N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2011

Item 1. Reports to Stockholders.

2011 ANNUAL REPORT

TIAA-CREF

REAL ESTATE SECURITIES FUND

OF THE TIAA-CREF FUNDS

MARCH 31, 2011

Audited financial statements

CONTENTS
Understanding your fund report	2
Information for investors	3
Important information about expenses	4
About the fund’s benchmark	5
Fund performance
Real Estate Securities Fund	6
Summary portfolio of investments	9
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	16
Notes to financial statements	20
Report of independent registered public accounting firm	27
Trustees and officers	28
Approval of investment management agreement	33
Important tax information	40
How to reach us	Inside back cover

UNDERSTANDING YOUR FUND REPORT

The TIAA-CREF Real Estate Securities Fund has changed the date on which its fiscal year ends, from September 30 to March 31. The fund will issue annual reports dated March 31 and semiannual reports dated September 30.

          This annual report contains information about the Real Estate Securities Fund and describes the fund’s results for the six months ended March 31, 2011. The report contains three main sections:

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

• The summary portfolio of investments lists the issuers, sectors and types of securities in which the Real Estate Securities Fund had investments as of March 31, 2011.

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

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 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

INFORMATION 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 the Securities and Exchange Commission (SEC). (Form N-CSR lists holdings as of March 31 or September 30; Form N-Q lists holdings 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 Real Estate Securities 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 e-mail, 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 § 2011 Annual Report 3

IMPORTANT INFORMATION ABOUT EXPENSES

Shareholders in the Real Estate Securities Fund incur only one of two potential types of costs:

• Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.

• However, they do incur ongoing costs, including management fees and other fund expenses.

The example that appears in the table on page 5 is intended to help you understand your ongoing costs (in U.S. dollars) of investing in the fund. The example is also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.

          The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

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 at the beginning of the period, 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” 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 fund’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the 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 this fund with the costs of other funds. To do so, compare our 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

4 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

IMPORTANT INFORMATION ABOUT EXPENSES
EXPENSE EXAMPLE
Six months ended March 31, 2011
Real Estate Securities Fund	Beginning account value (10/1/10)		Ending account value (3/31/11)		Expenses paid during period* (10/1/10– 3/31/11)
Institutional Class
Actual return	$	1,000.00	$	1,158.05	$	3.07
5% annual hypothetical return		1,000.00		1,022.09		2.87
Retirement Class
Actual return	$	1,000.00	$	1,155.99	$	4.41
5% annual hypothetical return		1,000.00		1,020.84		4.13
Retail Class
Actual return	$	1,000.00	$	1,156.36	$	4.46
5% annual hypothetical return		1,000.00		1,020.79		4.18
Premier Class
Actual return	$	1,000.00	$	1,156.03	$	3.87
5% annual hypothetical return		1,000.00		1,021.34		3.63

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. The fund’s annualized six-month expense ratio for that period was 0.57% for the Institutional Class, 0.82% for the Retirement Class, 0.83% for the Retail Class and 0.72% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

ABOUT THE FUND’S BENCHMARK

The FTSE NAREIT All Equity REITs Index measures the performance of publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate. On December 20, 2010, the benchmark changed its name from the FTSE NAREIT Equity REITs Index to the FTSE NAREIT All Equity REITs Index. At the same time, Timber REITs were added to the index.

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

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 5

REAL ESTATE SECURITIES FUND

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

The Real Estate Securities Fund returned 15.80% for the Institutional Class, compared with the 15.49% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the year ended March 31, 2011, the fund returned 25.87%, versus 25.02% for the index. The table on the following page shows returns for all share classes of the fund.

REITs continue to show strength

After advancing 30.28% for the twelve months ended September 30, 2010, real estate investment trusts (REITs) gained another 15.49% for the six-month period covered by this report.

          For the period, the REITs index trailed the 18.71% advance of the broad U.S. stock market, as measured by the Russell 3000^® Index. However, REITs significantly outpaced the –0.88% return of the investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index.

          For the five years ended March 31, 2011, the fund’s benchmark produced an average annual return of 1.70%, lagging the 2.95% average annual return of the Russell 3000 Index and the 6.03% gain of the Barclays Capital aggregate index.

All property sectors advance

For the six-month period, all but two sectors of the benchmark posted double-digit gains. The hotel sector, the index’s top performer, climbed 19.2%, as occupancy rates rose, driven by an increase in business travel. The apartment sector gained 17.9%, benefiting from the overall decline in home ownership. The industrial sector, which experienced an increase in acquisition activity during the period, returned 17.0%.

Stock selection boosts relative return

The fund topped its benchmark because of favorable security selections. These included overweight positions in shopping center operator Developers Diversified Realty and in First Industrial Realty Trust. Several underweight holdings, such as those in regional mall operators General Growth Properties and CBL & Associates Properties, also boosted relative performance. Out-of-benchmark positions in property management firm CB Richard Ellis and home builder PulteGroup further helped.

          These positive results were partly offset by other selections that did not perform as well, including underweight holdings in forest product manufacturers Weyerhaeuser and Rayonier. Out-of-benchmark positions in Thomas Properties Group and Annaly Capital Management also trimmed relative returns slightly.

6 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

REAL ESTATE SECURITIES FUND

PERFORMANCE AS OF MARCH 31, 2011
	Total return						Average annual total return
										since fund
Real Estate Securities Fund	6 months			1 year			5 years			inception
Institutional Class (inception: 10/1/2002)		15.80	%		25.87	%		1.06	%		11.22	%
Retirement Class (inception: 10/1/2002)		15.60			25.45			0.87			11.02
Retail Class (inception: 10/1/2002)		15.64			25.57			0.95			11.05
Premier Class (inception: 9/30/2009)		15.60			25.55			1.02	*		11.19	*
FTSE NAREIT All Equity REITs Index †		15.49			25.02			1.70			11.60

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.

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.
†	On December 20, 2010, the benchmark changed its name from the FTSE NAREIT Equity REITs Index to the FTSE NAREIT All Equity REITs Index. At the same time, Timber REITs were added to the index.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

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

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 7

REAL ESTATE SECURITIES FUND

PORTFOLIO COMPOSITION
	% of net assets
Sector	as of 3/31/2011
Specialized REITs		28.1
Retail REITs		21.1
Residential REITs		15.5
Office REITs		13.6
Industrial REITs		4.8
Diversified REITs		4.5
Real estate services		2.6
Real estate operating companies		1.6
Hotels, resorts & cruise lines		1.3
Mortgage REITs		1.1
General merchandise store		0.9
Asset management & custody banks		0.7
Homebuilding		0.7
Gold		0.6
Real estate development		0.4
Other assets & liabilities, net		2.5
Total		100.0
HOLDINGS BY COMPANY SIZE
Market capitalization	% of equity investments as of 3/31/2011
Over $15 billion		30.7
$4 billion–$15 billion		43.8
Under $4 billion		25.5
Total		100.0

8 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

SUMMARY PORTFOLIO OF INVESTMENTS

REAL ESTATE SECURITIES FUND § MARCH 31, 2011

Shares			Company	Value		% of net assets
COMMON STOCKS
ASSET MANAGEMENT & CUSTODY BANKS
	100,000		iShares Dow Jones US Real Estate Index Fund	$	5,940,000		0.7	%
					5,940,000		0.7
DIVERSIFIED REITS
	420,000		Vornado Realty Trust		36,750,000		4.5
					36,750,000		4.5
GENERAL MERCHANDISE STORES
	150,000		Target Corp		7,501,500		0.9
					7,501,500		0.9
GOLD
	100,000		Newmont Mining Corp		5,458,000		0.6
					5,458,000		0.6
HOMEBUILDING
	500,000	*	Pulte Homes, Inc		3,700,000		0.5
			Other		1,866,000		0.2
					5,566,000		0.7
HOTELS, RESORTS & CRUISE LINES
	600,000	*	Orient-Express Hotels Ltd (Class A)		7,422,000		0.9
			Other		3,012,800		0.4
					10,434,800		1.3
INDUSTRIAL REITS
	300,000		AMB Property Corp		10,791,000		1.3
	195,000		EastGroup Properties, Inc		8,574,150		1.0
	1,150,000		Prologis		18,377,000		2.3
			Other		1,783,500		0.2
					39,525,650		4.8
MORTGAGE REITS
	350,000		Annaly Capital Management, Inc		6,107,500		0.7
			Other		3,070,143		0.4
					9,177,643		1.1
OFFICE REITS
	190,000		Alexandria Real Estate Equities, Inc		14,814,300		1.8
	750,000		BioMed Realty Trust, Inc		14,265,000		1.7
	425,000		Boston Properties, Inc		40,311,250		4.9
	160,000		Corporate Office Properties Trust		5,782,400		0.7
	220,000		Digital Realty Trust, Inc		12,790,800		1.6
	245,000		SL Green Realty Corp		18,424,000		2.2
			Other		5,211,750		0.7
					111,599,500		13.6
REAL ESTATE DEVELOPMENT
	169,182	*	Forestar Real Estate Group, Inc		3,217,842		0.4
					3,217,842		0.4

See notes to financial statements TIAA-CREF Real Estate Securities Fund ▪ 2011 Annual Report 9

SUMMARY PORTFOLIO OF INVESTMENTS	continued
REAL ESTATE SECURITIES FUND § MARCH 31, 2011

Shares			Company	Value		% of net assets
REAL ESTATE OPERATING COMPANIES
	3,850,000	*,a	Thomas Properties Group, Inc	$	12,897,500		1.6	%
					12,897,500		1.6
REAL ESTATE SERVICES
	500,000	*	CB Richard Ellis Group, Inc (Class A)		13,350,000		1.6
	85,000		Jones Lang LaSalle, Inc		8,477,900		1.0
					21,827,900		2.6
RESIDENTIAL REITS
	400,000		American Campus Communities, Inc		13,200,000		1.6
	200,000		Associated Estates Realty Corp		3,176,000		0.4
	230,511		AvalonBay Communities, Inc		27,679,761		3.4
	116,232		Camden Property Trust		6,604,302		0.8
	900,000		Equity Residential		50,768,999		6.1
	170,000		Essex Property Trust, Inc		21,080,000		2.6
	150,000		UDR, Inc		3,655,500		0.4
			Other		1,310,989		0.2
					127,475,551		15.5
RETAIL REITS
	1,200,000		Developers Diversified Realty Corp		16,800,000		2.1
	130,000		Federal Realty Investment Trust		10,602,800		1.3
	520,000		General Growth Properties, Inc		8,049,600		1.0
	600,000		Kimco Realty Corp		11,004,000		1.3
	380,000		Macerich Co		18,821,400		2.3
	150,000		Realty Income Corp		5,242,500		0.6
	250,000		Regency Centers Corp		10,870,000		1.3
	750,000		Simon Property Group, Inc		80,370,000		9.8
	300,000		Tanger Factory Outlet Centers, Inc		7,872,000		1.0
			Other		3,725,300		0.4
					173,357,600		21.1
SPECIALIZED REITS
	270,000		Entertainment Properties Trust		12,641,400		1.5
	189,727		Extra Space Storage, Inc		3,929,246		0.5
	927,691	*	FelCor Lodging Trust, Inc		5,686,746		0.7
	780,000		HCP, Inc		29,593,200		3.6
	450,000		Health Care REIT, Inc		23,598,000		2.9
	1,100,000		Hersha Hospitality Trust		6,534,000		0.8
	1,850,000		Host Marriott Corp		32,578,500		4.0
	280,000		Nationwide Health Properties, Inc		11,908,400		1.4
	300,000		Plum Creek Timber Co, Inc		13,083,000		1.6
	290,000		Public Storage, Inc		32,163,900		3.8
	80,000		Sovran Self Storage, Inc		3,164,000		0.4
	600,000		U-Store-It Trust		6,312,000		0.8
	420,000		Ventas, Inc		22,806,000		2.8
	850,000		Weyerhaeuser Co		20,910,001		2.5
			Other		6,504,125		0.8
					231,412,518		28.1

10 2011 Annual Report ▪ TIAA-CREF Real Estate Securities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
REAL ESTATE SECURITIES FUND § MARCH 31, 2011

Shares	Company	Value		% of net assets
	TOTAL COMMON STOCKS (Cost $741,438,652)	$	802,142,004		97.5	%
	TOTAL PORTFOLIO (Cost $741,438,652)		802,142,004		97.5
	OTHER ASSETS & LIABILITIES, NET		20,343,663		2.5
	NET ASSETS	$	822,485,667		100.0	%

Abbreviation(s):
REIT	Real Estate Investment Trust
*	Non-income producing.
a	Affiliated holding.

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

See notes to financial statements TIAA-CREF Real Estate Securities Fund ▪ 2011 Annual Report 11

STATEMENT OF ASSETS AND LIABILITIES

REAL ESTATE SECURITIES FUND § MARCH 31, 2011

ASSETS
Portfolio investments, at value†	$	789,244,504
Affiliated investments, at value‡		12,897,500
Cash		20,550,992
Receivable from securities transactions		9,573,077
Receivable from Fund shares sold		1,219,912
Dividends and interest receivable		2,038,222
Due from affiliates		442
Other		23,586
Total assets		835,548,235
LIABILITIES
Management fees payable		33,246
Service agreement fees payable		5,849
Distribution fees payable		47,128
Due to affiliates		5,560
Payable for securities transactions		12,730,558
Payable for Fund shares redeemed		7,925
Accrued expenses & other payables		232,302
Total liabilities		13,062,568
NET ASSETS	$	822,485,667
NET ASSETS CONSIST OF:
Paid-in-capital	$	817,155,361
Undistributed net investment income (loss)		1,096,034
Accumulated net realized gain (loss) on total investments		(56,468,815	)
Accumulated net unrealized appreciation (depreciation) on total investments		60,703,087
NET ASSETS	$	822,485,667
INSTITUTIONAL CLASS:
Net assets	$	334,173,783
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		31,090,936
Net asset value per share	$	10.75
RETIREMENT CLASS:
Net assets	$	289,161,223
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		26,098,272
Net asset value per share	$	11.08
RETAIL CLASS:
Net assets	$	124,103,740
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,613,484
Net asset value per share	$	10.69
PREMIER CLASS:
Net assets	$	75,046,921
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,979,819
Net asset value per share	$	10.75
†   Portfolio investments, Cost	$	723,651,911
‡   Affiliated investments, Cost	$	17,786,741

12 2011 Annual Report ▪ TIAA-CREF Real Estate Securities Fund See notes to financial statements

STATEMENT OF OPERATIONS

REAL ESTATE SECURITIES FUND § FOR THE PERIOD OR YEAR ENDED

	For the six month period ended March 31, 2011			For the year ended September 30, 2010
INVESTMENT INCOME
Dividends*	$	5,956,378		$	15,795,846
Interest		5,045			10,861
Total income		5,961,423			15,806,707
EXPENSES
Management fees		1,877,971			2,811,622
Distribution fees — Retail Class		69,192			97,034
Distribution fees — Premier Class		52,840			19,625
Fund administration fees		26,464			46,066
Custody and accounting fees		16,348			20,176
Professional fees		57,201			62,759
Shareholder reports		181,368			66,293
Shareholder servicing — Institutional Class		3,731			3,344
Shareholder servicing — Retirement Class		338,574			543,299
Shareholder servicing — Retail Class		75,960			93,599
Shareholder servicing — Premier Class		154			185
Trustee fees and expenses		3,298			4,964
Compliance fees		9,108			18,268
Interest expense		1,534			648
Registration fees		17,950			78,394
Other expenses		4,584			20,854
Total expenses		2,736,277			3,887,130
Less: Expenses reimbursed by the investment adviser		(59,029	)		—
Net expenses		2,677,248			3,887,130
Net investment income		3,284,175			11,919,577
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain on portfolio investments		36,862,959			40,020,926
Change in unrealized appreciation (depreciation) on:
Portfolio investments		68,982,036			98,460,451
Affiliated investments		(847,000	)		137,635
Net change in unrealized appreciation (depreciation) on total investments		68,135,036			98,598,086
Net realized and unrealized gain on total investments		104,997,995			138,619,012
Net increase in net assets resulting from operations	$	108,282,170		$	150,538,589
*   Net of foreign withholding taxes of:	$	(360	)	$	—

See notes to financial statements TIAA-CREF Real Estate Securities Fund ▪ 2011 Annual Report 13

STATEMENT OF CHANGES IN NET ASSETS

REAL ESTATE SECURITIES FUND § FOR THE PERIOD OR YEAR ENDED

		For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009
OPERATIONS
Net investment income		$	3,284,175		$	11,919,577		$	12,414,820
Net realized gain (loss) on total investments			36,862,959			40,020,926			(87,127,252	)
Net change in unrealized appreciation (depreciation) on total investments			68,135,036			98,598,086			(63,397,751	)
Net increase (decrease) from operations			108,282,170			150,538,589			(138,110,183	)
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
	Institutional Class		(2,128,467	)		(5,247,895	)		(5,017,597	)
	Retirement Class		(1,511,340	)		(4,161,881	)		(3,193,263	)
	Retail Class		(676,295	)		(1,777,719	)		(1,903,319	)
	Premier Class*		(513,365	)		(281,684	)		—
From return of capital:
	Institutional Class		—			(546,958	)		—
	Retirement Class		—			(433,758	)		—
	Retail Class		—			(185,280	)		—
	Premier Class*		—			(29,358	)		—
Total distributions			(4,829,467	)		(12,664,533	)		(10,114,179	)
SHAREHOLDER TRANSACTIONS
Subscriptions:
	Institutional Class		68,071,257			58,520,557			48,417,144
	Retirement Class		40,745,460			116,364,795			52,098,156
	Retail Class		16,439,057			18,249,325			10,800,642
	Premier Class*		57,665,606			28,997,740			250,000
Reinvestments of distributions:
	Institutional Class		2,104,369			5,713,521			4,872,432
	Retirement Class		1,511,340			4,595,639			3,193,263
	Retail Class		645,736			1,871,222			1,808,178
	Premier Class*		513,365			311,042			—
Redemptions:
	Institutional Class		(42,860,920	)		(60,652,456	)		(29,354,479	)
	Retirement Class		(72,380,959	)		(49,974,646	)		(23,158,815	)
	Retail Class		(11,211,147	)		(17,297,526	)		(16,120,273	)
	Premier Class*		(22,672,270	)		(1,714,636	)		—
Net increase (decrease) from shareholder transactions			38,570,894			104,984,577			52,806,248
Net increase (decrease) in net assets			142,023,597			242,858,633			(95,418,114	)
NET ASSETS
Beginning of period			680,462,070			437,603,437			533,021,551
End of period		$	822,485,667		$	680,462,070		$	437,603,437
Undistributed net investment income (loss) included in net assets		$	1,096,034		$	1,445,958		$	2,202,145

14 2011 Annual Report ▪ TIAA-CREF Real Estate Securities Fund See notes to financial statements

concluded

		For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009
CHANGE IN FUND SHARES
Shares sold:
	Institutional Class		6,724,866			6,909,770			8,891,434
	Retirement Class		3,909,100			12,991,904			8,714,196
	Retail Class		1,624,147			2,165,712			1,892,964
	Premier Class*		5,815,324			3,467,314			34,530
Shares reinvested:
	Institutional Class		208,758			663,181			846,347
	Retirement Class		145,918			514,631			532,230
	Retail Class		64,613			219,309			316,481
	Premier Class*		51,229			34,085			—
Shares redeemed:
	Institutional Class		(4,250,649	)		(6,837,297	)		(5,182,132	)
	Retirement Class		(7,079,509	)		(5,779,485	)		(3,765,013	)
	Retail Class		(1,115,281	)		(2,105,025	)		(2,735,559	)
	Premier Class*		(2,227,970	)		(194,693	)		—
Net increase (decrease) from shareholder transactions			3,870,546			12,049,406			9,545,478

* The Premier Class commenced operations on September 30, 2009.

See notes to financial statements TIAA-CREF Real Estate Securities Fund ▪ 2011 Annual Report 15

FINANCIAL HIGHLIGHTS

REAL ESTATE SECURITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.35		$	7.24		$	10.51		$	14.65		$	15.34		$	14.46
Gain from investment operations:
Net investment income (a)		0.05			0.19			0.23			0.27			0.22			0.34
Net realized and unrealized gain (loss) on total investments		1.42			2.12			(3.31	)		(2.24	)		0.47			2.69
Total gain (loss) from investment operations		1.47			2.31			(3.08	)		(1.97	)		0.69			3.03
Less distributions from:
Net investment income		(0.07	)		(0.18	)		(0.19	)		(0.39	)		(0.48	)		(0.57	)
Net realized gains		—			—			—			(1.62	)		(0.90	)		(1.58	)
Return of capital		—			(0.02	)		—			(0.16	)		—			—
Total distributions		(0.07	)		(0.20	)		(0.19	)		(2.17	)		(1.38	)		(2.15	)
Net asset value, end of period	$	10.75		$	9.35		$	7.24		$	10.51		$	14.65		$	15.34
TOTAL RETURN		15.80	%(b)		32.16	%		(28.84	)%		(13.54	)%		4.26	%		23.49	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	334,174		$	265,753		$	200,324		$	242,867		$	252,164		$	218,442
Ratio of expenses to average net assets before expense waiver and reimbursement		0.59	%(c)		0.56	%		0.60	%		0.56	%		0.58	%		0.42	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.57	%(c)		0.56	%		0.56	%		0.56	%		0.55	%		0.42	%
Ratio of net investment income to average net assets		0.98	%(c)		2.29	%		3.98	%		2.38	%		1.39	%		2.40	%
Portfolio turnover rate		30	%(b)		66	%		78	%		94	%		116	%		174	%

16 2011 Annual Report § TIAA-CREF Real Estate Securities Fund See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
REAL ESTATE SECURITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.64		$	7.46		$	10.81		$	15.00		$	15.66		$	14.66
Gain from investment operations:
Net investment income (a)		0.04			0.17			0.21			0.24			0.19			0.31
Net realized and unrealized gain (loss) on total investments		1.46			2.19			(3.39	)		(2.28	)		0.49			2.76
Total gain (loss) from investment operations		1.50			2.36			(3.18	)		(2.04	)		0.68			3.07
Less distributions from:
Net investment income		(0.06	)		(0.16	)		(0.17	)		(0.37	)		(0.44	)		(0.49	)
Net realized gains		—			—			—			(1.62	)		(0.90	)		(1.58	)
Return of capital		—			(0.02	)		—			(0.16	)		—			—
Total distributions		(0.06	)		(0.18	)		(0.17	)		(2.15	)		(1.34	)		(2.07	)
Net asset value, end of period	$	11.08		$	9.64		$	7.46		$	10.81		$	15.00		$	15.66
TOTAL RETURN		15.60	%(b)		31.85	%		(28.95	)%		(13.76	)%		4.11	%		23.45	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	289,161		$	280,763		$	159,554		$	172,078		$	191,671		$	197,157
Ratio of expenses to average net assets before expense waiver and reimbursement		0.83	%(c)		0.81	%		0.85	%		0.81	%		0.84	%		0.71	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.82	%(c)		0.81	%		0.81	%		0.81	%		0.80	%		0.70	%
Ratio of net investment income to average net assets		0.77	%(c)		1.98	%		3.53	%		2.03	%		1.18	%		2.14	%
Portfolio turnover rate		30	%(b)		66	%		78	%		94	%		116	%		174	%

See notes to financial statements TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 17

FINANCIAL HIGHLIGHTS	continued
REAL ESTATE SECURITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.30		$	7.20		$	10.46		$	14.59		$	15.27		$	14.35
Gain from investment operations:
Net investment income (a)		0.04			0.17			0.23			0.31			0.21			0.31
Net realized and unrealized gain (loss) on total investments		1.41			2.11			(3.31	)		(2.28	)		0.47			2.70
Total gain (loss) from investment operations		1.45			2.28			(3.08	)		(1.97	)		0.68			3.01
Less distributions from:
Net investment income		(0.06	)		(0.16	)		(0.18	)		(0.38	)		(0.46	)		(0.51	)
Net realized gains		—			—			—			(1.60	)		(0.90	)		(1.58	)
Return of capital		—			(0.02	)		—			(0.18	)		—			—
Total distributions		(0.06	)		(0.18	)		(0.18	)		(2.16	)		(1.36	)		(2.09	)
Net asset value, end of period	$	10.69		$	9.30		$	7.20		$	10.46		$	14.59		$	15.27
TOTAL RETURN		15.64	%(b)		31.95	%		(29.01	)%		(13.66	)%		4.26	%		23.50	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	124,104		$	102,686		$	77,475		$	118,076		$	174,936		$	189,084
Ratio of expenses to average net assets before expense waiver and reimbursement		0.84	%(c)		0.77	%		1.06	%		0.85	%		0.83	%		0.62	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.83	%(c)		0.77	%		0.75	%		0.70	%		0.65	%		0.62	%
Ratio of net investment income to average net assets		0.75	%(c)		2.08	%		3.89	%		2.68	%		1.32	%		2.21	%
Portfolio turnover rate		30	%(b)		66	%		78	%		94	%		116	%		174	%

18 2011 Annual Report § TIAA-CREF Real Estate Securities Fund See notes to financial statements

FINANCIAL HIGHLIGHTS	concluded
REAL ESTATE SECURITIES FUND § FOR THE PERIOD OR YEAR ENDED

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

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

See notes to financial statements TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 19

NOTES TO FINANCIAL STATEMENTS

REAL ESTATE SECURITIES FUND

Note 1—organization and significant accounting policies

The TIAA-CREF Real Estate Securities Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Fund recently changed its fiscal year end from September 30 to March 31.

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, which is registered with the Commission as an investment adviser, 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.

Accounting for 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

20 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

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

Income taxes: The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that the Fund distributes all taxable income each year and complies with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Fund’s tax positions taken for all open federal income tax years (2007–2011) and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

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

For the period ended March 31, 2011, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions and return of capital distributions were identified and reclassified among the components of the Fund’s net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

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

Trustee compensation: The Fund pays the Board of Trustees (“Trustees”), all of whom are independent, certain remuneration for their services, plus travel and

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 21

NOTES TO FINANCIAL STATEMENTS

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.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Trustees. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events affecting the value of foreign securities occur 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 may be valued at

22 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

continued

fair value in accordance with procedures adopted by the Trustees. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

Short-term investments: Short-term investments with maturities of 60 days or less are valued at amortized cost, 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.

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 Trustees. 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 March 31, 2011, there were no significant transfers between levels by the Fund.

As of March 31, 2011, 100% of the value of investments in the Fund were valued based on Level 1 inputs.

Note 3—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 which reduces investment management fees as the Fund’s net assets increase. Under the terms of the Fund’s 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

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 23

NOTES TO FINANCIAL STATEMENTS

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

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

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding acquired fund fees 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 September 30, 2012, unless changed with approval of the Trustees.

The Fund may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Trustees, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. Certain TIAA-CREF Funds and affiliates make investments in the Fund. At March 31, 2011, TIAA Access, an affiliate, owned 2% 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 September 30, 2010		Shares at March 31, 2011		Value at March 31, 2011
Real Estate Securities Fund
Thomas Properties Group*	$	13,744,500		3,850,000	$	12,897,500
					$	12,897,500

* There were no purchases, sales, realized gain (loss), dividend income or withholding expense during the period ended March 31, 2011.

24 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

continued

Note 4—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.

At March 31, 2011, the cost of portfolio investments for federal income tax purposes was $746,823,668. Net unrealized appreciation of portfolio investments for federal income tax purposes was $55,318,336, consisting of gross unrealized appreciation of $92,426,871, and gross unrealized depreciation of $(37,108,535).

Purchases and sales of portfolio securities (other than short-term money market instruments) for the period ended March 31, 2011 were $248,949,995 and $222,210,252, respectively.

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended March 31, 2011 and years ended September 30, 2010 and 2009 were as follows:

	Ordinary income		Long-Term Capital Gains		Return of Capital		Total
3/31/2011	$	4,829,467	$	—	$	—	$	4,829,467
9/30/2010		11,469,179		—		1,195,354		12,664,533
9/30/2009		10,114,179		—		—		10,114,179

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

As of March 31, 2011, the components of accumulated earnings on a tax basis consisted of $1,062,686 of undistributed ordinary income, $55,318,071 of unrealized appreciation and $(51,041,938) of capital loss carryovers.

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

At March 31, 2011, the Fund had capital loss carryovers, which will expire as follows:

Date of Expiration
3/30/17		3/30/18		Total
$	27,217,888	$	23,824,050	$	51,041,938

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 25

NOTES TO FINANCIAL STATEMENTS concluded

For the period ended March 31, 2011, the Real Estate Securities Fund utilized $26,621,080 of its capital loss carryover available from prior years.

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

Note 6—line of credit

The Fund participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder withdrawals. 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 March 31, 2011, there were no borrowings under this credit facility by the Fund.

Note 7—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 remote.

26 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Real Estate Securities Fund at March 31, 2011, the results of each of their operations for the period then ended and the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 18, 2011

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 27

TRUSTEES AND OFFICERS (UNAUDITED)

TIAA-CREF FUNDS § MARCH 31, 2011

Disinterested trustees

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	70	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation, the Butler Conservation Fund, Inc. and the Elmina B. Sewall Foundation.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	70	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend and Income Fund, Inc.; Member of the Board of Managers of Lazard Alternative Strategies Fund, LLC.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 11/05/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	70	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 1/4/54	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	70	Director, D2D Fund.

28 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	President and Founder (since 2006) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	70	None.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	70	Director, Prudential plc; Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and North Shore Land Alliance.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (since 2008); Mitsui Professor of Economics (since 1996), Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department, Massachusetts Institute of Technology (MIT); Program Director, National Bureau of Economic Research (1990–2008).	70	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 10/18/49	Chairman of the Board and Trustee	Indefinite term as Trustee; Chairman for term ending June 30, 2012. Trustee since 1999. Chairman since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman and Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	70	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust.

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 29

TRUSTEES AND OFFICERS (UNAUDITED)	continued
TIAA-CREF FUNDS § MARCH 31, 2011
Disinterested trustees — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (since 2000); Professor, University of Texas at Austin (since 1987).	70	Governing Council, Independent Directors Council (mutual fund director organization) and Investment Advisory Committee, Employees Retirement System of Texas.

Executive officers

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of TIAA and the College Retirement Equities Fund (“CREF”), TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since 2009); Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of TIAA Separate Account VA-3 and the TIAA-CREF Fund Complex, Vice President, Senior Compliance Officer of Asset Management Compliance of TIAA and Chief Compliance Officer of Investment Management (since 2008), Chief Compliance Officer of Teachers Advisors, Inc. (“Advisors”) (2008); Managing Director/Director of Global Compliance, AIG Global Investment Group (2000–2008).

30 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 5/11/59	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2007.	President and Principal Executive Officer of the TIAA-CREF Funds and the TIAA-CREF Life Funds (since 2007), Executive Vice President (since 1997) of CREF and TIAA Separate Account VA-1, Executive Vice President, Investments, Research, Institute & Strategy (since 2009), Executive Vice President, Head of Asset Management (2006–2009), Executive Vice President and Chief Investment Officer (2005) of TIAA, Director of Advisors (since 2004), President and Chief Executive Officer of Investment Management and Advisors and Manager of Investment Management (since 2004), Manager of TIAA Realty Capital Management, LLC (2004–2006), Chief Investment Officer of TIAA (2004–2006), Director of TIAA Global Markets, Inc. (2004–2005), Director of TIAA-CREF Life Insurance Company (1997–2006), and Director of Teachers Personal Investors Services, Inc. (“TPIS”) (2006–2008).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and TIAA Separate Account VA-1 (since 2009), Treasurer of CREF (since 2008), Director of Advisors (since 2008); Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Head of Risk Management of TIAA, Executive Vice President of the TIAA-CREF Fund Complex (since 2009), Executive Vice President, Risk Management of Advisors and Investment Management (since 2009), Senior Managing Director and Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009), Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA, Director, TIAA-CREF Life Insurance Company (2006–2008), Director, TPIS, Advisors and Investment Management (2008), Head of Risk Management of Advisors and Investment Management (2005–2006).

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 31

TRUSTEES AND OFFICERS (UNAUDITED)	concluded
TIAA-CREF FUNDS § MARCH 31, 2011
Executive officers — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
William Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 1/1/48	Vice President and Corporate Secretary	One-year term. Vice President and Corporate Secretary since 2008.	Senior Vice President (since 2010) and Corporate Secretary of TIAA and Vice President and Corporate Secretary of the TIAA-CREF Fund Complex (since 2008); Deputy General Counsel and Corporate Secretary, Bank of America (2005–2008).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 3/13/66	Executive Vice President	One year term. Executive Vice President since 2003.	Executive Vice President, Human Resources (since 2010, 2005–2007) and Executive Vice President of Human Resources and Corporate Services (2007–2010) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2003), Director, TIAA-CREF Life Insurance Company (2003–2006).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President and Chief Operating Officer (since 2010), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), and Executive Vice President, Product Management (2005–2006) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2006), Executive Vice President, Institutional Client Services (2006–2008), Director, TCT Holdings, Inc. (since 2007), Executive Vice President, TIAA-CREF Enterprises, Inc., Manager, President and Chief Executive Officer, TIAA-CREF Redwood, LLC (since 2006), Director of Tuition Financing (2006–2009), Senior Vice President, Pension Products (2003–2006).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing and Communications Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010); Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).

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

32 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

BOARD RENEWAL OF THE INVESTMENT MANAGEMENT AGREEMENT FOR THE TIAA-CREF REAL ESTATE SECURITIES FUND

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

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

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on March 31, 2011, at which it considered the annual renewal of the Agreement with respect to the Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with management 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 all Trustees in connection with the proposed contract renewals, and then helped to evaluate the information provided in response to those guidelines. During a series of meetings held prior to the March 31, 2011 Board meeting, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to management 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 all Trustees by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding the Fund, including data relating to the Fund’s

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 33

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

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

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

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

34 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

continued

connection with rendering services to the Fund; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Fund and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

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

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

The Board received and considered both Trust level and Fund-specific information, but made its renewal determinations on a Fund-level basis. In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 31, 2011, the Board voted unanimously to renew the Agreement for the Fund. Set forth below are the general factors the Board considered for the Fund, followed by a summary of certain specific factors the Board considered with respect to the Fund.

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TAI is an experienced investment adviser that has managed the Fund since its operations commenced. Investment professionals at

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 35

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

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

The Board also considered, among other factors, the performance of the Fund, as discussed below. In the course of its review of the quality of TAI’s services, the Board examined the investment performance of the Fund and concluded that it was within an acceptable range when compared with the Fund’s benchmark and/or its peer group of mutual funds, with its relative performance steadily improving over the last two years.

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

INVESTMENT PERFORMANCE

The Board considered the investment performance of the Fund over one-, two-, three-, four- and five-year periods. The Board considered the Fund’s performance as compared to its peer group, peer universe and benchmark index. In this regard, the Board considered that most financial markets had experienced nearly unprecedented volatility during recent years that had impacted the performance of the Fund. Despite these circumstances, the performance of the Fund generally compared favorably to its benchmark (after considering the effect of expenses incurred to operate the Fund) and had ranked in the top three performance quintiles versus its peer groups of mutual funds over the past three years. (For additional detail regarding the Fund’s performance, see the synopsis below.) Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was within an acceptable range.

COST AND PROFITABILITY

The Board considered financial and profitability data relating to TAI for the calendar year 2010 with respect to the Fund. The Board considered TAI’s profit

36 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

continued

calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services provided to the Fund. The Board considered that TAI had earned profits with respect to the Fund in 2010 under the Agreement and expected this trend to continue. The Board concluded that TAI’s profits with respect to its provision of services to the Fund in 2010 were not excessive in light of various relevant factors. During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions by TAI so as to assess whether sufficient resources are being devoted to these functions.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rate charged to the Fund under the Agreement typically 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. Additionally, the Board also considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data was derived. Based on all factors considered, the Board concluded that the Fund’s fee rates under the Agreement were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.

ECONOMIES OF SCALE

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

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 37

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

FEE COMPARISON WITH OTHER TAI CLIENTS

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

OTHER BENEFITS

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

SYNOPSIS OF FACTORS

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Retirement Class shares of the Fund. Because the Retirement Class generally has different non-management expenses than the Institutional, Premier and Retail Classes of the Fund, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Retirement Class. All time periods referenced below end as of December 31, 2010. Under the Morningstar rating

38 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

concluded

system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to the Fund during 2010 under the Agreement.

REAL ESTATE SECURITIES FUND

• The Fund’s annual contractual management fee rate is 0.50% of average daily net assets.

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

• For the one-year period, the Fund was in the 1st quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”); the Fund was in the 3rd quintile of its Performance Universe for the two- and three-year periods and the 4th quintile of its Performance Universe for the four- and five-year periods.

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

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

_________________

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

TIAA-CREF Real Estate Securities Fund § 2011 Annual Report 39

IMPORTANT TAX INFORMATION (UNAUDITED)

For the period ended March 31, 2011, the Fund designates 0.25% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the period ended March 31, 2011, the Fund designates 0.25% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2011, which will be reported in conjunction with your 2011 Form 1099-DIV.

By early 2012, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax advisor.

40 2011 Annual Report § TIAA-CREF Real Estate Securities Fund

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HOW TO REACH US

TIAA-CREF WEBSITE

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

AUTOMATED TELEPHONE SERVICE

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

FOR THE HEARING- OR SPEECH-IMPAIRED

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252 for the Institutional, 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 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.

©2011 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206

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C50785		A12449 (5/11)

2011 ANNUAL REPORT

TIAA-CREF FUNDS
Fixed-Income Funds

MARCH 31, 2011

Audited financial statements

CONTENTS
Understanding your report from TIAA-CREF Funds	2
Information for investors	2
About the funds’ benchmarks	3
Important information about expenses	3
Fund performance
Bond Fund	4
Bond Plus Fund	6
Short-Term Bond Fund	8
High-Yield Fund	10
Tax-Exempt Bond Fund	12
Inflation-Linked Bond Fund	14
Bond Index Fund	16
Money Market Fund	18
Summary portfolios of investments	20
Financial statements
Statements of assets and liabilities	36
Statements of operations	38
Statements of changes in net assets	42
Financial highlights	48
Notes to financial statements	63
Report of independent registered public accounting firm	69
Trustees and officers	70
Approval of investment management agreement	73
Important tax information	78
How to reach us	Inside back cover

UNDERSTANDING YOUR REPORT FROM TIAA-CREF FUNDS

For the purposes of this report “TIAA-CREF Funds” refers only to the TIAA-CREF Fixed-Income Funds on the cover of this report. This annual report reflects the change of the fiscal year of the TIAA-CREF Funds, from September 30 to March 31. The funds will issue annual reports dated March 31 and semiannual reports dated September 30. This report contains information about the holdings of the TIAA-CREF Funds and describes their results for the six months ended March 31, 2011. The report contains three main sections:

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

• The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of March 31, 2011.

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

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.

INFORMATION FOR INVESTORS

PORTFOLIO HOLDINGS

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

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

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

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

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the SEC. (Form N-CSR lists holdings as of March 31 or September 30; Form N-Q lists holdings 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

TIAA-CREF Funds’ 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 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 e-mail, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800 842-2252.

FUND MANAGEMENT

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

2 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

ABOUT THE FUNDS’ BENCHMARKS

FIXED-INCOME INDEXES

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

The Barclays Capital 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 Capital 10-Year Municipal Bond Index measures the performance of long-term, tax-exempt bonds. Bonds in the index must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following rating agencies: Moody’s, Standard & Poor’s and Fitch, and must 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 Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) measures the performance of fixed-income securities with fixed-rate coupon payments that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U).

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

IMPORTANT INFORMATION ABOUT EXPENSES

The expenses paid by shareholders of a mutual fund fall into two categories. For the TIAA-CREF Funds, these expenses are as follows:

• Transaction costs: Although shareholders do not incur sales charges (loads) on purchases, on reinvested dividends or on other distributions, they may incur redemption fees on certain transactions in some funds. Please see the prospectus for details.

• Ongoing costs: All shareholders incur these costs, which include management fees and other fund expenses.

The examples that appear on the performance pages are intended to help you understand your ongoing costs (in U.S. dollars) of investing in each fund. The examples are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.

          The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

ACTUAL EXPENSES

The first section of each table uses the fund’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested at the beginning of the period, 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” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 3

BOND FUND

PORTFOLIO COMPOSITION
	% of net assets as of 3/31/2011
Mortgage-backed securities & commercial mortgage-backed securities	37.0
Corporate bonds	25.6
Foreign government, agency & corporate bonds denominated in U.S. dollars	14.0
U.S. Treasury securities	12.6
U.S. agency securities	5.9
Asset-backed securities	1.4
Municipal bonds	0.5
Short-term investments	23.4
Other assets & liabilities, net	–20.4
Total	100.0
HOLDINGS BY MATURITY
	% of fixed-income investments as of 3/31/2011
Less than 1 year	21.0
1–3 years	11.2
3–5 years	12.9
5–10 years	13.3
Over 10 years	41.6
Total	100.0
HOLDINGS BY CREDIT QUALITY*
	% of fixed-income investments as of 3/31/2011
Aaa/AAA	68.5
Aa/AA	7.6
A/A	10.6
Baa/BBB	12.1
Ba/BB	0.6
B/B	0.5
Below B/B	0.1
Total	100.0

* These figures are based on credit quality ratings from Moody’s, Standard & Poor’s and Fitch. Where Moody’s ratings are not available, we have used Standard & Poor’s or Fitch’s ratings. These ratings are subject to change without notice.

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

The Bond Fund returned –0.67% for the Institutional Class, compared with the –0.88% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the year ended March 31, 2011, the fund returned 5.54%, versus 5.12% for the index. The table below shows returns for all share classes of the fund.

The recovery sends mixed signals

During the period, the U.S. economy continued to improve, but fitfully. Gross domestic product, which measures the output of domestic goods and services, grew at an estimated annual rate of 3.1% in the fourth quarter of 2010 but slowed to 1.8% in the first quarter of 2011. In the fourth quarter, corporate profits were up 18% from the same period one year earlier. By the end of March, unemployment had dipped slightly, to 8.8%.

          The sluggish pace of job growth, plus ongoing weakness in the housing market and high levels of personal debt, remained obstacles to a more robust recovery. In an effort to stimulate the economy, the Federal Reserve began buying U.S. Treasury securities, with the intention of lowering long-term interest rates. The Fed also encouraged lending by maintaining its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%.

          The Barclays Capital U.S. Aggregate Bond Index, which measures the broad domestic investment-grade, fixed-rate bond market, ended the period down 0.88%. The index fell 1.30% in the fourth quarter of 2010, when the economic picture brightened and many investors sought higher returns in stocks. The index gained 0.42% in the first quarter of 2011, as some investors, buoyed by better-than-expected corporate earnings, turned to corporate bonds as well as to stocks.

PERFORMANCE AS OF MARCH 31, 2011
	Total return						Average annual total return
Bond Fund	6 months			1 year			5 years			10 years
Institutional Class (inception: 7/1/1999)		–0.67	%		5.54	%		5.59	%		5.39	%
Retirement Class (inception: 3/31/2006)		–0.76			5.33			5.33			5.26	*
Retail Class (inception: 3/31/2006)		–0.74			5.38			5.45			5.32	*
Premier Class (inception: 9/30/2009)		–0.75			5.48			5.56	*		5.38	*
Barclays Capital U.S. Aggregate Bond Index		–0.88			5.12			6.03			5.56

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.

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.

4

2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

Losses in Treasuries drive the index lower

U.S. Treasury securities, which made up nearly one-third of the benchmark at period-end, returned –2.8% for the six months. Other declining sectors included corporate bonds (down 0.8%), U.S. agency securities (down 0.8%) and asset-backed securities (down 0.9%). The small commercial mortgage-backed sector performed best; it gained 3.0%. (Sector returns come from the components of the Barclays Capital aggregate index.)

          During the six months, the yield on 2-year Treasury notes rose from 0.42% at the beginning of the period to 0.80% on March 31, 2011. The 10-year yield increased from 2.53% to 3.47%.

Successful sector weightings help the fund outperform

Within a challenging investment environment for fixed-income securities, the Bond Fund held up better than the Barclays Capital aggregate index on the strength of advantageous sector weightings, relative to those of its benchmark. In particular, overweight positions in corporate bonds and commercial mortgage-backed securities lifted the fund’s return. Overweights in asset-backed securities also enhanced relative results slightly, as did an underweight in U.S. Treasury securities, which suffered outsized losses for the period.

$10,000 OVER 10 YEARS

Institutional Class

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

EXPENSE EXAMPLE

Six months ended March 31, 2011
Bond Fund	Beginning account value (10/1/10)		Ending account value (3/31/11)		Expenses paid during period* (10/1/10– 3/31/11)
Actual return
Institutional Class	$	1,000.00	$	993.25	$	1.64
Retirement Class		1,000.00		992.36		2.88
Retail Class		1,000.00		992.62		2.58
Premier Class		1,000.00		992.53		2.38
5% annual hypothetical return
Institutional Class		1,000.00		1,023.29		1.66
Retirement Class		1,000.00		1,022.04		2.92
Retail Class		1,000.00		1,022.34		2.62
Premier Class		1,000.00		1,022.54		2.42

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. The fund’s annualized six-month expense ratio for that period was 0.33% for the Institutional Class, 0.58% for the Retirement Class, 0.52% for the Retail Class and 0.48% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

For more information about this expense example, please see page 3.

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 5

BOND PLUS FUND
PORTFOLIO COMPOSITION
	% of net assets as of 3/31/2011
Corporate bonds	30.2
Mortgage-backed securities & commercial mortgage-backed securities	29.4
Foreign government, agency & corporate bonds denominated in U.S. dollars	15.7
U.S. Treasury securities	14.0
Asset-backed securities	3.6
Bank loan obligations	1.3
Mutual funds	0.6
U.S. agency securities	0.4
Municipal bonds	0.3
Preferred stock	0.3
Short-term investments	9.9
Other assets & liabilities, net	–5.7
Total	100.0
HOLDINGS BY MATURITY
	% of fixed-income investments as of 3/31/2011
Less than 1 year	11.1
1–3 years	5.6
3–5 years	16.5
5–10 years	25.1
Over 10 years	41.7
Total	100.0
HOLDINGS BY CREDIT QUALITY*
	% of fixed-income investments as of 3/31/2011
Aaa/AAA	47.8
Aa/AA	6.6
A/A	11.3
Baa/BBB	14.3
Ba/BB	10.3
B/B	8.2
Below B/B	1.5
Total	100.0

* These figures are based on credit quality ratings from Moody’s, Standard & Poor’s and Fitch. Where Moody’s ratings are not available, we have used Standard & Poor’s or Fitch’s ratings. These ratings are subject to change without notice.

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

The Bond Plus Fund returned –0.03% for the Institutional Class, compared with the –0.88% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the year ended March 31, 2011, the fund returned 6.67%, versus 5.12% for the index. The table below shows returns for all share classes of the fund.

The recovery sends mixed signals

During the period, the U.S. economy continued to improve, but fitfully. Gross domestic product, which measures the output of domestic goods and services, grew at an estimated annual rate of 3.1% in the fourth quarter of 2010 but slowed to 1.8% in the first quarter of 2011. In the fourth quarter, corporate profits were up 18% from the same period one year earlier. By the end of March, unemployment had dipped slightly, to 8.8%.

          The sluggish pace of job growth, plus ongoing weakness in the housing market and high levels of personal debt, remained obstacles to a more robust recovery. In an effort to stimulate the economy, the Federal Reserve began buying U.S. Treasury securities, with the intention of lowering long-term interest rates. The Fed also encouraged lending by maintaining its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%.

          The Barclays Capital U.S. Aggregate Bond Index, which measures the broad domestic investment-grade, fixed-rate bond market, ended the period down 0.88%. The index fell 1.30% in the fourth quarter of 2010, when the economic picture brightened and many investors sought higher returns in stocks. The index gained 0.42% in the first quarter of 2011, as some investors, buoyed by better-than-expected corporate earnings, turned to corporate bonds as well as to stocks.

PERFORMANCE AS OF MARCH 31, 2011
	Total return						Average annual total return
Bond Plus Fund	6 months			1 year			5 years			since fund inception
Institutional Class (inception: 3/31/2006)		–0.03	%		6.67	%		5.34	%		5.34	%
Retirement Class (inception: 3/31/2006)		–0.16			6.40			5.10			5.10
Retail Class (inception: 3/31/2006)		–0.14			6.42			5.21			5.21
Premier Class (inception: 9/30/2009)		–0.11			6.51			5.30	*		5.30	*
Barclays Capital U.S. Aggregate Bond Index		–0.88			5.12			6.03			6.03

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.

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.
6	2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

Losses in Treasuries drive the index lower

U.S. Treasury securities, which made up nearly one-third of the benchmark at period-end, returned –2.8% for the six months. Other declining sectors included corporate bonds (down 0.8%), U.S. agency securities (down 0.8%) and asset-backed securities (down 0.9%). The small commercial mortgage-backed sector performed best; it gained 3.0%. (Sector returns come from the components of the Barclays Capital aggregate index.)

          During the six months, the yield on 2-year Treasury notes rose from 0.42% at the beginning of the period to 0.80% on March 31, 2011. The 10-year yield increased from 2.53% to 3.47%.

Successful sector weightings help the fund outperform

Within a challenging investment environment for fixed-income securities, the return of the Bond Plus Fund was nearly flat, compared with the decline of the Barclays Capital aggregate index. The fund held up better than the index on the strength of advantageous sector weightings, relative to those of its benchmark. In particular, overweight positions in corporate securities and out-of-benchmark holdings in high-yield bonds lifted the fund’s return. Overweights in asset-backed and commercial mortgage-backed securities also enhanced relative results slightly, as did a substantial underweight in U.S. Treasury securities, which suffered outsized losses for the period.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

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

EXPENSE EXAMPLE
Six months ended March 31, 2011
Bond Plus Fund	Beginning account value (10/1/10)		Ending account value (3/31/11)		Expenses paid during period* (10/1/10– 3/31/11)
Actual return
Institutional Class	$	1,000.00	$	999.66	$	1.74
Retirement Class		1,000.00		998.42		2.99
Retail Class		1,000.00		998.57		2.89
Premier Class		1,000.00		998.90		2.49
5% annual hypothetical return
Institutional Class		1,000.00		1,023.19		1.77
Retirement Class		1,000.00		1,021.94		3.02
Retail Class		1,000.00		1,022.04		2.92
Premier Class		1,000.00		1,022.44		2.52

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class, 0.60% for the Retirement Class, 0.58% for the Retail Class and 0.50% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

For more information about this expense example, please see page 3.

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 7

SHORT-TERM BOND FUND

PORTFOLIO COMPOSITION
	% of net assets as of 3/31/2011
Corporate bonds	31.1
U.S. Treasury securities	31.0
Foreign government, agency & corporate bonds denominated in U.S. dollars	14.0
U.S. agency securities	8.3
Asset-backed securities	5.8
Mortgage-backed securities & commercial mortgage-backed securities	1.8
Bank loan obligations	1.4
Other assets & liabilities, net	6.6
Total	100.0
HOLDINGS BY MATURITY
% of fixed-income investments as of 3/31/2011
Less than 1 year	7.4
1–3 years	56.9
3–5 years	27.9
5–10 years	3.5
Over 10 years	4.3
Total	100.0
HOLDINGS BY CREDIT QUALITY*
% of fixed-income investments as of 3/31/2011
Aaa/AAA	53.5
Aa/AA	11.7
A/A	11.5
Baa/BBB	15.3
Ba/BB	3.9
B/B	3.2
Below B/B	0.9
Total	100.0

* These figures are based on credit quality ratings from Moody’s, Standard & Poor’s and Fitch. Where Moody’s ratings are not available, we have used Standard & Poor’s or Fitch’s ratings. These ratings are subject to change without notice.

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

The Short-Term Bond Fund returned –0.20% for the Institutional Class, compared with the –0.33% return of its benchmark, the Barclays Capital U.S. 1–5 Year Government/Credit Bond Index. For the year ended March 31, 2011, the fund returned 3.74%, versus 3.13% for the index. The table below shows returns for all share classes of the fund.

The recovery sends mixed signals

During the period, the U.S. economy continued to improve, but fitfully. Gross domestic product, which measures the output of domestic goods and services, grew at an estimated annual rate of 3.1% in the fourth quarter of 2010 but slowed to 1.8% in the first quarter of 2011. In the fourth quarter, corporate profits were up 18% from the same period one year earlier. By the end of March, unemployment had dipped slightly, to 8.8%.

          The sluggish pace of job growth, plus ongoing weakness in the housing market and high levels of personal debt, remained obstacles to a more robust recovery. In an effort to stimulate the economy, the Federal Reserve began buying U.S. Treasury securities, with the intention of lowering long-term interest rates. The Fed also encouraged lending by maintaining 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%.

Short-term bonds hold up better than the broad market

For the period, the decline in the Barclays Capital short-term bond index was less than the 0.88% loss of the Barclays Capital U.S. Aggregate Bond Index, a measure of the broad U.S. investment-grade, fixed-rate bond market.

PERFORMANCE AS OF MARCH 31, 2011
	Total return						Average annual total return
Short-Term Bond Fund	6 months			1 year			5 years			since fund inception
Institutional Class (inception: 3/31/2006)		–0.20	%		3.74	%		4.51	%		4.51	%
Retirement Class (inception: 3/31/2006)		–0.32			3.48			4.27			4.27
Retail Class (inception: 3/31/2006)		–0.30			3.52			4.39			4.39
Premier Class (inception: 9/30/2009)		–0.18			3.58			4.48	*		4.48	*
Barclays Capital U.S. 1–5 Year Government/Credit Bond Index		–0.33			3.13			5.08			5.08

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

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.

8 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

The short-term index fell 0.60% in the fourth quarter of 2010, when the economic picture brightened and many investors sought higher returns in stocks. The index gained 0.27% in the first quarter of 2011, as some investors, buoyed by better-than-expected corporate earnings, turned to corporate bonds—including short-term securities—as well as to stocks.

          U.S. Treasury securities, which made up more than half of the short-term index on March 31, 2011, returned –0.7% for the period. This substantial drag on the performance of the index was partly offset by the 0.5% return of corporate bonds. Government-related securities returned –0.2%. The yield on 2-year Treasury notes rose from 0.42% at the beginning of the six months to 0.80% at period-end. The 5-year Treasury yield increased from 1.27% to 2.24%.

Successful sector weightings help the fund outperform

Despite its disappointing absolute return, the Short-Term Bond Fund outperformed the Barclays Capital short-term bond index on the strength of advantageous sector weightings, relative to those of its benchmark. In particular, investments in short-term asset-backed securities, which are not included in the benchmark, lifted the fund’s return. Overweights in corporate securities, including out-of-benchmark holdings in high-yield bonds, also enhanced relative results, as did an underweight in U.S. Treasury securities, which suffered outsized losses for the period.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

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

EXPENSE EXAMPLE
Six months ended March 31, 2011
Short-Term Bond Fund	Beginning account value (10/1/10)		Ending account value (3/31/11)		Expenses paid during period* (10/1/10– 3/31/11)
Actual return
Institutional Class	$	1,000.00	$	998.01	$	1.49
Retirement Class		1,000.00		996.77		2.74
Retail Class		1,000.00		997.02		2.49
Premier Class		1,000.00		998.21		2.24
5% annual hypothetical return
Institutional Class		1,000.00		1,023.44		1.51
Retirement Class		1,000.00		1,022.19		2.77
Retail Class		1,000.00		1,022.44		2.52
Premier Class		1,000.00		1,022.69		2.27

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. The fund’s annualized six-month expense ratio for that period was 0.30% for the Institutional Class, 0.55% for the Retirement Class, 0.50% for the Retail Class and 0.45% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

For more information about this expense example, please see page 3.

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 9

HIGH-YIELD FUND
HOLDINGS BY MATURITY
% of portfolio investments as of 3/31/2011
Less than 1 year	0.6
1–3 years	1.9
3–5 years	14.4
5–10 years	75.0
Over 10 years	8.1
Total	100.0
HOLDINGS BY CREDIT QUALITY*
% of fixed-income investments as of 3/31/2011
Baa/BBB	1.9
Ba/BB	43.3
B/B	49.4
Below B/B	4.8
Short-term investments	0.6
Total	100.0

* These figures are based on credit quality ratings from Moody’s, Standard & Poor’s and Fitch. Where Moody’s ratings are not available, we have used Standard & Poor’s or Fitch’s ratings. These ratings are subject to change without notice.

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

The High-Yield Fund returned 6.22% for the Institutional Class, compared with the 6.13% return of its benchmark, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. For the year ended March 31, 2011, the fund returned 14.20%, versus 13.63% for the index. The table below shows returns for all share classes of the fund.

High-yield stays strongly positive in a declining bond market

The rally in the high-yield bond market that began in the first quarter of 2009 continued during the six-month period covered by this report. The fund’s benchmark index gained 2.40% for the fourth quarter of 2010 and 3.65% for the first quarter of 2011.

          The Federal Reserve’s purchases of U.S. Treasury securities, first announced in August 2010 and intended to keep long-term interest rates low, helped to support gains in both the high-yield market and the stock market.

          For the six months, the return of high-yield bonds, as measured by the fund’s benchmark, trailed the 18.71% return of U.S. stocks, as measured by the Russell 3000^® Index. However, high-yield bonds’ solid performance stood in sharp contrast to the 0.88% loss recorded by the broad investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index.

Returns are solid across most sectors

Of the 70 industry sectors in the fund’s benchmark, 68 posted positive results for the six months; returns ranged from 17.8% for the telecommunications equipment sector to –11.0% for the engineering infrastructure sector.

PERFORMANCE AS OF MARCH 31, 2011
	Total return						Average annual total return
High-Yield Fund*	6 months			1 year			5 years			since fund inception
Institutional Class (inception: 3/31/2006)		6.22	%		14.20	%		8.36	%		8.36	%
Retirement Class (inception: 3/31/2006)		6.09			13.91			8.08			8.08
Retail Class (inception: 3/31/2006)		6.11			13.94			8.25			8.25
Premier Class (inception: 9/30/2009)		6.14			14.03			8.31	†		8.31	†
BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index		6.13			13.63			7.93			7.93

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.

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 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.

10 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

          Bonds with lower credit ratings outperformed those of higher quality for the period. However, the difference between the returns of BB and CCC bonds narrowed significantly. For the first quarter of 2011, BB bonds returned 3.94%, versus 4.86% for those in the C-CCC categories.

Sector and security selections boost the fund above its benchmark

The fund not only produced a solid absolute return, it also outperformed its benchmark, because of a combination of favorable sector allocations and individual security choices. In particular, the fund benefited from an overweight in the gas distribution sector, while losing some relative performance because of underweights in the wireless telecommunication and building materials sectors.

          The largest individual contributor to relative performance was an overweight position in Atlas Energy, whose bond prices were lifted by the announcement in November 2010 that the company would be acquired by Chevron. Other overweights that helped relative returns included Sabine Pass, a Louisiana liquid natural gas facility; Pinafore, an auto engineering company; and Nielsen Finance.

          These positive results more than offset the negative effects of several other holdings, including underweights in coal mining company FMG Resources, power producer Midwest Generation and Level 3 Financing.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

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

EXPENSE EXAMPLE
Six months ended March 31, 2011
High-Yield Fund	Beginning account value (10/1/10)		Ending account value (3/31/11)		Expenses paid during period* (10/1/10– 3/31/11)
Actual return
Institutional Class	$	1,000.00	$	1,062.22	$	2.06
Retirement Class		1,000.00		1,060.89		3.34
Retail Class		1,000.00		1,061.11		3.03
Premier Class		1,000.00		1,061.42		2.83
5% annual hypothetical return
Institutional Class		1,000.00		1,022.94		2.02
Retirement Class		1,000.00		1,021.69		3.28
Retail Class		1,000.00		1,021.99		2.97
Premier Class		1,000.00		1,022.19		2.77

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.65% for the Retirement Class, 0.59% for the Retail Class and 0.55% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

For more information about this expense example, please see page 3.

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 11

TAX-EXEMPT BOND FUND

HOLDINGS BY MATURITY
% of portfolio investments as of 3/31/2011
Less than 1 year	0.2
1–3 years	1.2
3–5 years	7.2
5–10 years	54.8
Over 10 years	36.6
Total	100.0
HOLDINGS BY CREDIT QUALITY*
% of fixed-income investments as of 3/31/2011
Aaa/AAA	8.6
Aa/AA	36.0
A/A	27.2
Baa/BBB	17.0
Ba/BB	1.5
Non-rated	9.7
Total	100.0

* These figures are based on credit quality ratings from Moody’s, Standard & Poor’s and Fitch. Where Moody’s ratings are not available, we have used Standard & Poor’s or Fitch’s ratings. These ratings are subject to change without notice.

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

The Tax-Exempt Bond Fund returned –4.07% for the Institutional Class, compared with the –2.92% return of its benchmark, the Barclays Capital 10-Year Municipal Bond Index. For the year ended March 31, 2011, the fund returned 2.02%, versus 3.39% for the index. The table below shows returns for all share classes of the fund.

The recovery sends mixed signals

During the period, gross domestic product, which measures the output of domestic goods and services, grew at an estimated annual rate of 3.1% in the fourth quarter of 2010 but slowed to 1.8% in the first quarter of 2011. By the end of March, unemployment had dipped slightly, to 8.8%.

          The sluggish pace of job growth, plus ongoing weakness in the housing market and high levels of personal debt, remained obstacles to a full recovery. In an effort to stimulate the economy, the Federal Reserve began buying U.S. Treasury securities, with the intention of lowering long-term interest rates, and maintained its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%.

Municipal bonds endure a bumpy ride

For the six months, the fund’s benchmark lagged the –0.88% return of the Barclays Capital U.S. Aggregate Bond Index, a measure of the broad domestic investment-grade, fixed-rate bond market.

          The benchmark lost 3.66% in the fourth quarter of 2010, when prices for municipal bonds fell sharply. As upbeat news about the U.S. economy and

PERFORMANCE AS OF MARCH 31, 2011
	Total return						Average annual total return
Tax-Exempt Bond Fund	6 months			1 year			5 years			since inception
Institutional Class (inception: 3/31/2006)		–4.07	%		2.02	%		4.16	%		4.16	%
Retail Class (inception: 3/31/2006)		–4.14			1.85			4.06			4.06
Barclays Capital 10-Year Municipal Bond Index		–2.92			3.39			5.03			5.03

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.

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

12 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

negative reports about state economies made headlines, many investors abandoned municipal bond funds for stocks. At the same time, municipalities flooded the market with taxable Build America Bonds in anticipation of that program’s expiration at year-end. (On these bonds, the federal government partly subsidized the interest paid to investors, aiding strapped local governments.) When the municipal bond market stabilized in the first quarter of 2011 and associated mutual fund redemptions declined, causing less downward pressure on prices, the benchmark rose 0.76%.

          Although all sectors of the municipal bond market lost ground for the six months, higher-quality issues held up better than their lower-rated counterparts. Resource recovery and housing bonds outperformed riskier industrial revenue, transportation and hospital issues. On March 31, 2011, 10-year, tax-exempt municipal bonds earned 93% of the yield on comparable U.S. Treasury securities, down from 98% at the beginning of the period.

The fund lags its benchmark

The fund trailed its benchmark for the period because of underperformance of more than one percentage point, relative to the index, in the fourth quarter of 2010. The lagging performance resulted primarily from overweight positions and unfavorable security selections in local general obligation bonds and in the industrial revenue and lease revenue sectors. Underweights in securities issued by California and New York State also trimmed relative results during the quarter. The fund matched the index’s return in the first quarter of 2011, as it gradually reduced its exposure to industrial revenue bonds and increased its investments in California’s securities.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

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

EXPENSE EXAMPLE
Six months ended March 31, 2011
Tax-Exempt Bond Fund	Beginning account value (10/1/10)		Ending account value (3/31/11)		Expenses paid during period* (10/1/10– 3/31/11)
Actual return
Institutional Class	$	1,000.00	$	959.32	$	1.71
Retail Class		1,000.00		958.61		2.49
5% annual hypothetical return
Institutional Class		1,000.00		1,023.19		1.77
Retail Class		1,000.00		1,022.39		2.57

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class and 0.51% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

For more information about this expense example, please see page 3.

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 13

INFLATION-LINKED BOND FUND

HOLDINGS BY MATURITY
	% of portfolio investments as of 3/31/2011
1–3 years	18.8
3–5 years	19.6
5–10 years	31.7
10–20 years	29.9
Total	100.0

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

The Inflation-Linked Bond Fund returned 1.05% for the Institutional Class, compared with the 1.42% return of its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the year ended March 31, 2011, the fund returned 7.73%, versus 7.91% for the index. The table below shows returns for all share classes of the fund.

The recovery sends mixed signals

During the period, the U.S. economy continued to improve, but fitfully. Gross domestic product, which measures the output of domestic goods and services, grew at an estimated annual rate of 3.1% in the fourth quarter of 2010 but slowed to 1.8% in the first quarter of 2011. In the fourth quarter, corporate profits were up 18% from the same period a year earlier. By the end of March, unemployment had dipped slightly, to 8.8%.

          The sluggish pace of job growth, plus ongoing weakness in the housing market and high levels of personal debt, remained obstacles to a more robust recovery. In an effort to stimulate the economy, the Federal Reserve began buying U.S. Treasury securities, with the intention of lowering long-term interest rates. The Fed also encouraged lending by maintaining 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%.

          Inflation trended upward during the six months. The Consumer Price Index ended the period 2.7% higher than it had been twelve months earlier. Oil began the six-month period at $80 a barrel but reached $107 a barrel at the end of March, as political change in the oil-producing North African and Middle East regions raised concerns about future supply.

PERFORMANCE AS OF MARCH 31, 2011
	Total return						Average annual total return
Inflation-Linked Bond Fund	6 months			1 year			5 years			since fund inception
Institutional Class (inception: 10/1/2002)		1.05	%		7.73	%		5.86	%		5.52	%
Retirement Class (inception: 3/31/2006)		0.83			7.40			5.64			5.39	*
Retail Class (inception: 10/1/2002)		0.98			7.58			5.73			5.38
Premier Class (inception: 9/30/2009)		0.89			7.60			5.80	*		5.48	*
Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L)		1.42			7.91			6.25			5.82

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.

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.

14 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

TIPS outpace the broad bond market

With a recovering global economy and continued low interest rates in the United States, TIPS declined 0.65% for the fourth quarter of 2010, in part because investors sought potentially greater returns from stocks and high-yield corporate bonds. TIPS gained 2.08% in the first quarter of 2011, as increased economic and market volatility led investors back into high-quality instruments like U.S. Treasuries, including TIPS.

          For the six months, TIPS outpaced the –0.88% return of the investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index. For the five years ended March 31, 2011, the TIPS index produced an average annual gain of 6.25%, topping the 6.03% average return of the Barclays Capital aggregate index.

The fund trails its benchmark

The fund lagged the TIPS index partly because the fund’s return includes a deduction for expenses, while the benchmark’s does not. Because the fund holds substantially the same portfolio as the benchmark, the discussion of the benchmark’s performance above is applicable to the performance of the fund.

          Throughout the period, the fund’s managers kept the fund’s duration—a measure of its sensitivity to interest rate changes—close to that of its benchmark. This strategy is designed to help the fund more closely track the characteristics of its benchmark.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

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

EXPENSE EXAMPLE

Six months ended March 31, 2011
Inflation-Linked Bond Fund	Beginning account value (10/1/10)		Ending account value (3/31/11)		Expenses paid during period* (10/1/10– 3/31/11)
Actual return
Institutional Class	$	1,000.00	$	1,010.50	$	1.45
Retirement Class		1,000.00		1,008.25		2.70
Retail Class		1,000.00		1,009.75		2.35
Premier Class		1,000.00		1,008.85		2.20
5% annual hypothetical return
Institutional Class		1,000.00		1,023.49		1.46
Retirement Class		1,000.00		1,022.24		2.72
Retail Class		1,000.00		1,022.59		2.37
Premier Class		1,000.00		1,022.74		2.22

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. The fund’s annualized six-month expense ratio for that period was 0.29% for the Institutional Class, 0.54% for the Retirement Class, 0.47% 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 their performance lower.

For more information about this expense example, please see page 3.

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 15

BOND INDEX FUND

PORTFOLIO COMPOSITION
	% of net assets as of 3/31/2011
Mortgage-backed securities & commercial mortgage-backed securities	35.3
U.S. Treasury securities	32.8
Corporate bonds	17.1
Foreign government, agency & corporate bonds denominated in U.S. dollars	7.3
U.S. agency securities	5.7
Municipal bonds	0.9
Asset-backed securities	0.2
Other assets & liabilities, net	0.7
Total	100.0
HOLDINGS BY MATURITY
	% of fixed-income investments as of 3/31/2011
Less than 1 year	0.8
1–3 years	17.7
3–5 years	21.5
5–10 years	14.4
Over 10 years	45.6
Total	100.0
HOLDINGS BY CREDIT QUALITY*
	% of fixed-income investments as of 3/31/2011
Aaa/AAA	77.5
Aa/AA	4.5
A/A	9.2
Baa/BBB	8.5
Ba/BB	0.3
Total	100.0

* These figures are based on credit quality ratings from Moody’s, Standard & Poor’s and Fitch. Where Moody’s ratings are not available, we have used Standard & Poor’s or Fitch’s ratings. These ratings are subject to change without notice.

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

The Bond Index Fund returned –1.11% for the Institutional Class, compared with the –0.88% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the year ended March 31, 2011, the fund returned 4.99%, versus 5.12% for the index. The table below shows returns for all share classes of the fund.

The recovery sends mixed signals

During the period, the U.S. economy continued to improve, but fitfully. Gross domestic product, which measures the output of domestic goods and services, grew at an estimated annual rate of 3.1% in the fourth quarter of 2010 but slowed to 1.8% in the first quarter of 2011. In the fourth quarter, corporate profits were up 18% from the same period one year earlier. By the end of March, unemployment had dipped slightly, to 8.8%.

          The sluggish pace of job growth, plus ongoing weakness in the housing market and high levels of personal debt, remained obstacles to a more robust recovery. In an effort to stimulate the economy, the Federal Reserve began buying U.S. Treasury securities, with the intention of lowering long-term interest rates. The Fed also encouraged lending by maintaining its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%.

          The Barclays Capital U.S. Aggregate Bond Index, which measures the broad domestic investment-grade, fixed-rate bond market, ended the period down 0.88%. The index fell 1.30% in the fourth quarter of 2010, when the economic picture brightened and many investors sought higher returns in stocks. The index gained 0.42% in the first quarter of 2011, as some investors, buoyed by better-than-expected corporate earnings, turned to corporate bonds as well as to stocks.

PERFORMANCE AS OF MARCH 31, 2011
	Total return						Average annual total return
Bond Index Fund	6 months			1 year			since fund inception
Institutional Class (inception: 9/14/2009)		–1.11	%		4.99	%		4.60	%
Retirement Class (inception: 9/14/2009)		–1.14			4.83			4.40
Retail Class (inception: 9/14/2009)		–1.19			4.72			4.31
Premier Class (inception: 9/30/2009)		–1.09			4.83			4.45	*
Barclays Capital U.S. Aggregate Bond Index		–0.88			5.12			5.03

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.

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.
16	2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

Losses in Treasuries drive the index lower

U.S. Treasury securities, which made up nearly one-third of the benchmark at period-end, returned –2.8% for the six months. Other declining sectors included corporate bonds (down 0.8%), U.S. agency securities (down 0.8%) and asset-backed securities (down 0.9%). The small commercial mortgage-backed sector performed best; it gained 3.0%. (Sector returns come from the components of the Barclays Capital aggregate index.)

          During the six months, the yield on 2-year Treasury notes rose from 0.42% at the beginning of the period to 0.80% on March 31, 2011. The 10-year yield increased from 2.53% to 3.47%.

The fund trails its benchmark

Within a challenging investment environment for fixed-income securities, the Bond Index Fund underperformed the Barclays Capital aggregate index partly because of the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund’s portfolio more than doubled in size during the six months, requiring a large number of trades. This also reduced relative performance.

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

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception September 14, 2009)

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

EXPENSE EXAMPLE

Six months ended March 31, 2011
Bond Index Fund	Beginning account value (10/1/10)		Ending account value (3/31/11)		Expenses paid during period* (10/1/10– 3/31/11)
Actual return
Institutional Class	$	1,000.00	$	988.87	$	0.64
Retirement Class		1,000.00		988.59		1.88
Retail Class		1,000.00		988.12		2.38
Premier Class		1,000.00		989.07		1.39
5% annual hypothetical return
Institutional Class		1,000.00		1,024.28		0.66
Retirement Class		1,000.00		1,023.04		1.92
Retail Class		1,000.00		1,022.54		2.42
Premier Class		1,000.00		1,023.54		1.41

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. The fund’s annualized six-month expense ratio for that period was 0.13% for the Institutional Class, 0.38% for the Retirement Class, 0.48% for the Retail Class and 0.28% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.

For more information about this expense example, please see page 3.

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 17

MONEY MARKET FUND

PORTFOLIO COMPOSITION
	% of net assets as of 3/31/2011
Commercial paper		44.4
U.S. Treasury securities		17.1
U.S. government & agency securities		16.3
Variable rate securities, government		11.0
Certificates of deposit		9.8
Bankers’ acceptances		1.0
Foreign government securities		0.4
Total		100.0

NET ANNUALIZED YIELD

(for the 7 days ended 3/29/2011)*
	Current yield			Effective yield
Money Market Fund
Institutional Class		0.07	%		0.07	%
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 MARCH 31, 2011

The Money Market Fund returned 0.04% for the Institutional Class, compared with the 0.02% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its returns reflect the deduction of expenses charged by the funds included in the average. For the year ended March 31, 2011, the fund returned 0.11%, versus 0.04% for iMoneyNet. The table below shows returns for all share classes of the fund.

The recovery sends mixed signals

During the period, the U.S. economy continued to improve, but fitfully. Gross domestic product, which measures the output of domestic goods and services, grew at an estimated annual rate of 3.1% in the fourth quarter of 2010 but slowed to 1.8% in the first quarter of 2011. In the fourth quarter, corporate profits were up 18% from the same period one year earlier. By the end of March, unemployment had dipped slightly, to 8.8%.

          The sluggish pace of job growth, plus ongoing weakness in the housing market and high levels of personal debt, remained obstacles to a more robust recovery. In an effort to stimulate the economy, the Federal Reserve initiated a program, ending in June 2011, to purchase $600 billion in U.S. Treasury

PERFORMANCE AS OF MARCH 31, 2011
	Total return					Average annual total return
Money Market Fund		6 months		1 year			5 years		10 years
Institutional Class (inception: 7/1/1999)		0.04	%	0.11	%		2.51	%	2.36	%
Retirement Class (inception: 3/31/2006)†		0.00		0.00			2.30		2.26	*
Retail Class (inception: 3/31/2006)†		0.00		0.00			2.40		2.31	*
Premier Class (inception: 9/30/2009)†		0.00		0.00			2.47	*	2.34	*
iMoneyNet Money Fund Report Averages—All Taxable‡		0.02		0.04			2.08		1.90

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.

An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund will attempt to maintain a stable net asset value of $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 fees of the Retirement Class of the Money Market Fund are being voluntarily waived. Beginning October 1, 2009, part or all of the 12b-1 distribution expenses of the Premier Class of the Money Market Fund are being voluntarily waived. Without these changes, the total returns and 7-day current and effective net annualized yields for these share classes would have been lower. This suspension of reimbursement and the addition of waivers are voluntary and may be discontinued at any time without notice.
18	2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

securities, with the intention of lowering long-term interest rates. The Fed also continued to encourage lending by maintaining 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%.

Worldwide turmoil boosts short-term Treasuries

During the six months, ongoing sovereign debt problems in Europe, coupled with political change in the Middle East and North Africa, and a horrific natural disaster and nuclear crisis in Japan, precipitated a general “flight to quality” within the credit market. Seeking safety, investors turned to high-quality securities with shorter maturities, such as U.S. Treasuries. As a result, short-term Treasuries rallied, and Treasury yields declined sharply. The yield on one-month Treasuries fell from 0.15% at the beginning of the period to 0.05% at period-end.

LIBOR yields remain steady

Despite the challenging global situation, LIBOR yields moved within a very narrow range during the period. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.) Actions by the Fed and the European Central Bank helped to allay concerns about the U.S. economy and the European debt crisis. The twelve-month LIBOR began and ended the period at about 0.78%; the one-month LIBOR declined slightly, from 0.26% on September 30, 2010, to 0.24% on March 31, 2011.

The fund seeks safety and yield

In pursuit of relative value and to comply with recent SEC regulations for all money market funds, the fund increased its investments in U.S. Treasury securities. The fund also continued to make selective purchases of the securities of top-tier global corporations and banking institutions. On March 29, 2011, the fund’s weighted average maturity was 50 days, compared with 45 days for the average iMoneyNet fund.

EXPENSE EXAMPLE

Six months ended March 31, 2011
Money Market Fund	Beginning account value (10/1/10)		Ending account value (3/31/11)		Expenses paid during period* (10/1/10– 3/31/11)
Actual return
Institutional Class	$	1,000.00	$	1,000.44	$	0.75
Retirement Class		1,000.00		1,000.00		1.15
Retail Class		1,000.00		1,000.00		1.15
Premier Class		1,000.00		1,000.00		1.15
5% annual hypothetical return
Institutional Class		1,000.00		1,024.18		0.76
Retirement Class		1,000.00		1,023.78		1.16
Retail Class		1,000.00		1,023.78		1.16
Premier Class		1,000.00		1,023.78		1.16

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. The fund’s annualized six-month expense ratio for that period was 0.15% for the Institutional Class, 0.23% for the Retirement Class, 0.23% for the Retail Class and 0.23% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

For more information about this expense example, please see page 3.

