941
	522,248	FGLMC		4.000		03/01/31		550,498
	64,402	FGLMC		4.000		05/01/31		67,900
	530,910	FGLMC		4.500		05/01/31		576,029
	210,153	FGLMC		4.000		06/01/31		221,570
	648,354	FGLMC		4.000		08/01/31		683,354
	600,617	FGLMC		4.000		09/01/31		633,274
	9,143	FGLMC		6.500		09/01/31		10,282
	19,839	FGLMC		8.000		09/01/31		22,867
	285,630	FGLMC		3.500		11/01/31		293,901
	123,208	FGLMC		7.000		12/01/31		139,584
	45,747	FGLMC		6.500		01/01/32		51,976
	102,186	FGLMC		6.000		02/01/32		114,916
	3,863,812	FGLMC		3.000		03/01/32		3,874,044
	41,448	FGLMC		7.000		04/01/32		47,086
	37,275	FGLMC		6.500		05/01/32		42,602
	3,055,357	FGLMC		3.500		09/01/32		3,145,715
	34,557	FGLMC		5.500		11/01/32		38,273
	40,749	FGLMC		6.000		02/01/33		45,836
	146,246	FGLMC		5.000		03/01/33		159,300
	6,631	FGLMC		6.000		03/01/33		7,358
	91,605	FGLMC		6.000		03/01/33		101,647
	155,039	FGLMC		6.000		03/01/33		174,402
	66,068	FGLMC		5.000		04/01/33		71,940
	16,738	FGLMC		6.000		04/01/33		18,826
	1,235,791	FGLMC		5.000		06/01/33		1,347,275
	351,384	FGLMC		5.500		06/01/33		389,038
	4,840,424	FGLMC		3.500		07/01/33		4,982,307

92

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	135,501	FGLMC		4.500	%	07/01/33	$	144,888
	16,574	FGLMC		5.000		08/01/33		18,069
	188,654	FGLMC		5.000		08/01/33		207,159
	42,333	FGLMC		6.500		08/01/33		48,039
	404,436	FGLMC		5.000		09/01/33		446,403
	189,547	FGLMC		5.500		09/01/33		211,380
	160,787	FGLMC		5.500		09/01/33		179,296
	197,329	FGLMC		5.500		09/01/33		221,450
	72,912	FGLMC		5.500		09/01/33		80,805
	69,834	FGLMC		4.000		10/01/33		72,843
	34,678	FGLMC		5.000		10/01/33		37,821
	253,103	FGLMC		5.500		10/01/33		282,274
	72,166	FGLMC		5.500		12/01/33		79,917
	255,841	FGLMC		5.500		12/01/33		283,740
	802,272	FGLMC		7.000		12/01/33		916,751
	698,145	FGLMC		5.000		01/01/34		761,389
	17,458	FGLMC		5.500		02/01/34		19,334
	84,327	FGLMC		5.000		03/01/34		91,943
	108,231	FGLMC		5.500		03/01/34		119,843
	197,749	FGLMC		5.000		05/01/34		215,618
	115,695	FGLMC		4.500		06/01/34		123,692
	234,899	FGLMC		5.000		06/01/34		255,071
	73,377	FGLMC		5.500		06/01/34		81,304
	51,666	FGLMC		6.000		06/01/34		57,881
	157,215	FGLMC		6.000		09/01/34		176,916
	20,979	FGLMC		5.000		11/01/34		23,029
	986,649	FGLMC		5.500		11/01/34		1,092,899
	666,065	FGLMC		5.000		12/01/34		725,781
	46,626	FGLMC		5.500		12/01/34		51,613
	117,839	FGLMC		5.500		12/01/34		130,507
	6,904	FGLMC		5.500		01/01/35		7,645
	12,729	FGLMC		5.500		01/01/35		14,099
	52,076	FGLMC		5.500		01/01/35		57,691
	314,755	FGLMC		4.500		04/01/35		336,322
	42,672	FGLMC		6.000		05/01/35		47,971
	282,267	FGLMC		6.000		05/01/35		317,102
	290,534	FGLMC		7.000		05/01/35		331,950
	70,326	FGLMC		5.500		06/01/35		77,891
	42,920	FGLMC		5.500		06/01/35		47,537
	40,333	FGLMC		5.000		07/01/35		43,757
	1,260,846	FGLMC		5.000		07/01/35		1,373,971
	40,090	FGLMC		6.000		07/01/35		44,465
	1,889,721	FGLMC		5.000		08/01/35		2,057,008
	45,909	FGLMC		5.500		08/01/35		50,453
	101,189	FGLMC		6.000		08/01/35		112,194
	26,856	FGLMC		4.500		09/01/35		28,677
	178,400	FGLMC		5.000		10/01/35		193,919
	42,233	FGLMC		5.000		10/01/35		45,834
	249,458	FGLMC		5.000		10/01/35		271,062
	924,988	FGLMC		5.500		10/01/35		1,015,374
	164,908	FGLMC		5.000		12/01/35		179,194
	30,979	FGLMC		5.000		12/01/35		33,699

93

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	86,786	FGLMC		6.000	%	01/01/36	$	97,279
	25,877	FGLMC		5.000		02/01/36		28,153
	59,293	FGLMC		5.000		02/01/36		64,461
	32,633	FGLMC		6.000		02/01/36		36,605
	354,704	FGLMC		5.500		04/01/36		389,942
	38,959	FGLMC		5.500		05/01/36		43,157
	4,739	FGLMC		6.500		05/01/36		5,307
	1,219,841	FGLMC		6.000		06/01/36		1,363,667
	242,672	FGLMC		5.000		07/01/36		263,660
	248,367	FGLMC		6.000		07/01/36		275,879
	39,468	FGLMC		6.000		08/01/36		43,945
	32,367	FGLMC		6.000		09/01/36		36,208
	1,322,270	FGLMC		5.500		10/01/36		1,452,920
	889,665	FGLMC		5.500		10/01/36		978,976
	111,034	FGLMC		6.500		10/01/36		124,310
	52,951	FGLMC		5.500		11/01/36		58,125
	129,170	FGLMC		6.000		11/01/36		144,408
	684,755	FGLMC		6.000		12/01/36		759,231
	1,092,743	FGLMC		5.500		03/01/37		1,199,521
	388,471	FGLMC		6.000		03/01/37		430,883
	69,081	FGLMC		6.500		03/01/37		77,341
	394,217	FGLMC		5.500		04/01/37		432,738
	49,060	FGLMC		5.000		05/01/37		53,225
	36,155	FGLMC		5.000		06/01/37		39,224
	199,170	FGLMC		5.500		06/01/37		218,632
	740,299	FGLMC		6.000		07/01/37		821,718
	245,054	FGLMC		6.000		08/01/37		273,725
	100,980	FGLMC		6.000		09/01/37		112,869
	1,086,977	FGLMC		5.500		10/01/37		1,203,526
	38,240	FGLMC		6.000		11/01/37		42,411
	348,061	FGLMC		6.500		11/01/37		391,882
	131,873	FGLMC		6.000		01/01/38		146,307
	470,687	FGLMC		6.000		02/01/38		522,257
	54,495	FGLMC		6.000		02/01/38		60,422
	522,969	FGLMC		5.000		03/01/38		567,420
	1,730,341	FGLMC		5.000		03/01/38		1,877,795
	59,916	FGLMC		5.000		04/01/38		65,997
	608,470	FGLMC		5.000		04/01/38		664,267
	856,963	FGLMC		5.500		04/01/38		941,935
	204,797	FGLMC		5.500		05/01/38		224,809
	23,779	FGLMC		5.500		06/01/38		26,103
	60,541	FGLMC		6.000		07/01/38		67,125
	97,466	FGLMC		5.500		08/01/38		107,735
	792,051	FGLMC		5.500		08/01/38		869,446
	90,233	FGLMC		5.000		09/01/38		97,894
	1,242,981	FGLMC		5.500		09/01/38		1,364,439
	390,979	FGLMC		5.500		09/01/38		429,469
	18,244	FGLMC		5.500		10/01/38		20,027
	453,750	FGLMC		6.000		11/01/38		503,101
	3,095,275	FGLMC		5.500		01/01/39		3,397,932
	2,422,972	FGLMC		4.500		02/01/39		2,581,711
	1,265,283	FGLMC		5.000		02/01/39		1,372,690

94

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	90,746	FGLMC		5.500	%	02/01/39	$	99,614
	14,963	FGLMC		4.500		03/01/39		15,939
	435,978	FGLMC		5.000		03/01/39		477,734
	69,797	FGLMC		6.000		03/01/39		77,447
	2,842,033	FGLMC		4.500		04/01/39		3,041,565
	62,603	FGLMC		4.500		04/01/39		67,195
	841,518	FGLMC		4.000		05/01/39		873,155
	22,184	FGLMC		4.500		05/01/39		23,656
	9,689,125	FGLMC		4.500		05/01/39		10,379,133
	1,647,057	FGLMC		4.500		05/01/39		1,755,373
	481,059	FGLMC		4.500		05/01/39		512,968
	432,741	FGLMC		5.000		05/01/39		470,131
	1,074,916	FGLMC		4.000		06/01/39		1,115,488
	5,260,435	FGLMC		4.500		06/01/39		5,609,101
	253,604	FGLMC		4.500		06/01/39		270,357
	109,609	FGLMC		5.000		06/01/39		120,037
	37,772	FGLMC		5.500		06/01/39		41,462
	1,187,164	FGLMC		4.000		07/01/39		1,232,073
	630,084	FGLMC		4.500		07/01/39		671,943
	103,943	FGLMC		4.500		07/01/39		110,887
	51,908	FGLMC		4.500		07/01/39		55,367
	363,907	FGLMC		5.000		07/01/39		395,239
	618,991	FGLMC		5.500		07/01/39		679,475
	48,593	FGLMC		4.500		08/01/39		51,823
	131,747	FGLMC		5.000		08/01/39		143,109
	569,279	FGLMC		4.000		09/01/39		590,822
	3,382,054	FGLMC		5.000		09/01/39		3,669,148
	954,640	FGLMC		5.000		09/01/39		1,047,879
	29,774	FGLMC		5.500		09/01/39		33,272
	1,581,171	FGLMC		6.500		09/01/39		1,770,221
	164,838	FGLMC		4.500		10/01/39		177,054
	132,364	FGLMC		4.500		10/01/39		142,268
	417,002	FGLMC		4.500		10/01/39		444,729
	67,401	FGLMC		4.000		11/01/39		69,935
	301,718	FGLMC		4.500		11/01/39		321,779
	103,200	FGLMC		5.000		11/01/39		112,092
	16,574	FGLMC		5.000		11/01/39		18,088
	1,065,168	FGLMC		4.500		12/01/39		1,141,442
	571,602	FGLMC		4.500		12/01/39		609,771
	240,100	FGLMC		4.500		12/01/39		256,079
	329,433	FGLMC		4.500		12/01/39		352,985
	520,669	FGLMC		5.500		12/01/39		571,547
	598,386	FGLMC		4.500		01/01/40		638,388
	44,683	FGLMC		5.000		01/01/40		49,061
	106,828	FGLMC		5.500		01/01/40		117,267
	206,727	FGLMC		5.500		03/01/40		226,927
	2,420,651	FGLMC		4.000		04/01/40		2,512,191
	417,268	FGLMC		4.500		04/01/40		445,030
	90,452	FGLMC		4.500		04/01/40		96,954
	674,495	FGLMC		5.000		04/01/40		734,524
	283,393	FGLMC		5.000		04/01/40		307,975
	2,757,905	FGLMC		6.000		04/01/40		3,059,346

95

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	6,534,996		FGLMC		4.500	%	05/01/40	$	6,969,424
	4,107,955		FGLMC		5.000		05/01/40		4,500,845
	15,249		FGLMC		4.500		06/01/40		16,263
	1,803,190		FGLMC		5.500		06/01/40		1,979,389
	3,253,891		FGLMC		4.500		07/01/40		3,471,243
	65,353		FGLMC		4.500		08/01/40		69,711
	717,778		FGLMC		5.000		08/01/40		780,601
	164,958		FGLMC		5.000		08/01/40		179,578
	1,634,245		FGLMC		5.000		08/01/40		1,778,715
	11,766,036		FGLMC		5.500		08/01/40		12,915,754
	893,767		FGLMC		4.000		09/01/40		927,488
	7,900,210		FGLMC		4.000		11/01/40		8,206,399
	4,544,874		FGLMC		4.000		12/01/40		4,720,732
	1,016,946		FGLMC		3.500		01/01/41		1,022,827
	1,327,595		FGLMC		3.500		01/01/41		1,335,272
	858,313		FGLMC		4.000		01/01/41		890,769
	757,230		FGLMC		3.500		02/01/41		761,609
	1,236,580		FGLMC		4.000		02/01/41		1,283,361
	3,473,812		FGLMC		4.000		02/01/41		3,605,172
	5,075,742		FGLMC		4.000		04/01/41		5,267,712
	1,073,419		FGLMC		4.500		04/01/41		1,144,909
	268,073		FGLMC		5.000		04/01/41		292,007
	1,062,346		FGLMC		4.500		05/01/41		1,133,164
	1,315,523		FGLMC		4.500		06/01/41		1,403,476
	2,678,774		FGLMC		3.500		10/01/41		2,694,266
	2,547,920		FGLMC		5.000		10/01/41		2,775,559
	3,129,376		FGLMC		3.500		11/01/41		3,147,846
	1,668,834		FGLMC		4.500		12/01/41		1,780,027
	10,755,407		FGLMC		3.500		01/01/42		10,817,606
	3,195,854		FGLMC		3.500		02/01/42		3,214,335
	3,989,931		FGLMC		3.500		04/01/42		4,013,004
	7,338,539		FGLMC		4.000		05/01/42		7,623,580
	4,471,605		FGLMC		3.500		07/01/42		4,497,932
	1,136,419		FGLMC		3.000		08/01/42		1,097,147
	4,619,502		FGLMC		3.000		10/01/42		4,459,861
	6,852,614		FGLMC		3.000		10/01/42		6,615,801
	2,228,408		FGLMC		3.500		12/01/42		2,241,295
	5,448,758		FGLMC		2.500		01/01/43		5,033,719
	12,634,803		FGLMC		3.000		01/01/43		12,198,169
	19,150,254		FGLMC		3.000		04/01/43		18,488,459
	7,634,272		FGLMC		3.500		05/01/43		7,678,421
	7,340,579		FGLMC		3.000		08/01/43		7,086,903
	4,864,564		FGLMC		3.000		08/01/43		4,696,454
	7,810,938		FGLMC		3.500		08/01/43		7,856,108
	7,369,222		FGLMC		4.000		11/01/43		7,648,077
	9,975,654		FGLMC		3.500		02/01/44		10,033,343
	9,723,667	h	FGLMC		4.000		02/01/44		10,093,834
	658,232		Federal National Mortgage Association (FNMA)		4.640		11/01/14		662,117
	1,309		FNMA		6.000		04/01/16		1,316
	24,047		FNMA		5.500		09/01/16		25,588
	2,333		FNMA		6.500		10/01/16		2,412
	24,060		FNMA		6.500		11/01/16		25,093

96

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	14,971	FNMA		6.500	%	04/01/17	$	15,842
	14,280	FNMA		6.000		05/01/17		15,114
	56,671	FNMA		5.000		09/01/17		60,263
	10,467	FNMA		6.000		11/01/17		10,967
	125,668	FNMA		5.000		12/01/17		133,608
	623,785	FNMA		5.000		12/01/17		663,372
	9,208	FNMA		5.000		12/01/17		9,790
	1,035,241	FNMA		5.000		01/01/18		1,100,557
	930,793	FNMA		4.500		02/01/18		986,281
	144,396	FNMA		4.500		04/01/18		153,001
	27,241	FNMA		5.000		04/01/18		28,971
	226,518	FNMA		5.500		04/01/18		242,524
	22,534	FNMA		5.500		04/01/18		24,128
	12,266	FNMA		5.500		05/01/18		13,066
	398,174	FNMA		4.500		06/01/18		421,552
	40,466	FNMA		4.000		08/01/18		42,764
	473,245	FNMA		4.000		08/01/18		500,519
	118,571	FNMA		4.500		09/01/18		125,666
	85,100	FNMA		4.500		10/01/18		90,215
	240,839	FNMA		5.000		11/01/18		257,587
	4,888	FNMA		5.000		01/01/19		5,199
	13,101	FNMA		6.000		01/01/19		14,568
	28,590	FNMA		4.500		05/01/19		30,299
	12,157	FNMA		4.500		06/01/19		12,889
	66,838	FNMA		4.500		06/01/19		70,841
	75,649	FNMA		5.000		07/01/19		80,445
	341,664	FNMA		5.000		10/01/19		365,639
	47,554	FNMA		4.500		11/01/19		50,405
	41,275	FNMA		4.500		12/01/19		43,749
	48,363	FNMA		5.000		03/01/20		51,445
	15,631	FNMA		5.000		04/01/20		16,807
	31,821	FNMA		4.500		06/01/20		33,726
	23,203	FNMA		4.500		09/01/20		24,596
	22,541	FNMA		4.500		10/01/20		23,920
	34,603	FNMA		4.500		11/01/20		36,676
	68,031	FNMA		5.000		12/01/20		73,244
	194,932	FNMA		5.500		01/01/21		207,527
	1,936,691	FNMA		5.500		01/01/21		2,083,946
	78,658	FNMA		5.000		03/01/21		83,680
	515,573	FNMA		6.000		04/01/21		548,506
	56,906	FNMA		5.500		08/01/21		61,887
	16,813	FNMA		6.000		08/01/21		18,435
	11,063	FNMA		5.000		10/01/21		11,898
	28,154	FNMA		5.000		11/01/21		30,125
	11,682	FNMA		5.500		11/01/21		12,450
	38,191	FNMA		5.500		10/01/22		41,542
	17,812	FNMA		6.000		10/01/22		19,778
	10,118	FNMA		5.000		03/01/23		10,911
	29,166	FNMA		4.500		04/01/23		30,969
	247,705	FNMA		4.500		06/01/23		262,562
	22,308	FNMA		5.000		06/01/23		24,034
	26,028	FNMA		5.500		06/01/23		28,693

97

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	254,746		FNMA		5.000	%	07/01/23	$	274,415
	58,057		FNMA		5.000		07/01/23		62,611
	1,936,080		FNMA		5.000		07/01/23		2,084,636
	31,733		FNMA		5.500		08/01/23		34,521
	47,878		FNMA		5.000		11/01/23		52,140
	17,261		FNMA		5.500		11/01/23		18,770
	637,767		FNMA		5.500		01/01/24		693,712
	44,664		FNMA		5.500		02/01/24		49,240
	243,930		FNMA		4.000		03/01/24		258,152
	17,356		FNMA		4.500		04/01/24		18,394
	951,804		FNMA		4.000		05/01/24		1,007,756
	285,391		FNMA		4.000		05/01/24		302,158
	21,808		FNMA		4.000		06/01/24		23,086
	28,178		FNMA		4.500		07/01/24		30,276
	24,522		FNMA		5.500		07/01/24		27,044
	444		FNMA		8.000		07/01/24		514
	140,507		FNMA		4.500		08/01/24		148,988
	541,048		FNMA		4.000		09/01/24		572,925
	125,112		FNMA		4.000		09/01/24		132,507
	63,860		FNMA		4.500		09/01/24		67,720
	1,188,458		FNMA		4.500		10/01/24		1,259,824
	61,521		FNMA		5.000		01/01/25		66,991
	119,573		FNMA		4.500		02/01/25		126,798
	853,309		FNMA		4.500		03/01/25		916,916
	21,827		FNMA		4.500		03/01/25		23,452
	262,000		FNMA		5.000		03/01/25		285,382
	279,280		FNMA		4.500		04/01/25		299,677
	677,312		FNMA		4.500		04/01/25		727,842
	3,009,651		FNMA		4.000		05/01/25		3,187,106
	883,077		FNMA		4.000		06/01/25		935,145
	783,711		FNMA		4.500		06/01/25		842,211
	294,970		FNMA		4.000		08/01/25		312,352
	120,968		FNMA		5.500		08/01/25		134,522
	1,521,391		FNMA		3.500		09/01/25		1,595,980
	1,480,206		FNMA		4.000		09/01/25		1,567,590
	1,691,495		FNMA		3.500		10/01/25		1,774,495
	1,753,163		FNMA		3.500		10/01/25		1,838,786
	569,620		FNMA		5.000		10/01/25		620,250
	1,074,260		FNMA		4.000		11/01/25		1,137,764
	1,571,341		FNMA		3.500		12/01/25		1,648,387
	1,063,551		FNMA		3.500		02/01/26		1,115,646
	6,750,554	h	FNMA		3.500		02/01/26		7,081,402
	345,196		FNMA		4.000		03/01/26		365,829
	958,100		FNMA		4.000		06/01/26		1,015,563
	910,953		FNMA		3.500		08/01/26		955,558
	706,551		FNMA		3.500		09/01/26		741,059
	417,144		FNMA		4.000		09/01/26		441,997
	1,085,233		FNMA		3.500		10/01/26		1,138,461
	22,914		FNMA		6.000		10/01/26		25,527
	1,519,160		FNMA		3.000		11/01/26		1,561,530
	1,230,314		FNMA		3.000		12/01/26		1,265,061
	3,332,581		FNMA		3.000		01/01/27		3,426,630

98

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,583,352	FNMA		3.500	%	02/01/27	$	2,710,512
	3,893,902	FNMA		3.000		04/01/27		4,003,675
	2,436,549	FNMA		3.000		04/01/27		2,505,284
	1,607,362	FNMA		3.500		05/01/27		1,686,125
	1,429,862	FNMA		2.500		06/01/27		1,433,548
	4,133,495	FNMA		3.000		06/01/27		4,250,747
	1,687,768	FNMA		2.500		07/01/27		1,692,120
	199,554	FNMA		6.000		08/01/27		223,253
	3,359,941	FNMA		2.500		09/01/27		3,368,611
	65,019	FNMA		5.500		09/01/27		72,384
	5,829,460	FNMA		2.500		10/01/27		5,844,512
	3,980,801	FNMA		3.000		11/01/27		4,093,622
	8,908	FNMA		5.500		01/01/28		9,859
	9,945,767	FNMA		2.500		02/01/28		9,948,061
	13,438,976	FNMA		2.500		02/01/28		13,442,075
	7,347	FNMA		5.000		02/01/28		7,998
	7,364,355	FNMA		2.500		04/01/28		7,366,053
	10,805,884	FNMA		2.500		04/01/28		10,808,376
	352,218	FNMA		5.000		05/01/28		384,967
	45,203	FNMA		5.500		06/01/28		50,042
	2,847,787	FNMA		2.500		07/01/28		2,848,444
	5,729,557	FNMA		2.500		08/01/28		5,730,878
	8,142,006	FNMA		3.000		10/01/28		8,369,449
	7,124	FNMA		5.500		11/01/28		7,908
	34	FNMA		7.500		01/01/29		39
	61,452	FNMA		4.000		03/01/29		64,755
	224,093	FNMA		4.500		04/01/29		238,839
	455	FNMA		6.500		04/01/29		512
	148,777	FNMA		4.000		05/01/29		156,823
	82,664	FNMA		4.500		06/01/29		88,620
	28,969	FNMA		4.000		07/01/29		30,531
	3,508	FNMA		7.500		07/01/29		3,648
	551,706	FNMA		4.500		08/01/29		591,529
	93,056	FNMA		4.500		09/01/29		99,760
	70,004	FNMA		4.500		11/01/29		76,218
	26,807	FNMA		4.500		01/01/30		28,744
	70,978	FNMA		4.000		03/01/30		74,788
	31,539	FNMA		4.500		05/01/30		34,072
	44,024	FNMA		4.500		06/01/30		47,227
	386,819	FNMA		4.500		08/01/30		414,905
	81,086	FNMA		4.000		09/01/30		85,557
	454,404	FNMA		4.000		10/01/30		479,191
	652,887	FNMA		4.000		11/01/30		689,098
	4,557,605	FNMA		4.000		11/01/30		4,809,380
	179,703	FNMA		4.500		12/01/30		192,807
	207,979	FNMA		3.500		02/01/31		213,987
	256,002	FNMA		4.000		02/01/31		270,213
	283	FNMA		7.500		02/01/31		300
	1,732	FNMA		7.500		03/01/31		2,066
	587,383	FNMA		3.500		04/01/31		604,352
	77,620	FNMA		4.000		04/01/31		81,937
	7,908	FNMA		6.000		05/01/31		8,912

99

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	1,344	FNMA		7.500	%	05/01/31	$	1,466
	414,076	FNMA		4.500		07/01/31		447,721
	2,229,866	FNMA		4.500		07/01/31		2,432,315
	2,411,147	FNMA		4.000		08/01/31		2,544,843
	169,742	FNMA		4.000		09/01/31		179,174
	596	FNMA		6.500		09/01/31		668
	69,225	FNMA		6.000		11/01/31		78,067
	8,404	FNMA		6.500		11/01/31		9,507
	3,937,685	FNMA		3.500		01/01/32		4,051,763
	26,123	FNMA		6.000		01/01/32		29,100
	25,995	FNMA		6.000		01/01/32		29,305
	1,584,546	FNMA		3.500		02/01/32		1,632,887
	19,764	FNMA		6.000		02/01/32		22,269
	65,709	FNMA		6.500		04/01/32		74,850
	147,074	FNMA		6.500		07/01/32		166,259
	17,463	FNMA		6.500		08/01/32		19,677
	1,493,768	FNMA		3.000		09/01/32		1,491,254
	143,957	FNMA		6.000		09/01/32		160,307
	33,756	FNMA		7.500		09/01/32		38,317
	4,380,722	FNMA		3.000		10/01/32		4,373,351
	86,140	FNMA		5.500		10/01/32		95,748
	44,242	FNMA		6.000		10/01/32		49,302
	35,326	FNMA		6.000		11/01/32		39,687
	41,408	FNMA		5.500		12/01/32		45,993
	6,185	FNMA		5.500		12/01/32		6,856
	70,506	FNMA		6.000		12/01/32		79,255
	361,716	FNMA		5.500		01/01/33		401,939
	774,168	FNMA		6.000		01/01/33		870,461
	408,164	FNMA		5.000		02/01/33		448,060
	20,680	FNMA		5.000		02/01/33		22,652
	2,819,051	FNMA		3.000		04/01/33		2,814,307
	4,224,207	FNMA		3.500		04/01/33		4,346,991
	18,115	FNMA		6.000		04/01/33		20,397
	2,666,278	FNMA		5.500		05/01/33		2,964,375
	153,956	FNMA		5.000		06/01/33		168,793
	331,097	FNMA		5.500		06/01/33		368,307
	38,528	FNMA		4.500		07/01/33		41,237
	120,711	FNMA		5.000		07/01/33		132,012
	247,019	FNMA		4.500		08/01/33		264,306
	40,034	FNMA		4.500		08/01/33		42,691
	72,581	FNMA		5.000		08/01/33		79,501
	328,408	FNMA		5.500		09/01/33		364,883
	91,490	FNMA		5.500		09/01/33		100,884
	38,875	FNMA		6.000		09/01/33		43,689
	414,609	FNMA		4.500		10/01/33		443,697
	64,774	FNMA		5.000		10/01/33		70,979
	81,293	FNMA		5.000		10/01/33		88,615
	594,432	FNMA		5.500		10/01/33		656,501
	1,243,743	FNMA		5.500		10/01/33		1,398,774
	29,871	FNMA		4.500		11/01/33		31,951
	78,339	FNMA		5.000		11/01/33		85,801
	5,326,005	FNMA		5.000		11/01/33		5,838,432

100

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	631,555		FNMA		5.000	%	12/01/33	$	692,510
	683,038		FNMA		5.500		12/01/33		759,065
	5,741,928		FNMA		3.000		01/01/34		5,732,266
	237,632		FNMA		5.000		02/01/34		261,076
	941,123		FNMA		6.000		02/01/34		1,058,204
	20,567		FNMA		5.000		03/01/34		22,538
	74,147		FNMA		5.000		03/01/34		81,461
	34,799		FNMA		5.000		03/01/34		38,137
	60,064		FNMA		5.000		03/01/34		65,788
	25,185		FNMA		5.000		03/01/34		27,578
	1,422,306		FNMA		5.000		03/01/34		1,556,654
	225,556		FNMA		5.000		04/01/34		246,263
	220,784		FNMA		5.500		04/01/34		245,389
	124,632		FNMA		4.500		05/01/34		133,270
	31,913		FNMA		4.500		05/01/34		34,119
	78,468		FNMA		5.500		07/01/34		87,244
	50,192		FNMA		5.500		07/01/34		55,777
	66,567		FNMA		7.000		07/01/34		76,926
	596,391		FNMA		5.000		08/01/34		651,394
	69,976		FNMA		5.000		08/01/34		76,450
	324,687		FNMA		6.000		08/01/34		365,077
	58,707		FNMA		6.000		08/01/34		66,037
	34,088		FNMA		4.500		09/01/34		36,438
	1,246,115		FNMA		5.500		09/01/34		1,384,818
	11,519		FNMA		5.500		11/01/34		12,804
	24,082		FNMA		6.000		11/01/34		26,829
	18,703		FNMA		5.000		12/01/34		20,445
	11,863		FNMA		5.500		12/01/34		13,185
	36,159		FNMA		6.000		12/01/34		40,242
	1,645,895		FNMA		4.500		01/01/35		1,761,203
	127,968		FNMA		5.500		01/01/35		142,191
	3,907,368		FNMA		5.500		02/01/35		4,341,637
	161,240		FNMA		5.500		02/01/35		179,259
	1,137,419		FNMA		5.500		04/01/35		1,257,083
	157,141		FNMA		6.000		04/01/35		176,692
	136,885		FNMA		6.000		04/01/35		153,929
	107,977		FNMA		5.500		05/01/35		119,179
	199,382		FNMA		6.000		05/01/35		222,610
	65,368		FNMA		5.000		06/01/35		71,364
	5,169		FNMA		7.500		06/01/35		5,648
	7,139	i	FNMA		4.556		07/01/35		7,607
	170,945		FNMA		5.000		07/01/35		186,819
	374,871		FNMA		4.500		08/01/35		400,587
	573,669		FNMA		5.000		08/01/35		625,392
	304,950		FNMA		5.000		08/01/35		332,629
	19,509		FNMA		4.500		09/01/35		20,880
	17,354		FNMA		4.500		09/01/35		18,522
	42,243		FNMA		5.500		09/01/35		47,002
	376,260		FNMA		5.000		10/01/35		410,197
	588,039		FNMA		5.500		10/01/35		656,246
	21,950		FNMA		5.000		11/01/35		23,790
	656,575		FNMA		5.500		11/01/35		727,316

101

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	10,471		FNMA		4.500	%	12/01/35	$	11,186
	99,056		FNMA		5.500		12/01/35		109,190
	402,980		FNMA		6.000		12/01/35		448,304
	185,324	i	FNMA		2.261		02/01/36		198,054
	80,944		FNMA		5.000		02/01/36		86,615
	1,476,607		FNMA		5.000		02/01/36		1,609,839
	152,002		FNMA		6.500		02/01/36		174,033
	773,281		FNMA		6.000		03/01/36		859,876
	14,709		FNMA		5.000		05/01/36		16,024
	1,123,492		FNMA		6.000		06/01/36		1,254,537
	157,217	i	FNMA		2.379		07/01/36		169,590
	57,585		FNMA		6.000		07/01/36		64,241
	410,028		FNMA		6.500		07/01/36		461,552
	905,099		FNMA		5.500		08/01/36		999,337
	510,620		FNMA		6.500		08/01/36		575,495
	41,796		FNMA		5.500		09/01/36		46,471
	82,228		FNMA		6.500		09/01/36		93,411
	30,263		FNMA		6.500		09/01/36		33,949
	104,855		FNMA		6.000		10/01/36		117,090
	47,357		FNMA		6.500		11/01/36		53,126
	14,965	i	FNMA		2.475		12/01/36		15,981
	304,334		FNMA		6.000		12/01/36		339,364
	48,474	i	FNMA		2.516		01/01/37		51,522
	120,401		FNMA		5.500		01/01/37		132,768
	8,235	i	FNMA		1.909		02/01/37		8,808
	882,369		FNMA		5.500		02/01/37		973,531
	26,013		FNMA		6.000		02/01/37		28,926
	43,179		FNMA		7.000		02/01/37		48,916
	17,954	i	FNMA		2.402		03/01/37		18,940
	3,968		FNMA		5.000		03/01/37		4,318
	129,959		FNMA		6.500		03/01/37		145,786
	321,408		FNMA		6.500		03/01/37		362,874
	9,347	i	FNMA		5.565		04/01/37		10,005
	191,008		FNMA		7.000		04/01/37		207,449
	277,110		FNMA		5.000		05/01/37		301,583
	10,608		FNMA		7.000		05/01/37		10,927
	45,950	i	FNMA		4.206		06/01/37		49,065
	94,544		FNMA		5.500		06/01/37		104,217
	74,649		FNMA		5.500		08/01/37		83,003
	27,062		FNMA		6.000		08/01/37		30,109
	189,612		FNMA		6.500		08/01/37		212,705
	42,217		FNMA		6.500		08/01/37		47,359
	56,076		FNMA		5.500		09/01/37		61,814
	129,796		FNMA		6.000		09/01/37		146,672
	145,384		FNMA		6.000		09/01/37		161,749
	166,190		FNMA		6.000		09/01/37		185,986
	367,915		FNMA		6.000		09/01/37		415,899
	483,331		FNMA		6.000		09/01/37		545,145
	28,229		FNMA		6.500		09/01/37		31,745
	173,843		FNMA		6.500		09/01/37		195,015
	498,516	i	FNMA		2.400		10/01/37		533,575
	82,177		FNMA		6.500		10/01/37		92,185

102

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	583,165		FNMA		5.500	%	11/01/37	$	644,141
	1,203,404		FNMA		6.000		11/01/37		1,339,179
	56,441		FNMA		7.000		11/01/37		63,061
	5,132		FNMA		6.500		01/01/38		5,757
	329,870		FNMA		5.500		02/01/38		363,669
	37,060		FNMA		6.500		02/01/38		41,602
	67,339		FNMA		7.000		02/01/38		72,906
	72,139	i	FNMA		2.599		03/01/38		77,324
	32,906		FNMA		5.000		03/01/38		35,813
	23,820		FNMA		5.000		03/01/38		25,923
	63,977		FNMA		5.500		03/01/38		70,522
	19,291		FNMA		6.000		03/01/38		21,771
	65,951		FNMA		6.500		03/01/38		73,983
	102,423		FNMA		6.500		03/01/38		114,896
	39,864		FNMA		6.500		03/01/38		44,719
	486,791		FNMA		6.500		03/01/38		546,076
	35,377		FNMA		5.000		04/01/38		38,501
	1,197,625		FNMA		5.500		04/01/38		1,320,157
	921,293		FNMA		6.000		04/01/38		1,026,022
	53,047		FNMA		4.500		05/01/38		56,534
	941,720		FNMA		5.000		05/01/38		1,024,888
	3,001,623		FNMA		5.000		05/01/38		3,274,209
	3,258,385		FNMA		6.000		06/01/38		3,623,273
	4,031,129		FNMA		6.500		06/01/38		4,544,847
	844,336		FNMA		6.000		07/01/38		939,293
	6,696	i	FNMA		2.500		08/01/38		7,119
	11,694	i	FNMA		4.716		08/01/38		12,361
	2,881,111		FNMA		6.000		09/01/38		3,203,750
	96,859	i	FNMA		2.023		10/01/38		103,271
	10,904		FNMA		6.000		10/01/38		12,125
	79,047		FNMA		5.500		11/01/38		87,134
	14,288		FNMA		5.000		12/01/38		15,550
	2,194,366		FNMA		5.500		12/01/38		2,427,737
	461,621		FNMA		4.500		01/01/39		492,165
	145,778		FNMA		5.000		01/01/39		158,684
	513,271		FNMA		5.000		01/01/39		558,600
	1,481,976		FNMA		5.500		01/01/39		1,634,131
	351,345		FNMA		5.500		01/01/39		387,292
	166,625		FNMA		6.000		01/01/39		185,285
	81,831		FNMA		6.000		01/01/39		90,995
	657,966		FNMA		4.500		02/01/39		701,748
	1,364,705		FNMA		4.500		02/01/39		1,456,002
	612,409		FNMA		4.500		02/01/39		653,383
	26,382		FNMA		5.500		02/01/39		29,081
	1,261,932		FNMA		4.000		04/01/39		1,311,598
	40,185		FNMA		5.500		04/01/39		44,346
	1,968,040		FNMA		4.500		05/01/39		2,109,733
	532,662		FNMA		4.500		05/01/39		568,351
	510,141		FNMA		4.500		06/01/39		544,500
	1,198,104		FNMA		4.500		06/01/39		1,278,636
	1,122,916		FNMA		5.500		06/01/39		1,238,488
	31,937	i	FNMA		4.066		07/01/39		33,988

103

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	358,424		FNMA		4.500	%	07/01/39	$	382,529
	223,296		FNMA		4.500		07/01/39		238,227
	39,630		FNMA		5.000		07/01/39		43,307
	53,414	i	FNMA		3.668		08/01/39		56,905
	223,349	i	FNMA		3.717		08/01/39		238,004
	625,730		FNMA		4.000		08/01/39		650,148
	4,303,075		FNMA		4.000		08/01/39		4,471,608
	2,560,635		FNMA		4.500		08/01/39		2,746,539
	1,063,320		FNMA		4.500		08/01/39		1,134,767
	53,591		FNMA		4.500		08/01/39		57,582
	49,673		FNMA		5.000		08/01/39		54,060
	4,461,191		FNMA		5.000		08/01/39		4,860,325
	1,457,880		FNMA		4.000		09/01/39		1,514,889
	84,372		FNMA		5.000		09/01/39		91,896
	591,059		FNMA		5.500		09/01/39		657,351
	459,276		FNMA		6.000		09/01/39		511,383
	1,899,356		FNMA		6.500		10/01/39		2,142,994
	73,161		FNMA		5.000		11/01/39		80,366
	2,003,095		FNMA		4.000		12/01/39		2,081,532
	178,453		FNMA		4.500		12/01/39		191,511
	7,074,572		FNMA		4.500		12/01/39		7,552,322
	512,323		FNMA		4.500		12/01/39		546,730
	72,110	i	FNMA		3.643		01/01/40		76,340
	116,667		FNMA		4.500		01/01/40		124,504
	150,671		FNMA		5.000		01/01/40		164,717
	1,117,124		FNMA		6.000		02/01/40		1,242,225
	588,910		FNMA		4.500		03/01/40		628,133
	1,279,964		FNMA		4.500		03/01/40		1,365,935
	70,121		FNMA		5.000		03/01/40		76,567
	61,461		FNMA		4.500		04/01/40		65,602
	1,974,918		FNMA		5.000		04/01/40		2,154,658
	2,381,883		FNMA		5.000		04/01/40		2,601,625
	241,738	i	FNMA		3.483		05/01/40		257,465
	370,942	i	FNMA		3.618		05/01/40		396,540
	571,670	i	FNMA		3.750		05/01/40		611,350
	63,851		FNMA		4.500		05/01/40		68,437
	179,828		FNMA		4.500		07/01/40		191,933
	153,655		FNMA		4.500		07/01/40		164,052
	205,400		FNMA		5.000		07/01/40		224,345
	110,097	i	FNMA		3.376		08/01/40		116,846
	1,923,573		FNMA		4.500		08/01/40		2,052,688
	1,401,338		FNMA		4.500		08/01/40		1,495,311
	1,537,860		FNMA		5.000		08/01/40		1,680,414
	2,907,114		FNMA		4.500		09/01/40		3,102,890
	1,178,225		FNMA		4.500		09/01/40		1,257,902
	3,296,716		FNMA		6.000		09/01/40		3,679,162
	417,309		FNMA		3.500		10/01/40		420,132
	1,990,735		FNMA		4.000		10/01/40		2,069,266
	5,133,738		FNMA		4.000		10/01/40		5,335,938
	3,212,682		FNMA		4.500		10/01/40		3,429,111
	2,947,529		FNMA		3.500		11/01/40		2,967,469
	2,224,983		FNMA		4.000		11/01/40		2,312,711

104

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,845,723		FNMA		4.000	%	11/01/40	$	3,997,651
	3,305,292		FNMA		4.000		11/01/40		3,436,005
	400,098		FNMA		4.500		11/01/40		427,189
	426,654	i	FNMA		3.277		12/01/40		448,093
	1,119,272		FNMA		4.000		12/01/40		1,163,395
	9,692,459		FNMA		4.500		12/01/40		10,344,752
	111,801		FNMA		3.500		01/01/41		112,558
	276,717	i	FNMA		3.159		02/01/41		295,198
	633,214		FNMA		3.500		02/01/41		637,498
	3,142,615		FNMA		4.000		02/01/41		3,266,464
	3,026,577		FNMA		4.000		03/01/41		3,146,445
	2,481,573		FNMA		4.500		04/01/41		2,649,214
	3,216,568		FNMA		4.500		05/01/41		3,436,083
	648,202		FNMA		4.500		05/01/41		691,947
	2,108,472		FNMA		4.500		06/01/41		2,250,513
	711,805	i	FNMA		3.246		07/01/41		752,837
	2,314,230		FNMA		4.500		07/01/41		2,470,372
	6,038,809		FNMA		4.000		09/01/41		6,278,495
	3,531,923		FNMA		4.500		09/01/41		3,769,037
	1,470,234		FNMA		5.500		09/01/41		1,622,070
	1,355,888	i	FNMA		2.909		10/01/41		1,428,063
	227,941	i	FNMA		3.098		10/01/41		238,063
	1,722,461		FNMA		3.500		11/01/41		1,734,113
	1,497,962		FNMA		3.500		11/01/41		1,508,197
	2,199,579	i	FNMA		2.840		12/01/41		2,278,446
	2,155,635		FNMA		4.000		12/01/41		2,241,424
	4,498,206		FNMA		3.500		03/01/42		4,528,636
	3,562,449		FNMA		4.000		03/01/42		3,703,361
	8,363,661		FNMA		3.500		04/01/42		8,420,241
	2,844,751		FNMA		3.500		04/01/42		2,867,245
	4,696,523		FNMA		4.500		04/01/42		5,012,205
	3,743,404		FNMA		5.000		04/01/42		4,139,495
	3,149,753		FNMA		4.000		05/01/42		3,274,025
	4,467,092		FNMA		5.000		05/01/42		4,894,588
	2,449,024		FNMA		3.000		06/01/42		2,366,836
	13,219,332		FNMA		3.500		06/01/42		13,308,760
	7,050,634		FNMA		4.000		06/01/42		7,330,907
	12,927,550		FNMA		4.000		06/01/42		13,434,563
	19,827,688		FNMA		3.500		07/01/42		19,961,822
	3,802,364		FNMA		4.500		07/01/42		4,060,865
	4,378,004		FNMA		3.500		08/01/42		4,407,621
	5,432,969		FNMA		3.000		09/01/42		5,250,640
	8,110,636		FNMA		3.500		09/01/42		8,165,504
	11,539,605		FNMA		3.000		10/01/42		11,152,337
	4,346,832		FNMA		3.500		10/01/42		4,376,238
	3,781,919		FNMA		2.500		01/01/43		3,499,822
	13,977,938		FNMA		3.000		01/01/43		13,508,841
	18,998,505		FNMA		3.000		02/01/43		18,360,919
	14,279,832		FNMA		3.000		04/01/43		13,800,603
	4,778,985		FNMA		3.000		04/01/43		4,618,603
	3,422,378	i	FNMA		2.171		06/01/43		3,438,376
	15,464,722		FNMA		3.000		06/01/43		14,945,728

105

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	4,684,867	i	FNMA		1.752	%	07/01/43	$	4,709,871
	11,657,569		FNMA		3.000		07/01/43		11,266,343
	12,122,627		FNMA		3.500		07/01/43		12,204,636
	5,499,063		FNMA		4.000		08/01/43		5,727,011
	12,203,867		FNMA		3.500		09/01/43		12,286,425
	7,410,628		FNMA		3.500		10/01/43		7,460,761
	2,133,911		FNMA		4.500		10/01/43		2,277,309
	11,733,342		FNMA		4.000		11/01/43		12,195,874
	4,902,940		FNMA		4.000		11/01/43		5,095,781
	3,760,199		FNMA		4.500		12/01/43		4,012,628
	9,873,490		FNMA		4.000		01/01/44		10,265,318
	11,468		Government National Mortgage Association (GNMA)		5.000		02/15/18		12,115
	48,005		GNMA		4.500		02/15/19		50,348
	17,021		GNMA		4.500		01/20/24		18,102
	91,336		GNMA		4.000		04/15/24		96,826
	12,036		GNMA		4.500		07/15/24		12,796
	320,972		GNMA		4.000		08/15/24		340,237
	90,020		GNMA		4.500		08/15/24		95,712
	280,326		GNMA		4.000		09/15/24		297,085
	42,702		GNMA		4.500		01/15/25		45,409
	334,993		GNMA		4.000		08/15/25		354,818
	184,916		GNMA		3.500		03/15/26		194,729
	232,331		GNMA		4.000		04/15/26		246,072
	199,108		GNMA		4.000		06/20/26		211,547
	299,844		GNMA		3.500		11/20/26		314,067
	1,417,346		GNMA		3.000		12/15/26		1,469,469
	3,964,217		GNMA		2.500		04/20/27		4,023,140
	2,405,328		GNMA		2.500		09/20/27		2,441,110
	3,622		GNMA		6.500		09/15/28		4,084
	1,364		GNMA		6.500		09/15/28		1,537
	4,935		GNMA		6.500		11/15/28		5,563
	1,291		GNMA		7.500		11/15/28		1,461
	4,852,052		GNMA		3.500		11/20/28		5,081,695
	9,091		GNMA		8.500		10/15/30		9,861
	6,424		GNMA		8.500		10/20/30		7,617
	701		GNMA		8.500		12/15/30		826
	967		GNMA		7.000		06/20/31		1,145
	1,035		GNMA		6.500		07/15/31		1,166
	2,149		GNMA		7.000		07/15/31		2,402
	3,445		GNMA		7.000		07/15/31		3,750
	344,703		GNMA		6.000		10/15/32		396,782
	59,722		GNMA		5.500		12/20/32		66,620
	130,088		GNMA		5.500		05/15/33		144,718
	23,048		GNMA		5.000		07/15/33		25,429
	85,063		GNMA		5.500		07/15/33		95,137
	19,956		GNMA		5.000		07/20/33		21,948
	48,148		GNMA		5.000		08/15/33		53,242
	115,356		GNMA		5.000		08/15/33		127,278
	299,250		GNMA		5.500		09/15/33		337,248
	249,879		GNMA		6.000		11/20/33		287,582
	110,436		GNMA		5.500		05/20/34		125,365
	156,651		GNMA		6.000		09/20/34		180,300

