Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2012

Item 1. Reports to Stockholders.



			2012 Semiannual Report

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

			September 30, 2012


			Contents

			Understanding your fund report	2

			Information for investors	3

			Important information about expenses	4

			About the fund’s benchmark	5

			Fund performance
			Real Estate Securities Fund	6

			Portfolio of investments	8

			Financial statements (unaudited)
			Statement of assets and liabilities	11
			Statement of operations	12
			Statement of changes in net assets	13
			Financial highlights	15
			Notes to financial statements	19

			How to reach us	Inside back cover

(TIAA CREF LOGO)

U nderstanding your fund report

This semiannual report contains information about the Real Estate Securities Fund and describes the fund’s results for the six months ended September 30, 2012. 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 September 30, 2012.

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

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

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


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

I nformation for investors

Portfolio holdings

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


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

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

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


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

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

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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


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

I mportant information about expenses

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2012–September 30, 2012).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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


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

Important information about expenses

Expense example


Six months ended September 30, 2012


Real Estate Securities Fund	Beginning account value (4/1/12)		Ending account value (9/30/12)		Expenses paid during period* (4/1/12– 9/30/12)

Institutional Class
Actual return	$	1,000.00	$	1,047.01	$	2.77
5% annual hypothetical return		1,000.00		1,022.36		2.74

Retirement Class
Actual return	$	1,000.00	$	1,045.08	$	4.00
5% annual hypothetical return		1,000.00		1,021.16		3.95

Retail Class
Actual return	$	1,000.00	$	1,045.50	$	4.56
5% annual hypothetical return		1,000.00		1,020.61		4.51

Premier Class
Actual return	$	1,000.00	$	1,046.23	$	3.49
5% annual hypothetical return		1,000.00		1,021.66		3.45

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.54% for the Institutional Class, 0.78% for the Retirement Class, 0.89% for the Retail Class and 0.68% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

A bout the fund’s benchmark

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

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


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

R eal Estate Securities Fund

Performance for the six months ended September 30, 2012

The Real Estate Securities Fund returned 4.70% for the Institutional Class, compared with the 5.07% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the one-year period ended September 30, 2012, the fund returned 35.19%, versus 33.81% for the index. The table on the following page shows returns for all share classes of the fund.

During the six-month period, returns for real estate investment trusts (REITs) weakened from their double-digit advances during the fourth quarter of 2011 and the first quarter of 2012 but continued in positive territory, spurred by an improving outlook for the housing market and further stimulus efforts by the Federal Reserve.

For the six months, REITs easily outpaced the 2.89% advance of the broad U.S. stock market, as measured by the Russell 3000 ^® Index, and the 3.68% gain of the domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index.

For the five years ended September 30, 2012, REITs registered an average annual return of 2.28%, topping the 1.30% average return of the Russell 3000 Index but lagging the 6.53% return of the Barclays aggregate index.

Stock selections trim relative performance

During the reporting period, ten of the benchmark’s 13 property sectors generated gains, and three produced double-digit earnings. The largest contributions to the benchmark’s rise came from timber, health care and regional malls, which returned 15.7%, 11.1% and 6.7%, respectively. Together, these three sectors made up about one-third of the benchmark’s total market capitalization at period-end. Gains were tempered by losses in the apartment, diversified and lodging sectors.

The fund lagged its benchmark largely because of several overweight positions that failed to perform as anticipated. Chief among these were residential property owners Equity Residential and UDR, as well as ProLogis, a distribution facilities operator. Underweight holdings in Weyerhaeuser, a forest products manufacturer, and HCP, a health care REIT, also detracted from the fund’s relative performance.

These negative effects were partly offset by positive contributions from several other holdings, including an out-of-benchmark position in Thomas Properties Group, an office, retail and multifamily property owner, and an underweight holding in Vornado Realty Trust, a commercial real estate owner. Excluding BRE Properties, a West Coast apartment manager, and Hospitality Properties Trust, a hotel property owner, also boosted relative results.


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

Real Estate Securities Fund


Performance as of September 30, 2012


	Inception date		Total return						Average annual total return

Real Estate Securities Fund			6 months			1 year			5 years			since fund inception

Institutional Class		10/1/2002		4.70	%		35.19	%		2.03	%		11.23	%
Retirement Class		10/1/2002		4.51			34.84			1.79			11.02
Retail Class		10/1/2002		4.55			34.68			1.80			11.03
Premier Class		9/30/2009		4.62			35.08			1.96	*		11.19	*

FTSE NAREIT All Equity REITs Index		—		5.07			33.81			2.28			11.51	^†

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

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


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

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


Portfolio composition


Industry	% of net assets as of 9/30/2012

Specialized REITs		31.8
Retail REITs		24.5
Residential REITs		18.2
Office REITs		9.7
Diversified REITs		4.3
Industrial REITs		4.2
Real estate operating companies		1.9
Homebuilding		0.9
Mortgage REITs		0.7
Diversified capital markets		0.3
Other assets & liabilities, net		3.5

Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 9/30/2012

More than $15 billion–$50 billion		46.5
More than $2 billion–$15 billion		44.3
$2 billion or less		9.2

Total		100.0


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


Port folio of investments (unaudited)

Real Estate Securities Fund § September 30, 2012

Principal

Issuer

Value

% of net
assets

BONDS

CORPORATE BONDS

HOMEBUILDING

PDG Realty S.A. Empreendimentos e Participacoes

1,698,479

j,m

0.000%, 09/19/16

586,477

0.0

586,477

0.0

TOTAL CORPORATE BONDS

(Cost $379,076)

586,477

0.0

TOTAL BONDS

(Cost $379,076)

586,477

0.0


Shares			Company

COMMON STOCKS

DIVERSIFIED CAPITAL MARKETS
	250,000	*	HFF, Inc (Class A)	3,725,000	0.3

				3,725,000	0.3

DIVERSIFIED REITS
	275,000		iShares Dow Jones US Real Estate Index Fund	17,707,250	1.5
	500,000		NRDC Acquisition Corp	6,435,000	0.5
	340,000		Vornado Realty Trust	27,557,000	2.3

				51,699,250	4.3

HOMEBUILDING
	5,798,479		PDG Realty S.A.	10,926,225	0.9

				10,926,225	0.9

INDUSTRIAL REITS
	870,000		AMB Property Corp	30,476,100	2.6
	210,000		EastGroup Properties, Inc	11,172,000	0.9
	325,000	*	First Industrial Realty Trust, Inc	4,270,500	0.4
	2,000,000		Global Logistic Properties	4,076,819	0.3

				49,995,419	4.2

MORTGAGE REITS
	500,000		Annaly Capital Management, Inc	8,420,000	0.7

				8,420,000	0.7

OFFICE REITS
	500,000		Boston Properties, Inc	55,305,000	4.6
	240,000		Digital Realty Trust, Inc	16,764,000	1.4
	696,000		Mission West Properties, Inc	6,055,200	0.5
	470,000		SL Green Realty Corp	37,632,900	3.2

				115,757,100	9.7

OTHER DIVERSIFIED FINANCIAL SERVICES				0	0.0

	211,200	*,b,g,m	People’s Choice Financial Corp	0	0.0

REAL ESTATE OPERATING COMPANIES
	3,817,056	a	Thomas Properties Group, Inc	22,215,266	1.9

				22,215,266	1.9


8	2012 Semiannual Report § TIAA-CREF Real Estate Securities Fund	See notes to financial statements


Portfolio of investments (unaudited)	continued

Real Estate Securities Fund § September 30, 2012


Shares			Company		Value		% of net assets

RESIDENTIAL REITS
	500,000		American Campus Communities, Inc		$	21,940,000		1.8	%
	400,000		AvalonBay Communities, Inc			54,396,000		4.6
	220,000		Equity Lifestyle Properties, Inc			14,986,400		1.3
	1,175,000		Equity Residential			67,597,750		5.7
	185,000		Home Properties, Inc			11,334,950		0.9
	280,000		Post Properties, Inc			13,428,800		1.1
	1,350,000		UDR, Inc			33,507,000		2.8

						217,190,900		18.2

RETAIL REITS
	1,575,000		DDR Corp			24,192,000		2.0
	350,000		Equity One, Inc			7,371,000		0.6
	300,000		Federal Realty Investment Trust			31,590,000		2.6
	1,100,000		General Growth Properties, Inc			21,428,000		1.8
	450,000		Macerich Co			25,753,500		2.2
	310,000		Regency Centers Corp			15,106,300		1.3
	875,000		Simon Property Group, Inc			132,833,750		11.1
	100,000		Tanger Factory Outlet Centers, Inc			3,233,000		0.3
	400,000		Taubman Centers, Inc			30,692,000		2.6

						292,199,550		24.5

SPECIALIZED REITS
	820,000		American Tower Corp			58,539,800		4.9
	80,000		Ashford Hospitality Trust, Inc			672,000		0.1
	700,000		CubeSmart			9,009,000		0.8
	1,500,000		DiamondRock Hospitality Co			14,445,000		1.2
	120,000		Entertainment Properties Trust			5,331,600		0.4
	350,000		Extra Space Storage, Inc			11,637,500		1.0
	675,000		HCP, Inc			30,024,000		2.5
	930,000		Health Care REIT, Inc			53,707,500		4.5
	2,100,000		Hersha Hospitality Trust			10,290,000		0.9
	1,500,000		Host Marriott Corp			24,075,000		2.0
	250,000		Plum Creek Timber Co, Inc			10,960,000		0.9
	410,000		Public Storage, Inc			57,059,700		4.7
	150,000		Rayonier, Inc			7,351,500		0.6
	1,300,000	*	Strategic Hotels & Resorts, Inc			7,813,000		0.7
	900,000	*	Sunstone Hotel Investors, Inc			9,900,000		0.8
	750,000		Ventas, Inc			46,687,500		3.9
	850,000		Weyerhaeuser Co			22,219,000		1.9

						379,722,100		31.8

			TOTAL COMMON STOCKS	(Cost $996,466,768)		1,151,850,810		96.5


			TOTAL PORTFOLIO	(Cost $996,845,844)		1,152,437,287		96.5
			OTHER ASSETS & LIABILITIES, NET			42,521,894		3.5

			NET ASSETS		$	1,194,959,181		100.0	%


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


Portfolio of investments (unaudited)	concluded

Real Estate Securities Fund § September 30, 2012



Abbreviation(s):
REIT	Real Estate Investment Trust

*	Non-income producing.
a	Affiliated holding.
b	In bankruptcy.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2012, the total value of these securities amounted to $0 or 0.0% of net assets.
j	Zero coupon.
m	Indicates a security that has been deemed illiquid.


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

Stateme nt of assets and liabilities (unaudited)

Real Estate Securities Fund § September 30, 2012



ASSETS
Portfolio investments, at value ^†	$	1,130,222,021
Affiliated investments, at value ^‡		22,215,266
Cash		41,226,429
Cash-foreign ^{^}		8,707
Receivable from securities transactions		8,504,477
Receivable from Fund shares sold		2,260,745
Dividends and interest receivable		2,920,432
Other		34,862

Total assets		1,207,392,939

LIABILITIES
Management fees payable		81,295
Service agreement fees payable		8,997
Distribution fees payable		124,756
Due to affiliates		8,766
Payable for securities transactions		10,512,529
Payable for Fund shares redeemed		1,523,816
Income distribution payable		33,896
Accrued expenses and other payables		139,703

Total liabilities		12,433,758

NET ASSETS	$	1,194,959,181

NET ASSETS CONSIST OF:
Paid-in-capital	$	1,044,082,373
Undistributed net investment income (loss)		3,487,940
Accumulated net realized gain (loss) on total investments		(8,202,575	)
Net unrealized appreciation (depreciation) on total investments		155,591,443

NET ASSETS	$	1,194,959,181

INSTITUTIONAL CLASS:
Net assets	$	704,018,322
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		57,095,828

Net asset value per share	$	12.33

RETIREMENT CLASS:
Net assets	$	261,512,255
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		20,557,608

Net asset value per share	$	12.72

RETAIL CLASS:
Net assets	$	162,111,149
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		13,225,327

Net asset value per share	$	12.26

PREMIER CLASS:
Net assets	$	67,317,455
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,456,509

Net asset value per share	$	12.34

^† Portfolio investments, cost	$	979,586,207
^‡ Affiliated investments, cost	$	17,259,637
^{^} Foreign cash, cost	$	8,707


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

State ment of operations (unaudited)

Real Estate Securities Fund § For the period ended September 30, 2012



INVESTMENT INCOME
Dividends*	$	12,713,256
Dividends from affiliated investments		115,006
Interest		6,753

Total income		12,835,015

EXPENSES
Management fees		2,845,600
Distribution fees — Retail Class		189,733
Distribution fees — Premier Class		45,654
Fund administration fees		35,027
Custody and accounting fees		10,065
Professional fees		37,593
Shareholder reports		49,615
Shareholder servicing — Institutional Class		4,945
Shareholder servicing — Retirement Class		315,269
Shareholder servicing — Retail Class		80,603
Shareholder servicing — Premier Class		146
Trustee fees and expenses		6,875
Compliance fees		17,925
Registration fees		30,439
Other expenses		19,242

Total expenses		3,688,731

Net investment income (loss)		9,146,284

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		6,525,807
Affiliated investments		(350,906	)
Written options		449,358
Foreign currency transactions		(14,718	)

Net realized gain (loss) on total investments		6,609,541

Change in unrealized appreciation (depreciation) on:
Portfolio investments		29,086,788
Affiliated investments		5,070,870
Written options		(200,003	)

Net change in unrealized appreciation (depreciation) on total investments		33,957,655

Net realized and unrealized gain (loss) on total investments		40,567,196

Net increase (decrease) in net assets from operations	$	49,713,480

* Net of foreign withholding taxes of	$	9,716


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

Statement of changes in net assets

Real Estate Securities Fund § For the period or year ended


		Real Estate Securities Fund

		September 30, 2012			March 31, 2012

		(unaudited		)
OPERATIONS
Net investment income (loss)		$	9,146,284		$	14,398,418
Net realized gain (loss) on total investments			6,609,541			41,744,013
Net change in unrealized appreciation (depreciation) on total investments			33,957,655			60,930,701

Net increase (decrease) in net assets from operations			49,713,480			117,073,132

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
	Institutional Class		(5,454,106	)		(7,264,460	)
	Retirement Class		(1,645,357	)		(2,905,111	)
	Retail Class		(978,438	)		(1,555,568	)
	Premier Class		(461,301	)		(975,770	)

Total distributions			(8,539,202	)		(12,700,909	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		84,088,589			303,392,562
	Retirement Class		38,665,370			49,874,656
	Retail Class		25,369,900			25,834,275
	Premier Class		13,457,983			32,305,386
Reinvestments of distributions:
	Institutional Class		5,432,464			7,216,682
	Retirement Class		1,644,448			2,905,111
	Retail Class		938,006			1,487,942
	Premier Class		461,301			975,770
Redemptions:	Institutional Class		(55,118,345	)		(63,001,066	)
	Retirement Class		(37,060,085	)		(112,218,087	)
	Retail Class		(10,970,742	)		(22,723,172	)
	Premier Class		(7,288,956	)		(58,742,979	)

Net increase from shareholder transactions			59,619,933			167,307,080

Net increase in net assets			100,794,211			271,679,303
NET ASSETS
Beginning of period			1,094,164,970			822,485,667

End of period		$	1,194,959,181		$	1,094,164,970

Undistributed net investment income (loss) included in net assets		$	3,487,940		$	2,880,858


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


Statement of changes in net assets	concluded

Real Estate Securities Fund § For the period or year ended


		Real Estate Securities Fund

		September 30, 2012			March 31, 2012


		(unaudited		)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		6,922,388			28,405,635
	Retirement Class		3,047,128			4,405,101
	Retail Class		2,081,167			2,380,577
	Premier Class		1,108,099			3,153,179
Shares reinvested:
	Institutional Class		441,726			680,459
	Retirement Class		129,595			269,296
	Retail Class		76,708			143,584
	Premier Class		37,475			94,280
Shares redeemed:
	Institutional Class		(4,580,324	)		(5,864,991	)
	Retirement Class		(2,987,141	)		(10,404,642	)
	Retail Class		(907,702	)		(2,162,491	)
	Premier Class		(615,635	)		(5,300,708	)

Net increase from shareholder transactions			4,753,484			15,799,279


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


Fina ncial highlights

Real Estate Securities Fund § For the period or year ended


	Institutional Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.87		$	10.75		$	9.35		$	7.24		$	10.51		$	14.65		$	15.34


Gain from investment operations:
Net investment income (loss) (a)		0.11			0.19			0.05			0.19			0.23			0.27			0.22
Net realized and unrealized gain (loss) on total investments		0.45			1.09			1.42			2.12			(3.31	)		(2.24	)		0.47

Total gain (loss) from investment operations		0.56			1.28			1.47			2.31			(3.08	)		(1.97	)		0.69


Less distributions from:
Net investment income		(0.10	)		(0.16	)		(0.07	)		(0.18	)		(0.19	)		(0.39	)		(0.48	)
Net realized gains		—			—			—			—			—			(1.62	)		(0.90	)
Return of capital		—			—			—			(0.02	)		—			(0.16	)		—

Total distributions		(0.10	)		(0.16	)		(0.07	)		(0.20	)		(0.19	)		(2.17	)		(1.38	)

Net asset value, end of period	$	12.33		$	11.87		$	10.75		$	9.35		$	7.24		$	10.51		$	14.65


TOTAL RETURN		4.70	%(b)		12.16	%		15.80	%(b)		32.16	%		(28.84	)%		(13.54	)%		4.26	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	704,018		$	644,849		$	334,174		$	265,753		$	200,324		$	242,867		$	252,164
Ratio of expenses to average net assets before expense waiver and reimbursement		0.54	%(c)		0.54	%		0.59	%(c)		0.56	%		0.60	%		0.56	%		0.58	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.54	%(c)		0.54	%		0.57	%(c)		0.56	%		0.56	%		0.56	%		0.55	%
Ratio of net investment income (loss) to average net assets		1.72	%(c)		1.73	%		0.98	%(c)		2.29	%		3.98	%		2.38	%		1.39	%
Portfolio turnover rate		20	%(b)		75	%		30	%(b)		66	%		78	%		94	%		116	%


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


Financial highlights	continued

Real Estate Securities Fund § For the period or year ended


	Retirement Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09			9/30/08			9/30/07

		(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.25		$	11.08		$	9.64		$	7.46		$	10.81		$	15.00		$	15.66


Gain from investment operations:
Net investment income (loss) (a)		0.09			0.17			0.04			0.17			0.21			0.24			0.19
Net realized and unrealized gain (loss) on total investments		0.46			1.14			1.46			2.19			(3.39	)		(2.28	)		0.49

Total gain (loss) from investment operations		0.55			1.31			1.50			2.36			(3.18	)		(2.04	)		0.68


Less distributions from:
Net investment income		(0.08	)		(0.14	)		(0.06	)		(0.16	)		(0.17	)		(0.37	)		(0.44	)
Net realized gains		—			—			—			—			—			(1.62	)		(0.90	)
Return of capital		—			—			—			(0.02	)		—			(0.16	)		—

Total distributions		(0.08	)		(0.14	)		(0.06	)		(0.18	)		(0.17	)		(2.15	)		(1.34	)

Net asset value, end of period	$	12.72		$	12.25		$	11.08		$	9.64		$	7.46		$	10.81		$	15.00


TOTAL RETURN		4.51	%(b)		11.96	%		15.60	%(b)		31.85	%		(28.95	)%		(13.76	)%		4.11	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	261,512		$	249,433		$	289,161		$	280,763		$	159,554		$	172,078		$	191,671
Ratio of expenses to average net assets before expense waiver and reimbursement		0.78	%(c)		0.78	%		0.83	%(c)		0.81	%		0.85	%		0.81	%		0.84	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.78	%(c)		0.78	%		0.82	%(c)		0.81	%		0.81	%		0.81	%		0.80	%
Ratio of net investment income (loss) to average net assets		1.45	%(c)		1.54	%		0.77	%(c)		1.98	%		3.53	%		2.03	%		1.18	%
Portfolio turnover rate		20	%(b)		75	%		30	%(b)		66	%		78	%		94	%		116	%


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


Financial highlights	continued

Real Estate Securities Fund § For the period or year ended


	Retail Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.80		$	10.69		$	9.30		$	7.20		$	10.46		$	14.59		$	15.27


Gain from investment operations:
Net investment income (loss) (a)		0.08			0.15			0.04			0.17			0.23			0.31			0.21
Net realized and unrealized gain (loss) on total investments		0.46			1.09			1.41			2.11			(3.31	)		(2.28	)		0.47

Total gain (loss) from investment operations		0.54			1.24			1.45			2.28			(3.08	)		(1.97	)		0.68


Less distributions from:
Net investment income		(0.08	)		(0.13	)		(0.06	)		(0.16	)		(0.18	)		(0.38	)		(0.46	)
Net realized gains		—			—			—			—			—			(1.60	)		(0.90	)
Return of capital		—			—			—			(0.02	)		—			(0.18	)		—

Total distributions		(0.08	)		(0.13	)		(0.06	)		(0.18	)		(0.18	)		(2.16	)		(1.36	)

Net asset value, end of period	$	12.26		$	11.80		$	10.69		$	9.30		$	7.20		$	10.46		$	14.59


TOTAL RETURN		4.55	%(b)		11.79	%		15.64	%(b)		31.95	%		(29.01	)%		(13.66	)%		4.26	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	162,111		$	141,355		$	124,104		$	102,686		$	77,475		$	118,076		$	174,936
Ratio of expenses to average net assets before expense waiver and reimbursement		0.89	%(c)		0.84	%		0.84	%(c)		0.77	%		1.06	%		0.85	%		0.83	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.89	%(c)		0.84	%		0.83	%(c)		0.77	%		0.75	%		0.70	%		0.65	%
Ratio of net investment income (loss) to average net assets		1.35	%(c)		1.42	%		0.75	%(c)		2.08	%		3.89	%		2.68	%		1.32	%
Portfolio turnover rate		20	%(b)		75	%		30	%(b)		66	%		78	%		94	%		116	%


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


Financial highlights	concluded

Real Estate Securities Fund § For the period or year ended


	Premier Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09	*

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.88		$	10.75		$	9.36		$	7.24		$	7.24


Gain from investment operations:
Net investment income (loss)(a)		0.09			0.18			0.05			0.14			0.00	(d)
Net realized and unrealized gain on total investments		0.46			1.10			1.41			2.17			—

Total gain (loss) from investment operations		0.55			1.28			1.46			2.31			0.00	(d)


Less distributions from:
Net investment income		(0.09	)		(0.15	)		(0.07	)		(0.17	)		—
Net realized gains		—			—			—			(0.02	)		—

Total distributions		(0.09	)		(0.15	)		(0.07	)		(0.19	)		—

Net asset value, end of period	$	12.34		$	11.88		$	10.75		$	9.36		$	7.24


TOTAL RETURN		4.62	%(b)		12.06	%		15.60	%(b)		32.12	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	67,317		$	58,528		$	75,047		$	31,260		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.68	%(c)		0.68	%		0.74	%(c)		0.71	%		221.11	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.68	%(c)		0.68	%		0.72	%(c)		0.71	%		0.72	%(c)
Ratio of net investment income (loss) to average net assets		1.54	%(c)		1.67	%		1.03	%(c)		1.56	%		0.00	%(c)
Portfolio turnover rate		20	%(b)		75	%		30	%(b)		66	%		78	%


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


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

Not es to financial statements (unaudited)

Real Estate Securities Fund

Note 1—organization and significant accounting policies

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

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

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

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

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital 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.


	TIAA-CREF Real Estate Securities Fund § 2012 Semiannual Report	19

Notes to financial statements (unaudited)

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

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

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

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

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

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

New accounting pronouncements: In May 2011, FASB adopted ASU No. 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The ASU converges the guidance of both entities on fair value measurements and disclosures. ASU 2011-04 requires additional disclosures around transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy. Effective April 1, 2012, the Fund adopted this guidance with no material impact to the Fund’s financial statements and notes disclosure.


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

continued

In December 2011, the FASB issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities (the “Update”). The Update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the Update’s adoption on the Fund’s financial statement 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 applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Fund’s net assets are calculated, such securities will be valued at fair value


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

Notes to financial statements (unaudited)

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 period ended September 30, 2012, there were no significant transfers between levels by the Fund.


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

continued

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2012:


Investments	Level 1		Level 2		Level 3		Total

Diversified capital markets	$	3,725,000	$	—	$	—	$	3,725,000
Diversified REITs		51,699,250		—		—		51,699,250
Homebuilding		—		10,926,225		—		10,926,225
Industrial REITs		45,918,600		4,076,819		—		49,995,419
Mortgage REITs		8,420,000		—		—		8,420,000
Office REITs		115,757,100		—		—		115,757,100
Real estate operating companies		22,215,266		—		—		22,215,266
Residential REITs		217,190,900		—		—		217,190,900
Retail REITs		292,199,550		—		—		292,199,550
Specialized REITs		379,722,100		—		—		379,722,100
Corporate bonds		—		586,477		—		586,477

Total	$	1,136,847,766	$	15,589,521	$	—	$	1,152,437,287

Note 3—derivative instruments

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

For the period ended September 30, 2012, the effect of derivative contracts on the Fund’s Statement of Operations was as follows:


Derivative contracts	Location		Realized gain/(loss)		Change in unrealized appreciation (depreciation)

Equity contracts		Written options	$	449,358	$	(200,003	)

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


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

Notes to financial statements (unaudited)

writing options that can exceed the premium received and can exceed the potential loss from an ordinary buy and sell transaction. During the period ended September 30, 2012, the Real Estate Securities Fund had exposure to options, based on underlying nominal values, generally between 0% and 5% of net assets.

There were no written options outstanding as of September 30, 2012.

Transactions in written options and related premiums received during the period ended September 30, 2012, were as follows:


	Number of contracts			Premiums

Outstanding at beginning of period		1,840		$	227,603
Written		4,600			221,755
Exercised		—			—
Expired		(6,440	)		(449,358	)
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 operational oversight services to the Fund.

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

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


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

continued

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

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

At September 30, 2012, TIAA Access, a registered separate account of TIAA, owned less than 3% of the Fund’s shares.

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


Issue	Value at March 31, 2012		Purchase cost		Sales proceeds		Realized gain/(loss)

Real Estate Securities Fund
Thomas Properties Group, Inc	$	17,671,500	$	—	$	176,198	$	(350,906	)


Issue	Dividend income		Withholding expense		Shares at September 30, 2012		Value at September 30, 2012

Real Estate Securities Fund
Thomas Properties Group, Inc	$	115,006	$	—		3,817,056	$	22,215,266

Note 5—investments

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

Net unrealized appreciation (depreciation): At September 30, 2012, the cost of portfolio investments for federal income tax purposes was $1,006,626,045. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $145,811,242, consisting of gross unrealized appreciation of $167,686,934 and gross unrealized depreciation of $ (21,875,692).


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


Notes to financial statements (unaudited)	concluded

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended September 30, 2012 were $262,609,244 and $216,465,512, respectively.

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2012 was as follows:


	Ordinary income		Long-term capital gains		Return of capital		Total

March 31, 2012	$	12,700,909	$	—	$	—	$	12,700,909

The tax character of the fiscal year 2013 distributions will be determined at the end of the fiscal year.

Note 7—line of credit

The Fund participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the Fund at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended September 30, 2012 there were no borrowings under this credit facility by the Fund.

Note 8—indemnification

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


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

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H ow to reach us

TIAA-CREF website

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24 hours a day, 7 days a week

Automated telephone service

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For the hearing- or speech-impaired

800 842-2755

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

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

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


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			2012 Semiannual Report

			TIAA-CREF Funds
			Fixed-Income Funds

			September 30, 2012




			Contents

			Understanding your report from TIAA-CREF Funds	2

			TIAA-CREF Market Monitor	3

			Information for investors	4

			About the funds’ benchmarks	5

			Important information about expenses	5

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

			Summary portfolios of investments	22

			Financial statements (unaudited)
			Statements of assets and liabilities	40
			Statements of operations	42
			Statements of changes in net assets	44
			Financial highlights	48
			Notes to financial statements	65

			Approval of investment management agreement	72

			How to reach us	Inside back cover

(TIAA CRRF LOGO)

U nderstanding your report from TIAA-CREF Funds

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

This semiannual report contains information about the TIAA-CREF Funds and describes their results for the six months ended September 30, 2012. The report contains three main sections:


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

	•	The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of September 30, 2012.

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

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

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


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

T IAA-CREF Market Monitor

Anxious times keep the bond rally going

During the six-month period that ended on September 30, 2012, all major sectors of the U.S. bond market produced solid returns against a backdrop of slow economic growth and political uncertainty. The broadest measure of the domestic bond market, the Barclays U.S. Aggregate Bond Index, gained 3.7%, outperforming the 2.9% return of U.S. stocks, as measured by the Russell 3000 ^® Index.

Returns from individual areas of the market ranged from 1.5% for short-term bonds, as measured by the Barclays U.S. 1–5 Year Government/Credit Bond Index to 6.5% for high-yield bonds, as measured by the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. Despite moderate inflation, inflation-linked bonds returned 5.3%, according to the Barclays U.S. Treasury Inflation Protected Securities Index (Series-L).

Municipal bonds, like U.S. Treasury securities, were seen as a safe haven by many investors, and increased issuance was met by healthy demand. As measured by the Barclays 10-Year Municipal Bond Index, the tax-exempt sector returned 4.3%.

The Fed takes steps to keep rates low

Bond prices during the period were boosted by actions taken by the Federal Reserve, which kept short-term interest rates near zero and said it expected “exceptionally low levels” to continue until at least mid-2015.

The Fed also announced that it would increase its holdings of longer-term bonds by about $85 billion each month through the end of 2012. These purchases were intended to push longer-term rates down, support the mortgage markets and boost broader financial conditions.

The market rewarded risk

Total return for the six months ended September 30, 2012

(BAR GRAPH)

The high-yield sector outperformed all others during the six-month period.

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

Demand from investors helped lift bond prices, too. Data from the Investment Company Institute showed that bond-based U.S. mutual funds recorded net inflows of more than $145 billion for the six months; at the same time, about $70 billion left equity-based funds. Strong buying, by the Fed and by investors, pushed 10-year Treasury yields (which decline as prices rise) much lower, from 2.23% at the end of March to 1.65% at the end of September.

A political stalemate threatens the recovery

The Federal Reserve and investors alike were reacting to weakening growth at home and abroad and political gridlock that threatened to make conditions much worse. The nation’s gross domestic product (GDP) grew by just 1.3% in the second quarter of 2012—a sharp drop from the 4.1% rise in the fourth quarter of 2011.

There was certainly no shortage of capacity. Only about 78% of the country’s industrial capacity was in use in September, versus 85% in the boom years of the mid-nineties; what was missing was demand. More than two-thirds of all demand comes from consumers, while capital investment, exports and government contribute the rest. While consumer spending rose slightly during the six months covered by this report, new Census Bureau data suggested this might not continue. Median household income, adjusted for inflation, was 8.1% lower in 2011 than in 2007, the year before the downturn.

For the six-month period, government spending on all levels—national, state and local—was down. Capital investment was muted, in response to weak domestic demand and excess existing capacity. The brightest spot in the GDP numbers was exports, which climbed 4.3% in September on a year-over-year basis, but slowing growth in Europe and Asia meant that export orders might be declining soon. The International Monetary Fund cut its 2013 growth forecast for advanced economies from 2.0% to 1.5%.

Here at home, the problems of weak demand and slow growth were exacerbated by an approaching political crisis, as the nation seemed headed for a new stand-off on the budget. Without a compromise, automatic spending cuts and tax increases were scheduled to begin on January 1, 2013. Together, these two steps would drastically reduce government’s contribution to aggregate demand, cutting GDP by an estimated 4%.

With such a possibility looming, it’s not surprising that investors would flock to bonds, even with yields at historically low levels.


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

I nformation for investors

Portfolio holdings

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

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


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

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

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

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

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

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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


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

A bout the funds’ benchmarks

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

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

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

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

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

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

I mportant information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2012–September 30, 2012).

Actual expenses

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

Hypothetical example for comparison purposes


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

B ond Fund


Portfolio composition

% of net assets
as of 9/30/2012

Corporate bonds			28.7
Mortgage-backed securities*			27.2
Foreign government & corporate bonds denominated in U.S. dollars			18.1
U.S. Treasury securities			11.9
Asset-backed securities			5.9
Commercial mortgage-backed securities			3.9
Municipal bonds			0.9
U.S. agency securities			0.1
Short-term investments			16.4
Other assets & liabilities, net			–13.1

Total			100.0


*	Includes mortgage pass-through securities and collateralized mortgage obligations


Holdings by maturity


% of fixed-income investments
(excluding short-term investments)
			as of 9/30/2012

Less than 1 year			4.5
1–3 years			36.9
3–5 years			19.6
5–10 years			27.6
Over 10 years			11.4

Total			100.0

Holdings by credit quality ^†


% of fixed-income investments
(excluding short-term investments)
as of 9/30/2012

Aaa/AAA			43.1
Aa/AA			5.7
A/A			19.0
Baa/BBB			23.7
Ba/BB			4.4
B/B			1.6
Below B/B			0.2
Non-rated			2.3

Total			100.0


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

Performance for the six months ended September 30, 2012

The Bond Fund returned 4.84% for the Institutional Class, compared with the 3.68% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2012, the fund returned 8.28%, versus 5.16% for the index. The table below shows returns for all share classes of the fund.

Amid market uncertainty, bonds turn in a solid performance

During the second quarter of 2012, a global economic slowdown triggered a stock sell-off and propelled many investors into U.S. Treasury securities and investment-grade corporate bonds. Investors were attracted to the lower volatility and relative safety of high-quality, fixed-income securities. As strong demand drove the prices of new bond issues higher (and yields lower), the values of many existing bonds rose, too. The Barclays U.S. Aggregate Bond Index, a measure of the broad domestic market, advanced 2.06% for the quarter.

In August, improving job numbers, a reviving housing market and an uptick in consumer spending lifted investor sentiment. With the economic picture brightening and bond yields falling, investors once again turned to stocks and other riskier investments in search of higher returns.

Redoubling its efforts to lower long-term interest rates and strengthen the economic recovery, the Federal Reserve signaled its intention in September to maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% through mid-2015. The Fed also initiated a program to purchase $40 billion of U.S. agency securities each month. The return of the Barclays aggregate index slipped to 1.58% in the third quarter.


Performance as of September 30, 2012


		Total return					Average annual total return

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

Institutional Class	7/1/1999		4.84	%	8.28	%		6.45	%	5.24	%
Retirement Class	3/31/2006		4.74		8.01			6.18		5.07	^‡
Retail Class	3/31/2006		4.71		7.93			6.26		5.12	^‡
Premier Class	9/30/2009		4.76		8.02			6.35	^‡	5.19	^‡

Barclays U.S. Aggregate Bond Index	—		3.68		5.16			6.53		5.32

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

^‡

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


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

Corporate securities power the index

For the six months, corporate bonds, which represented one-fifth of the benchmark’s total market capitalization at period-end, returned 6.5%, outperforming other major fixed-income sectors and surpassing the return of the Barclays aggregate index by nearly three percentage points. The small commercial mortgage-backed sector gained 4.7%, while U.S. mortgage-backed securities, comprising nearly one-third of the index, and agency securities lagged with returns of 2.2% and 2.5%, respectively.

U.S. Treasury securities, the benchmark’s largest sector, returned 3.4%. The yield on 10-year Treasuries fell from 2.23% on March 31, 2012, to 1.65% six months later.

Successful strategies lift the fund above its benchmark

The Bond Fund outperformed the Barclays U.S. Aggregate Bond Index by more than one percentage point for the six months on the strength of advantageous sector positioning and individual security selection.

With corporate bonds outpacing Treasuries for the period, the fund benefited substantially from its long-standing overweight holdings in investment-grade corporate securities and out-of-benchmark positions in high-yield bonds. Overweight investments and astute security selection among commercial mortgage-backed securities also boosted the fund’s performance, as did its holdings in government-related issues, including emerging market securities.

The fund’s return, relative to that of its benchmark, was trimmed slightly in the second quarter, when the fund underperformed the Barclays aggregate index because of its underweight position in U.S. Treasury securities, which led the index during that quarter. This negative effect, however, was more than offset by the fund’s strong relative performance during the third quarter.


Expense example

Six months ended September 30, 2012

Bond Fund		Beginning account value (4/1/12)		Ending account value (9/30/12)		Expenses paid during period* (4/1/12– 9/30/12)

Actual return
Institutional Class	$	1,000.00	$	1,048.39	$	1.64
Retirement Class		1,000.00		1,047.43		2.93
Retail Class		1,000.00		1,047.12		3.28
Premier Class		1,000.00		1,047.60		2.41

5% annual hypothetical return
Institutional Class		1,000.00		1,023.46		1.62
Retirement Class		1,000.00		1,022.21		2.89
Retail Class		1,000.00		1,021.86		3.24
Premier Class		1,000.00		1,022.71		2.38

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class, 0.57% for the Retirement Class, 0.64% for the Retail Class and 0.47% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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


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

B ond Plus Fund


Portfolio composition


% of net assets as of 9/30/2012

Corporate bonds			29.1
Mortgage-backed securities*			23.2
Foreign government & corporate bonds denominated in U.S. dollars			17.5
U.S. Treasury securities			10.2
Commercial mortgage-backed securities			6.4
Asset-backed securities			4.2
Bank loan obligations			4.0
Municipal bonds			1.2
U.S. agency securities			0.3
Preferred stock			0.1
Short-term investments			16.5
Other assets & liabilities, net			–12.7

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 9/30/2012

Less than 1 year			7.8
1–3 years			26.5
3–5 years			24.1
5–10 years			30.0
Over 10 years			11.6

Total			100.0

Holdings by credit quality ^†


% of fixed-income investments (excluding short-term investments) as of 9/30/2012

Aaa/AAA			41.5
Aa/AA			6.0
A/A			14.4
Baa/BBB			16.9
Ba/BB			10.9
B/B			6.8
Below B/B			2.0
Non-rated			1.5

Total			100.0


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

Performance for the six months ended September 30, 2012

The Bond Plus Fund returned 5.14% for the Institutional Class, compared with the 3.68% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2012, the fund returned 9.74%, versus 5.16% for the index. The table below shows returns for all share classes of the fund.

Amid market uncertainty, bonds turn in a solid performance


Performance as of September 30, 2012


		Total return					Average annual total return

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

Institutional Class	3/31/2006		5.14	%	9.74	%		6.40	%	6.13	%
Retirement Class	3/31/2006		5.01		9.46			6.12		5.87
Retail Class	3/31/2006		4.95		9.34			6.19		5.94
Premier Class	9/30/2009		5.06		9.69			6.31	^‡	6.05	^‡

Barclays U.S. Aggregate Bond Index	—		3.68		5.16			6.53		6.39	^§

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


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


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

Corporate securities power the index

U.S. Treasury securities, the benchmark’s largest sector, returned 3.4%. The yield on 10-year Treasuries fell from 2.23% on March 31, 2012, to 1.65% six months later.

A combination of strategies produces outperformance

The Bond Plus Fund outperformed the Barclays U.S. Aggregate Bond Index by almost one-and-a-half percentage points for the six months.

With corporate bonds outpacing Treasuries for the period, the fund benefited from its long-standing overweight positions in corporate securities, including out-of-benchmark holdings in high-yield bonds. Overweight investments and astute security selection among asset-backed securities also boosted performance. Successful bond choices plus a slight underweight in U.S. mortgage-backed securities contributed as well.

These positive results were partly offset by the effects of the fund’s underweight position in U.S. Treasury securities, which led the index in the second quarter. However, the fund’s holdings in Treasuries with longer maturities, which benefited from declining yields, somewhat mitigated the drag on performance from the Treasury underweight.


Expense example

Six months ended September 30, 2012


Bond Plus Fund		Beginning account value (4/1/12)		Ending account value (9/30/12)		Expenses paid during period* (4/1/12– 9/30/12)

Actual return
Institutional Class	$	1,000.00	$	1,051.40	$	1.75
Retirement Class		1,000.00		1,050.06		3.03
Retail Class		1,000.00		1,049.53		3.55
Premier Class		1,000.00		1,050.60		2.52

5% annual hypothetical return
Institutional Class		1,000.00		1,023.36		1.72
Retirement Class		1,000.00		1,022.11		2.99
Retail Class		1,000.00		1,021.61		3.50
Premier Class		1,000.00		1,022.61		2.48

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.34% for the Institutional Class, 0.59% for the Retirement Class, 0.69% for the Retail Class and 0.49% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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


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

S hort-Term Bond Fund


Portfolio composition

% of net assets as of 9/30/2012

Corporate bonds			23.5
Foreign government & corporate bonds denominated in U.S. dollars			19.2
U.S. Treasury securities			15.5
Asset-backed securities			13.1
U.S. agency securities			12.1
Commercial mortgage-backed securities			5.2
Mortgage-backed securities*			2.3
Bank loan obligations			0.9
Municipal bonds			0.1
Short-term investments			5.0
Other assets & liabilities, net			3.1

Total			100.0


*	Includes mortgage pass-through securities and collateralized mortgage obligations


Holdings by maturity


% of fixed-income investments (excluding short-term investments) as of 9/30/2012

Less than 1 year			20.0
1–3 years			38.5
3–5 years			35.7
5–10 years			4.9
Over 10 years			0.9

Total			100.0

Holdings by credit quality ^†


% of fixed-income investments (excluding short-term investments) as of 9/30/2012

Aaa/AAA			54.5
Aa/AA			13.9
A/A			13.4
Baa/BBB			12.7
Ba/BB			3.1
B/B			1.0
Below B/B			0.1
Non-rated			1.3

Total			100.0


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

Performance for the six months ended September 30, 2012

The Short-Term Bond Fund returned 2.00% for the Institutional Class, compared with the 1.48% return of its benchmark, the Barclays U.S. 1–5 Year Government/Credit Bond Index. For the one-year period ended September 30, 2012, the fund returned 3.71%, versus 2.47% for the index. The table below shows returns for all share classes of the fund.

Amid low interest rates, short-term bonds lag the broad market

During the second quarter of 2012, a global economic slowdown triggered a stock sell-off, and many investors sought safety in U.S. Treasury securities and investment-grade corporate bonds. As strong demand drove the prices of new bond issues higher (and yields lower), the values of many existing bonds rose, too.

In August, the economic picture brightened. As bond yields continued to fall, some investors again turned to stocks and other riskier investments for their potentially higher returns.

Redoubling its efforts to lower long-term interest rates and strengthen the economic recovery, the Federal Reserve signaled its intention during the period to maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% through mid-2015. The Fed also announced a sizable new bond buying initiative and extended through year-end its program of purchasing longer-term U.S. Treasury securities and selling its shorter-term holdings.

For the six months, the benchmark’s return was less than half the 3.68% gain of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. In the low interest rate environment, investors favored securities with longer maturities, boosting their prices and lifting the return of the broader index, which is predominately composed of intermediate- and longer-term bonds.


Performance as of September 30, 2012


		Total return					Average annual total return

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

Institutional Class	3/31/2006		2.00	%	3.71	%		4.07	%	4.32	%
Retirement Class	3/31/2006		1.87		3.44			3.82		4.08
Retail Class	3/31/2006		1.83		3.35			3.88		4.16
Premier Class	9/30/2009		1.92		3.65			4.00	^‡	4.26	^‡

Barclays U.S. 1–5 Year Government/Credit Bond Index	—		1.48		2.47			4.31		4.66	^§


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

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

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


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

For the five years ended September 30, 2012, the benchmark returned an average annual 4.31%, versus 6.53% for the aggregate index.

Corporate securities drive the benchmark higher

For the six-month period, corporate bonds, representing one-fifth of the index’s total market capitalization on September 30, 2012, returned 2.9%. U.S. government-related securities returned 1.4%, while U.S. Treasuries, the benchmark’s largest sector, lagged with a 1.0% return.

The yield on 2-year Treasury notes fell from 0.33% on March 31, 2012, to 0.23% at period-end. The 5-year yield dropped from 1.04% to 0.62%.

Successful strategies lift the fund above its benchmark

The Short-Term Bond Fund outperformed the Barclays U.S. 1–5 Year Government/Credit Bond Index by more than half a percentage point for the six months.

With corporate bonds leading the index for the period, the fund benefited from its long-standing overweight positions in these securities and from out-of-benchmark holdings in high-yield corporate issues. Nonbenchmark stakes in asset-backed securities and Canadian covered bonds also boosted the fund’s relative return. Covered bonds are bonds issued by a bank and provide income from a pool of assets, usually mortgages; in case of default, the bond holder has a senior claim on the bond’s issuer and a priority claim on the asset pool.

These positive effects were partly offset by detractions from relative performance from the fund’s underweight position in U.S. Treasuries, which outperformed in April and May. During the six-month period, the fund reduced its exposure to Treasuries as declining yields made them less attractive.


Expense example

Six months ended September 30, 2012


Short-Term Bond Fund	Beginning account value (4/1/12)		Ending account value (9/30/12)		Expenses paid during period* (4/1/12– 9/30/12)

Actual return
Institutional Class	$	1,000.00	$	1,019.98	$	1.47
Retirement Class		1,000.00		1,018.70		2.73
Retail Class		1,000.00		1,018.33		3.14
Premier Class		1,000.00		1,019.20		2.23

5% annual hypothetical return
Institutional Class		1,000.00		1,023.61		1.47
Retirement Class		1,000.00		1,022.36		2.74
Retail Class		1,000.00		1,021.96		3.14
Premier Class		1,000.00		1,022.86		2.23

“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 183/365. There were 183 days in the six months ended September 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.29% for the Institutional Class, 0.54% for the Retirement Class, 0.62% for the Retail Class and 0.44% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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


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

H igh-Yield Fund


Portfolio composition


	% of net assets as of 9/30/2012

Corporate bonds		77.5
Foreign government & corporate bonds denominated in U.S. dollars		9.3
Bank loan obligations		9.0
Preferred stock		0.2
Short-term investments		5.3
Other assets & liabilities, net		–1.3

Total		100.0

Holdings by maturity


	% of fixed-income investments (excluding short-term investments) as of 9/30/2012

Less than 1 year		0.1
1–3 years		3.3
3–5 years		13.5
5–10 years		72.7
Over 10 years		10.4

Total		100.0

Holdings by credit quality*


	% of fixed-income investments (excluding short-term investments) as of 9/30/2012

Baa/BBB		2.3
Ba/BB		54.3
B/B		39.0
Below B/B		4.4

Total		100.0


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

Performance for the six months ended September 30, 2012

The High-Yield Fund returned 6.21% for the Institutional Class, compared with the 6.47% return of its benchmark, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. For the one-year period ended September 30, 2012, the fund returned 18.67%, versus 17.73% for the index. The table below shows returns for all share classes of the fund.

Returns are driven by changing appetites for risk

During the six-month period, the high-yield bond market, like the U.S. stock market, was governed by investor sentiment that operated in “risk-off/risk-on” mode. When U.S. manufacturing declined in the second quarter of 2012, investors favored high-quality, investment-grade bonds over riskier stocks and high-yield securities, and the return of the fund’s benchmark dropped to 1.94% from 4.42% for the previous quarter. In the third quarter, economic prospects brightened and were further improved by additional stimulus plans at the Federal Reserve. The high-yield sector jumped, returning 4.44%.

For the period, high-yield bonds outperformed by more than two-and-a-half percentage points the 3.68% return of the broad domestic, investment-grade market, as measured by the Barclays U.S. Aggregate Bond Index. For the five years ended September 30, 2012, high-yield issues returned an average annual 8.38%, versus 6.53% for the broad market.

Declining yields bring a surge of new issues

Although overall returns for high-yield bonds were high, the yield on new issues dipped to historically low levels. Borrowers took advantage of these low yields, issuing a total of $150 billion in new bonds during the six-month period,


Performance as of September 30, 2012


		Total return						Average annual total return

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

Institutional Class	3/31/2006		6.21	%		18.67	%		8.92	%		8.47	%
Retirement Class	3/31/2006		6.18			18.37			8.63			8.19
Retail Class	3/31/2006		6.04			18.24			8.72			8.32
Premier Class	9/30/2009		6.13			18.49			8.82	^‡		8.40	^‡

BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index	—		6.47			17.73			8.38			8.07	^§

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


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

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

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


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

compared with $240 billion for the twelve months ended March 31, 2012. This robust supply of new issues was met by strong inflows into those U.S. mutual funds that invest in high-yield debt.

All but two of the benchmark’s 67 sectors posted gains, with returns ranging from –3.3% for food and drug retail to 13.4% for the electricity distribution sector. Energy exploration, the benchmark’s largest sector in terms of market capitalization at period-end, returned 5.6%.

Falling yields during the period compressed the spreads between bonds of different credit quality. The BB and B bonds that make up the benchmark returned 6.7% and 5.9%, respectively, but lower quality bonds (CCC and lower) also returned 5.9%. Default rates rose from 2.9% at the end of March to 3.6% in September, according to Moody’s Investors Service; this was well below the long-term global average of 4.8%.

The fund trails its benchmark

By investing in more than three-quarters of the benchmark’s sectors, the fund was able to participate broadly in the advance of the high-yield market during the six-month period. However, it lagged the benchmark slightly as a result of the fund’s preference for higher-quality securities, its sector allocations and individual security selections.

The largest drag on relative performance came from an overweight position in Minnesota-based food wholesaler and retailer Supervalu. An overweight in Ford and an underweight in electric generating company GenOn were among the other individual holdings that trimmed the fund’s return.

These negative effects were partly offset by positive contributions from such holdings as AMC Entertainment; International Lease Finance Corporation, a lessor of commercial aircraft; and SPL Logistics LLC, a service parts logistics provider to the industrial and automotive aftermarket. The fund’s portfolio also benefited from an underweight position in Nextel International, which provides communication services in Latin America.


Expense example

Six months ended September 30, 2012


High-Yield Fund	Beginning account value (4/1/12)		Ending account value (9/30/12)		Expenses paid during period* (4/1/12– 9/30/12)

Actual return
Institutional Class	$	1,000.00	$	1,062.08	$	1.96
Retirement Class		1,000.00		1,061.83		3.26
Retail Class		1,000.00		1,060.41		3.51
Premier Class		1,000.00		1,061.28		2.74

5% annual hypothetical return
Institutional Class		1,000.00		1,023.16		1.93
Retirement Class		1,000.00		1,021.91		3.19
Retail Class		1,000.00		1,021.66		3.45
Premier Class		1,000.00		1,022.41		2.69

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.38% for the Institutional Class, 0.63% for the Retirement Class, 0.68% for the Retail Class and 0.53% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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


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

T ax-Exempt Bond Fund


Portfolio composition


			% of net assets as of 9/30/2012

Municipal bonds			94.7
Other assets & liabilities, net			5.3

Total			100.0

Holdings by maturity


			% of fixed-income investments (excluding short-term investments) as of 9/30/2012

Less than 1 year			5.4
1–3 years			2.7
3–5 years			9.1
5–10 years			51.8
Over 10 years			31.0

Total			100.0

Holdings by credit quality*


			% of fixed-income investments (excluding short-term investments) as of 9/30/2012

Aaa/AAA			10.1
Aa/AA			35.2
A/A			35.8
Baa/BBB			17.2
Non-rated			1.7

Total			100.0


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

Performance for the six months ended September 30, 2012

The Tax-Exempt Bond Fund returned 4.48% for the Institutional Class, compared with the 4.26% return of its benchmark, the Barclays 10-Year Municipal Bond Index. For the one-year period ended September 30, 2012, the fund returned 7.94%, versus 8.26% for the index. The table below shows returns for all share classes of the fund.

Municipal bonds advance in a rocky market

During the six-month period, municipal bonds benefited first from economic uncertainty and then received another boost when conditions improved. In the second quarter of 2012, concerns about slowing growth worldwide led to a sell-off in the global equity markets. In response, nervous investors turned to the relative safety of investment-grade, fixed-income securities, including municipal bonds. The Barclays 10-Year Municipal Bond Index returned 2.08% for the quarter.

During the third quarter, the U.S. economy gained momentum on encouraging employment data, an improving outlook for the housing market and further stimulus from the Federal Reserve. Against a backdrop of rising consumer confidence, investors rotated from lower-yielding bonds into riskier securities in search of higher returns. Demand for municipal bonds remained fairly strong, however, and they returned a healthy 2.13% for the quarter. As the economic picture brightened, income-seeking investors continued to gravitate into municipal bonds with intermediate- and longer-term maturities because of the relatively attractive yields they provided compared with U.S. Treasury securities.

For the six months, tax-exempt bonds outperformed the 3.68% return of the broad domestic bond market, as measured by the Barclays U.S. Aggregate Bond Index, by more than half a percentage point.


Performance as of September 30, 2012


			Total return						Average annual total return

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

Institutional Class		3/31/2006		4.48	%		7.94	%		5.91	%		5.63	%
Retail Class		3/31/2006		4.23			7.51			5.75			5.49

Barclays 10-Year Municipal Bond Index		—		4.26			8.26			6.82			6.37	†

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


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


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

General obligation bonds lead a broad advance

All 14 sectors of the municipal bond market posted positive results for the six-month period. The largest contributions came from state and local general obligation bonds, which returned 4.4% and 4.2%, respectively. Together these two sectors made up almost one-third of the benchmark’s market capitalization at period-end. Additional contributions from the transportation, special tax and lease revenue sectors helped to solidify the benchmark’s return.

On the last day of the reporting period, 10-year tax-exempt bonds earned 104% of the yield of comparable U.S. Treasury securities, versus 95% at the beginning of the period. This change partly reflected rising prices (and lower yields) for Treasuries. As those yields fell, the ratio between municipal and Treasury yields rose.

During the six months, new municipal bond issuance topped $201 billion, versus $146 billion over the same period in 2011. Much of the increase came from refundings, which allowed issuers and municipalities to take advantage of lower interest rates in the marketplace.

Sector choices give the fund an edge

For the period, the Tax-Exempt Bond Fund outperformed its benchmark on the strength of numerous favorable sector allocations, including overweight positions within health care, leasing and education. The fund’s portfolio also benefited from maintaining a longer duration than that of its benchmark. Duration is a measure of a fund’s sensitivity to interest rate changes.

These positive results were partly offset by the negative effects from underweight holdings in the power, special tax, transportation, and water and sewer sectors. The fund’s return was also trimmed by a number of higher-grade, lower-yielding state general obligation bonds that failed to keep pace in the third quarter, as income-seeking investors moved into lower-rated municipal bonds because of their higher yields.


Expense example

Six months ended September 30, 2012


Tax-Exempt Bond Fund	Beginning account value (4/1/12)		Ending account value (9/30/12)		Expenses paid during period* (4/1/12– 9/30/12)

Actual return
Institutional Class	$	1,000.00	$	1,044.75	$	1.79
Retail Class		1,000.00		1,042.28		3.28

5% annual hypothetical return
Institutional Class		1,000.00		1,023.31		1.78
Retail Class		1,000.00		1,021.86		3.24

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class and 0.64% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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


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

I nflation-Linked Bond Fund


Portfolio composition


			% of net assets as of 9/30/2012

U.S. Treasury securities			98.7
Short-term investments			0.8
Other assets & liabilities, net			0.5

Total			100.0

Holdings by maturity


			% of fixed-income investments (excluding short-term investments) as of 9/30/2012

Less than 1 year			0.9
1–3 years			17.0
3–5 years			19.3
5–10 years			31.3
Over 10 years			31.5

Total			100.0

Performance for the six months ended September 30, 2012

The Inflation-Linked Bond Fund returned 5.19% for the Institutional Class, compared with the 5.34% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the one-year period ended September 30, 2012, the fund returned 8.63%, versus 9.10% for the index. The table below shows returns for all share classes of the fund.

Prices fall, then spike as the economy picks up steam

From April through July, a global economic slowdown helped keep domestic inflation in check. Oil, the main driver of prices, sank from $105 a barrel at the beginning of April to $78 at the end of June, a low for the reporting period. In August, when the economy showed signs of improvement, inflation jumped, led by a surge in oil prices, which ended the six months at $92 a barrel. On September 30, 2012, the Consumer Price Index was 2% higher than it had been one year earlier, compared with 2.7% in March.

Projecting that inflation would remain tame for the foreseeable future, the Federal Reserve extended its efforts to stimulate the economy. In addition to continuing programs that were already in place, the Fed announced a new round of bond buying, with the goal of further lowering long-term interest rates. The Fed also forecast that its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) would most likely remain within a range of 0% to 0.25% through mid-2015.


Performance as of September 30, 2012


			Total return						Average annual total return

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

Institutional Class		10/1/2002		5.19	%		8.63	%		7.58	%		6.40	%
Retirement Class		3/31/2006		5.00			8.35			7.30			6.25	*
Retail Class		10/1/2002		4.98			8.29			7.39			6.23
Premier Class		9/30/2009		5.08			8.43			7.46	*		6.34	*

Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)		—		5.34			9.10			7.93			6.69	†

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


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

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


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

TIPS outperform the broad bond market

TIPS returned a robust 3.15% in the second quarter of 2012, as slowing growth triggered a stock sell-off and many investors turned to the relative safety of U.S. Treasury securities, including TIPS. In the third quarter, the benchmark earned 2.12% when the U.S. economy appeared to gain momentum and investors favored stocks, corporate bonds and other riskier securities.

As the Fed continued its stimulus initiatives, investor expectations of high future inflation increased. The return of the TIPS index for the period was more than one-and-a-half percentage points greater than the 3.68% gain of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. For the five years ended September 30, 2012, the average annual return of TIPS was 7.93%, versus 6.53% for the Barclays aggregate index.

The fund slightly trails its benchmark

For the six-month period, the fund narrowly trailed the TIPS index primarily because the fund’s return includes a deduction for expenses, while the benchmark’s does not. Because the fund’s portfolio is similar to the composition of its benchmark index, the above discussion of the benchmark’s performance also applies to the performance of the fund.

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


Expense example

Six months ended September 30, 2012


Inflation-Linked Bond Fund	Beginning account value (4/1/12)		Ending account value (9/30/12)		Expenses paid during period* (4/1/12– 9/30/12)

Actual return
Institutional Class	$	1,000.00	$	1,051.95	$	1.39
Retirement Class		1,000.00		1,050.01		2.67
Retail Class		1,000.00		1,049.78		3.03
Premier Class		1,000.00		1,050.76		2.16

5% annual hypothetical return
Institutional Class		1,000.00		1,023.71		1.37
Retirement Class		1,000.00		1,022.46		2.64
Retail Class		1,000.00		1,022.11		2.99
Premier Class		1,000.00		1,022.96		2.13

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.27% for the Institutional Class, 0.52% for the Retirement Class, 0.59% for the Retail Class and 0.42% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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


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

B ond Index Fund


Portfolio composition


			% of net assets as of 9/30/2012

U.S. Treasury securities			35.9
Mortgage-backed securities*			29.9
Corporate bonds			17.4
Foreign government & corporate bonds denominated in U.S. dollars			8.1
U.S. agency securities			4.9
Commercial mortgage-backed securities			1.9
Municipal bonds			1.0
Asset-backed securities			0.3
Short-term investments			1.4
Other assets & liabilities, net			–0.8

Total			100.0


*	Includes mortgage pass-through securities and collateralized mortgage obligations


Holdings by maturity


			% of fixed-income investments (excluding short-term investments) as of 9/30/2012

Less than 1 year			1.4
1–3 years			39.4
3–5 years			28.8
5–10 years			18.0
Over 10 years			12.4

Total			100.0

Holdings by credit quality ^†


			% of fixed-income investments (excluding short-term investments) as of 9/30/2012

Aaa/AAA			73.1
Aa/AA			4.6
A/A			11.6
Baa/BBB			10.2
Non-rated			0.5

Total			100.0


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

Performance for the six months ended September 30, 2012

The Bond Index Fund returned 3.54% for the Institutional Class, compared with the 3.68% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2012, the fund returned 5.02%, versus 5.16% for the index. The table below shows returns for all share classes of the fund.

Amid market uncertainty, bonds turn in a solid performance


Performance as of September 30, 2012


			Total return						Average annual total return

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

Institutional Class		9/14/2009		3.54	%		5.02	%		6.03	%
Retirement Class		9/14/2009		3.51			4.76			5.80
Retail Class		9/14/2009		3.45			4.66			5.70
Premier Class		9/30/2009		3.46			4.87			5.88	^‡

Barclays U.S. Aggregate Bond Index		—		3.68			5.16			6.31	^§

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


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

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


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

Corporate securities power the index

U.S. Treasury securities, the benchmark’s largest sector, returned 3.4%. The yield on 10-year Treasuries fell from 2.23% on March 31, 2012, to 1.65% six months later.

The fund trails its benchmark slightly

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

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

Throughout the six months, the fund’s managers kept the fund’s duration—a measure of its sensitivity to interest rate changes—close to that of its benchmark. This strategy helped the fund’s risk and reward characteristics to more closely resemble those of its benchmark.

Expense example


Six months ended September 30, 2012


Bond Index Fund		Beginning account value (4/1/12)		Ending account value (9/30/12)		Expenses paid during period* (4/1/12– 9/30/12)

Actual return
Institutional Class	$	1,000.00	$	1,035.41	$	0.66
Retirement Class		1,000.00		1,035.05		1.94
Retail Class		1,000.00		1,034.54		2.45
Premier Class		1,000.00		1,034.63		1.43

5% annual hypothetical return
Institutional Class		1,000.00		1,024.42		0.66
Retirement Class		1,000.00		1,023.16		1.93
Retail Class		1,000.00		1,022.66		2.43
Premier Class		1,000.00		1,023.66		1.42

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.13% for the Institutional Class, 0.38% for the Retirement Class, 0.48% for the Retail Class and 0.28% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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


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

M oney Market Fund


Portfolio composition

	% of net assets as of 9/30/2012

Commercial paper		32.3
U.S. government & agency securities		26.3
U.S. Treasury securities		20.9
Floating rate securities, government		13.7
Repurchase agreements		5.0
Certificates of deposit		1.6
Other assets & liabilities, net		0.2

Total		100.0

Net annualized yield
(for the 7 days ended 9/25/2012)*




	Current yield			Effective yield

Money Market Fund
Institutional Class		0.06	%		0.06	%
Retirement Class ^†		0.00			0.00
Retail Class ^†		0.00			0.00
Premier Class ^†		0.00			0.00
iMoneyNet Money Fund Report Averages—All Taxable ^§		0.03			0.03

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


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

Performance for the six months ended September 30, 2012

The Money Market Fund returned 0.03% for the Institutional Class, compared with the 0.01% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its returns reflect the deduction of expenses charged by the funds included in the average. The table below shows returns for all share classes of the fund.

The Fed redoubles its stimulus efforts

Following a promising first quarter, when the U.S. economy appeared to gain momentum and Europe seemed to make progress in addressing its sovereign debt problems, growth slowed markedly in both the United States and abroad.

In response, the Federal Reserve signaled its intention to maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% through mid-2015. Aiming to lower long-term interest rates, the Fed extended through year-end 2012 its program of buying longer-term U.S. Treasury securities and selling its shorter-term holdings. The Fed also announced a sizable new bond buying initiative.


Performance as of September 30, 2012

			Total return						Average annual total return

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

Institutional Class		7/1/1999		0.03	%		0.03	%		0.94	%		1.97	%
Retirement Class ^†		3/31/2006		0.00			0.00			0.80			1.86	^‡
Retail Class ^†		3/31/2006		0.00			0.00			0.86			1.91	^‡
Premier Class ^†		9/30/2009		0.00			0.00			0.90	^‡		1.95	^‡

iMoneyNet Money Fund Report Averages—All Taxable ^§		—		0.01			0.03			0.67			1.57

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


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

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



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


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

Treasury and LIBOR yields move in opposite directions

During the period, the supply of short-term Treasuries increased, and their yields rose. The yield on Treasuries with three-month maturities went from 0.07% on March 31, 2012, to 0.10% six months later.

As money market funds continued to abandon the European credit market, banks found alternative financing through the European Central Bank. Investigations by U.S. and British regulators midway through the period called into question the London Interbank Offered Rate, or LIBOR, as a reliable indicator of money market conditions. LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, has historically been the most widely used benchmark for short-term rates.

LIBOR yields fell, as rates came to reflect more accurately actual activity within the credit market. The yield on three-month LIBOR declined from 0.47% at the beginning of the period to 0.36% on September 30.

Successful strategies help the fund outpace its peers

In the prevailing low interest rate environment, the six-month return of the Money Market Fund narrowly surpassed that of the average iMoneyNet fund. Taking advantage of current opportunities to increase relative value and in order to comply with SEC regulations, the fund maintained more than half of its portfolio in U.S. Treasury and agency securities. For additional yield, it continued to hold U.S. government floating-rate securities with two-year maturities and to participate in repurchase agreements. Avoiding Europe, the fund invested in the securities of top-tier Canadian and Australian banks.

The fund’s weighted average maturity fell from 53 days on March 27, 2012, to 44 days on September 25, 2012, versus 48 days for the average iMoneyNet fund.


Expense example

Six months ended September 30, 2012


Money Market Fund	Beginning account value (4/1/12		)	Ending account value (9/30/12)		Expenses paid during period* (4/1/12– 9/30/12)

Actual return
Institutional Class	$	1,000.00		$	1,000.26	$	0.65
Retirement Class		1,000.00			1,000.00		0.90
Retail Class		1,000.00			1,000.00		0.90
Premier Class		1,000.00			1,000.00		0.95

5% annual hypothetical return
Institutional Class		1,000.00			1,024.42		0.66
Retirement Class		1,000.00			1,024.17		0.91
Retail Class		1,000.00			1,024.17		0.91
Premier Class		1,000.00			1,024.12		0.96


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.13% for the Institutional Class, 0.18% for the Retirement Class, 0.18% for the Retail Class and 0.19% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

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


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

S ummary portfolio of investments (unaudited)

Bond Fund § September 30, 2012


	Principal	Issuer	Value		% of net assets

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS			$	3,395,324		0.1	%


BANKS
		Bank of America Corp
$	9,250,000	5.700%, 01/24/22		10,864,689		0.5
		Citigroup, Inc
	9,425,000	4.450%, 01/10/17		10,352,213		0.5
		Other		107,465,802		4.7

				128,682,704		5.7

CAPITAL GOODS				21,901,676		1.0

COMMERCIAL & PROFESSIONAL SERVICES				14,259,396		0.6

CONSUMER DURABLES & APPAREL				5,001,050		0.2

CONSUMER SERVICES				12,084,858		0.5

DIVERSIFIED FINANCIALS
		General Electric Capital Corp
	7,775,000	4.650%, 10/17/21		8,714,018		0.4
		Royal Bank of Canada
	8,000,000	1.200%, 09/19/17		8,050,400		0.4
		Toyota Motor Credit Corp
	10,625,000	0.875%, 07/17/15		10,676,829		0.5
		Other		146,367,085		6.4

				173,808,332		7.7

ENERGY				111,654,368		4.9

FOOD & STAPLES RETAILING				8,992,476		0.4

FOOD, BEVERAGE & TOBACCO				29,388,159		1.3

HEALTH CARE EQUIPMENT & SERVICES				18,545,891		0.8

HOUSEHOLD & PERSONAL PRODUCTS				3,900,084		0.2

INSURANCE				43,483,226		1.9

MATERIALS				44,531,487		2.0

MEDIA				59,949,868		2.6

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				22,613,825		1.0

REAL ESTATE				23,353,186		1.0

RETAILING				20,189,853		0.9

SOFTWARE & SERVICES				11,095,275		0.5

TECHNOLOGY HARDWARE & EQUIPMENT				16,171,647		0.7

TELECOMMUNICATION SERVICES				47,143,378		2.1

TRANSPORTATION				26,119,988		1.1

UTILITIES				89,281,626		4.0

		TOTAL CORPORATE BONDS
		(Cost $873,735,028)		935,547,677		41.2

GOVERNMENT BONDS

AGENCY SECURITIES				8,027,592		0.4

FOREIGN GOVERNMENT BONDS				81,881,053		3.6


	Principal		Issuer	Value		% of net assets

MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
$	53,425,100		3.500%–8.000%, 01/01/16–10/15/42	$	58,714,201		2.6	%
			Federal National Mortgage Association (FNMA)
	64,709,197		4.000%, 12/01/39		69,743,460		3.1
	8,596,243		4.500%, 09/01/40		9,334,119		0.4
	32,177,764		4.500%, 04/01/41		35,000,143		1.5
	14,000,000	h	3.000%, 10/25/42		14,778,750		0.7
	77,000,000	h	3.500%, 10/25/42		82,582,500		3.6
	20,000,000	h	5.000%, 10/25/42		21,815,624		1.0
	61,000,000	h	5.500%, 10/25/42		66,871,250		2.9
	41,000,000	h	6.000%, 10/25/42		45,266,563		2.0
	10,000,000	h	6.500%, 10/25/42		11,240,625		0.5
	74,318,136		2.500%–8.000%, 06/01/13–10/25/42		80,760,513		3.6
			Government National Mortgage Association (GNMA)
	24,731,724		4.000%, 01/20/42		27,250,164		1.2
	29,000,000	h	3.500%, 10/15/42		31,777,655		1.4
	17,000,000	h	4.500%, 10/20/42		18,755,780		0.8
	13,000,000	h	5.000%, 10/20/42		14,358,906		0.6
			Other		29,351,817		1.3

					617,602,070		27.2

MUNICIPAL BONDS
			City of New York, NY
	9,920,000		5.817%, 10/01/31		11,293,126		0.5
			Other		10,176,920		0.4

					21,470,046		0.9

U.S. TREASURY SECURITIES
			United States Treasury Bond
	5,800,000	l	5.375%, 02/15/31		8,389,155		0.4
	14,501,000		3.000%, 05/15/42		15,035,724		0.7
	9,400,000		2.750%, 08/15/42		9,244,317		0.4
			United States Treasury Note
	9,000,000		0.250%, 02/28/14		9,004,221		0.4
	10,950,000		0.250%, 05/31/14		10,953,416		0.5
	51,852,000		0.250%, 06/30/14		51,862,111		2.3
	13,175,000		0.250%, 08/31/14		13,177,569		0.6
	39,392,000		0.250%, 08/15/15		39,330,470		1.7
	50,000,000		0.250%, 09/15/15		49,914,050		2.2
	26,578,000		0.625%, 08/31/17		26,594,611		1.2
	30,000,000		1.000%, 08/31/19		29,925,000		1.3
			Other		6,566,024		0.2

					269,996,668		11.9

			TOTAL GOVERNMENT BONDS
			(Cost $970,004,442)		998,977,429		44.0

STRUCTURED ASSETS

ASSET BACKED
			Avis Budget Rental Car Funding AESOP LLC
			Series 2011-3A (Class B)
	9,300,000	g	4.740%, 11/20/17		10,077,871		0.4
			Series 2012-3A (Class B)
	9,800,000	g	3.040%, 03/20/19		9,814,671		0.4
			BlueMountain CLO Ltd
			Series 2012-1A (Class B)
	11,450,000	g,i	3.364%, 07/20/23		11,510,685		0.5


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


Summary portfolio of investments (unaudited)	concluded

Bond Fund § September 30, 2012


	Principal		Issuer	Value			% of net assets

ASSET BACKED—continued
			Capital Automotive REIT
			Series 2012-1A (Class A)
$	13,967,830	g	4.700%, 07/15/42	$	14,082,170			0.6	%
			Carlyle Global Market Strategies
			Series 2012-2A (Class B2)
	14,800,000	g	4.370%, 07/20/23		14,916,920			0.7
			Commercial Industrial Finance Corp
			Series 2012-1A (Class A1F)
	7,800,000	g	2.661%, 08/14/24		7,819,500			0.4
			Dominos Pizza Master Issuer LLC
			Series 2012-1A (Class A2)
	12,128,350	g	5.216%, 01/25/42		13,520,697			0.6
			Ford Credit Auto Owner Trust
			Series 2012-B (Class D)
	11,440,000		2.930%, 10/15/18		11,624,161			0.5
			Series 2012-C (Class D)
	7,800,000		2.430%, 01/15/19		7,839,913			0.4
			Hertz Vehicle Financing LLC
			Series 0-2A (Class B2)
	9,285,000	g	5.930%, 03/25/16		10,013,835			0.4
			Other		62,964,058			2.7

					174,184,481			7.6

OTHER MORTGAGE BACKED
			Wachovia Bank Commercial Mortgage Trust
			Series 2007-C30 (Class A5)
	18,800,000		5.342%, 12/15/43		21,279,814			0.9
			Other		66,742,408			3.0

					88,022,222			3.9


			TOTAL STRUCTURED ASSETS
			(Cost $253,749,354)		262,206,703			11.5

			TOTAL BONDS
			(Cost $2,097,488,824)		2,196,731,809			96.7


SHORT-TERM INVESTMENTS

TREASURY DEBT
			United States Treasury Bill
	14,400,000	d	0.048%, 10/04/12		14,399,943			0.6
	41,800,000	d	0.088%, 10/11/12		41,798,978			1.8
	63,400,000		0.060%–0.073%, 10/18/12		63,398,077			2.8
	66,280,000	d	0.089%, 11/01/12		66,274,920			2.9
	30,400,000	d	0.050%–0.104%, 11/08/12		30,397,949			1.3
	19,000,000		0.047%–0.050%, 11/15/12		18,998,869			0.8
	67,300,000	d	0.082%–0.095%, 11/29/12		67,293,136			3.0
	20,000,000		0.090%, 12/06/12		19,997,160			0.9
	50,000,000	d	0.090%, 12/13/12		49,991,650			2.3

					372,550,682			16.4

			TOTAL SHORT-TERM INVESTMENTS
			(Cost $372,545,898)		372,550,682			16.4

			TOTAL PORTFOLIO
			(Cost $2,470,034,722)		2,569,282,491			113.1
			OTHER ASSETS & LIABILITIES, NET		(297,252,339	)		(13.1	)

			NET ASSETS	$	2,272,030,152			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 and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2012, the aggregate value of these securities amounted to $413,902,646 or 18.2% 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.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.

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

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


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

Summary portfolio of investments (unaudited)

Bond Plus Fund § September 30, 2012


	Principal		Issuer	Value		% of net assets

BANK LOAN OBLIGATIONS

AUTOMOBILES & COMPONENTS				$	4,269,287		0.4	%

CAPITAL GOODS					3,484,998		0.3

CONSUMER SERVICES					2,683,383		0.2

DIVERSIFIED FINANCIALS					7,232,334		0.6

ENERGY					3,012,699		0.3

FOOD, BEVERAGE & TOBACCO
			Del Monte Foods Co
$	3,355,657	i	4.500%, 03/08/18		3,349,651		0.3

					3,349,651		0.3

HEALTH CARE EQUIPMENT & SERVICES					12,717,245		1.1

MATERIALS					2,233,364		0.2

MEDIA					3,672,113		0.3

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,737,229		0.1

RETAILING					994,981		0.1

SOFTWARE & SERVICES					1,502,609		0.1

UTILITIES					251,562		0.0

			TOTAL BANK LOAN OBLIGATIONS
			(Cost $46,806,083)		47,141,455		4.0

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS					3,295,975		0.3

BANKS
			Bank of America Corp
	3,475,000		3.750%, 07/12/16		3,686,902		0.3
			Bank of Montreal
	6,450,000	g	2.625%, 01/25/16		6,874,410		0.6
			Bank of Nova Scotia
	4,800,000	g	2.150%, 08/03/16		5,056,800		0.4
			Citigroup, Inc
	4,585,000		3.953%, 06/15/16		4,905,767		0.4
	5,650,000		4.450%, 01/10/17		6,205,836		0.5
			Other		59,381,073		5.0

					86,110,788		7.2

CAPITAL GOODS					19,316,468		1.5

COMMERCIAL & PROFESSIONAL SERVICES					3,570,738		0.3

CONSUMER DURABLES & APPAREL					4,051,712		0.3

CONSUMER SERVICES					7,341,842		0.6

DIVERSIFIED FINANCIALS
			General Electric Capital Corp
	5,815,000		4.650%, 10/17/21		6,517,301		0.6
			Temasek Financial I Ltd
	4,375,000	g	2.375%, 01/23/23		4,370,157		0.4
			Other		57,610,491		4.9

					68,497,949		5.9

ENERGY					52,881,364		4.5


	Principal		Issuer	Value		% of net assets

FOOD & STAPLES RETAILING				$	2,995,479		0.3	%

FOOD, BEVERAGE & TOBACCO					13,748,864		1.2

HEALTH CARE EQUIPMENT & SERVICES					11,790,894		1.0

HOUSEHOLD & PERSONAL PRODUCTS					2,472,200		0.2

INSURANCE					14,993,592		1.3

MATERIALS					35,679,526		3.0

MEDIA					30,665,783		2.6

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					11,074,144		0.9

REAL ESTATE					12,958,381		1.1

RETAILING					12,838,669		1.1

SOFTWARE & SERVICES
			International Business Machines Corp
$	7,000,000		0.750%, 05/11/15		7,045,605		0.6
			Other		10,261,193		0.9

					17,306,798		1.5

TECHNOLOGY HARDWARE & EQUIPMENT					9,170,921		0.8

TELECOMMUNICATION SERVICES					18,478,961		1.6

TRANSPORTATION					13,575,756		1.2

UTILITIES					40,923,148		3.5

			TOTAL CORPORATE BONDS
			(Cost $463,891,337)		493,739,952		41.9

GOVERNMENT BONDS

AGENCY SECURITIES					3,258,632		0.3

FOREIGN GOVERNMENT BONDS
			Province of British Columbia Canada
	5,000,000		1.200%, 04/25/17		5,106,950		0.4
			Province of Ontario Canada
	5,000,000		2.300%, 05/10/16		5,280,000		0.4
			Other		45,775,117		3.9

					56,162,067		4.7

MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	3,178,355		4.000%, 12/01/40		3,533,401		0.3
	5,376,693		4.000%, 01/01/41		5,863,056		0.5
	9,000,000	h	4.500%, 10/15/42		9,679,219		0.8
	25,624,474		3.500%–8.000%, 12/01/16–10/15/42		28,091,754		2.4
			Federal National Mortgage Association (FNMA)
	4,840,868		3.000%, 05/01/27		5,207,823		0.4
	11,000,000	h	3.000%, 10/25/27		11,660,000		1.0
	6,451,853		6.000%, 04/01/39		7,140,962		0.6
	4,306,736		4.500%, 10/01/40		4,754,473		0.4
	18,000,000	h	3.500%, 10/25/42		19,305,000		1.6
	32,000,000	h	4.000%, 10/25/42		34,475,002		2.9
	10,000,000	h	4.500%, 10/25/42		10,823,438		0.9
	13,000,000	h	5.000%, 10/25/42		14,180,156		1.2
	5,000,000	h	6.000%, 10/25/42		5,520,313		0.5
	54,555,594		2.500%–9.000%, 06/01/13–10/25/42		59,612,021		5.1


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


Summary portfolio of investments (unaudited)	concluded

Bond Plus Fund § September 30, 2012


	Principal		Issuer	Value		% of net assets

MORTGAGE BACKED—continued
			Government National Mortgage Association (GNMA)
$	7,142,442		4.500%, 01/20/41	$	7,927,472		0.7	%
	6,000,000	h	3.500%, 10/15/42		6,574,687		0.6
	13,000,000	h	4.000%, 10/15/42		14,332,500		1.2
	3,000,000	h	5.000%, 10/15/42		3,307,500		0.3
	5,000,000	h	4.500%, 10/20/42		5,516,406		0.5
	3,000,000	h	5.000%, 10/20/42		3,313,594		0.3
			Other		12,319,254		1.0

					273,138,031		23.2

MUNICIPAL BONDS
			California State Department of Water Resources
	4,000,000		3.237%, 12/01/27		4,042,400		0.3
			Other		10,576,351		0.9

					14,618,751		1.2

U.S. TREASURY SECURITIES
			United States Treasury Bond
	4,302,000	l	8.000%, 11/15/21		6,738,343		0.6
	3,902,500		5.250%, 02/15/29		5,473,256		0.5
	3,735,000		5.375%, 02/15/31		5,402,326		0.5
	14,130,000		4.375%, 05/15/41		18,722,250		1.6
	12,295,000		3.000%, 05/15/42		12,748,378		1.1
			United States Treasury Note
	5,415,000		0.250%, 09/15/15		5,405,692		0.5
	9,502,000		1.250%, 09/30/15		9,765,529		0.8
	14,858,000		0.625%, 08/31/17		14,867,286		1.3
	17,930,000		2.375%, 05/31/18		19,522,686		1.6
	10,571,000		1.625%, 08/15/22		10,559,458		0.9
			Other		10,820,954		0.8

					120,026,158		10.2

			TOTAL GOVERNMENT BONDS
			(Cost $443,405,365)		467,203,639		39.6

STRUCTURED ASSETS

ASSET BACKED
			ABSC Manufactured Housing Contract
			Series 2004-OK1 (Class A3)
	3,502,477	g	5.019%, 04/16/30		3,563,770		0.3
			Residential Funding Mortgage Securities II, Inc
			Series 2006-HI1 (Class M2)
	3,500,000		6.060%, 02/25/36		3,482,479		0.3
			Other		42,605,676		3.6

					49,651,925		4.2

OTHER MORTGAGE BACKED
			Banc of America Commercial Mortgage, Inc
			Series 2006-4 (Class AM)
	3,300,000		5.675%, 07/10/46		3,680,111		0.3
			Countrywide Alternative Loan Trust
			Series 2005-6CB (Class 2A1)
	3,536,733		5.000%, 04/25/20		3,587,111		0.3
			Series 2005-38 (Class A1)
	4,799,624	i	1.648%, 09/25/35		3,568,909		0.3
			JP Morgan Mortgage Trust
			Series 2006-A2 (Class 5A3)
	3,547,594	i	2.765%, 11/25/33		3,582,928		0.3
			Other		61,244,112		5.2


	Principal		Issuer	Value			% of net assets

					75,663,171			6.4

			TOTAL STRUCTURED ASSETS
			(Cost $122,399,224)	$	125,315,096			10.6	%

			TOTAL BONDS
			(Cost $1,029,695,926)		1,086,258,687			92.1


	Shares		Company

PREFERRED STOCKS

DIVERSIFIED FINANCIALS					1,351,340			0.1

			TOTAL PREFERRED STOCKS
			(Cost $1,361,150)		1,351,340			0.1


	Principal		Issuer

SHORT-TERM INVESTMENTS

TREASURY DEBT
			United States Treasury Bill
$	107,400,000		0.060%–0.073%, 10/18/12		107,396,662			9.1
	20,645,000	d	0.050%–0.104%, 11/08/12		20,643,592			1.8
	10,400,000		0.095%, 11/29/12		10,398,939			0.9
	55,100,000		0.090%–0.098%, 12/06/12		55,092,176			4.7
			Other		429,928			0.0

					193,961,297			16.5

			TOTAL SHORT-TERM INVESTMENTS
			(Cost $193,959,442)		193,961,297			16.5

			TOTAL PORTFOLIO
			(Cost $1,271,822,601)		1,328,712,779			112.7
			OTHER ASSETS & LIABILITIES, NET		(149,382,387	)		(12.7	)

			NET ASSETS	$	1,179,330,392			100.0	%



d	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2012, the aggregate value of these securities amounted to $187,811,028 or 15.9% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.

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

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


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


Summary portfolio of investments (unaudited)

Short-Term Bond Fund § September 30, 2012


Principal			Issuer	Value		% of net assets

BANK LOAN OBLIGATIONS

CAPITAL GOODS				$	493,367		0.1	%

CONSUMER SERVICES					1,477,640		0.1

DIVERSIFIED FINANCIALS					1,991,335		0.2

FOOD, BEVERAGE & TOBACCO					1,914,086		0.2

HEALTH CARE EQUIPMENT & SERVICES					2,863,085		0.3

			TOTAL BANK LOAN OBLIGATIONS
			(Cost $8,704,923)		8,739,513		0.9

BONDS

CORPORATE BONDS

BANKS
			Australia & New Zealand Banking Group Ltd
$	7,000,000	g	2.400%, 11/23/16		7,333,900		0.7
			Bank of Nova Scotia
	4,800,000	g	2.150%, 08/03/16		5,056,800		0.5
			Caisse Centrale Desjardins du Quebec
	8,000,000	g	1.600%, 03/06/17		8,248,000		0.8
			Citigroup, Inc
	4,565,000		5.000%, 09/15/14		4,814,797		0.5
			NIBC Bank NV
	7,500,000	g	2.800%, 12/02/14		7,824,480		0.8
			State Bank of India
	4,280,000	g	4.125%, 08/01/17		4,378,205		0.4
			Toronto-Dominion Bank
	10,000,000	g	1.625%, 09/14/16		10,338,000		1.0
			Westpac Banking Corp
	6,000,000	g	2.450%, 11/28/16		6,299,400		0.6
			Other		52,745,131		5.5

					107,038,713		10.8

CAPITAL GOODS					5,161,102		0.5

COMMERCIAL & PROFESSIONAL SERVICES					5,617,777		0.6

CONSUMER DURABLES & APPAREL					1,905,701		0.2

CONSUMER SERVICES					6,613,084		0.7

DIVERSIFIED FINANCIALS
			Royal Bank of Canada
	7,000,000		1.200%, 09/19/17		7,044,100		0.7
			UBS AG.
	5,000,000	g	1.875%, 01/23/15		5,102,895		0.5
			Other		65,994,636		6.6

					78,141,631		7.8

ENERGY					20,715,483		2.1

FOOD & STAPLES RETAILING					3,370,902		0.3

FOOD, BEVERAGE & TOBACCO					14,505,956		1.4

HEALTH CARE EQUIPMENT & SERVICES					8,268,539		0.9

HOUSEHOLD & PERSONAL PRODUCTS					1,075,205		0.1


Principal			Issuer	Value		% of net assets

INSURANCE
			Hospital for Special Surgery
$	7,010,004	g	3.500%, 01/01/23	$	7,827,370	0.8	%
			Other		6,709,890	0.7

					14,537,260	1.5

MATERIALS					7,536,252	0.8

MEDIA					16,530,161	1.7

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					6,842,469	0.7

REAL ESTATE					1,426,745	0.1

RETAILING					10,812,696	1.1

SOFTWARE & SERVICES
			International Business Machines Corp
	5,000,000		0.750%, 05/11/15		5,032,575	0.5
			Microsoft Corp
	5,000,000		0.875%, 09/27/13		5,032,965	0.5
			Other		5,631,265	0.6

					15,696,805	1.6

TECHNOLOGY HARDWARE & EQUIPMENT					4,628,487	0.5

TELECOMMUNICATION SERVICES					10,635,603	1.1

TRANSPORTATION					7,639,709	0.7

UTILITIES					21,619,026	2.2

			TOTAL CORPORATE BONDS
			(Cost $359,706,382)		370,319,306	37.4

GOVERNMENT BONDS

AGENCY SECURITIES
			Federal Home Loan Mortgage Corp (FHLMC)
	5,000,000		0.750%, 03/28/13		5,014,025	0.5
	20,000,000		1.000%, 09/27/17		19,993,280	2.0
	5,000,000		1.000%, 09/29/17		5,051,225	0.5
			Federal National Mortgage Association (FNMA)
	6,500,000		1.250%, 08/20/13		6,558,071	0.7
	25,000,000		1.125%, 06/27/14		25,375,125	2.6
	20,000,000		0.500%, 07/02/15		20,059,860	2.0
			Private Export Funding Corp (PEFCO)
	10,000,000		1.375%, 02/15/17		10,204,900	1.0
			Other		28,106,454	2.8

					120,362,940	12.1

FOREIGN GOVERNMENT BONDS
			Hydro Quebec
	8,000,000		1.375%, 06/19/17		8,117,600	0.8
			Province of Alberta Canada
	6,200,000	g	1.000%, 06/21/17		6,277,500	0.6
			Other		38,613,666	3.9

					53,008,766	5.3

MORTGAGE BACKED
			Federal Home Loan Mortgage Corp (FHLMC)
	4,634,863		3.000%, 03/15/26		4,843,737	0.5
	4,722,857		3.000%, 01/15/27		4,992,059	0.5
			Other		13,244,557	1.3

					23,080,353	2.3


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


Summary portfolio of investments (unaudited)	concluded

Short-Term Bond Fund § September 30, 2012


Principal			Issuer	Value		% of net assets

MUNICIPAL BONDS				$	538,455		0.1	%

U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds
	$24,316,520	k	0.500%, 04/15/15		25,547,544		2.6
	10,380,000	k	0.125%, 04/15/16		11,000,371		1.1
	7,061,180	k	0.125%, 04/15/17		7,606,769		0.8
			United States Treasury Note
	22,720,000		1.125%, 06/15/13		22,870,884		2.3
	7,395,000		3.125%, 09/30/13		7,610,786		0.8
	29,700,000		1.250%, 04/15/14		30,162,904		3.0
	19,558,000	l	0.250%, 09/15/15		19,524,380		2.0
	12,455,600		0.625%, 08/31/17		12,463,385		1.2
	16,545,200		0.125%–2.625%, 08/31/13–06/30/17		16,702,389		1.7

					153,489,412		15.5

			TOTAL GOVERNMENT BONDS
			(Cost $346,591,962)		350,479,926		35.3

STRUCTURED ASSETS

ASSET BACKED
			Ally Master Owner Trust
			Series 2010-2 (Class A)
	8,000,000	g	4.250%, 04/15/17		8,617,952		0.9
			AmeriCredit Automobile Receivables Trust
	11,250,000		1.310%–2.450%, 09/8/15–11/8/17		11,396,959		1.1
			Avis Budget Rental Car Funding AESOP LLC
			Series 2010-4A (Class A)
	4,500,000	g	2.090%, 04/20/15		4,581,801		0.5
			Cabela’s Master Credit Card Trust
			Series 2011-2A (Class A1)
	4,965,000	g	2.390%, 06/17/19		5,235,950		0.5
			CarMax Auto Owner Trust
			Series 2012-2 (Class B)
	5,870,000		1.730%, 02/15/18		5,932,727		0.6
			CNH Equipment Trust
			Series 2011-C (Class A4)
	6,000,000		1.550%, 11/15/17		6,128,790		0.6
			Entergy Louisiana Investment Recovery Funding I LLC
			Series 2011-A (Class A1)
	6,945,518		2.040%, 09/01/23		7,205,913		0.7
			Ford Credit Floorplan Master Owner Trust
			Series 2010-3 (Class A1)
	6,485,000	g	4.200%, 02/15/17		6,984,624		0.7
			Series 2012-2 (Class A)
	5,050,000		1.920%, 01/15/19		5,199,601		0.5
			Hertz Vehicle Financing LLC
			Series 2009-2A (Class A2)
	5,230,000	g	5.290%, 03/25/16		5,738,047		0.6
			Santander Drive Auto Receivables Trust
			Series 2012-2 (Class B)
	5,000,000		2.090%, 08/15/16		5,049,060		0.5
			Other		57,965,850		5.9

					130,037,274		13.1


Principal			Issuer	Value		% of net assets

OTHER MORTGAGE BACKED
			Citigroup Commercial Mortgage Trust
			Series 2012-GC8 (Class A2)
$	5,000,000		1.813%, 09/10/45	$	5,124,898		0.5	%
			Commercial Mortgage Pass Through Certificates
			Series 2012-9W57 (Class A)
	5,000,000	g	2.365%, 02/10/29		5,247,250		0.5
			Credit Suisse Mortgage Capital Certificates
			Series 2006-C4 (Class A3)
	5,000,000		5.467%, 09/15/39		5,641,045		0.6
			JP Morgan Chase Commercial Mortgage Securities Corp
			Series 2012-C8 (Class A2)
	5,000,000	h	1.797%, 10/15/45		5,124,995		0.5
			SLM Student Loan Trust
			Series 2012-A (Class A2)
	8,000,000	g	3.830%, 01/17/45		8,552,632		0.9
			UBS Barclays Commercial Mortgage
			Series 2012-C2 (Class A1)
	6,823,957		1.006%, 05/10/63		6,898,871		0.7
			WF-RBS Commercial Mortgage Trust
			Series 2012-C7 (Class A1)
	4,924,010	m	2.288%, 06/15/45		5,176,228		0.5
			Other		9,594,481		1.0

					51,360,400		5.2

			TOTAL STRUCTURED ASSETS
			(Cost $178,914,443)		181,397,674		18.3

			TOTAL BONDS
			(Cost $885,212,787)		902,196,906		91.0


SHORT-TERM INVESTMENTS

TREASURY DEBT
			United States Treasury Bill
	50,000,000		0.088%, 10/11/12		49,998,785		5.0

					49,998,785		5.0

			TOTAL SHORT-TERM INVESTMENTS
			(Cost $49,998,785)		49,998,785		5.0

			TOTAL PORTFOLIO
			(Cost $943,916,495)		960,935,204		96.9
			OTHER ASSETS & LIABILITIES, NET		30,535,586		3.1

			NET ASSETS		$991,470,790		100.0	%



g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2012, the aggregate value of these securities amounted to $207,565,742 or 20.9% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
m	Indicates a security that has been deemed illiquid.

