UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-09301
TIAA-CREF FUNDS
(Exact Name of Registrant as specified in charter)
730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)
John M. McCann, Esq.
c/o TIAA-CREF
8500 Andrew Carnegie Blvd.
Charlotte, NC 28262-8500
(Name and address of agent for service)
Registrant’s telephone number, including area code: 704-595-1000
Date of fiscal year end: March 31
Date of reporting period: September 30, 2014
Item 1. Reports to Stockholders.
 |
2014
Semiannual Report |
||
| Contents | |||
| Understanding your fund report | 2 | ||
| Information for investors | 3 | ||
| Important information about expenses | 4 | ||
| About the fund’s benchmark | 5 | ||
| Fund performance | |||
| Real Estate Securities Fund | 6 | ||
| Portfolio of investments | 9 | ||
| Financial statements (unaudited) | |||
| Statement of assets and liabilities | 12 | ||
| Statement of operations | 13 | ||
| Statements of changes in net assets | 14 | ||
| Financial highlights | 16 | ||
| Notes to financial statements | 18 | ||
| How to reach us | Inside back cover | ||
 |
Understanding your fund report
This semiannual report contains information about the Real Estate Securities Fund and describes the fund’s results for the six months ended September 30, 2014. The report contains three main sections:
| • | The fund performance section compares the fund’s investment returns with those of its benchmark index. | |
| • | The portfolio of investments lists the issuers, industries and types of securities in which the Real Estate Securities Fund had investments as of September 30, 2014. | |
| • | The financial statements provide detailed information about the operations and financial condition of the fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Real Estate Securities Fund are noted in the fund’s latest prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 842-2252 for the Institutional, Premier and Retirement classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
| 2 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Portfolio holdings
The complete portfolio of investments for the Real Estate Securities Fund begins on page 9 of this report. You can obtain a complete list of the holdings of the Real Estate Securities Fund (Schedule of Investments) as of the most recently completed fiscal quarter in the following ways:
| • | By visiting our website at tiaa-cref.org; or | |
| • | By calling us at 800 842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the Real Estate Securities Fund’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-Q filings. Form N-CSR filings are as of March 31 or September 30; Form N-Q filings are as of December 31 or June 30. Copies of these forms are available:
| • | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or | |
| • | From the SEC’s Office of Investor Education and Advocacy. | |
| (Call 202 551-8090 for more information.) |
Proxy voting
The Real Estate Securities Fund’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You can also call us at 800 842-2252 to request a free copy. A report of how the fund voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.
Contacting TIAA-CREF
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800 842-2252.
Fund management
The Real Estate Securities Fund is managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the fund.
| TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 3 |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense example that appears in the table on page 5 is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the fund would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2014–September 30, 2014).
Actual expenses
The first line of the two lines listed for each share class in the table uses the class’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period.
Hypothetical example for comparison purposes
The second line in each share class’s entry shows hypothetical account values and expenses based on the share class’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the share class’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in the fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
| 4 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Important information about expenses
Expense example
Six months ended September 30, 2014
| Real Estate Securities Fund | Beginning account value (4/1/14) | Ending account value (9/30/14) | Expenses paid during period* (4/1/14– 9/30/14) | |||||||||
| Institutional Class | ||||||||||||
| Actual return | $1,000.00 | $1,039.56 | $2.66 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.46 | 2.64 | |||||||||
| Premier Class | ||||||||||||
| Actual return | $1,000.00 | $1,038.75 | $3.42 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,021.71 | 3.40 | |||||||||
| Retirement Class | ||||||||||||
| Actual return | $1,000.00 | $1,037.73 | $3.93 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,021.21 | 3.90 | |||||||||
| Retail Class | ||||||||||||
| Actual return | $1,000.00 | $1,037.36 | $4.29 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,020.86 | 4.26 | |||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.52% for the Institutional Class, 0.67% for the Premier Class, 0.77% for the Retirement Class and 0.84% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
The FTSE NAREIT All Equity REITs Index measures the performance of certain publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate. For additional details about the benchmark index, please see the fund’s prospectus.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
FTSE is a trademark of London Stock Exchange plc and The Financial Times Limited and is used by FTSE under license. All rights in the FTSE NAREIT Index Series vest in FTSE and the National Association of Real Estate Investment Trusts (“NAREIT”). Neither FTSE nor its licensors, nor NAREIT accept any liability for any errors or omissions in the FTSE NAREIT Index Series or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
| TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 5 |
Performance for the six months ended September 30, 2014
The Real Estate Securities Fund returned 3.96% for the Institutional Class, compared with the 4.47% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the one-year period ended September 30, 2014, the fund returned 13.14%, versus 13.17% for the index. The table on the following page shows returns for all share classes of the fund.
The U.S. economy showed continued signs of life during the six-month period. Positive factors signaling that the economy was gaining traction included appreciation of the U.S. dollar, continued strength in the housing market and a decline in the unemployment rate. Many bond market sectors got off to a strong start in the second calendar quarter, but lost steam later as concerns about interest rates and geopolitical developments mounted. From July through September, REITs (real estate investment trusts) and other interest-rate-sensitive assets sold off. The downward trend started when investors worried that the Federal Reserve might increase interest rates sooner than expected. The REITs index returned 7.13% in the second quarter and fell 2.48%—almost ten percentage points—in the third quarter.
For the period, REITs trailed both the 4.88% gain of the broad U.S. stock market, as measured by the Russell 3000® Index, and the 2.21% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. For the ten years ended September 30, 2014, the fund’s benchmark returned an average annual 8.53%, versus 8.44% for the Russell 3000 Index and 4.62% for the Barclays aggregate index.
Stock selections hurt the fund’s relative performance
For the six months, ten of the benchmark’s 14 property sectors advanced. The largest positive contributions came from the infrastructure (up 13.3%), manufactured homes (up 8.8%) and lodging (up 7.6%) sectors. Industrial REITs (down 5.8%) underperformed along with the freestanding retail sector (down 2.7%), though both sectors posted gains year-to-date.
The fund underperformed its benchmark because of numerous stock choices that did not perform as anticipated, including a nonbenchmark position in Louisiana-Pacific Corporation and an underweight in wireless telecom provider American Tower Corporation. An overweight in Prologis, a global industrial REIT, detracted from relative performance as well.
These results were partly offset by the positive effects of a nonbenchmark position in NorthStar Realty and overweight stakes in Simon Property Group and in Strategic Hotels and Resorts, a specialized REIT. During the period, the fund owned the stocks of several companies that are not REITs but that engage in real-estate-related activity.
| 6 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Real Estate Securities Fund
Performance as of September 30, 2014
| Total return | Average annual total return | |||||||||||||||||||
| Real Estate Securities Fund | Inception date | 6 months | 1 year | 5 years | 10 years | |||||||||||||||
| Institutional Class | 10/1/2002 | 3.96 | % | 13.14 | % | 15.93 | % | 7.39 | % | |||||||||||
| Premier Class | 9/30/2009 | 3.88 | 12.96 | 15.77 | 7.32 | * | ||||||||||||||
| Retirement Class | 10/1/2002 | 3.77 | 12.84 | 15.63 | 7.18 | |||||||||||||||
| Retail Class | 10/1/2002 | 3.74 | 12.68 | 15.58 | 7.18 | |||||||||||||||
| FTSE NAREIT | ||||||||||||||||||||
| All Equity REITs Index | — | 4.47 | 13.17 | 16.17 | 8.53 | |||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for this period has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for this period would have been lower. |
| TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 7 |
Real Estate Securities Fund
Portfolio composition
| Industry | % of net assets as of 9/30/2014 | |||
| Specialized REITs | 23.1 | |||
| Retail REITs | 19.5 | |||
| Residential REITs | 18.0 | |||
| Diversified REITs | 11.4 | |||
| Office REITs | 9.6 | |||
| Industrial REITs | 7.5 | |||
| Mortgage REITs | 2.5 | |||
| Real estate services | 1.4 | |||
| Hotels, resorts & cruise lines | 1.1 | |||
| Forest products | 1.0 | |||
| Asset management & custody banks | 0.8 | |||
| Homebuilding | 0.7 | |||
| Diversified real estate activities | 0.4 | |||
| Real estate development | 0.4 | |||
| Short-term investments, other assets & liabilities, net | 2.6 | |||
| Total | 100.0 | |||
Holdings by company size
| Market capitalization | % of equity investments as of 9/30/2014 | |||
| More than $50 billion | 10.8 | |||
| More than $15 billion–$50 billion | 36.0 | |||
| More than $2 billion–$15 billion | 42.5 | |||
| $2 billion or less | 10.7 | |||
| Total | 100.0 | |||
| 8 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
Portfolio of investments (unaudited)
Real Estate Securities Fund ■ September 30, 2014
| Shares | Company | Value | |||||
| COMMON STOCKS–97.4% | |||||||
| ASSET MANAGEMENT & CUSTODY BANKS–0.8% | |||||||
| 700,000 | * | NorthStar Asset Management Group, Inc | $ | 12,894,000 | |||
| TOTAL ASSET MANAGEMENT & CUSTODY BANKS | 12,894,000 | ||||||
| DIVERSIFIED REAL ESTATE ACTIVITIES–0.4% | |||||||
| 2,200,000 | Hang Lung Properties Ltd | 6,253,266 | |||||
| TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES | 6,253,266 | ||||||
| DIVERSIFIED REITS–11.4% | |||||||
| 150,000 | American Assets Trust, Inc | 4,945,500 | |||||
| 850,000 | American Realty Capital Properties, Inc | 10,251,000 | |||||
| 550,000 | Excel Trust, Inc | 6,473,500 | |||||
| 500,000 | iShares Dow Jones US Real Estate Index Fund | 34,600,000 | |||||
| 2,800,000 | Mexico Real Estate Management S.A. de C.V. | 4,930,568 | |||||
| 675,000 | Retail Opportunities Investment Corp | 9,922,500 | |||||
| 2,700,000 | Spirit Realty Capital, Inc | 29,619,000 | |||||
| 525,000 | Vornado Realty Trust | 52,479,000 | |||||
| 400,000 | WP Carey, Inc | 25,508,000 | |||||
| TOTAL DIVERSIFIED REITS | 178,729,068 | ||||||
| FOREST PRODUCTS–1.0% | |||||||
| 1,150,000 | * | Louisiana-Pacific Corp | 15,628,500 | ||||
| TOTAL FOREST PRODUCTS | 15,628,500 | ||||||
| HOMEBUILDING–0.7% | |||||||
| 400,000 | DR Horton, Inc | 8,208,000 | |||||
| 175,000 | * | Taylor Morrison Home Corp | 2,838,500 | ||||
| TOTAL HOMEBUILDING | 11,046,500 | ||||||
| HOTELS, RESORTS & CRUISE LINES–1.1% | |||||||
| 650,000 | * | Belmond Ltd. | 7,579,000 | ||||
| 375,000 | Extended Stay America, Inc | 8,902,500 | |||||
| TOTAL HOTELS, RESORTS & CRUISE LINES | 16,481,500 | ||||||
| INDUSTRIAL REITS–7.5% | |||||||
| 240,000 | EastGroup Properties, Inc | 14,541,600 | |||||
| 525,000 | First Industrial Realty Trust, Inc | 8,877,750 | |||||
| 1,750,000 | Prologis, Inc | 65,975,000 | |||||
| 279,620 | Rexford Industrial Realty, Inc | 3,869,941 | |||||
| 600,000 | STAG Industrial, Inc | 12,426,000 | |||||
| 600,000 | Terreno Realty Corp | 11,298,000 | |||||
| TOTAL INDUSTRIAL REITS | 116,988,291 | ||||||
| MORTGAGE REITS–2.5% | |||||||
| 200,000 | Blackstone Mortgage Trust, Inc | 5,420,000 | |||||
| 1,500,000 | Gramercy Property Trust, Inc | 8,640,000 | |||||
| 1,000,000 | NorthStar Realty Finance Corp | 17,670,000 | |||||
| 300,000 | Starwood Property Trust, Inc | 6,588,000 | |||||
| TOTAL MORTGAGE REITS | 38,318,000 | ||||||
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 9 |
| Portfolio of investments (unaudited) | continued |
Real Estate Securities Fund ■ September 30, 2014
| Shares | Company | Value | |||||
| OFFICE REITS–9.6% | |||||||
| 500,000 | Boston Properties, Inc | $ | 57,880,000 | ||||
| 200,000 | Digital Realty Trust, Inc | 12,476,000 | |||||
| 400,000 | Douglas Emmett, Inc | 10,268,000 | |||||
| 275,000 | Hudson Pacific Properties | 6,781,500 | |||||
| 374,139 | Kilroy Realty Corp | 22,238,822 | |||||
| 400,000 | SL Green Realty Corp | 40,528,000 | |||||
| TOTAL OFFICE REITS | 150,172,322 | ||||||
| OTHER DIVERSIFIED FINANCIAL SERVICES–0.0% | |||||||
| 211,200 | *,b,m | People’s Choice Financial Corp | 0 | ||||
| TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES | 0 | ||||||
| REAL ESTATE DEVELOPMENT–0.4% | |||||||
| 40,000 | * | Howard Hughes Corp | 6,000,000 | ||||
| TOTAL REAL ESTATE DEVELOPMENT | 6,000,000 | ||||||
| REAL ESTATE SERVICES–1.4% | |||||||
| 200,000 | * | CBRE Group, Inc | 5,948,000 | ||||
| 675,000 | Kennedy-Wilson Holdings, Inc | 16,173,000 | |||||
| TOTAL REAL ESTATE SERVICES | 22,121,000 | ||||||
| RESIDENTIAL REITS–18.0% | |||||||
| 700,000 | Apartment Investment & Management Co (Class A) | 22,274,000 | |||||
| 450,000 | AvalonBay Communities, Inc | 63,436,500 | |||||
| 450,000 | Camden Property Trust | 30,838,500 | |||||
| 1,450,000 | Education Realty Trust, Inc | 14,906,000 | |||||
| 400,000 | Equity Lifestyle Properties, Inc | 16,944,000 | |||||
| 875,000 | Equity Residential | 53,882,500 | |||||
| 240,000 | Essex Property Trust, Inc | 42,900,000 | |||||
| 350,000 | Post Properties, Inc | 17,969,000 | |||||
| 369,922 | Sun Communities, Inc | 18,681,061 | |||||
| TOTAL RESIDENTIAL REITS | 281,831,561 | ||||||
| RETAIL REITS–19.5% | |||||||
| 375,000 | Acadia Realty Trust | 10,342,500 | |||||
| 475,000 | Equity One, Inc | 10,274,250 | |||||
| 225,000 | Federal Realty Investment Trust | 26,653,500 | |||||
| 2,150,000 | General Growth Properties, Inc | 50,632,500 | |||||
| 600,000 | Regency Centers Corp | 32,298,000 | |||||
| 1,000,000 | Simon Property Group, Inc | 164,420,000 | |||||
| 650,000 | Washington Prime Group, Inc | 11,362,000 | |||||
| TOTAL RETAIL REITS | 305,982,750 | ||||||
| SPECIALIZED REITS–23.1% | |||||||
| 500,000 | American Tower Corp | 46,815,000 | |||||
| 1,100,000 | CubeSmart | 19,778,000 | |||||
| 700,000 | DiamondRock Hospitality Co | 8,876,000 | |||||
| 400,000 | Extra Space Storage, Inc | 20,628,000 | |||||
| 350,000 | HCP, Inc | 13,898,500 | |||||
| 405,034 | Health Care REIT, Inc | 25,261,971 | |||||
| 550,000 | Healthcare Realty Trust, Inc | 13,024,000 | |||||
| 10 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements |
| Portfolio of investments (unaudited) | concluded |
Real Estate Securities Fund ■ September 30, 2014
| Shares | Company | Rate | Maturity Date | Value | ||||||||||||
| SPECIALIZED REITS—continued | ||||||||||||||||
| 1,000,000 | Healthcare Trust of America, Inc | $ | 11,600,000 | |||||||||||||
| 1,000,000 | Host Marriott Corp | 21,330,000 | ||||||||||||||
| 325,000 | Potlatch Corp | 13,068,250 | ||||||||||||||
| 250,000 | Public Storage, Inc | 41,460,000 | ||||||||||||||
| 750,000 | RLJ Lodging Trust | 21,352,500 | ||||||||||||||
| 2,250,000 | * | Strategic Hotels & Resorts, Inc | 26,212,500 | |||||||||||||
| 1,650,000 | Sunstone Hotel Investors, Inc | 22,803,000 | ||||||||||||||
| 900,000 | Ventas, Inc | 55,755,000 | ||||||||||||||
| TOTAL SPECIALIZED REITS | 361,862,721 | |||||||||||||||
| TOTAL COMMON STOCKS (Cost $1,275,297,897) | 1,524,309,479 | |||||||||||||||
| Principal | Issuer | |||||||||||||||
| SHORT-TERM INVESTMENTS–1.6% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT–1.6% | ||||||||||||||||
| $25,800,000 | Federal Home Loan Bank (FHLB) | 0.035 | % | 11/12/14 | 25,798,947 | |||||||||||
| 25,798,947 | ||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $25,798,947) | 25,798,947 | |||||||||||||||
| TOTAL INVESTMENTS–99.0% (Cost $1,301,096,844) | 1,550,108,426 | |||||||||||||||
| OTHER ASSETS & LIABILITIES, NET–1.0% | 15,475,721 | |||||||||||||||
| NET ASSETS–100.0% | $ | 1,565,584,147 | ||||||||||||||
Abbreviation(s):
REIT Real Estate Investment Trust
| * | Non-income producing. | |
| b | In bankruptcy. | |
| m | Indicates a security that has been deemed illiquid. |
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 11 |
Statement of assets and liabilities (unaudited)
Real Estate Securities Fund ■ September 30, 2014
| ASSETS | ||||
| Portfolio investments, at value† | $ | 1,550,108,426 | ||
| Cash | 18,757,638 | |||
| Cash — foreign^ | 48,166 | |||
| Receivable from securities transactions | 48,170 | |||
| Receivable from Fund shares sold | 587,370 | |||
| Dividends and interest receivable | 5,541,191 | |||
| Other | 67,606 | |||
| Total assets | 1,575,158,567 | |||
| LIABILITIES | ||||
| Management fees payable | 147,846 | |||
| Service agreement fee payable | 13,337 | |||
| Distribution fee payable | 47,223 | |||
| Due to affiliates | 6,513 | |||
| Payable for securities transactions | 8,192,373 | |||
| Payable for Fund shares redeemed | 1,005,218 | |||
| Accrued expenses and other payables | 161,910 | |||
| Total liabilities | 9,574,420 | |||
| NET ASSETS | $ | 1,565,584,147 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in-capital | $ | 1,285,545,851 | ||
| Undistributed net investment income (loss) | 6,538,666 | |||
| Accumulated net realized gain (loss) on total investments | 24,488,018 | |||
| Net unrealized appreciation (depreciation) on total investments | 249,011,612 | |||
| NET ASSETS | $ | 1,565,584,147 | ||
| INSTITUTIONAL CLASS: | ||||
| Net assets | $ | 1,043,839,398 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 76,766,621 | |||
| Net asset value per share | $13.60 | |||
| PREMIER CLASS: | ||||
| Net assets | $ | 51,844,769 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 3,810,590 | |||
| Net asset value per share | $13.61 | |||
| RETIREMENT CLASS: | ||||
| Net assets | $ | 278,888,899 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 19,844,117 | |||
| Net asset value per share | $14.05 | |||
| RETAIL CLASS: | ||||
| Net assets | $ | 191,011,081 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 14,134,632 | |||
| Net asset value per share | $13.51 | |||
| † Portfolio investments, cost | $ | 1,301,096,844 | ||
| ^ Foreign cash, cost | $48,138 |
| 12 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements |
Statement of operations (unaudited)
Real Estate Securities Fund ■ For the period ended September 30, 2014
| INVESTMENT INCOME | ||||
| Dividends | $ | 20,444,465 | ||
| Interest | 7,335 | |||
| Total income | 20,451,800 | |||
| EXPENSES | ||||
| Management fees | 3,859,812 | |||
| Shareholder servicing – Institutional Class | 3,946 | |||
| Shareholder servicing – Premier Class | 75 | |||
| Shareholder servicing – Retirement Class | 342,497 | |||
| Shareholder servicing – Retail Class | 71,480 | |||
| Distribution fees – Premier Class | 38,356 | |||
| Distribution fees – Retail Class | 242,817 | |||
| Administrative service fees | 41,376 | |||
| Other expenses | 166,815 | |||
| Total expenses | 4,767,174 | |||
| Net investment income (loss) | 15,684,626 | |||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||
| Realized gain (loss): | ||||
| Portfolio investments | 27,906,307 | |||
| Foreign currency transactions | 479 | |||
| Net realized gain (loss) on total investments | 27,906,786 | |||
| Change in unrealized appreciation (depreciation) on: | ||||
| Portfolio investments | 10,547,468 | |||
| Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | 30 | |||
| Net change in unrealized appreciation (depreciation) on total investments | 10,547,498 | |||
| Net realized and unrealized gain (loss) on total investments | $ | 38,454,284 | ||
| Net increase (decrease) in net assets from operations | $ | 54,138,910 |
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 13 |
Statements of changes in net assets
Real Estate Securities Fund ■ For the period or year ended
| September 30, 2014 | March 31, 2014 | ||||||||
| (unaudited | ) | ||||||||
| OPERATIONS | |||||||||
| Net investment income (loss) | $ | 15,684,626 | $ | 25,920,250 | |||||
| Net realized gain (loss) on total investments | 27,906,786 | 16,427,676 | |||||||
| Net change in unrealized appreciation (depreciation) on total investments | 10,547,498 | 18,200,467 | |||||||
| Net increase (decrease) in net assets from operations | 54,138,910 | 60,548,393 | |||||||
| DISTRIBUTIONS TO SHAREHOLDERS | |||||||||
| From net investment income: | Institutional Class | (9,403,571 | ) | (16,984,287 | ) | ||||
| Premier Class | (419,633 | ) | (962,281 | ) | |||||
| Retirement Class | (2,064,300 | ) | (3,806,999 | ) | |||||
| Retail Class | (1,431,690 | ) | (2,863,281 | ) | |||||
| From realized gains: | Institutional Class | – | (13,611,003 | ) | |||||
| Premier Class | – | (804,086 | ) | ||||||
| Retirement Class | – | (3,355,912 | ) | ||||||
| Retail Class | – | (2,749,247 | ) | ||||||
| Total distributions | (13,319,194 | ) | (45,137,096 | ) | |||||
| SHAREHOLDER TRANSACTIONS | |||||||||
| Subscriptions: | Institutional Class | 140,970,317 | 175,654,744 | ||||||
| Premier Class | 8,157,660 | 18,805,224 | |||||||
| Retirement Class | 47,763,336 | 35,163,384 | |||||||
| Retail Class | 17,959,310 | 34,368,412 | |||||||
| Reinvestments of distributions: | Institutional Class | 9,382,293 | 30,544,243 | ||||||
| Premier Class | 419,633 | 1,766,367 | |||||||
| Retirement Class | 2,063,861 | 7,159,064 | |||||||
| Retail Class | 1,368,046 | 5,394,144 | |||||||
| Redemptions: | Institutional Class | (84,795,669 | ) | (131,948,991 | ) | ||||
| Premier Class | (5,417,654 | ) | (35,791,242 | ) | |||||
| Retirement Class | (16,315,333 | ) | (59,234,043 | ) | |||||
| Retail Class | (13,853,486 | ) | (48,945,572 | ) | |||||
| Net increase from shareholder transactions | 107,702,314 | 32,935,734 | |||||||
| Net increase in net assets | 148,522,030 | 48,347,031 | |||||||
| NET ASSETS | |||||||||
| Beginning of period | 1,417,062,117 | 1,368,715,086 | |||||||
| End of period | $ | 1,565,584,147 | $ | 1,417,062,117 | |||||
| Undistributed net investment income (loss) included in net assets | $ | 6,538,666 | $ | 4,173,234 | |||||
| 14 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements |
| Statements of changes in net assets | (concluded) |
Real Estate Securities Fund ■ For the period or year ended
| September 30, 2014 | March 31, 2014 | |||||||||
| (unaudited | ) | |||||||||
| CHANGE IN FUND SHARES | ||||||||||
| Shares sold: | Institutional Class | 10,114,432 | 13,676,858 | |||||||
| Premier Class | 584,520 | 1,465,240 | ||||||||
| Retirement Class | 3,333,034 | 2,585,238 | ||||||||
| Retail Class | 1,295,113 | 2,647,335 | ||||||||
| Shares reinvested: | Institutional Class | 677,192 | 2,488,767 | |||||||
| Premier Class | 30,276 | 144,022 | ||||||||
| Retirement Class | 144,160 | 565,281 | ||||||||
| Retail Class | 99,363 | 443,197 | ||||||||
| Shares redeemed: | Institutional Class | (6,057,975 | ) | (10,408,564 | ) | |||||
| Premier Class | (387,971 | ) | (2,830,028 | ) | ||||||
| Retirement Class | (1,136,412 | ) | (4,492,327 | ) | ||||||
| Retail Class | (999,471 | ) | (3,827,704 | ) | ||||||
| Net increase (decrease) from shareholder transactions | 7,696,261 | 2,457,315 | ||||||||
| See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 15 |
Real Estate Securities Fund
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||
| period | value, | investment | gain (loss | ) | (loss) from | Net | Net | Return | dividends | value, | at end of | investment | Portfolio | |||||||||||||||||||||||||
| or year | beginning | income | on total | investment | investment | realized | of | and | end of | Total | period (in | Gross | Net | income | turnover | |||||||||||||||||||||||
| ended | of period | (loss)a | investments | operations | income | gains | capital | distributions | period | return | thousands) | expense | expense | (loss) | rate | |||||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||||||||||||
| 9/30/14 | # | $13.20 | $0.15 | $ 0.37 | $ 0.52 | $(0.12 | ) | $ — | $ — | $(0.12 | ) | $13.60 | 3.96 | %b | $1,043,839 | 0.52 | %c | 0.52 | %c | 2.09 | %c | 11 | %b | |||||||||||||||
| 3/31/14 | 13.05 | 0.26 | 0.34 | 0.60 | (0.25 | ) | (0.20 | ) | — | (0.45 | ) | 13.20 | 4.89 | 950,769 | 0.52 | 0.52 | 2.00 | 65 | ||||||||||||||||||||
| 3/31/13 | 11.87 | 0.19 | 1.21 | 1.40 | (0.22 | ) | — | — | (0.22 | ) | 13.05 | 11.88 | 864,577 | 0.53 | 0.53 | 1.53 | 50 | |||||||||||||||||||||
| 3/31/12 | 10.75 | 0.19 | 1.09 | 1.28 | (0.16 | ) | — | — | (0.16 | ) | 11.87 | 12.16 | 644,849 | 0.54 | 0.54 | 1.73 | 75 | |||||||||||||||||||||
| 3/31/11 | † | 9.35 | 0.05 | 1.42 | 1.47 | (0.07 | ) | — | — | (0.07 | ) | 10.75 | 15.80 | b | 334,174 | 0.59 | c | 0.57 | c | 0.98 | c | 30 | b | |||||||||||||||
| 9/30/10 | 7.24 | 0.19 | 2.12 | 2.31 | (0.18 | ) | — | (0.02 | ) | (0.20 | ) | 9.35 | 32.16 | 265,753 | 0.56 | 0.56 | 2.29 | 66 | ||||||||||||||||||||
| 9/30/09 | 10.51 | 0.23 | (3.31 | ) | (3.08 | ) | (0.19 | ) | — | — | (0.19 | ) | 7.24 | (28.84 | ) | 200,324 | 0.60 | 0.56 | 3.98 | 78 | ||||||||||||||||||
| Premier Class | ||||||||||||||||||||||||||||||||||||||
| 9/30/14 | # | 13.21 | 0.14 | 0.37 | 0.51 | (0.11 | ) | - | — | (0.11 | ) | 13.61 | 3.88 | b | 51,845 | 0.67 | c | 0.67 | c | 1.94 | c | 11 | b | |||||||||||||||
| 3/31/14 | 13.05 | 0.24 | 0.35 | 0.59 | (0.23 | ) | (0.20 | ) | — | (0.43 | ) | 13.21 | 4.81 | 47,330 | 0.67 | 0.67 | 1.88 | 65 | ||||||||||||||||||||
| 3/31/13 | 11.88 | 0.17 | 1.20 | 1.37 | (0.20 | ) | — | — | (0.20 | ) | 13.05 | 11.62 | 62,709 | 0.68 | 0.68 | 1.37 | 50 | |||||||||||||||||||||
| 3/31/12 | 10.75 | 0.18 | 1.10 | 1.28 | (0.15 | ) | — | — | (0.15 | ) | 11.88 | 12.06 | 58,528 | 0.68 | 0.68 | 1.67 | 75 | |||||||||||||||||||||
| 3/31/11 | † | 9.36 | 0.05 | 1.41 | 1.46 | (0.07 | ) | — | — | (0.07 | ) | 10.75 | 15.60 | b | 75,047 | 0.74 | c | 0.72 | c | 1.03 | c | 30 | b | |||||||||||||||
| 9/30/10 | 7.24 | 0.14 | 2.17 | 2.31 | (0.17 | ) | (0.02 | ) | — | (0.19 | ) | 9.36 | 32.12 | 31,260 | 0.71 | 0.71 | 1.56 | 66 | ||||||||||||||||||||
| 9/30/09 | § | 7.24 | 0.00 | d | — | 0.00 | d | — | — | — | — | 7.24 | 0.00 | b | 250 | 221.11 | c | 0.72 | c | 0.00 | c | 78 | ||||||||||||||||
| Retirement Class | ||||||||||||||||||||||||||||||||||||||
| 9/30/14 | # | 13.64 | 0.13 | 0.39 | 0.52 | (0.11 | ) | — | — | (0.11 | ) | 14.05 | 3.77 | b | 278,889 | 0.77 | c | 0.77 | c | 1.85 | c | 11 | b | |||||||||||||||
| 3/31/14 | 13.46 | 0.24 | 0.36 | 0.60 | (0.22 | ) | (0.20 | ) | — | (0.42 | ) | 13.64 | 4.70 | 238,718 | 0.77 | 0.77 | 1.76 | 65 | ||||||||||||||||||||
| 3/31/13 | 12.25 | 0.17 | 1.23 | 1.40 | (0.19 | ) | — | — | (0.19 | ) | 13.46 | 11.47 | 253,707 | 0.78 | 0.78 | 1.30 | 50 | |||||||||||||||||||||
| 3/31/12 | 11.08 | 0.17 | 1.14 | 1.31 | (0.14 | ) | — | — | (0.14 | ) | 12.25 | 11.96 | 249,433 | 0.78 | 0.78 | 1.54 | 75 | |||||||||||||||||||||
| 3/31/11 | † | 9.64 | 0.04 | 1.46 | 1.50 | (0.06 | ) | — | — | (0.06 | ) | 11.08 | 15.60 | b | 289,161 | 0.83 | c | 0.82 | c | 0.77 | c | 30 | b | |||||||||||||||
| 9/30/10 | 7.46 | 0.17 | 2.19 | 2.36 | (0.16 | ) | — | (0.02 | ) | (0.18 | ) | 9.64 | 31.85 | 280,763 | 0.81 | 0.81 | 1.98 | 66 | ||||||||||||||||||||
| 9/30/09 | 10.81 | 0.21 | (3.39 | ) | (3.18 | ) | (0.17 | ) | — | — | (0.17 | ) | 7.46 | (28.95 | ) | 159,554 | 0.85 | 0.81 | 3.53 | 78 | ||||||||||||||||||
| Retail Class | ||||||||||||||||||||||||||||||||||||||
| 9/30/14 | # | 13.12 | 0.12 | 0.37 | 0.49 | (0.10 | ) | — | — | (0.10 | ) | 13.51 | 3.74 | b | 191,011 | 0.84 | c | 0.84 | c | 1.76 | c | 11 | b | |||||||||||||||
| 3/31/14 | 12.97 | 0.22 | 0.34 | 0.56 | (0.21 | ) | (0.20 | ) | — | (0.41 | ) | 13.12 | 4.56 | 180,245 | 0.86 | 0.86 | 1.68 | 65 | ||||||||||||||||||||
| 3/31/13 | 11.80 | 0.14 | 1.21 | 1.35 | (0.18 | ) | — | — | (0.18 | ) | 12.97 | 11.49 | 187,722 | 0.87 | 0.87 | 1.17 | 50 | |||||||||||||||||||||
| 3/31/12 | 10.69 | 0.15 | 1.09 | 1.24 | (0.13 | ) | — | — | (0.13 | ) | 11.80 | 11.79 | 141,355 | 0.84 | 0.84 | 1.42 | 75 | |||||||||||||||||||||
| 3/31/11 | † | 9.30 | 0.04 | 1.41 | 1.45 | (0.06 | ) | — | — | (0.06 | ) | 10.69 | 15.64 | b | 124,104 | 0.84 | c | 0.83 | c | 0.75 | c | 30 | b | |||||||||||||||
| 9/30/10 | 7.20 | 0.17 | 2.11 | 2.28 | (0.16 | ) | — | (0.02 | ) | (0.18 | ) | 9.30 | 31.95 | 102,686 | 0.77 | 0.77 | 2.08 | 66 | ||||||||||||||||||||
| 9/30/09 | 10.46 | 0.23 | (3.31 | ) | (3.08 | ) | (0.18 | ) | — | — | (0.18 | ) | 7.20 | (29.01 | ) | 77,475 | 1.06 | 0.75 | 3.89 | 78 | ||||||||||||||||||
| a | Based on average shares outstanding. |
| b | The percentages shown for this period are not annualized. |
| c | The percentages shown for this period are annualized. |
| d | Amount represents less than $0.01 per share. |
| † | Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31. |
| § | The Premier Class commenced operations on September 30, 2009. |
| # | Unaudited. |
| 16 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund | See notes to financial statements | See notes to financial statements | TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 17 |
Notes to financial statements (unaudited)
Real Estate Securities Fund
Note 1—organization and significant accounting policies
The TIAA-CREF Real Estate Securities Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.
The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Fund. The Fund offers four share classes: Institutional, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services—Investment Companies. The Net Asset Value per share (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Fund.
Security valuation: The Fund’s investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
Income and expenses of the Fund are allocated on a pro rata basis to each class of shares of the Fund, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can
| 18 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.
Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.
Income taxes: The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that it distributes all taxable income each year and complies with various other Code requirements. The Fund files income tax returns in U.S. federal jurisdictions and applicable state and local jurisdictions. The Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
Foreign taxes: The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests.
Trustee compensation: The Fund pays the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Fund until paid. The investment of deferred amounts and the offsetting payable to the trustees are included in other assets and accrued expenses and other payables in the accompanying Statement of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statement of Operations.
New accounting pronouncement: In June 2013, the Financial Accounting Standards Board issued Accounting Standard Update No. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure
| TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 19 |
Notes to financial statements (unaudited)
Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Fund adopted the Update for this semiannual report. The adoption of the Update did not have a material impact on the Fund’s financial statements and notes disclosures.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
| • | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value follows:
Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Fund’s net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.
Debt securities: Debt securities will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments,
| 20 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
continued
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 accreting or amortizing any discount or premium to its face value at a constant rate until maturity. Short-term investments with maturities in excess of 60 days are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy.
Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.
Options: Purchased and written options listed or traded on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.
Transfers between levels are recognized at the end of the reporting period. For the period ended September 30, 2014, there were no material transfers between levels by the Fund.
The following table summarizes the market value of the Fund’s investments as of September 30, 2014, based on the inputs used to value them:
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Real Estate Securities Fund | ||||||||||||||||
| Equity investments: | ||||||||||||||||
| Diversified real estate activities | $ | – | $ | 6,253,266 | $ | – | $ | 6,253,266 | ||||||||
| Diversified REITs | 173,798,500 | 4,930,568 | – | 178,729,068 | ||||||||||||
| All other equity investments* | 1,339,327,145 | – | – | 1,339,327,145 | ||||||||||||
| Short-term investments | – | 25,798,947 | – | 25,798,947 | ||||||||||||
| Total | $ | 1,513,125,645 | $ | 36,982,781 | $ | – | $ | 1,550,108,426 | ||||||||
* For detailed categories, see the accompanying Portfolio of investments.
| TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 21 |
Notes to financial statements (unaudited)
Note 3—derivative instruments
As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Fund values derivatives at fair value.
Options: The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund uses options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Written options are separately reflected as a liability in the Statement of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statement of Assets and Liabilities. During the period ended September 30, 2014, the Fund had no exposure to options.
Note 4—investment adviser and affiliates
Under the terms of its Investment Management Agreement, the Fund pays Advisors a monthly fee based on the annual rate of between 0.44% and 0.50% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. The fee range represents a breakpoint schedule that reduces investment management fees as the Fund’s net assets increase. The investment management fee effective rate is 0.49%. The Fund has entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and compliance services to the Fund.
Under the terms of a Retirement Class Service Agreement, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholders servicing fees reported on the Statement of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class shares of the Fund compensated TPIS for providing distribution, promotional and shareholder services to the Retail Class shares of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of the Fund is subject to a distribution Rule 12b-1 plan that compensated TPIS for providing distribution, promotional, and shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class shares.
| 22 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
continued
Advisors has agreed to reimburse the Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds 0.57% of average daily net assets for the Institutional Class shares; 0.72% of average daily net assets for the Premier Class shares; 0.82% of average daily net assets for the Retirement Class shares; and 0.96% of the average daily net assets for the Retail Class shares. The expense reimbursement arrangements will continue through at least July 31, 2015, unless changed with approval of the Board.
The Fund may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.
At September 30, 2014, TIAA Access, a registered separate account of TIAA, owned 5.1% of the Fund’s shares.
TIAA-CREF Tuition Financing, Inc. (“TFI”), an indirect wholly owned subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Fund. As of September 30, 2014, two 529 Plans owned 9% and 12% of the Real Estate Securities Fund, respectively.
Note 5—investments
Restricted securities: Restricted securities held by the Fund, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Net unrealized appreciation (depreciation): At September 30, 2014, the cost of portfolio investments for federal income tax purposes was $1,311,261,728. Net unrealized appreciation of portfolio investments for federal income tax purposes was $238,846,698, consisting of gross unrealized appreciation of $260,114,563, and gross unrealized depreciation of ($21,267,865).
Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended September 30, 2014 were $261,810,883 and $161,343,305, respectively.
| TIAA-CREF Real Estate Securities Fund ■ 2014 Semiannual Report | 23 |
| Notes to financial statements (unaudited) | concluded |
Note 6—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended March 31, 2014 was as follows:
| Long-term | |||||||||||||
| Ordinary income | capital gains | Total | |||||||||||
| 3/31/2014 | $27,277,411 | $17,859,685 | $45,137,096 | ||||||||||
The tax character of the fiscal year 2015 distributions will be determined at the end of the fiscal year.
Note 7—line of credit
The Fund participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2014. A new facility was entered into on June 24, 2014 expiring June 23, 2015. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or funds at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended September 30, 2014, there were no borrowings under this credit facility by the Fund.
Note 8—indemnification
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Fund’s organizational documents, the trustees and officers of the Fund are indemnified against certain liabilities that may arise out of their duties to the Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be unlikely.
| 24 | 2014 Semiannual Report ■ TIAA-CREF Real Estate Securities Fund |
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
TIAA-CREF website
tiaa-cref.org
24 hours a day, 7 days a week
Automated telephone service
800 842-2252
24 hours a day, 7 days a week
For the hearing- or speech-impaired
800 842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday
You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252 for the Institutional, Premier and Retirement classes or 800 223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance
and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
©2014 Teachers Insurance and Annuity Association of America–College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.
 |
730 Third Avenue |
|
|
PRESORTED STANDARD PAID TIAA-CREF |
 Printed
on paper containing recycled fiber |
eDelivery will save trees, conserve paper and reduce mailbox clutter.
Sign up today at www.tiaa-cref.org/eDelivery
| C19727 | A12456 (11/14) |
| |
730 Third Avenue |
|
| Printed
on paper containing recycled fiber |
| C19727 | A12456 (11/14) |
| |
730 Third Avenue |
|
| C19727 | A12456 (11/14) |
2014 Semiannual Report
TIAA-CREF Funds
Fixed-Income Funds
September 30, 2014
Understanding your report from TIAA-CREF Funds
For the purposes of this report “TIAA-CREF Funds” refers only to the TIAA-CREF Fixed-Income Funds on the cover of this report.
This semiannual report contains information about the TIAA-CREF Funds and describes their results for the six months ended September 30, 2014. The report contains three main sections:
| • | The fund performance section compares each fund’s investment returns with those of its benchmark index. | |
| • | The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of September 30, 2014. | |
| • | The financial statements provide detailed information about the operations and financial condition of each fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based
on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 842-2252 for the Institutional, Premier and Retirement classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
Portfolio holdings
Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports, instead of providing complete portfolio listings. The TIAA-CREF Funds also file complete portfolio listings with the SEC, and they are available to the public.
You can obtain a complete list of the TIAA-CREF Funds’ portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
| • | By visiting our website at tiaa-cref.org; or | |
| • | By calling us at 800 842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of March 31 or September 30; Form N-Q filings are as of December 31 or June 30. Copies of these forms are available:
| • | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or | |
| • | From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.) |
Proxy voting
In certain market conditions, the investment portfolio of a fixed-income fund may include shares of common or preferred stock. If that should occur, TIAA-CREF Funds’ ownership of stock would give it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You can also call us at 800 842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.
Contacting TIAA-CREF
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800 842-2252.
Fund management
The TIAA-CREF Funds are managed by the portfolio management teams of Teachers Advisors, Inc. The members of these teams are responsible for the day-to-day investment management of the funds.
| 2 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Bond prices rise, retreat, then end higher
During the six months ended September 30, 2014, many bond market sectors got off to a strong start in the second calendar quarter but lost steam later as concerns about interest rates and geopolitical developments mounted. For the reporting period, the investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 2.2%.
Results from individual segments of the bond market varied. Prices of 10-year U.S. Treasury securities rose modestly over the period, while their yields dropped from 2.7% on March 31 to 2.5% on September 30. Following strong runs early on, emerging markets and U.S. high-yield bonds pulled back sharply later in the period. U.S. Treasury inflation-linked bonds returned 1.7%; tax-exempt municipal bonds 4.0%; and short-term U.S. Treasury securities remained essentially flat (based on returns of indexes in the chart below). The broad U.S. stock market, as represented by the Russell 3000® Index, returned 4.9%.
The U.S. economy continued to recover at a modest pace. Real gross domestic product (GDP) in the second calendar quarter rose at an annual rate of 4.6%, following a 2.1% drop during the prior quarter that was attributed in part to the chilling effects of the harsh winter. The Labor Department reported that the national unemployment rate fell from 6.7% in March to 5.9% in September—the lowest level since July 2008, as employers added 248,000 jobs that month. However, the labor force participation rate fell to a low not seen since 1978. Year-over-year inflation, as measured by the Consumer Price Index, registered 1.7% at period-end—down from 2.1% earlier in the period.
Fed asset purchase program expected to wind down
Fixed-income sectors in general advanced in the first half of the period, supported by low interest rates. In June, the Federal Reserve (Fed) signaled that it would likely seek to keep interest rates near zero “for a considerable time” after it reduces its monthly purchases of government bonds in October. (Bond prices drop when interest rates are on the rise.) High-yield bond prices rose on reports of favorable economic fundamentals. The European Central Bank (ECB) announced a Targeted Longer-Term Refinancing Operations (TLTRO) program to encourage bank lending to stimulate the region’s economy. Prices of bonds, particularly emerging markets and high-yield issues, rose in reaction to the ECB’s actions.
In July, turmoil and growing concerns in the Middle East along with Russian aggression in Ukraine triggered a flight to quality into U.S. Treasuries. High-yield bond prices dropped in July and in early August amid strong fund outflows but advanced later that month as investors assumed more credit risk in exchange for higher yields. In September, prices of high-yield debt—weighed down by heavy bond issuance and negative fund flows—and inflation-linked bonds pulled back significantly.
No evidence as yet indicates when the Fed will take action to boost short-term rates from their ultra-low levels. In September, however, the Fed reaffirmed its plans to end its quantitative easing bond purchases by the end of October and to maintain its accommodative monetary policy, and suggested it may begin to take action to raise short-term rates by the middle of next year.
Bond sector comparisons year-over-year
Second and third calendar-quarter performance for 2013–2014 (% returns)
Sources: High-yield: BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index; Investment-grade: Barclays U.S. Aggregate Bond Index; TIPS: Barclays U.S. Treasury Inflation Protected Securities Index (Series-L); Munis: Barclays 10-Year Municipal Bond Index; Short-term: Barclays U.S. 1–3 Year Government/Credit Bond Index.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 3 |
The Barclays U.S. Aggregate Bond Index measures the performance of the domestic investment-grade, fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.
The Barclays U.S. 1–3 Year Government/Credit Bond Index measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to 3-year maturities.*
The Barclays U.S. 1–5 Year Government/Credit Bond Index measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to 5-year maturities.*
The BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index measures the performance of bond securities that pay interest in cash and have a credit rating of BB or B. BofA Merrill Lynch uses a composite of Fitch Ratings, Moody’s and Standard & Poor’s credit ratings in selecting bonds for this index. These ratings measure the risk that the bond issuer will fail to pay interest or to repay principal in full. The index is market weighted, so that larger bond issues have a greater effect on the index’s return. However, the representation of any single bond issuer is restricted to a maximum of 2% of the total index.
The Barclays 10-Year Municipal Bond Index measures the performance of intermediate- and longer-term, tax-exempt bonds. Bonds in the index must be rated investment-grade (Baa3/BBB- or higher), have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million.
The Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) measures the performance of fixed-income securities with fixed-rate coupon payments that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U).
| * | On January 1, 2014, the Barclays U.S. 1–3 Year Government/Credit Bond Index replaced the Barclays U.S. 1–5 Year Government/Credit Bond Index as the Short-Term Bond Fund’s benchmark. |
BofA Merrill Lynch is used with permission. bofa merrill lynch is licensing the bofa merrill lynch indices “as is,” makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the bofa merrill lynch indices or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend tiaa-cref or any of its products or services.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| 4 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense examples that appear on the performance pages are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2014–September 30, 2014).
Actual expenses
The first section of each table uses the fund’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second line in each share class’s entry shows hypothetical account values and expenses based on the share class’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the share class’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in the fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 5 |
Portfolio composition
| % of net assets | |||
| as of 9/30/2014 | |||
| Corporate bonds | 23.5 | ||
| U.S. Treasury securities | 20.2 | ||
| Mortgage-backed securities* | 18.4 | ||
| Foreign government & corporate bonds denominated in U.S. dollars | 11.8 | ||
| Asset-backed securities | 10.5 | ||
| Commercial mortgage-backed securities | 7.3 | ||
| Municipal bonds | 2.5 | ||
| Bank loan obligations | 1.3 | ||
| U.S. agency securities | 0.4 | ||
| Short-term investments, other assets & liabilities, net | 4.1 | ||
| Total | 100.0 | ||
| * | Includes mortgage pass-through securities and collateralized mortgage obligations |
Holdings by maturity
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 9/30/2014 | |||
| Less than 1 year | 6.2 | ||
| 1–3 years | 26.9 | ||
| 3–5 years | 19.4 | ||
| 5–10 years | 37.1 | ||
| Over 10 years | 10.4 | ||
| Total | 100.0 | ||
Holdings by credit quality†
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 9/30/2014 | |||
| Aaa/AAA | 43.5 | ||
| Aa/AA | 6.3 | ||
| A/A | 14.7 | ||
| Baa/BBB | 24.1 | ||
| Ba/BB | 4.5 | ||
| B/B | 4.3 | ||
| Below B/B | 1.6 | ||
| Non-rated | 1.0 | ||
| Total | 100.0 | ||
| † | Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice. |
Performance for the six months ended September 30, 2014
The Bond Fund returned 2.10% for the Institutional Class, compared with the 2.21% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2014, the fund returned 5.02%, versus 3.96% for the index. The table below shows returns for all share classes of the fund.
Strong economic rebound in the second quarter
The U.S. economy showed continued signs of life during the six-month period. Positive factors signaling that the economy was gaining traction included appreciation of the U.S. dollar, continued strength in the housing market and a decline in the unemployment rate, which fell below 6% for the first time since the 2008 recession. Furthermore, the nation’s gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annual rate of 4.6% in the second quarter—a significant improvement over the 2.1% decline in the prior quarter. This increase was reflected in part by positive contributions from personal consumption expenditures and exports.
Although inflation remained well below its target rate of 2.5%, the Federal Reserve (Fed) prepared to end its long-term bond-buying program by October as the U.S. economy appeared to move closer to a self-sustaining recovery. Early in the period, interest rates declined as a result of several factors, including the weaker-than-expected first quarter GDP growth, “dovish” comments from Fed chair Janet Yellen suggesting the Fed would keep rates low even in the face of stronger economic data, and increased demand for safe-haven fixed-income assets amid geopolitical uncertainty and diminished supply. As the
Performance as of September 30, 2014
| Total return | Average annual total return | |||||||||||||||||
| Bond Fund | Inception date | 6 months | 1 year | 5 years | 10 years | |||||||||||||
| Institutional Class | 7/1/1999 | 2.10 | % | 5.02 | % | 4.84 | % | 4.70 | % | |||||||||
| Premier Class | 9/30/2009 | 2.03 | 4.96 | 4.70 | 4.63 | ‡ | ||||||||||||
| Retirement Class | 3/31/2006 | 1.96 | 4.81 | 4.58 | 4.48 | ‡ | ||||||||||||
| Retail Class | 3/31/2006 | 1.93 | 4.75 | 4.57 | 4.52 | ‡ | ||||||||||||
| Barclays U.S. Aggregate Bond Index | — | 2.21 | 3.96 | 4.12 | 4.62 | |||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| ‡ | The performance shown for the Premier, Retirement and Retail classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier, Retirement and Retail classes. If those higher expenses had been reflected, the performance of these three classes shown for these periods would have been lower. |
| 6 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
period came to an end, however, fears that the pace of interest-rate increases could happen too quickly caused bonds to sell off. Nevertheless, the yield on the 10-year U.S. Treasury bond declined from 2.73% on March 31 to 2.52% on September 30. Short-term Treasuries remained essentially flat.
Mortgage-backed securities and corporates lead the index’s performance
Results from individual segments of the Barclays aggregate index varied. Mortgage-backed securities (MBS), which accounted for 28.7% of the index at period-end, returned 2.6%, while corporate bonds, which made up 23.1% of the index and had been among the poorest performing sectors a year earlier, returned 2.5%. Government credit securities had the strongest performance, with a return of 3.0% for the period, but this sector only accounted for 5.2% of the index. Treasuries, which made up over a third of the index, underperformed, with a return of 1.7%. Government agencies, asset-backed and commercial mortgage-backed securities (CMBS) underperformed along with Treasuries but still had positive returns.
The fund trails its benchmark
In this changing environment, the fund produced a positive return but slightly lagged its benchmark. U.S. Treasury securities, which underperformed the broader market, were among the leading detractors to the fund’s performance. The fund was underweighted in MBS, which performed well; as a result, the fund’s position in this sector also hurt its relative performance.
In contrast, the fund’s overweight position in the outperforming corporate bond sector helped offset the negative effects of its Treasury and MBS positions, making a strong contribution to relative returns. Security selection in the CMBS sector also contributed positively to relative performance—with the fund’s holdings strongly outperforming CMBS holdings in the benchmark—as did selections in the asset-backed securities sector. Finally, the fund’s overweight position in the strongly performing municipal sector had a positive effect on its relative performance.
Expense example
Six months ended September 30, 2014
| Expenses | |||||||||
| paid | |||||||||
| Beginning | Ending | during | |||||||
| account | account | period* | |||||||
| value | value | (4/1/14– | |||||||
| Bond Fund | (4/1/14) | (9/30/14) | 9/30/14) | ||||||
| Actual return | |||||||||
| Institutional Class | $1,000.00 | $1,021.03 | $1.62 | ||||||
| Premier Class | 1,000.00 | 1,020.26 | 2.38 | ||||||
| Retirement Class | 1,000.00 | 1,019.58 | 2.89 | ||||||
| Retail Class | 1,000.00 | 1,019.29 | 3.19 | ||||||
| 5% annual hypothetical return | |||||||||
| Institutional Class | 1,000.00 | 1,023.46 | 1.62 | ||||||
| Premier Class | 1,000.00 | 1,022.71 | 2.38 | ||||||
| Retirement Class | 1,000.00 | 1,022.21 | 2.89 | ||||||
| Retail Class | 1,000.00 | 1,021.91 | 3.19 | ||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class, 0.47% for the Premier Class, 0.57% for the Retirement Class and 0.63% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
For more information about this expense example, please see page 5.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 7 |
Portfolio composition
| % of net assets | |||
| as of 9/30/2014 | |||
| U.S. Treasury securities | 35.7 | ||
| Mortgage-backed securities* | 28.6 | ||
| Corporate bonds | 18.8 | ||
| Foreign government & corporate bonds denominated in U.S. dollars | 9.4 | ||
| U.S. agency securities | 3.4 | ||
| Commercial mortgage-backed securities | 1.8 | ||
| Municipal bonds | 1.0 | ||
| Asset-backed securities | 0.8 | ||
| Short-term investments, other assets & liabilities, net | 0.5 | ||
| Total | 100.0 | ||
| * | Includes mortgage pass-through securities and collateralized mortgage obligations |
Holdings by maturity
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 9/30/2014 | |||
| Less than 1 year | 2.0 | ||
| 1–3 years | 20.2 | ||
| 3–5 years | 30.2 | ||
| 5–10 years | 34.6 | ||
| Over 10 years | 13.0 | ||
| Total | 100.0 | ||
Holdings by credit quality†
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 9/30/2014 | |||
| Aaa/AAA | 71.5 | ||
| Aa/AA | 4.7 | ||
| A/A | 11.7 | ||
| Baa/BBB | 11.7 | ||
| Ba/BBB | 0.1 | ||
| Non-rated | 0.3 | ||
| Total | 100.0 | ||
| † | Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice. |
Performance for the six months ended September 30, 2014
The Bond Index Fund returned 2.23% for the Institutional Class, compared with the 2.21% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2014, the fund returned 3.86%, versus 3.96% for the index. The table below shows returns for all share classes of the fund.
Strong economic rebound in the second quarter
The U.S. economy showed continued signs of life during the six-month period. Positive factors signaling that the economy was gaining traction included appreciation of the U.S. dollar, continued strength in the housing market and a decline in the unemployment rate, which fell below 6% for the first time since the 2008 recession. Furthermore, the nation’s gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annual rate of 4.6% in the second quarter—a significant improvement over the 2.1% decline in the prior quarter. This increase was reflected in part by positive contributions from personal consumption expenditures and exports.
Although inflation remained well below its target rate of 2.5%, the Federal Reserve (Fed) prepared to end its long-term bond-buying program by October as the U.S. economy appeared to move closer to a self-sustaining recovery. Early in the period, interest rates declined as a result of several factors, including the weaker-than-expected first quarter GDP growth, “dovish” comments from Fed chair Janet Yellen suggesting the Fed would keep rates low even in the face of stronger economic data, and increased demand for safe-haven fixed-income assets amid geopolitical uncertainty and diminished supply. As the
Performance as of September 30, 2014
| Total return | Average annual total return | |||||||||||||||||
| since fund | ||||||||||||||||||
| Bond Index Fund | Inception date | 6 months | 1 year | 5 years | inception | |||||||||||||
| Institutional Class | 9/14/2009 | 2.23 | % | 3.86 | % | 3.90 | % | 3.97 | % | |||||||||
| Premier Class | 9/30/2009 | 2.16 | 3.61 | 3.75 | 3.81 | ‡ | ||||||||||||
| Retirement Class | 9/14/2009 | 2.01 | 3.51 | 3.64 | 3.71 | |||||||||||||
| Retail Class | 9/14/2009 | 2.05 | 3.50 | 3.56 | 3.63 | |||||||||||||
| Barclays U.S. Aggregate Bond Index | — | 2.21 | 3.96 | 4.12 | 4.21 | § | ||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| ‡ | The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for this period has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for this period would have been lower. |
| § | Performance is calculated from the inception date of the Institutional Class. |
| 8 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
period came to an end, however, fears that the pace of interest-rate increases could happen too quickly caused bonds to sell off. Nevertheless, the yield on the 10-year U.S. Treasury bond declined from 2.73% on March 31 to 2.52% on September 30. Short-term Treasuries remained essentially flat.
Mortgage-backed securities and corporates lead the index’s performance
Results from individual segments of the Barclays aggregate index varied. Mortgage-backed securities (MBS), which accounted for 28.7% of the index at period-end, returned 2.6%, while corporate bonds, which made up 23.1% of the index and had been among the poorest-performing sectors a year earlier, returned 2.5%. Government credit securities had the strongest performance, with a return of 3.0% for the period, but this sector only accounted for 5.2% of the index. Treasuries, which made up over a third of the index, underperformed with a return of 1.7%. Government agencies, asset-backed and commercial mortgage-backed securities (CMBS) underperformed along with Treasuries, but still had positive returns.
Fund performs in line with its benchmark
During the six-month period, the fund’s return approximated that of its benchmark index—a positive, given that the fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund reaped the greatest benefit from holdings in the corporate and MBS sectors, which performed well during the period for both the fund and the index. Additionally, fund positions in the government credit and municipal sectors outperformed—also in line with the benchmark. The fund and index were held back by underperformance in the U.S. Treasury, government credit, asset-backed securities and CMBS sectors.
Throughout the period, the fund’s managers kept the fund’s duration—a measure of its sensitivity to interest rate changes—close to that of its benchmark. This strategy helped the fund’s risk and reward characteristics to more closely resemble those of its benchmark.
Expense example
Six months ended September 30, 2014
| Bond Index Fund | Beginning account value (4/1/14) |
Ending account value (9/30/14) |
Expenses paid during period* (4/1/14– 9/30/14) |
||||||
| Actual return | |||||||||
| Institutional Class | $1,000.00 | $1,022.32 | $0.61 | ||||||
| Premier Class | 1,000.00 | 1,021.55 | 1.37 | ||||||
| Retirement Class | 1,000.00 | 1,020.08 | 1.87 | ||||||
| Retail Class | 1,000.00 | 1,020.54 | 2.38 | ||||||
| 5% annual hypothetical return | |||||||||
| Institutional Class | 1,000.00 | 1,024.47 | 0.61 | ||||||
| Premier Class | 1,000.00 | 1,023.71 | 1.37 | ||||||
| Retirement Class | 1,000.00 | 1,023.21 | 1.88 | ||||||
| Retail Class | 1,000.00 | 1,022.71 | 2.38 | ||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.12% for the Institutional Class, 0.27% for the Premier Class, 0.37% for the Retirement Class and 0.47% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
For more information about this expense example, please see page 5.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 9 |
Portfolio composition
| % of net assets | |
| as of 9/30/2014 | |
| Corporate bonds | 28.5 |
| Mortgage-backed securities* | 18.7 |
| Foreign government & corporate bonds denominated in U.S. dollars | 17.0 |
| U.S. Treasury securities | 12.3 |
| Asset-backed securities | 5.2 |
| Commercial mortgage-backed securities | 4.8 |
| Municipal bonds | 4.1 |
| Bank loan obligations | 3.9 |
| U.S. agency securities | 0.7 |
| Short-term investments, other assets & liabilities, net | 4.8 |
| Total | 100.0 |
| * | Includes mortgage pass-through securities and collateralized mortgage obligations |
Holdings by maturity
| % of fixed-income investments | |
| (excluding short-term investments) | |
| as of 9/30/2014 | |
| Less than 1 year | 3.6 |
| 1–3 years | 16.2 |
| 3–5 years | 21.6 |
| 5–10 years | 47.1 |
| Over 10 years | 11.5 |
| Total | 100.0 |
Holdings by credit quality†
| % of fixed-income investments | |
| (excluding short-term investments) | |
| as of 9/30/2014 | |
| Aaa/AAA | 35.6 |
| Aa/AA | 7.1 |
| A/A | 13.5 |
| Baa/BBB | 20.0 |
| Ba/BB | 9.9 |
| B/B | 9.9 |
| Below B/B | 2.9 |
| Non-rated | 1.1 |
| Total | 100.0 |
| † | Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice. |
Performance for the six months ended September 30, 2014
The Bond Plus Fund returned 2.21% for the Institutional Class, compared with the 2.21% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2014, the fund returned 5.31%, versus 3.96% for the index. The table below shows returns for all share classes of the fund.
Strong economic rebound in the second quarter
The U.S. economy showed continued signs of life during the six-month period. Positive factors signaling that the economy was gaining traction included appreciation of the U.S. dollar, continued strength in the housing market and a decline in the unemployment rate, which fell below 6% for the first time since the 2008 recession. Furthermore, the nation’s gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annual rate of 4.6% in the second quarter—a significant improvement over the 2.1% decline in the prior quarter. This increase was reflected in part by positive contributions from personal consumption expenditures and exports.
Although inflation remained well below its target rate of 2.5%, the Federal Reserve (Fed) prepared to end its long-term bond-buying program by October as the U.S. economy appeared to move closer to a self-sustaining recovery. Early in the period, interest rates declined as a result of several factors, including the weaker-than-expected first quarter GDP growth, “dovish” comments from Fed chair Janet Yellen suggesting the Fed would keep rates low even in the face of stronger economic data, and increased demand for safe-haven fixed-income assets amid geopolitical uncertainty and diminished supply. As the
Performance as of September 30, 2014
| Average annual | ||||||||||||||||||
| Total return | total return | |||||||||||||||||
| Bond Plus Fund | Inception date | 6 months | 1 year | 5 years | since fund inception | |||||||||||||
| Institutional Class | 3/31/2006 | 2.21 | % | 5.31 | % | 5.73 | % | 5.25 | % | |||||||||
| Premier Class | 9/30/2009 | 2.23 | 5.15 | 5.57 | 5.16 | ‡ | ||||||||||||
| Retirement Class | 3/31/2006 | 2.09 | 4.94 | 5.46 | 5.00 | |||||||||||||
| Retail Class | 3/31/2006 | 2.05 | 4.96 | 5.43 | 5.03 | |||||||||||||
| Barclays U.S. Aggregate Bond Index | — | 2.21 | 3.96 | 4.12 | 5.12 | § | ||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| ‡ | The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for these periods would have been lower. |
| § | Performance is calculated from the inception date of the Institutional Class. |
| 10 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
period came to an end, however, fears that the pace of interest rate increases could happen too quickly caused bonds to sell off. Nevertheless, the yield on the 10-year U.S. Treasury bond declined from 2.73% on March 31 to 2.52% on September 30. Short-term Treasuries remained essentially flat.
Mortgage-backed securities and corporates lead the index’s performance
Results from individual segments of the Barclays aggregate index varied. Mortgage-backed securities (MBS), which accounted for 28.7% of the index at period-end, returned 2.6%, while corporate bonds, which made up 23.1% of the index and had been among the poorest-performing sectors a year earlier, returned 2.5%. Government credit securities had the strongest performance, with a return of 3.0% for the period, but this sector only accounted for 5.2% of the index. Treasuries, which made up over a third of the index, underperformed with a return of 1.7%. Government agencies, asset-backed and commercial mortgage-backed securities (CMBS) underperformed along with Treasuries but still had positive returns.
The fund performs in line with its benchmark
In this changing environment, the fund produced a positive return that matched that of its benchmark. The fund reaped the greatest benefit from overweight positions in the corporate and municipal sectors, both of which performed well during the period, and from strong security selection in the CMBS sector. Even though CMBS underperformed within the benchmark, the fund’s holdings strongly outperformed, with a return in excess of 4.0%. The fund also benefited from advantageous selection in the municipal sector.
The fund’s relative performance was held back by its Treasury holdings, which underperformed the broader market. The fund was also limited by an underweight position in MBS, which performed well, and by a small allocation to cash.
Expense example
Six months ended September 30, 2014
| Bond
Plus Fund | Beginning account value (4/1/14) | Ending account value (9/30/14) | Expenses paid during period* (4/1/14– 9/30/14) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,022.15 | $1.62 | ||||||
| Premier Class | 1,000.00 | 1,022.34 | 2.38 | ||||||||
| Retirement Class | 1,000.00 | 1,020.86 | 2.89 | ||||||||
| Retail Class | 1,000.00 | 1,020.46 | 3.24 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.46 | 1.62 | ||||||||
| Premier Class | 1,000.00 | 1,022.71 | 2.38 | ||||||||
| Retirement Class | 1,000.00 | 1,022.21 | 2.89 | ||||||||
| Retail Class | 1,000.00 | 1,021.86 | 3.24 | ||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class, 0.47% for the Premier Class, 0.57% for the Retirement Class and 0.64% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
For more information about this expense example, please see page 5.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 11 |
Portfolio composition
| % of net assets | |
| as of 9/30/2014 | |
| Corporate bonds | 63.9 |
| Bank loan obligations | 18.2 |
| Foreign government & corporate bonds denominated in U.S. dollars | 14.8 |
| Preferred stock | 0.2 |
| Short-term investments, other assets & liabilities, net | 2.9 |
| Total | 100.0 |
Holdings by maturity
| % of fixed-income investments | |
| (excluding short-term investments) | |
| as of 9/30/2014 | |
| 1–3 years | 0.4 |
| 3–5 years | 16.7 |
| 5–10 years | 76.1 |
| Over 10 years | 6.8 |
| Total | 100.0 |
Holdings by credit quality*
| % of fixed-income investments | |
| (excluding short-term investments) | |
| as of 9/30/2014 | |
| Baa/BBB | 0.4 |
| Ba/BB | 37.5 |
| B/B | 52.9 |
| Below B/B | 9.2 |
| Total | 100.0 |
| * | Credit quality ratings are based on the BofA Merrill Lynch Index composite ratings methodology, which is a simple average of ratings from Moody’s, Standard & Poor’s and Fitch. If only two of the designated agencies rate a bond, the composite rating is based on an average of the two. Likewise, if only one of the designated agencies rates a bond, the composite rating is based on that one rating. |
Performance for the six months ended September 30, 2014
The High-Yield Fund returned 0.17% for the Institutional Class, compared with the 0.86% return of its benchmark, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index. For the one-year period ended September 30, 2014, the fund rose 6.98% versus 7.32% for the index. The table below includes performance data for all share classes of the fund.
High-yield bond prices rise modestly despite downward pressures
During the first three months of the reporting period, the high-yield bond index advanced 2.49% in a generally favorable environment for bonds. Assets offering risk premiums benefited from additional spread tightening (narrowing of the yield gap between U.S. high-yield and Treasury securities) amid investor demand and the continuation of strong corporate fundamentals. However, during the final three months of the period, the investment landscape became more uncertain, and high-yield bonds gave up much of their prior gains. As the Federal Reserve prepared to end its long-term bond buying program, concerns regarding its effect on the U.S. economy, mounting concerns about geopolitical tensions overseas and other factors put downward pressure on high-yield bonds, resulting in a 1.59% loss but still finishing the period higher.
For the six-month period, high-yield bonds underperformed the 2.21% return of the broad U.S. investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. Over the longer term, however, high-yield bonds surpassed the broad bond market. For the three and five years ended September 30, 2014, the high-yield index rose 10.24% and 9.78%, respectively, substantially outperforming the 2.43% and 4.12% returns of investment-grade bonds for the same periods.
Performance as of September 30, 2014
| Average annual | ||||||||||||||||||
| Total return | total return | |||||||||||||||||
| High-Yield Fund† | Inception date | 6 months | 1 year | 5 years | since
fund inception | |||||||||||||
| Institutional Class | 3/31/2006 | 0.17 | % | 6.98 | % | 9.67 | % | 7.96 | % | |||||||||
| Premier Class | 9/30/2009 | 0.10 | 6.92 | 9.53 | 7.87 | ‡ | ||||||||||||
| Retirement Class | 3/31/2006 | 0.14 | 6.81 | 9.42 | 7.69 | |||||||||||||
| Retail Class | 3/31/2006 | 0.04 | 6.78 | 9.41 | 7.78 | |||||||||||||
| BofA Merrill Lynch
BB-B U.S. Cash Pay High Yield Constrained Index | — | 0.86 | 7.32 | 9.78 | 7.74 | § | ||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| † | Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details. |
| ‡ | The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for these periods would have been lower. |
| § | Performance is calculated from the inception date of the Institutional Class. |
| 12 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
High-yield bond issuance increases
New issuance in the high-yield bond market was strong in April, May and June. Yields hit new lows, which led more opportunistic issuers to take advantage of attractive lending rates and ongoing demand. In August, however, as uncertainty crept back into the market environment, issuance slowed significantly before rebounding in September. Overall, new high-yield debt issuance totaled more than $167 billion over the six months, up from $159 billion over the same period in 2013.
Over the period, investors favored higher-rated bonds over more speculative higher-yielding securities. Bonds rated BB and B performed best, returning 1.4% and 0.3%, respectively. Lower-quality bonds (those rated CCC and below) lost 1.0%. High-yield default rates in the United States were a bright spot as they remained near historical lows, ending September at 1.7%, according to Moody’s Investor Service.
The fund trails its benchmark in an uncertain environment
For the six months, the High-Yield Fund trailed its benchmark due to disappointing sector selections and allocations. Conversely, security selections were modestly beneficial.
Sector positions that detracted most from the fund’s relative returns were energy exploration and production, banking, and gas distribution. These negative effects were partly offset by favorable investments in the health services, food and drug retail, and machinery sectors.
Among individual security allocations, the biggest drag on relative performance came from Arch Coal and SandRidge Energy in the energy sector and Post Holdings, Inc., a consumer products food company.
The largest positive contributions came from overweight positions in Community Health Systems, a healthcare service provider, and Neovia, a replacement parts logistics provider to the automotive and industrial after-market. The absence from the fund of benchmark holding Cliff’s Natural Resources also helped to offset some of its losses. An out-of-benchmark position in food and drug retailer Albertson’s Holdings further augmented relative performance.
Expense example
Six months ended September 30, 2014
| High-Yield Fund | Beginning account value (4/1/14) | Ending
account value (9/30/14) | Expenses paid during period* (4/1/14– 9/30/14) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,001.70 | $1.81 | ||||||
| Premier Class | 1,000.00 | 1,000.97 | 2.56 | ||||||||
| Retirement Class | 1,000.00 | 1,001.43 | 3.06 | ||||||||
| Retail Class | 1,000.00 | 1,000.45 | 3.21 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.26 | 1.83 | ||||||||
| Premier Class | 1,000.00 | 1,022.51 | 2.59 | ||||||||
| Retirement Class | 1,000.00 | 1,022.01 | 3.09 | ||||||||
| Retail Class | 1,000.00 | 1,021.86 | 3.24 | ||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.36% for the Institutional Class, 0.51% for the Premier Class, 0.61% for the Retirement Class and 0.64% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
For more information about this expense example, please see page 5.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 13 |
Portfolio composition
| % of net assets as of 9/30/2014 | |||
| U.S. Treasury securities | 97.9 | ||
| Short-term investments, other assets & liabilities, net | 2.1 | ||
| Total | 100.0 | ||
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2014 | |||
| 1–3 years | 19.4 | ||
| 3–5 years | 17.0 | ||
| 5–10 years | 36.4 | ||
| Over 10 years | 27.2 | ||
| Total | 100.0 | ||
Performance for the six months ended September 30, 2014
The Inflation-Linked Bond Fund returned 1.57% for the Institutional Class, compared with the 1.69% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the one-year period ended September 30, 2014, the fund rose 1.39%, versus 1.59% for the index. The table below includes performance data for all share classes of the fund.
TIPS advance on the heels of falling oil prices and job growth
At the start of September, year-over-year inflation, as measured by the Consumer Price Index, was 1.7%, compared with 2.0% in April. Crude oil prices, a commonly used indicator of current inflationary pressures, shifted up and down during the six-month period before ultimately falling 9%. The price of oil per barrel began the period at nearly $100, rose to more than $105 by the end of June, before falling to $91 a barrel on September 30.
The decline in overall inflation provided evidence of improvements in the U.S. economy. Other positive factors signaling that the economy was gaining traction included appreciation of the U.S. dollar, continued strength in the housing market and a decline in the unemployment rate, which fell below 6% for the first time since the 2008 recession as employers added 248,000 jobs in September. Furthermore, the nation’s gross domestic product, which measures the value of all goods and services produced in the United States, rose at an annual rate of 4.6% in the second quarter—a significant improvement over the 2.1% decline in the prior one. This increase was reflected in part by positive contributions from personal consumption expenditures and exports.
Although inflation remained well below its target rate of 2.5%, the Federal Reserve prepared to end its long-term bond buying program by year-end as the U.S. economy appeared to move closer to a self-sustaining recovery. Fears that
Performance as of September 30, 2014
| Total return | Average annual total return | |||||||||||||||||||
| Inflation-Linked Bond Fund | Inception date | 6 months | 1 year | 5 years | 10 years | |||||||||||||||
| Institutional Class | 10/1/2002 | 1.57 | % | 1.39 | % | 4.27 | % | 4.35 | % | |||||||||||
| Premier Class | 9/30/2009 | 1.50 | 1.23 | 4.09 | 4.26 | * | ||||||||||||||
| Retirement Class | 3/31/2006 | 1.51 | 1.21 | 4.01 | 4.16 | * | ||||||||||||||
| Retail Class | 10/1/2002 | 1.44 | 1.19 | 4.00 | 4.15 | |||||||||||||||
| Barclays U.S. Treasury Inflation Protected Securities Index (Series-L) | — | 1.69 | 1.59 | 4.48 | 4.63 | |||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The performance shown for the Premier and Retirement classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier and Retirement classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower. |
| 14 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
the pace of interest rate increases could happen too quickly caused bonds to sell off in September. TIPS declined 2.50% in the final month of the reporting period, as measured by the TIPS index. However, this short-term volatility did not fully offset prior gains and the asset class advanced for the six months.
TIPS trail the broad bond market
Most segments of the bond market posted positive returns for the six months. Despite concerns over a prolonged rise in U.S. interest rates going forward, longer-term yields held steady and inflation expectations remained tame. The six-month return of the Barclays TIPS index was only about one-half of a percentage point lower than the 2.21% return of the broad U.S. investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index.
For the five years ended September 30, 2014, the Barclays TIPS index gained 4.48%, versus the 4.12% return of the Barclays aggregate index. For the ten years ended September 30, 2014, the Barclays TIPS index achieved gains of 4.63%, versus the 4.62% return of the Barclays aggregate index.
The fund slightly trailed its benchmark
Similar to the performance of the TIPS index, the Inflation-Linked Bond Fund rose more than one-and-one-half percent for the period. Since the fund’s portfolio was similar to that of the composition of its benchmark, the above discussion of the benchmark’s performance also applies to the fund’s performance. The fund slightly trailed its benchmark because of its expense charge. The fund’s return includes a deduction for expenses, while the benchmark’s does not.
During the period, the fund’s portfolio managers kept the fund’s duration—a measure of its sensitivity to interest rate changes—close to that of the TIPS index. This investment strategy helped the fund’s risk and reward characteristics remain in line with those of its benchmark.
Expense example
Six months ended September 30, 2014
| Inflation-Linked Bond Fund | Beginning account value (4/1/14) | Ending account value (9/30/14) | Expenses paid during period* (4/1/14– 9/30/14) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,015.69 | $1.31 | ||||||
| Premier Class | 1,000.00 | 1,014.96 | 2.07 | ||||||||
| Retirement Class | 1,000.00 | 1,015.14 | 2.58 | ||||||||
| Retail Class | 1,000.00 | 1,014.44 | 2.93 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.76 | 1.32 | ||||||||
| Premier Class | 1,000.00 | 1,023.01 | 2.08 | ||||||||
| Retirement Class | 1,000.00 | 1,022.51 | 2.59 | ||||||||
| Retail Class | 1,000.00 | 1,022.16 | 2.94 | ||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.26% for the Institutional Class, 0.41% for the Premier Class, 0.51% for the Retirement Class and 0.58% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
For more information about this expense example, please see page 5.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 15 |
Portfolio composition
| % of net assets as of 9/30/2014 | |||
| Corporate bonds | 23.2 | ||
| Asset-backed securities | 21.4 | ||
| Foreign government & corporate bonds denominated in U.S. dollars | 19.7 | ||
| U.S. Treasury securities | 17.2 | ||
| Commercial mortgage-backed securities | 4.9 | ||
| U.S. agency securities | 3.0 | ||
| Mortgage-backed securities* | 2.0 | ||
| Bank loan obligations | 0.8 | ||
| Municipal bonds | 0.4 | ||
| Short-term investments, other assets & liabilities, net | 7.4 | ||
| Total | 100.0 | ||
| * | Includes mortgage pass-through securities and collateralized mortgage obligations |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2014 | |||
| Less than 1 year | 14.8 | ||
| 1–3 years | 61.9 | ||
| 3–5 years | 21.2 | ||
| 5–10 years | 2.1 | ||
| Total | 100.0 | ||
Holdings by credit quality†
| % of fixed-income investments (excluding short-term investments) as of 9/30/2014 | |||
| Aaa/AAA | 43.6 | ||
| Aa/AA | 16.4 | ||
| A/A | 16.9 | ||
| Baa/BBB | 17.1 | ||
| Ba/BB | 4.0 | ||
| B/B | 1.9 | ||
| Below B/B | 0.1 | ||
| Total | 100.0 | ||
| † | Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice. |
Performance for the six months ended September 30, 2014
The Short-Term Bond Fund returned 0.46% for the Institutional Class, compared with the 0.36% return of its benchmark, the Barclays U.S. 1–3 Year Government/Credit Bond Index. For the one-year period ended September 30, 2014, the fund returned 1.44%, versus 0.77% for the index. The table below shows returns for all share classes of the fund.
On January 1, 2014, the Barclays U.S. 1–3 Year Government/Credit Bond Index replaced the Barclays U.S. 1–5 Year Government/Credit Bond Index as the fund’s benchmark. The change was made because the characteristics of the new benchmark are better aligned with those of the fund. The fund’s duration—a measure of its sensitivity to interest rate changes—typically ranges between one and three years, while the average maturity of its portfolio holdings is no more than three years.
Short-term bonds lag the broad market as economic growth improves
Although inflation remained well below its target rate of 2.5%, the Federal Reserve (Fed) prepared to end its long-term bond buying program by year-end as the U.S. economy appeared to move closer to a self-sustaining recovery. Early in the period, interest rates declined as a result of several factors, including the weaker-than-expected first quarter gross domestic product growth, “dovish” comments from Fed chair Janet Yellen suggesting the Fed would keep rates low even in the face of stronger economic data, and increased demand for safe-haven fixed-income assets amid geopolitical uncertainty and diminished supply. As the period came to an end, however, fears that the pace of interest
Performance as of September 30, 2014
| Total return | Average annual total return | |||||||||||||||||||
| Short-Term Bond Fund | Inception date | 6 months | 1 year | 5 years | since fund inception | |||||||||||||||
| Institutional Class | 3/31/2006 | 0.46 | % | 1.44 | % | 2.62 | % | 3.51 | % | |||||||||||
| Premier Class | 9/30/2009 | 0.39 | 1.29 | 2.49 | 3.43 | ‡ | ||||||||||||||
| Retirement Class | 3/31/2006 | 0.33 | 1.19 | 2.37 | 3.26 | |||||||||||||||
| Retail Class | 3/31/2006 | 0.31 | 1.13 | 2.35 | 3.31 | |||||||||||||||
| Barclays U.S. 1–3 Year Government/Credit Bond Index§ | — | 0.36 | 0.77 | 1.45 | 3.08 | # | ||||||||||||||
| Barclays U.S. 1–5 Year Government/Credit Bond Index§ | — | 0.60 | 1.15 | 2.23 | 3.73 | # | ||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| ‡ | The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for these periods would have been lower. |
| § | On January 1, 2014, the Barclays U.S. 1–3 Year Government/Credit Bond Index replaced the Barclays U.S. 1–5 Year Government/Credit Bond Index as the Short-Term Bond Fund’s benchmark. |
| # | Performance is calculated from the inception date of the Institutional Class. |
| 16 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
rate increases could happen too quickly caused bonds to sell off. Short-term Treasuries remained essentially flat for the six months, as the Fed kept its target federal funds rate—the interest rate U.S. commercial banks charge one another for overnight loans—near 0%.
During the period, the fund’s benchmark underperformed the 2.21% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. Longer-term bonds performed well during the period, as investors became more willing to go farther out on the yield curve amid a strengthening U.S. economy. The yield on the bellwether 10-year U.S. Treasury bond declined from 2.73% on March 31, 2014, to 2.52% as of September 30. Because short-term issues are less sensitive to interest rate moves, they generally experience lower price volatility than their longer-term counterparts. As a result, short-term issues saw less of a performance boost from the declining market interest rates than bonds with longer maturities.
Corporate and government credit and agency securities bolster the index
Representing nearly one-fifth of the benchmark’s total market capitalization at period-end, short-term corporate securities returned 0.54% for the period. Other sectors that performed well included government credit securities, with a return of 0.49%, and government agency securities, which returned 0.41%. Short-term Treasuries, the largest weighting in the index—nearly two-thirds—underperformed with a 0.35% return. Although a very small weighting in the index, municipals were its strongest-performing sector with a return of 1.09%.
Successful sector weightings help the fund outperform
For the period, the fund slightly outperformed its benchmark index largely as a result of advantageous positions in three key sectors. In particular, investments in short-term asset-backed securities, which are not included in the benchmark, made the most significant impact to the fund’s relative return. The next-largest contributor was an overweight position in the strongly performing corporate bond sector. Another out-of-benchmark position in commercial mortgage-backed securities, in which the fund’s holdings returned more than 1.6%, made a solid contribution, as did the fund’s holdings of government agency securities.
The fund was underweighted in short-term U.S. Treasuries, but its ownership of these securities still accounted for the largest detraction from relative returns because they underperformed the broader market. The fund’s small position in cash and other short-term investments also limited relative returns.
Expense example
Six months ended September 30, 2014
| Short-Term Bond Fund | Beginning account value (4/1/14) | Ending account value (9/30/14) | Expenses paid during period* (4/1/14– 9/30/14) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,004.61 | $1.41 | ||||||
| Premier Class | 1,000.00 | 1,003.86 | 2.16 | ||||||||
| Retirement Class | 1,000.00 | 1,003.35 | 2.66 | ||||||||
| Retail Class | 1,000.00 | 1,003.05 | 2.96 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.66 | 1.42 | ||||||||
| Premier Class | 1,000.00 | 1,022.91 | 2.18 | ||||||||
| Retirement Class | 1,000.00 | 1,022.41 | 2.69 | ||||||||
| Retail Class | 1,000.00 | 1,022.11 | 2.99 | ||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.28% for the Institutional Class, 0.43% for the Premier Class, 0.53% for the Retirement Class and 0.59% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
For more information about this expense example, please see page 5.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 17 |
Portfolio composition
| % of net assets as of 9/30/2014 | |||
| Corporate bonds | 27.7 | ||
| Mortgage-backed securities* | 16.6 | ||
| Foreign government & corporate bonds denominated in U.S. dollars | 11.0 | ||
| U.S. Treasury securities | 9.9 | ||
| Municipal bonds | 9.1 | ||
| U.S. agency securities | 6.7 | ||
| Commercial mortgage-backed securities | 6.6 | ||
| Asset-backed securities | 3.6 | ||
| Bank loan obligations | 1.5 | ||
| Preferred stock | 0.1 | ||
| Short-term investments, other assets & liabilities, net | 7.2 | ||
| Total | 100.0 | ||
| * | Includes mortgage pass-through securities and collateralized mortgage obligations |
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2014 | |||
| Less than 1 year | 2.4 | ||
| 1–3 years | 18.1 | ||
| 3–5 years | 23.1 | ||
| 5–10 years | 39.5 | ||
| Over 10 years | 16.9 | ||
| Total | 100.0 | ||
Holdings by credit quality†
| % of fixed-income investments (excluding short-term investments) as of 9/30/2014 | |||
| Aaa/AAA | 38.8 | ||
| Aa/AA | 10.2 | ||
| A/A | 11.4 | ||
| Baa/BBB | 22.3 | ||
| Ba/BB | 5.8 | ||
| B/B | 2.5 | ||
| Below B/B | 2.6 | ||
| Non-rated | 6.4 | ||
| Total | 100.0 | ||
| † | Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice. |
Performance for the six months ended September 30, 2014
The Social Choice Bond Fund returned 3.73% for the Institutional Class, compared with the 2.21% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended September 30, 2014, the fund returned 6.85%, versus 3.96% for the index. The table below shows returns for all share classes of the fund. The fund utilizes certain social criteria, while the benchmark does not.
Bond sectors finish higher across the board
Overall, U.S. fixed-income markets performed well in the first half of the period in the low interest rate environment. Strong fundamentals fueled demand for high-yield and investment-grade corporate bonds in the second calendar quarter. However, in July investors gravitated to U.S. Treasuries in part due to geopolitical concerns. High-yield bonds rose in August but gave up some prior gains in September along with Treasury Inflation-Protected Securities (TIPS), whose performance is linked to inflation. Year-over-year inflation—as measured by the Consumer Price Index—remained subdued, registering at 1.7% for the 12 months ending August 2014, versus a 2.1% annualized rate reported earlier in the period.
In September, the Federal Reserve signaled that it would not likely take action to raise short-term interest rates until mid-2015 and signaled it would stop tapering its monthly purchases of government bonds under its quantitative easing program by late October or November.
Over the period, municipal bonds returned 3.99%, investment-grade issues 2.21%, TIPS 1.69%, high-yield bonds 0.86% and short-term fixed-income securities 0.36%. (Returns are based on the performances of the Barclays 10-Year Municipal Bond Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. TIPS
Performance as of September 30, 2014
| Total return | Average annual total return | |||||||||||||
| Social Choice Bond Fund | Inception date | 6 months | 1 year | since inception | ||||||||||
| Institutional Class | 9/21/2012 | 3.73 | % | 6.85 | % | 3.20 | % | |||||||
| Premier Class | 9/21/2012 | 3.65 | 6.69 | 3.05 | ||||||||||
| Retirement Class | 9/21/2012 | 3.60 | 6.59 | 2.95 | ||||||||||
| Retail Class | 9/21/2012 | 3.67 | 6.52 | 2.86 | ||||||||||
| Barclays U.S. Aggregate Bond Index | — | 2.21 | 3.96 | 1.26 | ‡ | |||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| ‡ | Performance is calculated from the inception date of the Institutional Class. |
| 18 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
Index, BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index and Barclays U.S. 1–3 Year Government/Credit Index, respectively.) By comparison, almost all of these sectors finished in negative territory for the same reporting period in 2013. The exception, high-yield bonds, returned about half a percent for the period last year.
Benchmark sectors advance
All major sectors of the Barclays aggregate index rose for the six months. Government credit securities, which made up 5.2% of the total market capitalization of the index on September 30, 2014, performed the best, returning 1.70%. The municipal bond sector rose 2.69%. U.S. mortgage-backed securities, which accounted for 28% of the index as of period-end, returned 2.58%. The corporate bond sector, which made up nearly a quarter of the index, advanced 2.53%. Government agency issues returned 1.74%. U.S. Treasury fixed-income securities, which accounted for more than a third of the index at the period’s close, returned 1.70%.
Successful sector weightings help the fund outperform
The Social Choice Bond Fund outpaced the Barclays U.S. Aggregate Bond Index. Most of the fund’s outperformance resulted from a significant underweight position in U.S. Treasuries, which lagged the broader market. The fund’s overweight positions in the corporate and municipal bond sectors boosted relative performance.
These positive contributions were partly offset by the fund’s underweight in mortgage-backed securities. The fund’s exposure on the yield curve in the government credit sector also detracted from relative returns.
Expense example
Six months ended September 30, 2014
| Social Choice Bond Fund | Beginning account value (4/1/14) | Ending account value (9/30/14) | Expenses paid during period* (4/1/14– 9/30/14) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,037.29 | $2.04 | ||||||
| Premier Class | 1,000.00 | 1,036.52 | 2.81 | ||||||||
| Retirement Class | 1,000.00 | 1,036.03 | 3.32 | ||||||||
| Retail Class | 1,000.00 | 1,036.75 | 3.63 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.06 | 2.03 | ||||||||
| Premier Class | 1,000.00 | 1,022.31 | 2.79 | ||||||||
| Retirement Class | 1,000.00 | 1,021.81 | 3.29 | ||||||||
| Retail Class | 1,000.00 | 1,021.51 | 3.60 | ||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.71% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
For more information about this expense example, please see page 5.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 19 |
Portfolio composition
| % of net assets as of 9/30/2014 | |||
| Municipal bonds | 96.2 | ||
| Short-term investments, other assets & liabilities, net | 3.8 | ||
| Total | 100.0 | ||
Holdings by maturity
| % of fixed-income investments (excluding short-term investments) as of 9/30/2014 | |||
| Less than 1 year | 0.2 | ||
| 1–3 years | 6.0 | ||
| 3–5 years | 3.9 | ||
| 5–10 years | 52.2 | ||
| Over 10 years | 37.7 | ||
| Total | 100.0 | ||
Holdings by credit quality*
| % of fixed-income investments (excluding short-term investments) as of 9/30/2014 | |||
| Aaa/AAA | 5.3 | ||
| Aa/AA | 50.1 | ||
| A/A | 35.7 | ||
| Baa/BBB | 8.9 | ||
| Total | 100.0 | ||
| * | Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice. |
Performance for the six months ended September 30, 2014
The Tax-Exempt Bond Fund returned 3.50% for the Institutional Class, compared with the 3.99% return of its benchmark, the Barclays 10-Year Municipal Bond Index. For the one-year period ended September 30, 2014, the fund returned 5.20%, versus 7.13% for the index. The table below shows returns for all share classes of the fund.
Municipal bonds outperform other key sectors
Many U.S. fixed-income markets finished higher over the six months in the low-rate environment. The economy continued to move along at a modest pace and inflation remained subdued. During the period, the Federal Reserve signaled that it would not likely take action to raise short-term interest rates until mid-2015 and that it would stop tapering its monthly purchases of government bonds under its quantitative easing program by late October. (Bond prices move opposite to interest rates.)
Throughout the period, the municipal bond market and funds that invest in it continued to benefit from declining bond issuance, positive inflows, favorable credit developments and the low interest rate environment. Over the past year ended September 30, the amount of municipal debt outstanding has fallen by 1.8%. All told, more than $15 billion flowed into municipal bond funds over the recent six-month reporting period. Also, investor sentiment differed in comparison to a year ago. At that time, reports of Detroit’s filing for bankruptcy and concerns about Puerto Rico’s debt burden weighed down the market.
For the six months, tax-exempt bonds outperformed the 2.21% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, as well as many other sectors including high-yield, investment-grade, Treasury Inflation-Protected Securities and
Performance as of September 30, 2014
| Total return | Average annual total return | |||||||||||||||||
| Tax-Exempt Bond Fund | Inception date | 6 months | 1 year | 5 years | since inception | |||||||||||||
| Institutional Class | 3/31/2006 | 3.50 | % | 5.20 | % | 4.06 | % | 4.56 | % | |||||||||
| Retail Class | 3/31/2006 | 3.36 | 4.80 | 3.82 | 4.38 | |||||||||||||
| Barclays 10-Year Municipal Bond Index | — | 3.99 | 7.13 | 5.05 | 5.53 | † | ||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| † | Performance is calculated from the inception date of the Institutional Class. |
| 20 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
short-term U.S. government fixed-income securities. Municipals also generated consistent quarter-to-quarter performance over the period, returning about 2.5% for the second quarter and approximately 1.5% in the third.
For the five years ended September 30, 2014, the benchmark earned an average annual return of 5.05%, outpacing the broad bond market’s 4.12% return.
All sectors but one post gains
For the reporting period, all but one of the 13 sectors that make up the fund’s benchmark advanced. The biggest contributions came from the healthcare, transportation, industrial revenue, power and special tax sectors. Their returns ranged from 4.0% to 4.6% over the period. Together, these sectors constituted more than two-fifths of the benchmark’s total market capitalization at period-end. During the six months, new municipal bond issuance dropped slightly, totaling $163 billion, versus $165 billion over the same period in 2013.
On September 30, 2014, higher-rated AAA municipal bonds, as measured by the Thomson-Reuters MMD AAA General Obligation 10-year municipal bond average, yielded 1.7%, compared with 2.5% on comparable-maturity U.S. Treasury securities. They yielded 2.5% and 2.7%, respectively, at the beginning of the period.
Fund lags despite its positive performance
For the period, the fund’s underweight positions in transportation, local and power sectors, and overweight in the state sector detracted from the fund’s relative performance. The fund’s overweight positions in the health-care, special tax and education sectors, and slight overweight position and favorable security selection in the leasing sector, helped offset some of these losses.
Expense example
Six months ended September 30, 2014
| Tax-Exempt Bond Fund | Beginning account value (4/1/14) | Ending account value (9/30/14) | Expenses paid during period* (4/1/14– 9/30/14) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,035.03 | $1.79 | ||||||
| Retail Class | 1,000.00 | 1,033.57 | 3.21 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,023.31 | 1.78 | ||||||||
| Retail Class | 1,000.00 | 1,021.91 | 3.19 | ||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.35% for the Institutional Class and 0.63% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
For more information about this expense example, please see page 5.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 21 |
Portfolio composition
| %
of net assets as of 9/30/2014 | |||
| Commercial paper | 41.6 | ||
| U.S. government agency securities | 30.0 | ||
| U.S. Treasury securities | 14.9 | ||
| Floating-rate securities, government | 8.8 | ||
| Certificates of deposit | 4.1 | ||
| Asset-backed securities | 0.6 | ||
| Total | 100.0 | ||
Net annualized yield
(for the 7 days ended 9/30/2014)*
| Current yield | Effective yield | |||||||
| Money Market Fund† | ||||||||
| Institutional Class | 0.00 | % | 0.00 | % | ||||
| Premier Class | 0.00 | 0.00 | ||||||
| Retirement Class | 0.00 | 0.00 | ||||||
| Retail Class | 0.00 | 0.00 | ||||||
| iMoneyNet Money Fund Averages—All Taxable§ | 0.01 | 0.01 | ||||||
The current yield more closely reflects current earnings than does the total return.
| * | iMoneyNet reports its 7-day yields as of Tuesday of each week. |
Performance for the six months ended September 30, 2014
The Money Market Fund returned 0.00% for the Institutional Class, slightly lagging the 0.01% return of the iMoneyNet Money Fund Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its returns reflect the deduction of expenses charged by the funds included in the average. The table below shows returns for all share classes of the fund.
Supply of money market instruments remained tight
The supply of money market instruments continued to decline during the six-month period, with elevated prices and very low yields. The Federal Reserve’s (Fed) “tapering” program—the Fed’s reduction of its bond purchasing program, designed to keep rates low and stimulate the economy—continued during the period at a rate of $10 billion per month and is nearing completion. Because these purchases are designed to restrain medium- and longer-term interest rates, tapering had little impact on short-term markets.
Short-term Treasury supply continued to decline during the six months, while the commercial paper market also remained tight, with outstanding issuance down by more than $1 trillion since mid-2007. The supply of Treasury bills (T-bills) has been affected recently by the Treasury’s introduction of the 2-year floating-rate note, a security that may soon replace more than 20% of Treasury
Performance as of September 30, 2014
| Total return | Average annual total return | |||||||||||||||||||
| Money Market Fund† | Inception date | 6 months | 1 year | 5 years | 10 years | |||||||||||||||
| Institutional Class | 7/1/1999 | 0.00 | % | 0.00 | % | 0.05 | % | 1.73 | % | |||||||||||
| Premier Class | 9/30/2009 | 0.00 | 0.00 | 0.00 | 1.71 | ‡ | ||||||||||||||
| Retirement Class | 3/31/2006 | 0.00 | 0.00 | 0.00 | 1.62 | ‡ | ||||||||||||||
| Retail Class | 3/31/2006 | 0.00 | 0.00 | 0.00 | 1.67 | ‡ | ||||||||||||||
| iMoneyNet Money Fund | ||||||||||||||||||||
| Averages—All Taxable§ | — | 0.01 | 0.01 | 0.03 | 1.44 | |||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.
An investment in the Money Market Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. For a detailed discussion of risk, please see the prospectus.
| ‡ | The performance shown for the Premier, Retirement and Retail classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier, Retirement and Retail classes. If those higher expenses had been reflected, the performance of these three classes shown for these periods would have been lower. |
| § | The iMoneyNet Money Fund Averages—All Taxable category is a simple average of over 1,000 taxable money market funds. You cannot invest in it directly. |
| † | Beginning August 27, 2013, part or all of the investment management fees of the Institutional, Retail, Retirement and Premier Classes are being voluntarily waived. In addition, the fund’s adviser is reimbursing certain other fund expenses. Beginning January 1, 2013, part or all of the 12b-1 distribution expenses of the Retail Class are being waived. Prior to that, beginning August 18, 2009 part or all of the 12b-1 distribution expenses were not being reimbursed to the fund’s distributor. Also, beginning August 18, 2009 part or all of the service fees of the Retirement Class are being voluntarily waived. Beginning October 1, 2009, part or all of the 12b-1 distribution expenses of the Premier Class are being voluntarily waived. Without these changes, the 7-day current and effective net annualized yields and total returns for the fund would have been lower. The suspension of reimbursements and the addition of waivers are voluntary and may be discontinued at any time without notice. |
| 22 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds |
bill supply. The impact of low supply was especially evident toward the end of the quarter, as T-bills with maturities through year-end traded at negative levels. Meanwhile, commercial paper issuance is still limited and corresponding yields remain low, as industrial corporations hoard cash and take advantage of low interest rates to issue longer-maturity debt.
Little change in Fed policy keep rates near 0%
The Fed kept its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% during the period and forecast the rate to remain close to that level at least through the middle of 2015. The three-month LIBOR rate was little changed throughout the period from the 0.24% rate at which it closed on September 30, 2014. (LIBOR is a widely used indicator of the interest rates that banks expect to pay to other banks for loans on the London market.) The three-month T-bill rate declined from 0.04% on April 1, 2014, to 0.02% at period-end. These historically low rates, fostered by tight supply and the current regulatory environment, have helped create stagnation among T-bill and LIBOR instruments.
Fund remains well diversified in a challenging market
Against this backdrop of low rates and little supply, the fund’s managers sought higher-yielding investments while remaining in full compliance with Securities and Exchange Commission regulations. The fund remains committed to holding longer-dated, floating-rate government agency paper (with 1- to 2-year maturities) in order to capture slightly higher yields. However, due to a decline in issuance and unattractive valuations, overall portfolio levels are unlikely to increase. Our commercial paper exposure is diversified across industries and issuers, nearly all of which are U.S.-domiciled. Overseas, European exposure remains limited to select high-quality financial names. The fund’s managers believe that attractive opportunities exist in high-quality issuers such as banks from Chile, South Korea, Japan and Singapore. As of September 30, 2014, the fund’s weighted average maturity was 54 days, versus 45 days for the average iMoneyNet fund.
In response to exceptionally low interest rates, part or all of the Money Market Fund’s 12b-1 distribution fees and/or administrative fees were voluntarily withheld (waived) by TIAA-CREF to prevent the fund’s yield from turning negative.
Expense example
Six months ended September 30, 2014
| Money Market Fund | Beginning account value (4/1/14) | Ending account value (9/30/14) | Expenses paid during period* (4/1/14– 9/30/14) | ||||||||
| Actual return | |||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,000.00 | $0.55 | ||||||
| Premier Class | 1,000.00 | 1,000.00 | 0.55 | ||||||||
| Retirement Class | 1,000.00 | 1,000.00 | 0.55 | ||||||||
| Retail Class | 1,000.00 | 1,000.00 | 0.55 | ||||||||
| 5% annual hypothetical return | |||||||||||
| Institutional Class | 1,000.00 | 1,024.52 | 0.56 | ||||||||
| Premier Class | 1,000.00 | 1,024.52 | 0.56 | ||||||||
| Retirement Class | 1,000.00 | 1,024.52 | 0.56 | ||||||||
| Retail Class | 1,000.00 | 1,024.52 | 0.56 | ||||||||
| * | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.11% for the Institutional Class, 0.11% for the Premier Class, 0.11% for the Retirement Class and 0.11% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. |
For more information about this expense example, please see page 5.
| TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 23 |
Summary portfolio of investments (unaudited)
Bond Fund ■ September 30, 2014
| Principal | Issuer | Value | %
of net assets | ||||||||||
| BANK LOAN OBLIGATIONS | |||||||||||||
| AUTOMOBILES & COMPONENTS | $ | 2,604,095 | 0.1 | % | |||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 2,284,106 | 0.1 | |||||||||||
| CONSUMER DURABLES & APPAREL | 2,471,780 | 0.1 | |||||||||||
| CONSUMER SERVICES | 2,340,656 | 0.1 | |||||||||||
| DIVERSIFIED FINANCIALS | 884,817 | 0.0 | |||||||||||
| FOOD & STAPLES RETAILING | 2,088,618 | 0.1 | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 7,912,453 | 0.3 | |||||||||||
| MATERIALS | 2,835,517 | 0.1 | |||||||||||
| MEDIA | 4,143,489 | 0.1 | |||||||||||
| RETAILING | 711,876 | 0.0 | |||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,481,482 | 0.1 | |||||||||||
| SOFTWARE & SERVICES | 2,401,486 | 0.1 | |||||||||||
| TELECOMMUNICATION SERVICES | 1,093,719 | 0.0 | |||||||||||
| TRANSPORTATION | 1,982,760 | 0.1 | |||||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $35,620,736) | 35,236,854 | 1.3 | |||||||||||
| BONDS | |||||||||||||
| CORPORATE BONDS | |||||||||||||
| AUTOMOBILES & COMPONENTS | 6,409,782 | 0.2 | |||||||||||
| BANKS | 118,280,507 | 4.3 | |||||||||||
| CAPITAL GOODS | 26,417,745 | 1.0 | |||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 12,345,244 | 0.5 | |||||||||||
| CONSUMER DURABLES & APPAREL | 3,041,475 | 0.1 | |||||||||||
| CONSUMER SERVICES | 7,060,518 | 0.2 | |||||||||||
| DIVERSIFIED FINANCIALS | 111,567,596 | 4.1 | |||||||||||
| ENERGY | 92,049,502 | 3.3 | |||||||||||
| FOOD & STAPLES RETAILING | 6,598,264 | 0.2 | |||||||||||
| FOOD, BEVERAGE & TOBACCO | 20,113,743 | 0.7 | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 22,600,864 | 0.8 | |||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 3,720,491 | 0.1 | |||||||||||
| INSURANCE | 55,934,156 | 2.0 | |||||||||||
| MATERIALS | 58,614,936 | 2.1 | |||||||||||
| MEDIA | 55,727,035 | 2.1 | |||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 24,062,045 | 0.9 | |||||||||||
| REAL ESTATE | 31,519,239 | 1.1 | |||||||||||
| RETAILING | 28,505,821 | 1.1 | |||||||||||
| SOFTWARE & SERVICES | 14,011,850 | 0.5 | |||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 24,190,763 | 0.9 | |||||||||||
| Principal | Issuer | Value | %
of net assets | ||||||||||
| TELECOMMUNICATION SERVICES | |||||||||||||
| Verizon Communications, Inc | |||||||||||||
| $ | 23,719,000 | 0.700%–6.550%, 11/02/15–08/21/54 | $ | 25,171,060 | 1.0 | % | |||||||
| Other | 30,304,932 | 1.0 | |||||||||||
| 55,475,992 | 2.0 | ||||||||||||
| TRANSPORTATION | 22,662,183 | 0.8 | |||||||||||
| UTILITIES | 84,141,329 | 3.1 | |||||||||||
| TOTAL
CORPORATE BONDS (Cost $866,557,985) | 885,051,080 | 32.1 | |||||||||||
| GOVERNMENT BONDS | |||||||||||||
| AGENCY SECURITIES | 16,234,812 | 0.4 | |||||||||||
| FOREIGN GOVERNMENT BONDS | 81,320,731 | 3.2 | |||||||||||
| MORTGAGE BACKED | |||||||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | |||||||||||||
| 13,000,000 | h | 3.500%, 10/15/44 | 13,268,632 | 0.5 | |||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||||
| 15,000,000 | h | 3.000%, 10/25/29 | 15,450,000 | 0.5 | |||||||||
| 17,000,000 | h | 2.500%, 11/25/29 | 17,055,117 | 0.6 | |||||||||
| 12,036,688 | 5.500%, 12/01/41 | 13,674,538 | 0.5 | ||||||||||
| 20,000,000 | h | 3.000%, 10/25/44 | 19,715,624 | 0.7 | |||||||||
| 14,000,000 | h | 3.500%, 10/25/44 | 14,309,532 | 0.5 | |||||||||
| 15,000,000 | h | 4.000%, 10/25/44 | 15,807,188 | 0.6 | |||||||||
| 36,000,000 | h | 3.000%, 11/25/44 | 35,388,279 | 1.3 | |||||||||
| 21,000,000 | h | 3.500%, 11/25/44 | 21,401,954 | 0.8 | |||||||||
| 198,604,758 | 2.008%–8.000%, 10/01/16–11/25/44 | 210,933,520 | 7.6 | ||||||||||
| Government National Mortgage Association (GNMA) | |||||||||||||
| 32,000,000 | h | 3.500%, 10/20/44 | 33,064,998 | 1.2 | |||||||||
| 25,000,000 | h | 4.000%, 10/20/44 | 26,494,138 | 0.9 | |||||||||
| 14,000,000 | h | 4.500%, 10/20/44 | 15,183,437 | 0.5 | |||||||||
| Other | 57,880,844 | 2.2 | |||||||||||
| 509,627,801 | 18.4 | ||||||||||||
| MUNICIPAL BONDS | |||||||||||||
| Florida Hurricane Catastrophe Fund Finance Corp | |||||||||||||
| 21,000,000 | 1.298%, 07/01/16 | 21,073,290 | 0.8 | ||||||||||
| State of Illinois | |||||||||||||
| 12,000,000 | 4.350%, 06/01/18 | 12,513,720 | 0.4 | ||||||||||
| Other | 35,818,024 | 1.3 | |||||||||||
| 69,405,034 | 2.5 | ||||||||||||
| U.S. TREASURY SECURITIES | |||||||||||||
| United States Treasury Bond | |||||||||||||
| 22,001,000 | 4.500%, 02/15/36 | 27,154,052 | 1.0 | ||||||||||
| 41,900,000 | 3.125%, 08/15/44 | 41,232,198 | 1.5 | ||||||||||
| United States Treasury Note | |||||||||||||
| 48,000,000 | 0.375%, 03/31/16 | 48,011,232 | 1.7 | ||||||||||
| 32,825,000 | 0.375%, 04/30/16 | 32,812,166 | 1.2 | ||||||||||
| 32,000,000 | 0.375%, 05/31/16 | 31,967,488 | 1.2 | ||||||||||
| 38,400,000 | 0.500%, 06/30/16 | 38,422,502 | 1.4 | ||||||||||
| 57,504,000 | 0.500%, 07/31/16 | 57,510,728 | 2.1 | ||||||||||
| 29,000,000 | 0.500%, 08/31/16 | 28,970,536 | 1.0 | ||||||||||
| 42,165,000 | 1.000%, 09/15/17 | 42,099,138 | 1.5 | ||||||||||
| 38,758,700 | 1.500%, 08/31/18 | 38,740,522 | 1.4 | ||||||||||
| 55,539,900 | 1.375%, 09/30/18 | 55,192,776 | 2.0 | ||||||||||
| 30,000,000 | 2.375%, 12/31/20 | 30,475,770 | 1.1 | ||||||||||
| 19,475,000 | 2.000%, 02/28/21 | 19,309,151 | 0.7 | ||||||||||
| 20,003,000 | 2.375%, 08/15/24 | 19,771,725 | 0.7 | ||||||||||
| 24 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Bond Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| U.S. TREASURY SECURITIES—continued | |||||||||||||
| $ | 30,053,900 | 0.875%–2.625%, 04/15/17–08/31/21 | $ | 29,960,997 | 1.1 | % | |||||||
| Other | 17,977,261 | 0.6 | |||||||||||
| 559,608,242 | 20.2 | ||||||||||||
| TOTAL GOVERNMENT BONDS | |||||||||||||
| (Cost $1,228,458,180) | 1,236,196,620 | 44.7 | |||||||||||
| STRUCTURED ASSETS | |||||||||||||
| ASSET BACKED | |||||||||||||
| Capital Auto Receivables Asset Trust | |||||||||||||
| Series 2013-3 (Class A2) | |||||||||||||
| 26,606,000 | 1.040%, 11/21/16 | 26,699,627 | 1.0 | ||||||||||
| Capital Automotive REIT | |||||||||||||
| Series 2012-1A (Class A) | |||||||||||||
| 11,621,872 | g,m | 4.700%, 07/15/42 | 11,956,001 | 0.4 | |||||||||
| Dominos Pizza Master Issuer LLC | |||||||||||||
| Series 2012-1A (Class A2) | |||||||||||||
| 22,919,450 | g | 5.216%, 01/25/42 | 24,206,560 | 0.9 | |||||||||
| Hertz Vehicle Financing LLC | |||||||||||||
| Series 0-2A (Class B2) | |||||||||||||
| 15,190,000 | g | 5.930%, 03/25/16 | 15,368,179 | 0.6 | |||||||||
| Santander Drive Auto Receivables Trust | |||||||||||||
| Series 2014-3 (Class A2A) | |||||||||||||
| 19,000,000 | 0.540%, 08/15/17 | 19,000,532 | 0.7 | ||||||||||
| Series 2012-2 (Class D) | |||||||||||||
| 19,750,000 | 3.870%, 02/15/18 | 20,473,561 | 0.7 | ||||||||||
| Other | 184,886,580 | 6.2 | |||||||||||
| 302,591,040 | 10.5 | ||||||||||||
| OTHER MORTGAGE BACKED | |||||||||||||
| Credit Suisse Mortgage Capital Certificates | |||||||||||||
| Series 2006-C4 (Class AM) | |||||||||||||
| 19,585,000 | 5.509%, 09/15/39 | 20,969,170 | 0.8 | ||||||||||
| Wachovia Bank Commercial Mortgage Trust | |||||||||||||
| Series 2007-C30 (Class AM) | |||||||||||||
| 24,235,000 | 5.383%, 12/15/43 | 25,932,807 | 0.9 | ||||||||||
| Series 2007-C34 (Class AJ) | |||||||||||||
| 17,750,038 | i | 6.146%, 05/15/46 | 18,287,296 | 0.7 | |||||||||
| Series 2007-C32 (Class AJ) | |||||||||||||
| 21,225,000 | i | 5.750%, 06/15/49 | 21,722,535 | 0.8 | |||||||||
| Other | 115,088,713 | 4.1 | |||||||||||
| 202,000,521 | 7.3 | ||||||||||||
| TOTAL STRUCTURED ASSETS | |||||||||||||
| (Cost $499,525,355) | 504,591,561 | 17.8 | |||||||||||
| TOTAL BONDS | |||||||||||||
| (Cost $2,594,541,520) | 2,625,839,261 | 94.6 | |||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||||
| $ | 20,000,000 | d | 0.077%, 11/05/14 | $ | 19,998,503 | 0.7 | % | ||||||
| 25,000,000 | 0.103%, 01/21/15 | 24,998,600 | 0.9 | ||||||||||
| 15,800,000 | 0.065%, 10/03/14 | 15,799,943 | 0.6 | ||||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||||
| 27,000,000 | 0.100%, 03/02/15 | 26,996,571 | 0.9 | ||||||||||
| Other | 18,698,475 | 0.7 | |||||||||||
| 106,492,092 | 3.8 | ||||||||||||
| TREASURY DEBT | |||||||||||||
| United States Treasury Bill | |||||||||||||
| 14,000,000 | d | 0.073%, 11/13/14 | 13,998,788 | 0.5 | |||||||||
| 16,000,000 | d | 0.050%–0.098%, 02/05/15 | 15,998,736 | 0.6 | |||||||||
| 30,000,000 | 0.030%, 02/12/15 | 29,997,780 | 1.1 | ||||||||||
| 14,600,000 | d | 0.087%–0.090%, 04/02/15 | 14,596,846 | 0.5 | |||||||||
| 15,900,000 | d | 0.078%–0.090%, 04/30/15 | 15,896,502 | 0.6 | |||||||||
| 36,000,000 | d | 0.096%–0.101%, 06/25/15 | 35,987,328 | 1.3 | |||||||||
| 62,000,000 | d | 0.073%–0.103%, 07/23/15 | 61,972,038 | 2.2 | |||||||||
| 69,500,000 | d | 0.091%–0.106%, 08/20/15 | 69,453,226 | 2.5 | |||||||||
| Other | 28,695,615 | 1.0 | |||||||||||
| 286,596,859 | 10.3 | ||||||||||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $393,020,978) | 393,088,951 | 14.1 | |||||||||||
| TOTAL PORTFOLIO (Cost $3,023,183,234) | 3,054,165,066 | 110.0 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | (278,859,410 | ) | (10.0 | ) | |||||||||
| NET ASSETS | $ | 2,775,305,656 | 100.0 | % | |||||||||
Abbreviation(s):
REIT – Real Estate Investment Trust
| d | All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities, including those in “Other,” was $417,804,771 or 15.1% 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. |
| m | Indicates a security that has been deemed illiquid. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 25 |
Summary portfolio of investments (unaudited)
Bond Index Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| BONDS | |||||||||||||
| CORPORATE BONDS | |||||||||||||
| AUTOMOBILES & COMPONENTS | $ | 6,244,962 | 0.1 | % | |||||||||
| BANKS | |||||||||||||
| Bank of America Corp | |||||||||||||
| $24,695,000 | 1.250%–6.500%, 09/01/15–04/01/44 | 25,576,491 | 0.4 | ||||||||||
| JPMorgan Chase & Co | |||||||||||||
| 26,553,000 | 1.100%–6.000%, 06/24/15–12/30/49 | 27,306,923 | 0.5 | ||||||||||
| Other | 124,673,081 | 2.3 | |||||||||||
| 177,556,495 | 3.2 | ||||||||||||
| CAPITAL GOODS | 44,629,360 | 0.8 | |||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 22,484,701 | 0.4 | |||||||||||
| CONSUMER DURABLES & APPAREL | 4,113,378 | 0.1 | |||||||||||
| CONSUMER SERVICES | 14,600,122 | 0.3 | |||||||||||
| DIVERSIFIED FINANCIALS | |||||||||||||
| Goldman Sachs Group, Inc | |||||||||||||
| 21,650,000 | 1.600%–7.500%, 11/23/15–07/08/44 | 23,426,824 | 0.4 | ||||||||||
| Other | 192,411,964 | 3.5 | |||||||||||
| 215,838,788 | 3.9 | ||||||||||||
| ENERGY | 143,364,579 | 2.6 | |||||||||||
| FOOD & STAPLES RETAILING | 11,380,430 | 0.2 | |||||||||||
| FOOD, BEVERAGE & TOBACCO | 60,129,567 | 1.1 | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 28,796,592 | 0.5 | |||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 8,865,239 | 0.2 | |||||||||||
| INSURANCE | 66,346,549 | 1.2 | |||||||||||
| MATERIALS | 63,638,781 | 1.2 | |||||||||||
| MEDIA | 50,421,487 | 0.9 | |||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 56,883,332 | 1.0 | |||||||||||
| REAL ESTATE | 32,868,271 | 0.6 | |||||||||||
| RETAILING | 37,582,111 | 0.7 | |||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 7,354,932 | 0.1 | |||||||||||
| SOFTWARE & SERVICES | 33,060,588 | 0.6 | |||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 33,725,376 | 0.6 | |||||||||||
| TELECOMMUNICATION SERVICES | 73,604,282 | 1.4 | |||||||||||
| TRANSPORTATION | 34,169,066 | 0.6 | |||||||||||
| UTILITIES | 118,950,504 | 2.2 | |||||||||||
| TOTAL CORPORATE BONDS | |||||||||||||
| (Cost $1,319,535,893) | 1,346,609,492 | 24.5 | |||||||||||
| GOVERNMENT BONDS | |||||||||||||
| AGENCY SECURITIES | |||||||||||||
| Federal Home Loan Mortgage Corp (FHLMC) | |||||||||||||
| 16,736,000 | 5.125%, 10/18/16 | 18,243,913 | 0.3 | ||||||||||
| 20,000,000 | 0.875%, 03/07/18 | 19,659,420 | 0.4 | ||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| AGENCY SECURITIES—continued | |||||||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||||
| $ | 77,015,000 | 0.000%–6.625%, 11/20/14–07/15/37 | $ | 79,445,916 | 1.4 | % | |||||||
| Other | 66,380,182 | 1.3 | |||||||||||
| 183,729,431 | 3.4 | ||||||||||||
| FOREIGN GOVERNMENT BONDS | 201,363,359 | 3.7 | |||||||||||
| MORTGAGE BACKED | |||||||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | |||||||||||||
| 18,484,598 | 3.000%, 04/01/43 | 18,275,772 | 0.3 | ||||||||||
| 379,351,654 | 2.500%–8.000%, 01/01/16–06/01/44 | 398,243,475 | 7.3 | ||||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||||
| 18,967,690 | 3.500%, 07/01/42 | 19,424,297 | 0.4 | ||||||||||
| 18,326,692 | 3.000%, 02/01/43 | 18,105,767 | 0.3 | ||||||||||
| 648,828,458 | 1.738%–8.000%, 04/01/16–09/01/44 | 678,859,076 | 12.4 | ||||||||||
| Government National Mortgage Association (GNMA) | |||||||||||||
| 21,900,572 | 3.500%, 07/20/44 | 22,676,160 | 0.4 | ||||||||||
| 382,403,060 | 2.000%–8.500%, 02/15/18–06/20/44 | 404,341,377 | 7.4 | ||||||||||
| Other | 5,824,800 | 0.1 | |||||||||||
| 1,565,750,724 | 28.6 | ||||||||||||
| MUNICIPAL BONDS | 54,654,346 | 1.0 | |||||||||||
| U.S. TREASURY SECURITIES | |||||||||||||
| United States Treasury Bond | |||||||||||||
| 16,000,000 | 5.250%, 11/15/28 | 20,584,992 | 0.4 | ||||||||||
| 26,060,000 | 5.250%, 02/15/29 | 33,552,250 | 0.6 | ||||||||||
| 19,429,000 | 5.375%, 02/15/31 | 25,716,108 | 0.5 | ||||||||||
| 36,983,000 | 3.500%, 02/15/39 | 39,346,436 | 0.7 | ||||||||||
| 26,350,000 | 4.375%, 05/15/41 | 32,319,909 | 0.6 | ||||||||||
| 129,840,000 | 2.750%–4.750%, 02/15/36–08/15/44 | 140,431,443 | 2.6 | ||||||||||
| United States Treasury Note | |||||||||||||
| 27,300,000 | 1.250%, 10/31/15 | 27,617,799 | 0.5 | ||||||||||
| 20,000,000 | 0.375%, 11/15/15 | 20,040,620 | 0.4 | ||||||||||
| 23,550,000 | 1.375%, 11/30/15 | 23,869,220 | 0.4 | ||||||||||
| 59,000,000 | 0.375%, 01/15/16 | 59,085,255 | 1.1 | ||||||||||
| 40,000,000 | 0.250%, 02/29/16 | 39,967,200 | 0.7 | ||||||||||
| 22,000,000 | 0.500%, 06/15/16 | 22,020,636 | 0.4 | ||||||||||
| 19,000,000 | 0.625%, 08/15/16 | 19,027,455 | 0.3 | ||||||||||
| 23,050,000 | 1.000%, 10/31/16 | 23,213,862 | 0.4 | ||||||||||
| 27,000,000 | 0.625%, 11/15/16 | 26,966,250 | 0.5 | ||||||||||
| 50,300,000 | 0.875%, 01/31/17 | 50,394,312 | 0.9 | ||||||||||
| 20,000,000 | 0.750%, 03/15/17 | 19,962,500 | 0.4 | ||||||||||
| 21,300,000 | 1.000%, 03/31/17 | 21,364,901 | 0.4 | ||||||||||
| 30,400,000 | 0.625%, 05/31/17 | 30,136,371 | 0.5 | ||||||||||
| 20,200,000 | 0.500%, 07/31/17 | 19,893,849 | 0.4 | ||||||||||
| 61,750,000 | 0.750%, 10/31/17 | 60,968,492 | 1.1 | ||||||||||
| 20,500,000 | 0.625%, 11/30/17 | 20,130,037 | 0.4 | ||||||||||
| 31,000,000 | 0.750%, 12/31/17 | 30,505,922 | 0.6 | ||||||||||
| 21,000,000 | 0.875%, 01/31/18 | 20,722,737 | 0.4 | ||||||||||
| 31,000,000 | 0.750%, 02/28/18 | 30,409,078 | 0.6 | ||||||||||
| 23,000,000 | 0.750%, 03/31/18 | 22,525,625 | 0.4 | ||||||||||
| 72,000,000 | 1.000%, 05/31/18 | 70,925,616 | 1.3 | ||||||||||
| 40,350,000 | 1.500%, 08/31/18 | 40,331,076 | 0.7 | ||||||||||
| 22,000,000 | 1.375%, 09/30/18 | 21,862,500 | 0.4 | ||||||||||
| 28,000,000 | 1.250%, 10/31/18 | 27,650,000 | 0.5 | ||||||||||
| 33,500,000 | 1.250%, 11/30/18 | 33,039,375 | 0.6 | ||||||||||
| 25,000,000 | 1.500%, 12/31/18 | 24,875,000 | 0.5 | ||||||||||
| 25,000,000 | 1.500%, 01/31/19 | 24,843,750 | 0.4 | ||||||||||
| 30,000,000 | 1.500%, 02/28/19 | 29,786,730 | 0.5 | ||||||||||
| 36,000,000 | 1.625%, 03/31/19 | 35,898,768 | 0.7 | ||||||||||
| 20,000,000 | 1.625%, 04/30/19 | 19,925,000 | 0.4 | ||||||||||
| 26 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Bond Index Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| U.S. TREASURY SECURITIES—continued | |||||||||||||
| $ | 40,750,000 | 1.500%, 05/31/19 | $ | 40,326,567 | 0.7 | % | |||||||
| 40,000,000 | 1.625%, 06/30/19 | 39,787,520 | 0.7 | ||||||||||
| 18,000,000 | 1.625%, 07/31/19 | 17,887,500 | 0.3 | ||||||||||
| 50,500,000 | 1.625%, 08/31/19 | 50,152,812 | 0.9 | ||||||||||
| 40,000,000 | 1.750%, 09/30/19 | 39,946,880 | 0.7 | ||||||||||
| 27,610,000 | 2.125%, 08/15/21 | 27,471,950 | 0.5 | ||||||||||
| 13,379,100 | 8.000%, 11/15/21 | 18,513,330 | 0.3 | ||||||||||
| 26,000,000 | 2.500%, 05/15/24 | 26,016,250 | 0.5 | ||||||||||
| 25,000,000 | 2.375%, 08/15/24 | 24,710,950 | 0.4 | ||||||||||
| 465,050,100 | 0.250%–9.000%, 03/31/15–11/15/23 | 469,548,801 | 8.5 | ||||||||||
| 1,964,273,634 | 35.7 | ||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $3,948,465,275) | 3,969,771,494 | 72.4 | |||||||||||
| STRUCTURED ASSETS | |||||||||||||
| ASSET BACKED | 42,407,698 | 0.8 | |||||||||||
| OTHER MORTGAGE BACKED | 96,781,917 | 1.8 | |||||||||||
| TOTAL STRUCTURED ASSETS (Cost $138,580,617) | 139,189,615 | 2.6 | |||||||||||
| TOTAL BONDS (Cost $5,406,581,785) | 5,455,570,601 | 99.5 | |||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||
| TREASURY DEBT | 3,598,376 | 0.1 | |||||||||||
| 3,598,376 | 0.1 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,596,976) | 3,598,376 | 0.1 | |||||||||||
| TOTAL PORTFOLIO (Cost $5,410,178,761) | 5,459,168,977 | 99.6 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 23,545,871 | 0.4 | |||||||||||
| NET ASSETS | $ | 5,482,714,848 | 100.0 | % | |||||||||
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 9/30/2014, the aggregate value of securities exempted from registration under Rule 144(A) of the Securities Act of 1933 amounted to $20,447,520 or 0.4% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 27 |
Summary portfolio of investments (unaudited)
Bond Plus Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| BANK LOAN OBLIGATIONS | |||||||||||||
| AUTOMOBILES & COMPONENTS | $4,929,065 | 0.2 | % | ||||||||||
| CAPITAL GOODS | 5,208,960 | 0.2 | |||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 3,943,828 | 0.1 | |||||||||||
| CONSUMER DURABLES & APPAREL | 4,572,173 | 0.2 | |||||||||||
| CONSUMER SERVICES | 13,525,237 | 0.5 | |||||||||||
| DIVERSIFIED FINANCIALS | 3,996,239 | 0.2 | |||||||||||
| ENERGY | 2,680,553 | 0.1 | |||||||||||
| FOOD & STAPLES RETAILING | 5,783,989 | 0.2 | |||||||||||
| FOOD, BEVERAGE & TOBACCO | 2,240,588 | 0.1 | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 12,395,984 | 0.4 | |||||||||||
| INSURANCE | 1,184,068 | 0.1 | |||||||||||
| MATERIALS | 5,924,177 | 0.2 | |||||||||||
| MEDIA | 7,936,098 | 0.4 | |||||||||||
| RETAILING | 3,125,439 | 0.2 | |||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 3,111,112 | 0.1 | |||||||||||
| SOFTWARE & SERVICES | 14,811,455 | 0.6 | |||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 1,944,069 | 0.1 | |||||||||||
| TELECOMMUNICATION SERVICES | 1,346,841 | 0.0 | |||||||||||
| UTILITIES | 242,381 | 0.0 | |||||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $100,054,508) | 98,902,256 | 3.9 | |||||||||||
| BONDS | |||||||||||||
| CORPORATE BONDS | |||||||||||||
| AUTOMOBILES & COMPONENTS | 8,910,503 | 0.3 | |||||||||||
| BANKS | |||||||||||||
| Citigroup, Inc | |||||||||||||
| $ | 8,975,000 | 1.300%, 11/15/16 | 8,976,759 | 0.3 | |||||||||
| Other | 157,708,551 | 6.2 | |||||||||||
| 166,685,310 | 6.5 | ||||||||||||
| CAPITAL GOODS | 27,890,245 | 1.1 | |||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 23,492,751 | 1.0 | |||||||||||
| CONSUMER DURABLES & APPAREL | 6,449,203 | 0.2 | |||||||||||
| CONSUMER SERVICES | 28,854,718 | 1.2 | |||||||||||
| DIVERSIFIED FINANCIALS | 109,522,361 | 4.2 | |||||||||||
| ENERGY | 112,082,002 | 4.4 | |||||||||||
| FOOD & STAPLES RETAILING | 6,100,672 | 0.3 | |||||||||||
| FOOD, BEVERAGE & TOBACCO | 20,006,580 | 0.8 | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 32,239,476 | 1.3 | |||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 2,783,500 | 0.1 | |||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| INSURANCE | $ | 35,306,158 | 1.3 | % | |||||||||
| MATERIALS | 74,561,927 | 3.0 | |||||||||||
| MEDIA | 67,100,931 | 2.5 | |||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 23,886,251 | 0.9 | |||||||||||
| REAL ESTATE | 20,773,923 | 0.8 | |||||||||||
| RETAILING | 23,402,888 | 0.8 | |||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 994,350 | 0.1 | |||||||||||
| SOFTWARE & SERVICES | 24,288,031 | 0.9 | |||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 38,483,268 | 1.5 | |||||||||||
| TELECOMMUNICATION SERVICES | |||||||||||||
| Verizon Communications, Inc | |||||||||||||
| $ | 24,018,000 | 0.700%–6.550%, 11/02/15–08/21/54 | 25,355,209 | 1.0 | |||||||||
| Other | 39,131,528 | 1.6 | |||||||||||
| 64,486,737 | 2.6 | ||||||||||||
| TRANSPORTATION | 25,492,228 | 1.0 | |||||||||||
| UTILITIES | 86,856,339 | 3.6 | |||||||||||
| TOTAL CORPORATE BONDS | |||||||||||||
| (Cost $1,017,115,891) | 1,030,650,352 | 40.4 | |||||||||||
| GOVERNMENT BONDS | |||||||||||||
| AGENCY SECURITIES | |||||||||||||
| Private Export Funding Corp (PEFCO) | |||||||||||||
| 7,500,000 | 2.250%, 03/15/20 | 7,514,205 | 0.3 | ||||||||||
| Other | 11,130,145 | 0.4 | |||||||||||
| 18,644,350 | 0.7 | ||||||||||||
| FOREIGN GOVERNMENT BONDS | |||||||||||||
| Turkey Government International Bond | |||||||||||||
| 7,150,000 | 6.750%, 04/03/18 | 7,918,625 | 0.3 | ||||||||||
| Other | 120,495,898 | 4.8 | |||||||||||
| 128,414,523 | 5.1 | ||||||||||||
| MORTGAGE BACKED | |||||||||||||
| Federal Home Loan Mortgage Corp (FHLMC) | |||||||||||||
| 18,548,219 | 4.000%, 03/15/40 | 19,850,286 | 0.8 | ||||||||||
| Federal Home Loan Mortgage Corp Gold (FGLMC) | |||||||||||||
| 7,000,000 | h | 4.000%, 10/15/44 | 7,369,684 | 0.3 | |||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||||
| 13,000,000 | h | 3.000%, 10/25/29 | 13,390,000 | 0.5 | |||||||||
| 6,878,107 | 5.500%, 12/01/41 | 7,814,022 | 0.3 | ||||||||||
| 9,779,790 | 3.000%, 09/01/42 | 9,663,918 | 0.4 | ||||||||||
| 8,689,286 | 3.000%, 01/01/43 | 8,585,437 | 0.3 | ||||||||||
| 11,011,858 | 3.000%, 02/01/43 | 10,879,112 | 0.4 | ||||||||||
| 7,143,384 | 3.000%, 03/01/43 | 7,285,277 | 0.3 | ||||||||||
| 16,000,000 | h | 3.500%, 10/25/44 | 16,353,750 | 0.6 | |||||||||
| 24,000,000 | h | 4.000%, 10/25/44 | 25,291,500 | 1.0 | |||||||||
| 9,000,000 | h | 4.500%, 10/25/44 | 9,710,156 | 0.4 | |||||||||
| 10,000,000 | h | 5.000%, 10/25/44 | 11,033,437 | 0.4 | |||||||||
| 22,000,000 | h | 3.500%, 11/25/44 | 22,421,094 | 0.9 | |||||||||
| 13,000,000 | h | 4.000%, 11/25/44 | 13,658,937 | 0.5 | |||||||||
| 31,000,000 | h | 4.500%, 11/25/44 | 33,360,116 | 1.3 | |||||||||
| 18,000,000 | h | 5.000%, 11/25/44 | 19,818,351 | 0.8 | |||||||||
| 138,008,721 | 2.129%–9.000%, 01/01/15–11/25/44 | 142,789,870 | 5.6 | ||||||||||
| 28 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Bond Plus Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| MORTGAGE BACKED—continued | |||||||||||||
| Government National Mortgage Association (GNMA) | |||||||||||||
| $15,259,800 | 5.000%, 07/20/39 | $ | 16,789,870 | 0.7 | % | ||||||||
| 29,000,000 | h | 3.500%, 10/20/44 | 29,965,155 | 1.2 | |||||||||
| 11,000,000 | h | 4.000%, 10/20/44 | 11,657,420 | 0.5 | |||||||||
| 13,000,000 | h | 4.500%, 10/20/44 | 14,098,906 | 0.5 | |||||||||
| Other | 25,964,039 | 1.0 | |||||||||||
| 477,750,337 | 18.7 | ||||||||||||
| MUNICIPAL BONDS | |||||||||||||
| Dallas Independent School District | |||||||||||||
| 7,500,000 | 5.049%, 08/15/33 | 7,990,050 | 0.3 | ||||||||||
| Other | 97,513,567 | 3.8 | |||||||||||
| 105,503,617 | 4.1 | ||||||||||||
| U.S. TREASURY SECURITIES | |||||||||||||
| United States Treasury Bond | |||||||||||||
| 8,630,000 | 2.875%, 05/15/43 | 8,083,885 | 0.3 | ||||||||||
| 31,510,000 | 3.375%, 05/15/44 | 32,534,075 | 1.3 | ||||||||||
| 30,000,000 | 3.125%, 08/15/44 | 29,521,860 | 1.1 | ||||||||||
| United States Treasury Note | |||||||||||||
| 18,560,000 | 1.000%, 09/15/17 | 18,531,009 | 0.7 | ||||||||||
| 45,540,000 | 1.625%, 07/31/19 | 45,255,375 | 1.8 | ||||||||||
| 30,879,000 | 1.625%, 08/31/19 | 30,666,707 | 1.2 | ||||||||||
| 19,485,000 | 2.000%, 07/31/20 | 19,491,079 | 0.8 | ||||||||||
| 7,500,000 | 2.125%, 08/31/20 | 7,539,840 | 0.3 | ||||||||||
| 10,000,000 | 1.750%, 10/31/20 | 9,811,720 | 0.4 | ||||||||||
| 10,000,000 | 2.375%, 12/31/20 | 10,158,590 | 0.4 | ||||||||||
| 41,020,000 | 2.000%, 08/31/21 | 40,465,574 | 1.6 | ||||||||||
| 24,000,000 | 8.000%, 11/15/21 | 33,210,000 | 1.3 | ||||||||||
| 7,795,000 | 2.375%, 08/15/24 | 7,704,874 | 0.3 | ||||||||||
| Other | 22,367,332 | 0.8 | |||||||||||
| 315,341,920 | 12.3 | ||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $1,035,745,267) | 1,045,654,747 | 40.9 | |||||||||||
| STRUCTURED ASSETS | |||||||||||||
| ASSET BACKED | |||||||||||||
| HLSS Servicer Advance Receivables Backed Notes | |||||||||||||
| Series 2014-T1 (Class AT1) | |||||||||||||
| 10,000,000 | g | 1.244%, 01/17/45 | 10,006,000 | 0.4 | |||||||||
| Other | 127,643,099 | 4.8 | |||||||||||
| 137,649,099 | 5.2 | ||||||||||||
| OTHER MORTGAGE BACKED | |||||||||||||
| Wachovia Bank Commercial Mortgage Trust | |||||||||||||
| Series 2007-C32 (Class AJ) | |||||||||||||
| 16,875,000 | i | 5.750%, 06/15/49 | 16,474,598 | 0.6 | |||||||||
| Other | 106,271,488 | 4.2 | |||||||||||
| 122,746,086 | 4.8 | ||||||||||||
| TOTAL STRUCTURED ASSETS (Cost $254,880,458) | 260,395,185 | 10.0 | |||||||||||
| TOTAL BONDS (Cost $2,307,741,616) | 2,336,700,284 | 91.3 | |||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||||
| $ | 10,000,000 | 0.085%, 11/12/14 | $ | 9,999,008 | 0.4 | % | |||||||
| 9,999,008 | 0.4 | ||||||||||||
| TREASURY DEBT | |||||||||||||
| United States Treasury Bill | |||||||||||||
| 8,000,000 | 0.030%, 11/06/14 | 7,999,760 | 0.3 | ||||||||||
| 11,500,000 | d | 0.046%, 11/20/14 | 11,499,265 | 0.4 | |||||||||
| 91,000,000 | d | 0.050%–0.098%, 02/05/15 | 90,992,811 | 3.6 | |||||||||
| 16,000,000 | 0.030%, 02/12/15 | 15,998,816 | 0.6 | ||||||||||
| 25,700,000 | d | 0.080%–0.093%, 03/05/15 | 25,696,685 | 1.0 | |||||||||
| 25,000,000 | 0.030%, 03/26/15 | 24,996,650 | 1.0 | ||||||||||
| 40,100,000 | d | 0.090%–0.100%, 04/30/15 | 40,091,178 | 1.6 | |||||||||
| 12,400,000 | d | 0.090%–0.095%, 05/28/15 | 12,396,912 | 0.5 | |||||||||
| 111,500,000 | d | 0.075%–0.108%, 07/23/15 | 111,449,714 | 4.4 | |||||||||
| 46,000,000 | 0.091%–0.096%, 08/20/15 | 45,969,042 | 1.8 | ||||||||||
| Other | 18,698,067 | 0.7 | |||||||||||
| 405,788,900 | 15.9 | ||||||||||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $415,702,208) | 415,787,908 | 16.3 | |||||||||||
| TOTAL PORTFOLIO (Cost $2,823,498,332) | 2,851,390,448 | 111.5 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | (293,813,836 | ) | (11.5 | ) | |||||||||
| NET ASSETS | $ | 2,557,576,612 | 100.0 | % | |||||||||
| d | All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities, including those in “Other,” was $447,810,930 or 17.5% of net assets. |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 29 |
Summary portfolio of investments (unaudited)
High-Yield Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| BANK LOAN OBLIGATIONS | |||||||||||||
| AUTOMOBILES & COMPONENTS | |||||||||||||
| Gates Global LLC | |||||||||||||
| $19,950,000 | i | 4.250%, 07/03/21 | $ | 19,571,748 | 0.8 | % | |||||||
| 19,571,748 | 0.8 | ||||||||||||
| CAPITAL GOODS | 19,551,896 | 0.7 | |||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | |||||||||||||
| Capital Safety North America | |||||||||||||
| 14,747,804 | i | 3.750%, 03/29/21 | 14,338,552 | 0.6 | |||||||||
| Other | 9,286,250 | 0.4 | |||||||||||
| 23,624,802 | 1.0 | ||||||||||||
| CONSUMER DURABLES & APPAREL | |||||||||||||
| Otter Products LLC | |||||||||||||
| 15,960,000 | i | 5.750%, 06/03/20 | 15,800,400 | 0.6 | |||||||||
| Other | 10,536,897 | 0.3 | |||||||||||
| 26,337,297 | 0.9 | ||||||||||||
| CONSUMER SERVICES | |||||||||||||
| Spin Holdco, Inc | |||||||||||||
| 19,877,613 | i | 4.250%, 11/14/19 | 19,492,583 | 0.8 | |||||||||
| Other | 45,746,620 | 1.7 | |||||||||||
| 65,239,203 | 2.5 | ||||||||||||
| DIVERSIFIED FINANCIALS | |||||||||||||
| TransUnion LLC | |||||||||||||
| 15,249,250 | i | 4.000%, 04/09/21 | 14,991,995 | 0.6 | |||||||||
| 14,991,995 | 0.6 | ||||||||||||
| ENERGY | |||||||||||||
| Arch Coal, Inc | |||||||||||||
| 16,617,949 | i | 6.250%, 05/16/18 | 15,189,803 | 0.6 | |||||||||
| 15,189,803 | 0.6 | ||||||||||||
| FOOD & STAPLES RETAILING | |||||||||||||
| Albertson’s Holdings LLC | |||||||||||||
| 27,650,000 | i | 4.500%, 08/25/21 | 27,500,137 | 1.1 | |||||||||
| Other | 12,953,750 | 0.5 | |||||||||||
| 40,453,887 | 1.6 | ||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 28,569,785 | 1.1 | |||||||||||
| INSURANCE | |||||||||||||
| Compass Investors, Inc | |||||||||||||
| 13,889,293 | i | 4.250%, 12/27/19 | 13,628,869 | 0.5 | |||||||||
| 13,628,869 | 0.5 | ||||||||||||
| MATERIALS | 37,363,096 | 1.4 | |||||||||||
| MEDIA | |||||||||||||
| Visant Corp | |||||||||||||
| 21,000,000 | h,i | 7.000%, 09/23/21 | 20,724,480 | 0.8 | |||||||||
| Other | 18,259,645 | 0.7 | |||||||||||
| 38,984,125 | 1.5 | ||||||||||||
| Principal | Issuer | Value | %
of net assets | ||||||||||
| RETAILING | |||||||||||||
| Academy Ltd | |||||||||||||
| $13,695,377 | i | 4.500%, 08/03/18 | $ | 13,541,304 | 0.5 | % | |||||||
| Other | 6,969,410 | 0.3 | |||||||||||
| 20,510,714 | 0.8 | ||||||||||||
| SOFTWARE & SERVICES | |||||||||||||
| Asurion LLC | |||||||||||||
| 16,800,000 | i | 8.500%, 03/03/21 | 16,952,208 | 0.7 | |||||||||
| Evergreen Skills Lux S.a.r.l. | |||||||||||||
| 22,000,000 | i | 7.750%, 04/28/22 | 21,120,000 | 0.8 | |||||||||
| Other | 35,905,252 | 1.3 | |||||||||||
| 73,977,460 | 2.8 | ||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 19,519,855 | 0.8 | |||||||||||
| TELECOMMUNICATION SERVICES | 11,642,318 | 0.4 | |||||||||||
| UTILITIES | 4,362,857 | 0.2 | |||||||||||
| TOTAL BANK LOAN OBLIGATIONS | |||||||||||||
| (Cost $479,441,682) | 473,519,710 | 18.2 | |||||||||||
| BONDS | |||||||||||||
| CORPORATE BONDS | |||||||||||||
| AUTOMOBILES & COMPONENTS | 36,560,719 | 1.4 | |||||||||||
| BANKS | 59,320,121 | 2.3 | |||||||||||
| CAPITAL GOODS | |||||||||||||
| Stena AB | |||||||||||||
| 14,130,000 | g | 7.000%, 02/01/24 | 14,695,200 | 0.5 | |||||||||
| Other | 32,043,412 | 1.3 | |||||||||||
| 46,738,612 | 1.8 | ||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | |||||||||||||
| RR Donnelley & Sons Co | |||||||||||||
| 12,825,000 | 7.875%, 03/15/21 | 14,075,438 | 0.5 | ||||||||||
| SPL Logistics Escrow LLC | |||||||||||||
| 19,200,000 | g | 8.875%, 08/01/20 | 20,880,000 | 0.8 | |||||||||
| Other | 55,417,781 | 2.1 | |||||||||||
| 90,373,219 | 3.4 | ||||||||||||