106

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	15,292	GNMA		5.000	%	10/20/34	$	16,826
	379,688	GNMA		5.500		11/15/34		424,494
	148,880	GNMA		6.500		01/15/35		172,359
	83,211	GNMA		5.500		02/20/35		92,920
	1,680,375	GNMA		5.000		03/20/35		1,848,897
	550,097	GNMA		5.000		04/15/35		607,014
	551,986	GNMA		5.500		05/20/35		617,429
	22,538	GNMA		5.000		09/20/35		24,773
	12,201	GNMA		5.000		11/15/35		13,342
	16,291	GNMA		5.000		11/15/35		17,978
	169,830	GNMA		5.500		02/20/36		188,337
	19,597	GNMA		5.500		03/15/36		21,779
	56,432	GNMA		5.500		05/20/36		62,584
	14,081	GNMA		6.500		06/15/36		16,194
	571,275	GNMA		5.500		06/20/36		633,041
	28,249	GNMA		5.000		09/15/36		31,077
	27,795	GNMA		6.000		09/15/36		31,929
	53,173	GNMA		6.000		10/20/36		60,260
	30,764	GNMA		5.000		12/15/36		33,800
	42,554	GNMA		5.500		01/15/37		47,139
	29,842	GNMA		6.000		01/20/37		33,821
	737,109	GNMA		5.500		02/15/37		820,175
	97,209	GNMA		6.000		02/20/37		110,123
	770,872	GNMA		6.000		04/15/37		876,739
	19,164	GNMA		6.500		04/15/37		21,587
	358,928	GNMA		6.000		04/20/37		401,123
	45,012	GNMA		6.000		06/15/37		50,393
	60,795	GNMA		6.000		08/20/37		68,892
	47,120	GNMA		6.500		08/20/37		53,489
	236,920	GNMA		6.500		11/20/37		265,801
	178,396	GNMA		6.000		12/15/37		199,819
	16,861	GNMA		5.000		02/20/38		18,402
	375,763	GNMA		5.000		04/15/38		411,048
	19,103	GNMA		5.500		05/20/38		21,100
	62,515	GNMA		5.500		06/15/38		69,855
	175,277	GNMA		6.000		06/20/38		198,624
	256,517	GNMA		5.500		07/15/38		284,079
	1,429,829	GNMA		5.000		07/20/38		1,560,934
	1,344,362	GNMA		5.500		07/20/38		1,485,613
	41,114	GNMA		5.500		08/15/38		45,569
	630,581	GNMA		6.000		08/15/38		705,017
	238,158	GNMA		6.000		08/15/38		266,866
	136,507	GNMA		6.000		08/20/38		154,709
	542,415	GNMA		6.000		09/20/38		614,460
	70,715	GNMA		5.000		10/15/38		77,358
	32,062	GNMA		5.500		10/15/38		36,168
	54,542	GNMA		6.500		10/20/38		60,930
	23,537	GNMA		6.500		10/20/38		26,408
	9,870	GNMA		5.500		11/15/38		10,946
	92,921	GNMA		6.500		11/20/38		105,064
	710,376	GNMA		6.000		12/15/38		795,882
	11,811	GNMA		6.500		12/15/38		13,774

107

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	77,959		GNMA		5.000	%	01/15/39	$	85,318
	2,739,992		GNMA		4.500		01/20/39		2,960,316
	250,513		GNMA		6.500		01/20/39		284,968
	93,007		GNMA		5.000		02/15/39		101,667
	45,021		GNMA		6.000		02/15/39		50,383
	126,480		GNMA		4.500		03/15/39		136,512
	899,565		GNMA		4.500		03/15/39		970,107
	29,583		GNMA		4.500		03/20/39		32,030
	52,159	i	GNMA		5.000		03/20/39		54,702
	443,500		GNMA		5.500		03/20/39		490,107
	51,226		GNMA		4.500		04/15/39		55,291
	880,358		GNMA		5.500		04/15/39		983,157
	18,914		GNMA		5.000		04/20/39		20,638
	89,133		GNMA		4.000		05/15/39		93,737
	1,422,394		GNMA		4.500		05/15/39		1,535,262
	804,983		GNMA		5.000		05/15/39		879,928
	94,423		GNMA		4.000		05/20/39		99,375
	258,720		GNMA		4.500		05/20/39		280,172
	5,375,344		GNMA		5.000		05/20/39		5,866,279
	3,708,194		GNMA		4.500		06/15/39		4,002,274
	33,890		GNMA		4.500		06/15/39		36,580
	3,195,917		GNMA		5.000		06/15/39		3,525,098
	40,062		GNMA		5.000		06/15/39		43,796
	3,648,071		GNMA		5.000		06/15/39		4,019,044
	96,731		GNMA		5.000		06/15/39		106,071
	44,928		GNMA		5.000		06/15/39		49,122
	54,774		GNMA		4.000		06/20/39		57,648
	35,366		GNMA		5.000		06/20/39		38,605
	4,157,750		GNMA		4.000		07/15/39		4,372,534
	4,299,768		GNMA		4.500		07/15/39		4,634,304
	127,245		GNMA		4.500		07/15/39		137,331
	68,482		GNMA		4.500		07/15/39		73,913
	45,417		GNMA		5.000		07/15/39		49,661
	578,416		GNMA		4.500		07/20/39		625,231
	518,931		GNMA		5.000		07/20/39		566,629
	45,666		GNMA		5.500		07/20/39		50,549
	211,960		GNMA		4.000		08/15/39		222,910
	877,054		GNMA		5.000		08/15/39		958,547
	58,577		GNMA		5.500		08/15/39		64,857
	126,419		GNMA		6.000		08/15/39		141,514
	145,086		GNMA		4.000		08/20/39		152,793
	145,761		GNMA		5.000		08/20/39		159,143
	75,406		GNMA		5.000		09/15/39		82,603
	199,583		GNMA		5.000		09/20/39		219,128
	53,011		GNMA		4.500		10/15/39		57,312
	25,982		GNMA		5.000		10/15/39		28,416
	56,942		GNMA		4.500		10/20/39		61,548
	94,601		GNMA		4.500		11/15/39		102,418
	84,164		GNMA		4.500		11/20/39		90,999
	100,215		GNMA		5.000		11/20/39		109,401
	2,979,026		GNMA		4.500		12/15/39		3,220,871
	195,455		GNMA		4.500		12/15/39		211,363

108

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	83,235		GNMA		4.500	%	12/20/39	$	90,003
	3,100,749		GNMA		5.000		12/20/39		3,396,370
	2,755,575		GNMA		4.500		01/20/40		2,975,037
	41,645		GNMA		5.500		01/20/40		46,601
	1,605,881		GNMA		5.500		02/15/40		1,779,247
	165,329		GNMA		4.000		03/15/40		174,109
	43,847		GNMA		5.000		03/15/40		48,099
	34,378		GNMA		4.500		04/15/40		37,175
	881,149		GNMA		5.000		04/15/40		966,470
	118,504		GNMA		4.500		04/20/40		128,114
	20,539		GNMA		4.500		05/15/40		22,204
	497,761		GNMA		5.000		05/15/40		545,849
	1,195,228	i	GNMA		3.000		05/20/40		1,256,992
	25,936		GNMA		4.500		05/20/40		27,998
	8,908,280		GNMA		4.500		06/15/40		9,643,205
	46,352		GNMA		4.500		06/15/40		50,116
	54,573		GNMA		4.500		06/15/40		58,990
	551,395		GNMA		5.000		06/20/40		604,129
	1,241,802		GNMA		4.500		07/15/40		1,341,911
	369,077		GNMA		4.500		07/15/40		399,050
	4,146,192		GNMA		4.500		07/20/40		4,475,798
	124,141		GNMA		5.000		07/20/40		136,010
	2,958,490		GNMA		4.000		08/15/40		3,115,959
	955,387		GNMA		4.000		08/15/40		1,005,032
	262,937		GNMA		4.500		08/15/40		284,610
	321,883		GNMA		4.500		08/20/40		347,954
	247,631		GNMA		4.500		09/20/40		268,192
	66,229		GNMA		5.500		09/20/40		73,352
	97,093		GNMA		6.500		09/20/40		110,027
	82,370		GNMA		4.000		10/15/40		86,717
	217,181		GNMA		6.000		10/20/40		243,594
	962,212		GNMA		4.000		11/15/40		1,012,000
	3,079,515		GNMA		4.000		11/20/40		3,242,002
	786,009		GNMA		3.500		12/15/40		803,289
	1,101,159		GNMA		5.500		12/20/40		1,218,866
	3,166,219		GNMA		4.000		01/15/41		3,334,337
	7,921,322		GNMA		4.000		01/20/41		8,339,592
	780,221		GNMA		4.000		02/15/41		820,526
	2,402,200		GNMA		4.500		02/20/41		2,596,768
	1,362,978		GNMA		4.500		03/15/41		1,474,980
	3,113,329		GNMA		4.500		04/20/41		3,356,898
	616,500		GNMA		5.000		04/20/41		675,306
	332,072	i	GNMA		4.000		06/20/41		353,704
	795,128		GNMA		4.000		07/15/41		836,203
	1,167,102		GNMA		4.000		07/20/41		1,228,628
	3,740,778		GNMA		4.500		07/20/41		4,032,665
	3,424,312		GNMA		5.000		07/20/41		3,751,170
	1,014,956		GNMA		4.500		08/15/41		1,097,183
	1,573,035		GNMA		5.000		08/20/41		1,726,034
	1,552,983		GNMA		4.000		09/15/41		1,633,685
	193,947	i	GNMA		3.000		09/20/41		202,146
	5,058,062		GNMA		4.000		09/20/41		5,324,967

109

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	364,349		GNMA		4.000	%	10/15/41	$	383,171
	438,609	i	GNMA		2.500		10/20/41		452,086
	286,174	i	GNMA		3.500		10/20/41		299,863
	6,305,739		GNMA		4.000		10/20/41		6,638,149
	878,682		GNMA		5.500		10/20/41		973,820
	1,770,528		GNMA		3.500		11/15/41		1,809,450
	3,972,898		GNMA		4.000		11/15/41		4,178,132
	8,308,490		GNMA		4.500		11/20/41		8,956,115
	3,330,344		GNMA		5.000		11/20/41		3,638,464
	1,224,044		GNMA		6.000		11/20/41		1,386,474
	3,803,657		GNMA		3.500		01/20/42		3,887,829
	1,576,863	i	GNMA		3.000		02/20/42		1,641,407
	1,916,585		GNMA		3.500		03/20/42		1,959,017
	3,409,404		GNMA		4.500		03/20/42		3,681,831
	3,467,751		GNMA		3.500		04/15/42		3,543,985
	4,405,362		GNMA		3.500		05/20/42		4,505,479
	10,257,226		GNMA		3.500		05/20/42		10,484,406
	4,692,083		GNMA		4.000		05/20/42		4,937,120
	8,739,465		GNMA		3.500		07/15/42		8,931,592
	1,560,809	i	GNMA		2.000		07/20/42		1,615,963
	4,184,224		GNMA		3.500		07/20/42		4,276,641
	4,492,462		GNMA		3.000		08/20/42		4,429,574
	4,563,110		GNMA		3.500		08/20/42		4,666,880
	16,985,600		GNMA		3.500		08/20/42		17,360,751
	4,459,382		GNMA		6.000		08/20/42		5,050,716
	6,460,539		GNMA		3.500		10/20/42		6,603,229
	6,414,228		GNMA		3.000		11/20/42		6,324,455
	4,706,524		GNMA		3.000		12/20/42		4,640,387
	4,623,259		GNMA		3.000		01/15/43		4,554,771
	6,718,002		GNMA		3.000		01/15/43		6,620,509
	5,602,996		GNMA		3.000		01/20/43		5,524,608
	9,403,283		GNMA		3.000		02/20/43		9,271,689
	4,771,413		GNMA		3.000		02/20/43		4,704,289
	1,905,787		GNMA		3.000		04/15/43		1,877,555
	3,022,598		GNMA		5.000		04/20/43		3,299,904
	3,812,028		GNMA		3.000		05/20/43		3,758,451
	5,795,237		GNMA		3.000		06/20/43		5,713,675
	9,722,345		GNMA		3.500		06/20/43		9,942,673
	12,163,335		GNMA		3.000		07/20/43		11,992,141
	9,791,363		GNMA		3.500		09/20/43		10,007,649
	4,898,961		GNMA		4.000		10/20/43		5,155,325
	1,976,752		GNMA		3.500		11/20/43		2,021,169
	5,920,554		GNMA		4.000		11/20/43		6,231,192
	4,803,832		GNMA		4.500		12/20/43		5,186,544
	1,307,173		GNMA		6.500		01/15/44		1,367,207
	4,989,595		GNMA		3.500		02/20/44		5,101,921
	9,980,274		GNMA		4.000		02/20/44		10,506,049
			TOTAL MORTGAGE BACKED						1,484,634,733
MUNICIPAL BONDS - 1.0%
	300,000		American Municipal Power		7.834		02/15/41		406,629
	500,000		American Municipal Power		6.270		02/15/50		568,960

110

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	500,000	Bay Area Toll Authority		6.263	%	04/01/49	$	644,405
	200,000	Central Puget Sound Regional Transit Authority		5.491		11/01/39		227,936
	300,000	City of Chicago IL		5.432		01/01/42		275,361
	750,000	City Public Service Board of San Antonio TX		5.808		02/01/41		910,275
	150,000	Colorado Bridge Enterprise		6.078		12/01/40		183,654
	200,000	Commonwealth of Massachusetts		4.200		12/01/21		214,824
	500,000	Commonwealth of Massachusetts		5.731		06/01/40		597,280
	195,000	Commonwealth of Pennsylvania		5.850		07/15/30		214,851
	200,000	County of Clark NV		6.820		07/01/45		263,334
	350,000	Denver City & County School District No		4.242		12/15/37		328,548
	200,000	District of Columbia		5.591		12/01/34		226,948
	100,000	East Baton Rouge Sewerage Commission		6.087		02/01/45		107,630
	500,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		497,085
	400,000	Government Development Bank for Puerto Rico		3.670		05/01/14		397,404
	82,651	Kentucky Asset Liability Commission		3.165		04/01/18		85,487
	30,000	Los Angeles Unified School District		5.750		07/01/34		35,150
	100,000	Massachusetts School Building Authority		5.715		08/15/39		115,362
	100,000	Metropolitan Government of Nashville & Davidson County		6.731		07/01/43		118,894
	940,000	Metropolitan Transportation Authority		6.648		11/15/39		1,183,347
	650,000	Metropolitan Transportation Authority		7.336		11/15/39		907,510
	500,000	Missouri Highway & Transportation Commission		5.445		05/01/33		565,755
	250,000	Municipal Electric Authority of Georgia		6.637		04/01/57		283,137
	500,000	Municipal Electric Authority of Georgia		6.655		04/01/57		555,675
	947,000	New Jersey Economic Development Authority		7.425		02/15/29		1,206,469
	335,000	New Jersey State Turnpike Authority		7.414		01/01/40		469,801
	800,000	New Jersey Transportation Trust Fund Authority		5.754		12/15/28		910,216
	360,000	New Jersey Transportation Trust Fund Authority		6.104		12/15/28		399,283
	700,000	New Jersey Transportation Trust Fund Authority		6.875		12/15/39		774,291
	1,100,000	New York City Municipal Water Finance Authority		5.790		06/15/41		1,171,786
	500,000	New York City Municipal Water Finance Authority		5.440		06/15/43		571,685
	600,000	New York State Dormitory Authority		5.289		03/15/33		678,528
	130,000	New York State Dormitory Authority		5.628		03/15/39		150,403
	545,000	New York State Dormitory Authority		5.600		03/15/40		634,489
	400,000	New York State Urban Development Corp		5.838		03/15/40		474,540
	100,000	Ohio State University		4.910		06/01/40		108,088
	675,000	Ohio State Water Development Authority		4.879		12/01/34		718,706
	750,000	Oregon School Boards Association		4.759		06/30/28		816,007
	250,000	Oregon School Boards Association		5.680		06/30/28		289,390
	100,000	Oregon State Department of Transportation		5.834		11/15/34		118,496
	200,000	Port Authority of New York & New Jersey		6.040		12/01/29		241,908
	100,000	Salt River Project Agricultural Improvement & Power District		4.839		01/01/41		107,889
	800,000	Santa Clara Valley Transportation Authority		5.876		04/01/32		924,024
	200,000	State of California		1.050		02/01/16		200,724
	300,000	State of California		5.750		03/01/17		337,185
	100,000	State of California		6.200		10/01/19		118,382
	100,000	State of California		5.700		11/01/21		116,792
	250,000	State of California		7.500		04/01/34		337,200
	285,000	State of California		7.550		04/01/39		396,002
	2,900,000	State of California		7.300		10/01/39		3,880,983
	2,740,000	State of California		7.625		03/01/40		3,824,684
	300,000	State of Connecticut		5.090		10/01/30		318,435

111

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	620,000	State of Connecticut		5.850	%	03/15/32	$	724,538
	100,000	State of Illinois		4.511		03/01/15		103,416
	1,045,000	State of Illinois		4.961		03/01/16		1,116,373
	3,700,000	State of Illinois		5.100		06/01/33		3,651,641
	1,295,000	State of Illinois		6.725		04/01/35		1,441,244
	300,000	State of Oregon		5.762		06/01/23		348,951
	600,000	State of Texas		4.631		04/01/33		647,898
	50,000	State of Texas		5.517		04/01/39		59,461
	1,000,000	State of Texas		4.681		04/01/40		1,064,800
	575,000	State of Texas Transportation Commission		5.028		04/01/26		652,499
	500,000	State of Utah		3.539		07/01/25		506,765
	200,000	State of Washington		5.090		08/01/33		221,740
	604,000	State Public School Building Authority		5.000		09/15/27		654,126
	2,000,000	Tennessee Valley Authority		4.500		04/01/18		2,225,902
	750,000	Tennessee Valley Authority		3.875		02/15/21		808,375
	500,000	Tennessee Valley Authority		5.880		04/01/36		611,513
	500,000	Tennessee Valley Authority		5.500		06/15/38		586,088
	300,000	Tennessee Valley Authority		3.500		12/15/42		256,584
	1,000,000	Tennessee Valley Authority		4.625		09/15/60		978,164
	500,000	University of California		1.796		07/01/19		490,405
	200,000	University of California		5.770		05/15/43		234,124
	860,000	University of California		4.858		05/15/12		812,390
	100,000	University of Pennsylvania		4.674		09/01/12		94,351
	200,000	University of Southern California		5.250		10/01/11		230,635
	700,000	University of Texas		4.794		08/15/46		756,294
	150,000	Virginia Commonwealth Transportation Board		5.350		05/15/35		167,639
		TOTAL MUNICIPAL BONDS						49,657,743
U.S. TREASURY SECURITIES - 35.6%
	375,700	United States Treasury Bond		7.875		02/15/21		512,008
	1,500,000	United States Treasury Bond		6.375		08/15/27		2,058,282
	16,000,000	United States Treasury Bond		5.250		11/15/28		20,015,008
	26,060,000	United States Treasury Bond		5.250		02/15/29		32,603,510
	19,429,000	United States Treasury Bond		5.375		02/15/31		24,853,946
	4,750,000	United States Treasury Bond		4.500		02/15/36		5,575,312
	4,644,000	United States Treasury Bond		4.375		02/15/38		5,352,934
	14,483,000	United States Treasury Bond		3.500		02/15/39		14,528,259
	241,000	United States Treasury Bond		4.500		08/15/39		283,476
	850,000	United States Treasury Bond		4.375		11/15/39		981,219
	915,000	United States Treasury Bond		4.625		02/15/40		1,096,999
	3,380,000	United States Treasury Bond		4.375		05/15/40		3,903,373
	12,585,000	United States Treasury Bond		3.875		08/15/40		13,414,830
	11,185,000	United States Treasury Bond		4.250		11/15/40		12,670,502
	5,075,000	United States Treasury Bond		4.750		02/15/41		6,208,948
	26,350,000	United States Treasury Bond		4.375		05/15/41		30,458,966
	10,000,000	United States Treasury Bond		3.750		08/15/41		10,418,750
	2,300,000	United States Treasury Bond		3.125		11/15/41		2,131,813
	4,550,000	United States Treasury Bond		3.125		02/15/42		4,211,594
	7,500,000	United States Treasury Bond		3.000		05/15/42		6,761,715
	10,000,000	United States Treasury Bond		2.750		08/15/42		8,537,500
	4,000,000	United States Treasury Bond		2.750		11/15/42		3,408,124
	11,250,000	United States Treasury Bond		2.875		05/15/43		9,819,135

112

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	6,500,000	United States Treasury Bond		3.625	%	08/15/43	$	6,579,222
	2,000,000	United States Treasury Bond		3.750		11/15/43		2,070,624
	17,000,000	United States Treasury Bond		3.625		02/15/44		17,196,554
	100	United States Treasury Note		2.500		03/31/15		102
	12,000,000	United States Treasury Note		0.125		04/30/15		11,997,660
	30,000,000	United States Treasury Note		0.250		05/31/15		30,031,650
	1,240,000	United States Treasury Note		2.125		05/31/15		1,268,190
	20,000,000	United States Treasury Note		0.375		06/15/15		20,051,560
	10,000,000	United States Treasury Note		0.375		06/30/15		10,026,170
	3,120,000	United States Treasury Note		1.875		06/30/15		3,185,935
	6,895,000	United States Treasury Note		1.750		07/31/15		7,038,554
	19,000,000	United States Treasury Note		0.250		08/15/15		19,015,580
	1,775,000	United States Treasury Note		4.250		08/15/15		1,873,388
	8,000,000	United States Treasury Note		0.375		08/31/15		8,019,688
	11,340,000	United States Treasury Note		1.250		08/31/15		11,508,331
	2,500,000	United States Treasury Note		0.250		09/15/15		2,500,978
	18,805,000	United States Treasury Note		1.250		09/30/15		19,090,742
	20,000,000	United States Treasury Note		0.250		10/15/15		19,999,220
	27,300,000	United States Treasury Note		1.250		10/31/15		27,722,304
	20,000,000	United States Treasury Note		0.375		11/15/15		20,030,460
	23,550,000	United States Treasury Note		1.375		11/30/15		23,967,636
	5,000,000	United States Treasury Note		2.125		12/31/15		5,155,470
	59,000,000	United States Treasury Note		0.375		01/15/16		59,029,972
	5,400,000	United States Treasury Note		2.000		01/31/16		5,561,158
	40,000,000	United States Treasury Note		0.250		02/29/16		39,893,760
	10,650,000	United States Treasury Note		2.125		02/29/16		11,001,535
	250,000	United States Treasury Note		2.625		02/29/16		260,625
	8,000,000	United States Treasury Note		0.375		03/15/16		7,994,376
	9,000,000	United States Treasury Note		2.250		03/31/16		9,324,144
	12,000,000	United States Treasury Note		0.250		04/15/16		11,950,308
	14,000,000	United States Treasury Note		2.000		04/30/16		14,441,868
	164,000	United States Treasury Note		5.125		05/15/16		180,041
	11,250,000	United States Treasury Note		1.750		05/31/16		11,548,823
	22,000,000	United States Treasury Note		0.500		06/15/16		21,986,250
	5,000,000	United States Treasury Note		1.500		06/30/16		5,104,690
	10,750,000	United States Treasury Note		1.500		07/31/16		10,977,599
	970,000	United States Treasury Note		3.250		07/31/16		1,030,246
	19,000,000	United States Treasury Note		0.625		08/15/16		19,005,928
	14,000,000	United States Treasury Note		1.000		08/31/16		14,123,592
	14,200,000	United States Treasury Note		1.000		09/30/16		14,315,375
	23,050,000	United States Treasury Note		1.000		10/31/16		23,221,077
	27,000,000	United States Treasury Note		0.625		11/15/16		26,924,076
	173,000	United States Treasury Note		4.625		11/15/16		190,570
	278,400	United States Treasury Note		7.500		11/15/16		327,294
	15,250,000	United States Treasury Note		0.875		11/30/16		15,302,430
	8,000,000	United States Treasury Note		0.625		12/15/16		7,969,376
	4,000,000	United States Treasury Note		0.875		12/31/16		4,009,376
	50,300,000	United States Treasury Note		0.875		01/31/17		50,362,875
	16,250,000	United States Treasury Note		0.875		02/28/17		16,251,267
	220,000	United States Treasury Note		3.000		02/28/17		233,458
	20,000,000	United States Treasury Note		0.750		03/15/17		19,925,000
	21,300,000	United States Treasury Note		1.000		03/31/17		21,353,250

113

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	16,500,000	United States Treasury Note		0.875	%	04/30/17	$	16,462,611
	160,000	United States Treasury Note		8.750		05/15/17		198,250
	30,400,000	United States Treasury Note		0.625		05/31/17		30,048,515
	11,000,000	United States Treasury Note		0.750		06/30/17		10,896,875
	20,200,000	United States Treasury Note		0.500		07/31/17		19,813,352
	139,200	United States Treasury Note		8.875		08/15/17		175,120
	17,300,000	United States Treasury Note		0.625		08/31/17		17,006,713
	16,000,000	United States Treasury Note		0.625		09/30/17		15,702,496
	61,750,000	United States Treasury Note		0.750		10/31/17		60,751,379
	8,414,000	United States Treasury Note		4.250		11/15/17		9,321,795
	20,500,000	United States Treasury Note		0.625		11/30/17		20,043,547
	31,000,000	United States Treasury Note		0.750		12/31/17		30,396,957
	8,044,000	United States Treasury Note		2.750		12/31/17		8,482,020
	21,000,000	United States Treasury Note		0.875		01/31/18		20,658,750
	8,127,000	United States Treasury Note		2.625		01/31/18		8,530,814
	31,000,000	United States Treasury Note		0.750		02/28/18		30,285,543
	23,000,000	United States Treasury Note		0.750		03/31/18		22,430,382
	15,000,000	United States Treasury Note		0.625		04/30/18		14,530,080
	6,172,000	United States Treasury Note		2.625		04/30/18		6,473,366
	6,266,000	United States Treasury Note		3.875		05/15/18		6,889,661
	72,000,000	United States Treasury Note		1.000		05/31/18		70,683,768
	7,862,000	United States Treasury Note		2.375		05/31/18		8,162,352
	7,000,000	United States Treasury Note		1.375		06/30/18		6,967,184
	15,000,000	United States Treasury Note		1.375		07/31/18		14,910,930
	13,065,000	United States Treasury Note		2.250		07/31/18		13,477,358
	40,350,000	United States Treasury Note		1.500		08/31/18		40,274,344
	22,000,000	United States Treasury Note		1.375		09/30/18		21,802,352
	28,000,000	United States Treasury Note		1.250		10/31/18		27,553,736
	1,681,000	United States Treasury Note		9.000		11/15/18		2,239,932
	33,500,000	United States Treasury Note		1.250		11/30/18		32,913,750
	25,000,000	United States Treasury Note		1.500		12/31/18		24,812,500
	25,000,000	United States Treasury Note		1.500		01/31/19		24,781,250
	2,802,400	United States Treasury Note		2.750		02/15/19		2,941,864
	30,000,000	United States Treasury Note		1.500		02/28/19		29,700,000
	25,000,000	United States Treasury Note		1.625		03/31/19		24,873,050
	3,000,000	United States Treasury Note		1.000		06/30/19		2,873,907
	3,000,000	United States Treasury Note		1.375		01/31/20		2,894,064
	1,377,000	United States Treasury Note		3.625		02/15/20		1,502,651
	1,132,000	United States Treasury Note		3.500		05/15/20		1,226,362
	4,000,000	United States Treasury Note		1.875		06/30/20		3,939,688
	4,000,000	United States Treasury Note		2.000		07/31/20		3,968,436
	5,342,000	United States Treasury Note		2.625		08/15/20		5,493,494
	6,000,000	United States Treasury Note		2.000		09/30/20		5,928,750
	5,650,000	United States Treasury Note		2.625		11/15/20		5,795,663
	5,000,000	United States Treasury Note		2.000		11/30/20		4,925,000
	5,900,000	United States Treasury Note		3.625		02/15/21		6,418,091
	10,000,000	United States Treasury Note		2.000		02/28/21		9,810,160
	125,000	United States Treasury Note		8.125		05/15/21		173,437
	27,610,000	United States Treasury Note		2.125		08/15/21		27,133,286
	122,000	United States Treasury Note		8.125		08/15/21		170,304
	6,070,000	United States Treasury Note		2.000		11/15/21		5,889,794
	13,379,100	United States Treasury Note		8.000		11/15/21		18,655,482

114

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	10,500,000	United States Treasury Note		1.625	%	11/15/22	$	9,716,606
	13,250,000	United States Treasury Note		1.750		05/15/23		12,274,880
	16,000,000	United States Treasury Note		2.500		08/15/23		15,771,248
	13,000,000	United States Treasury Note		2.750		11/15/23		13,058,903
	22,750,000	United States Treasury Note		2.750		02/15/24		22,799,777
		TOTAL U.S. TREASURY SECURITIES						1,807,549,139
		TOTAL GOVERNMENT BONDS						3,684,526,950
		(Cost $3,704,719,069)
STRUCTURED ASSETS - 2.1%
ASSET BACKED - 0.4%
	500,000	Ally Auto Receivables Trust		1.210		07/15/16		503,821
		Series - 2012 1 (Class A4)
	800,000	Ally Auto Receivables Trust		0.800		10/16/17		801,766
		Series - 2012 4 (Class A4)
	500,000	Americredit Automobile Receivables Trust		2.420		05/08/19		503,999
		Series - 0 2 (Class D)
	1,146,000	AmeriCredit Automobile Receivables Trust		0.610		10/10/17		1,146,178
		Series - 2013 1 (Class A3)
	500,000	AmeriCredit Automobile Receivables Trust		2.670		01/08/18		511,501
		Series - 2012 1 (Class C)
	300,000	AmeriCredit Automobile Receivables Trust		1.790		03/08/19		300,546
		Series - 2013 2 (Class C)
	150,000	AmeriCredit Automobile Receivables Trust		2.380		06/10/19		152,239
		Series - 2013 3 (Class C)
	500,000	Capital Auto Receivables Asset Trust		2.190		09/20/21		496,411
		Series - 0 1 (Class D)
	1,250,000	Capital One Multi-Asset Execution Trust		5.050		12/17/18		1,352,366
		Series - 2006 A3 (Class A3)
	660,000	Capital One Multi-Asset Execution Trust		5.750		07/15/20		753,678
		Series - 2007 A7 (Class A7)
	600,000	Centerpoint Energy Transistion		3.460		08/15/19		634,930
		Series - 0 1 (Class A2)
	500,000	CenterPoint Energy Transition Bond Co II LLC		5.302		08/01/20		567,438
		Series - 2005 A (Class A5)
	600,000	CenterPoint Energy Transition Bond Co LLC		2.161		10/15/21		599,455
		Series - 2012 1 (Class A2)
	400,000	Chase Issuance Trust		0.790		06/15/17		401,580
		Series - 2012 A3 (Class A3)
	395,000	Chase Issuance Trust		1.010		10/15/18		394,815
		Series - 2013 A8 (Class A8)
	135,000	CitiBank Credit Card Issuance Trust		4.900		06/23/16		136,395
		Series - 2009 A4 (Class A4)
	750,000	CitiBank Credit Card Issuance Trust		5.650		09/20/19		854,636
		Series - 2007 A8 (Class A8)
	310,000	CitiBank Credit Card Issuance Trust		5.350		02/07/20		351,451
		Series - 2008 A1 (Class A1)
	193,350	Detroit Edison Securitization Funding LLC		6.620		03/01/16		201,352
		Series - 2001 1 (Class A6)
	3,000,000	Discover Card Master Trust		5.650		03/16/20		3,417,333
		Series - 2007 A1 (Class A1)

115

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	260,000		Ford Credit Auto Owner Trust		3.560	%	01/15/17	$	265,739
			Series - 2010 B (Class D)
	662,000		Ford Credit Auto Owner Trust		0.550		07/15/17		662,579
			Series - 2013 A (Class A3)
	820,000		Ford Credit Auto Owner Trust		1.320		01/15/19		826,063
			Series - 2013 B (Class C)
	1,900,000		GE Capital Credit Card Master Note Trust		1.360		08/17/20		1,874,521
			Series - 2012 6 (Class A)
	590,000		Hyundai Auto Receivables Trust		0.750		09/17/18		587,715
			Series - 2013 A (Class A4)
	1,150,000		Nissan Auto Receivables Owner Trust		0.840		11/15/17		1,155,145
			Series - 2013 B (Class A3)
	400,000		Nissan Auto Receivables Owner Trust		1.000		07/16/18		402,682
			Series - 2012 A (Class A4)
	16,097	i	Residential Asset Securities Corp		6.489		10/25/30		16,115
			Series - 2001 KS2 (Class AI6)
	15,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		15,736
			Series - 2006 HI1 (Class M2)
	200,000		Santander Drive Auto Receivables Trust		3.300		09/17/18		206,452
			Series - 2012 5 (Class D)
	1,500,000		Santander Drive Auto Receivables Trust		2.270		01/15/19		1,506,797
			Series - 2013 1 (Class D)
	300,000		Santander Drive Auto Receivables Trust		1.950		03/15/19		302,769
			Series - 2013 2 (Class C)
	100,000		Volkswagen Auto Loan Enhanced Trust		0.660		03/20/19		99,526
			Series - 2012 2 (Class A4)
	15,000	g	Vornado DP LLC		4.004		09/13/28		15,866
			Series - 2010 VNO (Class A2FX)
			TOTAL ASSET BACKED						22,019,595
OTHER MORTGAGE BACKED - 1.7%
	412,084	i	Banc of America Commercial Mortgage, Inc		5.171		11/10/42		416,540
			Series - 2005 1 (Class A4)
	103,334	i	Banc of America Commercial Mortgage, Inc		5.889		07/10/44		111,754
			Series - 2006 3 (Class A4)
	450,000		Banc of America Commercial Mortgage, Inc		5.356		10/10/45		478,458
			Series - 2006 6 (Class A4)
	177,393		Banc of America Commercial Mortgage, Inc		5.379		09/10/47		178,389
			Series - 2006 5 (Class AAB)
	32,167		Banc of America Commercial Mortgage, Inc		5.449		01/15/49		32,137
			Series - 2007 1 (Class A3)
	125,000		Banc of America Merrill Lynch Commercial Mortgage, Inc		4.811		12/10/42		126,228
			Series - 2004 6 (Class A5)
	1,350,000	i	Banc of America Merrill Lynch Commercial Mortgage, Inc		5.182		09/10/47		1,424,916
			Series - 2005 6 (Class A4)
	28,808		Banc of America Merrill Lynch Commercial Mortgage, Inc		5.620		02/10/51		28,772
			Series - 2007 5 (Class A3)
	1,320,000		Bear Stearns Commercial Mortgage Securities		5.201		12/11/38		1,440,429
			Series - 2006 PW14 (Class A4)
	280,000	i	Bear Stearns Commercial Mortgage Securities		5.440		03/11/39		299,142
			Series - 2006 PW11 (Class A4)

116

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	200,000	i	Bear Stearns Commercial Mortgage Securities		5.716	%	06/11/40	$	223,729
			Series - 2007 PW16 (Class A4)
	343,781		Bear Stearns Commercial Mortgage Securities		4.674		06/11/41		355,680
			Series - 2005 PWR8 (Class A4)
	110,251	i	Bear Stearns Commercial Mortgage Securities		5.468		06/11/41		110,335
			Series - 2004 PWR4 (Class A3)
	825,000	i	Bear Stearns Commercial Mortgage Securities		5.582		09/11/41		901,893
			Series - 2006 PW13 (Class AM)
	489,705		Bear Stearns Commercial Mortgage Securities		5.537		10/12/41		534,808
			Series - 2006 T24 (Class A4)
	473,947	i	Bear Stearns Commercial Mortgage Securities		4.750		02/13/46		481,421
			Series - 2004 T16 (Class A6)
	1,000,000	i	Bear Stearns Commercial Mortgage Securities		5.694		06/11/50		1,118,473
			Series - 2007 PW17 (Class A4)
	500,000		Bear Stearns Commercial Mortgage Securities		5.700		06/11/50		561,124
			Series - 2007 PW18 (Class A4)
	140,571		Bear Stearns Commercial Mortgage Securities		5.736		06/11/50		146,751
			Series - 2007 PW17 (Class A3)
	516,881		Citigroup Commercial Mortgage Trust		4.733		10/15/41		522,336
			Series - 2004 C2 (Class A5)
	750,000		Citigroup Commercial Mortgage Trust		1.987		04/10/46		749,805
			Series - 2013 GC11 (Class A2)
	255,000		Citigroup Commercial Mortgage Trust		4.023		03/10/47		262,343
			Series - 2014 GC19 (Class A4)
	750,000	i	Citigroup Commercial Mortgage Trust		6.133		12/10/49		843,943
			Series - 2008 C7 (Class A4)
	585,000		Citigroup, Inc		5.322		12/11/49		640,230
			Series - 2007 CD4 (Class A4)
	550,000	i	Citigroup/Deutsche Bank Commercial Mortgage Trust		5.216		07/15/44		577,151
			Series - 2005 CD1 (Class AJ)
	1,035,000		Citigroup/Deutsche Bank Commercial Mortgage Trust		5.617		10/15/48		1,120,878
			Series - 2006 CD3 (Class A5)
	730,000		COMM Mortgage Trust		2.256		12/10/44		745,143
			Series - 2012 LC4 (Class A2)
	580,000		COMM Mortgage Trust		4.063		12/10/44		602,404
			Series - 2012 LC4 (Class AM)
	500,000		COMM Mortgage Trust		2.752		08/15/45		498,915
			Series - 2012 CR2 (Class ASB)
	749,000		COMM Mortgage Trust		1.906		01/10/46		748,416
			Series - 2013 LC6 (Class A2)
	400,000		COMM Mortgage Trust		2.941		01/10/46		383,652
			Series - 2013 LC6 (Class A4)
	524,000		COMM Mortgage Trust		3.213		03/10/46		511,422
			Series - 0 CR7 (Class A4)
	501,890	i	COMM Mortgage Trust		5.768		06/10/46		544,859
			Series - 2006 C7 (Class A4)
	1,000,000		COMM Mortgage Trust		4.046		10/10/46		1,032,951
			Series - 2013 CR12 (Class A4)
	500,000		COMM Mortgage Trust		4.258		10/10/46		527,299
			Series - 2013 CR11 (Class A4)
	255,000	i	COMM Mortgage Trust		5.799		12/10/49		286,422
			Series - 2007 C9 (Class A4)

117

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	300,000	i	COMM Mortgage Trust		6.003	%	12/10/49	$	334,453
			Series - 2008 LS1 (Class ASM)
	1,934,219	i	Credit Suisse Commercial Mortgage Trust		5.792		06/15/38		2,096,016
			Series - 2006 C3 (Class A3)
	2,683,419		Credit Suisse First Boston Mortgage Securities Corp		4.829		11/15/37		2,722,288
			Series - 2004 C5 (Class A4)
	500,000	i	Credit Suisse Mortgage Capital Certificates		5.466		02/15/39		533,153
			Series - 0 C1 (Class A4)
	176,474		Credit Suisse Mortgage Capital Certificates		5.467		09/15/39		191,295
			Series - 2006 C4 (Class A3)
	2,100,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		2,259,810
			Series - 2006 C4 (Class AM)
	621,653	i	CS First Boston Mortgage Securities Corp		5.100		08/15/38		646,341
			Series - 2005 C5 (Class A4)
	220,000	i	CS First Boston Mortgage Securities Corp		5.100		08/15/38		230,266
			Series - 2005 C5 (Class AJ)
	160,688	i	GE Capital Commercial Mortgage Corp		5.277		11/10/45		163,780
			Series - 2005 C4 (Class ASB)
	1,000,000	i	GE Capital Commercial Mortgage Corp		5.309		11/10/45		1,056,224
			Series - 2005 C4 (Class A4)
	1,835,000	i	Greenwich Capital Commercial Funding Corp		5.224		04/10/37		1,923,480
			Series - 2005 GG5 (Class A5)
	600,000	i	Greenwich Capital Commercial Funding Corp		5.277		04/10/37		634,897
			Series - 2005 GG5 (Class AM)
	708,887	i	Greenwich Capital Commercial Funding Corp		5.820		07/10/38		770,499
			Series - 2006 GG7 (Class A4)
	550,000		Greenwich Capital Commercial Funding Corp		5.444		03/10/39		602,546
			Series - 2007 GG9 (Class A4)
	610,000		Greenwich Capital Commercial Funding Corp		5.475		03/10/39		656,217
			Series - 2007 GG9 (Class AM)
	2,000,000		Greenwich Capital Commercial Funding Corp		5.736		12/10/49		2,227,626
			Series - 2007 GG11 (Class A4)
	1,825,000	i	GS Mortgage Securities Corp II		5.553		04/10/38		1,949,089
			Series - 2006 GG6 (Class A4)
	740,000	i	GS Mortgage Securities Corp II		5.610		04/10/38		794,670
			Series - 2006 GG6 (Class AM)
	1,350,000		GS Mortgage Securities Corp II		5.560		11/10/39		1,472,680
			Series - 2006 GG8 (Class A4)
	434,000		GS Mortgage Securities Corp II		3.314		01/10/45		448,145
			Series - 0 GC6 (Class AAB)
	300,000		GS Mortgage Securities Corp II		2.943		02/10/46		287,933
			Series - 2013 GC10 (Class A5)
	300,000		GS Mortgage Securities Corp II		3.279		02/10/46		290,113
			Series - 2013 GC10 (Class AS)
	500,000		GS Mortgage Securities Trust		3.482		01/10/45		508,686
			Series - 2012 GC6 (Class A3)
	195,000		GS Mortgage Securities Trust		4.740		05/10/45		206,254
			Series - 0 GCJ7 (Class B)
	250,000		GS Mortgage Securities Trust		1.840		02/10/46		249,853
			Series - 2013 GC10 (Class A2)
	500,000		GS Mortgage Securities Trust		3.135		06/10/46		484,589
			Series - 2013 GC12 (Class A4)

118

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		GS Mortgage Securities Trust		4.074	%	01/10/47	$	516,757
			Series - 2014 GC18 (Class A4)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp		5.633		12/05/27		102,538
			Series - 2009 IWST (Class A2)
	425,194		JP Morgan Chase Commercial Mortgage Securities Corp		5.115		07/15/41		427,228
			Series - 2004 LN2 (Class A2)
	1,125,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.429		12/12/43		1,215,852
			Series - 2006 CB17 (Class A4)
	1,000,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.240		12/15/44		1,055,541
			Series - 2005 LDP5 (Class A4)
	200,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.845		04/15/45		218,947
			Series - 2006 LDP7 (Class AM)
	300,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.202		05/15/45		319,004
			Series - 2012 C6 (Class D)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.483		06/15/45		302,696
			Series - 2012 CBX (Class A4)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		1.855		04/15/46		497,226
			Series - 2013 LC11 (Class A2)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		4.171		08/15/46		530,443
			Series - 2011 C5 (Class A3)
	214,698		JP Morgan Chase Commercial Mortgage Securities Corp		5.134		05/15/47		216,581
			Series - 2006 LDP9 (Class A2)
	1,480,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.336		05/15/47		1,615,820
			Series - 2006 LDP9 (Class A3)
	950,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.440		06/12/47		1,042,904
			Series - 2007 CB18 (Class A4)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.840		12/15/47		286,659
			Series - 2012 LC9 (Class A5)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.143		12/15/47		485,877
			Series - 2013 C10 (Class A5)
	574,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		559,261
			Series - 2013 C10 (Class AS)
	450,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.815		06/15/49		459,603
			Series - 2007 LD11 (Class A3)
	860,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.815		06/15/49		950,812
			Series - 2007 LD11 (Class A4)
	173,045	i	LB-UBS Commercial Mortgage Trust		5.020		08/15/29		174,289
			Series - 2004 C6 (Class A6)
	444,849		LB-UBS Commercial Mortgage Trust		4.742		02/15/30		455,221
			Series - 2005 C1 (Class A4)
	415,000	i	LB-UBS Commercial Mortgage Trust		5.150		04/15/30		427,960
			Series - 2005 C2 (Class A5)
	380,000		LB-UBS Commercial Mortgage Trust		5.156		02/15/31		403,592
			Series - 2006 C1 (Class A4)
	125,000		LB-UBS Commercial Mortgage Trust		5.372		09/15/39		136,572
			Series - 2006 C6 (Class A4)
	200,000	i	LB-UBS Commercial Mortgage Trust		5.452		09/15/39		214,662
			Series - 2006 C6 (Class AJ)
	1,405,000		LB-UBS Commercial Mortgage Trust		5.424		02/15/40		1,542,027
			Series - 2007 C1 (Class A4)
	799,178		LB-UBS Commercial Mortgage Trust		5.430		02/15/40		880,644
			Series - 2007 C2 (Class A3)