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

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


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


Summary portfolio of investments (unaudited)

High-Yield Fund § September 30, 2012


Principal			Issuer	Value		% of net assets

BANK LOAN OBLIGATIONS

AUTOMOBILES & COMPONENTS
			Allison Transmission Holdings, Inc
$	11,697,125	h	4.250%, 08/23/19	$	11,716,659		0.6	%
			Chrysler Group LLC
	8,912,063	i	6.000%, 05/24/17		9,088,255		0.5

					20,804,914		1.1

CAPITAL GOODS
			Generac Power Systems, Inc
	9,000,000	i	6.250%, 05/30/18		9,039,420		0.5

					9,039,420		0.5

COMMERCIAL & PROFESSIONAL SERVICES
			Pilot Corp
	15,000,000		4.250%, 08/07/19		15,093,750		0.8

					15,093,750		0.8

CONSUMER SERVICES
			Peninsula Gaming LLC
	12,500,000	h,i	5.750%, 05/16/17		12,679,750		0.7
			Other		2,169,826		0.1

					14,849,576		0.8

ENERGY
			Arch Coal, Inc
	16,957,500	i	5.750%, 05/16/18		17,071,963		0.9

					17,071,963		0.9

FOOD, BEVERAGE & TOBACCO					4,991,050		0.3

HEALTH CARE EQUIPMENT & SERVICES
			Bausch & Lomb, Inc
	10,972,500	i	5.250%, 05/17/19		11,084,529		0.6
			Capsugel Holdings US, Inc
	13,425,000	h	4.750%, 08/01/18		13,465,275		0.7
			Other		17,653,553		1.0

					42,203,357		2.3

MEDIA					10,413,733		0.6

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					10,019,000		0.5

RETAILING
			Academy Ltd
	9,987,437	h,i	6.000%, 08/03/18		10,012,406		0.5

					10,012,406		0.5

SOFTWARE & SERVICES					5,012,500		0.3

TELECOMMUNICATION SERVICES					3,977,117		0.2

UTILITIES					4,528,125		0.2

			TOTAL BANK LOAN OBLIGATIONS
			(Cost $166,416,853)		168,016,911		9.0


Principal			Issuer	Value		% of net assets

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS
			Delphi Corp
$	9,000,000		5.875%, 05/15/19	$	9,720,000	0.5	%
			Ford Motor Co
	9,250,000		7.450%, 07/16/31		11,504,687	0.6
			Other		8,356,700	0.5

					29,581,387	1.6

BANKS					15,399,358	0.8

CAPITAL GOODS
			Huntington Ingalls Industries, Inc
	8,250,000		6.875%, 03/15/18		8,940,938	0.5
			Kinetic Concepts, Inc
	9,200,000	g	10.500%, 11/01/18		9,729,000	0.5
			Schaeffler Finance BV
	8,275,000	g	8.500%, 02/15/19		9,268,000	0.5
			Seagate HDD Cayman
	9,975,000		7.000%, 11/01/21		10,673,250	0.6
			Tomkins LLC
	7,574,000		9.000%, 10/01/18		8,445,010	0.5
			Other		70,726,247	3.7

					117,782,445	6.3

COMMERCIAL & PROFESSIONAL SERVICES
			Clean Harbors, Inc
	8,150,000	g	5.250%, 08/01/20		8,394,500	0.4
			Other		31,593,160	1.7

					39,987,660	2.1

CONSUMER DURABLES & APPAREL					40,170,188	2.1

CONSUMER SERVICES
			Ameristar Casinos, Inc
	8,970,000		7.500%, 04/15/21		9,642,750	0.5
			DineEquity, Inc
	9,750,000		9.500%, 10/30/18		10,993,125	0.6
			Other		57,030,212	3.1

					77,666,087	4.2

DIVERSIFIED FINANCIALS
			CIT Group, Inc
	30,800,000		4.250%-6.625%, 04/01/14 - 08/15/22		32,752,338	1.7
			International Lease Finance Corp
	8,000,000		6.250%, 05/15/19		8,600,000	0.5
	14,000,000		5.875%, 08/15/22		14,462,700	0.8
			Other		64,404,478	3.4

					120,219,516	6.4

ENERGY
			Concho Resources, Inc
	14,450,000		5.500%, 04/01/23		15,100,250	0.8
			Continental Resources, Inc
	9,250,000	g	5.000%, 09/15/22		9,666,250	0.5
			SESI LLC
	8,850,000		7.125%, 12/15/21		9,779,250	0.5


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


Summary portfolio of investments (unaudited)	continued

High-Yield Fund § September 30, 2012


Principal			Issuer	Value		% of net assets

ENERGY—continued
			Tesoro Corp
$	18,650,000		5.375%, 10/01/22	$	19,209,500		1.0	%
			Other		167,297,061		9.1

					221,052,311		11.9

FOOD & STAPLES RETAILING					39,121,062		2.0

FOOD, BEVERAGE & TOBACCO
			Post Holdings, Inc
	10,025,000	g	7.375%, 02/15/22		10,651,562		0.6
			Other		23,950,729		1.2

					34,602,291		1.8

HEALTH CARE EQUIPMENT & SERVICES
			CHS
	14,950,000		8.000%, 11/15/19		16,407,625		0.9
			HCA, Inc
	13,600,000		7.500%, 02/15/22		15,402,000		0.8
	24,298,000		5.875%–9.875%, 02/15/16–11/06/33		26,826,225		1.4
			Other		33,675,215		1.8

					92,311,065		4.9

HOUSEHOLD & PERSONAL PRODUCTS
			Reynolds Group Issuer, Inc
	13,125,000	g	5.750%, 10/15/20		13,125,000		0.7
			Spectrum Brands Holdings, Inc
	7,581,000		9.500%, 06/15/18		8,547,578		0.5
			Other		1,032,500		0.0

					22,705,078		1.2

INSURANCE					9,065,128		0.5

MATERIALS
			LyondellBasell Industries NV
	9,000,000		5.000%, 04/15/19		9,562,500		0.5
			Tronox Finance LLC
	8,340,000	g	6.375%, 08/15/20		8,423,400		0.5
			Other		107,466,208		5.8

					125,452,108		6.8

MEDIA
			AMC Entertainment, Inc
	11,550,000		8.750%, 06/01/19		12,733,875		0.7
			CCO Holdings LLC
	19,385,000		6.500%–8.125%, 01/15/19–01/31/22		21,191,050		1.1
			Clear Channel Worldwide Holdings, Inc
	10,110,000		7.625%, 03/15/20		9,857,250		0.5
			DISH DBS Corp
	20,200,000	g	4.625%, 07/15/17		20,654,500		1.1
			Lamar Media Corp
	8,875,000		5.875%, 02/01/22		9,451,875		0.5
			Other		71,664,261		3.9

					145,552,811		7.8

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			Endo Pharmaceuticals Holdings, Inc
	7,768,000		7.000%, 07/15/19		8,370,020		0.5
			Other		19,434,365		1.0

					27,804,385		1.5


Principal			Issuer	Value		% of net assets

REAL ESTATE
			Host Hotels & Resorts LP
$	7,500,000		5.875%, 06/15/19	$	8,250,000		0.4	%
			Other		8,268,062		0.5

					16,518,062		0.9

RETAILING
			Penske Automotive Group, Inc
	10,800,000	g	5.750%, 10/01/22		11,070,000		0.6
			Other		71,113,515		3.7

					82,183,515		4.3

SOFTWARE & SERVICES
			SPL Logistics Escrow LLC
	21,200,000	g	8.875%, 08/01/20		22,684,000		1.2
			Other		41,990,125		2.3

					64,674,125		3.5

TECHNOLOGY HARDWARE & EQUIPMENT
			Scientific Games Corp
	9,861,000		9.250%, 06/15/19		10,945,710		0.6
			Other		11,375,000		0.6

					22,320,710		1.2

TELECOMMUNICATION SERVICES
			Intelsat Bermuda Ltd
	11,750,000		11.250%, 02/04/17		12,425,625		0.7
			Sprint Capital Corp
	9,724,000		6.900%, 05/01/19		10,088,650		0.5
			Wind Acquisition Finance S.A.
	9,250,000	g	7.250%, 02/15/18		8,787,500		0.5
			Other		88,686,140		4.7

					119,987,915		6.4

TRANSPORTATION					51,693,456		2.7

UTILITIES
			Calpine Corp
	8,535,000	g	7.875%, 01/15/23		9,431,175		0.5
			NRG Energy, Inc
	9,320,000		7.875%, 05/15/21		10,135,500		0.5
			Sabine Pass LNG LP
	12,070,000		7.500%, 11/30/16		13,035,600		0.7
			Other		78,219,543		4.2

					110,821,818		5.9

			TOTAL CORPORATE BONDS
			(Cost $1,541,727,013)		1,626,672,481		86.8

			TOTAL BONDS
			(Cost $1,541,727,013)		1,626,672,481		86.8

Shares

Company

PREFERRED STOCKS

DIVERSIFIED FINANCIALS

3,038,939

0.2

TOTAL PREFERRED STOCKS

(Cost $3,061,000)

3,038,939

0.2


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


Summary portfolio of investments (unaudited)	concluded

High-Yield Fund § September 30, 2012


Principal		Issuer	Value			% of net assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	25,000,000	0.001%, 10/01/12	$	25,000,000			1.4	%
	39,500,000	0.050%, 10/03/12		39,499,891			2.1

				64,499,891			3.5


TREASURY DEBT
		United States Treasury Bill
	34,000,000	0.085%, 10/11/12		33,999,197			1.8

				33,999,197			1.8

		TOTAL SHORT-TERM INVESTMENTS
		(Cost $98,499,088)		98,499,088			5.3

		TOTAL PORTFOLIO
		(Cost $1,809,703,954)		1,896,227,419			101.3
		OTHER ASSETS & LIABILITIES, NET		(24,780,201	)		(1.3	)


		NET ASSETS	$	1,871,447,218			100.0	%



g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2012, the aggregate value of these securities amounted to $501,822,854 or 26.8% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

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

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


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

Summary portfolio of investments (unaudited)

Tax-Exempt Bond Fund § September 30, 2012


Principal			Issuer	Value		% of net assets

LONG-TERM MUNICIPAL BONDS

ALABAMA				$	3,231,144		0.8	%

ALASKA					640,069		0.2

ARIZONA
			City of Tucson AZ, GO
$	2,000,000		5.000%, 07/01/20		2,446,100		0.6
			Phoenix Industrial Development Authority
	3,525,000		5.250%, 06/01/34		3,940,950		1.0
			Other		6,374,575		1.7

					12,761,625		3.3

ARKANSAS					1,214,310		0.3

CALIFORNIA
			California Pollution Control Financing Authority
	3,500,000		4.750%, 12/01/23		3,725,225		1.0
			California State Department of Water Resources
	2,000,000		5.000%, 05/01/20		2,506,120		0.7
			County of San Bernardino CA, COP
	2,000,000		5.250%, 08/01/19		2,324,100		0.6
			East Side Union High School District-Santa Clara County
	2,500,000		5.250%, 02/01/23		3,001,200		0.8
			Los Angeles Unified School District, COP
	2,250,000		5.000%, 10/01/17		2,593,598		0.7
			State of California
	1,855,000		5.000%, 03/01/17		2,169,144		0.6
	2,000,000		5.000%, 02/01/22		2,445,300		0.6
	2,000,000		5.000%, 04/01/22		2,450,580		0.6
	2,000,000		5.250%, 10/01/22		2,507,880		0.7
	3,000,000		5.000%, 02/01/38		3,337,680		0.9
	2,000,000		5.000%, 04/01/42		2,216,700		0.6
			West Contra Costa Unified School District, GO
	1,710,000		5.700%, 02/01/21		2,117,578		0.5
	1,810,000		5.700%, 02/01/22		2,268,618		0.6
			Other		22,630,676		5.9

					56,294,399		14.8

COLORADO
			Colorado Health Facilities Authority
	2,045,000		5.000%, 02/01/25		2,391,955		0.6
	2,000,000		5.000%, 12/01/33		2,175,580		0.6
			Other		5,358,943		1.4

					9,926,478		2.6

CONNECTICUT					2,882,166		0.8

DELAWARE					3,159,150		0.8

DISTRICT OF COLUMBIA					1,166,070		0.3

FLORIDA
			City of Tampa FL
	2,000,000		4.000%, 11/15/33		2,038,360		0.5
			Florida Department of Transportation
	2,200,000		5.000%, 07/01/18		2,545,444		0.7
			Other		13,687,029		3.6

					18,270,833		4.8


Principal			Issuer	Value		% of net assets

GEORGIA				$	2,718,835		0.7	%

HAWAII					1,264,300		0.3

ILLINOIS
			Chicago Board of Education, GO
$	2,045,000		5.000%, 12/01/17		2,405,820		0.6
	1,665,000		5.000%, 12/01/21		2,016,015		0.5
			City of Chicago IL O’Hare International Airport Revenue
	3,000,000		5.000%, 01/01/22		3,454,980		0.9
			Regional Transportation Authority
	1,650,000		6.000%, 06/01/23		2,100,186		0.6
			State of Illinois
	2,045,000		5.000%, 01/01/20		2,248,252		0.6
	1,835,000		5.000%, 01/01/20		2,135,867		0.6
			Other		20,939,204		5.5

					35,300,324		9.3

INDIANA
			Indiana Bond Bank
	2,120,000		5.250%, 04/01/19		2,557,737		0.7
			Indianapolis Local Public Improvement Bond Bank
	1,940,000		5.500%, 01/01/21		2,385,715		0.6
			Other		11,417,084		3.0

					16,360,536		4.3

KANSAS
			Kansas Development Finance Authority
	2,000,000		5.000%, 11/15/34		2,295,920		0.6

					2,295,920		0.6

KENTUCKY					1,165,590		0.3

LOUISIANA
			Parish of St. Charles LA
	2,000,000	i	4.000%, 12/01/40		2,171,840		0.6
			Other		1,160,820		0.3

					3,332,660		0.9

MAINE					1,256,449		0.3

MARYLAND					1,808,835		0.5

MASSACHUSETTS
			Commonwealth of Massachusetts
	2,000,000		5.000%, 08/01/20		2,510,100		0.7
			Massachusetts Development Finance Agency
	2,000,000		5.000%, 10/01/22		2,335,600		0.6
			Other		5,086,425		1.3

					9,932,125		2.6

MICHIGAN					6,447,453		1.7

MINNESOTA
			University of Minnesota
	1,715,000		5.000%, 08/01/21		2,203,003		0.6
			Other		2,397,660		0.6

					4,600,663		1.2


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


Summary portfolio of investments (unaudited)	concluded

Tax-Exempt Bond Fund § September 30, 2012


Principal		Issuer	Value		% of net assets

MISSISSIPPI
		Mississippi Development Bank Special Obligation
$	2,100,000	5.000%, 07/01/17	$	2,398,053		0.6	%
		Other		1,282,186		0.4

				3,680,239		1.0

MISSOURI				1,734,972		0.5

NEBRASKA				1,117,570		0.3

NEVADA				2,849,137		0.7

NEW HAMPSHIRE				1,067,020		0.3

NEW JERSEY
		New Jersey Transportation Trust Fund Authority
	1,815,000	5.250%, 12/15/19		2,237,405		0.6
	2,000,000	5.750%, 06/15/23		2,598,120		0.7
		State of New Jersey
	2,000,000	5.250%, 08/01/22		2,560,840		0.7
		Other		7,196,684		1.8

				14,593,049		3.8

NEW YORK
		New York City Health & Hospital Corp
	2,000,000	5.000%, 02/15/20		2,377,380		0.6
		New York State Urban Development Corp
	2,000,000	5.000%, 03/15/20		2,493,260		0.7
		Tobacco Settlement Financing Corp
	2,000,000	5.000%, 06/01/18		2,407,440		0.6
		Other		26,020,492		6.8

				33,298,572		8.7

NORTH CAROLINA				4,362,589		1.1

OHIO
		City of Cincinnati OH
	2,000,000	5.000%, 12/01/21		2,546,000		0.7
		State of Ohio, AMT
	4,000,000	4.950%, 09/01/20		4,003,880		1.1
		Other		14,327,934		3.7

				20,877,814		5.5

OKLAHOMA				1,210,030		0.3

OREGON				943,626		0.2

PENNSYLVANIA
		Commonwealth of Pennsylvania
	1,925,000	5.000%, 02/15/19		2,380,032		0.6
		Other		5,136,023		1.4

				7,516,055		2.0

PUERTO RICO
		Commonwealth of Puerto Rico
	2,000,000	5.500%, 07/01/20		2,185,440		0.6
		Puerto Rico Commonwealth Infrastructure
		Financing Authority
	3,370,000	5.500%, 07/01/19		3,703,630		1.0
		Puerto Rico Public Buildings Authority
	2,000,000	5.250%, 07/01/42		2,013,480		0.5
		Other		13,239,970		3.4

				21,142,520		5.5


Principal		Issuer	Value		% of net assets

RHODE ISLAND
		State of Rhode Island
$	2,000,000	5.000%, 08/01/21	$	2,470,520		0.6	%
		Other		2,110,043		0.6

				4,580,563		1.2

SOUTH CAROLINA				4,233,250		1.1

SOUTH DAKOTA				573,535		0.2

TENNESSEE				3,909,375		1.0

TEXAS				9,438,679		2.5

UTAH				2,360,846		0.6

VIRGINIA
		Fairfax County Industrial Development Authority
	2,000,000	5.000%, 05/15/37		2,258,800		0.6
		Other		2,604,972		0.7

				4,863,772		1.3

WASHINGTON
		Port of Seattle WA
	3,150,000	5.500%, 09/01/17		3,690,572		1.0
		Washington Health Care Facilities Authority
	2,025,000	5.000%, 12/01/32		2,112,581		0.5
		Other		3,161,616		0.9

				8,964,769		2.4

WEST VIRGINIA				3,263,950		0.9

WISCONSIN
		State of Wisconsin
	2,000,000	5.000%, 05/01/21		2,519,240		0.7
		Other		5,788,406		1.5

				8,307,646		2.2

		TOTAL LONG-TERM MUNICIPAL BONDS
		(Cost $333,254,401)		360,919,512		94.7

		TOTAL PORTFOLIO
		(Cost $333,254,401)		360,919,512		94.7
		OTHER ASSETS & LIABILITIES, NET		20,082,033		5.3

		NET ASSETS	$	381,001,545		100.0	%



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


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

Portfolio of investments (unaudited)

Inflation-Linked Bond Fund § September 30, 2012


Principal			Issuer	Value		% of net assets


GOVERNMENT BONDS

U.S. TREASURY SECURITIES

			United States Treasury Inflation Indexed Bonds
$	53,960,210	k	2.000%, 01/15/14	$	56,337,804		3.2	%
	35,405,677	k	1.250%, 04/15/14		36,810,858		2.1
	56,591,999	k	2.000%, 07/15/14		60,358,876		3.5
	43,884,308	k	1.625%, 01/15/15		47,035,070		2.7
	47,249,113	k	0.500%, 04/15/15		49,641,099		2.8
	41,660,675	k	1.875%, 07/15/15		45,823,493		2.6
	43,323,506	k	2.000%, 01/15/16		48,562,964		2.8
	69,434,934	k	0.125%, 04/15/16		73,584,782		4.2
	41,231,497	k	2.500%, 07/15/16		47,870,428		2.7
	37,865,281	k	2.375%, 01/15/17		44,411,848		2.5
	75,655,500	k	0.125%, 04/15/17		81,501,098		4.7
	33,338,764	k	2.625%, 07/15/17		40,285,196		2.3
	32,337,043	k	1.625%, 01/15/18		37,836,863		2.2
	31,158,875	k	1.375%, 07/15/18		36,524,059		2.1
	31,371,009	k	2.125%, 01/15/19		38,495,647		2.2
	34,242,099	k	1.875%, 07/15/19		42,064,295		2.4
	40,525,580	k	1.375%, 01/15/20		48,488,209		2.8
	62,607,214	k	1.250%, 07/15/20		74,849,867		4.3
	69,211,918	k	1.125%, 01/15/21		81,935,006		4.7
	68,040,394	k	0.625%, 07/15/21		77,890,330		4.5
	66,823,287	k	0.125%, 01/15/22		72,941,761		4.2
	30,885,920	k	0.125%, 07/15/22		33,750,095		1.9
	58,773,803	k	2.375%, 01/15/25		79,776,269		4.6
	39,313,225	k	2.000%, 01/15/26		51,653,882		3.0
	33,524,924	k	2.375%, 01/15/27		46,274,855		2.6
	33,931,585	k	1.750%, 01/15/28		43,933,462		2.5
	38,338,050	k	3.625%, 04/15/28		60,852,684		3.5
	34,351,559	k	2.500%, 01/15/29		49,136,160		2.8
	46,254,447	k	3.875%, 04/15/29		76,785,991		4.4
	12,558,193	k	3.375%, 04/15/32		20,850,519		1.2
	19,613,920	k	2.125%, 02/15/40		28,627,124		1.6
	37,420,866	k	2.125%, 02/15/41		54,970,654		3.1
	32,954,025	k	0.750%, 02/15/42		35,804,021		2.0

					1,725,665,269		98.7


			TOTAL GOVERNMENT BONDS
			(Cost $1,511,661,355)		1,725,665,269		98.7


Principal			Issuer	Value		% of net assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
			Federal Home Loan Mortgage Corp (FHLMC)
$	11,000,000		0.100%, 10/22/12	$	10,999,358		0.6	%

					10,999,358		0.6

TREASURY DEBT
			United States Treasury Bill
	2,800,000		0.050%, 10/11/12		2,799,961		0.2

					2,799,961		0.2

			TOTAL SHORT-TERM INVESTMENTS
			(Cost $13,799,319)		13,799,319		0.8

			TOTAL PORTFOLIO
			(Cost $1,525,460,674)		1,739,464,588		99.5
			OTHER ASSETS & LIABILITIES, NET		9,002,188		0.5

			NET ASSETS	$	1,748,466,776		100.0	%



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


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

Summary portfolio of investments (unaudited)

Bond Index Fund § September 30, 2012


Principal		Issuer	Value		% of net assets

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS			$	2,891,048	0.1	%

BANKS				101,986,836	2.9

CAPITAL GOODS				25,721,942	0.7

COMMERCIAL & PROFESSIONAL SERVICES				14,064,989	0.4

CONSUMER DURABLES & APPAREL				3,611,566	0.1

CONSUMER SERVICES				10,311,336	0.3

DIVERSIFIED FINANCIALS				134,841,341	3.9

ENERGY				76,604,121	2.2

FOOD & STAPLES RETAILING				6,471,335	0.2

FOOD, BEVERAGE & TOBACCO				39,850,679	1.1

HEALTH CARE EQUIPMENT & SERVICES				13,605,255	0.4

HOUSEHOLD & PERSONAL PRODUCTS				5,504,792	0.2

INSURANCE				40,303,749	1.1

MATERIALS				35,493,014	1.0

MEDIA				33,267,910	1.0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				35,000,562	1.0

REAL ESTATE				14,184,280	0.4

RETAILING				20,774,236	0.6

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				2,602,090	0.1

SOFTWARE & SERVICES				11,646,900	0.3

TECHNOLOGY HARDWARE & EQUIPMENT				20,354,256	0.6

TELECOMMUNICATION SERVICES				46,998,751	1.3

TRANSPORTATION				18,775,876	0.5

UTILITIES				70,590,210	2.0

		TOTAL CORPORATE BONDS
		(Cost $736,757,751)		785,457,074	22.4


GOVERNMENT BONDS

AGENCY SECURITIES
		Federal Home Loan Mortgage Corp (FHLMC)
$	11,736,000	5.125%, 10/18/16		13,875,848	0.4
	39,983,000	0.375%–6.250%, 09/27/13–07/15/32		43,474,466	1.2
		Federal National Mortgage Association (FNMA)
	14,000,000	2.625%, 11/20/14		14,698,642	0.5
	10,215,000	5.000%, 03/15/16		11,787,007	0.3
	39,938,000	0.000%–5.625%, 07/12/13–07/15/37		42,683,331	1.2
		Other		46,068,978	1.3

				172,588,272	4.9


Principal		Issuer	Value		% of net assets

FOREIGN GOVERNMENT BONDS			$	108,620,411	3.1	%

MORTGAGE BACKED
		Federal Home Loan Mortgage Corp Gold (FGLMC)
$	12,397,860	4.500%, 05/01/40		13,336,556	0.4
	249,819,771	2.500%–8.000%, 05/01/13–08/01/42		271,030,848	7.7
		Federal National Mortgage Association (FNMA)
	11,548,917	4.500%, 12/01/39		12,504,153	0.4
	16,762,653	3.500%, 06/01/42		17,997,028	0.5
	420,732,173	2.261%–8.000%, 06/01/13–09/01/42		458,283,888	13.1
		Government National Mortgage Association (GNMA)
	13,106,782	4.500%, 06/15/40		14,531,266	0.4
	11,049,157	4.000%, 01/20/41		12,203,646	0.3
	215,924,098	2.000%–8.500%, 02/15/18–01/15/44		238,353,658	6.8
		Other		11,499,419	0.3

				1,049,740,462	29.9

MUNICIPAL BONDS				34,932,778	1.0

U.S. TREASURY SECURITIES
		United States Treasury Bond
	13,379,100	8.000%, 11/15/21		20,956,059	0.6
	26,060,000	5.250%, 02/15/29		36,549,150	1.0
	24,429,000	5.375%, 02/15/31		35,334,252	1.0
	12,585,000	3.875%, 08/15/40		15,375,334	0.4
	11,185,000	4.250%, 11/15/40		14,523,029	0.4
	26,350,000	4.375%, 05/15/41		34,913,750	1.0
	10,000,000	3.750%, 08/15/41		11,956,250	0.3
	44,420,600	2.750%–9.000%, 11/15/16–08/15/42		53,635,759	1.4
		United States Treasury Note
	20,000,000	0.125%, 08/31/13		19,990,620	0.6
	13,700,000	0.250%, 10/31/13		13,707,494	0.4
	37,000,000	0.250%, 01/31/14		37,017,353	1.1
	49,000,000	0.250%, 02/28/14		49,022,981	1.4
	36,150,000	1.250%, 03/15/14		36,686,611	1.0
	18,000,000	0.250%, 04/30/14		18,004,914	0.5
	15,000,000	0.250%, 05/31/14		15,004,680	0.4
	15,000,000	0.250%, 06/30/14		15,002,925	0.4
	14,000,000	0.250%, 09/15/14		14,001,092	0.4
	16,000,000	0.375%, 11/15/14		16,038,752	0.5
	20,000,000	0.375%, 06/15/15		20,042,180	0.6
	19,000,000	0.250%, 08/15/15		18,970,322	0.5
	20,000,000	0.250%, 09/15/15		19,965,620	0.6
	18,805,000	1.250%, 09/30/15		19,326,538	0.6
	27,300,000	1.250%, 10/31/15		28,065,683	0.8
	23,550,000	1.375%, 11/30/15		24,309,864	0.7
	11,250,000	1.750%, 05/31/16		11,795,805	0.3
	14,000,000	1.000%, 08/31/16		14,297,500	0.4
	14,200,000	1.000%, 09/30/16		14,501,750	0.4
	23,050,000	1.000%, 10/31/16		23,534,419	0.7
	15,250,000	0.875%, 11/30/16		15,496,623	0.4
	50,300,000	0.875%, 01/31/17		51,070,194	1.5
	16,250,000	0.875%, 02/28/17		16,500,104	0.5
	21,300,000	1.000%, 03/31/17		21,726,000	0.6
	16,500,000	0.875%, 04/30/17		16,733,326	0.5
	30,400,000	0.625%, 05/31/17		30,476,000	0.9
	20,200,000	0.500%, 07/31/17		20,100,576	0.6
	17,300,000	0.625%, 08/31/17		17,310,812	0.5


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


Summary portfolio of investments (unaudited)	concluded

Bond Index Fund § September 30, 2012


Principal		Issuer	Value			% of net assets

U.S. TREASURY SECURITIES—continued
$	16,000,000	0.625%, 09/30/17	$	15,997,504		0.5	%
	14,000,000	2.000%, 04/30/16		14,797,342		0.4
	13,065,000	2.250%, 07/31/18		14,142,863		0.4
	13,350,000	1.500%, 08/31/18		13,871,478		0.4
	27,610,000	2.125%, 08/15/21		29,206,189		0.8
	13,000,000	1.625%, 08/15/22		12,985,778		0.4
	302,193,500	0.125%–5.125%, 09/15/13–05/15/22		318,259,277		9.1

				1,261,204,752		35.9

		TOTAL GOVERNMENT BONDS
		(Cost $2,543,682,746)		2,627,086,675		74.8

STRUCTURED ASSETS

ASSET BACKED				9,589,998		0.3

OTHER MORTGAGE BACKED				66,209,823		1.9

		TOTAL STRUCTURED ASSETS
		(Cost $72,369,537)		75,799,821		2.2

		TOTAL BONDS
		(Cost $3,352,810,034)		3,488,343,570		99.4

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
	50,000,000	0.001%, 10/01/12		50,000,000		1.4

				50,000,000		1.4

		TOTAL SHORT-TERM INVESTMENTS
		(Cost $50,000,000)		50,000,000		1.4

		TOTAL PORTFOLIO
		(Cost $3,402,810,034)		3,538,343,570		100.8
		OTHER ASSETS & LIABILITIES, NET		(27,028,992	)	(0.8	)

		NET ASSETS	$	3,511,314,578		100.0	%



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

At 9/30/2012, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 which may be resold in transactions exempt from registration to qualified institutional buyers amounted to $11,561,147 or 0.3% of net assets.

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


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

Summary portfolio of investments (unaudited)

Social Choice Bond Fund § September 30, 2012


Principal			Issuer	Value		% of net assets

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS
			Johnson Controls, Inc
$	250,000		2.600%, 12/01/16	$	262,580		0.5	%

					262,580		0.5

BANKS
			SVB Financial Group
	250,000		5.375%, 09/15/20		284,381		0.5
			Other		499,154		1.0

					783,535		1.5

CAPITAL GOODS					250,148		0.5

DIVERSIFIED FINANCIALS
			Capital One Financial Corp
	250,000		3.150%, 07/15/16		265,474		0.5
			Ford Motor Credit Co LLC
	400,000		4.250%, 09/20/22		409,904		0.8
			Harley-Davidson Financial Services, Inc
	300,000	g	1.150%, 09/15/15		300,364		0.6

					975,742		1.9

ENERGY
			Devon Energy Corp
	250,000		1.875%, 05/15/17		254,844		0.5
			Other		252,694		0.5

					507,538		1.0

HOUSEHOLD & PERSONAL PRODUCTS					243,639		0.5

INSURANCE
			Prudential Financial, Inc
	250,000		3.000%, 05/12/16		263,194		0.5

					263,194		0.5

MATERIALS					542,700		1.1

MEDIA					249,319		0.5

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					482,272		1.0

REAL ESTATE					489,025		1.0

TECHNOLOGY HARDWARE & EQUIPMENT					243,349		0.5

TRANSPORTATION
			Burlington Northern Santa Fe LLC
	250,000		3.050%, 03/15/22		258,388		0.5
			Other		967,706		1.9

					1,226,094		2.4

UTILITIES
			Topaz Solar Farms LLC
	250,000	g	5.750%, 09/30/39		258,393		0.5
			Other		497,272		1.0

					755,665		1.5

			TOTAL CORPORATE BONDS
			(Cost $7,227,246)		7,274,800		14.4


Principal			Issuer	Value		% of net assets

GOVERNMENT BONDS

AGENCY SECURITIES
			Federal Home Loan Mortgage Corp (FHLMC)
$	1,000,000		1.000%, 09/29/17	$	1,010,245		2.0	%
			Federal National Mortgage Association (FNMA)
	1,000,000		0.875%, 08/28/14		1,011,092		2.0
	1,000,000		0.500%, 09/28/15		1,002,678		2.0
			United States Department of Housing and
			Urban Development
	395,000		4.140%, 08/01/14		422,933		0.8

					3,446,948		6.8

FOREIGN GOVERNMENT BONDS					504,732		1.0

MORTGAGE BACKED
			Federal National Mortgage Association (FNMA)
	266,365	h	4.500%, 10/01/19		288,192		0.5
	507,154	h	5.000%, 09/01/25		553,001		1.1
	507,792	h	3.500%, 11/01/25		553,221		1.1
	979,350	h	3.000%, 05/01/27		1,053,588		2.1
	492,706	h	5.000%, 11/01/33		541,482		1.1
	487,639	h	5.500%, 04/01/34		541,154		1.1
	500,987	h	5.500%, 08/01/37		555,967		1.1
	1,698,772	h	4.500%, 08/01/39		1,913,071		3.8
	930,353	h	4.500%, 04/01/40		1,047,717		2.1
	985,416	h	4.000%, 10/01/40		1,098,761		2.2
	997,991	h	3.500%, 08/01/42		1,085,983		2.1
			Government National Mortgage Association (GNMA)
	375,881	h	5.000%, 10/20/39		417,354		0.8
	491,861	h	4.000%, 06/15/40		543,348		1.1
	976,883	h	4.000%, 05/20/42		1,074,210		2.1
	495,758	h	3.500%, 06/20/42		543,032		1.1
	491,242	h	5.000%, 06/20/42		545,139		1.1

					12,355,220		24.5

MUNICIPAL BONDS
			American Municipal Power-Ohio, Inc
	250,000		6.270%, 02/15/50		291,407		0.6
			Metropolitan Council
	500,000		1.900%, 09/01/21		495,840		1.0

					787,247		1.6

U.S. TREASURY SECURITIES
			United States Treasury Bond
	4,695,000		3.000%, 05/15/42		4,868,128		9.6
			United States Treasury Note
	1,000,000		0.625%, 08/31/17		1,000,625		2.0
	6,000,000	h	0.625%, 09/30/17		5,999,064		11.9
	3,370,000		1.625%, 08/15/22		3,366,313		6.6

					15,234,130		30.1

			TOTAL GOVERNMENT BONDS
			(Cost $32,082,760)		32,328,277		64.0


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


Summary portfolio of investments (unaudited)	concluded

Social Choice Bond Fund § September 30, 2012


Principal			Issuer	Value		% of net assets

STRUCTURED ASSETS

ASSET BACKED
			Avis Budget Rental Car Funding AESOP LLC
			Series 2012-3A (Class A)
$	250,000	g	2.100%, 03/20/19	$	255,010		0.5	%
			DB/UBS Mortgage Trust
			Series 2011-LC1A (Class A1)
	241,707	g	3.742%, 11/10/46		262,759		0.5
			Ford Credit Floorplan Master Owner Trust
			Series 2011-2 (Class C)
	260,000		2.370%, 09/15/15		260,740		0.5
			UBS-Barclays Commercial Mortgage Trust
			Series 2012-C2 (Class A4)
	250,000		3.525%, 05/10/63		270,376		0.6
			Other		252,235		0.5

					1,301,120		2.6

OTHER MORTGAGE BACKED
			7 WTC Depositor LLC Trust
			Series 2012-7WTC (Class A)
	250,000	g	4.082%, 03/13/31		262,561		0.5
			Banc of America Commercial Mortgage, Inc
			Series 2007-2 (Class A4)
	250,000	i	5.803%, 04/10/49		290,978		0.6
			Countrywide Home Loan Mortgage Pass Through Trust
			Series 2004-HYB6 (Class A2)
	510,803	i	2.801%, 11/20/34		454,706		0.9
			GS Mortgage Securities Corp II
			Series 2012-ALOH (Class A)
	250,000	g	3.551%, 04/10/34		270,026		0.5
			JP Morgan Chase Commercial Mortgage Securities Corp
			Series 2012-C6 (Class A3)
	250,000		3.507%, 05/15/45		272,329		0.5
			Series 2006-LDP8 (Class AM)
	250,000		5.440%, 05/15/45		277,725		0.6
			LB-UBS Commercial Mortgage Trust
			Series 2007-C1 (Class A4)
	250,000		5.424%, 02/15/40		288,669		0.6
			OBP Depositor LLC Trust
			Series 2010-OBP (Class A)
	250,000	g	4.646%, 07/15/45		294,578		0.6
			RFMSI Trust
			Series 2005-S2 (Class A6)
	500,000		5.500%, 03/25/35		524,953		1.1
			UBS Commercial Mortgage Trust
			Series 2012-C1 (Class A3)
	250,000		3.400%, 05/10/45		268,733		0.5

					3,205,258		6.4

			TOTAL STRUCTURED ASSETS
			(Cost $4,510,139)		4,506,378		9.0

			TOTAL BONDS
			(Cost $43,820,145)		44,109,455		87.4


Shares			Company	Value		% of net assets

PREFERRED STOCKS

BANKS
	250		* M&T Bank Corp	$	258,060		0.5	%

					258,060		0.5

			TOTAL PREFERRED STOCKS
			(Cost $255,625)		258,060		0.5

			TOTAL PORTFOLIO
			(Cost $44,075,770)		44,367,515		87.9
			OTHER ASSETS & LIABILITIES, NET		6,132,934		12.1

			NET ASSETS	$	50,500,449		100.0	%



*	Non-income producing.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2012, the aggregate value of these securities amounted to $2,204,647 or 4.4% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon 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.


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


Summary portfolio of investments (unaudited)

Money Market Fund § September 30, 2012


Principal			Issuer	Value		% of net assets

SHORT-TERM INVESTMENTS

CERTIFICATE OF DEPOSIT
			Toronto-Dominion Bank
$	8,220,000		0.170%, 10/16/12	$	8,220,000		0.8	%
			Other		8,000,044		0.8

					16,220,044		1.6

COMMERCIAL PAPER
			Bank of Nova Scotia
	6,000,000		0.125%, 10/02/12		5,999,979		0.6
	6,330,000		0.120%, 10/05/12		6,329,916		0.6
	6,000,000		0.205%, 10/10/12		5,999,692		0.6
			Coca-Cola Co
	7,025,000	y	0.215%, 10/23/12		7,024,077		0.7
	22,038,000		0.150%–0.255%, 10/02/12–01/22/13		22,031,022		2.2
			Commonwealth Bank of Australia
	15,763,000		0.180%–0.260%, 10/03/12–12/04/12		15,759,763		1.6
			Fairway Finance LLC
	9,500,000	y	0.190%, 10/30/12		9,498,546		1.0
	11,743,000		0.190%–0.230%, 10/25/12–12/18/12		11,739,959		1.2
			General Electric Capital Corp
	10,000,000		0.160%, 01/25/13		9,994,844		1.0
			General Electric Co
	9,250,000		0.080%, 10/10/12		9,249,815		0.9
			Old Line Funding LLC
	19,500,000		0.190%–0.360%, 10/01/12–01/23/13		19,495,267		2.0
			Pfizer, Inc
	10,000,000	y	0.105%, 10/09/12		9,999,767		1.0
			Private Export Funding Corp
	12,000,000	y	0.250%, 12/20/12		11,993,333		1.2
	17,810,000		0.160%–0.250%, 11/19/12–01/18/13		17,802,272		1.8
			Procter & Gamble Co
	11,885,000		0.140%–0.150%, 10/29/12–12/10/12		11,882,986		1.2
			Province of Ontario Canada
	10,000,000		0.140%, 10/11/12		9,999,611		1.0
	9,792,000		0.130%–0.150%, 10/16/12		9,791,401		1.0
			Province of Quebec Canada
	10,000,000		0.180%, 11/19/12		9,997,550		1.0
			Straight-A Funding LLC
	6,000,000		0.180%, 12/10/12		5,997,900		0.6
	16,000,000		0.180%–0.180%, 10/10/12–12/18/12		15,996,980		1.6
			Toronto Dominion Holding
	10,815,000	y	0.170%, 11/06/12		10,813,161		1.1
			Wal-Mart Stores, Inc
	20,000,000	y	0.100%, 10/04/12		19,999,833		2.0
			Other		62,866,246		6.4

					320,263,920		32.3

GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	19,235,000		0.100%–0.135%, 10/10/12		19,234,483		1.9
	10,300,000		0.130%, 10/17/12		10,299,405		1.0
	8,000,000		0.130%–0.140%, 11/28/12		7,998,244		0.8
	9,425,000		0.132%, 12/05/12		9,422,754		0.9
	10,375,000		0.110%–0.120%, 10/19/12		10,374,389		1.0
	17,660,000		0.050%–0.122%, 10/26/12		17,659,254		1.8
	35,776,000		0.070%–0.175%, 10/02/12–02/27/13		35,766,549		3.7

Principal			Issuer	Value		% of net assets

GOVERNMENT AGENCY DEBT—continued
			Federal Home Loan Mortgage Corp (FHLMC)
$	10,400,000		0.020%, 10/02/12	$	10,399,994		1.0	%
	30,765,000		0.075%–0.130%, 10/09/12		30,764,391		3.1
	6,100,000		0.140%, 10/22/12		6,099,502		0.5
	7,600,000		0.137%, 12/10/12		7,597,975		0.8
	8,400,000		0.130%–0.145%, 01/03/13		8,396,976		0.9
	5,903,000		0.160%, 01/08/13		5,900,403		0.6
	12,000,000		0.145%–0.150%, 01/22/13		11,994,476		1.2
	28,398,000		0.130%–0.195%, 11/13/12–02/11/13		28,388,488		2.9
			Federal National Mortgage Association (FNMA)
	6,665,000		0.090%–0.135%, 10/03/12		6,664,956		0.7
	8,000,000		0.140%–0.142%, 10/15/12		7,999,562		0.8
	26,872,000		0.130%–0.175%, 10/01/12–02/20/13		26,863,953		2.7

					261,825,754		26.3

REPURCHASE AGREEMENT
			Credit Suisse First Boston
	50,000,000		0.200%, 10/01/12		50,000,000		5.0

					50,000,000		5.0

TREASURY DEBT
			United States Treasury Bill
	6,990,000		0.123%–0.130%, 10/11/12		6,989,752		0.7
	42,000,000		0.074%–0.143%, 10/18/12		41,998,168		4.3
	6,480,000		0.133%, 11/01/12		6,479,258		0.7
	7,000,000		0.078%–0.090%, 12/06/12		6,998,967		0.7
	26,970,000		0.090%–0.145%, 10/04/12–02/14/13		26,964,252		2.7
			United States Treasury Note
	12,150,000		1.375%, 10/15/12		12,155,667		1.2
	11,820,000		0.375%, 10/31/12		11,822,093		1.2
	13,850,000		0.500%, 11/30/12		13,857,770		1.4
	7,695,000		1.125%, 12/15/12		7,710,130		0.8
	6,000,000		1.375%, 01/15/13		6,020,962		0.6
	10,300,000		0.625%, 01/31/13		10,315,032		1.0
	7,220,000		1.375%, 02/15/13		7,252,486		0.7
	11,535,000		0.625%, 02/28/13		11,556,407		1.2
	8,690,000		1.375%, 03/15/13		8,737,498		0.9
	8,265,000		0.625%, 04/30/13		8,286,439		0.8
	20,120,000		0.500%–1.750%, 11/15/12–07/15/13		20,188,824		2.0

					207,333,705		20.9

VARIABLE RATE SECURITIES
			Federal Farm Credit Bank (FFCB)
	10,000,000	i	0.360%, 09/23/13		9,999,605		1.0
	9,000,000	i	0.250%, 02/10/14		8,997,524		0.9
	46,780,000	i	0.191%–0.578%, 02/01/13–05/19/14		46,773,123		4.7
			Federal Home Loan Bank (FHLB)
	7,900,000	i	0.332%, 03/06/13		7,900,332		0.8
	9,500,000	i	0.330%, 08/16/13		9,500,000		1.0
			Federal Home Loan Mortgage Corp (FHLMC)
	10,900,000	i	0.178%–0.181%, 02/04/13–06/03/13		10,898,572		1.1
			Federal National Mortgage Association (FNMA)
	15,000,000	i	0.199%–0.380%, 03/14/13–06/20/14		14,997,893		1.5
			Royal Bank of Canada
	10,600,000	i	0.440%–0.540%, 06/07/13–07/15/13		10,600,000		1.1
			Other		16,504,614		1.6

					136,171,663		13.7


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


Summary portfolio of investments (unaudited)	concluded

Money Market Fund § September 30, 2012


	Value		% of net assets

TOTAL SHORT-TERM INVESTMENTS
(Cost $991,815,086)	$	991,815,086		99.8	%

TOTAL PORTFOLIO
(Cost $991,815,086)		991,815,086		99.8
OTHER ASSETS & LIABILITIES, NET		2,056,611		0.2

NET ASSETS	$	993,871,697		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 liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 9/30/2012, the aggregate value of these securities was $198,553,144 or 20.0% 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.


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

S tatements of assets and liabilities (unaudited)

TIAA-CREF Funds § September 30, 2012


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

ASSETS
Portfolio investments, at value ^†	$	2,569,282,491		$	1,328,712,779		$	960,935,204		$	1,896,227,419		$	360,919,512	$	1,739,464,588		$	3,538,343,570	$	44,367,515	$	991,815,086
Cash		15,904,402			6,908,808			31,426,077			21,725,907			21,345,650		1,436,051			7,578,055		23,921,025		2,158,866
Receivable from securities transactions		9,972,869			3,332,245			549,297			4,315,361			—		—			28,592,269		1,002,739		—
Receivable for delayed delivery securities		13,812,066			6,378,142			—			—			—		—			—		—		—
Receivable from Fund shares sold		21,272,677			4,167,412			2,421,015			7,161,740			249,138		2,271,694			7,554,434		—		531,960
Dividends and interest receivable		13,964,213			8,269,597			4,256,179			29,581,936			4,011,367		5,795,973			19,361,389		133,790		377,397
Due from affiliates		—			—			—			—			643		—			518		7,713		396,964
Swap premiums paid		—			287,979			—			—			—		—			—		—		—
Unrealized appreciation on swap agreements		57,493			16,427			27,713			—			—		—			—		—		—
Other		61,894			25,991			15,951			36,625			21,706		44,839			34,228		—		36,590

Total assets		2,644,328,105			1,358,099,380			999,631,436			1,959,048,988			386,548,016		1,749,013,145			3,601,464,463		69,432,782		995,316,863

LIABILITIES
Management fees payable		90,626			47,916			33,815			87,774			15,578		58,839			47,917		2,421		13,624
Service agreement fees payable		11,562			4,030			8,985			8,544			—		7,447			1,797		36		2,527
Distribution fees payable		66,648			216,385			131,848			176,069			271,394		167,228			4,858		99		353,662
Due to affiliates		18,487			9,224			6,733			10,950			2,929		13,612			24,860		118		8,734
Swap premiums received		207,925			59,407			37,626			—			—		—			—		—		—
Payable for securities transactions		9,000,854			3,588,651			1,729,273			4,028,486			—		—			58,729,771		1,593,736		—
Payable for delayed delivery securities		359,381,915			172,491,606			5,129,355			77,551,688			4,981,810		—			29,704,236		17,321,507		—
Payable for Fund shares redeemed		131,413			44,855			701,234			1,555,570			73,189		165,126			939,755		—		958,539
Income distribution payable		3,194,347			1,758,691			251,637			4,011,359			101,297		—			500,942		—		1,785
Unrealized depreciation on swap agreements		—			404,667			—			—			—		—			—		—		—
Accrued expenses and other payables		194,176			143,556			130,140			171,330			100,274		134,117			195,749		14,416		106,295

Total liabilities		372,297,953			178,768,988			8,160,646			87,601,770			5,546,471		546,369			90,149,885		18,932,333		1,445,166

NET ASSETS	$	2,272,030,152		$	1,179,330,392		$	991,470,790		$	1,871,447,218		$	381,001,545	$	1,748,466,776		$	3,511,314,578	$	50,500,449	$	993,871,697

NET ASSETS CONSIST OF:
Paid-in-capital	$	2,117,125,210		$	1,108,264,690		$	973,833,473		$	1,783,722,753		$	351,658,618	$	1,530,726,216		$	3,374,100,101	$	50,065,370	$	993,874,468
Undistributed net investment income (loss)		(490,593	)		(57,030	)		(9,738	)		(295,279	)		11,267		(3,903,037	)		1,857		—		(4,544	)
Accumulated net realized gain (loss) on total investments		56,089,398			14,620,358			600,633			1,496,279			1,666,549		7,639,683			1,679,084		143,334		1,773
Net unrealized appreciation (depreciation) on total investments		99,306,137			56,502,374			17,046,422			86,523,465			27,665,111		214,003,914			135,533,536		291,745		—

NET ASSETS	$	2,272,030,152		$	1,179,330,392		$	991,470,790		$	1,871,447,218		$	381,001,545	$	1,748,466,776		$	3,511,314,578	$	50,500,449	$	993,871,697

INSTITUTIONAL CLASS:
Net assets	$	1,816,687,720		$	757,789,130		$	528,830,702		$	1,260,241,052		$	9,342,540	$	1,286,158,894		$	3,427,336,255	$	47,413,044	$	469,198,175
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		165,784,328			69,338,086			50,253,119			122,752,836			835,873		102,742,800			310,377,923		4,700,422		469,195,094

Net asset value per share	$	10.96		$	10.93		$	10.52		$	10.27		$	11.18	$	12.52		$	11.04	$	10.09	$	1.00

RETIREMENT CLASS:
Net assets	$	339,220,174		$	119,056,137		$	263,693,485		$	250,586,281		$	—	$	217,346,014		$	52,743,973	$	1,063,942	$	73,288,253
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		30,429,024			10,880,674			25,032,830			24,408,504			—		17,218,805			4,774,598		105,478		73,286,930

Net asset value per share	$	11.15		$	10.94		$	10.53		$	10.27		$	—	$	12.62		$	11.05	$	10.09	$	1.00

RETAIL CLASS:
Net assets	$	86,001,987		$	288,120,779		$	177,860,201		$	327,993,245		$	371,659,005	$	226,879,291		$	13,939,737	$	1,014,712	$	444,321,908
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,722,692			26,313,882			16,886,363			31,812,472			33,206,083		18,512,056			1,261,774		100,596		444,310,872

Net asset value per share	$	11.14		$	10.95		$	10.53		$	10.31		$	11.19	$	12.26		$	11.05	$	10.09	$	1.00

PREMIER CLASS:
Net assets	$	30,120,271		$	14,364,346		$	21,086,402		$	32,626,640		$	—	$	18,082,577		$	17,294,613	$	1,008,751	$	7,063,361
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,747,386			1,314,658			2,002,042			3,176,724			—		1,446,209			1,565,956		100,005		7,063,284

Net asset value per share	$	10.96		$	10.93		$	10.53		$	10.27		$	—	$	12.50		$	11.04	$	10.09	$	1.00

^† Portfolio investments, cost	$	2,470,034,722		$	1,271,822,601		$	943,916,495		$	1,809,703,954		$	333,254,401	$	1,525,460,674		$	3,402,810,034	$	44,075,770	$	991,815,086


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

S tatements of operations (unaudited)

TIAA-CREF Funds § For the period ended September 30, 2012


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

INVESTMENT INCOME
Dividends	$	—		$	55,600		$	—	$	125,036	$	—		$	—	$	—		$	—		$	—
Interest		32,840,125			20,016,307			8,519,165		50,158,129		6,030,243			22,013,194		34,523,881			9,501			946,202

Total income		32,840,125			20,071,907			8,519,165		50,283,165		6,030,243			22,013,194		34,523,881			9,501			946,202

EXPENSES
Management fees		3,320,403			1,713,757			1,094,569		2,677,520		547,178			2,067,032		1,616,056			4,342			511,299
Distribution fees – Retail Class		101,446			352,598			214,644		353,306		444,378			269,535		16,046			62			577,311
Distribution fees – Premier Class		22,709			9,427			15,147		18,649		—			13,684		10,324			37			5,295
Fund administration fees		69,365			35,090			26,103		45,893		11,075			50,772		99,605			78			30,934
Custody and accounting fees		65,831			65,828			32,909		30,754		19,550			12,214		168,628			1,664			32,458
Professional fees		47,948			47,077			45,417		48,038		41,892			43,790		62,472			6,692			40,515
Shareholder reports		43,488			28,499			24,526		30,203		12,791			29,093		54,092			1,848			5,291
Shareholder servicing – Institutional Class		2,176			1,173			1,507		2,837		121			6,223		7,384			126			2,045
Shareholder servicing – Retirement Class		413,395			127,129			270,156		287,361		—			257,003		61,544			78			92,177
Shareholder servicing – Retail Class		28,253			135,216			63,443		65,449		66,673			71,578		7,901			108			293,415
Shareholder servicing – Premier Class		120			109			115		215		—			112		90			14			183
Trustee fees and expenses		12,985			6,998			5,306		9,067		2,212			10,650		21,038			12			5,891
Compliance fees		35,263			17,976			13,367		23,693		5,690			26,106		50,701			39			16,005
Interest expense		978			222			4		7		—			13		756			—			87
Registration fees		19,962			13,251			13,767		17,057		6,696			25,135		30,099			3,052			32,064
Other expenses		29,113			19,497			28,766		65,813		7,247			30,213		94,544			886			4,343

Total expenses		4,213,435			2,573,847			1,849,746		3,675,862		1,165,503			2,913,153		2,301,280			19,038			1,649,313
Less: Expenses reimbursed by the investment adviser		—			—			—		—		(15,563	)		—		(108,580	)		(13,886	)		(22,473	)
Fee waiver by investment adviser and TPIS		—			—			—		—		—			—		—			—			(804,482	)

Net expenses		4,213,435			2,573,847			1,849,746		3,675,862		1,149,940			2,913,153		2,192,700			5,152			822,358

Net investment income (loss)		28,626,690			17,498,060			6,669,419		46,607,303		4,880,303			19,100,041		32,331,181			4,349			123,844

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		41,808,233			13,907,565			1,131,021		3,791,510		1,479,908			2,871,456		2,206,860			143,334			1,773
Swap transactions		1,361			(60,195	)		1,166		—		—			—		—			—			—
Foreign currency transactions		(39,424	)		(19,712	)		—		—		—			—		—			—			—

Net realized gain (loss) on total investments		41,770,170			13,827,658			1,132,187		3,791,510		1,479,908			2,871,456		2,206,860			143,334			1,773

Change in unrealized appreciation (depreciation) on:
Portfolio investments		34,691,321			25,492,579			9,642,888		43,316,182		8,844,919			60,438,462		78,353,715			291,745			—
Swap transactions		57,493			(388,240	)		27,713		—		—			—		—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		875			436			—		—		—			—		—			—			—

Net change in unrealized appreciation (depreciation) on total investments		34,749,689			25,104,775			9,670,601		43,316,182		8,844,919			60,438,462		78,353,715			291,745			—

Net realized and unrealized gain (loss) on total investments		76,519,859			38,932,433			10,802,788		47,107,692		10,324,827			63,309,918		80,560,575			435,079			1,773

Net increase (decrease) in net assets from operations	$	105,146,549		$	56,430,493		$	17,472,207	$	93,714,995	$	15,205,130		$	82,409,959	$	112,891,756		$	439,428		$	125,617


*	The Social Choice Bond Fund commenced operations on September 21, 2012.


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

S tatements of changes in net assets

TIAA-CREF Funds § For the year or period ended


		Bond Fund						Bond Plus Fund						Short-Term Bond Fund						High-Yield Fund						Tax-Exempt Bond Fund

		September 30, 2012			March 31, 2012			September 30, 2012			March 31, 2012			September 30, 2012			March 31, 2012			September 30, 2012			March 31, 2012			September 30, 2012			March 31, 2012

		(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	28,626,690		$	56,406,971		$	17,498,060		$	34,325,058		$	6,669,419		$	12,235,037		$	46,607,303		$	70,893,549		$	4,880,303		$	9,511,165
Net realized gain (loss) on total investments			41,770,170			64,279,808			13,827,658			13,583,384			1,132,187			3,258,251			3,791,510			8,144,783			1,479,908			1,930,701
Net change in unrealized appreciation (depreciation) on total investments			34,749,689			32,189,029			25,104,775			24,394,527			9,670,601			6,365,633			43,316,182			(2,955,968	)		8,844,919			21,579,931

Net increase (decrease) in net assets from operations			105,146,549			152,875,808			56,430,493			72,302,969			17,472,207			21,858,921			93,714,995			76,082,364			15,205,130			33,021,797

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(23,468,537	)		(46,288,718	)		(11,802,716	)		(22,099,978	)		(3,870,235	)		(6,626,202	)		(30,893,325	)		(45,022,856	)		(136,996	)		(308,364	)
	Retirement Class		(3,860,609	)		(7,487,308	)		(1,468,533	)		(2,816,852	)		(1,501,986	)		(2,572,236	)		(6,740,274	)		(11,744,615	)		—			—
	Retail Class		(920,825	)		(1,623,598	)		(3,945,256	)		(8,989,633	)		(1,146,408	)		(2,627,329	)		(8,232,152	)		(12,016,310	)		(4,743,307	)		(9,202,801	)
	Premier Class		(368,476	)		(1,009,004	)		(188,246	)		(425,379	)		(152,873	)		(413,358	)		(741,552	)		(2,109,768	)		—			—
From realized gains:	Institutional Class		—			(38,955,497	)		—			(852,672	)		—			(2,193,413	)		—			—			—			—
	Retirement Class		—			(7,558,514	)		—			(116,101	)		—			(966,026	)		—			—			—			—
	Retail Class		—			(1,706,224	)		—			(373,273	)		—			(929,557	)		—			—			—			—
	Premier Class		—			(966,139	)		—			(17,930	)		—			(154,769	)		—			—			—			—

Total distributions			(28,618,447	)		(105,595,002	)		(17,404,751	)		(35,691,818	)		(6,671,502	)		(16,482,890	)		(46,607,303	)		(70,893,549	)		(4,880,303	)		(9,511,165	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		244,993,800			577,051,242			113,952,994			291,918,206			131,678,231			245,790,579			375,756,561			478,125,845			452,224			2,171,201
	Retirement Class		43,715,290			91,264,367			29,449,962			37,796,067			89,031,887			106,659,482			62,225,714			77,131,912			—			—
	Retail Class		14,115,425			29,145,726			12,704,598			24,781,170			23,063,657			39,060,274			94,473,065			105,317,837			37,574,199			73,236,741
	Premier Class		6,263,827			19,719,846			4,090,641			14,243,028			4,036,018			22,289,784			12,908,169			20,688,442			—			—
Reinvestments of distributions:	Institutional Class		4,000,700			51,171,533			1,292,076			2,283,118			2,206,478			5,838,213			10,740,170			12,777,250			7,050			27,766
	Retirement Class		3,860,609			15,045,822			1,468,533			2,932,953			1,501,986			3,538,262			6,740,274			11,744,615			—			—
	Retail Class		862,364			3,189,446			3,585,052			8,503,908			1,101,155			3,397,034			7,490,249			10,471,254			4,258,638			8,119,250
	Premier Class		368,476			1,975,143			188,246			443,309			152,873			568,127			741,552			2,109,768			—			—
Redemptions:	Institutional Class		(253,815,651	)		(588,609,139	)		(101,554,024	)		(94,381,113	)		(42,807,464	)		(78,040,225	)		(46,443,538	)		(133,470,336	)		(894,652	)		(3,420,266	)
	Retirement Class		(47,382,880	)		(45,873,918	)		(10,803,786	)		(21,025,144	)		(18,125,092	)		(56,967,811	)		(27,927,279	)		(62,161,190	)		—			—
	Retail Class		(7,870,878	)		(13,597,920	)		(13,490,091	)		(33,762,315	)		(15,125,997	)		(32,763,717	)		(31,841,109	)		(36,574,337	)		(21,745,858	)		(44,603,620	)
	Premier Class		(10,967,053	)		(24,846,289	)		(2,675,569	)		(13,935,578	)		(4,555,191	)		(21,701,509	)		(2,636,969	)		(32,539,868	)		—			—

Net increase (decrease) from shareholder transactions			(1,855,971	)		115,635,859			38,208,632			219,797,609			172,158,541			237,668,493			462,226,859			453,621,192			19,651,601			35,531,072

Net increase in net assets			74,672,131			162,916,665			77,234,374			256,408,760			182,959,246			243,044,524			509,334,551			458,810,007			29,976,428			59,041,704

NET ASSETS
Beginning of period			2,197,358,021			2,034,441,356			1,102,096,018			845,687,258			808,511,544			565,467,020			1,362,112,667			903,302,660			351,025,117			291,983,413

End of period		$	2,272,030,152		$	2,197,358,021		$	1,179,330,392		$	1,102,096,018		$	991,470,790		$	808,511,544		$	1,871,447,218		$	1,362,112,667		$	381,001,545		$	351,025,117

Undistributed net investment income (loss) included in net assets		$	(490,593	)	$	(498,836	)	$	(57,030	)	$	(150,339	)	$	(9,738	)	$	(7,655	)	$	(295,279	)	$	(295,279	)	$	11,267		$	11,267

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		22,745,389			54,436,351			10,616,495			28,102,815			12,599,542			23,659,916			37,054,658			48,883,984			40,918			201,411
	Retirement Class		3,986,971			8,471,229			2,727,807			3,632,755			8,503,022			10,252,190			6,180,166			7,827,751			—			—
	Retail Class		1,289,162			2,704,915			1,180,256			2,378,595			2,205,250			3,757,911			9,337,204			10,668,253			3,390,584			6,844,591
	Premier Class		582,641			1,852,927			379,959			1,373,594			385,744			2,142,745			1,278,354			2,124,781			—			—
Shares reinvested:	Institutional Class		370,649			4,882,630			119,829			219,375			211,174			563,342			1,065,072			1,300,927			636			2,604
	Retirement Class		351,330			1,405,823			136,053			281,381			143,447			340,855			668,127			1,196,730			—			—
	Retail Class		78,565			298,371			332,126			815,953			105,285			327,227			739,468			1,062,073			383,352			761,472
	Premier Class		34,057			187,607			17,410			42,573			14,583			54,742			73,298			215,014			—			—
Shares redeemed:	Institutional Class		(23,548,546	)		(55,365,676	)		(9,449,425	)		(9,097,098	)		(4,098,987	)		(7,510,130	)		(4,663,893	)		(13,662,636	)		(81,058	)		(323,233	)
	Retirement Class		(4,343,443	)		(4,246,419	)		(1,014,088	)		(2,025,670	)		(1,735,252	)		(5,475,076	)		(2,739,735	)		(6,399,316	)		—			—
	Retail Class		(718,642	)		(1,265,759	)		(1,253,921	)		(3,247,761	)		(1,447,490	)		(3,151,755	)		(3,158,243	)		(3,723,005	)		(1,966,080	)		(4,206,139	)
	Premier Class		(1,024,541	)		(2,329,903	)		(250,949	)		(1,333,205	)		(436,565	)		(2,087,132	)		(265,686	)		(3,300,053	)		—			—

Net increase (decrease) from shareholder transactions			(196,408	)		11,032,096			3,541,552			21,143,307			16,449,753			22,874,835			45,568,790			46,194,503			1,768,352			3,280,706


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


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


		Inflation-Linked Bond Fund						Bond Index Fund						Social Choice Bond Fund*			Money Market Fund

		September 30, 2012			March 31, 2012			September 30, 2012			March 31, 2012			September 30, 2012			September 30, 2012			March 31, 2012

		(unaudited)						(unaudited)						(unaudited)			(unaudited)
OPERATIONS
Net investment income (loss)		$	19,100,041		$	41,428,974		$	32,331,181		$	48,099,857		$	4,349		$	123,844		$	119,340
Net realized gain (loss) on total investments			2,871,456			8,579,123			2,206,860			1,761,806			143,334			1,773			2,971
Net change in unrealized appreciation (depreciation) on total investments			60,438,462			89,389,157			78,353,715			74,500,044			291,745			—			—

Net increase (decrease) in net assets from operations			82,409,959			139,397,254			112,891,756			124,361,707			439,428			125,617			122,311

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(17,160,184	)		(29,443,968	)		(31,686,463	)		(47,347,922	)		(4,259	)		(123,836	)		(119,340	)
	Retirement Class		(2,697,838	)		(6,164,646	)		(409,784	)		(437,594	)		(33	)		—			—
	Retail Class		(2,930,207	)		(5,144,657	)		(106,470	)		(187,245	)		(4	)		—			—
	Premier Class		(246,717	)		(655,732	)		(127,945	)		(127,096	)		(53	)		—			—
From realized gains:	Institutional Class		—			(1,304,494	)		—			—			—			—			—
	Retirement Class		—			(280,598	)		—			—			—			—			—
	Retail Class		—			(223,629	)		—			—			—			—			—
	Premier Class		—			(25,815	)		—			—			—			—			—

Total distributions			(23,034,946	)		(43,243,539	)		(32,330,662	)		(48,099,857	)		(4,349	)		(123,836	)		(119,340	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		134,268,213			448,102,126			599,464,144			1,658,034,153			47,000,010			166,560,172			181,215,283
	Retirement Class		31,413,076			86,999,141			15,105,536			40,926,507			1,055,061			27,909,101			196,097,762
	Retail Class		33,194,003			71,335,314			3,272,112			9,153,247			1,006,000			82,837,019			220,902,291
	Premier Class		3,746,601			17,495,516			7,612,169			11,979,400			1,000,020			5,439,479			19,378,251
Reinvestments of distributions:	Institutional Class		14,302,166			24,715,991			28,752,098			42,093,571			4,259			123,836			119,340
	Retirement Class		2,697,838			6,445,244			409,784			437,594			33			—			—
	Retail Class		2,798,492			5,161,676			97,035			172,798			4			—			—
	Premier Class		246,717			681,547			127,945			127,096			53			—			—
Redemptions:	Institutional Class		(81,185,698	)		(135,342,314	)		(188,598,976	)		(249,057,226	)		(10	)		(167,075,143	)		(138,977,286	)
	Retirement Class		(14,890,828	)		(94,551,982	)		(4,786,608	)		(4,150,591	)		(40	)		(35,310,598	)		(180,168,501	)
	Retail Class		(17,640,278	)		(34,809,335	)		(2,486,495	)		(3,168,767	)		—			(124,885,986	)		(316,627,054	)
	Premier Class		(4,877,768	)		(17,253,654	)		(2,349,681	)		(3,455,581	)		(20	)		(5,082,404	)		(28,350,145	)

Net increase (decrease) from shareholder transactions			104,072,534			378,979,270			456,619,063			1,503,092,201			50,065,370			(49,484,524	)		(46,410,059	)

Net increase (decrease) in net assets			163,447,547			475,132,985			537,180,157			1,579,354,051			50,500,449			(49,482,743	)		(46,407,088	)

NET ASSETS
Beginning of period			1,585,019,229			1,109,886,244			2,974,134,421			1,394,780,370			—			1,043,354,440			1,089,761,528

End of period		$	1,748,466,776		$	1,585,019,229		$	3,511,314,578		$	2,974,134,421		$	50,500,449		$	993,871,697		$	1,043,354,440

Undistributed net investment income (loss) included in net assets		$	(3,903,037	)	$	31,868		$	1,857		$	1,338		$	—		$	(4,544	)	$	(4,552	)

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		10,842,077			37,372,775			54,792,620			154,712,274			4,700,001			166,560,231			181,215,278
	Retirement Class		2,505,841			7,293,353			1,380,091			3,832,262			105,479			27,909,101			196,097,762
	Retail Class		2,732,054			6,127,171			298,928			854,365			100,596			82,837,019			220,902,291
	Premier Class		301,959			1,482,594			695,428			1,114,970			100,002			5,439,479			19,378,251
Shares reinvested:	Institutional Class		1,166,643			2,124,625			2,619,065			3,939,619			422			123,777			119,345
	Retirement Class		218,025			551,184			37,168			40,739			3			—			—
	Retail Class		232,820			454,080			8,835			16,169			—			—			—
	Premier Class		20,140			58,851			11,499			11,860			5			—			—
Shares redeemed:	Institutional Class		(6,538,926	)		(11,325,610	)		(17,239,619	)		(23,268,118	)		(1	)		(167,075,143	)		(138,977,286	)
	Retirement Class		(1,192,947	)		(7,803,684	)		(437,904	)		(385,467	)		(4	)		(35,310,598	)		(180,168,501	)
	Retail Class		(1,455,450	)		(2,999,930	)		(228,506	)		(296,464	)		—			(124,885,986	)		(316,627,054	)
	Premier Class		(393,082	)		(1,443,886	)		(216,201	)		(323,059	)		(2	)		(5,082,404	)		(28,350,145	)

Net increase (decrease) from shareholder transactions			8,439,154			31,891,523			41,721,404			140,249,150			5,006,501			(49,484,524	)		(46,410,059	)


*	The Social Choice Bond Fund commenced operations on September 21, 2012.


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

F inancial highlights

Bond Fund § For the period or year ended


	Institutional Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.59		$	10.36		$	10.70		$	10.20		$	9.68		$	9.94		$	9.97


Gain from investment operations:
Net investment income (loss) (a)		0.14			0.29			0.15			0.35			0.41			0.48			0.49
Net realized and unrealized gain (loss) on total investments		0.37			0.50			(0.22	)		0.50			0.52			(0.26	)		(0.03	)

Total gain (loss) from investment operations		0.51			0.79			(0.07	)		0.85			0.93			0.22			0.46


Less distributions from:
Net investment income		(0.14	)		(0.29	)		(0.15	)		(0.35	)		(0.41	)		(0.48	)		(0.49	)
Net realized gains		—			(0.27	)		(0.12	)		—			—			—			—

Total distributions		(0.14	)		(0.56	)		(0.27	)		(0.35	)		(0.41	)		(0.48	)		(0.49	)

Net asset value, end of period	$	10.96		$	10.59		$	10.36		$	10.70		$	10.20		$	9.68		$	9.94


TOTAL RETURN		4.84	%(b)		7.81	%		(0.67	)%(b)		8.47	%		10.00	%		2.06	%		4.74	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,816,688		$	1,759,983		$	1,681,237		$	2,474,347		$	2,151,009		$	1,883,323		$	1,615,363
Ratio of expenses to average net assets before expense waiver and reimbursement		0.32	%(c)		0.33	%		0.33	%(c)		0.33	%		0.36	%		0.32	%		0.32	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.32	%(c)		0.33	%		0.33	%(c)		0.33	%		0.34	%		0.32	%		0.32	%
Ratio of net investment income (loss) to average net assets		2.59	%(c)		2.78	%		2.80	%(c)		3.35	%		4.20	%		4.79	%		4.91	%
Portfolio turnover rate		193	%(b)(g)		402	%(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)		113	%		189	%


	Retirement Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

		(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.77		$	10.54		$	10.88		$	10.37		$	9.84		$	10.10		$	10.13


Gain from investment operations:
Net investment income (loss) (a)		0.13			0.27			0.14			0.32			0.39			0.46			0.47
Net realized and unrealized gain (loss) on total investments		0.38			0.50			(0.22	)		0.52			0.54			(0.27	)		(0.03	)

Total gain (loss) from investment operations		0.51			0.77			(0.08	)		0.84			0.93			0.19			0.44


Less distributions from:
Net investment income		(0.13	)		(0.27	)		(0.14	)		(0.33	)		(0.40	)		(0.45	)		(0.47	)
Net realized gains		—			(0.27	)		(0.12	)		—			—			—			—

Total distributions		(0.13	)		(0.54	)		(0.26	)		(0.33	)		(0.40	)		(0.45	)		(0.47	)

Net asset value, end of period	$	11.15		$	10.77		$	10.54		$	10.88		$	10.37		$	9.84		$	10.10


TOTAL RETURN		4.74	%(b)		7.45	%		(0.76	)%(b)		8.22	%		9.64	%		1.87	%		4.43	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	339,220		$	327,833		$	261,330		$	239,160		$	121,753		$	28,760		$	8,302
Ratio of expenses to average net assets before expense waiver and reimbursement		0.57	%(c)		0.58	%		0.58	%(c)		0.58	%		0.62	%		0.57	%		0.59	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.57	%(c)		0.58	%		0.58	%(c)		0.58	%		0.59	%		0.57	%		0.59	%
Ratio of net investment income (loss) to average net assets		2.34	%(c)		2.53	%		2.56	%(c)		3.06	%		3.86	%		4.56	%		4.69	%
Portfolio turnover rate		193	%(b)(g)		402	%(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)		113	%		189	%


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


Financial highlights	concluded

Bond Fund § For the period or year ended


	Retail Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.76		$	10.53		$	10.87		$	10.36		$	9.83		$	10.09		$	10.11


Gain from investment operations:
Net investment income (loss) (a)		0.12			0.27			0.14			0.33			0.41			0.48			0.49
Net realized and unrealized gain (loss) on total investments		0.38			0.50			(0.22	)		0.52			0.53			(0.27	)		(0.03	)

Total gain (loss) from investment operations		0.50			0.77			(0.08	)		0.85			0.94			0.21			0.46


Less distributions from:
Net investment income		(0.12	)		(0.27	)		(0.14	)		(0.34	)		(0.41	)		(0.47	)		(0.48	)
Net realized gains		—			(0.27	)		(0.12	)		—			—			—			—

Total distributions		(0.12	)		(0.54	)		(0.26	)		(0.34	)		(0.41	)		(0.47	)		(0.48	)

Net asset value, end of period	$	11.14		$	10.76		$	10.53		$	10.87		$	10.36		$	9.83		$	10.09


TOTAL RETURN		4.71	%(b)		7.44	%		(0.74	)%(b)		8.31	%		9.75	%		2.08	%		4.68	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	86,002		$	76,117		$	56,163		$	58,330		$	35,143		$	21,166		$	7,078
Ratio of expenses to average net assets before expense waiver and reimbursement		0.64	%(c)		0.60	%		0.52	%(c)		0.50	%		0.68	%		0.56	%		0.60	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.64	%(c)		0.60	%		0.52	%(c)		0.50	%		0.50	%		0.39	%		0.42	%
Ratio of net investment income (loss) to average net assets		2.27	%(c)		2.50	%		2.61	%(c)		3.16	%		4.04	%		4.73	%		4.87	%
Portfolio turnover rate		193	%(b)(g)		402	%(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)		113	%		189	%


		Premier Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09	*

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.59		$	10.37		$	10.71		$	10.20		$	10.20


Gain from investment operations:
Net investment income (loss) (a)		0.13			0.28			0.14			0.31			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.37			0.49			(0.22	)		0.53			—

Total gain (loss) from investment operations		0.50			0.77			(0.08	)		0.84			0.00	(e)


Less distributions from:
Net investment income		(0.13	)		(0.28	)		(0.14	)		(0.33	)		—
Net realized gains		—			(0.27	)		(0.12	)		—			—

Total distributions		(0.13	)		(0.55	)		(0.26	)		(0.33	)		—

Net asset value, end of period	$	10.96		$	10.59		$	10.37		$	10.71		$	10.20


TOTAL RETURN		4.76	%(b)		7.54	%		(0.75	)%(b)		8.40	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	30,120		$	33,425		$	35,712		$	22,196		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.47	%(c)		0.48	%		0.48	%(c)		0.48	%		220.90	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.47	%(c)		0.48	%		0.48	%(c)		0.48	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		2.43	%(c)		2.63	%		2.65	%(c)		2.94	%		0.00	%(c)
Portfolio turnover rate		193	%(b)(g)		402	%(g)		161	%(b)(f)(g)		216	%(f)(g)		173	%(g)


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(e)	Amount represents less than $0.01 per share.
(f)	Does not include in-kind transactions.
(g)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending September 30, 2012, March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 98%, 140%, 49%, 67% and 113%, respectively.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.


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

Financial highlights

Bond Plus Fund § For the period or year ended


	Institutional Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.56		$	10.16		$	10.36		$	9.78		$	9.38		$	10.00		$	10.10


Gain from investment operations:
Net investment income (loss) (a)		0.17			0.38			0.20			0.47			0.47			0.51			0.51
Net realized and unrealized gain (loss) on total investments		0.37			0.41			(0.20	)		0.58			0.40			(0.62	)		(0.10	)

Total gain (loss) from investment operations		0.54			0.79			0.00	(e)		1.05			0.87			(0.11	)		0.41


Less distributions from:
Net investment income		(0.17	)		(0.38	)		(0.20	)		(0.47	)		(0.47	)		(0.51	)		(0.51	)
Net realized gains		—			(0.01	)		—			—			—			—			(0.00	)(e)

Total distributions		(0.17	)		(0.39	)		(0.20	)		(0.47	)		(0.47	)		(0.51	)		(0.51	)

Net asset value, end of period	$	10.93		$	10.56		$	10.16		$	10.36		$	9.78		$	9.38		$	10.00


TOTAL RETURN		5.14	%(b)		7.91	%		(0.03	)%(b)		10.98	%		9.67	%		(1.18	)%		4.16	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	757,789		$	718,619		$	496,173		$	238,020		$	206,893		$	245,035		$	282,159
Ratio of expenses to average net assets before expense waiver and reimbursement		0.34	%(c)		0.35	%		0.37	%(c)		0.37	%		0.40	%		0.38	%		0.42	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.34	%(c)		0.35	%		0.35	%(c)		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets		3.16	%(c)		3.62	%		3.90	%(c)		4.68	%		5.07	%		5.17	%		5.12	%
Portfolio turnover rate		131	%(b)(g)		221	%(g)		99	%(b)(g)		158	%(g)		143	%(g)		92	%		137	%


		Retirement Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09			9/30/08			9/30/07

		(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.57		$	10.17		$	10.37		$	9.79		$	9.39		$	10.02		$	10.12


Gain from investment operations:
Net investment income (loss) (a)		0.16			0.35			0.18			0.43			0.45			0.49			0.49
Net realized and unrealized gain (loss) on total investments		0.37			0.41			(0.20	)		0.59			0.40			(0.63	)		(0.09	)

Total gain (loss) from investment operations		0.53			0.76			(0.02	)		1.02			0.85			(0.14	)		0.40


Less distributions from:
Net investment income		(0.16	)		(0.35	)		(0.18	)		(0.44	)		(0.45	)		(0.49	)		(0.50	)
Net realized gains		—			(0.01	)		—			—			—			—			(0.00	)(e)

Total distributions		(0.16	)		(0.36	)		(0.18	)		(0.44	)		(0.45	)		(0.49	)		(0.50	)

Net asset value, end of period	$	10.94		$	10.57		$	10.17		$	10.37		$	9.79		$	9.39		$	10.02


TOTAL RETURN		5.01	%(b)		7.64	%		(0.16	)%(b)		10.70	%		9.39	%		(1.49	)%		4.01	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	119,056		$	95,480		$	72,668		$	92,179		$	58,533		$	9,913		$	8,830
Ratio of expenses to average net assets before expense waiver and reimbursement		0.59	%(c)		0.60	%		0.62	%(c)		0.62	%		0.65	%		0.63	%		0.72	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.59	%(c)		0.60	%		0.60	%(c)		0.60	%		0.60	%		0.61	%		0.55	%
Ratio of net investment income (loss) to average net assets		2.91	%(c)		3.36	%		3.58	%(c)		4.34	%		4.80	%		4.95	%		4.92	%
Portfolio turnover rate		131	%(b)(g)		221	%(g)		99	%(b)(g)		158	%(g)		143	%(g)		92	%		137	%


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


Financial highlights	concluded

Bond Plus Fund § For the period or year ended


	Retail Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.58		$	10.18		$	10.38		$	9.80		$	9.40		$	10.02		$	10.12


Gain from investment operations:
Net investment income (loss) (a)		0.15			0.35			0.18			0.45			0.46			0.50			0.50
Net realized and unrealized gain (loss) on total investments		0.37			0.41			(0.20	)		0.58			0.40			(0.61	)		(0.10	)

Total gain (loss) from investment operations		0.52			0.76			(0.02	)		1.03			0.86			(0.11	)		0.40


Less distributions from:
Net investment income		(0.15	)		(0.35	)		(0.18	)		(0.45	)		(0.46	)		(0.51	)		(0.50	)
Net realized gains		—			(0.01	)		—			—			—			—			(0.00	)(e)

Total distributions		(0.15	)		(0.36	)		(0.18	)		(0.45	)		(0.46	)		(0.51	)		(0.50	)

Net asset value, end of period	$	10.95		$	10.58		$	10.18		$	10.38		$	9.80		$	9.40		$	10.02


TOTAL RETURN		4.95	%(b)		7.59	%		(0.14	)%(b)		10.78	%		9.50	%		(1.26	)%		4.09	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	288,121		$	275,663		$	265,818		$	277,069		$	247,928		$	241,183		$	264,897
Ratio of expenses to average net assets before expense waiver and reimbursement		0.69	%(c)		0.64	%		0.59	%(c)		0.54	%		0.74	%		0.74	%		0.77	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.69	%(c)		0.64	%		0.58	%(c)		0.52	%		0.49	%		0.44	%		0.41	%
Ratio of net investment income (loss) to average net assets		2.81	%(c)		3.33	%		3.62	%(c)		4.50	%		4.93	%		5.09	%		5.07	%
Portfolio turnover rate		131	%(b)(g)		221	%(g)		99	%(b)(g)		158	%(g)		143	%(g)		92	%		137	%


	Premier Class

	9/30/12			3/31/12			3/31/11		^†		9/30/10		9/30/09		*

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.56		$	10.16		$	10.36		$	9.78		$	9.78


Gain from investment operations:
Net investment income (loss) (a)		0.16			0.36			0.19			0.40			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.37			0.41			(0.20	)		0.63			—

Total gain (loss) from investment operations		0.53			0.77			(0.01	)		1.03			0.00	(e)


Less distributions from:
Net investment income		(0.16	)		(0.36	)		(0.19	)		(0.45	)		—
Net realized gains		—			(0.01	)		—			—			—

Total distributions		(0.16	)		(0.37	)		(0.19	)		(0.45	)		—

Net asset value, end of period	$	10.93		$	10.56		$	10.16		$	10.36		$	9.78


TOTAL RETURN		5.06	%(b)		7.75	%		(0.11	)%(b)		10.82	%		0.00	%(b )

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	14,364		$	12,334		$	11,028		$	10,857		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.49	%(c)		0.50	%		0.52	%(c)		0.52	%		220.91	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.49	%(c)		0.50	%		0.50	%(c)		0.50	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		3.01	%(c)		3.45	%		3.69	%(c)		3.89	%		0.00	%(c)
Portfolio turnover rate		131	%(b)(g)		221	%(g)		99	%(b)(g)		158	%(g)		143	%(g)


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(e)	Amount represents less than $0.01 per share.
(g)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending September 30, 2012, March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 50%, 105%, 63%, 90% and 108%, respectively.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.


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

Financial highlights

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


	Institutional Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.40		$	10.30		$	10.43		$	10.11		$	9.78		$	10.04		$	10.04


Gain from investment operations:
Net investment income (loss) (a)		0.09			0.20			0.11			0.28			0.36			0.45			0.48
Net realized and unrealized gain (loss) on total investments		0.12			0.16			(0.13	)		0.32			0.33			(0.26	)		(0.00	)(e)

Total gain (loss) from investment operations		0.21			0.36			(0.02	)		0.60			0.69			0.19			0.48


Less distributions from:
Net investment income		(0.09	)		(0.20	)		(0.11	)		(0.28	)		(0.36	)		(0.45	)		(0.48	)
Net realized gains		—			(0.06	)		—			—			—			—			(0.00	)(e)

Total distributions		(0.09	)		(0.26	)		(0.11	)		(0.28	)		(0.36	)		(0.45	)		(0.48	)

Net asset value, end of period	$	10.52		$	10.40		$	10.30		$	10.43		$	10.11		$	9.78		$	10.04


TOTAL RETURN		2.00	%(b)		3.53	%		(0.20	)%(b)		6.05	%		7.23	%		1.88	%		4.87	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	528,831		$	431,936		$	255,835		$	176,043		$	101,583		$	135,936		$	163,035
Ratio of expenses to average net assets before expense waiver and reimbursement		0.29	%(c)		0.31	%		0.32	%(c)		0.33	%		0.38	%		0.37	%		0.40	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.29	%(c)		0.30	%		0.30	%(c)		0.30	%		0.29	%		0.31	%		0.30	%
Ratio of net investment income (loss) to average net assets		1.65	%(c)		1.90	%		2.11	%(c)		2.74	%		3.66	%		4.46	%		4.76	%
Portfolio turnover rate		35	%(b)		146	%		93	%(b)		95	%		173	%		102	%		82	%


	Retirement Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.41		$	10.31		$	10.44		$	10.12		$	9.78		$	10.05		$	10.06


Gain from investment operations:
Net investment income (loss) (a)		0.07			0.17			0.10			0.25			0.34			0.42			0.46
Net realized and unrealized gain (loss) on total investments		0.12			0.16			(0.13	)		0.33			0.34			(0.26	)		(0.00	)(e)

Total gain (loss) from investment operations		0.19			0.33			(0.03	)		0.58			0.68			0.16			0.46


Less distributions from:
Net investment income		(0.07	)		(0.17	)		(0.10	)		(0.26	)		(0.34	)		(0.43	)		(0.47	)
Net realized gains		—			(0.06	)		—			—			—			—			(0.00	)(e)

Total distributions		(0.07	)		(0.23	)		(0.10	)		(0.26	)		(0.34	)		(0.43	)		(0.47	)

Net asset value, end of period	$	10.53		$	10.41		$	10.31		$	10.44		$	10.12		$	9.78		$	10.05


TOTAL RETURN		1.87	%(b)		3.27	%		(0.32	)%(b)		5.79	%		7.07	%		1.56	%		4.63	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	263,693		$	188,614		$	134,128		$	121,535		$	56,366		$	19,752		$	12,785
Ratio of expenses to average net assets before expense waiver and reimbursement		0.54	%(c)		0.55	%		0.57	%(c)		0.58	%		0.64	%		0.63	%		0.67	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.54	%(c)		0.55	%		0.55	%(c)		0.55	%		0.54	%		0.56	%		0.50	%
Ratio of net investment income (loss) to average net assets		1.39	%(c)		1.65	%		1.86	%(c)		2.42	%		3.40	%		4.23	%		4.58	%
Portfolio turnover rate		35	%(b)		146	%		93	%(b)		95	%		173	%		102	%		82	%


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


Financial highlights	concluded

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


	Retail Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.41		$	10.31		$	10.44		$	10.12		$	9.78		$	10.05		$	10.05


Gain from investment operations:
Net investment income (loss) (a)		0.07			0.17			0.10			0.26			0.35			0.44			0.47
Net realized and unrealized gain (loss) on total investments		0.12			0.16			(0.13	)		0.33			0.34			(0.27	)		0.01

Total gain (loss) from investment operations		0.19			0.33			(0.03	)		0.59			0.69			0.17			0.48


Less distributions from:
Net investment income		(0.07	)		(0.17	)		(0.10	)		(0.27	)		(0.35	)		(0.44	)		(0.48	)
Net realized gains		—			(0.06	)		—			—			—			—			(0.00	)(e)

Total distributions		(0.07	)		(0.23	)		(0.10	)		(0.27	)		(0.35	)		(0.44	)		(0.48	)

Net asset value, end of period	$	10.53		$	10.41		$	10.31		$	10.44		$	10.12		$	9.78		$	10.05


TOTAL RETURN		1.83	%(b)		3.24	%		(0.30	)%(b)		5.87	%		7.19	%		1.71	%		4.86	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	177,860		$	166,750		$	155,623		$	149,768		$	111,912		$	104,084		$	101,059
Ratio of expenses to average net assets before expense waiver and reimbursement		0.62	%(c)		0.58	%		0.52	%(c)		0.50	%		0.71	%		0.67	%		0.76	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.62	%(c)		0.57	%		0.50	%(c)		0.47	%		0.43	%		0.38	%		0.34	%
Ratio of net investment income (loss) to average net assets		1.33	%(c)		1.64	%		1.91	%(c)		2.58	%		3.53	%		4.40	%		4.69	%
Portfolio turnover rate		35	%(b)		146	%		93	%(b)		95	%		173	%		102	%		82	%


	Premier Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09		*

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.41		$	10.31		$	10.43		$	10.11		$	10.11

Gain from investment operations:
Net investment income (loss) (a)		0.08			0.18			0.10			0.25			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.12			0.16			(0.12	)		0.34			—

Total gain (loss) from investment operations		0.20			0.34			(0.02	)		0.59			0.00	(e)

Less distributions from:
Net investment income		(0.08	)		(0.18	)		(0.10	)		(0.27	)		—
Net realized gains		—			(0.06	)		—			—			—

Total distributions		(0.08	)		(0.24	)		(0.10	)		(0.27	)		—

Net asset value, end of period	$	10.53		$	10.41		$	10.31		$	10.43		$	10.11


TOTAL RETURN		1.92	%(b)		3.37	%		(0.18	)%(b)		5.89	%		0.00	%(b )

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	21,086		$	21,211		$	19,881		$	19,884		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.44	%(c)		0.45	%		0.47	%(c)		0.48	%		220.86	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.44	%(c)		0.45	%		0.45	%(c)		0.45	%		0.45	%(c)
Ratio of net investment income (loss) to average net assets		1.51	%(c)		1.75	%		1.95	%(c)		2.39	%		0.00	%(c)
Portfolio turnover rate		35	%(b)		146	%		93	%(b)		95	%		173	%


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


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

Financial highlights

High-Yield Fund § For the period or year ended


	Institutional Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.97		$	9.99		$	9.74		$	9.04		$	8.41		$	9.94		$	9.92


Gain from investment operations:
Net investment income (loss) (a)		0.31			0.68			0.35			0.72			0.78			0.76			0.72
Net realized and unrealized gain (loss) on total investments		0.30			(0.02	)		0.25			0.70			0.63			(1.52	)		0.02

Total gain (loss) from investment operations		0.61			0.66			0.60			1.42			1.41			(0.76	)		0.74


Less distributions from:
Net investment income		(0.31	)		(0.68	)		(0.35	)		(0.72	)		(0.78	)		(0.76	)		(0.72	)
Net realized gains		—			—			—			—			—			(0.01	)		—

Total distributions		(0.31	)		(0.68	)		(0.35	)		(0.72	)		(0.78	)		(0.77	)		(0.72	)

Net asset value, end of period	$	10.27		$	9.97		$	9.99		$	9.74		$	9.04		$	8.41		$	9.94


TOTAL RETURN		6.21	%(b)		6.91	%		6.22	%(b)		16.41	%		18.83	%		(8.15	)%		7.66	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,260,241		$	889,869		$	527,004		$	398,933		$	245,983		$	228,048		$	228,834
Ratio of expenses to average net assets before expense waiver and reimbursement		0.38	%(c)		0.39	%		0.40	%(c)		0.41	%		0.45	%		0.43	%		0.49	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.38	%(c)		0.39	%		0.40	%(c)		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income (loss) to average net assets		6.13	%(c)		6.90	%		7.04	%(c)		7.76	%		10.07	%		8.05	%		7.30	%
Portfolio turnover rate		27	%(b)		62	%		43	%(b)		109	%		79	%		59	%		43	%


	Retirement Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.96		$	9.99		$	9.74		$	9.04		$	8.41		$	9.95		$	9.92


Gain from investment operations:
Net investment income (loss) (a)		0.30			0.65			0.34			0.70			0.76			0.74			0.71
Net realized and unrealized gain (loss) on total investments		0.31			(0.03	)		0.25			0.70			0.63			(1.53	)		0.03

Total gain (loss) from investment operations		0.61			0.62			0.59			1.40			1.39			(0.79	)		0.74


Less distributions from:
Net investment income		(0.30	)		(0.65	)		(0.34	)		(0.70	)		(0.76	)		(0.74	)		(0.71	)
Net realized gains		—			—			—			—			—			(0.01	)		—

Total distributions		(0.30	)		(0.65	)		(0.34	)		(0.70	)		(0.76	)		(0.75	)		(0.71	)

Net asset value, end of period	$	10.27		$	9.96		$	9.99		$	9.74		$	9.04		$	8.41		$	9.95


TOTAL RETURN		6.18	%(b)		6.54	%		6.09	%(b)		16.12	%		18.54	%		(8.45	)%		7.61	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	250,586		$	202,282		$	176,489		$	166,383		$	125,322		$	28,694		$	15,869
Ratio of expenses to average net assets before expense waiver and reimbursement		0.63	%(c)		0.64	%		0.65	%(c)		0.66	%		0.71	%		0.69	%		0.73	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.63	%(c)		0.64	%		0.65	%(c)		0.65	%		0.65	%		0.65	%		0.60	%
Ratio of net investment income (loss) to average net assets		5.87	%(c)		6.65	%		6.78	%(c)		7.49	%		9.38	%		7.91	%		7.10	%
Portfolio turnover rate		27	%(b)		62	%		43	%(b)		109	%		79	%		59	%		43	%


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


Financial highlights	concluded

High-Yield Fund § For the period or year ended


	Retail Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.01		$	10.03		$	9.78		$	9.08		$	8.44		$	9.98		$	9.94


Gain from investment operations:
Net investment income (loss) (a)		0.30			0.65			0.34			0.71			0.77			0.75			0.72
Net realized and unrealized gain (loss) on total investments		0.30			(0.02	)		0.25			0.70			0.64			(1.53	)		0.03

Total gain (loss) from investment operations		0.60			0.63			0.59			1.41			1.41			(0.78	)		0.75


Less distributions from:
Net investment income		(0.30	)		(0.65	)		(0.34	)		(0.71	)		(0.77	)		(0.75	)		(0.71	)
Net realized gains		—			—			—			—			—			(0.01	)		—

Total distributions		(0.30	)		(0.65	)		(0.34	)		(0.71	)		(0.77	)		(0.76	)		(0.71	)

Net asset value, end of period	$	10.31		$	10.01		$	10.03		$	9.78		$	9.08		$	8.44		$	9.98


TOTAL RETURN		6.04	%(b)		6.63	%		6.11	%(b)		16.18	%		18.78	%		(8.28	)%		7.76	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	327,993		$	249,119		$	169,337		$	156,374		$	126,323		$	101,026		$	143,329
Ratio of expenses to average net assets before expense waiver and reimbursement		0.68	%(c)		0.66	%		0.59	%(c)		0.58	%		0.79	%		0.71	%		0.76	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.68	%(c)		0.66	%		0.59	%(c)		0.57	%		0.54	%		0.48	%		0.47	%
Ratio of net investment income (loss) to average net assets		5.83	%(c)		6.62	%		6.85	%(c)		7.60	%		9.86	%		7.94	%		7.25	%
Portfolio turnover rate		27	%(b)		62	%		43	%(b)		109	%		79	%		59	%		43	%


	Premier Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09		*

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.97		$	9.99		$	9.74		$	9.04		$	9.04


Gain from investment operations:
Net investment income (loss) (a)		0.30			0.66			0.34			0.71			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.30			(0.02	)		0.25			0.70			—

Total gain (loss) from investment operations		0.60			0.64			0.59			1.41			0.00	(e)


Less distributions from:
Net investment income		(0.30	)		(0.66	)		(0.34	)		(0.71	)		—
Net realized gains		—			—			—			—			—

Total distributions		(0.30	)		(0.66	)		(0.34	)		(0.71	)		—

Net asset value, end of period	$	10.27		$	9.97		$	9.99		$	9.74		$	9.04


TOTAL RETURN		6.13	%(b)		6.75	%		6.14	%(b)		16.23	%		0.00	%(b )

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	32,627		$	20,842		$	30,472		$	16,836		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.53	%(c)		0.54	%		0.55	%(c)		0.56	%		220.96	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.53	%(c)		0.54	%		0.55	%(c)		0.55	%		0.55	%(c)
Ratio of net investment income (loss) to average net assets		5.96	%(c)		6.74	%		6.87	%(c)		7.52	%		0.00	%(c)
Portfolio turnover rate		27	%(b)		62	%		43	%(b)		109	%		79	%


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


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

Financial highlights

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


	Institutional Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.86		$	10.06		$	10.80		$	10.51		$	9.69		$	10.13		$	10.19


Gain from investment operations:
Net investment income (loss) (a)		0.16			0.34			0.19			0.38			0.38			0.36			0.38
Net realized and unrealized gain (loss) on total investments		0.32			0.80			(0.63	)		0.31			0.82			(0.44	)		(0.06	)

Total gain (loss) from investment operations		0.48			1.14			(0.44	)		0.69			1.20			(0.08	)		0.32


Less distributions from:
Net investment income		(0.16	)		(0.34	)		(0.19	)		(0.38	)		(0.38	)		(0.36	)		(0.38	)
Net realized gains		—			—			(0.11	)		(0.02	)		(0.00	)(e)		(0.00	)(e)		—

Total distributions		(0.16	)		(0.34	)		(0.30	)		(0.40	)		(0.38	)		(0.36	)		(0.38	)

Net asset value, end of period	$	11.18		$	10.86		$	10.06		$	10.80		$	10.51		$	9.69		$	10.13


TOTAL RETURN		4.48	%(b)		11.46	%		(4.07	)%(b)		6.75	%		12.70	%		(0.87	)%		3.21	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	9,343		$	9,508		$	10,003		$	14,845		$	23,263		$	66,144		$	75,790
Ratio of expenses to average net assets before expense waiver and reimbursement		0.36	%(c)		0.38	%		0.40	%(c)		0.38	%		0.42	%		0.41	%		0.46	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%(c)		0.35	%		0.35	%(c)		0.35	%		0.35	%		0.36	%		0.35	%
Ratio of net investment income (loss) to average net assets		2.95	%(c)		3.21	%		3.70	%(c)		3.66	%		3.83	%		3.51	%		3.76	%
Portfolio turnover rate		25	%(b)		59	%		11	%(b)		29	%		28	%		50	%		48	%


	Retail Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.88		$	10.07		$	10.81		$	10.52		$	9.70		$	10.14		$	10.20


Gain from investment operations:
Net investment income (loss) (a)		0.15			0.32			0.18			0.37			0.36			0.35			0.38
Net realized and unrealized gain (loss) on total investments		0.31			0.81			(0.63	)		0.31			0.83			(0.44	)		(0.06	)

Total gain (loss) from investment operations		0.46			1.13			(0.45	)		0.68			1.19			(0.09	)		0.32


Less distributions from:
Net investment income		(0.15	)		(0.32	)		(0.18	)		(0.37	)		(0.37	)		(0.35	)		(0.38	)
Net realized gains		—			—			(0.11	)		(0.02	)		(0.00	)(e)		(0.00	)(e)		—

Total distributions		(0.15	)		(0.32	)		(0.29	)		(0.39	)		(0.37	)		(0.35	)		(0.38	)

Net asset value, end of period	$	11.19		$	10.88		$	10.07		$	10.81		$	10.52		$	9.70		$	10.14


TOTAL RETURN		4.23	%(b)		11.30	%		(4.14	)%(b)		6.61	%		12.55	%		(0.90	)%		3.16	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	371,659		$	341,517		$	281,980		$	318,965		$	236,065		$	179,559		$	179,606
Ratio of expenses to average net assets before expense waiver and reimbursement		0.65	%(c)		0.62	%		0.55	%(c)		0.52	%		0.70	%		0.65	%		0.72	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.64	%(c)		0.59	%		0.51	%(c)		0.49	%		0.47	%		0.39	%		0.39	%
Ratio of net investment income (loss) to average net assets		2.67	%(c)		2.96	%		3.56	%(c)		3.52	%		3.67	%		3.49	%		3.76	%
Portfolio turnover rate		25	%(b)		59	%		11	%(b)		29	%		28	%		50	%		48	%


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


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

Financial highlights

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


	Institutional Class

	9/30/12			3/31/12			3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.07		$	11.16		$	11.21		$	10.53		$	10.07		$	10.12		$	10.08


Gain from investment operations:
Net investment income (loss) (a)		0.14			0.36			0.17			0.27			(0.02	)		0.71			0.41
Net realized and unrealized gain (loss) on total investments		0.48			0.95			(0.05	)		0.67			0.48			(0.07	)		0.03

Total gain (loss) from investment operations		0.62			1.31			0.12			0.94			0.46			0.64			0.44


Less distributions from:
Net investment income		(0.17	)		(0.39	)		(0.17	)		(0.26	)		(0.00	)(e)		(0.69	)		(0.40	)
Net realized gains		—			(0.01	)		—			—			—			—			—

Total distributions		(0.17	)		(0.40	)		(0.17	)		(0.26	)		(0.00	)(e)		(0.69	)		(0.40	)

Net asset value, end of period	$	12.52		$	12.07		$	11.16		$	11.21		$	10.53		$	10.07		$	10.12


TOTAL RETURN		5.19	%(b)		11.92	%		1.05	%(b)		9.04	%		4.57	%		6.20	%		4.51	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,286,159		$	1,174,406		$	771,048		$	737,043		$	524,468		$	440,993		$	438,862
Ratio of expenses to average net assets before expense waiver and reimbursement		0.27	%(c)		0.28	%		0.29	%(c)		0.32	%		0.39	%		0.34	%		0.36	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.27	%(c)		0.28	%		0.29	%(c)		0.32	%		0.35	%		0.34	%		0.35	%
Ratio of net investment income (loss) to average net assets		2.35	%(c)		3.07	%		3.01	%(c)		2.47	%		(0.18	)%		6.67	%		4.07	%
Portfolio turnover rate		7	%(b)		13	%		7	%(b)		12	%		17	%		16	%		26	%


	Retirement Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.18		$	11.25		$	11.31		$	10.62		$	10.18		$	10.23		$	10.19


Gain from investment operations:
Net investment income (loss) (a)		0.13			0.36			0.15			0.24			(0.02	)		0.82			0.45
Net realized and unrealized gain (loss) on total investments		0.48			0.94			(0.06	)		0.68			0.46			(0.20	)		(0.02	)

Total gain (loss) from investment operations		0.61			1.30			0.09			0.92			0.44			0.62			0.43


Less distributions from:
Net investment income		(0.17	)		(0.36	)		(0.15	)		(0.23	)		(0.00	)(e)		(0.67	)		(0.39	)
Net realized gains		—			(0.01	)		—			—			—			—			—

Total distributions		(0.17	)		(0.37	)		(0.15	)		(0.23	)		(0.00	)(e)		(0.67	)		(0.39	)

Net asset value, end of period	$	12.62		$	12.18		$	11.25		$	11.31		$	10.62		$	10.18		$	10.23


TOTAL RETURN		5.00	%(b)		11.73	%		0.83	%(b)		8.80	%		4.33	%		5.95	%		4.29	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	217,346		$	191,083		$	176,090		$	175,037		$	112,192		$	88,127		$	17,840
Ratio of expenses to average net assets before expense waiver and reimbursement		0.52	%(c)		0.53	%		0.54	%(c)		0.57	%		0.64	%		0.59	%		0.61	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.52	%(c)		0.53	%		0.54	%(c)		0.57	%		0.60	%		0.59	%		0.55	%
Ratio of net investment income (loss) to average net assets		2.07	%(c)		3.01	%		2.77	%(c)		2.20	%		(0.20	)%		7.57	%		4.47	%
Portfolio turnover rate		7	%(b)		13	%		7	%(b)		12	%		17	%		16	%		26	%


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


Financial highlights	concluded

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


	Retail Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.84		$	10.95		$	11.00		$	10.34		$	9.90		$	9.96		$	9.93


Gain from investment operations:
Net investment income (loss) (a)		0.12			0.34			0.16			0.24			(0.06	)		0.77			0.38
Net realized and unrealized gain (loss) on total investments		0.47			0.92			(0.05	)		0.66			0.50			(0.15	)		0.04

Total gain (loss) from investment operations		0.59			1.26			0.11			0.90			0.44			0.62			0.42


Less distributions from:
Net investment income		(0.17	)		(0.36	)		(0.16	)		(0.24	)		(0.00	)(e)		(0.68	)		(0.39	)
Net realized gains		—			(0.01	)		—			—			—			—			—

Total distributions		(0.17	)		(0.37	)		(0.16	)		(0.24	)		(0.00	)(e)		(0.68	)		(0.39	)

Net asset value, end of period	$	12.26		$	11.84		$	10.95		$	11.00		$	10.34		$	9.90		$	9.96


TOTAL RETURN		4.98	%(b)		11.68	%		0.98	%(b)		8.84	%		4.45	%		6.11	%		4.35	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	226,879		$	201,227		$	146,917		$	147,427		$	127,272		$	131,575		$	56,824
Ratio of expenses to average net assets before expense waiver and reimbursement		0.59	%(c)		0.55	%		0.47	%(c)		0.49	%		0.66	%		0.58	%		0.63	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.59	%(c)		0.55	%		0.47	%(c)		0.49	%		0.49	%		0.44	%		0.48	%
Ratio of net investment income (loss) to average net assets		2.00	%(c)		2.91	%		2.80	%(c)		2.30	%		(0.59	)%		7.28	%		3.85	%
Portfolio turnover rate		7	%(b)		13	%		7	%(b)		12	%		17	%		16	%		26	%


	Premier Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09	*

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.06		$	11.15		$	11.21		$	10.53		$	10.53


Gain from investment operations:
Net investment income (loss) (a)		0.14			0.37			0.16			0.13			0.00	(e)
Net realized and unrealized gain (loss) on total investments		0.47			0.92			(0.06	)		0.80			—

Total gain (loss) from investment operations		0.61			1.29			0.10			0.93			0.00	(e)


Less distributions from:
Net investment income		(0.17	)		(0.37	)		(0.16	)		(0.25	)		—
Net realized gains		—			(0.01	)		—			—			—

Total distributions		(0.17	)		(0.38	)		(0.16	)		(0.25	)		—

Net asset value, end of period	$	12.50		$	12.06		$	11.15		$	11.21		$	10.53


TOTAL RETURN		5.08	%(b)		11.77	%		0.89	%(b)		8.89	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	18,083		$	18,303		$	15,832		$	14,474		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.42	%(c)		0.43	%		0.44	%(c)		0.47	%		220.91	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.42	%(c)		0.43	%		0.44	%(c)		0.47	%		0.50	%(c)
Ratio of net investment income (loss) to average net assets		2.29	%(c)		3.13	%		2.88	%(c)		1.19	%		0.00	%(c)
Portfolio turnover rate		7	%(b)		13	%		7	%(b)		12	%		17	%(b)


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


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


Financial highlights

Bond Index Fund § For the period or year ended


	Institutional Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.77		$	10.25		$	10.50		$	10.04		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.11			0.26			0.13			0.31			0.01
Net realized and unrealized gain (loss) on total investments		0.27			0.52			(0.24	)		0.46			0.04

Total gain (loss) from investment operations		0.38			0.78			(0.11	)		0.77			0.05


Less distributions from:
Net investment income		(0.11	)		(0.26	)		(0.13	)		(0.31	)		(0.01	)
Net realized gains		—			—			(0.01	)		(0.00	)(e)		—

Total distributions		(0.11	)		(0.26	)		(0.14	)		(0.31	)		(0.01	)

Net asset value, end of period	$	11.04		$	10.77		$	10.25		$	10.50		$	10.04


TOTAL RETURN		3.54	%(b)		7.69	%		(1.11	)%(b)		7.87	%		0.48	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	3,427,336		$	2,908,947		$	1,382,598		$	411,709		$	99,497
Ratio of expenses to average net assets before expense waiver and reimbursement		0.14	%(c)		0.15	%		0.17	%(c)		0.31	%		3.37	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.13	%(c)		0.13	%		0.13	%(c)		0.13	%		0.12	%(c)
Ratio of net investment income (loss) to average net assets		2.01	%(c)		2.42	%		2.44	%(c)		3.08	%		1.65	%(c)
Portfolio turnover rate		13	%(b)		23	%		87	%(b)(f)		66	%(f)		279	%(b)


	Retirement Class

	9/30/12			3/31/12			3/31/11		^†	9/30/10			9/30/09		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.77		$	10.26		$	10.50		$	10.04		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.10			0.23			0.11			0.29			0.01
Net realized and unrealized gain (loss) on total investments		0.28			0.52			(0.23	)		0.46			0.04

Total gain (loss) from investment operations		0.38			0.75			(0.12	)		0.75			0.05


Less distributions from:
Net investment income		(0.10	)		(0.24	)		(0.11	)		(0.29	)		(0.01	)
Net realized gains		—			—			(0.01	)		(0.00	)(e)		—

Total distributions		(0.10	)		(0.24	)		(0.12	)		(0.29	)		(0.01	)

Net asset value, end of period	$	11.05		$	10.77		$	10.26		$	10.50		$	10.04


TOTAL RETURN		3.51	%(b)		7.32	%		(1.14	)%(b)		7.61	%		0.47	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	52,744		$	40,874		$	3,157		$	2,887		$	1,005
Ratio of expenses to average net assets before expense waiver and reimbursement		0.40	%(c)		0.40	%		0.43	%(c)		0.57	%		6.81	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.38	%(c)		0.38	%		0.38	%(c)		0.38	%		0.36	%(c)
Ratio of net investment income (loss) to average net assets		1.76	%(c)		2.11	%		2.19	%(c)		2.82	%		1.41	%(c)
Portfolio turnover rate		13	%(b)		23	%		87	%(b)(f)		66	%(f)		279	%(b)


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


Financial highlights	concluded

Bond Index Fund § For the period or year ended


	Retail Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09	(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.77		$	10.26		$	10.50		$	10.04		$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.09			0.22			0.11			0.28			0.01
Net realized and unrealized gain (loss) on total investments		0.28			0.52			(0.23	)		0.46			0.04

Total gain (loss) from investment operations		0.37			0.74			(0.12	)		0.74			0.05


Less distributions from:
Net investment income		(0.09	)		(0.23	)		(0.11	)		(0.28	)		(0.01	)
Net realized gains		—			—			(0.01	)		(0.00	)(e)		—

Total distributions		(0.09	)		(0.23	)		(0.12	)		(0.28	)		(0.01	)

Net asset value, end of period	$	11.05		$	10.77		$	10.26		$	10.50		$	10.04


TOTAL RETURN		3.45	%(b)		7.22	%		(1.19	)%(b)		7.51	%		0.46	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	13,940		$	12,737		$	6,242		$	4,215		$	1,005
Ratio of expenses to average net assets before expense waiver and reimbursement		0.51	%(c)		0.49	%		0.54	%(c)		0.66	%		6.81	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.48	%(c)		0.48	%		0.48	%(c)		0.48	%		0.45	%(c)
Ratio of net investment income (loss) to average net assets		1.66	%(c)		2.08	%		2.10	%(c)		2.74	%		1.32	%(c)
Portfolio turnover rate		13	%(b)		23	%		87	%(b)(f)		66	%(f)		279	%(b)


	Premier Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09	*

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.77		$	10.25		$	10.49		$	10.04		$	10.04


Gain from investment operations:
Net investment income (loss) (a)		0.10			0.24			0.12			0.30			—
Net realized and unrealized gain (loss) on total investments		0.27			0.53			(0.23	)		0.45			—

Total gain (loss) from investment operations		0.37			0.77			(0.11	)		0.75			—


Less distributions from:
Net investment income		(0.10	)		(0.25	)		(0.12	)		(0.30	)		—
Net realized gains		—			—			(0.01	)		(0.00	)(e)		—

Total distributions		(0.10	)		(0.25	)		(0.13	)		(0.30	)		—

Net asset value, end of period	$	11.04		$	10.77		$	10.25		$	10.49		$	10.04


TOTAL RETURN		3.46	%(b)		7.53	%		(1.09	)%(b)		7.61	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	17,295		$	11,577		$	2,784		$	1,451		$	1,000
Ratio of expenses to average net assets before expense waiver and reimbursement		0.29	%(c)		0.30	%		0.33	%(c)		0.47	%		55.37	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.28	%(c)		0.28	%		0.28	%(c)		0.28	%		0.28	%(c)
Ratio of net investment income (loss) to average net assets		1.86	%(c)		2.22	%		2.31	%(c)		2.94	%		0.00	%(c)
Portfolio turnover rate		13	%(b)		23	%		87	%(b)(f)		66	%(f)		279	%(b)


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


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


Financial highlights

Social Choice Bond Fund § For the period ended


	Institutional
	Class

	9/30/12		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.00	(e)
Net realized and unrealized gain on total investments		0.09

Total gain (loss) from investment operations		0.09


Less distributions from:
Net investment income		0.00	(e)
Net realized gains		—

Total distributions		0.00	(e)

Net asset value, end of period	$	10.09


TOTAL RETURN		0.91	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	47,413
Ratio of expenses to average net assets before expense waiver and reimbursement		1.51	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.40	%(c)
Ratio of net investment income (loss) to average net assets		0.37	%(c)
Portfolio turnover rate		27	%(b)


	Retirement
	Class

	9/30/12		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.00	(e)
Net realized and unrealized gain on total investments		0.09

Total gain (loss) from investment operations		0.09


Less distributions from:
Net investment income		0.00	(e)
Net realized gains		—

Total distributions		0.00	(e)

Net asset value, end of period	$	10.09


TOTAL RETURN		0.90	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,064
Ratio of expenses to average net assets before expense waiver and reimbursement		1.79	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.65	%(c)
Ratio of net investment income (loss) to average net assets		0.13	%(c)
Portfolio turnover rate		27	%(b)


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


Financial highlights	concluded

Social Choice Bond Fund § For the period ended


	Retail
	Class

	9/30/12		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.00	(e)
Net realized and unrealized gain on total investments		0.09

Total gain (loss) from investment operations		0.09


Less distributions from:
Net investment income		0.00	(e)
Net realized gains		—

Total distributions		0.00	(e)

Net asset value, end of period	$	10.09


TOTAL RETURN		0.90	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,015
Ratio of expenses to average net assets before expense waiver and reimbursement		2.18	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.75	%(c)
Ratio of net investment income (loss) to average net assets		0.02	%(c)
Portfolio turnover rate		27	%(b)


	Premier
	Class

	9/30/12		(d)

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00


Gain from investment operations:
Net investment income (loss) (a)		0.00	(e)
Net realized and unrealized gain on total investments		0.09

Total gain (loss) from investment operations		0.09


Less distributions from:
Net investment income		0.00	(e)
Net realized gains		—

Total distributions		0.00	(e)

Net asset value, end of period	$	10.09


TOTAL RETURN		0.91	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,009
Ratio of expenses to average net assets before expense waiver and reimbursement		1.70	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.55	%(c)
Ratio of net investment income (loss) to average net assets		0.22	%(c)
Portfolio turnover rate		27	%(b)


(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on September 21, 2012.
(e)	Amount represents less than $0.01 per share.