| CONSUMER DURABLES & APPAREL | |||||||||||||
| KB Home | |||||||||||||
| 14,250,000 | 7.000%, 12/15/21 | 14,855,625 | 0.5 | ||||||||||
| Other | 35,644,875 | 1.4 | |||||||||||
| 50,500,500 | 1.9 | ||||||||||||
| CONSUMER SERVICES | |||||||||||||
| 1011778 BC / New Red Fin | |||||||||||||
| 25,000,000 | g,h | 6.000%, 04/01/22 | 24,843,750 | 1.0 | |||||||||
| Penn National Gaming, Inc | |||||||||||||
| 15,050,000 | 5.875%, 11/01/21 | 13,883,625 | 0.5 | ||||||||||
| Six Flags Entertainment Corp | |||||||||||||
| 14,435,000 | g | 5.250%, 01/15/21 | 14,001,950 | 0.5 | |||||||||
| Other | 40,626,015 | 1.6 | |||||||||||
| 93,355,340 | 3.6 | ||||||||||||
| 30 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
High-Yield Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| DIVERSIFIED FINANCIALS | |||||||||||||
| ILFC E-Capital Trust I | |||||||||||||
| $16,068,000 | g,i | 4.840%, 12/21/65 | $ | 15,144,090 | 0.6 | % | |||||||
| SLM Corp | |||||||||||||
| 32,425,000 | 4.875%–6.125%, 01/15/19–03/25/24 | 32,451,500 | 1.2 | ||||||||||
| Other | 84,690,000 | 3.3 | |||||||||||
| 132,285,590 | 5.1 | ||||||||||||
| ENERGY | |||||||||||||
| Calumet Specialty Products Partners LP | |||||||||||||
| 20,960,000 | g | 6.500%, 04/15/21 | 19,912,000 | 0.8 | |||||||||
| Exterran Partners LP | |||||||||||||
| 14,900,000 | 6.000%, 04/01/21 | 14,490,250 | 0.5 | ||||||||||
| Halcon Resources Corp | |||||||||||||
| 13,300,000 | 8.875%, 05/15/21 | 13,100,500 | 0.5 | ||||||||||
| Oasis Petroleum, Inc | |||||||||||||
| 13,900,000 | 6.875%, 03/15/22 | 14,664,500 | 0.6 | ||||||||||
| SandRidge Energy, Inc | |||||||||||||
| 18,170,000 | 7.500%, 03/15/21 | 17,715,750 | 0.7 | ||||||||||
| Whiting Petroleum Corp | |||||||||||||
| 15,900,000 | 5.000%, 03/15/19 | 16,337,250 | 0.6 | ||||||||||
| Other | 233,451,240 | 9.0 | |||||||||||
| 329,671,490 | 12.7 | ||||||||||||
| FOOD & STAPLES RETAILING | |||||||||||||
| Ingles Markets, Inc | |||||||||||||
| 13,435,000 | 5.750%, 06/15/23 | 13,502,175 | 0.5 | ||||||||||
| 13,502,175 | 0.5 | ||||||||||||
| FOOD, BEVERAGE & TOBACCO | |||||||||||||
| Post Holdings, Inc | |||||||||||||
| 15,335,000 | 7.375%, 02/15/22 | 15,181,650 | 0.6 | ||||||||||
| Other | 19,119,720 | 0.7 | |||||||||||
| 34,301,370 | 1.3 | ||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | |||||||||||||
| CHS/Community Health Systems | |||||||||||||
| 13,950,000 | 8.000%, 11/15/19 | 14,894,415 | 0.5 | ||||||||||
| 27,275,000 | g | 6.875%, 02/01/22 | 28,366,000 | 1.1 | |||||||||
| HCA, Inc | |||||||||||||
| 13,600,000 | 7.500%, 02/15/22 | 15,300,000 | 0.6 | ||||||||||
| Tenet Healthcare Corp | |||||||||||||
| 13,800,000 | g | 5.000%, 03/01/19 | 13,627,500 | 0.5 | |||||||||
| 16,000,000 | 8.125%, 04/01/22 | 17,560,000 | 0.7 | ||||||||||
| Other | 77,562,127 | 3.0 | |||||||||||
| 167,310,042 | 6.4 | ||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | |||||||||||||
| Reynolds Group Issuer, Inc | |||||||||||||
| 17,125,000 | 5.750%, 10/15/20 | 17,424,687 | 0.6 | ||||||||||
| Other | 4,476,000 | 0.2 | |||||||||||
| 21,900,687 | 0.8 | ||||||||||||
| INSURANCE | 22,925,750 | 0.9 | |||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| MATERIALS | |||||||||||||
| Eldorado Gold Corp | |||||||||||||
| $14,400,000 | g | 6.125%, 12/15/20 | $ | 14,292,000 | 0.5 | % | |||||||
| Hexion US Finance Corp | |||||||||||||
| 18,710,000 | 6.625%, 04/15/20 | 18,803,550 | 0.7 | ||||||||||
| Other | 101,830,310 | 3.9 | |||||||||||
| 134,925,860 | 5.1 | ||||||||||||
| MEDIA | |||||||||||||
| AMC Entertainment, Inc | |||||||||||||
| 15,000,000 | 5.875%, 02/15/22 | 15,112,500 | 0.6 | ||||||||||
| Clear Channel Worldwide Holdings, Inc | |||||||||||||
| 13,110,000 | 7.625%, 03/15/20 | 13,601,625 | 0.5 | ||||||||||
| Numericable Group S.A. | |||||||||||||
| 17,000,000 | g | 6.000%, 05/15/22 | 17,127,500 | 0.7 | |||||||||
| Other | 145,605,652 | 5.6 | |||||||||||
| 191,447,277 | 7.4 | ||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | |||||||||||||
| Valeant Pharmaceuticals International, Inc | |||||||||||||
| 14,200,400 | g | 6.375%, 10/15/20 | 14,590,911 | 0.6 | |||||||||
| Other | 32,511,832 | 1.2 | |||||||||||
| 47,102,743 | 1.8 | ||||||||||||
| RETAILING | |||||||||||||
| Asbury Automotive Group, Inc | |||||||||||||
| 12,500,000 | 8.375%, 11/15/20 | 13,375,000 | 0.5 | ||||||||||
| Other | 31,372,950 | 1.3 | |||||||||||
| 44,747,950 | 1.8 | ||||||||||||
| SOFTWARE & SERVICES | 47,190,250 | 1.8 | |||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 15,330,000 | 0.5 | |||||||||||
| TELECOMMUNICATION SERVICES | |||||||||||||
| CommScope Holding Co, Inc | |||||||||||||
| 14,800,000 | g,o | 6.625%, 06/01/20 | 15,244,000 | 0.6 | |||||||||
| Kratos Defense & Security Solutions, Inc | |||||||||||||
| 14,000,000 | g | 7.000%, 05/15/19 | 13,895,000 | 0.5 | |||||||||
| Sprint Corp | |||||||||||||
| 12,825,000 | g | 7.250%, 09/15/21 | 13,354,031 | 0.5 | |||||||||
| 14,250,000 | g | 7.125%, 06/15/24 | 14,356,875 | 0.6 | |||||||||
| T-Mobile USA, Inc | |||||||||||||
| 35,750,000 | 5.250%–6.836%, 09/01/18–03/01/25 | 36,313,500 | 1.4 | ||||||||||
| Wind Acquisition Finance S.A. | |||||||||||||
| 14,125,000 | g | 4.750%, 07/15/20 | 13,560,000 | 0.5 | |||||||||
| Windstream Corp | |||||||||||||
| 14,250,000 | 7.750%, 10/01/21 | 15,176,250 | 0.6 | ||||||||||
| Other | 163,772,225 | 6.3 | |||||||||||
| 285,671,881 | 11.0 | ||||||||||||
| TRANSPORTATION | |||||||||||||
| Bombardier, Inc | |||||||||||||
| 30,675,000 | 4.750%–7.750%, 03/15/18–01/15/23 | 31,540,106 | 1.2 | ||||||||||
| Gulfmark Offshore, Inc | |||||||||||||
| 17,920,000 | 6.375%, 03/15/22 | 17,292,800 | 0.7 | ||||||||||
| Other | 13,950,688 | 0.6 | |||||||||||
| 62,783,594 | 2.5 | ||||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 31 |
| Summary portfolio of investments (unaudited) | concluded |
High-Yield Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | |||||||||||
| UTILITIES | ||||||||||||||
| Ferrellgas Partners LP | ||||||||||||||
| $13,373,000 | 8.625%, 06/15/20 | $ | 13,907,920 | 0.5 | % | |||||||||
| NRG Energy, Inc | ||||||||||||||
| 33,070,000 | 6.250%–8.250%, 09/01/20–05/01/24 | 34,480,875 | 1.3 | |||||||||||
| Other | 72,342,623 | 2.9 | ||||||||||||
| 120,731,418 | 4.7 | |||||||||||||
| TOTAL CORPORATE BONDS (Cost $2,033,810,258) | 2,048,676,588 | 78.7 | ||||||||||||
| TOTAL BONDS (Cost $2,033,810,258) | 2,048,676,588 | 78.7 | ||||||||||||
| Shares | Company | |||||||||||||
| PREFERRED STOCKS | ||||||||||||||
| BANKS | 4,380,915 | 0.2 | ||||||||||||
| TOTAL PREFERRED STOCKS (Cost $4,500,000) | 4,380,915 | 0.2 | ||||||||||||
| Principal | Issuer | |||||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||||
| GOVERNMENT AGENCY DEBT | ||||||||||||||
| Federal Home Loan Bank (FHLB) | ||||||||||||||
| $15,000,000 | 0.035%, 11/14/14 | 14,999,358 | 0.6 | |||||||||||
| 14,999,358 | 0.6 | |||||||||||||
| TREASURY DEBT | 7,999,598 | 0.3 | ||||||||||||
| 7,999,598 | 0.3 | |||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $22,998,337) | 22,998,956 | 0.9 | ||||||||||||
| TOTAL PORTFOLIO (Cost $2,540,750,277) | 2,549,576,169 | 98.0 | ||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 52,363,206 | 2.0 | ||||||||||||
| NET ASSETS | $ | 2,601,939,375 | 100.0 | % | ||||||||||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities, including those in “Other,” was $771,454,203 or 29.6% of net assets. |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. |
| o | Payment in Kind Bond. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| 32 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Inflation-Linked Bond Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| GOVERNMENT BONDS | |||||||||||||
| U.S. TREASURY SECURITIES | |||||||||||||
| United States Treasury Bond | |||||||||||||
| $ | 5,000,000 | 3.625%, 02/15/44 | $ | 5,403,125 | 0.3 | % | |||||||
| United States Treasury Inflation Indexed Bonds | |||||||||||||
| 45,051,012 | k | 2.000%, 01/15/16 | 46,634,825 | 2.4 | |||||||||
| 89,473,875 | k | 0.125%, 04/15/16 | 90,508,372 | 4.8 | |||||||||
| 42,875,654 | k | 2.500%, 07/15/16 | 45,511,821 | 2.4 | |||||||||
| 39,375,053 | k | 2.375%, 01/15/17 | 42,042,083 | 2.2 | |||||||||
| 100,427,339 | k | 0.125%, 04/15/17 | 101,761,114 | 5.4 | |||||||||
| 31,564,618 | k | 2.625%, 07/15/17 | 34,412,820 | 1.8 | |||||||||
| 31,352,259 | k | 1.625%, 01/15/18 | 33,294,626 | 1.7 | |||||||||
| 94,204,152 | k | 0.125%, 04/15/18 | 94,954,865 | 5.0 | |||||||||
| 32,401,418 | k | 1.375%, 07/15/18 | 34,418,924 | 1.8 | |||||||||
| 31,512,151 | k | 2.125%, 01/15/19 | 34,424,567 | 1.8 | |||||||||
| 81,343,200 | k | 0.125%, 04/15/19 | 81,540,213 | 4.3 | |||||||||
| 35,607,570 | k | 1.875%, 07/15/19 | 38,853,984 | 2.0 | |||||||||
| 42,141,601 | k | 1.375%, 01/15/20 | 44,824,841 | 2.4 | |||||||||
| 65,104,161 | k | 1.250%, 07/15/20 | 69,122,324 | 3.6 | |||||||||
| 71,971,460 | k | 1.125%, 01/15/21 | 75,491,297 | 4.0 | |||||||||
| 70,753,817 | k | 0.625%, 07/15/21 | 72,179,931 | 3.8 | |||||||||
| 74,751,492 | k | 0.125%, 01/15/22 | 73,034,525 | 3.8 | |||||||||
| 103,605,000 | k | 0.125%, 07/15/22 | 101,136,300 | 5.3 | |||||||||
| 68,124,540 | k | 0.125%, 01/15/23 | 65,910,492 | 3.5 | |||||||||
| 56,307,900 | k | 0.375%, 07/15/23 | 55,696,453 | 2.9 | |||||||||
| 63,052,925 | k | 0.625%, 01/15/24 | 63,368,190 | 3.3 | |||||||||
| 35,119,000 | k | 0.125%, 07/15/24 | 33,716,979 | 1.8 | |||||||||
| 57,957,622 | k | 2.375%, 01/15/25 | 67,882,865 | 3.6 | |||||||||
| 40,880,822 | k | 2.000%, 01/15/26 | 46,530,675 | 2.4 | |||||||||
| 33,089,491 | k | 2.375%, 01/15/27 | 39,164,524 | 2.1 | |||||||||
| 35,284,939 | k | 1.750%, 01/15/28 | 39,273,796 | 2.1 | |||||||||
| 33,974,656 | k | 3.625%, 04/15/28 | 46,136,529 | 2.4 | |||||||||
| 35,721,243 | k | 2.500%, 01/15/29 | 43,599,456 | 2.3 | |||||||||
| 36,214,859 | k | 3.875%, 04/15/29 | 51,085,585 | 2.7 | |||||||||
| 13,058,945 | k | 3.375%, 04/15/32 | 18,145,809 | 1.0 | |||||||||
| 15,986,802 | k | 2.125%, 02/15/40 | 19,783,667 | 1.0 | |||||||||
| 26,945,505 | k | 2.125%, 02/15/41 | 33,524,008 | 1.8 | |||||||||
| 45,022,880 | k | 0.750%, 02/15/42 | 41,227,586 | 2.2 | |||||||||
| 30,052,120 | k | 0.625%, 02/15/43 | 26,530,372 | 1.4 | |||||||||
| 24,534,960 | k | 1.375%, 02/15/44 | 26,242,814 | 1.4 | |||||||||
| United States Treasury Note | |||||||||||||
| 4,000,000 | 2.750%, 02/15/24 | 4,094,064 | 0.2 | ||||||||||
| 20,000,000 | 2.500%, 05/15/24 | 20,012,500 | 1.0 | ||||||||||
| 1,861,476,921 | 97.9 | ||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $1,821,189,419) | 1,861,476,921 | 97.9 | |||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||||
| 9,000,000 | 0.035%, 11/14/14 | 8,999,615 | 0.5 | ||||||||||
| 8,999,615 | 0.5 | ||||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| TREASURY DEBT | |||||||||||||
| United States Treasury Bill | |||||||||||||
| $ | 400,000 | 0.033%, 12/18/14 | $ | 399,985 | 0.0 | % | |||||||
| 6,000,000 | 0.103%, 07/23/15 | 5,997,294 | 0.3 | ||||||||||
| 6,397,279 | 0.3 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $15,394,547) | 15,396,894 | 0.8 | |||||||||||
| TOTAL PORTFOLIO (Cost $1,836,583,966) | 1,876,873,815 | 98.7 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 23,783,427 | 1.3 | |||||||||||
| NET ASSETS | $ | 1,900,657,242 | 100.0 | % | |||||||||
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 33 |
Summary portfolio of investments (unaudited)
Short-Term Bond Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| BANK LOAN OBLIGATIONS | |||||||||||||
| CONSUMER DURABLES & APPAREL | $ | 3,750,527 | 0.3 | % | |||||||||
| CONSUMER SERVICES | 1,770,519 | 0.1 | |||||||||||
| FOOD, BEVERAGE & TOBACCO | 1,653,569 | 0.1 | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 1,102,716 | 0.1 | |||||||||||
| MEDIA | 1,132,143 | 0.1 | |||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 987,655 | 0.0 | |||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 977,254 | 0.1 | |||||||||||
| TOTAL BANK LOAN OBLIGATIONS (Cost $11,498,833) | 11,374,383 | 0.8 | |||||||||||
| BONDS | |||||||||||||
| CORPORATE BONDS | |||||||||||||
| BANKS | |||||||||||||
| Australia & New Zealand Banking Group Ltd | |||||||||||||
| $ | 7,000,000 | g | 2.400%, 11/23/16 | 7,203,322 | 0.5 | ||||||||
| Bank of America Corp | |||||||||||||
| 9,350,000 | 2.000%, 01/11/18 | 9,309,337 | 0.7 | ||||||||||
| Bank of Nova Scotia | |||||||||||||
| 15,000,000 | 2.125%, 09/11/19 | 14,917,665 | 1.0 | ||||||||||
| Citigroup, Inc | |||||||||||||
| 6,750,000 | 1.300%, 11/15/16 | 6,751,323 | 0.5 | ||||||||||
| JPMorgan Chase & Co | |||||||||||||
| 10,000,000 | 0.800%, 04/23/15 | 10,026,380 | 0.7 | ||||||||||
| National Australia Bank Ltd | |||||||||||||
| 10,000,000 | g | 2.125%, 09/09/19 | 9,960,840 | 0.7 | |||||||||
| Royal Bank of Canada | |||||||||||||
| 7,000,000 | 1.200%, 01/23/17 | 6,999,370 | 0.5 | ||||||||||
| Skandinaviska Enskilda Banken AB | |||||||||||||
| 9,000,000 | g | 1.375%, 05/29/18 | 8,887,770 | 0.6 | |||||||||
| Westpac Banking Corp | |||||||||||||
| 14,700,000 | 1.250%–3.000%, 08/04/15–11/26/18 | 14,859,789 | 1.0 | ||||||||||
| Other | 69,598,182 | 4.9 | |||||||||||
| 158,513,978 | 11.1 | ||||||||||||
| CAPITAL GOODS | |||||||||||||
| John Deere Capital Corp | |||||||||||||
| 12,450,000 | 1.050%, 12/15/16 | 12,467,442 | 0.9 | ||||||||||
| Other | 15,959,318 | 1.1 | |||||||||||
| 28,426,760 | 2.0 | ||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 8,600,405 | 0.6 | |||||||||||
| CONSUMER SERVICES | 5,978,707 | 0.4 | |||||||||||
| DIVERSIFIED FINANCIALS | |||||||||||||
| Caisse Centrale Desjardins du Quebec | |||||||||||||
| 8,000,000 | g | 1.600%, 03/06/17 | 8,082,808 | 0.6 | |||||||||
| Goldman Sachs Group, Inc | |||||||||||||
| 10,000,000 | 3.625%, 02/07/16 | 10,334,220 | 0.7 | ||||||||||
| Nederlandse Waterschapsbank NV | |||||||||||||
| 10,000,000 | g | 1.875%, 03/13/19 | 10,004,180 | 0.7 | |||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| DIVERSIFIED FINANCIALS—continued | |||||||||||||
| Wells Fargo & Co | |||||||||||||
| $ | 11,000,000 | 1.250%, 07/20/16 | $ | 11,063,976 | 0.8 | % | |||||||
| Other | 59,494,259 | 4.2 | |||||||||||
| 98,979,443 | 7.0 | ||||||||||||
| ENERGY | 25,308,142 | 1.8 | |||||||||||
| FOOD & STAPLES RETAILING | 2,095,267 | 0.2 | |||||||||||
| FOOD, BEVERAGE & TOBACCO | 10,891,765 | 0.8 | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 11,159,965 | 0.8 | |||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 1,410,018 | 0.1 | |||||||||||
| INSURANCE | 9,407,226 | 0.7 | |||||||||||
| MATERIALS | 11,229,100 | 0.8 | |||||||||||
| MEDIA | 9,154,616 | 0.6 | |||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 12,007,752 | 0.8 | |||||||||||
| REAL ESTATE | 5,862,731 | 0.4 | |||||||||||
| RETAILING | 4,797,653 | 0.3 | |||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 994,350 | 0.1 | |||||||||||
| SOFTWARE & SERVICES | 4,584,765 | 0.3 | |||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 24,308,922 | 1.7 | |||||||||||
| TELECOMMUNICATION SERVICES | |||||||||||||
| Verizon Communications, Inc | |||||||||||||
| 14,090,000 | 0.700%–2.625%, 11/02/15–02/21/20 | 13,990,848 | 1.0 | ||||||||||
| Other | 9,188,540 | 0.6 | |||||||||||
| 23,179,388 | 1.6 | ||||||||||||
| TRANSPORTATION | 4,298,805 | 0.3 | |||||||||||
| UTILITIES | 39,398,621 | 2.8 | |||||||||||
| TOTAL CORPORATE BONDS (Cost $498,403,950) | 500,588,379 | 35.2 | |||||||||||
| GOVERNMENT BONDS | |||||||||||||
| AGENCY SECURITIES | |||||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||||
| 12,000,000 | 0.375%, 02/19/16 | 12,004,644 | 0.8 | ||||||||||
| 14,000,000 | 0.875%, 05/24/17 | 13,962,998 | 1.0 | ||||||||||
| Other | 16,738,817 | 1.2 | |||||||||||
| 42,706,459 | 3.0 | ||||||||||||
| FOREIGN GOVERNMENT BONDS | |||||||||||||
| Hellenic Republic Government Bond | |||||||||||||
| 5,900,000 | g | 4.750%, 04/17/19 | 7,381,502 | 0.5 | |||||||||
| Inter-American Development Bank | |||||||||||||
| 14,000,000 | 1.500%, 09/25/18 | 13,962,074 | 1.0 | ||||||||||
| International Finance Facility for Immunisation | |||||||||||||
| 20,000,000 | g,i | 0.422%, 07/05/16 | 20,003,500 | 1.4 | |||||||||
| Other | 65,165,340 | 4.8 | |||||||||||
| 106,512,416 | 7.7 | ||||||||||||
| 34 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
Short-Term Bond Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| MORTGAGE BACKED | |||||||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||||
| $ | 7,974,795 | 2.000%, 05/25/25 | $ | 8,109,314 | 0.6 | % | |||||||
| Other | 20,478,164 | 1.4 | |||||||||||
| 28,587,478 | 2.0 | ||||||||||||
| MUNICIPAL BONDS | 5,542,055 | 0.4 | |||||||||||
| U.S. TREASURY SECURITIES | |||||||||||||
| United States Treasury Inflation Indexed Bonds | |||||||||||||
| 10,994,000 | k | 0.500%, 04/15/15 | 11,001,729 | 0.8 | |||||||||
| 10,489,700 | k | 0.125%, 04/15/17 | 10,629,014 | 0.7 | |||||||||
| 20,613,600 | k | 0.125%, 04/15/18 | 20,777,870 | 1.5 | |||||||||
| 10,167,900 | k | 0.125%, 04/15/19 | 10,192,527 | 0.7 | |||||||||
| United States Treasury Note | |||||||||||||
| 8,025,000 | 0.375%, 05/31/16 | 8,016,846 | 0.6 | ||||||||||
| 35,790,000 | 0.500%, 06/15/16 | 35,823,571 | 2.5 | ||||||||||
| 26,315,000 | 0.625%, 08/15/16 | 26,353,025 | 1.8 | ||||||||||
| 15,000,000 | 0.875%, 09/15/16 | 15,081,450 | 1.1 | ||||||||||
| 31,455,000 | 0.625%, 02/15/17 | 31,319,838 | 2.2 | ||||||||||
| 31,141,000 | 0.875%, 08/15/17 | 30,992,582 | 2.2 | ||||||||||
| 25,000,000 | 1.000%, 09/15/17 | 24,960,950 | 1.7 | ||||||||||
| 9,939,000 | 1.625%, 08/31/19 | 9,870,669 | 0.7 | ||||||||||
| Other | 10,306,521 | 0.7 | |||||||||||
| 245,326,592 | 17.2 | ||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $429,323,371) | 428,675,000 | 30.3 | |||||||||||
| STRUCTURED ASSETS | |||||||||||||
| ASSET BACKED | |||||||||||||
| Ally Master Owner Trust | |||||||||||||
| Series 2010-2 (Class A) | |||||||||||||
| 8,000,000 | g | 4.250%, 04/15/17 | 8,110,512 | 0.6 | |||||||||
| Capital Auto Receivables Asset Trust | |||||||||||||
| Series 2013-1 (Class A4) | |||||||||||||
| 7,500,000 | 0.970%, 01/22/18 | 7,500,570 | 0.5 | ||||||||||
| Series 2014-1 (Class A4) | |||||||||||||
| 10,000,000 | 1.690%, 10/22/18 | 10,014,070 | 0.7 | ||||||||||
| CarMax Auto Owner Trust | |||||||||||||
| Series 2012-2 (Class B) | |||||||||||||
| 7,870,000 | 1.730%, 02/15/18 | 7,982,155 | 0.6 | ||||||||||
| Chase Issuance Trust | |||||||||||||
| Series 2014-A1 (Class A) | |||||||||||||
| 8,000,000 | 1.150%, 01/15/19 | 7,993,272 | 0.6 | ||||||||||
| CitiBank Credit Card Issuance Trust | |||||||||||||
| Series 2014-A2 (Class A2) | |||||||||||||
| 12,000,000 | 1.020%, 02/22/19 | 11,949,084 | 0.8 | ||||||||||
| Entergy Louisiana Investment Recovery Funding I LLC | |||||||||||||
| Series 2011-A (Class A1) | |||||||||||||
| 7,710,187 | 2.040%, 09/01/23 | 7,709,879 | 0.5 | ||||||||||
| Ford Credit Floorplan Master Owner Trust | |||||||||||||
| 15,280,000 | 1.120%–1.740%, 06/15/17– 09/15/19 | 15,316,977 | 1.1 | ||||||||||
| HLSS Servicer Advance Receivables Backed Notes | |||||||||||||
| Series 2014-T1 (Class AT1) | |||||||||||||
| 10,000,000 | g | 1.244%, 01/17/45 | 10,006,000 | 0.7 | |||||||||
| Honda Auto Receivables Owner Trust | |||||||||||||
| Series 2014-2 (Class A3) | |||||||||||||
| 12,000,000 | 0.770%, 03/19/18 | 11,977,872 | 0.8 | ||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| ASSET BACKED—continued | |||||||||||||
| Hyundai Auto Receivables Trust | |||||||||||||
| Series 2013-A (Class C) | |||||||||||||
| $ | 8,000,000 | 1.350%, 06/17/19 | $ | 7,967,496 | 0.6 | % | |||||||
| NYCTL Trust | |||||||||||||
| Series 2014-A (Class A) | |||||||||||||
| 15,000,000 | g | 1.030%, 11/10/27 | 14,995,313 | 1.0 | |||||||||
| SLM Student Loan Trust | |||||||||||||
| Series 2012-B (Class A2) | |||||||||||||
| 7,800,000 | g | 3.480%, 10/15/30 | 8,125,182 | 0.6 | |||||||||
| Series 2012-A (Class A2) | |||||||||||||
| 9,000,000 | g | 3.830%, 01/17/45 | 9,387,819 | 0.7 | |||||||||
| Volvo Financial Equipment LLC | |||||||||||||
| Series 2013-1A (Class A4) | |||||||||||||
| 7,000,000 | g | 0.970%, 08/15/19 | 6,997,613 | 0.5 | |||||||||
| Other | 161,158,051 | 11.1 | |||||||||||
| 307,191,865 | 21.4 | ||||||||||||
| OTHER MORTGAGE BACKED | |||||||||||||
| Banc of America Commercial Mortgage Trust | |||||||||||||
| Series 2007-1 (Class AM) | |||||||||||||
| 8,750,000 | g | 5.416%, 01/15/49 | 9,114,355 | 0.6 | |||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust | |||||||||||||
| Series 2006-LDP9 (Class A1A) | |||||||||||||
| 9,487,169 | 5.257%, 05/15/47 | 9,962,001 | 0.7 | ||||||||||
| Wachovia Bank Commercial Mortgage Trust | |||||||||||||
| Series 2007-C30 (Class AM) | |||||||||||||
| 8,735,000 | 5.383%, 12/15/43 | 9,346,939 | 0.7 | ||||||||||
| Other | 41,681,305 | 2.9 | |||||||||||
| 70,104,600 | 4.9 | ||||||||||||
| TOTAL STRUCTURED
ASSETS (Cost $377,105,145) | 377,296,465 | 26.3 | |||||||||||
| TOTAL BONDS (Cost $1,304,832,466) | 1,306,559,844 | 91.8 | |||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||||
| 10,500,000 | 0.035%, 11/14/14 | 10,499,551 | 0.7 | ||||||||||
| 10,499,551 | 0.7 | ||||||||||||
| TREASURY DEBT | |||||||||||||
| United States Treasury Bill | |||||||||||||
| 10,000,000 | d | 0.033%, 12/18/14 | 9,999,620 | 0.7 | |||||||||
| Other | 929,768 | 0.1 | |||||||||||
| 10,929,388 | 0.8 | ||||||||||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $21,428,347) | 21,428,939 | 1.5 | |||||||||||
| TOTAL PORTFOLIO
(Cost $1,337,759,646) | 1,339,363,166 | 94.1 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 83,682,436 | 5.9 | |||||||||||
| NET ASSETS | $ | 1,423,045,602 | 100.0 | % | |||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 35 |
| Summary portfolio of investments (unaudited) | concluded |
Short-Term Bond Fund ■ September 30, 2014
| d | All or a portion of these securities have been segregated to cover margin requirements on open futures transactions. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities, including those in “Other,” was $322,716,892 or 22.7% of net assets. |
| 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. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| 36 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
Social Choice Bond Fund ■ September 30, 2014
| % of net | ||||||||||||||
| Principal | Issuer | Value | assets | |||||||||||
| BANK LOAN OBLIGATIONS | ||||||||||||||
| CONSUMER DURABLES & APPAREL | $ | 494,690 | 0.3 | % | ||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 492,456 | 0.2 | ||||||||||||
| UTILITIES | ||||||||||||||
| ExGen Renewables I LLC | ||||||||||||||
| $ | 995,830 | i | 5.250%, 02/06/21 | 1,000,809 | 0.5 | |||||||||
| TerraForm Power Operating LLC | ||||||||||||||
| 1,000,000 | h,i | 4.750%, 07/23/19 | 1,002,500 | 0.5 | ||||||||||
| 2,003,309 | 1.0 | |||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | ||||||||||||||
| (Cost $2,991,065) | 2,990,455 | 1.5 | ||||||||||||
| BONDS | ||||||||||||||
| CORPORATE BONDS | ||||||||||||||
| AUTOMOBILES & COMPONENTS | 496,835 | 0.2 | ||||||||||||
| BANKS | ||||||||||||||
| Bank of America Corp | ||||||||||||||
| 1,000,000 | 1.350%, 11/21/16 | 1,001,353 | 0.5 | |||||||||||
| Capital One Bank USA NA | ||||||||||||||
| 1,000,000 | 1.500%, 09/05/17 | 995,626 | 0.5 | |||||||||||
| People’s United Financial, Inc | ||||||||||||||
| 1,000,000 | 3.650%, 12/06/22 | 1,002,881 | 0.5 | |||||||||||
| SVB Financial Group | ||||||||||||||
| 1,000,000 | 5.375%, 09/15/20 | 1,118,642 | 0.5 | |||||||||||
| Other | 13,589,974 | 6.7 | ||||||||||||
| 17,708,476 | 8.7 | |||||||||||||
| CAPITAL GOODS | 3,254,756 | 1.6 | ||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
| AECOM Technology Corp | ||||||||||||||
| 1,000,000 | g,h | 5.750%, 10/15/22 | 1,003,750 | 0.5 | ||||||||||
| Air Lease Corp | ||||||||||||||
| 2,500,000 | 2.125%–4.250%, 01/15/18–09/15/24 | 2,481,250 | 1.2 | |||||||||||
| Other | 498,456 | 0.3 | ||||||||||||
| 3,983,456 | 2.0 | |||||||||||||
| CONSUMER DURABLES & APPAREL | 529,845 | 0.3 | ||||||||||||
| CONSUMER SERVICES | ||||||||||||||
| Massachusetts Institute of Technology | ||||||||||||||
| 1,000,000 | 3.959%, 07/01/38 | 1,014,318 | 0.5 | |||||||||||
| Other | 753,750 | 0.4 | ||||||||||||
| 1,768,068 | 0.9 | |||||||||||||
| DIVERSIFIED FINANCIALS | 4,904,535 | 2.4 | ||||||||||||
| ENERGY | ||||||||||||||
| California Resources Corp | ||||||||||||||
| 1,000,000 | g,h | 6.000%, 11/15/24 | 1,027,500 | 0.5 | ||||||||||
| Other | 3,163,443 | 1.6 | ||||||||||||
| 4,190,943 | 2.1 | |||||||||||||
| FOOD & STAPLES RETAILING | 1,000,280 | 0.5 | ||||||||||||
| FOOD, BEVERAGE & TOBACCO | 499,789 | 0.3 | ||||||||||||
| % of net | ||||||||||||||
| Principal | Issuer | Value | assets | |||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
| Owens & Minor, Inc | ||||||||||||||
| $ | 1,000,000 | 3.875%, 09/15/21 | $ | 1,001,233 | 0.5 | % | ||||||||
| Other | 1,008,604 | 0.5 | ||||||||||||
| 2,009,837 | 1.0 | |||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 232,223 | 0.1 | ||||||||||||
| INSURANCE | 2,475,483 | 1.2 | ||||||||||||
| MATERIALS | 1,990,992 | 1.0 | ||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 3,725,407 | 1.8 | ||||||||||||
| REAL ESTATE | ||||||||||||||
| Kilroy Realty LP | ||||||||||||||
| 1,000,000 | 3.800%, 01/15/23 | 1,001,516 | 0.5 | |||||||||||
| Regency Centers LP | ||||||||||||||
| 1,000,000 | 3.750%, 06/15/24 | 997,696 | 0.5 | |||||||||||
| Other | 1,726,706 | 0.8 | ||||||||||||
| 3,725,918 | 1.8 | |||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 2,731,388 | 1.3 | ||||||||||||
| TELECOMMUNICATION SERVICES | 1,800,702 | 0.9 | ||||||||||||
| TRANSPORTATION | ||||||||||||||
| Burlington Northern Santa Fe LLC | ||||||||||||||
| 1,000,000 | 4.550%, 09/01/44 | 999,257 | 0.5 | |||||||||||
| Other | 2,517,589 | 1.2 | ||||||||||||
| 3,516,846 | 1.7 | |||||||||||||
| UTILITIES | ||||||||||||||
| Niagara Mohawk Power Corp | ||||||||||||||
| 1,000,000 | g | 4.278%, 10/01/34 | 1,007,203 | 0.5 | ||||||||||
| Piedmont Natural Gas Co, Inc | ||||||||||||||
| 1,000,000 | 4.100%, 09/18/34 | 1,016,951 | 0.5 | |||||||||||
| Southern California Gas Co | ||||||||||||||
| 1,000,000 | 3.150%, 09/15/24 | 995,939 | 0.5 | |||||||||||
| Other | 3,816,667 | 1.8 | ||||||||||||
| 6,836,760 | 3.3 | |||||||||||||
| TOTAL CORPORATE BONDS (Cost $66,961,479) | 67,382,539 | 33.1 | ||||||||||||
| GOVERNMENT BONDS | ||||||||||||||
| AGENCY SECURITIES | ||||||||||||||
| Hashemite Kingdom of Jordan Government AID Bond | ||||||||||||||
| 1,000,000 | 2.503%, 10/30/20 | 1,007,365 | 0.5 | |||||||||||
| Overseas Private Investment Corp (OPIC) | ||||||||||||||
| 1,000,000 | j | 0.000%, 11/17/17 | 1,006,267 | 0.5 | ||||||||||
| 2,474,155 | 0.000%–3.938%, 04/30/15–06/01/33 | 2,536,595 | 1.2 | |||||||||||
| 1,000,000 | 3.280%, 09/15/29 | 1,010,925 | 0.5 | |||||||||||
| Private Export Funding Corp (PEFCO) | ||||||||||||||
| 1,000,000 | 2.250%, 03/15/20 | 1,001,894 | 0.5 | |||||||||||
| Other | 6,777,347 | 3.5 | ||||||||||||
| 13,340,393 | 6.7 | |||||||||||||
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 37 |
| Summary portfolio of investments (unaudited) | continued |
Social Choice Bond Fund ■ September 30, 2014
| % of net | ||||||||||||||
| Principal | Issuer | Value | assets | |||||||||||
| FOREIGN GOVERNMENT BONDS | ||||||||||||||
| African Development Bank | ||||||||||||||
| $ | 1,000,000 | 2.375%, 09/23/21 | $ | 1,000,012 | 0.5 | % | ||||||||
| FMS Wertmanagement AoeR | ||||||||||||||
| 1,000,000 | 1.125%, 09/05/17 | 997,653 | 0.5 | |||||||||||
| Inter-American Development Bank | ||||||||||||||
| 1,000,000 | 1.500%, 09/25/18 | 997,291 | 0.5 | |||||||||||
| Other | 8,992,643 | 4.1 | ||||||||||||
| 11,987,599 | 5.6 | |||||||||||||
| MORTGAGE BACKED | ||||||||||||||
| Federal National Mortgage Association (FNMA) | ||||||||||||||
| 1,059,430 | 2.500%, 10/01/27 | 1,071,798 | 0.5 | |||||||||||
| 1,130,205 | 4.500%, 08/01/39 | 1,234,623 | 0.6 | |||||||||||
| 1,983,618 | 5.000%, 09/01/40 | 2,190,698 | 1.1 | |||||||||||
| 976,143 | 3.500%, 04/01/42 | 999,641 | 0.5 | |||||||||||
| 1,037,634 | 3.500%, 01/01/43 | 1,062,504 | 0.5 | |||||||||||
| 2,527,487 | 3.000%, 08/01/43 | 2,495,082 | 1.2 | |||||||||||
| 2,175,113 | 4.000%, 11/01/43 | 2,301,371 | 1.1 | |||||||||||
| 2,554,589 | 4.000%, 05/01/44 | 2,698,004 | 1.3 | |||||||||||
| 2,568,179 | 3.500%, 06/01/44 | 2,628,545 | 1.3 | |||||||||||
| 994,883 | 4.500%, 06/01/44 | 1,092,476 | 0.6 | |||||||||||
| 8,401,890 | 3.000%–6.000%, 09/01/25–09/01/44 | 9,039,109 | 4.5 | |||||||||||
| Government National Mortgage Association (GNMA) | ||||||||||||||
| 5,128,670 | 3.000%–5.000%, 02/20/39–07/15/43 | 5,343,219 | 2.6 | |||||||||||
| Other | 1,673,791 | 0.8 | ||||||||||||
| 33,830,861 | 16.6 | |||||||||||||
| MUNICIPAL BONDS | ||||||||||||||
| District of Columbia Water & Sewer Authority | ||||||||||||||
| 1,000,000 | 4.814%, 10/01/14 | 1,044,880 | 0.5 | |||||||||||
| Michigan Finance Authority | ||||||||||||||
| 1,000,000 | 5.000%, 07/01/16 | 1,065,570 | 0.5 | |||||||||||
| 1,000,000 | 5.000%, 07/01/29 | 1,085,870 | 0.5 | |||||||||||
| Other | 15,402,705 | 7.6 | ||||||||||||
| 18,599,025 | 9.1 | |||||||||||||
| U.S. TREASURY SECURITIES | ||||||||||||||
| United States Treasury Bond | ||||||||||||||
| 4,415,000 | 3.375%, 05/15/44 | 4,558,488 | 2.2 | |||||||||||
| United States Treasury Note | ||||||||||||||
| 2,000,000 | 0.500%, 07/31/16 | 2,000,234 | 1.0 | |||||||||||
| 6,825,000 | 1.625%, 08/31/19 | 6,778,078 | 3.3 | |||||||||||
| 1,500,000 | 1.750%, 09/30/19 | 1,498,008 | 0.7 | |||||||||||
| 4,635,000 | 2.375%, 08/15/24 | 4,581,410 | 2.3 | |||||||||||
| Other | 732,637 | 0.4 | ||||||||||||
| 20,148,855 | 9.9 | |||||||||||||
| TOTAL GOVERNMENT BONDS (Cost $97,619,738) | 97,906,733 | 47.9 | ||||||||||||
| STRUCTURED ASSETS | ||||||||||||||
| ASSET BACKED | ||||||||||||||
| SolarCity LMC | ||||||||||||||
| Series 2014-2 (Class A) | ||||||||||||||
| 1,000,000 | g | 4.020%, 07/20/44 | 997,813 | 0.5 | ||||||||||
| SpringCastle America Funding LLC | ||||||||||||||
| Series 2014-AA (Class A) | ||||||||||||||
| % of net | |||||||||||||||
| Principal | Issuer | Value | assets | ||||||||||||
| ASSET BACKED—continued | |||||||||||||||
| $ | 1,000,000 | g,h | 2.700%, 05/25/23 | $ | 999,900 | 0.5 | % | ||||||||
| Other | 5,287,281 | 2.6 | |||||||||||||
| 7,284,994 | 3.6 | ||||||||||||||
| OTHER MORTGAGE BACKED | |||||||||||||||
| Bear Stearns Commercial Mortgage Securities | |||||||||||||||
| Series 2007-T28 (Class AJ) | |||||||||||||||
| 1,120,000 | i | 6.144%, 09/11/42 | 1,210,184 | 0.6 | |||||||||||
| COBALT CMBS Commercial Mortgage Trust | |||||||||||||||
| Series 2007-C3 (Class AJ) | |||||||||||||||
| 1,000,000 | i | 5.771%, 05/15/46 | 1,021,052 | 0.5 | |||||||||||
| ML-CFC Commercial Mortgage Trust | |||||||||||||||
| Series 2007-6 (Class AM) | |||||||||||||||
| 1,000,000 | i | 5.526%, 03/12/51 | 1,040,639 | 0.5 | |||||||||||
| Morgan Stanley Capital I Trust | |||||||||||||||
| Series 2005-HQ6 (Class F) | |||||||||||||||
| 1,000,000 | i | 5.271%, 08/13/42 | 997,632 | 0.5 | |||||||||||
| Wachovia Bank Commercial Mortgage Trust | |||||||||||||||
| Series 2007-C31 (Class AJ) | |||||||||||||||
| 1,000,000 | i | 5.660%, 04/15/47 | 1,032,965 | 0.5 | |||||||||||
| Series 2007-C32 (Class AJ) | |||||||||||||||
| 1,510,000 | i | 5.750%, 06/15/49 | 1,545,396 | 0.8 | |||||||||||
| Other | 6,640,926 | 3.2 | |||||||||||||
| 13,488,794 | 6.6 | ||||||||||||||
| TOTAL STRUCTURED ASSETS | |||||||||||||||
| (Cost $20,692,411) | 20,773,788 | 10.2 | |||||||||||||
| TOTAL BONDS | |||||||||||||||
| (Cost $185,273,628) | 186,063,060 | 91.2 | |||||||||||||
| Shares | Company | ||||||||||||||
| PREFERRED STOCKS | |||||||||||||||
| BANKS | 249,110 | 0.1 | |||||||||||||
| TOTAL PREFERRED STOCKS | |||||||||||||||
| (Cost $255,625) | 249,110 | 0.1 | |||||||||||||
| Principal | Issuer | ||||||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||||||
| $ | 10,000,000 | 0.085%, 11/12/14 | 9,999,008 | 4.9 | |||||||||||
| 9,999,008 | 4.9 | ||||||||||||||
| TREASURY DEBT | 599,982 | 0.3 | |||||||||||||
| 599,982 | 0.3 | ||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | |||||||||||||||
| (Cost $10,598,990) | 10,598,990 | 5.2 | |||||||||||||
| TOTAL PORTFOLIO | |||||||||||||||
| (Cost $199,119,308) | 199,901,615 | 98.0 | |||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 3,990,495 | 2.0 | |||||||||||||
| NET ASSETS | $ | 203,892,110 | 100.0 | % | |||||||||||
| 38 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Social Choice Bond Fund ■ September 30, 2014
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities, including those in “Other,” was $21,285,212 or 10.4% of net assets. |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. |
| j | Zero coupon. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 39 |
Summary portfolio of investments (unaudited)
Tax-Exempt Bond Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| LONG-TERM MUNICIPAL BONDS | |||||||||||||
| ARIZONA | $ | 2,369,320 | 0.7 | % | |||||||||
| CALIFORNIA | |||||||||||||
| California State Public Works Board | |||||||||||||
| $ | 2,325,000 | 5.000%, 10/01/23 | 2,811,413 | 0.8 | |||||||||
| 5,000,000 | 5.000%, 09/01/39 | 5,596,700 | 1.6 | ||||||||||
| California Statewide Communities Development Authority | |||||||||||||
| 4,000,000 | 5.000%, 04/01/42 | 4,375,960 | 1.3 | ||||||||||
| San Diego Unified School District | |||||||||||||
| 2,000,000 | 5.000%, 07/01/23 | 2,444,980 | 0.7 | ||||||||||
| State of California, GO | |||||||||||||
| 2,000,000 | 5.000%, 02/01/22 | 2,405,520 | 0.7 | ||||||||||
| 2,000,000 | 5.000%, 04/01/22 | 2,409,480 | 0.7 | ||||||||||
| 2,000,000 | 5.250%, 10/01/22 | 2,456,460 | 0.7 | ||||||||||
| 5,000,000 | 5.000%, 06/01/37 | 5,401,450 | 1.6 | ||||||||||
| 3,405,000 | 5.000%, 11/01/37 | 3,719,894 | 1.1 | ||||||||||
| 5,000,000 | 5.000%, 10/01/39 | 5,677,600 | 1.7 | ||||||||||
| University of California | |||||||||||||
| 4,000,000 | 5.000%, 05/15/42 | 4,457,400 | 1.3 | ||||||||||
| Other | 12,478,992 | 3.7 | |||||||||||
| 54,235,849 | 15.9 | ||||||||||||
| COLORADO | 4,918,786 | 1.5 | |||||||||||
| CONNECTICUT | |||||||||||||
| State of Connecticut, GO | |||||||||||||
| 2,000,000 | 5.000%, 10/15/22 | 2,410,280 | 0.7 | ||||||||||
| 3,000,000 | 5.000%, 10/15/23 | 3,640,920 | 1.1 | ||||||||||
| Other | 3,291,313 | 0.9 | |||||||||||
| 9,342,513 | 2.7 | ||||||||||||
| FLORIDA | |||||||||||||
| City of Tallahassee FL | |||||||||||||
| 5,000,000 | 5.000%, 10/01/37 | 5,493,600 | 1.6 | ||||||||||
| Orange County Health Facilities Authority | |||||||||||||
| 2,425,000 | 5.375%, 10/01/41 | 2,654,623 | 0.8 | ||||||||||
| Other | 4,141,842 | 1.1 | |||||||||||
| 12,290,065 | 3.5 | ||||||||||||
| GEORGIA | 5,481,138 | 1.6 | |||||||||||
| HAWAII | 1,224,610 | 0.4 | |||||||||||
| ILLINOIS | 20,195,458 | 5.9 | |||||||||||
| INDIANA | 6,299,753 | 1.9 | |||||||||||
| KANSAS | 1,178,420 | 0.3 | |||||||||||
| KENTUCKY | |||||||||||||
| Kentucky Economic Development Finance Authority | |||||||||||||
| 4,555,000 | 5.250%, 08/15/46 | 4,953,563 | 1.4 | ||||||||||
| Other | 2,157,040 | 0.6 | |||||||||||
| 7,110,603 | 2.0 | ||||||||||||
| LOUISIANA | 1,156,020 | 0.3 | |||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| MARYLAND | |||||||||||||
| County of Montgomery MD, GO | |||||||||||||
| $ | 4,000,000 | 5.000%, 07/01/21 | $ | 4,840,480 | 1.4 | % | |||||||
| 4,840,480 | 1.4 | ||||||||||||
| MASSACHUSETTS | |||||||||||||
| Massachusetts Development Finance Agency | |||||||||||||
| 2,255,000 | 5.000%, 10/01/35 | 2,533,921 | 0.7 | ||||||||||
| Other | 5,449,132 | 1.6 | |||||||||||
| 7,983,053 | 2.3 | ||||||||||||
| MICHIGAN | 1,230,580 | 0.4 | |||||||||||
| MINNESOTA | |||||||||||||
| State of Minnesota, GO | |||||||||||||
| 3,000,000 | 5.000%, 10/01/23 | 3,698,610 | 1.1 | ||||||||||
| Other | 4,317,662 | 1.2 | |||||||||||
| 8,016,272 | 2.3 | ||||||||||||
| MISSOURI | |||||||||||||
| Health & Educational Facilities Authority of the State of Missouri | |||||||||||||
| 3,500,000 | 5.000%, 02/01/35 | 3,739,120 | 1.1 | ||||||||||
| Metropolitan St. Louis Sewer District | |||||||||||||
| 4,000,000 | 5.000%, 05/01/42 | 4,501,040 | 1.3 | ||||||||||
| 8,240,160 | 2.4 | ||||||||||||
| NEBRASKA | |||||||||||||
| Omaha Public Power District | |||||||||||||
| 5,000,000 | 5.000%, 02/01/39 | 5,373,700 | 1.6 | ||||||||||
| 5,000,000 | 5.000%, 02/01/42 | 5,593,900 | 1.6 | ||||||||||
| Other | 1,130,870 | 0.3 | |||||||||||
| 12,098,470 | 3.5 | ||||||||||||
| NEW JERSEY | |||||||||||||
| New Jersey Transit Corp | |||||||||||||
| 2,500,000 | 5.000%, 09/15/17 | 2,769,150 | 0.8 | ||||||||||
| Other | 3,504,040 | 1.0 | |||||||||||
| 6,273,190 | 1.8 | ||||||||||||
| NEW YORK | |||||||||||||
| New York City Water & Sewer System | |||||||||||||
| 5,000,000 | 5.250%, 06/15/40 | 5,667,650 | 1.7 | ||||||||||
| 5,000,000 | 5.000%, 06/15/43 | 5,478,650 | 1.6 | ||||||||||
| New York State Dormitory Authority | |||||||||||||
| 2,250,000 | 5.000%, 10/01/17 | 2,528,348 | 0.7 | ||||||||||
| 5,000,000 | 5.000%, 12/15/22 | 6,086,900 | 1.8 | ||||||||||
| 3,000,000 | 5.000%, 03/15/23 | 3,660,000 | 1.1 | ||||||||||
| 2,000,000 | 5.500%, 07/01/23 | 2,463,280 | 0.7 | ||||||||||
| 2,760,000 | 5.000%, 07/01/42 | 3,068,237 | 0.9 | ||||||||||
| New York State Urban Development Corp | |||||||||||||
| 4,000,000 | 5.000%, 03/15/21 | 4,786,920 | 1.4 | ||||||||||
| 4,000,000 | 5.000%, 03/15/23 | 4,845,560 | 1.4 | ||||||||||
| 2,045,000 | 5.500%, 03/15/23 | 2,553,817 | 0.7 | ||||||||||
| New York State Urban Development Corp, GO | |||||||||||||
| 5,000,000 | 5.000%, 03/15/22 | 6,014,200 | 1.8 | ||||||||||
| 40 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Tax-Exempt Bond Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| NEW YORK—continued | |||||||||||||
| Triborough Bridge & Tunnel Authority | |||||||||||||
| $ | 3,000,000 | 5.000%, 11/15/22 | $ | 3,613,770 | 1.1 | % | |||||||
| Other | 8,879,590 | 2.6 | |||||||||||
| 59,646,922 | 17.5 | ||||||||||||
| NORTH CAROLINA | 3,899,642 | 1.1 | |||||||||||
| OHIO | |||||||||||||
| Ohio State Water Development Authority | |||||||||||||
| 3,000,000 | 5.000%, 06/01/23 | 3,672,300 | 1.1 | ||||||||||
| State of Ohio, GO | |||||||||||||
| 2,000,000 | 5.000%, 06/15/22 | 2,422,980 | 0.7 | ||||||||||
| Other | 13,205,685 | 3.9 | |||||||||||
| 19,300,965 | 5.7 | ||||||||||||
| OREGON | |||||||||||||
| Washington & Multnomah Counties School District No 48J Beaverton, GO | |||||||||||||
| 2,750,000 | 5.000%, 06/15/22 | 3,338,143 | 1.0 | ||||||||||
| 3,338,143 | 1.0 | ||||||||||||
| PENNSYLVANIA | |||||||||||||
| Geisinger Authority | |||||||||||||
| 2,500,000 | i | 1.720%, 06/01/28 | 2,498,750 | 0.7 | |||||||||
| 2,498,750 | 0.7 | ||||||||||||
| RHODE ISLAND | |||||||||||||
| Rhode Island Health & Educational Building Corp | |||||||||||||
| 5,000,000 | 5.000%, 09/01/21 | 6,020,900 | 1.8 | ||||||||||
| State of Rhode Island, GO | |||||||||||||
| 2,000,000 | 5.000%, 08/01/21 | 2,386,720 | 0.7 | ||||||||||
| 8,407,620 | 2.5 | ||||||||||||
| SOUTH CAROLINA | 1,224,126 | 0.4 | |||||||||||
| TENNESSEE | |||||||||||||
| Knox County Health Educational & Housing Facility Board | |||||||||||||
| 2,130,000 | 5.000%, 01/01/26 | 2,424,004 | 0.7 | ||||||||||
| Sullivan County Health Educational & Housing Facilities Board | |||||||||||||
| 2,855,000 | 5.250%, 09/01/26 | 3,031,410 | 0.9 | ||||||||||
| Other | 1,042,430 | 0.3 | |||||||||||
| 6,497,844 | 1.9 | ||||||||||||
| TEXAS | |||||||||||||
| North Texas Municipal Water District | |||||||||||||
| 3,250,000 | 5.250%, 09/01/23 | 3,949,173 | 1.2 | ||||||||||
| Other | 10,920,681 | 3.3 | |||||||||||
| 14,869,854 | 4.5 | ||||||||||||
| UTAH | |||||||||||||
| University of Utah | |||||||||||||
| 2,750,000 | 6.000%, 08/01/22 | 3,536,390 | 1.0 | ||||||||||
| Other | 1,213,680 | 0.4 | |||||||||||
| 4,750,070 | 1.4 | ||||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| WASHINGTON | |||||||||||||
| Port of Seattle WA | |||||||||||||
| $ | 3,150,000 | 5.500%, 09/01/17 | $ | 3,567,344 | 1.0 | % | |||||||
| State of Washington, GO | |||||||||||||
| 3,000,000 | 5.250%, 02/01/22 | 3,670,590 | 1.1 | ||||||||||
| 5,075,000 | 5.000%, 02/01/23 | 6,168,003 | 1.8 | ||||||||||
| Washington Health Care Facilities Authority | |||||||||||||
| 3,895,000 | 5.000%, 10/01/42 | 4,330,928 | 1.3 | ||||||||||
| Other | 5,767,836 | 1.6 | |||||||||||
| 23,504,701 | 6.8 | ||||||||||||
| WEST VIRGINIA | 1,674,990 | 0.5 | |||||||||||
| WISCONSIN | 4,734,192 | 1.4 | |||||||||||
| TOTAL LONG-TERM MUNICIPAL BONDS (Cost $318,851,540) | 328,832,559 | 96.2 | |||||||||||
| TOTAL PORTFOLIO (Cost $318,851,540) | 328,832,559 | 96.2 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 13,128,584 | 3.8 | |||||||||||
| NET ASSETS | $ | 341,961,143 | 100.0 | % | |||||||||
Abbreviation(s):
GO – General Obligation
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 41 |
Summary portfolio of investments (unaudited)
Money Market Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||
| ASSET BACKED | |||||||||||||
| John Deere Owner Trust | |||||||||||||
| $ | 5,000,000 | 0.210%, 09/24/15 | $ | 5,000,000 | 0.6 | % | |||||||
| 5,000,000 | 0.6 | ||||||||||||
| CERTIFICATE OF DEPOSIT | |||||||||||||
| Banco Del Estado De Chile | |||||||||||||
| 8,000,000 | 0.190%, 12/09/14 | 8,000,000 | 1.0 | ||||||||||
| 5,000,000 | 0.200%, 01/06/15 | 5,000,000 | 0.6 | ||||||||||
| Wells Fargo Bank NA | |||||||||||||
| 15,000,000 | 0.140%, 10/06/14 | 15,000,000 | 1.9 | ||||||||||
| Other | 4,500,000 | 0.6 | |||||||||||
| 32,500,000 | 4.1 | ||||||||||||
| COMMERCIAL PAPER | |||||||||||||
| American Honda Finance Corp | |||||||||||||
| 5,000,000 | 0.115%, 10/08/14 | 4,999,888 | 0.6 | ||||||||||
| 10,000,000 | 0.110%, 10/09/14 | 9,999,756 | 1.3 | ||||||||||
| Australia & New Zealand Banking Group Ltd | |||||||||||||
| 5,100,000 | y | 0.170%, 10/07/14 | 5,099,856 | 0.6 | |||||||||
| Bedford Row Funding Corp | |||||||||||||
| 10,000,000 | y | 0.150%, 11/25/14 | 9,997,708 | 1.3 | |||||||||
| 8,250,000 | 0.190%–0.260%, 10/27/14–01/05/15 | 8,247,087 | 1.0 | ||||||||||
| Coca-Cola Co | |||||||||||||
| 8,100,000 | y | 0.110%, 10/21/14 | 8,099,505 | 1.0 | |||||||||
| 18,484,000 | 0.100%–0.160%, 10/03/14–12/29/14 | 18,481,853 | 2.3 | ||||||||||
| Fairway Finance LLC | |||||||||||||
| 17,692,000 | 0.140%–0.155%, 10/20/14–11/18/14 | 17,689,446 | 2.2 | ||||||||||
| General Electric Capital Corp | |||||||||||||
| 9,000,000 | 0.120%, 12/22/14 | 8,997,540 | 1.1 | ||||||||||
| General Electric Co | |||||||||||||
| 13,000,000 | 0.070%–0.080%, 12/02/14 | 12,998,261 | 1.6 | ||||||||||
| Hydro-Quebec | |||||||||||||
| 10,000,000 | y | 0.100%, 11/03/14 | 9,999,083 | 1.3 | |||||||||
| International Business Machines Corp | |||||||||||||
| 7,920,000 | 0.105%–0.105%, 12/04/14–12/11/14 | 7,918,462 | 1.0 | ||||||||||
| Mitsubishi UFJ Trust & Banking Corp | |||||||||||||
| 13,705,000 | 0.165%–0.210%, 10/16/14–11/19/14 | 13,702,778 | 1.7 | ||||||||||
| National Australia Funding Delaware, Inc | |||||||||||||
| 6,590,000 | y | 0.125%, 10/01/14 | 6,590,000 | 0.8 | |||||||||
| 7,800,000 | y | 0.160%, 11/10/14 | 7,798,613 | 1.0 | |||||||||
| PACCAR Financial Corp | |||||||||||||
| 12,000,000 | 0.110%, 10/10/14 | 11,999,670 | 1.5 | ||||||||||
| Procter & Gamble Co | |||||||||||||
| 5,100,000 | y | 0.110%–0.120%, 11/04/14 | 5,099,439 | 0.6 | |||||||||
| 6,000,000 | y | 0.090%, 10/07/14 | 5,999,910 | 0.7 | |||||||||
| 10,850,000 | 0.090%–0.120%, 10/21/14–01/06/15 | 10,848,122 | 1.4 | ||||||||||
| Province of Ontario Canada | |||||||||||||
| 14,000,000 | 0.100%, 10/02/14 | 13,999,961 | 1.8 | ||||||||||
| 5,000,000 | 0.100%, 10/09/14 | 4,999,889 | 0.6 | ||||||||||
| Province of Quebec Canada | |||||||||||||
| 10,000,000 | y | 0.100%, 11/17/14 | 9,998,695 | 1.3 | |||||||||
| PSP Capital, Inc | |||||||||||||
| 5,460,000 | y | 0.140%–0.145%, 12/22/14 | 5,458,242 | 0.7 | |||||||||
| 13,995,000 | 0.110%–0.160%, 10/01/14–12/16/14 | 13,992,693 | 1.8 | ||||||||||
| Toronto-Dominion Holdings USA, Inc | |||||||||||||
| 10,000,000 | 0.135%–0.170%, 11/13/14–01/05/15 | 9,996,927 | 1.3 | ||||||||||
| Principal | Issuer | Value | % of net assets | ||||||||||
| COMMERCIAL PAPER—continued | |||||||||||||
| Toyota Motor Credit Corp | |||||||||||||
| $ | 10,250,000 | 0.100%–0.130%, 11/18/14–12/19/14 | $ | 10,247,622 | 1.3 | % | |||||||
| United Overseas Bank Ltd | |||||||||||||
| 5,400,000 | y | 0.130%–0.200%, 10/10/14 | 5,399,750 | 0.7 | |||||||||
| 11,000,000 | 0.170%–0.212%, 10/14/14–12/10/14 | 10,997,135 | 1.4 | ||||||||||
| Other | 60,962,584 | 7.7 | |||||||||||
| 330,620,475 | 41.6 | ||||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||||
| 13,000,000 | 0.075%, 10/03/14 | 12,999,946 | 1.6 | ||||||||||
| 6,890,000 | 0.050%–0.070%, 10/15/14 | 6,889,854 | 0.9 | ||||||||||
| 11,094,000 | 0.060%–0.087%, 10/17/14 | 11,093,662 | 1.4 | ||||||||||
| 15,465,000 | 0.050%–0.075%, 10/22/14 | 15,464,500 | 1.9 | ||||||||||
| 11,000,000 | 0.062%–0.082%, 10/24/14 | 10,999,551 | 1.4 | ||||||||||
| 9,191,000 | 0.062%–0.090%, 10/29/14 | 9,190,461 | 1.2 | ||||||||||
| 7,800,000 | 0.064%, 10/31/14 | 7,799,584 | 1.0 | ||||||||||
| 7,385,000 | 0.082%, 11/12/14 | 7,384,293 | 0.9 | ||||||||||
| 16,680,000 | 0.030%–0.075%, 11/14/14 | 16,679,031 | 2.1 | ||||||||||
| 13,300,000 | 0.063%–0.090%, 11/19/14 | 13,298,775 | 1.7 | ||||||||||
| 9,500,000 | 0.072%, 11/21/14 | 9,499,031 | 1.2 | ||||||||||
| 17,855,000 | 0.073%–0.074%, 12/03/14 | 17,852,709 | 2.2 | ||||||||||
| 10,000,000 | 0.072%–0.073%, 12/05/14 | 9,998,691 | 1.3 | ||||||||||
| 6,515,000 | 0.030%–0.050%, 12/12/14 | 6,514,569 | 0.8 | ||||||||||
| 7,500,000 | 0.030%–0.056%, 12/17/14 | 7,499,241 | 0.9 | ||||||||||
| 6,060,000 | 0.030%–0.031%, 12/24/14 | 6,059,566 | 0.8 | ||||||||||
| 32,655,000 | 0.025%–0.080%, 10/08/14–01/16/15 | 32,652,976 | 4.1 | ||||||||||
| Federal Home Loan Mortgage Corp (FHLMC) | |||||||||||||
| 5,205,000 | 0.062%–0.075%, 11/24/14 | 5,204,500 | 0.6 | ||||||||||
| 14,129,000 | 0.050%–0.100%, 10/14/14–02/03/15 | 14,128,099 | 1.8 | ||||||||||
| Federal National Mortgage Association (FNMA) | |||||||||||||
| 12,995,000 | 0.042%–0.090%, 10/01/14–01/21/15 | 12,994,236 | 1.6 | ||||||||||
| Other | 4,599,994 | 0.6 | |||||||||||
| 238,803,269 | 30.0 | ||||||||||||
| TREASURY DEBT | |||||||||||||
| United States Treasury Bill | |||||||||||||
| 7,000,000 | 0.036%–0.041%, 11/13/14 | 6,999,687 | 0.9 | ||||||||||
| 7,010,000 | 0.023%–0.023%, 12/04/14 | 7,009,718 | 0.9 | ||||||||||
| 44,140,000 | 0.028%–0.045%, 10/02/14–03/26/15 | 44,136,019 | 5.5 | ||||||||||
| United States Treasury Note | |||||||||||||
| 5,000,000 | 0.500%, 10/15/14 | 5,000,849 | 0.6 | ||||||||||
| 5,765,000 | 0.250%, 10/31/14 | 5,765,649 | 0.7 | ||||||||||
| 5,735,000 | 0.250%, 01/15/15 | 5,736,900 | 0.7 | ||||||||||
| 13,000,000 | 0.250%, 07/15/15 | 13,011,609 | 1.6 | ||||||||||
| 31,110,000 | 0.125%–0.375%, 11/30/14–10/15/15 | 31,137,198 | 4.0 | ||||||||||
| 118,797,629 | 14.9 | ||||||||||||
| VARIABLE RATE SECURITIES | |||||||||||||
| Federal Farm Credit Bank (FFCB) | |||||||||||||
| 8,000,000 | i | 0.095%, 03/05/15 | 7,998,476 | 1.0 | |||||||||
| 5,000,000 | i | 0.180%, 04/13/15 | 5,000,000 | 0.6 | |||||||||
| 5,000,000 | i | 0.200%, 08/10/15 | 5,001,074 | 0.6 | |||||||||
| 6,000,000 | i | 0.140%, 10/01/14 | 5,996,367 | 0.8 | |||||||||
| 8,500,000 | i | 0.140%, 10/01/15 | 8,499,153 | 1.1 | |||||||||
| 28,100,000 | 0.120%–0.280%, 10/01/14–05/27/15 | 28,103,390 | 3.5 | ||||||||||
| 42 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
Money Market Fund ■ September 30, 2014
| Principal | Issuer | Value | % of net assets | ||||||||||
| VARIABLE RATE SECURITIES—continued | |||||||||||||
| Federal Home Loan Bank (FHLB) | |||||||||||||
| $ | 9,000,000 | 0.200%–0.220%, 08/14/15–08/19/15 | $ | 9,001,389 | 1.2 | % | |||||||
| 69,599,849 | 8.8 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $795,321,222) | 795,321,222 | 100.0 | |||||||||||
| TOTAL PORTFOLIO (Cost $795,321,222) | 795,321,222 | 100.0 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | (135,955 | ) | 0.0 | ||||||||||
| NET ASSETS | $ | 795,185,267 | 100.0 | % | |||||||||
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. |
| y | Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed to be liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 9/30/2014, the aggregate value of these securities was $219,808,539 or 27.6% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 43 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ September 30, 2014
| Inflation-Linked | Short-Term | Social Choice | Tax-Exempt | Money Market | ||||||||||||||||||||||||||||||||
| Bond Fund | Bond Index Fund | Bond Plus Fund | High-Yield Fund | Bond Fund | Bond Fund | Bond Fund | Bond Fund | Fund | ||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||
| Portfolio investments, at value† | $ | 3,054,165,066 | $ | 5,459,168,977 | $ | 2,851,390,448 | $ | 2,549,576,169 | $ | 1,876,873,815 | $ | 1,339,363,166 | $ | 199,901,615 | $ | 328,832,559 | $ | 795,321,222 | ||||||||||||||||||
| Cash | 18,695,270 | 61,124,021 | 13,621,334 | 48,425,825 | 18,534,963 | 80,635,587 | 6,369,735 | 33,615,116 | 29,344 | |||||||||||||||||||||||||||
| Receivable from securities transactions | 28,550,698 | 19,338,741 | 1,558,853 | 8,187,013 | — | 41,251 | 12,152,591 | — | — | |||||||||||||||||||||||||||
| Receivable for delayed delivery securities | 138,949,069 | — | 135,969,770 | 53,781,389 | — | — | 245,000 | — | — | |||||||||||||||||||||||||||
| Receivable from Fund shares sold | 10,011,693 | 2,736,576 | 1,354,914 | 2,187,562 | 688,890 | 1,028,171 | 822,490 | 7,373 | 566,843 | |||||||||||||||||||||||||||
| Dividends and interest receivable | 13,385,864 | 27,767,619 | 16,877,405 | 35,876,921 | 5,077,087 | 4,431,214 | 944,609 | 3,677,618 | 81,080 | |||||||||||||||||||||||||||
| Due from affiliates | — | — | — | — | — | — | 2,196 | — | 95,340 | |||||||||||||||||||||||||||
| Receivable for variation margin on open futures contracts | — | — | — | — | — | 18,750 | — | — | — | |||||||||||||||||||||||||||
| Other | 123,000 | 122,930 | 65,104 | 89,082 | 88,099 | 43,876 | 937 | 33,633 | 24,395 | |||||||||||||||||||||||||||
| Total assets | 3,263,880,660 | 5,570,258,864 | 3,020,837,828 | 2,698,123,961 | 1,901,262,854 | 1,425,562,015 | 220,439,173 | 366,166,299 | 796,118,224 | |||||||||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||||||||||
| Management fees payable | 154,023 | 104,876 | 143,689 | 172,901 | 89,506 | 67,388 | 13,023 | 19,644 | 15,248 | |||||||||||||||||||||||||||
| Service agreement fees payable | 12,644 | 3,929 | 9,157 | 11,257 | 7,441 | 5,181 | 1,650 | — | 4,328 | |||||||||||||||||||||||||||
| Distribution fees payable | 17,610 | 8,031 | 56,009 | 94,486 | 31,693 | 34,937 | 3,138 | 62,234 | 79,490 | |||||||||||||||||||||||||||
| Due to affiliates | 10,298 | 21,959 | 10,037 | 13,755 | 8,081 | 6,166 | 430 | 1,444 | 3,614 | |||||||||||||||||||||||||||
| Payable for securities transactions | 24,352,584 | 71,637,983 | 29,320,144 | — | — | — | 11,503,566 | 10,625,787 | — | |||||||||||||||||||||||||||
| Payable for delayed delivery securities | 459,756,840 | 11,647,200 | 426,940,704 | 82,913,650 | — | 989,630 | 4,981,264 | 13,015,522 | — | |||||||||||||||||||||||||||
| Payable for Fund shares redeemed | 318,232 | 2,323,858 | 2,428,277 | 8,633,870 | 323,943 | 816,360 | 15,301 | 330,879 | 773,076 | |||||||||||||||||||||||||||
| Income distribution payable | 3,713,205 | 1,535,932 | 4,173,568 | 4,137,060 | — | 460,073 | 279 | 65,837 | 1,785 | |||||||||||||||||||||||||||
| Accrued expenses and other payables | 239,568 | 260,248 | 179,631 | 207,607 | 144,948 | 136,678 | 28,412 | 83,809 | 55,416 | |||||||||||||||||||||||||||
| Total liabilities | 488,575,004 | 87,544,016 | 463,261,216 | 96,184,586 | 605,612 | 2,516,413 | 16,547,063 | 24,205,156 | 932,957 | |||||||||||||||||||||||||||
| NET ASSETS | $ | 2,775,305,656 | $ | 5,482,714,848 | $ | 2,557,576,612 | $ | 2,601,939,375 | $ | 1,900,657,242 | $ | 1,423,045,602 | $ | 203,892,110 | $ | 341,961,143 | $ | 795,185,267 | ||||||||||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||
| Paid-in-capital | $ | 2,729,739,185 | $ | 5,433,244,698 | $ | 2,502,376,642 | $ | 2,560,993,030 | $ | 1,859,084,845 | $ | 1,420,217,364 | $ | 200,325,537 | $ | 329,300,213 | $ | 795,206,032 | ||||||||||||||||||
| Undistributed net investment income (loss) | (347,538 | ) | (253,135 | ) | 26,226 | (295,174 | ) | 2,375 | 6,807 | (3,000 | ) | 10,930 | (20,908 | ) | ||||||||||||||||||||||
| Accumulated net realized gain (loss) on total investments | 14,952,785 | 733,069 | 27,292,441 | 32,415,627 | 1,280,173 | 1,323,182 | 2,787,266 | 2,668,981 | 143 | |||||||||||||||||||||||||||
| Net unrealized appreciation (depreciation) on total investments | 30,961,224 | 48,990,216 | 27,881,303 | 8,825,892 | 40,289,849 | 1,498,249 | 782,307 | 9,981,019 | — | |||||||||||||||||||||||||||
| NET ASSETS | $ | 2,775,305,656 | $ | 5,482,714,848 | $ | 2,557,576,612 | $ | 2,601,939,375 | $ | 1,900,657,242 | $ | 1,423,045,602 | $ | 203,892,110 | $ | 341,961,143 | $ | 795,185,267 | ||||||||||||||||||
| INSTITUTIONAL CLASS: | ||||||||||||||||||||||||||||||||||||
| Net assets | $ | 2,418,509,223 | $ | 5,343,826,757 | $ | 2,089,230,804 | $ | 1,904,623,379 | $ | 1,591,275,149 | $ | 1,140,720,003 | $ | 150,300,869 | $ | 39,706,346 | $ | 318,932,928 | ||||||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 230,253,777 | 495,227,663 | 195,795,219 | 187,929,186 | 139,816,392 | 109,792,183 | 14,655,983 | 3,691,031 | 318,929,122 | |||||||||||||||||||||||||||
| Net asset value per share | $10.50 | $10.79 | $10.67 | $10.13 | $11.38 | $10.39 | $10.26 | $10.76 | $1.00 | |||||||||||||||||||||||||||
| PREMIER CLASS: | ||||||||||||||||||||||||||||||||||||
| Net assets | $ | 16,109,464 | $ | 40,940,340 | $ | 13,176,406 | $ | 30,192,322 | $ | 7,298,349 | $ | 11,984,652 | $ | 3,090,845 | $ | — | $ | 3,900,448 | ||||||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,532,850 | 3,793,917 | 1,235,214 | 2,977,632 | 642,356 | 1,152,435 | 301,470 | — | 3,900,354 | |||||||||||||||||||||||||||
| Net asset value per share | $10.51 | $10.79 | $10.67 | $10.14 | $11.36 | $10.40 | $10.25 | $— | $1.00 | |||||||||||||||||||||||||||
| RETIREMENT CLASS: | ||||||||||||||||||||||||||||||||||||
| Net assets | $ | 264,283,492 | $ | 82,433,084 | $ | 191,203,144 | $ | 234,625,776 | $ | 155,170,127 | $ | 108,578,953 | $ | 35,754,539 | $ | — | $ | 90,141,834 | ||||||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 24,722,731 | 7,636,786 | 17,896,954 | 23,143,296 | 13,521,843 | 10,438,479 | 3,486,440 | — | 90,140,351 | |||||||||||||||||||||||||||
| Net asset value per share | $10.69 | $10.79 | $10.68 | $10.14 | $11.48 | $10.40 | $10.26 | $— | $1.00 | |||||||||||||||||||||||||||
| RETAIL CLASS: | ||||||||||||||||||||||||||||||||||||
| Net assets | $ | 76,403,477 | $ | 15,514,667 | $ | 263,966,258 | $ | 432,497,898 | $ | 146,913,617 | $ | 161,761,994 | $ | 14,745,857 | $ | 302,254,797 | $ | 382,210,057 | ||||||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 7,153,673 | 1,437,215 | 24,690,874 | 42,482,737 | 13,205,233 | 15,556,515 | 1,438,512 | 28,059,240 | 382,198,121 | |||||||||||||||||||||||||||
| Net asset value per share | $10.68 | $10.79 | $10.69 | $10.18 | $11.13 | $10.40 | $10.25 | $10.77 | $1.00 | |||||||||||||||||||||||||||
| † Portfolio investments, cost | $ | 3,023,183,234 | $ | 5,410,178,761 | $ | 2,823,498,332 | $ | 2,540,750,277 | $ | 1,836,583,966 | $ | 1,337,759,646 | $ | 199,119,308 | $ | 318,851,540 | $ | 795,321,222 | ||||||||||||||||||
| 44 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 45 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period ended September 30, 2014
| Bond Index | Bond Plus | High-Yield | Inflation-Linked | Short-Term | Social Choice | Tax-Exempt | Money Market | |||||||||||||||||||||||||||||
| Bond Fund | Fund | Fund | Fund | Bond Fund | Bond Fund | Bond Fund | Bond Fund | Fund | ||||||||||||||||||||||||||||
| INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||
| Interest | $ | 32,182,843 | $ | 61,049,532 | $ | 36,250,393 | $ | 80,989,067 | $ | 37,079,969 | $ | 11,067,167 | $ | 1,702,423 | $ | 4,334,304 | $ | 472,938 | ||||||||||||||||||
| Dividends | — | — | — | 144,714 | — | — | 7,991 | — | — | |||||||||||||||||||||||||||
| Total income | 32,182,843 | 61,049,532 | 36,250,393 | 81,133,781 | 37,079,969 | 11,067,167 | 1,710,414 | 4,334,304 | 472,938 | |||||||||||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||||||||||||||
| Management fees | 3,683,425 | 2,655,633 | 3,548,830 | 4,997,416 | 2,332,183 | 1,732,391 | 249,101 | 512,866 | 413,421 | |||||||||||||||||||||||||||
| Shareholder servicing – Institutional Class | 1,311 | 6,043 | 1,653 | 4,228 | 4,438 | 1,865 | 570 | 165 | 1,292 | |||||||||||||||||||||||||||
| Shareholder servicing – Premier Class | 39 | 89 | 64 | 117 | 54 | 1 | 59 | — | 1 | |||||||||||||||||||||||||||
| Shareholder servicing – Retirement Class | 402,325 | 98,723 | 243,725 | 447,682 | 230,435 | 222,057 | 23,913 | — | 113,691 | |||||||||||||||||||||||||||
| Shareholder servicing – Retail Class | 23,362 | 7,107 | 103,272 | 66,022 | 47,698 | 50,255 | 2,778 | 50,593 | 192,632 | |||||||||||||||||||||||||||
| Distribution fees – Premier Class | 12,630 | 26,687 | 9,966 | 23,607 | 5,476 | 9,241 | 1,838 | — | 3,575 | |||||||||||||||||||||||||||
| Distribution fees – Retail Class | 95,270 | 18,623 | 331,537 | 697,030 | 189,894 | 209,067 | 12,554 | 401,187 | 499,045 | |||||||||||||||||||||||||||
| Administrative service fees | 64,453 | 142,517 | 65,507 | 81,133 | 50,209 | 38,254 | 3,539 | 8,695 | 22,112 | |||||||||||||||||||||||||||
| Custody and accounting fees | 55,706 | 175,693 | 71,343 | 36,227 | 15,898 | 32,736 | 17,180 | 15,761 | 20,344 | |||||||||||||||||||||||||||
| Professional fees | 36,483 | 55,105 | 38,683 | 39,649 | 27,721 | 31,675 | 25,377 | 22,573 | 24,488 | |||||||||||||||||||||||||||
| Registration fees | 20,289 | 36,526 | 31,950 | 32,831 | 18,770 | 32,457 | 35,682 | 17,825 | 41,889 | |||||||||||||||||||||||||||
| Trustee fees and expenses | 9,981 | 21,513 | 9,885 | 12,614 | 7,572 | 5,881 | 548 | 1,321 | 3,328 | |||||||||||||||||||||||||||
| Other expenses | 86,506 | 138,499 | 59,545 | 101,424 | 49,528 | 58,489 | 18,464 | 13,589 | 27,466 | |||||||||||||||||||||||||||
| Total expenses | 4,491,780 | 3,382,758 | 4,515,960 | 6,539,980 | 2,979,876 | 2,424,369 | 391,603 | 1,044,575 | 1,363,284 | |||||||||||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | — | — | — | — | — | — | (66,080 | ) | (61 | ) | (194,292 | ) | ||||||||||||||||||||||||
| Fee waiver by investment adviser and TPIS | — | — | — | — | — | — | — | — | (696,054 | ) | ||||||||||||||||||||||||||
| Net expenses | 4,491,780 | 3,382,758 | 4,515,960 | 6,539,980 | 2,979,876 | 2,424,369 | 325,523 | 1,044,514 | 472,938 | |||||||||||||||||||||||||||
| Net investment income (loss) | 27,691,063 | 57,666,774 | 31,734,433 | 74,593,801 | 34,100,093 | 8,642,798 | 1,384,891 | 3,289,790 | — | |||||||||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||||||||||||||
| Realized gain (loss): | ||||||||||||||||||||||||||||||||||||
| Portfolio investments | 18,859,094 | 4,737,743 | 22,987,396 | 24,085,501 | 378,867 | 2,000,680 | 2,430,021 | 4,373,852 | 143 | |||||||||||||||||||||||||||
| Futures transactions | — | — | — | — | — | (375,631 | ) | — | — | — | ||||||||||||||||||||||||||
| Swap transactions | (115,283 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Foreign currency transactions | 171,517 | — | (17,426 | ) | — | — | (10,649 | ) | — | — | — | |||||||||||||||||||||||||
| Net realized gain (loss) on total investments | 18,915,328 | 4,737,743 | 22,969,970 | 24,085,501 | 378,867 | 1,614,400 | 2,430,021 | 4,373,852 | 143 | |||||||||||||||||||||||||||
| Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
| Portfolio investments | 2,624,923 | 50,823,520 | (3,934,794 | ) | (91,351,539 | ) | (5,793,496 | ) | (4,207,054 | ) | 961,803 | 3,622,179 | — | |||||||||||||||||||||||
| Futures transactions | — | — | — | — | — | (65,621 | ) | — | — | — | ||||||||||||||||||||||||||
| Swap transactions | 107,023 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | (22,701 | ) | — | (11,010 | ) | — | — | (10,585 | ) | — | — | — | ||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | 2,709,245 | 50,823,520 | (3,945,804 | ) | (91,351,539 | ) | (5,793,496 | ) | (4,283,260 | ) | 961,803 | 3,622,179 | — | |||||||||||||||||||||||
| Net realized and unrealized gain (loss) on total investments | 21,624,573 | 55,561,263 | 19,024,166 | (67,266,038 | ) | (5,414,629 | ) | (2,668,860 | ) | 3,391,824 | 7,996,031 | 143 | ||||||||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 49,315,636 | $ | 113,228,037 | $ | 50,758,599 | $ | 7,327,763 | $ | 28,685,464 | $ | 5,973,938 | $ | 4,776,715 | $ | 11,285,821 | $ | 143 | ||||||||||||||||||
| 46 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 47 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the period or year ended
| Bond Fund | Bond Index Fund | Bond Plus Fund | High-Yield Fund | Inflation-Linked Bond Fund | Short-Term Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||
| September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||||||||||||||||
| 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | |||||||||||||||||||||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss) | $ | 27,691,063 | $ | 56,915,895 | $ | 57,666,774 | $ | 91,635,349 | $ | 31,734,433 | $ | 47,077,387 | $ | 74,593,801 | $ | 135,675,487 | $ | 34,100,093 | $ | 29,561,626 | $ | 8,642,798 | $ | 15,749,196 | ||||||||||||||||||||||||||
| Net realized gain (loss) on total investments | 18,915,328 | (3,565,538 | ) | 4,737,743 | (2,034,300 | ) | 22,969,970 | 4,537,437 | 24,085,501 | 20,997,196 | 378,867 | 2,666,475 | 1,614,400 | (252,554 | ) | |||||||||||||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | 2,709,245 | (39,947,071 | ) | 50,823,520 | (98,025,737 | ) | (3,945,804 | ) | (14,688,636 | ) | (91,351,539 | ) | 12,803,577 | (5,793,496 | ) | (156,381,181 | ) | (4,283,260 | ) | (8,954,864 | ) | |||||||||||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 49,315,636 | 13,403,286 | 113,228,037 | (8,424,688 | ) | 50,758,599 | 36,926,188 | 7,327,763 | 169,476,260 | 28,685,464 | (124,153,080 | ) | 5,973,938 | 6,541,778 | ||||||||||||||||||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| From net investment income: | Institutional Class | (23,532,868 | ) | (47,038,574 | ) | (56,460,389 | ) | (89,348,183 | ) | (26,063,635 | ) | (35,985,755 | ) | (51,365,270 | ) | (88,578,480 | ) | (28,395,062 | ) | (20,354,202 | ) | (6,794,401 | ) | (11,161,226 | ) | |||||||||||||||||||||||||
| Premier Class | (176,848 | ) | (457,087 | ) | (361,634 | ) | (574,303 | ) | (168,531 | ) | (427,100 | ) | (793,416 | ) | (1,708,039 | ) | (128,746 | ) | (136,321 | ) | (71,025 | ) | (205,142 | ) | ||||||||||||||||||||||||||
| Retirement Class | (3,222,533 | ) | (7,649,260 | ) | (759,795 | ) | (1,207,665 | ) | (2,372,545 | ) | (4,333,932 | ) | (8,784,441 | ) | (17,151,770 | ) | (3,144,803 | ) | (2,354,272 | ) | (939,524 | ) | (2,476,089 | ) | ||||||||||||||||||||||||||
| Retail Class | (738,654 | ) | (1,698,830 | ) | (136,624 | ) | (221,333 | ) | (3,127,326 | ) | (6,334,548 | ) | (13,650,972 | ) | (28,237,192 | ) | (2,553,472 | ) | (2,071,858 | ) | (829,230 | ) | (1,926,254 | ) | ||||||||||||||||||||||||||
| From realized gains: | Institutional Class | — | (13,716,296 | ) | — | (2,586,131 | ) | — | (6,523,881 | ) | — | (37,917,623 | ) | — | (931,795 | ) | — | (1,582,551 | ) | |||||||||||||||||||||||||||||||
| Premier Class | — | (132,726 | ) | — | (18,921 | ) | — | (78,396 | ) | — | (725,395 | ) | — | (5,138 | ) | — | (35,517 | ) | ||||||||||||||||||||||||||||||||
| Retirement Class | — | (2,588,075 | ) | — | (38,838 | ) | — | (716,414 | ) | — | (7,455,527 | ) | — | (119,570 | ) | — | (367,709 | ) | ||||||||||||||||||||||||||||||||
| Retail Class | — | (561,532 | ) | — | (7,492 | ) | — | (1,017,611 | ) | — | (13,614,456 | ) | — | (105,884 | ) | — | (327,475 | ) | ||||||||||||||||||||||||||||||||
| Total distributions | (27,670,903 | ) | (73,842,380 | ) | (57,718,442 | ) | (94,002,866 | ) | (31,732,037 | ) | (55,417,637 | ) | (74,594,099 | ) | (195,388,482 | ) | (34,222,083 | ) | (26,079,040 | ) | (8,634,180 | ) | (18,081,963 | ) | ||||||||||||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 575,323,411 | 501,692,311 | 860,011,913 | 1,388,753,948 | 302,027,190 | 1,095,691,457 | 553,517,675 | 501,216,004 | 282,044,508 | 428,448,687 | 312,883,315 | 446,752,054 | |||||||||||||||||||||||||||||||||||||
| Premier Class | 1,729,027 | 6,745,602 | 9,919,300 | 19,964,080 | 3,913,352 | 10,486,166 | 4,077,073 | 19,559,767 | 1,128,813 | 2,645,363 | 2,238,038 | 9,946,083 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 30,801,439 | 65,333,961 | 14,052,359 | 21,792,270 | 10,577,596 | 62,894,600 | 64,950,465 | 142,684,606 | 16,508,668 | 36,278,610 | 29,256,940 | 105,984,643 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 7,752,124 | 11,331,970 | 2,305,735 | 3,403,862 | 9,463,039 | 16,104,166 | 79,125,647 | 398,834,407 | 6,733,784 | 14,093,533 | 10,956,562 | 30,433,314 | ||||||||||||||||||||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 2,927,385 | 19,155,971 | 47,805,854 | 80,478,092 | 2,132,667 | 10,132,517 | 23,584,293 | 72,278,318 | 21,671,551 | 16,751,918 | 3,933,942 | 8,171,747 | |||||||||||||||||||||||||||||||||||||
| Premier Class | 176,490 | 589,813 | 361,634 | 593,224 | 167,720 | 504,369 | 793,416 | 2,433,434 | 127,685 | 141,459 | 71,025 | 240,659 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 3,218,811 | 10,229,434 | 759,795 | 1,246,503 | 2,372,538 | 5,050,403 | 8,767,390 | 24,574,828 | 3,141,383 | 2,473,207 | 937,556 | 2,837,913 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 704,442 | 2,139,991 | 128,839 | 212,726 | 2,844,777 | 6,712,095 | 12,980,861 | 39,939,911 | 2,434,059 | 2,072,737 | 797,203 | 2,168,600 | ||||||||||||||||||||||||||||||||||||||
| Redemptions: | Institutional Class | (59,478,219 | ) | (540,002,757 | ) | (582,718,287 | ) | (579,392,334 | ) | (37,386,546 | ) | (136,072,692 | ) | (414,622,611 | ) | (259,662,655 | ) | (179,414,900 | ) | (286,414,687 | ) | (112,103,401 | ) | (156,010,761 | ) | |||||||||||||||||||||||||
| Premier Class | (3,694,140 | ) | (10,608,244 | ) | (724,587 | ) | (16,046,652 | ) | (3,158,949 | ) | (15,140,904 | ) | (4,798,955 | ) | (22,950,971 | ) | (1,380,531 | ) | (8,597,851 | ) | (2,286,073 | ) | (14,241,906 | ) | ||||||||||||||||||||||||||
| Retirement Class | (123,703,983 | ) | (72,281,132 | ) | (7,060,488 | ) | (12,619,893 | ) | (17,922,383 | ) | (21,715,864 | ) | (235,228,526 | ) | (62,062,989 | ) | (55,468,454 | ) | (51,645,921 | ) | (127,999,090 | ) | (235,019,760 | ) | ||||||||||||||||||||||||||
| Retail Class | (7,190,449 | ) | (27,652,803 | ) | (1,132,446 | ) | (3,553,665 | ) | (12,865,912 | ) | (42,992,269 | ) | (247,205,139 | ) | (270,872,996 | ) | (12,023,003 | ) | (69,309,775 | ) | (19,093,546 | ) | (45,910,492 | ) | ||||||||||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 428,566,338 | (33,325,883 | ) | 343,709,621 | 904,832,161 | 262,165,089 | 991,654,044 | (154,058,411 | ) | 585,971,664 | 85,503,563 | 86,937,280 | 99,592,471 | 155,352,094 | ||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in net assets | 450,211,071 | (93,764,977 | ) | 399,219,216 | 802,404,607 | 281,191,651 | 973,162,595 | (221,324,747 | ) | 560,059,442 | 79,966,944 | (63,294,840 | ) | 96,932,229 | 143,811,909 | |||||||||||||||||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning of period | 2,325,094,585 | 2,418,859,562 | 5,083,495,632 | 4,281,091,025 | 2,276,384,961 | 1,303,222,366 | 2,823,264,122 | 2,263,204,680 | 1,820,690,298 | 1,883,985,138 | 1,326,113,373 | 1,182,301,464 | ||||||||||||||||||||||||||||||||||||||
| End of period | $ | 2,775,305,656 | $ | 2,325,094,585 | $ | 5,482,714,848 | $ | 5,083,495,632 | $ | 2,557,576,612 | $ | 2,276,384,961 | $ | 2,601,939,375 | $ | 2,823,264,122 | $ | 1,900,657,242 | $ | 1,820,690,298 | $ | 1,423,045,602 | $ | 1,326,113,373 | ||||||||||||||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | (347,538 | ) | $ | (367,698 | ) | $ | (253,135 | ) | $ | (201,467 | ) | $ | 26,226 | $ | 23,830 | $ | (295,174 | ) | $ | (294,876 | ) | $ | 2,375 | $ | 124,365 | $ | 6,807 | $ | (1,812 | ) | |||||||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 54,600,630 | 47,957,292 | 79,659,482 | 130,140,426 | 28,215,819 | 104,332,667 | 53,279,041 | 48,400,328 | 24,226,143 | 37,185,309 | 30,028,812 | 42,851,174 | |||||||||||||||||||||||||||||||||||||
| Premier Class | 164,436 | 647,423 | 919,282 | 1,866,530 | 366,083 | 991,747 | 392,439 | 1,883,419 | 97,270 | 227,007 | 214,630 | 951,784 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 2,877,668 | 6,168,827 | 1,301,093 | 2,027,887 | 987,393 | 5,918,438 | 6,232,143 | 13,794,837 | 1,406,751 | 3,103,621 | 2,803,204 | 10,135,702 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 725,771 | 1,067,366 | 213,766 | 317,394 | 882,934 | 1,516,766 | 7,577,101 | 38,390,485 | 590,710 | 1,232,180 | 1,050,402 | 2,916,502 | ||||||||||||||||||||||||||||||||||||||
| Shares reinvested: | Institutional Class | 277,778 | 1,859,259 | 4,421,821 | 7,543,698 | 199,118 | 967,203 | 2,279,777 | 7,031,543 | 1,870,618 | 1,474,526 | 377,547 | 784,589 | |||||||||||||||||||||||||||||||||||||
| Premier Class | 16,747 | 56,902 | 33,446 | 55,622 | 15,662 | 47,943 | 76,589 | 236,085 | 11,036 | 12,475 | 6,809 | 23,082 | ||||||||||||||||||||||||||||||||||||||
| Retirement Class | 300,146 | 970,397 | 70,230 | 116,803 | 221,256 | 479,254 | 845,062 | 2,384,821 | 268,607 | 215,968 | 89,842 | 271,798 | ||||||||||||||||||||||||||||||||||||||
| Retail Class | 65,766 | 203,217 | 11,907 | 19,924 | 265,122 | 636,244 | 1,247,087 | 3,862,658 | 214,778 | 186,549 | 76,427 | 207,990 | ||||||||||||||||||||||||||||||||||||||
| Shares redeemed: | Institutional Class | (5,649,397 | ) | (52,297,868 | ) | (53,949,070 | ) | (54,504,436 | ) | (3,495,861 | ) | (12,953,495 | ) | (40,050,694 | ) | (25,085,674 | ) | (15,379,350 | ) | (24,739,779 | ) | (10,758,920 | ) | (15,000,586 | ) | |||||||||||||||||||||||||
| Premier Class | (350,599 | ) | (1,031,199 | ) | (67,391 | ) | (1,516,854 | ) | (294,537 | ) | (1,447,418 | ) | (461,540 | ) | (2,228,913 | ) | (118,635 | ) | (743,603 | ) | (219,111 | ) | (1,368,885 | ) | ||||||||||||||||||||||||||
| Retirement Class | (11,534,333 | ) | (6,823,562 | ) | (653,682 | ) | (1,183,521 | ) | (1,674,129 | ) | (2,061,530 | ) | (22,658,862 | ) | (6,022,482 | ) | (4,711,436 | ) | (4,436,020 | ) | (12,270,627 | ) | (22,361,108 | ) | ||||||||||||||||||||||||||
| Retail Class | (672,344 | ) | (2,620,083 | ) | (104,924 | ) | (332,623 | ) | (1,200,971 | ) | (4,076,549 | ) | (23,901,496 | ) | (26,104,775 | ) | (1,061,110 | ) | (6,107,224 | ) | (1,830,982 | ) | (4,402,903 | ) | ||||||||||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 40,822,269 | (3,842,029 | ) | 31,855,960 | 84,550,850 | 24,487,889 | 94,351,270 | (15,143,353 | ) | 56,542,332 | 7,415,382 | 7,611,009 | 9,568,033 | 15,009,139 | ||||||||||||||||||||||||||||||||||||
| 48 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 49 |
| Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the period or year ended
| Social Choice Bond Fund | Tax-Exempt Bond Fund | Money Market Fund | ||||||||||||||||||||||||
| September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||
| 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 1,384,891 | $ | 1,302,247 | $ | 3,289,790 | $ | 7,601,002 | $ | — | $ | 29,598 | ||||||||||||||
| Net realized gain (loss) on total investments | 2,430,021 | 362,201 | 4,373,852 | (1,553,614 | ) | 143 | 991 | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | 961,803 | (245,293 | ) | 3,622,179 | (17,437,629 | ) | — | — | ||||||||||||||||||
| Net increase (decrease) in net assets from operations | 4,776,715 | 1,419,155 | 11,285,821 | (11,390,241 | ) | 143 | 30,589 | |||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| From net investment income: | Institutional Class | (1,110,492 | ) | (1,158,776 | ) | (235,055 | ) | (237,637 | ) | — | (29,598 | ) | ||||||||||||||
| Premier Class | (22,676 | ) | (23,239 | ) | — | — | — | — | ||||||||||||||||||
| Retirement Class | (168,684 | ) | (54,764 | ) | — | — | — | — | ||||||||||||||||||
| Retail Class | (85,597 | ) | (62,268 | ) | (3,054,735 | ) | (7,363,365 | ) | — | — | ||||||||||||||||
| From realized gains: | Institutional Class | — | (68,962 | ) | — | (59,691 | ) | — | — | |||||||||||||||||
| Premier Class | — | (1,731 | ) | — | — | — | — | |||||||||||||||||||
| Retirement Class | — | (3,952 | ) | — | — | — | — | |||||||||||||||||||
| Retail Class | — | (4,364 | ) | — | (2,005,451 | ) | — | — | ||||||||||||||||||
| Total distributions | (1,387,449 | ) | (1,378,056 | ) | (3,289,790 | ) | (9,666,144 | ) | — | (29,598 | ) | |||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 61,512,139 | 35,370,625 | 31,397,383 | 3,735,288 | 107,607,941 | 337,853,187 | |||||||||||||||||||
| Premier Class | 1,039,495 | 1,168,533 | — | — | 2,914,947 | 10,754,745 | ||||||||||||||||||||
| Retirement Class | 30,297,126 | 5,737,828 | — | — | 25,264,343 | 79,897,313 | ||||||||||||||||||||
| Retail Class | 8,377,185 | 4,371,294 | 15,379,821 | 37,212,287 | 74,483,974 | 239,384,989 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 1,094,538 | 1,226,757 | 132,338 | 15,385 | — | 24,151 | |||||||||||||||||||
| Premier Class | 22,676 | 24,970 | — | — | — | — | ||||||||||||||||||||
| Retirement Class | 168,684 | 58,716 | — | — | — | — | ||||||||||||||||||||
| Retail Class | 84,178 | 65,216 | 2,750,813 | 8,441,372 | — | — | ||||||||||||||||||||
| Redemptions: | Institutional Class | (814,465 | ) | (855,345 | ) | (1,943,468 | ) | (3,739,752 | ) | (134,567,362 | ) | (285,075,194 | ) | |||||||||||||
| Premier Class | (51,573 | ) | (203,592 | ) | — | — | (4,385,329 | ) | (14,313,140 | ) | ||||||||||||||||
| Retirement Class | (1,705,459 | ) | (1,335,415 | ) | — | — | (25,485,385 | ) | (63,143,512 | ) | ||||||||||||||||
| Retail Class | (659,268 | ) | (486,438 | ) | (51,156,688 | ) | (94,803,154 | ) | (107,751,375 | ) | (253,429,986 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 99,365,256 | 45,143,149 | (3,439,801 | ) | (49,138,574 | ) | (61,918,246 | ) | 51,952,553 | |||||||||||||||||
| Net increase (decrease) in net assets | 102,754,522 | 45,184,248 | 4,556,230 | (70,194,959 | ) | (61,918,103 | ) | 51,953,544 | ||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 101,137,588 | 55,953,340 | 337,404,913 | 407,599,872 | 857,103,370 | 805,149,826 | ||||||||||||||||||||
| End of period | $ | 203,892,110 | $ | 101,137,588 | $ | 341,961,143 | $ | 337,404,913 | $ | 795,185,267 | $ | 857,103,370 | ||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | (3,000 | ) | $ | (442 | ) | $ | 10,930 | $ | 10,930 | $ | (20,908 | ) | $ | (20,908 | ) | ||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 6,033,536 | 3,568,147 | 2,944,298 | 353,743 | 107,607,941 | 337,853,187 | |||||||||||||||||||
| Premier Class | 101,941 | 119,523 | — | — | 2,914,947 | 10,754,745 | ||||||||||||||||||||
| Retirement Class | 2,975,207 | 580,006 | — | — | 25,264,343 | 79,897,313 | ||||||||||||||||||||
| Retail Class | 821,730 | 441,669 | 1,438,010 | 3,468,894 | 74,483,974 | 239,384,989 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | 106,755 | 124,335 | 12,299 | 1,455 | — | 24,151 | |||||||||||||||||||
| Premier Class | 2,221 | 2,530 | — | — | — | — | ||||||||||||||||||||
| Retirement Class | 16,485 | 5,946 | — | — | — | — | ||||||||||||||||||||
| Retail Class | 8,240 | 6,611 | 256,371 | 796,359 | — | — | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (79,923 | ) | (85,922 | ) | (181,582 | ) | (355,641 | ) | (134,567,362 | ) | (285,075,194 | ) | |||||||||||||
| Premier Class | (5,049 | ) | (20,721 | ) | — | — | (4,385,329 | ) | (14,313,140 | ) | ||||||||||||||||
| Retirement Class | (169,796 | ) | (135,980 | ) | — | — | (25,485,385 | ) | (63,143,512 | ) | ||||||||||||||||
| Retail Class | (64,836 | ) | (49,622 | ) | (4,786,304 | ) | (8,931,680 | ) | (107,751,375 | ) | (253,429,986 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 9,746,511 | 4,556,522 | (316,908 | ) | (4,666,870 | ) | (61,918,246 | ) | 51,952,553 | |||||||||||||||||
| 50 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 51 |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | ||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||||||||||||
| or year ended |
beginning of period |
income (loss) |
a | (loss)
on total investments |
investment operations |
investment income |
realized gains |
and distributions |
end of period |
or year ended |
Total return | end of
period (in thousands) |
Gross expenses |
Net expenses |
Net investment income (loss) |
turnover rate |
||||||||||||||||||||||||||||||
| BOND FUND | BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/14 | # | $10.40 | $0.12 | $0.10 | $0.22 | $(0.12 | ) | $ — | $(0.12 | ) | $10.50 | Institutional Class: | 9/30/14 | # | 2.10 | %b | $2,418,509 | 0.32 | %c | 0.32 | %c | 2.25 | %c | 154 | %bf | ||||||||||||||||||||
| 3/31/14 | 10.64 | 0.26 | (0.16 | ) | 0.10 | (0.26 | ) | (0.08 | ) | (0.34 | ) | 10.40 | 3/31/14 | 0.96 | 1,882,776 | 0.32 | 0.32 | 2.46 | 307 | f | ||||||||||||||||||||||||||
| 3/31/13 | 10.59 | 0.27 | 0.34 | 0.61 | (0.27 | ) | (0.29 | ) | (0.56 | ) | 10.64 | 3/31/13 | 5.77 | 1,951,905 | 0.32 | 0.32 | 2.50 | 358 | f | |||||||||||||||||||||||||||
| 3/31/12 | 10.36 | 0.29 | 0.50 | 0.79 | (0.29 | ) | (0.27 | ) | (0.56 | ) | 10.59 | 3/31/12 | 7.81 | 1,759,983 | 0.33 | 0.33 | 2.78 | 402 | f | |||||||||||||||||||||||||||
| 3/31/11 | † | 10.70 | 0.15 | (0.22 | ) | (0.07 | ) | (0.15 | ) | (0.12 | ) | (0.27 | ) | 10.36 | 3/31/11 | † | (0.67 | )b | 1,681,237 | 0.33 | c | 0.33 | c | 2.80 | c | 161 | bfg | |||||||||||||||||||
| 9/30/10 | 10.20 | 0.35 | 0.50 | 0.85 | (0.35 | ) | — | (0.35 | ) | 10.70 | 9/30/10 | 8.47 | 2,474,347 | 0.33 | 0.33 | 3.35 | 216 | fg | ||||||||||||||||||||||||||||
| 9/30/09 | 9.68 | 0.41 | 0.52 | 0.93 | (0.41 | ) | — | (0.41 | ) | 10.20 | 9/30/09 | 10.00 | 2,151,009 | 0.36 | 0.34 | 4.20 | 173 | f | ||||||||||||||||||||||||||||
| Premier Class: | 9/30/14 | # | 10.41 | 0.11 | 0.10 | 0.21 | (0.11 | ) | — | (0.11 | ) | 10.51 | Premier Class: | 9/30/14 | # | 2.03 | b | 16,109 | 0.47 | c | 0.47 | c | 2.10 | c | 154 | bf | ||||||||||||||||||||
| 3/31/14 | 10.64 | 0.24 | (0.15 | ) | 0.09 | (0.24 | ) | (0.08 | ) | (0.32 | ) | 10.41 | 3/31/14 | 0.90 | 17,715 | 0.47 | 0.47 | 2.30 | 307 | f | ||||||||||||||||||||||||||
| 3/31/13 | 10.59 | 0.26 | 0.33 | 0.59 | (0.25 | ) | (0.29 | ) | (0.54 | ) | 10.64 | 3/31/13 | 5.61 | 21,595 | 0.47 | 0.47 | 2.35 | 358 | f | |||||||||||||||||||||||||||
| 3/31/12 | 10.37 | 0.28 | 0.49 | 0.77 | (0.28 | ) | (0.27 | ) | (0.55 | ) | 10.59 | 3/31/12 | 7.54 | 33,425 | 0.48 | 0.48 | 2.63 | 402 | f | |||||||||||||||||||||||||||
| 3/31/11 | † | 10.71 | 0.14 | (0.22 | ) | (0.08 | ) | (0.14 | ) | (0.12 | ) | (0.26 | ) | 10.37 | 3/31/11 | † | (0.75 | )b | 35,712 | 0.48 | c | 0.48 | c | 2.65 | c | 161 | bfg | |||||||||||||||||||
| 9/30/10 | 10.20 | 0.31 | 0.53 | 0.84 | (0.33 | ) | — | (0.33 | ) | 10.71 | 9/30/10 | 8.40 | 22,196 | 0.48 | 0.48 | 2.94 | 216 | fg | ||||||||||||||||||||||||||||
| 9/30/09 | § | 10.20 | 0.00 | d | — | 0.00 | d | — | — | — | 10.20 | 9/30/09 | § | 0.00 | b | 250 | 220.90 | c | 0.50 | c | 0.00 | c | 173 | f | ||||||||||||||||||||||
| Retirement Class: | 9/30/14 | # | 10.59 | 0.11 | 0.10 | 0.21 | (0.11 | ) | — | (0.11 | ) | 10.69 | Retirement Class: | 9/30/14 | # | 1.96 | b | 264,283 | 0.57 | c | 0.57 | c | 2.01 | c | 154 | bf | ||||||||||||||||||||
| 3/31/14 | 10.83 | 0.23 | (0.16 | ) | 0.07 | (0.23 | ) | (0.08 | ) | (0.31 | ) | 10.59 | 3/31/14 | 0.73 | 350,208 | 0.57 | 0.57 | 2.21 | 307 | f | ||||||||||||||||||||||||||
| 3/31/13 | 10.77 | 0.25 | 0.35 | 0.60 | (0.25 | ) | (0.29 | ) | (0.54 | ) | 10.83 | 3/31/13 | 5.55 | 354,693 | 0.57 | 0.57 | 2.25 | 358 | f | |||||||||||||||||||||||||||
| 3/31/12 | 10.54 | 0.27 | 0.50 | 0.77 | (0.27 | ) | (0.27 | ) | (0.54 | ) | 10.77 | 3/31/12 | 7.45 | 327,833 | 0.58 | 0.58 | 2.53 | 402 | f | |||||||||||||||||||||||||||
| 3/31/11 | † | 10.88 | 0.14 | (0.22 | ) | (0.08 | ) | (0.14 | ) | (0.12 | ) | (0.26 | ) | 10.54 | 3/31/11 | † | (0.76 | )b | 261,330 | 0.58 | c | 0.58 | c | 2.56 | c | 161 | bfg | |||||||||||||||||||
| 9/30/10 | 10.37 | 0.32 | 0.52 | 0.84 | (0.33 | ) | — | (0.33 | ) | 10.88 | 9/30/10 | 8.22 | 239,160 | 0.58 | 0.58 | 3.06 | 216 | fg | ||||||||||||||||||||||||||||
| 9/30/09 | 9.84 | 0.39 | 0.54 | 0.93 | (0.40 | ) | — | (0.40 | ) | 10.37 | 9/30/09 | 9.64 | 121,753 | 0.62 | 0.59 | 3.86 | 173 | f | ||||||||||||||||||||||||||||
| Retail Class: | 9/30/14 | # | 10.58 | 0.10 | 0.10 | 0.20 | (0.10 | ) | — | (0.10 | ) | 10.68 | Retail Class: | 9/30/14 | # | 1.93 | b | 76,403 | 0.63 | c | 0.63 | c | 1.94 | c | 154 | bf | ||||||||||||||||||||
| 3/31/14 | 10.81 | 0.23 | (0.15 | ) | 0.08 | (0.23 | ) | (0.08 | ) | (0.31 | ) | 10.58 | 3/31/14 | 0.75 | 74,396 | 0.63 | 0.63 | 2.13 | 307 | f | ||||||||||||||||||||||||||
| 3/31/13 | 10.76 | 0.24 | 0.34 | 0.58 | (0.24 | ) | (0.29 | ) | (0.53 | ) | 10.81 | 3/31/13 | 5.39 | 90,667 | 0.63 | 0.63 | 2.19 | 358 | f | |||||||||||||||||||||||||||
| 3/31/12 | 10.53 | 0.27 | 0.50 | 0.77 | (0.27 | ) | (0.27 | ) | (0.54 | ) | 10.76 | 3/31/12 | 7.44 | 76,117 | 0.60 | 0.60 | 2.50 | 402 | f | |||||||||||||||||||||||||||
| 3/31/11 | † | 10.87 | 0.14 | (0.22 | ) | (0.08 | ) | (0.14 | ) | (0.12 | ) | (0.26 | ) | 10.53 | 3/31/11 | † | (0.74 | )b | 56,163 | 0.52 | c | 0.52 | c | 2.61 | c | 161 | bfg | |||||||||||||||||||
| 9/30/10 | 10.36 | 0.33 | 0.52 | 0.85 | (0.34 | ) | — | (0.34 | ) | 10.87 | 9/30/10 | 8.31 | 58,330 | 0.50 | 0.50 | 3.16 | 216 | fg | ||||||||||||||||||||||||||||
| 9/30/09 | 9.83 | 0.41 | 0.53 | 0.94 | (0.41 | ) | — | (0.41 | ) | 10.36 | 9/30/09 | 9.75 | 35,143 | 0.68 | 0.50 | 4.04 | 173 | f | ||||||||||||||||||||||||||||
| BOND INDEX FUND | BOND INDEX FUND | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/14 | # | 10.67 | 0.12 | 0.12 | 0.24 | (0.12 | ) | — | (0.12 | ) | 10.79 | Institutional Class: | 9/30/14 | # | 2.23 | b | 5,343,827 | 0.12 | c | 0.12 | c | 2.18 | c | 9 | b | ||||||||||||||||||||
| 3/31/14 | 10.93 | 0.21 | (0.25 | ) | (0.04 | ) | (0.21 | ) | (0.01 | ) | (0.22 | ) | 10.67 | 3/31/14 | (0.39 | ) | 4,964,509 | 0.12 | 0.12 | 1.98 | 23 | |||||||||||||||||||||||||
| 3/31/13 | 10.77 | 0.20 | 0.18 | 0.38 | (0.21 | ) | (0.01 | ) | (0.22 | ) | 10.93 | 3/31/13 | 3.51 | 4,174,241 | 0.14 | 0.13 | 1.85 | 22 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.25 | 0.26 | 0.52 | 0.78 | (0.26 | ) | — | (0.26 | ) | 10.77 | 3/31/12 | 7.69 | 2,908,947 | 0.15 | 0.13 | 2.42 | 23 | |||||||||||||||||||||||||||||
| 3/31/11 | † | 10.50 | 0.13 | (0.24 | ) | (0.11 | ) | (0.13 | ) | (0.01 | ) | (0.14 | ) | 10.25 | 3/31/11 | † | (1.11 | )b | 1,382,598 | 0.17 | c | 0.13 | c | 2.44 | c | 87 | bg | |||||||||||||||||||
| 9/30/10 | 10.04 | 0.31 | 0.46 | 0.77 | (0.31 | ) | (0.00 | )d | (0.31 | ) | 10.50 | 9/30/10 | 7.87 | 411,709 | 0.31 | 0.13 | 3.08 | 66 | g | |||||||||||||||||||||||||||
| 9/30/09 | * | 10.00 | 0.01 | 0.04 | 0.05 | (0.01 | ) | — | (0.01 | ) | 10.04 | 9/30/09 | * | 0.48 | b | 99,497 | 3.37 | c | 0.12 | c | 1.65 | c | 279 | b | ||||||||||||||||||||||
| Premier Class: | 9/30/14 | # | 10.67 | 0.11 | 0.12 | 0.23 | (0.11 | ) | — | (0.11 | ) | 10.79 | Premier Class: | 9/30/14 | # | 2.16 | b | 40,940 | 0.27 | c | 0.27 | c | 2.03 | c | 9 | b | ||||||||||||||||||||
| 3/31/14 | 10.93 | 0.19 | (0.25 | ) | (0.06 | ) | (0.19 | ) | (0.01 | ) | (0.20 | ) | 10.67 | 3/31/14 | (0.54 | ) | 31,048 | 0.27 | 0.27 | 1.82 | 23 | |||||||||||||||||||||||||
| 3/31/13 | 10.77 | 0.19 | 0.17 | 0.36 | (0.19 | ) | (0.01 | ) | (0.20 | ) | 10.93 | 3/31/13 | 3.36 | 27,364 | 0.29 | 0.28 | 1.70 | 22 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.25 | 0.24 | 0.53 | 0.77 | (0.25 | ) | — | (0.25 | ) | 10.77 | 3/31/12 | 7.53 | 11,577 | 0.30 | 0.28 | 2.22 | 23 | |||||||||||||||||||||||||||||
| 3/31/11 | † | 10.49 | 0.12 | (0.23 | ) | (0.11 | ) | (0.12 | ) | (0.01 | ) | (0.13 | ) | 10.25 | 3/31/11 | † | (1.09 | )b | 2,784 | 0.33 | c | 0.28 | c | 2.31 | c | 87 | bg | |||||||||||||||||||
| 9/30/10 | 10.04 | 0.30 | 0.45 | 0.75 | (0.30 | ) | (0.00 | )d | (0.30 | ) | 10.49 | 9/30/10 | 7.61 | 1,451 | 0.47 | 0.28 | 2.94 | 66 | g | |||||||||||||||||||||||||||
| 9/30/09 | § | 10.04 | — | — | — | — | — | — | 10.04 | 9/30/09 | § | 0.00 | b | 1,000 | 55.37 | c | 0.28 | c | 0.00 | c | 279 | b | ||||||||||||||||||||||||
| Retirement Class: | 9/30/14 | # | 10.68 | 0.10 | 0.11 | 0.21 | (0.10 | ) | — | (0.10 | ) | 10.79 | Retirement Class: | 9/30/14 | # | 2.01 | b | 82,433 | 0.37 | c | 0.37 | c | 1.93 | c | 9 | b | ||||||||||||||||||||
| 3/31/14 | 10.93 | 0.18 | (0.24 | ) | (0.06 | ) | (0.18 | ) | (0.01 | ) | (0.19 | ) | 10.68 | 3/31/14 | (0.55 | ) | 73,881 | 0.37 | 0.37 | 1.72 | 23 | |||||||||||||||||||||||||
| 3/31/13 | 10.77 | 0.18 | 0.17 | 0.35 | (0.18 | ) | (0.01 | ) | (0.19 | ) | 10.93 | 3/31/13 | 3.25 | 65,143 | 0.38 | 0.38 | 1.60 | 22 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.26 | 0.23 | 0.52 | 0.75 | (0.24 | ) | — | (0.24 | ) | 10.77 | 3/31/12 | 7.32 | 40,874 | 0.40 | 0.38 | 2.11 | 23 | |||||||||||||||||||||||||||||
| 3/31/11 | † | 10.50 | 0.11 | (0.23 | ) | (0.12 | ) | (0.11 | ) | (0.01 | ) | (0.12 | ) | 10.26 | 3/31/11 | † | (1.14 | )b | 3,157 | 0.43 | c | 0.38 | c | 2.19 | c | 87 | bg | |||||||||||||||||||
| 9/30/10 | 10.04 | 0.29 | 0.46 | 0.75 | (0.29 | ) | (0.00 | )d | (0.29 | ) | 10.50 | 9/30/10 | 7.61 | 2,887 | 0.57 | 0.38 | 2.82 | 66 | g | |||||||||||||||||||||||||||
| 9/30/09 | * | 10.00 | 0.01 | 0.04 | 0.05 | (0.01 | ) | — | (0.01 | ) | 10.04 | 9/30/09 | * | 0.47 | b | 1,005 | 6.81 | c | 0.36 | c | 1.41 | c | 279 | b | ||||||||||||||||||||||
| Retail Class: | 9/30/14 | # | 10.68 | 0.10 | 0.11 | 0.21 | (0.10 | ) | — | (0.10 | ) | 10.79 | Retail Class: | 9/30/14 | # | 2.05 | b | 15,515 | 0.47 | c | 0.47 | c | 1.83 | c | 9 | b | ||||||||||||||||||||
| 3/31/14 | 10.93 | 0.17 | (0.24 | ) | (0.07 | ) | (0.17 | ) | (0.01 | ) | (0.18 | ) | 10.68 | 3/31/14 | (0.65 | ) | 14,058 | 0.49 | 0.48 | 1.61 | 23 | |||||||||||||||||||||||||
| 3/31/13 | 10.77 | 0.17 | 0.17 | 0.34 | (0.17 | ) | (0.01 | ) | (0.18 | ) | 10.93 | 3/31/13 | 3.15 | 14,344 | 0.50 | 0.48 | 1.52 | 22 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.26 | 0.22 | 0.52 | 0.74 | (0.23 | ) | — | (0.23 | ) | 10.77 | 3/31/12 | 7.22 | 12,737 | 0.49 | 0.48 | 2.08 | 23 | |||||||||||||||||||||||||||||
| 3/31/11 | † | 10.50 | 0.11 | (0.23 | ) | (0.12 | ) | (0.11 | ) | (0.01 | ) | (0.12 | ) | 10.26 | 3/31/11 | † | (1.19 | )b | 6,242 | 0.54 | c | 0.48 | c | 2.10 | c | 87 | bg | |||||||||||||||||||
| 9/30/10 | 10.04 | 0.28 | 0.46 | 0.74 | (0.28 | ) | (0.00 | )d | (0.28 | ) | 10.50 | 9/30/10 | 7.51 | 4,215 | 0.66 | 0.48 | 2.74 | 66 | g | |||||||||||||||||||||||||||
| 9/30/09 | * | 10.00 | 0.01 | 0.04 | 0.05 | (0.01 | ) | — | (0.01 | ) | 10.04 | 9/30/09 | * | 0.46 | b | 1,005 | 6.81 | c | 0.45 | c | 1.32 | c | 279 | b | ||||||||||||||||||||||
| 52 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 53 |
| Financial highlights | continued |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | ||||||||||||||||||||||||||||||||||||||
| period | value, | Investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||||||||||||
| or year ended |
beginning of period |
income (loss) |
a | (loss)
on total investments |
investment operations |
investment income |
realized gains |
and distributions |
end of period |
or year ended |
Total return | end of
period (in thousands) |
Gross expenses |
Net expenses |
Net investment income (loss) |
turnover rate |
||||||||||||||||||||||||||||||
| BOND PLUS FUND | BOND PLUS FUND | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/14 | # | $10.58 | $0.14 | $0.09 | $0.23 | $(0.14 | ) | $ — | $(0.14 | ) | $10.67 | Institutional Class: | 9/30/14 | # | 2.21 | %b | $2,089,231 | 0.32 | %c | 0.32 | %c | 2.69 | %c | 136 | %bm | ||||||||||||||||||||
| 3/31/14 | 10.78 | 0.28 | (0.16 | ) | 0.12 | (0.28 | ) | (0.04 | ) | (0.32 | ) | 10.58 | 3/31/14 | 1.20 | 1,807,530 | 0.33 | 0.33 | 2.70 | 290 | m | ||||||||||||||||||||||||||
| 3/31/13 | 10.56 | 0.33 | 0.37 | 0.70 | (0.33 | ) | (0.15 | ) | (0.48 | ) | 10.78 | 3/31/13 | 6.69 | 846,872 | 0.34 | 0.34 | 3.05 | 268 | m | |||||||||||||||||||||||||||
| 3/31/12 | 10.16 | 0.38 | 0.41 | 0.79 | (0.38 | ) | (0.01 | ) | (0.39 | ) | 10.56 | 3/31/12 | 7.91 | 718,619 | 0.35 | 0.35 | 3.62 | 221 | m | |||||||||||||||||||||||||||
| 3/31/11 | † | 10.36 | 0.20 | (0.20 | ) | 0.00 | d | (0.20 | ) | — | (0.20 | ) | 10.16 | 3/31/11 | † | (0.03 | )b | 496,173 | 0.37 | c | 0.35 | c | 3.90 | c | 99 | bm | ||||||||||||||||||||
| 9/30/10 | 9.78 | 0.47 | 0.58 | 1.05 | (0.47 | ) | — | (0.47 | ) | 10.36 | 9/30/10 | 10.98 | 238,020 | 0.37 | 0.35 | 4.68 | 158 | m | ||||||||||||||||||||||||||||
| 9/30/09 | 9.38 | 0.47 | 0.40 | 0.87 | (0.47 | ) | — | (0.47 | ) | 9.78 | 9/30/09 | 9.67 | 206,893 | 0.40 | 0.35 | 5.07 | 143 | m | ||||||||||||||||||||||||||||
| Premier Class: | 9/30/14 | # | 10.58 | 0.14 | 0.09 | 0.23 | (0.14 | ) | — | (0.14 | ) | 10.67 | Premier Class: | 9/30/14 | # | 2.23 | b | 13,176 | 0.47 | c | 0.47 | c | 2.54 | c | 136 | bm | ||||||||||||||||||||
| 3/31/14 | 10.78 | 0.27 | (0.16 | ) | 0.11 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 10.58 | 3/31/14 | 0.95 | 12,140 | 0.48 | 0.48 | 2.51 | 290 | m | ||||||||||||||||||||||||||
| 3/31/13 | 10.56 | 0.31 | 0.37 | 0.68 | (0.31 | ) | (0.15 | ) | (0.46 | ) | 10.78 | 3/31/13 | 6.53 | 16,773 | 0.49 | 0.49 | 2.89 | 268 | m | |||||||||||||||||||||||||||
| 3/31/12 | 10.16 | 0.36 | 0.41 | 0.77 | (0.36 | ) | (0.01 | ) | (0.37 | ) | 10.56 | 3/31/12 | 7.75 | 12,334 | 0.50 | 0.50 | 3.45 | 221 | m | |||||||||||||||||||||||||||
| 3/31/11 | † | 10.36 | 0.19 | (0.20 | ) | (0.01 | ) | (0.19 | ) | — | (0.19 | ) | 10.16 | 3/31/11 | † | (0.11 | )b | 11,028 | 0.52 | c | 0.50 | c | 3.69 | c | 99 | bm | ||||||||||||||||||||
| 9/30/10 | 9.78 | 0.40 | 0.63 | 1.03 | (0.45 | ) | — | (0.45 | ) | 10.36 | 9/30/10 | 10.82 | 10,857 | 0.52 | 0.50 | 3.89 | 158 | m | ||||||||||||||||||||||||||||
| 9/30/09 | § | 9.78 | 0.00 | d | — | 0.00 | d | — | — | — | 9.78 | 9/30/09 | § | 0.00 | b | 250 | 220.91 | c | 0.50 | c | 0.00 | c | 143 | m | ||||||||||||||||||||||
| Retirement Class: | 9/30/14 | # | 10.59 | 0.13 | 0.09 | 0.22 | (0.13 | ) | — | (0.13 | ) | 10.68 | Retirement Class: | 9/30/14 | # | 2.09 | b | 191,203 | 0.57 | c | 0.57 | c | 2.44 | c | 136 | bm | ||||||||||||||||||||
| 3/31/14 | 10.80 | 0.26 | (0.17 | ) | 0.09 | (0.26 | ) | (0.04 | ) | (0.30 | ) | 10.59 | 3/31/14 | 0.86 | 194,476 | 0.58 | 0.58 | 2.44 | 290 | m | ||||||||||||||||||||||||||
| 3/31/13 | 10.57 | 0.30 | 0.38 | 0.68 | (0.30 | ) | (0.15 | ) | (0.45 | ) | 10.80 | 3/31/13 | 6.52 | 151,447 | 0.59 | 0.59 | 2.79 | 268 | m | |||||||||||||||||||||||||||
| 3/31/12 | 10.17 | 0.35 | 0.41 | 0.76 | (0.35 | ) | (0.01 | ) | (0.36 | ) | 10.57 | 3/31/12 | 7.64 | 95,480 | 0.60 | 0.60 | 3.36 | 221 | m | |||||||||||||||||||||||||||
| 3/31/11 | † | 10.37 | 0.18 | (0.20 | ) | (0.02 | ) | (0.18 | ) | — | (0.18 | ) | 10.17 | 3/31/11 | † | (0.16 | )b | 72,668 | 0.62 | c | 0.60 | c | 3.58 | c | 99 | bm | ||||||||||||||||||||
| 9/30/10 | 9.79 | 0.43 | 0.59 | 1.02 | (0.44 | ) | — | (0.44 | ) | 10.37 | 9/30/10 | 10.70 | 92,179 | 0.62 | 0.60 | 4.34 | 158 | m | ||||||||||||||||||||||||||||
| 9/30/09 | 9.39 | 0.45 | 0.40 | 0.85 | (0.45 | ) | — | (0.45 | ) | 9.79 | 9/30/09 | 9.39 | 58,533 | 0.65 | 0.60 | 4.80 | 143 | m | ||||||||||||||||||||||||||||
| Retail Class: | 9/30/14 | # | 10.60 | 0.13 | 0.09 | 0.22 | (0.13 | ) | — | (0.13 | ) | 10.69 | Retail Class: | 9/30/14 | # | 2.05 | b | 263,966 | 0.64 | c | 0.64 | c | 2.36 | c | 136 | bm | ||||||||||||||||||||
| 3/31/14 | 10.80 | 0.25 | (0.16 | ) | 0.09 | (0.25 | ) | (0.04 | ) | (0.29 | ) | 10.60 | 3/31/14 | 0.86 | 262,239 | 0.67 | 0.67 | 2.34 | 290 | m | ||||||||||||||||||||||||||
| 3/31/13 | 10.58 | 0.29 | 0.37 | 0.66 | (0.29 | ) | (0.15 | ) | (0.44 | ) | 10.80 | 3/31/13 | 6.32 | 288,131 | 0.68 | 0.68 | 2.71 | 268 | m | |||||||||||||||||||||||||||
| 3/31/12 | 10.18 | 0.35 | 0.41 | 0.76 | (0.35 | ) | (0.01 | ) | (0.36 | ) | 10.58 | 3/31/12 | 7.59 | 275,663 | 0.64 | 0.64 | 3.33 | 221 | m | |||||||||||||||||||||||||||
| 3/31/11 | † | 10.38 | 0.18 | (0.20 | ) | (0.02 | ) | (0.18 | ) | — | (0.18 | ) | 10.18 | 3/31/11 | † | (0.14 | )b | 265,818 | 0.59 | c | 0.58 | c | 3.62 | c | 99 | bm | ||||||||||||||||||||
| 9/30/10 | 9.80 | 0.45 | 0.58 | 1.03 | (0.45 | ) | — | (0.45 | ) | 10.38 | 9/30/10 | 10.78 | 277,069 | 0.54 | 0.52 | 4.50 | 158 | m | ||||||||||||||||||||||||||||
| 9/30/09 | 9.40 | 0.46 | 0.40 | 0.86 | (0.46 | ) | — | (0.46 | ) | 9.80 | 9/30/09 | 9.50 | 247,928 | 0.74 | 0.49 | 4.93 | 143 | m | ||||||||||||||||||||||||||||
| HIGH-YIELD FUND | HIGH-YIELD FUND | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/14 | # | 10.38 | $0.27 | (0.25 | ) | 0.02 | (0.27 | ) | — | (0.27 | ) | 10.13 | Institutional Class: | 9/30/14 | # | 0.17 | b | 1,904,623 | 0.36 | c | 0.36 | c | 5.20 | c | 36 | b | |||||||||||||||||||
| 3/31/14 | 10.51 | 0.57 | 0.11 | 0.68 | (0.57 | ) | (0.24 | ) | (0.81 | ) | 10.38 | 3/31/14 | 6.78 | 1,790,122 | 0.37 | 0.37 | 5.51 | 69 | ||||||||||||||||||||||||||||
| 3/31/13 | 9.97 | 0.61 | 0.57 | 1.18 | (0.61 | ) | (0.03 | ) | (0.64 | ) | 10.51 | 3/31/13 | 12.21 | 1,493,399 | 0.38 | 0.38 | 5.96 | 83 | ||||||||||||||||||||||||||||
| 3/31/12 | 9.99 | 0.68 | (0.02 | ) | 0.66 | (0.68 | ) | — | (0.68 | ) | 9.97 | 3/31/12 | 6.91 | 889,869 | 0.39 | 0.39 | 6.90 | 62 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 9.74 | 0.35 | 0.25 | 0.60 | (0.35 | ) | — | (0.35 | ) | 9.99 | 3/31/11 | † | 6.22 | b | 527,004 | 0.40 | c | 0.40 | c | 7.04 | c | 43 | b | ||||||||||||||||||||||
| 9/30/10 | 9.04 | 0.72 | 0.70 | 1.42 | (0.72 | ) | — | (0.72 | ) | 9.74 | 9/30/10 | 16.41 | 398,933 | 0.41 | 0.40 | 7.76 | 109 | |||||||||||||||||||||||||||||
| 9/30/09 | 8.41 | 0.78 | 0.63 | 1.41 | (0.78 | ) | — | (0.78 | ) | 9.04 | 9/30/09 | 18.83 | 245,983 | 0.45 | 0.40 | 10.07 | 79 | |||||||||||||||||||||||||||||
| Premier Class: | 9/30/14 | # | 10.39 | 0.26 | (0.25 | ) | 0.01 | (0.26 | ) | — | (0.26 | ) | 10.14 | Premier Class: | 9/30/14 | # | 0.10 | b | 30,192 | 0.51 | c | 0.51 | c | 5.04 | c | 36 | b | |||||||||||||||||||
| 3/31/14 | 10.51 | 0.55 | 0.13 | 0.68 | (0.56 | ) | (0.24 | ) | (0.80 | ) | 10.39 | 3/31/14 | 6.72 | 30,851 | 0.52 | 0.52 | 5.36 | 69 | ||||||||||||||||||||||||||||
| 3/31/13 | 9.97 | 0.59 | 0.58 | 1.17 | (0.60 | ) | (0.03 | ) | (0.63 | ) | 10.51 | 3/31/13 | 12.05 | 32,381 | 0.53 | 0.53 | 5.80 | 83 | ||||||||||||||||||||||||||||
| 3/31/12 | 9.99 | 0.66 | (0.02 | ) | 0.64 | (0.66 | ) | — | (0.66 | ) | 9.97 | 3/31/12 | 6.75 | 20,842 | 0.54 | 0.54 | 6.74 | 62 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 9.74 | 0.34 | 0.25 | 0.59 | (0.34 | ) | — | (0.34 | ) | 9.99 | 3/31/11 | † | 6.14 | b | 30,472 | 0.55 | c | 0.55 | c | 6.87 | c | 43 | b | ||||||||||||||||||||||
| 9/30/10 | 9.04 | 0.71 | 0.70 | 1.41 | (0.71 | ) | — | (0.71 | ) | 9.74 | 9/30/10 | 16.23 | 16,836 | 0.56 | 0.55 | 7.52 | 109 | |||||||||||||||||||||||||||||
| 9/30/09 | § | 9.04 | 0.00 | d | — | 0.00 | d | — | — | — | 9.04 | 9/30/09 | § | 0.00 | b | 250 | 220.96 | c | 0.55 | c | 0.00 | c | 79 | |||||||||||||||||||||||
| Retirement Class: | 9/30/14 | # | 10.38 | 0.26 | (0.24 | ) | 0.02 | (0.26 | ) | — | (0.26 | ) | 10.14 | Retirement Class: | 9/30/14 | # | 0.14 | b | 234,626 | 0.61 | c | 0.61 | c | 4.91 | c | 36 | b | |||||||||||||||||||
| 3/31/14 | 10.51 | 0.54 | 0.11 | 0.65 | (0.54 | ) | (0.24 | ) | (0.78 | ) | 10.38 | 3/31/14 | 6.51 | 402,054 | 0.62 | 0.62 | 5.26 | 69 | ||||||||||||||||||||||||||||
| 3/31/13 | 9.96 | 0.58 | 0.59 | 1.17 | (0.59 | ) | (0.03 | ) | (0.62 | ) | 10.51 | 3/31/13 | 12.05 | 300,278 | 0.63 | 0.63 | 5.72 | 83 | ||||||||||||||||||||||||||||
| 3/31/12 | 9.99 | 0.65 | (0.03 | ) | 0.62 | (0.65 | ) | — | (0.65 | ) | 9.96 | 3/31/12 | 6.54 | 202,282 | 0.64 | 0.64 | 6.65 | 62 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 9.74 | 0.34 | 0.25 | 0.59 | (0.34 | ) | — | (0.34 | ) | 9.99 | 3/31/11 | † | 6.09 | b | 176,489 | 0.65 | c | 0.65 | c | 6.78 | c | 43 | b | ||||||||||||||||||||||
| 9/30/10 | 9.04 | 0.70 | 0.70 | 1.40 | (0.70 | ) | — | (0.70 | ) | 9.74 | 9/30/10 | 16.12 | 166,383 | 0.66 | 0.65 | 7.49 | 109 | |||||||||||||||||||||||||||||
| 9/30/09 | 8.41 | 0.76 | 0.63 | 1.39 | (0.76 | ) | — | (0.76 | ) | 9.04 | 9/30/09 | 18.54 | 125,322 | 0.71 | 0.65 | 9.38 | 79 | |||||||||||||||||||||||||||||
| Retail Class: | 9/30/14 | # | 10.43 | 0.26 | (0.25 | ) | 0.01 | (0.26 | ) | — | (0.26 | ) | 10.18 | Retail Class: | 9/30/14 | # | 0.04 | b | 432,498 | 0.64 | c | 0.64 | c | 4.90 | c | 36 | b | |||||||||||||||||||
| 3/31/14 | 10.56 | 0.54 | 0.11 | 0.65 | (0.54 | ) | (0.24 | ) | (0.78 | ) | 10.43 | 3/31/14 | 6.48 | 600,237 | 0.65 | 0.65 | 5.23 | 69 | ||||||||||||||||||||||||||||
| 3/31/13 | 10.01 | 0.58 | 0.58 | 1.16 | (0.58 | ) | (0.03 | ) | (0.61 | ) | 10.56 | 3/31/13 | 11.98 | 437,147 | 0.67 | 0.67 | 5.67 | 83 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.03 | 0.65 | (0.02 | ) | 0.63 | (0.65 | ) | — | (0.65 | ) | 10.01 | 3/31/12 | 6.63 | 249,119 | 0.66 | 0.66 | 6.62 | 62 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 9.78 | 0.34 | 0.25 | 0.59 | (0.34 | ) | — | (0.34 | ) | 10.03 | 3/31/11 | † | 6.11 | b | 169,337 | 0.59 | c | 0.59 | c | 6.85 | c | 43 | b | ||||||||||||||||||||||
| 9/30/10 | 9.08 | 0.71 | 0.70 | 1.41 | (0.71 | ) | — | (0.71 | ) | 9.78 | 9/30/10 | 16.18 | 156,374 | 0.58 | 0.57 | 7.60 | 109 | |||||||||||||||||||||||||||||
| 9/30/09 | 8.44 | 0.77 | 0.64 | 1.41 | (0.77 | ) | — | (0.77 | ) | 9.08 | 9/30/09 | 18.78 | 126,323 | 0.79 | 0.54 | 9.86 | 79 | |||||||||||||||||||||||||||||
| 54 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 55 |
| Financial highlights | continued |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | ||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||||||||||||
| or year ended |
beginning of period |
income (loss) |
a | (loss) on total investments |
investment operations |
investment income |
realized gains |
and distributions |
end of period |
or year ended |
Total return | end of period (in thousands) |
Gross expenses |
Net expenses |
Net investment income (loss) |
turnover rate |
||||||||||||||||||||||||||||||
| INFLATION-LINKED BOND FUND | INFLATION-LINKED BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/14 | # | $11.41 | $0.21 | $(0.03 | ) | $0.18 | $(0.21 | ) | $ — | $(0.21 | ) | $11.38 | Institutional Class: | 9/30/14 | # | 1.57 | %b | $1,591,275 | 0.26 | %c | 0.26 | %c | 3.61 | %c | 11 | %b | |||||||||||||||||||
| 3/31/14 | 12.40 | 0.20 | (1.01 | ) | (0.81 | ) | (0.17 | ) | (0.01 | ) | (0.18 | ) | 11.41 | 3/31/14 | (6.55 | ) | 1,472,700 | 0.27 | 0.27 | 1.68 | 10 | |||||||||||||||||||||||||
| 3/31/13 | 12.07 | 0.21 | 0.43 | 0.64 | (0.25 | ) | (0.06 | ) | (0.31 | ) | 12.40 | 3/31/13 | 5.28 | 1,428,566 | 0.27 | 0.27 | 1.72 | 14 | ||||||||||||||||||||||||||||
| 3/31/12 | 11.16 | 0.36 | 0.95 | 1.31 | (0.39 | ) | (0.01 | ) | (0.40 | ) | 12.07 | 3/31/12 | 11.92 | 1,174,406 | 0.28 | 0.28 | 3.07 | 13 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 11.21 | 0.17 | (0.05 | ) | 0.12 | (0.17 | ) | — | (0.17 | ) | 11.16 | 3/31/11 | † | 1.05 | b | 771,048 | 0.29 | c | 0.29 | c | 3.01 | c | 7 | b | |||||||||||||||||||||
| 9/30/10 | 10.53 | 0.27 | 0.67 | 0.94 | (0.26 | ) | — | (0.26 | ) | 11.21 | 9/30/10 | 9.04 | 737,043 | 0.32 | 0.32 | 2.47 | 12 | |||||||||||||||||||||||||||||
| 9/30/09 | 10.07 | (0.02 | ) | 0.48 | 0.46 | 0.00 | d | — | 0.00 | d | 10.53 | 9/30/09 | 4.57 | 524,468 | 0.39 | 0.35 | (0.18 | ) | 17 | |||||||||||||||||||||||||||
| Premier Class: | 9/30/14 | # | 11.39 | 0.21 | (0.04 | ) | 0.17 | (0.20 | ) | — | (0.20 | ) | 11.36 | Premier Class: | 9/30/14 | # | 1.50 | b | 7,298 | 0.41 | c | 0.41 | c | 3.54 | c | 11 | b | |||||||||||||||||||
| 3/31/14 | 12.38 | 0.22 | (1.05 | ) | (0.83 | ) | (0.15 | ) | (0.01 | ) | (0.16 | ) | 11.39 | 3/31/14 | (6.72 | ) | 7,433 | 0.42 | 0.42 | 1.90 | 10 | |||||||||||||||||||||||||
| 3/31/13 | 12.06 | 0.24 | 0.38 | 0.62 | (0.24 | ) | (0.06 | ) | (0.30 | ) | 12.38 | 3/31/13 | 5.12 | 14,323 | 0.42 | 0.42 | 1.89 | 14 | ||||||||||||||||||||||||||||
| 3/31/12 | 11.15 | 0.37 | 0.92 | 1.29 | (0.37 | ) | (0.01 | ) | (0.38 | ) | 12.06 | 3/31/12 | 11.77 | 18,303 | 0.43 | 0.43 | 3.13 | 13 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 11.21 | 0.16 | (0.06 | ) | 0.10 | (0.16 | ) | — | (0.16 | ) | 11.15 | 3/31/11 | † | 0.89 | b | 15,832 | 0.44 | c | 0.44 | c | 2.88 | c | 7 | b | |||||||||||||||||||||
| 9/30/10 | 10.53 | 0.13 | 0.80 | 0.93 | (0.25 | ) | — | (0.25 | ) | 11.21 | 9/30/10 | 8.89 | 14,474 | 0.47 | 0.47 | 1.19 | 12 | |||||||||||||||||||||||||||||
| 9/30/09 | § | 10.53 | 0.00 | d | — | 0.00 | d | — | — | — | 10.53 | 9/30/09 | § | 0.00 | b | 250 | 220.91 | c | 0.50 | c | 0.00 | c | 17 | |||||||||||||||||||||||
| Retirement Class: | 9/30/14 | # | 11.50 | 0.21 | (0.03 | ) | 0.18 | (0.20 | ) | — | (0.20 | ) | 11.48 | Retirement Class: | 9/30/14 | # | 1.51 | b | 155,170 | 0.51 | c | 0.51 | c | 3.56 | c | 11 | b | |||||||||||||||||||
| 3/31/14 | 12.50 | 0.18 | (1.03 | ) | (0.85 | ) | (0.14 | ) | (0.01 | ) | (0.15 | ) | 11.50 | 3/31/14 | (6.82 | ) | 190,395 | 0.52 | 0.52 | 1.54 | 10 | |||||||||||||||||||||||||
| 3/31/13 | 12.18 | 0.19 | 0.42 | 0.61 | (0.23 | ) | (0.06 | ) | (0.29 | ) | 12.50 | 3/31/13 | 5.02 | 220,926 | 0.52 | 0.52 | 1.48 | 14 | ||||||||||||||||||||||||||||
| 3/31/12 | 11.25 | 0.36 | 0.94 | 1.30 | (0.36 | ) | (0.01 | ) | (0.37 | ) | 12.18 | 3/31/12 | 11.73 | 191,083 | 0.53 | 0.53 | 3.01 | 13 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 11.31 | 0.15 | (0.06 | ) | 0.09 | (0.15 | ) | — | (0.15 | ) | 11.25 | 3/31/11 | † | 0.83 | b | 176,090 | 0.54 | c | 0.54 | c | 2.77 | c | 7 | b | |||||||||||||||||||||
| 9/30/10 | 10.62 | 0.24 | 0.68 | 0.92 | (0.23 | ) | — | (0.23 | ) | 11.31 | 9/30/10 | 8.80 | 175,037 | 0.57 | 0.57 | 2.20 | 12 | |||||||||||||||||||||||||||||
| 9/30/09 | 10.18 | (0.02 | ) | 0.46 | 0.44 | 0.00 | d | — | 0.00 | d | 10.62 | 9/30/09 | 4.33 | 112,192 | 0.64 | 0.60 | (0.20 | ) | 17 | |||||||||||||||||||||||||||
| Retail Class: | 9/30/14 | # | 11.16 | 0.19 | (0.03 | ) | 0.16 | (0.19 | ) | — | (0.19 | ) | 11.13 | Retail Class: | 9/30/14 | # | 1.44 | b | 146,914 | 0.58 | c | 0.58 | c | 3.34 | c | 11 | b | |||||||||||||||||||
| 3/31/14 | 12.13 | 0.18 | (1.01 | ) | (0.83 | ) | (0.13 | ) | (0.01 | ) | (0.14 | ) | 11.16 | 3/31/14 | (6.85 | ) | 150,162 | 0.59 | 0.59 | 1.55 | 10 | |||||||||||||||||||||||||
| 3/31/13 | 11.84 | 0.17 | 0.41 | 0.58 | (0.23 | ) | (0.06 | ) | (0.29 | ) | 12.13 | 3/31/13 | 4.90 | 220,169 | 0.58 | 0.58 | 1.43 | 14 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.95 | 0.34 | 0.92 | 1.26 | (0.36 | ) | (0.01 | ) | (0.37 | ) | 11.84 | 3/31/12 | 11.68 | 201,227 | 0.55 | 0.55 | 2.91 | 13 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 11.00 | 0.16 | (0.05 | ) | 0.11 | (0.16 | ) | — | (0.16 | ) | 10.95 | 3/31/11 | † | 0.98 | b | 146,917 | 0.47 | c | 0.47 | c | 2.80 | c | 7 | b | |||||||||||||||||||||
| 9/30/10 | 10.34 | 0.24 | 0.66 | 0.90 | (0.24 | ) | — | (0.24 | ) | 11.00 | 9/30/10 | 8.84 | 147,427 | 0.49 | 0.49 | 2.30 | 12 | |||||||||||||||||||||||||||||
| 9/30/09 | 9.90 | (0.06 | ) | 0.50 | 0.44 | 0.00 | d | — | 0.00 | d | 10.34 | 9/30/09 | 4.45 | 127,272 | 0.66 | 0.49 | (0.59 | ) | 17 | |||||||||||||||||||||||||||
| SHORT-TERM BOND FUND | SHORT-TERM BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/14 | # | 10.41 | 0.07 | (0.02 | ) | 0.05 | (0.07 | ) | — | (0.07 | ) | 10.39 | Institutional Class: | 9/30/14 | # | 0.46 | b | 1,140,720 | 0.28 | c | 0.28 | c | 1.30 | c | 50 | b | |||||||||||||||||||
| 3/31/14 | 10.52 | 0.15 | (0.09 | ) | 0.06 | (0.15 | ) | (0.02 | ) | (0.17 | ) | 10.41 | 3/31/14 | 0.56 | 938,244 | 0.28 | 0.28 | 1.42 | 112 | |||||||||||||||||||||||||||
| 3/31/13 | 10.40 | 0.16 | 0.13 | 0.29 | (0.16 | ) | (0.01 | ) | (0.17 | ) | 10.52 | 3/31/13 | 2.82 | 646,931 | 0.29 | 0.29 | 1.52 | 78 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.30 | 0.20 | 0.16 | 0.36 | (0.20 | ) | (0.06 | ) | (0.26 | ) | 10.40 | 3/31/12 | 3.53 | 431,936 | 0.31 | 0.30 | 1.90 | 146 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 10.43 | 0.11 | (0.13 | ) | (0.02 | ) | (0.11 | ) | — | (0.11 | ) | 10.30 | 3/31/11 | † | (0.20 | )b | 255,835 | 0.32 | c | 0.30 | c | 2.11 | c | 93 | b | ||||||||||||||||||||
| 9/30/10 | 10.11 | 0.28 | 0.32 | 0.60 | (0.28 | ) | — | (0.28 | ) | 10.43 | 9/30/10 | 6.05 | 176,043 | 0.33 | 0.30 | 2.74 | 95 | |||||||||||||||||||||||||||||
| 9/30/09 | 9.78 | 0.36 | 0.33 | 0.69 | (0.36 | ) | — | (0.36 | ) | 10.11 | 9/30/09 | 7.23 | 101,583 | 0.38 | 0.29 | 3.66 | 173 | |||||||||||||||||||||||||||||
| Premier Class: | 9/30/14 | # | 10.42 | 0.06 | (0.02 | ) | 0.04 | (0.06 | ) | — | (0.06 | ) | 10.40 | Premier Class: | 9/30/14 | # | 0.39 | b | 11,985 | 0.43 | c | 0.43 | c | 1.15 | c | 50 | b | |||||||||||||||||||
| 3/31/14 | 10.53 | 0.13 | (0.09 | ) | 0.04 | (0.13 | ) | (0.02 | ) | (0.15 | ) | 10.42 | 3/31/14 | 0.41 | 11,982 | 0.43 | 0.43 | 1.27 | 112 | |||||||||||||||||||||||||||
| 3/31/13 | 10.41 | 0.15 | 0.13 | 0.28 | (0.15 | ) | (0.01 | ) | (0.16 | ) | 10.53 | 3/31/13 | 2.67 | 16,257 | 0.44 | 0.44 | 1.42 | 78 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.31 | 0.18 | 0.16 | 0.34 | (0.18 | ) | (0.06 | ) | (0.24 | ) | 10.41 | 3/31/12 | 3.37 | 21,211 | 0.45 | 0.45 | 1.75 | 146 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 10.43 | 0.10 | (0.12 | ) | (0.02 | ) | (0.10 | ) | — | (0.10 | ) | 10.31 | 3/31/11 | † | (0.18 | )b | 19,881 | 0.47 | c | 0.45 | c | 1.95 | c | 93 | b | ||||||||||||||||||||
| 9/30/10 | 10.11 | 0.25 | 0.34 | 0.59 | (0.27 | ) | — | (0.27 | ) | 10.43 | 9/30/10 | 5.89 | 19,884 | 0.48 | 0.45 | 2.39 | 95 | |||||||||||||||||||||||||||||
| 9/30/09 | § | 10.11 | 0.00 | d | — | 0.00 | d | — | — | — | 10.11 | 9/30/09 | § | 0.00 | b | 250 | 220.86 | c | 0.45 | c | 0.00 | c | 173 | |||||||||||||||||||||||
| Retirement Class: | 9/30/14 | # | 10.42 | 0.06 | (0.03 | ) | 0.03 | (0.05 | ) | — | (0.05 | ) | 10.40 | Retirement Class: | 9/30/14 | # | 0.33 | b | 108,579 | 0.53 | c | 0.53 | c | 1.06 | c | 50 | b | |||||||||||||||||||
| 3/31/14 | 10.53 | 0.12 | (0.09 | ) | 0.03 | (0.12 | ) | (0.02 | ) | (0.14 | ) | 10.42 | 3/31/14 | 0.31 | 206,496 | 0.53 | 0.53 | 1.18 | 112 | |||||||||||||||||||||||||||
| 3/31/13 | 10.41 | 0.13 | 0.14 | 0.27 | (0.14 | ) | (0.01 | ) | (0.15 | ) | 10.53 | 3/31/13 | 2.56 | 334,477 | 0.54 | 0.54 | 1.26 | 78 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.31 | 0.17 | 0.16 | 0.33 | (0.17 | ) | (0.06 | ) | (0.23 | ) | 10.41 | 3/31/12 | 3.27 | 188,614 | 0.55 | 0.55 | 1.65 | 146 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 10.44 | 0.10 | (0.13 | ) | (0.03 | ) | (0.10 | ) | — | (0.10 | ) | 10.31 | 3/31/11 | † | (0.32 | )b | 134,128 | 0.57 | c | 0.55 | c | 1.86 | c | 93 | b | ||||||||||||||||||||
| 9/30/10 | 10.12 | 0.25 | 0.33 | 0.58 | (0.26 | ) | — | (0.26 | ) | 10.44 | 9/30/10 | 5.79 | 121,535 | 0.58 | 0.55 | 2.42 | 95 | |||||||||||||||||||||||||||||
| 9/30/09 | 9.78 | 0.34 | 0.34 | 0.68 | (0.34 | ) | — | (0.34 | ) | 10.12 | 9/30/09 | 7.07 | 56,366 | 0.64 | 0.54 | 3.40 | 173 | |||||||||||||||||||||||||||||
| Retail Class: | 9/30/14 | # | 10.42 | 0.05 | (0.02 | ) | 0.03 | (0.05 | ) | — | (0.05 | ) | 10.40 | Retail Class: | 9/30/14 | # | 0.31 | b | 161,762 | 0.59 | c | 0.59 | c | 0.99 | c | 50 | b | |||||||||||||||||||
| 3/31/14 | 10.53 | 0.12 | (0.09 | ) | 0.03 | (0.12 | ) | (0.02 | ) | (0.14 | ) | 10.42 | 3/31/14 | 0.25 | 169,391 | 0.60 | 0.60 | 1.10 | 112 | |||||||||||||||||||||||||||
| 3/31/13 | 10.41 | 0.13 | 0.13 | 0.26 | (0.13 | ) | (0.01 | ) | (0.14 | ) | 10.53 | 3/31/13 | 2.50 | 184,637 | 0.60 | 0.60 | 1.22 | 78 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.31 | 0.17 | 0.16 | 0.33 | (0.17 | ) | (0.06 | ) | (0.23 | ) | 10.41 | 3/31/12 | 3.24 | 166,750 | 0.58 | 0.57 | 1.64 | 146 | ||||||||||||||||||||||||||||
| 3/31/11 | † | 10.44 | 0.10 | (0.13 | ) | (0.03 | ) | (0.10 | ) | — | (0.10 | ) | 10.31 | 3/31/11 | † | (0.30 | )b | 155,623 | 0.52 | c | 0.50 | c | 1.91 | c | 93 | b | ||||||||||||||||||||
| 9/30/10 | 10.12 | 0.26 | 0.33 | 0.59 | (0.27 | ) | — | (0.27 | ) | 10.44 | 9/30/10 | 5.87 | 149,768 | 0.50 | 0.47 | 2.58 | 95 | |||||||||||||||||||||||||||||
| 9/30/09 | 9.78 | 0.35 | 0.34 | 0.69 | (0.35 | ) | — | (0.35 | ) | 10.12 | 9/30/09 | 7.19 | 111,912 | 0.71 | 0.43 | 3.53 | 173 | |||||||||||||||||||||||||||||
| 56 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 57 |
| Financial highlights | continued |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | ||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||||||||||||
| or year ended |
beginning of period |
income (loss) |
a | (loss) on total investments |
investment operations |
investment income |
realized gains |
and distributions |
end of period |
or year ended |
Total return | end of period (in thousands) |
Gross expenses |
Net expenses |
Net investment income (loss) |
turnover rate |
||||||||||||||||||||||||||||||
| SOCIAL CHOICE BOND FUND | SOCIAL CHOICE BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/14 | # | $9.98 | $0.10 | $0.28 | $0.38 | $(0.10 | ) | $ — | $(0.10 | ) | $10.26 | Institutional Class: | 9/30/14 | # | 3.73 | %b | $150,301 | 0.49 | %c | 0.40 | %c | 2.00 | %c | 446 | %b | ||||||||||||||||||||
| 3/31/14 | 10.03 | 0.17 | (0.04 | ) | 0.13 | (0.17 | ) | (0.01 | ) | (0.18 | ) | 9.98 | 3/31/14 | 1.33 | 85,771 | 0.59 | 0.40 | 1.76 | 393 | |||||||||||||||||||||||||||
| 3/31/13 | ‡ | 10.00 | 0.06 | 0.08 | 0.14 | (0.06 | ) | (0.05 | ) | (0.11 | ) | 10.03 | 3/31/13 | ‡ | 1.41 | b | 50,034 | 1.29 | c | 0.40 | c | 1.18 | c | 186 | b | |||||||||||||||||||||
| Premier Class: | 9/30/14 | # | 9.98 | 0.09 | 0.27 | 0.36 | (0.09 | ) | — | (0.09 | ) | 10.25 | Premier Class: | 9/30/14 | # | 3.65 | b | 3,091 | 0.65 | c | 0.55 | c | 1.85 | c | 446 | b | ||||||||||||||||||||
| 3/31/14 | 10.03 | 0.16 | (0.04 | ) | 0.12 | (0.16 | ) | (0.01 | ) | (0.17 | ) | 9.98 | 3/31/14 | 1.18 | 2,019 | 0.75 | 0.55 | 1.64 | 393 | |||||||||||||||||||||||||||
| 3/31/13 | ‡ | 10.00 | 0.05 | 0.08 | 0.13 | (0.05 | ) | (0.05 | ) | (0.10 | ) | 10.03 | 3/31/13 | ‡ | 1.33 | b | 1,013 | 1.78 | c | 0.55 | c | 1.02 | c | 186 | b | |||||||||||||||||||||
| Retirement Class: | 9/30/14 | # | 9.98 | 0.09 | 0.28 | 0.37 | (0.09 | ) | — | (0.09 | ) | 10.26 | Retirement Class: | 9/30/14 | # | 3.60 | b | 35,755 | 0.74 | c | 0.65 | c | 1.79 | c | 446 | b | ||||||||||||||||||||
| 3/31/14 | 10.03 | 0.16 | (0.05 | ) | 0.11 | (0.15 | ) | (0.01 | ) | (0.16 | ) | 9.98 | 3/31/14 | 1.08 | 6,631 | 0.85 | 0.65 | 1.56 | 393 | |||||||||||||||||||||||||||
| 3/31/13 | ‡ | 10.00 | 0.05 | 0.08 | 0.13 | (0.05 | ) | (0.05 | ) | (0.10 | ) | 10.03 | 3/31/13 | ‡ | 1.28 | b | 2,152 | 1.77 | c | 0.65 | c | 0.97 | c | 186 | b | |||||||||||||||||||||
| Retail Class: | 9/30/14 | # | 9.98 | 0.09 | 0.27 | 0.36 | (0.09 | ) | — | (0.09 | ) | 10.25 | Retail Class: | 9/30/14 | # | 3.67 | b | 14,746 | 0.80 | c | 0.71 | c | 1.70 | c | 446 | b | ||||||||||||||||||||
| 3/31/14 | 10.03 | 0.14 | (0.04 | ) | 0.10 | (0.14 | ) | (0.01 | ) | (0.15 | ) | 9.98 | 3/31/14 | 0.89 | 6,717 | 0.92 | 0.74 | 1.45 | 393 | |||||||||||||||||||||||||||
| 3/31/13 | ‡ | 10.00 | 0.05 | 0.07 | 0.12 | (0.04 | ) | (0.05 | ) | (0.09 | ) | 10.03 | 3/31/13 | ‡ | 1.22 | b | 2,755 | 1.94 | c | 0.75 | c | 0.88 | c | 186 | b | |||||||||||||||||||||
| TAX-EXEMPT BOND FUND | TAX-EXEMPT BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/14 | # | 10.51 | 0.12 | 0.25 | 0.37 | (0.12 | ) | — | (0.12 | ) | 10.76 | Institutional Class: | 9/30/14 | # | 3.50 | b | 39,706 | 0.35 | c | 0.35 | c | 2.24 | c | 71 | b | ||||||||||||||||||||
| 3/31/14 | 11.08 | 0.25 | (0.51 | ) | (0.26 | ) | (0.25 | ) | (0.06 | ) | (0.31 | ) | 10.51 | 3/31/14 | (2.33 | ) | 9,626 | 0.35 | 0.35 | 2.33 | 155 | |||||||||||||||||||||||||
| 3/31/13 | 10.86 | 0.32 | 0.30 | 0.62 | (0.32 | ) | (0.08 | ) | (0.40 | ) | 11.08 | 3/31/13 | 5.74 | 10,155 | 0.35 | 0.35 | 2.89 | 49 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.06 | 0.34 | 0.80 | 1.14 | (0.34 | ) | — | (0.34 | ) | 10.86 | 3/31/12 | 11.46 | 9,508 | 0.38 | 0.35 | 3.21 | 59 | |||||||||||||||||||||||||||||
| 3/31/11 | † | 10.80 | 0.19 | (0.63 | ) | (0.44 | ) | (0.19 | ) | (0.11 | ) | (0.30 | ) | 10.06 | 3/31/11 | † | (4.07 | )b | 10,003 | 0.40 | c | 0.35 | c | 3.70 | c | 11 | b | |||||||||||||||||||
| 9/30/10 | 10.51 | 0.38 | 0.31 | 0.69 | (0.38 | ) | (0.02 | ) | (0.40 | ) | 10.80 | 9/30/10 | 6.75 | 14,845 | 0.38 | 0.35 | 3.66 | 29 | ||||||||||||||||||||||||||||
| 9/30/09 | 9.69 | 0.38 | 0.82 | 1.20 | (0.38 | ) | (0.00 | )d | (0.38 | ) | 10.51 | 9/30/09 | 12.70 | 23,263 | 0.42 | 0.35 | 3.83 | 28 | ||||||||||||||||||||||||||||
| Retail Class: | 9/30/14 | # | 10.52 | 0.10 | 0.25 | 0.35 | (0.10 | ) | — | (0.10 | ) | 10.77 | Retail Class: | 9/30/14 | # | 3.36 | b | 302,255 | 0.63 | c | 0.63 | c | 1.90 | c | 71 | b | ||||||||||||||||||||
| 3/31/14 | 11.10 | 0.22 | (0.52 | ) | (0.30 | ) | (0.22 | ) | (0.06 | ) | (0.28 | ) | 10.52 | 3/31/14 | (2.69 | ) | 327,779 | 0.63 | 0.63 | 2.06 | 155 | |||||||||||||||||||||||||
| 3/31/13 | 10.88 | 0.29 | 0.30 | 0.59 | (0.29 | ) | (0.08 | ) | (0.37 | ) | 11.10 | 3/31/13 | 5.44 | 397,445 | 0.63 | 0.63 | 2.61 | 49 | ||||||||||||||||||||||||||||
| 3/31/12 | 10.07 | 0.32 | 0.81 | 1.13 | (0.32 | ) | — | (0.32 | ) | 10.88 | 3/31/12 | 11.30 | 341,517 | 0.62 | 0.59 | 2.96 | 59 | |||||||||||||||||||||||||||||
| 3/31/11 | † | 10.81 | 0.18 | (0.63 | ) | (0.45 | ) | (0.18 | ) | (0.11 | ) | (0.29 | ) | 10.07 | 3/31/11 | † | (4.14 | )b | 281,980 | 0.55 | c | 0.51 | c | 3.56 | c | 11 | b | |||||||||||||||||||
| 9/30/10 | 10.52 | 0.37 | 0.31 | 0.68 | (0.37 | ) | (0.02 | ) | (0.39 | ) | 10.81 | 9/30/10 | 6.61 | 318,965 | 0.52 | 0.49 | 3.52 | 29 | ||||||||||||||||||||||||||||
| 9/30/09 | 9.70 | 0.36 | 0.83 | 1.19 | (0.37 | ) | (0.00 | )d | (0.37 | ) | 10.52 | 9/30/09 | 12.55 | 236,065 | 0.70 | 0.47 | 3.67 | 28 | ||||||||||||||||||||||||||||
| 58 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 59 |
| Financial highlights | concluded |
TIAA-CREF Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | For the | ||||||||||||||||||||||||||||||||||||||
| period | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||||||||||||
| or year ended |
beginning of period |
income (loss |
)a | (loss) on total investments |
investment operations |
investment income |
realized gains |
and distributions |
end of period |
or year ended |
Total return | end of period (in thousands) |
Gross expenses |
Net expenses |
Net investment income (loss) |
turnover rate |
||||||||||||||||||||||||||||||
| MONEY MARKET FUND | MONEY MARKET FUND | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 9/30/14 | # | $1.00 | $ — | $— | $ — | $ — | $ — | $ — | $1.00 | Institutional Class: | 9/30/14 | # | 0.00 | %b | $318,933 | 0.13 | %c | 0.11 | %c | 0.00 | %c | — | |||||||||||||||||||||||
| 3/31/14 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | 0.00 | d | (0.00 | )d | 1.00 | 3/31/14 | 0.01 | 345,892 | 0.13 | 0.13 | 0.01 | — | ||||||||||||||||||||||||||
| 3/31/13 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 3/31/13 | 0.05 | 293,090 | 0.14 | 0.14 | 0.05 | — | |||||||||||||||||||||||||||
| 3/31/12 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 3/31/12 | 0.03 | 469,588 | 0.13 | 0.13 | 0.03 | — | |||||||||||||||||||||||||||
| 3/31/11 | † | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 3/31/11 | † | 0.04 | b | 427,230 | 0.15 | c | 0.15 | c | 0.09 | c | — | |||||||||||||||||||||
| 9/30/10 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 9/30/10 | 0.13 | 433,888 | 0.15 | 0.15 | 0.13 | — | |||||||||||||||||||||||||||
| 9/30/09 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | 9/30/09 | 1.03 | 336,137 | 0.22 | 0.17 | 1.00 | — | |||||||||||||||||||||||||||||
| Premier Class: | 9/30/14 | # | 1.00 | — | — | — | — | — | — | 1.00 | Premier Class: | 9/30/14 | # | 0.00 | b | 3,900 | 0.28 | c | 0.11 | c | 0.00 | c | — | |||||||||||||||||||||||
| 3/31/14 | 1.00 | 0.00 | d | — | 0.00 | d | — | 0.00 | d | — | 1.00 | 3/31/14 | 0.00 | 5,371 | 0.28 | 0.14 | 0.00 | — | ||||||||||||||||||||||||||||
| 3/31/13 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/13 | 0.00 | 8,929 | 0.29 | 0.19 | 0.00 | — | |||||||||||||||||||||||||||||||
| 3/31/12 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/12 | 0.00 | 6,706 | 0.28 | 0.16 | 0.00 | — | |||||||||||||||||||||||||||||||
| 3/31/11 | † | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/11 | † | 0.00 | b | 15,678 | 0.30 | c | 0.23 | c | 0.00 | c | — | |||||||||||||||||||||||||
| 9/30/10 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 9/30/10 | 0.00 | 12,431 | 0.29 | 0.27 | 0.00 | — | |||||||||||||||||||||||||||
| 9/30/09 | § | 1.00 | — | — | — | — | — | — | 1.00 | 9/30/09 | § | 0.00 | 250 | 220.71 | c | 0.00 | c | 0.00 | c | — | ||||||||||||||||||||||||||
| Retirement Class: | 9/30/14 | # | 1.00 | — | — | — | — | — | — | 1.00 | Retirement Class: | 9/30/14 | # | 0.00 | b | 90,142 | 0.39 | c | 0.11 | c | 0.00 | c | — | |||||||||||||||||||||||
| 3/31/14 | 1.00 | 0.00 | d | — | 0.00 | d | — | 0.00 | d | — | 1.00 | 3/31/14 | 0.00 | 90,363 | 0.38 | 0.14 | 0.00 | — | ||||||||||||||||||||||||||||
| 3/31/13 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/13 | 0.00 | 73,609 | 0.39 | 0.19 | 0.00 | — | |||||||||||||||||||||||||||||||
| 3/31/12 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/12 | 0.00 | 80,690 | 0.39 | 0.16 | 0.00 | — | |||||||||||||||||||||||||||||||
| 3/31/11 | † | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/11 | † | 0.00 | b | 64,760 | 0.40 | c | 0.23 | c | 0.00 | c | — | |||||||||||||||||||||||||
| 9/30/10 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | 1.00 | 9/30/10 | 0.00 | 79,434 | 0.40 | 0.27 | 0.00 | — | |||||||||||||||||||||||||||
| 9/30/09 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | 9/30/09 | 0.78 | 133,415 | 0.47 | 0.41 | 0.75 | — | |||||||||||||||||||||||||||||
| Retail Class: | 9/30/14 | # | 1.00 | — | — | — | — | — | — | 1.00 | Retail Class: | 9/30/14 | # | 0.00 | b | 382,210 | 0.48 | c | 0.11 | c | 0.00 | c | — | |||||||||||||||||||||||
| 3/31/14 | 1.00 | 0.00 | d | — | 0.00 | d | — | 0.00 | d | — | 1.00 | 3/31/14 | 0.00 | 415,477 | 0.50 | 0.14 | 0.00 | — | ||||||||||||||||||||||||||||
| 3/31/13 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/13 | 0.00 | 429,522 | 0.51 | 0.19 | 0.00 | — | |||||||||||||||||||||||||||||||
| 3/31/12 | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/12 | 0.00 | 486,370 | 0.44 | 0.16 | 0.00 | — | |||||||||||||||||||||||||||||||
| 3/31/11 | † | 1.00 | — | — | — | — | — | — | 1.00 | 3/31/11 | † | 0.00 | b | 582,093 | 0.39 | c | 0.23 | c | 0.00 | c | — | |||||||||||||||||||||||||
| 9/30/10 | 1.00 | 0.00 | d | — | — | (0.00 | )d | — | (0.00 | )d | 1.00 | 9/30/10 | 0.00 | 650,426 | 0.33 | 0.27 | 0.00 | — | ||||||||||||||||||||||||||||
| 9/30/09 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | 9/30/09 | 0.91 | 887,149 | 0.54 | 0.28 | 0.95 | — | |||||||||||||||||||||||||||||
| a | Based on average shares outstanding. |
| b | The percentages shown for this period are not annualized. |
| c | The percentages shown for this period are annualized. |
| d | Amount represents less than $0.01 per share. |
| f | The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending September 30, 2014, March 31, 2014, March 31, 2013, March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 67%, 156%, 196%, 140%, 49%, 67% and 113%, respectively. |
| g | Does not include in-kind transactions. |
| m | The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending September 30, 2014, March 31, 2014, March 31, 2013, March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 60%, 97%, 108%, 105%, 63%, 90% and 108%, respectively. |
| # | Unaudited. |
| † | Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31. |
| § | The Premier Class commenced operations on September 30, 2009. |
| ‡ | The Fund commenced operations on September 21, 2012. |
| * | The Fund commenced operations on September 14, 2009. |
| 60 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Fixed-Income Funds ■ 2014 Semiannual Report | 61 |
Notes to financial statements (unaudited)
TIAA-CREF Funds
Note 1—organization and significant accounting policies
TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Bond Fund, Bond Index Fund, Bond Plus Fund, High-Yield Fund, Inflation-Linked Bond Fund, Short-Term Bond Fund, Social Choice Bond Fund, Tax-Exempt Bond Fund and the Money Market Fund (collectively the “Funds” or individually, the “Fund”).
The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to four share classes, although any one Fund may not necessarily offer all four classes. The Funds may offer Institutional, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services-Investment Companies. The Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Security valuation: For all Funds (other than the Money Market Fund), investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements. Investments held by the Money Market Fund are recorded at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter accreting or amortizing any discount or premium to its face value at a constant rate until maturity.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising
reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
Income and expenses of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.
Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.
Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred
| 62 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed Income Funds |
continued
compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. The investment of deferred amounts and the offsetting payable to the trustees are included in other assets and accrued expenses and other payables in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.
New accounting pronouncement: In June 2013, the Financial Accounting Standards Board issued Accounting Standard Update No. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Funds adopted the Update for this semiannual report. The adoption of the Update did not have a material impact on the Funds’ financial statements and notes disclosures.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
| • | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:
Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or
exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.
Debt securities: Debt securities will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.
Short-term investments: Short-term investments with maturities of 60 days or less are valued at amortized cost. Short-term investments (other than those in the Money Market Fund) with maturities in excess of 60 days are valued in the same manner as debt securities. Short-term investments in the Money Market Fund are valued at amortized cost. Short-term investments are generally categorized in Level 2 of the fair value hierarchy.
Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.
Futures contracts: Stock and bond index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges and are categorized in Level 1 of the fair value hierarchy.
Credit default swap contracts: Credit default swap contracts are marked-to-market daily based upon a price utilized by a pricing service. Credit default swaps are generally categorized as Level 2 in the fair value hierarchy.
Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.
Transfers between levels are recognized at the end of the reporting period. For the period ended September 30, 2014, there were no material transfers between levels by the Funds.
| TIAA-CREF Funds: Fixed Income Funds ■ 2014 Semiannual Report | 63 |
Notes to financial statements (unaudited)
As of September 30, 2014, 100% of the value of investments in the Bond Index Fund, Inflation-Linked Bond Fund, Tax-Exempt Bond Fund and Money Market Fund was valued based on Level 2 inputs.
The following table summarizes the market value of the Funds’ investments as of September 30, 2014, based on the inputs used to value them:
| Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Bond | ||||||||||||||||
| Bank loan obligations | $ | – | $ | 35,236,854 | $ | – | $ | 35,236,854 | ||||||||
| Corporate bonds | – | 885,051,080 | – | 885,051,080 | ||||||||||||
| Government bonds | – | 1,236,196,620 | – | 1,236,196,620 | ||||||||||||
| Structured assets | – | 502,305,008 | 2,286,553 | 504,591,561 | ||||||||||||
| Short-term investments | – | 393,088,951 | – | 393,088,951 | ||||||||||||
| Total | $ | – | $ | 3,051,878,513 | $ | 2,286,553 | $ | 3,054,165,066 | ||||||||
| Bond Plus | ||||||||||||||||
| Bank loan obligations | $ | – | $ | 98,902,256 | $ | – | $ | 98,902,256 | ||||||||
| Corporate bonds | – | 1,030,650,352 | – | 1,030,650,352 | ||||||||||||
| Government bonds | – | 1,045,654,747 | – | 1,045,654,747 | ||||||||||||
| Structured assets | – | 257,536,994 | 2,858,191 | 260,395,185 | ||||||||||||
| Short-term investments | – | 415,787,908 | – | 415,787,908 | ||||||||||||
| Total | $ | – | $ | 2,848,532,257 | $ | 2,858,191 | $ | 2,851,390,448 | ||||||||
| High-Yield | ||||||||||||||||
| Bank loan obligations | $ | – | $ | 473,519,710 | $ | – | $ | 473,519,710 | ||||||||
| Corporate bonds | – | 2,048,676,588 | – | 2,048,676,588 | ||||||||||||
| Preferred stocks | 4,380,915 | – | – | 4,380,915 | ||||||||||||
| Short-term investments | – | 22,998,956 | – | 22,998,956 | ||||||||||||
| Total | $ | 4,380,915 | $ | 2,545,195,254 | $ | – | $ | 2,549,576,169 | ||||||||
| Short-Term Bond | ||||||||||||||||
| Bank loan obligations | $ | – | $ | 11,374,383 | $ | – | $ | 11,374,383 | ||||||||
| Corporate bonds | – | 500,588,379 | – | 500,588,379 | ||||||||||||
| Government bonds | – | 428,675,000 | – | 428,675,000 | ||||||||||||
| Structured assets | – | 375,009,912 | 2,286,553 | 377,296,465 | ||||||||||||
| Short-term investments | – | 21,428,939 | – | 21,428,939 | ||||||||||||
| Futures* | (94,686 | ) | – | – | (94,686 | ) | ||||||||||
| Total | $ | (94,686 | ) | $ | 1,337,076,613 | $ | 2,286,553 | $ | 1,339,268,480 | |||||||
| Social Choice Bond | ||||||||||||||||
| Bank loan obligations | $ | – | $ | 2,990,455 | $ | – | $ | 2,990,455 | ||||||||
| Corporate bonds | – | 67,382,539 | – | 67,382,539 | ||||||||||||
| Government bonds | – | 97,906,733 | – | 97,906,733 | ||||||||||||
| Structured assets | – | 20,773,788 | – | 20,773,788 | ||||||||||||
| Preferred stocks | 249,110 | – | – | 249,110 | ||||||||||||
| Short-term investments | – | 10,598,990 | – | 10,598,990 | ||||||||||||
| Total | $ | 249,110 | $ | 199,652,505 | $ | – | $ | 199,901,615 | ||||||||
| * | Derivative instruments are not reflected in the Summary portfolio of investments. |
Note 3—derivative instruments
As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.
At September 30, 2014, the following Fund invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:
| Asset derivatives | Liabilities derivatives | ||||||||||||||
| Derivative contracts | Location | Fair value amount | Location | Fair value amount | |||||||||||
| Short-Term Bond Fund | |||||||||||||||
| Interest rate contracts | Futures* | $(94,686 | ) | $ | – | ||||||||||
| * | The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts. |
| 64 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed Income Funds |
continued
For the period ended September 30, 2014, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:
| Derivative contracts | Location | Realized gain (loss | ) | Change
in unrealized appreciation (depreciation | ) | |||||
| Bond Fund | ||||||||||
| Credit contracts | Swap transactions | $(115,283 | ) | $107,023 | ||||||
| Short-Term Bond Fund | ||||||||||
| Interest rate contracts | Futures transactions | (375,631 | ) | (65,621 | ) | |||||
Futures contracts: The Funds are subject to interest rate risk in the normal course of pursuing their investment objectives. The Funds may use futures contracts to manage exposure to the bond markets and to fluctuations in interest rates. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin payments are made or received reflecting daily changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the period ended September 30, 2014, the Short-Term Bond Fund, had exposure to interest rate futures contracts, based on underlying notional values, generally between 0% and 3% of net assets.
At September 30, 2014, the Short-Term Bond Fund held the following open futures contracts:
| Number of contracts | Settlement value | Expiration date | Unrealized gain (loss | ) | ||||||||||||
| US 5 Year Note (CBT) | 400 | $(47,303,125 | ) | 12/31/14 | $(94,686 | ) | ||||||||||
Credit default swap contracts: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Fund is required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Fund. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Fund could be required to make under the contract. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund keeps the stream of payments with no payment obligations. When the Fund sells a credit default swap contract it will cover its commitment. This may be achieved by, among
other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Fund.
The Fund may also buy credit default swap contracts, in which case the Fund functions as the counterparty referenced above. This involves the risk that the contract may expire worthless. It also involves counterparty risk that the seller may fail to satisfy its payment obligations to the Fund with the occurrence of a credit event.
The value of a swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities.
Under the terms of the credit default swap contracts, the Fund receives or makes quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of Operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.
The Funds (other than the Money Market Fund) invest in credit default swaps to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the period ended September 30, 2014, the Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets.
There were no open credit default swap contracts outstanding as of September 30, 2014.
Note 4—investment adviser and affiliates
Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations is paid to Advisors under the Retirement Class Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensated TPIS for providing distribution, promotional, and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensated TPIS for providing distribution, promotional and/or shareholder
| TIAA-CREF Funds: Fixed Income Funds ■ 2014 Semiannual Report | 65 |
Notes to financial statements (unaudited)
services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.
For the Money Market Fund, TPIS waived a portion of distribution Rule 12b-1 plan expenses on the Retail Class, and Advisors is reimbursing certain other Retail Class expenses. TPIS waived a portion of the distribution Rule 12b-1 plan expenses on the Premier Class and Advisors waived a portion of service agreement fees on the Retirement Class. In addition, Advisors waived a portion of the investment management fees from each class. These waivers and reimbursements are voluntary in nature
and can be discontinued at any time. The amounts waived and reimbursed are disclosed on the Statements of Operations.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of September 30, 2014, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:
| Investment management fee range | Investment management fee—effective rate | Service agreement fee | Distribution fee | Maximum expense amounts‡ | |||||||||||||||||||||||
| Retirement | Premier | Retail | Institutional | Premier | Retirement | Retail | |||||||||||||||||||||
| Fund | Class | Class | Class | Class | Class | Class | Class | ||||||||||||||||||||
| Bond* | 0.27%–0.30 | % | 0.29 | % | 0.25 | % | 0.15 | % | 0.25 | % | 0.35 | % | 0.50 | % | 0.60 | % | 0.70 | % | |||||||||
| Bond Index | 0.10 | 0.10 | 0.25 | 0.15 | 0.25 | 0.13 | 0.28 | 0.38 | 0.48 | ||||||||||||||||||
| Bond Plus* | 0.27–0.30 | 0.29 | 0.25 | 0.15 | 0.25 | 0.35 | 0.50 | 0.60 | 0.70 | ||||||||||||||||||
| High-Yield* | 0.32–0.35 | 0.34 | 0.25 | 0.15 | 0.25 | 0.40 | 0.55 | 0.65 | 0.75 | ||||||||||||||||||
| Inflation-Linked Bond* | 0.22–0.25 | 0.25 | 0.25 | 0.15 | 0.25 | 0.35 | 0.50 | 0.60 | 0.70 | ||||||||||||||||||
| Short-Term Bond* | 0.22–0.25 | 0.25 | 0.25 | 0.15 | 0.25 | 0.30 | 0.45 | 0.55 | 0.65 | ||||||||||||||||||
| Social Choice Bond* | 0.32–0.35 | 0.35 | 0.25 | 0.15 | 0.25 | 0.40 | 0.55 | 0.65 | 0.75 | ||||||||||||||||||
| Tax-Exempt Bond* | 0.27–0.30 | 0.30 | – | – | 0.25 | 0.35 | – | – | 0.70 | ||||||||||||||||||
| Money Market | 0.10 | 0.10 | 0.25 | 0.15 | 0.25 | 0.15 | 0.30 | 0.40 | 0.50 | ||||||||||||||||||
| * | These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase. |
| ‡ | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least July 31, 2015. The reimbursement arrangements can only be changed with the approval of the Board of Trustees. |
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.
At the commencement of operations of the Social Choice Bond Fund, TIAA, an affiliate, invested in the Fund. In addition, a registered separate account of TIAA (collectively, “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.
The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of September 30, 2014:
| TIAA-CREF | TIAA-CREF | |||||||||||||||||||||||||||
| TIAA-CREF | Lifecycle Index | TIAA-CREF | Managed | |||||||||||||||||||||||||
| Underlying Fund | TIAA | Lifecycle Funds | Funds | Lifestyle Funds | Allocation Fund | TIAA Access | Total | |||||||||||||||||||||
| Bond | – | 74 | % | – | 1 | % | – | 1 | % | 76 | % | |||||||||||||||||
| Bond Index | – | – | 15 | % | – | – | 1 | 16 | ||||||||||||||||||||
| Bond Plus | – | 60 | – | 4 | 12 | % | 2 | 78 | ||||||||||||||||||||
| High-Yield | – | 25 | – | – | – | 1 | 26 | |||||||||||||||||||||
| Inflation-Linked Bond | – | 15 | 3 | – | – | – | 18 | |||||||||||||||||||||
| Short-Term Bond | – | 28 | – | 3 | – | 1 | 32 | |||||||||||||||||||||
| Social Choice Bond | 26 | % | – | – | – | – | – | 26 | ||||||||||||||||||||
| Money Market | – | – | – | – | – | 1 | 1 | |||||||||||||||||||||
TIAA-CREF Tuition Financing, Inc. (“TFI”), an indirect wholly owned subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of September 30, 2014, five 529 Plans own 18%, 17%,
8%, 7% and 6%, respectively, of the Bond Index Fund; one 529 Plan owns 5% of the High Yield Fund; five 529 Plans own 15%, 13%, 7%, 5% and 5%, respectively, of the Inflation-Linked Bond Fund; three 529 Plans own 8%, 6% and 5%, respectively, of the Short-Term Bond Fund; and one 529 Plan owns 9% of the Money Market Fund.
| 66 | 2014 Semiannual 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.
Mortgage dollar roll transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Net unrealized appreciation (depreciation): At September 30, 2014, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
| Net | ||||||||||||||||
| Gross | Gross | unrealized | ||||||||||||||
| unrealized | unrealized | appreciation | ||||||||||||||
| Fund | Tax cost | appreciation | depreciation | (depreciation | ) | |||||||||||
| Bond | $ | 3,025,256,199 | $ | 39,057,051 | $ | (10,148,184 | ) | $ | 28,908,867 | |||||||
| Bond Index | 5,413,618,307 | 80,435,551 | (34,884,881 | ) | 45,550,670 | |||||||||||
| Bond Plus | 2,824,563,220 | 38,420,912 | (11,593,684 | ) | 26,827,228 | |||||||||||
| High-Yield | 2,540,751,530 | 49,279,215 | (40,454,576 | ) | 8,824,639 | |||||||||||
| Inflation-Linked Bond | 1,837,110,062 | 73,258,429 | (33,494,676 | ) | 39,763,753 | |||||||||||
| Short-Term Bond | 1,337,941,534 | 5,451,259 | (4,029,627 | ) | 1,421,632 | |||||||||||
| Social Choice Bond | 199,191,553 | 1,327,552 | (617,490 | ) | 710,062 | |||||||||||
| Tax-Exempt Bond | 318,901,746 | 9,981,012 | (50,199 | ) | 9,930,813 | |||||||||||
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended September 30, 2014 were as follows:
| Non-U.S. | U.S. | Non-U.S. | U.S. | |||||||||||||
| government | government | government | government | |||||||||||||
| Fund | purchases | purchases | sales | sales | ||||||||||||
| Bond | $ | 588,789,547 | $ | 3,547,294,036 | $ | 415,499,393 | $ | 3,244,807,003 | ||||||||
| Bond Index | 247,371,875 | 691,651,963 | 137,343,891 | 312,002,747 | ||||||||||||
| Bond Plus | 600,450,761 | 2,761,822,267 | 396,672,342 | 2,702,241,045 | ||||||||||||
| High-Yield | 1,000,988,707 | – | 1,125,877,553 | – | ||||||||||||
| Inflation-Linked Bond | – | 256,495,959 | – | 201,217,156 | ||||||||||||
| Short-Term Bond | 310,573,292 | 504,537,871 | 221,665,194 | 437,302,097 | ||||||||||||
| Social Choice Bond | 93,573,264 | 601,221,496 | 32,155,876 | 568,775,610 | ||||||||||||
| Tax-Exempt Bond | 236,651,664 | – | 262,630,411 | – | ||||||||||||
Note 6—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended March 31, 2014 was as follows:
| Ordinary | Long-term | |||||||||||||||
| Fund | income | capital gains | Total | |||||||||||||
| Bond | $ | 61,792,013 | $ | 12,050,367 | $ | 73,842,380 | ||||||||||
| Bond Index | 92,334,854 | 1,668,012 | 94,002,866 | |||||||||||||
| Bond Plus | 47,779,105 | 7,638,532 | 55,417,637 | |||||||||||||
| High-Yield | 152,745,302 | 42,643,180 | 195,388,482 | |||||||||||||
| Inflation-Linked Bond | 24,916,653 | 1,162,387 | 26,079,040 | |||||||||||||
| Short-Term Bond | 18,081,963 | – | 18,081,963 | |||||||||||||
| Social Choice Bond | 1,378,056 | – | 1,378,056 | |||||||||||||
| Tax-Exempt Bond* | 8,802,502 | 863,642 | 9,666,144 | |||||||||||||
| Money Market | 29,598 | – | 29,598 | |||||||||||||
| * | Includes ordinary income which will not be taxable for federal income tax purposes in 2014 of $7,599,546. |
The tax character of the fiscal year 2015 distributions will be determined at the end of the fiscal year.
| TIAA-CREF Funds: Fixed Income Funds ■ 2014 Semiannual Report | 67 |
| Notes to financial statements (unaudited) | concluded |
Note 7—line of credit
Each of the Funds, except the Money Market Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2014. A new facility was entered into on June 24, 2014 expiring June 23, 2015. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended September 30, 2014, there were no borrowings under this credit facility by the Funds.
Note 8—indemnification
In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.
| 68 | 2014 Semiannual Report ■ TIAA-CREF Funds: Fixed Income Funds |
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
TIAA-CREF website
tiaa-cref.org
24 hours a day, 7 days a week
Automated telephone service
800 842-2252
24 hours a day, 7 days a week
For the hearing- or speech-impaired
800 842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday
| You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit tiaa-cref.org, or call 800 842-2252 for the Institutional, Premier and Retirement classes or 800 223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank | deposits,
are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. | |
©2014 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.
 |
730 Third Avenue New York, NY 10017-3206 |
PRESORTED STANDARD
U.S. POSTAGE
PAID
TIAA-CREF |
 |
Printed on paper containing recycled fiber |
eDelivery will save trees, conserve paper and reduce mailbox clutter.
Sign up today at www.tiaa-cref.org/eDelivery
| C19726 | A12457 (11/14) |
 |
730 Third Avenue New York, NY 10017-3206 |
 |
Printed on paper containing recycled fiber |
| C19726 | A12457 (11/14) |
 |
730 Third Avenue New York, NY 10017-3206 |
| C19726 | A12457 (11/14) |
Item 2. Code of Ethics.
Not Applicable.
Item 3. Audit Committee Financial Expert.
Not Applicable.
Item 4. Principal Accountant Fees and Services.
Not Applicable.
Item 5. Audit Committee of Listed Registrants.
Not Applicable.
Item 6. Schedule of Investments.