119

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	875,000		LB-UBS Commercial Mortgage Trust		4.843	%	07/15/40	$	906,721
			Series - 2005 C3 (Class AJ)
	600,000	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		663,653
			Series - 2007 C6 (Class AM)
	301,974	i	LB-UBS Commercial Mortgage Trust		5.866		09/15/45		341,187
			Series - 2007 C7 (Class A3)
	134,262	i	Merrill Lynch Mortgage Trust		5.283		11/12/37		141,065
			Series - 2005 CKI1 (Class A6)
	225,000	i	Merrill Lynch Mortgage Trust		5.283		11/12/37		236,455
			Series - 2005 CKI1 (Class AJ)
	290,000	i	Merrill Lynch Mortgage Trust		5.107		07/12/38		304,705
			Series - 2005 CIP1 (Class AM)
	235,000	i	Merrill Lynch Mortgage Trust		5.657		05/12/39		253,395
			Series - 2006 C1 (Class A4)
	325,387	i	Merrill Lynch Mortgage Trust		5.841		06/12/50		333,775
			Series - 2007 C1 (Class A3)
	466,616	i	Merrill Lynch/Countrywide Commercial Mortgage Trust		5.467		02/12/39		496,193
			Series - 2006 1 (Class A4)
	164,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.506		11/15/45		159,673
			Series - 2012 C6 (Class A3)
	60,000		Morgan Stanley Bank of America Merrill Lynch Trust		2.918		02/15/46		57,460
			Series - 2013 C7 (Class A4)
	750,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.102		05/15/46		724,834
			Series - 2013 C9 (Class A4)
	500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.456		05/15/46		484,428
			Series - 2013 C9 (Class AS)
	240,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		3.708		05/15/46		231,463
			Series - 2013 C9 (Class B)
	39,416	i	Morgan Stanley Capital I		5.948		04/15/38		39,384
			Series - 2003 IQ5 (Class C)
	146,775		Morgan Stanley Capital I		4.970		04/14/40		147,559
			Series - 2004 HQ4 (Class A7)
	297,909	i	Morgan Stanley Capital I		5.270		06/13/41		299,656
			Series - 2004 T15 (Class A4)
	827,185		Morgan Stanley Capital I		5.168		01/14/42		845,008
			Series - 2005 HQ5 (Class A4)
	590,000		Morgan Stanley Capital I		5.364		03/15/44		645,690
			Series - 2007 IQ13 (Class A4)
	194,838	i	Morgan Stanley Capital I		5.731		07/12/44		211,451
			Series - 2006 HQ9 (Class A4)
	750,000		Morgan Stanley Capital I		5.569		12/15/44		811,642
			Series - 2007 HQ13 (Class A3)
	250,000		Morgan Stanley Capital I		2.111		03/15/45		254,401
			Series - 2012 C4 (Class A2)
	1,250,000		Morgan Stanley Capital I		3.244		03/15/45		1,248,399
			Series - 2012 C4 (Class A4)
	1,550,000	i	Morgan Stanley Capital I		5.692		04/15/49		1,713,314
			Series - 2007 IQ14 (Class A4)
	205,000	i	Morgan Stanley Capital I		5.544		11/12/49		223,914
			Series - 2007 T25 (Class AM)
	1,750,000		Morgan Stanley Capital I		5.809		12/12/49		1,946,401
			Series - 2007 IQ16 (Class A4)

120

TIAA-CREF FUNDS - Bond Index Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	245,000		Morgan Stanley Capital I		4.770	%	07/15/56	$	251,321
			Series - 0 IQ9 (Class AJ)
	500,000	i	TIAA Seasoned Commercial Mortgage Trust		5.551		08/15/39		531,814
			Series - 2007 C4 (Class AJ)
	1,500,000		UBS Barclays Commercial Mortgage Trust		3.185		03/10/46		1,459,614
			Series - 2013 C5 (Class A4)
	500,000		UBS Barclays Commercial Mortgage Trust		3.244		04/10/46		487,787
			Series - 0 C6 (Class A4)
	1,000,000		UBS Barclays Commercial Mortgage Trust		3.525		05/10/63		1,004,731
			Series - 2012 C2 (Class A4)
	400,000		UBS Citigroup Commercial Mortgage Trust		3.595		01/10/45		408,603
			Series - 2011 C1 (Class A3)
	100,000		UBS Commercial Mortgage Trust		4.822		05/10/45		105,395
			Series - 2012 C1 (Class B)
	100,000		Wachovia Bank Commercial Mortgage Trust		5.342		12/15/43		109,529
			Series - 2007 C30 (Class A5)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.289		12/15/44		1,058,909
			Series - 2005 C22 (Class A4)
	730,228	i	Wachovia Bank Commercial Mortgage Trust		5.339		12/15/44		774,420
			Series - 2005 C22 (Class AM)
	105,000	i	Wachovia Bank Commercial Mortgage Trust		5.515		01/15/45		110,860
			Series - 2006 C23 (Class AJ)
	40,901		Wachovia Bank Commercial Mortgage Trust		5.576		03/15/45		40,943
			Series - 2006 C24 (Class APB)
	834,885	i	Wachovia Bank Commercial Mortgage Trust		5.765		07/15/45		897,899
			Series - 2006 C27 (Class A3)
	750,000		Wachovia Bank Commercial Mortgage Trust		5.678		05/15/46		831,950
			Series - 2007 C34 (Class A3)
	300,000	i	Wachovia Bank Commercial Mortgage Trust		5.603		10/15/48		325,757
			Series - 2006 C28 (Class AM)
	200,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		224,328
			Series - 2007 C33 (Class A5)
	1,225,000	i	Wachovia Bank Commercial Mortgage Trust		5.953		02/15/51		1,342,146
			Series - 2007 C33 (Class A4)
	1,250,000		WF-RBS Commercial Mortgage Trust		2.684		11/15/44		1,292,363
			Series - 2011 C5 (Class A2)
	250,000	i	WF-RBS Commercial Mortgage Trust		4.848		06/15/45		259,155
			Series - 0 C7 (Class C)
	400,000		WF-RBS Commercial Mortgage Trust		3.001		08/15/45		389,022
			Series - 2012 C8 (Class A3)
	775,000		WF-RBS Commercial Mortgage Trust		3.241		12/15/45		748,256
			Series - 2012 C10 (Class AS)
	600,000		WF-RBS Commercial Mortgage Trust		3.337		06/15/46		590,524
			Series - 2013 C14 (Class A5)
	500,000	i	WF-RBS Commercial Mortgage Trust		4.646		03/15/47		500,859
			Series - 2014 C19 (Class C)
	1,000,000		WF-RBS Commercial Mortgage Trust		4.723		03/15/47		1,036,016
			Series - 2014 C19 (Class B)

121

TIAA-CREF FUNDS - Bond Index Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	295,460	WF-RBS Commercial Mortgage Trust		0.735	%	03/15/48	$	292,803
		Series - 2013 C12 (Class A1)
	500,000	WF-RBS Commercial Mortgage Trust		3.198		03/15/48		488,651
		Series - 2013 C12 (Class A4)
		TOTAL OTHER MORTGAGE BACKED						87,634,247
		TOTAL STRUCTURED ASSETS						109,653,842
		(Cost $108,578,713)
		TOTAL BONDS						5,047,790,409
		(Cost $5,049,623,713)
SHORT-TERM INVESTMENTS - 0.0%
TREASURY DEBT - 0.0%
	2,200,000	United States Treasury Bill		0.050		04/17/14		2,199,951
		TOTAL TREASURY DEBT						2,199,951
		TOTAL SHORT-TERM INVESTMENTS						2,199,951
		(Cost $2,199,951)
		TOTAL INVESTMENTS - 99.3% (Cost $5,051,823,664)						5,049,990,360
		OTHER ASSETS & LIABILITIES, NET - 0.7%						33,505,272
		NET ASSETS - 100.0%					$	5,083,495,632

	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 3/31/2014, the aggregate value of these securities was $9,543,111 or 0.2% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon.

122

TIAA-CREF FUNDS - Bond Plus Fund

TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS
March 31, 2014

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 3.8%
AUTOMOBILES & COMPONENTS - 0.1%
$	2,325,967	i	Allison Transmission, Inc		3.750	%	08/23/19	$	2,325,130
			TOTAL AUTOMOBILES & COMPONENTS						2,325,130
CAPITAL GOODS - 0.5%
	1,995,000	i	Alliant Techsystems, Inc		3.500		11/01/20		1,999,987
	788,040	i	FMG Resources August 2006 Pty Ltd		4.250		06/28/19		793,722
	1,302,621	i	Generac Power Systems, Inc		3.500		05/31/20		1,301,644
	3,000,000	i	Schaeffler AG.		4.250		01/27/17		3,010,620
	2,142,727	i	Tomkins LLC		3.750		09/29/16		2,144,312
	2,925,379	i	TransDigm, Inc		3.750		02/28/20		2,925,379
			TOTAL CAPITAL GOODS						12,175,664
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	989,950	i	Pilot Corp		4.250		08/07/19		994,286
	995,000	i	Pitney Bowes Management		7.500		10/01/19		999,975
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						1,994,261
CONSUMER DURABLES & APPAREL - 0.2%
	3,250,000	h	Capital Safety North America		4.000		03/26/21		3,243,500
	2,984,962	i	CIH International Sarl		2.750		06/05/20		2,994,663
			TOTAL CONSUMER DURABLES & APPAREL						6,238,163
CONSUMER SERVICES - 0.7%
	696,500	i	Boyd Gaming Corp		4.000		08/14/20		696,848
	1,391,894	i	Burger King Corp		3.750		09/28/19		1,399,898
	1,995,000	i	CityCenter Holdings LLC		5.000		10/16/20		2,009,344
	2,189,073	i	DineEquity, Inc		3.750		10/19/17		2,195,093
	2,289,474	i	Hilton Worldwide		3.500		10/26/20		2,292,129
	405,000	h,i	La Quinta Intermediate Holdings LLC		4.000		02/19/21		404,749
	2,493,750	i	Marina District Finance Co, Inc		6.750		08/15/18		2,526,992
	592,500	i	MGM Resorts International		3.500		12/20/19		590,835
	1,491,237	i	Pinnacle Entertainment, Inc		3.750		08/13/20		1,493,564
	1,493,756	i	Spin Holdco, Inc		4.250		11/14/19		1,491,142
			TOTAL CONSUMER SERVICES						15,100,594
DIVERSIFIED FINANCIALS - 0.2%
	4,075,000	h	TransUnion LLC		4.000		03/10/21		4,081,805
			TOTAL DIVERSIFIED FINANCIALS						4,081,805
ENERGY - 0.1%
	2,947,545	i	Arch Coal, Inc		6.250		05/16/18		2,902,507
			TOTAL ENERGY						2,902,507

123

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
FOOD & STAPLES RETAILING - 0.1%
$	1,000,000	i	Rite Aid Corp		5.750	%	08/21/20	$	1,020,630
	1,500,000	i	Rite Aid Corp		4.875		06/21/21		1,520,625
			TOTAL FOOD & STAPLES RETAILING						2,541,255
FOOD, BEVERAGE & TOBACCO - 0.1%
	2,282,750	i	HJ Heinz Co		3.500		06/05/20		2,291,790
			TOTAL FOOD, BEVERAGE & TOBACCO						2,291,790
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	650,000	h,i	Accellent, Inc		4.500		03/12/21		648,914
	2,977,500	i	Biomet, Inc		3.654		07/25/17		2,979,495
	3,217,398	i	Capsugel Holdings US, Inc		3.500		08/01/18		3,210,706
	2,985,000	i	HCA, Inc		2.984		05/01/18		2,983,149
	2,984,988	i	Kinetic Concepts, Inc		4.000		05/04/18		2,987,973
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						12,810,237
INSURANCE - 0.1%
	1,209,733	i	Compass Investors, Inc		4.250		12/27/19		1,213,520
			TOTAL INSURANCE						1,213,520
MATERIALS - 0.1%
	1,017,313	i	Tronox Pigments BV		4.500		03/19/20		1,022,531
			TOTAL MATERIALS						1,022,531
MEDIA - 0.2%
	2,481,250	i	CSC Holdings LLC		2.653		04/17/20		2,448,076
	2,000,000	i	Virgin Media Investment Holdings Ltd		3.500		06/08/20		1,994,660
			TOTAL MEDIA						4,442,736
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	1,591,651	i	NBTY, Inc		3.500		10/01/17		1,594,437
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,594,437
RETAILING - 0.1%
	1,962,613	i	Academy Ltd		4.500		08/03/18		1,967,774
			TOTAL RETAILING						1,967,774
SOFTWARE & SERVICES - 0.4%
	2,542,500	i	Activision Blizzard, Inc		3.250		10/12/20		2,539,957
	1,100,000	h,i	Asurion LLC		8.500		03/03/21		1,134,375
	962,610	i	IMS Health, Inc		3.750		03/17/21		960,377
	1,343,980	i	Infor US, Inc		3.750		06/03/20		1,338,940
	3,000,000	i	Mitchell International, Inc		8.500		10/11/21		3,063,750
	1,558,776	i	P2 Lower Acquisition LLC		5.500		10/22/20		1,567,551
			TOTAL SOFTWARE & SERVICES						10,604,950
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	1,995,000	i	Scientific Games International, Inc		4.250		10/18/20		1,995,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						1,995,000

124

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
TELECOMMUNICATION SERVICES - 0.0%
$	997,500	i	Internap Network Services Corp		6.000	%	11/26/19	$	1,002,488
	425,000	h	Presidio, Inc		5.000		03/31/17		426,862
			TOTAL TELECOMMUNICATION SERVICES						1,429,350
UTILITIES - 0.0%
	246,250	i	Calpine Corp		4.000		10/09/19		246,713
			TOTAL UTILITIES						246,713
			TOTAL BANK LOAN OBLIGATIONS						86,978,417
			(Cost $86,604,521)
BONDS - 92.4%
CORPORATE BONDS - 40.6%
AUTOMOBILES & COMPONENTS - 0.3%
	1,400,000	g	Chrysler Group LLC		8.000		06/15/19		1,533,000
	1,000,000		Chrysler Group LLC		8.000		06/15/19		1,095,000
	1,000,000		Ford Motor Co		7.450		07/16/31		1,283,121
	950,000		Ford Motor Co		4.750		01/15/43		918,673
	775,000	g	TRW Automotive, Inc		4.500		03/01/21		796,312
			TOTAL AUTOMOBILES & COMPONENTS						5,626,106
BANKS - 5.2%
	2,000,000	g	Australia & New Zealand Banking Group Ltd		2.400		11/23/16		2,065,900
	1,025,000	g	Banco Davivienda S.A.		2.950		01/29/18		1,009,625
	2,000,000	g	Banco de Bogota S.A.		5.000		01/15/17		2,122,500
	225,000	g	Banco de Credito e Inversiones		4.000		02/11/23		218,377
	1,500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		1,537,500
	2,000,000	g	Banco del Estado de Chile		2.000		11/09/17		1,987,578
	1,500,000	g	Banco Nacional de Costa Rica		4.875		11/01/18		1,513,125
	750,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		4.125		11/09/22		735,937
	865,000		Bancolombia S.A.		5.950		06/03/21		923,387
	1,000,000	g	Bangkok Bank PCL		3.300		10/03/18		1,007,021
	370,000	g	Bank Nederlandse Gemeenten		1.375		09/27/17		369,552
	6,450,000	g	Bank of Montreal		2.625		01/25/16		6,688,134
	1,500,000	g	Bank of Nova Scotia		1.650		10/29/15		1,527,390
	4,800,000	g	Bank of Nova Scotia		2.150		08/03/16		4,952,016
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		1,026,257
	1,000,000		BB&T Corp		1.450		01/12/18		987,580
	375,000		BB&T Corp		2.050		06/19/18		375,123
	750,000	g	BBVA Banco Continental S.A.		2.250		07/29/16		750,000
	450,000	g	BBVA Banco Continental S.A.		3.250		04/08/18		452,250
	1,000,000	g	Caixa Economica Federal		2.375		11/06/17		965,000
	1,000,000	g	Caixa Economica Federal		4.500		10/03/18		1,017,500
	1,750,000	g	Canadian Imperial Bank of Commerce		2.750		01/27/16		1,818,757
	2,000,000		Capital One Bank NA		1.500		03/22/18		1,958,152
	300,000		Capital One Bank USA NA		3.375		02/15/23		291,916
	285,000		Citigroup, Inc		5.000		09/15/14		290,519
	189,000		Citigroup, Inc		5.500		10/15/14		193,981
	1,000,000		Citigroup, Inc		2.250		08/07/15		1,018,264

125

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	8,975,000		Citigroup, Inc		1.300	%	11/15/16	$	8,970,351
	3,050,000		Citigroup, Inc		3.500		05/15/23		2,877,522
	2,500,000		Citigroup, Inc		3.875		10/25/23		2,482,307
	2,000,000		Citigroup, Inc		4.950		11/07/43		2,032,410
	975,000		Citigroup, Inc		6.675		09/13/43		1,141,726
	3,500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		2.250		01/14/19		3,490,253
	225,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		233,015
	3,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		2,979,507
	2,500,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625		12/01/23		2,572,637
	1,200,000	g,i	Credit Agricole S.A.		7.875		12/30/49		1,267,500
	3,125,000	g	HSBC Bank plc		1.500		05/15/18		3,060,916
	500,000	g	HSBC Bank plc		4.125		08/12/20		529,903
	2,025,000		HSBC Holdings plc		4.250		03/14/24		2,027,493
	875,000		HSBC Holdings plc		5.250		03/14/44		884,762
	1,150,000		HSBC USA, Inc		2.375		02/13/15		1,169,613
	1,000,000		HSBC USA, Inc		1.625		01/16/18		991,745
	335,000		JPMorgan Chase & Co		5.125		09/15/14		342,041
	1,500,000		JPMorgan Chase & Co		3.150		07/05/16		1,569,674
	3,000,000		JPMorgan Chase & Co		2.000		08/15/17		3,041,244
	1,000,000		JPMorgan Chase & Co		1.800		01/25/18		997,686
	2,500,000		JPMorgan Chase & Co		3.875		02/01/24		2,522,430
	775,000		JPMorgan Chase & Co		4.850		02/01/44		790,226
	400,000	i	JPMorgan Chase & Co		5.150		12/30/49		375,000
	2,475,000	i	Malayan Banking Bhd		3.250		09/20/22		2,463,590
	1,900,000	g	PKO Finance AB		4.630		09/26/22		1,914,250
	1,675,000		PNC Bank NA		2.200		01/28/19		1,669,538
	3,000,000		PNC Bank NA		2.950		01/30/23		2,848,266
	1,500,000		PNC Funding Corp		2.700		09/19/16		1,559,052
	700,000	g,i	Rabobank Nederland NV		11.000		12/30/49		929,250
	3,325,000		Royal Bank of Canada		2.200		07/27/18		3,346,626
	1,500,000	g	Russian Agricultural Bank OJSC Via RSHB Capital S.A.		5.100		07/25/18		1,462,500
	2,750,000	g	State Bank of India		3.250		04/18/18		2,717,990
	125,000	g	Sumitomo Mitsui Banking Corp		3.150		07/22/15		128,799
	2,000,000		Sumitomo Mitsui Banking Corp		2.500		07/19/18		2,034,040
	575,000		SunTrust Bank		2.750		05/01/23		538,519
	425,000		Toronto-Dominion Bank		2.500		07/14/16		441,096
	2,000,000	g	Toronto-Dominion Bank		1.625		09/14/16		2,038,300
	1,000,000	g	Turkiye Halk Bankasi AS.		4.875		07/19/17		1,008,360
	1,000,000	g	Turkiye Is Bankasi		3.750		10/10/18		938,500
	700,000	g	Turkiye Is Bankasi		5.500		04/21/19		705,250
	725,000	g	Turkiye Is Bankasi		6.000		10/24/22		678,600
	500,000		Union Bank NA		2.125		06/16/17		509,277
	400,000		UnionBanCal Corp		3.500		06/18/22		404,135
	1,000,000		US Bancorp		1.650		05/15/17		1,012,202
	475,000		US Bancorp		2.950		07/15/22		456,857
	1,800,000		Westpac Banking Corp		2.250		01/17/19		1,791,742
			TOTAL BANKS						115,750,041
CAPITAL GOODS - 1.2%
	1,750,000		Access Midstream Partners LP		5.875		04/15/21		1,863,750
	250,000		Alliant Techsystems, Inc		6.875		09/15/20		271,875
	750,000	g	Alpek S.A. de C.V.		5.375		08/08/23		774,375
	825,000	o	Alphabet Holding Co, Inc		7.750		11/01/17		852,844

126

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,225,000		Anixter, Inc		5.625	%	05/01/19	$	1,304,625
	1,200,000		Caterpillar, Inc		1.375		05/27/14		1,201,606
	950,000		Caterpillar, Inc		1.500		06/26/17		950,625
	680,000		Crown Americas LLC		4.500		01/15/23		649,400
	650,000		Deere & Co		2.600		06/08/22		621,457
	625,000	g	EADS Finance BV		2.700		04/17/23		590,521
	150,000		Eaton Corp		4.000		11/02/32		145,098
	837,500		Huntington Ingalls Industries, Inc		6.875		03/15/18		900,312
	6,000,000		John Deere Capital Corp		1.050		10/11/16		6,020,886
	725,000	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		750,375
	729,675	g	Odebrecht Offshore Drilling Finance Ltd		6.750		10/01/22		757,038
	660,000	g	Rexel S.A.		6.125		12/15/19		694,650
	500,000	g	Rexel S.A.		5.250		06/15/20		511,250
	100,000	g	Schaeffler Finance BV		7.750		02/15/17		113,500
	600,000	g	Schaeffler Finance BV		8.500		02/15/19		669,750
	500,000		Seagate HDD Cayman		6.875		05/01/20		543,125
	920,000		Seagate HDD Cayman		7.000		11/01/21		1,029,250
	947,000	g	Sealed Air Corp		8.375		09/15/21		1,090,234
	1,000,000		SPX Corp		6.875		09/01/17		1,135,000
	2,290,000	g	Stena AB		7.000		02/01/24		2,330,075
	500,000		TransDigm, Inc		7.750		12/15/18		536,250
	670,000	g	TSMC Global Ltd		1.625		04/03/18		649,521
	875,000		United Technologies Corp		1.800		06/01/17		889,623
			TOTAL CAPITAL GOODS						27,847,015
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	1,825,000	g	ADT Corp		6.250		10/15/21		1,875,187
	1,200,000		Air Lease Corp		3.875		04/01/21		1,200,000
	1,225,000		Clean Harbors, Inc		5.125		06/01/21		1,249,500
	250,000	g	Empresa de Transporte de Pasajeros Metro S.A.		4.750		02/04/24		259,657
	1,175,000		MasterCard, Inc		2.000		04/01/19		1,169,925
	2,000,000		News America, Inc		5.300		12/15/14		2,067,990
	670,000		Republic Services, Inc		3.800		05/15/18		710,289
	1,000,000		RR Donnelley & Sons Co		7.875		03/15/21		1,145,000
	67,000		RR Donnelley & Sons Co		7.250		05/15/18		77,887
	325,000		RR Donnelley & Sons Co		7.000		02/15/22		357,500
	675,000		RR Donnelley & Sons Co		6.500		11/15/23		712,969
	1,925,000	g	SPL Logistics Escrow LLC		8.875		08/01/20		2,107,876
	1,000,000		United Rentals North America, Inc		7.375		05/15/20		1,103,750
	1,000,000		United Rentals North America, Inc		7.625		04/15/22		1,121,250
	1,000,000		Waste Management, Inc		2.600		09/01/16		1,035,588
	2,550,000		Waste Management, Inc		2.900		09/15/22		2,434,488
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						18,628,856
CONSUMER DURABLES & APPAREL - 0.6%
	825,000	g	Arcelik AS.		5.000		04/03/23		721,875
	1,000,000		DR Horton, Inc		5.750		08/15/23		1,057,500
	275,000		DR Horton, Inc		4.750		05/15/17		291,500
	161,000		DR Horton, Inc		3.625		02/15/18		163,415
	600,000		DR Horton, Inc		3.750		03/01/19		601,500
	500,000		Hanesbrands, Inc		6.375		12/15/20		546,250
	1,000,000		KB Home		7.000		12/15/21		1,076,250

127

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000		Lennar Corp		4.500	%	06/15/19	$	2,035,000
	500,000		Levi Strauss & Co		6.875		05/01/22		548,750
	3,000,000		Libbey Glass, Inc		6.875		05/15/20		3,277,500
	1,100,000		Whirlpool Corp		8.600		05/01/14		1,106,752
	225,000		Whirlpool Corp		3.700		03/01/23		222,898
			TOTAL CONSUMER DURABLES & APPAREL						11,649,190
CONSUMER SERVICES - 0.9%
	545,000		Ameristar Casinos, Inc		7.500		04/15/21		589,962
	350,000		ARAMARK Corp		5.750		03/15/20		369,688
	300,000	g	Ceridian HCM Holding, Inc		11.000		03/15/21		345,750
	500,000		DineEquity, Inc		9.500		10/30/18		545,000
	1,350,000	g	GLP Capital LP		4.375		11/01/18		1,385,438
	1,500,000		MGM Resorts International		6.750		10/01/20		1,663,125
	1,880,000		Northeastern University		4.181		03/01/23		1,930,171
	2,000,000	g	SABMiller Holdings, Inc		2.200		08/01/18		1,997,386
	2,000,000	g	SABMiller Holdings, Inc		3.750		01/15/22		2,044,086
	1,000,000		Service Corp International		7.625		10/01/18		1,153,750
	2,945,000	g	Six Flags Entertainment Corp		5.250		01/15/21		2,967,088
	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		3,698,988
			TOTAL CONSUMER SERVICES						20,177,932
DIVERSIFIED FINANCIALS - 5.4%
	545,000	g	Abbey National Treasury Services plc		3.875		11/10/14		556,135
	335,000		Abbey National Treasury Services plc		4.000		04/27/16		355,077
	700,000	g	Ajecorp BV		6.500		05/14/22		680,750
	1,000,000		Ally Financial, Inc		4.750		09/10/18		1,057,500
	600,000		American Express Centurion Bank		0.875		11/13/15		602,159
	875,000		American Express Centurion Bank		6.000		09/13/17		1,005,137
	2,375,000		American Express Credit Corp		1.750		06/12/15		2,407,944
	1,500,000		American Express Credit Corp		1.300		07/29/16		1,511,677
	250,000		American Express Credit Corp		2.800		09/19/16		260,725
	2,000,000		American Express Credit Corp		2.125		07/27/18		2,009,316
	750,000	b,g	Aralco Finance SA		10.125		05/07/20		65,625
	900,000	g	Bangkok Bank PCL		3.250		10/18/15		920,856
	3,475,000		Bank of America Corp		3.750		07/12/16		3,674,837
	650,000		Bank of America Corp		5.300		03/15/17		715,290
	25,000		Bank of America Corp		6.000		09/01/17		28,362
	7,850,000		Bank of America Corp		2.600		01/15/19		7,880,968
	1,000,000		Bank of America Corp		5.490		03/15/19		1,110,743
	3,000,000		Bank of America Corp		2.650		04/01/19		3,009,567
	3,150,000		Bank of America Corp		4.100		07/24/23		3,195,095
	500,000		Bank of America Corp		4.000		04/01/24		499,411
	2,900,000		Bank of America Corp		5.000		01/21/44		2,960,569
	500,000		Bank of New York Mellon Corp		1.200		02/20/15		503,533
	1,350,000	i	Bank of New York Mellon Corp		1.969		06/20/17		1,377,090
	275,000		Bank of New York Mellon Corp		5.450		05/15/19		313,991
	1,000,000	g	BBVA Bancomer S.A.		6.750		09/30/22		1,095,000
	500,000		BlackRock, Inc		3.500		12/10/14		510,759
	825,000		BlackRock, Inc		1.375		06/01/15		832,768
	1,350,000		BlackRock, Inc		4.250		05/24/21		1,465,455

128

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,750,000		BlackRock, Inc		3.500	%	03/18/24	$	1,737,703
	2,000,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		2,073,940
	3,000,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		3,039,660
	3,175,000		Capital One Financial Corp		1.000		11/06/15		3,179,496
	1,000,000		Celanese US Holdings LLC		4.625		11/15/22		985,000
	1,000,000	g	Comcel Trust		6.875		02/06/24		1,046,250
	300,000		Countrywide Financial Corp		6.250		05/15/16		329,044
	500,000		Export-Import Bank of Korea		4.000		01/14/24		517,413
	2,000,000		Ford Motor Credit Co LLC		1.700		05/09/16		2,022,332
	1,500,000		Ford Motor Credit Co LLC		3.000		06/12/17		1,557,989
	1,000,000		Ford Motor Credit Co LLC		5.750		02/01/21		1,141,124
	3,000,000		General Electric Capital Corp		1.500		07/12/16		3,039,747
	950,000		General Electric Capital Corp		2.300		04/27/17		978,209
	2,500,000		General Electric Capital Corp		2.300		01/14/19		2,522,420
	5,450,000		General Electric Capital Corp		3.100		01/09/23		5,333,098
	400,000		General Electric Capital Corp		6.875		01/10/39		526,776
	500,000		General Motors Financial Co, Inc		2.750		05/15/16		506,550
	2,165,000		General Motors Financial Co, Inc		4.750		08/15/17		2,313,844
	2,575,000		General Motors Financial Co, Inc		3.250		05/15/18		2,597,531
	150,000		General Motors Financial Co, Inc		4.250		05/15/23		148,125
	275,000		Goldman Sachs Group, Inc		3.300		05/03/15		282,430
	2,890,000		Goldman Sachs Group, Inc		2.375		01/22/18		2,909,201
	500,000		Goldman Sachs Group, Inc		2.625		01/31/19		498,719
	2,500,000		Goldman Sachs Group, Inc		3.625		01/22/23		2,459,265
	1,200,000		Goldman Sachs Group, Inc		4.000		03/03/24		1,194,680
	150,000		Goldman Sachs Group, Inc		6.450		05/01/36		166,520
	2,375,000		Goldman Sachs Group, Inc		6.750		10/01/37		2,720,608
	500,000		Goldman Sachs Group, Inc		6.250		02/01/41		593,723
	575,000	g	Icahn Enterprises LP		4.875		03/15/19		585,063
	1,700,000	g	Icahn Enterprises LP		5.875		02/01/22		1,725,500
	200,000	g	International Lease Finance Corp		6.500		09/01/14		204,250
	1,420,000		International Lease Finance Corp		5.750		05/15/16		1,527,395
	1,300,000		International Lease Finance Corp		3.875		04/15/18		1,326,000
	2,000,000		International Lease Finance Corp		5.875		08/15/22		2,115,000
	750,000	g	Inversiones CMPC S.A.		4.375		05/15/23		725,340
	1,705,000		John Deere Capital Corp		2.250		06/07/16		1,761,256
	500,000		John Deere Capital Corp		1.400		03/15/17		503,486
	375,000		John Deere Capital Corp		2.750		03/15/22		365,181
	300,000		Kreditanstalt fuer Wiederaufbau		4.875		01/17/17		332,601
	850,000	g	Lukoil International Finance BV		6.125		11/09/20		879,750
	1,200,000		Morgan Stanley		1.750		02/25/16		1,215,482
	2,175,000		Morgan Stanley		2.500		01/24/19		2,168,943
	1,000,000		Morgan Stanley		5.500		07/28/21		1,129,870
	800,000		Morgan Stanley		3.750		02/25/23		794,929
	500,000		Morgan Stanley		6.375		07/24/42		609,936
	250,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		337,082
	1,000,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		991,070
	750,000	g	PTTEP Australia International Finance Pty Ltd		4.152		07/19/15		771,580
	3,575,000		SLM Corp		4.875		06/17/19		3,632,829
	450,000		State Street Corp		4.300		05/30/14		452,840

129

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,675,000		State Street Corp		1.350	%	05/15/18	$	1,644,458
	1,550,000	g	Temasek Financial I Ltd		2.375		01/23/23		1,427,212
	400,000		Toyota Motor Credit Corp		1.250		10/05/17		396,342
	750,000	g	Turkiye Vakiflar Bankasi Tao		3.750		04/15/18		708,900
	1,000,000		Unilever Capital Corp		0.850		08/02/17		982,839
	1,500,000		Unilever Capital Corp		2.200		03/06/19		1,499,883
	500,000		Wells Fargo & Co		1.500		07/01/15		505,819
	650,000		Wells Fargo & Co		2.100		05/08/17		665,555
	2,075,000		Wells Fargo & Co		5.375		11/02/43		2,185,786
			TOTAL DIVERSIFIED FINANCIALS						121,199,913
ENERGY - 4.6%
	160,000		Anadarko Petroleum Corp		6.950		06/15/19		190,962
	325,000		Apache Corp		1.750		04/15/17		328,087
	855,000		Apache Corp		4.750		04/15/43		859,513
	833,000		Arch Coal, Inc		7.000		06/15/19		643,492
	3,000,000		Ashland, Inc		3.875		04/15/18		3,097,500
	2,000,000		Atlas Pipeline Partners LP		5.875		08/01/23		1,975,000
	3,600,000		BP Capital Markets plc		1.375		05/10/18		3,524,116
	2,000,000		Calumet Specialty Products Partners LP		9.625		08/01/20		2,295,000
	1,115,000	g	Calumet Specialty Products Partners LP		6.500		04/15/21		1,123,362
	1,000,000		Calumet Specialty Products Partners LP		7.625		01/15/22		1,060,000
	575,000		Canadian Natural Resources Ltd		3.800		04/15/24		577,874
	1,400,000		Chaparral Energy, Inc		7.625		11/15/22		1,515,500
	500,000		Chesapeake Energy Corp		5.375		06/15/21		526,250
	500,000		Chesapeake Midstream Partners LP		6.125		07/15/22		538,125
	770,000		Cimarex Energy Co		5.875		05/01/22		835,450
	1,950,000		Concho Resources, Inc		5.500		04/01/23		2,028,000
	500,000		Consol Energy Inc		8.250		04/01/20		543,125
	2,340,000		Continental Resources, Inc		5.000		09/15/22		2,457,000
	2,415,000		Crestwood Midstream Partners LP		6.000		12/15/20		2,529,712
	500,000	g	Crestwood Midstream Partners LP		6.125		03/01/22		522,500
	456,000		Crosstex Energy LP		7.125		06/01/22		532,950
	625,000		Devon Energy Corp		1.875		05/15/17		629,534
	300,000		Devon Energy Corp		4.750		05/15/42		297,406
	1,075,000		Ecopetrol S.A.		4.250		09/18/18		1,139,500
	625,000		Ecopetrol S.A.		5.875		09/18/23		682,812
	825,000	g	EDC Finance Ltd		4.875		04/17/20		746,625
	500,000	g	Empresa Nacional del Petroleo		6.250		07/08/19		562,184
	275,000		Enterprise Products Operating LLC		5.600		10/15/14		282,370
	75,000		Enterprise Products Operating LLC		5.000		03/01/15		77,951
	750,000		Enterprise Products Operating LLC		5.100		02/15/45		775,208
	300,000		EOG Resources, Inc		2.625		03/15/23		283,423
	1,250,000		EP Energy LLC		6.875		05/01/19		1,350,000
	1,250,000		EP Energy LLC		9.375		05/01/20		1,445,312
	2,400,000		Exterran Partners LP		6.000		04/01/21		2,388,000
	750,000	g	Gazprom Neft OAO		4.375		09/19/22		665,625
	750,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		05/23/16		773,437
	1,000,000	g	Gazprom OAO Via Gaz Capital S.A.		3.850		02/06/20		937,500
	1,000,000	g	GS Caltex Corp		3.250		10/01/18		1,008,695
	1,000,000		Halcon Resources Corp		9.750		07/15/20		1,077,500
	850,000		Halcon Resources Corp		8.875		05/15/21		881,875

130

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	285,000		Hess Corp		5.600	%	02/15/41	$	312,973
	950,000	g	Indo Energy Finance II BV		6.375		01/24/23		755,250
	715,000	g	KMG Finance Sub BV		6.375		04/09/21		779,350
	2,000,000	g	Linn Energy LLC		7.250		11/01/19		2,085,000
	750,000		Marathon Petroleum Corp		3.500		03/01/16		785,692
	275,000		MarkWest Energy Partners LP		6.750		11/01/20		297,687
	425,000		MarkWest Energy Partners LP		5.500		02/15/23		436,687
	1,000,000	g	Murphy Oil USA, Inc		6.000		08/15/23		1,032,500
	300,000		Newfield Exploration Co		5.750		01/30/22		318,750
	900,000		Newfield Exploration Co		5.625		07/01/24		933,750
	1,100,000		Noble Energy, Inc		5.250		11/15/43		1,148,114
	125,000		Noble Holding International Ltd		3.450		08/01/15		129,095
	350,000		Noble Holding International Ltd		4.900		08/01/20		373,454
	750,000	g	Oasis Petroleum, Inc		6.875		03/15/22		811,875
	1,800,000	g	ONE Gas, Inc		2.070		02/01/19		1,784,291
	575,000	g	ONE Gas, Inc		3.610		02/01/24		580,467
	1,225,000	g	ONE Gas, Inc		4.658		02/01/44		1,271,723
	1,000,000	g	Pacific Rubiales Energy Corp		5.375		01/26/19		1,037,500
	500,000		Peabody Energy Corp		7.375		11/01/16		560,000
	2,000,000		Peabody Energy Corp		6.000		11/15/18		2,097,500
	275,000		Pemex Project Funding Master Trust		6.625		06/15/35		305,250
	500,000	g	Pertamina Persero PT		4.300		05/20/23		450,625
	675,000	g	Pertamina PT		5.250		05/23/21		676,688
	500,000	g	Pertamina PT		6.500		05/27/41		471,875
	925,000	i	Petrobras Global Finance BV		1.855		05/20/16		914,594
	925,000		Petrobras Global Finance BV		3.250		03/17/17		927,871
	1,000,000	i	Petrobras Global Finance BV		2.379		01/15/19		976,250
	750,000		Petrobras Global Finance BV		3.000		01/15/19		708,794
	425,000		Petrobras Global Finance BV		6.250		03/17/24		437,861
	1,500,000		Petrobras International Finance Co		3.875		01/27/16		1,540,409
	1,250,000		Petroleos Mexicanos		3.500		07/18/18		1,296,875
	325,000		Petroleos Mexicanos		5.500		01/21/21		355,063
	600,000		Petroleos Mexicanos		3.500		01/30/23		564,600
	540,000		Petroleos Mexicanos		6.500		06/02/41		591,300
	575,000		Petroleos Mexicanos		5.500		06/27/44		554,875
	430,000	g	Petroleum Co of Trinidad & Tobago Ltd		9.750		08/14/19		536,425
	700,000		Phillips 66		1.950		03/05/15		708,157
	3,935,000		Plains Exploration & Production Co		6.500		11/15/20		4,333,419
	2,800,000		Precision Drilling Trust		6.625		11/15/20		2,996,000
	1,000,000	g	PTT Exploration & Production PCL		3.707		09/16/18		1,026,667
	750,000	g	PTTEP Canada International Finance Ltd		5.692		04/05/21		822,815
	500,000		Range Resources Corp		5.750		06/01/21		535,625
	800,000		Regency Energy Partners LP		5.750		09/01/20		832,000
	600,000		Regency Energy Partners LP		6.500		07/15/21		643,500
	570,000		Regency Energy Partners LP		5.875		03/01/22		591,375
	200,000		Regency Energy Partners LP		5.500		04/15/23		201,500
	1,000,000	g	Reliance Holdings USA		5.400		02/14/22		1,047,231
	750,000	g	Rosneft Oil Co via Rosneft International Finance Ltd		4.199		03/06/22		662,813
	1,155,000		SandRidge Energy, Inc		7.500		03/15/21		1,232,963
	800,000		SandRidge Energy, Inc		8.125		10/15/22		872,000
	2,000,000	g	Schlumberger Norge AS.		1.250		08/01/17		1,981,960
	1,175,000		SESI LLC		7.125		12/15/21		1,310,125

131

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	425,000		Shell International Finance BV		2.375	%	08/21/22	$	400,158
	575,000		Shell International Finance BV		4.550		08/12/43		594,318
	300,000		SM Energy Co		6.500		01/01/23		320,250
	1,350,000		Southwestern Energy Co		4.100		03/15/22		1,387,403
	200,000		Statoil ASA		2.900		10/15/14		202,662
	200,000		Statoil ASA		1.200		01/17/18		196,189
	375,000		Statoil ASA		2.450		01/17/23		351,546
	675,000		Statoil ASA		4.250		11/23/41		657,177
	650,000		Total Capital Canada Ltd		1.450		01/15/18		645,447
	1,000,000		Total Capital International S.A.		1.500		02/17/17		1,015,006
	500,000		TransCanada PipeLines Ltd		5.850		03/15/36		580,758
	250,000	i	TransCanada PipeLines Ltd		6.350		05/15/67		259,000
	865,000	g	Ultra Petroleum Corp		5.750		12/15/18		908,250
	415,000		Vale Overseas Ltd		4.375		01/11/22		412,024
	125,000		Vale Overseas Ltd		6.875		11/21/36		133,185
	4,500,000		Whiting Petroleum Corp		5.000		03/15/19		4,758,750
			TOTAL ENERGY						105,169,761
FOOD & STAPLES RETAILING - 0.2%
	185,000		CVS Caremark Corp		3.250		05/18/15		190,276
	750,000		CVS Caremark Corp		4.000		12/05/23		766,293
	1,725,000		CVS Caremark Corp		5.300		12/05/43		1,904,096
	2,000,000		Ingles Markets, Inc		5.750		06/15/23		2,000,000
			TOTAL FOOD & STAPLES RETAILING						4,860,665
FOOD, BEVERAGE & TOBACCO - 0.9%
	500,000		Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		519,466
	1,250,000		Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		1,251,840
	1,775,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		1,675,935
	255,000		B&G Foods, Inc		4.625		06/01/21		252,131
	750,000	g	BRF-Brasil Foods S.A.		5.875		06/06/22		776,250
	250,000		Campbell Soup Co		2.500		08/02/22		227,401
	750,000		Coca-Cola Co		0.750		03/13/15		753,393
	1,550,000		Coca-Cola Co		3.200		11/01/23		1,524,264
	500,000		ConAgra Foods, Inc		1.900		01/25/18		495,779
	750,000	g	Corp Lindley S.A.		6.750		11/23/21		800,625
	1,350,000		Diageo Capital plc		2.625		04/29/23		1,258,400
	1,000,000	g	Embotelladora Andina S.A.		5.000		10/01/23		1,040,294
	500,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		458,345
	2,000,000	g	Grupo Bimbo SAB de C.V.		4.875		06/30/20		2,137,672
	430,000		Kraft Foods, Inc		6.500		02/09/40		540,857
	225,000		Mondelez International, Inc		4.125		02/09/16		237,811
	2,000,000		Mondelez International, Inc		4.000		02/01/24		2,029,490
	38,000		PepsiCo, Inc		7.900		11/01/18		47,700
	1,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		1,036,348
	100,000		Philip Morris International, Inc		6.375		05/16/38		123,409
	575,000	g	Post Holdings, Inc		6.750		12/01/21		608,781
	160,000	g	Post Holdings, Inc		7.375		02/15/22		172,000
	1,080,000		Post Holdings, Inc		7.375		02/15/22		1,161,000
	430,000		Smithfield Foods, Inc		6.625		08/15/22		464,400
	260,000	g	Sun Merger Sub, Inc		5.250		08/01/18		270,075
			TOTAL FOOD, BEVERAGE & TOBACCO						19,863,666