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


Financial highlights

Money Market Fund § For the period or year ended


	Institutional Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Gain from investment operations:
Net investment income (loss) (a)		0.00	(e)		0.00	(e)		0.00	(e)		0.00	(e)		0.01			0.03			0.05
Net realized and unrealized gain on total investments		—			—			—			—			—			—			—

Total gain (loss) from investment operations		0.00	(e)		0.00	(e)		0.00	(e)		0.00	(e)		0.01			0.03			0.05


Less distributions from:
Net investment income		(0.00	)(e)		(0.00	)(e)		(0.00	)(e)		(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)
Net realized gains		—			—			—			—			—			—			—

Total distributions		(0.00	)(e)		(0.00	)(e)		(0.00	)(e)		(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


TOTAL RETURN		0.03	%(b)		0.03	%		0.04	%(b)		0.13	%		1.03	%		3.51	%		5.37	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	469,198		$	469,588		$	427,230		$	433,888		$	336,137		$	293,537		$	235,421
Ratio of expenses to average net assets before expense waiver and reimbursement		0.13	%(c)		0.13	%		0.15	%(c)		0.15	%		0.22	%		0.14	%		0.14	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.13	%(c)		0.13	%		0.15	%(c)		0.15	%		0.17	%		0.14	%		0.14	%
Ratio of net investment income (loss) to average net assets		0.05	%(c)		0.03	%		0.09	%(c)		0.13	%		1.00	%		3.39	%		5.21	%


	Retirement Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Gain from investment operations:
Net investment income (loss) (a)		—			—			—			0.00	(e)		0.01			0.03			0.05
Net realized and unrealized gain on total investments		—			—			—			—			—			—			—

Total gain (loss) from investment operations		—			—			—			0.00	(e)		0.01			0.03			0.05


Less distributions from:
Net investment income		—			—			—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)
Net realized gains		—			—			—			—			—			—			—

Total distributions		—			—			—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


TOTAL RETURN		0.00	%(b)		0.00	%		0.00	%(b)		0.00	%		0.78	%		3.25	%		5.12	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	73,288		$	80,690		$	64,760		$	79,434		$	133,415		$	97,832		$	98,903
Ratio of expenses to average net assets before expense waiver and reimbursement		0.39	%(c)		0.39	%		0.40	%(c)		0.40	%		0.47	%		0.39	%		0.39	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.18	%(c)		0.16	%		0.23	%(c)		0.27	%		0.41	%		0.39	%		0.35	%
Ratio of net investment income (loss) to average net assets		0.00	%(c)		0.00	%		0.00	%(c)		0.00	%		0.75	%		3.26	%		5.01	%


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2012 Semiannual Report	63


Financial highlights	concluded

Money Market Fund § For the period or year ended


	Retail Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09			9/30/08			9/30/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Gain from investment operations:
Net investment income (loss) (a)		—			—			—			0.00	(e)		0.01			0.03			0.05
Net realized and unrealized gain on total investments		—			—			—			—			—			—			—

Total gain (loss) from investment operations		—			—			—			0.00	(e)		0.01			0.03			0.05


Less distributions from:
Net investment income		—			—			—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)
Net realized gains		—			—			—			—			—			—			—

Total distributions		—			—			—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


TOTAL RETURN		0.00	%(b)		0.00	%		0.00	%(b)		0.00	%		0.91	%		3.43	%		5.25	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	444,322		$	486,370		$	582,093		$	650,426		$	887,149		$	1,093,363		$	1,034,417
Ratio of expenses to average net assets before expense waiver and reimbursement		0.51	%(c)		0.44	%		0.39	%(c)		0.33	%		0.54	%		0.40	%		0.43	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.18	%(c)		0.16	%		0.23	%(c)		0.27	%		0.28	%		0.22	%		0.25	%
Ratio of net investment income (loss) to average net assets		0.00	%(c)		0.00	%		0.00	%(c)		0.00	%		0.95	%		3.34	%		5.11	%


	Premier Class

		9/30/12			3/31/12			3/31/11	^†		9/30/10			9/30/09	*

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


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

Total gain (loss) from investment operations		—			—			—			0.00	(e)		—


Less distributions from:
Net investment income		—			—			—			(0.00	)(e)		—
Net realized gains		—			—			—			—			—

Total distributions		—			—			—			(0.00	)(e)		—

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


TOTAL RETURN		0.00	%(b)		0.00	%		0.00	%(b)		0.00	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	7,063		$	6,706		$	15,678		$	12,431		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.29	%(c)		0.28	%		0.30	%(c)		0.29	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.19	%(c)		0.16	%		0.23	%(c)		0.27	%		0.00	%(c)
Ratio of net investment income (loss) to average net assets		0.00	%(c)		0.00	%		0.00	%(c)		0.00	%		0.00	%(c)


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


64	2012 Semiannual Report § TIAA-CREF Funds: Fixed-Income Funds	See notes to financial statements

N otes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Bond Fund, Bond Plus Fund, Short-Term Bond Fund, High-Yield Fund, Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund, Social Choice Bond Fund and the Money Market Fund (collectively the “Funds” or individually, the “Fund”). The Social Choice Bond Fund commenced operations on September 21, 2012.

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

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

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

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

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

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

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

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

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


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

Notes to financial statements (unaudited)

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 pronouncements: In April 2011, the Financial Accounting Standards Board (“FASB”) adopted Accounting Standards Update (“ASU”) 2011-03, Reconsideration of Effective Control for Repurchase Agreements. ASU 2011-03 amends ASC 860, Transfers and Servicing in relation to the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem the financial assets before their maturity. ASU 2011-03 eliminates the collateral maintenance provision that an entity may use to determine whether a transfer of securities in a repurchase agreement or other agreement is accounted for as a sale or a secured borrowing. Effective April 1, 2012, the Funds adopted this guidance with no material impact to the Funds’ financial statements and notes disclosure.

In May 2011, FASB adopted ASU No. 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The ASU converges the guidance of both entities on fair value measurements and disclosures. ASU 2011-04 requires additional disclosures around transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy. Effective April 1, 2012, the Funds adopted this guidance with no material impact to the Funds’ financial statements and notes disclosure.

In December 2011, the FASB issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities (the “Update”). The Update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the Update’s adoption on the Funds’ financial statement disclosures.

Note 2—valuation of investments


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

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

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

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

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

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

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


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

continued

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

Transfers between levels are recognized at the end of the reporting period. For the period ended September 30, 2012, there were no transfers between levels by the Funds.

As of September 30, 2012, 100% of the value of investments in the Bond Fund, Short-Term Bond Fund, Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund and Money Market Fund were valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Funds’ investments as of September 30, 2012:


Fund	Level 1		Level 2			Level 3		Total

Bond Plus
Bank loan obligations	$	—	$	47,141,455		$	—	$	47,141,455
Corporate bonds		—		493,739,952			—		493,739,952
Government bonds		—		467,203,639			—		467,203,639
Structured assets		—		125,315,096			—		125,315,096
Preferred stocks		1,351,340		—			—		1,351,340
Short-term investments		—		193,961,297			—		193,961,297
Swaps*				(159,668	)				(159,668	)

Total	$	1,351,340	$	1,327,201,771		$	—	$	1,328,553,111

High-Yield
Bank loan obligations	$	—	$	168,016,911		$	—	$	168,016,911
Corporate bonds		—		1,626,672,481			—		1,626,672,481
Preferred stocks		3,038,939		—			—		3,038,939
Short-term investments		—		98,499,088			—		98,499,088

Total	$	3,038,939	$	1,893,188,480		$	—	$	1,896,227,419

Social Choice Bond
Corporate bonds		—		7,274,800			—		7,274,800
Government bonds		—		32,328,277			—		32,328,277
Structured assets		—		4,506,378			—		4,506,378
Preferred stocks		258,060		—			—		258,060

Total	$	258,060	$	44,109,455		$	—	$	44,367,515


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

Note 3—derivative instruments

Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.

At September 30, 2012, 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	Unrealized appreciation on swap agreements	$	57,493	Swap premiums received	$	207,925

Bond Plus Fund Credit contracts	Swap premiums paid		287,979	Unrealized appreciation on swap agreements		404,667
Credit contracts	Unrealized appreciation on swap agreements		16,427	Swap premiums received		59,407

Short-Term Bond Fund Credit contracts	Unrealized appreciation on swap agreements		27,713	Swap premiums received		37,626


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

Notes to financial statements (unaudited)

For the period ended September 30, 2012, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:


Derivative contracts	Location	Realized gain (loss)			Change in unrealized appreciation (depreciation)

Bond Fund
Credit contracts	Swap transactions	$	1,361		$	57,493
Bond Plus Fund Credit contracts	Swap transactions		(60,195	)		(388,240	)
Short-Term Bond Fund Credit contracts	Swap transactions		1,166			27,713

Credit default swap contracts: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Fund is required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Fund. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Fund could be required to make under the contract. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund keeps the stream of payments with no payment obligations. When the Fund sells a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Fund.

The Fund may also buy credit default swap contracts, in which case the Fund functions as the counterparty referenced above. This involves the risk that the contract may expire worthless. It also involves counterparty risk that the seller may fail to satisfy its payment obligations to the Fund with the occurrence of a credit event.

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

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

The Funds (other than the Money Market Fund) invest in credit default swaps to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the period ended September 30, 2012, the Bond Fund, Bond Plus Fund and Short-Term Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At September 30, 2012, open credit default swap contracts purchased by the Funds were as follows:


Fund	Reference entity	Counterparty	Maturity date	Fixed payments paid by fund per annum		Implied credit spread at 9/30/2012	⁽¹⁾		Notional amount	⁽²⁾		Upfront Premium Paid (Received)		Unrealized appreciation (depreciation)

Bond Plus	H18 5yr Index	UBS AG	6/20/17	5.47	%	4.84	%	$	15,000,000		$	287,979	$	(404,667	)


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

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

At September 30, 2012, open credit default swap contracts sold by the Funds were as follows:


Fund	Reference entity	Counterparty	Maturity date	Fixed payments received by fund per annum		Implied credit spread at 9/30/2012	⁽¹⁾		Notional amount	⁽²⁾		Upfront Premium Paid (Received	)		Unrealized appreciation (depreciation)

Bond	Federative Republic of Brazil	UBS AG	9/20/22	1.00	%	1.49	%	$	3,500,000		$	(207,925	)	$	57,493
Bond Plus	Federative Republic of Brazil	UBS AG	9/20/22	1.00		1.49			1,000,000			(59,407	)		16,427
Short-Term Bond	Federative Republic of Brazil	Bank of America	9/20/17	1.00		1.07			3,000,000			(37,626	)		27,713


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

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


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

continued

Note 4—investment adviser and affiliates

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

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

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

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

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of September 30, 2012, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:


	Investment management fee range			Investment management fee-effective rate			Service agreement fee			Maximum distribution fee						Maximum expense amounts‡

Fund							Retirement Class			Retail Class			Premier Class			Institutional Class			Retirement Class			Retail Class			Premier Class

Bond*		0.27%–0.30	%		0.29	%		0.25	%		0.25	%		0.15	%		0.35	%		0.60	%		0.70	%		0.50	%
Bond Plus*		0.27–0.30			0.30			0.25			0.25			0.15			0.35			0.60			0.70			0.50
Short-Term Bond*		0.22–0.25			0.25			0.25			0.25			0.15			0.30			0.55			0.65			0.45
High-Yield*		0.32–0.35			0.35			0.25			0.25			0.15			0.40			0.65			0.75			0.55
Tax-Exempt Bond*		0.27–0.30			0.30			—			0.25			—			0.35			—			0.70			—
Inflation-Linked Bond*		0.22–0.25			0.25			0.25			0.25			0.15			0.35			0.60			0.70			0.50
Bond Index		0.10			0.10			0.25			0.25			0.15			0.13			0.38			0.48			0.28
Social Choice Bond*		0.32–0.35			0.35			0.25			0.25			0.15			0.40			0.65			0.75			0.55
Money Market		0.10			0.10			0.25			0.25			0.15			0.15			0.40			0.50			0.30


*	These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase.

^‡	Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements for all Funds, excluding the Social Choice Bond Fund, will continue through at least July 31, 2013. The expense reimbursement arrangement for the Social Choice Bond Fund will continue throughout at least October 31, 2013. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

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

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 as of September 30, 2012.


Underlying Fund	TIAA			TIAA-CREF Lifecycle Funds			TIAA-CREF Lifecycle Index Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total

Bond Fund		—			66	%		—			—			—			1	%		67	%
Bond Plus		—			36			—			1	%		19	%		3			59
Short-Term Bond		—			19			—			1			—			1			21
High-Yield		—			25			—			—			—			—			25
Inflation-Linked Bond		—			11			1	%		—			—			—			12
Bond Index		—			—			9			—			—			—			9
Social Choice Bond		100	%		—			—			—			—			—			100


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

Notes to financial statements (unaudited)

Note 5—investments

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

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

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

Dollar rolls transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

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

Net unrealized appreciation (depreciation): At September 30, 2012, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:


Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)

Bond	$	2,470,585,809	$	100,327,311	$	(1,630,629	)	$	98,696,682
Bond Plus		1,272,148,251		60,101,323		(3,536,795	)		56,564,528
Short-Term Bond		943,941,495		18,033,515		(1,039,806	)		16,993,709
High-Yield		1,809,725,665		96,966,566		(10,464,812	)		86,501,754
Tax-Exempt Bond		333,406,334		27,525,517		(12,339	)		27,513,178
Inflation-Linked Bond		1,526,134,275		213,330,313		—			213,330,313
Bond Index		3,404,507,107		135,019,971		(1,183,508	)		133,836,463
Social Choice Bond		44,075,770		315,613		(23,868	)		291,745

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended September 30, 2012 were as follows:


Fund	Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales

Bond	$	770,054,688	$	3,511,398,546	$	617,836,524	$	3,583,504,623
Bond Plus		353,001,914		1,181,660,175		248,964,059		1,185,805,631
Short-Term Bond		257,168,170		215,041,690		93,320,004		185,747,410
High-Yield		838,068,162		—		407,835,020		—
Tax-Exempt Bond		109,304,337		—		87,477,228		—
Inflation-Linked Bond		—		200,575,577		—		112,013,481
Bond Index		226,465,227		806,097,861		60,613,983		351,903,191
Social Choice Bond		13,709,781		42,241,064		—		12,017,264

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended March 31, 2012 was as follows :


	March 31, 2012

Fund	Ordinary income		Long-term capital gains		Total

Bond	$	83,985,826	$	21,609,176	$	105,595,002
Bond Plus		34,331,842		1,359,976		35,691,818
Short-Term Bond		13,827,727		2,655,163		16,482,890
High-Yield		70,893,549		—		70,893,549
Tax-Exempt Bond *		9,511,165		—		9,511,165
Inflation-Linked Bond		41,409,003		1,834,536		43,243,539
Bond Index		48,099,857		—		48,099,857
Money Market		119,340		—		119,340


*	Includes ordinary income which will not be taxable for federal income tax purposes in 2012 of $9,502,594.

The tax character of the fiscal 2013 distributions will be determined at the end of the fiscal year.

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by


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

concluded

other affiliated accounts or mutual funds. For the period ended September 30, 2012, 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.


See notes to financial statements	TIAA-CREF Funds: Fixed-Income Funds § 2012 Semiannual Report	71

A pproval of investment management agreement (unaudited)

Board approval of the investment management agreement for the TIAA-CREF Social Choice Bond 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, after the initial term, annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of its series, TIAA-CREF Social Choice Bond 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 approval process

The Board held meetings on May 15, June 12 and July 17, 2012, at which it considered the initial approval of the Agreement with respect to the Fund using its previously established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Committee and to the Board in connection with the proposed contract approval, and then helped to evaluate the information provided in response to those guidelines. The Operations Committee reviewed such guidelines and requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

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

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive expense comparison data regarding the Fund, including data relating to the Fund’s proposed management fee rate and projected total expense ratios. 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.

Among other matters, the Operations Committee also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of the projected profits, if any, to be earned by TAI with respect to its services to the Fund pursuant to the Agreement.

In advance of the Board meeting held on July 17, 2012, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to approve 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) a description of any proposed fee waiver or expense reimbursement arrangements; (2) a comparison of the Fund’s proposed management fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (3) recent investment performance of the fixed-income portion of the College Retirement Equities Fund (“CREF”) Social Choice Account and another separate account with investment strategies similar to those of the Fund; (4) any “fall-out” benefits that 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 its proposed rendering of services to the Fund; (6) information as to the potential profits to be earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and other related service agreements with TAI or its affiliates; and (8) proposed narrative explanations of reasons why the Board should approve the Agreement.

In considering whether to approve the Agreement, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services to be provided by TAI to the Fund; (2) the costs of the services provided to the Fund and the potential profits to be realized by TAI and its affiliates from their relationship with the Fund; (3) the fees charged by other advisers for managing funds with similar strategies; (4) the extent to which economies of scale are anticipated to be realized as the Fund grows; (5) whether the proposed fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fee rates with any contracts entered into by TAI or its affiliates with other clients to whom TAI or its affiliates provide comparable services; (7) comparative performance of other products managed by TAI or its affiliates with similar investment strategies; and (8) any other benefits 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 approve the Agreement.

In reaching its decision regarding the approval of the Agreement, 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 Trust and the Fund. In addition, the Board received and considered information from its legal counsel as to certain relevant


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

guidelines that relate to the approval process under Section 15(c) of the 1940 Act and certain other legal authorities.

In deciding whether to approve 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 approve the Agreement. At its meeting on July 17, 2012, the Board voted unanimously to approve the Agreement for the Fund. Set forth below are certain general factors the Board considered, 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 existing series of the Trust since their operations commenced. Investment professionals at TAI or its affiliates also manage various accounts or funds of CREF, TIAA-CREF Life Funds and TIAA Separate Account VA-1. Under the Agreement, TAI will be responsible for, among other duties: managing the assets of the Fund, including conducting research, recommending investments and placing orders to buy and sell securities for the Fund’s investment portfolios; active daily monitoring of the 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 had carried out these responsibilities in a competent and professional manner with respect to the pre-existing series of the Trust.

In addition, the Board considered the nature and quality of non-portfolio management services to be 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.

Cost and profitability

The Board considered pro forma financial and profitability data relating to TAI with respect to the Fund. The Board considered TAI’s projected profit/loss calculations with respect to its proposed services to the Fund both before and after taking into account the costs to be 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 that permit TAI to maintain and improve the quality of services provided to the Fund. The Board concluded that TAI’s potential profits with respect to its provision of services to the Fund would not be excessive in light of various relevant factors.

During its review of TAI’s potential 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 proposed management fee rate to be charged to the Fund under the Agreement was lower than the management fee rates charged by many or most comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between the Fund and it comparable mutual funds. Based on all factors considered, the Board concluded that the Fund’s proposed management fee rate under the Agreement was within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

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

Fee comparison with other TAI clients

The Board considered that TAI manages one institutional client account with similar investment strategies and investment staff as proposed for the Fund. The Board considered the management fee rate actually charged to this separate account. The Board also considered TAI’s representation that, while the management fee rate proposed to be charged to the Fund is higher than the management fee rate charged to this separate account, this is due in part to the fact that this separate account: is provided with different types or levels of services by TAI, including a different level of active social screening overlays; is subject to less extensive regulatory restrictions and oversight; was the first account managed by TAI using this strategy; is offered in a different market to a different type of investor; and is managed for a client that has additional business relationships with TAI or its affiliates; and that these factors, among others, justify different management fee rate schedules.

Other benefits

The Board also considered additional potential benefits to the Fund and to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Fund and other series of the Trust to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan


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


Approval of investment management agreement (unaudited)	concluded

provider in the academic and nonprofit markets and as a single source for all their financial service needs. Additionally, both TAI and the Fund may benefit from TAI’s ability to acquire investment research related to its commission ( i.e. , soft dollar) arrangements.

Synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to approve the Agreement. If the Fund is described in the following discussion as being in the “1st” quintile, it is in the best of five groups (that is, the group has the lowest expenses). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific projected management fee and expense factors outlined below are based on the Retirement Class shares of the Fund. Because the Retirement Class generally is expected to have different non-management expenses from the Institutional, Premier and Retail Classes of the Fund, the expenses of these other Classes are expected to differ from the expenses for the Retirement Class.


•	The Fund’s proposed annual contractual management fee is 0.35% of average daily net assets.
•	The Fund’s proposed management fee rate and projected total expenses are in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes, and the Fund’s projected total expenses are in the 3rd quintile of the universe of comparable funds identified by Lipper for expense comparison purposes.

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


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

Ho w to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

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

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

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


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Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS - Real Estate Securities Fund

TIAA-CREF FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2012


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

CORPORATE BONDS - 0.00%

HOMEBUILDING - 0.00%
$	1,698,479	j,m	PDG Realty S.A. Empreendimentos e Participacoes	0.000	%	09/19/16	$	586,477

			TOTAL HOMEBUILDING					586,477


			TOTAL CORPORATE BONDS					586,477

			(Cost $379,076 )

SHARES			COMPANY

COMMON STOCKS - 96.5%

DIVERSIFIED CAPITAL MARKETS - 0.3%
	250,000	*	HFF, Inc (Class A)					3,725,000

			TOTAL DIVERSIFIED CAPITAL MARKETS					3,725,000


DIVERSIFIED REITS - 4.3%
	275,000		iShares Dow Jones US Real Estate Index Fund					17,707,250
	500,000		NRDC Acquisition Corp					6,435,000
	340,000		Vornado Realty Trust					27,557,000

			TOTAL DIVERSIFIED REIT’S					51,699,250


HOMEBUILDING - 0.9%
	5,798,479		PDG Realty S.A.					10,926,225

			TOTAL HOMEBUILDING					10,926,225


INDUSTRIAL REITS - 4.2%
	870,000		AMB Property Corp					30,476,100
	210,000		EastGroup Properties, Inc					11,172,000
	325,000	*	First Industrial Realty Trust, Inc					4,270,500
	2,000,000		Global Logistic Properties					4,076,819

			TOTAL INDUSTRIAL REIT’S					49,995,419


MORTGAGE REITS - 0.7%
	500,000		Annaly Capital Management, Inc					8,420,000

			TOTAL MORTGAGE REIT’S					8,420,000


OFFICE REITS - 9.7%
	500,000		Boston Properties, Inc					55,305,000

TIAA-CREF FUNDS - Real Estate Securities Fund


SHARES			COMPANY	VALUE

	240,000		Digital Realty Trust, Inc	$	16,764,000
	696,000		Mission West Properties, Inc		6,055,200
	470,000		SL Green Realty Corp		37,632,900

			TOTAL OFFICE REITS		115,757,100


OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%
	211,200	*,b,g,m	People’s Choice Financial Corp		0

			TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0


REAL ESTATE OPERATING COMPANIES - 1.9%
	3,817,056	a	Thomas Properties Group, Inc		22,215,266

			TOTAL REAL ESTATE OPERATING COMPANIES		22,215,266


RESIDENTIAL REITS - 18.2%
	500,000		American Campus Communities, Inc		21,940,000
	400,000		AvalonBay Communities, Inc		54,396,000
	220,000		Equity Lifestyle Properties, Inc		14,986,400
	1,175,000		Equity Residential		67,597,750
	185,000		Home Properties, Inc		11,334,950
	280,000		Post Properties, Inc		13,428,800
	1,350,000		UDR, Inc		33,507,000

			TOTAL RESIDENTIAL REITS		217,190,900


RETAIL REITS - 24.5%
	1,575,000		DDR Corp		24,192,000
	350,000		Equity One, Inc		7,371,000
	300,000		Federal Realty Investment Trust		31,590,000
	1,100,000		General Growth Properties, Inc		21,428,000
	450,000		Macerich Co		25,753,500
	310,000		Regency Centers Corp		15,106,300
	875,000		Simon Property Group, Inc		132,833,750
	100,000		Tanger Factory Outlet Centers, Inc		3,233,000
	400,000		Taubman Centers, Inc		30,692,000

			TOTAL RETAIL REIT’S		292,199,550


SPECIALIZED REITS - 31.8%
	820,000		American Tower Corp		58,539,800
	80,000		Ashford Hospitality Trust, Inc		672,000
	700,000		CubeSmart		9,009,000
	1,500,000		DiamondRock Hospitality Co		14,445,000
	120,000		Entertainment Properties Trust		5,331,600
	350,000		Extra Space Storage, Inc		11,637,500
	675,000		HCP, Inc		30,024,000
	930,000		Health Care REIT, Inc		53,707,500
	2,100,000		Hersha Hospitality Trust		10,290,000
	1,500,000		Host Marriott Corp		24,075,000
	250,000		Plum Creek Timber Co, Inc		10,960,000
	410,000		Public Storage, Inc		57,059,700
	150,000		Rayonier, Inc		7,351,500
	1,300,000	*	Strategic Hotels & Resorts, Inc		7,813,000
	900,000	*	Sunstone Hotel Investors, Inc		9,900,000

TIAA-CREF FUNDS - Real Estate Securities Fund

SHARES

COMPANY

VALUE

750,000

Ventas, Inc

46,687,500

850,000

Weyerhaeuser Co

22,219,000

TOTAL SPECIALIZED REITS

379,722,100

TOTAL COMMON STOCKS

1,151,850,810

(Cost $996,466,768)

TOTAL INVESTMENTS - 96.5%

1,152,437,287

(Cost $996,845,844)

OTHER ASSETS & LIABILITIES, NET - 3.5%

42,521,894

NET ASSETS - 100.0%

1,194,959,181

Abbreviation(s):

REIT

Real Estate Investment Trust

Non-income producing.

Affiliated holding.

In bankruptcy.

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2012, the aggregate value of these securities amounted to $0 or 0.0% of net assets.

Zero coupon.

Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Bond Fund

TIAA-CREF FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2012


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

BONDS - 96.7%

CORPORATE BONDS - 41.2%

AUTOMOBILES & COMPONENTS - 0.1%
$	1,868,000		Delphi Corp	5.875	%	05/15/19	$	2,017,440
	468,000		Ford Motor Co	7.450		07/16/31		582,075
	745,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		795,809

			TOTAL AUTOMOBILES & COMPONENTS					3,395,324


BANKS - 5.7%
	1,190,000	g	Abbey National Treasury Services plc	3.875		11/10/14		1,214,514
	750,000		Abbey National Treasury Services plc	4.000		04/27/16		780,025
	250,000	g	Banco Bradesco S.A.	4.500		01/12/17		266,250
	845,000	g	Banco de Bogota S.A.	5.000		01/15/17		893,588
	2,840,000	g	Banco de Credito del Peru	5.375		09/16/20		3,053,000
	600,000	g	Banco del Estado de Chile	3.875		02/08/22		635,614
	1,055,000		Banco do Brasil S.A.	3.875		01/23/17		1,097,200
	1,500,000	g	Banco do Brasil S.A.	5.875		01/26/22		1,605,000
	1,600,000		Bancolombia S.A.	5.125		09/11/22		1,616,000
	1,635,000		Bancolombia S.A.	5.950		06/03/21		1,839,375
	2,350,000	g	Bank Nederlandse Gemeenten	1.375		09/27/17		2,361,651
	2,710,000		Bank of America Corp	4.875		01/15/13		2,740,959
	1,690,000		Bank of America Corp	5.300		03/15/17		1,876,650
	1,125,000		Bank of America Corp	6.000		09/01/17		1,301,265
	1,160,000		Bank of America Corp	5.750		12/01/17		1,334,645
	9,250,000		Bank of America Corp	5.700		01/24/22		10,864,689
	2,150,000		Bank of America Corp	5.875		02/07/42		2,513,156
	2,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.350		02/23/17		2,076,950
	1,320,000	g	BBVA Banco Continental S.A.	5.000		08/26/22		1,356,300
	890,000		Capital One Bank USA NA	8.800		07/15/19		1,174,639
	730,000		Capital One Capital V	8.875		05/15/40		742,236
	1,500,000		Citigroup, Inc	2.250		08/07/15		1,522,882
	1,000,000		Citigroup, Inc	6.000		12/13/13		1,060,564
	1,615,000		Citigroup, Inc	5.000		09/15/14		1,703,373
	1,575,000		Citigroup, Inc	3.953		06/15/16		1,685,187
	9,425,000		Citigroup, Inc	4.450		01/10/17		10,352,213
	225,000		Citigroup, Inc	6.125		05/15/18		266,359
	370,000		Citigroup, Inc	5.375		08/09/20		427,764
	3,300,000		Citigroup, Inc	4.500		01/14/22		3,623,341
	1,950,000		Citigroup, Inc	5.875		01/30/42		2,349,350
	1,050,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.375		01/19/17		1,114,480
	1,750,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.875		02/08/22		1,857,258
	5,335,000	g	Depfa ACS Bank	5.125		03/16/37		3,974,975
	600,000		Deutsche Bank AG	3.875		08/18/14		630,350
	935,000		Discover Bank	7.000		04/15/20		1,126,202
	185,000		Golden West Financial Corp	4.750		10/01/12		185,000

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	2,325,000	g	HSBC Bank plc	3.100	%	05/24/16	$	2,450,055
	1,320,000	g	HSBC Bank plc	4.125		08/12/20		1,453,626
	225,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		223,426
	1,700,000		HSBC Holdings plc	4.000		03/30/22		1,823,959
	675,000		HSBC Holdings plc	6.500		09/15/37		798,327
	2,000,000	g	Hutchison Whampoa International 11 Ltd	4.625		01/13/22		2,187,288
	1,335,000	g	ICICI Bank Ltd	5.500		03/25/15		1,406,660
	1,500,000	g	ICICI Bank Ltd	4.750		11/25/16		1,553,402
	895,000		JPMorgan Chase & Co	5.125		09/15/14		960,340
	1,625,000		JPMorgan Chase & Co	3.250		09/23/22		1,647,578
	925,000		JPMorgan Chase & Co	5.500		10/15/40		1,093,649
	4,500,000		JPMorgan Chase & Co	5.400		01/06/42		5,231,232
	3,150,000	g	Korea Exchange Bank	3.125		06/26/17		3,274,419
	470,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		468,019
	1,500,000	g	Nordea Bank AB	4.250		09/21/22		1,490,707
	2,950,000	g	PKO Finance AB	4.630		09/26/22		2,958,850
	1,255,000		PNC Funding Corp	5.125		02/08/20		1,487,129
	700,000		PNC Funding Corp	3.300		03/08/22		750,224
	835,000	g,i	Rabobank Nederland NV	11.000		12/30/49		1,096,981
	2,570,000	g	State Bank of India	4.125		08/01/17		2,628,969
	560,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		589,081
	310,000		Toronto-Dominion Bank	2.500		07/14/16		327,776
	1,750,000		Union Bank NA	2.125		06/16/17		1,790,484
	945,000		Union Bank of California NA	5.950		05/11/16		1,079,447
	1,550,000		UnionBanCal Corp	3.500		06/18/22		1,639,330
	2,500,000		US Bancorp	1.650		05/15/17		2,559,298
	950,000		US Bancorp	2.950		07/15/22		959,038
	1,490,000		Wachovia Bank NA	5.850		02/01/37		1,873,961
	4,650,000		Wells Fargo & Co	1.500		07/01/15		4,728,236
	2,575,000		Wells Fargo & Co	2.100		05/08/17		2,664,056
	2,145,000		Westpac Banking Corp	3.000		08/04/15		2,264,153

			TOTAL BANKS					128,682,704


CAPITAL GOODS - 1.0%
	3,125,000		Caterpillar, Inc	1.500		06/26/17		3,190,881
	1,250,000		Deere & Co	2.600		06/08/22		1,283,018
	415,000		General Electric Co	5.250		12/06/17		491,021
	375,000		Harsco Corp	5.125		09/15/13		387,085
	468,000		Huntington Ingalls Industries, Inc	6.875		03/15/18		507,195
	1,291,000	g	Myriad International Holding BV	6.375		07/28/17		1,462,057
	1,800,000	g	Schneider Electric S.A.	2.950		09/27/22		1,817,574
	3,500,000		Seagate HDD Cayman	7.750		12/15/18		3,867,500
	1,468,000	g	Sealed Air Corp	8.125		09/15/19		1,633,150
	1,468,000	g	Sealed Air Corp	8.375		09/15/21		1,644,160
	2,146,000		Tomkins LLC	9.000		10/01/18		2,392,790
	1,975,000		United Technologies Corp	1.800		06/01/17		2,048,421
	1,050,000		United Technologies Corp	4.500		06/01/42		1,176,824

			TOTAL CAPITAL GOODS					21,901,676


COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	925,000	g	ADT Corp	3.500		07/15/22		960,976
	1,450,000		eBay, Inc	0.700		07/15/15		1,456,880

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	2,200,000		eBay, Inc	1.350	%	07/15/17	$	2,226,376
	745,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		799,503
	1,495,000		Republic Services, Inc	3.800		05/15/18		1,662,310
	2,400,000		Republic Services, Inc	3.550		06/01/22		2,522,890
	845,000		Republic Services, Inc	6.200		03/01/40		1,059,625
	1,500,000		Waste Management, Inc	2.600		09/01/16		1,574,586
	1,585,000		Waste Management, Inc	6.125		11/30/39		1,996,250

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					14,259,396


CONSUMER DURABLES & APPAREL - 0.2%
	2,870,000		Hanesbrands, Inc	6.375		12/15/20		3,113,950
	1,670,000		Phillips-Van Heusen Corp	7.375		05/15/20		1,887,100

			TOTAL CONSUMER DURABLES & APPAREL					5,001,050


CONSUMER SERVICES - 0.5%
	900,000		Ameristar Casinos, Inc	7.500		04/15/21		967,500
	1,350,000		DineEquity, Inc	9.500		10/30/18		1,522,125
	2,000,000		GlaxoSmithKline Capital plc	1.500		05/08/17		2,034,678
	1,775,000	g	SABMiller Holdings, Inc	3.750		01/15/22		1,927,538
	1,250,000	g	SABMiller Holdings, Inc	4.950		01/15/42		1,454,668
	1,325,000	g	Transnet SOC Ltd	4.000		07/26/22		1,346,863
	2,800,000		Walt Disney Co	1.125		02/15/17		2,831,486

			TOTAL CONSUMER SERVICES					12,084,858


DIVERSIFIED FINANCIALS - 7.7%
	2,350,000	g	Ajecorp BV	6.500		05/14/22		2,473,375
	1,500,000		American Express Centurion Bank	6.000		09/13/17		1,819,544
	1,370,000		American Express Co	8.125		05/20/19		1,853,385
	2,975,000		American Express Credit Corp	1.750		06/12/15		3,043,044
	1,000,000		American Express Credit Corp	2.800		09/19/16		1,063,230
	1,425,000	g	Banco Mercantil del Norte S.A.	4.375		07/19/15		1,503,375
	2,325,000	g	Bangkok Bank PCL	2.750		03/27/18		2,329,466
	1,490,000	g	Bangkok Bank PCL	4.800		10/18/20		1,615,267
	1,250,000		Bank of New York Mellon Corp	1.200		02/20/15		1,266,855
	2,950,000		Bank of New York Mellon Corp	2.300		07/28/16		3,091,984
	1,200,000		Bank of New York Mellon Corp	1.969		06/20/17		1,242,149
	580,000		Bank of New York Mellon Corp	5.450		05/15/19		689,296
	1,950,000	g	BBVA Bancomer S.A.	4.500		03/10/16		2,057,250
	2,300,000	g	BBVA Bancomer S.A.	6.750		09/30/22		2,512,750
	1,925,000		Berkshire Hathaway, Inc	1.900		01/31/17		1,993,162
	1,125,000		BlackRock, Inc	3.500		12/10/14		1,197,774
	1,400,000		BlackRock, Inc	4.250		05/24/21		1,567,709
	1,175,000		BlackRock, Inc	3.375		06/01/22		1,244,380
	600,000		Capital One Financial Corp	3.150		07/15/16		637,137
	4,600,000		Capital One Financial Corp	4.750		07/15/21		5,222,279
	1,500,000		Credit Suisse	5.000		05/15/13		1,540,083
	1,420,000		Credit Suisse	5.500		05/01/14		1,516,523
	1,600,000		Ford Motor Credit Co LLC	4.250		02/03/17		1,700,472
	2,500,000		Ford Motor Credit Co LLC	3.000		06/12/17		2,544,730
	800,000		Ford Motor Credit Co LLC	6.625		08/15/17		927,933
	1,175,000		Ford Motor Credit Co LLC	4.250		09/20/22		1,204,092
	465,000		General Electric Capital Corp	2.800		01/08/13		467,947

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	3,865,000		General Electric Capital Corp	1.875	%	09/16/13	$	3,919,771
	1,450,000		General Electric Capital Corp	2.300		04/27/17		1,490,513
	7,775,000		General Electric Capital Corp	4.650		10/17/21		8,714,018
	810,000		General Electric Capital Corp	6.875		01/10/39		1,082,245
	990,000		Goldman Sachs Group, Inc	5.450		11/01/12		993,885
	3,960,000		Goldman Sachs Group, Inc	3.300		05/03/15		4,120,661
	1,025,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,271,196
	2,900,000		Goldman Sachs Group, Inc	5.750		01/24/22		3,340,440
	135,000		Goldman Sachs Group, Inc	6.450		05/01/36		141,449
	335,000		Goldman Sachs Group, Inc	6.750		10/01/37		358,879
	1,500,000		Goldman Sachs Group, Inc	6.250		02/01/41		1,735,452
	1,800,000	g	Grupo Aval Ltd	4.750		09/26/22		1,773,000
	3,875,000		HSBC Finance Corp	4.750		07/15/13		3,987,716
	448,000	g	Hyundai Capital America, Inc	3.750		04/06/16		476,597
	600,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		646,776
	400,000	g	Hyundai Capital Services, Inc	3.500		09/13/17		418,264
	575,000	g	International Lease Finance Corp	6.500		09/01/14		618,125
	4,850,000		International Lease Finance Corp	5.875		08/15/22		5,010,292
	1,400,000	g	Inversiones CMPC S.A.	4.750		01/19/18		1,499,074
	1,100,000	g	Inversiones CMPC S.A.	4.500		04/25/22		1,142,696
	400,000		Jefferies Group, Inc	6.250		01/15/36		396,000
	3,725,000		John Deere Capital Corp	0.875		04/17/15		3,750,960
	1,250,000		John Deere Capital Corp	0.950		06/29/15		1,261,251
	3,550,000		John Deere Capital Corp	0.700		09/04/15		3,556,355
	2,000,000		John Deere Capital Corp	1.400		03/15/17		2,043,278
	7,550,000		John Deere Capital Corp	2.750		03/15/22		7,774,122
	2,075,000		Korea Development Bank	3.000		09/14/22		2,077,285
	1,975,000		Landwirtschaftliche Rentenbank	5.125		02/01/17		2,331,685
	1,000,000	g	Lukoil International Finance BV	6.125		11/09/20		1,129,000
	1,500,000	g	Majapahit Holding BV	7.750		01/20/20		1,886,250
	802,000		MBNA Corp	6.125		03/01/13		819,568
	1,235,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,253,871
	1,565,000		Merrill Lynch & Co, Inc	6.400		08/28/17		1,820,663
	1,175,000		Merrill Lynch & Co, Inc	6.875		04/25/18		1,407,784
	3,000,000		Morgan Stanley	2.875		01/24/14		3,039,912
	655,000		Morgan Stanley	6.000		04/28/15		709,856
	1,250,000		Morgan Stanley	5.375		10/15/15		1,346,442
	2,000,000		Morgan Stanley	6.375		07/24/42		2,202,728
	445,000		NASDAQ OMX Group, Inc	5.550		01/15/20		478,746
	1,065,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		1,105,482
	565,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		836,069
	3,550,000	g	NongHyup Bank	2.250		09/19/17		3,547,994
	1,850,000		Northern Trust Corp	4.625		05/01/14		1,967,958
	1,385,000	g	Odebrecht Finance Ltd	5.125		06/26/22		1,475,025
	900,000	g	Odebrecht Finance Ltd	7.125		06/26/42		1,000,350
	2,830,000	g	Reliance Holdings USA	4.500		10/19/20		2,900,453
	8,000,000		Royal Bank of Canada	1.200		09/19/17		8,050,400
	2,050,000	g	Sberbank of Russia Via SB Capital S.A.	6.125		02/07/22		2,265,250
	925,000		State Street Corp	4.300		05/30/14		981,543
	4,700,000	g	Temasek Financial I Ltd	2.375		01/23/23		4,694,797
	10,625,000		Toyota Motor Credit Corp	0.875		07/17/15		10,676,829
	1,250,000		Toyota Motor Credit Corp	2.050		01/12/17		1,299,875

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,400,000	g	UBS AG.	1.875	%	01/23/15	$	1,428,811
	400,000		Waha Aerospace BV	3.925		07/28/20		430,000
	740,000	g	Waha Aerospace BV	3.925		07/28/20		795,500

			TOTAL DIVERSIFIED FINANCIALS					173,808,332


ENERGY - 4.9%
	1,275,000		Anadarko Petroleum Corp	5.950		09/15/16		1,477,340
	365,000		Anadarko Petroleum Corp	6.950		06/15/19		457,261
	625,000		Anadarko Petroleum Corp	6.450		09/15/36		774,339
	625,000		Apache Corp	1.750		04/15/17		645,386
	1,320,000		Apache Corp	4.750		04/15/43		1,508,294
	400,000		Baker Hughes, Inc	3.200		08/15/21		434,944
	1,715,000		Bill Barrett Corp	7.625		10/01/19		1,817,900
	5,400,000		BP Capital Markets plc	3.200		03/11/16		5,796,414
	3,500,000		BP Capital Markets plc	1.846		05/05/17		3,575,092
	3,500,000		BP Capital Markets plc	3.245		05/06/22		3,703,623
	1,540,000		Cimarex Energy Co	5.875		05/01/22		1,624,700
	1,500,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,631,250
	1,050,000	g	CNOOC Finance 2012 Ltd	3.875		05/02/22		1,113,673
	450,000	g	CNOOC Finance 2012 Ltd	5.000		05/02/42		516,908
	1,400,000		ConocoPhillips	4.600		01/15/15		1,528,201
	1,140,000		ConocoPhillips	6.500		02/01/39		1,640,478
	2,875,000		Devon Energy Corp	1.875		05/15/17		2,930,706
	1,400,000		Devon Energy Corp	3.250		05/15/22		1,456,636
	500,000		Devon Energy Corp	5.600		07/15/41		593,230
	725,000		Devon Energy Corp	4.750		05/15/42		776,843
	1,204,602		Dolphin Energy Ltd	5.888		06/15/19		1,367,223
	550,000	g	Dolphin Energy Ltd	5.500		12/15/21		636,075
	990,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		1,141,889
	855,000	g	Empresa Nacional del Petroleo	4.750		12/06/21		914,851
	480,000		Enbridge Energy Partners LP	5.200		03/15/20		548,750
	335,000		Enterprise Products Operating LLC	5.600		10/15/14		366,011
	170,000		Enterprise Products Operating LLC	5.000		03/01/15		186,167
	575,000		Enterprise Products Operating LLC	4.050		02/15/22		628,537
	615,000		Enterprise Products Operating LLC	6.125		10/15/39		739,140
	705,000		Enterprise Products Operating LLC	5.950		02/01/41		833,961
	300,000		Enterprise Products Operating LLC	5.700		02/15/42		346,652
	1,500,000		Enterprise Products Operating LLC	4.450		02/15/43		1,483,647
	810,000		EOG Resources, Inc	4.100		02/01/21		920,760
	1,600,000	g	Gazprom Neft OAO	4.375		09/19/22		1,592,000
	1,450,000	g	Gazprom OAO Via Gaz Capital S.A.	4.950		05/23/16		1,535,217
	465,000		Hess Corp	8.125		02/15/19		615,247
	1,295,000		Hess Corp	5.600		02/15/41		1,502,135
	1,200,000		Marathon Petroleum Corp	3.500		03/01/16		1,272,426
	1,200,000		Newfield Exploration Co	5.750		01/30/22		1,341,000
	400,000		Newfield Exploration Co	5.625		07/01/24		444,000
	500,000		Noble Holding International Ltd	3.450		08/01/15		528,915
	1,320,000		Noble Holding International Ltd	4.900		08/01/20		1,474,532
	1,800,000		Noble Holding International Ltd	3.950		03/15/22		1,888,776
	1,580,000	g	Novatek Finance Ltd	6.604		02/03/21		1,846,704
	365,000		Pemex Project Funding Master Trust	5.750		03/01/18		427,506
	400,000		Pemex Project Funding Master Trust	6.625		06/15/35		502,000

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	250,000		Pemex Project Funding Master Trust	6.625	%	06/15/38	$	313,750
	1,775,000	g	Pertamina Persero PT	4.875		05/03/22		1,910,344
	1,800,000	g	Pertamina Persero PT	6.000		05/03/42		1,953,000
	1,500,000	g	Pertamina PT	5.250		05/23/21		1,655,625
	1,640,000		Petrobras International Finance Co	3.875		01/27/16		1,734,808
	1,210,000		Petrobras International Finance Co	7.875		03/15/19		1,519,856
	1,048,000		Petrobras International Finance Co	6.875		01/20/40		1,312,035
	1,800,000		Petrobras International Finance Co-Pifco	3.500		02/06/17		1,882,499
	925,000		Petroleos Mexicanos	4.875		03/15/15		992,063
	170,000		Petroleos Mexicanos	8.000		05/03/19		222,445
	925,000		Petroleos Mexicanos	6.000		03/05/20		1,105,375
	735,000		Petroleos Mexicanos	5.500		01/21/21		861,788
	1,000,000		Petroleos Mexicanos	4.875		01/24/22		1,130,000
	1,175,000		Petroleos Mexicanos	5.500		06/27/44		1,292,500
	1,315,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		1,689,775
	1,425,000	g	Petronas Capital Ltd	5.250		08/12/19		1,686,597
	1,400,000	g	Phillips 66	1.950		03/05/15		1,432,491
	1,200,000	g	Phillips 66	4.300		04/01/22		1,313,827
	2,525,000		Plains All American Pipeline LP	3.650		06/01/22		2,680,548
	625,000		Precision Drilling Corp	6.500		12/15/21		667,187
	675,000	g	PTTEP Canada International Finance Ltd	5.692		04/05/21		778,365
	1,007,760		Ras Laffan Liquefied Natural Gas Co Ltd	5.298		09/30/20		1,133,730
	1,870,000	g	SandRidge Energy, Inc	8.000		06/01/18		1,963,500
	1,325,000	g	Schlumberger Investment S.A.	2.400		08/01/22		1,311,554
	4,500,000		Southwestern Energy Co	7.500		02/01/18		5,425,465
	415,000		Statoil ASA	2.900		10/15/14		435,459
	2,000,000		Total Capital International S.A.	1.500		02/17/17		2,035,598
	150,000		TransCanada Pipelines Ltd	4.000		06/15/13		153,780
	1,915,000		TransCanada Pipelines Ltd	7.690		06/30/16		2,309,546
	660,000		TransCanada Pipelines Ltd	5.850		03/15/36		866,793
	235,000		Vale Overseas Ltd	5.625		09/15/19		264,379
	4,450,000		Vale Overseas Ltd	4.375		01/11/22		4,677,666
	480,000		Vale Overseas Ltd	6.875		11/21/36		555,781
	970,000		Vale Overseas Ltd	6.875		11/10/39		1,131,373
	515,000		Valero Energy Corp	4.500		02/01/15		555,027
	1,500,000		WPX Energy, Inc	6.000		01/15/22		1,612,500

			TOTAL ENERGY					111,654,368


FOOD & STAPLES RETAILING - 0.4%
	500,000		CVS Caremark Corp	3.250		05/18/15		531,648
	1,750,000		CVS Caremark Corp	5.750		06/01/17		2,110,577
	120,000		CVS Caremark Corp	6.600		03/15/19		153,354
	4,750,000		CVS Caremark Corp	4.125		05/15/21		5,393,388
	580,000		Delhaize Group S.A.	5.875		02/01/14		609,364
	190,000		Kroger Co	5.000		04/15/13		194,145

			TOTAL FOOD & STAPLES RETAILING					8,992,476


FOOD, BEVERAGE & TOBACCO - 1.3%
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		2,663,188
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	1.375		07/15/17		2,530,535
	5,090,000		Anheuser-Busch InBev Worldwide, Inc	2.500		07/15/22		5,162,095
	1,400,000		Anheuser-Busch InBev Worldwide, Inc	3.750		07/15/42		1,403,445

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,025,000	g	BRF-Brasil Foods S.A.	5.875	%	06/06/22	$	1,119,813
	1,000,000		Coca-Cola Co	0.750		03/13/15		1,008,749
	1,500,000		Diageo Capital plc	1.500		05/11/17		1,526,054
	650,000		General Mills, Inc	5.200		03/17/15		720,951
	2,380,000	g	Grupo Bimbo SAB de C.V.	4.500		01/25/22		2,570,176
	1,250,000		HJ Heinz Co	1.500		03/01/17		1,268,652
	505,000		Kraft Foods, Inc	6.125		02/01/18		616,563
	1,450,000		Kraft Foods, Inc	5.375		02/10/20		1,749,231
	1,060,000		Kraft Foods, Inc	6.500		02/09/40		1,435,803
	105,000		PepsiAmericas, Inc	4.375		02/15/14		110,401
	78,000		PepsiCo, Inc	7.900		11/01/18		105,746
	468,000	g	Pernod-Ricard S.A.	5.750		04/07/21		556,798
	1,125,000	g	Pernod-Ricard S.A.	4.450		01/15/22		1,240,261
	565,000		Philip Morris International, Inc	4.875		05/16/13		580,481
	1,110,000		Philip Morris International, Inc	6.875		03/17/14		1,212,664
	200,000		Philip Morris International, Inc	6.375		05/16/38		277,053
	1,400,000		TreeHouse Foods, Inc	7.750		03/01/18		1,529,500

			TOTAL FOOD, BEVERAGE & TOBACCO					29,388,159


HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	600,000		Becton Dickinson and Co	1.750		11/08/16		620,911
	630,000		Boston Scientific Corp	4.500		01/15/15		673,608
	1,500,000		Covidien International Finance S.A.	1.350		05/29/15		1,519,331
	750,000		Covidien International Finance S.A.	3.200		06/15/22		792,496
	3,821,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		4,088,470
	1,000,000	g	Fresenius Medical Care II	5.625		07/31/19		1,065,000
	1,130,000	g	Fresenius Medical Care US Finance, Inc	6.500		09/15/18		1,274,075
	3,600,000		HCA, Inc	6.500		02/15/20		4,005,000
	1,403,000		HCA, Inc	7.875		02/15/20		1,576,621
	572,000		McKesson Corp	3.250		03/01/16		615,477
	395,000		Medtronic, Inc	4.750		09/15/15		442,144
	765,000		Quest Diagnostics, Inc	6.400		07/01/17		910,034
	960,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		962,724

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					18,545,891


HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	1,000,000		Clorox Co	3.800		11/15/21		1,073,530
	1,950,000		Colgate-Palmolive Co	2.300		05/03/22		1,975,701
	750,000		Ecolab, Inc	4.350		12/08/21		850,853

			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					3,900,084


INSURANCE - 1.9%
	565,000		ACE INA Holdings, Inc	5.875		06/15/14		614,520
	310,000		Aetna, Inc	6.500		09/15/18		386,464
	285,000		Aetna, Inc	6.625		06/15/36		371,388
	775,000		Allstate Corp	7.450		05/16/19		1,014,464
	875,000		American Financial Group, Inc	9.875		06/15/19		1,100,591
	2,850,000		American International Group, Inc	3.650		01/15/14		2,934,183
	500,000		Chubb Corp	6.000		05/11/37		677,160
	235,000		CIGNA Corp	5.125		06/15/20		271,244
	2,000,000		CIGNA Corp	4.500		03/15/21		2,221,324
	1,125,000		Hartford Financial Services Group, Inc	4.000		03/30/15		1,186,225

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,300,000		Hartford Financial Services Group, Inc	4.000	%	10/15/17	$	1,397,287
	1,275,000		Lincoln National Corp	7.000		06/15/40		1,588,664
	170,000		Metlife, Inc	5.000		06/15/15		188,751
	1,125,000		Metlife, Inc	6.750		06/01/16		1,346,532
	1,655,000		Metlife, Inc	5.700		06/15/35		2,033,614
	7,500,000		Metlife, Inc	4.125		08/13/42		7,384,365
	1,125,000	g	Principal Life Global Funding I	5.125		10/15/13		1,174,629
	1,500,000		Progressive Corp	3.750		08/23/21		1,666,658
	750,000		Prudential Financial, Inc	3.875		01/14/15		796,597
	630,000		Prudential Financial, Inc	7.375		06/15/19		796,697
	950,000		Prudential Financial, Inc	6.200		11/15/40		1,134,729
	1,050,000	i	Prudential Financial, Inc	5.875		09/15/42		1,076,250
	1,190,000	g	Prudential Funding LLC	6.750		09/15/23		1,447,467
	615,000		Travelers Cos, Inc	5.800		05/15/18		756,480
	270,000		Unum Group	5.625		09/15/20		301,823
	500,000		WellPoint, Inc	5.875		06/15/17		594,845
	3,000,000		WellPoint, Inc	3.125		05/15/22		2,994,486
	435,000		WellPoint, Inc	5.850		01/15/36		504,229
	1,500,000		WellPoint, Inc	4.625		05/15/42		1,514,214
	3,350,000		Willis Group Holdings plc	4.125		03/15/16		3,555,975
	410,000		WR Berkley Corp	5.375		09/15/20		451,371

			TOTAL INSURANCE					43,483,226


MATERIALS - 2.0%
	170,000		Airgas, Inc	4.500		09/15/14		180,984
	1,410,000	g	Anglo American Capital plc	2.150		09/27/13		1,419,024
	1,050,000	g	Anglo American Capital plc	2.625		04/03/17		1,062,180
	1,800,000	g	Anglo American Capital plc	2.625		09/27/17		1,806,120
	310,000		ArcelorMittal	4.000		08/05/15		308,041
	750,000		ArcelorMittal	4.750		02/25/17		735,644
	875,000		ArcelorMittal	6.500		02/25/22		861,850
	468,000		Ball Corp	6.750		09/15/20		514,800
	1,750,000		Barrick Gold Corp	3.850		04/01/22		1,837,083
	1,850,000		Barrick North America Finance LLC	4.400		05/30/21		2,012,719
	3,375,000	g	Braskem Finance Ltd	5.375		05/02/22		3,501,562
	2,000,000		CF Industries, Inc	6.875		05/01/18		2,432,500
	650,000	g	Corp Nacional del Cobre de Chile	3.000		07/17/22		655,101
	225,000	g	Corp Nacional del Cobre de Chile	4.250		07/17/42		222,511
	1,475,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		1,593,822
	1,650,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.875		11/03/21		1,793,156
	468,000		Crown Americas LLC	6.250		02/01/21		521,820
	1,094,000		Dow Chemical Co	4.125		11/15/21		1,190,354
	335,000		Eastman Chemical Co	5.500		11/15/19		392,820
	2,500,000		Freeport-McMoRan Copper & Gold, Inc	1.400		02/13/15		2,518,007
	468,000		Graphic Packaging International, Inc	9.500		06/15/17		512,460
	2,700,000		International Paper Co	4.750		02/15/22		3,065,909
	530,000		International Paper Co	7.300		11/15/39		701,570
	1,000,000		LyondellBasell Industries NV	5.000		04/15/19		1,062,500
	1,750,000		LyondellBasell Industries NV	6.000		11/15/21		1,995,000
	1,500,000		Newmont Mining Corp	3.500		03/15/22		1,521,631
	750,000		Newmont Mining Corp	4.875		03/15/42		768,708
	2,000,000		Praxair, Inc	2.450		02/15/22		2,011,904

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	500,000		Rio Tinto Finance USA Ltd	2.250	%	09/20/16	$	518,250
	1,305,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		1,473,414
	875,000		Teck Resources Ltd	2.500		02/01/18		878,817
	1,925,000		Teck Resources Ltd	3.750		02/01/23		1,904,295
	275,000		Teck Resources Ltd	6.000		08/15/40		289,764
	1,500,000		Teck Resources Ltd	5.400		02/01/43		1,463,631
	750,000	g	Xstrata Canada Financial Corp	4.950		11/15/21		803,536

			TOTAL MATERIALS					44,531,487


MEDIA - 2.6%
	2,000,000		AMC Entertainment, Inc	8.750		06/01/19		2,205,000
	1,125,000		CBS Corp	1.950		07/01/17		1,153,190
	3,960,000		CCO Holdings LLC	6.625		01/31/22		4,326,300
	44,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		45,563
	2,500,000		Comcast Corp	4.650		07/15/42		2,674,022
	1,150,000		DIRECTV Holdings LLC	2.400		03/15/17		1,180,767
	4,750,000		DIRECTV Holdings LLC	3.800		03/15/22		4,888,054
	1,633,000		DIRECTV Holdings LLC	5.150		03/15/42		1,661,375
	1,200,000		Discovery Communications LLC	3.300		05/15/22		1,246,451
	1,000,000		Discovery Communications LLC	4.950		05/15/42		1,089,459
	3,270,000	g	DISH DBS Corp	4.625		07/15/17		3,343,575
	1,000,000		Echostar DBS Corp	6.625		10/01/14		1,085,000
	4,650,000		Lamar Media Corp	9.750		04/01/14		5,208,000
	2,000,000		Lamar Media Corp	7.875		04/15/18		2,210,000
	4,750,000		NBC Universal Media LLC	4.375		04/01/21		5,386,196
	1,450,000		NBC Universal Media LLC	2.875		01/15/23		1,447,347
	695,000		News America, Inc	7.250		05/18/18		880,055
	110,000		News America, Inc	7.625		11/30/28		141,508
	85,000		News America, Inc	6.550		03/15/33		99,744
	730,000		News America, Inc	6.650		11/15/37		926,328
	600,000		News America, Inc	6.900		08/15/39		778,579
	965,000		Nielsen Finance LLC	7.750		10/15/18		1,088,037
	990,000		Time Warner Cable, Inc	8.750		02/14/19		1,347,926
	2,075,000		Time Warner Cable, Inc	8.250		04/01/19		2,785,111
	1,700,000		Time Warner Cable, Inc	4.500		09/15/42		1,695,371
	960,000		Time Warner, Inc	3.150		07/15/15		1,024,492
	4,000,000		Time Warner, Inc	4.700		01/15/21		4,594,252
	565,000		Time Warner, Inc	6.500		11/15/36		716,913
	525,000		Time Warner, Inc	4.900		06/15/42		576,018
	2,450,000		Viacom, Inc	1.250		02/27/15		2,475,566
	1,585,000		Viacom, Inc	2.500		12/15/16		1,669,669

			TOTAL MEDIA					59,949,868


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
	680,000		Abbott Laboratories	5.300		05/27/40		879,081
	6,405,000	g	Aristotle Holding, Inc	2.100		02/12/15		6,570,588
	1,775,000	g	Aristotle Holding, Inc	3.900		02/15/22		1,933,776
	1,904,000		Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		2,051,560
	480,000		Life Technologies Corp	3.500		01/15/16		505,234
	1,450,000		Mead Johnson Nutrition Co	5.900		11/01/39		1,787,893
	875,000		Merck & Co, Inc	3.600		09/15/42		878,790
	1,828,000	g	Mylan, Inc	7.875		07/15/20		2,051,930

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,350,000		NBTY, Inc	9.000	%	10/01/18	$	1,501,875
	2,180,000		Novartis Capital Corp	2.900		04/24/15		2,315,160
	575,000		Novartis Capital Corp	3.700		09/21/42		594,497
	650,000		Watson Pharmaceuticals, Inc	1.875		10/01/17		657,234
	875,000		Watson Pharmaceuticals, Inc	3.250		10/01/22		886,207

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					22,613,825


REAL ESTATE - 1.0%
	220,000		AMB Property LP	7.625		08/15/14		241,404
	345,000		AMB Property LP	4.500		08/15/17		371,305
	235,000		Brandywine Operating Partnership LP	7.500		05/15/15		265,864
	2,500,000		Brandywine Operating Partnership LP	4.950		04/15/18		2,685,837
	630,000		Camden Property Trust	4.625		06/15/21		707,192
	2,000,000		Developers Diversified Realty Corp	4.750		04/15/18		2,218,956
	775,000		Duke Realty LP	3.875		10/15/22		788,144
	40,000		Federal Realty Investment Trust	5.650		06/01/16		45,186
	75,000		Federal Realty Investment Trust	5.900		04/01/20		89,296
	450,000		Federal Realty Investment Trust	3.000		08/01/22		447,821
	2,175,000		Health Care REIT, Inc	3.625		03/15/16		2,295,769
	250,000		Health Care REIT, Inc	4.125		04/01/19		266,157
	500,000		Healthcare Realty Trust, Inc	5.750		01/15/21		550,515
	2,250,000		Highwoods Properties, Inc	5.850		03/15/17		2,469,787
	2,068,000		Host Hotels & Resorts LP	5.875		06/15/19		2,274,800
	290,000		Kilroy Realty Corp	5.000		11/03/15		314,905
	650,000		National Retail Properties, Inc	5.500		07/15/21		738,145
	55,000		Nationwide Health Properties, Inc	6.250		02/01/13		56,009
	350,000		Regency Centers LP	5.250		08/01/15		381,536
	40,000		Regency Centers LP	5.875		06/15/17		46,215
	105,000		Simon Property Group LP	5.250		12/01/16		120,292
	2,075,000		Simon Property Group LP	2.800		01/30/17		2,184,446
	470,000		Simon Property Group LP	10.350		04/01/19		676,366
	1,000,000		Simon Property Group LP	3.375		03/15/22		1,049,929
	650,000	g,i	USB Realty Corp	1.602		12/30/49		539,552
	340,000		Ventas Realty LP	3.125		11/30/15		354,299
	750,000		Ventas Realty LP	4.000		04/30/19		801,256
	350,000		Ventas Realty LP	4.250		03/01/22		372,203

			TOTAL REAL ESTATE					23,353,186


RETAILING - 0.9%
	1,870,000		AmeriGas Partners LP	6.250		08/20/19		1,944,800
	1,667,000		AutoNation, Inc	5.500		02/01/20		1,779,523
	350,000		Home Depot, Inc	4.400		04/01/21		413,913
	1,868,000		Limited Brands, Inc	6.625		04/01/21		2,120,180
	1,000,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		1,167,487
	2,725,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		2,937,716
	660,000		O’Reilly Automotive, Inc	4.625		09/15/21		719,580
	200,000		O’Reilly Automotive, Inc	3.800		09/01/22		207,257
	4,490,000	g	QVC Inc	7.375		10/15/20		4,991,748
	2,400,000	g	QVC, Inc	7.500		10/01/19		2,655,614
	375,000	g	QVC, Inc	5.125		07/02/22		397,131
	705,000		Wal-Mart Stores, Inc	5.000		10/25/40		854,904

			TOTAL RETAILING					20,189,853

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

SOFTWARE & SERVICES - 0.5%
$	1,800,000		Fidelity National Information Services, Inc	5.000	%	03/15/22	$	1,858,500
	4,000,000		International Business Machines Corp	0.550		02/06/15		4,010,424
	2,375,000		International Business Machines Corp	1.250		02/06/17		2,414,180
	630,000		Oracle Corp	3.750		07/08/14		667,171
	2,000,000		SunGard Data Systems, Inc	7.375		11/15/18		2,145,000

			TOTAL SOFTWARE & SERVICES					11,095,275


TECHNOLOGY HARDWARE & EQUIPMENT - 0.7%
	1,125,000		Amphenol Corp	4.750		11/15/14		1,207,228
	1,870,000		Brocade Communications Systems, Inc	6.875		01/15/20		2,019,600
	650,000		Hewlett-Packard Co	2.350		03/15/15		662,325
	3,300,000		International Business Machines Corp	1.875		08/01/22		3,212,214
	1,868,000		Jabil Circuit, Inc	5.625		12/15/20		1,998,760
	1,185,000		L-3 Communications Corp	4.950		02/15/21		1,320,743
	1,900,000		Scientific Games Corp	8.125		09/15/18		2,075,750
	468,000		Scientific Games Corp	9.250		06/15/19		519,480
	450,000		Xerox Corp	8.250		05/15/14		499,170
	2,500,000		Xerox Corp	4.500		05/15/21		2,656,377

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					16,171,647


TELECOMMUNICATION SERVICES - 2.1%
	1,920,000		America Movil SAB de C.V.	5.000		03/30/20		2,247,938
	1,040,000		America Movil SAB de C.V.	3.125		07/16/22		1,071,701
	1,225,000		America Movil SAB de C.V.	4.375		07/16/42		1,270,526
	900,000		American Tower Corp	4.700		03/15/22		987,234
	2,635,000		AT&T, Inc	2.500		08/15/15		2,768,753
	6,000,000		AT&T, Inc	2.950		05/15/16		6,447,354
	620,000		AT&T, Inc	6.150		09/15/34		788,492
	1,700,000		AT&T, Inc	6.300		01/15/38		2,231,617
	1,500,000		Axiata SPV1 (Labuan) Ltd	5.375		04/28/20		1,681,182
	1,235,000		BellSouth Corp	5.200		09/15/14		1,341,436
	120,000		BellSouth Corp	6.875		10/15/31		149,699
	275,000		BellSouth Corp	6.550		06/15/34		332,435
	2,260,000		Cellco Partnership	8.500		11/15/18		3,166,418
	250,000	g	Deutsche Telekom International Finance BV	2.250		03/06/17		255,707
	630,000		Deutsche Telekom International Finance BV	8.750		06/15/30		947,589
	875,000	g	Deutsche Telekom International Finance BV	4.875		03/06/42		940,764
	2,760,000	g	Oi S.A.	5.750		02/10/22		2,891,100
	240,000		Sprint Nextel Corp	6.000		12/01/16		247,200
	680,000		Telecom Italia Capital S.A.	6.175		06/18/14		715,700
	660,000		Telecom Italia Capital S.A.	6.999		06/04/18		727,650
	1,945,000		Telecom Italia Capital S.A.	7.175		06/18/19		2,144,363
	2,500,000		Telefonica Emisiones SAU	3.992		02/16/16		2,487,500
	650,000		Telefonica Emisiones SAU	5.462		02/16/21		637,000
	925,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		1,095,789
	760,000		Verizon Communications, Inc	5.250		04/15/13		779,717
	1,110,000		Verizon Communications, Inc	6.100		04/15/18		1,387,375
	425,000		Verizon Communications, Inc	8.750		11/01/18		593,368
	430,000		Verizon Communications, Inc	8.950		03/01/39		749,306
	445,000		Verizon New England, Inc	4.750		10/01/13		463,328

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	335,000		Verizon Virginia, Inc	4.625	%	03/15/13	$	341,163
	1,300,000	g	Vimpelcom Holdings	6.255		03/01/17		1,341,184
	1,500,000	g	Vimpelcom Holdings	7.504		03/01/22		1,573,125
	828,000		Virgin Media Finance plc	9.500		08/15/16		917,010
	250,000		Virgin Media Finance plc	5.250		02/15/22		262,500
	1,000,000		Virgin Media Secured Finance plc	5.250		01/15/21		1,160,155

			TOTAL TELECOMMUNICATION SERVICES					47,143,378


TRANSPORTATION - 1.1%
	1,635,000	g	Asciano Finance	5.000		04/07/18		1,755,934
	1,500,000		Burlington Northern Santa Fe LLC	3.450		09/15/21		1,605,120
	1,500,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		1,550,331
	1,400,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		1,617,798
	325,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		343,366
	1,750,000	g	DP World Ltd	6.850		07/02/37		1,885,625
	335,000		Embraer Overseas Ltd	6.375		01/15/20		383,575
	3,675,000		Embraer S.A.	5.150		06/15/22		3,944,377
	1,000,000		Hertz Corp	7.500		10/15/18		1,080,000
	1,390,000	g	Kazakhstan Temir Zholy Finance BV	6.375		10/06/20		1,666,068
	1,050,000	g	Kazakhstan Temir Zholy Finance BV	6.950		07/10/42		1,274,438
	415,000		Norfolk Southern Corp	5.750		04/01/18		499,380
	1,100,000		Norfolk Southern Corp	3.000		04/01/22		1,141,754
	746,000	g	Norfolk Southern Corp	2.903		02/15/23		756,886
	160,000		Norfolk Southern Corp	5.590		05/17/25		198,186
	1,275,000	g	TAM Capital 3, Inc	8.375		06/03/21		1,373,812
	1,900,000	g	Transnet Ltd	4.500		02/10/16		2,018,155
	148,000		Union Pacific Corp	4.163		07/15/22		168,667
	1,525,000		Union Pacific Corp	4.750		09/15/41		1,719,360
	1,125,000		United Parcel Service, Inc	3.625		10/01/42		1,137,156

			TOTAL TRANSPORTATION					26,119,988


UTILITIES - 4.0%
	1,000,000	g	Abu Dhabi National Energy Co	6.250		09/16/19		1,166,250
	726,000	g	Abu Dhabi National Energy Co	5.875		12/13/21		839,437
	1,385,000		AES Corp	7.375		07/01/21		1,578,900
	730,000		AGL Capital Corp	5.250		08/15/19		859,335
	1,285,000		Alliant Energy Corp	4.000		10/15/14		1,346,715
	775,000		Atmos Energy Corp	8.500		03/15/19		1,034,713
	2,805,000	g	Calpine Corp	7.500		02/15/21		3,029,400
	1,515,000		Carolina Power & Light Co	5.300		01/15/19		1,829,949
	225,000		Carolina Power & Light Co	5.700		04/01/35		278,857
	159,000		CenterPoint Energy Resources Corp	4.500		01/15/21		180,274
	660,000		CenterPoint Energy Resources Corp	6.250		02/01/37		851,040
	1,350,000	g	Centrais Eletricas Brasileiras S.A.	5.750		10/27/21		1,501,875
	2,000,000	g	CEZ AS.	4.250		04/03/22		2,129,560
	820,000	g	CEZ AS.	5.625		04/03/42		913,365
	550,000	g	China Resources Gas Group Ltd	4.500		04/05/22		596,398
	1,300,000	g	Colbun S.A.	6.000		01/21/20		1,459,871
	3,550,000	g	Comision Federal de Electricidad	4.875		05/26/21		3,967,125
	675,000	g	Comision Federal de Electricidad	5.750		02/14/42		750,938
	1,850,000		Commonwealth Edison Co	4.000		08/01/20		2,098,601
	395,000		Commonwealth Edison Co	5.900		03/15/36		518,141

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	415,000		Connecticut Light & Power Co	5.500	%	02/01/19	$	498,540
	275,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		323,132
	640,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		851,698
	225,000		Consolidated Natural Gas Co	5.000		12/01/14		243,484
	750,000		Detroit Edison Co	3.950		06/15/42		782,759
	650,000		Dominion Resources, Inc	4.050		09/15/42		668,755
	1,160,000		Duke Energy Carolinas LLC	5.750		11/15/13		1,227,185
	260,000		Duke Energy Carolinas LLC	4.300		06/15/20		299,726
	2,000,000		Duke Energy Corp	3.950		09/15/14		2,120,044
	335,000		Florida Power Corp	6.400		06/15/38		460,926
	1,410,000		FPL Group Capital, Inc	2.600		09/01/15		1,461,860
	630,000		Indiana Michigan Power Co	7.000		03/15/19		785,688
	350,000	g	Instituto Costarricense de Electricidad	6.950		11/10/21		388,500
	555,000		Integrys Energy Group, Inc	4.170		11/01/20		605,968
	1,150,000	g	Israel Electric Corp Ltd	6.700		02/10/17		1,242,000
	195,000	g	Kansas Gas & Electric	6.700		06/15/19		248,862
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,072,055
	775,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		1,027,600
	1,955,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		2,044,103
	1,710,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		1,941,197
	2,085,000	g	Korea Hydro & Nuclear Power Co Ltd	3.000		09/19/22		2,069,529
	4,030,000		LG&E and KU Energy LLC	3.750		11/15/20		4,191,039
	1,160,000		Midamerican Energy Holdings Co	5.950		05/15/37		1,453,790
	185,000		National Fuel Gas Co	5.250		03/01/13		188,312
	630,000		Nevada Power Co	6.500		08/01/18		802,631
	1,335,000		NiSource Finance Corp	5.400		07/15/14		1,431,151
	1,975,000		Northern States Power Co	5.350		11/01/39		2,522,932
	150,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		187,892
	1,000,000		Oncor Electric Delivery Co LLC	4.550		12/01/41		973,784
	950,000		ONEOK Partners LP	3.375		10/01/22		954,628
	695,000		Pacific Gas & Electric Co	8.250		10/15/18		954,406
	900,000		Pacific Gas & Electric Co	4.450		04/15/42		983,674
	500,000		PacifiCorp	6.000		01/15/39		675,077
	885,000		Pepco Holdings, Inc	2.700		10/01/15		920,000
	2,700,000	g	Perusahaan Listrik Negara PT	5.500		11/22/21		3,020,625
	1,450,000		PG&E Corp	5.750		04/01/14		1,553,259
	135,000		Potomac Electric Power Co	7.900		12/15/38		221,040
	3,875,000		PPL Capital Funding, Inc	4.200		06/15/22		4,130,146
	1,000,000		PPL Electric Utilities Corp	3.000		09/15/21		1,059,900
	565,000		Progress Energy, Inc	7.050		03/15/19		715,824
	1,780,000		Public Service Co of Oklahoma	5.150		12/01/19		2,070,099
	440,000		Public Service Electric & Gas Co	5.300		05/01/18		532,495
	1,190,000		Public Service Electric & Gas Co	5.375		11/01/39		1,525,198
	1,500,000		QEP Resources, Inc	5.375		10/01/22		1,552,500
	468,000		Questar Market Resources, Inc	6.875		03/01/21		528,840
	970,000		San Diego Gas & Electric Co	3.950		11/15/41		1,031,631
	630,000		Sempra Energy	6.000		10/15/39		816,355
	450,000		Tampa Electric Co	4.100		06/15/42		468,477
	430,000		Veolia Environnement	5.250		06/03/13		440,630
	850,000		Virginia Electric and Power Co	4.750		03/01/13		865,256
	845,000		Virginia Electric and Power Co	2.950		01/15/22		895,236
	480,000		Williams Partners LP	3.800		02/15/15		508,937

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	850,000		Williams Partners LP	4.000	%	11/15/21	$	914,736
	950,000		Williams Partners LP	3.350		08/15/22		971,087
	940,000		Williams Partners LP	6.300		04/15/40		1,176,711
	650,000		Xcel Energy, Inc	4.800		09/15/41		748,973

			TOTAL UTILITIES					89,281,626


			TOTAL CORPORATE BONDS					935,547,677

			(Cost $873,735,028)

GOVERNMENT BONDS - 44.0%

AGENCY SECURITIES - 0.4%
	5,350,433		AMAL Ltd	3.465		08/21/21		5,822,555
	940,308		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,096,484
	550,389		Overseas Private Investment Corp	3.420		01/15/15		563,279
	501,563		Totem Ocean Trailer Express, Inc	4.514		12/18/19		545,274

			TOTAL AGENCY SECURITIES					8,027,592


FOREIGN GOVERNMENT BONDS - 3.6%
	1,500,000	g	Barbados Government International Bond	7.000		08/04/22		1,518,750
	475,000		Brazilian Government International Bond	5.875		01/15/19		591,375
	1,844,000		Brazilian Government International Bond	4.875		01/22/21		2,203,580
	170,000		Brazilian Government International Bond	7.125		01/20/37		256,275
	1,970,000		Brazilian Government International Bond	5.625		01/07/41		2,521,600
	805,000		Chile Government International Bond	3.875		08/05/20		911,663
	240,000		Colombia Government International Bond	4.375		07/12/21		276,360
	1,350,000,000		Colombia Government International Bond	4.375		03/21/23		736,967
	800,000		Colombia Government International Bond	6.125		01/18/41		1,084,000
	950,000	g	Croatia Government International Bond	6.250		04/27/17		1,028,375
	1,000,000	g	Croatia Government International Bond	6.375		03/24/21		1,109,150
	1,135,000		Eksportfinans ASA	2.000		09/15/15		1,061,225
	1,164,000	g	Eskom Holdings Ltd	5.750		01/26/21		1,326,960
	395,000		European Investment Bank	4.875		02/15/36		468,844
	580,000		Export-Import Bank of Korea	3.750		10/20/16		627,208
	1,425,000		Export-Import Bank of Korea	5.125		06/29/20		1,666,231
	1,965,000		Export-Import Bank of Korea	4.375		09/15/21		2,202,372
	300,000		Federative Republic of Brazil	6.000		01/17/17		358,125
	1,220,000	g	Iceland Government International Bond	5.875		05/11/22		1,329,800
	1,000,000	g	Indonesia Government International Bond	3.750		04/25/22		1,057,500
	2,010,000		Israel Government International Bond	4.000		06/30/22		2,134,620
	845,000		Italy Government International Bond	5.375		06/12/17		885,307
	355,000		Italy Government International Bond	6.875		09/27/23		391,792
	1,210,000	g	Korea Housing Finance Corp	3.500		12/15/16		1,284,652
	1,000,000	g	Lithuania Government International Bond	5.125		09/14/17		1,115,000
	615,000	g	Lithuania Government International Bond	6.625		02/01/22		762,600
	20,900,000		Mexican Bonos	7.750		12/14/17		1,827,266
	3,000,000		Mexico Government International Bond	3.625		03/15/22		3,271,500
	500,000		Mexico Government International Bond	6.750		09/27/34		712,000
	1,000,000		Mexico Government International Bond	6.050		01/11/40		1,332,500
	900,000		Mexico Government International Bond	4.750		03/08/44		1,001,250
	800,000	g	Namibia International Bonds	5.500		11/03/21		894,000
	2,000,000	g	Nederlandse Waterschapsbank NV	2.125		02/09/17		2,067,848

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,500,000		Panama Government International Bond	5.200	%	01/30/20	$	1,802,250
	100,000		Peruvian Government International Bond	7.125		03/30/19		132,500
	450,000		Peruvian Government International Bond	7.350		07/21/25		659,250
	500,000		Philippine Government International Bond	5.000		01/13/37		593,750
	1,500,000		Poland Government International Bond	3.875		07/16/15		1,601,250
	1,250,000		Poland Government International Bond	6.375		07/15/19		1,543,750
	2,833,000		Poland Government International Bond	5.125		04/21/21		3,300,445
	250,000		Poland Government International Bond	5.000		03/23/22		290,000
	3,220,000		Poland Government International Bond	3.000		03/17/23		3,164,294
	620,000		Province of Quebec Canada	7.500		09/15/29		959,539
	1,390,000	g	Qatar Government International Bond	4.500		01/20/22		1,570,700
	620,000	g	Qatar Government International Bond	6.400		01/20/40		846,300
	880,000	g	Republic of Ghana	8.500		10/04/17		1,034,000
	1,050,000	g	Republic of Indonesia	5.250		01/17/42		1,195,687
	925,000		Republic of Korea	5.750		04/16/14		992,692
	200,000		Republic of Philippines	4.000		01/15/21		223,500
	860,000	g	Republic of Serbia	7.250		09/28/21		909,450
	900,000		Republic of Turkey	6.000		01/14/41		1,038,375
	2,050,000	g	Republic of Zambia	5.375		09/20/22		2,060,250
	900,000	g	Romanian Government International Bond	6.750		02/07/22		1,012,500
	750,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		789,375
	750,000	g	Russian Foreign Bond - Eurobond	3.250		04/04/17		789,210
	800,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		918,000
	900,000	g	Russian Foreign Bond - Eurobond	4.500		04/04/22		1,004,670
	1,470,000	g	Russian Foreign Bond - Eurobond	5.625		04/04/42		1,764,147
	1,500,000	g	Slovakia Government International Bond	4.375		05/21/22		1,578,150
	240,000		South Africa Government International Bond	6.875		05/27/19		302,112
	1,175,000		South Africa Government International Bond	5.500		03/09/20		1,395,313
	1,000,000		South Africa Government International Bond	4.665		01/17/24		1,122,500
	500,000		South Africa Government International Bond	6.250		03/08/41		660,300
	540,000	g	Sri Lanka Government International Bond	6.250		07/27/21		587,146
	875,000	g	Sri Lanka Government International Bond	5.875		07/25/22		942,813
	1,220,000		Svensk Exportkredit AB	5.125		03/01/17		1,423,405
	1,310,000		Turkey Government International Bond	5.125		03/25/22		1,442,637
	100,000		Turkey Government International Bond	6.250		09/26/22		119,670
	227,000		United Mexican States	5.875		02/17/14		241,188
	500,000		United Mexican States	5.950		03/19/19		620,000
	1,032,000		United Mexican States	5.125		01/15/20		1,233,240

			TOTAL FOREIGN GOVERNMENT BONDS					81,881,053


MORTGAGE BACKED - 27.2%
	451,473	i	Federal Home Loan Mortgage Corp (FHLMC)	2.380		02/01/36		476,575
	175,858	i	FHLMC	2.853		07/01/36		189,214
	431,487	i	FHLMC	2.620		09/01/36		458,370
	586,274	i	FHLMC	2.653		09/01/36		633,344
	392,319	i	FHLMC	2.794		09/01/36		416,614
	1,056,695	i	FHLMC	2.848		03/01/37		1,135,197
	742,277	i	FHLMC	5.937		04/01/37		810,448
	303,987	i	FHLMC	5.856		05/01/37		330,046
	121,051	i	FHLMC	2.759		06/01/37		129,981
	509,617	i	FHLMC	3.405		08/01/37		548,025
	515,294	i	FHLMC	2.239		09/01/37		549,048

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	9,278,671	i	FHLMC (Interest Only)	6.339	%	09/15/41	$	2,255,825
	13,135		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.500		01/01/16		13,367
	918		FGLMC	7.500		05/01/16		992
	1,047		FGLMC	7.500		06/01/16		1,124
	573,092		FGLMC	4.500		09/01/18		627,740
	652,099		FGLMC	4.500		01/01/19		716,726
	791,757		FGLMC	4.500		05/01/19		850,926
	240,485		FGLMC	4.500		01/01/20		258,457
	391,441		FGLMC	5.000		05/01/20		425,771
	98,981		FGLMC	4.500		07/01/20		108,419
	14,171		FGLMC	7.000		10/01/20		16,557
	1,226,026		FGLMC	4.500		06/01/21		1,319,565
	2,187,986		FGLMC	4.500		06/01/21		2,354,917
	933,373		FGLMC	4.000		07/01/24		993,667
	303,838		FGLMC	4.500		09/01/24		325,975
	3,000,000	h	FGLMC	5.000		10/15/27		3,232,031
	927		FGLMC	6.500		10/01/28		1,060
	16,282		FGLMC	6.500		01/01/29		18,597
	4,270		FGLMC	6.500		03/01/29		5,039
	35,591		FGLMC	6.500		07/01/29		41,820
	2,882		FGLMC	8.000		01/01/31		3,551
	28,652		FGLMC	6.500		09/01/31		33,333
	49,857		FGLMC	8.000		09/01/31		62,084
	275,942		FGLMC	7.000		12/01/31		328,114
	479,645		FGLMC	6.000		03/01/33		537,470
	473,429		FGLMC	4.500		07/01/33		510,384
	1,208,882		FGLMC	5.000		09/01/33		1,356,053
	481,765		FGLMC	5.500		09/01/33		540,221
	362,966		FGLMC	5.500		09/01/33		405,454
	526,322		FGLMC	5.500		09/01/33		589,528
	715,561		FGLMC	5.500		10/01/33		801,492
	1,426,050		FGLMC	5.500		12/01/33		1,568,336
	2,123,983		FGLMC	7.000		12/01/33		2,525,561
	705,694		FGLMC	5.000		01/01/34		772,199
	842,193		FGLMC	5.000		05/01/34		915,246
	486,808		FGLMC	6.000		09/01/34		540,172
	2,233,142		FGLMC	5.000		12/01/34		2,426,847
	184,596		FGLMC	5.500		12/01/34		203,707
	1,160,190		FGLMC	4.500		04/01/35		1,250,752
	819,580		FGLMC	6.000		05/01/35		910,704
	864,539		FGLMC	7.000		05/01/35		1,027,996
	159,665		FGLMC	6.000		07/01/35		176,219
	115,732		FGLMC	5.500		08/01/35		126,905
	139,123		FGLMC	5.000		10/01/35		151,451
	243,152		FGLMC	5.000		02/01/36		264,699
	52,886		FGLMC	6.500		05/01/36		60,260
	404,085		FGLMC	6.500		10/01/36		460,429
	1,122,578		FGLMC	5.500		04/01/37		1,224,412
	801,479		FGLMC	6.000		08/01/37		890,590
	337,409		FGLMC	6.000		09/01/37		374,923
	65,835		FGLMC	6.500		11/01/37		75,063
	997,679		FGLMC	5.000		04/01/38		1,101,647

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	2,248,298		FGLMC	4.500	%	05/01/39	$	2,418,526
	428,852		FGLMC	4.000		06/01/39		461,212
	733,501		FGLMC	5.000		07/01/39		795,292
	4,543,653		FGLMC	4.500		11/01/40		5,097,816
	5,093,078		FGLMC	4.500		12/01/40		5,677,646
	5,000,000	h	FGLMC	3.500		10/15/42		5,360,938
	5,000,000	h	FGLMC	4.000		10/15/42		5,374,219
	2,391		Federal National Mortgage Association (FNMA)	5.000		06/01/13		2,478
	1,169,437		FNMA	4.440		07/01/13		1,183,849
	1,272		FNMA	6.000		09/01/13		1,284
	964,577		FNMA	4.757		10/01/13		990,183
	1,126		FNMA	6.500		12/01/13		1,156
	822,637		FNMA	4.791		02/01/14		847,845
	3,444,851		FNMA	4.640		11/01/14		3,658,715
	674,732		FNMA	4.870		03/01/16		681,532
	10,183		FNMA	6.500		10/01/16		10,936
	81,311		FNMA	6.500		11/01/16		87,321
	53,305		FNMA	6.500		04/01/17		57,989
	172,712		FNMA	5.000		12/01/17		188,325
	786,949		FNMA	5.500		04/01/18		860,427
	74,024		FNMA	5.500		04/01/18		80,959
	46,573		FNMA	5.500		05/01/18		50,936
	310,735		FNMA	4.500		10/01/18		336,197
	809,269		FNMA	5.000		11/01/18		882,428
	42,096		FNMA	6.000		01/01/19		46,487
	98,362		FNMA	4.500		05/01/19		106,453
	250,265		FNMA	4.500		06/01/19		270,850
	174,102		FNMA	5.000		03/01/20		189,841
	125,187		FNMA	4.500		11/01/20		135,484
	323,673		FNMA	5.000		12/01/20		352,984
	280,311		FNMA	5.000		03/01/21		305,652
	218,686		FNMA	5.500		08/01/21		238,694
	215,651		FNMA	4.500		06/01/23		232,850
	506,994		FNMA	5.000		07/01/23		550,846
	376,730		FNMA	5.000		07/01/23		409,315
	159,692		FNMA	5.000		11/01/23		176,973
	141,478		FNMA	5.500		02/01/24		156,562
	262,815		FNMA	4.000		05/01/24		281,270
	78,723		FNMA	5.500		07/01/24		87,117
	1,306		FNMA	8.000		07/01/24		1,567
	210,640		FNMA	4.500		08/01/24		227,439
	1,871,059		FNMA	4.000		09/01/24		2,002,451
	937,218		FNMA	5.000		03/01/25		1,036,295
	2,017,146		FNMA	5.000		10/01/25		2,222,823
	968,174		FNMA	3.000		05/01/27		1,041,565
	7,000,000	h	FNMA	2.500		10/25/27		7,356,563
	2,000,000	h	FNMA	3.000		10/25/27		2,120,000
	1,000,000	h	FNMA	4.000		10/25/27		1,069,375
	4,000,000	h	FNMA	4.500		10/25/27		4,315,625
	1,199		FNMA	7.500		01/01/29		1,445
	3,285		FNMA	6.500		04/01/29		3,858
	913		FNMA	7.500		07/01/29		915

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	11,968		FNMA	7.500	%	07/01/29	$	12,484
	590		FNMA	7.500		02/01/31		628
	4,868		FNMA	7.500		03/01/31		5,970
	2,679		FNMA	7.500		05/01/31		2,939
	2,799		FNMA	6.500		09/01/31		3,254
	26,868		FNMA	6.500		11/01/31		31,238
	53,425		FNMA	6.000		01/01/32		60,445
	461,075		FNMA	6.500		07/01/32		533,207
	202,307		FNMA	5.500		01/01/33		224,508
	81,771		FNMA	5.000		02/01/33		89,866
	679,571		FNMA	4.500		03/25/33		710,269
	293,625		FNMA	5.000		08/01/33		322,693
	227,371		FNMA	5.000		10/01/33		249,880
	325,557		FNMA	5.000		10/01/33		357,786
	96,835		FNMA	5.000		03/01/34		106,421
	128,369		FNMA	5.000		03/01/34		141,077
	80,829		FNMA	5.000		03/01/34		88,831
	269,741		FNMA	5.000		03/01/34		296,444
	802,213		FNMA	5.000		04/01/34		876,741
	2,266,341		FNMA	5.000		08/01/34		2,479,805
	344,134		FNMA	6.000		11/01/34		385,932
	112,697		FNMA	6.000		12/01/34		127,111
	758,799		FNMA	6.000		05/01/35		852,886
	16,638		FNMA	7.500		06/01/35		18,522
	79,929		FNMA	5.500		10/01/35		90,687
	112,242		FNMA	5.000		11/01/35		121,933
	717,260	i	FNMA	2.703		02/01/36		769,374
	158,342		FNMA	5.000		02/01/36		170,924
	93,963		FNMA	5.000		02/01/36		101,430
	466,655		FNMA	6.500		02/01/36		531,036
	396,427	i	FNMA	2.760		07/01/36		425,362
	393,339		FNMA	6.500		09/01/36		446,352
	120,119		FNMA	7.000		02/01/37		143,440
	301,911		FNMA	6.500		03/01/37		342,971
	710,195		FNMA	7.000		04/01/37		848,078
	249,401		FNMA	6.500		08/01/37		282,929
	929,149		FNMA	6.500		08/01/37		1,053,274
	610,086		FNMA	6.000		09/01/37		691,453
	455,275		FNMA	6.000		09/01/37		514,672
	783,787		FNMA	6.500		09/01/37		885,259
	1,237,186	i	FNMA	4.589		10/01/37		1,330,652
	239,282		FNMA	7.000		11/01/37		285,737
	106,337		FNMA	6.500		01/01/38		121,171
	19,060		FNMA	6.500		03/01/38		21,731
	309,936	i	FNMA	4.916		10/01/38		333,607
	2,385,052		FNMA	5.500		08/01/39		2,687,043
	64,709,197		FNMA	4.000		12/01/39		69,743,460
	5,000,000		FNMA	4.000		02/25/40		5,469,355
	4,609,918		FNMA	4.500		03/01/40		5,128,071
	8,596,243		FNMA	4.500		09/01/40		9,334,119
	4,831,115		FNMA	4.500		09/01/40		5,245,804
	765,793		FNMA	4.000		11/01/40		826,116

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	4,293,518		FNMA	4.500	%	11/01/40	$	4,739,881
	32,177,764		FNMA	4.500		04/01/41		35,000,143
	14,000,000	h	FNMA	3.000		10/25/42		14,778,750
	77,000,000	h	FNMA	3.500		10/25/42		82,582,500
	4,000,000	h	FNMA	4.000		10/25/42		4,309,375
	20,000,000	h	FNMA	5.000		10/25/42		21,815,624
	61,000,000	h	FNMA	5.500		10/25/42		66,871,250
	41,000,000	h	FNMA	6.000		10/25/42		45,266,563
	10,000,000	h	FNMA	6.500		10/25/42		11,240,625
	197		Government National Mortgage Association (GNMA)	7.000		01/15/28		236
	1,880		GNMA	7.000		02/15/28		2,258
	1,869		GNMA	7.000		06/15/28		2,245
	660		GNMA	7.000		06/15/28		793
	4,143		GNMA	6.500		09/15/28		4,897
	21,080		GNMA	6.500		09/15/28		24,849
	10,233		GNMA	6.500		11/15/28		12,076
	3,404		GNMA	7.500		11/15/28		3,963
	609		GNMA	8.500		07/15/30		622
	19,075		GNMA	8.500		10/15/30		20,828
	13,440		GNMA	8.500		10/20/30		16,905
	1,885		GNMA	8.500		12/15/30		2,365
	3,066		GNMA	7.000		06/20/31		3,719
	2,110		GNMA	6.500		07/15/31		2,512
	11,229		GNMA	7.000		07/15/31		13,432
	7,558		GNMA	7.000		07/15/31		9,041
	10,006		GNMA	7.500		02/15/32		10,328
	1,584		GNMA	6.500		03/15/33		1,895
	314,188		GNMA	5.500		07/15/33		351,744
	846,313		GNMA	5.500		09/15/33		949,859
	253,619		GNMA	5.500		02/20/35		284,604
	1,686,996		GNMA	5.500		05/20/35		1,889,934
	581,779		GNMA	5.500		02/20/36		651,764
	98,974		GNMA	6.000		10/20/36		112,137
	102,698		GNMA	6.000		01/20/37		116,356
	341,375		GNMA	6.000		02/20/37		386,775
	195,996		GNMA	5.500		07/15/38		218,078
	836,562		GNMA	5.500		07/20/38		933,014
	14,020		GNMA	6.000		08/15/38		15,849
	310,240		GNMA	6.000		08/20/38		350,723
	305,306		GNMA	6.500		11/20/38		351,927
	1,548,911		GNMA	5.000		06/15/39		1,718,150
	1,648,951		GNMA	4.500		07/20/39		1,824,227
	634,907		GNMA	4.000		08/15/39		701,615
	777,148		GNMA	4.000		10/15/40		867,786
	24,731,724		GNMA	4.000		01/20/42		27,250,164
	29,000,000	h	GNMA	3.500		10/15/42		31,777,655
	6,000,000	h	GNMA	6.000		10/15/42		6,779,063
	17,000,000	h	GNMA	4.500		10/20/42		18,755,780
	13,000,000	h	GNMA	5.000		10/20/42		14,358,906
	2,556,082		GNMA	6.500		01/15/44		2,782,561

			TOTAL MORTGAGE BACKED					617,602,070

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

MUNICIPAL BONDS - 0.9%
$	445,000		Charlotte-Mecklenburg Hospital Authority	5.000	%	08/01/15	$	483,680
	9,920,000		City of New York, NY	5.817		10/01/31		11,293,126
	1,655,000		Grant County Public Utility District No 2	5.630		01/01/27		2,062,958
	1,900,000		State of California	5.450		04/01/15		2,096,859
	1,900,000		State of California	5.950		04/01/16		2,172,840
	2,470,000		State of California	7.625		03/01/40		3,360,583

			TOTAL MUNICIPAL BONDS					21,470,046


U.S. TREASURY SECURITIES - 11.9%
	5,800,000	l	United States Treasury Bond	5.375		02/15/31		8,389,155
	76,000		United States Treasury Bond	4.500		02/15/36		101,389
	14,501,000		United States Treasury Bond	3.000		05/15/42		15,035,724
	9,400,000		United States Treasury Bond	2.750		08/15/42		9,244,317
	125,000		United States Treasury Note	0.125		08/31/13		124,941
	40,000		United States Treasury Note	0.250		10/31/13		40,022
	9,000,000		United States Treasury Note	0.250		02/28/14		9,004,221
	10,950,000		United States Treasury Note	0.250		05/31/14		10,953,416
	51,852,000		United States Treasury Note	0.250		06/30/14		51,862,111
	4,755,000		United States Treasury Note	2.625		06/30/14		4,952,442
	13,175,000		United States Treasury Note	0.250		08/31/14		13,177,569
	39,392,000		United States Treasury Note	0.250		08/15/15		39,330,470
	50,000,000		United States Treasury Note	0.250		09/15/15		49,914,050
	26,578,000		United States Treasury Note	0.625		08/31/17		26,594,611
	30,000,000		United States Treasury Note	1.000		08/31/19		29,925,000
	44,000		United States Treasury Note	2.625		11/15/20		48,579
	1,300,000		United States Treasury Note	1.625		08/15/22		1,298,651

			TOTAL U.S. TREASURY SECURITIES					269,996,668


			TOTAL GOVERNMENT BONDS					998,977,429

			(Cost $970,004,442)

STRUCTURED ASSETS - 11.5%

ASSET BACKED - 7.6%
	75,000	g,i,m	ARTS Ltd	0.639		06/15/13		72,750
			Series - 2005 BA (Class B)
	55,677	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		0
			Series - 2006 WMC1 (Class N1)
	550,000	g	Avis Budget Rental Car Funding AESOP LLC	2.980		11/20/14		553,793
			Series - 2011 1A (Class B)
	9,300,000	g	Avis Budget Rental Car Funding AESOP LLC	4.740		11/20/17		10,077,871
			Series - 2011 3A (Class B)
	9,800,000	g	Avis Budget Rental Car Funding AESOP LLC	3.040		03/20/19		9,814,671
			Series - 2012 3A (Class B)
	623,202	i	Bear Stearns Asset Backed Securities Trust	0.587		11/25/39		586,809
			Series - 2005 SD3 (Class 2A1)
	11,450,000	g,i	BlueMountain CLO Ltd	3.364		07/20/23		11,510,685
			Series - 2012 1A (Class B)
	13,967,830	g	Capital Automotive REIT	4.700		07/15/42		14,082,170
			Series - 2012 1A (Class A)
	14,800,000	g	Carlyle Global Market Strategies	4.370		07/20/23		14,916,920
			Series - 2012 2A (Class B2)

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	424,449		CIT Group Home Equity Loan Trust	6.200	%	02/25/30	$	423,219
			Series - 2002 1 (Class AF6)
	43,341		Citicorp Mortgage Securities, Inc	5.706		07/25/36		43,314
			Series - 2006 1 (Class A3)
	7,800,000	g	Commercial Industrial Finance Corp	2.661		08/14/24		7,819,500
			Series - 2012 1A (Class A1F)
	357,424	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		357,521
			Series - 2006 15 (Class A2)
	442,810	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		427,011
			Series - 2007 MX1 (Class A1)
	6,410,000	g,i	DB/UBS Mortgage Trust	5.728		11/10/46		7,294,561
			Series - 2011 LC1A (Class C)
	12,128,350	g	Dominos Pizza Master Issuer LLC	5.216		01/25/42		13,520,697
			Series - 2012 1A (Class A2)
	5,000,000	g	Dryden XXIII Senior Loan Fund	4.070		07/17/23		4,970,000
			Series - 2012 23A (Class A2B)
	1,707,545	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		1,639,093
			Series - 2007 1A (Class AF3)
	11,440,000		Ford Credit Auto Owner Trust	2.930		10/15/18		11,624,161
			Series - 2012 B (Class D)
	7,800,000		Ford Credit Auto Owner Trust	2.430		01/15/19		7,839,913
			Series - 2012 C (Class D)
	5,900,000	g	Hertz Vehicle Financing LLC	4.170		03/25/16		6,157,517
			Series - 2011 1A (Class B1)
	9,285,000	g	Hertz Vehicle Financing LLC	5.930		03/25/16		10,013,835
			Series - 0 2A (Class B2)
	3,223,390		Lehman XS Trust	6.500		06/25/46		1,969,408
			Series - 2006 13 (Class 2A1)
	382,330	i	Long Beach Mortgage Loan Trust	0.967		02/25/35		377,761
			Series - 2005 1 (Class M1)
	450,947	i	Park Place Securities, Inc	1.162		09/25/34		430,201
			Series - 2004 WHQ1 (Class M1)
	1,000,000	g	Rental Car Finance Corp	4.380		02/25/16		1,040,780
			Series - 2011 1A (Class B1)
	105,222	i	Residential Asset Securities Corp	6.489		10/25/30		99,809
			Series - 2001 KS2 (Class AI6)
	379,026	i	Residential Asset Securities Corp	0.647		04/25/35		370,274
			Series - 2005 KS3 (Class M3)
	1,383,316		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		1,377,328
			Series - 2006 HI5 (Class A3)
	826,414		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		854,803
			Series - 2006 HI3 (Class A3)
	185,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		184,074
			Series - 2006 HI1 (Class M2)
	715,856	i	Securitized Asset Backed Receivables LLC	0.517		10/25/35		687,659
			Series - 2006 OP1 (Class A2C)
	2,313,712	g	Sierra Receivables Funding Co LLC	3.350		04/20/26		2,383,431
			Series - 2011 1A (Class A)
	1,930,581	g	Sierra Receivables Funding Co LLC	4.230		04/20/26		1,977,673
			Series - 2011 1A (Class B)
	1,773,863	g	Sierra Receivables Funding Co LLC	4.250		05/20/28		1,806,628
			Series - 2011 2A (Class B)

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,208,177	g,m	Sierra Receivables Funding Co LLC	4.360	%	07/20/28	$	1,214,761
			Series - 2011 3A (Class B)
	7,297,646	g,m	Sierra Receivables Funding Co LLC	3.580		11/20/28		7,412,394
			Series - 2012 1A (Class B)
	4,335,371	g	Sierra Receivables Funding Co LLC	3.420		03/20/29		4,350,527
			Series - 2012 2A (Class B)
	3,100,000	g	SLM Student Loan Trust	4.370		04/17/28		3,401,822
			Series - 2011 A (Class A2)
	1,480,000	g	SLM Student Loan Trust	3.740		02/15/29		1,581,501
			Series - 2011 B (Class A2)
	5,213,000	g	SLM Student Loan Trust	4.540		10/17/44		5,722,565
			Series - 2011 C (Class A2B)
	926,796	i	Soundview Home Equity Loan Trust	0.517		11/25/35		896,717
			Series - 2005 OPT3 (Class A4)
	39,074	i	Soundview Home Equity Loan Trust	0.327		10/25/36		39,007
			Series - 2006 EQ1 (Class A2)
	345,097	i	Structured Asset Investment Loan Trust	0.617		05/25/35		342,076
			Series - 2005 4 (Class M1)
	638,961	i	Structured Asset Investment Loan Trust	0.497		12/25/35		633,856
			Series - 2005 10 (Class A5)
	313,954	g,i	Wachovia Loan Trust	0.577		05/25/35		258,372
			Series - 2005 SD1 (Class A)
	400,883	i	Wells Fargo Home Equity Trust	0.357		07/25/36		395,671
			Series - 2006 2 (Class A3)
	565,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		629,372
			Series - 2010 A (Class B)

			TOTAL ASSET BACKED					174,184,481


OTHER MORTGAGE BACKED - 3.9%
	6,500,000	g	7 WTC Depositor LLC Trust	4.082		03/13/31		6,826,592
			Series - 2012 7WTC (Class A)
	5,637,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		6,286,298
			Series - 2006 4 (Class AM)
	4,590,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		5,103,217
			Series - 2006 PW13 (Class AM)
	5,025,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		5,629,327
			Series - 2006 T24 (Class AM)
	183,656		Citicorp Mortgage Securities, Inc	5.750		11/25/36		185,956
			Series - 2006 6 (Class A2)
	23,059	g,i	Citigroup Commercial Mortgage Trust	0.361		04/15/22		22,653
			Series - 2007 FL3A (Class A2)
	2,260,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		2,480,829
			Series - 2007 C9 (Class AM)
	751,189		Countrywide Alternative Loan Trust	5.500		08/25/16		797,452
			Series - 2004 30CB (Class 1A15)
	684,129		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		697,676
			Series - 2005 6 (Class 1A10)
	269,954		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		271,504
			Series - 2005 12 (Class 1A5)
	79,921		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		79,958
			Series - 2005 J3 (Class 1A1)

TIAA-CREF FUNDS - Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	412,784	g,i	Credit Suisse Mortgage Capital Certificates	0.401	%	04/15/22	$	390,229
			Series - 2007 TF2A (Class A1)
	1,600,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		1,831,016
			Series - 2006 OMA (Class D)
	1,050,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		1,060,280
			Series - 2009 RR1 (Class A3C)
	580,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		587,998
			Series - 2003 C3 (Class B)
	415,000	g	GS Mortgage Securities Corp II	1.000		06/05/31		436,642
			Series - 0 SHOP (Class A)
	1,460,000	g	GS Mortgage Securities Corp II	3.551		04/10/34		1,576,952
			Series - 2012 ALOH (Class A)
	1,375,000	g,i,m	GS Mortgage Securities Corp II	4.276		04/10/34		1,410,179
			Series - 2012 GSMS (Class C)
	795,000	g,i	GS Mortgage Securities Corp II	5.402		12/10/43		871,418
			Series - 2010 C2 (Class C)
	1,170,000	g,i	GS Mortgage Securities Corp II	5.402		12/10/43		1,348,237
			Series - 2010 C2 (Class B)
	180,000	g,i	HVB Mortgage Capital Corp	2.278		09/10/22		180,042
			Series - 2003 FL1A (Class J)
	1,577,767	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.596		07/15/19		1,529,662
			Series - 2007 FL1A (Class A1)
	1,010,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.431		07/15/46		1,077,023
			Series - 2011 C4 (Class C)
	2,060,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		2,351,962
			Series - 2006 LDP9 (Class A3)
	2,795,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	6.003		06/15/49		3,235,145
			Series - 2007 LD11 (Class A4)
	131,354	i	JP Morgan Mortgage Trust	4.281		04/25/35		133,883
			Series - 2005 A2 (Class 5A1)
	244,866		MASTER Asset Securitization Trust	5.000		05/25/35		245,640
			Series - 2005 1 (Class 2A5)
	571,063	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		627,769
			Series - 2005 CIP1 (Class AM)
	550,000	g,i	Morgan Stanley Capital I	5.421		09/15/47		578,462
			Series - 2011 C1 (Class D)
	2,675,000	g,i	Morgan Stanley Capital I	5.421		09/15/47		2,957,980
			Series - 2011 C1 (Class C)
	415,000	i	Morgan Stanley Capital I	5.544		11/12/49		444,759
			Series - 2007 T25 (Class AM)
	635,787	i	Nomura Asset Securities Corp	7.328		03/15/30		640,290
			Series - 1998 D6 (Class A2)
	1,586,782		Residential Accredit Loans, Inc	4.350		03/25/34		1,632,132
			Series - 2004 QS4 (Class A1)
	2,677,398	i	Residential Accredit Loans, Inc	0.407		05/25/46		1,748,092
			Series - 2006 QO5 (Class 2A1)
	2,134,991	g,i	Springleaf Mortgage Loan Trust	2.667		09/25/57		2,150,397
			Series - 2012 1A (Class A)
	963,799	g,i	Springleaf Mortgage Loan Trust	2.220		10/25/57		968,015
			Series - 0 2A (Class A)
	98,427	i	Structured Adjustable Rate Mortgage Loan Trust	0.977		03/25/35		98,522
			Series - 2005 6XS (Class A3)

TIAA-CREF FUNDS - Bond Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

222,717

Wachovia Bank Commercial Mortgage Trust

5.246

12/15/43

225,312

Series - 2007 C30 (Class A3)

18,800,000

Wachovia Bank Commercial Mortgage Trust

5.342

12/15/43

21,279,814

Series - 2007 C30 (Class A5)

3,460,000

Wachovia Bank Commercial Mortgage Trust

5.383

12/15/43

3,438,728

Series - 2007 C30 (Class AM)

1,200,000

Wachovia Bank Commercial Mortgage Trust

5.500

04/15/47

1,339,993

Series - 2007 C31 (Class A5)

1,765,000

Wachovia Bank Commercial Mortgage Trust

5.339

11/15/48

1,906,135

Series - 2006 C29 (Class AM)

1,025,000

Wachovia Bank Commercial Mortgage Trust

6.122

02/15/51

1,208,239

Series - 2007 C33 (Class A4)

129,603

Wells Fargo Mortgage Backed Securities Trust

5.500

04/25/35

129,813

Series - 2005 2 (Class 1A1)

TOTAL OTHER MORTGAGE BACKED

88,022,222

TOTAL STRUCTURED ASSETS

262,206,703

(Cost $253,749,354)

TOTAL BONDS

2,196,731,809

(Cost $2,097,488,824)

SHORT-TERM INVESTMENTS - 16.4%

TREASURY DEBT - 16.4%

14,400,000

United States Treasury Bill

0.048

10/04/12

14,399,943

41,800,000

United States Treasury Bill

0.088

10/11/12

41,798,978

63,400,000

United States Treasury Bill

0.060-0.073

10/18/12

63,398,077

66,280,000

United States Treasury Bill

0.089

11/01/12

66,274,920

30,400,000

United States Treasury Bill

0.050-0.104

11/08/12

30,397,949

19,000,000

United States Treasury Bill

0.047-0.050

11/15/12

18,998,869

67,300,000

United States Treasury Bill

0.082-0.095

11/29/12

67,293,136

20,000,000

United States Treasury Bill

0.090

12/06/12

19,997,160

50,000,000

United States Treasury Bill

0.090

12/13/12

49,991,650

TOTAL TREASURY DEBT

372,550,682

TOTAL SHORT-TERM INVESTMENTS

372,550,682

(Cost $372,545,898)

TOTAL INVESTMENTS - 113.1%

2,569,282,491

(Cost $2,470,034,722)

OTHER ASSETS & LIABILITIES, NET - (13.1)%

(297,252,339)

NET ASSETS - 100.0%

2,272,030,152

Abbreviation(s):

REIT

Real Estate Investment Trust

All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

All or a portion of these securities were purchased on a delayed delivery basis.