TIAA-CREF FUNDS - Bond Fund
TIAA-CREF FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2014
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| BANK LOAN OBLIGATIONS - 1.3% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.1% | ||||||||||||||||
| $ | 1,745,625 | i | Gates Global LLC | 4.250 | % | 07/03/21 | $ | 1,712,528 | ||||||||
| 900,000 | h,i | INA Beteiligungsgesellschaft mbH | 3.750 | 05/15/20 | 891,567 | |||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 2,604,095 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | ||||||||||||||||
| 1,430,232 | i | Capital Safety North America | 3.750 | 03/29/21 | 1,390,543 | |||||||||||
| 895,426 | i | Pilot Corp | 4.250 | 08/07/19 | 893,563 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 2,284,106 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.1% | ||||||||||||||||
| 1,600,000 | i | Libbey Glass, Inc | 3.750 | 04/09/21 | 1,583,008 | |||||||||||
| 897,750 | i | Otter Products LLC | 5.750 | 06/03/20 | 888,772 | |||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 2,471,780 | |||||||||||||||
| CONSUMER SERVICES - 0.1% | ||||||||||||||||
| 485,536 | i | La Quinta Intermediate Holdings LLC | 4.000 | 04/14/21 | 479,671 | |||||||||||
| 1,897,744 | i | Spin Holdco, Inc | 4.250 | 11/14/19 | 1,860,985 | |||||||||||
| TOTAL CONSUMER SERVICES | 2,340,656 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 0.0% | ||||||||||||||||
| 900,000 | i | TransUnion LLC | 4.000 | 04/09/21 | 884,817 | |||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 884,817 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.1% | ||||||||||||||||
| 2,100,000 | i | Albertson’s Holdings LLC | 4.500 | 08/25/21 | 2,088,618 | |||||||||||
| TOTAL FOOD & STAPLES RETAILING | 2,088,618 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.3% | ||||||||||||||||
| 2,000,000 | i | Biomet, Inc | 3.655 | 07/25/17 | 1,983,960 | |||||||||||
| 828,172 | i | Capsugel Holdings US, Inc | 3.500 | 08/01/18 | 811,195 | |||||||||||
| 299,250 | i | DaVita HealthCare Partners, Inc | 3.500 | 06/24/21 | 295,473 | |||||||||||
| 1,994,962 | i | HCA, Inc | 2.983 | 05/01/18 | 1,969,746 | |||||||||||
| 897,739 | i | Kinetic Concepts, Inc | 3.500 | 09/30/17 | 885,772 | |||||||||||
| 1,994,975 | i | Kinetic Concepts, Inc | 4.000 | 05/04/18 | 1,966,307 | |||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 7,912,453 | |||||||||||||||
| MATERIALS - 0.1% | ||||||||||||||||
| 939,185 | i | Minerals Technologies, Inc | 4.000 | 05/07/21 | 930,384 | |||||||||||
| 1,586,667 | i | Signode Industrial Group US, Inc | 4.000 | 05/01/21 | 1,555,933 | |||||||||||
| 360,000 | i | Solenis International LP | 7.750 | 07/31/22 | 349,200 | |||||||||||
| TOTAL MATERIALS | 2,835,517 | |||||||||||||||
| 1 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| MEDIA - 0.1% | ||||||||||||||||
| $ | 588,007 | i | CSC Holdings LLC | 2.654 | % | 04/17/20 | $ | 570,185 | ||||||||
| 900,000 | h,i | MTL Publishing LLC | 3.750 | 06/29/18 | 884,754 | |||||||||||
| 1,736,398 | i | Univision Communications, Inc | 4.000 | 03/01/20 | 1,701,670 | |||||||||||
| 1,000,000 | h,i | Visant Corp | 7.000 | 09/23/21 | 986,880 | |||||||||||
| TOTAL MEDIA | 4,143,489 | |||||||||||||||
| RETAILING - 0.0% | ||||||||||||||||
| 715,000 | i | Stater Bros Markets | 4.750 | 05/12/21 | 711,876 | |||||||||||
| TOTAL RETAILING | 711,876 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% | ||||||||||||||||
| 1,496,250 | i | Avago Technologies Ltd | 3.750 | 05/06/21 | 1,481,482 | |||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,481,482 | |||||||||||||||
| SOFTWARE & SERVICES - 0.1% | ||||||||||||||||
| 1,400,000 | i | Evergreen Skills Lux S.a.r.l. | 7.750 | 04/28/22 | 1,344,000 | |||||||||||
| 384,696 | i | P2 Lower Acquisition LLC | 5.500 | 10/22/20 | 384,457 | |||||||||||
| 675,000 | h,i | ProQuest LLC | 5.250 | 09/23/21 | 673,029 | |||||||||||
| TOTAL SOFTWARE & SERVICES | 2,401,486 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 0.0% | ||||||||||||||||
| 1,108,125 | i | Windstream Corp | 3.500 | 01/23/20 | 1,093,719 | |||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 1,093,719 | |||||||||||||||
| TRANSPORTATION - 0.1% | ||||||||||||||||
| 2,000,000 | Tronox Pigments, B.V. | 4.000 | 03/19/20 | 1,982,760 | ||||||||||||
| TOTAL TRANSPORTATION | 1,982,760 | |||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 35,236,854 | |||||||||||||||
| (Cost $35,620,736) | ||||||||||||||||
| BONDS - 94.6% | ||||||||||||||||
| CORPORATE BONDS - 32.1% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.2% | ||||||||||||||||
| 375,000 | Chrysler Group LLC | 8.000 | 06/15/19 | 397,969 | ||||||||||||
| 675,000 | g | Gates Global LLC | 6.000 | 07/15/22 | 634,500 | |||||||||||
| 745,000 | g | Hyundai Motor Manufacturer | 4.500 | 04/15/15 | 758,194 | |||||||||||
| 2,950,000 | Johnson Controls, Inc | 4.625 | 07/02/44 | 2,880,197 | ||||||||||||
| 1,750,000 | Magna International, Inc | 3.625 | 06/15/24 | 1,738,922 | ||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 6,409,782 | |||||||||||||||
| BANKS - 4.3% | ||||||||||||||||
| 1,000,000 | Banco de Oro Unibank, Inc | 3.875 | 04/22/16 | 1,025,000 | ||||||||||||
| 1,635,000 | Bancolombia S.A. | 5.950 | 06/03/21 | 1,794,412 | ||||||||||||
| 1,000,000 | g | Bank Nederlandse Gemeenten | 1.875 | 06/11/19 | 998,351 | |||||||||||
| 1,690,000 | Bank of America Corp | 5.300 | 03/15/17 | 1,830,970 | ||||||||||||
| 1,125,000 | Bank of America Corp | 6.000 | 09/01/17 | 1,254,199 | ||||||||||||
| 4,500,000 | Bank of America Corp | 2.650 | 04/01/19 | 4,486,207 | ||||||||||||
| 6,700,000 | Bank of America Corp | 4.100 | 07/24/23 | 6,840,010 | ||||||||||||
| 2 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,000,000 | Bank of America Corp | 4.000 | % | 04/01/24 | $ | 1,010,421 | |||||||||
| 1,325,000 | Bank of America Corp | 4.200 | 08/26/24 | 1,313,543 | ||||||||||||
| 2,000,000 | Bank of America Corp | 5.000 | 01/21/44 | 2,109,876 | ||||||||||||
| 2,000,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 02/23/17 | 2,045,246 | |||||||||||
| 3,375,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 09/08/19 | 3,346,680 | |||||||||||
| 1,500,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 3.250 | 09/08/24 | 1,473,966 | |||||||||||
| 2,000,000 | BDO Unibank, Inc | 4.500 | 02/16/17 | 2,095,000 | ||||||||||||
| 650,000 | Branch Banking & Trust Co | 2.300 | 10/15/18 | 658,076 | ||||||||||||
| 1,000,000 | g | Caixa Economica Federal | 2.375 | 11/06/17 | 970,000 | |||||||||||
| 2,550,000 | Capital One Bank USA NA | 2.950 | 07/23/21 | 2,507,856 | ||||||||||||
| 1,068,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 1,046,369 | ||||||||||||
| 2,050,000 | Citigroup, Inc | 1.300 | 11/15/16 | 2,050,402 | ||||||||||||
| 5,600,000 | Citigroup, Inc | 2.550 | 04/08/19 | 5,595,744 | ||||||||||||
| 1,500,000 | Citigroup, Inc | 3.875 | 10/25/23 | 1,523,172 | ||||||||||||
| 3,800,000 | Citigroup, Inc | 3.750 | 06/16/24 | 3,788,269 | ||||||||||||
| 2,125,000 | Citigroup, Inc | 5.300 | 05/06/44 | 2,207,996 | ||||||||||||
| 375,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.950 | 11/09/22 | 376,596 | ||||||||||||
| 1,250,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 4.625 | 12/01/23 | 1,295,016 | ||||||||||||
| 3,400,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 5.750 | 12/01/43 | 3,860,683 | ||||||||||||
| 425,000 | g,i | Credit Agricole S.A. | 6.625 | 12/30/49 | 405,249 | |||||||||||
| 3,355,000 | Deutsche Bank AG | 3.700 | 05/30/24 | 3,325,879 | ||||||||||||
| 750,000 | g | Export Credit Bank of Turkey | 5.000 | 09/23/21 | 745,500 | |||||||||||
| 2,625,000 | Fifth Third Bancorp | 2.375 | 04/25/19 | 2,628,688 | ||||||||||||
| 1,200,000 | g | Hana Bank | 4.375 | 09/30/24 | 1,192,055 | |||||||||||
| 1,450,000 | g | HSBC Bank plc | 1.500 | 05/15/18 | 1,429,955 | |||||||||||
| 1,320,000 | g | HSBC Bank plc | 4.125 | 08/12/20 | 1,419,929 | |||||||||||
| 550,000 | HSBC Holdings plc | 4.000 | 03/30/22 | 578,811 | ||||||||||||
| 2,450,000 | HSBC Holdings plc | 4.250 | 03/14/24 | 2,478,920 | ||||||||||||
| 675,000 | HSBC Holdings plc | 6.500 | 09/15/37 | 830,400 | ||||||||||||
| 1,050,000 | HSBC Holdings plc | 5.250 | 03/14/44 | 1,114,738 | ||||||||||||
| 1,450,000 | HSBC USA, Inc | 2.250 | 06/23/19 | 1,444,054 | ||||||||||||
| 4,625,000 | JPMorgan Chase & Co | 4.850 | 02/01/44 | 4,844,951 | ||||||||||||
| 750,000 | i | JPMorgan Chase & Co | 5.150 | 12/30/49 | 714,375 | |||||||||||
| 900,000 | g | Macquarie Bank Ltd | 2.600 | 06/24/19 | 899,270 | |||||||||||
| 1,000,000 | g,i | Oversea-Chinese Banking Corp Ltd | 4.000 | 10/15/24 | 1,010,083 | |||||||||||
| 2,950,000 | g | PKO Finance AB | 4.630 | 09/26/22 | 3,064,312 | |||||||||||
| 2,075,000 | PNC Bank NA | 2.200 | 01/28/19 | 2,077,343 | ||||||||||||
| 2,425,000 | PNC Bank NA | 2.250 | 07/02/19 | 2,412,834 | ||||||||||||
| 1,750,000 | PNC Bank NA | 2.700 | 11/01/22 | 1,669,122 | ||||||||||||
| 3,050,000 | PNC Bank NA | 2.950 | 01/30/23 | 2,960,235 | ||||||||||||
| 1,500,000 | PNC Financial Services Group, Inc | 3.900 | 04/29/24 | 1,493,114 | ||||||||||||
| 835,000 | g,i | Rabobank Nederland NV | 11.000 | 12/30/49 | 1,104,288 | |||||||||||
| 2,200,000 | Royal Bank of Canada | 2.200 | 07/27/18 | 2,225,956 | ||||||||||||
| 560,000 | g | Sumitomo Mitsui Banking Corp | 3.150 | 07/22/15 | 571,361 | |||||||||||
| 1,025,000 | Sumitomo Mitsui Banking Corp | 2.500 | 07/19/18 | 1,042,572 | ||||||||||||
| 1,075,000 | SunTrust Bank | 2.750 | 05/01/23 | 1,024,703 | ||||||||||||
| 310,000 | Toronto-Dominion Bank | 2.500 | 07/14/16 | 319,784 | ||||||||||||
| 850,000 | g | Turkiye Garanti Bankasi AS. | 4.750 | 10/17/19 | 846,600 | |||||||||||
| 525,000 | g | Turkiye Halk Bankasi AS. | 4.750 | 06/04/19 | 521,325 | |||||||||||
| 400,000 | g | Turkiye Is Bankasi | 3.750 | 10/10/18 | 390,000 | |||||||||||
| 1,000,000 | g | Turkiye Is Bankasi | 5.500 | 04/21/19 | 1,030,000 | |||||||||||
| 1,750,000 | Union Bank NA | 2.125 | 06/16/17 | 1,778,205 | ||||||||||||
| 3 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,550,000 | UnionBanCal Corp | 3.500 | % | 06/18/22 | $ | 1,583,323 | |||||||||
| 2,500,000 | US Bancorp | 1.650 | 05/15/17 | 2,522,745 | ||||||||||||
| 950,000 | US Bancorp | 2.950 | 07/15/22 | 921,725 | ||||||||||||
| 2,145,000 | Westpac Banking Corp | 3.000 | 08/04/15 | 2,191,607 | ||||||||||||
| 2,150,000 | Westpac Banking Corp | 2.250 | 01/17/19 | 2,162,436 | ||||||||||||
| 1,800,000 | g | Zenith Bank plc | 6.250 | 04/22/19 | 1,800,000 | |||||||||||
| TOTAL BANKS | 118,280,507 | |||||||||||||||
| CAPITAL GOODS - 1.0% | ||||||||||||||||
| 413,000 | g | Alpek S.A. de C.V. | 5.375 | 08/08/23 | 427,455 | |||||||||||
| 3,125,000 | Caterpillar, Inc | 1.500 | 06/26/17 | 3,144,312 | ||||||||||||
| 1,250,000 | g | EADS Finance BV | 2.700 | 04/17/23 | 1,201,547 | |||||||||||
| 675,000 | Eaton Corp | 4.000 | 11/02/32 | 667,769 | ||||||||||||
| 4,650,000 | John Deere Capital Corp | 1.950 | 03/04/19 | 4,621,277 | ||||||||||||
| 707,673 | g | Odebrecht Offshore Drilling Finance Ltd | 6.625 | 10/01/22 | 728,903 | |||||||||||
| 725,000 | g | Schaeffler Finance BV | 4.750 | 05/15/21 | 723,187 | |||||||||||
| 3,700,000 | Seagate HDD Cayman | 4.750 | 06/01/23 | 3,727,750 | ||||||||||||
| 1,468,000 | g | Sealed Air Corp | 8.375 | 09/15/21 | 1,629,480 | |||||||||||
| 845,000 | g | Sealed Air Corp | 5.250 | 04/01/23 | 828,100 | |||||||||||
| 2,290,000 | g | Stena AB | 7.000 | 02/01/24 | 2,381,600 | |||||||||||
| 2,075,000 | g | Timken Co | 3.875 | 09/01/24 | 2,042,539 | |||||||||||
| 1,000,000 | g | TSMC Global Ltd | 1.625 | 04/03/18 | 987,455 | |||||||||||
| 200,000 | g | Tupy Overseas S.A. | 6.625 | 07/17/24 | 203,500 | |||||||||||
| 1,975,000 | United Technologies Corp | 1.800 | 06/01/17 | 2,004,175 | ||||||||||||
| 1,050,000 | United Technologies Corp | 4.500 | 06/01/42 | 1,098,696 | ||||||||||||
| TOTAL CAPITAL GOODS | 26,417,745 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.5% | ||||||||||||||||
| 250,000 | ADT Corp | 6.250 | 10/15/21 | 258,750 | ||||||||||||
| 225,000 | g,h | AECOM Technology Corp | 5.750 | 10/15/22 | 225,844 | |||||||||||
| 325,000 | g,h | AECOM Technology Corp | 5.875 | 10/15/24 | 327,031 | |||||||||||
| 1,425,000 | Air Lease Corp | 3.875 | 04/01/21 | 1,439,250 | ||||||||||||
| 1,495,000 | Republic Services, Inc | 3.800 | 05/15/18 | 1,588,258 | ||||||||||||
| 2,400,000 | Republic Services, Inc | 3.550 | 06/01/22 | 2,438,981 | ||||||||||||
| 1,775,000 | Synchrony Financial | 3.000 | 08/15/19 | 1,779,866 | ||||||||||||
| 1,500,000 | Waste Management, Inc | 2.600 | 09/01/16 | 1,543,488 | ||||||||||||
| 2,800,000 | Waste Management, Inc | 2.900 | 09/15/22 | 2,743,776 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 12,345,244 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.1% | ||||||||||||||||
| 300,000 | DR Horton, Inc | 3.625 | 02/15/18 | 297,000 | ||||||||||||
| 1,200,000 | DR Horton, Inc | 3.750 | 03/01/19 | 1,167,000 | ||||||||||||
| 1,100,000 | PVH Corp | 4.500 | 12/15/22 | 1,075,250 | ||||||||||||
| 500,000 | Whirlpool Corp | 3.700 | 03/01/23 | 502,225 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 3,041,475 | |||||||||||||||
| CONSUMER SERVICES - 0.2% | ||||||||||||||||
| 1,800,000 | g,h | 1011778 BC / New Red Fin | 6.000 | 04/01/22 | 1,788,750 | |||||||||||
| 900,000 | Ameristar Casinos, Inc | 7.500 | 04/15/21 | 936,000 | ||||||||||||
| 775,000 | ARAMARK Corp | 5.750 | 03/15/20 | 794,375 | ||||||||||||
| 425,000 | GLP Capital LP | 4.375 | 11/01/18 | 431,375 | ||||||||||||
| 1,775,000 | g | SABMiller Holdings, Inc | 3.750 | 01/15/22 | 1,809,222 | |||||||||||
| 4 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,250,000 | g | SABMiller Holdings, Inc | 4.950 | % | 01/15/42 | $ | 1,300,796 | ||||||||
| TOTAL CONSUMER SERVICES | 7,060,518 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 4.1% | ||||||||||||||||
| 1,190,000 | g | Abbey National Treasury Services plc | 3.875 | 11/10/14 | 1,194,240 | |||||||||||
| 750,000 | Abbey National Treasury Services plc | 4.000 | 04/27/16 | 784,460 | ||||||||||||
| 600,000 | g | AerCap Ireland Capital Ltd | 5.000 | 10/01/21 | 597,000 | |||||||||||
| 1,500,000 | American Express Centurion Bank | 6.000 | 09/13/17 | 1,689,358 | ||||||||||||
| 1,575,000 | American Express Co | 2.650 | 12/02/22 | 1,518,355 | ||||||||||||
| 4,975,000 | American Express Credit Corp | 1.300 | 07/29/16 | 5,008,183 | ||||||||||||
| 4,750,000 | American Express Credit Corp | 2.125 | 07/27/18 | 4,775,712 | ||||||||||||
| 10,750,000 | g,i | Armor Re Ltd | 4.010 | 12/15/16 | 10,828,475 | |||||||||||
| 1,250,000 | Bank of New York Mellon Corp | 1.200 | 02/20/15 | 1,253,379 | ||||||||||||
| 1,200,000 | i | Bank of New York Mellon Corp | 1.969 | 06/20/17 | 1,218,792 | |||||||||||
| 580,000 | Bank of New York Mellon Corp | 5.450 | 05/15/19 | 660,115 | ||||||||||||
| 1,000,000 | g | BBVA Bancomer S.A. | 4.375 | 04/10/24 | 1,010,000 | |||||||||||
| 1,125,000 | BlackRock, Inc | 3.500 | 12/10/14 | 1,131,662 | ||||||||||||
| 1,125,000 | BlackRock, Inc | 3.500 | 03/18/24 | 1,134,223 | ||||||||||||
| 825,000 | Capital One Financial Corp | 1.000 | 11/06/15 | 827,303 | ||||||||||||
| 1,500,000 | g | Comcel Trust | 6.875 | 02/06/24 | 1,582,500 | |||||||||||
| 1,475,000 | Credit Suisse | 2.300 | 05/28/19 | 1,460,309 | ||||||||||||
| 1,600,000 | Ford Motor Credit Co LLC | 4.250 | 02/03/17 | 1,696,557 | ||||||||||||
| 2,500,000 | Ford Motor Credit Co LLC | 3.000 | 06/12/17 | 2,580,190 | ||||||||||||
| 800,000 | Ford Motor Credit Co LLC | 6.625 | 08/15/17 | 904,383 | ||||||||||||
| 4,500,000 | General Electric Capital Corp | 2.300 | 01/14/19 | 4,544,356 | ||||||||||||
| 2,425,000 | General Electric Capital Corp | 3.100 | 01/09/23 | 2,399,993 | ||||||||||||
| 810,000 | General Electric Capital Corp | 6.875 | 01/10/39 | 1,090,168 | ||||||||||||
| 360,000 | General Motors Financial Co, Inc | 4.375 | 09/25/21 | 368,100 | ||||||||||||
| 3,960,000 | Goldman Sachs Group, Inc | 3.300 | 05/03/15 | 4,023,202 | ||||||||||||
| 3,500,000 | Goldman Sachs Group, Inc | 2.625 | 01/31/19 | 3,490,998 | ||||||||||||
| 1,750,000 | Goldman Sachs Group, Inc | 3.625 | 01/22/23 | 1,737,187 | ||||||||||||
| 1,450,000 | Goldman Sachs Group, Inc | 4.000 | 03/03/24 | 1,460,411 | ||||||||||||
| 2,575,000 | Goldman Sachs Group, Inc | 3.850 | 07/08/24 | 2,559,800 | ||||||||||||
| 135,000 | Goldman Sachs Group, Inc | 6.450 | 05/01/36 | 157,225 | ||||||||||||
| 335,000 | Goldman Sachs Group, Inc | 6.750 | 10/01/37 | 399,919 | ||||||||||||
| 1,225,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 1,231,806 | ||||||||||||
| 600,000 | g | Hyundai Capital Services, Inc | 4.375 | 07/27/16 | 632,219 | |||||||||||
| 525,000 | Icahn Enterprises LP | 4.875 | 03/15/19 | 517,125 | ||||||||||||
| 2,000,000 | g | ICICI Bank Ltd | 3.500 | 03/18/20 | 2,002,324 | |||||||||||
| 300,000 | Indian Railway Finance Corp Ltd | 3.917 | 02/26/19 | 308,487 | ||||||||||||
| 4,850,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 5,068,250 | ||||||||||||
| 695,000 | g | Inversiones CMPC S.A. | 4.750 | 09/15/24 | 689,668 | |||||||||||
| 750,000 | Korea Development Bank | 2.500 | 03/11/20 | 742,157 | ||||||||||||
| 1,975,000 | Landwirtschaftliche Rentenbank | 5.125 | 02/01/17 | 2,165,801 | ||||||||||||
| 350,000 | Legg Mason, Inc | 2.700 | 07/15/19 | 351,038 | ||||||||||||
| 475,000 | Legg Mason, Inc | 3.950 | 07/15/24 | 479,281 | ||||||||||||
| 3,600,000 | Morgan Stanley | 1.750 | 02/25/16 | 3,638,398 | ||||||||||||
| 400,000 | Morgan Stanley | 3.750 | 02/25/23 | 399,480 | ||||||||||||
| 3,225,000 | Morgan Stanley | 4.350 | 09/08/26 | 3,169,585 | ||||||||||||
| 2,000,000 | Morgan Stanley | 6.375 | 07/24/42 | 2,497,076 | ||||||||||||
| 565,000 | National Rural Utilities Cooperative Finance Corp | 10.375 | 11/01/18 | 743,994 | ||||||||||||
| 1,500,000 | g | Nederlandse Waterschapsbank NV | 1.875 | 03/13/19 | 1,500,627 | |||||||||||
| 5 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 750,000 | g | NongHyup Bank | 2.750 | % | 09/29/19 | $ | 750,300 | ||||||||
| 575,000 | g | Rio Oil Finance Trust | 6.250 | 07/06/24 | 593,171 | |||||||||||
| 900,000 | g | SUAM Finance BV | 4.875 | 04/17/24 | 915,750 | |||||||||||
| 700,000 | g | Temasek Financial I Ltd | 2.375 | 01/23/23 | 670,760 | |||||||||||
| 1,025,000 | Toyota Motor Credit Corp | 1.250 | 10/05/17 | 1,018,579 | ||||||||||||
| 1,400,000 | g | UBS AG. | 1.875 | 01/23/15 | 1,406,384 | |||||||||||
| 1,500,000 | Unilever Capital Corp | 2.200 | 03/06/19 | 1,513,799 | ||||||||||||
| 300,000 | Waha Aerospace BV | 3.925 | 07/28/20 | 315,000 | ||||||||||||
| 555,000 | g | Waha Aerospace BV | 3.925 | 07/28/20 | 582,750 | |||||||||||
| 4,650,000 | Wells Fargo & Co | 1.500 | 07/01/15 | 4,687,856 | ||||||||||||
| 6,725,000 | Wells Fargo & Co | 3.300 | 09/09/24 | 6,597,460 | ||||||||||||
| 2,300,000 | Wells Fargo & Co | 4.100 | 06/03/26 | 2,291,916 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 111,567,596 | |||||||||||||||
| ENERGY - 3.3% | ||||||||||||||||
| 1,275,000 | Anadarko Petroleum Corp | 5.950 | 09/15/16 | 1,390,781 | ||||||||||||
| 365,000 | Anadarko Petroleum Corp | 6.950 | 06/15/19 | 435,550 | ||||||||||||
| 625,000 | Apache Corp | 1.750 | 04/15/17 | 629,587 | ||||||||||||
| 1,320,000 | Apache Corp | 4.750 | 04/15/43 | 1,319,125 | ||||||||||||
| 3,375,000 | Ashland, Inc | 3.875 | 04/15/18 | 3,383,437 | ||||||||||||
| 500,000 | Ashland, Inc | 4.750 | 08/15/22 | 487,500 | ||||||||||||
| 3,050,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 2,995,292 | ||||||||||||
| 450,000 | g,h | California Resources Corp | 5.000 | 01/15/20 | 456,750 | |||||||||||
| 795,000 | g | Calumet Specialty Products Partners LP | 6.500 | 04/15/21 | 755,250 | |||||||||||
| 1,475,000 | Canadian Natural Resources Ltd | 3.800 | 04/15/24 | 1,493,517 | ||||||||||||
| 500,000 | i | Chesapeake Energy Corp | 3.484 | 04/15/19 | 501,250 | |||||||||||
| 3,500,000 | Chevron Corp | 2.355 | 12/05/22 | 3,333,032 | ||||||||||||
| 5,000,000 | Chevron Corp | 3.191 | 06/24/23 | 5,034,475 | ||||||||||||
| 1,875,000 | Concho Resources, Inc | 5.500 | 04/01/23 | 1,950,000 | ||||||||||||
| 350,000 | g | CONSOL Energy, Inc | 5.875 | 04/15/22 | 344,750 | |||||||||||
| 2,875,000 | Devon Energy Corp | 1.875 | 05/15/17 | 2,901,427 | ||||||||||||
| 725,000 | Devon Energy Corp | 4.750 | 05/15/42 | 721,190 | ||||||||||||
| 700,000 | Ecopetrol S.A. | 4.125 | 01/16/25 | 677,250 | ||||||||||||
| 2,875,000 | g | EDC Finance Ltd | 4.875 | 04/17/20 | 2,587,500 | |||||||||||
| 480,000 | Enbridge Energy Partners LP | 5.200 | 03/15/20 | 533,796 | ||||||||||||
| 335,000 | Enterprise Products Operating LLC | 5.600 | 10/15/14 | 335,633 | ||||||||||||
| 170,000 | Enterprise Products Operating LLC | 5.000 | 03/01/15 | 173,147 | ||||||||||||
| 1,500,000 | Enterprise Products Operating LLC | 5.100 | 02/15/45 | 1,582,210 | ||||||||||||
| 675,000 | EOG Resources, Inc | 2.625 | 03/15/23 | 644,146 | ||||||||||||
| 1,425,000 | g | Exterran Partners | 6.000 | 10/01/22 | 1,385,812 | |||||||||||
| 1,295,000 | Hess Corp | 5.600 | 02/15/41 | 1,458,568 | ||||||||||||
| 1,350,000 | g | Indo Energy Finance II BV | 6.375 | 01/24/23 | 1,049,625 | |||||||||||
| 1,200,000 | Marathon Petroleum Corp | 3.500 | 03/01/16 | 1,241,398 | ||||||||||||
| 525,000 | Marathon Petroleum Corp | 3.625 | 09/15/24 | 513,901 | ||||||||||||
| 1,200,000 | Newfield Exploration Co | 5.750 | 01/30/22 | 1,287,000 | ||||||||||||
| 1,400,000 | Noble Energy, Inc | 5.250 | 11/15/43 | 1,476,807 | ||||||||||||
| 500,000 | Noble Holding International Ltd | 3.450 | 08/01/15 | 510,219 | ||||||||||||
| 1,320,000 | Noble Holding International Ltd | 4.900 | 08/01/20 | 1,396,763 | ||||||||||||
| 1,800,000 | Noble Holding International Ltd | 3.950 | 03/15/22 | 1,753,137 | ||||||||||||
| 700,000 | g | Oleoducto Central SA | 4.000 | 05/07/21 | 699,440 | |||||||||||
| 2,150,000 | g | ONE Gas, Inc | 2.070 | 02/01/19 | 2,143,619 | |||||||||||
| 700,000 | g | ONE Gas, Inc | 3.610 | 02/01/24 | 721,379 | |||||||||||
| 6 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,475,000 | g | ONE Gas, Inc | 4.658 | % | 02/01/44 | $ | 1,610,712 | ||||||||
| 500,000 | g | Pacific Rubiales Energy Corp | 5.375 | 01/26/19 | 507,500 | |||||||||||
| 365,000 | Pemex Project Funding Master Trust | 5.750 | 03/01/18 | 404,238 | ||||||||||||
| 1,500,000 | g | Pertamina Persero PT | 4.300 | 05/20/23 | 1,421,250 | |||||||||||
| 1,350,000 | i | Petrobras Global Finance BV | 1.852 | 05/20/16 | 1,348,650 | |||||||||||
| 1,375,000 | Petrobras Global Finance BV | 3.250 | 03/17/17 | 1,391,459 | ||||||||||||
| 1,000,000 | i | Petrobras Global Finance BV | 2.374 | 01/15/19 | 999,700 | |||||||||||
| 500,000 | Petrobras Global Finance BV | 6.250 | 03/17/24 | 523,815 | ||||||||||||
| 1,640,000 | Petrobras International Finance Co | 3.875 | 01/27/16 | 1,678,540 | ||||||||||||
| 300,000 | Petrobras International Finance Co | 3.500 | 02/06/17 | 305,214 | ||||||||||||
| 925,000 | Petroleos Mexicanos | 4.875 | 03/15/15 | 941,826 | ||||||||||||
| 1,875,000 | Petroleos Mexicanos | 3.500 | 07/18/18 | 1,944,375 | ||||||||||||
| 170,000 | Petroleos Mexicanos | 8.000 | 05/03/19 | 206,465 | ||||||||||||
| 450,000 | Petroleos Mexicanos | 5.500 | 06/27/44 | 459,090 | ||||||||||||
| 750,000 | g | Petroleum Co of Trinidad & Tobago Ltd | 9.750 | 08/14/19 | 943,125 | |||||||||||
| 1,400,000 | Phillips 66 | 1.950 | 03/05/15 | 1,408,950 | ||||||||||||
| 6,725,000 | Plains All American Pipeline LP | 3.600 | 11/01/24 | 6,600,117 | ||||||||||||
| 1,625,000 | Plains Exploration & Production Co | 6.500 | 11/15/20 | 1,779,570 | ||||||||||||
| 625,000 | Precision Drilling Corp | 6.500 | 12/15/21 | 643,750 | ||||||||||||
| 1,500,000 | g | PTT Exploration & Production PCL | 3.707 | 09/16/18 | 1,559,235 | |||||||||||
| 468,000 | Questar Market Resources, Inc | 6.875 | 03/01/21 | 507,780 | ||||||||||||
| 530,000 | Regency Energy Partners LP | 5.875 | 03/01/22 | 551,200 | ||||||||||||
| 900,000 | Shell International Finance BV | 4.550 | 08/12/43 | 951,709 | ||||||||||||
| 1,000,000 | Southwestern Energy Co | 4.100 | 03/15/22 | 1,025,967 | ||||||||||||
| 415,000 | Statoil ASA | 2.900 | 10/15/14 | 415,345 | ||||||||||||
| 675,000 | Statoil ASA | 1.200 | 01/17/18 | 666,594 | ||||||||||||
| 1,700,000 | Statoil ASA | 2.450 | 01/17/23 | 1,622,405 | ||||||||||||
| 1,325,000 | Statoil ASA | 4.250 | 11/23/41 | 1,324,059 | ||||||||||||
| 2,000,000 | Total Capital International S.A. | 1.500 | 02/17/17 | 2,017,556 | ||||||||||||
| 1,915,000 | TransCanada Pipelines Ltd | 7.690 | 06/30/16 | 2,129,733 | ||||||||||||
| 660,000 | TransCanada Pipelines Ltd | 5.850 | 03/15/36 | 773,294 | ||||||||||||
| 495,000 | g | Ultra Petroleum Corp | 6.125 | 10/01/24 | 472,725 | |||||||||||
| 480,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 541,200 | ||||||||||||
| 515,000 | Valero Energy Corp | 4.500 | 02/01/15 | 521,591 | ||||||||||||
| 1,500,000 | WPX Energy, Inc | 6.000 | 01/15/22 | 1,546,500 | ||||||||||||
| TOTAL ENERGY | 92,049,502 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.2% | ||||||||||||||||
| 500,000 | CVS Caremark Corp | 3.250 | 05/18/15 | 508,759 | ||||||||||||
| 1,375,000 | CVS Caremark Corp | 4.000 | 12/05/23 | 1,431,809 | ||||||||||||
| 1,800,000 | CVS Caremark Corp | 3.375 | 08/12/24 | 1,774,264 | ||||||||||||
| 950,000 | CVS Caremark Corp | 5.300 | 12/05/43 | 1,064,382 | ||||||||||||
| 1,810,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 1,819,050 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 6,598,264 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.7% | ||||||||||||||||
| 2,500,000 | Anheuser-Busch InBev Worldwide, Inc | 2.875 | 02/15/16 | 2,569,225 | ||||||||||||
| 2,500,000 | Anheuser-Busch InBev Worldwide, Inc | 1.375 | 07/15/17 | 2,496,668 | ||||||||||||
| 1,450,000 | Anheuser-Busch InBev Worldwide, Inc | 2.500 | 07/15/22 | 1,370,166 | ||||||||||||
| 325,000 | Campbell Soup Co | 2.500 | 08/02/22 | 306,151 | ||||||||||||
| 1,225,000 | Coca-Cola Co | 3.200 | 11/01/23 | 1,227,592 | ||||||||||||
| 350,000 | g | Corp Lindley S.A. | 6.750 | 11/23/21 | 383,250 | |||||||||||
| 7 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,600,000 | Diageo Capital plc | 2.625 | % | 04/29/23 | $ | 1,523,814 | |||||||||
| 1,000,000 | g | Embotelladora Andina S.A. | 5.000 | 10/01/23 | 1,049,643 | |||||||||||
| 650,000 | General Mills, Inc | 5.200 | 03/17/15 | 664,013 | ||||||||||||
| 880,000 | g | Grupo Bimbo SAB de C.V. | 4.500 | 01/25/22 | 919,600 | |||||||||||
| 735,000 | Kraft Foods Group, Inc | 6.500 | 02/09/40 | 921,560 | ||||||||||||
| 650,000 | Mondelez International, Inc | 4.125 | 02/09/16 | 678,214 | ||||||||||||
| 1,750,000 | Mondelez International, Inc | 4.000 | 02/01/24 | 1,793,171 | ||||||||||||
| 78,000 | PepsiCo, Inc | 7.900 | 11/01/18 | 95,801 | ||||||||||||
| 468,000 | g | Pernod-Ricard S.A. | 5.750 | 04/07/21 | 532,988 | |||||||||||
| 1,475,000 | g | Pernod-Ricard S.A. | 4.250 | 07/15/22 | 1,536,682 | |||||||||||
| 200,000 | Philip Morris International, Inc | 6.375 | 05/16/38 | 250,996 | ||||||||||||
| 550,000 | g | Post Holdings, Inc | 6.000 | 12/15/22 | 503,250 | |||||||||||
| 775,000 | Tyson Foods, Inc | 3.950 | 08/15/24 | 776,356 | ||||||||||||
| 500,000 | Tyson Foods, Inc | 4.875 | 08/15/34 | 514,603 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 20,113,743 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.8% | ||||||||||||||||
| 1,450,000 | Baxter International, Inc | 3.200 | 06/15/23 | 1,430,660 | ||||||||||||
| 600,000 | Becton Dickinson & Co | 1.750 | 11/08/16 | 610,013 | ||||||||||||
| 375,000 | g | CHS/Community Health Systems | 6.875 | 02/01/22 | 390,000 | |||||||||||
| 1,500,000 | Covidien International Finance S.A. | 1.350 | 05/29/15 | 1,506,865 | ||||||||||||
| 750,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 758,791 | ||||||||||||
| 6,405,000 | Express Scripts Holding Co | 2.100 | 02/12/15 | 6,441,605 | ||||||||||||
| 1,775,000 | Express Scripts Holding Co | 3.900 | 02/15/22 | 1,838,469 | ||||||||||||
| 1,000,000 | g | Fresenius Medical Care II | 5.625 | 07/31/19 | 1,052,700 | |||||||||||
| 2,700,000 | HCA, Inc | 6.500 | 02/15/20 | 2,949,750 | ||||||||||||
| 750,000 | Mallinckrodt International Finance S.A. | 3.500 | 04/15/18 | 725,625 | ||||||||||||
| 2,075,000 | McKesson Corp | 4.883 | 03/15/44 | 2,136,636 | ||||||||||||
| 525,000 | Thermo Fisher Scientific, Inc | 2.400 | 02/01/19 | 525,812 | ||||||||||||
| 700,000 | Thermo Fisher Scientific, Inc | 4.150 | 02/01/24 | 724,752 | ||||||||||||
| 1,375,000 | Thermo Fisher Scientific, Inc | 5.300 | 02/01/44 | 1,509,186 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 22,600,864 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||
| 1,000,000 | Clorox Co | 3.800 | 11/15/21 | 1,044,515 | ||||||||||||
| 1,950,000 | Colgate-Palmolive Co | 2.300 | 05/03/22 | 1,882,118 | ||||||||||||
| 800,000 | Ecolab, Inc | 1.450 | 12/08/17 | 793,858 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 3,720,491 | |||||||||||||||
| INSURANCE - 2.0% | ||||||||||||||||
| 750,000 | Aetna, Inc | 1.500 | 11/15/17 | 746,959 | ||||||||||||
| 310,000 | Aetna, Inc | 6.500 | 09/15/18 | 361,324 | ||||||||||||
| 285,000 | Aetna, Inc | 6.625 | 06/15/36 | 369,062 | ||||||||||||
| 1,225,000 | Allstate Corp | 3.150 | 06/15/23 | 1,220,548 | ||||||||||||
| 1,225,000 | Allstate Corp | 4.500 | 06/15/43 | 1,254,041 | ||||||||||||
| 1,675,000 | American International Group, Inc | 2.300 | 07/16/19 | 1,662,724 | ||||||||||||
| 350,000 | American International Group, Inc | 4.500 | 07/16/44 | 345,779 | ||||||||||||
| 500,000 | Chubb Corp | 6.000 | 05/11/37 | 631,017 | ||||||||||||
| 235,000 | CIGNA Corp | 5.125 | 06/15/20 | 262,660 | ||||||||||||
| 2,000,000 | CIGNA Corp | 4.500 | 03/15/21 | 2,181,726 | ||||||||||||
| 5,300,000 | g | Five Corners Funding Trust | 4.419 | 11/15/23 | 5,547,356 | |||||||||||
| 1,125,000 | Hartford Financial Services Group, Inc | 4.000 | 03/30/15 | 1,144,914 | ||||||||||||
| 8 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,300,000 | Hartford Financial Services Group, Inc | 4.000 | % | 10/15/17 | $ | 1,391,065 | |||||||||
| 1,275,000 | Lincoln National Corp | 7.000 | 06/15/40 | 1,697,127 | ||||||||||||
| 175,000 | g | MetLife Institutional Funding II | 1.625 | 04/02/15 | 176,100 | |||||||||||
| 1,125,000 | MetLife, Inc | 6.750 | 06/01/16 | 1,234,308 | ||||||||||||
| 4,700,000 | MetLife, Inc | 4.368 | 09/15/23 | 5,024,314 | ||||||||||||
| 2,675,000 | MetLife, Inc | 4.125 | 08/13/42 | 2,533,089 | ||||||||||||
| 450,000 | Principal Financial Group, Inc | 1.850 | 11/15/17 | 450,149 | ||||||||||||
| 1,500,000 | Progressive Corp | 3.750 | 08/23/21 | 1,583,598 | ||||||||||||
| 750,000 | Prudential Financial, Inc | 3.875 | 01/14/15 | 757,382 | ||||||||||||
| 630,000 | Prudential Financial, Inc | 7.375 | 06/15/19 | 767,255 | ||||||||||||
| 1,075,000 | Prudential Financial, Inc | 5.400 | 06/13/35 | 1,198,264 | ||||||||||||
| 1,375,000 | Prudential Financial, Inc | 5.100 | 08/15/43 | 1,451,410 | ||||||||||||
| 5,750,000 | i | Prudential Financial, Inc | 5.200 | 03/15/44 | 5,789,531 | |||||||||||
| 1,190,000 | g | Prudential Funding LLC | 6.750 | 09/15/23 | 1,471,774 | |||||||||||
| 525,000 | g | Swiss Re Treasury US Corp | 2.875 | 12/06/22 | 503,358 | |||||||||||
| 1,325,000 | g | Swiss Re Treasury US Corp | 4.250 | 12/06/42 | 1,287,972 | |||||||||||
| 615,000 | Travelers Cos, Inc | 5.800 | 05/15/18 | 698,022 | ||||||||||||
| 1,450,000 | UnitedHealth Group, Inc | 0.850 | 10/15/15 | 1,454,351 | ||||||||||||
| 1,100,000 | UnitedHealth Group, Inc | 1.400 | 10/15/17 | 1,098,412 | ||||||||||||
| 1,375,000 | UnitedHealth Group, Inc | 3.950 | 10/15/42 | 1,279,189 | ||||||||||||
| 3,000,000 | WellPoint, Inc | 3.125 | 05/15/22 | 2,963,277 | ||||||||||||
| 1,500,000 | WellPoint, Inc | 4.625 | 05/15/42 | 1,461,305 | ||||||||||||
| 3,350,000 | Willis Group Holdings plc | 4.125 | 03/15/16 | 3,479,555 | ||||||||||||
| 410,000 | WR Berkley Corp | 5.375 | 09/15/20 | 455,239 | ||||||||||||
| TOTAL INSURANCE | 55,934,156 | |||||||||||||||
| MATERIALS - 2.1% | ||||||||||||||||
| 400,000 | Alcoa, Inc | 5.125 | 10/01/24 | 400,520 | ||||||||||||
| 750,000 | ArcelorMittal | 5.000 | 02/25/17 | 776,175 | ||||||||||||
| 1,850,000 | Barrick North America Finance LLC | 4.400 | 05/30/21 | 1,873,589 | ||||||||||||
| 550,000 | BHP Billiton Finance USA Ltd | 5.000 | 09/30/43 | 603,364 | ||||||||||||
| 1,100,000 | Braskem Finance Ltd | 6.450 | 02/03/24 | 1,144,000 | ||||||||||||
| 675,000 | g | Cascades, Inc | 5.500 | 07/15/22 | 654,750 | |||||||||||
| 500,000 | g | Celulosa Arauco y Constitucion S.A. | 4.500 | 08/01/24 | 487,324 | |||||||||||
| 1,475,000 | g | Cemex Finance LLC | 6.000 | 04/01/24 | 1,470,870 | |||||||||||
| 800,000 | Corning, Inc | 1.450 | 11/15/17 | 798,206 | ||||||||||||
| 650,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.875 | 11/03/21 | 666,072 | |||||||||||
| 2,648,000 | Crown Americas LLC | 6.250 | 02/01/21 | 2,780,400 | ||||||||||||
| 1,815,000 | Crown Americas LLC | 4.500 | 01/15/23 | 1,715,175 | ||||||||||||
| 5,125,000 | Dow Chemical Co | 3.500 | 10/01/24 | 4,998,910 | ||||||||||||
| 335,000 | Eastman Chemical Co | 5.500 | 11/15/19 | 379,014 | ||||||||||||
| 5,450,000 | g | Glencore Funding LLC | 2.500 | 01/15/19 | 5,335,114 | |||||||||||
| 1,300,000 | g | Glencore Funding LLC | 4.625 | 04/29/24 | 1,310,270 | |||||||||||
| 1,900,000 | Hexion US Finance Corp | 6.625 | 04/15/20 | 1,909,500 | ||||||||||||
| 8,225,000 | International Paper Co | 4.750 | 02/15/22 | 8,863,556 | ||||||||||||
| 700,000 | International Paper Co | 4.800 | 06/15/44 | 677,967 | ||||||||||||
| 900,000 | g | Klabin Finance S.A. | 5.250 | 07/16/24 | 880,020 | |||||||||||
| 1,000,000 | LyondellBasell Industries NV | 5.000 | 04/15/19 | 1,103,896 | ||||||||||||
| 350,000 | g | Mexichem SAB de C.V. | 5.875 | 09/17/44 | 340,375 | |||||||||||
| 625,000 | Monsanto Co | 3.375 | 07/15/24 | 621,733 | ||||||||||||
| 1,350,000 | Nucor Corp | 4.000 | 08/01/23 | 1,382,741 | ||||||||||||
| 1,500,000 | g | OCP S.A. | 5.625 | 04/25/24 | 1,560,300 | |||||||||||
| 9 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,950,000 | Packaging Corp of America | 3.650 | % | 09/15/24 | $ | 1,915,136 | |||||||||
| 500,000 | Rio Tinto Finance USA Ltd | 2.250 | 09/20/16 | 511,801 | ||||||||||||
| 840,000 | Rio Tinto Finance USA plc | 2.250 | 12/14/18 | 843,413 | ||||||||||||
| 3,045,000 | Rock Tenn Co | 3.500 | 03/01/20 | 3,095,812 | ||||||||||||
| 1,000,000 | Rosetta Resources, Inc | 5.625 | 05/01/21 | 975,000 | ||||||||||||
| 702,229 | g | Samarco Mineracao S.A. | 5.375 | 09/26/24 | 693,591 | |||||||||||
| 2,650,000 | Sherwin-Williams Co | 1.350 | 12/15/17 | 2,640,179 | ||||||||||||
| 300,000 | g | Steel Dynamics, Inc | 5.125 | 10/01/21 | 304,500 | |||||||||||
| 875,000 | Teck Resources Ltd | 2.500 | 02/01/18 | 876,155 | ||||||||||||
| 1,925,000 | Teck Resources Ltd | 3.750 | 02/01/23 | 1,811,770 | ||||||||||||
| 275,000 | Teck Resources Ltd | 6.000 | 08/15/40 | 276,629 | ||||||||||||
| 500,000 | Teck Resources Ltd | 5.200 | 03/01/42 | 456,859 | ||||||||||||
| 1,550,000 | g | Turkiye Sise ve Cam Fabrikalari AS. | 4.250 | 05/09/20 | 1,480,250 | |||||||||||
| TOTAL MATERIALS | 58,614,936 | |||||||||||||||
| MEDIA - 2.1% | ||||||||||||||||
| 1,900,000 | AMC Entertainment, Inc | 5.875 | 02/15/22 | 1,914,250 | ||||||||||||
| 2,150,000 | g | British Sky Broadcasting Group plc | 2.625 | 09/16/19 | 2,148,706 | |||||||||||
| 2,250,000 | g,h | CBS Outdoor Americas Capital LLC | 5.250 | 02/15/22 | 2,247,187 | |||||||||||
| 1,450,000 | Cinemark USA, Inc | 4.875 | 06/01/23 | 1,381,125 | ||||||||||||
| 4,775,000 | Comcast Corp | 4.250 | 01/15/33 | 4,832,964 | ||||||||||||
| 2,425,000 | Comcast Corp | 4.200 | 08/15/34 | 2,404,174 | ||||||||||||
| 3,050,000 | DIRECTV Holdings LLC | 4.450 | 04/01/24 | 3,176,438 | ||||||||||||
| 1,050,000 | DISH DBS Corp | 4.250 | 04/01/18 | 1,052,625 | ||||||||||||
| 90,000 | g | Gannett Co, Inc | 4.875 | 09/15/21 | 87,075 | |||||||||||
| 150,000 | g | Gannett Co, Inc | 5.500 | 09/15/24 | 147,750 | |||||||||||
| 875,000 | Grupo Televisa SAB | 5.000 | 05/13/45 | 864,404 | ||||||||||||
| 1,375,000 | g | NBC Universal Enterprise, Inc | 1.662 | 04/15/18 | 1,368,906 | |||||||||||
| 1,475,000 | g | NBC Universal Enterprise, Inc | 1.974 | 04/15/19 | 1,455,478 | |||||||||||
| 1,175,000 | NBC Universal Media LLC | 2.875 | 01/15/23 | 1,152,599 | ||||||||||||
| 4,500,000 | News America, Inc | 3.000 | 09/15/22 | 4,371,565 | ||||||||||||
| 110,000 | News America, Inc | 7.625 | 11/30/28 | 141,025 | ||||||||||||
| 85,000 | News America, Inc | 6.550 | 03/15/33 | 105,167 | ||||||||||||
| 730,000 | News America, Inc | 6.650 | 11/15/37 | 915,041 | ||||||||||||
| 600,000 | News America, Inc | 6.900 | 08/15/39 | 770,938 | ||||||||||||
| 1,000,000 | Nielsen Finance LLC | 4.500 | 10/01/20 | 967,500 | ||||||||||||
| 125,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 122,187 | |||||||||||
| 1,080,000 | g | Numericable Group S.A. | 6.000 | 05/15/22 | 1,088,100 | |||||||||||
| 540,000 | g | Numericable Group S.A. | 6.250 | 05/15/24 | 538,650 | |||||||||||
| 250,000 | Time Warner Cable, Inc | 5.875 | 11/15/40 | 294,154 | ||||||||||||
| 1,475,000 | Time Warner Cable, Inc | 4.500 | 09/15/42 | 1,455,517 | ||||||||||||
| 960,000 | Time Warner, Inc | 3.150 | 07/15/15 | 979,037 | ||||||||||||
| 4,350,000 | Time Warner, Inc | 2.100 | 06/01/19 | 4,275,324 | ||||||||||||
| 4,000,000 | Time Warner, Inc | 4.700 | 01/15/21 | 4,377,548 | ||||||||||||
| 565,000 | Time Warner, Inc | 6.500 | 11/15/36 | 679,809 | ||||||||||||
| 525,000 | Time Warner, Inc | 4.900 | 06/15/42 | 524,634 | ||||||||||||
| 1,500,000 | Time Warner, Inc | 4.650 | 06/01/44 | 1,452,026 | ||||||||||||
| 475,000 | g | Time, Inc | 5.750 | 04/15/22 | 454,812 | |||||||||||
| 2,200,000 | g | Univision Communications, Inc | 5.125 | 05/15/23 | 2,227,500 | |||||||||||
| 2,450,000 | Viacom, Inc | 1.250 | 02/27/15 | 2,458,178 | ||||||||||||
| 1,585,000 | Viacom, Inc | 2.500 | 12/15/16 | 1,627,887 | ||||||||||||
| 1,500,000 | Viacom, Inc | 5.850 | 09/01/43 | 1,666,755 | ||||||||||||
| TOTAL MEDIA | 55,727,035 | |||||||||||||||
| 10 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9% | ||||||||||||||||
| $ | 2,950,000 | Amgen, Inc | 2.200 | % | 05/22/19 | $ | 2,918,733 | |||||||||
| 1,904,000 | g | Endo Finance LLC & Endo Finco, Inc | 7.000 | 07/15/19 | 1,994,440 | |||||||||||
| 1,575,000 | Gilead Sciences, Inc | 3.700 | 04/01/24 | 1,608,766 | ||||||||||||
| 1,775,000 | Gilead Sciences, Inc | 4.800 | 04/01/44 | 1,865,458 | ||||||||||||
| 480,000 | Life Technologies Corp | 3.500 | 01/15/16 | 495,481 | ||||||||||||
| 1,450,000 | Mead Johnson Nutrition Co | 5.900 | 11/01/39 | 1,720,458 | ||||||||||||
| 425,000 | Mead Johnson Nutrition Co | 4.600 | 06/01/44 | 428,783 | ||||||||||||
| 725,000 | Mylan, Inc | 2.550 | 03/28/19 | 720,982 | ||||||||||||
| 1,828,000 | g | Mylan, Inc | 7.875 | 07/15/20 | 1,993,951 | |||||||||||
| 1,350,000 | NBTY, Inc | 9.000 | 10/01/18 | 1,404,000 | ||||||||||||
| 550,000 | g | Perrigo Co Ltd | 4.000 | 11/15/23 | 559,551 | |||||||||||
| 650,000 | g | Perrigo Co Ltd | 5.300 | 11/15/43 | 701,933 | |||||||||||
| 3,025,000 | g | Roche Holdings, Inc | 2.250 | 09/30/19 | 3,012,537 | |||||||||||
| 2,425,000 | g | Roche Holdings, Inc | 3.350 | 09/30/24 | 2,429,503 | |||||||||||
| 1,300,000 | g | Valeant Pharmaceuticals International, Inc | 6.375 | 10/15/20 | 1,335,750 | |||||||||||
| 875,000 | g | Valeant Pharmaceuticals International, Inc | 5.625 | 12/01/21 | 871,719 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 24,062,045 | |||||||||||||||
| REAL ESTATE - 1.1% | ||||||||||||||||
| 345,000 | AMB Property LP | 4.500 | 08/15/17 | 369,541 | ||||||||||||
| 630,000 | Camden Property Trust | 4.625 | 06/15/21 | 683,681 | ||||||||||||
| 1,650,000 | Camden Property Trust | 2.950 | 12/15/22 | 1,585,996 | ||||||||||||
| 1,000,000 | DCT Industrial Operating Partnership LP | 4.500 | 10/15/23 | 1,019,826 | ||||||||||||
| 2,000,000 | Developers Diversified Realty Corp | 4.750 | 04/15/18 | 2,157,578 | ||||||||||||
| 600,000 | Equity One, Inc | 3.750 | 11/15/22 | 595,098 | ||||||||||||
| 40,000 | Federal Realty Investment Trust | 5.650 | 06/01/16 | 43,067 | ||||||||||||
| 75,000 | Federal Realty Investment Trust | 5.900 | 04/01/20 | 87,136 | ||||||||||||
| 300,000 | Federal Realty Investment Trust | 2.750 | 06/01/23 | 285,300 | ||||||||||||
| 1,500,000 | Government Properties Income Trust | 3.750 | 08/15/19 | 1,510,336 | ||||||||||||
| 500,000 | Healthcare Realty Trust, Inc | 5.750 | 01/15/21 | 556,736 | ||||||||||||
| 325,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 316,240 | ||||||||||||
| 825,000 | Healthcare Trust of America Holdings LP | 3.375 | 07/15/21 | 820,849 | ||||||||||||
| 675,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 657,719 | ||||||||||||
| 2,250,000 | Highwoods Realty LP | 5.850 | 03/15/17 | 2,470,052 | ||||||||||||
| 1,645,000 | Highwoods Realty LP | 3.200 | 06/15/21 | 1,618,514 | ||||||||||||
| 2,050,000 | Kilroy Realty LP | 3.800 | 01/15/23 | 2,053,108 | ||||||||||||
| 2,375,000 | Liberty Property LP | 4.125 | 06/15/22 | 2,460,890 | ||||||||||||
| 700,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 725,006 | ||||||||||||
| 1,200,000 | Mid-America Apartments LP | 3.750 | 06/15/24 | 1,182,875 | ||||||||||||
| 650,000 | National Retail Properties, Inc | 5.500 | 07/15/21 | 732,989 | ||||||||||||
| 1,075,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 1,039,347 | ||||||||||||
| 350,000 | Regency Centers LP | 5.250 | 08/01/15 | 362,957 | ||||||||||||
| 40,000 | Regency Centers LP | 5.875 | 06/15/17 | 44,327 | ||||||||||||
| 2,075,000 | Simon Property Group LP | 2.800 | 01/30/17 | 2,146,139 | ||||||||||||
| 470,000 | Simon Property Group LP | 10.350 | 04/01/19 | 624,500 | ||||||||||||
| 1,000,000 | g | Trust F | 5.250 | 12/15/24 | 1,040,000 | |||||||||||
| 340,000 | Ventas Realty LP | 3.125 | 11/30/15 | 349,134 | ||||||||||||
| 1,275,000 | Ventas Realty LP | 3.750 | 05/01/24 | 1,254,015 | ||||||||||||
| 400,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 396,310 | ||||||||||||
| 11 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,876,000 | Weingarten Realty Investors | 3.500 | % | 04/15/23 | $ | 1,834,248 | |||||||||
| 475,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 495,725 | ||||||||||||
| TOTAL REAL ESTATE | 31,519,239 | |||||||||||||||
| RETAILING - 1.1% | ||||||||||||||||
| 2,200,000 | AmeriGas Finance LLC | 3.750 | 05/01/21 | 2,158,750 | ||||||||||||
| 1,667,000 | AutoNation, Inc | 5.500 | 02/01/20 | 1,817,030 | ||||||||||||
| 1,000,000 | g | Golden Eagle Retail Group Ltd | 4.625 | 05/21/23 | 917,791 | |||||||||||
| 1,500,000 | Home Depot, Inc | 2.250 | 09/10/18 | 1,523,811 | ||||||||||||
| 3,000,000 | Home Depot, Inc | 2.000 | 06/15/19 | 2,979,693 | ||||||||||||
| 1,868,000 | Limited Brands, Inc | 6.625 | 04/01/21 | 2,054,800 | ||||||||||||
| 1,385,000 | Macy’s Retail Holdings, Inc | 2.875 | 02/15/23 | 1,321,895 | ||||||||||||
| 370,000 | g | Men’s Wearhouse, Inc | 7.000 | 07/01/22 | 373,700 | |||||||||||
| 1,660,000 | O’Reilly Automotive, Inc | 4.625 | 09/15/21 | 1,803,992 | ||||||||||||
| 5,613,000 | O’Reilly Automotive, Inc | 3.800 | 09/01/22 | 5,737,558 | ||||||||||||
| 4,490,000 | g | QVC, Inc | 7.375 | 10/15/20 | 4,783,224 | |||||||||||
| 375,000 | QVC, Inc | 5.125 | 07/02/22 | 393,971 | ||||||||||||
| 2,000,000 | Sally Holdings LLC | 5.750 | 06/01/22 | 2,040,000 | ||||||||||||
| 600,000 | g | Tiffany & Co | 3.800 | 10/01/24 | 599,606 | |||||||||||
| TOTAL RETAILING | 28,505,821 | |||||||||||||||
| SOFTWARE & SERVICES - 0.5% | ||||||||||||||||
| 650,000 | Equinix, Inc | 4.875 | 04/01/20 | 643,500 | ||||||||||||
| 9,600,000 | Fidelity National Information Services, Inc | 5.000 | 03/15/22 | 10,116,432 | ||||||||||||
| 325,000 | NCR Corp | 5.875 | 12/15/21 | 332,313 | ||||||||||||
| 2,500,000 | Xerox Corp | 2.800 | 05/15/20 | 2,465,120 | ||||||||||||
| 425,000 | Xerox Corp | 4.500 | 05/15/21 | 454,485 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 14,011,850 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.9% | ||||||||||||||||
| 1,125,000 | Amphenol Corp | 4.750 | 11/15/14 | 1,130,572 | ||||||||||||
| 2,275,000 | Amphenol Corp | 3.125 | 09/15/21 | 2,269,802 | ||||||||||||
| 100,000 | CC Holdings GS V LLC | 2.381 | 12/15/17 | 101,162 | ||||||||||||
| 956,000 | Flextronics International Ltd | 4.625 | 02/15/20 | 956,000 | ||||||||||||
| 4,925,000 | General Electric Co | 0.850 | 10/09/15 | 4,946,325 | ||||||||||||
| 415,000 | General Electric Co | 5.250 | 12/06/17 | 460,422 | ||||||||||||
| 1,950,000 | General Electric Co | 2.700 | 10/09/22 | 1,898,009 | ||||||||||||
| 850,000 | General Electric Co | 4.125 | 10/09/42 | 844,520 | ||||||||||||
| 2,725,000 | General Electric Co | 4.500 | 03/11/44 | 2,825,130 | ||||||||||||
| 1,975,000 | Hewlett-Packard Co | 2.750 | 01/14/19 | 2,005,913 | ||||||||||||
| 700,000 | Hewlett-Packard Co | 3.750 | 12/01/20 | 725,801 | ||||||||||||
| 1,185,000 | L-3 Communications Corp | 4.950 | 02/15/21 | 1,288,051 | ||||||||||||
| 1,825,000 | g | NXP BV | 3.750 | 06/01/18 | 1,793,063 | |||||||||||
| 1,500,000 | Scientific Games Corp | 8.125 | 09/15/18 | 1,443,750 | ||||||||||||
| 975,000 | Tyco Electronics Group S.A. | 2.375 | 12/17/18 | 977,243 | ||||||||||||
| 525,000 | g,h | Zebra Technologies Corp | 7.250 | 10/15/22 | 525,000 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 24,190,763 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 2.0% | ||||||||||||||||
| 975,000 | American Tower Corp | 3.500 | 01/31/23 | 926,914 | ||||||||||||
| 2,950,000 | AT&T, Inc | 2.625 | 12/01/22 | 2,790,656 | ||||||||||||
| 2,200,000 | AT&T, Inc | 4.800 | 06/15/44 | 2,167,574 | ||||||||||||
| 12 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,500,000 | g | Bharti Airtel International Netherlands BV | 5.125 | % | 03/11/23 | $ | 1,577,040 | ||||||||
| 900,000 | CenturyLink, Inc | 6.750 | 12/01/23 | 965,250 | ||||||||||||
| 725,000 | g | CommScope Holding Co, Inc | 5.000 | 06/15/21 | 710,500 | |||||||||||
| 725,000 | g | CommScope Holding Co, Inc | 5.500 | 06/15/24 | 712,312 | |||||||||||
| 250,000 | g | Deutsche Telekom International Finance BV | 2.250 | 03/06/17 | 254,485 | |||||||||||
| 630,000 | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 916,006 | ||||||||||||
| 875,000 | g | Deutsche Telekom International Finance BV | 4.875 | 03/06/42 | 904,732 | |||||||||||
| 1,000,000 | g | ENTEL Chile S.A. | 4.875 | 10/30/24 | 1,024,908 | |||||||||||
| 1,375,000 | Intelsat Jackson Holdings S.A. | 5.500 | 08/01/23 | 1,313,125 | ||||||||||||
| 400,000 | Intelsat Luxembourg S.A. | 8.125 | 06/01/23 | 417,000 | ||||||||||||
| 750,000 | g | Oi S.A. | 5.750 | 02/10/22 | 701,325 | |||||||||||
| 500,000 | Orange S.A. | 5.500 | 02/06/44 | 544,405 | ||||||||||||
| 375,000 | g | SES | 3.600 | 04/04/23 | 377,956 | |||||||||||
| 1,725,000 | g | SES Global Americas Holdings GP | 2.500 | 03/25/19 | 1,715,011 | |||||||||||
| 1,325,000 | g | Sprint Corp | 7.250 | 09/15/21 | 1,379,656 | |||||||||||
| 2,500,000 | Telefonica Emisiones SAU | 3.992 | 02/16/16 | 2,601,477 | ||||||||||||
| 2,300,000 | Telefonica Emisiones SAU | 4.570 | 04/27/23 | 2,401,405 | ||||||||||||
| 1,900,000 | T-Mobile USA, Inc | 6.731 | 04/28/22 | 1,942,750 | ||||||||||||
| 425,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 423,937 | ||||||||||||
| 750,000 | g | Turk Telekomunikasyon AS. | 3.750 | 06/19/19 | 731,258 | |||||||||||
| 3,000,000 | Verizon Communications, Inc | 0.700 | 11/02/15 | 3,002,652 | ||||||||||||
| 5,128,000 | g | Verizon Communications, Inc | 2.625 | 02/21/20 | 5,063,669 | |||||||||||
| 1,925,000 | Verizon Communications, Inc | 3.450 | 03/15/21 | 1,953,729 | ||||||||||||
| 7,200,000 | Verizon Communications, Inc | 5.150 | 09/15/23 | 7,973,057 | ||||||||||||
| 1,150,000 | Verizon Communications, Inc | 4.150 | 03/15/24 | 1,187,430 | ||||||||||||
| 2,654,000 | Verizon Communications, Inc | 6.550 | 09/15/43 | 3,315,886 | ||||||||||||
| 2,662,000 | g | Verizon Communications, Inc | 5.012 | 08/21/54 | 2,674,637 | |||||||||||
| 1,000,000 | g | VimpelCom Holdings BV | 5.950 | 02/13/23 | 915,000 | |||||||||||
| 300,000 | g,h | Virgin Media Finance plc | 6.000 | 10/15/24 | 300,375 | |||||||||||
| 475,000 | g | Wind Acquisition Finance S.A. | 4.750 | 07/15/20 | 456,000 | |||||||||||
| 1,175,000 | Windstream Corp | 6.375 | 08/01/23 | 1,133,875 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 55,475,992 | |||||||||||||||
| TRANSPORTATION - 0.8% | ||||||||||||||||
| 4,025,000 | g | AP Moeller-Maersk A.S. | 2.550 | 09/22/19 | 4,034,728 | |||||||||||
| 3,825,000 | g | AP Moeller-Maersk A.S. | 3.750 | 09/22/24 | 3,835,148 | |||||||||||
| 1,635,000 | g | Asciano Finance Ltd | 5.000 | 04/07/18 | 1,761,418 | |||||||||||
| 350,000 | g | Bombardier, Inc | 4.750 | 04/15/19 | 349,125 | |||||||||||
| 1,475,000 | Burlington Northern Santa Fe LLC | 3.400 | 09/01/24 | 1,454,433 | ||||||||||||
| 500,000 | g | DP World Ltd | 6.850 | 07/02/37 | 560,650 | |||||||||||
| 400,000 | g | Embraer Overseas Ltd | 5.696 | 09/16/23 | 427,000 | |||||||||||
| 700,000 | g | ERAC USA Finance LLC | 3.300 | 10/15/22 | 693,759 | |||||||||||
| 750,000 | g | ERAC USA Finance LLC | 5.625 | 03/15/42 | 847,035 | |||||||||||
| 1,262,000 | GATX Corp | 1.250 | 03/04/17 | 1,252,824 | ||||||||||||
| 1,450,000 | GATX Corp | 2.500 | 07/30/19 | 1,447,890 | ||||||||||||
| 1,175,000 | GATX Corp | 5.200 | 03/15/44 | 1,249,199 | ||||||||||||
| 3,500,000 | Kansas City Southern de Mexico S.A. de C.V. | 2.350 | 05/15/20 | 3,353,746 | ||||||||||||
| 375,000 | Northrop Grumman Corp | 1.750 | 06/01/18 | 371,676 | ||||||||||||
| 1,125,000 | United Parcel Service, Inc | 3.625 | 10/01/42 | 1,023,552 | ||||||||||||
| TOTAL TRANSPORTATION | 22,662,183 | |||||||||||||||
| 13 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| UTILITIES - 3.1% | ||||||||||||||||
| $ | 225,000 | i | AES Corp | 3.234 | % | 06/01/19 | $ | 221,625 | ||||||||
| 1,385,000 | AES Corp | 7.375 | 07/01/21 | 1,551,200 | ||||||||||||
| 1,000,000 | AES Corp | 4.875 | 05/15/23 | 950,000 | ||||||||||||
| 1,250,000 | AGL Capital Corp | 4.400 | 06/01/43 | 1,260,197 | ||||||||||||
| 1,000,000 | Alabama Power Co | 3.550 | 12/01/23 | 1,026,547 | ||||||||||||
| 725,000 | Alabama Power Co | 4.150 | 08/15/44 | 719,560 | ||||||||||||
| 1,285,000 | Alliant Energy Corp | 4.000 | 10/15/14 | 1,286,543 | ||||||||||||
| 2,000,000 | American Electric Power Co, Inc | 2.950 | 12/15/22 | 1,951,730 | ||||||||||||
| 1,870,000 | AmeriGas Partners LP | 6.250 | 08/20/19 | 1,921,425 | ||||||||||||
| 775,000 | Atmos Energy Corp | 8.500 | 03/15/19 | 971,973 | ||||||||||||
| 1,575,000 | Atmos Energy Corp | 4.150 | 01/15/43 | 1,567,339 | ||||||||||||
| 1,500,000 | Berkshire Hathaway Energy Co | 5.150 | 11/15/43 | 1,662,724 | ||||||||||||
| 1,075,000 | Black Hills Corp | 4.250 | 11/30/23 | 1,131,396 | ||||||||||||
| 1,515,000 | Carolina Power & Light Co | 5.300 | 01/15/19 | 1,712,856 | ||||||||||||
| 225,000 | Carolina Power & Light Co | 5.700 | 04/01/35 | 269,431 | ||||||||||||
| 159,000 | CenterPoint Energy Resources Corp | 4.500 | 01/15/21 | 173,867 | ||||||||||||
| 660,000 | CenterPoint Energy Resources Corp | 6.250 | 02/01/37 | 795,565 | ||||||||||||
| 750,000 | g | CEZ AS. | 4.250 | 04/03/22 | 788,427 | |||||||||||
| 825,000 | g | Colbun S.A. | 4.500 | 07/10/24 | 817,502 | |||||||||||
| 800,000 | g | Comision Federal de Electricidad | 4.875 | 01/15/24 | 840,800 | |||||||||||
| 1,850,000 | Commonwealth Edison Co | 4.000 | 08/01/20 | 1,990,604 | ||||||||||||
| 395,000 | Commonwealth Edison Co | 5.900 | 03/15/36 | 493,568 | ||||||||||||
| 415,000 | Connecticut Light & Power Co | 5.500 | 02/01/19 | 468,326 | ||||||||||||
| 1,300,000 | Connecticut Light & Power Co | 4.300 | 04/15/44 | 1,329,836 | ||||||||||||
| 1,700,000 | Consolidated Edison Co of New York, Inc | 3.950 | 03/01/43 | 1,608,453 | ||||||||||||
| 225,000 | Consolidated Natural Gas Co | 5.000 | 12/01/14 | 225,464 | ||||||||||||
| 260,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 285,182 | ||||||||||||
| 650,000 | Duke Energy Ohio, Inc | 3.800 | 09/01/23 | 680,130 | ||||||||||||
| 1,500,000 | g,i | Electricite de France | 5.625 | 12/30/49 | 1,561,350 | |||||||||||
| 275,000 | Empresa Nacional de Electricidad S.A. | 4.250 | 04/15/24 | 275,252 | ||||||||||||
| 1,500,000 | g | Eskom Holdings Ltd | 5.750 | 01/26/21 | 1,511,550 | |||||||||||
| 550,000 | Ferrellgas LP | 6.750 | 01/15/22 | 536,250 | ||||||||||||
| 1,250,000 | g | FirstEnergy Transmission LLC | 4.350 | 01/15/25 | 1,271,870 | |||||||||||
| 335,000 | Florida Power Corp | 6.400 | 06/15/38 | 446,505 | ||||||||||||
| 1,410,000 | FPL Group Capital, Inc | 2.600 | 09/01/15 | 1,435,027 | ||||||||||||
| 1,000,000 | g | Hrvatska Elektroprivreda | 6.000 | 11/09/17 | 1,048,720 | |||||||||||
| 630,000 | Indiana Michigan Power Co | 7.000 | 03/15/19 | 752,955 | ||||||||||||
| 555,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 588,559 | ||||||||||||
| 1,150,000 | g | Israel Electric Corp Ltd | 6.700 | 02/10/17 | 1,244,300 | |||||||||||
| 2,000,000 | g | Israel Electric Corp Ltd | 7.250 | 01/15/19 | 2,240,000 | |||||||||||
| 195,000 | g | Kansas Gas & Electric | 6.700 | 06/15/19 | 231,861 | |||||||||||
| 600,000 | g | KazMunayGas National Co JSC | 4.400 | 04/30/23 | 576,720 | |||||||||||
| 775,000 | Kinder Morgan Energy Partners LP | 9.000 | 02/01/19 | 965,617 | ||||||||||||
| 1,955,000 | g | Korea Hydro & Nuclear Power Co Ltd | 3.125 | 09/16/15 | 1,993,904 | |||||||||||
| 4,030,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 4,186,711 | ||||||||||||
| 630,000 | Nevada Power Co | 6.500 | 08/01/18 | 735,266 | ||||||||||||
| 700,000 | NiSource Finance Corp | 4.800 | 02/15/44 | 712,167 | ||||||||||||
| 1,025,000 | Northeast Utilities | 1.450 | 05/01/18 | 1,008,688 | ||||||||||||
| 1,975,000 | Northern States Power Co | 5.350 | 11/01/39 | 2,330,423 | ||||||||||||
| 900,000 | g | NRG Energy, Inc | 6.250 | 05/01/24 | 902,250 | |||||||||||
| 1,525,000 | NSTAR Electric Co | 4.400 | 03/01/44 | 1,588,268 | ||||||||||||
| 1,000,000 | NTPC Ltd | 5.625 | 07/14/21 | 1,085,065 | ||||||||||||
| 14 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,450,000 | g | Oncor Electric Delivery Co LLC | 2.150 | % | 06/01/19 | $ | 1,438,704 | ||||||||
| 150,000 | Oncor Electric Delivery Co LLC | 7.250 | 01/15/33 | 211,950 | ||||||||||||
| 950,000 | ONEOK Partners LP | 3.375 | 10/01/22 | 926,371 | ||||||||||||
| 1,150,000 | PacifiCorp | 2.950 | 02/01/22 | 1,156,939 | ||||||||||||
| 450,000 | g | Pelabuhan Indonesia III PT | 4.875 | 10/01/24 | 444,938 | |||||||||||
| 885,000 | Pepco Holdings, Inc | 2.700 | 10/01/15 | 900,299 | ||||||||||||
| 135,000 | Potomac Electric Power Co | 7.900 | 12/15/38 | 208,542 | ||||||||||||
| 3,875,000 | PPL Capital Funding, Inc | 4.200 | 06/15/22 | 4,124,488 | ||||||||||||
| 1,000,000 | PPL Electric Utilities Corp | 3.000 | 09/15/21 | 1,012,147 | ||||||||||||
| 565,000 | Progress Energy, Inc | 7.050 | 03/15/19 | 677,382 | ||||||||||||
| 1,780,000 | Public Service Co of Oklahoma | 5.150 | 12/01/19 | 1,985,967 | ||||||||||||
| 440,000 | Public Service Electric & Gas Co | 5.300 | 05/01/18 | 493,215 | ||||||||||||
| 2,200,000 | Public Service Electric & Gas Co | 2.375 | 05/15/23 | 2,086,933 | ||||||||||||
| 1,190,000 | Public Service Electric & Gas Co | 5.375 | 11/01/39 | 1,427,510 | ||||||||||||
| 1,500,000 | QEP Resources, Inc | 5.375 | 10/01/22 | 1,470,000 | ||||||||||||
| 975,000 | Sempra Energy | 3.550 | 06/15/24 | 982,319 | ||||||||||||
| 1,375,000 | Southern California Edison Co | 4.650 | 10/01/43 | 1,477,171 | ||||||||||||
| 450,000 | Tampa Electric Co | 4.100 | 06/15/42 | 444,528 | ||||||||||||
| 1,000,000 | g | Transportadora de Gas del Peru S.A. | 4.250 | 04/30/28 | 947,500 | |||||||||||
| 845,000 | Virginia Electric and Power Co | 2.950 | 01/15/22 | 852,289 | ||||||||||||
| 480,000 | Williams Partners LP | 3.800 | 02/15/15 | 485,321 | ||||||||||||
| 850,000 | Williams Partners LP | 4.000 | 11/15/21 | 879,373 | ||||||||||||
| 825,000 | Williams Partners LP | 4.500 | 11/15/23 | 862,138 | ||||||||||||
| 650,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 713,757 | ||||||||||||
| TOTAL UTILITIES | 84,141,329 | |||||||||||||||
| TOTAL CORPORATE BONDS | 885,051,080 | |||||||||||||||
| (Cost $866,557,985) | ||||||||||||||||
| GOVERNMENT BONDS - 44.7% | ||||||||||||||||
| AGENCY SECURITIES - 0.4% | ||||||||||||||||
| 4,294,303 | AMAL Ltd | 3.465 | 08/21/21 | 4,512,565 | ||||||||||||
| 1,000,000 | Amber Circle Funding Ltd | 3.250 | 12/04/22 | 960,200 | ||||||||||||
| 846,569 | Cal Dive I- Title XI, Inc | 4.930 | 02/01/27 | 932,544 | ||||||||||||
| 7,525,000 | Private Export Funding Corp (PEFCO) | 2.250 | 03/15/20 | 7,539,252 | ||||||||||||
| 1,850,000 | UNM Sandoval Regional Medical Center | 4.500 | 07/20/36 | 1,907,739 | ||||||||||||
| 367,813 | Totem Ocean Trailer Express, Inc | 4.514 | 12/18/19 | 382,512 | ||||||||||||
| TOTAL AGENCY SECURITIES | 16,234,812 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 3.2% | ||||||||||||||||
| 1,525,000 | g | Bahrain Government International Bond | 6.000 | 09/19/44 | 1,536,437 | |||||||||||
| 1,470,000 | Banque Centrale de Tunisie | 8.250 | 09/19/27 | 1,694,175 | ||||||||||||
| 520,000 | g | Barbados Government International Bond | 7.000 | 08/04/22 | 480,423 | |||||||||||
| 1,125,000 | g | Brazil Minas SPE via State of Minas Gerais | 5.333 | 02/15/28 | 1,110,937 | |||||||||||
| 1,000,000 | Brazilian Government International Bond | 4.250 | 01/07/25 | 990,000 | ||||||||||||
| 170,000 | Brazilian Government International Bond | 7.125 | 01/20/37 | 208,675 | ||||||||||||
| 970,000 | Brazilian Government International Bond | 5.625 | 01/07/41 | 1,001,525 | ||||||||||||
| 450,000 | g | Caisse d’Amortissement de la Dette Sociale | 3.375 | 03/20/24 | 469,201 | |||||||||||
| 875,000 | Colombia Government International Bond | 4.375 | 07/12/21 | 925,312 | ||||||||||||
| 2,575,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 2,369,000 | ||||||||||||
| 15 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 850,000 | Colombia Government International Bond | 4.000 | % | 02/26/24 | $ | 859,775 | |||||||||
| 950,000 | g | Croatia Government International Bond | 6.250 | 04/27/17 | 1,009,375 | |||||||||||
| 1,000,000 | g | Croatia Government International Bond | 6.375 | 03/24/21 | 1,085,000 | |||||||||||
| 63,500,000 | g,h | Dominican Republic International Bond | 10.000 | 01/05/17 | 1,486,382 | |||||||||||
| 975,000 | g | El Salvador Government International Bond | 6.375 | 01/18/27 | 975,000 | |||||||||||
| 395,000 | European Investment Bank | 4.875 | 02/15/36 | 482,351 | ||||||||||||
| 325,000 | Export-Import Bank of Korea | 1.250 | 11/20/15 | 326,339 | ||||||||||||
| 580,000 | Export-Import Bank of Korea | 3.750 | 10/20/16 | 609,557 | ||||||||||||
| 4,575,000 | Federative Republic of Brazil | 12.500 | 01/05/16 | 1,892,427 | ||||||||||||
| 300,000 | Federative Republic of Brazil | 6.000 | 01/17/17 | 327,750 | ||||||||||||
| 2,100,000 | FMS Wertmanagement AoeR | 1.125 | 09/05/17 | 2,095,071 | ||||||||||||
| 5,050,000 | g | Hellenic Republic Government Bond | 4.750 | 04/17/19 | 6,318,065 | |||||||||||
| 230,000 | Hungary Government International Bond | 4.000 | 03/25/19 | 234,600 | ||||||||||||
| 1,130,000 | Hungary Government International Bond | 5.750 | 11/22/23 | 1,224,638 | ||||||||||||
| 250,000 | Hungary Government International Bond | 5.375 | 03/25/24 | 263,750 | ||||||||||||
| 845,000 | Italy Government International Bond | 5.375 | 06/12/17 | 928,651 | ||||||||||||
| 355,000 | Italy Government International Bond | 6.875 | 09/27/23 | 453,019 | ||||||||||||
| 550,000 | g | Ivory Coast Government International Bond | 5.375 | 07/23/24 | 524,562 | |||||||||||
| 500,000 | g,i | Ivory Coast Government International Bond | 5.750 | 12/31/32 | 476,875 | |||||||||||
| 925,000 | Jamaica Government International Bond | 7.625 | 07/09/25 | 985,125 | ||||||||||||
| 290,000 | g | Japan Finance Organization for Municipalities | 2.125 | 03/06/19 | 291,649 | |||||||||||
| 500,000 | g | Kenya Government International Bond | 5.875 | 06/24/19 | 514,375 | |||||||||||
| 3,000,000 | g,i | Kommunalbanken AS. | 0.412 | 02/20/18 | 3,004,026 | |||||||||||
| 1,000,000 | g | Kommuninvest I Sverige AB | 2.000 | 11/12/19 | 1,000,541 | |||||||||||
| 3,325,000 | g | Korea Housing Finance Corp | 1.625 | 09/15/18 | 3,227,461 | |||||||||||
| 19,270,000 | Mexican Bonos | 8.000 | 12/07/23 | 1,625,035 | ||||||||||||
| 500,000 | Mexico Government International Bond | 6.750 | 09/27/34 | 635,000 | ||||||||||||
| 1,000,000 | Mexico Government International Bond | 6.050 | 01/11/40 | 1,180,000 | ||||||||||||
| 500,000 | Mexico Government International Bond | 4.750 | 03/08/44 | 496,250 | ||||||||||||
| 500,000 | g | Morocco Government International Bond | 5.500 | 12/11/42 | 497,500 | |||||||||||
| 350,000 | g | Municipality Finance plc | 1.750 | 05/21/19 | 348,004 | |||||||||||
| 800,000 | g | Namibia International Bonds | 5.500 | 11/03/21 | 848,080 | |||||||||||
| 1,475,000 | Panama Government International Bond | 4.000 | 09/22/24 | 1,471,313 | ||||||||||||
| 100,000 | Peruvian Government International Bond | 7.125 | 03/30/19 | 119,000 | ||||||||||||
| 450,000 | Peruvian Government International Bond | 7.350 | 07/21/25 | 586,125 | ||||||||||||
| 1,250,000 | Philippine Government International Bond | 4.200 | 01/21/24 | 1,318,750 | ||||||||||||
| 1,833,000 | Poland Government International Bond | 5.125 | 04/21/21 | 2,040,954 | ||||||||||||
| 900,000 | Poland Government International Bond | 4.000 | 01/22/24 | 924,750 | ||||||||||||
| 620,000 | Province of Quebec Canada | 7.500 | 09/15/29 | 878,281 | ||||||||||||
| 1,025,000 | g | Republic of Azerbaijan International Bond | 4.750 | 03/18/24 | 1,045,500 | |||||||||||
| 1,500,000 | g | Republic of Ghana | 8.125 | 01/18/26 | 1,503,750 | |||||||||||
| 775,000 | g | Republic of Paraguay | 6.100 | 08/11/44 | 817,625 | |||||||||||
| 1,000,000 | g | Republic of Serbia | 5.250 | 11/21/17 | 1,027,500 | |||||||||||
| 860,000 | g | Republic of Serbia | 7.250 | 09/28/21 | 959,442 | |||||||||||
| 700,000 | g | Republic of Trinidad & Tobago | 4.375 | 01/16/24 | 757,750 | |||||||||||
| 900,000 | Republic of Turkey | 6.000 | 01/14/41 | 931,500 | ||||||||||||
| 500,000 | g | Slovenia Government International Bond | 5.250 | 02/18/24 | 532,500 | |||||||||||
| 50,676,000 | South Africa Government Bond | 8.250 | 09/15/17 | 4,614,704 | ||||||||||||
| 1,175,000 | South Africa Government International Bond | 5.500 | 03/09/20 | 1,264,594 | ||||||||||||
| 1,675,000 | South Africa Government International Bond | 5.875 | 09/16/25 | 1,842,500 | ||||||||||||
| 3,500,000 | Spain Government Bond | 3.750 | 10/31/18 | 4,952,926 | ||||||||||||
| 1,000,000 | g | Sri Lanka Government International Bond | 6.250 | 07/27/21 | 1,050,000 | |||||||||||
| 16 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,220,000 | Svensk Exportkredit AB | 5.125 | % | 03/01/17 | $ | 1,337,098 | |||||||||
| 1,100,000 | Turkey Government International Bond | 6.750 | 04/03/18 | 1,218,250 | ||||||||||||
| 975,000 | Turkey Government International Bond | 5.750 | 03/22/24 | 1,035,158 | ||||||||||||
| 1,032,000 | United Mexican States | 5.125 | 01/15/20 | 1,145,520 | ||||||||||||
| 891,000 | Uruguay Government International Bond | 4.500 | 08/14/24 | 933,323 | ||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 81,320,731 | |||||||||||||||
| MORTGAGE BACKED - 18.4% | ||||||||||||||||
| 266,852 | i | Federal Home Loan Mortgage Corp (FHLMC) | 2.380 | 02/01/36 | 286,346 | |||||||||||
| 154,393 | i | FHLMC | 2.314 | 07/01/36 | 164,898 | |||||||||||
| 486,592 | i | FHLMC | 2.260 | 09/01/36 | 518,188 | |||||||||||
| 253,354 | i | FHLMC | 2.366 | 09/01/36 | 269,176 | |||||||||||
| 358,232 | i | FHLMC | 2.371 | 09/01/36 | 382,474 | |||||||||||
| 702,827 | i | FHLMC | 2.422 | 03/01/37 | 752,583 | |||||||||||
| 398,868 | i | FHLMC | 6.038 | 04/01/37 | 426,815 | |||||||||||
| 58,191 | i | FHLMC | 1.950 | 05/01/37 | 58,357 | |||||||||||
| 93,606 | i | FHLMC | 2.250 | 06/01/37 | 99,884 | |||||||||||
| 400,139 | i | FHLMC | 2.618 | 08/01/37 | 416,721 | |||||||||||
| 478,727 | i | FHLMC | 1.676 | 09/01/37 | 500,630 | |||||||||||
| 7,405,000 | FHLMC | 4.000 | 11/15/39 | 7,803,759 | ||||||||||||
| 1,476,873 | FHLMC | 4.000 | 03/15/44 | 1,556,711 | ||||||||||||
| 3,702 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 7.500 | 01/01/16 | 3,716 | ||||||||||||
| 360 | FGLMC | 7.500 | 05/01/16 | 364 | ||||||||||||
| 148 | FGLMC | 7.500 | 06/01/16 | 149 | ||||||||||||
| 346,172 | FGLMC | 4.500 | 01/01/19 | 367,732 | ||||||||||||
| 112,068 | FGLMC | 4.500 | 01/01/20 | 118,250 | ||||||||||||
| 187,316 | FGLMC | 5.000 | 05/01/20 | 199,222 | ||||||||||||
| 46,862 | FGLMC | 4.500 | 07/01/20 | 50,367 | ||||||||||||
| 9,117 | FGLMC | 7.000 | 10/01/20 | 9,797 | ||||||||||||
| 976,369 | FGLMC | 4.500 | 06/01/21 | 1,044,140 | ||||||||||||
| 549,700 | FGLMC | 4.500 | 06/01/21 | 588,387 | ||||||||||||
| 398,906 | FGLMC | 4.000 | 07/01/24 | 422,709 | ||||||||||||
| 131,327 | FGLMC | 4.500 | 09/01/24 | 141,921 | ||||||||||||
| 439 | FGLMC | 6.500 | 10/01/28 | 496 | ||||||||||||
| 9,971 | FGLMC | 6.500 | 01/01/29 | 11,274 | ||||||||||||
| 2,669 | FGLMC | 6.500 | 03/01/29 | 3,103 | ||||||||||||
| 31,637 | FGLMC | 6.500 | 07/01/29 | 35,772 | ||||||||||||
| 1,544 | FGLMC | 8.000 | 01/01/31 | 1,782 | ||||||||||||
| 14,909 | FGLMC | 6.500 | 09/01/31 | 16,858 | ||||||||||||
| 37,782 | FGLMC | 8.000 | 09/01/31 | 44,337 | ||||||||||||
| 215,404 | FGLMC | 7.000 | 12/01/31 | 250,828 | ||||||||||||
| 234,808 | FGLMC | 4.500 | 07/01/33 | 253,881 | ||||||||||||
| 710,886 | FGLMC | 5.000 | 09/01/33 | 796,122 | ||||||||||||
| 304,766 | FGLMC | 5.500 | 09/01/33 | 343,646 | ||||||||||||
| 285,980 | FGLMC | 5.500 | 09/01/33 | 322,519 | ||||||||||||
| 418,680 | FGLMC | 5.500 | 10/01/33 | 471,760 | ||||||||||||
| 643,340 | FGLMC | 5.500 | 12/01/33 | 722,039 | ||||||||||||
| 1,397,469 | FGLMC | 7.000 | 12/01/33 | 1,635,370 | ||||||||||||
| 358,682 | FGLMC | 5.000 | 01/01/34 | 396,440 | ||||||||||||
| 546,527 | FGLMC | 4.500 | 04/01/35 | 592,861 | ||||||||||||
| 494,799 | FGLMC | 7.000 | 05/01/35 | 567,319 | ||||||||||||
| 101,332 | FGLMC | 5.000 | 02/01/36 | 112,045 | ||||||||||||
| 17 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 8,914 | FGLMC | 6.500 | % | 05/01/36 | $ | 10,079 | |||||||||
| 446,650 | FGLMC | 5.000 | 04/01/38 | 495,999 | ||||||||||||
| 405,340 | FGLMC | 5.000 | 07/01/39 | 447,003 | ||||||||||||
| 3,438,635 | FGLMC | 4.500 | 11/01/40 | 3,766,093 | ||||||||||||
| 3,952,135 | FGLMC | 4.500 | 12/01/40 | 4,316,385 | ||||||||||||
| 13,000,000 | h | FGLMC | 3.500 | 10/15/44 | 13,268,632 | |||||||||||
| 4,000,000 | h | FGLMC | 4.000 | 10/15/44 | 4,211,248 | |||||||||||
| 3,000,000 | h | FGLMC | 4.000 | 11/15/44 | 3,149,061 | |||||||||||
| 3,303 | Federal National Mortgage Association (FNMA) | 6.500 | 10/01/16 | 3,401 | ||||||||||||
| 37,201 | FNMA | 6.500 | 11/01/16 | 38,545 | ||||||||||||
| 21,886 | FNMA | 6.500 | 04/01/17 | 22,949 | ||||||||||||
| 341,217 | FNMA | 5.500 | 04/01/18 | 361,292 | ||||||||||||
| 409,504 | FNMA | 5.000 | 11/01/18 | 436,406 | ||||||||||||
| 56,321 | FNMA | 4.500 | 11/01/20 | 59,641 | ||||||||||||
| 93,048 | FNMA | 5.500 | 08/01/21 | 101,908 | ||||||||||||
| 88,560 | FNMA | 4.500 | 06/01/23 | 95,181 | ||||||||||||
| 236,760 | FNMA | 5.000 | 07/01/23 | 256,069 | ||||||||||||
| 90,572 | FNMA | 4.000 | 05/01/24 | 96,630 | ||||||||||||
| 843 | FNMA | 8.000 | 07/01/24 | 1,002 | ||||||||||||
| 110,599 | FNMA | 4.500 | 08/01/24 | 118,023 | ||||||||||||
| 950,372 | FNMA | 4.000 | 09/01/24 | 1,014,459 | ||||||||||||
| 732,655 | FNMA | 3.000 | 05/01/27 | 757,772 | ||||||||||||
| 636 | FNMA | 7.500 | 01/01/29 | 734 | ||||||||||||
| 1,340 | FNMA | 6.500 | 04/01/29 | 1,517 | ||||||||||||
| 11,198 | FNMA | 7.500 | 07/01/29 | 11,614 | ||||||||||||
| 15,000,000 | h | FNMA | 3.000 | 10/25/29 | 15,450,000 | |||||||||||
| 8,000,000 | h | FNMA | 3.500 | 10/25/29 | 8,409,375 | |||||||||||
| 17,000,000 | h | FNMA | 2.500 | 11/25/29 | 17,055,117 | |||||||||||
| 8,000,000 | h | FNMA | 3.000 | 11/25/29 | 8,221,563 | |||||||||||
| 4,000,000 | h | FNMA | 3.500 | 11/25/29 | 4,196,094 | |||||||||||
| 560 | FNMA | 7.500 | 02/01/31 | 592 | ||||||||||||
| 3,144 | FNMA | 7.500 | 03/01/31 | 3,744 | ||||||||||||
| 2,541 | FNMA | 7.500 | 05/01/31 | 2,759 | ||||||||||||
| 1,143 | FNMA | 6.500 | 09/01/31 | 1,294 | ||||||||||||
| 14,174 | FNMA | 6.500 | 11/01/31 | 16,330 | ||||||||||||
| 253,639 | FNMA | 6.500 | 07/01/32 | 291,782 | ||||||||||||
| 159,171 | FNMA | 4.500 | 03/25/33 | 164,191 | ||||||||||||
| 2,732,479 | FNMA | 5.500 | 03/01/34 | 3,066,450 | ||||||||||||
| 120,199 | FNMA | 3.500 | 03/25/34 | 122,293 | ||||||||||||
| 45,896 | FNMA | 6.000 | 11/01/34 | 51,857 | ||||||||||||
| 10,423 | FNMA | 7.500 | 06/01/35 | 11,493 | ||||||||||||
| 39,636 | FNMA | 5.000 | 11/01/35 | 43,498 | ||||||||||||
| 351,575 | i | FNMA | 2.261 | 02/01/36 | 378,566 | |||||||||||
| 158,342 | FNMA | 5.000 | 02/01/36 | 171,559 | ||||||||||||
| 302,639 | i | FNMA | 2.129 | 07/01/36 | 325,744 | |||||||||||
| 289,567 | FNMA | 6.000 | 09/01/37 | 331,774 | ||||||||||||
| 911,968 | i | FNMA | 2.400 | 10/01/37 | 983,487 | |||||||||||
| 2,135,604 | FNMA | 5.500 | 01/01/38 | 2,376,271 | ||||||||||||
| 2,213,212 | FNMA | 5.500 | 04/01/38 | 2,462,800 | ||||||||||||
| 1,682,114 | FNMA | 5.500 | 06/01/38 | 1,871,676 | ||||||||||||
| 145,504 | i | FNMA | 2.008 | 10/01/38 | 155,498 | |||||||||||
| 3,755,873 | FNMA | 4.000 | 02/01/39 | 3,970,380 | ||||||||||||
| 18 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 152,329 | h | FNMA | 4.000 | % | 07/01/39 | $ | 161,031 | ||||||||
| 1,117,816 | FNMA | 5.500 | 08/01/39 | 1,257,992 | ||||||||||||
| 564,175 | FNMA | 4.500 | 10/01/39 | 609,736 | ||||||||||||
| 623,781 | FNMA | 5.500 | 11/01/39 | 694,076 | ||||||||||||
| 3,031,022 | FNMA | 4.500 | 03/01/40 | 3,301,076 | ||||||||||||
| 606,805 | FNMA | 4.500 | 06/01/40 | 656,780 | ||||||||||||
| 909,399 | FNMA | 5.000 | 08/01/40 | 1,004,285 | ||||||||||||
| 1,983,618 | FNMA | 5.000 | 09/01/40 | 2,190,698 | ||||||||||||
| 890,550 | FNMA | 4.500 | 10/01/40 | 966,226 | ||||||||||||
| 41,316 | FNMA | 6.000 | 10/01/40 | 46,840 | ||||||||||||
| 1,041,746 | FNMA | 3.500 | 11/01/40 | 1,066,338 | ||||||||||||
| 1,816,354 | FNMA | 4.500 | 11/01/40 | 1,960,800 | ||||||||||||
| 10,757,693 | FNMA | 4.500 | 12/25/40 | 11,533,043 | ||||||||||||
| 74,839 | FNMA | 3.500 | 02/01/41 | 76,755 | ||||||||||||
| 951,061 | FNMA | 3.500 | 03/01/41 | 973,499 | ||||||||||||
| 2,043,613 | FNMA | 5.000 | 05/01/41 | 2,260,504 | ||||||||||||
| 265,438 | FNMA | 3.500 | 11/01/41 | 271,909 | ||||||||||||
| 312,175 | FNMA | 3.500 | 11/01/41 | 319,673 | ||||||||||||
| 12,036,688 | FNMA | 5.500 | 12/01/41 | 13,674,538 | ||||||||||||
| 2,120,906 | FNMA | 4.500 | 04/01/42 | 2,293,332 | ||||||||||||
| 5,904,486 | FNMA | 3.500 | 07/01/42 | 6,055,758 | ||||||||||||
| 6,280,227 | FNMA | 4.000 | 09/01/42 | 6,639,307 | ||||||||||||
| 43,980 | FNMA | 3.000 | 10/01/42 | 43,461 | ||||||||||||
| 388,460 | FNMA | 3.000 | 10/01/42 | 383,978 | ||||||||||||
| 45,357 | FNMA | 3.000 | 10/01/42 | 44,826 | ||||||||||||
| 114,740 | FNMA | 3.000 | 11/01/42 | 113,381 | ||||||||||||
| 9,096,784 | FNMA | 3.500 | 11/01/42 | 9,329,887 | ||||||||||||
| 64,926 | FNMA | 3.000 | 12/01/42 | 64,094 | ||||||||||||
| 7,825 | FNMA | 3.000 | 12/01/42 | 7,732 | ||||||||||||
| 5,213,571 | FNMA | 3.000 | 01/01/43 | 5,151,262 | ||||||||||||
| 2,422,075 | FNMA | 3.000 | 01/01/43 | 2,393,756 | ||||||||||||
| 371,221 | FNMA | 3.500 | 01/01/43 | 380,129 | ||||||||||||
| 28,537 | FNMA | 3.000 | 02/01/43 | 28,196 | ||||||||||||
| 122,804 | FNMA | 3.000 | 02/01/43 | 121,348 | ||||||||||||
| 3,077,163 | FNMA | 3.000 | 02/01/43 | 3,040,066 | ||||||||||||
| 6,603,532 | FNMA | 3.000 | 02/01/43 | 6,523,928 | ||||||||||||
| 593,314 | FNMA | 3.500 | 02/01/43 | 610,173 | ||||||||||||
| 30,887 | FNMA | 3.000 | 03/01/43 | 30,498 | ||||||||||||
| 150,409 | FNMA | 3.000 | 03/01/43 | 148,626 | ||||||||||||
| 27,979 | FNMA | 3.000 | 03/01/43 | 27,647 | ||||||||||||
| 52,190 | FNMA | 3.000 | 03/01/43 | 51,574 | ||||||||||||
| 65,300 | FNMA | 3.000 | 04/01/43 | 64,479 | ||||||||||||
| 40,080 | FNMA | 3.000 | 04/01/43 | 39,605 | ||||||||||||
| 3,025 | FNMA | 3.000 | 04/01/43 | 2,988 | ||||||||||||
| 30,960 | FNMA | 3.000 | 04/01/43 | 30,571 | ||||||||||||
| 70,344 | FNMA | 3.000 | 04/01/43 | 69,467 | ||||||||||||
| 33,010 | FNMA | 3.000 | 04/01/43 | 32,631 | ||||||||||||
| 10,991 | FNMA | 3.000 | 04/01/43 | 10,852 | ||||||||||||
| 43,553 | FNMA | 3.000 | 04/01/43 | 43,006 | ||||||||||||
| 14,544 | FNMA | 3.000 | 04/01/43 | 14,371 | ||||||||||||
| 2,019,527 | FNMA | 3.000 | 05/01/43 | 1,994,346 | ||||||||||||
| 157,629 | FNMA | 3.500 | 05/01/43 | 162,109 | ||||||||||||
| 19 |
TIAA-CREF FUNDS - Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 93,235 | FNMA | 3.500 | % | 05/01/43 | $ | 95,884 | |||||||||
| 156,681 | FNMA | 3.500 | 06/01/43 | 161,133 | ||||||||||||
| 204,236 | FNMA | 3.500 | 06/01/43 | 210,040 | ||||||||||||
| 414,593 | FNMA | 3.500 | 06/01/43 | 426,374 | ||||||||||||
| 196,511 | FNMA | 3.500 | 06/01/43 | 202,095 | ||||||||||||
| 76,799 | FNMA | 3.500 | 06/01/43 | 78,981 | ||||||||||||
| 94,270 | FNMA | 3.500 | 06/01/43 | 96,949 | ||||||||||||
| 933,817 | FNMA | 4.000 | 06/01/43 | 987,149 | ||||||||||||
| 554,799 | FNMA | 3.500 | 07/01/43 | 570,564 | ||||||||||||
| 262,756 | FNMA | 3.500 | 07/01/43 | 270,222 | ||||||||||||
| 5,877,439 | FNMA | 4.000 | 11/01/43 | 6,242,229 | ||||||||||||
| 272,397 | FNMA | 4.000 | 12/01/43 | 287,956 | ||||||||||||
| 1,150,880 | h | FNMA | 4.000 | 01/01/44 | 1,216,652 | |||||||||||
| 384,681 | FNMA | 4.000 | 02/01/44 | 406,666 | ||||||||||||
| 146,975 | FNMA | 4.000 | 02/01/44 | 155,374 | ||||||||||||
| 2,138,405 | FNMA | 4.000 | 02/01/44 | 2,260,618 | ||||||||||||
| 30,922 | FNMA | 4.000 | 03/01/44 | 32,689 | ||||||||||||
| 445,033 | FNMA | 4.000 | 03/01/44 | 470,468 | ||||||||||||
| 2,759,266 | FNMA | 4.000 | 04/01/44 | 2,916,938 | ||||||||||||
| 560,032 | h | FNMA | 4.000 | 04/01/44 | 592,039 | |||||||||||
| 591,658 | FNMA | 4.000 | 04/01/44 | 625,473 | ||||||||||||
| 1,619,288 | h | FNMA | 4.000 | 05/01/44 | 1,711,825 | |||||||||||
| 197,553 | FNMA | 4.500 | 05/01/44 | 216,200 | ||||||||||||
| 947,022 | FNMA | 4.000 | 06/01/44 | 1,001,145 | ||||||||||||
| 1,134,904 | h | FNMA | 4.000 | 06/01/44 | 1,199,763 | |||||||||||
| 7,747,792 | FNMA | 4.500 | 06/01/44 | 8,479,078 | ||||||||||||
| 3,946,724 | FNMA | 4.500 | 06/01/44 | 4,319,270 | ||||||||||||
| 2,245,665 | FNMA | 4.500 | 06/01/44 | 2,457,638 | ||||||||||||
| 4,083,619 | FNMA | 4.500 | 06/01/44 | 4,484,199 | ||||||||||||
| 4,038,000 | FNMA | 4.500 | 06/25/44 | 4,461,017 | ||||||||||||
| 982,915 | FNMA | 4.000 | 07/01/44 | 1,039,091 | ||||||||||||
| 307,594 | h | FNMA | 4.000 | 07/01/44 | 325,174 | |||||||||||
| 1,600,977 | h | FNMA | 4.000 | 08/01/44 | 1,692,473 | |||||||||||
| 994,032 | h | FNMA | 4.000 | 08/01/44 | 1,050,838 | |||||||||||
| 1,501,274 | FNMA | 4.000 | 08/01/44 | 1,587,077 | ||||||||||||
| 4,673,861 | FNMA | 4.500 | 08/01/44 | 5,115,016 | ||||||||||||
| 239,543 | h | FNMA | 4.000 | 09/01/44 | 253,234 | |||||||||||
| 1,940,998 | FNMA | 4.500 | 09/01/44 | 2,124,209 | ||||||||||||
| 1,165,654 | h | FNMA | 4.000 | 10/01/44 | 1,232,274 | |||||||||||
| 942,476 | FNMA | 4.500 | 10/01/44 | 1,031,437 | ||||||||||||
| 20,000,000 | h | FNMA | 3.000 | 10/25/44 | 19,715,624 | |||||||||||
| 14,000,000 | h | FNMA | 3.500 | 10/25/44 | 14,309,532 | |||||||||||
| 15,000,000 | h | FNMA | 4.000 | 10/25/44 | 15,807,188 | |||||||||||
| 1,000,000 | h | FNMA | 4.500 | 10/25/44 | 1,078,906 | |||||||||||
| 5,000,000 | h | FNMA | 5.000 | 10/25/44 | 5,516,719 | |||||||||||
| 36,000,000 | h | FNMA | 3.000 | 11/25/44 | 35,388,279 | |||||||||||
| 21,000,000 | h | FNMA | 3.500 | 11/25/44 | 21,401,954 | |||||||||||
| 8,000,000 | h | FNMA | 4.000 | 11/25/44 | 8,405,500 | |||||||||||
| 4,000,000 | h | FNMA | 4.500 | 11/25/44 | 4,304,531 | |||||||||||
| 10,000,000 | h | FNMA | 5.000 | 11/25/44 | 11,010,195 | |||||||||||
| 2,000,000 | h | FNMA | 5.500 | 11/25/44 | 2,223,360 | |||||||||||
| 137 | Government National Mortgage Association (GNMA) | 7.000 | 01/15/28 | 157 | ||||||||||||
| 20 |
TIAA-CREF FUNDS - Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,739 | GNMA | 7.000 | % | 02/15/28 | $ | 1,793 | |||||||||
| 1,184 | GNMA | 7.000 | 06/15/28 | 1,322 | ||||||||||||
| 612 | GNMA | 7.000 | 06/15/28 | 633 | ||||||||||||
| 3,218 | GNMA | 6.500 | 09/15/28 | 3,666 | ||||||||||||
| 6,762 | GNMA | 6.500 | 09/15/28 | 7,666 | ||||||||||||
| 9,222 | GNMA | 6.500 | 11/15/28 | 10,544 | ||||||||||||
| 3,165 | GNMA | 7.500 | 11/15/28 | 3,607 | ||||||||||||
| 578 | GNMA | 8.500 | 07/15/30 | 586 | ||||||||||||
| 17,743 | GNMA | 8.500 | 10/15/30 | 19,142 | ||||||||||||
| 11,185 | GNMA | 8.500 | 10/20/30 | 13,685 | ||||||||||||
| 1,277 | GNMA | 8.500 | 12/15/30 | 1,604 | ||||||||||||
| 2,186 | GNMA | 7.000 | 06/20/31 | 2,601 | ||||||||||||
| 1,986 | GNMA | 6.500 | 07/15/31 | 2,251 | ||||||||||||
| 6,526 | GNMA | 7.000 | 07/15/31 | 7,084 | ||||||||||||
| 4,084 | GNMA | 7.000 | 07/15/31 | 4,601 | ||||||||||||
| 715 | GNMA | 6.500 | 03/15/33 | 810 | ||||||||||||
| 155,227 | GNMA | 5.500 | 07/15/33 | 173,865 | ||||||||||||
| 535,039 | GNMA | 5.500 | 09/15/33 | 605,525 | ||||||||||||
| 143,518 | GNMA | 5.500 | 02/20/35 | 162,950 | ||||||||||||
| 871,267 | GNMA | 5.500 | 05/20/35 | 989,438 | ||||||||||||
| 278,762 | GNMA | 5.500 | 02/20/36 | 316,489 | ||||||||||||
| 46,929 | GNMA | 6.000 | 10/20/36 | 53,568 | ||||||||||||
| 49,335 | GNMA | 6.000 | 01/20/37 | 56,275 | ||||||||||||
| 163,296 | GNMA | 6.000 | 02/20/37 | 186,243 | ||||||||||||
| 49,174 | GNMA | 5.500 | 07/15/38 | 54,654 | ||||||||||||
| 334,559 | GNMA | 5.500 | 07/20/38 | 375,662 | ||||||||||||
| 129,083 | GNMA | 6.000 | 08/20/38 | 145,608 | ||||||||||||
| 152,919 | GNMA | 6.500 | 11/20/38 | 172,547 | ||||||||||||
| 1,052,832 | GNMA | 5.000 | 06/15/39 | 1,168,985 | ||||||||||||
| 1,537,942 | GNMA | 4.500 | 09/20/39 | 1,687,913 | ||||||||||||
| 1,910,984 | GNMA | 3.500 | 07/15/43 | 1,987,231 | ||||||||||||
| 1,088,988 | GNMA | 5.000 | 02/20/44 | 1,202,571 | ||||||||||||
| 939,770 | GNMA | 5.000 | 03/20/44 | 1,038,172 | ||||||||||||
| 1,960,638 | GNMA | 4.500 | 06/20/44 | 2,130,792 | ||||||||||||
| 3,000,000 | h | GNMA | 3.000 | 10/15/44 | 3,020,391 | |||||||||||
| 2,000,000 | h | GNMA | 3.000 | 10/20/44 | 2,012,656 | |||||||||||
| 32,000,000 | h | GNMA | 3.500 | 10/20/44 | 33,064,998 | |||||||||||
| 25,000,000 | h | GNMA | 4.000 | 10/20/44 | 26,494,138 | |||||||||||
| 14,000,000 | h | GNMA | 4.500 | 10/20/44 | 15,183,437 | |||||||||||
| 1,000,000 | h | GNMA | 5.000 | 10/20/44 | 1,099,941 | |||||||||||
| TOTAL MORTGAGE BACKED | 509,627,801 | |||||||||||||||
| MUNICIPAL BONDS - 2.5% | ||||||||||||||||
| 225,000 | Charlotte-Mecklenburg Hospital Authority | 5.000 | 08/01/15 | 227,938 | ||||||||||||
| 4,265,000 | Denver City & County School District No. 1 | 3.598 | 12/15/27 | 4,295,452 | ||||||||||||
| 21,000,000 | Florida Hurricane Catastrophe Fund Finance Corp | 1.298 | 07/01/16 | 21,073,290 | ||||||||||||
| 11,000,000 | New York State Urban Development Corp | 1.350 | 03/15/18 | 10,890,660 | ||||||||||||
| 3,000,000 | State of Illinois | 4.833 | 02/01/17 | 3,180,660 | ||||||||||||
| 12,000,000 | State of Illinois | 4.350 | 06/01/18 | 12,513,720 | ||||||||||||
| 1,845,000 | State of Illinois | 4.700 | 01/01/21 | 1,934,593 | ||||||||||||
| 2,560,000 | State of Illinois | 3.860 | 04/01/21 | 2,553,062 | ||||||||||||
| 3,030,000 | State of Illinois | 4.110 | 04/01/22 | 2,943,100 | ||||||||||||
| 21 |
TIAA-CREF FUNDS - Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,195,000 | State of Illinois | 4.310 | % | 04/01/23 | $ | 2,182,006 | |||||||||
| 3,470,000 | State of Illinois | 4.760 | 04/01/26 | 3,418,228 | ||||||||||||
| 1,763,000 | State Public School Building Authority | 5.000 | 09/15/27 | 1,943,073 | ||||||||||||
| 1,250,000 | Texas Public Finance Authority | 5.250 | 07/01/17 | 1,249,362 | ||||||||||||
| 1,000,000 | University of Massachusetts Building Authority | 0.430 | 11/01/14 | 999,890 | ||||||||||||
| TOTAL MUNICIPAL BONDS | 69,405,034 | |||||||||||||||
| U.S. TREASURY SECURITIES - 20.2% | ||||||||||||||||
| 7,525,000 | United States Treasury Bond | 5.375 | 02/15/31 | 9,960,045 | ||||||||||||
| 22,001,000 | United States Treasury Bond | 4.500 | 02/15/36 | 27,154,052 | ||||||||||||
| 6,685,000 | United States Treasury Bond | 2.875 | 05/15/43 | 6,261,966 | ||||||||||||
| 1,700,000 | United States Treasury Bond | 3.375 | 05/15/44 | 1,755,250 | ||||||||||||
| 41,900,000 | United States Treasury Bond | 3.125 | 08/15/44 | 41,232,198 | ||||||||||||
| 48,000,000 | United States Treasury Note | 0.375 | 03/31/16 | 48,011,232 | ||||||||||||
| 32,825,000 | United States Treasury Note | 0.375 | 04/30/16 | 32,812,166 | ||||||||||||
| 32,000,000 | United States Treasury Note | 0.375 | 05/31/16 | 31,967,488 | ||||||||||||
| 38,400,000 | United States Treasury Note | 0.500 | 06/30/16 | 38,422,502 | ||||||||||||
| 57,504,000 | United States Treasury Note | 0.500 | 07/31/16 | 57,510,728 | ||||||||||||
| 29,000,000 | United States Treasury Note | 0.500 | 08/31/16 | 28,970,536 | ||||||||||||
| 630,000 | United States Treasury Note | 0.875 | 04/15/17 | 630,000 | ||||||||||||
| 42,165,000 | United States Treasury Note | 1.000 | 09/15/17 | 42,099,138 | ||||||||||||
| 5,440,000 | United States Treasury Note | 0.875 | 01/31/18 | 5,368,176 | ||||||||||||
| 38,758,700 | United States Treasury Note | 1.500 | 08/31/18 | 38,740,522 | ||||||||||||
| 55,539,900 | United States Treasury Note | 1.375 | 09/30/18 | 55,192,776 | ||||||||||||
| 2,434,900 | United States Treasury Note | 1.625 | 08/31/19 | 2,418,160 | ||||||||||||
| 9,500,000 | United States Treasury Note | 2.000 | 09/30/20 | 9,473,286 | ||||||||||||
| 44,000 | United States Treasury Note | 2.625 | 11/15/20 | 45,375 | ||||||||||||
| 30,000,000 | United States Treasury Note | 2.375 | 12/31/20 | 30,475,770 | ||||||||||||
| 310,000 | United States Treasury Note | 2.125 | 01/31/21 | 309,976 | ||||||||||||
| 19,475,000 | United States Treasury Note | 2.000 | 02/28/21 | 19,309,151 | ||||||||||||
| 9,000,000 | United States Treasury Note | 2.250 | 03/31/21 | 9,052,731 | ||||||||||||
| 2,415,000 | United States Treasury Note | 2.000 | 05/31/21 | 2,387,078 | ||||||||||||
| 280,000 | United States Treasury Note | 2.000 | 08/31/21 | 276,215 | ||||||||||||
| 20,003,000 | United States Treasury Note | 2.375 | 08/15/24 | 19,771,725 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 559,608,242 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 1,236,196,620 | |||||||||||||||
| (Cost $1,228,458,180) | ||||||||||||||||
| STRUCTURED ASSETS - 17.8% | ||||||||||||||||
| ASSET BACKED - 10.5% | ||||||||||||||||
| 2,475,000 | g | Ally Master Owner Trust | 4.590 | 04/15/17 | 2,505,643 | |||||||||||
| Series - 2010 2 (Class B) | ||||||||||||||||
| 3,550,000 | Ally Master Owner Trust | 1.210 | 06/15/17 | 3,567,136 | ||||||||||||
| Series - 2012 3 (Class A2) | ||||||||||||||||
| 2,790,000 | AmeriCredit Automobile Receivables Trust | 3.440 | 10/08/17 | 2,850,532 | ||||||||||||
| Series - 2011 5 (Class C) | ||||||||||||||||
| 3,000,000 | AmeriCredit Automobile Receivables Trust | 1.310 | 11/08/17 | 3,012,213 | ||||||||||||
| Series - 2012 4 (Class B) | ||||||||||||||||
| 55,677 | g | Asset Backed Funding Corp NIM Trust | 5.900 | 07/26/35 | 1 | |||||||||||
| Series - 2006 WMC1 (Class N1) | ||||||||||||||||
| 22 |
TIAA-CREF FUNDS - Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 4,440,000 | g | Avis Budget Rental Car Funding AESOP LLC | 5.110 | % | 03/20/17 | $ | 4,657,631 | ||||||||
| Series - 2010 5A (Class B) | ||||||||||||||||
| 9,300,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.740 | 11/20/17 | 9,851,350 | |||||||||||
| Series - 2011 3A (Class B) | ||||||||||||||||
| 1,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.720 | 02/20/18 | 1,061,811 | |||||||||||
| Series - 2011 5A (Class B) | ||||||||||||||||
| 9,800,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.040 | 03/20/19 | 9,924,303 | |||||||||||
| Series - 2012 3A (Class B) | ||||||||||||||||
| 297,653 | i | Bear Stearns Asset Backed Securities Trust | 0.895 | 11/25/39 | 293,963 | |||||||||||
| Series - 2005 SD3 (Class 2A1) | ||||||||||||||||
| 26,606,000 | Capital Auto Receivables Asset Trust | 1.040 | 11/21/16 | 26,699,627 | ||||||||||||
| Series - 2013 3 (Class A2) | ||||||||||||||||
| 5,153,000 | Capital Auto Receivables Asset Trust | 0.790 | 06/20/17 | 5,160,451 | ||||||||||||
| Series - 2013 1 (Class A3) | ||||||||||||||||
| 11,621,872 | g,m | Capital Automotive REIT | 4.700 | 07/15/42 | 11,956,001 | |||||||||||
| Series - 2012 1A (Class A) | ||||||||||||||||
| 1,300,000 | CarMax Auto Owner Trust | 2.630 | 11/15/16 | 1,312,199 | ||||||||||||
| Series - 2011 1 (Class B) | ||||||||||||||||
| 2,355,256 | i,m | CCR, Inc | 0.599 | 07/10/17 | 2,286,553 | |||||||||||
| Series - 2010 CX (Class C) | ||||||||||||||||
| 268,315 | i | CIT Group Home Equity Loan Trust | 6.200 | 02/25/30 | 267,648 | |||||||||||
| Series - 2002 1 (Class AF6) | ||||||||||||||||
| 67,110 | g,i | Credit-Based Asset Servicing and Securitization LLC | 6.159 | 12/25/36 | 67,104 | |||||||||||
| Series - 2007 MX1 (Class A1) | ||||||||||||||||
| 6,410,000 | g,i | DB/UBS Mortgage Trust | 5.730 | 11/10/46 | 7,145,458 | |||||||||||
| Series - 2011 LC1A (Class C) | ||||||||||||||||
| 22,919,450 | g | Dominos Pizza Master Issuer LLC | 5.216 | 01/25/42 | 24,206,560 | |||||||||||
| Series - 2012 1A (Class A2) | ||||||||||||||||
| 11,440,000 | Ford Credit Auto Owner Trust | 2.930 | 10/15/18 | 11,769,346 | ||||||||||||
| Series - 2012 B (Class D) | ||||||||||||||||
| 7,800,000 | Ford Credit Auto Owner Trust | 2.430 | 01/15/19 | 7,985,359 | ||||||||||||
| Series - 2012 C (Class D) | ||||||||||||||||
| 9,000,000 | Ford Credit Auto Owner Trust | 1.860 | 08/15/19 | 9,062,163 | ||||||||||||
| Series - 2013 A (Class D) | ||||||||||||||||
| 4,000,000 | Ford Credit Floorplan Master | 1.650 | 08/15/19 | 3,978,280 | ||||||||||||
| Series - 2014 4 (Class B) | ||||||||||||||||
| 6,000,000 | g | GE Capital Credit Card Master Note Trust | 7.820 | 11/15/17 | 6,053,568 | |||||||||||
| Series - 2009 4 (Class C) | ||||||||||||||||
| 2,000,000 | g | GE Capital Credit Card Master Note Trust | 5.750 | 03/15/18 | 2,046,324 | |||||||||||
| Series - 2010 1 (Class C) | ||||||||||||||||
| 5,900,000 | g | Hertz Vehicle Financing LLC | 4.170 | 03/25/16 | 5,947,271 | |||||||||||
| Series - 2011 1A (Class B1) | ||||||||||||||||
| 15,190,000 | g | Hertz Vehicle Financing LLC | 5.930 | 03/25/16 | 15,368,179 | |||||||||||
| Series - 0 2A (Class B2) | ||||||||||||||||
| 6,700,000 | g | Hertz Vehicle Financing LLC | 3.740 | 02/25/17 | 6,922,306 | |||||||||||
| Series - 2010 1A (Class A2) | ||||||||||||||||
| 5,000,000 | g | Hertz Vehicle Financing LLC | 1.860 | 08/25/17 | 5,008,055 | |||||||||||
| Series - 2013 1A (Class B1) | ||||||||||||||||
| 2,000,000 | g | Hertz Vehicle Financing LLC | 4.960 | 03/25/18 | 2,126,328 | |||||||||||
| Series - 2011 1A (Class B2) | ||||||||||||||||
| 1,140,857 | i | Lehman XS Trust | 0.405 | 02/25/36 | 1,089,640 | |||||||||||
| Series - 2006 1 (Class 1A1) | ||||||||||||||||
| 23 |
TIAA-CREF FUNDS - Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,447,255 | Lehman XS Trust | 6.500 | % | 06/25/46 | $ | 1,922,226 | |||||||||
| Series - 2006 13 (Class 2A1) | ||||||||||||||||
| 1,000,000 | g,i | Longpoint Re Ltd | 3.975 | 05/18/16 | 1,024,400 | |||||||||||
| Series - 2013 144A (Class ) | ||||||||||||||||
| 1,462,393 | g | Orange Lake Timeshare Trust 2014-A | 3.030 | 07/09/29 | 1,461,213 | |||||||||||
| Series - 2014 AA (Class B) | ||||||||||||||||
| 224,445 | i | Park Place Securities, Inc | 1.100 | 09/25/34 | 225,133 | |||||||||||
| Series - 2004 WHQ1 (Class M1) | ||||||||||||||||
| 1,611,030 | i | Park Place Securities, Inc Asset-Backed Pass-Through Certificates | 0.675 | 01/25/36 | 1,601,316 | |||||||||||
| Series - 2005 WCH1 (Class M2) | ||||||||||||||||
| 833,333 | g | Rental Car Finance Corp | 4.380 | 02/25/16 | 840,028 | |||||||||||
| Series - 2011 1A (Class B1) | ||||||||||||||||
| 48,490 | i | Residential Asset Securities Corp | 6.489 | 10/25/30 | 48,534 | |||||||||||
| Series - 2001 KS2 (Class AI6) | ||||||||||||||||
| 151,331 | i | Residential Asset Securities Corp | 0.800 | 04/25/35 | 151,295 | |||||||||||
| Series - 2005 KS3 (Class M3) | ||||||||||||||||
| 351,288 | Residential Funding Mortgage Securities II, Inc | 5.500 | 08/25/25 | 354,586 | ||||||||||||
| Series - 2006 HI5 (Class A3) | ||||||||||||||||
| 25,788 | Residential Funding Mortgage Securities II, Inc | 5.960 | 02/25/36 | 25,727 | ||||||||||||
| Series - 2006 HI3 (Class A3) | ||||||||||||||||
| 185,000 | i | Residential Funding Mortgage Securities II, Inc | 6.060 | 02/25/36 | 194,692 | |||||||||||
| Series - 2006 HI1 (Class M2) | ||||||||||||||||
| 3,000,000 | g,i | Sanders Re Ltd | 4.015 | 05/05/17 | 3,048,600 | |||||||||||
| Series - 2013 144A (Class ) | ||||||||||||||||
| 19,000,000 | Santander Drive Auto Receivables Trust | 0.540 | 08/15/17 | 19,000,532 | ||||||||||||
| Series - 2014 3 (Class A2A) | ||||||||||||||||
| 19,750,000 | Santander Drive Auto Receivables Trust | 3.870 | 02/15/18 | 20,473,561 | ||||||||||||
| Series - 2012 2 (Class D) | ||||||||||||||||
| 1,000,000 | Santander Drive Auto Receivables Trust | 2.270 | 01/15/19 | 1,002,159 | ||||||||||||
| Series - 2013 2013-1 (Class D) | ||||||||||||||||
| 523,810 | i | Securitized Asset Backed Receivables LLC | 0.455 | 10/25/35 | 515,375 | |||||||||||
| Series - 2006 OP1 (Class A2C) | ||||||||||||||||
| 795,445 | g | Sierra Receivables Funding Co LLC | 3.350 | 04/20/26 | 815,910 | |||||||||||
| Series - 2011 1A (Class A) | ||||||||||||||||
| 686,804 | g | Sierra Receivables Funding Co LLC | 4.250 | 05/20/28 | 706,198 | |||||||||||
| Series - 2011 2A (Class B) | ||||||||||||||||
| 1,227,646 | g | Sierra Receivables Funding Co LLC | 3.420 | 03/20/29 | 1,253,535 | |||||||||||
| Series - 2012 2A (Class B) | ||||||||||||||||
| 7,736,789 | g | Sierra Receivables Funding Co LLC | 1.590 | 11/20/29 | 7,742,089 | |||||||||||
| Series - 2013 1A (Class A) | ||||||||||||||||
| 1,873,117 | g | Sierra Receivables Funding Co LLC | 2.390 | 11/20/29 | 1,889,975 | |||||||||||
| Series - 2013 1A (Class B) | ||||||||||||||||
| 4,715,000 | g | SLM Student Loan Trust | 4.370 | 04/17/28 | 5,023,814 | |||||||||||
| Series - 2011 A (Class A2) | ||||||||||||||||
| 1,480,000 | g | SLM Student Loan Trust | 3.740 | 02/15/29 | 1,548,499 | |||||||||||
| Series - 2011 B (Class A2) | ||||||||||||||||
| 5,213,000 | g | SLM Student Loan Trust | 4.540 | 10/17/44 | 5,548,352 | |||||||||||
| Series - 2011 C (Class A2B) | ||||||||||||||||
| 4,233,000 | g | SLM Student Loan Trust | 3.830 | 01/17/45 | 4,415,404 | |||||||||||
| Series - 2012 A (Class A2) | ||||||||||||||||
| 3,023,802 | g | SolarCity LMC | 4.800 | 11/20/38 | 3,145,235 | |||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||
| 2,300,000 | g | SolarCity LMC | 4.020 | 07/20/44 | 2,294,969 | |||||||||||
| Series - 2014 2 (Class A) | ||||||||||||||||
| 24 |
TIAA-CREF FUNDS - Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 367,977 | i | Soundview Home Equity Loan Trust | 0.455 | % | 11/25/35 | $ | 364,518 | ||||||||
| Series - 2005 OPT3 (Class A4) | ||||||||||||||||
| 9,500,000 | g,h | SpringCastle America Funding LLC | 2.700 | 05/25/23 | 9,499,050 | |||||||||||
| Series - 2014 AA (Class A) | ||||||||||||||||
| 28,903 | i | Structured Asset Investment Loan Trust | 0.755 | 05/25/35 | 28,861 | |||||||||||
| Series - 2005 4 (Class M1) | ||||||||||||||||
| 2,137,346 | g,i | Structured Asset Securities Corp | 0.375 | 10/25/36 | 2,077,552 | |||||||||||
| Series - 2006 GEL4 (Class A2) | ||||||||||||||||
| 5,800,000 | g,i | Vitality Re IV Ltd | 2.765 | 01/09/17 | 5,930,500 | |||||||||||
| Series - 2013 IV B (Class ) | ||||||||||||||||
| 205,331 | g,i | Wachovia Loan Trust | 0.515 | 05/25/35 | 194,899 | |||||||||||
| Series - 2005 SD1 (Class A) | ||||||||||||||||
| 172,438 | i | Wells Fargo Home Equity Trust | 0.295 | 07/25/36 | 171,301 | |||||||||||
| Series - 2006 2 (Class A3) | ||||||||||||||||
| 3,779,000 | World Financial Network Credit Card Master Trust | 3.960 | 04/15/19 | 3,867,999 | ||||||||||||
| Series - 2010 A (Class A) | ||||||||||||||||
| TOTAL ASSET BACKED | 302,591,040 | |||||||||||||||
| OTHER MORTGAGE BACKED - 7.3% | ||||||||||||||||
| 4,725,750 | g | 7 WTC Depositor LLC Trust | 4.082 | 03/13/31 | 4,896,808 | |||||||||||
| Series - 2012 7WTC (Class A) | ||||||||||||||||
| 2,707,136 | i | American Home Mortgage Investment Trust | 1.833 | 10/25/34 | 2,693,527 | |||||||||||
| Series - 2004 3 (Class 4A) | ||||||||||||||||
| 791,000 | i | Banc of America Commercial Mortgage Trust | 5.955 | 05/10/45 | 782,795 | |||||||||||
| Series - 2006 2 (Class C) | ||||||||||||||||
| 500,000 | g | Banc of America Commercial Mortgage Trust | 5.416 | 01/15/49 | 520,820 | |||||||||||
| Series - 2007 1 (Class AM) | ||||||||||||||||
| 3,721,000 | i | Bear Stearns Commercial Mortgage Securities | 6.144 | 09/11/42 | 4,020,619 | |||||||||||
| Series - 2007 T28 (Class AJ) | ||||||||||||||||
| 6,000,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 6,126,312 | |||||||||||
| Series - 2007 C3 (Class AJ) | ||||||||||||||||
| 9,615,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 10,451,005 | |||||||||||
| Series - 2007 C3 (Class AM) | ||||||||||||||||
| 1,182,942 | Comm Mortgage Trust | 1.330 | 02/10/47 | 1,180,201 | ||||||||||||
| Series - 2014 CR14 (Class A1) | ||||||||||||||||
| 384,914 | Countrywide Alternative Loan Trust | 5.500 | 08/25/16 | 396,763 | ||||||||||||
| Series - 2004 30CB (Class 1A15) | ||||||||||||||||
| 7,100,000 | Credit Suisse First Boston Mortgage Securities Corp | 4.771 | 07/15/37 | 7,224,839 | ||||||||||||
| Series - 2005 C3 (Class AJ) | ||||||||||||||||
| 3,670,000 | i | Credit Suisse First Boston Mortgage Securities Corp | 5.100 | 08/15/38 | 3,763,581 | |||||||||||
| Series - 2005 C5 (Class C) | ||||||||||||||||
| 710,000 | i | Credit Suisse First Boston Mortgage Securities Corp | 5.100 | 08/15/38 | 732,179 | |||||||||||
| Series - 2005 C5 (Class AM) | ||||||||||||||||
| 1,240,000 | i | Credit Suisse First Boston Mortgage Securities Corp | 5.230 | 12/15/40 | 1,285,874 | |||||||||||
| Series - 2005 C6 (Class AJ) | ||||||||||||||||
| 1,600,000 | g | Credit Suisse Mortgage Capital Certificates | 5.626 | 05/15/23 | 1,812,630 | |||||||||||
| Series - 2006 OMA (Class D) | ||||||||||||||||
| 19,585,000 | Credit Suisse Mortgage Capital Certificates | 5.509 | 09/15/39 | 20,969,170 | ||||||||||||
| Series - 2006 C4 (Class AM) | ||||||||||||||||
| 820,000 | g | Credit Suisse Mortgage Capital Certificates | 5.383 | 02/15/40 | 846,912 | |||||||||||
| Series - 2009 RR1 (Class A3C) | ||||||||||||||||
| 25 |
TIAA-CREF FUNDS - Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 804,264 | i | HarborView Mortgage Loan Trust | 0.373 | % | 07/19/47 | $ | 705,813 | ||||||||
| Series - 2007 4 (Class 2A1) | ||||||||||||||||
| 578,006 | i | Impac CMB Trust | 0.815 | 03/25/35 | 533,208 | |||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||
| 765,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.911 | 07/15/42 | 770,729 | |||||||||||
| Series - 2005 LDP2 (Class C) | ||||||||||||||||
| 4,535,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 6.192 | 02/15/51 | 4,994,591 | |||||||||||
| Series - 2007 LD12 (Class AM) | ||||||||||||||||
| 1,075,000 | i | LB-UBS Commercial Mortgage Trust | 6.114 | 07/15/40 | 1,175,822 | |||||||||||
| Series - 2007 C6 (Class AM) | ||||||||||||||||
| 4,845,000 | i | LB-UBS Commercial Mortgage Trust | 5.057 | 09/15/40 | 4,978,858 | |||||||||||
| Series - 2005 C5 (Class AJ) | ||||||||||||||||
| 580,000 | i | Merrill Lynch Mortgage Trust | 6.470 | 02/12/51 | 645,357 | |||||||||||
| Series - 0 C1 (Class AJA) | ||||||||||||||||
| 9,854,300 | i | ML-CFC Commercial Mortgage Trust | 5.526 | 03/12/51 | 10,254,769 | |||||||||||
| Series - 2007 6 (Class AM) | ||||||||||||||||
| 1,790,000 | g,i | Morgan Stanley Capital I Trust | 5.984 | 08/12/41 | 1,890,707 | |||||||||||
| Series - 2006 T23 (Class B) | ||||||||||||||||
| 3,225,387 | i | Morgan Stanley Capital I Trust | 5.389 | 11/12/41 | 3,302,738 | |||||||||||
| Series - 2006 HQ10 (Class AJ) | ||||||||||||||||
| 8,500,000 | i | Morgan Stanley Capital I Trust | 5.831 | 06/11/42 | 9,195,147 | |||||||||||
| Series - 2007 T27 (Class AJ) | ||||||||||||||||
| 2,500,000 | i | Morgan Stanley Capital I Trust | 5.271 | 08/13/42 | 2,494,080 | |||||||||||
| Series - 2005 HQ6 (Class F) | ||||||||||||||||
| 5,304,000 | i | Morgan Stanley Capital I Trust | 5.793 | 07/12/44 | 5,611,266 | |||||||||||
| Series - 2006 HQ9 (Class AJ) | ||||||||||||||||
| 1,821,000 | i | Morgan Stanley Capital I Trust | 5.832 | 07/12/44 | 1,904,896 | |||||||||||
| Series - 2006 HQ9 (Class B) | ||||||||||||||||
| 3,206,000 | i | Morgan Stanley Capital I Trust | 5.842 | 07/12/44 | 3,324,625 | |||||||||||
| Series - 2006 HQ9 (Class C) | ||||||||||||||||
| 460,180 | Residential Accredit Loans, Inc | 4.350 | 03/25/34 | 471,483 | ||||||||||||
| Series - 2004 QS4 (Class A1) | ||||||||||||||||
| 996,876 | g,i | Springleaf Mortgage Loan Trust | 2.667 | 09/25/57 | 1,013,615 | |||||||||||
| Series - 2012 1A (Class A) | ||||||||||||||||
| 508,312 | g,i | Springleaf Mortgage Loan Trust | 2.220 | 10/25/57 | 515,739 | |||||||||||
| Series - 0 2A (Class A) | ||||||||||||||||
| 24,235,000 | Wachovia Bank Commercial Mortgage Trust | 5.383 | 12/15/43 | 25,932,807 | ||||||||||||
| Series - 2007 C30 (Class AM) | ||||||||||||||||
| 230,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.818 | 05/15/46 | 251,965 | |||||||||||
| Series - 2007 C34 (Class AM) | ||||||||||||||||
| 17,750,038 | i | Wachovia Bank Commercial Mortgage Trust | 6.146 | 05/15/46 | 18,287,296 | |||||||||||
| Series - 2007 C34 (Class AJ) | ||||||||||||||||
| 3,515,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.591 | 04/15/47 | 3,819,680 | |||||||||||
| Series - 2007 C31 (Class AM) | ||||||||||||||||
| 2,500,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.660 | 04/15/47 | 2,582,413 | |||||||||||
| Series - 2007 C31 (Class AJ) | ||||||||||||||||
| 4,140,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 3,870,900 | |||||||||||
| Series - 2007 C32 (Class B) | ||||||||||||||||
| 21,225,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 21,722,535 | |||||||||||
| Series - 2007 C32 (Class AJ) | ||||||||||||||||
| 2,530,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.953 | 02/15/51 | 2,763,013 | |||||||||||
| Series - 2007 C33 (Class AM) | ||||||||||||||||
| 26 |
TIAA-CREF FUNDS - Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,375,292 | i | WaMu Mortgage Pass-Through Certificates | 0.505 | % | 12/25/45 | $ | 1,282,434 | ||||||||
| Series - 2005 AR19 (Class A1B3) | ||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 202,000,521 | |||||||||||||||
| TOTAL STRUCTURED ASSETS | 504,591,561 | |||||||||||||||
| (Cost $499,525,355) | ||||||||||||||||
| TOTAL BONDS | 2,625,839,261 | |||||||||||||||
| (Cost $2,594,541,520) | ||||||||||||||||
| SHORT-TERM INVESTMENTS - 14.1% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 3.8% | ||||||||||||||||
| 20,000,000 | d | Federal Home Loan Bank (FHLB) | 0.077 | 11/05/14 | 19,998,503 | |||||||||||
| 10,000,000 | FHLB | 0.085 | 11/12/14 | 9,999,008 | ||||||||||||
| 25,000,000 | FHLB | 0.103 | 01/21/15 | 24,998,600 | ||||||||||||
| 15,800,000 | FHLB | 0.065 | 10/03/14 | 15,799,943 | ||||||||||||
| 27,000,000 | Federal National Mortgage Association (FNMA) | 0.100 | 03/02/15 | 26,996,571 | ||||||||||||
| 8,700,000 | FNMA | 0.045 | 11/19/14 | 8,699,467 | ||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 106,492,092 | |||||||||||||||
| TREASURY DEBT - 10.3% | ||||||||||||||||
| 2,000,000 | United States Treasury Bill | 0.030 | 11/06/14 | 1,999,940 | ||||||||||||
| 14,000,000 | d | United States Treasury Bill | 0.073 | 11/13/14 | 13,998,788 | |||||||||||
| 3,000,000 | United States Treasury Bill | 0.033 | 12/18/14 | 2,999,886 | ||||||||||||
| 16,000,000 | d | United States Treasury Bill | 0.050-0.098 | 02/05/15 | 15,998,736 | |||||||||||
| 30,000,000 | United States Treasury Bill | 0.030 | 02/12/15 | 29,997,780 | ||||||||||||
| 4,500,000 | d | United States Treasury Bill | 0.080 | 03/05/15 | 4,499,420 | |||||||||||
| 10,000,000 | United States Treasury Bill | 0.030 | 03/26/15 | 9,998,660 | ||||||||||||
| 14,600,000 | d | United States Treasury Bill | 0.087-0.090 | 04/02/15 | 14,596,846 | |||||||||||
| 15,900,000 | d | United States Treasury Bill | 0.078-0.090 | 04/30/15 | 15,896,502 | |||||||||||
| 9,200,000 | d | United States Treasury Bill | 0.090-0.095 | 05/28/15 | 9,197,709 | |||||||||||
| 36,000,000 | d | United States Treasury Bill | 0.096-0.101 | 06/25/15 | 35,987,328 | |||||||||||
| 62,000,000 | d | United States Treasury Bill | 0.073-0.103 | 07/23/15 | 61,972,038 | |||||||||||
| 69,500,000 | d | United States Treasury Bill | 0.091-0.106 | 08/20/15 | 69,453,226 | |||||||||||
| TOTAL TREASURY DEBT | 286,596,859 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 393,088,951 | |||||||||||||||
| (Cost $393,020,978) | ||||||||||||||||
| TOTAL INVESTMENTS - 110.0% | 3,054,165,066 | |||||||||||||||
| (Cost $3,023,183,234) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (10.0)% | (278,859,410 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 2,775,305,656 | ||||||||||||||
| 27 |
TIAA-CREF FUNDS - Bond Fund
| Abbreviation(s): | |||
| REIT | Real Estate Investment Trust | ||
| d | All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls. | |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities was $417,804,771 or 15.1% 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. | |
| m | Indicates a security that has been deemed illiquid. |
| 28 |
TIAA-CREF FUNDS - Bond Index Fund
TIAA-CREF FUNDS
BOND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2014
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| BONDS - 99.5% | ||||||||||||||||
| CORPORATE BONDS - 24.5% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.1% | ||||||||||||||||
| $ | 50,000 | BorgWarner, Inc | 4.625 | % | 09/15/20 | $ | 53,646 | |||||||||
| 500,000 | Delphi Corp | 5.000 | 02/15/23 | 535,500 | ||||||||||||
| 100,000 | Delphi Corp | 4.150 | 03/15/24 | 102,014 | ||||||||||||
| 500,000 | Ford Motor Co | 7.450 | 07/16/31 | 660,163 | ||||||||||||
| 650,000 | Ford Motor Co | 4.750 | 01/15/43 | 650,543 | ||||||||||||
| 400,000 | Honeywell International, Inc | 5.400 | 03/15/16 | 427,852 | ||||||||||||
| 300,000 | Honeywell International, Inc | 5.300 | 03/01/18 | 335,968 | ||||||||||||
| 400,000 | Honeywell International, Inc | 5.000 | 02/15/19 | 448,324 | ||||||||||||
| 500,000 | Honeywell International, Inc | 3.350 | 12/01/23 | 509,577 | ||||||||||||
| 282,000 | Honeywell International, Inc | 5.700 | 03/15/37 | 344,769 | ||||||||||||
| 210,000 | Johnson Controls, Inc | 5.500 | 01/15/16 | 222,586 | ||||||||||||
| 150,000 | Johnson Controls, Inc | 2.600 | 12/01/16 | 154,992 | ||||||||||||
| 300,000 | Johnson Controls, Inc | 1.400 | 11/02/17 | 297,499 | ||||||||||||
| 160,000 | Johnson Controls, Inc | 4.250 | 03/01/21 | 171,122 | ||||||||||||
| 300,000 | Johnson Controls, Inc | 3.625 | 07/02/24 | 297,481 | ||||||||||||
| 270,000 | Johnson Controls, Inc | 6.000 | 01/15/36 | 319,948 | ||||||||||||
| 325,000 | Johnson Controls, Inc | 4.625 | 07/02/44 | 317,310 | ||||||||||||
| 100,000 | Johnson Controls, Inc | 4.950 | 07/02/64 | 97,567 | ||||||||||||
| 300,000 | Magna International, Inc | 3.625 | 06/15/24 | 298,101 | ||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 6,244,962 | |||||||||||||||
| BANKS - 3.2% | ||||||||||||||||
| 200,000 | Australia & New Zealand Banking Group Ltd | 0.900 | 02/12/16 | 200,874 | ||||||||||||
| 500,000 | Australia & New Zealand Banking Group Ltd | 1.250 | 01/10/17 | 500,529 | ||||||||||||
| 250,000 | Australia & New Zealand Banking Group Ltd | 1.875 | 10/06/17 | 252,213 | ||||||||||||
| 500,000 | Australia & New Zealand Banking Group Ltd | 1.450 | 05/15/18 | 491,688 | ||||||||||||
| 500,000 | Banco do Brasil S.A. | 3.875 | 01/23/17 | 515,000 | ||||||||||||
| 200,000 | Banco do Brasil S.A. | 3.875 | 10/10/22 | 185,500 | ||||||||||||
| 200,000 | Bancolombia S.A. | 5.950 | 06/03/21 | 219,500 | ||||||||||||
| 2,045,000 | Bank of America Corp | 3.700 | 09/01/15 | 2,099,820 | ||||||||||||
| 300,000 | Bank of America Corp | 1.250 | 01/11/16 | 301,276 | ||||||||||||
| 550,000 | Bank of America Corp | 3.625 | 03/17/16 | 569,893 | ||||||||||||
| 1,200,000 | Bank of America Corp | 6.500 | 08/01/16 | 1,309,739 | ||||||||||||
| 300,000 | Bank of America Corp | 1.350 | 11/21/16 | 300,406 | ||||||||||||
| 585,000 | Bank of America Corp | 5.300 | 03/15/17 | 633,797 | ||||||||||||
| 500,000 | Bank of America Corp | 5.420 | 03/15/17 | 541,508 | ||||||||||||
| 1,000,000 | Bank of America Corp | 3.875 | 03/22/17 | 1,052,779 | ||||||||||||
| 3,000,000 | Bank of America Corp | 1.700 | 08/25/17 | 2,987,037 | ||||||||||||
| 590,000 | Bank of America Corp | 5.750 | 12/01/17 | 656,494 | ||||||||||||
| 900,000 | Bank of America Corp | 2.000 | 01/11/18 | 896,086 | ||||||||||||
| 2,525,000 | Bank of America Corp | 2.600 | 01/15/19 | 2,520,081 | ||||||||||||
| 750,000 | Bank of America Corp | 2.650 | 04/01/19 | 747,701 | ||||||||||||
| 29 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,300,000 | Bank of America Corp | 5.875 | % | 01/05/21 | $ | 2,638,056 | |||||||||
| 500,000 | Bank of America Corp | 5.700 | 01/24/22 | 572,870 | ||||||||||||
| 1,425,000 | Bank of America Corp | 3.300 | 01/11/23 | 1,389,832 | ||||||||||||
| 2,000,000 | Bank of America Corp | 4.125 | 01/22/24 | 2,038,212 | ||||||||||||
| 750,000 | Bank of America Corp | 4.000 | 04/01/24 | 757,816 | ||||||||||||
| 1,475,000 | Bank of America Corp | 4.200 | 08/26/24 | 1,462,246 | ||||||||||||
| 1,500,000 | Bank of America Corp | 5.000 | 01/21/44 | 1,582,407 | ||||||||||||
| 500,000 | Bank of America Corp | 4.875 | 04/01/44 | 518,435 | ||||||||||||
| 1,000,000 | Bank of America NA | 1.125 | 11/14/16 | 997,340 | ||||||||||||
| 500,000 | Bank of America NA | 1.250 | 02/14/17 | 498,447 | ||||||||||||
| 400,000 | Bank of Montreal | 0.800 | 11/06/15 | 401,103 | ||||||||||||
| 500,000 | Bank of Montreal | 1.300 | 07/15/16 | 504,025 | ||||||||||||
| 450,000 | Bank of Montreal | 2.500 | 01/11/17 | 463,338 | ||||||||||||
| 200,000 | Bank of Montreal | 1.400 | 09/11/17 | 200,322 | ||||||||||||
| 400,000 | Bank of Montreal | 1.450 | 04/09/18 | 395,564 | ||||||||||||
| 300,000 | Bank of Montreal | 2.375 | 01/25/19 | 302,369 | ||||||||||||
| 400,000 | Bank of Montreal | 2.550 | 11/06/22 | 386,090 | ||||||||||||
| 100,000 | Bank of Nova Scotia | 2.050 | 10/07/15 | 101,603 | ||||||||||||
| 200,000 | Bank of Nova Scotia | 0.750 | 10/09/15 | 200,600 | ||||||||||||
| 500,000 | Bank of Nova Scotia | 2.900 | 03/29/16 | 516,102 | ||||||||||||
| 750,000 | Bank of Nova Scotia | 1.375 | 07/15/16 | 756,915 | ||||||||||||
| 300,000 | Bank of Nova Scotia | 1.100 | 12/13/16 | 300,501 | ||||||||||||
| 150,000 | Bank of Nova Scotia | 2.550 | 01/12/17 | 154,619 | ||||||||||||
| 500,000 | Bank of Nova Scotia | 1.250 | 04/11/17 | 499,211 | ||||||||||||
| 300,000 | Bank of Nova Scotia | 1.300 | 07/21/17 | 298,492 | ||||||||||||
| 400,000 | Bank of Nova Scotia | 1.375 | 12/18/17 | 395,290 | ||||||||||||
| 350,000 | Bank of Nova Scotia | 1.450 | 04/25/18 | 345,101 | ||||||||||||
| 500,000 | Bank of Nova Scotia | 2.050 | 10/30/18 | 498,601 | ||||||||||||
| 500,000 | Bank of Nova Scotia | 2.050 | 06/05/19 | 494,313 | ||||||||||||
| 1,000,000 | Bank of Nova Scotia | 2.125 | 09/11/19 | 994,511 | ||||||||||||
| 200,000 | Bank of Nova Scotia | 4.375 | 01/13/21 | 219,852 | ||||||||||||
| 300,000 | Bank of Nova Scotia | 2.800 | 07/21/21 | 296,473 | ||||||||||||
| 1,000,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 1.200 | 03/10/17 | 995,372 | |||||||||||
| 500,000 | BB&T Corp | 5.200 | 12/23/15 | 525,967 | ||||||||||||
| 100,000 | BB&T Corp | 3.200 | 03/15/16 | 103,387 | ||||||||||||
| 200,000 | BB&T Corp | 2.150 | 03/22/17 | 203,254 | ||||||||||||
| 70,000 | BB&T Corp | 4.900 | 06/30/17 | 76,108 | ||||||||||||
| 150,000 | BB&T Corp | 1.600 | 08/15/17 | 150,412 | ||||||||||||
| 200,000 | BB&T Corp | 2.050 | 06/19/18 | 200,752 | ||||||||||||
| 500,000 | BB&T Corp | 2.250 | 02/01/19 | 500,565 | ||||||||||||
| 400,000 | BB&T Corp | 6.850 | 04/30/19 | 477,646 | ||||||||||||
| 200,000 | BB&T Corp | 3.950 | 03/22/22 | 210,502 | ||||||||||||
| 500,000 | BBVA US Senior SAU | 4.664 | 10/09/15 | 518,893 | ||||||||||||
| 300,000 | BPCE S.A. | 1.700 | 04/25/16 | 302,916 | ||||||||||||
| 500,000 | BPCE S.A. | 1.625 | 02/10/17 | 502,057 | ||||||||||||
| 250,000 | BPCE S.A. | 2.500 | 12/10/18 | 250,610 | ||||||||||||
| 300,000 | BPCE S.A. | 2.500 | 07/15/19 | 297,894 | ||||||||||||
| 500,000 | BPCE S.A. | 4.000 | 04/15/24 | 503,800 | ||||||||||||
| 200,000 | Branch Banking & Trust Co | 1.450 | 10/03/16 | 201,740 | ||||||||||||
| 300,000 | Branch Banking & Trust Co | 1.050 | 12/01/16 | 300,059 | ||||||||||||
| 200,000 | Branch Banking & Trust Co | 1.000 | 04/03/17 | 198,559 | ||||||||||||
| 500,000 | Branch Banking & Trust Co | 1.350 | 10/01/17 | 496,587 | ||||||||||||
| 30 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 300,000 | Branch Banking & Trust Co | 2.850 | % | 04/01/21 | $ | 298,144 | |||||||||
| 500,000 | Branch Banking & Trust Co | 3.800 | 10/30/26 | 497,688 | ||||||||||||
| 400,000 | Canadian Imperial Bank of Commerce | 0.900 | 10/01/15 | 401,872 | ||||||||||||
| 425,000 | Canadian Imperial Bank of Commerce | 2.350 | 12/11/15 | 433,533 | ||||||||||||
| 300,000 | Canadian Imperial Bank of Commerce | 1.550 | 01/23/18 | 299,373 | ||||||||||||
| 125,000 | Capital One Bank USA NA | 1.150 | 11/21/16 | 124,972 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 1.200 | 02/13/17 | 299,347 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 1.500 | 09/05/17 | 298,688 | ||||||||||||
| 250,000 | Capital One Bank USA NA | 1.500 | 03/22/18 | 246,235 | ||||||||||||
| 400,000 | Capital One Bank USA NA | 2.150 | 11/21/18 | 398,552 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 2.250 | 02/13/19 | 297,309 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 2.300 | 06/05/19 | 297,667 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 2.400 | 09/05/19 | 296,860 | ||||||||||||
| 500,000 | Capital One Bank USA NA | 2.950 | 07/23/21 | 491,736 | ||||||||||||
| 972,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 952,313 | ||||||||||||
| 800,000 | Citigroup, Inc | 4.950 | 11/07/43 | 846,733 | ||||||||||||
| 63,000 | Citigroup, Inc | 1.250 | 01/15/16 | 63,325 | ||||||||||||
| 500,000 | Citigroup, Inc | 1.300 | 04/01/16 | 501,532 | ||||||||||||
| 1,750,000 | Citigroup, Inc | 3.953 | 06/15/16 | 1,838,006 | ||||||||||||
| 1,000,000 | Citigroup, Inc | 1.700 | 07/25/16 | 1,010,135 | ||||||||||||
| 500,000 | Citigroup, Inc | 1.300 | 11/15/16 | 500,098 | ||||||||||||
| 200,000 | Citigroup, Inc | 4.450 | 01/10/17 | 213,094 | ||||||||||||
| 500,000 | Citigroup, Inc | 1.350 | 03/10/17 | 498,654 | ||||||||||||
| 500,000 | Citigroup, Inc | 1.550 | 08/14/17 | 496,332 | ||||||||||||
| 11,000 | Citigroup, Inc | 6.000 | 08/15/17 | 12,320 | ||||||||||||
| 750,000 | Citigroup, Inc | 1.750 | 05/01/18 | 739,516 | ||||||||||||
| 300,000 | Citigroup, Inc | 2.500 | 09/26/18 | 301,951 | ||||||||||||
| 500,000 | Citigroup, Inc | 2.550 | 04/08/19 | 499,620 | ||||||||||||
| 500,000 | Citigroup, Inc | 2.500 | 07/29/19 | 495,544 | ||||||||||||
| 684,000 | Citigroup, Inc | 5.375 | 08/09/20 | 774,036 | ||||||||||||
| 2,700,000 | Citigroup, Inc | 4.500 | 01/14/22 | 2,894,902 | ||||||||||||
| 1,675,000 | Citigroup, Inc | 4.050 | 07/30/22 | 1,696,495 | ||||||||||||
| 870,000 | Citigroup, Inc | 3.375 | 03/01/23 | 856,642 | ||||||||||||
| 600,000 | Citigroup, Inc | 3.500 | 05/15/23 | 575,216 | ||||||||||||
| 1,000,000 | Citigroup, Inc | 3.875 | 10/25/23 | 1,015,448 | ||||||||||||
| 750,000 | Citigroup, Inc | 3.750 | 06/16/24 | 747,685 | ||||||||||||
| 500,000 | Citigroup, Inc | 4.000 | 08/05/24 | 489,901 | ||||||||||||
| 400,000 | Citigroup, Inc | 5.500 | 09/13/25 | 435,604 | ||||||||||||
| 200,000 | Citigroup, Inc | 5.875 | 01/30/42 | 241,044 | ||||||||||||
| 225,000 | Citigroup, Inc | 6.675 | 09/13/43 | 275,769 | ||||||||||||
| 375,000 | Citigroup, Inc | 5.300 | 05/06/44 | 389,646 | ||||||||||||
| 250,000 | Comerica Bank | 5.750 | 11/21/16 | 273,940 | ||||||||||||
| 50,000 | Comerica Bank | 5.200 | 08/22/17 | 54,786 | ||||||||||||
| 300,000 | Comerica, Inc | 2.125 | 05/23/19 | 297,334 | ||||||||||||
| 200,000 | Comerica, Inc | 3.800 | 07/22/26 | 198,529 | ||||||||||||
| 250,000 | Commonwealth Bank of Australia | 1.250 | 09/18/15 | 251,975 | ||||||||||||
| 750,000 | Commonwealth Bank of Australia | 1.125 | 03/13/17 | 746,806 | ||||||||||||
| 500,000 | Commonwealth Bank of Australia | 1.400 | 09/08/17 | 497,804 | ||||||||||||
| 250,000 | Commonwealth Bank of Australia | 1.900 | 09/18/17 | 252,275 | ||||||||||||
| 750,000 | Commonwealth Bank of Australia | 2.250 | 03/13/19 | 749,441 | ||||||||||||
| 500,000 | Commonwealth Bank of Australia | 2.300 | 09/06/19 | 496,585 | ||||||||||||
| 300,000 | Compass Bank | 1.850 | 09/29/17 | 299,967 | ||||||||||||
| 31 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 300,000 | Compass Bank | 2.750 | % | 09/29/19 | $ | 299,695 | |||||||||
| 400,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.375 | 01/19/17 | 419,498 | ||||||||||||
| 275,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 1.700 | 03/19/18 | 274,743 | ||||||||||||
| 500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 2.250 | 01/14/19 | 502,070 | ||||||||||||
| 1,500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.875 | 02/08/22 | 1,580,071 | ||||||||||||
| 375,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.950 | 11/09/22 | 376,596 | ||||||||||||
| 425,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 4.625 | 12/01/23 | 440,306 | ||||||||||||
| 400,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 5.750 | 12/01/43 | 454,198 | ||||||||||||
| 200,000 | Corpbanca S.A. | 3.125 | 01/15/18 | 200,410 | ||||||||||||
| 900,000 | Deutsche Bank AG | 3.450 | 03/30/15 | 913,621 | ||||||||||||
| 400,000 | Deutsche Bank AG | 1.400 | 02/13/17 | 399,845 | ||||||||||||
| 1,750,000 | Deutsche Bank AG | 2.500 | 02/13/19 | 1,759,222 | ||||||||||||
| 500,000 | Deutsche Bank AG | 3.700 | 05/30/24 | 495,660 | ||||||||||||
| 500,000 | i | Deutsche Bank AG | 4.296 | 05/24/28 | 477,545 | |||||||||||
| 400,000 | Discover Bank | 2.000 | 02/21/18 | 398,076 | ||||||||||||
| 215,000 | Discover Bank | 7.000 | 04/15/20 | 254,358 | ||||||||||||
| 300,000 | Discover Bank | 3.200 | 08/09/21 | 296,676 | ||||||||||||
| 400,000 | Discover Bank | 4.200 | 08/08/23 | 414,108 | ||||||||||||
| 200,000 | Discover Bank | 4.250 | 03/13/26 | 204,592 | ||||||||||||
| 450,000 | Fifth Third Bancorp | 3.625 | 01/25/16 | 465,836 | ||||||||||||
| 500,000 | Fifth Third Bancorp | 1.150 | 11/18/16 | 500,179 | ||||||||||||
| 300,000 | Fifth Third Bancorp | 1.350 | 06/01/17 | 299,110 | ||||||||||||
| 500,000 | Fifth Third Bancorp | 1.450 | 02/28/18 | 493,797 | ||||||||||||
| 300,000 | Fifth Third Bancorp | 2.300 | 03/01/19 | 299,099 | ||||||||||||
| 375,000 | Fifth Third Bancorp | 2.375 | 04/25/19 | 375,527 | ||||||||||||
| 200,000 | Fifth Third Bancorp | 2.875 | 10/01/21 | 196,877 | ||||||||||||
| 200,000 | Fifth Third Bancorp | 3.500 | 03/15/22 | 203,808 | ||||||||||||
| 500,000 | Fifth Third Bancorp | 4.300 | 01/16/24 | 514,631 | ||||||||||||
| 140,000 | Fifth Third Bancorp | 8.250 | 03/01/38 | 205,807 | ||||||||||||
| 100,000 | First Horizon National Corp | 5.375 | 12/15/15 | 104,808 | ||||||||||||
| 250,000 | First Republic Bank | 2.375 | 06/17/19 | 249,521 | ||||||||||||
| 100,000 | FirstMerit Corp | 4.350 | 02/04/23 | 103,620 | ||||||||||||
| 750,000 | HSBC Bank USA NA | 4.875 | 08/24/20 | 828,772 | ||||||||||||
| 266,000 | HSBC Bank USA NA | 5.875 | 11/01/34 | 321,783 | ||||||||||||
| 33,000 | HSBC Bank USA NA | 7.000 | 01/15/39 | 44,962 | ||||||||||||
| 150,000 | HSBC Holdings plc | 4.875 | 01/14/22 | 166,836 | ||||||||||||
| 1,350,000 | HSBC Holdings plc | 4.250 | 03/14/24 | 1,365,935 | ||||||||||||
| 2,325,000 | HSBC Holdings plc | 6.500 | 09/15/37 | 2,860,266 | ||||||||||||
| 550,000 | HSBC Holdings plc | 6.100 | 01/14/42 | 694,125 | ||||||||||||
| 275,000 | HSBC Holdings plc | 5.250 | 03/14/44 | 291,955 | ||||||||||||
| 300,000 | HSBC USA, Inc | 1.300 | 06/23/17 | 299,768 | ||||||||||||
| 1,000,000 | HSBC USA, Inc | 1.625 | 01/16/18 | 996,401 | ||||||||||||
| 750,000 | HSBC USA, Inc | 2.625 | 09/24/18 | 767,205 | ||||||||||||
| 500,000 | HSBC USA, Inc | 2.250 | 06/23/19 | 497,950 | ||||||||||||
| 500,000 | HSBC USA, Inc | 3.500 | 06/23/24 | 500,277 | ||||||||||||
| 200,000 | Huntington Bancshares, Inc | 2.600 | 08/02/18 | 202,129 | ||||||||||||
| 250,000 | Huntington National Bank | 1.350 | 08/02/16 | 251,230 | ||||||||||||
| 200,000 | Huntington National Bank | 1.300 | 11/20/16 | 200,176 | ||||||||||||
| 300,000 | Huntington National Bank | 2.200 | 04/01/19 | 298,448 | ||||||||||||
| 1,500,000 | Inter-American Development Bank | 1.000 | 07/14/17 | 1,496,196 | ||||||||||||
| 1,000,000 | Inter-American Development Bank | 1.750 | 10/15/19 | 996,510 | ||||||||||||
| 300,000 | Intesa Sanpaolo S.p.A | 3.125 | 01/15/16 | 306,897 | ||||||||||||
| 32 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | Intesa Sanpaolo S.p.A | 2.375 | % | 01/13/17 | $ | 202,222 | |||||||||
| 625,000 | Intesa Sanpaolo S.p.A | 3.875 | 01/16/18 | 651,716 | ||||||||||||
| 500,000 | Intesa Sanpaolo S.p.A | 3.875 | 01/15/19 | 518,712 | ||||||||||||
| 200,000 | Intesa Sanpaolo S.p.A | 5.250 | 01/12/24 | 213,482 | ||||||||||||
| 1,610,000 | JPMorgan Chase & Co | 3.400 | 06/24/15 | 1,643,783 | ||||||||||||
| 700,000 | JPMorgan Chase & Co | 5.150 | 10/01/15 | 730,118 | ||||||||||||
| 500,000 | JPMorgan Chase & Co | 1.100 | 10/15/15 | 502,080 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 1.125 | 02/26/16 | 1,004,119 | ||||||||||||
| 1,250,000 | JPMorgan Chase & Co | 3.450 | 03/01/16 | 1,294,539 | ||||||||||||
| 300,000 | JPMorgan Chase & Co | 3.150 | 07/05/16 | 310,487 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 1.350 | 02/15/17 | 997,821 | ||||||||||||
| 850,000 | JPMorgan Chase & Co | 2.000 | 08/15/17 | 857,246 | ||||||||||||
| 335,000 | JPMorgan Chase & Co | 6.000 | 01/15/18 | 377,049 | ||||||||||||
| 400,000 | JPMorgan Chase & Co | 1.800 | 01/25/18 | 399,141 | ||||||||||||
| 500,000 | JPMorgan Chase & Co | 1.625 | 05/15/18 | 493,006 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 2.350 | 01/28/19 | 995,181 | ||||||||||||
| 180,000 | JPMorgan Chase & Co | 4.950 | 03/25/20 | 198,872 | ||||||||||||
| 700,000 | JPMorgan Chase & Co | 4.400 | 07/22/20 | 754,212 | ||||||||||||
| 1,820,000 | JPMorgan Chase & Co | 4.250 | 10/15/20 | 1,941,796 | ||||||||||||
| 750,000 | JPMorgan Chase & Co | 4.625 | 05/10/21 | 815,429 | ||||||||||||
| 1,950,000 | JPMorgan Chase & Co | 4.350 | 08/15/21 | 2,084,369 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 4.500 | 01/24/22 | 1,071,427 | ||||||||||||
| 3,150,000 | JPMorgan Chase & Co | 3.250 | 09/23/22 | 3,100,394 | ||||||||||||
| 600,000 | JPMorgan Chase & Co | 3.200 | 01/25/23 | 585,708 | ||||||||||||
| 750,000 | JPMorgan Chase & Co | 3.375 | 05/01/23 | 718,454 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 3.875 | 02/01/24 | 1,024,156 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 3.625 | 05/13/24 | 993,329 | ||||||||||||
| 1,500,000 | JPMorgan Chase & Co | 3.875 | 09/10/24 | 1,470,515 | ||||||||||||
| 958,000 | JPMorgan Chase & Co | 5.500 | 10/15/40 | 1,097,736 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 5.625 | 08/16/43 | 1,108,143 | ||||||||||||
| 750,000 | i | JPMorgan Chase & Co | 6.000 | 12/30/49 | 737,813 | |||||||||||
| 300,000 | KeyBank NA | 1.100 | 11/25/16 | 300,456 | ||||||||||||
| 500,000 | KeyBank NA | 1.650 | 02/01/18 | 498,035 | ||||||||||||
| 600,000 | KeyCorp | 3.750 | 08/13/15 | 616,212 | ||||||||||||
| 400,000 | KeyCorp | 2.300 | 12/13/18 | 399,789 | ||||||||||||
| 150,000 | KeyCorp | 5.100 | 03/24/21 | 167,078 | ||||||||||||
| 700,000 | Lloyds Bank plc | 4.200 | 03/28/17 | 748,545 | ||||||||||||
| 500,000 | Lloyds Bank plc | 2.300 | 11/27/18 | 501,141 | ||||||||||||
| 500,000 | Lloyds Bank plc | 2.350 | 09/05/19 | 496,132 | ||||||||||||
| 300,000 | Manufacturers & Traders Trust Co | 1.250 | 01/30/17 | 300,305 | ||||||||||||
| 300,000 | Manufacturers & Traders Trust Co | 1.400 | 07/25/17 | 299,473 | ||||||||||||
| 200,000 | Manufacturers & Traders Trust Co | 1.450 | 03/07/18 | 197,566 | ||||||||||||
| 300,000 | Manufacturers & Traders Trust Co | 2.300 | 01/30/19 | 300,943 | ||||||||||||
| 300,000 | Manufacturers & Traders Trust Co | 2.250 | 07/25/19 | 298,207 | ||||||||||||
| 280,000 | i | Manufacturers & Traders Trust Co | 5.629 | 12/01/21 | 290,500 | |||||||||||
| 400,000 | National Australia Bank Ltd | 0.900 | 01/20/16 | 401,782 | ||||||||||||
| 300,000 | National Australia Bank Ltd | 1.300 | 07/25/16 | 302,297 | ||||||||||||
| 250,000 | National Australia Bank Ltd | 2.750 | 03/09/17 | 258,997 | ||||||||||||
| 300,000 | National Australia Bank Ltd | 2.300 | 07/25/18 | 303,956 | ||||||||||||
| 200,000 | National Australia Bank Ltd | 3.000 | 01/20/23 | 195,658 | ||||||||||||
| 500,000 | National Bank of Canada | 1.450 | 11/07/17 | 496,637 | ||||||||||||
| 500,000 | Nordic Investment Bank | 2.250 | 09/30/21 | 497,172 | ||||||||||||
| 33 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 350,000 | Northern Trust Corp | 2.375 | % | 08/02/22 | $ | 336,304 | |||||||||
| 500,000 | Northern Trust Corp | 3.950 | 10/30/25 | 517,579 | ||||||||||||
| 300,000 | People’s United Bank | 4.000 | 07/15/24 | 297,872 | ||||||||||||
| 100,000 | People’s United Financial, Inc | 3.650 | 12/06/22 | 100,288 | ||||||||||||
| 200,000 | PNC Bank NA | 0.800 | 01/28/16 | 200,331 | ||||||||||||
| 300,000 | PNC Bank NA | 1.300 | 10/03/16 | 301,861 | ||||||||||||
| 400,000 | PNC Bank NA | 1.125 | 01/27/17 | 398,826 | ||||||||||||
| 300,000 | PNC Bank NA | 1.500 | 10/18/17 | 299,520 | ||||||||||||
| 150,000 | PNC Bank NA | 2.200 | 01/28/19 | 150,169 | ||||||||||||
| 800,000 | PNC Bank NA | 2.250 | 07/02/19 | 795,986 | ||||||||||||
| 750,000 | PNC Bank NA | 2.700 | 11/01/22 | 715,338 | ||||||||||||
| 500,000 | PNC Bank NA | 2.950 | 01/30/23 | 485,285 | ||||||||||||
| 500,000 | PNC Bank NA | 3.800 | 07/25/23 | 513,546 | ||||||||||||
| 150,000 | i | PNC Financial Services Group, Inc | 2.854 | 11/09/22 | 146,030 | |||||||||||
| 300,000 | PNC Financial Services Group, Inc | 3.900 | 04/29/24 | 298,623 | ||||||||||||
| 700,000 | PNC Funding Corp | 2.700 | 09/19/16 | 722,310 | ||||||||||||
| 645,000 | PNC Funding Corp | 5.125 | 02/08/20 | 727,238 | ||||||||||||
| 50,000 | PNC Funding Corp | 4.375 | 08/11/20 | 54,508 | ||||||||||||
| 400,000 | PNC Funding Corp | 3.300 | 03/08/22 | 402,135 | ||||||||||||
| 740,000 | Rabobank Nederland NV | 2.125 | 10/13/15 | 752,508 | ||||||||||||
| 500,000 | Rabobank Nederland NV | 4.500 | 01/11/21 | 545,325 | ||||||||||||
| 350,000 | Rabobank Nederland NV | 5.250 | 05/24/41 | 392,588 | ||||||||||||
| 71,000 | Regions Financial Corp | 7.750 | 11/10/14 | 71,511 | ||||||||||||
| 350,000 | Regions Financial Corp | 2.000 | 05/15/18 | 345,868 | ||||||||||||
| 500,000 | Royal Bank of Canada | 0.800 | 10/30/15 | 501,370 | ||||||||||||
| 200,000 | Royal Bank of Canada | 0.625 | 12/04/15 | 200,154 | ||||||||||||
| 335,000 | Royal Bank of Canada | 2.625 | 12/15/15 | 342,931 | ||||||||||||
| 300,000 | Royal Bank of Canada | 0.850 | 03/08/16 | 300,275 | ||||||||||||
| 750,000 | Royal Bank of Canada | 1.125 | 07/22/16 | 753,394 | ||||||||||||
| 700,000 | Royal Bank of Canada | 1.450 | 09/09/16 | 707,055 | ||||||||||||
| 1,000,000 | Royal Bank of Canada | 1.200 | 01/23/17 | 999,910 | ||||||||||||
| 500,000 | Royal Bank of Canada | 1.200 | 09/19/17 | 497,342 | ||||||||||||
| 500,000 | Royal Bank of Canada | 2.200 | 07/27/18 | 505,899 | ||||||||||||
| 500,000 | Royal Bank of Canada | 2.000 | 10/01/18 | 503,998 | ||||||||||||
| 600,000 | Royal Bank of Canada | 2.150 | 03/15/19 | 601,466 | ||||||||||||
| 1,000,000 | Royal Bank of Canada | 2.200 | 09/23/19 | 998,039 | ||||||||||||
| 500,000 | Royal Bank of Scotland Group plc | 1.875 | 03/31/17 | 500,257 | ||||||||||||
| 250,000 | Royal Bank of Scotland Group plc | 6.400 | 10/21/19 | 290,852 | ||||||||||||
| 750,000 | Royal Bank of Scotland Group plc | 6.125 | 01/11/21 | 875,689 | ||||||||||||
| 150,000 | Santander Holdings USA, Inc | 3.000 | 09/24/15 | 152,729 | ||||||||||||
| 200,000 | Santander Holdings USA, Inc | 3.450 | 08/27/18 | 208,522 | ||||||||||||
| 250,000 | Societe Generale S.A. | 2.750 | 10/12/17 | 256,942 | ||||||||||||
| 400,000 | Societe Generale S.A. | 2.625 | 10/01/18 | 405,554 | ||||||||||||
| 250,000 | Sovereign Bank | 8.750 | 05/30/18 | 302,162 | ||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 0.900 | 01/18/16 | 300,210 | ||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 1.450 | 07/19/16 | 252,108 | ||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 1.300 | 01/10/17 | 300,040 | ||||||||||||
| 500,000 | Sumitomo Mitsui Banking Corp | 1.350 | 07/11/17 | 497,175 | ||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 1.800 | 07/18/17 | 251,605 | ||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 1.500 | 01/18/18 | 296,071 | ||||||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 2.500 | 07/19/18 | 254,286 | ||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 2.450 | 01/10/19 | 303,184 | ||||||||||||
| 34 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | Sumitomo Mitsui Banking Corp | 2.250 | % | 07/11/19 | $ | 495,792 | |||||||||
| 250,000 | Sumitomo Mitsui Banking Corp | 3.200 | 07/18/22 | 250,888 | ||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 3.000 | 01/18/23 | 296,346 | ||||||||||||
| 300,000 | Sumitomo Mitsui Banking Corp | 3.950 | 01/10/24 | 314,772 | ||||||||||||
| 500,000 | Sumitomo Mitsui Banking Corp | 3.400 | 07/11/24 | 500,682 | ||||||||||||
| 500,000 | SunTrust Bank | 1.350 | 02/15/17 | 499,718 | ||||||||||||
| 300,000 | SunTrust Bank | 7.250 | 03/15/18 | 346,624 | ||||||||||||
| 225,000 | SunTrust Bank | 2.750 | 05/01/23 | 214,473 | ||||||||||||
| 100,000 | SunTrust Banks, Inc | 3.600 | 04/15/16 | 104,085 | ||||||||||||
| 150,000 | SunTrust Banks, Inc | 3.500 | 01/20/17 | 157,325 | ||||||||||||
| 100,000 | SunTrust Banks, Inc | 6.000 | 09/11/17 | 112,309 | ||||||||||||
| 200,000 | SunTrust Banks, Inc | 2.350 | 11/01/18 | 200,479 | ||||||||||||
| 50,000 | SVB Financial Group | 5.375 | 09/15/20 | 55,932 | ||||||||||||
| 200,000 | Svenska Handelsbanken AB | 3.125 | 07/12/16 | 207,878 | ||||||||||||
| 300,000 | Svenska Handelsbanken AB | 2.875 | 04/04/17 | 311,871 | ||||||||||||
| 500,000 | Svenska Handelsbanken AB | 1.625 | 03/21/18 | 497,620 | ||||||||||||
| 300,000 | Svenska Handelsbanken AB | 2.500 | 01/25/19 | 305,270 | ||||||||||||
| 500,000 | Svenska Handelsbanken AB | 2.250 | 06/17/19 | 499,914 | ||||||||||||
| 300,000 | Toronto-Dominion Bank | 2.500 | 07/14/16 | 309,469 | ||||||||||||
| 300,000 | Toronto-Dominion Bank | 1.500 | 09/09/16 | 303,821 | ||||||||||||
| 650,000 | Toronto-Dominion Bank | 2.375 | 10/19/16 | 668,138 | ||||||||||||
| 500,000 | Toronto-Dominion Bank | 1.125 | 05/02/17 | 497,233 | ||||||||||||
| 400,000 | Toronto-Dominion Bank | 1.400 | 04/30/18 | 393,555 | ||||||||||||
| 600,000 | Toronto-Dominion Bank | 2.625 | 09/10/18 | 613,492 | ||||||||||||
| 500,000 | Toronto-Dominion Bank | 2.125 | 07/02/19 | 495,458 | ||||||||||||
| 250,000 | Union Bank NA | 1.500 | 09/26/16 | 252,095 | ||||||||||||
| 250,000 | Union Bank NA | 2.625 | 09/26/18 | 254,157 | ||||||||||||
| 200,000 | Union Bank NA | 2.250 | 05/06/19 | 198,461 | ||||||||||||
| 315,000 | Union Bank of California NA | 5.950 | 05/11/16 | 338,180 | ||||||||||||
| 225,000 | UnionBanCal Corp | 3.500 | 06/18/22 | 229,837 | ||||||||||||
| 300,000 | US Bancorp | 2.200 | 11/15/16 | 308,605 | ||||||||||||
| 940,000 | US Bancorp | 1.650 | 05/15/17 | 948,552 | ||||||||||||
| 1,000,000 | US Bancorp | 1.950 | 11/15/18 | 997,952 | ||||||||||||
| 500,000 | US Bancorp | 2.200 | 04/25/19 | 500,387 | ||||||||||||
| 200,000 | US Bancorp | 2.950 | 07/15/22 | 194,047 | ||||||||||||
| 375,000 | US Bancorp | 3.700 | 01/30/24 | 386,620 | ||||||||||||
| 500,000 | US Bancorp | 3.600 | 09/11/24 | 494,111 | ||||||||||||
| 500,000 | US Bank NA | 1.100 | 01/30/17 | 499,498 | ||||||||||||
| 500,000 | Westpac Banking Corp | 1.125 | 09/25/15 | 503,420 | ||||||||||||
| 150,000 | Westpac Banking Corp | 3.000 | 12/09/15 | 154,284 | ||||||||||||
| 300,000 | Westpac Banking Corp | 1.050 | 11/25/16 | 300,345 | ||||||||||||
| 500,000 | Westpac Banking Corp | 1.200 | 05/19/17 | 498,405 | ||||||||||||
| 400,000 | Westpac Banking Corp | 2.000 | 08/14/17 | 405,991 | ||||||||||||
| 750,000 | Westpac Banking Corp | 1.600 | 01/12/18 | 747,785 | ||||||||||||
| 500,000 | Westpac Banking Corp | 2.250 | 07/30/18 | 504,993 | ||||||||||||
| 500,000 | Westpac Banking Corp | 2.250 | 01/17/19 | 502,892 | ||||||||||||
| 75,000 | Westpac Banking Corp | 4.875 | 11/19/19 | 83,663 | ||||||||||||
| TOTAL BANKS | 177,556,495 | |||||||||||||||
| CAPITAL GOODS - 0.8% | ||||||||||||||||
| 250,000 | Agilent Technologies, Inc | 6.500 | 11/01/17 | 288,242 | ||||||||||||
| 100,000 | Agilent Technologies, Inc | 5.000 | 07/15/20 | 108,763 | ||||||||||||
| 35 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 100,000 | Agilent Technologies, Inc | 3.200 | % | 10/01/22 | $ | 97,190 | |||||||||
| 400,000 | Agilent Technologies, Inc | 3.875 | 07/15/23 | 400,491 | ||||||||||||
| 200,000 | Applied Materials, Inc | 4.300 | 06/15/21 | 216,706 | ||||||||||||
| 100,000 | Applied Materials, Inc | 5.850 | 06/15/41 | 119,490 | ||||||||||||
| 200,000 | Arrow Electronics, Inc | 3.000 | 03/01/18 | 204,988 | ||||||||||||
| 200,000 | Arrow Electronics, Inc | 5.125 | 03/01/21 | 215,564 | ||||||||||||
| 225,000 | Avnet, Inc | 6.625 | 09/15/16 | 247,821 | ||||||||||||
| 300,000 | Avnet, Inc | 4.875 | 12/01/22 | 316,876 | ||||||||||||
| 100,000 | Carlisle Cos, Inc | 5.125 | 12/15/20 | 108,597 | ||||||||||||
| 100,000 | Carlisle Cos, Inc | 3.750 | 11/15/22 | 100,218 | ||||||||||||
| 250,000 | Caterpillar Financial Services Corp | 2.050 | 08/01/16 | 255,549 | ||||||||||||
| 300,000 | Caterpillar Financial Services Corp | 1.750 | 03/24/17 | 303,690 | ||||||||||||
| 200,000 | Caterpillar Financial Services Corp | 1.250 | 08/18/17 | 199,416 | ||||||||||||
| 500,000 | Caterpillar Financial Services Corp | 5.850 | 09/01/17 | 562,501 | ||||||||||||
| 500,000 | Caterpillar Financial Services Corp | 1.250 | 11/06/17 | 496,328 | ||||||||||||
| 200,000 | Caterpillar Financial Services Corp | 5.450 | 04/15/18 | 224,823 | ||||||||||||
| 200,000 | Caterpillar Financial Services Corp | 2.450 | 09/06/18 | 204,129 | ||||||||||||
| 1,361,000 | Caterpillar Financial Services Corp | 7.150 | 02/15/19 | 1,636,651 | ||||||||||||
| 300,000 | Caterpillar Financial Services Corp | 2.100 | 06/09/19 | 297,902 | ||||||||||||
| 200,000 | Caterpillar Financial Services Corp | 2.750 | 08/20/21 | 198,482 | ||||||||||||
| 700,000 | Caterpillar Financial Services Corp | 3.750 | 11/24/23 | 728,155 | ||||||||||||
| 400,000 | Caterpillar Financial Services Corp | 3.300 | 06/09/24 | 398,910 | ||||||||||||
| 50,000 | Caterpillar, Inc | 5.700 | 08/15/16 | 54,580 | ||||||||||||
| 150,000 | Caterpillar, Inc | 1.500 | 06/26/17 | 150,927 | ||||||||||||
| 200,000 | Caterpillar, Inc | 3.900 | 05/27/21 | 214,039 | ||||||||||||
| 200,000 | Caterpillar, Inc | 3.400 | 05/15/24 | 201,635 | ||||||||||||
| 738,000 | Caterpillar, Inc | 3.803 | 08/15/42 | 684,491 | ||||||||||||
| 300,000 | Caterpillar, Inc | 4.300 | 05/15/44 | 304,789 | ||||||||||||