132

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 1.7%
$	800,000		Baxter International, Inc		3.200	%	06/15/23	$	780,348
	250,000		Becton Dickinson & Co		1.750		11/08/16		255,572
	1,225,000		CHS/Community Health Systems		5.125		08/15/18		1,286,250
	1,000,000		CHS/Community Health Systems		8.000		11/15/19		1,098,750
	375,000	g	CHS/Community Health Systems		6.875		02/01/22		391,875
	750,000		Covidien International Finance S.A.		1.350		05/29/15		756,032
	375,000		Covidien International Finance S.A.		3.200		06/15/22		369,016
	429,000		Endo Health Solutions		7.000		07/15/19		462,247
	3,100,000		Express Scripts Holding Co		2.100		02/12/15		3,139,500
	625,000		Express Scripts Holding Co		3.900		02/15/22		639,689
	1,722,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		1,831,778
	1,000,000	g	Fresenius Medical Care II		5.625		07/31/19		1,077,500
	165,000		HCA, Inc		6.500		02/15/20		184,800
	500,000		HCA, Inc		7.875		02/15/20		532,250
	975,000		HCA, Inc		5.875		03/15/22		1,050,563
	405,000		Healthsouth Corp		7.250		10/01/18		428,288
	2,900,000		Kinetic Concepts, Inc		10.500		11/01/18		3,331,375
	3,500,000		LifePoint Hospitals, Inc		6.625		10/01/20		3,797,500
	1,225,000	g	LifePoint Hospitals, Inc		5.500		12/01/21		1,270,938
	3,325,000	g	Mallinckrodt International Finance S.A.		3.500		04/15/18		3,275,328
	1,725,000		McKesson Corp		4.883		03/15/44		1,748,460
	3,000,000		Tenet Healthcare Corp		6.250		11/01/18		3,309,375
	225,000	g	Tenet Healthcare Corp		6.000		10/01/20		240,750
	875,000		Tenet Healthcare Corp		8.125		04/01/22		977,813
	475,000		Thermo Fisher Scientific, Inc		2.250		08/15/16		486,824
	450,000		Thermo Fisher Scientific, Inc		2.400		02/01/19		448,118
	600,000		Thermo Fisher Scientific, Inc		4.150		02/01/24		617,299
	1,175,000		Thermo Fisher Scientific, Inc		5.300		02/01/44		1,266,255
	525,000	g	VPII Escrow Corp		7.500		07/15/21		590,625
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						35,645,118
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	500,000		Clorox Co		3.800		11/15/21		515,192
	380,000		Colgate-Palmolive Co		2.300		05/03/22		361,439
	375,000		Ecolab, Inc		1.450		12/08/17		370,226
	405,000	g	First Quality Finance Co, Inc		4.625		05/15/21		393,862
	1,125,000		Reynolds Group Issuer, Inc		5.750		10/15/20		1,178,438
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						2,819,157
INSURANCE - 1.6%
	275,000		ACE INA Holdings, Inc		5.875		06/15/14		277,937
	250,000		Aetna, Inc		1.500		11/15/17		249,483
	240,000		Aetna, Inc		6.500		09/15/18		283,053
	150,000		Aetna, Inc		6.625		06/15/36		188,649
	675,000		Allstate Corp		3.150		06/15/23		663,085
	700,000		Allstate Corp		4.500		06/15/43		703,814
	2,700,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		2,654,564
	2,000,000	g,i	Caelus Re Ltd		5.265		03/07/16		2,032,200
	400,000		Chubb Corp		6.000		05/11/37		488,510
	80,000		CIGNA Corp		5.125		06/15/20		88,587

133

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		CIGNA Corp		4.500	%	03/15/21	$	1,080,135
	1,400,000	g	Fidelity & Guaranty Life Holdings, Inc		6.375		04/01/21		1,491,000
	4,050,000	g	Five Corners Funding Trust		4.419		11/15/23		4,150,266
	525,000		Hartford Financial Services Group, Inc		4.000		03/30/15		542,571
	925,000		Hartford Financial Services Group, Inc		4.000		10/15/17		994,066
	250,000		Lincoln National Corp		7.000		06/15/40		328,950
	525,000	g	MetLife Institutional Funding II		1.625		04/02/15		531,263
	525,000		MetLife, Inc		6.750		06/01/16		588,767
	3,000,000		MetLife, Inc		4.368		09/15/23		3,195,165
	1,275,000		MetLife, Inc		4.125		08/13/42		1,197,590
	1,500,000	g	Onex USI Aquisition Corp		7.750		01/15/21		1,563,750
	200,000		Principal Financial Group, Inc		1.850		11/15/17		200,565
	525,000		Prudential Financial, Inc		2.300		08/15/18		526,046
	750,000		Prudential Financial, Inc		5.400		06/13/35		813,991
	750,000		Prudential Financial, Inc		5.100		08/15/43		786,886
	3,400,000	i	Prudential Financial, Inc		5.200		03/15/44		3,374,500
	300,000	g	Prudential Funding LLC		6.750		09/15/23		365,854
	175,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		164,933
	450,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		419,868
	300,000		Travelers Cos, Inc		5.800		05/15/18		343,402
	2,450,000		UnitedHealth Group, Inc		1.400		10/15/17		2,443,368
	1,500,000		WellPoint, Inc		1.250		09/10/15		1,510,046
	500,000		WellPoint, Inc		4.625		05/15/42		482,359
	2,000,000		Willis Group Holdings plc		4.125		03/15/16		2,100,110
	150,000		WR Berkley Corp		5.375		09/15/20		164,915
			TOTAL INSURANCE						36,990,248
MATERIALS - 2.6%
	75,000		Airgas, Inc		4.500		09/15/14		76,250
	1,000,000		Albemarle Corp		4.500		12/15/20		1,063,426
	1,500,000		AngloGold Ashanti Holdings plc		8.500		07/30/20		1,654,125
	440,000		ArcelorMittal		5.000		02/25/17		466,950
	1,000,000		Ball Corp		5.750		05/15/21		1,067,500
	100,000		Barrick Gold Corp		4.100		05/01/23		94,863
	850,000		Barrick North America Finance LLC		4.400		05/30/21		856,482
	450,000	g	Belden, Inc		5.500		09/01/22		455,625
	1,350,000		BHP Billiton Finance USA Ltd		5.000		09/30/43		1,428,546
	750,000	g	Braskem Finance Ltd		5.750		04/15/21		749,062
	550,000		Braskem Finance Ltd		6.450		02/03/24		563,062
	2,000,000		Celulosa Arauco y Constitucion S.A.		4.750		01/11/22		2,009,624
	1,175,000	g	Cemex Finance LLC		6.000		04/01/24		1,177,937
	1,500,000		CF Industries, Inc		7.125		05/01/20		1,783,434
	200,000		Corning, Inc		1.450		11/15/17		195,981
	1,000,000		Corning, Inc		4.250		08/15/20		1,085,115
	750,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750		11/04/20		758,656
	1,000,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500		08/13/23		1,030,447
	200,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.250		07/17/42		170,006
	1,705,000		Crown Americas LLC		6.250		02/01/21		1,845,663
	1,500,000	g	Eagle Spinco, Inc		4.625		02/15/21		1,483,125
	750,000		EI du Pont de Nemours & Co		2.800		02/15/23		708,918
	450,000		EI du Pont de Nemours & Co		4.150		02/15/43		428,436
	1,550,000	g	Eldorado Gold Corp		6.125		12/15/20		1,550,000

134

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	975,000	g	Fresnillo plc		5.500	%	11/13/23	$	979,875
	750,000	g	Gerdau Trade, Inc		4.750		04/15/23		696,000
	2,000,000	g	Glencore Funding LLC		1.700		05/27/16		2,006,726
	1,950,000	g	Glencore Funding LLC		2.500		01/15/19		1,882,994
	2,000,000		Graphic Packaging International, Inc		4.750		04/15/21		2,002,500
	3,075,000		Hexion US Finance Corp		6.625		04/15/20		3,182,625
	835,000	g	INEOS Group Holdings S.A.		5.875		02/15/19		852,744
	2,000,000		International Paper Co		5.300		04/01/15		2,087,332
	2,750,000		International Paper Co		4.750		02/15/22		2,973,432
	250,000		International Paper Co		7.300		11/15/39		326,147
	4,000,000		LyondellBasell Industries NV		5.000		04/15/19		4,453,836
	1,125,000		Nucor Corp		4.000		08/01/23		1,121,967
	500,000		Praxair, Inc		2.450		02/15/22		472,608
	1,450,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		1,490,777
	525,000		Rio Tinto Finance USA plc		2.250		12/14/18		524,957
	680,000		Rock Tenn Co		4.450		03/01/19		728,503
	820,000		Rock Tenn Co		4.900		03/01/22		876,806
	400,000		Rockwood Specialties Group, Inc		4.625		10/15/20		413,000
	1,200,000		Rosetta Resources, Inc		5.625		05/01/21		1,227,000
	900,000	g	Samarco Mineracao S.A.		5.750		10/24/23		905,625
	250,000	g	Sappi Papier Holding AG.		6.625		04/15/21		259,375
	800,000	g	Severstal OAO Via Steel Capital S.A.		5.900		10/17/22		751,984
	425,000		Sherwin-Williams Co		1.350		12/15/17		418,498
	500,000		Silgan Holdings, Inc		5.000		04/01/20		512,500
	650,000		Steel Dynamics, Inc		5.250		04/15/23		661,375
	700,000		Teck Resources Ltd		2.500		02/01/18		702,496
	800,000		Teck Resources Ltd		3.750		02/01/23		751,946
	125,000		Teck Resources Ltd		6.000		08/15/40		124,890
	525,000		Teck Resources Ltd		5.200		03/01/42		475,236
	550,000		Tronox Finance LLC		6.375		08/15/20		565,125
	925,000	g	Turkiye Sise ve Cam Fabrikalari AS.		4.250		05/09/20		848,688
	2,250,000	g	Volcan Cia Minera SAA		5.375		02/02/22		2,143,125
			TOTAL MATERIALS						60,123,925
MEDIA - 2.3%
	2,500,000	g	AMC Entertainment, Inc		5.875		02/15/22		2,543,750
	750,000	g	CBS Outdoor Americas Capital LLC		5.250		02/15/22		768,750
	1,100,000		CCO Holdings LLC		6.500		04/30/21		1,166,000
	2,000,000		Cinemark USA, Inc		5.125		12/15/22		2,000,000
	2,350,000		Comcast Corp		2.850		01/15/23		2,265,616
	3,125,000		Comcast Corp		4.250		01/15/33		3,062,956
	3,000,000		DIRECTV Holdings LLC		1.750		01/15/18		2,953,200
	1,425,000		DIRECTV Holdings LLC		3.800		03/15/22		1,410,093
	1,250,000		DIRECTV Holdings LLC		4.450		04/01/24		1,253,526
	500,000		Discovery Communications LLC		4.950		05/15/42		492,061
	2,015,000		DISH DBS Corp		4.625		07/15/17		2,145,975
	1,500,000		Grupo Televisa S.A.		6.000		05/15/18		1,682,163
	250,000		Interpublic Group of Cos, Inc		6.250		11/15/14		257,812
	1,435,000		Lamar Media Corp		7.875		04/15/18		1,495,987
	1,000,000		Lamar Media Corp		5.000		05/01/23		1,000,000
	2,650,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		2,601,142
	700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		684,585

135

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,000,000		NBC Universal Media LLC		2.875	%	01/15/23	$	965,983
	125,000		News America, Inc		7.625		11/30/28		159,181
	90,000		News America, Inc		6.550		03/15/33		107,744
	325,000		News America, Inc		6.650		11/15/37		396,954
	250,000		News America, Inc		6.900		08/15/39		314,203
	963,000		Nielsen Finance LLC		7.750		10/15/18		1,029,206
	400,000		Nielsen Finance LLC		4.500		10/01/20		403,000
	600,000		Regal Entertainment Group		5.750		03/15/22		618,000
	900,000		Regal Entertainment Group		5.750		06/15/23		913,500
	2,100,000	g	Sirius XM Radio, Inc		5.875		10/01/20		2,210,250
	1,500,000		Starz LLC		5.000		09/15/19		1,548,750
	1,500,000		Time Warner Cable, Inc		5.875		11/15/40		1,625,340
	475,000		Time Warner Cable, Inc		4.500		09/15/42		436,039
	940,000		Time Warner, Inc		3.150		07/15/15		970,837
	1,000,000		Time Warner, Inc		4.700		01/15/21		1,093,680
	1,000,000		Time Warner, Inc		3.400		06/15/22		994,696
	275,000		Time Warner, Inc		6.500		11/15/36		326,052
	700,000		Time Warner, Inc		4.900		06/15/42		702,505
	650,000		Time Warner, Inc		5.350		12/15/43		692,707
	2,000,000	g	Univision Communications, Inc		7.875		11/01/20		2,210,000
	1,525,000	g	Univision Communications, Inc		5.125		05/15/23		1,559,313
	1,500,000		Viacom, Inc		1.250		02/27/15		1,509,006
	700,000		Viacom, Inc		2.500		12/15/16		725,424
	1,500,000		Viacom, Inc		2.500		09/01/18		1,516,815
	1,000,000		Viacom, Inc		5.850		09/01/43		1,098,835
			TOTAL MEDIA						51,911,636
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	1,500,000		AbbVie, Inc		1.200		11/06/15		1,512,801
	1,200,000		AbbVie, Inc		1.750		11/06/17		1,203,792
	475,000		AbbVie, Inc		2.900		11/06/22		457,273
	525,000	g,o	Capsugel S.A.		7.000		05/15/19		540,750
	2,100,000	g	Forest Laboratories, Inc		4.375		02/01/19		2,210,250
	1,350,000		Gilead Sciences, Inc		3.700		04/01/24		1,350,566
	1,525,000		Gilead Sciences, Inc		4.800		04/01/44		1,569,841
	2,150,000		Hospira, Inc		5.200		08/12/20		2,297,021
	1,150,000		Mylan, Inc		2.550		03/28/19		1,137,681
	1,000,000	g	Mylan, Inc		7.875		07/15/20		1,120,974
	444,000		NBTY, Inc		9.000		10/01/18		477,300
	1,650,000	g	Perrigo Co Ltd		2.300		11/08/18		1,632,088
	450,000	g	Perrigo Co Ltd		4.000		11/15/23		449,826
	400,000	g	Perrigo Co Ltd		5.300		11/15/43		421,061
	3,000,000	g	Valeant Pharmaceuticals International, Inc		7.000		10/01/20		3,247,500
	1,000,000	g	VPII Escrow Corp		6.750		08/15/18		1,100,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						20,728,724
REAL ESTATE - 0.7%
	150,000		AMB Property LP		4.500		08/15/17		162,255
	170,000		Camden Property Trust		4.625		06/15/21		182,772
	1,250,000		Camden Property Trust		2.950		12/15/22		1,175,918
	725,000	g	DCT Industrial Operating Partnership LP		4.500		10/15/23		722,970
	1,000,000		Developers Diversified Realty Corp		4.750		04/15/18		1,084,146

136

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000		Developers Diversified Realty Corp		7.875	%	09/01/20	$	621,006
	25,000		Federal Realty Investment Trust		5.650		06/01/16		27,445
	225,000		Federal Realty Investment Trust		3.000		08/01/22		217,967
	975,000		Federal Realty Investment Trust		2.750		06/01/23		911,195
	200,000		Healthcare Realty Trust, Inc		5.750		01/15/21		221,547
	150,000		Healthcare Realty Trust, Inc		3.750		04/15/23		142,747
	325,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		309,486
	1,783,000		Highwoods Properties, Inc		5.850		03/15/17		1,983,074
	700,000		Kilroy Realty LP		3.800		01/15/23		682,369
	325,000		Liberty Property LP		4.125		06/15/22		329,634
	500,000		Mid-America Apartments LP		4.300		10/15/23		504,421
	300,000		National Retail Properties, Inc		5.500		07/15/21		335,050
	525,000		National Retail Properties, Inc		3.300		04/15/23		495,286
	150,000		Regency Centers LP		5.250		08/01/15		158,242
	25,000		Regency Centers LP		5.875		06/15/17		27,997
	25,000		Simon Property Group LP		5.250		12/01/16		27,515
	825,000		Simon Property Group LP		2.800		01/30/17		859,894
	1,000,000	g	Simon Property Group LP		1.500		02/01/18		985,966
	210,000		Simon Property Group LP		10.350		04/01/19		284,216
	1,000,000	g	Trust F		5.250		12/15/24		997,500
	185,000		Ventas Realty LP		3.125		11/30/15		191,977
	575,000		Ventas Realty LP		2.000		02/15/18		573,686
	450,000		Ventas Realty LP		2.700		04/01/20		438,019
	1,140,000		Ventas Realty LP		3.250		08/15/22		1,098,538
	450,000		Weingarten Realty Investors		3.500		04/15/23		424,753
	400,000		Weingarten Realty Investors		4.450		01/15/24		403,830
			TOTAL REAL ESTATE						16,581,421
RETAILING - 1.1%
	907,000		Amerigas Partners LP		6.500		05/20/21		968,222
	750,000		Asbury Automotive Group, Inc		8.375		11/15/20		840,000
	4,500,000		AutoNation, Inc		5.500		02/01/20		4,882,500
	810,000	g	Continental Rubber of America Corp		4.500		09/15/19		858,600
	2,100,000		Ferrellgas LP		6.500		05/01/21		2,199,750
	550,000	g	Ferrellgas LP		6.750		01/15/22		573,375
	1,000,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		877,049
	1,500,000		Home Depot, Inc		2.250		09/10/18		1,516,718
	1,000,000		Home Depot, Inc		4.875		02/15/44		1,063,087
	1,000,000		L Brands, Inc		5.625		10/15/23		1,037,500
	1,000,000		Limited Brands, Inc		7.000		05/01/20		1,140,000
	625,000		Limited Brands, Inc		6.625		04/01/21		702,344
	810,000		Limited Brands, Inc		5.625		02/15/22		855,563
	2,000,000		Macy’s Retail Holdings, Inc		5.900		12/01/16		2,224,788
	700,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		655,432
	645,000		O’Reilly Automotive, Inc		4.875		01/14/21		690,754
	295,000		O’Reilly Automotive, Inc		4.625		09/15/21		313,566
	350,000		O’Reilly Automotive, Inc		3.800		09/01/22		344,433
	150,000		QVC, Inc		5.125		07/02/22		155,610
	300,000	g,o	Schaeffler Holding Finance BV		6.875		08/15/18		319,125
	3,000,000		Wal-Mart Stores, Inc		1.125		04/11/18		2,941,074
	725,000	g	WEX, Inc		4.750		02/01/23		681,500
			TOTAL RETAILING						25,840,990

137

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
SOFTWARE & SERVICES - 0.9%
$	1,550,000	g	Activision Blizzard, Inc		5.625	%	09/15/21	$	1,658,500
	200,000	g	Activision Blizzard, Inc		6.125		09/15/23		217,750
	3,805,000	g	Audatex North America, Inc		6.000		06/15/21		4,061,838
	1,225,000	g	BMC Software Finance, Inc		8.125		07/15/21		1,289,313
	3,000,000		Fidelity National Information Services, Inc		5.000		03/15/22		3,138,255
	3,500,000		International Business Machines Corp		0.750		05/11/15		3,516,594
	950,000		International Business Machines Corp		1.250		02/06/17		954,800
	1,225,000		NCR Corp		4.625		02/15/21		1,231,125
	2,350,000	g	NCR Escrow Corp		5.875		12/15/21		2,473,375
	1,100,000		Oracle Corp		1.200		10/15/17		1,091,354
			TOTAL SOFTWARE & SERVICES						19,632,904
TECHNOLOGY HARDWARE & EQUIPMENT - 1.5%
	162,000		Brocade Communications Systems, Inc		6.875		01/15/20		173,137
	100,000		CC Holdings GS V LLC		2.381		12/15/17		100,006
	1,775,000		Cisco Systems, Inc		2.125		03/01/19		1,767,059
	1,000,000		Flextronics International Ltd		4.625		02/15/20		1,008,750
	5,950,000		General Electric Co		0.850		10/09/15		5,976,918
	75,000		General Electric Co		5.250		12/06/17		84,992
	475,000		General Electric Co		2.700		10/09/22		460,373
	4,600,000		General Electric Co		4.500		03/11/44		4,671,360
	1,000,000		Hewlett-Packard Co		3.300		12/09/16		1,051,746
	1,700,000		Hewlett-Packard Co		2.750		01/14/19		1,711,242
	575,000		Hewlett-Packard Co		3.750		12/01/20		584,088
	1,160,000		Jabil Circuit, Inc		5.625		12/15/20		1,228,150
	2,985,000		L-3 Communications Corp		3.950		11/15/16		3,177,476
	2,000,000		L-3 Communications Corp		4.950		02/15/21		2,142,092
	550,000		Nokia Oyj		5.375		05/15/19		578,875
	1,575,000	g	NXP BV		3.750		06/01/18		1,582,875
	500,000		Scientific Games Corp		8.125		09/15/18		532,500
	564,000		Scientific Games Corp		9.250		06/15/19		597,840
	1,000,000		Tyco Electronics Group S.A.		1.600		02/03/15		1,009,586
	800,000		Tyco Electronics Group S.A.		2.375		12/17/18		791,652
	1,325,000	g	WESCO Distribution, Inc		5.375		12/15/21		1,354,812
	525,000		Xerox Corp		8.250		05/15/14		529,403
	1,000,000		Xerox Corp		4.250		02/15/15		1,030,347
	3,000,000		Xerox Corp		2.950		03/15/17		3,118,974
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						35,264,253
TELECOMMUNICATION SERVICES - 2.8%
	1,040,000		America Movil SAB de C.V.		3.125		07/16/22		992,289
	550,000		American Tower Corp		3.500		01/31/23		520,102
	1,975,000		AT&T, Inc		1.400		12/01/17		1,954,122
	1,200,000		AT&T, Inc		2.625		12/01/22		1,115,749
	1,500,000	g	B Communications Ltd		7.375		02/15/21		1,575,000
	1,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,490,625
	1,000,000		Citizens Communications Co		7.125		03/15/19		1,107,500
	900,000	g,o	CommScope Holding Co, Inc		6.625		06/01/20		951,750
	750,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		767,143
	425,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		427,506

138

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	750,000	g	ENTEL Chile S.A.		4.875	%	10/30/24	$	756,100
	925,000		Intelsat Jackson Holdings S.A.		7.500		04/01/21		1,015,187
	2,550,000	g	Intelsat Jackson Holdings S.A.		5.500		08/01/23		2,499,000
	500,000	g	Intelsat Luxembourg S.A.		8.125		06/01/23		530,000
	160,000	g	Lynx I Corp		5.375		04/15/21		165,200
	780,000	g	Lynx II Corp		6.375		04/15/23		826,800
	1,750,000	g	Oi S.A.		5.750		02/10/22		1,675,625
	750,000	g	Qtel International Finance Ltd		3.875		01/31/28		680,625
	175,000	g	SES		3.600		04/04/23		169,612
	725,000	g	SES Global Americas Holdings GP		2.500		03/25/19		720,576
	1,325,000	g	Sprint Corp		7.250		09/15/21		1,444,250
	675,000		Sprint Nextel Corp		6.000		11/15/22		687,656
	1,000,000		Telefonica Emisiones SAU		3.992		02/16/16		1,048,597
	1,150,000		Telefonica Emisiones SAU		4.570		04/27/23		1,174,432
	500,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		557,272
	1,000,000		T-Mobile USA, Inc		6.464		04/28/19		1,070,000
	3,000,000		T-Mobile USA, Inc		6.542		04/28/20		3,228,750
	1,800,000		Verizon Communications, Inc		0.700		11/02/15		1,801,127
	4,100,000		Verizon Communications, Inc		3.650		09/14/18		4,364,581
	975,000		Verizon Communications, Inc		2.550		06/17/19		980,630
	1,600,000		Verizon Communications, Inc		3.450		03/15/21		1,621,906
	6,500,000		Verizon Communications, Inc		5.150		09/15/23		7,113,073
	975,000		Verizon Communications, Inc		4.150		03/15/24		990,549
	1,000,000		Verizon Communications, Inc		6.400		09/15/33		1,187,247
	1,300,000		Verizon Communications, Inc		3.850		11/01/42		1,088,417
	4,875,000		Verizon Communications, Inc		6.550		09/15/43		5,932,558
	2,000,000	g	Wind Acquisition Finance S.A.		7.250		02/15/18		2,110,000
	1,500,000		Windstream Corp		7.750		10/01/21		1,612,500
	1,425,000		Windstream Corp		6.375		08/01/23		1,389,375
			TOTAL TELECOMMUNICATION SERVICES						59,343,431
TRANSPORTATION - 1.1%
	655,000	g	Asciano Finance Ltd		5.000		04/07/18		703,351
	750,000	g	Bombardier, Inc		7.500		03/15/18		845,625
	600,000	g	Bombardier, Inc		7.750		03/15/20		672,000
	600,000	g	Bombardier, Inc		6.125		01/15/23		606,000
	225,000		Bristow Group, Inc		6.250		10/15/22		238,500
	1,000,000	g	DP World Ltd		6.850		07/02/37		1,081,500
	1,942,000	g	Embraer Overseas Ltd		5.696		09/16/23		2,014,825
	3,000,000	g	ERAC USA Finance LLC		2.800		11/01/18		3,054,114
	1,063,000		GATX Corp		1.250		03/04/17		1,056,975
	2,115,000		GATX Corp		2.375		07/30/18		2,110,087
	1,200,000		GATX Corp		2.500		07/30/19		1,185,733
	1,000,000		GATX Corp		5.200		03/15/44		1,028,083
	2,674,000		Gulfmark Offshore, Inc		6.375		03/15/22		2,767,590
	1,000,000		Hertz Corp		4.250		04/01/18		1,030,000
	500,000		Hertz Corp		7.500		10/15/18		532,500
	350,000		Hertz Corp		5.875		10/15/20		373,189
	1,000,000		Hertz Corp		7.375		01/15/21		1,100,000
	750,000		Hertz Corp		6.250		10/15/22		802,500
	1,400,000		Kansas City Southern de Mexico S.A. de C.V.		2.350		05/15/20		1,320,645
	750,000	g	Kansas City Southern Railway		4.300		05/15/43		679,908

139

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	375,000		Northrop Grumman Corp		1.750	%	06/01/18	$	368,887
	1,060,000	g	Transnet Ltd		4.500		02/10/16		1,110,350
	665,000	g	Transnet SOC Ltd		4.000		07/26/22		611,474
	525,000		United Parcel Service, Inc		3.625		10/01/42		467,418
			TOTAL TRANSPORTATION						25,761,254
UTILITIES - 3.2%
	750,000	g	Abu Dhabi National Energy Co		5.875		10/27/16		831,600
	1,750,000	g	Abu Dhabi National Energy Co		4.125		03/13/17		1,872,500
	1,000,000	g	Abu Dhabi National Energy Co		2.500		01/12/18		1,013,950
	213,000		AES Corp		8.000		10/15/17		252,139
	425,000		AES Corp		4.875		05/15/23		405,875
	625,000		AGL Capital Corp		4.400		06/01/43		611,289
	825,000		Alabama Power Co		3.550		12/01/23		831,408
	365,000		Alliant Energy Corp		4.000		10/15/14		371,594
	1,000,000		American Water Capital Corp		3.850		03/01/24		1,014,178
	250,000		Atmos Energy Corp		8.500		03/15/19		319,005
	525,000		Atmos Energy Corp		4.150		01/15/43		503,992
	925,000		Black Hills Corp		4.250		11/30/23		952,724
	600,000	g	Calpine Corp		7.500		02/15/21		655,500
	563,000	g	Calpine Corp		7.875		01/15/23		630,560
	250,000		Carolina Power & Light Co		5.300		01/15/19		284,368
	275,000		Carolina Power & Light Co		5.700		04/01/35		318,454
	300,000		CenterPoint Energy Resources Corp		6.250		02/01/37		352,681
	2,050,000	g	CEZ AS.		4.250		04/03/22		2,084,132
	750,000	g	China Resources Gas Group Ltd		4.500		04/05/22		745,300
	750,000		CLP Power Hong Kong Financing Ltd		3.375		10/26/27		660,511
	1,000,000		CMS Energy Corp		5.050		03/15/22		1,112,284
	500,000		CMS Energy Corp		4.700		03/31/43		497,953
	1,025,000	g	Colbun S.A.		6.000		01/21/20		1,125,578
	1,000,000	g	Comision Federal de Electricidad		4.875		05/26/21		1,042,500
	800,000	g	Comision Federal de Electricidad		4.875		01/15/24		812,000
	1,895,000		Commonwealth Edison Co		4.000		08/01/20		2,022,399
	200,000		Commonwealth Edison Co		5.900		03/15/36		242,712
	200,000		Connecticut Light & Power Co		5.500		02/01/19		228,573
	750,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		681,817
	1,000,000		Consumers Energy Co		3.375		08/15/23		1,001,617
	550,000	g	Dominion Gas Holdings LLC		3.550		11/01/23		542,756
	625,000	g	Dominion Gas Holdings LLC		4.800		11/01/43		637,320
	200,000		Duke Energy Carolinas LLC		4.300		06/15/20		217,773
	1,000,000		Duke Energy Corp		3.950		09/15/14		1,015,961
	1,000,000		Duke Energy Corp		2.100		06/15/18		1,003,133
	825,000		Duke Energy Ohio, Inc		3.800		09/01/23		854,440
	1,250,000	g,i	Electricite de France		5.625		12/30/49		1,260,162
	1,000,000	g	Empresa de Energia de Bogota S.A.		6.125		11/10/21		1,070,000
	200,000	g	Eskom Holdings Ltd		5.750		01/26/21		204,000
	975,000		Florida Power & Light Co		2.750		06/01/23		941,553
	2,000,000	g	Hrvatska Elektroprivreda		6.000		11/09/17		2,080,000
	250,000		Indiana Michigan Power Co		7.000		03/15/19		300,372
	125,000		Integrys Energy Group, Inc		4.170		11/01/20		130,917
	375,000	g	Israel Electric Corp Ltd		6.700		02/10/17		408,000
	2,500,000	g	Israel Electric Corp Ltd		5.625		06/21/18		2,637,500

140

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	500,000	g	Israel Electric Corp Ltd		7.250	%	01/15/19	$	558,125
	100,000	g	Kansas Gas & Electric		6.700		06/15/19		120,294
	1,075,000	g	KazMunayGas National Co JSC		4.400		04/30/23		1,013,187
	1,000,000		Kinder Morgan Energy Partners LP		3.450		02/15/23		953,171
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,524,972
	350,000		LG&E and KU Energy LLC		3.750		11/15/20		359,672
	5,000,000	g	MidAmerican Energy Holdings Co		2.000		11/15/18		4,927,789
	400,000	g	MidAmerican Energy Holdings Co		5.150		11/15/43		426,198
	1,000,000		Nevada Power Co		5.450		05/15/41		1,155,487
	750,000		NiSource Finance Corp		4.800		02/15/44		718,296
	1,500,000		Northeast Utilities		1.450		05/01/18		1,455,685
	1,500,000		NRG Energy, Inc		7.875		05/15/21		1,650,000
	500,000		NRG Energy, Inc		6.625		03/15/23		518,750
	1,300,000		NSTAR Electric Co		4.400		03/01/44		1,305,138
	750,000		NTPC Ltd		5.625		07/14/21		780,590
	500,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		497,940
	300,000		ONEOK Partners LP		3.375		10/01/22		289,243
	325,000		Pacific Gas & Electric Co		8.250		10/15/18		404,594
	1,375,000		Pacific Gas & Electric Co		3.850		11/15/23		1,386,591
	350,000		PacifiCorp		2.950		02/01/22		345,542
	250,000		Pepco Holdings, Inc		2.700		10/01/15		255,613
	500,000		PG&E Corp		5.750		04/01/14		500,000
	50,000		Potomac Electric Power Co		7.900		12/15/38		74,730
	500,000		PPL Capital Funding, Inc		4.200		06/15/22		518,439
	275,000		Progress Energy, Inc		7.050		03/15/19		329,209
	550,000		Public Service Co of Colorado		4.750		08/15/41		589,006
	400,000		Public Service Co of Oklahoma		5.150		12/01/19		444,861
	1,150,000		Public Service Electric & Gas Co		2.375		05/15/23		1,062,142
	1,750,000		Questar Market Resources, Inc		6.875		03/01/21		1,925,000
	1,250,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		1,289,063
	2,500,000		Sabine Pass LNG LP		7.500		11/30/16		2,762,500
	150,000		San Diego Gas & Electric Co		3.000		08/15/21		150,942
	2,000,000		Sempra Energy		4.050		12/01/23		2,044,184
	1,000,000		Southern California Edison Co		4.650		10/01/43		1,045,137
	200,000		Tampa Electric Co		4.100		06/15/42		190,162
	750,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		682,500
	420,000		Virginia Electric and Power Co		2.950		01/15/22		414,676
	225,000		Williams Partners LP		3.800		02/15/15		231,076
	575,000		Williams Partners LP		4.500		11/15/23		588,308
	1,000,000	g	WPD Investment Holdings Ltd		3.900		05/01/16		1,050,379
	300,000		Xcel Energy, Inc		4.800		09/15/41		308,532
			TOTAL UTILITIES						73,630,803
			TOTAL CORPORATE BONDS						915,047,009
			(Cost $895,399,126)
GOVERNMENT BONDS -  41.6%
AGENCY SECURITIES - 0.2%
	750,000		Amber Circle Funding Ltd		3.250		12/04/22		691,020
	1,445,422		Cal Dive I- Title XI, Inc		4.930		02/01/27		1,554,402
	415,000		Federal Home Loan Mortgage Corp (FHLMC)		2.500		04/23/14		415,615
	3,000,000		Private Export Funding Corp (PEFCO)		2.050		11/15/22		2,773,056
			TOTAL AGENCY SECURITIES						5,434,093

141

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
FOREIGN GOVERNMENT BONDS - 4.6%
$	750,000	g	Barbados Government International Bond		7.000	%	08/04/22	$	663,750
	1,500,000	g	Brazil Loan Trust		5.477		07/24/23		1,522,500
	1,000,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		967,500
	900,000		Brazilian Government International Bond		2.625		01/05/23		796,500
	300,000		Brazilian Government International Bond		4.250		01/07/25		290,250
	1,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.125		01/30/17		1,001,410
	1,000,000	g	Caisse d’Amortissement de la Dette Sociale		3.375		03/20/24		995,640
	1,275,000		Canada Government International Bond		0.875		02/14/17		1,274,312
	215,000		Chile Government International Bond		3.875		08/05/20		228,437
	260,000		Colombia Government International Bond		4.375		07/12/21		270,400
	425,000		Colombia Government International Bond		2.625		03/15/23		382,500
	1,375,000		Colombia Government International Bond		4.000		02/26/24		1,361,250
	875,000	g	Costa Rica Government International Bond		4.250		01/26/23		809,375
	1,350,000	g	Croatia Government International Bond		6.250		04/27/17		1,449,562
	270,000	g	Croatia Government International Bond		6.375		03/24/21		290,925
	700,000	g	Croatia Government International Bond		5.500		04/04/23		707,350
	1,075,000	g	Democratic Socialist Republic of Sri Lanka		7.400		01/22/15		1,115,313
	1,000,000	g	Dominican Republic International Bond		5.875		04/18/24		992,500
	500,000		Egypt Government AID Bonds		4.450		09/15/15		529,485
	275,000		European Investment Bank		4.875		02/15/36		316,132
	500,000		Export Development Canada		2.250		05/28/15		511,280
	600,000		Export-Import Bank of Korea		1.250		11/20/15		603,584
	550,000		Export-Import Bank of Korea		1.750		02/27/18		543,607
	525,000		Export-Import Bank of Korea		5.125		06/29/20		587,025
	100,000		Federative Republic of Brazil		6.000		01/17/17		111,100
	1,267,000	g	Gabonese Republic		8.200		12/12/17		1,444,380
	620,000		Hungary Government International Bond		4.125		02/19/18		629,300
	230,000		Hungary Government International Bond		4.000		03/25/19		228,390
	1,100,000		Hungary Government International Bond		5.750		11/22/23		1,135,750
	250,000		Hungary Government International Bond		5.375		03/25/24		250,500
	1,000,000	g	Iceland Government International Bond		4.875		06/16/16		1,053,750
	225,000		Italy Government International Bond		5.375		06/12/17		246,609
	180,000		Italy Government International Bond		6.875		09/27/23		218,286
	1,160,000	g	Japan Finance Organization for Municipalities		2.125		03/06/19		1,153,655
	3,000,000		KFW		2.625		01/25/22		2,972,910
	4,000,000	g	Kommunalbanken AS.		0.750		11/21/16		3,953,240
	1,900,000	g	Kommunalbanken AS.		1.375		06/08/17		1,909,804
	4,425,000	g	Korea Housing Finance Corp		1.625		09/15/18		4,269,864
	800,000	g	Lithuania Government International Bond		5.125		09/14/17		873,944
	9,590,000		Mexican Bonos		8.000		12/07/23		831,301
	1,000,000		Mexico Government International Bond		3.500		01/21/21		1,012,500
	750,000		Mexico Government International Bond		3.625		03/15/22		750,750
	150,000		Mexico Government International Bond		6.750		09/27/34		183,000
	250,000		Mexico Government International Bond		4.750		03/08/44		237,500
	1,100,000	g	Namibia International Bonds		5.500		11/03/21		1,152,250
	3,100,000	g	Nigeria Government International Bond		5.125		07/12/18		3,166,650
	3,000,000		North American Development Bank		2.300		10/10/18		2,964,660
	1,000,000		North American Development Bank		2.400		10/26/22		934,350

142

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,325,000		Panama Government International Bond		5.200	%	01/30/20	$	1,466,775
	135,000		Peruvian Government International Bond		7.350		07/21/25		173,644
	2,250,000		Philippine Government International Bond		4.200		01/21/24		2,323,125
	433,000		Poland Government International Bond		5.125		04/21/21		478,140
	1,375,000		Poland Government International Bond		3.000		03/17/23		1,285,625
	750,000		Province of British Columbia Canada		2.850		06/15/15		772,995
	500,000		Province of Ontario Canada		2.950		02/05/15		511,220
	1,750,000		Province of Ontario Canada		2.700		06/16/15		1,799,560
	5,000,000		Province of Ontario Canada		2.300		05/10/16		5,172,800
	620,000		Province of Quebec Canada		4.625		05/14/18		692,298
	1,000,000		Province of Quebec Canada		3.500		07/29/20		1,051,180
	3,000,000		Province of Quebec Canada		2.750		08/25/21		2,945,520
	1,025,000	g	Republic of Azerbaijan International Bond		4.750		03/18/24		1,029,100
	750,000	g	Republic of Ghana		8.500		10/04/17		760,313
	1,500,000	g	Republic of Latvia		2.750		01/12/20		1,440,375
	1,700,000	g	Republic of Serbia		5.250		11/21/17		1,763,750
	660,840	g,i	Republic of Serbia		6.750		11/01/24		663,318
	188,811	i	Republic of Serbia		6.750		11/01/24		189,519
	525,000	g	Republic of Trinidad & Tobago		4.375		01/16/24		549,150
	1,000,000		Republic of Turkey		7.500		07/14/17		1,124,120
	350,000	g	Romanian Government International Bond		6.750		02/07/22		407,750
	775,000	g	Romanian Government International Bond		4.375		08/22/23		760,469
	515,000	g	Romanian Government International Bond		4.875		01/22/24		520,150
	750,000	g	Russian Foreign Bond - Eurobond		3.250		04/04/17		763,125
	2,200,000	g	Russian Foreign Bond - Eurobond		3.500		01/16/19		2,178,000
	1,000,000	g	Slovakia Government International Bond		4.375		05/21/22		1,059,620
	1,125,000	g	Slovenia Government International Bond		4.125		02/18/19		1,163,250
	750,000		South Africa Government International Bond		6.875		05/27/19		864,375
	400,000		South Africa Government International Bond		5.875		05/30/22		439,080
	750,000		South Africa Government International Bond		4.665		01/17/24		742,500
	1,125,000		South Africa Government International Bond		5.875		09/16/25		1,209,375
	2,000,000	g	Spain Government International Bond		4.000		03/06/18		2,109,820
	1,000,000	g	Sri Lanka Government International Bond		6.000		01/14/19		1,046,250
	1,460,000	g	Sri Lanka Government International Bond		5.875		07/25/22		1,467,300
	5,150,000		Turkey Government International Bond		6.750		04/03/18		5,675,300
	2,250,000		Turkey Government International Bond		5.625		03/30/21		2,346,750
	600,000		Turkey Government International Bond		5.750		03/22/24		620,700
	300,000		United Mexican States		5.950		03/19/19		348,750
	500,000		United Mexican States		5.125		01/15/20		556,250
	882,000		Uruguay Government International Bond		4.500		08/14/24		904,050
	1,150,000		Venezuela Government International Bond		5.750		02/26/16		999,062
			TOTAL FOREIGN GOVERNMENT BONDS						102,269,483
MORTGAGE BACKED - 20.9%
	237,307	i	Federal Home Loan Mortgage Corp (FHLMC)		2.380		02/01/36		252,437
	1,047,514	i	FHLMC		2.561		07/01/36		1,119,352
	306,513	i	FHLMC		2.255		09/01/36		329,545
	176,782	i	FHLMC		2.366		09/01/36		189,980
	54,868	i	FHLMC		2.512		02/01/37		58,182
	332,400	i	FHLMC		2.486		03/01/37		352,809
	26,853	i	FHLMC		6.010		04/01/37		28,442
	6,626	i	FHLMC		6.080		05/01/37		6,878

143

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	628,393	i	FHLMC		2.500	%	06/01/37	$	670,272
	206,171	i	FHLMC		2.616		08/01/37		218,800
	13,878		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		14,463
	284,811		FGLMC		5.500		01/01/19		308,735
	46,428		FGLMC		4.500		01/01/20		49,110
	318,566		FGLMC		4.500		07/01/20		340,335
	88,447		FGLMC		4.500		09/01/20		93,753
	101,123		FGLMC		5.000		10/01/20		107,498
	69,116		FGLMC		5.500		10/01/20		73,558
	17,648		FGLMC		7.000		10/01/20		19,012
	78,322		FGLMC		4.500		06/01/21		83,025
	142,287		FGLMC		5.500		08/01/21		154,924
	45,062		FGLMC		5.000		04/01/23		48,717
	55,937		FGLMC		4.500		09/01/24		59,873
	34,333		FGLMC		6.500		01/01/29		38,498
	2,493		FGLMC		8.000		01/01/31		2,854
	553,171		FGLMC		5.500		12/01/33		613,491
	681,768		FGLMC		7.000		12/01/33		779,052
	404,622		FGLMC		5.000		01/01/34		441,276
	209,448		FGLMC		4.500		10/01/34		224,081
	296,641		FGLMC		5.500		03/01/35		328,342
	246,979		FGLMC		7.000		05/01/35		282,186
	43,456		FGLMC		5.000		02/01/36		47,244
	2,731		FGLMC		6.500		05/01/36		3,058
	212,673		FGLMC		4.000		12/15/37		223,240
	342,119		FGLMC		5.000		04/01/38		373,491
	334,621		FGLMC		4.500		11/01/40		360,430
	2,259,648		FGLMC		4.000		12/01/40		2,349,031
	1,150,193		FGLMC		4.000		12/01/40		1,198,219
	2,611,094		FGLMC		4.000		12/01/40		2,720,378
	385,397		FGLMC		4.500		12/01/40		414,355
	3,000,000	h	FGLMC		3.500		04/15/44		3,014,531
	4,000,000	h	FGLMC		4.500		04/15/44		4,263,750
	8,000,000	h	FGLMC		4.000		05/15/44		8,270,313
	5,000,000	h	FGLMC		4.500		05/15/44		5,311,719
	2,524,314		Federal National Mortgage Association (FNMA)		4.640		11/01/14		2,539,213
	103,164		FNMA		4.962		01/01/15		102,782
	20,794		FNMA		6.500		10/01/16		21,505
	16,691		FNMA		6.500		11/01/16		17,407
	19,771		FNMA		6.500		02/01/18		20,867
	34,375		FNMA		6.000		01/01/19		38,224
	550,468		FNMA		4.000		02/25/19		576,749
	23,936		FNMA		4.500		11/01/20		25,370
	26,325		FNMA		4.500		12/01/20		28,270
	17,595		FNMA		8.000		03/01/23		19,529
	145,508		FNMA		5.500		02/01/24		160,414
	97,434		FNMA		4.000		05/01/24		103,158
	323,460		FNMA		5.500		07/01/24		356,731
	132,020		FNMA		4.500		08/01/24		139,988
	600,938		FNMA		5.000		10/01/25		654,352
	7,031		FNMA		9.000		11/01/25		8,102
	4,050,947		FNMA		3.000		05/01/27		4,169,019