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

All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.

Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Bond Plus Fund

TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2012


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

BANK LOAN OBLIGATIONS - 4.0%

AUTOMOBILES & COMPONENTS - 0.4%
$	2,359,400	h	Allison Transmission Holdings, Inc	4.250	%	08/23/19	$	2,363,340
	1,902,769	i	Delphi Automotive LLP	3.500		03/31/17		1,905,947

			TOTAL AUTOMOBILES & COMPONENTS					4,269,287

CAPITAL GOODS - 0.3%
	1,500,000	i	Generac Power Systems, Inc	6.250		05/30/18		1,506,570
	1,969,937	i	TransDigm, Inc	4.000		02/14/17		1,978,428

			TOTAL CAPITAL GOODS					3,484,998


CONSUMER SERVICES - 0.2%
	1,372,752	i	DineEquity, Inc	4.250		10/19/17		1,380,480
	1,294,000	i	Wendy’s International, Inc	4.750		05/15/19		1,302,903

			TOTAL CONSUMER SERVICES					2,683,383


DIVERSIFIED FINANCIALS - 0.6%
	2,208,267	i	Pinafore LLC	4.250		09/29/16		2,212,860
	3,000,000	i	Schaeffler Finance BV	6.000		01/27/17		3,028,140
	1,970,000	i	TransUnion LLC	5.500		02/10/18		1,991,334

			TOTAL DIVERSIFIED FINANCIALS					7,232,334


ENERGY - 0.3%
	2,992,500	i	Arch Coal, Inc	5.750		05/16/18		3,012,699

			TOTAL ENERGY					3,012,699


FOOD, BEVERAGE & TOBACCO - 0.3%
	3,355,657	i	Del Monte Foods Co	4.500		03/08/18		3,349,651

			TOTAL FOOD, BEVERAGE & TOBACCO					3,349,651


HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	2,992,500	i	Bausch & Lomb, Inc	5.250		05/17/19		3,023,053
	2,760,321	h	Capsugel Holdings US, Inc	4.750		08/01/18		2,768,602
	2,165,875	i	Fresenius US Finance I, Inc, Term Loan D1	3.500		09/10/14		2,165,875
	778,741	i	Fresenius US Finance I, Inc, Term Loan D2	3.500		09/10/14		778,741
	3,000,000	i	HCA, Inc	3.482		05/01/18		3,001,890
	975,018	i,m	IMS Health, Inc	4.500		08/26/17		979,084

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					12,717,245


MATERIALS - 0.2%
	2,220,000	i	Ashland, Inc	3.750		08/23/18		2,233,364

			TOTAL MATERIALS					2,233,364


MEDIA - 0.3%
	2,160,794	i	CSC Holdings LLC	1.995		03/29/16		2,159,778

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,496,250	i	MTL Publishing LLC	5.500	%	06/29/18	$	1,512,335

			TOTAL MEDIA					3,672,113


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	1,731,515	i	NBTY, Inc	4.250		10/01/17		1,737,229

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,737,229


RETAILING - 0.1%
	992,500	i	Academy Ltd	6.000		08/03/18		994,981

			TOTAL RETAILING					994,981


SOFTWARE & SERVICES - 0.1%
	1,496,250	i	Lawson Software, Inc	6.250		04/05/18		1,502,609

			TOTAL SOFTWARE & SERVICES					1,502,609


UTILITIES - 0.0%
	250,000	h	Calpine Corp	4.500		09/27/19		251,562

			TOTAL UTILITIES					251,562


			TOTAL BANK LOAN OBLIGATIONS					47,141,455

			(Cost $46,806,083)

BONDS - 92.1%

CORPORATE BONDS - 41.9%

AUTOMOBILES & COMPONENTS - 0.3%
	1,000,000		DaimlerChrysler Group LLC	8.000		06/15/19		1,060,000
	1,000,000		Delphi Corp	5.875		05/15/19		1,080,000
	500,000		Ford Motor Co	7.450		07/16/31		621,875
	500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		534,100

			TOTAL AUTOMOBILES & COMPONENTS					3,295,975


BANKS - 7.2%
	545,000	g	Abbey National Treasury Services plc	3.875		11/10/14		556,227
	335,000		Abbey National Treasury Services plc	4.000		04/27/16		348,411
	750,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		794,100
	2,000,000	g	Australia & New Zealand Banking Group Ltd	2.400		11/23/16		2,095,400
	575,000	g	Banco Davivienda S.A.	5.875		07/09/22		593,113
	750,000	g	Banco de Bogota S.A.	5.000		01/15/17		793,125
	750,000	g	Banco de Credito e Inversiones	3.000		09/13/17		748,898
	725,000		Bancolombia S.A.	5.125		09/11/22		732,250
	865,000		Bancolombia S.A.	5.950		06/03/21		973,125
	590,000	g	Bank Nederlandse Gemeenten	1.375		09/27/17		592,925
	235,000		Bank of America Corp	4.875		01/15/13		237,685
	25,000		Bank of America Corp	4.900		05/01/13		25,581
	3,475,000		Bank of America Corp	3.750		07/12/16		3,686,902
	650,000		Bank of America Corp	5.300		03/15/17		721,789
	25,000		Bank of America Corp	6.000		09/01/17		28,917
	350,000		Bank of America Corp	5.750		12/01/17		402,695
	1,000,000		Bank of America Corp	5.700		01/24/22		1,174,561

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,100,000		Bank of America Corp	5.875	%	02/07/42	$	1,285,801
	6,450,000	g	Bank of Montreal	2.625		01/25/16		6,874,410
	1,450,000	g	Bank of Nova Scotia	1.450		07/26/13		1,463,340
	1,500,000	g	Bank of Nova Scotia	1.650		10/29/15		1,549,050
	4,800,000	g	Bank of Nova Scotia	2.150		08/03/16		5,056,800
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.350		02/23/17		1,038,475
	480,000	g	BBVA Banco Continental S.A.	5.000		08/26/22		493,200
	2,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		2,126,600
	3,000,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		3,093,000
	3,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		3,018,141
	1,750,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		1,873,200
	250,000		Capital One Bank USA NA	8.800		07/15/19		329,955
	350,000		Capital One Capital V	8.875		05/15/40		355,867
	1,000,000		Citigroup, Inc	2.250		08/07/15		1,015,255
	625,000		Citigroup, Inc	6.000		12/13/13		662,852
	285,000		Citigroup, Inc	5.000		09/15/14		300,595
	4,585,000		Citigroup, Inc	3.953		06/15/16		4,905,767
	5,650,000		Citigroup, Inc	4.450		01/10/17		6,205,836
	93,000		Citigroup, Inc	6.125		05/15/18		110,095
	100,000		Citigroup, Inc	4.500		01/14/22		109,798
	300,000		Citigroup, Inc	5.875		01/30/42		361,438
	225,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.875		02/08/22		238,790
	2,700,000	g	Depfa ACS Bank	5.125		03/16/37		2,011,703
	250,000		Deutsche Bank AG	3.875		08/18/14		262,646
	345,000		Discover Bank	7.000		04/15/20		415,550
	250,000		Golden West Financial Corp	4.750		10/01/12		250,000
	1,000,000	g	HSBC Bank plc	3.100		05/24/16		1,053,787
	500,000	g	HSBC Bank plc	4.125		08/12/20		550,616
	275,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		273,076
	1,150,000		HSBC USA, Inc	2.375		02/13/15		1,183,856
	1,025,000	g	ICICI Bank Ltd	4.750		11/25/16		1,061,491
	335,000		JPMorgan Chase & Co	5.125		09/15/14		359,457
	2,948,000		JPMorgan Chase & Co	3.150		07/05/16		3,118,067
	3,250,000		JPMorgan Chase & Co	3.250		09/23/22		3,295,155
	475,000		JPMorgan Chase & Co	5.500		10/15/40		561,603
	750,000		JPMorgan Chase & Co	5.400		01/06/42		871,872
	250,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		248,946
	500,000	g	Nordea Bank AB	4.250		09/21/22		496,902
	1,150,000	g	PKO Finance AB	4.630		09/26/22		1,153,450
	700,000	g,i	Rabobank Nederland NV	11.000		12/30/49		919,625
	1,275,000	g	State Bank of India	4.125		08/01/17		1,304,255
	125,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		131,491
	425,000		Toronto-Dominion Bank	2.500		07/14/16		449,370
	2,000,000	g	Toronto-Dominion Bank	1.625		09/14/16		2,067,600
	675,000	g	Turkiye Garanti Bankasi AS.	4.000		09/13/17		675,405
	1,000,000	g	Turkiye Halk Bankasi AS.	4.875		07/19/17		1,021,300
	500,000		Union Bank NA	2.125		06/16/17		511,567
	100,000		Union Bank of California NA	5.950		05/11/16		114,227
	400,000		UnionBanCal Corp	3.500		06/18/22		423,053
	1,000,000		US Bancorp	1.650		05/15/17		1,023,719
	475,000		US Bancorp	2.950		07/15/22		479,519
	350,000		Wachovia Bank NA	5.850		02/01/37		440,192

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	500,000		Wells Fargo & Co	1.500	%	07/01/15	$	508,413
	650,000		Wells Fargo & Co	2.100		05/08/17		672,480
	1,150,000		Wells Fargo & Co	3.500		03/08/22		1,226,426

			TOTAL BANKS					86,110,788


CAPITAL GOODS - 1.5%
	250,000		Alliant Techsystems, Inc	6.875		09/15/20		272,500
	225,000		Anixter, Inc	5.625		05/01/19		235,125
	1,200,000		Caterpillar, Inc	1.375		05/27/14		1,217,628
	950,000		Caterpillar, Inc	1.500		06/26/17		970,028
	500,000		Chesapeake Midstream Partners LP	6.125		07/15/22		528,750
	1,600,000		Danaher Corp	1.300		06/23/14		1,624,965
	650,000		Deere & Co	2.600		06/08/22		667,169
	1,000,000	g	Empresas ICA SAB de C.V.	8.900		02/04/21		1,045,000
	75,000		General Electric Co	5.250		12/06/17		88,739
	500,000		Harsco Corp	5.125		09/15/13		516,113
	837,500		Huntington Ingalls Industries, Inc	6.875		03/15/18		907,641
	750,000	g	Hyva Global BV	8.625		03/24/16		671,250
	900,000	g	Kinetic Concepts, Inc	10.500		11/01/18		951,750
	660,000	g	Rexel S.A.	6.125		12/15/19		679,800
	100,000	g	Schaeffler Finance BV	7.750		02/15/17		110,500
	600,000	g	Schaeffler Finance BV	8.500		02/15/19		672,000
	500,000		Seagate HDD Cayman	7.750		12/15/18		552,500
	500,000		Seagate HDD Cayman	6.875		05/01/20		533,125
	1,420,000		Seagate HDD Cayman	7.000		11/01/21		1,519,400
	947,000	g	Sealed Air Corp	8.125		09/15/19		1,053,537
	947,000	g	Sealed Air Corp	8.375		09/15/21		1,060,640
	1,000,000		SPX Corp	6.875		09/01/17		1,117,500
	772,000		Tomkins LLC	9.000		10/01/18		860,780
	500,000		TransDigm, Inc	7.750		12/15/18		552,500
	875,000		United Technologies Corp	1.800		06/01/17		907,528

			TOTAL CAPITAL GOODS					19,316,468


COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	475,000	g	ADT Corp	2.250		07/15/17		488,891
	225,000	g	ADT Corp	3.500		07/15/22		233,751
	475,000		eBay, Inc	0.700		07/15/15		477,254
	725,000		eBay, Inc	1.350		07/15/17		733,692
	670,000		Republic Services, Inc	3.800		05/15/18		744,982
	375,000		Republic Services, Inc	6.200		03/01/40		470,248
	335,000		Waste Management, Inc	6.125		11/30/39		421,920

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					3,570,738


CONSUMER DURABLES & APPAREL - 0.3%
	275,000		DR Horton, Inc	4.750		05/15/17		292,875
	1,000,000		Hanesbrands, Inc	8.000		12/15/16		1,105,010
	500,000		Hanesbrands, Inc	6.375		12/15/20		542,500
	500,000		Phillips-Van Heusen Corp	7.375		05/15/20		565,000
	325,000		Rio Tinto Finance USA plc	2.875		08/21/22		323,553
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,222,774

			TOTAL CONSUMER DURABLES & APPAREL					4,051,712

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

CONSUMER SERVICES - 0.6%
$	795,000		Ameristar Casinos, Inc	7.500	%	04/15/21	$	854,625
	500,000		DineEquity, Inc	9.500		10/30/18		563,750
	1,000,000		Marina District Finance Co, Inc	9.500		10/15/15		1,008,750
	500,000	g	MGM Resorts International	6.750		10/01/20		500,000
	1,000,000		Penn National Gaming, Inc	8.750		08/15/19		1,120,000
	1,000,000		Speedway Motorsports, Inc	6.750		02/01/19		1,062,500
	665,000	g	Transnet SOC Ltd	4.000		07/26/22		675,972
	1,000,000		Walt Disney Co	1.125		02/15/17		1,011,245
	500,000		Wynn Las Vegas LLC	7.875		11/01/17		545,000

			TOTAL CONSUMER SERVICES					7,341,842


DIVERSIFIED FINANCIALS - 5.9%
	500,000	g	Ajecorp BV	6.500		05/14/22		526,250
	875,000		American Express Centurion Bank	6.000		09/13/17		1,061,400
	1,000,000		American Express Credit Corp	5.875		05/02/13		1,031,391
	1,375,000		American Express Credit Corp	1.750		06/12/15		1,406,449
	250,000		American Express Credit Corp	2.800		09/19/16		265,808
	1,000,000	g	Bangkok Bank PCL	2.750		03/27/18		1,001,921
	500,000		Bank of New York Mellon Corp	1.200		02/20/15		506,742
	200,000		Bank of New York Mellon Corp	2.300		07/28/16		209,626
	1,350,000		Bank of New York Mellon Corp	1.969		06/20/17		1,397,417
	275,000		Bank of New York Mellon Corp	5.450		05/15/19		326,821
	1,000,000	g	BBVA Bancomer S.A.	6.750		09/30/22		1,092,500
	925,000		Berkshire Hathaway, Inc	1.900		01/31/17		957,753
	500,000		BlackRock, Inc	3.500		12/10/14		532,344
	825,000		BlackRock, Inc	1.375		06/01/15		840,577
	1,350,000		BlackRock, Inc	4.250		05/24/21		1,511,719
	500,000		BlackRock, Inc	3.375		06/01/22		529,524
	1,575,000		Capital One Financial Corp	3.150		07/15/16		1,672,485
	300,000		Countrywide Financial Corp	6.250		05/15/16		327,124
	1,000,000		Credit Suisse	5.500		05/01/14		1,067,974
	1,500,000		Ford Motor Credit Co LLC	3.000		06/12/17		1,526,838
	1,000,000		Ford Motor Credit Co LLC	5.750		02/01/21		1,120,069
	650,000		Ford Motor Credit Co LLC	4.250		09/20/22		666,093
	225,000		General Electric Capital Corp	2.800		01/08/13		226,426
	850,000		General Electric Capital Corp	1.875		09/16/13		862,045
	950,000		General Electric Capital Corp	2.300		04/27/17		976,543
	5,815,000		General Electric Capital Corp	4.650		10/17/21		6,517,301
	400,000		General Electric Capital Corp	6.875		01/10/39		534,442
	500,000	i	Goldman Sachs Capital II	4.000		06/01/43		376,580
	600,000		Goldman Sachs Group, Inc	5.450		11/01/12		602,354
	275,000		Goldman Sachs Group, Inc	3.300		05/03/15		286,157
	175,000		Goldman Sachs Group, Inc	7.500		02/15/19		217,034
	2,450,000		Goldman Sachs Group, Inc	5.750		01/24/22		2,822,096
	150,000		Goldman Sachs Group, Inc	6.450		05/01/36		157,165
	375,000		Goldman Sachs Group, Inc	6.750		10/01/37		401,731
	500,000		Goldman Sachs Group, Inc	6.250		02/01/41		578,484
	825,000	g	Grupo Aval Ltd	4.750		09/26/22		812,625
	1,165,000		HSBC Finance Corp	4.750		07/15/13		1,198,888
	200,000	g	International Lease Finance Corp	6.500		09/01/14		215,000
	150,000		International Lease Finance Corp	8.625		09/15/15		170,813

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	2,070,000		International Lease Finance Corp	5.750	%	05/15/16	$	2,194,701
	1,000,000		International Lease Finance Corp	5.875		08/15/22		1,033,050
	625,000	g	Inversiones CMPC S.A.	4.500		04/25/22		649,259
	100,000		Jefferies Group, Inc	6.250		01/15/36		99,000
	1,750,000		John Deere Capital Corp	0.875		04/17/15		1,762,196
	1,250,000		John Deere Capital Corp	0.950		06/29/15		1,261,251
	1,705,000		John Deere Capital Corp	2.250		06/07/16		1,785,418
	500,000		John Deere Capital Corp	1.400		03/15/17		510,820
	375,000		John Deere Capital Corp	2.750		03/15/22		386,132
	3,000,000		KFW	2.625		01/25/22		3,159,204
	625,000		Korea Development Bank	3.000		09/14/22		625,688
	300,000		Kreditanstalt fuer Wiederaufbau	4.875		01/17/17		351,930
	750,000	g	Lukoil International Finance BV	6.125		11/09/20		846,750
	500,000	g	Majapahit Holding BV	7.875		06/29/37		648,750
	275,000		MBNA Corp	6.125		03/01/13		281,024
	1,650,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,675,212
	800,000		Merrill Lynch & Co, Inc	6.400		08/28/17		930,690
	1,000,000		Morgan Stanley	2.875		01/24/14		1,013,304
	500,000		Morgan Stanley	5.375		10/15/15		538,577
	1,000,000		Morgan Stanley	5.500		07/28/21		1,094,387
	500,000		Morgan Stanley	6.375		07/24/42		550,682
	175,000		NASDAQ OMX Group, Inc	5.550		01/15/20		188,271
	400,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		415,204
	250,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		369,942
	750,000	g	NongHyup Bank	2.250		09/19/17		749,576
	720,000	g	Odebrecht Finance Ltd	6.000		04/05/23		799,200
	730,000	g	Reliance Holdings USA	4.500		10/19/20		748,173
	825,000	g	Sberbank of Russia Via SB Capital S.A.	6.125		02/07/22		911,625
	450,000		State Street Corp	4.300		05/30/14		477,508
	4,375,000	g	Temasek Financial I Ltd	2.375		01/23/23		4,370,157
	500,000		Toyota Motor Credit Corp	2.050		01/12/17		519,950
	1,000,000		UBS AG.	2.250		01/28/14		1,015,809

			TOTAL DIVERSIFIED FINANCIALS					68,497,949


ENERGY - 4.5%
	160,000		Anadarko Petroleum Corp	6.950		06/15/19		200,443
	260,000		Anadarko Petroleum Corp	6.450		09/15/36		322,125
	325,000		Apache Corp	1.750		04/15/17		335,601
	855,000		Apache Corp	4.750		04/15/43		976,963
	500,000		Arch Coal, Inc	8.750		08/01/16		490,000
	833,000		Arch Coal, Inc	7.000		06/15/19		699,720
	215,000	g	Ashland, Inc	4.750		08/15/22		219,837
	350,000		Baker Hughes, Inc	3.200		08/15/21		380,576
	1,000,000		BP Capital Markets plc	5.250		11/07/13		1,051,775
	2,045,000		BP Capital Markets plc	3.200		03/11/16		2,195,123
	1,250,000		BP Capital Markets plc	1.846		05/05/17		1,276,819
	1,250,000		BP Capital Markets plc	3.245		05/06/22		1,322,722
	400,000	g	Chaparral Energy, Inc	7.625		11/15/22		420,000
	770,000		Cimarex Energy Co	5.875		05/01/22		812,350
	500,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		543,750
	950,000		Concho Resources, Inc	5.500		04/01/23		992,750
	575,000		ConocoPhillips	6.500		02/01/39		827,434

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	500,000		Consol Energy Inc	8.250	%	04/01/20	$	523,750
	925,000	g	Continental Resources, Inc	5.000		09/15/22		966,625
	415,000		Continental Resources, Inc	5.000		09/15/22		432,638
	580,000	g	Crosstex Energy LP	7.125		06/01/22		577,100
	575,000		Crosstex Energy, Inc	8.875		02/15/18		615,250
	625,000		Devon Energy Corp	1.875		05/15/17		637,110
	700,000		Devon Energy Corp	3.250		05/15/22		728,318
	500,000		Devon Energy Corp	5.600		07/15/41		593,230
	300,000		Devon Energy Corp	4.750		05/15/42		321,452
	875,000	g	Dolphin Energy Ltd	5.500		12/15/21		1,011,937
	300,000	g	Drill Rigs Holdings, Inc	6.500		10/01/17		298,125
	500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		576,712
	470,000	g	Empresa Nacional del Petroleo	4.750		12/06/21		502,901
	250,000		Encore Acquisition Co	9.500		05/01/16		271,250
	275,000		Enterprise Products Operating LLC	5.600		10/15/14		300,456
	75,000		Enterprise Products Operating LLC	5.000		03/01/15		82,132
	115,000		Enterprise Products Operating LLC	6.125		10/15/39		138,213
	135,000		Enterprise Products Operating LLC	5.950		02/01/41		159,695
	425,000		Enterprise Products Operating LLC	5.700		02/15/42		491,090
	750,000		Enterprise Products Operating LLC	4.450		02/15/43		741,824
	350,000		EOG Resources, Inc	4.100		02/01/21		397,859
	500,000		Gaz Capital S.A.	6.212		11/22/16		555,650
	500,000	g	Gazprom Neft OAO	4.375		09/19/22		497,500
	350,000	g	Gazprom OAO Via Gaz Capital S.A.	4.950		05/23/16		370,569
	175,000		Hess Corp	8.125		02/15/19		231,544
	285,000		Hess Corp	6.000		01/15/40		345,824
	750,000		Marathon Petroleum Corp	3.500		03/01/16		795,266
	275,000		MarkWest Energy Partners LP	6.750		11/01/20		297,687
	425,000		MarkWest Energy Partners LP	5.500		02/15/23		445,188
	300,000		Newfield Exploration Co	5.750		01/30/22		335,250
	900,000		Newfield Exploration Co	5.625		07/01/24		999,000
	125,000		Noble Holding International Ltd	3.450		08/01/15		132,229
	350,000		Noble Holding International Ltd	4.900		08/01/20		390,974
	1,225,000		Occidental Petroleum Corp	1.500		02/15/18		1,246,777
	350,000		Occidental Petroleum Corp	4.100		02/01/21		403,594
	500,000		Peabody Energy Corp	7.375		11/01/16		566,250
	100,000		Pemex Project Funding Master Trust	5.750		03/01/18		117,125
	150,000		Pemex Project Funding Master Trust	6.625		06/15/35		188,250
	125,000		Pemex Project Funding Master Trust	6.625		06/15/38		156,875
	875,000	g	Pertamina Persero PT	4.875		05/03/22		941,719
	900,000	g	Pertamina Persero PT	6.000		05/03/42		976,500
	675,000	g	Pertamina PT	5.250		05/23/21		745,031
	500,000	g	Pertamina PT	6.500		05/27/41		572,500
	750,000		Petrobras International Finance Co	3.875		01/27/16		793,358
	500,000		Petrobras International Finance Co	7.875		03/15/19		628,040
	494,000		Petrobras International Finance Co	6.875		01/20/40		618,459
	100,000		Petroleos Mexicanos	8.000		05/03/19		130,850
	325,000		Petroleos Mexicanos	5.500		01/21/21		381,063
	475,000		Petroleos Mexicanos	4.875		01/24/22		536,750
	540,000		Petroleos Mexicanos	6.500		06/02/41		673,110
	575,000		Petroleos Mexicanos	5.500		06/27/44		632,500
	430,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		552,550

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	700,000	g	Phillips 66	1.950	%	03/05/15	$	716,246
	625,000	g	Phillips 66	4.300		04/01/22		684,285
	800,000		Precision Drilling Trust	6.625		11/15/20		852,000
	500,000	g	PTTEP Canada International Finance Ltd	5.692		04/05/21		576,567
	100,000		Range Resources Corp	7.250		05/01/18		105,750
	500,000		Range Resources Corp	5.750		06/01/21		537,500
	600,000		Regency Energy Partners LP	6.500		07/15/21		642,000
	200,000		Regency Energy Partners LP	5.500		04/15/23		202,250
	500,000	g	SandRidge Energy, Inc	8.000		06/01/18		525,000
	600,000	g	Schlumberger Investment S.A.	2.400		08/01/22		593,911
	675,000		SESI LLC	7.125		12/15/21		745,875
	250,000		Shell International Finance BV	3.100		06/28/15		267,231
	525,000		Shell International Finance BV	4.300		09/22/19		613,339
	125,000		Shell International Finance BV	6.375		12/15/38		180,025
	300,000	g	SM Energy Co	6.500		01/01/23		315,000
	1,495,000		Southwestern Energy Co	7.500		02/01/18		1,802,460
	200,000		Statoil ASA	2.900		10/15/14		209,860
	1,000,000		Total Capital International S.A.	1.500		02/17/17		1,017,799
	500,000		TransCanada Pipelines Ltd	5.850		03/15/36		656,661
	250,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		267,332
	125,000		Vale Overseas Ltd	5.625		09/15/19		140,627
	215,000		Vale Overseas Ltd	4.375		01/11/22		226,000
	125,000		Vale Overseas Ltd	6.875		11/21/36		144,735
	205,000		Vale Overseas Ltd	6.875		11/10/39		239,105
	600,000		XTO Energy, Inc	6.250		04/15/13		617,792
	300,000		XTO Energy, Inc	4.625		06/15/13		308,377

			TOTAL ENERGY					52,881,364


FOOD & STAPLES RETAILING - 0.3%
	185,000		CVS Caremark Corp	3.250		05/18/15		196,709
	1,000,000		CVS Caremark Corp	5.750		06/01/17		1,206,044
	50,000		CVS Caremark Corp	6.600		03/15/19		63,898
	275,000		Delhaize Group S.A.	5.875		02/01/14		288,923
	500,000		Ingles Markets, Inc	8.875		05/15/17		538,750
	75,000		Kroger Co	5.000		04/15/13		76,636
	295,000		Stater Bros Holdings, Inc	7.750		04/15/15		301,269
	300,000		Stater Bros Holdings, Inc	7.375		11/15/18		323,250

			TOTAL FOOD & STAPLES RETAILING					2,995,479


FOOD, BEVERAGE & TOBACCO - 1.2%
	500,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		532,638
	1,250,000		Anheuser-Busch InBev Worldwide, Inc	1.375		07/15/17		1,265,267
	2,725,000		Anheuser-Busch InBev Worldwide, Inc	2.500		07/15/22		2,763,597
	575,000		Anheuser-Busch InBev Worldwide, Inc	3.750		07/15/42		576,415
	750,000	g	BRF-Brasil Foods S.A.	5.875		06/06/22		819,375
	750,000		Coca-Cola Co	0.750		03/13/15		756,562
	350,000		Constellation Brands, Inc	4.625		03/01/23		357,000
	750,000		Diageo Capital plc	1.500		05/11/17		763,027
	650,000		HJ Heinz Co	1.500		03/01/17		659,700
	620,000		Kraft Foods, Inc	6.500		02/09/40		839,809
	25,000		PepsiAmericas, Inc	4.375		02/15/14		26,286
	38,000		PepsiCo, Inc	7.900		11/01/18		51,517

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,000,000	g	Pernod-Ricard S.A.	2.950	%	01/15/17	$	1,043,300
	550,000	g	Pernod-Ricard S.A.	4.450		01/15/22		606,350
	550,000		Philip Morris International, Inc	6.875		03/17/14		600,869
	100,000		Philip Morris International, Inc	6.375		05/16/38		138,527
	900,000	g	Post Holdings, Inc	7.375		02/15/22		956,250
	430,000		Smithfield Foods, Inc	6.625		08/15/22		446,125
	500,000		TreeHouse Foods, Inc	7.750		03/01/18		546,250

			TOTAL FOOD, BEVERAGE & TOBACCO					13,748,864


HEALTH CARE EQUIPMENT & SERVICES - 1.0%
	250,000		Becton Dickinson and Co	1.750		11/08/16		258,713
	1,000,000		CHS	8.000		11/15/19		1,097,500
	750,000		Covidien International Finance S.A.	1.350		05/29/15		759,665
	375,000		Covidien International Finance S.A.	3.200		06/15/22		396,248
	1,722,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		1,842,540
	400,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		461,000
	500,000		HCA, Inc	8.500		04/15/19		563,750
	165,000		HCA, Inc	6.500		02/15/20		183,563
	500,000		HCA, Inc	7.875		02/15/20		561,875
	975,000		HCA, Inc	5.875		03/15/22		1,056,656
	500,000		Healthsouth Corp	7.250		10/01/18		541,250
	1,500,000		LifePoint Hospitals, Inc	6.625		10/01/20		1,627,500
	228,000		McKesson Corp	3.250		03/01/16		245,330
	275,000		Medtronic, Inc	4.750		09/15/15		307,822
	500,000		Quest Diagnostics, Inc	6.400		07/01/17		594,794
	750,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		799,670
	475,000		Thermo Fisher Scientific, Inc	2.250		08/15/16		493,018

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					11,790,894


HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	500,000		Clorox Co	3.800		11/15/21		536,765
	380,000		Colgate-Palmolive Co	2.300		05/03/22		385,008
	375,000		Ecolab, Inc	4.350		12/08/21		425,427
	1,125,000	g	Reynolds Group Issuer, Inc	5.750		10/15/20		1,125,000

			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					2,472,200


INSURANCE - 1.3%
	275,000		ACE INA Holdings, Inc	5.875		06/15/14		299,103
	240,000		Aetna, Inc	6.500		09/15/18		299,198
	150,000		Aetna, Inc	6.625		06/15/36		195,467
	375,000		Allstate Corp	7.450		05/16/19		490,870
	500,000		American International Group, Inc	3.650		01/15/14		514,769
	225,000		CHS	5.125		08/15/18		233,438
	400,000		Chubb Corp	6.000		05/11/37		541,728
	80,000		CIGNA Corp	5.125		06/15/20		92,338
	1,000,000		CIGNA Corp	4.500		03/15/21		1,110,662
	525,000		Hartford Financial Services Group, Inc	4.000		03/30/15		553,572
	925,000		Hartford Financial Services Group, Inc	4.000		10/15/17		994,223
	250,000		Lincoln National Corp	7.000		06/15/40		311,503
	550,000		Metlife, Inc	5.000		06/15/15		610,666
	525,000		Metlife, Inc	6.750		06/01/16		628,381
	275,000		Metlife, Inc	5.700		06/15/35		337,912

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,000,000		Metlife, Inc	4.125	%	08/13/42	$	984,582
	600,000	g	Principal Life Global Funding I	5.125		10/15/13		626,469
	650,000		Prudential Financial, Inc	6.200		11/15/40		776,394
	1,400,000	i	Prudential Financial, Inc	5.875		09/15/42		1,435,000
	300,000	g	Prudential Funding LLC	6.750		09/15/23		364,908
	300,000		Travelers Cos, Inc	5.800		05/15/18		369,014
	100,000		Unum Group	5.625		09/15/20		111,786
	275,000		WellPoint, Inc	5.850		01/15/36		318,765
	500,000		WellPoint, Inc	4.625		05/15/42		504,738
	2,000,000		Willis Group Holdings plc	4.125		03/15/16		2,122,970
	150,000		WR Berkley Corp	5.375		09/15/20		165,136

			TOTAL INSURANCE					14,993,592


MATERIALS - 3.0%
	300,000		3M Co	5.700		03/15/37		412,952
	350,000		Air Products & Chemicals, Inc	4.150		02/01/13		354,449
	75,000		Airgas, Inc	4.500		09/15/14		79,846
	250,000		Airgas, Inc	7.125		10/01/18		269,684
	1,000,000		Albemarle Corp	4.500		12/15/20		1,113,128
	750,000	g	Anglo American Capital plc	2.625		04/03/17		758,700
	325,000	g	Anglo American Capital plc	4.450		09/27/20		340,866
	750,000	g	Anglo American Capital plc	4.125		09/27/22		752,923
	440,000		ArcelorMittal	4.750		02/25/17		431,578
	375,000		ArcelorMittal	6.500		02/25/22		369,364
	120,000		Ball Corp	7.375		09/01/19		133,800
	1,000,000		Ball Corp	5.750		05/15/21		1,077,500
	1,000,000		Barrick Gold Corp	3.850		04/01/22		1,049,762
	850,000		Barrick North America Finance LLC	4.400		05/30/21		924,763
	450,000	g	Belden, Inc	5.500		09/01/22		460,125
	750,000	g	Braskem America Finance Co	7.125		07/22/41		795,000
	1,500,000		Celanese US Holdings LLC	6.625		10/15/18		1,642,500
	1,027,500	g	Cemex SAB de C.V.	9.000		01/11/18		1,027,500
	1,500,000		CF Industries, Inc	7.125		05/01/20		1,882,500
	325,000	g	CommScope, Inc	8.250		01/15/19		351,000
	200,000	g	Corp Nacional del Cobre de Chile	4.250		07/17/42		197,788
	1,385,000		Crown Americas LLC	6.250		02/01/21		1,544,275
	469,000		Dow Chemical Co	4.125		11/15/21		510,307
	750,000	g	Fibria Overseas Finance Ltd	6.750		03/03/21		800,625
	1,250,000		Freeport-McMoRan Copper & Gold, Inc	1.400		02/13/15		1,259,004
	750,000	g	Georgia-Pacific LLC	8.250		05/01/16		807,072
	975,000		Graphic Packaging International, Inc	9.500		06/15/17		1,067,625
	250,000		International Paper Co	7.300		11/15/39		330,929
	455,000	g	Longview Fibre Paper & Packaging, Inc	8.000		06/01/16		474,338
	2,000,000		LyondellBasell Industries NV	5.000		04/15/19		2,125,000
	825,000	g	Mexichem SAB de C.V.	4.875		09/19/22		837,375
	750,000		Newmont Mining Corp	3.500		03/15/22		760,816
	375,000		Newmont Mining Corp	4.875		03/15/42		384,354
	200,000		Praxair, Inc	5.250		11/15/14		218,907
	500,000		Praxair, Inc	2.450		02/15/22		502,976
	1,450,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		1,502,925
	680,000	g	Rock-Tenn Co	4.450		03/01/19		717,272
	820,000	g	Rock-Tenn Co	4.900		03/01/22		888,284

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	400,000		Rockwood Specialties Group, Inc	4.625	%	10/15/20	$	406,000
	250,000	g	Sappi Papier Holding AG.	6.625		04/15/21		240,000
	500,000		Silgan Holdings, Inc	5.000		04/01/20		523,125
	700,000		Teck Resources Ltd	2.500		02/01/18		703,053
	800,000		Teck Resources Ltd	3.750		02/01/23		791,395
	125,000		Teck Resources Ltd	6.000		08/15/40		131,711
	900,000		Teck Resources Ltd	5.200		03/01/42		846,362
	650,000		Teck Resources Ltd	5.400		02/01/43		634,240
	950,000	g	Tronox Finance LLC	6.375		08/15/20		959,500
	355,000	g	USG Corp	7.875		03/30/20		383,844
	500,000	g	Verso Paper Holdings LLC	11.750		01/15/19		527,500
	350,000	g	Xstrata Canada Financial Corp	4.950		11/15/21		374,984

			TOTAL MATERIALS					35,679,526


MEDIA - 2.6%
	2,000,000		AMC Entertainment, Inc	8.750		06/01/19		2,205,000
	1,000,000		Cablevision Systems Corp	8.625		09/15/17		1,162,500
	200,000		CBS Corp	1.950		07/01/17		205,012
	1,100,000		CCO Holdings LLC	7.000		01/15/19		1,190,750
	1,300,000		CCO Holdings LLC	6.500		04/30/21		1,391,000
	1,462,000		Cinemark USA, Inc	8.625		06/15/19		1,622,820
	1,000,000		Comcast Corp	4.650		07/15/42		1,069,609
	1,750,000		DIRECTV Holdings LLC	2.400		03/15/17		1,796,819
	850,000		DIRECTV Holdings LLC	5.150		03/15/42		864,770
	500,000		Discovery Communications LLC	4.950		05/15/42		544,730
	2,015,000	g	DISH DBS Corp	4.625		07/15/17		2,060,337
	250,000		Interpublic Group of Cos, Inc	6.250		11/15/14		270,000
	2,935,000		Lamar Media Corp	7.875		04/15/18		3,243,175
	2,000,000		NBC Universal Media LLC	4.375		04/01/21		2,267,872
	475,000		NBC Universal Media LLC	2.875		01/15/23		474,131
	100,000		News America, Inc	7.250		05/18/18		126,627
	125,000		News America, Inc	7.625		11/30/28		160,805
	90,000		News America, Inc	6.550		03/15/33		105,611
	325,000		News America, Inc	6.650		11/15/37		412,406
	250,000		News America, Inc	6.900		08/15/39		324,408
	963,000		Nielsen Finance LLC	7.750		10/15/18		1,085,782
	400,000	g,h	Nielsen Finance LLC	4.500		10/01/20		397,500
	500,000	g	Starz LLC	5.000		09/15/19		511,250
	350,000		Time Warner Cable, Inc	8.750		02/14/19		476,539
	625,000		Time Warner Cable, Inc	8.250		04/01/19		838,889
	1,075,000		Time Warner Cable, Inc	4.500		09/15/42		1,072,073
	250,000		Time Warner, Inc	3.150		07/15/15		266,795
	1,000,000		Time Warner, Inc	4.700		01/15/21		1,148,563
	275,000		Time Warner, Inc	6.500		11/15/36		348,940
	700,000		Time Warner, Inc	4.900		06/15/42		768,025
	1,500,000		Viacom, Inc	1.250		02/27/15		1,515,652
	700,000		Viacom, Inc	2.500		12/15/16		737,393

			TOTAL MEDIA					30,665,783


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	3,100,000	g	Aristotle Holding, Inc	2.100		02/12/15		3,180,144
	625,000	g	Aristotle Holding, Inc	3.900		02/15/22		680,907

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	257,000		Endo Health Solutions, Inc	7.250	%	01/15/22	$	277,560
	1,079,000		Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		1,162,623
	250,000		Merck & Co, Inc	3.875		01/15/21		284,855
	225,000		Merck & Co, Inc	3.600		09/15/42		225,975
	1,000,000	g	Mylan, Inc	7.625		07/15/17		1,107,500
	444,000		NBTY, Inc	9.000		10/01/18		493,950
	135,000		Novartis Capital Corp	4.125		02/10/14		141,721
	150,000		Novartis Capital Corp	2.900		04/24/15		159,300
	300,000		Novartis Capital Corp	3.700		09/21/42		310,172
	2,000,000		Sanofi-Aventis S.A.	2.625		03/29/16		2,116,674
	220,000		Schering-Plough Corp	6.550		09/15/37		325,498
	250,000		Watson Pharmaceuticals, Inc	1.875		10/01/17		252,782
	350,000		Watson Pharmaceuticals, Inc	3.250		10/01/22		354,483

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					11,074,144


REAL ESTATE - 1.1%
	100,000		AMB Property LP	7.625		08/15/14		109,729
	150,000		AMB Property LP	4.500		08/15/17		161,437
	100,000		Brandywine Operating Partnership LP	7.500		05/15/15		113,134
	1,250,000		Brandywine Operating Partnership LP	4.950		04/15/18		1,342,919
	170,000		Camden Property Trust	4.625		06/15/21		190,830
	1,000,000		Developers Diversified Realty Corp	4.750		04/15/18		1,109,478
	500,000		Developers Diversified Realty Corp	7.875		09/01/20		644,518
	325,000		Duke Realty LP	3.875		10/15/22		330,512
	25,000		Federal Realty Investment Trust	5.650		06/01/16		28,241
	225,000		Federal Realty Investment Trust	3.000		08/01/22		223,910
	1,325,000		Health Care REIT, Inc	3.625		03/15/16		1,398,572
	200,000		Healthcare Realty Trust, Inc	5.750		01/15/21		220,206
	1,783,000		Highwoods Properties, Inc	5.850		03/15/17		1,957,169
	1,000,000		Host Hotels & Resorts LP	5.875		06/15/19		1,100,000
	125,000		Kilroy Realty Corp	5.000		11/03/15		135,735
	250,000		Kilroy Realty LP	4.800		07/15/18		276,324
	300,000		National Retail Properties, Inc	5.500		07/15/21		340,682
	150,000		Regency Centers LP	5.250		08/01/15		163,515
	25,000		Regency Centers LP	5.875		06/15/17		28,884
	25,000		Simon Property Group LP	5.250		12/01/16		28,641
	825,000		Simon Property Group LP	2.800		01/30/17		868,515
	210,000		Simon Property Group LP	10.350		04/01/19		302,206
	1,000,000		Simon Property Group LP	3.375		03/15/22		1,049,929
	185,000		Ventas Realty LP	3.125		11/30/15		192,780
	500,000		Ventas Realty LP	4.000		04/30/19		534,171
	100,000		Ventas Realty LP	4.250		03/01/22		106,344

			TOTAL REAL ESTATE					12,958,381


RETAILING - 1.1%
	907,000		Amerigas Partners LP	6.500		05/20/21		952,350
	810,000	g	Continental Rubber Of America Corp	4.500		09/15/19		827,415
	1,500,000		Ferrellgas LP	6.500		05/01/21		1,451,250
	350,000		Home Depot, Inc	4.400		04/01/21		413,912
	1,000,000		Limited Brands, Inc	7.000		05/01/20		1,135,000
	625,000		Limited Brands, Inc	6.625		04/01/21		709,375
	810,000		Limited Brands, Inc	5.625		02/15/22		872,775

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,805,000		Macy’s Retail Holdings, Inc	5.900	%	12/01/16	$	2,107,314
	325,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		350,370
	295,000		O’Reilly Automotive, Inc	4.625		09/15/21		321,630
	100,000		O’Reilly Automotive, Inc	3.800		09/01/22		103,629
	600,000	g	Penske Automotive Group, Inc	5.750		10/01/22		615,000
	1,500,000	g	QVC, Inc	7.125		04/15/17		1,582,812
	150,000	g	QVC, Inc	5.125		07/02/22		158,852
	250,000		Wal-Mart Stores, Inc	5.000		10/25/40		303,158
	700,000		Wal-Mart Stores, Inc	5.625		04/15/41		933,827

			TOTAL RETAILING					12,838,669


SOFTWARE & SERVICES - 1.5%
	100,000		Fidelity National Information Services, Inc	7.625		07/15/17		109,500
	3,000,000		Fidelity National Information Services, Inc	5.000		03/15/22		3,097,500
	750,000		International Business Machines Corp	0.550		02/06/15		751,954
	7,000,000		International Business Machines Corp	0.750		05/11/15		7,045,605
	950,000		International Business Machines Corp	1.250		02/06/17		965,672
	500,000	g	Lawson Software, Inc	9.375		04/01/19		555,000
	165,000		Microsoft Corp	0.875		09/27/13		166,088
	75,000	g	NCR Corp	5.000		07/15/22		75,750
	200,000		Oracle Corp	5.750		04/15/18		248,188
	185,000		Oracle Corp	3.875		07/15/20		211,791
	400,000	g	Sophia LP	9.750		01/15/19		430,000
	1,925,000	g	SPL Logistics Escrow LLC	8.875		08/01/20		2,059,750
	500,000		SunGard Data Systems, Inc	4.875		01/15/14		517,500
	1,000,000		SunGard Data Systems, Inc	7.375		11/15/18		1,072,500

			TOTAL SOFTWARE & SERVICES					17,306,798


TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	785,000		Brocade Communications Systems, Inc	6.625		01/15/18		814,438
	287,000		Brocade Communications Systems, Inc	6.875		01/15/20		309,960
	350,000		Hewlett-Packard Co	2.350		03/15/15		356,637
	2,000,000		International Business Machines Corp	1.875		08/01/22		1,946,796
	1,160,000		Jabil Circuit, Inc	5.625		12/15/20		1,241,200
	100,000		L-3 Communications Corp	6.375		10/15/15		101,150
	1,000,000		L-3 Communications Corp	4.950		02/15/21		1,114,551
	500,000		Scientific Games Corp	8.125		09/15/18		546,250
	814,000		Scientific Games Corp	9.250		06/15/19		903,540
	1,000,000		Tyco Electronics Group S.A.	1.600		02/03/15		1,014,960
	525,000		Xerox Corp	8.250		05/15/14		582,365
	225,000		Xerox Corp	4.500		05/15/21		239,074

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					9,170,921


TELECOMMUNICATION SERVICES - 1.6%
	1,040,000		America Movil SAB de C.V.	3.125		07/16/22		1,071,701
	575,000		America Movil SAB de C.V.	4.375		07/16/42		596,369
	475,000		American Tower Corp	4.700		03/15/22		521,040
	2,250,000		AT&T, Inc	2.950		05/15/16		2,417,758
	275,000		AT&T, Inc	6.150		09/15/34		349,735
	800,000		AT&T, Inc	6.300		01/15/38		1,050,173
	500,000		Axiata SPV1 (Labuan) Ltd	5.375		04/28/20		560,394
	85,000		BellSouth Corp	6.550		06/15/34		102,753

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	550,000		Cellco Partnership	8.500	%	11/15/18	$	770,589
	500,000		Cricket Communications, Inc	7.750		05/15/16		527,500
	750,000	g	Deutsche Telekom International Finance BV	2.250		03/06/17		767,120
	425,000	g	Deutsche Telekom International Finance BV	4.875		03/06/42		456,943
	750,000	g	Globo Comunicacao e Participacoes S.A.	4.875		04/11/22		812,813
	1,000,000		Intelsat Bermuda Ltd	11.250		02/04/17		1,057,500
	1,050,000	g	Oi S.A.	5.750		02/10/22		1,099,875
	500,000		Qwest Communications International, Inc	7.125		04/01/18		530,650
	75,000		Telecom Italia Capital S.A.	6.999		06/04/18		82,687
	75,000		Telecom Italia Capital S.A.	7.175		06/18/19		82,688
	1,000,000		Telefonica Emisiones SAU	3.992		02/16/16		995,000
	500,000		Telefonica Emisiones SAU	5.462		02/16/21		490,000
	500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		592,318
	885,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		929,250
	275,000		Verizon Communications, Inc	5.250		04/15/13		282,134
	210,000		Verizon Communications, Inc	8.750		11/01/18		293,193
	225,000		Verizon Communications, Inc	8.950		03/01/39		392,079
	275,000		Verizon Virginia, Inc	4.625		03/15/13		280,059
	750,000	g	Vimpelcom Holdings	7.504		03/01/22		786,563
	500,000		Virgin Media Secured Finance plc	5.250		01/15/21		580,077

			TOTAL TELECOMMUNICATION SERVICES					18,478,961


TRANSPORTATION - 1.2%
	655,000	g	Asciano Finance	5.000		04/07/18		703,448
	750,000	g	Bombardier, Inc	7.500		03/15/18		849,375
	600,000	g	Bombardier, Inc	7.750		03/15/20		688,500
	500,000		Bristow Group, Inc	7.500		09/15/17		520,750
	225,000	h	Bristow Group, Inc	6.250		10/15/22		230,344
	750,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		775,165
	725,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		837,788
	325,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		343,366
	1,000,000	g	DP World Ltd	6.850		07/02/37		1,077,500
	150,000		Embraer Overseas Ltd	6.375		01/15/20		171,750
	275,000		Embraer S.A.	5.150		06/15/22		295,157
	580,000	g	Gulfmark Offshore, Inc	6.375		03/15/22		601,750
	500,000		Hertz Corp	7.500		10/15/18		540,000
	1,000,000		Hertz Corp	7.375		01/15/21		1,075,000
	625,000	g	Kazakhstan Temir Zholy Finance BV	6.375		10/06/20		749,131
	375,000	g	Kazakhstan Temir Zholy Finance BV	6.950		07/10/42		455,156
	875,000		Norfolk Southern Corp	3.000		04/01/22		908,213
	267,000	g	Norfolk Southern Corp	2.903		02/15/23		270,896
	57,000		Norfolk Southern Corp	5.590		05/17/25		70,604
	640,000	g	TAM Capital 3, Inc	8.375		06/03/21		689,600
	310,000	g	Transnet Ltd	4.500		02/10/16		329,278
	262,000		Union Pacific Corp	4.163		07/15/22		298,587
	500,000		Union Pacific Corp	4.750		09/15/41		563,725
	525,000		United Parcel Service, Inc	3.625		10/01/42		530,673

			TOTAL TRANSPORTATION					13,575,756


UTILITIES - 3.5%
	1,750,000		AES Corp	8.000		10/15/17		2,021,250
	305,000	g	AES Gener S.A.	5.250		08/15/21		338,327

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	350,000		AGL Capital Corp	5.250	%	08/15/19	$	412,010
	365,000		Alliant Energy Corp	4.000		10/15/14		382,530
	250,000		Atmos Energy Corp	8.500		03/15/19		333,779
	1,000,000	g	Calpine Corp	7.250		10/15/17		1,067,500
	750,000	g	Calpine Corp	7.500		02/15/21		810,000
	705,000	g	Calpine Corp	7.875		01/15/23		779,025
	190,000		Carolina Power & Light Co	5.125		09/15/13		198,446
	250,000		Carolina Power & Light Co	5.300		01/15/19		301,972
	275,000		Carolina Power & Light Co	5.700		04/01/35		340,826
	300,000		CenterPoint Energy Resources Corp	6.250		02/01/37		386,836
	750,000	g	Centrais Eletricas Brasileiras S.A.	5.750		10/27/21		834,375
	1,500,000	g	CEZ AS.	4.250		04/03/22		1,597,170
	600,000	g	CEZ AS.	5.625		04/03/42		668,316
	1,000,000		CMS Energy Corp	5.050		03/15/22		1,101,448
	450,000	g	Colbun S.A.	6.000		01/21/20		505,340
	375,000	g	Comision Federal de Electricidad	4.875		05/26/21		419,062
	625,000	g	Comision Federal de Electricidad	5.750		02/14/42		695,312
	1,895,000		Commonwealth Edison Co	4.000		08/01/20		2,149,648
	200,000		Commonwealth Edison Co	5.900		03/15/36		262,350
	200,000		Connecticut Light & Power Co	5.500		02/01/19		240,260
	375,000		Detroit Edison Co	3.950		06/15/42		391,380
	300,000		Dominion Resources, Inc	4.050		09/15/42		308,656
	200,000		Duke Energy Carolinas LLC	4.300		06/15/20		230,559
	1,000,000		Duke Energy Corp	3.950		09/15/14		1,060,022
	250,000		Indiana Michigan Power Co	7.000		03/15/19		311,781
	125,000		Integrys Energy Group, Inc	4.170		11/01/20		136,479
	1,125,000	g	Israel Electric Corp Ltd	6.700		02/10/17		1,215,000
	100,000	g	Kansas Gas & Electric	6.700		06/15/19		127,622
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,072,055
	715,000	g	KMG Finance Sub BV	6.375		04/09/21		858,436
	870,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		987,627
	475,000	g	Korea Hydro & Nuclear Power Co Ltd	3.000		09/19/22		471,475
	350,000		LG&E and KU Energy LLC	3.750		11/15/20		363,986
	250,000		Midamerican Energy Holdings Co	5.950		05/15/37		313,317
	250,000		National Fuel Gas Co	5.250		03/01/13		254,476
	250,000		Nevada Power Co	6.650		04/01/36		344,815
	1,000,000		Nevada Power Co	5.450		05/15/41		1,242,580
	1,500,000		NRG Energy, Inc	7.875		05/15/21		1,631,250
	500,000	g	NRG Energy, Inc	6.625		03/15/23		511,250
	500,000		Oncor Electric Delivery Co LLC	4.550		12/01/41		486,892
	300,000		ONEOK Partners LP	3.375		10/01/22		301,461
	325,000		Pacific Gas & Electric Co	8.250		10/15/18		446,305
	500,000		Pacific Gas & Electric Co	4.450		04/15/42		546,486
	150,000		PacifiCorp	6.000		01/15/39		202,523
	250,000		Pepco Holdings, Inc	2.700		10/01/15		259,887
	1,020,000	g	Perusahaan Listrik Negara PT	5.500		11/22/21		1,141,125
	500,000		PG&E Corp	5.750		04/01/14		535,606
	50,000		Potomac Electric Power Co	7.900		12/15/38		81,867
	500,000		PPL Capital Funding, Inc	4.200		06/15/22		532,922
	275,000		Progress Energy, Inc	7.050		03/15/19		348,410
	550,000		Public Service Co of Colorado	4.750		08/15/41		652,328
	400,000		Public Service Co of Oklahoma	5.150		12/01/19		465,191

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,050,000	g	Puget Energy, Inc	5.625	%	07/15/22	$	1,113,000
	1,750,000		Questar Market Resources, Inc	6.875		03/01/21		1,977,500
	500,000		Sabine Pass LNG LP	7.500		11/30/16		540,000
	150,000		San Diego Gas & Electric Co	3.000		08/15/21		160,403
	300,000		San Diego Gas & Electric Co	3.950		11/15/41		319,061
	200,000		Tampa Electric Co	4.100		06/15/42		208,212
	175,000		Veolia Environnement	5.250		06/03/13		179,326
	420,000		Virginia Electric and Power Co	2.950		01/15/22		444,969
	225,000		Williams Partners LP	3.800		02/15/15		238,564
	650,000		Williams Partners LP	3.350		08/15/22		664,428
	1,000,000	g	Wpd Investment Holdings Ltd	3.900		05/01/16		1,052,454
	300,000		Xcel Energy, Inc	4.800		09/15/41		345,680

			TOTAL UTILITIES					40,923,148


			TOTAL CORPORATE BONDS					493,739,952

			(Cost $463,891,337)

GOVERNMENT BONDS - 39.6%

AGENCY SECURITIES - 0.3%
	1,560,678		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,819,891
	1,000,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		1,009,122
	415,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500		04/23/14		429,619

			TOTAL AGENCY SECURITIES					3,258,632


FOREIGN GOVERNMENT BONDS - 4.7%
	750,000	g	Barbados Government International Bond	7.000		08/04/22		759,375
	1,070,000		Brazilian Government International Bond	4.875		01/22/21		1,278,650
	1,275,000		Canada Government International Bond	0.875		02/14/17		1,289,790
	215,000		Chile Government International Bond	3.875		08/05/20		243,487
	260,000		Colombia Government International Bond	4.375		07/12/21		299,390
	450,000,000		Colombia Government International Bond	4.375		03/21/23		245,656
	400,000		Colombia Government International Bond	6.125		01/18/41		542,000
	540,000	g	Croatia Government International Bond	6.375		03/24/21		598,941
	260,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		282,100
	500,000		Egypt Government AID Bonds	4.450		09/15/15		558,385
	1,776,000		Eksportfinans ASA	2.000		09/15/15		1,660,560
	778,000	g	Eskom Holdings Ltd	5.750		01/26/21		886,920
	275,000		European Investment Bank	4.875		02/15/36		326,411
	500,000		Export Development Canada	2.250		05/28/15		525,450
	525,000		Export-Import Bank of Korea	5.125		06/29/20		613,875
	100,000		Federative Republic of Brazil	6.000		01/17/17		119,375
	475,000	g	Guatemala Government Bond	5.750		06/06/22		527,250
	225,000		Italy Government International Bond	5.375		06/12/17		235,732
	180,000		Italy Government International Bond	6.875		09/27/23		198,655
	1,900,000	g	Kommunalbanken AS.	1.375		06/08/17		1,935,910
	750,000	g	Korea Housing Finance Corp	4.125		12/15/15		807,856
	750,000	g	Lithuania Government International Bond	5.125		09/14/17		836,250
	765,000	g	Lithuania Government International Bond	6.625		02/01/22		948,600
	10,400,000		Mexican Bonos	7.750		12/14/17		909,261
	750,000		Mexico Government International Bond	3.625		03/15/22		817,875
	150,000		Mexico Government International Bond	6.750		09/27/34		213,600

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	250,000		Mexico Government International Bond	4.750	%	03/08/44	$	278,125
	500,000	g	Namibia International Bonds	5.500		11/03/21		558,750
	575,000	g	National Bank of Canada	1.650		01/30/14		584,718
	625,000	g	Nederlandse Waterschapsbank NV	2.125		02/09/17		646,203
	500,000		Panama Government International Bond	5.200		01/30/20		600,750
	135,000		Peruvian Government International Bond	7.350		07/21/25		197,775
	1,183,000		Poland Government International Bond	5.125		04/21/21		1,378,195
	500,000		Poland Government International Bond	5.000		03/23/22		580,000
	975,000		Poland Government International Bond	3.000		03/17/23		958,132
	750,000		Province of British Columbia Canada	2.850		06/15/15		798,825
	5,000,000		Province of British Columbia Canada	1.200		04/25/17		5,106,950
	1,400,000		Province of Ontario Canada	4.100		06/16/14		1,488,760
	500,000		Province of Ontario Canada	2.950		02/05/15		529,196
	1,750,000		Province of Ontario Canada	2.700		06/16/15		1,851,397
	5,000,000		Province of Ontario Canada	2.300		05/10/16		5,280,000
	620,000		Province of Quebec Canada	4.625		05/14/18		732,530
	1,000,000		Province of Quebec Canada	3.500		07/29/20		1,118,000
	3,000,000		Province of Quebec Canada	2.750		08/25/21		3,140,862
	750,000	g	Qatar Government International Bond	3.125		01/20/17		790,125
	770,000	g	Republic of Indonesia	4.875		05/05/21		881,650
	435,000	g	Republic of Serbia	7.250		09/28/21		460,013
	416,667		Republic of Serbia	6.750		11/01/24		408,333
	1,150,000	g	Republic of Zambia	5.375		09/20/22		1,155,750
	750,000	g	Romanian Government International Bond	6.750		02/07/22		843,750
	750,000	g	Russian Foreign Bond - Eurobond	3.250		04/04/17		789,210
	320,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		367,200
	220,000	g	Russian Foreign Bond - Eurobond	4.500		04/04/22		245,586
	1,000,000	g	Slovakia Government International Bond	4.375		05/21/22		1,052,100
	725,000	g	Socialist Republic of Vietnam	6.750		01/29/20		804,750
	400,000		South Africa Government International Bond	5.875		05/30/22		492,520
	750,000		South Africa Government International Bond	4.665		01/17/24		841,875
	75,000		South Africa Government International Bond	6.250		03/08/41		99,045
	270,000	g	Sri Lanka Government International Bond	6.250		07/27/21		293,573
	700,000	g	Sri Lanka Government International Bond	5.875		07/25/22		754,250
	395,000		Turkey Government International Bond	5.125		03/25/22		434,994
	200,000		Turkey Government International Bond	6.250		09/26/22		239,340
	465,000		Turkey Government International Bond	6.750		05/30/40		586,481
	152,000		United Mexican States	5.875		02/17/14		161,500
	300,000		United Mexican States	5.950		03/19/19		372,000
	500,000		United Mexican States	5.125		01/15/20		597,500

			TOTAL FOREIGN GOVERNMENT BONDS					56,162,067


MORTGAGE BACKED - 23.2%
	377,186	i	Federal Home Loan Mortgage Corp (FHLMC)	2.380		02/01/36		398,158
	1,151,970	i	FHLMC	2.853		07/01/36		1,239,459
	251,391	i	FHLMC	2.620		09/01/36		267,053
	349,065	i	FHLMC	2.653		09/01/36		377,090
	160,246	i	FHLMC	5.745		02/01/37		173,679
	458,719	i	FHLMC	2.848		03/01/37		492,797
	46,954	i	FHLMC	5.937		04/01/37		51,266
	34,613	i	FHLMC	5.856		05/01/37		37,580
	795,608	i	FHLMC	2.759		06/01/37		854,303

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	261,889	i	FHLMC	3.405	%	08/01/37	$	281,626
	27,197		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500		12/01/16		29,268
	440,977		FGLMC	5.500		01/01/19		483,345
	84,765		FGLMC	4.500		01/01/20		91,100
	569,881		FGLMC	4.500		07/01/20		624,223
	164,987		FGLMC	4.500		09/01/20		177,574
	185,938		FGLMC	5.000		10/01/20		201,402
	270,880		FGLMC	5.500		10/01/20		296,186
	23,974		FGLMC	7.000		10/01/20		28,011
	145,467		FGLMC	4.500		06/01/21		156,566
	258,925		FGLMC	5.500		08/01/21		281,496
	90,231		FGLMC	5.000		04/01/23		97,326
	108,840		FGLMC	4.500		09/01/24		116,770
	54,765		FGLMC	6.500		01/01/29		62,552
	4,522		FGLMC	8.000		01/01/31		5,571
	212,883		FGLMC	6.000		03/01/33		238,548
	1,063,555		FGLMC	5.500		12/01/33		1,169,673
	934,564		FGLMC	7.000		12/01/33		1,111,260
	721,635		FGLMC	5.000		01/01/34		789,642
	338,089		FGLMC	5.000		05/01/34		367,415
	413,680		FGLMC	4.500		10/01/34		445,971
	207,512		FGLMC	5.500		12/01/34		228,995
	558,220		FGLMC	5.500		03/01/35		611,824
	333,586		FGLMC	6.000		04/01/35		368,173
	380,156		FGLMC	7.000		05/01/35		452,032
	535,605		FGLMC	5.500		06/01/35		587,250
	606,491		FGLMC	5.500		06/01/35		664,764
	91,890		FGLMC	5.000		02/01/36		100,033
	185,204		FGLMC	5.500		04/01/36		204,123
	15,757		FGLMC	6.500		05/01/36		17,954
	204,718		FGLMC	6.500		10/01/36		233,263
	426,706		FGLMC	5.500		04/01/37		465,414
	238,618		FGLMC	6.000		08/01/37		262,559
	39,349		FGLMC	6.000		09/01/37		43,724
	177,679		FGLMC	6.500		11/01/37		202,584
	683,827		FGLMC	5.000		04/01/38		755,088
	327,073		FGLMC	6.000		11/01/38		359,554
	484,503		FGLMC	4.000		06/01/39		521,063
	413,059		FGLMC	4.500		11/01/40		463,438
	2,844,788		FGLMC	4.000		12/01/40		3,132,347
	3,178,355		FGLMC	4.000		12/01/40		3,533,401
	1,291,615		FGLMC	4.000		12/01/40		1,435,898
	462,363		FGLMC	4.500		12/01/40		515,431
	5,376,693		FGLMC	4.000		01/01/41		5,863,056
	3,000,000	h	FGLMC	3.500		10/15/42		3,216,563
	3,000,000	h	FGLMC	4.000		10/15/42		3,224,531
	9,000,000	h	FGLMC	4.500		10/15/42		9,679,219
	3,000,000	h	FGLMC	5.000		10/15/42		3,251,250
	2,401		Federal National Mortgage Association (FNMA)	5.000		06/01/13		2,489
	1,849,526		FNMA	4.791		02/01/14		1,906,200
	2,617,847		FNMA	4.640		11/01/14		2,780,369
	356,223		FNMA	4.564		01/01/15		374,525

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	46,431		FNMA	6.500	%	10/01/16	$	49,863
	29,210		FNMA	6.500		11/01/16		31,370
	130,074		FNMA	5.000		12/01/17		141,833
	39,884		FNMA	6.500		02/01/18		43,500
	124,706		FNMA	5.500		04/01/18		136,389
	66,775		FNMA	5.500		05/01/18		73,031
	57,403		FNMA	6.000		01/01/19		63,391
	1,000,000		FNMA	4.000		02/25/19		1,057,209
	357,383		FNMA	4.500		04/01/19		386,780
	88,165		FNMA	4.500		06/01/19		95,417
	131,894		FNMA	5.000		03/01/20		143,818
	43,848		FNMA	4.500		11/01/20		47,455
	47,507		FNMA	4.500		12/01/20		52,256
	121,610		FNMA	5.000		12/01/20		132,622
	212,355		FNMA	5.000		03/01/21		231,552
	20,410		FNMA	8.000		03/01/23		23,339
	238,561		FNMA	5.500		02/01/24		263,996
	245,412		FNMA	4.000		05/01/24		262,645
	533,634		FNMA	5.500		07/01/24		590,529
	225,111		FNMA	4.500		08/01/24		243,065
	1,104,979		FNMA	5.000		10/01/25		1,217,648
	11,013		FNMA	9.000		11/01/25		13,589
	4,840,868		FNMA	3.000		05/01/27		5,207,823
	3,000,000	h	FNMA	2.500		10/25/27		3,152,813
	11,000,000	h	FNMA	3.000		10/25/27		11,660,000
	10,627		FNMA	7.500		01/01/29		12,802
	287,927		FNMA	7.000		07/01/32		344,889
	52,790		FNMA	5.000		02/01/33		58,016
	381,968		FNMA	4.500		03/25/33		399,223
	152,860		FNMA	5.000		07/01/33		167,993
	579,993		FNMA	5.500		07/01/33		643,644
	448,919		FNMA	4.500		08/01/33		488,224
	483,369		FNMA	4.500		10/01/33		525,691
	244,387		FNMA	5.000		10/01/33		268,580
	170,681		FNMA	5.000		10/01/33		187,578
	489,061		FNMA	5.000		11/01/33		545,423
	585,282		FNMA	5.000		11/01/33		666,907
	362,124		FNMA	5.500		12/01/33		401,865
	133,896		FNMA	5.500		12/01/33		149,469
	78,848		FNMA	5.000		03/01/34		86,653
	95,304		FNMA	5.000		03/01/34		104,739
	777,293		FNMA	5.000		03/01/34		854,241
	404,974		FNMA	5.000		03/01/34		445,064
	91,276		FNMA	5.000		03/01/34		100,311
	675,512		FNMA	5.000		04/01/34		738,268
	1,454,412		FNMA	5.000		08/01/34		1,591,401
	296,062		FNMA	6.000		08/01/34		335,086
	113,922		FNMA	6.000		12/01/34		128,493
	207,046		FNMA	5.500		01/01/35		229,088
	492,699		FNMA	5.500		02/01/35		546,769
	191,514		FNMA	6.000		04/01/35		215,260
	1,507,051		FNMA	5.500		05/01/35		1,716,238

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,998,427		FNMA	5.500	%	05/01/35	$	2,275,820
	681,720		FNMA	6.000		05/01/35		766,250
	22,556		FNMA	7.500		06/01/35		25,110
	339,614		FNMA	6.000		07/01/35		381,150
	352,195		FNMA	5.000		08/01/35		385,575
	92,571		FNMA	5.000		10/01/35		101,345
	1,111,160		FNMA	5.000		10/01/35		1,216,472
	262,276		FNMA	5.500		12/01/35		289,034
	284,589		FNMA	5.000		02/01/36		311,636
	305,049		FNMA	6.000		03/01/36		337,630
	698,182		FNMA	6.000		04/01/36		772,753
	254,410		FNMA	6.500		04/01/36		289,714
	376,361	i	FNMA	2.760		07/01/36		403,831
	520,119	i	FNMA	2.913		09/01/36		560,019
	199,062		FNMA	6.500		09/01/36		225,891
	192,002		FNMA	6.000		12/01/36		212,509
	118,402		FNMA	7.000		02/01/37		141,389
	317,869		FNMA	6.500		03/01/37		361,099
	32,729		FNMA	7.000		04/01/37		39,083
	114,616		FNMA	6.500		08/01/37		130,024
	94,081		FNMA	6.500		08/01/37		106,649
	55,029		FNMA	6.000		09/01/37		62,368
	71,233		FNMA	6.000		09/01/37		80,733
	53,074		FNMA	6.000		09/01/37		59,999
	39,355		FNMA	6.000		09/01/37		44,604
	154,675		FNMA	6.500		09/01/37		176,252
	304,023		FNMA	6.500		09/01/37		346,436
	253,474		FNMA	6.500		09/01/37		288,835
	74,406		FNMA	6.500		09/01/37		84,115
	79,308		FNMA	6.500		09/01/37		89,575
	122,176	i	FNMA	4.589		10/01/37		131,406
	81,437		FNMA	6.000		11/01/37		90,135
	2,467,035		FNMA	6.000		11/01/37		2,730,534
	360,578		FNMA	6.000		11/01/38		398,302
	208,492		FNMA	5.500		01/01/39		228,636
	196,922		FNMA	6.000		01/01/39		217,524
	248,985		FNMA	6.000		01/01/39		275,034
	374,001		FNMA	4.500		02/01/39		404,935
	696,989		FNMA	4.500		02/01/39		754,638
	204,561		FNMA	5.500		02/01/39		224,325
	6,451,853		FNMA	6.000		04/01/39		7,140,962
	324,040		FNMA	4.500		05/01/39		350,842
	415,698		FNMA	4.500		08/01/39		450,082
	954,021		FNMA	5.500		08/01/39		1,074,817
	3,000,000		FNMA	4.000		02/25/40		3,281,613
	1,418,499		FNMA	4.500		09/01/40		1,540,258
	1,505,961		FNMA	4.500		09/01/40		1,635,228
	4,306,736		FNMA	4.500		10/01/40		4,754,473
	1,434,593		FNMA	4.000		11/01/40		1,547,599
	1,616,886		FNMA	4.500		11/01/40		1,784,980
	3,000,000	h	FNMA	3.000		10/25/42		3,166,875
	18,000,000	h	FNMA	3.500		10/25/42		19,305,000

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	32,000,000	h	FNMA	4.000	%	10/25/42	$	34,475,002
	10,000,000	h	FNMA	4.500		10/25/42		10,823,438
	13,000,000	h	FNMA	5.000		10/25/42		14,180,156
	3,000,000	h	FNMA	5.500		10/25/42		3,288,750
	5,000,000	h	FNMA	6.000		10/25/42		5,520,313
	25,205		Government National Mortgage Association (GNMA)	7.500		11/15/23		29,889
	4,582		GNMA	7.500		08/15/28		4,714
	28,710		GNMA	6.500		12/15/28		33,937
	78,440		GNMA	6.500		03/15/29		92,868
	24,613		GNMA	8.500		10/20/30		30,958
	7,823		GNMA	7.000		06/20/31		9,488
	142,128		GNMA	5.000		02/15/33		157,835
	118,796		GNMA	5.500		07/15/33		132,997
	847,589		GNMA	5.000		09/15/33		941,259
	179,767		GNMA	5.500		11/20/33		202,066
	727,930		GNMA	5.500		02/20/35		816,861
	253,468		GNMA	5.500		03/20/35		284,435
	124,864		GNMA	6.000		10/20/36		141,469
	129,273		GNMA	6.000		01/20/37		146,466
	193,360		GNMA	6.000		02/20/37		219,075
	353,247		GNMA	6.000		12/15/37		399,548
	260,031		GNMA	5.000		04/15/38		286,737
	257,751		GNMA	5.500		07/15/38		286,789
	317,687		GNMA	5.500		07/20/38		354,315
	122,146		GNMA	6.000		08/15/38		138,080
	121,611		GNMA	6.000		08/20/38		137,480
	573,465		GNMA	4.500		03/15/39		631,849
	186,079		GNMA	5.000		07/20/39		205,680
	227,435		GNMA	4.000		08/15/39		251,331
	7,142,442		GNMA	4.500		01/20/41		7,927,472
	6,000,000	h	GNMA	3.500		10/15/42		6,574,687
	13,000,000	h	GNMA	4.000		10/15/42		14,332,500
	1,000,000	h	GNMA	4.500		10/15/42		1,097,656
	3,000,000	h	GNMA	5.000		10/15/42		3,307,500
	1,000,000	h	GNMA	5.500		10/15/42		1,112,461
	5,000,000	h	GNMA	4.500		10/20/42		5,516,406
	3,000,000	h	GNMA	5.000		10/20/42		3,313,594

			TOTAL MORTGAGE BACKED					273,138,031


MUNICIPAL BONDS - 1.2%
	1,000,000		American Municipal Power-Ohio, Inc	6.270		02/15/50		1,165,630
	4,000,000		California State Department of Water Resources	3.237		12/01/27		4,042,400
	600,000		Grant County Public Utility District No 2	5.630		01/01/27		747,900
	375,000		Massachusetts Housing Finance Agency	1.306		06/01/16		374,010
	500,000		Massachusetts Housing Finance Agency	1.602		12/01/16		500,140
	400,000		Massachusetts Housing Finance Agency	1.776		06/01/17		400,776
	450,000		Massachusetts Housing Finance Agency	1.876		12/01/17		451,003
	250,000		Massachusetts Housing Finance Agency	2.807		12/01/19		251,638
	2,000,000	h	San Francisco Bay Area Rapid Transit District	3.477		07/01/27		2,017,240
	775,000		State of California	7.625		03/01/40		1,054,434
	775,000		State of Illinois	6.725		04/01/35		872,402
	2,740,000	h	Virginia Housing Development Authority	3.668		10/01/27		2,741,178

			TOTAL MUNICIPAL BONDS					14,618,751

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

U.S. TREASURY SECURITIES - 10.2%
$	4,302,000	l	United States Treasury Bond	8.000	%	11/15/21	$	6,738,343
	3,902,500		United States Treasury Bond	5.250		02/15/29		5,473,256
	3,735,000		United States Treasury Bond	5.375		02/15/31		5,402,326
	507,000		United States Treasury Bond	4.500		02/15/36		676,370
	742,500		United States Treasury Bond	4.750		02/15/41		1,040,544
	14,130,000		United States Treasury Bond	4.375		05/15/41		18,722,250
	12,295,000		United States Treasury Bond	3.000		05/15/42		12,748,378
	100,000		United States Treasury Note	0.250		10/31/13		100,055
	830,000		United States Treasury Note	0.125		12/31/13		829,124
	200,000		United States Treasury Note	0.250		06/30/14		200,039
	2,446,000		United States Treasury Note	0.250		08/31/14		2,446,477
	2,887,000		United States Treasury Note	2.500		04/30/15		3,051,198
	200,000	l	United States Treasury Note	0.250		08/15/15		199,688
	5,415,000		United States Treasury Note	0.250		09/15/15		5,405,692
	9,502,000		United States Treasury Note	1.250		09/30/15		9,765,529
	1,000,000		United States Treasury Note	2.375		03/31/16		1,068,984
	340,000		United States Treasury Note	0.625		05/31/17		340,850
	14,858,000		United States Treasury Note	0.625		08/31/17		14,867,286
	17,930,000		United States Treasury Note	2.375		05/31/18		19,522,686
	530,000		United States Treasury Note	1.750		10/31/18		558,488
	280,000		United States Treasury Note	2.625		11/15/20		309,137
	10,571,000		United States Treasury Note	1.625		08/15/22		10,559,458

			TOTAL U.S. TREASURY SECURITIES					120,026,158


			TOTAL GOVERNMENT BONDS					467,203,639

			(Cost $443,405,365)

STRUCTURED ASSETS - 10.6%

ASSET BACKED - 4.2%
	3,502,477	g	ABSC Manufactured Housing Contract	5.019		04/16/30		3,563,770
			Series - 2004 OK1 (Class A3)
	569,850		Accredited Mortgage Loan Trust	4.330		06/25/33		489,195
			Series - 2003 1 (Class A1)
	1,870,766	i	Ameriquest Mortgage Securities	0.537		05/25/35		1,844,145
			Series - 0 R3 (Class A3D)
	75,000	g,i,m	ARTS Ltd	0.639		06/15/13		72,750
			Series - 2005 BA (Class B)
	831,078	i	Bear Stearns Asset Backed Securities Trust	0.587		11/25/39		782,545
			Series - 2005 SD3 (Class 2A1)
	1,000,000	g	CCR, Inc	4.750		07/11/22		1,025,200
			Series - 2012 CA (Class C)
	819,263		Centex Home Equity	5.540		01/25/32		825,134
			Series - 2002 A (Class AF6)
	1,708,845		Countrywide Asset-Backed Certificates	5.216		10/25/17		1,667,783
			Series - 2002 S4 (Class A5)
	282,467	i	Countrywide Asset-Backed Certificates	0.637		02/25/36		281,164
			Series - 2005 11 (Class 3AV3)
	933,819	i	Countrywide Asset-Backed Certificates	5.513		08/25/36		923,294
			Series - 2006 S9 (Class A2)

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	152,457	i	Countrywide Asset-Backed Certificates	0.327	%	11/25/36	$	151,524
			Series - 0 S1 (Class A1A)
	1,247,503	i	Countrywide Asset-Backed Certificates	0.277		11/25/37		1,240,428
			Series - 2007 8 (Class 2A1)
	453,654	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		453,776
			Series - 2006 15 (Class A2)
	68,653	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		66,203
			Series - 2007 MX1 (Class A1)
	1,025,000	g,i	DB/UBS Mortgage Trust	5.728		11/10/46		1,166,447
			Series - 2011 LC1A (Class C)
	2,279,499	i	First Franklin Mortgage Loan Asset Backed Certificates	0.657		03/25/35		2,220,795
			Series - 2005 FF2 (Class M2)
	1,076,184	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		1,033,042
			Series - 2007 1A (Class AF3)
	400,000		Ford Credit Auto Owner Trust	3.210		07/15/17		416,830
			Series - 2011 A (Class D)
	2,466,346	g,i	GMAC Mortgage Corp Loan Trust	0.967		02/25/31		2,188,625
			Series - 2004 VF1 (Class A1)
	2,934,964	i	Greenpoint Mortgage Funding Trust	0.577		07/25/30		2,906,742
			Series - 2005 HE4 (Class 2A4C)
	883,075	i	HSI Asset Securitization Corp Trust	0.577		07/25/35		870,790
			Series - 2005 NC1 (Class 2A3)
	1,289,356		Lehman XS Trust	6.500		06/25/46		787,763
			Series - 2006 13 (Class 2A1)
	764,660	i	Long Beach Mortgage Loan Trust	0.967		02/25/35		755,522
			Series - 2005 1 (Class M1)
	1,755,490		Renaissance Home Equity Loan Trust	5.392		07/25/34		1,783,362
			Series - 2004 2 (Class AF4)
	1,235,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		612,198
			Series - 2006 3 (Class AF3)
	2,000,000	g	Rental Car Finance Corp	4.380		02/25/16		2,081,560
			Series - 2011 1A (Class B1)
	371,548		Residential Asset Mortgage Products, Inc	4.970		09/25/33		382,120
			Series - 2003 RZ5 (Class A7)
	46,302	i	Residential Asset Mortgage Products, Inc	0.657		07/25/35		46,159
			Series - 2005 EFC2 (Class M1)
	181,417	i	Residential Asset Securities Corp	6.489		10/25/30		172,085
			Series - 2001 KS2 (Class AI6)
	143,188	i	Residential Asset Securities Corp	0.647		04/25/35		139,881
			Series - 2005 KS3 (Class M3)
			Residential Funding Mortgage Securities II Home Loan
	585,282		Trust	5.640		03/25/37		585,783
			Series - 2007 HI1 (Class A2)
	706,285		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		703,228
			Series - 2006 HI5 (Class A3)
	1,850,000		Residential Funding Mortgage Securities II, Inc	6.130		09/25/35		1,315,687
			Series - 2005 HI3 (Class M5)
	619,228		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		640,500
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		500,477
			Series - 2006 HI1 (Class M1)

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	3,500,000		Residential Funding Mortgage Securities II, Inc	6.060	%	02/25/36	$	3,482,479
			Series - 2006 HI1 (Class M2)
	672,260	i	SACO I, Inc	0.767		05/25/35		650,983
			Series - 2005 5 (Class 2M1)
	614,581	i	SACO I, Inc	0.777		09/25/35		600,193
			Series - 2005 7 (Class A)
	688,408	i	SACO I, Inc	0.777		11/25/35		661,700
			Series - 2005 8 (Class A1)
	2,124,793	i	SACO I, Inc	0.977		11/25/35		2,048,300
			Series - 2005 8 (Class A3)
	584,632		Saxon Asset Securities Trust	6.120		11/25/30		610,377
			Series - 2002 2 (Class AF6)
	762,040	i	Securitized Asset Backed Receivables LLC	0.517		10/25/35		732,024
			Series - 2006 OP1 (Class A2C)
	590,000	g	SLM Student Loan Trust	3.740		02/15/29		630,463
			Series - 2011 B (Class A2)
	1,410,583	i	Soundview Home Equity Loan Trust	0.517		11/25/35		1,364,804
			Series - 2005 OPT3 (Class A4)
	37,767	i	Soundview Home Equity Loan Trust	0.327		10/25/36		37,702
			Series - 2006 EQ1 (Class A2)
	941,173	i	Structured Asset Investment Loan Trust	0.617		05/25/35		932,935
			Series - 2005 4 (Class M1)
	814,988	i	Structured Asset Investment Loan Trust	0.497		12/25/35		808,477
			Series - 2005 10 (Class A5)
	1,500,000	i	Structured Asset Securities Corp	0.697		07/25/35		784,121
			Series - 2005 WF3 (Class M1)
	455,000	g	Vornado DP LLC	5.280		09/13/28		517,655
			Series - 2010 VNO (Class C)
	670,595	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		623,653
			Series - 2006 N1 (Class N1)
	170,165	g,i	Wachovia Loan Trust	0.577		05/25/35		140,039
			Series - 2005 SD1 (Class A)
	108,133	i	Wells Fargo Home Equity Trust	0.357		07/25/36		106,727
			Series - 2006 2 (Class A3)
	200,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		222,786
			Series - 2010 A (Class B)

			TOTAL ASSET BACKED					49,651,925


OTHER MORTGAGE BACKED - 6.4%
	2,000,000	g	7 WTC Depositor LLC Trust	4.082		03/13/31		2,100,490
			Series - 2012 7WTC (Class A)
	3,300,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		3,680,111
			Series - 2006 4 (Class AM)
	2,174,077	g,i	Banc of America Large Loan, Inc	6.118		02/15/51		2,354,164
			Series - 2010 UB3 (Class A4B3)
	2,620,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		2,912,947
			Series - 2006 PW13 (Class AM)
	2,100,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		2,352,554
			Series - 2006 T24 (Class AM)
	436,434		Chase Mortgage Finance Corp	5.500		10/25/35		442,872
			Series - 2005 S2 (Class A25)
	1,003,020		Citicorp Mortgage Securities, Inc	5.500		07/25/35		968,795
			Series - 2005 4 (Class 1A7)

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	306,094		Citicorp Mortgage Securities, Inc	5.750	%	11/25/36	$	309,926
			Series - 2006 6 (Class A2)
	219,744		Citicorp Mortgage Securities, Inc	6.000		05/25/37		219,386
			Series - 2007 4 (Class 1A7)
	5,598	g,i	Citigroup Commercial Mortgage Trust	0.361		04/15/22		5,500
			Series - 2007 FL3A (Class A2)
	560,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		614,719
			Series - 2007 C9 (Class AM)
	373,332		Countrywide Alternative Loan Trust	5.500		08/25/16		396,324
			Series - 2004 30CB (Class 1A15)
	3,536,733		Countrywide Alternative Loan Trust	5.000		04/25/20		3,587,111
			Series - 2005 6CB (Class 2A1)
	1,843,374		Countrywide Alternative Loan Trust	5.500		08/25/34		1,869,020
			Series - 2004 14T2 (Class A2)
	832,935	i	Countrywide Alternative Loan Trust	0.449		07/20/35		606,582
			Series - 2005 24 (Class 4A1)
	4,799,624	i	Countrywide Alternative Loan Trust	1.648		09/25/35		3,568,909
			Series - 2005 38 (Class A1)
	1,065,378		Countrywide Alternative Loan Trust	5.500		10/25/35		49,419
			Series - 2005 42CB (Class A12)
	492,983	i	Countrywide Alternative Loan Trust	0.357		07/25/46		494,978
			Series - 2006 OA8 (Class 2A2)
	2,213,478	i	Countrywide Home Loan Mortgage Pass Through Trust	2.801		11/20/34		1,970,391
			Series - 2004 HYB6 (Class A2)
	102,840		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		103,430
			Series - 2005 12 (Class 1A5)
	858,019	i	Countrywide Home Loan Mortgage Pass Through Trust	0.517		08/25/35		842,603
			Series - 2005 J2 (Class 3A6)
	249,031		Countrywide Home Loan Mortgage Pass Through Trust	4.500		09/25/35		248,970
			Series - 2005 J3 (Class 2A3)
	1,446,409		Countrywide Home Loan Mortgage Pass Through Trust	5.250		09/25/35		1,483,777
			Series - 2005 17 (Class 1A10)
	23,815		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		23,826
			Series - 2005 J3 (Class 1A1)
	101,820	g,i	Credit Suisse Mortgage Capital Certificates	0.401		04/15/22		96,257
			Series - 2007 TF2A (Class A1)
	725,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		829,679
			Series - 2006 OMA (Class D)
	2,400,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		2,423,498
			Series - 2009 RR1 (Class A3C)
	170,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		172,344
			Series - 2003 C3 (Class B)
	657,647	g,i	Deutsche Mortgage Securities, Inc	5.243		06/26/35		666,369
			Series - 2005 WF1 (Class 1A2)
	135,000	g	GS Mortgage Securities Corp II	1.000		06/05/31		142,040
			Series - 0 SHOP (Class A)
	190,000	g	GS Mortgage Securities Corp II	3.551		04/10/34		205,220
			Series - 2012 ALOH (Class A)
	425,000	g,i,m	GS Mortgage Securities Corp II	4.276		04/10/34		435,874
			Series - 2012 GSMS (Class C)
	305,000	g,i	GS Mortgage Securities Corp II	5.402		12/10/43		334,318
			Series - 2010 C2 (Class C)

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	515,000	g,i	GS Mortgage Securities Corp II	5.402	%	12/10/43	$	593,455
			Series - 2010 C2 (Class B)
	100,000	g,i	HVB Mortgage Capital Corp	2.278		09/10/22		100,024
			Series - 2003 FL1A (Class J)
	3,742,221	i	Impac CMB Trust	0.467		05/25/35		2,996,382
			Series - 0 4 (Class 1A1B)
	3,094,435	i	Impac CMB Trust	0.857		08/25/35		2,579,982
			Series - 2005 5 (Class A1)
	227,009	i	JP Morgan Alternative Loan Trust	5.950		09/25/36		229,832
			Series - 2006 A4 (Class A1)
	818,101	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.596		07/15/19		793,158
			Series - 2007 FL1A (Class A1)
	310,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.431		07/15/46		330,571
			Series - 2011 C4 (Class C)
	720,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		822,045
			Series - 2006 LDP9 (Class A3)
	1,040,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	6.003		06/15/49		1,203,775
			Series - 2007 LD11 (Class A4)
	3,547,594	i	JP Morgan Mortgage Trust	2.765		11/25/33		3,582,928
			Series - 2006 A2 (Class 5A3)
	39,040	i	JP Morgan Mortgage Trust	4.281		04/25/35		39,792
			Series - 2005 A2 (Class 5A1)
	89,042		MASTER Asset Securitization Trust	5.000		05/25/35		89,324
			Series - 2005 1 (Class 2A5)
	3,136,641	i	Merrill Lynch Mortgage Investors, Inc	2.741		12/25/35		3,120,171
			Series - 2005 A9 (Class 2A1B)
	241,897	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		265,917
			Series - 2005 CIP1 (Class AM)
	1,242,000	g,i	Morgan Stanley Capital I	5.421		09/15/47		1,373,387
			Series - 2011 C1 (Class C)
	82,000	g,i	Morgan Stanley Capital I	5.421		09/15/47		86,243
			Series - 2011 C1 (Class D)
	125,000	i	Morgan Stanley Capital I	5.544		11/12/49		133,964
			Series - 2007 T25 (Class AM)
	317,894	i	Nomura Asset Securities Corp	7.328		03/15/30		320,145
			Series - 1998 D6 (Class A2)
	457,476	i	Opteum Mortgage Acceptance Corp	0.617		02/25/35		455,033
			Series - 2005 1 (Class A4)
	93,334		RALI Trust	6.500		05/25/32		93,674
			Series - 2002 QS6 (Class A9)
	3,112,404		RALI Trust	4.250		12/26/33		3,170,622
			Series - 2003 QS22 (Class A5)
	619,558	i	RALI Trust	0.517		01/25/35		563,032
			Series - 2005 QA1 (Class A1)
	1,145,000	g,i	RBSCF Trust	4.800		04/15/24		1,228,075
			Series - 2010 MB1 (Class B)
	1,586,782		Residential Accredit Loans, Inc	4.350		03/25/34		1,632,132
			Series - 2004 QS4 (Class A1)
	857,086		Residential Accredit Loans, Inc	5.750		05/25/35		139,378
			Series - 2005 QS6 (Class A7)
	2,537,133	i	Residential Accredit Loans, Inc	0.407		05/25/46		1,656,512
			Series - 2006 QO5 (Class 2A1)

TIAA-CREF FUNDS - Bond Plus Fund


PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE

$	1,900,000		RFMSI Trust		5.500	%	03/25/35	$	1,994,821
			Series - 2005 S2 (Class A6)
	1,480,720	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		1,491,404
			Series - 2012 1A (Class A)
	626,469	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		629,210
			Series - 0 2A (Class A)
	29,463	i	Structured Adjustable Rate Mortgage Loan Trust		0.977		03/25/35		29,492
			Series - 2005 6XS (Class A3)
	2,991,125	i	Structured Adjustable Rate Mortgage Loan Trust		0.557		08/25/35		2,747,351
			Series - 2005 16XS (Class A1)
	1,558,817	i	Structured Asset Mortgage Investments, Inc		0.527		09/25/45		1,081,651
			Series - 2005 AR6 (Class 2A1)
	111,359		Wachovia Bank Commercial Mortgage Trust		5.246		12/15/43		112,656
			Series - 2007 C30 (Class A3)
	320,000		Wachovia Bank Commercial Mortgage Trust		5.342		12/15/43		362,210
			Series - 2007 C30 (Class A5)
	1,425,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		1,416,239
			Series - 2007 C30 (Class AM)
	295,000	i	Wachovia Bank Commercial Mortgage Trust		6.169		06/15/45		329,452
			Series - 2006 C26 (Class AM)
	415,000		Wachovia Bank Commercial Mortgage Trust		5.500		04/15/47		463,414
			Series - 2007 C31 (Class A5)
	225,000		Wachovia Bank Commercial Mortgage Trust		5.339		11/15/48		242,992
			Series - 2006 C29 (Class AM)
	100,000	i	Wachovia Bank Commercial Mortgage Trust		6.122		02/15/51		117,877
			Series - 2007 C33 (Class A4)
	272,165		Wells Fargo Mortgage Backed Securities Trust		5.500		04/25/35		272,607
			Series - 2005 2 (Class 1A1)
	225,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276		11/15/43		259,839
			Series - 2010 C1 (Class B)

			TOTAL OTHER MORTGAGE BACKED						75,663,171


			TOTAL STRUCTURED ASSETS						125,315,096

			(Cost $122,399,224)

			TOTAL BONDS						1,086,258,687

			(Cost $1,029,695,926)

SHARES			COMPANY

PREFERRED STOCKS - 0.1%

DIVERSIFIED FINANCIALS - 0.1%
	54,446		GMAC Capital Trust I		8.125		02/15/40		1,351,340

			TOTAL DIVERSIFIED FINANCIALS						1,351,340

			TOTAL PREFERRED STOCKS						1,351,340

			(Cost $1,361,150)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 16.5%
TREASURY DEBT - 16.5%
$	107,400,000		United States Treasury Bill	0.060-0.073			10/18/12		107,396,662

TIAA-CREF FUNDS - Bond Plus Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

20,645,000

United States Treasury Bill

0.050-0.104

11/08/12

20,643,592

10,400,000

United States Treasury Bill

0.095

11/29/12

10,398,939

55,100,000

United States Treasury Bill

0.090-0.098

12/06/12

55,092,176

430,000

United States Treasury Bill

0.080

12/13/12

429,928

TOTAL TREASURY DEBT

193,961,297

TOTAL SHORT-TERM INVESTMENTS

193,961,297

(Cost $193,959,442)

TOTAL INVESTMENTS - 112.7%

1,328,712,779

(Cost $1,271,822,601)

OTHER ASSETS & LIABILITIES, NET - (12.7)%

(149,382,387

)

NET ASSETS - 100.0%

1,179,330,392

Abbreviation(s):

REIT

Real Estate Investment Trust

All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

All or a portion of these securities were purchased on a delayed delivery basis.