| 100,000 | Crane Co | 2.750 | 12/15/18 | 101,784 | ||||||||||||
| 150,000 | CRH America, Inc | 4.125 | 01/15/16 | 155,766 | ||||||||||||
| 350,000 | CRH America, Inc | 6.000 | 09/30/16 | 382,826 | ||||||||||||
| 300,000 | CRH America, Inc | 5.750 | 01/15/21 | 344,913 | ||||||||||||
| 200,000 | Cummins, Inc | 3.650 | 10/01/23 | 207,631 | ||||||||||||
| 200,000 | Cummins, Inc | 4.875 | 10/01/43 | 222,517 | ||||||||||||
| 450,000 | Danaher Corp | 5.625 | 01/15/18 | 506,407 | ||||||||||||
| 200,000 | Danaher Corp | 3.900 | 06/23/21 | 214,867 | ||||||||||||
| 150,000 | Deere & Co | 2.600 | 06/08/22 | 145,629 | ||||||||||||
| 218,000 | Deere & Co | 5.375 | 10/16/29 | 257,661 | ||||||||||||
| 650,000 | Deere & Co | 3.900 | 06/09/42 | 617,807 | ||||||||||||
| 200,000 | Dover Corp | 4.875 | 10/15/15 | 209,184 | ||||||||||||
| 150,000 | Dover Corp | 5.450 | 03/15/18 | 167,497 | ||||||||||||
| 100,000 | Dover Corp | 5.375 | 03/01/41 | 118,833 | ||||||||||||
| 600,000 | Eaton Corp | 1.500 | 11/02/17 | 597,416 | ||||||||||||
| 200,000 | Eaton Corp | 5.600 | 05/15/18 | 224,851 | ||||||||||||
| 1,075,000 | Eaton Corp | 2.750 | 11/02/22 | 1,036,476 | ||||||||||||
| 150,000 | Eaton Corp | 4.000 | 11/02/32 | 148,393 | ||||||||||||
| 250,000 | Eaton Corp | 4.150 | 11/02/42 | 238,261 | ||||||||||||
| 200,000 | Emerson Electric Co | 5.250 | 11/15/39 | 233,619 | ||||||||||||
| 300,000 | Emerson Electric Co | 5.250 | 10/15/18 | 337,352 | ||||||||||||
| 400,000 | Emerson Electric Co | 4.875 | 10/15/19 | 448,879 | ||||||||||||
| 350,000 | Emerson Electric Co | 2.625 | 02/15/23 | 337,001 | ||||||||||||
| 100,000 | Energizer Holdings, Inc | 4.700 | 05/19/21 | 103,108 | ||||||||||||
| 36 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 100,000 | Energizer Holdings, Inc | 4.700 | % | 05/24/22 | $ | 102,985 | |||||||||
| 150,000 | Flowserve Corp | 3.500 | 09/15/22 | 149,351 | ||||||||||||
| 200,000 | Flowserve Corp | 4.000 | 11/15/23 | 202,870 | ||||||||||||
| 100,000 | FMC Technologies, Inc | 2.000 | 10/01/17 | 100,771 | ||||||||||||
| 100,000 | FMC Technologies, Inc | 3.450 | 10/01/22 | 98,230 | ||||||||||||
| 300,000 | General Dynamics Corp | 2.250 | 07/15/16 | 307,992 | ||||||||||||
| 600,000 | General Dynamics Corp | 2.250 | 11/15/22 | 568,711 | ||||||||||||
| 225,000 | General Dynamics Corp | 3.600 | 11/15/42 | 203,040 | ||||||||||||
| 100,000 | IDEX Corp | 4.500 | 12/15/20 | 103,821 | ||||||||||||
| 200,000 | IDEX Corp | 4.200 | 12/15/21 | 205,364 | ||||||||||||
| 300,000 | Illinois Tool Works, Inc | 0.900 | 02/25/17 | 298,817 | ||||||||||||
| 300,000 | Illinois Tool Works, Inc | 1.950 | 03/01/19 | 298,150 | ||||||||||||
| 100,000 | Illinois Tool Works, Inc | 6.250 | 04/01/19 | 116,776 | ||||||||||||
| 400,000 | Illinois Tool Works, Inc | 3.500 | 03/01/24 | 406,512 | ||||||||||||
| 200,000 | Illinois Tool Works, Inc | 4.875 | 09/15/41 | 219,260 | ||||||||||||
| 500,000 | Illinois Tool Works, Inc | 3.900 | 09/01/42 | 476,065 | ||||||||||||
| 170,000 | Ingersoll-Rand Global Holding Co Ltd | 6.875 | 08/15/18 | 199,100 | ||||||||||||
| 250,000 | Ingersoll-Rand Global Holding Co Ltd | 2.875 | 01/15/19 | 255,349 | ||||||||||||
| 300,000 | Ingersoll-Rand Global Holding Co Ltd | 4.250 | 06/15/23 | 314,606 | ||||||||||||
| 200,000 | Ingersoll-Rand Global Holding Co Ltd | 5.750 | 06/15/43 | 236,280 | ||||||||||||
| 125,000 | John Deere Capital Corp | 0.875 | 04/17/15 | 125,380 | ||||||||||||
| 500,000 | John Deere Capital Corp | 0.750 | 01/22/16 | 501,231 | ||||||||||||
| 100,000 | John Deere Capital Corp | 1.050 | 12/15/16 | 100,140 | ||||||||||||
| 100,000 | John Deere Capital Corp | 2.000 | 01/13/17 | 102,055 | ||||||||||||
| 800,000 | John Deere Capital Corp | 5.500 | 04/13/17 | 883,203 | ||||||||||||
| 300,000 | John Deere Capital Corp | 1.125 | 06/12/17 | 298,427 | ||||||||||||
| 250,000 | John Deere Capital Corp | 1.200 | 10/10/17 | 248,931 | ||||||||||||
| 500,000 | John Deere Capital Corp | 1.550 | 12/15/17 | 500,863 | ||||||||||||
| 500,000 | John Deere Capital Corp | 1.300 | 03/12/18 | 491,326 | ||||||||||||
| 200,000 | John Deere Capital Corp | 1.950 | 12/13/18 | 199,582 | ||||||||||||
| 350,000 | John Deere Capital Corp | 1.700 | 01/15/20 | 338,705 | ||||||||||||
| 400,000 | John Deere Capital Corp | 2.800 | 03/04/21 | 402,038 | ||||||||||||
| 200,000 | John Deere Capital Corp | 3.150 | 10/15/21 | 204,983 | ||||||||||||
| 200,000 | John Deere Capital Corp | 2.800 | 01/27/23 | 196,379 | ||||||||||||
| 300,000 | John Deere Capital Corp | 3.350 | 06/12/24 | 302,025 | ||||||||||||
| 100,000 | Joy Global, Inc | 5.125 | 10/15/21 | 108,962 | ||||||||||||
| 200,000 | Kennametal, Inc | 2.650 | 11/01/19 | 200,262 | ||||||||||||
| 150,000 | Kennametal, Inc | 3.875 | 02/15/22 | 151,089 | ||||||||||||
| 100,000 | KLA-Tencor Corp | 6.900 | 05/01/18 | 115,904 | ||||||||||||
| 100,000 | Legrand France S.A. | 8.500 | 02/15/25 | 137,280 | ||||||||||||
| 400,000 | Lockheed Martin Corp | 7.650 | 05/01/16 | 443,755 | ||||||||||||
| 200,000 | Lockheed Martin Corp | 3.350 | 09/15/21 | 205,806 | ||||||||||||
| 350,000 | Lockheed Martin Corp | 4.850 | 09/15/41 | 380,291 | ||||||||||||
| 1,108,000 | Lockheed Martin Corp | 4.070 | 12/15/42 | 1,051,055 | ||||||||||||
| 300,000 | Mosaic Co | 4.250 | 11/15/23 | 312,240 | ||||||||||||
| 300,000 | Mosaic Co | 5.450 | 11/15/33 | 331,607 | ||||||||||||
| 100,000 | Mosaic Co | 4.875 | 11/15/41 | 100,007 | ||||||||||||
| 300,000 | Mosaic Co | 5.625 | 11/15/43 | 334,824 | ||||||||||||
| 250,000 | Parker Hannifin Corp | 3.500 | 09/15/22 | 256,683 | ||||||||||||
| 275,000 | Pentair Finance S.A. | 1.350 | 12/01/15 | 276,571 | ||||||||||||
| 225,000 | Pentair Finance S.A. | 2.650 | 12/01/19 | 223,525 | ||||||||||||
| 100,000 | Pentair Finance S.A. | 3.150 | 09/15/22 | 97,400 | ||||||||||||
| 37 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | Precision Castparts Corp | 1.250 | % | 01/15/18 | $ | 493,526 | |||||||||
| 275,000 | Precision Castparts Corp | 2.500 | 01/15/23 | 262,869 | ||||||||||||
| 100,000 | Precision Castparts Corp | 3.900 | 01/15/43 | 96,354 | ||||||||||||
| 50,000 | Raytheon Co | 4.400 | 02/15/20 | 54,766 | ||||||||||||
| 450,000 | Raytheon Co | 3.125 | 10/15/20 | 461,549 | ||||||||||||
| 500,000 | Raytheon Co | 2.500 | 12/15/22 | 478,491 | ||||||||||||
| 200,000 | Raytheon Co | 7.200 | 08/15/27 | 264,875 | ||||||||||||
| 100,000 | Raytheon Co | 4.700 | 12/15/41 | 107,308 | ||||||||||||
| 300,000 | Reliance Steel & Aluminum Co | 4.500 | 04/15/23 | 308,411 | ||||||||||||
| 100,000 | Rockwell Automation, Inc | 6.250 | 12/01/37 | 127,995 | ||||||||||||
| 100,000 | Rockwell Collins, Inc | 3.100 | 11/15/21 | 101,004 | ||||||||||||
| 125,000 | Rockwell Collins, Inc | 3.700 | 12/15/23 | 129,507 | ||||||||||||
| 125,000 | Rockwell Collins, Inc | 4.800 | 12/15/43 | 136,789 | ||||||||||||
| 200,000 | Roper Industries, Inc | 1.850 | 11/15/17 | 200,703 | ||||||||||||
| 125,000 | Roper Industries, Inc | 2.050 | 10/01/18 | 123,824 | ||||||||||||
| 100,000 | Roper Industries, Inc | 6.250 | 09/01/19 | 115,973 | ||||||||||||
| 200,000 | Roper Industries, Inc | 3.125 | 11/15/22 | 194,835 | ||||||||||||
| 100,000 | Snap-on, Inc | 4.250 | 01/15/18 | 106,080 | ||||||||||||
| 250,000 | Stanley Black & Decker, Inc | 3.400 | 12/01/21 | 257,028 | ||||||||||||
| 600,000 | Stanley Black & Decker, Inc | 2.900 | 11/01/22 | 586,104 | ||||||||||||
| 100,000 | Stanley Black & Decker, Inc | 5.200 | 09/01/40 | 112,723 | ||||||||||||
| 250,000 | Textron, Inc | 5.600 | 12/01/17 | 277,601 | ||||||||||||
| 500,000 | Textron, Inc | 3.650 | 03/01/21 | 512,305 | ||||||||||||
| 250,000 | g | Timken Co | 3.875 | 09/01/24 | 246,089 | |||||||||||
| 200,000 | Trinity Industries, Inc | 4.550 | 10/01/24 | 200,350 | ||||||||||||
| 200,000 | Tupperware Brands Corp | 4.750 | 06/01/21 | 212,383 | ||||||||||||
| 21,000 | Tyco International Finance S.A. | 3.375 | 10/15/15 | 21,536 | ||||||||||||
| 500,000 | United Technologies Corp | 4.875 | 05/01/15 | 513,084 | ||||||||||||
| 250,000 | United Technologies Corp | 1.800 | 06/01/17 | 253,693 | ||||||||||||
| 1,400,000 | United Technologies Corp | 5.375 | 12/15/17 | 1,569,606 | ||||||||||||
| 490,000 | United Technologies Corp | 4.500 | 04/15/20 | 540,669 | ||||||||||||
| 825,000 | United Technologies Corp | 3.100 | 06/01/22 | 824,544 | ||||||||||||
| 280,000 | United Technologies Corp | 5.400 | 05/01/35 | 330,077 | ||||||||||||
| 280,000 | United Technologies Corp | 6.050 | 06/01/36 | 352,532 | ||||||||||||
| 145,000 | United Technologies Corp | 5.700 | 04/15/40 | 176,425 | ||||||||||||
| 1,650,000 | United Technologies Corp | 4.500 | 06/01/42 | 1,726,522 | ||||||||||||
| 34,000 | Valmont Industries, Inc | 6.625 | 04/20/20 | 40,056 | ||||||||||||
| 200,000 | Valmont Industries, Inc | 5.000 | 10/01/44 | 196,210 | ||||||||||||
| 100,000 | Valmont Industries, Inc | 5.250 | 10/01/54 | 97,642 | ||||||||||||
| 100,000 | Xylem, Inc | 3.550 | 09/20/16 | 104,683 | ||||||||||||
| 300,000 | Xylem, Inc | 4.875 | 10/01/21 | 325,439 | ||||||||||||
| TOTAL CAPITAL GOODS | 44,629,360 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.4% | ||||||||||||||||
| 200,000 | 21st Century Fox America, Inc | 4.000 | 10/01/23 | 207,068 | ||||||||||||
| 200,000 | g | 21st Century Fox America, Inc | 3.700 | 09/15/24 | 198,225 | |||||||||||
| 225,000 | 21st Century Fox America, Inc | 5.400 | 10/01/43 | 245,860 | ||||||||||||
| 500,000 | g | 21st Century Fox America, Inc | 4.750 | 09/15/44 | 502,031 | |||||||||||
| 175,000 | Air Lease Corp | 2.125 | 01/15/18 | 173,687 | ||||||||||||
| 600,000 | Air Lease Corp | 3.375 | 01/15/19 | 607,500 | ||||||||||||
| 200,000 | Air Lease Corp | 3.875 | 04/01/21 | 202,000 | ||||||||||||
| 500,000 | Corp Andina de Fomento | 1.500 | 08/08/17 | 502,870 | ||||||||||||
| 38 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | Daimler Finance North America LLC | 8.500 | % | 01/18/31 | $ | 755,317 | |||||||||
| 300,000 | eBay, Inc | 0.700 | 07/15/15 | 300,894 | ||||||||||||
| 300,000 | eBay, Inc | 1.350 | 07/15/17 | 298,745 | ||||||||||||
| 300,000 | eBay, Inc | 2.200 | 08/01/19 | 296,089 | ||||||||||||
| 200,000 | eBay, Inc | 3.250 | 10/15/20 | 204,747 | ||||||||||||
| 300,000 | eBay, Inc | 2.875 | 08/01/21 | 293,658 | ||||||||||||
| 400,000 | eBay, Inc | 2.600 | 07/15/22 | 377,274 | ||||||||||||
| 400,000 | eBay, Inc | 3.450 | 08/01/24 | 389,624 | ||||||||||||
| 200,000 | eBay, Inc | 4.000 | 07/15/42 | 174,908 | ||||||||||||
| 150,000 | Equifax, Inc | 6.300 | 07/01/17 | 168,088 | ||||||||||||
| 200,000 | Equifax, Inc | 3.300 | 12/15/22 | 196,774 | ||||||||||||
| 700,000 | European Investment Bank | 1.000 | 08/17/17 | 697,336 | ||||||||||||
| 2,500,000 | European Investment Bank | 2.125 | 10/15/21 | 2,462,102 | ||||||||||||
| 500,000 | Howard Hughes Medical Institute | 3.500 | 09/01/23 | 515,153 | ||||||||||||
| 1,000,000 | International Bank for Reconstruction & Development | 1.875 | 10/07/19 | 998,530 | ||||||||||||
| 200,000 | Leidos Holdings, Inc | 5.950 | 12/01/40 | 199,608 | ||||||||||||
| 400,000 | MasterCard, Inc | 2.000 | 04/01/19 | 396,900 | ||||||||||||
| 500,000 | MasterCard, Inc | 3.375 | 04/01/24 | 502,718 | ||||||||||||
| 200,000 | McGraw-Hill Cos, Inc | 5.900 | 11/15/17 | 219,686 | ||||||||||||
| 200,000 | Moody’s Corp | 2.750 | 07/15/19 | 201,052 | ||||||||||||
| 300,000 | Moody’s Corp | 4.500 | 09/01/22 | 316,341 | ||||||||||||
| 400,000 | Moody’s Corp | 4.875 | 02/15/24 | 431,388 | ||||||||||||
| 100,000 | Moody’s Corp | 5.250 | 07/15/44 | 104,494 | ||||||||||||
| 329,000 | Reed Elsevier Capital, Inc | 3.125 | 10/15/22 | 321,375 | ||||||||||||
| 63,000 | Republic Services, Inc | 5.500 | 09/15/19 | 71,699 | ||||||||||||
| 265,000 | Republic Services, Inc | 5.000 | 03/01/20 | 293,786 | ||||||||||||
| 580,000 | Republic Services, Inc | 5.250 | 11/15/21 | 657,178 | ||||||||||||
| 250,000 | Republic Services, Inc | 3.550 | 06/01/22 | 254,061 | ||||||||||||
| 30,000 | Republic Services, Inc | 6.200 | 03/01/40 | 37,126 | ||||||||||||
| 300,000 | Republic Services, Inc | 5.700 | 05/15/41 | 352,697 | ||||||||||||
| 150,000 | SAIC, Inc | 4.450 | 12/01/20 | 152,638 | ||||||||||||
| 1,000,000 | Svensk Exportkredit AB | 1.750 | 05/30/17 | 1,016,397 | ||||||||||||
| 500,000 | Svensk Exportkredit AB | 1.875 | 06/17/19 | 498,784 | ||||||||||||
| 100,000 | Synchrony Financial | 1.875 | 08/15/17 | 100,138 | ||||||||||||
| 250,000 | Synchrony Financial | 3.000 | 08/15/19 | 250,685 | ||||||||||||
| 300,000 | Synchrony Financial | 3.750 | 08/15/21 | 302,710 | ||||||||||||
| 250,000 | Synchrony Financial | 4.250 | 08/15/24 | 250,032 | ||||||||||||
| 300,000 | Thomson Reuters Corp | 0.875 | 05/23/16 | 299,510 | ||||||||||||
| 200,000 | Thomson Reuters Corp | 1.300 | 02/23/17 | 199,654 | ||||||||||||
| 300,000 | Thomson Reuters Corp | 1.650 | 09/29/17 | 299,575 | ||||||||||||
| 345,000 | Thomson Reuters Corp | 6.500 | 07/15/18 | 397,771 | ||||||||||||
| 100,000 | Thomson Reuters Corp | 4.300 | 11/23/23 | 104,394 | ||||||||||||
| 145,000 | Thomson Reuters Corp | 5.850 | 04/15/40 | 162,568 | ||||||||||||
| 400,000 | Thomson Reuters Corp | 4.500 | 05/23/43 | 381,156 | ||||||||||||
| 200,000 | Thomson Reuters Corp | 5.650 | 11/23/43 | 222,157 | ||||||||||||
| 200,000 | URS Corp | 5.000 | 04/01/22 | 202,705 | ||||||||||||
| 25,000 | Vanderbilt University | 5.250 | 04/01/19 | 28,286 | ||||||||||||
| 310,000 | Waste Management, Inc | 4.600 | 03/01/21 | 341,618 | ||||||||||||
| 850,000 | Waste Management, Inc | 2.900 | 09/15/22 | 832,932 | ||||||||||||
| 1,000,000 | Waste Management, Inc | 3.500 | 05/15/24 | 996,912 | ||||||||||||
| 255,000 | Waste Management, Inc | 6.125 | 11/30/39 | 315,490 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 22,484,701 | |||||||||||||||
| 39 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| CONSUMER DURABLES & APPAREL - 0.1% | ||||||||||||||||
| $ | 200,000 | Hasbro, Inc | 3.150 | % | 05/15/21 | $ | 200,014 | |||||||||
| 100,000 | Hasbro, Inc | 6.350 | 03/15/40 | 119,572 | ||||||||||||
| 200,000 | Hasbro, Inc | 5.100 | 05/15/44 | 207,611 | ||||||||||||
| 200,000 | Leggett & Platt, Inc | 3.400 | 08/15/22 | 199,071 | ||||||||||||
| 150,000 | Mattel, Inc | 1.700 | 03/15/18 | 148,816 | ||||||||||||
| 200,000 | Mattel, Inc | 2.350 | 05/06/19 | 198,937 | ||||||||||||
| 100,000 | Mattel, Inc | 4.350 | 10/01/20 | 106,727 | ||||||||||||
| 150,000 | Mattel, Inc | 3.150 | 03/15/23 | 146,858 | ||||||||||||
| 100,000 | Mattel, Inc | 5.450 | 11/01/41 | 109,156 | ||||||||||||
| 200,000 | MDC Holdings, Inc | 5.500 | 01/15/24 | 197,018 | ||||||||||||
| 100,000 | MDC Holdings, Inc | 6.000 | 01/15/43 | 91,500 | ||||||||||||
| 100,000 | Mohawk Industries, Inc | 3.850 | 02/01/23 | 99,210 | ||||||||||||
| 100,000 | Newell Rubbermaid, Inc | 4.700 | 08/15/20 | 107,208 | ||||||||||||
| 200,000 | Newell Rubbermaid, Inc | 4.000 | 06/15/22 | 207,067 | ||||||||||||
| 300,000 | Nike, Inc | 2.250 | 05/01/23 | 283,576 | ||||||||||||
| 300,000 | Nike, Inc | 3.625 | 05/01/43 | 282,196 | ||||||||||||
| 150,000 | NVR, Inc | 3.950 | 09/15/22 | 151,715 | ||||||||||||
| 200,000 | Ralph Lauren Corp | 2.125 | 09/26/18 | 201,558 | ||||||||||||
| 200,000 | Signet UK Finance plc | 4.700 | 06/15/24 | 201,099 | ||||||||||||
| 220,000 | VF Corp | 6.450 | 11/01/37 | 286,314 | ||||||||||||
| 100,000 | Whirlpool Corp | 2.400 | 03/01/19 | 99,576 | ||||||||||||
| 150,000 | Whirlpool Corp | 4.700 | 06/01/22 | 161,917 | ||||||||||||
| 100,000 | Whirlpool Corp | 3.700 | 03/01/23 | 100,445 | ||||||||||||
| 100,000 | Whirlpool Corp | 4.000 | 03/01/24 | 100,248 | ||||||||||||
| 100,000 | Whirlpool Corp | 5.150 | 03/01/43 | 105,969 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 4,113,378 | |||||||||||||||
| CONSUMER SERVICES - 0.3% | ||||||||||||||||
| 100,000 | Board of Trustees of The Leland Stanford Junior University | 4.750 | 05/01/19 | 112,214 | ||||||||||||
| 200,000 | Brinker International, Inc | 3.875 | 05/15/23 | 196,358 | ||||||||||||
| 200,000 | Catholic Health Initiatives | 2.600 | 08/01/18 | 202,713 | ||||||||||||
| 500,000 | Catholic Health Initiatives | 2.950 | 11/01/22 | 485,325 | ||||||||||||
| 200,000 | Catholic Health Initiatives | 4.200 | 08/01/23 | 207,651 | ||||||||||||
| 100,000 | Cintas Corp No 2 | 4.300 | 06/01/21 | 108,435 | ||||||||||||
| 200,000 | Cintas Corp No 2 | 3.250 | 06/01/22 | 203,864 | ||||||||||||
| 100,000 | Cornell University | 5.450 | 02/01/19 | 113,890 | ||||||||||||
| 100,000 | Darden Restaurants, Inc | 6.200 | 10/15/17 | 111,327 | ||||||||||||
| 29,000 | Darden Restaurants, Inc | 3.350 | 11/01/22 | 26,840 | ||||||||||||
| 100,000 | Darden Restaurants, Inc | 6.800 | 10/15/37 | 111,198 | ||||||||||||
| 75,000 | Dartmouth College | 4.750 | 06/01/19 | 83,530 | ||||||||||||
| 300,000 | Dun & Bradstreet Corp | 3.250 | 12/01/17 | 310,178 | ||||||||||||
| 100,000 | George Washington University | 3.485 | 09/15/22 | 99,842 | ||||||||||||
| 300,000 | George Washington University | 4.300 | 09/15/44 | 302,285 | ||||||||||||
| 300,000 | GlaxoSmithKline Capital plc | 1.500 | 05/08/17 | 302,034 | ||||||||||||
| 300,000 | GlaxoSmithKline Capital plc | 2.850 | 05/08/22 | 294,100 | ||||||||||||
| 100,000 | Hyatt Hotels Corp | 3.875 | 08/15/16 | 104,794 | ||||||||||||
| 200,000 | Hyatt Hotels Corp | 3.375 | 07/15/23 | 194,602 | ||||||||||||
| 75,000 | Johns Hopkins University | 5.250 | 07/01/19 | 84,787 | ||||||||||||
| 200,000 | Marriott International, Inc | 3.000 | 03/01/19 | 204,795 | ||||||||||||
| 200,000 | Marriott International, Inc | 3.375 | 10/15/20 | 205,226 | ||||||||||||
| 40 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | Marriott International, Inc | 3.250 | % | 09/15/22 | $ | 198,231 | |||||||||
| 250,000 | Massachusetts Institute of Technology | 5.600 | 07/01/11 | 321,122 | ||||||||||||
| 200,000 | Massachusetts Institute of Technology | 4.678 | 07/01/14 | 214,956 | ||||||||||||
| 300,000 | McDonald’s Corp | 1.875 | 05/29/19 | 297,652 | ||||||||||||
| 720,000 | McDonald’s Corp | 3.500 | 07/15/20 | 760,064 | ||||||||||||
| 550,000 | McDonald’s Corp | 2.625 | 01/15/22 | 541,979 | ||||||||||||
| 500,000 | McDonald’s Corp | 3.250 | 06/10/24 | 495,763 | ||||||||||||
| 280,000 | McDonald’s Corp | 6.300 | 03/01/38 | 359,956 | ||||||||||||
| 500,000 | McDonald’s Corp | 3.625 | 05/01/43 | 445,966 | ||||||||||||
| 750,000 | President and Fellows of Harvard College | 3.619 | 10/01/37 | 723,260 | ||||||||||||
| 100,000 | Princeton University | 4.950 | 03/01/19 | 112,800 | ||||||||||||
| 220,000 | Princeton University | 5.700 | 03/01/39 | 282,280 | ||||||||||||
| 200,000 | Starwood Hotels & Resorts Worldwide, Inc | 3.125 | 02/15/23 | 191,676 | ||||||||||||
| 200,000 | Starwood Hotels & Resorts Worldwide, Inc | 3.750 | 03/15/25 | 197,057 | ||||||||||||
| 100,000 | Trinity Acquisition plc | 4.625 | 08/15/23 | 104,109 | ||||||||||||
| 100,000 | Trinity Acquisition plc | 6.125 | 08/15/43 | 110,626 | ||||||||||||
| 70,000 | Walt Disney Co | 5.625 | 09/15/16 | 76,502 | ||||||||||||
| 500,000 | Walt Disney Co | 0.875 | 05/30/17 | 495,710 | ||||||||||||
| 700,000 | Walt Disney Co | 1.100 | 12/01/17 | 692,373 | ||||||||||||
| 500,000 | Walt Disney Co | 1.850 | 05/30/19 | 493,993 | ||||||||||||
| 850,000 | Walt Disney Co | 2.550 | 02/15/22 | 832,717 | ||||||||||||
| 100,000 | Walt Disney Co | 4.375 | 08/16/41 | 103,633 | ||||||||||||
| 200,000 | Walt Disney Co | 3.700 | 12/01/42 | 186,887 | ||||||||||||
| 500,000 | Walt Disney Co | 4.125 | 06/01/44 | 499,199 | ||||||||||||
| 2,000 | Wyndham Worldwide Corp | 6.000 | 12/01/16 | 2,185 | ||||||||||||
| 250,000 | Wyndham Worldwide Corp | 2.950 | 03/01/17 | 256,792 | ||||||||||||
| 150,000 | Wyndham Worldwide Corp | 2.500 | 03/01/18 | 150,458 | ||||||||||||
| 200,000 | Wyndham Worldwide Corp | 4.250 | 03/01/22 | 202,494 | ||||||||||||
| 200,000 | Wyndham Worldwide Corp | 3.900 | 03/01/23 | 197,064 | ||||||||||||
| 200,000 | Yale University | 2.086 | 04/15/19 | 200,414 | ||||||||||||
| 72,000 | Yum! Brands, Inc | 6.250 | 03/15/18 | 81,735 | ||||||||||||
| 50,000 | Yum! Brands, Inc | 3.875 | 11/01/20 | 51,789 | ||||||||||||
| 400,000 | Yum! Brands, Inc | 3.875 | 11/01/23 | 402,302 | ||||||||||||
| 26,000 | Yum! Brands, Inc | 6.875 | 11/15/37 | 32,869 | ||||||||||||
| 200,000 | Yum! Brands, Inc | 5.350 | 11/01/43 | 217,521 | ||||||||||||
| TOTAL CONSUMER SERVICES | 14,600,122 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 3.9% | ||||||||||||||||
| 300,000 | Abbey National Treasury Services plc | 4.000 | 04/27/16 | 313,784 | ||||||||||||
| 500,000 | Abbey National Treasury Services plc | 1.375 | 03/13/17 | 499,893 | ||||||||||||
| 500,000 | Abbey National Treasury Services plc | 3.050 | 08/23/18 | 518,189 | ||||||||||||
| 500,000 | Abbey National Treasury Services plc | 2.350 | 09/10/19 | 493,602 | ||||||||||||
| 500,000 | Abbey National Treasury Services plc | 4.000 | 03/13/24 | 506,761 | ||||||||||||
| 150,000 | ABN Amro Bank NV | 4.650 | 06/04/18 | 154,748 | ||||||||||||
| 200,000 | Affiliated Managers Group, Inc | 4.250 | 02/15/24 | 205,318 | ||||||||||||
| 250,000 | African Development Bank | 1.250 | 09/02/16 | 252,568 | ||||||||||||
| 1,200,000 | African Development Bank | 1.125 | 03/15/17 | 1,204,031 | ||||||||||||
| 500,000 | African Development Bank | 0.875 | 05/15/17 | 497,541 | ||||||||||||
| 500,000 | African Development Bank | 1.625 | 10/02/18 | 500,435 | ||||||||||||
| 20,000 | Ahold Finance USA LLC | 6.875 | 05/01/29 | 25,240 | ||||||||||||
| 600,000 | American Express Centurion Bank | 0.875 | 11/13/15 | 601,939 | ||||||||||||
| 400,000 | American Express Co | 6.150 | 08/28/17 | 450,351 | ||||||||||||
| 41 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 190,000 | American Express Co | 7.000 | % | 03/19/18 | $ | 221,212 | |||||||||
| 300,000 | American Express Co | 1.550 | 05/22/18 | 295,575 | ||||||||||||
| 293,000 | American Express Co | 2.650 | 12/02/22 | 282,462 | ||||||||||||
| 329,000 | American Express Co | 4.050 | 12/03/42 | 311,300 | ||||||||||||
| 1,750,000 | American Express Credit Corp | 2.750 | 09/15/15 | 1,786,603 | ||||||||||||
| 500,000 | American Express Credit Corp | 1.300 | 07/29/16 | 503,335 | ||||||||||||
| 1,600,000 | American Express Credit Corp | 2.800 | 09/19/16 | 1,652,853 | ||||||||||||
| 400,000 | American Express Credit Corp | 2.375 | 03/24/17 | 409,318 | ||||||||||||
| 500,000 | American Express Credit Corp | 1.125 | 06/05/17 | 496,484 | ||||||||||||
| 175,000 | American Express Credit Corp | 2.125 | 07/27/18 | 175,947 | ||||||||||||
| 750,000 | American Express Credit Corp | 2.125 | 03/18/19 | 746,929 | ||||||||||||
| 500,000 | American Express Credit Corp | 2.250 | 08/15/19 | 496,502 | ||||||||||||
| 300,000 | American Honda Finance Corp | 1.125 | 10/07/16 | 301,027 | ||||||||||||
| 300,000 | American Honda Finance Corp | 1.200 | 07/14/17 | 298,866 | ||||||||||||
| 300,000 | American Honda Finance Corp | 2.125 | 10/10/18 | 301,465 | ||||||||||||
| 500,000 | American Honda Finance Corp | 2.250 | 08/15/19 | 498,218 | ||||||||||||
| 125,000 | Ameriprise Financial, Inc | 5.650 | 11/15/15 | 131,777 | ||||||||||||
| 295,000 | Ameriprise Financial, Inc | 5.300 | 03/15/20 | 334,139 | ||||||||||||
| 400,000 | Ameriprise Financial, Inc | 4.000 | 10/15/23 | 418,282 | ||||||||||||
| 300,000 | Ameriprise Financial, Inc | 3.700 | 10/15/24 | 301,294 | ||||||||||||
| 300,000 | Ares Capital Corp | 4.875 | 11/30/18 | 316,798 | ||||||||||||
| 500,000 | Bank of New York Mellon Corp | 0.700 | 03/04/16 | 500,196 | ||||||||||||
| 1,150,000 | Bank of New York Mellon Corp | 2.300 | 07/28/16 | 1,180,611 | ||||||||||||
| 100,000 | i | Bank of New York Mellon Corp | 1.969 | 06/20/17 | 101,566 | |||||||||||
| 500,000 | Bank of New York Mellon Corp | 1.300 | 01/25/18 | 494,027 | ||||||||||||
| 1,000,000 | Bank of New York Mellon Corp | 2.300 | 09/11/19 | 991,771 | ||||||||||||
| 500,000 | Bank of New York Mellon Corp | 3.550 | 09/23/21 | 519,379 | ||||||||||||
| 250,000 | Bank of New York Mellon Corp | 3.650 | 02/04/24 | 255,966 | ||||||||||||
| 800,000 | Bank of New York Mellon Corp | 3.250 | 09/11/24 | 785,446 | ||||||||||||
| 1,900,000 | Barclays Bank plc | 5.000 | 09/22/16 | 2,039,612 | ||||||||||||
| 500,000 | Barclays Bank plc | 2.500 | 02/20/19 | 500,656 | ||||||||||||
| 500,000 | Barclays Bank plc | 5.140 | 10/14/20 | 539,352 | ||||||||||||
| 600,000 | Barclays Bank plc | 3.750 | 05/15/24 | 596,255 | ||||||||||||
| 1,200,000 | Barclays Bank plc | 4.375 | 09/11/24 | 1,162,992 | ||||||||||||
| 80,000 | Bear Stearns Cos LLC | 5.300 | 10/30/15 | 83,925 | ||||||||||||
| 116,000 | Bear Stearns Cos LLC | 5.550 | 01/22/17 | 126,388 | ||||||||||||
| 50,000 | Berkshire Hathaway, Inc | 3.200 | 02/11/15 | 50,519 | ||||||||||||
| 700,000 | Berkshire Hathaway, Inc | 1.900 | 01/31/17 | 713,403 | ||||||||||||
| 400,000 | Berkshire Hathaway, Inc | 1.550 | 02/09/18 | 399,194 | ||||||||||||
| 300,000 | Berkshire Hathaway, Inc | 2.100 | 08/14/19 | 298,374 | ||||||||||||
| 200,000 | Berkshire Hathaway, Inc | 3.750 | 08/15/21 | 212,626 | ||||||||||||
| 300,000 | Berkshire Hathaway, Inc | 3.000 | 02/11/23 | 298,066 | ||||||||||||
| 300,000 | Berkshire Hathaway, Inc | 4.500 | 02/11/43 | 304,615 | ||||||||||||
| 275,000 | BlackRock, Inc | 3.500 | 12/10/14 | 276,629 | ||||||||||||
| 210,000 | BlackRock, Inc | 6.250 | 09/15/17 | 238,034 | ||||||||||||
| 390,000 | BlackRock, Inc | 5.000 | 12/10/19 | 440,723 | ||||||||||||
| 125,000 | BlackRock, Inc | 3.375 | 06/01/22 | 128,203 | ||||||||||||
| 500,000 | BlackRock, Inc | 3.500 | 03/18/24 | 504,099 | ||||||||||||
| 100,000 | Block Financial LLC | 5.125 | 10/30/14 | 100,302 | ||||||||||||
| 200,000 | Block Financial LLC | 5.500 | 11/01/22 | 215,336 | ||||||||||||
| 800,000 | BNP Paribas S.A. | 3.600 | 02/23/16 | 829,033 | ||||||||||||
| 300,000 | BNP Paribas S.A. | 1.250 | 12/12/16 | 300,596 | ||||||||||||
| 42 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | BNP Paribas S.A. | 1.375 | % | 03/17/17 | $ | 498,692 | |||||||||
| 1,000,000 | BNP Paribas S.A. | 2.700 | 08/20/18 | 1,018,566 | ||||||||||||
| 300,000 | BNP Paribas S.A. | 2.400 | 12/12/18 | 300,854 | ||||||||||||
| 500,000 | BNP Paribas S.A. | 2.450 | 03/17/19 | 501,642 | ||||||||||||
| 700,000 | BNP Paribas S.A. | 5.000 | 01/15/21 | 777,576 | ||||||||||||
| 300,000 | BNP Paribas S.A. | 3.250 | 03/03/23 | 295,512 | ||||||||||||
| 200,000 | Broadridge Financial Solutions, Inc | 3.950 | 09/01/20 | 207,836 | ||||||||||||
| 600,000 | Capital One Financial Corp | 1.000 | 11/06/15 | 601,675 | ||||||||||||
| 250,000 | Capital One Financial Corp | 3.150 | 07/15/16 | 258,832 | ||||||||||||
| 500,000 | Capital One Financial Corp | 3.750 | 04/24/24 | 504,462 | ||||||||||||
| 200,000 | Charles Schwab Corp | 0.850 | 12/04/15 | 200,664 | ||||||||||||
| 300,000 | Charles Schwab Corp | 2.200 | 07/25/18 | 303,368 | ||||||||||||
| 100,000 | Charles Schwab Corp | 4.450 | 07/22/20 | 109,914 | ||||||||||||
| 200,000 | Charles Schwab Corp | 3.225 | 09/01/22 | 200,513 | ||||||||||||
| 350,000 | CME Group, Inc | 3.000 | 09/15/22 | 348,824 | ||||||||||||
| 200,000 | CME Group, Inc | 5.300 | 09/15/43 | 228,897 | ||||||||||||
| 1,500,000 | Credit Suisse | 1.375 | 05/26/17 | 1,491,517 | ||||||||||||
| 1,000,000 | Credit Suisse | 2.300 | 05/28/19 | 990,040 | ||||||||||||
| 2,250,000 | Credit Suisse | 5.400 | 01/14/20 | 2,509,708 | ||||||||||||
| 1,000,000 | Credit Suisse | 3.625 | 09/09/24 | 986,608 | ||||||||||||
| 250,000 | Diageo Investment Corp | 2.875 | 05/11/22 | 245,082 | ||||||||||||
| 100,000 | Diageo Investment Corp | 4.250 | 05/11/42 | 99,126 | ||||||||||||
| 300,000 | Digital Realty Trust LP | 3.625 | 10/01/22 | 288,234 | ||||||||||||
| 100,000 | Discover Financial Services | 5.200 | 04/27/22 | 109,488 | ||||||||||||
| 17,000 | Eaton Vance Corp | 6.500 | 10/02/17 | 19,263 | ||||||||||||
| 300,000 | Eaton Vance Corp | 3.625 | 06/15/23 | 300,148 | ||||||||||||
| 500,000 | European Bank for Reconstruction & Development | 0.750 | 09/01/17 | 494,202 | ||||||||||||
| 1,300,000 | European Bank for Reconstruction & Development | 1.500 | 03/16/20 | 1,259,469 | ||||||||||||
| 400,000 | Export-Import Bank of Korea | 2.875 | 09/17/18 | 408,433 | ||||||||||||
| 500,000 | Export-Import Bank of Korea | 4.000 | 01/14/24 | 522,940 | ||||||||||||
| 300,000 | FMS Wertmanagement AoeR | 0.625 | 04/18/16 | 300,333 | ||||||||||||
| 300,000 | Ford Motor Credit Co LLC | 2.500 | 01/15/16 | 305,518 | ||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 1.700 | 05/09/16 | 504,204 | ||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 1.500 | 01/17/17 | 499,170 | ||||||||||||
| 800,000 | Ford Motor Credit Co LLC | 3.000 | 06/12/17 | 825,661 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 1.684 | 09/08/17 | 995,599 | ||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 1.724 | 12/06/17 | 496,475 | ||||||||||||
| 900,000 | Ford Motor Credit Co LLC | 2.375 | 01/16/18 | 908,295 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 5.000 | 05/15/18 | 1,092,146 | ||||||||||||
| 400,000 | Ford Motor Credit Co LLC | 2.875 | 10/01/18 | 408,477 | ||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 2.375 | 03/12/19 | 494,935 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 5.875 | 08/02/21 | 1,149,824 | ||||||||||||
| 450,000 | Ford Motor Credit Co LLC | 4.250 | 09/20/22 | 473,826 | ||||||||||||
| 500,000 | Ford Motor Credit Co LLC | 4.375 | 08/06/23 | 523,971 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 3.664 | 09/08/24 | 979,266 | ||||||||||||
| 125,000 | Franklin Resources, Inc | 3.125 | 05/20/15 | 127,044 | ||||||||||||
| 150,000 | Franklin Resources, Inc | 2.800 | 09/15/22 | 146,458 | ||||||||||||
| 1,605,000 | General Electric Capital Corp | 3.500 | 06/29/15 | 1,643,215 | ||||||||||||
| 350,000 | General Electric Capital Corp | 1.625 | 07/02/15 | 353,328 | ||||||||||||
| 400,000 | General Electric Capital Corp | 2.250 | 11/09/15 | 407,040 | ||||||||||||
| 750,000 | General Electric Capital Corp | 1.000 | 12/11/15 | 754,102 | ||||||||||||
| 500,000 | General Electric Capital Corp | 1.000 | 01/08/16 | 501,897 | ||||||||||||
| 43 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,050,000 | General Electric Capital Corp | 2.950 | % | 05/09/16 | $ | 1,086,723 | |||||||||
| 1,000,000 | General Electric Capital Corp | 1.500 | 07/12/16 | 1,012,144 | ||||||||||||
| 200,000 | General Electric Capital Corp | 2.900 | 01/09/17 | 207,721 | ||||||||||||
| 800,000 | General Electric Capital Corp | 2.300 | 04/27/17 | 821,997 | ||||||||||||
| 1,625,000 | General Electric Capital Corp | 5.625 | 09/15/17 | 1,816,271 | ||||||||||||
| 500,000 | General Electric Capital Corp | 1.600 | 11/20/17 | 500,929 | ||||||||||||
| 300,000 | General Electric Capital Corp | 1.625 | 04/02/18 | 299,463 | ||||||||||||
| 1,000,000 | General Electric Capital Corp | 2.300 | 01/14/19 | 1,009,857 | ||||||||||||
| 200,000 | General Electric Capital Corp | 2.100 | 12/11/19 | 198,809 | ||||||||||||
| 630,000 | General Electric Capital Corp | 5.500 | 01/08/20 | 721,967 | ||||||||||||
| 1,855,000 | General Electric Capital Corp | 4.375 | 09/16/20 | 2,027,869 | ||||||||||||
| 250,000 | General Electric Capital Corp | 4.625 | 01/07/21 | 275,531 | ||||||||||||
| 300,000 | General Electric Capital Corp | 5.300 | 02/11/21 | 338,113 | ||||||||||||
| 200,000 | General Electric Capital Corp | 4.650 | 10/17/21 | 220,294 | ||||||||||||
| 1,900,000 | General Electric Capital Corp | 3.150 | 09/07/22 | 1,892,339 | ||||||||||||
| 500,000 | General Electric Capital Corp | 3.100 | 01/09/23 | 494,844 | ||||||||||||
| 2,000,000 | General Electric Capital Corp | 3.450 | 05/15/24 | 2,005,922 | ||||||||||||
| 2,625,000 | General Electric Capital Corp | 6.750 | 03/15/32 | 3,460,897 | ||||||||||||
| 1,200,000 | General Electric Capital Corp | 5.875 | 01/14/38 | 1,447,399 | ||||||||||||
| 1,227,000 | General Electric Capital Corp | 6.875 | 01/10/39 | 1,651,402 | ||||||||||||
| 500,000 | Goldman Sachs Group, Inc | 1.600 | 11/23/15 | 504,048 | ||||||||||||
| 1,875,000 | Goldman Sachs Group, Inc | 3.625 | 02/07/16 | 1,937,666 | ||||||||||||
| 550,000 | Goldman Sachs Group, Inc | 5.950 | 01/18/18 | 615,722 | ||||||||||||
| 1,450,000 | Goldman Sachs Group, Inc | 2.375 | 01/22/18 | 1,465,052 | ||||||||||||
| 60,000 | Goldman Sachs Group, Inc | 6.150 | 04/01/18 | 67,654 | ||||||||||||
| 750,000 | Goldman Sachs Group, Inc | 2.900 | 07/19/18 | 768,230 | ||||||||||||
| 1,500,000 | Goldman Sachs Group, Inc | 2.625 | 01/31/19 | 1,496,142 | ||||||||||||
| 1,195,000 | Goldman Sachs Group, Inc | 7.500 | 02/15/19 | 1,424,944 | ||||||||||||
| 2,505,000 | Goldman Sachs Group, Inc | 5.375 | 03/15/20 | 2,788,989 | ||||||||||||
| 1,150,000 | Goldman Sachs Group, Inc | 6.000 | 06/15/20 | 1,321,154 | ||||||||||||
| 1,300,000 | Goldman Sachs Group, Inc | 5.250 | 07/27/21 | 1,441,183 | ||||||||||||
| 2,325,000 | Goldman Sachs Group, Inc | 5.750 | 01/24/22 | 2,643,932 | ||||||||||||
| 1,800,000 | Goldman Sachs Group, Inc | 3.625 | 01/22/23 | 1,786,820 | ||||||||||||
| 1,500,000 | Goldman Sachs Group, Inc | 4.000 | 03/03/24 | 1,510,770 | ||||||||||||
| 500,000 | Goldman Sachs Group, Inc | 3.850 | 07/08/24 | 497,049 | ||||||||||||
| 65,000 | Goldman Sachs Group, Inc | 6.450 | 05/01/36 | 75,701 | ||||||||||||
| 2,150,000 | Goldman Sachs Group, Inc | 6.250 | 02/01/41 | 2,604,129 | ||||||||||||
| 475,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 477,639 | ||||||||||||
| 1,200,000 | HSBC Finance Corp | 5.500 | 01/19/16 | 1,270,176 | ||||||||||||
| 782,000 | HSBC Finance Corp | 6.676 | 01/15/21 | 916,722 | ||||||||||||
| 200,000 | IntercontinentalExchange Group, Inc | 2.500 | 10/15/18 | 203,065 | ||||||||||||
| 200,000 | IntercontinentalExchange Group, Inc | 4.000 | 10/15/23 | 208,587 | ||||||||||||
| 500,000 | International Finance Corp | 1.250 | 07/16/18 | 495,507 | ||||||||||||
| 125,000 | Invesco Finance plc | 3.125 | 11/30/22 | 123,375 | ||||||||||||
| 200,000 | Invesco Finance plc | 4.000 | 01/30/24 | 208,574 | ||||||||||||
| 200,000 | Invesco Finance plc | 5.375 | 11/30/43 | 228,332 | ||||||||||||
| 130,000 | Jefferies Group, Inc | 3.875 | 11/09/15 | 133,764 | ||||||||||||
| 425,000 | Jefferies Group, Inc | 8.500 | 07/15/19 | 525,134 | ||||||||||||
| 500,000 | Jefferies Group, Inc | 6.875 | 04/15/21 | 582,648 | ||||||||||||
| 100,000 | Jefferies Group, Inc | 6.450 | 06/08/27 | 112,042 | ||||||||||||
| 2,000,000 | KFW | 1.000 | 06/11/18 | 1,963,790 | ||||||||||||
| 3,600,000 | KFW | 0.625 | 04/24/15 | 3,609,468 | ||||||||||||
| 44 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | KFW | 0.500 | % | 04/19/16 | $ | 999,991 | |||||||||
| 4,500,000 | KFW | 1.250 | 02/15/17 | 4,538,282 | ||||||||||||
| 1,000,000 | KFW | 2.750 | 10/01/20 | 1,033,358 | ||||||||||||
| 2,750,000 | KFW | 2.000 | 10/04/22 | 2,652,408 | ||||||||||||
| 400,000 | Korea Development Bank | 3.000 | 03/17/19 | 408,246 | ||||||||||||
| 500,000 | Korea Development Bank | 2.500 | 03/11/20 | 494,772 | ||||||||||||
| 500,000 | Korea Development Bank | 3.750 | 01/22/24 | 511,519 | ||||||||||||
| 100,000 | Korea Finance Corp | 3.250 | 09/20/16 | 103,684 | ||||||||||||
| 700,000 | Korea Finance Corp | 2.250 | 08/07/17 | 706,497 | ||||||||||||
| 500,000 | Korea Finance Corp | 2.875 | 08/22/18 | 510,668 | ||||||||||||
| 3,000,000 | Kreditanstalt fuer Wiederaufbau | 1.250 | 10/26/15 | 3,030,498 | ||||||||||||
| 1,350,000 | Kreditanstalt fuer Wiederaufbau | 4.875 | 01/17/17 | 1,471,734 | ||||||||||||
| 1,105,000 | Kreditanstalt fuer Wiederaufbau | 4.500 | 07/16/18 | 1,224,472 | ||||||||||||
| 6,925,000 | Kreditanstalt fuer Wiederaufbau | 4.000 | 01/27/20 | 7,616,503 | ||||||||||||
| 3,025,000 | Landwirtschaftliche Rentenbank | 5.125 | 02/01/17 | 3,317,239 | ||||||||||||
| 500,000 | Landwirtschaftliche Rentenbank | 1.750 | 04/15/19 | 498,792 | ||||||||||||
| 1,000,000 | Landwirtschaftliche Rentenbank | 1.375 | 10/23/19 | 972,483 | ||||||||||||
| 250,000 | Lazard Group LLC | 4.250 | 11/14/20 | 261,355 | ||||||||||||
| 100,000 | Legg Mason, Inc | 2.700 | 07/15/19 | 100,297 | ||||||||||||
| 400,000 | Legg Mason, Inc | 5.625 | 01/15/44 | 435,316 | ||||||||||||
| 1,260,000 | Merrill Lynch & Co, Inc | 6.400 | 08/28/17 | 1,417,368 | ||||||||||||
| 1,050,000 | Merrill Lynch & Co, Inc | 6.875 | 04/25/18 | 1,211,074 | ||||||||||||
| 1,500,000 | Merrill Lynch & Co, Inc | 6.110 | 01/29/37 | 1,716,966 | ||||||||||||
| 675,000 | Morgan Stanley | 1.750 | 02/25/16 | 682,200 | ||||||||||||
| 200,000 | Morgan Stanley | 3.800 | 04/29/16 | 208,384 | ||||||||||||
| 970,000 | Morgan Stanley | 5.450 | 01/09/17 | 1,053,601 | ||||||||||||
| 300,000 | Morgan Stanley | 4.750 | 03/22/17 | 322,383 | ||||||||||||
| 550,000 | Morgan Stanley | 5.550 | 04/27/17 | 602,170 | ||||||||||||
| 245,000 | Morgan Stanley | 5.950 | 12/28/17 | 274,403 | ||||||||||||
| 600,000 | Morgan Stanley | 2.125 | 04/25/18 | 599,937 | ||||||||||||
| 1,450,000 | Morgan Stanley | 2.500 | 01/24/19 | 1,450,097 | ||||||||||||
| 796,000 | Morgan Stanley | 7.300 | 05/13/19 | 949,436 | ||||||||||||
| 4,000,000 | Morgan Stanley | 2.375 | 07/23/19 | 3,936,752 | ||||||||||||
| 300,000 | Morgan Stanley | 5.625 | 09/23/19 | 337,703 | ||||||||||||
| 590,000 | Morgan Stanley | 5.500 | 01/26/20 | 661,539 | ||||||||||||
| 200,000 | Morgan Stanley | 5.750 | 01/25/21 | 227,240 | ||||||||||||
| 1,200,000 | Morgan Stanley | 5.500 | 07/28/21 | 1,351,566 | ||||||||||||
| 2,500,000 | Morgan Stanley | 4.875 | 11/01/22 | 2,641,205 | ||||||||||||
| 1,350,000 | Morgan Stanley | 4.100 | 05/22/23 | 1,346,271 | ||||||||||||
| 1,000,000 | Morgan Stanley | 3.875 | 04/29/24 | 998,963 | ||||||||||||
| 750,000 | Morgan Stanley | 5.000 | 11/24/25 | 784,358 | ||||||||||||
| 325,000 | Morgan Stanley | 4.350 | 09/08/26 | 319,416 | ||||||||||||
| 600,000 | Morgan Stanley | 7.250 | 04/01/32 | 796,226 | ||||||||||||
| 400,000 | i | Murray Street Investment Trust | 4.647 | 03/09/17 | 428,144 | |||||||||||
| 220,000 | NASDAQ OMX Group, Inc | 5.550 | 01/15/20 | 242,677 | ||||||||||||
| 250,000 | NASDAQ OMX Group, Inc | 4.250 | 06/01/24 | 250,228 | ||||||||||||
| 150,000 | National Rural Utilities Cooperative Finance Corp | 3.875 | 09/16/15 | 154,812 | ||||||||||||
| 735,000 | National Rural Utilities Cooperative Finance Corp | 10.375 | 11/01/18 | 967,851 | ||||||||||||
| 350,000 | National Rural Utilities Cooperative Finance Corp | 3.050 | 02/15/22 | 350,962 | ||||||||||||
| 200,000 | National Rural Utilities Cooperative Finance Corp | 3.400 | 11/15/23 | 202,065 | ||||||||||||
| 500,000 | i | National Rural Utilities Cooperative Finance Corp | 4.750 | 04/30/43 | 494,375 | |||||||||||
| 250,000 | Nomura Holdings, Inc | 5.000 | 03/04/15 | 254,045 | ||||||||||||
| 45 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 260,000 | Nomura Holdings, Inc | 4.125 | % | 01/19/16 | $ | 269,875 | |||||||||
| 400,000 | Nomura Holdings, Inc | 2.000 | 09/13/16 | 403,950 | ||||||||||||
| 500,000 | Nomura Holdings, Inc | 2.750 | 03/19/19 | 500,876 | ||||||||||||
| 430,000 | Nomura Holdings, Inc | 6.700 | 03/04/20 | 511,775 | ||||||||||||
| 300,000 | NYSE Euronext | 2.000 | 10/05/17 | 302,813 | ||||||||||||
| 800,000 | Oesterreichische Kontrollbank AG. | 5.000 | 04/25/17 | 880,050 | ||||||||||||
| 1,000,000 | Oesterreichische Kontrollbank AG. | 1.125 | 05/29/18 | 986,057 | ||||||||||||
| 500,000 | Oesterreichische Kontrollbank AG. | 1.625 | 03/12/19 | 496,696 | ||||||||||||
| 500,000 | Oesterreichische Kontrollbank AG. | 2.375 | 10/01/21 | 500,552 | ||||||||||||
| 600,000 | ORIX Corp | 5.000 | 01/12/16 | 628,321 | ||||||||||||
| 200,000 | ORIX Corp | 3.750 | 03/09/17 | 210,159 | ||||||||||||
| 500,000 | PACCAR Financial Corp | 0.700 | 11/16/15 | 501,171 | ||||||||||||
| 300,000 | PACCAR Financial Corp | 1.600 | 03/15/17 | 302,933 | ||||||||||||
| 200,000 | PACCAR Financial Corp | 1.100 | 06/06/17 | 198,977 | ||||||||||||
| 200,000 | PACCAR Financial Corp | 2.200 | 09/15/19 | 199,795 | ||||||||||||
| 200,000 | Principal Life Income Funding Trust | 5.550 | 04/27/15 | 205,863 | ||||||||||||
| 200,000 | Prospect Capital Corp | 5.875 | 03/15/23 | 208,328 | ||||||||||||
| 100,000 | Raymond James Financial, Inc | 4.250 | 04/15/16 | 104,792 | ||||||||||||
| 300,000 | Raymond James Financial, Inc | 5.625 | 04/01/24 | 338,000 | ||||||||||||
| 500,000 | Sasol Financing International plc | 4.500 | 11/14/22 | 508,800 | ||||||||||||
| 200,000 | State Street Corp | 2.875 | 03/07/16 | 206,421 | ||||||||||||
| 150,000 | State Street Corp | 1.350 | 05/15/18 | 147,376 | ||||||||||||
| 300,000 | State Street Corp | 4.375 | 03/07/21 | 330,250 | ||||||||||||
| 400,000 | State Street Corp | 3.100 | 05/15/23 | 387,951 | ||||||||||||
| 350,000 | State Street Corp | 3.700 | 11/20/23 | 361,849 | ||||||||||||
| 300,000 | Syngenta Finance NV | 3.125 | 03/28/22 | 301,339 | ||||||||||||
| 150,000 | TD Ameritrade Holding Corp | 4.150 | 12/01/14 | 150,937 | ||||||||||||
| 250,000 | Toyota Motor Credit Corp | 3.200 | 06/17/15 | 255,016 | ||||||||||||
| 700,000 | Toyota Motor Credit Corp | 2.800 | 01/11/16 | 720,068 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 0.800 | 05/17/16 | 501,166 | ||||||||||||
| 150,000 | Toyota Motor Credit Corp | 2.050 | 01/12/17 | 153,384 | ||||||||||||
| 400,000 | Toyota Motor Credit Corp | 1.750 | 05/22/17 | 405,077 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 1.250 | 10/05/17 | 496,868 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 1.375 | 01/10/18 | 495,671 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 2.000 | 10/24/18 | 500,718 | ||||||||||||
| 500,000 | Toyota Motor Credit Corp | 2.100 | 01/17/19 | 501,058 | ||||||||||||
| 400,000 | Toyota Motor Credit Corp | 2.125 | 07/18/19 | 398,694 | ||||||||||||
| 750,000 | Toyota Motor Credit Corp | 2.750 | 05/17/21 | 756,777 | ||||||||||||
| 300,000 | Toyota Motor Credit Corp | 3.400 | 09/15/21 | 310,787 | ||||||||||||
| 400,000 | Toyota Motor Credit Corp | 2.625 | 01/10/23 | 388,711 | ||||||||||||
| 1,000,000 | UBS AG. | 5.875 | 07/15/16 | 1,082,540 | ||||||||||||
| 500,000 | UBS AG. | 1.375 | 08/14/17 | 496,045 | ||||||||||||
| 162,000 | UBS AG. | 5.750 | 04/25/18 | 182,672 | ||||||||||||
| 500,000 | UBS AG. | 2.375 | 08/14/19 | 495,609 | ||||||||||||
| 1,671,000 | UBS AG. | 4.875 | 08/04/20 | 1,860,151 | ||||||||||||
| 500,000 | Unilever Capital Corp | 2.750 | 02/10/16 | 514,590 | ||||||||||||
| 400,000 | Unilever Capital Corp | 0.850 | 08/02/17 | 395,852 | ||||||||||||
| 250,000 | Unilever Capital Corp | 4.800 | 02/15/19 | 279,593 | ||||||||||||
| 300,000 | Unilever Capital Corp | 2.200 | 03/06/19 | 302,760 | ||||||||||||
| 250,000 | Unilever Capital Corp | 4.250 | 02/10/21 | 274,830 | ||||||||||||
| 330,000 | Unilever Capital Corp | 5.900 | 11/15/32 | 434,313 | ||||||||||||
| 1,000,000 | Wells Fargo & Co | 1.500 | 07/01/15 | 1,008,141 | ||||||||||||
| 46 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 650,000 | i | Wells Fargo & Co | 3.676 | % | 06/15/16 | $ | 679,559 | ||||||||
| 500,000 | Wells Fargo & Co | 1.250 | 07/20/16 | 502,908 | ||||||||||||
| 1,250,000 | Wells Fargo & Co | 2.100 | 05/08/17 | 1,274,845 | ||||||||||||
| 500,000 | Wells Fargo & Co | 1.150 | 06/02/17 | 496,821 | ||||||||||||
| 500,000 | Wells Fargo & Co | 1.400 | 09/08/17 | 498,516 | ||||||||||||
| 1,400,000 | Wells Fargo & Co | 1.500 | 01/16/18 | 1,391,877 | ||||||||||||
| 425,000 | Wells Fargo & Co | 2.150 | 01/15/19 | 425,482 | ||||||||||||
| 500,000 | Wells Fargo & Co | 2.125 | 04/22/19 | 493,932 | ||||||||||||
| 1,000,000 | Wells Fargo & Co | 3.000 | 01/22/21 | 1,009,668 | ||||||||||||
| 1,200,000 | Wells Fargo & Co | 4.600 | 04/01/21 | 1,314,180 | ||||||||||||
| 3,500,000 | Wells Fargo & Co | 3.500 | 03/08/22 | 3,577,557 | ||||||||||||
| 700,000 | Wells Fargo & Co | 3.450 | 02/13/23 | 687,848 | ||||||||||||
| 500,000 | Wells Fargo & Co | 4.125 | 08/15/23 | 516,962 | ||||||||||||
| 334,000 | Wells Fargo & Co | 4.480 | 01/16/24 | 352,209 | ||||||||||||
| 1,500,000 | Wells Fargo & Co | 3.300 | 09/09/24 | 1,471,553 | ||||||||||||
| 650,000 | Wells Fargo & Co | 4.100 | 06/03/26 | 647,715 | ||||||||||||
| 264,000 | Wells Fargo & Co | 5.375 | 02/07/35 | 304,001 | ||||||||||||
| 225,000 | Wells Fargo & Co | 5.375 | 11/02/43 | 245,751 | ||||||||||||
| 1,143,000 | Wells Fargo & Co | 5.606 | 01/15/44 | 1,288,123 | ||||||||||||
| 15,000 | Zions Bancorporation | 4.500 | 06/13/23 | 15,705 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 215,838,788 | |||||||||||||||
| ENERGY - 2.6% | ||||||||||||||||
| 650,000 | Anadarko Petroleum Corp | 5.950 | 09/15/16 | 709,026 | ||||||||||||
| 700,000 | Anadarko Petroleum Corp | 6.375 | 09/15/17 | 793,463 | ||||||||||||
| 465,000 | Anadarko Petroleum Corp | 8.700 | 03/15/19 | 584,844 | ||||||||||||
| 200,000 | Anadarko Petroleum Corp | 3.450 | 07/15/24 | 196,437 | ||||||||||||
| 1,325,000 | Anadarko Petroleum Corp | 6.200 | 03/15/40 | 1,620,639 | ||||||||||||
| 200,000 | Anadarko Petroleum Corp | 4.500 | 07/15/44 | 192,702 | ||||||||||||
| 100,000 | Apache Corp | 1.750 | 04/15/17 | 100,734 | ||||||||||||
| 400,000 | Apache Corp | 6.900 | 09/15/18 | 470,450 | ||||||||||||
| 200,000 | Apache Corp | 3.250 | 04/15/22 | 200,419 | ||||||||||||
| 980,000 | Apache Corp | 5.100 | 09/01/40 | 1,037,702 | ||||||||||||
| 300,000 | Apache Corp | 5.250 | 02/01/42 | 320,688 | ||||||||||||
| 350,000 | Apache Corp | 4.750 | 04/15/43 | 349,768 | ||||||||||||
| 300,000 | Apache Corp | 4.250 | 01/15/44 | 277,991 | ||||||||||||
| 200,000 | Baker Hughes, Inc | 7.500 | 11/15/18 | 242,693 | ||||||||||||
| 450,000 | Baker Hughes, Inc | 3.200 | 08/15/21 | 459,771 | ||||||||||||
| 415,000 | Baker Hughes, Inc | 5.125 | 09/15/40 | 462,359 | ||||||||||||
| 200,000 | Boardwalk Pipelines LP | 5.750 | 09/15/19 | 218,237 | ||||||||||||
| 200,000 | Boardwalk Pipelines LP | 3.375 | 02/01/23 | 186,121 | ||||||||||||
| 590,000 | BP Capital Markets plc | 3.125 | 10/01/15 | 605,948 | ||||||||||||
| 700,000 | BP Capital Markets plc | 0.700 | 11/06/15 | 700,530 | ||||||||||||
| 1,000,000 | BP Capital Markets plc | 3.200 | 03/11/16 | 1,035,686 | ||||||||||||
| 200,000 | BP Capital Markets plc | 1.846 | 05/05/17 | 202,138 | ||||||||||||
| 850,000 | BP Capital Markets plc | 1.375 | 11/06/17 | 844,154 | ||||||||||||
| 500,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 491,031 | ||||||||||||
| 300,000 | BP Capital Markets plc | 2.241 | 09/26/18 | 300,946 | ||||||||||||
| 500,000 | BP Capital Markets plc | 2.237 | 05/10/19 | 496,940 | ||||||||||||
| 300,000 | BP Capital Markets plc | 4.500 | 10/01/20 | 327,654 | ||||||||||||
| 150,000 | BP Capital Markets plc | 4.742 | 03/11/21 | 165,491 | ||||||||||||
| 650,000 | BP Capital Markets plc | 3.561 | 11/01/21 | 668,368 | ||||||||||||
| 47 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | BP Capital Markets plc | 3.245 | % | 05/06/22 | $ | 198,495 | |||||||||
| 850,000 | BP Capital Markets plc | 2.500 | 11/06/22 | 801,011 | ||||||||||||
| 300,000 | BP Capital Markets plc | 3.994 | 09/26/23 | 310,450 | ||||||||||||
| 500,000 | BP Capital Markets plc | 3.814 | 02/10/24 | 506,122 | ||||||||||||
| 100,000 | Buckeye Partners LP | 5.300 | 10/15/14 | 100,149 | ||||||||||||
| 200,000 | Buckeye Partners LP | 2.650 | 11/15/18 | 199,750 | ||||||||||||
| 200,000 | Buckeye Partners LP | 4.875 | 02/01/21 | 213,631 | ||||||||||||
| 200,000 | Buckeye Partners LP | 4.350 | 10/15/24 | 198,097 | ||||||||||||
| 200,000 | Buckeye Partners LP | 5.850 | 11/15/43 | 212,899 | ||||||||||||
| 100,000 | Buckeye Partners LP | 5.600 | 10/15/44 | 100,072 | ||||||||||||
| 575,000 | Burlington Resources Finance Co | 7.200 | 08/15/31 | 791,390 | ||||||||||||
| 200,000 | Burlington Resources Finance Co | 7.400 | 12/01/31 | 285,474 | ||||||||||||
| 200,000 | Cameron International Corp | 1.150 | 12/15/16 | 199,849 | ||||||||||||
| 100,000 | Cameron International Corp | 6.375 | 07/15/18 | 115,076 | ||||||||||||
| 150,000 | Cameron International Corp | 3.600 | 04/30/22 | 152,344 | ||||||||||||
| 500,000 | Cameron International Corp | 4.000 | 12/15/23 | 519,149 | ||||||||||||
| 100,000 | Cameron International Corp | 5.950 | 06/01/41 | 117,621 | ||||||||||||
| 200,000 | Cameron International Corp | 5.125 | 12/15/43 | 213,825 | ||||||||||||
| 600,000 | Canadian Natural Resources Ltd | 5.700 | 05/15/17 | 663,373 | ||||||||||||
| 100,000 | Canadian Natural Resources Ltd | 3.800 | 04/15/24 | 101,255 | ||||||||||||
| 850,000 | Canadian Natural Resources Ltd | 6.250 | 03/15/38 | 1,038,176 | ||||||||||||
| 340,000 | Cenovus Energy, Inc | 5.700 | 10/15/19 | 389,805 | ||||||||||||
| 625,000 | Cenovus Energy, Inc | 3.000 | 08/15/22 | 610,484 | ||||||||||||
| 200,000 | Cenovus Energy, Inc | 4.450 | 09/15/42 | 195,175 | ||||||||||||
| 400,000 | Cenovus Energy, Inc | 5.200 | 09/15/43 | 427,875 | ||||||||||||
| 100,000 | Chevron Corp | 0.889 | 06/24/16 | 100,422 | ||||||||||||
| 500,000 | Chevron Corp | 1.104 | 12/05/17 | 495,209 | ||||||||||||
| 750,000 | Chevron Corp | 1.718 | 06/24/18 | 750,263 | ||||||||||||
| 200,000 | Chevron Corp | 4.950 | 03/03/19 | 223,490 | ||||||||||||
| 750,000 | Chevron Corp | 2.427 | 06/24/20 | 758,115 | ||||||||||||
| 650,000 | Chevron Corp | 2.355 | 12/05/22 | 618,992 | ||||||||||||
| 250,000 | Chevron Corp | 3.191 | 06/24/23 | 251,724 | ||||||||||||
| 1,200,000 | ConocoPhillips | 1.050 | 12/15/17 | 1,183,414 | ||||||||||||
| 600,000 | ConocoPhillips | 5.750 | 02/01/19 | 684,576 | ||||||||||||
| 600,000 | ConocoPhillips | 2.400 | 12/15/22 | 574,083 | ||||||||||||
| 250,000 | ConocoPhillips | 5.900 | 05/15/38 | 310,486 | ||||||||||||
| 1,035,000 | ConocoPhillips | 6.500 | 02/01/39 | 1,354,918 | ||||||||||||
| 500,000 | ConocoPhillips Holding Co | 6.950 | 04/15/29 | 667,441 | ||||||||||||
| 1,000,000 | Continental Resources, Inc | 4.500 | 04/15/23 | 1,035,859 | ||||||||||||
| 250,000 | Continental Resources, Inc | 3.800 | 06/01/24 | 244,879 | ||||||||||||
| 100,000 | Continental Resources, Inc | 4.900 | 06/01/44 | 97,486 | ||||||||||||
| 300,000 | DCP Midstream Operating LP | 2.500 | 12/01/17 | 306,107 | ||||||||||||
| 200,000 | DCP Midstream Operating LP | 2.700 | 04/01/19 | 200,490 | ||||||||||||
| 200,000 | DCP Midstream Operating LP | 4.950 | 04/01/22 | 217,627 | ||||||||||||
| 200,000 | DCP Midstream Operating LP | 5.600 | 04/01/44 | 219,916 | ||||||||||||
| 300,000 | Devon Energy Corp | 1.200 | 12/15/16 | 300,224 | ||||||||||||
| 150,000 | Devon Energy Corp | 1.875 | 05/15/17 | 151,379 | ||||||||||||
| 500,000 | Devon Energy Corp | 2.250 | 12/15/18 | 498,860 | ||||||||||||
| 850,000 | Devon Energy Corp | 6.300 | 01/15/19 | 983,090 | ||||||||||||
| 525,000 | Devon Energy Corp | 3.250 | 05/15/22 | 521,212 | ||||||||||||
| 600,000 | Devon Energy Corp | 7.950 | 04/15/32 | 848,333 | ||||||||||||
| 700,000 | Devon Energy Corp | 4.750 | 05/15/42 | 696,321 | ||||||||||||
| 48 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 300,000 | Diamond Offshore Drilling, Inc | 5.875 | % | 05/01/19 | $ | 340,471 | |||||||||
| 200,000 | Diamond Offshore Drilling, Inc | 3.450 | 11/01/23 | 191,135 | ||||||||||||
| 100,000 | Diamond Offshore Drilling, Inc | 5.700 | 10/15/39 | 104,453 | ||||||||||||
| 175,000 | Diamond Offshore Drilling, Inc | 4.875 | 11/01/43 | 162,216 | ||||||||||||
| 300,000 | Ecopetrol S.A. | 4.250 | 09/18/18 | 318,000 | ||||||||||||
| 550,000 | Ecopetrol S.A. | 7.625 | 07/23/19 | 652,960 | ||||||||||||
| 500,000 | Ecopetrol S.A. | 5.875 | 09/18/23 | 551,875 | ||||||||||||
| 1,000,000 | Ecopetrol S.A. | 4.125 | 01/16/25 | 967,500 | ||||||||||||
| 200,000 | Ecopetrol S.A. | 7.375 | 09/18/43 | 241,600 | ||||||||||||
| 300,000 | Ecopetrol S.A. | 5.875 | 05/28/45 | 303,750 | ||||||||||||
| 300,000 | El Paso Pipeline Partners Operating Co LLC | 4.300 | 05/01/24 | 298,035 | ||||||||||||
| 400,000 | El Paso Pipeline Partners Operating Co LLC | 4.700 | 11/01/42 | 354,787 | ||||||||||||
| 495,000 | Enbridge Energy Partners LP | 5.200 | 03/15/20 | 550,477 | ||||||||||||
| 300,000 | Enbridge Energy Partners LP | 5.500 | 09/15/40 | 321,473 | ||||||||||||
| 300,000 | EnCana Corp | 3.900 | 11/15/21 | 309,637 | ||||||||||||
| 220,000 | EnCana Corp | 6.500 | 05/15/19 | 257,636 | ||||||||||||
| 515,000 | EnCana Corp | 6.625 | 08/15/37 | 644,234 | ||||||||||||
| 400,000 | EnCana Corp | 5.150 | 11/15/41 | 420,826 | ||||||||||||
| 400,000 | Ensco plc | 3.250 | 03/15/16 | 412,027 | ||||||||||||
| 1,200,000 | Ensco plc | 4.700 | 03/15/21 | 1,259,999 | ||||||||||||
| 200,000 | Ensco plc | 5.750 | 10/01/44 | 202,751 | ||||||||||||
| 40,000 | Enterprise Products Operating LLC | 5.600 | 10/15/14 | 40,076 | ||||||||||||
| 145,000 | Enterprise Products Operating LLC | 5.000 | 03/01/15 | 147,684 | ||||||||||||
| 200,000 | Enterprise Products Operating LLC | 1.250 | 08/13/15 | 200,945 | ||||||||||||
| 735,000 | Enterprise Products Operating LLC | 6.300 | 09/15/17 | 833,603 | ||||||||||||
| 130,000 | Enterprise Products Operating LLC | 6.500 | 01/31/19 | 152,295 | ||||||||||||
| 600,000 | Enterprise Products Operating LLC | 5.200 | 09/01/20 | 673,730 | ||||||||||||
| 400,000 | Enterprise Products Operating LLC | 4.050 | 02/15/22 | 422,338 | ||||||||||||
| 1,100,000 | Enterprise Products Operating LLC | 3.350 | 03/15/23 | 1,082,641 | ||||||||||||
| 800,000 | Enterprise Products Operating LLC | 3.900 | 02/15/24 | 811,802 | ||||||||||||
| 480,000 | Enterprise Products Operating LLC | 6.125 | 10/15/39 | 578,897 | ||||||||||||
| 300,000 | Enterprise Products Operating LLC | 4.850 | 08/15/42 | 308,083 | ||||||||||||
| 100,000 | Enterprise Products Operating LLC | 4.450 | 02/15/43 | 96,492 | ||||||||||||
| 500,000 | Enterprise Products Operating LLC | 4.850 | 03/15/44 | 507,876 | ||||||||||||
| 500,000 | Enterprise Products Operating LLC | 5.100 | 02/15/45 | 527,403 | ||||||||||||
| 500,000 | EOG Resources, Inc | 2.500 | 02/01/16 | 511,860 | ||||||||||||
| 700,000 | EOG Resources, Inc | 2.450 | 04/01/20 | 694,908 | ||||||||||||
| 440,000 | EOG Resources, Inc | 4.100 | 02/01/21 | 475,125 | ||||||||||||
| 600,000 | EOG Resources, Inc | 2.625 | 03/15/23 | 572,574 | ||||||||||||
| 50,000 | EQT Corp | 6.500 | 04/01/18 | 57,114 | ||||||||||||
| 550,000 | EQT Corp | 8.125 | 06/01/19 | 673,664 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 0.921 | 03/15/17 | 499,043 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 1.819 | 03/15/19 | 499,832 | ||||||||||||
| 500,000 | Exxon Mobil Corp | 3.176 | 03/15/24 | 509,547 | ||||||||||||
| 200,000 | Gulf South Pipeline Co LP | 4.000 | 06/15/22 | 201,566 | ||||||||||||
| 300,000 | Halliburton Co | 1.000 | 08/01/16 | 301,358 | ||||||||||||
| 400,000 | Halliburton Co | 2.000 | 08/01/18 | 402,334 | ||||||||||||
| 400,000 | Halliburton Co | 6.150 | 09/15/19 | 470,632 | ||||||||||||
| 300,000 | Halliburton Co | 3.500 | 08/01/23 | 305,398 | ||||||||||||
| 400,000 | Halliburton Co | 7.450 | 09/15/39 | 566,296 | ||||||||||||
| 250,000 | Halliburton Co | 4.500 | 11/15/41 | 254,117 | ||||||||||||
| 600,000 | Halliburton Co | 4.750 | 08/01/43 | 631,362 | ||||||||||||
| 49 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | Hess Corp | 1.300 | % | 06/15/17 | $ | 199,240 | |||||||||
| 425,000 | Hess Corp | 8.125 | 02/15/19 | 523,912 | ||||||||||||
| 200,000 | Hess Corp | 3.500 | 07/15/24 | 197,737 | ||||||||||||
| 200,000 | Hess Corp | 7.875 | 10/01/29 | 271,503 | ||||||||||||
| 940,000 | Hess Corp | 5.600 | 02/15/41 | 1,058,729 | ||||||||||||
| 30,000 | Husky Energy, Inc | 7.250 | 12/15/19 | 36,534 | ||||||||||||
| 200,000 | Husky Energy, Inc | 3.950 | 04/15/22 | 207,284 | ||||||||||||
| 1,000,000 | Husky Energy, Inc | 4.000 | 04/15/24 | 1,025,699 | ||||||||||||
| 130,000 | Husky Energy, Inc | 6.800 | 09/15/37 | 170,184 | ||||||||||||
| 200,000 | Magellan Midstream Partners LP | 6.550 | 07/15/19 | 234,994 | ||||||||||||
| 125,000 | Magellan Midstream Partners LP | 4.250 | 02/01/21 | 135,230 | ||||||||||||
| 500,000 | Magellan Midstream Partners LP | 4.200 | 12/01/42 | 467,515 | ||||||||||||
| 200,000 | Marathon Oil Corp | 0.900 | 11/01/15 | 200,080 | ||||||||||||
| 400,000 | Marathon Oil Corp | 6.000 | 10/01/17 | 450,273 | ||||||||||||
| 650,000 | Marathon Oil Corp | 2.800 | 11/01/22 | 622,075 | ||||||||||||
| 255,000 | Marathon Oil Corp | 6.600 | 10/01/37 | 321,231 | ||||||||||||
| 200,000 | Marathon Petroleum Corp | 3.500 | 03/01/16 | 206,900 | ||||||||||||
| 250,000 | Marathon Petroleum Corp | 5.125 | 03/01/21 | 278,488 | ||||||||||||
| 100,000 | Marathon Petroleum Corp | 3.625 | 09/15/24 | 97,886 | ||||||||||||
| 350,000 | Marathon Petroleum Corp | 6.500 | 03/01/41 | 416,110 | ||||||||||||
| 250,000 | Marathon Petroleum Corp | 4.750 | 09/15/44 | 239,991 | ||||||||||||
| 200,000 | Marathon Petroleum Corp | 5.000 | 09/15/54 | 190,571 | ||||||||||||
| 125,000 | Murphy Oil Corp | 2.500 | 12/01/17 | 126,966 | ||||||||||||
| 200,000 | Murphy Oil Corp | 4.000 | 06/01/22 | 201,817 | ||||||||||||
| 200,000 | Murphy Oil Corp | 3.700 | 12/01/22 | 195,063 | ||||||||||||
| 200,000 | Murphy Oil Corp | 5.125 | 12/01/42 | 193,358 | ||||||||||||
| 200,000 | Nabors Industries, Inc | 2.350 | 09/15/16 | 204,365 | ||||||||||||
| 125,000 | Nabors Industries, Inc | 6.150 | 02/15/18 | 141,069 | ||||||||||||
| 350,000 | Nabors Industries, Inc | 4.625 | 09/15/21 | 376,160 | ||||||||||||
| 100,000 | Nabors Industries, Inc | 5.100 | 09/15/23 | 108,340 | ||||||||||||
| 100,000 | National Oilwell Varco, Inc | 1.350 | 12/01/17 | 99,557 | ||||||||||||
| 300,000 | National Oilwell Varco, Inc | 2.600 | 12/01/22 | 286,575 | ||||||||||||
| 300,000 | National Oilwell Varco, Inc | 3.950 | 12/01/42 | 282,742 | ||||||||||||
| 935,000 | Nexen, Inc | 6.400 | 05/15/37 | 1,139,383 | ||||||||||||
| 150,000 | Noble Energy, Inc | 8.250 | 03/01/19 | 185,467 | ||||||||||||
| 700,000 | Noble Energy, Inc | 6.000 | 03/01/41 | 807,159 | ||||||||||||
| 300,000 | Noble Energy, Inc | 5.250 | 11/15/43 | 316,459 | ||||||||||||
| 100,000 | Noble Holding International Ltd | 3.450 | 08/01/15 | 102,044 | ||||||||||||
| 100,000 | Noble Holding International Ltd | 2.500 | 03/15/17 | 101,805 | ||||||||||||
| 305,000 | Noble Holding International Ltd | 4.900 | 08/01/20 | 322,737 | ||||||||||||
| 100,000 | Noble Holding International Ltd | 6.200 | 08/01/40 | 103,211 | ||||||||||||
| 400,000 | Noble Holding International Ltd | 5.250 | 03/15/42 | 364,640 | ||||||||||||
| 350,000 | Occidental Petroleum Corp | 2.500 | 02/01/16 | 357,734 | ||||||||||||
| 350,000 | Occidental Petroleum Corp | 1.750 | 02/15/17 | 354,446 | ||||||||||||
| 250,000 | Occidental Petroleum Corp | 1.500 | 02/15/18 | 247,956 | ||||||||||||
| 250,000 | Occidental Petroleum Corp | 3.125 | 02/15/22 | 251,705 | ||||||||||||
| 550,000 | Occidental Petroleum Corp | 2.700 | 02/15/23 | 527,875 | ||||||||||||
| 300,000 | g | ONE Gas, Inc | 2.070 | 02/01/19 | 299,110 | |||||||||||
| 100,000 | g | ONE Gas, Inc | 3.610 | 02/01/24 | 103,054 | |||||||||||
| 100,000 | g | ONE Gas, Inc | 4.658 | 02/01/44 | 109,201 | |||||||||||
| 406,000 | Panhandle Eastern Pipeline Co LP | 7.000 | 06/15/18 | 467,920 | ||||||||||||
| 785,000 | Pemex Project Funding Master Trust | 5.750 | 03/01/18 | 869,387 | ||||||||||||
| 50 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 925,000 | Petrobras Global Finance BV | 3.250 | % | 03/17/17 | $ | 936,072 | |||||||||
| 750,000 | Petrobras Global Finance BV | 3.000 | 01/15/19 | 730,507 | ||||||||||||
| 1,500,000 | Petrobras Global Finance BV | 4.875 | 03/17/20 | 1,519,807 | ||||||||||||
| 1,300,000 | Petrobras Global Finance BV | 6.250 | 03/17/24 | 1,361,919 | ||||||||||||
| 750,000 | Petrobras Global Finance BV | 5.625 | 05/20/43 | 664,323 | ||||||||||||
| 1,000,000 | Petrobras Global Finance BV | 7.250 | 03/17/44 | 1,080,640 | ||||||||||||
| 500,000 | Petrobras International Finance Co | 2.875 | 02/06/15 | 503,085 | ||||||||||||
| 350,000 | Petrobras International Finance Co | 3.875 | 01/27/16 | 358,225 | ||||||||||||
| 47,000 | Petrobras International Finance Co | 6.125 | 10/06/16 | 50,464 | ||||||||||||
| 625,000 | Petrobras International Finance Co | 3.500 | 02/06/17 | 635,862 | ||||||||||||
| 1,125,000 | Petrobras International Finance Co | 7.875 | 03/15/19 | 1,289,902 | ||||||||||||
| 100,000 | Petrobras International Finance Co | 5.750 | 01/20/20 | 105,221 | ||||||||||||
| 1,400,000 | Petrobras International Finance Co | 5.375 | 01/27/21 | 1,415,148 | ||||||||||||
| 875,000 | Petrobras International Finance Co | 6.875 | 01/20/40 | 903,735 | ||||||||||||
| 75,000 | Petro-Canada | 6.800 | 05/15/38 | 98,556 | ||||||||||||
| 505,000 | Petroleos Mexicanos | 4.875 | 03/15/15 | 514,186 | ||||||||||||
| 400,000 | Petroleos Mexicanos | 3.500 | 07/18/18 | 414,800 | ||||||||||||
| 200,000 | g | Petroleos Mexicanos | 3.125 | 01/23/19 | 205,000 | |||||||||||
| 980,000 | Petroleos Mexicanos | 8.000 | 05/03/19 | 1,190,210 | ||||||||||||
| 775,000 | Petroleos Mexicanos | 6.000 | 03/05/20 | 881,563 | ||||||||||||
| 800,000 | Petroleos Mexicanos | 5.500 | 01/21/21 | 880,400 | ||||||||||||
| 240,000 | Petroleos Mexicanos | 4.875 | 01/24/22 | 255,000 | ||||||||||||
| 255,000 | Petroleos Mexicanos | 1.700 | 12/20/22 | 249,697 | ||||||||||||
| 255,000 | Petroleos Mexicanos | 2.000 | 12/20/22 | 252,760 | ||||||||||||
| 400,000 | Petroleos Mexicanos | 3.500 | 01/30/23 | 383,200 | ||||||||||||
| 450,000 | g | Petroleos Mexicanos | 4.875 | 01/18/24 | 472,050 | |||||||||||
| 300,000 | Petroleos Mexicanos | 4.875 | 01/18/24 | 314,700 | ||||||||||||
| 1,040,000 | Petroleos Mexicanos | 6.500 | 06/02/41 | 1,202,968 | ||||||||||||
| 1,775,000 | Petroleos Mexicanos | 5.500 | 06/27/44 | 1,810,855 | ||||||||||||
| 575,000 | g | Petroleos Mexicanos | 6.375 | 01/23/45 | 650,210 | |||||||||||
| 900,000 | Phillips 66 | 2.950 | 05/01/17 | 935,104 | ||||||||||||
| 650,000 | Phillips 66 | 4.300 | 04/01/22 | 690,060 | ||||||||||||
| 400,000 | Phillips 66 | 5.875 | 05/01/42 | 474,008 | ||||||||||||
| 500,000 | Pioneer Natural Resources Co | 6.650 | 03/15/17 | 558,196 | ||||||||||||
| 375,000 | Pioneer Natural Resources Co | 3.950 | 07/15/22 | 380,180 | ||||||||||||
| 200,000 | Plains All American Pipeline LP | 6.125 | 01/15/17 | 220,663 | ||||||||||||
| 700,000 | Plains All American Pipeline LP | 5.000 | 02/01/21 | 776,164 | ||||||||||||
| 200,000 | Plains All American Pipeline LP | 2.850 | 01/31/23 | 190,847 | ||||||||||||
| 400,000 | Plains All American Pipeline LP | 3.850 | 10/15/23 | 406,191 | ||||||||||||
| 200,000 | Plains All American Pipeline LP | 3.600 | 11/01/24 | 196,286 | ||||||||||||
| 100,000 | Plains All American Pipeline LP | 6.650 | 01/15/37 | 124,913 | ||||||||||||
| 250,000 | Plains All American Pipeline LP | 5.150 | 06/01/42 | 266,577 | ||||||||||||
| 300,000 | Plains All American Pipeline LP | 4.700 | 06/15/44 | 297,155 | ||||||||||||
| 325,000 | Plains Exploration & Production Co | 6.875 | 02/15/23 | 368,875 | ||||||||||||
| 100,000 | Rowan Cos, Inc | 5.000 | 09/01/17 | 108,047 | ||||||||||||
| 300,000 | Rowan Cos, Inc | 7.875 | 08/01/19 | 362,712 | ||||||||||||
| 250,000 | Rowan Cos, Inc | 4.875 | 06/01/22 | 259,717 | ||||||||||||
| 200,000 | Rowan Cos, Inc | 4.750 | 01/15/24 | 201,050 | ||||||||||||
| 100,000 | Rowan Cos, Inc | 5.400 | 12/01/42 | 93,761 | ||||||||||||
| 200,000 | Rowan Cos, Inc | 5.850 | 01/15/44 | 196,836 | ||||||||||||
| 750,000 | Schlumberger Investment S.A. | 3.650 | 12/01/23 | 776,123 | ||||||||||||
| 440,000 | Shell International Finance BV | 3.100 | 06/28/15 | 449,067 | ||||||||||||
| 51 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 300,000 | Shell International Finance BV | 0.625 | % | 12/04/15 | $ | 300,168 | |||||||||
| 300,000 | Shell International Finance BV | 0.900 | 11/15/16 | 300,343 | ||||||||||||
| 200,000 | Shell International Finance BV | 1.125 | 08/21/17 | 198,991 | ||||||||||||
| 500,000 | Shell International Finance BV | 2.000 | 11/15/18 | 503,913 | ||||||||||||
| 805,000 | Shell International Finance BV | 4.300 | 09/22/19 | 883,848 | ||||||||||||
| 1,130,000 | Shell International Finance BV | 4.375 | 03/25/20 | 1,246,297 | ||||||||||||
| 200,000 | Shell International Finance BV | 2.375 | 08/21/22 | 192,675 | ||||||||||||
| 500,000 | Shell International Finance BV | 2.250 | 01/06/23 | 471,762 | ||||||||||||
| 500,000 | Shell International Finance BV | 3.400 | 08/12/23 | 508,120 | ||||||||||||
| 421,000 | Shell International Finance BV | 6.375 | 12/15/38 | 552,008 | ||||||||||||
| 200,000 | Shell International Finance BV | 3.625 | 08/21/42 | 182,613 | ||||||||||||
| 1,000,000 | Shell International Finance BV | 4.550 | 08/12/43 | 1,057,454 | ||||||||||||
| 200,000 | Southwestern Energy Co | 7.500 | 02/01/18 | 233,638 | ||||||||||||
| 325,000 | Southwestern Energy Co | 4.100 | 03/15/22 | 333,439 | ||||||||||||
| 210,000 | Statoil ASA | 2.900 | 10/15/14 | 210,175 | ||||||||||||
| 350,000 | Statoil ASA | 3.125 | 08/17/17 | 367,409 | ||||||||||||
| 375,000 | Statoil ASA | 1.200 | 01/17/18 | 370,330 | ||||||||||||
| 300,000 | Statoil ASA | 1.150 | 05/15/18 | 293,739 | ||||||||||||
| 300,000 | Statoil ASA | 1.950 | 11/08/18 | 301,096 | ||||||||||||
| 450,000 | Statoil ASA | 5.250 | 04/15/19 | 506,912 | ||||||||||||
| 300,000 | Statoil ASA | 2.900 | 11/08/20 | 305,926 | ||||||||||||
| 250,000 | Statoil ASA | 3.150 | 01/23/22 | 254,283 | ||||||||||||
| 375,000 | Statoil ASA | 2.450 | 01/17/23 | 357,884 | ||||||||||||
| 300,000 | Statoil ASA | 2.650 | 01/15/24 | 287,116 | ||||||||||||
| 300,000 | Statoil ASA | 3.700 | 03/01/24 | 310,919 | ||||||||||||
| 200,000 | Statoil ASA | 5.100 | 08/17/40 | 224,010 | ||||||||||||
| 400,000 | Statoil ASA | 4.250 | 11/23/41 | 399,716 | ||||||||||||
| 300,000 | Statoil ASA | 3.950 | 05/15/43 | 285,926 | ||||||||||||
| 300,000 | Statoil ASA | 4.800 | 11/08/43 | 325,062 | ||||||||||||
| 550,000 | Suncor Energy, Inc | 6.100 | 06/01/18 | 628,625 | ||||||||||||
| 1,400,000 | Suncor Energy, Inc | 6.500 | 06/15/38 | 1,782,732 | ||||||||||||
| 300,000 | Sunoco Logistics Partners Operations LP | 4.250 | 04/01/24 | 303,956 | ||||||||||||
| 300,000 | Sunoco Logistics Partners Operations LP | 5.300 | 04/01/44 | 306,091 | ||||||||||||
| 300,000 | Sunoco Logistics Partners Operations LP | 3.450 | 01/15/23 | 290,970 | ||||||||||||
| 100,000 | Sunoco Logistics Partners Operations LP | 6.100 | 02/15/42 | 112,354 | ||||||||||||
| 25,000 | Talisman Energy, Inc | 7.750 | 06/01/19 | 30,325 | ||||||||||||
| 450,000 | Talisman Energy, Inc | 3.750 | 02/01/21 | 454,846 | ||||||||||||
| 300,000 | Talisman Energy, Inc | 5.850 | 02/01/37 | 319,217 | ||||||||||||
| 200,000 | Talisman Energy, Inc | 5.500 | 05/15/42 | 203,588 | ||||||||||||
| 200,000 | Total Capital Canada Ltd | 1.450 | 01/15/18 | 198,739 | ||||||||||||
| 300,000 | Total Capital Canada Ltd | 2.750 | 07/15/23 | 290,448 | ||||||||||||
| 400,000 | Total Capital International S.A. | 0.750 | 01/25/16 | 401,186 | ||||||||||||
| 500,000 | Total Capital International S.A. | 1.000 | 08/12/16 | 502,255 | ||||||||||||
| 300,000 | Total Capital International S.A. | 2.125 | 01/10/19 | 301,029 | ||||||||||||
| 500,000 | Total Capital International S.A. | 2.100 | 06/19/19 | 498,550 | ||||||||||||
| 300,000 | Total Capital International S.A. | 2.750 | 06/19/21 | 298,501 | ||||||||||||
| 1,000,000 | Total Capital International S.A. | 2.875 | 02/17/22 | 995,189 | ||||||||||||
| 400,000 | Total Capital International S.A. | 2.700 | 01/25/23 | 387,552 | ||||||||||||
| 300,000 | Total Capital International S.A. | 3.700 | 01/15/24 | 307,637 | ||||||||||||
| 300,000 | Total Capital International S.A. | 3.750 | 04/10/24 | 308,037 | ||||||||||||
| 340,000 | TransCanada Pipelines Ltd | 5.850 | 03/15/36 | 398,363 | ||||||||||||
| 300,000 | TransCanada PipeLines Ltd | 0.875 | 03/02/15 | 300,601 | ||||||||||||
| 52 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | TransCanada PipeLines Ltd | 0.750 | % | 01/15/16 | $ | 499,727 | |||||||||
| 600,000 | TransCanada PipeLines Ltd | 3.800 | 10/01/20 | 632,173 | ||||||||||||
| 1,050,000 | TransCanada PipeLines Ltd | 2.500 | 08/01/22 | 995,390 | ||||||||||||
| 200,000 | TransCanada PipeLines Ltd | 3.750 | 10/16/23 | 203,101 | ||||||||||||
| 500,000 | TransCanada PipeLines Ltd | 4.625 | 03/01/34 | 512,973 | ||||||||||||
| 469,000 | TransCanada PipeLines Ltd | 7.625 | 01/15/39 | 659,948 | ||||||||||||
| 200,000 | TransCanada PipeLines Ltd | 6.100 | 06/01/40 | 239,646 | ||||||||||||
| 200,000 | TransCanada PipeLines Ltd | 5.000 | 10/16/43 | 209,966 | ||||||||||||
| 300,000 | i | TransCanada PipeLines Ltd | 6.350 | 05/15/67 | 309,750 | |||||||||||
| 200,000 | Transocean, Inc | 2.500 | 10/15/17 | 199,977 | ||||||||||||
| 443,000 | Transocean, Inc | 6.000 | 03/15/18 | 477,674 | ||||||||||||
| 700,000 | Transocean, Inc | 6.500 | 11/15/20 | 743,800 | ||||||||||||
| 350,000 | Transocean, Inc | 6.375 | 12/15/21 | 372,292 | ||||||||||||
| 550,000 | Transocean, Inc | 3.800 | 10/15/22 | 504,785 | ||||||||||||
| 200,000 | Transocean, Inc | 6.800 | 03/15/38 | 194,760 | ||||||||||||
| 165,000 | Vale Overseas Ltd | 6.250 | 01/23/17 | 181,777 | ||||||||||||
| 1,045,000 | Vale Overseas Ltd | 4.625 | 09/15/20 | 1,096,633 | ||||||||||||
| 1,542,000 | Vale Overseas Ltd | 4.375 | 01/11/22 | 1,553,303 | ||||||||||||
| 150,000 | Vale Overseas Ltd | 8.250 | 01/17/34 | 187,838 | ||||||||||||
| 1,164,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 1,312,410 | ||||||||||||
| 680,000 | Valero Energy Corp | 6.125 | 02/01/20 | 788,585 | ||||||||||||
| 330,000 | Valero Energy Corp | 7.500 | 04/15/32 | 423,125 | ||||||||||||
| 500,000 | Valero Energy Corp | 6.625 | 06/15/37 | 596,934 | ||||||||||||
| 840,000 | Weatherford Bermuda Holdings Ltd | 5.125 | 09/15/20 | 916,128 | ||||||||||||
| 60,000 | Weatherford Bermuda Holdings Ltd | 6.750 | 09/15/40 | 70,259 | ||||||||||||
| 350,000 | Weatherford International Ltd | 9.625 | 03/01/19 | 449,335 | ||||||||||||
| 200,000 | Weatherford International Ltd | 4.500 | 04/15/22 | 208,223 | ||||||||||||
| 500,000 | Weatherford International Ltd | 5.950 | 04/15/42 | 537,057 | ||||||||||||
| 300,000 | XTO Energy, Inc | 6.250 | 08/01/17 | 341,549 | ||||||||||||
| TOTAL ENERGY | 143,364,579 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.2% | ||||||||||||||||
| 200,000 | CVS Caremark Corp | 1.200 | 12/05/16 | 200,287 | ||||||||||||
| 68,000 | CVS Caremark Corp | 5.750 | 06/01/17 | 75,559 | ||||||||||||
| 300,000 | CVS Caremark Corp | 2.250 | 12/05/18 | 301,087 | ||||||||||||
| 750,000 | CVS Caremark Corp | 2.250 | 08/12/19 | 742,381 | ||||||||||||
| 185,000 | CVS Caremark Corp | 4.750 | 05/18/20 | 206,651 | ||||||||||||
| 500,000 | CVS Caremark Corp | 4.125 | 05/15/21 | 535,446 | ||||||||||||
| 500,000 | CVS Caremark Corp | 2.750 | 12/01/22 | 477,071 | ||||||||||||
| 250,000 | CVS Caremark Corp | 4.000 | 12/05/23 | 260,329 | ||||||||||||
| 300,000 | CVS Caremark Corp | 3.375 | 08/12/24 | 295,711 | ||||||||||||
| 105,000 | Delhaize Group S.A. | 6.500 | 06/15/17 | 117,560 | ||||||||||||
| 100,000 | Delhaize Group S.A. | 4.125 | 04/10/19 | 105,257 | ||||||||||||
| 235,000 | Delhaize Group S.A. | 5.700 | 10/01/40 | 249,415 | ||||||||||||
| 700,000 | Kroger Co | 6.400 | 08/15/17 | 791,259 | ||||||||||||
| 55,000 | Kroger Co | 6.800 | 12/15/18 | 64,775 | ||||||||||||
| 445,000 | Kroger Co | 6.150 | 01/15/20 | 517,300 | ||||||||||||
| 200,000 | Kroger Co | 3.400 | 04/15/22 | 200,545 | ||||||||||||
| 200,000 | Kroger Co | 3.850 | 08/01/23 | 203,841 | ||||||||||||
| 300,000 | Kroger Co | 4.000 | 02/01/24 | 307,868 | ||||||||||||
| 100,000 | Kroger Co | 6.900 | 04/15/38 | 128,178 | ||||||||||||
| 250,000 | Kroger Co | 5.000 | 04/15/42 | 258,906 | ||||||||||||
| 53 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 300,000 | Kroger Co | 5.150 | % | 08/01/43 | $ | 320,795 | |||||||||
| 48,000 | Safeway, Inc | 6.350 | 08/15/17 | 50,619 | ||||||||||||
| 25,000 | Safeway, Inc | 5.000 | 08/15/19 | 25,044 | ||||||||||||
| 240,000 | Safeway, Inc | 3.950 | 08/15/20 | 240,843 | ||||||||||||
| 350,000 | Safeway, Inc | 4.750 | 12/01/21 | 352,986 | ||||||||||||
| 50,000 | Starbucks Corp | 6.250 | 08/15/17 | 56,670 | ||||||||||||
| 200,000 | Starbucks Corp | 2.000 | 12/05/18 | 199,665 | ||||||||||||
| 350,000 | Starbucks Corp | 3.850 | 10/01/23 | 365,536 | ||||||||||||
| 300,000 | h | SYSCO Corp | 1.450 | 10/02/17 | 300,405 | |||||||||||
| 200,000 | SYSCO Corp | 5.250 | 02/12/18 | 222,182 | ||||||||||||
| 300,000 | h | SYSCO Corp | 2.350 | 10/02/19 | 300,006 | |||||||||||
| 300,000 | h | SYSCO Corp | 3.000 | 10/02/21 | 300,565 | |||||||||||
| 250,000 | SYSCO Corp | 2.600 | 06/12/22 | 239,710 | ||||||||||||
| 400,000 | h | SYSCO Corp | 3.500 | 10/02/24 | 401,098 | |||||||||||
| 400,000 | h | SYSCO Corp | 4.350 | 10/02/34 | 405,815 | |||||||||||
| 100,000 | SYSCO Corp | 5.375 | 09/21/35 | 114,240 | ||||||||||||
| 300,000 | h | SYSCO Corp | 4.500 | 10/02/44 | 302,192 | |||||||||||
| 450,000 | Walgreen Co | 1.000 | 03/13/15 | 451,138 | ||||||||||||
| 200,000 | Walgreen Co | 1.800 | 09/15/17 | 200,723 | ||||||||||||
| 100,000 | Walgreen Co | 5.250 | 01/15/19 | 111,088 | ||||||||||||
| 200,000 | Walgreen Co | 3.100 | 09/15/22 | 193,504 | ||||||||||||
| 200,000 | Walgreen Co | 4.400 | 09/15/42 | 186,180 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 11,380,430 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.1% | ||||||||||||||||
| 50,000 | Altria Group, Inc | 4.125 | 09/11/15 | 51,607 | ||||||||||||
| 56,000 | Altria Group, Inc | 9.700 | 11/10/18 | 72,139 | ||||||||||||
| 228,000 | Altria Group, Inc | 9.250 | 08/06/19 | 296,812 | ||||||||||||
| 1,800,000 | Altria Group, Inc | 4.750 | 05/05/21 | 1,960,855 | ||||||||||||
| 800,000 | Altria Group, Inc | 2.850 | 08/09/22 | 766,269 | ||||||||||||
| 200,000 | Altria Group, Inc | 2.950 | 05/02/23 | 190,647 | ||||||||||||
| 300,000 | Altria Group, Inc | 4.000 | 01/31/24 | 306,133 | ||||||||||||
| 50,000 | Altria Group, Inc | 10.200 | 02/06/39 | 84,248 | ||||||||||||
| 300,000 | Altria Group, Inc | 4.250 | 08/09/42 | 272,039 | ||||||||||||
| 300,000 | Altria Group, Inc | 4.500 | 05/02/43 | 283,216 | ||||||||||||
| 600,000 | Altria Group, Inc | 5.375 | 01/31/44 | 639,272 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Finance, Inc | 1.125 | 01/27/17 | 499,759 | ||||||||||||
| 300,000 | Anheuser-Busch InBev Finance, Inc | 1.250 | 01/17/18 | 294,574 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Finance, Inc | 2.150 | 02/01/19 | 497,372 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Finance, Inc | 2.625 | 01/17/23 | 469,336 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Finance, Inc | 3.700 | 02/01/24 | 502,817 | ||||||||||||
| 400,000 | Anheuser-Busch InBev Finance, Inc | 4.000 | 01/17/43 | 367,905 | ||||||||||||
| 1,000,000 | Anheuser-Busch InBev Finance, Inc | 4.625 | 02/01/44 | 1,012,969 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Worldwide, Inc | 0.800 | 07/15/15 | 501,471 | ||||||||||||
| 950,000 | Anheuser-Busch InBev Worldwide, Inc | 2.875 | 02/15/16 | 976,305 | ||||||||||||
| 1,390,000 | Anheuser-Busch InBev Worldwide, Inc | 5.000 | 04/15/20 | 1,551,708 | ||||||||||||
| 2,150,000 | Anheuser-Busch InBev Worldwide, Inc | 2.500 | 07/15/22 | 2,031,625 | ||||||||||||
| 485,000 | Anheuser-Busch InBev Worldwide, Inc | 6.375 | 01/15/40 | 621,082 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Worldwide, Inc | 3.750 | 07/15/42 | 448,587 | ||||||||||||
| 100,000 | Archer-Daniels-Midland Co | 5.450 | 03/15/18 | 112,051 | ||||||||||||
| 740,000 | Archer-Daniels-Midland Co | 4.016 | 04/16/43 | 705,144 | ||||||||||||
| 200,000 | Beam, Inc | 1.750 | 06/15/18 | 196,591 | ||||||||||||
| 54 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | Beam, Inc | 3.250 | % | 05/15/22 | $ | 196,575 | |||||||||
| 200,000 | Beam, Inc | 3.250 | 06/15/23 | 194,983 | ||||||||||||
| 450,000 | Bottling Group LLC | 5.125 | 01/15/19 | 503,550 | ||||||||||||
| 200,000 | Brown-Forman Corp | 1.000 | 01/15/18 | 195,061 | ||||||||||||
| 200,000 | Brown-Forman Corp | 2.250 | 01/15/23 | 186,297 | ||||||||||||
| 400,000 | Bunge Ltd | 4.100 | 03/15/16 | 417,362 | ||||||||||||
| 100,000 | Bunge Ltd | 3.200 | 06/15/17 | 103,572 | ||||||||||||
| 100,000 | Bunge Ltd | 8.500 | 06/15/19 | 124,188 | ||||||||||||
| 325,000 | Campbell Soup Co | 3.050 | 07/15/17 | 338,825 | ||||||||||||
| 100,000 | Campbell Soup Co | 4.250 | 04/15/21 | 107,317 | ||||||||||||
| 150,000 | Campbell Soup Co | 2.500 | 08/02/22 | 141,300 | ||||||||||||
| 150,000 | Campbell Soup Co | 3.800 | 08/02/42 | 130,009 | ||||||||||||
| 400,000 | Coca-Cola Co | 1.150 | 04/01/18 | 393,608 | ||||||||||||
| 300,000 | Coca-Cola Co | 2.500 | 04/01/23 | 287,130 | ||||||||||||
| 325,000 | Coca-Cola Co | 1.500 | 11/15/15 | 328,622 | ||||||||||||
| 1,835,000 | Coca-Cola Co | 1.800 | 09/01/16 | 1,871,216 | ||||||||||||
| 300,000 | Coca-Cola Co | 0.750 | 11/01/16 | 299,644 | ||||||||||||
| 500,000 | Coca-Cola Co | 1.650 | 03/14/18 | 501,893 | ||||||||||||
| 300,000 | Coca-Cola Co | 1.650 | 11/01/18 | 297,794 | ||||||||||||
| 300,000 | Coca-Cola Co | 2.450 | 11/01/20 | 301,487 | ||||||||||||
| 410,000 | Coca-Cola Co | 3.150 | 11/15/20 | 427,116 | ||||||||||||
| 600,000 | Coca-Cola Co | 3.200 | 11/01/23 | 601,270 | ||||||||||||
| 150,000 | Coca-Cola Enterprises, Inc | 2.125 | 09/15/15 | 152,211 | ||||||||||||
| 100,000 | Coca-Cola Enterprises, Inc | 3.500 | 09/15/20 | 103,386 | ||||||||||||
| 100,000 | Coca-Cola Enterprises, Inc | 3.250 | 08/19/21 | 100,699 | ||||||||||||
| 200,000 | Coca-Cola Femsa SAB de C.V. | 2.375 | 11/26/18 | 200,851 | ||||||||||||
| 100,000 | Coca-Cola Femsa SAB de C.V. | 4.625 | 02/15/20 | 108,567 | ||||||||||||
| 500,000 | Coca-Cola Femsa SAB de C.V. | 3.875 | 11/26/23 | 516,040 | ||||||||||||
| 200,000 | Coca-Cola Femsa SAB de C.V. | 5.250 | 11/26/43 | 222,170 | ||||||||||||
| 100,000 | Coca-Cola HBC Finance BV | 5.500 | 09/17/15 | 104,018 | ||||||||||||
| 1,100,000 | ConAgra Foods, Inc | 1.900 | 01/25/18 | 1,093,408 | ||||||||||||
| 159,000 | ConAgra Foods, Inc | 2.100 | 03/15/18 | 159,148 | ||||||||||||
| 255,000 | ConAgra Foods, Inc | 7.000 | 04/15/19 | 302,511 | ||||||||||||
| 200,000 | ConAgra Foods, Inc | 3.250 | 09/15/22 | 194,348 | ||||||||||||
| 91,000 | ConAgra Foods, Inc | 3.200 | 01/25/23 | 87,276 | ||||||||||||
| 100,000 | ConAgra Foods, Inc | 7.000 | 10/01/28 | 126,258 | ||||||||||||
| 100,000 | ConAgra Foods, Inc | 6.625 | 08/15/39 | 122,414 | ||||||||||||
| 297,000 | ConAgra Foods, Inc | 4.650 | 01/25/43 | 286,816 | ||||||||||||
| 100,000 | Corn Products International, Inc | 4.625 | 11/01/20 | 107,119 | ||||||||||||
| 350,000 | Diageo Capital plc | 5.500 | 09/30/16 | 381,276 | ||||||||||||
| 1,000,000 | Diageo Capital plc | 1.500 | 05/11/17 | 1,005,006 | ||||||||||||
| 325,000 | Diageo Capital plc | 5.750 | 10/23/17 | 365,125 | ||||||||||||
| 500,000 | Diageo Capital plc | 1.125 | 04/29/18 | 488,460 | ||||||||||||
| 200,000 | Diageo Capital plc | 5.875 | 09/30/36 | 245,353 | ||||||||||||
| 400,000 | Diageo Capital plc | 3.875 | 04/29/43 | 372,542 | ||||||||||||
| 100,000 | Dr Pepper Snapple Group, Inc | 2.900 | 01/15/16 | 102,720 | ||||||||||||
| 350,000 | Dr Pepper Snapple Group, Inc | 2.600 | 01/15/19 | 353,302 | ||||||||||||
| 150,000 | Dr Pepper Snapple Group, Inc | 2.000 | 01/15/20 | 146,183 | ||||||||||||
| 150,000 | Dr Pepper Snapple Group, Inc | 2.700 | 11/15/22 | 144,592 | ||||||||||||
| 150,000 | Flowers Foods, Inc | 4.375 | 04/01/22 | 158,756 | ||||||||||||
| 200,000 | Fomento Economico Mexicano SAB de C.V. | 2.875 | 05/10/23 | 186,076 | ||||||||||||
| 300,000 | Fomento Economico Mexicano SAB de C.V. | 4.375 | 05/10/43 | 272,040 | ||||||||||||
| 55 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 342,000 | Fortune Brands, Inc | 5.375 | % | 01/15/16 | $ | 360,816 | |||||||||
| 100,000 | General Mills, Inc | 0.875 | 01/29/16 | 100,289 | ||||||||||||
| 210,000 | General Mills, Inc | 5.650 | 02/15/19 | 238,707 | ||||||||||||
| 200,000 | General Mills, Inc | 3.150 | 12/15/21 | 203,028 | ||||||||||||
| 500,000 | General Mills, Inc | 3.650 | 02/15/24 | 509,422 | ||||||||||||
| 150,000 | General Mills, Inc | 5.400 | 06/15/40 | 170,327 | ||||||||||||
| 100,000 | General Mills, Inc | 4.150 | 02/15/43 | 96,768 | ||||||||||||
| 100,000 | Hershey Co | 1.500 | 11/01/16 | 101,368 | ||||||||||||
| 150,000 | Hershey Co | 4.125 | 12/01/20 | 163,287 | ||||||||||||
| 400,000 | Hershey Co | 2.625 | 05/01/23 | 387,462 | ||||||||||||
| 250,000 | Ingredion, Inc | 1.800 | 09/25/17 | 251,021 | ||||||||||||
| 100,000 | JM Smucker Co | 3.500 | 10/15/21 | 103,291 | ||||||||||||
| 200,000 | Kellogg Co | 1.125 | 05/15/15 | 200,895 | ||||||||||||
| 100,000 | Kellogg Co | 1.875 | 11/17/16 | 101,518 | ||||||||||||
| 200,000 | Kellogg Co | 1.750 | 05/17/17 | 201,569 | ||||||||||||
| 379,000 | Kellogg Co | 4.000 | 12/15/20 | 405,647 | ||||||||||||
| 100,000 | Kellogg Co | 7.450 | 04/01/31 | 131,193 | ||||||||||||
| 100,000 | Kraft Foods Group, Inc | 1.625 | 06/04/15 | 100,744 | ||||||||||||
| 600,000 | Kraft Foods Group, Inc | 2.250 | 06/05/17 | 611,203 | ||||||||||||
| 1,525,000 | Kraft Foods Group, Inc | 3.500 | 06/06/22 | 1,543,643 | ||||||||||||
| 794,000 | Kraft Foods Group, Inc | 6.500 | 02/09/40 | 995,535 | ||||||||||||
| 300,000 | Kraft Foods Group, Inc | 6.500 | 02/09/40 | 371,537 | ||||||||||||
| 700,000 | Kraft Foods Group, Inc | 5.000 | 06/04/42 | 731,817 | ||||||||||||
| 200,000 | Lorillard Tobacco Co | 3.500 | 08/04/16 | 207,761 | ||||||||||||
| 300,000 | Lorillard Tobacco Co | 2.300 | 08/21/17 | 303,565 | ||||||||||||
| 270,000 | Lorillard Tobacco Co | 6.875 | 05/01/20 | 316,579 | ||||||||||||
| 350,000 | Lorillard Tobacco Co | 3.750 | 05/20/23 | 344,212 | ||||||||||||
| 200,000 | McCormick & Co, Inc | 3.500 | 09/01/23 | 205,535 | ||||||||||||
| 150,000 | Molson Coors Brewing Co | 3.500 | 05/01/22 | 150,715 | ||||||||||||
| 300,000 | Molson Coors Brewing Co | 5.000 | 05/01/42 | 301,594 | ||||||||||||
| 2,000,000 | Mondelez International, Inc | 2.250 | 02/01/19 | 1,985,436 | ||||||||||||
| 1,000,000 | Mondelez International, Inc | 4.000 | 02/01/24 | 1,024,669 | ||||||||||||
| 300,000 | PepsiCo, Inc | 0.700 | 02/26/16 | 300,646 | ||||||||||||
| 850,000 | PepsiCo, Inc | 2.500 | 05/10/16 | 875,067 | ||||||||||||
| 300,000 | PepsiCo, Inc | 0.950 | 02/22/17 | 298,775 | ||||||||||||
| 250,000 | PepsiCo, Inc | 1.250 | 08/13/17 | 249,273 | ||||||||||||
| 840,000 | PepsiCo, Inc | 7.900 | 11/01/18 | 1,031,701 | ||||||||||||
| 400,000 | PepsiCo, Inc | 2.250 | 01/07/19 | 403,699 | ||||||||||||
| 100,000 | PepsiCo, Inc | 4.500 | 01/15/20 | 110,579 | ||||||||||||
| 400,000 | PepsiCo, Inc | 3.125 | 11/01/20 | 413,403 | ||||||||||||
| 200,000 | PepsiCo, Inc | 3.000 | 08/25/21 | 203,621 | ||||||||||||
| 400,000 | PepsiCo, Inc | 2.750 | 03/05/22 | 392,919 | ||||||||||||
| 500,000 | PepsiCo, Inc | 2.750 | 03/01/23 | 482,518 | ||||||||||||
| 1,000,000 | PepsiCo, Inc | 3.600 | 03/01/24 | 1,024,929 | ||||||||||||
| 310,000 | PepsiCo, Inc | 4.875 | 11/01/40 | 334,505 | ||||||||||||
| 400,000 | PepsiCo, Inc | 4.000 | 03/05/42 | 379,897 | ||||||||||||
| 200,000 | PepsiCo, Inc | 3.600 | 08/13/42 | 177,559 | ||||||||||||
| 500,000 | Philip Morris International, Inc | 1.125 | 08/21/17 | 496,774 | ||||||||||||
| 1,300,000 | Philip Morris International, Inc | 5.650 | 05/16/18 | 1,470,232 | ||||||||||||
| 300,000 | Philip Morris International, Inc | 1.875 | 01/15/19 | 297,100 | ||||||||||||
| 200,000 | Philip Morris International, Inc | 2.900 | 11/15/21 | 199,961 | ||||||||||||
| 200,000 | Philip Morris International, Inc | 2.500 | 08/22/22 | 191,011 | ||||||||||||
| 56 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | Philip Morris International, Inc | 2.625 | % | 03/06/23 | $ | 479,346 | |||||||||
| 300,000 | Philip Morris International, Inc | 3.600 | 11/15/23 | 303,773 | ||||||||||||
| 240,000 | Philip Morris International, Inc | 6.375 | 05/16/38 | 301,196 | ||||||||||||
| 150,000 | Philip Morris International, Inc | 4.375 | 11/15/41 | 146,748 | ||||||||||||
| 200,000 | Philip Morris International, Inc | 4.500 | 03/20/42 | 200,809 | ||||||||||||
| 150,000 | Philip Morris International, Inc | 3.875 | 08/21/42 | 135,978 | ||||||||||||
| 300,000 | Philip Morris International, Inc | 4.125 | 03/04/43 | 283,237 | ||||||||||||
| 200,000 | Philip Morris International, Inc | 4.875 | 11/15/43 | 212,630 | ||||||||||||
| 400,000 | Reynolds American, Inc | 1.050 | 10/30/15 | 401,196 | ||||||||||||
| 50,000 | Reynolds American, Inc | 6.750 | 06/15/17 | 56,431 | ||||||||||||
| 200,000 | Reynolds American, Inc | 7.750 | 06/01/18 | 235,985 | ||||||||||||
| 400,000 | Reynolds American, Inc | 3.250 | 11/01/22 | 385,954 | ||||||||||||
| 200,000 | Reynolds American, Inc | 4.850 | 09/15/23 | 213,024 | ||||||||||||
| 65,000 | Reynolds American, Inc | 7.250 | 06/15/37 | 81,672 | ||||||||||||
| 400,000 | Reynolds American, Inc | 4.750 | 11/01/42 | 380,402 | ||||||||||||
| 200,000 | Reynolds American, Inc | 6.150 | 09/15/43 | 228,787 | ||||||||||||
| 133,000 | Sara Lee Corp | 4.100 | 09/15/20 | 136,412 | ||||||||||||
| 275,000 | Tyson Foods, Inc | 2.650 | 08/15/19 | 275,515 | ||||||||||||
| 400,000 | Tyson Foods, Inc | 4.500 | 06/15/22 | 423,934 | ||||||||||||
| 500,000 | Tyson Foods, Inc | 3.950 | 08/15/24 | 500,875 | ||||||||||||
| 100,000 | Tyson Foods, Inc | 4.875 | 08/15/34 | 102,921 | ||||||||||||
| 500,000 | Tyson Foods, Inc | 5.150 | 08/15/44 | 517,397 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 60,129,567 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.5% | ||||||||||||||||
| 100,000 | Allergan, Inc | 5.750 | 04/01/16 | 106,676 | ||||||||||||
| 200,000 | Allergan, Inc | 1.350 | 03/15/18 | 194,103 | ||||||||||||
| 250,000 | Allergan, Inc | 3.375 | 09/15/20 | 248,041 | ||||||||||||
| 200,000 | Allergan, Inc | 2.800 | 03/15/23 | 178,827 | ||||||||||||
| 450,000 | AmerisourceBergen Corp | 1.150 | 05/15/17 | 447,075 | ||||||||||||
| 100,000 | AmerisourceBergen Corp | 3.500 | 11/15/21 | 103,222 | ||||||||||||
| 400,000 | AmerisourceBergen Corp | 3.400 | 05/15/24 | 397,142 | ||||||||||||
| 200,000 | Ascension Health, Inc | 4.847 | 11/15/53 | 222,389 | ||||||||||||
| 200,000 | Baxter International, Inc | 4.625 | 03/15/15 | 203,756 | ||||||||||||
| 300,000 | Baxter International, Inc | 0.950 | 06/01/16 | 300,963 | ||||||||||||
| 200,000 | Baxter International, Inc | 5.900 | 09/01/16 | 218,736 | ||||||||||||
| 300,000 | Baxter International, Inc | 1.850 | 06/15/18 | 298,751 | ||||||||||||
| 420,000 | Baxter International, Inc | 4.500 | 08/15/19 | 460,056 | ||||||||||||
| 300,000 | Baxter International, Inc | 3.200 | 06/15/23 | 295,999 | ||||||||||||
| 116,000 | Baxter International, Inc | 6.250 | 12/01/37 | 148,674 | ||||||||||||
| 150,000 | Baxter International, Inc | 3.650 | 08/15/42 | 135,738 | ||||||||||||
| 300,000 | Baxter International, Inc | 4.500 | 06/15/43 | 310,024 | ||||||||||||
| 25,000 | Becton Dickinson & Co | 5.000 | 05/15/19 | 28,033 | ||||||||||||
| 150,000 | Becton Dickinson & Co | 3.250 | 11/12/20 | 155,146 | ||||||||||||
| 850,000 | Becton Dickinson & Co | 3.125 | 11/08/21 | 869,981 | ||||||||||||
| 100,000 | Bio-Rad Laboratories, Inc | 4.875 | 12/15/20 | 106,415 | ||||||||||||
| 300,000 | Boston Scientific Corp | 6.400 | 06/15/16 | 326,180 | ||||||||||||
| 150,000 | Boston Scientific Corp | 2.650 | 10/01/18 | 151,468 | ||||||||||||
| 650,000 | Boston Scientific Corp | 6.000 | 01/15/20 | 741,079 | ||||||||||||
| 150,000 | Boston Scientific Corp | 4.125 | 10/01/23 | 153,628 | ||||||||||||
| 200,000 | Cardinal Health, Inc | 4.000 | 06/15/15 | 204,953 | ||||||||||||
| 200,000 | Cardinal Health, Inc | 1.700 | 03/15/18 | 198,062 | ||||||||||||
| 57 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 100,000 | Cardinal Health, Inc | 4.625 | % | 12/15/20 | $ | 109,595 | |||||||||
| 100,000 | Cardinal Health, Inc | 3.200 | 06/15/22 | 99,337 | ||||||||||||
| 200,000 | Cardinal Health, Inc | 3.200 | 03/15/23 | 195,816 | ||||||||||||
| 100,000 | Cardinal Health, Inc | 4.600 | 03/15/43 | 101,688 | ||||||||||||
| 100,000 | CareFusion Corp | 1.450 | 05/15/17 | 99,480 | ||||||||||||
| 100,000 | CareFusion Corp | 6.375 | 08/01/19 | 115,350 | ||||||||||||
| 200,000 | CareFusion Corp | 3.300 | 03/01/23 | 194,855 | ||||||||||||
| 300,000 | CareFusion Corp | 4.875 | 05/15/44 | 295,401 | ||||||||||||
| 100,000 | Coventry Health Care, Inc | 5.450 | 06/15/21 | 114,780 | ||||||||||||
| 450,000 | Covidien International Finance S.A. | 6.000 | 10/15/17 | 508,341 | ||||||||||||
| 650,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 657,619 | ||||||||||||
| 500,000 | Covidien International Finance S.A. | 2.950 | 06/15/23 | 482,877 | ||||||||||||
| 100,000 | Covidien International Finance S.A. | 6.550 | 10/15/37 | 130,511 | ||||||||||||
| 225,000 | CR Bard, Inc | 1.375 | 01/15/18 | 222,302 | ||||||||||||
| 100,000 | CR Bard, Inc | 4.400 | 01/15/21 | 108,810 | ||||||||||||
| 100,000 | DENTSPLY International, Inc | 4.125 | 08/15/21 | 104,518 | ||||||||||||
| 100,000 | Edwards Lifesciences Corp | 2.875 | 10/15/18 | 101,636 | ||||||||||||
| 300,000 | Express Scripts Holding Co | 3.125 | 05/15/16 | 310,728 | ||||||||||||
| 300,000 | Express Scripts Holding Co | 2.650 | 02/15/17 | 308,493 | ||||||||||||
| 200,000 | Express Scripts Holding Co | 1.250 | 06/02/17 | 198,419 | ||||||||||||
| 300,000 | Express Scripts Holding Co | 2.250 | 06/15/19 | 295,797 | ||||||||||||
| 250,000 | Express Scripts Holding Co | 4.750 | 11/15/21 | 273,020 | ||||||||||||
| 525,000 | Express Scripts Holding Co | 3.900 | 02/15/22 | 543,772 | ||||||||||||
| 300,000 | Express Scripts Holding Co | 3.500 | 06/15/24 | 293,748 | ||||||||||||
| 450,000 | Express Scripts Holding Co | 6.125 | 11/15/41 | 556,165 | ||||||||||||
| 100,000 | Kaiser Foundation Hospitals | 3.500 | 04/01/22 | 100,803 | ||||||||||||
| 100,000 | Kaiser Foundation Hospitals | 4.875 | 04/01/42 | 110,123 | ||||||||||||
| 200,000 | Laboratory Corp of America Holdings | 3.125 | 05/15/16 | 206,300 | ||||||||||||
| 100,000 | Laboratory Corp of America Holdings | 2.200 | 08/23/17 | 101,251 | ||||||||||||
| 250,000 | Laboratory Corp of America Holdings | 2.500 | 11/01/18 | 251,177 | ||||||||||||
| 200,000 | Laboratory Corp of America Holdings | 3.750 | 08/23/22 | 202,285 | ||||||||||||
| 200,000 | Laboratory Corp of America Holdings | 4.000 | 11/01/23 | 204,822 | ||||||||||||
| 200,000 | Mayo Clinic Rochester | 4.000 | 11/15/47 | 192,743 | ||||||||||||
| 100,000 | McKesson Corp | 0.950 | 12/04/15 | 100,122 | ||||||||||||
| 430,000 | McKesson Corp | 3.250 | 03/01/16 | 443,945 | ||||||||||||
| 25,000 | McKesson Corp | 5.700 | 03/01/17 | 27,456 | ||||||||||||
| 500,000 | McKesson Corp | 1.292 | 03/10/17 | 498,228 | ||||||||||||
| 180,000 | McKesson Corp | 4.750 | 03/01/21 | 200,379 | ||||||||||||
| 100,000 | McKesson Corp | 2.700 | 12/15/22 | 95,524 | ||||||||||||
| 200,000 | McKesson Corp | 2.850 | 03/15/23 | 191,298 | ||||||||||||
| 500,000 | McKesson Corp | 3.796 | 03/15/24 | 504,197 | ||||||||||||
| 100,000 | McKesson Corp | 6.000 | 03/01/41 | 117,950 | ||||||||||||
| 375,000 | McKesson Corp | 4.883 | 03/15/44 | 386,139 | ||||||||||||
| 250,000 | Medco Health Solutions, Inc | 2.750 | 09/15/15 | 254,745 | ||||||||||||
| 250,000 | Medco Health Solutions, Inc | 7.125 | 03/15/18 | 291,068 | ||||||||||||
| 205,000 | Medtronic, Inc | 4.750 | 09/15/15 | 213,358 | ||||||||||||
| 300,000 | Medtronic, Inc | 0.875 | 02/27/17 | 297,968 | ||||||||||||
| 250,000 | Medtronic, Inc | 1.375 | 04/01/18 | 246,184 | ||||||||||||
| 200,000 | Medtronic, Inc | 5.600 | 03/15/19 | 227,414 | ||||||||||||
| 605,000 | Medtronic, Inc | 4.450 | 03/15/20 | 665,469 | ||||||||||||
| 500,000 | Medtronic, Inc | 3.625 | 03/15/24 | 510,308 | ||||||||||||
| 200,000 | Medtronic, Inc | 4.500 | 03/15/42 | 204,596 | ||||||||||||
| 58 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 150,000 | Medtronic, Inc | 4.000 | % | 04/01/43 | $ | 141,608 | |||||||||
| 500,000 | Medtronic, Inc | 4.625 | 03/15/44 | 514,635 | ||||||||||||
| 350,000 | NYU Hospitals Center | 5.750 | 07/01/43 | 410,421 | ||||||||||||
| 100,000 | Owens & Minor, Inc | 3.875 | 09/15/21 | 100,123 | ||||||||||||
| 150,000 | PerkinElmer, Inc | 5.000 | 11/15/21 | 161,564 | ||||||||||||
| 44,000 | Quest Diagnostics, Inc | 5.450 | 11/01/15 | 46,121 | ||||||||||||
| 235,000 | Quest Diagnostics, Inc | 6.400 | 07/01/17 | 265,407 | ||||||||||||
| 300,000 | Quest Diagnostics, Inc | 2.700 | 04/01/19 | 301,496 | ||||||||||||
| 400,000 | Quest Diagnostics, Inc | 4.700 | 04/01/21 | 432,549 | ||||||||||||
| 400,000 | Quest Diagnostics, Inc | 4.250 | 04/01/24 | 406,509 | ||||||||||||
| 150,000 | Quest Diagnostics, Inc | 6.950 | 07/01/37 | 184,818 | ||||||||||||
| 450,000 | St. Jude Medical, Inc | 2.500 | 01/15/16 | 459,554 | ||||||||||||
| 200,000 | St. Jude Medical, Inc | 3.250 | 04/15/23 | 197,825 | ||||||||||||
| 200,000 | St. Jude Medical, Inc | 4.750 | 04/15/43 | 203,612 | ||||||||||||
| 150,000 | Stryker Corp | 3.000 | 01/15/15 | 151,132 | ||||||||||||
| 150,000 | Stryker Corp | 2.000 | 09/30/16 | 153,062 | ||||||||||||
| 200,000 | Stryker Corp | 1.300 | 04/01/18 | 196,413 | ||||||||||||
| 90,000 | Stryker Corp | 4.375 | 01/15/20 | 98,203 | ||||||||||||
| 200,000 | Stryker Corp | 3.375 | 05/15/24 | 198,649 | ||||||||||||
| 200,000 | Stryker Corp | 4.100 | 04/01/43 | 191,747 | ||||||||||||
| 200,000 | Stryker Corp | 4.375 | 05/15/44 | 200,345 | ||||||||||||
| 165,000 | Thermo Fisher Scientific, Inc | 5.000 | 06/01/15 | 169,635 | ||||||||||||
| 550,000 | Thermo Fisher Scientific, Inc | 2.250 | 08/15/16 | 560,392 | ||||||||||||
| 175,000 | Thermo Fisher Scientific, Inc | 1.300 | 02/01/17 | 174,465 | ||||||||||||
| 350,000 | Thermo Fisher Scientific, Inc | 1.850 | 01/15/18 | 349,673 | ||||||||||||
| 100,000 | Thermo Fisher Scientific, Inc | 2.400 | 02/01/19 | 100,155 | ||||||||||||
| 455,000 | Thermo Fisher Scientific, Inc | 4.700 | 05/01/20 | 490,522 | ||||||||||||
| 250,000 | Thermo Fisher Scientific, Inc | 3.150 | 01/15/23 | 244,402 | ||||||||||||
| 600,000 | Thermo Fisher Scientific, Inc | 4.150 | 02/01/24 | 621,216 | ||||||||||||
| 200,000 | Thermo Fisher Scientific, Inc | 5.300 | 02/01/44 | 219,518 | ||||||||||||
| 100,000 | Zimmer Holdings, Inc | 1.400 | 11/30/14 | 100,157 | ||||||||||||
| 150,000 | Zimmer Holdings, Inc | 3.375 | 11/30/21 | 152,570 | ||||||||||||
| 106,000 | Zimmer Holdings, Inc | 5.750 | 11/30/39 | 124,067 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 28,796,592 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.2% | ||||||||||||||||
| 100,000 | Avon Products, Inc | 2.375 | 03/15/16 | 101,001 | ||||||||||||
| 100,000 | Avon Products, Inc | 6.500 | 03/01/19 | 107,614 | ||||||||||||
| 150,000 | Avon Products, Inc | 4.600 | 03/15/20 | 153,211 | ||||||||||||
| 150,000 | Avon Products, Inc | 5.000 | 03/15/23 | 146,884 | ||||||||||||
| 100,000 | Avon Products, Inc | 6.950 | 03/15/43 | 99,882 | ||||||||||||
| 25,000 | Clorox Co | 5.000 | 01/15/15 | 25,327 | ||||||||||||
| 350,000 | Clorox Co | 3.550 | 11/01/15 | 360,582 | ||||||||||||
| 100,000 | Clorox Co | 3.800 | 11/15/21 | 104,452 | ||||||||||||
| 100,000 | Clorox Co | 3.050 | 09/15/22 | 98,347 | ||||||||||||
| 400,000 | Colgate-Palmolive Co | 1.300 | 01/15/17 | 402,486 | ||||||||||||
| 100,000 | Colgate-Palmolive Co | 0.900 | 05/01/18 | 97,704 | ||||||||||||
| 300,000 | Colgate-Palmolive Co | 1.750 | 03/15/19 | 297,302 | ||||||||||||
| 200,000 | Colgate-Palmolive Co | 2.300 | 05/03/22 | 193,038 | ||||||||||||
| 200,000 | Colgate-Palmolive Co | 1.950 | 02/01/23 | 185,778 | ||||||||||||
| 300,000 | Colgate-Palmolive Co | 3.250 | 03/15/24 | 303,344 | ||||||||||||
| 60,000 | Colgate-Palmolive Co | 6.450 | 06/16/28 | 76,393 | ||||||||||||
| 59 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 150,000 | Ecolab, Inc | 2.375 | % | 12/08/14 | $ | 150,560 | |||||||||
| 300,000 | Ecolab, Inc | 1.000 | 08/09/15 | 301,056 | ||||||||||||
| 100,000 | Ecolab, Inc | 3.000 | 12/08/16 | 103,790 | ||||||||||||
| 250,000 | Ecolab, Inc | 1.450 | 12/08/17 | 248,081 | ||||||||||||
| 350,000 | Ecolab, Inc | 4.350 | 12/08/21 | 379,182 | ||||||||||||
| 100,000 | Ecolab, Inc | 5.500 | 12/08/41 | 114,484 | ||||||||||||
| 200,000 | Estee Lauder Cos, Inc | 2.350 | 08/15/22 | 190,165 | ||||||||||||
| 100,000 | Estee Lauder Cos, Inc | 6.000 | 05/15/37 | 120,916 | ||||||||||||
| 400,000 | Procter & Gamble Co | 0.750 | 11/04/16 | 399,872 | ||||||||||||
| 400,000 | Procter & Gamble Co | 1.600 | 11/15/18 | 397,910 | ||||||||||||
| 1,825,000 | Procter & Gamble Co | 4.700 | 02/15/19 | 2,039,324 | ||||||||||||
| 800,000 | Procter & Gamble Co | 2.300 | 02/06/22 | 783,106 | ||||||||||||
| 600,000 | Procter & Gamble Co | 3.100 | 08/15/23 | 607,301 | ||||||||||||
| 225,000 | Procter & Gamble Co | 5.550 | 03/05/37 | 276,147 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 8,865,239 | |||||||||||||||
| INSURANCE - 1.2% | ||||||||||||||||
| 200,000 | ACE INA Holdings, Inc | 5.600 | 05/15/15 | 206,269 | ||||||||||||
| 100,000 | ACE INA Holdings, Inc | 2.600 | 11/23/15 | 102,102 | ||||||||||||
| 25,000 | ACE INA Holdings, Inc | 5.800 | 03/15/18 | 28,243 | ||||||||||||
| 500,000 | ACE INA Holdings, Inc | 5.900 | 06/15/19 | 577,321 | ||||||||||||
| 250,000 | ACE INA Holdings, Inc | 2.700 | 03/13/23 | 240,133 | ||||||||||||
| 300,000 | ACE INA Holdings, Inc | 3.350 | 05/15/24 | 299,314 | ||||||||||||
| 150,000 | ACE INA Holdings, Inc | 4.150 | 03/13/43 | 147,190 | ||||||||||||
| 400,000 | Aegon NV | 4.625 | 12/01/15 | 417,964 | ||||||||||||
| 125,000 | Aetna, Inc | 1.500 | 11/15/17 | 124,493 | ||||||||||||
| 200,000 | Aetna, Inc | 6.500 | 09/15/18 | 233,112 | ||||||||||||
| 300,000 | Aetna, Inc | 2.200 | 03/15/19 | 297,131 | ||||||||||||
| 250,000 | Aetna, Inc | 3.950 | 09/01/20 | 266,359 | ||||||||||||
| 500,000 | Aetna, Inc | 2.750 | 11/15/22 | 478,211 | ||||||||||||
| 240,000 | Aetna, Inc | 6.625 | 06/15/36 | 310,789 | ||||||||||||
| 350,000 | Aetna, Inc | 4.500 | 05/15/42 | 344,318 | ||||||||||||
| 500,000 | Aetna, Inc | 4.125 | 11/15/42 | 473,614 | ||||||||||||
| 200,000 | Aflac, Inc | 8.500 | 05/15/19 | 253,127 | ||||||||||||
| 300,000 | Aflac, Inc | 4.000 | 02/15/22 | 318,103 | ||||||||||||
| 600,000 | Aflac, Inc | 3.625 | 06/15/23 | 604,315 | ||||||||||||
| 125,000 | Aflac, Inc | 6.900 | 12/17/39 | 166,391 | ||||||||||||
| 300,000 | Alleghany Corp | 4.950 | 06/27/22 | 324,841 | ||||||||||||
| 200,000 | Alleghany Corp | 4.900 | 09/15/44 | 197,081 | ||||||||||||
| 100,000 | Allied World Assurance Co Ltd | 7.500 | 08/01/16 | 110,851 | ||||||||||||
| 1,250,000 | Allstate Corp | 3.150 | 06/15/23 | 1,245,457 | ||||||||||||
| 100,000 | Allstate Corp | 4.500 | 06/15/43 | 102,371 | ||||||||||||
| 200,000 | i | Allstate Corp | 5.750 | 08/15/53 | 213,000 | |||||||||||
| 100,000 | American Financial Group, Inc | 9.875 | 06/15/19 | 128,911 | ||||||||||||
| 1,350,000 | American International Group, Inc | 8.250 | 08/15/18 | 1,648,964 | ||||||||||||
| 325,000 | American International Group, Inc | 2.300 | 07/16/19 | 322,618 | ||||||||||||
| 750,000 | American International Group, Inc | 3.375 | 08/15/20 | 772,432 | ||||||||||||
| 350,000 | American International Group, Inc | 6.400 | 12/15/20 | 416,401 | ||||||||||||
| 1,600,000 | American International Group, Inc | 4.875 | 06/01/22 | 1,759,878 | ||||||||||||
| 300,000 | American International Group, Inc | 4.125 | 02/15/24 | 311,624 | ||||||||||||
| 800,000 | American International Group, Inc | 6.250 | 05/01/36 | 1,000,409 | ||||||||||||
| 328,000 | American International Group, Inc | 6.820 | 11/15/37 | 436,394 | ||||||||||||
| 60 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 600,000 | American International Group, Inc | 4.500 | % | 07/16/44 | $ | 592,764 | |||||||||
| 200,000 | Aon Corp | 3.125 | 05/27/16 | 206,762 | ||||||||||||
| 50,000 | Aon Corp | 5.000 | 09/30/20 | 55,511 | ||||||||||||
| 200,000 | Aon Corp | 6.250 | 09/30/40 | 250,656 | ||||||||||||
| 200,000 | Aon plc | 4.000 | 11/27/23 | 207,779 | ||||||||||||
| 300,000 | Aon plc | 3.500 | 06/14/24 | 293,749 | ||||||||||||
| 100,000 | Aon plc | 4.250 | 12/12/42 | 94,133 | ||||||||||||
| 200,000 | Aon plc | 4.450 | 05/24/43 | 193,565 | ||||||||||||
| 300,000 | Arch Capital Group US, Inc | 5.144 | 11/01/43 | 321,776 | ||||||||||||
| 200,000 | Aspen Insurance Holdings Ltd | 4.650 | 11/15/23 | 206,631 | ||||||||||||
| 100,000 | Assurant, Inc | 2.500 | 03/15/18 | 100,426 | ||||||||||||
| 100,000 | Assurant, Inc | 4.000 | 03/15/23 | 100,513 | ||||||||||||
| 100,000 | Assurant, Inc | 6.750 | 02/15/34 | 120,088 | ||||||||||||
| 200,000 | Assured Guaranty US Holdings, Inc | 5.000 | 07/01/24 | 202,091 | ||||||||||||
| 270,000 | AXA S.A. | 8.600 | 12/15/30 | 363,150 | ||||||||||||
| 200,000 | AXIS Specialty Finance plc | 2.650 | 04/01/19 | 200,660 | ||||||||||||
| 50,000 | AXIS Specialty Finance plc | 5.875 | 06/01/20 | 57,010 | ||||||||||||
| 200,000 | AXIS Specialty Finance plc | 5.150 | 04/01/45 | 207,737 | ||||||||||||
| 333,000 | Berkshire Hathaway Finance Corp | 4.850 | 01/15/15 | 337,314 | ||||||||||||
| 300,000 | Berkshire Hathaway Finance Corp | 2.450 | 12/15/15 | 306,979 | ||||||||||||
| 300,000 | Berkshire Hathaway Finance Corp | 1.600 | 05/15/17 | 303,284 | ||||||||||||
| 225,000 | Berkshire Hathaway Finance Corp | 1.300 | 05/15/18 | 221,760 | ||||||||||||
| 750,000 | Berkshire Hathaway Finance Corp | 5.400 | 05/15/18 | 841,652 | ||||||||||||
| 600,000 | Berkshire Hathaway Finance Corp | 2.000 | 08/15/18 | 602,182 | ||||||||||||
| 200,000 | Berkshire Hathaway Finance Corp | 2.900 | 10/15/20 | 203,297 | ||||||||||||
| 400,000 | Berkshire Hathaway Finance Corp | 3.000 | 05/15/22 | 399,106 | ||||||||||||
| 300,000 | Berkshire Hathaway Finance Corp | 4.400 | 05/15/42 | 303,150 | ||||||||||||
| 100,000 | Berkshire Hathaway Finance Corp | 4.300 | 05/15/43 | 98,953 | ||||||||||||
| 40,000 | Chubb Corp | 5.750 | 05/15/18 | 45,221 | ||||||||||||
| 350,000 | Chubb Corp | 6.000 | 05/11/37 | 441,712 | ||||||||||||
| 300,000 | i | Chubb Corp | 6.375 | 03/29/67 | 328,875 | |||||||||||
| 540,000 | CIGNA Corp | 5.125 | 06/15/20 | 603,560 | ||||||||||||
| 400,000 | CIGNA Corp | 4.500 | 03/15/21 | 436,345 | ||||||||||||
| 400,000 | CIGNA Corp | 5.375 | 02/15/42 | 440,662 | ||||||||||||
| 200,000 | Cincinnati Financial Corp | 6.920 | 05/15/28 | 246,368 | ||||||||||||
| 200,000 | CNA Financial Corp | 5.850 | 12/15/14 | 202,293 | ||||||||||||
| 40,000 | CNA Financial Corp | 6.500 | 08/15/16 | 43,930 | ||||||||||||
| 500,000 | CNA Financial Corp | 5.750 | 08/15/21 | 570,299 | ||||||||||||
| 125,000 | CNA Financial Corp | 3.950 | 05/15/24 | 126,488 | ||||||||||||
| 300,000 | Everest Reinsurance Holdings, Inc | 4.868 | 06/01/44 | 298,296 | ||||||||||||
| 250,000 | Fidelity National Financial, Inc | 5.500 | 09/01/22 | 271,538 | ||||||||||||
| 100,000 | First American Financial Corp | 4.300 | 02/01/23 | 100,637 | ||||||||||||
| 260,000 | Genworth Holdings, Inc | 7.200 | 02/15/21 | 306,215 | ||||||||||||
| 300,000 | Genworth Holdings, Inc | 7.625 | 09/24/21 | 363,969 | ||||||||||||
| 100,000 | Genworth Holdings, Inc | 4.900 | 08/15/23 | 103,057 | ||||||||||||
| 300,000 | Genworth Holdings, Inc | 4.800 | 02/15/24 | 307,776 | ||||||||||||
| 250,000 | Hartford Financial Services Group, Inc | 5.125 | 04/15/22 | 278,836 | ||||||||||||
| 321,000 | Hartford Financial Services Group, Inc | 6.625 | 03/30/40 | 419,481 | ||||||||||||
| 750,000 | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 717,405 | ||||||||||||
| 300,000 | Humana, Inc | 6.450 | 06/01/16 | 326,566 | ||||||||||||
| 300,000 | Humana, Inc | 2.625 | 10/01/19 | 299,816 | ||||||||||||
| 100,000 | Humana, Inc | 3.150 | 12/01/22 | 97,616 | ||||||||||||
| 61 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 300,000 | Humana, Inc | 3.850 | % | 10/01/24 | $ | 299,800 | |||||||||
| 100,000 | Humana, Inc | 8.150 | 06/15/38 | 144,815 | ||||||||||||
| 200,000 | Humana, Inc | 4.625 | 12/01/42 | 195,849 | ||||||||||||
| 300,000 | Humana, Inc | 4.950 | 10/01/44 | 300,722 | ||||||||||||
| 100,000 | Infinity Property & Casualty Corp | 5.000 | 09/19/22 | 105,152 | ||||||||||||
| 300,000 | ING US, Inc | 2.900 | 02/15/18 | 308,634 | ||||||||||||
| 150,000 | ING US, Inc | 5.500 | 07/15/22 | 169,103 | ||||||||||||
| 200,000 | ING US, Inc | 5.700 | 07/15/43 | 226,070 | ||||||||||||
| 400,000 | Leucadia National Corp | 5.500 | 10/18/23 | 418,012 | ||||||||||||
| 300,000 | Lincoln National Corp | 4.300 | 06/15/15 | 307,621 | ||||||||||||
| 200,000 | Lincoln National Corp | 8.750 | 07/01/19 | 254,771 | ||||||||||||
| 400,000 | Lincoln National Corp | 4.200 | 03/15/22 | 421,766 | ||||||||||||
| 525,000 | Lincoln National Corp | 4.000 | 09/01/23 | 539,148 | ||||||||||||
| 30,000 | Lincoln National Corp | 6.150 | 04/07/36 | 36,757 | ||||||||||||
| 150,000 | Lincoln National Corp | 7.000 | 06/15/40 | 199,662 | ||||||||||||
| 100,000 | Loews Corp | 5.250 | 03/15/16 | 106,452 | ||||||||||||
| 200,000 | Loews Corp | 2.625 | 05/15/23 | 187,962 | ||||||||||||
| 200,000 | Loews Corp | 4.125 | 05/15/43 | 189,402 | ||||||||||||
| 100,000 | Manulife Financial Corp | 3.400 | 09/17/15 | 102,713 | ||||||||||||
| 100,000 | Manulife Financial Corp | 4.900 | 09/17/20 | 109,599 | ||||||||||||
| 100,000 | Markel Corp | 7.125 | 09/30/19 | 119,104 | ||||||||||||
| 150,000 | Markel Corp | 4.900 | 07/01/22 | 163,410 | ||||||||||||
| 100,000 | Markel Corp | 3.625 | 03/30/23 | 99,401 | ||||||||||||
| 100,000 | Markel Corp | 5.000 | 03/30/43 | 102,394 | ||||||||||||
| 150,000 | Marsh & McLennan Cos, Inc | 2.300 | 04/01/17 | 152,497 | ||||||||||||
| 100,000 | Marsh & McLennan Cos, Inc | 2.550 | 10/15/18 | 101,692 | ||||||||||||
| 125,000 | Marsh & McLennan Cos, Inc | 9.250 | 04/15/19 | 161,747 | ||||||||||||
| 500,000 | Marsh & McLennan Cos, Inc | 2.350 | 09/10/19 | 497,503 | ||||||||||||
| 150,000 | Marsh & McLennan Cos, Inc | 4.800 | 07/15/21 | 165,183 | ||||||||||||
| 200,000 | Marsh & McLennan Cos, Inc | 4.050 | 10/15/23 | 209,683 | ||||||||||||
| 152,000 | Marsh & McLennan Cos, Inc | 3.500 | 06/03/24 | 152,511 | ||||||||||||
| 500,000 | Marsh & McLennan Cos, Inc | 3.500 | 03/10/25 | 491,705 | ||||||||||||
| 200,000 | Memorial Sloan-Kettering Cancer Center | 4.125 | 07/01/52 | 193,333 | ||||||||||||
| 280,000 | MetLife, Inc | 5.000 | 06/15/15 | 288,730 | ||||||||||||
| 575,000 | MetLife, Inc | 6.750 | 06/01/16 | 630,869 | ||||||||||||
| 175,000 | MetLife, Inc | 1.756 | 12/15/17 | 176,048 | ||||||||||||
| 200,000 | MetLife, Inc | 1.903 | 12/15/17 | 200,611 | ||||||||||||
| 1,050,000 | MetLife, Inc | 4.750 | 02/08/21 | 1,160,057 | ||||||||||||
| 700,000 | MetLife, Inc | 3.048 | 12/15/22 | 689,466 | ||||||||||||
| 325,000 | MetLife, Inc | 4.368 | 09/15/23 | 347,426 | ||||||||||||
| 500,000 | MetLife, Inc | 3.600 | 04/10/24 | 505,318 | ||||||||||||
| 50,000 | MetLife, Inc | 6.375 | 06/15/34 | 64,046 | ||||||||||||
| 405,000 | MetLife, Inc | 5.700 | 06/15/35 | 485,029 | ||||||||||||
| 130,000 | MetLife, Inc | 5.875 | 02/06/41 | 152,840 | ||||||||||||
| 200,000 | MetLife, Inc | 4.125 | 08/13/42 | 189,390 | ||||||||||||
| 600,000 | MetLife, Inc | 4.875 | 11/13/43 | 638,394 | ||||||||||||
| 500,000 | MetLife, Inc | 4.721 | 12/15/44 | 504,691 | ||||||||||||
| 200,000 | Montpelier Re Holdings Ltd | 4.700 | 10/15/22 | 207,341 | ||||||||||||
| 20,000 | Nationwide Financial Services | 6.750 | 05/15/37 | 21,000 | ||||||||||||
| 200,000 | Navigators Group, Inc | 5.750 | 10/15/23 | 218,575 | ||||||||||||
| 200,000 | Old Republic International Corp | 4.875 | 10/01/24 | 200,266 | ||||||||||||
| 500,000 | OneBeacon US Holdings, Inc | 4.600 | 11/09/22 | 511,599 | ||||||||||||
| 62 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 100,000 | PartnerRe Ltd | 5.500 | % | 06/01/20 | $ | 112,254 | |||||||||
| 100,000 | g | Primerica, Inc | 4.750 | 07/15/22 | 108,392 | |||||||||||
| 100,000 | Principal Financial Group, Inc | 1.850 | 11/15/17 | 100,033 | ||||||||||||
| 130,000 | Principal Financial Group, Inc | 8.875 | 05/15/19 | 165,042 | ||||||||||||
| 100,000 | Principal Financial Group, Inc | 3.300 | 09/15/22 | 99,668 | ||||||||||||
| 150,000 | Principal Financial Group, Inc | 3.125 | 05/15/23 | 146,085 | ||||||||||||
| 100,000 | Principal Financial Group, Inc | 6.050 | 10/15/36 | 122,735 | ||||||||||||
| 100,000 | Principal Financial Group, Inc | 4.625 | 09/15/42 | 102,714 | ||||||||||||
| 200,000 | Principal Financial Group, Inc | 4.350 | 05/15/43 | 197,278 | ||||||||||||
| 120,000 | Progressive Corp | 6.250 | 12/01/32 | 153,091 | ||||||||||||
| 300,000 | i | Progressive Corp | 6.700 | 06/15/37 | 328,687 | |||||||||||
| 300,000 | Progressive Corp | 4.350 | 04/25/44 | 302,280 | ||||||||||||
| 100,000 | Protective Life Corp | 7.375 | 10/15/19 | 122,287 | ||||||||||||
| 200,000 | Prudential Financial, Inc | 4.750 | 09/17/15 | 207,905 | ||||||||||||
| 300,000 | Prudential Financial, Inc | 3.000 | 05/12/16 | 309,684 | ||||||||||||
| 60,000 | Prudential Financial, Inc | 6.100 | 06/15/17 | 67,053 | ||||||||||||
| 100,000 | Prudential Financial, Inc | 2.300 | 08/15/18 | 100,843 | ||||||||||||
| 1,020,000 | Prudential Financial, Inc | 7.375 | 06/15/19 | 1,242,222 | ||||||||||||
| 200,000 | Prudential Financial, Inc | 2.350 | 08/15/19 | 198,468 | ||||||||||||
| 300,000 | Prudential Financial, Inc | 4.500 | 11/16/21 | 325,884 | ||||||||||||
| 400,000 | Prudential Financial, Inc | 5.750 | 07/15/33 | 465,468 | ||||||||||||
| 450,000 | Prudential Financial, Inc | 6.200 | 11/15/40 | 550,579 | ||||||||||||
| 125,000 | i | Prudential Financial, Inc | 5.875 | 09/15/42 | 132,500 | |||||||||||
| 500,000 | i | Prudential Financial, Inc | 5.625 | 06/15/43 | 521,100 | |||||||||||
| 150,000 | Prudential Financial, Inc | 5.100 | 08/15/43 | 158,336 | ||||||||||||
| 100,000 | i | Prudential Financial, Inc | 5.200 | 03/15/44 | 100,688 | |||||||||||
| 800,000 | Prudential Financial, Inc | 4.600 | 05/15/44 | 792,401 | ||||||||||||
| 150,000 | Reinsurance Group of America, Inc | 5.625 | 03/15/17 | 163,535 | ||||||||||||
| 100,000 | Reinsurance Group of America, Inc | 5.000 | 06/01/21 | 109,725 | ||||||||||||
| 250,000 | Reinsurance Group of America, Inc | 4.700 | 09/15/23 | 266,391 | ||||||||||||
| 100,000 | StanCorp Financial Group, Inc | 5.000 | 08/15/22 | 105,597 | ||||||||||||
| 250,000 | Torchmark Corp | 3.800 | 09/15/22 | 256,249 | ||||||||||||
| 100,000 | Transatlantic Holdings, Inc | 5.750 | 12/14/15 | 105,780 | ||||||||||||
| 20,000 | Transatlantic Holdings, Inc | 8.000 | 11/30/39 | 27,751 | ||||||||||||
| 610,000 | Travelers Cos, Inc | 5.800 | 05/15/18 | 692,347 | ||||||||||||
| 130,000 | Travelers Cos, Inc | 5.900 | 06/02/19 | 150,718 | ||||||||||||
| 600,000 | Travelers Cos, Inc | 5.350 | 11/01/40 | 697,747 | ||||||||||||
| 200,000 | Travelers Cos, Inc | 4.600 | 08/01/43 | 209,708 | ||||||||||||
| 100,000 | Travelers Property Casualty Corp | 6.375 | 03/15/33 | 128,421 | ||||||||||||
| 100,000 | UnitedHealth Group, Inc | 5.375 | 03/15/16 | 106,797 | ||||||||||||
| 325,000 | UnitedHealth Group, Inc | 1.400 | 10/15/17 | 324,531 | ||||||||||||
| 324,000 | UnitedHealth Group, Inc | 6.000 | 02/15/18 | 368,267 | ||||||||||||
| 900,000 | UnitedHealth Group, Inc | 1.625 | 03/15/19 | 881,094 | ||||||||||||
| 700,000 | UnitedHealth Group, Inc | 4.700 | 02/15/21 | 781,031 | ||||||||||||
| 325,000 | UnitedHealth Group, Inc | 2.750 | 02/15/23 | 314,151 | ||||||||||||
| 200,000 | UnitedHealth Group, Inc | 2.875 | 03/15/23 | 195,251 | ||||||||||||
| 365,000 | UnitedHealth Group, Inc | 6.625 | 11/15/37 | 478,615 | ||||||||||||
| 250,000 | UnitedHealth Group, Inc | 6.875 | 02/15/38 | 342,274 | ||||||||||||
| 150,000 | UnitedHealth Group, Inc | 4.625 | 11/15/41 | 154,917 | ||||||||||||
| 300,000 | UnitedHealth Group, Inc | 4.375 | 03/15/42 | 297,192 | ||||||||||||
| 350,000 | UnitedHealth Group, Inc | 3.950 | 10/15/42 | 325,612 | ||||||||||||
| 200,000 | UnitedHealth Group, Inc | 4.250 | 03/15/43 | 195,340 | ||||||||||||
| 63 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 100,000 | Unitrin, Inc | 6.000 | % | 11/30/15 | $ | 105,271 | |||||||||
| 110,000 | Unum Group | 5.625 | 09/15/20 | 125,171 | ||||||||||||
| 200,000 | Unum Group | 4.000 | 03/15/24 | 202,865 | ||||||||||||
| 200,000 | Verisk Analytics, Inc | 5.800 | 05/01/21 | 225,214 | ||||||||||||
| 200,000 | WellPoint, Inc | 1.250 | 09/10/15 | 201,174 | ||||||||||||
| 200,000 | WellPoint, Inc | 1.875 | 01/15/18 | 199,781 | ||||||||||||
| 1,250,000 | WellPoint, Inc | 2.300 | 07/15/18 | 1,253,234 | ||||||||||||
| 300,000 | WellPoint, Inc | 2.250 | 08/15/19 | 295,388 | ||||||||||||
| 150,000 | WellPoint, Inc | 3.700 | 08/15/21 | 154,851 | ||||||||||||
| 800,000 | WellPoint, Inc | 3.125 | 05/15/22 | 790,207 | ||||||||||||
| 200,000 | WellPoint, Inc | 3.300 | 01/15/23 | 197,737 | ||||||||||||
| 300,000 | WellPoint, Inc | 3.500 | 08/15/24 | 292,574 | ||||||||||||
| 300,000 | WellPoint, Inc | 4.625 | 05/15/42 | 292,261 | ||||||||||||
| 200,000 | WellPoint, Inc | 4.650 | 01/15/43 | 196,765 | ||||||||||||
| 500,000 | WellPoint, Inc | 5.100 | 01/15/44 | 531,256 | ||||||||||||
| 300,000 | WellPoint, Inc | 4.650 | 08/15/44 | 291,528 | ||||||||||||
| 300,000 | WellPoint, Inc | 4.850 | 08/15/54 | 295,082 | ||||||||||||
| 200,000 | Willis Group Holdings plc | 5.750 | 03/15/21 | 223,723 | ||||||||||||
| 165,000 | WR Berkley Corp | 5.375 | 09/15/20 | 183,206 | ||||||||||||
| 250,000 | WR Berkley Corp | 4.625 | 03/15/22 | 267,322 | ||||||||||||
| 200,000 | WR Berkley Corp | 4.750 | 08/01/44 | 197,501 | ||||||||||||
| 350,000 | XL Capital Ltd | 6.375 | 11/15/24 | 416,728 | ||||||||||||
| 200,000 | XLIT Ltd | 2.300 | 12/15/18 | 199,823 | ||||||||||||
| 200,000 | XLIT Ltd | 5.250 | 12/15/43 | 219,930 | ||||||||||||
| TOTAL INSURANCE | 66,346,549 | |||||||||||||||
| MATERIALS - 1.2% | ||||||||||||||||
| 300,000 | 3M Co | 1.375 | 09/29/16 | 304,325 | ||||||||||||
| 200,000 | 3M Co | 1.000 | 06/26/17 | 199,142 | ||||||||||||
| 300,000 | 3M Co | 1.625 | 06/15/19 | 295,002 | ||||||||||||
| 200,000 | 3M Co | 2.000 | 06/26/22 | 190,587 | ||||||||||||
| 190,000 | 3M Co | 5.700 | 03/15/37 | 239,277 | ||||||||||||
| 300,000 | 3M Co | 3.875 | 06/15/44 | 294,311 | ||||||||||||
| 100,000 | Agrium, Inc | 6.750 | 01/15/19 | 116,944 | ||||||||||||
| 150,000 | Agrium, Inc | 3.150 | 10/01/22 | 145,878 | ||||||||||||
| 200,000 | Agrium, Inc | 3.500 | 06/01/23 | 197,669 | ||||||||||||
| 100,000 | Agrium, Inc | 6.125 | 01/15/41 | 118,750 | ||||||||||||
| 200,000 | Agrium, Inc | 4.900 | 06/01/43 | 202,954 | ||||||||||||
| 200,000 | Air Products & Chemicals, Inc | 1.200 | 10/15/17 | 198,911 | ||||||||||||
| 150,000 | Air Products & Chemicals, Inc | 3.000 | 11/03/21 | 150,592 | ||||||||||||
| 150,000 | Air Products & Chemicals, Inc | 2.750 | 02/03/23 | 144,692 | ||||||||||||
| 300,000 | Air Products & Chemicals, Inc | 3.350 | 07/31/24 | 298,057 | ||||||||||||
| 200,000 | Airgas, Inc | 1.650 | 02/15/18 | 197,989 | ||||||||||||
| 250,000 | Airgas, Inc | 2.900 | 11/15/22 | 241,580 | ||||||||||||
| 200,000 | Airgas, Inc | 3.650 | 07/15/24 | 199,533 | ||||||||||||
| 100,000 | Albemarle Corp | 4.500 | 12/15/20 | 107,266 | ||||||||||||
| 100,000 | Allegheny Technologies, Inc | 5.950 | 01/15/21 | 107,808 | ||||||||||||
| 300,000 | Allegheny Technologies, Inc | 5.875 | 08/15/23 | 315,879 | ||||||||||||
| 200,000 | Avery Dennison Corp | 3.350 | 04/15/23 | 194,379 | ||||||||||||
| 180,000 | Barrick Australian Finance Pty Ltd | 5.950 | 10/15/39 | 181,067 | ||||||||||||
| 250,000 | Barrick Gold Corp | 3.850 | 04/01/22 | 240,493 | ||||||||||||
| 725,000 | Barrick Gold Corp | 4.100 | 05/01/23 | 696,649 | ||||||||||||
| 64 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 250,000 | Barrick Gold Corp | 5.250 | % | 04/01/42 | $ | 229,478 | |||||||||
| 1,500,000 | Barrick North America Finance LLC | 4.400 | 05/30/21 | 1,519,126 | ||||||||||||
| 300,000 | Barrick North America Finance LLC | 5.750 | 05/01/43 | 296,904 | ||||||||||||
| 100,000 | Bemis Co, Inc | 6.800 | 08/01/19 | 117,867 | ||||||||||||
| 500,000 | BHP Billiton Finance USA Ltd | 1.625 | 02/24/17 | 505,066 | ||||||||||||
| 460,000 | BHP Billiton Finance USA Ltd | 5.400 | 03/29/17 | 505,996 | ||||||||||||
| 300,000 | BHP Billiton Finance USA Ltd | 2.050 | 09/30/18 | 301,357 | ||||||||||||
| 450,000 | BHP Billiton Finance USA Ltd | 6.500 | 04/01/19 | 531,751 | ||||||||||||
| 100,000 | BHP Billiton Finance USA Ltd | 3.250 | 11/21/21 | 102,058 | ||||||||||||
| 800,000 | BHP Billiton Finance USA Ltd | 2.875 | 02/24/22 | 796,670 | ||||||||||||
| 675,000 | BHP Billiton Finance USA Ltd | 3.850 | 09/30/23 | 701,665 | ||||||||||||
| 500,000 | BHP Billiton Finance USA Ltd | 4.125 | 02/24/42 | 478,666 | ||||||||||||
| 500,000 | BHP Billiton Finance USA Ltd | 5.000 | 09/30/43 | 548,512 | ||||||||||||
| 600,000 | Braskem Finance Ltd | 6.450 | 02/03/24 | 624,000 | ||||||||||||
| 200,000 | Cabot Corp | 3.700 | 07/15/22 | 201,031 | ||||||||||||
| 200,000 | Carpenter Technology Corp | 4.450 | 03/01/23 | 205,265 | ||||||||||||
| 220,000 | Celulosa Arauco y Constitucion S.A. | 5.625 | 04/20/15 | 225,495 | ||||||||||||
| 100,000 | Celulosa Arauco y Constitucion S.A. | 5.000 | 01/21/21 | 103,065 | ||||||||||||
| 100,000 | Celulosa Arauco y Constitucion S.A. | 4.750 | 01/11/22 | 101,161 | ||||||||||||
| 400,000 | g | Celulosa Arauco y Constitucion S.A. | 4.500 | 08/01/24 | 389,859 | |||||||||||
| 350,000 | CF Industries, Inc | 7.125 | 05/01/20 | 422,233 | ||||||||||||
| 200,000 | CF Industries, Inc | 3.450 | 06/01/23 | 196,058 | ||||||||||||
| 500,000 | CF Industries, Inc | 5.150 | 03/15/34 | 526,882 | ||||||||||||
| 200,000 | CF Industries, Inc | 4.950 | 06/01/43 | 199,253 | ||||||||||||
| 250,000 | Church & Dwight Co, Inc | 2.875 | 10/01/22 | 242,968 | ||||||||||||
| 100,000 | Corning, Inc | 1.450 | 11/15/17 | 99,776 | ||||||||||||
| 225,000 | Corning, Inc | 4.250 | 08/15/20 | 244,804 | ||||||||||||
| 200,000 | Corning, Inc | 3.700 | 11/15/23 | 204,440 | ||||||||||||
| 100,000 | Corning, Inc | 5.750 | 08/15/40 | 119,431 | ||||||||||||
| 200,000 | Corning, Inc | 4.750 | 03/15/42 | 211,610 | ||||||||||||
| 150,000 | Cytec Industries, Inc | 3.500 | 04/01/23 | 146,996 | ||||||||||||
| 200,000 | Domtar Corp | 4.400 | 04/01/22 | 203,638 | ||||||||||||
| 100,000 | Domtar Corp | 6.250 | 09/01/42 | 107,133 | ||||||||||||
| 100,000 | Domtar Corp | 6.750 | 02/15/44 | 108,994 | ||||||||||||
| 591,000 | Dow Chemical Co | 8.550 | 05/15/19 | 742,789 | ||||||||||||
| 1,500,000 | Dow Chemical Co | 4.250 | 11/15/20 | 1,598,163 | ||||||||||||
| 500,000 | Dow Chemical Co | 4.125 | 11/15/21 | 525,389 | ||||||||||||
| 550,000 | Dow Chemical Co | 3.000 | 11/15/22 | 530,408 | ||||||||||||
| 400,000 | Dow Chemical Co | 3.500 | 10/01/24 | 390,159 | ||||||||||||
| 400,000 | Dow Chemical Co | 4.250 | 10/01/34 | 385,143 | ||||||||||||
| 350,000 | Dow Chemical Co | 5.250 | 11/15/41 | 363,086 | ||||||||||||
| 375,000 | Dow Chemical Co | 4.375 | 11/15/42 | 350,301 | ||||||||||||
| 400,000 | Dow Chemical Co | 4.625 | 10/01/44 | 384,966 | ||||||||||||
| 175,000 | Eastman Chemical Co | 2.400 | 06/01/17 | 178,568 | ||||||||||||
| 165,000 | Eastman Chemical Co | 5.500 | 11/15/19 | 186,678 | ||||||||||||
| 250,000 | Eastman Chemical Co | 3.600 | 08/15/22 | 251,945 | ||||||||||||
| 150,000 | Eastman Chemical Co | 4.800 | 09/01/42 | 148,759 | ||||||||||||
| 250,000 | Eastman Chemical Co | 4.650 | 10/15/44 | 238,178 | ||||||||||||
| 90,000 | EI du Pont de Nemours & Co | 5.250 | 12/15/16 | 98,487 | ||||||||||||
| 700,000 | EI du Pont de Nemours & Co | 6.000 | 07/15/18 | 802,120 | ||||||||||||
| 1,420,000 | EI du Pont de Nemours & Co | 4.625 | 01/15/20 | 1,565,994 | ||||||||||||
| 300,000 | EI du Pont de Nemours & Co | 2.800 | 02/15/23 | 290,649 | ||||||||||||
| 65 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 225,000 | EI du Pont de Nemours & Co | 4.150 | % | 02/15/43 | $ | 209,740 | |||||||||
| 100,000 | FMC Corp | 3.950 | 02/01/22 | 103,575 | ||||||||||||
| 200,000 | FMC Corp | 4.100 | 02/01/24 | 206,778 | ||||||||||||
| 2,250,000 | Freeport-McMoRan Copper & Gold, Inc | 2.375 | 03/15/18 | 2,255,711 | ||||||||||||
| 300,000 | Freeport-McMoRan Copper & Gold, Inc | 3.100 | 03/15/20 | 297,649 | ||||||||||||
| 650,000 | Freeport-McMoRan Copper & Gold, Inc | 3.550 | 03/01/22 | 635,144 | ||||||||||||
| 675,000 | Freeport-McMoRan Copper & Gold, Inc | 3.875 | 03/15/23 | 665,761 | ||||||||||||
| 400,000 | Freeport-McMoRan Copper & Gold, Inc | 5.450 | 03/15/43 | 407,852 | ||||||||||||
| 200,000 | Georgia-Pacific LLC | 7.700 | 06/15/15 | 209,713 | ||||||||||||
| 300,000 | Georgia-Pacific LLC | 8.000 | 01/15/24 | 401,732 | ||||||||||||
| 250,000 | Georgia-Pacific LLC | 7.750 | 11/15/29 | 343,843 | ||||||||||||
| 300,000 | g | Glencore Funding LLC | 4.625 | 04/29/24 | 302,370 | |||||||||||
| 250,000 | Goldcorp, Inc | 2.125 | 03/15/18 | 249,336 | ||||||||||||
| 250,000 | Goldcorp, Inc | 3.700 | 03/15/23 | 245,053 | ||||||||||||
| 300,000 | Goldcorp, Inc | 5.450 | 06/09/44 | 311,295 | ||||||||||||
| 100,000 | Hubbell, Inc | 3.625 | 11/15/22 | 101,172 | ||||||||||||
| 300,000 | International Flavors & Fragrances, Inc | 3.200 | 05/01/23 | 290,606 | ||||||||||||
| 800,000 | International Paper Co | 7.950 | 06/15/18 | 955,069 | ||||||||||||
| 330,000 | International Paper Co | 7.500 | 08/15/21 | 409,755 | ||||||||||||
| 400,000 | International Paper Co | 3.650 | 06/15/24 | 388,102 | ||||||||||||
| 170,000 | International Paper Co | 7.300 | 11/15/39 | 218,755 | ||||||||||||
| 450,000 | International Paper Co | 6.000 | 11/15/41 | 511,878 | ||||||||||||
| 300,000 | International Paper Co | 4.800 | 06/15/44 | 290,557 | ||||||||||||
| 330,000 | Kimberly-Clark Corp | 6.250 | 07/15/18 | 382,559 | ||||||||||||
| 200,000 | Kimberly-Clark Corp | 1.900 | 05/22/19 | 197,917 | ||||||||||||
| 225,000 | Kimberly-Clark Corp | 3.625 | 08/01/20 | 237,125 | ||||||||||||
| 100,000 | Kimberly-Clark Corp | 3.875 | 03/01/21 | 106,462 | ||||||||||||
| 125,000 | Kimberly-Clark Corp | 2.400 | 03/01/22 | 121,937 | ||||||||||||
| 200,000 | Kimberly-Clark Corp | 2.400 | 06/01/23 | 189,758 | ||||||||||||
| 200,000 | Kimberly-Clark Corp | 6.625 | 08/01/37 | 270,600 | ||||||||||||
| 200,000 | Kimberly-Clark Corp | 3.700 | 06/01/43 | 186,444 | ||||||||||||
| 150,000 | Kinross Gold Corp | 5.125 | 09/01/21 | 152,687 | ||||||||||||
| 500,000 | g | Kinross Gold Corp | 5.950 | 03/15/24 | 508,588 | |||||||||||
| 92,000 | Lubrizol Corp | 8.875 | 02/01/19 | 116,133 | ||||||||||||
| 150,000 | Lubrizol Corp | 6.500 | 10/01/34 | 196,262 | ||||||||||||
| 300,000 | LYB International Finance BV | 4.000 | 07/15/23 | 310,378 | ||||||||||||
| 300,000 | LYB International Finance BV | 5.250 | 07/15/43 | 323,174 | ||||||||||||
| 300,000 | LYB International Finance BV | 4.875 | 03/15/44 | 306,186 | ||||||||||||
| 500,000 | LyondellBasell Industries NV | 5.000 | 04/15/19 | 551,948 | ||||||||||||
| 300,000 | LyondellBasell Industries NV | 6.000 | 11/15/21 | 349,795 | ||||||||||||
| 300,000 | LyondellBasell Industries NV | 5.750 | 04/15/24 | 348,296 | ||||||||||||
| 250,000 | Martin Marietta Materials, Inc | 6.600 | 04/15/18 | 284,373 | ||||||||||||
| 200,000 | g | Martin Marietta Materials, Inc | 4.250 | 07/02/24 | 202,844 | |||||||||||
| 150,000 | Methanex Corp | 3.250 | 12/15/19 | 152,283 | ||||||||||||
| 200,000 | Monsanto Co | 2.750 | 04/15/16 | 205,987 | ||||||||||||
| 400,000 | Monsanto Co | 1.150 | 06/30/17 | 397,277 | ||||||||||||
| 200,000 | Monsanto Co | 1.850 | 11/15/18 | 198,764 | ||||||||||||
| 400,000 | Monsanto Co | 2.125 | 07/15/19 | 397,883 | ||||||||||||
| 100,000 | Monsanto Co | 2.200 | 07/15/22 | 94,096 | ||||||||||||
| 150,000 | Monsanto Co | 5.500 | 08/15/25 | 176,804 | ||||||||||||
| 100,000 | Monsanto Co | 3.600 | 07/15/42 | 87,179 | ||||||||||||
| 200,000 | Monsanto Co | 4.650 | 11/15/43 | 204,656 | ||||||||||||
| 66 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | Monsanto Co | 4.400 | % | 07/15/44 | $ | 198,207 | |||||||||
| 500,000 | Monsanto Co | 4.700 | 07/15/64 | 497,648 | ||||||||||||
| 100,000 | NewMarket Corp | 4.100 | 12/15/22 | 100,081 | ||||||||||||
| 200,000 | Newmont Mining Corp | 5.125 | 10/01/19 | 217,180 | ||||||||||||
| 600,000 | Newmont Mining Corp | 3.500 | 03/15/22 | 556,324 | ||||||||||||
| 298,000 | Newmont Mining Corp | 5.875 | 04/01/35 | 291,777 | ||||||||||||
| 135,000 | Newmont Mining Corp | 6.250 | 10/01/39 | 133,084 | ||||||||||||
| 300,000 | Newmont Mining Corp | 4.875 | 03/15/42 | 252,926 | ||||||||||||
| 100,000 | Nucor Corp | 5.750 | 12/01/17 | 112,070 | ||||||||||||
| 130,000 | Nucor Corp | 5.850 | 06/01/18 | 147,338 | ||||||||||||
| 300,000 | Nucor Corp | 4.125 | 09/15/22 | 315,938 | ||||||||||||
| 300,000 | Nucor Corp | 5.200 | 08/01/43 | 314,908 | ||||||||||||
| 43,000 | Owens Corning | 9.000 | 06/15/19 | 52,518 | ||||||||||||
| 200,000 | Owens Corning | 4.200 | 12/15/22 | 203,548 | ||||||||||||
| 150,000 | Packaging Corp of America | 3.900 | 06/15/22 | 152,938 | ||||||||||||
| 250,000 | Packaging Corp of America | 4.500 | 11/01/23 | 264,412 | ||||||||||||
| 100,000 | Packaging Corp of America | 3.650 | 09/15/24 | 98,212 | ||||||||||||
| 100,000 | Plum Creek Timberlands LP | 4.700 | 03/15/21 | 108,631 | ||||||||||||
| 300,000 | Plum Creek Timberlands LP | 3.250 | 03/15/23 | 288,216 | ||||||||||||
| 650,000 | Potash Corp of Saskatchewan, Inc | 4.875 | 03/30/20 | 723,081 | ||||||||||||
| 400,000 | Potash Corp of Saskatchewan, Inc | 3.625 | 03/15/24 | 407,288 | ||||||||||||
| 200,000 | Potash Corp of Saskatchewan, Inc | 5.625 | 12/01/40 | 236,994 | ||||||||||||
| 150,000 | PPG Industries, Inc | 2.700 | 08/15/22 | 145,247 | ||||||||||||
| 150,000 | PPG Industries, Inc | 6.650 | 03/15/18 | 173,038 | ||||||||||||
| 300,000 | PPG Industries, Inc | 3.600 | 11/15/20 | 311,040 | ||||||||||||
| 440,000 | Praxair, Inc | 3.250 | 09/15/15 | 451,567 | ||||||||||||
| 200,000 | Praxair, Inc | 1.050 | 11/07/17 | 197,834 | ||||||||||||
| 250,000 | Praxair, Inc | 2.200 | 08/15/22 | 235,943 | ||||||||||||
| 625,000 | Praxair, Inc | 3.550 | 11/07/42 | 566,576 | ||||||||||||
| 150,000 | Rio Tinto Finance USA Ltd | 2.500 | 05/20/16 | 153,893 | ||||||||||||
| 1,500,000 | Rio Tinto Finance USA Ltd | 6.500 | 07/15/18 | 1,736,528 | ||||||||||||
| 570,000 | Rio Tinto Finance USA Ltd | 3.500 | 11/02/20 | 590,491 | ||||||||||||
| 250,000 | Rio Tinto Finance USA Ltd | 7.125 | 07/15/28 | 320,192 | ||||||||||||
| 300,000 | Rio Tinto Finance USA plc | 1.375 | 06/17/16 | 301,781 | ||||||||||||
| 800,000 | Rio Tinto Finance USA plc | 1.625 | 08/21/17 | 804,302 | ||||||||||||
| 300,000 | Rio Tinto Finance USA plc | 2.250 | 12/14/18 | 301,219 | ||||||||||||
| 400,000 | Rio Tinto Finance USA plc | 3.500 | 03/22/22 | 405,844 | ||||||||||||
| 625,000 | Rio Tinto Finance USA plc | 2.875 | 08/21/22 | 602,556 | ||||||||||||
| 200,000 | Rio Tinto Finance USA plc | 4.750 | 03/22/42 | 203,576 | ||||||||||||
| 900,000 | Rio Tinto Finance USA plc | 4.125 | 08/21/42 | 835,290 | ||||||||||||
| 500,000 | Rock Tenn Co | 4.900 | 03/01/22 | 535,960 | ||||||||||||
| 58,000 | Rohm and Haas Co | 6.000 | 09/15/17 | 64,872 | ||||||||||||
| 100,000 | RPM International, Inc | 6.125 | 10/15/19 | 114,169 | ||||||||||||
| 300,000 | RPM International, Inc | 3.450 | 11/15/22 | 291,944 | ||||||||||||
| 100,000 | Sherwin-Williams Co | 3.125 | 12/15/14 | 100,570 | ||||||||||||
| 175,000 | Sherwin-Williams Co | 1.350 | 12/15/17 | 174,351 | ||||||||||||
| 200,000 | Sherwin-Williams Co | 4.000 | 12/15/42 | 192,962 | ||||||||||||
| 150,000 | Sonoco Products Co | 5.750 | 11/01/40 | 172,679 | ||||||||||||
| 200,000 | Southern Copper Corp | 5.375 | 04/16/20 | 219,015 | ||||||||||||
| 100,000 | Southern Copper Corp | 7.500 | 07/27/35 | 119,227 | ||||||||||||
| 680,000 | Southern Copper Corp | 6.750 | 04/16/40 | 755,942 | ||||||||||||
| 50,000 | Teck Resources Ltd | 3.850 | 08/15/17 | 52,630 | ||||||||||||
| 67 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 100,000 | Teck Resources Ltd | 2.500 | % | 02/01/18 | $ | 100,132 | |||||||||
| 300,000 | Teck Resources Ltd | 3.000 | 03/01/19 | 297,815 | ||||||||||||
| 600,000 | Teck Resources Ltd | 4.500 | 01/15/21 | 623,665 | ||||||||||||
| 275,000 | Teck Resources Ltd | 4.750 | 01/15/22 | 282,690 | ||||||||||||
| 100,000 | Teck Resources Ltd | 3.750 | 02/01/23 | 94,118 | ||||||||||||
| 100,000 | Teck Resources Ltd | 6.250 | 07/15/41 | 101,635 | ||||||||||||
| 700,000 | Teck Resources Ltd | 5.200 | 03/01/42 | 639,603 | ||||||||||||
| 150,000 | Teck Resources Ltd | 5.400 | 02/01/43 | 139,642 | ||||||||||||
| 450,000 | Vale S.A. | 5.625 | 09/11/42 | 440,289 | ||||||||||||
| 150,000 | Valspar Corp | 4.200 | 01/15/22 | 158,289 | ||||||||||||
| 150,000 | Westlake Chemical Corp | 3.600 | 07/15/22 | 149,562 | ||||||||||||
| 200,000 | Worthington Industries, Inc | 4.550 | 04/15/26 | 207,126 | ||||||||||||
| 200,000 | g | Yamana Gold, Inc | 4.950 | 07/15/24 | 199,093 | |||||||||||
| TOTAL MATERIALS | 63,638,781 | |||||||||||||||
| MEDIA - 0.9% | ||||||||||||||||
| 100,000 | CBS Corp | 1.950 | 07/01/17 | 101,275 | ||||||||||||
| 200,000 | CBS Corp | 2.300 | 08/15/19 | 197,290 | ||||||||||||
| 50,000 | CBS Corp | 5.750 | 04/15/20 | 57,152 | ||||||||||||
| 445,000 | CBS Corp | 4.300 | 02/15/21 | 474,358 | ||||||||||||
| 500,000 | CBS Corp | 3.375 | 03/01/22 | 500,705 | ||||||||||||
| 200,000 | CBS Corp | 3.700 | 08/15/24 | 197,506 | ||||||||||||
| 200,000 | CBS Corp | 4.850 | 07/01/42 | 196,714 | ||||||||||||
| 200,000 | CBS Corp | 4.900 | 08/15/44 | 197,696 | ||||||||||||
| 450,000 | Comcast Corp | 8.875 | 05/01/17 | 535,702 | ||||||||||||
| 1,595,000 | Comcast Corp | 5.150 | 03/01/20 | 1,807,826 | ||||||||||||
| 1,350,000 | Comcast Corp | 3.125 | 07/15/22 | 1,358,068 | ||||||||||||
| 800,000 | Comcast Corp | 2.850 | 01/15/23 | 783,872 | ||||||||||||
| 500,000 | Comcast Corp | 3.600 | 03/01/24 | 508,680 | ||||||||||||
| 600,000 | Comcast Corp | 3.375 | 02/15/25 | 591,823 | ||||||||||||
| 625,000 | Comcast Corp | 4.250 | 01/15/33 | 632,587 | ||||||||||||
| 129,000 | Comcast Corp | 7.050 | 03/15/33 | 172,985 | ||||||||||||
| 125,000 | Comcast Corp | 4.200 | 08/15/34 | 123,926 | ||||||||||||
| 345,000 | Comcast Corp | 5.650 | 06/15/35 | 405,555 | ||||||||||||
| 350,000 | Comcast Corp | 6.950 | 08/15/37 | 468,954 | ||||||||||||
| 780,000 | Comcast Corp | 6.400 | 03/01/40 | 1,004,521 | ||||||||||||
| 350,000 | Comcast Corp | 4.650 | 07/15/42 | 361,409 | ||||||||||||
| 300,000 | Comcast Corp | 4.500 | 01/15/43 | 303,876 | ||||||||||||
| 500,000 | Comcast Corp | 4.750 | 03/01/44 | 527,489 | ||||||||||||
| 91,000 | COX Communications, Inc | 5.450 | 12/15/14 | 91,894 | ||||||||||||
| 100,000 | DIRECTV Holdings LLC | 3.500 | 03/01/16 | 103,490 | ||||||||||||
| 500,000 | DIRECTV Holdings LLC | 2.400 | 03/15/17 | 511,162 | ||||||||||||
| 500,000 | DIRECTV Holdings LLC | 1.750 | 01/15/18 | 497,588 | ||||||||||||
| 285,000 | DIRECTV Holdings LLC | 5.200 | 03/15/20 | 319,182 | ||||||||||||
| 500,000 | DIRECTV Holdings LLC | 4.600 | 02/15/21 | 543,383 | ||||||||||||
| 1,050,000 | DIRECTV Holdings LLC | 5.000 | 03/01/21 | 1,162,728 | ||||||||||||
| 250,000 | DIRECTV Holdings LLC | 3.800 | 03/15/22 | 254,092 | ||||||||||||
| 1,000,000 | DIRECTV Holdings LLC | 4.450 | 04/01/24 | 1,041,455 | ||||||||||||
| 145,000 | DIRECTV Holdings LLC | 6.000 | 08/15/40 | 162,853 | ||||||||||||
| 100,000 | DIRECTV Holdings LLC | 6.375 | 03/01/41 | 116,540 | ||||||||||||
| 550,000 | DIRECTV Holdings LLC | 5.150 | 03/15/42 | 556,127 | ||||||||||||
| 510,000 | Discovery Communications LLC | 5.050 | 06/01/20 | 565,557 | ||||||||||||
| 68 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 100,000 | Discovery Communications LLC | 4.375 | % | 06/15/21 | $ | 107,357 | |||||||||
| 500,000 | Discovery Communications LLC | 3.300 | 05/15/22 | 496,399 | ||||||||||||
| 600,000 | Discovery Communications LLC | 3.250 | 04/01/23 | 582,272 | ||||||||||||
| 100,000 | Discovery Communications LLC | 6.350 | 06/01/40 | 120,141 | ||||||||||||
| 100,000 | Discovery Communications LLC | 4.950 | 05/15/42 | 100,082 | ||||||||||||
| 125,000 | Discovery Communications LLC | 4.875 | 04/01/43 | 123,686 | ||||||||||||
| 550,000 | Grupo Televisa S.A. | 6.625 | 03/18/25 | 663,729 | ||||||||||||
| 600,000 | Grupo Televisa SAB | 5.000 | 05/13/45 | 592,734 | ||||||||||||
| 348,000 | Historic TW, Inc | 6.625 | 05/15/29 | 432,186 | ||||||||||||
| 200,000 | Interpublic Group of Cos, Inc | 4.200 | 04/15/24 | 201,912 | ||||||||||||
| 300,000 | Interpublic Group of Cos, Inc | 2.250 | 11/15/17 | 301,178 | ||||||||||||
| 100,000 | Interpublic Group of Cos, Inc | 4.000 | 03/15/22 | 101,560 | ||||||||||||