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 19

SUMMARY PORTFOLIO OF INVESTMENTS

BOND FUND § MARCH 31, 2011

	Principal	Issuer	Value		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS			$	1,167,698		0.1	%
BANKS
		Citigroup, Inc
$	17,273,357	2.130%–8.130%, 02/21/12–07/15/39		18,085,025		1.0
		Other		125,409,341		6.0
				143,494,366		7.0
CAPITAL GOODS				13,012,884		0.6
COMMERCIAL & PROFESSIONAL SERVICES				12,462,876		0.6
CONSUMER DURABLES & APPAREL				3,884,260		0.2
CONSUMER SERVICES				4,175,011		0.2
DIVERSIFIED FINANCIALS
		Citigroup Funding, Inc
	21,075,000	1.880%–2.250%, 03/30/12–12/10/12		21,480,642		1.1
		General Electric Capital Corp
	26,653,357	1.880%–6.880%, 03/12/12–01/10/39		27,341,139		1.3
		GMAC, Inc
	11,190,000	1.750%, 10/30/12		11,377,287		0.7
	31,064,000	2.200%, 12/19/12		31,823,080		1.7
		Other		86,296,136		4.2
				178,318,284		9.0
ENERGY
		BP Capital Markets plc
	12,645,000	3.200%, 03/11/16		12,589,184		0.7
		Other		64,432,034		3.2
				77,021,218		3.9
FOOD & STAPLES RETAILING				5,228,545		0.3
FOOD, BEVERAGE & TOBACCO				21,631,746		1.1
HEALTH CARE EQUIPMENT & SERVICES				7,132,218		0.3
HOUSEHOLD & PERSONAL PRODUCTS				811,767		0.0
INSURANCE				28,687,704		1.4
MATERIALS				29,292,163		1.4
MEDIA				13,811,621		0.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				19,160,864		0.9
REAL ESTATE				16,590,531		0.8
RETAILING				5,188,627		0.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				3,135,820		0.2
SOFTWARE & SERVICES				9,108,526		0.4
TECHNOLOGY HARDWARE & EQUIPMENT				9,453,636		0.4
TELECOMMUNICATION SERVICES				40,250,677		2.0
TRANSPORTATION				14,998,052		0.7
UTILITIES				50,299,464		2.5
		TOTAL CORPORATE BONDS (Cost $692,526,354)		708,318,558		34.9

	Principal		Issuer		Value	% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Mortgage Corp (FHLMC)
$	14,000,000		0.750%, 03/28/13	$	13,975,963	0.7	%
			Federal National Mortgage Association (FNMA)
	30,560,000		1.130%–5.000%, 04/28/11–09/16/14		31,428,386	1.5
			Private Export Funding Corp
	8,560,000		5.450%, 09/15/17		9,800,310	0.5
	9,940,000		4.300%, 12/15/21		10,176,255	0.5
	16,065,000		2.250%–4.900%, 12/15/11–03/15/19		16,703,964	0.8
			Other		44,602,051	2.2
					126,686,929	6.2
FOREIGN GOVERNMENT BONDS
			Province of Ontario Canada
	23,090,000		2.630%–4.400%, 01/20/12–04/14/20		23,856,806	1.2
			Other		64,014,812	3.2
					87,871,618	4.4
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	78,810,024		4.000%–8.000%, 01/01/16–04/15/41		82,870,930	4.1
			Federal National Mortgage Association (FNMA)
	8,000,000		4.000%, 4/25/26		8,220,000	0.4
	52,000,000	h	6.000%, 04/25/38		56,550,000	2.8
	10,000,000	h	6.500%, 04/25/38		11,207,810	0.6
	36,000,000	h	4.000%, 04/25/40		35,403,768	1.7
	49,000,000	h	5.000%, 04/25/40		51,258,606	2.5
	71,000,000	h	5.500%, 05/25/40		75,703,750	3.7
	12,460,339		4.500%, 09/01/40		12,698,207	0.6
	8,458,844		4.500%, 09/01/40		8,620,324	0.4
	71,124,349	i	2.380%–8.000%, 06/01/13–04/25/41		74,883,947	3.7
			Government National Mortgage Association (GNMA)
	52,000,000	h	5.000%, 04/15/38		55,144,388	2.7
	9,000,000	h	5.500%, 04/15/38		9,745,308	0.5
	27,000,000	h	4.500%, 04/15/40		27,847,962	1.4
	33,000,000	h	4.000%, 04/15/41		33,000,000	1.6
	9,000,000	h	4.500%, 04/20/41		9,267,183	0.5
	13,000,000	h	5.000%, 04/20/41		13,790,153	0.7
	24,407,888	h	4.000%–8.500%, 01/15/28–01/15/44		26,287,919	1.3
			Other		12,648,355	0.6
					605,148,610	29.8
MUNICIPAL BONDS					10,867,061	0.5
U.S. TREASURY SECURITIES
			United States Treasury Bond
	26,866,000		8.000%, 11/15/21		37,520,034	1.9
	17,920,000		5.250%, 02/15/29		20,182,400	1.0
	22,004,000		5.380%, 02/15/31		25,163,641	1.2
	19,244,000		3.880%, 08/15/40		17,220,378	0.8
			United States Treasury Inflation Indexed Bonds
	8,875,120	k	2.000%, 01/15/16		9,798,683	0.5

20 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

BOND FUND § MARCH 31, 2011

	Principal		Issuer		Value	% of net assets
U.S. TREASURY SECURITIES—continued
			United States Treasury Note
$	13,062,000		2.000%, 11/30/13	$	13,365,078	0.7	%
	17,870,000		1.250%, 03/15/14		17,864,460	0.9
	8,747,000		1.880%, 04/30/14		8,898,026	0.4
	19,870,000		2.250%, 05/31/14		20,427,294	1.0
	12,755,000		2.630%, 06/30/14		13,255,238	0.7
	10,511,000		2.380%, 08/31/14		10,819,761	0.5
	12,623,000		2.130%, 02/29/16		12,583,553	0.6
	28,587,000		0.500%–4.250%, 04/30/12–11/15/40		28,913,525	1.4
			Other		20,667,904	1.0
					256,679,975	12.6
			TOTAL GOVERNMENT BONDS (Cost $1,068,323,485)		1,087,254,193	53.5
STRUCTURED ASSETS
ASSET BACKED					29,050,068	1.4
OTHER MORTGAGE BACKED
			JP Morgan Chase Commercial Mortgage
			Securities Corp
	20,375,702	g,i	0.440%–5.820%,02/15/20–06/20/49		21,289,902	1.0
			Greenwich Capital Commercial Funding Corp
	18,185,000	i	5.220%–5.890%,04/10/37–12/10/49		19,151,809	0.9
			Wachovia Bank Commercial Mortgage Trust
			Series 2007–C30 (Class A5)
	15,000,000		5.340%, 12/15/43		15,532,741	0.8
			Other		91,492,703	4.5
					147,467,155	7.2
			TOTAL STRUCTURED ASSETS
			(Cost $171,647,504)		176,517,223	8.6
			TOTAL BONDS
			(Cost $1,932,497,343)		1,972,089,974	97.0

	Shares	Company
PREFERRED STOCKS
BANKS			529,236	0.0
		TOTAL PREFERRED STOCKS
		(Cost $7,782,875)	529,236	0.0

	Principal	Issuer
SHORT–TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Mortgage Corp (FHLMC)
$	49,430,000	0.084%, 05/25/11	49,419,620	2.4
	32,030,000	0.100%, 06/06/11	32,024,715	1.6
	37,435,000	0.112%, 06/20/11	37,427,513	1.8
	40,400,000	0.117%, 07/25/11	40,385,820	2.1
		Federal National Mortgage Association (FNMA)
	15,485,000	0.012%, 04/06/11	15,484,634	0.8
	8,595,000	0.107%, 06/08/11	8,593,539	0.4

	Principal	Issuer		Value		% of net assets
GOVERNMENT AGENCY DEBT—continued
		Federal Home Loan Bank (FHLB)
$	27,330,000	0.065%, 05/11/11	$	27,325,597		1.3	%
	19,090,000	0.072%, 05/18/11		19,086,511		0.9
	31,290,000	0.073%, 05/20/11		31,284,463		1.5
	21,700,000	0.074%, 05/23/11		21,695,769		1.1
	9,920,000	0.116%, 06/01/11		9,918,482		0.5
	20,000,000	0.116%, 06/17/11		19,996,160		1.0
				312,642,823		15.4
TREASURY DEBT
		United States Treasury Bill
	62,385,000	0.036%–0.060%, 05/12/11		62,374,279		3.1
	37,355,000	0.085%–0.100%, 06/16/11		37,349,096		1.8
	20,000,000	0.079%, 06/23/11		19,995,980		1.0
	20,070,000	0.099%, 07/07/11		20,064,481		1.0
	17,260,000	0.127%, 08/25/11		17,250,214		0.8
		Other		6,490,602		0.3
				163,524,652		8.0
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $476,139,080)		476,167,475		23.4
		TOTAL PORTFOLIO
		(Cost $2,416,419,298)		2,448,786,685		120.4
		OTHER ASSETS & LIABILITIES, NET		(414,345,329	)	(20.4	)
		NET ASSETS	$	2,034,441,356		100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2011, the value of these securities amounted to $163,588,187 or 8.0% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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 § 2011 Annual Report 21

SUMMARY PORTFOLIO OF INVESTMENTS

BOND PLUS FUND § MARCH 31, 2011

	Principal	Issuer		Value	% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS			$	1,003,734	0.1	%
COMMERCIAL & PROFESSIONAL SERVICES				857,554	0.1
CONSUMER SERVICES				1,493,961	0.2
DIVERSIFIED FINANCIALS				2,008,340	0.2
FOOD & STAPLES RETAILING				2,003,340	0.2
HEALTH CARE EQUIPMENT & SERVICES				3,000,000	0.4
SOFTWARE & SERVICES				989,188	0.1
		TOTAL BANK LOAN OBLIGATIONS
		(Cost $11,326,030)		11,356,117	1.3
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				3,366,673	0.4
BANKS
		JPMorgan Chase & Co
$	5,000,000	3.450%, 03/01/16		4,982,144	0.6
		Other		36,490,294	4.3
				41,472,438	4.9
CAPITAL GOODS				8,516,482	1.0
COMMERCIAL & PROFESSIONAL SERVICES				6,593,358	0.6
CONSUMER DURABLES & APPAREL				7,425,319	0.9
CONSUMER SERVICES				7,728,604	1.0
DIVERSIFIED FINANCIALS
		General Electric Capital Corp
	2,700,000	5.500%, 06/04/14		2,952,711	0.4
		Other		42,389,461	5.0
				45,342,172	5.4
	ENERGY
		BP Capital Markets plc
	5,060,000	3.200%, 03/11/16		5,037,664	0.7
		Other		35,200,859	4.1
				40,238,523	4.8
FOOD & STAPLES RETAILING				2,956,520	0.3
FOOD, BEVERAGE & TOBACCO				6,978,220	0.9
HEALTH CARE EQUIPMENT & SERVICES				8,413,065	1.0
HOUSEHOLD & PERSONAL PRODUCTS				770,941	0.1
INSURANCE				10,482,996	1.2
MATERIALS				32,461,567	3.8
MEDIA				17,674,637	2.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				11,544,358	1.4
REAL ESTATE				10,231,203	1.2
RETAILING				12,650,624	1.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				340,610	0.0

	Principal		Issuer		Value	% of net assets
SOFTWARE & SERVICES				$	4,412,858	0.5	%
TECHNOLOGY HARDWARE & EQUIPMENT					9,170,695	1.1
TELECOMMUNICATION SERVICES					20,239,917	2.4
TRANSPORTATION					11,776,773	1.4
UTILITIES
			Questar Market Resources, Inc
$	2,250,000		6.880%, 03/01/21		2,362,499	0.4
			Other		25,533,189	2.9
					27,895,688	3.3
			TOTAL CORPORATE BONDS (Cost $339,234,572)		348,684,241	41.2
GOVERNMENT BONDS
AGENCY SECURITIES					3,652,616	0.4
FOREIGN GOVERNMENT BONDS					39,736,410	4.7
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp (FHLMC)
	7,091,804	i	2.510%–5.900%, 02/01/36–08/01/39		7,521,223	1.0
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	3,000,000	h	5.000%, 04/15/40		3,130,782	0.4
	3,040,194		4.000%, 12/01/40		2,991,350	0.4
	3,433,778		4.000%, 12/01/40		3,381,830	0.4
	6,736,221		4.000%, 01/01/41		6,623,786	0.8
	3,000,000	h	4.500%, 04/15/41		3,047,814	0.4
	21,914,674		4.000%–8.000%, 12/01/16–12/01/40		23,383,438	2.7
			Federal National Mortgage Association (FNMA)
	2,702,858		4.640%, 11/01/14		2,874,683	0.3
	2,478,659		5.000%, 08/01/34		2,613,710	0.3
	3,113,806		5.500%, 05/01/35		3,362,738	0.4
	4,534,387		6.000%, 11/01/37		4,940,274	0.6
	5,000,000	h	6.000%, 04/25/38		5,437,500	0.6
	3,000,000	h	5.000%, 04/25/40		3,138,282	0.4
	5,000,000	h	5.500%, 05/25/40		5,331,250	0.6
	2,636,800		4.500%, 09/01/40		2,687,137	0.3
	4,929,188		4.500%, 10/01/40		5,027,908	0.6
	54,154,375	i	3.500%–9.000%, 06/01/13–04/25/41		56,990,930	6.7
			Government National Mortgage Association (GNMA)
	7,000,000	h	5.000%, 04/15/38		7,423,283	0.9
	5,000,000	h	4.500%, 04/15/40		5,157,030	0.6
	8,964,853		4.500%, 01/20/41		9,249,673	1.1
	3,000,000	h	4.000%, 04/15/41		3,000,000	0.4
	3,000,000	h	5.000%, 04/20/41		3,182,343	0.4
	10,131,359		4.000%–8.500%, 11/15/23–09/15/43		10,858,741	1.2
					181,355,705	21.5
MUNICIPAL BONDS					2,651,065	0.3
U.S. TREASURY SECURITIES
			United States Treasury Bond
	14,002,000		8.000%, 11/15/21		19,554,660	2.3
	3,902,500		5.250%, 02/15/29		4,395,191	0.5
	12,000,000		5.380%, 02/15/31		13,723,128	1.6
			United States Treasury Inflation Indexed Bonds
	2,604,350	k	0.630%, 04/15/13		2,725,614	0.3
	4,437,560	k	2.000%, 01/15/16		4,899,341	0.6

22 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

BOND PLUS FUND § MARCH 31, 2011

	Principal		Issuer		Value	% of net assets
U.S. TREASURY SECURITIES—continued
			United States Treasury Note
$	9,650,000		0.750%, 09/15/13	$	9,588,935	1.1	%
	3,465,000		2.380%, 08/31/14		3,566,784	0.4
	2,887,000		2.500%, 04/30/15		2,965,717	0.4
	19,502,000		1.250%, 09/30/15		18,860,560	2.2
	22,820,000		2.130%, 02/29/16		22,748,688	2.7
	3,111,000		4.250%, 11/15/40		2,975,379	0.4
			Other		12,521,734	1.5
					118,525,731	14.0
			TOTAL GOVERNMENT BONDS
			(Cost $340,327,574)	$	345,921,527	40.9	%
STRUCTURED ASSETS
ASSET BACKED
			Residential Funding Mortgage Securities II, Inc
			Series 2006–HI2 (Class A3)
	6,938,149		5.790%, 02/25/36		6,537,874	0.8
			Series 2006–HI4 (Class A3)
	3,384,246		5.440%, 09/25/36		3,068,597	0.4
			Residential Asset Mortgage Products, Inc
			Series 2004–RS11 (Class M1)
	3,992,819		0.870%, 11/25/34		3,387,823	0.4
			Other		17,621,695	2.0
					30,615,989	3.6
OTHER MORTGAGE BACKED
			Federal National Mortgage Association (FNMA)
			Series 2010–155 (Class PC)
	3,000,000		4.000%, 02/25/40		2,886,169	0.3
			Credit Suisse Mortgage Capital Certificates
			Series 2009–RR1 (Class A3C)
	2,400,000	g	5.380%, 02/15/40		2,352,189	0.3
			Series 2010–RR4 (Class 1B)
	8,730,000		5.380%, 02/15/40		8,641,251	1.0
			JP Morgan Chase Commercial Mortgage Securities Corp
			Series 2010–C2 (Class B)
	3,960,000		5.070%, 11/15/43		3,950,464	0.5
			Series 2010–RR1 (Class JPB)
	8,715,000		5.820%, 06/20/49		9,016,158	1.1
			Other		39,496,394	4.7
					66,342,625	7.9
			TOTAL STRUCTURED ASSETS
			(Cost $101,639,044)		96,958,614	11.5
			TOTAL BONDS
			(Cost $781,201,190)		791,564,382	93.6

	Shares		Company		Value		% of net assets
PREFERRED STOCKS
BANKS				$	253,385		0.0	%
DIVERSIFIED FINANCIALS					2,028,926		0.3
			TOTAL PREFERRED STOCKS
			(Cost $5,726,250)		2,282,311		0.3
TIAA-CREF MUTUAL FUND
	540,865	a	TIAA-CREF High-Yield Fund (Institutional Class)		5,403,239		0.6
			TOTAL TIAA-CREF MUTUAL FUND
			(Cost $5,349,995)		5,403,239		0.6
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal National Mortgage Association (FNMA)
$	10,000,000		0.012%, 04/06/11		9,999,764		1.2
	16,620,000		0.093%, 05/23/11		16,617,600		2.0
			Federal Home Loan Bank (FHLB)
	6,260,000		0.073%, 05/20/11		6,258,892		0.7
					32,876,256		3.9
TREASURY DEBT
			United States Treasury Bill
	18,375,000		0.146%–0.160%, 05/12/11		18,371,865		2.2
	13,515,000		0.087%, 06/16/11		13,512,865		1.6
	9,180,000		0.127%, 08/25/11		9,174,795		1.1
			United States Treasury Note
	9,650,000		1.000%, 10/31/11		9,694,477		1.1
					50,754,002		6.0
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $83,629,780)		83,630,258		9.9
			TOTAL PORTFOLIO
			(Cost $887,233,245)		894,236,307		105.7
			OTHER ASSETS & LIABILITIES, NET		(48,549,049	)	(5.7	)
			NET ASSETS	$	845,687,258		100.0	%

a	Affiliated holding.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2011, the value of these securities amounted to $153,283,330 or 18.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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 § 2011 Annual Report 23

SUMMARY PORTFOLIO OF INVESTMENTS

SHORT-TERM BOND FUND § MARCH 31, 2011

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	501,867		0.1	%
DIVERSIFIED FINANCIALS
			TransUnion LLC
$	2,000,000	i	4.750%, 02/10/18		2,008,340		0.4
					2,008,340		0.4
FOOD & STAPLES RETAILING					2,003,340		0.3
HEALTH CARE EQUIPMENT & SERVICES					3,493,970		0.6
			TOTAL BANK LOAN OBLIGATIONS
			(Cost $7,958,395)		8,007,517		1.4
BONDS
CORPORATE BONDS
BANKS
			Bank of America Corp
	3,000,000		2.380%, 06/22/12		3,069,194		0.5
			Citigroup, Inc
	2,000,000		2.130%, 04/30/12		2,037,833		0.4
	2,500,000		5.000%, 09/15/14		2,610,507		0.5
	2,000,000		5.500%, 10/15/14		2,157,199		0.4
			JPMorgan Chase & Co
	3,100,000		3.400%, 06/24/15		3,119,027		0.5
	5,000,000		3.450%, 03/01/16		4,982,144		0.8
			Sovereign Bancorp, Inc
	3,000,000		2.500%, 06/15/12		3,064,895		0.5
			Wells Fargo & Co
	2,000,000		3.680%, 06/15/16		2,011,820		0.4
			Other		30,698,226		5.5
					53,750,845		9.5
CAPITAL GOODS
			Caterpillar Financial Services Corp
	2,500,000		1.550%, 12/20/13		2,505,685		0.4
			Other		2,264,546		0.4
					4,770,231		0.8
COMMERCIAL & PROFESSIONAL SERVICES					3,183,467		0.6
CONSUMER DURABLES & APPAREL					2,551,748		0.4
CONSUMER SERVICES					398,135		0.1
DIVERSIFIED FINANCIALS
			Citigroup Funding, Inc
	2,000,000		1.880%, 10/22/12		2,037,834		0.4
	3,000,000		2.250%, 12/10/12		3,075,674		0.5
			General Electric Capital Corp
	2,000,000		2.630%, 12/28/12		2,064,230		0.4
			GMAC, Inc
	2,800,000		1.750%, 10/30/12		2,846,863		0.5
	3,600,000		2.200%, 12/19/12		3,687,969		0.7
			Other		36,048,487		6.4
					49,761,057		8.9

Principal		Issuer	Value		% of net assets
ENERGY
		BP Capital Markets plc
$	2,530,000	3.200%, 03/11/16	$	2,518,832		0.4	%
		Chesapeake Energy Corp
	2,500,000	7.630%, 07/15/13		2,799,999		0.5
		Other		10,684,207		1.9
				16,003,038		2.8
FOOD & STAPLES RETAILING
		SUPERVALU, Inc
	2,000,000	7.500%, 05/15/12		2,070,000		0.3
		Other		2,160,458		0.4
				4,230,458		0.7
FOOD, BEVERAGE & TOBACCO				7,950,215		1.5
HEALTH CARE EQUIPMENT & SERVICES				5,214,782		0.9
INSURANCE				6,918,463		1.2
MATERIALS
		Airgas, Inc
	2,000,000	2.850%, 10/01/13		2,028,737		0.3
		ArcelorMittal
		Series 0–A (Class )
	2,000,000	5.380%, 06/01/13		2,127,026		0.4
		Other		10,626,204		1.9
				14,781,967		2.6
MEDIA
		Echostar DBS Corp
	2,300,000	6.380%, 10/01/11		2,346,000		0.5
		Other		5,483,117		0.9
				7,829,117		1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				5,056,346		0.9
REAL ESTATE				1,076,380		0.2
RETAILING				2,709,127		0.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				2,491,610		0.4
SOFTWARE & SERVICES
		International Business Machines Corp
	5,000,000	1.000%, 08/05/13		4,970,225		0.9
		Microsoft Corp
	5,000,000	0.880%, 09/27/13		4,964,360		0.9
		Other		2,288,557		0.4
				12,223,142		2.2
TECHNOLOGY HARDWARE & EQUIPMENT				3,361,744		0.6
TELECOMMUNICATION SERVICES				10,304,609		1.8
TRANSPORTATION				6,094,461		1.1
UTILITIES
		Ipalco Enterprises, Inc
	2,000,000	8.630%, 11/14/11		2,069,999		0.3
		Other		12,881,942		2.3
				14,951,941		2.6
		TOTAL CORPORATE BONDS
		(Cost $233,085,679)		235,612,883		41.7

24 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
SHORT-TERM BOND FUND § MARCH 31, 2011

Principal		Issuer	Value		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
		Federal Home Loan Bank (FHLB)
$	3,000,000	1.880%, 06/21/13	$	3,057,291	0.5	%
		Federal Home Loan Mortgage Corp (FHLMC)
	5,000,000	0.750%, 03/28/13		4,991,415	0.9
		Federal National Mortgage Association (FNMA)
	2,500,000	1.380%, 04/28/11		2,502,428	0.4
	3,000,000	0.880%, 01/12/12		3,012,063	0.5
	2,000,000	3.630%, 02/12/13		2,101,486	0.4
	6,500,000	1.250%, 08/20/13		6,522,594	1.2
	2,000,000	3.000%, 09/16/14		2,092,974	0.4
	5,000,000	2.630%, 11/20/14		5,157,140	0.9
		Private Export Funding Corp
	7,000,000	4.900%, 12/15/11		7,226,491	1.2
	2,000,000	3.550%, 04/15/13		2,103,584	0.4
		Other		8,274,342	1.5
				47,041,808	8.3
FOREIGN GOVERNMENT BONDS
		Province of British Columbia Canada
	3,000,000	2.850%, 06/15/15		3,081,191	0.5
		Other		16,032,365	2.9
				19,113,556	3.4
MORTGAGE BACKED				4,911,516	0.9
U.S. TREASURY SECURITIES
		United States Treasury Note
	19,925,000	0.630%, 01/31/13		19,889,195	3.5
	42,720,000	1.130%, 06/15/13		42,930,182	7.6
	13,760,000	0.750%, 09/15/13		13,672,927	2.4
	7,395,000	3.130%, 09/30/13		7,778,616	1.4
	3,125,000	0.500%, 10/15/13		3,082,275	0.5
	14,949,000	2.000%, 11/30/13		15,295,862	2.7
	43,500,000	1.250%, 03/15/14		43,486,514	7.7
	2,318,000	1.880%, 04/30/14		2,358,023	0.4
	7,990,000	2.380%, 08/31/14		8,224,706	1.5
	6,779,000	1.250%, 09/30/15		6,556,032	1.2
	3,777,000	2.130%, 02/29/16		3,765,197	0.7
	6,533,900	0.630%–2.750%, 12/31/11–04/30/15		6,696,363	1.1
		Other		1,635,368	0.3
				175,371,260	31.0
		TOTAL GOVERNMENT BONDS
		(Cost $244,029,337)		246,438,140	43.6

Principal		Issuer	Value		% of net assets
STRUCTURED ASSETS
ASSET BACKED
		Residential Funding Mortgage Securities II, Inc
		Series 2006–HI2 (Class A3)
$	3,964,656	5.790%, 02/25/36	$	3,735,926	0.6	%
		World Financial Network Credit Card Master Trust
		Series 2009–D (Class A)
	2,000,000	4.660%, 05/15/17		2,126,366	0.4
		Ford Credit Floorplan Master Owner Trust
		Series 2011–1 (Class B)
	2,000,000	2.410%, 02/15/16		2,006,541	0.4
		Ally Auto Receivables Trust
		Series 2011–1 (Class A4)
	2,000,000	2.230%, 03/15/16		2,006,519	0.4
		Other		22,889,019	4.0
				32,764,371	5.8
OTHER MORTGAGE BACKED				5,143,479	0.9
		TOTAL STRUCTURED ASSETS
		(Cost $40,215,000)		37,907,850	6.7
		TOTAL BONDS
		(Cost $517,330,016)		519,958,873	92.0
Shares		Company
PREFERRED STOCKS
BANKS				121,684	0.0
		TOTAL PREFERRED STOCKS
		(Cost $1,789,475)		121,684	0.0
		TOTAL PORTFOLIO
		(Cost $527,077,886)		528,088,074	93.4
		OTHER ASSETS & LIABILITIES, NET		37,378,946	6.6
		NET ASSETS	$	565,467,020	100.0	%

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
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 § 2011 Annual Report 25

SUMMARY PORTFOLIO OF INVESTMENTS

HIGH-YIELD FUND § MARCH 31, 2011

Principal			Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
CONSUMER SERVICES
			Burger King Corp
$	5,586,000	i	4.500%, 10/19/16	$	5,577,453		0.6	%
					5,577,453		0.6
HEALTH CARE EQUIPMENT & SERVICES					6,377,676		0.7
SOFTWARE & SERVICES					2,967,564		0.3
UTILITIES					1,786,993		0.2
			TOTAL BANK LOAN OBLIGATIONS
			(Cost $17,029,030)		16,709,686		1.8
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS
			Ford Motor Co
	4,500,000		7.450%, 07/16/31		4,871,745		0.6
			Pinafore LLC
	7,840,000	g	9.000%, 10/01/18		8,506,400		0.9
			Other		2,953,200		0.3
					16,331,345		1.8
BANKS					13,269,870		1.4
CAPITAL GOODS
			Susser Holdings LLC
	4,720,000		8.500%, 05/15/16		5,109,400		0.6
			Other		22,987,871		2.5
					28,097,271		3.1
COMMERCIAL & PROFESSIONAL SERVICES
			VIP Finance Ireland Ltd
	6,850,000	g	7.750%, 02/02/21		7,192,500		0.8
			Other		10,427,033		1.2
					17,619,533		2.0
CONSUMER DURABLES & APPAREL
			Hanesbrands, Inc
	5,000,000		8.000%, 12/15/16		5,418,750		0.6
			Other		14,150,573		1.6
					19,569,323		2.2
CONSUMER SERVICES
			AMC Entertainment Holdings, Inc
	5,875,000	g	9.750%, 12/01/20		6,286,249		0.7
			DineEquity, Inc
	7,250,000	g	9.500%, 10/30/18		7,866,249		0.9
			Marina District Finance Co, Inc
	5,750,000	g	9.500%, 10/15/15		6,015,937		0.7
			Penn National Gaming, Inc
	6,310,000		8.750%, 08/15/19		6,964,662		0.8
			Other		38,488,112		4.2
					65,621,209		7.3

Principal			Issuer	Value		% of net assets
DIVERSIFIED FINANCIALS
			CIT Group, Inc
$	16,000,000	g	5.250%–7.000%, 04/01/14–04/01/18	$	16,115,528		1.7	%
			Ford Motor Credit Co LLC
	9,625,000		5.630%–12.000%, 04/15/15–01/15/20		10,934,376		1.3
			GMAC, Inc
	5,000,000		8.000%, 03/15/20		5,443,749		0.7
			International Lease Finance Corp
	5,232,000	g	8.880%, 09/15/15		5,755,199		0.7
	11,298,000	g	5.630%–9.000%, 09/20/13–12/15/20		12,168,966		1.3
			Other		21,696,825		2.3
					72,114,643		8.0
ENERGY
			Consol Energy Inc
	5,840,000		8.000%, 04/01/17		6,394,799		0.7
			Niska Gas Storage US
	4,750,000		8.880%, 03/15/18		5,165,625		0.6
			SandRidge Energy, Inc
	5,175,000	g	7.500%, 03/15/21		5,369,063		0.6
			Southwestern Energy Co
	4,777,200		7.500%, 02/01/18		5,416,150		0.6
			Other		48,550,569		5.3
					70,896,206		7.8
FOOD & STAPLES RETAILING
			Ingles Markets, Inc
	6,350,000		8.880%, 05/15/17		6,818,313		0.7
			SuperValu, Inc
	5,050,000		7.500%, 11/15/14		5,075,250		0.6
			Other		17,434,100		1.9
					29,327,663		3.2
FOOD, BEVERAGE & TOBACCO					12,654,026		1.4
HEALTH CARE EQUIPMENT & SERVICES
			CHS/Community Health Systems
	9,050,000		8.880%, 07/15/15		9,547,750		1.0
			HCA, Inc
	4,500,000		7.880%, 02/15/20		4,893,749		0.5
	8,205,000	o	7.500%–9.880%, 11/15/16–11/06/33		8,833,263		1.0
			Healthsouth Corp
	5,750,000		7.750%, 09/15/22		5,979,999		0.7
			Other		24,102,382		2.7
					53,357,143		5.9
HOUSEHOLD & PERSONAL PRODUCTS
			Reynolds Group Issuer, Inc
	5,000,000	g	7.750%, 10/15/16		5,287,500		0.6
			Other		9,777,428		1.1
					15,064,928		1.7
INSURANCE					8,554,410		0.9

26 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	continued
HIGH-YIELD FUND § MARCH 31, 2011

Principal			Issuer	Value		% of net assets
MATERIALS
			Cemex SAB de C.V.
$	7,350,000	g	9.500%, 12/14/16	$	7,919,625		0.9	%
			Georgia-Pacific LLC
	4,000,000		8.880%, 05/15/31		4,830,000		0.5
			Verso Paper Holdings LLC
	5,600,000	g	8.750%, 02/01/19		5,824,000		0.6
			Other		76,298,474		8.6
					94,872,099		10.6
MEDIA
			AMC Entertainment, Inc
	5,000,000		8.750%, 06/01/19		5,425,000		0.6
			CCO Holdings LLC
	6,600,000		7.000%, 01/15/19		6,764,999		0.8
	5,375,000		8.130%, 04/30/20		5,845,312		0.6
			Lamar Media Corp
	4,860,000		6.630%, 08/15/15		4,957,200		0.5
			Nielsen Finance LLC
	4,630,000	g	7.750%, 10/15/18		4,965,675		0.5
			Univision Communications, Inc
	5,000,000	g	7.880%, 11/01/20		5,287,500		0.6
			Other		27,652,460		3.1
					60,898,146		6.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
			NBTY, Inc
	6,195,000	g	9.000%, 10/01/18		6,721,575		0.7
			Valeant Pharmaceuticals International
	11,270,000	g	6.750%–7.250%, 10/01/17–07/15/22		10,993,300		1.2
			Other		8,767,500		1.0
					26,482,375		2.9
REAL ESTATE
			DuPont Fabros Technology LP
	9,005,000		8.500%, 12/15/17		9,916,756		1.1
					9,916,756		1.1
RETAILING
			Ace Hardware Corp
	4,500,000	g	9.130%, 06/01/16		4,843,125		0.5
			Asbury Automotive Group, Inc
	6,500,000	g	8.380%, 11/15/20		6,760,000		0.8
			Macy's Retail Holdings, Inc
	5,000,000		5.900%, 12/01/16		5,375,000		0.6
			QVC, Inc
	4,600,000	g	7.500%, 10/01/19		4,830,000		0.5
			Sears Holding Corp
	5,200,000	g	6.630%, 10/15/18		5,044,000		0.6
			Other		21,097,137		2.3
					47,949,262		5.3

Principal			Issuer	Value		% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
			Hynix Semiconductor, Inc
$	5,750,000	g	7.880%, 06/27/17	$	5,980,000		0.7	%
					5,980,000		0.7
SOFTWARE & SERVICES					11,354,969		1.3
TECHNOLOGY HARDWARE & EQUIPMENT
			Scientific Games Corp
	4,396,000		9.250%, 06/15/19		4,824,610		0.5
			Other		5,739,344		0.6
					10,563,954		1.1
TELECOMMUNICATION SERVICES
			Frontier Communications Corp
	5,000,000		7.880%, 04/15/15		5,387,500		0.6
			Intelsat Jackson Holdings Ltd
	11,000,000	g	7.250%–8.500%, 04/01/19–10/15/20		11,303,750		1.2
			Sprint Capital Corp
	6,724,000		6.900%, 05/01/19		6,942,529		0.9
			Virgin Media Finance plc
	5,440,000		9.500%, 08/15/16		6,187,999		0.7
			Other		30,539,075		3.3
					60,360,853		6.7
TRANSPORTATION
			Hertz Corp
	6,000,000	g	6.750%, 04/15/19		5,947,500		0.7
			Other		18,665,941		2.0
					24,613,441		2.7
UTILITIES
			AES Corp
	5,600,000		8.000%, 10/15/17		6,020,000		0.7
			Calpine Corp
	6,000,000	g	7.500%, 02/15/21		6,209,999		0.7
			Crosstex Energy, Inc
	5,800,000		8.880%, 02/15/18		6,322,000		0.7
			NRG Energy, Inc
	9,620,000		7.380%–8.500%, 02/01/16–06/15/19		10,041,700		1.1
			Sabine Pass LNG LP
	6,626,000		7.500%, 11/30/16		6,808,214		0.8
			Other		27,286,681		3.0
					62,688,594		7.0
			TOTAL CORPORATE BONDS
			(Cost $791,738,268)		838,158,019		92.8

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 27

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
HIGH-YIELD FUND § MARCH 31, 2011

Principal			Issuer	Value		% of net assets
GOVERNMENT BONDS
FOREIGN GOVERNMENT BONDS				$	9,072,441		1.0	%
			TOTAL GOVERNMENT BONDS
			(Cost $9,110,835)		9,072,441		1.0
			TOTAL BONDS
			(Cost $800,849,103)		847,230,460		93.8
Shares			Company
PREFERRED STOCKS
DIVERSIFIED FINANCIALS
	280,000	*	GMAC Capital Trust I		7,101,239		0.8
					7,101,239		0.8
			TOTAL PREFERRED STOCKS
			(Cost $7,000,000)		7,101,239		0.8
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	5,100,000		0.016%, 04/06/11		5,099,940		0.6
					5,099,940		0.6
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $5,099,940)		5,099,940		0.6
			TOTAL PORTFOLIO
			(Cost $829,978,073)		876,141,325		97.0
			OTHER ASSETS & LIABILITIES, NET		27,161,335		3.0
			NET ASSETS	$	903,302,660		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 3/31/2011, the value of these securities amounted to $349,845,340 or 38.7% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
o	Payment in Kind Bond.

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.

28 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

TAX-EXEMPT BOND FUND § MARCH 31, 2011

Principal		Issuer		Value	% of net assets
LONG-TERM MUNICIPAL BONDS
ALABAMA
		Southeast Alabama Gas District
$	1,785,000	5.000%, 06/01/18	$	1,832,606	0.6	%
		Other		1,142,957	0.4
				2,975,563	1.0
ALASKA				619,209	0.2
ARIZONA
		City of Tucson AZ
	2,000,000	5.000%, 07/01/20		2,175,660	0.8
		Other		5,011,592	1.7
				7,187,252	2.5
ARKANSAS				2,623,563	0.9
CALIFORNIA
		California State Department of Water Resources
	2,000,000	5.000%, 05/01/20		2,231,420	0.8
		County of San Bernardino CA
	2,000,000	5.250%, 08/01/19		2,081,900	0.7
		East Side Union High School District-
		Santa Clara County
	1,670,000	5.000%, 08/01/19		1,830,470	0.6
	2,500,000	5.250%, 02/01/23		2,508,549	0.9
		Los Angeles Unified School District, COP
	2,250,000	5.000%, 10/01/17		2,389,343	0.8
		State of California
	1,855,000	5.000%, 03/01/17		2,051,202	0.8
	2,535,000	5.000%, 10/01/17		2,805,154	1.0
	2,000,000	5.500%, 08/01/25		2,080,420	0.7
		Vallejo City Unified School District
	3,065,000	5.900%, 02/01/18		3,144,199	1.2
	2,150,000	5.900%, 08/01/25		2,022,613	0.7
		West Contra Costa Unified School District
	1,710,000	5.700%, 02/01/21		1,794,748	0.6
	1,810,000	5.700%, 02/01/22		1,882,219	0.6
		Other		15,792,493	5.3
				42,614,730	14.7
COLORADO				5,499,516	1.9
DISTRICT OF COLUMBIA				538,965	0.2
FLORIDA
		Florida Department of Transportation
	2,200,000	5.000%, 07/01/18		2,425,851	0.8
		Florida Water Pollution Control Financing Corp
	1,690,000	5.000%, 07/15/20		1,882,170	0.6
		Lake County School Board, COP
	2,250,000	5.250%, 06/01/17		2,410,874	0.8
		Other		19,064,255	6.6
				25,783,150	8.8

Principal		Issuer	Value		% of net assets
GEORGIA			$	5,476,843	1.9	%
ILLINOIS
		Chicago Board of Education
$	2,045,000	5.000%, 12/01/17		2,147,495	0.7
		Chicago Transit Authority
	2,500,000	5.500%, 06/01/18		2,621,724	0.9
		Regional Transportation Authority
	1,650,000	6.000%, 06/01/23		1,787,082	0.6
		State of Illinois
	2,045,000	5.000%, 01/01/20		2,010,767	0.7
	1,835,000	5.000%, 01/01/20		1,809,347	0.6
	2,250,000	5.250%, 01/01/20		2,254,500	0.8
		Other		11,235,229	3.9
				23,866,144	8.2
INDIANA
		Indiana Bond Bank
	2,120,000	5.250%, 04/01/19		2,295,154	0.8
		Indianapolis Local Public Improvement Bond Bank
	1,940,000	5.500%, 01/01/21		2,138,113	0.7
		Other		7,727,315	2.7
				12,160,582	4.2
LOUISIANA
		City of New Orleans LA, GO
	1,750,000	5.500%, 12/01/21		1,830,115	0.6
		Other		780,255	0.3
				2,610,370	0.9
MASSACHUSETTS
		Commonwealth of Massachusetts
	2,135,000	5.250%, 09/01/23		2,436,611	0.8
		Other		5,197,595	1.8
				7,634,206	2.6
MICHIGAN
		Detroit City School District
	2,030,000	6.000%, 05/01/21		2,202,408	0.8
		Other		10,104,802	3.4
				12,307,210	4.2
MINNESOTA				1,141,000	0.4
MISSISSIPPI
		Mississippi Development Bank
		Special Obligation
	2,100,000	5.000%, 07/01/17		2,261,637	0.7
		Other		1,600,995	0.6
				3,862,632	1.3
MISSOURI				1,765,788	0.6
NEBRASKA				2,008,070	0.7
NEVADA				2,358,413	0.8

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 29

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
TAX-EXEMPT BOND FUND § MARCH 31, 2011

Principal			Issuer	Value		% of net assets
NEW JERSEY
			New Jersey Transportation Trust Fund Authority
$	1,815,000		5.250%, 12/15/19	$	1,919,961		0.7	%
	2,000,000		5.750%, 06/15/23		2,096,400		0.7
			State of New Jersey
	2,000,000		5.250%, 08/01/22		2,195,140		0.8
			Other		7,607,912		2.5
					13,819,413		4.7
NEW YORK
			Metropolitan Transportation Authority
	2,000,000		5.250%, 11/15/23		2,121,281		0.7
			New York City Health & Hospital Corp
	2,000,000		5.000%, 02/15/20		2,094,640		0.7
			New York State Urban Development Corp
	2,000,000		5.000%, 03/15/20		2,240,060		0.8
			Other		15,783,380		5.4
					22,239,361		7.6
NORTH CAROLINA					2,933,929		1.0
OHIO
			Cincinnati City School District
	2,000,000		5.250%, 12/01/24		2,168,700		0.7
			State of Ohio, AMT
	4,000,000		4.950%, 09/01/20		4,051,280		1.4
			Other		4,010,918		1.4
					10,230,898		3.5
PENNSYLVANIA
			Philadelphia School District
	2,000,000		5.000%, 09/01/20		2,063,519		0.7
			Other		9,362,769		3.2
					11,426,288		3.9
PUERTO RICO
			Commonwealth of Puerto Rico
	2,015,000		5.500%, 07/01/15		2,142,953		0.7
			Puerto Rico Commonwealth Infrastructure
			Financing Authority
	3,370,000		5.500%, 07/01/19		3,477,772		1.3
			Puerto Rico Public Finance Corp
	3,130,000	i	5.750%, 08/01/27		3,184,368		1.1
			Other		9,937,428		3.3
					18,742,521		6.4
RHODE ISLAND					2,489,007		0.9
SOUTH CAROLINA					2,613,559		0.9
SOUTH DAKOTA					583,095		0.2
TENNESSEE
			Tennessee Energy Acquisition Corp
	3,675,000		5.000%, 02/01/18		3,641,264		1.2
			Other		5,254,438		1.8
					8,895,702		3.0

Principal			Issuer	Value		% of net assets
TEXAS
			County of Harris TX
$	1,640,000		5.250%, 08/15/25	$	1,883,573		0.6	%
			Lower Colorado River Authority
	1,515,000		6.000%, 01/01/17		1,814,697		0.6
			North East Independent School District
	2,475,000		5.250%, 02/01/26		2,785,711		1.0
			SA Energy Acquisition Public Facility Corp
	2,000,000		5.500%, 08/01/19		2,039,960		0.7
			Texas Municipal Gas Acquisition & Supply Corp I
	2,500,000		6.250%, 12/15/26		2,542,325		0.9
			University of Texas
	3,000,000		5.250%, 07/01/26		3,413,549		1.2
			Other		5,361,800		1.8
					19,841,615		6.8
VIRGINIA
			Virginia College Building Authority
	2,500,000		5.000%, 02/01/24		2,751,375		0.9
			Other		1,462,545		0.5
					4,213,920		1.4
WASHINGTON
			Port of Seattle WA
	3,150,000		5.500%, 09/01/17		3,525,858		1.3
			Other		880,877		0.2
					4,406,735		1.5
WISCONSIN					1,178,830		0.4
		TOTAL LONG-TERM MUNICIPAL BONDS
			(Cost $289,407,819)		286,648,079		98.2
		TOTAL PORTFOLIO
			(Cost $289,407,819)		286,648,079		98.2
		OTHER ASSETS & LIABILITIES, NET			5,335,334		1.8
		NET ASSETS		$	291,983,413		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.

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 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

INFLATION-LINKED BOND FUND § MARCH 31, 2011

Principal			Issuer	Value		% of net assets
BONDS
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
			United States Treasury Inflation Indexed Bonds (k)
$	26,991,863		2.000%, 04/15/12	$	28,221,261		2.5	%
	46,211,413		3.000%, 07/15/12		49,496,767		4.5
	29,533,329		0.630%, 04/15/13		30,908,460		2.8
	44,316,230		1.880%, 07/15/13		47,934,251		4.3
	45,384,752		2.000%, 01/15/14		49,455,220		4.5
	29,652,255		1.250%, 04/15/14		31,687,378		2.9
	39,003,861		2.000%, 07/15/14		42,800,653		3.9
	29,788,171		1.630%, 01/15/15		32,289,901		2.9
	27,026,664		0.500%, 04/15/15		28,052,839		2.5
	35,885,034		1.880%, 07/15/15		39,479,135		3.6
	36,504,478		2.000%, 01/15/16		40,303,207		3.6
	34,448,344		2.500%, 07/15/16		39,098,871		3.5
	29,388,831		2.380%, 01/15/17		33,119,832		3.0
	28,190,784		2.630%, 07/15/17		32,377,566		2.9
	27,011,728		1.630%, 01/15/18		29,206,431		2.6
	25,935,940		1.380%, 07/15/18		27,615,707		2.5
	26,408,428		2.130%, 01/15/19		29,468,082		2.7
	28,668,472		1.880%, 07/15/19		31,447,966		2.8
	33,805,236		1.380%, 01/15/20		35,445,331		3.2
	64,385,381		1.250%, 07/15/20		66,492,971		5.9
	22,607,562		1.130%, 01/15/21		22,937,836		2.1
	51,082,325		2.380%, 01/15/25		57,343,894		5.2
	32,643,801		2.000%, 01/15/26		34,842,165		3.1
	28,089,190		2.380%, 01/15/27		31,277,763		2.8
	27,221,936		1.750%, 01/15/28		27,745,114		2.5
	28,466,456		3.630%, 04/15/28		36,712,846		3.3
	25,434,136		2.500%, 01/15/29		28,810,111		2.6
	38,608,493		3.880%, 04/15/29		51,662,990		4.7
	10,445,010		3.380%, 04/15/32		13,449,580		1.2
	28,270,035		2.130%, 02/15/40		29,893,357		2.7
	16,087,520		2.130%, 02/15/41		16,998,733		1.5
					1,096,576,218		98.8
		TOTAL GOVERNMENT BONDS
			(Cost $1,032,399,923)		1,096,576,218		98.8
		TOTAL BONDS
			(Cost $1,032,399,923)		1,096,576,218		98.8
		TOTAL PORTFOLIO
			(Cost $1,032,399,923)		1,096,576,218		98.8
		OTHER ASSETS & LIABILITIES, NET			13,310,026		1.2
		NET ASSETS		$	1,109,886,244		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 § 2011 Annual Report 31

SUMMARY PORTFOLIO OF INVESTMENTS

BOND INDEX FUND § MARCH 31, 2011

Principal				Issuer	Value		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					$	893,349		0.1	%
BANKS						49,123,845		3.5
CAPITAL GOODS						8,568,117		0.5
COMMERCIAL & PROFESSIONAL SERVICES						15,182,939		1.1
CONSUMER DURABLES & APPAREL						634,558		0.0
CONSUMER SERVICES						2,604,897		0.2
DIVERSIFIED FINANCIALS						65,440,440		4.7
ENERGY						24,754,252		1.8
FOOD & STAPLES RETAILING						2,469,065		0.2
FOOD, BEVERAGE & TOBACCO						13,655,932		1.0
HEALTH CARE EQUIPMENT & SERVICES						4,030,634		0.3
HOUSEHOLD & PERSONAL PRODUCTS						1,238,636		0.1
INSURANCE						14,164,064		1.0
MATERIALS						12,419,091		0.9
MEDIA						10,442,526		0.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						12,065,567		0.9
REAL ESTATE						4,556,597		0.3
RETAILING						6,789,144		0.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						394,182		0.0
SOFTWARE & SERVICES						4,266,312		0.4
TECHNOLOGY HARDWARE & EQUIPMENT						8,171,232		0.5
TELECOMMUNICATION SERVICES						18,258,175		1.3
TRANSPORTATION						7,331,632		0.5
UTILITIES						25,854,990		2.0
			TOTAL CORPORATE BONDS
				(Cost $317,471,983)		313,310,176		22.5
GOVERNMENT BONDS
AGENCY SECURITIES
				Federal Home Loan Bank (FHLB)
$	8,625,000			3.130%, 12/13/13		9,019,387		0.6
				Federal Home Loan Mortgage Corp (FHLMC)
	7,495,000			2.130%, 03/23/12		7,622,130		0.5
	16,334,000			1.130%–6.250%, 07/27/12–07/15/32		17,634,242		1.2
				Federal National Mortgage Association (FNMA)
	5,500,000			3.250%, 04/09/13		5,769,066		0.5
	5,415,000			3.000%, 09/16/14		5,666,727		0.5
	9,145,000			4.630%, 10/15/14		10,061,877		0.7
				Other		24,028,453		1.7
						79,801,882		5.7
FOREIGN GOVERNMENT BONDS						27,096,560		1.9
Principal				Issuer		Value		% of net assets
MORTGAGE BACKED
				Federal Home Loan Mortgage Corp (FHLMC)
$	14,798,119	i		2.510%–6.010%, 12/01/19–06/01/40	$	15,450,846		1.1	%
				Federal Home Loan Mortgage Corp Gold (FGLMC)
	8,448,447			4.500%, 05/01/39		8,600,487		0.6
	6,947,361			4.000%, 12/01/40		6,835,742		0.5
	98,563,983	h		3.500%–8.000%, 08/01/12–08/01/40		103,199,923		7.4
				Federal National Mortgage Association (FNMA)
	5,982,482			5.000%, 11/01/33		6,306,294		0.5
	5,167,979			4.500%, 01/01/35		5,323,160		0.4
	11,944,184			5.500%, 02/01/35		12,861,734		0.9
	5,188,638			4.500%, 02/01/39		5,292,553		0.4
	6,250,427			4.500%, 09/01/40		6,369,747		0.5
	183,594,035	h,i		2.380%–8.000%, 06/01/13–03/01/41		193,341,195		13.9
				Government National Mortgage Association (GNMA)
	5,787,105			4.500%, 05/15/39		5,980,913		0.4
	4,854,189			5.000%, 06/15/39		5,182,606		0.4
	5,863,459			5.000%, 06/15/39		6,260,158		0.4
	6,537,001			4.500%, 12/15/39		6,755,921		0.5
	5,064,758			4.500%, 01/20/40		5,225,669		0.4
	60,846,115	i		3.000%–8.500%, 02/15/18–01/15/44		64,195,277		4.6
						457,182,225		32.9
MUNICIPAL BONDS						12,775,279		0.9
U.S. TREASURY SECURITIES
				United States Treasury Bond
	16,379,100			8.000%, 11/15/21		22,874,428		1.6
	12,310,000			5.250%, 02/15/29		13,864,138		1.0
	9,879,000			5.380%, 02/15/31		11,297,565		0.8
	13,410,000			3.880%, 08/15/40		11,999,858		0.9
	14,781,200			3.500%–8.880%, 11/15/16–05/15/40		15,860,377		1.1
				United States Treasury Note
	5,755,000			0.630%, 07/31/12		5,768,064		0.4
	15,770,000			0.380%, 08/31/12		15,743,506		1.1
	16,900,000			0.380%, 09/30/12		16,857,750		1.2
	18,350,000			0.380%, 10/31/12		18,289,077		1.3
	29,600,000			0.500%, 11/30/12		29,537,573		2.1
	8,000,000			0.630%, 12/31/12		7,993,128		0.6
	7,650,000			0.630%, 01/31/13		7,636,253		0.5
	10,575,000			0.750%, 09/15/13		10,508,081		0.8
	8,284,000			2.000%, 11/30/13		8,476,214		0.6
	11,198,000			2.250%, 05/31/14		11,512,070		0.8
	6,784,000			2.630%, 06/30/14		7,050,062		0.5
	5,583,000			2.380%, 08/31/14		5,747,001		0.4
	4,910,000			2.380%, 09/30/14		5,051,545		0.4
	9,860,000			2.380%, 10/31/14		10,135,005		0.7
	6,310,000			2.250%, 01/31/15		6,440,144		0.5
	7,170,000			2.500%, 04/30/15		7,365,497		0.5
	6,895,000			1.750%, 07/31/15		6,843,288		0.5
	12,840,000			1.250%, 08/31/15		12,444,772		0.9
	18,805,000			1.250%, 09/30/15		18,186,484		1.3
	27,300,000			1.250%, 10/31/15		26,342,370		2.0
	23,550,000			1.380%, 11/30/15		22,804,853		1.6
	5,000,000			2.130%, 12/31/15		5,001,170		0.4
	5,400,000			2.000%, 01/31/16		5,360,764		0.4
	10,650,000			2.130%, 02/29/16		10,616,719		0.8
	9,000,000			2.250%, 03/31/16		9,010,530		0.6
	8,342,000			2.630%, 08/15/20		7,825,839		0.6
	5,650,000			2.630%, 11/15/20		5,272,156		0.4

32 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
BOND INDEX FUND § MARCH 31, 2011

Principal			Issuer	Value		% of net assets
U.S. TREASURY SECURITIES—continued
$	8,350,000		3.630%, 02/15/21	$	8,468,729		0.6	%
	12,085,000		4.250%, 11/15/40		11,558,167		0.8
	56,418,200		0.500%–6.250%, 04/15/12–02/15/41		58,127,223		4.1
			Other		14,427		0.0
					457,884,827		32.8
		TOTAL GOVERNMENT BONDS
			(Cost $1,048,342,460)		1,034,740,773		74.2
STRUCTURED ASSETS
ASSET BACKED					3,428,920		0.2
OTHER MORTGAGE BACKED					33,585,720		2.4
		TOTAL STRUCTURED ASSETS
			(Cost $36,571,369)		37,014,640		2.6
		TOTAL BONDS
			(Cost $1,402,385,812)		1,385,065,589		99.3
		TOTAL PORTFOLIO
			(Cost $1,402,385,812)		1,385,065,589		99.3
		OTHER ASSETS & LIABILITIES, NET			9,714,781		0.7
		NET ASSETS		$	1,394,780,370		100.0	%

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.

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 § 2011 Annual Report 33

SUMMARY PORTFOLIO OF INVESTMENTS

MONEY MARKET FUND § MARCH 31, 2011

Principal		Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
BANKERS’ ACCEPTANCES
		JPMorgan Chase Bank NA
$	12,465,000	0.200%–0.310%, 04/04/11–09/07/11	$	12,460,824		1.0	%
				12,460,824		1.0
CERTIFICATE OF DEPOSIT
		Bank of Montreal
	10,000,000	0.220%, 04/29/11		10,000,000		0.9
		Bank of Nova Scotia
	10,000,000	0.270%, 06/07/11		10,000,000		0.9
	19,200,000	0.250%–0.270%, 04/20/11–06/03/11		19,200,000		1.8
		Barclays Bank plc
	9,000,000	0.450%, 05/23/11		9,000,000		0.8
		BNP Paribas
	11,040,000	0.320%–0.330%, 05/13/11–06/24/11		11,040,000		1.0
		Toronto-Dominion Bank
	7,355,000	0.210%, 04/28/11		7,355,000		0.7
	15,000,000	0.270%, 07/07/11		15,000,000		1.4
	15,000,000	0.230%–0.300%, 04/20/11–05/17/11		15,000,000		1.5
		Other		10,000,000		0.9
				106,595,000		9.8
COMMERCIAL PAPER
		Abbott Laboratories
	7,860,000	0.200%, 06/06/11		7,857,118		0.7
		Coca-Cola Co
	10,550,000	0.220%–0.230%, 04/08/11		10,549,532		1.0
	15,620,000	0.160%–0.260%, 05/16/11–08/03/11		15,612,982		1.5
		Credit Agricole North America, Inc
	10,000,000	0.265%, 05/27/11		9,995,877		0.9
	13,700,000	0.235%–0.260%, 04/25/11–05/11/11		13,697,385		1.3
		Fairway Finance LLC
	15,690,000	0.230%–0.280%, 04/12/11		15,688,734		1.4
	14,003,000	0.210%–0.230%, 04/04/11–05/04/11		14,001,329		1.3
		General Electric Capital Corp
	10,000,000	0.220%, 06/27/11		9,994,683		0.8
		Johnson & Johnson
	8,000,000	0.200%, 05/02/11		7,998,622		0.7
		Nestle Capital Corp
	10,000,000	0.240%, 04/01/11		10,000,000		0.8
	8,000,000	0.200%, 04/07/11		7,999,733		0.7
	16,170,000	0.210%–0.245%, 04/05/11–06/17/11		16,165,846		1.6
		Novartis Finance Corp
	8,000,000	0.200%, 04/14/11		7,999,437		0.7
		Old Line Funding LLC
	7,500,000	0.250%, 06/14/11		7,496,147		0.7
	29,320,000	0.190%–0.270%, 04/01/11–06/28/11		29,311,757		2.8
		Private Export Funding Corp
	10,000,000	0.250%, 05/05/11		9,997,639		0.9
	8,000,000	0.250%, 06/21/11		7,995,500		0.7
	13,500,000	0.245%–0.250%, 06/29/11		13,491,781		1.2
		Procter & Gamble Co
	18,600,000	0.180%, 04/07/11		18,599,442		1.7
	10,000,000	0.190%, 05/11/11		9,997,889		0.9
Principal		Issuer	Value		% of net assets
COMMERCIAL PAPER—continued
		Province of Ontario Canada
$	12,020,000	0.200%–0.230%, 04/07/11–05/25/11	$	12,018,996		1.1	%
		Rabobank USA Financial Corp
	7,755,000	0.275%–0.290%, 06/10/11		7,750,707		0.7
	29,255,000	0.245%–0.345%, 04/08/11–09/06/11		29,239,857		2.7
		Royal Bank of Canada
	10,175,000	0.245%–0.250%, 04/11/11		10,174,302		0.9
		Sheffield Receivables Corp
	15,165,000	0.260%–0.280%, 04/06/11–05/19/11		15,161,985		1.4
		Straight-A Funding LLC
	39,548,000	0.240%–0.250%, 04/05/11–06/06/11		39,536,976		3.6
		Variable Funding Capital Co LLC
	27,920,000	0.230%–0.340%, 04/12/11–07/05/11		27,910,131		2.6
		Other		96,618,124		8.9
				482,862,511		44.4
FOREIGN GOVERNMENT BONDS				4,069,133		0.4
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
	9,620,000	0.130%–0.140%, 04/15/11		9,619,499		0.9
	11,265,000	0.130%–0.180%, 04/27/11		11,263,737		1.0
	7,300,000	0.110%–0.155%, 05/13/11		7,298,995		0.7
	19,683,000	0.115%–0.150%, 05/18/11		19,679,908		1.8
	10,000,000	0.110%–0.115%, 05/20/11		9,998,469		0.9
	9,365,000	0.120%, 06/10/11		9,362,815		0.9
	21,149,000	0.120%–0.150%, 04/20/11–06/01/11		21,145,403		1.9
		Federal Home Loan Mortgage Corp (FHLMC)
	11,825,000	0.120%–0.170%, 04/04/11		11,824,840		1.1
	10,000,000	0.110%, 05/24/11		9,998,381		0.9
	24,776,000	0.120%–0.300%, 04/12/11–10/07/11		24,770,980		2.4
		Federal National Mortgage Association (FNMA)
	11,410,000	0.130%, 04/18/11		11,409,300		1.0
	19,990,000	0.115%–0.480%, 04/06/11–09/06/11		19,987,060		1.8
		Federal National Mortgage Associaton (FNMA)
	9,000,000	0.115%, 06/08/11		8,998,045		0.8
		Other		1,996,213		0.2
				177,353,645		16.3
TREASURY DEBT
		United States Treasury Bill
	8,220,000	0.145%–0.171%, 04/21/11		8,219,266		0.8
	17,312,000	0.160%–0.190%, 05/12/11		17,308,525		1.6
	8,670,000	0.203%, 05/19/11		8,667,653		0.8
	10,000,000	0.140%–0.177%, 07/14/11		9,995,266		0.9
	8,000,000	0.155%–0.158%, 09/01/11		7,994,666		0.7
	34,130,000	0.135%–0.192%, 04/14/11–08/25/11		34,119,933		3.1

34 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
MONEY MARKET FUND § MARCH 31, 2011

Principal				Issuer	Value		% of net assets
TREASURY DEBT—continued
				United States Treasury Note
$	16,970,000			0.875%, 04/30/11	$	16,978,587		1.6	%
	25,000,000			0.875%, 05/31/11		25,026,324		2.3
	8,000,000			1.000%, 07/31/11		8,020,304		0.7
	16,200,000			1.000%, 10/31/11		16,277,390		1.5
	11,835,000			0.750%, 11/30/11		11,878,062		1.1
	21,355,000			1.000%–1.380%, 06/30/11–02/15/12		21,469,839		2.0
						185,955,815		17.1
VARIABLE RATE SECURITIES
				Federal Farm Credit Bank (FFCB)
	8,920,000	i		0.165%, 07/15/11		8,919,854		0.9
	9,700,000	i		2.000%, 02/13/12		9,699,525		0.8
	14,500,000	i		0.154%–0.400%, 05/16/11–06/17/11		14,499,781		1.3
				Federal Home Loan Bank (FHLB)
	9,000,000	i		0.260%, 05/26/11		9,000,000		0.8
	9,500,000	i		0.310%, 06/01/11		9,500,320		0.9
	12,000,000	i		0.310%, 06/15/11		12,002,502		1.1
	9,600,000	i		0.210%, 01/13/12		9,599,619		0.9
	10,000,000	i		0.158%–0.180%, 05/06/11–07/11/11		9,999,636		0.9
				Federal Home Loan Mortgage Corp (FHLMC)
	22,000,000	i		0.120%, 11/09/11		21,990,143		2.0
	10,000,000	i		0.290%, 01/09/12		10,005,886		0.9
				Other		5,001,678		0.5
						120,218,944		11.0
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $1,089,515,872)		1,089,515,872		100.0
			TOTAL PORTFOLIO
				(Cost $1,089,515,872)		1,089,515,872		100.0
			OTHER ASSETS & LIABILITIES, NET			245,656		0.0
			NET ASSETS		$	1,089,761,528		100.0	%

i Floating or variable rate security. Coupon rate reflects the rate at period end.

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 § 2011 Annual Report 35

STATEMENTS OF ASSETS AND LIABILITIES

TIAA-CREF FUNDS § MARCH 31, 2011

	Bond Fund		Bond Plus Fund			Short-Term Bond Fund			High-Yield Fund			Tax-Exempt Bond Fund			Inflation-Linked Bond Fund			Bond Index Fund			Money Market Fund
ASSETS
Portfolio investments, at value†	$	2,448,786,685	$	888,833,068		$	528,088,074		$	876,141,325		$	286,648,079		$	1,096,576,218		$	1,385,065,589		$	1,089,515,872
Affiliated investments, at value‡		—		5,403,239			—			—			—			—			—			—
Cash		11,243,991		1,634,319			37,533,316			10,509,017			930,436			7,332,103			8,115,440			9,160
Receivable from securities transactions		8,457,296		2,124,979			910,724			19,438,444			1,188,515			—			16,565,646			—
Receivable for delayed delivery securities		80,881,269		7,348,389			—			—			—			—			—			—
Receivable from Fund shares sold		4,759,747		3,457,478			1,606,166			3,122,642			49,480			1,599,741			1,061,525			1,543,603
Dividends and interest receivable		13,073,521		7,483,436			3,267,425			18,538,768			3,694,303			5,196,122			9,026,027			385,764
Due from affiliates		—		387			655			—			1,122			—			2,493			164,394
Other		37,124		13,942			7,315			22,585			18,031			27,570			5,101			36,590
Total assets		2,567,239,633		916,299,237			571,413,675			927,772,781			292,529,966			1,110,731,754			1,419,841,821			1,091,655,383
LIABILITIES
Management fees payable		49,130		20,639			11,599			25,716			7,218			22,626			11,419			8,975
Service agreement fees payable		5,319		1,500			2,738			3,605			—			3,588			64			1,355
Distribution fees payable		22,586		86,835			52,604			57,999			91,490			48,401			1,621			194,417
Due to affiliates		14,463		5,377			3,894			6,001			2,244			7,767			9,578			6,742
Payable for securities transactions		11,979,344		6,328,855			1,524,927			6,334,222			—			—			21,410,049			—
Payable for delayed delivery securities		518,350,231		63,698,641			3,605,916			15,912,938			—			—			3,482,401			—
Payable for Fund shares redeemed		2,098,072		281,449			571,520			454,073			265,329			665,279			18,610			1,398,868
Income distribution payable		113,196		75,314			103,937			1,071,645			127,721			—			920			1,822
Accrued expenses & other payables		165,936		113,369			69,520			603,922			52,551			97,849			126,789			281,676
Total liabilities		532,798,277		70,611,979			5,946,655			24,470,121			546,553			845,510			25,061,451			1,893,855
NET ASSETS	$	2,034,441,356	$	845,687,258		$	565,467,020		$	903,302,660		$	291,983,413		$	1,109,886,244		$	1,394,780,370		$	1,089,761,528
NET ASSETS CONSIST OF:
Paid-in-capital	$	1,997,900,162	$	850,258,449		$	563,718,681		$	867,874,702		$	296,475,945		$	1,046,958,831		$	1,414,388,837		$	1,089,769,037
Undistributed net investment income (loss)		21,966		34,084			(7,081	)		(295,279	)		11,267			11,897			1,338			(7,509	)
Accumulated net realized gain (loss) on total investments		4,151,809		(11,608,347	)		745,232			(10,440,014	)		(1,744,060	)		(1,260,779	)		(2,289,582	)		—
Accumulated net unrealized appreciation (depreciation) on total investments		32,367,419		7,003,072			1,010,188			46,163,251			(2,759,739	)		64,176,295			(17,320,223	)		—
NET ASSETS	$	2,034,441,356	$	845,687,258		$	565,467,020		$	903,302,660		$	291,983,413		$	1,109,886,244		$	1,394,780,370		$	1,089,761,528
INSTITUTIONAL CLASS:
Net assets	$	1,681,236,624	$	496,172,827		$	255,835,251		$	527,004,343		$	10,003,331		$	771,047,718		$	1,382,597,851		$	427,229,904
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		162,263,531		48,826,095			24,828,262			52,774,724			994,595			69,101,216			134,822,082			427,228,892
Net asset value per share	$	10.36	$	10.16		$	10.30		$	9.99		$	10.06		$	11.16		$	10.25		$	1.00
RETIREMENT CLASS:
Net assets	$	261,329,571	$	72,668,326		$	134,128,244		$	176,488,755		$	—		$	176,089,602		$	3,156,719		$	64,760,161
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		24,803,533		7,142,436			13,003,644			17,674,781			—			15,647,033			307,709			64,759,166
Net asset value per share	$	10.54	$	10.17		$	10.31		$	9.99		$	—		$	11.25		$	10.26		$	1.00
RETAIL CLASS:
Net assets	$	56,163,193	$	265,818,196		$	155,622,834		$	169,337,145		$	281,980,082		$	146,917,383		$	6,242,217		$	582,093,333
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,336,080		26,108,634			15,089,935			16,886,722			27,998,303			13,421,311			608,447			582,084,602
Net asset value per share	$	10.53	$	10.18		$	10.31		$	10.03		$	10.07		$	10.95		$	10.26		$	1.00
PREMIER CLASS:
Net assets	$	35,711,968	$	11,027,909		$	19,880,691		$	30,472,417		$	—		$	15,831,541		$	2,783,583		$	15,678,130
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,444,598		1,085,276			1,927,925			3,051,016			—			1,419,633			271,459			15,678,103
Net asset value per share	$	10.37	$	10.16		$	10.31		$	9.99		$	—		$	11.15		$	10.25		$	1.00
†   Portfolio investments, Cost	$	2,416,419,298	$	881,883,250		$	527,077,886		$	829,978,073		$	289,407,819		$	1,032,399,923		$	1,402,385,812		$	1,089,515,872
‡   Affiliated investments, Cost	$	—	$	5,349,995		$	—		$	—		$	—		$	—		$	—		$	—

36 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 37

STATEMENTS OF OPERATIONS

TIAA-CREF FUNDS ▪FOR THE PERIOD OR YEAR ENDED

	Bond Fund					Bond Plus Fund						Short-Term Bond Fund						High-Yield Fund						Tax-Exempt Bond Fund						Inflation-Linked Bond Fund
	For the six month period ended March 31, 2011			For the year ended September 30, 2010		For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the six month period ended March 31, 2011			For the year ended September 30, 2010
INVESTMENT INCOME
Dividends	$	—		$	—	$	11,075		$	—		$	—		$	—		$	38,761		$	—		$	—		$	—		$	—		$	—
Dividends from affiliated investments		—			—		184,252			362,419			—			—			—			—			—			—			—			—
Interest		33,376,436			97,562,472		14,913,753			27,123,696			6,220,510			10,631,370			30,339,466			48,633,737			6,306,146			11,542,174			17,664,095			25,987,494
Total income		33,376,436			97,562,472		15,109,080			27,486,115			6,220,510			10,631,370			30,378,227			48,633,737			6,306,146			11,542,174			17,664,095			25,987,494
EXPENSES
Management fees		3,134,521			7,777,399		1,073,519			1,645,632			644,432			880,465			1,428,714			2,086,448			465,438			863,685			1,336,294			2,581,668
Distribution fees — Retail Class		35,265			51,229		163,825			273,865			95,079			140,935			101,750			158,808			180,677			292,667			89,272			147,681
Distribution fees — Premier Class		23,284			5,893		8,390			2,914			16,129			9,956			21,896			11,734			—			—			11,267			3,977
Fund administration fees		69,751			220,506		24,730			44,844			18,272			28,497			28,845			48,898			11,302			23,464			37,778			77,017
Custody and accounting fees		69,546			129,115		54,183			98,589			23,635			39,966			20,844			37,262			17,936			34,220			9,764			18,528
Professional fees		84,995			109,086		70,379			77,837			69,318			73,843			71,235			78,141			68,342			73,207			66,796			75,835
Shareholder reports		54,686			153,018		28,734			57,811			20,665			42,737			34,131			65,130			9,734			29,532			34,375			92,584
Shareholder servicing — Institutional Class		3,438			7,249		939			587			2,038			815			1,710			2,420			259			243			5,584			5,429
Shareholder servicing — Retirement Class		310,454			530,139		100,784			191,792			157,403			253,033			207,191			378,849			—			—			211,793			408,778
Shareholder servicing — Retail Class		21,056			30,769		139,377			174,514			59,178			76,011			54,737			75,662			55,047			88,497			49,541			84,425
Shareholder servicing — Premier Class		153			112		147			98			129			171			155			155			—			—			145			111
Trustee fees and expenses		8,843			23,208		3,046			4,659			2,320			3,008			3,611			5,179			1,448			2,446			4,702			8,127
Compliance fees		25,517			88,133		8,527			18,026			6,290			11,205			9,858			19,549			3,853			9,370			12,917			30,548
Interest expense		1,605			3,039		191			654			330			777			910			1,724			915			117			848			1,985
Registration fees		30,359			81,681		33,841			72,723			36,402			67,144			31,435			78,111			26,460			45,943			24,870			85,241
Other expenses		—			59,555		15,992			9,504			7,060			20,005			11,077			18,786			4,575			8,936			1,564			30,737
Total expenses		3,873,473			9,270,131		1,726,604			2,674,049			1,158,680			1,648,568			2,028,099			3,066,856			845,986			1,472,327			1,897,510			3,652,671
Less: Expenses reimbursed by the investment adviser		—			—		(62,055	)		(112,131	)		(56,572	)		(113,046	)		(9,495	)		(57,123	)		(67,706	)		(85,229	)		—			—
Fee waiver by investment adviser and TPIS		—			—		—			—			—			—			—			—			—			—			—			—
Net expenses		3,873,473			9,270,131		1,664,549			2,561,918			1,102,108			1,535,522			2,018,604			3,009,733			778,280			1,387,098			1,897,510			3,652,671
Net investment income		29,502,963			88,292,341		13,444,531			24,924,197			5,118,402			9,095,848			28,359,623			45,624,004			5,527,866			10,155,076			15,766,585			22,334,823
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		9,944,415			55,435,327		44,533			15,029,816			1,327,458			2,991,482			18,337,299			24,051,329			(1,492,682	)		3,320,875			5,925,553			4,274,002
Swap transactions		—			—		(45,139	)		—			—			—			7,985			—			—			—			—			—
In-kind redemptions		43,112,945			10,785,655		—			—			—			—			—			—			—			—			—			—
Net realized gain (loss) on total investments		53,057,360			66,220,982		(606	)		15,029,816			1,327,458			2,991,482			18,345,284			24,051,329			(1,492,682	)		3,320,875			5,925,553			4,274,002
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(94,684,384	)		67,852,077		(12,913,152	)		16,840,210			(7,295,402	)		8,864,795			1,770,165			21,194,800			(18,227,687	)		6,001,045			(10,948,529	)		54,857,894
Affiliated investments		—			—		132,221			354,532			—			—			—			—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		31			—		10			—			—			—			—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments		(94,684,353	)		67,852,077		(12,780,921	)		17,194,742			(7,295,402	)		8,864,795			1,770,165			21,194,800			(18,227,687	)		6,001,045			(10,948,529	)		54,857,894
Net realized and unrealized gain (loss) on total investments		(41,626,993	)		134,073,059		(12,781,527	)		32,224,558			(5,967,944	)		11,856,277			20,115,449			45,246,129			(19,720,369	)		9,321,920			(5,022,976	)		59,131,896
Net increase (decrease) in net assets resulting from operations	$	(12,124,030	)	$	222,365,400	$	663,004		$	57,148,755		$	(849,542	)	$	20,952,125		$	48,475,072		$	90,870,133		$	(14,192,503	)	$	19,476,996		$	10,743,609		$	81,466,719

38 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 39

STATEMENTS OF OPERATIONS	concluded
TIAA-CREF FUNDS ▪ FOR THE PERIOD OR YEAR ENDED

	Bond Index Fund						Money Market Fund
	For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the six month period ended March 31, 2011			For the year ended September 30, 2010
INVESTMENT INCOME
Interest	$	14,772,816		$	4,969,583		$	1,300,180		$	3,401,193
Total income		14,772,816			4,969,583			1,300,180			3,401,193
EXPENSES
Management fees		575,506			155,271			557,763			1,251,950
Distribution fees — Retail Class		6,713			5,798			371,037			900,904
Distribution fees — Premier Class		1,454			1,681			11,376			3,343
Fund administration fees		38,763			12,684			41,703			99,773
Custody and accounting fees		118,607			84,946			18,913			57,316
Professional fees		60,668			107,097			74,990			95,180
Shareholder reports		65,756			27,361			39,343			147,403
Shareholder servicing — Institutional Class		7,668			1,420			2,754			2,452
Shareholder servicing — Retirement Class		3,325			4,038			87,582			287,699
Shareholder servicing — Retail Class		3,274			2,253			376,408			532,427
Shareholder servicing — Premier Class		152			105			153			115
Trustee fees and expenses		5,857			1,345			4,888			10,448
Compliance fees		13,642			4,567			8,856			38,764
Interest expense		6,437			96			198			100
Registration fees		12,097			76,598			48,496			91,124
Other expenses		61,123			11,116			6,905			12,985
Total expenses		981,042			496,376			1,651,365			3,531,983
Less: Expenses reimbursed by the investment adviser		(218,905	)		(280,849	)		—			(101,539	)
Fee waiver by investment adviser and TPIS		—			—			(534,057	)		(520,770	)
Net expenses		762,137			215,527			1,117,308			2,909,674
Net investment income		14,010,679			4,754,056			182,872			491,519
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(1,918,283	)		585,662			475			1,905
Net realized gain (loss) on total investments		(1,918,283	)		585,662			475			1,905
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(25,284,776	)		7,529,771			—			—
Net change in unrealized appreciation (depreciation) on total investments		(25,284,776	)		7,529,771			—			—
Net realized and unrealized gain (loss) on total investments		(27,203,059	)		8,115,433			475			1,905
Net increase (decrease) in net assets resulting from operations	$	(13,192,380	)	$	12,869,489		$	183,347		$	493,424

40 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

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See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ▪ 2011 Annual Report 41

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF FUNDS § FOR THE PERIOD OR YEAR ENDED

		Bond Fund									Bond Plus Fund									Short-Term Bond Fund
		For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009
OPERATIONS
Net investment income		$	29,502,963		$	88,292,341		$	80,960,413		$	13,444,531		$	24,924,197		$	23,663,841		$	5,118,402		$	9,095,848		$	8,942,889
Net realized gain (loss) on total investments			53,057,360			66,220,982			(11,427,158	)		(606	)		15,029,816			(10,589,590	)		1,327,458			2,991,482			1,518,737
Net change in unrealized appreciation (depreciation) on total investments			(94,684,353	)		67,852,077			115,677,259			(12,780,921	)		17,194,742			30,801,160			(7,295,402	)		8,864,795			6,886,857
Net increase (decrease) from operations			(12,124,030	)		222,365,400			185,210,514			663,004			57,148,755			43,875,411			(849,542	)		20,952,125			17,348,483
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(25,165,412	)		(80,236,024	)		(77,677,501	)		(6,918,419	)		(9,854,844	)		(10,468,024	)		(2,256,278	)		(3,196,821	)		(4,066,159	)
	Retirement Class		(3,169,553	)		(6,492,164	)		(2,231,239	)		(1,437,789	)		(3,324,496	)		(1,593,521	)		(1,169,865	)		(2,446,968	)		(1,182,042	)
	Retail Class		(755,988	)		(1,448,590	)		(1,036,858	)		(4,875,223	)		(11,669,182	)		(11,600,903	)		(1,482,570	)		(3,293,093	)		(3,693,739	)
	Premier Class*		(412,010	)		(115,569	)		—			(206,154	)		(75,695	)		—			(209,689	)		(158,917	)		—
From realized gains:	Institutional Class		(17,950,957	)		—			—			—			—			—			—			—			—
	Retirement Class		(2,758,263	)		—			—			—			—			—			—			—			—
	Retail Class		(667,786	)		—			—			—			—			—			—			—			—
	Premier Class*		(379,240	)		—			—			—			—			—			—			—			—
Total distributions			(51,259,209	)		(88,292,347	)		(80,945,598	)		(13,437,585	)		(24,924,217	)		(23,662,448	)		(5,118,402	)		(9,095,799	)		(8,941,940	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		243,797,264			783,516,875			677,854,943			273,291,006			68,336,531			79,727,686			114,990,480			94,544,894			42,737,307
	Retirement Class		45,947,853			193,791,135			97,849,969			7,720,803			69,782,784			60,107,005			38,567,387			122,411,537			48,293,966
	Retail Class		10,062,531			31,267,123			19,736,042			11,592,216			32,951,105			17,066,006			28,043,297			56,845,424			21,033,267
	Premier Class*		15,830,867			22,158,416			250,000			3,515,581			11,069,571			250,000			13,215,772			20,429,281			250,000
Reinvestments of distributions:	Institutional Class		40,896,632			78,131,122			74,219,991			6,911,820			9,837,634			10,441,879			2,020,919			2,603,625			2,923,314
	Retirement Class		5,927,816			6,492,137			2,230,660			1,437,789			3,324,496			1,593,227			1,169,650			2,446,968			1,181,985
	Retail Class		1,370,611			1,381,632			980,542			4,418,495			10,613,073			10,528,426			1,405,033			3,107,608			3,460,546
	Premier Class*		791,250			115,569			—			206,154			75,695			—			209,689			158,917			—
Redemptions:	Institutional Class		(1,025,283,111	)		(658,369,598	)		(583,501,951	)		(16,325,684	)		(59,262,454	)		(135,917,077	)		(34,871,405	)		(26,566,337	)		(83,521,470	)
	Retirement Class		(21,797,234	)		(94,244,228	)		(10,798,451	)		(27,056,249	)		(44,221,173	)		(15,848,131	)		(25,644,862	)		(63,302,350	)		(14,211,782	)
	Retail Class		(11,662,789	)		(11,855,580	)		(8,182,644	)		(22,039,606	)		(29,525,633	)		(30,687,835	)		(21,735,142	)		(26,210,905	)		(20,214,679	)
	Premier Class*		(2,089,784	)		(578,902	)		—			(3,335,580	)		(686,091	)		—			(13,164,980	)		(1,207,324	)		—
Net increase (decrease) from shareholder transactions			(696,208,094	)		351,805,701			270,639,101			240,336,745			72,295,538			(2,738,814	)		104,205,838			185,261,338			1,932,454
Net increase (decrease) in net assets			(759,591,333	)		485,878,754			374,904,017			227,562,164			104,520,076			17,474,149			98,237,894			197,117,664			10,338,997
NET ASSETS
Beginning of period			2,794,032,689			2,308,153,935			1,933,249,918			618,125,094			513,605,018			496,130,869			467,229,126			270,111,462			259,772,465
End of period		$	2,034,441,356		$	2,794,032,689		$	2,308,153,935		$	845,687,258		$	618,125,094		$	513,605,018		$	565,467,020		$	467,229,126		$	270,111,462
Undistributed net investment income included in net assets		$	21,966		$	21,225		$	21,231		$	34,084		$	34,082		$	34,102		$	(7,081	)	$	(7,081	)	$	(7,130	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		23,279,338			75,599,135			68,905,026			26,750,221			6,767,050			8,598,402			11,102,473			9,169,996			4,327,425
	Retirement Class		4,293,600			18,437,353			9,695,033			754,629			6,955,121			6,463,407			3,719,525			11,976,622			4,867,796
	Retail Class		940,074			2,969,859			1,964,294			1,131,263			3,289,934			1,818,815			2,703,199			5,549,673			2,120,022
	Premier Class*		1,496,648			2,092,153			24,510			343,304			1,082,140			25,562			1,274,577			1,982,974			24,728
Shares reinvested:	Institutional Class		3,924,608			7,528,123			7,535,551			677,453			983,559			1,118,855			195,248			254,107			295,722
	Retirement Class		559,857			613,997			221,338			140,439			330,982			168,906			112,837			238,336			119,101
	Retail Class		129,540			130,854			97,923			431,479			1,059,102			1,125,267			135,535			303,271			349,603
	Premier Class*		76,013			10,849			—			20,177			7,358			—			20,227			15,411			—
Shares redeemed:	Institutional Class		(96,193,377	)		(62,776,645	)		(60,196,964	)		(1,582,921	)		(5,926,502	)		(14,670,423	)		(3,351,649	)		(2,591,691	)		(8,479,425	)
	Retirement Class		(2,033,572	)		(8,807,681	)		(1,099,603	)		(2,641,826	)		(4,374,821	)		(1,709,734	)		(2,473,095	)		(6,142,221	)		(1,434,049	)
	Retail Class		(1,100,692	)		(1,125,808	)		(823,780	)		(2,154,744	)		(2,952,209	)		(3,288,993	)		(2,100,546	)		(2,563,689	)		(2,046,223	)
	Premier Class*		(201,127	)		(54,448	)		—			(326,525	)		(66,740	)		—			(1,272,894	)		(117,098	)		—
Net increase (decrease) from shareholder transactions			(64,829,090	)		34,617,741			26,323,328			23,542,949			7,154,974			(349,936	)		10,065,437			18,075,691			144,700

*     The Premier Class commenced operations on September 30, 2009.

42 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 43

STATEMENTS OF CHANGES IN NET ASSETS continued

TIAA-CREF FUNDS § FOR THE PERIOD OR YEAR ENDED

		High-Yield Fund									Tax-Exempt Bond Fund									Inflation-Linked Bond Fund
		For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009
OPERATIONS
Net investment income		$	28,359,623		$	45,624,004		$	35,743,171		$	5,527,866		$	10,155,076		$	9,142,202		$	15,766,585		$	22,334,823		$	(1,669,995	)
Net realized gain (loss) on total investments			18,345,284			24,051,329			(34,864,100	)		(1,492,682	)		3,320,875			368,128			5,925,553			4,274,002			(6,137,931	)
Net change in unrealized appreciation (depreciation) on total investments			1,770,165			21,194,800			71,218,652			(18,227,687	)		6,001,045			19,874,276			(10,948,529	)		54,857,894			37,861,907
Net increase (decrease) from operations			48,475,072			90,870,133			72,097,723			(14,192,503	)		19,476,996			29,384,606			10,743,609			81,466,719			30,053,981
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(16,075,075	)		(23,073,446	)		(20,591,953	)		(227,647	)		(625,370	)		(2,060,601	)		(11,133,676	)		(15,483,118	)		(19,836	)
	Retirement Class		(5,612,284	)		(11,344,973	)		(5,584,092	)		—			—			—			(2,325,150	)		(3,591,078	)		(4,168	)
	Retail Class		(5,679,780	)		(10,617,617	)		(9,564,219	)		(5,300,220	)		(9,529,774	)		(7,081,601	)		(2,085,181	)		(3,169,430	)		(5,250	)
	Premier Class*		(1,003,595	)		(587,964	)		—			—			—			—			(223,690	)		(52,139	)		—
From realized gains:	Institutional Class		—			—			—			(146,373	)		(27,853	)		(25,720	)		—			—			—
	Retirement Class		—			—			—			—			—			—			—			—			—
	Retail Class		—			—			—			(3,277,554	)		(405,427	)		(71,936	)		—			—			—
	Premier Class*		—			—			—			—			—			—			—			—			—
Total distributions			(28,370,734	)		(45,624,000	)		(35,740,264	)		(8,951,794	)		(10,588,424	)		(9,239,858	)		(15,767,697	)		(22,295,765	)		(29,254	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		141,374,570			197,790,236			95,448,518			510,400			2,697,533			4,164,257			101,714,674			239,989,479			135,301,362
	Retirement Class		38,465,048			95,079,140			83,363,065			—			—			—			33,516,771			94,080,296			53,092,335
	Retail Class		25,385,799			38,129,592			32,245,357			26,695,863			98,734,879			56,343,467			19,343,209			40,801,163			40,355,233
	Premier Class*		26,074,556			19,143,300			250,000			—			—			—			8,562,034			14,334,508			250,000
Reinvestments of distributions:	Institutional Class		11,164,031			18,067,942			15,946,293			29,536			86,949			1,359,690			10,522,062			14,556,717			18,482
	Retirement Class		5,609,474			11,344,973			5,583,477			—			—			—			2,324,993			3,590,870			4,168
	Retail Class		4,927,196			9,191,656			8,247,413			7,710,106			8,765,349			6,167,680			1,997,604			3,037,653			5,016
	Premier Class*		1,003,595			587,964			—			—			—			—			223,690			52,139			—
Redemptions:	Institutional Class		(35,642,208	)		(85,854,685	)		(108,190,157	)		(4,397,613	)		(11,491,638	)		(51,904,759	)		(74,772,872	)		(82,326,380	)		(74,503,413	)
	Retirement Class		(38,140,059	)		(76,438,460	)		(5,212,659	)		—			—			—			(34,243,048	)		(44,762,900	)		(32,067,243	)
	Retail Class		(21,469,778	)		(27,772,219	)		(23,928,008	)		(49,230,571	)		(33,199,853	)		(22,650,311	)		(20,942,615	)		(32,237,076	)		(48,993,129	)
	Premier Class*		(14,079,548	)		(3,868,167	)		—			—			—			—			(7,317,586	)		(488,010	)		—
Net increase (decrease) from shareholder transactions			144,672,676			195,401,272			103,753,299			(18,682,279	)		65,593,219			(6,519,976	)		40,928,916			250,628,459			73,462,811
Net increase (decrease) in net assets			164,777,014			240,647,405			140,110,758			(41,826,576	)		74,481,791			13,624,772			35,904,828			309,799,413			103,487,538
NET ASSETS
Beginning of period			738,525,646			497,878,241			357,767,483			333,809,989			259,328,198			245,703,426			1,073,981,416			764,182,003			660,694,465
End of period		$	903,302,660		$	738,525,646		$	497,878,241		$	291,983,413		$	333,809,989		$	259,328,198		$	1,109,886,244		$	1,073,981,416		$	764,182,003
Undistributed net investment income included in net assets		$	(295,279	)	$	(295,279	)	$	(295,283	)	$	11,267		$	45,739		$	45,807		$	11,897		$	13,009		$	(26,048	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		14,284,381			21,035,133			12,420,381			50,384			255,254			425,273			9,110,137			22,158,851			13,554,083
	Retirement Class		3,884,199			10,150,586			10,402,994			—			—			—			2,965,100			8,637,641			5,184,507
	Retail Class		2,555,400			4,073,733			4,013,783			2,572,586			9,399,973			5,601,237			1,756,406			3,847,240			4,114,123
	Premier Class*		2,641,412			2,048,858			27,655			—			—			—			759,807			1,307,248			23,742
Shares reinvested:	Institutional Class		1,127,143			1,936,501			2,058,813			2,889			8,348			137,851			950,084			1,345,057			1,762
	Retirement Class		566,485			1,215,922			689,901			—			—			—			208,039			329,102			394
	Retail Class		495,680			981,485			1,053,232			753,676			833,851			619,384			183,873			286,364			487
	Premier Class*		101,418			62,463			—			—			—			—			20,196			4,694			—
Shares redeemed:	Institutional Class		(3,602,979	)		(9,209,662	)		(14,400,688	)		(433,608	)		(1,102,954	)		(5,178,337	)		(6,689,268	)		(7,560,534	)		(7,545,244	)
	Retirement Class		(3,862,517	)		(8,138,989	)		(646,746	)		—			—			—			(3,005,942	)		(4,048,954	)		(3,276,674	)
	Retail Class		(2,155,455	)		(2,976,515	)		(3,121,863	)		(4,829,251	)		(3,171,873	)		(2,296,501	)		(1,917,139	)		(3,041,074	)		(5,093,034	)
	Premier Class*		(1,420,788	)		(410,002	)		—			—			—			—			(651,999	)		(44,055	)		—
Net increase (decrease) from shareholder transactions			14,614,379			20,769,513			12,497,462			(1,883,324	)		6,222,599			(691,093	)		3,689,294			23,221,580			6,964,146
*     The Premier Class commenced operations on September 30, 2009.

44 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 45

STATEMENTS OF CHANGES IN NET ASSETS	concluded
TIAA-CREF FUNDS § FOR THE PERIOD OR YEAR ENDED

		Bond Index Fund									Money Market Fund
		For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		†	For the six month period ended March 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009
OPERATIONS
Net investment income		$	14,010,679		$	4,754,056		$	75,689		$	182,872		$	491,519		$	13,737,693
Net realized gain (loss) on total investments			(1,918,283	)		585,662			324			475			1,905			4,239
Net change in unrealized appreciation (depreciation) on total investments			(25,284,776	)		7,529,771			434,782			—			—			—
Net increase (decrease) from operations			(13,192,380	)		12,869,489			510,795			183,347			493,424			13,741,932
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(13,904,454	)		(4,613,903	)		(74,424	)		(182,872	)		(473,302	)		(3,063,713	)
	Retirement Class		(27,460	)		(43,720	)		(658	)		—			(2,398	)		(1,143,421	)
	Retail Class		(56,387	)		(63,505	)		(614	)		—			(15,797	)		(9,530,561	)
	Premier Class*		(22,378	)		(32,915	)		—			—			(20	)		—
From realized gains:	Institutional Class		(931,923	)		(17,947	)		—			—			—			—
	Retirement Class		(1,588	)		(181	)		—			—			—			—
	Retail Class		(3,822	)		(276	)		—			—			—			—
	Premier Class*		(1,121	)		(180	)		—			—			—			—
Total distributions			(14,949,133	)		(4,772,627	)		(75,696	)		(182,872	)		(491,517	)		(13,737,695	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,134,156,768			321,957,476			106,716,000			80,862,315			197,525,504			126,024,537
	Retirement Class		2,239,720			1,759,492			1,000,000			18,231,625			42,534,813			130,715,137
	Retail Class		2,816,795			3,410,109			1,000,000			132,307,237			246,031,424			383,740,953
	Premier Class*		1,371,642			428,898			1,000,000			10,801,118			13,190,522			250,000
Reinvestments of distributions:	Institutional Class		14,828,113			4,631,850			74,424			182,803			472,841			3,063,347
	Retirement Class		29,048			43,901			657			—			2,398			1,141,742
	Retail Class		55,983			62,792			614			—			14,855			9,331,172
	Premier Class*		23,499			33,095			—			—			20			—
Redemptions:	Institutional Class		(150,159,088	)		(22,201,670	)		(7,720,000	)		(87,702,934	)		(100,248,680	)		(86,488,288	)
	Retirement Class		(1,952,267	)		(11,500	)		—			(32,905,616	)		(96,517,908	)		(96,274,278	)
	Retail Class		(724,225	)		(392,338	)		—			(200,640,157	)		(482,770,768	)		(599,289,109	)
	Premier Class*		(25,708	)		(64,158	)		—			(7,554,193	)		(1,009,364	)		—
Net increase (decrease) from shareholder transactions			1,002,660,280			309,657,947			102,071,695			(86,417,802	)		(180,774,343	)		(127,784,787	)
Net increase (decrease) in net assets			974,518,767			317,754,809			102,506,794			(86,417,327	)		(180,772,436	)		(127,780,550	)
NET ASSETS
Beginning of period			420,261,603			102,506,794			—			1,176,178,855			1,356,951,291			1,484,731,841
End of period		$	1,394,780,370		$	420,261,603		$	102,506,794		$	1,089,761,528		$	1,176,178,855		$	1,356,951,291
Undistributed net investment income included in net assets		$	1,338		$	1,091		$	107		$	(7,509	)	$	(8,234	)	$	(9,049	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		108,594,414			31,042,454			10,667,729			80,862,315			197,525,504			126,024,537
	Retirement Class		217,216			171,728			100,000			18,231,625			42,534,813			130,715,137
	Retail Class		271,987			333,959			100,000			132,307,237			246,031,424			383,740,953
	Premier Class*		133,372			41,597			99,602			10,801,118			13,190,522			250,000
Shares reinvested:	Institutional Class		1,438,634			451,476			7,413			182,803			472,841			3,063,347
	Retirement Class		2,809			4,278			65			—			2,398			1,141,743
	Retail Class		5,420			6,122			61			—			14,855			9,331,172
	Premier Class*		2,278			3,240			—			—			20			—
Shares redeemed:	Institutional Class		(14,436,475	)		(2,174,639	)		(768,924	)		(87,702,934	)		(100,248,680	)		(86,488,288	)
	Retirement Class		(187,285	)		(1,102	)		—			(32,905,616	)		(96,517,908	)		(96,274,278	)
	Retail Class		(70,409	)		(38,693	)		—			(200,640,157	)		(482,770,767	)		(599,289,109	)
	Premier Class*		(2,476	)		(6,155	)		—			(7,554,193	)		(1,009,364	)		—
Net increase (decrease) from shareholder transactions			95,969,485			29,834,265			10,205,946			(86,417,802	)		(180,774,342	)		(127,784,786	)

*	The Premier Class commenced operations on September 30, 2009.
†	The Bond Index Fund commenced operations on September 14, 2009.