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

All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.

Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Short-Term Bond Fund

TIAA-CREF FUNDS
SHORT-TERM BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2012


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

BANK LOAN OBLIGATIONS - 0.9%

CAPITAL GOODS - 0.1%
$	491,250	i	TransDigm, Inc	4.000	%	02/14/17	$	493,367

			TOTAL CAPITAL GOODS					493,367


CONSUMER SERVICES - 0.1%
	1,470,654	i	Ameristar Casinos, Inc	4.000		04/14/18		1,477,640

			TOTAL CONSUMER SERVICES					1,477,640


DIVERSIFIED FINANCIALS - 0.2%
	1,970,000	i	TransUnion LLC	5.500		02/10/18		1,991,335

			TOTAL DIVERSIFIED FINANCIALS					1,991,335


FOOD, BEVERAGE & TOBACCO - 0.2%
	1,917,519	i	Del Monte Foods Co	4.500		03/08/18		1,914,086

			TOTAL FOOD, BEVERAGE & TOBACCO					1,914,086


HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	1,804,895	i	Fresenius US Finance I, Inc, Term Loan D1	3.500		09/10/14		1,804,895
	648,951	i	Fresenius US Finance I, Inc, Term Loan D2	3.500		09/10/14		648,951
	409,559	i	HCA, Inc	1.482		11/17/12		409,239

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					2,863,085


			TOTAL BANK LOAN OBLIGATIONS					8,739,513

			(Cost $8,704,923)

BONDS - 91.0%

CORPORATE BONDS - 37.4%

BANKS - 10.8%
	2,000,000	g	Abbey National Treasury Services plc	3.875		11/10/14		2,041,200
	7,000,000	g	Australia & New Zealand Banking Group Ltd	2.400		11/23/16		7,333,900
	500,000	g,i	Banco Bradesco S.A.	2.537		05/16/14		503,516
	260,000	g	Banco de Bogota S.A.	5.000		01/15/17		274,950
	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		499,142
	785,000		Banco do Brasil S.A.	3.875		01/23/17		816,400
	788,000	g	Bank Nederlandse Gemeenten	1.375		09/27/17		791,907
	1,000,000		Bank of America Corp	4.750		08/15/13		1,030,670
	2,675,000		Bank of America Corp	3.750		07/12/16		2,838,119
	2,500,000		Bank of America Corp	3.875		03/22/17		2,690,345
	1,250,000	g	Bank of Montreal	2.625		01/25/16		1,332,250
	4,800,000	g	Bank of Nova Scotia	2.150		08/03/16		5,056,800
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.250		02/24/14		1,016,019

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.350	%	02/23/17	$	1,038,475
	1,000,000		BB&T Corp	3.200		03/15/16		1,074,026
	8,000,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		8,248,000
	2,000,000		Canadian Imperial Bank of Commerce	1.450		09/13/13		2,019,472
	800,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		845,680
	750,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		802,800
	1,000,000		Citigroup, Inc	2.250		08/07/15		1,015,255
	1,500,000		Citigroup, Inc	6.000		12/13/13		1,590,846
	4,565,000		Citigroup, Inc	5.000		09/15/14		4,814,797
	2,275,000		Citigroup, Inc	3.953		06/15/16		2,434,159
	1,075,000		Citigroup, Inc	4.450		01/10/17		1,180,756
	750,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.375		01/19/17		796,057
	250,000		Deutsche Bank AG	3.875		08/18/14		262,646
	1,000,000	g	HSBC Bank plc	1.625		08/12/13		1,006,344
	825,000	g	HSBC Bank plc	3.100		05/24/16		869,374
	900,000		HSBC USA, Inc	2.375		02/13/15		926,496
	618,000	g	ICICI Bank Ltd	5.500		03/25/15		651,173
	500,000	g	ICICI Bank Ltd	4.750		11/25/16		517,800
	1,000,000		Inter-American Development Bank	1.125		03/15/17		1,020,560
	2,297,000		JPMorgan Chase & Co	3.150		07/05/16		2,429,512
	2,975,000		JPMorgan Chase & Co	2.000		08/15/17		3,000,921
	500,000	g	National Australia Bank Ltd	2.500		01/08/13		502,725
	2,500,000	g	National Australia Bank Ltd	2.000		06/20/17		2,567,750
	7,500,000	g	NIBC Bank NV	2.800		12/02/14		7,824,480
	4,280,000	g	State Bank of India	4.125		08/01/17		4,378,205
	1,000,000	g	Sumitomo Mitsui Banking Corp	2.150		07/22/13		1,012,787
	10,000,000	g	Toronto-Dominion Bank	1.625		09/14/16		10,338,000
	500,000		Union Bank NA	2.125		06/16/17		511,567
	1,000,000		US Bancorp	1.125		10/30/13		1,007,229
	1,000,000		US Bancorp	3.125		04/01/15		1,062,987
	500,000		US Bancorp	1.650		05/15/17		511,860
	2,000,000		Wells Fargo & Co	1.500		07/01/15		2,033,650
	3,500,000		Wells Fargo & Co	2.100		05/08/17		3,621,047
	1,000,000		Westpac Banking Corp	2.100		08/02/13		1,013,610
	1,000,000		Westpac Banking Corp	3.000		08/04/15		1,055,549
	6,000,000	g	Westpac Banking Corp	2.450		11/28/16		6,299,400

			TOTAL BANKS					107,038,713


CAPITAL GOODS - 0.5%
	2,500,000		Caterpillar Financial Services Corp	1.550		12/20/13		2,535,080
	475,000		Caterpillar, Inc	1.500		06/26/17		485,014
	1,000,000		Lockheed Martin Corp	2.125		09/15/16		1,037,071
	575,000		United Technologies Corp	1.200		06/01/15		585,349
	500,000		United Technologies Corp	1.800		06/01/17		518,588

			TOTAL CAPITAL GOODS					5,161,102


COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	650,000	g	ADT Corp	2.250		07/15/17		669,009
	725,000		eBay, Inc	0.700		07/15/15		728,440
	1,100,000		eBay, Inc	1.350		07/15/17		1,113,188
	1,000,000		Johnson Controls, Inc	1.750		03/01/14		1,016,985
	1,000,000		Thomson Corp	5.250		08/15/13		1,040,431

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,000,000		Waste Management, Inc	2.600	%	09/01/16	$	1,049,724

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					5,617,777


CONSUMER DURABLES & APPAREL - 0.2%
	475,000	g	Grupo Aval Ltd	5.250		02/01/17		504,688
	296,000	i	Hanesbrands, Inc	4.113		12/15/14		296,003
	1,000,000		Hanesbrands, Inc	8.000		12/15/16		1,105,010

			TOTAL CONSUMER DURABLES & APPAREL					1,905,701


CONSUMER SERVICES - 0.7%
	1,000,000		GlaxoSmithKline Capital plc	1.500		05/08/17		1,017,339
	1,000,000	g	SABMiller Holdings, Inc	2.450		01/15/17		1,045,961
	1,000,000		Walt Disney Co	0.875		12/01/14		1,010,426
	3,500,000		Walt Disney Co	1.125		02/15/17		3,539,358

			TOTAL CONSUMER SERVICES					6,613,084


DIVERSIFIED FINANCIALS - 7.8%
	250,000		American Express Centurion Bank	5.550		10/17/12		250,498
	500,000		American Express Centurion Bank	6.000		09/13/17		606,514
	1,000,000		American Express Credit Corp	5.875		05/02/13		1,031,391
	1,150,000		American Express Credit Corp	1.750		06/12/15		1,176,303
	1,000,000		American Express Credit Corp	2.800		09/19/16		1,063,230
	1,000,000	g	American Honda Finance Corp	4.625		04/02/13		1,021,219
	500,000	g	Banco Mercantil del Norte S.A.	4.375		07/19/15		527,500
	1,000,000		Bank of New York Mellon Corp	1.200		02/20/15		1,013,484
	1,100,000		Bank of New York Mellon Corp	2.300		07/28/16		1,152,943
	150,000		Bank of New York Mellon Corp	1.969		06/20/17		155,269
	3,000,000	g	Barclays Bank plc	2.250		05/10/17		3,091,701
	750,000		Berkshire Hathaway, Inc	1.900		01/31/17		776,557
	500,000		BlackRock, Inc	3.500		12/10/14		532,344
	825,000		BlackRock, Inc	1.375		06/01/15		840,577
	3,250,000		Capital One Financial Corp	2.125		07/15/14		3,316,186
	1,000,000		Capital One Financial Corp	3.150		07/15/16		1,061,895
	130,000		Credit Suisse	5.000		05/15/13		133,474
	500,000		Credit Suisse	5.500		05/01/14		533,987
	2,000,000	g	Credit Suisse AG.	1.625		03/06/15		2,034,584
	500,000		FIA Card Services NA	7.125		11/15/12		503,746
	1,675,000		Ford Motor Credit Co LLC	4.250		02/03/17		1,780,182
	3,250,000		Ford Motor Credit Co LLC	3.000		06/12/17		3,308,149
	825,000		Ford Motor Credit Co LLC	6.625		08/15/17		956,931
	1,000,000		General Electric Capital Corp	2.800		01/08/13		1,006,337
	1,250,000		General Electric Capital Corp	1.875		09/16/13		1,267,714
	500,000		General Electric Capital Corp	3.750		11/14/14		529,985
	3,000,000		General Electric Capital Corp	1.625		07/02/15		3,052,473
	2,000,000		General Electric Capital Corp	2.300		04/27/17		2,055,880
	500,000	i	Goldman Sachs Capital II	4.000		06/01/43		376,580
	650,000		Goldman Sachs Group, Inc	5.450		11/01/12		652,551
	1,375,000		Goldman Sachs Group, Inc	3.300		05/03/15		1,430,785
	3,015,000		Goldman Sachs Group, Inc	3.625		02/07/16		3,180,493
	500,000		HSBC Finance Corp	4.750		07/15/13		514,544
	160,000	g	Hyundai Capital America, Inc	3.750		04/06/16		170,213
	200,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		215,592

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,000,000	g	Hyundai Capital Services, Inc	3.500	%	09/13/17	$	1,045,660
	150,000	g	International Lease Finance Corp	6.500		09/01/14		161,250
	300,000		International Lease Finance Corp	5.750		05/15/16		318,072
	385,000	g	Inversiones CMPC S.A.	4.750		01/19/18		412,245
	1,000,000		Jefferies Group, Inc	3.875		11/09/15		1,006,250
	1,500,000		John Deere Capital Corp	0.875		04/17/15		1,510,454
	4,100,000		John Deere Capital Corp	0.700		09/04/15		4,107,339
	1,000,000		John Deere Capital Corp	2.000		01/13/17		1,041,682
	1,000,000		John Deere Capital Corp	1.400		03/15/17		1,021,639
	300,000		Merrill Lynch & Co, Inc	5.450		02/05/13		304,584
	1,500,000		Morgan Stanley	2.875		01/24/14		1,519,956
	150,000		Morgan Stanley	6.000		04/28/15		162,562
	900,000		Morgan Stanley	5.375		10/15/15		969,439
	2,250,000		Morgan Stanley	4.750		03/22/17		2,412,362
	1,000,000		National Rural Utilities Cooperative Finance Corp	1.000		02/02/15		1,011,616
	2,000,000	g	NongHyup Bank	2.250		09/19/17		1,998,870
	275,000		Northern Trust Corp	4.625		05/01/14		292,534
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.152		07/19/15		521,393
	7,000,000		Royal Bank of Canada	1.200		09/19/17		7,044,100
	225,000		State Street Corp	4.300		05/30/14		238,754
	1,000,000		Toyota Motor Credit Corp	1.000		02/17/15		1,010,827
	500,000		Toyota Motor Credit Corp	2.050		01/12/17		519,950
	1,000,000		UBS AG.	2.250		08/12/13		1,012,977
	5,000,000	g	UBS AG.	1.875		01/23/15		5,102,895
	1,000,000		Unilever Capital Corp	2.750		02/10/16		1,062,600
	1,000,000	g	Volkswagen International Finance NV	1.625		08/12/13		1,009,810

			TOTAL DIVERSIFIED FINANCIALS					78,141,631


ENERGY - 2.1%
	250,000		Apache Corp	1.750		04/15/17		258,155
	1,000,000		BP Capital Markets plc	5.250		11/07/13		1,051,775
	530,000		BP Capital Markets plc	3.200		03/11/16		568,907
	2,000,000		BP Capital Markets plc	1.846		05/05/17		2,042,910
	350,000		ConocoPhillips	4.600		01/15/15		382,050
	500,000		Devon Energy Corp	5.625		01/15/14		531,533
	625,000		Devon Energy Corp	1.875		05/15/17		637,110
	400,200		Dolphin Energy Ltd	5.888		06/15/19		454,227
	390,000	g	Empresa Nacional del Petroleo	4.875		03/15/14		404,577
	1,150,000		EOG Resources, Inc	2.950		06/01/15		1,214,715
	500,000	g	Gaz Capital S.A.	7.510		07/31/13		525,000
	350,000	g	Gazprom OAO Via Gaz Capital S.A.	4.950		05/23/16		370,569
	750,000	g	Korea National Oil Corp	3.125		04/03/17		788,055
	350,000		Marathon Petroleum Corp	3.500		03/01/16		371,124
	375,000		Noble Holding International Ltd	3.450		08/01/15		396,686
	1,550,000		Noble Holding International Ltd	2.500		03/15/17		1,598,746
	500,000	g	Novatek Finance Ltd	5.326		02/03/16		532,625
	500,000		Occidental Petroleum Corp	2.500		02/01/16		527,652
	975,000		Petrobras International Finance Co	3.875		01/27/16		1,031,365
	750,000		Petrobras International Finance Co-Pifco	2.875		02/06/15		770,869
	925,000		Petrobras International Finance Co-Pifco	3.500		02/06/17		967,396
	500,000		Petroleos Mexicanos	4.875		03/15/15		536,250
	400,000	g	Phillips 66	1.950		03/05/15		409,283

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	500,000		Shell International Finance BV	3.100	%	06/28/15	$	534,462
	100,000		Statoil ASA	2.900		10/15/14		104,930
	1,000,000		Total Capital Canada Ltd	1.625		01/28/14		1,015,800
	750,000		Total Capital International S.A.	1.500		02/17/17		763,349
	1,000,000		Vale Overseas Ltd	6.250		01/23/17		1,156,464
	475,000		Valero Energy Corp	4.500		02/01/15		511,918
	250,000		XTO Energy, Inc	4.625		06/15/13		256,981

			TOTAL ENERGY					20,715,483


FOOD & STAPLES RETAILING - 0.3%
	1,075,000		CVS Caremark Corp	3.250		05/18/15		1,143,042
	1,000,000		CVS Caremark Corp	5.750		06/01/17		1,206,044
	1,000,000		Kroger Co	5.000		04/15/13		1,021,816

			TOTAL FOOD & STAPLES RETAILING					3,370,902


FOOD, BEVERAGE & TOBACCO - 1.4%
	700,000		Anheuser-Busch InBev Worldwide, Inc	4.125		01/15/15		754,905
	500,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		532,638
	2,075,000		Anheuser-Busch InBev Worldwide, Inc	1.375		07/15/17		2,100,344
	2,000,000		Coca-Cola Co	0.750		03/13/15		2,017,498
	600,000		Coca-Cola Co	1.800		09/01/16		625,134
	1,000,000		Coca-Cola Enterprises, Inc	1.125		11/12/13		1,005,457
	2,000,000		Constellation Brands, Inc	8.375		12/15/14		2,267,500
	500,000		Diageo Capital plc	1.500		05/11/17		508,684
	135,000		General Mills, Inc	5.200		03/17/15		149,736
	2,000,000		HJ Heinz Co	1.500		03/01/17		2,029,844
	1,000,000		Kraft Foods, Inc	5.250		10/01/13		1,043,683
	1,000,000	g	Pernod-Ricard S.A.	2.950		01/15/17		1,043,300
	150,000		Philip Morris International, Inc	4.875		05/16/13		154,110
	250,000		Philip Morris International, Inc	6.875		03/17/14		273,123

			TOTAL FOOD, BEVERAGE & TOBACCO					14,505,956


HEALTH CARE EQUIPMENT & SERVICES - 0.9%
	200,000		Becton Dickinson and Co	1.750		11/08/16		206,970
	250,000		Boston Scientific Corp	4.500		01/15/15		267,305
	500,000		Covidien International Finance S.A.	1.350		05/29/15		506,443
	1,000,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		1,152,500
	1,538,000		HCA, Inc	6.300		10/01/12		1,538,000
	1,000,000		HCA, Inc	6.500		02/15/16		1,100,000
	904,000		McKesson Corp	3.250		03/01/16		972,712
	1,000,000		Medco Health Solutions, Inc	2.750		09/15/15		1,046,036
	200,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		200,568
	1,000,000		Thermo Fisher Scientific, Inc	2.050		02/21/14		1,019,246
	245,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		258,759

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					8,268,539


HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,000,000		Ecolab, Inc	3.000		12/08/16		1,075,205

			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					1,075,205

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

INSURANCE - 1.5%
$	1,000,000		American International Group, Inc	3.650	%	01/15/14	$	1,029,538
	675,000		Hartford Financial Services Group, Inc	4.000		10/15/17		725,514
	7,010,004	g	Hospital for Special Surgery	3.500		01/01/23		7,827,370
	2,000,000		MetLife, Inc	2.375		02/06/14		2,046,546
	1,000,000		Prudential Financial, Inc	3.875		01/14/15		1,062,129
	250,000		United Health Group, Inc	4.875		02/15/13		253,935
	1,500,000		Willis Group Holdings plc	4.125		03/15/16		1,592,228

			TOTAL INSURANCE					14,537,260


MATERIALS - 0.8%
	200,000		Air Products & Chemicals, Inc	4.150		02/01/13		202,542
	2,000,000		Airgas, Inc	2.850		10/01/13		2,038,724
	40,000		Airgas, Inc	4.500		09/15/14		42,584
	1,665,000	g	Anglo American Capital plc	2.150		09/27/13		1,675,656
	675,000		ArcelorMittal	4.000		08/05/15		670,734
	250,000		ArcelorMittal	4.750		02/25/17		245,215
	1,000,000		Bemis Co, Inc	5.650		08/01/14		1,080,383
	1,000,000		EI Du Pont de Nemours & Co	3.250		01/15/15		1,062,164
	500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		518,250

			TOTAL MATERIALS					7,536,252


MEDIA - 1.7%
	375,000		CBS Corp	1.950		07/01/17		384,397
	600,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		621,321
	2,000,000		DIRECTV Holdings LLC	2.400		03/15/17		2,053,508
	1,010,000	g	DISH DBS Corp	4.625		07/15/17		1,032,725
	1,000,000		Echostar DBS Corp	6.625		10/01/14		1,085,000
	2,000,000		Interpublic Group of Cos, Inc	6.250		11/15/14		2,160,000
	1,000,000		Lamar Media Corp	9.750		04/01/14		1,120,000
	1,000,000		NBCUniversal Media LLC	3.650		04/30/15		1,069,626
	1,000,000		Nielsen Finance LLC	11.500		05/01/16		1,117,500
	2,000,000		TCI Communications, Inc	8.750		08/01/15		2,418,040
	1,000,000		Time Warner Cable, Inc	7.500		04/01/14		1,097,912
	250,000		Time Warner, Inc	3.150		07/15/15		266,795
	1,000,000		Viacom, Inc	1.250		02/27/15		1,010,435
	1,000,000		Viacom, Inc	3.500		04/01/17		1,092,902

			TOTAL MEDIA					16,530,161


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.7%
	1,000,000		Abbott Laboratories	2.700		05/27/15		1,057,622
	600,000	g	Aristotle Holding, Inc	2.100		02/12/15		615,512
	1,000,000		GlaxoSmithKline Capital, Inc	4.850		05/15/13		1,027,755
	600,000		Johnson & Johnson	2.150		05/15/16		632,294
	120,000		Life Technologies Corp	3.500		01/15/16		126,308
	1,000,000		Merck & Co, Inc	2.250		01/15/16		1,049,953
	1,000,000	g	Mylan, Inc	7.625		07/15/17		1,107,500
	180,000		Novartis Capital Corp	4.125		02/10/14		188,961
	500,000		Novartis Capital Corp	2.900		04/24/15		531,000
	500,000		Watson Pharmaceuticals, Inc	1.875		10/01/17		505,564

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					6,842,469

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

REAL ESTATE - 0.1%
$	75,000		AMB Property LP	7.625	%	08/15/14	$	82,297
	1,175,000		Health Care REIT, Inc	3.625		03/15/16		1,240,243
	100,000		Ventas Realty LP	3.125		11/30/15		104,205

			TOTAL REAL ESTATE					1,426,745


RETAILING - 1.1%
	2,000,000		Limited Brands, Inc	5.250		11/01/14		2,115,000
	1,000,000		Macy’s Retail Holdings, Inc	5.875		01/15/13		1,013,419
	2,212,000		Macy’s Retail Holdings, Inc	5.750		07/15/14		2,397,629
	700,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		817,241
	1,000,000	g	QVC, Inc	7.500		10/01/19		1,106,506
	2,300,000		Target Corp	1.125		07/18/14		2,328,908
	1,000,000		Wal-Mart Stores, Inc	3.000		02/03/14		1,033,993

			TOTAL RETAILING					10,812,696


SOFTWARE & SERVICES - 1.6%
	1,000,000		International Business Machines Corp	0.550		02/06/15		1,002,606
	5,000,000		International Business Machines Corp	0.750		05/11/15		5,032,575
	1,610,000		International Business Machines Corp	1.950		07/22/16		1,681,550
	1,075,000		International Business Machines Corp	1.250		02/06/17		1,092,735
	5,000,000		Microsoft Corp	0.875		09/27/13		5,032,965
	650,000		Microsoft Corp	1.625		09/25/15		674,371
	1,000,000		Oracle Corp	4.950		04/15/13		1,024,753
	150,000		SunGard Data Systems, Inc	4.875		01/15/14		155,250

			TOTAL SOFTWARE & SERVICES					15,696,805


TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	250,000		Amphenol Corp	4.750		11/15/14		268,273
	100,000		Hewlett-Packard Co	2.350		03/15/15		101,896
	1,000,000		IBM International Group Capital LLC	5.050		10/22/12		1,002,692
	100,000		L-3 Communications Corp	6.375		10/15/15		101,150
	1,500,000		Seagate Technology HDD Holdings	6.800		10/01/16		1,661,250
	1,000,000		Tyco Electronics Group S.A.	1.600		02/03/15		1,014,960
	175,000		Xerox Corp	8.250		05/15/14		194,121
	275,000		Xerox Corp	2.950		03/15/17		284,145

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					4,628,487


TELECOMMUNICATION SERVICES - 1.1%
	1,000,000		America Movil SAB de C.V.	2.375		09/08/16		1,040,589
	1,000,000		AT&T, Inc	2.500		08/15/15		1,050,760
	1,000,000		AT&T, Inc	2.950		05/15/16		1,074,559
	1,000,000		British Telecommunications plc	5.150		01/15/13		1,013,010
	1,000,000		Cellco Partnership	7.375		11/15/13		1,074,575
	1,000,000		France Telecom S.A.	2.125		09/16/15		1,029,461
	1,000,000		Telecom Italia Capital S.A.	5.250		11/15/13		1,031,250
	850,000		Telecom Italia Capital S.A.	6.175		06/18/14		894,625
	1,000,000		Telefonica Emisiones SAU	3.992		02/16/16		995,000
	190,000		Verizon Communications, Inc	5.250		04/15/13		194,929
	500,000	g	Vimpelcom Holdings	6.255		03/01/17		515,840
	414,000		Virgin Media Finance plc	9.500		08/15/16		458,505
	250,000		Windstream Corp	8.125		08/01/13		262,500

			TOTAL TELECOMMUNICATION SERVICES					10,635,603

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

TRANSPORTATION - 0.7%
$	350,000	g	Asciano Finance Ltd	3.125	%	09/23/15	$	355,141
	1,600,000		CSX Corp	5.750		03/15/13		1,637,779
	1,000,000	g	ERAC USA Finance LLC	5.800		10/15/12		1,001,614
	1,000,000	g	ERAC USA Finance LLC	2.750		07/01/13		1,014,216
	890,000	g	Transnet Ltd	4.500		02/10/16		945,346
	175,000		Union Pacific Corp	4.163		07/15/22		199,438
	2,475,000		United Parcel Service, Inc	1.125		10/01/17		2,486,175

			TOTAL TRANSPORTATION					7,639,709


UTILITIES - 2.2%
	500,000	g	Abu Dhabi National Energy Co	6.600		08/01/13		519,500
	750,000	g	Abu Dhabi National Energy Co	4.125		03/13/17		793,125
	1,000,000		AES Corp	7.750		03/01/14		1,075,000
	180,000		Alliant Energy Corp	4.000		10/15/14		188,645
	1,000,000		Commonwealth Edison Co	4.700		04/15/15		1,090,798
	1,000,000		Dominion Resources, Inc	1.800		03/15/14		1,016,569
	2,000,000		Dominion Resources, Inc	1.400		09/15/17		2,005,532
	500,000		Duke Energy Carolinas LLC	5.750		11/15/13		528,959
	1,900,000		FPL Group Capital, Inc	2.600		09/01/15		1,969,882
	550,000	g	Israel Electric Corp Ltd	6.700		02/10/17		594,000
	500,000	g	KazMunaiGaz Finance Sub BV	8.375		07/02/13		523,675
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,072,055
	200,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		209,115
	500,000		Korea Midland Power Co Ltd	5.375		02/11/13		506,523
	1,000,000		Northeast Utilities	5.650		06/01/13		1,033,322
	2,950,000		ONEOK Partners LP	2.000		10/01/17		3,004,690
	500,000		Pepco Holdings, Inc	2.700		10/01/15		519,774
	500,000		PG&E Corp	5.750		04/01/14		535,607
	500,000	g	Ras Laffan Liquefied Natural Gas Co Ltd	5.500		09/30/14		540,835
	1,000,000		Sabine Pass LNG LP	7.250		11/30/13		1,065,000
	2,000,000		Sempra Energy	2.300		04/01/17		2,093,112
	250,000		Veolia Environnement	5.250		06/03/13		256,180
	450,000		Williams Partners LP	3.800		02/15/15		477,128

			TOTAL UTILITIES					21,619,026


			TOTAL CORPORATE BONDS					370,319,306

			(Cost $359,706,382)

GOVERNMENT BONDS - 35.3%

AGENCY SECURITIES - 12.1%
	3,000,000		Citigroup Funding, Inc	2.250		12/10/12		3,012,036
	2,000,000	g,j	FDIC Structured Sale Guarantee (FDIC)	0.000		10/25/12		1,999,960
	1,000,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		1,009,122
	3,000,000		Federal Home Loan Bank (FHLB)	1.875		06/21/13		3,036,462
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.750		03/28/13		5,014,025
	20,000,000		FHLMC	1.000		09/27/17		19,993,280
	5,000,000		FHLMC	1.000		09/29/17		5,051,225
	2,000,000		Federal National Mortgage Association (FNMA)	3.625		02/12/13		2,025,050

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	6,500,000		FNMA	1.250	%	08/20/13	$	6,558,071
	1,000,000		FNMA	2.500		05/15/14		1,036,069
	25,000,000		FNMA	1.125		06/27/14		25,375,125
	2,000,000		FNMA	3.000		09/16/14		2,107,892
	20,000,000		FNMA	0.500		07/02/15		20,059,860
	3,350,000		FNMA	1.125		04/27/17		3,411,995
	2,000,000		General Electric Capital Corp	2.625		12/28/12		2,012,342
	2,800,000		GMAC, Inc	1.750		10/30/12		2,803,447
	3,600,000		GMAC, Inc	2.200		12/19/12		3,615,861
	2,000,000		Private Export Funding Corp (PEFCO)	3.550		04/15/13		2,036,218
	10,000,000		PEFCO	1.375		02/15/17		10,204,900

			TOTAL AGENCY SECURITIES					120,362,940


FOREIGN GOVERNMENT BONDS - 5.3%
	950,000	g	Croatia Government International Bond	6.250		04/27/17		1,028,375
	1,014,000		Eksportfinans ASA	2.000		09/15/15		948,090
	300,000		Export-Import Bank of Korea	8.125		01/21/14		326,545
	225,000		Export-Import Bank of Korea	4.125		09/09/15		242,289
	500,000		Export-Import Bank of Korea	3.750		10/20/16		540,697
	8,000,000		Hydro Quebec	1.375		06/19/17		8,117,600
	1,250,000		Hydro-Quebec	7.500		04/01/16		1,533,000
	370,000	g	Indonesia Government International Bond	6.875		03/09/17		444,000
	3,000,000	g	Kommunalbanken AS.	1.000		02/09/15		3,033,300
	2,870,000	g	Kommunalbanken AS.	1.375		06/08/17		2,924,243
	410,000	g	Korea Housing Finance Corp	3.500		12/15/16		435,295
	400,000	g	Lithuania Government International Bond	5.125		09/14/17		446,000
	4,000,000	g	Nederlandse Waterschapsbank NV	2.125		02/09/17		4,135,696
	420,000		Poland Government International Bond	3.875		07/16/15		448,350
	6,200,000	g	Province of Alberta Canada	1.000		06/21/17		6,277,500
	3,000,000		Province of British Columbia Canada	2.850		06/15/15		3,195,300
	3,000,000		Province of British Columbia Canada	1.200		04/25/17		3,064,170
	3,000,000		Province of New Brunswick Canada	2.750		06/15/18		3,246,456
	2,000,000		Province of Nova Scotia Canada	2.375		07/21/15		2,103,400
	1,500,000		Province of Nova Scotia Canada	8.875		03/15/16		1,890,126
	700,000		Province of Ontario Canada	2.950		02/05/15		740,875
	1,300,000		Province of Ontario Canada	2.700		06/16/15		1,375,323
	791,000	g	Qatar Government International Bond	4.000		01/20/15		839,647
	1,000,000	g	Qatar Government International Bond	3.125		01/20/17		1,053,500
	550,000		Republic of Italy	4.500		01/21/15		569,250
	500,000		Republic of Korea	5.750		04/16/14		536,591
	700,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		736,750
	1,600,000	g	Russian Foreign Bond - Eurobond	3.250		04/04/17		1,683,648
	500,000		South Africa Government International Bond	6.500		06/02/14		544,500
	516,000		United Mexican States	5.875		02/17/14		548,250

			TOTAL FOREIGN GOVERNMENT BONDS					53,008,766


MORTGAGE BACKED - 2.3%
	4,634,863		Federal Home Loan Mortgage Corp (FHLMC)	3.000		03/15/26		4,843,737
	4,722,857		FHLMC	3.000		01/15/27		4,992,059
	4,021,613		FHLMC	4.000		05/15/37		4,117,983
	31,151		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000		12/01/17		34,013
	182,233		FGLMC	5.500		01/01/19		199,741

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	176,391		FGLMC	5.500	%	01/01/19	$	193,338
	3,602		Federal National Mortgage Association (FNMA)	5.000		06/01/13		3,733
	2,370,653		FNMA	4.000		10/25/24		2,452,106
	2,516,489		FNMA	4.500		10/25/28		2,593,987
	3,516,908		Government National Mortgage Association (GNMA)	2.300		10/15/19		3,649,656

			TOTAL MORTGAGE BACKED					23,080,353


MUNICIPAL BONDS - 0.1%
	500,000		New Jersey Health Care Facilities Financing Authority	5.000		07/01/16		538,455

			TOTAL MUNICIPAL BONDS					538,455


U.S. TREASURY SECURITIES - 15.5%
	24,316,520	k	United States Treasury Inflation Indexed Bonds	0.500		04/15/15		25,547,544
	10,380,000	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/16		11,000,371
	7,061,180	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/17		7,606,769
	22,720,000		United States Treasury Note	1.125		06/15/13		22,870,884
	575,000		United States Treasury Note	0.125		08/31/13		574,730
	7,395,000		United States Treasury Note	3.125		09/30/13		7,610,786
	3,125,000		United States Treasury Note	0.500		10/15/13		3,134,766
	1,980,000		United States Treasury Note	0.250		10/31/13		1,981,083
	3,565,000		United States Treasury Note	0.125		12/31/13		3,561,239
	29,700,000		United States Treasury Note	1.250		04/15/14		30,162,904
	3,800,000		United States Treasury Note	0.250		06/30/14		3,800,741
	1,635,000		United States Treasury Note	2.625		06/30/14		1,702,890
	1,865,000		United States Treasury Note	2.375		10/31/14		1,946,739
	19,558,000	l	United States Treasury Note	0.250		09/15/15		19,524,380
	200		United States Treasury Note	0.750		06/30/17		201
	12,455,600		United States Treasury Note	0.625		08/31/17		12,463,385

			TOTAL U.S. TREASURY SECURITIES					153,489,412


			TOTAL GOVERNMENT BONDS					350,479,926

			(Cost $346,591,962)

STRUCTURED ASSETS - 18.3%

ASSET BACKED - 13.1%
	230,520		Aames Mortgage Trust	6.737		06/25/32		213,099
			Series - 2002 1 (Class A3)
	285,476	i	Accredited Mortgage Loan Trust	0.460		09/25/35		279,979
			Series - 2005 3 (Class A1)
	163,253	i	ACE Securities Corp	0.687		08/25/35		162,715
			Series - 2005 HE5 (Class M1)
	3,000,000	g	AESOP Funding II	3.270		02/20/18		3,158,328
			Series - 2011 5A (Class A)
	2,000,000		Ally Auto Receivables Trust	2.230		03/15/16		2,061,634
			Series - 2011 1 (Class A4)
	2,700,000	g	Ally Auto Receivables Trust	2.590		07/15/16		2,775,546
			Series - 2011 2 (Class B)
	3,300,000	g	Ally Auto Receivables Trust	1.900		11/15/16		3,343,187
			Series - 2011 5 (Class B)
	8,000,000	g	Ally Master Owner Trust	4.250		04/15/17		8,617,952
			Series - 2010 2 (Class A)

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	2,000,000		AmeriCredit Automobile Receivables Trust	2.040	%	09/08/15	$	2,027,678
			Series - 2010 3 (Class B)
	2,000,000		AmeriCredit Automobile Receivables Trust	2.330		03/08/16		2,034,136
			Series - 2011 2 (Class B)
	3,000,000		AmeriCredit Automobile Receivables Trust	2.450		12/08/16		3,081,252
			Series - 2011 5 (Class B)
	4,250,000	m	AmeriCredit Automobile Receivables Trust	1.310		11/08/17		4,253,893
			Series - 2012 4 (Class B)
	1,008,888	i	Ameriquest Mortgage Securities	0.537		05/25/35		994,531
			Series - 0 R3 (Class A3D)
	55,677	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		0
			Series - 2006 WMC1 (Class N1)
	416,667	g	Avis Budget Rental Car Funding AESOP LLC	5.680		02/20/14		421,512
			Series - 2009 2A (Class A)
	4,500,000	g	Avis Budget Rental Car Funding AESOP LLC	2.090		04/20/15		4,581,801
			Series - 2010 4A (Class A)
	623,202	i	Bear Stearns Asset Backed Securities Trust	0.587		11/25/39		586,809
			Series - 2005 SD3 (Class 2A1)
	2,000,000	g	Cabela’s Master Credit Card Trust	2.290		09/17/18		2,088,288
			Series - 2010 2A (Class A1)
	4,965,000	g	Cabela’s Master Credit Card Trust	2.390		06/17/19		5,235,950
			Series - 2011 2A (Class A1)
	1,000,000	g	Cabela’s Master Credit Card Trust	1.630		02/18/20		1,025,989
			Series - 2012 1A (Class A1)
	1,000,000		CarMax Auto Owner Trust	2.630		11/15/16		1,032,621
			Series - 2011 1 (Class B)
	155,000		CarMax Auto Owner Trust	2.830		02/15/17		160,332
			Series - 2011 1 (Class C)
	5,870,000		CarMax Auto Owner Trust	1.730		02/15/18		5,932,727
			Series - 2012 2 (Class B)
	109,235		Centex Home Equity	5.540		01/25/32		110,018
			Series - 2002 A (Class AF6)
	651,649	i	Centex Home Equity	0.647		03/25/34		562,553
			Series - 2004 B (Class M1)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		152,214
			Series - 2004 2 (Class 1M2)
	22,381		Citicorp Mortgage Securities, Inc	5.706		07/25/36		22,367
			Series - 2006 1 (Class A3)
	6,000,000		CNH Equipment Trust	1.550		11/15/17		6,128,790
			Series - 2011 C (Class A4)
	68,735	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		68,754
			Series - 2006 15 (Class A2)
	904,713		Credit-Based Asset Servicing and Securitization LLC	4.831		08/25/35		909,138
			Series - 2005 CB5 (Class AF2)
	101,395		Credit-Based Asset Servicing and Securitization LLC	5.319		04/25/37		100,056
			Series - 2007 CB4 (Class A2A)
	2,000,000		DaimlerChrysler Financial Auto Securitization Trust	1.650		11/08/13		2,003,576
			Series - 2010 A (Class B)
	1,985,000	g	Dominos Pizza Master Issuer LLC	5.216		01/25/42		2,212,880
			Series - 2012 1A (Class A2)
	6,945,518		Entergy Louisiana Investment Recovery Funding I LLC	2.040		09/01/23		7,205,913
			Series - 2011 A (Class A1)

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	717,456	g	Flagstar Home Equity Loan Trust	5.781	%	01/25/35	$	688,694
			Series - 2007 1A (Class AF3)
	2,000,000		Ford Credit Auto Owner Trust	2.380		07/15/16		2,057,528
			Series - 2011 A (Class B)
	975,000		Ford Credit Floorplan Master Owner Trust	2.860		09/15/15		977,721
			Series - 2011 2 (Class D)
	2,000,000	g	Ford Credit Floorplan Master Owner Trust	2.410		02/15/16		2,030,704
			Series - 2011 1 (Class B)
	6,485,000	g	Ford Credit Floorplan Master Owner Trust	4.200		02/15/17		6,984,624
			Series - 2010 3 (Class A1)
	5,050,000		Ford Credit Floorplan Master Owner Trust	1.920		01/15/19		5,199,601
			Series - 2012 2 (Class A)
	5,230,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16		5,738,047
			Series - 2009 2A (Class A2)
	598,099	i	HSI Asset Securitization Corp Trust	0.577		07/25/35		589,778
			Series - 2005 NC1 (Class 2A3)
	2,000,000		Hyundai Auto Receivables Trust	2.450		04/15/16		2,061,194
			Series - 2011 A (Class B)
	509,773	i	Long Beach Mortgage Loan Trust	0.967		02/25/35		503,682
			Series - 2005 1 (Class M1)
	2,000,000	g	MMCA Automobile Trust	2.720		10/17/16		2,066,780
			Series - 2011 A (Class B)
	361,218	g	Morgan Stanley Capital I	2.602		09/15/47		372,495
			Series - 2011 C1 (Class A1)
	500,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		247,853
			Series - 2006 3 (Class AF3)
	3,000,000	g	Rental Car Finance Corp	2.510		02/25/16		3,056,973
			Series - 2011 1A (Class A1)
	2,000,000	g	Rental Car Finance Corp	4.380		02/25/16		2,081,560
			Series - 2011 1A (Class B1)
	397,071	i	Residential Asset Mortgage Products, Inc	0.517		04/25/35		354,537
			Series - 2005 RZ1 (Class A3)
	2,256,165		Residential Funding Mortgage Securities II, Inc	5.790		02/25/36		2,324,741
			Series - 2006 HI2 (Class A3)
	804,881		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		832,530
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		497,497
			Series - 2006 HI1 (Class M2)
	5,000,000		Santander Drive Auto Receivables Trust	2.090		08/15/16		5,049,060
			Series - 2012 2 (Class B)
	3,220,000		Santander Drive Auto Receivables Trust	3.090		05/15/17		3,320,193
			Series - 2011 3 (Class C)
	584,632		Saxon Asset Securities Trust	6.120		11/25/30		610,376
			Series - 2002 2 (Class AF6)
	254,014	i	Securitized Asset Backed Receivables LLC	0.517		10/25/35		244,008
			Series - 2006 OP1 (Class A2C)
	463,398	i	Soundview Home Equity Loan Trust	0.517		11/25/35		448,359
			Series - 2005 OPT3 (Class A4)
	86,196	i	Soundview Home Equity Loan Trust	0.327		10/25/36		86,049
			Series - 2006 EQ1 (Class A2)
	640,246	i	Structured Asset Investment Loan Trust	0.747		11/25/34		615,147
			Series - 2004 10 (Class A9)

TIAA-CREF FUNDS - Short-Term Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	501,959	i	Structured Asset Investment Loan Trust	0.617	%	05/25/35	$	497,565
			Series - 2005 4 (Class M1)
	638,961	i	Structured Asset Investment Loan Trust	0.497		12/25/35		633,856
			Series - 2005 10 (Class A5)
	113,278	i	Structured Asset Securities Corp	0.267		02/25/37		111,054
			Series - 2007 BC1 (Class A2)
	65,935	i	Wells Fargo Home Equity Trust	0.357		07/25/36		65,078
			Series - 2006 2 (Class A3)
	2,000,000		World Financial Network Credit Card Master Trust	4.660		05/15/17		2,062,044
			Series - 2009 D (Class A)
	4,000,000		World Financial Network Credit Card Master Trust	1.680		08/15/18		4,081,728
			Series - 2011 A (Class A)

			TOTAL ASSET BACKED					130,037,274


OTHER MORTGAGE BACKED - 5.2%
	156,720		Citicorp Mortgage Securities, Inc	5.750		11/25/36		158,682
			Series - 2006 6 (Class A2)
	206,818		Citicorp Mortgage Securities, Inc	6.000		05/25/37		206,481
			Series - 2007 4 (Class 1A7)
	5,000,000		Citigroup Commercial Mortgage Trust	1.813		09/10/45		5,124,898
			Series - 2012 GC8 (Class A2)
	5,000,000	g	Commercial Mortgage Pass Through Certificates	2.365		02/10/29		5,247,250
			Series - 2012 9W57 (Class A)
	987,522		Countrywide Alternative Loan Trust	5.500		08/25/34		1,001,261
			Series - 2004 14T2 (Class A2)
	577,368	i	Countrywide Alternative Loan Trust	0.357		07/25/46		579,704
			Series - 2006 OA8 (Class 2A2)
	249,031		Countrywide Home Loan Mortgage Pass Through Trust	4.500		09/25/35		248,970
			Series - 2005 J3 (Class 2A3)
	5,000,000		Credit Suisse Mortgage Capital Certificates	5.467		09/15/39		5,641,045
			Series - 2006 C4 (Class A3)
	176	i	Greenpoint Mortgage Funding Trust	0.317		09/25/46		176
			Series - 2006 AR4 (Class A1A)
	50	i	Greenpoint Mortgage Funding Trust	0.297		10/25/46		50
			Series - 0 AR5 (Class A1A)
	2,692,352		GS Mortgage Securities Corp II	1.282		01/10/45		2,723,982
			Series - 2012 GC6 (Class A1)
	5,000,000	h,m	JP Morgan Chase Commercial Mortgage Securities Corp	1.797		10/15/45		5,124,995
			Series - 2012 C8 (Class A2)
	363,589		MASTER Asset Securitization Trust	5.000		05/25/35		364,738
			Series - 2005 1 (Class 2A5)
	457,476	i	Opteum Mortgage Acceptance Corp	0.617		02/25/35		455,033
			Series - 2005 1 (Class A4)
	390,192		Residential Accredit Loans, Inc	4.350		03/25/34		401,344
			Series - 2004 QS4 (Class A1)
	1,900,000		RFMSI Trust	5.500		03/25/35		1,994,821
			Series - 2005 S2 (Class A6)
	8,000,000	g	SLM Student Loan Trust	3.830		01/17/45		8,552,632
			Series - 2012 A (Class A2)
	839,361	g,i	Springleaf Mortgage Loan Trust	2.667		09/25/57		845,418
			Series - 2012 1A (Class A)
	481,899	g,i	Springleaf Mortgage Loan Trust	2.220		10/25/57		484,008
			Series - 0 2A (Class A)

TIAA-CREF FUNDS - Short-Term Bond Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

6,823,957

UBS Barclays Commercial Mortgage

1.006

05/10/63

6,898,871

Series - 2012 C2 (Class A1)

129,603

Wells Fargo Mortgage Backed Securities Trust

5.500

04/25/35

129,813

Series - 2005 2 (Class 1A1)

4,924,010

WF-RBS Commercial Mortgage Trust

2.288

06/15/45

5,176,228

Series - 2012 C7 (Class A1)

TOTAL OTHER MORTGAGE BACKED

51,360,400

TOTAL STRUCTURED ASSETS

181,397,674

(Cost $178,914,443)

TOTAL BONDS

902,196,906

(Cost $885,212,787)

SHORT-TERM INVESTMENTS - 5.0%

TREASURY DEBT - 5.0%

50,000,000

United States Treasury Bill

0.088

10/11/12

49,998,785

TOTAL TREASURY DEBT

49,998,785

TOTAL SHORT-TERM INVESTMENTS

49,998,785

(Cost $49,998,785)

TOTAL INVESTMENTS - 96.9%

960,935,204

(Cost $943,916,495)

OTHER ASSETS & LIABILITIES, NET - 3.1%

30,535,586

NET ASSETS - 100.0%

991,470,790

Abbreviation(s):

REIT

Real Estate Investment Trust

All or a portion of these securities were purchased on a delayed delivery basis.

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

Zero coupon.

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

All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.

Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - High-Yield Fund

TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2012


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

BANK LOAN OBLIGATIONS - 9.0%

AUTOMOBILES & COMPONENTS - 1.1%
$	11,697,125	h	Allison Transmission Holdings, Inc	4.250	%	08/23/19	$	11,716,659
	8,912,063	i	Chrysler Group LLC	6.000		05/24/17		9,088,255

			TOTAL AUTOMOBILES & COMPONENTS					20,804,914


CAPITAL GOODS - 0.5%
	9,000,000	i	Generac Power Systems, Inc	6.250		05/30/18		9,039,420

			TOTAL CAPITAL GOODS					9,039,420


COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	15,000,000		Pilot Corp	4.250		08/07/19		15,093,750

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					15,093,750


CONSUMER SERVICES - 0.8%
	12,500,000	h,i	Peninsula Gaming LLC	5.750		05/16/17		12,679,750
	2,155,000	i	Wendy’s International, Inc	4.750		05/15/19		2,169,826

			TOTAL CONSUMER SERVICES					14,849,576


ENERGY - 0.9%
	16,957,500	i	Arch Coal, Inc	5.750		05/16/18		17,071,963

			TOTAL ENERGY					17,071,963


FOOD, BEVERAGE & TOBACCO - 0.3%
	5,000,000	h,i	Del Monte Foods Co	4.500		03/08/18		4,991,050

			TOTAL FOOD, BEVERAGE & TOBACCO					4,991,050


HEALTH CARE EQUIPMENT & SERVICES - 2.3%
	10,972,500	i	Bausch & Lomb, Inc	5.250		05/17/19		11,084,529
	6,690,750	h,i	Biomet, Inc	3.967		07/25/17		6,710,622
	13,425,000	h	Capsugel Holdings US, Inc	4.750		08/01/18		13,465,275
	8,000,000	h	DaVita, Inc	4.000		08/23/19		8,005,680
	2,925,054	i,m	IMS Health, Inc	4.500		08/26/17		2,937,251

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					42,203,357


MEDIA - 0.6%
	5,486,250	i	MTL Publishing LLC	5.500		06/29/18		5,545,227
	4,932,630	i	Univision Communications, Inc	4.466		03/31/17		4,868,506

			TOTAL MEDIA					10,413,733


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5%
	5,000,000	h,i	NBTY, Inc	4.250		10/01/17		5,016,500
	5,000,000	h	Valeant Pharmaceuticals International	4.250		10/02/19		5,002,500

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					10,019,000

TIAA-CREF FUNDS - High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

RETAILING - 0.5%
$	9,987,437	h,i	Academy Ltd	6.000	%	08/03/18	$	10,012,406

			TOTAL RETAILING					10,012,406


SOFTWARE & SERVICES - 0.3%
	5,000,000	h	Lawson Software, Inc	5.250		04/05/18		5,012,500

			TOTAL SOFTWARE & SERVICES					5,012,500


TELECOMMUNICATION SERVICES - 0.2%
	3,965,063		Windstream Corp	4.000		08/08/19		3,977,117

			TOTAL TELECOMMUNICATION SERVICES					3,977,117


UTILITIES - 0.2%
	4,500,000	h	Calpine Corp	4.500		09/27/19		4,528,125

			TOTAL UTILITIES					4,528,125


			TOTAL BANK LOAN OBLIGATIONS					168,016,911

			(Cost $166,416,853)

BONDS - 86.8%

CORPORATE BONDS - 86.8%

AUTOMOBILES & COMPONENTS - 1.6%
	5,000,000		DaimlerChrysler Group LLC	8.000		06/15/19		5,300,000
	9,000,000		Delphi Corp	5.875		05/15/19		9,720,000
	9,250,000		Ford Motor Co	7.450		07/16/31		11,504,687
	2,760,000		Goodyear Tire & Rubber Co	8.250		08/15/20		3,056,700

			TOTAL AUTOMOBILES & COMPONENTS					29,581,387


BANKS - 0.8%
	1,683,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		1,781,960
	2,600,000	i	JPMorgan Chase & Co	7.900		04/29/49		2,952,898
	1,800,000		Regions Bank	7.500		05/15/18		2,124,000
	900,000		Regions Bank	6.450		06/26/37		918,000
	450,000		Regions Financial Corp	7.375		12/10/37		472,500
	4,000,000	i	Royal Bank of Scotland Group plc	7.640		12/30/49		3,270,000
	4,000,000	i	Royal Bank of Scotland Group plc	7.648		12/30/49		3,880,000

			TOTAL BANKS					15,399,358


CAPITAL GOODS - 6.3%
	2,875,000		Alliant Techsystems, Inc	6.875		09/15/20		3,133,750
	2,300,000		Anixter, Inc	5.625		05/01/19		2,403,500
	4,250,000		Case New Holland, Inc	7.875		12/01/17		4,983,125
	4,000,000		Chesapeake Midstream Partners LP	6.125		07/15/22		4,230,000
	3,610,000	g	FMG Resources August 2006 Pty Ltd	7.000		11/01/15		3,591,950
	3,250,000	g	FMG Resources August 2006 Pty Ltd	8.250		11/01/19		3,152,500
	6,300,000	g	FMG Resources August 2006 Pty Ltd	6.875		04/01/22		5,764,500
	8,250,000		Huntington Ingalls Industries, Inc	6.875		03/15/18		8,940,938
	2,350,000		Huntington Ingalls Industries, Inc	7.125		03/15/21		2,529,187
	4,450,000	g	Hyva Global BV	8.625		03/24/16		3,982,750

TIAA-CREF FUNDS - High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	9,200,000	g	Kinetic Concepts, Inc	10.500	%	11/01/18	$	9,729,000
	3,700,000	g	Rexel S.A.	6.125		12/15/19		3,811,000
	3,375,000	g	Schaeffler Finance BV	7.750		02/15/17		3,729,375
	8,275,000	g	Schaeffler Finance BV	8.500		02/15/19		9,268,000
	3,000,000		Seagate HDD Cayman	7.750		12/15/18		3,315,000
	5,000,000		Seagate HDD Cayman	6.875		05/01/20		5,331,250
	9,975,000		Seagate HDD Cayman	7.000		11/01/21		10,673,250
	3,158,000	g	Sealed Air Corp	8.125		09/15/19		3,513,275
	4,158,000	g	Sealed Air Corp	8.375		09/15/21		4,656,960
	2,000,000		SPX Corp	7.625		12/15/14		2,200,000
	2,250,000		SPX Corp	6.875		09/01/17		2,514,375
	7,574,000		Tomkins LLC	9.000		10/01/18		8,445,010
	4,250,000		TransDigm, Inc	7.750		12/15/18		4,696,250
	2,000,000	g	UR Financing Escrow Corp	5.750		07/15/18		2,112,500
	1,000,000	g	UR Financing Escrow Corp	7.375		05/15/20		1,075,000

			TOTAL CAPITAL GOODS					117,782,445


COMMERCIAL & PROFESSIONAL SERVICES - 2.1%
	2,500,000	g	American Achievement Corp	10.875		04/15/16		2,168,750
	8,150,000	g	Clean Harbors, Inc	5.250		08/01/20		8,394,500
	4,700,000		Iron Mountain, Inc	5.750		08/15/24		4,711,750
	5,450,000		RR Donnelley & Sons Co	5.500		05/15/15		5,627,125
	4,025,000		RR Donnelley & Sons Co	8.250		03/15/19		4,085,375
	4,000,000	g	Scientific Games International, Inc	6.250		09/01/20		4,020,000
	2,700,000		ServiceMaster Co	8.000		02/15/20		2,862,000
	4,700,000	g	ServiceMaster Co	7.000		08/15/20		4,817,500
	3,334,000		Visant Corp	10.000		10/01/17		3,300,660

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					39,987,660


CONSUMER DURABLES & APPAREL - 2.1%
	3,450,000		DR Horton, Inc	4.750		05/15/17		3,674,250
	4,450,000		DR Horton, Inc	4.375		09/15/22		4,422,188
	6,000,000		Hanesbrands, Inc	8.000		12/15/16		6,630,060
	3,525,000		Hanesbrands, Inc	6.375		12/15/20		3,824,625
	3,900,000		Levi Strauss & Co	6.875		05/01/22		4,065,750
	5,500,000	g	Libbey Glass, Inc	6.875		05/15/20		5,912,500
	6,500,000		Masco Corp	5.950		03/15/22		7,120,815
	4,000,000		Phillips-Van Heusen Corp	7.375		05/15/20		4,520,000

			TOTAL CONSUMER DURABLES & APPAREL					40,170,188


CONSUMER SERVICES - 4.2%
	1,556,000	g	Ameristar Casinos, Inc	7.500		04/15/21		1,672,700
	8,970,000		Ameristar Casinos, Inc	7.500		04/15/21		9,642,750
	6,500,000	g	Boyd Gaming Corp	9.000		07/01/20		6,630,000
	2,750,000		Burger King Corp	9.875		10/15/18		3,190,000
	1,000,000		Caesars Entertainment Operating Co, Inc	11.250		06/01/17		1,075,000
	9,750,000		DineEquity, Inc	9.500		10/30/18		10,993,125
	750,000		Harrahs Operating Co, Inc	12.750		04/15/18		555,000
	1,750,000		Marina District Finance	9.875		08/15/18		1,754,375
	6,750,000		Marina District Finance Co, Inc	9.500		10/15/15		6,809,062
	3,040,000		MGM Mirage	10.375		05/15/14		3,420,000
	1,500,000		MGM Mirage	9.000		03/15/20		1,674,375

TIAA-CREF FUNDS - High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	6,000,000		MGM Resorts International	6.625	%	07/15/15	$	6,420,000
	1,000,000		MGM Resorts International	10.000		11/01/16		1,145,000
	4,250,000	g	MGM Resorts International	6.750		10/01/20		4,250,000
	6,310,000		Penn National Gaming, Inc	8.750		08/15/19		7,067,200
	3,000,000		Speedway Motorsports, Inc	8.750		06/01/16		3,243,750
	3,500,000		Speedway Motorsports, Inc	6.750		02/01/19		3,718,750
	2,000,000		Wynn Las Vegas LLC	7.875		11/01/17		2,180,000
	2,000,000		Wynn Las Vegas LLC	7.750		08/15/20		2,225,000

			TOTAL CONSUMER SERVICES					77,666,087


DIVERSIFIED FINANCIALS - 6.4%
	5,000,000		Ally Financial, Inc	4.625		06/26/15		5,127,485
	6,000,000		CIT Group, Inc	4.250		08/15/17		6,226,908
	6,000,000		CIT Group, Inc	5.000		08/15/22		6,242,430
	2,000,000	g	CIT Group, Inc	5.250		04/01/14		2,085,000
	2,000,000		CIT Group, Inc	5.000		05/15/17		2,135,000
	6,300,000		CIT Group, Inc	5.250		03/15/18		6,756,750
	2,000,000	g	CIT Group, Inc	6.625		04/01/18		2,270,000
	4,500,000	g	CIT Group, Inc	5.500		02/15/19		4,871,250
	2,000,000		CIT Group, Inc	5.375		05/15/20		2,165,000
	1,600,000	g	CNH Capital LLC	6.250		11/01/16		1,738,000
	3,000,000		Ford Motor Credit Co LLC	8.000		12/15/16		3,585,915
	3,650,000		Ford Motor Credit Co LLC	5.000		05/15/18		3,984,789
	2,250,000		Ford Motor Credit Co LLC	8.125		01/15/20		2,826,831
	2,000,000		Ford Motor Credit Co LLC	5.750		02/01/21		2,240,138
	3,083,000		Ford Motor Credit Co LLC	5.875		08/02/21		3,487,983
	4,500,000	g	General Motors Financial Co, Inc	4.750		08/15/17		4,613,895
	1,000,000		GMAC, Inc	6.750		12/01/14		1,070,000
	2,000,000		GMAC, Inc	8.300		02/12/15		2,215,000
	5,000,000		GMAC, Inc	8.000		03/15/20		5,850,000
	2,000,000		GMAC, Inc	7.500		09/15/20		2,295,000
	5,000,000		GMAC, Inc	8.000		11/01/31		5,830,000
	1,825,000		International Lease Finance Corp	5.625		09/20/13		1,882,031
	5,232,000		International Lease Finance Corp	8.625		09/15/15		5,957,940
	4,275,000	g	International Lease Finance Corp	6.750		09/01/16		4,804,031
	2,232,000		International Lease Finance Corp	8.750		03/15/17		2,611,440
	8,000,000		International Lease Finance Corp	6.250		05/15/19		8,600,000
	3,600,000		International Lease Finance Corp	8.250		12/15/20		4,284,000
	14,000,000		International Lease Finance Corp	5.875		08/15/22		14,462,700

			TOTAL DIVERSIFIED FINANCIALS					120,219,516


ENERGY - 11.9%
	1,000,000		Arch Coal, Inc	8.750		08/01/16		980,000
	5,000,000		Arch Coal, Inc	7.000		06/15/19		4,200,000
	2,150,000	g	Ashland, Inc	4.750		08/15/22		2,198,375
	3,855,000		Bill Barrett Corp	7.625		10/01/19		4,086,300
	3,500,000		Chaparral Energy, Inc	8.250		09/01/21		3,780,000
	7,400,000	g	Chaparral Energy, Inc	7.625		11/15/22		7,770,000
	5,000,000		Cimarex Energy Co	5.875		05/01/22		5,275,000
	4,200,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		4,567,500
	1,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		1,100,000
	14,450,000		Concho Resources, Inc	5.500		04/01/23		15,100,250

TIAA-CREF FUNDS - High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	3,090,000		Consol Energy Inc	8.000	%	04/01/17	$	3,229,050
	1,500,000		Consol Energy Inc	8.250		04/01/20		1,571,250
	1,820,000		Continental Resources, Inc	7.125		04/01/21		2,047,500
	2,695,000		Continental Resources, Inc	5.000		09/15/22		2,809,537
	9,250,000	g	Continental Resources, Inc	5.000		09/15/22		9,666,250
	5,840,000	g	Crosstex Energy LP	7.125		06/01/22		5,810,800
	6,800,000		Crosstex Energy, Inc	8.875		02/15/18		7,276,000
	7,700,000	g	Drill Rigs Holdings, Inc	6.500		10/01/17		7,651,875
	923,000	g	EP Energy LLC	6.875		05/01/19		987,610
	6,500,000	g	EP Energy LLC	9.375		05/01/20		7,085,000
	3,780,000	g	EP Energy LLC	7.750		09/01/22		3,855,600
	6,750,000	g	Linn Energy LLC	6.500		05/15/19		6,750,000
	2,000,000	g	Linn Energy LLC	6.250		11/01/19		1,990,000
	875,000		Linn Energy LLC	8.625		04/15/20		958,125
	1,000,000		Linn Energy LLC	7.750		02/01/21		1,057,500
	2,560,000		MarkWest Energy Partners LP	6.750		11/01/20		2,771,200
	4,500,000		MarkWest Energy Partners LP	6.250		06/15/22		4,837,500
	2,120,000		MarkWest Energy Partners LP	5.500		02/15/23		2,220,700
	2,800,000		Newfield Exploration Co	6.875		02/01/20		3,073,000
	3,000,000		Newfield Exploration Co	5.750		01/30/22		3,352,500
	1,000,000		Peabody Energy Corp	6.500		09/15/20		1,022,500
	3,000,000		Peabody Energy Corp	4.750		12/15/41		2,527,500
	1,500,000		Pioneer Natural Resources Co	6.875		05/01/18		1,821,182
	2,665,000		Precision Drilling Corp	6.500		12/15/21		2,844,887
	4,841,000		Precision Drilling Trust	6.625		11/15/20		5,155,665
	1,000,000		Range Resources Corp	6.750		08/01/20		1,100,000
	6,000,000		Range Resources Corp	5.000		08/15/22		6,330,000
	2,490,000		Regency Energy Partners LP	6.875		12/01/18		2,658,075
	5,400,000		Regency Energy Partners LP	6.500		07/15/21		5,778,000
	1,925,000		Regency Energy Partners LP	5.500		04/15/23		1,946,656
	1,500,000		SandRidge Energy, Inc	9.875		05/15/16		1,635,000
	2,125,000	g	SandRidge Energy, Inc	8.000		06/01/18		2,231,250
	3,175,000		SandRidge Energy, Inc	7.500		03/15/21		3,270,250
	4,150,000	g	SandRidge Energy, Inc	7.500		02/15/23		4,274,500
	8,850,000		SESI LLC	7.125		12/15/21		9,779,250
	4,000,000		SM Energy Co	6.500		11/15/21		4,240,000
	2,400,000	g	SM Energy Co	6.500		01/01/23		2,520,000
	4,777,200		Southwestern Energy Co	7.500		02/01/18		5,759,674
	18,650,000		Tesoro Corp	5.375		10/01/22		19,209,500
	4,250,000		WPX Energy, Inc	5.250		01/15/17		4,590,000
	4,000,000		WPX Energy, Inc	6.000		01/15/22		4,300,000

			TOTAL ENERGY					221,052,311


FOOD & STAPLES RETAILING - 2.0%
	7,350,000		Ingles Markets, Inc	8.875		05/15/17		7,919,625
	3,939,000		New Albertsons, Inc	7.450		08/01/29		2,195,992
	3,730,000		New Albertsons, Inc	8.000		05/01/31		2,200,700
	1,600,000		Rite Aid Corp	10.375		07/15/16		1,692,000
	5,500,000		Rite Aid Corp	7.500		03/01/17		5,651,250
	3,500,000		Rite Aid Corp	9.250		03/15/20		3,587,500
	2,000,000		Rite Aid Corp	8.000		08/15/20		2,270,000
	1,600,000		Stater Bros Holdings, Inc	7.750		04/15/15		1,634,000

TIAA-CREF FUNDS - High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	3,800,000		Stater Bros Holdings, Inc	7.375	%	11/15/18	$	4,094,500
	3,652,000		SuperValu, Inc	7.500		11/15/14		3,505,920
	4,060,000		Susser Holdings LLC	8.500		05/15/16		4,369,575

			TOTAL FOOD & STAPLES RETAILING					39,121,062


FOOD, BEVERAGE & TOBACCO - 1.8%
	3,200,000		Constellation Brands, Inc	6.000		05/01/22		3,640,000
	400,000		Constellation Brands, Inc	4.625		03/01/23		408,000
	6,575,000		Del Monte Foods Co	7.625		02/15/19		6,764,031
	10,025,000	g	Post Holdings, Inc	7.375		02/15/22		10,651,562
	1,634,000		Smithfield Foods, Inc	7.750		07/01/17		1,838,250
	5,509,000		Smithfield Foods, Inc	6.625		08/15/22		5,715,588
	5,112,000		TreeHouse Foods, Inc	7.750		03/01/18		5,584,860

			TOTAL FOOD, BEVERAGE & TOBACCO					34,602,291


HEALTH CARE EQUIPMENT & SERVICES - 4.9%
	1,644,000		Apria Healthcare Group, Inc	12.375		11/01/14		1,602,900
	14,950,000		CHS	8.000		11/15/19		16,407,625
	1,550,000		DaVita, Inc	6.375		11/01/18		1,654,625
	5,047,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		5,400,290
	5,000,000	g	Fresenius Medical Care II	5.625		07/31/19		5,325,000
	1,350,000	g	Fresenius Medical Care US Finance, Inc	6.500		09/15/18		1,522,125
	2,200,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		2,535,500
	705,000		HCA Holdings, Inc	7.750		05/15/21		768,450
	4,000,000		HCA, Inc	6.500		02/15/16		4,400,000
	98,000		HCA, Inc	9.875		02/15/17		105,350
	6,000,000		HCA, Inc	8.500		04/15/19		6,765,000
	6,500,000		HCA, Inc	7.875		02/15/20		7,304,375
	13,600,000		HCA, Inc	7.500		02/15/22		15,402,000
	6,800,000		HCA, Inc	5.875		03/15/22		7,369,500
	900,000		HCA, Inc	7.500		11/06/33		882,000
	4,500,000	g	Kinetic Concepts, Inc	12.500		11/01/19		4,230,000
	7,295,000		LifePoint Hospitals, Inc	6.625		10/01/20		7,915,075
	1,000,000		Tenet Healthcare Corp	10.000		05/01/18		1,155,000
	1,750,000		Tenet Healthcare Corp	6.875		11/15/31		1,566,250

			TOTAL HEALTH CARE EQUIPMENT & SERVICES					92,311,065


HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
	13,125,000	g	Reynolds Group Issuer, Inc	5.750		10/15/20		13,125,000
	7,581,000		Spectrum Brands Holdings, Inc	9.500		06/15/18		8,547,578
	1,000,000	g	Spectrum Brands, Inc	6.750		03/15/20		1,032,500

			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					22,705,078


INSURANCE - 0.5%
	1,975,000		American Financial Group, Inc	9.875		06/15/19		2,484,191
	4,000,000	i	American International Group, Inc	8.175		05/15/58		4,895,000
	1,625,000		CHS	5.125		08/15/18		1,685,937

			TOTAL INSURANCE					9,065,128


MATERIALS - 6.8%
	480,000		Ball Corp	7.375		09/01/19		535,200

TIAA-CREF FUNDS - High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	2,500,000		Ball Corp	5.000	%	03/15/22	$	2,618,750
	5,375,000	g	Belden, Inc	5.500		09/01/22		5,495,938
	3,570,000		Celanese US Holdings LLC	6.625		10/15/18		3,909,150
	1,640,000		CF Industries, Inc	6.875		05/01/18		1,994,650
	2,000,000		CF Industries, Inc	7.125		05/01/20		2,510,000
	5,500,000	g	CommScope, Inc	8.250		01/15/19		5,940,000
	2,000,000		Crown Americas LLC	6.250		02/01/21		2,230,000
	2,000,000		Georgia-Pacific LLC	8.875		05/15/31		2,958,318
	3,300,000		Graphic Packaging International, Inc	9.500		06/15/17		3,613,500
	4,000,000		Graphic Packaging International, Inc	7.875		10/01/18		4,430,000
	1,260,000		Greif, Inc	6.750		02/01/17		1,392,300
	600,000		Greif, Inc	7.750		08/01/19		693,000
	3,600,000		Hexion US Finance Corp	6.625		04/15/20		3,663,000
	2,500,000		Lafarge S.A.	7.125		07/15/36		2,575,000
	4,090,000	g	Longview Fibre Paper & Packaging, Inc	8.000		06/01/16		4,263,825
	9,000,000		LyondellBasell Industries NV	5.000		04/15/19		9,562,500
	3,700,000		LyondellBasell Industries NV	6.000		11/15/21		4,218,000
	6,500,000		LyondellBasell Industries NV	5.750		04/15/24		7,393,750
	2,270,000	g	Rock-Tenn Co	4.450		03/01/19		2,394,423
	2,730,000	g	Rock-Tenn Co	4.900		03/01/22		2,957,336
	7,900,000		Rockwood Specialties Group, Inc	4.625		10/15/20		8,018,500
	6,028,000	g	Sappi Papier Holding AG.	6.625		04/15/21		5,786,880
	2,000,000	g	Sappi Papier Holding GmbH	7.750		07/15/17		2,140,000
	4,000,000	g	Sappi Papier Holding GmbH	8.375		06/15/19		4,280,000
	800,000	g	Steel Dynamics, Inc	6.125		08/15/19		832,000
	1,250,000		Steel Dynamics, Inc	7.625		03/15/20		1,356,250
	650,000	g	Steel Dynamics, Inc	6.375		08/15/22		671,125
	8,340,000	g	Tronox Finance LLC	6.375		08/15/20		8,423,400
	4,200,000		United States Steel Corp	7.500		03/15/22		4,147,500
	4,290,000	g	USG Corp	7.875		03/30/20		4,638,563
	6,750,000	g	Verso Paper Holdings LLC	11.750		01/15/19		7,121,250
	5,600,000		Verso Paper Holdings LLC	8.750		02/01/19		2,688,000

			TOTAL MATERIALS					125,452,108


MEDIA - 7.8%
	5,875,000		AMC Entertainment Holdings, Inc	9.750		12/01/20		6,616,719
	11,550,000		AMC Entertainment, Inc	8.750		06/01/19		12,733,875
	2,835,000		Cablevision Systems Corp	8.625		09/15/17		3,295,687
	6,600,000		CCO Holdings LLC	7.000		01/15/19		7,144,500
	5,375,000		CCO Holdings LLC	8.125		04/30/20		6,073,750
	5,450,000		CCO Holdings LLC	6.500		04/30/21		5,831,500
	1,960,000		CCO Holdings LLC	6.625		01/31/22		2,141,300
	4,733,000		Cinemark USA, Inc	8.625		06/15/19		5,253,630
	1,000,000		Cinemark USA, Inc	7.375		06/15/21		1,112,500
	2,950,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		3,178,625
	350,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		375,375
	10,110,000		Clear Channel Worldwide Holdings, Inc	7.625		03/15/20		9,857,250
	940,000		Clear Channel Worldwide Holdings, Inc	7.625		03/15/20		902,400
	5,500,000	g	CSC Holdings LLC	6.750		11/15/21		6,063,750
	3,000,000		DISH DBS Corp	7.750		05/31/15		3,375,000
	20,200,000	g	DISH DBS Corp	4.625		07/15/17		20,654,500
	6,000,000		DISH DBS Corp	6.750		06/01/21		6,540,000

TIAA-CREF FUNDS - High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	3,000,000		Echostar DBS Corp	6.625	%	10/01/14	$	3,255,000
	5,225,000		Lamar Media Corp	7.875		04/15/18		5,773,625
	8,875,000		Lamar Media Corp	5.875		02/01/22		9,451,875
	5,630,000		Nielsen Finance LLC	7.750		10/15/18		6,347,825
	8,000,000	g,h	Nielsen Finance LLC	4.500		10/01/20		7,950,000
	2,000,000		Regal Entertainment Group	9.125		08/15/18		2,235,000
	4,250,000	g	Starz LLC	5.000		09/15/19		4,345,625
	2,000,000	g	Unitymedia Hessen GmbH & Co KG	7.500		03/15/19		2,195,000
	2,700,000	g	WideOpenWest Finance LLC	10.250		07/15/19		2,848,500

			TOTAL MEDIA					145,552,811


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
	2,933,000		Endo Health Solutions, Inc	7.250		01/15/22		3,167,640
	7,768,000		Endo Pharmaceuticals Holdings, Inc	7.000		07/15/19		8,370,020
	1,250,000		Endo Pharmaceuticals Holdings, Inc	7.000		12/15/20		1,346,875
	4,000,000	g	Mylan, Inc	7.625		07/15/17		4,430,000
	2,000,000	g	Mylan, Inc	6.000		11/15/18		2,120,000
	3,500,000	g	Mylan, Inc	7.875		07/15/20		3,928,750
	3,992,000		NBTY, Inc	9.000		10/01/18		4,441,100

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					27,804,385


REAL ESTATE - 0.9%
	7,500,000		Host Hotels & Resorts LP	5.875		06/15/19		8,250,000
	1,000,000		Host Hotels & Resorts LP	6.000		10/01/21		1,142,500
	1,275,000		Host Hotels & Resorts LP	4.750		03/01/23		1,321,219
	2,000,000		Weyerhaeuser Co	7.375		10/01/19		2,481,762
	2,800,000		Weyerhaeuser Co	7.375		03/15/32		3,322,581

			TOTAL REAL ESTATE					16,518,062


RETAILING - 4.3%
	4,000,000		AmeriGas Finance LLC	7.000		05/20/22		4,310,000
	2,000,000		AmeriGas Partners LP	6.250		08/20/19		2,080,000
	5,000,000		Asbury Automotive Group, Inc	8.375		11/15/20		5,512,500
	2,000,000		AutoNation, Inc	6.750		04/15/18		2,247,500
	4,166,000		AutoNation, Inc	5.500		02/01/20		4,447,205
	6,080,000	g	Continental Rubber Of America Corp	4.500		09/15/19		6,210,720
	2,180,000		Ferrellgas LP	6.500		05/01/21		2,109,150
	5,500,000		Ferrellgas Partners LP	8.625		06/15/20		5,321,250
	1,275,000		JC Penney Corp, Inc	5.650		06/01/20		1,150,688
	3,000,000		JC Penney Corp, Inc	6.375		10/15/36		2,448,750
	1,875,000		Limited Brands, Inc	7.000		05/01/20		2,128,125
	1,000,000		Limited Brands, Inc	6.625		04/01/21		1,135,000
	4,055,000		Limited Brands, Inc	5.625		02/15/22		4,369,262
	10,800,000	g	Penske Automotive Group, Inc	5.750		10/01/22		11,070,000
	5,000,000	g	QVC, Inc	7.125		04/15/17		5,276,040
	4,600,000	g	QVC, Inc	7.500		10/01/19		5,089,927
	1,525,000	g	QVC, Inc	5.125		07/02/22		1,614,998
	5,000,000		Sally Holdings LLC	6.875		11/15/19		5,562,500
	4,460,000		Sally Holdings LLC	5.750		06/01/22		4,749,900
	5,000,000	g	Sonic Automotive, Inc	7.000		07/15/22		5,350,000

			TOTAL RETAILING					82,183,515

TIAA-CREF FUNDS - High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

SOFTWARE & SERVICES - 3.5%
$	5,000,000		Fidelity National Information Services, Inc	7.625	%	07/15/17	$	5,475,000
	4,750,000		Fidelity National Information Services, Inc	5.000		03/15/22		4,904,375
	800,000	g	First Data Corp	7.375		06/15/19		825,000
	4,800,000	g	IMS Health, Inc	12.500		03/01/18		5,712,000
	7,000,000	g	Lawson Software, Inc	9.375		04/01/19		7,770,000
	1,625,000	g	NCR Corp	5.000		07/15/22		1,641,250
	6,600,000	g	Sophia LP	9.750		01/15/19		7,095,000
	21,200,000	g	SPL Logistics Escrow LLC	8.875		08/01/20		22,684,000
	1,000,000		SunGard Data Systems, Inc	4.875		01/15/14		1,035,000
	5,000,000		SunGard Data Systems, Inc	7.375		11/15/18		5,362,500
	2,000,000		SunGard Data Systems, Inc	7.625		11/15/20		2,170,000

			TOTAL SOFTWARE & SERVICES					64,674,125


TECHNOLOGY HARDWARE & EQUIPMENT - 1.2%
	4,580,000		Brocade Communications Systems, Inc	6.625		01/15/18		4,751,750
	1,250,000		Jabil Circuit, Inc	4.700		09/15/22		1,243,750
	2,475,000		Jabil Circuit, Inc	5.625		12/15/20		2,648,250
	2,500,000		Scientific Games Corp	8.125		09/15/18		2,731,250
	9,861,000		Scientific Games Corp	9.250		06/15/19		10,945,710

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					22,320,710


TELECOMMUNICATION SERVICES - 6.4%
	6,000,000		CenturyLink, Inc	6.450		06/15/21		6,771,000
	5,000,000		CenturyTel, Inc	7.600		09/15/39		5,288,120
	1,300,000		Citizens Communications Co	7.125		03/15/19		1,384,500
	2,750,000		Citizens Communications Co	9.000		08/15/31		2,935,625
	2,000,000		Cricket Communications, Inc	7.750		05/15/16		2,110,000
	3,324,000		Frontier Communications Corp	7.875		04/15/15		3,722,880
	2,000,000		Frontier Communications Corp	7.125		01/15/23		2,080,000
	11,750,000		Intelsat Bermuda Ltd	11.250		02/04/17		12,425,625
	3,000,000		Intelsat Jackson Holdings S.A.	7.250		04/01/19		3,240,000
	5,000,000		Intelsat Jackson Holdings S.A.	8.500		11/01/19		5,650,000
	6,000,000		Intelsat Jackson Holdings S.A.	7.250		10/15/20		6,465,000
	5,000,000		Qwest Corp	6.750		12/01/21		6,008,620
	9,724,000		Sprint Capital Corp	6.900		05/01/19		10,088,650
	5,057,000		Sprint Capital Corp	6.875		11/15/28		4,652,440
	4,800,000		Sprint Capital Corp	8.750		03/15/32		4,968,000
	4,650,000		Sprint Nextel Corp	6.000		12/01/16		4,789,500
	4,500,000	g	Sprint Nextel Corp	9.000		11/15/18		5,400,000
	3,125,000	g	Sprint Nextel Corp	7.000		03/01/20		3,500,000
	2,604,000		Virgin Media Finance plc	9.500		08/15/16		2,883,930
	3,000,000		Virgin Media Finance plc	8.375		10/15/19		3,412,500
	3,500,000		Virgin Media Finance plc	5.250		02/15/22		3,675,000
	2,750,000	g	Wind Acquisition Finance S.A.	11.750		07/15/17		2,591,875
	9,250,000	g	Wind Acquisition Finance S.A.	7.250		02/15/18		8,787,500
	2,500,000		Windstream Corp	7.875		11/01/17		2,793,750
	2,105,000		Windstream Corp	8.125		09/01/18		2,273,400
	2,000,000		Windstream Corp	7.500		04/01/23		2,090,000

			TOTAL TELECOMMUNICATION SERVICES					119,987,915

TIAA-CREF FUNDS - High-Yield Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

TRANSPORTATION - 2.7%
$	2,652,301		Avis Budget Car Rental LLC	9.625	%	03/15/18	$	2,944,054
	4,000,000	g	Bombardier, Inc	7.500		03/15/18		4,530,000
	4,000,000	g	Bombardier, Inc	7.750		03/15/20		4,590,000
	5,278,000		Bristow Group, Inc	7.500		09/15/17		5,497,037
	2,525,000	h	Bristow Group, Inc	6.250		10/15/22		2,584,969
	5,840,000	g	Gulfmark Offshore, Inc	6.375		03/15/22		6,059,000
	4,000,000		Hertz Corp	7.500		10/15/18		4,320,000
	6,000,000		Hertz Corp	6.750		04/15/19		6,330,000
	2,700,000	g	Hertz Corp	6.750		04/15/19		2,848,500
	2,000,000		Hertz Corp	7.375		01/15/21		2,150,000
	8,750,000	g	Meccanica Holdings USA, Inc	6.250		07/15/19		8,247,024
	1,800,000	g	Meccanica Holdings USA, Inc	7.375		07/15/39		1,592,872

			TOTAL TRANSPORTATION					51,693,456


UTILITIES - 5.9%
	1,813,000		AES Corp	7.750		03/01/14		1,948,975
	5,600,000		AES Corp	8.000		10/15/17		6,468,000
	2,395,000		AES Corp	7.375		07/01/21		2,730,300
	2,000,000	g	Calpine Construction Finance Co LP and CCFC Finance Corp	8.000		06/01/16		2,150,000
	6,000,000	g	Calpine Corp	7.250		10/15/17		6,405,000
	2,000,000	g	Calpine Corp	7.875		07/31/20		2,185,000
	6,000,000	g	Calpine Corp	7.500		02/15/21		6,480,000
	8,535,000	g	Calpine Corp	7.875		01/15/23		9,431,175
	2,000,000		CMS Energy Corp	6.550		07/17/17		2,337,550
	1,080,000		CMS Energy Corp	6.250		02/01/20		1,248,760
	4,335,000		El Paso Corp	7.750		01/15/32		5,048,623
	2,000,000	g	Ipalco Enterprises, Inc	7.250		04/01/16		2,225,000
	3,000,000		NRG Energy, Inc	7.625		05/15/19		3,180,000
	5,000,000		NRG Energy, Inc	8.500		06/15/19		5,400,000
	3,000,000		NRG Energy, Inc	8.250		09/01/20		3,270,000
	9,320,000		NRG Energy, Inc	7.875		05/15/21		10,135,500
	4,750,000	g	NRG Energy, Inc	6.625		03/15/23		4,856,875
	5,600,000	g	Puget Energy, Inc	5.625		07/15/22		5,936,000
	1,765,000		QEP Resources, Inc	5.375		10/01/22		1,826,775
	5,000,000		QEP Resources, Inc	5.250		05/01/23		5,112,500
	2,335,000		Questar Market Resources, Inc	6.875		03/01/21		2,638,550
	2,100,000		Reliant Energy, Inc	7.625		06/15/14		2,241,750
	1,289,000		Sabine Pass LNG LP	7.250		11/30/13		1,372,785
	12,070,000		Sabine Pass LNG LP	7.500		11/30/16		13,035,600
	1,055,000	g	Suburban Propane Partners LP	7.500		10/01/18		1,128,850
	1,900,000	g	Suburban Propane Partners LP	7.375		08/01/21		2,028,250

			TOTAL UTILITIES					110,821,818


			TOTAL CORPORATE BONDS					1,626,672,481

			(Cost $1,541,727,013)

			TOTAL BONDS					1,626,672,481

			(Cost $1,541,727,013)

TIAA-CREF FUNDS - High-Yield Fund

SHARES

COMPANY

RATE

MATURITY
DATE

VALUE

PREFERRED STOCKS - 0.2%

DIVERSIFIED FINANCIALS - 0.2%

122,440

GMAC Capital Trust I

8.125

02/15/40

3,038,939

TOTAL DIVERSIFIED FINANCIALS

3,038,939

TOTAL PREFERRED STOCKS

3,038,939

(Cost $3,061,000)

PRINCIPAL

ISSUER

SHORT-TERM INVESTMENTS - 5.3%

GOVERNMENT AGENCY DEBT - 3.5%

25,000,000

Federal Home Loan Bank (FHLB)

0.001

10/01/12

25,000,000

39,500,000

FHLB

0.050

10/03/12

39,499,891

TOTAL GOVERNMENT AGENCY DEBT

64,499,891

TREASURY DEBT - 1.8%

34,000,000

United States Treasury Bill

0.085

10/11/12

33,999,197

TOTAL TREASURY DEBT

33,999,197

TOTAL SHORT-TERM INVESTMENTS

98,499,088

(Cost $98,499,088)

TOTAL INVESTMENTS - 101.3%

1,896,227,419

(Cost $1,809,703,954)

OTHER ASSETS & LIABILITIES, NET - (1.3)%

(24,780,201

)

NET ASSETS - 100.0%

1,871,447,218

All or a portion of these securities were purchased on a delayed delivery basis.