144

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,267,960		FNMA		2.500	%	10/01/27	$	2,268,544
	3,551,395		FNMA		2.500		06/01/28		3,552,214
	6,413		FNMA		7.500		01/01/29		7,298
	10,000,000	h	FNMA		3.000		04/25/29		10,271,875
	5,000,000	h	FNMA		3.500		04/25/29		5,242,187
	8,000,000	h	FNMA		4.000		04/25/29		8,458,438
	1,000,000	h	FNMA		2.500		05/25/29		996,563
	9,000,000	h	FNMA		3.000		05/25/29		9,219,375
	221,492		FNMA		7.000		07/01/32		250,029
	133,641		FNMA		4.500		03/25/33		139,093
	1,953,829		FNMA		3.000		10/01/33		1,950,547
	245,331		FNMA		4.500		10/01/33		262,542
	9,746,515		FNMA		4.000		11/01/33		10,249,706
	404,176		FNMA		5.000		11/01/33		440,032
	252,019		FNMA		5.000		11/01/33		278,945
	1,976,322		FNMA		4.000		01/01/34		2,078,973
	750,848		FNMA		3.500		03/25/34		743,746
	262,820		FNMA		5.500		02/01/35		292,030
	14,264		FNMA		7.500		06/01/35		15,587
	186,506		FNMA		5.500		12/01/35		205,588
	287,583	i	FNMA		2.379		07/01/36		310,215
	366,755	i	FNMA		2.575		09/01/36		393,046
	37,470		FNMA		6.000		09/01/37		41,933
	37,179		FNMA		6.000		09/01/37		41,934
	127,906		FNMA		6.500		09/01/37		143,484
	94,802	i	FNMA		2.400		10/01/37		101,469
	1,714,919		FNMA		5.500		12/01/38		1,915,466
	1,987,622		FNMA		4.000		02/01/39		2,065,558
	19,181,850		FNMA		4.000		04/25/39		20,313,675
	524,014		FNMA		5.500		08/01/39		579,754
	3,236,705		FNMA		4.500		10/01/40		3,469,653
	311,016		FNMA		6.000		10/01/40		347,364
	3,032,008	h	FNMA		3.500		03/01/41		3,052,519
	278,733	h	FNMA		3.500		11/01/41		280,638
	323,215	h	FNMA		3.500		11/01/41		325,402
	965,931		FNMA		4.000		12/01/41		1,007,910
	957,069	h	FNMA		3.500		01/01/42		964,615
	7,000,000		FNMA		3.000		08/25/42		6,584,158
	10,138,891		FNMA		3.000		09/01/42		9,798,631
	2,502,524	h	FNMA		3.000		10/01/42		2,418,540
	1,851,984		FNMA		3.500		10/01/42		1,864,513
	466,739		FNMA		3.000		12/01/42		451,075
	161,081		FNMA		3.500		12/01/42		160,555
	8,993,946		FNMA		3.000		01/01/43		8,692,111
	8,796,199		FNMA		3.000		01/01/43		8,423,045
	4,115,101		FNMA		3.000		01/01/43		3,976,999
	400,348	h	FNMA		3.500		01/01/43		403,056
	616,670		FNMA		3.000		02/01/43		595,975
	946,985		FNMA		3.000		02/01/43		916,065
	299,130		FNMA		3.000		02/01/43		289,091
	11,499,424		FNMA		3.000		02/01/43		11,113,506
	6,785,191	h	FNMA		3.000		02/01/43		6,557,481

145

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,347,801		FNMA		3.000	%	02/01/43	$	5,168,366
	672,233		FNMA		3.500		02/01/43		670,037
	1,253,462		FNMA		3.500		02/01/43		1,264,196
	4,021,932	h	FNMA		3.000		03/01/43		3,886,957
	2,036,031		FNMA		3.000		03/01/43		1,967,702
	7,598,995	h	FNMA		3.000		03/01/43		7,343,974
	3,507,125		FNMA		3.000		03/01/43		3,391,433
	857,696		FNMA		3.500		03/01/43		854,896
	10,944,305		FNMA		3.000		04/01/43		10,479,952
	2,146,107		FNMA		3.000		04/01/43		2,074,084
	351,360		FNMA		3.000		04/01/43		339,569
	1,884,135		FNMA		3.000		05/01/43		1,821,842
	9,003,900	h	FNMA		3.000		05/01/43		8,701,730
	4,480,870		FNMA		3.000		05/01/43		4,330,492
	195,693		FNMA		3.500		05/01/43		197,355
	188,772		FNMA		3.500		05/01/43		190,376
	318,903		FNMA		3.500		05/01/43		321,613
	973,934		FNMA		3.500		06/01/43		970,773
	156,521		FNMA		3.500		06/01/43		157,852
	268,339		FNMA		3.500		06/01/43		267,469
	979,621		FNMA		3.500		06/01/43		976,441
	837,776		FNMA		3.500		06/01/43		844,896
	317,198		FNMA		3.500		06/01/43		319,889
	190,712		FNMA		3.500		06/01/43		192,336
	404,152		FNMA		3.500		06/01/43		407,594
	435,768		FNMA		3.500		06/01/43		439,475
	980,611		FNMA		3.500		07/01/43		977,434
	1,153,758		FNMA		3.500		07/01/43		1,163,573
	554,943		FNMA		3.500		07/01/43		559,669
	150,024		FNMA		3.500		08/01/43		149,536
	6,854,077		FNMA		4.000		09/01/43		7,150,006
	5,754,084		FNMA		4.000		09/01/43		6,007,839
	3,254,830		FNMA		4.000		09/01/43		3,398,975
	646,325		FNMA		3.500		10/01/43		644,224
	874,105		FNMA		3.500		11/01/43		871,268
	1,158,011		FNMA		4.000		12/01/43		1,209,407
	1,161,891		FNMA		4.000		12/01/43		1,213,410
	398,135		FNMA		3.500		01/01/44		396,838
	9,000,000	h	FNMA		3.500		04/25/44		9,053,438
	11,000,000	h	FNMA		4.000		04/25/44		11,433,125
	15,000,000	h	FNMA		4.500		04/25/44		16,000,782
	2,000,000	h	FNMA		5.000		04/25/44		2,180,469
	1,000,000	h	FNMA		5.500		04/25/44		1,104,258
	19,000,000	h	FNMA		3.500		05/25/44		19,047,500
	5,000,000	h	FNMA		4.000		05/25/44		5,178,906
	24,000,000	h	FNMA		4.500		05/25/44		25,515,001
	18,000,000	h	FNMA		5.000		05/25/44		19,576,407
	1,000,000	h	FNMA		5.500		05/25/44		1,102,852
	309,484		Government National Mortgage Assocaition (GNMA)		5.000		02/20/44		338,842
	15,937		GNMA		7.500		11/15/23		17,813
	3,950		GNMA		7.500		08/15/28		4,041
	21,719		GNMA		6.500		12/15/28		24,492

146

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	57,850		GNMA		6.500	%	03/15/29	$	65,225
	22,666		GNMA		8.500		10/20/30		26,876
	6,025		GNMA		7.000		06/20/31		7,132
	135,107		GNMA		5.000		02/15/33		147,733
	61,940		GNMA		5.500		07/15/33		69,276
	638,100		GNMA		5.000		09/15/33		702,642
	115,828		GNMA		5.500		11/20/33		129,338
	461,746		GNMA		5.500		02/20/35		515,618
	156,575		GNMA		5.500		03/20/35		174,843
	69,321		GNMA		6.000		10/20/36		78,562
	73,523		GNMA		6.000		01/20/37		83,326
	106,801		GNMA		6.000		02/20/37		120,990
	99,634		GNMA		5.000		04/15/38		108,990
	79,182		GNMA		5.500		07/15/38		87,690
	152,564		GNMA		5.500		07/20/38		168,593
	60,895		GNMA		6.000		08/20/38		69,014
	120,662		GNMA		5.000		07/20/39		131,753
	15,259,800		GNMA		5.000		07/20/39		16,869,526
	5,039,859		GNMA		4.500		01/20/41		5,447,945
	335,953		GNMA		5.000		09/20/43		367,531
	266,701		GNMA		5.000		03/20/44		292,367
	4,000,000	h	GNMA		3.000		04/15/44		3,933,125
	21,000,000	h	GNMA		3.500		04/15/44		21,423,280
	6,000,000	h	GNMA		4.000		04/15/44		6,301,875
	2,000,000	h	GNMA		4.500		04/15/44		2,155,625
	9,000,000	h	GNMA		3.500		04/20/44		9,184,218
	5,000,000	h	GNMA		4.000		04/20/44		5,253,906
	10,000,000	h	GNMA		4.500		04/20/44		10,779,688
			TOTAL MORTGAGE BACKED						475,941,758
MUNICIPAL BONDS - 4.7%
	1,000,000		American Municipal Power		6.270		02/15/50		1,137,920
	1,000,000		Anaheim City School District		3.324		08/01/21		998,470
	1,000,000		Anaheim City School District		3.825		08/01/23		1,002,080
	5,000,000		City of New York NY		1.950		03/01/21		4,704,900
	5,585,000		County of Palm Beach FL		5.100		11/01/38		5,587,569
	7,500,000		Dallas Independent School District		5.049		08/15/33		7,805,175
	3,000,000		Denver City & County School District No		4.242		12/15/37		2,816,130
	600,000		Grant County Public Utility District No 2		5.630		01/01/27		681,456
	2,000,000		Illinois Housing Development Authority		4.105		07/01/27		1,892,880
	1,000,000		Maine Municipal Bond Bank		3.368		06/01/19		1,015,130
	3,000,000		Maine Municipal Bond Bank		3.668		06/01/20		3,055,050
	375,000		Massachusetts Housing Finance Agency		1.306		06/01/16		376,245
	500,000		Massachusetts Housing Finance Agency		1.602		12/01/16		503,410
	400,000		Massachusetts Housing Finance Agency		1.776		06/01/17		399,336
	450,000		Massachusetts Housing Finance Agency		1.876		12/01/17		447,403
	250,000		Massachusetts Housing Finance Agency		2.807		12/01/19		247,668
	2,405,000		Massachusetts Housing Finance Agency		4.786		12/01/32		2,350,455
	2,655,000		New York City Transitional Finance Authority Future Tax Secured Revenue		5.000		02/01/23		2,966,325
	5,000,000		New York State Dormitory Authority		4.802		12/01/34		5,267,400
	1,500,000		Oklahoma Water Resources Board		2.794		04/01/21		1,498,275

147

TIAA-CREF FUNDS - Bond Plus Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
$	2,000,000	San Francisco Bay Area Rapid Transit District		3.477	%	07/01/27	$	1,873,500
	5,000,000	State of California		4.988		04/01/39		4,993,550
	775,000	State of California		7.625		03/01/40		1,081,799
	5,000,000	State of Connecticut		3.517		08/15/21		5,204,300
	5,180,000	State of Connecticut		5.295		10/01/29		5,682,460
	6,975,000	State of Georgia		4.625		02/01/32		7,187,040
	3,000,000	State of Georgia		4.530		02/01/33		3,085,980
	5,000,000	State of Illinois		3.650		04/01/20		4,963,050
	775,000	State of Illinois		6.725		04/01/35		862,521
	3,000,000	State of Illinois		5.520		04/01/38		2,909,880
	5,000,000	State of Illinois		4.620		06/15/38		5,096,100
	3,000,000	State of Michigan		3.800		05/15/33		2,738,550
	5,000,000	Texas A&M University		4.772		05/15/33		5,135,100
	1,310,000	Trustees of Boston College		3.519		07/01/21		1,321,449
	3,000,000	Trustees of Boston College		3.769		07/01/22		3,037,260
	4,000,000	University of California		4.062		05/15/33		3,834,800
	2,740,000	Virginia Housing Development Authority		3.668		10/01/27		2,556,009
		TOTAL MUNICIPAL BONDS						106,316,625
U.S. TREASURY SECURITIES - 11.2%
	742,500	United States Treasury Bond		4.750		02/15/41		908,403
	10,130,000	United States Treasury Bond		4.375		05/15/41		11,709,652
	6,372,000	United States Treasury Bond		3.125		02/15/43		5,864,228
	8,630,000	United States Treasury Bond		2.875		05/15/43		7,532,367
	17,430,000	United States Treasury Bond		3.750		11/15/43		18,045,488
	8,000,000	United States Treasury Bond		3.625		02/15/44		8,092,496
	200,000	United States Treasury Note		0.250		06/30/14		200,094
	1,895,000	United States Treasury Note		0.250		09/30/14		1,896,554
	1,500,000	United States Treasury Note		0.250		10/31/14		1,501,524
	2,886,000	United States Treasury Note		0.250		11/30/14		2,889,157
	2,745,000	United States Treasury Note		0.250		02/28/15		2,747,789
	2,887,000	United States Treasury Note		2.500		04/30/15		2,959,738
	5,230,000	United States Treasury Note		0.500		06/15/16		5,226,731
	6,640,000	United States Treasury Note		0.875		09/15/16		6,676,832
	5,585,000	United States Treasury Note		0.625		02/15/17		5,549,658
	16,000,000	United States Treasury Note		0.750		03/15/17		15,940,000
	530,000	United States Treasury Note		1.750		10/31/18		533,478
	13,525,000	United States Treasury Note		1.500		02/28/19		13,389,750
	205,000	United States Treasury Note		1.250		10/31/19		197,665
	5,000,000	United States Treasury Note		1.375		01/31/20		4,823,440
	5,000,000	United States Treasury Note		1.125		04/30/20		4,724,610
	7,500,000	United States Treasury Note		1.375		05/31/20		7,183,590
	19,485,000	United States Treasury Note		2.000		07/31/20		19,331,244
	7,500,000	United States Treasury Note		2.125		08/31/20		7,478,910
	10,000,000	United States Treasury Note		2.000		09/30/20		9,881,250
	30,000,000	United States Treasury Note		1.750		10/31/20		29,128,140
	280,000	United States Treasury Note		2.625		11/15/20		287,219
	20,000,000	United States Treasury Note		2.375		12/31/20		20,156,240
	12,400,000	United States Treasury Note		2.000		02/28/21		12,164,599
	19,000,000	United States Treasury Note		8.000		11/15/21		26,493,125
	1,745,000	United States Treasury Note		2.750		02/15/24		1,748,818
		TOTAL U.S. TREASURY SECURITIES						255,262,789
		TOTAL GOVERNMENT BONDS						945,224,748
		(Cost $939,306,676)

148

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
STRUCTURED ASSETS - 10.2%
ASSET BACKED - 5.0%
$	481,104	i	Accredited Mortgage Loan Trust		4.330	%	06/25/33	$	427,054
			Series - 2003 1 (Class A1)
	4,059,075	i	Asset Backed Securities Corp Home Equity Loan Trust		0.859		04/25/35		3,986,921
			Series - 2005 HE3 (Class M3)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC		4.720		02/20/18		2,147,970
			Series - 2011 5A (Class B)
	2,831,288	i	Bear Stearns Asset Backed Securities Trust		0.594		03/25/35		2,798,374
			Series - 2005 AQ1 (Class M1)
	3,308,745	i	Bear Stearns Asset Backed Securities Trust		0.554		02/25/36		3,141,951
			Series - 2006 EC2 (Class M1)
	470,340	i	Bear Stearns Asset Backed Securities Trust		0.894		11/25/39		462,399
			Series - 2005 SD3 (Class 2A1)
	3,299,827	i,m	CCR, Inc		0.599		07/10/17		3,194,645
			Series - 2010 CX (Class C)
	1,000,000	g	CCR, Inc		4.750		07/10/22		982,408
			Series - 2012 CA (Class C)
	426,270		Centex Home Equity		5.540		01/25/32		427,906
			Series - 2002 A (Class AF6)
	2,240,922	i	Conseco Financial Corp		7.300		06/15/25		2,318,635
			Series - 1995 4 (Class B1)
	931,537	i	Conseco Financial Corp		7.600		04/15/26		808,091
			Series - 1996 2 (Class M1)
	1,079,449	i	Countrywide Asset-Backed Certificates		5.216		10/25/17		1,079,684
			Series - 2002 S4 (Class A5)
	2,960,428	i	Countrywide Asset-Backed Certificates		0.624		02/25/36		2,939,068
			Series - 2005 11 (Class MV1)
	23,103	g,i	Credit-Based Asset Servicing and Securitization LLC		6.159		12/25/36		23,228
			Series - 2007 MX1 (Class A1)
	2,905,225	g,i	CV Mortgage Loan Trust 2013-		4.311		12/25/43		2,942,955
			Series - 2013 1 (Class NOTE)
	1,025,000	g,i	DB/UBS Mortgage Trust		5.558		11/10/46		1,138,792
			Series - 2011 LC1A (Class C)
	4,223,312	i	FBR Securitization Trust		0.894		11/25/35		4,027,608
			Series - 2005 5 (Class AV24)
	2,761,026	i	First Frankin Mortgage Loan Trust		0.394		01/25/36		2,668,973
			Series - 2006 FF1 (Class 2A3)
	1,003,790	i	First Franklin Mortgage Loan Asset Backed Certificates		0.814		03/25/35		1,002,499
			Series - 2005 FF2 (Class M2)
	1,119,427	i	First Franklin Mortgage Loan Trust		0.889		12/25/34		1,045,935
			Series - 2005 FF1 (Class M1)
	3,966,034	i	First Franklin Mortgage Loan Trust		0.354		02/25/36		3,654,542
			Series - 2006 FF2 (Class A4)
	448,048	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		447,722
			Series - 2007 1A (Class AF3)
	1,437,796	g,i	GMAC Mortgage Corp Loan Trust		0.904		02/25/31		1,372,014
			Series - 2004 VF1 (Class A1)

149

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	641,207	i	Greenpoint Mortgage Funding Trust		0.874	%	07/25/30	$	638,211
			Series - 2005 HE4 (Class 2A4C)
	75	i	Greenpoint Mortgage Funding Trust		0.284		04/25/47		75
			Series - 2007 AR2 (Class 1A1)
	4,429,201	i	GSR Mortgage Loan Trust		0.344		08/25/46		4,291,741
			Series - 2006 OA1 (Class 2A1)
	1,790,690		GSR Mortgage Loan Trust 2005-1F		6.000		01/25/35		1,824,285
			Series - 2005 1F (Class 3A3)
	10,000,000	g	HLSS Servicer Advance Receivables Backed Notes		1.244		01/17/45		10,006,000
			Series - 2014 T1 (Class AT1)
	2,800,000	g	HLSS Servicer Advance Receivables Backed Notes		2.286		01/17/45		2,800,840
			Series - 2014 T1 (Class DT1)
	404,987	i	HSI Asset Securitization Corp Trust		0.514		07/25/35		403,176
			Series - 2005 NC1 (Class 2A3)
	5,918,101	i	Lehman XS Trust		0.434		08/25/35		5,723,004
			Series - 2005 2 (Class 1A1)
	4,019,048	i	Lehman XS Trust		5.420		01/25/36		3,550,206
			Series - 2005 10 (Class 2A3A)
	935,570	i	Lehman XS Trust		0.404		02/25/36		845,808
			Series - 2006 1 (Class 1A1)
	1,058,592		Lehman XS Trust		6.500		06/25/46		830,158
			Series - 2006 13 (Class 2A1)
	113,154	i	Long Beach Mortgage Loan Trust		0.904		02/25/35		112,841
			Series - 2005 1 (Class M1)
	1,000,000	g,i	Longpoint Re Ltd		4.015		05/18/16		1,019,000
			Series - 2013 144A (Class )
	1,518,326	i	Morgan Stanley Capital I		0.334		02/25/36		1,502,795
			Series - 2006 NC2 (Class A2C)
	10,000,000	g	New Residential Advance Receivables Trust Advance Receivables Backed		1.274		03/15/45		9,999,999
			Series - 2014 T1 (Class A1)
	1,750,000	g	New Residential Advance Receivables Trust Advance Receivables Backed		2.266		03/15/45		1,749,999
			Series - 2014 T1 (Class D1)
	1,300,000	g	New Residential Advance Receivables Trust Advance Receivables Backed 2014-T1		3.649		03/15/45		1,300,000
			Series - 2014 T1 (Class E1)
	1,683,451		Oakwood Mortgage Investors, Inc		5.410		11/15/32		1,686,408
			Series - 2002 C (Class A1)
	4,782,895	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.674		01/25/36		4,754,212
			Series - 2005 WCH1 (Class M2)
	1,251,861	i	Renaissance Home Equity Loan Trust		5.392		07/25/34		1,275,152
			Series - 2004 2 (Class AF4)
	2,000,000	g	Rental Car Finance Corp		4.380		02/25/16		2,033,432
			Series - 2011 1A (Class B1)
	187,539	i	Residential Asset Mortgage Products, Inc		4.970		09/25/33		193,757
			Series - 2003 RZ5 (Class A7)
	100,604	i	Residential Asset Securities Corp		6.489		10/25/30		100,717
			Series - 2001 KS2 (Class AI6)
	77,390	i	Residential Asset Securities Corp		0.584		04/25/35		76,697
			Series - 2005 KS3 (Class M3)

150

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	275,327		Residential Funding Mortgage Securities II, Inc		5.500	%	08/25/25	$	279,354
			Series - 2006 HI5 (Class A3)
	1,850,000	i	Residential Funding Mortgage Securities II, Inc		6.130		09/25/35		1,770,350
			Series - 2005 HI3 (Class M5)
	162,763		Residential Funding Mortgage Securities II, Inc		5.960		02/25/36		163,429
			Series - 2006 HI3 (Class A3)
	479,657	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		487,246
			Series - 2006 HI1 (Class M1)
	3,500,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		3,671,640
			Series - 2006 HI1 (Class M2)
	240,798	i	SACO I, Inc		0.714		11/25/35		239,117
			Series - 2005 8 (Class A1)
	603,113	i	SACO I, Inc		0.914		11/25/35		599,403
			Series - 2005 8 (Class A3)
	1,000,000	g,i	Sanders Re Ltd		4.015		05/05/17		1,012,100
			Series - 2013 144A (Class )
	475,485	i	Saxon Asset Securities Trust		6.120		11/25/30		498,865
			Series - 2002 2 (Class AF6)
	601,591	i	Securitized Asset Backed Receivables LLC		0.454		10/25/35		587,940
			Series - 2006 OP1 (Class A2C)
	289,462	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		296,338
			Series - 2012 2A (Class B)
	1,400,000	g	SLM Student Loan Trust		4.370		04/17/28		1,498,897
			Series - 2011 A (Class A2)
	590,000	g	SLM Student Loan Trust		3.740		02/15/29		618,237
			Series - 2011 B (Class A2)
	1,500,000	g	SLM Student Loan Trust		3.830		01/17/45		1,574,954
			Series - 2012 A (Class A2)
	754,172	i	Soundview Home Equity Loan Trust		0.454		11/25/35		744,547
			Series - 2005 OPT3 (Class A4)
	288,792	i	Structured Asset Investment Loan Trust		0.754		05/25/35		288,702
			Series - 2005 4 (Class M1)
	4,480,685	g,i	Structured Asset Securities Corp		0.304		07/25/36		4,353,241
			Series - 2006 EQ1A (Class A4)
	2,645,149	g,i	Structured Asset Securities Corp		0.374		10/25/36		2,560,020
			Series - 2006 GEL4 (Class A2)
	3,527,137	i	Structured Asset Securities Corp Mortgage Loan Trust		0.314		03/25/36		3,355,221
			Series - 2006 BC1 (Class A5)
	4,000,000	g,i	Vitality Re IV Ltd		2.765		01/09/17		4,103,600
			Series - 2013 IV B (Class )
	455,000	g	Vornado DP LLC		5.280		09/13/28		500,010
			Series - 2010 VNO (Class C)
	529,666	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		536,022
			Series - 2006 N1 (Class N1)
	124,166	g,i	Wachovia Loan Trust		0.514		05/25/35		116,970
			Series - 2005 SD1 (Class A)
	58,226	i	Wells Fargo Home Equity Trust		0.294		07/25/36		57,676
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED						129,671,766

151

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
OTHER MORTGAGE BACKED - 5.2%
$	1,636,051	g	7 WTC Depositor LLC Trust		4.082	%	03/13/31	$	1,707,238
			Series - 2012 7WTC (Class A)
	5,773,876	i	American Home Mortgage Investment Trust 2004-3		1.837		10/25/34		5,687,840
			Series - 2004 3 (Class 4A)
	1,125,000	i	Banc of America Commercial Mortgage Trust		5.813		02/10/51		1,154,868
			Series - 2007 4 (Class AJ)
	2,174,077	g,i	Banc of America Large Loan, Inc		5.949		02/15/51		2,415,967
			Series - 2010 UB3 (Class A4B3)
	3,000,000	i	Banc of America Merrill Lynch Commercial Mortgage, Inc		5.118		07/10/45		3,081,024
			Series - 2005 4 (Class B)
	5,040,000		Bear Stearns Commercial Mortgage Securities		5.363		02/11/44		5,264,174
			Series - 2007 PW15 (Class AM)
	692,055		Citicorp Mortgage Securities, Inc		5.500		07/25/35		674,478
			Series - 2005 4 (Class 1A7)
	5,000,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		5,007,270
			Series - 2007 C3 (Class AJ)
	238,524		Countrywide Alternative Loan Trust		5.500		08/25/16		246,880
			Series - 2004 30CB (Class 1A15)
	2,429,318		Countrywide Alternative Loan Trust		5.000		04/25/20		2,451,340
			Series - 2005 6CB (Class 2A1)
	76,642		Countrywide Alternative Loan Trust		5.500		08/25/34		76,665
			Series - 2004 14T2 (Class A2)
	725,249	i	Countrywide Alternative Loan Trust		0.387		07/20/35		621,208
			Series - 2005 24 (Class 4A1)
	4,167,749	i	Countrywide Alternative Loan Trust		1.629		09/25/35		3,792,001
			Series - 2005 38 (Class A1)
	1,780,968	i	Countrywide Home Loan Mortgage Pass Through Trust		2.527		11/20/34		1,681,893
			Series - 2004 HYB6 (Class A2)
	7,308		Countrywide Home Loan Mortgage Pass Through Trust		5.250		05/25/35		7,299
			Series - 2005 12 (Class 1A5)
	285,005		Countrywide Home Loan Mortgage Pass Through Trust		5.250		09/25/35		283,936
			Series - 2005 17 (Class 1A10)
	1,150,000		Credit Suisse First Boston Mortgage Securities Corp		4.771		07/15/37		1,178,643
			Series - 2005 C3 (Class AJ)
	91,609	g,i	Credit Suisse Mortgage Capital Certificates		0.335		04/15/22		90,821
			Series - 2007 TF2A (Class A1)
	725,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		793,982
			Series - 2006 OMA (Class D)
	140,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		150,654
			Series - 2006 C4 (Class AM)
	1,870,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		1,949,924
			Series - 2009 RR1 (Class A3C)
	3,548,830	i	Harborview Mortgage Loan Trust		0.376		05/19/35		3,083,068
			Series - 2005 2 (Class 2A1A)
	4,100,684	i	Harborview Mortgage Loan Trust		0.486		09/19/35		3,131,590
			Series - 2005 8 (Class 1A2A)
	1,531,055	i	HarborView Mortgage Loan Trust		0.376		07/19/47		1,302,246
			Series - 2007 4 (Class 2A1)
	489,693	i	Impac CMB Trust		0.814		03/25/35		446,755
			Series - 2004 11 (Class 2A1)
	3,121,476	i	Impac CMB Trust		0.404		05/25/35		2,726,653
			Series - 0 4 (Class 1A1B)

152

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	310,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.259	%	07/15/46	$	337,472
			Series - 2011 C4 (Class C)
	2,080,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.884		02/15/51		2,245,337
			Series - 2007 C1 (Class AM)
	4,520,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911		07/15/42		4,581,811
			Series - 2005 LDP2 (Class C)
	3,400,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		3,792,656
			Series - 2007 LD12 (Class AM)
	2,596,548	i	JP Morgan Mortgage Acquisition Corp		0.254		10/25/36		2,560,482
			Series - 0 CH2 (Class AV3)
	2,444,615	i	JP Morgan Mortgage Trust		2.546		11/25/33		2,445,649
			Series - 2006 A2 (Class 5A3)
	330,000		LB-UBS Commercial Mortgage Trust		5.378		11/15/38		358,930
			Series - 2006 C7 (Class AM)
	4,960,000	i	LB-UBS Commercial Mortgage Trust		5.493		02/15/40		5,270,412
			Series - 2007 C2 (Class AM)
	1,080,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		1,129,622
			Series - 2005 C5 (Class AJ)
	1,997,007		Lehman Mortgage Trust		5.500		11/25/35		1,908,691
			Series - 2005 1 (Class 2A4)
	1,777,654	i	Merrill Lynch Mortgage Investors, Inc		2.502		12/25/35		1,765,189
			Series - 2005 A9 (Class 2A1B)
	75,000	i	Merrill Lynch Mortgage Trust		6.326		02/12/51		81,608
			Series - 0 C1 (Class AJA)
	4,000,000	g,i	Morgan Stanley Capital I		5.811		08/12/41		4,180,388
			Series - 2006 T23 (Class B)
	1,040,000	i	Morgan Stanley Capital I		5.832		07/12/44		1,103,458
			Series - 2006 HQ9 (Class B)
	1,830,000	i	Morgan Stanley Capital I		5.842		07/12/44		1,883,676
			Series - 2006 HQ9 (Class C)
	82,000	g,i	Morgan Stanley Capital I		5.252		09/15/47		86,029
			Series - 2011 C1 (Class D)
	136,168	i	Opteum Mortgage Acceptance Corp		0.554		02/25/35		135,917
			Series - 2005 1 (Class A4)
	2,448,235		RALI Trust		4.250		12/26/33		2,534,754
			Series - 2003 QS22 (Class A5)
	477,789	i	RALI Trust		0.456		01/25/35		458,970
			Series - 2005 QA1 (Class A1)
	690,263		Residential Accredit Loans, Inc		4.350		03/25/34		714,793
			Series - 2004 QS4 (Class A1)
	773,991		RFMSI Trust		5.500		03/25/35		797,384
			Series - 2005 S2 (Class A6)
	887,424	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		905,363
			Series - 2012 1A (Class A)
	402,363	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		407,894
			Series - 0 2A (Class A)
	2,380,896	i	Structured Adjustable Rate Mortgage Loan Trust		0.494		08/25/35		2,241,206
			Series - 2005 16XS (Class A1)
	3,375,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		3,653,211
			Series - 2007 C30 (Class AM)
	5,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.933		05/15/46		5,580,294
			Series - 2007 C34 (Class AJ)

153

TIAA-CREF FUNDS - Bond Plus Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,095,000	i	Wachovia Bank Commercial Mortgage Trust		5.591	%	04/15/47	$	1,200,543
			Series - 2007 C31 (Class AM)
	9,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		7,201,170
			Series - 2007 C32 (Class B)
	1,374,150	i	WaMu Mortgage Pass-Through Certificates		0.504		12/25/45		1,250,398
			Series - 2005 AR19 (Class A1B3)
	3,626,021	i	WAMU Mortgage Pass-Through Certificates		0.424		07/25/45		3,354,447
			Series - 0 AR8 (Class 1A1A)
			TOTAL OTHER MORTGAGE BACKED						113,176,171
			TOTAL STRUCTURED ASSETS						242,847,937
			(Cost $236,987,501)
			TOTAL BONDS						2,103,119,694
			(Cost $2,071,693,303)
SHORT-TERM INVESTMENTS - 14.5%
GOVERNMENT AGENCY DEBT - 1.3%
	5,000,000		Federal Home Loan Bank (FHLB)		0.055		04/11/14		4,999,924
	12,300,000		FHLB		0.088		08/29/14		12,297,441
	11,364,000		Federal Home Loan Mortgage Corp (FHLMC)		0.089		08/25/14		11,361,693
			TOTAL GOVERNMENT AGENCY DEBT						28,659,058
TREASURY DEBT - 13.2%
	1,100,000	d	United States Treasury Bill		0.047		04/17/14		1,099,977
	12,100,000	d	United States Treasury Bill		0.040-0.076		04/24/14		12,099,504
	19,000,000	d	United States Treasury Bill		0.045-0.050		05/08/14		18,999,060
	7,100,000		United States Treasury Bill		0.050		06/26/14		7,099,404
	9,000,000		United States Treasury Bill		0.061		07/10/14		8,999,001
	1,000,000		United States Treasury Bill		0.063		07/17/14		999,874
	55,700,000	d	United States Treasury Bill		0.063-0.108		07/24/14		55,692,480
	34,000,000		United States Treasury Bill		0.050		08/14/14		33,992,350
	60,800,000	d	United States Treasury Bill		0.071-0.106		08/21/14		60,786,198
	13,000,000		United States Treasury Bill		0.080		09/04/14		12,996,763
	43,000,000	d	United States Treasury Bill		0.091-0.096		09/18/14		42,988,304
	10,000,000		United States Treasury Bill		0.073		11/13/14		9,995,760
	35,000,000	d	United States Treasury Note		1.250		04/15/14		35,016,104
			TOTAL TREASURY DEBT						300,764,779
			TOTAL SHORT-TERM INVESTMENTS						329,423,837
			(Cost $329,397,213)
			TOTAL INVESTMENTS - 110.7%						2,519,521,948
			(Cost $2,487,695,037)
			OTHER ASSETS & LIABILITIES, NET - (10.7)%						(243,136,987	)
			NET ASSETS - 100.0%					$	2,276,384,961

154

TIAA-CREF FUNDS - Bond Plus Fund

b	In bankruptcy.
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 3/31/2014, the aggregate value of these securities, including those in “Other,” was $375,733,400 or 16.5% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.
o	Payment in Kind Bond.

155

TIAA-CREF FUNDS - High-Yield Fund

TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS
March 31, 2014

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 16.1%
AUTOMOBILES & COMPONENTS - 0.7%
$	11,531,486	i	Allison Transmission, Inc		3.750	%	08/23/19	$	11,527,335
	8,778,467	i	Chrysler Group LLC		3.500		05/24/17		8,773,024
			TOTAL AUTOMOBILES & COMPONENTS						20,300,359
CAPITAL GOODS - 0.7%
	11,032,560	i	FMG Resources August 2006 Pty Ltd		4.250		06/28/19		11,112,105
	7,815,725	i	Generac Power Systems, Inc		3.500		05/31/20		7,809,863
			TOTAL CAPITAL GOODS						18,921,968
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	14,775,000	i	Pilot Corp		4.250		08/07/19		14,839,714
	9,950,000	i	Pitney Bowes Management		7.500		10/01/19		9,999,750
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						24,839,464
CONSUMER DURABLES & APPAREL - 1.3%
	15,725,000	h	Capital Safety North America		4.000		03/26/21		15,693,550
	9,500,000	h	Capital Safety North America		6.500		03/26/22		9,553,485
	8,000,000	h,i	PVH Corp		3.250		02/13/20		8,012,720
	2,500,000	i	PVH Corp		3.250		02/13/20		2,503,975
			TOTAL CONSUMER DURABLES & APPAREL						35,763,730
CONSUMER SERVICES - 2.8%
	8,358,000	i	Boyd Gaming Corp		4.000		08/14/20		8,362,179
	2,220,654	i	Burger King Corp		3.750		09/28/19		2,233,423
	4,189,500	i	CityCenter Holdings LLC		5.000		10/16/20		4,219,622
	9,157,895	i	Hilton Worldwide		3.500		10/26/20		9,168,518
	5,805,000	h,i	La Quinta Intermediate Holdings LLC		4.000		02/19/21		5,801,401
	12,468,750	i	Marina District Finance Co, Inc		6.750		08/15/18		12,634,958
	5,332,500	i	MGM Resorts International		3.500		12/20/19		5,317,516
	11,767,045	i	Peninsula Gaming LLC		4.250		11/20/17		11,786,461
	19,927,556	i	Spin Holdco, Inc		4.250		11/14/19		19,892,683
			TOTAL CONSUMER SERVICES						79,416,761
DIVERSIFIED FINANCIALS - 0.7%
	20,300,000	h	TransUnion LLC		4.000		03/10/21		20,333,901
			TOTAL DIVERSIFIED FINANCIALS						20,333,901
ENERGY - 0.6%
	16,702,757	i	Arch Coal, Inc		6.250		05/16/18		16,447,539
			TOTAL ENERGY						16,447,539
FOOD & STAPLES RETAILING - 0.5%
	2,000,000	i	Rite Aid Corp		5.750		08/21/20		2,041,260

156

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	11,000,000	i	Rite Aid Corp		4.875	%	06/21/21	$	11,151,250
			TOTAL FOOD & STAPLES RETAILING						13,192,510
HEALTH CARE EQUIPMENT & SERVICES - 1.8%
	11,600,000	h,i	Accellent, Inc		4.500		03/12/21		11,580,628
	6,583,377	i	Biomet, Inc		3.654		07/25/17		6,587,788
	11,093,333	i	Capsugel Holdings US, Inc		3.500		08/01/18		11,070,259
	2,369,063	i	CHS/Community Health Systems		4.250		01/27/21		2,387,281
	7,900,000	i	DaVita, Inc		4.000		11/01/19		7,932,469
	9,490,476	h,i	HCA, Inc		2.984		05/01/18		9,484,592
	3,979,984	i	Kinetic Concepts, Inc		4.000		05/04/18		3,983,964
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						53,026,981
INSURANCE - 0.5%
	13,924,279	i	Compass Investors, Inc		4.250		12/27/19		13,967,862
			TOTAL INSURANCE						13,967,862
MATERIALS - 0.3%
	8,709,188	i	Tronox Pigments BV		4.500		03/19/20		8,753,866
			TOTAL MATERIALS						8,753,866
MEDIA - 1.1%
	20,455,214	h,i	CSC Holdings LLC		2.653		04/17/20		20,181,727
	5,191,839	i	MTL Publishing LLC		3.750		06/29/18		5,188,152
	4,883,397	i	Univision Communications, Inc		4.000		03/02/20		4,888,817
			TOTAL MEDIA						30,258,696
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	596,124	i	NBTY, Inc		3.500		10/01/17		597,167
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						597,167
RETAILING - 0.5%
	13,765,251	i	Academy Ltd		4.500		08/03/18		13,801,454
			TOTAL RETAILING						13,801,454
SOFTWARE & SERVICES - 1.5%
	5,000,000	h,i	Activision Blizzard, Inc		3.250		10/12/20		4,995,000
	13,300,000	h,i	Asurion LLC		8.500		03/03/21		13,715,625
	375,248	i	IMS Health, Inc		3.750		03/17/21		374,377
	4,491,162	i	Infor US, Inc		3.750		06/03/20		4,474,321
	12,000,000	i	Mitchell International, Inc		8.500		10/11/21		12,255,000
	6,211,837	i	P2 Lower Acquisition LLC		5.500		10/22/20		6,246,809
			TOTAL SOFTWARE & SERVICES						42,061,132
TECHNOLOGY HARDWARE & EQUIPMENT - 1.4%
	10,000,000	i	Dell International LLC		4.500		04/29/20		9,927,100
	9,992,481	h,i	NXP BV		3.250		01/10/20		9,952,511
	19,950,000	i	Scientific Games International, Inc		4.250		10/18/20		19,950,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						39,829,611

157

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
TELECOMMUNICATION SERVICES - 0.6%
$	6,319,742	h,i	CommScope, Inc		3.250	%	01/14/18	$	6,311,842
	9,975,000	i	Internap Network Services Corp		6.000		11/26/19		10,024,875
	2,075,000	h	Presidio, Inc		5.000		03/31/17		2,084,088
			TOTAL TELECOMMUNICATION SERVICES						18,420,805
UTILITIES - 0.2%
	4,432,500	i	Calpine Corp		4.000		10/09/19		4,440,833
			TOTAL UTILITIES						4,440,833
			TOTAL BANK LOAN OBLIGATIONS						454,374,639
			(Cost $452,402,338)
BONDS - 80.1%
CORPORATE BONDS - 80.1%
AUTOMOBILES & COMPONENTS - 0.7%
	3,975,000	g	Chrysler Group LLC		8.000		06/15/19		4,352,625
	5,000,000		Chrysler Group LLC		8.000		06/15/19		5,475,000
	7,600,000		Goodyear Tire & Rubber Co		6.500		03/01/21		8,284,000
			TOTAL AUTOMOBILES & COMPONENTS						18,111,625
BANKS - 2.2%
	7,925,000	g,i	Credit Agricole S.A.		7.875		12/30/49		8,370,781
	10,450,000	i	Fifth Third Bancorp		5.100		12/30/49		9,614,000
	3,155,000	g	HBOS plc		6.000		11/01/33		3,272,713
	2,600,000	i	JPMorgan Chase & Co		7.900		12/30/49		2,938,000
	4,750,000	g,i	Lloyds Banking Group plc		6.657		12/30/49		4,773,750
	9,250,000		Royal Bank of Scotland Group plc		6.125		12/15/22		9,687,312
	4,500,000		Royal Bank of Scotland Group plc		6.100		06/10/23		4,671,086
	9,000,000		Royal Bank of Scotland Group plc		6.000		12/19/23		9,215,577
	4,000,000	i	Royal Bank of Scotland Group plc		7.640		12/30/49		4,060,000
	4,000,000	i	Royal Bank of Scotland Group plc		7.648		12/30/49		4,300,000
			TOTAL BANKS						60,903,219
CAPITAL GOODS - 2.8%
	4,550,000		Access Midstream Partners LP		5.875		04/15/21		4,845,750
	2,875,000		Alliant Techsystems, Inc		6.875		09/15/20		3,126,562
	2,300,000		Anixter, Inc		5.625		05/01/19		2,449,500
	3,350,000		Bombardier, Inc		4.750		04/15/19		3,350,000
	9,500,000		Bombardier, Inc		6.000		10/15/22		9,500,000
	5,250,000	g	FMG Resources August 2006 Pty Ltd		8.250		11/01/19		5,775,000
	1,800,000	g	FMG Resources August 2006 Pty Ltd		6.875		04/01/22		1,939,500
	3,700,000	g	Rexel S.A.		6.125		12/15/19		3,894,250
	9,250,000	g	Rexel S.A.		5.250		06/15/20		9,458,125
	3,375,000	g	Schaeffler Finance BV		7.750		02/15/17		3,830,625
	8,275,000	g	Schaeffler Finance BV		8.500		02/15/19		9,236,969
	1,600,000	g	Sealed Air Corp		6.500		12/01/20		1,764,000
	4,158,000	g	Sealed Air Corp		8.375		09/15/21		4,786,898
	2,250,000		SPX Corp		6.875		09/01/17		2,553,750
	14,130,000	g	Stena AB		7.000		02/01/24		14,377,275
			TOTAL CAPITAL GOODS						80,888,204

158

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 3.2%
$	8,575,000		ADT Corp		4.125	%	04/15/19	$	8,508,038
	3,725,000	g	ADT Corp		6.250		10/15/21		3,827,437
	8,150,000		Clean Harbors, Inc		5.250		08/01/20		8,394,500
	1,925,000		Clean Harbors, Inc		5.125		06/01/21		1,963,500
	5,000,000	g,o	Neovia Logistics Intermediate Holdings LLC		10.000		02/15/18		5,050,000
	12,825,000		RR Donnelley & Sons Co		7.875		03/15/21		14,684,625
	864,000		RR Donnelley & Sons Co		7.250		05/15/18		1,004,400
	1,675,000		RR Donnelley & Sons Co		7.000		02/15/22		1,842,500
	8,650,000		RR Donnelley & Sons Co		6.500		11/15/23		9,136,563
	19,200,000	g	SPL Logistics Escrow LLC		8.875		08/01/20		21,024,000
	3,000,000		United Rentals North America, Inc		7.375		05/15/20		3,311,250
	4,700,000		United Rentals North America, Inc		8.250		02/01/21		5,258,125
	2,825,000		United Rentals North America, Inc		7.625		04/15/22		3,167,531
	3,334,000		Visant Corp		10.000		10/01/17		3,321,498
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						90,493,967
CONSUMER DURABLES & APPAREL - 2.7%
	4,500,000		Beazer Homes USA, Inc		6.625		04/15/18		4,837,500
	7,700,000		DR Horton, Inc		3.750		03/01/19		7,719,250
	3,525,000		Hanesbrands, Inc		6.375		12/15/20		3,851,063
	4,750,000		KB Home		8.000		03/15/20		5,391,250
	7,000,000		KB Home		4.750		05/15/19		7,052,500
	14,250,000		KB Home		7.000		12/15/21		15,336,562
	9,500,000		Lennar Corp		4.500		06/15/19		9,666,250
	6,150,000		Levi Strauss & Co		6.875		05/01/22		6,749,625
	12,403,000		Libbey Glass, Inc		6.875		05/15/20		13,550,277
	1,800,000		Standard Pacific Corp		8.375		01/15/21		2,128,500
			TOTAL CONSUMER DURABLES & APPAREL						76,282,777
CONSUMER SERVICES - 2.9%
	6,026,000		Ameristar Casinos, Inc		7.500		04/15/21		6,523,145
	3,375,000		ARAMARK Corp		5.750		03/15/20		3,564,844
	3,727,000		Boyd Gaming Corp		9.000		07/01/20		4,122,994
	7,700,000	g	Ceridian HCM Holding, Inc		11.000		03/15/21		8,874,250
	2,500,000		DineEquity, Inc		9.500		10/30/18		2,725,000
	3,500,000		MGM Resorts International		11.375		03/01/18		4,523,750
	2,000,000		MGM Resorts International		5.250		03/31/20		2,060,000
	4,250,000		MGM Resorts International		6.750		10/01/20		4,712,187
	7,700,000		MGM Resorts International		7.750		03/15/22		8,932,000
	15,050,000	g	Penn National Gaming, Inc		5.875		11/01/21		14,786,625
	14,435,000	g	Six Flags Entertainment Corp		5.250		01/15/21		14,543,263
	6,900,000		Speedway Motorsports, Inc		6.750		02/01/19		7,331,250
			TOTAL CONSUMER SERVICES						82,699,308
DIVERSIFIED FINANCIALS - 6.2%
	9,000,000		Ally Financial, Inc		4.750		09/10/18		9,517,500
	4,000,000		CIT Group, Inc		5.250		03/15/18		4,300,000
	2,000,000	g	CIT Group, Inc		6.625		04/01/18		2,237,500
	3,000,000	g	CIT Group, Inc		5.500		02/15/19		3,232,500