46 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 47

FINANCIAL HIGHLIGHTS

BOND FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.70		$	10.20		$	9.68		$	9.94		$	9.97		$	10.10
Gain from investment operations:
Net investment income (a)		0.15			0.35			0.41			0.48			0.49			0.47
Net realized and unrealized gain (loss) on total investments		(0.22	)		0.50			0.52			(0.26	)		(0.03	)		(0.13	)
Total gain (loss) from investment operations		(0.07	)		0.85			0.93			0.22			0.46			0.34
Less distributions from:
Net investment income		(0.15	)		(0.35	)		(0.41	)		(0.48	)		(0.49	)		(0.47	)
Net realized gains		(0.12	)		—			—			—			—			—
Total distributions		(0.27	)		(0.35	)		(0.41	)		(0.48	)		(0.49	)		(0.47	)
Net asset value, end of period	$	10.36		$	10.70		$	10.20		$	9.68		$	9.94		$	9.97
TOTAL RETURN		(0.67	)%(b)		8.47	%		10.00	%		2.06	%		4.74	%		3.46	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	1,681,237		$	2,474,347		$	2,151,009		$	1,883,323		$	1,615,363		$	1,709,874
Ratio of expenses to average net assets before expense waiver and reimbursement		0.33	%(c)		0.33	%		0.36	%		0.32	%		0.32	%		0.25	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.33	%(c)		0.33	%		0.34	%		0.32	%		0.32	%		0.25	%
Ratio of net investment income to average net assets		2.80	%(c)		3.35	%		4.20	%		4.79	%		4.91	%		4.71	%
Portfolio turnover rate		161	%(b)(f)(g)		216	%(f)(g)		173	%(f)		113	%		189	%		183	%

	Retirement Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.88		$	10.37		$	9.84		$	10.10		$	10.13		$	10.00
Gain from investment operations:
Net investment income (a)		0.14			0.32			0.39			0.46			0.47			0.24
Net realized and unrealized gain (loss) on total investments		(0.22	)		0.52			0.54			(0.27	)		(0.03	)		0.11
Total gain (loss) from investment operations		(0.08	)		0.84			0.93			0.19			0.44			0.35
Less distributions from:
Net investment income		(0.14	)		(0.33	)		(0.40	)		(0.45	)		(0.47	)		(0.22	)
Net realized gains		(0.12	)		—			—			—			—			—
Total distributions		(0.26	)		(0.33	)		(0.40	)		(0.45	)		(0.47	)		(0.22	)
Net asset value, end of period	$	10.54		$	10.88		$	10.37		$	9.84		$	10.10		$	10.13
TOTAL RETURN		(0.76	)%(b)		8.22	%		9.64	%		1.87	%		4.43	%		3.52	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	261,330		$	239,160		$	121,753		$	28,760		$	8,302		$	1,270
Ratio of expenses to average net assets before expense waiver and reimbursement		0.58	%(c)		0.58	%		0.62	%		0.57	%		0.59	%		7.70	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.58	%(c)		0.58	%		0.59	%		0.57	%		0.59	%		0.55	%(c)
Ratio of net investment income to average net assets		2.56	%(c)		3.06	%		3.86	%		4.56	%		4.69	%		4.69	%(c)
Portfolio turnover rate		161	%(b)(f)(g)		216	%(f)(g)		173	%(f)		113	%		189	%		183	%

48 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

BOND FUND § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.87		$	10.36		$	9.83		$	10.09		$	10.11		$	10.00
Gain from investment operations:
Net investment income (a)		0.14			0.33			0.41			0.48			0.49			0.23
Net realized and unrealized gain (loss) on total investments		(0.22	)		0.52			0.53			(0.27	)		(0.03	)		0.11
Total gain (loss) from investment operations		(0.08	)		0.85			0.94			0.21			0.46			0.34
Less distributions from:
Net investment income		(0.14	)		(0.34	)		(0.41	)		(0.47	)		(0.48	)		(0.23	)
Net realized gains		(0.12	)		—			—			—			—			—
Total distributions		(0.26	)		(0.34	)		(0.41	)		(0.47	)		(0.48	)		(0.23	)
Net asset value, end of period	$	10.53		$	10.87		$	10.36		$	9.83		$	10.09		$	10.11
TOTAL RETURN		(0.74	)%(b)		8.31	%		9.75	%		2.08	%		4.68	%		3.42	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	56,163		$	58,330		$	35,143		$	21,166		$	7,078		$	1,006
Ratio of expenses to average net assets before expense waiver and reimbursement		0.52	%(c)		0.50	%		0.68	%		0.56	%		0.60	%		7.52	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.52	%(c)		0.50	%		0.50	%		0.39	%		0.42	%		0.60	%(c)
Ratio of net investment income to average net assets		2.61	%(c)		3.16	%		4.04	%		4.73	%		4.87	%		4.63	%(c)
Portfolio turnover rate		161	%(b)(f)(g)		216	%(f)(g)		173	%(f)		113	%		189	%		183	%

	Premier Class
	3/31/11†			9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.71		$	10.20		$	10.20
Gain from investment operations:
Net investment income (a)		0.14			0.31			0.00	(e)
Net realized and unrealized gain (loss) on total investments		(0.22	)		0.53			—
Total gain (loss) from investment operations		(0.08	)		0.84			0.00	(e)
Less distributions from:
Net investment income		(0.14	)		(0.33	)		—
Net realized gains		(0.12	)		—			—
Total distributions		(0.26	)		(0.33	)		—
Net asset value, end of period	$	10.37		$	10.71		$	10.20
TOTAL RETURN		(0.75	)%(b)		8.40	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	35,712		$	22,196		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.48	%(c)		0.48	%		220.90	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.48	%(c)		0.48	%		0.50	%(c)
Ratio of net investment income to average net assets		2.65	%(c)		2.94	%		0.00	%(c)
Portfolio turnover rate		161	%(b)(f)(g)		216	%(f)(g)		173	%(f)

(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 Retirement Class and Retail Class commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.
(f)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending March 31, 2011, September 30, 2010 and September 30, 2009 were 49%, 67% and 113%, respectively.
(g)	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.

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds ▪ 2011 Annual Report 49

FINANCIAL HIGHLIGHTS	continued
BOND PLUS FUND ▪ FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.36		$	9.78		$	9.38		$	10.00		$	10.10		$	10.00
Gain from investment operations:
Net investment income (a)		0.20			0.47			0.47			0.51			0.51			0.26
Net realized and unrealized gain (loss) on total investments		(0.20	)		0.58			0.40			(0.62	)		(0.10	)		0.10
Total gain (loss) from investment operations		0.00	(e)		1.05			0.87			(0.11	)		0.41			0.36
Less distributions from:
Net investment income		(0.20	)		(0.47	)		(0.47	)		(0.51	)		(0.51	)		(0.26	)
Net realized gains		—			—			—			—			(0.00	)(e)		—
Total distributions		(0.20	)		(0.47	)		(0.47	)		(0.51	)		(0.51	)		(0.26	)
Net asset value, end of period	$	10.16		$	10.36		$	9.78		$	9.38		$	10.00		$	10.10
TOTAL RETURN		(0.03	)%(b)		10.98	%		9.67	%		(1.18	)%		4.16	%		3.62	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	496,173		$	238,020		$	206,893		$	245,035		$	282,159		$	57,393
Ratio of expenses to average net assets before expense waiver and reimbursement		0.37	%(c)		0.37	%		0.40	%		0.38	%		0.42	%		0.62	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%(c)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(c)
Ratio of net investment income to average net assets		3.90	%(c)		4.68	%		5.07	%		5.17	%		5.12	%		5.15	%(c)
Portfolio turnover rate		99	%(b)(f)		158	%(f)		143	%(f)		92	%		137	%		92	%(b)
	Retirement Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.37		$	9.79		$	9.39		$	10.02		$	10.12		$	10.00
Gain from investment operations:
Net investment income (a)		0.18			0.43			0.45			0.49			0.49			0.25
Net realized and unrealized gain (loss) on total investments		(0.20	)		0.59			0.40			(0.63	)		(0.09	)		0.10
Total gain (loss) from investment operations		(0.02	)		1.02			0.85			(0.14	)		0.40			0.35
Less distributions from:
Net investment income		(0.18	)		(0.44	)		(0.45	)		(0.49	)		(0.50	)		(0.23	)
Net realized gains		—			—			—			—			(0.00	)(e)		—
Total distributions		(0.18	)		(0.44	)		(0.45	)		(0.49	)		(0.50	)		(0.23	)
Net asset value, end of period	$	10.17		$	10.37		$	9.79		$	9.39		$	10.02		$	10.12
TOTAL RETURN		(0.16	)%(b)		10.70	%		9.39	%		(1.49	)%		4.01	%		3.54	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	72,668		$	92,179		$	58,533		$	9,913		$	8,830		$	2,474
Ratio of expenses to average net assets before expense waiver and reimbursement		0.62	%(c)		0.62	%		0.65	%		0.63	%		0.72	%		4.86	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.60	%(c)		0.60	%		0.60	%		0.61	%		0.55	%		0.55	%(c)
Ratio of net investment income to average net assets		3.58	%(c)		4.34	%		4.80	%		4.95	%		4.92	%		5.03	%(c)
Portfolio turnover rate		99	%(b)(f)		158	%(f)		143	%(f)		92	%		137	%		92	%(b)

50 2011 Annual Report ▪ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
BOND PLUS FUND ▪ FOR THE PERIOD OR YEAR ENDED

	Retail Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.38		$	9.80		$	9.40		$	10.02		$	10.12		$	10.00
Gain from investment operations:
Net investment income (a)		0.18			0.45			0.46			0.50			0.50			0.25
Net realized and unrealized gain (loss) on total investments		(0.20	)		0.58			0.40			(0.61	)		(0.10	)		0.10
Total gain (loss) from investment operations		(0.02	)		1.03			0.86			(0.11	)		0.40			0.35
Less distributions from:
Net investment income		(0.18	)		(0.45	)		(0.46	)		(0.51	)		(0.50	)		(0.23	)
Net realized gains		—			—			—			—			(0.00	)(e)		—
Total distributions		(0.18	)		(0.45	)		(0.46	)		(0.51	)		(0.50	)		(0.23	)
Net asset value, end of period	$	10.18		$	10.38		$	9.80		$	9.40		$	10.02		$	10.12
TOTAL RETURN		(0.14	)%(b)		10.78	%		9.50	%		(1.26	)%		4.09	%		3.55	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	265,818		$	277,069		$	247,928		$	241,183		$	264,897		$	2,581
Ratio of expenses to average net assets before expense waiver and reimbursement		0.59	%(c)		0.54	%		0.74	%		0.74	%		0.77	%		3.73	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.58	%(c)		0.52	%		0.49	%		0.44	%		0.41	%		0.50	%(c)
Ratio of net investment income to average net assets		3.62	%(c)		4.50	%		4.93	%		5.09	%		5.07	%		5.06	%(c)
Portfolio turnover rate		99	%(b)(f)		158	%(f)		143	%(f)		92	%		137	%		92	%(b)

	Premier Class
	3/31/11†			9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.36		$	9.78		$	9.78
Gain from investment operations:
Net investment income (a)		0.19			0.40			0.00	(e)
Net realized and unrealized gain (loss) on total investments		(0.20	)		0.63			—
Total gain (loss) from investment operations		(0.01	)		1.03			0.00	(e)
Less distributions from:
Net investment income		(0.19	)		(0.45	)		—
Net realized gains		—			—			—
Total distributions		(0.19	)		(0.45	)		—
Net asset value, end of period	$	10.16		$	10.36		$	9.78
TOTAL RETURN		(0.11	)%(b)		10.82	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	11,028		$	10,857		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.52	%(c)		0.52	%		220.91	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.50	%(c)		0.50	%		0.50	%(c)
Ratio of net investment income to average net assets		3.69	%(c)		3.89	%		0.00	%(c)
Portfolio turnover rate		99	%(b)(f)		158	%(f)		143	%(f)

(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 March 31, 2006.
(e)	Amount represents less than $0.01 per share.
(f)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending March 31, 2011, September 30, 2010 and September 30, 2009 were 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 ▪ 2011 Annual Report 51

FINANCIAL HIGHLIGHTS	continued
SHORT-TERM BOND FUND ▪ FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.43		$	10.11		$	9.78		$	10.04		$	10.04		$	10.00
Gain from investment operations:
Net investment income (a)		0.11			0.28			0.36			0.45			0.48			0.24
Net realized and unrealized gain (loss) on total investments		(0.13	)		0.32			0.33			(0.26	)		(0.00	)(e)		0.04
Total gain (loss) from investment operations		(0.02	)		0.60			0.69			0.19			0.48			0.28
Less distributions from:
Net investment income		(0.11	)		(0.28	)		(0.36	)		(0.45	)		(0.48	)		(0.24	)
Net realized gains		—			—			—			—			(0.00	)(e)		—
Total distributions		(0.11	)		(0.28	)		(0.36	)		(0.45	)		(0.48	)		(0.24	)
Net asset value, end of period	$	10.30		$	10.43		$	10.11		$	9.78		$	10.04		$	10.04
TOTAL RETURN		(0.20	)%(b)		6.05	%		7.23	%		1.88	%		4.87	%		2.83	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	255,835		$	176,043		$	101,583		$	135,936		$	163,035		$	56,867
Ratio of expenses to average net assets before expense waiver and reimbursement		0.32	%(c)		0.33	%		0.38	%		0.37	%		0.40	%		0.55	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.30	%(c)		0.30	%		0.29	%		0.31	%		0.30	%		0.30	%(c)
Ratio of net investment income to average net assets		2.11	%(c)		2.74	%		3.66	%		4.46	%		4.76	%		4.87	%(c)
Portfolio turnover rate		93	%(b)		95	%		173	%		102	%		82	%		83	%(b)
	Retirement Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.44		$	10.12		$	9.78		$	10.05		$	10.06		$	10.00
Gain from investment operations:
Net investment income (a)		0.10			0.25			0.34			0.42			0.46			0.24
Net realized and unrealized gain (loss) on total investments		(0.13	)		0.33			0.34			(0.26	)		(0.00	)(e)		0.03
Total gain (loss) from investment operations		(0.03	)		0.58			0.68			0.16			0.46			0.27
Less distributions from:
Net investment income		(0.10	)		(0.26	)		(0.34	)		(0.43	)		(0.47	)		(0.21	)
Net realized gains		—			—			—			—			(0.00	)(e)		—
Total distributions		(0.10	)		(0.26	)		(0.34	)		(0.43	)		(0.47	)		(0.21	)
Net asset value, end of period	$	10.31		$	10.44		$	10.12		$	9.78		$	10.05		$	10.06
TOTAL RETURN		(0.32	)%(b)		5.79	%		7.07	%		1.56	%		4.63	%		2.75	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	134,128		$	121,535		$	56,366		$	19,752		$	12,785		$	2,473
Ratio of expenses to average net assets before expense waiver and reimbursement		0.57	%(c)		0.58	%		0.64	%		0.63	%		0.67	%		4.50	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.55	%(c)		0.55	%		0.54	%		0.56	%		0.50	%		0.50	%(c)
Ratio of net investment income to average net assets		1.86	%(c)		2.42	%		3.40	%		4.23	%		4.58	%		4.76	%(c)
Portfolio turnover rate		93	%(b)		95	%		173	%		102	%		82	%		83	%(b)

52 2011 Annual Report ▪ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
SHORT-TERM BOND FUND ▪ FOR THE PERIOD OR YEAR ENDED

	Retail Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.44		$	10.12		$	9.78		$	10.05		$	10.05		$	10.00
Gain from investment operations:
Net investment income (a)		0.10			0.26			0.35			0.44			0.47			0.24
Net realized and unrealized gain (loss) on total investments		(0.13	)		0.33			0.34			(0.27	)		0.01			0.03
Total gain (loss) from investment operations		(0.03	)		0.59			0.69			0.17			0.48			0.27
Less distributions from:
Net investment income		(0.10	)		(0.27	)		(0.35	)		(0.44	)		(0.48	)		(0.22	)
Net realized gains		—			—			—			—			(0.00	)(e)		—
Total distributions		(0.10	)		(0.27	)		(0.35	)		(0.44	)		(0.48	)		(0.22	)
Net asset value, end of period	$	10.31		$	10.44		$	10.12		$	9.78		$	10.05		$	10.05
TOTAL RETURN		(0.30	)%(b)		5.87	%		7.19	%		1.71	%		4.86	%		2.75	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	155,623		$	149,768		$	111,912		$	104,084		$	101,059		$	3,331
Ratio of expenses to average net assets before expense waiver and reimbursement		0.52	%(c)		0.50	%		0.71	%		0.67	%		0.76	%		2.88	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.50	%(c)		0.47	%		0.43	%		0.38	%		0.34	%		0.45	%(c)
Ratio of net investment income to average net assets		1.91	%(c)		2.58	%		3.53	%		4.40	%		4.69	%		4.82	%(c)
Portfolio turnover rate		93	%(b)		95	%		173	%		102	%		82	%		83	%(b)

	Premier Class
	3/31/11†			9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.43		$	10.11		$	10.11
Gain from investment operations:
Net investment income (a)		0.10			0.25			0.00	(e)
Net realized and unrealized gain (loss) on total investments		(0.12	)		0.34			—
Total gain (loss) from investment operations		(0.02	)		0.59			0.00	(e)
Less distributions from:
Net investment income		(0.10	)		(0.27	)		—
Net realized gains		—			—			—
Total distributions		(0.10	)		(0.27	)		—
Net asset value, end of period	$	10.31		$	10.43		$	10.11
TOTAL RETURN		(0.18	)%(b)		5.89	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	19,881		$	19,884		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.47	%(c)		0.48	%		220.86	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.45	%(c)		0.45	%		0.45	%(c)
Ratio of net investment income to average net assets		1.95	%(c)		2.39	%		0.00	%(c)
Portfolio turnover rate		93	%(b)		95	%		173	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.
(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 ▪ 2011 Annual Report 53

FINANCIAL HIGHLIGHTS	continued
HIGH-YIELD FUND ▪ FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.74		$	9.04		$	8.41		$	9.94		$	9.92		$	10.00
Gain from investment operations:
Net investment income (a)		0.35			0.72			0.78			0.76			0.72			0.35
Net realized and unrealized gain (loss) on total investments		0.25			0.70			0.63			(1.52	)		0.02			(0.08	)
Total gain (loss) from investment operations		0.60			1.42			1.41			(0.76	)		0.74			0.27
Less distributions from:
Net investment income		(0.35	)		(0.72	)		(0.78	)		(0.76	)		(0.72	)		(0.35	)
Net realized gains		—			—			—			(0.01	)		—			—
Total distributions		(0.35	)		(0.72	)		(0.78	)		(0.77	)		(0.72	)		(0.35	)
Net asset value, end of period	$	9.99		$	9.74		$	9.04		$	8.41		$	9.94		$	9.92
TOTAL RETURN		6.22	%(b)		16.41	%		18.83	%		(8.15	)%		7.66	%		2.82	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	527,004		$	398,933		$	245,983		$	228,048		$	228,834		$	53,478
Ratio of expenses to average net assets before expense waiver and reimbursement		0.40	%(c)		0.41	%		0.45	%		0.43	%		0.49	%		0.67	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.40	%(c)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%(c)
Ratio of net investment income to average net assets		7.04	%(c)		7.76	%		10.07	%		8.05	%		7.30	%		7.16	%(c)
Portfolio turnover rate		43	%(b)		109	%		79	%		59	%		43	%		26	%(b)
	Retirement Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.74		$	9.04		$	8.41		$	9.95		$	9.92		$	10.00
Gain from investment operations:
Net investment income (a)		0.34			0.70			0.76			0.74			0.71			0.36
Net realized and unrealized gain (loss) on total investments		0.25			0.70			0.63			(1.53	)		0.03			(0.12	)
Total gain (loss) from investment operations		0.59			1.40			1.39			(0.79	)		0.74			0.24
Less distributions from:
Net investment income		(0.34	)		(0.70	)		(0.76	)		(0.74	)		(0.71	)		(0.32	)
Net realized gains		—			—			—			(0.01	)		—			—
Total distributions		(0.34	)		(0.70	)		(0.76	)		(0.75	)		(0.71	)		(0.32	)
Net asset value, end of period	$	9.99		$	9.74		$	9.04		$	8.41		$	9.95		$	9.92
TOTAL RETURN		6.09	%(b)		16.12	%		18.54	%		(8.45	)%		7.61	%		2.51	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	176,489		$	166,383		$	125,322		$	28,694		$	15,869		$	6,620
Ratio of expenses to average net assets before expense waiver and reimbursement		0.65	%(c)		0.66	%		0.71	%		0.69	%		0.73	%		5.28	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.65	%(c)		0.65	%		0.65	%		0.65	%		0.60	%		0.60	%(c)
Ratio of net investment income to average net assets		6.78	%(c)		7.49	%		9.38	%		7.91	%		7.10	%		7.19	%(c)
Portfolio turnover rate		43	%(b)		109	%		79	%		59	%		43	%		26	%(b)

54 2011 Annual Report ▪ TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
HIGH-YIELD FUND ▪ FOR THE PERIOD OR YEAR ENDED

	Retail Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.78		$	9.08		$	8.44		$	9.98		$	9.94		$	10.00
Gain from investment operations:
Net investment income (a)		0.34			0.71			0.77			0.75			0.72			0.35
Net realized and unrealized gain (loss) on total investments		0.25			0.70			0.64			(1.53	)		0.03			(0.09	)
Total gain (loss) from investment operations		0.59			1.41			1.41			(0.78	)		0.75			0.26
Less distributions from:
Net investment income		(0.34	)		(0.71	)		(0.77	)		(0.75	)		(0.71	)		(0.32	)
Net realized gains		—			—			—			(0.01	)		—			—
Total distributions		(0.34	)		(0.71	)		(0.77	)		(0.76	)		(0.71	)		(0.32	)
Net asset value, end of period	$	10.03		$	9.78		$	9.08		$	8.44		$	9.98		$	9.94
TOTAL RETURN		6.11	%(b)		16.18	%		18.78	%		(8.28	)%		7.76	%		2.72	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	169,337		$	156,374		$	126,323		$	101,026		$	143,329		$	2,819
Ratio of expenses to average net assets before expense waiver and reimbursement		0.59	%(c)		0.58	%		0.79	%		0.71	%		0.76	%		3.56	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.59	%(c)		0.57	%		0.54	%		0.48	%		0.47	%		0.55	%(c)
Ratio of net investment income to average net assets		6.85	%(c)		7.60	%		9.86	%		7.94	%		7.25	%		7.13	%(c)
Portfolio turnover rate		43	%(b)		109	%		79	%		59	%		43	%		26	%(b)

	Premier Class
	3/31/11†			9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.74		$	9.04		$	9.04
Gain from investment operations:
Net investment income (a)		0.34			0.71			0.00	(e)
Net realized and unrealized gain on total investments		0.25			0.70			—
Total gain from investment operations		0.59			1.41			0.00	(e)
Less distributions from:
Net investment income		(0.34	)		(0.71	)		—
Net realized gains		—			—			—
Total distributions		(0.34	)		(0.71	)		—
Net asset value, end of period	$	9.99		$	9.74		$	9.04
TOTAL RETURN		6.14	%(b)		16.23	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	30,472		$	16,836		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.55	%(c)		0.56	%		220.96	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.55	%(c)		0.55	%		0.55	%(c)
Ratio of net investment income to average net assets		6.87	%(c)		7.52	%		0.00	%(c)
Portfolio turnover rate		43	%(b)		109	%		79	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.
(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 ▪ 2011 Annual Report 55

FINANCIAL HIGHLIGHTS continued

TAX-EXEMPT BOND FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.80		$	10.51		$	9.69		$	10.13		$	10.19		$	10.00
Gain from investment operations:
Net investment income (a)		0.19			0.38			0.38			0.36			0.38			0.19
Net realized and unrealized gain (loss) on total investments		(0.63	)		0.31			0.82			(0.44	)		(0.06	)		0.19
Total gain (loss) from investment operations		(0.44	)		0.69			1.20			(0.08	)		0.32			0.38
Less distributions from:
Net investment income		(0.19	)		(0.38	)		(0.38	)		(0.36	)		(0.38	)		(0.19	)
Net realized gains		(0.11	)		(0.02	)		(0.00	)(e)		(0.00	)(e)		—			—
Total distributions		(0.30	)		(0.40	)		(0.38	)		(0.36	)		(0.38	)		(0.19	)
Net asset value, end of period	$	10.06		$	10.80		$	10.51		$	9.69		$	10.13		$	10.19
TOTAL RETURN		(4.07	)%(b)		6.75	%		12.70	%		(0.87	)%		3.21	%		3.85	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	10,003		$	14,845		$	23,263		$	66,144		$	75,790		$	51,414
Ratio of expenses to average net assets before expense waiver and reimbursement		0.40	%(c)		0.38	%		0.42	%		0.41	%		0.46	%		0.63	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%(c)		0.35	%		0.35	%		0.36	%		0.35	%		0.35	%(c)
Ratio of net investment income to average net assets		3.70	%(c)		3.66	%		3.83	%		3.51	%		3.76	%		3.79	%(c)
Portfolio turnover rate		11	%(b)		29	%		28	%		50	%		48	%		73	%(b)
	Retail Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.81		$	10.52		$	9.70		$	10.14		$	10.20		$	10.00
Gain from investment operations:
Net investment income (a)		0.18			0.37			0.36			0.35			0.38			0.19
Net realized and unrealized gain (loss) on total investments		(0.63	)		0.31			0.83			(0.44	)		(0.06	)		0.18
Total gain (loss) from investment operations		(0.45	)		0.68			1.19			(0.09	)		0.32			0.37
Less distributions from:
Net investment income		(0.18	)		(0.37	)		(0.37	)		(0.35	)		(0.38	)		(0.17	)
Net realized gains		(0.11	)		(0.02	)		(0.00	)(e)		(0.00	)(e)		—			—
Total distributions		(0.29	)		(0.39	)		(0.37	)		(0.35	)		(0.38	)		(0.17	)
Net asset value, end of period	$	10.07		$	10.81		$	10.52		$	9.70		$	10.14		$	10.20
TOTAL RETURN		(4.14	)%(b)		6.61	%		12.55	%		(0.90	)%		3.16	%		3.77	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	281,980		$	318,965		$	236,065		$	179,559		$	179,606		$	4,302
Ratio of expenses to average net assets before expense waiver and reimbursement		0.55	%(c)		0.52	%		0.70	%		0.65	%		0.72	%		2.93	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.51	%(c)		0.49	%		0.47	%		0.39	%		0.39	%		0.50	%(c)
Ratio of net investment income to average net assets		3.56	%(c)		3.52	%		3.67	%		3.49	%		3.76	%		3.77	%(c)
Portfolio turnover rate		11	%(b)		29	%		28	%		50	%		48	%		73	%(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 March 31, 2006.
(e)	Amount represents less than $0.01 per share.
†	Amounts shown are for the six-months 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 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

INFLATION-LINKED BOND FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.21		$	10.53		$	10.07		$	10.12		$	10.08		$	10.69
Gain from investment operations:
Net investment income (a)		0.17			0.27			(0.02	)		0.71			0.41			0.56
Net realized and unrealized gain (loss) on total investments		(0.05	)		0.67			0.48			(0.07	)		0.03			(0.39	)
Total gain from investment operations		0.12			0.94			0.46			0.64			0.44			0.17
Less distributions from:
Net investment income		(0.17	)		(0.26	)		(0.00	)(e)		(0.69	)		(0.40	)		(0.57	)
Net realized gains		—			—			—			—			—			(0.21	)
Total distributions		(0.17	)		(0.26	)		(0.00	)(e)		(0.69	)		(0.40	)		(0.78	)
Net asset value, end of period	$	11.16		$	11.21		$	10.53		$	10.07		$	10.12		$	10.08
TOTAL RETURN		1.05	%(b)		9.04	%		4.57	%		6.20	%		4.51	%		1.70	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	771,048		$	737,043		$	524,468		$	440,993		$	438,862		$	363,157
Ratio of expenses to average net assets before expense waiver and reimbursement		0.29	%(c)		0.32	%		0.39	%		0.34	%		0.36	%		0.28	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.29	%(c)		0.32	%		0.35	%		0.34	%		0.35	%		0.28	%
Ratio of net investment income to average net assets		3.01	%(c)		2.47	%		(0.18	)%		6.67	%		4.07	%		5.46	%
Portfolio turnover rate		7	%(b)		12	%		17	%		16	%		26	%		83	%
	Retirement Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.31		$	10.62		$	10.18		$	10.23		$	10.19		$	10.00
Gain from investment operations:
Net investment income (a)		0.15			0.24			(0.02	)		0.82			0.45			0.31
Net realized and unrealized gain (loss) on total investments		(0.06	)		0.68			0.46			(0.20	)		(0.02	)		0.09
Total gain from investment operations		0.09			0.92			0.44			0.62			0.43			0.40
Less distributions from:
Net investment income		(0.15	)		(0.23	)		(0.00	)(e)		(0.67	)		(0.39	)		(0.21	)
Net realized gains		—			—			—			—			—			—
Total distributions		(0.15	)		(0.23	)		(0.00	)(e)		(0.67	)		(0.39	)		(0.21	)
Net asset value, end of period	$	11.25		$	11.31		$	10.62		$	10.18		$	10.23		$	10.19
TOTAL RETURN		0.83	%(b)		8.80	%		4.33	%		5.95	%		4.29	%		4.04	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	176,090		$	175,037		$	112,192		$	88,127		$	17,840		$	5,661
Ratio of expenses to average net assets before expense waiver and reimbursement		0.54	%(c)		0.57	%		0.64	%		0.59	%		0.61	%		2.44	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.54	%(c)		0.57	%		0.60	%		0.59	%		0.55	%		0.55	%(c)
Ratio of net investment income to average net assets		2.77	%(c)		2.20	%		(0.20	)%		7.57	%		4.47	%		6.08	%(c)
Portfolio turnover rate		7	%(b)		12	%		17	%		16	%		26	%		83	%

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 57

FINANCIAL HIGHLIGHTS continued

INFLATION-LINKED BOND FUND § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	3/31/11†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.00		$	10.34		$	9.90		$	9.96		$	9.93		$	10.54
Gain from investment operations:
Net investment income (a)		0.16			0.24			(0.06	)		0.77			0.38			0.54
Net realized and unrealized gain (loss) on total investments		(0.05	)		0.66			0.50			(0.15	)		0.04			(0.39	)
Total gain from investment operations		0.11			0.90			0.44			0.62			0.42			0.15
Less distributions from:
Net investment income		(0.16	)		(0.24	)		(0.00	)(e)		(0.68	)		(0.39	)		(0.55	)
Net realized gains		—			—			—			—			—			(0.21	)
Total distributions		(0.16	)		(0.24	)		(0.00	)(e)		(0.68	)		(0.39	)		(0.76	)
Net asset value, end of period	$	10.95		$	11.00		$	10.34		$	9.90		$	9.96		$	9.93
TOTAL RETURN		0.98	%(b)		8.84	%		4.45	%		6.11	%		4.35	%		1.53	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	146,917		$	147,427		$	127,272		$	131,575		$	56,824		$	59,388
Ratio of expenses to average net assets before expense waiver and reimbursement		0.47	%(c)		0.49	%		0.66	%		0.58	%		0.63	%		0.47	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.47	%(c)		0.49	%		0.49	%		0.44	%		0.48	%		0.43	%
Ratio of net investment income to average net assets		2.80	%(c)		2.30	%		(0.59	)%		7.28	%		3.85	%		5.32	%
Portfolio turnover rate		7	%(b)		12	%		17	%		16	%		26	%		83	%

	Premier Class
	3/31/11†			9/30/10			9/30/09*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.21		$	10.53		$	10.53
Gain from investment operations:
Net investment income (a)		0.16			0.13			0.00	(e)
Net realized and unrealized gain (loss) on total investments		(0.06	)		0.80			—
Total gain from investment operations		0.10			0.93			0.00	(e)
Less distributions from:
Net investment income		(0.16	)		(0.25	)		—
Net realized gains		—			—			—
Total distributions		(0.16	)		(0.25	)		—
Net asset value, end of period	$	11.15		$	11.21		$	10.53
TOTAL RETURN		0.89	%(b)		8.89	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	15,832		$	14,474		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.44	%(c)		0.47	%		220.91	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.44	%(c)		0.47	%		0.50	%(c)
Ratio of net investment income to average net assets		2.88	%(c)		1.19	%		0.00	%(c)
Portfolio turnover rate		7	%(b)		12	%		17	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retirement Class commenced operations on March 31, 2006.
(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 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

BOND INDEX FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	3/31/11†			9/30/10			9/30/09(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.50		$	10.04		$	10.00
Gain from investment operations:
Net investment income (a)		0.13			0.31			0.01
Net realized and unrealized gain (loss) on total investments		(0.24	)		0.46			0.04
Total gain (loss) from investment operations		(0.11	)		0.77			0.05
Less distributions from:
Net investment income		(0.13	)		(0.31	)		(0.01	)
Net realized gains		(0.01	)		(0.00	)(e)		—
Total distributions		(0.14	)		(0.31	)		(0.01	)
Net asset value, end of period	$	10.25		$	10.50		$	10.04
TOTAL RETURN		(1.11	)%(b)		7.87	%		0.48	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	1,382,598		$	411,709		$	99,497
Ratio of expenses to average net assets before expense waiver and reimbursement		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	%		0.12	%(c)
Ratio of net investment income to average net assets		2.44	%(c)		3.08	%		1.65	%(c)
Portfolio turnover rate		87	%(b)(f)		66	%(f)		279	%(b)

	Retirement Class
	3/31/11†			9/30/10			9/30/09(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.50		$	10.04		$	10.00
Gain from investment operations:
Net investment income (a)		0.11			0.29			0.01
Net realized and unrealized gain (loss) on total investments		(0.23	)		0.46			0.04
Total gain (loss) from investment operations		(0.12	)		0.75			0.05
Less distributions from:
Net investment income		(0.11	)		(0.29	)		(0.01	)
Net realized gains		(0.01	)		(0.00	)(e)		—
Total distributions		(0.12	)		(0.29	)		(0.01	)
Net asset value, end of period	$	10.26		$	10.50		$	10.04
TOTAL RETURN		(1.14	)%(b)		7.61	%		0.47	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	3,157		$	2,887		$	1,005
Ratio of expenses to average net assets before expense waiver and reimbursement		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	%		0.36	%(c)
Ratio of net investment income to average net assets		2.19	%(c)		2.82	%		1.41	%(c)
Portfolio turnover rate		87	%(b)(f)		66	%(f)		279	%(b)

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 59

FINANCIAL HIGHLIGHTS	continued
BOND INDEX FUND § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	3/31/11		†	9/30/10			9/30/09		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.50		$	10.04		$	10.00
Gain from investment operations:
Net investment income (a)		0.11			0.28			0.01
Net realized and unrealized gain (loss) on total investments		(0.23	)		0.46			0.04
Total gain (loss) from investment operations		(0.12	)		0.74			0.05
Less distributions from:
Net investment income		(0.11	)		(0.28	)		(0.01	)
Net realized gains		(0.01	)		(0.00	)(e)		—
Total distributions		(0.12	)		(0.28	)		(0.01	)
Net asset value, end of period	$	10.26		$	10.50		$	10.04
TOTAL RETURN		(1.19	)%(b)		7.51	%		0.46	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	6,242		$	4,215		$	1,005
Ratio of expenses to average net assets before expense waiver and reimbursement		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	%		0.45	%(c)
Ratio of net investment income to average net assets		2.10	%(c)		2.74	%		1.32	%(c)
Portfolio turnover rate		87	%(b)(f)		66	%(f)		279	%(b)

	Premier Class
	3/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.49		$	10.04		$	10.04
Gain from investment operations:
Net investment income (a)		0.12			0.30			—
Net realized and unrealized gain (loss) on total investments		(0.23	)		0.45			—
Total gain (loss) from investment operations		(0.11	)		0.75			—
Less distributions from:
Net investment income		(0.12	)		(0.30	)		—
Net realized gains		(0.01	)		(0.00	)(e)		—
Total distributions		(0.13	)		(0.30	)		—
Net asset value, end of period	$	10.25		$	10.49		$	10.04
TOTAL RETURN		(1.09	)%(b)		7.61	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	2,784		$	1,451		$	1,000
Ratio of expenses to average net assets before expense waiver and reimbursement		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)
Ratio of net investment income to average net assets		2.31	%(c)		2.94	%		0.00	%(c)
Portfolio turnover rate		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 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
MONEY MARKET FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Gain from investment operations:
Net investment income (a)		0.00	(e)		0.00	(e)		0.01			0.03			0.05			0.05
Net realized and unrealized gain on total investments		—			—			—			—			—			—
Total gain from investment operations		0.00	(e)		0.00	(e)		0.01			0.03			0.05			0.05
Less distributions from:
Net investment income		(0.00	)(e)		(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.05	)
Net realized gains		—			—			—			—			—			—
Total distributions		(0.00	)(e)		(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.04	%(b)		0.13	%		1.03	%		3.51	%		5.37	%		4.70	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	427,230		$	433,888		$	336,137		$	293,537		$	235,421		$	272,119
Ratio of expenses to average net assets before expense waiver and reimbursement		0.15	%(c)		0.15	%		0.22	%		0.14	%		0.14	%		0.14	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.15	%(c)		0.15	%		0.17	%		0.14	%		0.14	%		0.13	%
Ratio of net investment income to average net assets		0.09	%(c)		0.13	%		1.00	%		3.39	%		5.21	%		4.65	%

	Retirement Class
	3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Gain from investment operations:
Net investment income (a)		—			0.00	(e)		0.01			0.03			0.05			0.03
Net realized and unrealized gain on total investments		—			—			—			—			—			—
Total gain from investment operations		—			0.00	(e)		0.01			0.03			0.05			0.03
Less distributions from:
Net investment income		—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.03	)
Net realized gains		—			—			—			—			—			—
Total distributions		—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.00	%(b)		0.00	%		0.78	%		3.25	%		5.12	%		2.45	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	64,760		$	79,434		$	133,415		$	97,832		$	98,903		$	43,804
Ratio of expenses to average net assets before expense waiver and reimbursement		0.40	%(c)		0.40	%		0.47	%		0.39	%		0.39	%		0.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.23	%(c)		0.27	%		0.41	%		0.39	%		0.35	%		0.35	%(c)
Ratio of net investment income to average net assets		0.00	%(c)		0.00	%		0.75	%		3.26	%		5.01	%		5.07	%(c)

See notes to financial statements TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 61

FINANCIAL HIGHLIGHTS	concluded
MONEY MARKET FUND § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	3/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Gain from investment operations:
Net investment income (a)		—			0.00	(e)		0.01			0.03			0.05			0.03
Net realized and unrealized gain on total investments		—			—			—			—			—			—
Total gain from investment operations		—			0.00	(e)		0.01			0.03			0.05			0.03
Less distributions from:
Net investment income		—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.03	)
Net realized gains		—			—			—			—			—			—
Total distributions		—			(0.00	)(e)		(0.01	)		(0.03	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.00	%(b)		0.00	%		0.91	%		3.43	%		5.25	%		2.53	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	582,093		$	650,426		$	887,149		$	1,093,363		$	1,034,417		$	127,318
Ratio of expenses to average net assets before expense waiver and reimbursement		0.39	%(c)		0.33	%		0.54	%		0.40	%		0.43	%		0.25	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.23	%(c)		0.27	%		0.28	%		0.22	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		0.00	%(c)		0.00	%		0.95	%		3.34	%		5.11	%		5.16	%(c)

	Premier Class
	3/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Gain from investment operations:
Net investment income (a)		—			0.00	(e)		—
Net realized and unrealized gain on total investments		—			—			—
Total gain 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
TOTAL RETURN		0.00	%(b)		0.01	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	15,678		$	12,431		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement		0.30	%(c)		0.29	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.23	%(c)		0.27	%		0.00	%(c)
Ratio of net investment income to average net assets		0.00	%(c)		0.00	%		0.00	%(c)

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retirement Class and Retail Class commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.
*	The Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.

62 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds See notes to financial statements

NOTES TO FINANCIAL STATEMENTS

TIAA-CREF FUNDS

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Bond Fund, Bond Plus Fund, Short-Term Bond Fund, High-Yield Fund, Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund and the Money Market Fund (the “Funds” or individually the “Fund”). The Funds recently changed their fiscal year end from September 30 to March 31.

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

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

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

Accounting for 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 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.

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

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

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2007–2011) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

For the period ended March 31, 2011, permanent book and tax differences resulting primarily from differing treatments for dividend reclassifications, gains and losses on redemptions in-kind, utilization of tax equalization credits, and income generated from swaps were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

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

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 63

NOTES TO FINANCIAL STATEMENTS

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

Note 2—valuation of investments

Portfolio Investments are valued at fair value utilizing various valuation methods approved by the Trustees. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

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

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

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

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

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

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

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

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

Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Trustees. 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 March 31, 2011, there were no significant transfers between levels by the Funds.

As of March 31, 2011, 100% of the value of investments in the Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund and the Money Market Fund were valued based on Level 2 inputs.

64 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

continued

The following is a summary of the inputs used to value the remaining Funds’ investments as of March 31, 2011:

Fund		Level 1		Level 2		Level 3		Total
Bond
Corporate Bonds	$	—	$	708,318,558	$	—	$	708,318,558
Government Bonds		—		1,087,254,193		—		1,087,254,193
Structured Assets		—		176,517,223		—		176,517,223
Preferred Stocks		529,236		—		—		529,236
Short-term investments		—		476,167,475		—		476,167,475
Total	$	529,236	$	2,448,257,449	$	—	$	2,448,786,685
Bond Plus
Bank Loan Obligations	$	—	$	11,356,117	$	—	$	11,356,117
Corporate Bonds		—		348,684,241		—		348,684,241
Government Bonds		—		345,921,527		—		345,921,527
Structured Assets		—		96,958,614		—		96,958,614
Preferred Stocks		2,282,311		—		—		2,282,311
Investments in Registered Investment Companies		5,403,239		—		—		5,403,239
Short-term investments		—		83,630,258		—		83,630,258
Total	$	7,685,550	$	886,550,757	$	—	$	894,236,307
Short-Term Bond
Bank Loan Obilgations	$	—	$	8,007,517	$	—	$	8,007,517
Corporate Bonds		—		235,612,883		—		235,612,883
Government Bonds		—		246,438,140		—		246,438,140
Structured Assets		—		37,907,850		—		37,907,850
Preferred Stocks		121,684		—		—		121,684
Total	$	121,684	$	527,966,390	$	—	$	528,088,074
High-Yield
Bank Loan Obilgations	$	—	$	16,709,686	$	—	$	16,709,686
Corporate Bonds		—		838,158,019		—		838,158,019
Government Bonds		—		9,072,441		—		9,072,441
Preferred Stocks		7,101,239		—		—		7,101,239
Short-term investments		—		5,099,940		—		5,099,940
Total	$	7,101,239	$	869,040,086	$	—	$	876,141,325

Note 3—derivative instruments

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

Credit default swap contracts: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, a Fund (except the Money Market 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. The Fund (except the Money Market 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. 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 equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Fund. Credit default swaps are valued daily and any change in the value of the swaps is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of the swaps is reflected in unrealized appreciation and (depreciation) on swaps 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 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. During the period ended March 31, 2011, the High-Yield Fund and the Bond Plus Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets and 0% and 3% of net assets, respectively.

At March 31, 2011, the Funds did not hold any credit default swap contracts.

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 65

NOTES TO FINANCIAL STATEMENTS

Note 4—investment adviser and affiliates

Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. Under the terms of the 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 Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund (except Bond Index Fund) reimburses TPIS for amounts incurred up to 0.25% of the average daily net assets to distribute the Funds’ Retail Class. The Premier Class of each Fund and the Retail Class of the Bond Index Fund have adopted a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund and the Retail Class of the Bond Index Fund at the annual rate of 0.15% and 0.25% of the average daily net assets attributable to the Fund’s Premier Class and the Retail Class of the Bond Index Fund, respectively.

For the Money Market Fund, TPIS is not seeking reimbursement on a portion of distribution Rule 12b-1 plan expenses on the Retail Class and, effective October 1, 2010, 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 acquired fund fees and extraordinary expenses) exceeds certain percentages. As of March 31, 2011, 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			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	%		0.25	%		0.25	%		0.15	%		0.35	%		0.60	%		0.70	%		0.50	%
Bond Plus*		0.27–0.30			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			0.15			0.30			0.55			0.65			0.45
High-Yield*		0.32–0.35			0.25			0.25			0.15			0.40			0.65			0.75			0.55
Tax-Exempt Bond*		0.27–0.30			—			0.25			—			0.35			—			0.70			—
Inflation-Linked Bond*		0.22–0.25			0.25			0.25			0.15			0.35			0.60			0.70			0.50
Bond Index		0.10			0.25			0.25			0.15			0.13			0.38			0.48			0.28
Money Market		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 management fees, which reduces these fees as the Fund’s net assets increase.
‡	Maximum expense amounts reflect all expenses, including investment management fees. The expense reimbursement arrangements will continue through at least September 30, 2012. 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 Trustees, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

Certain TIAA-CREF Funds and affiliates make investments in the Funds. The following is the percentage of the Funds’ shares owned by affiliates as of March 31, 2011:

Underlying Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifecycle Index Funds			TIAA Access			CREF			Total
Bond		54	%		—			1	%		—			55	%
Bond Plus		56	%		—			2	%		—			58	%
Short-Term Bond		19	%		—			1	%		—			20	%
High-Yield		25	%		—			—			1	%		26	%
Inflation-Linked Bond		10	%		1	%		—			—			11	%
Bond Index		—			12	%		—			—			12	%

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

Issue	Value at September 30, 2010		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)		Dividend Income		Withholding Expenses		Shares at March 31, 2011		Value at March 31, 2011
Bond Plus Fund
TIAA-CREF High-Yield Fund (Institutional Class)	$	5,086,766	$	184,252	$	—	$	—	$	184,252	$	—		540,865	$	5,403,239
			$	184,252	$	—	$	—	$	184,252	$	—			$	5,403,239

66 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

continued

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 substantially similar (same type, coupon and maturity) 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.

At March 31, 2011, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Bond	$	2,417,354,112	$	52,814,957	$	(21,382,384	)	$	31,432,573
Bond Plus		887,367,538		22,695,225		(15,826,456	)		6,868,769
Short-Term Bond		527,106,802		6,863,148		(5,881,876	)		981,272
High-Yield		830,021,931		48,146,627		(2,027,233	)		46,119,394
Tax-Exempt Bond		289,670,233		3,963,152		(6,985,306	)		(3,022,154	)
Inflation-Linked Bond		1,033,491,578		63,304,451		(219,811	)		63,084,640
Bond Index		1,403,768,847		2,891,711		(21,594,968	)		(18,703,257	)

Purchases and sales of securities (other than short-term money market instruments) for all of the Funds for the period ended March 31, 2011 were as follows:

Fund	Non-U.S. Government Purchases		U.S. Government Purchases		Non-U.S. Government Sales		U.S. Government Sales
Bond	$	386,114,998	$	3,043,935,183	$	223,729,176	$	3,130,045,534
Bond Plus		276,849,049		651,372,063		79,417,787		600,398,658
Short-Term Bond		137,041,287		412,500,471		42,513,776		420,052,079
High-Yield		477,852,286		—		336,884,780		—
Tax-Exempt Bond		35,344,692		—		59,785,506		—
Inflation-Linked Bond		—		103,592,135		—		72,265,794
Bond Index		155,524,614		554,132,859		239,468,199		195,872,269

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended March 31, 2011 and years ended September 30, 2010 and 2009 was as follows:

	3/31/2011						9/30/2010						9/30/2009
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Bond	$	46,648,422	$	4,610,787	$	51,259,209	$	88,292,347	$	—	$	88,292,347	$	80,945,598	$	—	$	80,945,598
Bond Plus		13,437,585		—		13,437,585		24,924,217		—		24,924,217		23,662,448		—		23,662,448
Short-Term Bond		5,118,402		—		5,118,402		9,095,799		—		9,095,799		8,941,940		—		8,941,940
High-Yield		28,370,734		—		28,370,734		45,624,000		—		45,624,000		35,740,264		—		35,740,264
Tax-Exempt Bond *		5,901,552		3,050,242		8,951,794		10,155,144		433,280		10,588,424		9,142,135		97,723		9,239,858
Inflation-Linked Bond		15,767,697		—		15,767,697		22,295,765		—		22,295,765		29,254		—		29,254
Bond Index		14,762,388		186,745		14,949,133		4,772,627		—		4,772,627		75,696		—		75,696
Money Market		182,872		—		182,872		491,517		—		491,517		13,737,695		—		13,737,695

* Includes ordinary income which will not be taxable for federal income tax purposes in 2011, 2010 and 2009 of $5,514,672, $10,123,626 and $9,120,619 respectively.

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 67

NOTES TO FINANCIAL STATEMENTS concluded

As of March 31, 2011, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)			Capital Loss Carryover			Post-October Losses			Total
Bond	$	2,600,832	$	2,667,703	$	31,432,606		$	—		$	—		$	36,701,141
Bond Plus		119,167		—		6,868,778			(10,501,679	)		(972,374	)		(4,486,108	)
Short-Term Bond		102,012		774,148		981,272			—			—			1,857,432
High-Yield		785,619		—		46,119,394			(10,396,157	)		—			36,508,856
Tax-Exempt Bond		143,067		—		(3,022,154	)		—			(1,481,645	)		(4,360,732	)
Inflation-Linked Bond		27,726		—		63,084,637			(169,122	)		—			62,943,241
Bond Index		7,360		—		(18,703,257	)		—			(906,548	)		(19,602,445	)
Money Market		21,940		—		—			—			—			21,940

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

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the period ended March 31, 2011, the Bond Fund recognized a net capital gain of $43,112,945 as the result of a delivery of $778,860,851 of securities in an in-kind redemption transaction. For federal income tax purposes, the gain is not taxable and therefore will not be distributed to shareholders. The gain was reclassified from accumulated net realized gain (loss) on total investments to paid-in-capital in the Statement of Assets and Liabilities. During the period ended March 31, 2011, the Bond Index Fund received $778,860,851 of securities in an in-kind purchase transaction.

At March 31, 2011, the following Funds had capital loss carryovers, which will expire as follows:

	Date of Expiration
Fund	3/31/17		3/31/18		Total
Bond Plus	$	10,501,679	$	—	$	10,501,679
High-Yield		3,602,574		6,793,583		10,396,157
Inflation-Linked Bond		—		169,122		169,122

For the period ended March 31, 2011, the Bond Plus Fund, Short-Term Bond Fund, High-Yield Fund, and Inflation-Linked Bond Fund utilized $990,605, $551,961, $18,356,351, and $5,585,638 respectively, of their capital loss carryover available from prior years.

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

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended March 31, 2011, 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 remote.

68 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Bond Fund, Bond Plus Fund, Short-Term Bond Fund, High-Yield Fund, Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund and the Money Market Fund (hereafter referred to as the “Funds”), at March 31, 2011, the results of each of their operations for the period then ended and the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2011

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 69

TRUSTEES AND OFFICERS (UNAUDITED)

TIAA-CREF FUNDS § MARCH 31, 2011

Disinterested trustees

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	70	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation, the Butler Conservation Fund, Inc. and the Elmina B. Sewall Foundation.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	70	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend and Income Fund, Inc.; Member of the Board of Managers of Lazard Alternative Strategies Fund, LLC.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 11/05/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	70	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 1/4/54	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	70	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	President and Founder (since 2006) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	70	None.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	70	Director, Prudential plc; Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and North Shore Land Alliance.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (since 2008); Mitsui Professor of Economics (since 1996), Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department, Massachusetts Institute of Technology (MIT); Program Director, National Bureau of Economic Research (1990–2008).	70	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 10/18/49	Chairman of the Board and Trustee	Indefinite term as Trustee; Chairman for term ending June 30, 2012. Trustee since 1999. Chairman since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman and Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	70	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust.

70 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

continued

Disinterested trustees — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (since 2000); Professor, University of Texas at Austin (since 1987).	70	Governing Council, Independent Directors Council (mutual fund director organization) and Investment Advisory Committee, Employees Retirement System of Texas.
Executive officers
Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of TIAA and the College Retirement Equities Fund (“CREF”), TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since 2009); Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of TIAA Separate Account VA-3 and the TIAA-CREF Fund Complex, Vice President, Senior Compliance Officer of Asset Management Compliance of TIAA and Chief Compliance Officer of Investment Management (since 2008), Chief Compliance Officer of Teachers Advisors, Inc. (“Advisors”) (2008); Managing Director/Director of Global Compliance, AIG Global Investment Group (2000–2008).
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 5/11/59	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2007.	President and Principal Executive Officer of the TIAA-CREF Funds and the TIAA-CREF Life Funds (since 2007), Executive Vice President (since 1997) of CREF and TIAA Separate Account VA-1, Executive Vice President, Investments, Research, Institute & Strategy (since 2009), Executive Vice President, Head of Asset Management (2006–2009), Executive Vice President and Chief Investment Officer (2005) of TIAA, Director of Advisors (since 2004), President and Chief Executive Officer of Investment Management and Advisors and Manager of Investment Management (since 2004), Manager of TIAA Realty Capital Management, LLC (2004–2006), Chief Investment Officer of TIAA (2004–2006), Director of TIAA Global Markets, Inc. (2004–2005), Director of TIAA- CREF Life Insurance Company (1997–2006), and Director of Teachers Personal Investors Services, Inc. (“TPIS”) (2006–2008).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and TIAA Separate Account VA-1 (since 2009), Treasurer of CREF (since 2008), Director of Advisors (since 2008); Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Head of Risk Management of TIAA, Executive Vice President of the TIAA-CREF Fund Complex (since 2009), Executive Vice President, Risk Management of Advisors and Investment Management (since 2009), Senior Managing Director and Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009), Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA, Director, TIAA-CREF Life Insurance Company (2006–2008), Director, TPIS, Advisors and Investment Management (2008), Head of Risk Management of Advisors and Investment Management (2005–2006).

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 71

TRUSTEES AND OFFICERS (UNAUDITED)	concluded
TIAA-CREF FUNDS § MARCH 31, 2011
Executive officers — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
William Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 1/1/48	Vice President and Corporate Secretary	One-year term. Vice President and Corporate Secretary since 2008.	Senior Vice President (since 2010) and Corporate Secretary of TIAA and Vice President and Corporate Secretary of the TIAA-CREF Fund Complex (since 2008); Deputy General Counsel and Corporate Secretary, Bank of America (2005–2008).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 3/13/66	Executive Vice President	One year term. Executive Vice President since 2003.	Executive Vice President, Human Resources (since 2010, 2005–2007) and Executive Vice President of Human Resources and Corporate Services (2007–2010) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2003), Director, TIAA-CREF Life Insurance Company (2003–2006).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President and Chief Operating Officer (since 2010), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), and Executive Vice President, Product Management (2005–2006) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2006), Executive Vice President, Institutional Client Services (2006–2008), Director, TCT Holdings, Inc. (since 2007), Executive Vice President, TIAA-CREF Enterprises, Inc., Manager, President and Chief Executive Officer, TIAA-CREF Redwood, LLC (since 2006), Director of Tuition Financing (2006–2009), Senior Vice President, Pension Products (2003–2006).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing and Communications Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010); Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).

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

72 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

BOARD RENEWAL OF THE INVESTMENT MANAGEMENT AGREEMENT FOR CERTAIN SERIES OF THE TIAA-CREF FUNDS

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

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

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on March 31, 2011, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with management 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 all Trustees in connection with the proposed contract renewals, and then helped evaluate the information provided in response to those guidelines. During a series of meetings held prior to the March 31, 2011 Board meeting, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to management and the Funds, and then evaluated the information produced in accordance with those guidelines and requests.

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

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

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

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

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 73

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

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

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

While the Board considered the Agreement with respect to all Funds, the Board received and considered Fund-specific information and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 31, 2011, the Board voted unanimously to renew the Agreement for each Fund. Set forth below are the general factors the Board considered for all of the Funds, followed by a summary of certain specific factors the Board considered for each particular Fund.

THE NATURE, EXTENT AND QUALITY OF SERVICES

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

The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In the course of its review of the quality of TAI’s services, the Board examined the investment performance of each Fund and concluded that it was within an acceptable range when compared with the Fund’s benchmark and/or its peer group of mutual funds, or that, in the case of a Fund that had underperformed its benchmark or peer group/universe for an extended period of time, TAI represented that it had taken or was planning to implement affirmative remedial actions that are reasonably designed to enhance the Fund’s investment performance.

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

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Fund, as applicable, over one-, two-, three-, four-, five- and ten-year and since inception periods (as applicable). The Board considered each Fund’s performance as compared to its peer group, peer universe and benchmark index. The Board also reviewed the performance of the Bond Index Fund before any reductions for fees or expenses as compared to the Fund’s benchmark index. In this regard, the Board considered that most financial markets had experienced nearly unprecedented volatility during recent years that had impacted the performance of many Funds. Despite these circumstances, the performance of most Funds generally compared favorably to their benchmarks (after considering the effect of expenses incurred to operate the Funds) and, with some exceptions, the Funds ranked in the top three performance quintiles versus their peer groups of mutual funds. (For additional detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below.) The Board considered that, in those cases in which a Fund had underperformed its benchmark or peer group of mutual funds for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative remedial actions that are reasonably designed to enhance the Fund’s investment performance. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was within an

74 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

continued

acceptable range or that appropriate remedial actions had or were being implemented.

COST AND PROFITABILITY

The Board considered financial and profitability data relating to TAI for the calendar year 2010 with respect to the Funds. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board considered that TAI had earned profits with respect to some of the Funds under the Agreement and expected this trend to continue, but that for certain of the Funds, including the Bond Index Fund, there was no current expectation for TAI to earn a profit in the foreseeable future. With respect to those Funds for which the Agreement was profitable to TAI in 2010, the Board concluded that those profits were not excessive in light of various relevant factors.

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

FEES CHARGED BY OTHER ADVISERS

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

ECONOMIES OF SCALE

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. In this connection, the Board considered that TAI had incurred operating losses with respect to its services provided to some of the Funds in 2010. The Board also considered the extent to which the current fee “breakpoints” (that is, the Fund asset levels at which additional assets would be assessed lower fee rates) on many actively-managed Funds (most of which are profitable to TAI) would have a material effect on their fees. The Board considered TAI’s representation that, although the current breakpoint discounts may be low compared to those of some competitors, the initial maximum fee rates in the Agreement are already at low levels compared to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ fee schedules were within an acceptable range in light of current economies of scale considerations and current asset levels.

FEE COMPARISON WITH OTHER TAI CLIENTS

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

OTHER BENEFITS

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

FUND-BY FUND FACTORS

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 75

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

management fee, expense and performance factors outlined below are based on the Retirement Class shares of each Fund (except where otherwise noted), which generally is the largest share class in terms of assets of each Fund. Because the Retirement Class generally has different non-management expenses than the Institutional, Premier and Retail Classes of these Funds, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Retirement Class. All time periods referenced below end as of December 31, 2010. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category. Statements below regarding a Fund’s “aggregate fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account the different fee rates that apply to higher levels of Fund assets that exceed one or more breakpoints in the Fund’s fee rate schedule. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2010 under the Agreement.

BOND FUND

•	The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.295% of average daily net assets.
•	The Fund’s management fees and total expenses were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and 2nd quintile of the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).
•	For the two- and ten-year periods, the Fund was in the 5th and 3rd quintiles, respectively, of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”). For the one-, three-, four- and five-year periods, the Fund was in the 4th quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
BOND PLUS FUND
•	The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints.
•	The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and 2nd quintile of its Expense Universe.
•	For the one-year period, the Fund was in the 2nd quintile of its Performance Universe and in the 4th quintile of its Performance Universe for the two-, three- and four-year and since inception periods.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
SHORT-TERM BOND FUND
•	The Fund’s annual contractual management fee rate is 0.25% of average daily net assets with breakpoints.
•	The Fund’s management fees and total expenses were in the 2nd quintile of its Expense Group and the 1st and 3rd quintiles, respectively, of its Expense Universe.
•	For the two-year period, the Fund was in the 4th quintile of its Performance Universe, and in the 2nd quintile of its Performance Universe for the one-, three-, and four-year and since inception periods.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
HIGH-YIELD FUND
•	The Fund’s annual contractual management fee rate is 0.35% of average daily net assets with breakpoints.
•	The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 3rd, 4th, 1st, 1st and 2nd quintiles of its Performance Universe for the one-, two-, three- and four-year and since inception periods.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
TAX-EXEMPT BOND FUND
•	The Fund’s annual contractual management fee rate is 0.30% of average daily net assets with breakpoints.
•	The Fund’s management fees were in the 1st and 2nd quintiles of its Expense Group and Expense Universe, respectively, with respect to the Institutional Class. The Fund’s total expenses were in the 1st quintile of its Expense Group and Expense Universe with respect to the Institutional Class.
•	For the one-year and since inception periods, the Fund was in the 3rd and 1st quintiles, respectively, of its Performance Universe. For the two-, three- and four-year periods, the Fund was in the 2nd quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	Steve Sterman and Barnet Sherman were added to the portfolio management team of the Fund in 2010.
INFLATION-LINKED BOND FUND
•	The Fund’s annual contractual management fee rate is 0.25%, which was reduced as of May 1, 2010 from 0.30% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.249% of average daily net assets.
•	The Fund’s management fees are in the 1st quintile of its Expense Group and Expense Universe, and its total expenses are in the 1st and 2nd quintiles of its Expense Group and Expense Universe, respectively,
•	For the two-year period, the Fund was in the 4th quintile of its Performance Universe. For the one-, three-, four- and five-year periods, the Fund was in the 3rd quintile of its Performance Group and Performance Universe.
76	2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

concluded

•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
BOND INDEX FUND
•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s management fees are in the 1st quintile of its Expense Group and Expense Universe. The Fund’s total expenses were in the 1st and 3rd quintiles of its Expense Group and Expense Universe, respectively.
•	For the one-year and since inception periods, the Fund was in the 4th and 3rd quintiles of its Performance Universe, respectively.
•	The Fund has not been operational long enough to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
•	In 2010, Kevin Chen was added to the Fund’s portfolio management team to oversee quantitative investments.
MONEY MARKET FUND
•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s management fees were in the 1st quintile of its Expense Group and Universe. The Fund’s total expenses were in the 2nd and 3rd quintiles, respectively, of its Expense Group and Expense Universe.
•	For the one- and ten-year periods, the Fund was in the 4th and 2nd quintile of its Performance Universe, respectively. For the two-, three-, four- and five-year periods, the Fund was in the 3rd quintile of its Performance Universe.
•	Money market funds are not rated by Morningstar.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period
•	Since July 2009, TAI and the Fund’s distributor, Teachers Personal Investors Services, Inc., have voluntarily waived certain service and Rule 12b-1 fees in order to keep the Fund’s yield positive.

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

TIAA-CREF Funds: Fixed-Income Funds § 2011 Annual Report 77

IMPORTANT TAX INFORMATION (UNAUDITED)

For the period ended March 31, 2011, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long-Term Capital Gains
Bond	$	4,610,787
Bond Plus		—
Short-Term Bond		—
High-Yield		—
Tax-Exempt Bond		3,050,242
Inflation-Linked Bond		—
Bond Index		186,745
Money Market		—

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

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2011, which will be reported in conjunction with your 2011 Form 1099-DIV.

By early 2012, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

78 2011 Annual Report § TIAA-CREF Funds: Fixed-Income Funds

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HOW TO REACH US

TIAA-CREF WEBSITE

tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

800 842-2252

24 hours a day, 7 days a week

FOR THE HEARING- OR SPEECH-IMPAIRED

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

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

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit tiaa-cref.org, or call 800 842-2252 for the Institutional, 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 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.

©2011 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206

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Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended March 31, 2011 and September 30, 2010, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $525,412 and $1,556,900, respectively.

4(b) Audit Related Fees.

For the fiscal years ended March 31, 2011 and September 30, 2010, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the year ended December 31, 2010, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0.

4(c) Tax Fees.

For the fiscal years ended March 31, 2011 and September 30, 2010, PwC’s aggregate fees for tax services billed to the Registrant were $55,800 and $495,700, respectively.

For the year ended December 31, 2010, the Tax Fees billed by PwC to the Fund Service Providers was $0.

4(d) All Other Fees.

For the fiscal years ended March 31, 2011 and September 30, 2010, PwC’s aggregate fees for all other services to the Registrant were $0 and $0, respectively.

For the year ended December 31, 2010, the Other Fees billed by PwC to the Fund Service Providers was $0.

4(e)(1) Preapproval Policy.

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

Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and September 30, 2010 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and September 30, 2010 on behalf of the Fund service providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and September 30, 2010 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and September 30, 2010 on behalf of the Fund service providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011and September 30, 2010 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2011 and September 30, 2010 on behalf of the Fund service providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended March 31, 2011 and September 30, 2010, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC was $126,515 and $249,330 respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS – Real Estate Securities Fund

TIAA-CREF FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS
March 31, 2011

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.5%
ASSET MANAGEMENT & CUSTODY BANKS- 0.7%
	100,000		iShares Dow Jones US Real Estate Index Fund	$	5,940,000
			TOTAL ASSET MANAGEMENT & CUSTODY BANKS		5,940,000
DIVERSIFIED REITS - 4.5%
	420,000		Vornado Realty Trust		36,750,000
			TOTAL DIVERSIFIED REITS		36,750,000
GENERAL MERCHANDISE STORES - 0.9%
	150,000		Target Corp		7,501,500
			TOTAL GENERAL MERCHANDISE STORES		7,501,500
GOLD - 0.6%
	100,000		Newmont Mining Corp		5,458,000
			TOTAL GOLD		5,458,000
HOMEBUILDING - 0.7%
	150,000		KB Home		1,866,000
	500,000	*	Pulte Homes, Inc		3,700,000
			TOTAL HOMEBUILDING		5,566,000
HOTELS, RESORTS & CRUISE LINES - 1.3%
	70,000	*	Hyatt Hotels Corp		3,012,800
	600,000	*	Orient-Express Hotels Ltd (Class A)		7,422,000
			TOTAL HOTELS, RESORTS & CRUISE LINES		10,434,800
INDUSTRIAL REITS - 4.8%
	300,000		AMB Property Corp		10,791,000
	195,000		EastGroup Properties, Inc		8,574,150
	150,000	*	First Industrial Realty Trust, Inc		1,783,500
	1,150,000		Prologis		18,377,000
			TOTAL INDUSTRIAL REITS		39,525,650
MORTGAGE REITS - 1.1%
	350,000		Annaly Capital Management, Inc		6,107,500
	136,615		CreXus Investment Corp		1,560,143
	250,000	*	Newcastle Investment Corp		1,510,000
			TOTAL MORTGAGE REITS		9,177,643
OFFICE REITS - 13.6%
	190,000		Alexandria Real Estate Equities, Inc		14,814,300
	750,000		BioMed Realty Trust, Inc		14,265,000
	425,000		Boston Properties, Inc		40,311,250
	160,000		Corporate Office Properties Trust		5,782,400

1

TIAA-CREF FUNDS – Real Estate Securities Fund

SHARES			COMPANY	VALUE
	220,000		Digital Realty Trust, Inc	$	12,790,800
	75,000		Kilroy Realty Corp		2,912,250
	350,000		Mission West Properties, Inc		2,299,500
	245,000		SL Green Realty Corp		18,424,000
			TOTAL OFFICE REITS		111,599,500
	OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%
	211,200	*,g,m	People’s Choice Financial Corp		0
			TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0
	REAL ESTATE DEVELOPMENT - 0.4%
	169,182	*	Forestar Real Estate Group, Inc		3,217,842
			TOTAL REAL ESTATE DEVELOPMENT		3,217,842
	REAL ESTATE OPERATING COMPANIES - 1.6%
	3,850,000	*,a	Thomas Properties Group, Inc		12,897,500
			TOTAL REAL ESTATE OPERATING COMPANIES		12,897,500
	REAL ESTATE SERVICES - 2.6%
	500,000	*	CB Richard Ellis Group, Inc (Class A)		13,350,000
	85,000		Jones Lang LaSalle, Inc		8,477,900
			TOTAL REAL ESTATE SERVICES		21,827,900
	RESIDENTIAL REITS - 15.5%
	400,000		American Campus Communities, Inc		13,200,000
	200,000		Associated Estates Realty Corp		3,176,000
	230,511		AvalonBay Communities, Inc		27,679,761
	116,232		Camden Property Trust		6,604,302
	900,000		Equity Residential		50,768,999
	170,000		Essex Property Trust, Inc		21,080,000
	33,401		Post Properties, Inc		1,310,989
	150,000		UDR, Inc		3,655,500
			TOTAL RESIDENTIAL REITS		127,475,551
	RETAIL REITS - 21.1%
	1,200,000		Developers Diversified Realty Corp		16,800,000
	130,000		Federal Realty Investment Trust		10,602,800
	520,000		General Growth Properties, Inc		8,049,600
	200,000		Glimcher Realty Trust		1,850,000
	600,000		Kimco Realty Corp		11,004,000
	380,000		Macerich Co		18,821,400
	150,000		Realty Income Corp		5,242,500
	250,000		Regency Centers Corp		10,870,000
	750,000		Simon Property Group, Inc		80,370,000
	300,000		Tanger Factory Outlet Centers, Inc		7,872,000
	35,000		Taubman Centers, Inc		1,875,300
			TOTAL RETAIL REITS		173,357,600
	SPECIALIZED REITS - 28.1%
	270,000		Entertainment Properties Trust		12,641,400
	189,727		Extra Space Storage, Inc		3,929,246

2

TIAA-CREF FUNDS – Real Estate Securities Fund

SHARES			COMPANY	VALUE
	927,691	*	FelCor Lodging Trust, Inc	$	5,686,746
	780,000		HCP, Inc		29,593,200
	450,000		Health Care REIT, Inc		23,598,000
	1,100,000		Hersha Hospitality Trust		6,534,000
	1,850,000		Host Marriott Corp		32,578,500
	60,000		LaSalle Hotel Properties		1,620,000
	280,000		Nationwide Health Properties, Inc		11,908,400
	300,000		Plum Creek Timber Co, Inc		13,083,000
	290,000		Public Storage, Inc		32,163,900
	37,500		Rayonier, Inc		2,336,625
	80,000		Sovran Self Storage, Inc		3,164,000
	250,000	*	Sunstone Hotel Investors, Inc		2,547,500
	600,000		U-Store-It Trust		6,312,000
	420,000		Ventas, Inc		22,806,000
	850,000		Weyerhaeuser Co		20,910,001
			TOTAL SPECIALIZED REITS		231,412,518
			TOTAL COMMON STOCKS		802,142,004
			(Cost $741,438,652)
			TOTAL INVESTMENTS - 97.5%		802,142,004
			(Cost $741,438,652)
			OTHER ASSETS & LIABILITIES, NET - 2.5%		20,343,663
			NET ASSETS - 100.0%	$	822,485,667

	Abbreviation(s):
	REIT	Real Estate Investment Trust
*	Non-income producing.
a	Affiliated holding.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2011 the value of these securities amounted to $0 or 0.0% of net assets.
m	Indicates a security that has been deemed illiquid.

3

TIAA-CREF FUNDS – Bond Fund

TIAA-CREF FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 97.0%
CORPORATE BONDS - 34.9%
AUTOMOBILES & COMPONENTS - 0.1%
	$375,000		Harsco Corp	5.130	%	09/15/13	$	404,267
	745,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		763,431
			TOTAL AUTOMOBILES & COMPONENTS					1,167,698
BANKS - 7.0%
	1,350,000	g	Banco de Credito del Peru	5.380		09/16/20		1,275,750
	1,500,000	g	Banco De Credito Del Peru	4.750		03/16/16		1,477,500
	1,530,000	g	Banco del Estado de Chile	4.130		10/07/20		1,429,245
	1,055,000	g	Banco do Brasil S.A.	4.500		01/22/15		1,098,783
	990,000	g	Banco do Brasil S.A.	5.380		01/15/21		960,300
	990,000	g,i	Banco Santander Chile	1.550		04/20/12		989,707
	925,000	g	Banco Santander Chile	3.750		09/22/15		922,318
	1,100,000	g	BanColombia S.A.	4.250		01/12/16		1,086,250
	3,440,000		Bank of America	4.880		09/15/12		3,603,820
	3,295,000		Bank of America Corp	2.380		06/22/12		3,370,999
	715,000		Bank of America Corp	7.380		05/15/14		807,467
	3,750,000		Bank of America Corp	3.630		03/17/16		3,697,193
	1,690,000		Bank of America Corp	5.300		03/15/17		1,735,066
	1,125,000		Bank of America Corp	6.000		09/01/17		1,205,773
	1,160,000		Bank of America Corp	5.750		12/01/17		1,222,189
	3,955,000	g	Bank of Montreal	2.850		06/09/15		3,988,973
	4,500,000	g	Bank of Montreal	2.630		01/25/16		4,478,558
	4,780,000	g	Bank of Nova Scotia	1.650		10/29/15		4,585,425
	123,357		Bank One Corp	5.900		11/15/11		127,314
	235,000	i	BB&T Capital Trust IV	6.820		06/12/57		233,825
	845,000		BB&T Corp	3.850		07/27/27		874,841
	950,000	g	BBVA Bancomer S.A.	4.500		03/10/16		952,012
	745,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		758,135
	1,975,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		1,985,953
	3,000,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		3,003,834
	730,000		Capital One Capital V	8.880		05/15/40		769,238
	123,357		Citigroup, Inc	6.000		02/21/12		128,864
	7,900,000		Citigroup, Inc	2.130		04/30/12		8,049,443
	1,000,000		Citigroup, Inc	6.000		12/13/13		1,087,326
	1,565,000		Citigroup, Inc	5.500		10/15/14		1,688,009
	730,000		Citigroup, Inc	6.130		05/15/18		796,219
	4,265,000		Citigroup, Inc	5.380		08/09/20		4,390,617
	1,125,000		Citigroup, Inc	6.880		03/05/38		1,236,312
	565,000		Citigroup, Inc	8.130		07/15/39		708,235
	10,335,000	g	Depfa ACS Bank	5.130		03/16/37		6,861,881
	600,000		Deutsche Bank AG	3.880		08/18/14		625,611
	935,000		Discover Bank	7.000		04/15/20		1,028,689

4

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$800,000		First Horizon National Corp	5.380	%	12/15/15	$	835,819
	185,000		Golden West Financial Corp	4.750		10/01/12		194,344
	2,835,000	g	HSBC Bank plc	3.500		06/28/15		2,871,812
	1,320,000	g	HSBC Bank plc	4.130		08/12/20		1,263,174
	225,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		217,823
	675,000		HSBC Holdings plc	6.500		09/15/37		688,329
	1,335,000	g	ICICI Bank Ltd	5.500		03/25/15		1,391,868
	660,000		JP Morgan Chase Capital XXV	6.800		10/01/37		663,388
	2,745,000		JPMorgan Chase & Co	3.130		12/01/11		2,796,977
	525,000		JPMorgan Chase & Co	4.650		06/01/14		561,146
	895,000		JPMorgan Chase & Co	5.130		09/15/14		960,621
	1,050,000		JPMorgan Chase & Co	3.400		06/24/15		1,056,445
	5,000,000		JPMorgan Chase & Co	3.450		03/01/16		4,982,144
	4,580,000		JPMorgan Chase & Co	4.250		10/15/20		4,377,161
	925,000		JPMorgan Chase & Co	5.500		10/15/40		903,866
	2,635,000		KeyBank NA	3.200		06/15/12		2,721,273
	470,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		454,690
	245,000		Mellon Funding Corp	6.400		05/14/11		246,575
	1,500,000	g	National Bank of Canada	1.650		01/30/14		1,502,007
	1,975,000		New York Community Bank	3.000		12/16/11		2,013,268
	500,000		Noble Holding International Ltd	3.450		08/01/15		510,449
	1,320,000		Noble Holding International Ltd	4.900		08/01/20		1,339,259
	1,850,000		Northern Trust Corp	4.630		05/01/14		1,997,782
	1,255,000		PNC Funding Corp	5.130		02/08/20		1,320,978
	1,300,000	g,h	Shinhan Bank	4.130		10/04/16		1,304,697
	1,320,000		Sovereign Bancorp, Inc	2.750		01/17/12		1,345,914
	1,975,000		Sovereign Bancorp, Inc	2.500		06/15/12		2,017,723
	560,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		557,509
	945,000		Union Bank of California NA	5.950		05/11/16		1,001,328
	7,602,000		US Central Federal Credit Union	1.900		10/19/12		7,746,112
	285,000		USB Capital XIII Trust	6.630		12/15/39		298,358
	1,390,000	g	Vnesheconombank	6.800		11/22/25		1,409,460
	135,000		Wachovia Bank NA	5.300		10/15/11		138,385
	971,000		Wachovia Bank NA	4.800		11/01/14		1,033,969
	1,490,000		Wachovia Bank NA	5.850		02/01/37		1,520,524
	2,635,000		Wells Fargo & Co	2.130		06/15/12		2,685,344
	3,230,000		Wells Fargo & Co	4.750		02/09/15		3,437,062
	2,000,000		Wells Fargo & Co	3.680		06/15/16		2,011,820
	2,000,000		Wells Fargo & Co	4.600		04/01/21		1,977,810
	3,295,000		Western Corporate Federal Credit Union	1.750		11/02/12		3,348,547
	2,145,000		Westpac Banking Corp	3.000		08/04/15		2,139,676
	375,000		Zions Bancorporation	7.750		09/23/14		407,256
			TOTAL BANKS					143,494,366
CAPITAL GOODS - 0.6%
	220,000		Black & Decker Corp	8.950		04/15/14		260,114
	4,000,000	h	Caterpillar Financial Services Corp	2.650		04/01/16		3,969,891
	750,000		CRH America, Inc	4.130		01/15/16		750,731
	710,000		DIRECTV Holdings LLC	3.500		03/01/16		711,541
	1,305,000	g	Gold Fields Orogen Holding BVI Ltd	4.880		10/07/20		1,252,328
	525,000		Goodrich Corp	6.130		03/01/19		588,373
	2,025,000		ITT Corp	4.900		05/01/14		2,166,094

5

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,291,000	g	Myriad International Holding BV	6.380	%	07/28/17	$	1,363,554
	605,000		Tyco International Finance S.A.	6.000		11/15/13		669,762
	345,000		Tyco International Finance S.A.	4.130		10/15/14		366,324
	350,000		United Technologies Corp	5.400		05/01/35		361,489
	155,000		United Technologies Corp	6.050		06/01/36		172,385
	355,000		United Technologies Corp	5.700		04/15/40		380,298
			TOTAL CAPITAL GOODS					13,012,884
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	890,000		Daimler Finance North America LLC	5.750		09/08/11		909,365
	123,357		Daimler Finance North America LLC	7.300		01/15/12		129,573
	745,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		756,930
	695,000		News America, Inc	7.250		05/18/18		828,860
	225,000		News America, Inc	7.630		11/30/28		257,599
	600,000		News America, Inc	6.200		12/15/34		603,433
	730,000		News America, Inc	6.650		11/15/37		765,620
	600,000		News America, Inc	6.900		08/15/39		651,443
	645,000		Republic Services, Inc	5.000		03/01/20		667,752
	925,000		Republic Services, Inc	5.250		11/15/21		968,338
	845,000		Republic Services, Inc	6.200		03/01/40		892,302
	1,220,000		Svensk Exportkredit AB	5.130		03/01/17		1,349,508
	1,000,000		Waste Management, Inc	4.600		03/01/21		999,165
	2,585,000		Waste Management, Inc	6.130		11/30/39		2,682,988
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					12,462,876
CONSUMER DURABLES & APPAREL - 0.2%
	1,500,000		AXIATA SPV1 LABUAN Ltd	5.380		04/28/20		1,528,149
	1,500,000	g	Harley-Davidson Financial Services, Inc	3.880		03/15/16		1,492,900
	810,000		Whirlpool Corp	8.000		05/01/12		863,211
			TOTAL CONSUMER DURABLES & APPAREL					3,884,260
CONSUMER SERVICES - 0.2%
	1,580,000		McDonald’s Corp	3.500		07/15/20		1,543,166
	1,400,000	g	Transnet Ltd	4.500		02/10/16		1,429,201
	123,357		Walt Disney Co	6.380		03/01/12		129,811
	990,000		Walt Disney Co	4.500		12/15/13		1,072,833
			TOTAL CONSUMER SERVICES					4,175,011
DIVERSIFIED FINANCIALS - 9.0%
	385,000		American Express Co	7.000		03/19/18		449,959
	1,370,000		American Express Co	8.130		05/20/19		1,709,312
	530,000		Ameriprise Financial, Inc	5.300		03/15/20		561,792
	1,425,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		1,439,250
	1,490,000	g	Bangkok Bank PCL	4.800		10/18/20		1,418,254
	845,000		Bank of New York Mellon Corp	4.300		05/15/14		906,115
	580,000		Bank of New York Mellon Corp	5.450		05/15/19		636,217
	2,000,000	g,h	Banque PSA Finance	3.380		04/04/14		1,999,094
	615,000		Barclays Bank plc	5.200		07/10/14		664,684
	1,125,000		BlackRock, Inc	3.500		12/10/14		1,176,274
	1,290,000		BlackRock, Inc	5.000		12/10/19		1,353,276
	1,490,000	g	BM&FBOVESPA S.A.	5.500		07/16/20		1,524,212
	1,320,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		1,302,612

6

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$890,000		Capital One Bank USA NA	8.800	%	07/15/19	$	1,119,051
	975,000		Capital One Financial Corp	5.700		09/15/11		996,601
	7,245,000		Citigroup Funding, Inc	2.000		03/30/12		7,347,481
	7,245,000		Citigroup Funding, Inc	1.880		10/22/12		7,382,054
	6,585,000		Citigroup Funding, Inc	2.250		12/10/12		6,751,107
	1,500,000		Credit Suisse	5.000		05/15/13		1,601,393
	1,420,000		Credit Suisse	5.500		05/01/14		1,556,472
	1,125,000		Credit Suisse	5.300		08/13/19		1,182,569
	123,357		Credit Suisse USA, Inc	6.500		01/15/12		129,033
	660,000		Eaton Vance Corp	6.500		10/02/17		747,568
	925,000		Franklin Resources, Inc	3.130		05/20/15		946,794
	3,295,000		General Electric Capital Corp	2.250		03/12/12		3,353,766
	1,580,000		General Electric Capital Corp	2.200		06/08/12		1,612,564
	123,357		General Electric Capital Corp	6.000		06/15/12		130,627
	1,975,000		General Electric Capital Corp	2.130		12/21/12		2,021,657
	2,635,000		General Electric Capital Corp	2.630		12/28/12		2,719,623
	465,000		General Electric Capital Corp	2.800		01/08/13		475,786
	3,865,000		General Electric Capital Corp	1.880		09/16/13		3,863,674
	4,015,000		General Electric Capital Corp	5.500		06/04/14		4,390,792
	1,915,000		General Electric Capital Corp	4.380		09/16/20		1,860,997
	1,975,000		General Electric Capital Corp	4.630		01/07/21		1,945,023
	4,000,000		General Electric Capital Corp	5.300		02/11/21		4,062,676
	810,000		General Electric Capital Corp	6.880		01/10/39		903,954
	11,190,000		GMAC, Inc	1.750		10/30/12		11,377,287
	31,064,000		GMAC, Inc	2.200		12/19/12		31,823,080
	660,000	i	Goldman Sachs Capital II	5.790		12/30/49		569,250
	123,357		Goldman Sachs Group, Inc	6.600		01/15/12		128,944
	990,000		Goldman Sachs Group, Inc	5.700		09/01/12		1,049,152
	50,000		Goldman Sachs Group, Inc	4.750		07/15/13		52,984
	250,000		Goldman Sachs Group, Inc	3.700		08/01/15		251,845
	1,700,000		Goldman Sachs Group, Inc	3.630		02/07/16		1,683,937
	1,025,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,190,624
	2,520,000		Goldman Sachs Group, Inc	5.380		03/15/20		2,558,643
	135,000		Goldman Sachs Group, Inc	6.450		05/01/36		132,026
	335,000		Goldman Sachs Group, Inc	6.750		10/01/37		337,891
	1,500,000		Goldman Sachs Group, Inc	6.250		02/01/41		1,493,787
	123,357		HSBC Finance Corp	7.000		05/15/12		131,200
	3,875,000		HSBC Finance Corp	4.750		07/15/13		4,133,005
	448,000	g	Hyundai Capital America	3.750		04/06/16		441,350
	600,000	g	Hyundai Capital Services, Inc	4.380		07/27/16		603,188
	575,000	g	International Lease Finance Corp	6.500		09/01/14		613,813
	1,400,000	g	Inversiones CMPC S.A.	4.750		01/19/18		1,377,510
	400,000		Jefferies Group, Inc	6.250		01/15/36		369,728
	515,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		544,277
	1,975,000		Landwirtschaftliche Rentenbank	5.130		02/01/17		2,213,163
	665,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		67
	615,000		Lloyds TSB Bank plc	6.380		01/21/21		640,889
	2,145,000	g	Lukoil International Finance BV	6.130		11/09/20		2,187,900
	802,000		MBNA Corp	6.130		03/01/13		858,021
	1,235,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,309,169
	715,000		Merrill Lynch & Co, Inc	6.400		08/28/17		779,406
	2,025,000		Merrill Lynch & Co, Inc	6.880		04/25/18		2,249,151