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

Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

TIAA-CREF FUNDS
TAX-EXEMPT BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2012


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

LONG-TERM MUNICIPAL BONDS - 94.7%

ALABAMA - 0.8%
$	1,025,000		Alabama Public School & College Authority	5.000	%	05/01/19	$	1,258,987
	1,785,000		Southeast Alabama Gas District	5.000		06/01/18		1,972,157

			TOTAL ALABAMA					3,231,144

ALASKA - 0.2%
	560,000		Alaska Railroad Corp	5.250		08/01/16		640,069

			TOTAL ALASKA					640,069


ARIZONA - 3.3%
	1,000,000		Arizona Health Facilities Authority	5.000		02/01/20		1,131,350
	1,000,000		Arizona Health Facilities Authority	5.000		02/01/34		1,065,130
	1,110,000		Arizona School Facilities Board, COP	5.750		09/01/18		1,371,638
	1,225,000		Arizona School Facilities Board, COP	5.000		09/01/19		1,455,006
	2,000,000		City of Tucson AZ, GO	5.000		07/01/20		2,446,100
	3,525,000		Phoenix Industrial Development Authority	5.250		06/01/34		3,940,950
	1,260,000		Tucson AZ, COP	5.250		07/01/14		1,351,451

			TOTAL ARIZONA					12,761,625


ARKANSAS - 0.3%
	1,000,000		Arkansas Development Finance Authority	5.500		12/01/18		1,214,310

			TOTAL ARKANSAS					1,214,310


CALIFORNIA - 14.8%
	1,500,000	h	Abag Finance Authority for Nonprofit Corps	5.000		04/01/32		1,689,180
	1,000,000	h	Abag Finance Authority for Nonprofit Corps	5.000		04/01/42		1,083,230
	1,000,000		California Health Facilities Financing Authority	5.000		08/15/21		1,204,740
	1,000,000		California Health Facilities Financing Authority	5.000		08/15/42		1,124,200
	3,500,000		California Pollution Control Financing Authority	4.750		12/01/23		3,725,225
	2,000,000		California State Department of Water Resources	5.000		05/01/20		2,506,120
	1,000,000		City of Los Angeles CA	5.000		09/01/22		1,237,290
	1,000,000		City of Los Angeles CA	5.000		09/01/23		1,229,070
	2,000,000		County of San Bernardino CA, COP	5.250		08/01/19		2,324,100
	10,000		Delta Counties Home Mortgage Finance Authority, AMT	6.700		06/01/24		10,215
	2,500,000		East Side Union High School District-Santa Clara County	5.250		02/01/23		3,001,200
	2,250,000		Los Angeles Unified School District, COP	5.000		10/01/17		2,593,598
	635,000		Sacramento City Financing Authority	5.400		11/01/20		731,088
	1,000,000		Sacramento Municipal Utility District	4.000		08/15/22		1,149,280
	1,000,000		Sacramento Municipal Utility District	5.000		08/15/33		1,155,810
	1,000,000		San Diego Public Facilities Financing Authority	5.000		04/15/37		1,075,320
	1,855,000		State of California	5.000		03/01/17		2,169,144

TIAA-CREF FUNDS - Tax-Exempt Bond Fund


PRINCIPAL			ISSUER	RATE		DATE	VALUE

$	375,000		State of California	5.000	%	03/01/18	$	447,919
	1,000,000		State of California	5.000		11/01/18		1,212,930
	1,000,000		State of California	5.000		03/01/19		1,207,730
	1,430,000		State of California	5.000		07/01/19		1,770,569
	850,000		State of California	5.250		02/01/20		1,045,211
	2,000,000		State of California	5.000		02/01/22		2,445,300
	2,000,000		State of California	5.000		04/01/22		2,450,580
	2,000,000		State of California	5.250		10/01/22		2,507,880
	1,000,000	h	State of California	5.000		09/01/36		1,130,940
	3,000,000		State of California	5.000		02/01/38		3,337,680
	2,000,000		State of California	5.000		04/01/42		2,216,700
	1,000,000	h	State of California	5.000		09/01/42		1,114,920
	1,000,000		University of California	5.000		05/15/37		1,156,020
	1,710,000		West Contra Costa Unified School District, GO	5.700		02/01/21		2,117,578
	1,450,000		West Contra Costa Unified School District	6.000		08/01/21		1,855,014
	1,810,000		West Contra Costa Unified School District, GO	5.700		02/01/22		2,268,618

			TOTAL CALIFORNIA					56,294,399


COLORADO - 2.6%
	2,045,000		Colorado Health Facilities Authority	5.000		02/01/25		2,391,955
	2,000,000		Colorado Health Facilities Authority	5.000		12/01/33		2,175,580
	1,375,000		Denver City & County School District No, GO	5.000		12/01/23		1,765,129
	1,000,000		Denver City & County School District No, GO	5.500		12/01/23		1,333,160
	1,000,000		Jefferson County Colorado School District, GO	5.000		12/15/23		1,278,870
	200,000		Rangely Hospital District	3.000		11/01/14		205,698
	350,000		Rangely Hospital District	5.000		11/01/15		383,712
	350,000		Rangely Hospital District	5.000		11/01/16		392,374

			TOTAL COLORADO					9,926,478


CONNECTICUT - 0.8%
	1,400,000		Connecticut State Health & Educational Facility Authority	5.000		07/01/22		1,626,016
	1,000,000		State of Connecticut	5.000		05/15/21		1,256,150

			TOTAL CONNECTICUT					2,882,166


DELAWARE - 0.8%
	1,500,000		State of Delaware	5.000		07/01/22		1,897,500
	1,000,000		State of Delaware	5.000		07/01/23		1,261,650

			TOTAL DELAWARE					3,159,150


DISTRICT OF COLUMBIA - 0.3%
	1,000,000		District of Columbia	5.000		10/01/24		1,166,070

			TOTAL DISTRICT OF COLUMBIA					1,166,070


FLORIDA - 4.8%
	1,485,000		Broward County School Board, COP	5.250		07/01/16		1,688,742
	1,500,000		City of Jacksonville FL	5.000		10/01/19		1,830,660
	450,000		City of Jacksonville FL	5.000		10/01/19		551,867
	552,000		City of Lakeland FL, ETM	5.750		10/01/19		621,673

TIAA-CREF FUNDS - Tax-Exempt Bond Fund


PRINCIPAL		ISSUER	RATE		DATE	VALUE

$	2,000,000	City of Tampa FL	4.000	%	11/15/33	$	2,038,360
	1,000,000	City of Tampa FL	5.000		11/15/33		1,128,520
	345,000	County of Brevard FL, GO	5.000		07/01/16		401,818
	845,000	County of Brevard FL, GO	5.000		07/01/16		928,613
	1,365,000	County of Brevard FL, GO	5.000		01/01/21		1,697,063
	1,000,000	County of Miami-Dade FL, GO	5.000		07/01/17		1,178,770
	1,000,000	County of Orange FL	5.000		10/01/21		1,211,010
	2,200,000	Florida Department of Transportation	5.000		07/01/18		2,545,444
	550,000	Florida Higher Educational Facilities Financial Authority	4.000		04/01/15		585,492
	1,000,000	Florida State Department of Management Services, COP	5.000		08/01/18		1,181,730
	535,000	Town of Jupiter FL, GO	5.500		07/01/21		681,071

		TOTAL FLORIDA					18,270,833


GEORGIA - 0.7%
	430,000	Cherokee County Water & Sewer Authority	5.500		08/01/18		493,146
	215,000	City of Atlanta GA	5.500		11/01/17		261,354
	75,000	City of Atlanta GA	5.500		11/01/19		94,900
	125,000	City of Atlanta GA	5.500		11/01/22		156,432
	555,000	Metropolitan Atlanta Rapid Transit Authority	6.250		07/01/18		633,843
	480,000	Municipal Electric Authority of Georgia	6.500		01/01/17		549,207
	250,000	Private Colleges & Universities Authority	5.000		10/01/15		276,767
	225,000	Private Colleges & Universities Authority	5.000		10/01/16		253,186

		TOTAL GEORGIA					2,718,835


HAWAII - 0.3%
	1,000,000	State of Hawaii	5.000		12/01/22		1,264,300

		TOTAL HAWAII					1,264,300


ILLINOIS - 9.3%
	2,045,000	Chicago Board of Education, GO	5.000		12/01/17		2,405,820
	1,230,000	Chicago Board of Education	6.000		01/01/20		1,429,875
	1,665,000	Chicago Board of Education, GO	5.000		12/01/21		2,016,015
	1,000,000	Chicago Public Building Commission	5.250		03/01/24		1,202,090
	1,000,000	Chicago State University	5.500		12/01/23		1,161,100
	970,000	Chicago Transit Authority	5.000		12/01/22		1,166,541
	465,000	Chicago Transit Authority	5.250		12/01/23		564,859
	1,220,000	Chicago Transit Authority	5.250		12/01/24		1,473,150
	470,000	City of Chicago IL, GO	5.000		01/01/21		562,449
	1,500,000	City of Chicago IL O’Hare International Airport Revenue	5.000		01/01/18		1,727,790
	3,000,000	City of Chicago IL O’Hare International Airport Revenue	5.000		01/01/22		3,454,980
	470,000	Cook County Community Consolidated School District No 64, GO	5.500		12/01/14		510,763
	250,000	Cook-Kane Lake & Mchenry Counties Community College District No 512	5.000		12/01/18		317,128
	1,600,000	Illinois Finance Authority	5.000		08/15/36		1,764,992
	115,000	Madison-Bond Etc Counties Community Unit School District No 5, GO	5.000		02/01/19		125,665
	1,650,000	Regional Transportation Authority	6.000		06/01/23		2,100,186
	1,500,000	State of Illinois	5.000		06/15/19		1,849,575
	2,045,000	State of Illinois	5.000		01/01/20		2,248,252
	1,835,000	State of Illinois	5.000		01/01/20		2,135,867

TIAA-CREF FUNDS - Tax-Exempt Bond Fund


PRINCIPAL			ISSUER	RATE		DATE	VALUE

$	1,650,000		State of Illinois	5.000	%	01/01/20	$	1,918,158
	1,000,000		State of Illinois	5.250		01/01/20		1,178,970
	1,020,000		State of Illinois	6.250		12/15/20		1,163,667
	875,000		State of Illinois	5.000		04/01/21		968,179
	1,610,000		State of Illinois	5.000		08/01/23		1,854,253

			TOTAL ILLINOIS					35,300,324


INDIANA - 4.3%
	1,000,000		County of Knox IN	5.000		04/01/27		1,095,730
	750,000		County of Knox IN	5.000		04/01/28		819,922
	770,000		Franklin Community Multi-School Building Corp	5.000		07/15/22		920,612
	1,000,000		Griffith Multi-School Building Corp	5.000		07/15/15		1,111,850
	1,520,000		Hammond Multi-School Building Corp	5.000		07/15/17		1,757,029
	2,120,000		Indiana Bond Bank	5.250		04/01/19		2,557,737
	250,000		Indiana Finance Authority	5.000		09/15/17		278,065
	250,000		Indiana Finance Authority	5.000		09/15/18		279,223
	250,000		Indiana Finance Authority	5.000		09/15/19		278,497
	710,000		Indiana Finance Authority	5.000		02/01/22		822,258
	320,000		Indiana State Finance Authority Revenue	5.000		02/01/15		353,754
	500,000		Indiana University	5.000		08/01/19		621,595
	500,000		Indiana University	5.000		08/01/20		627,105
	500,000		Indiana University	5.000		08/01/21		633,310
	1,940,000		Indianapolis Local Public Improvement Bond Bank	5.500		01/01/21		2,385,715
	400,000		Lawrence Township School Building Corp	5.000		07/10/19		473,384
	535,000		New Albany Floyd County School Building Corp	5.000		07/15/15		584,006
	625,000		South Bend Redevelopment Authority	5.750		08/15/18		760,744

			TOTAL INDIANA					16,360,536


KANSAS - 0.6%
	2,000,000		Kansas Development Finance Authority	5.000		11/15/34		2,295,920

			TOTAL KANSAS					2,295,920


KENTUCKY - 0.3%
	500,000		Lexington-Fayette Urban County Government Public Facilities Corp	5.000		06/01/17		574,355
	500,000		Lexington-Fayette Urban County Government Public Facilities Corp	5.000		06/01/21		591,235

			TOTAL KENTUCKY					1,165,590


LOUISIANA - 0.9%
	1,000,000		Louisiana Public Facilities Authority	5.250		10/01/24		1,160,820
	2,000,000	i	Parish of St. Charles LA	4.000		12/01/40		2,171,840

			TOTAL LOUISIANA					3,332,660


MAINE - 0.3%
	90,000		Maine Health & Higher Educational Facilities Authority	5.000		07/01/15		98,999
	1,000,000		Maine Health & Higher Educational Facilities Authority	5.000		07/01/20		1,157,450

			TOTAL MAINE					1,256,449

TIAA-CREF FUNDS - Tax-Exempt Bond Fund


PRINCIPAL		ISSUER	RATE		DATE	VALUE

MARYLAND - 0.5%
$	500,000	Maryland Health & Higher Educational Facilities Authority	5.000	%	05/15/23	$	605,835
	1,000,000	Maryland Health & Higher Educational Facilities Authority	5.000		05/15/25		1,203,000

		TOTAL MARYLAND					1,808,835


MASSACHUSETTS - 2.6%
	2,000,000	Commonwealth of Massachusetts	5.000		08/01/20		2,510,100
	500,000	Massachusetts Bay Transportation Authority	5.250		07/01/20		639,960
	1,000,000	Massachusetts Bay Transportation Authority	5.500		07/01/22		1,324,060
	2,000,000	Massachusetts Development Finance Agency	5.000		10/01/22		2,335,600
	250,000	Massachusetts Development Finance Agency	5.000		10/01/31		279,745
	1,000,000	Massachusetts Development Finance Agency	5.000		07/01/32		1,075,800
	1,200,000	Massachusetts Development Finance Agency	5.250		07/01/42		1,293,852
	470,000	Massachusetts Housing Finance Agency	4.700		12/01/16		473,008

		TOTAL MASSACHUSETTS					9,932,125


MICHIGAN - 1.7%
	1,000,000	Michigan Finance Authority	5.000		11/15/36		1,088,570
	1,005,000	Michigan Municipal Bond Authority	5.000		10/01/19		1,290,782
	250,000	Michigan State Building Authority	5.000		10/15/19		303,547
	1,000,000	Michigan State Building Authority	5.000		10/15/20		1,213,340
	565,000	State of Michigan	5.250		05/15/18		683,113
	1,485,000	State of Michigan	5.500		11/01/18		1,868,101

		TOTAL MICHIGAN					6,447,453


MINNESOTA - 1.2%
	1,000,000	Minnesota Public Facilities Authority	5.000		03/01/16		1,150,540
	1,715,000	University of Minnesota	5.000		08/01/21		2,203,003
	1,000,000	University of Minnesota	5.000		12/01/25		1,247,120

		TOTAL MINNESOTA					4,600,663


MISSISSIPPI - 1.0%
	2,100,000	Mississippi Development Bank Special Obligation	5.000		07/01/17		2,398,053
	590,000	Mississippi Development Bank Special Obligation	5.000		11/01/17		667,131
	500,000	University of Mississippi Educational Building Corp	5.000		10/01/23		615,055

		TOTAL MISSISSIPPI					3,680,239


MISSOURI - 0.5%
	1,640,000	St Louis Regional Convention & Sports Complex Authority	5.250		08/15/14		1,734,972

		TOTAL MISSOURI					1,734,972


NEBRASKA - 0.3%
	1,000,000	Central Plains Energy Project	5.000		09/01/22		1,117,570

		TOTAL NEBRASKA					1,117,570


NEVADA - 0.7%
	1,630,000	City of Carson City NV	5.000		09/01/27		1,783,187

TIAA-CREF FUNDS - Tax-Exempt Bond Fund


PRINCIPAL		ISSUER	RATE		DATE	VALUE

$	1,000,000	City of Carson City NV	5.000	%	09/01/33	$	1,065,950

		TOTAL NEVADA					2,849,137


NEW HAMPSHIRE - 0.3%
	1,000,000	New Hampshire Health & Education Facilities Authority	5.000		01/01/34		1,067,020

		TOTAL NEW HAMPSHIRE					1,067,020


NEW JERSEY - 3.8%
	25,000	Garden State Preservation Trust	5.125		11/01/18		31,116
	1,115,000	New Jersey Environmental Infrastructure Trust	5.250		09/01/21		1,471,254
	30,000	New Jersey State Turnpike Authority	6.500		01/01/16		35,107
	15,000	New Jersey State Turnpike Authority	6.500		01/01/16		17,877
	1,000,000	New Jersey State Turnpike Authority	5.000		01/01/35		1,139,580
	40,000	New Jersey State Turnpike Authority, ETM	6.500		01/01/16		43,562
	75,000	New Jersey State Turnpike Authority, ETM	6.500		01/01/16		83,516
	25,000	New Jersey State Turnpike Authority, ETM	6.500		01/01/16		29,884
	1,815,000	New Jersey Transportation Trust Fund Authority	5.250		12/15/19		2,237,405
	500,000	New Jersey Transportation Trust Fund Authority	5.000		06/15/20		604,555
	1,025,000	New Jersey Transportation Trust Fund Authority	5.250		12/15/20		1,280,153
	2,000,000	New Jersey Transportation Trust Fund Authority	5.750		06/15/23		2,598,120
	1,000,000	New Jersey Transportation Trust Fund Authority	5.250		06/15/23		1,232,250
	1,000,000	New Jersey Transportation Trust Fund Authority	5.250		06/15/24		1,227,830
	2,000,000	State of New Jersey	5.250		08/01/22		2,560,840

		TOTAL NEW JERSEY					14,593,049


NEW YORK - 8.7%
	700,000	Build NYC Resource Corp	5.000		08/01/21		834,778
	1,000,000	Build NYC Resource Corp	5.000		08/01/32		1,138,950
	1,000,000	City of New York NY	5.000		10/01/23		1,229,190
	100,000	County of Onondaga NY	5.000		12/01/21		122,278
	195,000	Lackawanna Housing Authority	5.000		09/01/16		219,246
	1,000,000	Metropolitan Transportation Authority	5.000		11/15/20		1,228,760
	1,000,000	Metropolitan Transportation Authority	5.250		11/15/20		1,238,970
	1,000,000	Metropolitan Transportation Authority	5.250		11/15/23		1,262,110
	2,000,000	New York City Health & Hospital Corp	5.000		02/15/20		2,377,380
	1,500,000	New York City Transitional Finance Authority	5.000		11/01/20		1,894,065
	1,050,000	New York State Dormitory Authority	5.000		01/15/16		1,170,151
	1,000,000	New York State Dormitory Authority	5.000		07/01/16		1,137,930
	500,000	New York State Dormitory Authority	5.000		07/01/17		542,050
	1,000,000	New York State Dormitory Authority	5.000		02/15/19		1,220,580
	500,000	New York State Dormitory Authority	5.000		07/01/19		571,945
	1,405,000	New York State Dormitory Authority	5.000		07/01/19		1,633,074
	1,100,000	New York State Dormitory Authority	5.000		07/01/20		1,314,720
	1,175,000	New York State Dormitory Authority	5.000		02/15/24		1,469,338
	250,000	New York State Environmental Facilities Corp	5.000		08/15/19		314,123
	250,000	New York State Environmental Facilities Corp	5.000		08/15/20		317,242
	1,000,000	New York State Thruway Authority	5.000		04/01/21		1,237,700
	1,100,000	New York State Urban Development Corp	5.000		03/15/18		1,340,647
	2,000,000	New York State Urban Development Corp	5.000		03/15/20		2,493,260
	1,635,000	Port Authority of New York & New Jersey, AMT	5.000		09/15/20		1,968,540

TIAA-CREF FUNDS - Tax-Exempt Bond Fund


PRINCIPAL			ISSUER	RATE		DATE	VALUE

$	1,000,000		State of New York	5.000	%	12/15/20	$	1,269,970
	2,000,000		Tobacco Settlement Financing Corp	5.000		06/01/18		2,407,440
	200,000		Town of Niagara NY	4.000		05/01/15		214,330
	550,000		Town of Niagara NY	5.000		05/01/22		641,965
	1,000,000	j	Triborough Bridge & Tunnel Authority	0.000		11/15/32		487,840

			TOTAL NEW YORK					33,298,572


NORTH CAROLINA - 1.1%
	540,000		City of Charlotte NC	5.000		07/01/22		659,183
	1,000,000		City of Charlotte NC	5.000		07/01/23		1,208,330
	500,000		City of Charlotte NC	5.000		07/01/25		596,320
	1,000,000		County of New Hanover NC, GO	5.000		12/01/20		1,282,030
	485,000		North Carolina Eastern Municipal Power Agency, ETM	5.000		01/01/21		616,726

			TOTAL NORTH CAROLINA					4,362,589


OHIO - 5.5%
	1,445,000		Cincinnati City School District	5.250		06/01/23		1,774,691
	2,000,000		City of Cincinnati OH	5.000		12/01/21		2,546,000
	1,500,000		City of Columbus OH	5.000		07/01/21		1,907,580
	750,000		County of Lucas OH	5.000		11/15/22		901,995
	1,000,000		Ohio Air Quality Development Authority	5.625		06/01/18		1,159,390
	1,000,000		Ohio State Water Development Authority	5.500		06/01/22		1,319,460
	25,000		Ohio State Water Development Authority, ETM	6.000		12/01/16		27,253
	150,000		State of Ohio	5.000		05/01/17		178,709
	1,000,000		State of Ohio	5.000		09/15/20		1,251,170
	1,660,000		State of Ohio	5.000		01/15/21		1,938,946
	1,000,000		State of Ohio	5.000		08/01/21		1,255,440
	1,200,000		State of Ohio	5.000		01/01/23		1,423,200
	1,000,000		State of Ohio	5.000		01/01/24		1,190,100
	4,000,000		State of Ohio, AMT	4.950		09/01/20		4,003,880

			TOTAL OHIO					20,877,814


OKLAHOMA - 0.3%
	1,000,000		Oklahoma Turnpike Authority	5.000		01/01/24		1,210,030

			TOTAL OKLAHOMA					1,210,030


OREGON - 0.2%
	740,000		State of Oregon	5.000		05/01/21		943,626

			TOTAL OREGON					943,626


PENNSYLVANIA - 2.0%
	1,120,000		Carbon County Hospital Authority	5.400		11/15/14		1,147,014
	350,000		Commonwealth of Pennsylvania	5.000		01/01/16		399,892
	1,925,000		Commonwealth of Pennsylvania	5.000		02/15/19		2,380,032
	1,500,000		Dauphin County General Authority	5.000		06/01/42		1,617,900
	1,000,000		Pennsylvania Higher Educational Facilities Authority	5.000		08/15/22		1,218,350
	500,000		Pennsylvania Higher Educational Facilities Authority	5.000		05/01/37		541,555

TIAA-CREF FUNDS - Tax-Exempt Bond Fund


PRINCIPAL		ISSUER	RATE		DATE	VALUE

$	200,000	Pittsburgh Urban Redevelopment Authority, ETM	6.500	%	09/01/13	$	211,312

		TOTAL PENNSYLVANIA					7,516,055


PUERTO RICO - 5.5%
	510,000	Commonwealth of Puerto Rico	5.000		07/01/13		525,626
	1,000,000	Commonwealth of Puerto Rico	5.250		07/01/16		1,095,050
	1,500,000	Commonwealth of Puerto Rico	5.500		07/01/19		1,653,180
	2,000,000	Commonwealth of Puerto Rico	5.500		07/01/20		2,185,440
	250,000	Commonwealth of Puerto Rico	5.500		07/01/21		270,520
	1,250,000	Government Development Bank for Puerto Rico	5.000		12/01/16		1,369,100
	3,370,000	Puerto Rico Commonwealth Infrastructure Financing Authority	5.500		07/01/19		3,703,630
	1,000,000	Puerto Rico Highway & Transportation Authority	5.500		07/01/21		1,097,320
	145,000	Puerto Rico Highway & Transportation Authority	5.250		07/01/22		190,585
	255,000	Puerto Rico Highway & Transportation Authority, ETM	5.250		07/01/22		296,134
	685,000	Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth	4.000		04/01/20		674,540
	475,000	Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth	5.000		04/01/21		494,675
	500,000	Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth	5.000		04/01/22		516,800
	1,225,000	Puerto Rico Infrastructure Financing Authority	5.500		07/01/18		1,350,758
	1,500,000	Puerto Rico Public Buildings Authority	6.000		07/01/20		1,715,175
	475,000	Puerto Rico Public Buildings Authority	6.250		07/01/21		552,791
	2,000,000	Puerto Rico Public Buildings Authority	5.250		07/01/42		2,013,480
	5,000	Puerto Rico Public Buildings Authority, ETM	5.500		07/01/13		5,191
	250,000	Puerto Rico Public Finance Corp	6.000		08/01/24		287,465
	1,000,000	Puerto Rico Public Finance Corp	6.000		08/01/25		1,145,060

		TOTAL PUERTO RICO					21,142,520


RHODE ISLAND - 1.2%
	315,000	Providence Housing Authority	5.000		09/01/18		350,148
	790,000	Rhode Island State & Providence Plantations, COP	5.250		10/01/14		851,399
	800,000	Rhode Island State & Providence Plantations, COP	5.000		10/01/16		908,496
	2,000,000	State of Rhode Island	5.000		08/01/21		2,470,520

		TOTAL RHODE ISLAND					4,580,563


SOUTH CAROLINA - 1.1%
	750,000	Lexington County Health Services District, Inc	5.000		11/01/19		889,087
	750,000	Lexington County Health Services District, Inc	5.000		11/01/21		880,785
	1,120,000	Scago Educational Facilities Corp for Colleton School District	5.000		12/01/16		1,301,138
	1,000,000	Scago Public Facilities Corp for Georgetown County	5.000		12/01/19		1,162,240

		TOTAL SOUTH CAROLINA					4,233,250


SOUTH DAKOTA - 0.2%
	500,000	State of South Dakota	6.700		09/01/17		573,535

		TOTAL SOUTH DAKOTA					573,535

TIAA-CREF FUNDS - Tax-Exempt Bond Fund


PRINCIPAL		ISSUER	RATE		DATE	VALUE

TENNESSEE - 1.0%
$	1,000,000	Johnson City Health & Educational Facilities Board	5.000	%	08/15/42	$	1,054,930
	1,000,000	Memphis-Shelby County Airport Authority, AMT	5.625		07/01/20		1,209,350
	1,500,000	Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd	6.000		12/01/16		1,645,095

		TOTAL TENNESSEE					3,909,375


TEXAS - 2.5%
	970,000	Bexar Metropolitan Water District	5.000		05/01/17		1,115,471
	725,000	County of Harris TX	5.000		08/15/16		841,906
	160,000	Harris County Flood Control District, GO	5.000		10/01/14		174,674
	500,000	Lower Colorado River Authority	5.000		05/15/21		614,175
	500,000	Lower Colorado River Authority	5.000		05/15/22		605,835
	500,000	Lower Colorado River Authority	5.000		05/15/23		602,365
	1,515,000	Lower Colorado River Authority, ETM	6.000		01/01/17		1,845,225
	1,000,000	Lubbock Health Facilities Development Corp	5.000		07/01/19		1,180,070
	310,000	North Central Texas Health Facility Development Corp, ETM	5.500		06/01/21		386,322
	1,000,000	State of Texas	5.000		10/01/22		1,257,070
	630,000	Tarrant County Health Facilities Development Corp, ETM	6.000		09/01/24		815,566

		TOTAL TEXAS					9,438,679


UTAH - 0.6%
	1,000,000	State of Utah	5.000		07/01/21		1,284,860
	900,000	Utah State Board of Regents	5.000		08/01/22		1,075,986

		TOTAL UTAH					2,360,846


VIRGINIA - 1.3%
	2,000,000	Fairfax County Industrial Development Authority	5.000		05/15/37		2,258,800
	1,000,000	Fairfax County Industrial Development Authority	4.000		05/15/42		1,016,760
	285,000	Tobacco Settlement Financing Corp, ETM	5.500		06/01/26		310,642
	1,000,000	Virginia College Building Authority	5.000		02/01/23		1,277,570

		TOTAL VIRGINIA					4,863,772


WASHINGTON - 2.4%
	3,150,000	Port of Seattle WA	5.500		09/01/17		3,690,572
	500,000	State of Washington	5.000		06/01/24		611,605
	600,000	Washington Economic Development Finance Authority	5.000		06/01/16		684,894
	2,025,000	Washington Health Care Facilities Authority	5.000		12/01/32		2,112,581
	290,000	Washington Higher Education Facilities Authority	5.000		05/01/19		341,997
	625,000	Washington Higher Education Facilities Authority	5.000		05/01/20		739,819
	660,000	Washington Higher Education Facilities Authority	5.000		05/01/21		783,301

		TOTAL WASHINGTON					8,964,769


WEST VIRGINIA - 0.9%
	1,000,000	City of Princeton WV	4.000		05/01/15		1,035,180
	1,500,000	City of Princeton WV	5.000		05/01/21		1,672,500
	500,000	City of Princeton WV	5.000		05/01/22		556,270

		TOTAL WEST VIRGINIA					3,263,950

TIAA-CREF FUNDS - Tax-Exempt Bond Fund

PRINCIPAL

ISSUER

RATE

DATE

VALUE

WISCONSIN - 2.2%

1,040,000

State of Wisconsin

5.000

05/01/19

1,284,046

2,000,000

State of Wisconsin

5.000

05/01/21

2,519,240

1,000,000

State of Wisconsin

5.000

05/01/21

1,259,620

1,500,000

Wisconsin Health & Educational Facilities Authority

5.000

06/01/32

1,639,260

1,500,000

Wisconsin Health & Educational Facilities Authority

5.000

06/01/39

1,605,480

TOTAL WISCONSIN

8,307,646

TOTAL LONG-TERM MUNICIPAL BONDS

360,919,512

(Cost $333,254,401)

TOTAL INVESTMENTS - 94.7%

360,919,512

(Cost $333,254,401)

OTHER ASSETS & LIABILITIES, NET - 5.3%

20,082,033

NET ASSETS - 100.0%

381,001,545

Abbreviation(s):

AMT

Alternative Minimum Tax (subject to)

COP

Certificate of Participation

ETM

Escrowed to Maturity

General Obligation

These securities were purchased on a delayed delivery basis.

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

Zero coupon.

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

TIAA-CREF FUNDS
INFLATION-LINKED BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2012


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

GOVERNMENT BONDS - 98.7%

U.S. TREASURY SECURITIES - 98.7%
$	53,960,210	k	United States Treasury Inflation Indexed Bonds	2.000	%	01/15/14	$	56,337,804
	35,405,677	k	United States Treasury Inflation Indexed Bonds	1.250		04/15/14		36,810,858
	56,591,999	k	United States Treasury Inflation Indexed Bonds	2.000		07/15/14		60,358,876
	43,884,308	k	United States Treasury Inflation Indexed Bonds	1.625		01/15/15		47,035,070
	47,249,113	k	United States Treasury Inflation Indexed Bonds	0.500		04/15/15		49,641,099
	41,660,675	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/15		45,823,493
	43,323,506	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/16		48,562,964
	69,434,934	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/16		73,584,782
	41,231,497	k	United States Treasury Inflation Indexed Bonds	2.500		07/15/16		47,870,428
	37,865,281	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/17		44,411,848
	75,655,500	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/17		81,501,098
	33,338,764	k	United States Treasury Inflation Indexed Bonds	2.625		07/15/17		40,285,196
	32,337,043	k	United States Treasury Inflation Indexed Bonds	1.625		01/15/18		37,836,863
	31,158,875	k	United States Treasury Inflation Indexed Bonds	1.375		07/15/18		36,524,059
	31,371,009	k	United States Treasury Inflation Indexed Bonds	2.125		01/15/19		38,495,647
	34,242,099	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/19		42,064,295
	40,525,580	k	United States Treasury Inflation Indexed Bonds	1.375		01/15/20		48,488,209
	62,607,214	k	United States Treasury Inflation Indexed Bonds	1.250		07/15/20		74,849,867
	69,211,918	k	United States Treasury Inflation Indexed Bonds	1.125		01/15/21		81,935,006
	68,040,394	k	United States Treasury Inflation Indexed Bonds	0.625		07/15/21		77,890,330
	66,823,287	k	United States Treasury Inflation Indexed Bonds	0.125		01/15/22		72,941,761
	30,885,920	k	United States Treasury Inflation Indexed Bonds	0.125		07/15/22		33,750,095
	58,773,803	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/25		79,776,269
	39,313,225	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/26		51,653,882
	33,524,924	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/27		46,274,855
	33,931,585	k	United States Treasury Inflation Indexed Bonds	1.750		01/15/28		43,933,462
	38,338,050	k	United States Treasury Inflation Indexed Bonds	3.625		04/15/28		60,852,684
	34,351,559	k	United States Treasury Inflation Indexed Bonds	2.500		01/15/29		49,136,160
	46,254,447	k	United States Treasury Inflation Indexed Bonds	3.875		04/15/29		76,785,991
	12,558,193	k	United States Treasury Inflation Indexed Bonds	3.375		04/15/32		20,850,519
	19,613,920	k	United States Treasury Inflation Indexed Bonds	2.125		02/15/40		28,627,124
	37,420,866	k	United States Treasury Inflation Indexed Bonds	2.125		02/15/41		54,970,654
	32,954,025	k	United States Treasury Inflation Indexed Bonds	0.750		02/15/42		35,804,021

			TOTAL U.S. TREASURY SECURITIES					1,725,665,269


			TOTAL GOVERNMENT BONDS
			(Cost $1,511,661,355)					1,725,665,269

SHORT-TERM INVESTMENTS - 0.8%

GOVERNMENT AGENCY DEBT - 0.6%
	11,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.100		10/22/12		10,999,358

								10,999,358

TIAA-CREF FUNDS - Inflation-Linked Bond Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

TREASURY DEBT - 0.2%

2,800,000

United States Treasury Bill

0.050

10/11/12

2,799,961

TOTAL SHORT-TERM INVESTMENTS

13,799,319

(Cost $13,799,319)

TOTAL INVESTMENTS - 99.5%

1,739,464,588

(Cost $1,525,460,674)

OTHER ASSETS AND LIABILITIES, NET - 0.5%

9,002,188

NET ASSETS - 100.0%

1,748,466,776

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

TIAA-CREF FUNDS - Bond Index Fund

TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2012


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

BONDS - 99.4%

CORPORATE BONDS - 22.4%

AUTOMOBILES & COMPONENTS - 0.1%
$	50,000	BorgWarner, Inc	4.625	%	09/15/20	$	55,570
	500,000	Ford Motor Co	7.450		07/16/31		621,875
	400,000	Honeywell International, Inc	5.400		03/15/16		462,013
	400,000	Honeywell International, Inc	5.000		02/15/19		477,806
	282,000	Honeywell International, Inc	5.700		03/15/37		376,295
	210,000	Johnson Controls, Inc	5.500		01/15/16		240,680
	150,000	Johnson Controls, Inc	2.600		12/01/16		157,548
	160,000	Johnson Controls, Inc	4.250		03/01/21		173,688
	270,000	Johnson Controls, Inc	6.000		01/15/36		325,573

		TOTAL AUTOMOBILES & COMPONENTS					2,891,048


BANKS - 2.9%
	100,000	Allied World Assurance Co Ltd	7.500		08/01/16		116,302
	1,800,000	Asian Development Bank	0.875		06/10/14		1,818,252
	1,750,000	Asian Development Bank	2.500		03/15/16		1,869,688
	2,000,000	Asian Development Bank	1.125		03/15/17		2,046,784
	75,000	Asian Development Bank	5.820		06/16/28		99,796
	500,000	Banco do Brasil S.A.	3.875		01/23/17		520,000
	250,000	Bancolombia S.A.	5.125		09/11/22		252,500
	100,000	Bancolombia S.A.	4.250		01/12/16		103,750
	200,000	Bancolombia S.A.	5.950		06/03/21		225,000
	2,970,000	Bank of America Corp	4.500		04/01/15		3,181,452
	2,045,000	Bank of America Corp	3.700		09/01/15		2,160,185
	550,000	Bank of America Corp	3.625		03/17/16		580,033
	1,200,000	Bank of America Corp	6.500		08/01/16		1,387,812
	585,000	Bank of America Corp	5.300		03/15/17		649,610
	1,000,000	Bank of America Corp	3.875		03/22/17		1,076,138
	575,000	Bank of America Corp	6.000		09/01/17		665,091
	590,000	Bank of America Corp	5.750		12/01/17		678,828
	320,000	Bank of America Corp	5.650		05/01/18		364,856
	600,000	Bank of America Corp	5.490		03/15/19		653,678
	700,000	Bank of America Corp	5.875		01/05/21		807,575
	500,000	Bank of America Corp	5.700		01/24/22		587,281
	700,000	Bank of America Corp	5.875		02/07/42		818,237
	100,000	Bank of New York Mellon Corp	1.500		01/31/14		101,348
	530,000	Bank of New York Mellon Corp	4.300		05/15/14		562,386
	300,000	Bank of New York Mellon Corp	1.700		11/24/14		306,625
	500,000	Bank of New York Mellon Corp	3.550		09/23/21		542,572
	510,000	Barclays Bank plc	5.200		07/10/14		544,392
	500,000	BB&T Corp	5.200		12/23/15		559,512
	100,000	BB&T Corp	3.200		03/15/16		107,403
	200,000	BB&T Corp	2.150		03/22/17		207,555

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	70,000	BB&T Corp	4.900	%	06/30/17	$	78,591
	150,000	BB&T Corp	1.600		08/15/17		152,695
	400,000	BB&T Corp	6.850		04/30/19		512,794
	200,000	BB&T Corp	3.950		03/22/22		217,372
	150,000	BBVA US Senior SAU	3.250		05/16/14		148,848
	460,000	BHP Billiton Finance Ltd	5.400		03/29/17		538,426
	400,000	BHP Billiton Finance USA Ltd	5.500		04/01/14		429,054
	300,000	BHP Billiton Finance USA Ltd	1.000		02/24/15		303,002
	500,000	BHP Billiton Finance USA Ltd	1.625		02/24/17		510,530
	450,000	BHP Billiton Finance USA Ltd	6.500		04/01/19		572,849
	100,000	BHP Billiton Finance USA Ltd	3.250		11/21/21		106,030
	300,000	BHP Billiton Finance USA Ltd	2.875		02/24/22		310,456
	200,000	BHP Billiton Finance USA Ltd	4.125		02/24/42		213,060
	810,000	Capital One Bank USA NA	8.800		07/15/19		1,069,053
	300,000	Citigroup, Inc	2.250		08/07/15		304,576
	2,100,000	Citigroup, Inc	6.000		12/13/13		2,227,184
	350,000	Citigroup, Inc	2.650		03/02/15		358,514
	1,750,000	Citigroup, Inc	3.953		06/15/16		1,872,430
	200,000	Citigroup, Inc	4.450		01/10/17		219,676
	11,000	Citigroup, Inc	6.000		08/15/17		12,813
	915,000	Citigroup, Inc	6.125		11/21/17		1,076,629
	407,000	Citigroup, Inc	6.125		05/15/18		481,814
	2,310,000	Citigroup, Inc	5.375		08/09/20		2,670,633
	2,150,000	Citigroup, Inc	4.500		01/14/22		2,360,661
	1,070,000	Citigroup, Inc	6.875		03/05/38		1,406,181
	200,000	Citigroup, Inc	5.875		01/30/42		240,959
	250,000	Comerica Bank	5.750		11/21/16		287,415
	50,000	Comerica Bank	5.200		08/22/17		56,907
	200,000	Compass Bank	5.500		04/01/20		195,955
	400,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.375		01/19/17		424,564
	600,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.875		02/08/22		636,774
	700,000	Deutsche Bank AG	3.875		08/18/14		735,409
	900,000	Deutsche Bank AG	3.450		03/30/15		949,380
	600,000	Deutsche Bank AG	3.250		01/11/16		635,531
	215,000	Discover Bank	7.000		04/15/20		258,966
	450,000	Fifth Third Bancorp	3.625		01/25/16		485,437
	200,000	Fifth Third Bancorp	3.500		03/15/22		213,215
	140,000	Fifth Third Bancorp	8.250		03/01/38		202,777
	250,000	Fifth Third Bank	4.750		02/01/15		267,574
	100,000	First Horizon National Corp	5.375		12/15/15		109,405
	200,000	First Niagara Financial Group, Inc	7.250		12/15/21		229,862
	600,000	HSBC Bank USA NA	4.625		04/01/14		629,248
	750,000	HSBC Bank USA NA	4.875		08/24/20		808,371
	266,000	HSBC Bank USA NA	5.875		11/01/34		302,063
	33,000	HSBC Bank USA NA	7.000		01/15/39		43,142
	150,000	HSBC Holdings plc	4.875		01/14/22		171,753
	1,925,000	HSBC Holdings plc	6.500		09/15/37		2,276,711
	150,000	HSBC Holdings plc	6.100		01/14/42		197,262
	700,000	HSBC USA, Inc	2.375		02/13/15		720,608
	2,475,000	JPMorgan Chase & Co	2.050		01/24/14		2,518,756
	634,000	JPMorgan Chase & Co	5.125		09/15/14		680,286
	225,000	JPMorgan Chase & Co	3.700		01/20/15		238,295

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	800,000		JPMorgan Chase & Co	1.875	%	03/20/15	$	816,207
	610,000		JPMorgan Chase & Co	3.400		06/24/15		647,420
	700,000		JPMorgan Chase & Co	5.150		10/01/15		774,368
	1,250,000		JPMorgan Chase & Co	3.450		03/01/16		1,332,813
	300,000		JPMorgan Chase & Co	3.150		07/05/16		317,307
	850,000		JPMorgan Chase & Co	2.000		08/15/17		857,406
	335,000		JPMorgan Chase & Co	6.000		01/15/18		399,408
	180,000		JPMorgan Chase & Co	4.950		03/25/20		205,594
	700,000		JPMorgan Chase & Co	4.400		07/22/20		770,411
	1,820,000		JPMorgan Chase & Co	4.250		10/15/20		1,988,521
	750,000		JPMorgan Chase & Co	4.625		05/10/21		838,349
	1,950,000		JPMorgan Chase & Co	4.350		08/15/21		2,149,247
	1,000,000		JPMorgan Chase & Co	4.500		01/24/22		1,109,250
	2,150,000		JPMorgan Chase & Co	3.250		09/23/22		2,179,872
	958,000		JPMorgan Chase & Co	5.500		10/15/40		1,132,665
	200,000		JPMorgan Chase & Co	5.400		01/06/42		232,499
	50,000		KeyBank NA	5.800		07/01/14		53,786
	600,000		KeyCorp	3.750		08/13/15		647,162
	150,000		KeyCorp	5.100		03/24/21		175,411
	280,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		278,820
	250,000		National Australia Bank	2.000		03/09/15		255,448
	250,000		National Australia Bank	2.750		03/09/17		262,153
	250,000		National Australia Bank Ltd	1.600		08/07/15		252,515
	250,000		National Bank of Canada	1.500		06/26/15		253,642
	100,000		Noble Holding International Ltd	6.200		08/01/40		116,315
	150,000		Noble Holding International Ltd	5.250		03/15/42		161,175
	600,000		Nordic Investment Bank	3.625		06/17/13		614,556
	500,000		Nordic Investment Bank	2.250		03/15/16		529,590
	350,000		Northern Trust Corp	2.375		08/02/22		349,628
	580,000		PNC Funding Corp	5.400		06/10/14		624,485
	700,000		PNC Funding Corp	2.700		09/19/16		746,201
	645,000		PNC Funding Corp	5.125		02/08/20		764,301
	50,000		PNC Funding Corp	4.375		08/11/20		57,042
	400,000		PNC Funding Corp	3.300		03/08/22		428,700
	740,000		Rabobank Nederland NV	2.125		10/13/15		763,914
	250,000		Regions Financial Corp	7.750		11/10/14		278,125
	500,000		Royal Bank of Scotland Group plc	2.550		09/18/15		506,016
	250,000		Royal Bank of Scotland Group plc	6.400		10/21/19		287,300
	150,000		Santander Holdings USA, Inc	3.000		09/24/15		151,758
	250,000		Sovereign Bank	8.750		05/30/18		287,208
	200,000		State Street Corp	2.875		03/07/16		214,299
	250,000		Sumitomo Mitsui Banking Corp	1.800		07/18/17		253,895
	250,000		Sumitomo Mitsui Banking Corp	3.200		07/18/22		254,911
	300,000		SunTrust Bank	7.250		03/15/18		362,451
	100,000		SunTrust Banks, Inc	3.600		04/15/16		106,836
	150,000		SunTrust Banks, Inc	3.500		01/20/17		160,999
	100,000		SunTrust Banks, Inc	6.000		09/11/17		116,458
	50,000		SVB Financial Group	5.375		09/15/20		56,876
	200,000		Svenska Handelsbanken AB	3.125		07/12/16		212,000
	300,000		Svenska Handelsbanken AB	2.875		04/04/17		315,724
	100,000		Toronto-Dominion Bank	2.500		07/14/16		105,734
	650,000		Toronto-Dominion Bank	2.375		10/19/16		683,697

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	315,000		Union Bank of California NA	5.950	%	05/11/16	$	359,816
	60,000		UnionBanCal Corp	5.250		12/16/13		62,678
	225,000		UnionBanCal Corp	3.500		06/18/22		237,967
	300,000		US Bancorp	2.200		11/15/16		314,917
	940,000		US Bancorp	1.650		05/15/17		962,296
	325,000		US Bancorp	3.000		03/15/22		340,242
	200,000		US Bancorp	2.950		07/15/22		201,903
	970,000		US Bank NA	6.300		02/04/14		1,042,644
	250,000	i	US Bank NA	3.778		04/29/20		265,556
	692,000		Wachovia Bank NA	4.800		11/01/14		744,150
	1,110,000		Wachovia Bank NA	5.850		02/01/37		1,396,038
	2,600,000		Wells Fargo & Co	1.250		02/13/15		2,630,974
	1,000,000		Wells Fargo & Co	1.500		07/01/15		1,016,825
	650,000		Wells Fargo & Co	3.676		06/15/16		707,538
	300,000		Wells Fargo & Co	5.125		09/15/16		337,353
	1,250,000		Wells Fargo & Co	2.100		05/08/17		1,293,231
	1,200,000		Wells Fargo & Co	4.600		04/01/21		1,386,121
	1,000,000		Wells Fargo & Co	3.500		03/08/22		1,066,457
	264,000		Wells Fargo & Co	5.375		02/07/35		322,784
	20,000		Western Union Co	5.930		10/01/16		23,532
	100,000		Western Union Co	3.650		08/22/18		110,747
	400,000		Western Union Co	5.253		04/01/20		467,184
	100,000		Westpac Banking Corp	1.850		12/09/13		101,669
	1,455,000		Westpac Banking Corp	3.000		08/04/15		1,535,824
	500,000		Westpac Banking Corp	1.125		09/25/15		500,979
	150,000		Westpac Banking Corp	3.000		12/09/15		158,900
	400,000		Westpac Banking Corp	2.000		08/14/17		404,789
	75,000		Westpac Banking Corp	4.875		11/19/19		85,630
	185,000		Zions Bancorporation	7.750		09/23/14		202,487

			TOTAL BANKS					101,986,836


CAPITAL GOODS - 0.7%
	250,000		Agilent Technologies, Inc	6.500		11/01/17		305,926
	100,000		Agilent Technologies, Inc	5.000		07/15/20		114,631
	100,000		Agilent Technologies, Inc	3.200		10/01/22		100,944
	200,000		Applied Materials, Inc	4.300		06/15/21		226,531
	100,000		Applied Materials, Inc	5.850		06/15/41		125,485
	200,000		Arrow Electronics, Inc	5.125		03/01/21		218,363
	225,000		Avnet, Inc	6.625		09/15/16		255,775
	100,000		Cameron International Corp	6.375		07/15/18		121,449
	150,000		Cameron International Corp	3.600		04/30/22		154,354
	100,000		Cameron International Corp	5.950		06/01/41		121,078
	100,000		Carlisle Cos, Inc	5.125		12/15/20		112,653
	136,000		Caterpillar Financial Services Corp	6.125		02/17/14		146,487
	150,000		Caterpillar Financial Services Corp	1.375		05/20/14		152,153
	250,000		Caterpillar Financial Services Corp	2.050		08/01/16		260,581
	300,000		Caterpillar Financial Services Corp	1.750		03/24/17		307,405
	200,000		Caterpillar Financial Services Corp	1.625		06/01/17		204,097
	500,000		Caterpillar Financial Services Corp	5.850		09/01/17		604,920
	200,000		Caterpillar Financial Services Corp	5.450		04/15/18		241,066
	1,361,000		Caterpillar Financial Services Corp	7.150		02/15/19		1,793,557
	50,000		Caterpillar, Inc	5.700		08/15/16		58,949

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	150,000		Caterpillar, Inc	1.500	%	06/26/17	$	153,162
	200,000		Caterpillar, Inc	3.900		05/27/21		226,863
	200,000		Caterpillar, Inc	2.600		06/26/22		204,449
	438,000	g	Caterpillar, Inc	3.803		08/15/42		440,092
	75,000		CRH America, Inc	5.300		10/15/13		78,044
	150,000		CRH America, Inc	4.125		01/15/16		156,630
	350,000		CRH America, Inc	6.000		09/30/16		390,451
	450,000		Danaher Corp	5.625		01/15/18		543,632
	150,000		Deere & Co	2.600		06/08/22		153,962
	218,000		Deere & Co	5.375		10/16/29		279,362
	150,000		Deere & Co	3.900		06/09/42		155,157
	200,000		Dover Corp	4.875		10/15/15		222,920
	150,000		Dover Corp	5.450		03/15/18		177,683
	100,000		Dover Corp	5.375		03/01/41		131,282
	200,000		Eaton Corp	5.600		05/15/18		237,926
	300,000		Emerson Electric Co	5.250		10/15/18		364,816
	400,000		Emerson Electric Co	4.875		10/15/19		484,531
	100,000		Energizer Holdings, Inc	4.700		05/19/21		105,907
	100,000		Energizer Holdings, Inc	4.700		05/24/22		106,068
	150,000		Flowserve Corp	3.500		09/15/22		151,640
	100,000		FMC Technologies, Inc	2.000		10/01/17		101,037
	100,000		FMC Technologies, Inc	3.450		10/01/22		101,518
	400,000		General Dynamics Corp	5.250		02/01/14		425,165
	11,000		General Dynamics Corp	5.375		08/15/15		12,437
	300,000		General Dynamics Corp	2.250		07/15/16		315,580
	750,000		General Electric Co	5.250		12/06/17		887,387
	265,000		Goodrich Corp	6.125		03/01/19		331,422
	25,000		Goodrich Corp	4.875		03/01/20		29,574
	185,000		Harsco Corp	5.125		09/15/13		190,962
	100,000		IDEX Corp	4.500		12/15/20		106,725
	200,000		IDEX Corp	4.200		12/15/21		209,157
	100,000		Illinois Tool Works, Inc	6.250		04/01/19		125,854
	200,000		Illinois Tool Works, Inc	4.875		09/15/41		234,192
	500,000		Illinois Tool Works, Inc	3.900		09/01/42		504,714
	170,000		Ingersoll-Rand Global Holding Co Ltd	6.875		08/15/18		210,218
	695,000		John Deere Capital Corp	2.950		03/09/15		732,523
	800,000		John Deere Capital Corp	5.500		04/13/17		951,467
	250,000		John Deere Capital Corp	1.200		10/10/17		251,192
	200,000		John Deere Capital Corp	3.150		10/15/21		213,339
	200,000		John Deere Capital Corp	2.800		01/27/23		206,580
	100,000		Joy Global, Inc	5.125		10/15/21		110,962
	150,000		Kennametal, Inc	3.875		02/15/22		156,899
	100,000		KLA-Tencor Corp	6.900		05/01/18		120,678
	100,000		Legrand France S.A.	8.500		02/15/25		128,887
	400,000		Lockheed Martin Corp	7.650		05/01/16		484,719
	200,000		Lockheed Martin Corp	3.350		09/15/21		211,301
	239,000		Lockheed Martin Corp	5.500		11/15/39		290,944
	350,000		Lockheed Martin Corp	4.850		09/15/41		396,434
	100,000		Mosaic Co	4.875		11/15/41		110,808
	250,000		Parker Hannifin Corp	3.500		09/15/22		269,453
	100,000		Raytheon Co	1.400		12/15/14		101,591
	50,000		Raytheon Co	4.400		02/15/20		57,932

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	450,000		Raytheon Co	3.125	%	10/15/20	$	482,656
	200,000		Raytheon Co	7.200		08/15/27		282,690
	100,000		Raytheon Co	4.700		12/15/41		116,061
	100,000		Rockwell Automation, Inc	6.250		12/01/37		136,144
	100,000		Rockwell Collins, Inc	3.100		11/15/21		106,079
	100,000		Roper Industries, Inc	6.250		09/01/19		121,280
	100,000		Snap-on, Inc	4.250		01/15/18		113,036
	250,000		Stanley Black & Decker, Inc	3.400		12/01/21		260,013
	100,000		Stanley Black & Decker, Inc	5.200		09/01/40		114,436
	250,000		Textron, Inc	5.600		12/01/17		276,920
	100,000	g	Tyco Flow Control Finance	1.875		09/15/17		100,059
	100,000	g	Tyco Flow Control Finance	3.150		09/15/22		100,360
	21,000		Tyco International Finance S.A.	3.375		10/15/15		22,384
	200,000		United Technologies Corp	4.875		05/01/15		222,066
	300,000		United Technologies Corp	1.200		06/01/15		305,400
	250,000		United Technologies Corp	1.800		06/01/17		259,294
	500,000		United Technologies Corp	5.375		12/15/17		608,243
	490,000		United Technologies Corp	4.500		04/15/20		576,131
	325,000		United Technologies Corp	3.100		06/01/22		346,328
	280,000		United Technologies Corp	5.400		05/01/35		344,291
	280,000		United Technologies Corp	6.050		06/01/36		375,822
	145,000		United Technologies Corp	5.700		04/15/40		188,346
	850,000		United Technologies Corp	4.500		06/01/42		952,667
	100,000		Valmont Industries, Inc	6.625		04/20/20		119,055
	100,000		Xylem, Inc	3.550		09/20/16		106,856
	100,000		Xylem, Inc	4.875		10/01/21		112,693

			TOTAL CAPITAL GOODS					25,721,942


COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	700,000	g	ADT Corp	2.250		07/15/17		720,471
	125,000	g	ADT Corp	3.500		07/15/22		129,862
	200,000	g	ADT Corp	4.875		07/15/42		216,507
	200,000		Celgene Corp	1.900		08/15/17		202,872
	200,000		Celgene Corp	3.950		10/15/20		215,144
	300,000		Celgene Corp	3.250		08/15/22		302,848
	30,000		Corp Andina de Fomento	5.125		05/05/15		32,520
	500,000		Corp Andina de Fomento	3.750		01/15/16		524,212
	527,000		Corp Andina de Fomento	4.375		06/15/22		571,535
	1,000,000		Council Of Europe Development Bank	2.625		02/16/16		1,061,100
	500,000		Council Of Europe Development Bank	1.500		06/19/17		510,900
	350,000		Daimler Finance North America LLC	6.500		11/15/13		372,578
	150,000	g	Daimler Finance North America LLC	1.300		07/31/15		150,590
	250,000	g	Daimler Finance North America LLC	2.400		04/10/17		257,780
	150,000	g	Daimler Finance North America LLC	2.250		07/31/19		149,367
	300,000		Daimler Finance North America LLC	8.500		01/18/31		475,189
	300,000		eBay, Inc	0.700		07/15/15		301,424
	300,000		eBay, Inc	1.350		07/15/17		303,597
	200,000		eBay, Inc	3.250		10/15/20		215,142
	400,000		eBay, Inc	2.600		07/15/22		402,799
	200,000		eBay, Inc	4.000		07/15/42		194,690
	150,000		Equifax, Inc	6.300		07/01/17		177,468
	25,000		Howard Hughes Medical Institute	3.450		09/01/14		26,455

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	200,000		McGraw-Hill Cos, Inc	5.900	%	11/15/17	$	235,288
	300,000		Moody’s Corp	4.500		09/01/22		318,064
	350,000	g	News America, Inc	3.000		09/15/22		353,093
	44,000		Quest Diagnostics, Inc	5.450		11/01/15		49,480
	200,000		Quest Diagnostics, Inc	4.700		04/01/21		224,738
	150,000		Quest Diagnostics, Inc	6.950		07/01/37		196,239
	150,000		Reed Elsevier Capital, Inc	7.750		01/15/14		162,592
	100,000		Reed Elsevier Capital, Inc	8.625		01/15/19		128,433
	63,000		Republic Services, Inc	5.500		09/15/19		74,604
	265,000		Republic Services, Inc	5.000		03/01/20		306,899
	580,000		Republic Services, Inc	5.250		11/15/21		686,598
	250,000		Republic Services, Inc	3.550		06/01/22		262,801
	30,000		Republic Services, Inc	6.200		03/01/40		37,620
	150,000		SAIC, Inc	4.450		12/01/20		164,806
	100,000		Svensk Exportkredit AB	3.250		09/16/14		105,120
	500,000		Svensk Exportkredit AB	1.750		05/30/17		510,850
	300,000		Thomson Corp	5.700		10/01/14		328,150
	345,000		Thomson Reuters Corp	6.500		07/15/18		436,010
	145,000		Thomson Reuters Corp	5.850		04/15/40		179,276
	200,000	g	URS Corp	5.000		04/01/22		205,417
	25,000		Vanderbilt University	5.250		04/01/19		30,179
	500,000		Waste Management, Inc	5.000		03/15/14		529,912
	310,000		Waste Management, Inc	4.600		03/01/21		353,122
	350,000		Waste Management, Inc	2.900		09/15/22		349,485
	255,000		Waste Management, Inc	6.125		11/30/39		321,163

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					14,064,989


CONSUMER DURABLES & APPAREL - 0.1%
	100,000		Hasbro, Inc	6.125		05/15/14		108,130
	100,000		Hasbro, Inc	6.350		03/15/40		118,923
	200,000		Leggett & Platt, Inc	3.400		08/15/22		207,709
	100,000		Mattel Inc	4.350		10/01/20		107,714
	100,000		Mattel, Inc	5.450		11/01/41		111,791
	100,000		Newell Rubbermaid, Inc	4.700		08/15/20		109,866
	200,000		Newell Rubbermaid, Inc	4.000		06/15/22		210,056
	150,000		NVR, Inc	3.950		09/15/22		153,810
	800,000		Rio Tinto Finance USA plc	1.625		08/21/17		801,606
	400,000		Rio Tinto Finance USA plc	3.500		03/22/22		417,120
	225,000		Rio Tinto Finance USA plc	2.875		08/21/22		223,998
	200,000		Rio Tinto Finance USA plc	4.750		03/22/42		216,148
	150,000		Rio Tinto Finance USA plc	4.125		08/21/42		147,687
	220,000		VF Corp	6.450		11/01/37		299,835
	200,000		Whirlpool Corp	8.600		05/01/14		222,323
	150,000		Whirlpool Corp	4.700		06/01/22		154,850

			TOTAL CONSUMER DURABLES & APPAREL					3,611,566


CONSUMER SERVICES - 0.3%
	200,000		Board of Trustees of The Leland Stanford Junior University	3.625		05/01/14		210,362
	100,000		Board of Trustees of The Leland Stanford Junior University	4.750		05/01/19		120,284
	100,000		Cintas Corp No 2	4.300		06/01/21		110,112
	200,000		Cintas Corp No 2	3.250		06/01/22		204,288
	500,000		Continental Airlines 2012 Class A Pass Thru Trusts	4.150		04/11/24		510,000

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	100,000	Cornell University	5.450	%	02/01/19	$	121,593
	100,000	Darden Restaurants, Inc	6.200		10/15/17		116,562
	100,000	Darden Restaurants, Inc	6.800		10/15/37		122,805
	75,000	Dartmouth College	4.750		06/01/19		88,828
	100,000	George Washington University	3.485		09/15/22		106,989
	175,000	GlaxoSmithKline Capital plc	0.750		05/08/15		176,046
	300,000	GlaxoSmithKline Capital plc	1.500		05/08/17		305,202
	300,000	GlaxoSmithKline Capital plc	2.850		05/08/22		311,586
	100,000	Hyatt Hotels Corp	3.875		08/15/16		106,378
	150,000	Johns Hopkins University	5.250		07/01/19		182,193
	200,000	Marriott International, Inc	3.000		03/01/19		205,137
	200,000	Marriott International, Inc	3.250		09/15/22		201,045
	250,000	Massachusetts Institute of Technology	5.600		07/01/11		360,987
	300,000	McDonald’s Corp	1.875		05/29/19		311,215
	720,000	McDonald’s Corp	3.500		07/15/20		809,235
	550,000	McDonald’s Corp	2.625		01/15/22		578,650
	280,000	McDonald’s Corp	6.300		03/01/38		399,475
	200,000	President and Fellows of Harvard College	4.875		10/15/40		253,042
	100,000	Princeton University	4.950		03/01/19		121,012
	220,000	Princeton University	5.700		03/01/39		305,336
	350,000	Sheraton Holding Corp	7.375		11/15/15		407,042
	200,000	University of Southern California	5.250		10/01/11		255,088
	700,000	Walt Disney Co	4.500		12/15/13		734,667
	350,000	Walt Disney Co	0.875		12/01/14		353,649
	70,000	Walt Disney Co	5.625		09/15/16		82,950
	350,000	Walt Disney Co	2.550		02/15/22		359,505
	200,000	Walt Disney Co	7.000		03/01/32		292,021
	100,000	Walt Disney Co	4.375		08/16/41		115,496
	100,000	Walt Disney Co	4.125		12/01/41		111,048
	2,000	Wyndham Worldwide Corp	6.000		12/01/16		2,253
	250,000	Wyndham Worldwide Corp	2.950		03/01/17		252,108
	200,000	Wyndham Worldwide Corp	4.250		03/01/22		205,552
	200,000	Yale University	2.900		10/15/14		210,198
	330,000	Yum! Brands, Inc	6.250		03/15/18		400,135
	50,000	Yum! Brands, Inc	3.875		11/01/20		54,552
	100,000	Yum! Brands, Inc	6.875		11/15/37		136,710

		TOTAL CONSUMER SERVICES					10,311,336


DIVERSIFIED FINANCIALS - 3.9%
	300,000	Abbey National Treasury Services plc	2.875		04/25/14		303,660
	150,000	ABN Amro Bank NV	4.650		06/04/18		146,842
	500,000	African Development Bank	3.000		05/27/14		521,935
	250,000	African Development Bank	1.250		09/02/16		256,925
	300,000	African Development Bank	1.125		03/15/17		306,485
	20,000	Ahold Finance USA LLC	6.875		05/01/29		24,980
	400,000	American Express Co	6.150		08/28/17		486,574
	190,000	American Express Co	7.000		03/19/18		240,466
	255,000	American Express Co	8.125		05/20/19		344,973
	244,000	American Express Co	8.150		03/19/38		391,368
	200,000	American Express Credit Corp	1.750		06/12/15		204,574
	1,750,000	American Express Credit Corp	2.750		09/15/15		1,843,616
	1,000,000	American Express Credit Corp	2.800		09/19/16		1,063,230

100

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	400,000		American Express Credit Corp	2.375	%	03/24/17	$	420,740
	295,000		Ameriprise Financial, Inc	5.300		03/15/20		347,817
	250,000		Australia & New Zealand Banking Group Ltd	1.875		10/06/17		252,185
	450,000		Bank of Montreal	2.500		01/11/17		473,095
	200,000		Bank of Montreal	1.400		09/11/17		201,030
	1,150,000		Bank of New York Mellon Corp	2.300		07/28/16		1,205,350
	100,000		Bank of New York Mellon Corp	1.969		06/20/17		103,512
	40,000		Bank of Nova Scotia	2.250		01/22/13		40,241
	220,000		Bank of Nova Scotia	2.375		12/17/13		224,951
	900,000		Bank of Nova Scotia	3.400		01/22/15		956,899
	100,000		Bank of Nova Scotia	2.050		10/07/15		103,596
	250,000		Bank of Nova Scotia	2.900		03/29/16		266,673
	150,000		Bank of Nova Scotia	2.550		01/12/17		158,722
	200,000		Bank of Nova Scotia	4.375		01/13/21		231,815
	500,000		Barclays Bank plc	2.750		02/23/15		515,919
	1,900,000		Barclays Bank plc	5.000		09/22/16		2,110,165
	80,000		Bear Stearns Cos LLC	5.300		10/30/15		89,234
	116,000		Bear Stearns Cos LLC	5.550		01/22/17		131,907
	50,000		Berkshire Hathaway, Inc	3.200		02/11/15		53,038
	700,000		Berkshire Hathaway, Inc	1.900		01/31/17		724,786
	200,000		Berkshire Hathaway, Inc	3.750		08/15/21		219,317
	275,000		BlackRock, Inc	3.500		12/10/14		292,789
	210,000		BlackRock, Inc	6.250		09/15/17		256,942
	390,000		BlackRock, Inc	5.000		12/10/19		463,432
	125,000		BlackRock, Inc	3.375		06/01/22		132,381
	100,000		Block Financial LLC	5.125		10/30/14		105,391
	480,000		BNP Paribas	3.250		03/11/15		500,298
	800,000		BNP Paribas	3.600		02/23/16		844,637
	450,000		BNP Paribas	5.000		01/15/21		497,912
	300,000		BNP Paribas S.A.	2.375		09/14/17		301,296
	400,000		Canadian Imperial Bank of Commerce	0.900		10/01/15		400,850
	425,000		Canadian Imperial Bank of Commerce	2.350		12/11/15		446,964
	200,000		Capital One Financial Corp	7.375		05/23/14		220,117
	300,000		Capital One Financial Corp	2.150		03/23/15		307,602
	250,000		Capital One Financial Corp	3.150		07/15/16		265,474
	250,000		Capital One Financial Corp	4.750		07/15/21		283,819
	150,000		Carobao Leasing LLC	1.829		09/07/24		151,850
	100,000		Charles Schwab Corp	4.450		07/22/20		114,452
	200,000	g	Charles Schwab Corp	3.225		09/01/22		202,850
	120,000		CME Group, Inc	5.750		02/15/14		128,295
	350,000		CME Group, Inc	3.000		09/15/22		351,885
	400,000		Commonwealth Bank of Australia	1.950		03/16/15		408,792
	250,000		Commonwealth Bank of Australia	1.250		09/18/15		250,663
	250,000		Commonwealth Bank of Australia	1.900		09/18/17		250,550
	2,080,000		Credit Suisse	5.500		05/01/14		2,221,386
	2,250,000		Credit Suisse	5.400		01/14/20		2,459,185
	250,000		Diageo Investment Corp	2.875		05/11/22		260,632
	100,000		Diageo Investment Corp	4.250		05/11/42		108,778
	155,000		Digital Realty Trust LP	4.500		07/15/15		165,836
	300,000		Digital Realty Trust LP	3.625		10/01/22		298,204
	100,000	g	Discover Financial Services	5.200		04/27/22		109,567
	90,000		Eaton Vance Corp	6.500		10/02/17		108,684

101

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	3,000,000		Ford Motor Credit Co LLC	2.750	%	05/15/15	$	3,059,511
	300,000		Ford Motor Credit Co LLC	2.500		01/15/16		303,671
	800,000		Ford Motor Credit Co LLC	3.000		06/12/17		814,314
	1,000,000		Ford Motor Credit Co LLC	5.000		05/15/18		1,091,723
	1,000,000		Ford Motor Credit Co LLC	5.875		08/02/21		1,131,360
	450,000		Ford Motor Credit Co LLC	4.250		09/20/22		461,142
	125,000		Franklin Resources, Inc	3.125		05/20/15		131,852
	150,000		Franklin Resources, Inc	2.800		09/15/22		151,865
	2,335,000		General Electric Capital Corp	5.500		06/04/14		2,517,420
	200,000		General Electric Capital Corp	2.150		01/09/15		205,833
	1,605,000		General Electric Capital Corp	3.500		06/29/15		1,710,065
	350,000		General Electric Capital Corp	1.625		07/02/15		356,122
	400,000		General Electric Capital Corp	2.250		11/09/15		414,253
	150,000		General Electric Capital Corp	2.950		05/09/16		158,611
	200,000		General Electric Capital Corp	2.900		01/09/17		211,596
	800,000		General Electric Capital Corp	2.300		04/27/17		822,352
	1,625,000		General Electric Capital Corp	5.625		09/15/17		1,913,702
	630,000		General Electric Capital Corp	5.500		01/08/20		745,299
	1,105,000		General Electric Capital Corp	4.375		09/16/20		1,218,601
	250,000		General Electric Capital Corp	4.625		01/07/21		279,190
	300,000		General Electric Capital Corp	5.300		02/11/21		344,270
	200,000		General Electric Capital Corp	4.650		10/17/21		224,155
	1,000,000		General Electric Capital Corp	3.150		09/07/22		1,004,485
	2,025,000		General Electric Capital Corp	6.750		03/15/32		2,594,074
	1,200,000		General Electric Capital Corp	5.875		01/14/38		1,429,993
	927,000		General Electric Capital Corp	6.875		01/10/39		1,238,569
	340,000	i	Goldman Sachs Capital II	4.000		06/01/43		256,074
	1,250,000		Goldman Sachs Group, Inc	3.300		05/03/15		1,300,714
	1,630,000		Goldman Sachs Group, Inc	3.700		08/01/15		1,719,234
	1,875,000		Goldman Sachs Group, Inc	3.625		02/07/16		1,977,919
	550,000		Goldman Sachs Group, Inc	5.950		01/18/18		638,685
	60,000		Goldman Sachs Group, Inc	6.150		04/01/18		70,031
	1,195,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,482,028
	2,505,000		Goldman Sachs Group, Inc	5.375		03/15/20		2,795,495
	1,150,000		Goldman Sachs Group, Inc	6.000		06/15/20		1,325,995
	1,300,000		Goldman Sachs Group, Inc	5.250		07/27/21		1,433,166
	1,425,000		Goldman Sachs Group, Inc	5.750		01/24/22		1,641,423
	65,000		Goldman Sachs Group, Inc	6.450		05/01/36		68,105
	1,050,000		Goldman Sachs Group, Inc	6.250		02/01/41		1,214,816
	600,000		HSBC Finance Corp	5.500		01/19/16		663,335
	782,000		HSBC Finance Corp	6.676		01/15/21		906,899
	150,000	g	ING (US) FINANCE	5.500		07/15/22		156,478
	130,000		Jefferies Group, Inc	3.875		11/09/15		130,813
	425,000		Jefferies Group, Inc	8.500		07/15/19		487,687
	100,000		Jefferies Group, Inc	6.450		06/08/27		102,500
	125,000		John Deere Capital Corp	0.875		04/17/15		125,871
	100,000		John Deere Capital Corp	2.000		01/13/17		104,168
	300,000		John Deere Capital Corp	1.400		03/15/17		306,492
	1,500,000		KFW	3.250		03/15/13		1,520,790
	600,000		KFW	0.625		04/24/15		602,696
	1,000,000		KFW	1.250		02/15/17		1,021,368
	600,000		KFW	2.625		01/25/22		631,841

102

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	750,000	h	KFW	2.000	%	10/04/22	$	742,825
	100,000		Korea Finance Corp	3.250		09/20/16		105,476
	700,000		Korea Finance Corp	2.250		08/07/17		707,645
	635,000		Kreditanstalt fuer Wiederaufbau	3.500		05/16/13		647,700
	1,750,000		Kreditanstalt fuer Wiederaufbau	4.000		10/15/13		1,816,535
	1,000,000		Kreditanstalt fuer Wiederaufbau	1.375		01/13/14		1,013,290
	3,000,000		Kreditanstalt fuer Wiederaufbau	1.250		10/26/15		3,067,200
	1,350,000		Kreditanstalt fuer Wiederaufbau	4.875		01/17/17		1,583,685
	1,105,000		Kreditanstalt fuer Wiederaufbau	4.500		07/16/18		1,309,315
	6,925,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		8,074,356
	1,125,000		Landwirtschaftliche Rentenbank	4.125		07/15/13		1,158,525
	1,025,000		Landwirtschaftliche Rentenbank	5.125		02/01/17		1,210,115
	203,000		Lazard Group LLC	7.125		05/15/15		223,870
	1,260,000		Merrill Lynch & Co, Inc	6.400		08/28/17		1,465,837
	1,050,000		Merrill Lynch & Co, Inc	6.875		04/25/18		1,258,020
	1,000,000		Merrill Lynch & Co, Inc	6.110		01/29/37		1,060,869
	300,000		Morgan Stanley	4.750		04/01/14		310,557
	3,300,000		Morgan Stanley	6.000		05/13/14		3,497,878
	100,000		Morgan Stanley	2.875		07/28/14		102,131
	720,000		Morgan Stanley	6.000		04/28/15		780,299
	200,000		Morgan Stanley	3.800		04/29/16		206,668
	970,000		Morgan Stanley	5.450		01/09/17		1,057,884
	300,000		Morgan Stanley	4.750		03/22/17		321,648
	550,000		Morgan Stanley	5.550		04/27/17		602,978
	245,000		Morgan Stanley	5.950		12/28/17		275,195
	796,000		Morgan Stanley	7.300		05/13/19		939,276
	300,000		Morgan Stanley	5.625		09/23/19		327,744
	590,000		Morgan Stanley	5.500		01/26/20		642,210
	200,000		Morgan Stanley	5.750		01/25/21		219,530
	1,200,000		Morgan Stanley	5.500		07/28/21		1,313,264
	600,000		Morgan Stanley	7.250		04/01/32		723,314
	500,000		Morgan Stanley	6.375		07/24/42		550,682
	400,000		Murray Street Investment Trust	4.647		03/09/17		429,549
	220,000		NASDAQ OMX Group, Inc	5.550		01/15/20		236,683
	150,000		National Rural Utilities Cooperative Finance Corp	3.875		09/16/15		163,396
	735,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		1,087,629
	350,000		National Rural Utilities Cooperative Finance Corp	3.050		02/15/22		370,273
	250,000		Nomura Holdings, Inc	5.000		03/04/15		263,925
	260,000		Nomura Holdings, Inc	4.125		01/19/16		268,736
	430,000		Nomura Holdings, Inc	6.700		03/04/20		491,585
	400,000		Northern Trust Corp	4.625		05/01/14		425,504
	40,000		NYSE Euronext	4.800		06/28/13		41,260
	150,000		Oesterreichische Kontrollbank AG.	3.625		06/17/13		153,275
	1,000,000		Oesterreichische Kontrollbank AG.	1.375		01/21/14		1,011,430
	300,000		Oesterreichische Kontrollbank AG.	5.000		04/25/17		349,380
	600,000		ORIX Corp	5.000		01/12/16		649,185
	200,000		ORIX Corp	3.750		03/09/17		207,000
	300,000		PACCAR Financial Corp	1.600		03/15/17		306,338
	200,000		Principal Life Income Funding Trusts	5.550		04/27/15		221,880
	500,000		Rabobank Nederland NV	4.500		01/11/21		559,342
	200,000		Rabobank Nederland NV	5.250		05/24/41		232,351
	100,000		Raymond James Financial, Inc	4.250		04/15/16		106,027

103

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	300,000	Raymond James Financial, Inc	5.625	%	04/01/24	$	330,398
	500,000	Royal Bank of Canada	1.125		01/15/14		504,571
	500,000	Royal Bank of Canada	1.150		03/13/15		507,519
	335,000	Royal Bank of Canada	2.625		12/15/15		354,297
	200,000	Royal Bank of Canada	2.300		07/20/16		209,113
	500,000	Royal Bank of Canada	1.200		09/19/17		503,150
	80,000	SLM Corp	5.375		01/15/13		81,014
	950,000	SLM Corp	6.250		01/25/16		1,030,750
	500,000	SLM Corp	6.000		01/25/17		544,375
	150,000	SLM Corp	4.625		09/25/17		152,160
	680,000	SLM Corp	8.450		06/15/18		796,428
	200,000	SLM Corp	7.250		01/25/22		224,000
	350,000	State Street Corp	4.300		05/30/14		371,395
	300,000	State Street Corp	4.375		03/07/21		348,263
	300,000	Syngenta Finance NV	3.125		03/28/22		315,150
	150,000	TD Ameritrade Holding Corp	4.150		12/01/14		160,275
	392,000	Telefonica Europe BV	8.250		09/15/30		415,520
	50,000	Toyota Motor Credit Corp	1.375		08/12/13		50,466
	500,000	Toyota Motor Credit Corp	1.000		02/17/15		505,413
	250,000	Toyota Motor Credit Corp	3.200		06/17/15		266,734
	225,000	Toyota Motor Credit Corp	0.875		07/17/15		226,098
	700,000	Toyota Motor Credit Corp	2.800		01/11/16		743,439
	300,000	Toyota Motor Credit Corp	2.000		09/15/16		311,685
	150,000	Toyota Motor Credit Corp	2.050		01/12/17		155,985
	400,000	Toyota Motor Credit Corp	1.750		05/22/17		410,949
	300,000	Toyota Motor Credit Corp	3.400		09/15/21		325,113
	1,500,000	UBS AG.	2.250		01/28/14		1,523,714
	330,000	UBS AG.	5.750		04/25/18		388,881
	1,375,000	UBS AG.	4.875		08/04/20		1,537,801
	500,000	Unilever Capital Corp	2.750		02/10/16		531,300
	400,000	Unilever Capital Corp	0.850		08/02/17		396,390
	250,000	Unilever Capital Corp	4.800		02/15/19		295,134
	250,000	Unilever Capital Corp	4.250		02/10/21		293,340
	30,000	Unilever Capital Corp	5.900		11/15/32		42,468

		TOTAL DIVERSIFIED FINANCIALS					134,841,341


ENERGY - 2.2%
	650,000	Anadarko Petroleum Corp	5.950		09/15/16		753,154
	100,000	Anadarko Petroleum Corp	6.375		09/15/17		120,562
	465,000	Anadarko Petroleum Corp	8.700		03/15/19		623,677
	825,000	Anadarko Petroleum Corp	6.200		03/15/40		1,010,899
	100,000	Apache Corp	1.750		04/15/17		103,262
	400,000	Apache Corp	6.900		09/15/18		514,821
	275,000	Apache Corp	3.250		04/15/22		295,610
	480,000	Apache Corp	5.100		09/01/40		575,946
	350,000	Apache Corp	4.750		04/15/43		399,926
	200,000	Baker Hughes, Inc	7.500		11/15/18		269,434
	450,000	Baker Hughes, Inc	3.200		08/15/21		489,312
	215,000	Baker Hughes, Inc	5.125		09/15/40		263,530
	200,000	Boardwalk Pipelines LP	5.750		09/15/19		219,682
	250,000	BP Capital Markets plc	5.250		11/07/13		262,944
	100,000	BP Capital Markets plc	1.700		12/05/14		102,348

104

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	395,000	BP Capital Markets plc	3.875	%	03/10/15	$	424,562
	590,000	BP Capital Markets plc	3.125		10/01/15		630,001
	1,000,000	BP Capital Markets plc	3.200		03/11/16		1,073,410
	200,000	BP Capital Markets plc	1.846		05/05/17		204,291
	300,000	BP Capital Markets plc	4.500		10/01/20		348,254
	150,000	BP Capital Markets plc	4.742		03/11/21		174,858
	650,000	BP Capital Markets plc	3.561		11/01/21		703,109
	200,000	BP Capital Markets plc	3.245		05/06/22		211,636
	100,000	Buckeye Partners LP	5.300		10/15/14		105,741
	200,000	Buckeye Partners LP	4.875		02/01/21		204,633
	575,000	Burlington Resources Finance Co	7.200		08/15/31		820,335
	200,000	Burlington Resources Finance Co	7.400		12/01/31		293,287
	600,000	Canadian Natural Resources Ltd	5.700		05/15/17		713,108
	550,000	Canadian Natural Resources Ltd	6.250		03/15/38		718,411
	45,000	Cenovus Energy, Inc	4.500		09/15/14		48,270
	340,000	Cenovus Energy, Inc	5.700		10/15/19		413,760
	125,000	Cenovus Energy, Inc	3.000		08/15/22		128,150
	200,000	Cenovus Energy, Inc	6.750		11/15/39		270,224
	200,000	Cenovus Energy, Inc	4.450		09/15/42		208,599
	500,000	Chevron Corp	3.950		03/03/14		524,902
	200,000	Chevron Corp	4.950		03/03/19		242,508
	1,005,000	ConocoPhillips	4.600		01/15/15		1,097,030
	600,000	ConocoPhillips	5.750		02/01/19		745,712
	785,000	ConocoPhillips	6.500		02/01/39		1,129,628
	500,000	ConocoPhillips Holding Co	6.950		04/15/29		707,639
	200,000	DCP Midstream Operating LP	4.950		04/01/22		210,253
	150,000	Devon Energy Corp	1.875		05/15/17		152,906
	350,000	Devon Energy Corp	6.300		01/15/19		434,534
	525,000	Devon Energy Corp	3.250		05/15/22		546,238
	600,000	Devon Energy Corp	7.950		04/15/32		885,785
	200,000	Devon Energy Corp	4.750		05/15/42		214,301
	100,000	Diamond Offshore Drilling, Inc	5.875		05/01/19		123,861
	100,000	Diamond Offshore Drilling, Inc	5.700		10/15/39		131,600
	250,000	Ecopetrol S.A.	7.625		07/23/19		320,000
	495,000	Enbridge Energy Partners LP	5.200		03/15/20		565,899
	100,000	Enbridge Energy Partners LP	5.500		09/15/40		112,778
	300,000	EnCana Corp	3.900		11/15/21		317,043
	220,000	EnCana Corp	6.500		05/15/19		267,260
	515,000	EnCana Corp	6.625		08/15/37		623,608
	150,000	EnCana Corp	5.150		11/15/41		156,348
	400,000	EnCana Holdings Finance Corp	5.800		05/01/14		428,734
	400,000	Ensco plc	3.250		03/15/16		426,761
	500,000	Ensco plc	4.700		03/15/21		564,734
	40,000	Enterprise Products Operating LLC	5.600		10/15/14		43,703
	145,000	Enterprise Products Operating LLC	5.000		03/01/15		158,789
	200,000	Enterprise Products Operating LLC	1.250		08/13/15		201,984
	735,000	Enterprise Products Operating LLC	6.300		09/15/17		893,994
	130,000	Enterprise Products Operating LLC	6.500		01/31/19		161,212
	600,000	Enterprise Products Operating LLC	5.200		09/01/20		706,801
	480,000	Enterprise Products Operating LLC	6.125		10/15/39		576,889
	300,000	Enterprise Products Operating LLC	4.850		08/15/42		308,831
	100,000	Enterprise Products Operating LLC	4.450		02/15/43		98,910

105

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	300,000		EOG Resources, Inc	6.125	%	10/01/13	$	316,440
	100,000		EOG Resources, Inc	2.500		02/01/16		105,362
	440,000		EOG Resources, Inc	4.100		02/01/21		500,166
	300,000		EOG Resources, Inc	2.625		03/15/23		303,233
	50,000		EQT Corp	6.500		04/01/18		57,541
	350,000		EQT Corp	8.125		06/01/19		423,705
	200,000	g	Gulf South Pipeline Co LP	4.000		06/15/22		201,770
	200,000		Halliburton Co	6.150		09/15/19		249,222
	400,000		Halliburton Co	7.450		09/15/39		611,511
	100,000		Halliburton Co	4.500		11/15/41		112,408
	275,000		Hess Corp	8.125		02/15/19		363,856
	200,000		Hess Corp	7.875		10/01/29		276,768
	540,000		Hess Corp	5.600		02/15/41		626,373
	300,000		Husky Energy, Inc	5.900		06/15/14		325,672
	30,000		Husky Energy, Inc	7.250		12/15/19		38,565
	200,000		Husky Energy, Inc	3.950		04/15/22		214,158
	130,000		Husky Energy, Inc	6.800		09/15/37		171,337
	200,000		Magellan Midstream Partners LP	6.550		07/15/19		246,215
	125,000		Magellan Midstream Partners LP	4.250		02/01/21		136,559
	400,000		Marathon Oil Corp	6.000		10/01/17		489,282
	255,000		Marathon Oil Corp	6.600		10/01/37		340,199
	200,000		Marathon Petroleum Corp	3.500		03/01/16		212,071
	250,000		Marathon Petroleum Corp	5.125		03/01/21		288,484
	150,000		Marathon Petroleum Corp	6.500		03/01/41		183,756
	200,000		Murphy Oil Corp	4.000		06/01/22		212,293
	125,000		Nabors Industries, Inc	6.150		02/15/18		146,802
	424,000		Nabors Industries, Inc	9.250		01/15/19		554,897
	100,000		Nabors Industries, Inc	4.625		09/15/21		107,488
	635,000		Nexen, Inc	6.400		05/15/37		806,073
	150,000		Noble Energy, Inc	8.250		03/01/19		194,222
	350,000		Noble Energy, Inc	4.150		12/15/21		378,045
	200,000		Noble Energy, Inc	6.000		03/01/41		242,108
	100,000		Noble Holding International Ltd	3.450		08/01/15		105,783
	100,000		Noble Holding International Ltd	2.500		03/15/17		103,145
	305,000		Noble Holding International Ltd	4.900		08/01/20		340,706
	100,000		NuStar Logistics LP	7.900		04/15/18		113,390
	25,000		NuStar Logistics LP	4.800		09/01/20		24,314
	150,000		NuStar Logistics LP	4.750		02/01/22		141,479
	350,000		Occidental Petroleum Corp	2.500		02/01/16		369,356
	350,000		Occidental Petroleum Corp	1.750		02/15/17		362,374
	250,000		Occidental Petroleum Corp	1.500		02/15/18		254,444
	250,000		Occidental Petroleum Corp	3.125		02/15/22		268,859
	350,000		Occidental Petroleum Corp	2.700		02/15/23		359,783
	406,000		Panhandle Eastern Pipeline Co LP	7.000		06/15/18		504,626
	185,000		Pemex Project Funding Master Trust	5.750		03/01/18		216,681
	350,000		Petrobras International Finance Co	3.875		01/27/16		370,233
	47,000		Petrobras International Finance Co	6.125		10/06/16		53,245
	1,125,000		Petrobras International Finance Co	7.875		03/15/19		1,413,089
	100,000		Petrobras International Finance Co	5.750		01/20/20		113,980
	350,000		Petrobras International Finance Co	5.375		01/27/21		394,370
	875,000		Petrobras International Finance Co	6.875		01/20/40		1,095,449
	600,000		Petrobras International Finance Co-Pifco	9.125		07/02/13		635,400

106

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	500,000		Petrobras International Finance Co-Pifco	2.875	%	02/06/15	$	513,913
	625,000		Petrobras International Finance Co-Pifco	3.500		02/06/17		653,646
	300,000		Petrobras International Finance Co-Pifco	6.750		01/27/41		372,343
	75,000		Petro-Canada	6.800		05/15/38		102,259
	700,000		Petrohawk Energy Corp	7.250		08/15/18		795,258
	505,000		Petroleos Mexicanos	4.875		03/15/15		541,612
	80,000		Petroleos Mexicanos	8.000		05/03/19		104,680
	775,000		Petroleos Mexicanos	6.000		03/05/20		926,125
	800,000		Petroleos Mexicanos	5.500		01/21/21		938,000
	240,000		Petroleos Mexicanos	4.875		01/24/22		271,200
	300,000		Petroleos Mexicanos	1.700		12/20/22		303,450
	300,000		Petroleos Mexicanos	2.000		12/20/22		307,950
	940,000		Petroleos Mexicanos	6.500		06/02/41		1,171,710
	250,000		Petroleos Mexicanos	5.500		06/27/44		275,000
	150,000	g	Phillips 66	4.300		04/01/22		164,228
	300,000		Pioneer Natural Resources Co	6.650		03/15/17		356,125
	175,000		Pioneer Natural Resources Co	3.950		07/15/22		185,898
	200,000		Plains All American Pipeline LP	6.125		01/15/17		238,579
	400,000		Plains All American Pipeline LP	5.000		02/01/21		472,538
	100,000		Plains All American Pipeline LP	6.650		01/15/37		128,638
	250,000		Plains All American Pipeline LP	5.150		06/01/42		284,369
	100,000		Rowan Cos, Inc	5.000		09/01/17		110,307
	250,000		Rowan Cos, Inc	4.875		06/01/22		268,289
	440,000		Shell International Finance BV	3.100		06/28/15		470,326
	200,000		Shell International Finance BV	1.125		08/21/17		200,693
	805,000		Shell International Finance BV	4.300		09/22/19		940,453
	1,130,000		Shell International Finance BV	4.375		03/25/20		1,323,494
	200,000		Shell International Finance BV	2.375		08/21/22		201,901
	421,000		Shell International Finance BV	6.375		12/15/38		606,324
	200,000		Shell International Finance BV	3.625		08/21/42		202,891
	300,000		Southern Natural Gas Co LLC	4.400		06/15/21		322,167
	200,000		Southwestern Energy Co	7.500		02/01/18		241,132
	125,000	g	Southwestern Energy Co	4.100		03/15/22		132,674
	210,000		Statoil ASA	2.900		10/15/14		220,353
	350,000		Statoil ASA	3.125		08/17/17		383,495
	450,000		Statoil ASA	5.250		04/15/19		546,616
	250,000		Statoil ASA	3.150		01/23/22		267,121
	200,000		Statoil ASA	5.100		08/17/40		248,188
	250,000		Statoil ASA	4.250		11/23/41		276,476
	550,000		Suncor Energy, Inc	6.100		06/01/18		678,333
	900,000		Suncor Energy, Inc	6.500		06/15/38		1,193,158
	100,000		Sunoco Logistics Partners Operations LP	6.100		02/15/42		110,307
	25,000		Talisman Energy, Inc	7.750		06/01/19		31,779
	250,000		Talisman Energy, Inc	3.750		02/01/21		260,774
	300,000		Talisman Energy, Inc	5.850		02/01/37		332,656
	200,000		Talisman Energy, Inc	5.500		05/15/42		225,224
	400,000		Total Capital International S.A.	0.750		01/25/16		400,811
	400,000		Total Capital International S.A.	1.550		06/28/17		407,501
	500,000		Total Capital International S.A.	2.875		02/17/22		519,965
	400,000		Total Capital International S.A.	2.700		01/25/23		407,713
	320,000		TransCanada Pipelines Ltd	4.000		06/15/13		328,064
	340,000		TransCanada Pipelines Ltd	5.850		03/15/36		446,529

107

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	469,000		TransCanada Pipelines Ltd	7.625	%	01/15/39	$	725,588
	300,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		320,798
	300,000		TransCanada PipeLines Ltd	0.875		03/02/15		302,768
	600,000		TransCanada PipeLines Ltd	3.800		10/01/20		673,907
	300,000		TransCanada PipeLines Ltd	2.500		08/01/22		303,475
	200,000		Transocean, Inc	2.500		10/15/17		201,109
	443,000		Transocean, Inc	6.000		03/15/18		517,305
	700,000		Transocean, Inc	6.500		11/15/20		835,926
	150,000		Transocean, Inc	6.375		12/15/21		179,523
	150,000		Transocean, Inc	3.800		10/15/22		150,777
	200,000		Transocean, Inc	6.800		03/15/38		240,499
	165,000		Vale Overseas Ltd	6.250		01/23/17		190,817
	1,045,000		Vale Overseas Ltd	4.625		09/15/20		1,114,221
	742,000		Vale Overseas Ltd	4.375		01/11/22		779,961
	150,000		Vale Overseas Ltd	8.250		01/17/34		194,230
	464,000		Vale Overseas Ltd	6.875		11/21/36		537,255
	680,000		Valero Energy Corp	6.125		02/01/20		825,957
	330,000		Valero Energy Corp	7.500		04/15/32		419,267
	200,000		Valero Energy Corp	6.630		06/15/37		241,393
	840,000		Weatherford Bermuda Holdings Ltd	5.125		09/15/20		918,327
	60,000		Weatherford Bermuda Holdings Ltd	6.750		09/15/40		67,692
	150,000		Weatherford International Ltd	9.625		03/01/19		195,244
	200,000		Weatherford International Ltd	4.500		04/15/22		209,165
	200,000		Weatherford International Ltd	5.950		04/15/42		210,395
	300,000		XTO Energy, Inc	6.250		08/01/17		377,079

			TOTAL ENERGY					76,604,121


FOOD & STAPLES RETAILING - 0.2%
	550,000		CVS Caremark Corp	3.250		05/18/15		584,812
	225,000		CVS Caremark Corp	5.750		06/01/17		271,360
	75,000		CVS Caremark Corp	6.600		03/15/19		95,847
	185,000		CVS Caremark Corp	4.750		05/18/20		216,430
	100,000		CVS Caremark Corp	4.125		05/15/21		113,545
	650,000		CVS Caremark Corp	6.125		09/15/39		847,434
	95,000		Delhaize Group S.A.	5.875		02/01/14		99,810
	105,000		Delhaize Group S.A.	6.500		06/15/17		117,224
	100,000		Delhaize Group S.A.	4.125		04/10/19		96,601
	235,000		Delhaize Group S.A.	5.700		10/01/40		209,084
	300,000		Kroger Co	6.400		08/15/17		363,053
	55,000		Kroger Co	6.800		12/15/18		67,573
	445,000		Kroger Co	6.150		01/15/20		544,652
	200,000		Kroger Co	3.400		04/15/22		208,306
	100,000		Kroger Co	6.900		04/15/38		126,108
	250,000		Kroger Co	5.000		04/15/42		262,382
	239,000		Safeway, Inc	6.350		08/15/17		269,202
	25,000		Safeway, Inc	5.000		08/15/19		26,049
	240,000		Safeway, Inc	3.950		08/15/20		233,699
	150,000		Safeway, Inc	4.750		12/01/21		152,928
	50,000		Starbucks Corp	6.250		08/15/17		60,969
	200,000		SYSCO Corp	5.250		02/12/18		240,621
	250,000		SYSCO Corp	2.600		06/12/22		257,863
	100,000		SYSCO Corp	5.375		09/21/35		126,376

108

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	150,000	Walgreen Co	1.000	%	03/13/15	$	150,587
	200,000	Walgreen Co	1.800		09/15/17		202,258
	100,000	Walgreen Co	5.250		01/15/19		117,374
	200,000	Walgreen Co	3.100		09/15/22		202,966
	200,000	Walgreen Co	4.400		09/15/42		206,222

		TOTAL FOOD & STAPLES RETAILING					6,471,335


FOOD, BEVERAGE & TOBACCO - 1.1%
	50,000	Altria Group, Inc	4.125		09/11/15		54,730
	85,000	Altria Group, Inc	9.700		11/10/18		121,745
	348,000	Altria Group, Inc	9.250		08/06/19		494,129
	1,800,000	Altria Group, Inc	4.750		05/05/21		2,059,324
	800,000	Altria Group, Inc	2.850		08/09/22		798,142
	155,000	Altria Group, Inc	10.200		02/06/39		265,601
	300,000	Altria Group, Inc	4.250		08/09/42		298,177
	316,000	Anheuser-Busch Cos, Inc	5.500		01/15/18		381,179
	500,000	Anheuser-Busch InBev Worldwide, Inc	0.800		07/15/15		502,092
	950,000	Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		1,012,011
	175,000	Anheuser-Busch InBev Worldwide, Inc	1.375		07/15/17		177,137
	800,000	Anheuser-Busch InBev Worldwide, Inc	5.375		01/15/20		993,337
	1,390,000	Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		1,678,431
	750,000	Anheuser-Busch InBev Worldwide, Inc	2.500		07/15/22		760,623
	485,000	Anheuser-Busch InBev Worldwide, Inc	6.375		01/15/40		688,993
	100,000	Anheuser-Busch InBev Worldwide, Inc	3.750		07/15/42		100,246
	100,000	Archer-Daniels-Midland Co	5.450		03/15/18		120,526
	740,000	Archer-Daniels-Midland Co	5.935		10/01/32		922,216
	200,000	Beam, Inc	3.250		05/15/22		206,920
	520,000	Bottling Group LLC	6.950		03/15/14		567,837
	450,000	Bottling Group LLC	5.125		01/15/19		534,767
	400,000	Bunge Ltd	4.100		03/15/16		428,667
	100,000	Bunge Ltd	3.200		06/15/17		104,842
	100,000	Bunge Ltd	8.500		06/15/19		126,701
	325,000	Campbell Soup Co	3.050		07/15/17		351,101
	100,000	Campbell Soup Co	4.250		04/15/21		114,472
	150,000	Campbell Soup Co	2.500		08/02/22		149,906
	150,000	Campbell Soup Co	3.800		08/02/42		148,776
	325,000	Coca-Cola Co	1.500		11/15/15		334,956
	1,835,000	Coca-Cola Co	1.800		09/01/16		1,911,868
	410,000	Coca-Cola Co	3.150		11/15/20		447,182
	150,000	Coca-Cola Enterprises, Inc	2.125		09/15/15		154,636
	100,000	Coca-Cola Enterprises, Inc	3.500		09/15/20		106,522
	100,000	Coca-Cola Enterprises, Inc	3.250		08/19/21		103,919
	100,000	Coca-Cola Femsa SAB de C.V.	4.625		02/15/20		113,587
	100,000	Coca-Cola HBC Finance BV	5.500		09/17/15		108,026
	200,000	ConAgra Foods, Inc	2.100		03/15/18		202,975
	325,000	ConAgra Foods, Inc	7.000		04/15/19		407,810
	200,000	ConAgra Foods, Inc	3.250		09/15/22		201,575
	100,000	ConAgra Foods, Inc	7.000		10/01/28		125,451
	100,000	Corn Products International, Inc	4.625		11/01/20		112,058
	350,000	Diageo Capital plc	5.500		09/30/16		410,549
	600,000	Diageo Capital plc	1.500		05/11/17		610,421
	325,000	Diageo Capital plc	5.750		10/23/17		396,752

109

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	200,000		Diageo Capital plc	5.875	%	09/30/36	$	259,851
	100,000		Dr Pepper Snapple Group, Inc	2.900		01/15/16		105,914
	350,000		Dr Pepper Snapple Group, Inc	2.600		01/15/19		360,725
	150,000		Flowers Foods, Inc	4.375		04/01/22		154,563
	342,000		Fortune Brands, Inc	5.375		01/15/16		389,276
	125,000		General Mills, Inc	5.200		03/17/15		138,644
	210,000		General Mills, Inc	5.650		02/15/19		255,084
	200,000		General Mills, Inc	3.150		12/15/21		208,131
	150,000		General Mills, Inc	5.400		06/15/40		183,065
	100,000		Hershey Co	1.500		11/01/16		102,958
	150,000		Hershey Co	4.125		12/01/20		170,415
	50,000		HJ Heinz Co	5.350		07/15/13		51,901
	100,000		HJ Heinz Co	2.000		09/12/16		103,808
	325,000		HJ Heinz Co	2.850		03/01/22		332,200
	100,000		HJ Heinz Finance Co	6.750		03/15/32		127,951
	250,000		Ingredion, Inc	1.800		09/25/17		250,688
	100,000		JM Smucker Co	3.500		10/15/21		107,062
	200,000		Kellogg Co	1.125		05/15/15		201,898
	100,000		Kellogg Co	1.875		11/17/16		103,270
	200,000		Kellogg Co	1.750		05/17/17		204,187
	600,000		Kellogg Co	4.000		12/15/20		672,622
	100,000		Kellogg Co	7.450		04/01/31		139,649
	100,000	g	Kraft Foods Group, Inc	1.625		06/04/15		101,515
	600,000	g	Kraft Foods Group, Inc	2.250		06/05/17		617,702
	1,025,000	g	Kraft Foods Group, Inc	3.500		06/06/22		1,083,006
	400,000	g	Kraft Foods Group, Inc	5.000		06/04/42		446,231
	803,000		Kraft Foods, Inc	6.500		08/11/17		987,277
	250,000		Kraft Foods, Inc	6.125		02/01/18		305,229
	1,200,000		Kraft Foods, Inc	5.375		02/10/20		1,447,639
	945,000		Kraft Foods, Inc	6.500		02/09/40		1,280,032
	200,000		Lorillard Tobacco Co	3.500		08/04/16		211,690
	300,000		Lorillard Tobacco Co	2.300		08/21/17		302,461
	270,000		Lorillard Tobacco Co	6.875		05/01/20		331,456
	150,000		Molson Coors Brewing Co	3.500		05/01/22		158,934
	150,000		Molson Coors Brewing Co	5.000		05/01/42		167,584
	45,000		PepsiAmericas, Inc	4.375		02/15/14		47,315
	245,000		PepsiCo, Inc	0.875		10/25/13		246,266
	100,000		PepsiCo, Inc	2.500		05/10/16		105,542
	250,000		PepsiCo, Inc	1.250		08/13/17		252,220
	840,000		PepsiCo, Inc	7.900		11/01/18		1,138,807
	100,000		PepsiCo, Inc	4.500		01/15/20		117,330
	400,000		PepsiCo, Inc	3.125		11/01/20		430,404
	200,000		PepsiCo, Inc	3.000		08/25/21		212,243
	400,000		PepsiCo, Inc	2.750		03/05/22		415,269
	310,000		PepsiCo, Inc	4.875		11/01/40		369,256
	400,000		PepsiCo, Inc	4.000		03/05/42		419,478
	200,000		PepsiCo, Inc	3.600		08/13/42		196,539
	1,300,000		Philip Morris International, Inc	5.650		05/16/18		1,592,665
	200,000		Philip Morris International, Inc	2.900		11/15/21		208,358
	200,000		Philip Morris International, Inc	2.500		08/22/22		200,398
	240,000		Philip Morris International, Inc	6.375		05/16/38		332,464
	150,000		Philip Morris International, Inc	4.375		11/15/41		161,892

110

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	200,000	Philip Morris International, Inc	4.500	%	03/20/42	$	220,310
	150,000	Philip Morris International, Inc	3.875		08/21/42		150,764
	100,000	Ralcorp Holdings, Inc	6.625		08/15/39		105,978
	50,000	Reynolds American, Inc	6.750		06/15/17		60,521
	200,000	Reynolds American, Inc	7.750		06/01/18		251,342
	65,000	Reynolds American, Inc	7.250		06/15/37		82,169
	133,000	Sara Lee Corp	4.100		09/15/20		138,616
	400,000	Tyson Foods, Inc	4.500		06/15/22		419,000

		TOTAL FOOD, BEVERAGE & TOBACCO					39,850,679


HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	100,000	Allergan, Inc	5.750		04/01/16		116,115
	250,000	Allergan, Inc	3.375		09/15/20		270,613
	200,000	AmerisourceBergen Corp	5.875		09/15/15		228,536
	100,000	AmerisourceBergen Corp	3.500		11/15/21		107,604
	200,000	Baxter International, Inc	5.900		09/01/16		238,668
	420,000	Baxter International, Inc	4.500		08/15/19		487,427
	116,000	Baxter International, Inc	6.250		12/01/37		161,399
	150,000	Baxter International, Inc	3.650		08/15/42		149,561
	25,000	Becton Dickinson & Co	5.000		05/15/19		29,631
	150,000	Becton Dickinson & Co	3.250		11/12/20		161,786
	550,000	Becton Dickinson and Co	3.125		11/08/21		589,056
	100,000	Bio-Rad Laboratories, Inc	4.875		12/15/20		107,093
	300,000	Boston Scientific Corp	6.400		06/15/16		347,282
	650,000	Boston Scientific Corp	6.000		01/15/20		772,624
	200,000	Cardinal Health, Inc	4.000		06/15/15		215,452
	100,000	Cardinal Health, Inc	4.625		12/15/20		113,780
	100,000	Cardinal Health, Inc	3.200		06/15/22		102,628
	100,000	CareFusion Corp	5.125		08/01/14		106,904
	100,000	CareFusion Corp	6.375		08/01/19		119,757
	100,000	Coventry Health Care, Inc	6.300		08/15/14		109,248
	100,000	Coventry Health Care, Inc	5.450		06/15/21		117,071
	450,000	Covidien International Finance S.A.	6.000		10/15/17		553,166
	350,000	Covidien International Finance S.A.	3.200		06/15/22		369,832
	100,000	Covidien International Finance S.A.	6.550		10/15/37		142,190
	100,000	CR Bard, Inc	4.400		01/15/21		115,859
	100,000	DENTSPLY International, Inc	4.125		08/15/21		105,093
	225,000	Express Scripts	6.250		06/15/14		245,098
	300,000	Express Scripts, Inc	3.125		05/15/16		319,915
	100,000	Kaiser Foundation Hospitals	3.500		04/01/22		105,912
	100,000	Kaiser Foundation Hospitals	4.875		04/01/42		113,827
	200,000	Laboratory Corp of America Holdings	3.125		05/15/16		211,746
	100,000	Laboratory Corp of America Holdings	2.200		08/23/17		102,137
	200,000	Laboratory Corp of America Holdings	3.750		08/23/22		209,282
	430,000	McKesson Corp	3.250		03/01/16		462,684
	25,000	McKesson Corp	5.700		03/01/17		29,924
	180,000	McKesson Corp	4.750		03/01/21		209,700
	100,000	McKesson Corp	6.000		03/01/41		136,597
	250,000	Medco Health Solutions, Inc	2.750		09/15/15		261,509
	250,000	Medco Health Solutions, Inc	7.125		03/15/18		313,901
	205,000	Medtronic, Inc	4.750		09/15/15		229,467
	200,000	Medtronic, Inc	5.600		03/15/19		243,405

111

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	705,000	Medtronic, Inc	4.450	%	03/15/20	$	819,386
	200,000	Medtronic, Inc	4.500		03/15/42		226,123
	150,000	PerkinElmer, Inc	5.000		11/15/21		166,940
	235,000	Quest Diagnostics, Inc	6.400		07/01/17		279,553
	20,000	St. Jude Medical, Inc	3.750		07/15/14		21,064
	450,000	St. Jude Medical, Inc	2.500		01/15/16		469,678
	150,000	Stryker Corp	3.000		01/15/15		157,772
	150,000	Stryker Corp	2.000		09/30/16		156,383
	90,000	Stryker Corp	4.375		01/15/20		103,390
	165,000	Thermo Fisher Scientific, Inc	5.000		06/01/15		182,250
	550,000	Thermo Fisher Scientific, Inc	2.250		08/15/16		570,863
	150,000	Thermo Fisher Scientific, Inc	1.850		01/15/18		152,488
	455,000	Thermo Fisher Scientific, Inc	4.700		05/01/20		520,764
	250,000	Thermo Fisher Scientific, Inc	3.150		01/15/23		258,065
	100,000	Zimmer Holdings, Inc	1.400		11/30/14		100,510
	150,000	Zimmer Holdings, Inc	3.375		11/30/21		157,157
	106,000	Zimmer Holdings, Inc	5.750		11/30/39		129,390

		TOTAL HEALTH CARE EQUIPMENT & SERVICES					13,605,255


HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	100,000	Avon Products, Inc	5.625		03/01/14		105,003
	100,000	Avon Products, Inc	6.500		03/01/19		111,044
	25,000	Clorox Co	5.000		01/15/15		27,282
	100,000	Clorox Co	3.550		11/01/15		107,211
	100,000	Clorox Co	3.800		11/15/21		107,353
	400,000	Colgate-Palmolive Co	1.300		01/15/17		409,051
	200,000	Colgate-Palmolive Co	2.300		05/03/22		202,636
	200,000	Colgate-Palmolive Co	1.950		02/01/23		194,911
	60,000	Colgate-Palmolive Co	6.450		06/16/28		79,805
	150,000	Ecolab, Inc	2.375		12/08/14		155,559
	300,000	Ecolab, Inc	1.000		08/09/15		301,365
	100,000	Ecolab, Inc	3.000		12/08/16		107,520
	350,000	Ecolab, Inc	4.350		12/08/21		397,065
	100,000	Ecolab, Inc	5.500		12/08/41		124,366
	200,000	Estee Lauder Cos, Inc	2.350		08/15/22		199,698
	100,000	Estee Lauder Cos, Inc	6.000		05/15/37		132,536
	425,000	Procter & Gamble Co	3.500		02/15/15		454,667
	1,325,000	Procter & Gamble Co	4.700		02/15/19		1,573,815
	400,000	Procter & Gamble Co	2.300		02/06/22		408,903
	225,000	Procter & Gamble Co	5.550		03/05/37		305,002

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS					5,504,792


INSURANCE - 1.1%
	85,000	ACE INA Holdings, Inc	5.875		06/15/14		92,450
	200,000	ACE INA Holdings, Inc	5.600		05/15/15		224,153
	100,000	ACE INA Holdings, Inc	2.600		11/23/15		104,811
	25,000	ACE INA Holdings, Inc	5.800		03/15/18		30,646
	500,000	ACE INA Holdings, Inc	5.900		06/15/19		618,261
	400,000	Aegon NV	4.625		12/01/15		437,690
	200,000	Aetna, Inc	6.500		09/15/18		249,332
	250,000	Aetna, Inc	3.950		09/01/20		271,435
	240,000	Aetna, Inc	6.625		06/15/36		312,748

112

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	350,000		Aetna, Inc	4.500	%	05/15/42	$	355,350
	200,000		Aflac, Inc	8.500		05/15/19		267,879
	300,000		Aflac, Inc	4.000		02/15/22		328,514
	125,000		Aflac, Inc	6.900		12/17/39		161,975
	300,000		Alleghany Corp	4.950		06/27/22		326,891
	1,100,000		Allstate Corp	7.450		05/16/19		1,439,885
	175,000		Allstate Corp	5.550		05/09/35		214,623
	100,000		Allstate Corp	5.200		01/15/42		119,884
	100,000		American Financial Group, Inc	9.875		06/15/19		125,782
	600,000		American International Group, Inc	3.650		01/15/14		617,723
	700,000		American International Group, Inc	3.800		03/22/17		752,928
	1,350,000		American International Group, Inc	8.250		08/15/18		1,735,979
	900,000		American International Group, Inc	6.400		12/15/20		1,096,283
	200,000		American International Group, Inc	4.875		06/01/22		225,391
	500,000		American International Group, Inc	6.250		05/01/36		637,805
	328,000		American International Group, Inc	6.820		11/15/37		429,086
	200,000		Aon Corp	6.250		09/30/40		258,603
	200,000		AON Corp	3.125		05/27/16		211,851
	50,000		AON Corp	5.000		09/30/20		57,607
	100,000		AON Corp	8.205		01/01/27		125,134
	100,000		Assurant, Inc	6.750		02/15/34		110,549
	270,000		AXA S.A.	8.600		12/15/30		326,472
	50,000		Axis Specialty Finance	5.875		06/01/20		56,352
	333,000		Berkshire Hathaway Finance Corp	4.850		01/15/15		365,380
	300,000		Berkshire Hathaway Finance Corp	2.450		12/15/15		316,016
	300,000		Berkshire Hathaway Finance Corp	1.600		05/15/17		306,979
	750,000		Berkshire Hathaway Finance Corp	5.400		05/15/18		904,197
	200,000		Berkshire Hathaway Finance Corp	3.000		05/15/22		207,335
	300,000		Berkshire Hathaway Finance Corp	4.400		05/15/42		308,760
	40,000		Chubb Corp	5.750		05/15/18		49,483
	350,000		Chubb Corp	6.000		05/11/37		474,012
	300,000	i	Chubb Corp	6.375		03/29/67		319,500
	200,000		CIGNA Corp	5.375		02/15/42		224,065
	540,000		CIGNA Corp	5.125		06/15/20		623,285
	200,000		CIGNA Corp	4.500		03/15/21		222,132
	200,000		Cincinnati Financial Corp	6.920		05/15/28		241,367
	200,000		CNA Financial Corp	5.850		12/15/14		216,982
	40,000		CNA Financial Corp	6.500		08/15/16		46,081
	200,000		CNA Financial Corp	5.750		08/15/21		232,598
	250,000		Fidelity National Financial, Inc	5.500		09/01/22		268,002
	335,000		Genworth Financial, Inc	4.950		10/01/15		343,939
	260,000		Genworth Financial, Inc	7.200		02/15/21		265,850
	100,000		Genworth Financial, Inc	7.625		09/24/21		102,063
	375,000		Hartford Financial Services Group, Inc	4.000		03/30/15		395,408
	200,000		Hartford Financial Services Group, Inc	5.375		03/15/17		223,070
	250,000		Hartford Financial Services Group, Inc	5.125		04/15/22		280,811
	330,000		Hartford Financial Services Group, Inc	6.625		03/30/40		397,498
	100,000		Humana, Inc	6.450		06/01/16		114,632
	100,000		Humana, Inc	8.150		06/15/38		134,238
	100,000		Infinity Property & Casualty Corp	5.000		09/19/22		104,082
	300,000		Lincoln National Corp	4.300		06/15/15		320,509
	200,000		Lincoln National Corp	8.750		07/01/19		262,056