159

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	5,000,000		CIT Group, Inc		3.875	%	02/19/19	$	5,054,710
	4,750,000	i	Citigroup, Inc		5.350		12/30/49		4,405,625
	2,000,000		General Motors Acceptance Corp LLC		8.000		11/01/31		2,440,000
	3,000,000		General Motors Financial Co, Inc		4.750		08/15/17		3,206,250
	3,200,000		General Motors Financial Co, Inc		3.250		05/15/18		3,228,000
	7,000,000		GMAC, Inc		8.000		03/15/20		8,435,000
	4,000,000		GMAC, Inc		7.500		09/15/20		4,755,000
	7,000,000		GMAC, Inc		8.000		11/01/31		8,627,500
	7,100,000	g	Icahn Enterprises LP		4.875		03/15/19		7,224,250
	15,725,000	g	Icahn Enterprises LP		5.875		02/01/22		15,960,875
	16,068,000	g,i	ILFC E-Capital Trust I		5.210		12/21/65		15,184,260
	2,232,000		International Lease Finance Corp		8.750		03/15/17		2,619,810
	8,000,000		International Lease Finance Corp		6.250		05/15/19		8,820,000
	3,600,000		International Lease Finance Corp		8.250		12/15/20		4,354,164
	9,500,000		International Lease Finance Corp		4.625		04/15/21		9,500,000
	9,000,000		International Lease Finance Corp		5.875		08/15/22		9,517,500
	14,325,000		SLM Corp		5.500		01/15/19		15,148,687
	15,350,000		SLM Corp		4.875		06/17/19		15,598,302
	10,000,000		SLM Corp		6.125		03/25/24		9,987,500
			TOTAL DIVERSIFIED FINANCIALS						173,354,933
ENERGY - 13.5%
	5,000,000		Arch Coal, Inc		7.000		06/15/19		3,862,500
	4,700,000		Ashland, Inc		6.875		05/15/43		4,735,250
	5,700,000		Atlas Pipeline Partners LP		4.750		11/15/21		5,415,000
	17,065,000	g	Calumet Specialty Products Partners LP		6.500		04/15/21		17,192,987
	8,000,000		Calumet Specialty Products Partners LP		7.625		01/15/22		8,480,000
	3,500,000		Chaparral Energy, Inc		8.250		09/01/21		3,850,000
	7,400,000		Chaparral Energy, Inc		7.625		11/15/22		8,010,500
	10,000,000		Chesapeake Energy Corp		5.375		06/15/21		10,525,000
	2,000,000		Chesapeake Midstream Partners LP		6.125		07/15/22		2,152,500
	5,106,000		Cimarex Energy Co		5.875		05/01/22		5,540,010
	1,000,000		Cloud Peak Energy Resources LLC		8.500		12/15/19		1,077,500
	8,450,000		Concho Resources, Inc		5.500		04/01/23		8,788,000
	1,500,000		Consol Energy Inc		8.250		04/01/20		1,629,375
	6,120,000		Crestwood Midstream Partners LP		6.000		12/15/20		6,410,700
	2,000,000	g	Crestwood Midstream Partners LP		6.125		03/01/22		2,090,000
	5,000,000		EP Energy LLC		6.875		05/01/19		5,400,000
	11,000,000		EP Energy LLC		9.375		05/01/20		12,718,750
	6,030,000		EP Energy LLC		7.750		09/01/22		6,768,675
	7,500,000		Exterran Partners		6.000		10/01/22		7,377,825
	14,900,000		Exterran Partners LP		6.000		04/01/21		14,825,500
	2,850,000		Halcon Resources Corp		9.750		07/15/20		3,070,875
	13,300,000		Halcon Resources Corp		8.875		05/15/21		13,798,750
	6,750,000		Linn Energy LLC		6.500		05/15/19		7,036,875
	9,600,000	g	Linn Energy LLC		7.250		11/01/19		10,008,000
	2,800,000		Linn Energy LLC		7.750		02/01/21		3,010,000
	2,560,000		MarkWest Energy Partners LP		6.750		11/01/20		2,771,200
	2,249,000		MarkWest Energy Partners LP		6.250		06/15/22		2,428,920
	5,000,000	g	Murphy Oil USA, Inc		6.000		08/15/23		5,162,500
	2,800,000		Newfield Exploration Co		6.875		02/01/20		2,982,000
	13,900,000	g	Oasis Petroleum, Inc		6.875		03/15/22		15,046,750

160

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	13,500,000	g	Pacific Rubiales Energy Corp		5.375	%	01/26/19	$	14,006,250
	4,750,000		Parker Drilling Co		7.500		08/01/20		5,058,750
	1,900,000	g	Parker Drilling Co		6.750		07/15/22		1,957,000
	4,800,000		Peabody Energy Corp		6.000		11/15/18		5,034,000
	1,000,000		Peabody Energy Corp		6.500		09/15/20		1,032,500
	9,500,000		Peabody Energy Corp		6.250		11/15/21		9,523,750
	3,000,000		Peabody Energy Corp		4.750		12/15/41		2,426,250
	2,665,000		Precision Drilling Corp		6.500		12/15/21		2,851,550
	11,391,000		Precision Drilling Trust		6.625		11/15/20		12,188,370
	1,000,000		Range Resources Corp		6.750		08/01/20		1,080,000
	2,665,000		Range Resources Corp		5.000		08/15/22		2,718,300
	4,000,000		Regency Energy Partners LP		5.750		09/01/20		4,160,000
	5,400,000		Regency Energy Partners LP		6.500		07/15/21		5,791,500
	7,140,000		Regency Energy Partners LP		5.875		03/01/22		7,407,750
	4,685,000	g	Rockies Express Pipeline LLC		6.000		01/15/19		4,720,137
	2,000,000		SandRidge Energy, Inc		8.750		01/15/20		2,155,000
	18,170,000		SandRidge Energy, Inc		7.500		03/15/21		19,396,475
	7,042,000		SandRidge Energy, Inc		8.125		10/15/22		7,675,780
	8,850,000		SESI LLC		7.125		12/15/21		9,867,750
	4,000,000		SM Energy Co		6.500		11/15/21		4,320,000
	5,795,000		SM Energy Co		6.500		01/01/23		6,186,163
	4,350,000		Tesoro Corp		5.375		10/01/22		4,475,063
	6,985,000	g	Ultra Petroleum Corp		5.750		12/15/18		7,334,250
	30,900,000		Whiting Petroleum Corp		5.000		03/15/19		32,676,750
	4,000,000		WPX Energy, Inc		6.000		01/15/22		4,100,000
			TOTAL ENERGY						380,309,280
FOOD & STAPLES RETAILING - 0.6%
	15,000,000		Ingles Markets, Inc		5.750		06/15/23		15,000,000
	3,800,000		Stater Bros Holdings, Inc		7.375		11/15/18		4,009,000
			TOTAL FOOD & STAPLES RETAILING						19,009,000
FOOD, BEVERAGE & TOBACCO - 1.5%
	4,552,000		Del Monte Foods Co		7.625		02/15/19		4,742,615
	6,150,000	g	Post Holdings, Inc		6.750		12/01/21		6,511,312
	3,150,000	g	Post Holdings, Inc		7.375		02/15/22		3,386,250
	12,185,000		Post Holdings, Inc		7.375		02/15/22		13,098,875
	5,509,000		Smithfield Foods, Inc		6.625		08/15/22		5,949,720
	7,610,000	g	Sun Merger Sub, Inc		5.250		08/01/18		7,904,888
			TOTAL FOOD, BEVERAGE & TOBACCO						41,593,660
HEALTH CARE EQUIPMENT & SERVICES - 5.6%
	2,252,000		Biomet, Inc		6.500		08/01/20		2,425,404
	1,625,000		CHS/Community Health Systems		5.125		08/15/18		1,706,250
	14,950,000		CHS/Community Health Systems		8.000		11/15/19		16,426,313
	5,775,000	g	CHS/Community Health Systems		6.875		02/01/22		6,034,875
	3,389,000		Endo Health Solutions		7.000		07/15/19		3,651,647
	5,047,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		5,368,746
	5,000,000	g	Fresenius Medical Care II		5.625		07/31/19		5,387,500
	575,000		HCA Holdings, Inc		6.250		02/15/21		615,537
	705,000		HCA Holdings, Inc		7.750		05/15/21		777,262
	10,000,000		HCA, Inc		6.500		02/15/20		11,200,000

161

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	13,600,000		HCA, Inc		7.500	%	02/15/22	$	15,538,000
	1,800,000		HCA, Inc		5.875		03/15/22		1,939,500
	5,000,000		HCA, Inc		5.875		05/01/23		5,143,750
	900,000		HCA, Inc		7.500		11/06/33		922,500
	9,200,000		Kinetic Concepts, Inc		10.500		11/01/18		10,568,500
	8,000,000		Kinetic Concepts, Inc		12.500		11/01/19		9,300,000
	7,295,000		LifePoint Hospitals, Inc		6.625		10/01/20		7,915,075
	6,075,000	g	LifePoint Hospitals, Inc		5.500		12/01/21		6,302,813
	2,500,000	g	Mallinckrodt International Finance S.A.		3.500		04/15/18		2,462,653
	5,000,000	g	Tenet Healthcare Corp		5.000		03/01/19		4,993,750
	4,450,000	g	Tenet Healthcare Corp		6.000		10/01/20		4,761,500
	4,225,000		Tenet Healthcare Corp		4.375		10/01/21		4,077,125
	17,400,000		Tenet Healthcare Corp		8.125		04/01/22		19,444,500
	1,750,000		Tenet Healthcare Corp		6.875		11/15/31		1,575,000
	7,375,000	g	VPII Escrow Corp		7.500		07/15/21		8,296,875
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						156,835,075
HOUSEHOLD & PERSONAL PRODUCTS - 1.1%
	4,800,000	g	First Quality Finance Co, Inc		4.625		05/15/21		4,668,000
	4,000,000		Reynolds Group Issuer, Inc		8.500		05/15/18		4,195,000
	17,125,000		Reynolds Group Issuer, Inc		5.750		10/15/20		17,938,437
	5,000,000		Reynolds Group Issuer, Inc		6.875		02/15/21		5,400,000
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						32,201,437
INSURANCE - 0.8%
	11,200,000	g	Fidelity & Guaranty Life Holdings, Inc		6.375		04/01/21		11,928,000
	11,250,000	g	Onex USI Aquisition Corp		7.750		01/15/21		11,728,125
			TOTAL INSURANCE						23,656,125
MATERIALS - 4.4%
	4,750,000		ArcelorMittal		5.750		08/05/20		5,046,875
	4,750,000		ArcelorMittal		6.000		03/01/21		5,064,687
	4,750,000		ArcelorMittal		6.750		02/25/22		5,213,125
	3,700,000		ArcelorMittal		7.500		10/15/39		3,824,875
	5,700,000		ArcelorMittal		7.250		03/01/41		5,721,375
	3,700,000	g	Belden, Inc		5.500		09/01/22		3,746,250
	3,750,000	g	Cemex Finance LLC		6.000		04/01/24		3,759,375
	5,939,000	g	CommScope, Inc		8.250		01/15/19		6,428,967
	2,000,000		Crown Americas LLC		6.250		02/01/21		2,165,000
	14,400,000	g	Eldorado Gold Corp		6.125		12/15/20		14,400,000
	600,000		Greif, Inc		7.750		08/01/19		687,000
	7,200,000		Hexion US Finance Corp		8.875		02/01/18		7,488,000
	18,710,000		Hexion US Finance Corp		6.625		04/15/20		19,364,850
	4,500,000		Hexion US Finance Corp		9.000		11/15/20		4,455,000
	3,890,000	g	INEOS Group Holdings S.A.		5.875		02/15/19		3,972,663
	2,500,000		Lafarge S.A.		7.125		07/15/36		2,675,000
	10,500,000		Rosetta Resources, Inc		5.625		05/01/21		10,736,250
	2,778,000	g	Sappi Papier Holding AG.		6.625		04/15/21		2,882,175
	2,000,000	g	Sappi Papier Holding GmbH		7.750		07/15/17		2,225,000
	5,800,000	g	Sappi Papier Holding GmbH		8.375		06/15/19		6,438,000
	800,000		Steel Dynamics, Inc		6.125		08/15/19		870,000
	650,000		Steel Dynamics, Inc		6.375		08/15/22		706,875

162

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	6,940,000		Tronox Finance LLC		6.375	%	08/15/20	$	7,130,850
			TOTAL MATERIALS						125,002,192
MEDIA - 7.4%
	1,825,000		AMC Entertainment Holdings, Inc		9.750		12/01/20		2,103,312
	15,000,000	g	AMC Entertainment, Inc		5.875		02/15/22		15,262,500
	12,345,000		Cablevision Systems Corp		5.875		09/15/22		12,591,900
	7,500,000	g	CBS Outdoor Americas Capital LLC		5.250		02/15/22		7,687,500
	5,375,000		CCO Holdings LLC		8.125		04/30/20		5,885,625
	4,175,000		CCO Holdings LLC		6.500		04/30/21		4,425,500
	1,960,000		CCO Holdings LLC		6.625		01/31/22		2,094,750
	5,950,000		CCO Holdings LLC		5.125		02/15/23		5,726,875
	1,000,000		Cinemark USA, Inc		7.375		06/15/21		1,108,750
	13,110,000		Clear Channel Worldwide Holdings, Inc		7.625		03/15/20		14,158,800
	940,000		Clear Channel Worldwide Holdings, Inc		7.625		03/15/20		1,008,150
	2,010,000		Clear Channel Worldwide Holdings, Inc		6.500		11/15/22		2,133,113
	3,705,000		DISH DBS Corp		4.625		07/15/17		3,945,825
	13,900,000		DISH DBS Corp		4.250		04/01/18		14,508,125
	8,000,000		DISH DBS Corp		6.750		06/01/21		8,960,000
	2,000,000		DISH DBS Corp		5.875		07/15/22		2,135,000
	2,000,000		DISH DBS Corp		5.000		03/15/23		2,015,000
	9,075,000		Lamar Media Corp		5.875		02/01/22		9,619,500
	5,500,000		Lamar Media Corp		5.000		05/01/23		5,500,000
	8,000,000		Nielsen Finance LLC		4.500		10/01/20		8,060,000
	9,500,000	g	PNK Finance Corp		6.375		08/01/21		9,880,000
	4,400,000		Regal Entertainment Group		5.750		03/15/22		4,532,000
	5,650,000		Regal Entertainment Group		5.750		06/15/23		5,734,750
	11,400,000	g	Sirius XM Radio, Inc		5.875		10/01/20		11,998,500
	10,638,000		Starz LLC		5.000		09/15/19		10,983,735
	2,000,000	g	Unitymedia Hessen GmbH & Co KG		7.500		03/15/19		2,170,000
	7,400,000	g	Unitymedia Hessen GmbH & Co KG		5.500		01/15/23		7,548,000
	5,193,000	g	Univision Communications, Inc		7.875		11/01/20		5,738,265
	2,000,000	g	Univision Communications, Inc		8.500		05/15/21		2,215,000
	6,896,000	g	Univision Communications, Inc		6.750		09/15/22		7,628,700
	6,025,000	g	Univision Communications, Inc		5.125		05/15/23		6,160,563
	2,850,000	g	WideOpenWest Finance LLC		10.250		07/15/19		3,234,750
	2,700,000		WideOpenWest Finance LLC		10.250		07/15/19		3,064,500
			TOTAL MEDIA						209,818,988
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.8%
	6,675,000	g,o	Capsugel S.A.		7.000		05/15/19		6,875,250
	2,577,000		Endo Health Solutions, Inc		7.250		01/15/22		2,789,603
	1,250,000		Endo Pharmaceuticals Holdings, Inc		7.000		12/15/20		1,346,875
	5,800,000	g	Forest Laboratories, Inc		4.375		02/01/19		6,104,500
	2,000,000	g	Valeant Pharmaceuticals International, Inc		7.000		10/01/20		2,165,000
	14,200,400	g	Valeant Pharmaceuticals International, Inc		6.375		10/15/20		15,336,432
	1,900,000	g	Valeant Pharmaceuticals International, Inc		6.750		08/15/21		2,047,250
	1,950,000	g	Valeant Pharmaceuticals International, Inc		5.625		12/01/21		2,047,500
	10,000,000	g	Valeant Pharmaceuticals International, Inc		7.250		07/15/22		11,050,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						49,762,410

163

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
RETAILING - 3.2%
$	4,000,000		AmeriGas Finance LLC		7.000	%	05/20/22	$	4,370,000
	5,000,000		AmeriGas Partners LP		6.250		08/20/19		5,375,000
	12,500,000		Asbury Automotive Group, Inc		8.375		11/15/20		14,000,000
	2,000,000		AutoNation, Inc		6.750		04/15/18		2,305,000
	4,166,000		AutoNation, Inc		5.500		02/01/20		4,520,110
	6,580,000		Ferrellgas LP		6.500		05/01/21		6,892,550
	3,150,000	g	Ferrellgas LP		6.750		01/15/22		3,283,875
	10,838,000		Ferrellgas Partners LP		8.625		06/15/20		11,515,375
	8,750,000	g	Guitar Center, Inc		6.500		04/15/19		8,695,313
	1,275,000		JC Penney Corp, Inc		5.650		06/01/20		1,045,500
	3,000,000		JC Penney Corp, Inc		6.375		10/15/36		2,287,500
	1,875,000		Limited Brands, Inc		7.000		05/01/20		2,137,500
	1,000,000		Limited Brands, Inc		6.625		04/01/21		1,123,750
	12,275,000	g,o	Schaeffler Holding Finance BV		6.875		08/15/18		13,057,531
	5,000,000		Sonic Automotive, Inc		7.000		07/15/22		5,512,500
	4,325,000	g	WEX, Inc		4.750		02/01/23		4,065,500
			TOTAL RETAILING						90,187,004
SOFTWARE & SERVICES - 2.5%
	8,400,000	g	Activision Blizzard, Inc		5.625		09/15/21		8,988,000
	4,450,000	g	Activision Blizzard, Inc		6.125		09/15/23		4,844,937
	12,085,000	g	Audatex North America, Inc		6.000		06/15/21		12,900,737
	12,575,000	g	BMC Software Finance, Inc		8.125		07/15/21		13,235,188
	5,775,000		Equinix, Inc		4.875		04/01/20		5,904,938
	4,800,000	g	IMS Health, Inc		12.500		03/01/18		5,472,000
	2,000,000	g	IMS Health, Inc		6.000		11/01/20		2,105,000
	6,725,000		NCR Corp		4.625		02/15/21		6,758,625
	5,350,000	g	NCR Escrow Corp		5.875		12/15/21		5,630,875
	3,000,000	g	Nielsen Co Luxembourg SARL		5.500		10/01/21		3,131,250
	2,000,000		SunGard Data Systems, Inc		7.625		11/15/20		2,192,500
			TOTAL SOFTWARE & SERVICES						71,164,050
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	2,625,000		Nokia Oyj		5.375		05/15/19		2,762,813
	3,000,000		Nokia OYJ		6.625		05/15/39		3,075,000
	2,825,000	g	NXP BV		3.750		06/01/18		2,839,125
	9,500,000	g	NXP Funding LLC		5.750		02/15/21		10,117,500
	2,500,000		Scientific Games Corp		8.125		09/15/18		2,662,500
	5,611,000		Scientific Games Corp		9.250		06/15/19		5,947,660
	4,000,000		Scientific Games International, Inc		6.250		09/01/20		4,200,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						31,604,598
TELECOMMUNICATION SERVICES - 9.6%
	2,000,000		CenturyLink, Inc		5.625		04/01/20		2,102,500
	6,000,000		CenturyLink, Inc		6.450		06/15/21		6,450,000
	7,300,000		CenturyLink, Inc		5.800		03/15/22		7,464,250
	7,375,000		CenturyLink, Inc		6.750		12/01/23		7,826,719
	3,300,000		CenturyLink, Inc		7.650		03/15/42		3,114,375
	3,200,000		Citizens Communications Co		7.125		03/15/19		3,544,000
	2,750,000		Citizens Communications Co		9.000		08/15/31		2,811,875
	8,800,000	g,o	CommScope Holding Co, Inc		6.625		06/01/20		9,306,000
	14,150,000		Frontier Communications Corp		8.500		04/15/20		16,449,375

164

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	3,225,000		Frontier Communications Corp		7.125	%	01/15/23	$	3,345,937
	3,000,000		Intelsat Jackson Holdings S.A.		7.250		04/01/19		3,225,000
	6,000,000		Intelsat Jackson Holdings S.A.		7.250		10/15/20		6,510,000
	4,837,000		Intelsat Jackson Holdings S.A.		7.500		04/01/21		5,308,607
	11,050,000	g	Intelsat Jackson Holdings S.A.		5.500		08/01/23		10,829,000
	1,800,000	g	Intelsat Luxembourg S.A.		6.750		06/01/18		1,903,500
	2,850,000	g	Intelsat Luxembourg S.A.		8.125		06/01/23		3,021,000
	750,000	g	Lynx I Corp		5.375		04/15/21		774,375
	6,800,000	g	Lynx II Corp		6.375		04/15/23		7,208,000
	9,724,000		Sprint Capital Corp		6.900		05/01/19		10,672,090
	3,507,000		Sprint Capital Corp		6.875		11/15/28		3,401,790
	2,050,000		Sprint Capital Corp		8.750		03/15/32		2,255,000
	8,075,000	g	Sprint Corp		7.250		09/15/21		8,801,750
	14,250,000	g	Sprint Corp		7.125		06/15/24		14,962,500
	5,000,000		Sprint Nextel Corp		6.000		12/01/16		5,481,250
	4,500,000	g	Sprint Nextel Corp		9.000		11/15/18		5,501,250
	3,125,000	g	Sprint Nextel Corp		7.000		03/01/20		3,601,563
	8,125,000		Sprint Nextel Corp		6.000		11/15/22		8,277,344
	2,850,000		Telecom Italia Capital S.A.		7.175		06/18/19		3,266,813
	2,850,000		Telecom Italia Capital S.A.		6.375		11/15/33		2,785,875
	2,850,000		Telecom Italia Capital S.A.		6.000		09/30/34		2,657,625
	4,750,000		Telecom Italia Capital S.A.		7.721		06/04/38		5,082,500
	2,850,000		T-Mobile USA, Inc		5.250		09/01/18		3,013,875
	12,350,000		T-Mobile USA, Inc		6.542		04/28/20		13,291,687
	4,750,000		T-Mobile USA, Inc		6.633		04/28/21		5,106,250
	4,750,000		T-Mobile USA, Inc		6.125		01/15/22		4,975,625
	6,100,000		T-Mobile USA, Inc		6.731		04/28/22		6,534,625
	6,650,000		T-Mobile USA, Inc		6.625		04/01/23		7,049,000
	525,000		T-Mobile USA, Inc		6.836		04/28/23		563,062
	3,175,000		T-Mobile USA, Inc		6.500		01/15/24		3,325,813
	2,750,000	g	Wind Acquisition Finance S.A.		11.750		07/15/17		2,897,813
	13,786,000	g	Wind Acquisition Finance S.A.		7.250		02/15/18		14,544,230
	2,500,000		Windstream Corp		7.875		11/01/17		2,868,750
	2,105,000		Windstream Corp		8.125		09/01/18		2,236,563
	14,250,000		Windstream Corp		7.750		10/01/21		15,318,750
	2,000,000		Windstream Corp		7.500		04/01/23		2,100,000
	8,575,000		Windstream Corp		6.375		08/01/23		8,360,625
			TOTAL TELECOMMUNICATION SERVICES						270,128,531
TRANSPORTATION - 2.5%
	4,000,000	g	Bombardier, Inc		7.500		03/15/18		4,510,000
	6,000,000	g	Bombardier, Inc		7.750		03/15/20		6,720,000
	7,825,000	g	Bombardier, Inc		6.125		01/15/23		7,903,250
	2,525,000		Bristow Group, Inc		6.250		10/15/22		2,676,500
	17,920,000		Gulfmark Offshore, Inc		6.375		03/15/22		18,547,200
	8,700,000		Hertz Corp		6.750		04/15/19		9,319,875
	5,650,000		Hertz Corp		5.875		10/15/20		6,024,329
	2,000,000		Hertz Corp		7.375		01/15/21		2,200,000
	8,750,000	g	Meccanica Holdings USA, Inc		6.250		07/15/19		9,395,313
	1,800,000	g	Meccanica Holdings USA, Inc		7.375		07/15/39		1,795,500
			TOTAL TRANSPORTATION						69,091,967

165

TIAA-CREF FUNDS - High-Yield Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
UTILITIES - 3.8%
$	682,000		AES Corp		8.000	%	10/15/17	$	807,317
	11,145,000		AES Corp		7.375		07/01/21		12,705,300
	4,797,000	g	Calpine Corp		7.500		02/15/21		5,240,722
	11,821,000	g	Calpine Corp		7.875		01/15/23		13,239,520
	5,435,000		El Paso Corp		7.750		01/15/32		5,812,885
	3,000,000		NRG Energy, Inc		7.625		05/15/19		3,131,250
	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		12,452,000
	5,000,000	g	NRG Energy, Inc		6.250		07/15/22		5,150,000
	6,750,000		NRG Energy, Inc		6.625		03/15/23		7,003,125
	7,335,000		Questar Market Resources, Inc		6.875		03/01/21		8,068,500
	8,335,000		Sabine Pass Liquefaction LLC		5.625		02/01/21		8,595,469
	4,750,000		Sabine Pass Liquefaction LLC		5.625		04/15/23		4,726,250
	7,570,000		Sabine Pass LNG LP		7.500		11/30/16		8,364,850
	7,445,000		Sabine Pass LNG LP		6.500		11/01/20		7,817,250
	1,055,000		Suburban Propane Partners LP		7.500		10/01/18		1,120,937
	1,397,000		Suburban Propane Partners LP		7.375		08/01/21		1,540,193
			TOTAL UTILITIES						109,068,068
			TOTAL CORPORATE BONDS						2,262,166,418
			(Cost $2,163,775,079)
			TOTAL BONDS						2,262,166,418
			(Cost $2,163,775,079)
SHARES			COMPANY
PREFERRED STOCKS - 0.2%
BANKS - 0.2%
	180,000		Regions Financial Corp		6.375		12/31/49		4,313,791
			TOTAL BANKS						4,313,791
			TOTAL PREFERRED STOCKS						4,313,791
			(Cost $4,500,000)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 5.4%
GOVERNMENT AGENCY DEBT - 0.7%
$	10,000,000		Federal Home Loan Bank (FHLB)		0.070		04/09/14		9,999,844
	10,000,000		FHLB		0.065		04/25/14		9,999,567
			TOTAL GOVERNMENT AGENCY DEBT						19,999,411
TREASURY DEBT - 4.7%
	8,000,000		United States Treasury Bill		0.048		04/10/14		7,999,905
	55,000,000		United States Treasury Bill		0.046-0.050		04/17/14		54,998,813
	30,000,000		United States Treasury Bill		0.040-0.055		04/24/14		29,999,090
	25,000,000		United States Treasury Bill		0.045		05/08/14		24,998,844
	15,000,000		United States Treasury Bill		0.045		05/22/14		14,999,044
			TOTAL TREASURY DEBT						132,995,696
			TOTAL SHORT-TERM INVESTMENTS						152,995,107
			(Cost $152,995,107)

166

TIAA-CREF FUNDS - High-Yield Fund

		VALUE
TOTAL INVESTMENTS - 101.8%	$	2,873,849,955
(Cost $2,773,672,524)
OTHER ASSETS & LIABILITIES, NET - (1.8)%		(50,585,833	)
NET ASSETS - 100.0%	$	2,823,264,122

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 3/31/2014, the aggregate value of these securities, including those in “Other,” was $759,704,889 or 26.9% 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.
o	Payment in Kind Bond.

167

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

TIAA-CREF FUNDS

INFLATION-LINKED BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2014

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
GOVERNMENT BONDS -  98.0%
U.S. TREASURY SECURITIES - 98.0%
$	5,000,000		United States Treasury Bond	3.625	%	02/15/44	$	5,057,810
	49,207,908	k	United States Treasury Inflation Indexed Bonds	1.625		01/15/15		50,476,537
	48,233,209	k	United States Treasury Inflation Indexed Bonds	0.500		04/15/15		49,212,922
	42,528,252	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/15		44,588,235
	44,225,727	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/16		46,931,104
	89,953,472	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/16		92,385,004
	42,090,282	k	United States Treasury Inflation Indexed Bonds	2.500		07/15/16		45,917,888
	38,653,829	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/17		42,328,958
	98,587,235	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/17		101,367,691
	30,986,353	k	United States Treasury Inflation Indexed Bonds	2.625		07/15/17		34,695,048
	33,010,602	k	United States Treasury Inflation Indexed Bonds	1.625		01/15/18		35,831,985
	43,001,500	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/18		43,989,201
	31,807,566	k	United States Treasury Inflation Indexed Bonds	1.375		07/15/18		34,511,209
	30,934,840	k	United States Treasury Inflation Indexed Bonds	2.125		01/15/19		34,545,523
	34,955,309	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/19		38,904,176
	41,369,353	k	United States Treasury Inflation Indexed Bonds	1.375		01/15/20		44,707,984
	63,911,109	k	United States Treasury Inflation Indexed Bonds	1.250		07/15/20		68,874,190
	70,653,144	k	United States Treasury Inflation Indexed Bonds	1.125		01/15/21		75,002,693
	69,457,344	k	United States Treasury Inflation Indexed Bonds	0.625		07/15/21		71,513,907
	73,381,670	k	United States Treasury Inflation Indexed Bonds	0.125		01/15/22		71,891,142
	101,707,000	k	United States Treasury Inflation Indexed Bonds	0.125		07/15/22		99,625,159
	66,876,480	k	United States Treasury Inflation Indexed Bonds	0.125		01/15/23		64,708,211
	45,226,350	k	United States Treasury Inflation Indexed Bonds	0.375		07/15/23		44,731,664
	38,842,613	k	United States Treasury Inflation Indexed Bonds	0.625		01/15/24		38,976,153
	56,896,102	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/25		66,999,598
	40,131,931	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/26		45,697,106
	32,483,398	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/27		38,561,335
	34,638,357	k	United States Treasury Inflation Indexed Bonds	1.750		01/15/28		38,378,226
	36,244,298	k	United States Treasury Inflation Indexed Bonds	3.625		04/15/28		49,272,420
	35,066,820	k	United States Treasury Inflation Indexed Bonds	2.500		01/15/29		42,584,270
	35,551,177	k	United States Treasury Inflation Indexed Bonds	3.875		04/15/29		50,188,272
	12,819,709	k	United States Treasury Inflation Indexed Bonds	3.375		04/15/32		17,719,248
	20,022,466	k	United States Treasury Inflation Indexed Bonds	2.125		02/15/40		23,973,780
	26,451,899	k	United States Treasury Inflation Indexed Bonds	2.125		02/15/41		31,785,686
	44,197,916	k	United States Treasury Inflation Indexed Bonds	0.750		02/15/42		38,514,329
	38,657,400	k	United States Treasury Inflation Indexed Bonds	0.625		02/15/43		32,369,542
	10,035,600	k	United States Treasury Inflation Indexed Bonds	1.375		02/15/44		10,241,019
	18,000,000		United States Treasury Note	2.750		11/15/23		18,081,558
			TOTAL U.S. TREASURY SECURITIES					1,785,140,783
			TOTAL GOVERNMENT BONDS					1,785,140,783
			(Cost $1,739,057,438)

168

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 0.8%
$	15,000,000	Federal Home Loan Bank (FHLB)	0.070	%	04/09/14	$	14,999,767
		TOTAL GOVERNMENT AGENCY DEBT					14,999,767
TREASURY DEBT - 0.4%
	7,000,000	United States Treasury Bill	0.055		04/24/14		6,999,754
		TOTAL TREASURY DEBT					6,999,754
		TOTAL SHORT-TERM INVESTMENTS					21,999,521
		(Cost $21,999,521)
		TOTAL INVESTMENTS - 99.2%					1,807,140,304
		(Cost $1,761,056,959)
		OTHER ASSETS & LIABILITIES, NET - 0.8%					13,549,994
		NET ASSETS - 100.0%				$	1,820,690,298

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

169

TIAA-CREF FUNDS - Short-Term Bond Fund

TIAA-CREF FUNDS

SHORT-TERM BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2014

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.5%
CAPITAL GOODS - 0.1%
$	483,875	i	TransDigm, Inc		3.750	%	02/28/20	$	483,875
			TOTAL CAPITAL GOODS						483,875
CONSUMER DURABLES & APPAREL - 0.3%
	303,753	i	PVH Corp		3.250		02/13/20		304,236
	4,000,000	i	PVH Corp		3.250		02/13/20		4,006,360
			TOTAL CONSUMER DURABLES & APPAREL						4,310,596
CONSUMER SERVICES - 0.7%
	900,000	i	ARAMARK Corp		3.250		09/07/19		891,450
	4,000,000	i	ARAMARK Corp		3.250		02/24/21		3,959,160
	4,987,374	i	MGM Resorts International		3.500		12/20/19		4,973,359
			TOTAL CONSUMER SERVICES						9,823,969
FOOD, BEVERAGE & TOBACCO - 0.1%
	1,687,250	i	HJ Heinz Co		3.250		06/07/19		1,690,118
			TOTAL FOOD, BEVERAGE & TOBACCO						1,690,118
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	199,500	i	CHS/Community Health Systems		4.250		01/27/21		201,034
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						201,034
MEDIA - 0.3%
	1,000,000	i	CBS Outdoor Americas Capital LLC		3.000		01/31/21		995,630
	297,000	i	Univision Communications, Inc		4.000		03/01/20		296,418
	2,000,000	i	Virgin Media Investment Holdings Ltd		3.500		06/08/20		1,994,660
			TOTAL MEDIA						3,286,708
			TOTAL BANK LOAN OBLIGATIONS						19,796,300
			(Cost $19,897,719)
BONDS - 88.0%
CORPORATE BONDS - 37.2%
BANKS - 10.5%
	7,000,000	g	Australia & New Zealand Banking Group Ltd		2.400		11/23/16		7,230,650
	500,000	g,i	Banco Bradesco S.A.		2.336		05/16/14		500,161
	500,000	g	Banco de Credito del Peru		4.750		03/16/16		527,500
	500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		512,500
	7,825,000	g	Banco del Estado de Chile		2.000		11/09/17		7,776,399
	1,200,000		Banco do Brasil S.A.		3.875		01/23/17		1,239,000
	3,000,000		Bancolombia S.A.		4.250		01/12/16		3,127,500

170

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	788,000	g	Bank Nederlandse Gemeenten		1.375	%	09/27/17	$	787,047
	7,000,000	g	Bank Nederlandse Gemeenten		1.375		03/19/18		6,932,030
	250,000	g	Bank of Nova Scotia		1.650		10/29/15		254,565
	4,800,000	g	Bank of Nova Scotia		2.150		08/03/16		4,952,016
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		1,026,257
	1,000,000		BB&T Corp		3.200		03/15/16		1,043,684
	1,000,000		BB&T Corp		1.450		01/12/18		987,580
	500,000		BDO Unibank, Inc		4.500		02/16/17		523,750
	2,800,000	g	Caixa Economica Federal		2.375		11/06/17		2,702,000
	1,000,000	g	Caixa Economica Federal		4.500		10/03/18		1,017,500
	4,565,000		Citigroup, Inc		5.000		09/15/14		4,653,401
	456,000		Citigroup, Inc		5.500		10/15/14		468,017
	6,750,000		Citigroup, Inc		1.300		11/15/16		6,746,504
	759,000		Citigroup, Inc		5.500		02/15/17		837,801
	1,000,000		Citigroup, Inc		2.250		08/07/15		1,018,264
	1,000,000		First Horizon National Corp		5.375		12/15/15		1,063,906
	900,000		HSBC USA, Inc		2.375		02/13/15		915,349
	5,000,000		Huntington National Bank		1.300		11/20/16		5,015,470
	1,550,000	g	Hutchison Whampoa International 12 II Ltd		2.000		11/08/17		1,559,119
	10,000,000		JPMorgan Chase & Co		0.800		04/23/15		10,025,340
	3,000,000		JPMorgan Chase & Co		1.350		02/15/17		2,997,564
	2,500,000	g	National Australia Bank Ltd		2.000		06/20/17		2,544,650
	10,000,000		PNC Bank NA		1.125		01/27/17		9,965,780
	10,000,000		Royal Bank of Canada		1.200		01/23/17		10,000,550
	9,000,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		8,821,710
	5,000,000	g	SpareBank  Boligkreditt AS.		1.250		05/02/18		4,866,700
	1,800,000	g	State Bank of India		4.125		08/01/17		1,861,880
	300,000	g	State Bank of India		3.250		04/18/18		296,508
	1,000,000		SunTrust Bank		1.350		02/15/17		1,000,304
	2,200,000	g	Toronto-Dominion Bank		1.625		09/14/16		2,242,130
	500,000	g	Turkiye Is Bankasi		3.875		11/07/17		487,500
	500,000		Union Bank NA		2.125		06/16/17		509,277
	1,000,000		US Bancorp		3.125		04/01/15		1,027,282
	500,000		US Bancorp		1.650		05/15/17		506,101
	5,000,000		US Bank NA		1.100		01/30/17		5,009,585
	1,000,000		Westpac Banking Corp		3.000		08/04/15		1,032,429
	6,000,000	g	Westpac Banking Corp		2.450		11/28/16		6,206,520
	2,700,000	g	Westpac Banking Corp		1.250		12/15/17		2,660,499
	5,000,000	g	Westpac Banking Corp		1.850		11/26/18		4,931,435
			TOTAL BANKS						140,411,714
CAPITAL GOODS - 1.8%
	475,000		Caterpillar, Inc		1.500		06/26/17		475,313
	2,000,000		John Deere Capital Corp		1.050		10/11/16		2,006,962
	12,450,000		John Deere Capital Corp		1.050		12/15/16		12,502,987
	1,000,000		John Deere Capital Corp		2.000		01/13/17		1,023,197
	1,000,000		John Deere Capital Corp		1.400		03/15/17		1,006,972
	5,925,000		Pentair Finance S.A.		1.350		12/01/15		5,956,118
	1,000,000	g	Schaeffler Finance BV		8.500		02/15/19		1,116,250
	500,000		United Technologies Corp		1.800		06/01/17		508,356
			TOTAL CAPITAL GOODS						24,596,155
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	1,000,000		Waste Management, Inc		2.600		09/01/16		1,035,588
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						1,035,588
CONSUMER DURABLES & APPAREL - 0.1%
	500,000		Hanesbrands, Inc		6.375		12/15/20		546,250
			TOTAL CONSUMER DURABLES & APPAREL						546,250

171

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
CONSUMER SERVICES - 0.3%
$	1,000,000		DineEquity, Inc		9.500	%	10/30/18	$	1,090,000
	200,000	g	GLP Capital LP		4.375		11/01/18		205,250
	1,000,000	g	SABMiller Holdings, Inc		2.450		01/15/17		1,028,309
	1,000,000		Walt Disney Co		0.450		12/01/15		999,172
			TOTAL CONSUMER SERVICES						3,322,731
DIVERSIFIED FINANCIALS - 9.2%
	2,000,000	g	Abbey National Treasury Services plc		3.875		11/10/14		2,040,862
	550,000		American Express Centurion Bank		0.875		11/13/15		551,979
	500,000		American Express Centurion Bank		6.000		09/13/17		574,364
	1,150,000		American Express Credit Corp		1.750		06/12/15		1,165,952
	1,000,000		American Express Credit Corp		1.300		07/29/16		1,007,785
	1,000,000		American Express Credit Corp		2.800		09/19/16		1,042,901
	2,675,000		Bank of America Corp		3.750		07/12/16		2,828,831
	9,350,000		Bank of America Corp		2.000		01/11/18		9,332,487
	1,000,000		Bank of New York Mellon Corp		1.200		02/20/15		1,007,067
	150,000	i	Bank of New York Mellon Corp		1.969		06/20/17		153,010
	500,000		BlackRock, Inc		3.500		12/10/14		510,759
	825,000		BlackRock, Inc		1.375		06/01/15		832,768
	1,000,000		BNP Paribas S.A.		1.375		03/17/17		999,022
	8,000,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		8,105,760
	3,250,000		Capital One Financial Corp		2.125		07/15/14		3,264,934
	2,400,000		Capital One Financial Corp		1.000		11/06/15		2,403,398
	2,000,000	g	Credit Suisse AG.		1.625		03/06/15		2,022,460
	1,675,000		Ford Motor Credit Co LLC		4.250		02/03/17		1,798,468
	3,250,000		Ford Motor Credit Co LLC		3.000		06/12/17		3,375,642
	825,000		Ford Motor Credit Co LLC		6.625		08/15/17		953,016
	500,000		General Electric Capital Corp		3.750		11/14/14		510,445
	3,000,000		General Electric Capital Corp		1.625		07/02/15		3,040,773
	5,000,000		General Electric Capital Corp		1.500		07/12/16		5,066,245
	2,000,000		General Electric Capital Corp		2.300		04/27/17		2,059,388
	2,312,000		General Motors Financial Co, Inc		2.750		05/15/16		2,342,287
	1,375,000		Goldman Sachs Group, Inc		3.300		05/03/15		1,412,148
	10,000,000		Goldman Sachs Group, Inc		3.625		02/07/16		10,472,800
	160,000	g	Hyundai Capital America, Inc		3.750		04/06/16		167,225
	200,000	g	Hyundai Capital Services, Inc		4.375		07/27/16		213,465
	1,000,000	g	Hyundai Capital Services, Inc		3.500		09/13/17		1,046,315
	5,000,000	g	Icahn Enterprises LP		3.500		03/15/17		5,050,000
	2,000,000	i	International Lease Finance Corp		1.000		03/06/21		2,000,420
	150,000	g	International Lease Finance Corp		6.500		09/01/14		153,188
	200,000		International Lease Finance Corp		5.750		05/15/16		215,126
	200,000		International Lease Finance Corp		3.875		04/15/18		204,000
	1,000,000		Jefferies Group, Inc		3.875		11/09/15		1,040,883
	5,000,000		Kreditanstalt Fuer Wiederaufbau		4.375		03/15/18		5,558,600
	1,800,000		Morgan Stanley		1.750		02/25/16		1,823,224
	1,000,000		National Rural Utilities Cooperative Finance Corp		1.000		02/02/15		1,005,393
	1,000,000		National Rural Utilities Cooperative Finance Corp		1.100		01/27/17		996,439
	10,000,000	g	Nederlandse Waterschapsbank NV		1.875		03/13/19		9,910,700
	500,000	g	PTTEP Australia International Finance Pty Ltd		4.152		07/19/15		514,387
	225,000		State Street Corp		4.300		05/30/14		226,420
	1,675,000		State Street Corp		1.350		05/15/18		1,644,458

172

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		Toyota Motor Credit Corp		1.000	%	02/17/15	$	1,006,143
	410,000		Toyota Motor Credit Corp		1.250		10/05/17		406,251
	750,000	g	Turkiye Vakiflar Bankasi Tao		3.750		04/15/18		708,900
	1,000,000		Unilever Capital Corp		2.750		02/10/16		1,039,361
	2,000,000		Wells Fargo & Co		1.500		07/01/15		2,023,276
	11,000,000		Wells Fargo & Co		1.250		07/20/16		11,092,301
	3,500,000		Wells Fargo & Co		2.100		05/08/17		3,583,759
			TOTAL DIVERSIFIED FINANCIALS						120,505,785
ENERGY - 2.7%
	250,000		Apache Corp		1.750		04/15/17		252,374
	2,000,000		Ashland, Inc		3.000		03/15/16		2,040,000
	1,600,000		BP Capital Markets plc		1.375		05/10/18		1,566,274
	2,000,000		Chevron Corp		1.104		12/05/17		1,982,504
	350,000		ConocoPhillips		4.600		01/15/15		361,315
	625,000		Devon Energy Corp		1.875		05/15/17		629,534
	2,450,000		Ecopetrol S.A.		4.250		09/18/18		2,597,000
	1,150,000		EOG Resources, Inc		2.950		06/01/15		1,182,302
	2,350,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		05/23/16		2,423,437
	350,000		Marathon Petroleum Corp		3.500		03/01/16		366,656
	375,000		Noble Holding International Ltd		3.450		08/01/15		387,286
	1,550,000		Noble Holding International Ltd		2.500		03/15/17		1,577,047
	500,000		Occidental Petroleum Corp		2.500		02/01/16		515,574
	1,850,000	i	Petrobras Global Finance BV		1.855		05/20/16		1,829,187
	2,300,000		Petrobras Global Finance BV		3.250		03/17/17		2,307,139
	975,000		Petrobras International Finance Co		3.875		01/27/16		1,001,266
	925,000		Petrobras International Finance Co		3.500		02/06/17		934,992
	500,000		Petroleos Mexicanos		4.875		03/15/15		517,500
	625,000		Petroleos Mexicanos		3.500		07/18/18		648,438
	400,000		Phillips 66		1.950		03/05/15		404,661
	1,000,000	g	PTT Exploration & Production PCL		3.707		09/16/18		1,026,667
	2,400,000	g	Rosneft Oil Co via Rosneft International Finance Ltd		3.149		03/06/17		2,358,000
	100,000		Statoil ASA		2.900		10/15/14		101,331
	750,000		Statoil ASA		1.200		01/17/18		735,708
	5,000,000		Tesoro Corp		4.250		10/01/17		5,250,000
	500,000		Total Capital Canada Ltd		1.450		01/15/18		496,498
	750,000		Total Capital International S.A.		1.500		02/17/17		761,255
	1,000,000		Vale Overseas Ltd		6.250		01/23/17		1,117,424
	475,000		Valero Energy Corp		4.500		02/01/15		490,351
			TOTAL ENERGY						35,861,720
FOOD & STAPLES RETAILING - 0.2%
	1,075,000		CVS Caremark Corp		3.250		05/18/15		1,105,658
	1,000,000		CVS Caremark Corp		1.200		12/05/16		1,005,784
			TOTAL FOOD & STAPLES RETAILING						2,111,442
FOOD, BEVERAGE & TOBACCO - 0.9%
	2,000,000		Anheuser-Busch InBev Finance, Inc		1.125		01/27/17		1,999,780
	700,000		Anheuser-Busch InBev Worldwide, Inc		4.125		01/15/15		719,585
	500,000		Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		519,465
	2,000,000		Coca-Cola Co		0.750		03/13/15		2,009,048
	600,000		Coca-Cola Co		1.800		09/01/16		614,297
	2,000,000		Constellation Brands, Inc		8.375		12/15/14		2,095,000
	135,000		General Mills, Inc		5.200		03/17/15		140,908
	1,650,000		General Mills, Inc		0.875		01/29/16		1,651,335
	200,000		Mondelez International, Inc		4.125		02/09/16		211,388