7

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,125,000		Morgan Stanley	6.000	%	05/13/14	$	2,311,681
	655,000		Morgan Stanley	6.000		04/28/15		713,364
	1,695,000		Morgan Stanley	5.450		01/09/17		1,786,872
	720,000		Morgan Stanley	5.950		12/28/17		773,379
	625,000		Morgan Stanley	6.630		04/01/18		686,948
	1,090,000		Morgan Stanley	7.300		05/13/19		1,225,987
	2,500,000		Morgan Stanley	5.750		01/25/21		2,523,240
	630,000		NASDAQ OMX Group, Inc	4.000		01/15/15		625,586
	445,000		NASDAQ OMX Group, Inc	5.550		01/15/20		435,773
	123,357		National Rural Utilities Cooperative Finance Corp	7.250		03/01/12		130,694
	880,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		899,789
	1,065,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		1,162,002
	565,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		771,437
	550,000		Nomura Holdings, Inc	4.130		01/19/16		544,180
	1,500,000	g,h	Odebrecht Finance Ltd	6.000		04/05/23		1,485,000
	1,125,000	g	Principal Life Global Funding I	5.130		10/15/13		1,198,716
	925,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		919,438
	1,410,000		Rabobank Nederland NV	2.130		10/13/15		1,360,475
	835,000	g,i	Rabobank Nederland NV	11.000		12/30/49		1,087,588
	4,610,000		State Street Corp	2.150		04/30/12		4,691,463
	925,000		State Street Corp	4.300		05/30/14		990,865
	2,970,000	g	Toronto-Dominion Bank	2.200		07/29/15		2,934,788
	1,975,000		UBS AG.	4.880		08/04/20		1,991,373
	2,000,000		Unilever Capital Corp	4.250		02/10/21		2,028,228
	878,750	g	Waha Aerospace BV	3.930		07/28/20		878,750
	475,000		Waha Aerospace BV	3.930		07/28/20		475,000
	320,000	g	WT Finance Aust Pty Ltd	5.130		11/15/14		342,068
			TOTAL DIVERSIFIED FINANCIALS					178,318,284
ENERGY - 3.9%
	1,275,000		Anadarko Petroleum Corp	5.950		09/15/16		1,386,416
	345,000		Anadarko Petroleum Corp	8.700		03/15/19		422,580
	625,000		Anadarko Petroleum Corp	6.450		09/15/36		624,193
	1,320,000		Apache Corp	5.100		09/01/40		1,227,093
	875,000		Baker Hughes, Inc	6.500		11/15/13		985,298
	335,000		Baker Hughes, Inc	5.130		09/15/40		317,704
	395,000		BJ Services Co	5.750		06/01/11		398,311
	1,090,000		BP Capital Markets plc	3.130		03/10/12		1,113,956
	12,645,000		BP Capital Markets plc	3.200		03/11/16		12,589,184
	735,000		Burlington Resources Finance Co	7.200		08/15/31		888,890
	1,075,000		Chevron Corp	3.450		03/03/12		1,104,435
	1,400,000		ConocoPhillips	4.600		01/15/15		1,525,768
	1,140,000		ConocoPhillips	6.500		02/01/39		1,297,787
	123,357		Devon Financing Corp ULC	6.880		09/30/11		127,127
	1,388,965		Dolphin Energy Ltd	5.890		06/15/19		1,475,775
	990,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		1,055,282
	910,000	g	Empresa Nacional del Petroleo	5.250		08/10/20		907,675
	480,000		Enbridge Energy Partners LP	5.200		03/15/20		498,983
	235,000		EnCana Corp	6.630		08/15/37		253,714
	875,000		Enterprise Products Operating LLC	4.600		08/01/12		910,557
	335,000		Enterprise Products Operating LLC	5.600		10/15/14		370,096
	170,000		Enterprise Products Operating LLC	5.000		03/01/15		182,017

8

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$465,000		Enterprise Products Operating LLC	6.300	%	09/15/17	$	524,266
	270,000		Enterprise Products Operating LLC	6.500		01/31/19		306,875
	615,000		Enterprise Products Operating LLC	6.130		10/15/39		612,110
	705,000		Enterprise Products Operating LLC	5.950		02/01/41		685,725
	810,000		EOG Resources, Inc	4.100		02/01/21		784,213
	1,450,000	g	Gaz Capital S.A.	5.090		11/29/15		1,513,365
	465,000		Hess Corp	8.130		02/15/19		583,738
	1,295,000		Hess Corp	5.600		02/15/41		1,237,155
	1,200,000	g	Marathon Petroleum Corp	3.500		03/01/16		1,203,149
	1,000,000	g	Marathon Petroleum Corp	5.130		03/01/21		1,007,983
	830,000	g	Novatek Finance Ltd	6.600		02/03/21		871,505
	1,450,000		Occidental Petroleum Corp	4.100		02/01/21		1,436,137
	365,000		Pemex Project Funding Master Trust	5.750		03/01/18		386,169
	400,000		Pemex Project Funding Master Trust	6.630		06/15/35		401,245
	250,000		Pemex Project Funding Master Trust	6.630		06/15/38		248,937
	640,000		Petrobras International Finance Co	3.880		01/27/16		644,278
	1,210,000		Petrobras International Finance Co	7.880		03/15/19		1,420,643
	1,048,000		Petrobras International Finance Co	6.880		01/20/40		1,097,469
	925,000		Petroleos Mexicanos	4.880		03/15/15		985,125
	170,000		Petroleos Mexicanos	8.000		05/03/19		204,170
	925,000		Petroleos Mexicanos	6.000		03/05/20		981,888
	735,000		Petroleos Mexicanos	5.500		01/21/21		746,025
	1,315,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		1,594,438
	1,425,000	g	Petronas Capital Ltd	5.250		08/12/19		1,515,579
	1,125,000		Plains All American Pipeline LP	5.000		02/01/21		1,128,345
	1,500,000	g,h	PTTEP Canada International Finance Ltd	5.690		04/05/21		1,498,905
	1,106,040		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		09/30/20		1,147,517
	1,430,000	g	Reliance Holdings USA	4.500		10/19/20		1,347,219
	600,000	g	Rockies Express Pipeline LLC	6.250		07/15/13		640,858
	1,494,048		Rowan Cos, Inc	3.530		05/01/20		1,496,259
	2,992,455		Rowan Cos, Inc	3.160		07/15/21		2,974,469
	1,250,000	g	Schlumberger Norge AS.	4.200		01/15/21		1,250,529
	1,250,000	g	Schlumberger Oilfield UK plc	4.200		01/15/21		1,250,529
	630,000		SEACOR Holdings, Inc	7.380		10/01/19		670,169
	660,000		Shell International Finance BV	3.100		06/28/15		676,296
	1,175,000		Shell International Finance BV	4.300		09/22/19		1,209,957
	285,000		Shell International Finance BV	6.380		12/15/38		322,077
	415,000		Statoil ASA	2.900		10/15/14		428,219
	150,000		TransCanada Pipelines Ltd	4.000		06/15/13		158,547
	1,915,000		TransCanada Pipelines Ltd	7.690		06/30/16		2,266,424
	660,000		TransCanada Pipelines Ltd	5.850		03/15/36		671,476
	235,000		Vale Overseas Ltd	6.250		01/23/17		261,585
	480,000		Vale Overseas Ltd	6.880		11/21/36		511,133
	970,000		Vale Overseas Ltd	6.880		11/10/39		1,036,828
	515,000		Valero Energy Corp	4.500		02/01/15		541,946
	710,000		Valero Energy Corp	6.130		02/01/20		767,915
	1,795,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		1,782,354
	1,470,000		XTO Energy, Inc	6.250		04/15/13		1,617,739
	660,000		XTO Energy, Inc	4.630		06/15/13		708,895
			TOTAL ENERGY					77,021,218

9

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
FOOD & STAPLES RETAILING - 0.3%
	$500,000		CVS Caremark Corp	3.250	%	05/18/15	$	507,907
	1,750,000		CVS Caremark Corp	5.750		06/01/17		1,927,604
	120,000		CVS Caremark Corp	6.600		03/15/19		137,650
	580,000		Delhaize Group S.A.	5.880		02/01/14		633,244
	565,000		Delhaize Group S.A.	6.500		06/15/17		635,492
	335,000		Kroger Co	6.200		06/15/12		354,145
	190,000		Kroger Co	5.000		04/15/13		203,007
	600,000		Kroger Co	6.400		08/15/17		690,338
	120,000		Kroger Co	6.800		12/15/18		139,158
			TOTAL FOOD & STAPLES RETAILING					5,228,545
FOOD, BEVERAGE & TOBACCO - 1.1%
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	2.880		02/15/16		2,481,395
	1,835,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		1,969,509
	1,160,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		1,213,138
	365,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		409,129
	1,005,000		Bottling Group LLC	6.950		03/15/14		1,157,509
	2,015,000		Coca-Cola Co	3.150		11/15/20		1,874,800
	465,000		Coca-Cola Enterprises, Inc	4.250		03/01/15		499,487
	1,160,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		1,182,657
	385,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		420,205
	650,000		General Mills, Inc	5.200		03/17/15		713,907
	290,000		General Mills, Inc	5.650		02/15/19		321,448
	925,000	g	Grupo Bimbo SAB de C.V.	4.880		06/30/20		927,048
	45,357		Kraft Foods, Inc	6.250		06/01/12		48,112
	505,000		Kraft Foods, Inc	6.130		02/01/18		564,519
	1,450,000		Kraft Foods, Inc	5.380		02/10/20		1,530,832
	1,060,000		Kraft Foods, Inc	6.500		02/09/40		1,132,171
	1,450,000		Mead Johnson Nutrition Co	5.900		11/01/39		1,496,839
	190,000		PepsiAmericas, Inc	5.750		07/31/12		202,485
	105,000		PepsiAmericas, Inc	4.380		02/15/14		112,617
	1,055,000		PepsiCo, Inc	0.880		10/25/13		1,043,241
	78,000		PepsiCo, Inc	7.900		11/01/18		99,003
	565,000		Philip Morris International, Inc	4.880		05/16/13		605,858
	1,110,000		Philip Morris International, Inc	6.880		03/17/14		1,273,978
	200,000		Philip Morris International, Inc	6.380		05/16/38		224,801
	123,357		Tyson Foods, Inc	8.250		10/01/11		127,058
			TOTAL FOOD, BEVERAGE & TOBACCO					21,631,746
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	630,000		Boston Scientific Corp	4.500		01/15/15		649,773
	572,000		McKesson Corp	3.250		03/01/16		576,124
	395,000		Medtronic, Inc	4.750		09/15/15		432,334
	695,000		Medtronic, Inc	4.450		03/15/20		711,999
	765,000		Quest Diagnostics, Inc	6.400		07/01/17		861,678
	960,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		975,483
	325,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		332,725
	335,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		365,346
	1,875,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		1,906,449
	310,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		320,307
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					7,132,218

10

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	$120,000		Colgate-Palmolive Co	6.450	%	06/16/28	$	133,102
	635,000		Procter & Gamble Co	5.550		03/05/37		678,665
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					811,767
INSURANCE - 1.4%
	565,000		ACE INA Holdings, Inc	5.880		06/15/14		627,164
	310,000		Aetna, Inc	6.500		09/15/18		356,678
	285,000		Aetna, Inc	6.630		06/15/36		314,929
	650,000		Aflac, Inc	6.900		12/17/39		681,912
	775,000		Allstate Corp	7.450		05/16/19		920,574
	875,000		American Financial Group, Inc	9.880		06/15/19		1,069,653
	2,850,000		American International Group, Inc	3.650		01/15/14		2,898,848
	500,000		Chubb Corp	6.000		05/11/37		523,705
	235,000		CIGNA Corp	5.130		06/15/20		244,960
	2,000,000		CIGNA Corp	4.500		03/15/21		1,968,884
	890,000		Genworth Financial, Inc	7.200		02/15/21		883,896
	1,125,000		Hartford Financial Services Group, Inc	4.000		03/30/15		1,142,073
	1,125,000		Hartford Financial Services Group, Inc	5.500		03/30/20		1,144,136
	565,000		Hartford Financial Services Group, Inc	6.630		03/30/40		572,674
	1,275,000		Lincoln National Corp	7.000		06/15/40		1,455,326
	170,000		Metlife, Inc	5.000		06/15/15		183,051
	1,125,000		Metlife, Inc	6.750		06/01/16		1,300,437
	335,000		Metlife, Inc	5.700		06/15/35		334,260
	1,320,000		Metlife, Inc	5.880		02/06/41		1,330,906
	705,000		Prudential Financial, Inc	5.100		09/20/14		757,721
	630,000		Prudential Financial, Inc	7.380		06/15/19		739,693
	1,950,000		Prudential Financial, Inc	6.200		11/15/40		2,025,693
	1,190,000	g	Prudential Funding LLC	6.750		09/15/23		1,327,032
	615,000		Travelers Cos, Inc	5.800		05/15/18		676,335
	170,000		Travelers Cos, Inc	5.900		06/02/19		188,025
	270,000		Unum Group	5.630		09/15/20		274,359
	500,000		WellPoint, Inc	5.880		06/15/17		560,835
	435,000		WellPoint, Inc	5.850		01/15/36		438,940
	3,350,000		Willis Group Holdings plc	4.130		03/15/16		3,332,757
	410,000		WR Berkley Corp	5.380		09/15/20		412,248
			TOTAL INSURANCE					28,687,704
MATERIALS - 1.4%
	205,000		3M Co	4.380		08/15/13		221,250
	860,000		3M Co	5.700		03/15/37		936,424
	660,000		Air Products & Chemicals, Inc	4.150		02/01/13		687,486
	170,000		Airgas, Inc	4.500		09/15/14		177,592
	480,000		Alcoa, Inc	6.150		08/15/20		507,227
	1,410,000	g	Anglo American Capital plc	2.150		09/27/13		1,420,708
	200,000		AngloGold Ashanti Holdings plc	5.380		04/15/20		202,867
	310,000		ArcelorMittal	3.750		08/05/15		313,067
	1,500,000		ArcelorMittal	3.750		02/01/16		1,497,230
	275,000		ArcelorMittal	9.850		06/01/19		348,907
	2,400,000		ArcelorMittal	5.500		03/01/21		2,364,976
	1,030,000		ArcelorMittal	7.000		10/15/39		1,032,756
	1,500,000		ArcelorMittal	6.750		03/01/41		1,470,062

11

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,500,000	h	Cliffs Natural Resources, Inc	6.250	%	10/01/40	$	1,489,991
	660,000		Clorox Co	3.550		11/01/15		675,675
	1,475,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		1,379,345
	1,572,000		Dow Chemical Co	8.550		05/15/19		1,987,077
	335,000		Eastman Chemical Co	5.500		11/15/19		350,882
	735,000		EI Du Pont de Nemours & Co	4.130		03/06/13		772,311
	660,000		EI Du Pont de Nemours & Co	3.250		01/15/15		684,428
	1,580,000		EI Du Pont de Nemours & Co	4.630		01/15/20		1,634,651
	357		International Paper Co	6.750		09/01/11		365
	530,000		International Paper Co	7.300		11/15/39		592,944
	1,352,000		Lafarge S.A.	6.150		07/15/11		1,372,067
	275,000		Newmont Mining Corp	6.250		10/01/39		291,546
	1,410,000	g	POSCO	4.250		10/28/20		1,324,818
	795,000		Praxair, Inc	5.250		11/15/14		887,940
	1,700,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		1,584,737
	1,780,000	g	Sinochem Corp	6.300		11/12/40		1,752,171
	1,305,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		1,330,663
			TOTAL MATERIALS					29,292,163
MEDIA - 0.7%
	705,000		CBS Corp	4.300		02/15/21		666,385
	44,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		49,589
	785,000		Comcast Corp	5.650		06/15/35		737,903
	445,000		Comcast Corp	6.400		03/01/40		455,773
	1,255,000		DIRECTV Holdings LLC	6.000		08/15/40		1,201,886
	775,000	g	NBC Universal, Inc	5.150		04/30/20		798,753
	990,000		Time Warner Cable, Inc	8.750		02/14/19		1,234,267
	2,075,000		Time Warner Cable, Inc	8.250		04/01/19		2,527,825
	357		Time Warner, Inc	6.880		05/01/12		379
	960,000		Time Warner, Inc	3.150		07/15/15		972,230
	4,000,000		Time Warner, Inc	4.700		01/15/21		3,982,992
	565,000		Time Warner, Inc	6.500		11/15/36		580,828
	565,000		Viacom, Inc	4.380		09/15/14		602,811
			TOTAL MEDIA					13,811,621
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	245,000		Abbott Laboratories	5.600		05/15/11		246,507
	680,000		Abbott Laboratories	5.300		05/27/40		668,063
	335,000		Agilent Technologies, Inc	2.500		07/15/13		337,985
	870,000		Eli Lilly & Co	3.550		03/06/12		895,236
	4,000,000		Gilead Sciences, Inc	4.500		04/01/21		3,952,460
	580,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		651,834
	600,000		Johnson & Johnson	5.850		07/15/38		667,744
	1,320,000		Johnson & Johnson	4.500		09/01/40		1,209,350
	480,000		Life Technologies Corp	3.500		01/15/16		478,503
	1,800,000		Merck & Co, Inc	3.880		01/15/21		1,761,827
	600,000		Novartis Capital Corp	4.130		02/10/14		641,629
	2,180,000		Novartis Capital Corp	2.900		04/24/15		2,228,539
	385,000		Novartis Capital Corp	4.400		04/24/20		398,249
	455,000		Pfizer, Inc	5.350		03/15/15		507,790
	4,000,000		Sanofi-Aventis S.A.	2.630		03/29/16		3,965,617
	465,000		Schering-Plough Corp	6.550		09/15/37		549,531
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					19,160,864

12

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
REAL ESTATE - 0.8%
	$345,000		AMB Property LP	4.500	%	08/15/17	$	348,248
	220,000		Boston Properties LP	4.130		05/15/21		209,244
	235,000		Brandywine Operating Partnership LP	7.500		05/15/15		265,503
	2,500,000		Brandywine Operating Partnership LP	4.950		04/15/18		2,471,404
	2,000,000		Developers Diversified Realty Corp	4.750		04/15/18		1,946,818
	123,357		EOP Operating LP	7.000		07/15/11		125,207
	40,000		Federal Realty Investment Trust	5.650		06/01/16		43,543
	75,000		Federal Realty Investment Trust	5.900		04/01/20		81,249
	435,000		HCP, Inc	3.750		02/01/16		437,199
	2,000,000		Health Care REIT, Inc	3.630		03/15/16		1,981,136
	500,000		Healthcare Realty Trust, Inc	5.750		01/15/21		512,779
	2,250,000		Highwoods Properties, Inc	5.850		03/15/17		2,394,601
	290,000		Kilroy Realty Corp	5.000		11/03/15		289,402
	105,000		Kimco Realty Corp	5.700		05/01/17		114,002
	530,000		Liberty Property LP	4.750		10/01/20		523,612
	250,000		Mack-Cali Realty Corp	7.750		08/15/19		301,236
	155,000		National Retail Properties, Inc	6.880		10/15/17		166,991
	55,000		Nationwide Health Properties, Inc	6.250		02/01/13		58,763
	220,000		ProLogis	7.630		08/15/14		251,715
	335,000		Realty Income Corp	5.950		09/15/16		366,901
	350,000		Regency Centers LP	5.250		08/01/15		373,383
	40,000		Regency Centers LP	5.880		06/15/17		43,833
	630,000		Regency Centers LP	4.800		04/15/21		615,213
	105,000		Simon Property Group LP	5.250		12/01/16		114,167
	470,000		Simon Property Group LP	10.350		04/01/19		647,828
	660,000		Simon Property Group LP	4.380		03/01/21		645,698
	650,000	g,i	USB Realty Corp	6.090		12/30/49		546,000
	705,000		Washington Real Estate Investment Trust	4.950		10/01/20		714,856
			TOTAL REAL ESTATE					16,590,531
RETAILING - 0.2%
	615,000		Home Depot, Inc	5.880		12/16/36		611,306
	1,500,000		Home Depot, Inc	5.950		04/01/41		1,495,821
	500,000		Martin Marietta Materials, Inc	6.600		04/15/18		548,186
	1,170,000		O’Reilly Automotive, Inc	4.880		01/14/21		1,157,255
	600,000		Staples, Inc	9.750		01/15/14		720,340
	705,000		Wal-Mart Stores, Inc	5.000		10/25/40		655,719
			TOTAL RETAILING					5,188,627
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	565,000		Analog Devices, Inc	5.000		07/01/14		614,062
	445,000	g	Broadcom Corp	1.500		11/01/13		441,059
	1,110,000	g	Broadcom Corp	2.380		11/01/15		1,072,241
	990,000		National Semiconductor Corp	3.950		04/15/15		1,008,458
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					3,135,820
SOFTWARE & SERVICES - 0.4%
	565,000		Adobe Systems, Inc	3.250		02/01/15		577,280
	1,485,000		International Business Machines Corp	1.000		08/05/13		1,476,158

13

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$605,000		Microsoft Corp	0.880	%	09/27/13	$	600,688
	680,000		Microsoft Corp	2.950		06/01/14		707,738
	1,935,000		Microsoft Corp	1.630		09/25/15		1,873,362
	630,000		Oracle Corp	3.750		07/08/14		668,651
	450,000		Oracle Corp	5.750		04/15/18		503,903
	660,000	g	Oracle Corp	3.880		07/15/20		648,603
	2,110,000		Symantec Corp	2.750		09/15/15		2,052,143
			TOTAL SOFTWARE & SERVICES					9,108,526
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	1,125,000		Amphenol Corp	4.750		11/15/14		1,207,074
	415,000		General Electric Co	5.250		12/06/17		451,935
	1,075,000		Hewlett-Packard Co	4.250		02/24/12		1,111,466
	795,000		Hewlett-Packard Co	2.950		08/15/12		816,979
	650,000		Hewlett-Packard Co	4.750		06/02/14		706,783
	765,000		Hewlett-Packard Co	3.750		12/01/20		734,932
	1,500,000		Juniper Networks, Inc	3.100		03/15/16		1,497,915
	345,000		L-3 Communications Corp	5.200		10/15/19		359,857
	1,185,000		L-3 Communications Corp	4.950		02/15/21		1,191,914
	450,000		Xerox Corp	8.250		05/15/14		526,068
	500,000		Xerox Corp	4.250		02/15/15		526,325
	300,000		Xerox Corp	5.630		12/15/19		322,388
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					9,453,636
TELECOMMUNICATION SERVICES - 2.0%
	1,030,000		America Movil SAB de C.V.	5.000		03/30/20		1,062,028
	560,000		America Movil SAB de C.V.	6.130		03/30/40		585,471
	2,635,000		AT&T, Inc	2.500		08/15/15		2,615,448
	620,000		AT&T, Inc	6.150		09/15/34		617,836
	430,000		AT&T, Inc	6.500		09/01/37		445,597
	1,700,000		AT&T, Inc	6.300		01/15/38		1,713,432
	1,235,000		BellSouth Corp	5.200		09/15/14		1,350,317
	120,000		BellSouth Corp	6.880		10/15/31		130,535
	275,000		BellSouth Corp	6.550		06/15/34		287,837
	2,160,000		Cellco Partnership	3.750		05/20/11		2,169,120
	2,260,000		Cellco Partnership	8.500		11/15/18		2,903,679
	630,000		Deutsche Telekom International Finance BV	8.750		06/15/30		825,990
	1,305,000		France Telecom S.A.	2.130		09/16/15		1,277,449
	975,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		1,025,213
	1,270,000	g	Qtel International Finance	4.750		02/16/21		1,184,275
	65,000		Sprint Capital Corp	8.380		03/15/12		68,575
	660,000		Sprint Capital Corp	8.750		03/15/32		702,075
	240,000		Sprint Nextel Corp	6.000		12/01/16		240,900
	680,000		Telecom Italia Capital S.A.	6.180		06/18/14		730,113
	660,000		Telecom Italia Capital S.A.	7.000		06/04/18		717,700
	1,945,000		Telecom Italia Capital S.A.	7.180		06/18/19		2,126,138
	2,500,000		Telefonica Emisiones SAU	3.990		02/16/16		2,512,098
	2,470,000		Telefonica Emisiones SAU	5.130		04/27/20		2,457,546
	1,250,000		Telefonica Emisiones SAU	5.460		02/16/21		1,265,888
	1,415,000	g	Telefonica Moviles Chile S.A.	2.880		11/09/15		1,361,364
	925,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		979,951
	2,045,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		2,009,213

14

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$760,000		Verizon Communications, Inc	5.250	%	04/15/13	$	819,009
	1,110,000		Verizon Communications, Inc	5.500		02/15/18		1,210,096
	425,000		Verizon Communications, Inc	8.750		11/01/18		543,765
	430,000		Verizon Communications, Inc	8.950		03/01/39		586,118
	1,000,000		Verizon Communications, Inc	6.000		04/01/41		996,128
	445,000		Verizon New England, Inc	4.750		10/01/13		473,394
	740,000		Verizon New Jersey, Inc	5.880		01/17/12		769,084
	123,357		Verizon New York, Inc	6.880		04/01/12		130,591
	335,000		Verizon Virginia, Inc	4.630		03/15/13		353,297
	1,000,000	g	Virgin Media Secured Finance plc	5.250		01/15/21		1,003,407
			TOTAL TELECOMMUNICATION SERVICES					40,250,677
TRANSPORTATION - 0.7%
	1,635,000	g,h	Asciano Finance	5.000		04/07/18		1,626,138
	445,000		Burlington Northern Santa Fe Corp	6.750		07/15/11		453,134
	300,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		318,620
	1,275,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		1,291,209
	3,320,000		CSX Corp	3.700		10/30/20		3,130,057
	4,000,000		Delta Air Lines, Inc	5.300		04/15/19		4,030,000
	335,000		Embraer Overseas Ltd	6.380		01/15/20		360,125
	415,000		Norfolk Southern Corp	5.750		04/01/18		465,238
	838,000		Norfolk Southern Corp	5.590		05/17/25		897,912
	601,875		Totem Ocean Trailer Express, Inc	4.510		12/18/19		640,522
	115,000		Union Pacific Corp	6.500		04/15/12		121,592
	170,000		Union Pacific Corp	5.130		02/15/14		185,589
	1,595,000		United Parcel Service, Inc	3.130		01/15/21		1,477,916
			TOTAL TRANSPORTATION					14,998,052
UTILITIES - 2.5%
	730,000		AGL Capital Corp	5.250		08/15/19		768,734
	1,285,000		Alliant Energy Corp	4.000		10/15/14		1,335,964
	775,000		Atmos Energy Corp	8.500		03/15/19		968,110
	1,515,000		Carolina Power & Light Co	5.300		01/15/19		1,655,601
	225,000		Carolina Power & Light Co	5.700		04/01/35		230,408
	335,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		379,899
	159,000	g	CenterPoint Energy Resources Corp	4.500		01/15/21		155,861
	660,000		CenterPoint Energy Resources Corp	6.250		02/01/37		671,165
	1,490,000	g	Colbun S.A.	6.000		01/21/20		1,527,263
	1,850,000		Commonwealth Edison Co	4.000		08/01/20		1,786,399
	395,000		Commonweatlh Edison Co	5.900		03/15/36		402,361
	415,000		Connecticut Light & Power Co	5.500		02/01/19		456,317
	275,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		282,000
	640,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		666,259
	619,000		Consolidated Natural Gas Co	6.250		11/01/11		638,384
	225,000		Consolidated Natural Gas Co	5.000		12/01/14		246,085
	2,500,000		Dominion Resources, Inc	4.450		03/15/21		2,479,329
	1,160,000		Duke Energy Carolinas LLC	5.750		11/15/13		1,290,657
	260,000		Duke Energy Carolinas LLC	4.300		06/15/20		262,863
	2,000,000		Duke Energy Corp	3.950		09/15/14		2,097,749
	1,300,000	g	Empresa Electrica del Norte Grande S.A.	5.630		01/15/21		1,301,910
	335,000		Florida Power Corp	6.400		06/15/38		376,326
	1,410,000		FPL Group Capital, Inc	2.600		09/01/15		1,370,887

15

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$630,000		Indiana Michigan Power Co	7.000	%	03/15/19	$	739,538
	555,000		Integrys Energy Group, Inc	4.170		11/01/20		530,289
	195,000	g	Kansas Gas & Electric	6.700		06/15/19		221,197
	4,030,000	g	Kentucky Utilities Co	3.750		11/15/20		3,720,584
	125,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		132,959
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,007,616
	775,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		983,609
	565,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		579,056
	955,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		929,563
	1,160,000		Midamerican Energy Holdings Co	5.950		05/15/37		1,196,182
	185,000		National Fuel Gas Co	5.250		03/01/13		195,258
	630,000		Nevada Power Co	6.500		08/01/18		722,873
	320,000		Nevada Power Co	5.380		09/15/40		307,078
	1,335,000		NiSource Finance Corp	5.400		07/15/14		1,458,558
	1,975,000		Northern States Power Co	5.350		11/01/39		1,984,146
	150,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		174,669
	445,000		ONEOK Partners LP	5.900		04/01/12		465,702
	695,000		Pacific Gas & Electric Co	8.250		10/15/18		887,749
	500,000		PacifiCorp	6.000		01/15/39		537,726
	885,000		Pepco Holdings, Inc	2.700		10/01/15		870,963
	1,450,000		PG&E Corp	5.750		04/01/14		1,584,419
	135,000		Potomac Electric Power Co	7.900		12/15/38		180,353
	565,000		Progress Energy, Inc	7.050		03/15/19		666,360
	1,780,000		Public Service Co of Oklahoma	5.150		12/01/19		1,874,605
	440,000		Public Service Electric & Gas Co	5.300		05/01/18		483,329
	1,190,000		Public Service Electric & Gas Co	5.380		11/01/39		1,174,040
	970,000		San Diego Gas & Electric Co	5.350		05/15/40		978,825
	630,000		Sempra Energy	6.000		10/15/39		641,436
	430,000		Veolia Environnement	5.250		06/03/13		460,815
	850,000		Virginia Electric and Power Co	4.750		03/01/13		904,924
	480,000		Williams Partners LP	3.800		02/15/15		496,886
	845,000		Williams Partners LP	5.250		03/15/20		881,480
	940,000		Williams Partners LP	6.300		04/15/40		976,146
			TOTAL UTILITIES					50,299,464
			TOTAL CORPORATE BONDS					708,318,558
			(Cost $692,526,354)
GOVERNMENT BONDS - 53.5%
AGENCY SECURITIES - 6.2%
			Federal Farm Credit Bank (FFCB)
	1,655,000		FFCB	1.380		06/25/13		1,671,178
			Federal Home Loan Bank (FHLB)
	6,880,000		FHLB	1.880		06/21/13		7,011,387
	1,655,000		FHLB	5.000		11/17/17		1,856,197
			Federal Home Loan Mortgage Corp (FHLMC)
	14,000,000		FHLMC	0.750		03/28/13		13,975,963
	1,320,000		FHLMC	3.500		05/29/13		1,392,571
	1,860,000		FHLMC	2.500		04/23/14		1,918,722
	5,050,000		FHLMC	5.130		10/18/16		5,673,226
			Federal National Mortgage Association (FNMA)

16

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,295,000		FNMA	1.380	%	04/28/11	$	3,298,199
	2,635,000		FNMA	5.000		10/15/11		2,702,640
	660,000		FNMA	1.130		07/30/12		665,023
	4,215,000		FNMA	1.250		08/20/13		4,229,651
	6,585,000		FNMA	2.750		03/13/14		6,844,344
	6,585,000		FNMA	2.500		05/15/14		6,797,412
	6,585,000		FNMA	3.000		09/16/14		6,891,117
	6,098,201		AMAL Ltd	3.470		08/21/21		6,124,423
	1,004,858		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,032,009
	6,590,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		6,418,726
	1,335,000		International Finance Corp	5.130		05/02/11		1,339,966
	880,622		Overseas Private Investment Corp	3.420		01/15/15		915,195
	6,241,982		Premier Aircraft Leasing	3.580		02/06/22		6,224,192
	3,295,000		Private Export Funding Corp	4.900		12/15/11		3,401,613
	4,940,000		Private Export Funding Corp	3.550		04/15/13		5,195,852
	3,125,000		Private Export Funding Corp	3.050		10/15/14		3,259,178
	8,560,000		Private Export Funding Corp	5.450		09/15/17		9,800,310
	1,410,000		Private Export Funding Corp	2.250		12/15/17		1,337,780
	3,295,000		Private Export Funding Corp	4.380		03/15/19		3,509,541
	9,940,000		Private Export Funding Corp	4.300		12/15/21		10,176,255
	3,046,652		San Clemente Leasing LLC	3.590		08/27/21		3,024,259
			TOTAL AGENCY SECURITIES					126,686,929
FOREIGN GOVERNMENT BONDS - 4.4%
	990,000	g	Bahrain Government International Bond	5.500		03/31/20		942,975
	990,000	g	Banco Nacional de Desenvolvimento Economico e Social	6.500		06/10/19		1,079,100
	1,160,000	g	Banco Nacional de Desenvolvimento Economico e Social	5.500		07/12/20		1,180,300
	750,000	g	Barbados Government International Bond	7.000		08/04/22		764,707
	1,125,000		Brazilian Government International Bond	5.880		01/15/19		1,245,938
	1,245,000		Brazilian Government International Bond	4.880		01/22/21		1,269,900
	170,000		Brazilian Government International Bond	7.130		01/20/37		201,025
	1,970,000		Brazilian Government International Bond	5.630		01/07/41		1,935,525
	1,815,000		Canada Government International Bond	2.380		09/10/14		1,861,088
	805,000		Chile Government International Bond	3.880		08/05/20		783,869
	361,000,000		Chile Government International Bond	5.500		08/05/20		744,737
	810,000	g	Croatia Government International Bond	6.630		07/14/20		835,920
	555,000		Eksportfinans ASA	5.000		02/14/12		576,464
	2,250,000		Eksportfinans ASA	2.000		09/15/15		2,200,991
	2,164,000	g	Eskom Holdings Ltd	5.750		01/26/21		2,193,755
	395,000		European Investment Bank	4.880		02/15/36		399,941
	3,625,000		Export Development Canada	2.250		05/28/15		3,665,045
	744,000		Export-Import Bank of Korea	5.880		01/14/15		814,726
	735,000		Export-Import Bank of Korea	4.130		09/09/15		754,253
	1,425,000		Export-Import Bank of Korea	5.130		06/29/20		1,437,513
	1,345,000		Federative Republic of Brazil	6.000		01/17/17		1,507,745
	307,222		Federative Republic of Brazil	8.000		01/15/18		360,986
	875,000		Hungary Government International Bond	6.380		03/29/21		875,875
	992,000		Hungary Government International Bond	7.630		03/29/41		992,992
	845,000		Italy Government International Bond	5.380		06/12/17		898,496
	925,000		Korea Development Bank	4.380		08/10/15		960,329
	695,000		Korea Development Bank	3.250		03/09/16		681,600
	500,000		Mexico Government International Bond	6.750		09/27/34		564,000

17

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,582,000		Mexico Government International Bond	6.050	%	01/11/40	$	1,629,460
	300,000		Peruvian Government International Bond	7.130		03/30/19		354,000
	450,000		Peruvian Government International Bond	7.350		07/21/25		534,825
	1,500,000		Poland Government International Bond	3.880		07/16/15		1,516,106
	1,250,000		Poland Government International Bond	6.380		07/15/19		1,390,925
	436,000	g	Portugal Government International Bond	3.500		03/25/15		375,516
	1,945,000		Province of British Columbia Canada	2.850		06/15/15		1,997,639
	990,000		Province of Manitoba Canada	5.000		02/15/12		1,027,516
	1,320,000		Province of Manitoba Canada	2.130		04/22/13		1,347,987
	3,295,000		Province of Nova Scotia Canada	2.380		07/21/15		3,304,862
	3,295,000		Province of Ontario Canada	2.630		01/20/12		3,351,849
	3,955,000		Province of Ontario Canada	4.100		06/16/14		4,246,396
	4,015,000		Province of Ontario Canada	2.950		02/05/15		4,148,848
	5,730,000		Province of Ontario Canada	2.700		06/16/15		5,839,311
	1,975,000		Province of Ontario Canada	4.000		10/07/19		2,005,774
	4,120,000		Province of Ontario Canada	4.400		04/14/20		4,264,628
	1,715,000		Province of Quebec Canada	5.130		11/14/16		1,911,055
	850,000		Province of Quebec Canada	4.630		05/14/18		914,065
	3,955,000		Province of Quebec Canada	3.500		07/29/20		3,816,041
	620,000		Province of Quebec Canada	7.500		09/15/29		830,874
	390,000	g	Qatar Government International Bond	4.000		01/20/15		402,675
	990,000		Qatar Government International Bond	5.250		01/20/20		1,027,620
	620,000	g	Qatar Govt International Bond	6.400		01/20/40		652,550
	965,000		Republic of Hungary	6.250		01/29/20		981,888
	925,000		Republic of Korea	5.750		04/16/14		1,007,825
	750,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		758,438
	800,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		809,000
	25,000,000	g	Russian Foreign Bond-Eurobond	7.850		03/10/18		898,635
	990,000		South Africa Government International Bond	6.880		05/27/19		1,149,638
	1,175,000		South Africa Government International Bond	5.500		03/09/20		1,244,031
	500,000		South Africa Government International Bond	6.250		03/08/41		515,310
	227,000		United Mexican States	5.880		02/17/14		249,814
	500,000		United Mexican States	5.950		03/19/19		557,250
	1,032,000		United Mexican States	5.130		01/15/20		1,079,472
			TOTAL FOREIGN GOVERNMENT BONDS					87,871,618
MORTGAGE BACKED - 29.8%
			Federal Home Loan Mortgage Corp (FHLMC)
	624,113	i	FHLMC	2.510		02/01/36		653,301
	210,193	i	FHLMC	5.780		07/01/36		219,889
	579,841	i	FHLMC	2.870		09/01/36		608,320
	717,147	i	FHLMC	4.990		09/01/36		757,004
	479,380	i	FHLMC	5.920		09/01/36		506,444
	1,410,431	i	FHLMC	5.360		03/01/37		1,486,299
	1,557,579	i	FHLMC	5.900		04/01/37		1,670,477
	730,392	i	FHLMC	5.720		05/01/37		782,205
	214,738	i	FHLMC	5.570		06/01/37		228,548
	821,142	i	FHLMC	5.630		08/01/37		874,817
	942,601	i	FHLMC	5.460		09/01/37		1,004,963
	3,576,845		FHLMC	5.500		08/01/39		3,856,088
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	18,538		FGLMC	7.500		01/01/16		20,272

18

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,208		FGLMC	7.500	%	05/01/16	$	2,421
	2,543		FGLMC	7.500		06/01/16		2,783
	906,282		FGLMC	4.500		09/01/18		958,934
	937,591		FGLMC	4.500		01/01/19		991,817
	1,408,843		FGLMC	4.500		05/01/19		1,488,491
	490,518		FGLMC	4.500		01/01/20		518,249
	630,058		FGLMC	5.000		05/01/20		674,830
	166,276		FGLMC	4.500		07/01/20		175,607
	20,542		FGLMC	7.000		10/01/20		23,586
	2,273,091		FGLMC	4.500		06/01/21		2,398,756
	3,819,081		FGLMC	4.500		06/01/21		4,030,215
	1,688,184		FGLMC	4.000		07/01/24		1,738,038
	581,941		FGLMC	4.500		09/01/24		610,476
	3,000,000	h	FGLMC	5.000		04/15/25		3,183,750
	1,357		FGLMC	6.500		10/01/28		1,533
	29,955		FGLMC	6.500		01/01/29		33,853
	6,478		FGLMC	6.500		03/01/29		7,321
	38,171		FGLMC	6.500		07/01/29		43,138
	4,245		FGLMC	8.000		01/01/31		5,013
	41,594		FGLMC	6.500		09/01/31		47,007
	58,336		FGLMC	8.000		09/01/31		68,898
	308,830		FGLMC	7.000		12/01/31		355,327
	673,710		FGLMC	6.000		03/01/33		741,173
	813,981		FGLMC	4.500		07/01/33		835,752
	1,760,769		FGLMC	5.000		09/01/33		1,850,506
	696,655		FGLMC	5.500		09/01/33		748,348
	716,978		FGLMC	5.500		09/01/33		770,179
	520,190		FGLMC	5.500		09/01/33		558,788
	853,318		FGLMC	5.500		10/01/33		916,634
	2,352,147		FGLMC	5.500		12/01/33		2,528,147
	2,836,338		FGLMC	7.000		12/01/33		3,263,368
	1,149,020		FGLMC	5.000		01/01/34		1,207,580
	1,139,588		FGLMC	5.000		05/01/34		1,196,599
	759,561		FGLMC	6.000		09/01/34		833,486
	4,658,785		FGLMC	5.000		12/01/34		4,891,853
	303,570		FGLMC	5.500		12/01/34		325,905
	1,842,097		FGLMC	4.500		04/01/35		1,887,913
	1,005,912		FGLMC	6.000		05/01/35		1,101,246
	1,133,602		FGLMC	7.000		05/01/35		1,304,273
	452,686		FGLMC	6.000		07/01/35		494,763
	146,508		FGLMC	5.500		08/01/35		157,150
	307,267		FGLMC	5.000		10/01/35		322,255
	434,872		FGLMC	5.000		02/01/36		456,084
	149,667		FGLMC	6.500		05/01/36		168,116
	654,228		FGLMC	6.500		10/01/36		734,871
	1,994,768		FGLMC	5.500		04/01/37		2,132,495
	1,335,425		FGLMC	6.000		08/01/37		1,459,553
	537,985		FGLMC	6.000		09/01/37		587,991
	100,939		FGLMC	6.500		11/01/37		113,129
	1,699,152		FGLMC	5.000		04/01/38		1,780,971
	3,700,140		FGLMC	4.500		05/01/39		3,766,729
	628,209		FGLMC	4.000		06/01/39		617,723

19

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,126,617		FGLMC	5.000	%	07/01/39	$	1,177,345
	7,000,000	h	FGLMC	5.000		04/15/40		7,305,158
	5,187,404		FGLMC	4.500		11/01/40		5,305,074
	5,703,276		FGLMC	4.500		12/01/40		5,821,954
	8,000,000	h	FGLMC	4.500		04/15/41		8,127,504
			Federal National Mortgage Association (FNMA)
	13,215		FNMA	5.000		06/01/13		13,954
	1,211,129		FNMA	4.440		07/01/13		1,267,457
	6,409		FNMA	6.000		09/01/13		6,698
	1,245,455		FNMA	4.760		10/01/13		1,287,697
	5,334		FNMA	6.500		12/01/13		5,839
	942,290		FNMA	4.780		02/01/14		1,001,928
	5,905		FNMA	6.000		06/01/14		6,431
	3,556,718		FNMA	4.640		11/01/14		3,782,824
	2,042,928		FNMA	4.860		03/01/16		2,125,476
	20,971		FNMA	6.500		10/01/16		22,983
	127,476		FNMA	6.500		11/01/16		139,706
	89,579		FNMA	6.500		04/01/17		98,453
	312,023		FNMA	5.000		12/01/17		334,082
	1,318,440		FNMA	5.500		04/01/18		1,431,668
	114,742		FNMA	5.500		04/01/18		124,592
	59,809		FNMA	5.500		05/01/18		64,945
	515,276		FNMA	4.500		10/01/18		545,614
	1,340,940		FNMA	5.000		11/01/18		1,435,994
	65,827		FNMA	6.000		01/01/19		71,957
	146,568		FNMA	4.500		05/01/19		154,923
	442,449		FNMA	4.500		06/01/19		467,670
	304,866		FNMA	5.000		03/01/20		326,419
	210,709		FNMA	4.500		11/01/20		222,720
	589,508		FNMA	5.000		12/01/20		630,447
	462,588		FNMA	5.000		03/01/21		495,291
	363,305		FNMA	5.500		08/01/21		393,598
	4,000,000	h	FNMA	4.500		04/25/23		4,191,876
	647,218		FNMA	4.500		06/01/23		679,864
	1,239,934		FNMA	5.000		07/01/23		1,318,293
	1,208,706		FNMA	5.000		07/01/23		1,285,092
	262,389		FNMA	5.000		11/01/23		279,791
	223,394		FNMA	5.500		02/01/24		243,221
	769,094		FNMA	4.000		05/01/24		791,686
	121,544		FNMA	5.500		07/01/24		132,332
	1,834		FNMA	8.000		07/01/24		2,134
	358,115		FNMA	4.500		08/01/24		376,066
	2,829,693		FNMA	4.000		09/01/24		2,912,815
	1,538,360		FNMA	5.000		03/01/25		1,640,385
	8,000,000	h	FNMA	4.000		04/25/25		8,220,000
	2,000,000	h	FNMA	5.000		04/25/25		2,124,688
	3,335,936		FNMA	5.000		10/01/25		3,557,179
	1,552		FNMA	7.500		01/01/29		1,796
	4,508		FNMA	6.500		04/01/29		5,099
	12,472		FNMA	7.500		07/01/29		14,470
	1,247		FNMA	7.500		07/01/29		1,252
	610		FNMA	7.500		02/01/31		709

20

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$7,864		FNMA	7.500	%	03/01/31	$	9,130
	4,045		FNMA	7.500		05/01/31		4,696
	6,435		FNMA	6.500		09/01/31		7,279
	2,783		FNMA	6.500		10/01/31		3,149
	39,982		FNMA	6.500		11/01/31		45,229
	83,523		FNMA	6.000		01/01/32		91,965
	694,963		FNMA	6.500		07/01/32		786,165
	341,181		FNMA	5.500		01/01/33		367,603
	129,446		FNMA	5.000		02/01/33		136,453
	1,005,324		FNMA	4.500		03/25/33		1,061,343
	436,982		FNMA	5.000		08/01/33		460,635
	481,400		FNMA	5.000		10/01/33		507,456
	406,680		FNMA	5.000		10/01/33		428,693
	211,339		FNMA	5.000		03/01/34		222,778
	437,549		FNMA	5.000		03/01/34		461,232
	158,433		FNMA	5.000		03/01/34		167,009
	136,018		FNMA	5.000		03/01/34		143,380
	1,226,449		FNMA	5.000		04/01/34		1,291,492
	3,862,377		FNMA	5.000		08/01/34		4,072,821
	508,982		FNMA	6.000		11/01/34		559,155
	146,447		FNMA	6.000		12/01/34		160,949
	1,063,573		FNMA	6.000		05/01/35		1,167,385
	17,013		FNMA	7.500		06/01/35		19,740
	124,109		FNMA	5.500		10/01/35		134,031
	346,970		FNMA	5.000		11/01/35		361,793
	1,061,910	i	FNMA	2.380		02/01/36		1,113,401
	158,342		FNMA	5.000		02/01/36		164,364
	400,289		FNMA	5.000		02/01/36		415,513
	740,483		FNMA	6.500		02/01/36		833,492
	542,276	i	FNMA	5.970		07/01/36		570,348
	512,318		FNMA	6.500		09/01/36		579,070
	160,611		FNMA	7.000		02/01/37		183,821
	435,967		FNMA	6.500		03/01/37		492,771
	952,015		FNMA	7.000		04/01/37		1,089,592
	1,476,955		FNMA	6.500		08/01/37		1,669,393
	368,393		FNMA	6.500		08/01/37		417,544
	706,149		FNMA	6.000		09/01/37		779,730
	788,822		FNMA	6.000		09/01/37		871,017
	1,252,438		FNMA	6.500		09/01/37		1,415,623
	2,003,201	i	FNMA	5.870		10/01/37		2,128,735
	341,561		FNMA	7.000		11/01/37		390,921
	242,829		FNMA	6.500		01/01/38		272,495
	34,285		FNMA	6.500		03/01/38		38,466
	52,000,000	h	FNMA	6.000		04/25/38		56,550,000
	10,000,000	h	FNMA	6.500		04/25/38		11,207,810
	673,278	i	FNMA	4.940		10/01/38		712,592
	36,000,000	h	FNMA	4.000		04/25/40		35,403,768
	49,000,000	h	FNMA	5.000		04/25/40		51,258,606
	71,000,000	h	FNMA	5.500		05/25/40		75,703,750
	12,460,339		FNMA	4.500		09/01/40		12,698,207
	8,458,844		FNMA	4.500		09/01/40		8,620,324
	1,056,780		FNMA	4.000		11/01/40		1,040,997

21

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$5,264,516		FNMA	4.500	%	11/01/40	$	5,365,015
	6,000,000	h	FNMA	3.500		04/25/41		5,649,372
			Government National Mortgage Association (GNMA)
	265		GNMA	7.000		01/15/28		306
	1,972		GNMA	7.000		02/15/28		2,278
	1,974		GNMA	7.000		06/15/28		2,281
	2,084		GNMA	7.000		06/15/28		2,408
	22,550		GNMA	6.500		09/15/28		25,538
	5,235		GNMA	6.500		09/15/28		5,929
	16,870		GNMA	6.500		11/15/28		19,105
	3,560		GNMA	7.500		11/15/28		4,139
	629		GNMA	8.500		07/15/30		639
	19,719		GNMA	8.500		10/15/30		19,797
	16,957		GNMA	8.500		10/20/30		20,336
	2,554		GNMA	8.500		12/15/30		3,075
	3,871		GNMA	7.000		06/20/31		4,469
	2,188		GNMA	6.500		07/15/31		2,478
	14,899		GNMA	7.000		07/15/31		17,251
	9,510		GNMA	7.000		07/15/31		11,011
	10,317		GNMA	7.500		02/15/32		12,071
	2,021		GNMA	6.500		03/15/33		2,287
	424,145		GNMA	5.500		07/15/33		462,362
	974,655		GNMA	5.500		09/15/33		1,062,476
	351,174		GNMA	5.500		02/20/35		382,084
	2,378,869		GNMA	5.500		05/20/35		2,586,028
	865,641		GNMA	5.500		02/20/36		941,024
	153,496		GNMA	6.000		10/20/36		168,031
	162,439		GNMA	6.000		01/20/37		177,820
	531,815		GNMA	6.000		02/20/37		581,673
	52,000,000	h	GNMA	5.000		04/15/38		55,144,388
	9,000,000	h	GNMA	5.500		04/15/38		9,745,308
	357,938		GNMA	5.500		07/15/38		388,177
	1,334,028		GNMA	5.500		07/20/38		1,443,530
	22,117		GNMA	6.000		08/15/38		24,361
	496,518		GNMA	6.000		08/20/38		542,601
	461,747		GNMA	6.500		11/20/38		517,927
	1,767,080		GNMA	5.000		06/15/39		1,886,634
	2,087,408		GNMA	4.500		07/20/39		2,155,031
	819,617		GNMA	4.000		08/15/39		821,324
	27,000,000	h	GNMA	4.500		04/15/40		27,847,962
	874,905		GNMA	4.000		10/15/40		877,274
	33,000,000	h	GNMA	4.000		04/15/41		33,000,000
	6,000,000	h	GNMA	6.000		04/15/41		6,600,000
	9,000,000	h	GNMA	4.500		04/20/41		9,267,183
	13,000,000	h	GNMA	5.000		04/20/41		13,790,153
	1,617,137		GNMA	6.230		09/15/43		1,713,004
	2,589,984		GNMA	6.500		01/15/44		2,801,160
			TOTAL MORTGAGE BACKED					605,148,610
MUNICIPAL BONDS - 0.5%
	445,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		469,680
	1,655,000		Grant County Public Utility District No 2	5.630		01/01/27		1,654,901

22

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,955,000		Long Island Power Authority	5.850	%	05/01/41	$	3,637,452
	2,470,000		State of California	7.630		03/01/40		2,702,057
	2,505,000		State of Illinois	6.730		04/01/35		2,402,971
			TOTAL MUNICIPAL BONDS					10,867,061
U.S. TREASURY SECURITIES - 12.6%
	26,866,000		United States Treasury Bond	8.000		11/15/21		37,520,034
	1,975,000		United States Treasury Bond	6.380		08/15/27		2,500,228
	17,920,000		United States Treasury Bond	5.250		02/15/29		20,182,400
	22,004,000		United States Treasury Bond	5.380		02/15/31		25,163,641
	76,000		United States Treasury Bond	4.500		02/15/36		76,736
	4,665,000		United States Treasury Bond	3.500		02/15/39		3,911,313
	19,244,000		United States Treasury Bond	3.880		08/15/40		17,220,378
	7,292,180	k	United States Treasury Inflation Indexed Bonds	0.630		04/15/13		7,631,718
	8,875,120	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/16		9,798,683
	3,019,710	k	United States Treasury Inflation Indexed Bonds	1.130		01/15/21		3,063,825
	4,480,000		United States Treasury Note	1.000		04/30/12		4,510,957
	365,000		United States Treasury Note	0.630		06/30/12		365,942
	1,180,000		United States Treasury Note	0.630		07/31/12		1,182,679
	1,925,000		United States Treasury Note	1.380		10/15/12		1,948,612
	1,525,000		United States Treasury Note	0.630		01/31/13		1,522,260
	385,000		United States Treasury Note	0.750		08/15/13		383,045
	2,985,000		United States Treasury Note	3.130		08/31/13		3,138,913
	615,000		United States Treasury Note	0.500		10/15/13		606,592
	4,913,000		United States Treasury Note	2.750		10/31/13		5,126,023
	13,062,000		United States Treasury Note	2.000		11/30/13		13,365,078
	17,870,000		United States Treasury Note	1.250		03/15/14		17,864,460
	8,747,000		United States Treasury Note	1.880		04/30/14		8,898,026
	19,870,000		United States Treasury Note	2.250		05/31/14		20,427,294
	12,755,000		United States Treasury Note	2.630		06/30/14		13,255,238
	10,511,000		United States Treasury Note	2.380		08/31/14		10,819,761
	2,475,000		United States Treasury Note	2.130		11/30/14		2,520,052
	12,623,000		United States Treasury Note	2.130		02/29/16		12,583,553
	500,000		United States Treasury Note	2.630		02/29/16		510,156
	500,000		United States Treasury Note	2.750		02/28/18		496,211
	44,000		United States Treasury Note	2.630		11/15/20		41,058
	2,731,000		United States Treasury Note	3.630		02/15/21		2,769,832
	3,964,000		United States Treasury Note	4.250		11/15/40		3,791,193
	7,245,000	j	United States Treasury Strip Principal	0.000		08/15/27		3,484,084
			TOTAL U.S. TREASURY SECURITIES					256,679,975
			TOTAL GOVERNMENT BONDS					1,087,254,193
			(Cost $1,068,323,485)
STRUCTURED ASSETS - 8.6%
ASSET BACKED - 1.4%
	1,410,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		1,440,407
			Series - 2010 3 (Class C)
	650,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		650,501
			Series - 2011 1 (Class C)
	55,677	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		1
			Series - 2006 WMC1 (Class N1)

23

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$850,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150	%	03/20/17	$	847,143
			Series - 2010 5A (Class A)
	215,000		CarMax Auto Owner Trust	2.830		02/15/17		214,280
			Series - 2011 1 (Class C)
	478,798	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		280,473
			Series - 2004 2 (Class 1M1)
	478,798	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		122,115
			Series - 2004 2 (Class 1B)
	550,191		CIT Group Home Equity Loan Trust	6.200		02/25/30		558,587
			Series - 2002 1 (Class AF6)
	515,119		Citicorp Mortgage Securities, Inc	5.710		07/25/36		519,136
			Series - 2006 1 (Class A3)
	717,795		Citicorp Mortgage Securities, Inc	5.560		09/25/36		720,479
			Series - 2006 2 (Class A3)
	1,023,741	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		1,005,462
			Series - 2006 15 (Class A2)
	89,542	i	Countrywide Home Equity Loan Trust	0.480		02/15/29		57,847
			Series - 2004 B (Class 1A)
	714,610	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		701,220
			Series - 2007 MX1 (Class A1)
	185,000	g,i	DB/UBS Mortgage Trust	5.470		11/10/46		186,867
			Series - 2011 LC1A (Class B)
	495,000	g,i	DB/UBS Mortgage Trust	5.560		11/10/46		495,612
			Series - 2011 LC1A (Class C)
	3,446,790	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		3,223,045
			Series - 2007 1A (Class AF3)
	1,800,000		Ford Credit Auto Owner Trust	3.210		07/15/17		1,789,732
			Series - 2011 A (Class D)
	850,000	g	Ford Credit Floorplan Master Owner Trust	2.610		02/15/16		852,814
			Series - 2011 1 (Class C)
	70,000	g	Ford Credit Floorplan Master Owner Trust	4.640		02/15/17		74,772
			Series - 2010 3 (Class B)
	342,218		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		335,078
			Series - 2006 HLTV (Class A3)
	890,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		711,342
			Series - 2006 HLTV (Class A4)
	101,895		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		102,021
			Series - 2007 1 (Class A1F)
	364,678	i	Morgan Stanley ABS Capital I	0.270		01/25/37		354,325
			Series - 2007 HE2 (Class A2A)
	481,003	i	Park Place Securities, Inc	0.880		09/25/34		442,301
			Series - 2004 WHQ1 (Class M1)
	4,312,244	i	Residential Asset Mortgage Products, Inc	0.870		11/25/34		3,658,849
			Series - 2004 RS11 (Class M1)
	450,000	i	Residential Asset Securities Corp	0.680		04/25/35		405,592
			Series - 2005 KS3 (Class M3)
	153,945	i	Residential Asset Securities Corp	6.490		10/25/30		135,128
			Series - 2001 KS2 (Class AI6)
	465,037		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		457,733
			Series - 2006 HI5 (Class A2)
	1,655,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		1,411,121
			Series - 2006 HI5 (Class A3)

24

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,332,654		Residential Funding Mortgage Securities II, Inc	5.960	%	02/25/36	$	1,251,436
			Series - 2006 HI3 (Class A3)
	185,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		147,859
			Series - 2006 HI1 (Class M2)
	4,273,474		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		3,874,886
			Series - 2006 HI4 (Class A3)
	610,813	i	Securitized Asset Backed Receivables LLC Trust	0.400		03/25/36		575,441
			Series - 2006 NC2 (Class A2)
	419,775	g,i	Wachovia Loan Trust	0.610		05/25/35		269,249
			Series - 2005 SD1 (Class A)
	625,139	i	Wells Fargo Home Equity Trust	0.390		07/25/36		564,787
			Series - 2006 2 (Class A3)
	565,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		612,427
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					29,050,068
OTHER MORTGAGE BACKED - 7.2%
	1,155,000	i	Banc of America Commercial Mortgage, Inc	4.770		07/10/43		1,147,867
			Series - 2005 3 (Class AJ)
	870,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		915,690
			Series - 2006 6 (Class A4)
	3,737,000		Banc of America Commercial Mortgage, Inc	5.680		07/10/46		3,824,737
			Series - 2006 4 (Class AM)
	1,610,000	i	Banc of America Commercial Mortgage, Inc	5.690		04/10/49		1,708,840
			Series - 2007 2 (Class A4)
	4,735,000	i	Banc of America Commercial Mortgage, Inc	5.660		06/10/49		5,001,134
			Series - 2007 3 (Class A4)
	153,519		Bank of America Alternative Loan Trust	5.500		09/25/19		157,169
			Series - 2004 8 (Class 3A1)
	731,648		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		663,258
			Series - 2005 AC2 (Class 1A)
	500,000	i	Bear Stearns Commercial Mortgage Securities	5.760		09/11/38		485,816
			Series - 2006 PW12 (Class AJ)
	630,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		664,369
			Series - 2006 PW14 (Class A4)
	545,000	i	Bear Stearns Commercial Mortgage Securities	5.450		03/11/39		592,256
			Series - 2006 PW11 (Class A4)
	1,050,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		1,072,186
			Series - 2006 PW13 (Class AM)
	1,070,000	i	Bear Stearns Commercial Mortgage Securities	5.570		10/12/41		1,095,011
			Series - 2006 T24 (Class AM)
	1,290,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		1,356,596
			Series - 2004 T16 (Class A6)
	1,690,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		1,807,133
			Series - 2007 PW17 (Class A4)
	1,440,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		1,534,946
			Series - 2007 PW18 (Class A4)
	986,930		Chase Mortgage Finance Corp	5.500		10/25/35		985,172
			Series - 2005 S2 (Class A24)
	860,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		862,036
			Series - 2007 C9 (Class AM)

25

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$680,000	i	Commercial Mortgage Pass Through Certificates	5.810	%	12/10/49	$	737,833
			Series - 2007 C9 (Class A4)
	1,000,357		Countrywide Alternative Loan Trust	5.500		08/25/16		988,075
			Series - 2004 30CB (Class 1A15)
	436,128		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		435,948
			Series - 2005 J3 (Class 1A1)
	672,976	g,i	Credit Suisse Mortgage Capital Certificates	0.440		04/15/22		657,722
			Series - 2007 TF2A (Class A1)
	5,480,000	g,i	Credit Suisse Mortgage Capital Certificates	5.380		02/15/40		5,424,290
			Series - 2010 RR4 (Class 1B)
	1,050,000	g	Credit Suisse Mortgage Capital Certificates	5.380		02/15/40		1,029,083
			Series - 2009 RR1 (Class A3C)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	519,912	g,i	Certificate	0.450		05/15/23		513,792
			Series - 2006 HC1A (Class A1)
	580,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		592,027
			Series - 2003 C3 (Class B)
	1,210,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		1,296,784
			Series - 2005 C5 (Class A4)
	445,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		445,038
			Series - 2005 C5 (Class AJ)
	4,154,833		Federal Home Loan Mortgage Corp (FHLMC)	4.000		06/15/34		598,927
			Series - 2010 3748 (Class NI)
	5,000,000		Federal National Mortgage Association (FNMA)	4.000		02/25/40		4,810,282
			Series - 2010 155 (Class PC)
	1,001,211	i	GMAC Mortgage Corp Loan Trust	4.580		10/19/33		1,031,800
			Series - 2003 AR1 (Class A5)
	900,000	i	Greenwich Capital Commercial Funding Corp	5.220		04/10/37		958,303
			Series - 2005 GG5 (Class A5)
	1,400,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		1,531,595
			Series - 2006 GG7 (Class A4)
	7,210,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		7,483,099
			Series - 2006 GG7 (Class AM)
	4,255,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		4,503,761
			Series - 2007 GG9 (Class A4)
	4,420,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		4,675,051
			Series - 2007 GG11 (Class A4)
	870,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		933,023
			Series - 2006 GG6 (Class A4)
	1,435,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		1,476,757
			Series - 2006 GG6 (Class AM)
	2,615,000		GS Mortgage Securities Corp II	5.560		11/10/39		2,812,542
			Series - 2006 GG8 (Class A4)
	1,380,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		1,387,650
			Series - 2010 C1 (Class B)
	500,000	g,i	GS Mortgage Securities Corp II	5.230		12/10/43		485,638
			Series - 2010 C2 (Class C)
	456,483	i	GSR Mortgage Loan Trust	2.780		01/25/36		438,354
			Series - 2006 AR1 (Class 2A2)
	384,702	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.440		02/15/20		372,497
			Series - 2006 FL1A (Class A2)
	215,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		231,819
			Series - 2009 IWST (Class A2)

26

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$230,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070	%	11/15/43	$	229,446
			Series - 2010 C2 (Class B)
	405,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.530		11/15/43		408,679
			Series - 2010 C2 (Class C)
	1,085,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		1,120,110
			Series - 2006 LDP8 (Class AM)
	370,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.480		05/15/45		356,021
			Series - 2006 LDP8 (Class AJ)
	2,060,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		2,156,779
			Series - 2006 LDP9 (Class A3)
	7,360,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		7,761,005
			Series - 2007 CB18 (Class A4)
	2,795,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		2,993,489
			Series - 2007 LD11 (Class A4)
	5,471,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/20/49		5,660,057
			Series - 2010 RR1 (Class JPB)
	659,735	i	JP Morgan Mortgage Trust	4.300		04/25/35		663,730
			Series - 2005 A2 (Class 5A1)
	520,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		546,262
			Series - 2005 C1 (Class A4)
	810,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		866,202
			Series - 2005 C2 (Class A5)
	3,320,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		3,525,732
			Series - 2007 C1 (Class A4)
	1,890,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		1,991,531
			Series - 2007 C2 (Class A3)
	2,075,000		LB-UBS Commercial Mortgage Trust	5.460		02/15/40		2,075,717
			Series - 2007 C1 (Class AM)
	817,051		MASTR Asset Securitization Trust	5.000		05/25/35		824,361
			Series - 2005 1 (Class 2A5)
	571,063	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		592,788
			Series - 2005 CIP1 (Class AM)
	465,000	i	Merrill Lynch Mortgage Trust	5.670		05/12/39		504,766
			Series - 2006 C1 (Class A4)
	925,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.430		02/12/39		995,585
			Series - 2006 1 (Class A4)
	1,945,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		2,041,174
			Series - 2006 4 (Class A3)
	3,780,000	i	Morgan Stanley Capital I	5.450		02/12/44		3,967,711
			Series - 2007 HQ11 (Class A4)
	1,150,000		Morgan Stanley Capital I	5.360		03/15/44		1,203,238
			Series - 2007 IQ13 (Class A4)
	620,000	g,i	Morgan Stanley Capital I	5.240		09/15/47		614,680
			Series - 2011 C1 (Class C)
	1,050,000	g,i	Morgan Stanley Capital I	5.240		09/15/47		1,025,053
			Series - 2011 C1 (Class D)
	620,000	g,i	Morgan Stanley Capital I	5.260		09/15/47		630,967
			Series - 2011 C1 (Class B)
	415,000	i	Morgan Stanley Capital I	5.540		11/12/49		431,223
			Series - 2007 T25 (Class AM)
	2,485,000		Morgan Stanley Capital I	4.770		07/15/56		2,505,835
			Series - 0 IQ9 (Class AJ)

27

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,060,000	g,i	RBSCF Trust	4.670	%	04/15/24	$	1,077,500
			Series - 2010 MB1 (Class D)
	1,581,602		Residential Accredit Loans, Inc	6.000		06/25/36		1,047,416
			Series - 2006 QS7 (Class A3)
	1,084,262	i	Residential Funding Mortgage Securities I, Inc	3.070		08/25/35		1,001,437
			Series - 2005 SA3 (Class 2A1)
	341,219	i	Structured Adjustable Rate Mortgage Loan Trust	0.630		03/25/35		333,351
			Series - 2005 6XS (Class A3)
	147,629	i	Structured Adjustable Rate Mortgage Loan Trust	6.520		07/25/36		147,221
			Series - 2006 6 (Class 2A1)
	15,000,000		Wachovia Bank Commercial Mortgage Trust	5.340		12/15/43		15,532,741
			Series - 2007 C30 (Class A5)
	3,340,000	i	Wachovia Bank Commercial Mortgage Trust	5.960		06/15/45		3,490,517
			Series - 2006 C26 (Class AM)
	505,000	i	Wachovia Bank Commercial Mortgage Trust	5.820		05/15/46		509,415
			Series - 2007 C34 (Class AM)
	1,200,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		1,191,345
			Series - 2007 C31 (Class A5)
	1,765,000		Wachovia Bank Commercial Mortgage Trust	5.340		11/15/48		1,773,072
			Series - 2006 C29 (Class AM)
	2,135,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		1,960,761
			Series - 2006 C29 (Class AJ)
	1,025,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		1,097,593
			Series - 2007 C33 (Class A4)
	1,350,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		1,432,714
			Series - 2007 C33 (Class A5)
	730,000		Wachovia Bank Commercial Mortgage Trust	5.380		12/15/43		684,260
			Series - 2007 C30 (Class AM)
	764,466	i	Wells Fargo Mortgage Backed Securities Trust	5.410		03/25/36		769,765
			Series - 2006 AR1 (Class 2A2)
			TOTAL OTHER MORTGAGE BACKED					147,467,155
			TOTAL STRUCTURED ASSETS					176,517,223
			(Cost $171,647,504)
			TOTAL BONDS					1,972,089,974
			(Cost $1,932,497,343)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	79,857	*	Federal Home Loan Mortgage Corp	8.380	12/30/49	135,757
	231,458	*	Federal National Mortgage Association	8.250	12/30/49	393,479
			TOTAL BANKS			529,236
			TOTAL PREFERRED STOCKS			529,236
			(Cost $7,782,875)

28

TIAA-CREF FUNDS – Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 23.4%
GOVERNMENT AGENCY DEBT - 15.4%
		Federal Home Loan Bank (FHLB)
	$27,330,000	FHLB	0.065	%	05/11/11	$	27,325,597
	19,090,000	FHLB	0.072		05/18/11		19,086,511
	31,290,000	FHLB	0.073		05/20/11		31,284,463
	21,700,000	FHLB	0.074		05/23/11		21,695,769
	9,920,000	FHLB	0.116		06/01/11		9,918,482
	20,000,000	FHLB	0.116		06/17/11		19,996,160
		Federal Home Loan Mortgage Corp (FHLMC)
	32,030,000	FHLMC	0.100		06/06/11		32,024,715
	37,435,000	FHLMC	0.112		06/20/11		37,427,513
	40,400,000	FHLMC	0.117		07/25/11		40,385,820
		Federal National Mortgage Association (FNMA)
	15,485,000	FNMA	0.012		04/06/11		15,484,634
	49,430,000	FNMA	0.084		05/25/11		49,419,620
	8,595,000	FNMA	0.107		06/08/11		8,593,539
		TOTAL GOVERNMENT AGENCY DEBT					312,642,823
TREASURY DEBT - 8.0%
	62,385,000	United States Treasury Bill	0.036-0.060		05/12/11		62,374,279
	37,355,000	United States Treasury Bill	0.085-0.100		06/16/11		37,349,096
	20,000,000	United States Treasury Bill	0.079		06/23/11		19,995,980
	20,070,000	United States Treasury Bill	0.099		07/07/11		20,064,481
	17,260,000	United States Treasury Bill	0.127		08/25/11		17,250,214
	6,500,000	United States Treasury Bill	0.214		12/15/11		6,490,602
		TOTAL TREASURY DEBT					163,524,652
		TOTAL SHORT-TERM INVESTMENTS					476,167,475
		(Cost $476,139,080)
		TOTAL INVESTMENTS - 120.4%					2,448,786,685
		(Cost $2,416,419,298)
		OTHER ASSETS & LIABILITIES, NET - (20.4)%					(414,345,329)
		NET ASSETS - 100.0%				$	2,034,441,356

	Abbreviation(s):
	ABS	Asset-Based Security
	REIT	Real Estate Investment Trust
*	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 March 31, 2011 the value of these securities amounted to $163,588,187 or 8.0% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon reflects the rate at period end.
j	Zero coupon.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
n	In default.

29

TIAA-CREF FUNDS – Bond Plus Fund

TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS
March 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.3%
CAPITAL GOODS - 0.1%
	$997,500	i	TransDigm, Inc	4.000	%	02/14/17	$	1,003,734
			TOTAL CAPITAL GOODS					1,003,734
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	855,415	i,m	JohnsonDiversey, Inc	4.000		11/24/15		857,554
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					857,554
CONSUMER SERVICES - 0.2%
	1,496,250	i	Burger King Corp	4.500		10/19/16		1,493,961
			TOTAL CONSUMER SERVICES					1,493,961
DIVERSIFIED FINANCIALS - 0.2%
	2,000,000	i	TransUnion LLC	4.750		02/10/18		2,008,340
			TOTAL DIVERSIFIED FINANCIALS					2,008,340
FOOD & STAPLES RETAILING - 0.2%
	2,000,000	i	Del Monte Foods Co	4.500		03/08/18		2,003,340
			TOTAL FOOD & STAPLES RETAILING					2,003,340
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	2,206,612	h,i	Fresenius US Finance I, Inc	3.500		09/10/14		2,206,612
	793,388	h,i	Fresenius US Finance I, Inc	3.500		09/10/14		793,388
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					3,000,000
SOFTWARE & SERVICES - 0.1%
	990,010	i,m	IMS Health, Inc	4.500		08/26/17		989,188
			TOTAL SOFTWARE & SERVICES					989,188
			TOTAL BANK LOAN OBLIGATIONS					11,356,117
			(Cost $11,326,030)
BONDS - 93.6%
CORPORATE BONDS - 41.2%
AUTOMOBILES & COMPONENTS - 0.4%
	500,000		Ford Motor Co	7.450		07/16/31		541,305
	500,000		Harsco Corp	5.130		09/15/13		539,023
	500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		512,370
	1,635,000	g	Pinafore LLC	9.000		10/01/18		1,773,975
			TOTAL AUTOMOBILES & COMPONENTS					3,366,673

30

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANKS - 4.9%
	$610,000	g	Akbank TAS	5.130	%	07/22/15	$	612,318
	500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.880		09/25/17		528,750
	340,000	g	Banco de Credito del Peru	5.380		09/16/20		321,300
	500,000	g	Banco De Credito Del Peru	4.750		03/16/16		492,500
	500,000		Banco de Oro Unibank, Inc	3.880		04/22/16		478,413
	285,000	g	Banco del Estado de Chile	4.130		10/07/20		266,232
	500,000	g	Banco do Brasil S.A.	5.380		01/15/21		485,000
	400,000	g	BanColombia S.A.	4.250		01/12/16		395,000
	365,000		BanColombia S.A.	6.130		07/26/20		365,000
	300,000		Bank of America	4.880		09/15/12		314,287
	25,000		Bank of America Corp	4.900		05/01/13		26,382
	350,000		Bank of America Corp	7.380		05/15/14		395,263
	1,000,000		Bank of America Corp	3.630		03/17/16		985,918
	650,000		Bank of America Corp	5.300		03/15/17		667,333
	25,000		Bank of America Corp	6.000		09/01/17		26,795
	350,000		Bank of America Corp	5.750		12/01/17		368,764
	1,700,000	g	Bank of Montreal	2.630		01/25/16		1,691,899
	1,500,000	g	Bank of Nova Scotia	1.650		10/29/15		1,438,941
	150,000		BB&T Corp	3.850		07/27/27		155,297
	350,000	g	BBVA Bancomer S.A.	4.500		03/10/16		350,741
	1,750,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		1,752,237
	350,000		Capital One Capital V	8.880		05/15/40		368,813
	625,000		Citigroup, Inc	6.000		12/13/13		679,579
	275,000		Citigroup, Inc	5.500		10/15/14		296,615
	300,000		Citigroup, Inc	6.130		05/15/18		327,213
	550,000		Citigroup, Inc	5.380		08/09/20		566,199
	525,000		Citigroup, Inc	6.880		03/05/38		576,946
	275,000		Citigroup, Inc	8.130		07/15/39		344,716
	2,700,000	g	Depfa ACS Bank	5.130		03/16/37		1,792,653
	250,000		Deutsche Bank AG	3.880		08/18/14		260,671
	345,000		Discover Bank	7.000		04/15/20		379,570
	200,000		First Horizon National Corp	5.380		12/15/15		208,955
	250,000		Golden West Financial Corp	4.750		10/01/12		262,628
	500,000	g	HSBC Bank plc	4.130		08/12/20		478,475
	275,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		266,228
	618,000	g	ICICI Bank Ltd	5.500		03/25/15		644,326
	30,000		JPMorgan Chase & Co	4.650		06/01/14		32,066
	335,000		JPMorgan Chase & Co	5.130		09/15/14		359,562
	50,000		JPMorgan Chase & Co	3.400		06/24/15		50,307
	5,000,000		JPMorgan Chase & Co	3.450		03/01/16		4,982,144
	1,430,000		JPMorgan Chase & Co	4.250		10/15/20		1,366,667
	475,000		JPMorgan Chase & Co	5.500		10/15/40		464,147
	500,000		KeyBank NA	3.200		06/15/12		516,371
	250,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		241,857
	1,100,000		Mellon Funding Corp	6.400		05/14/11		1,107,070
	575,000	g	National Bank of Canada	1.650		01/30/14		575,769
	2,000,000		New York Community Bank	3.000		12/16/11		2,038,751
	125,000		Noble Holding International Ltd	3.450		08/01/15		127,612
	350,000		Noble Holding International Ltd	4.900		08/01/20		355,107
	500,000		Regions Financial Corp	6.380		05/15/12		515,537
	500,000	g,h	Shinhan Bank	4.130		10/04/16		501,807
	500,000	i	Shinhan Bank	5.660		03/02/35		500,562

31

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000		Sovereign Bancorp, Inc	2.750	%	01/17/12	$	2,039,264
	500,000	g,i	Standard Chartered plc	6.410		12/30/49		478,431
	125,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		124,444
	500,000	g	Turkiye Is Bankasi	5.100		02/01/16		497,139
	100,000		Union Bank of California NA	5.950		05/11/16		105,961
	125,000		USB Capital XIII Trust	6.630		12/15/39		130,859
	350,000	g	Vnesheconombank	6.800		11/22/25		354,900
	375,000		Wachovia Bank NA	4.800		11/01/14		399,319
	350,000		Wachovia Bank NA	5.850		02/01/37		357,170
	1,850,000		Wells Fargo & Co	4.750		02/09/15		1,968,595
	500,000		Wells Fargo & Co	3.680		06/15/16		502,955
	1,000,000		Wells Fargo & Co	4.600		04/01/21		988,905
	200,000		Zions Bancorporation	7.750		09/23/14		217,203
			TOTAL BANKS					41,472,438
CAPITAL GOODS - 1.0%
	500,000	g	Adaro Indonesia PT	7.630		10/22/19		552,500
	100,000		Black & Decker Corp	8.950		04/15/14		118,234
	2,000,000	h	Caterpillar Financial Services Corp	2.650		04/01/16		1,984,946
	150,000		CRH America, Inc	4.130		01/15/16		150,146
	500,000		DIRECTV Holdings LLC	3.500		03/01/16		501,086
	270,000	g	Gol Finance	9.250		07/20/20		288,563
	560,000	g	Gold Fields Orogen Holding BVI Ltd	4.880		10/07/20		537,397
	265,000		Goodrich Corp	6.130		03/01/19		296,988
	200,000	g	Hyva Global BV	8.630		03/24/16		205,333
	630,000	g	Myriad International Holding BV	6.380		07/28/17		665,406
	500,000	g	SPX Corp	6.880		09/01/17		537,500
	500,000		Susser Holdings LLC	8.500		05/15/16		541,250
	500,000	g	TAM Capital 2, Inc	9.500		01/29/20		550,000
	500,000	g	TransDigm, Inc	7.750		12/15/18		536,875
	145,000		Tyco International Finance S.A.	4.130		10/15/14		153,962
	150,000		United Technologies Corp	6.050		06/01/36		166,824
	200,000		United Technologies Corp	5.700		04/15/40		214,253
	500,000		Valmont Industries, Inc	6.630		04/20/20		515,219
			TOTAL CAPITAL GOODS					8,516,482
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	500,000		Corrections Corp of America	7.750		06/01/17		543,125
	250,000		Daimler Finance North America LLC	5.750		09/08/11		255,440
	420,000		Iron Mountain, Inc	8.380		08/15/21		454,650
	340,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		345,445
	100,000		News America, Inc	7.250		05/18/18		119,260
	650,000	g	News America, Inc	4.500		02/15/21		636,824
	250,000		News America, Inc	7.630		11/30/28		286,221
	250,000		News America, Inc	6.200		12/15/34		251,431
	325,000		News America, Inc	6.650		11/15/37		340,858
	250,000		News America, Inc	6.900		08/15/39		271,435
	285,000		Republic Services, Inc	5.000		03/01/20		295,053
	145,000		Republic Services, Inc	5.250		11/15/21		151,794
	375,000		Republic Services, Inc	6.200		03/01/40		395,992
	500,000	g	Trans Union LLC	11.380		06/15/18		571,249
	365,000	g	VIP Finance Ireland Ltd	6.490		02/02/16		377,775

32

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$555,000		Visant Corp	10.000	%	10/01/17	$	599,399
	350,000		Waste Management, Inc	4.600		03/01/21		349,708
	335,000		Waste Management, Inc	6.130		11/30/39		347,699
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					6,593,358
CONSUMER DURABLES & APPAREL - 0.9%
	1,000,000		Alliant Techsystems, Inc	6.750		04/01/16		1,026,250
	500,000		Alliant Techsystems, Inc	6.880		09/15/20		521,875
	500,000		AXIATA SPV1 LABUAN Ltd	5.380		04/28/20		509,383
	1,000,000		Hanesbrands, Inc	8.000		12/15/16		1,083,750
	1,000,000	g	Harley-Davidson Financial Services, Inc	3.880		03/15/16		995,266
	1,500,000		Phillips-Van Heusen Corp	7.380		05/15/20		1,586,250
	400,000		Whirlpool Corp	8.000		05/01/12		426,277
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,276,268
			TOTAL CONSUMER DURABLES & APPAREL					7,425,319
CONSUMER SERVICES - 1.0%
	1,750,000	g	AMC Entertainment Holdings, Inc	9.750		12/01/20		1,872,500
	795,000		American Casinos Inc.	0.750		04/15/21		788,044
	1,000,000	g	DineEquity, Inc	9.500		10/30/18		1,085,000
	200,000		McDonald’s Corp	3.500		07/15/20		195,337
	500,000		Penn National Gaming, Inc	8.750		08/15/19		551,875
	1,000,000	g	Speedway Motorsports, Inc	6.750		02/01/19		1,007,500
	580,000	g	Transnet Ltd	4.500		02/10/16		592,098
	1,000,000		Wendys	10.000		07/15/16		1,100,000
	500,000		Wynn Las Vegas LLC	7.880		11/01/17		536,250
			TOTAL CONSUMER SERVICES					7,728,604
DIVERSIFIED FINANCIALS - 5.4%
	175,000		American Express Co	7.000		03/19/18		204,527
	600,000		American Express Co	8.130		05/20/19		748,604
	1,000,000		American Express Credit Corp	5.880		05/02/13		1,079,704
	225,000		Ameriprise Financial, Inc	5.300		03/15/20		238,496
	500,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		505,000
	500,000	g	Bangkok Bank PCL	4.800		10/18/20		475,924
	375,000		Bank of New York Mellon Corp	4.300		05/15/14		402,122
	275,000		Bank of New York Mellon Corp	5.450		05/15/19		301,655
	750,000	g,h	Banque PSA Finance	3.380		04/04/14		749,660
	250,000		Barclays Bank plc	5.200		07/10/14		270,197
	500,000		BlackRock, Inc	3.500		12/10/14		522,789
	355,000	g	BM&FBOVESPA S.A.	5.500		07/16/20		363,151
	2,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		1,973,654
	250,000		Capital One Bank USA NA	8.800		07/15/19		314,340
	750,000	g	CC Holdings GS V LLC	7.750		05/01/17		817,500
	1,000,000	g	CCL Finance Ltd	9.500		08/15/14		1,157,500
	300,000		Countrywide Financial Corp	6.250		05/15/16		320,276
	1,000,000		Credit Suisse	5.500		05/01/14		1,096,107
	250,000		Credit Suisse AG	5.400		01/14/20		252,494
	500,000		Ford Motor Credit Co LLC	7.500		08/01/12		533,133
	300,000		Franklin Resources, Inc	3.130		05/20/15		307,068
	1,800,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		1,743,750
	225,000		General Electric Capital Corp	2.800		01/08/13		230,219

33

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$850,000		General Electric Capital Corp	1.880	%	09/16/13	$	849,708
	2,700,000		General Electric Capital Corp	5.500		06/04/14		2,952,711
	50,000		General Electric Capital Corp	4.380		09/16/20		48,590
	395,000		General Electric Capital Corp	4.630		01/07/21		389,005
	2,000,000		General Electric Capital Corp	5.300		02/11/21		2,031,338
	400,000		General Electric Capital Corp	6.880		01/10/39		446,397
	2,000,000		GMAC, Inc	2.200		12/19/12		2,048,871
	500,000	i	Goldman Sachs Capital II	5.790		12/30/49		431,250
	600,000		Goldman Sachs Group, Inc	5.700		09/01/12		635,849
	600,000		Goldman Sachs Group, Inc	4.750		07/15/13		635,809
	250,000		Goldman Sachs Group, Inc	3.700		08/01/15		251,845
	575,000		Goldman Sachs Group, Inc	3.630		02/07/16		569,567
	175,000		Goldman Sachs Group, Inc	7.500		02/15/19		203,277
	150,000		Goldman Sachs Group, Inc	6.450		05/01/36		146,696
	375,000		Goldman Sachs Group, Inc	6.750		10/01/37		378,236
	500,000		Goldman Sachs Group, Inc	6.250		02/01/41		497,929
	1,165,000		HSBC Finance Corp	4.750		07/15/13		1,242,568
	200,000	g	Hyundai Capital Services, Inc	4.380		07/27/16		201,063
	415,000		International Lease Finance Corp	5.750		06/15/11		416,556
	200,000	g	International Lease Finance Corp	6.500		09/01/14		213,500
	150,000	g	International Lease Finance Corp	8.880		09/15/15		165,000
	150,000		International Lease Finance Corp	8.250		12/15/20		164,438
	115,000	g	Inversiones CMPC S.A.	4.750		01/19/18		113,153
	100,000		Jefferies Group, Inc	6.250		01/15/36		92,432
	300,000		Kreditanstalt fuer Wiederaufbau	4.880		01/17/17		332,320
	500,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		528,425
	500,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		50
	250,000		Lloyds TSB Bank plc	6.380		01/21/21		260,524
	1,005,000	g	Lukoil International Finance BV	6.130		11/09/20		1,025,100
	275,000		MBNA Corp	6.130		03/01/13		294,209
	1,650,000		Merrill Lynch & Co, Inc	5.450		02/05/13		1,749,092
	300,000		Merrill Lynch & Co, Inc	6.400		08/28/17		327,023
	500,000		Merrill Lynch & Co, Inc	6.880		04/25/18		555,346
	500,000		Morgan Stanley	5.380		10/15/15		531,159
	900,000		Morgan Stanley	5.450		01/09/17		948,782
	250,000		Morgan Stanley	6.630		04/01/18		274,779
	725,000		Morgan Stanley	7.300		05/13/19		815,450
	500,000		Morgan Stanley	5.750		01/25/21		504,648
	250,000		NASDAQ OMX Group, Inc	4.000		01/15/15		248,249
	175,000		NASDAQ OMX Group, Inc	5.550		01/15/20		171,371
	400,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		436,433
	250,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		341,344
	500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		546,750
	500,000	g,h	Odebrecht Finance Ltd	6.000		04/05/23		495,000
	600,000	g	Principal Life Global Funding I	5.130		10/15/13		639,315
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		496,994
	700,000	g,i	Rabobank Nederland NV	11.000		12/30/49		911,750
	450,000		State Street Corp	4.300		05/30/14		482,042
	1,000,000		UBS AG.	2.250		01/28/14		1,001,878
	250,000		UBS AG.	4.880		08/04/20		252,073
	950,000		Unilever Capital Corp	4.250		02/10/21		963,408
	475,000	g	Waha Aerospace BV	3.930		07/28/20		475,000
			TOTAL DIVERSIFIED FINANCIALS					45,342,172