113

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	200,000		Lincoln National Corp	4.200	%	03/15/22	$	209,096
	30,000		Lincoln National Corp	6.150		04/07/36		34,259
	150,000		Lincoln National Corp	7.000		06/15/40		186,902
	100,000		Loews Corp	5.250		03/15/16		112,698
	100,000		Manulife Financial Corp	3.400		09/17/15		104,708
	100,000		Manulife Financial Corp	4.900		09/17/20		110,546
	100,000		Markel Corp	7.125		09/30/19		120,336
	150,000		Markel Corp	4.900		07/01/22		158,477
	200,000		Marsh & McLennan Cos, Inc	5.375		07/15/14		215,202
	150,000		Marsh & McLennan Cos, Inc	2.300		04/01/17		153,091
	125,000		Marsh & McLennan Cos, Inc	9.250		04/15/19		171,958
	150,000		Marsh & McLennan Cos, Inc	4.800		07/15/21		168,547
	280,000		MetLife, Inc	5.000		06/15/15		310,885
	575,000		MetLife, Inc	6.750		06/01/16		688,227
	1,050,000		MetLife, Inc	4.750		02/08/21		1,216,929
	50,000		MetLife, Inc	6.375		06/15/34		65,246
	405,000		MetLife, Inc	5.700		06/15/35		497,652
	130,000		MetLife, Inc	5.875		02/06/41		162,949
	200,000		MetLife, Inc	4.125		08/13/42		196,916
	175,000		MetLife, Inc	1.756		12/15/17		176,369
	700,000		MetLife, Inc	3.048		12/15/22		708,806
	20,000		Nationwide Financial Services	6.750		05/15/37		20,450
	100,000		PartnerRe Ltd	5.500		06/01/20		110,245
	100,000	g	Primerica, Inc	4.750		07/15/22		106,065
	130,000		Principal Financial Group, Inc	8.875		05/15/19		173,333
	100,000		Principal Financial Group, Inc	3.300		09/15/22		101,126
	100,000		Principal Financial Group, Inc	6.050		10/15/36		121,517
	100,000		Principal Financial Group, Inc	4.625		09/15/42		102,108
	120,000		Progressive Corp	6.250		12/01/32		158,790
	300,000	i	Progressive Corp	6.700		06/15/37		324,000
	100,000		Protective Life Corp	7.375		10/15/19		119,113
	295,000		Prudential Financial, Inc	5.100		09/20/14		319,124
	200,000		Prudential Financial, Inc	4.750		09/17/15		220,260
	300,000		Prudential Financial, Inc	3.000		05/12/16		315,832
	60,000		Prudential Financial, Inc	6.100		06/15/17		70,709
	1,020,000		Prudential Financial, Inc	7.375		06/15/19		1,289,891
	300,000		Prudential Financial, Inc	4.500		11/16/21		330,951
	450,000		Prudential Financial, Inc	6.200		11/15/40		537,503
	125,000	i	Prudential Financial, Inc	5.875		09/15/42		128,125
	150,000		Reinsurance Group of America, Inc	5.625		03/15/17		169,205
	100,000		Reinsurance Group of America, Inc	5.000		06/01/21		106,598
	100,000		StanCorp Financial Group, Inc	5.000		08/15/22		103,177
	200,000		Swiss Re Solutions Holding Corp	7.000		02/15/26		247,811
	250,000		Torchmark Corp	3.800		09/15/22		255,686
	100,000		Transatlantic Holdings, Inc	5.750		12/14/15		111,102
	20,000		Transatlantic Holdings, Inc	8.000		11/30/39		24,959
	610,000		Travelers Cos, Inc	5.800		05/15/18		750,329
	130,000		Travelers Cos, Inc	5.900		06/02/19		162,059
	200,000		Travelers Cos, Inc	5.350		11/01/40		250,566
	100,000		Travelers Property Casualty Corp	6.375		03/15/33		133,193
	100,000		UnitedHealth Group, Inc	5.375		03/15/16		114,557
	324,000		UnitedHealth Group, Inc	6.000		02/15/18		397,926

114

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	700,000	UnitedHealth Group, Inc	4.700	%	02/15/21	$	816,343
	365,000	UnitedHealth Group, Inc	6.625		11/15/37		490,003
	250,000	UnitedHealth Group, Inc	6.875		02/15/38		347,062
	150,000	UnitedHealth Group, Inc	4.625		11/15/41		161,968
	300,000	UnitedHealth Group, Inc	4.375		03/15/42		320,469
	100,000	Unitrin, Inc	6.000		11/30/15		105,091
	110,000	Unum Group	5.625		09/15/20		122,965
	200,000	Verisk Analytics, Inc	5.800		05/01/21		224,572
	200,000	WellPoint, Inc	1.250		09/10/15		201,396
	700,000	WellPoint, Inc	5.875		06/15/17		832,782
	200,000	WellPoint, Inc	1.875		01/15/18		201,529
	150,000	WellPoint, Inc	3.700		08/15/21		156,910
	300,000	WellPoint, Inc	3.125		05/15/22		299,449
	200,000	WellPoint, Inc	3.300		01/15/23		202,286
	420,000	WellPoint, Inc	5.850		01/15/36		486,842
	300,000	WellPoint, Inc	4.625		05/15/42		302,843
	200,000	WellPoint, Inc	4.650		01/15/43		204,001
	312,000	Willis North America, Inc	6.200		03/28/17		355,553
	165,000	WR Berkley Corp	5.375		09/15/20		181,649
	250,000	WR Berkley Corp	4.625		03/15/22		264,471
	150,000	XL Capital Ltd	6.375		11/15/24		178,254
	100,000	XL Group PLC	5.250		09/15/14		106,800

		TOTAL INSURANCE					40,303,749


MATERIALS - 1.0%
	300,000	3M Co	1.375		09/29/16		307,808
	200,000	3M Co	1.000		06/26/17		201,741
	200,000	3M Co	2.000		06/26/22		199,698
	190,000	3M Co	5.700		03/15/37		261,537
	100,000	Agrium, Inc	6.750		01/15/19		125,114
	150,000	Agrium, Inc	3.150		10/01/22		151,050
	100,000	Agrium, Inc	6.125		01/15/41		125,545
	200,000	Air Products & Chemicals, Inc	1.200		10/15/17		200,858
	150,000	Air Products & Chemicals, Inc	3.000		11/03/21		158,095
	180,000	Airgas, Inc	4.500		09/15/14		191,630
	100,000	Albemarle Corp	4.500		12/15/20		111,313
	200,000	Alcoa, Inc	5.550		02/01/17		224,064
	430,000	Alcoa, Inc	6.150		08/15/20		474,534
	550,000	Alcoa, Inc	5.400		04/15/21		577,311
	300,000	Alcoa, Inc	5.870		02/23/22		322,678
	100,000	Allegheny Technologies, Inc	5.950		01/15/21		110,385
	100,000	AngloGold Ashanti Holdings plc	5.375		04/15/20		105,000
	350,000	AngloGold Ashanti Holdings plc	5.125		08/01/22		356,415
	270,000	ArcelorMittal	4.000		08/05/15		268,294
	275,000	ArcelorMittal	4.750		02/25/17		269,736
	890,000	ArcelorMittal	10.100		06/01/19		1,025,175
	500,000	ArcelorMittal	6.500		02/25/22		492,486
	520,000	ArcelorMittal	7.250		10/15/39		475,691
	357,000	ArcelorMittal USA, Inc	6.500		04/15/14		371,653
	180,000	Barrick Australian Finance Pty Ltd	5.950		10/15/39		209,163
	50,000	Barrick Gold Corp	6.950		04/01/19		61,952
	250,000	Barrick Gold Corp	3.850		04/01/22		262,441

115

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	250,000	Barrick Gold Corp	5.250	%	04/01/42	$	276,693
	1,000,000	Barrick North America Finance LLC	4.400		05/30/21		1,087,956
	110,000	Bemis Co, Inc	5.650		08/01/14		118,842
	100,000	Bemis Co, Inc	6.800		08/01/19		121,664
	200,000	Cabot Corp	3.700		07/15/22		204,331
	220,000	Celulosa Arauco y Constitucion S.A.	5.625		04/20/15		237,937
	100,000	Celulosa Arauco y Constitucion S.A.	5.000		01/21/21		105,573
	100,000	Celulosa Arauco y Constitucion S.A.	4.750		01/11/22		104,422
	350,000	CF Industries, Inc	7.125		05/01/20		439,250
	250,000	Church & Dwight Co, Inc	2.875		10/01/22		253,655
	50,000	Cliffs Natural Resources, Inc	4.800		10/01/20		49,067
	200,000	Cliffs Natural Resources, Inc	4.875		04/01/21		195,756
	150,000	Cliffs Natural Resources, Inc	6.250		10/01/40		146,781
	100,000	Clorox Co	3.050		09/15/22		101,966
	225,000	Corning, Inc	4.250		08/15/20		252,495
	100,000	Corning, Inc	5.750		08/15/40		121,442
	200,000	Corning, Inc	4.750		03/15/42		216,141
	100,000	Cytec Industries, Inc	6.000		10/01/15		109,257
	200,000	Domtar Corp	4.400		04/01/22		204,787
	100,000	Domtar Corp	6.250		09/01/42		102,097
	80,000	Dow Chemical Co	5.900		02/15/15		89,129
	591,000	Dow Chemical Co	8.550		05/15/19		792,509
	1,500,000	Dow Chemical Co	4.250		11/15/20		1,650,376
	350,000	Dow Chemical Co	5.250		11/15/41		397,144
	175,000	Eastman Chemical Co	2.400		06/01/17		182,772
	165,000	Eastman Chemical Co	5.500		11/15/19		193,478
	250,000	Eastman Chemical Co	3.600		08/15/22		263,351
	150,000	Eastman Chemical Co	4.800		09/01/42		162,521
	90,000	EI Du Pont de Nemours & Co	5.250		12/15/16		105,563
	1,420,000	EI Du Pont de Nemours & Co	4.625		01/15/20		1,667,543
	100,000	FMC Corp	3.950		02/01/22		106,135
	650,000	Freeport-McMoRan Copper & Gold, Inc	3.550		03/01/22		650,656
	200,000	Georgia-Pacific LLC	7.700		06/15/15		231,771
	250,000	Georgia-Pacific LLC	7.750		11/15/29		330,295
	100,000	Hubbell, Inc	3.625		11/15/22		108,814
	200,000	International Paper Co	7.400		06/15/14		219,478
	300,000	International Paper Co	7.950		06/15/18		386,119
	144,000	International Paper Co	9.375		05/15/19		194,720
	330,000	International Paper Co	7.500		08/15/21		433,189
	170,000	International Paper Co	7.300		11/15/39		225,032
	150,000	International Paper Co	6.000		11/15/41		182,780
	330,000	Kimberly-Clark Corp	6.250		07/15/18		415,221
	225,000	Kimberly-Clark Corp	3.625		08/01/20		250,211
	100,000	Kimberly-Clark Corp	3.875		03/01/21		112,903
	125,000	Kimberly-Clark Corp	2.400		03/01/22		127,252
	200,000	Kimberly-Clark Corp	6.625		08/01/37		294,636
	150,000	Kinross Gold Corp	5.125		09/01/21		155,174
	92,000	Lubrizol Corp	8.875		02/01/19		130,038
	150,000	Lubrizol Corp	6.500		10/01/34		208,174
	250,000	Martin Marietta Materials, Inc	6.600		04/15/18		280,670
	200,000	Monsanto Co	2.750		04/15/16		213,473
	100,000	Monsanto Co	2.200		07/15/22		99,937

116

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	150,000		Monsanto Co	5.500	%	08/15/25	$	190,941
	100,000		Monsanto Co	3.600		07/15/42		99,344
	200,000		Newmont Mining Corp	5.125		10/01/19		228,165
	300,000		Newmont Mining Corp	3.500		03/15/22		304,326
	98,000		Newmont Mining Corp	5.875		04/01/35		110,705
	135,000		Newmont Mining Corp	6.250		10/01/39		159,492
	300,000		Newmont Mining Corp	4.875		03/15/42		307,483
	100,000		Nucor Corp	5.750		12/01/17		121,517
	130,000		Nucor Corp	5.850		06/01/18		156,953
	300,000		Nucor Corp	4.125		09/15/22		340,245
	250,000		Owens Corning	9.000		06/15/19		314,638
	150,000		Packaging Corp of America	3.900		06/15/22		154,829
	100,000		Plum Creek Timberlands LP	4.700		03/15/21		106,548
	650,000		Potash Corp of Saskatchewan, Inc	4.875		03/30/20		753,091
	150,000		PPG Industries, Inc	2.700		08/15/22		150,423
	150,000		PPG Industries, Inc	6.650		03/15/18		184,433
	300,000		PPG Industries, Inc	3.600		11/15/20		323,711
	405,000		Praxair, Inc	5.250		11/15/14		443,287
	440,000		Praxair, Inc	3.250		09/15/15		472,996
	250,000		Praxair, Inc	2.200		08/15/22		246,558
	150,000		Rio Tinto Finance USA Ltd	2.500		05/20/16		156,630
	1,300,000		Rio Tinto Finance USA Ltd	6.500		07/15/18		1,619,410
	570,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		601,328
	200,000		Rio Tinto Finance USA Ltd	4.125		05/20/21		221,205
	200,000		Rio Tinto Finance USA Ltd	3.750		09/20/21		213,056
	250,000		Rio Tinto Finance USA Ltd	7.125		07/15/28		336,664
	150,000		Rio Tinto Finance USA Ltd	5.200		11/02/40		173,068
	200,000		Rohm and Haas Co	6.000		09/15/17		239,064
	100,000		RPM International, Inc	6.125		10/15/19		115,854
	100,000		Sherwin-Williams Co	3.125		12/15/14		105,082
	150,000		Sonoco Products Co	5.750		11/01/40		174,775
	200,000		Southern Copper Corp	5.375		04/16/20		224,833
	100,000		Southern Copper Corp	7.500		07/27/35		123,310
	180,000		Southern Copper Corp	6.750		04/16/40		207,038
	50,000		Teck Resources Ltd	3.850		08/15/17		53,519
	100,000		Teck Resources Ltd	2.500		02/01/18		100,436
	300,000		Teck Resources Ltd	3.000		03/01/19		303,706
	600,000		Teck Resources Ltd	4.500		01/15/21		634,517
	275,000		Teck Resources Ltd	4.750		01/15/22		294,439
	100,000		Teck Resources Ltd	3.750		02/01/23		98,924
	100,000		Teck Resources Ltd	6.250		07/15/41		108,835
	200,000		Teck Resources Ltd	5.200		03/01/42		188,080
	150,000		Teck Resources Ltd	5.400		02/01/43		146,363
	450,000		Vale S.A.	5.625		09/11/42		457,794
	150,000		Valspar Corp	4.200		01/15/22		163,072
	150,000		Westlake Chemical Corp	3.600		07/15/22		151,607
	140,000	g	Xstrata Finance Canada Ltd	5.800		11/15/16		158,177

			TOTAL MATERIALS					35,493,014


MEDIA - 1.0%
	100,000		CBS Corp	1.950		07/01/17		102,506
	50,000		CBS Corp	5.750		04/15/20		60,117

117

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	445,000	CBS Corp	4.300	%	02/15/21	$	494,574
	500,000	CBS Corp	3.375		03/01/22		522,393
	200,000	CBS Corp	7.875		07/30/30		272,037
	200,000	CBS Corp	4.850		07/01/42		211,777
	20,000	Comcast Cable Communications Holdings, Inc	8.375		03/15/13		20,711
	450,000	Comcast Cable Communications LLC	8.875		05/01/17		589,938
	975,000	Comcast Corp	5.300		01/15/14		1,032,578
	1,595,000	Comcast Corp	5.150		03/01/20		1,897,463
	350,000	Comcast Corp	3.125		07/15/22		363,100
	129,000	Comcast Corp	7.050		03/15/33		169,242
	345,000	Comcast Corp	5.650		06/15/35		403,969
	350,000	Comcast Corp	6.950		08/15/37		476,476
	780,000	Comcast Corp	6.400		03/01/40		1,017,086
	350,000	Comcast Corp	4.650		07/15/42		374,363
	285,000	COX Communications, Inc	5.450		12/15/14		313,444
	50,000	DIRECTV Holdings LLC	4.750		10/01/14		53,621
	600,000	DIRECTV Holdings LLC	3.550		03/15/15		635,465
	100,000	DIRECTV Holdings LLC	3.500		03/01/16		106,412
	500,000	DIRECTV Holdings LLC	2.400		03/15/17		513,377
	285,000	DIRECTV Holdings LLC	5.200		03/15/20		323,989
	1,050,000	DIRECTV Holdings LLC	5.000		03/01/21		1,176,294
	250,000	DIRECTV Holdings LLC	3.800		03/15/22		257,266
	145,000	DIRECTV Holdings LLC	6.000		08/15/40		161,593
	100,000	DIRECTV Holdings LLC	6.375		03/01/41		117,069
	250,000	DIRECTV Holdings LLC	5.150		03/15/42		254,344
	100,000	Discovery Communications LLC	3.300		05/15/22		103,871
	100,000	Discovery Communications LLC	4.950		05/15/42		108,946
	350,000	Grupo Televisa S.A.	6.625		03/18/25		456,068
	348,000	Historic TW, Inc	6.625		05/15/29		436,397
	100,000	Interpublic Group of Cos, Inc	6.250		11/15/14		108,000
	100,000	Interpublic Group of Cos, Inc	4.000		03/15/22		104,756
	900,000	NBC Universal Media LLC	4.450		01/15/43		896,931
	585,000	NBC Universal Media LLC	5.150		04/30/20		693,274
	820,000	NBC Universal Media LLC	4.375		04/01/21		929,828
	375,000	NBC Universal Media LLC	2.875		01/15/23		374,314
	235,000	NBC Universal Media LLC	3.650		04/30/15		251,362
	95,000	NBC Universal Media LLC	6.400		04/30/40		120,578
	150,000	NBC Universal Media LLC	5.950		04/01/41		183,733
	355,000	News America, Inc	7.250		05/18/18		449,524
	600,000	News America, Inc	4.500		02/15/21		677,169
	1,325,000	News America, Inc	6.200		12/15/34		1,595,751
	300,000	News America, Inc	6.150		02/15/41		373,465
	200,000	Omnicom Group, Inc	5.900		04/15/16		231,204
	200,000	Omnicom Group, Inc	4.450		08/15/20		222,597
	400,000	Omnicom Group, Inc	3.625		05/01/22		422,480
	500,000	Time Warner Cable, Inc	5.850		05/01/17		595,578
	170,000	Time Warner Cable, Inc	6.750		07/01/18		213,798
	910,000	Time Warner Cable, Inc	8.750		02/14/19		1,239,002
	1,100,000	Time Warner Cable, Inc	8.250		04/01/19		1,476,444
	800,000	Time Warner Cable, Inc	4.000		09/01/21		882,066
	175,000	Time Warner Cable, Inc	6.750		06/15/39		228,076
	690,000	Time Warner Cable, Inc	5.875		11/15/40		811,398

118

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	300,000		Time Warner Cable, Inc	5.500	%	09/01/41	$	339,476
	250,000		Time Warner Cable, Inc	4.500		09/15/42		249,319
	490,000		Time Warner, Inc	3.150		07/15/15		522,918
	628,000		Time Warner, Inc	5.875		11/15/16		744,681
	450,000		Time Warner, Inc	4.750		03/29/21		519,676
	400,000		Time Warner, Inc	3.400		06/15/22		422,448
	785,000		Time Warner, Inc	6.500		11/15/36		996,065
	350,000		Time Warner, Inc	6.100		07/15/40		434,013
	150,000		Time Warner, Inc	6.250		03/29/41		190,034
	400,000		Time Warner, Inc	4.900		06/15/42		438,871
	406,000		Viacom, Inc	4.375		09/15/14		434,190
	300,000		Viacom, Inc	1.250		02/27/15		303,131
	400,000		Viacom, Inc	3.875		12/15/21		435,090
	200,000		Viacom, Inc	3.125		06/15/22		206,566
	250,000		Viacom, Inc	6.875		04/30/36		330,178
	200,000		Viacom, Inc	4.500		02/27/42		206,768
	261,000		WPP Finance 2010	4.750		11/21/21		285,943
	100,000		WPP Finance 2010	3.625		09/07/22		100,729

			TOTAL MEDIA					33,267,910


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
	300,000		Abbott Laboratories	2.700		05/27/15		317,287
	1,930,000		Abbott Laboratories	4.125		05/27/20		2,227,388
	39,000		Abbott Laboratories	6.000		04/01/39		54,679
	200,000		Abbott Laboratories	5.300		05/27/40		258,553
	300,000		Amgen, Inc	2.500		11/15/16		314,975
	300,000		Amgen, Inc	2.125		05/15/17		309,798
	550,000		Amgen, Inc	5.850		06/01/17		656,704
	75,000		Amgen, Inc	4.500		03/15/20		83,909
	250,000		Amgen, Inc	3.450		10/01/20		262,721
	700,000		Amgen, Inc	4.100		06/15/21		762,077
	500,000		Amgen, Inc	3.625		05/15/22		527,153
	700,000		Amgen, Inc	6.400		02/01/39		880,351
	150,000		Amgen, Inc	4.950		10/01/41		158,211
	400,000		Amgen, Inc	5.150		11/15/41		445,713
	300,000		Amgen, Inc	5.375		05/15/43		347,651
	150,000	g	Aristotle Holding, Inc	2.750		11/21/14		155,752
	150,000	g	Aristotle Holding, Inc	3.500		11/15/16		162,169
	300,000	g	Aristotle Holding, Inc	2.650		02/15/17		314,371
	250,000	g	Aristotle Holding, Inc	4.750		11/15/21		289,261
	525,000	g	Aristotle Holding, Inc	3.900		02/15/22		571,962
	150,000	g	Aristotle Holding, Inc	6.125		11/15/41		194,728
	600,000		AstraZeneca plc	5.900		09/15/17		737,008
	250,000		AstraZeneca plc	1.950		09/18/19		254,381
	500,000		AstraZeneca plc	6.450		09/15/37		683,819
	250,000		AstraZeneca plc	4.000		09/18/42		255,910
	100,000		Biogen Idec, Inc	6.875		03/01/18		123,024
	250,000		Bristol-Myers Squibb Co	0.875		08/01/17		247,805
	300,000		Bristol-Myers Squibb Co	5.450		05/01/18		364,215
	303,000		Bristol-Myers Squibb Co	6.125		05/01/38		418,459
	250,000		Bristol-Myers Squibb Co	3.250		08/01/42		231,651
	200,000		Eli Lilly & Co	4.200		03/06/14		210,729

119

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	375,000	Eli Lilly & Co	5.200	%	03/15/17	$	444,785
	200,000	Eli Lilly & Co	7.125		06/01/25		276,946
	250,000	Eli Lilly & Co	5.550		03/15/37		319,449
	125,000	Genentech, Inc	4.750		07/15/15		139,083
	100,000	Genentech, Inc	5.250		07/15/35		121,690
	25,000	Genzyme Corp	3.625		06/15/15		26,996
	100,000	Gilead Sciences, Inc	2.400		12/01/14		103,399
	600,000	Gilead Sciences, Inc	4.500		04/01/21		688,012
	100,000	Gilead Sciences, Inc	4.400		12/01/21		113,664
	100,000	Gilead Sciences, Inc	5.650		12/01/41		125,080
	400,000	GlaxoSmithKline Capital, Inc	4.375		04/15/14		424,217
	1,045,000	GlaxoSmithKline Capital, Inc	5.650		05/15/18		1,286,487
	350,000	GlaxoSmithKline Capital, Inc	5.375		04/15/34		432,568
	143,000	GlaxoSmithKline Capital, Inc	6.375		05/15/38		203,966
	150,000	Hospira, Inc	6.050		03/30/17		173,444
	100,000	Hospira, Inc	5.600		09/15/40		105,613
	100,000	ICI Wilmington, Inc	5.625		12/01/13		104,571
	150,000	Johnson & Johnson	2.150		05/15/16		158,073
	600,000	Johnson & Johnson	2.950		09/01/20		651,260
	375,000	Johnson & Johnson	5.850		07/15/38		531,417
	180,000	Johnson & Johnson	4.500		09/01/40		214,922
	150,000	Johnson & Johnson	4.850		05/15/41		192,638
	115,000	Life Technologies Corp	3.500		01/15/16		121,046
	300,000	Life Technologies Corp	5.000		01/15/21		340,478
	385,000	Mead Johnson Nutrition Co	4.900		11/01/19		439,309
	785,000	Merck & Co, Inc	6.000		09/15/17		971,435
	200,000	Merck & Co, Inc	1.100		01/31/18		200,496
	1,500,000	Merck & Co, Inc	3.875		01/15/21		1,709,132
	200,000	Merck & Co, Inc	2.400		09/15/22		201,610
	150,000	Merck & Co, Inc	6.500		12/01/33		217,265
	100,000	Merck & Co, Inc	3.600		09/15/42		100,433
	300,000	Novartis Capital Corp	4.125		02/10/14		314,935
	1,245,000	Novartis Capital Corp	2.900		04/24/15		1,322,190
	390,000	Novartis Capital Corp	4.400		04/24/20		459,950
	300,000	Novartis Capital Corp	2.400		09/21/22		303,540
	100,000	Novartis Capital Corp	3.700		09/21/42		103,391
	1,460,000	Pfizer, Inc	6.200		03/15/19		1,860,043
	800,000	Sanofi-Aventis S.A.	2.625		03/29/16		846,670
	450,000	Sanofi-Aventis S.A.	4.000		03/29/21		514,018
	240,000	Schering-Plough Corp	6.550		09/15/37		355,089
	100,000	Sigma-Aldrich Corp	3.375		11/01/20		108,906
	200,000	Teva Pharmaceutical Finance Co BV	2.400		11/10/16		210,132
	600,000	Teva Pharmaceutical Finance Co LLC	3.000		06/15/15		637,707
	350,000	Teva Pharmaceutical Finance Co LLC	6.150		02/01/36		462,398
	125,000	Watson Pharmaceuticals, Inc	5.000		08/15/14		134,126
	250,000	Watson Pharmaceuticals, Inc	1.875		10/01/17		252,782
	175,000	Watson Pharmaceuticals, Inc	3.250		10/01/22		177,241
	250,000	Watson Pharmaceuticals, Inc	4.625		10/01/42		255,960
	650,000	Wyeth	5.500		02/15/16		752,320
	1,000,000	Wyeth	6.450		02/01/24		1,364,184
	445,000	Wyeth	5.950		04/01/37		603,082

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					35,000,562

120

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

REAL ESTATE - 0.4%
$	150,000		Alexandria Real Estate Equities, Inc	4.600	%	04/01/22	$	160,046
	105,000		AMB Property LP	7.625		08/15/14		115,215
	165,000		AMB Property LP	4.500		08/15/17		177,581
	384,000		AMB Property LP	6.625		05/15/18		458,811
	100,000		AvalonBay Communities, Inc	3.950		01/15/21		108,932
	225,000		AvalonBay Communities, Inc	2.950		09/15/22		224,285
	115,000		BioMed Realty LP	6.125		04/15/20		133,540
	100,000		BioMed Realty LP	4.250		07/15/22		104,242
	25,000		Boston Properties LP	5.000		06/01/15		27,337
	150,000		Boston Properties LP	3.700		11/15/18		162,648
	80,000		Boston Properties LP	5.875		10/15/19		95,679
	175,000		Boston Properties LP	4.125		05/15/21		189,335
	500,000		Boston Properties LP	3.850		02/01/23		526,614
	115,000		Brandywine Operating Partnership LP	5.700		05/01/17		128,144
	250,000		BRE Properties, Inc	3.375		01/15/23		248,664
	100,000		Camden Property Trust	4.625		06/15/21		112,253
	200,000		CommonWealth REIT	6.250		08/15/16		218,631
	100,000		CubeSmart LP	4.800		07/15/22		108,205
	275,000		Duke Realty LP	5.950		02/15/17		311,426
	200,000		Duke Realty LP	4.375		06/15/22		210,893
	100,000		Duke Realty LP	3.875		10/15/22		101,696
	100,000		Entertainment Properties Trust	5.750		08/15/22		103,834
	35,000		ERP Operating LP	5.250		09/15/14		37,766
	500,000		ERP Operating LP	5.125		03/15/16		563,216
	150,000		ERP Operating LP	4.625		12/15/21		172,859
	100,000	g	Essex Portfolio LP	3.625		08/15/22		100,724
	100,000		Federal Realty Investment Trust	3.000		08/01/22		99,516
	150,000		HCP, Inc	3.750		02/01/16		159,194
	430,000		HCP, Inc	6.000		01/30/17		494,897
	150,000		HCP, Inc	3.750		02/01/19		157,254
	150,000		HCP, Inc	5.375		02/01/21		171,123
	400,000		HCP, Inc	3.150		08/01/22		388,849
	30,000		HCP, Inc	6.750		02/01/41		38,916
	100,000		Health Care REIT, Inc	3.625		03/15/16		105,553
	200,000		Health Care REIT, Inc	4.700		09/15/17		220,737
	200,000		Health Care REIT, Inc	4.125		04/01/19		212,926
	440,000		Health Care REIT, Inc	6.125		04/15/20		511,564
	300,000		Healthcare Realty Trust, Inc	6.500		01/17/17		341,902
	125,000		Highwoods Properties, Inc	5.850		03/15/17		137,210
	350,000		Hospitality Properties Trust	5.125		02/15/15		367,443
	100,000		Hospitality Properties Trust	5.000		08/15/22		105,054
	50,000		HRPT Properties Trust	5.875		09/15/20		53,221
	35,000		Kilroy Realty Corp	5.000		11/03/15		38,006
	145,000		Kimco Realty Corp	5.700		05/01/17		166,628
	220,000		Liberty Property LP	4.750		10/01/20		238,724
	150,000		Liberty Property LP	4.125		06/15/22		157,031
	125,000		Mack-Cali Realty Corp	7.750		08/15/19		154,528
	150,000		Mack-Cali Realty LP	4.500		04/18/22		160,571
	75,000		National Retail Properties, Inc	6.875		10/15/17		89,597
	100,000		National Retail Properties, Inc	3.800		10/15/22		101,985

121

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	20,000		Nationwide Health Properties, Inc	6.250	%	02/01/13	$	20,367
	200,000		Rayonier, Inc	3.750		04/01/22		206,208
	40,000		Realty Income Corp	5.950		09/15/16		44,980
	75,000		Realty Income Corp	5.750		01/15/21		87,373
	175,000		Regency Centers LP	5.250		08/01/15		190,768
	10,000		Regency Centers LP	5.875		06/15/17		11,554
	100,000		Senior Housing Properties Trust	6.750		12/15/21		112,537
	88,000		Simon Property Group LP	5.100		06/15/15		97,070
	295,000		Simon Property Group LP	5.250		12/01/16		337,964
	100,000		Simon Property Group LP	2.800		01/30/17		105,274
	740,000		Simon Property Group LP	10.350		04/01/19		1,064,916
	290,000		Simon Property Group LP	4.375		03/01/21		327,793
	300,000		Simon Property Group LP	3.375		03/15/22		314,979
	300,000		Simon Property Group LP	4.750		03/15/42		324,001
	200,000		UDR, Inc	4.625		01/10/22		220,739
	100,000	g,i	USB Realty Corp	1.602		12/30/49		83,008
	55,000		Ventas Realty LP	3.125		11/30/15		57,313
	300,000		Ventas Realty LP	4.750		06/01/21		329,709
	250,000		Ventas Realty LP	3.250		08/15/22		245,994
	100,000		Vornado Realty LP	5.000		01/15/22		110,652
	195,000		Washington Real Estate Investment Trust	4.950		10/01/20		214,755
	100,000		Washington Real Estate Investment Trust	3.950		10/15/22		101,321

			TOTAL REAL ESTATE					14,184,280


RETAILING - 0.6%
	120,000		Advance Auto Parts, Inc	5.750		05/01/20		138,808
	150,000		AutoZone, Inc	6.500		01/15/14		160,411
	100,000		AutoZone, Inc	4.000		11/15/20		109,134
	200,000		AutoZone, Inc	3.700		04/15/22		210,826
	300,000		Cooper US, Inc	2.375		01/15/16		309,723
	120,000		Costco Wholesale Corp	5.500		03/15/17		144,246
	100,000		Family Dollar Stores, Inc	5.000		02/01/21		107,922
	250,000		Gap, Inc	5.950		04/12/21		278,480
	155,000		Home Depot, Inc	5.250		12/16/13		164,049
	100,000		Home Depot, Inc	5.400		03/01/16		115,697
	400,000		Home Depot, Inc	3.950		09/15/20		459,061
	350,000		Home Depot, Inc	4.400		04/01/21		413,912
	960,000		Home Depot, Inc	5.875		12/16/36		1,264,964
	125,000		Kohl’s Corp	6.250		12/15/17		152,755
	200,000		Kohl’s Corp	3.250		02/01/23		203,335
	150,000		Kohl’s Corp	6.000		01/15/33		174,961
	100,000		Kohl’s Corp	6.875		12/15/37		132,888
	350,000		Lowe’s Companies, Inc	3.120		04/15/22		362,967
	100,000		Lowe’s Companies, Inc	4.650		04/15/42		108,997
	400,000		Lowe’s Cos, Inc	2.125		04/15/16		415,413
	200,000		Lowe’s Cos, Inc	3.800		11/15/21		220,781
	200,000		Lowe’s Cos, Inc	6.875		02/15/28		261,023
	175,000		Lowe’s Cos, Inc	5.500		10/15/35		206,472
	150,000		Lowe’s Cos, Inc	5.800		04/15/40		184,819
	150,000		Lowe’s Cos, Inc	5.125		11/15/41		174,302
	450,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		525,369
	250,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		269,515

122

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	400,000		Macy’s Retail Holdings, Inc	6.900	%	04/01/29	$	471,943
	300,000		Nordstrom, Inc	6.250		01/15/18		364,251
	30,000		Nordstrom, Inc	4.750		05/01/20		34,887
	100,000		Nordstrom, Inc	4.000		10/15/21		112,461
	100,000		Nordstrom, Inc	7.000		01/15/38		145,660
	150,000		O’Reilly Automotive, Inc	4.875		01/14/21		166,915
	100,000		O’Reilly Automotive, Inc	3.800		09/01/22		103,629
	600,000	g	Phillips 66	2.950		05/01/17		634,738
	400,000	g	Phillips 66	5.875		05/01/42		474,952
	100,000	g	QVC, Inc	5.125		07/02/22		105,901
	288,000		Staples, Inc	9.750		01/15/14		318,626
	100,000		Target Corp	1.125		07/18/14		101,257
	1,150,000		Target Corp	3.875		07/15/20		1,311,171
	150,000		Target Corp	2.900		01/15/22		158,939
	460,000		Target Corp	7.000		07/15/31		638,293
	200,000		Target Corp	6.500		10/15/37		280,773
	150,000		Target Corp	7.000		01/15/38		220,035
	250,000		Target Corp	4.000		07/01/42		255,878
	105,000		TJX Cos, Inc	6.950		04/15/19		134,555
	650,000		Wal-Mart Stores, Inc	4.500		07/01/15		721,002
	200,000		Wal-Mart Stores, Inc	1.500		10/25/15		206,328
	200,000		Wal-Mart Stores, Inc	2.800		04/15/16		214,618
	300,000		Wal-Mart Stores, Inc	3.625		07/08/20		337,024
	1,400,000		Wal-Mart Stores, Inc	3.250		10/25/20		1,539,863
	1,450,000		Wal-Mart Stores, Inc	4.250		04/15/21		1,705,136
	69,000		Wal-Mart Stores, Inc	7.550		02/15/30		103,545
	1,095,000		Wal-Mart Stores, Inc	5.250		09/01/35		1,356,415
	160,000		Wal-Mart Stores, Inc	6.500		08/15/37		229,223
	400,000		Wal-Mart Stores, Inc	6.200		04/15/38		551,448
	65,000		Wal-Mart Stores, Inc	5.625		04/01/40		85,583
	345,000		Wal-Mart Stores, Inc	5.000		10/25/40		418,357

			TOTAL RETAILING					20,774,236


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	200,000		Altera Corp	1.750		05/15/17		205,270
	85,000		Analog Devices, Inc	5.000		07/01/14		91,743
	55,000		Broadcom Corp	1.500		11/01/13		55,626
	140,000		Broadcom Corp	2.375		11/01/15		146,742
	150,000	g	Broadcom Corp	2.500		08/15/22		149,646
	400,000		Intel Corp	1.950		10/01/16		419,953
	500,000		Intel Corp	4.800		10/01/41		584,867
	310,000		National Semiconductor Corp	3.950		04/15/15		336,414
	200,000		Texas Instruments, Inc	0.450		08/03/15		199,394
	200,000		Texas Instruments, Inc	2.375		05/16/16		211,494
	200,000		Texas Instruments, Inc	1.650		08/03/19		200,941

			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					2,602,090


SOFTWARE & SERVICES - 0.3%
	285,000		Adobe Systems, Inc	3.250		02/01/15		300,540
	20,000		Adobe Systems, Inc	4.750		02/01/20		22,515
	300,000		BMC Software, Inc	4.250		02/15/22		310,616
	20,000		CA, Inc	6.125		12/01/14		21,950

123

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	300,000	CA, Inc	5.375	%	12/01/19	$	343,785
	120,000	Computer Sciences Corp	6.500		03/15/18		139,060
	200,000	Computer Sciences Corp	4.450		09/15/22		200,204
	300,000	Expedia, Inc	7.456		08/15/18		354,889
	50,000	Fiserv, Inc	3.125		10/01/15		52,134
	150,000	Fiserv, Inc	3.125		06/15/16		157,731
	100,000	Fiserv, Inc	6.800		11/20/17		119,189
	550,000	Fiserv, Inc	3.500		10/01/22		551,951
	100,000	Google, Inc	1.250		05/19/14		101,476
	300,000	Google, Inc	2.125		05/19/16		315,927
	100,000	Google, Inc	3.625		05/19/21		112,505
	700,000	International Business Machines Corp	0.750		05/11/15		704,561
	250,000	International Business Machines Corp	1.950		07/22/16		261,110
	225,000	International Business Machines Corp	1.250		02/06/17		228,712
	200,000	Intuit, Inc	5.750		03/15/17		232,223
	175,000	Juniper Networks, Inc	4.600		03/15/21		188,482
	675,000	Microsoft Corp	4.200		06/01/19		791,184
	540,000	Microsoft Corp	3.000		10/01/20		591,547
	450,000	Microsoft Corp	4.000		02/08/21		525,757
	400,000	Microsoft Corp	5.300		02/08/41		526,510
	320,000	Oracle Corp	3.750		07/08/14		338,880
	320,000	Oracle Corp	5.750		04/15/18		397,102
	1,365,000	Oracle Corp	3.875		07/15/20		1,562,673
	550,000	Oracle Corp	6.500		04/15/38		788,329
	470,000	Oracle Corp	6.125		07/08/39		646,043
	290,000	Symantec Corp	2.750		09/15/15		299,928
	250,000	Symantec Corp	2.750		06/15/17		256,979
	200,000	Symantec Corp	3.950		06/15/22		202,408

		TOTAL SOFTWARE & SERVICES					11,646,900


TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
	75,000	Amphenol Corp	4.750		11/15/14		80,482
	150,000	Amphenol Corp	4.000		02/01/22		158,335
	1,043,000	Cisco Systems, Inc	4.950		02/15/19		1,247,609
	1,900,000	Cisco Systems, Inc	4.450		01/15/20		2,229,884
	400,000	Cisco Systems, Inc	5.900		02/15/39		529,742
	200,000	Dell, Inc	3.100		04/01/16		212,537
	750,000	Dell, Inc	5.875		06/15/19		887,601
	510,000	Discovery Communications LLC	5.050		06/01/20		594,460
	100,000	Discovery Communications LLC	4.375		06/15/21		112,190
	100,000	Discovery Communications LLC	6.350		06/01/40		126,006
	300,000	Harris Corp	4.400		12/15/20		326,066
	575,000	Hewlett-Packard Co	4.750		06/02/14		606,170
	600,000	Hewlett-Packard Co	2.125		09/13/15		608,884
	1,900,000	Hewlett-Packard Co	3.000		09/15/16		1,963,604
	175,000	Hewlett-Packard Co	2.600		09/15/17		175,549
	700,000	Hewlett-Packard Co	3.750		12/01/20		698,170
	200,000	Hewlett-Packard Co	4.375		09/15/21		204,881
	100,000	Hewlett-Packard Co	4.650		12/09/21		104,269
	200,000	Hewlett-Packard Co	4.050		09/15/22		202,336
	150,000	Hewlett-Packard Co	6.000		09/15/41		158,187
	200,000	Ingram Micro, Inc	5.000		08/10/22		206,983

124

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	300,000	International Business Machines Corp	2.000	%	01/05/16	$	313,400
	200,000	International Business Machines Corp	1.875		05/15/19		207,435
	800,000	International Business Machines Corp	8.375		11/01/19		1,135,967
	500,000	International Business Machines Corp	2.900		11/01/21		534,308
	300,000	International Business Machines Corp	1.875		08/01/22		292,019
	400,000	International Business Machines Corp	7.000		10/30/25		594,751
	19,000	International Business Machines Corp	5.600		11/30/39		25,325
	385,000	International Business Machines Corp	4.000		06/20/42		419,917
	85,000	International Game Technology	7.500		06/15/19		101,956
	347,000	Koninklijke Philips Electronics NV	5.750		03/11/18		422,287
	100,000	Koninklijke Philips Electronics NV	6.875		03/11/38		137,541
	300,000	Koninklijke Philips Electronics NV	5.000		03/15/42		338,082
	100,000	L-3 Communications Corp	3.950		11/15/16		108,650
	420,000	L-3 Communications Corp	5.200		10/15/19		472,891
	100,000	Lexmark International, Inc	6.650		06/01/18		108,902
	200,000	Motorola Solutions, Inc	3.750		05/15/22		207,912
	200,000	Motorola, Inc	6.000		11/15/17		238,698
	590,000	Pitney Bowes, Inc	4.750		01/15/16		632,308
	100,000	Tech Data Corp	3.750		09/21/17		101,806
	200,000	Telefonaktiebolaget LM Ericsson	4.125		05/15/22		206,213
	225,000	Tyco Electronics Group S.A.	6.550		10/01/17		272,096
	250,000	Tyco Electronics Group S.A.	3.500		02/03/22		255,455
	225,000	Xerox Corp	8.250		05/15/14		249,585
	330,000	Xerox Corp	4.250		02/15/15		350,478
	100,000	Xerox Corp	2.950		03/15/17		103,325
	250,000	Xerox Corp	6.350		05/15/18		293,521
	700,000	Xerox Corp	5.625		12/15/19		795,483

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					20,354,256


TELECOMMUNICATION SERVICES - 1.3%
	200,000	America Movil SAB de C.V.	3.625		03/30/15		212,847
	200,000	America Movil SAB de C.V.	2.375		09/08/16		208,118
	1,430,000	America Movil SAB de C.V.	5.000		03/30/20		1,674,245
	450,000	America Movil SAB de C.V.	3.125		07/16/22		463,717
	440,000	America Movil SAB de C.V.	6.125		03/30/40		572,513
	225,000	America Movil SAB de C.V.	4.375		07/16/42		233,362
	650,000	American Tower Corp	4.500		01/15/18		717,265
	200,000	American Tower Corp	4.700		03/15/22		219,385
	7,000	AT&T Corp	8.000		11/15/31		10,759
	346,000	AT&T Mobility LLC	7.125		12/15/31		480,942
	350,000	AT&T, Inc	5.100		09/15/14		380,559
	1,265,000	AT&T, Inc	2.500		08/15/15		1,329,211
	150,000	AT&T, Inc	2.950		05/15/16		161,184
	600,000	AT&T, Inc	1.600		02/15/17		615,550
	750,000	AT&T, Inc	1.700		06/01/17		772,393
	950,000	AT&T, Inc	5.800		02/15/19		1,181,670
	300,000	AT&T, Inc	4.450		05/15/21		353,048
	2,300,000	AT&T, Inc	3.000		02/15/22		2,431,548
	470,000	AT&T, Inc	6.150		09/15/34		597,728
	220,000	AT&T, Inc	6.500		09/01/37		292,888
	1,575,000	AT&T, Inc	6.300		01/15/38		2,067,528
	322,000	AT&T, Inc	5.350		09/01/40		387,562

125

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	700,000	AT&T, Inc	5.550	%	08/15/41	$	871,359
	500,000	BellSouth Capital Funding Corp	7.875		02/15/30		671,428
	60,000	BellSouth Corp	6.875		10/15/31		74,850
	140,000	BellSouth Corp	6.550		06/15/34		169,240
	250,000	British Telecommunications plc	2.000		06/22/15		257,043
	400,000	British Telecommunications plc	5.950		01/15/18		479,008
	450,000	British Telecommunications plc	9.625		12/15/30		732,406
	490,000	Cellco Partnership	5.550		02/01/14		521,213
	1,065,000	Cellco Partnership	8.500		11/15/18		1,492,140
	200,000	CenturyLink, Inc	5.800		03/15/22		217,629
	1,300,000	CenturyTel, Inc	5.150		06/15/17		1,417,923
	584,000	CenturyTel, Inc	7.600		09/15/39		617,652
	450,000	Deutsche Telekom International Finance BV	5.750		03/23/16		512,632
	850,000	Deutsche Telekom International Finance BV	6.000		07/08/19		1,028,917
	490,000	Deutsche Telekom International Finance BV	8.750		06/15/30		737,013
	495,000	France Telecom S.A.	2.125		09/16/15		509,583
	1,000,000	France Telecom S.A.	4.125		09/14/21		1,106,132
	245,000	France Telecom S.A.	8.500		03/01/31		368,961
	100,000	France Telecom S.A.	5.375		01/13/42		117,501
	150,000	Koninklijke KPN NV	8.375		10/01/30		200,623
	150,000	Nippon Telegraph & Telephone Corp	1.400		07/18/17		152,080
	400,000	Qwest Corp	7.500		10/01/14		446,228
	300,000	Qwest Corp	6.500		06/01/17		352,302
	400,000	Qwest Corp	6.750		12/01/21		480,690
	300,000	Rogers Communications, Inc	6.800		08/15/18		379,101
	350,000	Rogers Wireless, Inc	7.500		03/15/15		405,496
	85,000	Telecom Italia Capital S.A.	6.175		06/18/14		89,462
	150,000	Telecom Italia Capital S.A.	4.950		09/30/14		154,875
	1,555,000	Telecom Italia Capital S.A.	7.175		06/18/19		1,714,387
	100,000	Telecom Italia Capital S.A.	7.721		06/04/38		100,500
	600,000	Telefonica Emisiones SAU	3.992		02/16/16		597,000
	1,620,000	Telefonica Emisiones SAU	5.134		04/27/20		1,589,625
	100,000	Telefonos de Mexico SAB de C.V.	5.500		01/27/15		109,847
	850,000	Verizon Communications, Inc	5.550		02/15/16		983,473
	1,400,000	Verizon Communications, Inc	3.000		04/01/16		1,507,841
	1,140,000	Verizon Communications, Inc	5.500		02/15/18		1,389,915
	220,000	Verizon Communications, Inc	8.750		11/01/18		307,155
	200,000	Verizon Communications, Inc	6.350		04/01/19		256,430
	450,000	Verizon Communications, Inc	3.500		11/01/21		496,453
	380,000	Verizon Communications, Inc	6.250		04/01/37		500,852
	620,000	Verizon Communications, Inc	6.400		02/15/38		835,612
	220,000	Verizon Communications, Inc	8.950		03/01/39		383,366
	300,000	Verizon Communications, Inc	6.000		04/01/41		397,375
	1,150,000	Verizon Communications, Inc	4.750		11/01/41		1,322,154
	225,000	Verizon New England, Inc	4.750		10/01/13		234,267
	200,000	Virgin Media Secured Finance plc	5.250		01/15/21		232,031
	150,000	Vodafone Group plc	5.000		12/16/13		158,102
	303,000	Vodafone Group plc	5.625		02/27/17		360,694
	250,000	Vodafone Group plc	1.625		03/20/17		255,021
	500,000	Vodafone Group plc	1.250		09/26/17		500,674
	1,200,000	Vodafone Group plc	4.625		07/15/18		1,380,960
	650,000	Vodafone Group plc	4.375		03/16/21		756,484

126

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	500,000		Vodafone Group plc	2.500	%	09/26/22	$	499,253
	150,000		Vodafone Group plc	6.150		02/27/37		201,771

			TOTAL TELECOMMUNICATION SERVICES					46,998,751


TRANSPORTATION - 0.5%
	100,000		ABB Finance USA, Inc	1.625		05/08/17		101,616
	200,000		ABB Finance USA, Inc	2.875		05/08/22		206,759
	150,000		ABB Finance USA, Inc	4.375		05/08/42		165,926
	200,000		Boeing Capital Corp	2.125		08/15/16		210,054
	700,000		Boeing Capital Corp	2.900		08/15/18		767,856
	750,000		Boeing Co	3.750		11/20/16		837,703
	100,000		Boeing Co	5.875		02/15/40		139,038
	260,000		Burlington Northern Santa Fe Corp	5.750		03/15/18		317,282
	555,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		641,109
	150,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		195,499
	360,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		450,893
	300,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		310,066
	150,000		Burlington Northern Santa Fe LLC	3.050		09/01/22		155,253
	250,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		288,892
	200,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		211,302
	150,000		Burlington Northern Santa Fe LLC	4.375		09/01/42		158,702
	200,000		Canadian National Railway Co	5.550		05/15/18		240,341
	200,000		Canadian National Railway Co	5.550		03/01/19		244,020
	100,000		Canadian National Railway Co	2.850		12/15/21		105,753
	200,000		Canadian National Railway Co	6.900		07/15/28		282,938
	200,000		Canadian National Railway Co	6.250		08/01/34		279,416
	200,000		Canadian Pacific Railway Co	7.250		05/15/19		250,155
	200,000		Canadian Pacific Railway Co	7.125		10/15/31		257,123
	100,000		Canadian Pacific Railway Ltd	5.750		01/15/42		118,102
	458,085		Continental Airlines, Inc	4.750		01/12/21		489,006
	31,008		Continental Airlines, Inc	5.983		04/19/22		34,574
	200,000	h	Continental Airlines, Inc	4.000		10/29/24		204,500
	100,000		Con-Way, Inc	7.250		01/15/18		117,086
	650,000		CSX Corp	7.375		02/01/19		831,863
	100,000		CSX Corp	6.000		10/01/36		125,012
	400,000		CSX Corp	5.500		04/15/41		481,753
	350,000		CSX Corp	4.400		03/01/43		359,070
	200,000		Delta Air Lines, Inc	4.750		05/07/20		207,000
	465,457		Delta Air Lines, Inc	5.300		04/15/19		505,021
	165,000		Embraer Overseas Ltd	6.375		01/15/20		188,925
	100,000		Embraer S.A.	5.150		06/15/22		107,330
	134,000		FedEx Corp	8.000		01/15/19		178,839
	200,000		FedEx Corp	2.625		08/01/22		199,617
	200,000		FedEx Corp	3.875		08/01/42		195,795
	100,000		GATX Corp	3.500		07/15/16		103,176
	125,000		GATX Corp	4.750		06/15/22		132,087
	210,000		Norfolk Southern Corp	5.750		04/01/18		252,698
	100,000		Norfolk Southern Corp	3.250		12/01/21		105,165
	250,000		Norfolk Southern Corp	3.000		04/01/22		259,489
	991,000	g	Norfolk Southern Corp	2.903		02/15/23		1,005,462
	81,000		Norfolk Southern Corp	5.590		05/17/25		100,332
	16,000		Norfolk Southern Corp	4.837		10/01/41		18,389

127

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	250,000	Norfolk Southern Corp	3.950	%	10/01/42	$	248,854
	650,000	Northrop Grumman Corp	3.500		03/15/21		698,870
	100,000	Northrop Grumman Corp	5.050		11/15/40		115,104
	350,000	Ryder System, Inc	3.150		03/02/15		362,303
	50,000	Ryder System, Inc	3.600		03/01/16		52,863
	150,000	Ryder System, Inc	2.500		03/01/17		152,582
	150,000	Ryder System, Inc	2.500		03/01/18		151,781
	325,000	Southwest Airlines Co	5.250		10/01/14		348,925
	300,000	Union Pacific Corp	5.750		11/15/17		357,475
	331,000	Union Pacific Corp	4.163		07/15/22		377,222
	100,000	Union Pacific Corp	2.950		01/15/23		103,726
	200,000	Union Pacific Corp	6.625		02/01/29		275,216
	100,000	Union Pacific Corp	4.750		09/15/41		112,745
	100,000	Union Pacific Corp	4.300		06/15/42		106,641
	42,000	United Parcel Service, Inc	3.875		04/01/14		44,244
	100,000	United Parcel Service, Inc	1.125		10/01/17		100,451
	100,000	United Parcel Service, Inc	5.500		01/15/18		121,593
	300,000	United Parcel Service, Inc	5.125		04/01/19		362,167
	1,105,000	United Parcel Service, Inc	3.125		01/15/21		1,192,687
	200,000	United Parcel Service, Inc	2.450		10/01/22		201,825
	35,000	United Parcel Service, Inc	6.200		01/15/38		49,534
	100,000	United Parcel Service, Inc	3.625		10/01/42		101,081

		TOTAL TRANSPORTATION					18,775,876


UTILITIES - 2.0%
	370,000	AGL Capital Corp	5.250		08/15/19		435,553
	300,000	Alabama Power Co	5.200		06/01/41		375,008
	60,000	Alliant Energy Corp	4.000		10/15/14		62,882
	100,000	Ameren Corp	8.875		05/15/14		111,237
	200,000	Ameren Illinois Co	2.700		09/01/22		203,894
	250,000	American Water Capital Corp	6.085		10/15/17		298,508
	50,000	Appalachian Power Co	3.400		05/24/15		52,908
	140,000	Appalachian Power Co	7.000		04/01/38		195,290
	150,000	Arizona Public Service Co	8.750		03/01/19		198,035
	350,000	Arizona Public Service Co	4.500		04/01/42		377,855
	60,000	Atmos Energy Corp	4.950		10/15/14		64,961
	100,000	Atmos Energy Corp	8.500		03/15/19		133,511
	100,000	Atmos Energy Corp	5.500		06/15/41		125,142
	100,000	Baltimore Gas & Electric Co	3.500		11/15/21		107,792
	785,000	Carolina Power & Light Co	5.300		01/15/19		948,191
	350,000	Carolina Power & Light Co	3.000		09/15/21		370,091
	150,000	Carolina Power & Light Co	2.800		05/15/22		156,080
	100,000	Carolina Power & Light Co	4.100		05/15/42		104,102
	100,000	CenterPoint Energy Houston Electric LLC	2.250		08/01/22		99,762
	100,000	CenterPoint Energy Houston Electric LLC	6.950		03/15/33		143,313
	100,000	CenterPoint Energy Houston Electric LLC	3.550		08/01/42		97,904
	423,000	CenterPoint Energy Resources Corp	4.500		01/15/21		479,597
	203,000	Cleco Power LLC	6.000		12/01/40		244,463
	100,000	Commonwealth Edison Co	1.625		01/15/14		101,321
	500,000	Commonwealth Edison Co	1.950		09/01/16		517,939
	775,000	Commonwealth Edison Co	4.000		08/01/20		879,144
	387,000	Commonwealth Edison Co	5.900		03/15/36		507,647

128

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	200,000		Commonwealth Edison Co	3.800	%	10/01/42	$	202,297
	210,000		Connecticut Light & Power Co	5.500		02/01/19		252,273
	60,000		Consolidated Edison Co of New York, Inc	6.650		04/01/19		77,603
	890,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		1,045,772
	325,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		432,503
	200,000		Consolidated Edison Co of New York, Inc	4.200		03/15/42		219,900
	105,000		Consolidated Natural Gas Co	5.000		12/01/14		113,626
	180,000		Constellation Energy Group, Inc	4.550		06/15/15		196,181
	250,000		Constellation Energy Group, Inc	5.150		12/01/20		293,844
	230,000		Consumers Energy Co	6.125		03/15/19		286,558
	150,000		Consumers Energy Co	2.850		05/15/22		156,591
	200,000		Delmarva Power & Light Co	4.000		06/01/42		210,152
	400,000		Detroit Edison Co	3.450		10/01/20		446,192
	100,000		Detroit Edison Co	2.650		06/15/22		103,140
	100,000		Detroit Edison Co	3.950		06/15/42		104,368
	360,000		Dominion Resources, Inc	5.150		07/15/15		401,346
	100,000		Dominion Resources, Inc	1.400		09/15/17		100,277
	1,700,000		Dominion Resources, Inc	4.450		03/15/21		1,952,895
	200,000		Dominion Resources, Inc	5.950		06/15/35		252,040
	100,000		Dominion Resources, Inc	4.050		09/15/42		102,885
	790,000		Duke Energy Carolinas LLC	5.750		11/15/13		835,755
	125,000		Duke Energy Carolinas LLC	4.300		06/15/20		144,099
	200,000		Duke Energy Carolinas LLC	3.900		06/15/21		225,314
	733,000		Duke Energy Carolinas LLC	6.050		04/15/38		969,726
	500,000		Duke Energy Carolinas LLC	4.000		09/30/42		510,033
	746,000		Duke Energy Corp	5.050		09/15/19		872,521
	300,000		Duke Energy Corp	3.050		08/15/22		302,879
	250,000		Duke Energy Indiana, Inc	4.200		03/15/42		255,716
	200,000		El Paso Natural Gas Co	5.950		04/15/17		230,212
	100,000		Enbridge, Inc	5.600		04/01/17		115,811
	150,000		Energen Corp	4.625		09/01/21		155,972
	400,000		Energy Transfer Partners LP	6.125		02/15/17		459,402
	44,000		Energy Transfer Partners LP	9.700		03/15/19		58,142
	500,000		Energy Transfer Partners LP	4.650		06/01/21		537,705
	200,000		Energy Transfer Partners LP	5.200		02/01/22		221,861
	140,000		Energy Transfer Partners LP	7.500		07/01/38		165,970
	100,000		Energy Transfer Partners LP	6.500		02/01/42		115,393
	100,000		Enersis S.A.	7.375		01/15/14		106,653
	125,000		Entergy Arkansas, Inc	3.750		02/15/21		136,363
	200,000		Entergy Corp	5.125		09/15/20		216,080
	300,000		Entergy Gulf States Louisiana LLC	3.950		10/01/20		325,970
	150,000		Entergy Louisiana LLC	1.875		12/15/14		154,040
	225,000		Entergy Texas, Inc	7.125		02/01/19		276,849
	75,000		Exelon Corp	4.900		06/15/15		82,438
	400,000		Exelon Generation Co LLC	5.200		10/01/19		454,152
	200,000	g	Exelon Generation Co LLC	4.250		06/15/22		211,615
	371,000	g	Exelon Generation Co LLC	5.600		06/15/42		398,240
	800,000		FirstEnergy Corp	7.375		11/15/31		1,047,893
	280,000		FirstEnergy Solutions Corp	4.800		02/15/15		301,007
	635,000		FirstEnergy Solutions Corp	6.050		08/15/21		712,338
	247,000		Florida Power & Light Co	4.950		06/01/35		295,520
	400,000		Florida Power & Light Co	5.250		02/01/41		509,391

129

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	100,000		Florida Power & Light Co	4.125	%	02/01/42	$	108,770
	200,000		Florida Power & Light Co	4.050		06/01/42		213,807
	29,000		Florida Power Corp	5.650		06/15/18		35,352
	100,000		Florida Power Corp	3.100		08/15/21		106,077
	165,000		Florida Power Corp	6.400		06/15/38		227,023
	690,000		FPL Group Capital, Inc	2.600		09/01/15		715,378
	40,000		Georgia Power Co	1.300		09/15/13		40,329
	900,000		Georgia Power Co	5.700		06/01/17		1,080,235
	177,000		Georgia Power Co	5.950		02/01/39		232,304
	500,000		Georgia Power Co	4.300		03/15/42		533,373
	50,000		Great Plains Energy, Inc	2.750		08/15/13		50,696
	200,000		Great Plains Energy, Inc	4.850		06/01/21		221,796
	200,000		Great Plains Energy, Inc	5.292		06/15/22		224,234
	80,000		Indiana Michigan Power Co	7.000		03/15/19		99,770
	70,000		Integrys Energy Group, Inc	4.170		11/01/20		76,428
	100,000		Interstate Power & Light Co	6.250		07/15/39		131,484
	100,000		Kansas City Power & Light Co	5.300		10/01/41		116,188
	20,000	g	Kansas Gas & Electric	6.700		06/15/19		25,524
	250,000		Kentucky Utilities Co	5.125		11/01/40		311,072
	150,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		160,808
	400,000		Kinder Morgan Energy Partners LP	5.950		02/15/18		481,548
	500,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		662,968
	100,000		Kinder Morgan Energy Partners LP	5.800		03/01/21		118,656
	400,000		Kinder Morgan Energy Partners LP	3.950		09/01/22		429,688
	350,000		Kinder Morgan Energy Partners LP	3.450		02/15/23		360,352
	535,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		647,004
	300,000		Kinder Morgan Energy Partners LP	5.625		09/01/41		335,627
	200,000		Kinder Morgan Energy Partners LP	5.000		08/15/42		207,668
	320,000		LG&E and KU Energy LLC	3.750		11/15/20		332,787
	400,000		MidAmerican Energy Co	4.650		10/01/14		429,254
	350,000		Midamerican Energy Holdings Co	5.750		04/01/18		420,758
	1,032,000		Midamerican Energy Holdings Co	5.950		05/15/37		1,293,372
	300,000		Midamerican Energy Holdings Co	6.500		09/15/37		401,728
	450,000		Mississippi Power Co	4.250		03/15/42		461,784
	85,000		National Fuel Gas Co	5.250		03/01/13		86,522
	100,000		National Fuel Gas Co	4.900		12/01/21		108,745
	300,000		National Grid plc	6.300		08/01/16		348,960
	320,000		Nevada Power Co	6.500		08/01/18		407,685
	45,000		Nevada Power Co	7.125		03/15/19		58,614
	230,000		Nevada Power Co	5.375		09/15/40		280,002
	400,000		NextEra Energy Capital Holdings, Inc	1.200		06/01/15		402,538
	500,000		NextEra Energy Capital Holdings, Inc	4.500		06/01/21		555,324
	235,000		NiSource Finance Corp	5.400		07/15/14		251,925
	350,000		NiSource Finance Corp	6.400		03/15/18		428,085
	150,000		NiSource Finance Corp	6.125		03/01/22		184,214
	400,000		NiSource Finance Corp	3.850		02/15/23		419,569
	100,000		NiSource Finance Corp	5.950		06/15/41		120,373
	200,000		NiSource Finance Corp	5.250		02/15/43		223,195
	150,000		Northern States Power Co	2.150		08/15/22		149,773
	425,000		Northern States Power Co	5.350		11/01/39		542,909
	200,000		Northern States Power Co	3.400		08/15/42		192,143
	150,000		NSTAR Electric Co	5.625		11/15/17		179,855

130

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	150,000	Oglethorpe Power Corp	5.375	%	11/01/40	$	181,260
	600,000	Ohio Power Co	5.375		10/01/21		734,549
	100,000	Oklahoma Gas & Electric Co	5.250		05/15/41		120,874
	220,000	Oncor Electric Delivery Co LLC	6.375		01/15/15		244,463
	200,000	Oncor Electric Delivery Co LLC	6.800		09/01/18		246,831
	150,000	Oncor Electric Delivery Co LLC	4.100		06/01/22		159,124
	70,000	Oncor Electric Delivery Co LLC	7.250		01/15/33		87,683
	100,000	Oncor Electric Delivery Co LLC	5.250		09/30/40		106,633
	350,000	Oncor Electric Delivery Co LLC	4.550		12/01/41		340,824
	150,000	Oncor Electric Delivery Co LLC	5.300		06/01/42		163,902
	250,000	ONEOK Partners LP	3.250		02/01/16		263,629
	100,000	ONEOK Partners LP	2.000		10/01/17		101,854
	100,000	ONEOK Partners LP	3.375		10/01/22		100,487
	130,000	ONEOK Partners LP	6.650		10/01/36		154,949
	250,000	ONEOK Partners LP	6.850		10/15/37		305,925
	100,000	ONEOK Partners LP	6.125		02/01/41		120,112
	150,000	ONEOK, Inc	4.250		02/01/22		162,773
	150,000	ONEOK, Inc	6.000		06/15/35		164,048
	355,000	Pacific Gas & Electric Co	8.250		10/15/18		487,502
	720,000	Pacific Gas & Electric Co	6.050		03/01/34		946,292
	75,000	Pacific Gas & Electric Co	5.800		03/01/37		95,829
	600,000	Pacific Gas & Electric Co	5.400		01/15/40		742,601
	150,000	Pacific Gas & Electric Co	3.750		08/15/42		145,633
	250,000	PacifiCorp	2.950		02/01/22		264,927
	250,000	PacifiCorp	6.000		01/15/39		337,539
	150,000	PECO Energy Co	2.375		09/15/22		151,168
	165,000	Pepco Holdings, Inc	2.700		10/01/15		171,525
	350,000	PG&E Corp	5.750		04/01/14		374,925
	65,000	Potomac Electric Power Co	7.900		12/15/38		106,427
	300,000	PPL Capital Funding, Inc	4.200		06/15/22		319,753
	200,000	PPL Electric Utilities Corp	2.500		09/01/22		202,866
	200,000	PPL Energy Supply LLC	6.200		05/15/16		226,082
	225,000	PPL Energy Supply LLC	6.500		05/01/18		266,280
	100,000	PPL Energy Supply LLC	4.600		12/15/21		107,468
	300,000	Progress Energy, Inc	3.150		04/01/22		305,510
	400,000	Progress Energy, Inc	7.750		03/01/31		563,678
	200,000	PSEG Power LLC	5.320		09/15/16		227,445
	335,000	Public Service Co of Colorado	5.500		04/01/14		359,437
	150,000	Public Service Co of Colorado	2.250		09/15/22		150,172
	150,000	Public Service Co of Colorado	3.600		09/15/42		148,206
	520,000	Public Service Co of Oklahoma	5.150		12/01/19		604,748
	100,000	Public Service Co of Oklahoma	4.400		02/01/21		111,911
	150,000	Public Service Co of Oklahoma	6.625		11/15/37		194,524
	220,000	Public Service Electric & Gas Co	5.300		05/01/18		266,248
	410,000	Public Service Electric & Gas Co	5.375		11/01/39		525,488
	200,000	Public Service Electric & Gas Co	3.950		05/01/42		210,944
	100,000	Public Service Electric & Gas Co	3.650		09/01/42		100,618
	250,000	Puget Sound Energy, Inc	5.757		10/01/39		331,326
	100,000	Puget Sound Energy, Inc	4.434		11/15/41		112,704
	100,000	Questar Corp	2.750		02/01/16		105,068
	150,000	San Diego Gas & Electric Co	3.000		08/15/21		160,403
	255,000	San Diego Gas & Electric Co	5.350		05/15/40		331,820

131

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	100,000		San Diego Gas & Electric Co	3.950	%	11/15/41	$	106,354
	250,000		San Diego Gas & Electric Co	4.300		04/01/42		280,856
	300,000		SCANA Corp	4.750		05/15/21		325,654
	100,000		SCANA Corp	4.125		02/01/22		102,631
	250,000		Scottish Power Ltd	5.810		03/15/25		266,513
	600,000		Sempra Energy	2.000		03/15/14		609,572
	200,000		Sempra Energy	2.300		04/01/17		209,311
	150,000		Sempra Energy	2.875		10/01/22		151,798
	260,000		Sempra Energy	6.000		10/15/39		336,908
	50,000		South Carolina Electric & Gas Co	5.300		05/15/33		59,410
	125,000		South Carolina Electric & Gas Co	5.450		02/01/41		155,156
	250,000		South Carolina Electric & Gas Co	4.350		02/01/42		268,811
	100,000		Southern California Edison Co	5.000		01/15/16		113,715
	250,000		Southern California Edison Co	5.500		08/15/18		307,343
	280,000		Southern California Edison Co	3.875		06/01/21		317,575
	185,000		Southern California Edison Co	6.050		03/15/39		254,216
	300,000		Southern California Edison Co	4.500		09/01/40		342,339
	500,000		Southern California Edison Co	3.900		12/01/41		519,003
	200,000		Southern California Edison Co	4.050		03/15/42		211,895
	150,000		Southern California Gas Co	3.750		09/15/42		154,214
	200,000		Southern Co	2.375		09/15/15		209,416
	100,000		Southern Co	1.950		09/01/16		103,198
	108,000	g	Southern Natural Gas Co	5.900		04/01/17		126,719
	100,000		Southern Natural Gas Co	8.000		03/01/32		141,453
	100,000		Southern Power Co	5.150		09/15/41		114,614
	250,000		Southwest Gas Corp	3.875		04/01/22		273,104
	500,000		Southwestern Public Service Co	4.500		08/15/41		561,391
	60,000		Spectra Energy Capital LLC	6.200		04/15/18		72,571
	450,000		Spectra Energy Capital LLC	8.000		10/01/19		585,163
	150,000		System Energy Resources, Inc	4.100		04/01/23		152,083
	200,000		Tampa Electric Co	5.400		05/15/21		247,554
	100,000		Tampa Electric Co	2.600		09/15/22		101,167
	100,000		Tampa Electric Co	4.100		06/15/42		104,106
	200,000		TECO Finance, Inc	5.150		03/15/20		233,056
	200,000		Tennessee Gas Pipeline Co	7.000		10/15/28		267,210
	75,000		Toledo Edison Co	7.250		05/01/20		98,320
	770,000		Total Capital S.A.	3.125		10/02/15		826,761
	200,000		Total Capital S.A.	4.450		06/24/20		232,220
	100,000		Total Capital S.A.	4.125		01/28/21		113,960
	200,000		TransAlta Corp	6.650		05/15/18		228,445
	125,000	g	Transcontinental Gas Pipe Line Co LLC	4.450		08/01/42		127,785
	100,000		Union Electric Co	8.450		03/15/39		171,114
	100,000		Union Electric Co	3.900		09/15/42		101,489
	100,000		United Utilities plc	6.875		08/15/28		116,561
	263,000		Veolia Environnement	5.250		06/03/13		269,502
	350,000		Virginia Electric and Power Co	6.000		05/15/37		471,303
	500,000		Westar Energy, Inc	4.125		03/01/42		542,029
	250,000		Western Gas Partners LP	4.000		07/01/22		260,655
	35,000		Williams Cos, Inc	7.875		09/01/21		45,890
	300,000		Williams Cos, Inc	7.750		06/15/31		383,732
	245,000		Williams Partners LP	3.800		02/15/15		259,770
	70,000		Williams Partners LP	7.250		02/01/17		85,121

132

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	530,000	Williams Partners LP	5.250	%	03/15/20	$	614,174
	100,000	Williams Partners LP	4.000		11/15/21		107,616
	200,000	Williams Partners LP	3.350		08/15/22		204,439
	335,000	Williams Partners LP	6.300		04/15/40		419,360
	250,000	Wisconsin Electric Power Co	4.500		05/15/13		256,249
	200,000	Wisconsin Electric Power Co	5.625		05/15/33		254,641
	200,000	Wisconsin Power & Light Co	6.375		08/15/37		281,716
	100,000	Xcel Energy, Inc	4.700		05/15/20		117,159
	100,000	Xcel Energy, Inc	4.800		09/15/41		115,227

		TOTAL UTILITIES					70,590,210


		TOTAL CORPORATE BONDS					785,457,074

		(Cost $736,757,751)

GOVERNMENT BONDS -74.8%

AGENCY SECURITIES - 4.9%
	3,000,000	Federal Farm Credit Bank (FFCB)	3.875		10/07/13		3,111,216
	500,000	FFCB	0.300		07/18/14		500,052
	2,600,000	FFCB	3.000		09/22/14		2,739,792
	1,000,000	FFCB	1.050		03/28/16		1,019,395
	7,740,000	Federal Home Loan Bank (FHLB)	3.625		10/18/13		8,014,329
	8,625,000	FHLMC	3.125		12/13/13		8,924,391
	110,000	FHLMC	5.250		06/18/14		119,453
	200,000	FHLMC	0.400		07/02/14		200,470
	7,650,000	FHLMC	2.875		06/12/15		8,162,894
	1,000,000	FHLMC	5.375		05/18/16		1,173,057
	95,000	FHLMC	4.750		12/16/16		111,463
	500,000	FHLMC	4.875		05/17/17		596,252
	1,000,000	FHLMC	1.625		06/14/19		1,028,627
	211,000	FHLMC	4.125		09/27/13		219,199
	5,207,000	FHLMC	4.500		01/15/14		5,490,896
	1,740,000	FHLMC	2.500		04/23/14		1,801,293
	5,000,000	FHLMC	1.000		08/27/14		5,070,350
	7,000,000	FHLMC	0.375		08/28/14		7,013,370
	5,000,000	FHLMC	2.875		02/09/15		5,294,215
	108,000	FHLMC	4.375		07/17/15		119,937
	5,000,000	FHLMC	0.500		08/28/15		5,014,525
	125,000	FHLMC	4.750		11/17/15		141,741
	132,000	FHLMC	4.750		01/19/16		150,593
	6,213,000	FHLMC	5.250		04/18/16		7,249,651
	127,000	FHLMC	5.500		07/18/16		150,546
	11,736,000	FHLMC	5.125		10/18/16		13,875,848
	1,000,000	FHLMC	2.375		01/13/22		1,049,040
	3,120,000	FHLMC	6.250		07/15/32		4,709,110
	4,745,000	Federal Home Loan Bank (FHLB)	5.000		11/17/17		5,744,121
	96,000	Federal National Mortgage Association (FNMA)	3.875		07/12/13		98,781
	2,185,000	FNMA	1.250		08/20/13		2,204,521
	176,000	FNMA	5.125		01/02/14		186,617
	214,000	FNMA	2.750		02/05/14		221,395
	7,646,000	FNMA	2.750		03/13/14		7,921,875
	4,071,000	FNMA	2.500		05/15/14		4,217,837

133

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	5,415,000		FNMA	3.000	%	09/16/14	$	5,707,118
	9,145,000		FNMA	4.625		10/15/14		9,951,031
	14,000,000		FNMA	2.625		11/20/14		14,698,642
	5,000,000		FNMA	2.250		03/15/16		5,295,475
	10,215,000		FNMA	5.000		03/15/16		11,787,007
	150,000		FNMA	5.000		05/11/17		178,902
	340,000		FNMA	5.375		06/12/17		412,233
	3,000,000	j	FNMA	0.000		10/09/19		2,639,034
	2,500,000		FNMA	5.625		07/15/37		3,648,512
	450,000		Private Export Funding Corp (PEFCO)	1.375		02/15/17		459,220
	590,000		PEFCO	2.250		12/15/17		630,354
	175,000		PEFCO	1.450		08/15/19		176,466
	250,000		Federal Agricultural Mortgage Corp	2.375		07/22/15		262,948
	815,000		Financing Corp Fico	9.400		02/08/18		1,159,697
	815,000		Financing Corp Fico	10.350		08/03/18		1,237,410
	700,000		Tunisia Government AID Bonds	1.686		07/16/19		697,371

			TOTAL AGENCY SECURITIES					172,588,272


FOREIGN GOVERNMENT BONDS - 3.1%
	906,000		Brazilian Government International Bond	5.875		01/15/19		1,127,970
	1,590,000		Brazilian Government International Bond	4.875		01/22/21		1,900,050
	300,000		Brazilian Government International Bond	2.625		01/05/23		299,700
	100,000		Brazilian Government International Bond	8.875		04/15/24		161,750
	1,180,000		Brazilian Government International Bond	7.125		01/20/37		1,778,850
	1,130,000		Brazilian Government International Bond	5.625		01/07/41		1,446,400
	525,000		Canada Government International Bond	2.375		09/10/14		546,525
	600,000		Canada Government International Bond	0.875		02/14/17		606,960
	150,000		Chile Government International Bond	5.500		01/15/13		151,890
	345,000		Chile Government International Bond	3.875		08/05/20		390,712
	350,000		China Development Bank	5.000		10/15/15		387,400
	200,000		China Government International Bond	4.750		10/29/13		208,109
	900,000		Colombia Government International Bond	8.250		12/22/14		1,042,650
	450,000		Colombia Government International Bond	7.375		03/18/19		595,125
	400,000		Colombia Government International Bond	4.375		07/12/21		460,600
	1,050,000		Colombia Government International Bond	6.125		01/18/41		1,422,750
	300,000		Development Bank of Japan	5.125		02/01/17		352,620
	450,000		European Bank for Reconstruction & Development	3.625		06/17/13		460,463
	50,000		European Bank for Reconstruction & Development	1.625		09/03/15		51,638
	700,000		European Bank for Reconstruction & Development	2.500		03/15/16		743,185
	1,000,000		European Bank for Reconstruction & Development	1.375		10/20/16		1,028,451
	1,000,000		European Investment Bank	1.500		05/15/14		1,017,230
	3,000,000		European Investment Bank	1.125		04/15/15		3,046,533
	5,000,000		European Investment Bank	1.625		09/01/15		5,145,000
	3,000,000		European Investment Bank	1.375		10/20/15		3,072,540
	4,000,000		European Investment Bank	2.250		03/15/16		4,203,600
	2,200,000		European Investment Bank	1.750		03/15/17		2,279,266
	1,000,000		European Investment Bank	2.875		09/15/20		1,076,910
	205,000		European Investment Bank	4.875		02/15/36		243,324
	95,000		Export Development Canada	3.500		05/16/13		96,900
	200,000		Export Development Canada	1.500		05/15/14		203,992
	545,000		Export Development Canada	2.250		05/28/15		572,741
	300,000		Export Development Canada	0.500		09/15/15		301,380

134

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	250,000	Export Development Canada	1.250	%	10/26/16	$	257,275
	180,000	Export-Import Bank of Korea	8.125		01/21/14		195,927
	250,000	Export-Import Bank of Korea	5.875		01/14/15		274,900
	1,090,000	Export-Import Bank of Korea	4.125		09/09/15		1,173,757
	475,000	Export-Import Bank of Korea	5.125		06/29/20		555,410
	300,000	Export-Import Bank of Korea	5.000		04/11/22		352,445
	1,590,000	Federative Republic of Brazil	6.000		01/17/17		1,898,063
	828,056	Federative Republic of Brazil	8.000		01/15/18		985,386
	100,000	Finland Government International Bond	6.950		02/15/26		141,832
	500,000	Hydro Quebec	2.000		06/30/16		523,750
	800,000	Hydro Quebec	1.375		06/19/17		811,760
	270,000	Hydro Quebec	9.400		02/01/21		404,136
	200,000	Hydro Quebec	8.500		12/01/29		327,231
	1,000,000	Inter-American Development Bank	3.000		04/22/14		1,041,245
	1,500,000	Inter-American Development Bank	2.250		07/15/15		1,577,518
	1,500,000	Inter-American Development Bank	1.750		08/24/18		1,564,667
	1,105,000	Inter-American Development Bank	3.875		09/17/19		1,302,638
	200,000	Inter-American Development Bank	3.200		08/07/42		194,783
	1,800,000	International Bank for Reconstruction & Development	1.125		08/25/14		1,828,996
	3,200,000	International Bank for Reconstruction & Development	2.375		05/26/15		3,369,322
	2,100,000	International Bank for Reconstruction & Development	2.125		03/15/16		2,219,805
	150,000	International Bank for Reconstruction & Development	1.000		09/15/16		152,536
	400,000	International Bank for Reconstruction & Development	7.625		01/19/23		598,832
	34,000	International Bank for Reconstruction & Development	4.750		02/15/35		42,411
	30,000	International Finance Corp	3.000		04/22/14		31,286
	1,700,000	International Finance Corp	2.750		04/20/15		1,807,367
	1,400,000	International Finance Corp	1.125		11/23/16		1,434,177
	800,000	Israel Government AID Bond	5.500		09/18/23		1,055,178
	400,000	Israel Government International Bond	5.125		03/26/19		461,200
	705,000	Israel Government International Bond	4.000		06/30/22		748,710
	150,000	Italian Republic	2.125		10/05/12		150,000
	1,000,000	Italian Republic	2.125		09/16/13		1,001,000
	500,000	Italian Republic	3.125		01/26/15		502,960
	1,200,000	Italian Republic	5.250		09/20/16		1,256,160
	574,000	Italian Republic	5.375		06/15/33		541,190
	430,000	Italy Government International Bond	5.375		06/12/17		450,511
	200,000	Japan Bank for International Cooperation	2.125		11/05/12		200,303
	400,000	Japan Bank for International Cooperation	1.125		07/19/17		402,624
	600,000	Japan Finance Corp	2.250		07/13/16		633,311
	500,000	Japan Finance Organization for Municipalities	5.000		05/16/17		588,215
	600,000	Korea Development Bank	8.000		01/23/14		652,349
	475,000	Korea Development Bank	4.375		08/10/15		514,515
	235,000	Korea Development Bank	3.250		03/09/16		246,598
	400,000	Korea Development Bank	3.500		08/22/17		430,460
	1,000,000	Mexico Government International Bond	5.625		01/15/17		1,169,000
	1,588,000	Mexico Government International Bond	3.625		03/15/22		1,731,714
	600,000	Mexico Government International Bond	6.750		09/27/34		854,400
	1,214,000	Mexico Government International Bond	6.050		01/11/40		1,617,655
	874,000	Mexico Government International Bond	4.750		03/08/44		972,325
	150,000	Mexico Government International Bond	5.750		10/12/10		179,250
	800,000	Panama Government International Bond	5.200		01/30/20		961,200
	692,000	Panama Government International Bond	6.700		01/26/36		972,260

135

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	320,000		Peruvian Government International Bond	7.125	%	03/30/19	$	424,000
	925,000		Peruvian Government International Bond	7.350		07/21/25		1,355,125
	150,000		Peruvian Government International Bond	6.550		03/14/37		220,875
	500,000		Peruvian Government International Bond	5.625		11/18/50		651,250
	380,000		Poland Government International Bond	3.875		07/16/15		405,650
	1,485,000		Poland Government International Bond	6.375		07/15/19		1,833,975
	67,000		Poland Government International Bond	5.125		04/21/21		78,055
	390,000		Poland Government International Bond	5.000		03/23/22		452,400
	490,000		Poland Government International Bond	3.000		03/17/23		481,523
	1,055,000		Province of British Columbia Canada	2.850		06/15/15		1,123,680
	400,000		Province of British Columbia Canada	1.200		04/25/17		408,556
	200,000		Province of British Columbia Canada	2.650		09/22/21		212,877
	730,000		Province of Manitoba Canada	2.125		04/22/13		737,585
	500,000		Province of Manitoba Canada	1.750		05/30/19		511,750
	200,000		Province of New Brunswick Canada	5.200		02/21/17		236,740
	255,000		Province of Nova Scotia Canada	2.375		07/21/15		268,184
	50,000		Province of Nova Scotia Canada	5.125		01/26/17		58,885
	200,000		Province of Nova Scotia Canada	8.250		07/30/22		296,596
	1,700,000		Province of Ontario Canada	2.950		02/05/15		1,799,268
	600,000		Province of Ontario Canada	0.950		05/26/15		607,123
	2,690,000		Province of Ontario Canada	2.700		06/16/15		2,845,861
	1,000,000		Province of Ontario Canada	2.300		05/10/16		1,056,000
	300,000		Province of Ontario Canada	1.600		09/21/16		310,214
	1,000,000		Province of Ontario Canada	1.650		09/27/19		1,002,900
	230,000		Province of Ontario Canada	4.400		04/14/20		272,869
	800,000		Province of Ontario Canada	2.450		06/29/22		812,035
	40,000		Province of Quebec Canada	4.875		05/05/14		42,858
	385,000		Province of Quebec Canada	5.125		11/14/16		452,028
	1,135,000		Province of Quebec Canada	4.625		05/14/18		1,341,003
	120,000		Province of Quebec Canada	3.500		07/29/20		134,160
	200,000		Province of Quebec Canada	7.125		02/09/24		280,821
	201,000		Province of Quebec Canada	7.500		09/15/29		311,076
	100,000		Province of Saskatchewan Canada	8.500		07/15/22		151,926
	200,000		Region of Lombardy Italy	5.804		10/25/32		155,380
	475,000		Republic of Korea	5.750		04/16/14		509,761
	500,000		Republic of Korea	7.125		04/16/19		649,607
	300,000		South Africa Government International Bond	6.500		06/02/14		326,700
	310,000		South Africa Government International Bond	6.875		05/27/19		390,228
	225,000		South Africa Government International Bond	5.500		03/09/20		267,187
	500,000		South Africa Government International Bond	4.665		01/17/24		561,250
	300,000		South Africa Government International Bond	6.250		03/08/41		396,180
	625,000		Svensk Exportkredit AB	5.125		03/01/17		729,203
	1,280,000		United Mexican States	5.950		03/19/19		1,587,200
	868,000		United Mexican States	5.125		01/15/20		1,037,260
	400,000		Uruguay Government International Bond	8.000		11/18/22		581,600
	300,000		Uruguay Government International Bond	7.625		03/21/36		467,250

			TOTAL FOREIGN GOVERNMENT BONDS					108,620,411


MORTGAGE BACKED - 29.9%
$	207,616	i	Federal Home Loan Mortgage Corp (FHLMC)	4.980		04/01/35		224,066
	15,266	i	FHLMC	4.486		10/01/35		16,157
	234,320	i	FHLMC	2.380		02/01/36		247,348

136

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	89,981	i	FHLMC	2.853	%	07/01/36	$	96,815
	224,315	i	FHLMC	2.620		09/01/36		238,290
	303,842	i	FHLMC	2.653		09/01/36		328,237
	202,425	i	FHLMC	2.794		09/01/36		214,961
	192,869	i	FHLMC	5.822		01/01/37		210,301
	29,478	i	FHLMC	5.639		02/01/37		31,996
	25,239	i	FHLMC	5.812		02/01/37		27,157
	548,820	i	FHLMC	2.848		03/01/37		589,592
	37,915	i	FHLMC	5.217		03/01/37		40,834
	676,545	i	FHLMC	5.622		04/01/37		735,368
	384,619	i	FHLMC	5.937		04/01/37		419,943
	57,348	i	FHLMC	3.169		05/01/37		61,559
	157,514	i	FHLMC	5.856		05/01/37		171,017
	62,551	i	FHLMC	2.759		06/01/37		67,166
	468,394	i	FHLMC	5.075		06/01/37		506,445
	264,840	i	FHLMC	3.405		08/01/37		284,800
	266,713	i	FHLMC	2.239		09/01/37		284,184
	140,071	i	FHLMC	2.656		09/01/37		151,624
	7,208	i	FHLMC	6.133		09/01/37		7,867
	52,072	i	FHLMC	5.394		02/01/38		56,256
	433,867	i	FHLMC	4.498		04/01/38		467,121
	488,080	i	FHLMC	4.869		04/01/38		524,753
	191,870	i	FHLMC	4.813		06/01/38		206,071
	41,180	i	FHLMC	4.727		07/01/38		44,394
	101,967		FHLMC	5.000		10/01/39		110,556
	192,298	i	FHLMC	3.628		06/01/40		203,561
	717,578	i	FHLMC	3.368		07/01/40		759,781
	700,456	i	FHLMC	3.016		01/01/41		739,469
	113,520	i	FHLMC	2.572		05/01/41		118,694
	2,159,443	i	FHLMC	3.475		08/01/41		2,275,797
	799,371	i	FHLMC	2.895		09/01/41		839,065
	186,733	i	FHLMC	3.063		10/01/41		198,174
	31,103		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500		05/01/13		31,328
	55,413		FGLMC	5.000		07/01/14		59,719
	6,827		FGLMC	7.500		01/01/16		6,948
	61		FGLMC	7.500		05/01/16		66
	83		FGLMC	7.500		06/01/16		89
	28,053		FGLMC	5.500		05/01/17		30,394
	59,045		FGLMC	5.500		06/01/17		63,598
	36,399		FGLMC	5.000		12/01/17		39,387
	29,147		FGLMC	5.500		12/01/17		31,378
	46,535		FGLMC	5.000		03/01/18		50,001
	147,691		FGLMC	5.000		04/01/18		158,691
	140,694		FGLMC	4.500		06/01/18		151,209
	296,951		FGLMC	4.500		09/01/18		325,268
	264,108		FGLMC	4.000		11/01/18		281,664
	337,864		FGLMC	4.500		01/01/19		371,349
	49,516		FGLMC	4.000		05/01/19		52,776
	410,823		FGLMC	4.500		05/01/19		441,525
	884,699		FGLMC	4.500		06/01/19		950,815
	220,125		FGLMC	4.000		10/01/19		234,620
	91,857		FGLMC	5.500		11/01/19		100,438

137

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	638,309	FGLMC	4.500	%	12/01/19	$	686,012
	124,064	FGLMC	4.500		01/01/20		133,336
	3,137,358	FGLMC	4.500		02/01/20		3,371,819
	56,384	FGLMC	4.500		02/01/20		61,761
	582,998	FGLMC	5.000		05/01/20		634,127
	596,643	FGLMC	5.000		05/01/20		645,613
	51,554	FGLMC	4.500		07/01/20		56,470
	586,690	FGLMC	5.000		07/01/20		634,843
	7,353	FGLMC	7.000		10/01/20		8,591
	50,842	FGLMC	5.000		12/01/20		55,015
	636,722	FGLMC	4.500		06/01/21		685,300
	1,136,984	FGLMC	4.500		06/01/21		1,223,729
	523,512	FGLMC	5.000		07/01/21		567,052
	73,457	FGLMC	5.500		07/01/21		79,860
	49,387	FGLMC	5.000		10/01/22		53,347
	40,224	FGLMC	6.000		11/01/22		44,306
	381,744	FGLMC	5.000		04/01/23		411,764
	572,863	FGLMC	4.500		05/01/23		614,779
	28,124	FGLMC	4.500		05/01/23		30,182
	287,592	FGLMC	5.000		05/01/23		311,819
	499,288	FGLMC	5.500		05/01/23		542,812
	81,595	FGLMC	5.000		10/01/23		88,012
	64,833	FGLMC	5.500		10/01/23		71,221
	58,753	FGLMC	5.000		11/01/23		64,712
	126,595	FGLMC	5.000		03/01/24		139,435
	35,707	FGLMC	4.500		04/01/24		38,308
	15,521	FGLMC	4.500		05/01/24		16,652
	101,773	FGLMC	4.500		06/01/24		109,188
	484,599	FGLMC	4.000		07/01/24		515,903
	284,654	FGLMC	5.500		07/01/24		311,247
	1,012,803	FGLMC	4.000		08/01/24		1,078,228
	30,342	FGLMC	4.500		09/01/24		32,553
	62,298	FGLMC	4.500		09/01/24		66,837
	156,639	FGLMC	4.500		09/01/24		168,052
	29,996	FGLMC	5.500		09/01/24		33,036
	1,159,251	FGLMC	4.000		10/01/24		1,234,136
	78,610	FGLMC	4.500		10/01/24		86,159
	37,076	FGLMC	4.500		10/01/24		39,778
	47,456	FGLMC	4.500		11/01/24		50,913
	77,604	FGLMC	4.500		12/01/24		83,258
	357,554	FGLMC	5.500		12/01/24		388,722
	60,828	FGLMC	4.500		02/01/25		65,260
	1,650,260	FGLMC	4.000		03/01/25		1,756,348
	43,471	FGLMC	4.500		06/01/25		46,638
	79,676	FGLMC	4.500		07/01/25		85,481
	1,558,562	FGLMC	3.500		10/01/25		1,650,510
	974,571	FGLMC	4.000		10/01/25		1,037,526
	2,425,072	FGLMC	3.500		11/01/25		2,568,141
	1,480,669	FGLMC	3.500		11/01/25		1,568,021
	645,815	FGLMC	3.500		12/01/25		683,916
	387,337	FGLMC	3.000		01/01/26		409,600
	459,968	FGLMC	4.000		04/01/26		489,681

138

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	823,177		FGLMC	4.000	%	05/01/26	$	876,352
	203,621		FGLMC	5.500		07/01/26		223,238
	2,658,073		FGLMC	4.000		08/01/26		2,829,780
	20,394		FGLMC	6.000		08/01/26		22,483
	672,628		FGLMC	3.000		09/01/26		711,289
	2,108,368		FGLMC	3.000		10/01/26		2,229,552
	2,985,624		FGLMC	3.500		10/01/26		3,161,763
	98,244		FGLMC	5.000		10/01/26		107,963
	32,508		FGLMC	5.500		10/01/26		35,539
	9,152,968		FGLMC	3.000		02/01/27		9,679,060
	4,870,926		FGLMC	2.500		05/01/27		5,127,520
	341,067		FGLMC	6.000		12/01/27		374,938
	551,180		FGLMC	5.000		03/01/28		596,935
	51,024		FGLMC	5.500		05/01/28		55,749
	456		FGLMC	6.500		10/01/28		521
	449,305		FGLMC	5.500		01/01/29		490,906
	8,432		FGLMC	6.500		01/01/29		9,631
	95,925		FGLMC	4.000		02/01/29		104,108
	2,194		FGLMC	6.500		03/01/29		2,590
	184,121		FGLMC	4.500		04/01/29		198,809
	66,789		FGLMC	6.500		05/01/29		78,814
	18,265		FGLMC	6.500		07/01/29		21,461
	95,612		FGLMC	5.000		12/01/29		103,816
	149,943		FGLMC	4.000		08/01/30		162,733
	759,789		FGLMC	4.500		01/01/31		823,726
	1,490		FGLMC	8.000		01/01/31		1,836
	791,320		FGLMC	4.000		03/01/31		858,821
	99,674		FGLMC	4.000		05/01/31		108,176
	805,994		FGLMC	4.500		05/01/31		889,940
	347,691		FGLMC	4.000		06/01/31		377,350
	1,091,676		FGLMC	4.000		08/01/31		1,184,797
	864,685		FGLMC	4.000		09/01/31		938,444
	14,859		FGLMC	6.500		09/01/31		17,286
	25,777		FGLMC	8.000		09/01/31		32,099
	418,203		FGLMC	3.500		11/01/31		450,189
	142,735		FGLMC	7.000		12/01/31		169,722
	72,942		FGLMC	6.500		01/01/32		84,858
	181,647		FGLMC	6.000		02/01/32		203,545
	4,793,739		FGLMC	3.000		03/01/32		5,089,656
	60,496		FGLMC	7.000		04/01/32		71,934
	54,857		FGLMC	6.500		05/01/32		62,657
	3,500,000	h	FGLMC	3.500		09/01/32		3,767,695
	66,204		FGLMC	5.500		11/01/32		72,809
	69,926		FGLMC	6.000		02/01/33		78,356
	278,375		FGLMC	5.000		03/01/33		304,609
	132,940		FGLMC	6.000		03/01/33		148,967
	38,834		FGLMC	6.000		03/01/33		43,516
	377,997		FGLMC	6.000		03/01/33		423,567
	119,844		FGLMC	5.000		04/01/33		131,138
	29,240		FGLMC	6.000		04/01/33		32,765
	1,865,662		FGLMC	5.000		06/01/33		2,033,505
	666,426		FGLMC	5.500		06/01/33		732,087

139

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	245,225	FGLMC	4.500	%	07/01/33	$	264,367
	35,992	FGLMC	5.000		08/01/33		39,383
	376,531	FGLMC	5.000		08/01/33		414,721
	63,935	FGLMC	6.500		08/01/33		73,984
	627,508	FGLMC	5.000		09/01/33		703,902
	250,318	FGLMC	5.500		09/01/33		280,691
	188,472	FGLMC	5.500		09/01/33		210,534
	272,831	FGLMC	5.500		09/01/33		305,595
	155,422	FGLMC	5.500		09/01/33		170,735
	110,597	FGLMC	4.000		10/01/33		119,496
	64,181	FGLMC	5.000		10/01/33		70,230
	371,257	FGLMC	5.500		10/01/33		415,841
	491,894	FGLMC	5.500		12/01/33		540,974
	132,928	FGLMC	5.500		12/01/33		146,025
	1,099,750	FGLMC	7.000		12/01/33		1,307,678
	1,245,125	FGLMC	5.000		01/01/34		1,362,467
	32,276	FGLMC	5.500		02/01/34		35,456
	189,159	FGLMC	5.000		03/01/34		205,566
	208,496	FGLMC	5.500		03/01/34		230,315
	437,716	FGLMC	5.000		05/01/34		475,684
	200,911	FGLMC	4.500		06/01/34		216,594
	611,232	FGLMC	5.000		06/01/34		664,251
	122,108	FGLMC	5.500		06/01/34		133,987
	80,605	FGLMC	6.000		06/01/34		90,323
	252,132	FGLMC	6.000		09/01/34		279,771
	41,061	FGLMC	5.000		11/01/34		44,634
	2,056,994	FGLMC	5.500		11/01/34		2,257,092
	1,159,839	FGLMC	5.000		12/01/34		1,260,444
	203,510	FGLMC	5.500		12/01/34		223,561
	95,545	FGLMC	5.500		12/01/34		105,436
	13,633	FGLMC	5.500		01/01/35		14,959
	22,636	FGLMC	5.500		01/01/35		24,838
	92,515	FGLMC	5.500		01/01/35		101,514
	600,983	FGLMC	4.500		04/01/35		647,894
	425,768	FGLMC	6.000		05/01/35		473,106
	70,397	FGLMC	6.000		05/01/35		77,696
	447,198	FGLMC	7.000		05/01/35		531,749
	81,148	FGLMC	5.500		06/01/35		89,042
	137,661	FGLMC	5.500		06/01/35		151,052
	2,471,448	FGLMC	5.000		07/01/35		2,690,458
	90,246	FGLMC	5.000		07/01/35		98,244
	82,693	FGLMC	6.000		07/01/35		91,267
	119,442	FGLMC	5.000		08/01/35		130,027
	58,575	FGLMC	5.500		08/01/35		64,231
	239,328	FGLMC	6.000		08/01/35		264,142
	54,269	FGLMC	4.500		09/01/35		58,463
	425,716	FGLMC	5.000		10/01/35		463,441
	72,621	FGLMC	5.000		10/01/35		79,056
	429,795	FGLMC	5.000		10/01/35		474,584
	1,841,855	FGLMC	5.500		10/01/35		2,023,327
	66,753	FGLMC	5.000		12/01/35		72,668
	327,518	FGLMC	5.000		12/01/35		356,541

140

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	132,928	FGLMC	6.000	%	01/01/36	$	146,336
	125,377	FGLMC	5.000		02/01/36		136,488
	61,307	FGLMC	5.000		02/01/36		66,740
	77,739	FGLMC	6.000		02/01/36		85,799
	740,817	FGLMC	5.500		04/01/36		816,493
	83,748	FGLMC	5.500		05/01/36		91,894
	27,347	FGLMC	6.500		05/01/36		31,160
	2,891,240	FGLMC	6.000		06/01/36		3,182,881
	484,187	FGLMC	5.000		07/01/36		526,110
	355,418	FGLMC	6.000		07/01/36		394,379
	96,893	FGLMC	6.000		08/01/36		106,667
	78,449	FGLMC	6.000		09/01/36		87,113
	210,069	FGLMC	6.500		10/01/36		239,361
	134,815	FGLMC	5.500		11/01/36		147,297
	305,885	FGLMC	6.000		11/01/36		336,740
	1,537,195	FGLMC	6.000		12/01/36		1,692,253
	740,672	FGLMC	6.000		03/01/37		815,384
	181,937	FGLMC	6.500		03/01/37		204,666
	1,010,952	FGLMC	5.500		04/01/37		1,102,660
	136,328	FGLMC	5.000		05/01/37		147,813
	78,845	FGLMC	5.000		06/01/37		85,488
	527,303	FGLMC	5.500		06/01/37		575,137
	1,924,079	FGLMC	6.000		07/01/37		2,115,156
	415,568	FGLMC	6.000		08/01/37		461,772
	174,126	FGLMC	6.000		09/01/37		193,486
	2,067,549	FGLMC	5.500		10/01/37		2,271,258
	92,130	FGLMC	6.000		11/01/37		101,280
	698,305	FGLMC	6.500		11/01/37		796,186
	298,581	FGLMC	6.000		01/01/38		328,233
	119,173	FGLMC	6.000		02/01/38		131,008
	1,219,540	FGLMC	6.000		02/01/38		1,340,650
	1,036,242	FGLMC	5.000		03/01/38		1,123,536
	1,216,209	FGLMC	5.000		04/01/38		1,342,950
	99,500	FGLMC	5.000		04/01/38		111,147
	2,107,924	FGLMC	5.500		04/01/38		2,310,341
	495,835	FGLMC	5.500		05/01/38		540,349
	55,827	FGLMC	5.500		06/01/38		60,839
	146,291	FGLMC	6.000		07/01/38		160,819
	186,154	FGLMC	5.500		08/01/38		204,030
	645,110	FGLMC	5.500		08/01/38		704,840
	217,495	FGLMC	5.000		09/01/38		235,817
	3,002,570	FGLMC	5.500		09/01/38		3,272,131
	837,734	FGLMC	5.500		09/01/38		918,440
	36,089	FGLMC	5.500		10/01/38		39,329
	1,144,757	FGLMC	6.000		11/01/38		1,258,440
	64,515	FGLMC	4.500		02/01/39		69,400
	2,996,181	FGLMC	5.000		02/01/39		3,248,583
	211,895	FGLMC	5.500		02/01/39		230,919
	42,714	FGLMC	4.500		03/01/39		45,948
	788,136	FGLMC	5.000		03/01/39		872,016
	171,398	FGLMC	6.000		03/01/39		188,419
	118,088	FGLMC	4.500		04/01/39		131,180