| 900,000 | NBC Universal Media LLC | 4.450 | 01/15/43 | 902,231 | ||||||||||||
| 1,585,000 | NBC Universal Media LLC | 5.150 | 04/30/20 | 1,799,571 | ||||||||||||
| 820,000 | NBC Universal Media LLC | 4.375 | 04/01/21 | 893,267 | ||||||||||||
| 375,000 | NBC Universal Media LLC | 2.875 | 01/15/23 | 367,851 | ||||||||||||
| 95,000 | NBC Universal Media LLC | 6.400 | 04/30/40 | 122,355 | ||||||||||||
| 150,000 | NBC Universal Media LLC | 5.950 | 04/01/41 | 183,090 | ||||||||||||
| 355,000 | News America, Inc | 7.250 | 05/18/18 | 418,782 | ||||||||||||
| 1,250,000 | News America, Inc | 3.000 | 09/15/22 | 1,214,324 | ||||||||||||
| 1,325,000 | News America, Inc | 6.200 | 12/15/34 | 1,608,932 | ||||||||||||
| 1,000,000 | News America, Inc | 6.150 | 02/15/41 | 1,186,485 | ||||||||||||
| 200,000 | Omnicom Group, Inc | 5.900 | 04/15/16 | 214,724 | ||||||||||||
| 200,000 | Omnicom Group, Inc | 4.450 | 08/15/20 | 214,843 | ||||||||||||
| 700,000 | Omnicom Group, Inc | 3.625 | 05/01/22 | 710,299 | ||||||||||||
| 500,000 | Time Warner Cable, Inc | 5.850 | 05/01/17 | 554,200 | ||||||||||||
| 170,000 | Time Warner Cable, Inc | 6.750 | 07/01/18 | 197,663 | ||||||||||||
| 910,000 | Time Warner Cable, Inc | 8.750 | 02/14/19 | 1,145,518 | ||||||||||||
| 1,100,000 | Time Warner Cable, Inc | 8.250 | 04/01/19 | 1,370,020 | ||||||||||||
| 1,300,000 | Time Warner Cable, Inc | 4.000 | 09/01/21 | 1,367,881 | ||||||||||||
| 500,000 | Time Warner Cable, Inc | 6.550 | 05/01/37 | 630,752 | ||||||||||||
| 175,000 | Time Warner Cable, Inc | 6.750 | 06/15/39 | 224,826 | ||||||||||||
| 690,000 | Time Warner Cable, Inc | 5.875 | 11/15/40 | 811,865 | ||||||||||||
| 300,000 | Time Warner Cable, Inc | 5.500 | 09/01/41 | 337,704 | ||||||||||||
| 1,050,000 | Time Warner Cable, Inc | 4.500 | 09/15/42 | 1,036,130 | ||||||||||||
| 628,000 | Time Warner, Inc | 5.875 | 11/15/16 | 689,062 | ||||||||||||
| 200,000 | Time Warner, Inc | 2.100 | 06/01/19 | 196,567 | ||||||||||||
| 450,000 | Time Warner, Inc | 4.750 | 03/29/21 | 490,363 | ||||||||||||
| 1,400,000 | Time Warner, Inc | 3.400 | 06/15/22 | 1,401,103 | ||||||||||||
| 650,000 | Time Warner, Inc | 4.050 | 12/15/23 | 666,156 | ||||||||||||
| 500,000 | Time Warner, Inc | 3.550 | 06/01/24 | 492,825 | ||||||||||||
| 785,000 | Time Warner, Inc | 6.500 | 11/15/36 | 944,514 | ||||||||||||
| 350,000 | Time Warner, Inc | 6.100 | 07/15/40 | 405,743 | ||||||||||||
| 150,000 | Time Warner, Inc | 6.250 | 03/29/41 | 176,889 | ||||||||||||
| 900,000 | Time Warner, Inc | 4.900 | 06/15/42 | 899,372 | ||||||||||||
| 200,000 | Time Warner, Inc | 5.350 | 12/15/43 | 215,379 | ||||||||||||
| 300,000 | Time Warner, Inc | 4.650 | 06/01/44 | 290,405 | ||||||||||||
| 250,000 | Viacom, Inc | 2.500 | 09/01/18 | 253,142 | ||||||||||||
| 500,000 | Viacom, Inc | 2.200 | 04/01/19 | 500,174 | ||||||||||||
| 400,000 | Viacom, Inc | 3.875 | 12/15/21 | 414,416 | ||||||||||||
| 500,000 | Viacom, Inc | 3.125 | 06/15/22 | 490,479 | ||||||||||||
| 200,000 | Viacom, Inc | 3.250 | 03/15/23 | 195,539 | ||||||||||||
| 69 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 250,000 | Viacom, Inc | 4.250 | % | 09/01/23 | $ | 257,535 | |||||||||
| 400,000 | Viacom, Inc | 3.875 | 04/01/24 | 398,339 | ||||||||||||
| 200,000 | Viacom, Inc | 4.500 | 02/27/42 | 188,454 | ||||||||||||
| 504,000 | Viacom, Inc | 4.375 | 03/15/43 | 464,034 | ||||||||||||
| 100,000 | Viacom, Inc | 4.875 | 06/15/43 | 99,776 | ||||||||||||
| 500,000 | Viacom, Inc | 5.250 | 04/01/44 | 516,753 | ||||||||||||
| 261,000 | WPP Finance 2010 | 4.750 | 11/21/21 | 284,735 | ||||||||||||
| 300,000 | WPP Finance 2010 | 3.625 | 09/07/22 | 302,617 | ||||||||||||
| 200,000 | WPP Finance 2010 | 3.750 | 09/19/24 | 197,252 | ||||||||||||
| 200,000 | WPP Finance 2010 | 5.625 | 11/15/43 | 217,295 | ||||||||||||
| TOTAL MEDIA | 50,421,487 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0% | ||||||||||||||||
| 350,000 | Abbott Laboratories | 5.125 | 04/01/19 | 392,543 | ||||||||||||
| 500,000 | Abbott Laboratories | 5.300 | 05/27/40 | 589,847 | ||||||||||||
| 1,700,000 | AbbVie, Inc | 1.200 | 11/06/15 | 1,706,397 | ||||||||||||
| 800,000 | AbbVie, Inc | 1.750 | 11/06/17 | 797,273 | ||||||||||||
| 700,000 | AbbVie, Inc | 2.000 | 11/06/18 | 689,200 | ||||||||||||
| 1,375,000 | AbbVie, Inc | 4.400 | 11/06/42 | 1,291,771 | ||||||||||||
| 750,000 | g | Actavis Funding SCS | 1.300 | 06/15/17 | 735,994 | |||||||||||
| 175,000 | g | Actavis Funding SCS | 2.450 | 06/15/19 | 170,153 | |||||||||||
| 325,000 | g | Actavis Funding SCS | 3.850 | 06/15/24 | 315,046 | |||||||||||
| 500,000 | g | Actavis Funding SCS | 4.850 | 06/15/44 | 469,746 | |||||||||||
| 300,000 | Amgen, Inc | 2.500 | 11/15/16 | 308,489 | ||||||||||||
| 300,000 | Amgen, Inc | 2.125 | 05/15/17 | 305,344 | ||||||||||||
| 500,000 | Amgen, Inc | 1.250 | 05/22/17 | 497,372 | ||||||||||||
| 550,000 | Amgen, Inc | 5.850 | 06/01/17 | 612,649 | ||||||||||||
| 500,000 | Amgen, Inc | 2.200 | 05/22/19 | 494,700 | ||||||||||||
| 75,000 | Amgen, Inc | 4.500 | 03/15/20 | 81,637 | ||||||||||||
| 250,000 | Amgen, Inc | 3.450 | 10/01/20 | 258,818 | ||||||||||||
| 700,000 | Amgen, Inc | 4.100 | 06/15/21 | 744,519 | ||||||||||||
| 1,000,000 | Amgen, Inc | 3.625 | 05/15/22 | 1,015,680 | ||||||||||||
| 500,000 | Amgen, Inc | 3.625 | 05/22/24 | 495,455 | ||||||||||||
| 500,000 | Amgen, Inc | 6.375 | 06/01/37 | 606,907 | ||||||||||||
| 1,000,000 | Amgen, Inc | 6.400 | 02/01/39 | 1,222,492 | ||||||||||||
| 150,000 | Amgen, Inc | 4.950 | 10/01/41 | 155,370 | ||||||||||||
| 400,000 | Amgen, Inc | 5.150 | 11/15/41 | 422,187 | ||||||||||||
| 300,000 | Amgen, Inc | 5.375 | 05/15/43 | 326,737 | ||||||||||||
| 800,000 | AstraZeneca plc | 5.900 | 09/15/17 | 900,610 | ||||||||||||
| 600,000 | AstraZeneca plc | 6.450 | 09/15/37 | 778,206 | ||||||||||||
| 450,000 | AstraZeneca plc | 4.000 | 09/18/42 | 422,291 | ||||||||||||
| 100,000 | Biogen Idec, Inc | 6.875 | 03/01/18 | 116,054 | ||||||||||||
| 250,000 | Bristol-Myers Squibb Co | 0.875 | 08/01/17 | 246,826 | ||||||||||||
| 200,000 | Bristol-Myers Squibb Co | 1.750 | 03/01/19 | 197,380 | ||||||||||||
| 200,000 | Bristol-Myers Squibb Co | 3.250 | 11/01/23 | 200,657 | ||||||||||||
| 303,000 | Bristol-Myers Squibb Co | 6.125 | 05/01/38 | 384,731 | ||||||||||||
| 650,000 | Bristol-Myers Squibb Co | 3.250 | 08/01/42 | 544,099 | ||||||||||||
| 200,000 | Bristol-Myers Squibb Co | 4.500 | 03/01/44 | 207,111 | ||||||||||||
| 200,000 | Celgene Corp | 1.900 | 08/15/17 | 201,484 | ||||||||||||
| 300,000 | Celgene Corp | 2.300 | 08/15/18 | 301,459 | ||||||||||||
| 200,000 | Celgene Corp | 2.250 | 05/15/19 | 199,067 | ||||||||||||
| 200,000 | Celgene Corp | 3.950 | 10/15/20 | 211,871 | ||||||||||||
| 70 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 300,000 | Celgene Corp | 3.250 | % | 08/15/22 | $ | 297,978 | |||||||||
| 300,000 | Celgene Corp | 3.625 | 05/15/24 | 296,801 | ||||||||||||
| 300,000 | Celgene Corp | 5.250 | 08/15/43 | 325,697 | ||||||||||||
| 300,000 | Celgene Corp | 4.625 | 05/15/44 | 294,330 | ||||||||||||
| 375,000 | Eli Lilly & Co | 5.200 | 03/15/17 | 411,452 | ||||||||||||
| 200,000 | Eli Lilly & Co | 1.950 | 03/15/19 | 199,170 | ||||||||||||
| 200,000 | Eli Lilly & Co | 7.125 | 06/01/25 | 263,249 | ||||||||||||
| 450,000 | Eli Lilly & Co | 5.550 | 03/15/37 | 538,905 | ||||||||||||
| 200,000 | Eli Lilly & Co | 4.650 | 06/15/44 | 211,572 | ||||||||||||
| 125,000 | Genentech, Inc | 4.750 | 07/15/15 | 129,222 | ||||||||||||
| 100,000 | Genentech, Inc | 5.250 | 07/15/35 | 115,912 | ||||||||||||
| 200,000 | Gilead Sciences, Inc | 2.050 | 04/01/19 | 198,486 | ||||||||||||
| 600,000 | Gilead Sciences, Inc | 4.500 | 04/01/21 | 657,654 | ||||||||||||
| 650,000 | Gilead Sciences, Inc | 4.400 | 12/01/21 | 709,480 | ||||||||||||
| 425,000 | Gilead Sciences, Inc | 3.700 | 04/01/24 | 434,112 | ||||||||||||
| 100,000 | Gilead Sciences, Inc | 5.650 | 12/01/41 | 117,156 | ||||||||||||
| 775,000 | Gilead Sciences, Inc | 4.800 | 04/01/44 | 814,496 | ||||||||||||
| 300,000 | GlaxoSmithKline Capital, Inc | 0.700 | 03/18/16 | 300,194 | ||||||||||||
| 1,045,000 | GlaxoSmithKline Capital, Inc | 5.650 | 05/15/18 | 1,182,967 | ||||||||||||
| 225,000 | GlaxoSmithKline Capital, Inc | 2.800 | 03/18/23 | 216,628 | ||||||||||||
| 350,000 | GlaxoSmithKline Capital, Inc | 5.375 | 04/15/34 | 409,360 | ||||||||||||
| 743,000 | GlaxoSmithKline Capital, Inc | 6.375 | 05/15/38 | 956,603 | ||||||||||||
| 350,000 | GlaxoSmithKline Capital, Inc | 4.200 | 03/18/43 | 341,798 | ||||||||||||
| 900,000 | Johnson & Johnson | 2.150 | 05/15/16 | 922,734 | ||||||||||||
| 500,000 | Johnson & Johnson | 1.650 | 12/05/18 | 499,691 | ||||||||||||
| 500,000 | Johnson & Johnson | 3.375 | 12/05/23 | 522,162 | ||||||||||||
| 650,000 | Johnson & Johnson | 4.375 | 12/05/33 | 709,288 | ||||||||||||
| 375,000 | Johnson & Johnson | 5.850 | 07/15/38 | 487,015 | ||||||||||||
| 180,000 | Johnson & Johnson | 4.500 | 09/01/40 | 195,833 | ||||||||||||
| 150,000 | Johnson & Johnson | 4.850 | 05/15/41 | 172,533 | ||||||||||||
| 300,000 | Johnson & Johnson | 4.500 | 12/05/43 | 327,106 | ||||||||||||
| 115,000 | Life Technologies Corp | 3.500 | 01/15/16 | 118,709 | ||||||||||||
| 300,000 | Life Technologies Corp | 5.000 | 01/15/21 | 333,973 | ||||||||||||
| 385,000 | Mead Johnson Nutrition Co | 4.900 | 11/01/19 | 424,724 | ||||||||||||
| 100,000 | Mead Johnson Nutrition Co | 4.600 | 06/01/44 | 100,890 | ||||||||||||
| 400,000 | Merck & Co, Inc | 0.700 | 05/18/16 | 400,612 | ||||||||||||
| 785,000 | Merck & Co, Inc | 6.000 | 09/15/17 | 889,854 | ||||||||||||
| 200,000 | Merck & Co, Inc | 1.100 | 01/31/18 | 197,905 | ||||||||||||
| 400,000 | Merck & Co, Inc | 1.300 | 05/18/18 | 394,784 | ||||||||||||
| 1,500,000 | Merck & Co, Inc | 3.875 | 01/15/21 | 1,607,662 | ||||||||||||
| 200,000 | Merck & Co, Inc | 2.400 | 09/15/22 | 190,844 | ||||||||||||
| 600,000 | Merck & Co, Inc | 2.800 | 05/18/23 | 583,447 | ||||||||||||
| 150,000 | Merck & Co, Inc | 6.500 | 12/01/33 | 201,439 | ||||||||||||
| 100,000 | Merck & Co, Inc | 3.600 | 09/15/42 | 90,886 | ||||||||||||
| 750,000 | Merck & Co, Inc | 4.150 | 05/18/43 | 742,012 | ||||||||||||
| 500,000 | Mylan, Inc | 1.800 | 06/24/16 | 505,838 | ||||||||||||
| 163,000 | Mylan, Inc | 1.350 | 11/29/16 | 162,981 | ||||||||||||
| 100,000 | Mylan, Inc | 2.550 | 03/28/19 | 99,446 | ||||||||||||
| 200,000 | Mylan, Inc | 4.200 | 11/29/23 | 205,572 | ||||||||||||
| 200,000 | Mylan, Inc | 5.400 | 11/29/43 | 211,968 | ||||||||||||
| 300,000 | Novartis Capital Corp | 2.400 | 09/21/22 | 289,858 | ||||||||||||
| 750,000 | Novartis Capital Corp | 3.400 | 05/06/24 | 761,806 | ||||||||||||
| 71 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 400,000 | Novartis Capital Corp | 3.700 | % | 09/21/42 | $ | 373,883 | |||||||||
| 750,000 | Novartis Capital Corp | 4.400 | 05/06/44 | 779,906 | ||||||||||||
| 125,000 | g | Perrigo Co Ltd | 1.300 | 11/08/16 | 125,115 | |||||||||||
| 100,000 | g | Perrigo Co Ltd | 2.300 | 11/08/18 | 99,333 | |||||||||||
| 100,000 | g | Perrigo Co Ltd | 4.000 | 11/15/23 | 101,737 | |||||||||||
| 100,000 | g | Perrigo Co Ltd | 5.300 | 11/15/43 | 107,990 | |||||||||||
| 300,000 | Pfizer, Inc | 0.900 | 01/15/17 | 299,096 | ||||||||||||
| 300,000 | Pfizer, Inc | 1.500 | 06/15/18 | 298,155 | ||||||||||||
| 1,460,000 | Pfizer, Inc | 6.200 | 03/15/19 | 1,706,280 | ||||||||||||
| 800,000 | Pfizer, Inc | 3.000 | 06/15/23 | 793,449 | ||||||||||||
| 300,000 | Pfizer, Inc | 3.400 | 05/15/24 | 299,558 | ||||||||||||
| 500,000 | Pfizer, Inc | 4.300 | 06/15/43 | 503,751 | ||||||||||||
| 600,000 | Pfizer, Inc | 4.400 | 05/15/44 | 605,027 | ||||||||||||
| 800,000 | Sanofi | 2.625 | 03/29/16 | 823,834 | ||||||||||||
| 175,000 | Sanofi | 1.250 | 04/10/18 | 172,485 | ||||||||||||
| 750,000 | Sanofi | 4.000 | 03/29/21 | 805,468 | ||||||||||||
| 540,000 | Schering-Plough Corp | 6.550 | 09/15/37 | 715,714 | ||||||||||||
| 100,000 | Sigma-Aldrich Corp | 3.375 | 11/01/20 | 103,523 | ||||||||||||
| 600,000 | Teva Pharmaceutical Finance Co BV | 2.400 | 11/10/16 | 615,500 | ||||||||||||
| 400,000 | Teva Pharmaceutical Finance Co BV | 2.950 | 12/18/22 | 381,163 | ||||||||||||
| 200,000 | Teva Pharmaceutical Finance Co LLC | 2.250 | 03/18/20 | 195,240 | ||||||||||||
| 350,000 | Teva Pharmaceutical Finance Co LLC | 6.150 | 02/01/36 | 420,830 | ||||||||||||
| 250,000 | Watson Pharmaceuticals, Inc | 1.875 | 10/01/17 | 247,846 | ||||||||||||
| 575,000 | Watson Pharmaceuticals, Inc | 3.250 | 10/01/22 | 554,612 | ||||||||||||
| 250,000 | Watson Pharmaceuticals, Inc | 4.625 | 10/01/42 | 228,438 | ||||||||||||
| 500,000 | Wyeth LLC | 5.450 | 04/01/17 | 553,498 | ||||||||||||
| 1,000,000 | Wyeth LLC | 6.450 | 02/01/24 | 1,245,820 | ||||||||||||
| 945,000 | Wyeth LLC | 5.950 | 04/01/37 | 1,158,363 | ||||||||||||
| 300,000 | Zoetis, Inc | 1.150 | 02/01/16 | 300,650 | ||||||||||||
| 125,000 | Zoetis, Inc | 1.875 | 02/01/18 | 124,113 | ||||||||||||
| 150,000 | Zoetis, Inc | 3.250 | 02/01/23 | 146,693 | ||||||||||||
| 600,000 | Zoetis, Inc | 4.700 | 02/01/43 | 603,296 | ||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 56,883,332 | |||||||||||||||
| REAL ESTATE - 0.6% | ||||||||||||||||
| 150,000 | Alexandria Real Estate Equities, Inc | 4.600 | 04/01/22 | 157,468 | ||||||||||||
| 100,000 | Alexandria Real Estate Equities, Inc | 3.900 | 06/15/23 | 99,646 | ||||||||||||
| 200,000 | Alexandria Real Estate Equities, Inc | 4.500 | 07/30/29 | 200,032 | ||||||||||||
| 100,000 | American Campus Communities Operating Partnership LP | 3.750 | 04/15/23 | 98,578 | ||||||||||||
| 300,000 | American Campus Communities Operating Partnership LP | 4.125 | 07/01/24 | 300,864 | ||||||||||||
| 300,000 | g | ARC Properties Operating Partnership LP | 3.000 | 02/06/19 | 297,844 | |||||||||||
| 200,000 | g | ARC Properties Operating Partnership LP | 4.600 | 02/06/24 | 203,602 | |||||||||||
| 200,000 | AvalonBay Communities, Inc | 3.625 | 10/01/20 | 207,865 | ||||||||||||
| 100,000 | AvalonBay Communities, Inc | 3.950 | 01/15/21 | 105,472 | ||||||||||||
| 225,000 | AvalonBay Communities, Inc | 2.950 | 09/15/22 | 219,256 | ||||||||||||
| 100,000 | AvalonBay Communities, Inc | 2.850 | 03/15/23 | 95,756 | ||||||||||||
| 200,000 | BioMed Realty LP | 2.625 | 05/01/19 | 198,691 | ||||||||||||
| 115,000 | BioMed Realty LP | 6.125 | 04/15/20 | 131,803 | ||||||||||||
| 100,000 | BioMed Realty LP | 4.250 | 07/15/22 | 102,213 | ||||||||||||
| 25,000 | Boston Properties LP | 5.000 | 06/01/15 | 25,734 | ||||||||||||
| 150,000 | Boston Properties LP | 3.700 | 11/15/18 | 158,750 | ||||||||||||
| 80,000 | Boston Properties LP | 5.875 | 10/15/19 | 92,162 | ||||||||||||
| 72 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 175,000 | Boston Properties LP | 4.125 | % | 05/15/21 | $ | 185,245 | |||||||||
| 500,000 | Boston Properties LP | 3.850 | 02/01/23 | 510,882 | ||||||||||||
| 425,000 | Boston Properties LP | 3.125 | 09/01/23 | 408,531 | ||||||||||||
| 200,000 | Boston Properties LP | 3.800 | 02/01/24 | 200,643 | ||||||||||||
| 115,000 | Brandywine Operating Partnership LP | 5.700 | 05/01/17 | 125,322 | ||||||||||||
| 200,000 | Brandywine Operating Partnership LP | 3.950 | 02/15/23 | 199,882 | ||||||||||||
| 200,000 | Brandywine Operating Partnership LP | 4.100 | 10/01/24 | 197,606 | ||||||||||||
| 100,000 | Camden Property Trust | 4.625 | 06/15/21 | 108,521 | ||||||||||||
| 200,000 | Camden Property Trust | 2.950 | 12/15/22 | 192,242 | ||||||||||||
| 125,000 | Camden Property Trust | 4.250 | 01/15/24 | 130,552 | ||||||||||||
| 200,000 | Corporate Office Properties LP | 3.700 | 06/15/21 | 197,509 | ||||||||||||
| 200,000 | Corporate Office Properties LP | 5.250 | 02/15/24 | 213,151 | ||||||||||||
| 100,000 | CubeSmart LP | 4.800 | 07/15/22 | 107,122 | ||||||||||||
| 200,000 | CubeSmart LP | 4.375 | 12/15/23 | 206,692 | ||||||||||||
| 100,000 | DCT Industrial Operating Partnership LP | 4.500 | 10/15/23 | 101,983 | ||||||||||||
| 200,000 | DDR Corp | 3.500 | 01/15/21 | 201,466 | ||||||||||||
| 500,000 | DDR Corp | 4.625 | 07/15/22 | 528,382 | ||||||||||||
| 275,000 | Duke Realty LP | 5.950 | 02/15/17 | 301,797 | ||||||||||||
| 100,000 | Duke Realty LP | 3.875 | 02/15/21 | 103,020 | ||||||||||||
| 200,000 | Duke Realty LP | 4.375 | 06/15/22 | 208,748 | ||||||||||||
| 100,000 | Duke Realty LP | 3.875 | 10/15/22 | 101,124 | ||||||||||||
| 100,000 | Duke Realty LP | 3.625 | 04/15/23 | 98,106 | ||||||||||||
| 100,000 | Entertainment Properties Trust | 5.750 | 08/15/22 | 109,484 | ||||||||||||
| 200,000 | EPR Properties | 5.250 | 07/15/23 | 210,270 | ||||||||||||
| 200,000 | Equity One, Inc | 3.750 | 11/15/22 | 198,366 | ||||||||||||
| 500,000 | ERP Operating LP | 5.125 | 03/15/16 | 530,865 | ||||||||||||
| 750,000 | ERP Operating LP | 4.625 | 12/15/21 | 818,182 | ||||||||||||
| 300,000 | ERP Operating LP | 4.500 | 07/01/44 | 295,420 | ||||||||||||
| 100,000 | Essex Portfolio LP | 3.625 | 08/15/22 | 100,978 | ||||||||||||
| 250,000 | Essex Portfolio LP | 3.375 | 01/15/23 | 246,208 | ||||||||||||
| 100,000 | Essex Portfolio LP | 3.250 | 05/01/23 | 96,804 | ||||||||||||
| 100,000 | Federal Realty Investment Trust | 3.000 | 08/01/22 | 98,093 | ||||||||||||
| 100,000 | Federal Realty Investment Trust | 2.750 | 06/01/23 | 95,100 | ||||||||||||
| 200,000 | Federal Realty Investment Trust | 3.950 | 01/15/24 | 206,325 | ||||||||||||
| 150,000 | HCP, Inc | 3.750 | 02/01/16 | 155,751 | ||||||||||||
| 430,000 | HCP, Inc | 6.000 | 01/30/17 | 474,939 | ||||||||||||
| 150,000 | HCP, Inc | 3.750 | 02/01/19 | 157,995 | ||||||||||||
| 250,000 | HCP, Inc | 2.625 | 02/01/20 | 246,345 | ||||||||||||
| 150,000 | HCP, Inc | 5.375 | 02/01/21 | 167,383 | ||||||||||||
| 400,000 | HCP, Inc | 3.150 | 08/01/22 | 387,330 | ||||||||||||
| 200,000 | HCP, Inc | 4.250 | 11/15/23 | 206,147 | ||||||||||||
| 200,000 | HCP, Inc | 4.200 | 03/01/24 | 201,854 | ||||||||||||
| 300,000 | HCP, Inc | 3.875 | 08/15/24 | 293,893 | ||||||||||||
| 30,000 | HCP, Inc | 6.750 | 02/01/41 | 38,506 | ||||||||||||
| 100,000 | Health Care REIT, Inc | 3.625 | 03/15/16 | 103,768 | ||||||||||||
| 200,000 | Health Care REIT, Inc | 4.700 | 09/15/17 | 217,238 | ||||||||||||
| 150,000 | Health Care REIT, Inc | 2.250 | 03/15/18 | 151,335 | ||||||||||||
| 200,000 | Health Care REIT, Inc | 4.125 | 04/01/19 | 213,070 | ||||||||||||
| 440,000 | Health Care REIT, Inc | 6.125 | 04/15/20 | 508,878 | ||||||||||||
| 200,000 | Health Care REIT, Inc | 4.500 | 01/15/24 | 205,770 | ||||||||||||
| 300,000 | Healthcare Realty Trust, Inc | 6.500 | 01/17/17 | 331,765 | ||||||||||||
| 100,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 97,305 | ||||||||||||
| 73 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 100,000 | Healthcare Trust of America Holdings LP | 3.700 | % | 04/15/23 | $ | 97,440 | |||||||||
| 125,000 | Highwoods Realty LP | 5.850 | 03/15/17 | 137,225 | ||||||||||||
| 100,000 | Highwoods Realty LP | 3.625 | 01/15/23 | 98,498 | ||||||||||||
| 100,000 | Hospitality Properties Trust | 5.000 | 08/15/22 | 105,260 | ||||||||||||
| 200,000 | Hospitality Properties Trust | 4.500 | 06/15/23 | 202,483 | ||||||||||||
| 200,000 | Hospitality Properties Trust | 4.650 | 03/15/24 | 202,685 | ||||||||||||
| 600,000 | Host Hotels & Resorts LP | 3.750 | 10/15/23 | 593,296 | ||||||||||||
| 50,000 | HRPT Properties Trust | 5.875 | 09/15/20 | 53,914 | ||||||||||||
| 250,000 | Jones Lang LaSalle, Inc | 4.400 | 11/15/22 | 255,375 | ||||||||||||
| 35,000 | Kilroy Realty LP | 5.000 | 11/03/15 | 36,484 | ||||||||||||
| 250,000 | Kilroy Realty LP | 3.800 | 01/15/23 | 250,379 | ||||||||||||
| 200,000 | Kilroy Realty LP | 4.250 | 08/15/29 | 197,647 | ||||||||||||
| 145,000 | Kimco Realty Corp | 5.700 | 05/01/17 | 160,132 | ||||||||||||
| 200,000 | Kimco Realty Corp | 3.200 | 05/01/21 | 199,541 | ||||||||||||
| 300,000 | Kimco Realty Corp | 3.125 | 06/01/23 | 288,217 | ||||||||||||
| 100,000 | Lexington Realty Trust | 4.250 | 06/15/23 | 100,155 | ||||||||||||
| 200,000 | Lexington Realty Trust | 4.400 | 06/15/24 | 200,640 | ||||||||||||
| 220,000 | Liberty Property LP | 4.750 | 10/01/20 | 236,921 | ||||||||||||
| 150,000 | Liberty Property LP | 4.125 | 06/15/22 | 155,425 | ||||||||||||
| 100,000 | Liberty Property LP | 3.375 | 06/15/23 | 97,033 | ||||||||||||
| 200,000 | Liberty Property LP | 4.400 | 02/15/24 | 209,051 | ||||||||||||
| 200,000 | Mack-Cali Realty LP | 2.500 | 12/15/17 | 202,737 | ||||||||||||
| 125,000 | Mack-Cali Realty LP | 7.750 | 08/15/19 | 148,453 | ||||||||||||
| 150,000 | Mack-Cali Realty LP | 4.500 | 04/18/22 | 150,566 | ||||||||||||
| 200,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 207,145 | ||||||||||||
| 75,000 | National Retail Properties, Inc | 6.875 | 10/15/17 | 85,969 | ||||||||||||
| 100,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 101,977 | ||||||||||||
| 100,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 96,683 | ||||||||||||
| 300,000 | National Retail Properties, Inc | 3.900 | 06/15/24 | 300,748 | ||||||||||||
| 400,000 | OMEGA Healthcare Investors, Inc | 6.750 | 10/15/22 | 425,000 | ||||||||||||
| 200,000 | g | OMEGA Healthcare Investors, Inc | 4.500 | 01/15/25 | 196,578 | |||||||||||
| 200,000 | Piedmont Operating Partnership LP | 3.400 | 06/01/23 | 189,064 | ||||||||||||
| 200,000 | Piedmont Operating Partnership LP | 4.450 | 03/15/24 | 203,821 | ||||||||||||
| 100,000 | Post Apartment Homes LP | 3.375 | 12/01/22 | 97,328 | ||||||||||||
| 350,000 | ProLogis LP | 2.750 | 02/15/19 | 353,490 | ||||||||||||
| 201,000 | ProLogis LP | 3.350 | 02/01/21 | 200,574 | ||||||||||||
| 150,000 | ProLogis LP | 4.250 | 08/15/23 | 154,833 | ||||||||||||
| 200,000 | Rayonier, Inc | 3.750 | 04/01/22 | 199,899 | ||||||||||||
| 40,000 | Realty Income Corp | 5.950 | 09/15/16 | 43,668 | ||||||||||||
| 150,000 | Realty Income Corp | 2.000 | 01/31/18 | 149,931 | ||||||||||||
| 75,000 | Realty Income Corp | 5.750 | 01/15/21 | 85,383 | ||||||||||||
| 200,000 | Realty Income Corp | 3.250 | 10/15/22 | 195,456 | ||||||||||||
| 500,000 | Realty Income Corp | 4.650 | 08/01/23 | 533,204 | ||||||||||||
| 200,000 | Realty Income Corp | 4.125 | 10/15/26 | 199,376 | ||||||||||||
| 10,000 | Regency Centers LP | 5.875 | 06/15/17 | 11,082 | ||||||||||||
| 250,000 | Regency Centers LP | 3.750 | 06/15/24 | 249,424 | ||||||||||||
| 200,000 | Retail Opportunity Investments Partnership LP | 5.000 | 12/15/23 | 212,940 | ||||||||||||
| 300,000 | Senior Housing Properties Trust | 3.250 | 05/01/19 | 301,912 | ||||||||||||
| 100,000 | Senior Housing Properties Trust | 6.750 | 12/15/21 | 115,394 | ||||||||||||
| 100,000 | Simon Property Group LP | 2.800 | 01/30/17 | 103,428 | ||||||||||||
| 500,000 | Simon Property Group LP | 2.200 | 02/01/19 | 501,401 | ||||||||||||
| 740,000 | Simon Property Group LP | 10.350 | 04/01/19 | 983,255 | ||||||||||||
| 74 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 290,000 | Simon Property Group LP | 4.375 | % | 03/01/21 | $ | 315,895 | |||||||||
| 300,000 | Simon Property Group LP | 3.375 | 03/15/22 | 306,307 | ||||||||||||
| 200,000 | Simon Property Group LP | 2.750 | 02/01/23 | 191,509 | ||||||||||||
| 750,000 | Simon Property Group LP | 3.750 | 02/01/24 | 769,300 | ||||||||||||
| 500,000 | Simon Property Group LP | 3.375 | 10/01/24 | 494,426 | ||||||||||||
| 300,000 | Simon Property Group LP | 4.250 | 10/01/44 | 287,029 | ||||||||||||
| 300,000 | Tanger Properties LP | 3.875 | 12/01/23 | 303,094 | ||||||||||||
| 200,000 | UDR, Inc | 3.700 | 10/01/20 | 206,511 | ||||||||||||
| 200,000 | UDR, Inc | 4.625 | 01/10/22 | 213,794 | ||||||||||||
| 100,000 | g,i | USB Realty Corp | 1.381 | 12/30/49 | 92,375 | |||||||||||
| 55,000 | Ventas Realty LP | 3.125 | 11/30/15 | 56,478 | ||||||||||||
| 300,000 | Ventas Realty LP | 1.550 | 09/26/16 | 302,062 | ||||||||||||
| 175,000 | Ventas Realty LP | 2.000 | 02/15/18 | 175,036 | ||||||||||||
| 200,000 | Ventas Realty LP | 2.700 | 04/01/20 | 196,762 | ||||||||||||
| 300,000 | Ventas Realty LP | 4.750 | 06/01/21 | 326,618 | ||||||||||||
| 350,000 | Ventas Realty LP | 3.250 | 08/15/22 | 340,359 | ||||||||||||
| 350,000 | Ventas Realty LP | 3.750 | 05/01/24 | 344,239 | ||||||||||||
| 200,000 | Vornado Realty LP | 2.500 | 06/30/19 | 199,446 | ||||||||||||
| 100,000 | Vornado Realty LP | 5.000 | 01/15/22 | 109,177 | ||||||||||||
| 195,000 | Washington Real Estate Investment Trust | 4.950 | 10/01/20 | 211,033 | ||||||||||||
| 100,000 | Washington Real Estate Investment Trust | 3.950 | 10/15/22 | 99,946 | ||||||||||||
| 100,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 99,078 | ||||||||||||
| 100,000 | Weingarten Realty Investors | 3.500 | 04/15/23 | 97,774 | ||||||||||||
| 200,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 208,726 | ||||||||||||
| 500,000 | Weyerhaeuser Co | 7.375 | 10/01/19 | 604,381 | ||||||||||||
| 200,000 | Weyerhaeuser Co | 4.625 | 09/15/23 | 211,827 | ||||||||||||
| 400,000 | Weyerhaeuser Co | 7.375 | 03/15/32 | 530,201 | ||||||||||||
| 200,000 | WP Carey, Inc | 4.600 | 04/01/24 | 206,739 | ||||||||||||
| TOTAL REAL ESTATE | 32,868,271 | |||||||||||||||
| RETAILING - 0.7% | ||||||||||||||||
| 120,000 | Advance Auto Parts, Inc | 5.750 | 05/01/20 | 135,216 | ||||||||||||
| 250,000 | Advance Auto Parts, Inc | 4.500 | 12/01/23 | 261,049 | ||||||||||||
| 600,000 | Amazon.com, Inc | 0.650 | 11/27/15 | 600,926 | ||||||||||||
| 600,000 | Amazon.com, Inc | 2.500 | 11/29/22 | 563,945 | ||||||||||||
| 300,000 | AutoZone, Inc | 1.300 | 01/13/17 | 299,933 | ||||||||||||
| 100,000 | AutoZone, Inc | 4.000 | 11/15/20 | 105,999 | ||||||||||||
| 200,000 | AutoZone, Inc | 3.700 | 04/15/22 | 203,746 | ||||||||||||
| 300,000 | AutoZone, Inc | 2.875 | 01/15/23 | 286,655 | ||||||||||||
| 150,000 | AutoZone, Inc | 3.125 | 07/15/23 | 145,687 | ||||||||||||
| 200,000 | Bed Bath & Beyond, Inc | 3.749 | 08/01/24 | 198,303 | ||||||||||||
| 200,000 | Bed Bath & Beyond, Inc | 4.915 | 08/01/34 | 198,999 | ||||||||||||
| 250,000 | Bed Bath & Beyond, Inc | 5.165 | 08/01/44 | 244,790 | ||||||||||||
| 300,000 | Cooper US, Inc | 2.375 | 01/15/16 | 306,331 | ||||||||||||
| 320,000 | Costco Wholesale Corp | 5.500 | 03/15/17 | 353,090 | ||||||||||||
| 500,000 | Costco Wholesale Corp | 1.125 | 12/15/17 | 495,418 | ||||||||||||
| 250,000 | Costco Wholesale Corp | 1.700 | 12/15/19 | 244,163 | ||||||||||||
| 500,000 | Dollar General Corp | 1.875 | 04/15/18 | 481,555 | ||||||||||||
| 300,000 | g | Enable Midstream Partners LP | 2.400 | 05/15/19 | 296,861 | |||||||||||
| 300,000 | g | Enable Midstream Partners LP | 3.900 | 05/15/24 | 298,379 | |||||||||||
| 100,000 | g | Enable Midstream Partners LP | 5.000 | 05/15/44 | 100,394 | |||||||||||
| 100,000 | Family Dollar Stores, Inc | 5.000 | 02/01/21 | 103,792 | ||||||||||||
| 75 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 250,000 | Gap, Inc | 5.950 | % | 04/12/21 | $ | 284,315 | |||||||||
| 600,000 | Home Depot, Inc | 5.400 | 03/01/16 | 639,852 | ||||||||||||
| 500,000 | Home Depot, Inc | 2.000 | 06/15/19 | 496,615 | ||||||||||||
| 400,000 | Home Depot, Inc | 3.950 | 09/15/20 | 434,966 | ||||||||||||
| 350,000 | Home Depot, Inc | 4.400 | 04/01/21 | 389,353 | ||||||||||||
| 500,000 | Home Depot, Inc | 2.700 | 04/01/23 | 483,788 | ||||||||||||
| 300,000 | Home Depot, Inc | 3.750 | 02/15/24 | 312,529 | ||||||||||||
| 960,000 | Home Depot, Inc | 5.875 | 12/16/36 | 1,182,045 | ||||||||||||
| 500,000 | Home Depot, Inc | 4.200 | 04/01/43 | 493,112 | ||||||||||||
| 300,000 | Home Depot, Inc | 4.875 | 02/15/44 | 325,521 | ||||||||||||
| 500,000 | Home Depot, Inc | 4.400 | 03/15/45 | 505,482 | ||||||||||||
| 125,000 | Kohl’s Corp | 6.250 | 12/15/17 | 141,752 | ||||||||||||
| 200,000 | Kohl’s Corp | 3.250 | 02/01/23 | 193,624 | ||||||||||||
| 200,000 | Kohl’s Corp | 4.750 | 12/15/23 | 212,151 | ||||||||||||
| 150,000 | Kohl’s Corp | 6.000 | 01/15/33 | 164,238 | ||||||||||||
| 100,000 | Kohl’s Corp | 6.875 | 12/15/37 | 122,347 | ||||||||||||
| 400,000 | Lowe’s Cos, Inc | 2.125 | 04/15/16 | 407,182 | ||||||||||||
| 200,000 | Lowe’s Cos, Inc | 3.800 | 11/15/21 | 211,291 | ||||||||||||
| 850,000 | Lowe’s Cos, Inc | 3.120 | 04/15/22 | 860,661 | ||||||||||||
| 300,000 | Lowe’s Cos, Inc | 3.875 | 09/15/23 | 314,398 | ||||||||||||
| 400,000 | Lowe’s Cos, Inc | 3.125 | 09/15/24 | 390,350 | ||||||||||||
| 200,000 | Lowe’s Cos, Inc | 6.875 | 02/15/28 | 254,104 | ||||||||||||
| 175,000 | Lowe’s Cos, Inc | 5.500 | 10/15/35 | 204,479 | ||||||||||||
| 150,000 | Lowe’s Cos, Inc | 5.800 | 04/15/40 | 180,993 | ||||||||||||
| 150,000 | Lowe’s Cos, Inc | 5.125 | 11/15/41 | 168,204 | ||||||||||||
| 100,000 | Lowe’s Cos, Inc | 4.650 | 04/15/42 | 104,023 | ||||||||||||
| 300,000 | Lowe’s Cos, Inc | 5.000 | 09/15/43 | 329,086 | ||||||||||||
| 200,000 | Lowe’s Cos, Inc | 4.250 | 09/15/44 | 194,892 | ||||||||||||
| 191,000 | Macy’s Retail Holdings, Inc | 5.900 | 12/01/16 | 210,005 | ||||||||||||
| 250,000 | Macy’s Retail Holdings, Inc | 3.875 | 01/15/22 | 260,426 | ||||||||||||
| 125,000 | Macy’s Retail Holdings, Inc | 2.875 | 02/15/23 | 119,305 | ||||||||||||
| 200,000 | Macy’s Retail Holdings, Inc | 4.375 | 09/01/23 | 211,024 | ||||||||||||
| 300,000 | Macy’s Retail Holdings, Inc | 3.625 | 06/01/24 | 296,785 | ||||||||||||
| 400,000 | Macy’s Retail Holdings, Inc | 6.900 | 04/01/29 | 505,449 | ||||||||||||
| 200,000 | Macy’s Retail Holdings, Inc | 6.375 | 03/15/37 | 248,262 | ||||||||||||
| 200,000 | Macy’s Retail Holdings, Inc | 4.300 | 02/15/43 | 183,736 | ||||||||||||
| 300,000 | Nordstrom, Inc | 6.250 | 01/15/18 | 341,971 | ||||||||||||
| 30,000 | Nordstrom, Inc | 4.750 | 05/01/20 | 33,056 | ||||||||||||
| 100,000 | Nordstrom, Inc | 4.000 | 10/15/21 | 106,968 | ||||||||||||
| 531,000 | Nordstrom, Inc | 5.000 | 01/15/44 | 575,004 | ||||||||||||
| 150,000 | O’Reilly Automotive, Inc | 4.875 | 01/14/21 | 163,612 | ||||||||||||
| 100,000 | O’Reilly Automotive, Inc | 3.800 | 09/01/22 | 102,219 | ||||||||||||
| 200,000 | O’Reilly Automotive, Inc | 3.850 | 06/15/23 | 204,085 | ||||||||||||
| 200,000 | QVC, Inc | 3.125 | 04/01/19 | 200,694 | ||||||||||||
| 100,000 | QVC, Inc | 5.125 | 07/02/22 | 105,059 | ||||||||||||
| 100,000 | QVC, Inc | 4.375 | 03/15/23 | 99,769 | ||||||||||||
| 200,000 | QVC, Inc | 4.850 | 04/01/24 | 204,851 | ||||||||||||
| 200,000 | g | QVC, Inc | 4.450 | 02/15/25 | 197,415 | |||||||||||
| 150,000 | QVC, Inc | 5.950 | 03/15/43 | 158,881 | ||||||||||||
| 150,000 | Staples, Inc | 2.750 | 01/12/18 | 151,891 | ||||||||||||
| 150,000 | Staples, Inc | 4.375 | 01/12/23 | 149,140 | ||||||||||||
| 500,000 | Target Corp | 2.300 | 06/26/19 | 500,732 | ||||||||||||
| 76 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,150,000 | Target Corp | 3.875 | % | 07/15/20 | $ | 1,231,019 | |||||||||
| 900,000 | Target Corp | 2.900 | 01/15/22 | 890,766 | ||||||||||||
| 500,000 | Target Corp | 3.500 | 07/01/24 | 500,480 | ||||||||||||
| 165,000 | Target Corp | 6.500 | 10/15/37 | 212,463 | ||||||||||||
| 850,000 | Target Corp | 4.000 | 07/01/42 | 788,815 | ||||||||||||
| 100,000 | g | Tiffany & Co | 3.800 | 10/01/24 | 99,934 | |||||||||||
| 105,000 | TJX Cos, Inc | 6.950 | 04/15/19 | 125,807 | ||||||||||||
| 300,000 | TJX Cos, Inc | 2.750 | 06/15/21 | 299,044 | ||||||||||||
| 300,000 | TJX Cos, Inc | 2.500 | 05/15/23 | 286,523 | ||||||||||||
| 650,000 | Wal-Mart Stores, Inc | 4.500 | 07/01/15 | 670,767 | ||||||||||||
| 200,000 | Wal-Mart Stores, Inc | 1.500 | 10/25/15 | 202,322 | ||||||||||||
| 200,000 | Wal-Mart Stores, Inc | 2.800 | 04/15/16 | 206,868 | ||||||||||||
| 350,000 | Wal-Mart Stores, Inc | 1.125 | 04/11/18 | 345,251 | ||||||||||||
| 300,000 | Wal-Mart Stores, Inc | 1.950 | 12/15/18 | 301,290 | ||||||||||||
| 1,400,000 | Wal-Mart Stores, Inc | 3.250 | 10/25/20 | 1,458,068 | ||||||||||||
| 1,950,000 | Wal-Mart Stores, Inc | 4.250 | 04/15/21 | 2,146,246 | ||||||||||||
| 1,000,000 | Wal-Mart Stores, Inc | 2.550 | 04/11/23 | 959,605 | ||||||||||||
| 300,000 | Wal-Mart Stores, Inc | 3.300 | 04/22/24 | 303,420 | ||||||||||||
| 69,000 | Wal-Mart Stores, Inc | 7.550 | 02/15/30 | 97,860 | ||||||||||||
| 1,095,000 | Wal-Mart Stores, Inc | 5.250 | 09/01/35 | 1,264,900 | ||||||||||||
| 160,000 | Wal-Mart Stores, Inc | 6.500 | 08/15/37 | 212,198 | ||||||||||||
| 900,000 | Wal-Mart Stores, Inc | 6.200 | 04/15/38 | 1,149,313 | ||||||||||||
| 65,000 | Wal-Mart Stores, Inc | 5.625 | 04/01/40 | 78,784 | ||||||||||||
| 345,000 | Wal-Mart Stores, Inc | 5.000 | 10/25/40 | 389,989 | ||||||||||||
| 850,000 | Wal-Mart Stores, Inc | 4.000 | 04/11/43 | 826,826 | ||||||||||||
| 900,000 | Wal-Mart Stores, Inc | 4.750 | 10/02/43 | 974,855 | ||||||||||||
| 300,000 | Wal-Mart Stores, Inc | 4.300 | 04/22/44 | 301,775 | ||||||||||||
| TOTAL RETAILING | 37,582,111 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% | ||||||||||||||||
| 200,000 | Altera Corp | 1.750 | 05/15/17 | 201,052 | ||||||||||||
| 200,000 | Altera Corp | 4.100 | 11/15/23 | 207,505 | ||||||||||||
| 500,000 | Analog Devices, Inc | 2.875 | 06/01/23 | 481,245 | ||||||||||||
| 150,000 | Broadcom Corp | 2.500 | 08/15/22 | 142,567 | ||||||||||||
| 200,000 | Broadcom Corp | 3.500 | 08/01/24 | 198,877 | ||||||||||||
| 200,000 | Broadcom Corp | 4.500 | 08/01/34 | 204,037 | ||||||||||||
| 900,000 | Intel Corp | 1.950 | 10/01/16 | 919,828 | ||||||||||||
| 475,000 | Intel Corp | 1.350 | 12/15/17 | 473,461 | ||||||||||||
| 1,250,000 | Intel Corp | 2.700 | 12/15/22 | 1,215,532 | ||||||||||||
| 500,000 | Intel Corp | 4.000 | 12/15/32 | 494,609 | ||||||||||||
| 500,000 | Intel Corp | 4.800 | 10/01/41 | 521,372 | ||||||||||||
| 200,000 | Maxim Integrated Products, Inc | 2.500 | 11/15/18 | 201,154 | ||||||||||||
| 200,000 | Maxim Integrated Products, Inc | 3.375 | 03/15/23 | 192,671 | ||||||||||||
| 310,000 | National Semiconductor Corp | 3.950 | 04/15/15 | 315,950 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 0.450 | 08/03/15 | 200,231 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 2.375 | 05/16/16 | 205,638 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 1.000 | 05/01/18 | 195,212 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 1.650 | 08/03/19 | 194,512 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 2.750 | 03/12/21 | 201,306 | ||||||||||||
| 200,000 | Texas Instruments, Inc | 2.250 | 05/01/23 | 187,892 | ||||||||||||
| 400,000 | Xilinx, Inc | 3.000 | 03/15/21 | 400,281 | ||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 7,354,932 | |||||||||||||||
| 77 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| SOFTWARE & SERVICES - 0.6% | ||||||||||||||||
| $ | 285,000 | Adobe Systems, Inc | 3.250 | % | 02/01/15 | $ | 287,561 | |||||||||
| 20,000 | Adobe Systems, Inc | 4.750 | 02/01/20 | 21,982 | ||||||||||||
| 200,000 | Autodesk, Inc | 1.950 | 12/15/17 | 200,779 | ||||||||||||
| 300,000 | Baidu, Inc | 2.250 | 11/28/17 | 301,815 | ||||||||||||
| 750,000 | Baidu, Inc | 2.750 | 06/09/19 | 744,726 | ||||||||||||
| 200,000 | Baidu, Inc | 3.500 | 11/28/22 | 194,504 | ||||||||||||
| 20,000 | g | CA, Inc | 6.125 | 12/01/14 | 20,183 | |||||||||||
| 250,000 | CA, Inc | 2.875 | 08/15/18 | 253,416 | ||||||||||||
| 300,000 | CA, Inc | 5.375 | 12/01/19 | 333,095 | ||||||||||||
| 120,000 | Computer Sciences Corp | 6.500 | 03/15/18 | 128,400 | ||||||||||||
| 200,000 | Computer Sciences Corp | 4.450 | 09/15/22 | 202,500 | ||||||||||||
| 300,000 | Expedia, Inc | 7.456 | 08/15/18 | 350,850 | ||||||||||||
| 300,000 | Expedia, Inc | 4.500 | 08/15/24 | 297,329 | ||||||||||||
| 275,000 | Fidelity National Information Services, Inc | 1.450 | 06/05/17 | 273,396 | ||||||||||||
| 250,000 | Fidelity National Information Services, Inc | 2.000 | 04/15/18 | 248,460 | ||||||||||||
| 600,000 | Fidelity National Information Services, Inc | 3.875 | 06/05/24 | 599,360 | ||||||||||||
| 50,000 | Fiserv, Inc | 3.125 | 10/01/15 | 51,116 | ||||||||||||
| 150,000 | Fiserv, Inc | 3.125 | 06/15/16 | 155,016 | ||||||||||||
| 100,000 | Fiserv, Inc | 6.800 | 11/20/17 | 114,349 | ||||||||||||
| 550,000 | Fiserv, Inc | 3.500 | 10/01/22 | 551,952 | ||||||||||||
| 700,000 | Google, Inc | 2.125 | 05/19/16 | 716,887 | ||||||||||||
| 100,000 | Google, Inc | 3.625 | 05/19/21 | 106,288 | ||||||||||||
| 500,000 | Google, Inc | 3.375 | 02/25/24 | 510,393 | ||||||||||||
| 300,000 | International Business Machines Corp | 2.000 | 01/05/16 | 305,236 | ||||||||||||
| 300,000 | International Business Machines Corp | 0.450 | 05/06/16 | 299,143 | ||||||||||||
| 250,000 | International Business Machines Corp | 1.950 | 07/22/16 | 255,167 | ||||||||||||
| 225,000 | International Business Machines Corp | 1.250 | 02/06/17 | 225,758 | ||||||||||||
| 1,000,000 | International Business Machines Corp | 5.700 | 09/14/17 | 1,120,518 | ||||||||||||
| 400,000 | International Business Machines Corp | 1.250 | 02/08/18 | 396,321 | ||||||||||||
| 500,000 | International Business Machines Corp | 1.950 | 02/12/19 | 498,793 | ||||||||||||
| 200,000 | International Business Machines Corp | 1.875 | 05/15/19 | 197,872 | ||||||||||||
| 800,000 | International Business Machines Corp | 8.375 | 11/01/19 | 1,032,118 | ||||||||||||
| 300,000 | International Business Machines Corp | 1.625 | 05/15/20 | 287,345 | ||||||||||||
| 500,000 | International Business Machines Corp | 2.900 | 11/01/21 | 504,858 | ||||||||||||
| 300,000 | International Business Machines Corp | 1.875 | 08/01/22 | 275,459 | ||||||||||||
| 300,000 | International Business Machines Corp | 3.375 | 08/01/23 | 302,900 | ||||||||||||
| 500,000 | International Business Machines Corp | 3.625 | 02/12/24 | 510,235 | ||||||||||||
| 400,000 | International Business Machines Corp | 7.000 | 10/30/25 | 529,003 | ||||||||||||
| 19,000 | International Business Machines Corp | 5.600 | 11/30/39 | 22,760 | ||||||||||||
| 835,000 | International Business Machines Corp | 4.000 | 06/20/42 | 799,295 | ||||||||||||
| 200,000 | Intuit, Inc | 5.750 | 03/15/17 | 220,674 | ||||||||||||
| 175,000 | Juniper Networks, Inc | 4.600 | 03/15/21 | 186,465 | ||||||||||||
| 200,000 | Juniper Networks, Inc | 4.500 | 03/15/24 | 206,088 | ||||||||||||
| 475,000 | Microsoft Corp | 0.875 | 11/15/17 | 469,229 | ||||||||||||
| 400,000 | Microsoft Corp | 1.625 | 12/06/18 | 397,866 | ||||||||||||
| 925,000 | Microsoft Corp | 4.200 | 06/01/19 | 1,015,306 | ||||||||||||
| 540,000 | Microsoft Corp | 3.000 | 10/01/20 | 560,239 | ||||||||||||
| 450,000 | Microsoft Corp | 4.000 | 02/08/21 | 490,959 | ||||||||||||
| 400,000 | Microsoft Corp | 2.125 | 11/15/22 | 381,700 | ||||||||||||
| 400,000 | Microsoft Corp | 3.625 | 12/15/23 | 417,964 | ||||||||||||
| 78 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | Microsoft Corp | 3.500 | % | 11/15/42 | $ | 448,327 | |||||||||
| 300,000 | Microsoft Corp | 3.750 | 05/01/43 | 279,106 | ||||||||||||
| 400,000 | Microsoft Corp | 4.875 | 12/15/43 | 442,327 | ||||||||||||
| 1,000,000 | Oracle Corp | 1.200 | 10/15/17 | 992,789 | ||||||||||||
| 320,000 | Oracle Corp | 5.750 | 04/15/18 | 362,870 | ||||||||||||
| 750,000 | Oracle Corp | 2.375 | 01/15/19 | 759,886 | ||||||||||||
| 750,000 | Oracle Corp | 2.250 | 10/08/19 | 746,899 | ||||||||||||
| 1,365,000 | Oracle Corp | 3.875 | 07/15/20 | 1,459,268 | ||||||||||||
| 500,000 | Oracle Corp | 2.800 | 07/08/21 | 496,270 | ||||||||||||
| 1,725,000 | Oracle Corp | 2.500 | 10/15/22 | 1,648,588 | ||||||||||||
| 750,000 | Oracle Corp | 3.400 | 07/08/24 | 747,639 | ||||||||||||
| 750,000 | Oracle Corp | 4.300 | 07/08/34 | 755,432 | ||||||||||||
| 470,000 | Oracle Corp | 6.125 | 07/08/39 | 581,342 | ||||||||||||
| 500,000 | Oracle Corp | 4.500 | 07/08/44 | 506,159 | ||||||||||||
| 290,000 | Symantec Corp | 2.750 | 09/15/15 | 295,241 | ||||||||||||
| 250,000 | Symantec Corp | 2.750 | 06/15/17 | 255,631 | ||||||||||||
| 200,000 | Symantec Corp | 3.950 | 06/15/22 | 202,411 | ||||||||||||
| 250,000 | Total System Services, Inc | 2.375 | 06/01/18 | 248,243 | ||||||||||||
| 125,000 | Total System Services, Inc | 3.750 | 06/01/23 | 122,434 | ||||||||||||
| 20,000 | Western Union Co | 5.930 | 10/01/16 | 21,807 | ||||||||||||
| 500,000 | Western Union Co | 2.875 | 12/10/17 | 514,779 | ||||||||||||
| 100,000 | Western Union Co | 3.650 | 08/22/18 | 104,155 | ||||||||||||
| 400,000 | Western Union Co | 5.253 | 04/01/20 | 437,116 | ||||||||||||
| 330,000 | Xerox Corp | 4.250 | 02/15/15 | 334,524 | ||||||||||||
| 100,000 | Xerox Corp | 2.950 | 03/15/17 | 103,502 | ||||||||||||
| 250,000 | Xerox Corp | 6.350 | 05/15/18 | 285,658 | ||||||||||||
| 100,000 | Xerox Corp | 2.750 | 03/15/19 | 100,760 | ||||||||||||
| 700,000 | Xerox Corp | 5.625 | 12/15/19 | 791,045 | ||||||||||||
| 200,000 | Xerox Corp | 2.800 | 05/15/20 | 197,210 | ||||||||||||
| 200,000 | Xerox Corp | 6.750 | 12/15/39 | 245,542 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 33,060,588 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.6% | ||||||||||||||||
| 75,000 | Amphenol Corp | 4.750 | 11/15/14 | 75,371 | ||||||||||||
| 200,000 | Amphenol Corp | 2.550 | 01/30/19 | 201,299 | ||||||||||||
| 125,000 | Amphenol Corp | 3.125 | 09/15/21 | 124,714 | ||||||||||||
| 150,000 | Amphenol Corp | 4.000 | 02/01/22 | 157,180 | ||||||||||||
| 2,000,000 | Apple, Inc | 1.050 | 05/05/17 | 1,993,192 | ||||||||||||
| 1,000,000 | Apple, Inc | 2.100 | 05/06/19 | 1,000,302 | ||||||||||||
| 1,750,000 | Apple, Inc | 2.850 | 05/06/21 | 1,753,433 | ||||||||||||
| 2,250,000 | Apple, Inc | 3.450 | 05/06/24 | 2,272,374 | ||||||||||||
| 750,000 | Apple, Inc | 4.450 | 05/06/44 | 765,645 | ||||||||||||
| 100,000 | CC Holdings GS V LLC | 2.381 | 12/15/17 | 101,162 | ||||||||||||
| 175,000 | CC Holdings GS V LLC | 3.849 | 04/15/23 | 172,137 | ||||||||||||
| 1,043,000 | Cisco Systems, Inc | 4.950 | 02/15/19 | 1,167,301 | ||||||||||||
| 250,000 | Cisco Systems, Inc | 2.125 | 03/01/19 | 249,874 | ||||||||||||
| 1,900,000 | Cisco Systems, Inc | 4.450 | 01/15/20 | 2,085,907 | ||||||||||||
| 1,250,000 | Cisco Systems, Inc | 2.900 | 03/04/21 | 1,261,909 | ||||||||||||
| 500,000 | Cisco Systems, Inc | 3.625 | 03/04/24 | 511,516 | ||||||||||||
| 600,000 | Cisco Systems, Inc | 5.900 | 02/15/39 | 723,094 | ||||||||||||
| 900,000 | EMC Corp | 1.875 | 06/01/18 | 894,686 | ||||||||||||
| 400,000 | EMC Corp | 2.650 | 06/01/20 | 397,122 | ||||||||||||
| 79 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 400,000 | EMC Corp | 3.375 | % | 06/01/23 | $ | 392,529 | |||||||||
| 1,050,000 | General Electric Co | 0.850 | 10/09/15 | 1,054,547 | ||||||||||||
| 750,000 | General Electric Co | 5.250 | 12/06/17 | 832,088 | ||||||||||||
| 975,000 | General Electric Co | 2.700 | 10/09/22 | 949,005 | ||||||||||||
| 400,000 | General Electric Co | 3.375 | 03/11/24 | 404,102 | ||||||||||||
| 1,075,000 | General Electric Co | 4.125 | 10/09/42 | 1,068,069 | ||||||||||||
| 250,000 | General Electric Co | 4.500 | 03/11/44 | 259,186 | ||||||||||||
| 300,000 | Harris Corp | 4.400 | 12/15/20 | 319,022 | ||||||||||||
| 600,000 | Hewlett-Packard Co | 2.125 | 09/13/15 | 608,364 | ||||||||||||
| 1,900,000 | Hewlett-Packard Co | 3.000 | 09/15/16 | 1,966,358 | ||||||||||||
| 175,000 | Hewlett-Packard Co | 2.600 | 09/15/17 | 179,748 | ||||||||||||
| 325,000 | Hewlett-Packard Co | 2.750 | 01/14/19 | 330,087 | ||||||||||||
| 700,000 | Hewlett-Packard Co | 3.750 | 12/01/20 | 725,801 | ||||||||||||
| 200,000 | Hewlett-Packard Co | 4.375 | 09/15/21 | 213,518 | ||||||||||||
| 100,000 | Hewlett-Packard Co | 4.650 | 12/09/21 | 108,316 | ||||||||||||
| 200,000 | Hewlett-Packard Co | 4.050 | 09/15/22 | 207,675 | ||||||||||||
| 650,000 | Hewlett-Packard Co | 6.000 | 09/15/41 | 740,980 | ||||||||||||
| 200,000 | Ingram Micro, Inc | 5.000 | 08/10/22 | 208,635 | ||||||||||||
| 85,000 | International Game Technology | 7.500 | 06/15/19 | 96,155 | ||||||||||||
| 500,000 | International Game Technology | 5.350 | 10/15/23 | 514,203 | ||||||||||||
| 547,000 | Koninklijke Philips Electronics NV | 5.750 | 03/11/18 | 616,407 | ||||||||||||
| 100,000 | Koninklijke Philips Electronics NV | 6.875 | 03/11/38 | 133,926 | ||||||||||||
| 300,000 | Koninklijke Philips Electronics NV | 5.000 | 03/15/42 | 321,320 | ||||||||||||
| 100,000 | L-3 Communications Corp | 3.950 | 11/15/16 | 105,121 | ||||||||||||
| 100,000 | L-3 Communications Corp | 1.500 | 05/28/17 | 99,267 | ||||||||||||
| 420,000 | L-3 Communications Corp | 5.200 | 10/15/19 | 463,882 | ||||||||||||
| 300,000 | L-3 Communications Corp | 4.950 | 02/15/21 | 326,089 | ||||||||||||
| 150,000 | L-3 Communications Corp | 3.950 | 05/28/24 | 148,831 | ||||||||||||
| 100,000 | Lexmark International, Inc | 6.650 | 06/01/18 | 112,254 | ||||||||||||
| 100,000 | Lexmark International, Inc | 5.125 | 03/15/20 | 105,268 | ||||||||||||
| 100,000 | Motorola Solutions, Inc | 3.500 | 09/01/21 | 98,589 | ||||||||||||
| 200,000 | Motorola Solutions, Inc | 3.750 | 05/15/22 | 198,322 | ||||||||||||
| 250,000 | Motorola Solutions, Inc | 3.500 | 03/01/23 | 241,700 | ||||||||||||
| 200,000 | Motorola Solutions, Inc | 4.000 | 09/01/24 | 195,224 | ||||||||||||
| 200,000 | Motorola Solutions, Inc | 5.500 | 09/01/44 | 197,834 | ||||||||||||
| 200,000 | NetApp, Inc | 2.000 | 12/15/17 | 200,902 | ||||||||||||
| 200,000 | NetApp, Inc | 3.375 | 06/15/21 | 201,224 | ||||||||||||
| 200,000 | NetApp, Inc | 3.250 | 12/15/22 | 195,092 | ||||||||||||
| 500,000 | Pitney Bowes, Inc | 4.625 | 03/15/24 | 506,829 | ||||||||||||
| 750,000 | g | Seagate HDD Cayman | 4.750 | 01/01/25 | 746,250 | |||||||||||
| 100,000 | Tech Data Corp | 3.750 | 09/21/17 | 103,570 | ||||||||||||
| 200,000 | Telefonaktiebolaget LM Ericsson | 4.125 | 05/15/22 | 208,726 | ||||||||||||
| 225,000 | Tyco Electronics Group S.A. | 6.550 | 10/01/17 | 256,205 | ||||||||||||
| 200,000 | Tyco Electronics Group S.A. | 2.375 | 12/17/18 | 200,460 | ||||||||||||
| 200,000 | Tyco Electronics Group S.A. | 2.350 | 08/01/19 | 199,563 | ||||||||||||
| 250,000 | Tyco Electronics Group S.A. | 3.500 | 02/03/22 | 255,554 | ||||||||||||
| 200,000 | Tyco Electronics Group S.A. | 3.450 | 08/01/24 | 200,361 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 33,725,376 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 1.4% | ||||||||||||||||
| 200,000 | America Movil SAB de C.V. | 3.625 | 03/30/15 | 202,728 | ||||||||||||
| 500,000 | America Movil SAB de C.V. | 2.375 | 09/08/16 | 510,685 | ||||||||||||
| 80 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,430,000 | America Movil SAB de C.V. | 5.000 | % | 03/30/20 | $ | 1,564,863 | |||||||||
| 950,000 | America Movil SAB de C.V. | 3.125 | 07/16/22 | 922,526 | ||||||||||||
| 440,000 | America Movil SAB de C.V. | 6.125 | 03/30/40 | 512,345 | ||||||||||||
| 525,000 | America Movil SAB de C.V. | 4.375 | 07/16/42 | 488,116 | ||||||||||||
| 1,150,000 | American Tower Corp | 4.500 | 01/15/18 | 1,227,647 | ||||||||||||
| 200,000 | American Tower Corp | 3.450 | 09/15/21 | 196,081 | ||||||||||||
| 200,000 | American Tower Corp | 4.700 | 03/15/22 | 209,362 | ||||||||||||
| 250,000 | American Tower Corp | 3.500 | 01/31/23 | 237,670 | ||||||||||||
| 800,000 | American Tower Corp | 5.000 | 02/15/24 | 838,498 | ||||||||||||
| 400,000 | AT&T, Inc | 0.800 | 12/01/15 | 400,495 | ||||||||||||
| 600,000 | AT&T, Inc | 0.900 | 02/12/16 | 600,705 | ||||||||||||
| 150,000 | AT&T, Inc | 2.950 | 05/15/16 | 154,917 | ||||||||||||
| 600,000 | AT&T, Inc | 1.600 | 02/15/17 | 604,476 | ||||||||||||
| 750,000 | AT&T, Inc | 1.700 | 06/01/17 | 756,170 | ||||||||||||
| 325,000 | AT&T, Inc | 1.400 | 12/01/17 | 323,163 | ||||||||||||
| 300,000 | AT&T, Inc | 2.375 | 11/27/18 | 302,806 | ||||||||||||
| 950,000 | AT&T, Inc | 5.800 | 02/15/19 | 1,088,642 | ||||||||||||
| 500,000 | AT&T, Inc | 2.300 | 03/11/19 | 501,536 | ||||||||||||
| 500,000 | AT&T, Inc | 4.450 | 05/15/21 | 541,398 | ||||||||||||
| 3,300,000 | AT&T, Inc | 3.000 | 02/15/22 | 3,268,082 | ||||||||||||
| 400,000 | AT&T, Inc | 2.625 | 12/01/22 | 378,394 | ||||||||||||
| 500,000 | AT&T, Inc | 3.900 | 03/11/24 | 508,384 | ||||||||||||
| 322,000 | AT&T, Inc | 5.350 | 09/01/40 | 341,448 | ||||||||||||
| 1,200,000 | AT&T, Inc | 5.550 | 08/15/41 | 1,303,609 | ||||||||||||
| 2,066,000 | AT&T, Inc | 4.300 | 12/15/42 | 1,888,043 | ||||||||||||
| 750,000 | AT&T, Inc | 4.800 | 06/15/44 | 738,946 | ||||||||||||
| 1,854,000 | AT&T, Inc | 4.350 | 06/15/45 | 1,704,108 | ||||||||||||
| 300,000 | British Telecommunications plc | 1.625 | 06/28/16 | 302,779 | ||||||||||||
| 400,000 | British Telecommunications plc | 5.950 | 01/15/18 | 451,469 | ||||||||||||
| 1,000,000 | British Telecommunications plc | 2.350 | 02/14/19 | 1,001,978 | ||||||||||||
| 650,000 | British Telecommunications plc | 9.625 | 12/15/30 | 1,020,679 | ||||||||||||
| 450,000 | Deutsche Telekom International Finance BV | 5.750 | 03/23/16 | 480,802 | ||||||||||||
| 850,000 | Deutsche Telekom International Finance BV | 6.000 | 07/08/19 | 982,790 | ||||||||||||
| 740,000 | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 1,075,944 | ||||||||||||
| 1,000,000 | Embarq Corp | 7.995 | 06/01/36 | 1,080,900 | ||||||||||||
| 495,000 | France Telecom S.A. | 2.125 | 09/16/15 | 501,165 | ||||||||||||
| 700,000 | France Telecom S.A. | 4.125 | 09/14/21 | 738,783 | ||||||||||||
| 745,000 | France Telecom S.A. | 9.000 | 03/01/31 | 1,097,616 | ||||||||||||
| 100,000 | France Telecom S.A. | 5.375 | 01/13/42 | 108,941 | ||||||||||||
| 250,000 | Koninklijke KPN NV | 8.375 | 10/01/30 | 344,900 | ||||||||||||
| 150,000 | Nippon Telegraph & Telephone Corp | 1.400 | 07/18/17 | 149,779 | ||||||||||||
| 400,000 | Orange S.A. | 2.750 | 02/06/19 | 404,777 | ||||||||||||
| 400,000 | Orange S.A. | 5.500 | 02/06/44 | 435,524 | ||||||||||||
| 300,000 | Qwest Corp | 6.500 | 06/01/17 | 331,891 | ||||||||||||
| 400,000 | Qwest Corp | 6.750 | 12/01/21 | 458,556 | ||||||||||||
| 125,000 | Rogers Communications, Inc | 4.500 | 03/15/43 | 121,783 | ||||||||||||
| 600,000 | Rogers Communications, Inc | 6.800 | 08/15/18 | 702,506 | ||||||||||||
| 200,000 | Rogers Communications, Inc | 4.100 | 10/01/23 | 207,348 | ||||||||||||
| 300,000 | Rogers Communications, Inc | 5.450 | 10/01/43 | 327,163 | ||||||||||||
| 300,000 | Rogers Communications, Inc | 5.000 | 03/15/44 | 305,862 | ||||||||||||
| 600,000 | Telefonica Emisiones SAU | 3.992 | 02/16/16 | 624,355 | ||||||||||||
| 400,000 | Telefonica Emisiones SAU | 3.192 | 04/27/18 | 412,547 | ||||||||||||
| 81 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,020,000 | Telefonica Emisiones SAU | 5.134 | % | 04/27/20 | $ | 2,220,309 | |||||||||
| 500,000 | Telefonica Emisiones SAU | 4.570 | 04/27/23 | 522,044 | ||||||||||||
| 300,000 | Telefonica Emisiones SAU | 7.045 | 06/20/36 | 380,019 | ||||||||||||
| 392,000 | Telefonica Europe BV | 8.250 | 09/15/30 | 531,182 | ||||||||||||
| 100,000 | Telefonos de Mexico SAB de C.V. | 5.500 | 01/27/15 | 101,377 | ||||||||||||
| 100,000 | Telefonos de Mexico SAB de C.V. | 5.500 | 11/15/19 | 113,208 | ||||||||||||
| 500,000 | Verizon Communications, Inc | 1.350 | 06/09/17 | 497,459 | ||||||||||||
| 700,000 | Verizon Communications, Inc | 6.350 | 04/01/19 | 814,126 | ||||||||||||
| 200,000 | Verizon Communications, Inc | 2.550 | 06/17/19 | 200,633 | ||||||||||||
| 6,234,000 | g | Verizon Communications, Inc | 2.625 | 02/21/20 | 6,155,794 | |||||||||||
| 2,500,000 | Verizon Communications, Inc | 4.500 | 09/15/20 | 2,704,635 | ||||||||||||
| 500,000 | Verizon Communications, Inc | 3.450 | 03/15/21 | 507,462 | ||||||||||||
| 950,000 | Verizon Communications, Inc | 3.500 | 11/01/21 | 961,122 | ||||||||||||
| 500,000 | Verizon Communications, Inc | 2.450 | 11/01/22 | 464,073 | ||||||||||||
| 2,250,000 | Verizon Communications, Inc | 5.150 | 09/15/23 | 2,491,580 | ||||||||||||
| 1,350,000 | Verizon Communications, Inc | 4.150 | 03/15/24 | 1,393,940 | ||||||||||||
| 846,000 | Verizon Communications, Inc | 6.400 | 09/15/33 | 1,030,612 | ||||||||||||
| 475,000 | Verizon Communications, Inc | 5.050 | 03/15/34 | 503,267 | ||||||||||||
| 380,000 | Verizon Communications, Inc | 6.250 | 04/01/37 | 459,798 | ||||||||||||
| 620,000 | Verizon Communications, Inc | 6.400 | 02/15/38 | 751,048 | ||||||||||||
| 300,000 | Verizon Communications, Inc | 6.000 | 04/01/41 | 349,452 | ||||||||||||
| 1,150,000 | Verizon Communications, Inc | 4.750 | 11/01/41 | 1,152,722 | ||||||||||||
| 1,425,000 | Verizon Communications, Inc | 3.850 | 11/01/42 | 1,244,376 | ||||||||||||
| 2,668,000 | Verizon Communications, Inc | 6.550 | 09/15/43 | 3,333,378 | ||||||||||||
| 877,000 | g | Verizon Communications, Inc | 4.862 | 08/21/46 | 879,483 | |||||||||||
| 2,676,000 | g | Verizon Communications, Inc | 5.012 | 08/21/54 | 2,688,703 | |||||||||||
| 250,000 | Vodafone Group plc | 1.625 | 03/20/17 | 250,428 | ||||||||||||
| 500,000 | Vodafone Group plc | 1.250 | 09/26/17 | 492,859 | ||||||||||||
| 400,000 | Vodafone Group plc | 1.500 | 02/19/18 | 394,187 | ||||||||||||
| 1,500,000 | Vodafone Group plc | 5.450 | 06/10/19 | 1,688,438 | ||||||||||||
| 650,000 | Vodafone Group plc | 4.375 | 03/16/21 | 695,070 | ||||||||||||
| 500,000 | Vodafone Group plc | 2.500 | 09/26/22 | 462,543 | ||||||||||||
| 400,000 | Vodafone Group plc | 2.950 | 02/19/23 | 376,951 | ||||||||||||
| 150,000 | Vodafone Group plc | 6.150 | 02/27/37 | 172,212 | ||||||||||||
| 700,000 | Vodafone Group plc | 4.375 | 02/19/43 | 633,112 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 73,604,282 | |||||||||||||||
| TRANSPORTATION - 0.6% | ||||||||||||||||
| 100,000 | ABB Finance USA, Inc | 1.625 | 05/08/17 | 100,575 | ||||||||||||
| 500,000 | ABB Finance USA, Inc | 2.875 | 05/08/22 | 494,173 | ||||||||||||
| 150,000 | ABB Finance USA, Inc | 4.375 | 05/08/42 | 153,414 | ||||||||||||
| 474,362 | American Airlines 2013-1, Cl A Pass Through Trust | 4.000 | 07/15/25 | 479,698 | ||||||||||||
| 377,587 | American Airlines 2013-2, Cl A Pass Through Trust | 4.950 | 01/15/23 | 404,962 | ||||||||||||
| 300,000 | American Airlines 2014-, Cl A Pass Through Trust | 3.700 | 10/01/26 | 301,125 | ||||||||||||
| 200,000 | Boeing Capital Corp | 2.125 | 08/15/16 | 205,030 | ||||||||||||
| 700,000 | Boeing Capital Corp | 2.900 | 08/15/18 | 727,650 | ||||||||||||
| 625,000 | Boeing Co | 0.950 | 05/15/18 | 608,356 | ||||||||||||
| 750,000 | Boeing Co | 3.750 | 11/20/16 | 794,232 | ||||||||||||
| 350,000 | Boeing Co | 5.875 | 02/15/40 | 444,517 | ||||||||||||
| 555,000 | Burlington Northern Santa Fe LLC | 4.700 | 10/01/19 | 617,491 | ||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 4.100 | 06/01/21 | 537,101 | ||||||||||||
| 300,000 | Burlington Northern Santa Fe LLC | 3.050 | 03/15/22 | 298,852 | ||||||||||||
| 82 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 150,000 | Burlington Northern Santa Fe LLC | 3.050 | % | 09/01/22 | $ | 147,942 | |||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 3.850 | 09/01/23 | 516,466 | ||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 3.750 | 04/01/24 | 509,308 | ||||||||||||
| 150,000 | Burlington Northern Santa Fe LLC | 3.400 | 09/01/24 | 147,908 | ||||||||||||
| 360,000 | Burlington Northern Santa Fe LLC | 5.750 | 05/01/40 | 427,078 | ||||||||||||
| 250,000 | Burlington Northern Santa Fe LLC | 5.050 | 03/01/41 | 268,521 | ||||||||||||
| 200,000 | Burlington Northern Santa Fe LLC | 4.400 | 03/15/42 | 197,198 | ||||||||||||
| 200,000 | Burlington Northern Santa Fe LLC | 4.450 | 03/15/43 | 198,744 | ||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 5.150 | 09/01/43 | 548,891 | ||||||||||||
| 500,000 | Burlington Northern Santa Fe LLC | 4.900 | 04/01/44 | 526,475 | ||||||||||||
| 300,000 | Burlington Northern Santa Fe LLC | 4.550 | 09/01/44 | 299,777 | ||||||||||||
| 200,000 | Canadian National Railway Co | 5.550 | 05/15/18 | 225,484 | ||||||||||||
| 200,000 | Canadian National Railway Co | 5.550 | 03/01/19 | 228,758 | ||||||||||||
| 100,000 | Canadian National Railway Co | 2.850 | 12/15/21 | 100,857 | ||||||||||||
| 300,000 | Canadian National Railway Co | 2.250 | 11/15/22 | 284,773 | ||||||||||||
| 200,000 | Canadian National Railway Co | 6.900 | 07/15/28 | 264,812 | ||||||||||||
| 200,000 | Canadian National Railway Co | 6.250 | 08/01/34 | 256,236 | ||||||||||||
| 250,000 | Canadian National Railway Co | 3.500 | 11/15/42 | 226,096 | ||||||||||||
| 100,000 | Canadian National Railway Co | 4.500 | 11/07/43 | 105,805 | ||||||||||||
| 200,000 | Canadian Pacific Railway Co | 7.250 | 05/15/19 | 242,067 | ||||||||||||
| 200,000 | Canadian Pacific Railway Co | 7.125 | 10/15/31 | 272,917 | ||||||||||||
| 250,000 | Canadian Pacific Railway Co | 5.950 | 05/15/37 | 312,866 | ||||||||||||
| 100,000 | Canadian Pacific Railway Co | 5.750 | 01/15/42 | 122,704 | ||||||||||||
| 200,000 | Carnival Corp | 1.875 | 12/15/17 | 200,247 | ||||||||||||
| 200,000 | Carnival Corp | 3.950 | 10/15/20 | 209,383 | ||||||||||||
| 398,293 | Continental Airlines, Inc | 4.750 | 01/12/21 | 427,170 | ||||||||||||
| 28,653 | Continental Airlines, Inc | 5.983 | 04/19/22 | 31,805 | ||||||||||||
| 475,391 | Continental Airlines, Inc | 4.150 | 04/11/24 | 490,841 | ||||||||||||
| 194,328 | Continental Airlines, Inc | 4.000 | 10/29/24 | 198,700 | ||||||||||||
| 100,000 | Con-Way, Inc | 7.250 | 01/15/18 | 115,072 | ||||||||||||
| 850,000 | CSX Corp | 7.375 | 02/01/19 | 1,026,386 | ||||||||||||
| 125,000 | CSX Corp | 3.700 | 11/01/23 | 128,825 | ||||||||||||
| 300,000 | CSX Corp | 3.400 | 08/01/24 | 300,536 | ||||||||||||
| 100,000 | CSX Corp | 6.000 | 10/01/36 | 122,094 | ||||||||||||
| 200,000 | CSX Corp | 6.150 | 05/01/37 | 247,974 | ||||||||||||
| 400,000 | CSX Corp | 5.500 | 04/15/41 | 462,671 | ||||||||||||
| 350,000 | CSX Corp | 4.400 | 03/01/43 | 346,949 | ||||||||||||
| 100,000 | CSX Corp | 4.100 | 03/15/44 | 93,985 | ||||||||||||
| 300,000 | CSX Corp | 4.500 | 08/01/54 | 292,959 | ||||||||||||
| 360,888 | Delta Air Lines, Inc | 5.300 | 04/15/19 | 394,270 | ||||||||||||
| 179,358 | Delta Air Lines, Inc | 4.750 | 05/07/20 | 194,155 | ||||||||||||
| 184,000 | g | Embraer Overseas Ltd | 5.696 | 09/16/23 | 196,420 | |||||||||||
| 100,000 | Embraer S.A. | 5.150 | 06/15/22 | 106,125 | ||||||||||||
| 134,000 | FedEx Corp | 8.000 | 01/15/19 | 165,142 | ||||||||||||
| 300,000 | FedEx Corp | 4.000 | 01/15/24 | 309,080 | ||||||||||||
| 1,000,000 | FedEx Corp | 4.900 | 01/15/34 | 1,076,106 | ||||||||||||
| 200,000 | FedEx Corp | 3.875 | 08/01/42 | 180,142 | ||||||||||||
| 100,000 | GATX Corp | 3.500 | 07/15/16 | 104,132 | ||||||||||||
| 443,000 | GATX Corp | 1.250 | 03/04/17 | 439,779 | ||||||||||||
| 100,000 | GATX Corp | 2.375 | 07/30/18 | 100,594 | ||||||||||||
| 200,000 | GATX Corp | 2.500 | 03/15/19 | 200,151 | ||||||||||||
| 225,000 | GATX Corp | 5.200 | 03/15/44 | 239,208 | ||||||||||||
| 83 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 250,000 | Hawaiian Airlines Pass Through Certificates | 3.900 | % | 01/15/26 | $ | 248,875 | |||||||||
| 100,000 | JB Hunt Transport Services, Inc | 2.400 | 03/15/19 | 100,214 | ||||||||||||
| 100,000 | Kansas City Southern de Mexico S.A. de C.V. | 3.000 | 05/15/23 | 95,102 | ||||||||||||
| 100,000 | Kansas City Southern Railway Co | 4.300 | 05/15/43 | 96,819 | ||||||||||||
| 210,000 | Norfolk Southern Corp | 5.750 | 04/01/18 | 237,446 | ||||||||||||
| 100,000 | Norfolk Southern Corp | 3.250 | 12/01/21 | 101,940 | ||||||||||||
| 250,000 | Norfolk Southern Corp | 3.000 | 04/01/22 | 248,873 | ||||||||||||
| 1,291,000 | Norfolk Southern Corp | 2.903 | 02/15/23 | 1,248,453 | ||||||||||||
| 200,000 | Norfolk Southern Corp | 3.850 | 01/15/24 | 206,825 | ||||||||||||
| 81,000 | Norfolk Southern Corp | 5.590 | 05/17/25 | 94,827 | ||||||||||||
| 16,000 | Norfolk Southern Corp | 4.837 | 10/01/41 | 17,166 | ||||||||||||
| 750,000 | Norfolk Southern Corp | 3.950 | 10/01/42 | 708,187 | ||||||||||||
| 200,000 | Norfolk Southern Corp | 4.800 | 08/15/43 | 214,434 | ||||||||||||
| 250,000 | Northrop Grumman Corp | 1.750 | 06/01/18 | 247,784 | ||||||||||||
| 650,000 | Northrop Grumman Corp | 3.500 | 03/15/21 | 673,259 | ||||||||||||
| 400,000 | Northrop Grumman Corp | 3.250 | 08/01/23 | 395,512 | ||||||||||||
| 100,000 | Northrop Grumman Corp | 5.050 | 11/15/40 | 108,489 | ||||||||||||
| 400,000 | Northrop Grumman Corp | 4.750 | 06/01/43 | 411,147 | ||||||||||||
| 350,000 | Ryder System, Inc | 3.150 | 03/02/15 | 353,866 | ||||||||||||
| 50,000 | Ryder System, Inc | 3.600 | 03/01/16 | 51,903 | ||||||||||||
| 150,000 | Ryder System, Inc | 2.500 | 03/01/17 | 153,995 | ||||||||||||
| 150,000 | Ryder System, Inc | 2.500 | 03/01/18 | 152,778 | ||||||||||||
| 200,000 | Ryder System, Inc | 2.450 | 11/15/18 | 201,945 | ||||||||||||
| 100,000 | Ryder System, Inc | 2.550 | 06/01/19 | 100,137 | ||||||||||||
| 200,000 | Ryder System, Inc | 2.450 | 09/03/19 | 198,879 | ||||||||||||
| 325,000 | Southwest Airlines Co | 5.250 | 10/01/14 | 325,000 | ||||||||||||
| 100,000 | Union Pacific Corp | 2.250 | 02/15/19 | 101,116 | ||||||||||||
| 331,000 | Union Pacific Corp | 4.163 | 07/15/22 | 359,625 | ||||||||||||
| 500,000 | Union Pacific Corp | 2.950 | 01/15/23 | 497,882 | ||||||||||||
| 277,000 | Union Pacific Corp | 3.646 | 02/15/24 | 286,307 | ||||||||||||
| 200,000 | Union Pacific Corp | 3.750 | 03/15/24 | 208,259 | ||||||||||||
| 200,000 | Union Pacific Corp | 3.250 | 01/15/25 | 198,739 | ||||||||||||
| 100,000 | Union Pacific Corp | 4.750 | 09/15/41 | 107,992 | ||||||||||||
| 100,000 | Union Pacific Corp | 4.300 | 06/15/42 | 101,295 | ||||||||||||
| 150,000 | Union Pacific Corp | 4.250 | 04/15/43 | 149,649 | ||||||||||||
| 250,000 | Union Pacific Corp | 4.750 | 12/15/43 | 268,684 | ||||||||||||
| 200,000 | Union Pacific Corp | 4.821 | 02/01/44 | 216,968 | ||||||||||||
| 200,000 | Union Pacific Corp | 4.850 | 06/15/44 | 218,389 | ||||||||||||
| 300,000 | United Airlines Pass Through Trust | 4.300 | 08/15/25 | 313,500 | ||||||||||||
| 300,000 | United Airlines Pass Through Trust | 3.750 | 09/03/26 | 303,750 | ||||||||||||
| 100,000 | United Parcel Service, Inc | 1.125 | 10/01/17 | 99,360 | ||||||||||||
| 100,000 | United Parcel Service, Inc | 5.500 | 01/15/18 | 112,274 | ||||||||||||
| 300,000 | United Parcel Service, Inc | 5.125 | 04/01/19 | 337,627 | ||||||||||||
| 1,105,000 | United Parcel Service, Inc | 3.125 | 01/15/21 | 1,144,394 | ||||||||||||
| 200,000 | United Parcel Service, Inc | 2.450 | 10/01/22 | 193,233 | ||||||||||||
| 35,000 | United Parcel Service, Inc | 6.200 | 01/15/38 | 45,430 | ||||||||||||
| 450,000 | United Parcel Service, Inc | 3.625 | 10/01/42 | 409,421 | ||||||||||||
| 191,182 | US Airways Pass Through Trust | 4.625 | 06/03/25 | 199,307 | ||||||||||||
| 300,000 | US Airways Pass Through Trust | 3.950 | 11/15/25 | 302,250 | ||||||||||||
| TOTAL TRANSPORTATION | 34,169,066 | |||||||||||||||
| 84 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| UTILITIES - 2.2% | ||||||||||||||||
| $ | 370,000 | AGL Capital Corp | 5.250 | % | 08/15/19 | $ | 414,710 | |||||||||
| 275,000 | AGL Capital Corp | 4.400 | 06/01/43 | 277,243 | ||||||||||||
| 200,000 | Alabama Power Co | 0.550 | 10/15/15 | 199,914 | ||||||||||||
| 475,000 | Alabama Power Co | 3.550 | 12/01/23 | 487,610 | ||||||||||||
| 300,000 | Alabama Power Co | 5.200 | 06/01/41 | 349,203 | ||||||||||||
| 200,000 | Alabama Power Co | 3.850 | 12/01/42 | 191,874 | ||||||||||||
| 60,000 | Alliant Energy Corp | 4.000 | 10/15/14 | 60,072 | ||||||||||||
| 600,000 | Ameren Illinois Co | 2.700 | 09/01/22 | 590,402 | ||||||||||||
| 100,000 | Ameren Illinois Co | 4.800 | 12/15/43 | 108,718 | ||||||||||||
| 200,000 | Ameren Illinois Co | 4.300 | 07/01/44 | 201,865 | ||||||||||||
| 500,000 | American Water Capital Corp | 3.850 | 03/01/24 | 519,674 | ||||||||||||
| 200,000 | American Water Capital Corp | 3.400 | 03/01/25 | 199,161 | ||||||||||||
| 225,000 | American Water Capital Corp | 4.300 | 12/01/42 | 223,383 | ||||||||||||
| 50,000 | Appalachian Power Co | 3.400 | 05/24/15 | 50,876 | ||||||||||||
| 140,000 | Appalachian Power Co | 7.000 | 04/01/38 | 189,833 | ||||||||||||
| 500,000 | Appalachian Power Co | 4.400 | 05/15/44 | 501,283 | ||||||||||||
| 150,000 | Arizona Public Service Co | 8.750 | 03/01/19 | 190,551 | ||||||||||||
| 200,000 | Arizona Public Service Co | 3.350 | 06/15/24 | 201,023 | ||||||||||||
| 350,000 | Arizona Public Service Co | 4.500 | 04/01/42 | 363,868 | ||||||||||||
| 200,000 | Arizona Public Service Co | 4.700 | 01/15/44 | 216,320 | ||||||||||||
| 60,000 | Atmos Energy Corp | 4.950 | 10/15/14 | 60,092 | ||||||||||||
| 100,000 | Atmos Energy Corp | 8.500 | 03/15/19 | 125,416 | ||||||||||||
| 100,000 | Atmos Energy Corp | 5.500 | 06/15/41 | 120,849 | ||||||||||||
| 125,000 | Atmos Energy Corp | 4.150 | 01/15/43 | 124,392 | ||||||||||||
| 100,000 | Baltimore Gas & Electric Co | 3.500 | 11/15/21 | 104,830 | ||||||||||||
| 400,000 | Baltimore Gas & Electric Co | 3.350 | 07/01/23 | 403,990 | ||||||||||||
| 200,000 | Berkshire Hathaway Energy Co | 1.100 | 05/15/17 | 198,386 | ||||||||||||
| 200,000 | Berkshire Hathaway Energy Co | 2.000 | 11/15/18 | 198,370 | ||||||||||||
| 200,000 | Berkshire Hathaway Energy Co | 3.750 | 11/15/23 | 205,161 | ||||||||||||
| 200,000 | Berkshire Hathaway Energy Co | 5.150 | 11/15/43 | 221,697 | ||||||||||||
| 200,000 | Black Hills Corp | 4.250 | 11/30/23 | 210,492 | ||||||||||||
| 785,000 | Carolina Power & Light Co | 5.300 | 01/15/19 | 887,519 | ||||||||||||
| 350,000 | Carolina Power & Light Co | 3.000 | 09/15/21 | 354,916 | ||||||||||||
| 150,000 | Carolina Power & Light Co | 2.800 | 05/15/22 | 148,900 | ||||||||||||
| 100,000 | Carolina Power & Light Co | 4.100 | 05/15/42 | 99,437 | ||||||||||||
| 300,000 | Carolina Power & Light Co | 4.100 | 03/15/43 | 297,793 | ||||||||||||
| 400,000 | CenterPoint Energy Houston Electric LLC | 2.250 | 08/01/22 | 380,068 | ||||||||||||
| 100,000 | CenterPoint Energy Houston Electric LLC | 6.950 | 03/15/33 | 138,165 | ||||||||||||
| 100,000 | CenterPoint Energy Houston Electric LLC | 3.550 | 08/01/42 | 91,736 | ||||||||||||
| 300,000 | CenterPoint Energy Houston Electric LLC | 4.500 | 04/01/44 | 317,547 | ||||||||||||
| 423,000 | CenterPoint Energy Resources Corp | 4.500 | 01/15/21 | 462,551 | ||||||||||||
| 203,000 | Cleco Power LLC | 6.000 | 12/01/40 | 240,620 | ||||||||||||
| 200,000 | CMS Energy Corp | 3.875 | 03/01/24 | 204,549 | ||||||||||||
| 100,000 | CMS Energy Corp | 4.700 | 03/31/43 | 101,035 | ||||||||||||
| 500,000 | Commonwealth Edison Co | 1.950 | 09/01/16 | 510,462 | ||||||||||||
| 300,000 | Commonwealth Edison Co | 2.150 | 01/15/19 | 301,321 | ||||||||||||
| 775,000 | Commonwealth Edison Co | 4.000 | 08/01/20 | 833,902 | ||||||||||||
| 387,000 | Commonwealth Edison Co | 5.900 | 03/15/36 | 483,571 | ||||||||||||
| 200,000 | Commonwealth Edison Co | 3.800 | 10/01/42 | 188,342 | ||||||||||||
| 300,000 | Commonwealth Edison Co | 4.600 | 08/15/43 | 317,656 | ||||||||||||
| 300,000 | Commonwealth Edison Co | 4.700 | 01/15/44 | 328,654 | ||||||||||||
| 200,000 | Connecticut Light & Power Co | 2.500 | 01/15/23 | 191,603 | ||||||||||||
| 85 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | Connecticut Light & Power Co | 4.300 | % | 04/15/44 | $ | 204,590 | |||||||||
| 60,000 | Consolidated Edison Co of New York, Inc | 6.650 | 04/01/19 | 71,350 | ||||||||||||
| 1,390,000 | Consolidated Edison Co of New York, Inc | 4.450 | 06/15/20 | 1,532,656 | ||||||||||||
| 325,000 | Consolidated Edison Co of New York, Inc | 5.700 | 06/15/40 | 394,518 | ||||||||||||
| 200,000 | Consolidated Edison Co of New York, Inc | 4.200 | 03/15/42 | 196,660 | ||||||||||||
| 550,000 | Consolidated Edison Co of New York, Inc | 3.950 | 03/01/43 | 520,382 | ||||||||||||
| 600,000 | Consolidated Edison Co of New York, Inc | 4.450 | 03/15/44 | 609,981 | ||||||||||||
| 105,000 | Consolidated Natural Gas Co | 5.000 | 12/01/14 | 105,217 | ||||||||||||
| 480,000 | Constellation Energy Group, Inc | 4.550 | 06/15/15 | 492,589 | ||||||||||||
| 395,000 | Consumers Energy Co | 5.500 | 08/15/16 | 429,334 | ||||||||||||
| 230,000 | Consumers Energy Co | 6.125 | 03/15/19 | 268,105 | ||||||||||||
| 150,000 | Consumers Energy Co | 2.850 | 05/15/22 | 149,511 | ||||||||||||
| 200,000 | Consumers Energy Co | 3.375 | 08/15/23 | 205,517 | ||||||||||||
| 100,000 | Consumers Energy Co | 3.125 | 08/31/24 | 99,383 | ||||||||||||
| 250,000 | Consumers Energy Co | 3.950 | 05/15/43 | 242,716 | ||||||||||||
| 100,000 | Consumers Energy Co | 4.350 | 08/31/64 | 99,304 | ||||||||||||
| 300,000 | Dayton Power & Light Co | 1.875 | 09/15/16 | 303,991 | ||||||||||||
| 200,000 | Delmarva Power & Light Co | 3.500 | 11/15/23 | 204,902 | ||||||||||||
| 400,000 | Detroit Edison Co | 3.450 | 10/01/20 | 416,665 | ||||||||||||
| 100,000 | Detroit Edison Co | 2.650 | 06/15/22 | 98,300 | ||||||||||||
| 100,000 | Detroit Edison Co | 3.950 | 06/15/42 | 97,135 | ||||||||||||
| 200,000 | Dominion Gas Holdings LLC | 3.550 | 11/01/23 | 202,983 | ||||||||||||
| 200,000 | Dominion Gas Holdings LLC | 4.800 | 11/01/43 | 213,759 | ||||||||||||
| 360,000 | Dominion Resources, Inc | 5.150 | 07/15/15 | 372,351 | ||||||||||||
| 100,000 | Dominion Resources, Inc | 1.400 | 09/15/17 | 99,300 | ||||||||||||
| 1,700,000 | Dominion Resources, Inc | 4.450 | 03/15/21 | 1,842,230 | ||||||||||||
| 500,000 | Dominion Resources, Inc | 2.750 | 09/15/22 | 484,387 | ||||||||||||
| 200,000 | Dominion Resources, Inc | 5.950 | 06/15/35 | 242,000 | ||||||||||||
| 100,000 | Dominion Resources, Inc | 4.050 | 09/15/42 | 92,818 | ||||||||||||
| 300,000 | h,i | Dominion Resources, Inc | 5.750 | 10/01/54 | 303,429 | |||||||||||
| 200,000 | DTE Electric Co | 3.650 | 03/15/24 | 206,828 | ||||||||||||
| 200,000 | DTE Electric Co | 3.375 | 03/01/25 | 201,348 | ||||||||||||
| 200,000 | DTE Electric Co | 4.000 | 04/01/43 | 193,902 | ||||||||||||
| 200,000 | DTE Electric Co | 4.300 | 07/01/44 | 203,911 | ||||||||||||
| 200,000 | DTE Energy Co | 3.850 | 12/01/23 | 206,902 | ||||||||||||
| 200,000 | DTE Energy Co | 3.500 | 06/01/24 | 200,680 | ||||||||||||
| 125,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 137,107 | ||||||||||||
| 500,000 | Duke Energy Carolinas LLC | 4.000 | 09/30/42 | 489,747 | ||||||||||||
| 500,000 | Duke Energy Corp | 2.100 | 06/15/18 | 503,699 | ||||||||||||
| 746,000 | Duke Energy Corp | 5.050 | 09/15/19 | 835,131 | ||||||||||||
| 300,000 | Duke Energy Corp | 3.050 | 08/15/22 | 297,963 | ||||||||||||
| 300,000 | Duke Energy Corp | 3.950 | 10/15/23 | 312,198 | ||||||||||||
| 200,000 | Duke Energy Corp | 3.750 | 04/15/24 | 205,037 | ||||||||||||
| 250,000 | Duke Energy Indiana, Inc | 4.200 | 03/15/42 | 252,271 | ||||||||||||
| 200,000 | Duke Energy Indiana, Inc | 4.900 | 07/15/43 | 224,538 | ||||||||||||
| 500,000 | Duke Energy Ohio, Inc | 3.800 | 09/01/23 | 523,177 | ||||||||||||
| 400,000 | Duke Energy Progress, Inc | 4.375 | 03/30/44 | 414,245 | ||||||||||||
| 50,000 | Empresa Nacional de Electricidad S.A. | 4.250 | 04/15/24 | 50,046 | ||||||||||||
| 100,000 | Enbridge, Inc | 5.600 | 04/01/17 | 109,914 | ||||||||||||
| 300,000 | Enbridge, Inc | 4.000 | 10/01/23 | 310,603 | ||||||||||||
| 300,000 | Enbridge, Inc | 4.500 | 06/10/44 | 292,108 | ||||||||||||
| 150,000 | Energen Corp | 4.625 | 09/01/21 | 147,033 | ||||||||||||
| 86 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 400,000 | Energy Transfer Partners LP | 6.125 | % | 02/15/17 | $ | 441,578 | |||||||||
| 44,000 | Energy Transfer Partners LP | 9.700 | 03/15/19 | 56,304 | ||||||||||||
| 500,000 | Energy Transfer Partners LP | 4.650 | 06/01/21 | 530,893 | ||||||||||||
| 200,000 | Energy Transfer Partners LP | 5.200 | 02/01/22 | 214,439 | ||||||||||||
| 200,000 | Energy Transfer Partners LP | 3.600 | 02/01/23 | 194,680 | ||||||||||||
| 500,000 | Energy Transfer Partners LP | 4.900 | 02/01/24 | 522,620 | ||||||||||||
| 140,000 | Energy Transfer Partners LP | 7.500 | 07/01/38 | 178,304 | ||||||||||||
| 450,000 | Energy Transfer Partners LP | 6.500 | 02/01/42 | 512,401 | ||||||||||||
| 200,000 | Energy Transfer Partners LP | 5.150 | 02/01/43 | 193,218 | ||||||||||||
| 200,000 | Energy Transfer Partners LP | 5.950 | 10/01/43 | 214,409 | ||||||||||||
| 200,000 | EnLink Midstream Partners LP | 2.700 | 04/01/19 | 201,232 | ||||||||||||
| 200,000 | EnLink Midstream Partners LP | 5.600 | 04/01/44 | 218,782 | ||||||||||||
| 125,000 | Entergy Arkansas, Inc | 3.750 | 02/15/21 | 132,044 | ||||||||||||
| 300,000 | Entergy Arkansas, Inc | 3.050 | 06/01/23 | 295,321 | ||||||||||||
| 175,000 | Entergy Arkansas, Inc | 3.700 | 06/01/24 | 179,901 | ||||||||||||
| 200,000 | Entergy Corp | 3.625 | 09/15/15 | 204,846 | ||||||||||||
| 200,000 | Entergy Corp | 5.125 | 09/15/20 | 219,727 | ||||||||||||
| 150,000 | Entergy Louisiana LLC | 1.875 | 12/15/14 | 150,472 | ||||||||||||
| 200,000 | Entergy Louisiana LLC | 4.050 | 09/01/23 | 213,601 | ||||||||||||
| 225,000 | Entergy Texas, Inc | 7.125 | 02/01/19 | 268,656 | ||||||||||||
| 300,000 | EQT Midstream Partners LP | 4.000 | 08/01/24 | 295,723 | ||||||||||||
| 75,000 | Exelon Corp | 4.900 | 06/15/15 | 77,190 | ||||||||||||
| 200,000 | Exelon Generation Co LLC | 4.250 | 06/15/22 | 206,115 | ||||||||||||
| 371,000 | Exelon Generation Co LLC | 5.600 | 06/15/42 | 396,365 | ||||||||||||
| 400,000 | Florida Power & Light Co | 2.750 | 06/01/23 | 390,685 | ||||||||||||
| 500,000 | Florida Power & Light Co | 3.250 | 06/01/24 | 503,796 | ||||||||||||
| 247,000 | Florida Power & Light Co | 4.950 | 06/01/35 | 282,505 | ||||||||||||
| 400,000 | Florida Power & Light Co | 5.250 | 02/01/41 | 470,462 | ||||||||||||
| 100,000 | Florida Power & Light Co | 4.125 | 02/01/42 | 100,500 | ||||||||||||
| 200,000 | Florida Power & Light Co | 4.050 | 06/01/42 | 199,358 | ||||||||||||
| 450,000 | Florida Power & Light Co | 3.800 | 12/15/42 | 428,682 | ||||||||||||
| 400,000 | Florida Power & Light Co | 4.050 | 10/01/44 | 394,902 | ||||||||||||
| 29,000 | Florida Power Corp | 5.650 | 06/15/18 | 32,935 | ||||||||||||
| 1,200,000 | Florida Power Corp | 3.100 | 08/15/21 | 1,227,647 | ||||||||||||
| 165,000 | Florida Power Corp | 6.400 | 06/15/38 | 219,920 | ||||||||||||
| 300,000 | Florida Power Corp | 3.850 | 11/15/42 | 284,937 | ||||||||||||
| 690,000 | FPL Group Capital, Inc | 2.600 | 09/01/15 | 702,247 | ||||||||||||
| 300,000 | Georgia Power Co | 0.625 | 11/15/15 | 300,149 | ||||||||||||
| 900,000 | Georgia Power Co | 5.700 | 06/01/17 | 1,001,506 | ||||||||||||
| 177,000 | Georgia Power Co | 5.950 | 02/01/39 | 219,111 | ||||||||||||
| 700,000 | Georgia Power Co | 4.300 | 03/15/43 | 698,370 | ||||||||||||
| 200,000 | Great Plains Energy, Inc | 4.850 | 06/01/21 | 220,306 | ||||||||||||
| 200,000 | i | Great Plains Energy, Inc | 5.292 | 06/15/22 | 227,500 | |||||||||||
| 80,000 | Indiana Michigan Power Co | 7.000 | 03/15/19 | 95,613 | ||||||||||||
| 200,000 | Indiana Michigan Power Co | 3.200 | 03/15/23 | 199,150 | ||||||||||||
| 70,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 74,233 | ||||||||||||
| 100,000 | Interstate Power & Light Co | 6.250 | 07/15/39 | 130,747 | ||||||||||||
| 200,000 | Interstate Power & Light Co | 4.700 | 10/15/43 | 219,746 | ||||||||||||
| 200,000 | ITC Holdings Corp | 4.050 | 07/01/23 | 207,334 | ||||||||||||
| 300,000 | ITC Holdings Corp | 3.650 | 06/15/24 | 299,068 | ||||||||||||
| 225,000 | Kansas City Power & Light Co | 3.150 | 03/15/23 | 224,292 | ||||||||||||
| 100,000 | Kansas City Power & Light Co | 5.300 | 10/01/41 | 112,867 | ||||||||||||
| 87 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 20,000 | g | Kansas Gas & Electric | 6.700 | % | 06/15/19 | $ | 23,781 | ||||||||
| 175,000 | Kentucky Utilities Co | 4.650 | 11/15/43 | 188,950 | ||||||||||||
| 250,000 | KeySpan Corp | 5.803 | 04/01/35 | 293,896 | ||||||||||||
| 400,000 | Kinder Morgan Energy Partners LP | 5.950 | 02/15/18 | 447,383 | ||||||||||||
| 300,000 | Kinder Morgan Energy Partners LP | 2.650 | 02/01/19 | 299,107 | ||||||||||||
| 500,000 | Kinder Morgan Energy Partners LP | 9.000 | 02/01/19 | 622,978 | ||||||||||||
| 500,000 | Kinder Morgan Energy Partners LP | 3.500 | 03/01/21 | 501,697 | ||||||||||||
| 100,000 | Kinder Morgan Energy Partners LP | 5.800 | 03/01/21 | 112,140 | ||||||||||||
| 1,200,000 | Kinder Morgan Energy Partners LP | 3.950 | 09/01/22 | 1,191,287 | ||||||||||||
| 350,000 | Kinder Morgan Energy Partners LP | 3.450 | 02/15/23 | 334,424 | ||||||||||||
| 200,000 | Kinder Morgan Energy Partners LP | 3.500 | 09/01/23 | 189,923 | ||||||||||||
| 300,000 | Kinder Morgan Energy Partners LP | 4.150 | 02/01/24 | 296,267 | ||||||||||||
| 500,000 | Kinder Morgan Energy Partners LP | 4.250 | 09/01/24 | 494,504 | ||||||||||||
| 535,000 | Kinder Morgan Energy Partners LP | 6.500 | 09/01/39 | 596,583 | ||||||||||||
| 300,000 | Kinder Morgan Energy Partners LP | 5.625 | 09/01/41 | 310,191 | ||||||||||||
| 200,000 | Kinder Morgan Energy Partners LP | 5.000 | 08/15/42 | 188,414 | ||||||||||||
| 500,000 | Kinder Morgan Energy Partners LP | 5.000 | 03/01/43 | 462,284 | ||||||||||||
| 400,000 | Kinder Morgan Energy Partners LP | 5.500 | 03/01/44 | 400,892 | ||||||||||||
| 200,000 | Kinder Morgan Energy Partners LP | 5.400 | 09/01/44 | 196,669 | ||||||||||||
| 320,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 332,444 | ||||||||||||
| 125,000 | Louisville Gas & Electric Co | 4.650 | 11/15/43 | 135,408 | ||||||||||||
| 880,000 | Metropolitan Edison Co | 7.700 | 01/15/19 | 1,057,229 | ||||||||||||
| 200,000 | MidAmerican Energy Co | 3.500 | 10/15/24 | 203,258 | ||||||||||||
| 200,000 | MidAmerican Energy Co | 4.400 | 10/15/44 | 205,950 | ||||||||||||
| 300,000 | MidAmerican Energy Co | 2.400 | 03/15/19 | 304,038 | ||||||||||||
| 200,000 | MidAmerican Energy Co | 3.700 | 09/15/23 | 209,033 | ||||||||||||
| 200,000 | MidAmerican Energy Co | 4.800 | 09/15/43 | 218,777 | ||||||||||||
| 350,000 | MidAmerican Energy Holdings Co | 5.750 | 04/01/18 | 395,250 | ||||||||||||
| 1,032,000 | MidAmerican Energy Holdings Co | 5.950 | 05/15/37 | 1,262,309 | ||||||||||||
| 300,000 | MidAmerican Energy Holdings Co | 6.500 | 09/15/37 | 387,904 | ||||||||||||
| 750,000 | Mississippi Power Co | 4.250 | 03/15/42 | 736,363 | ||||||||||||
| 100,000 | National Fuel Gas Co | 4.900 | 12/01/21 | 107,147 | ||||||||||||
| 200,000 | National Fuel Gas Co | 3.750 | 03/01/23 | 198,034 | ||||||||||||
| 820,000 | Nevada Power Co | 6.500 | 08/01/18 | 957,013 | ||||||||||||
| 45,000 | Nevada Power Co | 7.125 | 03/15/19 | 54,260 | ||||||||||||
| 230,000 | Nevada Power Co | 5.375 | 09/15/40 | 275,847 | ||||||||||||
| 700,000 | NextEra Energy Capital Holdings, Inc | 1.200 | 06/01/15 | 702,918 | ||||||||||||
| 200,000 | NextEra Energy Capital Holdings, Inc | 2.400 | 09/15/19 | 198,723 | ||||||||||||
| 100,000 | NextEra Energy Capital Holdings, Inc | 2.700 | 09/15/19 | 101,057 | ||||||||||||
| 500,000 | NextEra Energy Capital Holdings, Inc | 4.500 | 06/01/21 | 541,888 | ||||||||||||
| 350,000 | NiSource Finance Corp | 6.400 | 03/15/18 | 399,479 | ||||||||||||
| 150,000 | NiSource Finance Corp | 6.125 | 03/01/22 | 175,633 | ||||||||||||
| 400,000 | NiSource Finance Corp | 3.850 | 02/15/23 | 410,165 | ||||||||||||
| 100,000 | NiSource Finance Corp | 5.950 | 06/15/41 | 116,801 | ||||||||||||
| 200,000 | NiSource Finance Corp | 5.250 | 02/15/43 | 215,539 | ||||||||||||
| 150,000 | NiSource Finance Corp | 4.800 | 02/15/44 | 152,607 | ||||||||||||
| 300,000 | NiSource Finance Corp | 5.650 | 02/01/45 | 341,019 | ||||||||||||
| 300,000 | Northeast Utilities | 2.800 | 05/01/23 | 288,917 | ||||||||||||
| 150,000 | Northern States Power Co | 2.150 | 08/15/22 | 142,056 | ||||||||||||
| 300,000 | Northern States Power Co | 2.600 | 05/15/23 | 288,116 | ||||||||||||
| 425,000 | Northern States Power Co | 5.350 | 11/01/39 | 501,483 | ||||||||||||
| 200,000 | Northern States Power Co | 3.400 | 08/15/42 | 177,655 | ||||||||||||
| 88 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 300,000 | Northern States Power Co | 4.125 | % | 05/15/44 | $ | 301,568 | |||||||||
| 150,000 | NSTAR Electric Co | 5.625 | 11/15/17 | 168,231 | ||||||||||||
| 200,000 | NSTAR Electric Co | 2.375 | 10/15/22 | 191,165 | ||||||||||||
| 500,000 | Oglethorpe Power Corp | 4.200 | 12/01/42 | 479,696 | ||||||||||||
| 300,000 | Oglethorpe Power Corp | 4.550 | 06/01/44 | 300,027 | ||||||||||||
| 250,000 | Ohio Edison Co | 8.250 | 10/15/38 | 386,710 | ||||||||||||
| 600,000 | Ohio Power Co | 5.375 | 10/01/21 | 695,137 | ||||||||||||
| 100,000 | Oklahoma Gas & Electric Co | 5.250 | 05/15/41 | 117,665 | ||||||||||||
| 400,000 | Oklahoma Gas & Electric Co | 3.900 | 05/01/43 | 384,807 | ||||||||||||
| 220,000 | Oncor Electric Delivery Co LLC | 6.375 | 01/15/15 | 223,609 | ||||||||||||
| 200,000 | Oncor Electric Delivery Co LLC | 6.800 | 09/01/18 | 234,465 | ||||||||||||
| 100,000 | g | Oncor Electric Delivery Co LLC | 2.150 | 06/01/19 | 99,221 | |||||||||||
| 150,000 | Oncor Electric Delivery Co LLC | 4.100 | 06/01/22 | 160,919 | ||||||||||||
| 70,000 | Oncor Electric Delivery Co LLC | 7.250 | 01/15/33 | 98,910 | ||||||||||||
| 100,000 | Oncor Electric Delivery Co LLC | 5.250 | 09/30/40 | 116,091 | ||||||||||||
| 550,000 | Oncor Electric Delivery Co LLC | 4.550 | 12/01/41 | 590,841 | ||||||||||||
| 150,000 | Oncor Electric Delivery Co LLC | 5.300 | 06/01/42 | 176,720 | ||||||||||||
| 750,000 | ONEOK Partners LP | 3.250 | 02/01/16 | 773,300 | ||||||||||||
| 100,000 | ONEOK Partners LP | 2.000 | 10/01/17 | 100,569 | ||||||||||||
| 200,000 | ONEOK Partners LP | 3.200 | 09/15/18 | 207,286 | ||||||||||||
| 400,000 | ONEOK Partners LP | 3.375 | 10/01/22 | 390,051 | ||||||||||||
| 200,000 | ONEOK Partners LP | 5.000 | 09/15/23 | 216,203 | ||||||||||||
| 130,000 | ONEOK Partners LP | 6.650 | 10/01/36 | 154,832 | ||||||||||||
| 250,000 | ONEOK Partners LP | 6.850 | 10/15/37 | 305,614 | ||||||||||||
| 100,000 | ONEOK Partners LP | 6.125 | 02/01/41 | 113,737 | ||||||||||||
| 355,000 | Pacific Gas & Electric Co | 8.250 | 10/15/18 | 436,400 | ||||||||||||
| 400,000 | Pacific Gas & Electric Co | 3.250 | 06/15/23 | 396,013 | ||||||||||||
| 175,000 | Pacific Gas & Electric Co | 3.850 | 11/15/23 | 181,433 | ||||||||||||
| 200,000 | Pacific Gas & Electric Co | 3.750 | 02/15/24 | 204,475 | ||||||||||||
| 500,000 | Pacific Gas & Electric Co | 3.400 | 08/15/24 | 496,350 | ||||||||||||
| 420,000 | Pacific Gas & Electric Co | 6.050 | 03/01/34 | 517,697 | ||||||||||||
| 600,000 | Pacific Gas & Electric Co | 5.400 | 01/15/40 | 684,544 | ||||||||||||
| 400,000 | Pacific Gas & Electric Co | 4.500 | 12/15/41 | 406,020 | ||||||||||||
| 150,000 | Pacific Gas & Electric Co | 3.750 | 08/15/42 | 136,804 | ||||||||||||
| 400,000 | Pacific Gas & Electric Co | 4.600 | 06/15/43 | 413,997 | ||||||||||||
| 200,000 | Pacific Gas & Electric Co | 5.125 | 11/15/43 | 222,812 | ||||||||||||
| 300,000 | Pacific Gas & Electric Co | 4.750 | 02/15/44 | 316,733 | ||||||||||||
| 250,000 | PacifiCorp | 2.950 | 02/01/22 | 251,509 | ||||||||||||
| 200,000 | PacifiCorp | 2.950 | 06/01/23 | 197,765 | ||||||||||||
| 300,000 | PacifiCorp | 3.600 | 04/01/24 | 308,079 | ||||||||||||
| 850,000 | PacifiCorp | 6.000 | 01/15/39 | 1,077,786 | ||||||||||||
| 150,000 | PECO Energy Co | 2.375 | 09/15/22 | 143,949 | ||||||||||||
| 200,000 | PECO Energy Co | 4.800 | 10/15/43 | 224,948 | ||||||||||||
| 200,000 | PECO Energy Co | 4.150 | 10/01/44 | 200,192 | ||||||||||||
| 165,000 | Pepco Holdings, Inc | 2.700 | 10/01/15 | 167,852 | ||||||||||||
| 300,000 | PG&E Corp | 2.400 | 03/01/19 | 300,349 | ||||||||||||
| 150,000 | Piedmont Natural Gas Co, Inc | 4.100 | 09/18/34 | 152,543 | ||||||||||||
| 200,000 | Piedmont Natural Gas Co, Inc | 4.650 | 08/01/43 | 215,714 | ||||||||||||
| 200,000 | Potomac Electric Power Co | 3.600 | 03/15/24 | 205,690 | ||||||||||||
| 65,000 | Potomac Electric Power Co | 7.900 | 12/15/38 | 100,409 | ||||||||||||
| 200,000 | Potomac Electric Power Co | 4.150 | 03/15/43 | 203,444 | ||||||||||||
| 300,000 | PPL Capital Funding, Inc | 4.200 | 06/15/22 | 319,315 | ||||||||||||
| 89 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 200,000 | PPL Capital Funding, Inc | 3.500 | % | 12/01/22 | $ | 201,298 | |||||||||
| 400,000 | PPL Capital Funding, Inc | 3.400 | 06/01/23 | 394,144 | ||||||||||||
| 100,000 | PPL Capital Funding, Inc | 3.950 | 03/15/24 | 102,799 | ||||||||||||
| 200,000 | PPL Electric Utilities Corp | 2.500 | 09/01/22 | 195,243 | ||||||||||||
| 300,000 | PPL Electric Utilities Corp | 4.750 | 07/15/43 | 329,300 | ||||||||||||
| 200,000 | PPL Electric Utilities Corp | 4.125 | 06/15/44 | 201,618 | ||||||||||||
| 225,000 | PPL Energy Supply LLC | 6.500 | 05/01/18 | 244,194 | ||||||||||||
| 100,000 | PPL Energy Supply LLC | 4.600 | 12/15/21 | 94,713 | ||||||||||||
| 300,000 | Progress Energy, Inc | 3.150 | 04/01/22 | 301,040 | ||||||||||||
| 900,000 | Progress Energy, Inc | 7.750 | 03/01/31 | 1,264,903 | ||||||||||||
| 200,000 | PSEG Power LLC | 5.320 | 09/15/16 | 216,307 | ||||||||||||
| 100,000 | PSEG Power LLC | 2.450 | 11/15/18 | 100,774 | ||||||||||||
| 150,000 | Public Service Co of Colorado | 2.250 | 09/15/22 | 142,732 | ||||||||||||
| 200,000 | Public Service Co of Colorado | 2.500 | 03/15/23 | 191,893 | ||||||||||||
| 150,000 | Public Service Co of Colorado | 3.600 | 09/15/42 | 137,025 | ||||||||||||
| 100,000 | Public Service Co of Colorado | 4.300 | 03/15/44 | 102,463 | ||||||||||||
| 200,000 | Public Service Co of New Hampshire | 3.500 | 11/01/23 | 206,323 | ||||||||||||
| 520,000 | Public Service Co of Oklahoma | 5.150 | 12/01/19 | 580,170 | ||||||||||||
| 100,000 | Public Service Co of Oklahoma | 4.400 | 02/01/21 | 109,169 | ||||||||||||
| 150,000 | Public Service Co of Oklahoma | 6.625 | 11/15/37 | 197,474 | ||||||||||||
| 220,000 | Public Service Electric & Gas Co | 5.300 | 05/01/18 | 246,607 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 2.300 | 09/15/18 | 203,324 | ||||||||||||
| 500,000 | Public Service Electric & Gas Co | 1.800 | 06/01/19 | 493,324 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 2.000 | 08/15/19 | 199,060 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 3.750 | 03/15/24 | 209,113 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 3.150 | 08/15/24 | 199,527 | ||||||||||||
| 410,000 | Public Service Electric & Gas Co | 5.375 | 11/01/39 | 491,831 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 3.950 | 05/01/42 | 195,579 | ||||||||||||
| 100,000 | Public Service Electric & Gas Co | 3.650 | 09/01/42 | 92,492 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 3.800 | 01/01/43 | 189,553 | ||||||||||||
| 200,000 | Public Service Electric & Gas Co | 4.000 | 06/01/44 | 195,932 | ||||||||||||
| 250,000 | Puget Sound Energy, Inc | 5.757 | 10/01/39 | 307,477 | ||||||||||||
| 100,000 | Puget Sound Energy, Inc | 4.434 | 11/15/41 | 106,107 | ||||||||||||
| 100,000 | Questar Corp | 2.750 | 02/01/16 | 102,274 | ||||||||||||
| 150,000 | San Diego Gas & Electric Co | 3.000 | 08/15/21 | 153,334 | ||||||||||||
| 400,000 | San Diego Gas & Electric Co | 3.600 | 09/01/23 | 417,434 | ||||||||||||
| 305,000 | San Diego Gas & Electric Co | 5.350 | 05/15/40 | 363,240 | ||||||||||||
| 100,000 | San Diego Gas & Electric Co | 3.950 | 11/15/41 | 98,726 | ||||||||||||
| 300,000 | SCANA Corp | 4.750 | 05/15/21 | 323,663 | ||||||||||||
| 100,000 | SCANA Corp | 4.125 | 02/01/22 | 103,170 | ||||||||||||
| 250,000 | Scottish Power Ltd | 5.810 | 03/15/25 | 284,034 | ||||||||||||
| 605,000 | Sempra Energy | 2.300 | 04/01/17 | 617,497 | ||||||||||||
| 150,000 | Sempra Energy | 2.875 | 10/01/22 | 146,297 | ||||||||||||
| 500,000 | Sempra Energy | 4.050 | 12/01/23 | 524,867 | ||||||||||||
| 200,000 | Sempra Energy | 3.550 | 06/15/24 | 201,501 | ||||||||||||
| 260,000 | Sempra Energy | 6.000 | 10/15/39 | 323,005 | ||||||||||||
| 125,000 | Sierra Pacific Power Co | 3.375 | 08/15/23 | 126,599 | ||||||||||||
| 50,000 | South Carolina Electric & Gas Co | 5.300 | 05/15/33 | 56,675 | ||||||||||||
| 125,000 | South Carolina Electric & Gas Co | 5.450 | 02/01/41 | 148,752 | ||||||||||||
| 250,000 | South Carolina Electric & Gas Co | 4.350 | 02/01/42 | 253,837 | ||||||||||||
| 300,000 | South Carolina Electric & Gas Co | 4.600 | 06/15/43 | 315,548 | ||||||||||||
| 200,000 | South Carolina Electric & Gas Co | 4.500 | 06/01/64 | 201,816 | ||||||||||||
| 90 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 476,536 | Southaven Combined Cycle Generation LLC | 3.846 | % | 08/15/33 | $ | 490,481 | |||||||||
| 100,000 | Southern California Edison Co | 5.000 | 01/15/16 | 105,582 | ||||||||||||
| 200,000 | Southern California Edison Co | 1.125 | 05/01/17 | 199,298 | ||||||||||||
| 250,000 | Southern California Edison Co | 5.500 | 08/15/18 | 282,878 | ||||||||||||
| 280,000 | Southern California Edison Co | 3.875 | 06/01/21 | 301,738 | ||||||||||||
| 400,000 | Southern California Edison Co | 3.500 | 10/01/23 | 411,594 | ||||||||||||
| 185,000 | Southern California Edison Co | 6.050 | 03/15/39 | 236,850 | ||||||||||||
| 300,000 | Southern California Edison Co | 4.500 | 09/01/40 | 316,359 | ||||||||||||
| 500,000 | Southern California Edison Co | 3.900 | 12/01/41 | 481,769 | ||||||||||||
| 200,000 | Southern California Edison Co | 4.050 | 03/15/42 | 195,961 | ||||||||||||
| 500,000 | Southern California Edison Co | 3.900 | 03/15/43 | 476,489 | ||||||||||||
| 200,000 | Southern California Gas Co | 3.150 | 09/15/24 | 199,188 | ||||||||||||
| 150,000 | Southern California Gas Co | 3.750 | 09/15/42 | 141,689 | ||||||||||||
| 200,000 | Southern California Gas Co | 4.450 | 03/15/44 | 212,465 | ||||||||||||
| 200,000 | Southern Co | 2.375 | 09/15/15 | 203,361 | ||||||||||||
| 100,000 | Southern Co | 1.950 | 09/01/16 | 101,968 | ||||||||||||
| 300,000 | Southern Co | 2.450 | 09/01/18 | 305,148 | ||||||||||||
| 108,000 | g | Southern Natural Gas Co | 5.900 | 04/01/17 | 119,226 | |||||||||||
| 550,000 | Southern Natural Gas Co | 4.400 | 06/15/21 | 575,515 | ||||||||||||
| 100,000 | Southern Natural Gas Co | 8.000 | 03/01/32 | 127,063 | ||||||||||||
| 250,000 | Southwest Gas Corp | 3.875 | 04/01/22 | 264,861 | ||||||||||||
| 250,000 | Southwestern Electric Power Co | 5.550 | 01/15/17 | 273,495 | ||||||||||||
| 400,000 | Southwestern Electric Power Co | 6.200 | 03/15/40 | 509,270 | ||||||||||||
| 600,000 | Southwestern Public Service Co | 4.500 | 08/15/41 | 629,878 | ||||||||||||
| 60,000 | Spectra Energy Capital LLC | 6.200 | 04/15/18 | 67,811 | ||||||||||||
| 600,000 | Spectra Energy Capital LLC | 3.300 | 03/15/23 | 571,879 | ||||||||||||
| 200,000 | Spectra Energy Partners LP | 2.950 | 09/25/18 | 206,166 | ||||||||||||
| 200,000 | Spectra Energy Partners LP | 4.750 | 03/15/24 | 214,515 | ||||||||||||
| 200,000 | Spectra Energy Partners LP | 5.950 | 09/25/43 | 234,809 | ||||||||||||
| 150,000 | System Energy Resources, Inc | 4.100 | 04/01/23 | 153,703 | ||||||||||||
| 200,000 | Tampa Electric Co | 5.400 | 05/15/21 | 230,581 | ||||||||||||
| 100,000 | Tampa Electric Co | 2.600 | 09/15/22 | 96,584 | ||||||||||||
| 100,000 | Tampa Electric Co | 4.100 | 06/15/42 | 98,784 | ||||||||||||
| 175,000 | Tampa Electric Co | 4.350 | 05/15/44 | 180,025 | ||||||||||||
| 200,000 | TECO Finance, Inc | 5.150 | 03/15/20 | 222,767 | ||||||||||||
| 200,000 | Tennessee Gas Pipeline Co | 7.000 | 10/15/28 | 245,295 | ||||||||||||
| 12,000 | Toledo Edison Co | 7.250 | 05/01/20 | 14,282 | ||||||||||||
| 300,000 | Toledo Edison Co | 6.150 | 05/15/37 | 361,390 | ||||||||||||
| 770,000 | Total Capital S.A. | 3.125 | 10/02/15 | 790,338 | ||||||||||||
| 300,000 | Total Capital S.A. | 2.125 | 08/10/18 | 303,746 | ||||||||||||
| 200,000 | Total Capital S.A. | 4.450 | 06/24/20 | 220,329 | ||||||||||||
| 100,000 | Total Capital S.A. | 4.125 | 01/28/21 | 108,480 | ||||||||||||
| 200,000 | TransAlta Corp | 1.900 | 06/03/17 | 200,030 | ||||||||||||
| 350,000 | TransAlta Corp | 6.650 | 05/15/18 | 397,071 | ||||||||||||
| 300,000 | TransAlta Corp | 4.500 | 11/15/22 | 300,436 | ||||||||||||
| 125,000 | Transcontinental Gas Pipe Line Co LLC | 4.450 | 08/01/42 | 121,034 | ||||||||||||
| 300,000 | Union Electric Co | 3.500 | 04/15/24 | 307,521 | ||||||||||||
| 100,000 | Union Electric Co | 8.450 | 03/15/39 | 163,387 | ||||||||||||
| 100,000 | Union Electric Co | 3.900 | 09/15/42 | 96,300 | ||||||||||||
| 100,000 | United Utilities plc | 6.875 | 08/15/28 | 119,054 | ||||||||||||
| 200,000 | Virginia Electric and Power Co | 1.200 | 01/15/18 | 197,232 | ||||||||||||
| 309,000 | Virginia Electric and Power Co | 2.750 | 03/15/23 | 301,962 | ||||||||||||
| 91 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | Virginia Electric and Power Co | 3.450 | % | 02/15/24 | $ | 508,096 | |||||||||
| 350,000 | Virginia Electric and Power Co | 6.000 | 05/15/37 | 442,933 | ||||||||||||
| 160,000 | Virginia Electric and Power Co | 4.000 | 01/15/43 | 154,617 | ||||||||||||
| 250,000 | Virginia Electric and Power Co | 4.650 | 08/15/43 | 268,523 | ||||||||||||
| 300,000 | Virginia Electric and Power Co | 4.450 | 02/15/44 | 311,326 | ||||||||||||
| 500,000 | Westar Energy, Inc | 4.125 | 03/01/42 | 496,398 | ||||||||||||
| 175,000 | Westar Energy, Inc | 4.100 | 04/01/43 | 175,075 | ||||||||||||
| 200,000 | Western Gas Partners LP | 2.600 | 08/15/18 | 201,542 | ||||||||||||
| 450,000 | Western Gas Partners LP | 4.000 | 07/01/22 | 460,337 | ||||||||||||
| 100,000 | Western Gas Partners LP | 5.450 | 04/01/44 | 110,109 | ||||||||||||
| 225,000 | Western Massachusetts Electric Co | 3.500 | 09/15/21 | 235,126 | ||||||||||||
| 35,000 | Williams Cos, Inc | 7.875 | 09/01/21 | 42,160 | ||||||||||||
| 475,000 | Williams Cos, Inc | 3.700 | 01/15/23 | 448,696 | ||||||||||||
| 350,000 | Williams Cos, Inc | 4.550 | 06/24/24 | 346,245 | ||||||||||||
| 300,000 | Williams Cos, Inc | 7.750 | 06/15/31 | 361,129 | ||||||||||||
| 350,000 | Williams Cos, Inc | 5.750 | 06/24/44 | 343,890 | ||||||||||||
| 245,000 | Williams Partners LP | 3.800 | 02/15/15 | 247,716 | ||||||||||||
| 70,000 | Williams Partners LP | 7.250 | 02/01/17 | 78,830 | ||||||||||||
| 530,000 | Williams Partners LP | 5.250 | 03/15/20 | 588,529 | ||||||||||||
| 600,000 | Williams Partners LP | 4.000 | 11/15/21 | 620,734 | ||||||||||||
| 200,000 | Williams Partners LP | 3.350 | 08/15/22 | 195,551 | ||||||||||||
| 300,000 | Williams Partners LP | 4.500 | 11/15/23 | 313,505 | ||||||||||||
| 300,000 | Williams Partners LP | 4.300 | 03/04/24 | 305,987 | ||||||||||||
| 500,000 | Williams Partners LP | 3.900 | 01/15/25 | 496,293 | ||||||||||||
| 300,000 | Williams Partners LP | 5.800 | 11/15/43 | 330,965 | ||||||||||||
| 300,000 | Williams Partners LP | 5.400 | 03/04/44 | 318,173 | ||||||||||||
| 500,000 | Williams Partners LP | 4.900 | 01/15/45 | 487,680 | ||||||||||||
| 300,000 | Wisconsin Electric Power Co | 1.700 | 06/15/18 | 298,481 | ||||||||||||
| 200,000 | Wisconsin Electric Power Co | 5.625 | 05/15/33 | 245,430 | ||||||||||||
| 200,000 | Wisconsin Electric Power Co | 3.650 | 12/15/42 | 188,303 | ||||||||||||
| 100,000 | Wisconsin Electric Power Co | 4.250 | 06/01/44 | 103,708 | ||||||||||||
| 200,000 | Wisconsin Power & Light Co | 2.250 | 11/15/22 | 190,829 | ||||||||||||
| 200,000 | Wisconsin Public Service Corp | 3.671 | 12/01/42 | 187,239 | ||||||||||||
| 200,000 | Wisconsin Public Service Corp | 4.752 | 11/01/44 | 223,227 | ||||||||||||
| 200,000 | Xcel Energy, Inc | 0.750 | 05/09/16 | 199,706 | ||||||||||||
| 100,000 | Xcel Energy, Inc | 4.700 | 05/15/20 | 110,862 | ||||||||||||
| 100,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 109,809 | ||||||||||||
| TOTAL UTILITIES | 118,950,504 | |||||||||||||||
| TOTAL CORPORATE BONDS | 1,346,609,492 | |||||||||||||||
| (Cost $1,319,535,893) | ||||||||||||||||
| GOVERNMENT BONDS - 72.4% | ||||||||||||||||
| AGENCY SECURITIES - 3.4% | ||||||||||||||||
| 250,000 | Federal Agricultural Mortgage Corp (FAMC) | 2.375 | 07/22/15 | 254,399 | ||||||||||||
| 3,000,000 | Federal Farm Credit Bank (FFCB) | 1.500 | 11/16/15 | 3,041,202 | ||||||||||||
| 1,475,000 | FFCB | 4.875 | 12/16/15 | 1,556,006 | ||||||||||||
| 1,600,000 | FFCB | 1.050 | 03/28/16 | 1,613,722 | ||||||||||||
| 7,650,000 | Federal Home Loan Bank (FHLB) | 2.875 | 06/12/15 | 7,795,625 | ||||||||||||
| 6,215,000 | FHLB | 0.375 | 08/28/15 | 6,227,331 | ||||||||||||
| 1,000,000 | FHLB | 5.375 | 05/18/16 | 1,078,928 | ||||||||||||
| 92 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 95,000 | FHLB | 4.750 | % | 12/16/16 | $ | 103,330 | |||||||||
| 500,000 | FHLB | 4.875 | 05/17/17 | 550,388 | ||||||||||||
| 1,000,000 | FHLB | 0.750 | 09/08/17 | 986,582 | ||||||||||||
| 2,745,000 | FHLB | 5.000 | 11/17/17 | 3,058,572 | ||||||||||||
| 4,000,000 | FHLB | 1.625 | 06/14/19 | 3,932,988 | ||||||||||||
| 5,005,000 | FHLB | 5.500 | 07/15/36 | 6,487,401 | ||||||||||||
| 108,000 | Federal Home Loan Mortgage Corp (FHLMC) | 4.375 | 07/17/15 | 111,574 | ||||||||||||
| 125,000 | FHLMC | 4.750 | 11/17/15 | 131,286 | ||||||||||||
| 132,000 | FHLMC | 4.750 | 01/19/16 | 139,675 | ||||||||||||
| 6,213,000 | FHLMC | 5.250 | 04/18/16 | 6,670,196 | ||||||||||||
| 127,000 | FHLMC | 5.500 | 07/18/16 | 137,908 | ||||||||||||
| 16,736,000 | FHLMC | 5.125 | 10/18/16 | 18,243,913 | ||||||||||||
| 20,000,000 | FHLMC | 0.875 | 03/07/18 | 19,659,420 | ||||||||||||
| 14,000,000 | FHLMC | 2.375 | 01/13/22 | 13,919,052 | ||||||||||||
| 4,000,000 | Federal National Mortgage Association (FNMA) | 2.625 | 11/20/14 | 4,013,784 | ||||||||||||
| 10,000,000 | FNMA | 0.500 | 05/27/15 | 10,022,940 | ||||||||||||
| 5,000,000 | FNMA | 0.500 | 07/02/15 | 5,011,635 | ||||||||||||
| 8,000,000 | FNMA | 0.375 | 12/21/15 | 8,012,560 | ||||||||||||
| 5,000,000 | FNMA | 2.250 | 03/15/16 | 5,129,360 | ||||||||||||
| 10,215,000 | FNMA | 5.000 | 03/15/16 | 10,894,196 | ||||||||||||
| 150,000 | FNMA | 5.000 | 05/11/17 | 165,582 | ||||||||||||
| 4,340,000 | FNMA | 5.375 | 06/12/17 | 4,843,006 | ||||||||||||
| 8,000,000 | FNMA | 1.625 | 11/27/18 | 7,983,472 | ||||||||||||
| 11,000,000 | j | FNMA | 0.000 | 10/09/19 | 9,756,274 | |||||||||||
| 2,310,000 | i | FNMA | 2.301 | 09/25/22 | 2,223,375 | |||||||||||
| 3,000,000 | FNMA | 2.625 | 09/06/24 | 2,951,022 | ||||||||||||
| 5,000,000 | FNMA | 6.625 | 11/15/30 | 7,104,745 | ||||||||||||
| 1,000,000 | FNMA | 5.625 | 07/15/37 | 1,333,965 | ||||||||||||
| 815,000 | Financing Corp | 9.400 | 02/08/18 | 1,025,627 | ||||||||||||
| 825,000 | Financing Corp | 9.800 | 04/06/18 | 1,059,593 | ||||||||||||
| 815,000 | Financing Corp | 10.350 | 08/03/18 | 1,077,371 | ||||||||||||
| 400,000 | Hashemite Kingdom of Jordan Government AID Bond | 1.945 | 06/23/19 | 399,405 | ||||||||||||
| 500,000 | Hashemite Kingdom of Jordan Government AID Bond | 2.503 | 10/30/20 | 503,682 | ||||||||||||
| 450,000 | Private Export Funding Corp (PEFCO) | 1.375 | 02/15/17 | 454,392 | ||||||||||||
| 590,000 | PEFCO | 2.250 | 12/15/17 | 607,278 | ||||||||||||
| 175,000 | PEFCO | 1.450 | 08/15/19 | 170,782 | ||||||||||||
| 550,000 | PEFCO | 2.250 | 03/15/20 | 551,042 | ||||||||||||
| 400,000 | PEFCO | 2.050 | 11/15/22 | 380,081 | ||||||||||||
| 700,000 | Tunisia Government AID Bonds | 1.686 | 07/16/19 | 696,500 | ||||||||||||
| 250,000 | Ukraine Government AID Bonds | 1.844 | 05/16/19 | 249,125 | ||||||||||||
| 300,000 | Israel Government AID Bond | 5.500 | 04/26/24 | 364,516 | ||||||||||||
| 300,000 | Tennessee Valley Authority | 1.750 | 10/15/18 | 300,257 | ||||||||||||
| 750,000 | Tennessee Valley Authority | 2.875 | 09/15/24 | 744,366 | ||||||||||||
| TOTAL AGENCY SECURITIES | 183,729,431 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 3.7% | ||||||||||||||||
| 450,000 | African Development Bank | 2.375 | 09/23/21 | 450,005 | ||||||||||||
| 1,750,000 | Asian Development Bank | 2.500 | 03/15/16 | 1,800,795 | ||||||||||||
| 2,000,000 | Asian Development Bank | 1.125 | 03/15/17 | 2,007,678 | ||||||||||||
| 1,000,000 | Asian Development Bank | 1.875 | 04/12/19 | 1,005,550 | ||||||||||||
| 1,500,000 | Asian Development Bank | 1.375 | 03/23/20 | 1,451,625 | ||||||||||||
| 75,000 | Asian Development Bank | 5.820 | 06/16/28 | 95,685 | ||||||||||||
| 93 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 906,000 | Brazilian Government International Bond | 5.875 | % | 01/15/19 | $ | 1,019,250 | |||||||||
| 2,090,000 | Brazilian Government International Bond | 4.875 | 01/22/21 | 2,221,670 | ||||||||||||
| 1,424,000 | Brazilian Government International Bond | 4.250 | 01/07/25 | 1,409,760 | ||||||||||||
| 2,730,000 | Brazilian Government International Bond | 5.625 | 01/07/41 | 2,818,725 | ||||||||||||
| 1,152,000 | Brazilian Government International Bond | 5.000 | 01/27/45 | 1,082,880 | ||||||||||||
| 850,000 | Canada Government International Bond | 0.875 | 02/14/17 | 848,646 | ||||||||||||
| 1,000,000 | Canada Government International Bond | 1.625 | 02/27/19 | 996,392 | ||||||||||||
| 345,000 | Chile Government International Bond | 3.875 | 08/05/20 | 368,115 | ||||||||||||
| 300,000 | Chile Government International Bond | 2.250 | 10/30/22 | 283,500 | ||||||||||||
| 300,000 | Chile Government International Bond | 3.625 | 10/30/42 | 263,250 | ||||||||||||
| 850,000 | China Development Bank | 5.000 | 10/15/15 | 882,973 | ||||||||||||
| 900,000 | Colombia Government International Bond | 8.250 | 12/22/14 | 913,500 | ||||||||||||
| 450,000 | Colombia Government International Bond | 7.375 | 03/18/19 | 536,625 | ||||||||||||
| 900,000 | Colombia Government International Bond | 4.375 | 07/12/21 | 951,750 | ||||||||||||
| 600,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 552,000 | ||||||||||||
| 750,000 | Colombia Government International Bond | 4.000 | 02/26/24 | 758,625 | ||||||||||||
| 1,250,000 | Colombia Government International Bond | 6.125 | 01/18/41 | 1,461,250 | ||||||||||||
| 750,000 | Colombia Government International Bond | 5.625 | 02/26/44 | 825,000 | ||||||||||||
| 30,000 | Corp Andina de Fomento | 5.125 | 05/05/15 | 30,660 | ||||||||||||
| 500,000 | Corp Andina de Fomento | 3.750 | 01/15/16 | 517,500 | ||||||||||||
| 527,000 | Corp Andina de Fomento | 4.375 | 06/15/22 | 563,223 | ||||||||||||
| 1,000,000 | Council of Europe Development Bank | 2.625 | 02/16/16 | 1,029,465 | ||||||||||||
| 500,000 | Council of Europe Development Bank | 1.500 | 06/19/17 | 505,110 | ||||||||||||
| 500,000 | Council of Europe Development Bank | 1.000 | 03/07/18 | 493,201 | ||||||||||||
| 500,000 | Council of Europe Development Bank | 1.125 | 05/31/18 | 493,189 | ||||||||||||
| 300,000 | Development Bank of Japan | 5.125 | 02/01/17 | 327,954 | ||||||||||||
| 50,000 | European Bank for Reconstruction & Development | 1.625 | 09/03/15 | 50,600 | ||||||||||||
| 1,500,000 | European Bank for Reconstruction & Development | 2.500 | 03/15/16 | 1,544,662 | ||||||||||||
| 1,000,000 | European Bank for Reconstruction & Development | 1.375 | 10/20/16 | 1,012,213 | ||||||||||||
| 500,000 | European Bank for Reconstruction & Development | 1.750 | 06/14/19 | 497,619 | ||||||||||||
| 4,000,000 | European Investment Bank | 1.125 | 04/15/15 | 4,020,080 | ||||||||||||
| 5,000,000 | European Investment Bank | 1.625 | 09/01/15 | 5,062,255 | ||||||||||||
| 5,500,000 | European Investment Bank | 1.375 | 10/20/15 | 5,563,002 | ||||||||||||
| 4,000,000 | European Investment Bank | 2.250 | 03/15/16 | 4,101,984 | ||||||||||||
| 1,000,000 | European Investment Bank | 0.625 | 04/15/16 | 1,001,849 | ||||||||||||
| 2,200,000 | European Investment Bank | 1.750 | 03/15/17 | 2,241,435 | ||||||||||||
| 2,500,000 | European Investment Bank | 0.875 | 04/18/17 | 2,493,252 | ||||||||||||
| 750,000 | European Investment Bank | 1.000 | 03/15/18 | 739,552 | ||||||||||||
| 500,000 | European Investment Bank | 1.000 | 06/15/18 | 490,483 | ||||||||||||
| 1,000,000 | European Investment Bank | 1.875 | 03/15/19 | 1,003,600 | ||||||||||||
| 1,000,000 | European Investment Bank | 2.875 | 09/15/20 | 1,040,474 | ||||||||||||
| 500,000 | European Investment Bank | 2.500 | 04/15/21 | 507,188 | ||||||||||||
| 2,000,000 | European Investment Bank | 3.250 | 01/29/24 | 2,097,302 | ||||||||||||
| 1,705,000 | European Investment Bank | 4.875 | 02/15/36 | 2,082,047 | ||||||||||||
| 545,000 | Export Development Canada | 2.250 | 05/28/15 | 552,276 | ||||||||||||
| 300,000 | Export Development Canada | 0.500 | 09/15/15 | 300,732 | ||||||||||||
| 250,000 | Export Development Canada | 1.250 | 10/26/16 | 252,512 | ||||||||||||
| 500,000 | Export Development Canada | 0.625 | 12/15/16 | 497,946 | ||||||||||||
| 1,300,000 | Export Development Canada | 0.750 | 12/15/17 | 1,278,208 | ||||||||||||
| 500,000 | Export Development Canada | 1.750 | 08/19/19 | 496,883 | ||||||||||||
| 250,000 | Export-Import Bank of Korea | 5.875 | 01/14/15 | 253,578 | ||||||||||||
| 1,090,000 | Export-Import Bank of Korea | 4.125 | 09/09/15 | 1,123,804 | ||||||||||||
| 94 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 300,000 | Export-Import Bank of Korea | 1.250 | % | 11/20/15 | $ | 301,236 | |||||||||
| 400,000 | Export-Import Bank of Korea | 3.750 | 10/20/16 | 420,384 | ||||||||||||
| 200,000 | Export-Import Bank of Korea | 1.750 | 02/27/18 | 198,074 | ||||||||||||
| 775,000 | Export-Import Bank of Korea | 5.125 | 06/29/20 | 869,100 | ||||||||||||
| 300,000 | Export-Import Bank of Korea | 5.000 | 04/11/22 | 334,827 | ||||||||||||
| 1,590,000 | Federative Republic of Brazil | 6.000 | 01/17/17 | 1,737,075 | ||||||||||||
| 526,944 | Federative Republic of Brazil | 8.000 | 01/15/18 | 580,429 | ||||||||||||
| 100,000 | Finland Government International Bond | 6.950 | 02/15/26 | 130,061 | ||||||||||||
| 2,750,000 | FMS Wertmanagement AoeR | 1.000 | 11/21/17 | 2,724,238 | ||||||||||||
| 500,000 | Hydro Quebec | 2.000 | 06/30/16 | 511,111 | ||||||||||||
| 800,000 | Hydro Quebec | 1.375 | 06/19/17 | 804,362 | ||||||||||||
| 270,000 | Hydro Quebec | 9.400 | 02/01/21 | 365,924 | ||||||||||||
| 200,000 | Hydro Quebec | 8.500 | 12/01/29 | 301,029 | ||||||||||||
| 2,500,000 | Inter-American Development Bank | 2.250 | 07/15/15 | 2,539,665 | ||||||||||||
| 3,000,000 | Inter-American Development Bank | 1.750 | 08/24/18 | 3,019,656 | ||||||||||||
| 750,000 | Inter-American Development Bank | 1.500 | 09/25/18 | 747,968 | ||||||||||||
| 1,105,000 | Inter-American Development Bank | 3.875 | 09/17/19 | 1,214,542 | ||||||||||||
| 750,000 | Inter-American Development Bank | 1.375 | 07/15/20 | 720,659 | ||||||||||||
| 700,000 | Inter-American Development Bank | 3.200 | 08/07/42 | 639,477 | ||||||||||||
| 300,000 | Inter-American Development Bank | 4.375 | 01/24/44 | 338,532 | ||||||||||||
| 3,200,000 | International Bank for Reconstruction & Development | 2.375 | 05/26/15 | 3,246,048 | ||||||||||||
| 2,100,000 | International Bank for Reconstruction & Development | 2.125 | 03/15/16 | 2,148,109 | ||||||||||||
| 950,000 | International Bank for Reconstruction & Development | 1.000 | 09/15/16 | 955,873 | ||||||||||||
| 1,500,000 | International Bank for Reconstruction & Development | 1.875 | 03/15/19 | 1,514,408 | ||||||||||||
| 1,500,000 | International Bank for Reconstruction & Development | 2.125 | 11/01/20 | 1,501,088 | ||||||||||||
| 400,000 | International Bank for Reconstruction & Development | 7.625 | 01/19/23 | 553,490 | ||||||||||||
| 500,000 | International Bank for Reconstruction & Development | 2.125 | 02/13/23 | 495,173 | ||||||||||||
| 834,000 | International Bank for Reconstruction & Development | 4.750 | 02/15/35 | 1,005,756 | ||||||||||||
| 1,700,000 | International Finance Corp | 2.750 | 04/20/15 | 1,723,115 | ||||||||||||
| 2,750,000 | International Finance Corp | 1.125 | 11/23/16 | 2,765,840 | ||||||||||||
| 2,000,000 | International Finance Corp | 1.750 | 09/04/18 | 2,013,066 | ||||||||||||
| 800,000 | Israel Government AID Bond | 5.500 | 09/18/23 | 966,715 | ||||||||||||
| 400,000 | Israel Government International Bond | 5.125 | 03/26/19 | 450,600 | ||||||||||||
| 705,000 | Israel Government International Bond | 4.000 | 06/30/22 | 753,998 | ||||||||||||
| 300,000 | Israel Government International Bond | 3.150 | 06/30/23 | 300,450 | ||||||||||||
| 300,000 | Israel Government International Bond | 4.500 | 01/30/43 | 297,000 | ||||||||||||
| 500,000 | Italian Republic | 3.125 | 01/26/15 | 502,680 | ||||||||||||
| 1,200,000 | Italian Republic | 5.250 | 09/20/16 | 1,295,016 | ||||||||||||
| 1,374,000 | Italian Republic | 5.375 | 06/15/33 | 1,652,131 | ||||||||||||
| 1,500,000 | Italy Government International Bond | 4.750 | 01/25/16 | 1,573,091 | ||||||||||||
| 430,000 | Italy Government International Bond | 5.375 | 06/12/17 | 472,568 | ||||||||||||
| 1,100,000 | Japan Bank for International Cooperation | 1.875 | 09/24/15 | 1,115,749 | ||||||||||||
| 1,900,000 | Japan Bank for International Cooperation | 1.125 | 07/19/17 | 1,895,898 | ||||||||||||
| 1,050,000 | Japan Bank for International Cooperation | 1.750 | 07/31/18 | 1,052,902 | ||||||||||||
| 1,050,000 | Japan Bank for International Cooperation | 3.375 | 07/31/23 | 1,106,382 | ||||||||||||
| 600,000 | Japan Finance Corp | 2.250 | 07/13/16 | 616,624 | ||||||||||||
| 900,000 | Japan Finance Organization for Municipalities | 5.000 | 05/16/17 | 988,689 | ||||||||||||
| 1,600,000 | KFW | 2.625 | 01/25/22 | 1,626,525 | ||||||||||||
| 475,000 | Korea Development Bank | 4.375 | 08/10/15 | 489,497 | ||||||||||||
| 235,000 | Korea Development Bank | 3.250 | 03/09/16 | 242,031 | ||||||||||||
| 400,000 | Korea Development Bank | 3.500 | 08/22/17 | 419,480 | ||||||||||||
| 300,000 | Korea Development Bank | 1.500 | 01/22/18 | 294,710 | ||||||||||||
| 95 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 200,000 | Korea Development Bank | 3.000 | % | 09/14/22 | $ | 195,316 | |||||||||
| 1,000,000 | Mexico Government International Bond | 3.500 | 01/21/21 | 1,013,406 | ||||||||||||
| 1,588,000 | Mexico Government International Bond | 3.625 | 03/15/22 | 1,614,202 | ||||||||||||
| 4,098,000 | Mexico Government International Bond | 4.000 | 10/02/23 | 4,235,283 | ||||||||||||
| 461,000 | Mexico Government International Bond | 6.750 | 09/27/34 | 585,470 | ||||||||||||
| 1,132,000 | Mexico Government International Bond | 6.050 | 01/11/40 | 1,335,760 | ||||||||||||
| 1,474,000 | Mexico Government International Bond | 4.750 | 03/08/44 | 1,462,945 | ||||||||||||
| 1,678,000 | Mexico Government International Bond | 5.550 | 01/21/45 | 1,864,258 | ||||||||||||
| 150,000 | Mexico Government International Bond | 5.750 | 10/12/10 | 154,875 | ||||||||||||
| 500,000 | Nordic Investment Bank | 2.250 | 03/15/16 | 512,563 | ||||||||||||
| 1,500,000 | Nordic Investment Bank | 0.750 | 01/17/18 | 1,470,276 | ||||||||||||
| 2,300,000 | North American Development Bank | 2.400 | 10/26/22 | 2,186,895 | ||||||||||||
| 1,100,000 | Panama Government International Bond | 5.200 | 01/30/20 | 1,210,000 | ||||||||||||
| 250,000 | Panama Government International Bond | 4.000 | 09/22/24 | 249,375 | ||||||||||||
| 300,000 | Panama Government International Bond | 7.125 | 01/29/26 | 378,000 | ||||||||||||
| 692,000 | Panama Government International Bond | 6.700 | 01/26/36 | 849,430 | ||||||||||||
| 400,000 | Panama Government International Bond | 4.300 | 04/29/53 | 345,000 | ||||||||||||
| 520,000 | Peruvian Government International Bond | 7.125 | 03/30/19 | 618,800 | ||||||||||||
| 925,000 | Peruvian Government International Bond | 7.350 | 07/21/25 | 1,204,813 | ||||||||||||
| 1,100,000 | Peruvian Government International Bond | 6.550 | 03/14/37 | 1,386,000 | ||||||||||||
| 500,000 | Peruvian Government International Bond | 5.625 | 11/18/50 | 565,000 | ||||||||||||
| 1,250,000 | Philippine Government International Bond | 8.875 | 03/17/15 | 1,293,750 | ||||||||||||
| 225,000 | Philippine Government International Bond | 4.200 | 01/21/24 | 237,375 | ||||||||||||
| 750,000 | Philippine Government International Bond | 5.500 | 03/30/26 | 860,625 | ||||||||||||
| 2,750,000 | Philippine Government International Bond | 5.000 | 01/13/37 | 3,045,625 | ||||||||||||
| 380,000 | Poland Government International Bond | 3.875 | 07/16/15 | 389,500 | ||||||||||||
| 1,985,000 | Poland Government International Bond | 6.375 | 07/15/19 | 2,332,375 | ||||||||||||
| 67,000 | Poland Government International Bond | 5.125 | 04/21/21 | 74,601 | ||||||||||||
| 390,000 | Poland Government International Bond | 5.000 | 03/23/22 | 428,513 | ||||||||||||
| 490,000 | Poland Government International Bond | 3.000 | 03/17/23 | 473,771 | ||||||||||||
| 1,000,000 | Poland Government International Bond | 4.000 | 01/22/24 | 1,027,500 | ||||||||||||
| 400,000 | Province of British Columbia Canada | 1.200 | 04/25/17 | 401,603 | ||||||||||||
| 200,000 | Province of British Columbia Canada | 2.650 | 09/22/21 | 203,003 | ||||||||||||
| 1,800,000 | Province of British Columbia Canada | 2.000 | 10/23/22 | 1,721,396 | ||||||||||||
| 500,000 | Province of Manitoba Canada | 4.900 | 12/06/16 | 544,075 | ||||||||||||
| 500,000 | Province of Manitoba Canada | 1.125 | 06/01/18 | 492,829 | ||||||||||||
| 500,000 | Province of Manitoba Canada | 1.750 | 05/30/19 | 495,407 | ||||||||||||
| 300,000 | Province of Manitoba Canada | 3.050 | 05/14/24 | 302,723 | ||||||||||||
| 200,000 | Province of New Brunswick Canada | 5.200 | 02/21/17 | 219,951 | ||||||||||||
| 200,000 | Province of New Brunswick Canada | 2.750 | 06/15/18 | 207,930 | ||||||||||||
| 50,000 | Province of Nova Scotia Canada | 5.125 | 01/26/17 | 54,766 | ||||||||||||
| 200,000 | Province of Nova Scotia Canada | 8.250 | 07/30/22 | 268,954 | ||||||||||||
| 1,000,000 | Province of Ontario Canada | 2.300 | 05/10/16 | 1,026,768 | ||||||||||||
| 2,300,000 | Province of Ontario Canada | 1.600 | 09/21/16 | 2,336,356 | ||||||||||||
| 1,300,000 | Province of Ontario Canada | 1.100 | 10/25/17 | 1,290,834 | ||||||||||||
| 1,000,000 | Province of Ontario Canada | 2.000 | 01/30/19 | 1,005,275 | ||||||||||||
| 1,000,000 | Province of Ontario Canada | 1.650 | 09/27/19 | 978,393 | ||||||||||||
| 230,000 | Province of Ontario Canada | 4.400 | 04/14/20 | 254,895 | ||||||||||||
| 800,000 | Province of Ontario Canada | 2.450 | 06/29/22 | 782,433 | ||||||||||||
| 1,500,000 | Province of Ontario Canada | 3.200 | 05/16/24 | 1,528,818 | ||||||||||||
| 385,000 | Province of Quebec Canada | 5.125 | 11/14/16 | 419,461 | ||||||||||||
| 1,135,000 | Province of Quebec Canada | 4.625 | 05/14/18 | 1,255,993 | ||||||||||||
| 96 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,120,000 | Province of Quebec Canada | 3.500 | % | 07/29/20 | $ | 1,192,576 | |||||||||
| 1,100,000 | Province of Quebec Canada | 2.625 | 02/13/23 | 1,078,399 | ||||||||||||
| 200,000 | Province of Quebec Canada | 7.125 | 02/09/24 | 259,659 | ||||||||||||
| 201,000 | Province of Quebec Canada | 7.500 | 09/15/29 | 284,733 | ||||||||||||
| 100,000 | Province of Saskatchewan Canada | 8.500 | 07/15/22 | 138,021 | ||||||||||||
| 200,000 | Region of Lombardy Italy | 5.804 | 10/25/32 | 214,334 | ||||||||||||
| 700,000 | Republic of Korea | 7.125 | 04/16/19 | 846,300 | ||||||||||||
| 500,000 | Republic of Korea | 3.875 | 09/11/23 | 534,200 | ||||||||||||
| 400,000 | Republic of Korea | 4.125 | 06/10/44 | 438,232 | ||||||||||||
| 2,500,000 | Republic of Philippines | 4.000 | 01/15/21 | 2,634,375 | ||||||||||||
| 800,000 | Republic of Turkey | 7.500 | 07/14/17 | 896,000 | ||||||||||||
| 1,010,000 | South Africa Government International Bond | 6.875 | 05/27/19 | 1,146,471 | ||||||||||||
| 225,000 | South Africa Government International Bond | 5.500 | 03/09/20 | 242,156 | ||||||||||||
| 500,000 | South Africa Government International Bond | 4.665 | 01/17/24 | 503,750 | ||||||||||||
| 300,000 | South Africa Government International Bond | 5.875 | 09/16/25 | 330,000 | ||||||||||||
| 300,000 | South Africa Government International Bond | 6.250 | 03/08/41 | 340,125 | ||||||||||||
| 525,000 | South Africa Government International Bond | 5.375 | 07/24/44 | 521,063 | ||||||||||||
| 625,000 | Svensk Exportkredit AB | 5.125 | 03/01/17 | 684,989 | ||||||||||||
| 425,000 | Svensk Exportkredit AB | 1.125 | 04/05/18 | 419,540 | ||||||||||||
| 500,000 | Tunisia Government AID Bonds | 2.452 | 07/24/21 | 498,271 | ||||||||||||
| 4,000,000 | Turkey Government International Bond | 6.750 | 04/03/18 | 4,430,000 | ||||||||||||
| 600,000 | Turkey Government International Bond | 6.250 | 09/26/22 | 660,000 | ||||||||||||
| 3,500,000 | Turkey Government International Bond | 3.250 | 03/23/23 | 3,150,000 | ||||||||||||
| 800,000 | Turkey Government International Bond | 5.750 | 03/22/24 | 849,360 | ||||||||||||
| 3,250,000 | Turkey Government International Bond | 4.875 | 04/16/43 | 2,931,500 | ||||||||||||
| 800,000 | Turkey Government International Bond | 6.625 | 02/17/45 | 895,000 | ||||||||||||
| 519,343 | Uruguay Government International Bond | 4.500 | 08/14/24 | 544,012 | ||||||||||||
| 500,000 | Uruguay Government International Bond | 4.125 | 11/20/45 | 422,500 | ||||||||||||
| 1,113,907 | Uruguay Government International Bond | 5.100 | 06/18/50 | 1,080,490 | ||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 201,363,359 | |||||||||||||||
| MORTGAGE BACKED - 28.6% | ||||||||||||||||
| 64,835 | i | Federal Home Loan Mortgage Corp (FHLMC) | 4.928 | 04/01/35 | 68,029 | |||||||||||
| 10,187 | i | FHLMC | 2.250 | 10/01/35 | 10,861 | |||||||||||
| 138,500 | i | FHLMC | 2.380 | 02/01/36 | 148,617 | |||||||||||
| 78,998 | i | FHLMC | 2.314 | 07/01/36 | 84,374 | |||||||||||
| 252,181 | i | FHLMC | 2.260 | 09/01/36 | 268,556 | |||||||||||
| 131,710 | i | FHLMC | 2.366 | 09/01/36 | 139,935 | |||||||||||
| 184,837 | i | FHLMC | 2.371 | 09/01/36 | 197,346 | |||||||||||
| 51,890 | i | FHLMC | 5.870 | 01/01/37 | 55,289 | |||||||||||
| 10,736 | i | FHLMC | 2.375 | 02/01/37 | 11,508 | |||||||||||
| 15,365 | i | FHLMC | 2.390 | 02/01/37 | 16,444 | |||||||||||
| 365,030 | i | FHLMC | 2.422 | 03/01/37 | 390,872 | |||||||||||
| 19,071 | i | FHLMC | 5.494 | 03/01/37 | 19,926 | |||||||||||
| 253,132 | i | FHLMC | 5.716 | 04/01/37 | 266,719 | |||||||||||
| 206,678 | i | FHLMC | 6.038 | 04/01/37 | 221,159 | |||||||||||
| 30,152 | i | FHLMC | 1.950 | 05/01/37 | 30,238 | |||||||||||
| 48,329 | i | FHLMC | 2.654 | 05/01/37 | 52,304 | |||||||||||
| 48,369 | i | FHLMC | 2.250 | 06/01/37 | 51,613 | |||||||||||
| 209,365 | i | FHLMC | 2.389 | 06/01/37 | 220,910 | |||||||||||
| 207,946 | i | FHLMC | 2.618 | 08/01/37 | 216,563 | |||||||||||
| 136,672 | i | FHLMC | 1.434 | 09/01/37 | 140,610 | |||||||||||
| 97 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 247,786 | i | FHLMC | 1.676 | % | 09/01/37 | $ | 259,123 | ||||||||
| 2,384 | i | FHLMC | 6.196 | 09/01/37 | 2,453 | |||||||||||
| 28,862 | i | FHLMC | 5.537 | 02/01/38 | 30,750 | |||||||||||
| 129,153 | i | FHLMC | 2.332 | 04/01/38 | 137,623 | |||||||||||
| 173,149 | i | FHLMC | 4.870 | 04/01/38 | 185,968 | |||||||||||
| 64,243 | i | FHLMC | 4.824 | 06/01/38 | 68,412 | |||||||||||
| 19,937 | i | FHLMC | 2.125 | 07/01/38 | 21,301 | |||||||||||
| 57,396 | FHLMC | 5.000 | 10/01/39 | 63,472 | ||||||||||||
| 43,623 | i | FHLMC | 3.493 | 06/01/40 | 46,508 | |||||||||||
| 360,452 | i | FHLMC | 3.402 | 07/01/40 | 380,188 | |||||||||||
| 349,331 | i | FHLMC | 2.942 | 01/01/41 | 365,072 | |||||||||||
| 45,071 | i | FHLMC | 2.591 | 05/01/41 | 47,337 | |||||||||||
| 935,553 | i | FHLMC | 3.389 | 08/01/41 | 991,941 | |||||||||||
| 470,168 | i | FHLMC | 2.933 | 09/01/41 | 496,959 | |||||||||||
| 110,837 | i | FHLMC | 3.138 | 10/01/41 | 115,820 | |||||||||||
| 1,924 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 7.500 | 01/01/16 | 1,931 | ||||||||||||
| 24 | FGLMC | 7.500 | 05/01/16 | 24 | ||||||||||||
| 12 | FGLMC | 7.500 | 06/01/16 | 12 | ||||||||||||
| 10,939 | FGLMC | 5.500 | 05/01/17 | 11,596 | ||||||||||||
| 21,909 | FGLMC | 5.500 | 06/01/17 | 23,224 | ||||||||||||
| 15,855 | FGLMC | 5.000 | 12/01/17 | 16,732 | ||||||||||||
| 10,296 | FGLMC | 5.500 | 12/01/17 | 10,914 | ||||||||||||
| 18,131 | FGLMC | 5.000 | 03/01/18 | 19,137 | ||||||||||||
| 59,458 | FGLMC | 5.000 | 04/01/18 | 62,765 | ||||||||||||
| 51,143 | FGLMC | 4.500 | 06/01/18 | 53,939 | ||||||||||||
| 149,905 | FGLMC | 4.500 | 09/01/18 | 158,646 | ||||||||||||
| 105,637 | FGLMC | 4.000 | 11/01/18 | 111,596 | ||||||||||||
| 179,358 | FGLMC | 4.500 | 01/01/19 | 190,529 | ||||||||||||
| 20,693 | FGLMC | 4.000 | 05/01/19 | 21,906 | ||||||||||||
| 157,564 | FGLMC | 4.500 | 05/01/19 | 166,221 | ||||||||||||
| 352,606 | FGLMC | 4.500 | 06/01/19 | 372,000 | ||||||||||||
| 117,293 | FGLMC | 4.000 | 10/01/19 | 124,016 | ||||||||||||
| 44,540 | FGLMC | 5.500 | 11/01/19 | 47,617 | ||||||||||||
| 352,898 | FGLMC | 4.500 | 12/01/19 | 372,336 | ||||||||||||
| 57,815 | FGLMC | 4.500 | 01/01/20 | 61,004 | ||||||||||||
| 23,824 | FGLMC | 4.500 | 02/01/20 | 25,525 | ||||||||||||
| 1,233,623 | FGLMC | 4.500 | 02/01/20 | 1,301,442 | ||||||||||||
| 273,991 | FGLMC | 5.000 | 05/01/20 | 289,362 | ||||||||||||
| 278,981 | FGLMC | 5.000 | 05/01/20 | 296,714 | ||||||||||||
| 24,408 | FGLMC | 4.500 | 07/01/20 | 26,234 | ||||||||||||
| 260,654 | FGLMC | 5.000 | 07/01/20 | 277,717 | ||||||||||||
| 4,731 | FGLMC | 7.000 | 10/01/20 | 5,083 | ||||||||||||
| 23,282 | FGLMC | 5.000 | 12/01/20 | 24,916 | ||||||||||||
| 948,257 | FGLMC | 4.000 | 05/01/21 | 1,003,279 | ||||||||||||
| 507,369 | FGLMC | 4.500 | 06/01/21 | 542,586 | ||||||||||||
| 285,480 | FGLMC | 4.500 | 06/01/21 | 305,572 | ||||||||||||
| 236,978 | FGLMC | 5.000 | 07/01/21 | 253,304 | ||||||||||||
| 34,325 | FGLMC | 5.500 | 07/01/21 | 37,473 | ||||||||||||
| 3,868,233 | FGLMC | 3.000 | 12/01/21 | 4,012,231 | ||||||||||||
| 22,579 | FGLMC | 5.000 | 10/01/22 | 24,411 | ||||||||||||
| 19,100 | FGLMC | 6.000 | 11/01/22 | 20,900 | ||||||||||||
| 163,806 | FGLMC | 5.000 | 04/01/23 | 178,130 | ||||||||||||
| 98 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 10,919 | FGLMC | 4.500 | % | 05/01/23 | $ | 11,766 | |||||||||
| 135,921 | FGLMC | 5.000 | 05/01/23 | 149,576 | ||||||||||||
| 35,653 | FGLMC | 5.000 | 10/01/23 | 38,762 | ||||||||||||
| 27,624 | FGLMC | 5.500 | 10/01/23 | 30,659 | ||||||||||||
| 29,323 | FGLMC | 5.000 | 11/01/23 | 32,269 | ||||||||||||
| 60,507 | FGLMC | 5.000 | 03/01/24 | 66,586 | ||||||||||||
| 15,667 | FGLMC | 4.500 | 04/01/24 | 16,946 | ||||||||||||
| 6,605 | FGLMC | 4.500 | 05/01/24 | 7,140 | ||||||||||||
| 46,046 | FGLMC | 4.500 | 06/01/24 | 49,825 | ||||||||||||
| 417,962 | FGLMC | 4.000 | 07/01/24 | 444,353 | ||||||||||||
| 207,108 | FGLMC | 4.000 | 07/01/24 | 219,467 | ||||||||||||
| 78,338 | FGLMC | 5.500 | 07/01/24 | 85,419 | ||||||||||||
| 417,756 | FGLMC | 4.000 | 08/01/24 | 443,941 | ||||||||||||
| 15,309 | FGLMC | 4.500 | 09/01/24 | 16,420 | ||||||||||||
| 30,272 | FGLMC | 4.500 | 09/01/24 | 32,747 | ||||||||||||
| 67,704 | FGLMC | 4.500 | 09/01/24 | 73,165 | ||||||||||||
| 15,387 | FGLMC | 5.500 | 09/01/24 | 17,107 | ||||||||||||
| 517,928 | FGLMC | 4.000 | 10/01/24 | 550,667 | ||||||||||||
| 51,795 | FGLMC | 4.500 | 10/01/24 | 56,203 | ||||||||||||
| 16,434 | FGLMC | 4.500 | 10/01/24 | 17,606 | ||||||||||||
| 16,079 | FGLMC | 4.500 | 11/01/24 | 17,215 | ||||||||||||
| 43,994 | FGLMC | 4.500 | 12/01/24 | 47,191 | ||||||||||||
| 36,069 | FGLMC | 4.500 | 02/01/25 | 38,689 | ||||||||||||
| 699,962 | FGLMC | 4.000 | 03/01/25 | 747,085 | ||||||||||||
| 20,054 | FGLMC | 4.500 | 06/01/25 | 21,697 | ||||||||||||
| 38,335 | FGLMC | 4.500 | 07/01/25 | 41,052 | ||||||||||||
| 726,707 | FGLMC | 3.500 | 10/01/25 | 764,771 | ||||||||||||
| 393,953 | FGLMC | 4.000 | 10/01/25 | 420,681 | ||||||||||||
| 1,241,220 | FGLMC | 3.500 | 11/01/25 | 1,306,202 | ||||||||||||
| 747,066 | FGLMC | 3.500 | 11/01/25 | 786,200 | ||||||||||||
| 338,507 | FGLMC | 3.500 | 12/01/25 | 355,511 | ||||||||||||
| 232,202 | FGLMC | 3.000 | 01/01/26 | 239,105 | ||||||||||||
| 2,451,439 | FGLMC | 3.500 | 01/01/26 | 2,579,951 | ||||||||||||
| 216,128 | FGLMC | 4.000 | 04/01/26 | 230,591 | ||||||||||||
| 443,197 | FGLMC | 4.000 | 05/01/26 | 472,819 | ||||||||||||
| 110,041 | FGLMC | 5.500 | 07/01/26 | 122,745 | ||||||||||||
| 1,407,684 | FGLMC | 4.000 | 08/01/26 | 1,502,388 | ||||||||||||
| 8,068 | FGLMC | 6.000 | 08/01/26 | 9,093 | ||||||||||||
| 388,756 | FGLMC | 3.000 | 09/01/26 | 400,312 | ||||||||||||
| 1,015,445 | FGLMC | 3.000 | 10/01/26 | 1,045,630 | ||||||||||||
| 1,507,532 | FGLMC | 3.500 | 10/01/26 | 1,583,257 | ||||||||||||
| 47,600 | FGLMC | 5.000 | 10/01/26 | 52,425 | ||||||||||||
| 13,077 | FGLMC | 5.500 | 10/01/26 | 14,597 | ||||||||||||
| 5,878,682 | FGLMC | 3.000 | 02/01/27 | 6,053,432 | ||||||||||||
| 3,176,709 | FGLMC | 2.500 | 05/01/27 | 3,209,017 | ||||||||||||
| 3,166,499 | FGLMC | 2.500 | 11/01/27 | 3,198,708 | ||||||||||||
| 156,252 | FGLMC | 6.000 | 12/01/27 | 176,255 | ||||||||||||
| 2,488,953 | FGLMC | 2.500 | 01/01/28 | 2,518,876 | ||||||||||||
| 6,446,738 | FGLMC | 2.500 | 03/01/28 | 6,524,265 | ||||||||||||
| 205,049 | FGLMC | 5.000 | 03/01/28 | 227,349 | ||||||||||||
| 3,505,873 | FGLMC | 2.500 | 05/01/28 | 3,548,041 | ||||||||||||
| 20,856 | FGLMC | 5.500 | 05/01/28 | 23,269 | ||||||||||||
| 99 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 9,499,382 | FGLMC | 2.500 | % | 07/01/28 | $ | 9,613,641 | |||||||||
| 8,951,064 | FGLMC | 2.500 | 07/01/28 | 9,058,736 | ||||||||||||
| 2,679,530 | FGLMC | 3.000 | 10/01/28 | 2,759,182 | ||||||||||||
| 216 | FGLMC | 6.500 | 10/01/28 | 244 | ||||||||||||
| 173,492 | FGLMC | 5.500 | 01/01/29 | 193,491 | ||||||||||||
| 5,164 | FGLMC | 6.500 | 01/01/29 | 5,838 | ||||||||||||
| 31,164 | FGLMC | 4.000 | 02/01/29 | 33,139 | ||||||||||||
| 5,255,588 | FGLMC | 3.500 | 03/01/29 | 5,522,391 | ||||||||||||
| 1,371 | FGLMC | 6.500 | 03/01/29 | 1,594 | ||||||||||||
| 168,259 | FGLMC | 4.500 | 04/01/29 | 181,553 | ||||||||||||
| 10,049,255 | FGLMC | 3.000 | 07/01/29 | 10,347,980 | ||||||||||||
| 16,236 | FGLMC | 6.500 | 07/01/29 | 18,358 | ||||||||||||
| 47,850 | FGLMC | 5.000 | 12/01/29 | 52,873 | ||||||||||||
| 73,881 | FGLMC | 4.000 | 08/01/30 | 78,599 | ||||||||||||
| 421,914 | FGLMC | 4.500 | 01/01/31 | 458,652 | ||||||||||||
| 799 | FGLMC | 8.000 | 01/01/31 | 921 | ||||||||||||
| 485,618 | FGLMC | 4.000 | 03/01/31 | 518,320 | ||||||||||||
| 58,926 | FGLMC | 4.000 | 05/01/31 | 62,902 | ||||||||||||
| 480,298 | FGLMC | 4.500 | 05/01/31 | 522,516 | ||||||||||||
| 198,497 | FGLMC | 4.000 | 06/01/31 | 211,892 | ||||||||||||
| 598,381 | FGLMC | 4.000 | 08/01/31 | 638,710 | ||||||||||||
| 556,292 | FGLMC | 4.000 | 09/01/31 | 593,842 | ||||||||||||
| 7,732 | FGLMC | 6.500 | 09/01/31 | 8,742 | ||||||||||||
| 19,534 | FGLMC | 8.000 | 09/01/31 | 22,923 | ||||||||||||
| 266,299 | FGLMC | 3.500 | 11/01/31 | 277,340 | ||||||||||||
| 111,420 | FGLMC | 7.000 | 12/01/31 | 129,744 | ||||||||||||
| 40,811 | FGLMC | 6.500 | 01/01/32 | 46,983 | ||||||||||||
| 90,521 | FGLMC | 6.000 | 02/01/32 | 103,361 | ||||||||||||
| 3,663,039 | FGLMC | 3.000 | 03/01/32 | 3,733,999 | ||||||||||||
| 37,129 | FGLMC | 7.000 | 04/01/32 | 42,611 | ||||||||||||
| 36,333 | FGLMC | 6.500 | 05/01/32 | 42,497 | ||||||||||||
| 2,906,227 | FGLMC | 3.500 | 09/01/32 | 3,024,982 | ||||||||||||
| 30,104 | FGLMC | 5.500 | 11/01/32 | 33,735 | ||||||||||||
| 36,114 | FGLMC | 6.000 | 02/01/33 | 41,225 | ||||||||||||
| 131,303 | FGLMC | 5.000 | 03/01/33 | 144,984 | ||||||||||||
| 6,537 | FGLMC | 6.000 | 03/01/33 | 7,366 | ||||||||||||
| 90,276 | FGLMC | 6.000 | 03/01/33 | 102,766 | ||||||||||||
| 130,149 | FGLMC | 6.000 | 03/01/33 | 146,655 | ||||||||||||
| 57,879 | FGLMC | 5.000 | 04/01/33 | 63,990 | ||||||||||||
| 14,799 | FGLMC | 6.000 | 04/01/33 | 16,899 | ||||||||||||
| 1,160,503 | FGLMC | 5.000 | 06/01/33 | 1,281,349 | ||||||||||||
| 309,413 | FGLMC | 5.500 | 06/01/33 | 347,414 | ||||||||||||
| 4,677,670 | FGLMC | 3.500 | 07/01/33 | 4,864,524 | ||||||||||||
| 121,625 | FGLMC | 4.500 | 07/01/33 | 131,504 | ||||||||||||
| 131,113 | FGLMC | 5.000 | 08/01/33 | 144,286 | ||||||||||||
| 12,751 | FGLMC | 5.000 | 08/01/33 | 14,032 | ||||||||||||
| 37,662 | FGLMC | 6.500 | 08/01/33 | 43,444 | ||||||||||||
| 369,008 | FGLMC | 5.000 | 09/01/33 | 413,252 | ||||||||||||
| 59,866 | FGLMC | 5.500 | 09/01/33 | 67,020 | ||||||||||||
| 174,205 | FGLMC | 5.500 | 09/01/33 | 197,861 | ||||||||||||
| 158,251 | FGLMC | 5.500 | 09/01/33 | 178,440 | ||||||||||||
| 148,244 | FGLMC | 5.500 | 09/01/33 | 167,185 | ||||||||||||
| 100 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 60,382 | FGLMC | 4.000 | % | 10/01/33 | $ | 63,917 | |||||||||
| 28,964 | FGLMC | 5.000 | 10/01/33 | 31,990 | ||||||||||||
| 217,226 | FGLMC | 5.500 | 10/01/33 | 244,765 | ||||||||||||
| 64,492 | FGLMC | 5.500 | 12/01/33 | 72,252 | ||||||||||||
| 221,910 | FGLMC | 5.500 | 12/01/33 | 249,056 | ||||||||||||
| 723,578 | FGLMC | 7.000 | 12/01/33 | 846,757 | ||||||||||||
| 632,858 | FGLMC | 5.000 | 01/01/34 | 699,478 | ||||||||||||
| 15,419 | FGLMC | 5.500 | 02/01/34 | 17,323 | ||||||||||||
| 75,942 | FGLMC | 5.000 | 03/01/34 | 83,867 | ||||||||||||
| 95,477 | FGLMC | 5.500 | 03/01/34 | 107,324 | ||||||||||||
| 190,847 | FGLMC | 5.000 | 05/01/34 | 210,978 | ||||||||||||
| 100,619 | FGLMC | 4.500 | 06/01/34 | 109,147 | ||||||||||||
| 200,670 | FGLMC | 5.000 | 06/01/34 | 221,432 | ||||||||||||
| 69,405 | FGLMC | 5.500 | 06/01/34 | 77,749 | ||||||||||||
| 48,318 | FGLMC | 6.000 | 06/01/34 | 55,191 | ||||||||||||
| 141,409 | FGLMC | 6.000 | 09/01/34 | 161,467 | ||||||||||||
| 18,995 | FGLMC | 5.000 | 11/01/34 | 21,154 | ||||||||||||
| 834,162 | FGLMC | 5.500 | 11/01/34 | 934,020 | ||||||||||||
| 615,474 | FGLMC | 5.000 | 12/01/34 | 680,565 | ||||||||||||
| 45,877 | FGLMC | 5.500 | 12/01/34 | 51,497 | ||||||||||||
| 106,666 | FGLMC | 5.500 | 12/01/34 | 119,876 | ||||||||||||
| 11,197 | FGLMC | 5.500 | 01/01/35 | 12,558 | ||||||||||||
| 5,986 | FGLMC | 5.500 | 01/01/35 | 6,727 | ||||||||||||
| 43,482 | FGLMC | 5.500 | 01/01/35 | 48,712 | ||||||||||||
| 283,103 | FGLMC | 4.500 | 04/01/35 | 307,104 | ||||||||||||
| 278,844 | FGLMC | 6.000 | 05/01/35 | 318,880 | ||||||||||||
| 39,220 | FGLMC | 6.000 | 05/01/35 | 44,778 | ||||||||||||
| 255,943 | FGLMC | 7.000 | 05/01/35 | 293,456 | ||||||||||||
| 37,744 | FGLMC | 5.500 | 06/01/35 | 42,404 | ||||||||||||
| 60,962 | FGLMC | 5.500 | 06/01/35 | 68,480 | ||||||||||||
| 36,947 | FGLMC | 5.000 | 07/01/35 | 40,783 | ||||||||||||
| 1,109,158 | FGLMC | 5.000 | 07/01/35 | 1,226,626 | ||||||||||||
| 39,648 | FGLMC | 6.000 | 07/01/35 | 44,682 | ||||||||||||
| 1,651,626 | FGLMC | 5.000 | 08/01/35 | 1,826,117 | ||||||||||||
| 45,355 | FGLMC | 5.500 | 08/01/35 | 50,366 | ||||||||||||
| 100,052 | FGLMC | 6.000 | 08/01/35 | 112,664 | ||||||||||||
| 23,517 | FGLMC | 4.500 | 09/01/35 | 25,447 | ||||||||||||
| 225,760 | FGLMC | 5.000 | 10/01/35 | 248,997 | ||||||||||||
| 155,415 | FGLMC | 5.000 | 10/01/35 | 171,834 | ||||||||||||
| 37,489 | FGLMC | 5.000 | 10/01/35 | 41,407 | ||||||||||||
| 819,653 | FGLMC | 5.500 | 10/01/35 | 919,908 | ||||||||||||
| 148,205 | FGLMC | 5.000 | 12/01/35 | 163,731 | ||||||||||||
| 27,040 | FGLMC | 5.000 | 12/01/35 | 29,897 | ||||||||||||
| 70,424 | FGLMC | 6.000 | 01/01/36 | 80,048 | ||||||||||||
| 52,250 | FGLMC | 5.000 | 02/01/36 | 57,774 | ||||||||||||
| 22,506 | FGLMC | 5.000 | 02/01/36 | 24,866 | ||||||||||||
| 27,514 | FGLMC | 6.000 | 02/01/36 | 31,329 | ||||||||||||
| 276,583 | FGLMC | 5.500 | 04/01/36 | 307,045 | ||||||||||||
| 35,444 | FGLMC | 5.500 | 05/01/36 | 39,704 | ||||||||||||
| 4,609 | FGLMC | 6.500 | 05/01/36 | 5,212 | ||||||||||||
| 1,038,508 | FGLMC | 6.000 | 06/01/36 | 1,179,241 | ||||||||||||
| 214,437 | FGLMC | 5.000 | 07/01/36 | 236,973 | ||||||||||||
| 101 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 214,271 | FGLMC | 6.000 | % | 07/01/36 | $ | 244,332 | |||||||||
| 35,346 | FGLMC | 6.000 | 08/01/36 | 39,997 | ||||||||||||
| 32,040 | FGLMC | 6.000 | 09/01/36 | 36,659 | ||||||||||||
| 1,045,314 | FGLMC | 5.500 | 10/01/36 | 1,165,055 | ||||||||||||
| 742,375 | FGLMC | 5.500 | 10/01/36 | 826,869 | ||||||||||||
| 101,148 | FGLMC | 6.500 | 10/01/36 | 116,982 | ||||||||||||
| 43,278 | FGLMC | 5.500 | 11/01/36 | 48,120 | ||||||||||||
| 106,527 | FGLMC | 6.000 | 11/01/36 | 120,908 | ||||||||||||
| 585,483 | FGLMC | 6.000 | 12/01/36 | 663,661 | ||||||||||||
| 905,364 | FGLMC | 5.500 | 03/01/37 | 1,007,039 | ||||||||||||
| 321,434 | FGLMC | 6.000 | 03/01/37 | 362,552 | ||||||||||||
| 55,998 | FGLMC | 6.500 | 03/01/37 | 63,317 | ||||||||||||
| 330,850 | FGLMC | 5.500 | 04/01/37 | 368,517 | ||||||||||||
| 37,704 | FGLMC | 5.000 | 05/01/37 | 41,492 | ||||||||||||
| 28,784 | FGLMC | 5.000 | 06/01/37 | 31,676 | ||||||||||||
| 159,985 | FGLMC | 5.500 | 06/01/37 | 178,145 | ||||||||||||
| 620,837 | FGLMC | 6.000 | 07/01/37 | 700,531 | ||||||||||||
| 222,723 | FGLMC | 6.000 | 08/01/37 | 254,606 | ||||||||||||
| 90,177 | FGLMC | 6.000 | 09/01/37 | 103,056 | ||||||||||||
| 950,829 | FGLMC | 5.500 | 10/01/37 | 1,069,520 | ||||||||||||