34

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
ENERGY - 4.8%
	$150,000		Anadarko Petroleum Corp	8.700	%	03/15/19	$	183,730
	260,000		Anadarko Petroleum Corp	6.450		09/15/36		259,664
	250,000		Apache Corp	5.100		09/01/40		232,404
	500,000		Arch Coal, Inc	8.750		08/01/16		558,750
	237,000		Arch Western Finance LLC	6.750		07/01/13		239,370
	125,000		Baker Hughes, Inc	5.130		09/15/40		118,546
	300,000		BJ Services Co	5.750		06/01/11		302,515
	525,000		BP Capital Markets plc	3.130		03/10/12		536,538
	1,000,000		BP Capital Markets plc	5.250		11/07/13		1,081,463
	5,060,000		BP Capital Markets plc	3.200		03/11/16		5,037,664
	275,000		Burlington Resources Finance Co	7.200		08/15/31		332,578
	250,000		Chesapeake Energy Corp	7.630		07/15/13		280,000
	250,000		Chesapeake Energy Corp	6.500		08/15/17		270,313
	1,000,000		Chesapeake Energy Corp	6.630		08/15/20		1,065,000
	525,000		Chesapeake Energy Corp	6.130		02/15/21		542,063
	500,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		545,000
	575,000		ConocoPhillips	6.500		02/01/39		654,586
	500,000		Consol Energy Inc	8.250		04/01/20		554,375
	461,450		Dolphin Energy Ltd	5.890		06/15/19		490,291
	500,000		Drummond Co, Inc	7.380		02/15/16		515,000
	500,000		Ecopetrol S.A.	7.630		07/23/19		576,250
	500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		532,971
	200,000	g	Empresa Nacional del Petroleo	5.250		08/10/20		199,489
	100,000		EnCana Corp	6.630		08/15/37		107,963
	500,000		Encore Acquisition Co	9.500		05/01/16		563,750
	425,000		Enterprise Products Operating LLC	4.600		08/01/12		442,271
	275,000		Enterprise Products Operating LLC	5.600		10/15/14		303,810
	75,000		Enterprise Products Operating LLC	5.000		03/01/15		80,301
	115,000		Enterprise Products Operating LLC	6.130		10/15/39		114,460
	135,000		Enterprise Products Operating LLC	5.950		02/01/41		131,309
	350,000		EOG Resources, Inc	4.100		02/01/21		338,857
	350,000	g	Gaz Capital S.A.	5.090		11/29/15		365,295
	500,000		Gaz Capital S.A.	6.210		11/22/16		542,500
	500,000		Gaz Capital S.A.	6.510		03/07/22		532,500
	175,000		Hess Corp	8.130		02/15/19		219,686
	285,000		Hess Corp	6.000		01/15/40		288,102
	1,250,000	g	Inergy LP	6.880		08/01/21		1,303,125
	425,000	g	James River Escrow	7.880		04/01/19		439,875
	715,000	g	KMG Finance Sub BV	6.380		04/09/21		740,025
	500,000		Lyondell Chemical Co	11.000		05/01/18		561,250
	750,000	g	Marathon Petroleum Corp	3.500		03/01/16		751,968
	500,000	g	Marathon Petroleum Corp	5.130		03/01/21		503,992
	275,000		MarkWest Energy Partners LP	6.750		11/01/20		281,875
	300,000	g	Novatek Finance Ltd	6.600		02/03/21		315,002
	350,000		Occidental Petroleum Corp	4.100		02/01/21		346,654
	500,000		Peabody Energy Corp	7.380		11/01/16		555,000
	100,000		Pemex Project Funding Master Trust	5.750		03/01/18		105,800
	150,000		Pemex Project Funding Master Trust	6.630		06/15/35		150,467
	125,000		Pemex Project Funding Master Trust	6.630		06/15/38		124,469

35

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$230,000		Petrobras International Finance Co	3.880	%	01/27/16	$	231,538
	500,000		Petrobras International Finance Co	7.880		03/15/19		587,043
	494,000		Petrobras International Finance Co	6.880		01/20/40		517,318
	100,000		Petroleos Mexicanos	8.000		05/03/19		120,100
	450,000		Petroleos Mexicanos	5.500		01/21/21		456,750
	430,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		521,375
	500,000	g	Petronas Capital Ltd	5.250		08/12/19		531,782
	2,000,000	g	Precision Drilling Trust	6.630		11/15/20		2,059,999
	500,000	g,h	PTTEP Canada International Finance Ltd	5.690		04/05/21		499,635
	500,000		Range Resources Corp	7.500		05/15/16		518,750
	100,000		Range Resources Corp	7.250		05/01/18		107,000
	405,548		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		09/30/20		420,756
	330,000	g	Reliance Holdings USA	4.500		10/19/20		310,897
	1,125,000	g	Schlumberger Norge AS.	4.200		01/15/21		1,125,476
	1,125,000	g	Schlumberger Oilfield UK plc	4.200		01/15/21		1,125,476
	250,000		SEACOR Holdings, Inc	7.380		10/01/19		265,940
	250,000		Shell International Finance BV	3.100		06/28/15		256,173
	525,000		Shell International Finance BV	4.300		09/22/19		540,619
	125,000		Shell International Finance BV	6.380		12/15/38		141,262
	1,495,000		Southwestern Energy Co	7.500		02/01/18		1,694,956
	200,000		Statoil ASA	2.900		10/15/14		206,370
	500,000		TransCanada Pipelines Ltd	5.850		03/15/36		508,694
	250,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		251,019
	125,000		Vale Overseas Ltd	6.250		01/23/17		139,141
	125,000		Vale Overseas Ltd	6.880		11/21/36		133,108
	205,000		Vale Overseas Ltd	6.880		11/10/39		219,123
	450,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		446,830
	600,000		XTO Energy, Inc	6.250		04/15/13		660,302
	300,000		XTO Energy, Inc	4.630		06/15/13		322,225
			TOTAL ENERGY					40,238,523
FOOD & STAPLES RETAILING - 0.3%
	185,000		CVS Caremark Corp	3.250		05/18/15		187,925
	50,000		CVS Caremark Corp	6.600		03/15/19		57,354
	275,000		Delhaize Group S.A.	5.880		02/01/14		300,245
	250,000		Delhaize Group S.A.	6.500		06/15/17		281,191
	500,000		Ingles Markets, Inc	8.880		05/15/17		536,875
	75,000		Kroger Co	5.000		04/15/13		80,134
	50,000		Kroger Co	6.800		12/15/18		57,983
	95,000		Stater Brothers Holdings	7.750		04/15/15		98,563
	300,000	g	Stater Brothers Holdings	7.380		11/15/18		311,250
	1,045,000		SuperValu, Inc	8.000		05/01/16		1,045,000
			TOTAL FOOD & STAPLES RETAILING					2,956,520
FOOD, BEVERAGE & TOBACCO - 0.9%
	500,000		Anheuser-Busch InBev Worldwide, Inc	2.880		02/15/16		496,279
	775,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		831,808
	300,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		313,743
	175,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		196,158
	475,000	g	BFF International Ltd	7.250		01/28/20		513,000
	715,000	g	Blue Merger Sub, Inc	7.630		02/15/19		724,831
	425,000		Coca-Cola Co	3.150		11/15/20		395,429

36

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Constellation Brands, Inc	8.380	%	12/15/14	$	566,250
	350,000		General Mills, Inc	5.650		02/15/19		387,955
	620,000		Kraft Foods, Inc	6.500		02/09/40		662,213
	150,000		PepsiAmericas, Inc	5.750		07/31/12		159,857
	25,000		PepsiAmericas, Inc	4.380		02/15/14		26,814
	38,000		PepsiCo, Inc	7.900		11/01/18		48,232
	550,000		Philip Morris International, Inc	6.880		03/17/14		631,250
	100,000		Philip Morris International, Inc	6.380		05/16/38		112,401
	500,000		Smithfield Foods, Inc	10.000		07/15/14		588,750
	300,000		TreeHouse Foods, Inc	7.750		03/01/18		323,250
			TOTAL FOOD, BEVERAGE & TOBACCO					6,978,220
HEALTH CARE EQUIPMENT & SERVICES - 1.0%
	510,000		DaVita, Inc	6.380		11/01/18		515,100
	435,000		DaVita, Inc	6.630		11/01/20		440,438
	400,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		458,500
	500,000		HCA, Inc	5.750		03/15/14		509,375
	262,000	o	HCA, Inc	9.630		11/15/16		282,305
	500,000		HCA, Inc	8.500		04/15/19		555,000
	500,000		HCA, Inc	7.880		02/15/20		543,750
	500,000		Healthsouth Corp	7.250		10/01/18		516,875
	500,000		Healthsouth Corp	7.750		09/15/22		520,000
	2,000,000	g	LifePoint Hospitals, Inc	6.630		10/01/20		2,049,999
	228,000		McKesson Corp	3.250		03/01/16		229,644
	275,000		Medtronic, Inc	4.750		09/15/15		300,992
	500,000		Quest Diagnostics, Inc	6.400		07/01/17		563,188
	750,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		762,579
	160,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		165,320
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					8,413,065
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	250,000		Procter & Gamble Co	5.550		03/05/37		267,191
	500,000	g	Reynolds Group Issuer, Inc	6.880		02/15/21		503,750
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					770,941
INSURANCE - 1.2%
	275,000		ACE INA Holdings, Inc	5.880		06/15/14		305,257
	240,000		Aetna, Inc	6.500		09/15/18		276,138
	150,000		Aetna, Inc	6.630		06/15/36		165,752
	375,000		Allstate Corp	7.450		05/16/19		445,439
	500,000		American International Group, Inc	3.650		01/15/14		508,570
	400,000		Chubb Corp	6.000		05/11/37		418,964
	80,000		CIGNA Corp	5.130		06/15/20		83,391
	1,000,000		CIGNA Corp	4.500		03/15/21		984,442
	250,000		Genworth Financial, Inc	7.200		02/15/21		248,286
	525,000		Hartford Financial Services Group, Inc	4.000		03/30/15		532,967
	525,000		Hartford Financial Services Group, Inc	5.500		03/30/20		533,930
	275,000		Hartford Financial Services Group, Inc	6.630		03/30/40		278,735
	250,000		Lincoln National Corp	7.000		06/15/40		285,358
	550,000		Metlife, Inc	5.000		06/15/15		592,223
	525,000		Metlife, Inc	6.750		06/01/16		606,871
	275,000		Metlife, Inc	5.700		06/15/35		274,392

37

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$650,000		Prudential Financial, Inc	6.200	%	11/15/40	$	675,231
	300,000	g	Prudential Funding LLC	6.750		09/15/23		334,546
	300,000		Travelers Cos, Inc	5.800		05/15/18		329,920
	75,000		Travelers Cos, Inc	5.900		06/02/19		82,952
	100,000		Unum Group	5.630		09/15/20		101,614
	275,000		WellPoint, Inc	5.850		01/15/36		277,491
	2,000,000		Willis Group Holdings plc	4.130		03/15/16		1,989,705
	150,000		WR Berkley Corp	5.380		09/15/20		150,822
			TOTAL INSURANCE					10,482,996
MATERIALS - 3.8%
	300,000		3M Co	5.700		03/15/37		326,660
	350,000		Air Products & Chemicals, Inc	4.150		02/01/13		364,576
	75,000		Airgas, Inc	4.500		09/15/14		78,349
	250,000		Airgas, Inc	7.130		10/01/18		270,000
	1,000,000		Albemarle Corp	4.500		12/15/20		986,033
	1,000,000		Alcoa, Inc	5.380		01/15/13		1,066,428
	600,000		Alcoa, Inc	6.150		08/15/20		634,034
	500,000	g	ALROSA Finance S.A.	7.750		11/03/20		536,000
	645,000	g	Aperam	7.380		04/01/16		656,288
	1,000,000		ArcelorMittal	3.750		02/01/16		998,153
	500,000		ArcelorMittal	9.850		06/01/19		634,376
	500,000		ArcelorMittal	5.500		03/01/21		492,704
	500,000		ArcelorMittal	7.000		10/15/39		501,338
	1,000,000		ArcelorMittal	6.750		03/01/41		980,041
	537,000		Ball Corp	7.130		09/01/16		587,344
	120,000		Ball Corp	7.380		09/01/19		129,900
	1,000,000		Ball Corp	5.750		05/15/21		980,000
	500,000	g	Braskem SA	7.000		05/07/20		542,500
	1,500,000	g	Celanese US Holdings LLC	6.630		10/15/18		1,545,000
	505,000	g,h,i	Cemex SAB de C.V.	5.300		09/30/15		500,955
	500,000	g	Cemex SAB de C.V.	9.500		12/14/16		538,750
	215,000	g	Cemex SAB de C.V.	9.000		01/11/18		225,481
	2,000,000		CF Industries, Inc	7.130		05/01/20		2,270,000
	500,000	h	Cliffs Natural Resources, Inc	6.250		10/01/40		496,664
	625,000	g	CommScope, Inc	8.250		01/15/19		653,125
	800,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		748,119
	1,385,000	g	Crown Americas LLC	6.250		02/01/21		1,409,237
	1,179,000		Dow Chemical Co	8.550		05/15/19		1,490,308
	250,000	g	Fibria Overseas Finance Ltd	6.750		05/04/20		258,125
	500,000		Fibria Overseas Finance Ltd	7.500		05/04/20		542,500
	250,000	g	Georgia Gulf Corp	9.000		01/15/17		273,750
	750,000	g	Georgia-Pacific LLC	8.250		05/01/16		845,625
	375,000		Graphic Packaging International, Inc	9.500		06/15/17		416,250
	250,000		International Paper Co	7.300		11/15/39		279,691
	1,000,000	g	JMC STEEL GROUP	8.250		03/15/18		1,022,499
	1,000,000		Nalco Co	8.250		05/15/17		1,092,500
	395,000	g	Nalco Co	6.630		01/15/19		406,356
	125,000		Newmont Mining Corp	6.250		10/01/39		132,521
	445,000	g	Novelis, Inc	8.380		12/15/17		481,713
	500,000	g	Polymer Group, Inc	7.750		02/01/19		515,625
	500,000	g	POSCO	4.250		10/28/20		469,794

38

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$200,000		Praxair, Inc	5.250	%	11/15/14	$	223,381
	500,000	g	Sappi Papier Holding AG.	6.750		06/15/12		520,000
	500,000		Silgan Holdings, Inc	7.250		08/15/16		542,500
	720,000	g	Sinochem Corp	6.300		11/12/40		708,744
	340,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		346,686
	1,000,000		Solutia, Inc	8.750		11/01/17		1,100,000
	500,000		Solutia, Inc	7.880		03/15/20		542,500
	500,000	g	Suzano Trading Ltd	5.880		01/23/21		490,000
	130,000		Teck Resources Ltd	9.750		05/15/14		157,944
	425,000		Verso Paper Holdings LLC	11.380		08/01/16		450,500
			TOTAL MATERIALS					32,461,567
MEDIA - 2.1%
	1,000,000		Cablevision Systems Corp	8.630		09/15/17		1,112,500
	200,000		CBS Corp	4.300		02/15/21		189,045
	1,600,000		CCO Holdings LLC	7.000		01/15/19		1,640,000
	1,462,000		Cinemark USA, Inc	8.630		06/15/19		1,597,235
	250,000		Comcast Corp	5.650		06/15/35		235,001
	250,000		Comcast Corp	6.400		03/01/40		256,052
	696,000		CSC Holdings LLC	8.500		04/15/14		780,390
	750,000		DIRECTV Holdings LLC	7.630		05/15/16		826,875
	433,000		DISH DBS Corp	7.880		09/01/19		468,723
	1,000,000		Echostar DBS Corp	6.630		10/01/14		1,058,750
	250,000		Interpublic Group of Cos, Inc	6.250		11/15/14		273,125
	187,000		Lamar Media Corp	6.630		08/15/15		190,740
	1,935,000		Lamar Media Corp	7.880		04/15/18		2,075,287
	100,000	g	NBC Universal, Inc	5.150		04/30/20		103,065
	2,000,000	g	NBC Universal, Inc	4.380		04/01/21		1,914,779
	963,000	g	Nielsen Finance LLC	7.750		10/15/18		1,032,818
	350,000		Time Warner Cable, Inc	8.750		02/14/19		436,357
	625,000		Time Warner Cable, Inc	8.250		04/01/19		761,393
	250,000		Time Warner, Inc	3.150		07/15/15		253,185
	1,000,000		Time Warner, Inc	4.700		01/15/21		995,748
	275,000		Time Warner, Inc	6.500		11/15/36		282,704
	1,000,000	g	Univision Communications, Inc	7.880		11/01/20		1,057,500
	125,000		Viacom, Inc	4.380		09/15/14		133,365
			TOTAL MEDIA					17,674,637
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
	150,000		Abbott Laboratories	5.600		05/15/11		150,923
	125,000		Agilent Technologies, Inc	2.500		07/15/13		126,114
	350,000		Amgen, Inc	3.450		10/01/20		329,366
	325,000		Eli Lilly & Co	3.550		03/06/12		334,427
	2,000,000		Gilead Sciences, Inc	4.500		04/01/21		1,976,230
	250,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		280,963
	250,000		Merck & Co, Inc	3.880		01/15/21		244,698
	1,000,000	g	Mylan, Inc	7.630		07/15/17		1,076,250
	910,000	g	NBTY, Inc	9.000		10/01/18		987,350
	135,000		Novartis Capital Corp	4.130		02/10/14		144,367
	150,000		Novartis Capital Corp	2.900		04/24/15		153,340
	175,000		Novartis Capital Corp	4.400		04/24/20		181,022
	175,000		Pfizer, Inc	5.350		03/15/15		195,304

39

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Pfizer, Inc	6.200	%	03/15/19	$	576,177
	2,000,000		Sanofi-Aventis S.A.	2.630		03/29/16		1,982,809
	220,000		Schering-Plough Corp	6.550		09/15/37		259,993
	1,055,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		1,039,175
	555,000	g	Valeant Pharmaceuticals International	7.000		10/01/20		538,350
	1,000,000	g	Valeant Pharmaceuticals International	7.250		07/15/22		967,500
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					11,544,358
REAL ESTATE - 1.2%
	150,000		AMB Property LP	4.500		08/15/17		151,412
	50,000		Boston Properties LP	4.130		05/15/21		47,555
	100,000		Brandywine Operating Partnership LP	7.500		05/15/15		112,980
	1,250,000		Brandywine Operating Partnership LP	4.950		04/15/18		1,235,703
	250,000	g	Desarrolladora Homex SAB de C.V.	9.500		12/11/19		280,000
	1,000,000		Developers Diversified Realty Corp	4.750		04/15/18		973,409
	500,000		Developers Diversified Realty Corp	7.880		09/01/20		573,321
	1,500,000		DuPont Fabros Technology LP	8.500		12/15/17		1,651,875
	25,000		Federal Realty Investment Trust	5.650		06/01/16		27,214
	180,000		HCP, Inc	3.750		02/01/16		180,910
	1,250,000		Health Care REIT, Inc	3.630		03/15/16		1,238,210
	200,000		Healthcare Realty Trust, Inc	5.750		01/15/21		205,111
	1,783,000		Highwoods Properties, Inc	5.850		03/15/17		1,897,588
	125,000		Kilroy Realty Corp	5.000		11/03/15		124,742
	150,000		Liberty Property LP	4.750		10/01/20		148,192
	125,000		Mack-Cali Realty Corp	7.750		08/15/19		150,618
	75,000		National Retail Properties, Inc	6.880		10/15/17		80,802
	100,000		ProLogis	7.630		08/15/14		114,416
	150,000		Realty Income Corp	5.950		09/15/16		164,284
	150,000		Regency Centers LP	5.250		08/01/15		160,021
	25,000		Regency Centers LP	5.880		06/15/17		27,396
	170,000		Regency Centers LP	4.800		04/15/21		166,010
	25,000		Simon Property Group LP	5.250		12/01/16		27,183
	210,000		Simon Property Group LP	10.350		04/01/19		289,455
	200,000		Washington Real Estate Investment Trust	4.950		10/01/20		202,796
			TOTAL REAL ESTATE					10,231,203
RETAILING - 1.5%
	1,500,000		Amerigas Partners LP	6.500		05/20/21		1,539,375
	1,500,000	g	Asbury Automotive Group, Inc	8.380		11/15/20		1,560,000
	1,500,000	g	Ferrellgas Partners LP	6.500		05/01/21		1,455,000
	500,000		Hanesbrands, Inc	6.380		12/15/20		487,500
	175,000		Home Depot, Inc	5.880		12/16/36		173,949
	500,000		Home Depot, Inc	5.950		04/01/41		498,607
	1,500,000		Limited Brands, Inc	7.000		05/01/20		1,588,124
	625,000		Limited Brands, Inc	6.630		04/01/21		639,063
	805,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		865,375
	225,000		Martin Marietta Materials, Inc	6.600		04/15/18		246,683
	525,000		O’Reilly Automotive, Inc	4.880		01/14/21		519,281
	1,500,000	g	QVC, Inc	7.130		04/15/17		1,575,000
	1,000,000	g	Sears Holding Corp	6.630		10/15/18		970,000
	250,000		Staples, Inc	9.750		01/15/14		300,142
	250,000		Wal-Mart Stores, Inc	5.000		10/25/40		232,525
			TOTAL RETAILING					12,650,624

40

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	$100,000	g	Broadcom Corp	1.500	%	11/01/13	$	99,114
	250,000	g	Broadcom Corp	2.380		11/01/15		241,496
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					340,610
SOFTWARE & SERVICES - 0.5%
	275,000		Adobe Systems, Inc	3.250		02/01/15		280,977
	100,000		Fidelity National Information Services, Inc	7.630		07/15/17		108,375
	250,000		International Business Machines Corp	1.000		08/05/13		248,511
	165,000		Microsoft Corp	0.880		09/27/13		163,824
	185,000		Microsoft Corp	2.950		06/01/14		192,546
	500,000		Microsoft Corp	1.630		09/25/15		484,073
	200,000		Oracle Corp	5.750		04/15/18		223,957
	185,000	g	Oracle Corp	3.880		07/15/20		181,805
	500,000		SunGard Data Systems, Inc	4.880		01/15/14		508,750
	1,500,000	g	SunGard Data Systems, Inc	7.380		11/15/18		1,533,750
	500,000		Symantec Corp	2.750		09/15/15		486,290
			TOTAL SOFTWARE & SERVICES					4,412,858
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	785,000		Brocade Communications Systems, Inc	6.630		01/15/18		831,119
	287,000		Brocade Communications Systems, Inc	6.880		01/15/20		309,960
	75,000		General Electric Co	5.250		12/06/17		81,675
	475,000		Hewlett-Packard Co	4.250		02/24/12		491,113
	350,000		Hewlett-Packard Co	4.750		06/02/14		380,576
	60,000		Hewlett-Packard Co	3.750		12/01/20		57,642
	1,910,000		Jabil Circuit, Inc	5.630		12/15/20		1,898,062
	1,000,000		Juniper Networks, Inc	3.100		03/15/16		998,610
	250,000		L-3 Communications Corp	6.380		10/15/15		257,500
	145,000		L-3 Communications Corp	5.200		10/15/19		151,244
	1,000,000		L-3 Communications Corp	4.950		02/15/21		1,005,835
	500,000		NII Capital Corp	7.630		04/01/21		511,250
	500,000	g	PCCW-HKT Capital No 3 Ltd	5.250		07/20/15		527,803
	814,000		Scientific Games Corp	9.250		06/15/19		893,365
	525,000		Xerox Corp	8.250		05/15/14		613,747
	150,000		Xerox Corp	5.630		12/15/19		161,194
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					9,170,695
TELECOMMUNICATION SERVICES - 2.4%
	250,000		America Movil SAB de C.V.	6.130		03/30/40		261,371
	275,000		AT&T, Inc	6.150		09/15/34		274,040
	425,000		AT&T, Inc	6.500		09/01/37		440,416
	800,000		AT&T, Inc	6.300		01/15/38		806,321
	246,000	g	AT&T, Inc	5.350		09/01/40		220,353
	500,000	g	Axtel SAB de C.V.	9.000		09/22/19		480,000
	85,000		BellSouth Corp	6.550		06/15/34		88,968
	175,000	g	Buccaneer Merger Sub, Inc	9.130		01/15/19		185,500
	1,050,000		Cellco Partnership	3.750		05/20/11		1,054,433
	550,000		Cellco Partnership	8.500		11/15/18		706,648
	500,000	g	Clearwire Communications LLC	12.000		12/01/15		540,000

41

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Cricket Communications, Inc	7.750	%	05/15/16	$	531,250
	250,000		France Telecom S.A.	2.130		09/16/15		244,722
	440,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		462,660
	300,000	g	Indosat Palapa Co	7.380		07/29/20		329,640
	1,000,000		Intelsat Bermuda Ltd	11.250		02/04/17		1,092,499
	500,000		Intelsat Jackson Holdings Ltd	11.250		06/15/16		533,125
	390,000	g	MTS International Funding Ltd	8.630		06/22/20		446,043
	570,000	g	Qtel International Finance	4.750		02/16/21		531,525
	500,000		Qwest Communications International, Inc	7.130		04/01/18		539,375
	360,000	g	Sable International Finance Ltd	7.750		02/15/17		378,000
	655,000		SBA Telecommunications, Inc	8.000		08/15/16		713,131
	120,000		SBA Telecommunications, Inc	8.250		08/15/19		132,600
	75,000		Telecom Italia Capital S.A.	7.000		06/04/18		81,557
	75,000		Telecom Italia Capital S.A.	7.180		06/18/19		81,985
	1,000,000		Telefonica Emisiones SAU	3.990		02/16/16		1,004,839
	610,000		Telefonica Emisiones SAU	5.130		04/27/20		606,924
	250,000		Telefonica Emisiones SAU	5.460		02/16/21		253,178
	370,000	g	Telefonica Moviles Chile S.A.	2.880		11/09/15		355,975
	500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		529,704
	1,175,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		1,154,437
	275,000		Verizon Communications, Inc	5.250		04/15/13		296,352
	210,000		Verizon Communications, Inc	8.750		11/01/18		268,684
	225,000		Verizon Communications, Inc	8.950		03/01/39		306,690
	250,000		Verizon Communications, Inc	6.000		04/01/41		249,032
	2,200,000		Verizon New Jersey, Inc	5.880		01/17/12		2,286,466
	275,000		Verizon Virginia, Inc	4.630		03/15/13		290,020
	500,000		Virgin Media Finance plc	9.500		08/15/16		568,750
	500,000	g	Virgin Media Secured Finance plc	5.250		01/15/21		501,704
	400,000	g	Windstream Corp	7.750		10/15/20		411,000
			TOTAL TELECOMMUNICATION SERVICES					20,239,917
TRANSPORTATION - 1.4%
	655,000	g,h	Asciano Finance	5.000		04/07/18		651,450
	750,000	g	Bombardier, Inc	7.500		03/15/18		810,000
	600,000	g	Bombardier, Inc	7.750		03/15/20		651,750
	275,000		Burlington Northern Santa Fe Corp	6.750		07/15/11		280,027
	150,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		159,310
	1,000,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		1,012,713
	1,250,000		CSX Corp	3.700		10/30/20		1,178,485
	2,000,000		Delta Air Lines, Inc	5.300		04/15/19		2,015,000
	500,000	g	DP World Ltd	6.850		07/02/37		460,000
	150,000		Embraer Overseas Ltd	6.380		01/15/20		161,250
	500,000	g	Hertz Corp	7.500		10/15/18		517,500
	1,000,000	g	Hertz Corp	6.750		04/15/19		991,250
	500,000	g	Hertz Corp	7.380		01/15/21		511,250
	290,000		Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		316,100
	500,000	g	Kansas City Southern de Mexico S.A. de C.V.	6.630		12/15/20		510,000
	275,000	g	Kazakhstan Temir Zholy Finance BV	6.380		10/06/20		286,660
	300,000		Norfolk Southern Corp	5.590		05/17/25		321,448
	275,000		Union Pacific Corp	6.500		04/15/12		290,762
	300,000		Union Pacific Corp	5.130		02/15/14		327,510
	350,000		United Parcel Service, Inc	3.130		01/15/21		324,308
			TOTAL TRANSPORTATION					11,776,773

42

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
UTILITIES - 3.3%
	$500,000		AES Corp	7.750	%	03/01/14	$	540,000
	750,000		AES Corp	8.000		10/15/17		806,250
	500,000		AES El Salvador Trust	6.750		02/01/16		492,500
	350,000		AGL Capital Corp	5.250		08/15/19		368,571
	365,000		Alliant Energy Corp	4.000		10/15/14		379,476
	250,000		Atmos Energy Corp	8.500		03/15/19		312,294
	1,000,000	g	Calpine Corp	7.250		10/15/17		1,040,000
	750,000	g	Calpine Corp	7.500		02/15/21		776,250
	705,000	g	Calpine Corp	7.880		01/15/23		731,438
	190,000		Carolina Power & Light Co	5.130		09/15/13		206,206
	250,000		Carolina Power & Light Co	5.300		01/15/19		273,202
	275,000		Carolina Power & Light Co	5.700		04/01/35		281,610
	200,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		226,805
	300,000		CenterPoint Energy Resources Corp	6.250		02/01/37		305,075
	300,000	g	CenterPoint Energy Resources Corp	5.850		01/15/41		297,128
	350,000	g	Cia de Saneamento Basico do Estado de Sao Paulo	6.250		12/16/20		359,625
	500,000		CMS Energy Corp	5.050		02/15/18		497,936
	450,000	g	Colbun S.A.	6.000		01/21/20		461,254
	1,895,000		Commonwealth Edison Co	4.000		08/01/20		1,829,851
	200,000		Commonweatlh Edison Co	5.900		03/15/36		203,727
	200,000		Connecticut Light & Power Co	5.500		02/01/19		219,912
	575,000		Crosstex Energy, Inc	8.880		02/15/18		626,750
	1,250,000		Dominion Resources, Inc	4.450		03/15/21		1,239,664
	500,000	g	Dubai Electricity & Water Authority	7.380		10/21/20		485,000
	200,000		Duke Energy Carolinas LLC	4.300		06/15/20		202,202
	1,000,000		Duke Energy Corp	3.950		09/15/14		1,048,875
	300,000	g	Empresa Electrica del Norte Grande S.A.	5.630		01/15/21		300,441
	250,000		Indiana Michigan Power Co	7.000		03/15/19		293,468
	125,000		Integrys Energy Group, Inc	4.170		11/01/20		119,434
	500,000		Intergas Finance BV	6.380		05/14/17		530,000
	100,000	g	Kansas Gas & Electric	6.700		06/15/19		113,434
	270,000	g	Kazatomprom	6.250		05/20/15		286,875
	350,000	g	Kentucky Utilities Co	3.750		11/15/20		323,128
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,007,617
	250,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		256,220
	200,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		194,673
	500,000	g	Majapahit Holding BV	7.880		06/29/37		543,750
	250,000		Midamerican Energy Holdings Co	5.950		05/15/37		257,798
	250,000		National Fuel Gas Co	5.250		03/01/13		263,863
	250,000		Nevada Power Co	6.650		04/01/36		282,594
	150,000		Nevada Power Co	5.380		09/15/40		143,943
	2,000,000		NRG Energy, Inc	7.380		01/15/17		2,084,999
	50,000		ONEOK Partners LP	5.900		04/01/12		52,326
	325,000		Pacific Gas & Electric Co	8.250		10/15/18		415,135
	150,000		PacifiCorp	6.000		01/15/39		161,318
	250,000		Pepco Holdings, Inc	2.700		10/01/15		246,035
	500,000		PG&E Corp	5.750		04/01/14		546,352
	50,000		Potomac Electric Power Co	7.900		12/15/38		66,797
	500,000	g	Power Sector Assets & Liabilities Management Corp	7.390		12/02/24		570,000

43

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$275,000		Progress Energy, Inc	7.050	%	03/15/19	$	324,335
	300,000		Public Service Co of Colorado	3.200		11/15/20		278,857
	400,000		Public Service Co of Oklahoma	5.150		12/01/19		421,260
	2,250,000		Questar Market Resources, Inc	6.880		03/01/21		2,362,499
	500,000		Sabine Pass LNG LP	7.500		11/30/16		513,750
	300,000		San Diego Gas & Electric Co	5.350		05/15/40		302,729
	175,000		Veolia Environnement	5.250		06/03/13		187,541
	225,000		Williams Partners LP	3.800		02/15/15		232,916
			TOTAL UTILITIES					27,895,688
			TOTAL CORPORATE BONDS					348,684,241
			(Cost $339,234,572)
GOVERNMENT BONDS - 40.9%
AGENCY SECURITIES - 0.4%
			Federal Farm Credit Bank (FFCB)
	1,000,000		FFCB	1.380		06/25/13		1,009,775
			Federal Home Loan Mortgage Corp (FHLMC)
	415,000		FHLMC	2.500		04/23/14		428,102
	1,667,814		Cal Dive I- Title XI, Inc	4.930		02/01/27		1,712,879
	500,000		International Finance Corp	5.130		05/02/11		501,860
			TOTAL AGENCY SECURITIES					3,652,616
FOREIGN GOVERNMENT BONDS - 4.7%
	500,000	g	Arab Republic of Egypt	6.880		04/30/40		457,500
	300,000	g	Bahrain Government International Bond	5.500		03/31/20		285,750
	500,000	g	Banco Nacional de Desenvolvimento Economico e Social	6.500		06/10/19		545,000
	235,000		Banque Centrale de Tunisie	8.250		09/19/27		272,600
	500,000	g	Barbados Government International Bond	7.000		08/04/22		509,805
	500,000		Brazilian Government International Bond	4.880		01/22/21		510,000
	500,000		Brazilian Government International Bond	5.630		01/07/41		491,250
	400,000		Chile Government International Bond	3.880		08/05/20		389,500
	120,000,000		Chile Government International Bond	5.500		08/05/20		247,558
	400,000		Colombia Government International Bond	6.130		01/18/41		408,000
	430,000	g	Croatia Government International Bond	6.630		07/14/20		443,760
	540,000	g	Croatia Government International Bond	6.380		03/24/21		540,675
	260,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		278,850
	420,000	g	Dominican Republic International Bond	7.500		05/06/21		427,350
	500,000		Egypt Government AID Bonds	4.450		09/15/15		544,280
	350,000		Eksportfinans ASA	5.000		02/14/12		363,536
	1,140,000		Eksportfinans ASA	2.000		09/15/15		1,115,168
	1,050,000	g	El Salvador Government International Bond	7.630		02/01/41		1,031,625
	778,000	g	Eskom Holdings Ltd	5.750		01/26/21		788,698
	275,000		European Investment Bank	4.880		02/15/36		278,440
	500,000		Export Development Canada	2.250		05/28/15		505,524
	355,000		Export-Import Bank of Korea	5.880		01/14/15		388,747
	525,000		Export-Import Bank of Korea	5.130		06/29/20		529,610
	100,000		Federative Republic of Brazil	6.000		01/17/17		112,100
	388,889		Federative Republic of Brazil	8.000		01/15/18		456,944
	312,000		Hungary Government International Bond	6.380		03/29/21		312,312
	354,000		Hungary Government International Bond	7.630		03/29/41		354,354

44

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$225,000		Italy Government International Bond	5.380	%	06/12/17	$	239,245
	410,000		Jamaica Government International Bond	8.000		06/24/19		426,810
	330,000		Korea Development Bank	3.250		03/09/16		323,637
	1,000,000	g	Lithuania Government International Bond	5.130		09/14/17		1,003,448
	150,000	g	Lithuania Government International Bond	6.130		03/09/21		153,150
	150,000		Mexico Government International Bond	6.750		09/27/34		169,200
	230,000		Mexico Government International Bond	6.050		01/11/40		236,900
	500,000		Pakistan Government International Bond	7.130		03/31/16		423,409
	500,000		Panama Government International Bond	5.200		01/30/20		530,000
	500,000		Panama Government International Bond	6.700		01/26/36		561,250
	135,000		Peruvian Government International Bond	7.350		07/21/25		160,448
	200,000		Peruvian Government International Bond	6.550		03/14/37		216,500
	1,000,000		Philippine Government International Bond	5.500		03/30/26		987,500
	420,000		Poland Government International Bond	3.880		07/16/15		424,510
	498,000		Poland Government International Bond	6.380		07/15/19		554,145
	440,000	g	Portugal Government International Bond	3.500		03/25/15		378,961
	750,000		Province of British Columbia Canada	2.850		06/15/15		770,298
	500,000	g	Province of Buenos Aires Argentina	11.750		10/05/15		515,650
	500,000	g	Province of Buenos Aires Argentina	10.880		01/26/21		466,250
	1,000,000	g	Province of Cordoba	12.380		08/17/17		1,032,499
	600,000		Province of Manitoba Canada	5.000		02/15/12		622,737
	2,000,000		Province of Ontario Canada	2.630		01/20/12		2,034,505
	1,400,000		Province of Ontario Canada	4.100		06/16/14		1,503,148
	500,000		Province of Ontario Canada	2.950		02/05/15		516,669
	1,750,000		Province of Ontario Canada	2.700		06/16/15		1,783,384
	620,000		Province of Quebec Canada	4.630		05/14/18		666,730
	1,000,000		Province of Quebec Canada	3.500		07/29/20		964,865
	500,000		Qatar Government International Bond	5.250		01/20/20		519,000
	500,000	g	Republic of Ghana	8.500		10/04/17		565,000
	150,000		Republic of Hungary	6.250		01/29/20		152,625
	500,000		Republic of Korea	5.750		04/16/14		544,771
	250,000	g	Republic of Lithuania	6.750		01/15/15		272,117
	466,667		Republic of Serbia	6.750		11/01/24		467,833
	500,000		Republic of the Philippines	6.380		10/23/34		526,250
	500,000		Republic of Turkey	6.000		01/14/41		467,500
	240,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		242,700
	5,000,000	g	Russian Foreign Bond-Eurobond	7.850		03/10/18		179,727
	500,000	g	Socialist Republic of Vietnam	6.880		01/15/16		538,750
	400,000		South Africa Government International Bond	5.500		03/09/20		423,500
	400,000		South Africa Government International Bond	5.880		05/30/22		429,000
	200,000		South Africa Government International Bond	6.250		03/08/41		206,124
	400,000	g	Sri Lanka Government International Bond	6.250		10/04/20		389,000
	500,000		Turkey Government International Bond	5.630		03/30/21		510,000
	465,000		Turkey Government International Bond	6.750		05/30/40		482,438
	500,000	g	Ukraine Government International Bond	6.880		09/23/15		517,500
	260,000		Ukraine Government International Bond	6.580		11/21/16		263,640
	240,000	g	Ukraine Government International Bond	6.580		11/21/16		243,900
	500,000	g	Ukraine Government International Bond	7.750		09/23/20		515,625
	152,000		United Mexican States	5.880		02/17/14		167,276
	300,000		United Mexican States	5.950		03/19/19		334,350
	500,000		United Mexican States	5.130		01/15/20		523,000
			TOTAL FOREIGN GOVERNMENT BONDS					39,736,410

45

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
MORTGAGE BACKED - 21.5%
			Federal Home Loan Mortgage Corp (FHLMC)
	$521,419	i	FHLMC	2.510	%	02/01/36	$	545,804
	1,376,886	i	FHLMC	5.780		07/01/36		1,440,402
	337,824	i	FHLMC	2.870		09/01/36		354,416
	426,986	i	FHLMC	4.990		09/01/36		450,717
	370,635	i	FHLMC	5.730		02/01/37		395,808
	612,278	i	FHLMC	5.360		03/01/37		645,213
	98,527	i	FHLMC	5.900		04/01/37		105,669
	83,164	i	FHLMC	5.720		05/01/37		89,063
	1,411,367	i	FHLMC	5.570		06/01/37		1,502,134
	421,979	i	FHLMC	5.630		08/01/37		449,562
	1,430,738		FHLMC	5.500		08/01/39		1,542,435
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	47,508		FGLMC	6.500		12/01/16		51,319
	607,348		FGLMC	5.500		01/01/19		663,873
	172,896		FGLMC	4.500		01/01/20		182,671
	957,335		FGLMC	4.500		07/01/20		1,011,058
	306,029		FGLMC	4.500		09/01/20		322,947
	309,264		FGLMC	5.000		10/01/20		330,596
	743,072		FGLMC	5.500		10/01/20		809,907
	34,751		FGLMC	7.000		10/01/20		39,902
	253,910		FGLMC	4.500		06/01/21		267,947
	457,897		FGLMC	5.500		08/01/21		495,361
	160,692		FGLMC	5.000		04/01/23		170,671
	208,462		FGLMC	4.500		09/01/24		218,683
	100,754		FGLMC	6.500		01/01/29		113,865
	6,661		FGLMC	8.000		01/01/31		7,865
	394,492		FGLMC	6.000		03/01/33		433,996
	1,754,242		FGLMC	5.500		12/01/33		1,885,504
	1,248,004		FGLMC	7.000		12/01/33		1,435,899
	1,174,975		FGLMC	5.000		01/01/34		1,234,858
	457,475		FGLMC	5.000		05/01/34		480,361
	723,118		FGLMC	4.500		10/01/34		742,459
	341,255		FGLMC	5.500		12/01/34		366,363
	879,141		FGLMC	5.500		03/01/35		942,451
	343,045		FGLMC	6.000		04/01/35		374,932
	498,469		FGLMC	7.000		05/01/35		573,517
	1,040,514		FGLMC	5.500		06/01/35		1,116,094
	1,393,294		FGLMC	5.500		06/01/35		1,494,500
	164,344		FGLMC	5.000		02/01/36		172,360
	327,922		FGLMC	5.500		04/01/36		351,762
	44,591		FGLMC	6.500		05/01/36		50,088
	331,446		FGLMC	6.500		10/01/36		372,301
	758,236		FGLMC	5.500		04/01/37		810,588
	490,521		FGLMC	6.000		08/01/37		535,195
	62,740		FGLMC	6.000		09/01/37		68,572
	272,420		FGLMC	6.500		11/01/37		305,318
	1,164,629		FGLMC	5.000		04/01/38		1,220,709
	643,395		FGLMC	6.000		11/01/38		699,780
	709,730		FGLMC	4.000		06/01/39		697,884

46

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,000,000	h	FGLMC	5.000	%	04/15/40	$	3,130,782
	471,582		FGLMC	4.500		11/01/40		482,279
	3,433,778		FGLMC	4.000		12/01/40		3,381,830
	1,340,755		FGLMC	4.000		12/01/40		1,320,471
	3,040,194		FGLMC	4.000		12/01/40		2,991,350
	517,758		FGLMC	4.500		12/01/40		528,532
	6,736,221		FGLMC	4.000		01/01/41		6,623,786
	3,000,000	h	FGLMC	4.500		04/15/41		3,047,814
			Federal National Mortgage Association (FNMA)
	13,271		FNMA	5.000		06/01/13		14,013
	2,118,542		FNMA	4.780		02/01/14		2,252,625
	2,702,858		FNMA	4.640		11/01/14		2,874,683
	375,672		FNMA	4.560		01/01/15		400,370
	95,620		FNMA	6.500		10/01/16		104,793
	45,795		FNMA	6.500		11/01/16		50,189
	234,993		FNMA	5.000		12/01/17		251,606
	68,881		FNMA	6.500		02/01/18		75,704
	193,302		FNMA	5.500		04/01/18		209,896
	85,753		FNMA	5.500		05/01/18		93,117
	89,765		FNMA	6.000		01/01/19		98,124
	671,515		FNMA	4.500		04/01/19		709,793
	155,869		FNMA	4.500		06/01/19		164,754
	230,957		FNMA	5.000		03/01/20		247,285
	73,803		FNMA	4.500		11/01/20		78,010
	81,475		FNMA	4.500		12/01/20		86,059
	221,489		FNMA	5.000		12/01/20		236,870
	350,442		FNMA	5.000		03/01/21		375,217
	22,820		FNMA	8.000		03/01/23		26,574
	376,688		FNMA	5.500		02/01/24		410,121
	718,167		FNMA	4.000		05/01/24		739,263
	823,896		FNMA	5.500		07/01/24		897,022
	382,718		FNMA	4.500		08/01/24		401,903
	2,000,000	h	FNMA	4.000		04/25/25		2,055,000
	1,827,404		FNMA	5.000		10/01/25		1,948,599
	14,473		FNMA	9.000		11/01/25		17,000
	13,754		FNMA	7.500		01/01/29		15,915
	348,230		FNMA	7.000		07/01/32		401,087
	83,568		FNMA	5.000		02/01/33		88,091
	565,065		FNMA	4.500		03/25/33		596,552
	250,751		FNMA	5.000		07/01/33		264,324
	1,291,869		FNMA	5.500		07/01/33		1,391,110
	817,697		FNMA	4.500		08/01/33		842,251
	851,224		FNMA	4.500		10/01/33		876,784
	361,373		FNMA	5.000		10/01/33		380,933
	305,284		FNMA	5.000		10/01/33		321,808
	752,248		FNMA	5.000		11/01/33		792,965
	776,137		FNMA	5.000		11/01/33		818,147
	246,838		FNMA	5.500		12/01/33		265,800
	472,214		FNMA	5.500		12/01/33		508,489
	129,004		FNMA	5.000		03/01/34		135,987
	1,297,967		FNMA	5.000		03/01/34		1,368,222
	156,903		FNMA	5.000		03/01/34		165,396

47

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$656,911		FNMA	5.000	%	03/01/34	$	692,468
	153,597		FNMA	5.000		03/01/34		161,911
	1,032,744		FNMA	5.000		04/01/34		1,087,514
	2,478,659		FNMA	5.000		08/01/34		2,613,710
	452,894		FNMA	6.000		08/01/34		498,387
	148,040		FNMA	6.000		12/01/34		162,700
	346,786		FNMA	5.500		01/01/35		373,134
	803,399		FNMA	5.500		02/01/35		865,116
	291,419		FNMA	6.000		04/01/35		320,145
	3,113,806		FNMA	5.500		05/01/35		3,362,738
	2,101,941		FNMA	5.500		05/01/35		2,269,980
	955,536		FNMA	6.000		05/01/35		1,048,802
	23,064		FNMA	7.500		06/01/35		26,762
	446,245		FNMA	6.000		07/01/35		488,560
	528,403		FNMA	5.000		08/01/35		556,095
	1,770,973		FNMA	5.000		10/01/35		1,863,787
	156,528		FNMA	5.000		10/01/35		164,732
	451,489		FNMA	5.500		12/01/35		485,608
	480,880		FNMA	5.000		02/01/36		506,082
	508,072		FNMA	6.000		03/01/36		554,980
	579,517		FNMA	5.000		04/01/36		608,077
	940,536		FNMA	6.000		04/01/36		1,027,371
	282,421		FNMA	6.500		04/01/36		317,542
	514,828	i	FNMA	5.970		07/01/36		541,479
	788,495	i	FNMA	5.710		09/01/36		833,832
	259,275		FNMA	6.500		09/01/36		293,057
	343,223		FNMA	6.000		12/01/36		374,911
	158,315		FNMA	7.000		02/01/37		181,193
	459,010		FNMA	6.500		03/01/37		518,816
	43,873		FNMA	7.000		04/01/37		50,213
	149,549		FNMA	6.500		08/01/37		169,034
	169,301		FNMA	6.500		08/01/37		191,889
	82,320		FNMA	6.000		09/01/37		90,898
	92,102		FNMA	6.000		09/01/37		101,699
	52,142		FNMA	6.000		09/01/37		57,575
	69,318		FNMA	6.000		09/01/37		76,541
	469,460		FNMA	6.500		09/01/37		526,813
	126,728		FNMA	6.500		09/01/37		143,240
	217,915		FNMA	6.500		09/01/37		244,537
	372,975		FNMA	6.500		09/01/37		418,541
	145,929		FNMA	6.500		09/01/37		164,450
	197,822	i	FNMA	5.870		10/01/37		210,219
	4,534,387		FNMA	6.000		11/01/37		4,940,274
	192,011		FNMA	6.000		11/01/37		209,199
	5,000,000	h	FNMA	6.000		04/25/38		5,437,500
	1,202,986		FNMA	6.000		11/01/38		1,310,293
	357,705		FNMA	5.500		01/01/39		382,948
	414,344		FNMA	6.000		01/01/39		451,303
	330,912		FNMA	6.000		01/01/39		360,429
	1,365,431		FNMA	4.500		02/01/39		1,392,777
	609,857		FNMA	4.500		02/01/39		622,071
	368,586		FNMA	5.500		02/01/39		394,597

48

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$825,451		FNMA	4.500	%	05/01/39	$	841,209
	651,292		FNMA	4.500		08/01/39		663,725
	2,000,000	h	FNMA	4.000		04/25/40		1,966,876
	3,000,000	h	FNMA	5.000		04/25/40		3,138,282
	5,000,000	h	FNMA	5.500		05/25/40		5,331,250
	2,056,128		FNMA	4.500		09/01/40		2,095,379
	2,636,800		FNMA	4.500		09/01/40		2,687,137
	4,929,188		FNMA	4.500		10/01/40		5,027,908
	1,979,712		FNMA	4.000		11/01/40		1,950,144
	1,982,551		FNMA	4.500		11/01/40		2,020,398
	2,000,000	h	FNMA	3.500		04/25/41		1,883,124
			Government National Mortgage Association (GNMA)
	29,977		GNMA	7.500		11/15/23		34,748
	5,183		GNMA	7.500		08/15/28		6,026
	40,216		GNMA	6.500		12/15/28		45,545
	96,261		GNMA	6.500		03/15/29		109,016
	31,053		GNMA	8.500		10/20/30		37,242
	9,876		GNMA	7.000		06/20/31		11,402
	148,768		GNMA	5.000		02/15/33		158,833
	160,372		GNMA	5.500		07/15/33		174,822
	1,106,150		GNMA	5.000		09/15/33		1,180,988
	245,565		GNMA	5.500		11/20/33		267,487
	1,007,930		GNMA	5.500		02/20/35		1,096,648
	349,654		GNMA	5.500		03/20/35		380,431
	193,648		GNMA	6.000		10/20/36		211,984
	204,474		GNMA	6.000		01/20/37		223,835
	301,228		GNMA	6.000		02/20/37		329,468
	561,301		GNMA	6.000		12/15/37		618,425
	7,000,000	h	GNMA	5.000		04/15/38		7,423,283
	475,611		GNMA	5.000		04/15/38		505,263
	1,000,000	h	GNMA	5.500		04/15/38		1,082,812
	470,718		GNMA	5.500		07/15/38		510,484
	506,601		GNMA	5.500		07/20/38		548,185
	192,696		GNMA	6.000		08/15/38		212,246
	194,630		GNMA	6.000		08/20/38		212,694
	764,223		GNMA	4.500		03/15/39		789,817
	251,818		GNMA	5.000		07/20/39		267,596
	293,601		GNMA	4.000		08/15/39		294,213
	5,000,000	h	GNMA	4.500		04/15/40		5,157,030
	8,964,853		GNMA	4.500		01/20/41		9,249,673
	3,000,000	h	GNMA	4.000		04/15/41		3,000,000
	1,000,000		GNMA	4.500		04/20/41		1,029,687
	3,000,000	h	GNMA	5.000		04/20/41		3,182,343
	489,807		GNMA	6.230		09/15/43		518,844
			TOTAL MORTGAGE BACKED					181,355,705
MUNICIPAL BONDS - 0.3%
	600,000		Grant County Public Utility District No 2	5.630		01/01/27		599,964
	500,000		Long Island Power Authority	5.850		05/01/41		459,855
	775,000		State of California	7.630		03/01/40		847,812
	775,000		State of Illinois	6.730		04/01/35		743,434
			TOTAL MUNICIPAL BONDS					2,651,065

49

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
U.S. TREASURY SECURITIES - 14.0%
	$14,002,000		United States Treasury Bond	8.000	%	11/15/21	$	19,554,660
	3,902,500		United States Treasury Bond	5.250		02/15/29		4,395,191
	12,000,000		United States Treasury Bond	5.380		02/15/31		13,723,128
	507,000		United States Treasury Bond	4.500		02/15/36		511,912
	1,272,000		United States Treasury Bond	3.880		08/15/40		1,138,242
	2,604,350	k	United States Treasury Inflation Indexed Bonds	0.630		04/15/13		2,725,614
	4,437,560	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/16		4,899,341
	2,013,140	k	United States Treasury Inflation Indexed Bonds	1.130		01/15/21		2,042,550
	250,000		United States Treasury Note	1.000		12/31/11		251,387
	2,000,000		United States Treasury Note	1.880		06/15/12		2,035,390
	530,000		United States Treasury Note	0.630		06/30/12		531,367
	415,000		United States Treasury Note	0.630		07/31/12		415,942
	1,265,000		United States Treasury Note	0.630		01/31/13		1,262,727
	975,000		United States Treasury Note	0.750		08/15/13		970,049
	9,650,000		United States Treasury Note	0.750		09/15/13		9,588,935
	1,415,000		United States Treasury Note	1.250		03/15/14		1,414,561
	3,465,000		United States Treasury Note	2.380		08/31/14		3,566,784
	2,887,000		United States Treasury Note	2.500		04/30/15		2,965,717
	19,502,000		United States Treasury Note	1.250		09/30/15		18,860,560
	22,820,000		United States Treasury Note	2.130		02/29/16		22,748,688
	1,000,000		United States Treasury Note	2.380		03/31/16		1,006,953
	200,000		United States Treasury Note	2.750		02/28/18		198,484
	280,000		United States Treasury Note	2.630		11/15/20		261,275
	3,111,000		United States Treasury Note	4.250		11/15/40		2,975,379
	1,000,000	j	United States Treasury Strip Principal	0.000		08/15/27		480,895
			TOTAL U.S. TREASURY SECURITIES					118,525,731
			TOTAL GOVERNMENT BONDS					345,921,527
			(Cost $340,327,574)
STRUCTURED ASSETS - 11.5%
ASSET BACKED - 3.6%
	240,000	g	Ally Master Owner Trust	2.880		04/15/13		245,553
			Series - 2010 3 (Class A)
	1,000,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		1,000,770
			Series - 2011 1 (Class C)
	375,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		373,739
			Series - 2010 5A (Class A)
	155,000		CarMax Auto Owner Trust	2.830		02/15/17		154,481
			Series - 2011 1 (Class C)
	1,200,555		Centex Home Equity	5.540		01/25/32		1,200,368
			Series - 2002 A (Class AF6)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		395,032
			Series - 2004 2 (Class 1M1)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		171,993
			Series - 2004 2 (Class 1B)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		113,256
			Series - 2002 2 (Class MF2)
	138,565		CIT Group Home Equity Loan Trust	6.830		06/25/33		6,636
			Series - 2002 2 (Class BF)

50

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$314,997	i	Countrywide Asset-Backed Certificates	5.680	%	10/25/46	$	309,373
			Series - 2006 15 (Class A2)
	113,344	i	Countrywide Home Equity Loan Trust	0.480		02/15/29		73,224
			Series - 2004 B (Class 1A)
	110,792	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		108,716
			Series - 2007 MX1 (Class A1)
	95,000	g,i	DB/UBS Mortgage Trust	5.470		11/10/46		95,959
			Series - 2011 LC1A (Class B)
	250,000	g,i	DB/UBS Mortgage Trust	5.560		11/10/46		250,309
			Series - 2011 LC1A (Class C)
	2,172,347	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		2,031,331
			Series - 2007 1A (Class AF3)
	250,000		Ford Credit Auto Owner Trust	2.620		10/15/16		248,584
			Series - 2011 A (Class C)
	400,000		Ford Credit Auto Owner Trust	3.210		07/15/17		397,718
			Series - 2011 A (Class D)
	340,000	g	Ford Credit Floorplan Master Owner Trust	2.610		02/15/16		341,125
			Series - 2011 1 (Class C)
	50,000	g	Ford Credit Floorplan Master Owner Trust	4.640		02/15/17		53,408
			Series - 2010 3 (Class B)
	859,600		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		841,664
			Series - 2006 HLTV (Class A3)
	2,650,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		2,118,042
			Series - 2006 HLTV (Class A4)
	87,238		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		87,347
			Series - 2007 1 (Class A1F)
	95,604	i	Morgan Stanley ABS Capital I	0.270		01/25/37		92,890
			Series - 2007 HE2 (Class A2A)
	1,235,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		706,718
			Series - 2006 3 (Class AF3)
	603,303		Residential Asset Mortgage Products, Inc	4.970		09/25/33		612,506
			Series - 2003 RZ5 (Class A7)
	3,992,819	i	Residential Asset Mortgage Products, Inc	0.870		11/25/34		3,387,823
			Series - 2004 RS11 (Class M1)
	170,000	i	Residential Asset Securities Corp	0.680		04/25/35		153,224
			Series - 2005 KS3 (Class M3)
	265,423	i	Residential Asset Securities Corp	6.490		10/25/30		232,980
			Series - 2001 KS2 (Class AI6)
	108,653		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		106,947
			Series - 2006 HI5 (Class A2)
	6,938,149		Residential Funding Mortgage Securities II, Inc	5.790		02/25/36		6,537,874
			Series - 2006 HI2 (Class A3)
	998,243		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		937,405
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		439,729
			Series - 2006 HI1 (Class M1)
	1,500,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		1,198,856
			Series - 2006 HI1 (Class M2)
	3,384,246		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		3,068,597
			Series - 2006 HI4 (Class A3)
	674,834		Saxon Asset Securities Trust	6.120		11/25/30		687,171
			Series - 2002 2 (Class AF6)

51

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$165,054	i	Securitized Asset Backed Receivables LLC Trust	0.400	%	03/25/36	$	155,496
			Series - 2006 NC2 (Class A2)
	455,000	g	Vornado DP LLC	5.280		09/13/28		446,779
			Series - 2010 VNO (Class C)
	869,454	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		717,300
			Series - 2006 N1 (Class N1)
	227,520	g,i	Wachovia Loan Trust	0.610		05/25/35		145,934
			Series - 2005 SD1 (Class A)
	168,623	i	Wells Fargo Home Equity Trust	0.390		07/25/36		152,344
			Series - 2006 2 (Class A3)
	200,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		216,788
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					30,615,989
OTHER MORTGAGE BACKED - 7.9%
	400,000	i	Banc of America Commercial Mortgage, Inc	4.770		07/10/43		397,530
			Series - 2005 3 (Class AJ)
	325,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		342,068
			Series - 2006 6 (Class A4)
	800,000		Banc of America Commercial Mortgage, Inc	5.680		07/10/46		818,782
			Series - 2006 4 (Class AM)
	270,000	i	Banc of America Commercial Mortgage, Inc	5.690		04/10/49		286,576
			Series - 2007 2 (Class A4)
	2,174,077	g,i	Banc of America Large Loan, Inc	5.900		02/15/51		2,256,041
			Series - 2010 UB3 (Class A4B3)
	114,671		Bank of America Alternative Loan Trust	5.500		09/25/19		117,397
			Series - 2004 8 (Class 3A1)
	1,042,599		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		945,143
			Series - 2005 AC2 (Class 1A)
	155,000	i	Bear Stearns Commercial Mortgage Securities	5.760		09/11/38		150,603
			Series - 2006 PW12 (Class AJ)
	200,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		210,911
			Series - 2006 PW14 (Class A4)
	330,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		336,973
			Series - 2006 PW13 (Class AM)
	100,000	i	Bear Stearns Commercial Mortgage Securities	5.570		10/12/41		102,337
			Series - 2006 T24 (Class AM)
	230,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		241,874
			Series - 2004 T16 (Class A6)
	740,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		791,289
			Series - 2007 PW17 (Class A4)
	450,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		479,671
			Series - 2007 PW18 (Class A4)
	300,000		Chase Mortgage Finance Corp	5.500		10/25/35		299,466
			Series - 2005 S2 (Class A24)
	1,168,581		Citicorp Mortgage Securities, Inc	5.500		07/25/35		1,073,730
			Series - 2005 4 (Class 1A7)
	35,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		35,083
			Series - 2007 C9 (Class AM)
	30,000	i	Commercial Mortgage Pass Through Certificates	5.810		12/10/49		32,551
			Series - 2007 C9 (Class A4)

52

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$497,165		Countrywide Alternative Loan Trust	5.500	%	08/25/16	$	491,062
			Series - 2004 30CB (Class 1A15)
	1,767,940		Countrywide Alternative Loan Trust	5.500		10/25/35		374,209
			Series - 2005 42CB (Class A12)
	129,961		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		129,907
			Series - 2005 J3 (Class 1A1)
	166,001	g,i	Credit Suisse Mortgage Capital Certificates	0.440		04/15/22		162,238
			Series - 2007 TF2A (Class A1)
	2,400,000	g	Credit Suisse Mortgage Capital Certificates	5.380		02/15/40		2,352,189
			Series - 2009 RR1 (Class A3C)
	8,730,000	g,i	Credit Suisse Mortgage Capital Certificates	5.380		02/15/40		8,641,251
			Series - 2010 RR4 (Class 1B)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	581,991	g,i	Certificate	0.450		05/15/23		575,140
			Series - 2006 HC1A (Class A1)
	170,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		173,525
			Series - 2003 C3 (Class B)
	615,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		659,109
			Series - 2005 C5 (Class A4)
	140,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		140,012
			Series - 2005 C5 (Class AJ)
	1,589,760		Federal Home Loan Mortgage Corp (FHLMC)	4.000		06/15/34		229,167
			Series - 2010 3748 (Class NI)
	1,000,000		Federal National Mortgage Association (FNMA)	4.000		02/25/19		1,048,568
			Series - 2004 7 (Class JK)
	39,259,753	i	Federal National Mortgage Association (FNMA)	1.090		11/25/33		1,745,222
			Series - 2003 W19 (Class 1IO2)
	3,000,000		Federal National Mortgage Association (FNMA)	4.000		02/25/40		2,886,169
			Series - 2010 155 (Class PC)
	525,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		574,348
			Series - 2006 GG7 (Class A4)
	1,785,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		1,852,612
			Series - 2006 GG7 (Class AM)
	1,065,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		1,127,263
			Series - 2007 GG9 (Class A4)
	1,580,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		1,671,172
			Series - 2007 GG11 (Class A4)
	325,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		348,543
			Series - 2006 GG6 (Class A4)
	425,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		437,367
			Series - 2006 GG6 (Class AM)
	665,000		GS Mortgage Securities Corp II	5.560		11/10/39		715,235
			Series - 2006 GG8 (Class A4)
	430,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		432,384
			Series - 2010 C1 (Class B)
	175,000	g,i	GS Mortgage Securities Corp II	5.230		12/10/43		169,973
			Series - 2010 C2 (Class C)
	139,070	i	GSR Mortgage Loan Trust	2.780		01/25/36		133,547
			Series - 2006 AR1 (Class 2A2)
	70,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		75,476
			Series - 2009 IWST (Class A2)
	3,960,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		3,950,464
			Series - 2010 C2 (Class B)

53

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.530	%	11/15/43	$	126,136
			Series - 2010 C2 (Class C)
	410,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		423,267
			Series - 2006 LDP8 (Class AM)
	140,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.480		05/15/45		134,711
			Series - 2006 LDP8 (Class AJ)
	720,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		753,826
			Series - 2006 LDP9 (Class A3)
	1,040,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		1,113,856
			Series - 2007 LD11 (Class A4)
	8,715,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/20/49		9,016,158
			Series - 2010 RR1 (Class JPB)
	196,083	i	JP Morgan Mortgage Trust	4.300		04/25/35		197,270
			Series - 2005 A2 (Class 5A1)
	200,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		210,101
			Series - 2005 C1 (Class A4)
	325,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		347,550
			Series - 2005 C2 (Class A5)
	1,120,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		1,189,404
			Series - 2007 C1 (Class A4)
	725,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		763,947
			Series - 2007 C2 (Class A3)
	780,000		LB-UBS Commercial Mortgage Trust	5.460		02/15/40		780,270
			Series - 2007 C1 (Class AM)
	75,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		79,826
			Series - 2007 C6 (Class A4)
	297,109		MASTR Asset Securitization Trust	5.000		05/25/35		299,768
			Series - 2005 1 (Class 2A5)
	241,897	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		251,099
			Series - 2005 CIP1 (Class AM)
	275,000	i	Merrill Lynch Mortgage Trust	5.670		05/12/39		298,517
			Series - 2006 C1 (Class A4)
	250,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.430		02/12/39		269,077
			Series - 2006 1 (Class A4)
	645,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		676,893
			Series - 2006 4 (Class A3)
	1,445,000	i	Morgan Stanley Capital I	5.450		02/12/44		1,516,757
			Series - 2007 HQ11 (Class A4)
	420,000		Morgan Stanley Capital I	5.360		03/15/44		439,443
			Series - 2007 IQ13 (Class A4)
	300,000	g,i	Morgan Stanley Capital I	5.240		09/15/47		297,426
			Series - 2011 C1 (Class C)
	320,000	g,i	Morgan Stanley Capital I	5.240		09/15/47		312,397
			Series - 2011 C1 (Class D)
	300,000	g,i	Morgan Stanley Capital I	5.260		09/15/47		305,307
			Series - 2011 C1 (Class B)
	125,000	i	Morgan Stanley Capital I	5.540		11/12/49		129,886
			Series - 2007 T25 (Class AM)
	150,000		Morgan Stanley Capital I	4.770		07/15/56		151,258
			Series - 0 IQ9 (Class AJ)
	1,145,000	g,i	RBSCF Trust	4.640		04/15/24		1,181,648
			Series - 2010 MB1 (Class B)

54

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$370,000	g,i	RBSCF Trust	4.670	%	04/15/24	$	376,108
			Series - 2010 MB1 (Class D)
	608,309		Residential Accredit Loans, Inc	6.000		06/25/36		402,852
			Series - 2006 QS7 (Class A3)
	911,927		Residential Accredit Loans, Inc	5.750		05/25/35		254,751
			Series - 2005 QS6 (Class A7)
	433,705	i	Residential Funding Mortgage Securities I, Inc	3.070		08/25/35		400,575
			Series - 2005 SA3 (Class 2A1)
	102,141	i	Structured Adjustable Rate Mortgage Loan Trust	0.630		03/25/35		99,786
			Series - 2005 6XS (Class A3)
	42,467	i	Structured Adjustable Rate Mortgage Loan Trust	6.520		07/25/36		42,349
			Series - 2006 6 (Class 2A1)
	610,000	i	Wachovia Bank Commercial Mortgage Trust	5.960		06/15/45		637,490
			Series - 2006 C26 (Class AM)
	175,000	i	Wachovia Bank Commercial Mortgage Trust	5.820		05/15/46		176,530
			Series - 2007 C34 (Class AM)
	415,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		412,007
			Series - 2007 C31 (Class A5)
	225,000		Wachovia Bank Commercial Mortgage Trust	5.340		11/15/48		226,029
			Series - 2006 C29 (Class AM)
	685,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		629,097
			Series - 2006 C29 (Class AJ)
	100,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		107,082
			Series - 2007 C33 (Class A4)
	470,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		498,797
			Series - 2007 C33 (Class A5)
	290,000		Wachovia Bank Commercial Mortgage Trust	5.380		12/15/43		271,829
			Series - 2007 C30 (Class AM)
	294,285	i	Wells Fargo Mortgage Backed Securities Trust	5.410		03/25/36		296,325
			Series - 2006 AR1 (Class 2A2)
	225,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.280		10/15/57		231,043
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					66,342,625
			TOTAL STRUCTURED ASSETS					96,958,614
			(Cost $101,639,044)
			TOTAL BONDS					791,564,382
			(Cost $781,201,190)

SHARES			COMPANY
PREFERRED STOCKS - 0.3%
BANKS - 0.0%
	38,322	*	Federal Home Loan Mortgage Corp	8.380	12/30/49	65,147
	110,728	*	Federal National Mortgage Association	8.250	12/30/49	188,238
			TOTAL BANKS			253,385
DIVERSIFIED FINANCIALS - 0.3%
	80,000	*	GMAC Capital Trust I	8.130	02/15/40	2,028,926
			TOTAL DIVERSIFIED FINANCIALS			2,028,926
			TOTAL PREFERRED STOCKS			2,282,311
			(Cost $5,726,250)

55

TIAA-CREF FUNDS – Bond Plus Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
TIAA-CREF MUTUAL FUND- 0.6%
	540,865	a	TIAA-CREF High-Yield Fund				$	5,403,239
			TOTAL TIAA-CREF MUTUAL FUND					5,403,239
			(Cost $5,349,995)
SHORT-TERM INVESTMENTS - 9.9%
GOVERNMENT AGENCY DEBT - 3.9%
			Federal Home Loan Bank (FHLB)
	$6,260,000		FHLB	0.073	%	05/20/11		6,258,892
			Federal National Mortgage Association (FNMA)
	10,000,000		FNMA	0.012		04/06/11		9,999,765
	16,620,000		FNMA	0.093		05/23/11		16,617,599
			TOTAL GOVERNMENT AGENCY DEBT					32,876,256
TREASURY DEBT - 6.0%
	18,375,000		United States Treasury Bill	0.146-0.160		05/12/11		18,371,865
	13,515,000		United States Treasury Bill	0.087		06/16/11		13,512,865
	9,180,000		United States Treasury Bill	0.127		08/25/11		9,174,795
	9,650,000		United States Treasury Note	1.000		10/31/11		9,694,477
			TOTAL TREASURY DEBT					50,754,002
			TOTAL SHORT-TERM INVESTMENTS					83,630,258
			(Cost $83,629,780)
			TOTAL INVESTMENTS - 105.7%					894,236,307
			(Cost $887,233,245)
			OTHER ASSETS & LIABILITIES, NET - (5.7)%					(48,549,049	)
			NET ASSETS - 100.0%				$	845,687,258

Abbreviation(s):
ABS	Asset-Based Security
REIT	Real Estate Investment Trust

*	Non-income producing.
a	Affiliated holding.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2011 the value of these securities amounted to $153,283,330 or 18.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon reflects the rate at period end.
j	Zero coupon.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
m	Indicates a security that has been deemed illiquid.
n	In default.
o	Payment in Kind Bond.

56

TIAA-CREF FUNDS – Short-Term Bond Fund

TIAA-CREF FUNDS
SHORT-TERM BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.4%
CAPITAL GOODS - 0.1%
	$498,750	i	TransDigm, Inc	4.000	%	02/14/17	$	501,867
			TOTAL CAPITAL GOODS					501,867
DIVERSIFIED FINANCIALS - 0.4%
	2,000,000	i	TransUnion LLC	4.750		02/10/18		2,008,340
			TOTAL DIVERSIFIED FINANCIALS					2,008,340
FOOD & STAPLES RETAILING - 0.3%
	2,000,000	i	Del Monte Foods Co	4.500		03/08/18		2,003,340
			TOTAL FOOD & STAPLES RETAILING					2,003,340
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	661,157	h,i	Fresenius US Finance I, Inc	3.500		09/10/14		661,157
	1,838,843	h,i	Fresenius US Finance I, Inc	3.500		09/10/14		1,838,843
	1,000,000	i	HCA, Inc	1.557		11/17/12		993,970
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					3,493,970
			TOTAL BANK LOAN OBLIGATIONS					8,007,517
			(Cost $7,958,395)
BONDS - 92.0%
CORPORATE BONDS - 41.7%
BANKS - 9.5%
	500,000	g	Banco De Credito Del Peru	4.750		03/16/16		492,500
	500,000		Banco de Oro Unibank, Inc	3.880		04/22/16		478,413
	285,000	g	Banco do Brasil S.A.	4.500		01/22/15		296,828
	500,000	g,i	Banco Santander Chile	1.550		04/20/12		499,852
	280,000	g	Banco Santander Chile	3.750		09/22/15		279,188
	400,000	g	BanColombia S.A.	4.250		01/12/16		395,000
	3,000,000		Bank of America Corp	2.380		06/22/12		3,069,194
	1,000,000		Bank of America Corp	4.750		08/15/13		1,051,350
	675,000		Bank of America Corp	7.380		05/15/14		762,294
	1,250,000		Bank of America Corp	3.630		03/17/16		1,232,398
	1,250,000	g	Bank of Montreal	2.630		01/25/16		1,244,044
	1,160,000	g	Bank of Nova Scotia	1.650		10/29/15		1,112,781
	1,000,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.250		02/24/14		999,683
	150,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		152,645
	800,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		804,437
	750,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		750,959
	1,000,000		CitiBank NA	1.380		08/10/11		1,004,284
	2,000,000		Citigroup, Inc	2.130		04/30/12		2,037,833

57

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,500,000		Citigroup, Inc	6.000	%	12/13/13	$	1,630,989
	2,500,000		Citigroup, Inc	5.000		09/15/14		2,610,507
	2,000,000		Citigroup, Inc	5.500		10/15/14		2,157,199
	1,478,244		Credit-Based Asset Servicing and Securitization LLC	4.830		08/25/35		1,463,050
	250,000		Deutsche Bank AG	3.880		08/18/14		260,671
	250,000		First Horizon National Corp	5.380		12/15/15		261,194
	1,000,000	g	HSBC Bank plc	1.630		08/12/13		999,165
	1,000,000	g	HSBC Bank plc	3.500		06/28/15		1,012,985
	618,000	g	ICICI Bank Ltd	5.500		03/25/15		644,326
	1,500,000		JPMorgan Chase & Co	3.130		12/01/11		1,528,403
	495,000		JPMorgan Chase & Co	4.650		06/01/14		529,081
	3,100,000		JPMorgan Chase & Co	3.400		06/24/15		3,119,027
	5,000,000		JPMorgan Chase & Co	3.450		03/01/16		4,982,144
	500,000		KeyBank NA	3.200		06/15/12		516,371
	500,000	g	National Australia Bank Ltd	2.500		01/08/13		509,033
	280,000	g	National Bank of Canada	1.650		01/30/14		280,375
	750,000		New York Community Bank	3.000		12/16/11		764,532
	375,000		Noble Holding International Ltd	3.450		08/01/15		382,836
	275,000		Northern Trust Corp	4.630		05/01/14		296,968
	500,000	g,h	Shinhan Bank	4.130		10/04/16		501,807
	1,000,000		Sovereign Bancorp, Inc	2.750		01/17/12		1,019,632
	3,000,000		Sovereign Bancorp, Inc	2.500		06/15/12		3,064,895
	1,000,000	g	Sumitomo Mitsui Banking Corp	2.150		07/22/13		1,004,347
	1,000,000		US Bancorp	1.130		10/30/13		988,567
	500,000		US Central Federal Credit Union	1.900		10/19/12		509,479
	250,000		Wachovia Bank NA	5.300		10/15/11		256,269
	500,000		Wells Fargo & Co	2.130		06/15/12		509,553
	1,000,000		Wells Fargo & Co	3.750		10/01/14		1,047,803
	2,000,000		Wells Fargo & Co	3.680		06/15/16		2,011,820
	1,000,000		Westpac Banking Corp	2.100		08/02/13		1,009,413
	1,000,000		Westpac Banking Corp	3.000		08/04/15		997,518
	200,000		Zions Bancorporation	7.750		09/23/14		217,203
			TOTAL BANKS					53,750,845
CAPITAL GOODS - 0.8%
	50,000		Black & Decker Corp	8.950		04/15/14		59,117
	2,500,000		Caterpillar Financial Services Corp	1.550		12/20/13		2,505,685
	250,000		CRH America, Inc	4.130		01/15/16		250,244
	500,000		DIRECTV Holdings LLC	3.500		03/01/16		501,086
	250,000		ITT Corp	4.900		05/01/14		267,419
	1,000,000		Tyco International Finance S.A.	6.000		11/15/13		1,107,044
	75,000		Tyco International Finance S.A.	4.130		10/15/14		79,636
			TOTAL CAPITAL GOODS					4,770,231
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	1,000,000		Allied Waste North America, Inc	6.380		04/15/11		1,001,408
	100,000		Daimler Finance North America LLC	5.750		09/08/11		102,176
	1,000,000		Johnson Controls, Inc	1.750		03/01/14		995,783
	1,000,000		Thomson Corp	5.250		08/15/13		1,084,100
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					3,183,467

58

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
CONSUMER DURABLES & APPAREL - 0.4%
	$1,000,000		Hanesbrands, Inc	1.000	%	12/15/14	$	995,000
	1,350,000	g	Harley-Davidson Financial Services, Inc	3.880		03/15/16		1,343,609
	200,000		Whirlpool Corp	8.000		05/01/12		213,139
			TOTAL CONSUMER DURABLES & APPAREL					2,551,748
CONSUMER SERVICES - 0.1%
	390,000	g	Transnet Ltd	4.500		02/10/16		398,135
			TOTAL CONSUMER SERVICES					398,135
DIVERSIFIED FINANCIALS - 8.9%
	250,000		American Express Centurion Bank	5.550		10/17/12		264,933
	1,000,000		American Express Credit Corp	5.880		05/02/13		1,079,704
	1,000,000	g	American Honda Finance Corp	4.630		04/02/13		1,058,016
	500,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		505,000
	500,000	g	Bangkok Bank PCL	3.250		10/18/15		490,044
	200,000		Bank of New York Mellon Corp	4.300		05/15/14		214,465
	125,000		Barclays Bank plc	5.200		07/10/14		135,098
	500,000		BlackRock, Inc	3.500		12/10/14		522,789
	1,500,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		1,480,241
	2,000,000		Canadian Imperial Bank of Commerce	1.450		09/13/13		1,992,608
	500,000	g	CCL Finance Ltd	9.500		08/15/14		578,750
	2,000,000		Citigroup Funding, Inc	1.880		10/22/12		2,037,834
	3,000,000		Citigroup Funding, Inc	2.250		12/10/12		3,075,674
	1,000,000	i	Countrywide Financial Corp	0.750		05/07/12		996,750
	130,000		Credit Suisse	5.000		05/15/13		138,787
	500,000		Credit Suisse	5.500		05/01/14		548,054
	500,000		FIA Card Services NA	7.130		11/15/12		538,668
	1,000,000		Ford Motor Credit Co	9.880		08/10/11		1,028,466
	300,000		Ford Motor Credit Co LLC	7.250		10/25/11		308,724
	140,000		Franklin Resources, Inc	3.130		05/20/15		143,299
	1,000,000		General Electric Capital Corp	2.250		03/12/12		1,017,835
	400,000		General Electric Capital Corp	2.200		06/08/12		408,244
	300,000		General Electric Capital Corp	2.130		12/21/12		307,087
	2,000,000		General Electric Capital Corp	2.630		12/28/12		2,064,230
	1,000,000		General Electric Capital Corp	2.800		01/08/13		1,023,196
	1,250,000		General Electric Capital Corp	1.880		09/16/13		1,249,571
	500,000		General Electric Capital Corp	3.750		11/14/14		520,946
	2,800,000		GMAC, Inc	1.750		10/30/12		2,846,863
	3,600,000		GMAC, Inc	2.200		12/19/12		3,687,969
	500,000	i	Goldman Sachs Capital II	5.790		12/30/49		431,250
	650,000		Goldman Sachs Group, Inc	5.700		09/01/12		688,837
	50,000		Goldman Sachs Group, Inc	4.750		07/15/13		52,984
	1,000,000		Goldman Sachs Group, Inc	3.700		08/01/15		1,007,379
	500,000		HSBC Finance Corp	4.750		07/15/13		533,291
	160,000	g	Hyundai Capital America	3.750		04/06/16		157,625
	200,000	g	Hyundai Capital Services, Inc	4.380		07/27/16		201,063
	172,000		International Lease Finance Corp	5.750		06/15/11		172,645
	150,000	g	International Lease Finance Corp	6.500		09/01/14		160,125
	385,000	g	Inversiones CMPC S.A.	4.750		01/19/18		378,815
	1,000,000		Jefferies Group, Inc	3.880		11/09/15		997,842
	500,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		50
	300,000		Merrill Lynch & Co, Inc	5.450		02/05/13		318,017

59

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,900,000		Morgan Stanley	3.250	%	12/01/11	$	1,937,910
	1,525,000		Morgan Stanley	6.000		05/13/14		1,658,970
	150,000		Morgan Stanley	6.000		04/28/15		163,366
	425,000		NASDAQ OMX Group, Inc	2.500		08/15/13		420,750
	250,000		NASDAQ OMX Group, Inc	4.000		01/15/15		248,249
	535,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		547,031
	375,000		Nomura Holdings, Inc	4.130		01/19/16		371,032
	500,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		496,994
	1,000,000		Rabobank Nederland NV	2.130		10/13/15		964,876
	1,000,000		Royal Bank of Scotland plc	3.400		08/23/13		1,022,896
	1,000,000		State Street Corp	2.150		04/30/12		1,017,671
	225,000		State Street Corp	4.300		05/30/14		241,021
	1,200,000	g	Toronto-Dominion Bank	2.200		07/29/15		1,185,773
	1,000,000		Toyota Motor Credit Corp	1.380		08/12/13		996,258
	1,000,000		UBS AG.	2.250		08/12/13		1,009,681
	1,000,000		Unilever Capital Corp	2.750		02/10/16		1,004,003
	1,000,000	g	Volkswagen International Finance NV	1.630		08/12/13		1,003,912
	100,000	g	WT Finance Aust Pty Ltd	5.130		11/15/14		106,896
			TOTAL DIVERSIFIED FINANCIALS					49,761,057
ENERGY - 2.8%
	142,000		Arch Western Finance LLC	6.750		07/01/13		143,420
	200,000		Baker Hughes, Inc	6.500		11/15/13		225,211
	250,000		BJ Services Co	5.750		06/01/11		252,096
	1,000,000		BP Capital Markets plc	5.250		11/07/13		1,081,463
	2,530,000		BP Capital Markets plc	3.200		03/11/16		2,518,832
	2,500,000		Chesapeake Energy Corp	7.630		07/15/13		2,799,999
	300,000		Chevron Corp	3.450		03/03/12		308,214
	350,000		ConocoPhillips	4.600		01/15/15		381,442
	500,000		Devon Energy Corp	5.630		01/15/14		552,902
	461,450		Dolphin Energy Ltd	5.890		06/15/19		490,291
	390,000	g	Empresa Nacional del Petroleo	4.880		03/15/14		413,724
	225,000		Enterprise Products Operating LLC	4.600		08/01/12		234,143
	1,150,000		EOG Resources, Inc	2.950		06/01/15		1,159,806
	500,000	g	Gaz Capital S.A.	7.510		07/31/13		553,775
	350,000	g	Gaz Capital S.A.	5.090		11/29/15		365,295
	350,000	g	Marathon Petroleum Corp	3.500		03/01/16		350,918
	500,000	g	Novatek Finance Ltd	5.330		02/03/16		514,193
	500,000		Occidental Petroleum Corp	2.500		02/01/16		494,895
	225,000		Petrobras International Finance Co	3.880		01/27/16		226,504
	500,000		Petroleos Mexicanos	4.880		03/15/15		532,500
	500,000		Shell International Finance BV	3.100		06/28/15		512,346
	100,000		Statoil ASA	2.900		10/15/14		103,185
	1,000,000		Total Capital Canada Ltd	1.630		01/28/14		1,019,510
	475,000		Valero Energy Corp	4.500		02/01/15		499,853
	250,000		XTO Energy, Inc	4.630		06/15/13		268,521
			TOTAL ENERGY					16,003,038
FOOD & STAPLES RETAILING - 0.7%
	1,075,000		CVS Caremark Corp	3.250		05/18/15		1,091,999
	1,000,000		Kroger Co	5.000		04/15/13		1,068,459
	2,000,000		SUPERVALU, Inc	7.500		05/15/12		2,070,000
			TOTAL FOOD & STAPLES RETAILING					4,230,458

60

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
FOOD BEVERAGE & TOBACCO - 1.5%
	$700,000		Anheuser-Busch InBev Worldwide, Inc	4.130	%	01/15/15	$	739,380
	500,000		Anheuser-Busch InBev Worldwide, Inc	2.880		02/15/16		496,279
	600,000		Coca-Cola Enterprises, Inc	5.000		08/15/13		648,371
	1,000,000		Coca-Cola Enterprises, Inc	1.130		11/12/13		985,868
	1,000,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		1,019,532
	1,225,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		1,337,017
	135,000		General Mills, Inc	5.200		03/17/15		148,273
	1,000,000		Kraft Foods, Inc	5.250		10/01/13		1,085,576
	50,000		PepsiAmericas, Inc	5.750		07/31/12		53,286
	1,000,000		PepsiCo, Inc	0.880		10/25/13		988,854
	150,000		Philip Morris International, Inc	4.880		05/16/13		160,847
	250,000		Philip Morris International, Inc	6.880		03/17/14		286,932
			TOTAL FOOD BEVERAGE & TOBACCO					7,950,215
HEALTH CARE EQUIPMENT & SERVICES - 0.9%
	250,000		Boston Scientific Corp	4.500		01/15/15		257,847
	1,538,000		HCA, Inc	6.300		10/01/12		1,591,830
	904,000		McKesson Corp	3.250		03/01/16		910,517
	1,000,000		Medco Health Solutions, Inc	2.750		09/15/15		989,660
	200,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		203,226
	1,000,000		Thermo Fisher Scientific, Inc	2.050		02/21/14		1,010,878
	245,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		250,824
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					5,214,782
INSURANCE - 1.2%
	1,000,000		American International Group, Inc	3.650		01/15/14		1,017,140
	2,000,000		MetLife, Inc	2.380		02/06/14		2,002,705
	1,020,000		Progressive Corp	6.380		01/15/12		1,066,064
	1,000,000		Prudential Financial, Inc	5.100		09/20/14		1,074,781
	250,000		United Health Group, Inc	4.880		02/15/13		265,493
	1,500,000		Willis Group Holdings plc	4.130		03/15/16		1,492,280
			TOTAL INSURANCE					6,918,463
MATERIALS - 2.6%
	200,000		Air Products & Chemicals, Inc	4.150		02/01/13		208,329
	2,000,000		Airgas, Inc	2.850		10/01/13		2,028,737
	40,000		Airgas, Inc	4.500		09/15/14		41,786
	1,000,000		Alcoa, Inc	5.380		01/15/13		1,066,429
	1,665,000	g	Anglo American Capital plc	2.150		09/27/13		1,677,644
	2,000,000		ArcelorMittal	5.380		06/01/13		2,127,026
	675,000		ArcelorMittal	3.750		08/05/15		681,679
	650,000		ArcelorMittal	3.750		02/01/16		648,799
	500,000		Bemis Co, Inc	4.880		04/01/12		515,215
	1,000,000		Bemis Co, Inc	5.650		08/01/14		1,087,483
	1,000,000	g,h,i	Cemex SAB de C.V.	5.300		09/30/15		991,990
	1,000,000		EI Du Pont de Nemours & Co	3.250		01/15/15		1,037,012
	1,606,000		Lafarge S.A.	6.150		07/15/11		1,629,838
	1,000,000	g	Sappi Papier Holding AG.	6.750		06/15/12		1,040,000
			TOTAL MATERIALS					14,781,967