173

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	g	Pernod-Ricard S.A.		2.950	%	01/15/17	$	1,036,348
			TOTAL FOOD, BEVERAGE & TOBACCO						10,997,154
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	1,000,000		Baxter International, Inc		0.950		06/01/16		1,002,776
	200,000		Becton Dickinson & Co		1.750		11/08/16		204,457
	500,000		Covidien International Finance S.A.		1.350		05/29/15		504,021
	600,000		Express Scripts Holding Co		2.100		02/12/15		607,645
	655,000		Fresenius Medical Care US Finance, Inc		6.875		07/15/17		740,150
	1,000,000	g	Fresenius US Finance II, Inc		9.000		07/15/15		1,095,000
	1,000,000		McKesson Corp		1.292		03/10/17		997,507
	1,000,000		Medco Health Solutions, Inc		2.750		09/15/15		1,025,418
	245,000		Thermo Fisher Scientific, Inc		3.200		05/01/15		251,484
	2,250,000		Thermo Fisher Scientific, Inc		1.300		02/01/17		2,236,388
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						8,664,846
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,000,000		Ecolab, Inc		3.000		12/08/16		1,047,872
	375,000		Ecolab, Inc		1.450		12/08/17		370,226
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						1,418,098
INSURANCE - 0.8%
	750,000		Aetna, Inc		1.500		11/15/17		748,450
	2,575,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		2,531,668
	675,000		Hartford Financial Services Group, Inc		4.000		10/15/17		725,400
	400,000		Principal Financial Group, Inc		1.850		11/15/17		401,129
	1,000,000		Prudential Financial, Inc		3.875		01/14/15		1,025,776
	200,000		Prudential Financial, Inc		2.300		08/15/18		200,399
	550,000		UnitedHealth Group, Inc		0.850		10/15/15		552,347
	2,425,000		UnitedHealth Group, Inc		1.400		10/15/17		2,418,435
	1,500,000		Willis Group Holdings plc		4.125		03/15/16		1,575,082
			TOTAL INSURANCE						10,178,686
MATERIALS - 0.8%
	40,000		Airgas, Inc		4.500		09/15/14		40,667
	675,000		ArcelorMittal		4.250		08/05/15		695,250
	250,000		ArcelorMittal		5.000		02/25/17		265,312
	1,000,000		Bemis Co, Inc		5.650		08/01/14		1,016,736
	300,000		Corning, Inc		1.450		11/15/17		293,972
	1,000,000		EI du Pont de Nemours & Co		3.250		01/15/15		1,021,229
	1,324,000		Graphic Packaging International, Inc		7.875		10/01/18		1,416,680
	2,000,000		International Paper Co		5.300		04/01/15		2,087,332
	500,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		514,061
	1,750,000		Sherwin-Williams Co		1.350		12/15/17		1,723,229
	1,000,000	g	Sociedad Quimica y Minera de Chile S.A.		6.125		04/15/16		1,068,305
	1,000,000		Teck Resources Ltd		2.500		02/01/18		1,003,565
			TOTAL MATERIALS						11,146,338
MEDIA - 1.1%
	2,000,000		DIRECTV Holdings LLC		2.400		03/15/17		2,043,656
	525,000		DISH DBS Corp		4.250		04/01/18		547,969
	1,000,000		Echostar DBS Corp		6.625		10/01/14		1,025,000
	2,000,000		Interpublic Group of Cos, Inc		6.250		11/15/14		2,062,500
	1,000,000		Lamar Media Corp		7.875		04/15/18		1,042,500
	625,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		613,477

174

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		NBC Universal Media LLC		3.650	%	04/30/15	$	1,032,519
	2,000,000		TCI Communications, Inc		8.750		08/01/15		2,215,784
	1,000,000		Time Warner Cable, Inc		7.500		04/01/14		1,000,000
	250,000		Time Warner, Inc		3.150		07/15/15		258,201
	1,000,000		Viacom, Inc		1.250		02/27/15		1,006,004
	1,000,000		Viacom, Inc		3.500		04/01/17		1,059,290
			TOTAL MEDIA						13,906,900
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	1,500,000		AbbVie, Inc		1.200		11/06/15		1,512,801
	1,200,000		AbbVie, Inc		1.750		11/06/17		1,203,792
	600,000		Johnson & Johnson		2.150		05/15/16		619,144
	120,000		Life Technologies Corp		3.500		01/15/16		125,027
	1,000,000		Merck & Co, Inc		2.250		01/15/16		1,029,580
	3,000,000	g	Mylan, Inc		7.875		07/15/20		3,362,922
	1,000,000		NBTY, Inc		9.000		10/01/18		1,075,000
	3,275,000	g	Perrigo Co Ltd		1.300		11/08/16		3,268,322
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						12,196,588
REAL ESTATE - 0.5%
	1,560,000		Camden Property Trust		5.000		06/15/15		1,638,073
	1,410,000		DDR Corp		5.500		05/01/15		1,475,963
	798,000		Duke Realty LP		7.375		02/15/15		843,287
	304,000		Kimco Realty Corp		5.783		03/15/16		331,454
	1,000,000	g	Mid-America Apartments LP		6.250		06/15/14		1,011,000
	300,000	g	PPF Funding, Inc		5.125		06/01/15		311,969
	1,000,000		ProLogis LP		5.625		11/15/15		1,073,469
	655,000		Ventas Realty LP		3.125		11/30/15		679,701
			TOTAL REAL ESTATE						7,364,916
RETAILING - 0.8%
	2,750,000		Home Depot, Inc		2.250		09/10/18		2,780,649
	2,000,000		Limited Brands, Inc		5.250		11/01/14		2,042,500
	2,212,000		Macy's Retail Holdings, Inc		5.750		07/15/14		2,243,340
	1,000,000	g	QVC, Inc		7.500		10/01/19		1,064,049
	2,300,000		Target Corp		1.125		07/18/14		2,304,379
			TOTAL RETAILING						10,434,917
SOFTWARE & SERVICES - 0.3%
	2,500,000		International Business Machines Corp		0.750		05/11/15		2,511,852
	1,050,000		Oracle Corp		1.200		10/15/17		1,041,747
			TOTAL SOFTWARE & SERVICES						3,553,599
TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	250,000		Amphenol Corp		4.750		11/15/14		256,249
	250,000		CC Holdings GS V LLC		2.381		12/15/17		250,015
	1,000,000		Cisco Systems, Inc		1.100		03/03/17		1,002,037
	3,000,000		General Electric Co		0.850		10/09/15		3,013,572
	2,125,000		Hewlett-Packard Co		2.125		09/13/15		2,166,584
	1,000,000		Jabil Circuit, Inc		7.750		07/15/16		1,135,000
	1,000,000		L-3 Communications Corp		3.950		11/15/16		1,064,481
	725,000	g	NXP BV		3.750		06/01/18		728,625
	198,000		Seagate Technology HDD Holdings		6.800		10/01/16		222,750
	1,000,000		Tyco Electronics Group S.A.		1.600		02/03/15		1,009,586
	475,000		Tyco Electronics Group S.A.		2.375		12/17/18		470,043

175

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000		Xerox Corp		2.950	%	03/15/17	$	1,039,658
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						12,358,600
TELECOMMUNICATION SERVICES - 1.4%
	1,000,000		America Movil SAB de C.V.		2.375		09/08/16		1,029,000
	1,510,000		American Tower Corp		4.625		04/01/15		1,564,334
	1,000,000		AT&T, Inc		2.500		08/15/15		1,024,850
	1,330,000		AT&T, Inc		1.400		12/01/17		1,315,941
	1,825,000		British Telecommunications plc		1.625		06/28/16		1,848,931
	1,000,000		France Telecom S.A.		2.125		09/16/15		1,016,473
	1,000,000	g	Sprint Nextel Corp		9.000		11/15/18		1,222,500
	1,000,000		Telefonica Emisiones SAU		3.992		02/16/16		1,048,597
	3,000,000		Verizon Communications, Inc		0.700		11/02/15		3,001,878
	5,675,000		Verizon Communications, Inc		3.650		09/14/18		6,041,219
			TOTAL TELECOMMUNICATION SERVICES						19,113,723
TRANSPORTATION - 0.3%
	350,000	g	Asciano Finance Ltd		3.125		09/23/15		358,869
	3,000,000	g	ERAC USA Finance LLC		1.400		04/15/16		3,015,024
	400,000		Hertz Corp		4.250		04/01/18		412,000
	890,000	g	Transnet Ltd		4.500		02/10/16		932,275
			TOTAL TRANSPORTATION						4,718,168
UTILITIES - 2.8%
	750,000	g	Abu Dhabi National Energy Co		4.125		03/13/17		802,500
	180,000		Alliant Energy Corp		4.000		10/15/14		183,252
	2,150,000		American Electric Power Co, Inc		1.650		12/15/17		2,136,283
	1,000,000		Commonwealth Edison Co		4.700		04/15/15		1,039,850
	2,000,000		Commonwealth Edison Co		1.950		09/01/16		2,046,106
	2,000,000		Dominion Resources, Inc		1.400		09/15/17		1,971,444
	1,000,000		Duke Energy Corp		2.100		06/15/18		1,003,133
	2,000,000	g	Electricite de France		1.150		01/20/17		1,996,764
	1,900,000		FPL Group Capital, Inc		2.600		09/01/15		1,945,720
	1,000,000	g	Hrvatska Elektroprivreda		6.000		11/09/17		1,040,000
	550,000	g	Israel Electric Corp Ltd		6.700		02/10/17		598,400
	2,600,000	g	Israel Electric Corp Ltd		5.625		06/21/18		2,743,000
	200,000	g	Korea Hydro & Nuclear Power Co Ltd		3.125		09/16/15		205,967
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd		2.875		10/02/18		1,524,972
	5,000,000	g	MidAmerican Energy Holdings Co		1.100		05/15/17		4,957,590
	1,500,000		Northeast Utilities		1.450		05/01/18		1,455,685
	2,950,000		ONEOK Partners LP		2.000		10/01/17		2,963,027
	500,000		Pepco Holdings, Inc		2.700		10/01/15		511,225
	500,000		PG&E Corp		5.750		04/01/14		500,000
	2,000,000		Sempra Energy		2.300		04/01/17		2,044,972
	450,000		Williams Partners LP		3.800		02/15/15		462,153
	5,000,000		Xcel Energy, Inc		0.750		05/09/16		4,986,490
			TOTAL UTILITIES						37,118,533
			TOTAL CORPORATE BONDS						491,562,451
			(Cost $487,583,794)
GOVERNMENT BONDS -  26.3%
AGENCY SECURITIES - 2.3%
	12,000,000		Federal Home Loan Bank (FHLB)		0.375		02/19/16		11,993,760

176

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,000,000		FHLB		0.625	%	12/28/16	$	4,972,995
	1,000,000		Federal National Mortgage Association (FNMA)		2.500		05/15/14		1,002,937
	6,030,004	g	Hospital for Special Surgery		3.500		01/01/23		6,236,755
	6,000,000		Private Export Funding Corp (PEFCO)		1.375		02/15/17		6,046,878
			TOTAL AGENCY SECURITIES						30,253,325
FOREIGN GOVERNMENT BONDS - 6.7%
	1,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.125		01/30/17		1,001,410
	1,950,000	g	Croatia Government International Bond		6.250		04/27/17		2,093,812
	2,150,000	g	Democratic Socialist Republic of Sri Lanka		7.400		01/22/15		2,230,625
	2,500,000		European Investment Bank		0.875		04/18/17		2,489,630
	225,000		Export-Import Bank of Korea		4.125		09/09/15		235,540
	1,750,000		Export-Import Bank of Korea		1.250		11/20/15		1,760,453
	500,000		Export-Import Bank of Korea		3.750		10/20/16		532,148
	925,000		Export-Import Bank of Korea		1.750		02/27/18		914,249
	1,000,000	g	Gabonese Republic		8.200		12/12/17		1,140,000
	500,000		Hungary Government International Bond		4.125		02/19/18		507,500
	350,000		Hungary Government International Bond		4.000		03/25/19		347,550
	2,500,000		Hydro Quebec		1.375		06/19/17		2,509,098
	1,250,000		Hydro-Quebec		7.500		04/01/16		1,409,625
	2,000,000	g	Iceland Government International Bond		4.875		06/16/16		2,107,500
	2,370,000	g	Indonesia Government International Bond		6.875		03/09/17		2,666,250
	20,000,000	g,i	International Finance Facility for Immunisation		0.420		07/05/16		20,004,480
	2,300,000	g	Japan Finance Organization for Municipalities		2.125		03/06/19		2,287,419
	5,000,000	g	Kommunalbanken AS.		0.875		10/03/16		4,999,300
	2,500,000		Korea Development Bank		1.000		01/22/16		2,496,428
	6,000,000		Korea Development Bank		1.500		01/22/18		5,870,856
	410,000	g	Korea Housing Finance Corp		3.500		12/15/16		435,199
	250,000	g	Korea Housing Finance Corp		1.625		09/15/18		241,235
	400,000	g	Lithuania Government International Bond		5.125		09/14/17		436,972
	1,000,000		Mexico Government International Bond		5.625		01/15/17		1,112,500
	400,000	g	Nigeria Government International Bond		5.125		07/12/18		408,600
	3,000,000		Province of New Brunswick Canada		2.750		06/15/18		3,112,920
	2,000,000		Province of Nova Scotia Canada		2.375		07/21/15		2,048,300
	1,300,000		Province of Ontario Canada		2.700		06/16/15		1,336,816
	791,000	g	Qatar Government International Bond		4.000		01/20/15		810,775
	550,000		Republic of Italy		4.500		01/21/15		566,559
	500,000		Republic of Korea		5.750		04/16/14		500,625
	1,500,000	g	Republic of Latvia		5.250		02/22/17		1,631,550
	425,000	g	Republic of Lithuania		6.750		01/15/15		443,275
	2,000,000		Republic of Turkey		7.500		07/14/17		2,248,240
	700,000	g	Russian Foreign Bond - Eurobond		3.625		04/29/15		713,125
	1,600,000	g	Russian Foreign Bond - Eurobond		3.250		04/04/17		1,628,000
	625,000	g	Slovenia Government International Bond		4.125		02/18/19		646,250
	500,000		South Africa Government International Bond		6.500		06/02/14		504,000
	7,000,000	g	Spain Government International Bond		4.000		03/06/18		7,384,370
	3,525,000		Svensk Exportkredit AB		1.125		04/05/18		3,453,689
	1,000,000		Turkey Government International Bond		7.000		09/26/16		1,097,300
			TOTAL FOREIGN GOVERNMENT BONDS						88,364,173
MORTGAGE BACKED - 2.5%
	19,512		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.000		12/01/17		20,796
	114,798		FGLMC		5.500		01/01/19		122,201
	113,924		FGLMC		5.500		01/01/19		123,494
	1,200,000		Federal National Mortgage Association (FNMA)		1.510		06/01/17		1,214,388
	1,950,779		FNMA		2.690		10/01/17		2,028,996

177

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,962,209		FNMA		3.000	%	10/01/21	$	4,115,270
	9,385,235		FNMA		2.000		05/25/25		9,554,357
	504,574		FNMA		4.500		10/25/28		510,264
	4,795,712		FNMA		4.000		02/25/44		5,035,833
	2,825,171		Government National Mortgage Association (GNMA)		2.300		10/15/19		2,894,956
	310,148		GNMA		1.864		08/16/31		311,335
	2,000,000		GNMA		2.610		04/16/35		2,030,238
	295,490		GNMA		2.161		11/16/36		297,138
	1,744,276		GNMA		2.176		05/16/39		1,758,886
	2,857,244		GNMA		2.120		05/16/40		2,878,393
			TOTAL MORTGAGE BACKED						32,896,545
MUNICIPAL BONDS - 0.4%
	5,000,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		5,050,000
	500,000		New Jersey Health Care Facilities Financing Authority		5.000		07/01/16		517,780
			TOTAL MUNICIPAL BONDS						5,567,780
U.S. TREASURY SECURITIES - 14.4%
	29,700,000		United States Treasury Note		1.250		04/15/14		29,711,613
	3,800,000		United States Treasury Note		0.250		06/30/14		3,801,782
	1,635,000		United States Treasury Note		2.625		06/30/14		1,645,410
	1,865,000		United States Treasury Note		2.375		10/31/14		1,889,697
	6,680,000		United States Treasury Note		0.250		11/30/14		6,687,308
	1,355,000		United States Treasury Note		0.250		01/31/15		1,356,535
	5,745,000		United States Treasury Note		0.250		02/28/15		5,750,837
	21,460,000		United States Treasury Note		0.250		05/31/15		21,482,640
	5,700,000		United States Treasury Note		0.250		02/29/16		5,684,861
	35,790,000		United States Treasury Note		0.500		06/15/16		35,767,631
	4,600,000		United States Treasury Note		0.625		07/15/16		4,605,750
	26,315,000		United States Treasury Note		0.625		08/15/16		26,323,210
	15,000,000		United States Treasury Note		0.875		09/15/16		15,083,205
	31,455,000		United States Treasury Note		0.625		02/15/17		31,255,953
	200		United States Treasury Note		0.750		06/30/17		198
	600		United States Treasury Note		0.875		01/31/18		590
	480,100		United States Treasury Note		1.500		02/28/19		475,299
			TOTAL U.S. TREASURY SECURITIES						191,522,519
			TOTAL GOVERNMENT BONDS						348,604,342
			(Cost $347,476,316)
STRUCTURED ASSETS - 24.5%
ASSET BACKED - 19.0%
	230,520	i	Aames Mortgage Trust		6.453		06/25/32		222,930
			Series - 2002 1 (Class A3)
	135,092	i	Accredited Mortgage Loan Trust		0.390		09/25/35		134,156
			Series - 2005 3 (Class A1)
	12,711	i	ACE Securities Corp		0.624		08/25/35		12,708
			Series - 2005 HE5 (Class M1)
	1,000,000	g	AESOP Funding II		3.270		02/20/18		1,047,645
			Series - 2011 5A (Class A)
	1,103,641		Ally Auto Receivables Trust		2.230		03/15/16		1,110,147
			Series - 2011 1 (Class A4)
	2,700,000	g	Ally Auto Receivables Trust		2.590		07/15/16		2,744,377
			Series - 2011 2 (Class B)
	3,300,000	g	Ally Auto Receivables Trust		1.900		11/15/16		3,342,230
			Series - 2011 5 (Class B)

178

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	8,000,000	g	Ally Master Owner Trust		4.250	%	04/15/17	$	8,280,296
			Series - 2010 2 (Class A)
	2,000,000		Ally Master Owner Trust		1.000		02/15/18		2,006,766
			Series - 2013 1 (Class A2)
	1,000,000		Ally Master Owner Trust		1.720		07/15/19		1,004,889
			Series - 2012 4 (Class A)
	1,000,000		Ally Master Owner Trust		1.540		09/15/19		995,990
			Series - 2012 5 (Class A)
	5,200,000	g	American Express Credit Account Master Trust		1.290		03/15/18		5,209,537
			Series - 2012 2 (Class C)
	904,461		AmeriCredit Automobile Receivables Trust		2.330		03/08/16		906,102
			Series - 2011 2 (Class B)
	3,000,000		AmeriCredit Automobile Receivables Trust		2.450		12/08/16		3,034,140
			Series - 2011 5 (Class B)
	4,250,000		AmeriCredit Automobile Receivables Trust		1.310		11/08/17		4,277,795
			Series - 2012 4 (Class B)
	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		2,022,742
			Series - 2011 2A (Class B)
	750,000	g	Avis Budget Rental Car Funding AESOP LLC		2.090		04/20/15		750,590
			Series - 2010 4A (Class A)
	565,000	g	Avis Budget Rental Car Funding AESOP LLC		6.740		05/20/16		593,062
			Series - 2010 3A (Class B)
	3,000,000	g	Avis Budget Rental Car Funding AESOP LLC		2.054		08/20/16		3,046,467
			Series - 2012 1A (Class A)
	5,600,000	g	Avis Budget Rental Car Funding AESOP LLC		3.241		08/20/16		5,738,684
			Series - 2012 1A (Class B)
	352,695	i	Bear Stearns Asset Backed Securities Trust		0.894		11/25/39		346,740
			Series - 2005 SD3 (Class 2A1)
	2,000,000	g	Cabela’s Master Credit Card Trust		2.290		09/17/18		2,047,766
			Series - 2010 2A (Class A1)
	4,965,000	g	Cabela’s Master Credit Card Trust		2.390		06/17/19		5,108,201
			Series - 2011 2A (Class A1)
	2,090,000	g	Cabela’s Master Credit Card Trust		1.630		02/18/20		2,113,318
			Series - 2012 1A (Class A1)
	7,500,000		Capital Auto Receivables Asset Trust		0.970		01/22/18		7,508,715
			Series - 2013 1 (Class A4)
	3,500,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		3,494,256
			Series - 2013 1 (Class B)
	10,000,000		Capital Auto Receivables Asset Trust		1.690		10/22/18		10,016,000
			Series - 2014 1 (Class A4)
	1,000,000		CarMax Auto Owner Trust		2.630		11/15/16		1,019,180
			Series - 2011 1 (Class B)
	155,000		CarMax Auto Owner Trust		2.830		02/15/17		158,193
			Series - 2011 1 (Class C)
	5,870,000		CarMax Auto Owner Trust		1.730		02/15/18		5,976,593
			Series - 2012 2 (Class B)
	2,639,862	i,m	CCR, Inc		0.599		07/10/17		2,555,716
			Series - 2010 CX (Class C)
	56,836		Centex Home Equity		5.540		01/25/32		57,054
			Series - 2002 A (Class AF6)
	452,236	i	Centex Home Equity		0.799		03/25/34		415,491
			Series - 2004 B (Class M1)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/25/35		253,473
			Series - 2004 2 (Class 1M2)

179

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	8,000,000		Chase Issuance Trust		1.150	%	01/15/19	$	7,999,920
			Series - 2014 A1 (Class A)
	12,000,000		CitiBank Credit Card Issuance Trust		1.020		02/22/19		11,939,172
			Series - 2014 A2 (Class A2)
	6,000,000		CNH Equipment Trust		1.550		11/15/17		6,079,062
			Series - 2011 C (Class A4)
	582,260	i	Credit-Based Asset Servicing and Securitization LLC		4.831		08/25/35		590,597
			Series - 2005 CB5 (Class AF2)
	33,253	i	Credit-Based Asset Servicing and Securitization LLC		4.677		04/25/37		33,423
			Series - 2007 CB4 (Class A2A)
	214,507	i	CSMC Trust		0.464		11/25/35		212,536
			Series - 2006 CF1 (Class A1)
	5,000,000	g	DaimlerChrysler Capital Auto Receivables Trust		1.830		03/15/19		5,019,555
			Series - 2013 AA (Class B)
	8,231,468		Entergy Louisiana Investment Recovery Funding I LLC		2.040		09/01/23		8,225,879
			Series - 2011 A (Class A1)
	89,610	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		89,545
			Series - 2007 1A (Class AF3)
	2,000,000		Ford Credit Auto Owner Trust		2.380		07/15/16		2,038,898
			Series - 2011 A (Class B)
	5,000,000		Ford Credit Auto Owner Trust		1.150		07/15/18		4,982,615
			Series - 2013 A (Class B)
	3,000,000		Ford Credit Auto Owner Trust		1.540		03/15/19		2,992,800
			Series - 2013 D (Class B)
	6,485,000	g	Ford Credit Floorplan Master Owner Trust		4.200		02/15/17		6,694,413
			Series - 2010 3 (Class A1)
	1,800,000		Ford Credit Floorplan Master Owner Trust		1.490		09/15/19		1,794,559
			Series - 2012 5 (Class A)
	2,435,000		GE Capital Credit Card Master Note Trust		4.470		03/15/20		2,637,414
			Series - 2010 2 (Class A)
	2,257,164	i	GSR Mortgage Loan Trust		0.344		08/25/46		2,187,113
			Series - 2006 OA1 (Class 2A1)
	1,000,000	g	Hertz Vehicle Financing LLC		4.170		03/25/16		1,019,107
			Series - 2011 1A (Class B1)
	4,230,000	g	Hertz Vehicle Financing LLC		5.290		03/25/16		4,379,958
			Series - 2009 2A (Class A2)
	2,000,000	g	Hertz Vehicle Financing LLC		1.120		08/25/17		1,999,088
			Series - 2013 1A (Class A1)
	3,540,000	g	Hertz Vehicle Financing LLC		3.290		03/25/18		3,723,418
			Series - 2011 1A (Class A2)
	1,000,000	g	Hertz Vehicle Financing LLC		4.960		03/25/18		1,068,378
			Series - 2011 1A (Class B2)
	10,000,000	g	HLSS Servicer Advance Receivables Backed Notes		1.244		01/17/45		10,006,000
			Series - 2014 T1 (Class AT1)
	274,294	i	HSI Asset Securitization Corp Trust		0.514		07/25/35		273,067
			Series - 2005 NC1 (Class 2A3)
	2,000,000		Hyundai Auto Receivables Trust		2.450		04/15/16		2,032,172
			Series - 2011 A (Class B)
	8,000,000		Hyundai Auto Receivables Trust		1.350		06/17/19		7,948,184
			Series - 2013 A (Class C)
	935,570	i	Lehman XS Trust		0.404		02/25/36		845,808
			Series - 2006 1 (Class 1A1)
	75,436	i	Long Beach Mortgage Loan Trust		0.904		02/25/35		75,228
			Series - 2005 1 (Class M1)
	2,000,000	g	MMCA Automobile Trust		2.720		10/17/16		2,038,474
			Series - 2011 A (Class B)

180

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,084,519	i	Morgan Stanley Capital I		0.334	%	02/25/36	$	1,073,425
			Series - 2006 NC2 (Class A2C)
	3,655,000	i	Morgan Stanley Capital I		5.152		08/13/42		3,779,511
			Series - 2005 HQ6 (Class B)
	207,444	g	Morgan Stanley Capital I		2.602		09/15/47		210,621
			Series - 2011 C1 (Class A1)
	5,000,000	g	New Residential Advance Receivables Trust Advance Receivables Backed		1.274		03/15/45		5,000,000
			Series - 2014 T1 (Class A1)
	3,188,597	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.674		01/25/36		3,169,475
			Series - 2005 WCH1 (Class M2)
	3,000,000	g	Rental Car Finance Corp		2.510		02/25/16		3,029,211
			Series - 2011 1A (Class A1)
	2,000,000	g	Rental Car Finance Corp		4.380		02/25/16		2,033,432
			Series - 2011 1A (Class B1)
	122,663	i	Residential Asset Mortgage Products, Inc		0.454		04/25/35		122,295
			Series - 2005 RZ1 (Class A3)
	226,042		Residential Funding Mortgage Securities II, Inc		5.790		02/25/36		225,932
			Series - 2006 HI2 (Class A3)
	211,561		Residential Funding Mortgage Securities II, Inc		5.960		02/25/36		212,427
			Series - 2006 HI3 (Class A3)
	500,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		524,520
			Series - 2006 HI1 (Class M2)
	5,000,000		Santander Drive Auto Receivables Trust		2.090		08/15/16		5,033,920
			Series - 2012 2 (Class B)
	3,220,000		Santander Drive Auto Receivables Trust		3.090		05/15/17		3,274,650
			Series - 2011 3 (Class C)
	475,485	i	Saxon Asset Securities Trust		6.120		11/25/30		498,865
			Series - 2002 2 (Class AF6)
	200,530	i	Securitized Asset Backed Receivables LLC		0.454		10/25/35		195,980
			Series - 2006 OP1 (Class A2C)
	1,954,522	g	Sierra Timeshare Receivables Funding LLC		2.840		11/20/28		1,998,004
			Series - 2012 1A (Class A)
	1,438,431	g	Sierra Timeshare Receivables Funding LLC		2.380		03/20/29		1,461,782
			Series - 2012 2A (Class A)
	7,800,000	g	SLM Student Loan Trust		3.480		10/15/30		8,105,651
			Series - 2012 B (Class A2)
	9,000,000	g	SLM Student Loan Trust		3.830		01/17/45		9,449,721
			Series - 2012 A (Class A2)
	247,757	i	Soundview Home Equity Loan Trust		0.454		11/25/35		244,595
			Series - 2005 OPT3 (Class A4)
	597,306	i	Structured Asset Investment Loan Trust		1.214		11/25/34		585,208
			Series - 2004 10 (Class A9)
	154,023	i	Structured Asset Investment Loan Trust		0.754		05/25/35		153,975
			Series - 2005 4 (Class M1)
	2,997,114	g,i	Structured Asset Securities Corp		0.304		07/25/36		2,911,867
			Series - 2006 EQ1A (Class A4)
	1,656,308	g,i	Structured Asset Securities Corp		0.374		10/25/36		1,603,003
			Series - 2006 GEL4 (Class A2)
	7,000,000	g	Volvo Financial Equipment LLC		0.970		08/15/19		6,996,997
			Series - 2013 1A (Class A4)
	35,504	i	Wells Fargo Home Equity Trust		0.294		07/25/36		35,168
			Series - 2006 2 (Class A3)
	4,500,000		World Financial Network Credit Card Master Trust		1.680		08/15/18		4,523,985
			Series - 2011 A (Class A)

181

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000		World Financial Network Credit Card Master Trust		3.960	%	04/15/19	$	1,556,828
			Series - 2010 A (Class A)
	2,235,000		World Financial Network Credit Card Master Trust		1.760		05/17/21		2,231,019
			Series - 2012 B (Class A)
			TOTAL ASSET BACKED						256,720,400
OTHER MORTGAGE BACKED - 5.5%
	5,000,000	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		5,254,030
			Series - 2007 1 (Class AMFX)
	8,750,000	i	Banc of America Commercial Mortgage Trust		5.813		02/10/51		9,712,378
			Series - 2007 4 (Class AM)
	2,250,000		Bear Stearns Commercial Mortgage Securities		5.363		02/11/44		2,350,078
			Series - 2007 PW15 (Class AM)
	250,000		Citigroup Commercial Mortgage Trust		1.813		09/10/45		251,038
			Series - 2012 GC8 (Class A2)
	2,660,000	i	COBALT CMBS Commercial Mortgage Trust		5.771		05/15/46		2,897,865
			Series - 2007 C3 (Class AM)
	41,058		Countrywide Alternative Loan Trust		5.500		08/25/34		41,071
			Series - 2004 14T2 (Class A2)
	962,000		Credit Suisse First Boston Mortgage Securities Corp		4.771		07/15/37		985,961
			Series - 2005 C3 (Class AJ)
	9,000,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		9,684,900
			Series - 2006 C4 (Class AM)
	72	i	Greenpoint Mortgage Funding Trust		0.254		09/25/46		72
			Series - 2006 AR4 (Class A1A)
	7	i	Greenpoint Mortgage Funding Trust		0.234		10/25/46		7
			Series - 0 AR5 (Class A1A)
	489,693	i	Impac CMB Trust		0.814		03/25/35		446,755
			Series - 2004 11 (Class 2A1)
	9,514,032		JP Morgan Chase Commercial Mortgage Securities Trust		5.257		05/15/47		10,120,485
			Series - 2006 LDP9 (Class A1A)
	2,200,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		2,454,071
			Series - 2007 LD12 (Class AM)
	1,112,806	i	JP Morgan Mortgage Acquisition Corp		0.254		10/25/36		1,097,349
			Series - 0 CH2 (Class AV3)
	785,000		LB-UBS Commercial Mortgage Trust		5.378		11/15/38		853,818
			Series - 2006 C7 (Class AM)
	3,550,000	i	LB-UBS Commercial Mortgage Trust		5.493		02/15/40		3,772,170
			Series - 2007 C2 (Class AM)
	4,500,000		LB-UBS Commercial Mortgage Trust		4.843		07/15/40		4,663,138
			Series - 2005 C3 (Class AJ)
	2,750,000		Morgan Stanley Bank of America Merrill Lynch Trust		1.868		11/15/45		2,749,596
			Series - 2012 C6 (Class A2)
	136,168	i	Opteum Mortgage Acceptance Corp		0.554		02/25/35		135,917
			Series - 2005 1 (Class A4)
	169,737		Residential Accredit Loans, Inc		4.350		03/25/34		175,769
			Series - 2004 QS4 (Class A1)
	773,991		RFMSI Trust		5.500		03/25/35		797,384
			Series - 2005 S2 (Class A6)
	503,046	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		513,214
			Series - 2012 1A (Class A)
	309,510	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		313,765
			Series - 0 2A (Class A)
	8,735,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		9,455,052
			Series - 2007 C30 (Class AM)

182

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
$	1,125,000	i	Wachovia Bank Commercial Mortgage Trust	5.818	%	05/15/46	$	1,244,977
			Series - 2007 C34 (Class AM)
	560,000	i	Wachovia Bank Commercial Mortgage Trust	5.591		04/15/47		613,976
			Series - 2007 C31 (Class AM)
			TOTAL OTHER MORTGAGE BACKED					70,584,836
			TOTAL STRUCTURED ASSETS					327,305,236
			(Cost $326,499,925)
			TOTAL BONDS					1,167,472,029
			(Cost $1,161,560,035)
SHORT-TERM INVESTMENTS - 4.4%
GOVERNMENT AGENCY DEBT - 3.2%
	7,995,000		Federal Home Loan Bank (FHLB)	0.045		04/02/14		7,994,990
	20,000,000		FHLB	0.065		04/25/14		19,999,133
	15,100,000		FHLB	0.100		05/02/14		15,098,700
			TOTAL GOVERNMENT AGENCY DEBT					43,092,823
TREASURY DEBT - 1.2%
	4,100,000		United States Treasury Bill	0.048		04/10/14		4,099,951
	1,200,000		United States Treasury Bill	0.050		04/17/14		1,199,973
	10,000,000	d	United States Treasury Bill	0.065		04/24/14		9,999,585
			TOTAL TREASURY DEBT					15,299,509
			TOTAL SHORT-TERM INVESTMENTS					58,392,332
			(Cost $58,392,332)
			TOTAL INVESTMENTS - 93.9%					1,245,660,661
			(Cost $1,239,850,086)
			OTHER ASSETS & LIABILITIES, NET - 6.1%					80,452,712
			NET ASSETS - 100.0%				$	1,326,113,373

d	All or a portion of these securities have been segregated to cover margin or other requirements on open futures transactions.
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 3/31/2014, the aggregate value of these securities was $322,490,852 or 24.3% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.

183

TIAA-CREF FUNDS - Social Choice Bond Fund

TIAA-CREF FUNDS

SOCIAL CHOICE BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2014

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 0.8%
MEDIA - 0.2%
$	250,000	i	Virgin Media Investment Holdings Ltd		3.500	%	06/08/20	$	249,332
			TOTAL MEDIA						249,332
UTILITIES - 0.6%
	500,000	i	ExGen Renewables I LLC		5.250		02/06/21		506,875
			TOTAL UTILITIES						506,875
			TOTAL BANK LOAN OBLIGATIONS						756,207
			(Cost $747,021)
BONDS - 92.4%
CORPORATE BONDS - 41.6%
BANKS - 11.0%
	250,000	g,i	Bank of Tokyo-Mitsubishi UFJ Ltd		0.684		02/26/16		250,253
	250,000	i	Capital One Bank USA NA		0.684		03/22/16		250,270
	250,000		Capital One Bank USA NA		1.500		03/22/18		244,769
	500,000		Capital One Bank USA NA		2.250		02/13/19		496,310
	250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		1.700		03/19/18		247,991
	250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		248,292
	250,000		Discover Bank		2.000		02/21/18		248,871
	500,000		Discover Bank		4.200		08/08/23		512,644
	515,000		First Niagara Financial Group, Inc		6.750		03/19/20		589,987
	500,000		HSBC Holdings plc		4.250		03/14/24		500,615
	500,000		HSBC Holdings plc		5.250		03/14/44		505,578
	250,000		HSBC USA, Inc		1.625		01/16/18		247,936
	1,000,000		Huntington Bancshares, Inc		2.600		08/02/18		1,006,752
	500,000		Huntington National Bank		1.350		08/02/16		502,432
	500,000		Intesa Sanpaolo S.p.A		2.375		01/13/17		501,681
	250,000		Manufacturers & Traders Trust Co		1.450		03/07/18		244,630
	250,000	g	Mizuho Corporate Bank Ltd		1.850		03/21/18		247,438
	500,000	i	National City Bank		0.583		12/15/16		496,726
	507,000		People’s United Financial, Inc		3.650		12/06/22		496,834
	500,000		PNC Bank NA		2.200		01/28/19		498,370
	500,000		Regions Financial Corp		2.000		05/15/18		490,051
	250,000		Royal Bank of Canada		1.500		01/16/18		247,886
	250,000	g	Skandinaviska Enskilda Banken AB		1.750		03/19/18		247,003
	500,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		490,095
	250,000	i	State Street Bank and Trust Co		0.435		12/08/15		249,738
	260,000		SVB Financial Group		5.375		09/15/20		288,534
	500,000	i	Toronto-Dominion Bank		0.786		04/30/18		502,831
	250,000		US Bancorp		2.950		07/15/22		240,451
			TOTAL BANKS						11,094,968

184

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
CAPITAL GOODS - 2.0%
$	250,000		Eaton Corp		4.000	%	11/02/32	$	241,830
	250,000	g	Ingersoll-Rand Global Holding Co Ltd		2.875		01/15/19		249,257
	750,000		Pentair Finance S.A.		1.350		12/01/15		753,939
	250,000		Pentair Finance S.A.		1.875		09/15/17		249,137
	500,000		Rockwell Collins, Inc		3.700		12/15/23		507,001
			TOTAL CAPITAL GOODS						2,001,164
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	500,000		Air Lease Corp		3.875		04/01/21		500,000
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						500,000
CONSUMER DURABLES & APPAREL - 0.8%
	250,000		Mohawk Industries, Inc		3.850		02/01/23		245,625
	500,000		Whirlpool Corp		5.150		03/01/43		512,459
			TOTAL CONSUMER DURABLES & APPAREL						758,084
CONSUMER SERVICES - 0.3%
	250,000	g	Service Corp International		5.375		01/15/22		253,125
			TOTAL CONSUMER SERVICES						253,125
DIVERSIFIED FINANCIALS - 3.3%
	250,000		American Express Co		1.550		05/22/18		245,441
	500,000		Bank of America Corp		1.350		11/21/16		500,771
	250,000	i	Bank of New York Mellon Corp		0.798		08/01/18		250,959
	500,000		CIT Group, Inc		3.875		02/19/19		505,471
	500,000	g	EDP Finance BV		5.250		01/14/21		515,750
	500,000	i	Ford Motor Credit Co LLC		1.487		05/09/16		508,356
	500,000		Ford Motor Credit Co LLC		2.375		01/16/18		504,216
	250,000	g	RCI Banque S.A.		3.500		04/03/18		259,688
	108,000		Unilever Capital Corp		0.850		08/02/17		106,147
			TOTAL DIVERSIFIED FINANCIALS						3,396,799
ENERGY - 3.2%
	500,000		Noble Energy, Inc		5.250		11/15/43		521,870
	250,000		Noble Holding International Ltd		2.500		03/15/17		254,362
	500,000	g	Northern Natural Gas Co		4.100		09/15/42		456,397
	500,000	g	ONE Gas, Inc		4.658		02/01/44		519,070
	500,000		Statoil ASA		2.900		11/08/20		504,444
	500,000		Statoil ASA		2.650		01/15/24		467,631
	500,000		Statoil ASA		3.950		05/15/43		465,104
			TOTAL ENERGY						3,188,878
FOOD & STAPLES RETAILING - 1.0%
	500,000		Kroger Co		1.200		10/17/16		500,498
	500,000		Kroger Co		2.300		01/15/19		495,247
			TOTAL FOOD & STAPLES RETAILING						995,745
FOOD, BEVERAGE & TOBACCO - 0.5%
	500,000	i	Mondelez International, Inc		0.776		02/01/19		496,699
			TOTAL FOOD, BEVERAGE & TOBACCO						496,699

185

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 1.5%
$	500,000		Laboratory Corp of America Holdings		2.500	%	11/01/18	$	498,246
	500,000		Thermo Fisher Scientific, Inc		1.300		02/01/17		496,975
	500,000		Thermo Fisher Scientific, Inc		4.150		02/01/24		514,416
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						1,509,637
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	250,000		Colgate-Palmolive Co		1.950		02/01/23		225,688
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						225,688
INSURANCE - 1.2%
	250,000		Aetna, Inc		1.500		11/15/17		249,483
	250,000	i	Prudential Financial, Inc		5.200		03/15/44		248,125
	500,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		471,236
	250,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		233,260
			TOTAL INSURANCE						1,202,104
MATERIALS - 1.0%
	500,000		Agrium, Inc		3.150		10/01/22		472,258
	500,000		Nucor Corp		4.000		08/01/23		498,652
	50,000		Rock Tenn Co		4.000		03/01/23		50,276
			TOTAL MATERIALS						1,021,186
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.2%
	250,000		AbbVie, Inc		1.750		11/06/17		250,790
	250,000		Bristol-Myers Squibb Co		3.250		08/01/42		203,480
	500,000		Gilead Sciences, Inc		2.050		04/01/19		495,492
	500,000		Gilead Sciences, Inc		4.800		04/01/44		514,702
	500,000		Johnson & Johnson		0.700		11/28/16		499,343
	500,000		Johnson & Johnson		4.375		12/05/33		524,499
	500,000		Johnson & Johnson		4.500		09/01/40		517,603
	250,000		Merck & Co, Inc		1.100		01/31/18		245,091
	275,000		Merck & Co, Inc		3.600		09/15/42		241,272
	500,000	g	Valeant Pharmaceuticals International, Inc		5.625		12/01/21		525,000
	250,000	g	VPII Escrow Corp		6.750		08/15/18		275,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						4,292,272
REAL ESTATE - 3.3%
	500,000	g	DCT Industrial Operating Partnership LP		4.500		10/15/23		498,600
	500,000		Federal Realty Investment Trust		2.750		06/01/23		467,279
	250,000		HCP, Inc		2.625		02/01/20		244,210
	250,000		Kilroy Realty Corp		5.000		11/03/15		265,790
	250,000		Kilroy Realty LP		3.800		01/15/23		243,703
	500,000	g	Mid-America Apartments LP		6.250		06/15/14		505,500
	500,000		Mid-America Apartments LP		4.300		10/15/23		504,421
	250,000		Ventas Realty LP		2.000		02/15/18		249,429
	450,000		Washington REIT		4.950		10/01/20		478,430
			TOTAL REAL ESTATE						3,457,362