| 32,248 | FGLMC | 6.000 | 11/01/37 | 36,346 | ||||||||||||
| 248,563 | FGLMC | 6.500 | 11/01/37 | 281,051 | ||||||||||||
| 109,046 | FGLMC | 6.000 | 01/01/38 | 122,957 | ||||||||||||
| 46,882 | FGLMC | 6.000 | 02/01/38 | 52,837 | ||||||||||||
| 391,746 | FGLMC | 6.000 | 02/01/38 | 441,823 | ||||||||||||
| 1,504,352 | FGLMC | 5.000 | 03/01/38 | 1,659,157 | ||||||||||||
| 465,362 | FGLMC | 5.000 | 03/01/38 | 512,117 | ||||||||||||
| 544,484 | FGLMC | 5.000 | 04/01/38 | 604,642 | ||||||||||||
| 54,074 | FGLMC | 5.000 | 04/01/38 | 60,310 | ||||||||||||
| 702,478 | FGLMC | 5.500 | 04/01/38 | 779,665 | ||||||||||||
| 169,286 | FGLMC | 5.500 | 05/01/38 | 188,561 | ||||||||||||
| 19,322 | FGLMC | 5.500 | 06/01/38 | 21,490 | ||||||||||||
| 51,732 | FGLMC | 6.000 | 07/01/38 | 58,305 | ||||||||||||
| 85,366 | FGLMC | 5.500 | 08/01/38 | 95,472 | ||||||||||||
| 656,634 | FGLMC | 5.500 | 08/01/38 | 731,351 | ||||||||||||
| 76,579 | FGLMC | 5.000 | 09/01/38 | 84,272 | ||||||||||||
| 287,698 | FGLMC | 5.500 | 09/01/38 | 320,453 | ||||||||||||
| 1,039,801 | FGLMC | 5.500 | 09/01/38 | 1,157,242 | ||||||||||||
| 15,715 | FGLMC | 5.500 | 10/01/38 | 17,512 | ||||||||||||
| 383,832 | FGLMC | 6.000 | 11/01/38 | 432,499 | ||||||||||||
| 2,634,141 | FGLMC | 5.500 | 01/01/39 | 2,933,290 | ||||||||||||
| 2,192,937 | FGLMC | 4.500 | 02/01/39 | 2,366,211 | ||||||||||||
| 1,093,965 | FGLMC | 5.000 | 02/01/39 | 1,203,874 | ||||||||||||
| 75,497 | FGLMC | 5.500 | 02/01/39 | 84,026 | ||||||||||||
| 13,885 | FGLMC | 4.500 | 03/01/39 | 14,982 | ||||||||||||
| 387,660 | FGLMC | 5.000 | 03/01/39 | 430,238 | ||||||||||||
| 58,960 | FGLMC | 6.000 | 03/01/39 | 66,394 | ||||||||||||
| 57,233 | FGLMC | 4.500 | 04/01/39 | 62,463 | ||||||||||||
| 2,546,033 | FGLMC | 4.500 | 04/01/39 | 2,759,025 | ||||||||||||
| 760,378 | FGLMC | 4.000 | 05/01/39 | 801,624 | ||||||||||||
| 421,983 | FGLMC | 4.500 | 05/01/39 | 455,325 | ||||||||||||
| 8,714,683 | FGLMC | 4.500 | 05/01/39 | 9,485,712 | ||||||||||||
| 102 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 20,015 | FGLMC | 4.500 | % | 05/01/39 | $ | 21,596 | |||||||||
| 1,472,144 | FGLMC | 4.500 | 05/01/39 | 1,588,466 | ||||||||||||
| 378,886 | FGLMC | 5.000 | 05/01/39 | 418,483 | ||||||||||||
| 950,372 | FGLMC | 4.000 | 06/01/39 | 1,001,924 | ||||||||||||
| 208,668 | FGLMC | 4.500 | 06/01/39 | 225,156 | ||||||||||||
| 4,729,285 | FGLMC | 4.500 | 06/01/39 | 5,102,969 | ||||||||||||
| 77,733 | FGLMC | 5.000 | 06/01/39 | 85,945 | ||||||||||||
| 31,480 | FGLMC | 5.500 | 06/01/39 | 35,044 | ||||||||||||
| 1,105,372 | FGLMC | 4.000 | 07/01/39 | 1,165,332 | ||||||||||||
| 47,525 | FGLMC | 4.500 | 07/01/39 | 51,280 | ||||||||||||
| 93,916 | FGLMC | 4.500 | 07/01/39 | 101,361 | ||||||||||||
| 576,385 | FGLMC | 4.500 | 07/01/39 | 621,928 | ||||||||||||
| 329,431 | FGLMC | 5.000 | 07/01/39 | 363,292 | ||||||||||||
| 523,488 | FGLMC | 5.500 | 07/01/39 | 583,020 | ||||||||||||
| 44,352 | FGLMC | 4.500 | 08/01/39 | 47,857 | ||||||||||||
| 118,513 | FGLMC | 5.000 | 08/01/39 | 130,681 | ||||||||||||
| 555,760 | FGLMC | 4.000 | 09/01/39 | 585,907 | ||||||||||||
| 2,887,512 | FGLMC | 5.000 | 09/01/39 | 3,177,618 | ||||||||||||
| 882,206 | FGLMC | 5.000 | 09/01/39 | 980,516 | ||||||||||||
| 27,220 | FGLMC | 5.500 | 09/01/39 | 30,726 | ||||||||||||
| 1,277,113 | FGLMC | 6.500 | 09/01/39 | 1,444,038 | ||||||||||||
| 123,075 | FGLMC | 4.500 | 10/01/39 | 134,385 | ||||||||||||
| 376,435 | FGLMC | 4.500 | 10/01/39 | 406,179 | ||||||||||||
| 157,559 | FGLMC | 4.500 | 10/01/39 | 172,051 | ||||||||||||
| 63,545 | FGLMC | 4.000 | 11/01/39 | 66,992 | ||||||||||||
| 273,700 | FGLMC | 4.500 | 11/01/39 | 295,326 | ||||||||||||
| 93,280 | FGLMC | 5.000 | 11/01/39 | 102,995 | ||||||||||||
| 16,421 | FGLMC | 5.000 | 11/01/39 | 18,085 | ||||||||||||
| 517,442 | FGLMC | 4.500 | 12/01/39 | 558,517 | ||||||||||||
| 890,717 | FGLMC | 4.500 | 12/01/39 | 969,835 | ||||||||||||
| 222,454 | FGLMC | 4.500 | 12/01/39 | 240,158 | ||||||||||||
| 310,415 | FGLMC | 4.500 | 12/01/39 | 337,907 | ||||||||||||
| 439,055 | FGLMC | 5.500 | 12/01/39 | 489,005 | ||||||||||||
| 521,136 | FGLMC | 4.500 | 01/01/40 | 562,526 | ||||||||||||
| 41,357 | FGLMC | 5.000 | 01/01/40 | 45,965 | ||||||||||||
| 93,849 | FGLMC | 5.500 | 01/01/40 | 104,332 | ||||||||||||
| 174,660 | FGLMC | 5.500 | 03/01/40 | 194,587 | ||||||||||||
| 2,248,442 | FGLMC | 4.000 | 04/01/40 | 2,370,406 | ||||||||||||
| 383,955 | FGLMC | 4.500 | 04/01/40 | 414,573 | ||||||||||||
| 82,940 | FGLMC | 4.500 | 04/01/40 | 90,302 | ||||||||||||
| 257,140 | FGLMC | 5.000 | 04/01/40 | 284,438 | ||||||||||||
| 617,061 | FGLMC | 5.000 | 04/01/40 | 682,647 | ||||||||||||
| 2,348,013 | FGLMC | 6.000 | 04/01/40 | 2,646,720 | ||||||||||||
| 6,012,443 | FGLMC | 4.500 | 05/01/40 | 6,491,544 | ||||||||||||
| 3,825,694 | FGLMC | 5.000 | 05/01/40 | 4,260,636 | ||||||||||||
| 13,726 | FGLMC | 4.500 | 06/01/40 | 14,816 | ||||||||||||
| 1,555,494 | FGLMC | 5.500 | 06/01/40 | 1,740,717 | ||||||||||||
| 2,915,535 | FGLMC | 4.500 | 07/01/40 | 3,148,306 | ||||||||||||
| 59,462 | FGLMC | 4.500 | 08/01/40 | 64,192 | ||||||||||||
| 1,497,436 | FGLMC | 5.000 | 08/01/40 | 1,656,286 | ||||||||||||
| 643,447 | FGLMC | 5.000 | 08/01/40 | 711,832 | ||||||||||||
| 150,760 | FGLMC | 5.000 | 08/01/40 | 166,784 | ||||||||||||
| 103 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 9,947,597 | FGLMC | 5.500 | % | 08/01/40 | $ | 11,075,542 | |||||||||
| 823,144 | FGLMC | 4.000 | 09/01/40 | 867,795 | ||||||||||||
| 7,426,189 | FGLMC | 4.000 | 11/01/40 | 7,837,860 | ||||||||||||
| 4,260,900 | FGLMC | 4.000 | 12/01/40 | 4,497,163 | ||||||||||||
| 977,193 | FGLMC | 3.500 | 01/01/41 | 998,612 | ||||||||||||
| 1,249,615 | FGLMC | 3.500 | 01/01/41 | 1,277,006 | ||||||||||||
| 804,579 | FGLMC | 4.000 | 01/01/41 | 848,222 | ||||||||||||
| 710,758 | FGLMC | 3.500 | 02/01/41 | 726,337 | ||||||||||||
| 3,235,096 | FGLMC | 4.000 | 02/01/41 | 3,410,580 | ||||||||||||
| 1,165,370 | FGLMC | 4.000 | 02/01/41 | 1,228,584 | ||||||||||||
| 4,794,630 | FGLMC | 4.000 | 04/01/41 | 5,054,710 | ||||||||||||
| 980,062 | FGLMC | 4.500 | 04/01/41 | 1,057,928 | ||||||||||||
| 250,565 | FGLMC | 5.000 | 04/01/41 | 277,172 | ||||||||||||
| 985,049 | FGLMC | 4.500 | 05/01/41 | 1,063,444 | ||||||||||||
| 1,193,523 | FGLMC | 4.500 | 06/01/41 | 1,288,569 | ||||||||||||
| 2,561,369 | FGLMC | 3.500 | 10/01/41 | 2,617,511 | ||||||||||||
| 2,309,674 | FGLMC | 5.000 | 10/01/41 | 2,554,955 | ||||||||||||
| 2,924,978 | FGLMC | 3.500 | 11/01/41 | 2,991,650 | ||||||||||||
| 1,526,546 | FGLMC | 4.500 | 12/01/41 | 1,647,791 | ||||||||||||
| 10,242,685 | FGLMC | 3.500 | 01/01/42 | 10,467,193 | ||||||||||||
| 3,031,619 | FGLMC | 3.500 | 02/01/42 | 3,098,069 | ||||||||||||
| 3,860,312 | FGLMC | 3.500 | 04/01/42 | 3,944,925 | ||||||||||||
| 6,973,309 | FGLMC | 4.000 | 05/01/42 | 7,360,794 | ||||||||||||
| 4,236,518 | FGLMC | 3.500 | 07/01/42 | 4,333,748 | ||||||||||||
| 1,100,144 | FGLMC | 3.000 | 08/01/42 | 1,087,715 | ||||||||||||
| 4,443,479 | FGLMC | 3.000 | 10/01/42 | 4,393,280 | ||||||||||||
| 6,578,767 | FGLMC | 3.000 | 10/01/42 | 6,504,445 | ||||||||||||
| 2,137,524 | FGLMC | 3.500 | 12/01/42 | 2,184,376 | ||||||||||||
| 5,289,727 | FGLMC | 2.500 | 01/01/43 | 5,002,439 | ||||||||||||
| 12,158,333 | FGLMC | 3.000 | 01/01/43 | 12,020,977 | ||||||||||||
| 18,484,598 | FGLMC | 3.000 | 04/01/43 | 18,275,772 | ||||||||||||
| 7,309,900 | FGLMC | 3.500 | 05/01/43 | 7,470,125 | ||||||||||||
| 4,747,937 | FGLMC | 3.000 | 08/01/43 | 4,694,299 | ||||||||||||
| 7,131,555 | FGLMC | 3.000 | 08/01/43 | 7,050,988 | ||||||||||||
| 7,519,914 | FGLMC | 3.500 | 08/01/43 | 7,684,742 | ||||||||||||
| 4,818,514 | FGLMC | 4.500 | 10/01/43 | 5,208,345 | ||||||||||||
| 6,890,068 | FGLMC | 4.000 | 11/01/43 | 7,263,812 | ||||||||||||
| 9,688,147 | FGLMC | 3.500 | 02/01/44 | 9,900,500 | ||||||||||||
| 9,258,850 | FGLMC | 4.000 | 02/01/44 | 9,761,086 | ||||||||||||
| 4,840,966 | FGLMC | 4.000 | 04/01/44 | 5,103,559 | ||||||||||||
| 6,555,872 | FGLMC | 4.500 | 05/01/44 | 7,086,634 | ||||||||||||
| 10,866,025 | FGLMC | 4.000 | 06/01/44 | 11,455,441 | ||||||||||||
| 70 | Federal National Mortgage Association (FNMA) | 6.000 | 04/01/16 | 70 | ||||||||||||
| 12,928 | FNMA | 5.500 | 09/01/16 | 13,673 | ||||||||||||
| 1,690 | FNMA | 6.500 | 10/01/16 | 1,739 | ||||||||||||
| 19,265 | FNMA | 6.500 | 11/01/16 | 19,961 | ||||||||||||
| 11,305 | FNMA | 6.500 | 04/01/17 | 11,854 | ||||||||||||
| 11,248 | FNMA | 6.000 | 05/01/17 | 11,784 | ||||||||||||
| 45,009 | FNMA | 5.000 | 09/01/17 | 47,505 | ||||||||||||
| 7,579 | FNMA | 6.000 | 11/01/17 | 7,888 | ||||||||||||
| 516,676 | FNMA | 5.000 | 12/01/17 | 545,369 | ||||||||||||
| 99,936 | FNMA | 5.000 | 12/01/17 | 105,478 | ||||||||||||
| 104 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 7,214 | FNMA | 5.000 | % | 12/01/17 | $ | 7,616 | |||||||||
| 807,713 | FNMA | 5.000 | 01/01/18 | 852,681 | ||||||||||||
| 728,707 | FNMA | 4.500 | 02/01/18 | 769,479 | ||||||||||||
| 111,220 | FNMA | 4.500 | 04/01/18 | 117,472 | ||||||||||||
| 21,616 | FNMA | 5.000 | 04/01/18 | 22,824 | ||||||||||||
| 177,121 | FNMA | 5.500 | 04/01/18 | 187,542 | ||||||||||||
| 18,009 | FNMA | 5.500 | 04/01/18 | 19,076 | ||||||||||||
| 9,178 | FNMA | 5.500 | 05/01/18 | 9,715 | ||||||||||||
| 314,347 | FNMA | 4.500 | 06/01/18 | 331,858 | ||||||||||||
| 33,084 | FNMA | 4.000 | 08/01/18 | 35,057 | ||||||||||||
| 387,991 | FNMA | 4.000 | 08/01/18 | 410,978 | ||||||||||||
| 95,891 | FNMA | 4.500 | 09/01/18 | 101,350 | ||||||||||||
| 68,194 | FNMA | 4.500 | 10/01/18 | 72,035 | ||||||||||||
| 212,662 | FNMA | 5.000 | 11/01/18 | 226,633 | ||||||||||||
| 3,913 | FNMA | 5.000 | 01/01/19 | 4,131 | ||||||||||||
| 11,114 | FNMA | 6.000 | 01/01/19 | 12,548 | ||||||||||||
| 23,490 | FNMA | 4.500 | 05/01/19 | 24,856 | ||||||||||||
| 10,201 | FNMA | 4.500 | 06/01/19 | 10,796 | ||||||||||||
| 54,345 | FNMA | 4.500 | 06/01/19 | 57,539 | ||||||||||||
| 59,743 | FNMA | 5.000 | 07/01/19 | 63,074 | ||||||||||||
| 292,479 | FNMA | 5.000 | 10/01/19 | 311,861 | ||||||||||||
| 38,877 | FNMA | 4.500 | 11/01/19 | 41,159 | ||||||||||||
| 34,538 | FNMA | 4.500 | 12/01/19 | 36,578 | ||||||||||||
| 39,675 | FNMA | 5.000 | 03/01/20 | 41,900 | ||||||||||||
| 14,043 | FNMA | 5.000 | 04/01/20 | 14,970 | ||||||||||||
| 25,947 | FNMA | 4.500 | 06/01/20 | 27,473 | ||||||||||||
| 19,236 | FNMA | 4.500 | 09/01/20 | 20,369 | ||||||||||||
| 19,588 | FNMA | 4.500 | 10/01/20 | 20,841 | ||||||||||||
| 28,518 | FNMA | 4.500 | 11/01/20 | 30,199 | ||||||||||||
| 56,976 | FNMA | 5.000 | 12/01/20 | 60,953 | ||||||||||||
| 149,722 | FNMA | 5.500 | 01/01/21 | 158,503 | ||||||||||||
| 1,564,588 | FNMA | 5.500 | 01/01/21 | 1,657,386 | ||||||||||||
| 65,009 | FNMA | 5.000 | 03/01/21 | 68,662 | ||||||||||||
| 48,056 | FNMA | 5.500 | 08/01/21 | 52,632 | ||||||||||||
| 13,512 | FNMA | 6.000 | 08/01/21 | 14,598 | ||||||||||||
| 9,389 | FNMA | 5.000 | 10/01/21 | 10,010 | ||||||||||||
| 23,232 | FNMA | 5.000 | 11/01/21 | 24,763 | ||||||||||||
| 10,799 | FNMA | 5.500 | 11/01/21 | 11,805 | ||||||||||||
| 31,495 | FNMA | 5.500 | 10/01/22 | 34,397 | ||||||||||||
| 15,665 | FNMA | 6.000 | 10/01/22 | 17,222 | ||||||||||||
| 8,754 | FNMA | 5.000 | 03/01/23 | 9,445 | ||||||||||||
| 26,460 | FNMA | 4.500 | 04/01/23 | 28,441 | ||||||||||||
| 217,897 | FNMA | 4.500 | 06/01/23 | 234,188 | ||||||||||||
| 19,186 | FNMA | 5.000 | 06/01/23 | 20,756 | ||||||||||||
| 22,344 | FNMA | 5.500 | 06/01/23 | 24,862 | ||||||||||||
| 232,194 | FNMA | 5.000 | 07/01/23 | 251,130 | ||||||||||||
| 48,188 | FNMA | 5.000 | 07/01/23 | 51,300 | ||||||||||||
| 26,728 | FNMA | 5.500 | 08/01/23 | 29,241 | ||||||||||||
| 42,089 | FNMA | 5.000 | 11/01/23 | 46,423 | ||||||||||||
| 15,045 | FNMA | 5.500 | 11/01/23 | 16,360 | ||||||||||||
| 546,685 | FNMA | 5.500 | 01/01/24 | 601,144 | ||||||||||||
| 38,963 | FNMA | 5.500 | 02/01/24 | 43,499 | ||||||||||||
| 105 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 209,754 | FNMA | 4.000 | % | 03/01/24 | $ | 223,837 | |||||||||
| 15,246 | FNMA | 4.500 | 04/01/24 | 16,279 | ||||||||||||
| 815,608 | FNMA | 4.000 | 05/01/24 | 869,852 | ||||||||||||
| 247,728 | FNMA | 4.000 | 05/01/24 | 264,297 | ||||||||||||
| 19,388 | FNMA | 4.000 | 06/01/24 | 20,695 | ||||||||||||
| 24,996 | FNMA | 4.500 | 07/01/24 | 27,009 | ||||||||||||
| 21,716 | FNMA | 5.500 | 07/01/24 | 24,245 | ||||||||||||
| 412 | FNMA | 8.000 | 07/01/24 | 490 | ||||||||||||
| 125,795 | FNMA | 4.500 | 08/01/24 | 134,239 | ||||||||||||
| 472,341 | FNMA | 4.000 | 09/01/24 | 504,192 | ||||||||||||
| 113,199 | FNMA | 4.000 | 09/01/24 | 120,803 | ||||||||||||
| 56,571 | FNMA | 4.500 | 09/01/24 | 60,398 | ||||||||||||
| 1,046,627 | FNMA | 4.500 | 10/01/24 | 1,117,582 | ||||||||||||
| 54,513 | FNMA | 5.000 | 01/01/25 | 60,125 | ||||||||||||
| 102,274 | FNMA | 4.500 | 02/01/25 | 109,123 | ||||||||||||
| 20,990 | FNMA | 4.500 | 03/01/25 | 22,409 | ||||||||||||
| 771,610 | FNMA | 4.500 | 03/01/25 | 823,825 | ||||||||||||
| 226,004 | FNMA | 5.000 | 03/01/25 | 249,270 | ||||||||||||
| 592,332 | FNMA | 4.500 | 04/01/25 | 632,447 | ||||||||||||
| 233,269 | FNMA | 4.500 | 04/01/25 | 249,058 | ||||||||||||
| 2,619,326 | FNMA | 4.000 | 05/01/25 | 2,795,539 | ||||||||||||
| 790,287 | FNMA | 4.000 | 06/01/25 | 843,228 | ||||||||||||
| 669,662 | FNMA | 4.500 | 06/01/25 | 714,303 | ||||||||||||
| 256,911 | FNMA | 4.000 | 08/01/25 | 274,181 | ||||||||||||
| 104,608 | FNMA | 5.500 | 08/01/25 | 117,980 | ||||||||||||
| 1,383,575 | FNMA | 3.500 | 09/01/25 | 1,457,448 | ||||||||||||
| 1,306,156 | FNMA | 4.000 | 09/01/25 | 1,393,957 | ||||||||||||
| 1,493,272 | FNMA | 3.500 | 10/01/25 | 1,571,432 | ||||||||||||
| 1,533,384 | FNMA | 3.500 | 10/01/25 | 1,615,287 | ||||||||||||
| 497,262 | FNMA | 5.000 | 10/01/25 | 548,454 | ||||||||||||
| 951,873 | FNMA | 4.000 | 11/01/25 | 1,015,898 | ||||||||||||
| 1,418,106 | FNMA | 3.500 | 12/01/25 | 1,493,862 | ||||||||||||
| 974,165 | FNMA | 3.500 | 02/01/26 | 1,026,259 | ||||||||||||
| 6,053,184 | FNMA | 3.500 | 02/01/26 | 6,376,870 | ||||||||||||
| 308,260 | FNMA | 4.000 | 03/01/26 | 329,088 | ||||||||||||
| 863,407 | FNMA | 4.000 | 06/01/26 | 921,633 | ||||||||||||
| 829,934 | FNMA | 3.500 | 08/01/26 | 874,299 | ||||||||||||
| 641,653 | FNMA | 3.500 | 09/01/26 | 675,891 | ||||||||||||
| 371,151 | FNMA | 4.000 | 09/01/26 | 396,103 | ||||||||||||
| 968,390 | FNMA | 3.500 | 10/01/26 | 1,020,004 | ||||||||||||
| 20,361 | FNMA | 6.000 | 10/01/26 | 23,165 | ||||||||||||
| 1,388,731 | FNMA | 3.000 | 11/01/26 | 1,435,239 | ||||||||||||
| 1,136,488 | FNMA | 3.000 | 12/01/26 | 1,174,547 | ||||||||||||
| 3,075,629 | FNMA | 3.000 | 01/01/27 | 3,178,696 | ||||||||||||
| 2,380,158 | FNMA | 3.500 | 02/01/27 | 2,507,130 | ||||||||||||
| 2,250,021 | FNMA | 3.000 | 04/01/27 | 2,325,433 | ||||||||||||
| 3,598,570 | FNMA | 3.000 | 04/01/27 | 3,719,186 | ||||||||||||
| 1,472,868 | FNMA | 3.500 | 05/01/27 | 1,551,555 | ||||||||||||
| 1,305,311 | FNMA | 2.500 | 06/01/27 | 1,320,535 | ||||||||||||
| 3,762,682 | FNMA | 3.000 | 06/01/27 | 3,888,819 | ||||||||||||
| 1,587,085 | FNMA | 2.500 | 07/01/27 | 1,605,612 | ||||||||||||
| 3,133,925 | FNMA | 2.500 | 09/01/27 | 3,170,512 | ||||||||||||
| 106 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 56,432 | FNMA | 5.500 | % | 09/01/27 | $ | 63,554 | |||||||||
| 5,449,160 | FNMA | 2.500 | 10/01/27 | 5,512,777 | ||||||||||||
| 3,653,658 | FNMA | 3.000 | 11/01/27 | 3,776,075 | ||||||||||||
| 7,475 | FNMA | 5.500 | 01/01/28 | 8,349 | ||||||||||||
| 12,545,029 | FNMA | 2.500 | 02/01/28 | 12,691,502 | ||||||||||||
| 9,382,968 | FNMA | 2.500 | 02/01/28 | 9,492,528 | ||||||||||||
| 6,295 | FNMA | 5.000 | 02/01/28 | 6,943 | ||||||||||||
| 10,218,235 | FNMA | 2.500 | 04/01/28 | 10,337,560 | ||||||||||||
| 6,951,931 | FNMA | 2.500 | 04/01/28 | 7,033,114 | ||||||||||||
| 39,168 | FNMA | 5.500 | 06/01/28 | 43,744 | ||||||||||||
| 2,700,339 | FNMA | 2.500 | 07/01/28 | 2,731,879 | ||||||||||||
| 5,450,352 | FNMA | 2.500 | 08/01/28 | 5,514,016 | ||||||||||||
| 7,885,579 | FNMA | 3.000 | 10/01/28 | 8,133,160 | ||||||||||||
| 6,292 | FNMA | 5.500 | 11/01/28 | 7,029 | ||||||||||||
| 30 | FNMA | 7.500 | 01/01/29 | 35 | ||||||||||||
| 53,416 | FNMA | 4.000 | 03/01/29 | 56,826 | ||||||||||||
| 191,685 | FNMA | 4.500 | 04/01/29 | 206,929 | ||||||||||||
| 444 | FNMA | 6.500 | 04/01/29 | 502 | ||||||||||||
| 133,551 | FNMA | 4.000 | 05/01/29 | 142,086 | ||||||||||||
| 70,835 | FNMA | 4.500 | 06/01/29 | 76,468 | ||||||||||||
| 24,863 | FNMA | 4.000 | 07/01/29 | 26,259 | ||||||||||||
| 3,446 | FNMA | 7.500 | 07/01/29 | 3,573 | ||||||||||||
| 478,103 | FNMA | 4.500 | 08/01/29 | 516,124 | ||||||||||||
| 84,660 | FNMA | 4.500 | 09/01/29 | 91,393 | ||||||||||||
| 63,999 | FNMA | 4.500 | 11/01/29 | 70,530 | ||||||||||||
| 24,147 | FNMA | 4.500 | 01/01/30 | 26,290 | ||||||||||||
| 63,892 | FNMA | 4.000 | 03/01/30 | 67,990 | ||||||||||||
| 28,238 | FNMA | 4.500 | 05/01/30 | 30,742 | ||||||||||||
| 39,575 | FNMA | 4.500 | 06/01/30 | 43,083 | ||||||||||||
| 347,586 | FNMA | 4.500 | 08/01/30 | 378,407 | ||||||||||||
| 73,159 | FNMA | 4.000 | 09/01/30 | 77,845 | ||||||||||||
| 397,843 | FNMA | 4.000 | 10/01/30 | 425,270 | ||||||||||||
| 4,143,928 | FNMA | 4.000 | 11/01/30 | 4,430,046 | ||||||||||||
| 587,668 | FNMA | 4.000 | 11/01/30 | 628,284 | ||||||||||||
| 160,518 | FNMA | 4.500 | 12/01/30 | 174,773 | ||||||||||||
| 193,820 | FNMA | 3.500 | 02/01/31 | 202,236 | ||||||||||||
| 234,124 | FNMA | 4.000 | 02/01/31 | 250,328 | ||||||||||||
| 279 | FNMA | 7.500 | 02/01/31 | 296 | ||||||||||||
| 1,611 | FNMA | 7.500 | 03/01/31 | 1,919 | ||||||||||||
| 549,741 | FNMA | 3.500 | 04/01/31 | 573,628 | ||||||||||||
| 71,231 | FNMA | 4.000 | 04/01/31 | 76,156 | ||||||||||||
| 6,691 | FNMA | 6.000 | 05/01/31 | 7,646 | ||||||||||||
| 1,325 | FNMA | 7.500 | 05/01/31 | 1,439 | ||||||||||||
| 375,607 | FNMA | 4.500 | 07/01/31 | 409,080 | ||||||||||||
| 1,998,158 | FNMA | 4.500 | 07/01/31 | 2,205,897 | ||||||||||||
| 2,206,650 | FNMA | 4.000 | 08/01/31 | 2,359,123 | ||||||||||||
| 154,845 | FNMA | 4.000 | 09/01/31 | 165,546 | ||||||||||||
| 586 | FNMA | 6.500 | 09/01/31 | 663 | ||||||||||||
| 61,984 | FNMA | 6.000 | 11/01/31 | 70,950 | ||||||||||||
| 7,362 | FNMA | 6.500 | 11/01/31 | 8,481 | ||||||||||||
| 3,669,844 | FNMA | 3.500 | 01/01/32 | 3,829,343 | ||||||||||||
| 23,273 | FNMA | 6.000 | 01/01/32 | 26,592 | ||||||||||||
| 107 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 25,572 | FNMA | 6.000 | % | 01/01/32 | $ | 28,895 | |||||||||
| 1,487,382 | FNMA | 3.500 | 02/01/32 | 1,552,113 | ||||||||||||
| 18,125 | FNMA | 6.000 | 02/01/32 | 20,718 | ||||||||||||
| 59,933 | FNMA | 6.500 | 04/01/32 | 69,929 | ||||||||||||
| 131,767 | FNMA | 6.500 | 07/01/32 | 151,582 | ||||||||||||
| 16,146 | FNMA | 6.500 | 08/01/32 | 18,976 | ||||||||||||
| 1,420,021 | FNMA | 3.000 | 09/01/32 | 1,447,200 | ||||||||||||
| 141,900 | FNMA | 6.000 | 09/01/32 | 160,209 | ||||||||||||
| 33,155 | FNMA | 7.500 | 09/01/32 | 38,135 | ||||||||||||
| 4,169,153 | FNMA | 3.000 | 10/01/32 | 4,248,940 | ||||||||||||
| 79,468 | FNMA | 5.500 | 10/01/32 | 89,184 | ||||||||||||
| 43,625 | FNMA | 6.000 | 10/01/32 | 49,295 | ||||||||||||
| 31,403 | FNMA | 6.000 | 11/01/32 | 35,656 | ||||||||||||
| 4,844 | FNMA | 5.500 | 12/01/32 | 5,418 | ||||||||||||
| 37,730 | FNMA | 5.500 | 12/01/32 | 42,338 | ||||||||||||
| 63,343 | FNMA | 6.000 | 12/01/32 | 72,233 | ||||||||||||
| 345,004 | FNMA | 5.500 | 01/01/33 | 387,148 | ||||||||||||
| 673,255 | FNMA | 6.000 | 01/01/33 | 766,882 | ||||||||||||
| 19,685 | FNMA | 5.000 | 02/01/33 | 21,789 | ||||||||||||
| 339,985 | FNMA | 5.000 | 02/01/33 | 376,086 | ||||||||||||
| 2,703,913 | FNMA | 3.000 | 04/01/33 | 2,745,623 | ||||||||||||
| 3,934,150 | FNMA | 3.500 | 04/01/33 | 4,103,005 | ||||||||||||
| 16,070 | FNMA | 6.000 | 04/01/33 | 18,351 | ||||||||||||
| 2,346,333 | FNMA | 5.500 | 05/01/33 | 2,634,108 | ||||||||||||
| 134,830 | FNMA | 5.000 | 06/01/33 | 149,137 | ||||||||||||
| 285,103 | FNMA | 5.500 | 06/01/33 | 320,226 | ||||||||||||
| 33,334 | FNMA | 4.500 | 07/01/33 | 36,019 | ||||||||||||
| 108,097 | FNMA | 5.000 | 07/01/33 | 119,659 | ||||||||||||
| 29,425 | FNMA | 4.500 | 08/01/33 | 31,765 | ||||||||||||
| 241,664 | FNMA | 4.500 | 08/01/33 | 261,604 | ||||||||||||
| 63,930 | FNMA | 5.000 | 08/01/33 | 70,697 | ||||||||||||
| 292,123 | FNMA | 5.500 | 09/01/33 | 328,472 | ||||||||||||
| 64,187 | FNMA | 5.500 | 09/01/33 | 71,443 | ||||||||||||
| 32,162 | FNMA | 6.000 | 09/01/33 | 36,585 | ||||||||||||
| 373,681 | FNMA | 4.500 | 10/01/33 | 406,090 | ||||||||||||
| 68,112 | FNMA | 5.000 | 10/01/33 | 75,327 | ||||||||||||
| 61,886 | FNMA | 5.000 | 10/01/33 | 68,442 | ||||||||||||
| 1,146,200 | FNMA | 5.500 | 10/01/33 | 1,301,551 | ||||||||||||
| 525,557 | FNMA | 5.500 | 10/01/33 | 595,060 | ||||||||||||
| 25,935 | FNMA | 4.500 | 11/01/33 | 28,055 | ||||||||||||
| 68,888 | FNMA | 5.000 | 11/01/33 | 76,189 | ||||||||||||
| 4,750,993 | FNMA | 5.000 | 11/01/33 | 5,255,966 | ||||||||||||
| 560,324 | FNMA | 5.000 | 12/01/33 | 619,820 | ||||||||||||
| 587,898 | FNMA | 5.500 | 12/01/33 | 664,936 | ||||||||||||
| 5,463,564 | FNMA | 3.000 | 01/01/34 | 5,547,839 | ||||||||||||
| 210,045 | FNMA | 5.000 | 02/01/34 | 232,300 | ||||||||||||
| 823,237 | FNMA | 6.000 | 02/01/34 | 937,341 | ||||||||||||
| 1,265,879 | FNMA | 5.000 | 03/01/34 | 1,400,218 | ||||||||||||
| 30,684 | FNMA | 5.000 | 03/01/34 | 33,934 | ||||||||||||
| 22,310 | FNMA | 5.000 | 03/01/34 | 24,679 | ||||||||||||
| 53,100 | FNMA | 5.000 | 03/01/34 | 58,736 | ||||||||||||
| 18,300 | FNMA | 5.000 | 03/01/34 | 20,245 | ||||||||||||
| 108 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 65,413 | FNMA | 5.000 | % | 03/01/34 | $ | 72,343 | |||||||||
| 184,555 | FNMA | 5.000 | 04/01/34 | 203,882 | ||||||||||||
| 193,466 | FNMA | 5.500 | 04/01/34 | 217,192 | ||||||||||||
| 31,396 | FNMA | 4.500 | 05/01/34 | 33,994 | ||||||||||||
| 108,544 | FNMA | 4.500 | 05/01/34 | 117,487 | ||||||||||||
| 68,656 | FNMA | 5.500 | 07/01/34 | 76,956 | ||||||||||||
| 43,669 | FNMA | 5.500 | 07/01/34 | 48,970 | ||||||||||||
| 61,280 | FNMA | 7.000 | 07/01/34 | 72,544 | ||||||||||||
| 532,099 | FNMA | 5.000 | 08/01/34 | 588,597 | ||||||||||||
| 61,495 | FNMA | 5.000 | 08/01/34 | 68,012 | ||||||||||||
| 50,173 | FNMA | 6.000 | 08/01/34 | 57,094 | ||||||||||||
| 285,376 | FNMA | 6.000 | 08/01/34 | 324,814 | ||||||||||||
| 30,318 | FNMA | 4.500 | 09/01/34 | 32,952 | ||||||||||||
| 1,093,223 | FNMA | 5.500 | 09/01/34 | 1,226,287 | ||||||||||||
| 10,163 | FNMA | 5.500 | 11/01/34 | 11,383 | ||||||||||||
| 23,796 | FNMA | 6.000 | 11/01/34 | 26,886 | ||||||||||||
| 16,666 | FNMA | 5.000 | 12/01/34 | 18,435 | ||||||||||||
| 10,417 | FNMA | 5.500 | 12/01/34 | 11,674 | ||||||||||||
| 30,610 | FNMA | 6.000 | 12/01/34 | 34,572 | ||||||||||||
| 1,468,926 | FNMA | 4.500 | 01/01/35 | 1,596,069 | ||||||||||||
| 80,474 | FNMA | 5.500 | 01/01/35 | 89,549 | ||||||||||||
| 3,402,062 | FNMA | 5.500 | 02/01/35 | 3,816,466 | ||||||||||||
| 141,722 | FNMA | 5.500 | 02/01/35 | 158,850 | ||||||||||||
| 895,356 | FNMA | 5.500 | 04/01/35 | 1,003,813 | ||||||||||||
| 120,438 | FNMA | 6.000 | 04/01/35 | 137,116 | ||||||||||||
| 137,207 | FNMA | 6.000 | 04/01/35 | 156,155 | ||||||||||||
| 91,322 | FNMA | 5.500 | 05/01/35 | 101,614 | ||||||||||||
| 182,594 | FNMA | 6.000 | 05/01/35 | 207,888 | ||||||||||||
| 57,604 | FNMA | 5.000 | 06/01/35 | 63,704 | ||||||||||||
| 5,120 | FNMA | 7.500 | 06/01/35 | 5,646 | ||||||||||||
| 6,379 | i | FNMA | 2.524 | 07/01/35 | 6,825 | |||||||||||
| 154,773 | FNMA | 5.000 | 07/01/35 | 172,213 | ||||||||||||
| 336,868 | FNMA | 4.500 | 08/01/35 | 365,063 | ||||||||||||
| 497,485 | FNMA | 5.000 | 08/01/35 | 550,122 | ||||||||||||
| 260,046 | FNMA | 5.000 | 08/01/35 | 287,664 | ||||||||||||
| 17,668 | FNMA | 4.500 | 09/01/35 | 19,202 | ||||||||||||
| 14,995 | FNMA | 4.500 | 09/01/35 | 16,204 | ||||||||||||
| 36,996 | FNMA | 5.500 | 09/01/35 | 41,482 | ||||||||||||
| 347,888 | FNMA | 5.000 | 10/01/35 | 384,680 | ||||||||||||
| 542,928 | FNMA | 5.500 | 10/01/35 | 615,029 | ||||||||||||
| 20,441 | FNMA | 5.000 | 11/01/35 | 22,432 | ||||||||||||
| 547,506 | FNMA | 5.500 | 11/01/35 | 612,374 | ||||||||||||
| 6,511 | FNMA | 4.500 | 12/01/35 | 7,029 | ||||||||||||
| 55,963 | FNMA | 5.500 | 12/01/35 | 62,270 | ||||||||||||
| 306,676 | FNMA | 6.000 | 12/01/35 | 346,245 | ||||||||||||
| 182,172 | i | FNMA | 2.261 | 02/01/36 | 196,158 | |||||||||||
| 1,295,634 | FNMA | 5.000 | 02/01/36 | 1,432,539 | ||||||||||||
| 80,944 | FNMA | 5.000 | 02/01/36 | 87,701 | ||||||||||||
| 131,168 | FNMA | 6.500 | 02/01/36 | 150,216 | ||||||||||||
| 620,181 | FNMA | 6.000 | 03/01/36 | 703,875 | ||||||||||||
| 11,319 | FNMA | 5.000 | 05/01/36 | 12,485 | ||||||||||||
| 966,247 | FNMA | 6.000 | 06/01/36 | 1,105,298 | ||||||||||||
| 109 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 157,073 | i | FNMA | 2.129 | % | 07/01/36 | $ | 169,065 | ||||||||
| 51,448 | FNMA | 6.000 | 07/01/36 | 58,566 | ||||||||||||
| 346,695 | FNMA | 6.500 | 07/01/36 | 392,438 | ||||||||||||
| 771,959 | FNMA | 5.500 | 08/01/36 | 861,700 | ||||||||||||
| 451,561 | FNMA | 6.500 | 08/01/36 | 519,381 | ||||||||||||
| 36,524 | FNMA | 5.500 | 09/01/36 | 40,939 | ||||||||||||
| 67,648 | FNMA | 6.500 | 09/01/36 | 76,573 | ||||||||||||
| 23,597 | FNMA | 6.500 | 09/01/36 | 26,710 | ||||||||||||
| 87,931 | FNMA | 6.000 | 10/01/36 | 99,669 | ||||||||||||
| 39,430 | FNMA | 6.500 | 11/01/36 | 44,633 | ||||||||||||
| 13,196 | i | FNMA | 2.475 | 12/01/36 | 14,195 | |||||||||||
| 249,162 | FNMA | 6.000 | 12/01/36 | 282,407 | ||||||||||||
| 43,268 | i | FNMA | 2.509 | 01/01/37 | 46,343 | |||||||||||
| 100,964 | FNMA | 5.500 | 01/01/37 | 112,506 | ||||||||||||
| 8,218 | i | FNMA | 1.909 | 02/01/37 | 8,673 | |||||||||||
| 749,436 | FNMA | 5.500 | 02/01/37 | 835,379 | ||||||||||||
| 24,880 | FNMA | 6.000 | 02/01/37 | 28,175 | ||||||||||||
| 38,698 | FNMA | 7.000 | 02/01/37 | 44,997 | ||||||||||||
| 17,909 | i | FNMA | 2.307 | 03/01/37 | 19,176 | |||||||||||
| 3,575 | FNMA | 5.000 | 03/01/37 | 3,943 | ||||||||||||
| 259,636 | FNMA | 6.500 | 03/01/37 | 293,893 | ||||||||||||
| 119,296 | FNMA | 6.500 | 03/01/37 | 141,222 | ||||||||||||
| 9,341 | i | FNMA | 5.490 | 04/01/37 | 9,995 | |||||||||||
| 168,940 | FNMA | 7.000 | 04/01/37 | 193,518 | ||||||||||||
| 249,378 | FNMA | 5.000 | 05/01/37 | 275,051 | ||||||||||||
| 8,844 | FNMA | 7.000 | 05/01/37 | 10,203 | ||||||||||||
| 43,682 | i | FNMA | 2.313 | 06/01/37 | 46,920 | |||||||||||
| 77,999 | FNMA | 5.500 | 06/01/37 | 86,799 | ||||||||||||
| 64,909 | FNMA | 5.500 | 08/01/37 | 72,721 | ||||||||||||
| 24,480 | FNMA | 6.000 | 08/01/37 | 27,718 | ||||||||||||
| 129,089 | FNMA | 6.500 | 08/01/37 | 146,121 | ||||||||||||
| 41,800 | FNMA | 6.500 | 08/01/37 | 47,315 | ||||||||||||
| 37,654 | FNMA | 5.500 | 09/01/37 | 41,897 | ||||||||||||
| 110,169 | FNMA | 6.000 | 09/01/37 | 127,217 | ||||||||||||
| 117,709 | FNMA | 6.000 | 09/01/37 | 132,897 | ||||||||||||
| 334,394 | FNMA | 6.000 | 09/01/37 | 386,358 | ||||||||||||
| 149,954 | FNMA | 6.000 | 09/01/37 | 171,811 | ||||||||||||
| 400,288 | FNMA | 6.000 | 09/01/37 | 462,960 | ||||||||||||
| 125,023 | FNMA | 6.500 | 09/01/37 | 141,518 | ||||||||||||
| 23,321 | FNMA | 6.500 | 09/01/37 | 26,398 | ||||||||||||
| 473,577 | i | FNMA | 2.400 | 10/01/37 | 510,716 | |||||||||||
| 57,188 | FNMA | 6.500 | 10/01/37 | 64,733 | ||||||||||||
| 480,683 | FNMA | 5.500 | 11/01/37 | 534,853 | ||||||||||||
| 973,113 | FNMA | 6.000 | 11/01/37 | 1,100,897 | ||||||||||||
| 54,534 | FNMA | 7.000 | 11/01/37 | 63,249 | ||||||||||||
| 2,741 | FNMA | 6.500 | 01/01/38 | 3,103 | ||||||||||||
| 278,621 | FNMA | 5.500 | 02/01/38 | 310,019 | ||||||||||||
| 30,411 | FNMA | 6.500 | 02/01/38 | 34,424 | ||||||||||||
| 55,843 | FNMA | 7.000 | 02/01/38 | 62,139 | ||||||||||||
| 71,151 | i | FNMA | 2.395 | 03/01/38 | 76,683 | |||||||||||
| 21,134 | FNMA | 5.000 | 03/01/38 | 23,309 | ||||||||||||
| 26,358 | FNMA | 5.000 | 03/01/38 | 29,072 | ||||||||||||
| 110 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 54,267 | FNMA | 5.500 | % | 03/01/38 | $ | 60,383 | |||||||||
| 16,448 | FNMA | 6.000 | 03/01/38 | 18,894 | ||||||||||||
| 87,384 | FNMA | 6.500 | 03/01/38 | 98,913 | ||||||||||||
| 26,695 | FNMA | 6.500 | 03/01/38 | 30,217 | ||||||||||||
| 444,357 | FNMA | 6.500 | 03/01/38 | 510,425 | ||||||||||||
| 34,997 | FNMA | 5.000 | 04/01/38 | 38,600 | ||||||||||||
| 1,062,081 | FNMA | 5.500 | 04/01/38 | 1,182,114 | ||||||||||||
| 783,506 | FNMA | 6.000 | 04/01/38 | 884,990 | ||||||||||||
| 42,994 | FNMA | 4.500 | 05/01/38 | 46,413 | ||||||||||||
| 865,443 | FNMA | 5.000 | 05/01/38 | 954,539 | ||||||||||||
| 2,603,825 | FNMA | 5.000 | 05/01/38 | 2,879,445 | ||||||||||||
| 2,397,228 | FNMA | 6.000 | 06/01/38 | 2,706,537 | ||||||||||||
| 3,241,841 | FNMA | 6.500 | 06/01/38 | 3,669,571 | ||||||||||||
| 702,158 | FNMA | 6.000 | 07/01/38 | 794,154 | ||||||||||||
| 5,693 | i | FNMA | 2.375 | 08/01/38 | 6,134 | |||||||||||
| 9,823 | i | FNMA | 4.719 | 08/01/38 | 10,412 | |||||||||||
| 2,363,634 | FNMA | 6.000 | 09/01/38 | 2,668,609 | ||||||||||||
| 75,147 | i | FNMA | 2.008 | 10/01/38 | 80,308 | |||||||||||
| 8,017 | FNMA | 6.000 | 10/01/38 | 9,052 | ||||||||||||
| 64,961 | FNMA | 5.500 | 11/01/38 | 72,282 | ||||||||||||
| 12,012 | FNMA | 5.000 | 12/01/38 | 13,248 | ||||||||||||
| 1,921,936 | FNMA | 5.500 | 12/01/38 | 2,148,134 | ||||||||||||
| 373,006 | FNMA | 4.500 | 01/01/39 | 402,670 | ||||||||||||
| 7,842,405 | FNMA | 5.000 | 01/01/39 | 8,649,769 | ||||||||||||
| 431,617 | FNMA | 5.000 | 01/01/39 | 476,051 | ||||||||||||
| 1,220,123 | FNMA | 5.500 | 01/01/39 | 1,357,622 | ||||||||||||
| 311,587 | FNMA | 5.500 | 01/01/39 | 346,701 | ||||||||||||
| 74,812 | FNMA | 6.000 | 01/01/39 | 84,465 | ||||||||||||
| 136,060 | FNMA | 6.000 | 01/01/39 | 153,616 | ||||||||||||
| 539,711 | FNMA | 4.500 | 02/01/39 | 582,631 | ||||||||||||
| 573,476 | FNMA | 4.500 | 02/01/39 | 619,082 | ||||||||||||
| 1,238,836 | FNMA | 4.500 | 02/01/39 | 1,337,678 | ||||||||||||
| 23,883 | FNMA | 5.500 | 02/01/39 | 26,591 | ||||||||||||
| 1,149,041 | FNMA | 4.000 | 04/01/39 | 1,212,558 | ||||||||||||
| 32,168 | FNMA | 5.500 | 04/01/39 | 35,793 | ||||||||||||
| 1,789,606 | FNMA | 4.500 | 05/01/39 | 1,948,081 | ||||||||||||
| 467,902 | FNMA | 4.500 | 05/01/39 | 505,457 | ||||||||||||
| 468,908 | FNMA | 4.500 | 06/01/39 | 506,713 | ||||||||||||
| 1,090,097 | FNMA | 4.500 | 06/01/39 | 1,178,679 | ||||||||||||
| 947,199 | FNMA | 5.500 | 06/01/39 | 1,054,748 | ||||||||||||
| 24,988 | i | FNMA | 2.335 | 07/01/39 | 26,249 | |||||||||||
| 214,477 | FNMA | 4.500 | 07/01/39 | 231,773 | ||||||||||||
| 321,982 | FNMA | 4.500 | 07/01/39 | 347,914 | ||||||||||||
| 34,278 | FNMA | 5.000 | 07/01/39 | 37,995 | ||||||||||||
| 202,459 | i | FNMA | 2.150 | 08/01/39 | 214,788 | |||||||||||
| 45,571 | i | FNMA | 2.190 | 08/01/39 | 48,325 | |||||||||||
| 571,927 | FNMA | 4.000 | 08/01/39 | 603,542 | ||||||||||||
| 3,989,515 | FNMA | 4.000 | 08/01/39 | 4,210,047 | ||||||||||||
| 49,664 | FNMA | 4.500 | 08/01/39 | 54,243 | ||||||||||||
| 953,851 | FNMA | 4.500 | 08/01/39 | 1,030,752 | ||||||||||||
| 2,362,655 | FNMA | 4.500 | 08/01/39 | 2,572,403 | ||||||||||||
| 3,981,601 | FNMA | 5.000 | 08/01/39 | 4,396,714 | ||||||||||||
| 111 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 45,829 | FNMA | 5.000 | % | 08/01/39 | $ | 50,604 | |||||||||
| 1,322,032 | FNMA | 4.000 | 09/01/39 | 1,395,111 | ||||||||||||
| 78,022 | FNMA | 5.000 | 09/01/39 | 86,164 | ||||||||||||
| 556,486 | FNMA | 5.500 | 09/01/39 | 626,823 | ||||||||||||
| 388,009 | FNMA | 6.000 | 09/01/39 | 438,718 | ||||||||||||
| 1,564,472 | FNMA | 6.500 | 10/01/39 | 1,770,889 | ||||||||||||
| 66,253 | FNMA | 5.000 | 11/01/39 | 73,748 | ||||||||||||
| 1,858,268 | FNMA | 4.000 | 12/01/39 | 1,960,990 | ||||||||||||
| 464,709 | FNMA | 4.500 | 12/01/39 | 502,435 | ||||||||||||
| 165,761 | FNMA | 4.500 | 12/01/39 | 180,677 | ||||||||||||
| 6,378,430 | FNMA | 4.500 | 12/01/39 | 6,893,496 | ||||||||||||
| 63,084 | i | FNMA | 3.637 | 01/01/40 | 67,039 | |||||||||||
| 109,330 | FNMA | 4.500 | 01/01/40 | 118,170 | ||||||||||||
| 142,145 | FNMA | 5.000 | 01/01/40 | 157,798 | ||||||||||||
| 931,007 | FNMA | 6.000 | 02/01/40 | 1,051,132 | ||||||||||||
| 546,862 | FNMA | 4.500 | 03/01/40 | 591,371 | ||||||||||||
| 1,181,239 | FNMA | 4.500 | 03/01/40 | 1,277,155 | ||||||||||||
| 62,948 | FNMA | 5.000 | 03/01/40 | 69,656 | ||||||||||||
| 56,544 | FNMA | 4.500 | 04/01/40 | 61,152 | ||||||||||||
| 2,161,883 | FNMA | 5.000 | 04/01/40 | 2,390,628 | ||||||||||||
| 1,790,172 | FNMA | 5.000 | 04/01/40 | 1,987,028 | ||||||||||||
| 162,942 | i | FNMA | 3.490 | 05/01/40 | 173,849 | |||||||||||
| 310,909 | i | FNMA | 3.619 | 05/01/40 | 333,300 | |||||||||||
| 439,521 | i | FNMA | 3.774 | 05/01/40 | 467,442 | |||||||||||
| 57,420 | FNMA | 4.500 | 05/01/40 | 62,533 | ||||||||||||
| 137,514 | FNMA | 4.500 | 07/01/40 | 148,688 | ||||||||||||
| 165,882 | FNMA | 4.500 | 07/01/40 | 179,399 | ||||||||||||
| 187,680 | FNMA | 5.000 | 07/01/40 | 207,819 | ||||||||||||
| 109,678 | i | FNMA | 3.376 | 08/01/40 | 116,374 | |||||||||||
| 1,734,789 | FNMA | 4.500 | 08/01/40 | 1,877,715 | ||||||||||||
| 1,269,392 | FNMA | 4.500 | 08/01/40 | 1,373,978 | ||||||||||||
| 1,390,886 | FNMA | 5.000 | 08/01/40 | 1,537,135 | ||||||||||||
| 1,064,185 | FNMA | 4.500 | 09/01/40 | 1,151,028 | ||||||||||||
| 2,645,840 | FNMA | 4.500 | 09/01/40 | 2,860,993 | ||||||||||||
| 2,674,744 | FNMA | 6.000 | 09/01/40 | 3,028,600 | ||||||||||||
| 393,056 | FNMA | 3.500 | 10/01/40 | 402,298 | ||||||||||||
| 1,856,144 | FNMA | 4.000 | 10/01/40 | 1,958,748 | ||||||||||||
| 4,713,517 | FNMA | 4.000 | 10/01/40 | 4,974,071 | ||||||||||||
| 2,915,821 | FNMA | 4.500 | 10/01/40 | 3,153,579 | ||||||||||||
| 2,812,714 | FNMA | 3.500 | 11/01/40 | 2,879,113 | ||||||||||||
| 3,595,699 | FNMA | 4.000 | 11/01/40 | 3,794,461 | ||||||||||||
| 3,104,461 | FNMA | 4.000 | 11/01/40 | 3,276,069 | ||||||||||||
| 2,073,193 | FNMA | 4.000 | 11/01/40 | 2,187,794 | ||||||||||||
| 372,792 | FNMA | 4.500 | 11/01/40 | 403,534 | ||||||||||||
| 394,923 | i | FNMA | 3.284 | 12/01/40 | 414,945 | |||||||||||
| 1,037,029 | FNMA | 4.000 | 12/01/40 | 1,094,354 | ||||||||||||
| 8,941,168 | FNMA | 4.500 | 12/01/40 | 9,672,033 | ||||||||||||
| 105,420 | FNMA | 3.500 | 01/01/41 | 107,908 | ||||||||||||
| 231,929 | i | FNMA | 3.181 | 02/01/41 | 246,316 | |||||||||||
| 603,348 | FNMA | 3.500 | 02/01/41 | 617,637 | ||||||||||||
| 2,940,476 | FNMA | 4.000 | 02/01/41 | 3,103,019 | ||||||||||||
| 2,841,653 | FNMA | 4.000 | 03/01/41 | 2,998,734 | ||||||||||||
| 112 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 2,286,569 | FNMA | 4.500 | % | 04/01/41 | $ | 2,473,178 | |||||||||
| 592,444 | FNMA | 4.500 | 05/01/41 | 640,328 | ||||||||||||
| 2,936,998 | FNMA | 4.500 | 05/01/41 | 3,185,629 | ||||||||||||
| 1,936,467 | FNMA | 4.500 | 06/01/41 | 2,094,667 | ||||||||||||
| 614,494 | i | FNMA | 3.246 | 07/01/41 | 650,251 | |||||||||||
| 2,123,186 | FNMA | 4.500 | 07/01/41 | 2,296,057 | ||||||||||||
| 5,616,833 | FNMA | 4.000 | 09/01/41 | 5,927,319 | ||||||||||||
| 3,228,669 | FNMA | 4.500 | 09/01/41 | 3,490,884 | ||||||||||||
| 1,228,525 | FNMA | 5.500 | 09/01/41 | 1,368,641 | ||||||||||||
| 1,090,673 | i | FNMA | 2.925 | 10/01/41 | 1,139,518 | |||||||||||
| 196,092 | i | FNMA | 3.099 | 10/01/41 | 204,839 | |||||||||||
| 1,426,509 | FNMA | 3.500 | 11/01/41 | 1,461,285 | ||||||||||||
| 1,641,531 | FNMA | 3.500 | 11/01/41 | 1,680,961 | ||||||||||||
| 1,982,905 | i | FNMA | 2.825 | 12/01/41 | 2,060,514 | |||||||||||
| 8,461,722 | FNMA | 3.500 | 12/01/41 | 8,664,744 | ||||||||||||
| 2,020,798 | FNMA | 4.000 | 12/01/41 | 2,132,504 | ||||||||||||
| 4,270,471 | FNMA | 3.500 | 03/01/42 | 4,373,250 | ||||||||||||
| 3,325,931 | FNMA | 4.000 | 03/01/42 | 3,509,782 | ||||||||||||
| 7,950,761 | FNMA | 3.500 | 04/01/42 | 8,141,831 | ||||||||||||
| 2,692,769 | FNMA | 3.500 | 04/01/42 | 2,764,904 | ||||||||||||
| 4,311,733 | FNMA | 4.500 | 04/01/42 | 4,662,270 | ||||||||||||
| 3,458,914 | FNMA | 5.000 | 04/01/42 | 3,867,706 | ||||||||||||
| 2,948,213 | FNMA | 4.000 | 05/01/42 | 3,111,184 | ||||||||||||
| 4,005,759 | FNMA | 5.000 | 05/01/42 | 4,436,219 | ||||||||||||
| 2,365,421 | FNMA | 3.000 | 06/01/42 | 2,338,251 | ||||||||||||
| 12,469,547 | FNMA | 3.500 | 06/01/42 | 12,769,091 | ||||||||||||
| 6,691,235 | FNMA | 4.000 | 06/01/42 | 7,063,485 | ||||||||||||
| 11,997,738 | FNMA | 4.000 | 06/01/42 | 12,667,721 | ||||||||||||
| 18,967,690 | FNMA | 3.500 | 07/01/42 | 19,424,297 | ||||||||||||
| 3,638,281 | FNMA | 4.500 | 07/01/42 | 3,938,904 | ||||||||||||
| 4,108,131 | FNMA | 3.500 | 08/01/42 | 4,207,023 | ||||||||||||
| 5,230,818 | FNMA | 3.000 | 09/01/42 | 5,169,655 | ||||||||||||
| 7,722,001 | FNMA | 3.500 | 09/01/42 | 7,907,731 | ||||||||||||
| 10,996,521 | FNMA | 3.000 | 10/01/42 | 10,867,482 | ||||||||||||
| 4,126,613 | FNMA | 3.500 | 10/01/42 | 4,225,872 | ||||||||||||
| 3,687,100 | FNMA | 2.500 | 01/01/43 | 3,495,783 | ||||||||||||
| 13,502,281 | FNMA | 3.000 | 01/01/43 | 13,340,910 | ||||||||||||
| 18,326,692 | FNMA | 3.000 | 02/01/43 | 18,105,767 | ||||||||||||
| 13,787,097 | FNMA | 3.000 | 04/01/43 | 13,615,186 | ||||||||||||
| 4,632,025 | FNMA | 3.000 | 04/01/43 | 4,574,748 | ||||||||||||
| 3,178,661 | i | FNMA | 2.184 | 06/01/43 | 3,201,107 | |||||||||||
| 14,872,730 | FNMA | 3.000 | 06/01/43 | 14,685,749 | ||||||||||||
| 4,399,574 | i | FNMA | 1.738 | 07/01/43 | 4,458,998 | |||||||||||
| 11,326,857 | FNMA | 3.000 | 07/01/43 | 11,183,272 | ||||||||||||
| 11,654,606 | FNMA | 3.500 | 07/01/43 | 11,928,552 | ||||||||||||
| 9,457,110 | h | FNMA | 3.000 | 08/01/43 | 9,335,862 | |||||||||||
| 5,185,328 | FNMA | 4.000 | 08/01/43 | 5,486,118 | ||||||||||||
| 7,665,527 | FNMA | 3.000 | 09/01/43 | 7,567,248 | ||||||||||||
| 11,819,950 | FNMA | 3.500 | 09/01/43 | 12,097,782 | ||||||||||||
| 7,188,746 | FNMA | 3.500 | 10/01/43 | 7,358,491 | ||||||||||||
| 1,890,566 | FNMA | 4.500 | 10/01/43 | 2,041,531 | ||||||||||||
| 4,602,072 | FNMA | 4.000 | 11/01/43 | 4,865,268 | ||||||||||||
| 113 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 10,924,310 | FNMA | 4.000 | % | 11/01/43 | $ | 11,556,433 | |||||||||
| 3,360,460 | FNMA | 4.500 | 12/01/43 | 3,631,360 | ||||||||||||
| 9,467,791 | FNMA | 4.000 | 01/01/44 | 10,009,348 | ||||||||||||
| 9,639,960 | FNMA | 4.000 | 05/01/44 | 10,181,147 | ||||||||||||
| 9,872,698 | FNMA | 4.000 | 07/01/44 | 10,418,439 | ||||||||||||
| 4,986,872 | FNMA | 3.500 | 09/01/44 | 5,104,090 | ||||||||||||
| 9,986,305 | FNMA | 4.000 | 09/01/44 | 10,538,326 | ||||||||||||
| 9,153 | Government National Mortgage Association (GNMA) | 5.000 | 02/15/18 | 9,688 | ||||||||||||
| 41,625 | GNMA | 4.500 | 02/15/19 | 43,740 | ||||||||||||
| 13,801 | GNMA | 4.500 | 01/20/24 | 14,636 | ||||||||||||
| 82,056 | GNMA | 4.000 | 04/15/24 | 87,144 | ||||||||||||
| 11,577 | GNMA | 4.500 | 07/15/24 | 12,302 | ||||||||||||
| 264,851 | GNMA | 4.000 | 08/15/24 | 281,182 | ||||||||||||
| 76,579 | GNMA | 4.500 | 08/15/24 | 81,378 | ||||||||||||
| 232,891 | GNMA | 4.000 | 09/15/24 | 247,252 | ||||||||||||
| 37,145 | GNMA | 4.500 | 01/15/25 | 39,468 | ||||||||||||
| 297,836 | GNMA | 4.000 | 08/15/25 | 316,201 | ||||||||||||
| 164,802 | GNMA | 3.500 | 03/15/26 | 174,655 | ||||||||||||
| 207,052 | GNMA | 4.000 | 04/15/26 | 219,819 | ||||||||||||
| 174,900 | GNMA | 4.000 | 06/20/26 | 186,178 | ||||||||||||
| 266,336 | GNMA | 3.500 | 11/20/26 | 281,256 | ||||||||||||
| 1,292,028 | GNMA | 3.000 | 12/15/26 | 1,354,411 | ||||||||||||
| 3,657,039 | GNMA | 2.500 | 04/20/27 | 3,725,815 | ||||||||||||
| 2,231,048 | GNMA | 2.500 | 09/20/27 | 2,273,010 | ||||||||||||
| 1,333 | GNMA | 6.500 | 09/15/28 | 1,518 | ||||||||||||
| 3,497 | GNMA | 6.500 | 09/15/28 | 3,965 | ||||||||||||
| 4,798 | GNMA | 6.500 | 11/15/28 | 5,486 | ||||||||||||
| 1,265 | GNMA | 7.500 | 11/15/28 | 1,442 | ||||||||||||
| 4,263,472 | GNMA | 3.500 | 11/20/28 | 4,505,001 | ||||||||||||
| 8,948 | GNMA | 8.500 | 10/15/30 | 9,654 | ||||||||||||
| 5,805 | GNMA | 8.500 | 10/20/30 | 7,103 | ||||||||||||
| 647 | GNMA | 8.500 | 12/15/30 | 812 | ||||||||||||
| 895 | GNMA | 7.000 | 06/20/31 | 1,065 | ||||||||||||
| 1,016 | GNMA | 6.500 | 07/15/31 | 1,152 | ||||||||||||
| 2,110 | GNMA | 7.000 | 07/15/31 | 2,377 | ||||||||||||
| 3,359 | GNMA | 7.000 | 07/15/31 | 3,646 | ||||||||||||
| 330,028 | GNMA | 6.000 | 10/15/32 | 382,738 | ||||||||||||
| 53,297 | GNMA | 5.500 | 12/20/32 | 60,532 | ||||||||||||
| 114,786 | GNMA | 5.500 | 05/15/33 | 128,291 | ||||||||||||
| 21,156 | GNMA | 5.000 | 07/15/33 | 23,504 | ||||||||||||
| 80,603 | GNMA | 5.500 | 07/15/33 | 90,281 | ||||||||||||
| 17,715 | GNMA | 5.000 | 07/20/33 | 19,761 | ||||||||||||
| 92,461 | GNMA | 5.000 | 08/15/33 | 102,572 | ||||||||||||
| 32,833 | GNMA | 5.000 | 08/15/33 | 36,158 | ||||||||||||
| 276,965 | GNMA | 5.500 | 09/15/33 | 313,452 | ||||||||||||
| 221,584 | GNMA | 6.000 | 11/20/33 | 255,252 | ||||||||||||
| 99,479 | GNMA | 5.500 | 05/20/34 | 112,944 | ||||||||||||
| 137,156 | GNMA | 6.000 | 09/20/34 | 157,562 | ||||||||||||
| 13,360 | GNMA | 5.000 | 10/20/34 | 14,883 | ||||||||||||
| 328,502 | GNMA | 5.500 | 11/15/34 | 368,020 | ||||||||||||
| 136,285 | GNMA | 6.500 | 01/15/35 | 159,290 | ||||||||||||
| 74,233 | GNMA | 5.500 | 02/20/35 | 84,283 | ||||||||||||
| 114 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,516,979 | GNMA | 5.000 | % | 03/20/35 | $ | 1,691,872 | |||||||||
| 495,653 | GNMA | 5.000 | 04/15/35 | 548,233 | ||||||||||||
| 482,534 | GNMA | 5.500 | 05/20/35 | 547,981 | ||||||||||||
| 19,609 | GNMA | 5.000 | 09/20/35 | 21,813 | ||||||||||||
| 11,937 | GNMA | 5.000 | 11/15/35 | 13,201 | ||||||||||||
| 12,974 | GNMA | 5.000 | 11/15/35 | 14,344 | ||||||||||||
| 144,706 | GNMA | 5.500 | 02/20/36 | 164,290 | ||||||||||||
| 16,998 | GNMA | 5.500 | 03/15/36 | 19,046 | ||||||||||||
| 48,487 | GNMA | 5.500 | 05/20/36 | 54,984 | ||||||||||||
| 11,872 | GNMA | 6.500 | 06/15/36 | 13,459 | ||||||||||||
| 489,143 | GNMA | 5.500 | 06/20/36 | 555,348 | ||||||||||||
| 24,592 | GNMA | 5.000 | 09/15/36 | 27,194 | ||||||||||||
| 22,349 | GNMA | 6.000 | 09/15/36 | 25,856 | ||||||||||||
| 45,412 | GNMA | 6.000 | 10/20/36 | 51,837 | ||||||||||||
| 27,168 | GNMA | 5.000 | 12/15/36 | 30,038 | ||||||||||||
| 42,048 | GNMA | 5.500 | 01/15/37 | 46,743 | ||||||||||||
| 25,206 | GNMA | 6.000 | 01/20/37 | 28,752 | ||||||||||||
| 652,353 | GNMA | 5.500 | 02/15/37 | 728,383 | ||||||||||||
| 84,186 | GNMA | 6.000 | 02/20/37 | 96,016 | ||||||||||||
| 657,021 | GNMA | 6.000 | 04/15/37 | 759,076 | ||||||||||||
| 12,241 | GNMA | 6.500 | 04/15/37 | 13,878 | ||||||||||||
| 292,602 | GNMA | 6.000 | 04/20/37 | 329,445 | ||||||||||||
| 37,259 | GNMA | 6.000 | 06/15/37 | 42,194 | ||||||||||||
| 51,283 | GNMA | 6.000 | 08/20/37 | 58,577 | ||||||||||||
| 40,473 | GNMA | 6.500 | 08/20/37 | 45,771 | ||||||||||||
| 202,856 | GNMA | 6.500 | 11/20/37 | 229,446 | ||||||||||||
| 132,807 | GNMA | 6.000 | 12/15/37 | 149,812 | ||||||||||||
| 14,493 | GNMA | 5.000 | 02/20/38 | 15,953 | ||||||||||||
| 333,075 | GNMA | 5.000 | 04/15/38 | 366,616 | ||||||||||||
| 15,936 | GNMA | 5.500 | 05/20/38 | 17,893 | ||||||||||||
| 55,359 | GNMA | 5.500 | 06/15/38 | 62,035 | ||||||||||||
| 146,852 | GNMA | 6.000 | 06/20/38 | 165,578 | ||||||||||||
| 209,497 | GNMA | 5.500 | 07/15/38 | 232,843 | ||||||||||||
| 1,185,835 | GNMA | 5.000 | 07/20/38 | 1,309,127 | ||||||||||||
| 1,119,538 | GNMA | 5.500 | 07/20/38 | 1,257,083 | ||||||||||||
| 36,625 | GNMA | 5.500 | 08/15/38 | 40,707 | ||||||||||||
| 495,366 | GNMA | 6.000 | 08/15/38 | 558,310 | ||||||||||||
| 186,674 | GNMA | 6.000 | 08/15/38 | 210,530 | ||||||||||||
| 113,428 | GNMA | 6.000 | 08/20/38 | 127,949 | ||||||||||||
| 449,385 | GNMA | 6.000 | 09/20/38 | 506,915 | ||||||||||||
| 70,006 | GNMA | 5.000 | 10/15/38 | 77,057 | ||||||||||||
| 28,919 | GNMA | 5.500 | 10/15/38 | 32,707 | ||||||||||||
| 41,893 | GNMA | 6.500 | 10/20/38 | 46,589 | ||||||||||||
| 19,866 | GNMA | 6.500 | 10/20/38 | 22,416 | ||||||||||||
| 7,416 | GNMA | 5.500 | 11/15/38 | 8,242 | ||||||||||||
| 78,977 | GNMA | 6.500 | 11/20/38 | 89,114 | ||||||||||||
| 601,541 | GNMA | 6.000 | 12/15/38 | 678,418 | ||||||||||||
| 7,104 | GNMA | 6.500 | 12/15/38 | 8,054 | ||||||||||||
| 71,217 | GNMA | 5.000 | 01/15/39 | 78,734 | ||||||||||||
| 2,272,438 | GNMA | 4.500 | 01/20/39 | 2,471,746 | ||||||||||||
| 209,248 | GNMA | 6.500 | 01/20/39 | 236,105 | ||||||||||||
| 80,130 | GNMA | 5.000 | 02/15/39 | 88,243 | ||||||||||||
| 115 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 35,225 | GNMA | 6.000 | % | 02/15/39 | $ | 39,741 | |||||||||
| 726,935 | GNMA | 4.500 | 03/15/39 | 789,401 | ||||||||||||
| 111,905 | GNMA | 4.500 | 03/15/39 | 121,521 | ||||||||||||
| 51,621 | i | GNMA | 4.000 | 03/20/39 | 53,225 | |||||||||||
| 26,189 | GNMA | 4.500 | 03/20/39 | 28,491 | ||||||||||||
| 371,141 | GNMA | 5.500 | 03/20/39 | 416,760 | ||||||||||||
| 43,827 | GNMA | 4.500 | 04/15/39 | 47,570 | ||||||||||||
| 803,014 | GNMA | 5.500 | 04/15/39 | 900,280 | ||||||||||||
| 15,955 | GNMA | 5.000 | 04/20/39 | 17,728 | ||||||||||||
| 80,247 | GNMA | 4.000 | 05/15/39 | 85,284 | ||||||||||||
| 1,257,751 | GNMA | 4.500 | 05/15/39 | 1,365,835 | ||||||||||||
| 680,110 | GNMA | 5.000 | 05/15/39 | 751,482 | ||||||||||||
| 85,181 | GNMA | 4.000 | 05/20/39 | 90,568 | ||||||||||||
| 227,888 | GNMA | 4.500 | 05/20/39 | 247,872 | ||||||||||||
| 4,662,586 | GNMA | 5.000 | 05/20/39 | 5,183,078 | ||||||||||||
| 3,384,796 | GNMA | 4.500 | 06/15/39 | 3,675,670 | ||||||||||||
| 32,291 | GNMA | 4.500 | 06/15/39 | 35,065 | ||||||||||||
| 3,080,920 | GNMA | 5.000 | 06/15/39 | 3,422,997 | ||||||||||||
| 38,996 | GNMA | 5.000 | 06/15/39 | 43,112 | ||||||||||||
| 81,925 | GNMA | 5.000 | 06/15/39 | 90,673 | ||||||||||||
| 35,126 | GNMA | 5.000 | 06/15/39 | 38,826 | ||||||||||||
| 2,892,142 | GNMA | 5.000 | 06/15/39 | 3,211,214 | ||||||||||||
| 49,719 | GNMA | 4.000 | 06/20/39 | 52,864 | ||||||||||||
| 31,382 | GNMA | 5.000 | 06/20/39 | 34,920 | ||||||||||||
| 3,776,872 | GNMA | 4.000 | 07/15/39 | 4,013,902 | ||||||||||||
| 114,089 | GNMA | 4.500 | 07/15/39 | 123,894 | ||||||||||||
| 61,386 | GNMA | 4.500 | 07/15/39 | 66,662 | ||||||||||||
| 3,920,258 | GNMA | 4.500 | 07/15/39 | 4,301,825 | ||||||||||||
| 40,261 | GNMA | 5.000 | 07/15/39 | 44,489 | ||||||||||||
| 519,708 | GNMA | 4.500 | 07/20/39 | 565,426 | ||||||||||||
| 459,706 | GNMA | 5.000 | 07/20/39 | 511,268 | ||||||||||||
| 40,762 | GNMA | 5.500 | 07/20/39 | 46,297 | ||||||||||||
| 194,324 | GNMA | 4.000 | 08/15/39 | 206,519 | ||||||||||||
| 722,290 | GNMA | 5.000 | 08/15/39 | 798,226 | ||||||||||||
| 49,431 | GNMA | 5.500 | 08/15/39 | 54,964 | ||||||||||||
| 116,731 | GNMA | 6.000 | 08/15/39 | 131,676 | ||||||||||||
| 133,574 | GNMA | 4.000 | 08/20/39 | 142,022 | ||||||||||||
| 128,998 | GNMA | 5.000 | 08/20/39 | 143,419 | ||||||||||||
| 61,796 | GNMA | 5.000 | 09/15/39 | 68,046 | ||||||||||||
| 176,264 | GNMA | 5.000 | 09/20/39 | 195,967 | ||||||||||||
| 48,242 | GNMA | 4.500 | 10/15/39 | 52,388 | ||||||||||||
| 24,047 | GNMA | 5.000 | 10/15/39 | 26,586 | ||||||||||||
| 51,100 | GNMA | 4.500 | 10/20/39 | 55,603 | ||||||||||||
| 87,056 | GNMA | 4.500 | 11/15/39 | 95,530 | ||||||||||||
| 75,820 | GNMA | 4.500 | 11/20/39 | 82,525 | ||||||||||||
| 89,894 | GNMA | 5.000 | 11/20/39 | 100,018 | ||||||||||||
| 2,717,437 | GNMA | 4.500 | 12/15/39 | 2,950,978 | ||||||||||||
| 157,744 | GNMA | 4.500 | 12/15/39 | 171,691 | ||||||||||||
| 75,028 | GNMA | 4.500 | 12/20/39 | 81,676 | ||||||||||||
| 2,765,148 | GNMA | 5.000 | 12/20/39 | 3,076,669 | ||||||||||||
| 2,476,838 | GNMA | 4.500 | 01/20/40 | 2,695,885 | ||||||||||||
| 37,223 | GNMA | 5.500 | 01/20/40 | 42,278 | ||||||||||||
| 116 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,400,318 | GNMA | 5.500 | % | 02/15/40 | $ | 1,557,352 | |||||||||
| 152,751 | GNMA | 4.000 | 03/15/40 | 162,337 | ||||||||||||
| 39,924 | GNMA | 5.000 | 03/15/40 | 44,147 | ||||||||||||
| 28,850 | GNMA | 4.500 | 04/15/40 | 31,394 | ||||||||||||
| 736,271 | GNMA | 5.000 | 04/15/40 | 816,384 | ||||||||||||
| 106,301 | GNMA | 4.500 | 04/20/40 | 115,774 | ||||||||||||
| 18,607 | GNMA | 4.500 | 05/15/40 | 20,252 | ||||||||||||
| 451,304 | GNMA | 5.000 | 05/15/40 | 498,780 | ||||||||||||
| 1,016,294 | i | GNMA | 3.000 | 05/20/40 | 1,063,955 | |||||||||||
| 23,286 | GNMA | 4.500 | 05/20/40 | 25,371 | ||||||||||||
| 41,275 | GNMA | 4.500 | 06/15/40 | 44,923 | ||||||||||||
| 7,950,454 | GNMA | 4.500 | 06/15/40 | 8,653,689 | ||||||||||||
| 47,310 | GNMA | 4.500 | 06/15/40 | 51,450 | ||||||||||||
| 494,000 | GNMA | 5.000 | 06/20/40 | 549,773 | ||||||||||||
| 330,123 | GNMA | 4.500 | 07/15/40 | 359,264 | ||||||||||||
| 1,125,307 | GNMA | 4.500 | 07/15/40 | 1,223,674 | ||||||||||||
| 3,728,511 | GNMA | 4.500 | 07/20/40 | 4,064,342 | ||||||||||||
| 111,161 | GNMA | 5.000 | 07/20/40 | 123,648 | ||||||||||||
| 2,706,907 | GNMA | 4.000 | 08/15/40 | 2,878,768 | ||||||||||||
| 842,743 | GNMA | 4.000 | 08/15/40 | 895,632 | ||||||||||||
| 245,376 | GNMA | 4.500 | 08/15/40 | 269,274 | ||||||||||||
| 288,912 | GNMA | 4.500 | 08/20/40 | 314,925 | ||||||||||||
| 224,159 | GNMA | 4.500 | 09/20/40 | 244,430 | ||||||||||||
| 59,370 | GNMA | 5.500 | 09/20/40 | 67,449 | ||||||||||||
| 88,435 | GNMA | 6.500 | 09/20/40 | 104,095 | ||||||||||||
| 76,967 | GNMA | 4.000 | 10/15/40 | 82,305 | ||||||||||||
| 182,229 | GNMA | 6.000 | 10/20/40 | 205,684 | ||||||||||||
| 888,648 | GNMA | 4.000 | 11/15/40 | 944,418 | ||||||||||||
| 2,816,686 | GNMA | 4.000 | 11/20/40 | 2,997,884 | ||||||||||||
| 725,978 | GNMA | 3.500 | 12/15/40 | 751,613 | ||||||||||||
| 975,057 | GNMA | 5.500 | 12/20/40 | 1,107,745 | ||||||||||||
| 2,897,461 | GNMA | 4.000 | 01/15/41 | 3,079,301 | ||||||||||||
| 7,267,084 | GNMA | 4.000 | 01/20/41 | 7,735,146 | ||||||||||||
| 718,590 | GNMA | 4.000 | 02/15/41 | 763,688 | ||||||||||||
| 2,166,456 | GNMA | 4.500 | 02/20/41 | 2,361,925 | ||||||||||||
| 1,214,470 | GNMA | 4.500 | 03/15/41 | 1,321,749 | ||||||||||||
| 2,789,973 | GNMA | 4.500 | 04/20/41 | 3,040,130 | ||||||||||||
| 541,261 | GNMA | 5.000 | 04/20/41 | 601,354 | ||||||||||||
| 296,493 | i | GNMA | 4.000 | 06/20/41 | 313,409 | |||||||||||
| 727,169 | GNMA | 4.000 | 07/15/41 | 772,804 | ||||||||||||
| 1,048,035 | GNMA | 4.000 | 07/20/41 | 1,113,890 | ||||||||||||
| 3,367,351 | GNMA | 4.500 | 07/20/41 | 3,666,435 | ||||||||||||
| 3,040,320 | GNMA | 5.000 | 07/20/41 | 3,383,582 | ||||||||||||
| 892,025 | GNMA | 4.500 | 08/15/41 | 969,860 | ||||||||||||
| 1,386,123 | GNMA | 5.000 | 08/20/41 | 1,540,709 | ||||||||||||
| 1,446,415 | GNMA | 4.000 | 09/15/41 | 1,537,189 | ||||||||||||
| 163,150 | i | GNMA | 3.000 | 09/20/41 | 169,866 | |||||||||||
| 4,598,733 | GNMA | 4.000 | 09/20/41 | 4,885,092 | ||||||||||||
| 323,319 | GNMA | 4.000 | 10/15/41 | 343,610 | ||||||||||||
| 336,617 | i | GNMA | 2.500 | 10/20/41 | 348,095 | |||||||||||
| 235,947 | i | GNMA | 3.500 | 10/20/41 | 246,371 | |||||||||||
| 5,728,643 | GNMA | 4.000 | 10/20/41 | 6,084,254 | ||||||||||||
| 117 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 733,770 | GNMA | 5.500 | % | 10/20/41 | $ | 832,613 | |||||||||
| 1,647,499 | GNMA | 3.500 | 11/15/41 | 1,706,529 | ||||||||||||
| 3,719,936 | GNMA | 4.000 | 11/15/41 | 3,953,393 | ||||||||||||
| 7,374,133 | GNMA | 4.500 | 11/20/41 | 8,026,040 | ||||||||||||
| 2,848,710 | GNMA | 5.000 | 11/20/41 | 3,167,835 | ||||||||||||
| 1,004,871 | GNMA | 6.000 | 11/20/41 | 1,148,289 | ||||||||||||
| 3,516,858 | GNMA | 3.500 | 01/20/42 | 3,642,005 | ||||||||||||
| 1,321,973 | i | GNMA | 3.000 | 02/20/42 | 1,379,031 | |||||||||||
| 1,770,740 | GNMA | 3.500 | 03/20/42 | 1,833,753 | ||||||||||||
| 2,974,722 | GNMA | 4.500 | 03/20/42 | 3,240,476 | ||||||||||||
| 3,206,587 | GNMA | 3.500 | 04/15/42 | 3,320,143 | ||||||||||||
| 4,198,334 | GNMA | 3.500 | 05/20/42 | 4,368,532 | ||||||||||||
| 16,909,355 | GNMA | 3.500 | 05/20/42 | 17,511,090 | ||||||||||||
| 4,230,517 | GNMA | 4.000 | 05/20/42 | 4,492,729 | ||||||||||||
| 8,147,338 | GNMA | 3.500 | 07/15/42 | 8,452,204 | ||||||||||||
| 1,263,214 | i | GNMA | 2.000 | 07/20/42 | 1,301,643 | |||||||||||
| 3,877,181 | GNMA | 3.500 | 07/20/42 | 4,015,155 | ||||||||||||
| 4,232,546 | GNMA | 3.000 | 08/20/42 | 4,270,168 | ||||||||||||
| 4,336,849 | GNMA | 3.500 | 08/20/42 | 4,512,663 | ||||||||||||
| 15,816,077 | GNMA | 3.500 | 08/20/42 | 16,378,919 | ||||||||||||
| 3,832,522 | GNMA | 6.000 | 08/20/42 | 4,379,356 | ||||||||||||
| 6,006,795 | GNMA | 3.500 | 10/20/42 | 6,220,558 | ||||||||||||
| 6,065,272 | GNMA | 3.000 | 11/20/42 | 6,119,183 | ||||||||||||
| 4,509,935 | GNMA | 3.000 | 12/20/42 | 4,554,214 | ||||||||||||
| 4,338,682 | GNMA | 3.000 | 01/15/43 | 4,377,023 | ||||||||||||
| 6,526,446 | GNMA | 3.000 | 01/15/43 | 6,585,505 | ||||||||||||
| 5,306,796 | GNMA | 3.000 | 01/20/43 | 5,353,176 | ||||||||||||
| 8,922,270 | GNMA | 3.000 | 02/20/43 | 8,999,558 | ||||||||||||
| 4,610,565 | GNMA | 3.000 | 02/20/43 | 4,661,583 | ||||||||||||
| 1,808,262 | GNMA | 3.000 | 04/15/43 | 1,824,241 | ||||||||||||
| 2,503,842 | GNMA | 5.000 | 04/20/43 | 2,782,631 | ||||||||||||
| 3,627,059 | GNMA | 3.000 | 05/20/43 | 3,658,168 | ||||||||||||
| 5,557,424 | GNMA | 3.000 | 06/20/43 | 5,605,089 | ||||||||||||
| 9,395,698 | GNMA | 3.500 | 06/20/43 | 9,776,852 | ||||||||||||
| 11,701,468 | GNMA | 3.000 | 07/20/43 | 11,801,830 | ||||||||||||
| 9,352,839 | GNMA | 3.500 | 09/20/43 | 9,684,061 | ||||||||||||
| 4,986,497 | GNMA | 4.000 | 09/20/43 | 5,295,566 | ||||||||||||
| 4,475,107 | GNMA | 4.000 | 10/20/43 | 4,752,479 | ||||||||||||
| 1,881,815 | GNMA | 3.500 | 11/20/43 | 1,948,458 | ||||||||||||
| 5,430,522 | GNMA | 4.000 | 11/20/43 | 5,767,111 | ||||||||||||
| 4,341,011 | GNMA | 4.500 | 12/20/43 | 4,717,312 | ||||||||||||
| 4,588,348 | GNMA | 4.500 | 01/20/44 | 4,986,251 | ||||||||||||
| 4,822,634 | GNMA | 3.500 | 02/20/44 | 4,993,423 | ||||||||||||
| 9,283,636 | GNMA | 4.000 | 02/20/44 | 9,859,046 | ||||||||||||
| 9,699,130 | GNMA | 4.000 | 05/20/44 | 10,300,293 | ||||||||||||
| 9,819,358 | GNMA | 4.000 | 06/20/44 | 10,427,972 | ||||||||||||
| 21,900,572 | GNMA | 3.500 | 07/20/44 | 22,676,160 | ||||||||||||
| TOTAL MORTGAGE BACKED | 1,565,750,724 | |||||||||||||||
| MUNICIPAL BONDS - 1.0% | ||||||||||||||||
| 300,000 | American Municipal Power | 7.834 | 02/15/41 | 429,753 | ||||||||||||
| 500,000 | American Municipal Power | 6.270 | 02/15/50 | 613,560 | ||||||||||||
| 118 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | Bay Area Toll Authority | 6.263 | % | 04/01/49 | $ | 669,795 | |||||||||
| 200,000 | Central Puget Sound Regional Transit Authority | 5.491 | 11/01/39 | 240,666 | ||||||||||||
| 300,000 | City of Chicago IL | 5.432 | 01/01/42 | 274,296 | ||||||||||||
| 750,000 | City Public Service Board of San Antonio TX | 5.808 | 02/01/41 | 947,588 | ||||||||||||
| 150,000 | Colorado Bridge Enterprise | 6.078 | 12/01/40 | 192,133 | ||||||||||||
| 200,000 | Commonwealth of Massachusetts | 4.200 | 12/01/21 | 218,480 | ||||||||||||
| 500,000 | Commonwealth of Massachusetts | 5.731 | 06/01/40 | 621,745 | ||||||||||||
| 195,000 | Commonwealth of Pennsylvania | 5.850 | 07/15/30 | 217,569 | ||||||||||||
| 200,000 | County of Clark NV | 6.820 | 07/01/45 | 275,054 | ||||||||||||
| 350,000 | Denver City & County School District No | 4.242 | 12/15/37 | 339,762 | ||||||||||||
| 200,000 | District of Columbia | 5.591 | 12/01/34 | 243,408 | ||||||||||||
| 100,000 | East Baton Rouge Sewerage Commission | 6.087 | 02/01/45 | 110,435 | ||||||||||||
| 500,000 | Florida Hurricane Catastrophe Fund Finance Corp | 2.995 | 07/01/20 | 501,695 | ||||||||||||
| 64,752 | Kentucky Asset Liability Commission | 3.165 | 04/01/18 | 67,260 | ||||||||||||
| 30,000 | Los Angeles Unified School District | 5.750 | 07/01/34 | 36,446 | ||||||||||||
| 100,000 | Massachusetts School Building Authority | 5.715 | 08/15/39 | 121,809 | ||||||||||||
| 100,000 | Metropolitan Government of Nashville & Davidson County | 6.731 | 07/01/43 | 128,320 | ||||||||||||
| 940,000 | Metropolitan Transportation Authority | 6.648 | 11/15/39 | 1,248,621 | ||||||||||||
| 650,000 | Metropolitan Transportation Authority | 7.336 | 11/15/39 | 970,456 | ||||||||||||
| 500,000 | Missouri Highway & Transportation Commission | 5.445 | 05/01/33 | 587,025 | ||||||||||||
| 250,000 | Municipal Electric Authority of Georgia | 6.637 | 04/01/57 | 313,535 | ||||||||||||
| 500,000 | Municipal Electric Authority of Georgia | 6.655 | 04/01/57 | 614,915 | ||||||||||||
| 947,000 | New Jersey Economic Development Authority | 7.425 | 02/15/29 | 1,211,686 | ||||||||||||
| 335,000 | New Jersey State Turnpike Authority | 7.414 | 01/01/40 | 479,784 | ||||||||||||
| 800,000 | New Jersey Transportation Trust Fund Authority | 5.754 | 12/15/28 | 920,680 | ||||||||||||
| 360,000 | New Jersey Transportation Trust Fund Authority | 6.104 | 12/15/28 | 400,633 | ||||||||||||
| 700,000 | New Jersey Transportation Trust Fund Authority | 6.875 | 12/15/39 | 779,618 | ||||||||||||
| 1,100,000 | New York City Municipal Water Finance Authority | 5.790 | 06/15/41 | 1,210,066 | ||||||||||||
| 500,000 | New York City Municipal Water Finance Authority | 5.440 | 06/15/43 | 592,930 | ||||||||||||
| 600,000 | New York State Dormitory Authority | 5.289 | 03/15/33 | 702,354 | ||||||||||||
| 130,000 | New York State Dormitory Authority | 5.628 | 03/15/39 | 156,864 | ||||||||||||
| 545,000 | New York State Dormitory Authority | 5.600 | 03/15/40 | 671,751 | ||||||||||||
| 400,000 | New York State Urban Development Corp | 5.838 | 03/15/40 | 492,168 | ||||||||||||
| 100,000 | Ohio State University | 4.910 | 06/01/40 | 112,678 | ||||||||||||
| 675,000 | Ohio State Water Development Authority | 4.879 | 12/01/34 | 752,483 | ||||||||||||
| 750,000 | Oregon School Boards Association | 4.759 | 06/30/28 | 822,638 | ||||||||||||
| 250,000 | Oregon School Boards Association | 5.680 | 06/30/28 | 291,680 | ||||||||||||
| 100,000 | Oregon State Department of Transportation | 5.834 | 11/15/34 | 124,661 | ||||||||||||
| 200,000 | Port Authority of New York & New Jersey | 6.040 | 12/01/29 | 246,350 | ||||||||||||
| 500,000 | Port Authority of New York & New Jersey | 5.647 | 11/01/40 | 603,245 | ||||||||||||
| 1,000,000 | Port Authority of New York & New Jersey | 5.310 | 08/01/46 | 1,076,700 | ||||||||||||
| 100,000 | Salt River Project Agricultural Improvement & Power District | 4.839 | 01/01/41 | 114,219 | ||||||||||||
| 800,000 | Santa Clara Valley Transportation Authority | 5.876 | 04/01/32 | 966,632 | ||||||||||||
| 200,000 | State of California | 1.050 | 02/01/16 | 200,950 | ||||||||||||
| 300,000 | State of California | 5.750 | 03/01/17 | 331,515 | ||||||||||||
| 100,000 | State of California | 6.200 | 10/01/19 | 118,347 | ||||||||||||
| 100,000 | State of California | 5.700 | 11/01/21 | 117,714 | ||||||||||||
| 250,000 | State of California | 7.500 | 04/01/34 | 356,670 | ||||||||||||
| 285,000 | State of California | 7.550 | 04/01/39 | 415,587 | ||||||||||||
| 3,400,000 | State of California | 7.300 | 10/01/39 | 4,752,010 | ||||||||||||
| 2,740,000 | State of California | 7.625 | 03/01/40 | 3,995,304 | ||||||||||||
| 119 |
TIAA-CREF FUNDS - Bond Index Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 300,000 | State of Connecticut | 5.090 | % | 10/01/30 | $ | 338,307 | |||||||||
| 620,000 | State of Connecticut | 5.850 | 03/15/32 | 755,520 | ||||||||||||
| 100,000 | State of Illinois | 4.511 | 03/01/15 | 101,583 | ||||||||||||
| 1,045,000 | State of Illinois | 4.961 | 03/01/16 | 1,098,034 | ||||||||||||
| 4,450,000 | State of Illinois | 5.100 | 06/01/33 | 4,321,172 | ||||||||||||
| 1,295,000 | State of Illinois | 6.725 | 04/01/35 | 1,413,376 | ||||||||||||
| 300,000 | State of Oregon | 5.762 | 06/01/23 | 348,963 | ||||||||||||
| 600,000 | State of Texas | 4.631 | 04/01/33 | 669,108 | ||||||||||||
| 50,000 | State of Texas | 5.517 | 04/01/39 | 62,347 | ||||||||||||
| 1,000,000 | State of Texas | 4.681 | 04/01/40 | 1,116,130 | ||||||||||||
| 575,000 | State of Texas Transportation Commission | 5.028 | 04/01/26 | 661,515 | ||||||||||||
| 500,000 | State of Utah | 3.539 | 07/01/25 | 521,300 | ||||||||||||
| 200,000 | State of Washington | 5.090 | 08/01/33 | 230,332 | ||||||||||||
| 604,000 | State Public School Building Authority | 5.000 | 09/15/27 | 665,693 | ||||||||||||
| 2,000,000 | Tennessee Valley Authority | 4.500 | 04/01/18 | 2,203,608 | ||||||||||||
| 750,000 | Tennessee Valley Authority | 3.875 | 02/15/21 | 817,494 | ||||||||||||
| 500,000 | Tennessee Valley Authority | 5.880 | 04/01/36 | 651,972 | ||||||||||||
| 500,000 | Tennessee Valley Authority | 5.500 | 06/15/38 | 628,892 | ||||||||||||
| 300,000 | Tennessee Valley Authority | 3.500 | 12/15/42 | 279,408 | ||||||||||||
| 1,750,000 | Tennessee Valley Authority | 4.625 | 09/15/60 | 1,888,191 | ||||||||||||
| 500,000 | University of California | 1.796 | 07/01/19 | 488,670 | ||||||||||||
| 200,000 | University of California | 5.770 | 05/15/43 | 247,672 | ||||||||||||
| 860,000 | University of California | 4.858 | 05/15/12 | 825,505 | ||||||||||||
| 100,000 | University of Pennsylvania | 4.674 | 09/01/12 | 101,496 | ||||||||||||
| 200,000 | University of Southern California | 5.250 | 10/01/11 | 244,350 | ||||||||||||
| 700,000 | University of Texas | 4.794 | 08/15/46 | 796,964 | ||||||||||||
| 150,000 | Virginia Commonwealth Transportation Board | 5.350 | 05/15/35 | 174,501 | ||||||||||||
| TOTAL MUNICIPAL BONDS | 54,654,346 | |||||||||||||||
| U.S. TREASURY SECURITIES - 35.7% | ||||||||||||||||
| 16,000,000 | United States Treasury Bond | 5.250 | 11/15/28 | 20,584,992 | ||||||||||||
| 26,060,000 | United States Treasury Bond | 5.250 | 02/15/29 | 33,552,250 | ||||||||||||
| 19,429,000 | United States Treasury Bond | 5.375 | 02/15/31 | 25,716,108 | ||||||||||||
| 11,750,000 | United States Treasury Bond | 4.500 | 02/15/36 | 14,502,073 | ||||||||||||
| 4,644,000 | United States Treasury Bond | 4.375 | 02/15/38 | 5,637,379 | ||||||||||||
| 36,983,000 | United States Treasury Bond | 3.500 | 02/15/39 | 39,346,436 | ||||||||||||
| 241,000 | United States Treasury Bond | 4.500 | 08/15/39 | 299,104 | ||||||||||||
| 850,000 | United States Treasury Bond | 4.375 | 11/15/39 | 1,037,133 | ||||||||||||
| 915,000 | United States Treasury Bond | 4.625 | 02/15/40 | 1,158,904 | ||||||||||||
| 3,380,000 | United States Treasury Bond | 4.375 | 05/15/40 | 4,133,105 | ||||||||||||
| 12,585,000 | United States Treasury Bond | 3.875 | 08/15/40 | 14,246,610 | ||||||||||||
| 11,185,000 | United States Treasury Bond | 4.250 | 11/15/40 | 13,434,236 | ||||||||||||
| 5,075,000 | United States Treasury Bond | 4.750 | 02/15/41 | 6,573,708 | ||||||||||||
| 26,350,000 | United States Treasury Bond | 4.375 | 05/15/41 | 32,319,909 | ||||||||||||
| 10,000,000 | United States Treasury Bond | 3.750 | 08/15/41 | 11,101,560 | ||||||||||||
| 2,300,000 | United States Treasury Bond | 3.125 | 11/15/41 | 2,281,313 | ||||||||||||
| 4,550,000 | United States Treasury Bond | 3.125 | 02/15/42 | 4,505,210 | ||||||||||||
| 7,500,000 | United States Treasury Bond | 3.000 | 05/15/42 | 7,242,188 | ||||||||||||
| 10,000,000 | United States Treasury Bond | 2.750 | 08/15/42 | 9,162,500 | ||||||||||||
| 4,000,000 | United States Treasury Bond | 2.750 | 11/15/42 | 3,659,376 | ||||||||||||
| 10,250,000 | United States Treasury Bond | 2.875 | 05/15/43 | 9,601,370 | ||||||||||||
| 6,500,000 | United States Treasury Bond | 3.625 | 08/15/43 | 7,026,097 | ||||||||||||
| 120 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,000,000 | United States Treasury Bond | 3.750 | % | 11/15/43 | $ | 2,210,624 | |||||||||
| 7,615,000 | United States Treasury Bond | 3.625 | 02/15/44 | 8,228,959 | ||||||||||||
| 2,500,000 | United States Treasury Bond | 3.375 | 05/15/44 | 2,581,250 | ||||||||||||
| 12,000,000 | United States Treasury Bond | 3.125 | 08/15/44 | 11,808,744 | ||||||||||||
| 100 | United States Treasury Note | 2.500 | 03/31/15 | 101 | ||||||||||||
| 27,300,000 | United States Treasury Note | 1.250 | 10/31/15 | 27,617,799 | ||||||||||||
| 20,000,000 | United States Treasury Note | 0.375 | 11/15/15 | 20,040,620 | ||||||||||||
| 23,550,000 | United States Treasury Note | 1.375 | 11/30/15 | 23,869,220 | ||||||||||||
| 5,000,000 | United States Treasury Note | 2.125 | 12/31/15 | 5,116,990 | ||||||||||||
| 59,000,000 | United States Treasury Note | 0.375 | 01/15/16 | 59,085,255 | ||||||||||||
| 5,400,000 | United States Treasury Note | 2.000 | 01/31/16 | 5,523,611 | ||||||||||||
| 40,000,000 | United States Treasury Note | 0.250 | 02/29/16 | 39,967,200 | ||||||||||||
| 10,650,000 | United States Treasury Note | 2.125 | 02/29/16 | 10,922,076 | ||||||||||||
| 250,000 | United States Treasury Note | 2.625 | 02/29/16 | 258,174 | ||||||||||||
| 8,000,000 | United States Treasury Note | 0.375 | 03/15/16 | 8,003,752 | ||||||||||||
| 9,000,000 | United States Treasury Note | 2.250 | 03/31/16 | 9,253,476 | ||||||||||||
| 12,000,000 | United States Treasury Note | 0.250 | 04/15/16 | 11,976,096 | ||||||||||||
| 14,000,000 | United States Treasury Note | 2.000 | 04/30/16 | 14,350,546 | ||||||||||||
| 164,000 | United States Treasury Note | 5.125 | 05/15/16 | 176,447 | ||||||||||||
| 15,000,000 | United States Treasury Note | 0.375 | 05/31/16 | 14,984,760 | ||||||||||||
| 11,250,000 | United States Treasury Note | 1.750 | 05/31/16 | 11,493,461 | ||||||||||||
| 22,000,000 | United States Treasury Note | 0.500 | 06/15/16 | 22,020,636 | ||||||||||||
| 10,000,000 | United States Treasury Note | 0.500 | 06/30/16 | 10,005,860 | ||||||||||||
| 5,000,000 | United States Treasury Note | 1.500 | 06/30/16 | 5,088,475 | ||||||||||||
| 10,750,000 | United States Treasury Note | 1.500 | 07/31/16 | 10,941,060 | ||||||||||||
| 970,000 | United States Treasury Note | 3.250 | 07/31/16 | 1,018,121 | ||||||||||||
| 19,000,000 | United States Treasury Note | 0.625 | 08/15/16 | 19,027,455 | ||||||||||||
| 10,000,000 | United States Treasury Note | 0.500 | 08/31/16 | 9,989,840 | ||||||||||||
| 14,000,000 | United States Treasury Note | 1.000 | 08/31/16 | 14,113,750 | ||||||||||||
| 14,200,000 | United States Treasury Note | 1.000 | 09/30/16 | 14,306,500 | ||||||||||||
| 23,050,000 | United States Treasury Note | 1.000 | 10/31/16 | 23,213,862 | ||||||||||||
| 27,000,000 | United States Treasury Note | 0.625 | 11/15/16 | 26,966,250 | ||||||||||||
| 173,000 | United States Treasury Note | 4.625 | 11/15/16 | 187,340 | ||||||||||||
| 278,400 | United States Treasury Note | 7.500 | 11/15/16 | 318,246 | ||||||||||||
| 15,250,000 | United States Treasury Note | 0.875 | 11/30/16 | 15,305,998 | ||||||||||||
| 8,000,000 | United States Treasury Note | 0.625 | 12/15/16 | 7,983,128 | ||||||||||||
| 4,000,000 | United States Treasury Note | 0.875 | 12/31/16 | 4,010,624 | ||||||||||||
| 50,300,000 | United States Treasury Note | 0.875 | 01/31/17 | 50,394,312 | ||||||||||||
| 16,250,000 | United States Treasury Note | 0.875 | 02/28/17 | 16,266,510 | ||||||||||||
| 220,000 | United States Treasury Note | 3.000 | 02/28/17 | 231,430 | ||||||||||||
| 20,000,000 | United States Treasury Note | 0.750 | 03/15/17 | 19,962,500 | ||||||||||||
| 21,300,000 | United States Treasury Note | 1.000 | 03/31/17 | 21,364,901 | ||||||||||||
| 16,500,000 | United States Treasury Note | 0.875 | 04/30/17 | 16,483,236 | ||||||||||||
| 160,000 | United States Treasury Note | 8.750 | 05/15/17 | 192,537 | ||||||||||||
| 30,400,000 | United States Treasury Note | 0.625 | 05/31/17 | 30,136,371 | ||||||||||||
| 11,000,000 | United States Treasury Note | 0.750 | 06/30/17 | 10,926,949 | ||||||||||||
| 20,200,000 | United States Treasury Note | 0.500 | 07/31/17 | 19,893,849 | ||||||||||||
| 139,200 | United States Treasury Note | 8.875 | 08/15/17 | 170,085 | ||||||||||||
| 17,300,000 | United States Treasury Note | 0.625 | 08/31/17 | 17,071,588 | ||||||||||||
| 16,000,000 | United States Treasury Note | 0.625 | 09/30/17 | 15,764,992 | ||||||||||||
| 61,750,000 | United States Treasury Note | 0.750 | 10/31/17 | 60,968,492 | ||||||||||||
| 8,414,000 | United States Treasury Note | 4.250 | 11/15/17 | 9,210,705 | ||||||||||||
| 121 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 20,500,000 | United States Treasury Note | 0.625 | % | 11/30/17 | $ | 20,130,037 | |||||||||
| 31,000,000 | United States Treasury Note | 0.750 | 12/31/17 | 30,505,922 | ||||||||||||
| 8,044,000 | United States Treasury Note | 2.750 | 12/31/17 | 8,428,600 | ||||||||||||
| 21,000,000 | United States Treasury Note | 0.875 | 01/31/18 | 20,722,737 | ||||||||||||
| 8,127,000 | United States Treasury Note | 2.625 | 01/31/18 | 8,485,092 | ||||||||||||
| 31,000,000 | United States Treasury Note | 0.750 | 02/28/18 | 30,409,078 | ||||||||||||
| 23,000,000 | United States Treasury Note | 0.750 | 03/31/18 | 22,525,625 | ||||||||||||
| 15,000,000 | United States Treasury Note | 0.625 | 04/30/18 | 14,605,080 | ||||||||||||
| 6,172,000 | United States Treasury Note | 2.625 | 04/30/18 | 6,442,506 | ||||||||||||
| 6,266,000 | United States Treasury Note | 3.875 | 05/15/18 | 6,819,657 | ||||||||||||
| 72,000,000 | United States Treasury Note | 1.000 | 05/31/18 | 70,925,616 | ||||||||||||
| 7,862,000 | United States Treasury Note | 2.375 | 05/31/18 | 8,131,643 | ||||||||||||
| 7,000,000 | United States Treasury Note | 1.375 | 06/30/18 | 6,979,763 | ||||||||||||
| 15,000,000 | United States Treasury Note | 1.375 | 07/31/18 | 14,939,070 | ||||||||||||
| 13,065,000 | United States Treasury Note | 2.250 | 07/31/18 | 13,439,600 | ||||||||||||
| 40,350,000 | United States Treasury Note | 1.500 | 08/31/18 | 40,331,076 | ||||||||||||
| 22,000,000 | United States Treasury Note | 1.375 | 09/30/18 | 21,862,500 | ||||||||||||
| 28,000,000 | United States Treasury Note | 1.250 | 10/31/18 | 27,650,000 | ||||||||||||
| 1,681,000 | United States Treasury Note | 9.000 | 11/15/18 | 2,185,824 | ||||||||||||
| 33,500,000 | United States Treasury Note | 1.250 | 11/30/18 | 33,039,375 | ||||||||||||
| 25,000,000 | United States Treasury Note | 1.500 | 12/31/18 | 24,875,000 | ||||||||||||
| 25,000,000 | United States Treasury Note | 1.500 | 01/31/19 | 24,843,750 | ||||||||||||
| 2,802,400 | United States Treasury Note | 2.750 | 02/15/19 | 2,932,885 | ||||||||||||
| 30,000,000 | United States Treasury Note | 1.500 | 02/28/19 | 29,786,730 | ||||||||||||
| 36,000,000 | United States Treasury Note | 1.625 | 03/31/19 | 35,898,768 | ||||||||||||
| 20,000,000 | United States Treasury Note | 1.625 | 04/30/19 | 19,925,000 | ||||||||||||
| 40,750,000 | United States Treasury Note | 1.500 | 05/31/19 | 40,326,567 | ||||||||||||
| 40,000,000 | United States Treasury Note | 1.625 | 06/30/19 | 39,787,520 | ||||||||||||
| 18,000,000 | United States Treasury Note | 1.625 | 07/31/19 | 17,887,500 | ||||||||||||
| 50,500,000 | United States Treasury Note | 1.625 | 08/31/19 | 50,152,812 | ||||||||||||
| 40,000,000 | United States Treasury Note | 1.750 | 09/30/19 | 39,946,880 | ||||||||||||
| 4,000,000 | United States Treasury Note | 1.875 | 06/30/20 | 3,977,500 | ||||||||||||
| 4,000,000 | United States Treasury Note | 2.000 | 07/31/20 | 4,001,248 | ||||||||||||
| 5,342,000 | United States Treasury Note | 2.625 | 08/15/20 | 5,522,293 | ||||||||||||
| 6,000,000 | United States Treasury Note | 2.000 | 09/30/20 | 5,983,128 | ||||||||||||
| 5,650,000 | United States Treasury Note | 2.625 | 11/15/20 | 5,826,563 | ||||||||||||
| 5,000,000 | United States Treasury Note | 2.000 | 11/30/20 | 4,973,045 | ||||||||||||
| 5,900,000 | United States Treasury Note | 3.625 | 02/15/21 | 6,436,534 | ||||||||||||
| 10,000,000 | United States Treasury Note | 2.000 | 02/28/21 | 9,914,840 | ||||||||||||
| 27,610,000 | United States Treasury Note | 2.125 | 08/15/21 | 27,471,950 | ||||||||||||
| 6,070,000 | United States Treasury Note | 2.000 | 11/15/21 | 5,975,630 | ||||||||||||
| 13,379,100 | United States Treasury Note | 8.000 | 11/15/21 | 18,513,330 | ||||||||||||
| 10,500,000 | United States Treasury Note | 1.625 | 11/15/22 | 9,923,319 | ||||||||||||
| 13,250,000 | United States Treasury Note | 1.750 | 05/15/23 | 12,558,509 | ||||||||||||
| 16,000,000 | United States Treasury Note | 2.500 | 08/15/23 | 16,095,008 | ||||||||||||
| 13,000,000 | United States Treasury Note | 2.750 | 11/15/23 | 13,325,000 | ||||||||||||
| 26,000,000 | United States Treasury Note | 2.500 | 05/15/24 | 26,016,250 | ||||||||||||
| 25,000,000 | United States Treasury Note | 2.375 | 08/15/24 | 24,710,950 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 1,964,273,634 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 3,969,771,494 | |||||||||||||||
| (Cost $3,948,465,275) | ||||||||||||||||
| 122 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| STRUCTURED ASSETS - 2.6% | ||||||||||||||||
| ASSET BACKED - 0.8% | ||||||||||||||||
| $ | 500,000 | Ally Auto Receivables Trust | 1.210 | % | 07/15/16 | $ | 502,111 | |||||||||
| Series - 2012 1 (Class A4) | ||||||||||||||||
| 800,000 | Ally Auto Receivables Trust | 0.800 | 10/16/17 | 799,634 | ||||||||||||
| Series - 2012 4 (Class A4) | ||||||||||||||||
| 1,146,000 | AmeriCredit Automobile Receivables Trust | 0.610 | 10/10/17 | 1,146,948 | ||||||||||||
| Series - 2013 1 (Class A3) | ||||||||||||||||
| 500,000 | AmeriCredit Automobile Receivables Trust | 2.670 | 01/08/18 | 507,622 | ||||||||||||
| Series - 2012 1 (Class C) | ||||||||||||||||
| 300,000 | AmeriCredit Automobile Receivables Trust | 1.790 | 03/08/19 | 300,467 | ||||||||||||
| Series - 2013 2 (Class C) | ||||||||||||||||
| 500,000 | AmeriCredit Automobile Receivables Trust | 2.420 | 05/08/19 | 495,260 | ||||||||||||
| Series - 2013 2 (Class D) | ||||||||||||||||
| 150,000 | AmeriCredit Automobile Receivables Trust | 2.380 | 06/10/19 | 151,334 | ||||||||||||
| Series - 2013 3 (Class C) | ||||||||||||||||
| 500,000 | Capital Auto Receivables Asset Trust | 2.190 | 09/20/21 | 498,864 | ||||||||||||
| Series - 0 1 (Class D) | ||||||||||||||||
| 1,250,000 | Capital One Multi-Asset Execution Trust | 5.050 | 12/17/18 | 1,323,914 | ||||||||||||
| Series - 2006 A3 (Class A3) | ||||||||||||||||
| 660,000 | Capital One Multi-Asset Execution Trust | 5.750 | 07/15/20 | 738,448 | ||||||||||||
| Series - 2007 A7 (Class A7) | ||||||||||||||||
| 600,000 | Centerpoint Energy Transistion | 3.460 | 08/15/19 | 628,259 | ||||||||||||
| Series - 0 1 (Class A2) | ||||||||||||||||
| 500,000 | CenterPoint Energy Transition Bond Co II LLC | 5.302 | 08/01/20 | 559,291 | ||||||||||||
| Series - 2005 A (Class A5) | ||||||||||||||||
| 600,000 | CenterPoint Energy Transition Bond Co LLC | 2.161 | 10/15/21 | 599,282 | ||||||||||||
| Series - 2012 1 (Class A2) | ||||||||||||||||
| 400,000 | Chase Issuance Trust | 0.790 | 06/15/17 | 401,026 | ||||||||||||
| Series - 2012 A3 (Class A3) | ||||||||||||||||
| 395,000 | Chase Issuance Trust | 1.010 | 10/15/18 | 394,529 | ||||||||||||
| Series - 2013 A8 (Class A8) | ||||||||||||||||
| 1,000,000 | Chase Issuance Trust | 1.150 | 01/15/19 | 999,159 | ||||||||||||
| Series - 2014 A1 (Class A) | ||||||||||||||||
| 1,000,000 | Chase Issuance Trust | 2.160 | 09/16/24 | 948,080 | ||||||||||||
| Series - 2012 A7 (Class A7) | ||||||||||||||||
| 750,000 | CitiBank Credit Card Issuance Trust | 5.650 | 09/20/19 | 839,527 | ||||||||||||
| Series - 2007 A8 (Class A8) | ||||||||||||||||
| 310,000 | CitiBank Credit Card Issuance Trust | 5.350 | 02/07/20 | 347,159 | ||||||||||||
| Series - 2008 A1 (Class A1) | ||||||||||||||||
| 1,000,000 | CitiBank Credit Card Issuance Trust | 2.880 | 01/23/23 | 1,015,305 | ||||||||||||
| Series - 0 A1 (Class A1) | ||||||||||||||||
| 101,042 | Detroit Edison Securitization Funding LLC | 6.620 | 03/01/16 | 103,657 | ||||||||||||
| Series - 2001 1 (Class A6) | ||||||||||||||||
| 3,000,000 | Discover Card Master Trust | 5.650 | 03/16/20 | 3,350,385 | ||||||||||||
| Series - 2007 A1 (Class A1) | ||||||||||||||||
| 208,341 | FHLMC Multifamily Structured Pass Through Certificates | 3.342 | 12/25/19 | 217,737 | ||||||||||||
| Series - 2010 K007 (Class A1) | ||||||||||||||||
| 3,484,332 | FHLMC Multifamily Structured Pass Through Certificates | 1.459 | 09/25/21 | 3,431,949 | ||||||||||||
| Series - 2012 K019 (Class A1) | ||||||||||||||||
| 123 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 3,000,000 | FHLMC Multifamily Structured Pass Through Certificates | 2.307 | % | 08/25/22 | $ | 2,903,430 | |||||||||
| Series - 2012 K023 (Class A2) | ||||||||||||||||
| 477,107 | FHLMC Multifamily Structured Pass Through Certificates | 2.779 | 09/25/22 | 490,517 | ||||||||||||
| Series - 2013 K030 (Class A1) | ||||||||||||||||
| 500,000 | FHLMC Multifamily Structured Pass Through Certificates | 2.510 | 11/25/22 | 489,421 | ||||||||||||
| Series - 2013 K026 (Class A2) | ||||||||||||||||
| 500,000 | FHLMC Multifamily Structured Pass Through Certificates | 2.637 | 01/25/23 | 493,392 | ||||||||||||
| Series - 2013 K027 (Class A2) | ||||||||||||||||
| 98,175 | FHLMC Multifamily Structured Pass Through Certificates | 2.669 | 02/25/23 | 99,854 | ||||||||||||
| Series - 2013 K034 (Class A1) | ||||||||||||||||
| 3,000,000 | i | FHLMC Multifamily Structured Pass Through Certificates | 3.060 | 07/25/23 | 3,033,207 | |||||||||||
| Series - 2013 K033 (Class A2) | ||||||||||||||||
| 500,000 | i | FHLMC Multifamily Structured Pass Through Certificates | 3.531 | 07/25/23 | 523,392 | |||||||||||
| Series - 2013 K034 (Class A2) | ||||||||||||||||
| 1,500,000 | i | FHLMC Multifamily Structured Pass Through Certificates | 3.527 | 10/25/23 | 1,568,531 | |||||||||||
| Series - 2014 K036 (Class A2) | ||||||||||||||||
| 260,000 | Ford Credit Auto Owner Trust | 3.560 | 01/15/17 | 261,709 | ||||||||||||
| Series - 2010 2010-B (Class D) | ||||||||||||||||
| 599,715 | Ford Credit Auto Owner Trust | 0.550 | 07/15/17 | 600,153 | ||||||||||||
| Series - 2013 2013-A (Class A3) | ||||||||||||||||
| 820,000 | Ford Credit Auto Owner Trust | 1.320 | 01/15/19 | 823,075 | ||||||||||||
| Series - 2013 2013-B (Class C) | ||||||||||||||||
| 500,000 | Ford Credit Auto Owner Trust | 1.820 | 11/15/19 | 505,300 | ||||||||||||
| Series - 2013 2013-B (Class D) | ||||||||||||||||
| 1,900,000 | GE Capital Credit Card Master Note Trust | 1.360 | 08/17/20 | 1,881,775 | ||||||||||||
| Series - 2012 6 (Class A) | ||||||||||||||||
| 590,000 | Hyundai Auto Receivables Trust | 0.750 | 09/17/18 | 588,238 | ||||||||||||
| Series - 2013 A (Class A4) | ||||||||||||||||
| 1,150,000 | Nissan Auto Receivables Owner Trust | 0.840 | 11/15/17 | 1,153,453 | ||||||||||||
| Series - 2013 B (Class A3) | ||||||||||||||||
| 400,000 | Nissan Auto Receivables Owner Trust | 1.000 | 07/16/18 | 401,821 | ||||||||||||
| Series - 2012 A (Class A4) | ||||||||||||||||
| 13,377 | i | Residential Asset Securities Corp | 6.489 | 10/25/30 | 13,389 | |||||||||||
| Series - 2001 KS2 (Class AI6) | ||||||||||||||||
| 15,000 | i | Residential Funding Mortgage Securities II, Inc | 6.060 | 02/25/36 | 15,786 | |||||||||||
| Series - 2006 HI1 (Class M2) | ||||||||||||||||
| 2,000,000 | Santander Drive Auto Receivables Trust | 1.190 | 05/15/18 | 2,002,156 | ||||||||||||
| Series - 2013 2013-3 (Class B) | ||||||||||||||||
| 200,000 | Santander Drive Auto Receivables Trust | 3.300 | 09/17/18 | 206,371 | ||||||||||||
| Series - 2012 2012-5 (Class D) | ||||||||||||||||
| 1,500,000 | Santander Drive Auto Receivables Trust | 2.270 | 01/15/19 | 1,503,239 | ||||||||||||
| Series - 2013 2013-1 (Class D) | ||||||||||||||||
| 300,000 | Santander Drive Auto Receivables Trust | 1.950 | 03/15/19 | 303,439 | ||||||||||||
| Series - 2013 2013-2 (Class C) | ||||||||||||||||
| 2,000,000 | Santander Drive Auto Receivables Trust | 2.360 | 04/15/20 | 2,010,670 | ||||||||||||
| Series - 2014 2014-1 (Class C) | ||||||||||||||||
| 120,000 | Toyota Auto Receivables Owner Trust | 0.670 | 12/15/17 | 119,856 | ||||||||||||
| Series - 2014 A (Class A3) | ||||||||||||||||
| 124 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 100,000 | Volkswagen Auto Loan Enhanced Trust | 0.660 | % | 03/20/19 | $ | 99,614 | |||||||||
| Series - 2012 2 (Class A4) | ||||||||||||||||
| 15,000 | g | Vornado DP LLC | 4.004 | 09/13/28 | 15,963 | |||||||||||
| Series - 2010 VNO (Class A2FX) | ||||||||||||||||
| TOTAL ASSET BACKED | 42,407,698 | |||||||||||||||
| OTHER MORTGAGE BACKED - 1.8% | ||||||||||||||||
| 336,444 | i | Banc of America Commercial Mortgage, Inc | 5.347 | 11/10/42 | 336,309 | |||||||||||
| Series - 2005 1 (Class A4) | ||||||||||||||||
| 102,480 | i | Banc of America Commercial Mortgage, Inc | 5.889 | 07/10/44 | 109,181 | |||||||||||
| Series - 2006 3 (Class A4) | ||||||||||||||||
| 450,000 | Banc of America Commercial Mortgage, Inc | 5.356 | 10/10/45 | 473,742 | ||||||||||||
| Series - 2006 6 (Class A4) | ||||||||||||||||
| 93,184 | Banc of America Commercial Mortgage, Inc | 5.379 | 09/10/47 | 93,361 | ||||||||||||
| Series - 2006 5 (Class AAB) | ||||||||||||||||
| 46,972 | Banc of America Merrill Lynch Commercial Mortgage, Inc | 4.811 | 12/10/42 | 46,996 | ||||||||||||
| Series - 2004 6 (Class A5) | ||||||||||||||||
| 1,342,074 | i | Banc of America Merrill Lynch Commercial Mortgage, Inc | 5.349 | 09/10/47 | 1,381,748 | |||||||||||
| Series - 2005 6 (Class A4) | ||||||||||||||||
| 26,083 | Banc of America Merrill Lynch Commercial Mortgage, Inc | 5.620 | 02/10/51 | 26,053 | ||||||||||||
| Series - 2007 5 (Class A3) | ||||||||||||||||
| 1,320,000 | Bear Stearns Commercial Mortgage Securities | 5.201 | 12/11/38 | 1,415,870 | ||||||||||||
| Series - 2006 PW14 (Class A4) | ||||||||||||||||
| 278,499 | i | Bear Stearns Commercial Mortgage Securities | 5.600 | 03/11/39 | 291,247 | |||||||||||
| Series - 2006 PW11 (Class A4) | ||||||||||||||||
| 200,000 | i | Bear Stearns Commercial Mortgage Securities | 5.897 | 06/11/40 | 219,709 | |||||||||||
| Series - 2007 PW16 (Class A4) | ||||||||||||||||
| 310,143 | Bear Stearns Commercial Mortgage Securities | 4.674 | 06/11/41 | 314,411 | ||||||||||||
| Series - 2005 PWR8 (Class A4) | ||||||||||||||||
| 17,070 | i | Bear Stearns Commercial Mortgage Securities | 5.468 | 06/11/41 | 17,069 | |||||||||||
| Series - 2004 PWR4 (Class A3) | ||||||||||||||||
| 825,000 | i | Bear Stearns Commercial Mortgage Securities | 5.582 | 09/11/41 | 881,423 | |||||||||||
| Series - 2006 PW13 (Class AM) | ||||||||||||||||
| 474,509 | Bear Stearns Commercial Mortgage Securities | 5.537 | 10/12/41 | 508,233 | ||||||||||||
| Series - 2006 T24 (Class A4) | ||||||||||||||||
| 19,297 | i | Bear Stearns Commercial Mortgage Securities | 4.750 | 02/13/46 | 19,291 | |||||||||||
| Series - 2004 T16 (Class A6) | ||||||||||||||||
| 1,000,000 | i | Bear Stearns Commercial Mortgage Securities | 5.694 | 06/11/50 | 1,093,032 | |||||||||||
| Series - 2007 PW17 (Class A4) | ||||||||||||||||
| 500,000 | Bear Stearns Commercial Mortgage Securities | 5.700 | 06/11/50 | 549,339 | ||||||||||||
| Series - 2007 PW18 (Class A4) | ||||||||||||||||
| 99,016 | Bear Stearns Commercial Mortgage Securities | 5.736 | 06/11/50 | 100,098 | ||||||||||||
| Series - 2007 PW17 (Class A3) | ||||||||||||||||
| 83,784 | Citigroup Commercial Mortgage Trust | 4.733 | 10/15/41 | 83,753 | ||||||||||||
| Series - 2004 2004-C2 (Class A5) | ||||||||||||||||
| 750,000 | Citigroup Commercial Mortgage Trust | 1.987 | 04/10/46 | 751,714 | ||||||||||||
| Series - 2013 2013-GC11 (Class A2) | ||||||||||||||||
| 1,053,000 | Citigroup Commercial Mortgage Trust | 3.422 | 04/10/46 | 1,047,068 | ||||||||||||
| Series - 2013 2013-GC11 (Class AS) | ||||||||||||||||
| 255,000 | Citigroup Commercial Mortgage Trust | 4.023 | 03/10/47 | 267,117 | ||||||||||||
| Series - 2014 2014-GC19 (Class A4) | ||||||||||||||||
| 750,000 | i | Citigroup Commercial Mortgage Trust | 6.339 | 12/10/49 | 826,505 | |||||||||||
| Series - 2008 2008-C7 (Class A4) | ||||||||||||||||
| 125 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 585,000 | Citigroup, Inc | 5.322 | % | 12/11/49 | $ | 624,945 | |||||||||
| Series - 2007 CD4 (Class A4) | ||||||||||||||||
| 550,000 | i | Citigroup/Deutsche Bank Commercial Mortgage Trust | 5.400 | 07/15/44 | 568,827 | |||||||||||
| Series - 2005 CD1 (Class AJ) | ||||||||||||||||
| 925,703 | Citigroup/Deutsche Bank Commercial Mortgage Trust | 5.617 | 10/15/48 | 977,063 | ||||||||||||
| Series - 2006 CD3 (Class A5) | ||||||||||||||||
| 2,000,000 | COMM Mortgage Trust | 3.039 | 12/10/18 | 2,060,312 | ||||||||||||
| Series - 2013 CR13 (Class A2) | ||||||||||||||||
| 730,000 | COMM Mortgage Trust | 2.256 | 12/10/44 | 741,607 | ||||||||||||
| Series - 2012 LC4 (Class A2) | ||||||||||||||||
| 580,000 | COMM Mortgage Trust | 4.063 | 12/10/44 | 607,533 | ||||||||||||
| Series - 2012 LC4 (Class AM) | ||||||||||||||||
| 500,000 | COMM Mortgage Trust | 2.752 | 08/15/45 | 502,475 | ||||||||||||
| Series - 2012 CR2 (Class ASB) | ||||||||||||||||
| 749,000 | COMM Mortgage Trust | 1.906 | 01/10/46 | 747,110 | ||||||||||||
| Series - 2013 LC6 (Class A2) | ||||||||||||||||
| 400,000 | COMM Mortgage Trust | 2.941 | 01/10/46 | 392,239 | ||||||||||||
| Series - 2013 LC6 (Class A4) | ||||||||||||||||
| 524,000 | COMM Mortgage Trust | 3.213 | 03/10/46 | 522,798 | ||||||||||||
| Series - 0 CR7 (Class A4) | ||||||||||||||||
| 491,028 | i | COMM Mortgage Trust | 5.948 | 06/10/46 | 520,496 | |||||||||||
| Series - 2006 C7 (Class A4) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 4.046 | 10/10/46 | 1,054,060 | ||||||||||||
| Series - 2013 CR12 (Class A4) | ||||||||||||||||
| 500,000 | COMM Mortgage Trust | 4.258 | 10/10/46 | 535,317 | ||||||||||||
| Series - 2013 CR11 (Class A4) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 2.928 | 02/10/47 | 1,023,937 | ||||||||||||
| Series - 2014 CR15 (Class A2) | ||||||||||||||||
| 500,000 | COMM Mortgage Trust | 3.961 | 03/10/47 | 522,059 | ||||||||||||
| Series - 2014 A5 (Class A5) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 4.051 | 04/10/47 | 1,050,843 | ||||||||||||
| Series - 2014 CR16 (Class A4) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.819 | 06/10/47 | 1,029,805 | ||||||||||||
| Series - 2014 UBS3 (Class A4) | ||||||||||||||||
| 1,000,000 | COMM Mortgage Trust | 3.694 | 08/10/47 | 1,018,791 | ||||||||||||
| Series - 2014 UBS4 (Class A5) | ||||||||||||||||
| 255,000 | i | COMM Mortgage Trust | 5.989 | 12/10/49 | 280,794 | |||||||||||
| Series - 2007 C9 (Class A4) | ||||||||||||||||
| 300,000 | i | COMM Mortgage Trust | 6.241 | 12/10/49 | 328,653 | |||||||||||
| Series - 2008 LS1 (Class ASM) | ||||||||||||||||
| 1,884,190 | i | Credit Suisse Commercial Mortgage Trust | 5.999 | 06/15/38 | 1,995,602 | |||||||||||
| Series - 2006 C3 (Class A3) | ||||||||||||||||
| 500,000 | i | Credit Suisse Mortgage Capital Certificates | 5.609 | 02/15/39 | 521,766 | |||||||||||
| Series - 2006 C1 (Class A4) | ||||||||||||||||
| 164,206 | Credit Suisse Mortgage Capital Certificates | 5.467 | 09/15/39 | 174,820 | ||||||||||||
| Series - 2006 C4 (Class A3) | ||||||||||||||||
| 2,100,000 | Credit Suisse Mortgage Capital Certificates | 5.509 | 09/15/39 | 2,248,417 | ||||||||||||
| Series - 2006 C4 (Class AM) | ||||||||||||||||
| 220,000 | i | CS First Boston Mortgage Securities Corp | 5.100 | 08/15/38 | 226,742 | |||||||||||
| Series - 2005 C5 (Class AJ) | ||||||||||||||||
| 468,690 | i | CS First Boston Mortgage Securities Corp | 5.100 | 08/15/38 | 478,330 | |||||||||||
| Series - 2005 C5 (Class A4) | ||||||||||||||||
| 78,932 | i | GE Capital Commercial Mortgage Corp | 5.458 | 11/10/45 | 79,729 | |||||||||||
| Series - 2005 C4 (Class ASB) | ||||||||||||||||
| 126 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | i | GE Capital Commercial Mortgage Corp | 5.490 | % | 11/10/45 | $ | 1,026,766 | ||||||||
| Series - 2005 C4 (Class A4) | ||||||||||||||||
| 1,835,000 | i | Greenwich Capital Commercial Funding Corp | 5.224 | 04/10/37 | 1,879,235 | |||||||||||
| Series - 2005 GG5 (Class A5) | ||||||||||||||||
| 600,000 | i | Greenwich Capital Commercial Funding Corp | 5.277 | 04/10/37 | 622,010 | |||||||||||
| Series - 2005 GG5 (Class AM) | ||||||||||||||||
| 701,207 | i | Greenwich Capital Commercial Funding Corp | 6.014 | 07/10/38 | 744,206 | |||||||||||
| Series - 2006 GG7 (Class A4) | ||||||||||||||||
| 550,000 | Greenwich Capital Commercial Funding Corp | 5.444 | 03/10/39 | 592,444 | ||||||||||||
| Series - 2007 GG9 (Class A4) | ||||||||||||||||
| 610,000 | Greenwich Capital Commercial Funding Corp | 5.475 | 03/10/39 | 645,162 | ||||||||||||
| Series - 2007 GG9 (Class AM) | ||||||||||||||||
| 2,000,000 | Greenwich Capital Commercial Funding Corp | 5.736 | 12/10/49 | 2,190,530 | ||||||||||||
| Series - 2007 GG11 (Class A4) | ||||||||||||||||
| 1,825,000 | i | GS Mortgage Securities Corp II | 5.553 | 04/10/38 | 1,901,650 | |||||||||||
| Series - 2006 GG6 (Class A4) | ||||||||||||||||
| 740,000 | i | GS Mortgage Securities Corp II | 5.622 | 04/10/38 | 776,882 | |||||||||||
| Series - 2006 GG6 (Class AM) | ||||||||||||||||
| 1,350,000 | GS Mortgage Securities Corp II | 5.560 | 11/10/39 | 1,445,588 | ||||||||||||
| Series - 2006 GG8 (Class A4) | ||||||||||||||||
| 434,000 | GS Mortgage Securities Corp II | 3.314 | 01/10/45 | 447,210 | ||||||||||||
| Series - 0 GC6 (Class AAB) | ||||||||||||||||
| 300,000 | GS Mortgage Securities Corp II | 2.943 | 02/10/46 | 294,042 | ||||||||||||
| Series - 2013 GC10 (Class A5) | ||||||||||||||||
| 300,000 | GS Mortgage Securities Corp II | 3.279 | 02/10/46 | 295,700 | ||||||||||||
| Series - 2013 GC10 (Class AS) | ||||||||||||||||
| 1,731,000 | GS Mortgage Securities Trust | 3.707 | 08/10/44 | 1,814,914 | ||||||||||||
| Series - 2011 GC5 (Class A4) | ||||||||||||||||
| 500,000 | GS Mortgage Securities Trust | 3.482 | 01/10/45 | 513,783 | ||||||||||||
| Series - 2012 GC6 (Class A3) | ||||||||||||||||
| 195,000 | GS Mortgage Securities Trust | 4.740 | 05/10/45 | 209,250 | ||||||||||||
| Series - 0 GCJ7 (Class B) | ||||||||||||||||
| 250,000 | GS Mortgage Securities Trust | 1.840 | 02/10/46 | 249,060 | ||||||||||||
| Series - 2013 GC10 (Class A2) | ||||||||||||||||
| 500,000 | GS Mortgage Securities Trust | 3.135 | 06/10/46 | 494,596 | ||||||||||||
| Series - 2013 GC12 (Class A4) | ||||||||||||||||
| 511,000 | GS Mortgage Securities Trust | 3.813 | 11/10/46 | 537,371 | ||||||||||||
| Series - 2013 GC16 (Class AAB) | ||||||||||||||||
| 200,000 | GS Mortgage Securities Trust | 2.924 | 01/10/47 | 205,295 | ||||||||||||
| Series - 2014 GC18 (Class A2) | ||||||||||||||||
| 1,000,000 | GS Mortgage Securities Trust | 4.074 | 01/10/47 | 1,049,339 | ||||||||||||
| Series - 2014 GC18 (Class A4) | ||||||||||||||||
| 90,000 | g | JP Morgan Chase Commercial Mortgage Securities Corp | 5.633 | 12/05/27 | 102,512 | |||||||||||
| Series - 2009 IWST (Class A2) | ||||||||||||||||
| 51,549 | JP Morgan Chase Commercial Mortgage Securities Corp | 5.115 | 07/15/41 | 51,895 | ||||||||||||
| Series - 2004 LN2 (Class A2) | ||||||||||||||||
| 1,125,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 5.429 | 12/12/43 | 1,199,000 | ||||||||||||
| Series - 2006 CB17 (Class A4) | ||||||||||||||||
| 1,000,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 5.405 | 12/15/44 | 1,029,421 | |||||||||||
| Series - 2005 LDP5 (Class A4) | ||||||||||||||||
| 200,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 6.058 | 04/15/45 | 214,629 | |||||||||||
| Series - 2006 LDP7 (Class AM) | ||||||||||||||||
| 300,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 5.381 | 05/15/45 | 324,817 | |||||||||||
| Series - 2012 C6 (Class D) | ||||||||||||||||
| 127 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 300,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.483 | % | 06/15/45 | $ | 308,846 | |||||||||
| Series - 2012 CBX (Class A4) | ||||||||||||||||
| 500,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 3.994 | 01/15/46 | 525,712 | |||||||||||
| Series - 2013 C13 (Class A4) | ||||||||||||||||
| 500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 1.855 | 04/15/46 | 498,260 | ||||||||||||
| Series - 2013 LC11 (Class A2) | ||||||||||||||||
| 500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 4.171 | 08/15/46 | 536,568 | ||||||||||||
| Series - 2011 C5 (Class A3) | ||||||||||||||||
| 500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 4.166 | 12/15/46 | 531,773 | ||||||||||||
| Series - 2013 C16 (Class A4) | ||||||||||||||||
| 1,460,253 | JP Morgan Chase Commercial Mortgage Securities Corp | 5.336 | 05/15/47 | 1,564,579 | ||||||||||||
| Series - 2006 LDP9 (Class A3) | ||||||||||||||||
| 918,551 | JP Morgan Chase Commercial Mortgage Securities Corp | 5.440 | 06/12/47 | 989,430 | ||||||||||||
| Series - 2007 CB18 (Class A4) | ||||||||||||||||
| 413,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 2.702 | 12/15/47 | 411,894 | ||||||||||||
| Series - 2013 C10 (Class ASB) | ||||||||||||||||
| 300,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 2.840 | 12/15/47 | 291,966 | ||||||||||||
| Series - 2012 LC9 (Class A5) | ||||||||||||||||
| 500,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.143 | 12/15/47 | 496,364 | ||||||||||||
| Series - 2013 C10 (Class A5) | ||||||||||||||||
| 574,000 | JP Morgan Chase Commercial Mortgage Securities Corp | 3.372 | 12/15/47 | 567,613 | ||||||||||||
| Series - 2013 C10 (Class AS) | ||||||||||||||||
| 450,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 5.981 | 06/15/49 | 457,041 | |||||||||||
| Series - 2007 LD11 (Class A3) | ||||||||||||||||
| 860,000 | i | JP Morgan Chase Commercial Mortgage Securities Corp | 5.981 | 06/15/49 | 931,644 | |||||||||||
| Series - 2007 LD11 (Class A4) | ||||||||||||||||
| 139,758 | LB-UBS Commercial Mortgage Trust | 4.742 | 02/15/30 | 140,032 | ||||||||||||
| Series - 2005 C1 (Class A4) | ||||||||||||||||
| 415,000 | i | LB-UBS Commercial Mortgage Trust | 5.150 | 04/15/30 | 419,021 | |||||||||||
| Series - 2005 C2 (Class A5) | ||||||||||||||||
| 380,000 | LB-UBS Commercial Mortgage Trust | 5.156 | 02/15/31 | 393,767 | ||||||||||||
| Series - 2006 C1 (Class A4) | ||||||||||||||||
| 125,000 | LB-UBS Commercial Mortgage Trust | 5.372 | 09/15/39 | 133,628 | ||||||||||||
| Series - 2006 C6 (Class A4) | ||||||||||||||||
| 200,000 | i | LB-UBS Commercial Mortgage Trust | 5.452 | 09/15/39 | 211,383 | |||||||||||
| Series - 2006 C6 (Class AJ) | ||||||||||||||||
| 1,385,662 | LB-UBS Commercial Mortgage Trust | 5.424 | 02/15/40 | 1,493,551 | ||||||||||||
| Series - 2007 C1 (Class A4) | ||||||||||||||||
| 794,084 | LB-UBS Commercial Mortgage Trust | 5.430 | 02/15/40 | 859,933 | ||||||||||||
| Series - 2007 C2 (Class A3) | ||||||||||||||||
| 875,000 | LB-UBS Commercial Mortgage Trust | 4.843 | 07/15/40 | 889,852 | ||||||||||||
| Series - 2005 C3 (Class AJ) | ||||||||||||||||
| 600,000 | i | LB-UBS Commercial Mortgage Trust | 6.114 | 07/15/40 | 656,273 | |||||||||||
| Series - 2007 C6 (Class AM) | ||||||||||||||||
| 301,129 | i | LB-UBS Commercial Mortgage Trust | 5.866 | 09/15/45 | 333,198 | |||||||||||
| Series - 2007 C7 (Class A3) | ||||||||||||||||
| 126,717 | i | Merrill Lynch Mortgage Trust | 5.462 | 11/12/37 | 130,802 | |||||||||||
| Series - 2005 CKI1 (Class A6) | ||||||||||||||||
| 225,000 | i | Merrill Lynch Mortgage Trust | 5.462 | 11/12/37 | 232,739 | |||||||||||
| Series - 2005 CKI1 (Class AJ) | ||||||||||||||||
| 290,000 | i | Merrill Lynch Mortgage Trust | 5.107 | 07/12/38 | 297,900 | |||||||||||
| Series - 2005 CIP1 (Class AM) | ||||||||||||||||
| 128 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 235,000 | i | Merrill Lynch Mortgage Trust | 5.862 | % | 05/12/39 | $ | 248,215 | ||||||||
| Series - 2006 C1 (Class A4) | ||||||||||||||||
| 209,249 | i | Merrill Lynch Mortgage Trust | 6.028 | 06/12/50 | 209,557 | |||||||||||
| Series - 2007 C1 (Class A3) | ||||||||||||||||
| 445,788 | i | Merrill Lynch/Countrywide Commercial Mortgage Trust | 5.651 | 02/12/39 | 465,271 | |||||||||||
| Series - 2006 1 (Class A4) | ||||||||||||||||
| 164,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 2.506 | 11/15/45 | 162,205 | ||||||||||||
| Series - 2012 2012-C6 (Class A3) | ||||||||||||||||
| 60,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 2.918 | 02/15/46 | 58,500 | ||||||||||||
| Series - 2013 2013-C7 (Class A4) | ||||||||||||||||
| 750,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.102 | 05/15/46 | 738,227 | ||||||||||||
| Series - 2013 2013-C9 (Class A4) | ||||||||||||||||
| 500,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.456 | 05/15/46 | 498,251 | ||||||||||||
| Series - 2013 2013-C9 (Class AS) | ||||||||||||||||
| 240,000 | i | Morgan Stanley Bank of America Merrill Lynch Trust | 3.708 | 05/15/46 | 236,162 | |||||||||||
| Series - 2013 2013-C9 (Class B) | ||||||||||||||||
| 200,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.824 | 10/15/46 | 210,567 | ||||||||||||
| Series - 2013 2013-C12 (Class ASB) | ||||||||||||||||
| 400,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 2.916 | 02/15/47 | 409,042 | ||||||||||||
| Series - 2014 2014-C14 (Class A2) | ||||||||||||||||
| 225,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.669 | 02/15/47 | 233,258 | ||||||||||||
| Series - 2014 2014-C14 (Class A3) | ||||||||||||||||
| 1,250,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.654 | 04/15/47 | 1,294,026 | ||||||||||||
| Series - 2014 2014-C15 (Class ASB) | ||||||||||||||||
| 2,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.892 | 06/15/47 | 2,072,794 | ||||||||||||
| Series - 2014 2014-C16 (Class A5) | ||||||||||||||||
| 674,982 | Morgan Stanley Capital I | 5.168 | 01/14/42 | 676,296 | ||||||||||||
| Series - 2005 HQ5 (Class A4) | ||||||||||||||||
| 590,000 | Morgan Stanley Capital I | 5.364 | 03/15/44 | 638,184 | ||||||||||||
| Series - 2007 IQ13 (Class A4) | ||||||||||||||||
| 188,697 | i | Morgan Stanley Capital I | 5.731 | 07/12/44 | 200,177 | |||||||||||
| Series - 2006 HQ9 (Class A4) | ||||||||||||||||
| 750,000 | Morgan Stanley Capital I | 5.569 | 12/15/44 | 800,296 | ||||||||||||
| Series - 2007 HQ13 (Class A3) | ||||||||||||||||
| 250,000 | Morgan Stanley Capital I | 2.111 | 03/15/45 | 253,467 | ||||||||||||
| Series - 2012 C4 (Class A2) | ||||||||||||||||
| 1,250,000 | Morgan Stanley Capital I | 3.244 | 03/15/45 | 1,261,178 | ||||||||||||
| Series - 2012 C4 (Class A4) | ||||||||||||||||
| 1,550,000 | i | Morgan Stanley Capital I | 5.692 | 04/15/49 | 1,683,653 | |||||||||||
| Series - 2007 IQ14 (Class A4) | ||||||||||||||||
| 205,000 | i | Morgan Stanley Capital I | 5.544 | 11/12/49 | 222,450 | |||||||||||
| Series - 2007 T25 (Class AM) | ||||||||||||||||
| 1,745,337 | Morgan Stanley Capital I | 5.809 | 12/12/49 | 1,907,170 | ||||||||||||
| Series - 2007 IQ16 (Class A4) | ||||||||||||||||
| 245,000 | Morgan Stanley Capital I | 4.770 | 07/15/56 | 247,007 | ||||||||||||
| Series - 0 IQ9 (Class AJ) | ||||||||||||||||
| 500,000 | i | TIAA Seasoned Commercial Mortgage Trust | 5.573 | 08/15/39 | 520,497 | |||||||||||
| Series - 2007 C4 (Class AJ) | ||||||||||||||||
| 1,500,000 | UBS Barclays Commercial Mortgage Trust | 3.185 | 03/10/46 | 1,490,616 | ||||||||||||
| Series - 2013 C5 (Class A4) | ||||||||||||||||
| 500,000 | UBS Barclays Commercial Mortgage Trust | 3.244 | 04/10/46 | 498,814 | ||||||||||||
| Series - 0 C6 (Class A4) | ||||||||||||||||
| 129 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | UBS Barclays Commercial Mortgage Trust | 3.525 | % | 05/10/63 | $ | 1,021,526 | |||||||||
| Series - 2012 C2 (Class A4) | ||||||||||||||||
| 400,000 | UBS Citigroup Commercial Mortgage Trust | 3.595 | 01/10/45 | 413,588 | ||||||||||||
| Series - 2011 C1 (Class A3) | ||||||||||||||||
| 100,000 | UBS Commercial Mortgage Trust | 4.822 | 05/10/45 | 107,042 | ||||||||||||
| Series - 2012 C1 (Class B) | ||||||||||||||||
| 100,000 | Wachovia Bank Commercial Mortgage Trust | 5.342 | 12/15/43 | 107,805 | ||||||||||||
| Series - 2007 2007-C30 (Class A5) | ||||||||||||||||
| 955,760 | i | Wachovia Bank Commercial Mortgage Trust | 5.449 | 12/15/44 | 988,894 | |||||||||||
| Series - 2005 2005-C22 (Class A4) | ||||||||||||||||
| 730,228 | i | Wachovia Bank Commercial Mortgage Trust | 5.499 | 12/15/44 | 761,510 | |||||||||||
| Series - 2005 2005-C22 (Class AM) | ||||||||||||||||
| 105,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.515 | 01/15/45 | 109,587 | |||||||||||
| Series - 2006 2006-C23 (Class AJ) | ||||||||||||||||
| 823,097 | i | Wachovia Bank Commercial Mortgage Trust | 5.765 | 07/15/45 | 866,050 | |||||||||||
| Series - 2006 2006-C27 (Class A3) | ||||||||||||||||
| 750,000 | Wachovia Bank Commercial Mortgage Trust | 5.678 | 05/15/46 | 815,861 | ||||||||||||
| Series - 2007 2007-C34 (Class A3) | ||||||||||||||||
| 300,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.603 | 10/15/48 | 322,805 | |||||||||||
| Series - 2006 2006-C28 (Class AM) | ||||||||||||||||
| 200,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.140 | 02/15/51 | 219,443 | |||||||||||
| Series - 2007 2007-C33 (Class A5) | ||||||||||||||||
| 1,224,188 | i | Wachovia Bank Commercial Mortgage Trust | 6.140 | 02/15/51 | 1,319,603 | |||||||||||
| Series - 2007 2007-C33 (Class A4) | ||||||||||||||||
| 1,250,000 | WF-RBS Commercial Mortgage Trust | 2.684 | 11/15/44 | 1,285,651 | ||||||||||||
| Series - 2011 C5 (Class A2) | ||||||||||||||||
| 250,000 | i | WF-RBS Commercial Mortgage Trust | 5.001 | 06/15/45 | 265,894 | |||||||||||
| Series - 0 C7 (Class C) | ||||||||||||||||
| 400,000 | WF-RBS Commercial Mortgage Trust | 3.001 | 08/15/45 | 397,763 | ||||||||||||
| Series - 2012 C8 (Class A3) | ||||||||||||||||
| 775,000 | WF-RBS Commercial Mortgage Trust | 3.241 | 12/15/45 | 762,471 | ||||||||||||
| Series - 2012 C10 (Class AS) | ||||||||||||||||
| 600,000 | WF-RBS Commercial Mortgage Trust | 3.337 | 06/15/46 | 602,808 | ||||||||||||
| Series - 2013 C14 (Class A5) | ||||||||||||||||
| 500,000 | i | WF-RBS Commercial Mortgage Trust | 4.646 | 03/15/47 | 508,095 | |||||||||||
| Series - 2014 C19 (Class C) | ||||||||||||||||
| 1,000,000 | i | WF-RBS Commercial Mortgage Trust | 4.723 | 03/15/47 | 1,055,005 | |||||||||||
| Series - 2014 C19 (Class B) | ||||||||||||||||
| 267,543 | WF-RBS Commercial Mortgage Trust | 0.735 | 03/15/48 | 266,371 | ||||||||||||
| Series - 2013 C12 (Class A1) | ||||||||||||||||
| 500,000 | WF-RBS Commercial Mortgage Trust | 3.198 | 03/15/48 | 498,850 | ||||||||||||
| Series - 2013 C12 (Class A4) | ||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 96,781,917 | |||||||||||||||
| TOTAL STRUCTURED ASSETS | 139,189,615 | |||||||||||||||
| (Cost $138,580,617) | ||||||||||||||||
| TOTAL BONDS | 5,455,570,601 | |||||||||||||||
| (Cost $5,406,581,785) | ||||||||||||||||
| 130 |
TIAA-CREF FUNDS - Bond Index Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| SHORT-TERM INVESTMENTS - 0.1% | ||||||||||||||||
| TREASURY DEBT - 0.1% | ||||||||||||||||
| $ | 3,600,000 | United States Treasury Bill | 0.103 | % | 07/23/15 | $ | 3,598,376 | |||||||||
| TOTAL TREASURY DEBT | 3,598,376 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 3,598,376 | |||||||||||||||
| (Cost $3,596,976) | ||||||||||||||||
| TOTAL INVESTMENTS - 99.6% | 5,459,168,977 | |||||||||||||||
| (Cost $5,410,178,761) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.4% | 23,545,871 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 5,482,714,848 | ||||||||||||||
| Abbreviation(s): | |||
| REIT | Real Estate Investment Trust | ||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities was $20,447,520 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 rate reflects the rate at period end. | |
| j | Zero coupon. |
| 131 |
TIAA-CREF FUNDS - Bond Plus Fund
TIAA-CREF FUNDS
BOND PLUS FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2014
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| BANK LOAN OBLIGATIONS - 3.9% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.2% | ||||||||||||||||
| $ | 1,995,000 | i | Gates Global LLC | 4.250 | % | 07/03/21 | $ | 1,957,175 | ||||||||
| 3,000,000 | i | INA Beteiligungsgesellschaft mbH | 3.750 | 05/15/20 | 2,971,890 | |||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 4,929,065 | |||||||||||||||
| CAPITAL GOODS - 0.2% | ||||||||||||||||
| 1,586,005 | i | Alliant Techsystems, Inc | 3.500 | 11/01/20 | 1,582,040 | |||||||||||
| 786,060 | i | FMG Resources August 2006 Pty Ltd | 3.750 | 06/28/19 | 768,743 | |||||||||||
| 2,910,567 | i | TransDigm, Inc | 3.750 | 02/28/20 | 2,858,177 | |||||||||||
| TOTAL CAPITAL GOODS | 5,208,960 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | ||||||||||||||||
| 3,048,036 | i | Capital Safety North America | 3.750 | 03/29/21 | 2,963,453 | |||||||||||
| 982,418 | i | Pilot Corp | 4.250 | 08/07/19 | 980,375 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 3,943,828 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.2% | ||||||||||||||||
| 2,625,000 | i | Libbey Glass, Inc | 3.750 | 04/09/21 | 2,597,123 | |||||||||||
| 1,995,000 | i | Otter Products LLC | 5.750 | 06/03/20 | 1,975,050 | |||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 4,572,173 | |||||||||||||||
| CONSUMER SERVICES - 0.5% | ||||||||||||||||
| 667,917 | i | Boyd Gaming Corp | 4.000 | 08/14/20 | 657,063 | |||||||||||
| 1,818,529 | i | CityCenter Holdings LLC | 4.250 | 10/16/20 | 1,798,071 | |||||||||||
| 2,183,422 | i | DineEquity, Inc | 3.750 | 10/19/17 | 2,174,688 | |||||||||||
| 2,944,444 | i | Hilton Worldwide | 3.500 | 10/26/20 | 2,895,361 | |||||||||||
| 371,007 | i | La Quinta Intermediate Holdings LLC | 4.000 | 04/14/21 | 366,525 | |||||||||||
| 2,481,250 | i | Marina District Finance Co, Inc | 6.750 | 08/15/18 | 2,476,287 | |||||||||||
| 589,500 | i | MGM Resorts International | 3.500 | 12/20/19 | 578,447 | |||||||||||
| 1,133,709 | i | Pinnacle Entertainment, Inc | 3.750 | 08/13/20 | 1,117,644 | |||||||||||
| 1,490,013 | i | Spin Holdco, Inc | 4.250 | 11/14/19 | 1,461,151 | |||||||||||
| TOTAL CONSUMER SERVICES | 13,525,237 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 0.2% | ||||||||||||||||
| 4,064,813 | i | TransUnion LLC | 4.000 | 04/09/21 | 3,996,239 | |||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 3,996,239 | |||||||||||||||
| ENERGY - 0.1% | ||||||||||||||||
| 2,932,579 | i | Arch Coal, Inc | 6.250 | 05/16/18 | 2,680,553 | |||||||||||
| TOTAL ENERGY | 2,680,553 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.2% | ||||||||||||||||
| 3,300,000 | i | Albertson’s Holdings LLC | 4.500 | 08/25/21 | 3,282,114 | |||||||||||
| 1,000,000 | i | Rite Aid Corp | 5.750 | 08/21/20 | 1,011,250 | |||||||||||
| 132 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,500,000 | i | Rite Aid Corp | 4.875 | % | 06/21/21 | $ | 1,490,625 | ||||||||
| TOTAL FOOD & STAPLES RETAILING | 5,783,989 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.1% | ||||||||||||||||
| 2,271,250 | i | HJ Heinz Co | 3.500 | 06/05/20 | 2,240,588 | |||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 2,240,588 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.4% | ||||||||||||||||
| 648,375 | i | Accellent, Inc | 4.500 | 03/12/21 | 635,894 | |||||||||||
| 2,788,913 | Biomet, Inc | 3.655 | 07/25/17 | 2,766,546 | ||||||||||||
| 2,495,458 | i | Capsugel Holdings US, Inc | 3.500 | 08/01/18 | 2,444,301 | |||||||||||
| 698,250 | i | DaVita HealthCare Partners, Inc | 3.500 | 06/24/21 | 689,438 | |||||||||||
| 2,970,000 | i | HCA, Inc | 2.983 | 05/01/18 | 2,932,459 | |||||||||||
| 2,970,026 | i | Kinetic Concepts, Inc | 4.000 | 05/04/18 | 2,927,346 | |||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 12,395,984 | |||||||||||||||
| INSURANCE - 0.1% | ||||||||||||||||
| 1,206,694 | i | Compass Investors, Inc | 4.250 | 12/27/19 | 1,184,068 | |||||||||||
| TOTAL INSURANCE | 1,184,068 | |||||||||||||||
| MATERIALS - 0.2% | ||||||||||||||||
| 1,565,308 | i | Minerals Technologies, Inc | 4.000 | 05/07/21 | 1,550,641 | |||||||||||
| 2,644,444 | i | Signode Industrial Group US, Inc | 4.000 | 05/01/21 | 2,593,222 | |||||||||||
| 800,000 | i | Solenis International LP | 7.750 | 07/31/22 | 776,000 | |||||||||||
| 1,013,047 | i | Tronox Pigments BV | 4.000 | 03/19/20 | 1,004,314 | |||||||||||
| TOTAL MATERIALS | 5,924,177 | |||||||||||||||
| MEDIA - 0.4% | ||||||||||||||||
| 1,462,668 | i | CSC Holdings LLC | 2.654 | 04/17/20 | 1,418,335 | |||||||||||
| 1,630,000 | i | Time, Inc | 4.250 | 04/26/21 | 1,611,663 | |||||||||||
| 2,000,000 | i | Virgin Media Investment Holdings Ltd | 3.500 | 06/05/20 | 1,945,460 | |||||||||||
| 3,000,000 | h,i | Visant Corp | 7.000 | 09/23/21 | 2,960,640 | |||||||||||
| TOTAL MEDIA | 7,936,098 | |||||||||||||||
| RETAILING - 0.2% | ||||||||||||||||
| 1,952,650 | i | Academy Ltd | 4.500 | 08/03/18 | 1,930,683 | |||||||||||
| 1,200,000 | i | Stater Bros Markets | 4.750 | 05/12/21 | 1,194,756 | |||||||||||
| TOTAL RETAILING | 3,125,439 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% | ||||||||||||||||
| 3,142,125 | i | Avago Technologies Ltd | 3.750 | 05/06/21 | 3,111,112 | |||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 3,111,112 | |||||||||||||||
| SOFTWARE & SERVICES - 0.6% | ||||||||||||||||
| 2,542,500 | i | Activision Blizzard, Inc | 3.250 | 10/11/20 | 2,534,110 | |||||||||||
| 1,100,000 | i | Asurion LLC | 8.500 | 03/03/21 | 1,109,966 | |||||||||||
| 2,375,000 | i | Evergreen Skills Lux S.a.r.l. | 7.750 | 04/28/22 | 2,280,000 | |||||||||||
| 957,797 | i | IMS Health, Inc | 3.500 | 03/17/21 | 937,444 | |||||||||||
| 1,311,489 | i | Infor US, Inc | 3.750 | 06/03/20 | 1,280,617 | |||||||||||
| 3,000,000 | i | Mitchell International, Inc | 8.500 | 10/11/21 | 2,988,750 | |||||||||||
| 1,462,972 | i | P2 Lower Acquisition LLC | 5.500 | 10/22/20 | 1,462,065 | |||||||||||
| 133 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,225,000 | h,i | ProQuest LLC | 5.250 | % | 09/23/21 | $ | 2,218,503 | ||||||||
| TOTAL SOFTWARE & SERVICES | 14,811,455 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | ||||||||||||||||
| 1,985,000 | i | Scientific Games International, Inc | 4.250 | 10/18/20 | 1,944,069 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,944,069 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 0.0% | ||||||||||||||||
| 992,500 | i | Internap Network Services Corp | 6.000 | 11/26/19 | 990,019 | |||||||||||
| 357,490 | i | Presidio, Inc | 5.000 | 03/31/17 | 356,822 | |||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 1,346,841 | |||||||||||||||
| UTILITIES - 0.0% | ||||||||||||||||
| 245,000 | i | Calpine Corp | 4.000 | 10/09/19 | 242,381 | |||||||||||
| TOTAL UTILITIES | 242,381 | |||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 98,902,256 | |||||||||||||||
| (Cost $100,054,508) | ||||||||||||||||
| BONDS - 91.3% | ||||||||||||||||
| CORPORATE BONDS - 40.4% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.3% | ||||||||||||||||
| 900,000 | Chrysler Group LLC | 8.000 | 06/15/19 | 955,125 | ||||||||||||
| 1,000,000 | Ford Motor Co | 7.450 | 07/16/31 | 1,320,326 | ||||||||||||
| 950,000 | Ford Motor Co | 4.750 | 01/15/43 | 950,794 | ||||||||||||
| 1,750,000 | g | Gates Global LLC | 6.000 | 07/15/22 | 1,645,000 | |||||||||||
| 2,475,000 | Johnson Controls, Inc | 4.625 | 07/02/44 | 2,416,437 | ||||||||||||
| 1,450,000 | Magna International, Inc | 3.625 | 06/15/24 | 1,440,821 | ||||||||||||
| 175,000 | g,o | Schaeffler Holding Finance BV | 6.875 | 08/15/18 | 182,000 | |||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 8,910,503 | |||||||||||||||
| BANKS - 6.5% | ||||||||||||||||
| 2,000,000 | g | Australia & New Zealand Banking Group Ltd | 2.400 | 11/23/16 | 2,058,092 | |||||||||||
| 2,000,000 | g | Banco de Bogota S.A. | 5.000 | 01/15/17 | 2,100,000 | |||||||||||
| 1,500,000 | Banco de Oro Unibank, Inc | 3.875 | 04/22/16 | 1,537,500 | ||||||||||||
| 2,000,000 | g | Banco del Estado de Chile | 2.000 | 11/09/17 | 2,012,738 | |||||||||||
| 865,000 | Bancolombia S.A. | 5.950 | 06/03/21 | 949,337 | ||||||||||||
| 900,000 | g | Bangkok Bank PCL | 3.250 | 10/18/15 | 916,497 | |||||||||||
| 1,000,000 | g | Bangkok Bank PCL | 3.300 | 10/03/18 | 1,022,842 | |||||||||||
| 370,000 | g | Bank Nederlandse Gemeenten | 1.375 | 09/27/17 | 371,255 | |||||||||||
| 1,000,000 | g | Bank Nederlandse Gemeenten | 1.875 | 06/11/19 | 998,351 | |||||||||||
| 3,475,000 | Bank of America Corp | 3.750 | 07/12/16 | 3,627,511 | ||||||||||||
| 650,000 | Bank of America Corp | 5.300 | 03/15/17 | 704,219 | ||||||||||||
| 25,000 | Bank of America Corp | 6.000 | 09/01/17 | 27,871 | ||||||||||||
| 4,850,000 | Bank of America Corp | 2.600 | 01/15/19 | 4,840,552 | ||||||||||||
| 1,000,000 | Bank of America Corp | 5.490 | 03/15/19 | 1,103,958 | ||||||||||||
| 3,000,000 | Bank of America Corp | 2.650 | 04/01/19 | 2,990,805 | ||||||||||||
| 3,150,000 | Bank of America Corp | 4.100 | 07/24/23 | 3,215,826 | ||||||||||||
| 500,000 | Bank of America Corp | 4.000 | 04/01/24 | 505,210 | ||||||||||||
| 134 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,225,000 | Bank of America Corp | 4.200 | % | 08/26/24 | $ | 1,214,407 | |||||||||
| 2,900,000 | Bank of America Corp | 5.000 | 01/21/44 | 3,059,320 | ||||||||||||
| 6,450,000 | g | Bank of Montreal | 2.625 | 01/25/16 | 6,618,603 | |||||||||||
| 1,500,000 | g | Bank of Nova Scotia | 1.650 | 10/29/15 | 1,518,888 | |||||||||||
| 4,800,000 | g | Bank of Nova Scotia | 2.150 | 08/03/16 | 4,914,250 | |||||||||||
| 5,000,000 | Bank of Nova Scotia | 2.125 | 09/11/19 | 4,972,555 | ||||||||||||
| 1,000,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 02/23/17 | 1,022,623 | |||||||||||
| 950,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 09/08/19 | 942,029 | |||||||||||
| 1,250,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 3.250 | 09/08/24 | 1,228,305 | |||||||||||
| 750,000 | g | BBVA Banco Continental S.A. | 2.250 | 07/29/16 | 755,625 | |||||||||||
| 450,000 | g | BBVA Banco Continental S.A. | 3.250 | 04/08/18 | 457,200 | |||||||||||
| 1,000,000 | g,i | BBVA Banco Continental S.A. | 5.250 | 09/22/29 | 1,004,900 | |||||||||||
| 375,000 | Branch Banking & Trust Co | 2.300 | 10/15/18 | 379,659 | ||||||||||||
| 500,000 | g | Caixa Economica Federal | 4.500 | 10/03/18 | 510,250 | |||||||||||
| 1,500,000 | g,i | Caixa Economica Federal | 7.250 | 07/23/24 | 1,503,750 | |||||||||||
| 1,750,000 | g | Canadian Imperial Bank of Commerce | 2.750 | 01/27/16 | 1,799,056 | |||||||||||
| 2,000,000 | Capital One Bank USA NA | 1.500 | 03/22/18 | 1,969,882 | ||||||||||||
| 2,350,000 | Capital One Bank USA NA | 2.950 | 07/23/21 | 2,311,162 | ||||||||||||
| 300,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 293,924 | ||||||||||||
| 189,000 | Citigroup, Inc | 5.500 | 10/15/14 | 189,351 | ||||||||||||
| 8,975,000 | Citigroup, Inc | 1.300 | 11/15/16 | 8,976,759 | ||||||||||||
| 2,500,000 | Citigroup, Inc | 3.875 | 10/25/23 | 2,538,620 | ||||||||||||
| 2,750,000 | Citigroup, Inc | 3.750 | 06/16/24 | 2,741,511 | ||||||||||||
| 1,775,000 | Citigroup, Inc | 5.300 | 05/06/44 | 1,844,326 | ||||||||||||
| 3,500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 2.250 | 01/14/19 | 3,514,490 | ||||||||||||
| 3,000,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.950 | 11/09/22 | 3,012,771 | ||||||||||||
| 2,500,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 4.625 | 12/01/23 | 2,590,032 | ||||||||||||
| 800,000 | g,i | Credit Agricole S.A. | 6.625 | 12/30/49 | 762,821 | |||||||||||
| 1,000,000 | g | DBS Group Holdings Ltd | 2.246 | 07/16/19 | 989,730 | |||||||||||
| 2,000,000 | Eksportfinans ASA | 2.375 | 05/25/16 | 2,002,400 | ||||||||||||
| 1,000,000 | g | Export Credit Bank of Turkey | 5.000 | 09/23/21 | 994,000 | |||||||||||
| 2,500,000 | Fifth Third Bancorp | 1.350 | 06/01/17 | 2,492,580 | ||||||||||||
| 4,250,000 | Fifth Third Bancorp | 2.375 | 04/25/19 | 4,255,971 | ||||||||||||
| 1,200,000 | g | Hana Bank | 4.375 | 09/30/24 | 1,192,055 | |||||||||||
| 4,125,000 | g | HSBC Bank plc | 1.500 | 05/15/18 | 4,067,976 | |||||||||||
| 500,000 | g | HSBC Bank plc | 4.125 | 08/12/20 | 537,852 | |||||||||||
| 2,025,000 | HSBC Holdings plc | 4.250 | 03/14/24 | 2,048,903 | ||||||||||||
| 875,000 | HSBC Holdings plc | 5.250 | 03/14/44 | 928,948 | ||||||||||||
| 1,150,000 | HSBC USA, Inc | 2.375 | 02/13/15 | 1,158,659 | ||||||||||||
| 1,250,000 | HSBC USA, Inc | 2.250 | 06/23/19 | 1,244,874 | ||||||||||||
| 1,500,000 | JPMorgan Chase & Co | 3.150 | 07/05/16 | 1,552,432 | ||||||||||||
| 3,000,000 | JPMorgan Chase & Co | 2.000 | 08/15/17 | 3,025,575 | ||||||||||||
| 1,000,000 | JPMorgan Chase & Co | 1.800 | 01/25/18 | 997,853 | ||||||||||||
| 2,500,000 | JPMorgan Chase & Co | 3.875 | 02/01/24 | 2,560,390 | ||||||||||||
| 5,000,000 | JPMorgan Chase & Co | 3.875 | 09/10/24 | 4,901,715 | ||||||||||||
| 775,000 | JPMorgan Chase & Co | 4.850 | 02/01/44 | 811,857 | ||||||||||||
| 400,000 | i | JPMorgan Chase & Co | 5.150 | 12/30/49 | 381,000 | |||||||||||
| 775,000 | g | Macquarie Bank Ltd | 2.600 | 06/24/19 | 774,371 | |||||||||||
| 2,475,000 | i | Malayan Banking Bhd | 3.250 | 09/20/22 | 2,495,713 | |||||||||||
| 1,000,000 | g | National Savings Bank | 5.150 | 09/10/19 | 998,750 | |||||||||||
| 1,000,000 | g,i | Oversea-Chinese Banking Corp Ltd | 4.000 | 10/15/24 | 1,010,083 | |||||||||||
| 1,900,000 | g | PKO Finance AB | 4.630 | 09/26/22 | 1,973,625 | |||||||||||
| 135 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,675,000 | PNC Bank NA | 2.200 | % | 01/28/19 | $ | 1,676,891 | |||||||||
| 2,025,000 | PNC Bank NA | 2.250 | 07/02/19 | 2,014,841 | ||||||||||||
| 3,000,000 | PNC Bank NA | 2.950 | 01/30/23 | 2,911,707 | ||||||||||||
| 2,500,000 | PNC Financial Services Group, Inc | 3.900 | 04/29/24 | 2,488,523 | ||||||||||||
| 1,500,000 | PNC Funding Corp | 2.700 | 09/19/16 | 1,547,808 | ||||||||||||
| 700,000 | g,i | Rabobank Nederland NV | 11.000 | 12/30/49 | 925,750 | |||||||||||
| 3,325,000 | Royal Bank of Canada | 2.200 | 07/27/18 | 3,364,228 | ||||||||||||
| 2,750,000 | g | State Bank of India | 3.250 | 04/18/18 | 2,777,418 | |||||||||||
| 125,000 | g | Sumitomo Mitsui Banking Corp | 3.150 | 07/22/15 | 127,536 | |||||||||||
| 2,000,000 | Sumitomo Mitsui Banking Corp | 2.500 | 07/19/18 | 2,034,286 | ||||||||||||
| 575,000 | SunTrust Bank | 2.750 | 05/01/23 | 548,097 | ||||||||||||
| 425,000 | Toronto-Dominion Bank | 2.500 | 07/14/16 | 438,414 | ||||||||||||
| 2,000,000 | g | Toronto-Dominion Bank | 1.625 | 09/14/16 | 2,028,560 | |||||||||||
| 675,000 | g | Turkiye Garanti Bankasi AS. | 4.750 | 10/17/19 | 672,300 | |||||||||||
| 1,000,000 | g | Turkiye Halk Bankasi AS. | 4.875 | 07/19/17 | 1,026,200 | |||||||||||
| 675,000 | g | Turkiye Halk Bankasi AS. | 4.750 | 06/04/19 | 670,275 | |||||||||||
| 500,000 | g | Turkiye Is Bankasi | 3.750 | 10/10/18 | 487,500 | |||||||||||
| 700,000 | g | Turkiye Is Bankasi | 5.500 | 04/21/19 | 721,000 | |||||||||||
| 500,000 | Union Bank NA | 2.125 | 06/16/17 | 508,059 | ||||||||||||
| 400,000 | UnionBanCal Corp | 3.500 | 06/18/22 | 408,600 | ||||||||||||
| 1,000,000 | US Bancorp | 1.650 | 05/15/17 | 1,009,098 | ||||||||||||
| 475,000 | US Bancorp | 2.950 | 07/15/22 | 460,863 | ||||||||||||
| 1,800,000 | Westpac Banking Corp | 2.250 | 01/17/19 | 1,810,411 | ||||||||||||
| 1,000,000 | g | Zenith Bank plc | 6.250 | 04/22/19 | 1,000,000 | |||||||||||
| TOTAL BANKS | 166,685,310 | |||||||||||||||
| CAPITAL GOODS - 1.1% | ||||||||||||||||
| 750,000 | g | Alpek S.A. de C.V. | 5.375 | 08/08/23 | 776,250 | |||||||||||
| 1,225,000 | Anixter, Inc | 5.625 | 05/01/19 | 1,287,781 | ||||||||||||
| 1,300,000 | Anixter, Inc | 5.125 | 10/01/21 | 1,283,750 | ||||||||||||
| 950,000 | Caterpillar, Inc | 1.500 | 06/26/17 | 955,871 | ||||||||||||
| 650,000 | Deere & Co | 2.600 | 06/08/22 | 631,057 | ||||||||||||
| 625,000 | g | EADS Finance BV | 2.700 | 04/17/23 | 600,774 | |||||||||||
| 150,000 | Eaton Corp | 4.000 | 11/02/32 | 148,393 | ||||||||||||
| 1,705,000 | John Deere Capital Corp | 2.250 | 06/07/16 | 1,746,600 | ||||||||||||
| 6,000,000 | John Deere Capital Corp | 1.050 | 10/11/16 | 6,013,758 | ||||||||||||
| 500,000 | John Deere Capital Corp | 1.400 | 03/15/17 | 503,690 | ||||||||||||
| 375,000 | John Deere Capital Corp | 2.750 | 03/15/22 | 370,563 | ||||||||||||
| 707,673 | g | Odebrecht Offshore Drilling Finance Ltd | 6.625 | 10/01/22 | 728,903 | |||||||||||
| 715,275 | g | Odebrecht Offshore Drilling Finance Ltd | 6.750 | 10/01/22 | 742,098 | |||||||||||
| 660,000 | g | Rexel S.A. | 6.125 | 12/15/19 | 676,500 | |||||||||||
| 500,000 | g | Rexel S.A. | 5.250 | 06/15/20 | 502,187 | |||||||||||
| 947,000 | g | Sealed Air Corp | 8.375 | 09/15/21 | 1,051,170 | |||||||||||
| 1,000,000 | SPX Corp | 6.875 | 09/01/17 | 1,090,000 | ||||||||||||
| 1,790,000 | g | Stena AB | 7.000 | 02/01/24 | 1,861,600 | |||||||||||
| 1,950,000 | g | Timken Co | 3.875 | 09/01/24 | 1,919,494 | |||||||||||
| 2,670,000 | g | TSMC Global Ltd | 1.625 | 04/03/18 | 2,636,505 | |||||||||||
| 1,450,000 | g | Tupy Overseas S.A. | 6.625 | 07/17/24 | 1,475,375 | |||||||||||
| 875,000 | United Technologies Corp | 1.800 | 06/01/17 | 887,926 | ||||||||||||
| TOTAL CAPITAL GOODS | 27,890,245 | |||||||||||||||
| 136 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 1.0% | ||||||||||||||||
| $ | 1,825,000 | ADT Corp | 6.250 | % | 10/15/21 | $ | 1,888,875 | |||||||||
| 750,000 | g,h | AECOM Technology Corp | 5.750 | 10/15/22 | 752,812 | |||||||||||
| 3,150,000 | g,h | AECOM Technology Corp | 5.875 | 10/15/24 | 3,169,687 | |||||||||||
| 1,200,000 | Air Lease Corp | 3.875 | 04/01/21 | 1,212,000 | ||||||||||||
| 1,225,000 | Clean Harbors, Inc | 5.125 | 06/01/21 | 1,214,281 | ||||||||||||
| 670,000 | Republic Services, Inc | 3.800 | 05/15/18 | 711,795 | ||||||||||||
| 1,000,000 | RR Donnelley & Sons Co | 7.875 | 03/15/21 | 1,097,500 | ||||||||||||
| 325,000 | RR Donnelley & Sons Co | 7.000 | 02/15/22 | 342,875 | ||||||||||||
| 675,000 | RR Donnelley & Sons Co | 6.500 | 11/15/23 | 673,313 | ||||||||||||
| 1,925,000 | g | SPL Logistics Escrow LLC | 8.875 | 08/01/20 | 2,093,438 | |||||||||||
| 3,200,000 | Synchrony Financial | 1.875 | 08/15/17 | 3,204,413 | ||||||||||||
| 1,450,000 | Synchrony Financial | 3.000 | 08/15/19 | 1,453,974 | ||||||||||||
| 1,000,000 | United Rentals North America, Inc | 7.375 | 05/15/20 | 1,062,500 | ||||||||||||
| 1,000,000 | United Rentals North America, Inc | 7.625 | 04/15/22 | 1,087,500 | ||||||||||||
| 1,000,000 | Waste Management, Inc | 2.600 | 09/01/16 | 1,028,992 | ||||||||||||
| 2,550,000 | Waste Management, Inc | 2.900 | 09/15/22 | 2,498,796 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 23,492,751 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.2% | ||||||||||||||||
| 1,000,000 | g | Controladora Mabe S.A. de C.V. | 7.875 | 10/28/19 | 1,132,500 | |||||||||||
| 1,000,000 | DR Horton, Inc | 5.750 | 08/15/23 | 1,037,500 | ||||||||||||
| 275,000 | DR Horton, Inc | 4.750 | 05/15/17 | 285,312 | ||||||||||||
| 161,000 | DR Horton, Inc | 3.625 | 02/15/18 | 159,390 | ||||||||||||
| 600,000 | DR Horton, Inc | 3.750 | 03/01/19 | 583,500 | ||||||||||||
| 1,000,000 | KB Home | 7.000 | 12/15/21 | 1,042,500 | ||||||||||||
| 2,000,000 | Lennar Corp | 4.500 | 06/15/19 | 1,982,500 | ||||||||||||
| 225,000 | Whirlpool Corp | 3.700 | 03/01/23 | 226,001 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 6,449,203 | |||||||||||||||
| CONSUMER SERVICES - 1.2% | ||||||||||||||||
| 4,000,000 | g,h | 1011778 BC / New Red Fin | 6.000 | 04/01/22 | 3,975,000 | |||||||||||
| 545,000 | Ameristar Casinos, Inc | 7.500 | 04/15/21 | 566,800 | ||||||||||||
| 350,000 | ARAMARK Corp | 5.750 | 03/15/20 | 358,750 | ||||||||||||
| 1,350,000 | GLP Capital LP | 4.375 | 11/01/18 | 1,370,250 | ||||||||||||
| 1,500,000 | MGM Resorts International | 6.750 | 10/01/20 | 1,597,500 | ||||||||||||
| 1,880,000 | Northeastern University | 4.181 | 03/01/23 | 1,925,981 | ||||||||||||
| 2,000,000 | g | SABMiller Holdings, Inc | 2.200 | 08/01/18 | 1,995,750 | |||||||||||
| 2,000,000 | g | SABMiller Holdings, Inc | 3.750 | 01/15/22 | 2,038,560 | |||||||||||
| 2,000,000 | Service Corp International | 7.000 | 06/15/17 | 2,180,000 | ||||||||||||
| 1,000,000 | Service Corp International | 7.625 | 10/01/18 | 1,130,000 | ||||||||||||
| 2,945,000 | g | Six Flags Entertainment Corp | 5.250 | 01/15/21 | 2,856,650 | |||||||||||
| 4,000,000 | University of Chicago | 4.151 | 10/01/45 | 3,902,372 | ||||||||||||
| 5,000,000 | Walt Disney Co | 0.875 | 05/30/17 | 4,957,105 | ||||||||||||
| TOTAL CONSUMER SERVICES | 28,854,718 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 4.2% | ||||||||||||||||
| 545,000 | g | Abbey National Treasury Services plc | 3.875 | 11/10/14 | 546,942 | |||||||||||
| 335,000 | Abbey National Treasury Services plc | 4.000 | 04/27/16 | 350,392 | ||||||||||||
| 2,000,000 | g | AerCap Ireland Capital Ltd | 2.750 | 05/15/17 | 1,952,500 | |||||||||||
| 1,000,000 | Ally Financial, Inc | 4.750 | 09/10/18 | 1,025,000 | ||||||||||||
| 600,000 | American Express Centurion Bank | 0.875 | 11/13/15 | 601,939 | ||||||||||||
| 875,000 | American Express Centurion Bank | 6.000 | 09/13/17 | 985,459 | ||||||||||||
| 137 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,375,000 | American Express Credit Corp | 1.750 | % | 06/12/15 | $ | 2,396,287 | |||||||||
| 1,500,000 | American Express Credit Corp | 1.300 | 07/29/16 | 1,510,005 | ||||||||||||
| 250,000 | American Express Credit Corp | 2.800 | 09/19/16 | 258,258 | ||||||||||||
| 2,000,000 | American Express Credit Corp | 2.125 | 07/27/18 | 2,010,826 | ||||||||||||
| 4,000,000 | g,i | Armor Re Ltd | 4.010 | 12/15/16 | 4,029,200 | |||||||||||
| 500,000 | Bank of New York Mellon Corp | 1.200 | 02/20/15 | 501,351 | ||||||||||||
| 1,350,000 | i | Bank of New York Mellon Corp | 1.969 | 06/20/17 | 1,371,141 | |||||||||||
| 275,000 | Bank of New York Mellon Corp | 5.450 | 05/15/19 | 312,985 | ||||||||||||
| 1,000,000 | g | BBVA Bancomer S.A. | 6.750 | 09/30/22 | 1,120,000 | |||||||||||
| 1,000,000 | g | BBVA Bancomer S.A. | 4.375 | 04/10/24 | 1,010,000 | |||||||||||
| 500,000 | BlackRock, Inc | 3.500 | 12/10/14 | 502,961 | ||||||||||||
| 825,000 | BlackRock, Inc | 1.375 | 06/01/15 | 830,409 | ||||||||||||
| 1,100,000 | BlackRock, Inc | 3.500 | 03/18/24 | 1,109,018 | ||||||||||||
| 2,000,000 | g | Caisse Centrale Desjardins du Quebec | 2.550 | 03/24/16 | 2,054,832 | |||||||||||
| 3,000,000 | g | Caisse Centrale Desjardins du Quebec | 1.600 | 03/06/17 | 3,031,053 | |||||||||||
| 3,175,000 | Capital One Financial Corp | 1.000 | 11/06/15 | 3,183,861 | ||||||||||||
| 1,000,000 | g | Comcel Trust | 6.875 | 02/06/24 | 1,055,000 | |||||||||||
| 300,000 | Countrywide Financial Corp | 6.250 | 05/15/16 | 323,361 | ||||||||||||
| 1,225,000 | Credit Suisse | 2.300 | 05/28/19 | 1,212,799 | ||||||||||||
| 2,000,000 | Ford Motor Credit Co LLC | 1.700 | 05/09/16 | 2,016,818 | ||||||||||||
| 1,500,000 | Ford Motor Credit Co LLC | 3.000 | 06/12/17 | 1,548,114 | ||||||||||||
| 1,000,000 | Ford Motor Credit Co LLC | 5.750 | 02/01/21 | 1,135,913 | ||||||||||||
| 3,000,000 | General Electric Capital Corp | 1.500 | 07/12/16 | 3,036,432 | ||||||||||||
| 950,000 | General Electric Capital Corp | 2.300 | 04/27/17 | 976,121 | ||||||||||||
| 2,500,000 | General Electric Capital Corp | 2.300 | 01/14/19 | 2,524,642 | ||||||||||||
| 5,450,000 | General Electric Capital Corp | 3.100 | 01/09/23 | 5,393,800 | ||||||||||||
| 400,000 | General Electric Capital Corp | 6.875 | 01/10/39 | 538,354 | ||||||||||||
| 2,575,000 | General Motors Financial Co, Inc | 3.250 | 05/15/18 | 2,587,875 | ||||||||||||
| 1,175,000 | General Motors Financial Co, Inc | 4.375 | 09/25/21 | 1,201,437 | ||||||||||||
| 150,000 | General Motors Financial Co, Inc | 4.250 | 05/15/23 | 150,562 | ||||||||||||
| 275,000 | Goldman Sachs Group, Inc | 3.300 | 05/03/15 | 279,389 | ||||||||||||
| 2,890,000 | Goldman Sachs Group, Inc | 2.375 | 01/22/18 | 2,920,001 | ||||||||||||
| 500,000 | Goldman Sachs Group, Inc | 2.625 | 01/31/19 | 498,714 | ||||||||||||
| 1,250,000 | Goldman Sachs Group, Inc | 3.625 | 01/22/23 | 1,240,848 | ||||||||||||
| 1,200,000 | Goldman Sachs Group, Inc | 4.000 | 03/03/24 | 1,208,616 | ||||||||||||
| 1,375,000 | Goldman Sachs Group, Inc | 3.850 | 07/08/24 | 1,366,883 | ||||||||||||
| 150,000 | Goldman Sachs Group, Inc | 6.450 | 05/01/36 | 174,695 | ||||||||||||
| 2,375,000 | Goldman Sachs Group, Inc | 6.750 | 10/01/37 | 2,835,244 | ||||||||||||
| 2,925,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 2,941,251 | ||||||||||||
| 575,000 | Icahn Enterprises LP | 4.875 | 03/15/19 | 566,375 | ||||||||||||
| 1,000,000 | Icahn Enterprises LP | 5.875 | 02/01/22 | 1,000,000 | ||||||||||||
| 675,000 | g | ICICI Bank Ltd | 4.800 | 05/22/19 | 714,660 | |||||||||||
| 1,500,000 | g | ICICI Bank Ltd | 3.500 | 03/18/20 | 1,501,743 | |||||||||||
| 300,000 | Indian Railway Finance Corp Ltd | 3.917 | 02/26/19 | 308,487 | ||||||||||||
| 1,420,000 | International Lease Finance Corp | 5.750 | 05/15/16 | 1,483,900 | ||||||||||||
| 1,300,000 | International Lease Finance Corp | 3.875 | 04/15/18 | 1,290,250 | ||||||||||||
| 2,000,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 2,090,000 | ||||||||||||
| 750,000 | g | Inversiones CMPC S.A. | 4.375 | 05/15/23 | 728,106 | |||||||||||
| 865,000 | g | Inversiones CMPC S.A. | 4.750 | 09/15/24 | 858,364 | |||||||||||
| 750,000 | Korea Development Bank | 2.500 | 03/11/20 | 742,157 | ||||||||||||
| 300,000 | Kreditanstalt fuer Wiederaufbau | 4.875 | 01/17/17 | 327,052 | ||||||||||||
| 300,000 | Legg Mason, Inc | 2.700 | 07/15/19 | 300,890 | ||||||||||||
| 138 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 425,000 | Legg Mason, Inc | 3.950 | % | 07/15/24 | $ | 428,831 | |||||||||
| 1,600,000 | g | Lukoil International Finance BV | 3.416 | 04/24/18 | 1,498,000 | |||||||||||
| 650,000 | g | Lukoil International Finance BV | 6.125 | 11/09/20 | 653,250 | |||||||||||
| 1,200,000 | Morgan Stanley | 1.750 | 02/25/16 | 1,212,799 | ||||||||||||
| 3,000,000 | Morgan Stanley | 5.450 | 01/09/17 | 3,258,561 | ||||||||||||
| 800,000 | Morgan Stanley | 3.750 | 02/25/23 | 798,961 | ||||||||||||
| 2,800,000 | Morgan Stanley | 3.875 | 04/29/24 | 2,797,096 | ||||||||||||
| 500,000 | Morgan Stanley | 6.375 | 07/24/42 | 624,269 | ||||||||||||
| 250,000 | National Rural Utilities Cooperative Finance Corp | 10.375 | 11/01/18 | 329,201 | ||||||||||||
| 1,000,000 | g | Nederlandse Waterschapsbank NV | 1.875 | 03/13/19 | 1,000,418 | |||||||||||
| 500,000 | g | NongHyup Bank | 2.750 | 09/29/19 | 500,200 | |||||||||||
| 750,000 | g | PTTEP Australia International Finance Pty Ltd | 4.152 | 07/19/15 | 766,878 | |||||||||||
| 1,325,000 | g | Rio Oil Finance Trust | 6.250 | 07/06/24 | 1,366,873 | |||||||||||
| 1,575,000 | SLM Corp | 4.875 | 06/17/19 | 1,575,000 | ||||||||||||
| 1,675,000 | State Street Corp | 1.350 | 05/15/18 | 1,645,696 | ||||||||||||
| 900,000 | g | SUAM Finance BV | 4.875 | 04/17/24 | 915,750 | |||||||||||
| 550,000 | g | Temasek Financial I Ltd | 2.375 | 01/23/23 | 527,026 | |||||||||||
| 400,000 | Toyota Motor Credit Corp | 1.250 | 10/05/17 | 397,494 | ||||||||||||
| 1,000,000 | Unilever Capital Corp | 0.850 | 08/02/17 | 989,629 | ||||||||||||
| 1,500,000 | Unilever Capital Corp | 2.200 | 03/06/19 | 1,513,799 | ||||||||||||
| 600,000 | g | Waha Aerospace BV | 3.925 | 07/28/20 | 630,000 | |||||||||||
| 500,000 | Wells Fargo & Co | 1.500 | 07/01/15 | 504,071 | ||||||||||||
| 650,000 | Wells Fargo & Co | 2.100 | 05/08/17 | 662,919 | ||||||||||||
| 1,900,000 | Wells Fargo & Co | 3.300 | 09/09/24 | 1,863,967 | ||||||||||||
| 3,300,000 | Wells Fargo & Co | 4.100 | 06/03/26 | 3,288,401 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 109,522,361 | |||||||||||||||
| ENERGY - 4.4% | ||||||||||||||||
| 160,000 | Anadarko Petroleum Corp | 6.950 | 06/15/19 | 190,926 | ||||||||||||
| 325,000 | Apache Corp | 1.750 | 04/15/17 | 327,385 | ||||||||||||
| 855,000 | Apache Corp | 4.750 | 04/15/43 | 854,433 | ||||||||||||
| 833,000 | Arch Coal, Inc | 7.000 | 06/15/19 | 443,572 | ||||||||||||
| 3,000,000 | Ashland, Inc | 3.875 | 04/15/18 | 3,007,500 | ||||||||||||
| 2,000,000 | Atlas Pipeline Partners LP | 5.875 | 08/01/23 | 1,955,000 | ||||||||||||
| 3,600,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 3,535,427 | ||||||||||||
| 1,500,000 | g,h | California Resources Corp | 5.000 | 01/15/20 | 1,522,500 | |||||||||||
| 750,000 | g,h | California Resources Corp | 6.000 | 11/15/24 | 770,625 | |||||||||||
| 2,000,000 | Calumet Specialty Products Partners LP | 9.625 | 08/01/20 | 2,200,000 | ||||||||||||