61

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
MEDIA - 1.4%
	$600,000		Comcast Cable Communications Holdings, Inc	8.380	%	03/15/13	$	676,211
	2,300,000		Echostar DBS Corp	6.380		10/01/11		2,346,000
	1,000,000		Interpublic Group of Cos, Inc	6.250		11/15/14		1,092,500
	1,000,000		Lamar Media Corp	9.750		04/01/14		1,155,000
	1,000,000	g	NBC Universal, Inc	3.650		04/30/15		1,026,642
	1,000,000		Time Warner Cable, Inc	7.500		04/01/14		1,146,214
	250,000		Time Warner, Inc	3.150		07/15/15		253,185
	125,000		Viacom, Inc	4.380		09/15/14		133,365
			TOTAL MEDIA					7,829,117
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	1,000,000		Abbott Laboratories	2.700		05/27/15		1,016,107
	625,000		Agilent Technologies, Inc	2.500		07/15/13		630,569
	325,000		Eli Lilly & Co	3.550		03/06/12		334,427
	1,000,000		GlaxoSmithKline Capital, Inc	4.850		05/15/13		1,076,071
	120,000		Life Technologies Corp	3.500		01/15/16		119,626
	1,000,000		Merck & Co, Inc	2.250		01/15/16		980,620
	180,000		Novartis Capital Corp	4.130		02/10/14		192,489
	500,000		Novartis Capital Corp	2.900		04/24/15		511,133
	175,000		Pfizer, Inc	5.350		03/15/15		195,304
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					5,056,346
REAL ESTATE - 0.2%
	1,000,000		Health Care REIT, Inc	3.630		03/15/16		990,568
	75,000		ProLogis	7.630		08/15/14		85,812
			TOTAL REAL ESTATE					1,076,380
RETAILING - 0.5%
	1,000,000		Macy’s Retail Holdings, Inc	5.880		01/15/13		1,063,750
	500,000		Staples, Inc	9.750		01/15/14		600,283
	1,000,000		Wal-Mart Stores, Inc	3.000		02/03/14		1,045,094
			TOTAL RETAILING					2,709,127
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4%
	2,000,000	g	Broadcom Corp	1.500		11/01/13		1,982,288
	500,000		National Semiconductor Corp	3.950		04/15/15		509,322
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					2,491,610
SOFTWARE & SERVICES - 2.2%
	5,000,000		International Business Machines Corp	1.000		08/05/13		4,970,225
	5,000,000		Microsoft Corp	0.880		09/27/13		4,964,360
	1,000,000		Microsoft Corp	1.630		09/25/15		968,146
	1,000,000		Oracle Corp	4.950		04/15/13		1,077,266
	250,000		Symantec Corp	2.750		09/15/15		243,145
			TOTAL SOFTWARE & SERVICES					12,223,142
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
	250,000		Amphenol Corp	4.750		11/15/14		268,239

62

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$668,000		Cisco Systems, Inc	2.900	%	11/17/14	$	693,457
	300,000		Hewlett-Packard Co	4.250		02/24/12		310,177
	200,000		Hewlett-Packard Co	2.950		08/15/12		205,529
	100,000		Hewlett-Packard Co	4.750		06/02/14		108,736
	1,000,000		IBM International Group Capital LLC	5.050		10/22/12		1,063,871
	250,000		Juniper Networks, Inc	3.100		03/15/16		249,653
	250,000		L-3 Communications Corp	6.380		10/15/15		257,500
	175,000		Xerox Corp	8.250		05/15/14		204,582
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					3,361,744
TELECOMMUNICATION SERVICES - 1.8%
	100,000		AT&T, Inc	7.300		11/15/11		104,141
	1,000,000		AT&T, Inc	2.500		08/15/15		992,580
	1,000,000		British Telecommunications plc	5.150		01/15/13		1,063,863
	550,000		Cellco Partnership	3.750		05/20/11		552,322
	1,000,000		Cellco Partnership	7.380		11/15/13		1,141,414
	1,000,000		France Telecom S.A.	2.130		09/16/15		978,888
	1,000,000		Telecom Italia Capital S.A.	5.250		11/15/13		1,055,942
	850,000		Telecom Italia Capital S.A.	6.180		06/18/14		912,642
	1,000,000		Telefonica Emisiones SAU	2.580		04/26/13		1,009,552
	1,000,000		Telefonica Emisiones SAU	3.730		04/27/15		1,009,299
	1,000,000		Telefonica Emisiones SAU	3.990		02/16/16		1,004,839
	190,000		Verizon Communications, Inc	5.250		04/15/13		204,752
	250,000		Windstream Corp	8.130		08/01/13		274,375
			TOTAL TELECOMMUNICATION SERVICES					10,304,609
TRANSPORTATION - 1.1%
	1,000,000		Burlington Northern Santa Fe Corp	6.750		07/15/11		1,018,279
	1,600,000		CSX Corp	5.750		03/15/13		1,724,138
	1,000,000	g	ERAC USA Finance LLC	5.800		10/15/12		1,062,834
	1,000,000	g	ERAC USA Finance LLC	2.750		07/01/13		1,012,351
	1,000,000	g	Southwest Airlines Co	10.500		12/15/11		1,058,519
	200,000		Union Pacific Corp	5.130		02/15/14		218,340
			TOTAL TRANSPORTATION					6,094,461
UTILITIES - 2.6%
	500,000	g	Abu Dhabi National Energy Co	6.600		08/01/13		535,625
	1,000,000		AES Corp	7.750		03/01/14		1,080,000
	180,000		Alliant Energy Corp	4.000		10/15/14		187,139
	250,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		283,507
	1,000,000		Commonwealth Edison Co	4.700		04/15/15		1,072,637
	1,000,000		Dominion Resources, Inc	1.800		03/15/14		998,256
	500,000		Duke Energy Carolinas LLC	5.750		11/15/13		556,318
	1,900,000		FPL Group Capital, Inc	2.600		09/01/15		1,847,293
	2,000,000		Ipalco Enterprises, Inc	8.630		11/14/11		2,069,999
	500,000	g	KazMunaiGaz Finance Sub BV	8.380		07/02/13		554,350
	1,000,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		1,007,616
	200,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		194,673
	500,000		Korea Midland Power Co Ltd	5.380		02/11/13		525,185
	1,000,000		Northeast Utilities	5.650		06/01/13		1,076,491
	625,000		ONEOK Partners LP	5.900		04/01/12		654,076
	500,000		Pepco Holdings, Inc	2.700		10/01/15		492,070

63

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		PG&E Corp	5.750	%	04/01/14	$	546,352
	500,000	g	Ras Laffan Liquefied Natural Gas Co Ltd	5.500		09/30/14		536,607
	250,000		Veolia Environnement	5.250		06/03/13		267,916
	450,000		Williams Partners LP	3.800		02/15/15		465,831
			TOTAL UTILITIES					14,951,941
			TOTAL CORPORATE BONDS					235,612,883
			(Cost $233,085,679)
GOVERNMENT BONDS - 43.6%
AGENCY SECURITIES - 8.3%
			Federal Farm Credit Bank (FFCB)
	1,000,000		FFCB	1.380		06/25/13		1,009,775
			Federal Home Loan Bank (FHLB)
	1,200,000		FHLB	3.630		09/16/11		1,219,634
	3,000,000		FHLB	1.880		06/21/13		3,057,291
			Federal Home Loan Mortgage Corp (FHLMC)
	5,000,000		FHLMC	0.750		03/28/13		4,991,415
			Federal National Mortgage Association (FNMA)
	2,500,000		FNMA	1.380		04/28/11		2,502,428
	3,000,000		FNMA	0.880		01/12/12		3,012,063
	2,000,000		FNMA	3.630		02/12/13		2,101,486
	6,500,000		FNMA	1.250		08/20/13		6,522,594
	1,500,000		FNMA	2.750		03/13/14		1,559,076
	1,000,000		FNMA	2.500		05/15/14		1,032,257
	2,000,000		FNMA	3.000		09/16/14		2,092,974
	5,000,000		FNMA	2.630		11/20/14		5,157,140
	2,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		1,948,020
	1,500,000		International Finance Corp	5.130		05/02/11		1,505,580
	7,000,000		Private Export Funding Corp	4.900		12/15/11		7,226,491
	2,000,000		Private Export Funding Corp	3.550		04/15/13		2,103,584
			TOTAL AGENCY SECURITIES					47,041,808
FOREIGN GOVERNMENT BONDS - 3.4%
	1,000,000		Canada Government International Bond	2.380		09/10/14		1,025,393
	1,100,000		Eksportfinans ASA	5.000		02/14/12		1,142,540
	1,140,000		Eksportfinans ASA	2.000		09/15/15		1,115,169
	1,000,000		Export Development Canada	2.250		05/28/15		1,011,047
	300,000		Export-Import Bank of Korea	8.130		01/21/14		343,898
	325,000		Export-Import Bank of Korea	4.130		09/09/15		333,513
	125,000		Hungary Government International Bond	4.750		02/03/15		125,469
	330,000		Korea Development Bank	3.250		03/09/16		323,637
	420,000		Poland Government International Bond	3.880		07/16/15		424,510
	195,000	g	Portugal Government International Bond	3.500		03/25/15		167,949
	3,000,000		Province of British Columbia Canada	2.850		06/15/15		3,081,191
	1,450,000		Province of Manitoba Canada	2.130		04/22/13		1,480,743
	2,000,000		Province of Nova Scotia Canada	2.380		07/21/15		2,005,985
	1,200,000		Province of Ontario Canada	4.100		06/16/14		1,288,414
	700,000		Province of Ontario Canada	2.950		02/05/15		723,336
	1,300,000		Province of Ontario Canada	2.700		06/16/15		1,324,800
	791,000	g	Qatar Government International Bond	4.000		01/20/15		816,708

64

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		Republic of Korea	5.750	%	04/16/14	$	544,771
	700,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		707,875
	500,000		South Africa Government International Bond	6.500		06/02/14		558,750
	516,000		United Mexican States	5.880		02/17/14		567,858
			TOTAL FOREIGN GOVERNMENT BONDS					19,113,556
MORTGAGE BACKED - 0.9%
			Federal Home Loan Mortgage Corp (FHLMC)
	56,549		FHLMC	5.130		10/15/15		56,920
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	51,451		FGLMC	6.000		12/01/17		56,139
	267,823		FGLMC	5.500		01/01/19		292,749
	242,939		FGLMC	5.500		01/01/19		265,549
			Federal National Mortgage Association (FNMA)
	19,906		FNMA	5.000		06/01/13		21,019
	1,778,131	i	Countrywide Alternative Loan Trust	0.390		07/25/46		1,644,707
	1,315,948	i	Greenpoint Mortgage Funding Trust	0.350		09/25/46		1,276,513
	1,439,066	i	Greenpoint Mortgage Funding Trust	0.330		10/25/46		1,297,920
			TOTAL MORTGAGE BACKED					4,911,516
U.S. TREASURY SECURITIES - 31.0%
	1,562,610	k	United States Treasury Inflation Indexed Bonds	0.630		04/15/13		1,635,368
	1,000,000		United States Treasury Note	1.000		12/31/11		1,005,547
	140,000		United States Treasury Note	0.630		06/30/12		140,361
	415,000		United States Treasury Note	0.630		07/31/12		415,942
	60,000		United States Treasury Note	1.380		10/15/12		60,736
	19,925,000		United States Treasury Note	0.630		01/31/13		19,889,195
	42,720,000		United States Treasury Note	1.130		06/15/13		42,930,182
	13,760,000		United States Treasury Note	0.750		09/15/13		13,672,927
	7,395,000		United States Treasury Note	3.130		09/30/13		7,778,616
	3,125,000		United States Treasury Note	0.500		10/15/13		3,082,275
	900		United States Treasury Note	2.750		10/31/13		939
	14,949,000		United States Treasury Note	2.000		11/30/13		15,295,862
	43,500,000		United States Treasury Note	1.250		03/15/14		43,486,514
	2,318,000		United States Treasury Note	1.880		04/30/14		2,358,023
	45,000		United States Treasury Note	2.250		05/31/14		46,262
	1,635,000		United States Treasury Note	2.630		06/30/14		1,699,123
	7,990,000		United States Treasury Note	2.380		08/31/14		8,224,706
	1,865,000		United States Treasury Note	2.380		10/31/14		1,917,017
	1,373,000		United States Treasury Note	2.500		04/30/15		1,410,436
	6,779,000		United States Treasury Note	1.250		09/30/15		6,556,032
	3,777,000		United States Treasury Note	2.130		02/29/16		3,765,197
			TOTAL U.S. TREASURY SECURITIES					175,371,260
			TOTAL GOVERNMENT BONDS					246,438,140
			(Cost $244,029,337)
STRUCTURED ASSETS - 6.7%
ASSET BACKED - 5.8%
	230,520		Aames Mortgage Trust	6.900		06/25/32		185,600
			Series - 2002 1 (Class A3)

65

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,000,000		Ally Auto Receivables Trust	2.230	%	03/15/16	$	2,006,519
			Series - 2011 1 (Class A4)
	2,000,000		AmeriCredit Automobile Receivables Trust	2.040		09/08/15		1,985,754
			Series - 2010 3 (Class B)
	55,677	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		1
			Series - 2006 WMC1 (Class N1)
	500,000	g	Avis Budget Rental Car Funding AESOP LLC	5.680		02/20/14		534,139
			Series - 2009 2A (Class A)
	2,000,000	g	Avis Budget Rental Car Funding AESOP LLC	2.090		04/20/15		1,987,002
			Series - 2010 4A (Class A)
	1,000,000		CarMax Auto Owner Trust	2.630		11/15/16		996,558
			Series - 2011 1 (Class B)
	155,000		CarMax Auto Owner Trust	2.830		02/15/17		154,481
			Series - 2011 1 (Class C)
	160,074		Centex Home Equity	5.540		01/25/32		160,049
			Series - 2002 A (Class AF6)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		148,930
			Series - 2004 2 (Class 1M2)
	337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		85,997
			Series - 2004 2 (Class 1B)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		113,256
			Series - 2002 2 (Class MF2)
	138,565		CIT Group Home Equity Loan Trust	6.830		06/25/33		6,636
			Series - 2002 2 (Class BF)
	38,128	i	Countrywide Asset-Backed Certificates	0.360		06/25/21		37,115
			Series - 2006 S3 (Class A1)
	196,873	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		193,358
			Series - 2006 15 (Class A2)
	2,000,000		DaimlerChrysler Financial Auto Securitization Trust	1.650		11/08/13		2,002,341
			Series - 2010 A (Class B)
	1,448,231	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		1,354,221
			Series - 2007 1A (Class AF3)
	2,000,000		Ford Credit Auto Owner Trust	2.380		07/15/16		1,988,732
			Series - 2011 A (Class B)
	2,000,000	g	Ford Credit Floorplan Master Owner Trust	2.410		02/15/16		2,006,541
			Series - 2011 1 (Class B)
	648,755		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		635,218
			Series - 2006 HLTV (Class A3)
	2,000,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,598,522
			Series - 2006 HLTV (Class A4)
	500,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16		545,944
			Series - 2009 2A (Class A2)
	2,000,000		Hyundai Auto Receivables Trust	2.450		04/15/16		1,991,893
			Series - 2011 A (Class B)
	2,000,000	g,m	MMCA Automobile Trust	2.720		10/17/16		1,988,125
			Series - 2011 A (Class B)
	59,126	i	Morgan Stanley ABS Capital I	0.270		01/25/37		57,448
			Series - 2007 HE2 (Class A2A)
	1,000,000	g	Navistar Financial Corp Owner Trust	1.080		03/18/14		998,578
			Series - 2010 B (Class A3)
	500,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		286,121
			Series - 2006 3 (Class AF3)

66

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,964,656		Residential Funding Mortgage Securities II, Inc	5.790	%	02/25/36	$	3,735,926
			Series - 2006 HI2 (Class A3)
	1,297,716		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		1,218,627
			Series - 2006 HI3 (Class A3)
	500,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		399,619
			Series - 2006 HI1 (Class M2)
	674,834		Saxon Asset Securities Trust	6.120		11/25/30		687,171
			Series - 2002 2 (Class AF6)
	102,176	i	Securitized Asset Backed Receivables LLC Trust	0.400		03/25/36		96,259
			Series - 2006 NC2 (Class A2)
	359,282	i	Structured Asset Investment Loan Trust	0.280		07/25/36		358,431
			Series - 2006 4 (Class A3)
	102,819	i	Wells Fargo Home Equity Trust	0.390		07/25/36		92,893
			Series - 2006 2 (Class A3)
	2,000,000		World Financial Network Credit Card Master Trust	4.660		05/15/17		2,126,366
			Series - 2009 D (Class A)
			TOTAL ASSET BACKED					32,764,371
OTHER MORTGAGE BACKED - 0.9%
	143,284		First Horizon Asset Securities, Inc	5.500		11/25/33		143,927
			Series - 2003 9 (Class 1A4)
	85,760	i	GSR Mortgage Loan Trust	2.780		01/25/36		82,354
			Series - 2006 AR1 (Class 2A2)
	1,213,197		MASTR Asset Securitization Trust	5.000		05/25/35		1,224,052
			Series - 2005 1 (Class 2A5)
	490,996	g	Morgan Stanley Capital I	2.600		09/15/47		497,287
			Series - 2011 C1 (Class A1)
	1,626,937	i	Residential Funding Mortgage Securities I, Inc	3.070		08/25/35		1,502,659
			Series - 2005 SA3 (Class 2A1)
	27,724	i	Structured Adjustable Rate Mortgage Loan Trust	6.520		07/25/36		27,648
			Series - 2006 6 (Class 2A1)
	1,654,087	i	Wells Fargo Mortgage Backed Securities Trust	5.410		03/25/36		1,665,552
			Series - 2006 AR1 (Class 2A2)
			TOTAL OTHER MORTGAGE BACKED					5,143,479
			TOTAL STRUCTURED ASSETS					37,907,850
			(Cost $40,215,000)
			TOTAL BONDS					519,958,873
			(Cost $517,330,016)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	15,738	*	Federal Home Loan Mortgage Corp	8.380	12/30/49	26,755
	55,841	*	Federal National Mortgage Association	8.250	12/30/49	94,929
			TOTAL BANKS			121,684
			TOTAL PREFERRED STOCKS			121,684
			(Cost $1,789,475)

67

TIAA-CREF FUNDS – Short-Term Bond Fund

PRINCIPAL	ISSUER	RATE	MATURITY DATE	VALUE
	TOTAL INVESTMENTS - 93.4%			$	528,088,074
	(Cost $527,077,886)
	OTHER ASSETS & LIABILITIES, NET - 6.6%				37,378,946
	NET ASSETS - 100.0%			$	565,467,020

	Abbreviation(s):
	ABS	Asset-Based Security
	REIT	Real Estate Investment Trust
*	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 March 31, 2011 the value of these securities amounted to $48,948,771 or 8.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon reflects the rate at period end.
j	Zero coupon.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
m	Indicates a security that has been deemed illiquid.
n	In default.

68

TIAA-CREF FUNDS – High-Yield Fund

TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS
March 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.8%
CONSUMER SERVICES - 0.6%
	$5,586,000	i	Burger King Corp	4.500	%	10/19/16	$	5,577,453
			TOTAL CONSUMER SERVICES					5,577,453
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	4,691,019	h,i	Fresenius US Finance I, Inc	3.500		09/10/14		4,691,019
	1,686,657	h,i	Fresenius US Finance I, Inc	3.500		09/10/14		1,686,657
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					6,377,676
SOFTWARE & SERVICES - 0.3%
	2,970,029	i,m	IMS Health, Inc	4.500		08/26/17		2,967,564
			TOTAL SOFTWARE & SERVICES					2,967,564
UTILITIES - 0.2%
	2,123,000	i	Texas Competitive Electric Holdings Co LLC	3.783		10/10/14		1,786,993
			TOTAL UTILITIES					1,786,993
			TOTAL BANK LOAN OBLIGATIONS					16,709,686
			(Cost $17,029,030)
BONDS - 93.8%
CORPORATE BONDS - 92.8%
AUTOMOBILES & COMPONENTS - 1.8%
	4,500,000		Ford Motor Co	7.450		07/16/31		4,871,745
	2,760,000		Goodyear Tire & Rubber Co	8.250		08/15/20		2,953,200
	7,840,000	g	Pinafore LLC	9.000		10/01/18		8,506,400
			TOTAL AUTOMOBILES & COMPONENTS					16,331,345
BANKS - 1.4%
	3,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.880		09/25/17		3,701,250
	2,000,000		Amsouth Bank	4.850		04/01/13		2,035,000
	2,600,000	i	JPMorgan Chase & Co	7.900		04/29/49		2,844,686
	900,000		Regions Bank	6.450		06/26/37		828,000
	4,035,000	g,i	Standard Chartered plc	6.410		12/30/49		3,860,934
			TOTAL BANKS					13,269,870
CAPITAL GOODS - 3.1%
	2,500,000	g	Case New Holland, Inc	7.880		12/01/17		2,778,125
	3,610,000	g	FMG Resources August 2006 Pty Ltd	7.000		11/01/15		3,745,375
	3,350,000	g	Huntington Ingalls	6.880		03/15/18		3,496,563
	1,350,000	g	Huntington Ingalls	7.130		03/15/21		1,407,375
	3,450,000	g	Hyva Global BV	8.630		03/24/16		3,541,995

69

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,000,000		Russel Metals, Inc	6.380	%	03/01/14	$	1,008,750
	1,000,000		SPX Corp	7.630		12/15/14		1,101,250
	2,250,000	g	SPX Corp	6.880		09/01/17		2,418,750
	4,720,000		Susser Holdings LLC	8.500		05/15/16		5,109,400
	3,250,000	g	TransDigm, Inc	7.750		12/15/18		3,489,688
			TOTAL CAPITAL GOODS					28,097,271
COMMERCIAL & PROFESSIONAL SERVICES - 2.0%
	2,500,000	g	American Achievement Corp	10.880		04/15/16		2,456,250
	3,825,000	g	Trans Union LLC	11.380		06/15/18		4,370,063
	6,850,000	g	VIP Finance Ireland Ltd	7.750		02/02/21		7,192,500
	3,334,000		Visant Corp	10.000		10/01/17		3,600,720
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					17,619,533
CONSUMER DURABLES & APPAREL - 2.2%
	2,000,000		Alliant Techsystems, Inc	6.750		04/01/16		2,052,500
	4,000,000		Alliant Techsystems, Inc	6.880		09/15/20		4,175,000
	5,000,000		Hanesbrands, Inc	8.000		12/15/16		5,418,750
	4,000,000		Phillips-Van Heusen Corp	7.380		05/15/20		4,230,000
	2,629,000		WMG Acquisition Corp	7.380		04/15/14		2,635,573
	1,000,000		WMG Acquisition Corp	9.500		06/15/16		1,057,500
			TOTAL CONSUMER DURABLES & APPAREL					19,569,323
CONSUMER SERVICES - 7.3%
	5,875,000	g	AMC Entertainment Holdings, Inc	9.750		12/01/20		6,286,249
	3,970,000	h	American Casinos Inc.	0.750		04/15/21		3,935,263
	750,000		Burger King Corp	9.880		10/15/18		794,063
	7,250,000	g	DineEquity, Inc	9.500		10/30/18		7,866,249
	649,000		FTI Consulting, Inc	7.750		10/01/16		678,205
	2,650,000	g	FTI Consulting, Inc	6.750		10/01/20		2,683,125
	750,000	g	Harrahs Operating Co, Inc	12.750		04/15/18		757,500
	435,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		430,650
	3,665,000	g	Live Nation Entertainment, Inc	8.130		05/15/18		3,765,787
	2,400,000		Mac-Gray Corp	7.630		08/15/15		2,448,000
	5,750,000	g	Marina District Finance Co, Inc	9.500		10/15/15		6,015,937
	2,040,000		MGM Mirage	10.380		05/15/14		2,335,800
	1,500,000		MGM Mirage	9.000		03/15/20		1,644,375
	2,675,000		Penn National Gaming, Inc	6.750		03/01/15		2,718,469
	6,310,000		Penn National Gaming, Inc	8.750		08/15/19		6,964,662
	2,500,000		Speedway Motorsports, Inc	8.750		06/01/16		2,740,625
	3,500,000	g	Speedway Motorsports, Inc	6.750		02/01/19		3,526,250
	2,000,000		Universal City Development Partners Ltd	10.880		11/15/16		2,245,000
	3,200,000		Wendys	10.000		07/15/16		3,520,000
	2,000,000		Wynn Las Vegas LLC	7.880		11/01/17		2,145,000
	2,000,000		Wynn Las Vegas LLC	7.750		08/15/20		2,120,000
			TOTAL CONSUMER SERVICES					65,621,209
DIVERSIFIED FINANCIALS - 8.0%
	2,000,000		American General Finance Corp	5.380		10/01/12		1,967,500
	5,160,000		American General Finance Corp	6.900		12/15/17		4,714,950
	2,000,000	g	CC Holdings GS V LLC	7.750		05/01/17		2,180,000
	2,000,000	g	CIT Group, Inc	5.250		04/01/14		2,012,540

70

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,500,000		CIT Group, Inc	7.000	%	05/01/14	$	2,546,875
	2,000,000		CIT Group, Inc	7.000		05/01/15		2,017,500
	3,000,000		CIT Group, Inc	7.000		05/01/17		3,003,750
	4,500,000		CIT Group, Inc	7.000		05/01/17		4,505,625
	2,000,000	g	CIT Group, Inc	6.630		04/01/18		2,029,238
	3,000,000	i	Citigroup Capital XXI	8.300		12/21/57		3,120,000
	1,750,000		Ford Motor Credit Co LLC	7.000		04/15/15		1,894,246
	1,875,000		Ford Motor Credit Co LLC	12.000		05/15/15		2,359,971
	1,750,000		Ford Motor Credit Co LLC	5.630		09/15/15		1,832,562
	2,000,000		Ford Motor Credit Co LLC	8.000		12/15/16		2,270,364
	2,250,000		Ford Motor Credit Co LLC	8.130		01/15/20		2,577,233
	1,100,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		1,065,625
	1,000,000		GMAC, Inc	6.750		12/01/14		1,053,750
	2,000,000		GMAC, Inc	8.300		02/12/15		2,192,500
	5,000,000		GMAC, Inc	8.000		03/15/20		5,443,749
	2,000,000	g	GMAC, Inc	7.500		09/15/20		2,132,500
	3,000,000		GMAC, Inc	8.000		11/01/31		3,270,000
	1,825,000		International Lease Finance Corp	5.630		09/20/13		1,854,656
	366,000		International Lease Finance Corp	6.630		11/15/13		378,810
	5,232,000	g	International Lease Finance Corp	8.880		09/15/15		5,755,199
	4,275,000	g	International Lease Finance Corp	6.750		09/01/16		4,574,250
	2,232,000	g	International Lease Finance Corp	9.000		03/15/17		2,511,000
	2,600,000		International Lease Finance Corp	8.250		12/15/20		2,850,250
			TOTAL DIVERSIFIED FINANCIALS					72,114,643
ENERGY - 7.8%
	910,000		AmeriGas Partners LP	7.130		05/20/16		944,125
	1,000,000		Arch Coal, Inc	8.750		08/01/16		1,117,500
	1,000,000		Arch Coal, Inc	7.250		10/01/20		1,072,500
	4,500,000	g	Chaparral Energy, Inc	8.250		09/01/21		4,635,000
	250,000		Chesapeake Energy Corp	9.500		02/15/15		310,000
	2,000,000		Chesapeake Energy Corp	7.250		12/15/18		2,235,000
	1,100,000		Chesapeake Energy Corp	6.630		08/15/20		1,171,500
	2,375,000		Chesapeake Energy Corp	6.880		11/15/20		2,565,000
	2,276,000		Cimarex Energy Co	7.130		05/01/17		2,404,025
	4,200,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		4,578,000
	1,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		1,107,500
	5,840,000		Consol Energy Inc	8.000		04/01/17		6,394,799
	820,000		Continental Resources, Inc	7.130		04/01/21		871,250
	2,000,000		Encore Acquisition Co	9.500		05/01/16		2,255,000
	1,390,000		Energy Transfer Equity LP	7.500		10/15/20		1,511,625
	1,625,000		Inergy LP	8.750		03/01/15		1,755,000
	1,250,000	g	Inergy LP	7.000		10/01/18		1,300,000
	1,750,000	g	Inergy LP	6.880		08/01/21		1,824,375
	1,425,000	g	James River Escrow	7.880		04/01/19		1,474,875
	3,060,000		MarkWest Energy Partners LP	6.750		11/01/20		3,136,500
	2,800,000		Newfield Exploration Co	6.880		02/01/20		2,954,000
	4,750,000		Niska Gas Storage US	8.880		03/15/18		5,165,625
	1,500,000		Pioneer Natural Resources Co	6.880		05/01/18		1,628,189
	1,141,000	g	Precision Drilling Trust	6.630		11/15/20		1,175,230
	1,750,000		Range Resources Corp	7.500		10/01/17		1,863,750
	250,000		Range Resources Corp	7.250		05/01/18		267,500

71

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,000,000		Range Resources Corp	6.750	%	08/01/20	$	3,195,000
	1,125,000		Regency Energy Partners LP	6.880		12/01/18		1,198,125
	5,175,000	g	SandRidge Energy, Inc	7.500		03/15/21		5,369,063
	4,777,200		Southwestern Energy Co	7.500		02/01/18		5,416,150
			TOTAL ENERGY					70,896,206
FOOD & STAPLES RETAILING - 3.2%
	6,350,000		Ingles Markets, Inc	8.880		05/15/17		6,818,313
	1,600,000		Rite Aid Corp	10.380		07/15/16		1,724,000
	2,500,000		Rite Aid Corp	7.500		03/01/17		2,500,000
	2,500,000		Rite Aid Corp	8.000		08/15/20		2,646,875
	2,526,000		Stater Brothers Holdings	7.750		04/15/15		2,620,725
	3,800,000	g	Stater Brothers Holdings	7.380		11/15/18		3,942,500
	5,050,000		SuperValu, Inc	7.500		11/15/14		5,075,250
	4,000,000		SuperValu, Inc	8.000		05/01/16		4,000,000
			TOTAL FOOD & STAPLES RETAILING					29,327,663
FOOD, BEVERAGE & TOBACCO - 1.4%
	3,810,000	g	Blue Merger Sub, Inc	7.630		02/15/19		3,862,388
	2,305,000		Constellation Brands, Inc	8.380		12/15/14		2,610,413
	1,470,000		Smithfield Foods, Inc	10.000		07/15/14		1,730,925
	1,634,000		Smithfield Foods, Inc	7.750		07/01/17		1,756,550
	2,500,000		TreeHouse Foods, Inc	7.750		03/01/18		2,693,750
			TOTAL FOOD, BEVERAGE & TOBACCO					12,654,026
HEALTH CARE EQUIPMENT & SERVICES - 5.9%
	3,500,000		Apria Healthcare Group, Inc	11.250		11/01/14		3,771,250
	1,265,000		Apria Healthcare Group, Inc	12.380		11/01/14		1,374,106
	9,050,000		CHS/Community Health Systems	8.880		07/15/15		9,547,750
	3,550,000		DaVita, Inc	6.380		11/01/18		3,585,500
	2,045,000		DaVita, Inc	6.630		11/01/20		2,070,563
	2,200,000	g	Fresenius US Finance II, Inc	9.000		07/15/15		2,521,750
	2,905,000	g	HCA Holdings, Inc	7.750		05/15/21		3,028,463
	3,155,000	o	HCA, Inc	9.630		11/15/16		3,399,513
	150,000		HCA, Inc	9.880		02/15/17		168,000
	4,000,000		HCA, Inc	8.500		04/15/19		4,440,000
	4,500,000		HCA, Inc	7.880		02/15/20		4,893,749
	900,000		HCA, Inc	7.500		11/06/33		825,750
	4,300,000		Healthsouth Corp	7.250		10/01/18		4,445,125
	5,750,000		Healthsouth Corp	7.750		09/15/22		5,979,999
	3,225,000	g	LifePoint Hospitals, Inc	6.630		10/01/20		3,305,625
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					53,357,143
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	2,750,000		JohnsonDiversey, Inc	8.250		11/15/19		2,949,375
	5,000,000	g	Reynolds Group Issuer, Inc	7.750		10/15/16		5,287,500
	4,500,000	g	Reynolds Group Issuer, Inc	6.880		02/15/21		4,533,750
	2,081,000	g	Spectrum Brands, Inc	9.500		06/15/18		2,294,303
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					15,064,928

72

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
INSURANCE - 0.9%
	$1,975,000		American Financial Group, Inc	9.880	%	06/15/19	$	2,414,360
	4,000,000	i	American International Group, Inc	8.180		05/15/58		4,305,000
	1,715,000	g	Multiplan, Inc	9.880		09/01/18		1,835,050
			TOTAL INSURANCE					8,554,410
MATERIALS - 10.6%
	2,140,000	g	Aperam	7.380		04/01/16		2,177,450
	1,120,000		Ball Corp	7.130		09/01/16		1,225,000
	1,000,000		Ball Corp	6.630		03/15/18		1,027,500
	480,000		Ball Corp	7.380		09/01/19		519,600
	3,570,000	g	Celanese US Holdings LLC	6.630		10/15/18		3,677,100
	7,350,000	g	Cemex SAB de C.V.	9.500		12/14/16		7,919,625
	1,820,000	g	Cemex SAB de C.V.	9.000		01/11/18		1,908,725
	1,640,000		CF Industries, Inc	6.880		05/01/18		1,840,900
	3,750,000	g	CommScope, Inc	8.250		01/15/19		3,918,750
	2,540,000		Crown Americas LLC	7.630		05/15/17		2,774,950
	2,000,000		Domtar Corp	10.750		06/01/17		2,500,000
	2,402,000	g	Fibria Overseas Finance Ltd	6.750		05/04/20		2,480,065
	3,922,000	g	Georgia Gulf Corp	9.000		01/15/17		4,294,589
	4,000,000		Georgia-Pacific LLC	8.880		05/15/31		4,830,000
	1,313,000		Graphic Packaging International, Inc	9.500		06/15/17		1,457,430
	3,000,000		Graphic Packaging International, Inc	7.880		10/01/18		3,213,750
	1,260,000		Greif, Inc	6.750		02/01/17		1,329,300
	600,000		Greif, Inc	7.750		08/01/19		655,500
	2,775,000	g	Ineos Group Holdings PLC	9.000		05/15/15		3,028,219
	4,500,000	g	JMC STEEL GROUP	8.250		03/15/18		4,601,250
	2,459,000	g	LBI Escrow Corp	8.000		11/01/17		2,711,048
	3,110,000	g	Momentive Performance Materials, Inc	9.000		01/15/21		3,214,963
	1,750,000		Nalco Co	8.250		05/15/17		1,911,875
	2,375,000	g	Nalco Co	6.630		01/15/19		2,443,281
	3,110,000	g	Novelis, Inc	8.380		12/15/17		3,366,575
	1,000,000		Owens-Brockway Glass Container, Inc	6.750		12/01/14		1,021,250
	1,335,000	g	Polymer Group, Inc	7.750		02/01/19		1,376,719
	2,875,000	g	Sappi Papier Holding AG.	6.750		06/15/12		2,990,000
	1,000,000		Silgan Holdings, Inc	7.250		08/15/16		1,085,000
	2,960,000		Solutia, Inc	8.750		11/01/17		3,256,000
	3,000,000		Solutia, Inc	7.880		03/15/20		3,255,000
	272,000		Steel Dynamics, Inc	6.750		04/01/15		278,460
	1,250,000		Steel Dynamics, Inc	7.630		03/15/20		1,340,625
	2,700,000		Texas Industries, Inc	9.250		08/15/20		2,916,000
	2,360,000		Verso Paper Holdings LLC	11.380		08/01/16		2,501,600
	5,600,000	g	Verso Paper Holdings LLC	8.750		02/01/19		5,824,000
			TOTAL MATERIALS					94,872,099
MEDIA - 6.7%
	5,000,000		AMC Entertainment, Inc	8.750		06/01/19		5,425,000
	1,835,000		Cablevision Systems Corp	8.630		09/15/17		2,041,438
	2,300,000		Cablevision Systems Corp	8.000		04/15/20		2,507,000
	6,600,000		CCO Holdings LLC	7.000		01/15/19		6,764,999
	5,375,000		CCO Holdings LLC	8.130		04/30/20		5,845,312
	3,333,000		Cinemark USA, Inc	8.630		06/15/19		3,641,303
	350,000		Clear Channel Worldwide Holdings, Inc	9.250		12/15/17		382,375

73

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,950,000		Clear Channel Worldwide Holdings, Inc	9.250	%	12/15/17	$	2,137,688
	3,000,000		DISH DBS Corp	7.750		05/31/15		3,285,000
	4,129,000		DISH DBS Corp	7.880		09/01/19		4,469,643
	2,000,000		Echostar DBS Corp	6.630		10/01/14		2,117,500
	1,000,000		Interpublic Group of Cos, Inc	10.000		07/15/17		1,190,000
	1,000,000	g	Kabel Bw Erste Beteiligu	7.500		03/15/19		1,025,000
	2,140,000		Lamar Media Corp	9.750		04/01/14		2,471,700
	4,860,000		Lamar Media Corp	6.630		08/15/15		4,957,200
	1,225,000		Lamar Media Corp	7.880		04/15/18		1,313,813
	4,630,000	g	Nielsen Finance LLC	7.750		10/15/18		4,965,675
	1,000,000		Regal Entertainment Group	9.130		08/15/18		1,070,000
	5,000,000	g	Univision Communications, Inc	7.880		11/01/20		5,287,500
			TOTAL MEDIA					60,898,146
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.9%
	4,250,000	g	Convatec Healthcare	10.500		12/15/18		4,462,500
	4,000,000	g	Mylan, Inc	7.630		07/15/17		4,305,000
	6,195,000	g	NBTY, Inc	9.000		10/01/18		6,721,575
	4,760,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		4,688,600
	2,510,000	g	Valeant Pharmaceuticals International	7.000		10/01/20		2,434,700
	4,000,000	g	Valeant Pharmaceuticals International	7.250		07/15/22		3,870,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					26,482,375
REAL ESTATE - 1.1%
	9,005,000		DuPont Fabros Technology LP	8.500		12/15/17		9,916,756
			TOTAL REAL ESTATE					9,916,756
RETAILING - 5.3%
	4,500,000	g	Ace Hardware Corp	9.130		06/01/16		4,843,125
	6,500,000	g	Asbury Automotive Group, Inc	8.380		11/15/20		6,760,000
	1,400,000	g	Aspect Software, Inc	10.630		05/15/17		1,498,000
	1,000,000		AutoNation, Inc	6.750		04/15/18		1,046,250
	1,440,000		Ferrellgas Partners LP	9.130		10/01/17		1,605,600
	2,180,000	g	Ferrellgas Partners LP	6.500		05/01/21		2,114,600
	3,525,000		Hanesbrands, Inc	6.380		12/15/20		3,436,875
	1,275,000		JC Penney Corp, Inc	5.650		06/01/20		1,228,781
	3,000,000		JC Penney Corp, Inc	6.380		10/15/36		2,703,750
	1,875,000		Limited Brands, Inc	7.000		05/01/20		1,985,156
	1,250,000		Limited Brands, Inc	6.630		04/01/21		1,278,125
	5,000,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		5,375,000
	4,000,000	g	QVC, Inc	7.130		04/15/17		4,200,000
	4,600,000	g	QVC, Inc	7.500		10/01/19		4,830,000
	5,200,000	g	Sears Holding Corp	6.630		10/15/18		5,044,000
			TOTAL RETAILING					47,949,262
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.7%
	5,750,000	g	Hynix Semiconductor, Inc	7.880		06/27/17		5,980,000
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					5,980,000
SOFTWARE & SERVICES - 1.3%
	1,800,000	g,h	eAccess Ltd	8.250		04/01/18		1,847,250

74

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,200,000		Fidelity National Information Services, Inc	7.630	%	07/15/17	$	1,300,500
	800,000	g,h	First Data Corp	7.380		06/15/19		813,000
	2,000,000	g	IMS Health, Inc	12.500		03/01/18		2,345,000
	875,000		SunGard Data Systems, Inc	10.630		05/15/15		959,219
	4,000,000	g	SunGard Data Systems, Inc	7.380		11/15/18		4,090,000
			TOTAL SOFTWARE & SERVICES					11,354,969
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	1,580,000		Brocade Communications Systems, Inc	6.630		01/15/18		1,672,825
	525,000		Jabil Circuit, Inc	5.630		12/15/20		521,719
	860,000	g	Scientific Games Corp	7.880		06/15/16		907,300
	2,500,000	g	Scientific Games Corp	8.130		09/15/18		2,637,500
	4,396,000		Scientific Games Corp	9.250		06/15/19		4,824,610
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					10,563,954
TELECOMMUNICATION SERVICES - 6.7%
	1,550,000	g	Buccaneer Merger Sub, Inc	9.130		01/15/19		1,643,000
	1,300,000		Citizens Communications Co	7.130		03/15/19		1,319,500
	4,467,000	g	Clearwire Communications LLC	12.000		12/01/15		4,824,360
	2,000,000		Cricket Communications, Inc	7.750		05/15/16		2,125,000
	2,000,000		Crown Castle International Corp	9.000		01/15/15		2,205,000
	5,000,000		Frontier Communications Corp	7.880		04/15/15		5,387,500
	3,000,000		Intelsat Bermuda Ltd	11.250		02/04/17		3,277,500
	3,000,000	g,h	Intelsat Jackson Holdings Ltd	7.250		04/01/19		3,003,750
	4,000,000	g	Intelsat Jackson Holdings Ltd	8.500		11/01/19		4,300,000
	4,000,000	g	Intelsat Jackson Holdings Ltd	7.250		10/15/20		4,000,000
	3,000,000		Nexstar Broadcasting, Inc	8.880		04/15/17		3,247,500
	2,000,000		Qwest Communications International, Inc	7.130		04/01/18		2,157,500
	625,000		SBA Telecommunications, Inc	8.000		08/15/16		680,469
	465,000		SBA Telecommunications, Inc	8.250		08/15/19		513,825
	6,724,000		Sprint Capital Corp	6.900		05/01/19		6,942,529
	2,557,000		Sprint Capital Corp	6.880		11/15/28		2,358,833
	1,800,000		Sprint Capital Corp	8.750		03/15/32		1,914,750
	5,440,000		Virgin Media Finance plc	9.500		08/15/16		6,187,999
	2,500,000		Windstream Corp	7.880		11/01/17		2,681,250
	1,105,000		Windstream Corp	8.130		09/01/18		1,179,588
	400,000	g	Windstream Corp	7.750		10/15/20		411,000
			TOTAL TELECOMMUNICATION SERVICES					60,360,853
TRANSPORTATION - 2.7%
	1,652,301		Avis Budget Car Rental LLC	9.630		03/15/18		1,825,793
	4,000,000	g	Bombardier, Inc	7.500		03/15/18		4,320,000
	3,000,000	g	Bombardier, Inc	7.750		03/15/20		3,258,750
	3,278,000		Bristow Group, Inc	7.500		09/15/17		3,445,998
	2,000,000	g	Hertz Corp	7.500		10/15/18		2,070,000
	6,000,000	g	Hertz Corp	6.750		04/15/19		5,947,500
	2,000,000	g	Hertz Corp	7.380		01/15/21		2,045,000
	1,560,000		Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		1,700,400
			TOTAL TRANSPORTATION					24,613,441
UTILITIES - 7.0%
	3,813,000		AES Corp	7.750		03/01/14		4,118,040

75

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$5,600,000		AES Corp	8.000	%	10/15/17	$	6,020,000
			Calpine Construction Finance Co LP and CCFC Finance
	2,000,000	g	Corp	8.000		06/01/16		2,180,000
	2,000,000	g	Calpine Corp	7.250		10/15/17		2,080,000
	6,000,000	g	Calpine Corp	7.500		02/15/21		6,209,999
	3,885,000	g	Calpine Corp	7.880		01/15/23		4,030,688
	5,800,000		Crosstex Energy, Inc	8.880		02/15/18		6,322,000
	3,750,000		Edison Mission Energy	7.000		05/15/17		3,009,375
	1,000,000	g	El Paso Corp	6.500		09/15/20		1,076,369
	2,750,000		El Paso Corp	7.750		01/15/32		3,081,601
	2,000,000	g	Ipalco Enterprises, Inc	7.250		04/01/16		2,165,000
	3,620,000		NRG Energy, Inc	7.380		02/01/16		3,746,700
	2,000,000		NRG Energy, Inc	7.380		01/15/17		2,085,000
	4,000,000		NRG Energy, Inc	8.500		06/15/19		4,210,000
	1,335,000		Questar Market Resources, Inc	6.880		03/01/21		1,401,750
	2,100,000		Reliant Energy, Inc	7.630		06/15/14		2,173,500
	1,927,000		Sabine Pass LNG LP	7.250		11/30/13		1,970,358
	6,626,000		Sabine Pass LNG LP	7.500		11/30/16		6,808,214
			TOTAL UTILITIES					62,688,594
			TOTAL CORPORATE BONDS					838,158,019
			(Cost $791,738,268)
GOVERNMENT BONDS - 1.0%
FOREIGN GOVERNMENT BONDS - 1.0%
	2,810,000		Hungary Government International Bond	6.380		03/29/21		2,812,811
	2,430,000		Jamaica Government International Bond	8.000		06/24/19		2,529,630
	4,000,000	g	Province of Buenos Aires Argentina	10.880		01/26/21		3,730,000
			TOTAL FOREIGN GOVERNMENT BONDS					9,072,441
			TOTAL GOVERNMENT BONDS					9,072,441
			(Cost $9,110,835)
			TOTAL BONDS					847,230,460
			(Cost $800,849,103)

SHARES			COMPANY
PREFERRED STOCKS - 0.8%
DIVERSIFIED FINANCIALS - 0.8%
	280,000	*	GMAC Capital Trust I	8.130	02/15/40	7,101,239
			TOTAL DIVERSIFIED FINANCIALS			7,101,239
			TOTAL PREFERRED STOCKS			7,101,239
			(Cost $7,000,000)

76

TIAA-CREF FUNDS – High-Yield Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.6%
GOVERNMENT AGENCY DEBT - 0.6%
		Federal Home Loan Bank (FHLB)
	$5,100,000	FHLB	0.016	%	04/06/11	$	5,099,940
		TOTAL GOVERNMENT AGENCY DEBT					5,099,940
		TOTAL SHORT-TERM INVESTMENTS					5,099,940
		(Cost $5,099,940)
		TOTAL INVESTMENTS - 97.0%					876,141,325
		(Cost $829,978,073)
		OTHER ASSETS & LIABILITIES, NET - 3.0%					27,161,335
		NET ASSETS - 100.0%				$	903,302,660

*	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 March 31, 2011 the value of these securities amounted to $349,845,340 or 38.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.
o	Payment in Kind Bond.

77

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

TIAA-CREF FUNDS
TAX-EXEMPT BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2011

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
LONG-TERM MUNICIPAL BONDS - 98.2%
ALABAMA - 1.0%
	$1,025,000	Alabama Public School & College Authority	5.000	%	05/01/19	$	1,142,957
	1,785,000	Southeast Alabama Gas District	5.000		06/01/18		1,832,606
		TOTAL ALABAMA					2,975,563
ALASKA - 0.2%
	560,000	Alaska Railroad Corp	5.250		08/01/16		619,209
		TOTAL ALASKA					619,209
ARIZONA - 2.5%
	1,110,000	Arizona School Facilities Board	5.750		09/01/18		1,234,154
	1,225,000	Arizona School Facilities Board	5.000		09/01/19		1,289,239
	2,000,000	City of Tucson AZ	5.000		07/01/20		2,175,660
	1,000,000	Scottsdale Municipal Property Corp	5.000		07/01/24		1,109,570
	1,260,000	Tucson AZ	5.250		07/01/14		1,378,629
		TOTAL ARIZONA					7,187,252
ARKANSAS - 0.9%
	1,000,000	Arkansas Development Finance Authority	5.500		12/01/18		1,157,970
	1,345,000	North Little Rock AR	6.500		07/01/15		1,465,593
		TOTAL ARKANSAS					2,623,563

78

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		DATE	VALUE
CALIFORNIA - 14.7%
	$1,000,000	i	California Pollution Control Financing Authority, AMT	5.130	%	11/01/23	$	978,660
	2,000,000		California State Department of Water Resources	5.000		05/01/20		2,231,420
	2,000,000		County of San Bernardino CA	5.250		08/01/19		2,081,900
	15,000		Delta Counties Home Mortgage Finance Authority, AMT	6.700		06/01/24		15,220
	1,670,000		East Side Union High School District-Santa Clara County	5.000		08/01/19		1,830,470
	2,500,000		East Side Union High School District-Santa Clara County Hacienda La Puente Unified School District Facilities Financing	5.250		02/01/23		2,508,549
	1,140,000		Authority	5.000		08/01/27		1,139,920
	2,250,000		Los Angeles Unified School District, COP	5.000		10/01/17		2,389,343
	635,000		Sacramento City Financing Authority	5.400		11/01/20		670,160
	2,855,000		State of California	5.000		03/01/17		3,151,592
	2,535,000		State of California	5.000		10/01/17		2,805,154
	375,000		State of California	5.000		03/01/18		412,853
	1,000,000		State of California	5.000		03/01/19		1,085,510
	1,380,000		State of California	5.000		07/01/19		1,524,900
	850,000		State of California	5.250		02/01/20		922,361
	560,000		State of California	5.000		10/01/22		584,394
	1,200,000		State of California	5.000		12/01/23		1,227,192
	185,000		State of California	5.000		11/01/24		188,310
	210,000		State of California	5.000		12/01/24		213,793
	2,000,000		State of California	5.500		08/01/25		2,080,420
	900,000		State of California	5.000		11/01/25		907,992
	1,090,000		State of California	5.000		02/01/27		1,087,558
	100,000		State of California	5.000		06/01/27		99,774
	3,165,000		Vallejo City Unified School District	5.000		02/01/13		3,246,820
	1,070,000		Vallejo City Unified School District	5.900		02/01/19		1,079,898
	400,000		Vallejo City Unified School District	5.900		02/01/21		399,960
	2,150,000		Vallejo City Unified School District	5.900		08/01/25		2,022,613
	471,000		Vallejo Sanitation & Flood Control District, COP	5.000		07/01/19		460,812
	1,710,000		West Contra Costa Unified School District	5.700		02/01/21		1,794,748
	1,450,000		West Contra Costa Unified School District	6.000		08/01/21		1,590,215
	1,810,000		West Contra Costa Unified School District	5.700		02/01/22		1,882,219
			TOTAL CALIFORNIA					42,614,730
COLORADO - 1.9%
	1,645,000		Colorado State Higher Education	5.000		11/01/25		1,653,405
	1,000,000		Denver City & County School District No	5.500		12/01/23		1,161,830
	1,375,000		Denver City & County School District No	5.000		12/01/23		1,529,248
	1,000,000		Jefferson County Colorado School District	5.000		12/15/23		1,110,320
	50,000		Vista Ridge Metropolitan District, GO	4.130		12/01/16		44,713
			TOTAL COLORADO					5,499,516
DISTRICT OF COLUMBIA - 0.2%
	500,000		District of Columbia	5.250		02/01/28		538,965
			TOTAL DISTRICT OF COLUMBIA					538,965

79

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		DATE	VALUE
FLORIDA - 8.8%
	$1,485,000	Broward County School Board, COP	5.250	%	07/01/16	$	1,609,814
	1,500,000	City of Jacksonville FL	5.000		10/01/19		1,634,100
	450,000	City of Jacksonville FL	5.000		10/01/19		500,949
	547,000	City of Lakeland FL, ETM	5.750		10/01/19		589,671
	1,190,000	County of Brevard FL	5.000		07/01/16		1,207,981
	1,365,000	County of Broward FL	5.000		01/01/21		1,537,468
	1,000,000	County of Miami-Dade FL	5.000		07/01/17		1,109,380
	1,000,000	County of Orange FL	5.000		10/01/21		1,071,690
	1,000,000	County of Orange FL	5.250		10/01/22		1,088,250
	1,320,000	County of Seminole FL	5.250		10/01/24		1,457,320
	1,000,000	County of Seminole FL	5.250		10/01/26		1,088,850
	1,600,000	First Governmental Financing Commission	5.500		07/01/15		1,761,376
	2,200,000	Florida Department of Transportation	5.000		07/01/18		2,425,851
	1,000,000	Florida State Department of Management Services	5.000		08/01/18		1,084,000
	1,690,000	Florida Water Pollution Control Financing Corp	5.000		07/15/20		1,882,170
	2,250,000	Lake County School Board, COP	5.250		06/01/17		2,410,874
	1,475,000	Lake County School Board, COP	5.250		06/01/18		1,572,601
	1,000,000	Tampa Bay Water Fl Utility System Revenue	5.500		10/01/21		1,142,210
	535,000	Town of Jupiter FL	5.500		07/01/21		608,595
		TOTAL FLORIDA					25,783,150
GEORGIA - 1.9%
	440,000	Cherokee County Water & Sewer Authority	5.500		08/01/18		494,050
	215,000	City of Atlanta GA	5.500		11/01/17		240,045
	75,000	City of Atlanta GA	5.500		11/01/19		82,922
	125,000	City of Atlanta GA	5.500		11/01/22		133,704
	1,510,000	City of Atlanta GA	5.500		11/01/27		1,549,713
	695,000	Metropolitan Atlanta Rapid Transit Authority	6.250		07/01/18		785,329
	1,500,000	Metropolitan Atlanta Rapid Transit Authority	5.250		07/01/26		1,640,386
	480,000	Municipal Electric Authority of Georgia	6.500		01/01/17		550,694
		TOTAL GEORGIA					5,476,843

80

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		DATE	VALUE
ILLINOIS - 8.2%
	$2,045,000	Chicago Board of Education	5.000	%	12/01/17	$	2,147,495
	1,230,000	Chicago Board of Education	6.000		01/01/20		1,288,327
	1,500,000	Chicago Board of Education	5.000		12/01/21		1,542,360
	1,000,000	Chicago Public Building Commission	5.250		03/01/24		1,026,390
	1,000,000	Chicago State University	5.500		12/01/23		1,031,570
	2,500,000	Chicago Transit Authority	5.500		06/01/18		2,621,724
	470,000	Cook County Community Consolidated School District No 64, GO	5.500		12/01/14		523,477
		Cook-Kane Lake & Mchenry Counties Community College District
	250,000	No 512	5.000		12/01/18		279,970
	200,000	Illinois Municipal Electric Agency	5.250		02/01/17		218,172
		Madison-Bond Etc Counties Community Unit School District No 5,
	115,000	GO	5.000		02/01/19		114,331
	1,650,000	Regional Transportation Authority	6.000		06/01/23		1,787,082
	1,500,000	State of Illinois	5.000		06/15/19		1,591,995
	2,045,000	State of Illinois	5.000		01/01/20		2,010,767
	1,835,000	State of Illinois	5.000		01/01/20		1,809,347
	1,650,000	State of Illinois	5.000		01/01/20		1,624,656
	2,250,000	State of Illinois	5.250		01/01/20		2,254,500
	1,020,000	State of Illinois	6.250		12/15/20		1,137,820
	875,000	State of Illinois	5.000		04/01/21		856,161
		TOTAL ILLINOIS					23,866,144
INDIANA - 4.2%
	770,000	Franklin Community Multi-School Building Corp	5.000		07/15/22		796,126
	1,000,000	Griffith Multi-School Building Corp	5.000		07/15/15		1,125,010
	1,520,000	Hammond Multi-School Building Corp	5.000		07/15/17		1,685,361
	2,120,000	Indiana Bond Bank	5.250		04/01/19		2,295,154
	320,000	Indiana State Finance Authority Revenue	5.000		02/01/15		358,534
	1,240,000	Indianapolis Local Public Improvement Bond Bank	5.000		07/01/16		1,355,568
	1,940,000	Indianapolis Local Public Improvement Bond Bank	5.500		01/01/21		2,138,113
	400,000	Lawrence Township School Building Corp	5.000		07/10/19		436,712
	535,000	New Albany Floyd County School Building Corp	5.000		07/15/15		583,022
	1,225,000	South Bend Redevelopment Authority	5.750		08/15/18		1,386,982
		TOTAL INDIANA					12,160,582
LOUISIANA - 0.9%
	1,750,000	City of New Orleans LA, GO	5.500		12/01/21		1,830,115
	750,000	Desoto Parish LA	5.000		10/01/12		780,255
		TOTAL LOUISIANA					2,610,370
MASSACHUSETTS - 2.6%
	1,200,000	Commonwealth of Massachusetts	5.250		09/01/22		1,377,780
	2,135,000	Commonwealth of Massachusetts	5.250		09/01/23		2,436,611
	2,850,000	Massachusetts Bay Transportation Authority	5.250		07/01/20		3,240,837
	565,000	Massachusetts Housing Finance Agency	4.700		12/01/16		578,978
		TOTAL MASSACHUSETTS					7,634,206

81

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		DATE	VALUE
MICHIGAN - 4.2%
	$900,000		City of Detroit MI	6.500	%	07/01/15	$	995,643
	2,025,000		Detroit City School District	6.000		05/01/20		2,124,782
	2,030,000		Detroit City School District	6.000		05/01/21		2,202,408
	655,000		Detroit MI	5.000		07/01/14		699,507
	100,000	i	Detroit MI	5.500		07/01/32		101,831
	450,000		Forest Hills Public Schools, GO	5.000		05/01/15		502,911
	1,130,000		Michigan Municipal Bond Authority	5.000		05/01/19		1,130,768
	1,005,000		Michigan Municipal Bond Authority	5.000		10/01/19		1,125,067
	565,000		State of Michigan	5.250		05/15/18		628,625
	1,485,000		State of Michigan	5.500		11/01/18		1,698,008
	1,050,000		Wayne County Airport Authority	5.000		12/01/17		1,097,660
			TOTAL MICHIGAN					12,307,210
MINNESOTA - 0.4%
	1,000,000		Minnesota Public Facilities Authority	5.000		03/01/16		1,141,000
			TOTAL MINNESOTA					1,141,000
MISSISSIPPI - 1.3%
	175,000		County of Lowndes MS	6.700		04/01/22		183,890
	745,000		County of Lowndes MS	6.800		04/01/22		788,761
	2,100,000		Mississippi Development Bank Special Obligation	5.000		07/01/17		2,261,637
	590,000		Mississippi Development Bank Special Obligation	5.000		11/01/17		628,344
			TOTAL MISSISSIPPI					3,862,632
MISSOURI - 0.6%
	1,640,000		St Louis Regional Convention & Sports Complex Authority	5.250		08/15/14		1,765,788
			TOTAL MISSOURI					1,765,788
NEBRASKA - 0.7%
	1,000,000		Central Plains Energy Project	5.000		12/01/15		1,026,650
	1,000,000		Central Plains Energy Project	5.250		12/01/18		981,420
			TOTAL NEBRASKA					2,008,070
NEVADA - 0.8%
	1,300,000		County of Clark NV	5.000		06/01/22		1,375,153
	1,000,000		County of Clark NV	5.000		12/01/29		983,260
			TOTAL NEVADA					2,358,413

82

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		DATE	VALUE
NEW JERSEY - 4.7%
	$25,000		Garden State Preservation Trust	5.130	%	11/01/18	$	28,647
	690,000		New Jersey Economic Development Authority	5.380		06/15/14		719,194
	1,250,000		New Jersey Economic Development Authority	5.500		09/01/24		1,287,025
	1,115,000		New Jersey Environmental Infrastructure Trust	5.250		09/01/21		1,299,789
	25,000		New Jersey State Turnpike Authority	6.500		01/01/16		30,415
	45,000		New Jersey State Turnpike Authority	6.500		01/01/16		51,950
	50,000		New Jersey State Turnpike Authority	6.500		01/01/16		55,921
	95,000		New Jersey State Turnpike Authority	6.500		01/01/16		106,725
	1,815,000		New Jersey Transportation Trust Fund Authority	5.250		12/15/19		1,919,961
	1,025,000		New Jersey Transportation Trust Fund Authority	5.250		12/15/20		1,067,609
	2,000,000		New Jersey Transportation Trust Fund Authority	5.750		06/15/23		2,096,400
	1,400,000		Newark Housing Authority	5.250		01/01/18		1,490,568
	1,430,000		Newark Housing Authority	5.250		01/01/24		1,470,069
	2,000,000		State of New Jersey	5.250		08/01/22		2,195,140
			TOTAL NEW JERSEY					13,819,413
NEW YORK - 7.6%
	310,000		East Rochester Housing Authority	4.200		08/15/17		318,196
	195,000		Lackawanna Housing Authority	5.000		09/01/16		214,629
	1,000,000	h	Metropolitan Transportation Authority	5.000		11/15/20		1,105,150
	1,000,000		Metropolitan Transportation Authority	5.250		11/15/20		1,088,060
	2,000,000		Metropolitan Transportation Authority	5.250		11/15/23		2,121,280
	2,000,000		New York City Health & Hospital Corp	5.000		02/15/20		2,094,640
	3,455,000		New York State Dormitory Authority	5.000		02/15/19		3,765,727
	1,000,000		New York State Dormitory Authority	5.000		07/01/16		1,076,140
	1,085,000		New York State Dormitory Authority	5.000		07/01/17		1,078,034
	860,000		New York State Dormitory Authority	4.150		08/15/17		892,843
	325,000		New York State Dormitory Authority	4.630		02/15/18		336,905
	1,100,000		New York State Dormitory Authority	5.000		07/01/20		1,144,506
	1,175,000		New York State Dormitory Authority	5.000		02/15/24		1,209,815
	1,515,000		New York State Dormitory Authority	5.500		05/15/27		1,594,598
	500,000		New York State Environmental Facilities Corp	5.000		08/15/19		570,655
	130,000		New York State Thruway Authority	5.500		04/01/12		136,378
	3,100,000		New York State Urban Development Corp	5.000		03/15/18		3,491,805
			TOTAL NEW YORK					22,239,361
NORTH CAROLINA - 1.0%
	1,000,000		County of New Hanover NC	5.000		12/01/20		1,141,320
	485,000		North Carolina Eastern Municipal Power Agency	5.000		01/01/21		551,848
	1,170,000		Pitt County NC, ETM	5.250		12/01/21		1,240,761
			TOTAL NORTH CAROLINA					2,933,929

83

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL			ISSUER	RATE		DATE	VALUE
OHIO - 3.5%
	$1,445,000		Cincinnati City School District	5.250	%	06/01/23	$	1,585,743
	2,000,000		Cincinnati City School District	5.250		12/01/24		2,168,700
	1,000,000		Ohio Air Quality Development Authority	5.630		06/01/18		1,051,250
	1,000,000		Ohio State Water Development Authority	5.500		06/01/22		1,176,270
	25,000		Ohio State Water Development Authority, ETM	6.000		12/01/16		27,105
	150,000		State of Ohio	5.000		05/01/17		170,550
	4,000,000		State of Ohio, AMT	4.950		09/01/20		4,051,280
			TOTAL OHIO					10,230,898
PENNSYLVANIA - 3.9%
	1,280,000		Allegheny County Hospital Development Authority	5.300		07/01/26		1,401,562
	225,000		Allegheny County Hospital Development Authority	5.630		08/15/26		225,565
	1,460,000		Carbon County Hospital Authority	5.400		11/15/14		1,497,829
	350,000		Commonwealth of Pennsylvania	5.000		01/01/16		398,087
	1,475,000		Commonwealth of Pennsylvania	5.000		02/15/19		1,686,825
	115,000		Pennsylvania Economic Development Financing Authority, AMT	6.000		11/01/11		116,696
	280,000		Pennsylvania Economic Development Financing Authority, AMT	6.250		11/01/31		281,044
	320,000		Pennsylvania Economic Development Financing Authority, AMT	6.380		11/01/41		321,011
	705,000		Philadelphia Authority for Industrial Development	4.250		09/01/19		595,721
	1,000,000		Philadelphia Authority for Industrial Development	5.250		09/01/26		832,420
	2,000,000		Philadelphia School District	5.000		09/01/20		2,063,519
	1,425,000		Philadelphia School District, GO	5.000		06/01/24		1,431,740
	535,000		Pittsburgh Urban Redevelopment Authority	6.500		09/01/13		574,269
			TOTAL PENNSYLVANIA					11,426,288
PUERTO RICO - 6.4%
	2,310,000		Commonwealth of Puerto Rico	5.500		07/01/21		2,377,023
	2,015,000		Commonwealth of Puerto Rico	5.500		07/01/15		2,142,953
	1,000,000		Commonwealth of Puerto Rico	5.250		07/01/16		1,052,210
	1,250,000		Government Development Bank for Puerto Rico	5.000		12/01/16		1,295,350
	3,370,000		Puerto Rico Commonwealth Infrastructure Financing Authority	5.500		07/01/19		3,477,772
	1,000,000		Puerto Rico Highway & Transportation Authority	5.500		07/01/21		1,013,190
	400,000		Puerto Rico Highway & Transportation Authority	5.250		07/01/22		415,112
	1,500,000		Puerto Rico Infrastructure Financing Authority	5.500		07/01/18		1,535,220
	480,000		Puerto Rico Public Buildings Authority	5.500		07/01/13		501,645
	995,000		Puerto Rico Public Buildings Authority	5.500		07/01/13		1,053,526
	3,130,000	i	Puerto Rico Public Finance Corp	5.750		08/01/27		3,184,368
	685,000	i	Puerto Rico Public Finance Corp	5.250		08/01/31		694,152
			TOTAL PUERTO RICO					18,742,521
RHODE ISLAND - 0.9%
	400,000		Providence Housing Authority	5.000		09/01/17		415,744
	315,000		Providence Housing Authority	5.000		09/01/18		323,615
	790,000		Rhode Island State & Providence Plantations, COP	5.250		10/01/14		869,656
	800,000		Rhode Island State & Providence Plantations, COP	5.000		10/01/16		879,992
			TOTAL RHODE ISLAND					2,489,007

84

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		DATE	VALUE
SOUTH CAROLINA - 0.9%
	$315,000	County of Richland SC	4.600	%	09/01/12	$	325,269
	1,120,000	Scago Educational Facilities Corp for Colleton School District	5.000		12/01/16		1,230,790
	1,000,000	Scago Public Facilities Corp for Georgetown County	5.000		12/01/19		1,057,500
		TOTAL SOUTH CAROLINA					2,613,559
SOUTH DAKOTA - 0.2%
	500,000	State of South Dakota	6.700		09/01/17		583,095
		TOTAL SOUTH DAKOTA					583,095
TENNESSEE - 3.0%
	125,000	Clarksville Natural Gas Acquisition Corp	5.000		12/15/16		128,670
	1,000,000	County of Williamson TN	5.000		04/01/24		1,116,670
	1,000,000	Memphis-Shelby County Airport Authority, AMT	5.630		07/01/20		1,055,550
		Metropolitan Government Nashville & Davidson County Health &
	1,500,000	Educational Facs Bd	6.000		12/01/16		1,637,610
	300,000	Tennessee Energy Acquisition Corp	5.000		09/01/11		304,188
	1,000,000	Tennessee Energy Acquisition Corp	5.000		09/01/16		1,011,750
	3,675,000	Tennessee Energy Acquisition Corp	5.000		02/01/18		3,641,264
		TOTAL TENNESSEE					8,895,702
TEXAS - 6.8%
	970,000	Bexar Metropolitan Water District	5.000		05/01/17		1,040,723
	725,000	County of Harris TX	5.000		08/15/16		820,446
	1,640,000	County of Harris TX	5.250		08/15/25		1,883,573
	160,000	Harris County Flood Control District	5.000		10/01/14		179,779
	1,515,000	Lower Colorado River Authority	6.000		01/01/17		1,814,697
	160,000	North Central Texas Health Facility Development Corp	5.500		06/01/21		186,442
	2,475,000	North East Independent School District	5.250		02/01/26		2,785,711
	1,000,000	SA Energy Acquisition Public Facility Corp	5.250		08/01/16		1,041,800
	500,000	SA Energy Acquisition Public Facility Corp	5.250		08/01/18		510,005
	2,000,000	SA Energy Acquisition Public Facility Corp	5.500		08/01/19		2,039,960
	360,000	Tarrant County Health Facilities Development Corp	6.000		09/01/24		431,374
	1,035,000	Texas A&M University	5.000		07/01/25		1,151,231
	2,500,000	Texas Municipal Gas Acquisition & Supply Corp I	6.250		12/15/26		2,542,325
	3,000,000	University of Texas	5.250		07/01/26		3,413,549
		TOTAL TEXAS					19,841,615
VIRGINIA - 1.4%
	320,000	Tobacco Settlement Financing Corp	5.500		06/01/26		354,205
	1,000,000	Virginia College Building Authority	5.000		02/01/23		1,108,340
	2,500,000	Virginia College Building Authority	5.000		02/01/24		2,751,375
		TOTAL VIRGINIA					4,213,920

85

TIAA-CREF FUNDS – Tax-Exempt Bond Fund

PRINCIPAL		ISSUER	RATE		DATE	VALUE
WASHINGTON - 1.5%
	$75,000	Cowlitz County Public Utility District No 1	5.000	%	09/01/11	$	76,452
	125,000	Cowlitz County Public Utility District No 1	5.000		09/01/11		127,043
	3,150,000	Port of Seattle WA	5.500		09/01/17		3,525,858
	600,000	Washington Economic Development Finance Authority	5.000		06/01/16		677,382
		TOTAL WASHINGTON					4,406,735
WISCONSIN - 0.4%
	35,000	State of Wisconsin	6.880		06/01/11		35,350
	1,040,000	State of Wisconsin	5.000		05/01/19		1,143,480
		TOTAL WISCONSIN					1,178,830
		TOTAL LONG-TERM MUNICIPAL BONDS					286,648,079
		(Cost $289,407,819)
		TOTAL INVESTMENTS - 98.2%					286,648,079
		(Cost $289,407,819)
		OTHER ASSETS & LIABILITIES, NET - 1.8%					5,335,334
		NET ASSETS - 100.0%				$	291,983,413

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

86

TIAA-CREF FUNDS – Inflation-Linked Bond Fund

TIAA-CREF FUNDS
INFLATION-LINKED BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2011

PRINCIPAL			ISSUER	VALUE
GOVERNMENT BONDS - 98.8%
U.S. TREASURY SECURITIES - 98.8%
		k	United States Treasury Inflation Indexed Bonds
	$26,991,863		2.000%, 04/15/12	$	28,221,261
	46,211,413		3.000%, 07/15/12		49,496,767
	29,533,329		0.630%, 04/15/13		30,908,460
	44,316,230		1.880%, 07/15/13		47,934,251
	45,384,752		2.000%, 01/15/14		49,455,220
	29,652,255		1.250%, 04/15/14		31,687,378
	39,003,861		2.000%, 07/15/14		42,800,653
	29,788,171		1.630%, 01/15/15		32,289,901
	27,026,664		0.500%, 04/15/15		28,052,839
	35,885,034		1.880%, 07/15/15		39,479,135
	36,504,478		2.000%, 01/15/16		40,303,207
	34,448,344		2.500%, 07/15/16		39,098,871
	29,388,831		2.380%, 01/15/17		33,119,832
	28,190,784		2.630%, 07/15/17		32,377,566
	27,011,728		1.630%, 01/15/18		29,206,431
	25,935,940		1.380%, 07/15/18		27,615,707
	26,408,428		2.130%, 01/15/19		29,468,082
	28,668,472		1.880%, 07/15/19		31,447,966
	33,805,236		1.380%, 01/15/20		35,445,331
	64,385,381		1.250%, 07/15/20		66,492,971
	22,607,562		1.130%, 01/15/21		22,937,836
	51,082,325		2.380%, 01/15/25		57,343,894
	32,643,801		2.000%, 01/15/26		34,842,165
	28,089,190		2.380%, 01/15/27		31,277,763
	27,221,936		1.750%, 01/15/28		27,745,114
	28,466,456		3.630%, 04/15/28		36,712,846
	25,434,136		2.500%, 01/15/29		28,810,111
	38,608,493		3.880%, 04/15/29		51,662,990
	10,445,010		3.380%, 04/15/32		13,449,580
	28,270,035		2.130%, 02/15/40		29,893,357
	16,087,520		2.130%, 02/15/41		16,998,733
			TOTAL U.S. TREASURY SECURITIES		1,096,576,218
			TOTAL GOVERNMENT BONDS		1,096,576,218
			(Cost $1,032,399,923)
			TOTAL INVESTMENTS - 98.8%		1,096,576,218
			(Cost $1,032,399,923)
			OTHER ASSETS AND LIABILITIES, NET - 1.2%		13,310,026
			NET ASSETS - 100.0%	$	1,109,886,244

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

87

TIAA-CREF FUNDS – Bond Index Fund

TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS
March 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 99.3%
CORPORATE BONDS - 22.5%
AUTOMOBILES & COMPONENTS - 0.1%
	$50,000		BorgWarner, Inc	4.630	%	09/15/20	$	49,980
	185,000		Harsco Corp	5.130		09/15/13		199,438
	400,000		Honeywell International, Inc	5.400		03/15/16		449,867
	182,000		Honeywell International, Inc	5.700		03/15/37		194,064
			TOTAL AUTOMOBILES & COMPONENTS					893,349
BANKS - 3.5%
	250,000		American Express Bank FSB	5.500		04/16/13		268,135
	1,750,000		Asian Development Bank	2.500		03/15/16		1,758,018
	75,000		Asian Development Bank	5.820		06/16/28		82,784
	100,000	g	BanColombia S.A.	4.250		01/12/16		98,750
	130,000		Bank of America Corp	2.100		04/30/12		132,382
	150,000		Bank of America Corp	3.130		06/15/12		154,668
	1,705,000		Bank of America Corp	2.380		06/22/12		1,744,325
	360,000		Bank of America Corp	7.380		05/15/14		406,557
	470,000		Bank of America Corp	4.500		04/01/15		488,052
	2,045,000		Bank of America Corp	3.700		09/01/15		2,048,277
	100,000		Bank of America Corp	3.630		03/17/16		98,592
	200,000		Bank of America Corp	6.500		08/01/16		221,325
	585,000		Bank of America Corp	5.300		03/15/17		600,600
	575,000		Bank of America Corp	6.000		09/01/17		616,284
	590,000		Bank of America Corp	5.750		12/01/17		621,630
	120,000		Bank of America Corp	5.650		05/01/18		125,410
	500,000		Bank of America Corp	5.490		03/15/19		503,156
	450,000		Bank of America Corp	5.880		01/05/21		469,880
	100,000		Bank of New York Mellon Corp	1.500		01/31/14		99,689
	1,120,000		Bank One Corp	5.250		01/30/13		1,187,538
	190,000	i	BB&T Capital Trust IV	6.820		06/12/57		189,050
	100,000		BB&T Corp	3.200		03/15/16		99,316
	70,000		BB&T Corp	4.900		06/30/17		74,125
	430,000		BB&T Corp	3.850		07/27/27		445,185
	160,000		BHP Billiton Finance Ltd	5.400		03/29/17		178,305
	400,000		BHP Billiton Finance USA Ltd	5.500		04/01/14		443,597
	150,000		BHP Billiton Finance USA Ltd	6.500		04/01/19		177,112
	370,000		Capital One Capital V	8.880		05/15/40		389,888
	420,000		Citigroup, Inc	5.300		10/17/12		443,195
	200,000		Citigroup, Inc	5.850		07/02/13		215,589
	500,000		Citigroup, Inc	6.000		12/13/13		543,663
	1,110,000		Citigroup, Inc	5.500		10/15/14		1,197,246
	650,000		Citigroup, Inc	6.000		08/15/17		706,161
	315,000		Citigroup, Inc	6.130		11/21/17		343,242
	470,000		Citigroup, Inc	6.130		05/15/18		512,634

88

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$2,210,000		Citigroup, Inc	5.380	%	08/09/20	$	2,275,090
	245,000		Citigroup, Inc	6.880		03/05/38		269,241
	250,000		Comerica Bank	5.750		11/21/16		275,199
	50,000		Comerica Bank	5.200		08/22/17		53,004
	400,000		Deutsche Bank AG	4.880		05/20/13		425,290
	700,000		Deutsche Bank AG	3.880		08/18/14		729,880
	200,000		Deutsche Bank AG	3.450		03/30/15		204,483
	200,000		Deutsche Bank AG	3.250		01/11/16		200,776
	65,000		Discover Bank	7.000		04/15/20		71,513
	150,000		Fifth Third Bancorp	3.630		01/25/16		149,868
	40,000		Fifth Third Bancorp	8.250		03/01/38		47,735
	250,000		Fifth Third Bank	4.750		02/01/15		262,324
	100,000		First Horizon National Corp	5.380		12/15/15		104,477
	870,000		Golden West Financial Corp	4.750		10/01/12		913,943
	200,000		HSBC Bank USA NA	4.630		04/01/14		212,638
	750,000		HSBC Bank USA NA	4.880		08/24/20		734,210
	266,000		HSBC Bank USA NA	5.880		11/01/34		260,313
	33,000		HSBC Bank USA NA	7.000		01/15/39		36,995
	425,000		HSBC Holdings plc	6.500		09/15/37		433,392
	200,000	g	ICICI Bank Ltd	6.630		10/03/12		212,073
	150,000		Inter-American Development Bank	1.630		07/15/13		151,863
	1,000,000		Inter-American Development Bank	3.000		04/22/14		1,044,536
	105,000		Inter-American Development Bank	3.880		09/17/19		108,789
	340,000		JP Morgan Chase Capital XXV	6.800		10/01/37		341,746
	755,000		JPMorgan Chase & Co	3.130		12/01/11		769,296
	200,000		JPMorgan Chase & Co	2.130		06/22/12		203,960
	225,000		JPMorgan Chase & Co	2.050		01/24/14		224,503
	434,000		JPMorgan Chase & Co	5.130		09/15/14		465,821
	125,000		JPMorgan Chase & Co	3.700		01/20/15		128,589
	610,000		JPMorgan Chase & Co	3.400		06/24/15		613,744
	700,000		JPMorgan Chase & Co	5.150		10/01/15		749,844
	250,000		JPMorgan Chase & Co	3.450		03/01/16		249,107
	185,000		JPMorgan Chase & Co	6.000		01/15/18		202,850
	180,000		JPMorgan Chase & Co	4.950		03/25/20		182,997
	350,000		JPMorgan Chase & Co	4.400		07/22/20		338,224
	1,820,000		JPMorgan Chase & Co	4.250		10/15/20		1,739,395
	308,000		JPMorgan Chase & Co	5.500		10/15/40		300,963
	1,365,000		KeyBank NA	3.200		06/15/12		1,409,691
	50,000		KeyBank NA	5.800		07/01/14		54,606
	300,000		KeyCorp	3.750		08/13/15		303,135
	150,000		KeyCorp	5.100		03/24/21		149,074
	30,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		29,023
	30,000		Mellon Funding Corp	6.400		05/14/11		30,193
	100,000		National City Bank	6.200		12/15/11		103,770
	100,000		Noble Holding International Ltd	3.450		08/01/15		102,090
	205,000		Noble Holding International Ltd	4.900		08/01/20		207,991
	100,000		Nordic Investment Bank	3.630		06/17/13		105,618
	500,000		Nordic Investment Bank	2.250		03/15/16		498,116
	400,000		Northern Trust Corp	4.630		05/01/14		431,953
	50,000		PNC Funding Corp	2.300		06/22/12		51,083
	380,000		PNC Funding Corp	5.400		06/10/14		415,861
	645,000		PNC Funding Corp	5.130		02/08/20		678,909

89

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$50,000	PNC Funding Corp	4.380	%	08/11/20	$	49,775
	200,000	Royal Bank of Scotland Group plc	5.050		01/08/15		200,045
	250,000	Royal Bank of Scotland Group plc	6.400		10/21/19		257,374
	170,000	Sovereign Bancorp, Inc	2.750		01/17/12		173,337
	425,000	Sovereign Bancorp, Inc	2.500		06/15/12		434,194
	100,000	Sovereign Bank	8.750		05/30/18		112,975
	200,000	State Street Corp	4.380		03/07/21		198,801
	100,000	SunTrust Bank	7.250		03/15/18		113,663
	100,000	SunTrust Banks, Inc	3.600		04/15/16		99,404
	100,000	SunTrust Banks, Inc	6.000		09/11/17		110,088
	50,000	SVB Financial Group	5.380		09/15/20		49,182
	400,000	UFJ Finance Aruba AEC	6.750		07/15/13		440,530
	315,000	Union Bank of California NA	5.950		05/11/16		333,776
	60,000	UnionBanCal Corp	5.250		12/16/13		64,215
	200,000	US Bancorp	1.800		05/15/12		202,972
	150,000	US Bancorp	2.130		02/15/13		152,363
	400,000	US Bancorp	2.000		06/14/13		406,004
	170,000	US Bank NA	6.300		02/04/14		189,217
	95,000	US Central Federal Credit Union	1.900		10/19/12		96,801
	140,000	USB Capital XIII Trust	6.630		12/15/39		146,562
	329,000	Wachovia Bank NA	4.800		11/01/14		350,336
	700,000	Wachovia Bank NA	5.600		03/15/16		759,647
	510,000	Wachovia Bank NA	5.850		02/01/37		520,448
	50,000	Wells Fargo & Co	3.000		12/09/11		50,935
	615,000	Wells Fargo & Co	2.130		06/15/12		626,750
	1,670,000	Wells Fargo & Co	4.750		02/09/15		1,777,056
	350,000	Wells Fargo & Co	3.680		06/15/16		352,069
	300,000	Wells Fargo & Co	5.130		09/15/16		319,840
	250,000	Wells Fargo & Co	4.600		04/01/21		247,226
	264,000	Wells Fargo & Co	5.380		02/07/35		266,387
	605,000	Western Corporate Federal Credit Union	1.750		11/02/12		614,832
	20,000	Western Union Co	5.930		10/01/16		22,210
	200,000	Western Union Co	5.250		04/01/20		207,883
	100,000	Westpac Banking Corp	2.250		11/19/12		101,722
	855,000	Westpac Banking Corp	3.000		08/04/15		852,878
	75,000	Westpac Banking Corp	4.880		11/19/19		77,291
	185,000	Zions Bancorporation	7.750		09/23/14		200,913
		TOTAL BANKS					49,123,845
CAPITAL GOODS - 0.5%
	50,000	Agilent Technologies, Inc	6.500		11/01/17		55,780
	100,000	Arrow Electronics, Inc	6.880		07/01/13		109,140
	25,000	Avnet, Inc	6.630		09/15/16		27,362
	115,000	Black & Decker Corp	8.950		04/15/14		135,969
	136,000	Caterpillar Financial Services Corp	6.130		02/17/14		153,188
	500,000	Caterpillar Financial Services Corp	5.850		09/01/17		570,105
	200,000	Caterpillar Financial Services Corp	5.450		04/15/18		222,360
	361,000	Caterpillar Financial Services Corp	7.150		02/15/19		441,873
	50,000	Caterpillar, Inc	5.700		08/15/16		56,937
	10,000	Caterpillar, Inc	7.300		05/01/31		12,758
	75,000	CRH America, Inc	5.300		10/15/13		79,749
	150,000	CRH America, Inc	4.130		01/15/16		150,146

90

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		CRH America, Inc	6.000	%	09/30/16	$	107,793
	200,000		Danaher Corp	5.630		01/15/18		221,231
	18,000		Deere & Co	5.380		10/16/29		19,010
	100,000		DIRECTV Holdings LLC	3.500		03/01/16		100,217
	100,000		DIRECTV Holdings LLC	5.000		03/01/21		100,352
	100,000		DIRECTV Holdings LLC	6.380		03/01/41		100,607
	150,000		Dover Corp	5.450		03/15/18		165,967
	200,000		Eaton Corp	5.600		05/15/18		221,771
	300,000		Emerson Electric Co	5.250		10/15/18		330,354
	100,000		Emerson Electric Co	4.880		10/15/19		106,566
	200,000		General Dynamics Corp	5.250		02/01/14		221,108
	11,000		General Dynamics Corp	5.380		08/15/15		12,270
	265,000		Goodrich Corp	6.130		03/01/19		296,988
	25,000		Goodrich Corp	4.880		03/01/20		25,997
	100,000		Illinois Tool Works, Inc	6.250		04/01/19		115,626
	100,000		Ingersoll-Rand Global Holding Co Ltd	6.000		08/15/13		110,127
	70,000		Ingersoll-Rand Global Holding Co Ltd	6.880		08/15/18		81,270
	300,000		ITT Corp	4.900		05/01/14		320,903
	200,000		John Deere Capital Corp	2.880		06/19/12		205,795
	76,000		John Deere Capital Corp	4.950		12/17/12		81,075
	695,000		John Deere Capital Corp	2.950		03/09/15		712,810
	150,000		John Deere Capital Corp	5.500		04/13/17		167,260
	100,000		KLA-Tencor Corp	6.900		05/01/18		110,287
	100,000		Legrand France S.A.	8.500		02/15/25		118,545
	100,000		Lockheed Martin Corp	7.650		05/01/16		121,285
	239,000		Lockheed Martin Corp	5.500		11/15/39		236,942
	99,000	g	Myriad International Holding BV	6.380		07/28/17		104,564
	50,000		Parker Hannifin Corp	3.500		09/15/22		46,417
	50,000		Raytheon Co	4.400		02/15/20		50,687
	300,000		Raytheon Co	3.130		10/15/20		274,888
	100,000		Rockwell Automation, Inc	6.250		12/01/37		108,642
	100,000		Roper Industries, Inc	6.250		09/01/19		110,291
	170,000		Tyco International Finance S.A.	4.130		10/15/14		180,507
	200,000		Tyco International Finance S.A.	3.380		10/15/15		205,450
	100,000		Tyco International Finance S.A.	3.750		01/15/18		100,109
	100,000		United Technologies Corp	6.100		05/15/12		106,179
	200,000		United Technologies Corp	5.380		12/15/17		224,917
	190,000		United Technologies Corp	4.500		04/15/20		197,728
	180,000		United Technologies Corp	5.400		05/01/35		185,909
	80,000		United Technologies Corp	6.050		06/01/36		88,973
	145,000		United Technologies Corp	5.700		04/15/40		155,333
			TOTAL CAPITAL GOODS					8,568,117
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	100,000		Celgene Corp	3.950		10/15/20		94,365
	30,000		Corp Andina de Fomento	5.130		05/05/15		31,407
	500,000		Corp Andina de Fomento	3.750		01/15/16		494,783
	200,000		Council Of Europe Development Bank	2.630		02/16/16		201,217
	150,000		Daimler Finance North America LLC	6.500		11/15/13		167,516
	150,000	g	Daimler Finance North America LLC	3.000		03/28/16		148,901
	100,000		Daimler Finance North America LLC	8.500		01/18/31		134,409
	200,000		eBay, Inc	3.250		10/15/20		182,965