141

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	5,540,956	FGLMC	4.500	%	04/01/39	$	6,069,574
	2,056,486	FGLMC	4.000		05/01/39		2,211,663
	1,167,708	FGLMC	4.500		05/01/39		1,256,120
	45,437	FGLMC	4.500		05/01/39		48,878
	554,685	FGLMC	4.500		05/01/39		614,364
	4,110,986	FGLMC	4.500		05/01/39		4,422,247
	839,003	FGLMC	5.000		05/01/39		911,648
	1,993,664	FGLMC	4.000		06/01/39		2,144,102
	471,182	FGLMC	4.500		06/01/39		506,857
	194,658	FGLMC	5.000		06/01/39		215,375
	97,093	FGLMC	5.500		06/01/39		105,810
	2,314,430	FGLMC	4.000		07/01/39		2,489,071
	83,910	FGLMC	4.500		07/01/39		90,263
	169,352	FGLMC	4.500		07/01/39		182,175
	1,082,256	FGLMC	4.500		07/01/39		1,164,199
	596,136	FGLMC	5.000		07/01/39		646,355
	1,592,640	FGLMC	5.500		07/01/39		1,737,115
	79,484	FGLMC	4.500		08/01/39		85,502
	223,234	FGLMC	5.000		08/01/39		242,040
	805,730	FGLMC	4.000		09/01/39		866,529
	1,417,122	FGLMC	5.000		09/01/39		1,567,944
	35,919	FGLMC	5.500		09/01/39		39,840
	4,143,204	FGLMC	6.500		09/01/39		4,723,955
	234,340	FGLMC	4.500		10/01/39		261,237
	699,623	FGLMC	4.500		10/01/39		752,595
	179,508	FGLMC	4.500		10/01/39		200,111
	118,205	FGLMC	4.000		11/01/39		127,125
	550,627	FGLMC	4.500		11/01/39		592,317
	170,048	FGLMC	5.000		11/01/39		184,374
	69,105	FGLMC	5.000		11/01/39		74,927
	402,040	FGLMC	4.500		12/01/39		432,480
	966,921	FGLMC	4.500		12/01/39		1,040,131
	528,263	FGLMC	4.500		12/01/39		585,099
	1,756,797	FGLMC	4.500		12/01/39		1,945,809
	1,227,833	FGLMC	5.500		12/01/39		1,339,214
	1,146,107	FGLMC	4.500		01/01/40		1,232,883
	66,536	FGLMC	5.000		01/01/40		73,617
	216,753	FGLMC	5.500		01/01/40		236,212
	499,296	FGLMC	5.500		03/01/40		544,589
	131,684	FGLMC	4.500		04/01/40		145,852
	742,717	FGLMC	4.500		04/01/40		801,040
	1,050,185	FGLMC	5.000		04/01/40		1,155,062
	436,500	FGLMC	5.000		04/01/40		477,091
	12,397,860	FGLMC	4.500		05/01/40		13,336,556
	7,065,625	FGLMC	5.000		05/01/40		7,771,241
	24,958	FGLMC	4.500		06/01/40		26,918
	3,811,907	FGLMC	5.500		06/01/40		4,176,642
	5,946,138	FGLMC	4.500		07/01/40		6,413,069
	116,384	FGLMC	4.500		08/01/40		125,523
	1,086,311	FGLMC	5.000		08/01/40		1,187,328
	226,632	FGLMC	5.000		08/01/40		247,707
	2,235,505	FGLMC	5.000		08/01/40		2,502,558

142

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	1,527,853	FGLMC	4.000	%	09/01/40	$	1,644,096
	6,064,058	FGLMC	4.000		12/01/40		6,641,023
	1,532,914	FGLMC	3.500		01/01/41		1,644,889
	515,076	FGLMC	3.500		01/01/41		552,701
	1,262,930	FGLMC	4.000		01/01/41		1,359,017
	1,071,038	FGLMC	3.500		02/01/41		1,149,274
	1,754,573	FGLMC	4.000		02/01/41		1,888,249
	5,232,077	FGLMC	4.000		02/01/41		5,630,147
	7,157,908	FGLMC	4.000		04/01/41		7,706,974
	1,761,540	FGLMC	4.500		04/01/41		1,905,923
	427,165	FGLMC	5.000		04/01/41		467,422
	1,781,037	FGLMC	4.500		05/01/41		1,927,018
	2,422,877	FGLMC	4.500		06/01/41		2,621,466
	3,883,671	FGLMC	3.500		10/01/41		4,167,361
	3,996,201	FGLMC	5.000		10/01/41		4,395,286
	3,038,755	FGLMC	4.500		12/01/41		3,287,825
	2,711,714	FGLMC	3.500		01/01/42		2,909,796
	4,525,998	FGLMC	3.500		02/01/42		4,856,608
	4,866,205	FGLMC	3.500		04/01/42		5,227,748
	8,792,387	FGLMC	4.000		05/01/42		9,628,940
	1,344,211	FGLMC	3.000		08/01/42		1,418,439
	1,211	Federal National Mortgage Association (FNMA)	5.000		06/01/13		1,255
	541,331	FNMA	4.440		07/01/13		548,002
	653	FNMA	6.000		09/01/13		659
	499,261	FNMA	4.757		10/01/13		512,514
	566	FNMA	6.500		12/01/13		581
	425,793	FNMA	4.791		02/01/14		438,841
	682,621	FNMA	4.640		11/01/14		725,000
	350,579	FNMA	4.870		03/01/16		354,112
	51,927	FNMA	6.000		04/01/16		56,084
	62,865	FNMA	5.500		09/01/16		68,184
	5,209	FNMA	6.500		10/01/16		5,594
	42,108	FNMA	6.500		11/01/16		45,221
	27,534	FNMA	6.500		04/01/17		29,954
	24,090	FNMA	6.000		05/01/17		25,991
	128,008	FNMA	5.000		09/01/17		139,580
	22,709	FNMA	6.000		11/01/17		24,217
	1,626,548	FNMA	5.000		12/01/17		1,773,590
	252,985	FNMA	5.000		12/01/17		275,855
	18,717	FNMA	5.000		12/01/17		20,409
	2,136,052	FNMA	5.000		01/01/18		2,329,155
	1,953,753	FNMA	4.500		02/01/18		2,113,847
	276,174	FNMA	4.500		04/01/18		298,804
	54,520	FNMA	5.000		04/01/18		59,449
	37,864	FNMA	5.500		04/01/18		41,412
	408,494	FNMA	5.500		04/01/18		446,635
	23,850	FNMA	5.500		05/01/18		26,084
	575,676	FNMA	4.500		06/01/18		622,848
	880,037	FNMA	4.000		08/01/18		943,486
	76,665	FNMA	4.000		08/01/18		82,193
	231,263	FNMA	4.500		09/01/18		250,213
	161,082	FNMA	4.500		10/01/18		174,282

143

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	420,267	FNMA	5.000	%	11/01/18	$	458,260
	9,183	FNMA	5.000		01/01/19		10,014
	21,878	FNMA	6.000		01/01/19		24,160
	50,547	FNMA	4.500		05/01/19		54,705
	128,906	FNMA	4.500		06/01/19		139,509
	21,621	FNMA	4.500		06/01/19		23,399
	145,288	FNMA	5.000		07/01/19		158,422
	588,317	FNMA	5.000		10/01/19		641,502
	90,609	FNMA	4.500		11/01/19		98,062
	76,500	FNMA	4.500		12/01/19		82,792
	89,687	FNMA	5.000		03/01/20		97,795
	28,158	FNMA	5.000		04/01/20		30,708
	61,393	FNMA	4.500		06/01/20		65,967
	42,954	FNMA	4.500		09/01/20		46,487
	43,652	FNMA	4.500		10/01/20		47,216
	63,388	FNMA	4.500		11/01/20		68,602
	166,989	FNMA	5.000		12/01/20		182,111
	394,955	FNMA	5.500		01/01/21		428,376
	144,399	FNMA	5.000		03/01/21		157,453
	993,124	FNMA	6.000		04/01/21		1,081,502
	112,943	FNMA	5.500		08/01/21		123,276
	32,147	FNMA	6.000		08/01/21		35,395
	20,248	FNMA	5.000		10/01/21		22,081
	50,381	FNMA	5.000		11/01/21		54,935
	27,626	FNMA	5.500		11/01/21		30,154
	61,171	FNMA	5.500		10/01/22		66,768
	24,630	FNMA	6.000		10/01/22		27,236
	19,543	FNMA	5.000		03/01/23		21,255
	64,360	FNMA	4.500		04/01/23		69,493
	530,597	FNMA	4.500		06/01/23		572,915
	45,645	FNMA	5.000		06/01/23		49,593
	44,650	FNMA	5.500		06/01/23		49,355
	194,993	FNMA	5.000		07/01/23		211,859
	497,215	FNMA	5.000		07/01/23		540,222
	3,135,884	FNMA	5.000		07/01/23		3,410,554
	57,937	FNMA	5.500		08/01/23		63,238
	82,630	FNMA	5.000		11/01/23		91,572
	28,618	FNMA	5.500		11/01/23		31,290
	1,164,272	FNMA	5.500		01/01/24		1,270,797
	73,227	FNMA	5.500		02/01/24		81,035
	466,552	FNMA	4.000		03/01/24		499,315
	34,482	FNMA	4.500		04/01/24		37,233
	718,832	FNMA	4.000		05/01/24		769,311
	2,007,552	FNMA	4.000		05/01/24		2,148,529
	40,985	FNMA	4.000		06/01/24		43,863
	47,680	FNMA	4.500		07/01/24		52,556
	40,455	FNMA	5.500		07/01/24		44,768
	639	FNMA	8.000		07/01/24		766
	239,583	FNMA	4.500		08/01/24		258,690
	929,928	FNMA	4.000		09/01/24		995,230
	204,552	FNMA	4.000		09/01/24		218,916
	130,557	FNMA	4.500		09/01/24		140,970

144

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	108,512	FNMA	5.000	%	01/01/25	$	119,983
	227,222	FNMA	4.500		02/01/25		245,912
	35,805	FNMA	4.500		03/01/25		38,750
	1,599,539	FNMA	4.500		03/01/25		1,731,108
	485,317	FNMA	5.000		03/01/25		536,622
	410,200	FNMA	4.500		04/01/25		443,941
	1,342,602	FNMA	4.500		04/01/25		1,453,037
	1,629,764	FNMA	4.000		06/01/25		1,743,702
	1,528,864	FNMA	4.500		06/01/25		1,654,620
	582,148	FNMA	4.000		08/01/25		622,847
	216,947	FNMA	5.500		08/01/25		239,806
	2,611,890	FNMA	3.500		09/01/25		2,781,896
	2,806,215	FNMA	4.000		09/01/25		3,003,277
	3,469,404	FNMA	3.500		10/01/25		3,695,225
	1,047,392	FNMA	5.000		10/01/25		1,154,189
	1,834,036	FNMA	4.000		11/01/25		1,962,254
	2,571,828	FNMA	3.500		12/01/25		2,739,226
	651,767	FNMA	4.000		03/01/26		697,536
	1,698,589	FNMA	4.000		06/01/26		1,817,869
	1,393,694	FNMA	3.500		08/01/26		1,484,408
	1,157,809	FNMA	3.500		09/01/26		1,233,170
	713,019	FNMA	4.000		09/01/26		763,089
	1,832,777	FNMA	3.500		10/01/26		1,952,071
	42,218	FNMA	6.000		10/01/26		46,728
	2,190,335	FNMA	3.000		11/01/26		2,325,569
	5,373,883	FNMA	3.000		04/01/27		5,709,870
	3,397,353	FNMA	3.000		04/01/27		3,609,764
	2,355,367	FNMA	3.500		05/01/27		2,522,662
	2,428,653	FNMA	2.500		06/01/27		2,555,588
	4,908,749	FNMA	3.000		06/01/27		5,215,656
	390,003	FNMA	6.000		08/01/27		431,414
	4,000,000	FNMA	2.500		09/01/27		4,209,062
	150,752	FNMA	5.500		09/01/27		165,600
	19,492	FNMA	5.500		01/01/28		21,400
	16,737	FNMA	5.000		02/01/28		18,402
	842,011	FNMA	5.000		05/01/28		925,762
	94,826	FNMA	5.500		06/01/28		104,107
	16,721	FNMA	5.500		11/01/28		18,347
	57	FNMA	7.500		01/01/29		68
	123,538	FNMA	4.000		03/01/29		134,080
	541,555	FNMA	4.500		04/01/29		587,872
	1,088	FNMA	6.500		04/01/29		1,277
	308,147	FNMA	4.000		05/01/29		334,443
	200,110	FNMA	4.500		06/01/29		217,225
	51,511	FNMA	4.000		07/01/29		55,906
	3,683	FNMA	7.500		07/01/29		3,841
	310	FNMA	7.500		07/01/29		311
	996,354	FNMA	4.500		08/01/29		1,081,566
	154,207	FNMA	4.500		09/01/29		167,299
	83,878	FNMA	4.500		11/01/29		90,999
	47,685	FNMA	4.500		01/01/30		51,733
	142,247	FNMA	4.000		03/01/30		154,386

145

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	56,833		FNMA	4.500	%	05/01/30	$	61,658
	75,602		FNMA	4.500		06/01/30		82,020
	670,377		FNMA	4.500		08/01/30		730,224
	145,148		FNMA	4.000		09/01/30		157,535
	800,060		FNMA	4.000		10/01/30		868,333
	1,063,777		FNMA	4.000		11/01/30		1,154,554
	266,281		FNMA	4.500		12/01/30		290,053
	314,247		FNMA	3.500		02/01/31		338,419
	394,932		FNMA	4.000		02/01/31		428,634
	295		FNMA	7.500		02/01/31		314
	2,495		FNMA	7.500		03/01/31		3,060
	848,412		FNMA	3.500		04/01/31		913,671
	115,171		FNMA	4.000		04/01/31		125,000
	15,056		FNMA	6.000		05/01/31		17,002
	1,397		FNMA	7.500		05/01/31		1,533
	2,743,066		FNMA	4.500		07/01/31		3,085,879
	609,888		FNMA	4.500		07/01/31		679,461
	3,898,488		FNMA	4.000		08/01/31		4,231,165
	265,328		FNMA	4.000		09/01/31		287,970
	1,435		FNMA	6.500		09/01/31		1,668
	116,584		FNMA	6.000		11/01/31		131,659
	13,955		FNMA	6.500		11/01/31		16,225
	1,345,121		FNMA	3.500		01/01/32		1,448,588
	27,680		FNMA	6.000		01/01/32		31,317
	47,052		FNMA	6.000		01/01/32		53,136
	32,349		FNMA	6.000		02/01/32		36,532
	95,083		FNMA	6.500		04/01/32		109,615
	239,530		FNMA	6.500		07/01/32		277,003
	24,857		FNMA	6.500		08/01/32		28,746
	1,743,894	h	FNMA	3.000		09/01/32		1,853,179
	292,059		FNMA	6.000		09/01/32		329,824
	35,422		FNMA	7.500		09/01/32		43,535
	258,196		FNMA	5.500		10/01/32		286,532
	45,972		FNMA	6.000		10/01/32		52,032
	70,537		FNMA	6.000		11/01/32		79,834
	109,043		FNMA	5.500		12/01/32		121,010
	14,927		FNMA	5.500		12/01/32		16,565
	133,642		FNMA	6.000		12/01/32		150,923
	643,079		FNMA	5.500		01/01/33		713,653
	1,390,502		FNMA	6.000		01/01/33		1,557,741
	42,285		FNMA	5.000		02/01/33		46,471
	807,063		FNMA	5.000		02/01/33		886,958
	31,001		FNMA	6.000		04/01/33		35,087
	5,257,232		FNMA	5.500		05/01/33		5,834,177
	290,971		FNMA	5.000		06/01/33		318,610
	587,338		FNMA	5.500		06/01/33		651,794
	86,067		FNMA	4.500		07/01/33		93,602
	311,138		FNMA	5.000		07/01/33		341,939
	453,408		FNMA	4.500		08/01/33		493,107
	243,110		FNMA	4.500		08/01/33		264,396
	151,615		FNMA	5.000		08/01/33		166,625
	412,508		FNMA	5.500		09/01/33		464,739

146

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	163,508		FNMA	5.500	%	09/01/33	$	183,721
	85,631		FNMA	6.000		09/01/33		96,917
	816,894		FNMA	4.500		10/01/33		888,418
	168,104		FNMA	5.000		10/01/33		184,745
	117,405		FNMA	5.000		10/01/33		129,027
	1,992,424		FNMA	5.500		10/01/33		2,281,436
	1,085,321		FNMA	5.500		10/01/33		1,235,970
	68,610		FNMA	4.500		11/01/33		74,617
	3,529,749		FNMA	5.000		11/01/33		3,879,178
	137,119		FNMA	5.000		11/01/33		150,693
	1,278,026		FNMA	5.000		12/01/33		1,404,544
	1,249,898		FNMA	5.500		12/01/33		1,423,392
	445,000		FNMA	5.000		02/01/34		489,053
	1,614,306		FNMA	6.000		02/01/34		1,827,084
	66,215		FNMA	5.000		03/01/34		72,771
	2,720,525		FNMA	5.000		03/01/34		2,989,845
	139,283		FNMA	5.000		03/01/34		153,071
	41,537		FNMA	5.000		03/01/34		45,649
	49,033		FNMA	5.000		03/01/34		53,888
	112,022		FNMA	5.000		03/01/34		123,111
	415,960		FNMA	5.000		04/01/34		454,604
	425,772		FNMA	5.500		04/01/34		472,497
	188,858		FNMA	4.500		05/01/34		204,950
	39,376		FNMA	4.500		05/01/34		42,823
	92,958		FNMA	5.500		07/01/34		102,637
	136,187		FNMA	5.500		07/01/34		150,367
	101,989		FNMA	7.000		07/01/34		122,318
	143,680		FNMA	5.000		08/01/34		157,904
	1,176,689		FNMA	5.000		08/01/34		1,287,520
	106,342		FNMA	6.000		08/01/34		120,358
	569,453		FNMA	6.000		08/01/34		644,512
	65,397		FNMA	4.500		09/01/34		70,969
	2,376,198		FNMA	5.500		09/01/34		2,623,604
	20,136		FNMA	5.500		11/01/34		22,233
	178,422		FNMA	6.000		11/01/34		200,092
	35,667		FNMA	5.000		12/01/34		39,198
	23,755		FNMA	5.500		12/01/34		26,229
	58,187		FNMA	6.000		12/01/34		65,629
	3,152,321		FNMA	4.500		01/01/35		3,428,325
	279,512		FNMA	5.500		01/01/35		309,269
	7,324,982		FNMA	5.500		02/01/35		8,128,850
	307,269		FNMA	5.500		02/01/35		339,261
	2,020,383		FNMA	5.500		04/01/35		2,300,824
	242,656		FNMA	6.000		04/01/35		273,354
	287,270		FNMA	6.000		04/01/35		322,891
	318,530		FNMA	5.500		05/01/35		362,744
	393,308		FNMA	6.000		05/01/35		442,077
	128,186		FNMA	5.000		06/01/35		140,867
	8,174		FNMA	7.500		06/01/35		9,099
	12,031	i	FNMA	4.621		07/01/35		12,958
	301,524		FNMA	5.000		07/01/35		337,168
	746,727		FNMA	4.500		08/01/35		809,423

147

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	561,091		FNMA	5.000	%	08/01/35	$	614,270
	1,253,986		FNMA	5.000		08/01/35		1,372,835
	36,873		FNMA	4.500		09/01/35		40,101
	36,198		FNMA	4.500		09/01/35		39,237
	78,118		FNMA	5.500		09/01/35		86,691
	978,171		FNMA	5.000		10/01/35		1,070,879
	1,127,382		FNMA	5.500		10/01/35		1,279,113
	57,884		FNMA	5.000		11/01/35		62,882
	1,611,235		FNMA	5.500		11/01/35		1,776,980
	18,402		FNMA	4.500		12/01/35		19,947
	139,298		FNMA	5.500		12/01/35		153,509
	715,909		FNMA	6.000		12/01/35		797,408
	371,656	i	FNMA	2.703		02/01/36		398,659
	48,192		FNMA	5.000		02/01/36		52,021
	3,100,921		FNMA	5.000		02/01/36		3,395,627
	80,944		FNMA	5.000		02/01/36		87,376
	242,347		FNMA	6.500		02/01/36		275,781
	1,961,027		FNMA	6.000		03/01/36		2,170,480
	36,031		FNMA	5.000		05/01/36		39,344
	2,109,873		FNMA	6.000		06/01/36		2,371,488
	205,751	i	FNMA	2.760		07/01/36		220,768
	153,159		FNMA	6.000		07/01/36		170,815
	1,040,030		FNMA	6.500		07/01/36		1,184,357
	2,191,813		FNMA	5.500		08/01/36		2,406,322
	828,245		FNMA	6.500		08/01/36		962,939
	80,407		FNMA	5.500		09/01/36		88,779
	203,847		FNMA	6.500		09/01/36		231,321
	87,065		FNMA	6.500		09/01/36		99,148
	252,223		FNMA	6.000		10/01/36		279,163
	104,162		FNMA	6.500		11/01/36		118,617
	36,246	i	FNMA	5.715		12/01/36		38,947
	770,489		FNMA	6.000		12/01/36		852,784
	85,122	i	FNMA	2.793		01/01/37		91,568
	301,367		FNMA	5.500		01/01/37		330,861
	11,122	i	FNMA	2.261		02/01/37		11,822
	2,070,399		FNMA	5.500		02/01/37		2,273,025
	48,025		FNMA	6.000		02/01/37		53,154
	62,037		FNMA	7.000		02/01/37		74,081
	19,738	i	FNMA	2.798		03/01/37		21,211
	9,470		FNMA	5.000		03/01/37		10,332
	221,347		FNMA	6.500		03/01/37		252,226
	651,695		FNMA	6.500		03/01/37		740,326
	22,935	i	FNMA	5.543		04/01/37		24,878
	367,080		FNMA	7.000		04/01/37		438,348
	775,619		FNMA	5.000		05/01/37		846,221
	33,581		FNMA	7.000		05/01/37		40,101
	122,078	i	FNMA	5.240		06/01/37		132,063
	241,442		FNMA	5.500		06/01/37		264,769
	147,181		FNMA	5.500		08/01/37		162,505
	96,894		FNMA	6.000		08/01/37		107,303
	127,876		FNMA	6.500		08/01/37		145,067
	482,047		FNMA	6.500		08/01/37		546,443

148

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	217,226		FNMA	5.500	%	09/01/37	$	247,378
	511,619		FNMA	6.000		09/01/37		579,854
	715,376		FNMA	6.000		09/01/37		810,787
	309,371		FNMA	6.000		09/01/37		342,414
	234,690		FNMA	6.000		09/01/37		265,308
	315,937		FNMA	6.000		09/01/37		358,074
	405,826		FNMA	6.500		09/01/37		458,366
	75,369		FNMA	6.500		09/01/37		85,205
	642,460	i	FNMA	4.589		10/01/37		690,996
	169,987		FNMA	6.500		10/01/37		193,701
	1,269,364		FNMA	5.500		11/01/37		1,392,008
	3,118,332		FNMA	6.000		11/01/37		3,451,395
	123,607		FNMA	7.000		11/01/37		147,604
	15,432		FNMA	6.500		01/01/38		17,585
	55,263		FNMA	6.500		01/01/38		62,972
	881,035		FNMA	5.500		02/01/38		966,160
	38,196		FNMA	6.500		02/01/38		43,461
	126,129		FNMA	7.000		02/01/38		150,616
	67,678		FNMA	5.000		03/01/38		73,839
	96,049		FNMA	5.000		03/01/38		104,792
	122,107	i	FNMA	5.030		03/01/38		131,377
	158,903		FNMA	5.500		03/01/38		174,256
	35,496		FNMA	6.000		03/01/38		40,042
	933,474		FNMA	6.500		03/01/38		1,064,315
	244,521		FNMA	6.500		03/01/38		278,794
	89,016		FNMA	6.500		03/01/38		101,493
	130,079		FNMA	6.500		03/01/38		148,312
	69,144		FNMA	5.000		04/01/38		75,438
	3,180,673		FNMA	5.500		04/01/38		3,487,984
	2,095,041		FNMA	6.000		04/01/38		2,314,225
	78,582		FNMA	4.500		05/01/38		85,082
	1,946,341		FNMA	5.000		05/01/38		2,123,510
	6,102,899		FNMA	5.000		05/01/38		6,669,869
	2,064,198		FNMA	6.000		07/01/38		2,284,671
	28,759	i	FNMA	4.798		08/01/38		30,889
	17,231	i	FNMA	5.339		08/01/38		18,570
	160,070	i	FNMA	4.916		10/01/38		172,295
	25,242		FNMA	6.000		10/01/38		27,882
	248,504		FNMA	5.500		11/01/38		272,514
	41,771		FNMA	5.000		12/01/38		45,573
	4,576,591	h	FNMA	5.500		12/01/38		5,047,377
	1,023,273		FNMA	4.500		01/01/39		1,107,910
	1,554,576		FNMA	5.000		01/01/39		1,696,084
	358,578		FNMA	5.000		01/01/39		391,218
	3,751,696		FNMA	5.500		01/01/39		4,114,179
	818,567		FNMA	5.500		01/01/39		897,655
	274,565		FNMA	6.000		01/01/39		303,290
	483,742		FNMA	6.000		01/01/39		534,351
	1,535,390		FNMA	4.500		02/01/39		1,662,386
	2,648,558		FNMA	4.500		02/01/39		2,867,625
	1,376,322		FNMA	4.500		02/01/39		1,490,161
	58,446		FNMA	5.500		02/01/39		64,093

149

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	2,439,711		FNMA	4.000	%	04/01/39	$	2,631,131
	64,648		FNMA	5.500		04/01/39		71,359
	3,364,942	h	FNMA	4.500		05/01/39		3,743,161
	1,312,360		FNMA	4.500		05/01/39		1,420,908
	188,422		FNMA	4.500		06/01/39		204,007
	83,824	i	FNMA	3.965		07/01/39		89,521
	640,308		FNMA	4.500		07/01/39		693,270
	328,554		FNMA	4.500		07/01/39		355,729
	64,686		FNMA	5.000		07/01/39		71,584
	104,858	i	FNMA	3.549		08/01/39		111,911
	444,072	i	FNMA	3.690		08/01/39		473,126
	7,205,383		FNMA	4.000		08/01/39		7,770,716
	1,025,419		FNMA	4.000		08/01/39		1,105,874
	1,877,348		FNMA	4.500		08/01/39		2,032,627
	3,741,544		FNMA	4.500		08/01/39		4,162,092
	71,474		FNMA	4.500		08/01/39		80,490
	68,067		FNMA	5.000		08/01/39		74,263
	6,781,395		FNMA	5.000		08/01/39		7,398,683
	2,367,341		FNMA	4.000		09/01/39		2,553,082
	145,771		FNMA	5.000		09/01/39		159,040
	808,467		FNMA	5.500		09/01/39		910,834
	4,289,923		FNMA	6.500		10/01/39		4,888,382
	106,356		FNMA	5.000		11/01/39		118,928
	3,213,358		FNMA	4.000		12/01/39		3,465,478
	249,794		FNMA	4.500		12/01/39		278,651
	11,548,917		FNMA	4.500		12/01/39		12,504,153
	914,976		FNMA	4.500		12/01/39		990,655
	139,037	i	FNMA	3.687		01/01/40		147,827
	172,604		FNMA	4.500		01/01/40		186,880
	231,747		FNMA	5.000		01/01/40		256,463
	2,690,913		FNMA	6.000		02/01/40		2,973,356
	900,163		FNMA	4.500		03/01/40		977,430
	2,217,312		FNMA	4.500		03/01/40		2,400,711
	104,856		FNMA	5.000		03/01/40		117,612
	94,905		FNMA	4.500		04/01/40		103,052
	3,439,627		FNMA	5.000		04/01/40		3,806,470
	3,757,049		FNMA	5.000		04/01/40		4,135,778
	607,254	i	FNMA	3.503		05/01/40		642,290
	680,784	i	FNMA	3.606		05/01/40		720,938
	1,159,493	i	FNMA	3.728		05/01/40		1,232,095
	83,383		FNMA	4.500		05/01/40		92,755
	268,388		FNMA	4.500		07/01/40		291,426
	322,307		FNMA	4.500		07/01/40		349,973
	282,367		FNMA	5.000		07/01/40		316,718
	181,702	i	FNMA	3.487		08/01/40		191,411
	2,443,908		FNMA	4.500		08/01/40		2,645,175
	2,517,237		FNMA	5.000		08/01/40		2,771,189
	4,312,097		FNMA	4.500		09/01/40		4,682,235
	2,049,162		FNMA	4.500		09/01/40		2,225,056
	7,441,547		FNMA	6.000		09/01/40		8,236,364
	691,447		FNMA	3.500		10/01/40		742,256
	3,259,177		FNMA	4.000		10/01/40		3,515,911

150

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	5,123,497		FNMA	4.500	%	10/01/40	$	5,563,283
	4,379,551		FNMA	3.500		11/01/40		4,701,369
	3,537,986		FNMA	4.000		11/01/40		3,816,681
	5,079,513		FNMA	4.000		11/01/40		5,479,639
	6,266,276		FNMA	4.000		11/01/40		6,759,885
	557,138		FNMA	4.500		11/01/40		615,060
	1,088,866	i	FNMA	3.275		12/01/40		1,150,129
	1,506,799		FNMA	4.000		12/01/40		1,655,864
	7,538,893		FNMA	4.500		12/01/40		8,186,010
	165,676		FNMA	3.500		01/01/41		177,850
	463,151	i	FNMA	3.149		02/01/41		487,922
	993,696		FNMA	3.500		02/01/41		1,066,715
	4,740,939		FNMA	4.000		02/01/41		5,114,393
	4,533,529		FNMA	4.000		03/01/41		4,890,645
	3,635,436		FNMA	4.500		04/01/41		3,947,492
	1,124,584		FNMA	4.500		05/01/41		1,223,224
	3,947,235		FNMA	4.500		06/01/41		4,293,455
	1,229,048	i	FNMA	3.236		07/01/41		1,297,975
	10,106,156		FNMA	4.000		09/01/41		10,905,400
	5,724,055		FNMA	4.500		09/01/41		6,226,124
	2,436,902	i	FNMA	2.930		10/01/41		2,564,403
	461,886	i	FNMA	3.154		10/01/41		490,421
	2,430,999		FNMA	3.500		11/01/41		2,609,634
	3,069,102	i	FNMA	2.847		12/01/41		3,232,884
	3,398,492		FNMA	4.000		12/01/41		3,667,261
	6,141,715		FNMA	3.500		03/01/42		6,593,981
	3,198,660		FNMA	3.500		04/01/42		3,470,689
	4,853,392		FNMA	5.000		04/01/42		5,499,933
	5,745,635	h	FNMA	5.000		05/01/42		6,304,551
	2,970,035		FNMA	3.000		06/01/42		3,138,524
	16,762,653		FNMA	3.500		06/01/42		17,997,028
	9,965,239		FNMA	3.500		09/01/42		10,699,063
	21,027		Government National Mortgage Association (GNMA)	5.000		02/15/18		22,628
	74,995		GNMA	4.500		02/15/19		82,265
	30,895		GNMA	4.500		01/20/24		33,761
	166,935		GNMA	4.000		04/15/24		181,292
	21,217		GNMA	4.500		07/15/24		23,198
	552,600		GNMA	4.000		08/15/24		600,126
	151,022		GNMA	4.500		08/15/24		165,120
	485,859		GNMA	4.000		09/15/24		527,645
	61,462		GNMA	4.500		01/15/25		67,180
	504,897		GNMA	4.000		08/15/25		548,320
	280,193		GNMA	3.500		03/15/26		302,722
	399,682		GNMA	4.000		04/15/26		434,057
	318,383		GNMA	4.000		06/20/26		340,628
	479,069		GNMA	3.500		11/20/26		515,951
	1,859,763		GNMA	3.000		12/15/26		1,996,921
	4,792,456		GNMA	2.500		04/20/27		5,093,482
	10,902		GNMA	6.500		09/15/28		12,851
	1,716		GNMA	6.500		09/15/28		2,028
	5,324		GNMA	6.500		11/15/28		6,283
	1,361		GNMA	7.500		11/15/28		1,584

151

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	9,620	GNMA	8.500	%	10/15/30	$	10,503
	6,976	GNMA	8.500		10/20/30		8,774
	955	GNMA	8.500		12/15/30		1,198
	1,256	GNMA	7.000		06/20/31		1,523
	1,080	GNMA	6.500		07/15/31		1,285
	5,779	GNMA	7.000		07/15/31		6,913
	3,905	GNMA	7.000		07/15/31		4,671
	5,176	GNMA	7.500		02/15/32		5,342
	568,743	GNMA	6.000		10/15/32		649,155
	91,639	GNMA	5.500		12/20/32		102,892
	189,172	GNMA	5.500		05/15/33		212,110
	34,342	GNMA	5.000		07/15/33		38,138
	163,145	GNMA	5.500		07/15/33		182,646
	30,633	GNMA	5.000		07/20/33		34,099
	76,037	GNMA	5.000		08/15/33		84,797
	188,744	GNMA	5.000		08/15/33		211,903
	438,097	GNMA	5.500		09/15/33		491,698
	383,480	GNMA	6.000		11/20/33		437,355
	169,022	GNMA	5.500		05/20/34		189,988
	256,128	GNMA	6.000		09/20/34		291,331
	24,896	GNMA	5.000		10/20/34		27,721
	689,597	GNMA	5.500		11/15/34		770,736
	204,892	GNMA	6.500		01/15/35		237,669
	131,180	GNMA	5.500		02/20/35		147,207
	2,773,320	GNMA	5.000		03/20/35		3,087,980
	879,996	GNMA	5.000		04/15/35		977,156
	934,310	GNMA	5.500		05/20/35		1,046,704
	39,127	GNMA	5.000		09/20/35		43,517
	38,893	GNMA	5.000		11/15/35		43,070
	31,064	GNMA	5.000		11/15/35		34,400
	302,003	GNMA	5.500		02/20/36		338,333
	33,818	GNMA	5.500		03/15/36		37,807
	110,249	GNMA	5.500		05/20/36		123,235
	27,727	GNMA	6.500		06/15/36		32,658
	1,086,909	GNMA	5.500		06/20/36		1,214,942
	46,771	GNMA	5.000		09/15/36		51,837
	56,675	GNMA	6.000		09/15/36		64,148
	95,776	GNMA	6.000		10/20/36		108,513
	49,609	GNMA	5.000		12/15/36		54,891
	55,674	GNMA	5.500		01/15/37		61,964
	52,470	GNMA	6.000		01/20/37		59,448
	1,717,751	GNMA	5.500		02/15/37		1,911,813
	175,993	GNMA	6.000		02/20/37		199,398
	1,314,711	GNMA	6.000		04/15/37		1,489,754
	30,788	GNMA	6.500		04/15/37		35,614
	751,041	GNMA	6.000		04/20/37		849,045
	86,931	GNMA	6.000		06/15/37		98,325
	108,220	GNMA	6.000		08/20/37		122,342
	79,042	GNMA	6.500		08/20/37		91,111
	411,306	GNMA	6.500		11/20/37		474,113
	424,112	GNMA	6.000		12/15/37		479,700
	33,159	GNMA	5.000		02/20/38		36,652

152

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	980,689		GNMA	5.000	%	04/15/38	$	1,081,407
	37,097		GNMA	5.500		05/20/38		41,374
	108,903		GNMA	5.500		06/15/38		121,751
	313,369		GNMA	6.000		06/20/38		354,261
	835,007		GNMA	5.500		07/15/38		929,080
	543,788		GNMA	5.500		07/20/38		606,484
	83,539		GNMA	5.500		08/15/38		92,951
	1,118,418		GNMA	6.000		08/15/38		1,264,311
	456,978		GNMA	6.000		08/15/38		516,589
	272,614		GNMA	6.000		08/20/38		308,188
	189,751		GNMA	5.000		10/15/38		209,238
	41,370		GNMA	5.500		10/15/38		46,432
	41,613		GNMA	6.500		10/20/38		47,967
	59,908		GNMA	6.500		10/20/38		69,131
	21,502		GNMA	5.500		11/15/38		23,926
	157,679		GNMA	6.500		11/20/38		181,757
	1,562,569		GNMA	6.000		12/15/38		1,766,400
	19,970		GNMA	6.500		12/15/38		22,782
	106,726		GNMA	5.000		01/15/39		118,087
	418,089		GNMA	6.500		01/20/39		481,931
	220,651		GNMA	5.000		02/15/39		244,139
	74,302		GNMA	6.000		02/15/39		83,995
	1,720,397		GNMA	4.500		03/15/39		1,895,547
	281,991		GNMA	4.500		03/15/39		310,699
	58,108		GNMA	4.500		03/20/39		64,284
	66,302	i	GNMA	5.000		03/20/39		70,691
	803,336		GNMA	5.500		03/20/39		895,958
	121,288		GNMA	4.500		04/15/39		133,636
	1,362,316		GNMA	5.500		04/15/39		1,523,035
	36,673		GNMA	5.000		04/20/39		40,536
	162,155		GNMA	4.000		05/15/39		179,192
	3,495,100		GNMA	4.500		05/15/39		3,850,930
	2,028,270		GNMA	5.000		05/15/39		2,244,181
	154,225		GNMA	4.000		05/20/39		169,930
	465,408		GNMA	4.500		05/20/39		514,879
	6,920,913		GNMA	4.500		06/15/39		7,625,517
	54,336		GNMA	4.500		06/15/39		59,868
	4,254,875		GNMA	5.000		06/15/39		4,719,777
	84,897		GNMA	5.000		06/15/39		93,934
	4,956,601		GNMA	5.000		06/15/39		5,498,176
	81,124		GNMA	5.000		06/15/39		89,760
	175,749		GNMA	5.000		06/15/39		193,963
	78,068		GNMA	4.000		06/20/39		86,017
	56,631		GNMA	5.000		06/20/39		62,597
	118,277		GNMA	4.500		07/15/39		130,319
	210,266		GNMA	4.500		07/15/39		231,673
	74,748		GNMA	5.000		07/15/39		82,705
	873,762		GNMA	4.500		07/20/39		966,639
	800,270		GNMA	5.000		07/20/39		884,566
	72,223		GNMA	5.500		07/20/39		80,640
	327,317		GNMA	4.000		08/15/39		361,708
	1,443,346		GNMA	5.000		08/15/39		1,596,992

153

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	90,262		GNMA	5.500	%	08/15/39	$	100,431
	150,831		GNMA	6.000		08/15/39		170,507
	208,592		GNMA	4.000		08/20/39		229,833
	233,922		GNMA	5.000		08/20/39		259,731
	133,974		GNMA	5.000		09/15/39		148,236
	316,902		GNMA	5.000		09/20/39		351,868
	91,854		GNMA	4.500		10/15/39		101,205
	45,713		GNMA	5.000		10/15/39		50,580
	86,604		GNMA	4.500		10/20/39		95,636
	124,145		GNMA	4.500		11/15/39		137,559
	125,846		GNMA	4.500		11/20/39		139,324
	154,549		GNMA	5.000		11/20/39		172,228
	4,809,119		GNMA	4.500		12/15/39		5,298,726
	223,711		GNMA	4.500		12/15/39		246,486
	122,138		GNMA	4.500		12/20/39		135,218
	4,730,465		GNMA	5.000		12/20/39		5,271,581
	4,053,267		GNMA	4.500		01/20/40		4,487,365
	59,654		GNMA	5.500		01/20/40		66,532
	2,723,482		GNMA	5.500		02/15/40		3,030,314
	238,056		GNMA	4.000		03/15/40		262,944
	76,522		GNMA	5.000		03/15/40		84,859
	67,428		GNMA	4.500		04/15/40		74,545
	1,381,382		GNMA	5.000		04/15/40		1,531,884
	179,841		GNMA	4.500		04/20/40		199,675
	32,424		GNMA	4.500		05/15/40		35,764
	827,324		GNMA	5.000		05/15/40		917,461
	1,712,116	i	GNMA	3.000		05/20/40		1,809,672
	38,472		GNMA	4.500		05/20/40		42,715
	84,705		GNMA	4.500		06/15/40		93,646
	13,106,782		GNMA	4.500		06/15/40		14,531,266
	93,612		GNMA	4.500		06/15/40		103,494
	852,539		GNMA	5.000		06/20/40		948,211
	533,520		GNMA	4.500		07/15/40		589,838
	2,139,724		GNMA	4.500		07/15/40		2,365,589
	6,160,333		GNMA	4.500		07/20/40		6,839,745
	190,331		GNMA	5.000		07/20/40		212,103
	3,999,344		GNMA	4.000		08/15/40		4,419,543
	1,328,770		GNMA	4.000		08/15/40		1,468,380
	352,107		GNMA	4.500		08/15/40		390,155
	479,296		GNMA	4.500		08/20/40		532,156
	364,939		GNMA	4.500		09/20/40		405,191
	105,875		GNMA	5.500		09/20/40		118,214
	148,029		GNMA	6.500		09/20/40		172,021
	100,846		GNMA	4.000		10/15/40		112,608
	377,556		GNMA	6.000		10/20/40		428,948
	1,143,419		GNMA	4.000		11/15/40		1,263,554
	4,197,351		GNMA	4.000		11/20/40		4,635,918
	1,078,083		GNMA	3.500		12/15/40		1,184,086
	1,789,601		GNMA	5.500		12/20/40		1,995,934
	4,287,981		GNMA	4.000		01/15/41		4,738,507
	11,049,157		GNMA	4.000		01/20/41		12,203,646
	1,092,145		GNMA	4.000		02/15/41		1,206,893

154

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	3,635,701		GNMA	4.500	%	02/20/41	$	4,035,303
	2,084,643		GNMA	4.500		03/15/41		2,306,966
	4,858,757		GNMA	4.500		04/20/41		5,392,786
	1,006,506		GNMA	5.000		04/20/41		1,119,446
	543,381	i	GNMA	4.000		06/20/41		582,705
	1,272,423		GNMA	4.000		07/15/41		1,406,113
	1,714,529		GNMA	4.000		07/20/41		1,893,674
	5,609,209		GNMA	4.500		07/20/41		6,207,771
	5,483,141		GNMA	5.000		07/20/41		6,098,404
	1,677,682		GNMA	4.500		08/15/41		1,848,483
	2,696,618		GNMA	5.000		08/20/41		2,999,205
	300,934	i	GNMA	3.000		09/20/41		320,342
	7,306,200	h	GNMA	4.000		09/20/41		8,050,193
	518,493		GNMA	4.000		10/15/41		572,969
	783,098	i	GNMA	2.500		10/20/41		820,520
	485,150	i	GNMA	3.500		10/20/41		518,906
	9,308,277		GNMA	4.000		10/20/41		10,247,392
	1,587,197		GNMA	5.500		10/20/41		1,772,178
	2,346,570		GNMA	3.500		11/15/41		2,575,098
	5,862,461		GNMA	5.000		11/20/41		6,515,010
	4,821,468		GNMA	3.500		01/20/42		5,281,229
	2,381,086	i	GNMA	3.000		02/20/42		2,537,334
	2,432,543		GNMA	3.500		03/20/42		2,664,503
	6,050,171		GNMA	4.500		03/20/42		6,715,149
	4,405,203		GNMA	3.500		04/15/42		4,834,219
	4,938,551		GNMA	3.500		05/20/42		5,431,083
	4,936,202		GNMA	3.500		05/20/42		5,406,903
	1,991,383	i	GNMA	2.000		07/20/42		2,080,799
	4,975,986		GNMA	3.500		07/20/42		5,450,482
	1,326,638		GNMA	6.500		01/15/44		1,444,184

			TOTAL MORTGAGE BACKED					1,049,740,462


MUNICIPAL BONDS - 1.0%
	300,000		American Municipal Power-Ohio, Inc	7.834		02/15/41		423,501
	500,000		American Municipal Power-Ohio, Inc	6.270		02/15/50		582,815
	500,000		Bay Area Toll Authority	6.263		04/01/49		703,695
	200,000		Central Puget Sound Regional Transit Authority	5.491		11/01/39		252,578
	150,000		Colorado Bridge Enterprise	6.078		12/01/40		194,466
	200,000		Commonwealth of Massachusetts	4.200		12/01/21		229,174
	500,000		Commonwealth of Massachusetts	5.731		06/01/40		657,505
	195,000		Commonwealth of Pennsylvania	5.850		07/15/30		225,779
	200,000		County of Clark NV	6.820		07/01/45		284,906
	200,000		District of Columbia	5.591		12/01/34		252,306
	100,000		East Baton Rouge Sewerage Commission	6.087		02/01/45		112,092
	400,000		Government Development Bank for Puerto Rico	3.670		05/01/14		407,688
	500,000		Government Development Bank for Puerto Rico	4.375		02/01/19		513,490
	100,000		Kentucky Asset Liability Commission	3.165		04/01/18		104,192
	30,000		Los Angeles Unified School District	5.750		07/01/34		35,352
	100,000		Massachusetts School Building Authority	5.715		08/15/39		128,886
	100,000		Metropolitan Government of Nashville & Davidson County	6.731		07/01/43		119,249
	940,000		Metropolitan Transportation Authority	6.648		11/15/39		1,229,417
	250,000		Municipal Electric Authority of Georgia	6.637		04/01/57		290,367

155

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	500,000		Municipal Electric Authority of Georgia	6.655	%	04/01/57	$	576,095
	972,000		New Jersey Economic Development Authority	7.425		02/15/29		1,228,404
	35,000		New Jersey State Turnpike Authority	7.414		01/01/40		51,646
	800,000		New Jersey Transportation Trust Fund Authority	5.754		12/15/28		943,976
	1,100,000		New York City Municipal Water Finance Authority	5.790		06/15/41		1,247,708
	600,000		New York State Dormitory Authority	5.289		03/15/33		708,576
	130,000		New York State Dormitory Authority	5.628		03/15/39		160,928
	400,000		New York State Urban Development Corp	5.838		03/15/40		506,040
	100,000		Ohio State University	4.910		06/01/40		118,220
	250,000		Oregon School Boards Association	5.680		06/30/28		299,478
	100,000		Oregon State Department of Transportation	5.834		11/15/34		129,611
	200,000		Port Authority of New York & New Jersey	6.040		12/01/29		255,302
	100,000		Salt River Project Agricultural Improvement & Power District	4.839		01/01/41		119,011
	800,000		Santa Clara Valley Transportation Authority	5.876		04/01/32		976,440
	300,000		State of California	5.750		03/01/17		347,241
	100,000		State of California	6.200		10/01/19		118,018
	100,000		State of California	5.700		11/01/21		113,547
	100,000	i	State of California	5.650		04/01/39		102,484
	285,000		State of California	7.550		04/01/39		386,605
	2,900,000		State of California	7.300		10/01/39		3,789,749
	1,740,000		State of California	7.625		03/01/40		2,367,374
	300,000		State of Connecticut	5.090		10/01/30		344,928
	250,000		State of Connecticut	5.850		03/15/32		312,237
	100,000		State of Illinois	4.511		03/01/15		106,026
	400,000		State of Illinois	4.961		03/01/16		435,956
	2,200,000		State of Illinois	5.100		06/01/33		2,132,152
	1,295,000		State of Illinois	6.725		04/01/35		1,457,756
	300,000		State of Oregon	5.762		06/01/23		364,929
	100,000		State of Texas	4.631		04/01/33		116,254
	50,000		State of Texas	5.517		04/01/39		65,160
	1,000,000		State of Texas	4.681		04/01/40		1,165,470
	100,000		State of Utah	3.539		07/01/25		108,225
	200,000		State of Washington	5.090		08/01/33		237,370
	200,000		State Public School Building Authority	5.000		09/15/27		229,338
	2,000,000		Tennessee Valley Authority	4.500		04/01/18		2,381,348
	750,000		Tennessee Valley Authority	3.875		02/15/21		880,732
	500,000		Tennessee Valley Authority	5.880		04/01/36		703,994
	1,000,000		Tennessee Valley Authority	4.625		09/15/60		1,223,656
	200,000		University of California	5.770		05/15/43		246,242
	100,000		University of Pennsylvania	4.674		09/01/12		114,025
	700,000		University of Texas	4.794		08/15/46		828,933
	150,000		Virginia Commonwealth Transportation Board	5.350		05/15/35		184,136

			TOTAL MUNICIPAL BONDS					34,932,778


U.S. TREASURY SECURITIES - 35.9%
	278,400		United States Treasury Bond	7.500		11/15/16		358,070
	160,000		United States Treasury Bond	8.750		05/15/17		219,800
	139,200		United States Treasury Bond	8.875		08/15/17		194,489
	1,681,000		United States Treasury Bond	9.000		11/15/18		2,502,589
	151,300		United States Treasury Bond	8.125		08/15/19		223,475
	375,700		United States Treasury Bond	7.875		02/15/21		573,295

156

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	125,000	United States Treasury Bond	8.125	%	05/15/21	$	194,502
	122,000	United States Treasury Bond	8.125		08/15/21		191,178
	13,379,100	United States Treasury Bond	8.000		11/15/21		20,956,059
	1,500,000	United States Treasury Bond	6.375		08/15/27		2,301,562
	26,060,000	United States Treasury Bond	5.250		02/15/29		36,549,150
	24,429,000	United States Treasury Bond	5.375		02/15/31		35,334,252
	4,644,000	United States Treasury Bond	4.375		02/15/38		6,113,389
	6,983,000	United States Treasury Bond	3.500		02/15/39		8,016,268
	241,000	United States Treasury Bond	4.500		08/15/39		324,371
	850,000	United States Treasury Bond	4.375		11/15/39		1,123,461
	915,000	United States Treasury Bond	4.625		02/15/40		1,255,837
	3,380,000	United States Treasury Bond	4.375		05/15/40		4,471,635
	12,585,000	United States Treasury Bond	3.875		08/15/40		15,375,334
	11,185,000	United States Treasury Bond	4.250		11/15/40		14,523,029
	5,075,000	United States Treasury Bond	4.750		02/15/41		7,112,135
	26,350,000	United States Treasury Bond	4.375		05/15/41		34,913,750
	10,000,000	United States Treasury Bond	3.750		08/15/41		11,956,250
	2,300,000	United States Treasury Bond	3.125		11/15/41		2,450,218
	4,550,000	United States Treasury Bond	3.125		02/15/42		4,840,062
	7,500,000	United States Treasury Bond	3.000		05/15/42		7,776,562
	3,450,000	United States Treasury Bond	2.750		08/15/42		3,392,861
	20,000,000	United States Treasury Note	0.125		08/31/13		19,990,620
	9,575,000	United States Treasury Note	0.750		09/15/13		9,626,245
	6,550,000	United States Treasury Note	0.125		09/30/13		6,545,651
	196,000	United States Treasury Note	3.125		09/30/13		201,719
	13,700,000	United States Treasury Note	0.250		10/31/13		13,707,494
	2,710,000	United States Treasury Note	2.750		10/31/13		2,784,419
	1,000,000	United States Treasury Note	0.250		11/30/13		1,000,508
	8,284,000	United States Treasury Note	2.000		11/30/13		8,456,150
	683,000	United States Treasury Note	1.500		12/31/13		693,992
	37,000,000	United States Treasury Note	0.250		01/31/14		37,017,353
	49,000,000	United States Treasury Note	0.250		02/28/14		49,022,981
	36,150,000	United States Treasury Note	1.250		03/15/14		36,686,611
	10,000,000	United States Treasury Note	0.250		03/31/14		10,003,120
	18,000,000	United States Treasury Note	0.250		04/30/14		18,004,914
	4,693,000	United States Treasury Note	1.875		04/30/14		4,814,539
	750,000	United States Treasury Note	4.750		05/15/14		804,873
	15,000,000	United States Treasury Note	0.250		05/31/14		15,004,680
	11,198,000	United States Treasury Note	2.250		05/31/14		11,571,554
	15,000,000	United States Treasury Note	0.250		06/30/14		15,002,925
	6,784,000	United States Treasury Note	2.625		06/30/14		7,065,692
	2,000,000	United States Treasury Note	0.125		07/31/14		1,995,860
	185,000	United States Treasury Note	2.625		07/31/14		193,050
	117,000	United States Treasury Note	4.250		08/15/14		125,725
	10,000,000	United States Treasury Note	0.250		08/31/14		10,001,950
	5,583,000	United States Treasury Note	2.375		08/31/14		5,809,592
	14,000,000	United States Treasury Note	0.250		09/15/14		14,001,092
	4,910,000	United States Treasury Note	2.375		09/30/14		5,118,675
	9,860,000	United States Treasury Note	2.375		10/31/14		10,292,144
	16,000,000	United States Treasury Note	0.375		11/15/14		16,038,752
	1,280,000	United States Treasury Note	2.125		11/30/14		1,331,300
	9,000,000	United States Treasury Note	0.250		12/15/14		8,997,894

157

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	6,310,000	United States Treasury Note	2.250	%	01/31/15	$	6,599,869
	5,000,000	United States Treasury Note	0.375		03/15/15		5,012,110
	100	United States Treasury Note	2.500		03/31/15		106
	7,170,000	United States Treasury Note	2.500		04/30/15		7,577,794
	1,240,000	United States Treasury Note	2.125		05/31/15		1,299,965
	20,000,000	United States Treasury Note	0.375		06/15/15		20,042,180
	3,120,000	United States Treasury Note	1.875		06/30/15		3,254,550
	6,895,000	United States Treasury Note	1.750		07/31/15		7,175,109
	19,000,000	United States Treasury Note	0.250		08/15/15		18,970,322
	1,775,000	United States Treasury Note	4.250		08/15/15		1,974,272
	11,340,000	United States Treasury Note	1.250		08/31/15		11,648,312
	20,000,000	United States Treasury Note	0.250		09/15/15		19,965,620
	18,805,000	United States Treasury Note	1.250		09/30/15		19,326,538
	27,300,000	United States Treasury Note	1.250		10/31/15		28,065,683
	23,550,000	United States Treasury Note	1.375		11/30/15		24,309,864
	5,000,000	United States Treasury Note	2.125		12/31/15		5,285,545
	5,400,000	United States Treasury Note	2.000		01/31/16		5,694,046
	10,650,000	United States Treasury Note	2.125		02/29/16		11,284,836
	250,000	United States Treasury Note	2.625		02/29/16		269,141
	9,000,000	United States Treasury Note	2.250		03/31/16		9,585,000
	14,000,000	United States Treasury Note	2.000		04/30/16		14,797,342
	164,000	United States Treasury Note	5.125		05/15/16		191,713
	11,250,000	United States Treasury Note	1.750		05/31/16		11,795,805
	5,000,000	United States Treasury Note	1.500		06/30/16		5,199,220
	10,750,000	United States Treasury Note	1.500		07/31/16		11,182,516
	970,000	United States Treasury Note	3.250		07/31/16		1,073,896
	14,000,000	United States Treasury Note	1.000		08/31/16		14,297,500
	14,200,000	United States Treasury Note	1.000		09/30/16		14,501,750
	23,050,000	United States Treasury Note	1.000		10/31/16		23,534,419
	173,000	United States Treasury Note	4.625		11/15/16		202,167
	15,250,000	United States Treasury Note	0.875		11/30/16		15,496,623
	4,000,000	United States Treasury Note	0.875		12/31/16		4,062,500
	50,300,000	United States Treasury Note	0.875		01/31/17		51,070,194
	16,250,000	United States Treasury Note	0.875		02/28/17		16,500,104
	220,000	United States Treasury Note	3.000		02/28/17		243,650
	21,300,000	United States Treasury Note	1.000		03/31/17		21,726,000
	16,500,000	United States Treasury Note	0.875		04/30/17		16,733,326
	30,400,000	United States Treasury Note	0.625		05/31/17		30,476,000
	11,000,000	United States Treasury Note	0.750		06/30/17		11,083,358
	20,200,000	United States Treasury Note	0.500		07/31/17		20,100,576
	17,300,000	United States Treasury Note	0.625		08/31/17		17,310,812
	16,000,000	United States Treasury Note	0.625		09/30/17		15,997,504
	8,414,000	United States Treasury Note	4.250		11/15/17		9,934,435
	8,044,000	United States Treasury Note	2.750		12/31/17		8,903,703
	8,127,000	United States Treasury Note	2.625		01/31/18		8,947,323
	6,172,000	United States Treasury Note	2.625		04/30/18		6,805,111
	6,266,000	United States Treasury Note	3.875		05/15/18		7,347,374
	7,862,000	United States Treasury Note	2.375		05/31/18		8,560,366
	13,065,000	United States Treasury Note	2.250		07/31/18		14,142,863
	13,350,000	United States Treasury Note	1.500		08/31/18		13,871,478
	2,802,400	United States Treasury Note	2.750		02/15/19		3,122,269
	3,000,000	United States Treasury Note	1.000		06/30/19		2,999,298

158

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	1,750,000		United States Treasury Note	1.000	%	08/31/19	$	1,745,625
	1,377,000		United States Treasury Note	3.625		02/15/20		1,622,709
	1,132,000		United States Treasury Note	3.500		05/15/20		1,325,412
	7,342,000		United States Treasury Note	2.625		08/15/20		8,116,926
	5,650,000		United States Treasury Note	2.625		11/15/20		6,237,950
	5,900,000		United States Treasury Note	3.625		02/15/21		6,984,585
	27,610,000		United States Treasury Note	2.125		08/15/21		29,206,189
	6,070,000		United States Treasury Note	2.000		11/15/21		6,336,983
	10,500,000		United States Treasury Note	2.000		02/15/22		10,920,819
	1,000,000		United States Treasury Note	1.750		05/15/22		1,014,062
	13,000,000		United States Treasury Note	1.625		08/15/22		12,985,778

			TOTAL U.S. TREASURY SECURITIES					1,261,204,752


			TOTAL GOVERNMENT BONDS					2,627,086,675
			(Cost $2,543,682,746)

STRUCTURED ASSETS - 2.2%

ASSET BACKED - 0.3%
	800,000		Ally Auto Receivables Trust	0.800		10/16/17		803,527
			Series - 2012 4 (Class A4)
	340,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15		357,595
			Series - 2010 1 (Class C)
	590,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		616,212
			Series - 2010 3 (Class C)
	500,000		AmeriCredit Automobile Receivables Trust	2.670		01/08/18		512,378
			Series - 2012 1 (Class C)
	850,000		Capital One Multi-Asset Execution Trust	5.050		12/17/18		970,613
			Series - 2006 A3 (Class A3)
	500,000		Capital One Multi-Asset Execution Trust	5.750		07/15/20		613,547
			Series - 2007 A7 (Class A7)
	600,000		Centerpoint Energy Transistion	3.460		08/15/19		662,366
			Series - 0 1 (Class A2)
	600,000		CenterPoint Energy Transition Bond Co LLC	2.161		10/15/21		629,476
			Series - 2012 1 (Class A2)
	135,000		CitiBank Credit Card Issuance Trust	4.900		06/23/16		145,547
			Series - 2009 A4 (Class A4)
	750,000		CitiBank Credit Card Issuance Trust	5.650		09/20/19		918,371
			Series - 2007 A8 (Class A8)
	310,000		CitiBank Credit Card Issuance Trust	5.350		02/07/20		377,921
			Series - 2008 A1 (Class A1)
	375,000		Detroit Edison Securitization Funding LLC	6.620		03/01/16		414,067
			Series - 2001 1 (Class A6)
	1,000,000		Discover Card Master Trust	5.650		03/16/20		1,223,993
			Series - 2007 A1 (Class A1)
	260,000		Ford Credit Auto Owner Trust	3.560		01/15/17		271,297
			Series - 2010 B (Class D)
	400,000		Nissan Auto Receivables Owner Trust	1.000		07/16/18		405,837
			Series - 2012 A (Class A4)
	29,027	i	Residential Asset Securities Corp	6.489		10/25/30		27,534
			Series - 2001 KS2 (Class AI6)
	15,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		14,925
			Series - 2006 HI1 (Class M2)

159

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	400,000		Santander Drive Auto Receivables Trust	0.830	%	12/15/16	$	402,217
			Series - 2012 5 (Class A3)
	200,000		Santander Drive Auto Receivables Trust	3.300		09/17/18		205,568
			Series - 2012 5 (Class D)
	15,000	g	Vornado DP LLC	4.004		09/13/28		17,007
			Series - 2010 VNO (Class A2FX)

			TOTAL ASSET BACKED					9,589,998


OTHER MORTGAGE BACKED - 1.9%
	1,000,000	i	Banc of America Commercial Mortgage, Inc	5.247		11/10/42		1,021,509
			Series - 2005 1 (Class A4)
	105,000	i	Banc of America Commercial Mortgage, Inc	5.889		07/10/44		120,551
			Series - 2006 3 (Class A4)
	450,000		Banc of America Commercial Mortgage, Inc	5.356		10/10/45		511,431
			Series - 2006 6 (Class A4)
	359,206		Banc of America Commercial Mortgage, Inc	5.379		09/10/47		378,768
			Series - 2006 5 (Class AAB)
	258,222		Banc of America Commercial Mortgage, Inc	5.449		01/15/49		272,412
			Series - 2007 1 (Class A3)
	1,350,000	i	Banc of America Merrill Lynch Commercial Mortgage, Inc	5.364		09/10/47		1,520,489
			Series - 2005 6 (Class A4)
	475,000		Banc of America Merrill Lynch Commercial Mortgage, Inc	5.620		02/10/51		503,866
			Series - 2007 5 (Class A3)
	320,000		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		368,735
			Series - 2006 PW14 (Class A4)
	280,000	i	Bear Stearns Commercial Mortgage Securities	5.619		03/11/39		318,242
			Series - 2006 PW11 (Class A4)
	200,000	i	Bear Stearns Commercial Mortgage Securities	5.906		06/11/40		235,895
			Series - 2007 PW16 (Class A4)
	355,000		Bear Stearns Commercial Mortgage Securities	4.674		06/11/41		387,463
			Series - 2005 PWR8 (Class A4)
	540,577	i	Bear Stearns Commercial Mortgage Securities	5.468		06/11/41		574,990
			Series - 2004 PWR4 (Class A3)
	825,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		917,245
			Series - 2006 PW13 (Class AM)
	495,000		Bear Stearns Commercial Mortgage Securities	5.537		10/12/41		574,127
			Series - 2006 T24 (Class A4)
	660,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		707,933
			Series - 2004 T16 (Class A6)
	1,000,000	i	Bear Stearns Commercial Mortgage Securities	5.694		06/11/50		1,174,560
			Series - 2007 PW17 (Class A4)
	550,000		Citigroup Commercial Mortgage Trust	4.733		10/15/41		587,689
			Series - 2004 C2 (Class A5)
	106,683		Citigroup Commercial Mortgage Trust	5.205		12/11/49		108,669
			Series - 2007 CD4 (Class A2B)
	585,000		Citigroup, Inc	5.322		12/11/49		666,095
			Series - 2007 CD4 (Class A4)
	550,000	i	Citigroup/Deutsche Bank Commercial Mortgage Trust	5.393		07/15/44		562,626
			Series - 2005 CD1 (Class AJ)
	300,000	i	Commercial Mortgage Loan Trust	6.204		12/10/49		334,244
			Series - 2008 LS1 (Class ASM)

160

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	525,000	i	Commercial Mortgage Pass Through Certificates	5.940	%	06/10/46	$	599,099
			Series - 2006 C7 (Class A4)
	255,000	i	Commercial Mortgage Pass Through Certificates	6.002		12/10/49		303,601
			Series - 2007 C9 (Class A4)
	302,000	i	Credit Suisse First Boston Mortgage Securities Corp	5.253		08/15/36		311,379
			Series - 2003 C4 (Class B)
	2,789,000		Credit Suisse First Boston Mortgage Securities Corp	4.829		11/15/37		2,998,563
			Series - 2004 C5 (Class A4)
	105,212		Credit Suisse Mortgage Capital Certificates	5.439		09/15/39		106,623
			Series - 2006 C4 (Class AAB)
	190,000		Credit Suisse Mortgage Capital Certificates	5.467		09/15/39		214,360
			Series - 2006 C4 (Class A3)
	2,100,000		Credit Suisse Mortgage Capital Certificates	5.509		09/15/39		2,161,421
			Series - 2006 C4 (Class AM)
	250,000	i	CS First Boston Mortgage Securities Corp	5.416		05/15/36		265,403
			Series - 2004 C2 (Class A2)
	264,283		CS First Boston Mortgage Securities Corp	3.936		05/15/38		267,218
			Series - 2003 C3 (Class A5)
	290,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		293,999
			Series - 2003 C3 (Class B)
	220,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		231,525
			Series - 2005 C5 (Class AJ)
	625,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		693,249
			Series - 2005 C5 (Class A4)
	271,054	i	GE Capital Commercial Mortgage Corp	5.451		11/10/45		281,214
			Series - 2005 C4 (Class ASB)
	1,000,000	i	GE Capital Commercial Mortgage Corp	5.483		11/10/45		1,132,339
			Series - 2005 C4 (Class A4)
	330,000		GMAC Commercial Mortgage Securities, Inc	5.023		04/10/40		341,843
			Series - 2003 C3 (Class A4)
	180,000	i	Greenwich Capital Commercial Funding Corp	5.317		06/10/36		190,053
			Series - 0 GG1 (Class A7)
	1,835,000	i	Greenwich Capital Commercial Funding Corp	5.224		04/10/37		2,035,784
			Series - 2005 GG5 (Class A5)
	600,000	i	Greenwich Capital Commercial Funding Corp	5.277		04/10/37		630,381
			Series - 2005 GG5 (Class AM)
	725,000	i	Greenwich Capital Commercial Funding Corp	6.065		07/10/38		840,376
			Series - 2006 GG7 (Class A4)
	550,000		Greenwich Capital Commercial Funding Corp	5.444		03/10/39		628,002
			Series - 2007 GG9 (Class A4)
	610,000		Greenwich Capital Commercial Funding Corp	5.475		03/10/39		631,345
			Series - 2007 GG9 (Class AM)
	1,825,000	i	GS Mortgage Securities Corp II	5.553		04/10/38		2,072,888
			Series - 2006 GG6 (Class A4)
	740,000	i	GS Mortgage Securities Corp II	5.622		04/10/38		794,357
			Series - 2006 GG6 (Class AM)
	475,576		GS Mortgage Securities Corp II	5.535		11/10/39		495,673
			Series - 2006 GG8 (Class AAB)
	1,350,000		GS Mortgage Securities Corp II	5.560		11/10/39		1,563,500
			Series - 2006 GG8 (Class A4)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.633		12/05/27		107,722
			Series - 2009 IWST (Class A2)

161

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	500,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.115	%	07/15/41	$	531,735
			Series - 2004 LN2 (Class A2)
	125,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.429		12/12/43		142,903
			Series - 2006 CB17 (Class A4)
	1,000,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.359		12/15/44		1,125,987
			Series - 2005 LDP5 (Class A4)
	200,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	6.061		04/15/45		225,072
			Series - 2006 LDP7 (Class AM)
	2,315,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.447		05/15/45		2,322,019
			Series - 2006 LDP8 (Class A3B)
	300,000		JP Morgan Chase Commercial Mortgage Securities Corp	3.483		06/16/45		326,389
			Series - 2012 CBX (Class A4)
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp	4.171		08/15/46		572,443
			Series - 2011 C5 (Class A3)
	590,311		JP Morgan Chase Commercial Mortgage Securities Corp	5.134		05/15/47		621,084
			Series - 2006 LDP9 (Class A2)
	1,480,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		1,689,759
			Series - 2006 LDP9 (Class A3)
	950,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		1,094,202
			Series - 2007 CB18 (Class A4)
	450,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	6.003		06/15/49		488,154
			Series - 2007 LD11 (Class A3)
	360,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	6.003		06/15/49		416,691
			Series - 2007 LD11 (Class A4)
	400,000	i	LB-UBS Commercial Mortgage Trust	5.020		08/15/29		426,198
			Series - 2004 C6 (Class A6)
	545,000		LB-UBS Commercial Mortgage Trust	4.742		02/15/30		588,010
			Series - 2005 C1 (Class A4)
	415,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		457,732
			Series - 2005 C2 (Class A5)
	380,000		LB-UBS Commercial Mortgage Trust	5.156		02/15/31		426,118
			Series - 2006 C1 (Class A4)
	125,000		LB-UBS Commercial Mortgage Trust	5.372		09/15/39		144,370
			Series - 2006 C6 (Class A4)
	1,405,000		LB-UBS Commercial Mortgage Trust	5.424		02/15/40		1,622,323
			Series - 2007 C1 (Class A4)
	970,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		1,109,639
			Series - 2007 C2 (Class A3)
	400,000		LB-UBS Commercial Mortgage Trust	5.455		02/15/40		429,940
			Series - 2007 C1 (Class AM)
	875,000		LB-UBS Commercial Mortgage Trust	4.843		07/15/40		909,444
			Series - 2005 C3 (Class AJ)
	400,000	i	LB-UBS Commercial Mortgage Trust	5.866		09/15/45		476,460
			Series - 2007 C7 (Class A3)
	373,158	i	Merrill Lynch	5.382		07/12/46		385,402
			Series - 2006 3 (Class ASB)
	425,000	i	Merrill Lynch	5.485		07/12/46		371,863
			Series - 2006 3 (Class AJ)
	225,000	i	Merrill Lynch Mortgage Trust	5.390		11/12/37		226,419
			Series - 2005 CKI1 (Class AJ)
	150,000	i	Merrill Lynch Mortgage Trust	5.390		11/12/37		168,002
			Series - 2005 CKI1 (Class A6)

162

TIAA-CREF FUNDS - Bond Index Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	290,000	i	Merrill Lynch Mortgage Trust	5.107	%	07/12/38	$	318,797
			Series - 2005 CIP1 (Class AM)
	172,796	i	Merrill Lynch Mortgage Trust	5.802		05/12/39		173,596
			Series - 2006 C1 (Class A2)
	235,000	i	Merrill Lynch Mortgage Trust	5.847		05/12/39		270,476
			Series - 2006 C1 (Class A4)
	450,000	i	Merrill Lynch Mortgage Trust	6.042		06/12/50		483,646
			Series - 2007 C1 (Class A3)
	475,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.603		02/12/39		539,496
			Series - 2006 1 (Class A4)
	440,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	6.147		08/12/49		443,142
			Series - 2007 8 (Class AM)
	150,000	i	Morgan Stanley Capital I	5.422		04/15/38		154,339
			Series - 2003 IQ5 (Class C)
	375,000		Morgan Stanley Capital I	4.970		04/14/40		397,740
			Series - 2004 HQ4 (Class A7)
	505,000	i	Morgan Stanley Capital I	5.270		06/13/41		537,615
			Series - 2004 T15 (Class A4)
	1,255,000		Morgan Stanley Capital I	5.168		01/14/42		1,356,399
			Series - 2005 HQ5 (Class A4)
	16,008		Morgan Stanley Capital I	6.231		01/11/43		16,046
			Series - 2008 T29 (Class A1)
	590,000		Morgan Stanley Capital I	5.364		03/15/44		672,900
			Series - 2007 IQ13 (Class A4)
	225,000	i	Morgan Stanley Capital I	5.731		07/12/44		259,906
			Series - 2006 HQ9 (Class A4)
	750,000		Morgan Stanley Capital I	3.244		03/15/45		802,948
			Series - 2012 C4 (Class A4)
	1,550,000	i	Morgan Stanley Capital I	5.692		04/15/49		1,774,130
			Series - 2007 IQ14 (Class A4)
	205,000	i	Morgan Stanley Capital I	5.544		11/12/49		219,700
			Series - 2007 T25 (Class AM)
	1,750,000		Morgan Stanley Capital I	5.809		12/12/49		2,075,899
			Series - 2007 IQ16 (Class A4)
	245,000		Morgan Stanley Capital I	4.770		07/15/56		258,501
			Series - 0 IQ9 (Class AJ)
	100,000		UBS Commercial Mortgage Trust	4.822		05/10/45		108,000
			Series - 2012 C1 (Class B)
	400,000		UBS-Citigroup Commercial Mortgage Trust	3.595		01/10/45		436,028
			Series - 2011 C1 (Class A3)
	100,000		Wachovia Bank Commercial Mortgage Trust	5.342		12/15/43		113,191
			Series - 2007 C30 (Class A5)
	1,000,000	i	Wachovia Bank Commercial Mortgage Trust	5.469		12/15/44		1,125,848
			Series - 2005 C22 (Class A4)
	131,427		Wachovia Bank Commercial Mortgage Trust	5.576		03/15/45		134,890
			Series - 2006 C24 (Class APB)
	750,000		Wachovia Bank Commercial Mortgage Trust	5.678		05/15/46		879,608
			Series - 2007 C34 (Class A3)
	300,000	i	Wachovia Bank Commercial Mortgage Trust	5.603		10/15/48		310,651
			Series - 2006 C28 (Class AM)
	1,225,000	i	Wachovia Bank Commercial Mortgage Trust	6.122		02/15/51		1,443,993
			Series - 2007 C33 (Class A4)

163

TIAA-CREF FUNDS - Bond Index Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

200,000

Wachovia Bank Commercial Mortgage Trust

6.122

02/15/51

233,469

Series - 2007 C33 (Class A5)

1,250,000

WFRBS Commercial Mortgage Trust 2011-C5

2.684

11/15/44

1,331,055

Series - 2011 C5 (Class A2)

TOTAL OTHER MORTGAGE BACKED

66,209,823

TOTAL STRUCTURED ASSETS

75,799,821

(Cost $72,369,537)

TOTAL BONDS

3,488,343,570

(Cost $3,352,810,034)

SHORT-TERM INVESTMENTS - 1.4%

GOVERNMENT AGENCY DEBT - 1.4%

50,000,000

Federal Home Loan Bank (FHLB)

0.001

10/01/12

50,000,000

TOTAL GOVERNMENT AGENCY DEBT

50,000,000

TOTAL SHORT-TERM INVESTMENTS

50,000,000

(Cost $50,000,000)

TOTAL INVESTMENTS - 100.8%
(Cost $3,402,810,034)

3,538,343,570

OTHER ASSETS & LIABILITIES, NET - (0.8)%

(27,028,992)

NET ASSETS - 100.0%

3,511,314,578

Abbreviation(s):

REIT

Real Estate Investment Trust

All or a portion of these securities were purchased on a delayed delivery basis.

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

Zero coupon.

164

TIAA-CREF FUNDS - Social Choice Bond Fund

TIAA-CREF FUNDS
SOCIAL CHOICE BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2012


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

BONDS - 87.4%

CORPORATE BONDS - 14.4%

AUTOMOBILES & COMPONENTS - 0.5%
$	250,000		Johnson Controls, Inc	2.600	%	12/01/16	$	262,580

			TOTAL AUTOMOBILES & COMPONENTS					262,580


BANKS - 1.5%
	250,000		Northern Trust Corp	2.375		08/02/22		249,734
	250,000		SVB Financial Group	5.375		09/15/20		284,381
	250,000	i	US Bank NA	0.735		10/14/14		249,420

			TOTAL BANKS					783,535


CAPITAL GOODS - 0.5%
	250,000	g	TYCO FLOW CONTROL FINANC	1.875		09/15/17		250,148

			TOTAL CAPITAL GOODS					250,148


DIVERSIFIED FINANCIALS - 1.9%
	250,000		Capital One Financial Corp	3.150		07/15/16		265,474
	400,000		Ford Motor Credit Co LLC	4.250		09/20/22		409,904
	300,000	g	Harley-Davidson Financial Services, Inc	1.150		09/15/15		300,364

			TOTAL DIVERSIFIED FINANCIALS					975,742


ENERGY - 1.0%
	250,000		Devon Energy Corp	1.875		05/15/17		254,844
	250,000		EOG Resources, Inc	2.625		03/15/23		252,694

			TOTAL ENERGY					507,538


HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
	250,000		Colgate-Palmolive Co	1.950		02/01/23		243,639

			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					243,639


INSURANCE - 0.5%
	250,000		Prudential Financial, Inc	3.000		05/12/16		263,194

			TOTAL INSURANCE					263,194


MATERIALS - 1.1%
	250,000		Cliffs Natural Resources, Inc	4.800		10/01/20		245,334
	250,000		Praxair, Inc	2.200		08/15/22		246,558
	50,000	g	Rock-Tenn Co	4.000		03/01/23		50,808

			TOTAL MATERIALS					542,700


MEDIA - 0.5%
	250,000		Time Warner Cable, Inc	4.500		09/15/42		249,319

			TOTAL MEDIA					249,319

165

TIAA-CREF FUNDS - Social Choice Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
$	250,000		Bristol-Myers Squibb Co	3.250	%	08/01/42	$	231,651
	250,000		Merck & Co, Inc	1.100		01/31/18		250,621

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					482,272


REAL ESTATE - 1.0%
	250,000		HCP, Inc	3.150		08/01/22		243,031
	250,000		Ventas Realty LP	3.250		08/15/22		245,994

			TOTAL REAL ESTATE					489,025


TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	250,000		International Business Machines Corp	1.875		08/01/22		243,349

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					243,349


TRANSPORTATION - 2.4%
	250,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		258,388
	210,000		CSX Corp	4.400		03/01/43		215,442
	250,000		Norfolk Southern Corp	3.950		10/01/42		248,854
	250,000		United Parcel Service, Inc	1.125		10/01/17		251,129
	250,000		United Parcel Service, Inc	2.450		10/01/22		252,281

			TOTAL TRANSPORTATION					1,226,094


UTILITIES - 1.5%
	260,000		CenterPoint Energy Houston Electric LLC	3.550		08/01/42		254,550
	250,000		Pacific Gas & Electric Co	3.750		08/15/42		242,722
	250,000	g	Topaz Solar Farms LLC	5.750		09/30/39		258,393

			TOTAL UTILITIES					755,665


			TOTAL CORPORATE BONDS					7,274,800

			(Cost $7,227,246)

GOVERNMENT BONDS - 64.0%

AGENCY SECURITIES - 6.8%
	1,000,000		Federal Home Loan Mortgage Corp (FHLMC)	1.000		09/29/17		1,010,245
	1,000,000		Federal National Mortgage Association (FNMA)	0.875		08/28/14		1,011,092
	1,000,000		FNMA	0.500		09/28/15		1,002,678
			United States Department of Housing and Urban
	395,000		Development	4.140		08/01/14		422,933

			TOTAL AGENCY SECURITIES					3,446,948


FOREIGN GOVERNMENT BONDS - 1.0%
	250,000		Hydro Quebec	1.375		06/19/17		253,675
	250,000		International Finance Corp	0.500		05/15/15		251,057

			TOTAL FOREIGN GOVERNMENT BONDS					504,732


MORTGAGE BACKED - 24.5%
	266,365	h	Federal National Mortgage Association (FNMA)	4.500		10/01/19		288,192
	507,154	h	FNMA	5.000		09/01/25		553,001
	507,792	h	FNMA	3.500		11/01/25		553,221

166

TIAA-CREF FUNDS - Social Choice Bond Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	979,350	h	FNMA	3.000	%	05/01/27	$	1,053,588
	492,706	h	FNMA	5.000		11/01/33		541,482
	487,639	h	FNMA	5.500		04/01/34		541,154
	500,987	h	FNMA	5.500		08/01/37		555,967
	1,698,772	h	FNMA	4.500		08/01/39		1,913,071
	930,353	h	FNMA	4.500		04/01/40		1,047,717
	985,416	h	FNMA	4.000		10/01/40		1,098,761
	997,991	h	FNMA	3.500		08/01/42		1,085,983
	375,881	h	Government National Mortgage Association (GNMA)	5.000		10/20/39		417,354
	491,861	h	GNMA	4.000		06/15/40		543,348
	976,883	h	GNMA	4.000		05/20/42		1,074,210
	495,758	h	GNMA	3.500		06/20/42		543,032
	491,242	h	GNMA	5.000		06/20/42		545,139

			TOTAL MORTGAGE BACKED					12,355,220


MUNICIPAL BONDS - 1.6%
	250,000		American Municipal Power-Ohio, Inc	6.270		02/15/50		291,407
	500,000		Metropolitan Council	1.900		09/01/21		495,840

			TOTAL MUNICIPAL BONDS					787,247


U.S. TREASURY SECURITIES - 30.1%
	4,695,000		United States Treasury Bond	3.000		05/15/42		4,868,128
	1,000,000		United States Treasury Note	0.625		08/31/17		1,000,625
	6,000,000	h	United States Treasury Note	0.625		09/30/17		5,999,064
	3,370,000		United States Treasury Note	1.625		08/15/22		3,366,313

			TOTAL U.S. TREASURY SECURITIES					15,234,130


			TOTAL GOVERNMENT BONDS					32,328,277

			(Cost $32,082,760)

STRUCTURED ASSETS - 9.0%

ASSET BACKED - 2.6%
	250,000		Ally Master Owner Trust	1.720		07/15/19		252,235
			Series - 2012 4 (Class A)
	250,000	g	Avis Budget Rental Car Funding AESOP LLC	2.100		03/20/19		255,010
			Series - 2012 3A (Class A)
	241,707	g	DB/UBS Mortgage Trust	3.742		11/10/46		262,759
			Series - 2011 LC1A (Class A1)
	260,000		Ford Credit Floorplan Master Owner Trust	2.370		09/15/15		260,740
			Series - 2011 2 (Class C)
	250,000		UBS-Barclays Commercial Mortgage Trust	3.525		05/10/63		270,376
			Series - 2012 C2 (Class A4)

			TOTAL ASSET BACKED					1,301,120


OTHER MORTGAGE BACKED - 6.4%
	250,000	g	7 WTC Depositor LLC Trust	4.082		03/13/31		262,561
			Series - 2012 7WTC (Class A)
	250,000	i	Banc of America Commercial Mortgage, Inc	5.803		04/10/49		290,978
			Series - 2007 2 (Class A4)
	510,803	i	Countrywide Home Loan Mortgage Pass Through Trust	2.801		11/20/34		454,706
			Series - 2004 HYB6 (Class A2)

167

TIAA-CREF FUNDS - Social Choice Bond Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

250,000

GS Mortgage Securities Corp II

3.551

04/10/34

270,026

Series - 2012 ALOH (Class A)

250,000

JP Morgan Chase Commercial Mortgage Securities Corp

3.507

05/15/45

272,329

Series - 2012 C6 (Class A3)

250,000

JP Morgan Chase Commercial Mortgage Securities Corp

5.440

05/15/45

277,725

Series - 2006 LDP8 (Class AM)

250,000

LB-UBS Commercial Mortgage Trust

5.424

02/15/40

288,669

Series - 2007 C1 (Class A4)

250,000

OBP DEPOSITOR LLC TRUST

4.646

07/15/45

294,578

Series - 2010 OBP (Class A)

500,000

RFMSI Trust

5.500

03/25/35

524,953

Series - 2005 S2 (Class A6)

250,000

UBS Commercial Mortgage Trust

3.400

05/10/45

268,733

Series - 2012 C1 (Class A3)

TOTAL OTHER MORTGAGE BACKED

3,205,258

TOTAL STRUCTURED ASSETS

4,506,378

(Cost $4,510,139)

TOTAL BONDS

44,109,455

(Cost $43,820,145)

SHARES

COMPANY

PREFERRED STOCKS - 0.5%

BANKS - 0.5%

250

M&T Bank Corp

5.000

12/30/49

258,060

TOTAL BANKS

258,060

TOTAL PREFERRED STOCKS

258,060

(Cost $255,625)

TOTAL INVESTMENTS - 87.9%

44,367,515

(Cost $44,075,770)

OTHER ASSETS & LIABILITIES, NET - 12.1%

6,132,934

NET ASSETS - 100.0%

50,500,449

Non-income producing.

All or a portion of these securities were purchased on a delayed delivery basis.

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

168

TIAA-CREF FUNDS - Money Market Fund

TIAA-CREF FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2012


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 99.8%

CERTIFICATE OF DEPOSIT - 1.6%
$	3,000,000		Bank of Nova Scotia	0.340	%	12/11/12	$	3,000,000
	5,000,000		Standard Chartered Bank	0.510		10/17/12		5,000,044
	8,220,000		Toronto-Dominion Bank	0.170		10/16/12		8,220,000

			TOTAL CERTIFICATE OF DEPOSIT					16,220,044


COMMERCIAL PAPER - 32.3%
	5,000,000		Australia & New Zealand Banking Group Ltd	0.200		11/09/12		4,998,917
	6,000,000		Bank of Nova Scotia	0.125		10/02/12		5,999,979
	6,330,000		Bank of Nova Scotia	0.120		10/05/12		6,329,916
	6,000,000		Bank of Nova Scotia	0.205		10/10/12		5,999,692
	350,000		Bank of Nova Scotia	0.350		02/15/13		349,534
	2,820,000	y	Coca-Cola Co	0.215		10/02/12		2,819,983
	2,360,000	y	Coca-Cola Co	0.215		10/03/12		2,359,972
	750,000	y	Coca-Cola Co	0.235		10/16/12		749,927
	7,025,000	y	Coca-Cola Co	0.215		10/23/12		7,024,077
	265,000	y	Coca-Cola Co	0.255		11/05/12		264,934
	5,750,000	y	Coca-Cola Co	0.150-0.235		11/08/12		5,748,641
	1,500,000	y	Coca-Cola Co	0.235		11/13/12		1,499,579
	1,000,000	y	Coca-Cola Co	0.210		11/21/12		999,702
	500,000	y	Coca-Cola Co	0.200		12/05/12		499,819
	500,000	y	Coca-Cola Co	0.230		12/18/12		499,751
	2,025,000	y	Coca-Cola Co	0.220		12/21/12		2,023,998
	1,250,000	y	Coca-Cola Co	0.210		12/28/12		1,249,358
	3,318,000	y	Coca-Cola Co	0.250-0.270		01/22/13		3,315,358
	5,000,000	y	Commonwealth Bank of Australia	0.190		10/03/12		4,999,947
	888,000	y	Commonwealth Bank of Australia	0.260		10/15/12		887,910
	900,000	y	Commonwealth Bank of Australia	0.180		10/31/12		899,865
	1,140,000	y	Commonwealth Bank of Australia	0.190		11/29/12		1,139,645
	3,085,000	y	Commonwealth Bank of Australia	0.180-0.250		11/30/12		3,084,000
	4,750,000	y	Commonwealth Bank of Australia	0.190		12/04/12		4,748,396
	720,000	y	Fairway Finance Corp	0.300		01/16/13		719,358
	5,454,000	y	Fairway Finance LLC	0.190		10/25/12		5,453,309
	9,500,000	y	Fairway Finance LLC	0.190		10/30/12		9,498,546
	2,380,000	y	Fairway Finance LLC	0.190		11/02/12		2,379,598
	3,909,000	y	Fairway Finance LLC	0.230		12/18/12		3,907,052
	1,700,000		General Electric Capital Corp	0.260		11/06/12		1,699,558
	10,000,000		General Electric Capital Corp	0.160		01/25/13		9,994,844
	9,250,000		General Electric Co	0.080		10/10/12		9,249,815
	2,048,000		General Electric Co	5.000		02/01/13		2,078,647
	2,100,000	y	Johnson & Johnson	0.110		10/29/12		2,099,820
	3,700,000	y	Liberty Street Funding LLC	0.170		10/04/12		3,699,948
	500,000	y	Nestle Capital Corp	0.220		10/09/12		499,976
	700,000	y	Nestle Capital Corp	0.140		11/02/12		699,913
	1,000,000	y	Nestle Capital Corp	0.145		11/28/12		999,766

169

TIAA-CREF FUNDS - Money Market Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	250,000	y	Old Line Funding LLC	0.190	%	10/01/12	$	250,000
	4,000,000	y	Old Line Funding LLC	0.200		10/15/12		3,999,689
	3,000,000	y	Old Line Funding LLC	0.200		10/18/12		2,999,717
	5,000,000	y	Old Line Funding LLC	0.200		10/24/12		4,999,361
	5,000,000	y	Old Line Funding LLC	0.200		12/04/12		4,998,222
	250,000	y	Old Line Funding LLC	0.360		01/15/13		249,735
	2,000,000	y	Old Line Funding LLC	0.230		01/23/13		1,998,543
	1,452,000		PACCAR Financial Corp	0.150		10/01/12		1,452,000
	1,043,000		PACCAR Financial Corp	0.190		10/11/12		1,042,945
	3,000,000		PACCAR Financial Corp	0.130		10/23/12		2,999,762
	10,000,000	y	Pfizer, Inc	0.105		10/09/12		9,999,767
	5,000,000	y	Private Export Funding Corp	0.250		11/19/12		4,998,299
	4,000,000	y	Private Export Funding Corp	0.250		11/26/12		3,998,444
	3,000,000	y	Private Export Funding Corp	0.160		12/04/12		2,999,147
	810,000	y	Private Export Funding Corp	0.250		12/18/12		809,561
	12,000,000	y	Private Export Funding Corp	0.250		12/20/12		11,993,333
	5,000,000	y	Private Export Funding Corp	0.210		01/18/13		4,996,821
	5,885,000	y	Procter & Gamble Co	0.140-0.170		10/29/12		5,884,331
	2,000,000	y	Procter & Gamble Co	0.145		11/02/12		1,999,742
	1,000,000	y	Procter & Gamble Co	0.150		11/21/12		999,788
	3,000,000	y	Procter & Gamble Co	0.150		12/10/12		2,999,125
	300,000		Province of British Columbia Canada	0.200		10/26/12		299,958
	3,985,000		Province of Ontario Canada	0.150		10/10/12		3,984,851
	10,000,000		Province of Ontario Canada	0.140		10/11/12		9,999,611
	9,792,000		Province of Ontario Canada	0.130-0.150		10/16/12		9,791,401
	300,000		Province of Ontario Canada	0.190		10/31/12		299,952
	1,450,000		Province of Ontario Canada	0.160		11/07/12		1,449,762
	1,000,000		Province of Quebec Canada	0.140		10/09/12		999,969
	10,000,000		Province of Quebec Canada	0.180		11/19/12		9,997,550
	5,700,000		Province of Quebec Canada	0.180		11/20/12		5,698,575
	2,500,000		Straight-A Funding LLC	0.180		10/10/12		2,499,888
	5,000,000		Straight-A Funding LLC	0.180		10/12/12		4,999,725
	3,500,000		Straight-A Funding LLC	0.180		11/09/12		3,499,317
	6,000,000		Straight-A Funding LLC	0.180		12/10/12		5,997,900
	5,000,000		Straight-A Funding LLC	0.180		12/18/12		4,998,050
	10,815,000	y	Toronto Dominion Holding	0.170		11/06/12		10,813,161
	4,000,000	y	Toronto-Dominion Holdings USA, Inc	0.150		10/05/12		3,999,933
	4,000,000	y	Unilever Capital Corp	0.190		10/04/12		3,999,937
	735,000	y	Unilever Capital Corp	0.220		11/05/12		734,843
	5,000,000		US Bank NA	0.210		11/16/12		4,998,658
	5,000,000	y	Variable Funding Capital Co LLC	0.160		10/01/12		5,000,000
	3,000,000	y	Variable Funding Capital Co LLC	0.160		10/10/12		2,999,880
	20,000,000	y	Wal-Mart Stores, Inc	0.100		10/04/12		19,999,833
	2,500,000	y	Wal-Mart Stores, Inc	0.120		10/09/12		2,499,933
	2,560,000	y	Wal-Mart Stores, Inc	0.100		10/22/12		2,559,851

			TOTAL COMMERCIAL PAPER					320,263,920


GOVERNMENT AGENCY DEBT - 26.3%
	3,080,000		Federal Home Loan Bank (FHLB)	0.070		10/02/12		3,079,994
	2,475,000		FHLB	0.110		10/04/12		2,474,977
	19,235,000		FHLB	0.100-0.135		10/10/12		19,234,483
	2,570,000		FHLB	0.115-0.125		10/12/12		2,569,905

170

TIAA-CREF FUNDS - Money Market Fund


PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE

$	10,300,000	FHLB	0.130	%	10/17/12	$	10,299,405
	10,375,000	FHLB	0.110-0.120		10/19/12		10,374,389
	17,660,000	FHLB	0.050-0.122		10/26/12		17,659,254
	4,000,000	FHLB	0.130		11/14/12		3,999,364
	5,000,000	FHLB	0.130		11/21/12		4,999,079
	8,000,000	FHLB	0.130-0.140		11/28/12		7,998,244
	9,425,000	FHLB	0.132		12/05/12		9,422,754
	5,000,000	FHLB	0.140		12/07/12		4,998,697
	1,500,000	FHLB	0.150		12/24/12		1,499,475
	3,000,000	FHLB	0.130		12/26/12		2,999,068
	5,000,000	FHLB	0.175		01/09/13		4,997,570
	500,000	FHLB	0.170		01/16/13		499,747
	1,000,000	FHLB	0.150		02/13/13		999,438
	1,900,000	FHLB	0.165		02/20/13		1,898,763
	751,000	FHLB	0.170		02/27/13		750,472
	10,400,000	Federal Home Loan Mortgage Corp (FHLMC)	0.020		10/02/12		10,399,994
	30,765,000	FHLMC	0.075-0.130		10/09/12		30,764,391
	6,100,000	FHLMC	0.140		10/22/12		6,099,502
	3,810,000	FHLMC	0.135		11/13/12		3,809,386
	46,000	FHLMC	0.160		11/16/12		45,991
	3,000,000	FHLMC	0.130		11/26/12		2,999,393
	4,600,000	FHLMC	0.140		11/27/12		4,598,980
	3,763,000	FHLMC	0.140		12/03/12		3,762,078
	7,600,000	FHLMC	0.137		12/10/12		7,597,975
	1,000,000	FHLMC	0.135		12/17/12		999,711
	1,148,000	FHLMC	0.168		12/27/12		1,147,534
	1,000,000	FHLMC	0.150		12/31/12		999,621
	8,400,000	FHLMC	0.130-0.145		01/03/13		8,396,976
	2,750,000	FHLMC	0.145		01/07/13		2,748,915
	5,903,000	FHLMC	0.160		01/08/13		5,900,403
	4,852,000	FHLMC	0.195		01/14/13		4,849,240
	704,000	FHLMC	0.160		01/17/13		703,662
	12,000,000	FHLMC	0.145-0.150		01/22/13		11,994,476
	125,000	FHLMC	0.175		02/04/13		124,923
	1,600,000	FHLMC	0.160		02/11/13		1,599,054
	1,500,000	Federal National Mortgage Association (FNMA)	0.170		10/01/12		1,500,000
	6,665,000	FNMA	0.090-0.135		10/03/12		6,664,956
	8,000,000	FNMA	0.140-0.142		10/15/12		7,999,562
	1,279,000	FNMA	0.150-0.155		10/17/12		1,278,914
	1,200,000	FNMA	0.150		10/19/12		1,199,910
	5,000,000	FNMA	0.130		11/07/12		4,999,332
	2,000,000	FNMA	0.160		12/05/12		1,999,422
	1,750,000	FNMA	0.160		12/12/12		1,749,440
	3,400,000	FNMA	0.175		12/19/12		3,398,694
	608,000	FNMA	0.145-0.150		12/26/12		607,784
	1,715,000	FNMA	0.155-0.170		01/02/13		1,714,277
	1,750,000	FNMA	0.175-0.180		01/03/13		1,749,187
	1,300,000	FNMA	0.135		01/04/13		1,299,537
	2,060,000	FNMA	0.160		01/07/13		2,059,103
	2,950,000	FNMA	0.155		01/23/13		2,948,552
	360,000	FNMA	0.140		02/20/13		359,801

		TOTAL GOVERNMENT AGENCY DEBT					261,825,754

171

TIAA-CREF FUNDS - Money Market Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

REPURCHASE AGREEMENT - 5.0%
$	50,000,000		Credit Suisse First Boston	0.200	%	10/01/12	$	50,000,000
			TOTAL REPURCHASE AGREEMENT					50,000,000

TREASURY DEBT - 20.9%
	3,930,000		United States Treasury Bill	0.102		10/04/12		3,929,967
	6,990,000		United States Treasury Bill	0.123-0.130		10/11/12		6,989,752
	42,000,000		United States Treasury Bill	0.074-0.143		10/18/12		41,998,168
	4,335,000		United States Treasury Bill	0.135-0.138		10/25/12		4,334,607
	6,480,000		United States Treasury Bill	0.133		11/01/12		6,479,258
	110,000		United States Treasury Bill	0.132		11/08/12		109,985
	3,905,000		United States Treasury Bill	0.090-0.104		11/23/12		3,904,425
	7,000,000		United States Treasury Bill	0.078-0.090		12/06/12		6,998,967
	5,235,000		United States Treasury Bill	0.098-0.122		12/13/12		5,233,709
	5,000,000		United States Treasury Bill	0.145		12/20/12		4,998,389
	1,405,000		United States Treasury Bill	0.112		12/27/12		1,404,620
	50,000		United States Treasury Bill	0.121		02/07/13		49,978
	3,000,000		United States Treasury Bill	0.126		02/14/13		2,998,572
	12,150,000		United States Treasury Note	1.375		10/15/12		12,155,667
	11,820,000		United States Treasury Note	0.375		10/31/12		11,822,093
	3,200,000		United States Treasury Note	1.375		11/15/12		3,204,788
	13,850,000		United States Treasury Note	0.500		11/30/12		13,857,770
	7,695,000		United States Treasury Note	1.125		12/15/12		7,710,130
	5,000,000		United States Treasury Note	0.625		12/31/12		5,005,596
	6,000,000		United States Treasury Note	1.375		01/15/13		6,020,962
	10,300,000		United States Treasury Note	0.625		01/31/13		10,315,032
	7,220,000		United States Treasury Note	1.375		02/15/13		7,252,486
	11,535,000		United States Treasury Note	0.625		02/28/13		11,556,407
	8,690,000		United States Treasury Note	1.375		03/15/13		8,737,498
	2,110,000		United States Treasury Note	1.750		04/15/13		2,127,926
	8,265,000		United States Treasury Note	0.625		04/30/13		8,286,439
	3,000,000		United States Treasury Note	1.375		05/15/13		3,021,444
	5,500,000		United States Treasury Note	0.500		05/31/13		5,511,043
	1,310,000		United States Treasury Note	1.000		07/15/13		1,318,027

			TOTAL TREASURY DEBT					207,333,705


VARIABLE RATE SECURITIES - 13.7%
	3,000,000	i	Federal Farm Credit Bank (FFCB)	0.240		02/01/13		2,999,796
	5,000,000	i	FFCB	0.292		03/15/13		4,999,321
	5,000,000	i	FFCB	0.331		03/28/13		5,000,000
	4,050,000	i	FFCB	0.238		06/12/13		4,050,206
	4,000,000	i	FFCB	0.578		08/19/13		3,998,226
	4,800,000	i	FFCB	0.312		08/26/13		4,797,842
	3,400,000	i	FFCB	0.340		08/26/13		3,399,690
	5,000,000	i	FFCB	0.250		09/23/13		4,999,009
	10,000,000	i	FFCB	0.360		09/23/13		9,999,605
	4,950,000	i	FFCB	0.280		10/15/13		4,945,366
	9,000,000	i	FFCB	0.250		02/10/14		8,997,524
	5,000,000	i	FFCB	0.191		04/16/14		5,000,000
	2,580,000	i	FFCB	0.390		05/19/14		2,583,667
	7,900,000	i	Federal Home Loan Bank (FHLB)	0.332		03/06/13		7,900,332

172

TIAA-CREF FUNDS - Money Market Fund


PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE

$	9,500,000	i	FHLB	0.330	%	08/16/13	$	9,500,000
	5,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.181		02/04/13		4,999,307
	3,100,000	i	FHLMC	0.178		05/06/13		3,099,071
	2,800,000	i	FHLMC	0.181		06/03/13		2,800,194
	5,000,000	i	Federal National Mortgage Association (FNMA)	0.272		03/14/13		4,999,354
	5,000,000	i	FNMA	0.380		10/28/13		5,000,000
	5,000,000	i	FNMA	0.199		06/20/14		4,998,539
	2,000,000	i	Bank of Nova Scotia	0.648		10/26/12		2,000,448
	2,500,000	i	Bank of Nova Scotia	0.787		02/15/13		2,503,411
	5,000,000	i	Canadian Imperial Bank of Commerce	0.300		10/09/12		5,000,000
	2,000,000	i	Province of Ontario Canada	0.584		11/19/12		2,000,755
	5,000,000	i	Royal Bank of Canada	0.540		06/07/13		5,000,000
	5,600,000	i	Royal Bank of Canada	0.440		07/15/13		5,600,000
	5,000,000	i	Toronto-Dominion Bank	0.306		05/30/13		5,000,000

			TOTAL VARIABLE RATE SECURITIES					136,171,663


			TOTAL SHORT-TERM INVESTMENTS					991,815,086

			(Cost $991,815,086)

			TOTAL INVESTMENTS- 99.8%					991,815,086
			(Cost $991,815,086)
			OTHER ASSETS & LIABILITIES, NET - 0.2%					2,056,611

			NET ASSETS - 100.0%				$	993,871,697



	i		Floating or variable rate security. Coupon rate reflects the rate at period end.
	y		Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 9/30/2012, the aggregate value of these securities was $198,553,144 or 20.0% of net assets.

173

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 semiannual reporting period.

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

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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


	TIAA-CREF FUNDS

Dated: November 20, 2012	By:	/s/ Roger W. Ferguson, Jr.

		Roger W. Ferguson, Jr.
		Principal Executive Officer and President

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


Dated: November 20, 2012	By:	/s/ Roger W. Ferguson, Jr.

		Roger W. Ferguson, Jr.
		Principal Executive Officer and President
		(principal executive officer)

Dated: November 20, 2012	By:	/s/ Phillip G. Goff

		Phillip G. Goff
		Principal Financial Officer, Principal Accounting Officer
		and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(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