186

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
RETAILING - 0.2%
$	250,000		O’Reilly Automotive, Inc		3.800	%	09/01/22	$	246,024
			TOTAL RETAILING						246,024
TECHNOLOGY HARDWARE & EQUIPMENT - 1.2%
	250,000		CC Holdings GS V LLC		2.381		12/15/17		250,014
	500,000	i	Hewlett-Packard Co		1.182		01/14/19		501,163
	500,000		Xerox Corp		2.750		03/15/19		500,421
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						1,251,598
TELECOMMUNICATION SERVICES - 1.2%
	500,000		CenturyLink, Inc		6.750		12/01/23		530,625
	500,000	g	Sprint Corp		7.250		09/15/21		545,000
	250,000		Vodafone Group plc		1.500		02/19/18		245,802
			TOTAL TELECOMMUNICATION SERVICES						1,321,427
TRANSPORTATION - 1.0%
	500,000		GATX Corp		5.200		03/15/44		514,041
	500,000		Ryder System, Inc		2.550		06/01/19		496,854
			TOTAL TRANSPORTATION						1,010,895
UTILITIES - 4.0%
	500,000		Delmarva Power & Light Co		3.500		11/15/23		501,839
	250,000	g	International Transmission Co		4.625		08/15/43		259,799
	125,000		ITC Holdings Corp		5.300		07/01/43		131,592
	500,000		NextEra Energy Capital Holdings, Inc		2.700		09/15/19		497,946
	250,000		NiSource Finance Corp		4.800		02/15/44		239,432
	250,000		Northeast Utilities		1.450		05/01/18		242,614
	250,000		Northern States Power Co		2.600		05/15/23		235,853
	250,000	i	NSTAR Electric Co		0.476		05/17/16		249,590
	250,000		Pacific Gas & Electric Co		3.750		02/15/24		249,495
	500,000		Pacific Gas & Electric Co		4.750		02/15/44		505,899
	500,000		PG&E Corp		2.400		03/01/19		496,746
	250,000	g	Topaz Solar Farms LLC		4.875		09/30/39		243,893
	250,000	g	Topaz Solar Farms LLC		5.750		09/30/39		261,560
			TOTAL UTILITIES						4,116,258
			TOTAL CORPORATE BONDS						42,339,913
			(Cost $42,181,074)
GOVERNMENT BONDS - 41.8%
AGENCY SECURITIES - 4.8%
	500,000		Federal Home Loan Mortgage Corp (FHLMC)		1.000		09/29/17		495,976
	225,000	j	Government Trust Certificate		0.000		04/01/21		178,984
	500,000		Hashemite Kingdom of Jordan		2.503		10/30/20		499,232
	500,000		Micron Semiconductor Asia Pte Ltd		1.258		01/15/19		496,969
	250,000	j	Overseas Private Investment Corp (OPIC)		0.000		04/30/15		252,318
	238,971		OPIC		3.540		06/15/30		244,385
	250,000		OPIC		3.370		12/15/30		252,034
	500,000		OPIC		3.820		12/20/32		506,580
	250,000		OPIC		3.938		12/20/32		256,122

187

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	395,000		United States Department of Housing and Urban Development (HUD)		4.140	%	08/01/14	$	400,195
	250,000		HUD		2.050		08/01/19		250,533
	250,000		HUD		4.870		08/01/19		283,057
	300,000		HUD		2.450		08/01/20		302,720
	250,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		252,553
			TOTAL AGENCY SECURITIES						4,671,658
FOREIGN GOVERNMENT BONDS - 6.8%
	500,000		African Development Bank		0.750		10/18/16		498,840
	500,000	g	Caisse d’Amortissement de la Dette Sociale		3.375		03/20/24		497,820
	230,730	g	Carpintero Finance Ltd		2.004		09/18/24		223,469
	250,000		Council of Europe Development Bank		1.000		03/07/18		245,257
	500,000		European Bank for Reconstruction & Development		1.625		04/10/18		502,242
	500,000		Export Development Canada		0.875		01/30/17		499,255
	250,000		Export-Import Bank of Korea		1.750		02/27/18		247,094
	250,000		Hydro Quebec		1.375		06/19/17		250,910
	500,000	i	International Bank for Reconstruction & Development		0.177		07/22/15		499,609
	500,000		International Bank for Reconstruction & Development		0.375		08/24/15		500,301
	525,000		International Bank for Reconstruction & Development		2.000		10/20/16		541,459
	250,000		International Finance Corp		2.250		04/28/14		250,352
	250,000		International Finance Corp		0.500		05/15/15		250,055
	500,000		International Finance Corp		0.500		05/16/16		498,632
	500,000	g,i	International Finance Facility for Immunisation		0.420		07/05/16		500,112
	500,000	g	Kommunalbanken AS.		0.750		11/21/16		494,155
	250,000		North American Development Bank		2.300		10/10/18		247,055
	250,000		Province of Ontario Canada		1.200		02/14/18		246,460
			TOTAL FOREIGN GOVERNMENT BONDS						6,993,077
MORTGAGE BACKED - 13.6%
	134,630		Federal National Mortgage Association (FNMA)		4.500		10/01/19		142,645
	274,811		FNMA		5.000		09/01/25		292,284
	377,886		FNMA		3.500		11/01/25		397,151
	817,501		FNMA		3.000		05/01/27		841,248
	1,138,018		FNMA		2.500		10/01/27		1,140,962
	1,210,289		FNMA		4.500		08/01/39		1,301,922
	677,904		FNMA		4.500		04/01/40		729,113
	500,014		FNMA		5.500		07/01/40		555,369
	839,131		FNMA		4.000		10/01/40		876,353
	293,411		FNMA		6.000		10/01/40		327,702
	259,314		FNMA		5.000		11/01/40		282,215
	1,090,514		FNMA		3.500		01/01/43		1,097,892
	959,142		FNMA		4.000		02/25/44		1,007,167
	1,060,930		Government National Mortgage Association (GNMA)		3.000		02/20/39		1,089,390
	578,790		GNMA		3.500		08/20/39		597,034
	239,089		GNMA		5.000		10/20/39		261,004
	335,713		GNMA		4.000		06/15/40		353,546
	670,297		GNMA		4.000		05/20/42		705,302
	263,562		GNMA		5.000		06/20/42		288,581
	954,283		GNMA		3.000		02/20/43		940,858
	492,379		GNMA		3.500		07/15/43		503,280
			TOTAL MORTGAGE BACKED						13,731,018

188

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MUNICIPAL BONDS - 8.6%
$	300,000		American Municipal Power		6.270	%	02/15/50	$	341,376
	250,000		Bay Area Water Supply & Conservation Agency		1.311		10/01/17		247,470
	250,000	g	California Pollution Control Financing Authority		5.000		07/01/27		257,627
	500,000	g	California Pollution Control Financing Authority		5.000		07/01/37		503,980
	250,000		City of Houston TX Utility System Revenue		2.563		05/15/20		248,280
	250,000		City of Houston TX Utility System Revenue		2.923		05/15/21		249,128
	250,000		City of Jersey City NJ		1.192		09/01/15		250,390
	250,000		Commonwealth Financing Authority		2.675		06/01/21		241,375
	500,000		Commonwealth of Massachusetts		5.000		08/01/33		554,220
	250,000		Florida Governmental Utility Authority		2.000		10/01/16		248,132
	500,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		505,000
	500,000	j	Garden State Preservation Trust		0.000		11/01/22		390,250
	250,000		Grant County Public Utility District No 2		4.700		01/01/28		251,785
	500,000		Guadalupe-Blanco River Authority Industrial Development Corp		1.909		04/15/18		501,465
	250,000		Guadalupe-Blanco River Authority Industrial Development Corp		4.633		04/15/33		246,262
	200,000		Massachusetts St. Water Pollution Abatement		5.192		08/01/40		220,162
	250,000		New York State Energy Research & Development Authority		1.028		07/01/16		249,435
	250,000		New York State Energy Research & Development Authority		2.772		07/01/20		250,380
	250,000		Niagara Area Development Corp		4.000		11/01/24		242,430
	170,000		Ohio State Water Development Authority		4.879		12/01/34		181,008
	250,000		Oklahoma Water Resources Board		2.444		04/01/20		248,898
	250,000		Oklahoma Water Resources Board		3.071		04/01/22		249,680
	250,000		Pend Oreille County Public Utility District No Box Canyon		1.987		01/01/16		250,883
	205,000		Pend Oreille County Public Utility District No Box Canyon		2.417		01/01/17		206,283
	250,000		South Dakota Conservancy District		1.648		08/01/18		248,405
	250,000		State of California		4.988		04/01/39		249,677
	655,000		Washington County Clean Water Services		4.828		10/01/22		730,030
	250,000		West Virginia Water Development Authority		5.000		11/01/21		291,583
			TOTAL MUNICIPAL BONDS						8,655,594
U.S. TREASURY SECURITIES - 8.0%
	275,000		United States Treasury Bond		2.875		05/15/43		240,023
	1,275,000		United States Treasury Bond		3.750		11/15/43		1,320,023
	215,000		United States Treasury Note		0.250		12/31/15		214,714
	390,000		United States Treasury Note		0.750		03/15/17		388,538
	3,347,600		United States Treasury Note		1.500		02/28/19		3,314,124
	450,000		United States Treasury Note		1.875		06/30/20		443,215
	2,165,000		United States Treasury Note		2.750		02/15/24		2,169,737
			TOTAL U.S. TREASURY SECURITIES						8,090,374
			TOTAL GOVERNMENT BONDS						42,141,721
			(Cost $42,492,419)

189

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
STRUCTURED ASSETS - 9.0%
ASSET BACKED - 4.3%
$	250,000		Ally Master Owner Trust		1.720	%	07/15/19	$	251,222
			Series - 2012 4 (Class A)
	250,000	g	Avis Budget Rental Car Funding AESOP LLC		6.740		05/20/16		262,417
			Series - 2010 3A (Class B)
	250,000	g	Avis Budget Rental Car Funding AESOP LLC		2.100		03/20/19		251,305
			Series - 2012 3A (Class A)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		562,881
			Series - 2010 1A (Class B3)
	500,000	g	HLSS Servicer Advance Receivables Backed Notes		2.286		01/17/45		500,150
			Series - 2014 T1 (Class DT1)
	155,860	i	Lehman XS Trust		0.404		02/25/36		140,907
			Series - 2006 1 (Class 1A1)
	500,000	g	New Residential Advance Receivables Trust Advance Receivables Backed		1.274		03/15/45		500,000
			Series - 2014 T1 (Class A1)
	500,000	g	New Residential Advance Receivables Trust Advance Receivables Backed		2.266		03/15/45		500,000
			Series - 2014 T1 (Class D1)
	216,825	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates		0.674		01/25/36		215,524
			Series - 2005 WCH1 (Class M2)
	165,631	g,i	Structured Asset Securities Corp		0.374		10/25/36		160,301
			Series - 2006 GEL4 (Class A2)
	500,000		Toyota Auto Receivables Owner Trust		0.410		08/15/16		500,135
			Series - 2014 A (Class A2)
	500,000		Toyota Auto Receivables Owner Trust		0.670		12/15/17		500,727
			Series - 2014 A (Class A3)
			TOTAL ASSET BACKED						4,345,569
OTHER MORTGAGE BACKED - 4.7%
	204,506	g	7 WTC Depositor LLC Trust		4.082		03/13/31		213,405
			Series - 2012 7WTC (Class A)
	500,000	i	Banc of America Commercial Mortgage Trust		5.482		01/15/49		525,403
			Series - 2007 1 (Class AMFX)
	250,000	i	Banc of America Commercial Mortgage Trust		5.813		02/10/51		256,637
			Series - 2007 4 (Class AJ)
	120,000	i	Bear Stearns Commercial Mortgage Securities		5.958		09/11/42		130,744
			Series - 2007 T28 (Class AJ)
	500,000		Bear Stearns Commercial Mortgage Securities		5.363		02/11/44		522,239
			Series - 2007 PW15 (Class AM)
	410,993	i	Countrywide Home Loan Mortgage Pass Through Trust		2.527		11/20/34		388,129
			Series - 2004 HYB6 (Class A2)
	255,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		274,406
			Series - 2006 C4 (Class AM)
	81,754	i	Impac CMB Trust		0.814		03/25/35		74,585
			Series - 2004 11 (Class 2A1)
	710,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192		02/15/51		791,996
			Series - 2007 LD12 (Class AM)
	350,000	i	LB-UBS Commercial Mortgage Trust		5.493		02/15/40		371,904
			Series - 2007 C2 (Class AM)
	250,000	g	OBP Depositor LLC Trust		4.646		07/15/45		274,721
			Series - 2010 OBP (Class A)
	203,682		RFMSI Trust		5.500		03/25/35		209,838
			Series - 2005 S2 (Class A6)

190

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	70,000	i	Wachovia Bank Commercial Mortgage Trust		5.818	%	05/15/46	$	77,465
			Series - 2007 C34 (Class AM)
	500,000	i	Wachovia Bank Commercial Mortgage Trust		5.933		05/15/46		507,300
			Series - 2007 C34 (Class AJ)
	110,000	i	Wachovia Bank Commercial Mortgage Trust		5.750		06/15/49		107,399
			Series - 2007 C32 (Class AJ)
			TOTAL OTHER MORTGAGE BACKED						4,726,171
			TOTAL STRUCTURED ASSETS						9,071,740
			(Cost $9,062,695)
			TOTAL BONDS						93,553,374
			(Cost $93,736,188)
SHARES			COMPANY
PREFERRED STOCKS - 0.3%
BANKS - 0.3%
	250		M&T Bank Corp		6.375		12/30/49		249,757
			TOTAL BANKS						249,757
			TOTAL PREFERRED STOCKS						249,757
			(Cost $255,625)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 4.0%
TREASURY DEBT - 4.0%
$	4,000,000		United States Treasury Bill		0.040		04/17/14		3,999,929
			TOTAL TREASURY DEBT						3,999,929
			TOTAL SHORT-TERM INVESTMENTS						3,999,929
			(Cost $3,999,929)
			TOTAL INVESTMENTS - 97.5%						98,559,267
			(Cost $98,738,763)
			OTHER ASSETS & LIABILITIES, NET - 2.5%						2,578,321
			NET ASSETS - 100.0%					$	101,137,588

	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 resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2014, the aggregate value of these securities, including those in “Other,” was $13,009,266 or 12.9% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon.

191

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

 TIAA-CREF FUNDS

TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2014

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 103.5%
ARIZONA - 1.1%
$	1,225,000		Arizona School Facilities Board, COP		5.000	%	09/01/19	$	1,391,686
	2,000,000		City of Tucson AZ, GO		5.000		07/01/20		2,292,320
			TOTAL ARIZONA						3,684,006
CALIFORNIA - 9.7%
	2,000,000		California State Department of Water Resources		5.000		05/01/20		2,371,940
	3,250,000		California State Public Works Board		5.000		09/01/24		3,764,442
	5,000,000		California State Public Works Board		5.000		09/01/39		5,273,900
	2,000,000		County of San Bernardino CA, COP		5.250		08/01/19		2,256,720
	5,000,000		State of California, GO		5.000		12/01/17		5,732,700
	2,000,000		State of California, GO		5.000		02/01/22		2,354,960
	2,000,000		State of California, GO		5.000		04/01/22		2,358,700
	2,000,000		State of California, GO		5.250		10/01/22		2,396,560
	1,710,000		West Contra Costa Unified School District, GO		5.700		02/01/21		2,078,984
	1,450,000		West Contra Costa Unified School District, GO		6.000		08/01/21		1,795,492
	1,810,000		West Contra Costa Unified School District, GO		5.700		02/01/22		2,207,892
			TOTAL CALIFORNIA						32,592,290
COLORADO - 1.0%
	1,000,000		Denver City & County School District No, GO		5.500		12/01/23		1,227,120
	1,600,000	h	University of Northern Colorado		5.000		06/01/23		1,890,544
			TOTAL COLORADO						3,117,664
CONNECTICUT - 3.5%
	1,400,000		Connecticut State Health & Educational Facility Authority		5.000		07/01/22		1,560,874
	3,000,000	i	State of Connecticut, GO		1.080		08/15/20		3,049,080
	1,000,000		State of Connecticut, GO		5.000		05/15/21		1,177,730
	2,000,000		State of Connecticut, GO		5.000		10/15/22		2,365,200
	3,000,000		State of Connecticut, GO		5.000		10/15/23		3,559,890
			TOTAL CONNECTICUT						11,712,774
FLORIDA - 3.6%
	1,485,000		Broward County School Board, COP		5.250		07/01/16		1,622,615
	6,000,000	h	City of Orlando FL		5.000		11/01/44		6,368,460
	1,365,000		County of Broward FL, GO		5.000		01/01/21		1,625,920
	1,000,000		County of Orange FL		5.000		10/01/21		1,131,910
	1,225,000		JEA Electric System Revenue		5.000		10/01/21		1,434,034
			TOTAL FLORIDA						12,182,939

192

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
GEORGIA - 2.8%
$	1,000,000	h	City of Atlanta Department of Aviation		5.000	%	01/01/24	$	1,155,060
	1,000,000	h	City of Atlanta Department of Aviation		5.000		01/01/28		1,120,260
	1,000,000	h	City of Atlanta Department of Aviation		5.000		01/01/29		1,114,150
	1,470,000		Fulton County Development Authority		5.000		11/01/18		1,691,852
	4,000,000		State of Georgia, GO		5.000		12/01/16		4,470,680
			TOTAL GEORGIA						9,552,002
HAWAII - 0.3%
	1,000,000		State of Hawaii, GO		5.000		12/01/22		1,177,100
			TOTAL HAWAII						1,177,100
ILLINOIS - 9.3%
	2,000,000		Chicago Board of Education		5.000		12/01/20		2,224,480
	5,000,000	i	Chicago Board of Education		0.890		03/01/36		4,837,900
	1,230,000		Chicago Board of Education, GO		6.000		01/01/20		1,342,385
	1,665,000		Chicago Board of Education, GO		5.000		12/01/21		1,858,739
	1,000,000		Chicago Public Building Commission		5.250		03/01/24		1,101,420
	2,085,000		Chicago State University		5.500		12/01/23		2,264,393
	1,220,000		Chicago Transit Authority		5.250		12/01/24		1,361,459
	1,500,000		County of Cook IL, GO		5.000		11/15/15		1,609,305
	1,000,000		County of Cook IL, GO		5.000		11/15/16		1,108,810
	1,000,000		County of Cook IL, GO		5.000		11/15/17		1,129,160
	1,500,000		County of Cook IL, GO		5.000		11/15/17		1,693,740
	2,000,000		Illinois Finance Authority		5.000		07/01/17		2,262,960
	1,500,000		State of Illinois		5.000		06/15/19		1,732,380
	840,000		State of Illinois		6.250		12/15/20		930,334
	2,045,000		State of Illinois, GO		5.000		01/01/20		2,150,686
	1,000,000		State of Illinois, GO		5.250		01/01/20		1,146,840
	2,500,000		State of Illinois, GO		5.000		02/01/23		2,782,550
			TOTAL ILLINOIS						31,537,541
INDIANA - 1.6%
	785,000		Griffith Multi-School Building Corp, GO		5.000		07/15/15		832,218
	2,120,000		Indiana Bond Bank		5.250		04/01/19		2,388,943
	1,940,000		Indianapolis Local Public Improvement Bond Bank		5.500		01/01/21		2,221,300
			TOTAL INDIANA						5,442,461
LOUISIANA - 0.3%
	1,000,000		Louisiana Public Facilities Authority		5.250		10/01/24		1,138,500
			TOTAL LOUISIANA						1,138,500
MARYLAND - 5.5%
	4,000,000		County of Montgomery MD, GO		5.000		07/01/21		4,769,720
	4,500,000		State of Maryland Department of Transportation		5.000		12/01/17		5,162,940
	2,750,000		State of Maryland, GO		5.000		07/15/15		2,919,455
	5,000,000		State of Maryland, GO		5.250		08/15/16		5,566,850
			TOTAL MARYLAND						18,418,965

193

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE
MASSACHUSETTS - 6.2%
$	2,000,000	Commonwealth of Massachusetts		5.000	%	08/01/20	$	2,366,660
	1,390,000	Commonwealth of Massachusetts, GO		5.250		08/01/17		1,593,204
	5,260,000	Commonwealth of Massachusetts, GO		5.250		08/01/22		6,363,232
	1,750,000	Massachusetts Development Finance Agency		5.000		07/01/23		2,070,985
	3,000,000	Massachusetts State College Building Authority		5.000		05/01/20		3,525,750
	4,230,000	Massachusetts Water Pollution Abatement Trust		5.250		08/01/21		5,136,870
		TOTAL MASSACHUSETTS						21,056,701
MICHIGAN - 0.8%
	1,000,000	Michigan Finance Authority		5.000		10/01/22		1,186,900
	1,005,000	Michigan Municipal Bond Authority		5.000		10/01/19		1,185,207
		TOTAL MICHIGAN						2,372,107
MINNESOTA - 3.7%
	1,000,000	Minnesota Public Facilities Authority		5.000		03/01/16		1,087,690
	3,000,000	St. Paul Port Authority		5.000		12/01/21		3,535,890
	5,000,000	State of Minnesota, GO		5.000		10/01/23		6,017,850
	1,715,000	University of Minnesota		5.000		08/01/21		2,030,646
		TOTAL MINNESOTA						12,672,076
MISSOURI - 0.5%
	1,500,000	City of Kansas City MO Airport Revenue		5.000		09/01/19		1,703,295
		TOTAL MISSOURI						1,703,295
NEBRASKA - 0.3%
	1,000,000	Central Plains Energy Project		5.000		09/01/22		1,102,320
		TOTAL NEBRASKA						1,102,320
NEW JERSEY - 2.5%
	1,500,000	New Jersey Building Authority		5.000		06/15/15		1,583,820
	2,250,000	New Jersey Building Authority		5.000		06/15/16		2,465,505
	2,000,000	New Jersey Building Authority		5.000		06/15/17		2,249,280
	1,025,000	New Jersey Transportation Trust Fund Authority		5.250		12/15/20		1,200,613
	1,000,000	New Jersey Transportation Trust Fund Authority		5.250		06/15/23		1,148,170
		TOTAL NEW JERSEY						8,647,388
NEW YORK - 16.8%
	2,000,000	Battery Park City Authority		5.000		11/01/23		2,423,500
	4,000,000	City of New York NY, GO		5.000		08/01/17		4,536,440
	4,000,000	City of New York NY, GO		5.000		08/01/18		4,620,800
	3,600,000	County of Rockland NY, GO		2.000		03/17/15		3,646,764
	1,000,000	Metropolitan Transportation Authority		5.000		11/15/20		1,166,150
	1,000,000	Metropolitan Transportation Authority		5.250		11/15/20		1,180,750
	1,000,000	Metropolitan Transportation Authority		5.250		11/15/23		1,175,750
	2,000,000	New York City Health & Hospital Corp		5.000		02/15/20		2,285,280
	1,000,000	New York State Dormitory Authority		5.000		07/01/16		1,090,180

194

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,250,000		New York State Dormitory Authority		5.000	%	10/01/17	$	2,545,042
	5,000,000		New York State Dormitory Authority		5.000		12/15/22		5,928,800
	3,000,000		New York State Dormitory Authority		5.000		03/15/23		3,579,510
	1,500,000		New York State Thruway Authority		5.000		05/01/19		1,732,695
	1,050,000		New York State Thruway Authority Highway & Bridge Trust Fund		5.000		04/01/16		1,143,649
	2,000,000		New York State Urban Development Corp		5.000		03/15/20		2,342,320
	4,000,000		New York State Urban Development Corp		5.000		03/15/20		4,684,640
	4,000,000		New York State Urban Development Corp		5.000		03/15/21		4,706,840
	5,000,000		New York State Urban Development Corp, GO		5.000		03/15/22		5,896,100
	1,635,000		Port Authority of New York & New Jersey, AMT		5.000		09/15/20		1,888,654
			TOTAL NEW YORK						56,573,864
OHIO - 6.7%
	2,000,000		City of Cincinnati OH		5.000		12/01/21		2,375,720
	1,500,000		City of Columbus OH, GO		5.000		07/01/21		1,788,645
	1,000,000		Ohio Air Quality Development Authority		5.625		06/01/18		1,086,410
	1,750,000		Ohio Higher Educational Facility Commission		5.000		12/01/23		2,051,210
	1,500,000		Ohio State Turnpike Commission		5.000		02/15/20		1,725,480
	3,000,000		Ohio State Water Development Authority		5.000		06/01/23		3,591,570
	1,660,000		State of Ohio		5.000		01/15/21		1,856,926
	1,000,000		State of Ohio, GO		5.000		09/15/20		1,182,670
	1,000,000		State of Ohio, GO		5.000		08/01/21		1,187,760
	4,000,000		State of Ohio, GO		5.000		06/15/22		4,773,080
	1,000,000		State of Ohio, GO		5.000		09/15/22		1,194,400
			TOTAL OHIO						22,813,871
RHODE ISLAND - 2.5%
	5,000,000		Rhode Island Health & Educational Building Corp		5.000		09/01/21		5,941,200
	2,000,000		State of Rhode Island, GO		5.000		08/01/21		2,331,360
			TOTAL RHODE ISLAND						8,272,560
SOUTH CAROLINA - 0.7%
	1,120,000		Scago Educational Facilities Corp for Colleton School District		5.000		12/01/16		1,237,342
	1,000,000		Scago Public Facilities Corp for Georgetown County		5.000		12/01/19		1,165,030
			TOTAL SOUTH CAROLINA						2,402,372
TEXAS - 10.5%
	5,000,000		City Public Service Board of San Antonio TX		5.250		02/01/24		6,065,050
	5,000,000		Dallas Area Rapid Transit		5.000		12/01/17		5,726,850
	3,250,000		North Texas Municipal Water District		5.250		09/01/23		3,877,543
	1,500,000		State of Texas, GO		5.000		10/01/20		1,785,870
	1,000,000		State of Texas, GO		5.000		10/01/22		1,187,920
	3,000,000		Tarrant Regional Water District		6.000		09/01/23		3,829,290
	3,000,000		Tarrant Regional Water District		6.000		09/01/24		3,871,110
	5,000,000	h	Texas Transportation Commission State Highway Fund		5.000		04/01/18		5,779,100
	2,000,000	h	Texas Transportation Commission State Highway Fund		5.000		04/01/24		2,424,000
	1,000,000		Texas Water Development Board		5.000		07/15/16		1,103,480
			TOTAL TEXAS						35,650,213

195

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
UTAH - 2.0%
$	2,000,000		Intermountain Power Agency		5.000	%	07/01/16	$	2,196,340
	1,000,000		State of Utah, GO		5.000		07/01/21		1,198,370
	2,750,000	h	University of Utah		6.000		08/01/22		3,464,753
			TOTAL UTAH						6,859,463
WASHINGTON - 6.3%
	4,000,000		Energy Northwest WA Electric Revenue		5.000		07/01/17		4,527,320
	3,150,000		Port of Seattle WA		5.500		09/01/17		3,555,090
	3,000,000		State of Washington, GO		6.000		02/01/16		3,306,210
	3,000,000		State of Washington, GO		5.250		02/01/22		3,616,260
	5,075,000		State of Washington, GO		5.000		02/01/23		6,047,725
			TOTAL WASHINGTON						21,052,605
WEST VIRGINIA - 0.5%
	1,500,000		City of Princeton WV		5.000		05/01/21		1,633,065
			TOTAL WEST VIRGINIA						1,633,065
WISCONSIN - 4.8%
	5,260,000		State of Wisconsin		5.000		05/01/19		5,760,121
	5,000,000	h	State of Wisconsin, GO		5.000		05/01/17		5,638,800
	1,000,000		State of Wisconsin, GO		5.000		05/01/21		1,186,180
	3,100,000	h	Wisconsin Department of Transportation		5.000		07/01/24		3,557,405
			TOTAL WISCONSIN						16,142,506
			TOTAL LONG-TERM MUNICIPAL BONDS						349,510,648
			(Cost $343,151,808)
SHORT-TERM MUNICIPAL BONDS - 0.1%
NEW YORK - 0.1%
	400,000	i,n	New York City Trust for Cultural Resources		0.050		04/01/14		400,000
			TOTAL NEW YORK						400,000
			TOTAL SHORT-TERM MUNICIPAL BONDS						400,000
			(Cost $400,000)
			TOTAL INVESTMENTS - 103.6%						349,910,648
			(Cost $343,551,808)
			OTHER ASSETS & LIABILITIES, NET - (3.6)%						(12,505,735	)
			NET ASSETS - 100.0%					$	337,404,913

	Abbreviation(s):
AMT	Alternative Minimum Tax (subject to)
COP	Certificate of Participation
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.
n	Adjustable rate bond.

196

TIAA-CREF FUNDS - Money Market Fund

TIAA-CREF FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
March 31, 2014

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 99.9%
CERTIFICATE OF DEPOSIT - 5.4%
$	5,000,000		Banco Del Estado De Chile		0.200	%	05/12/14	$	5,000,000
	5,000,000		Banco Del Estado De Chile		0.210		06/09/14		5,000,000
	5,000,000		Toronto-Dominion Bank		0.140		04/01/14		5,000,000
	10,000,000		Toronto-Dominion Bank		0.120		05/20/14		10,000,000
	5,000,000		Toronto-Dominion Bank		0.150		06/09/14		5,000,000
	6,000,000		Toronto-Dominion Bank		0.150		06/11/14		6,000,000
	250,000		Toronto-Dominion Bank		0.550		09/18/14		250,233
	10,000,000		Wells Fargo Bank NA		0.140		06/02/14		10,000,000
			TOTAL CERTIFICATE OF DEPOSIT						46,250,233
COMMERCIAL PAPER - 46.4%
	3,000,000		American Honda Finance Corp		0.100		04/07/14		2,999,950
	4,000,000		American Honda Finance Corp		0.100		05/13/14		3,999,534
	4,030,000		American Honda Finance Corp		0.110		05/21/14		4,029,384
	4,000,000		American Honda Finance Corp		0.100		05/22/14		3,999,433
	4,180,000		American Honda Finance Corp		0.110		05/23/14		4,179,336
	3,000,000		American Honda Finance Corp		0.105		06/23/14		2,999,274
	4,640,000	y	Australia & New Zealand Banking Group Ltd		0.150		05/07/14		4,639,304
	5,000,000	y	Australia & New Zealand Banking Group Ltd		0.150		05/14/14		4,999,104
	5,000,000		Bank of Nova Scotia		0.195		05/07/14		4,999,025
	7,840,000		Bank of Nova Scotia		0.185		06/19/14		7,836,817
	1,560,000		Bank of Nova Scotia		0.175		07/02/14		1,559,302
	3,065,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.160		04/14/14		3,064,823
	2,025,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.120		04/15/14		2,024,906
	2,090,000		Bank of Tokyo-Mitsubishi UFJ Ltd		0.185		05/20/14		2,089,474
	2,390,000	y	Bedford Row Funding Corp		0.090-0.230		04/01/14		2,390,000
	5,970,000	y	Bedford Row Funding Corp		0.125-0.180		05/19/14		5,968,766
	3,000,000	y	Bedford Row Funding Corp		0.250-0.260		11/03/14		2,995,440
	2,000,000		Ciesco LLC		0.170		05/12/14		1,999,613
	5,700,000	y	Coca-Cola Co		0.100		04/09/14		5,699,873
	5,000,000	y	Coca-Cola Co		0.125		04/10/14		4,999,844
	4,000,000	y	Coca-Cola Co		0.090		05/02/14		3,999,690
	4,500,000	y	Coca-Cola Co		0.120		06/04/14		4,499,040
	10,725,000	y	Commonwealth Bank of Australia		0.140-0.155		04/03/14		10,724,911
	1,020,000	y	Commonwealth Bank of Australia		0.160		04/23/14		1,019,900
	10,000,000	y	Commonwealth Bank of Australia		0.160		06/27/14		9,996,133
	3,000,000	y	Commonwealth Bank of Australia		0.170		06/30/14		2,998,725
	5,000,000	y	Corporate Asset Funding Co, Inc		0.170		05/06/14		4,999,174
	1,450,000	y	DBS Bank Ltd		0.250		04/01/14		1,450,000
	1,100,000	y	DBS Bank Ltd		0.170		06/03/14		1,099,673
	5,000,000	y	DBS Bank Ltd		0.170		06/12/14		4,998,300
	300,000	y	DBS Bank Ltd		0.230		07/28/14		299,774
	2,900,000		Exxon Mobil Corp		0.080		04/07/14		2,899,961
	1,000,000	y	Fairway Finance LLC		0.160		04/08/14		999,969

197

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	7,000,000	y	Fairway Finance LLC		0.140	%	04/17/14	$	6,999,565
	3,000,000	y	Fairway Finance LLC		0.150		04/25/14		2,999,700
	3,000,000	y	Fairway Finance LLC		0.150		04/29/14		2,999,650
	2,000,000	y	Fairway Finance LLC		0.120		05/05/14		1,999,773
	2,567,000	y	Fairway Finance LLC		0.150		05/13/14		2,566,551
	4,000,000	y	Fairway Finance LLC		0.150		06/12/14		3,998,800
	6,925,000		General Electric Capital Corp		0.120		05/27/14		6,923,707
	5,000,000		General Electric Capital Corp		0.150		08/15/14		4,997,167
	5,000,000		General Electric Co		0.090		06/25/14		4,998,938
	5,000,000	y	Hydro-Quebec		0.080		04/08/14		4,999,922
	5,000,000	y	Hydro-Quebec		0.100		04/09/14		4,999,889
	7,000,000	y	Hydro-Quebec		0.110		04/14/14		6,999,722
	5,000,000	y	Hydro-Quebec		0.120		05/28/14		4,999,050
	5,000,000	y	Hydro-Quebec		0.110		06/19/14		4,998,793
	472,000		JPMorgan Chase Bank NA		0.150		04/28/14		471,947
	229,000		JPMorgan Chase Bank NA		0.200		05/19/14		228,939
	230,000		JPMorgan Chase Bank NA		0.160		05/20/14		229,950
	331,000		JPMorgan Chase Bank NA		0.175		06/10/14		330,887
	133,000		JPMorgan Chase Bank NA		0.200		06/16/14		132,944
	356,000		JPMorgan Chase Bank NA		0.175		06/18/14		355,865
	5,000,000	y	Liberty Street Funding LLC		0.140		04/16/14		4,999,708
	3,000,000	y	Liberty Street Funding LLC		0.167		04/22/14		2,999,708
	2,100,000	y	Liberty Street Funding LLC		0.170		04/23/14		2,099,782
	5,700,000	y	Merck & Co, Inc		0.070		04/29/14		5,699,690
	2,000,000	y	Mitsubishi UFJ Trust & Banking Corp		0.170		04/08/14		1,999,934
	10,000,000	y	National Australia Funding Delaware, Inc		0.160-0.163		05/05/14		9,998,476
	6,500,000	y	National Australia Funding Delaware, Inc		0.130		06/24/14		6,498,028
	5,880,000	y	Nestle Capital Corp		0.100		04/03/14		5,879,967
	5,000,000	y	Nestle Capital Corp		0.100		05/09/14		4,999,472
	7,550,000	y	Nestle Capital Corp		0.100-0.115		06/12/14		7,548,480
	10,000,000	y	Nestle Capital Corp		0.110		06/18/14		9,997,617
	4,000,000	y	Old Line Funding LLC		0.160		04/25/14		3,999,573
	1,000,000	y	Old Line Funding LLC		0.150		06/02/14		999,742
	800,000	y	Old Line Funding LLC		0.175		06/20/14		799,689
	2,000,000	y	Old Line Funding LLC		0.180		07/09/14		1,999,010
	735,000	y	Private Export Funding Corp		0.250		04/07/14		734,969
	3,350,000	y	Private Export Funding Corp		0.150		07/14/14		3,348,548
	4,000,000	y	Procter & Gamble Co		0.090		04/21/14		3,999,800
	1,500,000	y	Procter & Gamble Co		0.100		05/05/14		1,499,858
	6,850,000	y	Procter & Gamble Co		0.100		05/28/14		6,848,916
	5,000,000	y	Procter & Gamble Co		0.100		06/10/14		4,999,028
	4,750,000	y	Procter & Gamble Co		0.100		06/11/14		4,749,063
	5,200,000	y	Procter & Gamble Co		0.110		06/13/14		5,198,840
	5,000,000		Province of Ontario Canada		0.100		04/08/14		4,999,903
	3,480,000		Province of Ontario Canada		0.110		04/10/14		3,479,904
	12,000,000		Province of Ontario Canada		0.100		04/22/14		11,999,300
	1,050,000		Province of Ontario Canada		0.110		04/24/14		1,049,926
	5,000,000		Province of Ontario Canada		0.105		06/13/14		4,998,936
	1,000,000	y	Province of Quebec Canada		0.100		05/12/14		999,886
	5,500,000	y	PSP Capital, Inc		0.110-0.120		04/04/14		5,499,946
	11,500,000	y	PSP Capital, Inc		0.140-0.160		06/16/14		11,496,517
	4,000,000	y	PSP Capital, Inc		0.130		06/24/14		3,998,787

198

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	500,000		Rabobank USA Financial Corp		0.200	%	05/13/14	$	499,883
	400,000		Rabobank USA Financial Corp		0.200		07/09/14		399,780
	3,000,000	y	Thunder Bay Funding LLC		0.175		06/25/14		2,998,760
	3,000,000	y	Thunder Bay Funding LLC		0.180		07/03/14		2,998,605
	2,500,000		Toyota Motor Credit Corp		0.170		04/17/14		2,499,811
	4,500,000		Toyota Motor Credit Corp		0.130		06/03/14		4,498,976
	3,000,000		Toyota Motor Credit Corp		0.150		06/23/14		2,998,963
	3,030,000	y	United Overseas Bank Ltd		0.210		04/14/14		3,029,770
	4,500,000	y	United Overseas Bank Ltd		0.185		04/22/14		4,499,514
	2,000,000	y	United Overseas Bank Ltd		0.190		04/28/14		1,999,715
	5,650,000	y	United Overseas Bank Ltd		0.170-0.200		05/13/14		5,648,717
	6,000,000	y	United Overseas Bank Ltd		0.180		06/17/14		5,997,690
	900,000	y	United Overseas Bank Ltd		0.220		07/14/14		899,428
	2,000,000	y	United Overseas Bank Ltd		0.200		07/21/14		1,998,767
	2,000,000		US Bank NA		0.220		05/19/14		1,999,413
	10,000,000	y	Wal-Mart Stores, Inc		0.080-0.090		04/28/14		9,999,340
			TOTAL COMMERCIAL PAPER						398,078,346
GOVERNMENT AGENCY DEBT - 22.7%
	5,000,000		Federal Farm Credit Bank (FFCB)		0.065		05/23/14		4,999,531
	11,177,000		Federal Home Loan Bank (FHLB)		0.060-0.085		04/02/14		11,176,981
	11,500,000		FHLB		0.055-0.110		04/04/14		11,499,910
	5,000,000		FHLB		0.068		04/09/14		4,999,925
	14,060,000		FHLB		0.055-0.060		04/11/14		14,059,771
	6,235,000		FHLB		0.055-0.080		04/21/14		6,234,776
	6,710,000		FHLB		0.057-0.070		04/23/14		6,709,743
	235,000		FHLB		0.080		04/25/14		234,988
	5,000,000		FHLB		0.060		04/30/14		4,999,758
	500,000		FHLB		0.075		05/01/14		499,969
	5,000,000		FHLB		0.072-0.090		05/02/14		4,999,659
	6,405,000		FHLB		0.050-0.065		05/07/14		6,404,631
	13,600,000		FHLB		0.055-0.069		05/09/14		13,599,123
	9,500,000		FHLB		0.070-0.075		05/14/14		9,499,185
	9,052,000		FHLB		0.070-0.110		05/16/14		9,050,825
	5,650,000		FHLB		0.060-0.070		05/19/14		5,649,479
	9,978,000		FHLB		0.060-0.070		05/21/14		9,977,074
	3,000,000		FHLB		0.058		05/28/14		2,999,725
	4,120,000		FHLB		0.063		05/30/14		4,119,578
	1,415,000		FHLB		0.070		06/04/14		1,414,824
	6,000,000		FHLB		0.070-0.075		06/06/14		5,999,221
	5,000,000		FHLB		0.062		06/18/14		4,999,328
	10,000,000		FHLB		0.080		06/20/14		9,998,222
	1,392,000		FHLB		0.070		06/25/14		1,391,770
	4,350,000		FHLB		0.080		07/16/14		4,348,975
	13,400,000		FHLB		0.090-0.092		07/23/14		13,396,171
	2,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.075		04/01/14		2,000,000
	4,000,000		FHLMC		0.100		04/07/14		3,999,933
	270,000		FHLMC		0.060		04/14/14		269,994
	700,000		FHLMC		0.050		04/28/14		699,974
	1,685,000		FHLMC		0.040		05/02/14		1,684,942
	2,750,000		FHLMC		0.060		05/06/14		2,749,840
	230,000		FHLMC		0.070		05/08/14		229,983

199

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,160,000		Federal National Mortgage Association (FNMA)		0.065	%	04/09/14	$	2,159,969
	4,500,000		FNMA		0.090		04/16/14		4,499,831
	3,000,000		FNMA		0.075		07/14/14		2,999,350
			TOTAL GOVERNMENT AGENCY DEBT						194,556,958
TREASURY DEBT - 17.7%
	1,900,000		United States Treasury Bill		0.050		04/03/14		1,899,995
	3,690,000		United States Treasury Bill		0.050		04/10/14		3,689,954
	5,720,000		United States Treasury Bill		0.050		04/17/14		5,719,873
	10,625,000		United States Treasury Bill		0.027-0.085		04/24/14		10,624,616
	5,435,000		United States Treasury Bill		0.038-0.045		05/01/14		5,434,820
	7,000,000		United States Treasury Bill		0.053-0.055		05/08/14		6,999,591
	3,870,000		United States Treasury Bill		0.042-0.050		05/22/14		3,869,747
	3,490,000		United States Treasury Bill		0.045-0.048		05/29/14		3,489,743
	2,800,000		United States Treasury Bill		0.043		06/12/14		2,799,762
	1,295,000		United States Treasury Bill		0.045-0.083		06/19/14		1,294,864
	11,040,000		United States Treasury Bill		0.050-0.088		06/26/14		11,037,964
	2,000,000		United States Treasury Bill		0.053		07/10/14		1,999,708
	3,965,000		United States Treasury Bill		0.055-0.077		07/24/14		3,964,139
	7,975,000		United States Treasury Bill		0.089-0.095		08/21/14		7,972,108
	680,000		United States Treasury Bill		0.060		09/04/14		679,823
	175,000		United States Treasury Bill		0.068-0.090		09/18/14		174,935
	6,230,000		United States Treasury Note		1.250		04/15/14		6,232,794
	6,240,000		United States Treasury Note		0.250		04/30/14		6,240,479
	8,000,000		United States Treasury Note		1.000		05/15/14		8,008,332
	8,315,000		United States Treasury Note		0.750		06/15/14		8,325,451
	7,000,000		United States Treasury Note		0.250		06/30/14		7,001,974
	7,355,000		United States Treasury Note		0.625		07/15/14		7,365,407
	8,410,000		United States Treasury Note		0.125		07/31/14		8,410,077
	4,620,000		United States Treasury Note		0.500		08/15/14		4,626,322
	2,000,000		United States Treasury Note		0.250		09/15/14		2,000,758
	210,000		United States Treasury Note		0.250		09/30/14		210,174
	4,930,000		United States Treasury Note		0.250		10/31/14		4,933,649
	3,375,000		United States Treasury Note		0.250		11/30/14		3,377,680
	3,700,000		United States Treasury Note		0.250		12/15/14		3,703,325
	1,530,000		United States Treasury Note		0.125		12/31/14		1,530,054
	5,735,000		United States Treasury Note		0.250		01/15/15		5,740,181
	1,885,000		United States Treasury Note		0.250		03/31/15		1,886,978
			TOTAL TREASURY DEBT						151,245,277
VARIABLE RATE SECURITIES - 7.7%
	8,000,000	i	Federal Farm Credit Bank (FFCB)		0.131		04/01/14		7,996,677
	5,000,000	i	FFCB		0.180		04/01/14		4,999,398
	5,000,000	i	FFCB		0.180		04/01/14		5,000,000
	8,500,000	i	FFCB		0.181		04/01/14		8,498,728
	4,500,000	i	FFCB		0.191		04/01/14		4,500,452
	5,000,000	i	FFCB		0.200		04/01/14		5,001,701
	5,000,000	i	FFCB		0.125		04/16/14		5,000,000
	2,580,000	i	FFCB		0.330		05/19/14		2,580,296
	4,600,000	i	FFCB		0.120		10/27/14		4,600,000
	4,500,000	i	Federal Home Loan Bank (FHLB)		0.200		04/01/14		4,500,000
	4,500,000	i	FHLB		0.220		04/01/14		4,502,191

200

TIAA-CREF FUNDS - Money Market Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	5,000,000	i	Federal National Mortgage Association (FNMA)		0.137	%	06/20/14	$	4,999,814
	4,000,000	i	Royal Bank of Canada		0.280		06/10/14		4,000,000
			TOTAL VARIABLE RATE SECURITIES						66,179,257
			TOTAL SHORT-TERM INVESTMENTS						856,310,071
			(Cost $856,310,071)
			TOTAL INVESTMENTS- 99.9%						856,310,071
			(Cost $856,310,071)
			OTHER ASSETS & LIABILITIES, NET - 0.1%						793,299
			NET ASSETS - 100.0%					$	857,103,370

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 3/31/2014, the aggregate value of these securities was $291,302,375 or 34.0% of net assets.

201

Report of Independent Registered Public Accounting Firm

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

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the 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 Money Market Fund (nine of the portfolios constituting the TIAA-CREF Funds, hereafter collectively referred to as the "Funds" or each individually referred to as the "Fund"), at March 31, 2014 and for the year then ended, and have issued our unqualified reports thereon dated May 16, 2014 (which reports and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audits included an audit of each of the Fund's schedule of investments in securities (the “Schedules”) as of March 31, 2014 appearing in Item 6 of this Form N-CSR. The Schedules are the responsibility of the Funds' management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 16, 2014

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 annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s 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)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

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

SIGNATURES

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

	TIAA-CREF FUNDS
Dated:    May 16, 2014	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:    May 16, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer (principal executive officer)

Dated:    May 16, 2014	By:	/s/ Phillip G. Goff
		Phillip G. Goff Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

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