91

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$500,000		European Investment Bank	1.630	%	09/01/15	$	488,174
	3,000,000		European Investment Bank	1.380		10/20/15		2,884,618
	3,000,000		European Investment Bank	2.250		03/15/16		2,969,299
	25,000		Howard Hughes Medical Institute	3.450		09/01/14		26,429
	150,000		International Bank for Reconstruction & Development	2.000		04/02/12		152,394
	45,000		International Bank for Reconstruction & Development	3.630		05/21/13		47,429
	1,000,000		International Bank for Reconstruction & Development	1.130		08/25/14		983,771
	200,000		International Bank for Reconstruction & Development	2.380		05/26/15		203,770
	1,300,000		International Bank for Reconstruction & Development	2.130		03/15/16		1,292,366
	34,000		International Bank for Reconstruction & Development	4.750		02/15/35		34,393
	110,000		Johnson Controls, Inc	5.500		01/15/16		121,737
	160,000		Johnson Controls, Inc	4.250		03/01/21		158,075
	20,000		Johnson Controls, Inc	6.000		01/15/36		21,174
	100,000		McGraw-Hill Cos, Inc	5.900		11/15/17		109,291
	355,000		News America, Inc	7.250		05/18/18		423,374
	200,000	g	News America, Inc	4.500		02/15/21		195,946
	500,000		News America, Inc	6.200		12/15/34		502,861
	200,000	g	News America, Inc	6.150		02/15/41		198,329
	44,000		Quest Diagnostics, Inc	5.450		11/01/15		48,042
	100,000		Quest Diagnostics, Inc	4.700		04/01/21		98,977
	100,000		Reed Elsevier Capital, Inc	8.630		01/15/19		126,723
	63,000		Republic Services, Inc	5.500		09/15/19		67,594
	265,000		Republic Services, Inc	5.000		03/01/20		274,348
	180,000		Republic Services, Inc	5.250		11/15/21		188,433
	30,000		Republic Services, Inc	6.200		03/01/40		31,679
	350,000		RR Donnelley & Sons Co	8.600		08/15/16		399,975
	150,000	g	SAIC, Inc	4.450		12/01/20		150,932
	625,000		Svensk Exportkredit AB	5.130		03/01/17		691,346
	300,000		Thomson Corp	5.700		10/01/14		334,959
	45,000		Thomson Reuters Corp	6.500		07/15/18		52,089
	45,000		Thomson Reuters Corp	5.850		04/15/40		46,815
	25,000		Vanderbilt University	5.250		04/01/19		27,460
	110,000		Waste Management, Inc	4.600		03/01/21		109,908
	255,000		Waste Management, Inc	6.130		11/30/39		264,666
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					15,182,939
CONSUMER DURABLES & APPAREL - 0.0%
	100,000		Hasbro, Inc	6.350		03/15/40		100,259
	100,000		Mattel Inc	4.350		10/01/20		97,644
	10,000		MDC Holdings, Inc	5.500		05/15/13		10,362
	100,000		Newell Rubbermaid, Inc	5.500		04/15/13		107,297
	10,000		Toll Brothers Finance Corp	5.150		05/15/15		10,207
	20,000		VF Corp	6.450		11/01/37		23,131
	215,000		Whirlpool Corp	8.000		05/01/12		229,124
	50,000		Xerox Corp	6.350		05/15/18		56,534
			TOTAL CONSUMER DURABLES & APPAREL					634,558
CONSUMER SERVICES - 0.2%
	100,000		Darden Restaurants, Inc	6.200		10/15/17		110,548
	75,000		Dartmouth College	4.750		06/01/19		79,899
	150,000		Duke University	5.150		04/01/19		164,816
	150,000		Johns Hopkins University	5.250		07/01/19		165,143

92

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$160,000		Marriott International, Inc	5.630	%	02/15/13	$	171,171
	25,000		McDonald’s Corp	5.300		03/15/17		27,874
	820,000		McDonald’s Corp	3.500		07/15/20		800,883
	30,000		McDonald’s Corp	6.300		03/01/38		34,558
	100,000		Princeton University	4.950		03/01/19		108,426
	20,000		Princeton University	5.700		03/01/39		21,649
	510,000		Walt Disney Co	4.500		12/15/13		552,672
	70,000		Walt Disney Co	5.630		09/15/16		79,768
	200,000		Yale University	2.900		10/15/14		206,599
	30,000		Yum! Brands, Inc	6.250		03/15/18		33,675
	50,000		Yum! Brands, Inc	3.880		11/01/20		47,216
			TOTAL CONSUMER SERVICES					2,604,897
DIVERSIFIED FINANCIALS - 4.7%
	150,000		ABN Amro Bank NV	4.650		06/04/18		143,262
	20,000		Ahold Finance USA LLC	6.880		05/01/29		21,913
	400,000		American Express Centurion Bank	5.550		10/17/12		423,893
	200,000		American Express Co	6.150		08/28/17		223,810
	190,000		American Express Co	7.000		03/19/18		222,058
	255,000		American Express Co	8.130		05/20/19		318,157
	44,000		American Express Co	8.150		03/19/38		58,833
	850,000		American Express Credit Corp	2.750		09/15/15		834,642
	295,000		Ameriprise Financial, Inc	5.300		03/15/20		312,695
	100,000		Bank of Montreal	2.130		06/28/13		101,752
	530,000		Bank of New York Mellon Corp	4.300		05/15/14		568,332
	295,000		Bank of New York Mellon Corp	5.450		05/15/19		323,593
	40,000		Bank of Nova Scotia	2.250		01/22/13		40,841
	220,000		Bank of Nova Scotia	2.380		12/17/13		224,456
	300,000		Bank of Nova Scotia	3.400		01/22/15		310,366
	100,000		Bank of Nova Scotia	2.050		10/07/15		97,547
	250,000		Bank of Nova Scotia	2.900		03/29/16		248,724
	510,000		Barclays Bank plc	5.200		07/10/14		551,201
	1,000,000		Barclays Bank plc	5.000		09/22/16		1,060,180
	60,000	g	Barclays Bank plc	6.050		12/04/17		62,512
	80,000		Bear Stearns Cos LLC	5.300		10/30/15		86,220
	116,000		Bear Stearns Cos LLC	5.550		01/22/17		123,219
	500,000		Berkshire Hathaway, Inc	2.130		02/11/13		510,628
	50,000		Berkshire Hathaway, Inc	3.200		02/11/15		51,468
	275,000		BlackRock, Inc	3.500		12/10/14		287,534
	20,000		BlackRock, Inc	6.250		09/15/17		22,948
	90,000		BlackRock, Inc	5.000		12/10/19		94,415
	100,000		Block Financial LLC	5.130		10/30/14		103,142
	380,000		BNP Paribas	3.250		03/11/15		383,733
	200,000		BNP Paribas	3.600		02/23/16		200,339
	100,000		BNP Paribas	5.000		01/15/21		100,935
	100,000		Canadian Imperial Bank of Commerce	1.450		09/13/13		99,630
	125,000		Canadian Imperial Bank of Commerce	2.350		12/11/15		121,254
	250,000		Capital One Bank USA NA	6.500		06/13/13		271,965
	60,000		Capital One Bank USA NA	8.800		07/15/19		75,442
	200,000		Capital One Financial Corp	7.380		05/23/14		229,559
	50,000		Charles Schwab Corp	4.950		06/01/14		54,330
	3,065,000		Citigroup Funding, Inc	2.000		03/30/12		3,108,353

93

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$850,000		Citigroup Funding, Inc	2.250	%	12/10/12	$	871,441
	20,000		CME Group, Inc	5.750		02/15/14		22,133
	770,000		Credit Suisse	5.000		05/15/13		822,048
	930,000		Credit Suisse	5.500		05/01/14		1,019,379
	710,000		Credit Suisse	5.300		08/13/19		746,332
	110,000		Credit Suisse	4.380		08/05/20		107,444
	300,000		Credit Suisse AG	5.400		01/14/20		302,993
	155,000		Digital Realty Trust LP	4.500		07/15/15		159,201
	90,000		Eaton Vance Corp	6.500		10/02/17		101,941
	50,000		European Bank for Reconstruction & Development	3.630		06/17/13		53,128
	50,000		European Bank for Reconstruction & Development	1.630		09/03/15		48,739
	500,000		European Bank for Reconstruction & Development	2.500		03/15/16		497,011
	125,000		Franklin Resources, Inc	3.130		05/20/15		127,945
	120,000		General Electric Capital Corp	3.000		12/09/11		122,237
	945,000		General Electric Capital Corp	2.200		06/08/12		964,476
	1,025,000		General Electric Capital Corp	2.130		12/21/12		1,049,214
	1,435,000		General Electric Capital Corp	1.880		09/16/13		1,434,507
	2,085,000		General Electric Capital Corp	5.500		06/04/14		2,280,149
	105,000		General Electric Capital Corp	3.500		06/29/15		107,325
	400,000		General Electric Capital Corp	2.250		11/09/15		384,267
	125,000		General Electric Capital Corp	5.630		09/15/17		135,641
	630,000		General Electric Capital Corp	5.500		01/08/20		666,551
	805,000		General Electric Capital Corp	4.380		09/16/20		782,299
	250,000		General Electric Capital Corp	4.630		01/07/21		246,206
	300,000		General Electric Capital Corp	5.300		02/11/21		304,701
	425,000		General Electric Capital Corp	6.750		03/15/32		467,007
	200,000		General Electric Capital Corp	5.880		01/14/38		197,455
	527,000		General Electric Capital Corp	6.880		01/10/39		588,128
	2,460,000		GMAC, Inc	2.200		12/19/12		2,520,112
	340,000	i	Goldman Sachs Capital II	5.790		12/30/49		293,250
	615,000		Goldman Sachs Group, Inc	3.250		06/15/12		635,352
	225,000		Goldman Sachs Group, Inc	3.630		08/01/12		232,034
	510,000		Goldman Sachs Group, Inc	5.700		09/01/12		540,472
	130,000		Goldman Sachs Group, Inc	3.700		08/01/15		130,959
	875,000		Goldman Sachs Group, Inc	3.630		02/07/16		866,732
	50,000		Goldman Sachs Group, Inc	5.950		01/18/18		53,690
	60,000		Goldman Sachs Group, Inc	6.150		04/01/18		65,051
	1,195,000		Goldman Sachs Group, Inc	7.500		02/15/19		1,388,093
	2,055,000		Goldman Sachs Group, Inc	5.380		03/15/20		2,086,513
	400,000		Goldman Sachs Group, Inc	6.000		06/15/20		422,850
	65,000		Goldman Sachs Group, Inc	6.450		05/01/36		63,568
	300,000		Goldman Sachs Group, Inc	6.250		02/01/41		298,757
	55,000		HSBC Finance Corp	7.000		05/15/12		58,497
	675,000		HSBC Finance Corp	6.380		11/27/12		726,406
	80,000		HSBC Finance Corp	4.750		07/15/13		85,327
	432,000	g	HSBC Finance Corp	6.680		01/15/21		448,410
	30,000		International Finance Corp	3.000		04/22/14		31,338
	380,000		Jefferies Group, Inc	3.880		11/09/15		379,180
	25,000		Jefferies Group, Inc	8.500		07/15/19		29,492
	635,000		Kreditanstalt fuer Wiederaufbau	3.500		05/16/13		667,640
	1,000,000		Kreditanstalt fuer Wiederaufbau	1.380		01/13/14		1,000,374
	3,000,000		Kreditanstalt fuer Wiederaufbau	1.250		10/26/15		2,866,800

94

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		Kreditanstalt fuer Wiederaufbau	4.880	%	01/17/17	$	110,773
	1,105,000		Kreditanstalt fuer Wiederaufbau	4.500		07/16/18		1,194,533
	1,175,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		1,213,399
	125,000		Landwirtschaftliche Rentenbank	4.130		07/15/13		133,350
	1,025,000		Landwirtschaftliche Rentenbank	5.130		02/01/17		1,148,604
	53,000		Lazard Group LLC	7.130		05/15/15		58,225
	85,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		9
	200,000		Lloyds TSB Bank plc	4.880		01/21/16		206,225
	250,000		Lloyds TSB Bank plc	6.380		01/21/21		260,524
	200,000		Merril Lynch & Co, Inc	6.220		09/15/26		198,855
	500,000		Merrill Lynch & Co, Inc	6.050		05/16/16		528,445
	360,000		Merrill Lynch & Co, Inc	6.400		08/28/17		392,428
	1,050,000		Merrill Lynch & Co, Inc	6.880		04/25/18		1,166,227
	100,000		Morgan Stanley	3.250		12/01/11		101,995
	300,000		Morgan Stanley	6.600		04/01/12		317,202
	400,000		Morgan Stanley	1.950		06/20/12		407,318
	150,000		Morgan Stanley	4.750		04/01/14		156,302
	1,100,000		Morgan Stanley	6.000		05/13/14		1,196,635
	520,000		Morgan Stanley	6.000		04/28/15		566,335
	970,000		Morgan Stanley	5.450		01/09/17		1,022,576
	150,000		Morgan Stanley	5.550		04/27/17		157,777
	245,000		Morgan Stanley	5.950		12/28/17		263,164
	796,000		Morgan Stanley	7.300		05/13/19		895,308
	100,000		Morgan Stanley	5.630		09/23/19		102,134
	590,000		Morgan Stanley	5.500		01/26/20		592,567
	200,000		Morgan Stanley	5.750		01/25/21		201,859
	320,000		NASDAQ OMX Group, Inc	4.000		01/15/15		317,758
	220,000		NASDAQ OMX Group, Inc	5.550		01/15/20		215,438
	445,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		485,531
	150,000		National Rural Utilities Cooperative Finance Corp	3.880		09/16/15		156,627
	285,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		389,132
	260,000		Nomura Holdings, Inc	4.130		01/19/16		257,249
	30,000		Nomura Holdings, Inc	6.700		03/04/20		31,956
	40,000		NYSE Euronext	4.800		06/28/13		42,670
	150,000		Oesterreichische Kontrollbank AG.	3.630		06/17/13		158,057
	1,000,000		Oesterreichische Kontrollbank AG.	1.380		01/21/14		997,920
	100,000		ORIX Corp	5.000		01/12/16		102,200
	165,000		PACCAR Financial Corp	2.050		06/17/13		166,791
	300,000		Principal Life Income Funding Trusts	5.300		04/24/13		322,788
	240,000		Rabobank Nederland NV	2.130		10/13/15		231,570
	100,000		Rabobank Nederland NV	4.500		01/11/21		100,692
	200,000		Royal Bank of Canada	2.100		07/29/13		204,030
	100,000		Royal Bank of Canada	1.130		01/15/14		98,523
	35,000		Royal Bank of Canada	2.630		12/15/15		34,883
	150,000		Royal Bank of Scotland plc	3.400		08/23/13		153,434
	50,000		Royal Bank of Scotland plc	4.880		03/16/15		51,969
	500,000		Royal Bank of Scotland plc	3.950		09/21/15		500,379
	100,000		Royal Bank of Scotland plc	4.380		03/16/16		100,635
	100,000		Royal Bank of Scotland plc	5.630		08/24/20		99,784
	200,000		Santander UK plc	7.950		10/26/29		211,658
	80,000		SLM Corp	5.380		01/15/13		83,212
	25,000		SLM Corp	5.050		11/14/14		25,236

95

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$150,000	SLM Corp	6.250	%	01/25/16	$	156,375
	680,000	SLM Corp	8.450		06/15/18		761,600
	790,000	State Street Corp	2.150		04/30/12		803,960
	150,000	State Street Corp	4.300		05/30/14		160,681
	150,000	TD Ameritrade Holding Corp	4.150		12/01/14		156,152
	92,000	Telefonica Europe BV	8.250		09/15/30		111,148
	100,000	Textron, Inc	5.600		12/01/17		104,490
	50,000	Toyota Motor Credit Corp	1.380		08/12/13		49,813
	250,000	Toyota Motor Credit Corp	3.200		06/17/15		254,152
	200,000	Toyota Motor Credit Corp	2.800		01/11/16		199,186
	200,000	UBS AG.	2.250		01/28/14		200,376
	80,000	UBS AG.	5.750		04/25/18		86,184
	1,125,000	UBS AG.	4.880		08/04/20		1,134,325
	250,000	Unilever Capital Corp	4.800		02/15/19		267,648
	250,000	Unilever Capital Corp	4.250		02/10/21		253,529
	30,000	Unilever Capital Corp	5.900		11/15/32		33,254
		TOTAL DIVERSIFIED FINANCIALS					65,440,440
ENERGY - 1.8%
	650,000	Anadarko Petroleum Corp	5.950		09/15/16		706,799
	100,000	Anadarko Petroleum Corp	6.380		09/15/17		110,070
	165,000	Anadarko Petroleum Corp	8.700		03/15/19		202,103
	325,000	Anadarko Petroleum Corp	6.200		03/15/40		313,981
	133,000	Apache Corp	6.000		01/15/37		140,574
	480,000	Apache Corp	5.100		09/01/40		446,216
	215,000	Baker Hughes, Inc	5.130		09/15/40		203,900
	50,000	BJ Services Co	5.750		06/01/11		50,419
	395,000	BP Capital Markets plc	3.880		03/10/15		410,156
	590,000	BP Capital Markets plc	3.130		10/01/15		593,298
	150,000	BP Capital Markets plc	3.200		03/11/16		149,338
	150,000	BP Capital Markets plc	4.740		03/11/21		150,280
	100,000	Buckeye Partners LP	4.880		02/01/21		99,335
	375,000	Burlington Resources Finance Co	7.200		08/15/31		453,515
	200,000	Canadian Natural Resources Ltd	5.700		05/15/17		223,766
	75,000	Canadian Natural Resources Ltd	5.900		02/01/18		84,700
	250,000	Canadian Natural Resources Ltd	6.250		03/15/38		269,240
	45,000	Cenovus Energy, Inc	4.500		09/15/14		48,320
	150,000	Cenovus Energy, Inc	5.700		10/15/19		166,508
	100,000	Cenovus Energy, Inc	6.750		11/15/39		111,699
	500,000	Chevron Corp	3.950		03/03/14		534,696
	1,005,000	ConocoPhillips	4.600		01/15/15		1,095,282
	385,000	ConocoPhillips	6.500		02/01/39		438,288
	300,000	Devon Energy Corp	7.950		04/15/32		389,137
	100,000	Diamond Offshore Drilling, Inc	5.880		05/01/19		109,785
	150,000	Ecopetrol S.A.	7.630		07/23/19		172,875
	295,000	Enbridge Energy Partners LP	5.200		03/15/20		306,667
	20,000	EnCana Corp	6.500		05/15/19		23,352
	315,000	EnCana Corp	6.630		08/15/37		340,085
	200,000	EnCana Holdings Finance Corp	5.800		05/01/14		221,769
	100,000	Ensco plc	4.700		03/15/21		99,261
	110,000	Enterprise Products Operating LLC	4.600		08/01/12		114,470
	40,000	Enterprise Products Operating LLC	5.600		10/15/14		44,191

96

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$145,000		Enterprise Products Operating LLC	5.000	%	03/01/15	$	155,249
	235,000		Enterprise Products Operating LLC	6.300		09/15/17		264,951
	130,000		Enterprise Products Operating LLC	6.500		01/31/19		147,755
	480,000		Enterprise Products Operating LLC	6.130		10/15/39		477,744
	100,000		EOG Resources, Inc	2.500		02/01/16		97,632
	440,000		EOG Resources, Inc	4.100		02/01/21		425,992
	50,000		EQT Corp	6.500		04/01/18		54,366
	200,000		Halliburton Co	6.150		09/15/19		229,780
	100,000		Halliburton Co	7.450		09/15/39		126,334
	275,000		Hess Corp	8.130		02/15/19		345,222
	540,000		Hess Corp	5.600		02/15/41		515,879
	30,000		Husky Energy, Inc	6.250		06/15/12		31,781
	30,000		Husky Energy, Inc	7.250		12/15/19		35,514
	130,000		Husky Energy, Inc	6.800		09/15/37		143,181
	25,000		Magellan Midstream Partners LP	4.250		02/01/21		24,391
	155,000		Marathon Oil Corp	6.600		10/01/37		170,111
	200,000	g	Marathon Petroleum Corp	3.500		03/01/16		200,525
	250,000	g	Marathon Petroleum Corp	5.130		03/01/21		251,996
	274,000		Nabors Industries, Inc	9.250		01/15/19		345,391
	285,000		Nexen, Inc	6.400		05/15/37		284,688
	50,000		Noble Energy, Inc	8.250		03/01/19		62,905
	25,000		NuStar Logistics LP	4.800		09/01/20		24,591
	350,000		Occidental Petroleum Corp	2.500		02/01/16		346,426
	185,000		Pemex Project Funding Master Trust	5.750		03/01/18		195,730
	580,000		Pemex Project Funding Master Trust	6.630		06/15/35		581,806
	350,000		Petrobras International Finance Co	3.880		01/27/16		352,340
	47,000		Petrobras International Finance Co	6.130		10/06/16		52,083
	625,000		Petrobras International Finance Co	7.880		03/15/19		733,802
	100,000		Petrobras International Finance Co	5.750		01/20/20		103,163
	375,000		Petrobras International Finance Co	6.880		01/20/40		392,701
	75,000		Petro-Canada	6.800		05/15/38		83,218
	505,000		Petroleos Mexicanos	4.880		03/15/15		537,825
	80,000		Petroleos Mexicanos	8.000		05/03/19		96,080
	475,000		Petroleos Mexicanos	6.000		03/05/20		504,213
	300,000		Plains All American Pipeline LP	5.000		02/01/21		300,892
	320,000		SEACOR Holdings, Inc	7.380		10/01/19		340,404
	50,000		Shell International Finance BV	4.950		03/22/12		52,177
	340,000		Shell International Finance BV	3.100		06/28/15		348,395
	705,000		Shell International Finance BV	4.300		09/22/19		725,973
	80,000		Shell International Finance BV	4.380		03/25/20		82,583
	171,000		Shell International Finance BV	6.380		12/15/38		193,246
	210,000		Statoil ASA	2.900		10/15/14		216,689
	150,000		Statoil ASA	3.130		08/17/17		148,322
	50,000		Statoil ASA	5.250		04/15/19		54,599
	200,000		Statoil ASA	5.100		08/17/40		191,824
	350,000		Suncor Energy, Inc	6.100		06/01/18		395,230
	300,000		Suncor Energy, Inc	6.500		06/15/38		323,856
	25,000		Sunoco, Inc	5.750		01/15/17		26,585
	25,000		Talisman Energy, Inc	7.750		06/01/19		30,505
	250,000		Talisman Energy, Inc	3.750		02/01/21		232,520
	70,000		TransCanada Pipelines Ltd	4.000		06/15/13		73,989
	340,000		TransCanada Pipelines Ltd	5.850		03/15/36		345,912

97

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$69,000	TransCanada Pipelines Ltd	7.630	%	01/15/39	$	85,507
	93,000	Transocean, Inc	6.000		03/15/18		100,410
	400,000	Transocean, Inc	6.500		11/15/20		441,015
	165,000	Vale Overseas Ltd	6.250		01/23/17		183,666
	445,000	Vale Overseas Ltd	4.630		09/15/20		434,050
	464,000	Vale Overseas Ltd	6.880		11/21/36		494,096
	25,000	Valero Energy Corp	6.880		04/15/12		26,428
	680,000	Valero Energy Corp	6.130		02/01/20		735,467
	30,000	Valero Energy Corp	7.500		04/15/32		33,046
	440,000	Weatherford Bermuda Holdings Ltd	5.130		09/15/20		436,899
	60,000	Weatherford Bermuda Holdings Ltd	6.750		09/15/40		62,195
	50,000	Weatherford International Ltd	9.630		03/01/19		63,679
	300,000	XTO Energy, Inc	6.250		08/01/17		354,653
		TOTAL ENERGY					24,754,252
FOOD & STAPLES RETAILING - 0.2%
	250,000	CVS Caremark Corp	3.250		05/18/15		253,953
	225,000	CVS Caremark Corp	5.750		06/01/17		247,835
	75,000	CVS Caremark Corp	6.600		03/15/19		86,031
	185,000	CVS Caremark Corp	4.750		05/18/20		188,836
	100,000	CVS Caremark Corp	6.130		09/15/39		101,829
	95,000	Delhaize Group S.A.	5.880		02/01/14		103,721
	105,000	Delhaize Group S.A.	6.500		06/15/17		118,100
	35,000	Delhaize Group S.A.	5.700		10/01/40		31,984
	85,000	Kroger Co	5.000		04/15/13		90,819
	300,000	Kroger Co	6.400		08/15/17		345,170
	55,000	Kroger Co	6.800		12/15/18		63,781
	45,000	Kroger Co	6.150		01/15/20		50,749
	100,000	Kroger Co	6.900		04/15/38		112,690
	39,000	Safeway, Inc	6.350		08/15/17		43,597
	25,000	Safeway, Inc	5.000		08/15/19		25,848
	240,000	Safeway, Inc	3.950		08/15/20		227,006
	50,000	Starbucks Corp	6.250		08/15/17		56,413
	50,000	SYSCO Corp	5.250		02/12/18		54,709
	100,000	SYSCO Corp	5.380		09/21/35		103,464
	150,000	Walgreen Co	4.880		08/01/13		162,530
		TOTAL FOOD & STAPLES RETAILING					2,469,065
FOOD, BEVERAGE & TOBACCO - 1.0%
	50,000	Altria Group, Inc	4.130		09/11/15		51,981
	830,000	Altria Group, Inc	9.250		08/06/19		1,083,209
	155,000	Altria Group, Inc	10.200		02/06/39		219,911
	316,000	Anheuser-Busch Cos, Inc	5.500		01/15/18		346,813
	600,000	Anheuser-Busch InBev Worldwide, Inc	2.500		03/26/13		612,181
	150,000	Anheuser-Busch InBev Worldwide, Inc	2.880		02/15/16		148,884
	500,000	Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		536,650
	190,000	Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		198,704
	385,000	Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		431,547
	100,000	Archer-Daniels-Midland Co	5.450		03/15/18		111,162
	190,000	Archer-Daniels-Midland Co	5.940		10/01/32		204,855
	520,000	Bottling Group LLC	6.950		03/15/14		598,909
	50,000	Bottling Group LLC	5.130		01/15/19		54,771

98

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$100,000	Bunge Ltd	4.100	%	03/15/16	$	100,249
	100,000	Bunge Ltd	8.500		06/15/19		118,747
	150,000	Campbell Soup Co	5.000		12/03/12		160,280
	25,000	Campbell Soup Co	3.050		07/15/17		25,078
	325,000	Coca-Cola Co	1.500		11/15/15		311,063
	260,000	Coca-Cola Co	3.150		11/15/20		241,910
	235,000	Coca-Cola Enterprises, Inc	4.250		03/01/15		252,429
	150,000	Coca-Cola Enterprises, Inc	2.130		09/15/15		145,857
	175,000	ConAgra Foods, Inc	7.000		04/15/19		198,526
	350,000	Diageo Capital plc	5.500		09/30/16		389,813
	325,000	Diageo Capital plc	5.750		10/23/17		364,304
	190,000	Dr Pepper Snapple Group, Inc	6.120		05/01/13		207,374
	100,000	Dr Pepper Snapple Group, Inc	2.900		01/15/16		99,159
	230,000	Fortune Brands, Inc	5.380		01/15/16		244,232
	235,000	General Mills, Inc	5.250		08/15/13		255,360
	125,000	General Mills, Inc	5.200		03/17/15		137,290
	210,000	General Mills, Inc	5.650		02/15/19		232,773
	150,000	Hershey Co	4.130		12/01/20		150,291
	50,000	HJ Heinz Co	5.350		07/15/13		54,309
	100,000	HJ Heinz Finance Co	6.750		03/15/32		113,137
	225,000	Kellogg Co	5.130		12/03/12		240,032
	200,000	Kellogg Co	4.000		12/15/20		195,739
	100,000	Kellogg Co	7.450		04/01/31		124,593
	20,000	Kraft Foods, Inc	6.250		06/01/12		21,215
	200,000	Kraft Foods, Inc	2.630		05/08/13		204,689
	103,000	Kraft Foods, Inc	6.500		08/11/17		117,456
	250,000	Kraft Foods, Inc	6.130		02/01/18		279,465
	950,000	Kraft Foods, Inc	5.380		02/10/20		1,002,958
	345,000	Kraft Foods, Inc	6.500		02/09/40		368,489
	170,000	Lorillard Tobacco Co	6.880		05/01/20		183,862
	85,000	PepsiAmericas, Inc	5.750		07/31/12		90,586
	45,000	PepsiAmericas, Inc	4.380		02/15/14		48,264
	245,000	PepsiCo, Inc	0.880		10/25/13		242,269
	40,000	PepsiCo, Inc	7.900		11/01/18		50,771
	100,000	PepsiCo, Inc	4.500		01/15/20		104,336
	400,000	PepsiCo, Inc	3.130		11/01/20		368,716
	210,000	PepsiCo, Inc	4.880		11/01/40		196,561
	285,000	Philip Morris International, Inc	4.880		05/16/13		305,610
	350,000	Philip Morris International, Inc	5.650		05/16/18		389,620
	140,000	Philip Morris International, Inc	6.380		05/16/38		157,361
	200,000	Reynolds American, Inc	7.250		06/01/13		223,714
	50,000	Reynolds American, Inc	6.750		06/15/17		57,178
	65,000	Reynolds American, Inc	7.250		06/15/37		68,794
	25,000	Sara Lee Corp	3.880		06/15/13		25,959
	150,000	Sara Lee Corp	4.100		09/15/20		143,527
	40,000	UST, Inc	6.630		07/15/12		42,410
		TOTAL FOOD, BEVERAGE & TOBACCO					13,655,932
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	50,000	Allergan, Inc	3.380		09/15/20		46,810
	200,000	Baxter International, Inc	5.900		09/01/16		230,405
	120,000	Baxter International, Inc	4.500		08/15/19		125,003

99

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$16,000	Baxter International, Inc	6.250	%	12/01/37	$	18,155
	25,000	Becton Dickinson & Co	5.000		05/15/19		26,932
	150,000	Becton Dickinson & Co	3.250		11/12/20		139,845
	100,000	Cardinal Health, Inc	4.630		12/15/20		99,461
	100,000	CareFusion Corp	6.380		08/01/19		111,784
	100,000	Coventry Health Care, Inc	6.300		08/15/14		106,214
	25,000	Covidien International	5.450		10/15/12		26,641
	200,000	Covidien International Finance S.A.	6.000		10/15/17		227,938
	100,000	Covidien International Finance S.A.	6.550		10/15/37		113,829
	225,000	Express Scripts	6.250		06/15/14		249,963
	200,000	Laboratory Corp of America Holdings	3.130		05/15/16		199,118
	80,000	McKesson Corp	3.250		03/01/16		80,577
	25,000	McKesson Corp	5.700		03/01/17		27,688
	30,000	McKesson Corp	4.750		03/01/21		30,425
	100,000	McKesson Corp	6.000		03/01/41		103,542
	250,000	Medco Health Solutions, Inc	2.750		09/15/15		247,415
	50,000	Medco Health Solutions, Inc	7.130		03/15/18		58,311
	205,000	Medtronic, Inc	4.750		09/15/15		224,376
	50,000	Medtronic, Inc	5.600		03/15/19		55,553
	355,000	Medtronic, Inc	4.450		03/15/20		363,682
	135,000	Quest Diagnostics, Inc	6.400		07/01/17		152,060
	20,000	St. Jude Medical, Inc	3.750		07/15/14		21,011
	150,000	St. Jude Medical, Inc	2.500		01/15/16		147,203
	250,000	Stryker Corp	3.000		01/15/15		256,178
	90,000	Stryker Corp	4.380		01/15/20		92,473
	165,000	Thermo Fisher Scientific, Inc	5.000		06/01/15		179,946
	155,000	Thermo Fisher Scientific, Inc	4.700		05/01/20		160,154
	106,000	Zimmer Holdings, Inc	5.750		11/30/39		107,942
		TOTAL HEALTH CARE EQUIPMENT & SERVICES					4,030,634
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	100,000	Avon Products, Inc	5.630		03/01/14		109,382
	110,000	Clorox Co	5.450		10/15/12		116,773
	60,000	Colgate-Palmolive Co	6.450		06/16/28		66,551
	25,000	Procter & Gamble Co	3.500		02/15/15		26,306
	725,000	Procter & Gamble Co	4.700		02/15/19		786,029
	125,000	Procter & Gamble Co	5.550		03/05/37		133,595
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS					1,238,636
INSURANCE - 1.0%
	285,000	ACE INA Holdings, Inc	5.880		06/15/14		316,357
	100,000	ACE INA Holdings, Inc	2.600		11/23/15		97,185
	25,000	ACE INA Holdings, Inc	5.800		03/15/18		27,490
	200,000	Aegon NV	4.630		12/01/15		207,650
	200,000	Aetna, Inc	6.500		09/15/18		230,115
	140,000	Aetna, Inc	6.630		06/15/36		154,702
	30,000	Aflac, Inc	3.450		08/15/15		30,128
	300,000	Aflac, Inc	8.500		05/15/19		362,661
	125,000	Aflac, Inc	6.900		12/17/39		131,137
	400,000	Allstate Corp	7.450		05/16/19		475,134
	75,000	Allstate Corp	5.550		05/09/35		73,223
	200,000	Allstate Life Global Funding Trusts	5.380		04/30/13		215,774

100

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$450,000	American Financial Group, Inc	9.880	%	06/15/19	$	550,106
	151,000	American International Group, Inc	4.250		05/15/13		156,004
	600,000	American International Group, Inc	3.650		01/15/14		610,283
	250,000	American International Group, Inc	8.250		08/15/18		292,385
	300,000	American International Group, Inc	6.400		12/15/20		320,188
	400,000	American International Group, Inc	6.250		03/15/37		366,000
	50,000	AON Corp	5.000		09/30/20		50,544
	100,000	AON Corp	8.210		01/01/27		111,073
	170,000	AXA S.A.	8.600		12/15/30		201,090
	50,000	Axis Specialty Finance	5.880		06/01/20		50,298
	333,000	Berkshire Hathaway Finance Corp	4.850		01/15/15		363,306
	300,000	Berkshire Hathaway Finance Corp	2.450		12/15/15		298,104
	150,000	Berkshire Hathaway Finance Corp	5.400		05/15/18		165,152
	100,000	Boardwalk Pipelines LP	5.750		09/15/19		106,386
	40,000	Chubb Corp	5.750		05/15/18		44,405
	250,000	Chubb Corp	6.000		05/11/37		261,853
	140,000	CIGNA Corp	5.130		06/15/20		145,934
	100,000	CIGNA Corp	4.500		03/15/21		98,444
	40,000	CNA Financial Corp	6.500		08/15/16		43,654
	200,000	CNA Financial Corp	5.750		08/15/21		204,763
	35,000	Genworth Financial, Inc	4.950		10/01/15		35,083
	260,000	Genworth Financial, Inc	7.200		02/15/21		258,217
	375,000	Hartford Financial Services Group, Inc	4.000		03/30/15		380,691
	130,000	Hartford Financial Services Group, Inc	6.630		03/30/40		131,766
	100,000	Humana, Inc	6.450		06/01/16		110,682
	30,000	Lincoln National Corp	6.150		04/07/36		30,894
	150,000	Lincoln National Corp	7.000		06/15/40		171,215
	100,000	Marsh & McLennan Cos, Inc	5.380		07/15/14		108,163
	25,000	Marsh & McLennan Cos, Inc	9.250		04/15/19		31,859
	32,000	Metlife, Inc	5.380		12/15/12		34,160
	80,000	Metlife, Inc	5.000		06/15/15		86,142
	575,000	Metlife, Inc	6.750		06/01/16		664,667
	50,000	Metlife, Inc	4.750		02/08/21		50,114
	50,000	Metlife, Inc	6.380		06/15/34		54,401
	205,000	Metlife, Inc	5.700		06/15/35		204,547
	130,000	Metlife, Inc	5.880		02/06/41		131,074
	20,000	Nationwide Financial Services	6.750		05/15/37		18,550
	100,000	PartnerRe Ltd	5.500		06/01/20		100,106
	130,000	Principal Financial Group, Inc	8.880		05/15/19		165,235
	120,000	Progressive Corp	6.250		12/01/32		126,342
	100,000	Protective Life Corp	7.380		10/15/19		111,267
	295,000	Prudential Financial, Inc	5.100		09/20/14		317,060
	200,000	Prudential Financial, Inc	4.750		09/17/15		212,948
	60,000	Prudential Financial, Inc	6.100		06/15/17		66,018
	320,000	Prudential Financial, Inc	7.380		06/15/19		375,717
	250,000	Prudential Financial, Inc	6.200		11/15/40		259,704
	20,000	Transatlantic Holdings, Inc	8.000		11/30/39		21,003
	310,000	Travelers Cos, Inc	5.800		05/15/18		340,917
	130,000	Travelers Cos, Inc	5.900		06/02/19		143,784
	100,000	Travelers Cos, Inc	5.350		11/01/40		95,157
	100,000	UnitedHealth Group, Inc	5.380		03/15/16		110,160
	324,000	UnitedHealth Group, Inc	6.000		02/15/18		360,366

101

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$200,000		UnitedHealth Group, Inc	4.700	%	02/15/21	$	202,194
	65,000		UnitedHealth Group, Inc	6.630		11/15/37		70,452
	250,000		UnitedHealth Group, Inc	6.880		02/15/38		280,431
	100,000		Unitrin, Inc	6.000		11/30/15		104,575
	110,000		Unum Group	5.630		09/15/20		111,776
	400,000		WellPoint, Inc	5.880		06/15/17		448,668
	220,000		WellPoint, Inc	5.850		01/15/36		221,993
	312,000		Willis North America, Inc	6.200		03/28/17		332,512
	165,000		WR Berkley Corp	5.380		09/15/20		165,905
	150,000		XL Capital Ltd	6.380		11/15/24		156,021
			TOTAL INSURANCE					14,164,064
MATERIALS - 0.9%
	40,000		3M Co	4.650		12/15/12		42,483
	100,000		3M Co	4.380		08/15/13		107,927
	90,000		3M Co	5.700		03/15/37		97,998
	100,000		Agrium, Inc	6.750		01/15/19		115,656
	90,000		Air Products & Chemicals, Inc	4.150		02/01/13		93,748
	80,000		Airgas, Inc	4.500		09/15/14		83,573
	200,000		Alcoa, Inc	5.550		02/01/17		211,491
	360,000		Alcoa, Inc	6.150		08/15/20		380,420
	50,000		Alcoa, Inc	5.870		02/23/22		51,167
	100,000		Allegheny Technologies, Inc	5.950		01/15/21		105,289
	100,000		AngloGold Ashanti Holdings plc	5.380		04/15/20		101,433
	120,000		ArcelorMittal	3.750		08/05/15		121,187
	140,000		ArcelorMittal	9.850		06/01/19		177,625
	320,000		ArcelorMittal	7.000		10/15/39		320,856
	357,000		ArcelorMittal USA, Inc	6.500		04/15/14		393,349
	180,000		Barrick Australian Finance Pty Ltd	5.950		10/15/39		185,646
	50,000		Barrick Gold Corp	6.950		04/01/19		59,797
	250,000		Barrick Gold Financeco LLC	6.130		09/15/13		277,256
	110,000		Bemis Co, Inc	5.650		08/01/14		119,623
	20,000		Celulosa Arauco y Constitucion S.A.	5.630		04/20/15		21,393
	100,000	g	Celulosa Arauco y Constitucion S.A.	5.000		01/21/21		98,668
	50,000		Cliffs Natural Resources, Inc	4.800		10/01/20		49,363
	200,000		Cliffs Natural Resources, Inc	4.880		04/01/21		197,274
	25,000		Clorox Co	5.000		01/15/15		27,002
	100,000		Clorox Co	3.550		11/01/15		102,375
	100,000		Commercial Metals Co	6.500		07/15/17		102,496
	25,000		Corning, Inc	4.250		08/15/20		24,770
	150,000		Dow Chemical Co	4.850		08/15/12		157,135
	80,000		Dow Chemical Co	5.900		02/15/15		88,669
	591,000		Dow Chemical Co	8.550		05/15/19		747,049
	500,000		Dow Chemical Co	4.250		11/15/20		477,517
	165,000		Eastman Chemical Co	5.500		11/15/19		172,822
	300,000		EI Du Pont de Nemours & Co	4.130		03/06/13		315,229
	90,000		EI Du Pont de Nemours & Co	5.250		12/15/16		100,288
	820,000		EI Du Pont de Nemours & Co	4.630		01/15/20		848,362
	50,000		Freeport-McMoRan Copper & Gold, Inc	8.250		04/01/15		52,125
	295,000		Freeport-McMoRan Copper & Gold, Inc	8.380		04/01/17		325,238
	100,000		Hubbell, Inc	3.630		11/15/22		93,009
	300,000		International Paper Co	7.950		06/15/18		360,923

102

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$44,000		International Paper Co	9.380	%	05/15/19	$	56,635
	30,000		International Paper Co	7.500		08/15/21		35,207
	170,000		International Paper Co	7.300		11/15/39		190,190
	330,000		Kimberly-Clark Corp	6.250		07/15/18		387,280
	25,000		Kimberly-Clark Corp	3.630		08/01/20		24,543
	100,000		Kimberly-Clark Corp	3.880		03/01/21		98,737
	100,000		Lafarge S.A.	6.500		07/15/16		105,918
	92,000		Lubrizol Corp	8.880		02/01/19		118,243
	98,000		Newmont Mining Corp	5.880		04/01/35		99,071
	135,000		Newmont Mining Corp	6.250		10/01/39		143,123
	100,000		Nucor Corp	5.750		12/01/17		113,156
	30,000		Nucor Corp	5.850		06/01/18		34,202
	100,000		Nucor Corp	4.130		09/15/22		96,672
	50,000		Owens Corning	9.000		06/15/19		59,093
	50,000		Packaging Corp of America	5.750		08/01/13		53,577
	100,000		Plum Creek Timberlands LP	4.700		03/15/21		96,303
	350,000		Potash Corp of Saskatchewan, Inc	4.880		03/30/20		362,912
	50,000		PPG Industries, Inc	6.650		03/15/18		58,202
	150,000		PPG Industries, Inc	3.600		11/15/20		141,234
	405,000		Praxair, Inc	5.250		11/15/14		452,347
	40,000		Praxair, Inc	3.250		09/15/15		41,478
	200,000		Rio Tinto Alcan, Inc	4.500		05/15/13		212,420
	400,000		Rio Tinto Finance USA Ltd	6.500		07/15/18		460,556
	570,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		531,354
	200,000		Rohm and Haas Co	6.000		09/15/17		220,803
	180,000		Southern Copper Corp	6.750		04/16/40		180,932
	150,000		Teck Resources Ltd	9.750		05/15/14		182,243
	50,000		Teck Resources Ltd	3.850		08/15/17		50,051
	250,000		Teck Resources Ltd	4.500		01/15/21		249,319
	140,000	g	Xstrata Finance Canada Ltd	5.800		11/15/16		155,059
			TOTAL MATERIALS					12,419,091
MEDIA - 0.7%
	50,000		CBS Corp	5.750		04/15/20		52,883
	445,000		CBS Corp	4.300		02/15/21		420,626
	20,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		22,540
	450,000		Comcast Cable Communications LLC	8.880		05/01/17		563,046
	475,000		Comcast Corp	5.300		01/15/14		517,121
	595,000		Comcast Corp	5.150		03/01/20		619,372
	129,000		Comcast Corp	7.050		03/15/33		144,079
	345,000		Comcast Corp	5.650		06/15/35		324,301
	100,000		Comcast Corp	6.950		08/15/37		108,868
	280,000		Comcast Corp	6.400		03/01/40		286,779
	300,000		COX Communications, Inc	4.630		06/01/13		318,434
	35,000		COX Communications, Inc	5.450		12/15/14		38,629
	50,000		DIRECTV Holdings LLC	4.750		10/01/14		53,839
	600,000		DIRECTV Holdings LLC	3.550		03/15/15		613,058
	185,000		DIRECTV Holdings LLC	5.200		03/15/20		190,542
	145,000		DIRECTV Holdings LLC	6.000		08/15/40		138,863
	200,000		Grupo Televisa S.A.	6.630		03/18/25		219,681
	348,000		Historic TW, Inc	6.630		05/15/29		371,078
	35,000	g	NBC Universal, Inc	3.650		04/30/15		35,932

103

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$435,000	g	NBC Universal, Inc	5.150	%	04/30/20	$	448,332
	220,000	g	NBC Universal, Inc	4.380		04/01/21		210,626
	95,000	g	NBC Universal, Inc	6.400		04/30/40		97,540
	100,000		Omnicom Group, Inc	5.900		04/15/16		111,822
	100,000		Omnicom Group, Inc	4.450		08/15/20		98,491
	70,000		Time Warner Cable, Inc	6.750		07/01/18		79,521
	510,000		Time Warner Cable, Inc	8.750		02/14/19		635,833
	1,000,000		Time Warner Cable, Inc	8.250		04/01/19		1,218,228
	175,000		Time Warner Cable, Inc	6.750		06/15/39		182,975
	140,000		Time Warner Cable, Inc	5.880		11/15/40		131,551
	490,000		Time Warner, Inc	3.150		07/15/15		496,243
	128,000		Time Warner, Inc	5.880		11/15/16		142,801
	150,000		Time Warner, Inc	4.750		03/29/21		149,010
	285,000		Time Warner, Inc	6.500		11/15/36		292,984
	200,000		Time Warner, Inc	6.100		07/15/40		195,759
	150,000		Time Warner, Inc	6.250		03/29/41		149,033
	406,000		Viacom, Inc	4.380		09/15/14		433,170
	200,000		Viacom, Inc	6.880		04/30/36		218,999
	100,000		WPP Finance UK	5.880		06/15/14		109,937
			TOTAL MEDIA					10,442,526
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	300,000		Abbott Laboratories	2.700		05/27/15		304,832
	730,000		Abbott Laboratories	4.130		05/27/20		732,455
	39,000		Abbott Laboratories	6.000		04/01/39		42,239
	100,000		Abbott Laboratories	5.300		05/27/40		98,245
	165,000		Agilent Technologies, Inc	2.500		07/15/13		166,470
	300,000		Amgen, Inc	5.850		06/01/17		341,397
	75,000		Amgen, Inc	4.500		03/15/20		76,662
	150,000		Amgen, Inc	3.450		10/01/20		141,157
	100,000		Amgen, Inc	6.400		02/01/39		110,900
	150,000		Amgen, Inc	4.950		10/01/41		136,430
	350,000		AstraZeneca plc	5.900		09/15/17		399,575
	300,000		AstraZeneca plc	6.450		09/15/37		339,555
	100,000		Biogen Idec, Inc	6.880		03/01/18		113,283
	300,000		Bristol-Myers Squibb Co	5.450		05/01/18		333,673
	103,000		Bristol-Myers Squibb Co	6.130		05/01/38		116,103
	200,000		Eli Lilly & Co	4.200		03/06/14		214,388
	75,000		Eli Lilly & Co	5.200		03/15/17		82,963
	250,000		Eli Lilly & Co	5.550		03/15/37		258,047
	125,000		Genentech, Inc	4.750		07/15/15		135,968
	25,000		Genzyme Corp	3.630		06/15/15		25,971
	100,000		Gilead Sciences, Inc	4.500		04/01/21		98,812
	100,000		GlaxoSmithKline Capital, Inc	4.380		04/15/14		107,697
	595,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		668,692
	100,000		GlaxoSmithKline Capital, Inc	5.380		04/15/34		100,989
	143,000		GlaxoSmithKline Capital, Inc	6.380		05/15/38		161,171
	150,000		Hospira, Inc	6.050		03/30/17		166,230
	370,000		Johnson & Johnson	3.800		05/15/13		391,747
	175,000		Johnson & Johnson	5.850		07/15/38		194,759
	180,000		Johnson & Johnson	4.500		09/01/40		164,911
	185,000		Life Technologies Corp	3.380		03/01/13		190,023

104

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$115,000	Life Technologies Corp	3.500	%	01/15/16	$	114,641
	385,000	Mead Johnson Nutrition Co	4.900		11/01/19		398,611
	785,000	Merck & Co, Inc	6.000		09/15/17		905,595
	50,000	Merck & Co, Inc	6.500		12/01/33		58,826
	300,000	Novartis Capital Corp	4.130		02/10/14		320,815
	445,000	Novartis Capital Corp	2.900		04/24/15		454,908
	190,000	Novartis Capital Corp	4.400		04/24/20		196,538
	610,000	Pfizer, Inc	6.200		03/15/19		702,935
	200,000	Sanofi-Aventis S.A.	2.630		03/29/16		198,281
	150,000	Sanofi-Aventis S.A.	4.000		03/29/21		147,525
	240,000	Schering-Plough Corp	6.550		09/15/37		283,629
	200,000	Teva Pharmaceutical Finance Co LLC	3.000		06/15/15		201,955
	150,000	Teva Pharmaceutical Finance Co LLC	6.150		02/01/36		163,575
	125,000	Watson Pharmaceuticals, Inc	5.000		08/15/14		134,413
	500,000	Wyeth	5.500		02/15/16		559,491
	400,000	Wyeth	6.450		02/01/24		466,388
	320,000	Wyeth	5.950		04/01/37		342,097
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					12,065,567
REAL ESTATE - 0.3%
	165,000	AMB Property LP	4.500		08/15/17		166,553
	100,000	AvalonBay Communities, Inc	3.950		01/15/21		96,537
	115,000	BioMed Realty LP	6.130		04/15/20		121,552
	25,000	Boston Properties LP	5.000		06/01/15		26,822
	80,000	Boston Properties LP	5.880		10/15/19		86,867
	25,000	Boston Properties LP	4.130		05/15/21		23,778
	165,000	Boston Properties LP	2.880		02/15/37		167,063
	115,000	Brandywine Operating Partnership LP	7.500		05/15/15		129,927
	115,000	Brandywine Operating Partnership LP	5.700		05/01/17		119,120
	75,000	Duke Realty LP	5.950		02/15/17		80,904
	35,000	ERP Operating LP	5.250		09/15/14		38,076
	300,000	ERP Operating LP	5.130		03/15/16		322,157
	150,000	HCP, Inc	3.750		02/01/16		150,758
	130,000	HCP, Inc	6.000		01/30/17		140,360
	150,000	HCP, Inc	5.380		02/01/21		151,482
	30,000	HCP, Inc	6.750		02/01/41		30,991
	100,000	Health Care REIT, Inc	3.630		03/15/16		99,057
	200,000	Health Care REIT, Inc	4.700		09/15/17		200,581
	40,000	Health Care REIT, Inc	6.130		04/15/20		42,307
	125,000	Highwoods Properties, Inc	5.850		03/15/17		133,033
	50,000	Hospitality Properties Trust	5.130		02/15/15		51,893
	50,000	HRPT Properties Trust	5.880		09/15/20		50,996
	35,000	Kilroy Realty Corp	5.000		11/03/15		34,928
	45,000	Kimco Realty Corp	5.700		05/01/17		48,858
	220,000	Liberty Property LP	4.750		10/01/20		217,348
	125,000	Mack-Cali Realty Corp	7.750		08/15/19		150,618
	75,000	National Retail Properties, Inc	6.880		10/15/17		80,802
	20,000	Nationwide Health Properties, Inc	6.250		02/01/13		21,368
	105,000	ProLogis	7.630		08/15/14		120,137
	34,000	ProLogis	6.630		05/15/18		36,828
	40,000	Realty Income Corp	5.950		09/15/16		43,809
	75,000	Realty Income Corp	5.750		01/15/21		78,948

105

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$175,000		Regency Centers LP	5.250	%	08/01/15	$	186,691
	10,000		Regency Centers LP	5.880		06/15/17		10,958
	88,000		Simon Property Group LP	5.100		06/15/15		95,954
	45,000		Simon Property Group LP	5.250		12/01/16		48,929
	240,000		Simon Property Group LP	10.350		04/01/19		330,807
	290,000		Simon Property Group LP	4.380		03/01/21		283,716
	100,000	g,i	USB Realty Corp	6.090		12/30/49		84,000
	55,000		Ventas Realty LP	3.130		11/30/15		53,358
	195,000		Washington Real Estate Investment Trust	4.950		10/01/20		197,726
			TOTAL REAL ESTATE					4,556,597
RETAILING - 0.5%
	120,000		Advance Auto Parts, Inc	5.750		05/01/20		125,604
	50,000		AutoZone, Inc	6.500		01/15/14		55,994
	100,000		AutoZone, Inc	4.000		11/15/20		93,017
	100,000		Best Buy Co, Inc	3.750		03/15/16		98,709
	200,000		Cooper US, Inc	5.250		11/15/12		212,752
	120,000		Costco Wholesale Corp	5.500		03/15/17		136,687
	100,000		Family Dollar Stores, Inc	5.000		02/01/21		98,243
	155,000		Home Depot, Inc	5.250		12/16/13		169,156
	100,000		Home Depot, Inc	5.400		03/01/16		110,581
	100,000		Home Depot, Inc	3.950		09/15/20		97,380
	250,000		Home Depot, Inc	4.400		04/01/21		249,599
	360,000		Home Depot, Inc	5.880		12/16/36		357,838
	25,000		Kohl’s	6.250		12/15/17		28,643
	100,000		Kohl’s Corp	6.880		12/15/37		114,196
	200,000		Lowe’s Cos, Inc	2.130		04/15/16		195,193
	200,000		Lowe’s Cos, Inc	3.750		04/15/21		193,172
	175,000		Lowe’s Cos, Inc	5.500		10/15/35		175,937
	250,000		Martin Marietta Materials, Inc	6.600		04/15/18		274,093
	30,000		Nordstrom, Inc	4.750		05/01/20		30,982
	100,000		Nordstrom, Inc	7.000		01/15/38		118,507
	188,000		Staples, Inc	9.750		01/15/14		225,706
	950,000		Target Corp	3.880		07/15/20		935,036
	60,000		Target Corp	7.000		07/15/31		70,700
	105,000		TJX Cos, Inc	6.950		04/15/19		125,293
	100,000		Wal-Mart Stores, Inc	4.500		07/01/15		108,152
	200,000		Wal-Mart Stores, Inc	1.500		10/25/15		191,340
	300,000		Wal-Mart Stores, Inc	3.630		07/08/20		290,244
	1,300,000		Wal-Mart Stores, Inc	3.250		10/25/20		1,214,319
	69,000		Wal-Mart Stores, Inc	7.550		02/15/30		87,762
	295,000		Wal-Mart Stores, Inc	5.250		09/01/35		288,381
	60,000		Wal-Mart Stores, Inc	6.500		08/15/37		68,294
	65,000		Wal-Mart Stores, Inc	5.630		04/01/40		66,265
	195,000		Wal-Mart Stores, Inc	5.000		10/25/40		181,369
			TOTAL RETAILING					6,789,144
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	85,000		Analog Devices, Inc	5.000		07/01/14		92,381
	55,000	g	Broadcom Corp	1.500		11/01/13		54,513
	140,000	g	Broadcom Corp	2.380		11/01/15		135,237
	110,000		National Semiconductor Corp	3.950		04/15/15		112,051
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					394,182

106

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SOFTWARE & SERVICES - 0.4%
	$285,000		Adobe Systems, Inc	3.250	%	02/01/15	$	291,194
	20,000		Adobe Systems, Inc	4.750		02/01/20		20,287
	20,000		CA, Inc	6.130		12/01/14		22,162
	100,000		CA, Inc	5.380		12/01/19		103,027
	120,000		Computer Sciences Corp	6.500		03/15/18		130,393
	100,000		Expedia, Inc	7.460		08/15/18		112,500
	14,000		Fiserv, Inc	6.130		11/20/12		15,031
	50,000		Fiserv, Inc	3.130		10/01/15		49,761
	100,000		Fiserv, Inc	6.800		11/20/17		111,431
	765,000		International Business Machines Corp	1.000		08/05/13		760,444
	240,000		Microsoft Corp	0.880		09/27/13		238,289
	25,000		Microsoft Corp	4.200		06/01/19		25,961
	540,000		Microsoft Corp	3.000		10/01/20		501,354
	150,000		Microsoft Corp	4.000		02/08/21		150,600
	320,000		Oracle Corp	3.750		07/08/14		339,632
	320,000		Oracle Corp	5.750		04/15/18		358,331
	365,000	g	Oracle Corp	3.880		07/15/20		358,697
	370,000		Oracle Corp	6.130		07/08/39		395,170
	290,000		Symantec Corp	2.750		09/15/15		282,048
			TOTAL SOFTWARE & SERVICES					4,266,312
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	75,000		Amphenol Corp	4.750		11/15/14		80,472
	293,000		Cisco Systems, Inc	4.950		02/15/19		314,543
	950,000		Cisco Systems, Inc	4.450		01/15/20		974,252
	100,000		Cisco Systems, Inc	5.900		02/15/39		103,767
	200,000		Dell, Inc	3.100		04/01/16		199,067
	350,000		Dell, Inc	5.880		06/15/19		383,908
	260,000		Discovery Communications LLC	5.050		06/01/20		270,817
	100,000		Discovery Communications LLC	6.350		06/01/40		103,796
	350,000		General Electric Co	5.000		02/01/13		372,892
	400,000		General Electric Co	5.250		12/06/17		435,600
	200,000		Harris Corp	4.400		12/15/20		199,205
	405,000		Hewlett-Packard Co	2.950		08/15/12		416,197
	325,000		Hewlett-Packard Co	4.750		06/02/14		353,392
	400,000		Hewlett-Packard Co	2.130		09/13/15		392,245
	200,000		Hewlett-Packard Co	3.750		12/01/20		192,139
	100,000		International Business Machines Corp	4.750		11/29/12		106,273
	300,000		International Business Machines Corp	2.000		01/05/16		291,867
	400,000		International Business Machines Corp	7.000		10/30/25		492,886
	103,000		International Business Machines Corp	5.600		11/30/39		107,676
	85,000		International Game Technology	7.500		06/15/19		96,504
	247,000		Koninklijke Philips Electronics NV	5.750		03/11/18		276,844
	220,000		L-3 Communications Corp	5.200		10/15/19		229,474
	200,000		Motorola, Inc	6.000		11/15/17		218,881
	3,000		Motorola, Inc	6.500		09/01/25		3,157
	120,000		Nokia Oyj	6.630		05/15/39		121,293
	390,000		Pitney Bowes, Inc	4.750		01/15/16		404,991
	225,000		Tyco Electronics Group S.A.	6.550		10/01/17		257,491

107

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$225,000		Xerox Corp	8.250	%	05/15/14	$	263,034
	330,000		Xerox Corp	4.250		02/15/15		347,375
	150,000		Xerox Corp	5.630		12/15/19		161,194
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					8,171,232
TELECOMMUNICATION SERVICES - 1.3%
	100,000		America Movil SAB de C.V.	3.630		03/30/15		102,897
	430,000		America Movil SAB de C.V.	5.000		03/30/20		443,371
	190,000		America Movil SAB de C.V.	6.130		03/30/40		198,642
	300,000		American Tower Corp	4.500		01/15/18		294,626
	7,000		AT&T Corp	8.000		11/15/31		8,770
	146,000		AT&T Mobility LLC	7.130		12/15/31		169,742
	19,000		AT&T, Inc	5.880		08/15/12		20,247
	1,265,000		AT&T, Inc	2.500		08/15/15		1,255,614
	150,000		AT&T, Inc	5.800		02/15/19		166,618
	470,000		AT&T, Inc	6.150		09/15/34		468,360
	220,000		AT&T, Inc	6.500		09/01/37		227,980
	875,000		AT&T, Inc	6.300		01/15/38		881,913
	222,000	g	AT&T, Inc	5.350		09/01/40		198,855
	690,000		BellSouth Corp	5.200		09/15/14		754,428
	60,000		BellSouth Corp	6.880		10/15/31		65,268
	140,000		BellSouth Corp	6.550		06/15/34		146,535
	400,000		British Telecommunications plc	5.950		01/15/18		441,285
	150,000		British Telecommunications plc	9.880		12/15/30		207,484
	290,000		Cellco Partnership	5.550		02/01/14		318,432
	565,000		Cellco Partnership	8.500		11/15/18		725,920
	234,000		CenturyTel, Inc	7.600		09/15/39		250,662
	450,000		Deutsche Telekom International Finance BV	5.750		03/23/16		503,816
	50,000		Deutsche Telekom International Finance BV	6.000		07/08/19		57,144
	340,000		Deutsche Telekom International Finance BV	8.750		06/15/30		445,773
	200,000		Embarq Corp	6.740		06/01/13		216,989
	150,000		Embarq Corp	7.080		06/01/16		170,579
	345,000		France Telecom S.A.	2.130		09/16/15		337,716
	245,000		France Telecom S.A.	8.500		03/01/31		329,667
	50,000		Koninklijke KPN NV	8.380		10/01/30		64,510
	250,000		New Cingular Wireless Services, Inc	8.130		05/01/12		269,073
	400,000		Qwest Corp	7.500		10/01/14		457,000
	150,000		Qwest Corp	6.500		06/01/17		165,563
	300,000		Rogers Communications, Inc	6.800		08/15/18		350,710
	50,000		Rogers Wireless, Inc	7.500		03/15/15		59,022
	85,000		Telecom Italia Capital S.A.	6.180		06/18/14		91,264
	150,000		Telecom Italia Capital S.A.	4.950		09/30/14		156,273
	755,000		Telecom Italia Capital S.A.	7.180		06/18/19		825,313
	250,000		Telefonica Emisiones SAU	3.990		02/16/16		251,210
	1,020,000		Telefonica Emisiones SAU	5.130		04/27/20		1,014,857
	100,000		Telefonos de Mexico SAB de C.V.	5.500		01/27/15		108,257
	715,000		Verizon Communications, Inc	4.350		02/15/13		754,893
	300,000		Verizon Communications, Inc	3.000		04/01/16		298,472
	140,000		Verizon Communications, Inc	5.500		02/15/18		152,625
	220,000		Verizon Communications, Inc	8.750		11/01/18		281,478
	200,000		Verizon Communications, Inc	6.350		04/01/19		227,415
	280,000		Verizon Communications, Inc	6.250		04/01/37		286,619

108

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$520,000		Verizon Communications, Inc	6.400	%	02/15/38	$	544,819
	220,000		Verizon Communications, Inc	8.950		03/01/39		299,874
	300,000		Verizon Communications, Inc	6.000		04/01/41		298,838
	225,000		Verizon New England, Inc	4.750		10/01/13		239,357
	165,000		Verizon Virginia, Inc	4.630		03/15/13		174,012
	200,000	g	Virgin Media Secured Finance plc	5.250		01/15/21		200,681
	150,000		Vodafone Group plc	5.000		12/16/13		162,764
	303,000		Vodafone Group plc	5.630		02/27/17		334,789
	500,000		Vodafone Group plc	4.630		07/15/18		521,011
	100,000		Vodafone Group plc	4.380		03/16/21		98,186
	150,000		Vodafone Group plc	6.150		02/27/37		159,957
			TOTAL TELECOMMUNICATION SERVICES					18,258,175
TRANSPORTATION - 0.5%
	100,000		AMER AIRLN PT TRS	5.250		01/31/21		97,000
	136,000		Boeing Co	5.130		02/15/13		145,988
	650,000		Boeing Co	3.750		11/20/16		680,511
	100,000		Boeing Co	5.880		02/15/40		107,359
	60,000		Burlington Northern Santa Fe Corp	5.750		03/15/18		66,858
	555,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		579,477
	150,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		159,310
	160,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		162,034
	150,000		Canadian National Railway Co	4.400		03/15/13		159,093
	50,000		Canadian National Railway Co	6.900		07/15/28		59,940
	100,000		Canadian National Railway Co	6.250		08/01/34		112,363
	200,000		Canadian Pacific Railway Co	7.130		10/15/31		225,892
	180,000		Continental Airlines, Inc	4.750		01/12/21		176,400
	32,797		Continental Airlines, Inc	5.980		04/19/22		33,617
	100,000		Con-Way, Inc	7.250		01/15/18		108,539
	450,000		CSX Corp	7.380		02/01/19		543,853
	100,000		CSX Corp	6.000		10/01/36		103,732
	300,000		Delta Air Lines, Inc	5.300		04/15/19		302,250
	165,000		Embraer Overseas Ltd	6.380		01/15/20		177,375
	34,000		FedEx Corp	8.000		01/15/19		42,159
	100,000		GATX Corp	3.500		07/15/16		98,785
	210,000		Norfolk Southern Corp	5.750		04/01/18		235,422
	425,000		Norfolk Southern Corp	5.590		05/17/25		455,385
	94,000		Norfolk Southern Corp	7.250		02/15/31		114,788
	350,000		Northrop Grumman Corp	3.500		03/15/21		324,466
	150,000		Ryder System, Inc	3.150		03/02/15		150,569
	50,000		Ryder System, Inc	3.600		03/01/16		50,515
	525,000		Southwest Airlines Co	5.250		10/01/14		560,694
	80,000		Union Pacific Corp	5.130		02/15/14		87,336
	149,000		Union Pacific Corp	5.750		11/15/17		167,158
	200,000		Union Pacific Corp	6.630		02/01/29		230,683
	42,000		United Parcel Service, Inc	3.880		04/01/14		44,763
	100,000		United Parcel Service, Inc	5.500		01/15/18		111,837
	300,000		United Parcel Service, Inc	5.130		04/01/19		333,719
	305,000		United Parcel Service, Inc	3.130		01/15/21		282,611
	35,000		United Parcel Service, Inc	6.200		01/15/38		39,151
			TOTAL TRANSPORTATION					7,331,632

109

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
UTILITIES - 2.0%
	$370,000		AGL Capital Corp	5.250	%	08/15/19	$	389,633
	60,000		Alliant Energy Corp	4.000		10/15/14		62,380
	100,000		Ameren Corp	8.880		05/15/14		115,035
	450,000		American Water Capital Corp	6.090		10/15/17		505,144
	50,000		Appalachian Power Co	3.400		05/24/15		50,906
	40,000		Appalachian Power Co	7.000		04/01/38		45,797
	50,000		Arizona Public Service Co	6.500		03/01/12		52,448
	60,000		Atmos Energy Corp	4.950		10/15/14		63,659
	100,000		Atmos Energy Corp	8.500		03/15/19		124,917
	785,000		Carolina Power & Light Co	5.300		01/15/19		857,852
	190,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		215,465
	323,000	g	CenterPoint Energy Resources Corp	4.500		01/15/21		316,622
	100,000		Commonwealth Edison Co	1.630		01/15/14		99,363
	775,000		Commonwealth Edison Co	4.000		08/01/20		748,356
	87,000		Commonweatlh Edison Co	5.900		03/15/36		88,621
	210,000		Connecticut Light & Power Co	5.500		02/01/19		230,907
	60,000		Consolidated Edison Co of New York, Inc	6.650		04/01/19		70,763
	190,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		194,836
	325,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		338,334
	105,000		Consolidated Natural Gas Co	5.000		12/01/14		114,840
	180,000		Constellation Energy Group, Inc	4.550		06/15/15		187,084
	100,000		Constellation Energy Group, Inc	7.600		04/01/32		113,525
	230,000		Consumers Energy Co	6.130		03/15/19		261,235
	250,000		Detroit Edison Co	3.450		10/01/20		235,562
	160,000		Dominion Resources, Inc	5.150		07/15/15		175,181
	200,000		Dominion Resources, Inc	4.450		03/15/21		198,346
	50,000		Dominion Resources, Inc	5.950		06/15/35		51,505
	590,000		Duke Energy Carolinas LLC	5.750		11/15/13		656,455
	125,000		Duke Energy Carolinas LLC	4.300		06/15/20		126,376
	250,000		Duke Energy Carolinas LLC	6.050		04/15/38		272,281
	246,000		Duke Energy Corp	5.050		09/15/19		256,219
	200,000		El Paso Natural Gas Co	5.950		04/15/17		220,130
	100,000		Enbridge, Inc	5.600		04/01/17		110,512
	300,000		Energy Transfer Partners LP	6.130		02/15/17		334,930
	100,000		Energy Transfer Partners LP	9.700		03/15/19		130,524
	40,000		Energy Transfer Partners LP	7.500		07/01/38		46,265
	100,000		Enersis S.A.	7.380		01/15/14		111,313
	125,000		Entergy Arkansas, Inc	3.750		02/15/21		116,139
	100,000		Entergy Gulf States Louisiana LLC	3.950		10/01/20		94,282
	25,000		Entergy Texas, Inc	7.130		02/01/19		29,116
	75,000		Exelon Corp	4.900		06/15/15		78,817
	100,000		Exelon Generation Co LLC	5.200		10/01/19		101,342
	200,000		FirstEnergy Corp	7.380		11/15/31		216,641
	280,000		FirstEnergy Solutions Corp	4.800		02/15/15		293,740
	320,000		FirstEnergy Solutions Corp	6.050		08/15/21		331,586
	47,000		Florida Power & Light Co	4.950		06/01/35		44,355
	200,000		Florida Power & Light Co	5.250		02/01/41		196,493
	29,000		Florida Power Corp	5.650		06/15/18		32,437
	165,000		Florida Power Corp	6.400		06/15/38		185,355
	390,000		FPL Group Capital, Inc	2.600		09/01/15		379,181
	600,000		Georgia Power Co	5.700		06/01/17		673,168

110

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$177,000		Georgia Power Co	5.950	%	02/01/39	$	188,055
	50,000		Great Plains Energy, Inc	2.750		08/15/13		50,623
	80,000		Indiana Michigan Power Co	7.000		03/15/19		93,910
	70,000		Integrys Energy Group, Inc	4.170		11/01/20		66,883
	20,000	g	Kansas Gas & Electric	6.700		06/15/19		22,687
	520,000	g	Kentucky Utilities Co	3.750		11/15/20		480,075
	60,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		63,820
	150,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		151,143
	400,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		507,670
	100,000		Kinder Morgan Energy Partners LP	5.800		03/01/21		107,397
	285,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		292,090
	229,000		Midamerican Energy Holdings Co	5.880		10/01/12		244,557
	590,000		Midamerican Energy Holdings Co	5.950		05/15/37		608,403
	100,000		Midamerican Energy Holdings Co	6.500		09/15/37		110,592
	85,000		National Fuel Gas Co	5.250		03/01/13		89,713
	320,000		Nevada Power Co	6.500		08/01/18		367,173
	45,000		Nevada Power Co	7.130		03/15/19		52,967
	130,000		Nevada Power Co	5.380		09/15/40		124,751
	235,000		NiSource Finance Corp	5.400		07/15/14		256,750
	50,000		NiSource Finance Corp	6.400		03/15/18		55,938
	150,000		NiSource Finance Corp	6.130		03/01/22		163,220
	525,000		Northern States Power Co	5.350		11/01/39		527,431
	50,000		Oncor Electric Delivery Co LLC	6.800		09/01/18		56,990
	70,000		Oncor Electric Delivery Co LLC	7.250		01/15/33		81,512
	100,000	g	Oncor Electric Delivery Co LLC	5.250		09/30/40		91,642
	225,000		ONEOK Partners LP	5.900		04/01/12		235,467
	100,000		ONEOK Partners LP	3.250		02/01/16		99,507
	30,000		ONEOK Partners LP	6.650		10/01/36		31,846
	100,000		ONEOK Partners LP	6.130		02/01/41		99,949
	355,000		Pacific Gas & Electric Co	8.250		10/15/18		453,455
	20,000		Pacific Gas & Electric Co	6.050		03/01/34		20,841
	75,000		Pacific Gas & Electric Co	5.800		03/01/37		75,821
	250,000		PacifiCorp	6.000		01/15/39		268,863
	465,000		Pepco Holdings, Inc	2.700		10/01/15		457,625
	750,000		PG&E Corp	5.750		04/01/14		819,528
	65,000		Potomac Electric Power Co	7.900		12/15/38		86,837
	200,000		PPL Energy Supply LLC	6.200		05/15/16		219,363
	225,000		Public Service Co of Colorado	4.880		03/01/13		239,407
	85,000		Public Service Co of Colorado	5.500		04/01/14		93,301
	520,000		Public Service Co of Oklahoma	5.150		12/01/19		547,637
	100,000		Public Service Co of Oklahoma	4.400		02/01/21		98,786
	220,000		Public Service Electric & Gas Co	5.300		05/01/18		241,664
	610,000		Public Service Electric & Gas Co	5.380		11/01/39		601,819
	250,000		Puget Sound Energy, Inc	5.760		10/01/39		253,125
	555,000		San Diego Gas & Electric Co	5.350		05/15/40		560,049
	360,000		Sempra Energy	6.000		10/15/39		366,535
	50,000		South Carolina Electric & Gas Co	5.300		05/15/33		48,927
	125,000		South Carolina Electric & Gas Co	5.450		02/01/41		124,660
	100,000		Southern California Edison Co	5.000		01/15/16		109,391
	250,000		Southern California Edison Co	5.500		08/15/18		279,539
	35,000		Southern California Edison Co	6.050		03/15/39		38,165
	300,000		Southern California Edison Co	4.500		09/01/40		262,094

111

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$108,000	Southern Natural Gas Co	5.900	%	04/01/17	$	120,162
	60,000	Spectra Energy Capital LLC	6.200		04/15/18		66,764
	50,000	Spectra Energy Capital LLC	8.000		10/01/19		60,794
	75,000	Toledo Edison Co	7.250		05/01/20		88,662
	270,000	Total Capital S.A.	3.130		10/02/15		275,846
	200,000	Total Capital S.A.	4.450		06/24/20		204,177
	100,000	Total Capital S.A.	4.130		01/28/21		99,206
	50,000	Union Electric Co	6.700		02/01/19		57,702
	100,000	Union Electric Co	8.450		03/15/39		137,001
	263,000	Veolia Environnement	5.250		06/03/13		281,847
	430,000	Virginia Electric and Power Co	4.750		03/01/13		457,785
	350,000	Virginia Electric and Power Co	6.000		05/15/37		375,703
	56,000	Williams Cos, Inc	7.880		09/01/21		69,689
	245,000	Williams Partners LP	3.800		02/15/15		253,619
	70,000	Williams Partners LP	7.250		02/01/17		81,980
	130,000	Williams Partners LP	5.250		03/15/20		135,612
	235,000	Williams Partners LP	6.300		04/15/40		244,036
	200,000	Wisconsin Electric Power Co	5.630		05/15/33		205,285
	100,000	Xcel Energy, Inc	4.700		05/15/20		102,954
		TOTAL UTILITIES					25,854,990
		TOTAL CORPORATE BONDS					313,310,176
		(Cost $317,471,983)
GOVERNMENT BONDS -74.2%
AGENCY SECURITIES - 5.7%
		Federal Farm Credit Bank (FFCB)
	500,000	FFCB	4.850		03/12/12		521,219
	1,945,000	FFCB	1.380		06/25/13		1,964,012
	100,000	FFCB	3.000		09/22/14		104,505
		Federal Home Loan Bank (FHLB)
	500,000	FHLB	1.750		08/22/12		508,068
	3,870,000	FHLB	1.880		06/21/13		3,943,905
	240,000	FHLB	3.630		10/18/13		254,239
	8,625,000	FHLB	3.130		12/13/13		9,019,387
	110,000	FHLB	5.250		06/18/14		122,689
	95,000	FHLB	4.750		12/16/16		105,213
	500,000	FHLB	4.880		05/17/17		556,419
	1,045,000	FHLB	5.000		11/17/17		1,172,040
		Federal Home Loan Mortgage Corp (FHLMC)
	7,495,000	FHLMC	2.130		03/23/12		7,622,130
	3,650,000	FHLMC	1.130		07/27/12		3,679,098
	2,560,000	FHLMC	5.500		08/20/12		2,733,865
	1,025,000	FHLMC	4.130		12/21/12		1,083,973
	500,000	FHLMC	1.630		04/15/13		507,641
	680,000	FHLMC	3.500		05/29/13		717,385
	211,000	FHLMC	4.130		09/27/13		226,432
	207,000	FHLMC	4.500		01/15/14		224,990
	1,740,000	FHLMC	2.500		04/23/14		1,794,934
	108,000	FHLMC	4.380		07/17/15		118,107
	125,000	FHLMC	4.750		11/17/15		138,485

112

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$132,000	FHLMC	4.750	%	01/19/16	$	146,205
	213,000	FHLMC	5.250		04/18/16		241,064
	127,000	FHLMC	5.500		07/18/16		145,346
	2,736,000	FHLMC	5.130		10/18/16		3,073,653
	200,000	FHLMC	4.880		06/13/18		222,380
	2,120,000	FHLMC	6.250		07/15/32		2,580,684
		Federal National Mortgage Association (FNMA)
	740,000	FNMA	1.130		07/30/12		745,632
	5,500,000	FNMA	3.250		04/09/13		5,769,066
	96,000	FNMA	3.880		07/12/13		102,239
	2,185,000	FNMA	1.250		08/20/13		2,192,595
	176,000	FNMA	5.130		01/02/14		192,040
	214,000	FNMA	2.750		02/05/14		222,345
	3,646,000	FNMA	2.750		03/13/14		3,789,594
	4,071,000	FNMA	2.500		05/15/14		4,202,318
	5,415,000	FNMA	3.000		09/16/14		5,666,727
	9,145,000	FNMA	4.630		10/15/14		10,061,877
	215,000	FNMA	5.000		03/15/16		240,858
	150,000	FNMA	5.000		05/11/17		167,899
	340,000	FNMA	5.380		06/12/17		387,685
	155,000	FNMA	6.630		11/15/30		195,704
	500,000	FNMA	5.630		07/15/37		560,160
	560,000	International Finance Corp	5.130		05/02/11		562,083
	590,000	Private Export Funding Corp	2.250		12/15/17		559,780
	640,000	Private Export Funding Corp	4.300		12/15/21		655,212
		TOTAL AGENCY SECURITIES					79,801,882
FOREIGN GOVERNMENT BONDS - 1.9%
	906,000	Brazilian Government International Bond	5.880		01/15/19		1,003,395
	640,000	Brazilian Government International Bond	4.880		01/22/21		652,800
	100,000	Brazilian Government International Bond	8.880		04/15/24		136,000
	80,000	Brazilian Government International Bond	7.130		01/20/37		94,600
	630,000	Brazilian Government International Bond	5.630		01/07/41		618,975
	975,000	Canada Government International Bond	2.380		09/10/14		999,758
	745,000	Chile Government International Bond	3.880		08/05/20		725,444
	100,000	China Development Bank	5.000		10/15/15		108,051
	410,000	Eksportfinans ASA	5.000		02/14/12		425,856
	950,000	Eksportfinans ASA	2.000		09/15/15		929,307
	205,000	European Investment Bank	4.880		02/15/36		207,564
	95,000	Export Development Canada	3.500		05/16/13		99,965
	825,000	Export Development Canada	2.250		05/28/15		834,114
	180,000	Export-Import Bank of Korea	8.130		01/21/14		206,339
	250,000	Export-Import Bank of Korea	5.880		01/14/15		273,766
	190,000	Export-Import Bank of Korea	4.130		09/09/15		194,977
	475,000	Export-Import Bank of Korea	5.130		06/29/20		479,171
	1,190,000	Federative Republic of Brazil	6.000		01/17/17		1,333,989
	120,556	Federative Republic of Brazil	8.000		01/15/18		141,653
	190,000	Hungary Government International Bond	6.380		03/29/21		190,190
	40,000	Hungary Government International Bond	7.630		03/29/41		40,040
	70,000	Hydro Quebec	9.400		02/01/21		99,714
	300,000	Israel Government International Bond	4.630		06/15/13		317,781
	100,000	Israel Government International Bond	5.130		03/26/19		105,491

113

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$150,000		Italian Republic	2.130	%	10/05/12	$	151,307
	200,000		Italian Republic	2.130		09/16/13		200,379
	500,000		Italian Republic	3.130		01/26/15		502,023
	1,200,000		Italian Republic	5.250		09/20/16		1,277,054
	74,000		Italian Republic	5.380		06/15/33		72,835
	430,000		Italy Government International Bond	5.380		06/12/17		457,223
	200,000		Japan Bank for International Cooperation	2.130		11/05/12		203,509
	200,000		Korea Development Bank	8.000		01/23/14		228,267
	475,000		Korea Development Bank	4.380		08/10/15		493,142
	235,000		Korea Development Bank	3.250		03/09/16		230,469
	66,000		Mexico Government International Bond	7.500		04/08/33		80,817
	250,000		Mexico Government International Bond	6.750		09/27/34		282,000
	204,000		Mexico Government International Bond	6.050		01/11/40		210,120
	100,000		Panama Government International Bond	5.200		01/30/20		106,000
	500,000		Panama Government International Bond	6.700		01/26/36		561,250
	320,000		Peruvian Government International Bond	7.130		03/30/19		377,600
	125,000		Peruvian Government International Bond	7.350		07/21/25		148,563
	350,000		Peruvian Government International Bond	5.630		11/18/50		316,750
	380,000		Poland Government International Bond	3.880		07/16/15		384,080
	485,000		Poland Government International Bond	6.380		07/15/19		539,679
	1,055,000		Province of British Columbia Canada	2.850		06/15/15		1,083,553
	730,000		Province of Manitoba Canada	2.130		04/22/13		745,477
	255,000		Province of Nova Scotia Canada	2.380		07/21/15		255,763
	50,000		Province of Nova Scotia Canada	5.130		01/26/17		55,592
	1,700,000		Province of Ontario Canada	2.950		02/05/15		1,756,672
	190,000		Province of Ontario Canada	2.700		06/16/15		193,625
	530,000		Province of Ontario Canada	4.400		04/14/20		548,605
	40,000		Province of Quebec Canada	4.880		05/05/14		43,835
	385,000		Province of Quebec Canada	5.130		11/14/16		429,012
	485,000		Province of Quebec Canada	4.630		05/14/18		521,555
	120,000		Province of Quebec Canada	3.500		07/29/20		115,784
	351,000		Province of Quebec Canada	7.500		09/15/29		470,382
	285,000		Republic of Hungary	6.250		01/29/20		289,988
	475,000		Republic of Korea	5.750		04/16/14		517,532
	100,000		Republic of Korea	7.130		04/16/19		117,866
	289,000		South Africa Government International Bond	7.380		04/25/12		308,508
	110,000		South Africa Government International Bond	6.880		05/27/19		127,738
	225,000		South Africa Government International Bond	5.500		03/09/20		238,219
	100,000		South Africa Government International Bond	6.250		03/08/41		103,062
	196,000		United Mexican States	5.880		02/17/14		215,698
	1,280,000		United Mexican States	5.950		03/19/19		1,426,559
	468,000		United Mexican States	5.130		01/15/20		489,528
			TOTAL FOREIGN GOVERNMENT BONDS					27,096,560
MORTGAGE BACKED - 32.9%
			Federal Home Loan Mortgage Corp (FHLMC)
	1,195,100		FHLMC	4.500		12/01/19		1,262,664
	25,000		FHLMC	4.600		03/15/21		24,920
	2,016,479		FHLMC	4.000		10/01/25		2,076,029
	358,335		FHLMC	5.500		07/01/26		388,549
	1,243,754		FHLMC	4.500		04/01/29		1,285,571
	31,610	i	FHLMC	5.000		10/01/35		33,467

114

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$323,922	i	FHLMC	2.510	%	02/01/36	$	339,071
	107,550	i	FHLMC	5.780		07/01/36		112,511
	301,439	i	FHLMC	2.870		09/01/36		316,244
	371,668	i	FHLMC	4.990		09/01/36		392,324
	247,347	i	FHLMC	5.920		09/01/36		261,311
	42,356	i	FHLMC	5.650		02/01/37		45,316
	45,917	i	FHLMC	5.820		02/01/37		48,977
	732,541	i	FHLMC	5.360		03/01/37		771,945
	84,018	i	FHLMC	5.390		03/01/37		90,098
	807,077	i	FHLMC	5.900		04/01/37		865,576
	84,946	i	FHLMC	5.640		05/01/37		89,987
	378,461	i	FHLMC	5.720		05/01/37		405,308
	110,962	i	FHLMC	5.570		06/01/37		118,098
	426,734	i	FHLMC	5.630		08/01/37		454,628
	487,885	i	FHLMC	5.460		09/01/37		520,163
	229,010	i	FHLMC	5.870		09/01/37		243,455
	15,856	i	FHLMC	6.010		09/01/37		17,051
	78,019	i	FHLMC	5.390		02/01/38		83,507
	541,256	i	FHLMC	4.480		04/01/38		570,143
	632,157	i	FHLMC	4.870		04/01/38		670,117
	62,790	i	FHLMC	4.740		07/01/38		66,457
	1,086,190		FHLMC	4.500		10/01/39		1,105,737
	144,877		FHLMC	5.000		10/01/39		151,401
	2,310,950		FHLMC	4.500		12/01/39		2,355,428
	273,913	i	FHLMC	3.630		06/01/40		284,793
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	104,126		FGLMC	6.000		08/01/12		106,394
	218,262		FGLMC	4.500		05/01/13		223,663
	169,320		FGLMC	5.000		07/01/14		179,835
	9,635		FGLMC	7.500		01/01/16		10,537
	146		FGLMC	7.500		05/01/16		160
	201		FGLMC	7.500		06/01/16		220
	56,749		FGLMC	5.500		05/01/17		61,463
	100,800		FGLMC	5.500		06/01/17		109,163
	68,385		FGLMC	5.000		12/01/17		73,187
	54,397		FGLMC	5.500		12/01/17		58,780
	83,011		FGLMC	5.000		03/01/18		88,829
	259,894		FGLMC	5.000		04/01/18		278,122
	264,800		FGLMC	4.500		06/01/18		280,183
	469,596		FGLMC	4.500		09/01/18		496,878
	484,718		FGLMC	4.000		11/01/18		509,939
	485,782		FGLMC	4.500		01/01/19		513,878
	92,353		FGLMC	4.000		05/01/19		96,610
	731,014		FGLMC	4.500		05/01/19		772,342
	396,025		FGLMC	4.000		10/01/19		414,279
	148,260		FGLMC	5.500		11/01/19		160,947
	253,054		FGLMC	4.500		01/01/20		267,361
	95,621		FGLMC	4.500		02/01/20		101,027
	938,383		FGLMC	5.000		05/01/20		1,005,065
	86,605		FGLMC	4.500		07/01/20		91,465
	1,079,613		FGLMC	5.000		07/01/20		1,155,431
	10,658		FGLMC	7.000		10/01/20		12,238