| 1,115,000 | g | Calumet Specialty Products Partners LP | 6.500 | 04/15/21 | 1,059,250 | |||||||||||
| 1,000,000 | Calumet Specialty Products Partners LP | 7.625 | 01/15/22 | 1,015,000 | ||||||||||||
| 575,000 | Canadian Natural Resources Ltd | 3.800 | 04/15/24 | 582,219 | ||||||||||||
| 1,400,000 | Chaparral Energy, Inc | 7.625 | 11/15/22 | 1,435,000 | ||||||||||||
| 3,000,000 | Chesapeake Energy Corp | 3.250 | 03/15/16 | 3,007,500 | ||||||||||||
| 850,000 | i | Chesapeake Energy Corp | 3.484 | 04/15/19 | 852,125 | |||||||||||
| 500,000 | Chesapeake Energy Corp | 5.375 | 06/15/21 | 511,875 | ||||||||||||
| 500,000 | Chesapeake Midstream Partners LP | 6.125 | 07/15/22 | 532,500 | ||||||||||||
| 5,000,000 | Chevron Corp | 3.191 | 06/24/23 | 5,034,475 | ||||||||||||
| 1,950,000 | Concho Resources, Inc | 5.500 | 04/01/23 | 2,028,000 | ||||||||||||
| 500,000 | CONSOL Energy, Inc | 8.250 | 04/01/20 | 522,500 | ||||||||||||
| 600,000 | g | CONSOL Energy, Inc | 5.875 | 04/15/22 | 591,000 | |||||||||||
| 2,340,000 | Continental Resources, Inc | 5.000 | 09/15/22 | 2,468,700 | ||||||||||||
| 2,415,000 | Crestwood Midstream Partners LP | 6.000 | 12/15/20 | 2,427,075 | ||||||||||||
| 139 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | Crestwood Midstream Partners LP | 6.125 | % | 03/01/22 | $ | 501,250 | |||||||||
| 625,000 | Devon Energy Corp | 1.875 | 05/15/17 | 630,745 | ||||||||||||
| 300,000 | Devon Energy Corp | 4.750 | 05/15/42 | 298,423 | ||||||||||||
| 625,000 | Ecopetrol S.A. | 5.875 | 09/18/23 | 689,844 | ||||||||||||
| 1,200,000 | Ecopetrol S.A. | 4.125 | 01/16/25 | 1,161,000 | ||||||||||||
| 825,000 | g | EDC Finance Ltd | 4.875 | 04/17/20 | 742,500 | |||||||||||
| 275,000 | Enterprise Products Operating LLC | 5.600 | 10/15/14 | 275,520 | ||||||||||||
| 75,000 | Enterprise Products Operating LLC | 5.000 | 03/01/15 | 76,388 | ||||||||||||
| 750,000 | Enterprise Products Operating LLC | 5.100 | 02/15/45 | 791,105 | ||||||||||||
| 300,000 | EOG Resources, Inc | 2.625 | 03/15/23 | 286,287 | ||||||||||||
| 1,250,000 | EP Energy LLC | 9.375 | 05/01/20 | 1,362,500 | ||||||||||||
| 2,400,000 | Exterran Partners LP | 6.000 | 04/01/21 | 2,334,000 | ||||||||||||
| 300,000 | g | Gazprom OAO Via Gaz Capital S.A. | 3.850 | 02/06/20 | 275,250 | |||||||||||
| 1,000,000 | Halcon Resources Corp | 9.750 | 07/15/20 | 1,017,500 | ||||||||||||
| 850,000 | Halcon Resources Corp | 8.875 | 05/15/21 | 837,250 | ||||||||||||
| 285,000 | Hess Corp | 5.600 | 02/15/41 | 320,997 | ||||||||||||
| 950,000 | g | Indo Energy Finance II BV | 6.375 | 01/24/23 | 738,625 | |||||||||||
| 715,000 | g | KMG Finance Sub BV | 6.375 | 04/09/21 | 770,555 | |||||||||||
| 2,000,000 | Linn Energy LLC | 6.250 | 11/01/19 | 1,952,500 | ||||||||||||
| 750,000 | Marathon Petroleum Corp | 3.500 | 03/01/16 | 775,873 | ||||||||||||
| 150,000 | Marathon Petroleum Corp | 3.625 | 09/15/24 | 146,829 | ||||||||||||
| 425,000 | MarkWest Energy Partners LP | 5.500 | 02/15/23 | 434,562 | ||||||||||||
| 500,000 | Murphy Oil USA, Inc | 6.000 | 08/15/23 | 521,250 | ||||||||||||
| 300,000 | Newfield Exploration Co | 5.750 | 01/30/22 | 321,750 | ||||||||||||
| 900,000 | Newfield Exploration Co | 5.625 | 07/01/24 | 963,000 | ||||||||||||
| 1,100,000 | Noble Energy, Inc | 5.250 | 11/15/43 | 1,160,348 | ||||||||||||
| 125,000 | Noble Holding International Ltd | 3.450 | 08/01/15 | 127,555 | ||||||||||||
| 350,000 | Noble Holding International Ltd | 4.900 | 08/01/20 | 370,354 | ||||||||||||
| 750,000 | Oasis Petroleum, Inc | 6.875 | 03/15/22 | 791,250 | ||||||||||||
| 700,000 | g | Oleoducto Central SA | 4.000 | 05/07/21 | 699,440 | |||||||||||
| 1,800,000 | g | ONE Gas, Inc | 2.070 | 02/01/19 | 1,794,658 | |||||||||||
| 575,000 | g | ONE Gas, Inc | 3.610 | 02/01/24 | 592,562 | |||||||||||
| 1,225,000 | g | ONE Gas, Inc | 4.658 | 02/01/44 | 1,337,710 | |||||||||||
| 1,000,000 | g | Pacific Rubiales Energy Corp | 5.375 | 01/26/19 | 1,015,000 | |||||||||||
| 500,000 | g | Pacific Rubiales Energy Corp | 5.625 | 01/19/25 | 480,475 | |||||||||||
| 2,500,000 | Peabody Energy Corp | 7.375 | 11/01/16 | 2,650,000 | ||||||||||||
| 2,000,000 | Peabody Energy Corp | 6.000 | 11/15/18 | 1,960,000 | ||||||||||||
| 275,000 | Pemex Project Funding Master Trust | 6.625 | 06/15/35 | 319,138 | ||||||||||||
| 1,175,000 | g | Pertamina Persero PT | 4.300 | 05/20/23 | 1,113,312 | |||||||||||
| 500,000 | g | Pertamina PT | 6.500 | 05/27/41 | 511,250 | |||||||||||
| 925,000 | i | Petrobras Global Finance BV | 1.852 | 05/20/16 | 924,075 | |||||||||||
| 925,000 | Petrobras Global Finance BV | 3.250 | 03/17/17 | 936,072 | ||||||||||||
| 1,000,000 | i | Petrobras Global Finance BV | 2.374 | 01/15/19 | 999,700 | |||||||||||
| 750,000 | Petrobras Global Finance BV | 3.000 | 01/15/19 | 730,508 | ||||||||||||
| 425,000 | Petrobras Global Finance BV | 6.250 | 03/17/24 | 445,243 | ||||||||||||
| 1,500,000 | Petrobras International Finance Co | 3.875 | 01/27/16 | 1,535,250 | ||||||||||||
| 1,250,000 | Petroleos Mexicanos | 3.500 | 07/18/18 | 1,296,250 | ||||||||||||
| 325,000 | Petroleos Mexicanos | 5.500 | 01/21/21 | 357,663 | ||||||||||||
| 600,000 | Petroleos Mexicanos | 3.500 | 01/30/23 | 574,800 | ||||||||||||
| 540,000 | Petroleos Mexicanos | 6.500 | 06/02/41 | 624,618 | ||||||||||||
| 50,000 | Petroleos Mexicanos | 5.500 | 06/27/44 | 51,010 | ||||||||||||
| 430,000 | g | Petroleum Co of Trinidad & Tobago Ltd | 9.750 | 08/14/19 | 540,725 | |||||||||||
| 140 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 700,000 | Phillips 66 | 1.950 | % | 03/05/15 | $ | 704,475 | |||||||||
| 2,125,000 | Plains All American Pipeline LP | 3.600 | 11/01/24 | 2,085,539 | ||||||||||||
| 2,558,000 | Plains Exploration & Production Co | 6.500 | 11/15/20 | 2,801,317 | ||||||||||||
| 2,800,000 | Precision Drilling Trust | 6.625 | 11/15/20 | 2,905,000 | ||||||||||||
| 750,000 | g | PTTEP Canada International Finance Ltd | 5.692 | 04/05/21 | 842,693 | |||||||||||
| 1,750,000 | Questar Market Resources, Inc | 6.875 | 03/01/21 | 1,898,750 | ||||||||||||
| 500,000 | Range Resources Corp | 5.750 | 06/01/21 | 525,000 | ||||||||||||
| 800,000 | Regency Energy Partners LP | 5.750 | 09/01/20 | 832,000 | ||||||||||||
| 600,000 | Regency Energy Partners LP | 6.500 | 07/15/21 | 630,000 | ||||||||||||
| 570,000 | Regency Energy Partners LP | 5.875 | 03/01/22 | 592,800 | ||||||||||||
| 200,000 | Regency Energy Partners LP | 5.500 | 04/15/23 | 202,500 | ||||||||||||
| 1,000,000 | g | Reliance Holdings USA | 5.400 | 02/14/22 | 1,091,632 | |||||||||||
| 1,155,000 | SandRidge Energy, Inc | 7.500 | 03/15/21 | 1,126,125 | ||||||||||||
| 800,000 | SandRidge Energy, Inc | 8.125 | 10/15/22 | 799,000 | ||||||||||||
| 2,000,000 | g | Schlumberger Norge AS. | 1.250 | 08/01/17 | 1,997,014 | |||||||||||
| 425,000 | Shell International Finance BV | 2.375 | 08/21/22 | 409,435 | ||||||||||||
| 575,000 | Shell International Finance BV | 4.550 | 08/12/43 | 608,036 | ||||||||||||
| 300,000 | SM Energy Co | 6.500 | 01/01/23 | 312,000 | ||||||||||||
| 1,350,000 | Southwestern Energy Co | 4.100 | 03/15/22 | 1,385,055 | ||||||||||||
| 200,000 | Statoil ASA | 2.900 | 10/15/14 | 200,166 | ||||||||||||
| 200,000 | Statoil ASA | 1.200 | 01/17/18 | 197,509 | ||||||||||||
| 375,000 | Statoil ASA | 2.450 | 01/17/23 | 357,884 | ||||||||||||
| 675,000 | Statoil ASA | 4.250 | 11/23/41 | 674,521 | ||||||||||||
| 1,000,000 | Total Capital International S.A. | 1.500 | 02/17/17 | 1,008,778 | ||||||||||||
| 500,000 | TransCanada Pipelines Ltd | 5.850 | 03/15/36 | 585,829 | ||||||||||||
| 250,000 | i | TransCanada PipeLines Ltd | 6.350 | 05/15/67 | 258,125 | |||||||||||
| 865,000 | g | Ultra Petroleum Corp | 5.750 | 12/15/18 | 869,325 | |||||||||||
| 2,550,000 | g | Ultra Petroleum Corp | 6.125 | 10/01/24 | 2,435,250 | |||||||||||
| 125,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 140,938 | ||||||||||||
| 3,500,000 | Whiting Petroleum Corp | 5.000 | 03/15/19 | 3,596,250 | ||||||||||||
| 1,000,000 | WPX Energy, Inc | 5.250 | 09/15/24 | 970,000 | ||||||||||||
| TOTAL ENERGY | 112,082,002 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.3% | ||||||||||||||||
| 185,000 | CVS Caremark Corp | 3.250 | 05/18/15 | 188,241 | ||||||||||||
| 750,000 | CVS Caremark Corp | 4.000 | 12/05/23 | 780,987 | ||||||||||||
| 1,675,000 | CVS Caremark Corp | 3.375 | 08/12/24 | 1,651,051 | ||||||||||||
| 1,725,000 | CVS Caremark Corp | 5.300 | 12/05/43 | 1,932,693 | ||||||||||||
| 1,540,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 1,547,700 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 6,100,672 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.8% | ||||||||||||||||
| 500,000 | Anheuser-Busch InBev Worldwide, Inc | 2.875 | 02/15/16 | 513,845 | ||||||||||||
| 1,250,000 | Anheuser-Busch InBev Worldwide, Inc | 1.375 | 07/15/17 | 1,248,334 | ||||||||||||
| 1,775,000 | Anheuser-Busch InBev Worldwide, Inc | 2.500 | 07/15/22 | 1,677,272 | ||||||||||||
| 255,000 | B&G Foods, Inc | 4.625 | 06/01/21 | 242,887 | ||||||||||||
| 250,000 | Campbell Soup Co | 2.500 | 08/02/22 | 235,500 | ||||||||||||
| 750,000 | Coca-Cola Co | 0.750 | 03/13/15 | 751,249 | ||||||||||||
| 1,550,000 | Coca-Cola Co | 3.200 | 11/01/23 | 1,553,280 | ||||||||||||
| 500,000 | ConAgra Foods, Inc | 1.900 | 01/25/18 | 497,004 | ||||||||||||
| 750,000 | g | Corp Lindley S.A. | 6.750 | 11/23/21 | 821,250 | |||||||||||
| 1,350,000 | Diageo Capital plc | 2.625 | 04/29/23 | 1,285,718 | ||||||||||||
| 1,000,000 | g | Embotelladora Andina S.A. | 5.000 | 10/01/23 | 1,049,643 | |||||||||||
| 500,000 | Fomento Economico Mexicano SAB de C.V. | 2.875 | 05/10/23 | 465,190 | ||||||||||||
| 1,000,000 | g | Grupo Bimbo SAB de C.V. | 3.875 | 06/27/24 | 986,950 | |||||||||||
| 430,000 | Kraft Foods Group, Inc | 6.500 | 02/09/40 | 539,144 | ||||||||||||
| 225,000 | Mondelez International, Inc | 4.125 | 02/09/16 | 234,766 | ||||||||||||
| 141 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,000,000 | Mondelez International, Inc | 4.000 | % | 02/01/24 | $ | 2,049,338 | |||||||||
| 38,000 | PepsiCo, Inc | 7.900 | 11/01/18 | 46,672 | ||||||||||||
| 2,300,000 | g | Pernod-Ricard S.A. | 2.950 | 01/15/17 | 2,371,040 | |||||||||||
| 100,000 | Philip Morris International, Inc | 6.375 | 05/16/38 | 125,498 | ||||||||||||
| 825,000 | g | Post Holdings, Inc | 6.750 | 12/01/21 | 781,688 | |||||||||||
| 240,000 | Post Holdings, Inc | 7.375 | 02/15/22 | 237,600 | ||||||||||||
| 710,000 | g | Post Holdings, Inc | 6.000 | 12/15/22 | 649,650 | |||||||||||
| 430,000 | Smithfield Foods, Inc | 6.625 | 08/15/22 | 453,650 | ||||||||||||
| 725,000 | Tyson Foods, Inc | 3.950 | 08/15/24 | 726,269 | ||||||||||||
| 450,000 | Tyson Foods, Inc | 4.875 | 08/15/34 | 463,143 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 20,006,580 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 1.3% | ||||||||||||||||
| 800,000 | Baxter International, Inc | 3.200 | 06/15/23 | 789,330 | ||||||||||||
| 250,000 | Becton Dickinson & Co | 1.750 | 11/08/16 | 254,172 | ||||||||||||
| 1,000,000 | CHS/Community Health Systems | 8.000 | 11/15/19 | 1,067,700 | ||||||||||||
| 2,125,000 | g | CHS/Community Health Systems | 6.875 | 02/01/22 | 2,210,000 | |||||||||||
| 750,000 | Covidien International Finance S.A. | 1.350 | 05/29/15 | 753,433 | ||||||||||||
| 375,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 379,395 | ||||||||||||
| 3,100,000 | Express Scripts Holding Co | 2.100 | 02/12/15 | 3,117,716 | ||||||||||||
| 625,000 | Express Scripts Holding Co | 3.900 | 02/15/22 | 647,348 | ||||||||||||
| 1,722,000 | g | Fresenius Medical Care Capital Trust | 5.750 | 02/15/21 | 1,816,710 | |||||||||||
| 1,000,000 | g | Fresenius Medical Care II | 5.625 | 07/31/19 | 1,052,700 | |||||||||||
| 1,165,000 | HCA, Inc | 6.500 | 02/15/20 | 1,272,763 | ||||||||||||
| 975,000 | HCA, Inc | 5.875 | 03/15/22 | 1,024,969 | ||||||||||||
| 2,900,000 | Kinetic Concepts, Inc | 10.500 | 11/01/18 | 3,153,750 | ||||||||||||
| 1,225,000 | LifePoint Hospitals, Inc | 5.500 | 12/01/21 | 1,240,313 | ||||||||||||
| 3,325,000 | Mallinckrodt International Finance S.A. | 3.500 | 04/15/18 | 3,216,938 | ||||||||||||
| 1,725,000 | McKesson Corp | 4.883 | 03/15/44 | 1,776,239 | ||||||||||||
| 1,425,000 | Owens & Minor, Inc | 3.875 | 09/15/21 | 1,426,757 | ||||||||||||
| 3,000,000 | Tenet Healthcare Corp | 6.250 | 11/01/18 | 3,187,500 | ||||||||||||
| 225,000 | Tenet Healthcare Corp | 6.000 | 10/01/20 | 237,938 | ||||||||||||
| 700,000 | Tenet Healthcare Corp | 8.125 | 04/01/22 | 768,250 | ||||||||||||
| 475,000 | Thermo Fisher Scientific, Inc | 2.250 | 08/15/16 | 483,975 | ||||||||||||
| 450,000 | Thermo Fisher Scientific, Inc | 2.400 | 02/01/19 | 450,696 | ||||||||||||
| 600,000 | Thermo Fisher Scientific, Inc | 4.150 | 02/01/24 | 621,216 | ||||||||||||
| 1,175,000 | Thermo Fisher Scientific, Inc | 5.300 | 02/01/44 | 1,289,668 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 32,239,476 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||
| 500,000 | Clorox Co | 3.800 | 11/15/21 | 522,257 | ||||||||||||
| 380,000 | Colgate-Palmolive Co | 2.300 | 05/03/22 | 366,772 | ||||||||||||
| 375,000 | Ecolab, Inc | 1.450 | 12/08/17 | 372,121 | ||||||||||||
| 405,000 | g | First Quality Finance Co, Inc | 4.625 | 05/15/21 | 377,662 | |||||||||||
| 1,125,000 | Reynolds Group Issuer, Inc | 5.750 | 10/15/20 | 1,144,688 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 2,783,500 | |||||||||||||||
| INSURANCE - 1.3% | ||||||||||||||||
| 250,000 | Aetna, Inc | 1.500 | 11/15/17 | 248,986 | ||||||||||||
| 240,000 | Aetna, Inc | 6.500 | 09/15/18 | 279,735 | ||||||||||||
| 150,000 | Aetna, Inc | 6.625 | 06/15/36 | 194,243 | ||||||||||||
| 675,000 | Allstate Corp | 3.150 | 06/15/23 | 672,547 | ||||||||||||
| 700,000 | Allstate Corp | 4.500 | 06/15/43 | 716,595 | ||||||||||||
| 1,550,000 | American International Group, Inc | 2.300 | 07/16/19 | 1,538,640 | ||||||||||||
| 2,725,000 | American International Group, Inc | 4.500 | 07/16/44 | 2,692,137 | ||||||||||||
| 400,000 | Chubb Corp | 6.000 | 05/11/37 | 504,814 | ||||||||||||
| 80,000 | CIGNA Corp | 5.125 | 06/15/20 | 89,416 | ||||||||||||
| 142 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | CIGNA Corp | 4.500 | % | 03/15/21 | $ | 1,090,863 | |||||||||
| 1,400,000 | g | Fidelity & Guaranty Life Holdings, Inc | 6.375 | 04/01/21 | 1,466,500 | |||||||||||
| 3,525,000 | g | Five Corners Funding Trust | 4.419 | 11/15/23 | 3,689,515 | |||||||||||
| 525,000 | Hartford Financial Services Group, Inc | 4.000 | 03/30/15 | 534,293 | ||||||||||||
| 925,000 | Hartford Financial Services Group, Inc | 4.000 | 10/15/17 | 989,796 | ||||||||||||
| 250,000 | Lincoln National Corp | 7.000 | 06/15/40 | 332,770 | ||||||||||||
| 525,000 | g | MetLife Institutional Funding II | 1.625 | 04/02/15 | 528,300 | |||||||||||
| 525,000 | MetLife, Inc | 6.750 | 06/01/16 | 576,011 | ||||||||||||
| 3,000,000 | MetLife, Inc | 4.368 | 09/15/23 | 3,207,009 | ||||||||||||
| 1,275,000 | MetLife, Inc | 4.125 | 08/13/42 | 1,207,360 | ||||||||||||
| 1,500,000 | g | Onex USI Aquisition Corp | 7.750 | 01/15/21 | 1,492,500 | |||||||||||
| 200,000 | Principal Financial Group, Inc | 1.850 | 11/15/17 | 200,066 | ||||||||||||
| 750,000 | Prudential Financial, Inc | 5.400 | 06/13/35 | 835,998 | ||||||||||||
| 750,000 | Prudential Financial, Inc | 5.100 | 08/15/43 | 791,678 | ||||||||||||
| 3,400,000 | i | Prudential Financial, Inc | 5.200 | 03/15/44 | 3,423,375 | |||||||||||
| 300,000 | g | Prudential Funding LLC | 6.750 | 09/15/23 | 371,036 | |||||||||||
| 175,000 | g | Swiss Re Treasury US Corp | 2.875 | 12/06/22 | 167,786 | |||||||||||
| 450,000 | g | Swiss Re Treasury US Corp | 4.250 | 12/06/42 | 437,424 | |||||||||||
| 300,000 | Travelers Cos, Inc | 5.800 | 05/15/18 | 340,499 | ||||||||||||
| 2,450,000 | UnitedHealth Group, Inc | 1.400 | 10/15/17 | 2,446,462 | ||||||||||||
| 1,500,000 | WellPoint, Inc | 1.250 | 09/10/15 | 1,508,805 | ||||||||||||
| 500,000 | WellPoint, Inc | 4.625 | 05/15/42 | 487,102 | ||||||||||||
| 2,000,000 | Willis Group Holdings plc | 4.125 | 03/15/16 | 2,077,346 | ||||||||||||
| 150,000 | WR Berkley Corp | 5.375 | 09/15/20 | 166,551 | ||||||||||||
| TOTAL INSURANCE | 35,306,158 | |||||||||||||||
| MATERIALS - 3.0% | ||||||||||||||||
| 1,325,000 | Alcoa, Inc | 5.125 | 10/01/24 | 1,326,721 | ||||||||||||
| 750,000 | AngloGold Ashanti Holdings plc | 5.375 | 04/15/20 | 753,082 | ||||||||||||
| 3,000,000 | ArcelorMittal | 3.750 | 03/01/16 | 3,060,000 | ||||||||||||
| 440,000 | ArcelorMittal | 5.000 | 02/25/17 | 455,356 | ||||||||||||
| 1,000,000 | Ball Corp | 5.750 | 05/15/21 | 1,036,250 | ||||||||||||
| 100,000 | Barrick Gold Corp | 4.100 | 05/01/23 | 96,089 | ||||||||||||
| 850,000 | Barrick North America Finance LLC | 4.400 | 05/30/21 | 860,838 | ||||||||||||
| 450,000 | g | Belden, Inc | 5.500 | 09/01/22 | 455,625 | |||||||||||
| 600,000 | BHP Billiton Finance USA Ltd | 5.000 | 09/30/43 | 658,215 | ||||||||||||
| 550,000 | Braskem Finance Ltd | 6.450 | 02/03/24 | 572,000 | ||||||||||||
| 1,500,000 | g | Cascades, Inc | 5.500 | 07/15/22 | 1,455,000 | |||||||||||
| 1,000,000 | Celulosa Arauco y Constitucion S.A. | 4.750 | 01/11/22 | 1,011,607 | ||||||||||||
| 1,175,000 | g | Cemex Finance LLC | 6.000 | 04/01/24 | 1,171,710 | |||||||||||
| 1,000,000 | g | Cemex SAB de C.V. | 5.700 | 01/11/25 | 963,500 | |||||||||||
| 1,500,000 | CF Industries, Inc | 7.125 | 05/01/20 | 1,809,568 | ||||||||||||
| 200,000 | Corning, Inc | 1.450 | 11/15/17 | 199,551 | ||||||||||||
| 1,000,000 | Corning, Inc | 4.250 | 08/15/20 | 1,088,016 | ||||||||||||
| 750,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.750 | 11/04/20 | 770,211 | |||||||||||
| 200,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 4.250 | 07/17/42 | 179,805 | |||||||||||
| 1,705,000 | Crown Americas LLC | 6.250 | 02/01/21 | 1,790,250 | ||||||||||||
| 680,000 | Crown Americas LLC | 4.500 | 01/15/23 | 642,600 | ||||||||||||
| 1,600,000 | Dow Chemical Co | 3.500 | 10/01/24 | 1,560,635 | ||||||||||||
| 1,500,000 | Eagle Spinco, Inc | 4.625 | 02/15/21 | 1,440,000 | ||||||||||||
| 750,000 | EI du Pont de Nemours & Co | 2.800 | 02/15/23 | 726,623 | ||||||||||||
| 450,000 | EI du Pont de Nemours & Co | 4.150 | 02/15/43 | 419,481 | ||||||||||||
| 1,550,000 | g | Eldorado Gold Corp | 6.125 | 12/15/20 | 1,538,375 | |||||||||||
| 3,000,000 | g | Glencore Finance Canada Ltd | 3.600 | 01/15/17 | 3,119,268 | |||||||||||
| 2,000,000 | g | Glencore Funding LLC | 1.700 | 05/27/16 | 2,013,570 | |||||||||||
| 5,275,000 | g | Glencore Funding LLC | 2.500 | 01/15/19 | 5,163,803 | |||||||||||
| 143 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,125,000 | g | Glencore Funding LLC | 4.625 | % | 04/29/24 | $ | 2,141,787 | ||||||||
| 2,000,000 | Graphic Packaging International, Inc | 4.750 | 04/15/21 | 1,995,000 | ||||||||||||
| 3,075,000 | Hexion US Finance Corp | 6.625 | 04/15/20 | 3,090,375 | ||||||||||||
| 835,000 | g | INEOS Group Holdings S.A. | 5.875 | 02/15/19 | 822,475 | |||||||||||
| 990,000 | International Paper Co | 5.300 | 04/01/15 | 1,012,918 | ||||||||||||
| 4,550,000 | International Paper Co | 4.750 | 02/15/22 | 4,903,244 | ||||||||||||
| 600,000 | International Paper Co | 4.800 | 06/15/44 | 581,114 | ||||||||||||
| 1,500,000 | g | Klabin Finance S.A. | 5.250 | 07/16/24 | 1,466,700 | |||||||||||
| 4,000,000 | LyondellBasell Industries NV | 5.000 | 04/15/19 | 4,415,584 | ||||||||||||
| 675,000 | g | Mexichem SAB de C.V. | 5.875 | 09/17/44 | 656,438 | |||||||||||
| 525,000 | Monsanto Co | 3.375 | 07/15/24 | 522,256 | ||||||||||||
| 400,000 | Monsanto Co | 4.200 | 07/15/34 | 402,918 | ||||||||||||
| 1,125,000 | Nucor Corp | 4.000 | 08/01/23 | 1,152,285 | ||||||||||||
| 1,500,000 | g | OCP S.A. | 5.625 | 04/25/24 | 1,560,300 | |||||||||||
| 550,000 | Packaging Corp of America | 3.650 | 09/15/24 | 540,167 | ||||||||||||
| 500,000 | Praxair, Inc | 2.450 | 02/15/22 | 485,236 | ||||||||||||
| 1,450,000 | Rio Tinto Finance USA Ltd | 2.250 | 09/20/16 | 1,484,223 | ||||||||||||
| 525,000 | Rio Tinto Finance USA plc | 2.250 | 12/14/18 | 527,133 | ||||||||||||
| 680,000 | Rock Tenn Co | 4.450 | 03/01/19 | 728,112 | ||||||||||||
| 820,000 | Rock Tenn Co | 4.900 | 03/01/22 | 878,974 | ||||||||||||
| 1,200,000 | Rosetta Resources, Inc | 5.625 | 05/01/21 | 1,170,000 | ||||||||||||
| 1,354,299 | g | Samarco Mineracao S.A. | 5.375 | 09/26/24 | 1,337,641 | |||||||||||
| 250,000 | g | Sappi Papier Holding AG. | 6.625 | 04/15/21 | 258,750 | |||||||||||
| 425,000 | Sherwin-Williams Co | 1.350 | 12/15/17 | 423,425 | ||||||||||||
| 500,000 | Silgan Holdings, Inc | 5.000 | 04/01/20 | 502,500 | ||||||||||||
| 1,000,000 | g | Steel Dynamics, Inc | 5.125 | 10/01/21 | 1,015,000 | |||||||||||
| 650,000 | Steel Dynamics, Inc | 5.250 | 04/15/23 | 654,875 | ||||||||||||
| 700,000 | Teck Resources Ltd | 2.500 | 02/01/18 | 700,924 | ||||||||||||
| 800,000 | Teck Resources Ltd | 3.750 | 02/01/23 | 752,943 | ||||||||||||
| 125,000 | Teck Resources Ltd | 6.000 | 08/15/40 | 125,741 | ||||||||||||
| 525,000 | Teck Resources Ltd | 5.200 | 03/01/42 | 479,702 | ||||||||||||
| 550,000 | Tronox Finance LLC | 6.375 | 08/15/20 | 552,063 | ||||||||||||
| 925,000 | g | Turkiye Sise ve Cam Fabrikalari AS. | 4.250 | 05/09/20 | 883,375 | |||||||||||
| TOTAL MATERIALS | 74,561,927 | |||||||||||||||
| MEDIA - 2.5% | ||||||||||||||||
| 2,500,000 | AMC Entertainment, Inc | 5.875 | 02/15/22 | 2,518,750 | ||||||||||||
| 650,000 | g | British Sky Broadcasting Group plc | 2.625 | 09/16/19 | 649,609 | |||||||||||
| 1,450,000 | g,h | CBS Outdoor Americas Capital LLC | 5.250 | 02/15/22 | 1,448,187 | |||||||||||
| 650,000 | g,h | CBS Outdoor Americas Capital LLC | 5.875 | 03/15/25 | 653,250 | |||||||||||
| 1,100,000 | CCO Holdings LLC | 6.500 | 04/30/21 | 1,146,750 | ||||||||||||
| 2,000,000 | Cinemark USA, Inc | 5.125 | 12/15/22 | 1,965,000 | ||||||||||||
| 2,350,000 | Comcast Corp | 2.850 | 01/15/23 | 2,302,624 | ||||||||||||
| 3,125,000 | Comcast Corp | 4.250 | 01/15/33 | 3,162,934 | ||||||||||||
| 2,000,000 | Comcast Corp | 4.200 | 08/15/34 | 1,982,824 | ||||||||||||
| 2,000,000 | g | CSC Holdings LLC | 5.250 | 06/01/24 | 1,920,000 | |||||||||||
| 3,000,000 | DIRECTV Holdings LLC | 1.750 | 01/15/18 | 2,985,528 | ||||||||||||
| 2,475,000 | DIRECTV Holdings LLC | 4.450 | 04/01/24 | 2,577,601 | ||||||||||||
| 2,110,000 | g | Gannett Co, Inc | 4.875 | 09/15/21 | 2,041,425 | |||||||||||
| 160,000 | g | Gannett Co, Inc | 5.500 | 09/15/24 | 157,600 | |||||||||||
| 775,000 | Grupo Televisa S.A. | 6.000 | 05/15/18 | 874,781 | ||||||||||||
| 725,000 | Grupo Televisa SAB | 5.000 | 05/13/45 | 716,220 | ||||||||||||
| 1,000,000 | Lamar Media Corp | 5.000 | 05/01/23 | 962,500 | ||||||||||||
| 2,650,000 | g | NBC Universal Enterprise, Inc | 1.662 | 04/15/18 | 2,638,255 | |||||||||||
| 700,000 | g | NBC Universal Enterprise, Inc | 1.974 | 04/15/19 | 690,735 | |||||||||||
| 1,000,000 | NBC Universal Media LLC | 2.875 | 01/15/23 | 980,935 | ||||||||||||
| 2,000,000 | News America, Inc | 5.300 | 12/15/14 | 2,020,660 | ||||||||||||
| 144 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 125,000 | News America, Inc | 7.625 | % | 11/30/28 | $ | 160,256 | |||||||||
| 90,000 | News America, Inc | 6.550 | 03/15/33 | 111,354 | ||||||||||||
| 325,000 | News America, Inc | 6.650 | 11/15/37 | 407,381 | ||||||||||||
| 250,000 | News America, Inc | 6.900 | 08/15/39 | 321,224 | ||||||||||||
| 400,000 | Nielsen Finance LLC | 4.500 | 10/01/20 | 387,000 | ||||||||||||
| 1,675,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 1,637,313 | |||||||||||
| 1,800,000 | g | Numericable Group S.A. | 6.000 | 05/15/22 | 1,813,500 | |||||||||||
| 900,000 | g | Numericable Group S.A. | 6.250 | 05/15/24 | 897,750 | |||||||||||
| 600,000 | Regal Entertainment Group | 5.750 | 03/15/22 | 601,500 | ||||||||||||
| 900,000 | Regal Entertainment Group | 5.750 | 06/15/23 | 886,500 | ||||||||||||
| 2,100,000 | g | Sirius XM Radio, Inc | 5.875 | 10/01/20 | 2,126,250 | |||||||||||
| 3,000,000 | Starz LLC | 5.000 | 09/15/19 | 3,030,000 | ||||||||||||
| 1,500,000 | Time Warner Cable, Inc | 5.875 | 11/15/40 | 1,764,924 | ||||||||||||
| 475,000 | Time Warner Cable, Inc | 4.500 | 09/15/42 | 468,726 | ||||||||||||
| 940,000 | Time Warner, Inc | 3.150 | 07/15/15 | 958,640 | ||||||||||||
| 3,600,000 | Time Warner, Inc | 2.100 | 06/01/19 | 3,538,199 | ||||||||||||
| 1,000,000 | Time Warner, Inc | 4.700 | 01/15/21 | 1,094,387 | ||||||||||||
| 1,000,000 | Time Warner, Inc | 3.400 | 06/15/22 | 1,000,788 | ||||||||||||
| 275,000 | Time Warner, Inc | 6.500 | 11/15/36 | 330,881 | ||||||||||||
| 700,000 | Time Warner, Inc | 4.900 | 06/15/42 | 699,511 | ||||||||||||
| 1,250,000 | Time Warner, Inc | 4.650 | 06/01/44 | 1,210,021 | ||||||||||||
| 750,000 | g | Time, Inc | 5.750 | 04/15/22 | 718,125 | |||||||||||
| 2,000,000 | g | Univision Communications, Inc | 7.875 | 11/01/20 | 2,142,500 | |||||||||||
| 1,525,000 | g | Univision Communications, Inc | 5.125 | 05/15/23 | 1,544,063 | |||||||||||
| 1,500,000 | Viacom, Inc | 1.250 | 02/27/15 | 1,505,007 | ||||||||||||
| 700,000 | Viacom, Inc | 2.500 | 12/15/16 | 718,941 | ||||||||||||
| 1,500,000 | Viacom, Inc | 2.500 | 09/01/18 | 1,518,852 | ||||||||||||
| 1,000,000 | Viacom, Inc | 5.850 | 09/01/43 | 1,111,170 | ||||||||||||
| TOTAL MEDIA | 67,100,931 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9% | ||||||||||||||||
| 1,500,000 | AbbVie, Inc | 1.200 | 11/06/15 | 1,505,645 | ||||||||||||
| 1,200,000 | AbbVie, Inc | 1.750 | 11/06/17 | 1,195,909 | ||||||||||||
| 475,000 | AbbVie, Inc | 2.900 | 11/06/22 | 454,158 | ||||||||||||
| 2,450,000 | Amgen, Inc | 2.200 | 05/22/19 | 2,424,032 | ||||||||||||
| 429,000 | g | Endo Finance LLC & Endo Finco, Inc | 7.000 | 07/15/19 | 449,378 | |||||||||||
| 1,350,000 | Gilead Sciences, Inc | 3.700 | 04/01/24 | 1,378,943 | ||||||||||||
| 1,525,000 | Gilead Sciences, Inc | 4.800 | 04/01/44 | 1,602,717 | ||||||||||||
| 350,000 | Mead Johnson Nutrition Co | 4.600 | 06/01/44 | 353,115 | ||||||||||||
| 575,000 | Mylan, Inc | 2.550 | 03/28/19 | 571,813 | ||||||||||||
| 1,000,000 | g | Mylan, Inc | 7.875 | 07/15/20 | 1,090,783 | |||||||||||
| 444,000 | NBTY, Inc | 9.000 | 10/01/18 | 461,760 | ||||||||||||
| 1,650,000 | g | Perrigo Co Ltd | 2.300 | 11/08/18 | 1,638,991 | |||||||||||
| 450,000 | g | Perrigo Co Ltd | 4.000 | 11/15/23 | 457,815 | |||||||||||
| 400,000 | g | Perrigo Co Ltd | 5.300 | 11/15/43 | 431,959 | |||||||||||
| 2,850,000 | g | Roche Holdings, Inc | 2.250 | 09/30/19 | 2,838,258 | |||||||||||
| 2,275,000 | g | Roche Holdings, Inc | 3.350 | 09/30/24 | 2,279,225 | |||||||||||
| 1,000,000 | g | Valeant Pharmaceuticals International, Inc | 6.750 | 08/15/18 | 1,055,000 | |||||||||||
| 3,000,000 | g | Valeant Pharmaceuticals International, Inc | 7.000 | 10/01/20 | 3,135,000 | |||||||||||
| 525,000 | g | Valeant Pharmaceuticals International, Inc | 7.500 | 07/15/21 | 561,750 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 23,886,251 | |||||||||||||||
| REAL ESTATE - 0.8% | ||||||||||||||||
| 150,000 | AMB Property LP | 4.500 | 08/15/17 | 160,670 | ||||||||||||
| 170,000 | Camden Property Trust | 4.625 | 06/15/21 | 184,485 | ||||||||||||
| 1,250,000 | Camden Property Trust | 2.950 | 12/15/22 | 1,201,512 | ||||||||||||
| 725,000 | DCT Industrial Operating Partnership LP | 4.500 | 10/15/23 | 739,374 | ||||||||||||
| 145 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | Developers Diversified Realty Corp | 4.750 | % | 04/15/18 | $ | 1,078,789 | |||||||||
| 500,000 | Developers Diversified Realty Corp | 7.875 | 09/01/20 | 621,304 | ||||||||||||
| 550,000 | Equity One, Inc | 3.750 | 11/15/22 | 545,507 | ||||||||||||
| 25,000 | Federal Realty Investment Trust | 5.650 | 06/01/16 | 26,917 | ||||||||||||
| 975,000 | Federal Realty Investment Trust | 2.750 | 06/01/23 | 927,224 | ||||||||||||
| 1,400,000 | Government Properties Income Trust | 3.750 | 08/15/19 | 1,409,647 | ||||||||||||
| 200,000 | Healthcare Realty Trust, Inc | 5.750 | 01/15/21 | 222,694 | ||||||||||||
| 150,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 145,957 | ||||||||||||
| 450,000 | Healthcare Trust of America Holdings LP | 3.375 | 07/15/21 | 447,736 | ||||||||||||
| 325,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 316,680 | ||||||||||||
| 1,783,000 | Highwoods Realty LP | 5.850 | 03/15/17 | 1,957,379 | ||||||||||||
| 1,375,000 | Highwoods Realty LP | 3.200 | 06/15/21 | 1,352,861 | ||||||||||||
| 700,000 | Kilroy Realty LP | 3.800 | 01/15/23 | 701,061 | ||||||||||||
| 325,000 | Liberty Property LP | 4.125 | 06/15/22 | 336,753 | ||||||||||||
| 500,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 517,862 | ||||||||||||
| 1,000,000 | Mid-America Apartments LP | 3.750 | 06/15/24 | 985,729 | ||||||||||||
| 300,000 | National Retail Properties, Inc | 5.500 | 07/15/21 | 338,303 | ||||||||||||
| 525,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 507,588 | ||||||||||||
| 150,000 | Regency Centers LP | 5.250 | 08/01/15 | 155,553 | ||||||||||||
| 25,000 | Regency Centers LP | 5.875 | 06/15/17 | 27,705 | ||||||||||||
| 825,000 | Simon Property Group LP | 2.800 | 01/30/17 | 853,284 | ||||||||||||
| 1,000,000 | g | Simon Property Group LP | 1.500 | 02/01/18 | 989,159 | |||||||||||
| 210,000 | Simon Property Group LP | 10.350 | 04/01/19 | 279,032 | ||||||||||||
| 1,000,000 | g | Trust F | 5.250 | 12/15/24 | 1,040,000 | |||||||||||
| 185,000 | Ventas Realty LP | 3.125 | 11/30/15 | 189,970 | ||||||||||||
| 525,000 | Ventas Realty LP | 3.750 | 05/01/24 | 516,359 | ||||||||||||
| 1,150,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 1,139,392 | ||||||||||||
| 450,000 | Weingarten Realty Investors | 3.500 | 04/15/23 | 439,985 | ||||||||||||
| 400,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 417,452 | ||||||||||||
| TOTAL REAL ESTATE | 20,773,923 | |||||||||||||||
| RETAILING - 0.8% | ||||||||||||||||
| 907,000 | Amerigas Partners LP | 6.500 | 05/20/21 | 929,675 | ||||||||||||
| 750,000 | Asbury Automotive Group, Inc | 8.375 | 11/15/20 | 802,500 | ||||||||||||
| 4,500,000 | AutoNation, Inc | 5.500 | 02/01/20 | 4,905,000 | ||||||||||||
| 810,000 | g | Continental Rubber Of America Corp | 4.500 | 09/15/19 | 849,829 | |||||||||||
| 1,000,000 | g | Golden Eagle Retail Group Ltd | 4.625 | 05/21/23 | 917,791 | |||||||||||
| 1,500,000 | Home Depot, Inc | 2.250 | 09/10/18 | 1,523,811 | ||||||||||||
| 2,500,000 | Home Depot, Inc | 2.000 | 06/15/19 | 2,483,077 | ||||||||||||
| 1,000,000 | Home Depot, Inc | 4.875 | 02/15/44 | 1,085,070 | ||||||||||||
| 1,250,000 | Home Depot, Inc | 4.400 | 03/15/45 | 1,263,705 | ||||||||||||
| 1,000,000 | Limited Brands, Inc | 7.000 | 05/01/20 | 1,110,000 | ||||||||||||
| 625,000 | Limited Brands, Inc | 6.625 | 04/01/21 | 687,500 | ||||||||||||
| 2,000,000 | Macy’s Retail Holdings, Inc | 5.900 | 12/01/16 | 2,199,006 | ||||||||||||
| 700,000 | Macy’s Retail Holdings, Inc | 2.875 | 02/15/23 | 668,106 | ||||||||||||
| 1,870,000 | g | Men’s Wearhouse, Inc | 7.000 | 07/01/22 | 1,888,700 | |||||||||||
| 645,000 | O’Reilly Automotive, Inc | 4.875 | 01/14/21 | 703,534 | ||||||||||||
| 295,000 | O’Reilly Automotive, Inc | 4.625 | 09/15/21 | 320,589 | ||||||||||||
| 350,000 | O’Reilly Automotive, Inc | 3.800 | 09/01/22 | 357,767 | ||||||||||||
| 150,000 | QVC, Inc | 5.125 | 07/02/22 | 157,589 | ||||||||||||
| 550,000 | g | Tiffany & Co | 3.800 | 10/01/24 | 549,639 | |||||||||||
| TOTAL RETAILING | 23,402,888 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% | ||||||||||||||||
| 1,000,000 | g,h | Semiconductor Manufacturing International Corp | 4.125 | 10/07/19 | 994,350 | |||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 994,350 | |||||||||||||||
| 146 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| SOFTWARE & SERVICES - 0.9% | ||||||||||||||||
| $ | 3,805,000 | g | Audatex North America, Inc | 6.000 | % | 06/15/21 | $ | 3,900,125 | ||||||||
| 1,225,000 | g | BMC Software Finance, Inc | 8.125 | 07/15/21 | 1,176,000 | |||||||||||
| 3,000,000 | Fidelity National Information Services, Inc | 5.000 | 03/15/22 | 3,161,385 | ||||||||||||
| 3,500,000 | International Business Machines Corp | 0.750 | 05/11/15 | 3,510,241 | ||||||||||||
| 950,000 | International Business Machines Corp | 1.250 | 02/06/17 | 953,199 | ||||||||||||
| 2,350,000 | NCR Corp | 5.875 | 12/15/21 | 2,402,875 | ||||||||||||
| 1,100,000 | Oracle Corp | 1.200 | 10/15/17 | 1,092,068 | ||||||||||||
| 2,700,000 | Oracle Corp | 3.400 | 07/08/24 | 2,691,500 | ||||||||||||
| 1,000,000 | Xerox Corp | 4.250 | 02/15/15 | 1,013,710 | ||||||||||||
| 3,000,000 | Xerox Corp | 2.950 | 03/15/17 | 3,105,066 | ||||||||||||
| 1,300,000 | Xerox Corp | 2.800 | 05/15/20 | 1,281,862 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 24,288,031 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 1.5% | ||||||||||||||||
| 3,000,000 | Amphenol Corp | 1.550 | 09/15/17 | 2,996,217 | ||||||||||||
| 725,000 | Amphenol Corp | 3.125 | 09/15/21 | 723,343 | ||||||||||||
| 5,000,000 | Apple, Inc | 1.050 | 05/05/17 | 4,982,980 | ||||||||||||
| 100,000 | CC Holdings GS V LLC | 2.381 | 12/15/17 | 101,162 | ||||||||||||
| 1,000,000 | Flextronics International Ltd | 4.625 | 02/15/20 | 1,000,000 | ||||||||||||
| 5,950,000 | General Electric Co | 0.850 | 10/09/15 | 5,975,763 | ||||||||||||
| 75,000 | General Electric Co | 5.250 | 12/06/17 | 83,209 | ||||||||||||
| 475,000 | General Electric Co | 2.700 | 10/09/22 | 462,336 | ||||||||||||
| 4,100,000 | General Electric Co | 4.500 | 03/11/44 | 4,250,655 | ||||||||||||
| 1,000,000 | Hewlett-Packard Co | 3.000 | 09/15/16 | 1,034,925 | ||||||||||||
| 1,700,000 | Hewlett-Packard Co | 2.750 | 01/14/19 | 1,726,608 | ||||||||||||
| 575,000 | Hewlett-Packard Co | 3.750 | 12/01/20 | 596,193 | ||||||||||||
| 2,985,000 | L-3 Communications Corp | 3.950 | 11/15/16 | 3,137,871 | ||||||||||||
| 2,000,000 | L-3 Communications Corp | 4.950 | 02/15/21 | 2,173,926 | ||||||||||||
| 2,000,000 | g | NXP BV | 3.500 | 09/15/16 | 2,005,000 | |||||||||||
| 1,575,000 | g | NXP BV | 3.750 | 06/01/18 | 1,547,438 | |||||||||||
| 500,000 | Scientific Games Corp | 8.125 | 09/15/18 | 481,250 | ||||||||||||
| 454,000 | Seagate HDD Cayman | 6.875 | 05/01/20 | 481,240 | ||||||||||||
| 1,500,000 | g | Seagate HDD Cayman | 4.750 | 01/01/25 | 1,492,500 | |||||||||||
| 1,000,000 | Tyco Electronics Group S.A. | 1.600 | 02/03/15 | 1,003,811 | ||||||||||||
| 800,000 | Tyco Electronics Group S.A. | 2.375 | 12/17/18 | 801,841 | ||||||||||||
| 1,425,000 | g,h | Zebra Technologies Corp | 7.250 | 10/15/22 | 1,425,000 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 38,483,268 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 2.6% | ||||||||||||||||
| 1,040,000 | America Movil SAB de C.V. | 3.125 | 07/16/22 | 1,009,923 | ||||||||||||
| 550,000 | American Tower Corp | 3.500 | 01/31/23 | 522,875 | ||||||||||||
| 1,975,000 | AT&T, Inc | 1.400 | 12/01/17 | 1,963,839 | ||||||||||||
| 1,200,000 | AT&T, Inc | 2.625 | 12/01/22 | 1,135,182 | ||||||||||||
| 1,825,000 | AT&T, Inc | 4.800 | 06/15/44 | 1,798,101 | ||||||||||||
| 1,500,000 | g | B Communications Ltd | 7.375 | 02/15/21 | 1,595,625 | |||||||||||
| 1,500,000 | g | Bharti Airtel International Netherlands BV | 5.125 | 03/11/23 | 1,577,040 | |||||||||||
| 1,000,000 | Citizens Communications Co | 7.125 | 03/15/19 | 1,080,000 | ||||||||||||
| 900,000 | g,o | CommScope Holding Co, Inc | 6.625 | 06/01/20 | 927,000 | |||||||||||
| 700,000 | g | CommScope Holding Co, Inc | 5.000 | 06/15/21 | 686,000 | |||||||||||
| 1,200,000 | g | CommScope Holding Co, Inc | 5.500 | 06/15/24 | 1,179,000 | |||||||||||
| 750,000 | g | Deutsche Telekom International Finance BV | 2.250 | 03/06/17 | 763,454 | |||||||||||
| 425,000 | g | Deutsche Telekom International Finance BV | 4.875 | 03/06/42 | 439,441 | |||||||||||
| 750,000 | g | ENTEL Chile S.A. | 4.875 | 10/30/24 | 768,681 | |||||||||||
| 750,000 | g | ENTEL Chile S.A. | 4.750 | 08/01/26 | 748,186 | |||||||||||
| 147 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 925,000 | Intelsat Jackson Holdings S.A. | 7.500 | % | 04/01/21 | $ | 987,437 | |||||||||
| 550,000 | Intelsat Jackson Holdings S.A. | 5.500 | 08/01/23 | 525,250 | ||||||||||||
| 500,000 | Intelsat Luxembourg S.A. | 8.125 | 06/01/23 | 521,250 | ||||||||||||
| 160,000 | g | Lynx I Corp | 5.375 | 04/15/21 | 161,200 | |||||||||||
| 780,000 | g | Lynx II Corp | 6.375 | 04/15/23 | 805,350 | |||||||||||
| 1,500,000 | g | Oi S.A. | 5.750 | 02/10/22 | 1,402,650 | |||||||||||
| 500,000 | Orange S.A. | 5.500 | 02/06/44 | 544,405 | ||||||||||||
| 750,000 | g | Qtel International Finance Ltd | 3.875 | 01/31/28 | 705,000 | |||||||||||
| 175,000 | g | SES | 3.600 | 04/04/23 | 176,380 | |||||||||||
| 725,000 | g | SES Global Americas Holdings GP | 2.500 | 03/25/19 | 720,802 | |||||||||||
| 1,325,000 | g | Sprint Corp | 7.250 | 09/15/21 | 1,379,656 | |||||||||||
| 675,000 | Sprint Nextel Corp | 6.000 | 11/15/22 | 654,750 | ||||||||||||
| 1,000,000 | Telefonica Emisiones SAU | 3.992 | 02/16/16 | 1,040,591 | ||||||||||||
| 1,150,000 | Telefonica Emisiones SAU | 4.570 | 04/27/23 | 1,200,702 | ||||||||||||
| 1,000,000 | T-Mobile USA, Inc | 6.464 | 04/28/19 | 1,038,750 | ||||||||||||
| 3,000,000 | T-Mobile USA, Inc | 6.542 | 04/28/20 | 3,075,000 | ||||||||||||
| 925,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 922,687 | ||||||||||||
| 750,000 | g | Turk Telekomunikasyon AS. | 3.750 | 06/19/19 | 731,258 | |||||||||||
| 1,800,000 | Verizon Communications, Inc | 0.700 | 11/02/15 | 1,801,591 | ||||||||||||
| 5,275,000 | g | Verizon Communications, Inc | 2.625 | 02/21/20 | 5,208,825 | |||||||||||
| 1,600,000 | Verizon Communications, Inc | 3.450 | 03/15/21 | 1,623,878 | ||||||||||||
| 6,500,000 | Verizon Communications, Inc | 5.150 | 09/15/23 | 7,197,899 | ||||||||||||
| 975,000 | Verizon Communications, Inc | 4.150 | 03/15/24 | 1,006,734 | ||||||||||||
| 546,000 | Verizon Communications, Inc | 6.400 | 09/15/33 | 665,147 | ||||||||||||
| 1,300,000 | Verizon Communications, Inc | 3.850 | 11/01/42 | 1,135,220 | ||||||||||||
| 2,724,000 | Verizon Communications, Inc | 6.550 | 09/15/43 | 3,403,344 | ||||||||||||
| 566,000 | g | Verizon Communications, Inc | 4.862 | 08/21/46 | 567,602 | |||||||||||
| 2,732,000 | g | Verizon Communications, Inc | 5.012 | 08/21/54 | 2,744,969 | |||||||||||
| 750,000 | g | Vimpelcom Holdings | 7.504 | 03/01/22 | 764,063 | |||||||||||
| 1,000,000 | g | VimpelCom Holdings BV | 5.950 | 02/13/23 | 915,000 | |||||||||||
| 300,000 | g,h | Virgin Media Finance plc | 6.000 | 10/15/24 | 300,375 | |||||||||||
| 1,450,000 | g | Wind Acquisition Finance S.A. | 4.750 | 07/15/20 | 1,392,000 | |||||||||||
| 1,500,000 | Windstream Corp | 7.750 | 10/01/21 | 1,597,500 | ||||||||||||
| 1,425,000 | Windstream Corp | 6.375 | 08/01/23 | 1,375,125 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 64,486,737 | |||||||||||||||
| TRANSPORTATION - 1.0% | ||||||||||||||||
| 1,275,000 | g | AP Moeller-Maersk A.S. | 2.550 | 09/22/19 | 1,278,082 | |||||||||||
| 1,225,000 | g | AP Moeller-Maersk A.S. | 3.750 | 09/22/24 | 1,228,250 | |||||||||||
| 655,000 | g | Asciano Finance Ltd | 5.000 | 04/07/18 | 705,645 | |||||||||||
| 750,000 | g | Bombardier, Inc | 7.500 | 03/15/18 | 819,375 | |||||||||||
| 600,000 | g | Bombardier, Inc | 7.750 | 03/15/20 | 654,120 | |||||||||||
| 600,000 | g | Bombardier, Inc | 6.125 | 01/15/23 | 600,750 | |||||||||||
| 225,000 | Bristow Group, Inc | 6.250 | 10/15/22 | 233,437 | ||||||||||||
| 1,375,000 | Burlington Northern Santa Fe LLC | 3.400 | 09/01/24 | 1,355,827 | ||||||||||||
| 1,000,000 | g | DP World Ltd | 6.850 | 07/02/37 | 1,121,300 | |||||||||||
| 400,000 | g | Embraer Overseas Ltd | 5.696 | 09/16/23 | 427,000 | |||||||||||
| 3,000,000 | g | ERAC USA Finance LLC | 2.800 | 11/01/18 | 3,069,636 | |||||||||||
| 1,063,000 | GATX Corp | 1.250 | 03/04/17 | 1,055,271 | ||||||||||||
| 2,115,000 | GATX Corp | 2.375 | 07/30/18 | 2,127,569 | ||||||||||||
| 1,200,000 | GATX Corp | 2.500 | 07/30/19 | 1,198,254 | ||||||||||||
| 1,000,000 | GATX Corp | 5.200 | 03/15/44 | 1,063,148 | ||||||||||||
| 2,674,000 | Gulfmark Offshore, Inc | 6.375 | 03/15/22 | 2,580,410 | ||||||||||||
| 3,550,000 | Kansas City Southern de Mexico S.A. de C.V. | 2.350 | 05/15/20 | 3,401,656 | ||||||||||||
| 375,000 | Northrop Grumman Corp | 1.750 | 06/01/18 | 371,676 | ||||||||||||
| 1,060,000 | g | Transnet Ltd | 4.500 | 02/10/16 | 1,097,100 | |||||||||||
| 148 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 665,000 | g | Transnet SOC Ltd | 4.000 | % | 07/26/22 | $ | 626,064 | ||||||||
| 525,000 | United Parcel Service, Inc | 3.625 | 10/01/42 | 477,658 | ||||||||||||
| TOTAL TRANSPORTATION | 25,492,228 | |||||||||||||||
| UTILITIES - 3.6% | ||||||||||||||||
| 750,000 | g | Abu Dhabi National Energy Co | 5.875 | 10/27/16 | 814,455 | |||||||||||
| 1,750,000 | g | Abu Dhabi National Energy Co | 4.125 | 03/13/17 | 1,848,437 | |||||||||||
| 750,000 | i | AES Corp | 3.234 | 06/01/19 | 738,750 | |||||||||||
| 425,000 | AES Corp | 4.875 | 05/15/23 | 403,750 | ||||||||||||
| 625,000 | AGL Capital Corp | 4.400 | 06/01/43 | 630,099 | ||||||||||||
| 825,000 | Alabama Power Co | 3.550 | 12/01/23 | 846,901 | ||||||||||||
| 700,000 | Alabama Power Co | 4.150 | 08/15/44 | 694,747 | ||||||||||||
| 365,000 | Alliant Energy Corp | 4.000 | 10/15/14 | 365,438 | ||||||||||||
| 1,000,000 | American Water Capital Corp | 3.850 | 03/01/24 | 1,039,348 | ||||||||||||
| 250,000 | Atmos Energy Corp | 8.500 | 03/15/19 | 313,540 | ||||||||||||
| 525,000 | Atmos Energy Corp | 4.150 | 01/15/43 | 522,446 | ||||||||||||
| 5,000,000 | Berkshire Hathaway Energy Co | 2.000 | 11/15/18 | 4,959,260 | ||||||||||||
| 400,000 | Berkshire Hathaway Energy Co | 5.150 | 11/15/43 | 443,393 | ||||||||||||
| 925,000 | Black Hills Corp | 4.250 | 11/30/23 | 973,526 | ||||||||||||
| 563,000 | g | Calpine Corp | 7.875 | 01/15/23 | 613,670 | |||||||||||
| 250,000 | Carolina Power & Light Co | 5.300 | 01/15/19 | 282,649 | ||||||||||||
| 275,000 | Carolina Power & Light Co | 5.700 | 04/01/35 | 329,304 | ||||||||||||
| 300,000 | CenterPoint Energy Resources Corp | 6.250 | 02/01/37 | 361,620 | ||||||||||||
| 2,050,000 | g | CEZ AS. | 4.250 | 04/03/22 | 2,155,034 | |||||||||||
| 750,000 | g | China Resources Gas Group Ltd | 4.500 | 04/05/22 | 773,801 | |||||||||||
| 1,000,000 | CMS Energy Corp | 5.050 | 03/15/22 | 1,117,395 | ||||||||||||
| 1,025,000 | g | Colbun S.A. | 6.000 | 01/21/20 | 1,132,279 | |||||||||||
| 1,000,000 | g | Comision Federal de Electricidad | 4.875 | 05/26/21 | 1,060,500 | |||||||||||
| 800,000 | g | Comision Federal de Electricidad | 4.875 | 01/15/24 | 840,800 | |||||||||||
| 1,895,000 | Commonwealth Edison Co | 4.000 | 08/01/20 | 2,039,024 | ||||||||||||
| 200,000 | Commonwealth Edison Co | 5.900 | 03/15/36 | 249,908 | ||||||||||||
| 200,000 | Connecticut Light & Power Co | 5.500 | 02/01/19 | 225,699 | ||||||||||||
| 500,000 | Connecticut Light & Power Co | 4.300 | 04/15/44 | 511,475 | ||||||||||||
| 750,000 | Consolidated Edison Co of New York, Inc | 3.950 | 03/01/43 | 709,612 | ||||||||||||
| 1,000,000 | Consumers Energy Co | 3.375 | 08/15/23 | 1,027,584 | ||||||||||||
| 200,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 219,371 | ||||||||||||
| 1,000,000 | Duke Energy Corp | 2.100 | 06/15/18 | 1,007,399 | ||||||||||||
| 825,000 | Duke Energy Ohio, Inc | 3.800 | 09/01/23 | 863,242 | ||||||||||||
| 1,250,000 | g,i | Electricite de France | 5.625 | 12/30/49 | 1,301,125 | |||||||||||
| 1,000,000 | g | Empresa de Energia de Bogota S.A. | 6.125 | 11/10/21 | 1,068,000 | |||||||||||
| 275,000 | Empresa Nacional de Electricidad S.A. | 4.250 | 04/15/24 | 275,252 | ||||||||||||
| 1,450,000 | g | Eskom Holdings Ltd | 5.750 | 01/26/21 | 1,461,165 | |||||||||||
| 2,715,220 | Export Lease Ten Co LLC | 1.650 | 05/07/25 | 2,593,261 | ||||||||||||
| 2,100,000 | Ferrellgas LP | 6.500 | 05/01/21 | 2,052,750 | ||||||||||||
| 550,000 | Ferrellgas LP | 6.750 | 01/15/22 | 536,250 | ||||||||||||
| 675,000 | g | FirstEnergy Transmission LLC | 4.350 | 01/15/25 | 686,810 | |||||||||||
| 1,633,228 | i | GSAMP Trust 2004-HE1 | 0.980 | 05/25/34 | 1,494,691 | |||||||||||
| 2,000,000 | g | Hrvatska Elektroprivreda | 6.000 | 11/09/17 | 2,097,440 | |||||||||||
| 250,000 | Indiana Michigan Power Co | 7.000 | 03/15/19 | 298,792 | ||||||||||||
| 125,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 132,558 | ||||||||||||
| 375,000 | g | Israel Electric Corp Ltd | 6.700 | 02/10/17 | 405,750 | |||||||||||
| 2,500,000 | g | Israel Electric Corp Ltd | 5.625 | 06/21/18 | 2,646,875 | |||||||||||
| 500,000 | g | Israel Electric Corp Ltd | 7.250 | 01/15/19 | 560,000 | |||||||||||
| 100,000 | g | Kansas Gas & Electric | 6.700 | 06/15/19 | 118,903 | |||||||||||
| 1,075,000 | g | KazMunayGas National Co JSC | 4.400 | 04/30/23 | 1,033,290 | |||||||||||
| 1,000,000 | Kinder Morgan Energy Partners LP | 3.450 | 02/15/23 | 955,498 | ||||||||||||
| 1,500,000 | g | Korea Hydro & Nuclear Power Co Ltd | 2.875 | 10/02/18 | 1,522,188 | |||||||||||
| 149 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 350,000 | LG&E and KU Energy LLC | 3.750 | % | 11/15/20 | $ | 363,610 | |||||||||
| 1,000,000 | Nevada Power Co | 5.450 | 05/15/41 | 1,211,132 | ||||||||||||
| 750,000 | NiSource Finance Corp | 4.800 | 02/15/44 | 763,037 | ||||||||||||
| 1,500,000 | Northeast Utilities | 1.450 | 05/01/18 | 1,476,129 | ||||||||||||
| 1,500,000 | NRG Energy, Inc | 7.875 | 05/15/21 | 1,612,500 | ||||||||||||
| 500,000 | NRG Energy, Inc | 6.625 | 03/15/23 | 515,000 | ||||||||||||
| 1,300,000 | NSTAR Electric Co | 4.400 | 03/01/44 | 1,353,933 | ||||||||||||
| 750,000 | NTPC Ltd | 5.625 | 07/14/21 | 813,799 | ||||||||||||
| 1,225,000 | g | Oncor Electric Delivery Co LLC | 2.150 | 06/01/19 | 1,215,457 | |||||||||||
| 300,000 | ONEOK Partners LP | 3.375 | 10/01/22 | 292,538 | ||||||||||||
| 2,818,568 | i | Option One Mortgage Loan Trust 2004-2 | 0.950 | 05/25/34 | 2,598,083 | |||||||||||
| 325,000 | Pacific Gas & Electric Co | 8.250 | 10/15/18 | 399,522 | ||||||||||||
| 350,000 | PacifiCorp | 2.950 | 02/01/22 | 352,112 | ||||||||||||
| 450,000 | g | Pelabuhan Indonesia III PT | 4.875 | 10/01/24 | 444,938 | |||||||||||
| 250,000 | Pepco Holdings, Inc | 2.700 | 10/01/15 | 254,322 | ||||||||||||
| 50,000 | Potomac Electric Power Co | 7.900 | 12/15/38 | 77,238 | ||||||||||||
| 500,000 | PPL Capital Funding, Inc | 4.200 | 06/15/22 | 532,192 | ||||||||||||
| 275,000 | Progress Energy, Inc | 7.050 | 03/15/19 | 329,699 | ||||||||||||
| 550,000 | Public Service Co of Colorado | 4.750 | 08/15/41 | 604,616 | ||||||||||||
| 400,000 | Public Service Co of Oklahoma | 5.150 | 12/01/19 | 446,285 | ||||||||||||
| 1,150,000 | Public Service Electric & Gas Co | 2.375 | 05/15/23 | 1,090,897 | ||||||||||||
| 1,250,000 | Sabine Pass Liquefaction LLC | 5.625 | 02/01/21 | 1,284,375 | ||||||||||||
| 4,500,000 | Sabine Pass LNG LP | 7.500 | 11/30/16 | 4,770,450 | ||||||||||||
| 150,000 | San Diego Gas & Electric Co | 3.000 | 08/15/21 | 153,334 | ||||||||||||
| 2,000,000 | Sempra Energy | 4.050 | 12/01/23 | 2,099,466 | ||||||||||||
| 825,000 | Sempra Energy | 3.550 | 06/15/24 | 831,193 | ||||||||||||
| 1,000,000 | Southern California Edison Co | 4.650 | 10/01/43 | 1,074,306 | ||||||||||||
| 4,100,000 | g | State Grid Overseas Investment 2014 Ltd | 2.750 | 05/07/19 | 4,108,524 | |||||||||||
| 200,000 | Tampa Electric Co | 4.100 | 06/15/42 | 197,568 | ||||||||||||
| 750,000 | g | Transportadora de Gas del Peru S.A. | 4.250 | 04/30/28 | 710,625 | |||||||||||
| 420,000 | Virginia Electric and Power Co | 2.950 | 01/15/22 | 423,623 | ||||||||||||
| 225,000 | Williams Partners LP | 3.800 | 02/15/15 | 227,494 | ||||||||||||
| 575,000 | Williams Partners LP | 4.500 | 11/15/23 | 600,884 | ||||||||||||
| 925,000 | Williams Partners LP | 4.900 | 01/15/45 | 902,208 | ||||||||||||
| 1,000,000 | g | WPD Investment Holdings Ltd | 3.900 | 05/01/16 | 1,040,770 | |||||||||||
| 300,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 329,426 | ||||||||||||
| TOTAL UTILITIES | 86,856,339 | |||||||||||||||
| TOTAL CORPORATE BONDS | 1,030,650,352 | |||||||||||||||
| (Cost $1,017,115,891) | ||||||||||||||||
| GOVERNMENT BONDS - 40.9% | ||||||||||||||||
| AGENCY SECURITIES - 0.7% | ||||||||||||||||
| 750,000 | Amber Circle Funding Ltd | 3.250 | 12/04/22 | 720,150 | ||||||||||||
| 1,405,094 | Cal Dive I- Title XI, Inc | 4.930 | 02/01/27 | 1,547,791 | ||||||||||||
| 3,000,000 | Hashemite Kingdom of Jordan Government AID Bond | 2.503 | 10/30/20 | 3,022,095 | ||||||||||||
| 7,500,000 | Private Export Funding Corp (PEFCO) | 2.250 | 03/15/20 | 7,514,205 | ||||||||||||
| 3,000,000 | PEFCO | 2.050 | 11/15/22 | 2,850,609 | ||||||||||||
| 3,000,000 | Ukraine Government AID Bonds | 1.844 | 05/16/19 | 2,989,500 | ||||||||||||
| TOTAL AGENCY SECURITIES | 18,644,350 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 5.1% | ||||||||||||||||
| 1,525,000 | g | Bahrain Government International Bond | 6.000 | 09/19/44 | 1,536,437 | |||||||||||
| 1,475,000 | Banque Centrale de Tunisie | 8.250 | 09/19/27 | 1,699,937 | ||||||||||||
| 150 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 520,000 | g | Barbados Government International Bond | 7.000 | % | 08/04/22 | $ | 480,423 | ||||||||
| 1,500,000 | g | Brazil Loan Trust | 5.477 | 07/24/23 | 1,560,000 | |||||||||||
| 1,000,000 | g | Brazil Minas SPE via State of Minas Gerais | 5.333 | 02/15/28 | 987,500 | |||||||||||
| 900,000 | Brazilian Government International Bond | 2.625 | 01/05/23 | 810,000 | ||||||||||||
| 300,000 | Brazilian Government International Bond | 4.250 | 01/07/25 | 297,000 | ||||||||||||
| 450,000 | g | Caisse d’Amortissement de la Dette Sociale | 3.375 | 03/20/24 | 469,201 | |||||||||||
| 1,275,000 | Canada Government International Bond | 0.875 | 02/14/17 | 1,272,969 | ||||||||||||
| 215,000 | Chile Government International Bond | 3.875 | 08/05/20 | 229,405 | ||||||||||||
| 1,525,000 | Colombia Government International Bond | 4.375 | 07/12/21 | 1,612,687 | ||||||||||||
| 425,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 391,000 | ||||||||||||
| 1,375,000 | Colombia Government International Bond | 4.000 | 02/26/24 | 1,390,812 | ||||||||||||
| 875,000 | g | Costa Rica Government International Bond | 4.250 | 01/26/23 | 807,187 | |||||||||||
| 1,350,000 | g | Croatia Government International Bond | 6.250 | 04/27/17 | 1,434,375 | |||||||||||
| 270,000 | g | Croatia Government International Bond | 6.375 | 03/24/21 | 292,950 | |||||||||||
| 700,000 | g | Croatia Government International Bond | 5.500 | 04/04/23 | 721,000 | |||||||||||
| 1,075,000 | g | Democratic Socialist Republic of Sri Lanka | 7.400 | 01/22/15 | 1,090,050 | |||||||||||
| 63,500,000 | g,h | Dominican Republic International Bond | 10.000 | 01/05/17 | 1,486,382 | |||||||||||
| 500,000 | Egypt Government AID Bonds | 4.450 | 09/15/15 | 519,762 | ||||||||||||
| 975,000 | g | El Salvador Government International Bond | 6.375 | 01/18/27 | 975,000 | |||||||||||
| 275,000 | European Investment Bank | 4.875 | 02/15/36 | 335,814 | ||||||||||||
| 500,000 | Export Development Canada | 2.250 | 05/28/15 | 506,675 | ||||||||||||
| 600,000 | Export-Import Bank of Korea | 1.250 | 11/20/15 | 602,472 | ||||||||||||
| 550,000 | Export-Import Bank of Korea | 1.750 | 02/27/18 | 544,703 | ||||||||||||
| 4,575,000 | Federative Republic of Brazil | 12.500 | 01/05/16 | 1,892,427 | ||||||||||||
| 100,000 | Federative Republic of Brazil | 6.000 | 01/17/17 | 109,250 | ||||||||||||
| 2,100,000 | FMS Wertmanagement AoeR | 1.125 | 09/05/17 | 2,095,071 | ||||||||||||
| 2,267,000 | g | Gabonese Republic | 8.200 | 12/12/17 | 2,556,042 | |||||||||||
| 5,050,000 | g | Hellenic Republic Government Bond | 4.750 | 04/17/19 | 6,318,065 | |||||||||||
| 620,000 | Hungary Government International Bond | 4.125 | 02/19/18 | 640,541 | ||||||||||||
| 230,000 | Hungary Government International Bond | 4.000 | 03/25/19 | 234,600 | ||||||||||||
| 1,100,000 | Hungary Government International Bond | 5.750 | 11/22/23 | 1,192,125 | ||||||||||||
| 250,000 | Hungary Government International Bond | 5.375 | 03/25/24 | 263,750 | ||||||||||||
| 1,000,000 | g | Iceland Government International Bond | 4.875 | 06/16/16 | 1,040,880 | |||||||||||
| 1,500,000 | g | Indonesia Government International Bond | 6.875 | 03/09/17 | 1,666,875 | |||||||||||
| 225,000 | Italy Government International Bond | 5.375 | 06/12/17 | 247,274 | ||||||||||||
| 180,000 | Italy Government International Bond | 6.875 | 09/27/23 | 229,700 | ||||||||||||
| 550,000 | g | Ivory Coast Government International Bond | 5.375 | 07/23/24 | 524,562 | |||||||||||
| 1,250,000 | Jamaica Government International Bond | 7.625 | 07/09/25 | 1,331,250 | ||||||||||||
| 290,000 | g | Japan Finance Organization for Municipalities | 2.125 | 03/06/19 | 291,649 | |||||||||||
| 500,000 | g | Kenya Government International Bond | 5.875 | 06/24/19 | 514,375 | |||||||||||
| 3,000,000 | KFW | 2.625 | 01/25/22 | 3,049,734 | ||||||||||||
| 4,000,000 | g | Kommunalbanken AS. | 0.750 | 11/21/16 | 3,995,868 | |||||||||||
| 1,900,000 | g | Kommunalbanken AS. | 1.375 | 06/08/17 | 1,912,492 | |||||||||||
| 1,000,000 | g | Kommuninvest I Sverige AB | 2.000 | 11/12/19 | 1,000,541 | |||||||||||
| 4,425,000 | g | Korea Housing Finance Corp | 1.625 | 09/15/18 | 4,295,193 | |||||||||||
| 1,800,000 | g | Lithuania Government International Bond | 5.125 | 09/14/17 | 1,968,750 | |||||||||||
| 9,590,000 | Mexican Bonos | 8.000 | 12/07/23 | 808,723 | ||||||||||||
| 1,000,000 | Mexico Government International Bond | 3.500 | 01/21/21 | 1,013,406 | ||||||||||||
| 750,000 | Mexico Government International Bond | 3.625 | 03/15/22 | 762,375 | ||||||||||||
| 150,000 | Mexico Government International Bond | 6.750 | 09/27/34 | 190,500 | ||||||||||||
| 250,000 | Mexico Government International Bond | 4.750 | 03/08/44 | 248,125 | ||||||||||||
| 500,000 | g | Morocco Government International Bond | 5.500 | 12/11/42 | 497,500 | |||||||||||
| 350,000 | g | Municipality Finance plc | 1.750 | 05/21/19 | 348,004 | |||||||||||
| 1,100,000 | g | Namibia International Bonds | 5.500 | 11/03/21 | 1,166,110 | |||||||||||
| 3,100,000 | g | Nigeria Government International Bond | 5.125 | 07/12/18 | 3,198,828 | |||||||||||
| 3,000,000 | North American Development Bank | 2.300 | 10/10/18 | 3,027,339 | ||||||||||||
| 151 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | North American Development Bank | 2.400 | % | 10/26/22 | $ | 950,824 | |||||||||
| 500,000 | Panama Government International Bond | 5.200 | 01/30/20 | 550,000 | ||||||||||||
| 1,475,000 | Panama Government International Bond | 4.000 | 09/22/24 | 1,471,313 | ||||||||||||
| 135,000 | Peruvian Government International Bond | 7.350 | 07/21/25 | 175,838 | ||||||||||||
| 2,250,000 | Philippine Government International Bond | 4.200 | 01/21/24 | 2,373,750 | ||||||||||||
| 433,000 | Poland Government International Bond | 5.125 | 04/21/21 | 482,124 | ||||||||||||
| 1,225,000 | Poland Government International Bond | 4.000 | 01/22/24 | 1,258,688 | ||||||||||||
| 750,000 | Province of British Columbia Canada | 2.850 | 06/15/15 | 763,695 | ||||||||||||
| 1,500,000 | Province of Manitoba Canada | 3.050 | 05/14/24 | 1,513,612 | ||||||||||||
| 500,000 | Province of Ontario Canada | 2.950 | 02/05/15 | 504,605 | ||||||||||||
| 1,750,000 | Province of Ontario Canada | 2.700 | 06/16/15 | 1,780,195 | ||||||||||||
| 5,000,000 | Province of Ontario Canada | 2.300 | 05/10/16 | 5,133,840 | ||||||||||||
| 620,000 | Province of Quebec Canada | 4.625 | 05/14/18 | 686,093 | ||||||||||||
| 1,000,000 | Province of Quebec Canada | 3.500 | 07/29/20 | 1,064,800 | ||||||||||||
| 1,500,000 | Province of Quebec Canada | 2.750 | 08/25/21 | 1,510,910 | ||||||||||||
| 1,025,000 | g | Republic of Azerbaijan International Bond | 4.750 | 03/18/24 | 1,045,500 | |||||||||||
| 750,000 | g | Republic of Ghana | 8.500 | 10/04/17 | 804,375 | |||||||||||
| 1,500,000 | g | Republic of Ghana | 8.125 | 01/18/26 | 1,503,750 | |||||||||||
| 2,500,000 | g | Republic of Latvia | 2.750 | 01/12/20 | 2,453,125 | |||||||||||
| 775,000 | g | Republic of Paraguay | 6.100 | 08/11/44 | 817,625 | |||||||||||
| 1,700,000 | g | Republic of Serbia | 5.250 | 11/21/17 | 1,746,750 | |||||||||||
| 630,802 | g,i | Republic of Serbia | 6.750 | 11/01/24 | 635,533 | |||||||||||
| 180,229 | i | Republic of Serbia | 6.750 | 11/01/24 | 181,581 | |||||||||||
| 525,000 | g | Republic of Trinidad & Tobago | 4.375 | 01/16/24 | 568,313 | |||||||||||
| 1,000,000 | Republic of Turkey | 7.500 | 07/14/17 | 1,120,000 | ||||||||||||
| 515,000 | g | Romanian Government International Bond | 4.875 | 01/22/24 | 545,900 | |||||||||||
| 1,000,000 | g | Slovakia Government International Bond | 4.375 | 05/21/22 | 1,066,010 | |||||||||||
| 635,000 | g | Slovenia Government International Bond | 5.250 | 02/18/24 | 676,275 | |||||||||||
| 50,676,000 | South Africa Government Bond | 8.250 | 09/15/17 | 4,614,704 | ||||||||||||
| 750,000 | South Africa Government International Bond | 6.875 | 05/27/19 | 851,340 | ||||||||||||
| 400,000 | South Africa Government International Bond | 5.875 | 05/30/22 | 442,000 | ||||||||||||
| 750,000 | South Africa Government International Bond | 4.665 | 01/17/24 | 755,625 | ||||||||||||
| 1,125,000 | South Africa Government International Bond | 5.875 | 09/16/25 | 1,237,500 | ||||||||||||
| 3,000,000 | g | Sri Lanka Government International Bond | 6.000 | 01/14/19 | 3,165,000 | |||||||||||
| 7,150,000 | Turkey Government International Bond | 6.750 | 04/03/18 | 7,918,625 | ||||||||||||
| 2,250,000 | Turkey Government International Bond | 5.625 | 03/30/21 | 2,390,625 | ||||||||||||
| 600,000 | Turkey Government International Bond | 5.750 | 03/22/24 | 637,020 | ||||||||||||
| 500,000 | United Mexican States | 5.125 | 01/15/20 | 555,000 | ||||||||||||
| 882,000 | Uruguay Government International Bond | 4.500 | 08/14/24 | 923,895 | ||||||||||||
| 1,000,000 | Venezuela Government International Bond | 5.750 | 02/26/16 | 852,500 | ||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 128,414,523 | |||||||||||||||
| MORTGAGE BACKED - 18.7% | ||||||||||||||||
| 222,943 | i | Federal Home Loan Mortgage Corp (FHLMC) | 2.380 | 02/01/36 | 239,230 | |||||||||||
| 1,011,361 | i | FHLMC | 2.314 | 07/01/36 | 1,080,177 | |||||||||||
| 289,715 | i | FHLMC | 2.260 | 09/01/36 | 308,527 | |||||||||||
| 147,608 | i | FHLMC | 2.366 | 09/01/36 | 156,826 | |||||||||||
| 53,367 | i | FHLMC | 2.510 | 02/01/37 | 57,399 | |||||||||||
| 305,102 | i | FHLMC | 2.422 | 03/01/37 | 326,702 | |||||||||||
| 25,231 | i | FHLMC | 6.038 | 04/01/37 | 26,999 | |||||||||||
| 6,626 | i | FHLMC | 1.950 | 05/01/37 | 6,645 | |||||||||||
| 615,227 | i | FHLMC | 2.250 | 06/01/37 | 656,487 | |||||||||||
| 205,628 | i | FHLMC | 2.618 | 08/01/37 | 214,150 | |||||||||||
| 18,548,219 | FHLMC | 4.000 | 03/15/40 | 19,850,286 | ||||||||||||
| 183,774 | FHLMC | 4.000 | 03/15/44 | 193,709 | ||||||||||||
| 10,536 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 6.500 | 12/01/16 | 10,914 | ||||||||||||
| 246,041 | FGLMC | 5.500 | 01/01/19 | 263,003 | ||||||||||||
| 152 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 39,502 | FGLMC | 4.500 | % | 01/01/20 | $ | 41,681 | |||||||||
| 269,807 | FGLMC | 4.500 | 07/01/20 | 289,989 | ||||||||||||
| 74,193 | FGLMC | 4.500 | 09/01/20 | 78,746 | ||||||||||||
| 85,635 | FGLMC | 5.000 | 10/01/20 | 91,645 | ||||||||||||
| 52,161 | FGLMC | 5.500 | 10/01/20 | 55,290 | ||||||||||||
| 15,425 | FGLMC | 7.000 | 10/01/20 | 16,573 | ||||||||||||
| 64,914 | FGLMC | 4.500 | 06/01/21 | 69,419 | ||||||||||||
| 121,090 | FGLMC | 5.500 | 08/01/21 | 132,201 | ||||||||||||
| 38,718 | FGLMC | 5.000 | 04/01/23 | 42,104 | ||||||||||||
| 47,043 | FGLMC | 4.500 | 09/01/24 | 50,838 | ||||||||||||
| 33,538 | FGLMC | 6.500 | 01/01/29 | 37,921 | ||||||||||||
| 2,423 | FGLMC | 8.000 | 01/01/31 | 2,796 | ||||||||||||
| 479,806 | FGLMC | 5.500 | 12/01/33 | 538,500 | ||||||||||||
| 614,894 | FGLMC | 7.000 | 12/01/33 | 719,571 | ||||||||||||
| 366,784 | FGLMC | 5.000 | 01/01/34 | 405,395 | ||||||||||||
| 201,550 | FGLMC | 4.500 | 10/01/34 | 218,040 | ||||||||||||
| 260,906 | FGLMC | 5.500 | 03/01/35 | 292,662 | ||||||||||||
| 217,574 | FGLMC | 7.000 | 05/01/35 | 249,463 | ||||||||||||
| 38,295 | FGLMC | 5.000 | 02/01/36 | 42,343 | ||||||||||||
| 2,656 | FGLMC | 6.500 | 05/01/36 | 3,003 | ||||||||||||
| 306,142 | FGLMC | 5.000 | 04/01/38 | 339,966 | ||||||||||||
| 312,603 | FGLMC | 4.500 | 11/01/40 | 342,372 | ||||||||||||
| 2,164,478 | FGLMC | 4.000 | 12/01/40 | 2,288,048 | ||||||||||||
| 358,785 | FGLMC | 4.500 | 12/01/40 | 391,853 | ||||||||||||
| 5,000,000 | h | FGLMC | 3.500 | 10/15/44 | 5,103,320 | |||||||||||
| 7,000,000 | h | FGLMC | 4.000 | 10/15/44 | 7,369,684 | |||||||||||
| 4,000,000 | h | FGLMC | 4.000 | 11/15/44 | 4,198,748 | |||||||||||
| 1,053,300 | FGLMC | 4.500 | 04/01/44 | 1,156,463 | ||||||||||||
| 1,085,845 | FGLMC | 4.500 | 05/01/44 | 1,192,198 | ||||||||||||
| 96,455 | Federal National Mortgage Association (FNMA) | 4.960 | 01/01/15 | 96,330 | ||||||||||||
| 15,061 | FNMA | 6.500 | 10/01/16 | 15,505 | ||||||||||||
| 13,364 | FNMA | 6.500 | 11/01/16 | 13,847 | ||||||||||||
| 14,723 | FNMA | 6.500 | 02/01/18 | 15,460 | ||||||||||||
| 19,727 | FNMA | 4.500 | 11/01/20 | 20,890 | ||||||||||||
| 22,145 | FNMA | 4.500 | 12/01/20 | 23,799 | ||||||||||||
| 11,095 | FNMA | 8.000 | 03/01/23 | 11,596 | ||||||||||||
| 84,575 | FNMA | 4.000 | 05/01/24 | 90,232 | ||||||||||||
| 118,197 | FNMA | 4.500 | 08/01/24 | 126,131 | ||||||||||||
| 6,674 | FNMA | 9.000 | 11/01/25 | 7,796 | ||||||||||||
| 3,663,276 | FNMA | 3.000 | 05/01/27 | 3,788,861 | ||||||||||||
| 2,102,998 | FNMA | 2.500 | 10/01/27 | 2,127,552 | ||||||||||||
| 3,425,344 | FNMA | 2.500 | 06/01/28 | 3,465,300 | ||||||||||||
| 5,634 | FNMA | 7.500 | 01/01/29 | 6,505 | ||||||||||||
| 13,000,000 | h | FNMA | 3.000 | 10/25/29 | 13,390,000 | |||||||||||
| 1,000,000 | h | FNMA | 3.500 | 10/25/29 | 1,051,172 | |||||||||||
| 3,000,000 | h | FNMA | 2.500 | 11/25/29 | 3,009,727 | |||||||||||
| 6,000,000 | h | FNMA | 3.000 | 11/25/29 | 6,166,172 | |||||||||||
| 2,000,000 | h | FNMA | 3.500 | 11/25/29 | 2,098,047 | |||||||||||
| 215,488 | FNMA | 7.000 | 07/01/32 | 249,438 | ||||||||||||
| 89,466 | FNMA | 4.500 | 03/25/33 | 92,287 | ||||||||||||
| 1,892,926 | FNMA | 3.000 | 10/01/33 | 1,922,129 | ||||||||||||
| 221,113 | FNMA | 4.500 | 10/01/33 | 240,290 | ||||||||||||
| 343,306 | FNMA | 5.000 | 11/01/33 | 378,649 | ||||||||||||
| 209,627 | FNMA | 5.000 | 11/01/33 | 234,353 | ||||||||||||
| 750,848 | FNMA | 3.500 | 03/25/34 | 763,929 | ||||||||||||
| 228,832 | FNMA | 5.500 | 02/01/35 | 256,706 | ||||||||||||
| 153 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 14,130 | FNMA | 7.500 | % | 06/01/35 | $ | 15,581 | |||||||||
| 105,370 | FNMA | 5.500 | 12/01/35 | 117,245 | ||||||||||||
| 287,320 | i | FNMA | 2.129 | 07/01/36 | 309,255 | |||||||||||
| 316,403 | i | FNMA | 2.420 | 09/01/36 | 339,888 | |||||||||||
| 33,809 | FNMA | 6.000 | 09/01/37 | 38,737 | ||||||||||||
| 30,791 | FNMA | 6.000 | 09/01/37 | 35,612 | ||||||||||||
| 96,082 | FNMA | 6.500 | 09/01/37 | 108,759 | ||||||||||||
| 90,060 | i | FNMA | 2.400 | 10/01/37 | 97,122 | |||||||||||
| 237,289 | FNMA | 5.500 | 01/01/38 | 264,030 | ||||||||||||
| 245,912 | FNMA | 5.500 | 04/01/38 | 273,644 | ||||||||||||
| 186,902 | FNMA | 5.500 | 06/01/38 | 207,964 | ||||||||||||
| 1,512,324 | FNMA | 5.500 | 12/01/38 | 1,710,771 | ||||||||||||
| 1,877,937 | FNMA | 4.000 | 02/01/39 | 1,985,191 | ||||||||||||
| 152,329 | h | FNMA | 4.000 | 07/01/39 | 161,031 | |||||||||||
| 447,126 | FNMA | 5.500 | 08/01/39 | 503,197 | ||||||||||||
| 822,755 | FNMA | 4.500 | 10/01/39 | 889,198 | ||||||||||||
| 69,309 | FNMA | 5.500 | 11/01/39 | 77,120 | ||||||||||||
| 884,924 | FNMA | 4.500 | 06/01/40 | 957,805 | ||||||||||||
| 909,399 | FNMA | 5.000 | 08/01/40 | 1,004,285 | ||||||||||||
| 1,983,618 | FNMA | 5.000 | 09/01/40 | 2,190,698 | ||||||||||||
| 890,550 | FNMA | 4.500 | 10/01/40 | 966,226 | ||||||||||||
| 265,405 | FNMA | 6.000 | 10/01/40 | 300,884 | ||||||||||||
| 1,041,746 | FNMA | 3.500 | 11/01/40 | 1,066,338 | ||||||||||||
| 2,724,532 | FNMA | 4.500 | 11/01/40 | 2,941,201 | ||||||||||||
| 941,806 | FNMA | 4.500 | 11/01/40 | 1,018,725 | ||||||||||||
| 149,677 | FNMA | 3.500 | 02/01/41 | 153,510 | ||||||||||||
| 2,853,182 | FNMA | 3.500 | 03/01/41 | 2,920,496 | ||||||||||||
| 2,043,613 | FNMA | 5.000 | 05/01/41 | 2,260,504 | ||||||||||||
| 265,438 | FNMA | 3.500 | 11/01/41 | 271,909 | ||||||||||||
| 312,175 | FNMA | 3.500 | 11/01/41 | 319,673 | ||||||||||||
| 6,878,107 | FNMA | 5.500 | 12/01/41 | 7,814,022 | ||||||||||||
| 2,855,066 | FNMA | 4.500 | 04/01/42 | 3,087,179 | ||||||||||||
| 9,779,790 | FNMA | 3.000 | 09/01/42 | 9,663,918 | ||||||||||||
| 5,383,051 | FNMA | 4.000 | 09/01/42 | 5,690,835 | ||||||||||||
| 2,426,586 | FNMA | 3.000 | 10/01/42 | 2,398,590 | ||||||||||||
| 43,980 | FNMA | 3.000 | 10/01/42 | 43,461 | ||||||||||||
| 45,357 | FNMA | 3.000 | 10/01/42 | 44,826 | ||||||||||||
| 114,740 | FNMA | 3.000 | 11/01/42 | 113,381 | ||||||||||||
| 64,926 | FNMA | 3.000 | 12/01/42 | 64,094 | ||||||||||||
| 449,436 | FNMA | 3.000 | 12/01/42 | 445,227 | ||||||||||||
| 7,825 | FNMA | 3.000 | 12/01/42 | 7,732 | ||||||||||||
| 8,689,286 | FNMA | 3.000 | 01/01/43 | 8,585,437 | ||||||||||||
| 4,036,792 | FNMA | 3.000 | 01/01/43 | 3,989,594 | ||||||||||||
| 371,221 | FNMA | 3.500 | 01/01/43 | 380,129 | ||||||||||||
| 286,979 | FNMA | 3.000 | 02/01/43 | 283,556 | ||||||||||||
| 598,068 | FNMA | 3.000 | 02/01/43 | 590,858 | ||||||||||||
| 11,011,858 | FNMA | 3.000 | 02/01/43 | 10,879,112 | ||||||||||||
| 5,128,604 | FNMA | 3.000 | 02/01/43 | 5,066,776 | ||||||||||||
| 6,451,222 | FNMA | 3.000 | 02/01/43 | 6,374,121 | ||||||||||||
| 122,804 | FNMA | 3.000 | 02/01/43 | 121,348 | ||||||||||||
| 1,186,627 | FNMA | 3.500 | 02/01/43 | 1,220,345 | ||||||||||||
| 1,970,539 | FNMA | 3.000 | 03/01/43 | 1,946,389 | ||||||||||||
| 30,887 | FNMA | 3.000 | 03/01/43 | 30,498 | ||||||||||||
| 27,979 | FNMA | 3.000 | 03/01/43 | 27,647 | ||||||||||||
| 7,370,309 | FNMA | 3.000 | 03/01/43 | 7,285,277 | ||||||||||||
| 150,409 | FNMA | 3.000 | 03/01/43 | 148,626 | ||||||||||||
| 154 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 3,437,889 | FNMA | 3.000 | % | 03/01/43 | $ | 3,409,952 | |||||||||
| 52,190 | FNMA | 3.000 | 03/01/43 | 51,574 | ||||||||||||
| 3,874,607 | FNMA | 3.000 | 03/01/43 | 3,828,698 | ||||||||||||
| 30,960 | FNMA | 3.000 | 04/01/43 | 30,571 | ||||||||||||
| 70,344 | FNMA | 3.000 | 04/01/43 | 69,467 | ||||||||||||
| 10,991 | FNMA | 3.000 | 04/01/43 | 10,852 | ||||||||||||
| 2,033,355 | FNMA | 3.000 | 04/01/43 | 2,008,524 | ||||||||||||
| 14,544 | FNMA | 3.000 | 04/01/43 | 14,371 | ||||||||||||
| 40,080 | FNMA | 3.000 | 04/01/43 | 39,605 | ||||||||||||
| 33,010 | FNMA | 3.000 | 04/01/43 | 32,631 | ||||||||||||
| 340,387 | FNMA | 3.000 | 04/01/43 | 336,177 | ||||||||||||
| 65,300 | FNMA | 3.000 | 04/01/43 | 64,479 | ||||||||||||
| 43,553 | FNMA | 3.000 | 04/01/43 | 43,006 | ||||||||||||
| 1,808,362 | FNMA | 3.000 | 05/01/43 | 1,793,667 | ||||||||||||
| 4,283,394 | FNMA | 3.000 | 05/01/43 | 4,229,982 | ||||||||||||
| 315,259 | FNMA | 3.500 | 05/01/43 | 324,218 | ||||||||||||
| 186,471 | FNMA | 3.500 | 05/01/43 | 191,770 | ||||||||||||
| 408,472 | FNMA | 3.500 | 06/01/43 | 420,080 | ||||||||||||
| 153,596 | FNMA | 3.500 | 06/01/43 | 157,960 | ||||||||||||
| 188,540 | FNMA | 3.500 | 06/01/43 | 193,898 | ||||||||||||
| 393,021 | FNMA | 3.500 | 06/01/43 | 404,190 | ||||||||||||
| 829,184 | FNMA | 3.500 | 06/01/43 | 852,747 | ||||||||||||
| 313,360 | FNMA | 3.500 | 06/01/43 | 322,265 | ||||||||||||
| 933,817 | FNMA | 4.000 | 06/01/43 | 987,149 | ||||||||||||
| 1,109,596 | FNMA | 3.500 | 07/01/43 | 1,141,127 | ||||||||||||
| 525,510 | FNMA | 3.500 | 07/01/43 | 540,444 | ||||||||||||
| 4,897,866 | FNMA | 4.000 | 11/01/43 | 5,201,858 | ||||||||||||
| 272,397 | FNMA | 4.000 | 12/01/43 | 287,956 | ||||||||||||
| 920,704 | h | FNMA | 4.000 | 01/01/44 | 973,322 | |||||||||||
| 54,955 | FNMA | 4.000 | 02/01/44 | 58,095 | ||||||||||||
| 305,486 | FNMA | 4.000 | 02/01/44 | 322,945 | ||||||||||||
| 20,997 | FNMA | 4.000 | 02/01/44 | 22,196 | ||||||||||||
| 30,922 | FNMA | 4.000 | 03/01/44 | 32,689 | ||||||||||||
| 63,576 | FNMA | 4.000 | 03/01/44 | 67,209 | ||||||||||||
| 262,002 | FNMA | 4.000 | 04/01/44 | 276,973 | ||||||||||||
| 448,025 | h | FNMA | 4.000 | 04/01/44 | 473,631 | |||||||||||
| 84,523 | FNMA | 4.000 | 04/01/44 | 89,354 | ||||||||||||
| 1,295,431 | h | FNMA | 4.000 | 05/01/44 | 1,369,460 | |||||||||||
| 925,602 | h | FNMA | 4.000 | 06/01/44 | 978,500 | |||||||||||
| 947,022 | FNMA | 4.000 | 06/01/44 | 1,001,145 | ||||||||||||
| 6,533,791 | FNMA | 4.500 | 06/01/44 | 7,174,719 | ||||||||||||
| 2,122,100 | FNMA | 4.500 | 06/01/44 | 2,322,397 | ||||||||||||
| 246,075 | h | FNMA | 4.000 | 07/01/44 | 260,139 | |||||||||||
| 982,915 | FNMA | 4.000 | 07/01/44 | 1,039,091 | ||||||||||||
| 1,600,977 | h | FNMA | 4.000 | 08/01/44 | 1,692,473 | |||||||||||
| 924,571 | h | FNMA | 4.000 | 08/01/44 | 977,408 | |||||||||||
| 214,468 | FNMA | 4.000 | 08/01/44 | 226,726 | ||||||||||||
| 239,543 | h | FNMA | 4.000 | 09/01/44 | 253,234 | |||||||||||
| 1,487,135 | FNMA | 4.500 | 09/01/44 | 1,627,505 | ||||||||||||
| 1,165,654 | h | FNMA | 4.000 | 10/01/44 | 1,232,274 | |||||||||||
| 16,000,000 | h | FNMA | 3.500 | 10/25/44 | 16,353,750 | |||||||||||
| 24,000,000 | h | FNMA | 4.000 | 10/25/44 | 25,291,500 | |||||||||||
| 9,000,000 | h | FNMA | 4.500 | 10/25/44 | 9,710,156 | |||||||||||
| 10,000,000 | h | FNMA | 5.000 | 10/25/44 | 11,033,437 | |||||||||||
| 2,000,000 | h | FNMA | 3.000 | 11/25/44 | 1,966,016 | |||||||||||
| 22,000,000 | h | FNMA | 3.500 | 11/25/44 | 22,421,094 | |||||||||||
| 155 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 13,000,000 | h | FNMA | 4.000 | % | 11/25/44 | $ | 13,658,937 | ||||||||
| 31,000,000 | h | FNMA | 4.500 | 11/25/44 | 33,360,116 | |||||||||||
| 18,000,000 | h | FNMA | 5.000 | 11/25/44 | 19,818,351 | |||||||||||
| 2,000,000 | h | FNMA | 5.500 | 11/25/44 | 2,223,360 | |||||||||||
| 14,330 | Government National Mortgage Association (GNMA) | 7.500 | 11/15/23 | 16,033 | ||||||||||||
| 3,716 | GNMA | 7.500 | 08/15/28 | 3,790 | ||||||||||||
| 19,456 | GNMA | 6.500 | 12/15/28 | 22,057 | ||||||||||||
| 55,979 | GNMA | 6.500 | 03/15/29 | 64,756 | ||||||||||||
| 20,483 | GNMA | 8.500 | 10/20/30 | 25,061 | ||||||||||||
| 5,578 | GNMA | 7.000 | 06/20/31 | 6,635 | ||||||||||||
| 132,136 | GNMA | 5.000 | 02/15/33 | 145,517 | ||||||||||||
| 58,692 | GNMA | 5.500 | 07/15/33 | 65,739 | ||||||||||||
| 597,903 | GNMA | 5.000 | 09/15/33 | 663,028 | ||||||||||||
| 104,305 | GNMA | 5.500 | 11/20/33 | 118,453 | ||||||||||||
| 411,922 | GNMA | 5.500 | 02/20/35 | 467,695 | ||||||||||||
| 137,915 | GNMA | 5.500 | 03/20/35 | 156,588 | ||||||||||||
| 59,204 | GNMA | 6.000 | 10/20/36 | 67,580 | ||||||||||||
| 62,101 | GNMA | 6.000 | 01/20/37 | 70,838 | ||||||||||||
| 92,493 | GNMA | 6.000 | 02/20/37 | 105,491 | ||||||||||||
| 88,315 | GNMA | 5.000 | 04/15/38 | 97,209 | ||||||||||||
| 64,668 | GNMA | 5.500 | 07/15/38 | 71,874 | ||||||||||||
| 127,050 | GNMA | 5.500 | 07/20/38 | 142,659 | ||||||||||||
| 50,599 | GNMA | 6.000 | 08/20/38 | 57,077 | ||||||||||||
| 106,891 | GNMA | 5.000 | 07/20/39 | 118,880 | ||||||||||||
| 15,259,800 | GNMA | 5.000 | 07/20/39 | 16,789,870 | ||||||||||||
| 955,492 | GNMA | 3.500 | 07/15/43 | 993,615 | ||||||||||||
| 269,882 | GNMA | 5.000 | 02/20/44 | 298,031 | ||||||||||||
| 232,902 | GNMA | 5.000 | 03/20/44 | 257,289 | ||||||||||||
| 3,921,276 | GNMA | 4.500 | 06/20/44 | 4,261,583 | ||||||||||||
| 2,000,000 | h | GNMA | 3.000 | 10/15/44 | 2,013,594 | |||||||||||
| 1,000,000 | h | GNMA | 3.000 | 10/20/44 | 1,006,328 | |||||||||||
| 29,000,000 | h | GNMA | 3.500 | 10/20/44 | 29,965,155 | |||||||||||
| 11,000,000 | h | GNMA | 4.000 | 10/20/44 | 11,657,420 | |||||||||||
| 13,000,000 | h | GNMA | 4.500 | 10/20/44 | 14,098,906 | |||||||||||
| TOTAL MORTGAGE BACKED | 477,750,337 | |||||||||||||||
| MUNICIPAL BONDS - 4.1% | ||||||||||||||||
| 1,000,000 | Anaheim City School District | 3.324 | 08/01/21 | 1,031,330 | ||||||||||||
| 1,000,000 | Anaheim City School District | 3.825 | 08/01/23 | 1,051,420 | ||||||||||||
| 3,000,000 | Arizona School Facilities Board | 0.945 | 09/01/16 | 2,986,710 | ||||||||||||
| 2,500,000 | Arizona School Facilities Board | 2.078 | 09/01/18 | 2,527,525 | ||||||||||||
| 5,000,000 | City of New York NY | 1.950 | 03/01/21 | 4,800,800 | ||||||||||||
| 7,500,000 | Dallas Independent School District | 5.049 | 08/15/33 | 7,990,050 | ||||||||||||
| 3,000,000 | Denver City & County School District No | 4.242 | 12/15/37 | 2,912,250 | ||||||||||||
| 600,000 | Denver Health & Hospital Authority | 1.700 | 12/01/16 | 597,654 | ||||||||||||
| 750,000 | Denver Health & Hospital Authority | 2.250 | 12/01/17 | 747,945 | ||||||||||||
| 600,000 | Grant County Public Utility District No 2 | 5.630 | 01/01/27 | 703,170 | ||||||||||||
| 3,500,000 | Harris County Flood Control District | 1.229 | 10/01/17 | 3,488,240 | ||||||||||||
| 250,000 | Harris County Flood Control District | 1.818 | 10/01/18 | 249,455 | ||||||||||||
| 1,480,000 | Illinois Housing Development Authority | 4.105 | 07/01/27 | 1,458,925 | ||||||||||||
| 1,000,000 | Maine Municipal Bond Bank | 3.368 | 06/01/19 | 1,018,470 | ||||||||||||
| 3,000,000 | Maine Municipal Bond Bank | 3.668 | 06/01/20 | 3,088,290 | ||||||||||||
| 375,000 | Massachusetts Housing Finance Agency | 1.306 | 06/01/16 | 375,742 | ||||||||||||
| 500,000 | Massachusetts Housing Finance Agency | 1.602 | 12/01/16 | 502,405 | ||||||||||||
| 400,000 | Massachusetts Housing Finance Agency | 1.776 | 06/01/17 | 400,264 | ||||||||||||
| 450,000 | Massachusetts Housing Finance Agency | 1.876 | 12/01/17 | 448,844 | ||||||||||||
| 156 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 250,000 | Massachusetts Housing Finance Agency | 2.807 | % | 12/01/19 | $ | 249,978 | |||||||||
| 2,330,000 | Massachusetts Housing Finance Agency | 4.786 | 12/01/32 | 2,352,391 | ||||||||||||
| 3,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 3.100 | 02/01/22 | 3,028,350 | ||||||||||||
| 2,655,000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 5.000 | 02/01/23 | 3,011,646 | ||||||||||||
| 1,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 3.780 | 02/01/26 | 1,036,580 | ||||||||||||
| 5,000,000 | New York State Dormitory Authority | 4.802 | 12/01/34 | 5,496,750 | ||||||||||||
| 1,500,000 | Oklahoma Water Resources Board | 2.794 | 04/01/21 | 1,525,125 | ||||||||||||
| 2,000,000 | San Francisco Bay Area Rapid Transit District | 3.477 | 07/01/27 | 1,948,940 | ||||||||||||
| 5,000,000 | State of California | 4.988 | 04/01/39 | 5,254,100 | ||||||||||||
| 775,000 | State of California | 7.625 | 03/01/40 | 1,130,058 | ||||||||||||
| 5,180,000 | State of Connecticut | 5.295 | 10/01/29 | 6,089,608 | ||||||||||||
| 3,000,000 | State of Georgia | 4.530 | 02/01/33 | 3,154,140 | ||||||||||||
| 1,000,000 | State of Illinois | 4.125 | 01/01/19 | 1,030,980 | ||||||||||||
| 5,000,000 | State of Illinois | 3.650 | 04/01/20 | 5,043,650 | ||||||||||||
| 775,000 | State of Illinois | 6.725 | 04/01/35 | 845,843 | ||||||||||||
| 3,000,000 | State of Illinois | 5.520 | 04/01/38 | 2,955,360 | ||||||||||||
| 5,000,000 | State of Illinois | 4.620 | 06/15/38 | 5,369,700 | ||||||||||||
| 3,000,000 | State of Michigan | 3.800 | 05/15/33 | 2,848,560 | ||||||||||||
| 5,000,000 | Texas A&M University | 4.772 | 05/15/33 | 5,313,150 | ||||||||||||
| 1,250,000 | Texas Public Finance Authority | 5.250 | 07/01/17 | 1,249,363 | ||||||||||||
| 1,310,000 | Trustees of Boston College | 3.519 | 07/01/21 | 1,349,077 | ||||||||||||
| 3,000,000 | Trustees of Boston College | 3.769 | 07/01/22 | 3,115,260 | ||||||||||||
| 3,000,000 | i | University of California | 0.657 | 07/01/41 | 3,011,220 | |||||||||||
| 2,740,000 | Virginia Housing Development Authority | 3.668 | 10/01/27 | 2,714,299 | ||||||||||||
| TOTAL MUNICIPAL BONDS | 105,503,617 | |||||||||||||||
| U.S. TREASURY SECURITIES - 12.3% | ||||||||||||||||
| 8,630,000 | United States Treasury Bond | 2.875 | 05/15/43 | 8,083,885 | ||||||||||||
| 31,510,000 | United States Treasury Bond | 3.375 | 05/15/44 | 32,534,075 | ||||||||||||
| 30,000,000 | United States Treasury Bond | 3.125 | 08/15/44 | 29,521,860 | ||||||||||||
| 1,500,000 | United States Treasury Note | 0.250 | 10/31/14 | 1,500,234 | ||||||||||||
| 2,887,000 | United States Treasury Note | 2.500 | 04/30/15 | 2,927,938 | ||||||||||||
| 18,560,000 | United States Treasury Note | 1.000 | 09/15/17 | 18,531,009 | ||||||||||||
| 530,000 | United States Treasury Note | 1.750 | 10/31/18 | 533,810 | ||||||||||||
| 45,540,000 | United States Treasury Note | 1.625 | 07/31/19 | 45,255,375 | ||||||||||||
| 30,879,000 | United States Treasury Note | 1.625 | 08/31/19 | 30,666,707 | ||||||||||||
| 205,000 | United States Treasury Note | 1.250 | 10/31/19 | 199,410 | ||||||||||||
| 5,000,000 | United States Treasury Note | 1.375 | 01/31/20 | 4,871,095 | ||||||||||||
| 5,000,000 | United States Treasury Note | 1.125 | 04/30/20 | 4,782,810 | ||||||||||||
| 7,500,000 | United States Treasury Note | 1.375 | 05/31/20 | 7,263,285 | ||||||||||||
| 19,485,000 | United States Treasury Note | 2.000 | 07/31/20 | 19,491,079 | ||||||||||||
| 7,500,000 | United States Treasury Note | 2.125 | 08/31/20 | 7,539,840 | ||||||||||||
| 10,000,000 | United States Treasury Note | 1.750 | 10/31/20 | 9,811,720 | ||||||||||||
| 280,000 | United States Treasury Note | 2.625 | 11/15/20 | 288,750 | ||||||||||||
| 10,000,000 | United States Treasury Note | 2.375 | 12/31/20 | 10,158,590 | ||||||||||||
| 41,020,000 | United States Treasury Note | 2.000 | 08/31/21 | 40,465,574 | ||||||||||||
| 24,000,000 | United States Treasury Note | 8.000 | 11/15/21 | 33,210,000 | ||||||||||||
| 7,795,000 | United States Treasury Note | 2.375 | 08/15/24 | 7,704,874 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 315,341,920 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 1,045,654,747 | |||||||||||||||
| (Cost $1,035,745,267) | ||||||||||||||||
| 157 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| STRUCTURED ASSETS - 10.0% | ||||||||||||||||
| ASSET BACKED - 5.2% | ||||||||||||||||
| $ | 448,874 | i | Accredited Mortgage Loan Trust | 4.330 | % | 06/25/33 | $ | 403,668 | ||||||||
| Series - 2003 1 (Class A1) | ||||||||||||||||
| 3,899,035 | g | Alterna Funding I LLC | 1.639 | 02/15/21 | 3,889,288 | |||||||||||
| Series - 2014 1A (Class NOTE) | ||||||||||||||||
| 3,484,733 | i | Asset Backed Securities Corp Home Equity Loan Trust | 0.860 | 04/25/35 | 3,437,282 | |||||||||||
| Series - 2005 HE3 (Class M3) | ||||||||||||||||
| 2,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 4.720 | 02/20/18 | 2,123,622 | |||||||||||
| Series - 2011 5A (Class B) | ||||||||||||||||
| 2,132,713 | i | Bear Stearns Asset Backed Securities Trust | 0.595 | 03/25/35 | 2,115,796 | |||||||||||
| Series - 2005 AQ1 (Class M1) | ||||||||||||||||
| 3,122,656 | i | Bear Stearns Asset Backed Securities Trust | 0.555 | 02/25/36 | 2,981,746 | |||||||||||
| Series - 2006 EC2 (Class M1) | ||||||||||||||||
| 396,938 | i | Bear Stearns Asset Backed Securities Trust | 0.895 | 11/25/39 | 392,017 | |||||||||||
| Series - 2005 SD3 (Class 2A1) | ||||||||||||||||
| 3,726,593 | i | Bear Stearns Asset Backed Securities Trust 2005-SD3 | 0.645 | 07/25/35 | 3,644,607 | |||||||||||
| Series - 2005 SD3 (Class 1A) | ||||||||||||||||
| 1,742,312 | g,m | Capital Automotive REIT | 4.700 | 07/15/42 | 1,792,404 | |||||||||||
| Series - 2012 1A (Class A) | ||||||||||||||||
| 2,944,070 | i,m | CCR, Inc | 0.599 | 07/10/17 | 2,858,191 | |||||||||||
| Series - 2010 CX (Class C) | ||||||||||||||||
| 1,000,000 | g | CCR, Inc | 4.750 | 07/10/22 | 983,635 | |||||||||||
| Series - 2012 CA (Class C) | ||||||||||||||||
| 339,199 | Centex Home Equity | 5.540 | 01/25/32 | 338,788 | ||||||||||||
| Series - 2002 A (Class AF6) | ||||||||||||||||
| 1,557,988 | i | Conseco Financial Corp | 7.300 | 06/15/25 | 1,601,932 | |||||||||||
| Series - 1995 4 (Class B1) | ||||||||||||||||
| 868,226 | i | Conseco Financial Corp | 7.600 | 04/15/26 | 736,968 | |||||||||||
| Series - 1996 2 (Class M1) | ||||||||||||||||
| 920,117 | i | Countrywide Asset-Backed Certificates | 5.216 | 10/25/17 | 916,054 | |||||||||||
| Series - 2002 S4 (Class A5) | ||||||||||||||||
| 4,369,519 | i | Countrywide Asset-Backed Certificates | 0.420 | 12/25/34 | 4,141,618 | |||||||||||
| Series - 2004 6 (Class 1A1) | ||||||||||||||||
| 2,496,024 | i | Countrywide Asset-Backed Certificates | 0.625 | 02/25/36 | 2,481,600 | |||||||||||
| Series - 2005 11 (Class MV1) | ||||||||||||||||
| 10,405 | g,i | Credit-Based Asset Servicing and Securitization LLC | 6.159 | 12/25/36 | 10,404 | |||||||||||
| Series - 2007 MX1 (Class A1) | ||||||||||||||||
| 2,795,456 | g,i | CV Mortgage Loan Trust 2013- | 4.311 | 12/25/43 | 2,815,605 | |||||||||||
| Series - 2013 1 (Class NOTE) | ||||||||||||||||
| 1,025,000 | g,i | DB/UBS Mortgage Trust | 5.730 | 11/10/46 | 1,142,604 | |||||||||||
| Series - 2011 LC1A (Class C) | ||||||||||||||||
| 3,937,480 | i | FBR Securitization Trust | 0.895 | 11/25/35 | 3,912,930 | |||||||||||
| Series - 2005 5 (Class AV24) | ||||||||||||||||
| 2,450,273 | i | First Frankin Mortgage Loan Trust | 0.395 | 01/25/36 | 2,419,711 | |||||||||||
| Series - 2006 FF1 (Class 2A3) | ||||||||||||||||
| 685,966 | i | First Franklin Mortgage Loan Asset Backed Certificates | 0.815 | 03/25/35 | 685,219 | |||||||||||
| Series - 2005 FF2 (Class M2) | ||||||||||||||||
| 4,947,320 | i | First Franklin Mortgage Loan Trust | 0.890 | 12/25/34 | 4,677,830 | |||||||||||
| Series - 2005 FF1 (Class M1) | ||||||||||||||||
| 1,143,401 | g,i | GMAC Mortgage Corp Loan Trust | 0.905 | 02/25/31 | 1,095,820 | |||||||||||
| Series - 2004 VF1 (Class A1) | ||||||||||||||||
| 50,721 | i | Greenpoint Mortgage Funding Trust | 0.875 | 07/25/30 | 50,524 | |||||||||||
| Series - 2005 HE4 (Class 2A4C) | ||||||||||||||||
| 5 | i | Greenpoint Mortgage Funding Trust | 0.285 | 04/25/47 | 5 | |||||||||||
| Series - 2007 AR2 (Class 1A1) | ||||||||||||||||
| 158 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 10,000,000 | g | HLSS Servicer Advance Receivables Backed Notes | 1.244 | % | 01/17/45 | $ | 10,006,000 | ||||||||
| Series - 2014 T1 (Class AT1) | ||||||||||||||||
| 2,800,000 | g | HLSS Servicer Advance Receivables Backed Notes | 2.286 | 01/17/45 | 2,800,840 | |||||||||||
| Series - 2014 T1 (Class DT1) | ||||||||||||||||
| 254,805 | i | HSI Asset Securitization Corp Trust | 0.515 | 07/25/35 | 254,149 | |||||||||||
| Series - 2005 NC1 (Class 2A3) | ||||||||||||||||
| 5,271,658 | i | Lehman XS Trust | 0.435 | 08/25/35 | 5,132,934 | |||||||||||
| Series - 2005 2 (Class 1A1) | ||||||||||||||||
| 3,650,527 | i | Lehman XS Trust | 5.420 | 01/25/36 | 3,246,597 | |||||||||||
| Series - 2005 10 (Class 2A3A) | ||||||||||||||||
| 855,643 | i | Lehman XS Trust | 0.405 | 02/25/36 | 817,230 | |||||||||||
| Series - 2006 1 (Class 1A1) | ||||||||||||||||
| 978,902 | Lehman XS Trust | 6.500 | 06/25/46 | 768,890 | ||||||||||||
| Series - 2006 13 (Class 2A1) | ||||||||||||||||
| 1,000,000 | g,i | Longpoint Re Ltd | 3.975 | 05/18/16 | 1,024,400 | |||||||||||
| Series - 2013 144A (Class ) | ||||||||||||||||
| 3,149,500 | i | Morgan Stanley Capital I | 0.860 | 02/25/35 | 2,946,178 | |||||||||||
| Series - 2005 WMC2 (Class M3) | ||||||||||||||||
| 846,318 | i | Morgan Stanley Capital I | 0.335 | 02/25/36 | 841,653 | |||||||||||
| Series - 2006 NC2 (Class A2C) | ||||||||||||||||
| 5,000,000 | g | New Residential Advance Receivables Trust Advance Receivables Backed | 1.274 | 03/15/45 | 5,005,500 | |||||||||||
| Series - 2014 T1 (Class A1) | ||||||||||||||||
| 875,000 | g | New Residential Advance Receivables Trust Advance Receivables Backed | 2.266 | 03/15/45 | 875,262 | |||||||||||
| Series - 2014 T1 (Class D1) | ||||||||||||||||
| 650,000 | g,m | New Residential Advance Receivables Trust Advance Receivables Backed | 3.649 | 03/15/45 | 650,222 | |||||||||||
| Series - 2014 2014-T1 (Class E1) | ||||||||||||||||
| 1,576,657 | Oakwood Mortgage Investors, Inc | 5.410 | 11/15/32 | 1,579,440 | ||||||||||||
| Series - 2002 C (Class A1) | ||||||||||||||||
| 1,462,393 | g | Orange Lake Timeshare Trust 2014-A | 3.030 | 07/09/29 | 1,461,213 | |||||||||||
| Series - 2014 AA (Class B) | ||||||||||||||||
| 4,166,458 | i | Park Place Securities, Inc Asset-Backed Pass-Through Certificates | 0.675 | 01/25/36 | 4,141,334 | |||||||||||
| Series - 2005 WCH1 (Class M2) | ||||||||||||||||
| 1,046,375 | i | Renaissance Home Equity Loan Trust | 5.392 | 07/25/34 | 1,062,235 | |||||||||||
| Series - 2004 2 (Class AF4) | ||||||||||||||||
| 1,666,667 | g | Rental Car Finance Corp | 4.380 | 02/25/16 | 1,680,057 | |||||||||||
| Series - 2011 1A (Class B1) | ||||||||||||||||
| 145,814 | i | Residential Asset Mortgage Products, Inc | 5.470 | 09/25/33 | 150,642 | |||||||||||
| Series - 2003 RZ5 (Class A7) | ||||||||||||||||
| 83,604 | i | Residential Asset Securities Corp | 6.489 | 10/25/30 | 83,679 | |||||||||||
| Series - 2001 KS2 (Class AI6) | ||||||||||||||||
| 57,170 | i | Residential Asset Securities Corp | 0.800 | 04/25/35 | 57,156 | |||||||||||
| Series - 2005 KS3 (Class M3) | ||||||||||||||||
| 179,358 | Residential Funding Mortgage Securities II, Inc | 5.500 | 08/25/25 | 181,042 | ||||||||||||
| Series - 2006 HI5 (Class A3) | ||||||||||||||||
| 1,850,000 | i | Residential Funding Mortgage Securities II, Inc | 6.130 | 09/25/35 | 1,933,058 | |||||||||||
| Series - 2005 HI3 (Class M5) | ||||||||||||||||
| 19,323 | Residential Funding Mortgage Securities II, Inc | 5.960 | 02/25/36 | 19,277 | ||||||||||||
| Series - 2006 HI3 (Class A3) | ||||||||||||||||
| 302,054 | i | Residential Funding Mortgage Securities II, Inc | 6.010 | 02/25/36 | 304,950 | |||||||||||
| Series - 2006 HI1 (Class M1) | ||||||||||||||||
| 3,500,000 | i | Residential Funding Mortgage Securities II, Inc | 6.060 | 02/25/36 | 3,683,372 | |||||||||||
| Series - 2006 HI1 (Class M2) | ||||||||||||||||
| 35,358 | i | SACO I, Inc | 0.715 | 11/25/35 | 35,300 | |||||||||||
| Series - 2005 8 (Class A1) | ||||||||||||||||
| 88,558 | i | SACO I, Inc | 0.915 | 11/25/35 | 88,431 | |||||||||||
| Series - 2005 8 (Class A3) | ||||||||||||||||
| 159 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | g,i | Sanders Re Ltd | 4.015 | % | 05/05/17 | $ | 1,016,200 | ||||||||
| Series - 2013 144A (Class ) | ||||||||||||||||
| 409,587 | i | Saxon Asset Securities Trust | 6.120 | 11/25/30 | 441,517 | |||||||||||
| Series - 2002 2 (Class AF6) | ||||||||||||||||
| 557,604 | i | Securitized Asset Backed Receivables LLC | 0.455 | 10/25/35 | 548,625 | |||||||||||
| Series - 2006 OP1 (Class A2C) | ||||||||||||||||
| 227,343 | g | Sierra Receivables Funding Co LLC | 3.420 | 03/20/29 | 232,137 | |||||||||||
| Series - 2012 2A (Class B) | ||||||||||||||||
| 4,554,042 | g | Sierra Receivables Funding Co LLC | 2.050 | 06/20/31 | 4,525,415 | |||||||||||
| Series - 2014 2A (Class A) | ||||||||||||||||
| 1,400,000 | g | SLM Student Loan Trust | 4.370 | 04/17/28 | 1,491,694 | |||||||||||
| Series - 2011 A (Class A2) | ||||||||||||||||
| 590,000 | g | SLM Student Loan Trust | 3.740 | 02/15/29 | 617,307 | |||||||||||
| Series - 2011 B (Class A2) | ||||||||||||||||
| 1,500,000 | g | SLM Student Loan Trust | 3.830 | 01/17/45 | 1,564,636 | |||||||||||
| Series - 2012 A (Class A2) | ||||||||||||||||
| 930,401 | g | SolarCity LMC | 4.800 | 11/20/38 | 967,765 | |||||||||||
| Series - 2013 1 (Class A) | ||||||||||||||||
| 976,705 | g | SolarCity LMC | 4.590 | 04/20/44 | 1,007,390 | |||||||||||
| Series - 2014 1 (Class A) | ||||||||||||||||
| 1,500,000 | g | SolarCity LMC | 4.020 | 07/20/44 | 1,496,719 | |||||||||||
| Series - 2014 2 (Class A) | ||||||||||||||||
| 560,061 | i | Soundview Home Equity Loan Trust | 0.455 | 11/25/35 | 554,796 | |||||||||||
| Series - 2005 OPT3 (Class A4) | ||||||||||||||||
| 6,500,000 | g,h | SpringCastle America Funding LLC | 2.700 | 05/25/23 | 6,499,350 | |||||||||||
| Series - 2014 AA (Class A) | ||||||||||||||||
| 78,827 | i | Structured Asset Investment Loan Trust | 0.755 | 05/25/35 | 78,713 | |||||||||||
| Series - 2005 4 (Class M1) | ||||||||||||||||
| 3,918,131 | g,i | Structured Asset Securities Corp | 0.305 | 07/25/36 | 3,817,117 | |||||||||||
| Series - 2006 EQ1A (Class A4) | ||||||||||||||||
| 2,137,346 | g,i | Structured Asset Securities Corp | 0.375 | 10/25/36 | 2,077,552 | |||||||||||
| Series - 2006 GEL4 (Class A2) | ||||||||||||||||
| 3,124,102 | i | Structured Asset Securities Corp Mortgage Loan Trust | 0.315 | 03/25/36 | 2,989,734 | |||||||||||
| Series - 2006 BC1 (Class A5) | ||||||||||||||||
| 4,000,000 | g,i | Vitality Re IV Ltd | 2.765 | 01/09/17 | 4,090,000 | |||||||||||
| Series - 2013 IV B (Class ) | ||||||||||||||||
| 455,000 | g | Vornado DP LLC | 5.280 | 09/13/28 | 502,659 | |||||||||||
| Series - 2010 VNO (Class C) | ||||||||||||||||
| 492,101 | g,m | Wachovia Amortization Controlled Heloc NIM | 5.683 | 08/12/47 | 497,022 | |||||||||||
| Series - 2006 N1 (Class N1) | ||||||||||||||||
| 111,291 | g,i | Wachovia Loan Trust | 0.515 | 05/25/35 | 105,636 | |||||||||||
| Series - 2005 SD1 (Class A) | ||||||||||||||||
| 46,513 | i | Wells Fargo Home Equity Trust | 0.295 | 07/25/36 | 46,206 | |||||||||||
| Series - 2006 2 (Class A3) | ||||||||||||||||
| TOTAL ASSET BACKED | 137,649,099 | |||||||||||||||
| OTHER MORTGAGE BACKED - 4.8% | ||||||||||||||||
| 1,454,077 | g | 7 WTC Depositor LLC Trust | 4.082 | 03/13/31 | 1,506,710 | |||||||||||
| Series - 2012 7WTC (Class A) | ||||||||||||||||
| 5,414,271 | i | American Home Mortgage Investment Trust | 1.833 | 10/25/34 | 5,387,054 | |||||||||||
| Series - 2004 3 (Class 4A) | ||||||||||||||||
| 1,000,000 | i | Banc of America Commercial Mortgage Trust | 5.955 | 05/10/45 | 989,627 | |||||||||||
| Series - 2006 2 (Class C) | ||||||||||||||||
| 2,174,077 | g,i | Banc of America Large Loan, Inc | 6.136 | 02/15/51 | 2,372,353 | |||||||||||
| Series - 2010 UB3 (Class A4B3) | ||||||||||||||||
| 3,000,000 | i | Banc of America Merrill Lynch Commercial Mortgage, Inc | 5.118 | 07/10/45 | 3,040,761 | |||||||||||
| Series - 2005 4 (Class B) | ||||||||||||||||
| 2,226,000 | i | Bear Stearns Commercial Mortgage Securities | 6.144 | 09/11/42 | 2,405,240 | |||||||||||
| Series - 2007 T28 (Class AJ) | ||||||||||||||||
| 160 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 621,573 | Citicorp Mortgage Securities, Inc | 5.500 | % | 07/25/35 | $ | 606,283 | |||||||||
| Series - 2005 4 (Class 1A7) | ||||||||||||||||
| 2,000,000 | i | Citigroup Commercial Mortgage Trust | 5.975 | 03/15/49 | 2,094,330 | |||||||||||
| Series - 2006 C4 (Class AJ) | ||||||||||||||||
| 365,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 396,736 | |||||||||||
| Series - 2007 C3 (Class AM) | ||||||||||||||||
| 6,500,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 6,636,838 | |||||||||||
| Series - 2007 C3 (Class AJ) | ||||||||||||||||
| 191,298 | Countrywide Alternative Loan Trust | 5.500 | 08/25/16 | 197,187 | ||||||||||||
| Series - 2004 30CB (Class 1A15) | ||||||||||||||||
| 2,198,728 | Countrywide Alternative Loan Trust | 5.000 | 04/25/20 | 2,234,185 | ||||||||||||
| Series - 2005 6CB (Class 2A1) | ||||||||||||||||
| 690,638 | i | Countrywide Alternative Loan Trust | 0.384 | 07/20/35 | 601,060 | |||||||||||
| Series - 2005 24 (Class 4A1) | ||||||||||||||||
| 1,652,660 | i | Countrywide Home Loan Mortgage Pass Through Trust | 2.446 | 11/20/34 | 1,593,932 | |||||||||||
| Series - 2004 HYB6 (Class A2) | ||||||||||||||||
| 243,778 | Countrywide Home Loan Mortgage Pass Through Trust | 5.250 | 09/25/35 | 236,039 | ||||||||||||
| Series - 2005 17 (Class 1A10) | ||||||||||||||||
| 1,150,000 | Credit Suisse First Boston Mortgage Securities Corp | 4.771 | 07/15/37 | 1,170,220 | ||||||||||||
| Series - 2005 C3 (Class AJ) | ||||||||||||||||
| 725,000 | g | Credit Suisse Mortgage Capital Certificates | 5.626 | 05/15/23 | 821,348 | |||||||||||
| Series - 2006 OMA (Class D) | ||||||||||||||||
| 90,000 | Credit Suisse Mortgage Capital Certificates | 5.509 | 09/15/39 | 96,361 | ||||||||||||
| Series - 2006 C4 (Class AM) | ||||||||||||||||
| 1,870,000 | g | Credit Suisse Mortgage Capital Certificates | 5.383 | 02/15/40 | 1,931,372 | |||||||||||
| Series - 2009 RR1 (Class A3C) | ||||||||||||||||
| 3,977,702 | g,i | Credit Suisse Seasoned Loan Trust 2006- | 0.395 | 10/25/34 | 3,914,795 | |||||||||||
| Series - 2006 1 (Class A) | ||||||||||||||||
| 3,910,808 | i | GSR Mortgage Loan Trust | 0.345 | 08/25/46 | 3,759,186 | |||||||||||
| Series - 2006 OA1 (Class 2A1) | ||||||||||||||||
| 1,638,232 | GSR Mortgage Loan Trust 2005-1F | 6.000 | 01/25/35 | 1,668,777 | ||||||||||||
| Series - 2005 1F (Class 3A3) | ||||||||||||||||
| 3,517,409 | i | Harborview Mortgage Loan Trust | 0.373 | 05/19/35 | 3,006,966 | |||||||||||
| Series - 2005 2 (Class 2A1A) | ||||||||||||||||
| 4,033,781 | i | Harborview Mortgage Loan Trust | 0.483 | 09/19/35 | 3,075,205 | |||||||||||
| Series - 2005 8 (Class 1A2A) | ||||||||||||||||
| 1,463,314 | i | HarborView Mortgage Loan Trust | 0.373 | 07/19/47 | 1,284,187 | |||||||||||
| Series - 2007 4 (Class 2A1) | ||||||||||||||||
| 433,321 | i | Impac CMB Trust | 0.815 | 03/25/35 | 399,737 | |||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||
| 2,934,892 | i | Impac CMB Trust | 0.405 | 05/25/35 | 2,679,286 | |||||||||||
| Series - 0 4 (Class 1A1B) | ||||||||||||||||
| 310,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Corp | 5.439 | 07/15/46 | 341,380 | |||||||||||
| Series - 2011 C4 (Class C) | ||||||||||||||||
| 4,520,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 4.911 | 07/15/42 | 4,553,850 | |||||||||||
| Series - 2005 LDP2 (Class C) | ||||||||||||||||
| 3,400,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 6.192 | 02/15/51 | 3,744,566 | |||||||||||
| Series - 2007 LD12 (Class AM) | ||||||||||||||||
| 2,177,753 | i | JP Morgan Mortgage Trust | 2.494 | 11/25/33 | 2,193,340 | |||||||||||
| Series - 2006 A2 (Class 5A3) | ||||||||||||||||
| 1,080,000 | i | LB-UBS Commercial Mortgage Trust | 5.057 | 09/15/40 | 1,109,838 | |||||||||||
| Series - 2005 C5 (Class AJ) | ||||||||||||||||
| 1,761,668 | Lehman Mortgage Trust | 5.500 | 11/25/35 | 1,663,969 | ||||||||||||
| Series - 2005 1 (Class 2A4) | ||||||||||||||||
| 1,423,385 | i | Merrill Lynch Mortgage Investors, Inc | 2.500 | 12/25/35 | 1,418,932 | |||||||||||
| Series - 2005 A9 (Class 2A1B) | ||||||||||||||||
| 161 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 75,000 | i | Merrill Lynch Mortgage Trust | 6.470 | % | 02/12/51 | $ | 83,451 | ||||||||
| Series - 0 C1 (Class AJA) | ||||||||||||||||
| 5,000,000 | i | ML-CFC Commercial Mortgage Trust | 5.526 | 03/12/51 | 5,203,195 | |||||||||||
| Series - 2007 6 (Class AM) | ||||||||||||||||
| 82,000 | g,i | Morgan Stanley Capital I | 5.419 | 09/15/47 | 88,728 | |||||||||||
| Series - 2011 C1 (Class D) | ||||||||||||||||
| 4,000,000 | g,i | Morgan Stanley Capital I Trust | 5.984 | 08/12/41 | 4,225,044 | |||||||||||
| Series - 2006 T23 (Class B) | ||||||||||||||||
| 2,500,000 | i | Morgan Stanley Capital I Trust | 5.271 | 08/13/42 | 2,494,080 | |||||||||||
| Series - 2005 HQ6 (Class F) | ||||||||||||||||
| 1,040,000 | i | Morgan Stanley Capital I Trust | 5.832 | 07/12/44 | 1,087,914 | |||||||||||
| Series - 2006 HQ9 (Class B) | ||||||||||||||||
| 1,830,000 | i | Morgan Stanley Capital I Trust | 5.842 | 07/12/44 | 1,897,712 | |||||||||||
| Series - 2006 HQ9 (Class C) | ||||||||||||||||
| 58,673 | i | Opteum Mortgage Acceptance Corp | 0.555 | 02/25/35 | 58,678 | |||||||||||
| Series - 2005 1 (Class A4) | ||||||||||||||||
| 2,309,379 | RALI Trust | 4.250 | 12/26/33 | 2,390,300 | ||||||||||||
| Series - 2003 QS22 (Class A5) | ||||||||||||||||
| 439,144 | i | RALI Trust | 0.455 | 01/25/35 | 424,767 | |||||||||||
| Series - 2005 QA1 (Class A1) | ||||||||||||||||
| 460,180 | Residential Accredit Loans, Inc | 4.350 | 03/25/34 | 471,483 | ||||||||||||
| Series - 2004 QS4 (Class A1) | ||||||||||||||||
| 423,052 | RFMSI Trust | 5.500 | 03/25/35 | 430,460 | ||||||||||||
| Series - 2005 S2 (Class A6) | ||||||||||||||||
| 691,382 | g,i | Springleaf Mortgage Loan Trust | 2.667 | 09/25/57 | 702,991 | |||||||||||
| Series - 2012 1A (Class A) | ||||||||||||||||
| 330,403 | g,i | Springleaf Mortgage Loan Trust | 2.220 | 10/25/57 | 335,230 | |||||||||||
| Series - 0 2A (Class A) | ||||||||||||||||
| 2,205,457 | i | Structured Adjustable Rate Mortgage Loan Trust | 0.495 | 08/25/35 | 2,116,773 | |||||||||||
| Series - 2005 16XS (Class A1) | ||||||||||||||||
| 6,650,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.146 | 05/15/46 | 6,851,282 | |||||||||||
| Series - 2007 C34 (Class AJ) | ||||||||||||||||
| 1,095,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.591 | 04/15/47 | 1,189,915 | |||||||||||
| Series - 2007 C31 (Class AM) | ||||||||||||||||
| 2,500,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.660 | 04/15/47 | 2,582,413 | |||||||||||
| Series - 2007 C31 (Class AJ) | ||||||||||||||||
| 7,875,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 8,059,598 | |||||||||||
| Series - 2007 C32 (Class AJ) | ||||||||||||||||
| 9,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 8,415,000 | |||||||||||
| Series - 2007 C32 (Class B) | ||||||||||||||||
| 40,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.953 | 02/15/51 | 43,684 | |||||||||||
| Series - 2007 C33 (Class AM) | ||||||||||||||||
| 3,427,530 | i | WaMu Mortgage Pass-Through Certificates | 0.425 | 07/25/45 | 3,246,758 | |||||||||||
| Series - 0 AR8 (Class 1A1A) | ||||||||||||||||
| 1,302,954 | i | WaMu Mortgage Pass-Through Certificates | 0.505 | 12/25/45 | 1,214,980 | |||||||||||
| Series - 2005 AR19 (Class A1B3) | ||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 122,746,086 | |||||||||||||||
| TOTAL STRUCTURED ASSETS | 260,395,185 | |||||||||||||||
| (Cost $254,880,458) | ||||||||||||||||
| TOTAL BONDS | 2,336,700,284 | |||||||||||||||
| (Cost $2,307,741,616) | ||||||||||||||||
| 162 |
TIAA-CREF FUNDS - Bond Plus Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| SHORT-TERM INVESTMENTS - 16.3% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.4% | ||||||||||||||||
| $ | 10,000,000 | Federal Home Loan Bank (FHLB) | 0.085 | % | 11/12/14 | $ | 9,999,008 | |||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 9,999,008 | |||||||||||||||
| TREASURY DEBT - 15.9% | ||||||||||||||||
| 8,000,000 | United States Treasury Bill | 0.030 | 11/06/14 | 7,999,760 | ||||||||||||
| 3,300,000 | United States Treasury Bill | 0.073 | 11/13/14 | 3,299,714 | ||||||||||||
| 11,500,000 | d | United States Treasury Bill | 0.046 | 11/20/14 | 11,499,265 | |||||||||||
| 6,400,000 | United States Treasury Bill | 0.033 | 12/18/14 | 6,399,757 | ||||||||||||
| 3,000,000 | United States Treasury Bill | 0.025 | 12/26/14 | 2,999,892 | ||||||||||||
| 91,000,000 | d | United States Treasury Bill | 0.050-0.098 | 02/05/15 | 90,992,811 | |||||||||||
| 16,000,000 | United States Treasury Bill | 0.030 | 02/12/15 | 15,998,816 | ||||||||||||
| 25,700,000 | d | United States Treasury Bill | 0.080-0.093 | 03/05/15 | 25,696,685 | |||||||||||
| 25,000,000 | United States Treasury Bill | 0.030 | 03/26/15 | 24,996,650 | ||||||||||||
| 6,000,000 | d | United States Treasury Bill | 0.097 | 04/02/15 | 5,998,704 | |||||||||||
| 40,100,000 | d | United States Treasury Bill | 0.090-0.100 | 04/30/15 | 40,091,178 | |||||||||||
| 12,400,000 | d | United States Treasury Bill | 0.090-0.095 | 05/28/15 | 12,396,912 | |||||||||||
| 111,500,000 | d | United States Treasury Bill | 0.075-0.108 | 07/23/15 | 111,449,714 | |||||||||||
| 46,000,000 | United States Treasury Bill | 0.091-0.096 | 08/20/15 | 45,969,042 | ||||||||||||
| TOTAL TREASURY DEBT | 405,788,900 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 415,787,908 | |||||||||||||||
| (Cost $415,702,208) | ||||||||||||||||
| TOTAL INVESTMENTS - 111.5% | 2,851,390,448 | |||||||||||||||
| (Cost $2,823,498,332) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (11.5)% | (293,813,836 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 2,557,576,612 | ||||||||||||||
| Abbreviation(s): | |||
| REIT | Real Estate Investment Trust | ||
| d | All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls. | ||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be re-sold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities was $447,810,930 or 17.5% of net assets. | ||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | ||
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. | ||
| m | Indicates a security that has been deemed illiquid. | ||
| o | Payment in Kind Bond. | ||
| 163 |
TIAA-CREF FUNDS - High-Yield Fund
TIAA-CREF FUNDS
HIGH-YIELD FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2014
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| BANK LOAN OBLIGATIONS - 18.2% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.8% | ||||||||||||||||
| $ | 19,950,000 | i | Gates Global LLC | 4.250 | % | 07/03/21 | $ | 19,571,748 | ||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 19,571,748 | |||||||||||||||
| CAPITAL GOODS - 0.7% | ||||||||||||||||
| 11,004,840 | i | FMG Resources August 2006 Pty Ltd | 3.750 | 06/28/19 | 10,762,403 | |||||||||||
| 8,950,604 | i | TransDigm, Inc | 3.750 | 02/28/20 | 8,789,493 | |||||||||||
| TOTAL CAPITAL GOODS | 19,551,896 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 1.0% | ||||||||||||||||
| 14,747,804 | i | Capital Safety North America | 3.750 | 03/29/21 | 14,338,552 | |||||||||||
| 9,500,000 | i | Capital Safety North America | 6.500 | 03/26/22 | 9,286,250 | |||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 23,624,802 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.9% | ||||||||||||||||
| 10,650,000 | i | Libbey Glass, Inc | 3.750 | 04/09/21 | 10,536,897 | |||||||||||
| 15,960,000 | i | Otter Products LLC | 5.750 | 06/03/20 | 15,800,400 | |||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 26,337,297 | |||||||||||||||
| CONSUMER SERVICES - 2.5% | ||||||||||||||||
| 8,015,000 | i | Boyd Gaming Corp | 4.000 | 08/14/20 | 7,884,756 | |||||||||||
| 3,818,912 | i | CityCenter Holdings LLC | 4.250 | 10/16/20 | 3,775,949 | |||||||||||
| 5,376,536 | i | La Quinta Intermediate Holdings LLC | 4.000 | 04/14/21 | 5,311,587 | |||||||||||
| 12,406,250 | i | Marina District Finance Co, Inc | 6.750 | 08/15/18 | 12,381,438 | |||||||||||
| 5,305,500 | i | MGM Resorts International | 3.500 | 12/20/19 | 5,206,022 | |||||||||||
| 11,310,606 | i | Peninsula Gaming LLC | 4.250 | 11/20/17 | 11,186,868 | |||||||||||
| 19,877,613 | i | Spin Holdco, Inc | 4.250 | 11/14/19 | 19,492,583 | |||||||||||
| TOTAL CONSUMER SERVICES | 65,239,203 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 0.6% | ||||||||||||||||
| 15,249,250 | i | TransUnion LLC | 4.000 | 04/09/21 | 14,991,995 | |||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 14,991,995 | |||||||||||||||
| ENERGY - 0.6% | ||||||||||||||||
| 16,617,949 | i | Arch Coal, Inc | 6.250 | 05/16/18 | 15,189,803 | |||||||||||
| TOTAL ENERGY | 15,189,803 | |||||||||||||||
| FOOD & STAPLES RETAILING - 1.6% | ||||||||||||||||
| 27,650,000 | i | Albertson’s Holdings LLC | 4.500 | 08/25/21 | 27,500,137 | |||||||||||
| 2,000,000 | i | Rite Aid Corp | 5.750 | 08/21/20 | 2,022,500 | |||||||||||
| 11,000,000 | i | Rite Aid Corp | 4.875 | 06/21/21 | 10,931,250 | |||||||||||
| TOTAL FOOD & STAPLES RETAILING | 40,453,887 | |||||||||||||||
| 164 |
TIAA-CREF FUNDS - High-Yield Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 1.1% | ||||||||||||||||
| $ | 11,571,000 | i | Accellent, Inc | 4.500 | % | 03/12/21 | $ | 11,348,258 | ||||||||
| 6,166,404 | Biomet, Inc | 3.655 | 07/25/17 | 6,116,950 | ||||||||||||
| 4,948,416 | i | Capsugel Holdings US, Inc | 3.500 | 08/01/18 | 4,846,973 | |||||||||||
| 2,363,125 | i | CHS/Community Health Systems | 4.250 | 01/27/21 | 2,354,476 | |||||||||||
| 3,960,034 | i | Kinetic Concepts, Inc | 4.000 | 05/04/18 | 3,903,128 | |||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 28,569,785 | |||||||||||||||
| INSURANCE - 0.5% | ||||||||||||||||
| 13,889,293 | i | Compass Investors, Inc | 4.250 | 12/27/19 | 13,628,869 | |||||||||||
| TOTAL INSURANCE | 13,628,869 | |||||||||||||||
| MATERIALS - 1.4% | ||||||||||||||||
| 7,337,380 | i | Minerals Technologies, Inc | 4.000 | 05/07/21 | 7,268,629 | |||||||||||
| 12,340,741 | i | Signode Industrial Group US, Inc | 4.000 | 05/01/21 | 12,101,701 | |||||||||||
| 1,250,000 | i | Solenis International LP | 4.250 | 07/31/21 | 1,224,687 | |||||||||||
| 12,000,000 | i | Solenis International LP | 7.750 | 07/31/22 | 11,640,000 | |||||||||||
| 5,172,667 | i | Tronox Pigments BV | 4.000 | 03/19/20 | 5,128,079 | |||||||||||
| TOTAL MATERIALS | 37,363,096 | |||||||||||||||
| MEDIA - 1.5% | ||||||||||||||||
| 4,939,313 | i | MTL Publishing LLC | 3.750 | 06/29/18 | 4,855,641 | |||||||||||
| 8,737,500 | i | Time, Inc | 4.250 | 04/26/21 | 8,639,203 | |||||||||||
| 4,858,918 | i | Univision Communications, Inc | 4.000 | 03/02/20 | 4,764,801 | |||||||||||
| 21,000,000 | h,i | Visant Corp | 7.000 | 09/23/21 | 20,724,480 | |||||||||||
| TOTAL MEDIA | 38,984,125 | |||||||||||||||
| RETAILING - 0.8% | ||||||||||||||||
| 13,695,377 | i | Academy Ltd | 4.500 | 08/03/18 | 13,541,304 | |||||||||||
| 7,000,000 | i | Stater Bros Markets | 4.750 | 05/12/21 | 6,969,410 | |||||||||||
| TOTAL RETAILING | 20,510,714 | |||||||||||||||
| SOFTWARE & SERVICES - 2.8% | ||||||||||||||||
| 16,800,000 | i | Asurion LLC | 8.500 | 03/03/21 | 16,952,208 | |||||||||||
| 22,000,000 | i | Evergreen Skills Lux S.a.r.l. | 7.750 | 04/28/22 | 21,120,000 | |||||||||||
| 373,372 | i | IMS Health, Inc | 3.500 | 03/17/21 | 365,438 | |||||||||||
| 4,382,587 | i | Infor US, Inc | 3.750 | 06/03/20 | 4,279,421 | |||||||||||
| 12,000,000 | i | Mitchell International, Inc | 8.500 | 10/11/21 | 11,955,000 | |||||||||||
| 5,830,053 | i | P2 Lower Acquisition LLC | 5.500 | 10/22/20 | 5,826,438 | |||||||||||
| 3,150,000 | i | P2 Lower Acquisition LLC | 9.500 | 10/22/21 | 3,134,250 | |||||||||||
| 10,375,000 | h,i | ProQuest LLC | 5.250 | 09/23/21 | 10,344,705 | |||||||||||
| TOTAL SOFTWARE & SERVICES | 73,977,460 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.8% | ||||||||||||||||
| 9,949,875 | i | Dell International LLC | 4.500 | 04/29/20 | 9,872,962 | |||||||||||
| 9,850,000 | i | Scientific Games International, Inc | 4.250 | 10/18/20 | 9,646,893 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 19,519,855 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 0.4% | ||||||||||||||||
| 9,925,000 | i | Internap Network Services Corp | 6.000 | 11/26/19 | 9,900,188 | |||||||||||
| 1,745,394 | i | Presidio, Inc | 5.000 | 03/31/17 | 1,742,130 | |||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 11,642,318 | |||||||||||||||
| 165 |
TIAA-CREF FUNDS - High-Yield Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| UTILITIES - 0.2% | ||||||||||||||||
| $ | 4,410,000 | i | Calpine Corp | 4.000 | % | 10/09/19 | $ | 4,362,857 | ||||||||
| TOTAL UTILITIES | 4,362,857 | |||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 473,519,710 | |||||||||||||||
| (Cost $479,441,682) | ||||||||||||||||
| BONDS - 78.7% | ||||||||||||||||
| CORPORATE BONDS - 78.7% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 1.4% | ||||||||||||||||
| 8,975,000 | Chrysler Group LLC | 8.000 | 06/15/19 | 9,524,719 | ||||||||||||
| 12,000,000 | g | Gates Global LLC | 6.000 | 07/15/22 | 11,280,000 | |||||||||||
| 7,600,000 | Goodyear Tire & Rubber Co | 6.500 | 03/01/21 | 7,904,000 | ||||||||||||
| 7,550,000 | g,o | Schaeffler Holding Finance BV | 6.875 | 08/15/18 | 7,852,000 | |||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 36,560,719 | |||||||||||||||
| BANKS - 2.3% | ||||||||||||||||
| 5,775,000 | g,i | Credit Agricole S.A. | 6.625 | 12/30/49 | 5,506,613 | |||||||||||
| 2,600,000 | i | JPMorgan Chase & Co | 7.900 | 12/30/49 | 2,814,500 | |||||||||||
| 4,750,000 | g,i | Lloyds Banking Group plc | 6.657 | 12/30/49 | 5,130,000 | |||||||||||
| 9,500,000 | g,i | Nordea Bank AB | 5.500 | 12/30/49 | 9,333,750 | |||||||||||
| 6,250,000 | Royal Bank of Scotland Group plc | 6.125 | 12/15/22 | 6,615,238 | ||||||||||||
| 2,250,000 | Royal Bank of Scotland Group plc | 6.100 | 06/10/23 | 2,375,761 | ||||||||||||
| 5,500,000 | Royal Bank of Scotland Group plc | 6.000 | 12/19/23 | 5,765,864 | ||||||||||||
| 4,000,000 | i | Royal Bank of Scotland Group plc | 7.640 | 12/30/49 | 4,230,000 | |||||||||||
| 4,000,000 | i | Royal Bank of Scotland Group plc | 7.648 | 12/30/49 | 4,680,000 | |||||||||||
| 14,050,000 | g,i | Societe Generale S.A. | 6.000 | 12/30/49 | 12,868,395 | |||||||||||
| TOTAL BANKS | 59,320,121 | |||||||||||||||
| CAPITAL GOODS - 1.8% | ||||||||||||||||
| 2,300,000 | Anixter, Inc | 5.625 | 05/01/19 | 2,417,875 | ||||||||||||
| 3,000,000 | Anixter, Inc | 5.125 | 10/01/21 | 2,962,500 | ||||||||||||
| 5,250,000 | g | FMG Resources August 2006 Pty Ltd | 8.250 | 11/01/19 | 5,427,188 | |||||||||||
| 1,800,000 | g | FMG Resources August 2006 Pty Ltd | 6.875 | 04/01/22 | 1,831,500 | |||||||||||
| 3,700,000 | g | Rexel S.A. | 6.125 | 12/15/19 | 3,792,500 | |||||||||||
| 9,250,000 | g | Rexel S.A. | 5.250 | 06/15/20 | 9,290,469 | |||||||||||
| 1,600,000 | g | Sealed Air Corp | 6.500 | 12/01/20 | 1,706,000 | |||||||||||
| 4,158,000 | g | Sealed Air Corp | 8.375 | 09/15/21 | 4,615,380 | |||||||||||
| 14,130,000 | g | Stena AB | 7.000 | 02/01/24 | 14,695,200 | |||||||||||
| TOTAL CAPITAL GOODS | 46,738,612 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 3.4% | ||||||||||||||||
| 8,575,000 | ADT Corp | 4.125 | 04/15/19 | 8,403,500 | ||||||||||||
| 3,725,000 | ADT Corp | 6.250 | 10/15/21 | 3,855,375 | ||||||||||||
| 2,500,000 | g,h | AECOM Technology Corp | 5.750 | 10/15/22 | 2,509,375 | |||||||||||
| 3,750,000 | g,h | AECOM Technology Corp | 5.875 | 10/15/24 | 3,773,437 | |||||||||||
| 8,150,000 | Clean Harbors, Inc | 5.250 | 08/01/20 | 8,150,000 | ||||||||||||
| 1,925,000 | Clean Harbors, Inc | 5.125 | 06/01/21 | 1,908,156 | ||||||||||||
| 166 |
TIAA-CREF FUNDS - High-Yield Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 5,000,000 | g,o | Neovia Logistics Intermediate Holdings LLC | 10.000 | % | 02/15/18 | $ | 5,075,000 | ||||||||
| 12,825,000 | RR Donnelley & Sons Co | 7.875 | 03/15/21 | 14,075,438 | ||||||||||||
| 1,675,000 | RR Donnelley & Sons Co | 7.000 | 02/15/22 | 1,767,125 | ||||||||||||
| 8,650,000 | RR Donnelley & Sons Co | 6.500 | 11/15/23 | 8,628,375 | ||||||||||||
| 19,200,000 | g | SPL Logistics Escrow LLC | 8.875 | 08/01/20 | 20,880,000 | |||||||||||
| 3,000,000 | United Rentals North America, Inc | 7.375 | 05/15/20 | 3,187,500 | ||||||||||||
| 4,700,000 | United Rentals North America, Inc | 8.250 | 02/01/21 | 5,087,750 | ||||||||||||
| 2,825,000 | United Rentals North America, Inc | 7.625 | 04/15/22 | 3,072,188 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 90,373,219 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 1.9% | ||||||||||||||||
| 4,500,000 | Beazer Homes USA, Inc | 6.625 | 04/15/18 | 4,646,250 | ||||||||||||
| 7,700,000 | DR Horton, Inc | 3.750 | 03/01/19 | 7,488,250 | ||||||||||||
| 4,750,000 | KB Home | 8.000 | 03/15/20 | 5,225,000 | ||||||||||||
| 7,000,000 | KB Home | 4.750 | 05/15/19 | 6,807,500 | ||||||||||||
| 14,250,000 | KB Home | 7.000 | 12/15/21 | 14,855,625 | ||||||||||||
| 9,500,000 | Lennar Corp | 4.500 | 06/15/19 | 9,416,875 | ||||||||||||
| 1,800,000 | Standard Pacific Corp | 8.375 | 01/15/21 | 2,061,000 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 50,500,500 | |||||||||||||||
| CONSUMER SERVICES - 3.6% | ||||||||||||||||
| 25,000,000 | g,h | 1011778 BC / New Red Fin | 6.000 | 04/01/22 | 24,843,750 | |||||||||||
| 6,026,000 | Ameristar Casinos, Inc | 7.500 | 04/15/21 | 6,267,040 | ||||||||||||
| 3,375,000 | ARAMARK Corp | 5.750 | 03/15/20 | 3,459,375 | ||||||||||||
| 3,727,000 | Boyd Gaming Corp | 9.000 | 07/01/20 | 3,913,350 | ||||||||||||
| 3,500,000 | MGM Resorts International | 11.375 | 03/01/18 | 4,191,250 | ||||||||||||
| 2,000,000 | MGM Resorts International | 5.250 | 03/31/20 | 2,000,000 | ||||||||||||
| 4,250,000 | MGM Resorts International | 6.750 | 10/01/20 | 4,526,250 | ||||||||||||
| 5,700,000 | MGM Resorts International | 7.750 | 03/15/22 | 6,341,250 | ||||||||||||
| 15,050,000 | Penn National Gaming, Inc | 5.875 | 11/01/21 | 13,883,625 | ||||||||||||
| 9,500,000 | Pinnacle Entertainment, Inc | 6.375 | 08/01/21 | 9,927,500 | ||||||||||||
| 14,435,000 | g | Six Flags Entertainment Corp | 5.250 | 01/15/21 | 14,001,950 | |||||||||||
| TOTAL CONSUMER SERVICES | 93,355,340 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 5.1% | ||||||||||||||||
| 5,950,000 | g | AerCap Ireland Capital Ltd | 5.000 | 10/01/21 | 5,920,250 | |||||||||||
| 6,000,000 | Ally Financial, Inc | 4.750 | 09/10/18 | 6,150,000 | ||||||||||||
| 3,000,000 | g | CIT Group, Inc | 5.500 | 02/15/19 | 3,138,750 | |||||||||||
| 5,000,000 | CIT Group, Inc | 3.875 | 02/19/19 | 4,912,500 | ||||||||||||
| 7,600,000 | g,i | Credit Suisse Group AG. | 6.250 | 12/30/49 | 7,353,000 | |||||||||||
| 2,000,000 | General Motors Acceptance Corp LLC | 8.000 | 11/01/31 | 2,490,000 | ||||||||||||
| 7,000,000 | GMAC, Inc | 8.000 | 03/15/20 | 8,155,000 | ||||||||||||
| 4,000,000 | GMAC, Inc | 7.500 | 09/15/20 | 4,610,000 | ||||||||||||
| 7,000,000 | GMAC, Inc | 8.000 | 11/01/31 | 8,732,500 | ||||||||||||
| 7,100,000 | Icahn Enterprises LP | 4.875 | 03/15/19 | 6,993,500 | ||||||||||||
| 11,425,000 | Icahn Enterprises LP | 5.875 | 02/01/22 | 11,425,000 | ||||||||||||
| 16,068,000 | g,i | ILFC E-Capital Trust I | 4.840 | 12/21/65 | 15,144,090 | |||||||||||
| 8,000,000 | International Lease Finance Corp | 6.250 | 05/15/19 | 8,572,000 | ||||||||||||
| 3,600,000 | International Lease Finance Corp | 8.250 | 12/15/20 | 4,252,500 | ||||||||||||
| 2,000,000 | International Lease Finance Corp | 4.625 | 04/15/21 | 1,985,000 | ||||||||||||
| 11,325,000 | SLM Corp | 5.500 | 01/15/19 | 11,551,500 | ||||||||||||
| 13,100,000 | SLM Corp | 4.875 | 06/17/19 | 13,100,000 | ||||||||||||
| 167 |
TIAA-CREF FUNDS - High-Yield Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 8,000,000 | SLM Corp | 6.125 | % | 03/25/24 | $ | 7,800,000 | |||||||||
| TOTAL DIVERSIFIED FINANCIALS | 132,285,590 | |||||||||||||||
| ENERGY - 12.7% | ||||||||||||||||
| 2,750,000 | g | Alpha Natural Resources, Inc | 7.500 | 08/01/20 | 2,461,250 | |||||||||||
| 5,000,000 | Arch Coal, Inc | 7.000 | 06/15/19 | 2,662,500 | ||||||||||||
| 5,700,000 | Atlas Pipeline Partners LP | 4.750 | 11/15/21 | 5,308,125 | ||||||||||||
| 5,570,000 | g,h | California Resources Corp | 6.000 | 11/15/24 | 5,723,175 | |||||||||||
| 20,960,000 | g | Calumet Specialty Products Partners LP | 6.500 | 04/15/21 | 19,912,000 | |||||||||||
| 9,835,000 | Calumet Specialty Products Partners LP | 7.625 | 01/15/22 | 9,982,525 | ||||||||||||
| 6,500,000 | Chaparral Energy, Inc | 8.250 | 09/01/21 | 6,955,000 | ||||||||||||
| 7,400,000 | Chaparral Energy, Inc | 7.625 | 11/15/22 | 7,585,000 | ||||||||||||
| 10,000,000 | Chesapeake Energy Corp | 5.375 | 06/15/21 | 10,237,500 | ||||||||||||
| 2,450,000 | Concho Resources, Inc | 5.500 | 04/01/23 | 2,548,000 | ||||||||||||
| 1,500,000 | CONSOL Energy, Inc | 8.250 | 04/01/20 | 1,567,500 | ||||||||||||
| 4,200,000 | g | CONSOL Energy, Inc | 5.875 | 04/15/22 | 4,137,000 | |||||||||||
| 6,120,000 | Crestwood Midstream Partners LP | 6.000 | 12/15/20 | 6,150,600 | ||||||||||||
| 2,000,000 | Crestwood Midstream Partners LP | 6.125 | 03/01/22 | 2,005,000 | ||||||||||||
| 5,435,000 | El Paso Corp | 7.750 | 01/15/32 | 6,671,462 | ||||||||||||
| 11,000,000 | EP Energy LLC | 9.375 | 05/01/20 | 11,990,000 | ||||||||||||
| 6,030,000 | EP Energy LLC | 7.750 | 09/01/22 | 6,376,725 | ||||||||||||
| 7,500,000 | g | Exterran Partners | 6.000 | 10/01/22 | 7,293,750 | |||||||||||
| 14,900,000 | Exterran Partners LP | 6.000 | 04/01/21 | 14,490,250 | ||||||||||||
| 2,850,000 | Halcon Resources Corp | 9.750 | 07/15/20 | 2,899,875 | ||||||||||||
| 13,300,000 | Halcon Resources Corp | 8.875 | 05/15/21 | 13,100,500 | ||||||||||||
| 9,600,000 | Linn Energy LLC | 6.250 | 11/01/19 | 9,372,000 | ||||||||||||
| 6,750,000 | Linn Energy LLC | 6.500 | 05/15/19 | 6,615,000 | ||||||||||||
| 2,000,000 | Linn Energy LLC | 7.750 | 02/01/21 | 2,015,000 | ||||||||||||
| 2,249,000 | MarkWest Energy Partners LP | 6.250 | 06/15/22 | 2,367,072 | ||||||||||||
| 2,500,000 | Murphy Oil USA, Inc | 6.000 | 08/15/23 | 2,606,250 | ||||||||||||
| 13,900,000 | Oasis Petroleum, Inc | 6.875 | 03/15/22 | 14,664,500 | ||||||||||||
| 4,750,000 | Parker Drilling Co | 7.500 | 08/01/20 | 4,963,750 | ||||||||||||
| 1,900,000 | g | Parker Drilling Co | 6.750 | 07/15/22 | 1,909,500 | |||||||||||
| 4,800,000 | Peabody Energy Corp | 6.000 | 11/15/18 | 4,704,000 | ||||||||||||
| 5,500,000 | Peabody Energy Corp | 6.500 | 09/15/20 | 5,142,500 | ||||||||||||
| 9,500,000 | Peabody Energy Corp | 6.250 | 11/15/21 | 8,835,000 | ||||||||||||
| 3,000,000 | Peabody Energy Corp | 4.750 | 12/15/41 | 2,055,000 | ||||||||||||
| 2,665,000 | Precision Drilling Corp | 6.500 | 12/15/21 | 2,744,950 | ||||||||||||
| 11,391,000 | Precision Drilling Trust | 6.625 | 11/15/20 | 11,818,163 | ||||||||||||
| 7,335,000 | Questar Market Resources, Inc | 6.875 | 03/01/21 | 7,958,475 | ||||||||||||
| 4,000,000 | Regency Energy Partners LP | 5.750 | 09/01/20 | 4,160,000 | ||||||||||||
| 3,923,000 | Regency Energy Partners LP | 5.875 | 03/01/22 | 4,079,920 | ||||||||||||
| 4,685,000 | g | Rockies Express Pipeline LLC | 6.000 | 01/15/19 | 4,872,400 | |||||||||||
| 2,000,000 | g | Sanchez Energy Corp | 6.125 | 01/15/23 | 1,980,600 | |||||||||||
| 2,000,000 | SandRidge Energy, Inc | 8.750 | 01/15/20 | 2,060,000 | ||||||||||||
| 18,170,000 | SandRidge Energy, Inc | 7.500 | 03/15/21 | 17,715,750 | ||||||||||||
| 7,042,000 | SandRidge Energy, Inc | 8.125 | 10/15/22 | 7,033,198 | ||||||||||||
| 4,000,000 | SM Energy Co | 6.500 | 11/15/21 | 4,230,000 | ||||||||||||
| 5,795,000 | SM Energy Co | 6.500 | 01/01/23 | 6,026,800 | ||||||||||||
| 4,350,000 | Tesoro Corp | 5.375 | 10/01/22 | 4,371,750 | ||||||||||||
| 6,985,000 | g | Ultra Petroleum Corp | 5.750 | 12/15/18 | 7,019,925 | |||||||||||
| 8,200,000 | g | Ultra Petroleum Corp | 6.125 | 10/01/24 | 7,831,000 | |||||||||||
| 168 |
TIAA-CREF FUNDS - High-Yield Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 15,900,000 | Whiting Petroleum Corp | 5.000 | % | 03/15/19 | $ | 16,337,250 | |||||||||
| 4,000,000 | WPX Energy, Inc | 6.000 | 01/15/22 | 4,124,000 | ||||||||||||
| TOTAL ENERGY | 329,671,490 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.5% | ||||||||||||||||
| 13,435,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 13,502,175 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 13,502,175 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.3% | ||||||||||||||||
| 7,150,000 | g | Post Holdings, Inc | 6.750 | 12/01/21 | 6,774,625 | |||||||||||
| 15,335,000 | Post Holdings, Inc | 7.375 | 02/15/22 | 15,181,650 | ||||||||||||
| 7,140,000 | g | Post Holdings, Inc | 6.000 | 12/15/22 | 6,533,100 | |||||||||||
| 5,509,000 | Smithfield Foods, Inc | 6.625 | 08/15/22 | 5,811,995 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 34,301,370 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 6.4% | ||||||||||||||||
| 2,252,000 | Biomet, Inc | 6.500 | 08/01/20 | 2,387,120 | ||||||||||||
| 13,950,000 | CHS/Community Health Systems | 8.000 | 11/15/19 | 14,894,415 | ||||||||||||
| 27,275,000 | g | CHS/Community Health Systems | 6.875 | 02/01/22 | 28,366,000 | |||||||||||
| 3,047,000 | g | Fresenius Medical Care Capital Trust | 5.750 | 02/15/21 | 3,214,585 | |||||||||||
| 5,000,000 | g | Fresenius Medical Care II | 5.625 | 07/31/19 | 5,263,500 | |||||||||||
| 575,000 | HCA Holdings, Inc | 6.250 | 02/15/21 | 600,875 | ||||||||||||
| 705,000 | HCA Holdings, Inc | 7.750 | 05/15/21 | 753,469 | ||||||||||||
| 10,000,000 | HCA, Inc | 6.500 | 02/15/20 | 10,925,000 | ||||||||||||
| 13,600,000 | HCA, Inc | 7.500 | 02/15/22 | 15,300,000 | ||||||||||||
| 1,800,000 | HCA, Inc | 5.875 | 03/15/22 | 1,892,250 | ||||||||||||
| 900,000 | HCA, Inc | 7.500 | 11/06/33 | 945,000 | ||||||||||||
| 9,200,000 | Kinetic Concepts, Inc | 10.500 | 11/01/18 | 10,005,000 | ||||||||||||
| 8,000,000 | Kinetic Concepts, Inc | 12.500 | 11/01/19 | 8,900,000 | ||||||||||||
| 3,325,000 | LifePoint Hospitals, Inc | 5.500 | 12/01/21 | 3,366,562 | ||||||||||||
| 10,863,000 | Mallinckrodt International Finance S.A. | 3.500 | 04/15/18 | 10,509,953 | ||||||||||||
| 9,725,000 | g | Mallinckrodt International Finance S.A. | 5.750 | 08/01/22 | 9,797,938 | |||||||||||
| 13,800,000 | g | Tenet Healthcare Corp | 5.000 | 03/01/19 | 13,627,500 | |||||||||||
| 2,500,000 | Tenet Healthcare Corp | 6.750 | 02/01/20 | 2,606,250 | ||||||||||||
| 4,450,000 | Tenet Healthcare Corp | 6.000 | 10/01/20 | 4,705,875 | ||||||||||||
| 16,000,000 | Tenet Healthcare Corp | 8.125 | 04/01/22 | 17,560,000 | ||||||||||||
| 1,750,000 | Tenet Healthcare Corp | 6.875 | 11/15/31 | 1,688,750 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 167,310,042 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.8% | ||||||||||||||||
| 4,800,000 | g | First Quality Finance Co, Inc | 4.625 | 05/15/21 | 4,476,000 | |||||||||||
| 17,125,000 | Reynolds Group Issuer, Inc | 5.750 | 10/15/20 | 17,424,687 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 21,900,687 | |||||||||||||||
| INSURANCE - 0.9% | ||||||||||||||||
| 11,200,000 | g | Fidelity & Guaranty Life Holdings, Inc | 6.375 | 04/01/21 | 11,732,000 | |||||||||||
| 11,250,000 | g | Onex USI Aquisition Corp | 7.750 | 01/15/21 | 11,193,750 | |||||||||||
| TOTAL INSURANCE | 22,925,750 | |||||||||||||||
| MATERIALS - 5.1% | ||||||||||||||||
| 4,450,000 | Alcoa, Inc | 5.125 | 10/01/24 | 4,455,781 | ||||||||||||
| 169 |
TIAA-CREF FUNDS - High-Yield Fund
| MATURITY | ||||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||||
| $ | 2,750,000 | ArcelorMittal | 5.750 | % | 08/05/20 | $ | 2,870,312 | |||||||||||
| 4,750,000 | ArcelorMittal | 6.000 | 03/01/21 | 4,993,437 | ||||||||||||||
| 2,750,000 | ArcelorMittal | 6.750 | 02/25/22 | 2,952,812 | ||||||||||||||
| 3,700,000 | ArcelorMittal | 7.500 | 10/15/39 | 3,811,000 | ||||||||||||||
| 5,700,000 | ArcelorMittal | 7.250 | 03/01/41 | 5,714,250 | ||||||||||||||
| 3,700,000 | g | Belden, Inc | 5.500 | 09/01/22 | 3,746,250 | |||||||||||||
| 10,100,000 | g | Cascades, Inc | 5.500 | 07/15/22 | 9,797,000 | |||||||||||||
| 2,000,000 | Crown Americas LLC | 6.250 | 02/01/21 | 2,100,000 | ||||||||||||||
| 14,400,000 | g | Eldorado Gold Corp | 6.125 | 12/15/20 | 14,292,000 | |||||||||||||
| 600,000 | Greif, Inc | 7.750 | 08/01/19 | 681,000 | ||||||||||||||
| 7,200,000 | Hexion US Finance Corp | 8.875 | 02/01/18 | 7,335,000 | ||||||||||||||
| 18,710,000 | Hexion US Finance Corp | 6.625 | 04/15/20 | 18,803,550 | ||||||||||||||
| 13,200,000 | Hexion US Finance Corp | 9.000 | 11/15/20 | 12,573,000 | ||||||||||||||
| 3,890,000 | g | INEOS Group Holdings S.A. | 5.875 | 02/15/19 | 3,831,650 | |||||||||||||
| 2,500,000 | Lafarge S.A. | 7.125 | 07/15/36 | 2,812,500 | ||||||||||||||
| 10,500,000 | Rosetta Resources, Inc | 5.625 | 05/01/21 | 10,237,500 | ||||||||||||||
| 3,350,000 | Rosetta Resources, Inc | 5.875 | 06/01/24 | 3,291,375 | ||||||||||||||
| 2,778,000 | g | Sappi Papier Holding AG. | 6.625 | 04/15/21 | 2,875,230 | |||||||||||||
| 2,000,000 | g | Sappi Papier Holding GmbH | 7.750 | 07/15/17 | 2,150,000 | |||||||||||||
| 5,800,000 | g | Sappi Papier Holding GmbH | 8.375 | 06/15/19 | 6,249,500 | |||||||||||||
| 1,675,000 | g | Steel Dynamics, Inc | 5.125 | 10/01/21 | 1,700,125 | |||||||||||||
| 650,000 | Steel Dynamics, Inc | 6.375 | 08/15/22 | 686,563 | ||||||||||||||
| 6,940,000 | Tronox Finance LLC | 6.375 | 08/15/20 | 6,966,025 | ||||||||||||||
| TOTAL MATERIALS | 134,925,860 | |||||||||||||||||
| MEDIA - 7.4% | ||||||||||||||||||
| 1,825,000 | AMC Entertainment Holdings, Inc | 9.750 | 12/01/20 | 2,009,781 | ||||||||||||||
| 15,000,000 | AMC Entertainment, Inc | 5.875 | 02/15/22 | 15,112,500 | ||||||||||||||
| 12,345,000 | Cablevision Systems Corp | 5.875 | 09/15/22 | 11,943,788 | ||||||||||||||
| 1,250,000 | g | CBS Outdoor Americas Capital LLC | 5.250 | 02/15/22 | 1,248,437 | |||||||||||||
| 6,450,000 | g,h | CBS Outdoor Americas Capital LLC | 5.875 | 03/15/25 | 6,482,250 | |||||||||||||
| 4,175,000 | CCO Holdings LLC | 6.500 | 04/30/21 | 4,352,437 | ||||||||||||||
| 1,960,000 | CCO Holdings LLC | 6.625 | 01/31/22 | 2,058,000 | ||||||||||||||
| 1,000,000 | Cinemark USA, Inc | 7.375 | 06/15/21 | 1,070,000 | ||||||||||||||
| 13,110,000 | Clear Channel Worldwide Holdings, Inc | 7.625 | 03/15/20 | 13,601,625 | ||||||||||||||
| 940,000 | Clear Channel Worldwide Holdings, Inc | 7.625 | 03/15/20 | 968,200 | ||||||||||||||
| 2,010,000 | Clear Channel Worldwide Holdings, Inc | 6.500 | 11/15/22 | 2,035,125 | ||||||||||||||
| 8,000,000 | DISH DBS Corp | 6.750 | 06/01/21 | 8,600,000 | ||||||||||||||
| 2,000,000 | DISH DBS Corp | 5.875 | 07/15/22 | 2,040,000 | ||||||||||||||
| 11,500,000 | DISH DBS Corp | 5.000 | 03/15/23 | 11,032,813 | ||||||||||||||
| 1,400,000 | g | Gannett Co, Inc | 4.875 | 09/15/21 | 1,354,500 | |||||||||||||
| 2,275,000 | g | Gannett Co, Inc | 5.500 | 09/15/24 | 2,240,875 | |||||||||||||
| 4,275,000 | Lamar Media Corp | 5.875 | 02/01/22 | 4,403,250 | ||||||||||||||
| 8,000,000 | Nielsen Finance LLC | 4.500 | 10/01/20 | 7,740,000 | ||||||||||||||
| 3,450,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 3,372,375 | |||||||||||||
| 17,000,000 | g | Numericable Group S.A. | 6.000 | 05/15/22 | 17,127,500 | |||||||||||||
| 3,500,000 | g | Numericable Group S.A. | 6.250 | 05/15/24 | 3,491,250 | |||||||||||||
| 4,400,000 | Regal Entertainment Group | 5.750 | 03/15/22 | 4,411,000 | ||||||||||||||
| 5,650,000 | Regal Entertainment Group | 5.750 | 06/15/23 | 5,565,250 | ||||||||||||||
| 11,400,000 | g | Sirius XM Radio, Inc | 5.875 | 10/01/20 | 11,542,500 | |||||||||||||
| 10,638,000 | Starz LLC | 5.000 | 09/15/19 | 10,744,380 | ||||||||||||||
| 9,250,000 | g | Time, Inc | 5.750 | 04/15/22 | 8,856,875 | |||||||||||||
| 170 |
TIAA-CREF FUNDS - High-Yield Fund
| MATURITY | |||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | |||||||||||||
| $ | 5,193,000 | g | Univision Communications, Inc | 7.875 | % | 11/01/20 | $ | 5,563,001 | |||||||||
| 2,000,000 | g | Univision Communications, Inc | 8.500 | 05/15/21 | 2,115,000 | ||||||||||||
| 6,896,000 | g | Univision Communications, Inc | 6.750 | 09/15/22 | 7,378,720 | ||||||||||||
| 7,834,000 | Visant Corp | 10.000 | 10/01/17 | 6,991,845 | |||||||||||||
| 5,550,000 | WideOpenWest Finance LLC | 10.250 | 07/15/19 | 5,994,000 | |||||||||||||
| TOTAL MEDIA | 191,447,277 | ||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.8% | |||||||||||||||||
| 3,389,000 | g | Endo Finance LLC & Endo Finco, Inc | 7.000 | 07/15/19 | 3,549,977 | ||||||||||||
| 1,250,000 | g | Endo Finance LLC & Endo Finco, Inc | 7.000 | 12/15/20 | 1,306,250 | ||||||||||||
| 2,577,000 | g | Endo Finance LLC & Endo Finco, Inc | 7.250 | 01/15/22 | 2,712,293 | ||||||||||||
| 2,000,000 | g | Valeant Pharmaceuticals International, Inc | 7.000 | 10/01/20 | 2,090,000 | ||||||||||||
| 14,200,400 | g | Valeant Pharmaceuticals International, Inc | 6.375 | 10/15/20 | 14,590,911 | ||||||||||||
| 7,375,000 | g | Valeant Pharmaceuticals International, Inc | 7.500 | 07/15/21 | 7,891,250 | ||||||||||||
| 1,900,000 | g | Valeant Pharmaceuticals International, Inc | 6.750 | 08/15/21 | 1,971,250 | ||||||||||||
| 2,450,000 | g | Valeant Pharmaceuticals International, Inc | 5.625 | 12/01/21 | 2,440,812 | ||||||||||||
| 10,000,000 | g | Valeant Pharmaceuticals International, Inc | 7.250 | 07/15/22 | 10,550,000 | ||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 47,102,743 | ||||||||||||||||
| RETAILING - 1.8% | |||||||||||||||||
| 12,500,000 | Asbury Automotive Group, Inc | 8.375 | 11/15/20 | 13,375,000 | |||||||||||||
| 8,750,000 | g | Guitar Center, Inc | 6.500 | 04/15/19 | 7,875,000 | ||||||||||||
| 1,275,000 | JC Penney Corp, Inc | 5.650 | 06/01/20 | 1,071,000 | |||||||||||||
| 3,000,000 | JC Penney Corp, Inc | 6.375 | 10/15/36 | 2,325,000 | |||||||||||||
| 1,875,000 | Limited Brands, Inc | 7.000 | 05/01/20 | 2,081,250 | |||||||||||||
| 12,570,000 | g | Men’s Wearhouse, Inc | 7.000 | 07/01/22 | 12,695,700 | ||||||||||||
| 5,000,000 | Sonic Automotive, Inc | 7.000 | 07/15/22 | 5,325,000 | |||||||||||||
| TOTAL RETAILING | 44,747,950 | ||||||||||||||||
| SOFTWARE & SERVICES - 1.8% | |||||||||||||||||
| 12,085,000 | g | Audatex North America, Inc | 6.000 | 06/15/21 | 12,387,125 | ||||||||||||
| 12,575,000 | g | BMC Software Finance, Inc | 8.125 | 07/15/21 | 12,072,000 | ||||||||||||
| 2,850,000 | g | Boxer Parent Co, Inc | 9.000 | 10/15/19 | 2,622,000 | ||||||||||||
| 2,975,000 | Equinix, Inc | 4.875 | 04/01/20 | 2,945,250 | |||||||||||||
| 2,000,000 | g | IMS Health, Inc | 6.000 | 11/01/20 | 2,050,000 | ||||||||||||
| 6,650,000 | g,o | Infor Software Parent LLC | 7.125 | 05/01/21 | 6,583,500 | ||||||||||||
| 3,350,000 | NCR Corp | 5.875 | 12/15/21 | 3,425,375 | |||||||||||||
| 3,000,000 | g | Nielsen Co Luxembourg SARL | 5.500 | 10/01/21 | 3,015,000 | ||||||||||||
| 2,000,000 | SunGard Data Systems, Inc | 7.625 | 11/15/20 | 2,090,000 | |||||||||||||
| TOTAL SOFTWARE & SERVICES | 47,190,250 | ||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.5% | |||||||||||||||||
| 4,750,000 | g | NXP Funding LLC | 5.750 | 02/15/21 | 4,821,250 | ||||||||||||
| 1,500,000 | Scientific Games Corp | 8.125 | 09/15/18 | 1,443,750 | |||||||||||||
| 4,000,000 | Scientific Games International, Inc | 6.250 | 09/01/20 | 3,340,000 | |||||||||||||
| 5,725,000 | g,h | Zebra Technologies Corp | 7.250 | 10/15/22 | 5,725,000 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 15,330,000 | ||||||||||||||||
| TELECOMMUNICATION SERVICES - 11.0% | |||||||||||||||||
| 2,000,000 | CenturyLink, Inc | 5.625 | 04/01/20 | 2,063,000 | |||||||||||||
| 6,000,000 | CenturyLink, Inc | 6.450 | 06/15/21 | 6,420,000 | |||||||||||||
| 171 |
TIAA-CREF FUNDS - High-Yield Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 7,300,000 | CenturyLink, Inc | 5.800 | % | 03/15/22 | $ | 7,482,500 | |||||||||
| 4,375,000 | CenturyLink, Inc | 6.750 | 12/01/23 | 4,692,187 | ||||||||||||
| 3,300,000 | CenturyLink, Inc | 7.650 | 03/15/42 | 3,250,500 | ||||||||||||
| 3,200,000 | Citizens Communications Co | 7.125 | 03/15/19 | 3,456,000 | ||||||||||||
| 2,750,000 | Citizens Communications Co | 9.000 | 08/15/31 | 2,853,125 | ||||||||||||
| 14,800,000 | g,o | CommScope Holding Co, Inc | 6.625 | 06/01/20 | 15,244,000 | |||||||||||
| 3,500,000 | g | CommScope Holding Co, Inc | 5.000 | 06/15/21 | 3,430,000 | |||||||||||
| 9,400,000 | Frontier Communications Corp | 8.500 | 04/15/20 | 10,434,000 | ||||||||||||
| 3,225,000 | Frontier Communications Corp | 7.125 | 01/15/23 | 3,289,500 | ||||||||||||
| 3,000,000 | Intelsat Jackson Holdings S.A. | 7.250 | 04/01/19 | 3,150,000 | ||||||||||||
| 6,000,000 | Intelsat Jackson Holdings S.A. | 7.250 | 10/15/20 | 6,345,000 | ||||||||||||
| 4,837,000 | Intelsat Jackson Holdings S.A. | 7.500 | 04/01/21 | 5,163,497 | ||||||||||||
| 8,050,000 | Intelsat Jackson Holdings S.A. | 5.500 | 08/01/23 | 7,687,750 | ||||||||||||
| 1,800,000 | Intelsat Luxembourg S.A. | 6.750 | 06/01/18 | 1,849,500 | ||||||||||||
| 10,000,000 | Intelsat Luxembourg S.A. | 7.750 | 06/01/21 | 10,187,500 | ||||||||||||
| 2,850,000 | Intelsat Luxembourg S.A. | 8.125 | 06/01/23 | 2,971,125 | ||||||||||||
| 14,000,000 | g | Kratos Defense & Security Solutions, Inc | 7.000 | 05/15/19 | 13,895,000 | |||||||||||
| 750,000 | g | Lynx I Corp | 5.375 | 04/15/21 | 755,625 | |||||||||||
| 3,800,000 | g | Lynx II Corp | 6.375 | 04/15/23 | 3,923,500 | |||||||||||
| 9,724,000 | Sprint Capital Corp | 6.900 | 05/01/19 | 10,222,355 | ||||||||||||
| 3,507,000 | Sprint Capital Corp | 6.875 | 11/15/28 | 3,349,185 | ||||||||||||