115

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$89,228		FGLMC	5.000	%	12/01/20	$	95,605
	1,180,502		FGLMC	4.500		06/01/21		1,245,765
	1,984,580		FGLMC	4.500		06/01/21		2,094,296
	131,707		FGLMC	5.500		07/01/21		142,483
	92,901		FGLMC	5.000		10/01/22		98,815
	64,603		FGLMC	6.000		11/01/22		70,377
	679,850		FGLMC	5.000		04/01/23		722,070
	63,085		FGLMC	4.500		05/01/23		66,237
	1,134,348		FGLMC	4.500		05/01/23		1,191,033
	844,338		FGLMC	5.500		05/01/23		912,365
	161,821		FGLMC	5.000		10/01/23		171,870
	105,193		FGLMC	5.500		10/01/23		113,669
	94,364		FGLMC	5.000		11/01/23		100,837
	210,630		FGLMC	5.000		03/01/24		225,080
	70,801		FGLMC	4.500		04/01/24		74,272
	31,510		FGLMC	4.500		05/01/24		33,056
	191,819		FGLMC	4.500		06/01/24		201,225
	876,490		FGLMC	4.000		07/01/24		902,374
	300,011		FGLMC	4.500		09/01/24		314,722
	116,295		FGLMC	4.500		09/01/24		121,997
	54,917		FGLMC	4.500		09/01/24		57,610
	47,198		FGLMC	5.500		09/01/24		51,284
	65,563		FGLMC	4.500		10/01/24		68,778
	137,516		FGLMC	4.500		10/01/24		144,646
	75,539		FGLMC	4.500		11/01/24		79,243
	125,914		FGLMC	4.500		12/01/24		132,088
	641,391		FGLMC	5.500		12/01/24		693,067
	93,430		FGLMC	4.500		02/01/25		98,158
	75,684		FGLMC	4.500		06/01/25		79,395
	123,935		FGLMC	4.500		07/01/25		130,206
	3,656,963		FGLMC	3.500		11/01/25		3,673,430
	35,126		FGLMC	6.000		08/01/26		38,397
	174,919		FGLMC	5.000		10/01/26		186,394
	55,102		FGLMC	5.500		10/01/26		59,748
	566,832		FGLMC	6.000		12/01/27		616,330
	89,844		FGLMC	5.500		05/01/28		95,921
	666		FGLMC	6.500		10/01/28		753
	791,966		FGLMC	5.500		01/01/29		845,533
	15,512		FGLMC	6.500		01/01/29		17,531
	237,810		FGLMC	4.000		02/01/29		238,931
	3,329		FGLMC	6.500		03/01/29		3,762
	97,939		FGLMC	6.500		05/01/29		110,685
	19,589		FGLMC	6.500		07/01/29		22,138
	146,822		FGLMC	5.000		12/01/29		155,039
	249,063		FGLMC	4.000		08/01/30		250,237
	2,195		FGLMC	8.000		01/01/31		2,592
	1,000,000	h	FGLMC	4.000		03/01/31		1,004,715
	21,570		FGLMC	6.500		09/01/31		24,377
	30,161		FGLMC	8.000		09/01/31		35,622
	159,747		FGLMC	7.000		12/01/31		183,798
	100,748		FGLMC	6.500		01/01/32		113,859
	276,710		FGLMC	6.000		02/01/32		304,419

116

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$81,257	FGLMC	7.000	%	04/01/32	$	93,490
	92,564	FGLMC	6.500		05/01/32		104,611
	107,452	FGLMC	5.500		11/01/32		115,492
	108,726	FGLMC	6.000		02/01/33		119,614
	447,060	FGLMC	5.000		03/01/33		469,844
	530,935	FGLMC	6.000		03/01/33		584,101
	176,352	FGLMC	6.000		03/01/33		194,012
	71,964	FGLMC	6.000		03/01/33		79,170
	229,214	FGLMC	5.000		04/01/33		240,896
	45,138	FGLMC	6.000		04/01/33		49,658
	132,747	FGLMC	5.500		06/01/33		142,597
	421,623	FGLMC	4.500		07/01/33		432,900
	73,610	FGLMC	5.000		08/01/33		77,362
	397,605	FGLMC	5.000		08/01/33		417,869
	89,036	FGLMC	6.500		08/01/33		100,623
	913,983	FGLMC	5.000		09/01/33		960,564
	361,127	FGLMC	5.500		09/01/33		387,922
	372,531	FGLMC	5.500		09/01/33		400,173
	270,111	FGLMC	5.500		09/01/33		290,153
	225,703	FGLMC	5.500		09/01/33		242,451
	197,796	FGLMC	4.000		10/01/33		196,720
	121,783	FGLMC	5.000		10/01/33		127,990
	442,730	FGLMC	5.500		10/01/33		475,581
	811,337	FGLMC	5.500		12/01/33		872,046
	214,716	FGLMC	5.500		12/01/33		230,648
	1,468,592	FGLMC	7.000		12/01/33		1,689,698
	2,027,329	FGLMC	5.000		01/01/34		2,130,652
	53,448	FGLMC	5.500		02/01/34		57,414
	306,931	FGLMC	5.000		03/01/34		322,286
	339,952	FGLMC	5.500		03/01/34		365,177
	592,282	FGLMC	5.000		05/01/34		621,912
	330,043	FGLMC	4.500		06/01/34		338,252
	210,381	FGLMC	5.500		06/01/34		225,728
	144,209	FGLMC	6.000		06/01/34		158,650
	393,399	FGLMC	6.000		09/01/34		431,687
	71,496	FGLMC	5.000		11/01/34		75,155
	2,419,658	FGLMC	5.000		12/01/34		2,540,708
	157,124	FGLMC	5.500		12/01/34		168,684
	301,888	FGLMC	5.500		12/01/34		324,288
	23,008	FGLMC	5.500		01/01/35		24,687
	34,943	FGLMC	5.500		01/01/35		37,493
	148,171	FGLMC	5.500		01/01/35		158,842
	954,213	FGLMC	4.500		04/01/35		977,946
	522,566	FGLMC	6.000		05/01/35		572,092
	102,125	FGLMC	6.000		05/01/35		111,618
	586,376	FGLMC	7.000		05/01/35		674,658
	226,410	FGLMC	5.500		06/01/35		242,927
	131,782	FGLMC	5.500		06/01/35		141,395
	230,053	FGLMC	5.000		07/01/35		241,275
	234,454	FGLMC	6.000		07/01/35		256,247
	202,495	FGLMC	5.000		08/01/35		212,373
	74,152	FGLMC	5.500		08/01/35		79,538

117

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$373,365	FGLMC	6.000	%	08/01/35	$	408,070
	103,081	FGLMC	4.500		09/01/35		105,516
	160,390	FGLMC	5.000		10/01/35		168,213
	793,668	FGLMC	5.000		10/01/35		832,794
	799,445	FGLMC	5.000		10/01/35		838,440
	808,580	FGLMC	5.000		12/01/35		848,020
	119,653	FGLMC	5.000		12/01/35		125,489
	428,835	FGLMC	6.000		01/01/36		467,891
	224,234	FGLMC	5.000		02/01/36		235,172
	105,209	FGLMC	5.000		02/01/36		110,341
	140,928	FGLMC	6.000		02/01/36		154,027
	1,311,688	FGLMC	5.500		04/01/36		1,407,048
	119,346	FGLMC	5.500		05/01/36		128,053
	77,391	FGLMC	6.500		05/01/36		86,930
	804,531	FGLMC	5.000		07/01/36		842,265
	421,499	FGLMC	6.000		07/01/36		462,522
	196,469	FGLMC	6.000		08/01/36		214,363
	123,762	FGLMC	6.000		09/01/36		135,807
	340,110	FGLMC	6.500		10/01/36		382,033
	220,191	FGLMC	5.500		11/01/36		235,772
	551,762	FGLMC	6.000		11/01/36		602,014
	313,197	FGLMC	6.500		03/01/37		352,585
	1,796,414	FGLMC	5.500		04/01/37		1,920,446
	207,498	FGLMC	5.000		05/01/37		216,970
	127,860	FGLMC	5.000		06/01/37		133,697
	977,006	FGLMC	5.500		06/01/37		1,044,462
	692,420	FGLMC	6.000		08/01/37		756,780
	277,637	FGLMC	6.000		09/01/37		303,444
	166,873	FGLMC	6.000		11/01/37		181,602
	1,070,652	FGLMC	6.500		11/01/37		1,199,947
	499,334	FGLMC	6.000		01/01/38		543,406
	188,390	FGLMC	6.000		02/01/38		204,900
	1,650,057	FGLMC	5.000		03/01/38		1,725,386
	2,071,333	FGLMC	5.000		04/01/38		2,171,073
	156,015	FGLMC	5.000		04/01/38		163,869
	889,082	FGLMC	5.500		05/01/38		949,218
	94,081	FGLMC	5.500		06/01/38		100,444
	354,549	FGLMC	6.000		07/01/38		385,620
	301,297	FGLMC	5.500		08/01/38		322,995
	412,153	FGLMC	5.000		09/01/38		430,840
	65,507	FGLMC	5.500		10/01/38		69,937
	2,251,881	FGLMC	6.000		11/01/38		2,449,231
	117,211	FGLMC	4.500		02/01/39		119,357
	393,186	FGLMC	5.500		02/01/39		419,780
	81,924	FGLMC	4.500		03/01/39		83,398
	1,260,963	FGLMC	5.000		03/01/39		1,321,682
	346,554	FGLMC	6.000		03/01/39		376,926
	253,489	FGLMC	4.500		04/01/39		258,764
	4,384,077	FGLMC	4.000		05/01/39		4,310,901
	1,921,757	FGLMC	4.500		05/01/39		1,956,342
	78,391	FGLMC	4.500		05/01/39		79,802
	8,448,447	FGLMC	4.500		05/01/39		8,600,487

118

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$2,920,442	FGLMC	4.000	%	06/01/39	$	2,871,696
	788,720	FGLMC	4.500		06/01/39		802,914
	304,621	FGLMC	5.000		06/01/39		319,289
	174,298	FGLMC	5.500		06/01/39		186,087
	4,409,289	FGLMC	4.000		07/01/39		4,335,693
	118,453	FGLMC	4.500		07/01/39		120,585
	247,695	FGLMC	4.500		07/01/39		252,153
	915,632	FGLMC	5.000		07/01/39		956,861
	118,052	FGLMC	4.500		08/01/39		120,176
	345,831	FGLMC	5.000		08/01/39		361,403
	847,172	FGLMC	4.000		09/01/39		833,561
	50,693	FGLMC	5.500		09/01/39		54,122
	275,978	FGLMC	4.500		10/01/39		281,721
	228,828	FGLMC	4.500		10/01/39		233,589
	181,261	FGLMC	4.000		11/01/39		178,236
	887,506	FGLMC	4.500		11/01/39		903,478
	260,813	FGLMC	5.000		11/01/39		272,557
	128,939	FGLMC	5.000		11/01/39		134,745
	609,682	FGLMC	4.500		12/01/39		620,654
	673,732	FGLMC	4.500		12/01/39		686,698
	1,510,020	FGLMC	4.500		12/01/39		1,537,195
	1,786,786	FGLMC	4.500		01/01/40		1,818,941
	88,646	FGLMC	5.000		01/01/40		92,914
	402,872	FGLMC	5.500		01/01/40		430,122
	165,468	FGLMC	4.500		04/01/40		168,652
	1,204,918	FGLMC	4.500		04/01/40		1,225,849
	622,720	FGLMC	5.000		04/01/40		650,760
	40,779	FGLMC	4.500		06/01/40		41,488
	181,977	FGLMC	4.500		08/01/40		185,138
	262,741	FGLMC	5.000		08/01/40		274,571
	2,700,730	FGLMC	5.000		08/01/40		2,830,792
	6,947,361	FGLMC	4.000		12/01/40		6,835,742
		Federal National Mortgage Association (FNMA)
	6,691	FNMA	5.000		06/01/13		7,065
	560,630	FNMA	4.440		07/01/13		586,704
	3,289	FNMA	6.000		09/01/13		3,437
	644,642	FNMA	4.760		10/01/13		666,506
	2,680	FNMA	6.500		12/01/13		2,934
	487,725	FNMA	4.780		02/01/14		518,594
	1,817	FNMA	6.000		06/01/14		1,979
	704,788	FNMA	4.640		11/01/14		749,593
	1,061,470	FNMA	4.860		03/01/16		1,104,360
	159,414	FNMA	6.000		04/01/16		173,611
	139,647	FNMA	5.500		09/01/16		151,465
	10,727	FNMA	6.500		10/01/16		11,756
	66,016	FNMA	6.500		11/01/16		72,349
	46,271	FNMA	6.500		04/01/17		50,854
	40,122	FNMA	6.000		05/01/17		43,859
	266,303	FNMA	5.000		09/01/17		285,130
	41,836	FNMA	6.000		11/01/17		45,641
	457,045	FNMA	5.000		12/01/17		489,357
	34,005	FNMA	5.000		12/01/17		36,410

119

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$472,953	FNMA	4.500	%	04/01/18	$	500,799
	99,436	FNMA	5.000		04/01/18		106,466
	684,383	FNMA	5.500		04/01/18		743,159
	58,692	FNMA	5.500		04/01/18		63,731
	30,628	FNMA	5.500		05/01/18		33,258
	1,060,417	FNMA	4.500		06/01/18		1,122,852
	162,664	FNMA	4.000		08/01/18		170,289
	143,441	FNMA	4.000		08/01/18		150,165
	410,698	FNMA	4.500		09/01/18		434,879
	267,115	FNMA	4.500		10/01/18		282,842
	696,372	FNMA	5.000		11/01/18		745,735
	15,990	FNMA	5.000		01/01/19		17,120
	34,212	FNMA	6.000		01/01/19		37,398
	75,319	FNMA	4.500		05/01/19		79,612
	227,896	FNMA	4.500		06/01/19		240,886
	35,000	FNMA	4.500		06/01/19		36,995
	255,909	FNMA	5.000		07/01/19		274,000
	154,471	FNMA	4.500		11/01/19		163,277
	129,083	FNMA	4.500		12/01/19		136,441
	157,049	FNMA	5.000		03/01/20		168,152
	42,818	FNMA	5.000		04/01/20		45,792
	106,480	FNMA	4.500		06/01/20		112,113
	72,494	FNMA	4.500		09/01/20		76,626
	77,410	FNMA	4.500		10/01/20		81,726
	106,693	FNMA	4.500		11/01/20		112,775
	304,138	FNMA	5.000		12/01/20		325,259
	238,296	FNMA	5.000		03/01/21		255,143
	187,633	FNMA	5.500		08/01/21		203,278
	54,424	FNMA	6.000		08/01/21		59,510
	34,959	FNMA	5.000		10/01/21		37,387
	84,285	FNMA	5.000		11/01/21		90,244
	41,377	FNMA	5.500		11/01/21		44,827
	103,283	FNMA	5.500		10/01/22		111,840
	36,244	FNMA	6.000		10/01/22		39,562
	35,820	FNMA	5.000		03/01/23		38,118
	142,432	FNMA	4.500		04/01/23		149,616
	1,592,444	FNMA	4.500		06/01/23		1,672,768
	98,752	FNMA	5.000		06/01/23		104,992
	73,333	FNMA	5.500		06/01/23		79,915
	1,216,020	FNMA	5.000		07/01/23		1,292,867
	625,619	FNMA	5.000		07/01/23		665,156
	94,050	FNMA	5.500		08/01/23		101,843
	135,769	FNMA	5.000		11/01/23		144,773
	45,697	FNMA	5.500		11/01/23		49,592
	115,626	FNMA	5.500		02/01/24		125,888
	985,052	FNMA	4.000		03/01/24		1,013,988
	67,834	FNMA	4.500		04/01/24		71,235
	2,103,574	FNMA	4.000		05/01/24		2,165,366
	80,580	FNMA	4.000		06/01/24		82,947
	76,635	FNMA	4.500		07/01/24		80,860
	62,460	FNMA	5.500		07/01/24		68,003
	897	FNMA	8.000		07/01/24		1,044

120

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$407,321	FNMA	4.500	%	08/01/24	$	427,739
	1,406,374	FNMA	4.000		09/01/24		1,447,687
	292,371	FNMA	4.000		09/01/24		300,960
	207,258	FNMA	4.500		09/01/24		217,647
	175,203	FNMA	5.000		01/01/25		186,823
	405,605	FNMA	4.500		02/01/25		426,190
	62,429	FNMA	4.500		03/01/25		65,598
	65,404	FNMA	4.500		03/01/25		68,723
	796,605	FNMA	5.000		03/01/25		849,437
	691,905	FNMA	4.500		04/01/25		727,021
	2,407,486	FNMA	4.500		04/01/25		2,529,673
	2,276,218	FNMA	4.500		06/01/25		2,391,743
	3,658,380	FNMA	3.500		09/01/25		3,673,138
	1,732,167	FNMA	5.000		10/01/25		1,847,046
	2,863,771	FNMA	4.000		11/01/25		2,948,342
	68,003	FNMA	6.000		10/01/26		74,399
	34,276	FNMA	5.500		01/01/28		36,770
	29,586	FNMA	5.000		02/01/28		31,266
	165,193	FNMA	5.500		06/01/28		177,212
	32,679	FNMA	5.500		11/01/28		35,057
	73	FNMA	7.500		01/01/29		85
	250,104	FNMA	4.000		03/01/29		251,175
	1,492	FNMA	6.500		04/01/29		1,688
	84,345	FNMA	4.000		07/01/29		84,706
	3,838	FNMA	7.500		07/01/29		4,452
	423	FNMA	7.500		07/01/29		425
	233,888	FNMA	4.500		09/01/29		241,935
	95,691	FNMA	4.500		11/01/29		98,983
	74,530	FNMA	4.500		01/01/30		77,094
	245,710	FNMA	4.000		03/01/30		246,762
	88,693	FNMA	4.500		05/01/30		91,744
	112,604	FNMA	4.500		06/01/30		116,478
	995,563	FNMA	4.500		08/01/30		1,029,812
	248,386	FNMA	4.000		09/01/30		249,450
	1,128,625	FNMA	4.000		10/01/30		1,133,459
	397,306	FNMA	3.500		02/01/31		386,530
	496,951	FNMA	4.000		02/01/31		499,079
	305	FNMA	7.500		02/01/31		354
	4,030	FNMA	7.500		03/01/31		4,679
	24,354	FNMA	6.000		05/01/31		26,816
	2,109	FNMA	7.500		05/01/31		2,449
	3,298	FNMA	6.500		09/01/31		3,731
	1,420	FNMA	6.500		10/01/31		1,607
	189,501	FNMA	6.000		11/01/31		208,655
	20,766	FNMA	6.500		11/01/31		23,491
	43,274	FNMA	6.000		01/01/32		47,648
	74,971	FNMA	6.000		01/01/32		82,549
	48,044	FNMA	6.000		02/01/32		52,900
	126,830	FNMA	6.500		04/01/32		143,475
	361,036	FNMA	6.500		07/01/32		408,416
	34,932	FNMA	6.500		08/01/32		39,516
	527,058	FNMA	6.000		09/01/32		580,331

121

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$49,840	FNMA	7.500	%	09/01/32	$	58,870
	538,953	FNMA	5.500		10/01/32		580,692
	95,790	FNMA	6.000		10/01/32		105,472
	117,008	FNMA	6.000		11/01/32		128,835
	34,629	FNMA	5.500		12/01/32		37,310
	285,857	FNMA	5.500		12/01/32		307,995
	196,429	FNMA	6.000		12/01/32		216,283
	1,084,523	FNMA	5.500		01/01/33		1,168,514
	3,730,110	FNMA	6.000		01/01/33		4,063,893
	1,241,809	FNMA	5.000		02/01/33		1,309,219
	66,938	FNMA	5.000		02/01/33		70,561
	48,761	FNMA	6.000		04/01/33		53,689
	473,629	FNMA	5.000		06/01/33		498,503
	977,359	FNMA	5.500		06/01/33		1,052,440
	126,000	FNMA	4.500		07/01/33		129,783
	626,359	FNMA	5.000		07/01/33		660,262
	825,874	FNMA	4.500		08/01/33		850,673
	519,795	FNMA	4.500		08/01/33		535,403
	225,639	FNMA	5.000		08/01/33		237,852
	293,387	FNMA	5.500		09/01/33		315,925
	602,767	FNMA	5.500		09/01/33		649,071
	114,977	FNMA	6.000		09/01/33		126,598
	1,438,568	FNMA	4.500		10/01/33		1,481,765
	248,574	FNMA	5.000		10/01/33		262,029
	209,992	FNMA	5.000		10/01/33		221,359
	1,477,367	FNMA	5.500		10/01/33		1,590,859
	3,008,217	FNMA	5.500		10/01/33		3,239,308
	119,090	FNMA	4.500		11/01/33		122,666
	5,982,482	FNMA	5.000		11/01/33		6,306,294
	207,710	FNMA	5.000		11/01/33		218,953
	2,364,936	FNMA	5.000		12/01/33		2,493,312
	2,087,197	FNMA	5.500		12/01/33		2,247,535
	739,063	FNMA	5.000		02/01/34		779,066
	2,452,158	FNMA	6.000		02/01/34		2,698,478
	184,479	FNMA	5.000		03/01/34		194,464
	109,013	FNMA	5.000		03/01/34		114,914
	225,932	FNMA	5.000		03/01/34		238,161
	80,224	FNMA	5.000		03/01/34		84,567
	4,542,885	FNMA	5.000		03/01/34		4,788,777
	69,897	FNMA	5.000		03/01/34		73,681
	635,933	FNMA	5.000		04/01/34		669,659
	708,743	FNMA	5.500		04/01/34		763,188
	62,156	FNMA	4.500		05/01/34		64,023
	278,539	FNMA	4.500		05/01/34		286,206
	211,926	FNMA	5.500		07/01/34		227,942
	146,682	FNMA	5.500		07/01/34		157,766
	145,799	FNMA	7.000		07/01/34		167,873
	2,005,354	FNMA	5.000		08/01/34		2,114,617
	246,826	FNMA	5.000		08/01/34		260,213
	871,107	FNMA	6.000		08/01/34		958,610
	169,004	FNMA	6.000		08/01/34		185,980
	114,701	FNMA	4.500		09/01/34		117,858

122

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$3,789,919		FNMA	5.500	%	09/01/34	$	4,076,322
	32,216		FNMA	5.500		11/01/34		34,651
	263,889		FNMA	6.000		11/01/34		289,902
	63,693		FNMA	5.000		12/01/34		67,141
	38,200		FNMA	5.500		12/01/34		41,087
	75,613		FNMA	6.000		12/01/34		83,101
	5,167,979		FNMA	4.500		01/01/35		5,323,160
	468,161		FNMA	5.500		01/01/35		503,730
	11,944,184		FNMA	5.500		02/01/35		12,861,734
	483,298		FNMA	5.500		02/01/35		519,820
	2,625,794		FNMA	5.500		04/01/35		2,835,712
	437,128		FNMA	6.000		04/01/35		480,218
	369,812		FNMA	6.000		04/01/35		406,960
	719,265		FNMA	5.500		05/01/35		776,767
	551,282		FNMA	6.000		05/01/35		605,091
	213,710		FNMA	5.000		06/01/35		225,044
	8,358		FNMA	7.500		06/01/35		9,698
	19,205	i	FNMA	4.580		07/01/35		20,164
	481,271		FNMA	5.000		07/01/35		507,364
	1,306,898		FNMA	4.500		08/01/35		1,340,831
	1,881,369		FNMA	5.000		08/01/35		1,979,968
	872,924		FNMA	5.000		08/01/35		918,672
	59,909		FNMA	4.500		09/01/35		61,708
	67,867		FNMA	4.500		09/01/35		69,629
	122,977		FNMA	5.500		09/01/35		132,424
	1,653,984		FNMA	5.000		10/01/35		1,740,667
	1,750,531		FNMA	5.500		10/01/35		1,890,477
	178,934		FNMA	5.000		11/01/35		186,578
	2,725,136		FNMA	5.500		11/01/35		2,928,520
	61,571		FNMA	4.500		12/01/35		63,170
	239,791		FNMA	5.500		12/01/35		257,912
	1,607,420		FNMA	6.000		12/01/35		1,759,845
	550,240	i	FNMA	2.380		02/01/36		576,921
	80,944		FNMA	5.000		02/01/36		84,023
	205,300		FNMA	5.000		02/01/36		213,108
	1,880,649		FNMA	5.000		02/01/36		1,979,210
	59,684	i	FNMA	5.530		02/01/36		63,850
	384,553		FNMA	6.500		02/01/36		432,855
	3,266,178		FNMA	6.000		03/01/36		3,567,730
	66,646		FNMA	5.000		05/01/36		69,930
	3,208,395		FNMA	6.000		06/01/36		3,511,897
	281,448	i	FNMA	5.970		07/01/36		296,018
	239,384		FNMA	6.000		07/01/36		261,780
	138,896		FNMA	5.500		09/01/36		149,392
	265,508		FNMA	6.500		09/01/36		300,102
	147,598		FNMA	6.500		09/01/36		165,952
	448,422		FNMA	6.000		10/01/36		489,823
	170,860		FNMA	6.500		11/01/36		192,108
	67,134	i	FNMA	5.690		12/01/36		71,677
	1,377,330		FNMA	6.000		12/01/36		1,504,492
	122,087	i	FNMA	5.450		01/01/37		128,663
	591,360		FNMA	5.500		01/01/37		634,201

123

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$18,006	i	FNMA	5.980	%	02/01/37	$	19,150
	118,212		FNMA	6.000		02/01/37		129,126
	82,950		FNMA	7.000		02/01/37		94,937
	34,066		FNMA	5.000		03/01/37		35,702
	24,369	i	FNMA	5.970		03/01/37		25,722
	941,063		FNMA	6.500		03/01/37		1,063,678
	352,067		FNMA	6.500		03/01/37		395,079
	25,598	i	FNMA	5.560		04/01/37		27,506
	492,070		FNMA	7.000		04/01/37		563,179
	66,185		FNMA	7.000		05/01/37		75,750
	186,076	i	FNMA	5.300		06/01/37		197,785
	402,195		FNMA	5.500		06/01/37		431,081
	235,947		FNMA	5.500		08/01/37		253,777
	156,738		FNMA	6.000		08/01/37		171,111
	766,251		FNMA	6.500		08/01/37		866,089
	188,888		FNMA	6.500		08/01/37		214,089
	269,282		FNMA	5.500		09/01/37		290,809
	364,013		FNMA	6.000		09/01/37		401,943
	408,497		FNMA	6.000		09/01/37		451,062
	677,852		FNMA	6.000		09/01/37		748,484
	901,139		FNMA	6.000		09/01/37		995,038
	506,491		FNMA	6.000		09/01/37		551,829
	648,483		FNMA	6.500		09/01/37		732,976
	147,819		FNMA	6.500		09/01/37		166,580
	1,040,245	i	FNMA	5.870		10/01/37		1,105,433
	250,264		FNMA	6.500		10/01/37		280,838
	176,442		FNMA	7.000		11/01/37		201,939
	126,197		FNMA	6.500		01/01/38		141,615
	30,614		FNMA	6.500		01/01/38		34,354
	93,180		FNMA	6.500		02/01/38		105,059
	185,342		FNMA	7.000		02/01/38		212,125
	205,393		FNMA	5.000		03/01/38		215,194
	130,514		FNMA	5.000		03/01/38		136,742
	191,861	i	FNMA	5.010		03/01/38		202,544
	255,728		FNMA	5.500		03/01/38		273,775
	50,140		FNMA	6.000		03/01/38		55,176
	1,678,640		FNMA	6.500		03/01/38		1,883,361
	161,038		FNMA	6.500		03/01/38		180,678
	439,851		FNMA	6.500		03/01/38		493,494
	107,377		FNMA	6.500		03/01/38		120,472
	125,562		FNMA	5.000		04/01/38		131,554
	157,507		FNMA	4.500		05/01/38		160,661
	3,170,601		FNMA	5.000		05/01/38		3,321,904
	3,725,811		FNMA	6.000		07/01/38		4,059,319
	57,213	i	FNMA	4.830		08/01/38		60,605
	30,996	i	FNMA	5.300		08/01/38		33,002
	347,722	i	FNMA	4.940		10/01/38		368,026
	54,026		FNMA	6.000		10/01/38		58,846
	448,293		FNMA	5.500		11/01/38		479,929
	104,291		FNMA	5.000		12/01/38		109,268
	2,107,609		FNMA	4.500		01/01/39		2,149,819
	1,404,400		FNMA	5.500		01/01/39		1,503,508

124

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$805,011		FNMA	6.000	%	01/01/39	$	876,818
	461,386		FNMA	6.000		01/01/39		502,541
	2,244,274		FNMA	4.500		02/01/39		2,289,221
	5,188,638		FNMA	4.500		02/01/39		5,292,553
	105,310		FNMA	5.500		02/01/39		112,742
	99,247		FNMA	5.500		04/01/39		106,561
	3,343,077		FNMA	4.500		05/01/39		3,406,896
	326,334		FNMA	4.500		06/01/39		332,564
	138,004	i	FNMA	3.970		07/01/39		143,927
	1,009,479		FNMA	4.500		07/01/39		1,028,750
	409,359		FNMA	4.500		07/01/39		417,174
	84,771		FNMA	5.000		07/01/39		89,005
	237,176	i	FNMA	3.630		08/01/39		246,609
	1,366,593		FNMA	4.000		08/01/39		1,346,182
	2,941,320		FNMA	4.500		08/01/39		2,997,469
	91,359		FNMA	4.500		08/01/39		93,417
	85,087		FNMA	5.000		08/01/39		89,121
	217,488		FNMA	5.000		09/01/39		227,799
	139,417		FNMA	5.000		11/01/39		146,462
	1,426,922		FNMA	4.500		12/01/39		1,454,162
	325,261		FNMA	4.500		12/01/39		332,386
	249,384	i	FNMA	3.730		01/01/40		257,375
	223,804		FNMA	4.500		01/01/40		228,076
	309,836		FNMA	5.000		01/01/40		325,282
	1,194,378		FNMA	4.500		03/01/40		1,217,179
	131,362		FNMA	5.000		03/01/40		137,672
	132,602		FNMA	4.500		04/01/40		135,134
	1,145,821	i	FNMA	3.600		05/01/40		1,188,786
	89,997		FNMA	4.500		05/01/40		91,884
	415,299		FNMA	4.500		07/01/40		423,227
	496,435		FNMA	4.500		07/01/40		505,912
	353,999		FNMA	5.000		07/01/40		371,002
	303,508	i	FNMA	3.530		08/01/40		313,664
	6,250,427		FNMA	4.500		09/01/40		6,369,747
	3,587,896		FNMA	4.500		09/01/40		3,656,389
	988,999		FNMA	3.500		10/01/40		932,504
	4,870,382		FNMA	4.000		10/01/40		4,797,640
	4,882,357		FNMA	4.000		11/01/40		4,809,436
	683,138		FNMA	4.500		11/01/40		696,179
	1,480,564	i	FNMA	3.280		12/01/40		1,498,325
	771,078	i	FNMA	3.160		02/01/41		790,659
	1,245,599		FNMA	3.500		02/01/41		1,174,446
	2,500,000	h	FNMA	4.000		03/01/41		2,462,661
			Government National Mortgage Association (GNMA)
	33,811		GNMA	5.000		02/15/18		36,286
	94,037		GNMA	4.500		02/15/19		99,956
	45,460		GNMA	4.500		01/20/24		48,137
	34,988		GNMA	4.500		07/15/24		37,059
	50,456		GNMA	4.000		08/15/24		52,727
	247,782		GNMA	4.500		08/15/24		262,448
	669,236		GNMA	4.000		09/15/24		699,352
	85,740		GNMA	4.500		01/15/25		90,815

125

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$11,662	GNMA	6.500	%	09/15/28	$	13,208
	2,168	GNMA	6.500		09/15/28		2,455
	8,777	GNMA	6.500		11/15/28		9,940
	1,423	GNMA	7.500		11/15/28		1,654
	9,944	GNMA	8.500		10/15/30		9,984
	8,801	GNMA	8.500		10/20/30		10,555
	1,293	GNMA	8.500		12/15/30		1,557
	1,585	GNMA	7.000		06/20/31		1,830
	1,120	GNMA	6.500		07/15/31		1,268
	7,668	GNMA	7.000		07/15/31		8,879
	4,913	GNMA	7.000		07/15/31		5,688
	5,336	GNMA	7.500		02/15/32		6,244
	127,517	GNMA	5.500		12/20/32		138,954
	273,249	GNMA	5.500		05/15/33		297,870
	47,781	GNMA	5.000		07/15/33		51,014
	220,241	GNMA	5.500		07/15/33		240,086
	42,157	GNMA	5.000		07/20/33		45,062
	81,598	GNMA	5.000		08/15/33		87,118
	292,721	GNMA	5.000		08/15/33		312,525
	504,534	GNMA	5.500		09/15/33		549,995
	526,284	GNMA	6.000		11/20/33		576,774
	227,488	GNMA	5.500		05/20/34		247,796
	357,513	GNMA	6.000		09/20/34		391,436
	35,824	GNMA	5.000		10/20/34		38,293
	275,530	GNMA	6.500		01/15/35		308,400
	181,639	GNMA	5.500		02/20/35		197,627
	3,946,799	GNMA	5.000		03/20/35		4,218,758
	1,317,491	GNMA	5.500		05/20/35		1,432,222
	57,167	GNMA	5.000		09/20/35		61,053
	59,135	GNMA	5.000		11/15/35		63,025
	48,278	GNMA	5.000		11/15/35		51,454
	449,357	GNMA	5.500		02/20/36		488,489
	47,271	GNMA	5.500		03/15/36		51,530
	172,563	GNMA	5.500		05/20/36		187,375
	39,911	GNMA	6.500		06/15/36		45,125
	69,156	GNMA	5.000		09/15/36		73,608
	91,883	GNMA	6.000		09/15/36		101,320
	148,537	GNMA	6.000		10/20/36		162,601
	71,956	GNMA	5.000		12/15/36		76,462
	68,034	GNMA	5.500		01/15/37		73,803
	82,993	GNMA	6.000		01/20/37		90,851
	2,961,421	GNMA	5.500		02/15/37		3,212,525
	274,173	GNMA	6.000		02/20/37		299,876
	1,901,949	GNMA	6.000		04/15/37		2,096,998
	45,831	GNMA	6.500		04/15/37		51,889
	148,054	GNMA	6.000		06/15/37		163,121
	171,107	GNMA	6.000		08/20/37		187,149
	119,874	GNMA	6.500		08/20/37		134,721
	673,902	GNMA	6.000		12/15/37		742,486
	52,896	GNMA	5.000		02/20/38		56,218
	1,793,734	GNMA	5.000		04/15/38		1,905,562
	57,414	GNMA	5.500		05/20/38		62,126

126

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$156,707		GNMA	5.500	%	06/15/38	$	170,827
	470,692		GNMA	6.000		06/20/38		514,379
	1,524,932		GNMA	5.500		07/15/38		1,653,757
	867,155		GNMA	5.500		07/20/38		938,334
	147,264		GNMA	5.500		08/15/38		159,705
	720,920		GNMA	6.000		08/15/38		794,063
	436,301		GNMA	6.000		08/20/38		476,795
	293,471		GNMA	5.000		10/15/38		311,768
	52,644		GNMA	5.500		10/15/38		57,782
	63,951		GNMA	6.500		10/20/38		71,742
	131,151		GNMA	6.500		10/20/38		147,846
	34,668		GNMA	5.500		11/15/38		37,596
	238,475		GNMA	6.500		11/20/38		267,489
	25,987		GNMA	6.500		12/15/38		29,325
	136,494		GNMA	5.000		01/15/39		145,003
	330,698		GNMA	5.000		02/15/39		351,315
	120,252		GNMA	6.000		02/15/39		132,453
	2,292,671		GNMA	4.500		03/15/39		2,369,452
	406,963		GNMA	4.500		03/15/39		420,592
	83,111		GNMA	4.500		03/20/39		85,804
	67,967	i	GNMA	5.000		03/20/39		71,968
	1,180,006		GNMA	5.500		03/20/39		1,276,496
	205,850		GNMA	4.500		04/15/39		212,744
	54,982		GNMA	5.000		04/20/39		58,427
	241,197		GNMA	4.000		05/15/39		241,699
	5,787,105		GNMA	4.500		05/15/39		5,980,913
	186,837		GNMA	4.000		05/20/39		187,139
	645,897		GNMA	4.500		05/20/39		666,821
	69,284		GNMA	4.500		06/15/39		71,604
	4,854,189		GNMA	5.000		06/15/39		5,182,606
	5,863,459		GNMA	5.000		06/15/39		6,260,158
	257,891		GNMA	5.000		06/15/39		273,969
	120,403		GNMA	5.000		06/15/39		127,909
	137,494		GNMA	5.000		06/15/39		146,066
	93,263		GNMA	4.000		06/20/39		93,414
	77,533		GNMA	5.000		06/20/39		82,392
	146,355		GNMA	4.500		07/15/39		151,256
	254,812		GNMA	4.500		07/15/39		263,345
	108,340		GNMA	5.000		07/15/39		115,095
	1,106,096		GNMA	4.500		07/20/39		1,141,929
	1,082,992		GNMA	5.000		07/20/39		1,150,848
	102,946		GNMA	5.500		07/20/39		111,492
	422,542		GNMA	4.000		08/15/39		423,422
	151,029		GNMA	5.500		08/15/39		163,788
	346,436		GNMA	6.000		08/15/39		381,585
	244,200		GNMA	4.000		08/20/39		244,595
	321,502		GNMA	5.000		08/20/39		341,646
	171,042		GNMA	5.000		09/15/39		181,706
	430,965		GNMA	5.000		09/20/39		457,968
	121,935		GNMA	4.500		10/15/39		126,019
	70,382		GNMA	5.000		10/15/39		74,770
	110,209		GNMA	4.500		10/20/39		113,780

127

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$141,974		GNMA	4.500	%	11/15/39	$	146,995
	159,158		GNMA	4.500		11/20/39		164,215
	206,268		GNMA	5.000		11/20/39		219,192
	294,415		GNMA	4.500		12/15/39		304,275
	6,537,001		GNMA	4.500		12/15/39		6,755,921
	151,593		GNMA	4.500		12/20/39		156,409
	5,064,758		GNMA	4.500		01/20/40		5,225,669
	80,492		GNMA	5.500		01/20/40		87,074
	303,391		GNMA	4.000		03/15/40		304,023
	118,275		GNMA	5.000		03/15/40		125,649
	97,153		GNMA	4.500		04/15/40		100,406
	1,824,008		GNMA	5.000		04/15/40		1,937,724
	225,044		GNMA	4.500		04/20/40		232,193
	46,816		GNMA	4.500		05/15/40		48,384
	1,221,136		GNMA	5.000		05/15/40		1,297,266
	1,982,210	i	GNMA	3.000		05/20/40		2,012,230
	47,605		GNMA	4.500		05/20/40		49,118
	135,839		GNMA	4.500		06/15/40		140,388
	136,450		GNMA	4.500		06/15/40		141,020
	1,156,451		GNMA	5.000		06/20/40		1,228,910
	658,312		GNMA	4.500		07/15/40		680,359
	3,037,041		GNMA	4.500		07/15/40		3,138,750
	258,898		GNMA	5.000		07/20/40		275,120
	391,028		GNMA	4.500		08/15/40		404,857
	601,930		GNMA	4.500		08/20/40		621,054
	460,701		GNMA	4.500		09/20/40		475,338
	170,548		GNMA	5.500		09/20/40		184,707
	113,532		GNMA	4.000		10/15/40		113,839
	4,953,049		GNMA	4.000		11/20/40		4,961,046
	1,992,472		GNMA	4.000		01/20/41		1,995,689
	1,248,137		GNMA	4.000		02/15/41		1,250,738
	831,898		GNMA	6.230		09/15/43		881,214
	1,344,234		GNMA	6.500		01/15/44		1,453,837
			TOTAL MORTGAGE BACKED					457,182,225
MUNICIPAL BONDS - 0.9%
	300,000		American Municipal Power-Ohio, Inc	7.830		02/15/41		333,162
	150,000		Colorado Bridge Enterprise	6.078		12/01/40		155,222
	200,000		Commonwealth of Massachusetts	4.200		12/01/21		198,432
	100,000		Kentucky Asset Liability Commission	3.170		04/01/18		97,028
	30,000		Los Angeles Unified School District	5.750		07/01/34		28,164
	100,000		Massachusetts School Building Authority	5.720		08/15/39		101,285
	100,000		Metropolitan Government of Nashville & Davidson	6.730		07/01/43		97,084
	300,000		Metropolitan Transportation Authority	6.650		11/15/39		303,606
	250,000		Municipal Electric Authority of Georgia	6.640		04/01/57		237,500
	100,000		New Jersey Economic Development Authority	7.430		02/15/29		103,563
	35,000		New Jersey State Turnpike Authority	7.410		01/01/40		38,736
	800,000		New Jersey Transportation Trust Fund Authority	5.750		12/15/28		776,176
	300,000		New York City Municipal Water Finance Authority	5.790		06/15/41		279,495
	600,000		New York State Dormitory Authority	5.290		03/15/33		569,166
	130,000		New York State Dormitory Authority	5.630		03/15/39		127,308
	400,000		New York State Urban Development Corp	5.840		03/15/40		400,584

128

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		Ohio State University	4.910	%	06/01/40	$	91,506
	100,000		Oregon State Department of Transportation	5.830		11/15/34		99,444
	200,000		Port Authority of New York & New Jersey	6.040		12/01/29		204,750
			Salt River Project Agricultural Improvement & Power
	100,000		District	4.840		01/01/41		89,385
	100,000		State of California	6.200		10/01/19		106,269
	100,000		State of California	5.700		11/01/21		101,483
	100,000	i	State of California	5.650		04/01/39		104,941
	285,000		State of California	7.550		04/01/39		309,792
	900,000		State of California	7.300		10/01/39		948,824
	1,330,000		State of California	7.630		03/01/40		1,454,953
	300,000		State of Connecticut	5.090		10/01/30		284,511
	400,000		State of Illinois	4.960		03/01/16		399,084
	300,000		State of Illinois	5.100		06/01/33		243,261
	1,295,000		State of Illinois	6.730		04/01/35		1,242,254
	100,000		State of Texas	4.630		04/01/33		91,356
	50,000		State of Texas	5.520		04/01/39		50,485
	100,000		State of Utah	3.540		07/01/25		92,444
	200,000		State of Washington	5.090		08/01/33		190,890
	200,000		State Public School Building Authority	5.000		09/15/27		181,834
	750,000		Tennessee Valley Authority	3.880		02/15/21		752,478
	1,000,000		Tennessee Valley Authority	4.630		09/15/60		926,530
	200,000		University of California	5.770		05/15/43		192,234
	700,000		University of Texas	4.790		08/15/46		624,624
	150,000		Virginia Commonwealth Transportation Board	5.350		05/15/35		145,436
			TOTAL MUNICIPAL BONDS					12,775,279
U.S. TREASURY SECURITIES - 32.8%
	178,400		United States Treasury Bond	7.500		11/15/16		226,024
	160,000		United States Treasury Bond	8.750		05/15/17		216,163
	139,200		United States Treasury Bond	8.880		08/15/17		190,182
	130,100		United States Treasury Bond	8.880		02/15/19		184,163
	151,300		United States Treasury Bond	8.130		08/15/19		207,766
	148,500		United States Treasury Bond	8.750		08/15/20		213,944
	125,700		United States Treasury Bond	7.880		02/15/21		173,152
	125,000		United States Treasury Bond	8.130		05/15/21		175,156
	122,000		United States Treasury Bond	8.130		08/15/21		171,448
	16,379,100		United States Treasury Bond	8.000		11/15/21		22,874,428
	127,000		United States Treasury Bond	7.250		08/15/22		169,624
	740,000		United States Treasury Bond	6.250		08/15/23		918,988
	3,275,000		United States Treasury Bond	6.380		08/15/27		4,145,947
	12,310,000		United States Treasury Bond	5.250		02/15/29		13,864,138
	9,879,000		United States Treasury Bond	5.380		02/15/31		11,297,565
	860,000		United States Treasury Bond	4.500		02/15/36		868,332
	236,000		United States Treasury Bond	5.000		05/15/37		256,429
	144,000		United States Treasury Bond	4.380		02/15/38		141,638
	2,733,000		United States Treasury Bond	3.500		02/15/39		2,291,451
	241,000		United States Treasury Bond	4.500		08/15/39		240,925
	850,000		United States Treasury Bond	4.380		11/15/39		831,539
	915,000		United States Treasury Bond	4.630		02/15/40		933,015
	3,380,000		United States Treasury Bond	4.380		05/15/40		3,304,491
	13,410,000		United States Treasury Bond	3.880		08/15/40		11,999,858

129

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$325,000	United States Treasury Note	1.380	%	04/15/12	$	328,478
	970,000	United States Treasury Note	1.000		04/30/12		976,703
	1,023,000	United States Treasury Note	1.380		05/15/12		1,034,389
	200,000	United States Treasury Note	0.750		05/31/12		200,844
	125,000	United States Treasury Note	4.750		05/31/12		131,318
	4,294,000	United States Treasury Note	1.880		06/15/12		4,369,982
	1,535,000	United States Treasury Note	0.630		06/30/12		1,538,960
	404,000	United States Treasury Note	1.500		07/15/12		409,523
	5,755,000	United States Treasury Note	0.630		07/31/12		5,768,064
	125,000	United States Treasury Note	4.630		07/31/12		131,899
	476,500	United States Treasury Note	1.750		08/15/12		484,764
	15,770,000	United States Treasury Note	0.380		08/31/12		15,743,506
	600,000	United States Treasury Note	1.380		09/15/12		607,336
	16,900,000	United States Treasury Note	0.380		09/30/12		16,857,750
	990,000	United States Treasury Note	1.380		10/15/12		1,002,143
	18,350,000	United States Treasury Note	0.380		10/31/12		18,289,077
	165,000	United States Treasury Note	4.000		11/15/12		174,017
	29,600,000	United States Treasury Note	0.500		11/30/12		29,537,573
	8,000,000	United States Treasury Note	0.630		12/31/12		7,993,128
	7,650,000	United States Treasury Note	0.630		01/31/13		7,636,253
	160,000	United States Treasury Note	2.880		01/31/13		166,419
	230,000	United States Treasury Note	3.880		02/15/13		243,656
	5,000,000	United States Treasury Note	0.630		02/28/13		4,987,695
	577,000	United States Treasury Note	2.750		02/28/13		599,043
	235,000	United States Treasury Note	2.500		03/31/13		243,078
	209,000	United States Treasury Note	3.130		04/30/13		219,042
	350,000	United States Treasury Note	1.380		05/15/13		353,829
	750,000	United States Treasury Note	3.380		06/30/13		791,426
	155,000	United States Treasury Note	0.750		08/15/13		154,213
	2,139,000	United States Treasury Note	4.250		08/15/13		2,304,272
	2,045,000	United States Treasury Note	3.130		08/31/13		2,150,444
	10,575,000	United States Treasury Note	0.750		09/15/13		10,508,081
	196,000	United States Treasury Note	3.130		09/30/13		206,168
	2,075,000	United States Treasury Note	0.500		10/15/13		2,046,631
	2,710,000	United States Treasury Note	2.750		10/31/13		2,827,503
	140,000	United States Treasury Note	0.500		11/15/13		137,889
	8,284,000	United States Treasury Note	2.000		11/30/13		8,476,214
	683,000	United States Treasury Note	1.500		12/31/13		689,456
	150,000	United States Treasury Note	1.250		03/15/14		149,954
	4,693,000	United States Treasury Note	1.880		04/30/14		4,774,029
	750,000	United States Treasury Note	4.750		05/15/14		829,863
	11,198,000	United States Treasury Note	2.250		05/31/14		11,512,070
	6,784,000	United States Treasury Note	2.630		06/30/14		7,050,062
	185,000	United States Treasury Note	2.630		07/31/14		192,169
	117,000	United States Treasury Note	4.250		08/15/14		127,941
	5,583,000	United States Treasury Note	2.380		08/31/14		5,747,001
	4,910,000	United States Treasury Note	2.380		09/30/14		5,051,545
	9,860,000	United States Treasury Note	2.380		10/31/14		10,135,005
	1,280,000	United States Treasury Note	2.130		11/30/14		1,303,300
	6,310,000	United States Treasury Note	2.250		01/31/15		6,440,144
	100	United States Treasury Note	2.500		03/31/15		103
	7,170,000	United States Treasury Note	2.500		04/30/15		7,365,497

130

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$1,240,000		United States Treasury Note	2.130	%	05/31/15	$	1,253,566
	3,120,000		United States Treasury Note	1.880		06/30/15		3,118,293
	6,895,000		United States Treasury Note	1.750		07/31/15		6,843,288
	1,775,000		United States Treasury Note	4.250		08/15/15		1,948,201
	12,840,000		United States Treasury Note	1.250		08/31/15		12,444,772
	18,805,000		United States Treasury Note	1.250		09/30/15		18,186,484
	27,300,000		United States Treasury Note	1.250		10/31/15		26,342,370
	23,550,000		United States Treasury Note	1.380		11/30/15		22,804,853
	5,000,000		United States Treasury Note	2.130		12/31/15		5,001,170
	5,400,000		United States Treasury Note	2.000		01/31/16		5,360,764
	10,650,000		United States Treasury Note	2.130		02/29/16		10,616,719
	250,000		United States Treasury Note	2.630		02/29/16		255,078
	9,000,000		United States Treasury Note	2.250		03/31/16		9,010,530
	164,000		United States Treasury Note	5.130		05/15/16		186,845
	970,000		United States Treasury Note	3.250		07/31/16		1,013,877
	173,000		United States Treasury Note	4.630		11/15/16		192,855
	220,000		United States Treasury Note	3.000		02/28/17		225,088
	3,830,000		United States Treasury Note	1.880		08/31/17		3,631,617
	302,400		United States Treasury Note	2.750		02/15/19		295,478
	428,200		United States Treasury Note	3.130		05/15/19		428,167
	1,377,000		United States Treasury Note	3.630		02/15/20		1,414,438
	1,132,000		United States Treasury Note	3.500		05/15/20		1,147,305
	8,342,000		United States Treasury Note	2.630		08/15/20		7,825,839
	5,650,000		United States Treasury Note	2.630		11/15/20		5,272,156
	8,350,000		United States Treasury Note	3.630		02/15/21		8,468,729
	2,450,000		United States Treasury Note	6.250		05/15/30		3,087,764
	12,085,000		United States Treasury Note	4.250		11/15/40		11,558,167
	2,925,000		United States Treasury Note	4.750		02/15/41		3,040,172
	30,000	j	United States Treasury Strip Principal	0.000		08/15/27		14,427
			TOTAL U.S. TREASURY SECURITIES					457,884,827
			TOTAL GOVERNMENT BONDS					1,034,740,773
			(Cost $1,048,342,460)
STRUCTURED ASSETS - 2.6%
ASSET BACKED - 0.2%
	340,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15		363,711
			Series - 2010 1 (Class C)
	590,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		602,722
			Series - 2010 3 (Class C)
	500,000		Capital One Multi-Asset Execution Trust	5.750		07/15/20		565,457
			Series - 2007 A7 (Class A7)
	195,566	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		49,878
			Series - 2004 2 (Class 1B)
	500,000		Chase Issuance Trust	5.120		10/15/14		532,399
			Series - 2007 A17 (Class A)
	135,000		CitiBank Credit Card Issuance Trust	4.900		06/23/16		147,321
			Series - 2009 A4 (Class A4)
	750,000		CitiBank Credit Card Issuance Trust	5.650		09/20/19		843,777
			Series - 2007 A8 (Class A8)
	23,802	i	Countrywide Home Equity Loan Trust	0.480		02/15/29		15,377
			Series - 2004 B (Class 1A)

131

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$100,000		Discover Card Master Trust	5.650	%	03/16/20	$	112,169
			Series - 2007 A1 (Class A1)
	100,000		Ford Credit Auto Owner Trust	5.600		10/15/12		103,434
			Series - 2007 A (Class B)
	28,963		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		28,999
			Series - 2007 1 (Class A1F)
	42,468	i	Residential Asset Securities Corp	6.490		10/25/30		37,277
			Series - 2001 KS2 (Class AI6)
	15,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		11,989
			Series - 2006 HI1 (Class M2)
	15,000	g	Vornado DP LLC	4.000		09/13/28		14,410
			Series - 2010 VNO (Class A2FX)
			TOTAL ASSET BACKED					3,428,920
OTHER MORTGAGE BACKED - 2.4%
	1,000,000	i	Banc of America Commercial Mortgage, Inc	5.070		11/10/42		1,029,545
			Series - 2005 1 (Class A4)
	261,366		Banc of America Commercial Mortgage, Inc	5.810		07/10/44		264,062
			Series - 2006 3 (Class A2)
	105,000	i	Banc of America Commercial Mortgage, Inc	5.890		07/10/44		113,587
			Series - 2006 3 (Class A4)
	450,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		473,633
			Series - 2006 6 (Class A4)
	500,000		Banc of America Commercial Mortgage, Inc	5.380		09/10/47		521,435
			Series - 2006 5 (Class AAB)
	285,000		Banc of America Commercial Mortgage, Inc	5.450		01/15/49		298,568
			Series - 2007 1 (Class A3)
	325,000	i	Banc of America Commercial Mortgage, Inc	5.840		06/10/49		340,130
			Series - 2007 3 (Class A3)
	78,690		Bank of America Alternative Loan Trust	5.500		09/25/19		80,561
			Series - 2004 8 (Class 3A1)
	320,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		337,457
			Series - 2006 PW14 (Class A4)
	280,000	i	Bear Stearns Commercial Mortgage Securities	5.450		03/11/39		304,278
			Series - 2006 PW11 (Class A4)
	200,000	i	Bear Stearns Commercial Mortgage Securities	5.720		06/11/40		215,660
			Series - 2007 PW16 (Class A4)
	355,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41		373,003
			Series - 2005 PWR8 (Class A4)
	177,534	i	Bear Stearns Commercial Mortgage Securities	5.290		06/11/41		185,291
			Series - 2004 PWR4 (Class A2)
	625,000	i	Bear Stearns Commercial Mortgage Securities	5.470		06/11/41		671,754
			Series - 2004 PWR4 (Class A3)
	495,000		Bear Stearns Commercial Mortgage Securities	5.540		10/12/41		531,575
			Series - 2006 T24 (Class A4)
	660,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		694,072
			Series - 2004 T16 (Class A6)
	300,000	i	Citigroup Commercial Mortgage Trust	5.700		12/10/49		309,678
			Series - 2007 C6 (Class A2)
	500,000		Citigroup Commercial Mortgage Trust	5.210		12/11/49		511,096
			Series - 2007 CD4 (Class A2B)

132

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$585,000		Citigroup, Inc	5.320	%	12/11/49	$	614,882
			Series - 2007 CD4 (Class A4)
	255,000	i	Commercial Mortgage Pass Through Certificates	5.810		12/10/49		276,687
			Series - 2007 C9 (Class A4)
	250,000		Credit Suisse Mortgage Capital Certificates	5.440		09/15/39		259,799
			Series - 2006 C4 (Class AAB)
	190,000		Credit Suisse Mortgage Capital Certificates	5.470		09/15/39		201,158
			Series - 2006 C4 (Class A3)
	310,000		CS First Boston Mortgage Securities Corp	3.940		05/15/38		320,073
			Series - 2003 C3 (Class A5)
	290,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		296,014
			Series - 2003 C3 (Class B)
	625,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		669,827
			Series - 2005 C5 (Class A4)
	220,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		220,019
			Series - 2005 C5 (Class AJ)
	330,000		GMAC Commercial Mortgage Securities, Inc	5.020		04/10/40		351,099
			Series - 2003 C3 (Class A4)
	180,000	i	Greenwich Capital Commercial Funding Corp	5.320		06/10/36		192,700
			Series - 0 GG1 (Class A7)
	460,000	i	Greenwich Capital Commercial Funding Corp	5.220		04/10/37		489,799
			Series - 2005 GG5 (Class A5)
	300,000	i	Greenwich Capital Commercial Funding Corp	5.280		04/10/37		302,625
			Series - 2005 GG5 (Class AM)
	725,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		793,147
			Series - 2006 GG7 (Class A4)
	502,854		Greenwich Capital Commercial Funding Corp	5.380		03/10/39		513,930
			Series - 2007 GG9 (Class A2)
	550,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		582,155
			Series - 2007 GG9 (Class A4)
	610,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39		606,736
			Series - 2007 GG9 (Class AM)
	450,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		482,598
			Series - 2006 GG6 (Class A4)
	740,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		761,533
			Series - 2006 GG6 (Class AM)
	1,350,000		GS Mortgage Securities Corp II	5.560		11/10/39		1,451,980
			Series - 2006 GG8 (Class A4)
	90,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		97,041
			Series - 2009 IWST (Class A2)
	25,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		24,940
			Series - 2010 C2 (Class B)
	50,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.530		11/15/43		50,454
			Series - 2010 C2 (Class C)
	125,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.430		12/12/43		133,831
			Series - 2006 CB17 (Class A4)
	825,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.200		12/15/44		839,823
			Series - 2005 LDP5 (Class A2)
	1,110,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		1,162,147
			Series - 2006 LDP9 (Class A3)
	950,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		1,001,760
			Series - 2007 CB18 (Class A4)

133

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$360,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820	%	06/15/49	$	385,566
			Series - 2007 LD11 (Class A4)
	545,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		572,524
			Series - 2005 C1 (Class A4)
	415,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		443,795
			Series - 2005 C2 (Class A5)
	380,000		LB-UBS Commercial Mortgage Trust	5.160		02/15/31		406,327
			Series - 2006 C1 (Class A4)
	220,000		LB-UBS Commercial Mortgage Trust	4.390		03/15/32		229,569
			Series - 2003 C1 (Class A4)
	125,000		LB-UBS Commercial Mortgage Trust	5.370		09/15/39		133,417
			Series - 2006 C6 (Class A4)
	1,405,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		1,492,063
			Series - 2007 C1 (Class A4)
	970,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		1,022,109
			Series - 2007 C2 (Class A3)
	675,000	i	LB-UBS Commercial Mortgage Trust	5.490		02/15/40		662,205
			Series - 2007 C2 (Class AM)
	475,000	i	Merrill Lynch	5.380		07/12/46		497,111
			Series - 2006 3 (Class ASB)
	425,000	i	Merrill Lynch	5.490		07/12/46		388,456
			Series - 2006 3 (Class AJ)
	225,000	i	Merrill Lynch Mortgage Trust	5.230		11/12/37		221,196
			Series - 2005 CKI1 (Class AJ)
	290,000	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		301,032
			Series - 2005 CIP1 (Class AM)
	235,000	i	Merrill Lynch Mortgage Trust	5.670		05/12/39		255,097
			Series - 2006 C1 (Class A4)
	450,000	i	Merrill Lynch Mortgage Trust	5.830		06/12/50		469,870
			Series - 2007 C1 (Class A3)
	475,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.430		02/12/39		511,247
			Series - 2006 1 (Class A4)
	440,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.960		08/12/49		441,776
			Series - 2007 8 (Class AM)
	390,000	i	Merrill Lynch/Countrywide Commerical Mortgage Trust	5.480		02/12/39		403,017
			Series - 0 1 (Class A3)
	31,701		Morgan Stanley Capital I	4.690		06/13/41		31,685
			Series - 2004 T15 (Class A2)
	505,000	i	Morgan Stanley Capital I	5.270		06/13/41		540,998
			Series - 2004 T15 (Class A4)
	610,000		Morgan Stanley Capital I	5.170		01/14/42		652,277
			Series - 2005 HQ5 (Class A4)
	272,157		Morgan Stanley Capital I	6.230		01/11/43		286,800
			Series - 2008 T29 (Class A1)
	590,000		Morgan Stanley Capital I	5.360		03/15/44		617,313
			Series - 2007 IQ13 (Class A4)
	225,000	i	Morgan Stanley Capital I	5.730		07/12/44		245,988
			Series - 2006 HQ9 (Class A4)
	50,000	i	Morgan Stanley Capital I	5.690		04/15/49		52,679
			Series - 2007 IQ14 (Class A4)
	205,000	i	Morgan Stanley Capital I	5.540		11/12/49		213,014
			Series - 2007 T25 (Class AM)

134

TIAA-CREF FUNDS – Bond Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$245,000		Morgan Stanley Capital I	4.770	%	07/15/56	$	247,054
			Series - 0 IQ9 (Class AJ)
	200,000	i	Wachovia Bank Commercial Mortgage Trust	5.360		12/15/44		197,236
			Series - 2005 C22 (Class AJ)
	549,158		Wachovia Bank Commercial Mortgage Trust	5.940		06/15/45		553,075
			Series - 2006 C26 (Class A2)
	400,000	i	Wachovia Bank Commercial Mortgage Trust	5.830		07/15/45		384,646
			Series - 2006 C27 (Class AJ)
	525,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		562,182
			Series - 2007 C33 (Class A4)
	200,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		212,254
			Series - 2007 C33 (Class A5)
			TOTAL OTHER MORTGAGE BACKED					33,585,720
			TOTAL STRUCTURED ASSETS					37,014,640
			(Cost $36,571,369)
			TOTAL BONDS					1,385,065,589
			(Cost $1,402,385,812)
			TOTAL INVESTMENTS - 99.3%					1,385,065,589
			(Cost $1,402,385,812)
			OTHER ASSETS & LIABILITIES, NET - 0.7%					9,714,781
			NET ASSETS - 100.0%				$	1,394,780,370

	Abbreviation(s):
	REIT	Real Estate Investment Trust
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2011 the value of these securities amounted to $5,248,949 or 0.4% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon reflects the rate at period end.
j	Zero coupon.
n	In default.

135

TIAA-CREF FUNDS – Money Market Fund

TIAA-CREF FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
March 31, 2011

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 100.0%
BANKERS’ ACCEPTANCES - 1.0%
	$282,000	JPMorgan Chase Bank NA	0.275	%	04/04/11	$	281,994
	630,000	JPMorgan Chase Bank NA	0.265-0.290		04/05/11		629,981
	580,000	JPMorgan Chase Bank NA	0.270		04/06/11		579,978
	516,000	JPMorgan Chase Bank NA	0.270		04/07/11		515,977
	1,366,000	JPMorgan Chase Bank NA	0.220-0.280		04/18/11		1,365,829
	270,000	JPMorgan Chase Bank NA	0.220		04/21/11		269,967
	191,000	JPMorgan Chase Bank NA	0.280		04/26/11		190,963
	1,456,000	JPMorgan Chase Bank NA	0.240-0.275		04/29/11		1,455,709
	397,000	JPMorgan Chase Bank NA	0.270		05/02/11		396,908
	1,116,000	JPMorgan Chase Bank NA	0.230-0.270		05/03/11		1,115,763
	927,000	JPMorgan Chase Bank NA	0.230-0.275		05/12/11		926,745
	1,250,000	JPMorgan Chase Bank NA	0.230		05/18/11		1,249,625
	382,000	JPMorgan Chase Bank NA	0.200		05/24/11		381,888
	384,000	JPMorgan Chase Bank NA	0.270		06/01/11		383,824
	310,000	JPMorgan Chase Bank NA	0.250		06/02/11		309,867
	269,000	JPMorgan Chase Bank NA	0.280		06/20/11		268,833
	172,000	JPMorgan Chase Bank NA	0.280		06/22/11		171,890
	391,000	JPMorgan Chase Bank NA	0.280		07/05/11		390,711
	219,000	JPMorgan Chase Bank NA	0.280		07/18/11		218,816
	332,000	JPMorgan Chase Bank NA	0.290		07/25/11		331,692
	243,000	JPMorgan Chase Bank NA	0.275		08/08/11		242,761
	105,000	JPMorgan Chase Bank NA	0.310		08/10/11		104,882
	109,000	JPMorgan Chase Bank NA	0.300		08/17/11		108,875
	155,000	JPMorgan Chase Bank NA	0.290		08/18/11		154,826
	306,000	JPMorgan Chase Bank NA	0.260-0.300		08/24/11		305,662
	107,000	JPMorgan Chase Bank NA	0.300		09/07/11		106,858
		TOTAL BANKERS’ ACCEPTANCES					12,460,824
CERTIFICATE OF DEPOSIT - 9.8%
	10,000,000	Bank of Montreal	0.220		04/29/11		10,000,000
	5,475,000	Bank of Nova Scotia	0.250		04/20/11		5,475,000
	6,765,000	Bank of Nova Scotia	0.260		04/26/11		6,765,000
	1,960,000	Bank of Nova Scotia	0.270		05/03/11		1,960,000
	5,000,000	Bank of Nova Scotia	0.270		06/03/11		5,000,000
	10,000,000	Bank of Nova Scotia	0.270		06/07/11		10,000,000
	9,000,000	Barclays Bank plc	0.450		05/23/11		9,000,000
	5,000,000	Barclays Bank plc	0.400		06/20/11		5,000,000
	7,000,000	BNP Paribas	0.330		05/13/11		7,000,000
	4,040,000	BNP Paribas	0.320		06/24/11		4,040,000
	5,000,000	Canadian Imperial Bank of Commerce	0.270		05/10/11		5,000,000
	5,000,000	Toronto-Dominion Bank	0.240		04/20/11		5,000,000
	7,355,000	Toronto-Dominion Bank	0.210		04/28/11		7,355,000
	5,000,000	Toronto-Dominion Bank	0.300		05/09/11		5,000,000
	5,000,000	Toronto-Dominion Bank	0.230		05/17/11		5,000,000

136

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$15,000,000	Toronto-Dominion Bank	0.270	%	07/07/11	$	15,000,000
		TOTAL CERTIFICATE OF DEPOSIT					106,595,000
COMMERCIAL PAPER - 44.4%
	700,000	Abbott Laboratories	0.230		04/12/11		699,951
	7,860,000	Abbott Laboratories	0.200		06/06/11		7,857,118
	7,240,000	American Honda Finance Corp	0.230-0.240		04/20/11		7,239,116
	3,470,000	Bank of Nova Scotia	0.250		04/05/11		3,469,904
	3,500,000	Bank of Nova Scotia	0.260		06/13/11		3,498,154
	2,545,000	Barclays US Funding Corp	0.270		07/05/11		2,543,187
	5,000,000	Barclays US Funding Corp	0.260		07/25/11		4,995,847
	4,000,000	BNP Paribas Finance, Inc	0.190		04/05/11		3,999,916
	10,550,000	Coca-Cola Co	0.220-0.230		04/08/11		10,549,532
	5,000,000	Coca-Cola Co	0.250		05/16/11		4,998,438
	5,000,000	Coca-Cola Co	0.160		05/19/11		4,998,933
	1,030,000	Coca-Cola Co	0.260		06/20/11		1,029,405
	4,590,000	Coca-Cola Co	0.240		08/03/11		4,586,206
	5,000,000	Commonwealth Bank of Australia	0.275		04/05/11		4,999,846
	500,000	Commonwealth Bank of Australia	0.275		05/02/11		499,882
	2,200,000	Commonwealth Bank of Australia	0.260		06/08/11		2,198,920
	5,000,000	Credit Agricole North America, Inc	0.235		04/25/11		4,999,217
	1,450,000	Credit Agricole North America, Inc	0.245		04/26/11		1,449,753
	3,000,000	Credit Agricole North America, Inc	0.245		04/27/11		2,999,469
	3,000,000	Credit Agricole North America, Inc	0.260		05/03/11		2,999,307
	1,250,000	Credit Agricole North America, Inc	0.260		05/11/11		1,249,639
	10,000,000	Credit Agricole North America, Inc	0.265		05/27/11		9,995,877
	3,000,000	Deutsche Bank Financial, Inc	0.270		06/27/11		2,998,043
	2,110,000	Fairway Finance LLC	0.210-0.230		04/04/11		2,109,962
	1,493,000	Fairway Finance LLC	0.230		04/06/11		1,492,952
	15,690,000	Fairway Finance LLC	0.230-0.280		04/12/11		15,688,734
	4,000,000	Fairway Finance LLC	0.220		04/20/11		3,999,536
	3,400,000	Fairway Finance LLC	0.210		04/27/11		3,399,484
	3,000,000	Fairway Finance LLC	0.220		05/04/11		2,999,395
	1,280,000	General Electric Capital Corp	0.260		04/06/11		1,279,954
	4,600,000	General Electric Capital Corp	0.250		05/03/11		4,598,978
	10,000,000	General Electric Capital Corp	0.220		06/27/11		9,994,683
	2,000,000	General Electric Capital Corp	0.240		07/28/11		1,998,427
	4,085,000	General Electric Co	0.200		04/01/11		4,085,000
	8,000,000	Johnson & Johnson	0.200		05/02/11		7,998,622
	3,350,000	Johnson & Johnson	0.240		05/03/11		3,349,285
	900,000	Johnson & Johnson	0.210		05/11/11		899,790
	5,560,000	Johnson & Johnson	0.210		05/13/11		5,558,638
	604,000	JPMorgan Chase Bank NA	0.270-0.280		04/11/11		603,954
	172,000	JPMorgan Chase Bank NA	0.280		04/19/11		171,976
	143,000	JPMorgan Chase Bank NA	0.285		05/16/11		142,949
	312,000	JPMorgan Chase Bank NA	0.280		05/23/11		311,874
	259,000	JPMorgan Chase Bank NA	0.280		05/31/11		258,879
	324,000	JPMorgan Chase Bank NA	0.250		06/09/11		323,845
	738,000	JPMorgan Chase Bank NA	0.250-0.280		06/13/11		737,591
	4,470,000	National Australia Funding(Delaware)	0.185		05/05/11		4,469,219
	10,000,000	Nestle Capital Corp	0.240		04/01/11		10,000,000
	5,000,000	Nestle Capital Corp	0.245		04/05/11		4,999,864

137

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$8,000,000	Nestle Capital Corp	0.200	%	04/07/11	$	7,999,733
	6,170,000	Nestle Capital Corp	0.220		05/18/11		6,168,228
	5,000,000	Nestle Capital Corp	0.210		06/17/11		4,997,754
	8,000,000	Novartis Finance Corp	0.200		04/14/11		7,999,437
	5,000,000	Old Line Funding LLC	0.240		04/01/11		5,000,000
	2,300,000	Old Line Funding LLC	0.190		04/05/11		2,299,951
	4,000,000	Old Line Funding LLC	0.270		04/18/11		3,999,490
	5,000,000	Old Line Funding LLC	0.270		05/04/11		4,998,763
	2,000,000	Old Line Funding LLC	0.260		05/11/11		1,999,422
	5,000,000	Old Line Funding LLC	0.260		06/02/11		4,997,761
	7,500,000	Old Line Funding LLC	0.250		06/14/11		7,496,147
	1,020,000	Old Line Funding LLC	0.250		06/21/11		1,019,426
	5,000,000	Old Line Funding LLC	0.250		06/28/11		4,996,944
	10,000,000	Private Export Funding Corp	0.250		05/05/11		9,997,639
	4,000,000	Private Export Funding Corp	0.250		05/17/11		3,998,722
	8,000,000	Private Export Funding Corp	0.250		06/21/11		7,995,500
	400,000	Private Export Funding Corp	0.290		06/27/11		399,720
	13,500,000	Private Export Funding Corp	0.245-0.250		06/29/11		13,491,780
	3,000,000	Private Export Funding Corp	0.245		07/15/11		2,997,856
	18,600,000	Procter & Gamble Co	0.180		04/07/11		18,599,442
	10,000,000	Procter & Gamble Co	0.190		05/11/11		9,997,889
	6,920,000	Province of Ontario Canada	0.230		04/07/11		6,919,735
	3,100,000	Province of Ontario Canada	0.230		04/08/11		3,099,861
	2,000,000	Province of Ontario Canada	0.200		05/25/11		1,999,400
	350,000	Rabobank USA Financial Corp	0.245		04/08/11		349,983
	1,070,000	Rabobank USA Financial Corp	0.270		04/12/11		1,069,912
	5,000,000	Rabobank USA Financial Corp	0.285		04/15/11		4,999,446
	1,840,000	Rabobank USA Financial Corp	0.260		05/05/11		1,839,548
	6,580,000	Rabobank USA Financial Corp	0.270		05/09/11		6,578,125
	3,800,000	Rabobank USA Financial Corp	0.255		05/11/11		3,798,923
	7,755,000	Rabobank USA Financial Corp	0.275-0.290		06/10/11		7,750,707
	500,000	Rabobank USA Financial Corp	0.270		07/01/11		499,659
	3,000,000	Rabobank USA Financial Corp	0.275		07/05/11		2,997,823
	2,825,000	Rabobank USA Financial Corp	0.300		08/03/11		2,822,081
	1,750,000	Rabobank USA Financial Corp	0.280		08/11/11		1,748,203
	2,540,000	Rabobank USA Financial Corp	0.345		09/06/11		2,536,154
	10,175,000	Royal Bank of Canada	0.245-0.250		04/11/11		10,174,302
	555,000	Royal Bank of Canada	0.260		04/19/11		554,928
	2,315,000	Royal Bank of Canada	0.250		08/15/11		2,312,814
	4,210,000	Sheffield Receivables Corp	0.280		04/06/11		4,209,836
	2,670,000	Sheffield Receivables Corp	0.270		04/15/11		2,669,720
	3,285,000	Sheffield Receivables Corp	0.270		05/05/11		3,284,162
	5,000,000	Sheffield Receivables Corp	0.260		05/19/11		4,998,267
	2,800,000	Societe Generale North America, Inc	0.200		04/01/11		2,800,000
	1,000,000	Societe Generale North America, Inc	0.285		05/04/11		999,739
	5,000,000	Societe Generale North America, Inc	0.235		05/05/11		4,998,890
	2,700,000	Straight-A Funding LLC	0.250		04/05/11		2,699,925
	4,000,000	Straight-A Funding LLC	0.250		04/11/11		3,999,722
	3,000,000	Straight-A Funding LLC	0.250		04/13/11		2,999,750
	3,000,000	Straight-A Funding LLC	0.250		05/05/11		2,999,292
	3,003,000	Straight-A Funding LLC	0.250		05/10/11		3,002,187
	1,060,000	Straight-A Funding LLC	0.250		05/16/11		1,059,669

138

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$4,775,000	Straight-A Funding LLC	0.250	%	05/16/11	$	4,773,508
	6,510,000	Straight-A Funding LLC	0.250		05/17/11		6,507,921
	5,000,000	Straight-A Funding LLC	0.250		06/02/11		4,997,847
	3,500,000	Straight-A Funding LLC	0.240		06/03/11		3,498,530
	3,000,000	Straight-A Funding LLC	0.250		06/06/11		2,998,625
	4,925,000	Toyota Motor Credit Corp	0.280		04/26/11		4,924,042
	2,000,000	Variable Funding Capital Co LLC	0.240		04/12/11		1,999,853
	5,500,000	Variable Funding Capital Co LLC	0.270		04/14/11		5,499,465
	5,000,000	Variable Funding Capital Co LLC	0.240		05/04/11		4,998,900
	1,530,000	Variable Funding Capital Co LLC	0.270		05/06/11		1,529,598
	3,890,000	Variable Funding Capital Co LLC	0.230		05/20/11		3,888,782
	5,000,000	Variable Funding Capital Co LLC	0.230		06/02/11		4,998,019
	5,000,000	Variable Funding Capital Co LLC	0.340		07/05/11		4,995,514
	5,000,000	Wal-Mart Stores, Inc	0.200		04/11/11		4,999,722
	1,700,000	Westpac Banking Corp	0.410		06/14/11		1,698,567
		TOTAL COMMERCIAL PAPER					482,862,511
FOREIGN GOVERNMENT BONDS - 0.4%
	4,000,000	Province of Ontario Canada	2.630		01/20/12		4,069,133
		TOTAL FOREIGN GOVERNMENT BONDS					4,069,133
GOVERNMENT AGENCY DEBT - 16.3%
	500,000	Federal Farm Credit Bank (FFCB)	0.300		10/20/11		499,158
	1,500,000	FFCB	0.310		11/15/11		1,497,055
	9,620,000	Federal Home Loan Bank (FHLB)	0.130-0.140		04/15/11		9,619,499
	4,825,000	FHLB	0.120		04/20/11		4,824,694
	11,265,000	FHLB	0.130-0.180		04/27/11		11,263,737
	5,885,000	FHLB	0.125-0.220		05/06/11		5,884,049
	7,300,000	FHLB	0.110-0.155		05/13/11		7,298,995
	19,683,000	FHLB	0.110-0.150		05/18/11		19,679,908
	10,000,000	FHLB	0.110-0.115		05/20/11		9,998,469
	1,070,000	FHLB	0.125		05/24/11		1,069,803
	2,000,000	FHLB	0.150		05/25/11		1,999,550
	6,489,000	FHLB	0.150		05/27/11		6,487,486
	880,000	FHLB	0.120		06/01/11		879,821
	9,365,000	FHLB	0.120		06/10/11		9,362,815
	11,825,000	Federal Home Loan Mortgage Corp (FHLMC)	0.120-0.170		04/04/11		11,824,840
	1,000,000	FHLMC	0.150		04/12/11		999,954
	3,890,000	FHLMC	0.170		04/18/11		3,889,688
	700,000	FHLMC	0.200		04/19/11		699,930
	420,000	FHLMC	0.200		04/22/11		419,951
	4,979,000	FHLMC	0.145		04/25/11		4,978,519
	685,000	FHLMC	0.120		05/09/11		684,913
	225,000	FHLMC	0.130		05/16/11		224,963
	5,197,000	FHLMC	0.140		05/23/11		5,195,949
	10,000,000	FHLMC	0.110		05/24/11		9,998,381
	1,400,000	FHLMC	0.130		05/25/11		1,399,727
	4,865,000	FHLMC	0.120		05/26/11		4,864,108
	635,000	FHLMC	0.175		09/08/11		634,506
	780,000	FHLMC	0.300		10/07/11		778,772
	3,300,000	Federal National Mortgage Association (FNMA)	0.170		04/06/11		3,299,922
	2,125,000	FNMA	0.450		04/11/11		2,124,734

139

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$630,000		FNMA	0.150-0.195	%	04/13/11	$	629,962
	11,410,000		FNMA	0.130		04/18/11		11,409,300
	460,000		FNMA	0.150		04/20/11		459,964
	5,760,000		FNMA	0.110-0.470		04/26/11		5,759,301
	2,455,000		FNMA	0.175		04/27/11		2,454,690
	810,000		FNMA	0.480		05/02/11		809,665
	4,150,000		FNMA	0.115		06/01/11		4,149,191
	9,000,000		FNMA	0.115		06/08/11		8,998,045
	300,000		FNMA	0.280		09/06/11		299,631
			TOTAL GOVERNMENT AGENCY DEBT					177,353,645
TREASURY DEBT - 17.1%
	5,000,000		United States Treasury Bill	0.170		04/14/11		4,999,693
	8,220,000		United States Treasury Bill	0.145-0.171		04/21/11		8,219,266
	5,000,000		United States Treasury Bill	0.192		04/28/11		4,999,282
	17,312,000		United States Treasury Bill	0.160-0.190		05/12/11		17,308,525
	8,670,000		United States Treasury Bill	0.203		05/19/11		8,667,653
	5,130,000		United States Treasury Bill	0.161-0.168		05/26/11		5,128,718
	5,000,000		United States Treasury Bill	0.135		06/09/11		4,998,706
	4,000,000		United States Treasury Bill	0.141-0.165		06/16/11		3,998,759
	5,000,000		United States Treasury Bill	0.185		06/23/11		4,997,867
	10,000,000		United States Treasury Bill	0.140-0.177		07/14/11		9,995,266
	5,000,000		United States Treasury Bill	0.153		08/25/11		4,996,908
	8,000,000		United States Treasury Bill	0.155-0.158		09/01/11		7,994,666
	16,970,000		United States Treasury Note	0.875		04/30/11		16,978,587
	25,000,000		United States Treasury Note	0.875		05/31/11		25,026,324
	2,000,000		United States Treasury Note	1.130		06/30/11		2,004,516
	8,000,000		United States Treasury Note	1.000		07/31/11		8,020,304
	3,500,000		United States Treasury Note	1.000		08/31/11		3,510,505
	5,400,000		United States Treasury Note	1.000		09/30/11		5,421,192
	16,200,000		United States Treasury Note	1.000		10/31/11		16,277,390
	11,835,000		United States Treasury Note	0.750		11/30/11		11,878,062
	5,455,000		United States Treasury Note	1.130		12/15/11		5,489,105
	5,000,000		United States Treasury Note	1.380		02/15/12		5,044,521
			TOTAL TREASURY DEBT					185,955,815
VARIABLE RATE NOTES - 11.0%
	5,000,000	i	Federal Farm Credit Bank (FFCB)	0.150		05/16/11		4,999,908
	5,000,000	i	FFCB	0.400		06/01/11		4,999,583
	4,500,000	i	FFCB	0.210		06/17/11		4,500,290
	8,920,000	i	FFCB	0.260		07/15/11		8,919,854
	9,700,000	i	FFCB	0.180		02/13/12		9,699,525
	5,000,000	i	Federal Home Loan Bank (FHLB)	0.160		05/06/11		4,999,853
	9,000,000	i	FHLB	0.240		05/26/11		9,000,000
	9,500,000	i	FHLB	0.290		06/01/11		9,500,320
	12,000,000	i	FHLB	0.290		06/15/11		12,002,502
	5,000,000	i	FHLB	0.160		07/11/11		4,999,783
	9,600,000	i	FHLB	0.190		01/13/12		9,599,619
	5,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.250		11/07/11		5,001,678
	22,000,000	i	FHLMC	0.100		11/09/11		21,990,143
	10,000,000	i	FHLMC	0.270		01/09/12		10,005,886
			TOTAL VARIABLE RATE NOTES					120,218,944

140

TIAA-CREF FUNDS – Money Market Fund

PRINCIPAL	ISSUER	RATE	MATURITY DATE	VALUE
	TOTAL SHORT-TERM INVESTMENTS			$	1,089,515,872
	(Cost $1,089,515,872)
	TOTAL INVESTMENTS- 100.0%				1,089,515,872
	(Cost $1,089,515,872)
	OTHER ASSETS & LIABILITIES, NET - 0.0%				245,656
	NET ASSETS - 100.0%			$	1,089,761,528

i Floating or variable rate security. Coupon reflects the rate at period end.

141

Report of Independent Registered Public Accounting Firm

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

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the TIAA-CREF Funds (comprised of the Bond Fund, Bond Plus Fund, Short-Term Bond Fund, High-Yield Fund, Tax-Exempt Bond Fund, Inflation-Linked Bond Fund, Bond Index Fund, Money Market Fund and Real Estate Securities Fund, hereinafter referred to as the "Funds") as of March 31, 2011, and for each of the periods presented, and have issued our unqualified report thereon dated May 18, 2011 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of each of the Account's schedule of investments in securities (the Schedules) as of March 31, 2011 appearing in Item 6of this Form N-CSR. This Schedule is the responsibility of the Funds' management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 18, 2011

142

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

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

SIGNATURES

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

	TIAA-CREF FUNDS
Dated: May 16, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer

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

Dated: May 16, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)
Dated: May 16, 2011	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

12(b) Section 906 certification

EX-99.CODE ETH

Exhibit 12(a)(1)

TIAA AND TIAA-CREF FUNDS
CODE OF ETHICS
FOR
SENIOR FINANCIAL OFFICERS

Introduction
As noted in TIAA-CREF’s Code of Business Conduct:
	TIAA-CREF is committed to the highest level of legal, ethical, and moral standards in the conduct of our business. This extends to every action we take in working with participants, educational institutions, and other business or investment organizations. Moreover, upholding high standards in dealing with others requires that we, as associates, act ethically and responsibly among ourselves. At the heart of ethical conduct is a commitment to serve others fairly and well.
The honesty, integrity and sound judgment of the principal executive officers, principal financial officers, principal accounting officers or controllers of TIAA and of the TIAA-CREF Funds (referred to herein collectively as the “Senior Financial Officers”) is fundamental to our reputation and success. Thus, in addition to complying with the Code of Business Conduct, each Senior Financial Officer is subject to this Code of Ethics.
Specific Provisions
Conflicts of Interest. Each Senior Finance Officer should avoid actual or apparent conflicts of interest between personal and professional relationships.
A “conflict of interest” occurs when a Senior Financial Officer’s private interest interferes with the interests of TIAA-CREF. For example, the Officer should not cause TIAA-CREF to take action, or fail to take action, for the personal benefit of the officer rather than the benefit of TIAA-CREF. Other conflicts could occur from outside business activities that detract from an individual’s ability to devote appropriate time and attention to TIAA-CREF. Any questions relating to potential conflict of interest situations should be discussed with the General Counsel.
Complete and Accurate Disclosures. Each Senior Financial Officer is required to be familiar, and comply, with TIAA-CREF’s disclosure controls and procedures so that TIAA-CREF’s documents filed with the SEC comply in all material respects with the applicable federal securities laws. In addition, each Senior Financial Officer having direct or supervisory authority regarding SEC filings or TIAA-CREF’s other public communications should, to the extent appropriate within his or her area of responsibility, consult with other TIAA-CREF officers and employees and take other

appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.
Each Senior Financial Officer must:
	•	Familiarize himself or herself with the disclosure requirements applicable to TIAA-CREF as well as the business and financial operations of TIAA-CREF;
	•	Not knowingly misrepresent, or cause others to misrepresent, facts about TIAA-CREF to others, whether within or outside TIAA-CREF, including to TIAA-CREF’s internal auditors, independent Trustees, independent auditors, and to governmental regulators and self-regulatory organizations; and
	•	Adhere to the standards and restrictions imposed by applicable laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.
Reporting and Accountability. Each Senior Financial Officer must:
	•	Upon receipt of this Code of Ethics, sign and submit to the General Counsel an acknowledgement stating that he or she has received, read, and understands the Code;
	•	Annually thereafter submit a form to General Counsel confirming that he or she has received, read and understands the Code of Ethics and has complied with the requirements of the Code; and
	•	Notify the General Counsel promptly if he or she becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this Code.
Except as described otherwise below, the General Counsel is responsible for applying this Code to specific situations and has the authority to interpret this Code in any particular situation. The General Counsel shall take all action he considers appropriate to investigate any actual or potential violations reported to him.
The TIAA and TIAA-CREF Funds Audit Committees shall have the sole discretionary authority to approve any deviation or waiver from this Code of Ethics for their respective Senior Financial Officers. Any waiver, including an implicit waiver, shall be promptly disclosed as required either through an SEC filing or through a posting on TIAA-CREF’s Internet website. Such disclosure shall include a brief description of the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver. For purposes of such disclosure, the term “waiver” means the approval by the TIAA and TIAA-CREF Funds Audit

Committee(s) of a material departure from a provision of this Code of Ethics, and the term “implicit waiver” means the Audit Committee’s failure to take action within a reasonable period of time regarding a material departure from a provision of this Code of Ethics.

TIAA-CREF will promptly disclose any amendment to this Code of Ethics as required in accordance with the SEC’s rules.

EX-99.CERT

Exhibit 12(a)(2)(i)

CERTIFICATION

I, Scott C. Evans, certify that:
1. I have reviewed this report on Form N-CSR of the TIAA-CREF Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	(d)	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 16, 2011	/s/ Scott C. Evans
	Scott C. Evans
	President and Principal Executive Officer
	(principal executive officer)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Phillip G. Goff, certify that:
1. I have reviewed this report on Form N-CSR of the TIAA-CREF Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	(d)	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 16, 2011	/s/ Phillip G. Goff
	Phillip G. Goff
	Principal Financial Officer, Principal Accounting
	Officer and Treasurer
	(principal financial officer)

EX-99.906 CERT

Exhibit 12(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

          Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the TIAA-CREF Funds does hereby certify, to such officer’s knowledge, that:

The report on Form N-CSR of the TIAA-CREF Funds (the “Funds”) dated March 31, 2011 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Funds.

Dated: May 16, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)
Dated: May 16, 2011	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)