| 2,050,000 | Sprint Capital Corp | 8.750 | 03/15/32 | 2,237,063 | ||||||||||||
| 12,825,000 | g | Sprint Corp | 7.250 | 09/15/21 | 13,354,031 | |||||||||||
| 6,650,000 | g | Sprint Corp | 7.875 | 09/15/23 | 7,049,000 | |||||||||||
| 14,250,000 | g | Sprint Corp | 7.125 | 06/15/24 | 14,356,875 | |||||||||||
| 4,500,000 | g | Sprint Nextel Corp | 9.000 | 11/15/18 | 5,197,500 | |||||||||||
| 3,125,000 | g | Sprint Nextel Corp | 7.000 | 03/01/20 | 3,417,969 | |||||||||||
| 8,125,000 | Sprint Nextel Corp | 6.000 | 11/15/22 | 7,881,250 | ||||||||||||
| 2,850,000 | Telecom Italia Capital S.A. | 7.175 | 06/18/19 | 3,220,500 | ||||||||||||
| 2,850,000 | Telecom Italia Capital S.A. | 6.375 | 11/15/33 | 2,835,750 | ||||||||||||
| 2,850,000 | Telecom Italia Capital S.A. | 6.000 | 09/30/34 | 2,789,438 | ||||||||||||
| 4,750,000 | Telecom Italia Capital S.A. | 7.721 | 06/04/38 | 5,343,750 | ||||||||||||
| 9,300,000 | g | Telecom Italia S.p.A | 5.303 | 05/30/24 | 9,114,000 | |||||||||||
| 1,900,000 | T-Mobile USA, Inc | 5.250 | 09/01/18 | 1,957,000 | ||||||||||||
| 12,350,000 | T-Mobile USA, Inc | 6.542 | 04/28/20 | 12,658,750 | ||||||||||||
| 4,750,000 | T-Mobile USA, Inc | 6.125 | 01/15/22 | 4,773,750 | ||||||||||||
| 6,100,000 | T-Mobile USA, Inc | 6.731 | 04/28/22 | 6,237,250 | ||||||||||||
| 525,000 | T-Mobile USA, Inc | 6.836 | 04/28/23 | 539,437 | ||||||||||||
| 3,175,000 | T-Mobile USA, Inc | 6.500 | 01/15/24 | 3,214,688 | ||||||||||||
| 6,950,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 6,932,625 | ||||||||||||
| 3,025,000 | g,h | Virgin Media Finance plc | 6.000 | 10/15/24 | 3,028,781 | |||||||||||
| 14,125,000 | g | Wind Acquisition Finance S.A. | 4.750 | 07/15/20 | 13,560,000 | |||||||||||
| 4,750,000 | g | Wind Acquisition Finance S.A. | 7.375 | 04/23/21 | 4,773,750 | |||||||||||
| 14,250,000 | Windstream Corp | 7.750 | 10/01/21 | 15,176,250 | ||||||||||||
| 2,000,000 | Windstream Corp | 7.500 | 04/01/23 | 2,050,000 | ||||||||||||
| 1,925,000 | Windstream Corp | 6.375 | 08/01/23 | 1,857,625 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 285,671,881 | |||||||||||||||
| TRANSPORTATION - 2.5% | ||||||||||||||||
| 4,000,000 | g | Bombardier, Inc | 7.500 | 03/15/18 | 4,370,000 | |||||||||||
| 3,350,000 | g | Bombardier, Inc | 4.750 | 04/15/19 | 3,341,625 | |||||||||||
| 172 |
TIAA-CREF FUNDS - High-Yield Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 6,000,000 | g | Bombardier, Inc | 7.750 | % | 03/15/20 | $ | 6,541,200 | ||||||||
| 9,500,000 | g | Bombardier, Inc | 6.000 | 10/15/22 | 9,452,500 | |||||||||||
| 7,825,000 | g | Bombardier, Inc | 6.125 | 01/15/23 | 7,834,781 | |||||||||||
| 2,525,000 | Bristow Group, Inc | 6.250 | 10/15/22 | 2,619,688 | ||||||||||||
| 17,920,000 | Gulfmark Offshore, Inc | 6.375 | 03/15/22 | 17,292,800 | ||||||||||||
| 8,750,000 | g | Meccanica Holdings USA, Inc | 6.250 | 07/15/19 | 9,450,000 | |||||||||||
| 1,800,000 | g | Meccanica Holdings USA, Inc | 7.375 | 07/15/39 | 1,881,000 | |||||||||||
| TOTAL TRANSPORTATION | 62,783,594 | |||||||||||||||
| UTILITIES - 4.7% | ||||||||||||||||
| 11,145,000 | AES Corp | 7.375 | 07/01/21 | 12,482,400 | ||||||||||||
| 4,000,000 | AmeriGas Finance LLC | 7.000 | 05/20/22 | 4,190,000 | ||||||||||||
| 5,000,000 | AmeriGas Partners LP | 6.250 | 08/20/19 | 5,137,500 | ||||||||||||
| 11,821,000 | g | Calpine Corp | 7.875 | 01/15/23 | 12,884,890 | |||||||||||
| 6,580,000 | Ferrellgas LP | 6.500 | 05/01/21 | 6,431,950 | ||||||||||||
| 11,000,000 | Ferrellgas LP | 6.750 | 01/15/22 | 10,725,000 | ||||||||||||
| 13,373,000 | Ferrellgas Partners LP | 8.625 | 06/15/20 | 13,907,920 | ||||||||||||
| 3,000,000 | NRG Energy, Inc | 8.250 | 09/01/20 | 3,213,750 | ||||||||||||
| 11,320,000 | NRG Energy, Inc | 7.875 | 05/15/21 | 12,169,000 | ||||||||||||
| 5,000,000 | g | NRG Energy, Inc | 6.250 | 07/15/22 | 5,128,125 | |||||||||||
| 6,750,000 | NRG Energy, Inc | 6.625 | 03/15/23 | 6,952,500 | ||||||||||||
| 7,000,000 | g | NRG Energy, Inc | 6.250 | 05/01/24 | 7,017,500 | |||||||||||
| 8,335,000 | Sabine Pass Liquefaction LLC | 5.625 | 02/01/21 | 8,564,213 | ||||||||||||
| 2,750,000 | Sabine Pass Liquefaction LLC | 5.625 | 04/15/23 | 2,777,500 | ||||||||||||
| 7,445,000 | Sabine Pass LNG LP | 6.500 | 11/01/20 | 7,668,350 | ||||||||||||
| 1,397,000 | Suburban Propane Partners LP | 7.375 | 08/01/21 | 1,480,820 | ||||||||||||
| TOTAL UTILITIES | 120,731,418 | |||||||||||||||
| TOTAL CORPORATE BONDS | 2,048,676,588 | |||||||||||||||
| (Cost $2,033,810,258) | ||||||||||||||||
| TOTAL BONDS | 2,048,676,588 | |||||||||||||||
| (Cost $2,033,810,258) | ||||||||||||||||
| SHARES | COMPANY | |||||||||||||||
| PREFERRED STOCKS - 0.2% | ||||||||||||||||
| BANKS - 0.2% | ||||||||||||||||
| 180,000 | Regions Financial Corp | 6.375 | 12/30/49 | 4,380,915 | ||||||||||||
| TOTAL BANKS | 4,380,915 | |||||||||||||||
| TOTAL PREFERRED STOCKS | 4,380,915 | |||||||||||||||
| (Cost $4,500,000) | ||||||||||||||||
| 173 |
TIAA-CREF FUNDS - High-Yield Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| SHORT-TERM INVESTMENTS - 0.9% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.6% | ||||||||||||||||
| $ | 15,000,000 | Federal Home Loan Bank (FHLB) | 0.035 | % | 11/14/14 | $ | 14,999,358 | |||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 14,999,358 | |||||||||||||||
| TREASURY DEBT - 0.3% | ||||||||||||||||
| 5,600,000 | United States Treasury Bill | 0.033 | 12/18/14 | 5,599,787 | ||||||||||||
| 2,400,000 | United States Treasury Bill | 0.074 | 02/05/15 | 2,399,811 | ||||||||||||
| TOTAL TREASURY DEBT | 7,999,598 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 22,998,956 | |||||||||||||||
| (Cost $22,998,337) | ||||||||||||||||
| TOTAL INVESTMENTS - 98.0% | 2,549,576,169 | |||||||||||||||
| (Cost $2,540,750,277) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 2.0% | 52,363,206 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 2,601,939,375 | ||||||||||||||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities was $771,454,203 or 29.6% of net assets. | ||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | ||
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. | ||
| o | Payment in Kind Bond. | ||
| 174 |
TIAA-CREF FUNDS - Inflation-Linked Bond Fund
TIAA-CREF FUNDS
INFLATION-LINKED BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2014
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| GOVERNMENT BONDS - 97.9% | ||||||||||||||||
| U.S. TREASURY SECURITIES - 97.9% | ||||||||||||||||
| $ | 5,000,000 | United States Treasury Bond | 3.625 | % | 02/15/44 | $ | 5,403,125 | |||||||||
| 45,051,012 | k | United States Treasury Inflation Indexed Bonds | 2.000 | 01/15/16 | 46,634,825 | |||||||||||
| 89,473,875 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/16 | 90,508,372 | |||||||||||
| 42,875,654 | k | United States Treasury Inflation Indexed Bonds | 2.500 | 07/15/16 | 45,511,821 | |||||||||||
| 39,375,053 | k | United States Treasury Inflation Indexed Bonds | 2.375 | 01/15/17 | 42,042,083 | |||||||||||
| 100,427,339 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/17 | 101,761,114 | |||||||||||
| 31,564,618 | k | United States Treasury Inflation Indexed Bonds | 2.625 | 07/15/17 | 34,412,820 | |||||||||||
| 31,352,259 | k | United States Treasury Inflation Indexed Bonds | 1.625 | 01/15/18 | 33,294,626 | |||||||||||
| 94,204,152 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/18 | 94,954,865 | |||||||||||
| 32,401,418 | k | United States Treasury Inflation Indexed Bonds | 1.375 | 07/15/18 | 34,418,924 | |||||||||||
| 31,512,151 | k | United States Treasury Inflation Indexed Bonds | 2.125 | 01/15/19 | 34,424,567 | |||||||||||
| 81,343,200 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/19 | 81,540,213 | |||||||||||
| 35,607,570 | k | United States Treasury Inflation Indexed Bonds | 1.875 | 07/15/19 | 38,853,984 | |||||||||||
| 42,141,601 | k | United States Treasury Inflation Indexed Bonds | 1.375 | 01/15/20 | 44,824,841 | |||||||||||
| 65,104,161 | k | United States Treasury Inflation Indexed Bonds | 1.250 | 07/15/20 | 69,122,324 | |||||||||||
| 71,971,460 | k | United States Treasury Inflation Indexed Bonds | 1.125 | 01/15/21 | 75,491,297 | |||||||||||
| 70,753,817 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 07/15/21 | 72,179,931 | |||||||||||
| 74,751,492 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/22 | 73,034,525 | |||||||||||
| 103,605,000 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/22 | 101,136,300 | |||||||||||
| 68,124,540 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/23 | 65,910,492 | |||||||||||
| 56,307,900 | k | United States Treasury Inflation Indexed Bonds | 0.375 | 07/15/23 | 55,696,453 | |||||||||||
| 63,052,925 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 01/15/24 | 63,368,190 | |||||||||||
| 35,119,000 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/24 | 33,716,979 | |||||||||||
| 57,957,622 | k | United States Treasury Inflation Indexed Bonds | 2.375 | 01/15/25 | 67,882,865 | |||||||||||
| 40,880,822 | k | United States Treasury Inflation Indexed Bonds | 2.000 | 01/15/26 | 46,530,675 | |||||||||||
| 33,089,491 | k | United States Treasury Inflation Indexed Bonds | 2.375 | 01/15/27 | 39,164,524 | |||||||||||
| 35,284,939 | k | United States Treasury Inflation Indexed Bonds | 1.750 | 01/15/28 | 39,273,796 | |||||||||||
| 33,974,656 | k | United States Treasury Inflation Indexed Bonds | 3.625 | 04/15/28 | 46,136,529 | |||||||||||
| 35,721,243 | k | United States Treasury Inflation Indexed Bonds | 2.500 | 01/15/29 | 43,599,456 | |||||||||||
| 36,214,859 | k | United States Treasury Inflation Indexed Bonds | 3.875 | 04/15/29 | 51,085,585 | |||||||||||
| 13,058,945 | k | United States Treasury Inflation Indexed Bonds | 3.375 | 04/15/32 | 18,145,809 | |||||||||||
| 15,986,802 | k | United States Treasury Inflation Indexed Bonds | 2.125 | 02/15/40 | 19,783,667 | |||||||||||
| 26,945,505 | k | United States Treasury Inflation Indexed Bonds | 2.125 | 02/15/41 | 33,524,008 | |||||||||||
| 45,022,880 | k | United States Treasury Inflation Indexed Bonds | 0.750 | 02/15/42 | 41,227,586 | |||||||||||
| 30,052,120 | k | United States Treasury Inflation Indexed Bonds | 0.625 | 02/15/43 | 26,530,372 | |||||||||||
| 24,534,960 | k | United States Treasury Inflation Indexed Bonds | 1.375 | 02/15/44 | 26,242,814 | |||||||||||
| 4,000,000 | United States Treasury Note | 2.750 | 02/15/24 | 4,094,064 | ||||||||||||
| 20,000,000 | United States Treasury Note | 2.500 | 05/15/24 | 20,012,500 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 1,861,476,921 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 1,861,476,921 | |||||||||||||||
| (Cost $1,821,189,419) | ||||||||||||||||
| 175 |
TIAA-CREF FUNDS- Inflation-Linked Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| SHORT-TERM INVESTMENTS - 0.8% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.5% | ||||||||||||||||
| $ | 9,000,000 | Federal Home Loan Bank (FHLB) | 0.035 | % | 11/14/14 | $ | 8,999,615 | |||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 8,999,615 | |||||||||||||||
| TREASURY DEBT - 0.3% | ||||||||||||||||
| 400,000 | United States Treasury Bill | 0.033 | 12/18/14 | 399,985 | ||||||||||||
| 6,000,000 | United States Treasury Bill | 0.103 | 07/23/15 | 5,997,294 | ||||||||||||
| TOTAL TREASURY DEBT | 6,397,279 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 15,396,894 | |||||||||||||||
| (Cost $15,394,547) | ||||||||||||||||
| TOTAL INVESTMENTS - 98.7% | 1,876,873,815 | |||||||||||||||
| (Cost $1,836,583,966) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 1.3% | 23,783,427 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 1,900,657,242 | ||||||||||||||
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
| 176 |
TIAA-CREF FUNDS - Short-Term Bond Fund
TIAA-CREF FUNDS
SHORT-TERM BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2014
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| BANK LOAN OBLIGATIONS - 0.8% | ||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.3% | ||||||||||||||||
| $ | 1,000,000 | i | Libbey Glass, Inc | 3.750 | % | 04/09/21 | $ | 989,380 | ||||||||
| 2,761,727 | i | PVH Corp | 3.250 | 02/13/20 | 2,761,147 | |||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 3,750,527 | |||||||||||||||
| CONSUMER SERVICES - 0.1% | ||||||||||||||||
| 873,000 | i | ARAMARK Corp | 3.250 | 09/07/19 | 856,195 | |||||||||||
| 929,825 | i | Hilton Worldwide | 3.500 | 10/26/20 | 914,324 | |||||||||||
| TOTAL CONSUMER SERVICES | 1,770,519 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.1% | ||||||||||||||||
| 1,678,750 | i | HJ Heinz Co | 3.250 | 06/07/19 | 1,653,569 | |||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 1,653,569 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.1% | ||||||||||||||||
| 923,374 | i | Capsugel Holdings US, Inc | 3.500 | 08/01/18 | 904,444 | |||||||||||
| 199,000 | i | CHS/Community Health Systems | 4.250 | 01/27/21 | 198,272 | |||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 1,102,716 | |||||||||||||||
| MEDIA - 0.1% | ||||||||||||||||
| 868,889 | i | CSC Holdings LLC | 2.654 | 04/17/20 | 842,553 | |||||||||||
| 295,500 | i | Univision Communications, Inc | 4.000 | 03/01/20 | 289,590 | |||||||||||
| TOTAL MEDIA | 1,132,143 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% | ||||||||||||||||
| 997,500 | i | Avago Technologies Ltd | 3.750 | 05/06/21 | 987,655 | |||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 987,655 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | ||||||||||||||||
| 994,975 | i | NXP BV | 3.250 | 01/11/20 | 977,254 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 977,254 | |||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 11,374,383 | |||||||||||||||
| (Cost $11,498,833) | ||||||||||||||||
| BONDS - 91.8% | ||||||||||||||||
| CORPORATE BONDS - 35.2% | ||||||||||||||||
| BANKS - 11.1% | ||||||||||||||||
| 7,000,000 | g | Australia & New Zealand Banking Group Ltd | 2.400 | 11/23/16 | 7,203,322 | |||||||||||
| 535,000 | g | Banco de Credito del Peru | 2.750 | 01/09/18 | 535,000 | |||||||||||
| 500,000 | Banco de Oro Unibank, Inc | 3.875 | 04/22/16 | 512,500 | ||||||||||||
| 3,175,000 | g | Banco del Estado de Chile | 2.000 | 11/09/17 | 3,195,222 | |||||||||||
| 177 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 788,000 | g | Bank Nederlandse Gemeenten | 1.375 | % | 09/27/17 | $ | 790,673 | ||||||||
| 2,675,000 | Bank of America Corp | 3.750 | 07/12/16 | 2,792,400 | ||||||||||||
| 9,350,000 | Bank of America Corp | 2.000 | 01/11/18 | 9,309,337 | ||||||||||||
| 250,000 | g | Bank of Nova Scotia | 1.650 | 10/29/15 | 253,148 | |||||||||||
| 15,000,000 | Bank of Nova Scotia | 2.125 | 09/11/19 | 14,917,665 | ||||||||||||
| 1,000,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 02/23/17 | 1,022,623 | |||||||||||
| 1,000,000 | BB&T Corp | 3.200 | 03/15/16 | 1,033,869 | ||||||||||||
| 2,500,000 | BDO Unibank, Inc | 4.500 | 02/16/17 | 2,618,750 | ||||||||||||
| 5,000,000 | Branch Banking & Trust Co | 1.350 | 10/01/17 | 4,965,875 | ||||||||||||
| 3,000,000 | g | Caixa Economica Federal | 2.375 | 11/06/17 | 2,910,000 | |||||||||||
| 1,125,000 | g | Caixa Economica Federal | 4.250 | 05/13/19 | 1,119,375 | |||||||||||
| 456,000 | Citigroup, Inc | 5.500 | 10/15/14 | 456,847 | ||||||||||||
| 6,750,000 | Citigroup, Inc | 1.300 | 11/15/16 | 6,751,323 | ||||||||||||
| 4,000,000 | g | DBS Group Holdings Ltd | 2.246 | 07/16/19 | 3,958,920 | |||||||||||
| 3,750,000 | Eksportfinans ASA | 2.375 | 05/25/16 | 3,754,500 | ||||||||||||
| 2,500,000 | Fifth Third Bancorp | 1.350 | 06/01/17 | 2,492,580 | ||||||||||||
| 1,000,000 | First Horizon National Corp | 5.375 | 12/15/15 | 1,048,080 | ||||||||||||
| 900,000 | HSBC USA, Inc | 2.375 | 02/13/15 | 906,777 | ||||||||||||
| 5,000,000 | Huntington National Bank | 1.300 | 11/20/16 | 5,004,410 | ||||||||||||
| 4,050,000 | g | Hutchison Whampoa International 12 II Ltd | 2.000 | 11/08/17 | 4,080,035 | |||||||||||
| 10,000,000 | JPMorgan Chase & Co | 0.800 | 04/23/15 | 10,026,380 | ||||||||||||
| 3,000,000 | JPMorgan Chase & Co | 1.350 | 02/15/17 | 2,993,463 | ||||||||||||
| 2,500,000 | g | National Australia Bank Ltd | 2.000 | 06/20/17 | 2,543,427 | |||||||||||
| 10,000,000 | g | National Australia Bank Ltd | 2.125 | 09/09/19 | 9,960,840 | |||||||||||
| 2,000,000 | PNC Bank NA | 1.125 | 01/27/17 | 1,994,128 | ||||||||||||
| 7,000,000 | Royal Bank of Canada | 1.200 | 01/23/17 | 6,999,370 | ||||||||||||
| 9,000,000 | g | Skandinaviska Enskilda Banken AB | 1.375 | 05/29/18 | 8,887,770 | |||||||||||
| 5,000,000 | g | SpareBank Boligkreditt AS. | 1.250 | 05/02/18 | 4,908,755 | |||||||||||
| 1,800,000 | g | State Bank of India | 4.125 | 08/01/17 | 1,876,286 | |||||||||||
| 300,000 | g | State Bank of India | 3.250 | 04/18/18 | 302,991 | |||||||||||
| 1,000,000 | SunTrust Bank | 1.350 | 02/15/17 | 999,436 | ||||||||||||
| 2,000,000 | SunTrust Banks, Inc | 2.500 | 05/01/19 | 2,007,472 | ||||||||||||
| 500,000 | g | Turkiye Is Bankasi | 3.875 | 11/07/17 | 499,000 | |||||||||||
| 500,000 | Union Bank NA | 2.125 | 06/16/17 | 508,058 | ||||||||||||
| 1,000,000 | US Bancorp | 3.125 | 04/01/15 | 1,014,058 | ||||||||||||
| 500,000 | US Bancorp | 1.650 | 05/15/17 | 504,549 | ||||||||||||
| 5,000,000 | US Bank NA | 1.100 | 01/30/17 | 4,994,975 | ||||||||||||
| 1,000,000 | Westpac Banking Corp | 3.000 | 08/04/15 | 1,021,728 | ||||||||||||
| 6,000,000 | g | Westpac Banking Corp | 2.450 | 11/28/16 | 6,182,364 | |||||||||||
| 2,700,000 | g | Westpac Banking Corp | 1.250 | 12/15/17 | 2,675,152 | |||||||||||
| 5,000,000 | g | Westpac Banking Corp | 1.850 | 11/26/18 | 4,980,545 | |||||||||||
| 1,000,000 | g | Zenith Bank plc | 6.250 | 04/22/19 | 1,000,000 | |||||||||||
| TOTAL BANKS | 158,513,978 | |||||||||||||||
| CAPITAL GOODS - 2.0% | ||||||||||||||||
| 3,000,000 | Caterpillar Financial Services Corp | 1.250 | 08/18/17 | 2,991,237 | ||||||||||||
| 475,000 | Caterpillar, Inc | 1.500 | 06/26/17 | 477,935 | ||||||||||||
| 2,000,000 | Eaton Corp | 1.500 | 11/02/17 | 1,991,388 | ||||||||||||
| 2,000,000 | John Deere Capital Corp | 1.050 | 10/11/16 | 2,004,586 | ||||||||||||
| 12,450,000 | John Deere Capital Corp | 1.050 | 12/15/16 | 12,467,442 | ||||||||||||
| 1,000,000 | John Deere Capital Corp | 2.000 | 01/13/17 | 1,020,555 | ||||||||||||
| 1,000,000 | John Deere Capital Corp | 1.400 | 03/15/17 | 1,007,381 | ||||||||||||
| 178 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 5,925,000 | Pentair Finance S.A. | 1.350 | % | 12/01/15 | $ | 5,958,850 | |||||||||
| 500,000 | United Technologies Corp | 1.800 | 06/01/17 | 507,386 | ||||||||||||
| TOTAL CAPITAL GOODS | 28,426,760 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.6% | ||||||||||||||||
| 4,400,000 | Air Lease Corp | 2.125 | 01/15/18 | 4,367,000 | ||||||||||||
| 3,200,000 | Synchrony Financial | 1.875 | 08/15/17 | 3,204,413 | ||||||||||||
| 1,000,000 | Waste Management, Inc | 2.600 | 09/01/16 | 1,028,992 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 8,600,405 | |||||||||||||||
| CONSUMER SERVICES - 0.4% | ||||||||||||||||
| 1,000,000 | g | SABMiller Holdings, Inc | 2.450 | 01/15/17 | 1,021,602 | |||||||||||
| 5,000,000 | Walt Disney Co | 0.875 | 05/30/17 | 4,957,105 | ||||||||||||
| TOTAL CONSUMER SERVICES | 5,978,707 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 7.0% | ||||||||||||||||
| 2,000,000 | g | Abbey National Treasury Services plc | 3.875 | 11/10/14 | 2,007,126 | |||||||||||
| 550,000 | American Express Centurion Bank | 0.875 | 11/13/15 | 551,777 | ||||||||||||
| 500,000 | American Express Centurion Bank | 6.000 | 09/13/17 | 563,119 | ||||||||||||
| 1,150,000 | American Express Credit Corp | 1.750 | 06/12/15 | 1,160,307 | ||||||||||||
| 1,000,000 | American Express Credit Corp | 1.300 | 07/29/16 | 1,006,670 | ||||||||||||
| 1,000,000 | American Express Credit Corp | 2.800 | 09/19/16 | 1,033,033 | ||||||||||||
| 1,000,000 | Bank of New York Mellon Corp | 1.200 | 02/20/15 | 1,002,703 | ||||||||||||
| 150,000 | i | Bank of New York Mellon Corp | 1.969 | 06/20/17 | 152,349 | |||||||||||
| 500,000 | BlackRock, Inc | 3.500 | 12/10/14 | 502,961 | ||||||||||||
| 825,000 | BlackRock, Inc | 1.375 | 06/01/15 | 830,409 | ||||||||||||
| 1,000,000 | BNP Paribas S.A. | 1.375 | 03/17/17 | 997,384 | ||||||||||||
| 8,000,000 | g | Caisse Centrale Desjardins du Quebec | 1.600 | 03/06/17 | 8,082,808 | |||||||||||
| 2,400,000 | Capital One Financial Corp | 1.000 | 11/06/15 | 2,406,698 | ||||||||||||
| 1,675,000 | Ford Motor Credit Co LLC | 4.250 | 02/03/17 | 1,776,083 | ||||||||||||
| 3,250,000 | Ford Motor Credit Co LLC | 3.000 | 06/12/17 | 3,354,247 | ||||||||||||
| 825,000 | Ford Motor Credit Co LLC | 6.625 | 08/15/17 | 932,645 | ||||||||||||
| 500,000 | General Electric Capital Corp | 3.750 | 11/14/14 | 502,086 | ||||||||||||
| 3,000,000 | General Electric Capital Corp | 1.625 | 07/02/15 | 3,028,530 | ||||||||||||
| 5,000,000 | General Electric Capital Corp | 1.500 | 07/12/16 | 5,060,720 | ||||||||||||
| 2,000,000 | General Electric Capital Corp | 2.300 | 04/27/17 | 2,054,992 | ||||||||||||
| 2,312,000 | General Motors Financial Co, Inc | 2.750 | 05/15/16 | 2,329,340 | ||||||||||||
| 1,375,000 | Goldman Sachs Group, Inc | 3.300 | 05/03/15 | 1,396,945 | ||||||||||||
| 10,000,000 | Goldman Sachs Group, Inc | 3.625 | 02/07/16 | 10,334,220 | ||||||||||||
| 200,000 | g | Hyundai Capital Services, Inc | 4.375 | 07/27/16 | 210,740 | |||||||||||
| 1,000,000 | g | Hyundai Capital Services, Inc | 3.500 | 09/13/17 | 1,043,441 | |||||||||||
| 300,000 | Indian Railway Finance Corp Ltd | 3.917 | 02/26/19 | 308,487 | ||||||||||||
| 2,000,000 | i | International Lease Finance Corp | 3.500 | 03/06/21 | 1,971,660 | |||||||||||
| 200,000 | International Lease Finance Corp | 5.750 | 05/15/16 | 209,000 | ||||||||||||
| 200,000 | International Lease Finance Corp | 3.875 | 04/15/18 | 198,500 | ||||||||||||
| 1,000,000 | Jefferies Group, Inc | 3.875 | 11/09/15 | 1,028,950 | ||||||||||||
| 1,500,000 | g | Lukoil International Finance BV | 3.416 | 04/24/18 | 1,404,375 | |||||||||||
| 1,800,000 | Morgan Stanley | 1.750 | 02/25/16 | 1,819,199 | ||||||||||||
| 1,000,000 | National Rural Utilities Cooperative Finance Corp | 1.000 | 02/02/15 | 1,002,449 | ||||||||||||
| 1,000,000 | National Rural Utilities Cooperative Finance Corp | 1.100 | 01/27/17 | 998,388 | ||||||||||||
| 10,000,000 | g | Nederlandse Waterschapsbank NV | 1.875 | 03/13/19 | 10,004,180 | |||||||||||
| 500,000 | g | NongHyup Bank | 2.750 | 09/29/19 | 500,200 | |||||||||||
| 179 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 500,000 | g | PTTEP Australia International Finance Pty Ltd | 4.152 | % | 07/19/15 | $ | 511,252 | ||||||||
| 1,675,000 | State Street Corp | 1.350 | 05/15/18 | 1,645,696 | ||||||||||||
| 410,000 | Toyota Motor Credit Corp | 1.250 | 10/05/17 | 407,432 | ||||||||||||
| 2,000,000 | UBS AG. | 1.375 | 08/14/17 | 1,984,178 | ||||||||||||
| 1,000,000 | Unilever Capital Corp | 2.750 | 02/10/16 | 1,029,180 | ||||||||||||
| 2,000,000 | Wells Fargo & Co | 1.500 | 07/01/15 | 2,016,282 | ||||||||||||
| 11,000,000 | Wells Fargo & Co | 1.250 | 07/20/16 | 11,063,976 | ||||||||||||
| 3,500,000 | Wells Fargo & Co | 2.100 | 05/08/17 | 3,569,566 | ||||||||||||
| 5,000,000 | Wells Fargo & Co | 1.400 | 09/08/17 | 4,985,160 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 98,979,443 | |||||||||||||||
| ENERGY - 1.8% | ||||||||||||||||
| 250,000 | Apache Corp | 1.750 | 04/15/17 | 251,835 | ||||||||||||
| 1,000,000 | Ashland, Inc | 3.000 | 03/15/16 | 1,000,000 | ||||||||||||
| 1,600,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 1,571,301 | ||||||||||||
| 2,000,000 | Chevron Corp | 1.104 | 12/05/17 | 1,980,836 | ||||||||||||
| 350,000 | ConocoPhillips | 4.600 | 01/15/15 | 354,051 | ||||||||||||
| 625,000 | Devon Energy Corp | 1.875 | 05/15/17 | 630,745 | ||||||||||||
| 2,450,000 | Ecopetrol S.A. | 4.250 | 09/18/18 | 2,597,000 | ||||||||||||
| 1,150,000 | EOG Resources, Inc | 2.950 | 06/01/15 | 1,169,583 | ||||||||||||
| 350,000 | Marathon Petroleum Corp | 3.500 | 03/01/16 | 362,074 | ||||||||||||
| 375,000 | Noble Holding International Ltd | 3.450 | 08/01/15 | 382,664 | ||||||||||||
| 1,550,000 | Noble Holding International Ltd | 2.500 | 03/15/17 | 1,577,981 | ||||||||||||
| 500,000 | Occidental Petroleum Corp | 2.500 | 02/01/16 | 511,049 | ||||||||||||
| 1,850,000 | i | Petrobras Global Finance BV | 1.852 | 05/20/16 | 1,848,150 | |||||||||||
| 2,300,000 | Petrobras Global Finance BV | 3.250 | 03/17/17 | 2,327,531 | ||||||||||||
| 975,000 | Petrobras International Finance Co | 3.875 | 01/27/16 | 997,912 | ||||||||||||
| 925,000 | Petrobras International Finance Co | 3.500 | 02/06/17 | 941,076 | ||||||||||||
| 500,000 | Petroleos Mexicanos | 4.875 | 03/15/15 | 509,095 | ||||||||||||
| 625,000 | Petroleos Mexicanos | 3.500 | 07/18/18 | 648,125 | ||||||||||||
| 400,000 | Phillips 66 | 1.950 | 03/05/15 | 402,557 | ||||||||||||
| 1,000,000 | g | PTT Exploration & Production PCL | 3.707 | 09/16/18 | 1,039,490 | |||||||||||
| 100,000 | Statoil ASA | 2.900 | 10/15/14 | 100,083 | ||||||||||||
| 750,000 | Statoil ASA | 1.200 | 01/17/18 | 740,660 | ||||||||||||
| 1,000,000 | Tesoro Corp | 4.250 | 10/01/17 | 1,025,000 | ||||||||||||
| 750,000 | Total Capital International S.A. | 1.500 | 02/17/17 | 756,584 | ||||||||||||
| 1,000,000 | Vale Overseas Ltd | 6.250 | 01/23/17 | 1,101,680 | ||||||||||||
| 475,000 | Valero Energy Corp | 4.500 | 02/01/15 | 481,080 | ||||||||||||
| TOTAL ENERGY | 25,308,142 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.2% | ||||||||||||||||
| 1,075,000 | CVS Caremark Corp | 3.250 | 05/18/15 | 1,093,832 | ||||||||||||
| 1,000,000 | CVS Caremark Corp | 1.200 | 12/05/16 | 1,001,435 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 2,095,267 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.8% | ||||||||||||||||
| 2,000,000 | Anheuser-Busch InBev Finance, Inc | 1.125 | 01/27/17 | 1,999,036 | ||||||||||||
| 700,000 | Anheuser-Busch InBev Worldwide, Inc | 4.125 | 01/15/15 | 707,464 | ||||||||||||
| 500,000 | Anheuser-Busch InBev Worldwide, Inc | 2.875 | 02/15/16 | 513,845 | ||||||||||||
| 2,000,000 | Coca-Cola Co | 0.750 | 03/13/15 | 2,003,330 | ||||||||||||
| 600,000 | Coca-Cola Co | 1.800 | 09/01/16 | 611,842 | ||||||||||||
| 2,000,000 | Constellation Brands, Inc | 8.375 | 12/15/14 | 2,024,000 | ||||||||||||
| 180 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 135,000 | General Mills, Inc | 5.200 | % | 03/17/15 | $ | 137,910 | |||||||||
| 1,650,000 | General Mills, Inc | 0.875 | 01/29/16 | 1,654,770 | ||||||||||||
| 200,000 | Mondelez International, Inc | 4.125 | 02/09/16 | 208,681 | ||||||||||||
| 1,000,000 | g | Pernod-Ricard S.A. | 2.950 | 01/15/17 | 1,030,887 | |||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 10,891,765 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.8% | ||||||||||||||||
| 1,000,000 | Baxter International, Inc | 0.950 | 06/01/16 | 1,003,210 | ||||||||||||
| 200,000 | Becton Dickinson & Co | 1.750 | 11/08/16 | 203,338 | ||||||||||||
| 3,300,000 | CareFusion Corp | 1.450 | 05/15/17 | 3,282,830 | ||||||||||||
| 500,000 | Covidien International Finance S.A. | 1.350 | 05/29/15 | 502,289 | ||||||||||||
| 600,000 | Express Scripts Holding Co | 2.100 | 02/12/15 | 603,429 | ||||||||||||
| 1,000,000 | g | Fresenius US Finance II, Inc | 9.000 | 07/15/15 | 1,057,500 | |||||||||||
| 1,000,000 | McKesson Corp | 1.292 | 03/10/17 | 996,455 | ||||||||||||
| 1,000,000 | Medco Health Solutions, Inc | 2.750 | 09/15/15 | 1,018,980 | ||||||||||||
| 245,000 | Thermo Fisher Scientific, Inc | 3.200 | 05/01/15 | 248,812 | ||||||||||||
| 2,250,000 | Thermo Fisher Scientific, Inc | 1.300 | 02/01/17 | 2,243,122 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 11,159,965 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||
| 1,000,000 | Ecolab, Inc | 3.000 | 12/08/16 | 1,037,897 | ||||||||||||
| 375,000 | Ecolab, Inc | 1.450 | 12/08/17 | 372,121 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1,410,018 | |||||||||||||||
| INSURANCE - 0.7% | ||||||||||||||||
| 750,000 | Aetna, Inc | 1.500 | 11/15/17 | 746,959 | ||||||||||||
| 675,000 | Hartford Financial Services Group, Inc | 4.000 | 10/15/17 | 722,284 | ||||||||||||
| 2,000,000 | g | Metropolitan Life Global Funding I | 1.300 | 04/10/17 | 1,996,850 | |||||||||||
| 400,000 | Principal Financial Group, Inc | 1.850 | 11/15/17 | 400,132 | ||||||||||||
| 1,000,000 | Prudential Financial, Inc | 3.875 | 01/14/15 | 1,009,843 | ||||||||||||
| 550,000 | UnitedHealth Group, Inc | 0.850 | 10/15/15 | 551,651 | ||||||||||||
| 2,425,000 | UnitedHealth Group, Inc | 1.400 | 10/15/17 | 2,421,498 | ||||||||||||
| 1,500,000 | Willis Group Holdings plc | 4.125 | 03/15/16 | 1,558,009 | ||||||||||||
| TOTAL INSURANCE | 9,407,226 | |||||||||||||||
| MATERIALS - 0.8% | ||||||||||||||||
| 675,000 | ArcelorMittal | 4.250 | 08/05/15 | 685,969 | ||||||||||||
| 300,000 | Corning, Inc | 1.450 | 11/15/17 | 299,327 | ||||||||||||
| 1,000,000 | EI du Pont de Nemours & Co | 3.250 | 01/15/15 | 1,008,286 | ||||||||||||
| 990,000 | International Paper Co | 5.300 | 04/01/15 | 1,012,918 | ||||||||||||
| 5,000,000 | Monsanto Co | 1.150 | 06/30/17 | 4,965,965 | ||||||||||||
| 500,000 | Rio Tinto Finance USA Ltd | 2.250 | 09/20/16 | 511,801 | ||||||||||||
| 1,750,000 | Sherwin-Williams Co | 1.350 | 12/15/17 | 1,743,514 | ||||||||||||
| 1,000,000 | Teck Resources Ltd | 2.500 | 02/01/18 | 1,001,320 | ||||||||||||
| TOTAL MATERIALS | 11,229,100 | |||||||||||||||
| MEDIA - 0.6% | ||||||||||||||||
| 2,000,000 | DIRECTV Holdings LLC | 3.500 | 03/01/16 | 2,069,796 | ||||||||||||
| 1,000,000 | Echostar DBS Corp | 6.625 | 10/01/14 | 1,000,000 | ||||||||||||
| 625,000 | g | NBC Universal Enterprise, Inc | 1.662 | 04/15/18 | 622,230 | |||||||||||
| 1,000,000 | NBC Universal Media LLC | 3.650 | 04/30/15 | 1,018,980 | ||||||||||||
| 181 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,000,000 | TCI Communications, Inc | 8.750 | % | 08/01/15 | $ | 2,136,120 | |||||||||
| 250,000 | Time Warner, Inc | 3.150 | 07/15/15 | 254,958 | ||||||||||||
| 1,000,000 | Viacom, Inc | 1.250 | 02/27/15 | 1,003,338 | ||||||||||||
| 1,000,000 | Viacom, Inc | 3.500 | 04/01/17 | 1,049,194 | ||||||||||||
| TOTAL MEDIA | 9,154,616 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8% | ||||||||||||||||
| 1,500,000 | AbbVie, Inc | 1.200 | 11/06/15 | 1,505,645 | ||||||||||||
| 1,200,000 | AbbVie, Inc | 1.750 | 11/06/17 | 1,195,909 | ||||||||||||
| 1,000,000 | Amgen, Inc | 1.250 | 05/22/17 | 994,744 | ||||||||||||
| 600,000 | Johnson & Johnson | 2.150 | 05/15/16 | 615,156 | ||||||||||||
| 120,000 | Life Technologies Corp | 3.500 | 01/15/16 | 123,870 | ||||||||||||
| 1,000,000 | Merck & Co, Inc | 2.250 | 01/15/16 | 1,022,073 | ||||||||||||
| 3,000,000 | g | Mylan, Inc | 7.875 | 07/15/20 | 3,272,349 | |||||||||||
| 3,275,000 | g | Perrigo Co Ltd | 1.300 | 11/08/16 | 3,278,006 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 12,007,752 | |||||||||||||||
| REAL ESTATE - 0.4% | ||||||||||||||||
| 1,560,000 | Camden Property Trust | 5.000 | 06/15/15 | 1,606,557 | ||||||||||||
| 1,410,000 | DDR Corp | 5.500 | 05/01/15 | 1,446,090 | ||||||||||||
| 798,000 | Duke Realty LP | 7.375 | 02/15/15 | 817,572 | ||||||||||||
| 304,000 | Kimco Realty Corp | 5.783 | 03/15/16 | 324,731 | ||||||||||||
| 655,000 | Ventas Realty LP | 3.125 | 11/30/15 | 672,597 | ||||||||||||
| 1,000,000 | Ventas Realty LP | 1.250 | 04/17/17 | 995,184 | ||||||||||||
| TOTAL REAL ESTATE | 5,862,731 | |||||||||||||||
| RETAILING - 0.3% | ||||||||||||||||
| 2,750,000 | Home Depot, Inc | 2.250 | 09/10/18 | 2,793,653 | ||||||||||||
| 2,000,000 | Limited Brands, Inc | 5.250 | 11/01/14 | 2,004,000 | ||||||||||||
| TOTAL RETAILING | 4,797,653 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% | ||||||||||||||||
| 1,000,000 | g,h | Semiconductor Manufacturing International Corp | 4.125 | 10/07/19 | 994,350 | |||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 994,350 | |||||||||||||||
| SOFTWARE & SERVICES - 0.3% | ||||||||||||||||
| 2,500,000 | International Business Machines Corp | 0.750 | 05/11/15 | 2,507,315 | ||||||||||||
| 1,050,000 | Oracle Corp | 1.200 | 10/15/17 | 1,042,428 | ||||||||||||
| 1,000,000 | Xerox Corp | 2.950 | 03/15/17 | 1,035,022 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 4,584,765 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 1.7% | ||||||||||||||||
| 250,000 | Amphenol Corp | 4.750 | 11/15/14 | 251,238 | ||||||||||||
| 5,000,000 | Amphenol Corp | 1.550 | 09/15/17 | 4,993,695 | ||||||||||||
| 5,000,000 | Apple, Inc | 1.050 | 05/05/17 | 4,982,980 | ||||||||||||
| 250,000 | CC Holdings GS V LLC | 2.381 | 12/15/17 | 252,905 | ||||||||||||
| 1,000,000 | Cisco Systems, Inc | 1.100 | 03/03/17 | 999,332 | ||||||||||||
| 3,000,000 | General Electric Co | 0.850 | 10/09/15 | 3,012,990 | ||||||||||||
| 2,125,000 | Hewlett-Packard Co | 2.125 | 09/13/15 | 2,154,623 | ||||||||||||
| 1,000,000 | L-3 Communications Corp | 3.950 | 11/15/16 | 1,051,213 | ||||||||||||
| 4,950,000 | L-3 Communications Corp | 1.500 | 05/28/17 | 4,913,727 | ||||||||||||
| 182 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 198,000 | Seagate Technology HDD Holdings | 6.800 | % | 10/01/16 | $ | 216,315 | |||||||||
| 1,000,000 | Tyco Electronics Group S.A. | 1.600 | 02/03/15 | 1,003,811 | ||||||||||||
| 475,000 | Tyco Electronics Group S.A. | 2.375 | 12/17/18 | 476,093 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 24,308,922 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 1.6% | ||||||||||||||||
| 1,000,000 | America Movil SAB de C.V. | 2.375 | 09/08/16 | 1,021,370 | ||||||||||||
| 1,510,000 | American Tower Corp | 4.625 | 04/01/15 | 1,540,161 | ||||||||||||
| 667,000 | AT&T, Inc | 2.500 | 08/15/15 | 678,313 | ||||||||||||
| 1,330,000 | AT&T, Inc | 1.400 | 12/01/17 | 1,322,484 | ||||||||||||
| 1,825,000 | British Telecommunications plc | 1.625 | 06/28/16 | 1,841,909 | ||||||||||||
| 1,000,000 | France Telecom S.A. | 2.125 | 09/16/15 | 1,012,455 | ||||||||||||
| 1,000,000 | Telefonica Emisiones SAU | 3.992 | 02/16/16 | 1,040,591 | ||||||||||||
| 750,000 | g | Turk Telekomunikasyon AS. | 3.750 | 06/19/19 | 731,257 | |||||||||||
| 3,000,000 | Verizon Communications, Inc | 0.700 | 11/02/15 | 3,002,652 | ||||||||||||
| 5,000,000 | Verizon Communications, Inc | 1.350 | 06/09/17 | 4,974,595 | ||||||||||||
| 6,090,000 | g | Verizon Communications, Inc | 2.625 | 02/21/20 | 6,013,601 | |||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 23,179,388 | |||||||||||||||
| TRANSPORTATION - 0.3% | ||||||||||||||||
| 350,000 | g | Asciano Finance Ltd | 3.125 | 09/23/15 | 356,451 | |||||||||||
| 3,000,000 | g | ERAC USA Finance LLC | 1.400 | 04/15/16 | 3,021,204 | |||||||||||
| 890,000 | g | Transnet Ltd | 4.500 | 02/10/16 | 921,150 | |||||||||||
| TOTAL TRANSPORTATION | 4,298,805 | |||||||||||||||
| UTILITIES - 2.8% | ||||||||||||||||
| 750,000 | g | Abu Dhabi National Energy Co | 4.125 | 03/13/17 | 792,187 | |||||||||||
| 180,000 | Alliant Energy Corp | 4.000 | 10/15/14 | 180,216 | ||||||||||||
| 2,150,000 | American Electric Power Co, Inc | 1.650 | 12/15/17 | 2,149,063 | ||||||||||||
| 5,000,000 | Berkshire Hathaway Energy Co | 1.100 | 05/15/17 | 4,959,655 | ||||||||||||
| 1,000,000 | Commonwealth Edison Co | 4.700 | 04/15/15 | 1,023,038 | ||||||||||||
| 2,000,000 | Commonwealth Edison Co | 1.950 | 09/01/16 | 2,041,848 | ||||||||||||
| 2,000,000 | Dominion Resources, Inc | 1.400 | 09/15/17 | 1,986,010 | ||||||||||||
| 1,000,000 | Duke Energy Corp | 2.100 | 06/15/18 | 1,007,399 | ||||||||||||
| 2,000,000 | g | Electricite de France | 1.150 | 01/20/17 | 1,994,854 | |||||||||||
| 1,900,000 | FPL Group Capital, Inc | 2.600 | 09/01/15 | 1,933,725 | ||||||||||||
| 1,250,000 | g | Hrvatska Elektroprivreda | 6.000 | 11/09/17 | 1,310,900 | |||||||||||
| 550,000 | g | Israel Electric Corp Ltd | 6.700 | 02/10/17 | 595,100 | |||||||||||
| 2,600,000 | g | Israel Electric Corp Ltd | 5.625 | 06/21/18 | 2,752,750 | |||||||||||
| 200,000 | g | Korea Hydro & Nuclear Power Co Ltd | 3.125 | 09/16/15 | 203,980 | |||||||||||
| 1,500,000 | g | Korea Hydro & Nuclear Power Co Ltd | 2.875 | 10/02/18 | 1,522,188 | |||||||||||
| 1,500,000 | Northeast Utilities | 1.450 | 05/01/18 | 1,476,129 | ||||||||||||
| 2,950,000 | ONEOK Partners LP | 2.000 | 10/01/17 | 2,966,797 | ||||||||||||
| 500,000 | Pepco Holdings, Inc | 2.700 | 10/01/15 | 508,644 | ||||||||||||
| 2,000,000 | Sempra Energy | 2.300 | 04/01/17 | 2,041,312 | ||||||||||||
| 2,500,000 | g | State Grid Overseas Investment 2014 Ltd | 2.750 | 05/07/19 | 2,505,198 | |||||||||||
| 450,000 | Williams Partners LP | 3.800 | 02/15/15 | 454,988 | ||||||||||||
| 5,000,000 | Xcel Energy, Inc | 0.750 | 05/09/16 | 4,992,640 | ||||||||||||
| TOTAL UTILITIES | 39,398,621 | |||||||||||||||
| TOTAL CORPORATE BONDS | 500,588,379 | |||||||||||||||
| (Cost $498,403,950) | ||||||||||||||||
| 183 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| GOVERNMENT BONDS - 30.3% | ||||||||||||||||
| AGENCY SECURITIES - 3.0% | ||||||||||||||||
| $ | 12,000,000 | Federal Home Loan Bank (FHLB) | 0.375 | % | 02/19/16 | $ | 12,004,644 | |||||||||
| 5,000,000 | FHLB | 0.625 | 12/28/16 | 4,988,685 | ||||||||||||
| 14,000,000 | FHLB | 0.875 | 05/24/17 | 13,962,998 | ||||||||||||
| 5,515,004 | g | Hospital for Special Surgery | 3.500 | 01/01/23 | 5,691,572 | |||||||||||
| 6,000,000 | Private Export Funding Corp (PEFCO) | 1.375 | 02/15/17 | 6,058,560 | ||||||||||||
| TOTAL AGENCY SECURITIES | 42,706,459 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 7.7% | ||||||||||||||||
| 1,000,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.125 | 01/30/17 | 1,004,468 | |||||||||||
| 1,950,000 | g | Croatia Government International Bond | 6.250 | 04/27/17 | 2,071,875 | |||||||||||
| 2,150,000 | g | Democratic Socialist Republic of Sri Lanka | 7.400 | 01/22/15 | 2,180,100 | |||||||||||
| 2,500,000 | European Investment Bank | 0.875 | 04/18/17 | 2,493,252 | ||||||||||||
| 2,000,000 | g | Export-Import Bank of China | 2.500 | 07/31/19 | 1,979,932 | |||||||||||
| 225,000 | Export-Import Bank of Korea | 4.125 | 09/09/15 | 231,978 | ||||||||||||
| 1,750,000 | Export-Import Bank of Korea | 1.250 | 11/20/15 | 1,757,210 | ||||||||||||
| 500,000 | Export-Import Bank of Korea | 3.750 | 10/20/16 | 525,480 | ||||||||||||
| 4,925,000 | Export-Import Bank of Korea | 1.750 | 02/27/18 | 4,877,572 | ||||||||||||
| 2,100,000 | FMS Wertmanagement AoeR | 1.125 | 09/05/17 | 2,095,071 | ||||||||||||
| 5,900,000 | g | Hellenic Republic Government Bond | 4.750 | 04/17/19 | 7,381,502 | |||||||||||
| 500,000 | Hungary Government International Bond | 4.125 | 02/19/18 | 516,565 | ||||||||||||
| 350,000 | Hungary Government International Bond | 4.000 | 03/25/19 | 357,000 | ||||||||||||
| 2,500,000 | Hydro Quebec | 1.375 | 06/19/17 | 2,513,630 | ||||||||||||
| 1,250,000 | Hydro-Quebec | 7.500 | 04/01/16 | 1,369,425 | ||||||||||||
| 2,000,000 | g | Iceland Government International Bond | 4.875 | 06/16/16 | 2,081,760 | |||||||||||
| 2,370,000 | g | Indonesia Government International Bond | 6.875 | 03/09/17 | 2,633,663 | |||||||||||
| 14,000,000 | Inter-American Development Bank | 1.500 | 09/25/18 | 13,962,074 | ||||||||||||
| 20,000,000 | g,i | International Finance Facility for Immunisation | 0.422 | 07/05/16 | 20,003,500 | |||||||||||
| 2,300,000 | g | Japan Finance Organization for Municipalities | 2.125 | 03/06/19 | 2,313,076 | |||||||||||
| 5,000,000 | g | Kommunalbanken AS. | 0.875 | 10/03/16 | 5,012,300 | |||||||||||
| 1,000,000 | g | Kommuninvest I Sverige AB | 2.000 | 11/12/19 | 1,000,541 | |||||||||||
| 2,500,000 | Korea Development Bank | 1.000 | 01/22/16 | 2,495,950 | ||||||||||||
| 2,000,000 | Korea Development Bank | 1.500 | 01/22/18 | 1,964,730 | ||||||||||||
| 410,000 | g | Korea Housing Finance Corp | 3.500 | 12/15/16 | 428,305 | |||||||||||
| 410,000 | g | Korea Housing Finance Corp | 1.625 | 09/15/18 | 397,973 | |||||||||||
| 5,000,000 | Kreditanstalt Fuer Wiederaufbau | 4.375 | 03/15/18 | 5,494,085 | ||||||||||||
| 400,000 | g | Lithuania Government International Bond | 5.125 | 09/14/17 | 437,500 | |||||||||||
| 1,000,000 | Mexico Government International Bond | 5.625 | 01/15/17 | 1,091,500 | ||||||||||||
| 300,000 | g | Municipality Finance plc | 1.750 | 05/21/19 | 298,289 | |||||||||||
| 3,000,000 | Province of New Brunswick Canada | 2.750 | 06/15/18 | 3,118,947 | ||||||||||||
| 791,000 | g | Qatar Government International Bond | 4.000 | 01/20/15 | 798,309 | |||||||||||
| 550,000 | Republic of Italy | 4.500 | 01/21/15 | 556,424 | ||||||||||||
| 1,500,000 | g | Republic of Latvia | 5.250 | 02/22/17 | 1,627,500 | |||||||||||
| 425,000 | g | Republic of Lithuania | 6.750 | 01/15/15 | 432,170 | |||||||||||
| 1,000,000 | Republic of Turkey | 7.500 | 07/14/17 | 1,120,000 | ||||||||||||
| 625,000 | g | Slovenia Government International Bond | 4.125 | 02/18/19 | 650,781 | |||||||||||
| 2,500,000 | g | Spain Government International Bond | 4.000 | 03/06/18 | 2,665,025 | |||||||||||
| 3,525,000 | Svensk Exportkredit AB | 1.125 | 04/05/18 | 3,479,714 | ||||||||||||
| 184 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | Turkey Government International Bond | 7.000 | % | 09/26/16 | $ | 1,093,240 | |||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 106,512,416 | |||||||||||||||
| MORTGAGE BACKED - 2.0% | ||||||||||||||||
| 15,992 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 6.000 | 12/01/17 | 16,966 | ||||||||||||
| 93,390 | FGLMC | 5.500 | 01/01/19 | 99,740 | ||||||||||||
| 98,417 | FGLMC | 5.500 | 01/01/19 | 105,201 | ||||||||||||
| 1,194,391 | Federal National Mortgage Association (FNMA) | 1.510 | 06/01/17 | 1,203,931 | ||||||||||||
| 1,933,131 | FNMA | 2.690 | 10/01/17 | 1,996,376 | ||||||||||||
| 3,445,533 | FNMA | 3.000 | 10/01/21 | 3,587,726 | ||||||||||||
| 7,974,795 | FNMA | 2.000 | 05/25/25 | 8,109,314 | ||||||||||||
| 246,180 | FNMA | 4.500 | 10/25/28 | 248,057 | ||||||||||||
| 4,232,097 | FNMA | 4.000 | 02/25/44 | 4,467,207 | ||||||||||||
| 2,588,538 | Government National Mortgage Association (GNMA) | 2.300 | 10/15/19 | 2,635,850 | ||||||||||||
| 263,753 | GNMA | 1.864 | 08/16/31 | 264,622 | ||||||||||||
| 2,000,000 | GNMA | 2.610 | 04/16/35 | 2,023,454 | ||||||||||||
| 91,811 | GNMA | 2.161 | 11/16/36 | 91,963 | ||||||||||||
| 1,688,573 | GNMA | 2.176 | 05/16/39 | 1,692,095 | ||||||||||||
| 2,037,380 | GNMA | 2.120 | 05/16/40 | 2,044,976 | ||||||||||||
| TOTAL MORTGAGE BACKED | 28,587,478 | |||||||||||||||
| MUNICIPAL BONDS - 0.4% | ||||||||||||||||
| 5,000,000 | Florida Hurricane Catastrophe Fund Finance Corp | 1.298 | 07/01/16 | 5,017,450 | ||||||||||||
| 500,000 | New Jersey Health Care Facilities Financing Authority | 5.000 | 07/01/16 | 524,605 | ||||||||||||
| TOTAL MUNICIPAL BONDS | 5,542,055 | |||||||||||||||
| U.S. TREASURY SECURITIES - 17.2% | ||||||||||||||||
| 10,994,000 | k | United States Treasury Inflation Indexed Bonds | 0.500 | 04/15/15 | 11,001,729 | |||||||||||
| 10,489,700 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/17 | 10,629,014 | |||||||||||
| 20,613,600 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/18 | 20,777,870 | |||||||||||
| 10,167,900 | k | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/19 | 10,192,527 | |||||||||||
| 5,700,000 | United States Treasury Note | 0.250 | 02/29/16 | 5,695,326 | ||||||||||||
| 8,025,000 | United States Treasury Note | 0.375 | 05/31/16 | 8,016,846 | ||||||||||||
| 35,790,000 | United States Treasury Note | 0.500 | 06/15/16 | 35,823,571 | ||||||||||||
| 4,600,000 | United States Treasury Note | 0.625 | 07/15/16 | 4,610,603 | ||||||||||||
| 26,315,000 | United States Treasury Note | 0.625 | 08/15/16 | 26,353,025 | ||||||||||||
| 15,000,000 | United States Treasury Note | 0.875 | 09/15/16 | 15,081,450 | ||||||||||||
| 31,455,000 | United States Treasury Note | 0.625 | 02/15/17 | 31,319,838 | ||||||||||||
| 31,141,000 | United States Treasury Note | 0.875 | 08/15/17 | 30,992,582 | ||||||||||||
| 25,000,000 | United States Treasury Note | 1.000 | 09/15/17 | 24,960,950 | ||||||||||||
| 600 | United States Treasury Note | 0.875 | 01/31/18 | 592 | ||||||||||||
| 9,939,000 | United States Treasury Note | 1.625 | 08/31/19 | 9,870,669 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 245,326,592 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 428,675,000 | |||||||||||||||
| (Cost $429,323,371) | ||||||||||||||||
| STRUCTURED ASSETS - 26.3% | ||||||||||||||||
| ASSET BACKED - 21.4% | ||||||||||||||||
| 230,520 | i | Aames Mortgage Trust | 6.510 | 06/25/32 | 223,804 | |||||||||||
| Series - 2002 1 (Class A3) | ||||||||||||||||
| 185 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 104,698 | i | Accredited Mortgage Loan Trust | 0.400 | % | 09/25/35 | $ | 104,190 | ||||||||
| Series - 2005 3 (Class A1) | ||||||||||||||||
| 1,000,000 | g | AESOP Funding II | 3.270 | 02/20/18 | 1,038,969 | |||||||||||
| Series - 2011 5A (Class A) | ||||||||||||||||
| 409,396 | Ally Auto Receivables Trust | 2.230 | 03/15/16 | 410,097 | ||||||||||||
| Series - 2011 1 (Class A4) | ||||||||||||||||
| 2,700,000 | g | Ally Auto Receivables Trust | 2.590 | 07/15/16 | 2,716,967 | |||||||||||
| Series - 2011 2 (Class B) | ||||||||||||||||
| 3,300,000 | g | Ally Auto Receivables Trust | 1.900 | 11/15/16 | 3,322,849 | |||||||||||
| Series - 2011 5 (Class B) | ||||||||||||||||
| 8,000,000 | g | Ally Master Owner Trust | 4.250 | 04/15/17 | 8,110,512 | |||||||||||
| Series - 2010 2 (Class A) | ||||||||||||||||
| 2,000,000 | Ally Master Owner Trust | 1.000 | 02/15/18 | 2,003,186 | ||||||||||||
| Series - 2013 1 (Class A2) | ||||||||||||||||
| 1,000,000 | Ally Master Owner Trust | 1.720 | 07/15/19 | 1,003,118 | ||||||||||||
| Series - 2012 4 (Class A) | ||||||||||||||||
| 1,000,000 | Ally Master Owner Trust | 1.540 | 09/15/19 | 994,096 | ||||||||||||
| Series - 2012 5 (Class A) | ||||||||||||||||
| 5,200,000 | g | American Express Credit Account Master Trust | 1.290 | 03/15/18 | 5,210,182 | |||||||||||
| Series - 2012 2 (Class C) | ||||||||||||||||
| 2,763,859 | AmeriCredit Automobile Receivables Trust | 2.450 | 12/08/16 | 2,774,627 | ||||||||||||
| Series - 2011 5 (Class B) | ||||||||||||||||
| 5,000,000 | AmeriCredit Automobile Receivables Trust | 0.540 | 10/10/17 | 5,000,500 | ||||||||||||
| Series - 2014 2 (Class A2A) | ||||||||||||||||
| 4,250,000 | AmeriCredit Automobile Receivables Trust | 1.310 | 11/08/17 | 4,267,302 | ||||||||||||
| Series - 2012 4 (Class B) | ||||||||||||||||
| 55,677 | g | Asset Backed Funding Corp NIM Trust | 5.900 | 07/26/35 | 1 | |||||||||||
| Series - 2006 WMC1 (Class N1) | ||||||||||||||||
| 666,667 | g | Avis Budget Rental Car Funding AESOP LLC | 3.650 | 11/20/14 | 668,401 | |||||||||||
| Series - 2011 2A (Class B) | ||||||||||||||||
| 565,000 | g | Avis Budget Rental Car Funding AESOP LLC | 6.740 | 05/20/16 | 578,140 | |||||||||||
| Series - 2010 3A (Class B) | ||||||||||||||||
| 3,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 2.054 | 08/20/16 | 3,026,265 | |||||||||||
| Series - 2012 1A (Class A) | ||||||||||||||||
| 5,600,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.241 | 08/20/16 | 5,682,370 | |||||||||||
| Series - 2012 1A (Class B) | ||||||||||||||||
| 450,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.150 | 03/20/17 | 462,568 | |||||||||||
| Series - 2010 5A (Class A) | ||||||||||||||||
| 297,653 | i | Bear Stearns Asset Backed Securities Trust | 0.895 | 11/25/39 | 293,963 | |||||||||||
| Series - 2005 SD3 (Class 2A1) | ||||||||||||||||
| 2,000,000 | g | Cabela’s Master Credit Card Trust | 2.290 | 09/17/18 | 2,031,774 | |||||||||||
| Series - 2010 2A (Class A1) | ||||||||||||||||
| 5,225,000 | g | Cabela’s Master Credit Card Trust | 2.390 | 06/17/19 | 5,340,608 | |||||||||||
| Series - 2011 2A (Class A1) | ||||||||||||||||
| 2,090,000 | g | Cabela’s Master Credit Card Trust | 1.630 | 02/18/20 | 2,105,359 | |||||||||||
| Series - 2012 1A (Class A1) | ||||||||||||||||
| 7,500,000 | Capital Auto Receivables Asset Trust | 0.970 | 01/22/18 | 7,500,570 | ||||||||||||
| Series - 2013 1 (Class A4) | ||||||||||||||||
| 3,500,000 | Capital Auto Receivables Asset Trust | 1.290 | 04/20/18 | 3,497,889 | ||||||||||||
| Series - 2013 1 (Class B) | ||||||||||||||||
| 10,000,000 | Capital Auto Receivables Asset Trust | 1.690 | 10/22/18 | 10,014,070 | ||||||||||||
| Series - 2014 1 (Class A4) | ||||||||||||||||
| 186 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,000,000 | CarMax Auto Owner Trust | 2.630 | % | 11/15/16 | $ | 1,009,384 | |||||||||
| Series - 2011 1 (Class B) | ||||||||||||||||
| 155,000 | CarMax Auto Owner Trust | 2.830 | 02/15/17 | 156,561 | ||||||||||||
| Series - 2011 1 (Class C) | ||||||||||||||||
| 7,870,000 | CarMax Auto Owner Trust | 1.730 | 02/15/18 | 7,982,155 | ||||||||||||
| Series - 2012 2 (Class B) | ||||||||||||||||
| 4,750,000 | CarMax Auto Owner Trust | 2.080 | 03/15/18 | 4,839,319 | ||||||||||||
| Series - 2012 2 (Class C) | ||||||||||||||||
| 2,355,256 | i,m | CCR, Inc | 0.599 | 07/10/17 | 2,286,553 | |||||||||||
| Series - 2010 CX (Class C) | ||||||||||||||||
| 45,227 | Centex Home Equity | 5.540 | 01/25/32 | 45,172 | ||||||||||||
| Series - 2002 A (Class AF6) | ||||||||||||||||
| 349,546 | i | Centex Home Equity | 0.800 | 03/25/34 | 324,764 | |||||||||||
| Series - 2004 B (Class M1) | ||||||||||||||||
| 263,636 | i | Chase Funding Mortgage Loan Asset-Backed Certificates | 5.700 | 02/26/35 | 212,241 | |||||||||||
| Series - 2004 2 (Class 1M2) | ||||||||||||||||
| 8,000,000 | Chase Issuance Trust | 1.150 | 01/15/19 | 7,993,272 | ||||||||||||
| Series - 2014 A1 (Class A) | ||||||||||||||||
| 12,000,000 | CitiBank Credit Card Issuance Trust | 1.020 | 02/22/19 | 11,949,084 | ||||||||||||
| Series - 2014 A2 (Class A2) | ||||||||||||||||
| 6,000,000 | CNH Equipment Trust | 1.550 | 11/15/17 | 6,052,098 | ||||||||||||
| Series - 2011 C (Class A4) | ||||||||||||||||
| 457,346 | i | Credit-Based Asset Servicing and Securitization LLC | 4.295 | 08/25/35 | 461,792 | |||||||||||
| Series - 2005 CB5 (Class AF2) | ||||||||||||||||
| 7,522 | i | Credit-Based Asset Servicing and Securitization LLC | 4.537 | 04/25/37 | 7,515 | |||||||||||
| Series - 2007 CB4 (Class A2A) | ||||||||||||||||
| 148,614 | i | CSMC Trust | 0.465 | 11/25/35 | 147,847 | |||||||||||
| Series - 2006 CF1 (Class A1) | ||||||||||||||||
| 5,000,000 | g | DaimlerChrysler Capital Auto Receivables Trust | 1.830 | 03/15/19 | 5,040,305 | |||||||||||
| Series - 2013 AA (Class B) | ||||||||||||||||
| 6,000,000 | Discover Card Execution Note Trust | 1.220 | 10/15/19 | 5,988,258 | ||||||||||||
| Series - 2014 A3 (Class A3) | ||||||||||||||||
| 7,710,187 | Entergy Louisiana Investment Recovery Funding I LLC | 2.040 | 09/01/23 | 7,709,879 | ||||||||||||
| Series - 2011 A (Class A1) | ||||||||||||||||
| 5,000,000 | Fifth Third Auto Trust | 0.450 | 04/17/17 | 4,999,510 | ||||||||||||
| Series - 2014 2 (Class A2A) | ||||||||||||||||
| 2,000,000 | Ford Credit Auto Owner Trust | 2.380 | 07/15/16 | 2,022,852 | ||||||||||||
| Series - 2011 A (Class B) | ||||||||||||||||
| 5,000,000 | Ford Credit Auto Owner Trust | 1.150 | 07/15/18 | 4,973,490 | ||||||||||||
| Series - 2013 A (Class B) | ||||||||||||||||
| 3,000,000 | Ford Credit Auto Owner Trust | 1.540 | 03/15/19 | 2,994,936 | ||||||||||||
| Series - 2013 D (Class B) | ||||||||||||||||
| 500,000 | Ford Credit Floorplan Master Owner Trust | 1.140 | 06/15/17 | 501,562 | ||||||||||||
| Series - 2013 3 (Class B) | ||||||||||||||||
| 1,500,000 | Ford Credit Floorplan Master Owner Trust | 1.740 | 06/15/17 | 1,507,730 | ||||||||||||
| Series - 2013 3 (Class D) | ||||||||||||||||
| 5,475,000 | Ford Credit Floorplan Master Owner Trust | 1.120 | 01/15/18 | 5,487,844 | ||||||||||||
| Series - 2013 1 (Class B) | ||||||||||||||||
| 6,005,000 | Ford Credit Floorplan Master Owner Trust | 1.370 | 01/15/18 | 6,028,438 | ||||||||||||
| Series - 2013 1 (Class C) | ||||||||||||||||
| 1,800,000 | Ford Credit Floorplan Master Owner Trust | 1.490 | 09/15/19 | 1,791,403 | ||||||||||||
| Series - 2012 5 (Class A) | ||||||||||||||||
| 187 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,435,000 | GE Capital Credit Card Master Note Trust | 4.470 | % | 03/15/20 | $ | 2,601,671 | |||||||||
| Series - 2010 2 (Class A) | ||||||||||||||||
| 2,000,000 | GE Capital Credit Card Master Note Trust | 1.360 | 08/17/20 | 1,980,816 | ||||||||||||
| Series - 2012 6 (Class A) | ||||||||||||||||
| 1,000,000 | g | Hertz Vehicle Financing LLC | 4.170 | 03/25/16 | 1,008,012 | |||||||||||
| Series - 2011 1A (Class B1) | ||||||||||||||||
| 4,230,000 | g | Hertz Vehicle Financing LLC | 5.290 | 03/25/16 | 4,281,466 | |||||||||||
| Series - 2009 2A (Class A2) | ||||||||||||||||
| 2,000,000 | g | Hertz Vehicle Financing LLC | 1.120 | 08/25/17 | 1,997,288 | |||||||||||
| Series - 2013 1A (Class A1) | ||||||||||||||||
| 3,540,000 | g | Hertz Vehicle Financing LLC | 3.290 | 03/25/18 | 3,676,180 | |||||||||||
| Series - 2011 1A (Class A2) | ||||||||||||||||
| 1,000,000 | g | Hertz Vehicle Financing LLC | 4.960 | 03/25/18 | 1,063,164 | |||||||||||
| Series - 2011 1A (Class B2) | ||||||||||||||||
| 10,000,000 | g | HLSS Servicer Advance Receivables Backed Notes | 1.244 | 01/17/45 | 10,006,000 | |||||||||||
| Series - 2014 T1 (Class AT1) | ||||||||||||||||
| 12,000,000 | Honda Auto Receivables Owner Trust | 0.770 | 03/19/18 | 11,977,872 | ||||||||||||
| Series - 2014 2 (Class A3) | ||||||||||||||||
| 172,577 | i | HSI Asset Securitization Corp Trust | 0.515 | 07/25/35 | 172,133 | |||||||||||
| Series - 2005 NC1 (Class 2A3) | ||||||||||||||||
| 2,000,000 | Hyundai Auto Receivables Trust | 2.450 | 04/15/16 | 2,013,672 | ||||||||||||
| Series - 2011 A (Class B) | ||||||||||||||||
| 8,000,000 | Hyundai Auto Receivables Trust | 1.350 | 06/17/19 | 7,967,496 | ||||||||||||
| Series - 2013 A (Class C) | ||||||||||||||||
| 855,643 | i | Lehman XS Trust | 0.405 | 02/25/36 | 817,230 | |||||||||||
| Series - 2006 1 (Class 1A1) | ||||||||||||||||
| 2,000,000 | g | MMCA Automobile Trust | 2.720 | 10/17/16 | 2,013,326 | |||||||||||
| Series - 2011 A (Class B) | ||||||||||||||||
| 604,513 | i | Morgan Stanley Capital I | 0.335 | 02/25/36 | 601,181 | |||||||||||
| Series - 2006 NC2 (Class A2C) | ||||||||||||||||
| 3,655,000 | i | Morgan Stanley Capital I | 5.152 | 08/13/42 | 3,737,413 | |||||||||||
| Series - 2005 HQ6 (Class B) | ||||||||||||||||
| 2,500,000 | g | New Residential Advance Receivables Trust Advance Receivables Backed | 1.274 | 03/15/45 | 2,502,750 | |||||||||||
| Series - 2014 T1 (Class A1) | ||||||||||||||||
| 15,000,000 | g | NYCTL Trust | 1.030 | 11/10/27 | 14,995,313 | |||||||||||
| Series - 2014 A (Class A) | ||||||||||||||||
| 2,777,639 | i | Park Place Securities, Inc Asset-Backed Pass-Through Certificates | 0.675 | 01/25/36 | 2,760,889 | |||||||||||
| Series - 2005 WCH1 (Class M2) | ||||||||||||||||
| 2,500,000 | g | Rental Car Finance Corp | 2.510 | 02/25/16 | 2,511,130 | |||||||||||
| Series - 2011 1A (Class A1) | ||||||||||||||||
| 1,666,667 | g | Rental Car Finance Corp | 4.380 | 02/25/16 | 1,680,057 | |||||||||||
| Series - 2011 1A (Class B1) | ||||||||||||||||
| 36,564 | i | Residential Asset Mortgage Products, Inc | 0.455 | 04/25/35 | 36,520 | |||||||||||
| Series - 2005 RZ1 (Class A3) | ||||||||||||||||
| 25,116 | Residential Funding Mortgage Securities II, Inc | 5.960 | 02/25/36 | 25,056 | ||||||||||||
| Series - 2006 HI3 (Class A3) | ||||||||||||||||
| 500,000 | i | Residential Funding Mortgage Securities II, Inc | 6.060 | 02/25/36 | 526,196 | |||||||||||
| Series - 2006 HI1 (Class M2) | ||||||||||||||||
| 2,546,783 | Santander Drive Auto Receivables Trust | 2.090 | 08/15/16 | 2,552,149 | ||||||||||||
| Series - 2012 2 (Class B) | ||||||||||||||||
| 188 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,226,431 | Santander Drive Auto Receivables Trust | 3.090 | % | 05/15/17 | $ | 2,247,090 | |||||||||
| Series - 2011 3 (Class C) | ||||||||||||||||
| 5,350,000 | Santander Drive Auto Receivables Trust | 1.160 | 01/15/19 | 5,357,661 | ||||||||||||
| Series - 2013 1 (Class B) | ||||||||||||||||
| 409,587 | i | Saxon Asset Securities Trust | 6.120 | 11/25/30 | 441,517 | |||||||||||
| Series - 2002 2 (Class AF6) | ||||||||||||||||
| 185,868 | i | Securitized Asset Backed Receivables LLC | 0.455 | 10/25/35 | 182,875 | |||||||||||
| Series - 2006 OP1 (Class A2C) | ||||||||||||||||
| 1,562,368 | g | Sierra Timeshare Receivables Funding LLC | 2.840 | 11/20/28 | 1,591,021 | |||||||||||
| Series - 2012 1A (Class A) | ||||||||||||||||
| 1,129,738 | g | Sierra Timeshare Receivables Funding LLC | 2.380 | 03/20/29 | 1,146,632 | |||||||||||
| Series - 2012 2A (Class A) | ||||||||||||||||
| 7,800,000 | g | SLM Student Loan Trust | 3.480 | 10/15/30 | 8,125,182 | |||||||||||
| Series - 2012 B (Class A2) | ||||||||||||||||
| 9,000,000 | g | SLM Student Loan Trust | 3.830 | 01/17/45 | 9,387,819 | |||||||||||
| Series - 2012 A (Class A2) | ||||||||||||||||
| 183,989 | i | Soundview Home Equity Loan Trust | 0.455 | 11/25/35 | 182,259 | |||||||||||
| Series - 2005 OPT3 (Class A4) | ||||||||||||||||
| 558,045 | i | Structured Asset Investment Loan Trust | 1.215 | 11/25/34 | 549,463 | |||||||||||
| Series - 2004 10 (Class A9) | ||||||||||||||||
| 42,041 | i | Structured Asset Investment Loan Trust | 0.755 | 05/25/35 | 41,980 | |||||||||||
| Series - 2005 4 (Class M1) | ||||||||||||||||
| 2,620,823 | g,i | Structured Asset Securities Corp | 0.305 | 07/25/36 | 2,553,256 | |||||||||||
| Series - 2006 EQ1A (Class A4) | ||||||||||||||||
| 1,338,338 | g,i | Structured Asset Securities Corp | 0.375 | 10/25/36 | 1,300,897 | |||||||||||
| Series - 2006 GEL4 (Class A2) | ||||||||||||||||
| 7,000,000 | g | Volvo Financial Equipment LLC | 0.970 | 08/15/19 | 6,997,613 | |||||||||||
| Series - 2013 1A (Class A4) | ||||||||||||||||
| 28,362 | i | Wells Fargo Home Equity Trust | 0.295 | 07/25/36 | 28,175 | |||||||||||
| Series - 2006 2 (Class A3) | ||||||||||||||||
| 4,500,000 | World Financial Network Credit Card Master Trust | 1.680 | 08/15/18 | 4,501,890 | ||||||||||||
| Series - 2011 A (Class A) | ||||||||||||||||
| 2,765,000 | World Financial Network Credit Card Master Trust | 3.960 | 04/15/19 | 2,830,119 | ||||||||||||
| Series - 2010 A (Class A) | ||||||||||||||||
| 3,000,000 | World Financial Network Credit Card Master Trust | 5.200 | 04/15/19 | 3,081,294 | ||||||||||||
| Series - 2010 A (Class M) | ||||||||||||||||
| 2,235,000 | World Financial Network Credit Card Master Trust | 1.760 | 05/17/21 | 2,243,801 | ||||||||||||
| Series - 2012 B (Class A) | ||||||||||||||||
| TOTAL ASSET BACKED | 307,191,865 | |||||||||||||||
| OTHER MORTGAGE BACKED - 4.9% | ||||||||||||||||
| 2,000,000 | i | Banc of America Commercial Mortgage Trust | 5.954 | 05/10/45 | 2,107,438 | |||||||||||
| Series - 2006 2 (Class AJ) | ||||||||||||||||
| 8,750,000 | g | Banc of America Commercial Mortgage Trust | 5.416 | 01/15/49 | 9,114,355 | |||||||||||
| Series - 2007 1 (Class AM) | ||||||||||||||||
| 5,000,000 | i | Banc of America Commercial Mortgage Trust | 5.482 | 01/15/49 | 5,254,385 | |||||||||||
| Series - 2007 1 (Class AMFX) | ||||||||||||||||
| 5,720,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 6,217,343 | |||||||||||
| Series - 2007 C3 (Class AM) | ||||||||||||||||
| 962,000 | Credit Suisse First Boston Mortgage Securities Corp | 4.771 | 07/15/37 | 978,915 | ||||||||||||
| Series - 2005 C3 (Class AJ) | ||||||||||||||||
| 189 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 5,935,000 | Credit Suisse Mortgage Capital Certificates | 5.509 | % | 09/15/39 | $ | 6,354,456 | |||||||||
| Series - 2006 C4 (Class AM) | ||||||||||||||||
| 280 | i | Greenpoint Mortgage Funding Trust | 0.255 | 09/25/46 | 280 | |||||||||||
| Series - 2006 AR4 (Class A1A) | ||||||||||||||||
| 354 | i | Greenpoint Mortgage Funding Trust | 0.235 | 10/25/46 | 354 | |||||||||||
| Series - 0 AR5 (Class A1A) | ||||||||||||||||
| 1,992,986 | i | GSR Mortgage Loan Trust | 0.345 | 08/25/46 | 1,915,718 | |||||||||||
| Series - 2006 OA1 (Class 2A1) | ||||||||||||||||
| 433,321 | i | Impac CMB Trust | 0.815 | 03/25/35 | 399,737 | |||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||
| 9,487,169 | JP Morgan Chase Commercial Mortgage Securities Trust | 5.257 | 05/15/47 | 9,962,001 | ||||||||||||
| Series - 2006 LDP9 (Class A1A) | ||||||||||||||||
| 2,200,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 6.192 | 02/15/51 | 2,422,955 | |||||||||||
| Series - 2007 LD12 (Class AM) | ||||||||||||||||
| 166,767 | i | JP Morgan Mortgage Acquisition Corp | 0.255 | 10/25/36 | 166,594 | |||||||||||
| Series - 0 CH2 (Class AV3) | ||||||||||||||||
| 4,500,000 | LB-UBS Commercial Mortgage Trust | 4.843 | 07/15/40 | 4,576,383 | ||||||||||||
| Series - 2005 C3 (Class AJ) | ||||||||||||||||
| 500,000 | i | Morgan Stanley Capital I | 5.809 | 08/12/41 | 534,042 | |||||||||||
| Series - 2006 T23 (Class AJ) | ||||||||||||||||
| 58,673 | i | Opteum Mortgage Acceptance Corp | 0.555 | 02/25/35 | 58,678 | |||||||||||
| Series - 2005 1 (Class A4) | ||||||||||||||||
| 113,159 | Residential Accredit Loans, Inc | 4.350 | 03/25/34 | 115,938 | ||||||||||||
| Series - 2004 QS4 (Class A1) | ||||||||||||||||
| 423,052 | RFMSI Trust | 5.500 | 03/25/35 | 430,460 | ||||||||||||
| Series - 2005 S2 (Class A6) | ||||||||||||||||
| 391,917 | g,i | Springleaf Mortgage Loan Trust | 2.667 | 09/25/57 | 398,498 | |||||||||||
| Series - 2012 1A (Class A) | ||||||||||||||||
| 254,156 | g,i | Springleaf Mortgage Loan Trust | 2.220 | 10/25/57 | 257,869 | |||||||||||
| Series - 0 2A (Class A) | ||||||||||||||||
| 8,735,000 | Wachovia Bank Commercial Mortgage Trust | 5.383 | 12/15/43 | 9,346,939 | ||||||||||||
| Series - 2007 C30 (Class AM) | ||||||||||||||||
| 1,125,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.818 | 05/15/46 | 1,232,439 | |||||||||||
| Series - 2007 C34 (Class AM) | ||||||||||||||||
| 3,560,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.591 | 04/15/47 | 3,868,581 | |||||||||||
| Series - 2007 C31 (Class AM) | ||||||||||||||||
| 4,020,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.953 | 02/15/51 | 4,390,242 | |||||||||||
| Series - 2007 C33 (Class AM) | ||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 70,104,600 | |||||||||||||||
| TOTAL STRUCTURED ASSETS | 377,296,465 | |||||||||||||||
| (Cost $377,105,145) | ||||||||||||||||
| TOTAL BONDS | 1,306,559,844 | |||||||||||||||
| (Cost $1,304,832,466) | ||||||||||||||||
| SHORT-TERM INVESTMENTS - 1.5% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.7% | ||||||||||||||||
| 10,500,000 | Federal Home Loan Bank (FHLB) | 0.035 | 11/14/14 | 10,499,551 | ||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 10,499,551 | |||||||||||||||
| 190 |
TIAA-CREF FUNDS - Short-Term Bond Fund
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| TREASURY DEBT - 0.8% | ||||||||||||||||
| $ | 10,000,000 | d | United States Treasury Bill | 0.033 | % | 12/18/14 | $ | 9,999,620 | ||||||||
| 930,000 | d | United States Treasury Bill | 0.081 | 05/28/15 | 929,768 | |||||||||||
| TOTAL TREASURY DEBT | 10,929,388 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 21,428,939 | |||||||||||||||
| (Cost $21,428,347) | ||||||||||||||||
| TOTAL INVESTMENTS - 94.1% | 1,339,363,166 | |||||||||||||||
| (Cost $1,337,759,646) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 5.9% | 83,682,436 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 1,423,045,602 | ||||||||||||||
| Abbreviation(s): |
| d | All or a portion of these securities have been segregated to cover margin requirements on open futures transactions. | |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities was $322,716,892 or 22.7% of net assets. | |
| h | All or a portion of these securities were purchased on a delayed delivery basis. | |
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. | |
| 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. |
| 191 |
TIAA-CREF FUNDS - Social Choice Bond Fund
TIAA-CREF FUNDS
SOCIAL CHOICE BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
September 30, 2014
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| BANK LOAN OBLIGATIONS - 1.5% | ||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.3% | ||||||||||||||||
| $ | 500,000 | i | Libbey Glass, Inc | 3.750 | % | 04/09/21 | $ | 494,690 | ||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 494,690 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.2% | ||||||||||||||||
| 498,750 | i | DaVita HealthCare Partners, Inc | 3.500 | 06/24/21 | 492,456 | |||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 492,456 | |||||||||||||||
| UTILITIES - 1.0% | ||||||||||||||||
| 995,830 | i | ExGen Renewables I LLC | 5.250 | 02/06/21 | 1,000,809 | |||||||||||
| 1,000,000 | h,i | TerraForm Power Operating LLC | 4.750 | 07/23/19 | 1,002,500 | |||||||||||
| TOTAL UTILITIES | 2,003,309 | |||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 2,990,455 | |||||||||||||||
| (Cost $2,991,065) | ||||||||||||||||
| BONDS - 91.2% | ||||||||||||||||
| CORPORATE BONDS - 33.1% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.2% | ||||||||||||||||
| 500,000 | Magna International, Inc | 3.625 | 06/15/24 | 496,835 | ||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 496,835 | |||||||||||||||
| BANKS - 8.7% | ||||||||||||||||
| 1,000,000 | Bank of America Corp | 1.350 | 11/21/16 | 1,001,353 | ||||||||||||
| 1,000,000 | Bank of Nova Scotia | 2.125 | 09/11/19 | 994,511 | ||||||||||||
| 250,000 | g,i | Bank of Tokyo-Mitsubishi UFJ Ltd | 0.685 | 02/26/16 | 250,503 | |||||||||||
| 500,000 | i | BOKF NA | 0.924 | 05/15/17 | 499,245 | |||||||||||
| 1,000,000 | Branch Banking & Trust Co | 1.350 | 10/01/17 | 993,175 | ||||||||||||
| 1,000,000 | Capital One Bank USA NA | 1.500 | 09/05/17 | 995,626 | ||||||||||||
| 250,000 | Capital One Bank USA NA | 1.500 | 03/22/18 | 246,235 | ||||||||||||
| 1,000,000 | Capital One Bank USA NA | 2.400 | 09/05/19 | 989,532 | ||||||||||||
| 500,000 | Capital One Bank USA NA | 2.950 | 07/23/21 | 491,736 | ||||||||||||
| 250,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 1.700 | 03/19/18 | 249,766 | ||||||||||||
| 250,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.950 | 11/09/22 | 251,064 | ||||||||||||
| 1,000,000 | Discover Bank | 2.000 | 02/21/18 | 995,189 | ||||||||||||
| 500,000 | Discover Bank | 4.200 | 08/08/23 | 517,634 | ||||||||||||
| 515,000 | First Niagara Financial Group, Inc | 6.750 | 03/19/20 | 587,358 | ||||||||||||
| 500,000 | HSBC Holdings plc | 4.250 | 03/14/24 | 505,902 | ||||||||||||
| 500,000 | HSBC Holdings plc | 5.250 | 03/14/44 | 530,828 | ||||||||||||
| 250,000 | HSBC USA, Inc | 1.625 | 01/16/18 | 249,100 | ||||||||||||
| 500,000 | Huntington Bancshares, Inc | 2.600 | 08/02/18 | 505,324 | ||||||||||||
| 500,000 | Huntington National Bank | 1.350 | 08/02/16 | 502,460 | ||||||||||||
| 500,000 | Huntington National Bank | 1.375 | 04/24/17 | 499,125 | ||||||||||||
| 500,000 | Intesa Sanpaolo S.p.A | 2.375 | 01/13/17 | 505,556 | ||||||||||||
| 500,000 | g | Intesa Sanpaolo S.p.A | 5.017 | 06/26/24 | 487,168 | |||||||||||
| 250,000 | g | Mizuho Corporate Bank Ltd | 1.850 | 03/21/18 | 249,660 | |||||||||||
| 1,000,000 | People’s United Financial, Inc | 3.650 | 12/06/22 | 1,002,881 | ||||||||||||
| 192 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | PNC Bank NA | 2.200 | % | 01/28/19 | $ | 500,565 | |||||||||
| 250,000 | Royal Bank of Canada | 1.500 | 01/16/18 | 249,186 | ||||||||||||
| 250,000 | g | Skandinaviska Enskilda Banken AB | 1.750 | 03/19/18 | 248,921 | |||||||||||
| 500,000 | g | Skandinaviska Enskilda Banken AB | 1.375 | 05/29/18 | 493,765 | |||||||||||
| 250,000 | i | State Street Bank and Trust Co | 0.433 | 12/08/15 | 250,000 | |||||||||||
| 1,000,000 | SVB Financial Group | 5.375 | 09/15/20 | 1,118,642 | ||||||||||||
| 500,000 | i | Toronto-Dominion Bank | 0.786 | 04/30/18 | 503,907 | |||||||||||
| 250,000 | US Bancorp | 2.950 | 07/15/22 | 242,559 | ||||||||||||
| TOTAL BANKS | 17,708,476 | |||||||||||||||
| CAPITAL GOODS - 1.6% | ||||||||||||||||
| 1,000,000 | Anixter, Inc | 5.125 | 10/01/21 | 987,500 | ||||||||||||
| 250,000 | Eaton Corp | 4.000 | 11/02/32 | 247,322 | ||||||||||||
| 750,000 | Pentair Finance S.A. | 1.350 | 12/01/15 | 754,285 | ||||||||||||
| 250,000 | Pentair Finance S.A. | 1.875 | 09/15/17 | 250,902 | ||||||||||||
| 500,000 | Pentair Finance S.A. | 2.650 | 12/01/19 | 496,721 | ||||||||||||
| 500,000 | Rockwell Collins, Inc | 3.700 | 12/15/23 | 518,026 | ||||||||||||
| TOTAL CAPITAL GOODS | 3,254,756 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 2.0% | ||||||||||||||||
| 1,000,000 | g,h | AECOM Technology Corp | 5.750 | 10/15/22 | 1,003,750 | |||||||||||
| 1,000,000 | Air Lease Corp | 2.125 | 01/15/18 | 992,500 | ||||||||||||
| 500,000 | Air Lease Corp | 3.875 | 04/01/21 | 505,000 | ||||||||||||
| 1,000,000 | Air Lease Corp | 4.250 | 09/15/24 | 983,750 | ||||||||||||
| 500,000 | Waste Management, Inc | 3.500 | 05/15/24 | 498,456 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 3,983,456 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.3% | ||||||||||||||||
| 500,000 | Whirlpool Corp | 5.150 | 03/01/43 | 529,845 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 529,845 | |||||||||||||||
| CONSUMER SERVICES - 0.9% | ||||||||||||||||
| 1,000,000 | Massachusetts Institute of Technology | 3.959 | 07/01/38 | 1,014,318 | ||||||||||||
| 250,000 | Service Corp International | 5.375 | 01/15/22 | 252,500 | ||||||||||||
| 500,000 | g | Service Corp International | 5.375 | 05/15/24 | 501,250 | |||||||||||
| TOTAL CONSUMER SERVICES | 1,768,068 | |||||||||||||||
| DIVERSIFIED FINANCIALS - 2.4% | ||||||||||||||||
| 500,000 | g,i | Armor Re Ltd | 4.010 | 12/15/16 | 503,650 | |||||||||||
| 250,000 | i | Bank of New York Mellon Corp | 0.800 | 08/01/18 | 252,081 | |||||||||||
| 500,000 | CIT Group, Inc | 3.875 | 02/19/19 | 491,250 | ||||||||||||
| 500,000 | g | EDP Finance BV | 5.250 | 01/14/21 | 519,685 | |||||||||||
| 500,000 | i | Ford Motor Credit Co LLC | 1.483 | 05/09/16 | 506,862 | |||||||||||
| 500,000 | Ford Motor Credit Co LLC | 2.375 | 01/16/18 | 504,609 | ||||||||||||
| 1,000,000 | Invesco Finance plc | 3.125 | 11/30/22 | 986,996 | ||||||||||||
| 500,000 | Legg Mason, Inc | 2.700 | 07/15/19 | 501,483 | ||||||||||||
| 250,000 | g | RCI Banque S.A. | 3.500 | 04/03/18 | 258,744 | |||||||||||
| 250,000 | Silicon Valley Bank | 6.050 | 06/01/17 | 272,295 | ||||||||||||
| 108,000 | Unilever Capital Corp | 0.850 | 08/02/17 | 106,880 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 4,904,535 | |||||||||||||||
| ENERGY - 2.1% | ||||||||||||||||
| 1,000,000 | g,h | California Resources Corp | 6.000 | 11/15/24 | 1,027,500 | |||||||||||
| 1,000,000 | Marathon Petroleum Corp | 4.750 | 09/15/44 | 959,964 | ||||||||||||
| 250,000 | Noble Holding International Ltd | 2.500 | 03/15/17 | 254,513 | ||||||||||||
| 193 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | g | Northern Natural Gas Co | 4.100 | % | 09/15/42 | $ | 484,020 | ||||||||
| 500,000 | Statoil ASA | 2.900 | 11/08/20 | 509,877 | ||||||||||||
| 500,000 | Statoil ASA | 2.650 | 01/15/24 | 478,526 | ||||||||||||
| 500,000 | Statoil ASA | 3.950 | 05/15/43 | 476,543 | ||||||||||||
| TOTAL ENERGY | 4,190,943 | |||||||||||||||
| FOOD & STAPLES RETAILING - 0.5% | ||||||||||||||||
| 500,000 | Kroger Co | 1.200 | 10/17/16 | 499,921 | ||||||||||||
| 500,000 | Kroger Co | 2.300 | 01/15/19 | 500,359 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 1,000,280 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.3% | ||||||||||||||||
| 500,000 | i | Mondelez International, Inc | 0.760 | 02/01/19 | 499,789 | |||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 499,789 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 1.0% | ||||||||||||||||
| 500,000 | Laboratory Corp of America Holdings | 2.500 | 11/01/18 | 502,354 | ||||||||||||
| 500,000 | LifePoint Hospitals, Inc | 5.500 | 12/01/21 | 506,250 | ||||||||||||
| 1,000,000 | Owens & Minor, Inc | 3.875 | 09/15/21 | 1,001,233 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 2,009,837 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% | ||||||||||||||||
| 250,000 | Colgate-Palmolive Co | 1.950 | 02/01/23 | 232,223 | ||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 232,223 | |||||||||||||||
| INSURANCE - 1.2% | ||||||||||||||||
| 250,000 | Aetna, Inc | 1.500 | 11/15/17 | 248,986 | ||||||||||||
| 500,000 | g | Five Corners Funding Trust | 4.419 | 11/15/23 | 523,335 | |||||||||||
| 250,000 | i | Prudential Financial, Inc | 5.200 | 03/15/44 | 251,719 | |||||||||||
| 500,000 | g | Swiss Re Treasury US Corp | 2.875 | 12/06/22 | 479,389 | |||||||||||
| 1,000,000 | g | Swiss Re Treasury US Corp | 4.250 | 12/06/42 | 972,054 | |||||||||||
| TOTAL INSURANCE | 2,475,483 | |||||||||||||||
| MATERIALS - 1.0% | ||||||||||||||||
| 500,000 | Agrium, Inc | 3.150 | 10/01/22 | 486,260 | ||||||||||||
| 500,000 | International Paper Co | 4.800 | 06/15/44 | 484,262 | ||||||||||||
| 500,000 | Nucor Corp | 4.000 | 08/01/23 | 512,126 | ||||||||||||
| 500,000 | Rock Tenn Co | 3.500 | 03/01/20 | 508,344 | ||||||||||||
| TOTAL MATERIALS | 1,990,992 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.8% | ||||||||||||||||
| 250,000 | AbbVie, Inc | 1.750 | 11/06/17 | 249,148 | ||||||||||||
| 500,000 | Bristol-Myers Squibb Co | 3.250 | 08/01/42 | 418,537 | ||||||||||||
| 500,000 | Johnson & Johnson | 4.375 | 12/05/33 | 545,606 | ||||||||||||
| 500,000 | Johnson & Johnson | 4.500 | 09/01/40 | 543,981 | ||||||||||||
| 500,000 | Mead Johnson Nutrition Co | 4.600 | 06/01/44 | 504,450 | ||||||||||||
| 250,000 | Merck & Co, Inc | 1.100 | 01/31/18 | 247,381 | ||||||||||||
| 500,000 | Merck & Co, Inc | 3.600 | 09/15/42 | 454,429 | ||||||||||||
| 250,000 | g | Valeant Pharmaceuticals International, Inc | 6.750 | 08/15/18 | 263,750 | |||||||||||
| 500,000 | g | Valeant Pharmaceuticals International, Inc | 5.625 | 12/01/21 | 498,125 | |||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 3,725,407 | |||||||||||||||
| REAL ESTATE - 1.8% | ||||||||||||||||
| 500,000 | Federal Realty Investment Trust | 2.750 | 06/01/23 | 475,499 | ||||||||||||
| 250,000 | HCP, Inc | 2.625 | 02/01/20 | 246,345 | ||||||||||||
| 194 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,000,000 | Kilroy Realty LP | 3.800 | % | 01/15/23 | $ | 1,001,516 | |||||||||
| 500,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 517,862 | ||||||||||||
| 1,000,000 | Regency Centers LP | 3.750 | 06/15/24 | 997,696 | ||||||||||||
| 450,000 | Washington Real Estate Investment Trust | 4.950 | 10/01/20 | 487,000 | ||||||||||||
| TOTAL REAL ESTATE | 3,725,918 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 1.3% | ||||||||||||||||
| 250,000 | CC Holdings GS V LLC | 2.381 | 12/15/17 | 252,905 | ||||||||||||
| 500,000 | i | Hewlett-Packard Co | 1.174 | 01/14/19 | 506,719 | |||||||||||
| 1,000,000 | Motorola Solutions, Inc | 3.500 | 09/01/21 | 985,893 | ||||||||||||
| 1,000,000 | Xerox Corp | 3.800 | 05/15/24 | 985,871 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 2,731,388 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 0.9% | ||||||||||||||||
| 500,000 | CenturyLink, Inc | 6.750 | 12/01/23 | 536,250 | ||||||||||||
| 500,000 | g | Sprint Corp | 7.250 | 09/15/21 | 520,625 | |||||||||||
| 500,000 | Verizon Communications, Inc | 1.350 | 06/09/17 | 497,460 | ||||||||||||
| 250,000 | Vodafone Group plc | 1.500 | 02/19/18 | 246,367 | ||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 1,800,702 | |||||||||||||||
| TRANSPORTATION - 1.7% | ||||||||||||||||
| 1,000,000 | Burlington Northern Santa Fe LLC | 3.400 | 09/01/24 | 986,056 | ||||||||||||
| 1,000,000 | Burlington Northern Santa Fe LLC | 4.550 | 09/01/44 | 999,257 | ||||||||||||
| 500,000 | GATX Corp | 2.500 | 07/30/19 | 499,272 | ||||||||||||
| 500,000 | GATX Corp | 5.200 | 03/15/44 | 531,574 | ||||||||||||
| 500,000 | Ryder System, Inc | 2.550 | 06/01/19 | 500,687 | ||||||||||||
| TOTAL TRANSPORTATION | 3,516,846 | |||||||||||||||
| UTILITIES - 3.3% | ||||||||||||||||
| 905,073 | Export Lease Ten Co LLC | 1.650 | 05/07/25 | 864,420 | ||||||||||||
| 250,000 | g | International Transmission Co | 4.625 | 08/15/43 | 275,350 | |||||||||||
| 125,000 | ITC Holdings Corp | 5.300 | 07/01/43 | 140,867 | ||||||||||||
| 500,000 | NextEra Energy Capital Holdings, Inc | 2.700 | 09/15/19 | 505,284 | ||||||||||||
| 1,000,000 | g | Niagara Mohawk Power Corp | 4.278 | 10/01/34 | 1,007,203 | |||||||||||
| 250,000 | NiSource Finance Corp | 4.800 | 02/15/44 | 254,345 | ||||||||||||
| 250,000 | Northeast Utilities | 1.450 | 05/01/18 | 246,022 | ||||||||||||
| 250,000 | Northern States Power Co | 2.600 | 05/15/23 | 240,097 | ||||||||||||
| 250,000 | i | NSTAR Electric Co | 0.471 | 05/17/16 | 249,809 | |||||||||||
| 1,000,000 | Piedmont Natural Gas Co, Inc | 4.100 | 09/18/34 | 1,016,951 | ||||||||||||
| 500,000 | Sempra Energy | 3.550 | 06/15/24 | 503,754 | ||||||||||||
| 1,000,000 | Southern California Gas Co | 3.150 | 09/15/24 | 995,939 | ||||||||||||
| 250,000 | g | Topaz Solar Farms LLC | 4.875 | 09/30/39 | 259,208 | |||||||||||
| 250,000 | g | Topaz Solar Farms LLC | 5.750 | 09/30/39 | 277,511 | |||||||||||
| TOTAL UTILITIES | 6,836,760 | |||||||||||||||
| TOTAL CORPORATE BONDS | 67,382,539 | |||||||||||||||
| (Cost $66,961,479) | ||||||||||||||||
| GOVERNMENT BONDS - 47.9% | ||||||||||||||||
| AGENCY SECURITIES - 6.7% | ||||||||||||||||
| 500,000 | Federal Home Loan Mortgage Corp (FHLMC) | 1.000 | 09/29/17 | 497,743 | ||||||||||||
| 1,000,000 | Federal National Mortgage Association (FNMA) | 2.625 | 09/06/24 | 983,674 | ||||||||||||
| 225,000 | j | Government Trust Certificate | 0.000 | 04/01/21 | 183,901 | |||||||||||
| 195 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 500,000 | Hashemite Kingdom of Jordan Government AID Bond | 1.945 | % | 06/23/19 | $ | 499,257 | |||||||||
| 1,000,000 | Hashemite Kingdom of Jordan Government AID Bond | 2.503 | 10/30/20 | 1,007,365 | ||||||||||||
| 450,000 | Micron Semiconductor Asia Pte Ltd | 1.258 | 01/15/19 | 449,426 | ||||||||||||
| 250,000 | j | Overseas Private Investment Corp (OPIC) | 0.000 | 04/30/15 | 253,635 | |||||||||||
| 1,000,000 | j | OPIC | 0.000 | 11/17/17 | 1,006,267 | |||||||||||
| 500,000 | j | OPIC | 0.000 | 11/13/19 | 502,090 | |||||||||||
| 1,000,000 | OPIC | 3.280 | 09/15/29 | 1,010,925 | ||||||||||||
| 231,618 | OPIC | 3.540 | 06/15/30 | 240,474 | ||||||||||||
| 242,537 | OPIC | 3.370 | 12/15/30 | 248,368 | ||||||||||||
| 500,000 | OPIC | 3.820 | 12/20/32 | 519,715 | ||||||||||||
| 250,000 | OPIC | 3.938 | 12/20/32 | 260,558 | ||||||||||||
| 500,000 | OPIC | 3.430 | 06/01/33 | 511,755 | ||||||||||||
| 1,000,000 | Private Export Funding Corp (PEFCO) | 2.250 | 03/15/20 | 1,001,894 | ||||||||||||
| 1,000,000 | PEFCO | 2.450 | 07/15/24 | 949,303 | ||||||||||||
| 500,000 | Ukraine Government AID Bonds | 1.844 | 05/16/19 | 498,250 | ||||||||||||
| 500,000 | United States Department of Housing and Urban Development (HUD) | 5.300 | 08/01/17 | 542,923 | ||||||||||||
| 200,000 | HUD | 3.120 | 08/01/18 | 211,772 | ||||||||||||
| 200,000 | HUD | 3.300 | 08/01/19 | 214,123 | ||||||||||||
| 300,000 | HUD | 2.450 | 08/01/20 | 305,690 | ||||||||||||
| 150,000 | HUD | 3.430 | 08/01/20 | 159,519 | ||||||||||||
| 250,000 | HUD | 2.050 | 08/01/19 | 253,233 | ||||||||||||
| 250,000 | HUD | 4.870 | 08/01/19 | 283,037 | ||||||||||||
| 500,000 | HUD | 2.910 | 08/01/23 | 503,162 | ||||||||||||
| 235,000 | UNM Sandoval Regional Medical Center | 4.500 | 07/20/36 | 242,334 | ||||||||||||
| TOTAL AGENCY SECURITIES | 13,340,393 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 5.6% | ||||||||||||||||
| 500,000 | African Development Bank | 0.750 | 10/18/16 | 499,940 | ||||||||||||
| 1,000,000 | African Development Bank | 2.375 | 09/23/21 | 1,000,012 | ||||||||||||
| 500,000 | g | Caisse d’Amortissement de la Dette Sociale | 3.375 | 03/20/24 | 521,335 | |||||||||||
| 220,931 | g | Carpintero Finance Ltd | 2.004 | 09/18/24 | 215,815 | |||||||||||
| 250,000 | Council of Europe Development Bank | 1.000 | 03/07/18 | 246,601 | ||||||||||||
| 500,000 | European Bank for Reconstruction & Development | 1.625 | 04/10/18 | 500,574 | ||||||||||||
| 500,000 | Export Development Canada | 0.875 | 01/30/17 | 499,929 | ||||||||||||
| 250,000 | Export-Import Bank of Korea | 1.750 | 02/27/18 | 247,592 | ||||||||||||
| 1,000,000 | FMS Wertmanagement AoeR | 1.125 | 09/05/17 | 997,653 | ||||||||||||
| 750,000 | Hydro Quebec | 2.000 | 06/30/16 | 766,667 | ||||||||||||
| 250,000 | Hydro Quebec | 1.375 | 06/19/17 | 251,363 | ||||||||||||
| 1,000,000 | Inter-American Development Bank | 1.500 | 09/25/18 | 997,291 | ||||||||||||
| 500,000 | i | International Bank for Reconstruction & Development | 0.172 | 07/22/15 | 499,758 | |||||||||||
| 500,000 | International Bank for Reconstruction & Development | 0.375 | 08/24/15 | 500,721 | ||||||||||||
| 525,000 | International Bank for Reconstruction & Development | 2.000 | 10/20/16 | 538,413 | ||||||||||||
| 250,000 | International Finance Corp | 0.500 | 05/15/15 | 250,222 | ||||||||||||
| 500,000 | International Finance Corp | 0.500 | 05/16/16 | 499,263 | ||||||||||||
| 500,000 | g,i | International Finance Facility for Immunisation | 0.422 | 07/05/16 | 500,087 | |||||||||||
| 500,000 | g | Kommunalbanken AS. | 0.750 | 11/21/16 | 499,484 | |||||||||||
| 250,000 | North American Development Bank | 2.300 | 10/10/18 | 252,278 | ||||||||||||
| 1,000,000 | North American Development Bank | 2.400 | 10/26/22 | 950,824 | ||||||||||||
| 500,000 | Province of Manitoba Canada | 3.050 | 05/14/24 | 504,538 | ||||||||||||
| 250,000 | Province of Ontario Canada | 1.200 | 02/14/18 | 247,239 | ||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 11,987,599 | |||||||||||||||
| MORTGAGE BACKED - 16.6% | ||||||||||||||||
| 732,681 | Federal National Mortgage Assocation (FNMA) | 3.000 | 09/01/42 | 724,154 | ||||||||||||
| 961,931 | FNMA | 3.000 | 05/01/43 | 949,637 | ||||||||||||
| 196 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 218,581 | FNMA | 5.000 | % | 09/01/25 | $ | 230,854 | |||||||||
| 337,670 | FNMA | 3.500 | 11/01/25 | 357,437 | ||||||||||||
| 765,390 | FNMA | 3.000 | 05/01/27 | 791,634 | ||||||||||||
| 1,059,430 | FNMA | 2.500 | 10/01/27 | 1,071,798 | ||||||||||||
| 490,328 | FNMA | 5.500 | 01/01/38 | 549,227 | ||||||||||||
| 1,130,205 | FNMA | 4.500 | 08/01/39 | 1,234,623 | ||||||||||||
| 626,193 | FNMA | 4.500 | 04/01/40 | 684,088 | ||||||||||||
| 426,359 | FNMA | 5.500 | 07/01/40 | 477,061 | ||||||||||||
| 1,983,618 | FNMA | 5.000 | 09/01/40 | 2,190,698 | ||||||||||||
| 780,824 | FNMA | 4.000 | 10/01/40 | 829,240 | ||||||||||||
| 520,837 | FNMA | 4.500 | 10/01/40 | 565,096 | ||||||||||||
| 250,382 | FNMA | 6.000 | 10/01/40 | 283,853 | ||||||||||||
| 235,452 | FNMA | 4.500 | 11/01/40 | 254,681 | ||||||||||||
| 227,044 | FNMA | 4.500 | 11/01/40 | 245,100 | ||||||||||||
| 233,612 | FNMA | 5.000 | 11/01/40 | 257,662 | ||||||||||||
| 976,143 | FNMA | 3.500 | 04/01/42 | 999,641 | ||||||||||||
| 1,037,634 | FNMA | 3.500 | 01/01/43 | 1,062,504 | ||||||||||||
| 500,519 | FNMA | 3.000 | 05/01/43 | 494,125 | ||||||||||||
| 2,527,487 | FNMA | 3.000 | 08/01/43 | 2,495,082 | ||||||||||||
| 2,175,113 | FNMA | 4.000 | 11/01/43 | 2,301,371 | ||||||||||||
| 846,419 | FNMA | 4.000 | 02/25/44 | 893,441 | ||||||||||||
| 2,554,589 | FNMA | 4.000 | 05/01/44 | 2,698,004 | ||||||||||||
| 17,178 | FNMA | 4.500 | 05/01/44 | 18,800 | ||||||||||||
| 2,568,179 | FNMA | 3.500 | 06/01/44 | 2,628,545 | ||||||||||||
| 994,883 | FNMA | 4.500 | 06/01/44 | 1,092,476 | ||||||||||||
| 892,253 | FNMA | 4.500 | 06/01/44 | 976,469 | ||||||||||||
| 195,275 | FNMA | 4.500 | 06/01/44 | 213,707 | ||||||||||||
| 343,193 | FNMA | 4.500 | 06/01/44 | 375,588 | ||||||||||||
| 406,422 | FNMA | 4.500 | 08/01/44 | 444,783 | ||||||||||||
| 87,960 | FNMA | 4.500 | 09/01/44 | 96,263 | ||||||||||||
| 929,183 | Government National Mortgage Association (GNMA) | 3.000 | 02/20/39 | 956,971 | ||||||||||||
| 513,964 | GNMA | 3.500 | 08/20/39 | 528,699 | ||||||||||||
| 213,170 | GNMA | 5.000 | 10/20/39 | 237,166 | ||||||||||||
| 306,047 | GNMA | 4.000 | 06/15/40 | 325,254 | ||||||||||||
| 604,360 | GNMA | 4.000 | 05/20/42 | 641,818 | ||||||||||||
| 219,688 | GNMA | 5.000 | 06/20/42 | 243,885 | ||||||||||||
| 922,113 | GNMA | 3.000 | 02/20/43 | 932,317 | ||||||||||||
| 933,578 | GNMA | 3.500 | 07/15/43 | 970,827 | ||||||||||||
| 486,567 | GNMA | 3.500 | 07/15/43 | 506,282 | ||||||||||||
| TOTAL MORTGAGE BACKED | 33,830,861 | |||||||||||||||
| MUNICIPAL BONDS - 9.1% | ||||||||||||||||
| 250,000 | Bay Area Water Supply & Conservation Agency | 1.311 | 10/01/17 | 247,967 | ||||||||||||
| 250,000 | g | California Pollution Control Financing Authority | 5.000 | 07/01/27 | 261,385 | |||||||||||
| 500,000 | g | California Pollution Control Financing Authority | 5.000 | 07/01/37 | 514,550 | |||||||||||
| 500,000 | g | California Pollution Control Financing Authority | 5.000 | 11/21/45 | 513,630 | |||||||||||
| 665,000 | Chicago Metropolitan Water Reclamation District-Greater Chicago | 5.720 | 12/01/38 | 797,082 | ||||||||||||
| 985,000 | City of Beaumont TX Waterworks & Sewer System Revenue | 1.650 | 09/01/18 | 980,538 | ||||||||||||
| 250,000 | City of Houston TX Utility System Revenue | 2.563 | 05/15/20 | 253,182 | ||||||||||||
| 250,000 | City of Houston TX Utility System Revenue | 2.923 | 05/15/21 | 253,227 | ||||||||||||
| 250,000 | City of Jersey City NJ | 1.192 | 09/01/15 | 250,185 | ||||||||||||
| 197 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 250,000 | Commonwealth Financing Authority | 2.675 | % | 06/01/21 | $ | 245,737 | |||||||||
| 500,000 | Commonwealth of Massachusetts | 5.000 | 08/01/33 | 576,980 | ||||||||||||
| 1,000,000 | District of Columbia Water & Sewer Authority | 4.814 | 10/01/14 | 1,044,880 | ||||||||||||
| 250,000 | Florida Governmental Utility Authority | 2.000 | 10/01/16 | 247,942 | ||||||||||||
| 500,000 | Florida Hurricane Catastrophe Fund Finance Corp | 1.298 | 07/01/16 | 501,745 | ||||||||||||
| 500,000 | j | Garden State Preservation Trust | 0.000 | 11/01/22 | 405,830 | |||||||||||
| 390,000 | Guadalupe-Blanco River Authority Industrial Development Corp | 1.909 | 04/15/18 | 391,540 | ||||||||||||
| 500,000 | Harris County Flood Control District | 0.637 | 10/01/16 | 498,270 | ||||||||||||
| 250,000 | Harris County Flood Control District | 1.229 | 10/01/17 | 249,160 | ||||||||||||
| 250,000 | Harris County Flood Control District | 1.818 | 10/01/18 | 249,455 | ||||||||||||
| 200,000 | Massachusetts St. Water Pollution Abatement | 5.192 | 08/01/40 | 228,494 | ||||||||||||
| 1,000,000 | Michigan Finance Authority | 5.000 | 07/01/16 | 1,065,570 | ||||||||||||
| 500,000 | Michigan Finance Authority | 5.000 | 07/01/22 | 568,995 | ||||||||||||
| 1,000,000 | Michigan Finance Authority | 5.000 | 07/01/29 | 1,085,870 | ||||||||||||
| 250,000 | New York State Energy Research & Development Authority | 1.028 | 07/01/16 | 249,323 | ||||||||||||
| 250,000 | New York State Energy Research & Development Authority | 2.772 | 07/01/20 | 254,203 | ||||||||||||
| 500,000 | New York State Environmental Facilities Corp | 5.807 | 06/15/39 | 606,105 | ||||||||||||
| 250,000 | Niagara Area Development Corp | 4.000 | 11/01/24 | 251,758 | ||||||||||||
| 170,000 | Ohio State Water Development Authority | 4.879 | 12/01/34 | 189,514 | ||||||||||||
| 250,000 | Oklahoma Water Resources Board | 2.444 | 04/01/20 | 252,688 | ||||||||||||
| 250,000 | Oklahoma Water Resources Board | 3.071 | 04/01/22 | 254,608 | ||||||||||||
| 250,000 | Pend Oreille County Public Utility District No Box Canyon | 1.987 | 01/01/16 | 250,278 | ||||||||||||
| 205,000 | Pend Oreille County Public Utility District No Box Canyon | 2.417 | 01/01/17 | 206,056 | ||||||||||||
| 250,000 | South Dakota Conservancy District | 1.648 | 08/01/18 | 248,530 | ||||||||||||
| 1,000,000 | h | State of California | 3.750 | 10/01/37 | 992,380 | |||||||||||
| 250,000 | State of California | 4.988 | 04/01/39 | 262,705 | ||||||||||||
| 500,000 | State of Michigan | 3.590 | 12/01/26 | 502,655 | ||||||||||||
| 500,000 | Texas Public Finance Authority | 5.250 | 07/01/17 | 499,745 | ||||||||||||
| 500,000 | i | University of California | 0.657 | 07/01/41 | 501,870 | |||||||||||
| 655,000 | Washington County Clean Water Services | 4.828 | 10/01/22 | 739,056 | ||||||||||||
| 530,000 | Washington County Clean Water Services | 5.078 | 10/01/24 | 610,412 | ||||||||||||
| 250,000 | West Virginia Water Development Authority | 5.000 | 11/01/21 | 294,925 | ||||||||||||
| TOTAL MUNICIPAL BONDS | 18,599,025 | |||||||||||||||
| U.S. TREASURY SECURITIES - 9.9% | ||||||||||||||||
| 4,415,000 | United States Treasury Bond | 3.375 | 05/15/44 | 4,558,488 | ||||||||||||
| 215,000 | United States Treasury Note | 0.250 | 12/31/15 | 215,076 | ||||||||||||
| 2,000,000 | United States Treasury Note | 0.500 | 07/31/16 | 2,000,234 | ||||||||||||
| 470,000 | United States Treasury Note | 1.625 | 04/30/19 | 468,237 | ||||||||||||
| 6,825,000 | United States Treasury Note | 1.625 | 08/31/19 | 6,778,078 | ||||||||||||
| 1,500,000 | United States Treasury Note | 1.750 | 09/30/19 | 1,498,008 | ||||||||||||
| 50,000 | United States Treasury Note | 2.000 | 08/31/21 | 49,324 | ||||||||||||
| 4,635,000 | United States Treasury Note | 2.375 | 08/15/24 | 4,581,410 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 20,148,855 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 97,906,733 | |||||||||||||||
| (Cost $97,619,738) | ||||||||||||||||
| 198 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| STRUCTURED ASSETS - 10.2% | ||||||||||||||||
| ASSET BACKED - 3.6% | ||||||||||||||||
| $ | 974,759 | g | Alterna Funding I LLC | 1.639 | % | 02/15/21 | $ | 972,322 | ||||||||
| Series - 2014 1A (Class NOTE) | ||||||||||||||||
| 100,000 | AmeriCredit Automobile Receivables Trust | 1.570 | 01/08/19 | 99,952 | ||||||||||||
| Series - 2013 1 (Class C) | ||||||||||||||||
| 150,000 | AmeriCredit Automobile Receivables Trust | 1.790 | 03/08/19 | 150,233 | ||||||||||||
| Series - 2013 2 (Class C) | ||||||||||||||||
| 250,000 | g | Avis Budget Rental Car Funding AESOP LLC | 6.740 | 05/20/16 | 255,814 | |||||||||||
| Series - 2010 3A (Class B) | ||||||||||||||||
| 500,000 | g | Hertz Vehicle Financing LLC | 6.440 | 02/25/19 | 558,829 | |||||||||||
| Series - 2010 1A (Class B3) | ||||||||||||||||
| 500,000 | g | HLSS Servicer Advance Receivables Backed Notes | 2.286 | 01/17/45 | 500,150 | |||||||||||
| Series - 2014 T1 (Class DT1) | ||||||||||||||||
| 142,545 | i | Lehman XS Trust | 0.405 | 02/25/36 | 136,146 | |||||||||||
| Series - 2006 1 (Class 1A1) | ||||||||||||||||
| 250,000 | g | New Residential Advance Receivables Trust Advance Receivables Backed | 1.274 | 03/15/45 | 250,275 | |||||||||||
| Series - 2014 T1 (Class A1) | ||||||||||||||||
| 250,000 | g | New Residential Advance Receivables Trust Advance Receivables Backed | 2.266 | 03/15/45 | 250,075 | |||||||||||
| Series - 2014 T1 (Class D1) | ||||||||||||||||
| 292,479 | g | Orange Lake Timeshare Trust 2014-A | 3.030 | 07/09/29 | 292,243 | |||||||||||
| Series - 2014 AA (Class B) | ||||||||||||||||
| 188,879 | i | Park Place Securities, Inc Asset-Backed Pass-Through Certificates | 0.675 | 01/25/36 | 187,741 | |||||||||||
| Series - 2005 WCH1 (Class M2) | ||||||||||||||||
| 488,353 | g | SolarCity LMC | 4.590 | 04/20/44 | 503,695 | |||||||||||
| Series - 2014 1 (Class A) | ||||||||||||||||
| 1,000,000 | g | SolarCity LMC | 4.020 | 07/20/44 | 997,813 | |||||||||||
| Series - 2014 2 (Class A) | ||||||||||||||||
| 1,000,000 | g,h | SpringCastle America Funding LLC | 2.700 | 05/25/23 | 999,900 | |||||||||||
| Series - 2014 AA (Class A) | ||||||||||||||||
| 133,834 | g,i | Structured Asset Securities Corp | 0.375 | 10/25/36 | 130,090 | |||||||||||
| Series - 2006 GEL4 (Class A2) | ||||||||||||||||
| 500,000 | Toyota Auto Receivables Owner Trust | 0.410 | 08/15/16 | 500,316 | ||||||||||||
| Series - 2014 A (Class A2) | ||||||||||||||||
| 500,000 | Toyota Auto Receivables Owner Trust | 0.670 | 12/15/17 | 499,400 | ||||||||||||
| Series - 2014 A (Class A3) | ||||||||||||||||
| TOTAL ASSET BACKED | 7,284,994 | |||||||||||||||
| OTHER MORTGAGE BACKED - 6.6% | ||||||||||||||||
| 181,760 | g | 7 WTC Depositor LLC Trust | 4.082 | 03/13/31 | 188,339 | |||||||||||
| Series - 2012 7WTC (Class A) | ||||||||||||||||
| 200,000 | i | Banc of America Commercial Mortgage Trust | 5.955 | 05/10/45 | 197,925 | |||||||||||
| Series - 2006 2 (Class C) | ||||||||||||||||
| 500,000 | i | Banc of America Commercial Mortgage Trust | 5.482 | 01/15/49 | 525,438 | |||||||||||
| Series - 2007 1 (Class AMFX) | ||||||||||||||||
| 1,120,000 | i | Bear Stearns Commercial Mortgage Securities | 6.144 | 09/11/42 | 1,210,184 | |||||||||||
| Series - 2007 T28 (Class AJ) | ||||||||||||||||
| 500,000 | i | Citigroup Commercial Mortgage Trust | 5.975 | 03/15/49 | 523,582 | |||||||||||
| Series - 2006 C4 (Class AJ) | ||||||||||||||||
| 65,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 70,652 | |||||||||||
| Series - 2007 C3 (Class AM) | ||||||||||||||||
| 199 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 1,000,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | % | 05/15/46 | $ | 1,021,052 | ||||||||
| Series - 2007 C3 (Class AJ) | ||||||||||||||||
| 381,383 | i | Countrywide Home Loan Mortgage Pass Through Trust | 2.446 | 11/20/34 | 367,831 | |||||||||||
| Series - 2004 HYB6 (Class A2) | ||||||||||||||||
| 170,000 | Credit Suisse Mortgage Capital Certificates | 5.509 | 09/15/39 | 182,015 | ||||||||||||
| Series - 2006 C4 (Class AM) | ||||||||||||||||
| 994,426 | g,i | Credit Suisse Seasoned Loan Trust 2006- | 0.395 | 10/25/34 | 978,699 | |||||||||||
| Series - 2006 1 (Class A) | ||||||||||||||||
| 72,343 | i | Impac CMB Trust | 0.815 | 03/25/35 | 66,736 | |||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||
| 710,000 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 6.192 | 02/15/51 | 781,953 | |||||||||||
| Series - 2007 LD12 (Class AM) | ||||||||||||||||
| 1,000,000 | i | ML-CFC Commercial Mortgage Trust | 5.526 | 03/12/51 | 1,040,639 | |||||||||||
| Series - 2007 6 (Class AM) | ||||||||||||||||
| 500,000 | i | Morgan Stanley Capital I Trust | 5.831 | 06/11/42 | 540,891 | |||||||||||
| Series - 2007 T27 (Class AJ) | ||||||||||||||||
| 1,000,000 | i | Morgan Stanley Capital I Trust | 5.271 | 08/13/42 | 997,632 | |||||||||||
| Series - 2005 HQ6 (Class F) | ||||||||||||||||
| 250,000 | g | OBP Depositor LLC Trust | 4.646 | 07/15/45 | 275,516 | |||||||||||
| Series - 2010 OBP (Class A) | ||||||||||||||||
| 111,329 | RFMSI Trust | 5.500 | 03/25/35 | 113,279 | ||||||||||||
| Series - 2005 S2 (Class A6) | ||||||||||||||||
| 70,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.818 | 05/15/46 | 76,685 | |||||||||||
| Series - 2007 C34 (Class AM) | ||||||||||||||||
| 750,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.146 | 05/15/46 | 772,701 | |||||||||||
| Series - 2007 C34 (Class AJ) | ||||||||||||||||
| 1,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.660 | 04/15/47 | 1,032,965 | |||||||||||
| Series - 2007 C31 (Class AJ) | ||||||||||||||||
| 1,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 935,000 | |||||||||||
| Series - 2007 C32 (Class B) | ||||||||||||||||
| 1,510,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.750 | 06/15/49 | 1,545,396 | |||||||||||
| Series - 2007 C32 (Class AJ) | ||||||||||||||||
| 40,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.953 | 02/15/51 | 43,684 | |||||||||||
| Series - 2007 C33 (Class AM) | ||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 13,488,794 | |||||||||||||||
| TOTAL STRUCTURED ASSETS | 20,773,788 | |||||||||||||||
| (Cost $20,692,411) | ||||||||||||||||
| TOTAL BONDS | 186,063,060 | |||||||||||||||
| (Cost $185,273,628) | ||||||||||||||||
| SHARES | COMPANY | |||||||||||||||
| PREFERRED STOCKS - 0.1% | ||||||||||||||||
| BANKS - 0.1% | ||||||||||||||||
| 250 | M&T Bank Corp | 6.375 | 12/30/49 | 249,110 | ||||||||||||
| TOTAL BANKS | 249,110 | |||||||||||||||
| TOTAL PREFERRED STOCKS | 249,110 | |||||||||||||||
| (Cost $255,625) | ||||||||||||||||
| 200 |
TIAA-CREF FUNDS - Social Choice Bond Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| SHORT-TERM INVESTMENTS - 5.2% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 4.9% | ||||||||||||||||
| $ | 10,000,000 | Federal Home Loan Bank (FHLB) | 0.085 | % | 11/12/14 | $ | 9,999,008 | |||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 9,999,008 | |||||||||||||||
| TREASURY DEBT - 0.3% | ||||||||||||||||
| 600,000 | United States Treasury Bill | 0.030 | 11/06/14 | 599,982 | ||||||||||||
| TOTAL TREASURY DEBT | 599,982 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 10,598,990 | |||||||||||||||
| (Cost $10,598,990) | ||||||||||||||||
| TOTAL INVESTMENTS - 98.0% | 199,901,615 | |||||||||||||||
| (Cost $199,119,308) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 2.0% | 3,990,495 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 203,892,110 | ||||||||||||||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/2014, the aggregate value of these securities was $21,285,212 or 10.4% of net assets. | |
| h | All or a portion of these securities were purchased on a delayed delivery basis. | |
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. | |
| j | Zero coupon. |
| 201 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| TIAA-CREF FUNDS | ||||||||||||||||
| TAX-EXEMPT BOND FUND | ||||||||||||||||
| SCHEDULE OF INVESTMENTS (unaudited) | ||||||||||||||||
| September 30, 2014 | ||||||||||||||||
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| LONG-TERM MUNICIPAL BONDS - 96.2% | ||||||||||||||||
| ARIZONA - 0.7% | ||||||||||||||||
| $ | 2,000,000 | City of Tucson AZ, GO | 5.000 | % | 07/01/20 | $ | 2,369,320 | |||||||||
| TOTAL ARIZONA | 2,369,320 | |||||||||||||||
| CALIFORNIA - 15.9% | ||||||||||||||||
| 2,325,000 | California State Public Works Board | 5.000 | 10/01/23 | 2,811,413 | ||||||||||||
| 5,000,000 | California State Public Works Board | 5.000 | 09/01/39 | 5,596,700 | ||||||||||||
| 1,500,000 | California State Public Works Board | 5.000 | 10/01/39 | 1,680,315 | ||||||||||||
| 4,000,000 | California Statewide Communities Development Authority | 5.000 | 04/01/42 | 4,375,960 | ||||||||||||
| 500,000 | h | City of San Jose CA Airport Revenue | 5.000 | 03/01/30 | 573,940 | |||||||||||
| 2,000,000 | County of San Bernardino CA, COP | 5.250 | 08/01/19 | 2,253,440 | ||||||||||||
| 1,500,000 | San Diego Unified School District | 5.000 | 07/01/22 | 1,817,730 | ||||||||||||
| 2,000,000 | San Diego Unified School District | 5.000 | 07/01/23 | 2,444,980 | ||||||||||||
| 2,000,000 | State of California, GO | 5.000 | 02/01/22 | 2,405,520 | ||||||||||||
| 2,000,000 | State of California, GO | 5.000 | 04/01/22 | 2,409,480 | ||||||||||||
| 2,000,000 | State of California, GO | 5.250 | 10/01/22 | 2,456,460 | ||||||||||||
| 5,000,000 | State of California, GO | 5.000 | 06/01/37 | 5,401,450 | ||||||||||||
| 3,405,000 | State of California, GO | 5.000 | 11/01/37 | 3,719,894 | ||||||||||||
| 5,000,000 | h | State of California, GO | 5.000 | 10/01/39 | 5,677,600 | |||||||||||
| 4,000,000 | University of California | 5.000 | 05/15/42 | 4,457,400 | ||||||||||||
| 1,710,000 | West Contra Costa Unified School District, GO | 5.700 | 02/01/21 | 2,097,930 | ||||||||||||
| 1,450,000 | West Contra Costa Unified School District, GO | 6.000 | 08/01/21 | 1,820,504 | ||||||||||||
| 1,810,000 | West Contra Costa Unified School District, GO | 5.700 | 02/01/22 | 2,235,133 | ||||||||||||
| TOTAL CALIFORNIA | 54,235,849 | |||||||||||||||
| COLORADO - 1.5% | ||||||||||||||||
| 1,000,000 | Denver City & County School District No, GO | 5.500 | 12/01/23 | 1,264,830 | ||||||||||||
| 1,500,000 | University of Colorado Hospital Authority | 5.000 | 11/15/27 | 1,719,300 | ||||||||||||
| 1,600,000 | University of Northern Colorado | 5.000 | 06/01/23 | 1,934,656 | ||||||||||||
| TOTAL COLORADO | 4,918,786 | |||||||||||||||
| CONNECTICUT - 2.7% | ||||||||||||||||
| 1,400,000 | Connecticut State Health & Educational Facility Authority | 5.000 | 07/01/22 | 1,627,864 | ||||||||||||
| 430,000 | Connecticut State Health & Educational Facility Authority | 5.000 | 07/01/34 | 468,829 | ||||||||||||
| 1,000,000 | State of Connecticut, GO | 5.000 | 05/15/21 | 1,194,620 | ||||||||||||
| 2,000,000 | State of Connecticut, GO | 5.000 | 10/15/22 | 2,410,280 | ||||||||||||
| 3,000,000 | State of Connecticut, GO | 5.000 | 10/15/23 | 3,640,920 | ||||||||||||
| TOTAL CONNECTICUT | 9,342,513 | |||||||||||||||
| FLORIDA - 3.5% | ||||||||||||||||
| 5,000,000 | City of Tallahassee FL | 5.000 | 10/01/37 | 5,493,600 | ||||||||||||
| 202 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 1,370,000 | County of Miami-Dade FL Water & Sewer System Revenue | 5.000 | % | 10/01/42 | $ | 1,502,219 | |||||||||
| 1,000,000 | County of Orange FL | 5.000 | 10/01/21 | 1,182,020 | ||||||||||||
| 1,225,000 | JEA Electric System Revenue | 5.000 | 10/01/21 | 1,457,603 | ||||||||||||
| 2,425,000 | Orange County Health Facilities Authority | 5.375 | 10/01/41 | 2,654,623 | ||||||||||||
| TOTAL FLORIDA | 12,290,065 | |||||||||||||||
| GEORGIA - 1.6% | ||||||||||||||||
| 1,000,000 | City of Atlanta Department of Aviation | 5.000 | 01/01/24 | 1,189,720 | ||||||||||||
| 1,130,000 | h | Private Colleges & Universities Authority | 5.000 | 04/01/17 | 1,238,728 | |||||||||||
| 1,735,000 | h | Private Colleges & Universities Authority | 5.000 | 04/01/21 | 1,976,790 | |||||||||||
| 1,000,000 | h | Private Colleges & Universities Authority | 5.000 | 04/01/44 | 1,075,900 | |||||||||||
| TOTAL GEORGIA | 5,481,138 | |||||||||||||||
| HAWAII - 0.4% | ||||||||||||||||
| 1,000,000 | State of Hawaii, GO | 5.000 | 12/01/22 | 1,224,610 | ||||||||||||
| TOTAL HAWAII | 1,224,610 | |||||||||||||||
| ILLINOIS - 5.9% | ||||||||||||||||
| 1,000,000 | Chicago Public Building Commission | 5.250 | 03/01/24 | 1,128,140 | ||||||||||||
| 2,085,000 | Chicago State University | 5.500 | 12/01/23 | 2,295,543 | ||||||||||||
| 1,220,000 | Chicago Transit Authority | 5.250 | 12/01/24 | 1,407,551 | ||||||||||||
| 1,000,000 | City of Chicago IL Motor Fuel Tax Revenue | 5.000 | 01/01/24 | 1,145,600 | ||||||||||||
| 1,000,000 | City of Chicago IL Motor Fuel Tax Revenue | 5.000 | 01/01/29 | 1,090,310 | ||||||||||||
| 1,500,000 | County of Cook IL, GO | 5.000 | 11/15/15 | 1,577,835 | ||||||||||||
| 1,000,000 | County of Cook IL, GO | 5.000 | 11/15/16 | 1,088,850 | ||||||||||||
| 1,000,000 | County of Cook IL, GO | 5.000 | 11/15/17 | 1,117,520 | ||||||||||||
| 1,500,000 | County of Cook IL, GO | 5.000 | 11/15/17 | 1,676,280 | ||||||||||||
| 2,000,000 | Illinois Finance Authority | 5.000 | 07/01/17 | 2,236,840 | ||||||||||||
| 1,500,000 | State of Illinois | 5.000 | 06/15/19 | 1,748,490 | ||||||||||||
| 840,000 | State of Illinois | 6.250 | 12/15/20 | 925,865 | ||||||||||||
| 2,045,000 | State of Illinois, GO | 5.000 | 01/01/20 | 2,132,874 | ||||||||||||
| 550,000 | University of Illinois | 5.000 | 04/01/31 | 623,760 | ||||||||||||
| TOTAL ILLINOIS | 20,195,458 | |||||||||||||||
| INDIANA - 1.9% | ||||||||||||||||
| 530,000 | Griffith Multi-School Building Corp, GO | 5.000 | 07/15/15 | 549,986 | ||||||||||||
| 2,120,000 | Indiana Bond Bank | 5.250 | 04/01/19 | 2,383,664 | ||||||||||||
| 1,000,000 | Indiana Finance Authority, AMT | 5.250 | 09/01/34 | 1,092,850 | ||||||||||||
| 1,940,000 | Indianapolis Local Public Improvement Bond Bank | 5.500 | 01/01/21 | 2,273,253 | ||||||||||||
| TOTAL INDIANA | 6,299,753 | |||||||||||||||
| KANSAS - 0.3% | ||||||||||||||||
| 1,000,000 | Wyandotte County-Kansas City Unified Government Utility System Revenue | 5.000 | 09/01/22 | 1,178,420 | ||||||||||||
| TOTAL KANSAS | 1,178,420 | |||||||||||||||
| KENTUCKY - 2.0% | ||||||||||||||||
| 4,555,000 | Kentucky Economic Development Finance Authority | 5.250 | 08/15/46 | 4,953,563 | ||||||||||||
| 203 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| $ | 2,000,000 | Kentucky Municipal Power Agency | 5.000 | % | 09/01/37 | $ | 2,157,040 | |||||||||
| TOTAL KENTUCKY | 7,110,603 | |||||||||||||||
| LOUISIANA - 0.3% | ||||||||||||||||
| 1,000,000 | Louisiana Public Facilities Authority | 5.250 | 10/01/24 | 1,156,020 | ||||||||||||
| TOTAL LOUISIANA | 1,156,020 | |||||||||||||||
| MARYLAND - 1.4% | ||||||||||||||||
| 4,000,000 | County of Montgomery MD, GO | 5.000 | 07/01/21 | 4,840,480 | ||||||||||||
| TOTAL MARYLAND | 4,840,480 | |||||||||||||||
| MASSACHUSETTS - 2.3% | ||||||||||||||||
| 1,390,000 | Commonwealth of Massachusetts, GO | 5.250 | 08/01/17 | 1,572,215 | ||||||||||||
| 1,750,000 | Massachusetts Development Finance Agency | 5.000 | 07/01/23 | 2,122,277 | ||||||||||||
| 2,255,000 | Massachusetts Development Finance Agency | 5.000 | 10/01/35 | 2,533,921 | ||||||||||||
| 1,600,000 | Massachusetts School Building Authority | 5.000 | 08/15/37 | 1,754,640 | ||||||||||||
| TOTAL MASSACHUSETTS | 7,983,053 | |||||||||||||||
| MICHIGAN - 0.4% | ||||||||||||||||
| 1,000,000 | Michigan Finance Authority | 5.000 | 10/01/22 | 1,230,580 | ||||||||||||
| TOTAL MICHIGAN | 1,230,580 | |||||||||||||||
| MINNESOTA - 2.3% | ||||||||||||||||
| 1,000,000 | Minnesota Public Facilities Authority | 5.000 | 03/01/16 | 1,066,420 | ||||||||||||
| 3,000,000 | State of Minnesota, GO | 5.000 | 10/01/23 | 3,698,610 | ||||||||||||
| 1,715,000 | University of Minnesota | 5.000 | 08/01/21 | 2,055,102 | ||||||||||||
| 1,000,000 | Western Minnesota Municipal Power Agency | 5.000 | 01/01/22 | 1,196,140 | ||||||||||||
| TOTAL MINNESOTA | 8,016,272 | |||||||||||||||
| MISSOURI - 2.4% | ||||||||||||||||
| 3,500,000 | Health & Educational Facilities Authority of the State of Missouri | 5.000 | 02/01/35 | 3,739,120 | ||||||||||||
| 4,000,000 | Metropolitan St. Louis Sewer District | 5.000 | 05/01/42 | 4,501,040 | ||||||||||||
| TOTAL MISSOURI | 8,240,160 | |||||||||||||||
| NEBRASKA - 3.5% | ||||||||||||||||
| 1,000,000 | Central Plains Energy Project | 5.000 | 09/01/22 | 1,130,870 | ||||||||||||
| 5,000,000 | Omaha Public Power District | 5.000 | 02/01/39 | 5,373,700 | ||||||||||||
| 5,000,000 | Omaha Public Power District | 5.000 | 02/01/42 | 5,593,900 | ||||||||||||
| TOTAL NEBRASKA | 12,098,470 | |||||||||||||||
| NEW JERSEY - 1.8% | ||||||||||||||||
| 2,500,000 | New Jersey Transit Corp | 5.000 | 09/15/17 | 2,769,150 | ||||||||||||
| 2,000,000 | New Jersey Transit Corp | 5.000 | 09/15/21 | 2,313,000 | ||||||||||||
| 1,025,000 | New Jersey Transportation Trust Fund Authority | 5.250 | 12/15/20 | 1,191,040 | ||||||||||||
| TOTAL NEW JERSEY | 6,273,190 | |||||||||||||||
| 204 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| NEW YORK - 17.5% | ||||||||||||||||
| $ | 1,000,000 | Metropolitan Transportation Authority | 5.000 | % | 11/15/20 | $ | 1,192,840 | |||||||||
| 1,000,000 | Metropolitan Transportation Authority | 5.250 | 11/15/20 | 1,201,520 | ||||||||||||
| 1,000,000 | Metropolitan Transportation Authority | 5.250 | 11/15/23 | 1,227,500 | ||||||||||||
| 385,000 | Nassau County Local Economic Assistance Corp | 5.000 | 07/01/24 | 450,689 | ||||||||||||
| 500,000 | Nassau County Local Economic Assistance Corp | 5.000 | 07/01/32 | 555,770 | ||||||||||||
| 730,000 | Nassau County Local Economic Assistance Corp | 5.000 | 07/01/33 | 810,161 | ||||||||||||
| 5,000,000 | New York City Water & Sewer System | 5.250 | 06/15/40 | 5,667,650 | ||||||||||||
| 5,000,000 | New York City Water & Sewer System | 5.000 | 06/15/43 | 5,478,650 | ||||||||||||
| 1,000,000 | New York State Dormitory Authority | 5.000 | 07/01/16 | 1,071,510 | ||||||||||||
| 2,250,000 | New York State Dormitory Authority | 5.000 | 10/01/17 | 2,528,348 | ||||||||||||
| 5,000,000 | New York State Dormitory Authority | 5.000 | 12/15/22 | 6,086,900 | ||||||||||||
| 3,000,000 | New York State Dormitory Authority | 5.000 | 03/15/23 | 3,660,000 | ||||||||||||
| 2,000,000 | New York State Dormitory Authority | 5.500 | 07/01/23 | 2,463,280 | ||||||||||||
| 2,760,000 | New York State Dormitory Authority | 5.000 | 07/01/42 | 3,068,237 | ||||||||||||
| 2,000,000 | New York State Urban Development Corp | 5.000 | 03/15/20 | 2,369,600 | ||||||||||||
| 4,000,000 | New York State Urban Development Corp | 5.000 | 03/15/21 | 4,786,920 | ||||||||||||
| 4,000,000 | New York State Urban Development Corp | 5.000 | 03/15/23 | 4,845,560 | ||||||||||||
| 2,045,000 | New York State Urban Development Corp | 5.500 | 03/15/23 | 2,553,817 | ||||||||||||
| 5,000,000 | New York State Urban Development Corp, GO | 5.000 | 03/15/22 | 6,014,200 | ||||||||||||
| 3,000,000 | Triborough Bridge & Tunnel Authority | 5.000 | 11/15/22 | 3,613,770 | ||||||||||||
| TOTAL NEW YORK | 59,646,922 | |||||||||||||||
| NORTH CAROLINA - 1.1% | ||||||||||||||||
| 2,000,000 | North Carolina Medical Care Commission | 5.000 | 06/01/34 | 2,180,640 | ||||||||||||
| 1,575,000 | North Carolina Medical Care Commission | 5.000 | 10/01/38 | 1,719,002 | ||||||||||||
| TOTAL NORTH CAROLINA | 3,899,642 | |||||||||||||||
| OHIO - 5.7% | ||||||||||||||||
| 2,000,000 | American Municipal Power, Inc | 5.250 | 02/15/33 | 2,194,800 | ||||||||||||
| 1,500,000 | City of Columbus OH, GO | 5.000 | 07/01/21 | 1,808,820 | ||||||||||||
| 1,500,000 | County of Hamilton OH | 5.000 | 02/01/44 | 1,618,170 | ||||||||||||
| 1,000,000 | Ohio Air Quality Development Authority | 5.625 | 06/01/18 | 1,118,690 | ||||||||||||
| 1,750,000 | Ohio Higher Educational Facility Commission | 5.000 | 12/01/23 | 2,104,585 | ||||||||||||
| 3,000,000 | Ohio State Water Development Authority | 5.000 | 06/01/23 | 3,672,300 | ||||||||||||
| 1,660,000 | State of Ohio | 5.000 | 01/15/21 | 1,939,810 | ||||||||||||
| 1,000,000 | State of Ohio, GO | 5.000 | 08/01/21 | 1,205,420 | ||||||||||||
| 2,000,000 | State of Ohio, GO | 5.000 | 06/15/22 | 2,422,980 | ||||||||||||
| 1,000,000 | State of Ohio, GO | 5.000 | 09/15/22 | 1,215,390 | ||||||||||||
| TOTAL OHIO | 19,300,965 | |||||||||||||||
| OREGON - 1.0% | ||||||||||||||||
| 2,750,000 | Washington & Multnomah Counties School District No 48J Beaverton, GO | 5.000 | 06/15/22 | 3,338,143 | ||||||||||||
| TOTAL OREGON | 3,338,143 | |||||||||||||||
| 205 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| PENNSYLVANIA - 0.7% | ||||||||||||||||
| $ | 2,500,000 | h,i | Geisinger Authority | 1.720 | % | 06/01/28 | $ | 2,498,750 | ||||||||
| TOTAL PENNSYLVANIA | 2,498,750 | |||||||||||||||
| RHODE ISLAND - 2.5% | ||||||||||||||||
| 5,000,000 | Rhode Island Health & Educational Building Corp | 5.000 | 09/01/21 | 6,020,900 | ||||||||||||
| 2,000,000 | State of Rhode Island, GO | 5.000 | 08/01/21 | 2,386,720 | ||||||||||||
| TOTAL RHODE ISLAND | 8,407,620 | |||||||||||||||
| SOUTH CAROLINA - 0.4% | ||||||||||||||||
| 1,120,000 | Scago Educational Facilities Corp for Colleton School District | 5.000 | 12/01/16 | 1,224,126 | ||||||||||||
| TOTAL SOUTH CAROLINA | 1,224,126 | |||||||||||||||
| TENNESSEE - 1.9% | ||||||||||||||||
| 2,130,000 | Knox County Health Educational & Housing Facility Board | 5.000 | 01/01/26 | 2,424,004 | ||||||||||||
| 2,855,000 | Sullivan County Health Educational & Housing Facilities Board | 5.250 | 09/01/26 | 3,031,410 | ||||||||||||
| 1,000,000 | Sullivan County Health Educational & Housing Facilities Board | 5.250 | 09/01/36 | 1,042,430 | ||||||||||||
| TOTAL TENNESSEE | 6,497,844 | |||||||||||||||
| TEXAS - 4.5% | ||||||||||||||||
| 1,165,000 | City of Frisco TX, GO | 5.500 | 02/15/25 | 1,335,195 | ||||||||||||
| 1,000,000 | City of San Antonio TX Water System Revenue | 5.000 | 05/15/23 | 1,212,540 | ||||||||||||
| 1,000,000 | Metropolitan Transit Authority of Harris County | 5.000 | 11/01/23 | 1,214,570 | ||||||||||||
| 1,000,000 | New Hope Cultural Education Facilities Corp | 5.000 | 04/01/29 | 1,099,920 | ||||||||||||
| 1,000,000 | New Hope Cultural Education Facilities Corp | 5.000 | 04/01/34 | 1,060,500 | ||||||||||||
| 1,000,000 | New Hope Cultural Education Facilities Corp | 5.000 | 04/01/39 | 1,048,530 | ||||||||||||
| 3,250,000 | North Texas Municipal Water District | 5.250 | 09/01/23 | 3,949,173 | ||||||||||||
| 1,000,000 | State of Texas, GO | 5.000 | 10/01/22 | 1,206,500 | ||||||||||||
| 1,000,000 | Tarrant County Cultural Education Facilities Finance Corp | 5.000 | 11/15/42 | 1,076,350 | ||||||||||||
| 1,545,000 | Texas Municipal Gas Acquisition & Supply Corp III | 5.000 | 12/15/32 | 1,666,576 | ||||||||||||
| TOTAL TEXAS | 14,869,854 | |||||||||||||||
| UTAH - 1.4% | ||||||||||||||||
| 1,000,000 | State of Utah, GO | 5.000 | 07/01/21 | 1,213,680 | ||||||||||||
| 2,750,000 | University of Utah | 6.000 | 08/01/22 | 3,536,390 | ||||||||||||
| TOTAL UTAH | 4,750,070 | |||||||||||||||
| WASHINGTON - 6.8% | ||||||||||||||||
| 1,955,000 | Energy Northwest | 5.000 | 07/01/23 | 2,340,076 | ||||||||||||
| 1,000,000 | Energy Northwest | 5.000 | 07/01/23 | 1,217,160 | ||||||||||||
| 3,150,000 | Port of Seattle WA | 5.500 | 09/01/17 | 3,567,344 | ||||||||||||
| 2,000,000 | Skagit County Public Hospital District No | 5.625 | 12/01/25 | 2,210,600 | ||||||||||||
| 3,000,000 | State of Washington, GO | 5.250 | 02/01/22 | 3,670,590 | ||||||||||||
| 5,075,000 | State of Washington, GO | 5.000 | 02/01/23 | 6,168,003 | ||||||||||||
| 3,895,000 | Washington Health Care Facilities Authority | 5.000 | 10/01/42 | 4,330,928 | ||||||||||||
| TOTAL WASHINGTON | 23,504,701 | |||||||||||||||
| 206 |
TIAA-CREF FUNDS - Tax-Exempt Bond Fund
| PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
| WEST VIRGINIA - 0.5% | ||||||||||||||||
| $ | 1,500,000 | City of Princeton WV | 5.000 | % | 05/01/21 | $ | 1,674,990 | |||||||||
| TOTAL WEST VIRGINIA | 1,674,990 | |||||||||||||||
| WISCONSIN - 1.4% | ||||||||||||||||
| 2,000,000 | State of Wisconsin, GO | 5.000 | 05/01/17 | 2,228,040 | ||||||||||||
| 1,000,000 | State of Wisconsin, GO | 5.000 | 05/01/21 | 1,201,090 | ||||||||||||
| 1,100,000 | Wisconsin Health & Educational Facilities Authority | 5.000 | 12/01/23 | 1,305,062 | ||||||||||||
| TOTAL WISCONSIN | 4,734,192 | |||||||||||||||
| TOTAL LONG-TERM MUNICIPAL BONDS | 328,832,559 | |||||||||||||||
| (Cost $318,851,540) | ||||||||||||||||
| TOTAL INVESTMENTS - 96.2% | 328,832,559 | |||||||||||||||
| (Cost $318,851,540) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 3.8% | 13,128,584 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 341,961,143 | ||||||||||||||
| Abbreviation(s): | |||
| AMT | Alternative Minimum Tax (subject to) | ||
| COP | Certificate of Participation | ||
| 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 rate reflects the rate at period end. | ||
| 207 |
TIAA-CREF FUNDS - Money Market Fund
| TIAA-CREF FUNDS | ||||||||||||||||
| MONEY MARKET FUND | ||||||||||||||||
| SCHEDULE OF INVESTMENTS (unaudited) | ||||||||||||||||
| September 30, 2014 | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| SHORT-TERM INVESTMENTS - 100.0% | ||||||||||||||||
| ASSET BACKED - 0.6% | ||||||||||||||||
| $ | 5,000,000 | John Deere Owner Trust | 0.210 | % | 09/24/15 | $ | 5,000,000 | |||||||||
| TOTAL ASSET BACKED | 5,000,000 | |||||||||||||||
| CERTIFICATE OF DEPOSIT - 4.1% | ||||||||||||||||
| 8,000,000 | Banco Del Estado De Chile | 0.190 | 12/09/14 | 8,000,000 | ||||||||||||
| 5,000,000 | Banco Del Estado De Chile | 0.200 | 01/06/15 | 5,000,000 | ||||||||||||
| 4,500,000 | Banco Del Estado De Chile | 0.200 | 01/07/15 | 4,500,000 | ||||||||||||
| 15,000,000 | Wells Fargo Bank NA | 0.140 | 10/06/14 | 15,000,000 | ||||||||||||
| TOTAL CERTIFICATE OF DEPOSIT | 32,500,000 | |||||||||||||||
| COMMERCIAL PAPER - 41.6% | ||||||||||||||||
| 5,000,000 | American Honda Finance Corp | 0.115 | 10/08/14 | 4,999,888 | ||||||||||||
| 10,000,000 | American Honda Finance Corp | 0.110 | 10/09/14 | 9,999,756 | ||||||||||||
| 420,000 | y | Apple, Inc | 0.100 | 10/16/14 | 419,982 | |||||||||||
| 1,500,000 | y | Apple, Inc | 0.100 | 11/20/14 | 1,499,792 | |||||||||||
| 400,000 | y | Apple, Inc | 0.100 | 12/02/14 | 399,931 | |||||||||||
| 5,100,000 | y | Australia & New Zealand Banking Group Ltd | 0.170 | 10/07/14 | 5,099,856 | |||||||||||
| 400,000 | Bank of Tokyo-Mitsubishi UFJ Ltd | 0.190 | 11/18/14 | 399,899 | ||||||||||||
| 700,000 | Bank of Tokyo-Mitsubishi UFJ Ltd | 0.180 | 11/21/14 | 699,821 | ||||||||||||
| 4,800,000 | Bank of Tokyo-Mitsubishi UFJ Ltd | 0.190 | 12/01/14 | 4,798,455 | ||||||||||||
| 1,250,000 | y | Bedford Row Funding Corp | 0.210 | 10/27/14 | 1,249,811 | |||||||||||
| 3,000,000 | y | Bedford Row Funding Corp | 0.250-0.260 | 11/03/14 | 2,999,303 | |||||||||||
| 10,000,000 | y | Bedford Row Funding Corp | 0.150 | 11/25/14 | 9,997,708 | |||||||||||
| 4,000,000 | y | Bedford Row Funding Corp | 0.190 | 01/05/15 | 3,997,973 | |||||||||||
| 4,250,000 | y | Coca-Cola Co | 0.120 | 10/03/14 | 4,249,972 | |||||||||||
| 3,000,000 | y | Coca-Cola Co | 0.110 | 10/15/14 | 2,999,872 | |||||||||||
| 8,100,000 | y | Coca-Cola Co | 0.110 | 10/21/14 | 8,099,505 | |||||||||||
| 3,990,000 | y | Coca-Cola Co | 0.140 | 10/30/14 | 3,989,550 | |||||||||||
| 5,000,000 | y | Coca-Cola Co | 0.100 | 11/17/14 | 4,999,347 | |||||||||||
| 2,244,000 | y | Coca-Cola Co | 0.160 | 12/29/14 | 2,243,112 | |||||||||||
| 2,300,000 | y | Commonwealth Bank of Australia | 0.140 | 12/16/14 | 2,299,320 | |||||||||||
| 2,800,000 | y | DBS Bank Ltd | 0.220 | 01/15/15 | 2,798,186 | |||||||||||
| 5,000,000 | Exxon Mobil Corp | 0.060 | 10/16/14 | 4,999,875 | ||||||||||||
| 3,192,000 | y | Fairway Finance LLC | 0.150 | 10/20/14 | 3,191,747 | |||||||||||
| 5,000,000 | y | Fairway Finance LLC | 0.155 | 11/04/14 | 4,999,268 | |||||||||||
| 5,000,000 | y | Fairway Finance LLC | 0.150 | 11/05/14 | 4,999,271 | |||||||||||
| 4,500,000 | y | Fairway Finance LLC | 0.140 | 11/18/14 | 4,499,160 | |||||||||||
| 9,000,000 | General Electric Capital Corp | 0.120 | 12/22/14 | 8,997,540 | ||||||||||||
| 5,000,000 | General Electric Capital Corp | 0.130 | 12/23/14 | 4,998,501 | ||||||||||||
| 13,000,000 | General Electric Co | 0.070-0.080 | 12/02/14 | 12,998,261 | ||||||||||||
| 10,000,000 | y | Hydro-Quebec | 0.100 | 11/03/14 | 9,999,083 | |||||||||||
| 5,000,000 | y | International Business Machines Corp | 0.105 | 12/04/14 | 4,999,067 | |||||||||||
| 2,920,000 | y | International Business Machines Corp | 0.105 | 12/11/14 | 2,919,395 | |||||||||||
| 176,000 | JPMorgan Chase Bank NA | 0.200 | 11/18/14 | 175,953 | ||||||||||||
| 208 |
TIAA-CREF FUNDS - Money Market Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 468,000 | JPMorgan Chase Bank NA | 0.200 | % | 12/02/14 | $ | 467,839 | |||||||||
| 341,000 | JPMorgan Chase Bank NA | 0.200 | 12/10/14 | 340,867 | ||||||||||||
| 428,000 | JPMorgan Chase Bank NA | 0.200 | 12/11/14 | 427,831 | ||||||||||||
| 400,000 | JPMorgan Chase Bank NA | 0.190 | 12/16/14 | 399,840 | ||||||||||||
| 571,000 | JPMorgan Chase Bank NA | 0.200 | 12/17/14 | 570,756 | ||||||||||||
| 850,000 | JPMorgan Chase Bank NA | 0.210 | 12/22/14 | 849,593 | ||||||||||||
| 211,000 | JPMorgan Chase Bank NA | 0.210 | 12/29/14 | 210,890 | ||||||||||||
| 4,800,000 | Korea Development Bank | 0.190 | 11/04/14 | 4,799,139 | ||||||||||||
| 2,670,000 | Korea Development Bank | 0.205 | 11/21/14 | 2,669,225 | ||||||||||||
| 1,860,000 | y | Mitsubishi UFJ Trust & Banking Corp | 0.175 | 10/16/14 | 1,859,865 | |||||||||||
| 4,275,000 | y | Mitsubishi UFJ Trust & Banking Corp | 0.165 | 10/20/14 | 4,274,628 | |||||||||||
| 3,930,000 | y | Mitsubishi UFJ Trust & Banking Corp | 0.185 | 11/04/14 | 3,929,313 | |||||||||||
| 3,640,000 | y | Mitsubishi UFJ Trust & Banking Corp | 0.200-0.210 | 11/19/14 | 3,638,972 | |||||||||||
| 6,590,000 | y | National Australia Funding Delaware, Inc | 0.125 | 10/01/14 | 6,590,000 | |||||||||||
| 3,090,000 | y | National Australia Funding Delaware, Inc | 0.160 | 11/06/14 | 3,089,506 | |||||||||||
| 7,800,000 | y | National Australia Funding Delaware, Inc | 0.160 | 11/10/14 | 7,798,613 | |||||||||||
| 1,000,000 | y | National Australia Funding Delaware, Inc | 0.170 | 11/17/14 | 999,778 | |||||||||||
| 3,000,000 | y | Nestle Capital Corp | 0.095 | 12/10/14 | 2,999,446 | |||||||||||
| 2,583,000 | y | Old Line Funding LLC | 0.170 | 10/01/14 | 2,583,000 | |||||||||||
| 12,000,000 | PACCAR Financial Corp | 0.110 | 10/10/14 | 11,999,670 | ||||||||||||
| 1,930,000 | PACCAR Financial Corp | 0.130 | 12/12/14 | 1,929,498 | ||||||||||||
| 6,000,000 | y | Procter & Gamble Co | 0.090 | 10/07/14 | 5,999,910 | |||||||||||
| 3,000,000 | y | Procter & Gamble Co | 0.090 | 10/21/14 | 2,999,850 | |||||||||||
| 5,100,000 | y | Procter & Gamble Co | 0.110-0.120 | 11/04/14 | 5,099,439 | |||||||||||
| 4,000,000 | y | Procter & Gamble Co | 0.120 | 11/12/14 | 3,999,440 | |||||||||||
| 850,000 | y | Procter & Gamble Co | 0.120 | 12/10/14 | 849,802 | |||||||||||
| 3,000,000 | y | Procter & Gamble Co | 0.120 | 01/06/15 | 2,999,030 | |||||||||||
| 14,000,000 | Province of Ontario Canada | 0.100 | 10/02/14 | 13,999,961 | ||||||||||||
| 5,000,000 | Province of Ontario Canada | 0.100 | 10/09/14 | 4,999,889 | ||||||||||||
| 2,300,000 | Province of Ontario Canada | 0.100 | 10/28/14 | 2,299,827 | ||||||||||||
| 2,300,000 | y | Province of Quebec Canada | 0.100 | 10/07/14 | 2,299,962 | |||||||||||
| 1,550,000 | y | Province of Quebec Canada | 0.100 | 10/23/14 | 1,549,905 | |||||||||||
| 10,000,000 | y | Province of Quebec Canada | 0.100 | 11/17/14 | 9,998,695 | |||||||||||
| 2,315,000 | y | Province of Quebec Canada | 0.080 | 12/18/14 | 2,314,599 | |||||||||||
| 1,175,000 | y | PSP Capital, Inc | 0.120 | 10/01/14 | 1,175,000 | |||||||||||
| 1,000,000 | y | PSP Capital, Inc | 0.140 | 10/08/14 | 999,973 | |||||||||||
| 2,200,000 | y | PSP Capital, Inc | 0.160 | 10/15/14 | 2,199,863 | |||||||||||
| 3,000,000 | y | PSP Capital, Inc | 0.110 | 10/23/14 | 2,999,798 | |||||||||||
| 1,620,000 | y | PSP Capital, Inc | 0.160 | 11/05/14 | 1,619,748 | |||||||||||
| 5,000,000 | y | PSP Capital, Inc | 0.160 | 12/16/14 | 4,998,311 | |||||||||||
| 5,460,000 | y | PSP Capital, Inc | 0.140-0.145 | 12/22/14 | 5,458,242 | |||||||||||
| 1,500,000 | Shell International Finance BV | 3.100 | 06/28/15 | 1,531,540 | ||||||||||||
| 5,000,000 | y | Toronto-Dominion Holdings USA, Inc | 0.135 | 11/13/14 | 4,999,194 | |||||||||||
| 5,000,000 | y | Toronto-Dominion Holdings USA, Inc | 0.170 | 01/05/15 | 4,997,733 | |||||||||||
| 3,000,000 | Toyota Motor Credit Corp | 0.130 | 11/18/14 | 2,999,480 | ||||||||||||
| 2,250,000 | Toyota Motor Credit Corp | 0.100 | 12/09/14 | 2,249,569 | ||||||||||||
| 5,000,000 | Toyota Motor Credit Corp | 0.130 | 12/19/14 | 4,998,573 | ||||||||||||
| 2,500,000 | y | Unilever NV | 0.070 | 10/08/14 | 2,499,966 | |||||||||||
| 450,000 | y | Unilever NV | 0.130 | 12/12/14 | 449,883 | |||||||||||
| 5,400,000 | y | United Overseas Bank Ltd | 0.130-0.200 | 10/10/14 | 5,399,750 | |||||||||||
| 2,000,000 | y | United Overseas Bank Ltd | 0.212 | 10/14/14 | 1,999,847 | |||||||||||
| 3,000,000 | y | United Overseas Bank Ltd | 0.170 | 11/12/14 | 2,999,405 | |||||||||||
| 209 |
TIAA-CREF FUNDS - Money Market Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| $ | 5,000,000 | y | United Overseas Bank Ltd | 0.185 | % | 12/08/14 | $ | 4,998,253 | ||||||||
| 1,000,000 | y | United Overseas Bank Ltd | 0.190 | 12/10/14 | 999,630 | |||||||||||
| 2,190,000 | y | Wal-Mart Stores, Inc | 0.050 | 10/08/14 | 2,189,979 | |||||||||||
| TOTAL COMMERCIAL PAPER | 330,620,475 | |||||||||||||||
| GOVERNMENT AGENCY DEBT - 30.0% | ||||||||||||||||
| 4,600,000 | Federal Farm Credit Bank (FFCB) | 0.050 | 10/02/14 | 4,599,994 | ||||||||||||
| 13,000,000 | Federal Home Loan Bank (FHLB) | 0.075 | 10/03/14 | 12,999,946 | ||||||||||||
| 3,840,000 | FHLB | 0.060-0.080 | 10/08/14 | 3,839,948 | ||||||||||||
| 6,890,000 | FHLB | 0.050-0.070 | 10/15/14 | 6,889,854 | ||||||||||||
| 11,094,000 | FHLB | 0.060-0.087 | 10/17/14 | 11,093,662 | ||||||||||||
| 15,465,000 | FHLB | 0.050-0.075 | 10/22/14 | 15,464,500 | ||||||||||||
| 11,000,000 | FHLB | 0.062-0.082 | 10/24/14 | 10,999,551 | ||||||||||||
| 9,191,000 | FHLB | 0.062-0.090 | 10/29/14 | 9,190,461 | ||||||||||||
| 4,000,000 | FHLB | 0.060 | 10/30/14 | 3,999,807 | ||||||||||||
| 7,800,000 | FHLB | 0.064 | 10/31/14 | 7,799,584 | ||||||||||||
| 2,885,000 | FHLB | 0.062 | 11/05/14 | 2,884,826 | ||||||||||||
| 790,000 | FHLB | 0.070 | 11/07/14 | 789,943 | ||||||||||||
| 7,385,000 | FHLB | 0.082 | 11/12/14 | 7,384,293 | ||||||||||||
| 16,680,000 | FHLB | 0.030-0.075 | 11/14/14 | 16,679,031 | ||||||||||||
| 13,300,000 | FHLB | 0.063-0.090 | 11/19/14 | 13,298,775 | ||||||||||||
| 9,500,000 | FHLB | 0.072 | 11/21/14 | 9,499,031 | ||||||||||||
| 4,000,000 | FHLB | 0.065 | 11/26/14 | 3,999,595 | ||||||||||||
| 3,500,000 | FHLB | 0.025 | 12/01/14 | 3,499,852 | ||||||||||||
| 17,855,000 | FHLB | 0.073-0.074 | 12/03/14 | 17,852,709 | ||||||||||||
| 10,000,000 | FHLB | 0.072-0.073 | 12/05/14 | 9,998,691 | ||||||||||||
| 6,515,000 | FHLB | 0.030-0.050 | 12/12/14 | 6,514,569 | ||||||||||||
| 3,200,000 | FHLB | 0.030 | 12/15/14 | 3,199,800 | ||||||||||||
| 7,500,000 | FHLB | 0.030-0.056 | 12/17/14 | 7,499,241 | ||||||||||||
| 5,000,000 | FHLB | 0.035 | 12/19/14 | 4,999,616 | ||||||||||||
| 6,060,000 | FHLB | 0.030-0.031 | 12/24/14 | 6,059,566 | ||||||||||||
| 315,000 | FHLB | 0.040 | 01/07/15 | 314,966 | ||||||||||||
| 5,000,000 | FHLB | 0.025 | 01/09/15 | 4,999,653 | ||||||||||||
| 125,000 | FHLB | 0.080 | 01/16/15 | 124,970 | ||||||||||||
| 4,600,000 | Federal Home Loan Mortgage Corp (FHLMC) | 0.065 | 10/14/14 | 4,599,892 | ||||||||||||
| 1,600,000 | FHLMC | 0.065 | 10/20/14 | 1,599,945 | ||||||||||||
| 2,500,000 | FHLMC | 0.065 | 11/10/14 | 2,499,819 | ||||||||||||
| 200,000 | FHLMC | 0.080 | 11/17/14 | 199,979 | ||||||||||||
| 5,205,000 | FHLMC | 0.062-0.075 | 11/24/14 | 5,204,500 | ||||||||||||
| 4,490,000 | FHLMC | 0.030-0.050 | 12/11/14 | 4,489,712 | ||||||||||||
| 119,000 | FHLMC | 0.090 | 01/21/15 | 118,967 | ||||||||||||
| 620,000 | FHLMC | 0.100 | 02/03/15 | 619,785 | ||||||||||||
| 445,000 | Federal National Mortgage Association (FNMA) | 0.080 | 10/01/14 | 445,000 | ||||||||||||
| 3,680,000 | FNMA | 0.060-0.075 | 10/14/14 | 3,679,911 | ||||||||||||
| 1,000,000 | FNMA | 0.042 | 10/29/14 | 999,967 | ||||||||||||
| 1,800,000 | FNMA | 0.085 | 11/03/14 | 1,799,860 | ||||||||||||
| 4,725,000 | FNMA | 0.065-0.070 | 11/05/14 | 4,724,693 | ||||||||||||
| 990,000 | FNMA | 0.070 | 12/03/14 | 989,879 | ||||||||||||
| 230,000 | FNMA | 0.090 | 12/15/14 | 229,957 | ||||||||||||
| 125,000 | FNMA | 0.080 | 01/21/15 | 124,969 | ||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 238,803,269 | |||||||||||||||
| 210 |
TIAA-CREF FUNDS - Money Market Fund
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
| TREASURY DEBT - 14.9% | ||||||||||||||||
| $ | 2,595,000 | United States Treasury Bill | 0.028 | % | 10/02/14 | $ | 2,594,998 | |||||||||
| 1,595,000 | United States Treasury Bill | 0.035 | 10/09/14 | 1,594,988 | ||||||||||||
| 1,115,000 | United States Treasury Bill | 0.030 | 10/30/14 | 1,114,973 | ||||||||||||
| 5,000,000 | United States Treasury Bill | 0.031 | 11/06/14 | 4,999,845 | ||||||||||||
| 7,000,000 | United States Treasury Bill | 0.036-0.041 | 11/13/14 | 6,999,687 | ||||||||||||
| 3,000,000 | United States Treasury Bill | 0.030 | 11/20/14 | 2,999,875 | ||||||||||||
| 4,085,000 | United States Treasury Bill | 0.028-0.031 | 11/28/14 | 4,084,806 | ||||||||||||
| 7,010,000 | United States Treasury Bill | 0.023 | 12/04/14 | 7,009,718 | ||||||||||||
| 715,000 | United States Treasury Bill | 0.039 | 12/18/14 | 714,940 | ||||||||||||
| 2,025,000 | United States Treasury Bill | 0.040 | 12/26/14 | 2,024,806 | ||||||||||||
| 2,990,000 | United States Treasury Bill | 0.035-0.040 | 01/02/15 | 2,989,717 | ||||||||||||
| 3,310,000 | United States Treasury Bill | 0.033-0.035 | 01/08/15 | 3,309,697 | ||||||||||||
| 4,220,000 | United States Treasury Bill | 0.020-0.040 | 01/29/15 | 4,219,637 | ||||||||||||
| 2,000,000 | United States Treasury Bill | 0.044 | 02/05/15 | 1,999,690 | ||||||||||||
| 5,000,000 | United States Treasury Bill | 0.045 | 02/12/15 | 4,999,162 | ||||||||||||
| 1,690,000 | United States Treasury Bill | 0.035-0.044 | 02/19/15 | 1,689,733 | ||||||||||||
| 3,500,000 | United States Treasury Bill | 0.040-0.044 | 03/12/15 | 3,499,343 | ||||||||||||
| 1,300,000 | United States Treasury Bill | 0.030 | 03/26/15 | 1,299,809 | ||||||||||||
| 5,000,000 | United States Treasury Note | 0.500 | 10/15/14 | 5,000,849 | ||||||||||||
| 5,765,000 | United States Treasury Note | 0.250 | 10/31/14 | 5,765,649 | ||||||||||||
| 3,375,000 | United States Treasury Note | 0.250 | 11/30/14 | 3,375,662 | ||||||||||||
| 4,940,000 | United States Treasury Note | 0.250 | 12/15/14 | 4,941,406 | ||||||||||||
| 4,530,000 | United States Treasury Note | 0.125 | 12/31/14 | 4,530,509 | ||||||||||||
| 5,735,000 | United States Treasury Note | 0.250 | 01/15/15 | 5,736,900 | ||||||||||||
| 3,885,000 | United States Treasury Note | 0.250 | 03/31/15 | 3,887,541 | ||||||||||||
| 1,000,000 | United States Treasury Note | 0.375 | 04/15/15 | 1,001,801 | ||||||||||||
| 1,500,000 | United States Treasury Note | 0.125 | 04/30/15 | 1,500,276 | ||||||||||||
| 4,450,000 | United States Treasury Note | 0.375 | 06/15/15 | 4,457,907 | ||||||||||||
| 13,000,000 | United States Treasury Note | 0.250 | 07/15/15 | 13,011,609 | ||||||||||||
| 3,500,000 | United States Treasury Note | 0.375 | 08/31/15 | 3,507,668 | ||||||||||||
| 2,930,000 | United States Treasury Note | 0.250 | 09/30/15 | 2,933,181 | ||||||||||||
| 1,000,000 | United States Treasury Note | 0.250 | 10/15/15 | 1,001,247 | ||||||||||||
| TOTAL TREASURY DEBT | 118,797,629 | |||||||||||||||
| VARIABLE RATE SECURITIES - 8.8% | ||||||||||||||||
| 6,000,000 | i | Federal Farm Credit Bank (FFCB) | 0.140 | 10/01/14 | 5,996,367 | |||||||||||
| 5,000,000 | i | FFCB | 0.170 | 10/01/14 | 4,998,252 | |||||||||||
| 4,000,000 | i | FFCB | 0.280 | 10/01/14 | 4,006,488 | |||||||||||
| 5,000,000 | i | FFCB | 0.124 | 10/21/14 | 4,998,765 | |||||||||||
| 4,600,000 | i | FFCB | 0.120 | 10/27/14 | 4,600,000 | |||||||||||
| 8,000,000 | i | FFCB | 0.095 | 03/05/15 | 7,998,476 | |||||||||||
| 4,500,000 | i | FFCB | 0.150 | 04/01/15 | 4,500,226 | |||||||||||
| 5,000,000 | i | FFCB | 0.180 | 04/13/15 | 5,000,000 | |||||||||||
| 5,000,000 | i | FFCB | 0.180 | 05/27/15 | 4,999,659 | |||||||||||
| 5,000,000 | i | FFCB | 0.200 | 08/10/15 | 5,001,074 | |||||||||||
| 8,500,000 | i | FFCB | 0.140 | 10/01/15 | 8,499,153 | |||||||||||
| 4,500,000 | i | Federal Home Loan Bank (FHLB) | 0.220 | 08/14/15 | 4,501,389 | |||||||||||
| 4,500,000 | i | FHLB | 0.200 | 08/19/15 | 4,500,000 | |||||||||||
| TOTAL VARIABLE RATE SECURITIES | 69,599,849 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 795,321,222 | |||||||||||||||
| (Cost $795,321,222) | ||||||||||||||||
| 211 |
TIAA-CREF FUNDS - Money Market Fund
| VALUE | ||||||||||||||||
| TOTAL INVESTMENTS- 100.0% | $ | 795,321,222 | ||||||||||||||
| (Cost $795,321,222) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.0% | (135,955 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 795,185,267 | ||||||||||||||
| i | Floating or variable rate security. Coupon rate reflects the rate at period end. | ||
| y | Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 9/30/2014, the aggregate value of these securities was $219,808,539 or 27.6% of net assets. | ||
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Exhibits.
12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TIAA-CREF FUNDS | ||||
| Dated: November 17, 2014 | By: | /s/ Robert G. Leary | ||
| Robert G. Leary | ||||
| President and Principal Executive Officer | ||||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Dated: November 17, 2014 | By: | /s/ Robert G. Leary | ||
| Robert G. Leary | ||||
| President and Principal Executive Officer | ||||
| (principal executive officer) |
| Dated: November 17, 2014 | By: | /s/ Phillip G. Goff | ||
| Phillip G. Goff | ||||
| Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer) |
EXHIBIT INDEX
Item 12. Exhibits.
12(a)(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